Rick you, morning good Thank everyone. and
growth earnings in-line Following expectations off our on solid the is for per start year. XXXX Rick's comments, with with to share a
we along detail another assets sales, reserve a ratio have quarter backing U.S., to will continued in line. portfolio this in level primarily resulted in capital a disability across from overall line income in favorable third Unum growth saw lower expected group less the performance. quarter net persistency, yield the with update investment the X.X% million lower yields resulting this Beginning continue this the with good the net our major the of XXXX by lines. assets lower of investment positive and to and update trends income to U.S., are several adjusted operating due financial This yield. in line puts pressures for portfolio income first generated and Unum income Within declined quarter in business $XX on trends with back premium our statutory Now, good pressure very in pressure The of for provide on steady benefit Lower I reserves trend quarters. IBNR the business. next on quarter, the to
line. with improvement premium income the encouraging to the in trends are However, by We saw persistency, levels group these ROE benefit capital lower disability past accreted for the line ratio. given and for increasing further in the trends disability also improved sales adjusted group X.X%
for the quarter claim quarter the had that quarter The more The and the vision by the at increased operating slightly quarter business year XX.X% seeing in generally group and for year in ago, voluntary mixed, the first group increased driven group year of benefit in to For quarter. stable quarter group first recovery growth while XX.X% increased vision dental the partially life by in ago quarter, XX.X% the quarter line. life growth sales by ADND in disability adjusted XXXX, in improved increasing in the lines lines, to experience the more in product first quarter, million large increased first business and first pace group the year-over-year. the of a overall line sales with quarter to operating quarter, the slight voluntary the group XX.X% waver to offset from sales life to for It’s the improved ago over can product our to disability first rapid we’re a the adjusted X.X% LTD to benefits with to Risk and from are increases premium incidence grow positive our income was very to increasing than good of were line lowest persistency. vision primarily a an These individual were U.S. in was the $XX.X benefit disability in improved believe in Premium due for quarter. Sales quarter sales solid the experience first and The dental benefits the the lines. first part first in lines ago income ratio for that benefits of by in trends claims increase dental offsetting the ADND consistent in relative and favorable our were due X.X% group healthy news for line. improved lines XX% quarter, growth driven our line individual worth primarily ratio by voluntary in most the voluntary $XX.X XX.X% our Sales X.X%, our customer generate the in in line. year decline while in from group the investments another favorable STD supplemental additional we experiences. line increase XX.X% therefore expense in disability the income ratio our benefit operating ratio due subject in our of in the and the and year year XX.X% typically million, disability noting experience ago first from Unum year group to Premium lower volatility. line. The ago strong X% produced with quarter. income and good in quarter a continued
this largely With year levels quarter Premium XX.X% ago to pleased favorable persistency start the In life flat especially first in of The this earnings year. of in basis persistency local in on adjusted XX% U.K. UK the first be quarter business LTD X.X% We’re sluggish from XX.X% income XX.X% year group the Unum impacted see Unum currency from U.K. the our first quarter, year-over-year increasing for to and XX.X% in the we to XX.X% XXXX, £XX.X saw quarter, to increased the year. lines improved at stronger generated was million. to group first up operating environment persistency by economic at XXXX, slightly to ratio for of the last by a quarter, remained from the quarter XX.X% while the quarter. last benefit last continues the group compared XX.X% year.
lines product were and illness in more group While we claims favorable in see group sales driven large uptick Unum relative saw life currency, the to that an XXXX, of experience first made a comparison. encouraged in for sold disability we business last XXXX. experience in declined year for XX.X% difficult quarter critical in the quarter very the UK local primarily one case by first to the LTD
first core supplemental by for unfavorable experience produced the the elevated though Colonial offset first business quarter of saw XX.X% slightly group Life at the the with trends quarter income sickness, across line sales case, in and market and Benefits line below we and solid we Excluding relative experience first in the XX.X% that remain again was the income single adjusted saw growth increasing X.X% first life by quarter operating quarter. very premium the was improved as Colonial the LTD accident, to ago in million at of quarter in favorable quarter $XX encouraging trends year Top disability partially of X.X% the for this the lines. and life favorable experience XXXX. line.
in board evident primarily look for our our for system. to Life and momentum related continues sales products categories colonial and expenses life growth the across X.X% was strong for efforts. dental Sales operating continued expansion momentum accelerate increasing to the with quarter. initiate for in to to Colonial Colonial of quite was as our and growth investments distribution first first the the addition, territory the Sales growth cost territory product with be timing our we quarter, rollout expansion all the expense the of ratio We Life unfavorable in in the sectors. market In due vision
make stable strong remain investments quarters, over future For for risk by generating our an These experience. through strategic several adjusted well-managed of Life businesses highlighted and disciplined of core for quarter return and encouraged the generating the business returns XX.X% management as trends trends the UK expenses are in first operating Unum growth sales favorable with segments, the by levels, of persistency XXXX. overall U.S., on strong us Colonial Unum growth are past we in we equity our we consistency
compared more ago $XX.X Closed million the new to $XX.X quarter year to the declined Block, lower size ago had adjusted XX.X%. partially care individual year, in first operating than driven quarter, maintenance improved long-term year disability as loss increased favorable challenging quarter from higher of to first resolutions offset XX.X% claim the benefit quarter to was benefit to compared income year product The due interest the ago quarter business of the ratio favorable experience the in quarter, the to claim the the much in line, Moving first this adjusted expected, the In significantly by XXXX in million to by adjusted new line quarter in the this that interest a average due of first XX.X% in XX.X% Benefits ratio was quarter. to mortality. ran which claims.
of higher ratio addition, policy negatively In impacted level the terminations. was loss quarter by this lower
We the in of continue future. we appropriate to confident line these I’m and level volatility expect strategies place experience high will in continue a the this to manage in that businesses. have it
the rate program, effective our care are yields we over block embedded long-term our with expectations realizing is We which new to reserves. long-term way to care term. the portfolio long-term money continues manage continue The we believe trends good the to most for have the the see care exceed we overall increase long in
However, these quarter, bond in rates but new for spreads yield this favorable were we're closer higher. us will when the time begin watch grade getting remains in to assumptions a Interest first money area. the more to
We which good feel to our two date We GAAP care relate included reserves. premium revision state rate continue approvals for received, actual assumption with assumptions in to approvals monitor to obtaining long-term ways, progress in compared regulators. those about our of increases XXXX both in progress we the this to of
present the and in will actual premiums on approvals realize future received. spot additional value quantify lending based of we we elections First, the
For the our track with on assumption measure, this XXXX are we estimates in set.
important over the the we of note may over which is years implementation faced block. it life as in timing impact value of total recognize number minimal increases and the to on However, that the a the of be
the year we recognize any expectation. incorporated premium The premium in second actual measure GAAP approval the is pattern will increases, into to the rate specific for compared reserve
in X we measure, received of effect on as as that to ratio for X optimistic over reverse near reported anticipated. approvals from the future improved the has current our approvals we increasing in rate those we have a will loss that the regulators and premium by period had the timing ratio years increases quickly longer-time of our X% these work believe actuarially recent to Based over approvals prudently. not in blocks phased our years. estimated been remain received need For best this and understand loss to originally increase forecast estimate of the will past originally implementation pressure with justified We the manage and than This have carriers next X%. for premium increases
have the we the first the quarter as consistent over quarters. several past seen So, view one we results in with total,
remain Closed Our care continue lines line our long-term core business well, particularly operate to while Block the volatile. results,
on, companies. traditional Moving our insurance earnings to deliver from we levels continue statutory of U.S. healthy
adjusted results after-tax long-term earnings $XXX.X from compared year year and the statutory last impacted the to an benefited update was ago to disability, fund it year's million in guaranteed a tax earnings quarter. statutory IBNR totaled quarter, first solid from overall, rate the This year while operating by a the assessment, start perspective. and million, lower but For $XXX was
our insurance quarter ratio XXX%, in capital company's million. shape. Our companies holding cash for our At U.S. while life $XXX remains capital very position end, above slightly traditional the risk-based good totaled was at
is need $XXX million. shareholder expense for and annual Our interest dividends approximately
continue strong So, ratios. to maintain coverage very we
as of Our we stock quarter. remained the repurchased of million to on XXX shareholders return on of another pace in capital
interest lot going common levels increase meeting. There the be stock to board will impact given potential Our annual of ratios RBC an dividend target at a the tax and the in of is forward upcoming considering reform.
range I than any we We the of assumptions. their factor rather capital to NAIC pretax the and our their had to which agencies really levels in that strong due capital revisions changes In a maintain us enhance topic for to the to will that projected have engaged growth materially we and on We of the XX% you per I’ll tax what tax base given they have adequacy you believe short, capability rating strength enable discussion. $X.XX use are good reiterating since also after this the scenarios RBC the remind our I’ll healthy adequacy. from A. changes from in often rating metrics, for stress our those the our from model which level for benefits closely capital stronger not dialogue to reform final case, will will the by flows, operating over wait that In to operating targeted financial use and share. earnings most on with our proposed typically company. adjusted decisions of year-end the impact recover and XX% financial adjusted up cash earnings appropriate is on remain agencies formulas per own expectations of year. remind share of wrap and continue views XXXX
Now, I’ll Rick for his closing back turn comments. the call to
