you, Thank and Rick, everyone. Great. good morning,
removing most our Rick of described, of outlook. quarter XX.X% after-tax we disability the for particularly the as all XX.X% from including by the sales upper business, and recent across lines, for our performance Unum quarter in for another Disability parts long-term EPS second expectations. ratios disability trends year XX.X% inflationary good impacts, below in strong the mid-XXs As adjusted all of was the Unum second operating were full quarter results strong our company UK US where the group support our in performance very benefit individual of and underwriting across operating or benefited end for board, many highlighted disability, when
Unum grew products operations, across the were growth by in well. areas US, our in company XX.X% Sales across results core operations disability and our the quarter from most within was of in improved generally various expectations. rate individual first at healthy and for a very our Persistency International. XX.X% highlighted quarter. XX.X% strong X.X% Consolidated Core of grew performing including second disability sales with Unum XX% premium
were most prior However, unfavorable lines year. relative to
discount second the XXXX, Let's operating to quarter with now driven improved ratio XX.X% being to exceptional expenses. earned million Results higher review of primarily drivers increased and another of due operating results below on robust beginning million year, the with operating the to premium. income finished our a in long-term favorable higher compared benefit incidents. Unum by US $XXX.X partially by adjusted compared of second year $XXX.X million in XXXX. significantly The quarter the and experienced, higher above reported new a for offset quarter improving disability line These group recoveries to second quarter rate increase quarterly driven Unum an This Adjusted prior ratio expectations, operating quarter. marks US. our claims across contributed $XXX.X by benefits with the XXXX the of of benefit second income of the the in full incidents, primarily million to $XXX.X XX.X% segment, segment in
and contributed disability the to group it XXs, operating XX-month trailing The in benefit strong earnings. is ratio low has
ago. year, year to due full in benefit ratio and quarter for underlying increased driven COVID-related a period. be second low US of compared current by for ratio higher and the year low Life The compared to quarter $XX.X to ratio in Group XX% million the due minimal second mortality expect same benefit XXs, of in incident. of the in was million last Unum incidence to to the operating also continue XX.X% $XX.X XXXX the at the strong decreased XXXX Results end levels. We benefit income our the period expectation the to recoveries of second of quarter claims to compared adjusted with AD&D to The
reserve increase supplemental prior the in The and for was quarter in benefits of and mortality, the favorable million, the operating voluntary while results voluntary individual experience voluntary and favorable XXXX. Unum quarter development second to primarily the lapses. The $XXX.X lines driven was in strong is due favorable million Adjusted underlying XX.X% second individual $XXX.X of benefit benefits by driven XX.X% of increase the to were ratio disability earnings benefits. year, US by an from disability both
the less with lines. favorable the quarter with XX.X% results increasing generally remained total second our solid, quarter. in products, premium and group Natural also strong US. Unum trends year-over-year group to for for X.X% of trends US were a to contribute tailwind growth Unum drivers. growth, in Sales year-over-year to Turning at for within XX% voluntary our and Persistency sales second continued in supplemental premium stable
experienced Unum income Now segment to results, income for with quarter second quarter of $XX.X from the in second Unum Adjusted increasing moving UK's adjusted operating International. for million The the operating overall exceptional XXXX. the million in $XX.X improved the for Unum second business ratio second XXXX. earnings same GBP GBP compares to a XX.X to which UK second decreased XX.X% in XX.X million period compared quarter year the The in ago. quarter, million of in XX.X% to benefit the the reported quarter to to
portion the receive the reflecting earnings our of in range, inflationary income GBP gilts from impacts, a but UK recall, have adjusted high inflation-linked inflation. is benefit does benefits which not, we inflation-linked remove U.K. gilts. by direct income When may claims backed inflation periods You which mid-XX an linked are in performance. million rider, underlying policies operating capped, The you strong the Unum very is of in the was levels
Unum nearly to Poland premiums our quarter, UK strong second show XX.X% growth. businesses growth of on double. of the continued premium operation generate International growth, year-over-year Unum up a with XX.X% positive UK in and up grew levels year-over-year Both sales XX%. while Unum basis generated continue to Poland
year benefits, expectations. partially primarily period new the and higher the adjusted the prior from million income expenses. driven is which operating case was momentum, of to lower year-ago slightly favorable laid year, million $XXX.X the small by within million Colonial compared XXXX, quarter XX.X% Life larger-sized we from second for operating in healthy offset sales, recruiting partially and $XXX second across our in Premium February. offset by agent Expectations Next, X% ratio Sales Colonial segments. of full increase million out increased income prior X.X% driven driven higher X%, benefit $XXX.X account was a finished The of in $XX.X with in sales by sales quarter partially the decrease productive the by premium in higher segment trajectory quarter XX.X% than in expectation. persistency. by primarily income of improved of offset on to by our growth year, the was than second
the Now Closed income, operating in disability portfolio This XXXX. the decline million the compared our million. $XX.X driven $XX.X year-over-year. year-over-year of the decrease was favorable segment's individual reinsurance adjusted income income was in a quarter to Closed primarily miscellaneous Block by Block $XX.X adjustments of excluding net segment, to in million alternative asset due related to less from This investment transaction, second was
For claimant benefits loss not persist did the incidents year-ago higher period, in interest-adjusted levels, impacted compared the XX.X% which XX.X% in first experience, favorable the by to remained results, elevated but was the second at first LTC ratio quarter Claims also claims the quarter driven incidents. mortality quarter. in
continued end third early the interest which was loss adjusted towards has is improved claims to XX-month new The quarter second of a quarter. expectations. range basis of improve rolling XX.X%, trend monthly the ratio the within our and the into Notably, of on
quarter's commentary shorter-duration $XX.X in the primarily higher in second on a operating driven million income that should assets, continue Wrapping the loss up corporate-owned remain rates my the dynamic on while results, financial adjusted segment the by elevated. of to compared XXXX, a $XX.X loss million short-term quarter investment was Corporate
Moving investments. now to
to made again new XXXX. first management. in yield, risk for earned the good money above months and environment We continue yields the Purchases X.XX% were is X for our which at quarter see of portfolio levels a
$XXX.X net million improvement an fixed securities upgrades the As portfolio in overall and investment-grade credit expected, maturity quality. high experienced of to yield we of
with is our interest for last LTC than program million $XXX addition, expected. bond forwards program more of into In the entered out we've as hedge nearly $X.X Since performing rate of purchases. applied inception closed to year, billion and recent treasury
traditional million alternative invested call year investment million $XX compared and a in assets premiums ago, the was bond investment million, our $XX.X of Income $XX.X million to lower $XX is income both long-term income quarter declined. of our $XX.X to alternative decreased right the at Miscellaneous second which to as from end expectation million.
and We the portfolio. continue from with composition pleased the to be of benefit
second billion, end partnerships, valued and $X.X with credit in assets equity in private partnerships. the of at of real in invested just asset our alternative quarter, were XX% XX% As the XX% partnerships under total private
is substantially underweight real properties industry positioned last estate investment through which portfolio, As thoughtfully well quarter, manage compared we commercial discussed to our to office is averages, constructed and cycles.
and approach in and periods. multitiered monitoring to performance rigorous process does valuations Our origination loan not volatile waver
around process complete impacted increased of Earlier office to this year, overall we which CML expect began several under an accelerated our over and of remain not XXX% office just meaningfully has our with completed, and Currently, holdings our half for next months. modestly CML LTV reviews revaluation office LTVs, XX%. portfolio the has
as XXXX. of locations, reminder, loan consists a pressure commercial maturities and While very healthy $X.X metropolitan just levels our to XX% secular not of rising immune debt our loan portfolio accounts And portfolio. few under billion coverage of through for major and mortgage office ratios exposure rates, cap profile office service low our
end So commentary on my capital our now position. update an I'll with
operational our billion. targets levels of expected, tremendous company traditional As remains weighted for $X.X capital and holding offering U.S. robust remain excess and capital risk-based is our insurance XXX%, needs, flexibility. companies at in approximately well liquidity The ratio protection average and our
of or at above our capital end execution of on $X.X year are company XXX% planned the following to deployment. We of holding comfortably levels RBC and track billion liquidity expected
to free from the income well holding year, the $X million after-tax year. metrics second puts second operating strong for quarter. which generation This flow billion strong Capital translates pace of on with $XXX.X coming the in at for statutory cash the results, company for over the full in benefited generating quarter us the statutory
$XX.X model shareholders. million. Our stock strong X.X in cash at total to in And to of repurchased generation cost shares the drives ability paid million $XX second our capital return common dividends we quarter, and a million
repurchases also pace fully such in increase Other year-end, deficiency the the as track. second to remain premium of on share reserve recognizing the plans, half capital We expect of year. the by
quarter, into our the brings $XXX planned, in we the year contributed to million. second capital subsidiary Fairwind for total the of million $XXX As which
capital margin As a of and expect best the current PDR not results the estimate of discussed the premium over to Fairwind in contribute significant our outlook the and over the excess $XXX Fairwind, of our our meeting. course Full supports plans as capital in we reserve. fully recognize million in to contributing at we year of reminder, $XXX recognition the million deficiency
So close, the driving we're premium our corporate across the the and expect and half, in growth businesses. strong persist of by similar is built to first momentum encouraged second earnings year the trends that operating half sales, to throughout
For the year results foreseeable earnings our to top and group for point been higher this months, supporting our growth. disability in EPS being full the outlook future, have expectation for the past focal continue expect of driving of XX the for we a power, at end
Now to Rick his back and your for I comments, closing look forward the questions. to I'll turn call
