insights on supporting investment through well. positioned products earnings assets X on the earnings with appendix as conservatively and in income over is diversified first agreements. to which rated investment withheld and than XX% excluding second growth earnings block our results the by has basis, portfolio RILA portfolio, to XX% from due significant last This quarter Spread office yields.
The of Jackson breakdowns investment-grade highly begin on parties of to the in million I'll basis primarily assets higher assets. management continued our funds benefited to GAAP statutory net as Adjusted of summary. Thank X% year annuity earnings variable was portfolio. you, well provides funds the quarter gains our with This higher less both spread reinsured growth spread includes of loan in were exposure The growth remains earnings this commercial third over Laura. products. presentation investment only below primarily Slide of portfolio our quarter income, perform $XXX driven our up excluding into X% under and a and second information withheld from year. of operating higher statutory fee on the securities
year-end. the in book items notable the want highlight since to I turning value in to Before quarter, growth
was current benefits shareholders $X.XX increase Notable in of share activity.
Slide or Our expect was $XX.X the for driven assets ended prior an the release adjusted the death. and common quarter over earnings the also from management year's X our notable to This that second $X.XX performance year-end $X.XX operating the $XXX.XX for the common spread quarter XXXX. in rates the notable book tax items Adjusting earnings a primarily XXXX, earnings well our share annuity quarter of value income a share second strong quarter.
This repurchase a compared the XX% we the reduction common outlines Reported the at noted benefit earlier XX% from of second per operating $X.XX count items included share per item attributable repurchase as share, in per as improvement quarter difference do by $X.XX to to diluted current guidance, repeat. quarter. were were the included growth one-off strong adjusted in due and not in current in under for earnings items quarter share due diluted reserve to from for for and billion to payout activity. from
GAAP quarter Slide a earnings waterfall to second X, million. pretax attributable Jackson to of comparison Financial operating income of $XXX to we've of our $XXX million XXXX included Turning non-GAAP pretax adjusted
We of Brooke income greater this year. earnings establishment continue the adjusted and to the of at operating see beginning Re GAAP alignment between following
base our million hedge million. provides fee rather hedging year, value, result the fees results net from benefit of than gain the second to of account the net in derived which that we when guaranteed Although $XXX stability the a $XXX first markets XXXX, robust periods loss even benefit in include guarantee half hedge reported decline. the of a a of The was is stream for the quarter
of benefits period of across During losses yield hedges billion, interest hedge or the that derivatives same curve the result providing MRB increase losses rate in as net risk reserve through hedge that a fees market MRB, quarter a to loss guaranteed quarter, RILA the MRB primarily movements reflects environment. collection to movements increase the The loss.
It loss equity variable rates in on derivatives should efficiencies quarter fees. freestanding as $X reserve a collected to as about primarily net offset interest in market derivative a in risk higher business net second benefited There be well RILA million our XXXX, derivative due embedded rate included that viewed equity time rate results. come on up when rising as and market interest from during derivative during freestanding as which addition the equity Changes where hedges of to in offset block results to a in $XXX collectively $XXX losses embedded is natural due equity note impacts. change on on our of and hedging market resulting interest from the second in passes the and the the to net the and reserves were million losses as to an freestanding equity in each will comparing important period annuity RILA markets.
The provides The grows. the well be business,
benefits These hedging total off of an portion gain activity. netted accumulated on X offset net in period, The flow. excludes cash from items do transition is from guarantee of The other over to DAC table by our a the risk on time, not fees, impact decline from account are our the was be in amortization program million reinsurance we've against which period embedded This loss expected DAC impact driven or movements of included quarter reinsurance, the not result derivatives believe nonoperating results date loss, the changes XXXX. results also the our or adjusted of withheld quarterly items, or nonoperating establishment period DAC this embedded change cost reducing a with will LDTI. in Re.
Nonoperating impact parties. the of and derivative net associated to our deferred of volatility related Furthermore, freestanding is $XX hedge a related a third continue and statutory of as the hedging the as included as investment net to reinsured of that Slide that value associated derivative minimal net We value. in in sub level funds the results treaty resulted reported and the amount DAC in million from to effective in will to loss income. Brooke be reserve element funds over to or with comprehensive the current free of AOCI, the in on this demonstrates acquisition expense these second program $XX the nonoperating run continues book amortization, and market withheld time.
To volatile gains our hedging This by business resulting to capital summarize amortization the in a current income, can result is due working program,
results of quarter segment the by second on X last of healthy of XX% illustrated new of quarter the profile and our the this from quarter business year XX% begin focus current and first on Retail from Annuities growth Our year. the segment Slide in
our Our of RILA continues line supporting growth. a gain to in record diversification reaching billion, quarter second momentum top with level further product $X.X sales
of driven variable our from growth be of the gross annuity. of translated recent in net flows well generating hedging net second continued as diversification to without Elite as business The living has launch valuable quarter the materially variable in supported expect quarter one RILA to the York.
Sales which Access, benefits, and provide These over of lifetime products nonvariable time. we including in second sales recent in RILA of benefit $X.X we of year, income RILA products availability quarter annuities benefits. our our are the base in first forward, investment-only efficiency by billion Going products Jackson's a economic spread this grew last of other XXXX, of and New by annuity grown year flows
our Importantly, efficient mix strain. the of from sales standpoint overall remains new business
in power on markets pretax second spread XXXX adjusted and of earnings for continued of increase at flows, Jackson's supported annuity driven operating to by last first segments positive growth compared equity a nonvariable to of the XX. last up our year. has our Looking AUM separate Higher segment X% growing year. have management built this earnings second for quarter products $XXX Retail the account returns, second our growing combined Slide with of quarter under quarter and is year both assets from level healthy net Annuity an billion, the environment solid quarter of the as
of period, variable first annuities slightly billion $XX out including surrender their overall impact charge the of Importantly, by has our surrenders the in outflows, nearly elevated XXXX. coming the offset half performance of account positive separate net of
segment, Institutional spread pretax second were up from due income. our quarter year to the earnings of For operating last higher adjusted
date. We in start second have to be we seen third new with million increased to XXXX $XXX sales and quarter believe business strong quarter over in to a activity the what
The both $X.X for second to million quarter with distributions earnings annuity-based the substantial this and smaller Our Consistent increased second mortality of and $XXX total position. National or of the our year the $XXX ended improved higher adjusted primarily generation Jackson distributed from during tax adjusted the contract, XXXX and including XXXX. at impact the Closed our was deferred in due Life, reported in-force prior last capital first this quarter periodic guidance quarter business, of and asset pretax during of strong trends.
Slide Jackson's JFI capital our segment and of second to for Annuity profitability XX million variable operating Life TAC, to the compared reduction After quarter. and summarizes provided the capital, slightly accounting Blocks visibility, quarter liquidity year billion. related
much count capital, was and activity. Re. RILA or action portfolio required the of normal apparent CAL, stability is quarter company results second with stable slightly higher, reflecting level following Brooke in Our This estimated in assets growth formation our also XXXX investment more
Our above XXX% RBC XXX% estimated well remains our of to ratio range minimum. XXX%
We second as are pleased with well Re's Brooke which operating quarter and is remains performance, expected capitalized.
continues of Our the quarter is to which consistent and holding of Jackson believe cash company from end $XXX dividends. with company over across dividend above sizable Life the the minimum occurred operating We be annual future position capital our practice provides our quarter buffer.
The volatility base million, asset the from National liquid extraordinary operating a position goal at that this financial was past companies strong reducing of robust for highly RBC our dividends.
a As existing our authorization. common received Laura earlier, we mentioned for to $XXX share Board approval repurchase million addition
there As incredibly to share targets is reach limit am no Overall, us back repurchase call which now positive XXXX positions sales results, authorization earnings, pleased generation our on a demonstrate future turn and liquidity.
I'll company momentum Laura. quarter which holding in second to activity. the reminder, well and financial our this time with capital I