Great. and to morning Thanks, Rick, good everyone.
mentioned, Rick we to of our evident X is momentum continued building strong operating board. with across segments. year the our extremely in the in years were As sales This finish pleased This results. caps the both and core operating
and Unum For quarter in to including sales Unum same ago. XX.X% each accelerating a saw fourth up Colonial U.S., Life, XX.X% year the growth XX.X% X.X% compared in growth were we in International where the the full period year, quarter, in
finished in the up to more expectation. a for quarter with the exceeding core expectation long-term full our ago our X.X% Premium consistent the X.X% last for laid year and operations year, compared February and out increased
and to supporting and the ratio expect continue These both product quarter. across these highlighted favorable in lines. market. the Group of in disability benefit performance are well, levels ratios also group were as disability We in Income strong our see as company our the operations we Protection results year to for in to XXs continue individual the near low in the by XX.X% the support do XX.X% and in same for trends U.K. midterm, Disability benefit full a
which year the year billion of and of after-tax historically over after-tax operating growth full income ended EPS operating with reported We represents XX.X% $X.XX, at adjusted adjusted XXXX. $X.X
$X.XX operating reported that of fourth quarter's X would I after-tax The EPS to of by like results items impacted was mention. adjusted
First, tax elevated fourth was at in rate the quarter the effective XX.X%.
We XX.X% vary from some period period rate expect and dynamics. be to foreign tax or between -- and to XX% to due long-term XX% the to XX.X%
EPS The $X.XX. lowered approximately variance by in fourth the quarter
$XX.X represents pressure, refinement. higher underlying EPS model of $X.XX quarter adjusted a for were have these been to higher. Benefits operating $X.XX X of items, by better Life the When Colonial due reserve adjusting million earnings a in power, Further, onetime view EPS or would which
power over roughly of year results, also $X with was well apparent full earnings of GAAP after-tax billion, outlook year for billion. strong our $X.X last operating our ahead The in earnings statutory of
position. These capital generation capital original of as results drove expectation result, significant upside a to our and our
results both notable with line their for outperforming the at core and XX.X% our also were this end and Top operations ranges year, top X.X% premium of sales outlook respectively.
that Fourth success a believe with continued market quarter's are XXXX. growth for slowing, and us results offering metrics Rick set our the to the we value our nicely key which strategic the will up show discussed. These of momentum also are initiatives strong growth isn't in in seeing testament we that
capital capabilities in to a grow business key slightly above operating to increased full as priority. And the these year. result, core coming expectations Investing our our XXXX into expense adjusted the ratio is year XX.X%, a
We time, expect off impact investments over of to the taper our hold. take to further expense continue ratio the as
lower expect than adjusted ratio year slightly be full our XXXX, For operating we XXXX. expense to
review briefly results our Now me by let XXXX segment.
increased US, $XXX.X -- million $X.XX XXXX Unum billion in income to to in compared operating XXXX. $X.XX to For adjusted XX.X%
these business, individual operating year our adjusted XX.X% growth disability experiencing with earlier, voluntary disability of for earnings in year. of were the growth driving bolstered group performance, disability mentioned results overall and supplemental As full line by XX.X% of
Further, ROE with of XX.XX% the [ disability ]. ended year group an
lower operating The the by impacts adjusted driven earnings the mortality of pandemic pandemic lower waned. labor in the with as experience, of AD&D, the were were favorable beginning the $XX group million life and results. XX.X%, AD&D growth and of lines quarter's continued from results The fourth incidents experienced since highest
rate perspective, Unum billion X.X% growth sales $X.X growth a due natural persistency. X%. solid X% to premium result was higher US in to premium and with to This line From our earned grew of growth, expected
in with operating Unum for earnings year, segment the strong underlying of Now the million trends income moving compared show to prior continued XX% to up International. power, The adjusted $XXX.X year. to its
with inflation. mid-XX our operating line the Fourth quarter million U.K. were results in range, for earnings adjusted outlook pound the excluding impacts in levels of
by Inflation still has year's GBP as approximately last normalizes, this and will expect but environment benefited moderated U.K. since highs, quarter the the X continue we this million.
original are well year XX.X% and levels X% full premium ahead extremely growth of growth pleased X% XX.X%, the and respectively. of sales U.K., of growth our We X%, to of the by with X% in highlighted to expectations
business this increasing of sales, a the saw levels XX% While for the growth, segment, is XX.X% U.K. premium major and of Poland driver year. significant
of saw growth The for and X.X% pandemic Now segment years of the premium does due of drive in process further our impacts of historically to this target of and Colonial. that high return year, X.X% of agent growth return turning segment to growth a Sales full growth to challenged after XXXX the sales the optimism on our productivity. single-digit the results, the and to level for couple growth achieved. ultimate
a of ago, full and including level million from full earnings adjusted number we the power reserve of impressive was results of XXXX. ROE unique year expect refinement a perspective, year, high in the to $XXX.X XQ. an items That model XX.X%, $XXX.X From this were enter than due largely said, at a million as throughout line earnings year we year lower
to our earnings run of and million our of million last closed operating gears to care $XX.X this million of below the block of rate results business quarter, million, saw and remainder sequential disability Block and $XX $XX $XX.X Closed of both quarter's declines. focusing adjusted the Switching as long-term on expected were
indicative the ratio, expectation, lifetime of slightly premium ratio of to benefit net quarter The which the from is XX.X% XXXX. XX.X%, in third increased
and to on in ratio experience a premium provides the of ratio, combination loss compared previously care of view which could Under experience net movements underlying distort in LDTI, long-term more trends performance comprehensive quarter. results that reported focus and observed the earnings we interest-adjusted claims solely the claims
Overall, earlier expected quarter. underlying in block seen long-term was in from claims Incidents remained XXXX. the third levels line above but largely with has improved experience for higher levels, the
were normalizing We continue to function environment a inventory pandemic. incidence the elevated that of believe the levels in the rates following XXXX in
We a XXXX, albeit see claims at in expect rate. to dissipating catch-up continuation of a
alternative line of diversified in LTC, Since has the with the returns million to in Lastly, income inception, Closed XX%. backs for investment alternative Block, our expectation our of quarter. portfolio which portfolio, produced $XX.X X% produced largely our long-term
expect Rounding XXXX. up continue this Corporate of levels the $XX.X of in a loss to segments, and segment level slightly million loss at produced the quarter, higher in the we
year and XXXX, to we So then stepping to as of the for many we company, back, same XXXX turn was and an see the incredible tailwinds opportunities win.
year, considered, So for on of this And plays a strategy to I'll with outlook discuss power, capital talk that on how it's with all time the with that a about our our end I'll then start business discussion earnings our long-term in and care. how of executing generation. view and for we're bit little growth
what reflect we're the I ago following to really back outlook slides described Page sure when along, last in even we discussion. are to we just and New kick orient on February in year summary, delivered we're off XXXX. deliver York last So in And performance our to meeting poised on have everyone and X. I we and to City want that this stronger make were at a
more led We we we that And I to course that message our XXXX. the is a message, in even discussion with and true was believe key capacity have into off go ability chart XXXX. that and that as
the it's mentioned. outlook Number very by discussion. It Rick the and line So is capabilities X that key momentum messages for digital top strong, is fueled one growth. and
that long-term like the coming of specifically stabilizing of really of out after rates years note. pandemic growth growth, range to and I'd earning the high to some our very expected back two, highlights levels X Number
First, favorable incidence back with prepandemic to recovery. of rates, group is disability levels historically
group of thing second levels life earnings. to The back note is is to pre-pandemic
model, Third, And with a full growth continuing have lastly, build franchise recovery Colonial we have we of the Life there. in to business U.K. our rates. that double-digit momentum and
capital shareholders is cash us significant outlook inflection message to for that's And due we're in care needed XXXX, maintaining The point long-term return in while allow third contributions which more buffers. the at to capital for to no flow. will an free
capital key full strength, I of in end our excess would well really capital with is metrics generation And the message all of targets. at with
Page expectations. want then on I to and I'll line briefly on for some move just X, hit So top to highlights
sales healthy good businesses, XXXX. in premium to with X.X% US, premium growth growing we X%. growth to We have a X.X%, with off growth. levels core XX%, grew XX% over deliver and in little sales really growing to in growing which of XX%, And want Unum I will close reflect But In sales strong over came a grew Colonial, in at premium International, that XXXX. story just close bit
this I off, to And we margins. say would then have industry-leading all top maintained
way capital is leads growth Our is our and disciplined a sustainable in secret generation grow shareholders. earnings really future to ultimately sauce and to and that growth deployment to for
Moving X, earnings on more little growth. bit talk to Page a about
the our in is long-term top they of XXXX relatively of with the most house in here metrics, view or with our expectations. So are line
Long-term of in see we our expectations investments the as sales benefits increased for technology.
can have the record of which of a I'm earnings really recovery most We growth XXXX. as growth strong in optimistic But we story, It projected growth, was saw rates the earnings of XXXX, about in we ways. year the shows believe surpass strength what power premium our the our is still of franchise. core levels growth businesses despite in some
talk capital left uses orient the start really bit a of with earnings. capital. around XX, the of about you little Page statutory page and And and sources to side generation I'll transitioning our Then on
year projected XXXX over in but audience But the one available of, XXXX. also these are to be in U.S. just to dividends just that earnings to GAAP earnings us -- Similar to is will to thing, earnings And following be for statutory the the the earnings we are the that year available remind or XXXX. $X.X billion company discussed, holding statutory robust. up of this
I move next to international dividends.
U.K., performance dividends Given the through are to the they earnings company. the now fair recent able of contribute in share their to holding
Those through our investment flow continue and holding strong service are mainly agreements. of to Next, cash source management agreements, a the company. free they be to
strong but capital our XXXX last line above capacity year's outlook. well generation our remains with so actuals, And in and
past billion, considering expectation healthy contributions our to $XXX $X.X of a generation LTC. $X.X needed cash So move million, being expense flow interest period billion our for we of free as is capital the
arrive capital back see in shareholders, dollars spent significantly, is our this the that we in these of we XXXX to of expected I then doubling which that at to deployment consistent the spring amount And throughout announce year. months. coming not discuss opportunities would note the increase authorization and straight in may year, at the an throughout to year. of the we received will on do in So and authorization XX%, with Board increasing we later last repurchase, with the if share our with also repurchases the end XX% be the maximize this market line dividend
generated And capital follow repurchase. excess businesses, core capital either shareholder then investment share dividends then grow priorities, will or of and our our use inorganically, organic through
spend in moving as talk So our our and little time here, to performance. targets. company consistency not going to about on capital a too then bit I'm see will you targets Slide much XX,
are providing will our substantial I goal XXXX levels that supportive in financial of financial of of a projections to targets similar, of XXXX A levels our maintaining be flexibility. single add rating. us saw and capital excess flexibility well these
last by make our towards end front the upgrade year. of progress XXXX Fitch continue that to in with We on
Okay.
will and on move to to long-term Page few regarding Let's care, XX. topics a I move
to Closed progressed strategy, Block, we the on is recap increasing for continued of focused our we footprint reducing X and value, have focused to a progress, the predictability and strategy creating which things: have and So managing outcomes.
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some close discuss key to health out, So this long-term And of indicators metrics. look X business. we at the of let's
Premium the First, net Ratio. or NPR Net
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Secondly, Closed Block earnings.
yields experience While we quarter-to-quarter, in $XXX assuming rate where million near an we volatility, the vary range, to expect run longer-term environment an are quarterly alternative may $XXX would in asset expect million annualized ranges.
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exciting look So up, to have never expectations wrap we has bottom year very top XXXX. the flexibility and stronger, think our been forward for financial ahead. We to and line we
to you turn forward Thank to back I your and call attending close. questions. I'll for today's to again Rick look the now over call, And
