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    Jamminder Bhullar • JPMorgan Chase & Co.

    Jamminder Bhullar's questions to Brighthouse Financial Inc (BHF) leadership

    Jamminder Bhullar's questions to Brighthouse Financial Inc (BHF) leadership • Q1 2025

    Question

    Jamminder Bhullar asked for quantification of the seasonal C4 charge benefit on the RBC ratio, the outlook for the RBC ratio in Q2, the primary goal of strategic initiatives, and the rationale for exploring a sale given the company's active buyback program.

    Answer

    CFO Ed Spehar did not quantify the C4 charge benefit but confirmed its positive seasonal impact in Q1 and declined to provide a quarterly RBC forecast. CEO Eric Steigerwalt stated that strategic initiatives aim to unlock capital to ensure the company remains unconstrained for growth. Regarding a potential sale, Steigerwalt reiterated that the company is not growth-constrained and declined to comment on market rumors or speculation.

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    Jamminder Bhullar's questions to Brighthouse Financial Inc (BHF) leadership • Q4 2024

    Question

    Jamminder Bhullar asked if the company is comfortable running at a 400% RBC ratio or if it would take further actions to create a larger cushion. He also questioned the drivers behind the decline in fixed annuity sales during the quarter.

    Answer

    CFO Edward Spehar stated the company is comfortable with its 400% to 450% RBC range in normal markets and will continue seeking opportunities to unlock capital. CEO Eric Steigerwalt added that the company's $1 billion in holding company liquidity provides a significant buffer. Chief Distribution and Marketing Officer Myles Lambert explained that fixed indexed annuity (FIA) sales were down as expected following a mid-year transition to a new reinsurance partner, but this was offset by a successful launch of the SecureKey product, leading to overall fixed sales exceeding expectations.

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    Jamminder Bhullar's questions to Corebridge Financial Inc (CRBG) leadership

    Jamminder Bhullar's questions to Corebridge Financial Inc (CRBG) leadership • Q1 2025

    Question

    Jamminder Bhullar asked about the impact of recent market movements on the company's RBC ratio. He also sought to clarify if the impact on cash flows from market weakness would be similar to the guided impact on adjusted earnings.

    Answer

    CFO Elias Habayeb stated that the impact of market volatility on the RBC ratio is limited and temporary due to balance sheet diversification and hedging programs, noting that credit risk is a more meaningful driver. He clarified that while fee income impacts would affect cash flows, the impact from alternatives is primarily a non-cash, mark-to-market earnings effect. He reiterated confidence in the stability of cash generation and the ability to meet payout targets.

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    Jamminder Bhullar's questions to Reinsurance Group of America Inc (RGA) leadership

    Jamminder Bhullar's questions to Reinsurance Group of America Inc (RGA) leadership • Q1 2025

    Question

    Jamminder Bhullar asked about the competitive landscape, particularly whether a softening P&C market is increasing life reinsurance competition, and followed up on the Equitable deal, seeking more detail on the value creation from the investment portfolio.

    Answer

    CEO Tony Cheng explained that RGA's 'Creation Re' strategy focuses on avoiding direct competition and that the P&C market cycle has a marginal impact on competitors' life reinsurance appetite. On the Equitable transaction, CIO Leslie Barbi clarified that value creation is not solely from the asset portfolio, though RGA's private asset platform is a contributor. CFO Axel Andre added that RGA's different expense structure and reinsurance accounting are also significant factors.

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    Jamminder Bhullar's questions to Reinsurance Group of America Inc (RGA) leadership • Q4 2024

    Question

    Jamminder Bhullar asked whether the consistently favorable biometric experience was due to normal volatility or underlying fundamental dynamics. He also inquired about RGA's appetite for long-term care (LTC) risk, either as a standalone product or packaged with other business.

    Answer

    President and CEO Tony Cheng and Chief Risk Officer Jonathan Porter attributed the favorable experience to factors like potential COVID-19 mortality pull-forward and declining excess mortality trends. On LTC, Tony Cheng stated that RGA is highly selective, focusing on modest-sized blocks with risk profiles similar to its existing, well-performing in-force business, and typically as part of a larger strategic transaction with a key client.

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    Jamminder Bhullar's questions to Reinsurance Group of America Inc (RGA) leadership • Q3 2024

    Question

    Jamminder Bhullar asked about the earnings volatility implications of the reinsurance recapture. He also questioned the external validation of RGA's excess capital figures by rating agencies and whether the company has aspirations for a higher credit rating.

    Answer

    CFO Axel Andre and President and CEO Tony Cheng reiterated that any added volatility is minimal due to the company's increased scale and the smoothing effect of LDTI. On capital and ratings, Axel Andre stated their view incorporates rating agency models and has third-party validation. Tony Cheng added that their current AA- financial strength rating is competitively strong, with no commercial need to seek an upgrade.

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    Jamminder Bhullar's questions to Prudential Financial Inc (PRU) leadership

    Jamminder Bhullar's questions to Prudential Financial Inc (PRU) leadership • Q1 2025

    Question

    Jamminder Bhullar asked about the target ESR threshold for the Japan business, how PGIM and annuity flows might perform amid volatility, and for more specifics on potential shifts in strategy.

    Answer

    CFO Yanela Frias declined to provide a specific ESR threshold but reiterated they will manage to AA-consistent levels. CEO Andy Sullivan stated he is cautious on near-term PGIM flows due to volatility but remains positive on the long-term drivers for the annuity business. He reiterated that capital allocation is a continuous evaluation process without offering further specifics on strategic shifts.

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    Jamminder Bhullar's questions to Prudential Financial Inc (PRU) leadership • Q2 2024

    Question

    Jamminder Bhullar questioned Prudential's capital deployment strategy, noting that share buybacks have been modest compared to peers despite a low stock multiple. He also asked for the sales outlook in the Japanese business given yen volatility and inquired about the competitive environment in that market.

    Answer

    Chief Financial Officer Yanela Frias responded that the company remains thoughtful about capital, prioritizing financial strength and investments in business growth, such as large PRT transactions, before returning capital to shareholders. Andy Sullivan, Head of International Businesses and PGIM, stated that Japan sales were up 10% year-over-year, driven by product innovation, and that recent yen strength is a benefit for U.S. dollar products. He characterized the competitive landscape in Japan as rational.

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    Jamminder Bhullar's questions to Allstate Corp (ALL) leadership

    Jamminder Bhullar's questions to Allstate Corp (ALL) leadership • Q1 2025

    Question

    Jamminder Bhullar asked about the competitive landscape in personal auto, questioning if favorable frequency trends are leading to more aggressive pricing, and inquired about the sustainability of the recent improvement in policies in force (PIF).

    Answer

    Thomas Wilson (executive) and Mario Rizzo (executive) responded that the competitive market remains rational, with rate increases slowing but no signs of aggressive price reductions. They believe the turn in PIF is sustainable, driven by strong new business volume from expanded distribution and competitive pricing. They noted that while retention has been a headwind, it has stabilized, and the 'SAVE' program is actively working to improve it.

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    Jamminder Bhullar's questions to Allstate Corp (ALL) leadership • Q4 2024

    Question

    Jamminder Bhullar questioned the timeline for returning to auto PIF growth in states that are still declining and asked about capital deployment priorities, including the potential for share buybacks, given strong profitability and proceeds from asset sales.

    Answer

    CEO Thomas Wilson and Executive Mario Rizzo explained that returning to growth is a complex process dependent on multiple factors beyond just pricing, and declined to give a specific timeline. On capital, Wilson detailed a broad strategy prioritizing organic growth to drive shareholder value. He highlighted the success of past acquisitions and proactive capital management. Executive Jesse Merten provided historical data on extensive share repurchases, and Wilson concluded that while buybacks are an important tool and the stock is considered cheap, the primary focus is deploying capital for the highest value creation, which is currently growth.

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    Jamminder Bhullar's questions to Allstate Corp (ALL) leadership • Q3 2024

    Question

    Jamminder Bhullar inquired about Allstate's confidence in achieving policy-in-force (PIF) growth in its Auto business, considering competitor behavior, and asked about capital allocation priorities following improved profitability and the pending sale of the Benefits business.

    Answer

    Executive Thomas Wilson stated that while Allstate does not provide growth projections, the company's strategy is to increase market share. He noted that the auto profit improvement plan is complete, enabling a pivot to growth. Executive Mario Rizzo added that growth will come from improving customer retention as rate increases moderate and from boosting new business through investments across all three distribution channels. On capital, Wilson prioritized organic growth due to high ROEs, viewing it as the best use of capital over share repurchases at this time, though he affirmed the company's history of buybacks and openness to other uses like strategic acquisitions.

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    Jamminder Bhullar's questions to MetLife Inc (MET) leadership

    Jamminder Bhullar's questions to MetLife Inc (MET) leadership • Q1 2025

    Question

    Jamminder Bhullar asked about the drivers behind the sequential decline in base yields and spreads in the Retirement and Income Solutions (RIS) business and inquired about the outlook for the commercial real estate (CRE) portfolio amid market uncertainty.

    Answer

    CFO John McCallion and executive Ramy Tadros explained that the RIS spread decline was due to lower-than-expected rates, a flatter curve, and higher paydowns on certain securities, which hindered efforts to offset the roll-off of interest rate caps. However, they noted this was counteracted by stronger-than-expected liability growth, particularly in PRT and U.K. longevity. Regarding CRE, McCallion stated that while leasing activity was strong in Q1, they are monitoring market uncertainty, but believe the sector has generally found a trough in values.

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    Jamminder Bhullar's questions to MetLife Inc (MET) leadership • Q4 2024

    Question

    Jamminder Bhullar of JPMorgan Chase & Co. asked for an outlook on commercial real estate (CRE) losses and market stability. He also sought insights on the status of pension reform in Chile and the potential for nationalization.

    Answer

    CFO John McCallion stated that the CRE market is showing signs of bottoming and that MetLife has effectively reserved for most expected losses, suggesting any further impact would be minimal. Executive Eric Sacha Clurfain reported that Chile's congress approved a pension reform that maintains the private system with adjustments, foreseeing no material, unmitigatable impact on MetLife's business.

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    Jamminder Bhullar's questions to MetLife Inc (MET) leadership • Q3 2024

    Question

    Jamminder Bhullar questioned the outlook for Japan sales amid yen volatility and asked for an update on the commercial real estate market, including whether office properties are bottoming and the company's exposure to single-borrower CMBS.

    Answer

    Lyndon Oliver, Head of Asia, noted that while yen volatility has impacted FX product sales, the company is launching new yen-denominated products to adapt. CFO John McCallion stated that while the CML portfolio is performing well, the broader real estate market is showing signs of a positive backdrop emerging in 2025, and confirmed that single-borrower CMBS exposure is relatively small.

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    Jamminder Bhullar's questions to Aflac Inc (AFL) leadership

    Jamminder Bhullar's questions to Aflac Inc (AFL) leadership • Q1 2025

    Question

    Jamminder Bhullar questioned the outlook for Aflac's medical product sales in Japan, which have been weak, and asked about the U.S. dental business, inquiring if sales have stabilized and if normal production is expected for the year.

    Answer

    Daniel Amos, CEO, described product sales as cyclical, stating this year's focus is on the new cancer product, with a potential revisit to the medical product next year. Virgil Miller, President of Aflac U.S., expressed confidence in the U.S. dental business, expecting consistent momentum and achievement of the 2025 plan, citing investments in talent, technology, and a key administrative partnership.

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    Jamminder Bhullar's questions to Aflac Inc (AFL) leadership • Q4 2024

    Question

    Jamminder Bhullar asked about the path for Aflac Japan's sales to return to pre-pandemic levels and questioned the recovery timeline for the U.S. dental business, considering ongoing competitive pressures.

    Answer

    Masatoshi Koide and Koichiro Yoshizumi of Aflac Japan detailed plans to boost sales through revitalized solicitor activity, a new cancer product, and leveraging the Sumitas product to attract younger customers. For the U.S., Virgil Miller, President of Aflac U.S., affirmed the dental platform is 'open for business' after fixing system issues, with the current focus on rebuilding broker trust. Chairman and CEO Daniel Amos added that he supports prioritizing profitability over sales volume.

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    Jamminder Bhullar's questions to Aflac Inc (AFL) leadership • Q3 2024

    Question

    Jamminder Bhullar inquired about the sales trajectory for the Tsumitas product in Japan, asking if current levels are sustainable or the result of pent-up demand. He also asked about the drivers behind higher incurred claims in the U.S. business.

    Answer

    Koichiro Yoshizumi stated that Tsumitas sales have been successful and stable since the strong June launch, meeting expectations, and he anticipates stable sales going forward. On U.S. claims, President of Aflac U.S. Virgil Miller explained the rise is partly intentional, driven by benefit enhancements and wellness campaigns. He and CFO Max Broden also noted that mix shift, including growth in cancer, group life, and disability products, contributes to a higher benefit ratio.

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    Jamminder Bhullar's questions to Equitable Holdings Inc (EQH) leadership

    Jamminder Bhullar's questions to Equitable Holdings Inc (EQH) leadership • Q1 2025

    Question

    Jamminder Bhullar from JPMorgan Chase & Co. asked about the competitive environment in the buffer annuity market and the outlook for new LifePath cases.

    Answer

    Nicholas Lane, President of Equitable Financial, acknowledged periods of aggressive pricing from new RILA entrants but stated it tends to be temporary and grows the overall market. For LifePath, he noted that flows are lumpy but confirmed they expect about $250 million of inflows in Q2 and remain bullish on long-term growth.

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    Jamminder Bhullar's questions to Equitable Holdings Inc (EQH) leadership • Q4 2024

    Question

    Jamminder Bhullar of JPMorgan Chase & Co. questioned the drivers of negative flows in the Group Retirement business and the reason for the low quarterly tax rate.

    Answer

    Nicholas Lane, President of Equitable Financial, clarified that outflows are from the legacy corporate segment, while the core tax-exempt and institutional businesses are seeing positive flows. CFO Robin Raju attributed the low tax rate to favorable prior-year audit results and provided normalized tax rate guidance for 2025 across the segments.

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    Jamminder Bhullar's questions to Unum Group (UNM) leadership

    Jamminder Bhullar's questions to Unum Group (UNM) leadership • Q1 2025

    Question

    Jamminder Bhullar, using the name Jimmy Bhullar, asked for the rationale behind the confidence that disability benefit ratios will not revert to higher pre-pandemic levels and what metrics to watch for LTC reserve adequacy.

    Answer

    CFO Steven Zabel cited sustained operational improvements in claim recoveries and stable incidence rates as reasons for confidence. EVP Chris Pyne added that deeper client integration through technology makes pricing less sensitive. For LTC, Zabel noted that while they monitor claims and mortality, overall underwriting margins remain good and consistent with long-term expectations.

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    Jamminder Bhullar's questions to Unum Group (UNM) leadership • Q4 2024

    Question

    Jamminder Bhullar asked which external metrics are best for monitoring the adequacy of long-term care (LTC) reserves. He also inquired about the factors that would determine whether share buybacks fall at the high or low end of the guided range.

    Answer

    CFO Steve Zabel pointed to several metrics for monitoring LTC: absolute earnings, the net premium ratio, hedging program success, and rate increase progress, highlighting the overall 'protection level' as a key indicator for capital needs. CEO Rick McKenney explained the buyback pace will be a dynamic judgment call, influenced by factors like M&A activity, but noted the company has significant capacity and expects to be in the market immediately.

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    Jamminder Bhullar's questions to Unum Group (UNM) leadership • Q4 2024

    Question

    Jamminder Bhullar asked what external metrics investors can monitor for LTC reserve adequacy and what factors would drive share buybacks to the high end of the guided range.

    Answer

    CFO Steven Zabel advised investors to monitor the LTC block's absolute earnings, the net premium ratio, hedging program success, and progress on the premium rate increase program. CEO Rick McKenney explained that reaching the high end of the buyback range would be a judgment call based on the year's developments, including M&A activity. He stressed that even with potential deals, the company will have significant capital flexibility, allowing for a dynamic approach to repurchases.

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    Jamminder Bhullar's questions to Unum Group (UNM) leadership • Q3 2024

    Question

    Jamminder Bhullar of JPMorgan asked for the rationale behind the confidence that disability margins will not revert to pre-pandemic levels. He also asked what external metrics can be monitored to assess the potential need for future LTC reserve strengthening.

    Answer

    CFO Steven Zabel and Chris Pyne, head of Group Benefits, expressed confidence in sustaining strong disability margins due to operational improvements in claim recoveries and a broader customer value proposition that includes leave management and tech integration, which supports pricing stability. For LTC, Zabel suggested monitoring the net premium ratio (NPR) and the absolute earnings of the Closed Block segment.

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    Jamminder Bhullar's questions to Aon PLC (AON) leadership

    Jamminder Bhullar's questions to Aon PLC (AON) leadership • Q1 2025

    Question

    Jamminder Bhullar asked if Aon's expectations for its various business lines have changed since the start of the year due to macro and geopolitical volatility. He also inquired about the performance of the NFP business relative to expectations, noting that the reported revenue contribution from acquisitions appeared lower.

    Answer

    CEO Gregory Case stated that while volatility is real, it increases client demand for risk mitigation, and Aon is reaffirming its mid-single-digit or greater growth guidance across all businesses. He also said NFP has exceeded high expectations, particularly in producer retention, and emphasized that the focus is on the combined, accretive performance of the firm. CFO Edmund Reese added that confidence for the second half is high due to strong pipelines and the absence of Q1's specific EPS headwinds.

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    Jamminder Bhullar's questions to Aon PLC (AON) leadership • Q4 2024

    Question

    Jamminder Bhullar sought clarification on the term "strong adjusted EPS growth" in the 2025 guidance, asking if it implies double-digit growth. He also asked about the long-term strategy for share buybacks versus M&A post-deleveraging.

    Answer

    CFO Edmund Reese responded that the detailed components provided for revenue, margin, and non-operating items allow for precise modeling of EPS. CEO Gregory Case added that the guidance reflects confidence in their ability to maintain long-term historical growth trends. Both executives affirmed that the firm's balanced capital allocation strategy, focused on ROIC, remains unchanged.

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    Jamminder Bhullar's questions to Aon PLC (AON) leadership • Q3 2024

    Question

    Jamminder Bhullar questioned why NFP's organic growth was not accelerating faster given its integration with Aon and asked about the outlook for continued margin expansion, especially with fiduciary investment income becoming a headwind.

    Answer

    CFO Edmund Reese explained that NFP's growth will accelerate as revenue synergies and its own M&A activities ramp up over time, noting it's only five months post-acquisition. On margins, Reese and CEO Gregory Case expressed confidence in continued expansion, driven by the Aon Business Services platform, portfolio management, and expense discipline. Case emphasized Aon's 12-year track record of margin expansion, which was achieved even in periods without fiduciary income benefits.

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    Jamminder Bhullar's questions to Principal Financial Group Inc (PFG) leadership

    Jamminder Bhullar's questions to Principal Financial Group Inc (PFG) leadership • Q1 2025

    Question

    Jamminder Bhullar of JPMorgan Chase & Co. sought clarification on weak net flows across all major business segments despite positive pipeline commentary, and questioned if shedding low-fee business marks a strategic shift.

    Answer

    CEO Deanna Strable emphasized that not all flows are equal, noting negative flows in investment management still resulted in positive run-rate revenue. Executives attributed weak flows to specific factors like high rates in Brazil and the intentional termination of a large, low-fee contract in RIS. They confirmed much of the low-fee business was legacy or acquisition-related and the current strategy is focused on profitable revenue growth, not just sales volume.

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    Jamminder Bhullar's questions to Principal Financial Group Inc (PFG) leadership • Q4 2024

    Question

    Jamminder "Jimmy" Bhullar of JPMorgan Chase & Co. asked about the long-term outlook for RIS fee business flows, questioning if they would remain negative or if a positive turn was possible. He also inquired about the progress of repricing the dental book and the timeline for margin normalization in that business.

    Answer

    President of Retirement and Income Solutions Christopher Littlefield acknowledged macro pressures from retirees leading to negative flows and does not see an immediate positive inflection, but noted positive long-term saving dynamics from younger generations. President of U.S. Insurance Solutions Amy Friedrich stated that the bulk of dental repricing actions are currently moving through the block and that she expects the dental loss ratio and production to look more positive in 2025, emphasizing that products are sold in bundles, which helps manage overall pricing.

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    Jamminder Bhullar's questions to Renaissancere Holdings Ltd (RNR) leadership

    Jamminder Bhullar's questions to Renaissancere Holdings Ltd (RNR) leadership • Q1 2025

    Question

    Jamminder Bhullar asked for details on the reserve development within the Casualty & Specialty business, questioned the company's confidence in its casualty reserves, and sought commentary on why the current market might not be entering a multiyear pricing decline.

    Answer

    CEO Kevin O'Donnell and EVP & Group Chief Underwriting Officer David Marra expressed high confidence in their casualty reserves, attributing it to disciplined underwriting and a robust reserving process. O'Donnell addressed the market cycle, describing the 2023 pricing reset not as a temporary peak but as a move to a new, more sustainable 'mesa' of rate adequacy, suggesting a stable environment rather than an impending soft market.

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    Jamminder Bhullar's questions to Marsh & McLennan Companies Inc (MMC) leadership

    Jamminder Bhullar's questions to Marsh & McLennan Companies Inc (MMC) leadership • Q1 2025

    Question

    Jamminder Bhullar asked whether the current environment of trade uncertainty is a net positive or negative for Oliver Wyman and questioned if midyear reinsurance renewals would see similar conditions as early-year renewals.

    Answer

    Oliver Wyman CEO Nicholas Studer explained that while short-term uncertainty can cause a pause, major shifts in client challenges are generally good for business, though it's too early to call a net effect. Guy Carpenter CEO Dean Klisura responded with a definitive 'yes' on renewals, expecting a continuation of competitive market conditions seen at January 1 and April 1, driven by adequate capital supply and the early benefits of Florida's legal reforms.

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    Jamminder Bhullar's questions to Marsh & McLennan Companies Inc (MMC) leadership • Q4 2024

    Question

    Jamminder Bhullar asked for clarification on the 2025 organic growth guidance of 'mid-single-digits', noting it seemed slightly softer than the previous 'mid-single-digits or better' language. He also asked if the McGriff acquisition is expected to be a positive contributor to organic growth after 2025.

    Answer

    CEO John Doyle advised against reading too much into the language change, stating the company feels well-positioned for 2025 growth despite headwinds like fiduciary income. He highlighted the strong finish to 2024 and resilient macro conditions. Regarding McGriff, Doyle expressed excitement about the acquisition, noting it makes Marsh McLennan better with great talent and capabilities, and will be accretive to EPS in 2025 and more so in subsequent years.

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    Jamminder Bhullar's questions to Marsh & McLennan Companies Inc (MMC) leadership • Q3 2024

    Question

    Jamminder Bhullar asked for expectations on how recent hurricanes would affect reinsurance renewals. He also questioned whether the weakness in Oliver Wyman's growth was due to economic factors or other specific issues.

    Answer

    CEO of Guy Carpenter, Dean Klisura, stated that post-hurricanes, he anticipates a 'flattening of pricing' in the property cat market for the January 1 renewal, a shift from the more competitive environment expected previously. Regarding Oliver Wyman, CEO Nicholas Studer described the current environment as a 'low point in the cycle' and a 'tough market,' citing regional softness in the Americas and Europe as contributing to the 1% underlying growth.

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    Jamminder Bhullar's questions to Arch Capital Group Ltd (ACGL) leadership

    Jamminder Bhullar's questions to Arch Capital Group Ltd (ACGL) leadership • Q4 2024

    Question

    Jamminder Bhullar of JPMorgan Chase & Co. questioned the drivers behind mortgage insurance (MI) reserve releases and margin expectations, as well as the rationale for recent share buybacks and the outlook for future capital return.

    Answer

    Executive François Morin attributed the MI reserve releases to strong cure activity and lower-than-expected severity from delinquencies in prior years, stating that margins remain healthy. Both Morin and executive Nicolas Alain Papadopoulo noted that buybacks were opportunistic and that the company will continue to return excess capital it cannot deploy attractively in the business, with share repurchases being a preferred method at the right price.

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    Jamminder Bhullar's questions to Arch Capital Group Ltd (ACGL) leadership • Q3 2024

    Question

    Jamminder Bhullar of JPMorgan Chase & Co. asked for Arch's outlook on the 1/1 property cat reinsurance renewals, including pricing expectations post-hurricanes, and inquired about the company's comfort with its casualty reserves.

    Answer

    CEO Nicolas Alain Papadopoulo anticipates a stabilized property cat market, with pricing likely remaining mostly stable, though varying by program and layer. Executive François Morin affirmed the company's comfort with its casualty reserves, noting that while some pressure exists, being historically underweight in the line has mitigated the impact.

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    Jamminder Bhullar's questions to Voya Financial Inc (VOYA) leadership

    Jamminder Bhullar's questions to Voya Financial Inc (VOYA) leadership • Q4 2024

    Question

    Jamminder Bhullar questioned the Investment Management business, noting that outflows from divested businesses were masking underlying growth. He asked for the size of the remaining divested assets at risk and their fee profile.

    Answer

    CEO of Investment Management Matt Toms acknowledged the known outflows from past divestitures, stating they are manageable. He specified that a final $6.8 billion outflow from the Venerable transaction is expected in the second half of 2025. He emphasized these are lower-fee assets and that the growth from new, higher-fee business is more than offsetting the runoff, driving overall revenue and profit growth for the segment. CEO Heather Lavallee reiterated the strong momentum from four consecutive quarters of positive net flows.

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