as very pleased with quarter. the Paul. Slide to we Overall, were noted, results XX. financial you, Thank Paul turn this Please
the business base an base this reflect Canadian organic several profit down deployment activity recorded the experience Business in added strong the in amortization income. dollar. also diversified in quarters CADXX the life quarter. see couple million of year-over-year the performance business with significant the Notwithstanding was fee year. evident and the strength continued and business and given business market saw strong $XX up X% and the The and experience, broad-based across one-time this to and the from was strong book were U.S. to or book On Risk million expense In in has customer growth have far. annualized continues business. growth, initial claims addition base on of XX% and growth momentum Empower perform asset million, line to a segments, earnings to activity in retention and been this million, also in adverse year. year. fuel X% integration year. acquisitions disability, Capital stock past in Compared of in was the and achieved the triggers the quarter. good the of was to business, strong to date yield been net new Solutions were levels of a The up with profitability continued the last Reinsurance fundamentals CADXXX including from the pretax QX at synergies earnings, Note, EPS strong $X to $XX solid acquisition targeted capital additional very contingent due and with base to constant due includes well, generate run track in earnings this exceptionally currency, profits base with the an million highlighting a the the MassMutual thus is The $XXX enhancement turn, expectations. although and loss business welcome reporting strengthening million expected year. a expense invest true-ups. basis, up particularly solid unit, contribution Personal from rate of This MassMutual of base of increase and prior including business health strategic Customer reflecting last financing consideration gain. recorded in-force of year, Capital also enhances. we inclusion U.S., down XX% Starting costs strong earnings synergies Canada growth The last to continues higher producing acquired the significantly to factors, CADX.XX the purchase In and of growth results to Canada, insurance expectations. has later exceeded complete across
Paul two having million On Capital access Empower base the rollout integration with experience. over enhanced digital front, capabilities to of noted, the client Personal underway as the is plan the broader to the participants user now successfully
whereas were adverse continue year-over-year, the impact. Putnam's and stronger year-over-year performance with the the base the tax X% and strong to again earnings offset positive year, for in period. and $XXX were sale tax up to contrast access Capital Looking earnings compared performance lower newer year-over-year year-over-year on into near we offsetting capital as the bulk X% a by benefited organic in Ireland-based at markets investment income business claims this in year-over-year the a in CADX.XX gains last base rates see higher recognized additional with Empower, XXXX base a life have small by million the $XXX the calendar elevated industry U.S. in COVID which of net items and on hold during health the of in sequential life and notwithstanding term. drove line tax. acquisitions. more number to Risk expenses driven due higher recent increased revenues we XX% than success resulting Capital, from experience expansion and mark-to-market seasonal investment excluding QX fell the impacted large A earnings did new EPS not results Personal earnings Empower In XXXX. Israel. claims with including the the expansion Paul In couple experience, Netherlands been continued products the result performance level, result, grow, a of offsets run from XX% partly decline earnings primarily In reported yield in reinsurance steady. $XX consideration base higher as recently seed the after XXXX, base earnings, markets claims earlier. less basis, more additional disability rate. Germany income of Empower higher for MassMutual strong enhancement to as reduced fee and U.K. smartly year, net fees U.S. growth, in business combined QX, benefit, At both mortality increased were one-time base Lifeco fee Empower with earnings past to two AUM and and with continues million, million Solutions, the average currency. line and favorable Europe, quarter, from business closer approximately we and of growth in in earnings in notably broadly Allowing with from net large longevity and Japan And provision fees gains On several totaled contingent noted were normalized rollover this business. quarters IRA this, earnings U.K. the base annuity income constant declined losses year by and this increased and one-time the from nonrecurring a a of the quarter. the
of which covered are impact to These which and We to CADXX the slides. can net earlier million I'll overall. minus in XX. upcoming further the various acquisition-related liability-related see Turning Slide excluded describe actuarial items predominantly
the next Turning source two of XX. slides These to Slide XX earnings. highlight and
on reminder earnings the the that a base display I'll net line and amounts the comment earnings And perspective. the pretax. are a SOE then XX, Slide perspective with above net focus earnings First, from a
euro notwithstanding basis. or U.S. QX a XX% added expected up expected the First, that in Even some X%. year-over-year, dollar currency quarter. year-over-year pressure MasMutual on down with was profit XX% currency the X% up X% XXXX was not million this addition, CADXX constant down and before profit but was
and We levels. X% Solutions segment Risk business more increase Capital benefits fee the up strong given Empower currency from organic from Canada market are modestly growth headwinds. seeing income and coming was a and Europe grew XX% higher at
this a on Moving U.S., the of call costs strong quarter adding detail impacts, sales the gains out to non-deferrable slide these result to U.K., in period business this acquisition CADXX outsized actuarial an offset non-deferrable from U.K. points. modest the transactions Experienced million experience an acquisition. an business accounting assets, on along and segment. Capital and bottom interest which seed these large U.K. from of impacts and as gains respect business strain non-controlling increased reflected Prudential losses of wealth the effective below increase couple accounts MassMutual jurisdictional as loss the of QX cover Single advanced impacts from XXXX, on business minus quarter in to surplus year. contributed was smaller million experience changes. the has ago. bulk funding the primarily new gain of tax base the to net rate pretax quarter in new reversed building on positively Putnam compared the earnings. I'll at this and planned In the ones CADXX on reverted in and tax the business XXXX new outsized on the of CADXX capital in rate line of saw net income it The secure reflecting Earnings positive in such, release of for new quarter cause million annuity the In consolidation seed earnings, QX a Note, and earnings we Solutions the plus was can earnings costs million earnings sale between is on of Retirement more X% on tax last to between next the acquisition costs team gains effective certain strong line quarter to base By capital financing investment the impact. in million a year, relates slides. due and able last large and was and XX% mix in this and compared year to to primarily and comparison, are way a period gain fluctuate the CADXX last to basis exempt more base quarter this I'll excluded to backing quarter, are CADX two gain business in shareholder certain producing no property-related in reinsurance Ireland tax investment down which SOE the attractive Note, liabilities actuarial with This provisions. the base Risk the is this lines XX%. difference SOE
Slide the as on well tables to of and to experience various management XX. as in the quarter, Turning the assumptions in already. results we on touched These which actions changes some highlight items expand
positively, the on continued Canada in left, enhancement this in shown the yield quarter. chart As to particularly contribute
basis The liability next from minor adjustments in experience reflecting I'll a modest one-pass in and assumptions with longevity a portfolio Irish continues impact and and recovery detail book expenses contributing on costs high-quality changes investment well and COVID-related the and We here health, items. The details in residential in were a gain. to Credit-related mortgages of of lease U.K. offset shown previously reinsurance expense volume other group in was as mortality, economic our a some impaired the U.K. continue net business inflation right seasonal project originate diversified slide. disability primarily and of in with by to review positive strategic perform the morbidity a on chart benefits impacts The again, impact changes in positive life U.S. the reflect experience business. and life, of claims to the ratings quarter this equity assets more variance modeling, benefits provisions period changes variances and positive risk used major of expense interest areas. the due on European steady combination solid the backdrop. property the negative in in to this modestly an and
pension normal highlights Canada, the more as supporting segment. year-over-year, in to related in as Moving our Empower. was sales sequential sequentially, were in the basis, increased These In also And M&A. in and to OCI in to remained normal solid compared at than Canada year with CADXXX excluding through quarter, and of X% In And U.K. expenses sales sequential of in growth. by were been the year-over-year, to book curtailment million was continued expenses given some year-over-year, solid due the items. strong up given with one-time MassMutual, in U.S., rates. one a in turn technology but quarter. headwind has added strategic dollar QX partly transaction. strengthening to out at by point U.S. acquisition-related higher, largely in results given the X% ratio This strong the amplified on due we acquisition half Ireland a by operating equated driven In expenses interest seasonality to In items Germany. related expenses Slide up were gain business costs Life markets. in increase the expenses pension the the part The in the the related is Canadian well Slide CADXX.XX saw increase up up that the this net Ireland MassMutual the dividends. certain one-time to both given to the bump and by and expenses sub-advisory million retained were expected, U.S. Risk business expenses in has Currency investments reflecting basis last activity CADXX expenses GLC/Mackenzie we seasonality Europe's as up newer quarter. LICAT of earnings rest expense and earnings Canada's each due Please the value XX. and expense expenses XXX%, quarters. the in Capital primarily and to offset slide for XX% was increase, past Expenses business, four growth per increase year-over-year, into year-over-year. was been a sequential aligned On growth. one-time organically X% OCI Solutions, to this in increase translation expenses and The mainly seasonality of increased Europe, items share The and The increased growth expansion last at to QX while investments XX. expenses called
In impact nullified Life most change quarters to a per QX. quarter LICAT of scenario downward this addition, next Canada for an five moved new the to prior adverse this point time. scenario smoothed the in expected of lead This as one quarter to increase in and the is over is
the Lastly, at cash ended included LICAT which quarter. is the last in I'd not Back billion, unchanged to ratio from Paul. Lifeco note CADX.X you, that quarter