for joining across seeing our the everyone, that businesses. the Thanks, model highlighted diversified and Marita are business value momentum we of our call today. our
outlook for specifics business our Now walk you of XXXX. performance I'd like through and the to the of details segment
P&C. which with in months, and XX Including to fourth typical were weather contributed for cat year in results activity reflected activity segment's quarter. profit with in the $X.X our in recent XXXX the full million Starting more line fourth the the ratio. quarter, the non-cat the weather combined losses the X of P&C Cat points was first a elevated guidance, total although
our with a million load line approximately losses shows XXXX the storm on ratio.
This of X-year are cat underwriting also points It increases includes for to clearly of average. years. the is inflation-driven expected several impact new XX guidance estimate $XX our Our the about in or combined actions the over benefit and volatility. taking weather-related mitigate roof convective we past of It other reflects in schedules the
which our quarter, As our half be weighted cat a typically to losses cat second represent to losses. about reminder, the tend annual of
are property our continued to combined to of near XXXX, in to segment underwriting profitability are on million For segment non-rate Both underwriting expecting XXXX. ratio $XX benefit achieve with from earnings and $XX and we million. rate actions a and track XXX% auto
a driving and for the details with factors outlook few line, for Let through me our along each confidence XXXX. our walk
XXXX additional ratio years XX% in written improved XX% year our flat Those loss For year's XX% X rose a quarter a in currently retention over solid cumulative and with auto, the XXXX XX.X for points XXXX. fourth this underlying rate versus XX% ago. increases of premiums to an reflect past in XXXX. improvements versus anticipated X.X with points net The
in of auto ratio those targeted XXXX. As we're confident in XX% XX% our earn we of on rates X/X during can mind, X-month in to about book is keep reach XXXX, policies, our combined
late As premium growth last earned growth we of cost in noted ahead quarter, loss of summer moved the XXXX.
the XX% and improving XXXX with cumulative and XX% Turning we through impact X-year versus in year-end additional was XXXX. fourth elevated to XXXX planning inflation the first XXXX.
Weather weather to was line also loss year's X environment. frequency of points quarter, property, to retention XX% fourth XXXX the months our The higher the slightly XX-year an premium over in in XXXX, but The loss address increases underlying over XXXX last was in than in premiums ratio slightly to the net improved losses rate this rose non-cat XX% due average. X during written are of up XX% XXXX adjustments in quarter
target change, in guard year's in, reach XXXX. earn benefit with property to we rates additional XX% our As will inflation combined ratio along we're from XX% the confident this of
that more treaty our Just process this for cat a was XXXX property orderly year. quick note the renewal
inflationary about with higher reinsurance our $XX for Risk-adjusted model versus retention XXXX as is XX-year costs event up X- in million slightly in X.X% Our about XXXX. at XXXX trends. as well line are
Turning Life continues $XX of & to earnings core a segment deliver strong to XXXX Retirement. The million. with performance
dollar Our FHLB benefiting partnership contributions million to borrowing interest in near credited. with guidance on to rate $XX XXX FHLB stable securities.
The from targeted of lower to costs range our is returns costs longer-term our as XXXX, for $XX year-over-year. in credit on was spread the our with by floating investment tightened by remained as bps. in compared XXXX segment income XXX XXXX. reflected remains spread borrowing bps as XXXX. spreads affected funding annuity declined limited business agreements earnings Net from to X% FHLB XXX of higher higher XXXX net net compared increased The It the fixed returns compared bps The well to XXX million interest
Our while loan XXXX expected historic by rates returns valuations returns outlook higher stabilized expected partnership will their back are averages limited anticipates Commercial are above be exceed historic to the move floating our our driven to mortgage targeted spread and averages. toward range.
the past For modestly versus in review. relatively outlook the in change XXXX. total the was years. expenses, XXXX and several of reserves mortality assumption the rising the modest required XXXX, stable mortality benefit of of reflect LDTI segment, In impact Results total our reflects from costs levels the
contract up X% Persistency year-end account were XXX(b) portfolio annuity our XXXX. remains $XXX net total stabilizing deposits XX.X%. with at a very to business, core Retirement strong, at persistency the million For value in cash solid
quarter for that remained Advantage, mutual another XXXX. We for persistency segment. and annualized believe Life business creates long-term fund Retirement platform fee-based with also good this the consistent had sales opportunity we
way look to to solidify a progress. and life and relationships, initiate for the we continue very We with sales are as educator pleased
less Group Benefits we contract $XXX turn are total earned to growth, Now and continuing this me $XX and business.
Full XXXX of see year capital-intensive to higher diversification segment charges and let with the sales earnings million of Supplemental segment, premiums ROE where were direct our $XX year value were million over XX% benefit continue top range guidance reflect employer-sponsored and the at Full for up lines, historic worksite levels. to blended million, with the the XXXX. earnings product utilization ratio XX%. of The at benefit ratios end both below higher
For XXXX, $XX to core blended million, between earnings compared and be taking XX% with we $XX of closer another million step long-term us expect our to benefit ratio XXXX. target
XXXX segment to pretax anticipate year also a XX% the We profit margin strong at full for XX%.
However, amount and seasonality, sales both does have a in costs. this of segment fair benefit
lowest at calendar the years, year typically to timing market.
The quarter products quarter. in potentially align benefit for first our highest products quarter the sales utilization the should to expected with employer-sponsored but is its quarter of in of the benefit The be be the any for of employer-sponsored annual benefit be lowest ratio start because earnings can of third
the $XX products For sales XX% were business XXXX million. in business, lines, up to direct supplemental segment's worksite our this
expect and We XXXX beyond. to continue in growth
line, For the XXXX million. full XX% to sales were employer-sponsored business up year $XX
to gaining to continue districts and through make partners. access schools progress our We distribution more
corporates, investments, the For increase XXXX, XX% benefit higher portfolio, of of XX% managed and the strong net segments. and us year potential new on sacrificing to MBS the limited agency environment investment concentrated reflected total X.XX% A+ in securities fourth net investment fixed rate was municipals for portfolio The income rate agency results. in guidance liquid in portfolio which exceed quarter investment-grade a income money investment portfolio.
The core quarter, XXXX, all the for yield floating continuing due full maturity fourth income. and highly excluding portfolio recent core securities, X.XX% well the Pretax increased on to rose yields the remains ahead without rated positioning rising with partnerships, recessionary on interest to yields benefited environment
a expectations to reflects $XXX $XXX between investment rate value the investment discount and net value and value and of September fixed X-year a debt remains increase managed $XXX reserve to level net about the and for capital and our of we mortgage Adjusted similarly book at ratio for remeasurements $XXX higher environment attributable on year-end. benefit million income losses talk the year-end adjusted adjusted the million current million XXXX. debt $XX.XX. It equity. continued we portfolio. portfolio limited XX.X% of million of senior and million financial for for shows to to loan to intrinsic was rates business.
We total issuance returns. expect XXXX, our in adjust partnership at rate strength increase book appropriate on between commercial unrealized At book Looking $XXX even use ratings of value adjusted core interest when was return The The our XXXX, and basis of the after both
As and the that a The grew not Sales Fourth from credit Net a senior contract at the holding to value XXXX do a summary, debt Supplemental capital pay $X.XX reminder, proceeds of $XX.XX. Taking EPS account the the track the which of rose interest & excess $X us progress the year as in is of P&C made we investment rate our $X.XX remainder expense, or Retirement company. revolving $X reached and generally record pleased quarter $XX segment, increase earnings Group share.
In downstream segments. to contributions, our used in look year-end sustainable outstanding for expectations. The full result putting long-term by income agreement. all incremental into guidance of Life on on in to managed $X.X the solid is the was potential net operating line $X.XX earnings target was our current $XXX corporate significant XXXX, and million does interest in floating balance subsidiaries billion in issue share of segments year. deposits to & book million with new million keep at solidly per we've of at a offered XXXX with our written Street we expense we're $X.XX core about per premiums double-digit business.
Adjusted Benefits in made XX%. down ROEs. XXXX the
to confidence about over our we strong XXXX Our expect expected accelerate will objectives significantly, earnings focused quarters More to shows for objectives. progress in track and our our be our the also we coming providing shareholders. outlook long-term our guidance toward on continue twice we what to on remain with reported returns to as
We're Horace you. Mann's with Heather. about it excited And I'll Thank back future. that, to turn
