afternoon XXXX Good families to Lifeco's into Great-West safe Thanks, Call. and I Quarter winter. head we Conference healthy your hope Third and Ariel. as welcome you are and
COVID second our your essential displayed workers, to offer to such the face courage thanks show commitment we wave many as this continue heartfelt who jurisdictions, workers healthcare for all throughout thank tireless in you all selfless you to we have help And As serve keep and and our to communities and up running for challenges advisors to day you adapt work on To our employees, new many your of smoothly. each balance deliver the as commitments ongoing our daily you to thank life. efforts to clients pandemic.
President MacNicholas, Strategy, Garry Operating and Executive Chief I Officer, questions on answer and Retirement; Canada; Executive President Murphy, is call are Arshil Officer, Vice Garry and Jeff the to and Harney, Financial Also Investments, Ed President Chief today's Officer Chief on deliver call President Operating Putnam Group me will of President joining Chief and your David formal Officer. Reynolds, Development; today's Corporate Jamal, and presentation. us Executive available President Empower and Macoun, Joining Europe; Chief and Officer, Reinsurance, and Bob Investments. Head, and
today's financial start, presentation Before and non-IFRS X. your on measures notes apply discussion and attention I'll information Slide to draw cautionary regarding we to our materials. forward-looking cautionary These notes
our multiple of key I characterize quarter would Moving excellent performance third to see today. progress cover fronts. Slide themes our we'll level on X, high given the you'll a overall summary as
or to later I'll more including growth and significant six strengthen presentation. made advances these strategic in we on our transactions either the to priorities, announced closed First, portfolio. in speak accelerate our
several financial enabled and issuances, rates Second, on successful last almost to billion at completed low us strength. transactions maintain we've over raising our that historically CADX debt execute few months, the these
These in fronts, all line pandemic strong with $XXX of impact XX% on the $XXX ongoing earnings delivered the diversified great the strong of up our base solid million million, and these net continues which and underpinned despite the collaboration business last is delivered past disciplined management are we and Third, as across model, to earnings over of and teams the year, We our global exhibiting nine months. focus year-over-year. out. resilience play pandemic by results
turn Services XXXX. were An growth in a Net to of strong steady by for net let's was in reflects Progressive note up new an third-quarter of the of $XX MassMutual profit lower $X.XX that year-over-year, Base result year-over-year. Risk sale from mainly X, to Slide offset International overall on of to earnings overview Capital compared Personal Irish expected the by enhancement stream million favorable X%, I'd momentum yield Capital XX% results. of Ireland. costs. due EPS sales also earnings This per particular. offset include gain in impacts higher and Now, Solutions acquisition-related and after-tax $X.XX transaction lower QX, business share market-related and
the X, and provide of our X in some an Slide outlook. and Turning I'll on overview business near-term to impacts quarter COVID-XX colour
COVID-XX businesses and face change, adaptability, stability, the of diversified long pandemic. Our crisis the in history a competitiveness like have and current of
have virus many jurisdictions. Turning and fatalities over a to impacts, summer lockdowns cases more the recent resurged, there been and has was since in COVID restored in the pandemic slowdown while months,
levels increased. in Lifeco, average future work the remotely. and forward situation fee As staff on levels Across year depend continue asset watch such, declines we fee XX,XXX Expectations the business on sequentially majority will market maintain the from income activity. a as and the to sharp recovery improved income our of market movements close for going progressed global and early of
mortality business, COVID-related the of see the financial to insurance balanced reduces longevity our across our book impact. While nature we greatly and increases continue
claims interest our to and and group in expense at practices lower of in Canada level in claims partly we're terminations, remain dental focused a action due claims ensuring quarter, needed. improvement disability administrative on environment, we've closed Empower, saw more disciplined wellness Canada, and management work and leading I'd in financial remaining taking U.S. with August, this capital. limited our underway we as recoveries personal effective Health an the Looking for disability pricing We've opportunities. integration return seen to We're participants increased asset and to plans to in an not at pandemic services-only plan that the highlight most track. is offerings. like on and retention transaction The plans. hampered also for increased seen solid in also In the has invested. advisory integration
a can metrics quarter results Capital's You see our Personal partial and of disclosures. performance in
Finally, Putnam, third second losses. first-quarter offset gains at more than seed in the capital and quarters,
some businesses. there's annuity and Europe, between to but offsetting Looking expect in with life potential the rise wave, our for we mortality second impacts pandemic a
of equity resilient. While could slow release X remain assets an on turn Slide residential update values invested our valuations, the portfolio. property return mortgage for down lockdown to measures Please
pressures While as continues monitoring exist, portfolio. performance to we're closely the be and such, strong, COVID-related
paying we're attention and in estate the Specifically, pandemic office investments like particular. to stresses to vulnerable more real
of earnings cycle book's high sectors over rated the portfolio. and limited It's corporate negative the in believe impacted was well-positioned given seen or bond rated the XX% but to XX% the we it our quality. we remain First, downgrades monitored. The and rated medium-term, COVID-XX assets. downgrades and directly to in we'll A billion, impact look portfolio quarter, are with by invested from these our We've holdings higher. $XXX million diversified highly XX% date. the at expect our At high-quality closely bond grade investment the represents $X continue within said, and most downgrade That
Cumulative stresses negative in based We Next, the of businesses was The deferrals mortgage impact internal $X.X deferrals our continue $X.X in-quarter last loan we'll of payment the sizes. received commercial own million million property and number reviews, was million end $XX mortgage in Economic a to from on at $X.X approved for we QX, pressure modest turn downgrades quarter. quarter. put portfolio. down and requests to for rent all of investment rent deferrals. mortgage million earnings payment on is our
closely book our as stimulus to subside. asset continue We monitor fiscal measures
in property-related minimal portfolio UK saw quarter. impacts Our
grocers persist example will this is have we in real pressure office portfolio's expected distribution particularly some high been retail A pressures. subsectors, good mitigate is While quite book, portfolio, the estate stable to believe nature those warehouses environment. retail the in quality, the diversified our in where and and help
total turn to where context persist, associated While with we'll we expect sales. Slide assets. and continue we're they manageable of will invested to deal Please X, our economic will this be risks optimistic in dislocation the
our X, channels. outlined lockdowns market As on slowed many activity affected Slide COVID-XX X across sales have and and of
varied we're our benefiting pre-COVID newly volumes product business shelf, and management following to application are boost including levels returning seen starting to rebranded drive While September wealth expanded more individual our see in We're by have mutual impacts activity to we from as sales. post-quarter channels. improvements unit, pleased fund to new in slower sales some that digital July-August, launches, also through have we're individual are In Canada, end. continued insurance which helping
redemptions. of impact lower sales in group in-plan with Canadian planned offsetting were the retention sponsor higher lower Our quarter and
by has to been U.S., strong, and fewer solid sales is growth before. Empower. sales and with This proposal year-over-year, terminations ever and Moreover, impact the than activity. pipeline plan requests momentum virtual for higher moderated sustained sales is robust heading we activity sales primarily we down due large pipeline look at strong lower XX% activity in In ahead, were into quotation As plan see the a XXXX.
including the new Over taken sizes Empower approximately last U.S. XX covering plans client DC of all billion months, and corporate, employers. $XXX government, new has commitments, not-for-profit in in
Moving institutional positive to Putnam, sales particularly and net on we saw the sustained side. flows,
flows continue investment Putnam performance partial personal on the momentum and our sales for positive expect for U.S. strong back sales to capital. quarter include net We in clients. a of
Supplemental of appendix Europe, the Package. line. details In find varied You'll has Information the in slides in product and performance by sales analyst the
UK bulk by Ireland With and corporate in sales year-over-year sales, the wealth lower in annuity reflecting decline the and sales in lower wealth offset Ireland. stronger sales retail
wealth recent expected on continue is recover sales Ireland, sales back to ahead, in wins. expected to QX, UK Looking are on the bulk while of pressure retail annuity and
strong strong improved the sequentially continuing respectively. and and Slide levels. in and U.S., XX. have capital year-over-year, average Solutions continues our longevity Europe with Life but Overall, Finally, with to Capital business turn a asset steady risk to Please solutions for demand relatively Lifeco pipeline higher were fees
Germany. steady year-over-year. In reinsurance business, Turning management fees fees legacy UK health due business for year-over-year were growth. to added at the capital, U.S., growth to higher fees relatively the were which of Irish to and sale personal inclusion up the to X%, the fees higher partly and in participant were primarily by due X% Putnam markets, revised equity lower of our offset Empower, structure the Europe,
growth currency on capital, costs Next, business I'd the to discipline year-over-year. at with also travel in expenses. in up were in and note while technology expenses continued XX, expense Canada, and operating and personal on we'll remained segments Slide expenses reflects excluding This investments in due training strategic Lifeco X% across combination transaction look pandemic. and that all low our focus constant reinsurance.
Now, I'll turn the review the Garry highlights. Garry? financial to call over to
