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Manjit Singh, EVP & President of Sun Life Asia, noted that while the environment is fluid, the company's strong brand and distribution fundamentals position it well to manage through uncertainty. Daniel Fishbein, President of Sun Life U.S., characterized the U.S. earnings variance as seasonality and cyclicality inherent to the health businesses, not as unmanageable volatility. President and CEO Kevin Strain added that the ability to reprice over 1-3 years and the company's scale are key to managing these natural fluctuations.

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Daniel Fishbein (executive) declined to give a specific target for Group Benefits but noted the business had a record year in 2024 with margins above 6%. Stephen Peacher (executive) attributed SLC's record fundraising to successful fund closings at Crescent and BGO, including a large Asia real estate fund, and noted renewed investor interest in specific real estate sectors.

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Timothy Deacon, EVP & CFO, explained that the restructuring is a modest, enterprise-wide program affecting all business groups and corporate functions. He stated the goal is to achieve over $200 million in pre-tax efficiencies by 2026 by accelerating digitization, eliminating redundancies, and optimizing external spending. Deacon noted that while a small benefit has come through, the impact will ramp up in the second half of the year and be broad-based rather than concentrated in one segment.

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Group CFO Jon Nielsen explained that the Q1 mortality impact was due to seasonality and heightened volatility, not a change in underlying trends, noting an economic offset from longevity experience that is accounted for differently under IFRS 17. David Harney, President and COO of Europe and Capital Risk Solutions, added that the mortgage impairments are isolated to specific U.S. commercial office properties where sponsors are not reinvesting and that the company is near the end of this trend.

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Group CFO Jon Nielsen explained that the mortality impact was seasonal and part of normal volatility, noting that over the last 10 years, such events have been balanced between positive and negative quarters. He also highlighted an accounting mismatch where offsetting longevity gains were recorded in CSM, not base earnings. David Harney, President and COO of Europe and Capital Risk Solutions, added that the mortgage write-downs were asset-specific, related to a few U.S. commercial office properties, and that the company is very close to the end of this trend.

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Group CFO Jon Nielsen explained that the Q1 mortality impact was seasonal and part of normal volatility, noting that over the last 10 years, such events have occurred with both positive and negative impacts. He also highlighted an accounting mismatch where offsetting longevity gains were recorded in CSM, not base earnings. David Harney, President and COO of Europe and Capital Risk Solutions, added that the mortgage write-downs were asset-specific, related to a few U.S. commercial office properties, and that the company is confident it is near the end of this trend.

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President and CEO Paul Mahon confirmed that while the company is comfortable with its 8-10% base EPS growth objective, the base ROE target of 16-17% will be reviewed for Investor Day, given recent outperformance. Regarding catastrophe risk, Mahon and Jeff Poulin, EVP of Reinsurance, explained that they have deliberately moved further from risk as the market hardened and are not planning to grow the P&C portion of the CRS business, viewing it as a small diversifier.

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Trevor Kreel, Head of Investments, clarified the ECL charge was model-driven, reflecting a more adverse economic outlook and scenario weighting, while underlying credit experience was benign. Incoming CEO Philip Witherington and CEO Roy Gori confirmed they are not currently seeing any notable change in consumer sentiment due to tariffs but acknowledge it as a potential future risk that could cause customers to defer decisions.

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Trevor Kreel, an executive at Manulife, explained that the improvement was primarily due to stronger private equity and infrastructure returns, which offset declines in real estate appraisals. Kreel stated that while office real estate is expected to remain challenged, the company is still confident in reaching its long-term return assumptions by mid-2025, supported by strength in industrial and multifamily properties.

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Retiring Chief Investment Officer Scott Hartz explained that while real estate headwinds are diminishing, the private equity portfolio underperformed due to the impact of high short-term interest rates on company valuations. He noted that the portfolio has historically been a strong performer and expects it to recover as rates decline. Incoming CIO Trevor Kreel added that ALDA recovery will be variable and higher discount rates provide more confidence in achieving long-term returns. Hartz also mentioned that commitments to private equity were reduced years ago, so its portfolio weight will likely decline.

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CEO David McKay assessed that while both scenarios involve significant uncertainty, a tariff situation would likely be 'more manageable' than the pandemic. He reasoned that tariffs would not cause a complete economic shutdown like COVID did, allowing for a more targeted and gradual response as the situation unfolds over a longer period.

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Chief Risk Officer Graeme Hepworth explained that while Q3 performance was strong, particularly in wholesale, he would not declare a peak. He noted that negative retail trends are still expected to continue through 2025, driven by rising unemployment and the delayed impact of mortgage repricing. He clarified the slower-than-anticipated rise in retail losses is due to a more prolonged increase in unemployment and greater client liquidity, not just rate cuts.

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President and CEO Victor Dodig acknowledged that trade uncertainty is causing clients to be more tentative with future commitments. However, he emphasized that CIBC is well-positioned with strong capital, liquidity, and credit quality. He highlighted client resilience and noted CIBC's below-market-share exposure to the most acutely affected sectors like forestry and auto parts.

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Chief Risk Officer Frank Guse attributed the credit card growth to seasonality and expressed confidence in the portfolio's health, citing favorable pre-pandemic comparisons for key metrics. Regarding mortgage renewals, he stated that while CIBC is monitoring them closely, the impact is considered 'very manageable' for clients, especially with recent rate cuts.

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CEO Darryl White affirmed that the 15% ROE is a medium-term target and the bank is not changing its path based on near-term tariff uncertainty. He expressed long-term optimism for North America and noted that while a tariff scenario could impact Canadian GDP, the U.S. might be less affected. He also stated that the U.S. book is well-diversified and not skewed to be more or less susceptible than the broader U.S. economy.

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CEO Darryl White responded that it was 'not yet' the right time for a buyback, citing general environmental uncertainties and a desire to preserve capital for customer growth opportunities in 2025. He reaffirmed that the long-term comfortable operating range for the CET1 ratio remains 12.5% or above and that the bank's overall capital posture has not changed.

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CEO Bharat Masrani explained that the bank historically prefers to be well-capitalized as a prudent measure against economic volatility. He affirmed that the combined USD $3.05 billion provision is the company's current best estimate for resolving the AML matters and that TD's CET1 target remains in the 12% to 12.5% range.

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Leo Salom, President and CEO of TD Bank, America's Most Convenient Bank, explained that the primary focus is on resolving the AML issues, which is consuming significant investment. He stated that store expansion is being 'deliberately paced' and the immediate strategy is shifting towards digital and mobile channels, without formally retracting the long-term guidance.

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