and the performance morning, key update on in This second quarter management financial capital our strong highlights Kevin. balance you, as sheet provide an our activities. provide I'll as well Thank on
make markets. reported goals trends $X.XX, per Corebridge XX% Earlier and products, today, X% retirement we progress with earnings sequentially. to share continues growth on of institutional delivering spread great was its of supporting and individual in which especially up favorable year-over-year the
quarter, adjusted of run We for of approximately also XX%. an second reported puts at which XX.X% a ROE rate us the
Adjusted pretax prior of $XXX an increase quarter. to year was million operating $XXX the income compared million,
operating partially financial the year higher due variable expense in debt higher prior and quarter, XX% by spread the interest on income than Excluding of pretax adjusted XXXX. second quarters income, issued offset income, largely was third to base investment
higher variable spread improved reported our expenses. was well as lower than pretax first income due Sequentially, and as $XXX base million income to the adjusted investment income operating quarter
of fee income. of Our aggregate by year-over-year, by growth XX% the decline and driven increased income spread underwriting the of base income core sources by offset partially margin,
Assets and quarter billion, administration $XXX under management sequentially. the up ended at X% X% or year-over-year
basis insurance XX% income was investment an and our net up $X.X investment to income operating on Turning pretax Net billion, for X% income adjusted sequentially. investment or year-over-year portfolio. subsidiaries our
strong by income, investment portfolio averages. income net investment base continues income below to variable Our historical reflect offset
XX asset yield billion basis increase portfolio billion, Base money billion XX% up in portfolio reinvestment sequentially. yields higher our points or year-over-year sequentially, basis Total assets activity income at and up book approximately year-over-year of total assets. by $X.X an on driven invested X.X%, XX a was base a The $XX or over sequentially points was year-over-year invested basis. on combination $X new and grew X%
yield approximately portfolio. were with quarter, assets Average points the fourth the new second higher on money significant yield in of rolling XXX quarter basis X.X% uplift. the than yields over the consecutive average This out is
continue expect trend the based sequential may down. new improvement quantum we money of favorable to on the While current yields, slow
real for alternatives hedge or investments. and the of $XX the over an approximately was investment prior quarter. fund reflecting returns Real while were of income sales sequentially. investment year-over-year quarter, equity alternative year currently our XXX% property estate and estate down XX% basis, rates the equity valuations. equity for returned up the quarter, the than were of our comprises On impact material Variable X% Private lack million second annualized portfolio higher XX% on lower, returns cap
which remains rated our fixed and grade of Approximately end the comprise our of remaining of It's the in quarter. alternative investments. high investment quality, as diversified income of fixed assets, managed. are maturity predominantly investments X% the invested investment portfolio actively in XX% with XX% well portfolio, Our
net to of credit fixed investments assets. higher with continue derisking towards credit direct average quality weighted together overall positive the maturity new activities, This, migration credit and from securities rating improve investment-grade our ongoing Year-to-date, quarter in to sales. exposure by second A targeted approximately the our in the quarter single flat. primarily reduced A a due below we $X previous minus single billion, to We
recently. placements mortgage loans and we've are been non-agency Our products structured as liabilities private residential well insurance originating the these and RMBS, purchases, to matched well recent as highly-rated assets including
during at billion and billion for strategic start in $X.X X.X% account of totaling our of billion of average Year-to-date, transactions an the us, well as has originated private quarter, $X.X for $XX.X roughly credit approximately residential mortgage general average structured AA. nearly credit our new as second and executed late an of the since partnership Blackstone including quality yield Blackstone XXXX. loans
Forward program, X% operating operating our by of from sequentially Moving X% quarter are reduced savings expenses Corebridge into which We XXXX, fourth expenses. next by to the and earning our driven results. our since
for of company they're partially incremental XXXX, related by being the to costs capabilities. and offset public However, stand-alone establishment our
we higher In are costs resulting up as to addition, operations we insurance from sales incurring staff our to look service our additional growing portfolio. volumes
to of XX% reported increase fixed Retirement annuity $XXX operating index earnings are to last shifting results. adjusted the portfolio XX% XX bit XX% the second results. Individual Approximately year-over-year that investment Corebridge's Unpacking Retirement's or Individual and excluding average, annuity, million XX% income last over for On only our variable fixed an Retirement's income. point variable annuity. Now months, from of further. while are segment a variable after contributed of pretax from operating quarter, Individual operating XX%
in expansion general our notwithstanding spread investment year-over-year increased basis rose of by surrenders income due moderate. individual basis our industry sequential Total pace over the across net points has products, higher prior of base flows that are for and growth begun spread positive, fixed year XX% Base remained net sequentially. points to retirements interest spreads and driven annuity rate account surrender account rates. XX XX the while increase quarter, The elevated to
designed. line with prior current net to expectations our In program the X% environment. lastly, our the due sheet outflows the given balance year. continues by in rate declined to in lapse variable annuity addition, portfolio Fee policyholder over modeled protect as hedging behavior And interest ongoing is income our
adjusted to increase XX% an quarter, for turning excluding million pretax investment second Retirement income operating the Group Retirement. income. variable Group or XX% of Now reported $XXX after year-over-year of
of net offset expansion, quarter increased year-over-year Base the fee income XX While and second XX% rose by by basis points spread year, base driven sequentially. over largely income the spread spread X was unchanged to net outflows. basis partially compared investment points prior XXXX,
our over aging especially attractive and the grew grew are out-of-plan Out-of-plan brokerage for fixed advisory retention and the while XX% fixed business sales participants annuity and during index rate environment. block high annuity same in valuable XXX% full-service for Together, period. clients in both they year-over-year, interest of offerings in-plan assets current and provide variable
flows net Retirement and a advisory reminder, As net are flows. in reported Group not brokerage
general outflows profile which will fee-based while concentrated be account continue from advisory the account cohorts, our brokerage. general GMIR economic return grow the help Net in to continued high to and assets, time including improve we over
As sponsors fund XXXX. being elevated planned discussed plans out for mutual during increased architecture the recordkeeping platform term, the outflows driven persist our first in bids see our quarter losses as open expects put call, by in to near of volume earnings
Planned impact acquisitions plan a vary and At third project the losses. lower generally losses have outflows additional account. limited we are increase in outflows revenues and quarter from present, These impact nonlinear will and a quarter-to-quarter. general on due the on to
of of a Life after adjusted margin, excluding base improved increase portfolio year-over-year operating Life. due Mortality higher experience, income. pretax $XX reported was variable variable to Underwriting an excluding Insurance investment X% favorable year-over-year marginally income. investment decrease Now quarter, for of income of XX% or turning million inclusive reserve second year-over-year. the XX% impact, income, to
mentioned, a sale Kevin we to segment's operating As the Laya sell adjusted until expected Laya. closed. to million approximately the operating is to from have was layer The continue in to contribute pretax will entered reflected results. Life definitive be agreement earnings income year's this $XX into
million as Reserves prior business. base improved Markets of income margin. portfolio. an income over of Now to new reflecting Base increase original excluding this discount second cumulative as underwriting of benefited an higher largely for XX% the sources the spread XX% turning due transfer on rate adjusted year-over-year business pension well strong quarter, higher expanded year-over-year operating quarter, $XXX of Institutional reported money from income growth spread the basis, our yields income. Markets. growth and for in investment the income risk Core grew or variable to Institutional the pretax XX% year after XX% the
of and structure second company IPO. the capital quarter, lastly, Other the the And loss our of a our reported parent and new Corporate since result segment for million $XXX stand-alone expenses
quarter discussed true commercial to length. we believe our first turning continue commercial earnings we Now call, with exposure you that real points is shared The remain at today, our to In manageable. estate. mortgage and loans we
lender loans. first of we Our portfolio reserved. approximately rate XX% continues to underwritten, are the credit fixed strong mostly be of It's high quality, fundamentals. monitored loans consisting And carefully lien, conservatively closely with lead on and the
and a maintain to continue We multifamily sectors. strong bias towards industrial
to valuation As loan-to-value office, of commercial ratios. pressure properties, those remain under impacting related expected, especially
expectations. deterioration it While we did valuation see the in some modest largely with was in over quarter, our the line second
While commercial result the environment, a balance our event. strong in we deteriorations from will event expect fundamentals some believe continue credit earnings estate any the in we sheet, real not to current strong capital sector portfolio and dislocation the and given our an resulting of
flexibility. be to capital strong continues a significant enjoying Corebridge up. Wrapping in very financial position,
leverage on provide a holding our program attractive company continue We of with to improve reasonable insurance and to and our maintain our shareholders financial subsidiaries actively sheet profitability an ample in to levels while return. profile capital risk-based liquidity, manage balance healthy delivering
quarter after decrease second billion the from with approximately $X.X liquidity first $XXX shareholders. million in $X.X a returning the holding to ended of We quarter company billion,
IPO amount insurance subsidiaries of million. the XXXX, be million quarter, year-to-date $X third September billion. Our the for our dividends second paid dividend bringing we quarter approximately the yesterday, the the cumulative $XXX distributions and will $XXX third of since XX, of declared bringing during quarterly distributed on the paid And to which quarter dividend to regular inclusive
to the new we range light RBC time, quarter first the second XXX%. remains with of At business. higher XXX% RBC be likely quarter quarter the of second in estimate line volume the to Our despite fleet in this
share or per X% leverage value increase year-over-year book flexibility. X% And $XX.XX, was adjusted was ratio adequate sequentially. was and XX%, which an provides range financial target of well our our financial Our within
our shareholders, conclusion, IPO of $XXX competitive strength capital this sources and of our drove financial businesses to total million In return the execution excellent to billion. and returned focused capital results the $X.X diversified since earnings We quarter. bringing the
Our higher XX% than quarter. prior premiums year and were the deposits
income same Base year-over-year, core expenses by half over to our the and operating growth from yield XX% solid spread year on in of on cash first reduced results continue income. points our base And financial At flows, remain deliver time, a insurance year. strong X% operating over of increased established supported of deliver and XX we the our companies sources we we that time to rose Aggregate track the goals the IPO. ago. basis XX% the at
will back call I the to Now Kevin. hand
