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President - U.S. Dan Fishbein confirmed the sales pipeline for Medicaid remains robust and the business is expected to grow, not shrink. CEO Kevin Strain emphasized the strategic importance of growing the commercial dental business to create a more balanced mix. Dan Fishbein explained that the entire earnings difference between Q1 and Q2 could be attributed to three items: a retroactive premium payment in Q1, favorable investment income in Q1, and a claim reprocessing event in Q2.

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President - U.S. Dan Fishbein confirmed the company will continue to grow in the important Medicaid space while also expanding its commercial dental presence, a strategy reinforced by President & CEO Kevin Strain. Fishbein explained that the earnings variance between Q1 and Q2 was fully attributable to a few non-recurring items, including a retroactive premium payment in Q1 and a claim reprocessing event in Q2.

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Daniel Fishbein, President of Sun Life U.S., clarified that the stabilization is based on actual claims emergence for pre-2025 cohorts, which performed slightly favorably. For the new 2025 cohort, it is based on a reserve pick that accounts for an expected 2% pricing shortfall. He also identified the disability lines as experiencing the most price competition due to several years of favorable industry-wide experience.

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Daniel Fishbein, President of Sun Life U.S., clarified that the path to $100 million in dental earnings is an 'all of the above' strategy. It includes benefits from the expense reduction program, robust dental cost management actions, and significant repricing efforts, with about half the business already repriced. For stop-loss, he noted that while Sun Life has been careful on pricing, they are optimistic about a more favorable market in 2025 as competitors raise rates.

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Executive VP & CFO Edward Spehar confirmed the GAAP review is for Q3 and the stat review for annuities is in Q4, declining to comment on the outcome. He explained the hedging separation will be complete by September, aiming for simplification, transparency, and less volatility, but noted it's too early to quantify the go-forward impact. Spehar framed the strategic initiatives as a way to generate near-term capital, similar to past interest rate protection strategies, potentially with some trade-off in long-term cash flows.

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CFO Ed Spehar confirmed that Q1 statutory results, including hedge performance, were in line with expectations and that the hedging strategy revision is an evolution, not a complete overhaul. CEO Eric Steigerwalt commented on industry deals, noting that while they analyze all transactions like the Lincoln/Bain partnership and MetLife VA deal, the specifics of those transactions are not directly comparable or indicative of actions for Brighthouse's larger, different block of business.

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CFO Edward Spehar confirmed the plan assumes positive earnings and that the Q3 annuity reinsurance deal was approximately $8 billion in reserves, while the Q4 life deal contributed 10-15 RBC points. He reiterated that BRCD is not viewed as an ongoing source of capital. CEO Eric Steigerwalt declined to comment on future share repurchases but pointed to the company's consistent history of buybacks, totaling over $2.5 billion.

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Ramy Tadros, Regional President - U.S. Business, clarified that the disability pressure was isolated to two specialty clients with high-value injury claims, not a macro or structural issue. CFO John McCallion explained that the uptick in commercial mortgage reserves was anticipated as part of an orderly resolution of loans, which is a sign of market stabilization, and would not impact capital management plans.

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Ramy Tadros, Regional President - U.S. Business, clarified the disability pressure was isolated to two long-standing specialty clients and related to high-value injury claims, not a structural or macro issue. John McCallion, EVP & CFO, explained that the uptick in CECL reserves for commercial mortgages was anticipated as part of an orderly resolution of loans, which he views as a sign of market stabilization, with the impact already largely reflected in capital.

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Executive Ramy Tadros and CFO John McCallion positioned the deal as a key execution of the 'lower-risk' pillar of the New Frontier strategy. Tadros confirmed the price was in line with their internal economic valuation and, when considering the elimination of hedge costs, created shareholder value. McCallion added that the deal opportunistically locks in an exit value in a stable environment. Tadros also noted that underwriting experience for both life insurance and long-term care in MetLife Holdings was in line with expectations for the quarter.

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Executive Ramy Tadros responded that MetLife is not seeing material deviations in its Accident & Health loss ratios and suggested using the midpoint of the existing guidance range for 2025. CEO Michel Khalaf explained that the higher alternative return assumption is driven by public equity tailwinds, signs of increased private equity exit activity, and an expected recovery in real estate values, noting the improvement would be gradual through 2025.

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Ramy Tadros, Head of U.S. Business, clarified that the nonmedical health ratio was impacted by about one point of one-time items and that disability continues to perform well. He expressed confidence that dental margins would return to target in 2025 due to repricing. Regarding LTC risk transfer, Tadros noted increased market activity and narrowing bid-ask spreads, but emphasized any deal must create shareholder value.

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Chief Actuary Stephanie Fadhu confirmed the Q3 triennial review will cover LTC and noted recent experience has been largely in line with expectations. Marc Costantini, Global Head of Strategy and Inforce Management, characterized the mortality experience as normal volatility for the large case market, not a trend, and stated he does not expect it to impact future reinsurance pricing.

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EVP & CFO Michael Katz stated that the healthcare environment remains uncertain and Voya expects first-dollar medical inflation to rise in 2026, justifying their cautious 87% loss ratio for the 2025 block. He emphasized it is too early for a full assessment, with a clearer view expected in Q4. CEO & Director Heather Lavallee reinforced this, stating Voya is making progress but remains disciplined and is assuming higher medical trends for 2026 pricing.

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CFO Michael Katz detailed that the estimate is derived from the improved 2024 cohort's performance, combined with a 21% rate increase and enhanced risk selection for 2025. CEO Heather Lavallee stressed that while it's early, the team remains disciplined. She also confirmed Voya uses several early warning systems, including 50% deductible notice reports and first-dollar trend data from its Benefitfocus business, to monitor emerging claims.

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CFO Michael Katz clarified the leave management spend is primarily a 2025 event, expecting it to reach breakeven in 2026 with new revenue. Regarding Stop Loss, he detailed a 21% average rate increase and stricter risk selection focused on known claims and data verification, enforcing a 'margin over premium' strategy. He expressed high confidence in reserves, supported by January data. CEO Heather Lavallee added that the non-January block of business is also under close scrutiny and performing as expected.

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Executive Rob Grubka expressed confidence, noting that clear data on poor-performing cases justifies the rate actions. CEO Heather Lavallee affirmed the belief that Voya can execute the pricing increases effectively. Executive Michael Katz added that if the 2024 loss ratio lands around 86%, the targeted rate increases give them high confidence in returning to the target range in 2025.

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CFO Robin Raju detailed plans to deploy the capital from the RGA transaction. He confirmed a commitment to $500M in incremental share repurchases in H2 2025 and a potential debt paydown of up to $500M to manage leverage. The remaining capital will be opportunistically used for bolt-on M&A, sidecars, or further buybacks, with no additional extraordinary dividends planned for the year.

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Nicholas Lane, President of Equitable Financial, clarified that April sales were robust compared to Q1. CFO Robin Raju explained that RILA is primarily a spread-based earnings product, with NIM in Individual Retirement up 9% YoY. He noted that while RILA earnings are not directly equity-sensitive, the overall segment's earnings are, as 50% remain fee-based.

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CFO Robin Raju detailed a multi-faceted strategy for the Protection segment, including expense management, internal reinsurance via Bermuda, and third-party transactions, with an update due in H1 2025. On RILAs, President Nicholas Lane and CEO Mark Pearson expressed confidence in their ability to compete through disciplined pricing and the unique advantages of their integrated distribution and asset management model.

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CFO Robin Raju explained that while quarterly noise in NIM is expected, the historical average of $15 million for MVA gains is a reasonable forward-looking assumption. CEO Mark Pearson and President of Equitable Financial Nicholas Lane stated that while market share may naturally decline from its peak, they expect continued strong sales growth at their target 15% IRR, citing their durable competitive advantages in distribution and their integrated business model.

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CEO Laura Prieskorn confirmed openness to strategic partnerships that create shareholder value. CFO Don Cummings added that any transaction must be accretive, noting captives could be used for spread products. Brian Walters, Head of Asset Liability Management, detailed the hedging strategy, highlighting a shift to exchange-traded futures to reduce roll risk. Chris Raub, President of Jackson Financial, discussed the RILA product's strong sales momentum, competitive features including an income option, and the successful launch of MarketLink Pro 3.

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CFO Don Cummings described the April capital impact on Brooke Re as "fairly modest," emphasizing that the subsidiary remains well-capitalized above its internal risk framework targets and has not required any capital contributions since its formation. Regarding the tax benefit, Cummings explained it was driven by increased admissibility of the deferred tax asset (DTA) and the utilization of net operating losses (NOLs), but did not provide a specific quantification.

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CFO Don Cummings clarified the assumption adjustment was not related to utilization rates but to more precisely modeling the *frequency* of withdrawals. He stated the typical "at the money" lapse rate assumption is in the 8-9% range. For Brooke Re, he explained that its operations are largely not subject to changes like the new scenario generator and that the primary guardrail is a minimum operating capital level agreed upon with the Michigan regulator, which Jackson is currently well above.

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CFO Don Cummings stated that it would take a very significant market event, like the 2008 financial crisis, to cause a capital issue at Brooke Re and that there is no specific 'bright line' dollar amount for a capital call. CEO Laura Prieskorn and President of Distributors Scott Romine addressed the sales strategy, citing strong consumer demand and the benefit of attracting new advisors to Jackson's full product suite. Cummings added that while fixed annuities have lower returns than VAs, the company is comfortable with their profitability.

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An Aflac Japan executive, Yoshizumi, stated they aim to recover to pre-COVID sales levels, driven by the new cancer product, strong associate channel performance, and a new marketing structure. CFO Max Brodén cautioned that the forward guidance for earned premium remains -1% to -2%, though results are trending toward the better end of that range. Chairman & CEO Daniel Amos added that he sees a real shift in marketing effectiveness. On ESR, an executive confirmed the 170-230% range includes the USP adjustment.

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An Aflac Japan executive expressed confidence in reaching pre-COVID sales levels, driven by new products and sales initiatives. However, CFO Max Brodén reiterated the current earned premium guidance of -1% to -2%, while CEO Daniel Amos noted a significant improvement in marketing effectiveness. Brodén also confirmed that the 170-230% ESR management range does include the undertaking-specific parameter (USP) adjustment.

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Max Broden, Senior Executive Vice President and CFO, explained that the ESR decline was driven by the strengthening yen and significant dividend payments from Aflac Japan to the holding company, which offset the benefit from higher interest rates. He affirmed that Aflac's long-term capital management and hedging strategies remain unchanged, as they are designed to withstand stress scenarios, with put options providing tail-risk protection.

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CFO Max Broden and Global CIO Brad Dyslin attributed the lower margin guidance primarily to NII headwinds from anticipated lower short-term interest rates. On capital, Max Broden explained that while the position is strong, the company will not consider special dividends until after the new ESR capital regime is formally implemented in early 2026.

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Max Broden, EVP and CFO, stated that all capital deployment options, including M&A and special dividends, are on the table and are evaluated based on long-term return potential. Regarding the sales split, Koichiro Yoshizumi and Chairman and CEO Daniel Amos confirmed that sales to existing customers are currently larger but the mix of new customers is growing from 20% toward 25%, in line with or slightly better than expectations.

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EVP & CFO Axel André noted there is a rating agency limit but RGA still has upside, and that they also focus on optimizing regulatory capital. President & CEO Tony Cheng acknowledged the volatility from capped cohorts under LDTI and stated that while they could retrocede blocks, they must balance that against using resources for new business creation, reiterating a focus on long-term economics.

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Chief Risk Officer Jonathan Porter declined to specify the claim share but confirmed its full impact was recognized in Q1, noting the primary driver of U.S. results was large claims favorability. CEO Tony Cheng added that LTC experience was normal. Regarding the Equitable deal, CFO Axel Andre stated that RGA priced the transaction fully aware of its earnings signature and that RGA's large, diversified balance sheet can accommodate the potential volatility. Jonathan Porter also noted the diversification benefit to the overall mortality book.

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Chief Financial Officer Axel Philippe Andre stated that achieving the guided growth rates assumes capital deployment in the range of $1.5 billion to $2.0 billion. He confirmed the U.S. Financial Solutions reset was due to the runoff of older annuity business and the slower earnings emergence from new PRT deals, but expressed confidence in hitting the new growth targets from this revised base.

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President and CEO Tony Cheng and CFO Axel Andre emphasized a "really strong hurdle" against raising public equity, highlighting the value of in-force as a monetizable asset and third-party capital. Regarding biometric experience, Axel Andre noted that while it flows through immediately on a statutory basis, he does not believe the disconnect with GAAP deferrals is material enough to change the company's guidance of a ~60% free cash flow conversion ratio.

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EVP & CFO Joel Pitz, supported by President & CEO Deanna Strable, confirmed a continued focus on aligning expenses with revenue, highlighting recent margin expansion as evidence. President of Retirement & Income Solutions, Christopher Littlefield, attributed the RIS spread balance decline to lower investment-only (IO) issuance and a more moderate quarter for Pension Risk Transfer (PRT) deals due to a disciplined focus on returns.

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CEO Deanna Strable and Executive Christopher Littlefield explained that the SMB 401(k) segment is a consistent growth engine, while the large case market is lumpier. Littlefield attributed the fee rate decline to market outperformance and lapses in the traditional VA block. For supplemental health, Executive Amy Friedrich clarified the slowdown was due to a tough year-over-year comparison caused by a one-time premium reclassification in Q1 2024, and that underlying growth remains strong.

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President and COO Deanna Strable-Soethout advised that $2.05 is a good run-rate to use, as other items offset the severance. On real estate, CEO Dan Houston and Executive Kamal Bhatia agreed with the improving sentiment, noting they saw the first positive portfolio return in their core fund. However, Bhatia cautioned that broad transaction activity remains slow, and a recovery in transaction fees will likely be part of a longer cycle.

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Chairman & CEO James Cracchiolo stated that their net advisor count is growing and their focus remains on long-term value. EVP & CFO Walter Berman noted that favorable life claims contributed to the strong RPS results. Both executives stressed that the RPS business is highly profitable and they have not seen a bid-ask spread on risk transfer deals that would be attractive for shareholders.

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James Cracchiolo, Chairman & CEO, stated that the net advisor count is actually growing and the firm remains focused on productivity over sheer numbers. Regarding RPS, Walter Berman, EVP & CFO, noted that favorable life claims contributed to strong performance. Both executives affirmed that while the RPS business is highly profitable, the 'bid-ask' spread for risk transfer deals has not become attractive enough to pursue.

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Chairman and CEO Jim Cracchiolo asserted that there was no slippage in retention, stating that retention is 'quite good' and that headcount was actually up. He reiterated the disclosure was removed to align with industry practice. Regarding asset management, he noted a remaining portion of the disclosed Lionstone exit would occur but flagged no other large, unexpected institutional outflows, attributing recent retail outflows to higher redemptions amid market volatility.

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CEO Jim Cracchiolo and CFO Walter Berman firmly rejected the premise of taking a loss, stating the LTC block is profitable, well-managed, and additive to shareholder value. They argued the value difference in a potential deal was 'too large' to justify. Regarding capital, they explained the increase was a result of strong earnings generation exceeding the 80% capital return payout.

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Chief Financial Officer Christopher Neczypor explained that favorable mortality benefits both GAAP and statutory results, and the positive policyholder remeasurement gain in the Life segment is an accounting offset from releasing reserves due to lower-than-expected claims. He clarified that the large net outflow in RPS was from a previously disclosed plan termination, while a separate, smaller plan termination caused a one-time $2 million operational loss in the quarter.

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CEO Kevin Hogan and CFO Elias Habayeb emphasized that Corebridge controls its own investment strategy and risk appetite, providing clear direction to its asset management partners. The recent repositioning involved selling lower-yielding bonds and reinvesting in a combination of public and private credit. On risk transfer, they stated any deal must be accretive on a risk-adjusted basis, considering both price and structure, to optimize shareholder value and the company's post-transaction risk profile.

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CFO Elias Habayeb explained that higher commissions are a positive sign of business growth, while accelerated DAC amortization was tied to volume and higher long-term rates. CEO Kevin Hogan noted the company manages in-force economics by balancing crediting rates against new business. Management declined to provide a specific AUM figure for policies exiting surrender but reiterated expectations for strong net flows in 2025.

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CFO Elias Habayeb stated that a meaningful portion of the U.K. sale proceeds were deployed in Q3 and guided for the Q4 capital return to be in line with the 60-65% target payout ratio from organic generation. CEO Kevin Hogan explained the floating-rate portfolio is managed dynamically for both ALM duration management and to provide liquidity for annuities outside their surrender period, not just as a defensive hedge.

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President and CEO Kevin Hogan confirmed that margins on the fixed annuity sales remain attractive due to disciplined pricing and that no new product was launched. He attributed the growth to strong customer and advisor demand in a favorable rate environment, which Corebridge was able to capture effectively due to its strong distribution partnerships, multi-product platform, and ability to focus capital on the most attractive opportunities.

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CEO Andy Sullivan characterized derisking as a continuous optimization of the balance sheet rather than a one-time event, stating nothing significant was in the pipeline. CFO Yanela Frias addressed the Japan question, stating she expects capital levels to remain strong post-ESR implementation, with no anticipated impact on dividend capacity, and noted that about 70% of U.S. dollar liabilities in Japan are already reinsured.

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CFO Yanela Frias explained that strong sales in high-growth areas like Retirement Strategies (+39%) and Individual Life (+23%) create near-term capital strain, justifying the allocation. She confirmed the shareholder return math and stated that net income is now used as it's a closer near-term proxy for free cash flow, as it includes items like realized gains/losses that impact statutory capital.

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Andy Sullivan, Head of International Businesses, noted that yen-based sales were 30% of the total in Japan for the quarter, a figure that has nearly doubled in three years due to intentional product diversification. Yanela Frias, Chief Financial Officer, stated that the report's findings on excess mortality are consistent with Prudential's internal view, which assumes elevated mortality through 2028, and that the company is well-hedged through its diversified business mix.

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Chief Financial Officer Yanela Frias confirmed the non-AOI benefit was mainly from a GAAP-only valuation methodology update for variable annuities to align with industry standards. Caroline Feeney, Head of U.S. Businesses, addressed the retirement question, stating that earnings were actually up year-over-year. She explained that earnings from large risk-transfer sales take time to materialize and that near-term profitability is also affected by upfront costs on strong individual sales and the intentional runoff of the legacy variable annuity block.

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CEO Richard McKenney clarified they are not seeing early warning signs and view the Q1 claims experience as volatility. CFO Steven Zabel specified there was no reserve release, but rather a one-time gain of approximately $14 million from a reinsurance recapture. EVP Chris Pyne noted the segment's strength was also driven by double-digit sales growth in the individual disability business.

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CFO Steve Zabel attributed the durable disability margins, expected in the low 60s, to a decade-long improvement in claim recoveries rather than incidence. Chris Pyne, Head of Group Benefits, added that Unum's value-added services like leave management make price less central in a competitive market. Regarding LTC, CEO Rick McKenney called recent market deals a positive sign but stressed that any potential transaction for Unum's block would be complex, pursued without a specific timeline, and must be strategically and financially sound for shareholders.

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CFO Steven Zabel explained that the strong group disability margins, expected to remain in the low 60s, are driven by a sustainable, decade-long improvement in claim recoveries rather than incidence rates. Chris Pyne, head of Group Benefits, added that while the market is competitive, Unum's value-added services make price less central to customer decisions. Regarding LTC, CEO Rick McKenney noted that recent peer transactions are a positive market signal, but these deals are complex, and while Unum is actively exploring options, he would not commit to a specific timeframe.

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Chris Pyne, head of Group Benefits, described the market as competitive but noted that Unum's disciplined, case-by-case approach and focus on long-term stability resonates with customers. CEO Rick McKenney and CFO Steven Zabel explained the PCAPs dissolution as a balance sheet optimization move, reflecting overall capital strength and not a change in stance on LTC risk transfer, which remains a strategic goal.

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CFO Paul McDonough quantified the FIA-related statutory capital drag at approximately $25 million for Q1, noting it was a timing issue that reverses prior gains. He confirmed the Medicare Advantage issue was 'pure accounting' and that underlying cash flows were stronger than the GAAP results suggested, as the accounting requires estimating lifetime cash flows which were constrained for newer carriers.

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