Ellen, and you, morning, good Thank everyone.
performance financial quarter disciplined across our last and strong results we Our concluding fourth of objectives reflected the year progress solid a introduced quarter year. another execution of businesses, of strategic
We focus I'm are enterprise three on our substantial financial strategic momentum continue going delivering morning. the to on have areas to this built across and well priorities. positioned and
our I'll our performance. First, fourth review results quarter financial segment including level
portfolio. execution against update free I'll investment on I'll Second, And our multiyear touch provide our cash on our capital, and an flow third, outlook.
the share. There items were quarter So with a reported of let's common operating to available quarter. or start stockholders of no quarter.
This significant adjusted fourth the morning, per $XXX million in income we review $X.XX
amount target alternative over were our share. return basis, XX% On return quarter above per this $XXX $X in portfolio investments million $X.XX was an Our annualized delivered the an after-tax or million.
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reported Turning $X.X operating We quarter. billion predominantly driven $X.XX was income factors. the income difference GAAP per net net of net to to by stockholders between and adjusted available the diluted two common share. or income The income for
driven within primarily fourth First, a risk a in positive movement quarter. by market net $X.X impact interest in benefits resulting there rates billion favorable was of higher nonoperating the from income,
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And second, withheld value accumulated flowing funds to perform we embedded
our to turning Now segment results.
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mortality life loss higher which year, each a anticipate a increase reminder, first the quarter we results of drive ratio. are in sequential in As the will seasonally
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updates the on the emphasis into want heading group placed diversification Given few provide XXXX. growth, profitability to trajectory the a we've and strategic its I business, on of improving
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to million million turning annuities. quarter, $XXX reported Annuities prior the fourth million the model income Now included operating refinement. $XX $XXX a of impact to from in of favorable compared year quarter which
by account The higher Excluding this year-over-year. increased income, XX% growth Annuities expenses. higher balances earnings year-over-year increased and item, driven by partially offset was spread
net and Average account versus on outflows offset as XX% account were year X% prior balances. in to expenses. annuities. market growth briefly Touching Turning balances up quarter the variable sequentially
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to the focus is the a with driver our products agreement of being affiliated annuities. mix key and announce flow for benefit internal in place and focused in business With results XXXX its are overall approval for an account now of time, external towards our optimizing cash first delivered on growth with free the net our our product company. reinsurer spread-based earnings work over reinsurance XXXX, increase received agreement a to returns.
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We contributor expect to be trend key growth. this and earnings XXXX continue to year-over-year a into
continued in operating base year more actions the have growth to the throughout target remained reinforce will and in over that business actions business. mortality with products and fundamentals we the coupled risk these sustaining sharing took confidence expansion, When for pressured strengthened grow Life's of rightsize positive and in the earnings expense While XXXX, this trends normalized with spread time. income underlying achieving the our
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bonds, our within and overall New we high as invested within yield. on a to and assets deliver risk to a appetite.
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our good loan portfolio However, we positioning about high-quality feel and the office portfolio. the mortgage of
found be can information quarterly earnings Additional supplement. in our
expectation the another fourth investments X.X%. X.X% return alternative our quarter, quarterly above Lastly, of our generated of in strong
of categories. with alternative diversified full our all For from XXXX the X.X%. was throughout from and in approach positive our the our year, contributions the investment quarter performance annualized investments return asset underlying benefited Overall,
like I'd conversion focusing expected outlook, to financial on on update our flow provide Lastly, free cash an growth. and capital,
I'll key three address across this frames. time
First, the progress we made in XXXX.
we an into our beyond. for how XXXX on expectations heading and lastly, are update XXXX positioned Second, and
products on strategic deliver foundation As strategic will XXXX, a efforts we a building commitment ago. progress segments long-term look model and a optimizing the improve growth and the that priorities free our made to significant flow. cash toward we year capital we strong and a our profitable increasing growth was restore excluding a to heart our our value our market expenses invested back of towards At operating operational outlined the of business of XXX assumption actions perspective basis margin on and as points well resulting in targeted life total course company took group action executed impacts both our efficiency. strategy, in on year of when Throughout expansion we in XXXX, full nearly from our on a basis as the reviews.
We business, the shift
such executed Bermuda above management from of and grow of adjusted XX% also X highest its year years result actions million cash end wealth on to earnings operating free despite allowed in the us Fortitude loss XXXX. our XX% of the as strategic to level transaction flow large conversion increase our with in $XXX of the the these The from net RBC launch a business, XXXX affiliate. XXX% earnings We and life initiatives, reinsurance sale our in in to
year, XXXX, earnings our to cash continue momentum As and free optimizing grow This blocks another of flow. we'll and look the combination businesses a expect drive profitability we we of to in year the franchise, growing continued increasing business. of to to be our legacy investment, helping
external reinsurance, general and account targeted programs and strategies. actions, FABN the to Some money hedge mix expense optimizing of scale flow new continued examples our certain our continuing beginning recalibrating and include efforts launching to our optimal program, internal optimize
a some a the we Some last of of multiyear some effort. made initiatives new acceleration will or be year, initiatives are continuation these progress are and
last in XXXX, this the we time As to have look out year. we outlook laid increased confidence out
changes can in you to investor As two Slide made we our XXXX outlook. X our deck, on see
demonstrate leverage, of The XX% in XX% at an outlook expectations the bound first constructive being retail reliance flow XX% to well backdrop we thank ability free over for are for a within the execute today, as the strategic X continue this in year's XX.X% and assumption initiatives, confident upper our back of last life. economic risks given and goals. years the our second feel on year's in given to outlook. of to the widening group a to cash see relatively on underlying Tina. down to But a in we expected listening.
And I'll protection for outlook as the continued outlook, year's being to always, to XX% conversion in to momentum turn XX% and from our range last last that, particularly a XX% to our success achieving improvement everyone from We able XX% There we've with to been as it
