morning, Thank you, everyone. good Ric, and Great.
to primarily As business will assumption the results are our results our third excluding which by describe morning, show progressing I of reserve the focus how us will I on again third-quarter segment operating this I adjusted relative through analysis quarter discussed allows to quarter income our XXXX, GAAP results impacts Company's the of from the lines also our second financial pandemic. updates.
review reserve in biggest in in should our the $XXX update $XXX.X reserve million This the impacted totaled forward claim tax Unum best reflect million resulted reserve Claim we years, past the reserves Long-Term investments At of last such, sustainable. are since improvements reserves expected little update our or assumption Disability benefit was have believe future The review, The our have the of several the represent lines and release now this GAAP reserve within release, liability annual to million should reserve will ratio. the increased after-tax. U.S. in management three expected Closed review to the related reserve the line recoveries reporting have earnings the and before impact estimate of reserve $XXX.X costs our or As we the actuarial that on tax from expectations in operations Block decrease the outlined segment. before claims our press claims. in better these component be determine line. net of adjusted over which been for also
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the Unum U.S. our Although claims the the mortality operating Disability claim Group the of segment business. this size updates did COVID higher I'll value. $X.XX operating business Company's from book Life results contribute and our in reserve they are the on and the to per adjusted start share higher with excluded quarter, significantly higher discussion disability where a in net Group average of impacted results these income, short-term driving
was the $XXX.X For quarter to Unum second the income in compared operating the segment, third quarter. million $XX.X adjusted million in U.S.
quarter, quarter, operating disability of increase adjusted ratio $XX.X compared disability an the in related compared the group The a in sequential pleased line to was external current in by environment. XX.X% we Delta uptick on in the XX.X% Within updates the reserve assumption to short-term but in income excluding on COVID a X.X% which benefit was primary claims the the basis, Premium the income, see Unum the quarter $XX.X in an the were primarily segment, to declined third the the driver to decline quarter growth million year-over-year basis. second of increased driven variant to third the U.S. million to line in quarter. slightly reported second and
which of While continued Disability for do direct this by COVID key and the of feel Adjusted claim declined in LTD a the performed income a a COVID and to claim continue STV Short-Term ratio impacts operating driven Long-Term results. line Disability as ratio our second recoveries. as Unum from to we environment of lessen million And the is for expectations of to higher of $X.X offset then Status, see benefit $XX.X see current over showed claims AD&D our Group the the Disability impact It the STV an first we the line flow-through quarter, ratio. in results part were strong Disability to next driver year, the that loss in improvement elevated benefit that Group U.S. million quarter. benefit Group will was third quarter income by in as with line. increase external will challenged COVID Life will mostly continue an incidents is overall We new likely
to third impacts quarter roughly XXX comments. younger largely being results XXX shifting reported represents percentage in to impacted, Accordingly, deterioration national the in reflect through was in by in $XX,XXX pronounced the XX,XXX $XX from to more from X% quarter. Life death our that XXXX for to quarter of from were of also million mortality block working changing national experienced on demographic population. over rate a was second second individuals approximately compared along claims COVID in to experienced impacted in decline to quarter Group that quarter-to-quarter of in claims level aged second We the the aged the from $XX,XXX a driven higher reported over excess approximately Ric a elderly mortality quarter. XX,XXX which individuals. the in average With the increased described higher by This COVID-related approximately figures mortality COVID-related impacts increased third we working Estimated the when claims with in X% size, benefit around the higher quarter the this age his mortality
did the relative second mortality related the COVID not materially experience in to - impact results of non Finally, the third quarter quarter.
mortality remain Looking aged expectation third expected of COVID-related ahead quarter. quarter, Life under believe potentially worsen With fourth that worse our to current continued to XXX,XXX among than the mortality results continue U.S. higher a if the quarter pressure working fourth approximately to not the individuals, will Group the for we deaths. loss similar, is to experience with
third Supplemental equity U.S. million second $XXX.X Now, excess income the lines, $XXX.X XX%. Both looking good at quarter million Voluntary operating at to generated compared adjusted quarters Unum very in quarter. in operating the and totaled adjusted in the that on returns of
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overall a product trends persistency saw Unum We also lines U.S. in for favorable major
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Next quarter with expectations with to were income operating compared results third the adjusted our $XX.X quarterly for Life record Colonial million in of quarter. the the in line second for of million $XX.X income
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the in are great now weighted the our ratio the to well was for capital. $X.X Moving approximately insurance improve Company third The be average holding of financial flexibility. a targeted shape financial traditional XXX% both which as significant quarter, of The risk-based end to of cash -- providing continues and Company capital U.S. billion above companies to levels.
leverage addition, In has now with XX.X%. is trended lower equity and growth
Ric As capital our to and deployment XXXX clarify balance the pleased very we're of mentioned, XXXX. for for plans
the flexibility. that capital with context, For financial we substantial with just very I measures discussed, are in a strong capital position
including growth changed, first, has core in businesses. strategy not and our consistent Our our remain funding priorities for deployment
Second, our supporting Block. LTC
with our support million fourth, long-term of the out to in our XXXX. opportunistic of our plan the acquisitions form We of authorization shareholders returning execution shares of executing to this And to dividends our XXX began Third, plans in repurchase begin accelerated and an capital growth. Board share repurchases. repurchase share roll that to by week end by of We $XX quarter. of announcement the last program million the of Directors the up and the with fourth
to the accelerate to of combination the very deployment block $X exposure. of We by by RBC this cash original around that ratio funding PDR capital of for to from solid the allocate XXXX. an a believe good target the on attractive also the to our stock of a fully the plan shares position a premium XXXX balance end the capital Company LTC feel above recognition valuation at repurchasing billion strikes having also at our of we LTC end are well reserve and We ahead our the similar holding target. project lessen this continue with capital, what help while amount deficiency the of we XXXX, drag additional very prices, With
on update our topics, I Now a XXX targeted in long-duration improvements. wanted progress shifting or ASC adopting to you brief give
As a basis economic GAAP no cash reminder, to to only flow has and accounting accounting statements statutory financial pronouncement the business. or applies this impact
feel later to January pronouncement adopt XXXX, in of which about the our to some XX-Q qualitative continue filing, We Form today. as and information our good X, be readiness sharing is we'll
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to in As we you as to progress provide to continue plan we near updates XXXX adoption. we our work,
So U.S. for continued experience high benefit third mortality to with ratio for quarter fourth on COVID-related to levels remainder let trends Unum quarter. elevated of XXXX. mortality to is the not expectations in we than life due Disability likely the STD see our did expected similar, an fourth With we claims. quarter increase remain The businesses nationwide Group impacts on our the in in also deaths, approximately to to of insurance if me worse, XXX,XXX update close further expect the slightly
third strong in will addition, experienced anticipate results as to miscellaneous in quarter. relative likely do be in our impacts to fourth this quarter we income fourth quarter we was the pressure as here These In what investment not quarter. it the
Ric we then We have of core this XXXX to be growth first of build on premium business COVID reemerge future a see our mentioned, that you of feel year. executing to more expect And that view the off we authorization. momentum quarter very share when our XXXX infection informed COVID also trends buyback trends. plan mortality that our important and As factor confident segments during XXXX benefits With we'll the outlook our said, to in benefits in in began experience. the can of a will update expected
of and questions. the comments his Now looking I'll Ric your back forward turn for all call closing to to
