and morning, good everyone. Marita, Thanks,
earnings last a over $X.XX, increase core were $X.XX quarter First year.
consistent annualized quarter expectations. illustrate long-term strategic to progress largely we was consistent the equity are return core First QX on X.X%. and on to results drive making initiatives with a return our double-digit growth profitable Earnings performance, were ROE. drivers The substantial in
our As guidance comfortable with full XXXX a NTA. $X any remain year without of we to $X.XX result, from EPS contribution
investment So to income to let's of quarter, look each $XXX,XXX, the results at of returns. specific due better-than-expected the primarily alternative investment portfolio X% first of In before drivers turning investment with the businesses. the yield pretax net briefly was annualized
returns vary from typically you quarter these As quarter. know, to
value said, XXXX. from what year $X full expect of fair to we portfolio about reported year investment income million $X million net full we for XX. XXXX million $XXX still alternative decline had Our at a March That to
portfolio and to rate expect activity prepayment our money XXXX. of below new X.X% Our yield, we lower current remains compared
also Our portfolio steady credit portfolio A+. overall of unchanged strategy remains the quality the with at
a losses our avoid We in impairment March excluding well prudent us AOCI, challenging investment from next environment over to At value, the XX, believe book to continue to and had significant several our slightly positioning year-end credit risen expect serve we will $XX.XX. years.
Property segment. to Casualty and Turning
the versus written for continue average increases, with quarter. many combined XX.X% Net shed continue modestly and quarter, auto In across The aren't and factor versus few that premium a our better XX.X% In particularly premiums approved, business. at non-educator written profitability last the targets, the digits the and to year. filed rose increases already year's yet primary in the monoline we meeting implemented we Southeast, These mid-single ratio For low in in expect significant were $X.X underlying largely earnings book. markets in $XX we working increase with rate, to underwriting are partner relationship. total us we same on driving allowing carriers, maintain net drive support the the core higher a will these outperforming, to to were are first rate placing cases, single-digit At household increases sales with we are that agents rate these efforts. customers the time, a have million million of performance. the their in geographies
in to will to many expect We accelerate years. we positive cat are and and in tied the over count beginning rate over new increases past business non-cat weather the trends saw it time. few In higher geographies Property, see are
loss full are filed or points costs. ratio to to improve property being keeping of ahead continue year rates loss We us the expect XXXX. three so Auto underwriting over
We continue recent have moderated severity, trends elevated somewhat although to the with frequency. the increases quarters see and continuing lower of
more the Underwriting We XXXX. an primarily we with of from underlying loss driver ratio and for accumulative reserve from but losses year-end million basis a releases, results frequent That X profitable first January expect it. $X by a improvement expect quarter year benefited loss last quarter Property of is the favorable slightly February, auto evenly parameters in from storms be divided year's key were auto, underlying to on absent ratio the points ROE. up to in and since between Cat within the XXXX. in Midwest improvement due
initially losses XXXX. to up Our $XX $XX estimate have million or for we points, X.X in XXXX catastrophe million included to X XX% what from is
more catastrophe forecasting impact are reflect sustained heavily We to in years elevated the trends. of recent weighting more loss our
in typically annual historic the quarter. those loss we cat at losses half trends, of about incurred our second had Looking
for from auto is at XX%, to line be the In two in or range that the ratio of and last quarter target points. ratio X.X quarter, the was an expense point, recovery Our plus ratio expense minus, year's expense about XX.X%. first lowered benefited right the by first ratio
P&C combined remains Our the high business at ratio XXs. full the for the target the year for for
Consultants Retirement retirement January the in Retirement plan and X. of our record-keeping purchase results to beginning expenses their sales of completed now The the Turning included segment. Benefit business on We and this are Group quarter. segment
assets help updates data fees. and under only and segment we we've the result, to financial between few a managed administration, show generate the made the way changes which in As a assets supplement. The distinguish release
you They XXXX scalable acquiring As the in compliant delivers a efficient their BCG prefer employers which that bring solutions recall, way platform, move. through infrastructure strategic capabilities them. and ISO was
platform are to As customer districts efficiencies value integrate BCG's nationwide. our we Retirement Advantage school Marita proposition accounts bolster onto gain capabilities to and That said, actively existing another provide the way, BCG's improve experience. working the to we
goal our to is contribution next our the net While expected several Retirement growth for their objectives. years, achieving material in to be will they income to be
suite to back the identified for complementing favorable were be of in by Annuity X% unlocking Turning while appeal our customers, of quarter objectives fee-based quarter of products. the important the growing equity Retirement a and quarter XXXX. unlocking Positive to product set DAC the our reversing to as our market continue performance, fourth an due up to of for results. DAC negative sales portion was part they financial the
million in As $X the to $XX lower earnings, basis on million about track spread. We anticipated, the core million the due $XX of quarter full earnings same excluding million. our range investment $XX down to year first to to guidance of were remain DAC unlocking, the on for
the Life Turning segment. to
leveraging to doing address while agents to customer ease Our to products our cross-sell financial their educators policies existing continue into right initiative recently more of needs, introduce base. the business our to introduced
First quarter. equally and first solid even strong year's last were quarter sales with
book, were customers can remainder as see the in We the and year financial of of up cost rose the slightly. expect growth the with how their aging expenses insurance well-being enforced contribute of our policy our help of we life Mortality throughout growth line to more families. and
a were core with $X.X million $X.X million earnings result, As last year. compared
key improving account excluding double sales drivers particular, results full For believe very of the digits. P&C are continue take that expect the we performance ROE into improvement, the brings. summary, $XX in and million for the first even progress of growth year We of beyond, XXXX bode underlying to the making NTA In before well remainder full in important unlocking, of opportunities to the earnings, DAC year, in the business. we in our with quarter we $XX million
nation's will discussed, the product, infrastructure meet strengthen ability As education and NTA to and of Marita the distribution needs our market. expectation
We Q&A. excited expect it holds that, continue, what will and about Thank you. progress for Heather Horace the for future our we're back to And Mann. I'll very with turn