core the excellent you, operational the Kevin. full our year market while capital fourth as Thank on both goals at businesses profitability executed reducing made position. our financial while the strategic and the our financial as We well XXXX our operating financial of increased enhanced shareholders. on capitalizing established We Corebridge returning of the progress significant priorities expenses. strengthened we improving IPO. delivered Corebridge opportunities and while and significant across to quarter flexibility results, time in by
Corebridge reported adjusted related income a included investment of Adjusting of EPS pretax This would prior basis. returns from long-term impact earnings $XXX nonrecurring increase per on of items an in fourth a Operating share $X.XX, EPS year-over-year or share quarter to our $X.XX XX% million basis. per operating from a portfolio XX% period our alternative on $X.XX. true-up our X impact comparative operating expectations. below on year-over-year certain a investment have by for a offset investments. This a was improvement these is $X.XX items, been
higher growth base variable of income broad largest earnings, income, investment The year-over-year sources in in driven spread partially by yields source by of fee of excludes portfolio spread-based was Our our products. in and of increase offset by in income, aggregate and a core improved income, spread income, growth base which money margin. underwriting reduction our new driven
X% On above accounts. money $XX assets were quarter points that by approximately in fourth invested on grew were assets sold general XXX or our or matured the average, in billion. Total new yields basis yields
Retirement and of and second The in The higher earnings, largest of fee our Life nonrecurring quarter. was expansion frequency Insurance in segment life improvements margin a book result income, increase our asset services in items favorable valuations year reflected our in decline the of brokerage our net impacting and underwriting in universal quarter source segment. the of Group underlying smaller the claims this the in prior advisory
to increased X.XX%. points insurance quarter billion. XX% Pivoting income. income to on an nearly year yields companies over investment $X.X prior to our Base improved income portfolio year-over-year net the grew base for investment basis basis XX Reported Net XX% year-over-year. APTOI
increased from items, yields the the base over quarter. Excluding prior aforementioned the basis points year impact XX nonrecurring
on current will this we yield, net at Based in income, with rate for portfolio Corebridge yield quality. expect outlook associated base slower albeit while up base interest quarter and pace. along moving also XXXX, continue improved credit grow, to base our flows a
were under positioned Corebridge Our rated commercial conditions. The upgrades in for metrics of various managed fundamentals as strong, as and income an credit is maturities year, remained net experienced in outpacing A actively XX. investment The fixed the migrations, market mortgage XX% credit and credit remains high general grade our diversified, quality, well evolving account rating in positive December our downgrades. portfolio is portfolio investment and to with of portfolio with of the portfolio are loan perform remained resilient It flat. fixed average expected. rating full
LTV have service strong. an debt debt below X.X% than LTV greater Less service loans remain ratios our coverage and Xx. a of than coverage with ratio XX%
basis. team XXXX are maintain on losses which remains on robust the or which the a for Corebridge continues and maturities, quarterly reserving maturities Our now loan reassessed million is $XXX of loss is focused potential only resolving a allowance, proactive to office in approximately portfolio in portfolio. office X% of
As of CMO prior December X.X% quarter. our book, equal total of allowance from XX, unchanged the is to the
also an for X% of hold office our We excess to in portfolio. allowance continue traditional
is play continue will sector in office to our to and exposure dislocation this out manageable the convinced believe the sector that over remain time. We
investments, in variable returns moving quarter. offset Now assets X% total traditional equity in the $XX which investment our delivered income. a $X.X equity hedge loss or million were private billion, and only of by to losses in Alternative invested funds. represent estate real Positive
part of million. with portfolio be we continue asset XXXX, reduced over allocation. important Alternative a of to approximately XX%, ending our year $XXX class strategic the fund asset our During an investments hedge holdings as by
average we and to XX%, X% of Over have to the a have these last expectation returned years, class. of an for X X% investments the long-term continue performance asset
portfolio rates quarter XXXX. approximately the investments cap we quarter, in constitutes further expecting equity losses first investments continues alternative of equity our these well, estate increases fourth X% our with at on our less the the valuation estate Despite the are of than property assets. invested the perform level. mark-to-market real of in XX% flows cash impacts, Given Real total or to strong during
general pretax operating the base and primarily from spread during income base segments, spread Individual Retirement reported product business XX% performance of growth expansion. $XXX strong the year-over-year, by continued a income resulting their to increase fourth Pivoting which adjusted account quarter. higher driven million,
Over has for only our insurance segment of fixed business the annuities last have contributed X% The value our approximately Corebridge's to operating compelling Variable responsible pretax XX% proposition of been adjusted XX operating contributed our earnings. months, this approximately has and annuities income. results. index XX% fixed
spread points year net Retirement and Base investment sequentially. rose quarter Individual basis for points from basis prior the XX X
spread grow the base continue to year. income will expect We over coming
investment spread net peaked. said, on very base the spread However, likely portfolio attractive remain That base expansion overall has being levels. at
positive index of annuity during last us account -- $X.X annuity Individual earnings roughly This to during the $X year. quarter's general billion. The of persistently X sales helped the allowed operational delivered capacity billion third the deliver expansion of flows with Retirement call we sales discussed along last fixed during months net over strong fixed
declined Our annuity sequentially. fourth fixed basis quarter surrender XX points rate
expect we surrender movements track of exit as changes we blocks may surrender to largely the in their protection. business surrender in rates, periodically, While interest rates rate see charge
which For result instance, first continue said, the rate. net in of to surrender quarter an general of charge the remain will That protection, a should account we higher project we positive. annuities being volume flows expect XXXX exiting surrender elevated in
Group spread operating adjusted million, includes of income. lower partially income higher reported lower This base fee X% a income increase Retirement $XXX year-over-year. and offset expenses, pretax by
last XX Corebridge's operating insurance approximately business Over results. XX% the the to segment contributed has months,
a is Group Retirement consistent performer.
per earnings the over XX last of income, it investment quarters. $XXX of variable steadily an million quarter delivered average Excluding has
it less other spread businesses, and split than fee even between income. Importantly, capital-intensive our an is with
customers retirement broader and or net As accumulation industry and the from by with at to country, outflows others transitioning the in in demographic trends asset typically near asset our are driven younger-age tend values. are and with older-age minimum higher lower larger to dominated cohorts These inflows minimum account have our guaranteed interest rates. our interest distribution. net cohorts Concurrently, guaranteed rates by
plan sales broader services, year-over-year. from auto brokerage Additionally, fixed and advisory annuity offering we're fixed excess in index and grew XX% collectively seeing inflows of and our which of
you levels again the of remind typically at plan year, quarter. would end minimum the seasonality impact resulting by see required approximately was I fourth net from participants. of is $XXX that saw which Finally, The outflows We flows there the in in our million. distributions raised we
$XX driven net from this book million, by experience a Insurance XX% of the fourth year-over-year, Life of universal million income reported in of adjusted favorable items XXXX. decrease quarter pretax our operating $XX mortality life mainly nonrecurring quarter and
and Our inclusive expectations. was churn, year, comprised traditional mortality experience overall experience, which full our is consistent primarily mortality the of reserve impact, was favorable of with this quarter, for
As a XX. on Laya reminder, closed our sale October Healthcare of
quarter. from were the financials results our of business only X included for this So fourth in month
optimize As to we're we for demonstrated, in-force business. new our have and portfolio, ways always both looking
shareholder to regularly continue opportunities value. to will increase We review
Institutional spread income operating increase Markets base million, $XX XX% reported adjusted higher pretax by a primarily income. of driven year-over-year,
and of Our businesses. GIC billion reserves with PRT the XX% have expansion grown year-over-year, $X or our
at spread to opportunities and meaningful base expect to income lead should further of continue cash attractive we to which ongoing flows. expand forward, growth margins, Looking distributable both businesses
& operating companies new million, of primarily Corporate pretax the loss since reported IPO. structure our result an stand-alone adjusted of $XXX and the capital parent Other
from million a excluding of Healthcare. returned million ratio maintain proceeds of Wrapping million regular of $X.X needs. fourth capital holding to distributed liquidity run dividend of our positions. dividends, delivered $X.X Corebridge a continues ended shareholders, share quarter, sale XX%, up, next rate special and special $XXX that the payout quarterly exceeding billion year of comprised We the XX-month billion to Laya strong Corebridge our dividends. We $XXX approximately of liquidity $XXX In repurchases, with the company and
range be XXX% in to the the of our points. We RBC XXX% of This the billion RBC Fleet Life approximately of end as translates distributing $X ratio into which after companies, year. was from insurance to XX estimate our
Corebridge XX% payout creating believe ratio including capacity further while will position approvals, in to grow strong and to working a to complete our have XXXX deliver with necessary we financial of This expect Consistent a is our provide our of on with through value the enhancing flexibility, to capital. starting additional which goals, working optimizing entity with in we're XXXX. we're flexibility, Corebridge we XX%. and activities. approach business regulatory Bermuda enhanced our on financial to support development We're track
quarter with very was XXXX conclusion, excellent progress, focused fourth capstone. tremendous on year XXXX. a in In successful for an the goals delivering our We've Corebridge, on made we remain and financial
to I now Isil. the turn back call will
