everyone. Thanks, good Marita, morning and
earnings we demonstrate better that As Marita $X.XX meet equipped are third than quarter the needs of before ever noted, the to educators. financial of core
have focus diverse and more on ROE. a Our clear to path in improving infrastructure double-digit larger, a our a in multi-year transformative with initiatives resulted efforts company products, distribution
included per in share $X.XX first Teachers National or the that XX is or as with Associates half This million this core results to contribution year. is our of the million earnings. quarter in NTA to aligns million This contributing the second for $X.X $XX segment a expectations supplemental our
NTA, providing Horace not information are align with we historical for part performance of before results these becoming their earnings Although, Mann. do
track. ongoing remains our results business profitability P&C were solid. Underlying In on segments,
life In segment retirement continue spread profitability also reinsurance risk transaction earlier to interest strong. benefit We the the significantly in year. a from following the remains reduced in
the going before details segment to results a EPS begin with and summarize of updated of our for guidance outlook, I'm review XXXX. I
new supplemental Let me segment. start with the
force. million charges persistency contributed $XX.X profit almost total. premiums value XX% in it in diversification core added its contract quarter the was of our XXX,XXX Due strong Net segment income of illustrating Premium margin, $X.X portfolio with the on Supplemental million. supplemental policies investment earnings third the brings. or was and to XX% XX.X%
stable we've are business this said, relatively for quarter-to-quarter. premiums As
call. XXXX metrics the provide go-forward on benefits give The our generally the healthy guidance XX.X%. expectations, XX.X% a year-end operating we'll These ratio ratio but expense specific quarter with our investor align was for on we with at ratios detailed color when
excluded non-cash amortization million in $X.X of expenses assets. Operating intangible
of preliminary XX-Q Our value be which of down value amortized is million, and the in distribution business broken being value acquired, between the assets agency relationships. the the intangible estimate of acquired, $XXX will of
relationships. of value has determined XX life the as useful the the to and business acquired of distribution supplemental years be years business, XX the assets much for for about to nature Due as these been for
pre-tax for As was should a be and north an will of to on relatively million million quarter result, which for we XX% for be run anticipate the the foreseeable margin annual future. amortization remain profit basis. $XX.X pre-tax, The the it rate $XX XX.X% ongoing should constant intangible
Turning casualty and to the segment. property
the combined totaled in a cat were benefited about wind about loss million $XX.X those the states improved were year from Plains of million in of The primarily events half Both combined For a over underlying million last year. substantially that combined and year. hail core reported and $XX.X XX.X% the $X.X pre-tax. ratio the Midwest of XX.X% ratio reported and losses XX last quarter, earnings ratio versus QX ago. of losses
our pre-tax slightly on year million to At cat With we've be ratio. used a in full-year more million, the cat we $XX would between X.X points losses the $XX.X combined of cat than range losses year. tightening year-to-date end, be full losses believe should the this million high guidance $XX at
loss of reported declined for middle averaging the book increases Loss across again somewhat. auto increases remain Rate the to is to points. compared of XX.X keep QX. to historical us continues improved combined performance ahead the levels, elevated in to year-over-year to quarter, the in digits pace points although cost. ratio moderate Turning Frequency the X.X single trends Severity consistent. continue the
last the the full combined points of XXXX half discussed XXXX. cumulative moderated points slightly, is year-over-year ratios underlying remain profitable very a As to delta for Auto expected we loss improvement now underlying quarter the second and underlying and in to comparing ratio the improvement year results. since of to has X.X as strong we are with seven the year in loss three for about
noted, Marita improvement. a and well original key our objective ROE that's of of driver As ahead
The almost points because property. reported to Turning catastrophe losses. of improved lower XX ratio combined
temporarily to losses loss cat than that ratio seen full rose rate we've fire compared fire and the non-catastrophe few past underlying benefits with flat expect to non-cat offset the years. XX.X% be because year seven of the tied XXXX. underlying of the to These now higher many more the the over that property weather losses, However, Marita homeowner mentioned. we ratio loss points geographies increases in higher in Due
remain auto quarter full we The remain P&C the ratio from of points expense actuaries and Underwriting line favorable the our results reserves. half with will upper expect for releases range million $X.X benefited solidly in in for ratio the we total P&C reserve in the guidance. the independent in book year XX.X and was
combined P&C the at ratio The nine-month the year for ratio the should with ratio XXs. below in for the remains the the and combined full high be XXX% XXs the low auto combined business for target property Our at underlying ratio underlying XX.X%.
and increases. from but for time. in are is our should above reflecting retention will key Net seeing accelerate business that rate expect in written we slightly are positive be targets premiums profitability the down year XXXX, this geographies trends new up Overall over
quarter. third for segment, quarter the lower XX%, in Life the products single recurring were sales total of sales For product premium decline in sales although premium resulted up
slightly down the of a earnings core for income, As net result lower were quarter. investment
With although lower segment single $XX to earnings. still anticipate expect Life premium million slightly, to deliver in million sales ex-DAC sales this be we year, year full $XX this total to we now down
Our contribute customers our agents financial long-term to can and continue continue the well of of expect growth. insurance to to help their how see more we families life being sales
transaction invested I a It turn the The retirement July Xst. assets with minimum let of reinsurance purchase the of in reducing rate addressed was which of the of block we to million interest transaction million quarter. Before of to rate legacy completed $XXX effective X.X%. quickly capital revisit the segment, second NTA crediting Retirement segment annuities released risk $XXX me redeployed a
RGA. some through elements the The which required our method, accounting the continue are responsibility even transaction they of treatment of the means financials, though was for the flow to deposit of transaction the
total a entry of the supplement the more income, illustrate reinsured operations. sheet In retirement excluding the to now block income. net And metrics, accreted results addition, some our for investment The investment reinsurance. deposit investor asset an on ongoing includes of shows balance clearly shows
were business quarter, in this retained $X.X against very $X.X assets sales administration. billion the at in management third deposits quarter, Annuity up under September For comparing XXXX. under XXth even in segment, strong and assets the we billion had
set continue growing customers, of with second educator products. as important the in to be complementing product basis points, XXX our part basis while Annuities annualized an quarter for our objectives financial the appeal compared the XXX suite our net to quarter. of of spread interest points, was The they fee-based
but rate we the about in the the that fourth talk moment, I'll interest XXXs in environment interest remain a in net expect the will spread, low more quarter.
points. guidance pre-reinsurance points full-year XXX basis to basis first spread spread Our includes XXX of for the a quarter's of XXX
rate, slightly third DAC higher-than-anticipated benefit year. $X earnings the for Due returns were had quarter. approximately the of and million ahead the the alternative to quarter for core expected of Retirement fourth we'd million run no $X.X investments, on this third in quarter retirement
portfolio retirement earnings, unlocking basis third for remains in $XX pretax Nonetheless, the at, investments, guidance after-tax down year-over-year on million slightly was full-year the million. points, XXX our to $XX quarter. XXXX excluding at on DAC the Briefly yield
the prior Our in of of slightly remains overall credit the X%. rating new third portfolio was The with the average consistent and rating A+. below rate very money periods is an quarter high with
the below sequentially, strong, but Total returns third income on down the $X.X million investments million managed on quarter $XX.X investment alternative portfolio in remain as slightly QX. was were
continue of The public September at fair with be X%. portfolio XXth, the returns challenging. million alternatives above was in $XXX year-to-date value Yields the to fixed income market
compelling mortgage And more we risk-adjusted we see credit, and in infrastructure. returns more and private loans see commercial
As a funds. via asset allocation result, these we alternative continue classes, to to increase
new basis saw reducing the believe new basis XX be the With money we both fourth rates than rate quarter lower last slightly Fed XXXX XXX QX. and around points by another our points, week, we rate should for money the in
go-forward XXXX. million, levels managed the portfolios to within income The for We should on net minus full-year of million, quarterly plus the accreted investment NTA on reinsurance income in investment the still be $XXX asset around rate and run $X deposit or from QX. reported the be QX expect investment including of
result, net should a be in down with for $XXX total the guidance income line full to XXXX our As of previous year. million slightly investment
to Before additional increased the I run due rate QX million, quarter, last on outlook, expenses line the interest had in to as of of turn $X.X the corporate we indicated new expense credit. quarterly to segment
we the rating. million outstanding debt cap our current XX.X%, the is in release, with $XXX noted our ratio we to consistent As And have total line. on a
RBC XXX insurance We the subsidiaries. continue to target all for of a
our into we the as to account range $X.XX. on And effect costs. anticipated, severance full-year noted quarter to the as third the its uptick year back severity. to EPS fire loss core ratio taking well Turning as we our We're in property in tightened full $X.XX yesterday release, guidance, one-time loss
We ROE, reach the a we our by on February. will detailed Marita But in XX% next guidance will or drivers year-end early give confidence year XXXX three the two. call us give in articulated
first, point expect full acquisition accretive a of from To we of NTA. ROE recap, the
in least point we $XX by the and expense Second, efficiency we annual synergies and rate beyond, discussed. run million operating expect from at XXXX another efforts our reducing reflecting
integration Third, investment point, The their we've we built and from market fulfill should effort add objectives portfolio past solid the across will businesses. the foundation another expansion, align support as the strategies. with our share NTA cross-sell few current our in with benefiting ROE years growth
buying accretive that back our intent of when or growing a Our significant compelling capital, business generated portion uses. excess stronger conditions warrant. for This the dividend. market earnings on the our remains most -- to opportunistically annual And targets, ROE focused our meet back exceed shareholders includes by via organization shares returning
see results improvement stage for proof points we that key XXXX continued set in and quarter close, three third in To our beyond. the
have First, our profitability P&C successful. been initiatives
segment of supplemental the has Second, And this next ROE of revenue, reaching delivered than earnings business double benefits two our the and the company. capable strong. digits the years. the addition intended combined finally, for of diversification more is in profile of And
it to Thank you. I'll And with, back for Q&A. that turn Heather
