Total Revenue

Highest quarterly revenue at $5,063 million in Q4 2024

Total revenue reached a record high in Q4 2024, suggesting a rebound in client demand and a stronger sales mix compared to previous quarters that had been dampened by operational headwinds. This improvement is indicative of a positive market response and strategic recovery from prior periods. "

Operating Income (EBIT)

$2,100 million in Q4 2024

Operating income experienced strong performance, reflecting effective cost control and improved operational efficiency relative to earlier quarters. This turnaround contrasts with periods when lower revenue and higher expenses had limited EBIT. "

Net Income

Turnaround from a $528 million loss in Q3 2024 to $1,686 million in Q4 2024

Net income rebounded drastically as the company turned a prior quarter loss into robust profitability. The rebound is a result of the higher revenue and operating improvements in Q4 as well as effective mitigation of previous losses. " "

Earnings Per Share (EPS)

Basic EPS of $9.81 and Diluted EPS of $9.63 in Q4 2024

EPS improved dramatically in alignment with the net income turnaround. The enhanced EPS reflects the direct impact of the net income recovery and improved profitability relative to the loss in the prior period. " "

SG&A Expenses

$650 million in Q4 2024

Stable SG&A expenses maintained the cost base while revenue increased, supporting stronger profit margins. This consistency in spending contrasts with previous periods where cost inflation may have eroded margins. "

Depreciation & Amortization

$302 million in Q4 2024

Depreciation & Amortization levels remained supportive of a healthy operating margin. These consistent expense figures help underline that operational improvements were driven by revenue growth rather than cost-cutting measures. "

Cash and Cash Equivalents

Declined modestly to $5,801 million in Q4 2024

The modest decrease in cash likely reflects strategic reallocation of liquidity, possibly due to investment activities or financing adjustments. This change is set against prior periods where cash inflows from financing and reinsurance transactions had bolstered balances. "

Shareholders’ Equity

Declined to $8,269 million (approx. 8.3% QoQ drop) in Q4 2024

Despite strong operating results, shareholders’ equity fell, likely due to market revaluation effects and adjustments from items such as changes in Accumulated Other Comprehensive Income. This decline contrasts with the previous period’s build-up in equity from retained earnings, indicating that other capital adjustments offset earnings gains. "

Retained Earnings

Soared to $7,645 million in Q4 2024 (up about 26.6% QoQ)

Retained earnings experienced significant growth driven by the turnaround in net income from a loss in Q3 2024 to robust profitability in Q4 2024. The strong net income in Q4, in contrast to the previous quarter’s net loss, directly boosted retained profit accumulation. "

Ongoing focus on capital structure improvements and deleveraging

Mentioned consistently from Q1 through Q3, targeting leverage ratio reduction to 25% by 2026 and emphasizing preferred debt repayment. " " " " RBC levels above 420% were highlighted as a key milestone. " "

Reiterated goal of a 25% leverage ratio, citing higher RBC above 430% and improved confidence in 2026 outlook. " " "

Continued emphasis on deleveraging and capital strength.

Group Protection remains a recurring topic

Q1 to Q3 calls showed subdued premium growth but highlighted rising margins (from 5.5% in 2023 to near 8% in 2024) and optimistic long-term profitability. " " " " " " "

Reported margin at 8.3% for 2024, attributed to disciplined pricing, operational improvements, and favorable macro conditions. Anticipates maintaining ≥8% margin by 2026. " " " "

Shift from modest growth to significant margin expansion and optimism.

Annuity sales

Prominent focus from Q1 to Q3. Highlights included strong fixed annuity sales, RILA growth, and record annuity sales in certain quarters. " " " " "

Mentioned overall strong FY sales in Q4 but noted a decline vs. record levels in prior quarters. Less emphasis on fixed annuities, with further diversification of product mix. " "

Downplayed in Q4; possible strategy pivot or response to market conditions.

Reinsurance initiatives (Bermuda subsidiary, ULSG transactions)

From Q1 to Q3, management repeatedly stressed the Bermuda affiliate for capital efficiency and potential for further ULSG block transactions. " " " " "

Q4 mentions focus on the Bermuda subsidiary for capital optimization; no specific mention of ULSG transactions. " " " " " "

Shifted away from ULSG deals; Bermuda entity remains part of capital strategy.

Free cash flow as a central theme

Q2 and Q3 updates detailed improved free cash flow conversion targets (aiming 35% → 45–55% by 2026) and near-term priorities of debt reduction and reinvestment. " " " "

Raised upper bound of guidance to 45–60% by 2026; share repurchases mentioned as a future possibility once leverage hits 25%. " " "

More optimistic outlook with a potential return to share buybacks.

Margin expansion in Group Protection (1% to over 8%) and impact on future trajectory

Q1 to Q3 reports showed progressive increases (e.g., 6.2% in Q1, 10% in Q2 including timing effects, 8.5% in Q3), driven by disciplined pricing and lower disability incidence. " " " " " "

Q4 margin of 8.3% attributed to favorable macro and operational initiatives; company expects ≥8% margins through at least 2026 and views Group Protection as a key growth driver. " "

Demonstrates sustained progress and positions Group Protection as a major earnings contributor.