In the quarter, we recognized a cumulative year-to-date benefit from these regulations of $202 million or $0.28 per share compared to our previous run rate.
Turning to our operations starting with Aflac Japan, the effects of COVID-19 continues noticeably impacted our results, as seen in the third quarter, with sales decreasing 32%.
We continue to have around 50% of the workforce working from home in Japan and in September, traffic coming into the shops remained at 70% of pre-pandemic levels.
The effects of COVID-19 continued to noticeably impact our results in this segment as well, largely due to the reduced face-to-face activity, third quarter sales were down 35.7%.
As a result we have achieved an approximate 9% reduction in our US and corporate workforce with expected one-time expenses of $45 million in the fourth quarter.
At the same time we have remained tactical in our approach to share repurchase, buying back $400 million of our shares in the third quarter.
There are currently approximately 97,000 COVID-19 cases and 1,730 deaths in all of Japan.
Through the third quarter Aflac Japan COVID-19 impact totaled 1,750 unique claimants with incurred claims totaling approximately JPY550 million in the quarter and JPY760 million year-to-date.
COVID related expenses in the quarter totaled JPY1.7 billion, which included the rollout of virtual distribution tools, employee teller working equipment and distribution support.
COVID-19 case levels in the US now exceed 8.5 million with deaths nearing 230,000.
Through the end of the third quarter, COVID-19 claimants in the US totaled 12,800 with incurred claims of approximately $23 million in the quarter and year-to-date approximately $57 million.
This effort involved connecting with 2.7 million accident and hospital policyholders through a combination of email and direct mail in the month of August.
These executive orders are still in place in 13 states as of the end of the quarter.
This is a three year, and roughly JPY10 billion investment with approximately JPY2 billion spent in the third quarter, along with another JPY3.6 billion estimated spend in the fourth quarter.
While elevating our 2020 expenses, this effort will reduce the production and circulation of 80 million pieces of paper per year with run rate savings in the range of JPY3 billion annually.
This includes 50% of our 2020 annual advertising spend, concentrated in the quarter to raise new product awareness as well as a stepped up level of investment in the paperless initiative.
We have successfully filed our new network products in 48 states with approvals received in 37 states.
We are up and running with sales in 10 states and expect to ramp this up as we move into 2021.
Horizon one is near term focused and includes a series of actions in 2020 designed to take out approximately $100 million of annualized run rate expenses as we enter 2021.
Early in the fourth quarter, we completed a voluntary separation plan for eligible employees, which will result in a 9% reduction to our US workforce.
We expect to record a one-time separation expense of approximately $45 million in the fourth quarter and we will realize annualized run rate savings in the $45 million to $50 million range.
In addition, we are completing a broader digital roadmap, which includes approximately $25 million of accelerated investment in 2020.
These build efforts include dental and vision, direct to consumer and Group benefits and taken together impacted our expense ratio in the third quarter by 110 basis points, and are expected to impact the fourth quarter by approximately 160 basis points.
For the third quarter adjusted earnings per share increased 19.8% to $1.39 with no significant impact from FX in the quarter.
Adjusted book value per share including foreign currency translation gains and losses grew 17.4% and the adjusted ROE excluding foreign currency impact was a strong 16.8%, a material spread to our cost of capital.
In the quarter, we recognized a cumulative year-to-date benefit from these regulations, which lowered our tax rate on adjusted earnings for the quarter to 4.1%, a benefit of $0.28 versus our previous run rate.
Our tax rate for the quarter further benefited from tax credits in our solar and historic rehabilitation investments which lowered our tax expense by approximately $20 million more than in a normal quarter.
In addition, variable investment income came in $6 million above our long-term return expectations and together these two items boosted current quarter earnings per share by about $0.03.
When I go-forward basis, and under the current US corporate tax regime, we would expect our go-forward tax rate on adjusted earnings to be approximately 20%.
Total earned premium for the quarter declined 3.3%, reflecting mainly first sector policies pay up impacts while earned premium put a third sector product was down 1.7%.
For example, year-over-year, earned premium was down 3.3% in the quarter while policies in force was down -- were down a little less than 1%.
Japan's total benefit ratio came in at 71.3% for the quarter, up 130 basis points year-over-year and the third sector benefit ratio was 61.7%, up 170 basis points year-over-year.
We did experience all of this in the third quarter, manifested by our persistency improving by 80 basis points year-over-year.
Our expense ratio in Japan was 21.7%, up 110 basis points year-over-year.
Overall, when considering COVID related spend, promotional spend and digital and paperless initiatives, we anticipate expense ratios in Japan to remain elevated in the 22% range for the remainder of 2020.
Net investment income declined 0.2% in yen terms, despite the higher variable investment income, as our yen denominated portfolio generated lower yields, due to lower coal income in this quarter.
The pre-tax margin for Japan in the quarter was 19.4% impacted by both the higher benefit ratio as well as a higher expense ratio in the quarter.
Earned premium was down 2.6% due to weaker sales results.
Premium persistency improved 80 basis points to 78.8% as our efforts to retain accounts in key premium in-force show early positive results.
As Fred mentioned, there are still 13 states with premium grace periods in place at the end of Q3.
Our total benefit ratio came in at 48.3%, which was 80 basis points lower than Q3 2019.
We estimate this initiative drove incremental claims of approximately $14 million and impacted our benefit ratio in the range of 100 basis points over what we would normally expect.
Our expense ratio in the US was 37.3%, up 130 basis points year-over-year.
The inclusion of Argus added 80 basis points in the quarter and a decline in revenues, roughly explains the residual year-over-year impact.
We anticipate expense ratios in the US to remain elevated in the 39% range for the full year 2020, driven by near term weakness in revenue, uptick in seasonal business activity and expected inclusion of the Zurich Group Benefits acquisition.
Net investment income in the US was down 4.4%, due to a 14 basis points contraction in portfolio yield year-over-year.
Profitability in the US segment remains healthy at 20.5% with a low benefit ratio as the core driver.
In our corporate segment, amortized hedge income contributed $22 million on a pre-tax basis to the quarter's earnings with an ending notional position of $5 billion.
Our capital position remains strong and we ended the quarter with an SMR north of 900% in Japan and an RBC of approximately 700% in Aflac Columbus.
We still expect to end the year with an RBC in the range of 550% to 600%.
Holding company liquidity stood at $3.8 billion, $1.8 billion above our minimum balance.
Leverage improved to a comfortable 22.9% due to the increase in shareholders' equity driven by the release of the tax valuation allowance of $1.4 billion.
In the quarter, we repurchased $400 million of our own stock and paid dividends of $192 million.

Summary:
We expect to record a one-time separation expense of approximately $45 million in the fourth quarter and we will realize annualized run rate savings in the $45 million to $50 million range.
For the third quarter adjusted earnings per share increased 19.8% to $1.39 with no significant impact from FX in the quarter.
Total earned premium for the quarter declined 3.3%, reflecting mainly first sector policies pay up impacts while earned premium put a third sector product was down 1.7%.