as about well our provide financial Thank a few as LDTI you, some updates Kevin, metrics results and and and guidance I'll high good performance information on key for XXXX. morning. level additional
base year on notwithstanding our fourth and meaningful boosted to conditions. full make quarter income reported profitability. morning, results strategic market favorable this initiatives recent results mortality continue We and spread improve progress And to we experience, by improving
operating Fourth and was EPS or $X.XX, pretax million. $XXX was APTOI, XX.X%, operating quarter income, ROE was adjusted adjusted
our these operating that long our returns been have the several These operating losses expectations included $X.XX results for of offset items items, mortality $X.XX quarter. of $X.XX contributed $X.XX. Adjusting alternative below COVID Our would and EPS for by notable were term to EPS.
was below as as of decline. respect associated nearly conditions completed The well in results $XXX were which of changes decline million XX% the investment year million APTOI, $XXX Approximately by accounted XXXX. of our or $XXX and variable of this impact income, the capitalization divestitures debt With headwind structural principal the to for prior market with was driven million quarter. Corebridge
XX% mortality APTOI fourth variable of the income, base and higher increasing income spread to improving experience. largely than Excluding due investment quarter was XXXX,
billion X% new administration up and December was reflecting and XX, $XXX management business under sequentially, conditions growth. as both Assets market of
fourth which evident you look to spread-based our in and our were of strength power compared diversification of source products. earnings to income. excluding largest money our of the income, when due our the aggregate, XX% investment quarter The new sources year-over-year, strong income core is fourth is variable in for quarter, which, spread grew at higher growth of with rates Base earnings, XXXX XX% coupled up
year prior is of the partially versus from mortality XX% declined Underwriting rose valuations. earnings mainly a asset of our margin, source function to quarter primarily investment which improving income, excluding experience. largest second XX% our year-over-year, derived due business, income, Fee underlying variable life
on combination item base activity Insurance higher basis new to income, base quarter Shifting item. year-over-year. yield as benefited base of segment. which to the of significant as This yield and was This up growth net yield, in by driven notable we Life notable contributed our points basis resets assets This sequentially floating rate and the X.XX% well the second a investment a of reinvestment where portfolio a XX overall row XX was a the points at basis fourth in most onetime growth with XX money saw was points growth quarter. rates,
my reiterate is our earns in. rates. partnership last and new of the has far, the investment quarter's during with to in any increases reinvested at more yield rates as and future Thus money portfolio base benefit we emerge to during yields higher higher policyholder the continue crediting To in Blackstone of quarters outweighed improvement expect call, comments
Moving operating expenses sequentially basis. increased a to on net total on expenses,
they benefits offset cost fixed more onetime costs activity, with than of our Forward item. well as standalone capabilities incremental in by While that were continued from kicked establishment our IPO, a Corebridge as
approximately contracted exit roadmap of Corebridge thus million for earlier a our these Only of have end of million upon run a expense savings we Following about results $XXX savings, comments up we of the Forward, have far. $XXX Kevin's acted as and rate small have earned savings percentage XXXX. of or on into
from approximately million earn-in full during that will million. to million XXXX in, standalone the we public effect operate in $XXX estimate up $XX that a expect which with we costs at an company, from earn We $XXX year picked offset incremental XXXX, to
achieve We to will onetime continue annual to the cost the initiative, delivering estimate $XXX rate life savings. approximate million $XXX the run with of million over in investment this
been has achieve to cost $XX the far, So million.
operating leaner will by to XXXX. of implementation to ROE contribute model continue expect approximately the a We point growth one
to of largely of $XXX work separating separating incurred about bulk which end the million million the completed shared We $XXX also to of be made significant The we've applications estimated 'XX. To-date, is around early the cost $XXX million remaining AIG. strides XXXX from or centered Corebridge by achieve. should
Retirement, well Next, offset I spread of partially benefiting APTOI as beginning year-over-year income. overall with by will growth our Retirement in results, spread for speak XX% quarter year largest from increased by reported lower income sequentially. Base business. basis the Individual income XX as up the spread investment and to segment strong base $XXX points XX was Individual expenses, lower expansion. driven prior net fee quarter, basis points Base over million, spreads
valuations in Fee income and variable due portfolio. annuity to net asset outflows our declined XX% lower
our general million being our the quarter been and despite attractive strong expected expectation as the also expected, driving strong have conditions. hedging quite Our That higher are that XXXX. over all volatile account higher remains margins to in rate and market billion fourth surrenders. programs net surrender for as of rates in leading at at our were The below inflows sales perform said, continued to $XXX $X
XXXX In account, spread to surrenders cover the in materially in and to addition, well us credit relative interest environment. we which will higher remain we due positioning maintained rate levels liquidity expect the to general historical strong elevated
offset has Retirement versus grew Retirement. XX spread expansion. lower increased due points from Base been of by the Group spread fourth net million, growth the spread of strong reported income. income Retirement was APTOI fee many $XXX trends impacting XXXX quarter Base Group year-over-year Individual spread but of investment XX% in income, benefiting base influenced to same by flat sequentially. basis
year-over-year lower XX% and due net declined valuations outflows. to income asset Fee
the flows GMIR GMIR remain lower in higher bucket net profile the While over see with time. is continue business trend we improve for concentrated This expected inflows negative, the spread in the to buckets. outflows to
brokerage cash to flows We reflects time. into which for revenue, expect incentive a fee stream continued strategy less growth of provides which our of platform business advisory the our higher and a captive over pivot
improved Life Insurance notable due of underwriting fourth items. of reported improved the Core year-over-year notable APTOI to of mortality XX% items, in inclusive million $XX experience. margin, quarter million excluding $XX
inclusive Our fourth of quarter mortality million $XX experience expectation, was favorable COVID to of losses.
the by that The legal a Life items were Notable arbitration of unrelated income, approximately of litigation item certain related million $XX positive legal a resolution Insurance of as in investment $XX included certain as subject million included offset recapture onetime treaties in to matters. the to net an YRT matters well resolution of matter.
our resolved We have disputes. majority of now a YRT
income. largely compared in phase. and this Considering historical more a million markets and to prior an reversion we forward, COVID endemic investment levels fourth of decline sources $XX moves business expect as the APTOI continued variable to growth quarter. income broadly The mortality the Institutional year income quarter reported stable as APTOI into portfolio with year-over-year looking in was of base core by of lower driven
reserves markets margins by spreads, our of growth, business X% encouraged the of sorry, consistent progression we to -- XXXX. business, year-over-year, continue insurance growth grew revenue PRT the [ph] and gate portfolio. reserve and profitability will growth which institutional We're expect improve Total in new strong reflecting business reflecting expanding the
delayed the draw And and on quarter which in term segment third Corporate due resulting down XXXX. service from hybrid increased lastly, to debt was higher the losses Other full drawn interest of our a securities expense, sequentially loan, in and quarter
financial levels, balance lenses our risk we through liquidity Turning profile. but capital our limited including, and sheet, the different to of strength balance assess not our leverage ratios, to sheet
balanced XX. as leverage and as diversified strong liquidity balance capital reasonable portfolio investment December Our as with sheet of well a financial and healthy remains
fourth $XX.X was foreign down from $XX.XX was reversed value year-over-year, or mark-to-market partially the months first X% sequential The but third per year. nine up to and book X% share, the the the Adjusted from that losses quarter. exchange billion decline due derivative quarter gains of in
target range. within financial ratio Our was our XX.X%, leverage
balance a sheet our expect growth. book of value naturally time to over continue delever We that result will as
prior lot Recognizing largely XXXX estimate. Our was a we're above quarter RBC the in Life year position. macro feel target a strong remained and environment, in there's starting estimate of the quarter aligned -- ratio we prior Fleet uncertainty of with XXX%, strong
holding the liquidity ample company $X.X ended billion. year We of with
paid yield represents since X% This price. Our the three par XXXX distribution made IPO. normalized of insurance preceding a companies dividend the on declared first of years. approximately our March We during which will We upon of in on $X.X our be $XXX distributions dividends returned dividend million recent our billion XXXX, the over the to with each based paid XX. shareholders for quarter stock of
goals, focused a ratio As Kevin of delivering XX% XXXX. by on indicated, remain financial we payout previously to achieving total XX% our on including
for remember does to cash or results reporting economic in run we in operating modestly LDTI, see Pivoting that neutral expect LDTI changes results not to LTI volatility under to earnings favorable flows. our rate it's impact operating important company be statutory the reduced over to to market returns, should benefits impact. impact given insurance we When our begin The [ph] our XXXX, risk accounting time. to
expect volatility benefits to value our GAAP GAAP risk continued fair earnings in market requirement in We due to our results. the
we increase also September $X.X estimate book billion XX, to in currently XXXX. an as We value expect of which approximate adjusted
$X including sheet, an the we of value favorable billion diversified transition of benefit products. billion. January GAAP book in income, as overall comprehensive by of other the the annuity September is in a life Corporate of to as decline and approximately impact currently $X retained estimate having both This balance adjustment shareholders' from of reflects X, a $X.X equity to equity further impact resulting initial estimate XX, increase offset GAAP We to reduction earnings. in increase terms an In XXXX, an billion approximate shareholders' XXXX,
APTOI our to movements interest sensitivities in from factors, of the impact preliminary rates are LDTI of terms as follows. estimate equities post macro and In
to points to approximately a second and immediate rate $XXX million million curve immediate by fee an $XXX raise XXX the million, by equities XX over in the expected is is of upward third basis of increase. of income following for First, month XX% APTOI $XX second, treasury first, approximately fee and And reduction years $XXX advisory across reduce each an million the expected expense parallel net shift period.
would I our for outlook to with a commentary Now on like XXXX. conclude
savings, capital Looking ahead, and investments, growth involving expense growth from expect to resulting we organic achieve initiatives EPS our management.
to As in the to the income recovery base underwriting growth on in income months, next a incremental will income of while spread depend our and valuations. sources XX expect see we over margins, extent fee asset of
continue finally, to items. And We will discrete will expect approximate tax X% return between for long-term we our effective range in assumptions investments expect XXXX our X%. and before alternative rate XX%
summary, on and executing growth. that aids In we efforts remain way and capital strategies sustainable deploying profitable in a our to long-term our focused create
on focused We financial have sheet, a remain and strong on our delivering balance goals. we
now hand will I back Kevin. it to
