We talked about the reversion to the mean in Q1, where we really show and sold a large move in, in interest rates coming down. See you at the top! Just curious, if you've seen competitors enter that space, are they still mainly focused on FIAs and not a buffer annuity?Tom, it's Mark. Productivity initiatives are ahead of plan. AXA Equitable Holdings named Ramon de Oliveira as the independent Chairman of the AXA Equitable Holdings and AllianceBernstein Boards of Directors. It's got the same ALM matching and downside protection, but it meets the new need to provide the ability for clients to enhance their account value if the market goes down up to a limit. But I think it's prudent to have that range of $30 million to $60 million, because we really don't know exactly how COVID develops over the next few months.Your next question comes from the line of Nigel Dally with Morgan Stanley.Great, thanks, and good morning. AXA Equitable Life Insurance Company, formerly The Equitable Life Assurance Society of the United States, also known as The Equitable, or simply AXA was founded by Henry Baldwin Hyde in 1859. This quarter we reported non-GAAP operating earnings of $459 million, translating to $1 per common share. [Operator Instructions] Your first question comes from the line of Elyse Greenspan with Wells Fargo.Hi, thanks. We also remotely onboarded over 100 new advisors in the quarter. Our statutory ratios remain strong with a combined RBC ratio of approximately 415% after a $1.2 billion distribution from Equitable Financial in May. Get the latest news and publications about the AXA Group strategy. We are at the intersection of advice, asset management and financial protection which provides our clients with products and strategies to help them address their long-term financial needs and our shareholders with attractive growth potential.Our annuity products help our clients accumulate wealth and prepare for their retirement income needs. Together, we'll face the future with courage, strength, and wisdom.To take care of the people you love and the life you've built, a solid protection plan is an important part of your financial strategy. We have already identified incremental de-risking opportunities to further improve the quality of our portfolio with attractive corporate spreads. This was primarily driven by strong renewal contributions to both our in-force and improved retention. And at Equitable Financial, we have $3.6 billion of cash and liquid assets, primarily supporting our hedging program. We distribute our variable annuity products through our affiliated retail sales force and a wide network of approximately 600 third-party firms, reaching more than 100,000 financial professionals.Our Group Retirement products help teachers, municipal and corporate employees accumulate wealth and better prepare for their retirement needs. So, that's a good thing. This more than offset the impact of the realignment of our long-term GAAP interest rate assumption last quarter. For example, we are migrating 80% of applications to the cloud, which provides us with new tools, improved security and lower expenses. Assets under management are up 10% since the first quarter to $711 billion, supported by the strong persistency of our in-force and good net flows in both Retirement and at AllianceBernstein.As a result of strong expense focus and less travel, operating expenses were 9% year-over-year and we remain well on track for our $75 million net savings target. Equitable Holdings, Inc. (NYSE; EQH) comprises two complementary and well-established principal franchises, AXA Equitable Life Insurance Company and AllianceBernstein. I will begin with Individual Retirement on Slide 7. Today, over 90% of retail applications are submitted electronically, including 100% in an individual retirement, leading to improved outcomes and generating productivity gains for clients, advisors and the company. Definitely not all of that and just travel is a good example. We are on track to achieve our $75 million net savings and expect additional uplift from COVID-related savings, such as reduced travel.Further, we are using the separation from AXA Group as an opportunity to seek to reduce our run rate expenses and upgrade our technology capabilities. That's why understanding how you prioritize your purpose, your lifestyle choices and your finances is important.A smart plan for the future considers your needs and lifestyle today, as well as your long-term aspirations. Despite these challenges, this quarter's results continued to demonstrate the resilience of our business and our ability to create value across a broad range of scenarios. I recognize that this is still a very difficult time for me. Financial Professionals are registered with associated broker-dealers, including Equitable Advisors, LLC (member FINRA, SIPC).
Client demand remained strong with SCS sales up 7% in the retail channel year-over-year. We are living through a time of uncertainty, but even now there is still so much we can control — starting with how we choose to live our lives and support those around us. Importantly, since we fully implemented our economic model and adopted NAIC VA reform, the mismatch between derivatives and GAAP liabilities has increased, thereby magnifying our GAAP net income sensitivity. We continue to innovate and we have very good distribution reach. , as Trustee, FIFTH SUPPLEMENTAL INDENTURE dated as of October 1 , 2018 to INDENTURE dated as of December 1, 1993 between AXA Financial, Inc . The French insurance giant has been reducing its stake in the U.S. company since last year's IPO, using the money raised to partially finance its $15 billion acquisition of insurer XL Group. Dual Direction is a unique index. And secondly, the separation, we took from AXA has been very well handled by our IT people.