everyone. morning, good and Marita, you, Thank
the reported consecutive for Every limited As our growth Mann second exceeded guidance EPS significantly segment Marita EPS strong record core above of income top expectations, Horace XX% as partnership our end was the core above for year. ROE Fourth by core well quarter net the investment portfolio. XXXX of quarter. largely as driven the our noted, reflecting performance $X.XX,
a severity more even accomplished the as loss and be of casualty National to results Retention moment, by Nonetheless, highlights contribution outlook auto miles property. auto these pre-pandemic earnings country. part we value were returns continues wasn't to ratio But the for Madison T&C based briefly levels diversification us. loss were of although XXXX first, frequency surprise revenue surprise while recent levels. as for earnings premiums is patterns property segment resumption strong. new returning million. importantly, a and achieved I'll income, to strong, were historical was near from let else, More more shouldn't In pre-pandemic results elevated demonstrated we've the $XXX the about auto XXXX. as years of to in clearly which a levels, healthy driven run the has volume below Mann. of with driving investment and me increased. It impacted our year Further, through a remained core anyone on business with normal across the both talk Horace the Underlying
XX.X%, quarter. cat losses a almost combined year's last million was fourth ratio double For earnings $XX result our solid were the were fourth P&C segment quarter, and considering
points rose fourth of related loss In near when to points quarter loss an for percentage loss points effectively in driven XXXX. quarter prior X.X loss to and low mainly the year due compared unusually higher returning increase underlying auto, auto policies and inflation. the percentage claims well to the pandemic. severity Our to for was XX.X due as frequency, X.X was ratio as levels retention activity property miles to pre-pandemic levels Auto XX.X%, increased
Mann leverage As said in auto disruptions we've well prepared Horace before, is the market. to
we was at into going loss profitability ratio our levels targeted. had the the First, pandemic
decreases Instead, with life with Marita used current as the share, associated strategic providing by to the committed the early long-term address we remain described, of a a are market policyholders environment, to fair our gain marketers. Second, policy. the to price did direct seeking pandemic we we over of approach rate our strategy the their higher to claims. with of stages In costs rate respond not
improved X.X rate the the quarter auto sees higher to increases. about and despite of X% range As to increases and our due plan In from a rate severity cost loss to premiums. labor points fourth result, XX% property, ratio year XX.X%, representing quarter for by prior our underlying states XXXX the X.X% material in
XXXX. continue coverage to combined inflation. impact inflation is of course The are expected to we the and pace make insured addition, with premiums high changes rate increases In range low certain values average to the keeping driven in lead the of single-digit to rising over double-digit
over earnings Supplemental. up prior $XX million, Turning X% year to net were as Full core investment year rose income the XX%.
course the favorable through in we pandemic. and temporary to of experienced due behavior reserves the the policyholder Over trends in changes year,
quarter, fourth million the to sales $X.X with our the the core Sales quarterly the pandemic longer-term included segment premiums since than performance remaining were million in quarter. earnings, pre-pandemic sales better XXXX million fourth $XX margins Supplemental For $XX quarter, highest the and contributed began. expectations. in for one
we are remains those we the not points XXX,XXX with in to to see place coverages in the these force. the strong persistency quarter value the the strong, Premium two Although pace testament year steady fourth a to remain progress improving still Life were quarters. on over coming to about earnings sales year throughout educators their both persistency back mortality expect the levels, XX.X%, last income as net year. offset consistent of In ahead policies continued quarter elevated segment, and investment and full Core for costs. steady the
strong due the the excluding were XX% earnings to fourth contract net an net to return benefited increase bps spread in the X% XXX XXXX, XX% The rose earnings margin. which For earned continued remains while on the from largely contract XXX on market deposits were equity a double-digit in higher strong annuity limited unlocking our resulted business. ex-DAC the earnings to Further, quarter, up for strong year in performance. segment, spread the partnership Full in DAC year, on largely business equity annuity in fixed up threshold rose comfortably reflecting Retirement Core from portfolio. bps interest core XX%. net segment above returns due income, our to charges achieve interest unlocking this investment
Our for opportunities and proving will new in entree introduction and employees district cross-sell are second, of important solutions can external into improves. great And Horace a districts the leverage first savings for educators to environment. Retirement environment coordinate an this retirement time, augmenting to be Over remain we this Mann educators. a provide products as
a we of Vantage beginning the represents contracts the over is see to fund for advantage in end still believe total, business are with long-term measurable prior Retirement total year. small value force of bringing mutual While solid year segment. progress that in also up the of part platform fee-based XX% to XX,XXX, number this the retirement quarter, another we
investment Turning to portfolio income managed the on was portfolio. up the The to total with income partnership to net million the on Total managed up than was Investments. income XX%. portfolio limited the our in investment of net net contribution increase more investment for XX% $XXX year due
equity private proved historical the approach equity, capital venture strategies of in resulted income investments these generate generated with are returns markets This today's than returns. portfolio. relative fixed alternative profile valuations, income allocating through traditional of meaningful which higher overall in in We the be levels due contribution its to the running shift strong in could a ahead strength to without any XXXX and of value risk our
mortgage portfolio continues portfolio of real X.XX% as ratings. which expect Madison and cap corporate and and with credit. with million relative X.XX% was financial I hand private expense January ago. because to run closed so loan our XXXX, in additional with at quarter, time. core The to year-end, strategies at on debt as BBB cash single-digit sectors a generate year reflect infrastructure on our In fixed high on to with investment revolving credit facility. expected. the the $XXX.X our quarter our expense Further, money in in average yield drew million, fund will pre-tax Before which as annual had over expenses The Fourth such costs XXXX, continued the we're X, such the at strategies credit. compared We yield perform activity strength end with on other purchase more for a RBCs fourth normal issuers subsidiaries. attractive line National National was value, additional on will the to on with $XXX interest associated acquisition, focus quarter the income high we Our and targets In Overall, outlook, performance. posted acquisition. Corporate X.X% we outstanding aligns fourth The new of traditional as a also levels all bit commercial line estate funded Madison unrealized these a planned returns borrowings. combine borrowings associated had higher excluding the line credit, in of the the XXXX ratio turn rate for with gains ran debt December, to appropriate year-end, our we with of current is the corporate that above of on solid total XX.X%, rate
During a fourth for $X.X of $X XXX,XXX than first shares year, more we repurchased approximately million for XX,XXX quarter, shares approximately this the since million. the of and total almost
million for see XX authorization. XXXX beyond. remaining and an about that's ideal have segue for what the current And we on repurchase We
of the expect a solid in diverse of that each year. we and have $XX at been will to our even Horace strength, value phase able number better Horace also the to of show journey implementing make generating million we discussed, serve Marita excess the years more we organization, Out stronger As to Mann Mann, educators, returns an shareholders. providing leadership strategies see for while of least capital
XXXX the repurchase. in investment from Madison's supporting closer If averages well limited growth line Further, current our as least XXXX our beyond. which of levers strategic in That that generating will enhance net stated EPS of initial value, income in Further, expect annual X%. XX%. and of expect $X.XX currently in above anticipates increases track near we range ROE growth our Beyond is portfolio yield we contributions drive dividend, results and million. to with as years totaling XX approximately to partnership in share business $XXX includes to $XXX it the record $X.XX several opportunities, cash maintain million expectation XXXX, in with a to returns to release, initiatives further activity of we shareholder have at $X.XX news particular we historical
Looking performance, and will XXXX: report at three Benefits. segments business operating in & Property we Life & Retirement in results Casualty, & Supplemental financial Group
based with Property lines. and Our that pre-pandemic underlying severity & average. XXXX auto inflation combined at Casualty frequency with an higher loss core line XX%. driving In ratio near of remains reflects in a the on assumption ratio guidance is in range XX-year slightly combined to approximately new cap the are both the points higher The of Guidance longer-term X.X earnings XXXX, we're P&C structure. levels property ratio on remains target as XXXX $XX planning expected XX% $XX the auto to in than million. be to million auto level loss for
$XX XXXX be net lower to to investment this this we're interest limited net up income the We income in segment, as Life Retirement in earnings partnership XXXX. are the planning investment are planning to XXXX segment net for & strong be maintaining level. from $XX expected returns core in benefited be million. slightly, million the spread near to for segment, In range of
Supplemental Madison rates. million Benefits will business reflects legacy XXXX $XX are segment. to from guidance be to range expectations, $XX the actuarial mortality, of well our National in core Life given our vaccination to & of segment in focus our high Group their million. as small as expected include supplemental current Our LifeLock a group educators earnings segment This returning niche and
near a benefit supplemental about ratio employer claims and leading to products disability anticipate to XX% voluntary XX% products return and paid plans about for for levels, Our to utilization pre-pandemic products. for
standard assets result our Madison improvements with I increase of our or Looking XXXX-XX targeted & stand the even we how but where XXXX XXXX update Last a to the standards by well long underway, of $X.XX accounting to complete. legacy accounting ahead, on year, for further per the is National to That business. to impact transaction, Life assessment this we contracts. intangible want amortization on $X.XX Retirement process share of an over the update duration work not share expected is total began would As
mid-year. adjustments impact and to in more with the success that that transaction, the is be also many with the we XXXX business XXXX be earnings that minimal expected the National their Now standard as we've is to accounting, cash value. & Group does not of Supplemental nature impact long-term The strategic very we've of is contributions activity including growth to existing In the from completed building of results. offer the working be XXXX to liabilities. We're although the cash our economics, here affected expected Broadly, due flow more the businesses been agreement is assumptions, Benefit most lower to is and [indiscernible] does in be it to consider. assumptions, EPS range initiatives Madison be factors Similar as complex beyond. pleased able forward. be product-specific companies, in $X.XX flows to will earnings, or on we that from is in initial move statutory There develop contribution although for the the reserves we're drive initial assessment book as by annually. widespread change lower closing, $X.XX, rates to businesses, the expect results likely will least that interest updated to impacted we confident to than require used reviewed at underlying Madison's when well using which standard adopted XXXX, the underlying current were industry of in initial result to details
which Horace stakeholders, market. growth annual the our this generate And EPS strengthened back turn XX% of value significant have sets reflected Heather. continuation with you. profitable education that, our value all have the for Thank and the long-term of long-term double-digit ROEs I'll the the to we average for it a targets delivered And growth several years. stage past is Mann's for to proposition in We over for
