words and our XX both working Ellen, those you, side-by-side. Thank for years
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we success and through unless I'd While you you had for and again, I we to each disagreements all have both over interactions. you as the other wish nothing, agreements thank are our your that Thank from learn like better all years, but careers. progress
With that, let's get started.
our a $XXX year-end XXX%. our an end I Before year Statutory on ratio approximately with down company capital discussing was to capital life to of streamed today, our preferred Ellen's position. expect comments million and the results billion. will at regarding earnings $X.X expand We proceeds the of RBC
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to yields. from continue results quality as throughout we migrations. credit credit favorable net report credit portfolio's improved where we new to Moving The increasing excellent benefited money and XXXX, investments,
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few will into as going LDTI January With updates. provide effect X, of I a brief
First, a as on to continue LDTI our earnings. to operating we impact in call initial disclosure expect overall noted minimal September,
positive negatively expect Insurance we be which impacted similar to a a in to will units, size. approximately by million $XXX be Life by million, business annuities $XXX impact the of offset Within
As changes exclude we $XXX in value September, will also and include EPS an adjusted of costs. mentioned fair operating risk estimated market VA will million benefit hedge
excluding largely September, by of offset half of and increase by quarter by partially positive second value risk These the impact negative $XXX we Second, about rates we of removal AOCI book interest disclosed reduce market year-end on the will in the $XXX of DAC. second year-end higher figures XXXX, the shadow that represent estimates driven by benefits million in the the of impact LDTI total value estimate from million. impact book improvements
revised instruments. As of fair definition reminder, book in a LDTI, we under variances and the ex-AOCI values a the adjusted will related MRV in for remove will values introduce hedge that value changes
earnings we Turning several year. There XXXX this expectations. to adjusted as operating briefly expect as to well are results our that headwinds impact distributable
programs First, and rate pressures are prepayment capital well including that related, as higher costs income. borrowing markets and floating debt, certain as duration lower extension
XXXX pandemic from reduced would we some while expect Second, levels, claims. ongoing
our benefits Third, pension the in as tied also including pressure to expect associated inflation outside to with expect reinsurance further some a of as on those the well business, expenses, of Spark, legacy And Life costs levels increase we plan. we costs.
a our hedge notwithstanding, accomplish our new volatile balance in time, implementing program. in short Against our sheet headwinds distributable to what XXXX we remains the strengthening These and were view expectations. prior our earnings market of I'm line with pleased backdrop, able with particularly
a capital business, other for quite underway well, are Although performed Life our and year earnings it to initiatives tough generation power. improve many the there businesses and our was
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