Strong Sales Growth and Diversification
Adjusted operating earnings of $433 million increased over 20% from the year-ago quarter, driven by Retail Annuities. Retail annuity sales exceeded $5 billion for the quarter, with RILA and traditional variable annuities contributing significantly.
Record RILA Sales
RILA sales reached a record $2 billion, accounting for 38% of overall retail annuity sales. The RILA account balance increased by 21% from the second quarter and 74% from the prior year.
Robust Capital Generation and Return
Free capital generation exceeded $1 billion, and free cash flow was $719 million for the first three quarters. Capital return to shareholders totaled $657 million year-to-date, with expectations to exceed the 2025 capital return target range.
Strong Capital Position
Risk-based capital ratio at the end of the third quarter was an estimated 579%, well above the minimum target of 425%.
Increased Book Value Per Share
Adjusted book value per share increased by 6% to $158.44, driven by share repurchase activity.
Positive Institutional Segment Growth
The Institutional segment saw increased pretax adjusted operating earnings due to higher spread income.