The Retail operating segment reported quarterly pre-tax operating income of $846 million, an increase of 54 percent, driven by higher fee income on variable annuity separate account assets, active spread management on interest rate sensitive products and the net positive impact of adjustments to reflect updated estimated gross profit assumptions.The Institutional operating segment reported quarterly pre-tax operating income of $298 million, an increase of 7 percent. Results were driven by higher fee income and lower interest crediting rates due to active spread management, which were offset by lower net investment income and the negative impact of adjustments to reflect updated estimated gross profit assumptions. The favorable comparison to the prior-year quarter is partially attributable to a charge related to guaranteed investment contracts.
|Three Months Ended September 30,|
|New insurance written||$||14,437||$||10,741||34||%|
|Net premiums written||272||219||24|
|Net premiums earned||204||177||15|
|Underwriting income (loss)||11||(35)||NM|
|Net investment income||32||38||(16)|
|Pre-tax operating income||$||43||$||3||NM||%|