Corporate Benefit Funding
Operating earnings for Corporate Benefit Funding were $303 million, up 11% mostly due to strong interest margins and lower expenses. Premiums, fees & other revenues for Corporate Benefit Funding were $567 million, down 41% due to a decline in structured settlement sales as well as lower pension closeout sales.
Operating earnings for Latin America were $152 million, up 8% (15% on a constant currency basis) due to business growth in several countries and a one-time tax-related benefit. Premiums, fees & other revenues in Latin America were $802 million, down 8%. On a constant currency basis, premiums, fees & other revenues were down 1% as growth in Mexico, Brazil and Argentina was offset by a decline in Chile. Total sales for the region increased 28%, driven by growth in all channels across the region.
Operating earnings for Asia were $259 million, up 17% primarily due to premium growth in Japan and Korea, as well as higher net investment income. Premiums, fees & other revenues in Asia were $2.5 billion, up 7% mostly due to increased sales and persistency in Japan and higher revenues in Korea. Total sales for the region declined 8% as higher life sales in Japan and an increase in direct marketing sales in China were more than offset by declines in several other countries, including Australia, which benefitted from a large group sale in the prior year period.
Operating earnings for EMEA were $62 million, down 5% due to the impact of foreign currency exchange rates. On a constant currency basis, EMEA operating earnings were up 20%, driven by Turkey and Russia. EMEA premiums, fees & other revenues were $653 million, down 10% (1% on a constant currency basis). Total sales for the region increased 15% due to growth in Turkey and Russia and despite the challenging economic environment in Western Europe.