and Thank everyone. Rick, Great. good morning, you,
half products XX.X% US performing for by all below Disability was Unum our our highlighted sales long-term our and across most various continuation highlighted operations, expectations.
Sales particularly lines. of company, first third quarter XX.X% individual the US benefit very the growth of core the quarter X.X% the XX.X% quarter UK, sales The were Colonial well. very by with we including and Unum all our in our and performance grew disability Unum specifically strong disability company, ratios growth across X.X% good US strong underwriting strong performance, third in as disability were X.X% product disability, the for another of of results Life. operating Consolidated areas board, across in Group for Unum across for saw
grew historic we on, and at are the just natural a quarter below results of top third we continued third growth. past of to improved Persistency expectations.
Year-to-date, continue expect the for path below premium in as quarter X% relatively earned from we of to the our is grew biggest tailwinds from fourth full Natural that While X%, our within that small for levels, we are now quarter, X.X%, to the mark which X% rate our experienced was growth fell year exceed for outlook premium quarter operations pleased in sales XQ healthy few sales, our core generally a quarter.
Core but quarters. the the positioning we X.X% end growth the with to operations our see and exceed.
by of with results Unum in prior to income the $XXX.X to XXXX. annual to quarter experience compared adjusted expenses.
The benefit size, excluding quarter by higher favorable updates with claim coupled in US, assumption million from driven million quarter disability XXXX, a our continued impacts of operating premium the compared of incidents. income GAAP robust of will the long-term and income lower primarily reserve operating and describe of from I and the adjusted the quarter XXXX.
Starting benefit ratio million increase both of to with increased partially line offset premium third driven recoveries Results by and reported quarter, the by XXXX XX.X%. higher benefits in with and above review second our segment, third in was income, earned strength As average improvement $XXX.X ratios, strong group third The disability third and I adjusted in results quarter higher operating another operating year, due million XXXX, $XXX.X the finished $XXX.X XX.X%
in lower the US lines favorable the an increase of XXXX voluntary operating driven increase benefits supplemental The third with Unum compared decreased quarter the and quarter Life XXXX, period the driven low $XX.X our of Group and to in compared average primarily third individual due predominantly ratio in COVID-related The in was $XXX.X million, in to compared XX.X% was average to quarter, the Looking income third The prior and benefits range.
Results same the loss year, to prior was of to Unum the higher the size.
Adjusted voluntary adjusted for of voluntary improved by quarter disability of was both year, quarter we XX% by from disability $XXX.X the for ago. a XXXX. benefits to due million fourth of benefit million million favorable mortality ratio in year, claims, submitted benefit of XX.X% of unfavorable lower lines.
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XXXX. Now in Adjusted the of for Unum to strong International. the in moving million to quarter trends income quarter XXXX. the UK third $XX.X segment The Unum million increasing third continued for adjusted income with the benefit underlying power, earnings to show operating to $XX.X from GBP operating for in its The quarter ago. ratio the quarter third business to XX.X% XX.X compared UK in Unum the million improved decreased reported a compared third XX.X of in in the third period quarter to to million XX.X% GBP year same
linked are our pound This a highs.
Without another levels U.K. recall, in the adjusted we backed has of not, underlying benefit third in million have benefits claims periods may policies income the performance. strong of was by increase recent inflation receive reflecting capped, the The which dissipated range, inflation from UK the inflation-linked quarter, gilts. in in inflation. are is but of impact, Unum you very income high operating mid-XX earnings this quarter gilts linked from As inflation rider, an does portion which
did operation Poland the expect growth. U.K. X.X% twice our in of So year-over-year continue premium quarter maybe underlying then were a of million, million, at grew ago sales third looking higher-than-normal large ahead the the the UK to sales benefit period. below levels.
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from with the year-to-date was sales, increased to and moving in throughout Colonial The just persistency premium DAC higher offset quarter has period, decrease we to primarily this outlook the growth the prior been the to driven compared year the line under by with all remain finished product $XXX.X then ago the year, operating partially period. XXXX. for but income X%, sales top of X% the growth Adjusted for lower building premium third lines. year the within to for year-ago third million quarter Momentum higher So quarter growth benefit Colonial are by year.
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Colonial driven X.X% did amortization by
quarter benefits a excluding So a Closed adjustments driven primarily long-term update, trajectory I care the Closed earnings was to XXXX. will care in The disability the higher describe Block in experience transaction, $XX.X Block which more assumption decline $XX.X in in then long-term moment. of segment, post to million by third detail was reinsurance income, lower operating and adjusted the million related individual compared
commentary So in loss higher primarily loss quickly third XXXX, up million results, net the compared million financial $XX.X adjusted segment investment quarter income in the and driven the was wrapping quarter's my on corporate to a operating the of by lower expenses. $XX.X
For the remain expect fourth this to generally level. we quarter, the operating segment's consistent loss with
towards So the have results. the over very quarter, reflecting first months XX% to confidence of earnings X of on share well historically per year to as year the our grow to second end these range of as and operating those been XX% our expected our and strong, have in we the ability continue full from results upper first reported
assumption made LDTI We in including net the annual after the This into impact $XXX.X in provide Now did earlier. reserves me to details third on mention updates on million let in or update approximately with resulted our increase dive that the Rick of a tax. financial results. modest a million dynamics LTC, generally and assumption additional $XXX.X completed quarter review
-- year's and were saw in most assumption updates line by changes, favorable for Life. lines products our this product group disability While Colonial highlighted adjustments
favorable For give leading that levels GAAP us since trends current investment group are continued recovery our year's operations confidence high of performance adjustment last review reserve in before to disability, and $XXX tax. million sustainable,
of Colonial before trends Life, million lapse drove favorable $XX.X experience tax. For as reserve claims as releases well
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money the our new long-term impact. long-term treasury nearly using example, of margins. would as update would LTC assumption entire in a offset Furthermore, yield an consideration As have for it levels, X.X% setting additional expectation reserving indicate rates XX-year today's
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or As a result, the to Block low in is the net premium mid-XXs. for NPR the now ratio,
higher favorable low to at the compared second the less was results.
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quarter, Fairwind significant million million the premium $X year-end, our to per the and going update capital the in rate by benefited be of greater million.
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do million XXXX. in reserve quarter. we we to from expect capital $XXX a contributions reallocate adequacy First year Therefore, Fairwind asset an million $XXX fourth in expect to of Unum As the result, that increase our entity for to expected to the full
while million our we Importantly, of overall capital further of geography not to our $XXX it in plans February. contributions, to detailed outlook the LTC no in year, contributing does for million our followed capital full impact as this the at meeting $XXX deployment planned changes contributions by
to now Moving investments.
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hedges interest now addition, performing forwards, program since at we've In our LTC year, quarter rate as is hedge $X.X last the program including of billion treasury into of inception nearly end. entered expected.
Since entered for in
conditions, have hedged to cash the Given favorable horizon we flows years. of X X the from market expanded
$XXX quality, longer-duration addition, profile. took bonds higher liability further portfolio the reinvesting and the in our to of that yielding better proceeds in balance these In sheet over credit and higher derisk million by duration we our shorter bonds match selling opportunity LTC
realized it after-tax While was quarter. in this generate million losses of neutral, the $XX did capital GAAP
interest management the While of economic the margins. risk GAAP these reflected are prudent current decisions, in treatment not and benefits are
million miscellaneous alternative Income million the compared out $XX income increased. expectation within in round from to ago a to our million income increased to So year our quarter $XX of invested was alternative the as investment $XX million. $XX $XX.X discussion, assets investment million third longer-term to investment
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drives stock to million to capital of repurchased common in strong million and half in shares model at the cost X.X increase the ability and $XX.X dividends from to Our a our return million, of pace cash repurchase third we year. the an generation of the quarter, shareholders, total $XX.X share first paid
again As new Rick XXXX, X, XXXX. beginning January will the repurchase on mentioned, share pace in increase as our program Board a recently authorized $XXX million of
As Fairwind in planned, the contributed full we of total quarter, million. third $XXX $XXX capital million the the in to year bringing
reserve that Our the to is fully capital contributions. in recognize XXXX amount deficiency sufficient this expectation premium additional without is
our Given $XXX consistent the total the block, million expectations entire deficiency on plan the the is of of with result will of of XXXX our we to margin expected estimate capital contributing LTC best capital contribute capital the $X earlier, our supports of reserve to significant our $XXX for recognition for LTC coming over as to not coming our million first billion excess premium in and the approximately years. block, LTC to described into assumption in $XXX contributions updated estimate Unum. plans $XXX Unum year.
Full to million, million support In impact to changes total, First
capital Considering and position the with XXXX a our XXXX the pleased outlook earnings, of today us, focus our balance, ability to been robust funding increase our year-to-date February to put Our and clarity strong we're in flow with accelerated in outlined reserve PDR deficiency the recognition position cash and deployment in behind beyond. free available meeting. has completing for as our premium on PDR
comments, forward back call and your questions. his the turn to to Rick look I'll closing Now I for
