“As a reminder, mortality results tend to be more favorable in the third quarter, so we would expect our Group Life ratio to be back within the 85% to 90% range in the fourth quarter and full year of 2023.”

In context

“by segment, excluding notable items associated with the Annual Assumption Review and other insurance adjustments in both periods. Adjusted earnings were $1.5 billion up 35% and 33% on a constant currency basis. The primary drivers were higher variable investment income or VII, strong recurring interest margins and favorable underwriting margins. Adjusted earnings per share were $1.95, up 43% and 40% on a constant currency basis. Moving to the businesses, starting with the US. Group Benefits adjusted earnings were $483 million, up 16% versus the prior year period. The key drivers were favorable underwriting margins and solid volume growth. The Group Life mortality ratio was 83.6% favorable to the prior year quarter of 85.7% and below the bottom end of our annual target range of 85% to 90%. As a reminder, mortality results tend to be more favorable in the third quarter, so we would expect our Group Life ratio to be back within the 85% to 90% range in the fourth quarter and full year of 2023. Regarding non-medical health, the interest adjusted benefit ratio was 69% in the quarter or 70.4% excluding the favorable impact related to the annual assumption review that I mentioned earlier and at the low end of its annual target range of 70% to 75%. Turning to the top line, Group Benefits adjusted PFOs were up 3% year-over-year. Taking participating contracts into account which dampened growth by roughly 1%, the underlying PFO were up approximately 4% year-over-year, primarily due to solid growth across most products. Including continued strong momentum in voluntary and was within our 2023 target growth range of 4% to 6%. In addition Group Benefit sales were up 11% year-to-date driven by strong growth across most products and markets. RIS adjusted earnings were $409 million, up 60% y”