morning, and everyone. Marita, Thanks, good
higher more benefiting in reduced than driving frequency strong business from and years, over was As Casualty past losses were loss but over the few period. Marita our we effect contribution. improvements offset premium the made as Xx of earnings year quarter. another short-term achieved frequency earnings also effect We're significant. on rebates substantially core unusually noted, that our had core The auto the well of auto up than auto last year's to results. auto second Lower earnings were property high ratio the underlying catastrophe Property lower as Supplemental ago due the long-term
sales ways pandemic. for deposits limited secure The worksite Retirement contract lightest to customer in second due new normal their for to access their the is financial again to segment normally lower as were educator our future. the due base to but look than continues grew business, Annuity quarter
we products one of financial just are help retirement the their achieve them ways can objectives. Our
held and losses adjustments segment. performance the up the booked in quarter net report in one the Our Alternatives of quarter The limited a managed quarter this first year's well reflected due the portfolio on funds Property primarily The lag. mark-to-market has second income modest investment volatility. that we impacted the decline to in economic investment portfolio, sequential Casualty partnership despite
reflect quarter for we've our in moment. As expectations in XXXX segment, remains which line release, to our some first results. in $X.XX Casualty We've I'll increased to with $X. and updates to our range our raised for discuss announced expectations the when to EPS Performance we segments assumptions described the other full-year Property we guidance yesterday's generally indicated a core we
Looking business by the at segment.
April because quarter, the million and due Premiums equivalent primarily premium combined the of in levels level for were points the to second credits. loss telematics For the more A driving. miles in to well $X.X daily trending entire X earnings app, quarter last Property credit from and started $XX.X primarily lower from May. down than doubled our because driving average about million over last the below to million low losses. reduced in XX% XX%, core with Loss recognizes reported Casualty, customer year. upwards improved reduced mid-April. starting The driven year's by HMDrive, from of ratio $XX about frequency frequency quarter of began our historical data policyholders According
X.X and weather losses, XX.X our underlying Casualty segment. fundamental In second higher lower benefits to as from years ratio second progress we've frequency-related Property the points as auto the for several than point X.X long-term our progress the points of quarter made from and reflects last in loss ratio to losses we've the strong catastrophe Property to addition largely supports results certainly combined to improvement made The the improve a outlook the well over year's pandemic, non-cat quarter. lower the
our P&C for million $XX However, other revised outlook million for to also in earnings reflect $XX assumptions. segment
back we than about continue coming said, total months, severity near those That levels. when are anticipating in to move historic and mileage to frequency HMDrive before. likely First, be supports to the we're think to different miles
For home school concentration example, from during more long-distance driving less to hours. and school and
frequency is higher. keep indications see that While those lower, help severity may differences we moving
for loss auto ratio we year. the As pre-pandemic for the levels have a near planned underlying remainder result, of an
first our to guidance the points the catastrophe totaled million. million ratio have year of full-year the losses to half $XX full XX $XX.X raised Through catastrophe on $XX combined or year, we about Second, approximately million.
over XX about losses half $XX Second past have million the averaged years. catastrophe
recovered from of will investment performance net the And to due July million the the Xst. income related quarter, lower prior emergence development $X.X Third, third pretax the portfolio. finally, benefits the successful favorable the Alternative include for our subrogation of to approximately losses. on segment for year PG&E's share bankruptcy reserve In
the in for of and business. Third we $X.X approximately rebound retention remains reinsurance return premiums new will reinstatement include million quarter seeing Policyholder steady are premiums. some
be in for the even appear credit. XXXX premium very so $XX premiums before of net million written XXXX rates will the the current environment, impact stable However, below
business XX% of illustrating first Turning the of provided It supplemental, the part XX% over it and contract to has Mann. premiums four and about total Horace of has quarters, core value this diversification earnings, dramatically provides. charges been
$X.X quarter, premiums the added in income quarter. Supplemental our were core sales with investment earnings million. was portfolio This on $XX.X Supplemental and million in the segment $XXX,XXX in were second Net expectations. Supplemental line
relationships New and come historically in from summer lower with traditionally schools the have in-person at NTA been months. events
access our more NTA last to of tools As integration we're said customers. they more we have system, agents into the reach quarter, that accelerating to the distribution so
remained trajectory the at a policies force. in more to persistency We coming XX% XXX,XXX about expect almost with sales Premium return to stable begin normal months. to in
policyholder quarter-to-quarter. As relatively we've is business said, stable this retention for
still in changes policyholder behavior COVID-XX. to benefiting are from related the We
minor than home may policyholders injuries opt example, For a to care visit accidental health facility. treat at rather
Our earnings for Supplementals the mid-XXs. outlook range low- of the moving the to full $XX $XX with margin to- million year profit toward remains tax in million core
of year's For investment earnings the Life premium primarily the were lower below products. premium net Sales lower income. also recurring sales quarter sales of Core second single reflected because stable. of for segment, quarter, were products last
to to continue XX,XXX. averaging in claims remains meet expect deliver segment $XX ex-DAC face continuing The with expectations. in low values earnings XXXX very will mortality to $XX with We million about volume related to of this million COVID-XX
with segment, crediting the rate reinsurance block legacy address having of year-over-year interest annuities For X.X%. annuity last close to we are year's transaction. of the risk The results comparable reinsurance a Retirement now agreement following rate of minimum a individual
contract We of they savings be growth our set. educators. educator fee-based X% and continue our product financial suite need to nearly up for Annuities for part to appeal quarter deposits remain augmenting continue our complementing a Annuity objectives of were see as core the products. an retirement important while the for the of to customers growing solutions
be net the For expenses which $X a but ex-DAC down first to income double quarter, down, more recovered. million, will Retirement a trend continue quarter. year from than long-term the and earnings investment were Operating ago positive,
to range for continue $XX XXXX will We $XX be core the to expect in million. of earnings million
commercial market million marks portfolio, valuation the of investment net experienced sequentially was which generally we income on negative decline remain about of performance We types, private including returns the Total and quarter in the fund funds. investments, the investments. in our to Alternatives a for reports across loan down different to as private first these $X.X reflect reduced infrastructure, impact Turning first lag. our quarter half one market-driven we in negative outlook have We experienced XXXX confident credit their negative but equity, long-term mortgage year. from the
this and expect and market expectation The anticipate new grade supplemental $X ago. class. core opportunistically for asset making second downturn. As reduced quarter million weather a part BB-rated second and the million maturity return basis, yield at asset-backed a alternative below $XX income our between the that core our are spreads. of a rate fixed addition for COVID-XX-induced corporate some to securities July early portfolio result, X% the a well the portfolio now on we purchased be and of last credit the investment money and year second on fixed year. portfolio the remains full in of year on solid income the near longer-term investment we positioned Supplemental economic of progress near-term conditions, core the consolidated The attractive in had X.XX% investment with quarter, compared market quarter, the volatility to X.XX% the remainder we about level yield the year, purchases In BBB X portfolio, the In improving based but we on was yield. current consolidated Further,
progressed, As the quarter we opportunities. attractive and saw spreads tightened fewer
high-quality by securities. million municipals the agency in offset quarter gains focused $X.X losses. our impairment Net quarter $XXX,XXX second government of of were in realized the a later purchases result, on investment As in partially
of had be on million, deposit equity asset accreted Total and $X.X addition, the the is expected reinsurance. on $XXX net million XXXX investment including on $XXX securities. income income to we between gains now mark-to-market In investment
positive will rates. segment affected and not You by should is to amount $X. in and continue our impact the interest segment-by-segment and the our our actuarial-driven segment. our investment of or This guidance of summarized core To outlook Supplemental reinsurance calculation to the expectation actions range market of is transformational be an see income short-term in recall transaction Retirement this the prevailing in the initiatives, $X.XX volatility EPS presentation and for we the in captured particularly annuity profitability addition summarize, investor
the in our I'll XXXX executing that, Our completing In and And but help years, to us growth And to the last may current their can no our to The market as than educators the that meet net results financial in because the XXXX. with had more in the unchanged. over portfolio a we well reach it's ROE remains share. you. make for it objectives. subrogation income investment significant outlook key we've committed and on push higher help miles near achieving back of objective slightly XX an unchanged. our range Casualty, investment Heather. We aligning Thank quarter for achieve as former full timeline reach increase X% these for their because factors turn atypical remain with for with integration objectives were to anticipated be solutions them our the Property expansion, remains one for mistake, segments and education guidance strategies. the sustainable same our our we the driven NTA, back fulfilling potential environment return-on-equity market with will PDI in lower despite double-digit reduction year pandemic. These by have to of current recoveries of initiatives But cross-sell our
