Kevin. you, Thank
heard, quarter Core another strong of financial As just you delivered performance. Bridge
target growth efficiencies. on of and to XXXX, capital income to and our driven track profitability achieve XX% in Our our we expense by of our continues return improve, to in XX% core remain ROE sources
adjusted our balancing basis. increase a from balance shareholder share continue manage reported We pretax return while of million quarter or and XX% capital per an a of per the successfully We $XXX healthy quarter organic income $X.XX maintaining to on earnings and sheet. third of growth year share operating prior liquidity,
operating impact returns actuarial positive Our $X.XX offset alternative investment a below assumption by long-term our update, impact from $X.XX from included expectations. a our EPS
investment Now income. on improved basis income is and net our year-over-year investment insurance portfolio Net starting an base variable components: APTOI for income. companies X of comprised with XX% income and investment
quarter income the year base grew prior Our XX% $X.X billion. portfolio to over
basis the yields, was at to on resets money Additionally, XX increased increase higher X.X%. billion. an by and assets of rate ability invested $XX to our assets base floating driven reinvest improvement approximately This points new yield by total
base in more policyholder rates. than has crediting yield growth our any Importantly, outweighed increases
into yields call. The the earnings interest general basis as pace our rates. I combination of at inflows points results grow, continue short-term during We was and to expect albeit our we segment with quarter's which sequential base a second discuss XX account, during slower lower will rate in will to due discussed net improvement stability
quarter, not the While short on this substantial the and medium of which will did in materially end impact have a increase positive we saw long-term a business. curve rates, our change
were in matured consecutive assets This by the we where X%. yield quality During Year-to-date, exceeded very yields new quarter's is have investments general remained the base average, with directing or XXX money sold focused levels. points quarter assets yields credit points. XXX approximately new the towards On basis or money this money fifth quarter, first over X.X% new yields our higher account. yields on exceeded our our new attractive basis were above at that
downgrades. various and positioned positive managed market A+. is ratings credit to experience diversified, general net to high perform an continues Our portfolio portfolio conditions. migrations quality average under with The remains well with well actively Furthermore, portfolio of rating resilient the and account outpacing is upgrades investment
estate, remain focus are credit our real Given on well the strong. metrics commercial loan up the recent and mortgage commercial portfolio in holding
extension the has material cycles. Our I'm traditional different have all in a respect $XXX million our have office, With maturities resolved to report estate managing of portfolio actively of repayment. XXXX or to through maturities and real team pleased commercial expertise we we U.S. successfully history in across deep that
We comprises only Now robust of is our mitigate office we $XXX XXXX million. traditional address potential losses. regularly credit portfolio, allowance maintain to to the about ensuring working stress which loss and assess maturity our team loan U.S. a
resilient sector. real investment continue As for a long-term to and commercial we investor balance seek creation the select with a sheet value portfolio, estate within opportunities strong
and manageable, the of play this belief time. this in market will we exposure over Our out location that is remain
variable to income. Moving investment
alternative $XX estate delivered Our in alternative our of estate only equity million were assets which represent investment investments, Real invested X% equity the gains our Traditional private income mark-to-market offset approximately losses. of of portfolio. total comprises by partially XX% quarter. real
-- expect alternative for the better we Operating and and expenses to approximately $XXX our rate into expense returns million, long-term million Given by on $XX public partially quarter.
Shifting Corebridge businesses company interest costs were by This from insurance investment XX% our our stand-alone in to driven X% or efficiencies equity capabilities. establishment results expectations offset market parent performance, the company GOE. by basis be related year-to-date to a below sequentially. was incremental of fourth forward earning our
expect Looking expenses. in some to quarter, seasonality the fourth we
Now update annual as third and actuarial assumptions this lines to principally assumption through all I'd LDTI. walk our our reporting in for a like to business. take first moment update Once under we're for a review the year, the time quarter, we process of
impact reported Corebridge covers positive nominal emerging and related to segment. consistent on data adjusted experience, disciplined Our operating and economic our mostly million assumptions, behavior Life our $XX review factors. industry other policyholder to net and income, year, based key mortality pretax are a This Insurance which
significant we resulting stated, rate our earned well mortality a our Insurance the no for of as reserve Kevin to blocks interest included Life update higher adjustments. certain adjustments from assumptions policyholder Within business. rate had and As environment adjustments to segment, assumptions as
in DAC due to Individual per $XX reflected amortization the higher interest will our results. we expect ahead, environment increase Retirement's rate by Looking rate quarter quarter third run million as
balance to sheet. Turning our
be ratio estimate XXX% Our to range in third above which of to XXX%. RBC remains we fleet quarter life target, the
quarter, billion, to flow generation our Our subsidiaries bringing strong evidencing insurance businesses. year-to-date million distributed the during from $XXX distributions cash the $X.X
our quarter company next and needs for the a returning capital our holding As liquidity ended $X.X demonstrating and exceeding result, flexibility of XX-month to shareholders. financial billion we with
$XXX facility. issued [ senior loan to delayed million proceeds also in using the of We repay $X.X our ] debt September billion partially term draw
income XX% which pretax to their spread quarter strong higher index of rate. sequentially.
The from reported quarter. strong performance continued up rose income $X an quarters even with increase achieving and sales our proposition fixed by driven positive consecutive spread-based third X product general base value year-over-year, $XXX general investment our net adjusted to segments our our robust account points expansion. net the million fixed of operating annuity year annuity points from primarily drive XX basis index of Now growth quarter Base resulting surrender during in spread Individual pivoting strong prior business base We for billion. spread account and basis business of the and the in with annuities of products X demand fixed had continues another fixed flows excess Retirement
interest Our third record our quarter an as of the surrender resulting rate from quarter backlog was elevated due to well first operational rising rates long-term processing as sales.
$XXX Our peaked facilitated of sales continued in lower same record even quarter up nonrecurring planned has At This million, the approaching of spread and a trended is the saw income adjusted and in fixed increase levels.
This reported in that includes rate expansion an the of but operating reflecting income to Group September gain sales we time, able volumes lower October. early support operational volumes our come base steadily online is quarter annuities Retirement by monthly surrender third first our XXXX. quarter. pretax of our year-over-year. with capacity into exceeding that X%
fund investment item, product, due yields. policyholder rose X base points offset our decline points attributed while this to increase base the crediting which Excluding was group X prior mutual sequentially.
This year from higher than primarily it in net spread rates fell more basis to the quarter basis
fund one in group having While limited exit, product this we impact group our quarter, saw the to elevated invested driven earnings. surrender in was mainly which predominantly thus was rates third large plan by mutual
retirement. XX% the therefore, rate now. from plan experience, our large from at the XX% of of of assets with funds to departures, and Consistent been many our impact withdrawing retirement industry year their declined to participants the beginning entering surrender has planned have roughly Excluding accumulating transitioning for
As and dominated and a well guaranteed net brokerage rate. driven by inflows higher and or plan annuity participants, tend have XX.X are younger Concurrently, index result, cohorts fixed lower out-of-plan advisory net and to minimum rates the are interest sales outflows age deposits. as a fixed our interest ages with older minimum guaranteed as by typically
We million, remains expect year-over-year, inclusive adjustments, expense over operating expectations. up experience by driven income efficiencies. it million mainly million million Insurance those the Laya, from adjusted the income pretax business to will operating combination consistent pretax to of by return investment with of Corebridge's trends XX% XX.
Institutional net economic pretax improve time.
Micro per $X sale $XXX year and reported Results adjusted experience operating X down business Markets of income. contribute profile $XX expect driven we to respect Mortality Markets experience With year-to-date mortality reserve our favorable our approximately Corporate through $XX of year-over-year, in business. less favorable our our only are included income this reported of this results in October primarily to and
by or our risk transfer third a and We lastly, our reserves become of have as billion Corporate expenses confidence a issuer strength our reported $X adjusted operating part an in Our of in up, the to of result the grown expansion new of and pension driven level quarter GIC the GICs franchise. have segment $X.X we continue XX% the regular pretax issued year-over-year, billion of record GIC.
And of company balance the of capital IPO.
Wrapping sheet businesses. of structure to $XXX more Other stand-alone strategy our primarily and our loss our million, company since parent and power the of
liability strong. portfolio Our stable, attractive We for returns. maintain diversified risk-adjusted that's liquidity positions remain optimized and a and capital
portfolio our diversified. high We well quality have minimal legacy liability and then risk is and investment
to position of have In to Starting so. dividends disciplined both back on my of regular quarterly do strength, capital concludes This maintain balance management focused we remarks, sheet. addition, now attractive levels this it turn risk so of sides Kevin. and a I'll committed financial flexibility remain framework to returning the beyond very from we the
