morning, everyone. Dino, provide will some you, results, information our on I as indicated. Thank and good additional Dino
$XXX to second of of year, had million, quarter $XXX record P&C to while XX.X%, of income compared return leading on income million pretax up income last $XXX and a Core our of underlying XX%, of equity underwriting the is segment core core million.
valuation year's which is Commercial quarter primarily saw net a conditions expense prior reflecting increase in Our their late market segment at ratio the premium. At in second due compared higher both of by ratio strong time improvements and second compared last expense level, financial the to pension growth International in P&C legacy expense XX.X%, to slight quarter ratios, earned XX.X%, to driven of XXXX. was expense, plan U.S. when
increased just business due as costs, higher as the expense lower noted, For of expense, mix due including earned the as to growth, higher higher Specialty, employee-related pension acquisition premium expense, ratio partially well net quarter. Dino in to
be noted As calls, quarter-to-quarter. prior I certain in there variability of amount will a have
ratio However, of for we expense XXXX. an run XX% continue rate to is a believe reasonable
combined impact The commercial unfavorable period in points. in workers’ ratio surety. P&C favorable the development the by liability favorable compensation offset development was partially X.X segment, Specialty in was development In the was segment, driven development by auto. by net prior And on in favorable general
XXXX. The second flat the with second year quarter past the first The X.XX is ratio, over quarter-to-quarter which three the the was lower about has with of which consistent years. of quarter been in broadly and fluctuates is P&C consistently quarter, paid-to-incurred this ratio
loss facts $XX react quarters. in and to the and Corporate of of circumstances also loss we million mass produced reserves the a year a $XX compared review tort second quarter. in segment year, core quarter, interim Our each to million the comprehensive a in conduct the prior of in second quarter We
legacy with quarter's of the associated this related to segment mass prior a claims. charge includes result after-tax tort development a period million As review, $XX unfavorable largely
our As asbestos reviewed reserves reminder, a fourth are quarter. every and environmental
compared income Life last core a As second we compared as & $X to $XX loss up million million, results, of Group year's second quarter. for Investment to was to quarter had core the limited million related loss $XX by loss pretax, the a partnership the $XX million mostly during impact policy of of reflects the a prior cash loss buyouts to underwriting year, million quarter. performance, pretax driven while $XX
Life pretax loss & in core a cash was core million million $XX million Year-to-date, results Group a year-to-date, Group For loss $XX year-to-date as million of buyouts. well $XX pretax higher policy related to $XXX compared in the investment Life of period. income, to & prior $X reflect loss as million,
in broadly expectations. Excluding year-to-date are buyouts, results & policy line with reserve Life Group underwriting
buyout as quarter, linked or expect the losses higher GAAP our as integral and mitigation and future depending last years. near-term, given such for buyouts the rate up XXXX to respective are statutory of strategy, noted the rates actual could policy GAAP I component the of generate increases As the program, offering expected we approved are policy part policy continue expect $XX rest to an to the risk on on levels. of million acceptance cash we quarterly offers. offers In buyouts losses reserve pretax cohort of
underwriting buyouts a results we impact certain amount quarter-to-quarter. Looking such with of expect to continue will to years, variability future
now the which prior and is on I period of A we noted X, as XXXX, under business. reminder LDTI adopted that to reflect our LDTI. last business effect were as January CAN’s quarter, adjusted for accounted of economics underlying LDTI, results has LTC Also, no
the compared legacy assumption expect years, arising higher changes LDTI several putting However, quarter any GAAP, over we annual third assumption under our underwriting a from as modestly to aside review. loss next
results well quarterly legacy a reconciled find and our can our LDTI GAAP You reconciliation XXXX in as of quarter first as financial first Form adjusted quarter supplement, for our XX-Q. to as
$XX increase was a $XXX second in the portfolios, a quarter, to quarter. which million pretax -- the second quarter. gain increased loss and XX% by in compared our Turning to stock returned investments. partnership year driven the returned Total investment common million income net The $XX million million in $XX prior which limited to
and stock portfolios line positive quarter with market year the second reflects time. equity at quarter gain market our hedge The prior while from contributions and common losses environment, includes a across and equity strategies unfavorable we're in performance fund favorable that
Additionally, $XX prior million, portfolios our were fixed year and investment to quarter. income other the favorable
quarter. year second year well portfolio X.X% continues our average compared been steadily income yield reinvestment cash and rates the produce to flow portfolios, P&C quarter, income, base a first X.X% growing of and last a effective the strong P&C this to from fixed consistent segment as Corporate operations. by investment year result which Within the has portfolios, favorable in the increasing in in as our X.X% prior Our as over income in funded the was of quarter
the of income quarter, reinvestment our P&C second the rates end yield. well above As were of effective
Life portfolio today's more quarter, Our and yields as portfolio to environment. the has modest comparable rate was compared increase yield interest Group this X.X% income & in X.X% effective embedded longer quarter, year duration a the second prior is more in to
the short-term a short-term higher benefiting ago. Additionally, includes be are net other significantly as to which year category and well believe both to compared we diversified. on of cash, income and investment quality income, our within interest We portfolio high investment from rates, investments
is of of up rating has weighted fixed makes and XX% Our A, our of portfolio, investments income up investment-grade credit made which average securities. total XX% a
an is we assets, believe and common below it risk investment-grade of well partnerships, securities, and stocks While maintain limited within our allocation conservatively we appetite. including positioned risk
obligations withstand the meet Additionally, variability we and at company operating to business both maintain liquidity and significant ample levels. holding
increase AOCI to or solid X% AOCI, excluding XXXX sheet from end, $XX.XX quarter equity, of of was with $XX.XX billion very $X.X equity, At including an $XX.X adjusting for share. per per balance billion be stockholders' our Stockholders’ year-end or continues share, dividends.
We ratio conservative schedule. maturity to well-balanced a leverage a maintain debt continue structure capital low with a and
During notes maturities upcoming successfully ahead of the help May in issued November XXXX second quarter, XXXX. million we senior debt position and of us to $XXX
aforementioned million the was flow income decrease for continued $XXX quarter Otherwise, year's which flow long-term care operations very Cash quarter. second primarily excellent fixed the buyouts. underwriting underwriting activities million cash remains from the and $XXX quarter, reflecting to in policy from The is last results, investments second from second is fixed respectively. down strong, attributable P&C and income
and several Turning to taxes. The related tax effective tax rate on core as income as was tax-exempt to XX.X%, adjustments audits periods. and prior to lower well foreign income compared operations, reflects our as state investment
a expect forward, XX% tax effective quarter-to-quarter. Looking certain about variability our amount to we rate full-year XXXX with be of
on share are August to to to of on regular pleased of Finally, announce we paid dividend be our $X.XX XXst, per quarterly XXXX, record XX, shareholders XXXX. August
back it I with to turn Dino. will that, And
