Company Overview - Sun Life U.S. operates a dental business, including DentaQuest, focused on improving oral health through outcomes-based solutions and preventive care [1] - DentaQuest manages dental and vision benefits for approximately 36 million Americans and is the largest Medicaid and CHIP dental benefits administrator in the U.S. [1] - Sun Life is a leading international financial services organization with operations in multiple markets, including Canada, the U.S., and several Asian countries [2] Financials - As of March 31, 2024, Sun Life had total assets under management of C$1.47 trillion [3] Recent Contributions - Sun Life U.S. and DentaQuest donated $50,000 to The Dimock Center to support its new Cardiometabolic Clinic, which addresses health inequities and provides care for patients with chronic conditions [5][6] - The Cardiometabolic Clinic aims to improve access to care for moderate- and high-risk patients, aligning with Sun Life's goals of expanding healthcare access [5][6] Health Integration - The integration of medical and dental care is emphasized as crucial for managing serious health conditions, with support from Sun Life and DentaQuest aimed at enhancing this integration [7] - The Dimock Center serves about 19,000 people annually, providing comprehensive health care and addressing racial health inequities [8] Employment and Services - Sun Life U.S. is one of the largest providers of employee and government benefits, helping over 50 million Americans access necessary healthcare and coverage [10] - The company employs more than 8,500 people in the U.S., including associates in partner dental practices [10]

WELLESLEY, Mass., June 5, 2024 /PRNewswire/ -- Sun Life U.S. has expanded its partnership with Goodpath to offer employer clients virtual whole-person care, a new employee benefit that provides care for physical conditions and mental health, including unlimited therapy sessions. Sun Life disability clients can proactively support their employees' mental and physical health, helping to reduce the need for absences or extended leave. As access to care issues persist around the country, Sun Life continues to e ...

Core Insights - Sun Life U.S. has been recognized as a Top Place to Work in Milwaukee, ranking sixth among the largest companies, marking its first recognition in the region following the acquisition of DentaQuest in 2022 [1] - The recognition is based on employee feedback and company culture, with Sun Life U.S. having received multiple awards for workplace excellence, including Forbes America's Best Large Employers and Best Employers for Diversity [2] - Sun Life U.S. operates with a flexible, hybrid work model, allowing employees to choose their work environment, which has contributed to a positive workplace culture [1][2] Company Overview - Sun Life is a leading international financial services organization with operations in various global markets, including the U.S., Canada, and several Asian countries, managing total assets of C$1.47 trillion as of March 31, 2024 [3] - Sun Life U.S. is a major provider of employee and government benefits, serving over 50 million Americans with a diverse portfolio of services, including dental, vision, and life insurance [5] - The company employs nearly 8,300 people in the U.S., with a focus on creating a supportive and collaborative work environment [5]

Sun Life Financial Inc. (NYSE:SLF) Q1 2024 Earnings Call Transcript May 10, 2024 10:00 AM ET Company Participants David Garg - SVP, Capital Management and IR Kevin Strain - President and CEO Tim Deacon - EVP and CFO Kevin Morrissey - SVP, Chief Actuary Jacques Goulet - President, Sun Life Canada Daniel Fishbein - President, Sun Life US Steve Peacher - President, SLC Management Michael Roberge - CEO, President and Executive Chairman, MFS Investment Management Manjit Singh - President, Sun Life Asia Randy Bro ...

In this presentation, Sun Life Financial Inc. ("SLF" or "SLF Inc."), its subsidiaries and, where applicable, its joint ventures and associates are collectively referred to as "we", "us", "our", "Sun Life" and the "Company". Reported net income (loss) refers to Common shareholders' net income (loss) determined in accordance with IFRS. Certain statements in this presentation and certain oral statements made by senior management during the earnings conference call on May 10, 2024 (collectively, this "presentat ...

CANADIAN RESIDENTS PARTICIPATING IN THE SHARE ACCOUNT Shareholders holding shares in the Canadian Share Account can sell their shares for $15 plus 3 cents per share. For more information call TSX Trust Company at 1 877 224-1760. Sun Life Reports First Quarter 2024 Results Sun Life Financial Inc. ("SLF Inc."), its subsidiaries and, where applicable, its joint ventures and associates are collectively referred to as "the Company", "Sun Life", "we", "our", and "us". We manage our operations and report our finan ...

Sun Life Financial Inc. (NYSE:SLF) Q4 2023 Earnings Conference Call February 8, 2024 10:00 AM ET Company Participants David Garg - Senior Vice President, Capital Management and Investor Relations Kevin Strain - President and Chief Executive Officer Manjit Singh - Executive Vice President and Chief Financial Officer Daniel Fishbein - President, Sun Life US Kevin Morrissey - Senior Vice President, Chief Actuary Randolph Brown - Chief Investment Officer Stephen Peacher - President, SLC Management Jacques Goule ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Sun Life reported a strong fourth quarter and full year 2023, with underlying net income of $983 million for Q4 (up 10% YoY) and $3,728 million for the full year (up 11% YoY), driven by robust sales and momentum in group health and protection, despite a 36% decrease in Q4 reported net income to $749 million due to unfavorable market-related impacts, while maintaining a strong capital position with a LICAT ratio of 149% Q4 & Full Year 2023 Key Financial Metrics | Profitability Metric | Q4 2023 | Q4 2022 | Change | Full Year 2023 | Full Year 2022 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Underlying Net Income | $983M | $892M | +10% | $3,728M | $3,369M | +11% | | Reported Net Income | $749M | $1,165M | -36% | $3,086M | $2,871M | +7% | | Underlying EPS | $1.68 | $1.52 | +10.5% | $6.36 | $5.75 | +10.6% | | Reported EPS | $1.28 | $1.98 | -35.4% | $5.26 | $4.89 | +7.6% | | Underlying ROE | 18.4% | 17.7% | +0.7pp | 17.8% | 17.0% | +0.8pp | | Reported ROE | 14.0% | 23.2% | -9.2pp | 14.7% | 14.5% | +0.2pp | Q4 2023 Underlying Net Income by Business Type (vs Q4 2022) | Business Type | Q4 2023 Underlying NI | Change (YoY) | | :--- | :--- | :--- | | Wealth & asset management | $439M | +7% | | Group - Health & Protection | $365M | +14% | | Individual - Protection | $284M | +23% | - Strategic initiatives in Q4 included the acquisition of Dialogue Health Technologies and an investment in Pillway, a virtual pharmacy, to enhance digital health services in Canada[4](index=4&type=chunk) - The company ended Q4 2023 with a strong Life Insurance Capital Adequacy Test (LICAT) ratio of **149%** for SLF Inc. and total Assets Under Management (AUM) of **$1.4 trillion**[7](index=7&type=chunk) [Business Group Highlights](index=5&type=section&id=Business%20Group%20Highlights) In Q4 2023, Asset Management saw underlying net income grow 2%, with SLC Management's strength offsetting MFS's decline, while Canada was a standout performer with 32% growth in underlying net income, driven by strong sales and improved disability experience, the U.S. segment grew underlying net income by 8% (in USD), and Asia's underlying net income increased by 6%, fueled by a 49% surge in individual sales, particularly in Hong Kong, whereas the Corporate segment reported a larger net loss due to the sale of Sun Life UK and higher expenses - **Asset Management:** Underlying net income rose **2%** to **$331M**, with MFS experiencing net outflows of **$15.3B**, while SLC Management had net inflows of **$3.9B** and its fee-earning AUM grew **8% YoY**[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) - **Canada:** Underlying net income surged **32%** to **$350M**, and the company completed the acquisition of Dialogue Health Technologies and was selected to administer the Canadian Dental Care Plan[13](index=13&type=chunk)[15](index=15&type=chunk) - **U.S.:** Underlying net income increased **8%** to **US$187M**, with DentaQuest awarded new Medicaid contracts in Iowa and Arkansas, and the segment recording over **US$650M** in sales since the acquisition[16](index=16&type=chunk)[18](index=18&type=chunk) - **Asia:** Underlying net income grew **6%** to **$143M**, with individual sales jumping **49%**, driven by Hong Kong, leading to a significant increase in new business Contractual Service Margin (CSM) to **$223M** from **$122M** in Q4'22[20](index=20&type=chunk)[23](index=23&type=chunk) - **Corporate:** Underlying net loss increased to **$94M** from **$62M** in the prior year, primarily driven by the sale of Sun Life UK and higher operating expenses[24](index=24&type=chunk) [Detailed Financial Report](index=8&type=section&id=Detailed%20Financial%20Report) [A. How We Report Our Results](index=10&type=section&id=A.%20How%20We%20Report%20Our%20Results) Sun Life reports its financial results across five business segments: Asset Management, Canada, U.S., Asia, and Corporate, having adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments) on January 1, 2023, which impacts the comparability of 2023 results with restated 2022 figures due to updated asset-liability management strategies in Q1 2023 - The company manages its operations and reports financial results in five business segments: Asset Management, Canada, U.S., Asia, and Corporate[31](index=31&type=chunk) - On January 1, 2023, the company adopted IFRS 17 and IFRS 9, where restated 2022 results may not be fully representative of the future earnings profile as asset and liability portfolios were not managed under these new standards during that period[32](index=32&type=chunk)[34](index=34&type=chunk) [B. Financial Summary](index=11&type=section&id=B.%20Financial%20Summary) This section provides a detailed financial summary table comparing key profitability, growth, and financial strength metrics for Q4'23 against Q3'23 and Q4'22, including underlying and reported net income, EPS, ROE, sales figures, AUM, and capital ratios Quarterly Financial Summary | Metric | Q4'23 | Q3'23 | Q4'22 (restated) | | :--- | :--- | :--- | :--- | | **Profitability** | | | | | Underlying Net Income | $983M | $930M | $892M | | Reported Net Income | $749M | $871M | $1,165M | | Underlying EPS | $1.68 | $1.59 | $1.52 | | Underlying ROE | 18.4% | 17.7% | 17.7% | | **Growth** | | | | | Total AUM | $1,399.6B | $1,340.1B | $1,318.6B | | New Business CSM | $381M | $370M | $253M | | **Financial Strength** | | | | | SLF Inc. LICAT Ratio | 149% | 147% | 142% (as at Jan 1, '23) | | Financial Leverage Ratio | 21.5% | 21.8% | 23.7% (as at Jan 1, '23) | [C. Profitability](index=12&type=section&id=C.%20Profitability) Q4 2023 underlying net income increased 10% year-over-year to $983 million, driven by growth in all protection and wealth management businesses, while reported net income fell 36% to $749 million, primarily due to unfavorable market-related impacts of $193 million from real estate experience and interest rates, with mixed experience items including favorable morbidity in Canada and the U.S. offset by unfavorable expense and credit experience Reconciliation of Underlying to Reported Net Income (Q4'23 vs Q4'22) | ($ millions) | Q4'23 | Q4'22 | | :--- | :--- | :--- | | **Underlying net income** | **983** | **892** | | Market-related impacts | (193) | 224 | | Assumption changes (ACMA) | (1) | 12 | | Other adjustments | (40) | 37 | | **Reported net income** | **749** | **1,165** | - The **10%** increase in underlying net income was driven by higher earnings in Wealth & asset management (**+$27M**), Group - Health & Protection (**+$44M**), and Individual - Protection (**+$53M**)[43](index=43&type=chunk)[46](index=46&type=chunk) - The **36%** decrease in reported net income was primarily caused by unfavorable market-related impacts, especially from real estate and interest rates, and the prior year's positive impact from a Canadian tax rate change[43](index=43&type=chunk)[45](index=45&type=chunk) - The reported effective tax rate for Q4'23 was a recovery of **(11.1)%**, influenced by declining interest rates and a **$51 million** tax recovery related to the new Bermuda Corporate Income Tax regime[49](index=49&type=chunk)[50](index=50&type=chunk) [D. Growth](index=16&type=section&id=D.%20Growth) The company demonstrated strong growth in Q4 2023, with total individual protection sales increasing 42% year-over-year, led by Asia, group health & protection sales growing 8%, and wealth sales & asset management gross flows rising 6%, while total Assets Under Management (AUM) increased by 6% from year-end 2022 to $1.40 trillion, driven by favorable market movements Q4 2023 Sales and Gross Flows (vs Q4 2022) | Sales Category | Q4 2023 | YoY Change | | :--- | :--- | :--- | | Wealth sales & asset management gross flows | $45.8B | +6% | | Group - Health & Protection sales | $1.5B | +8% | | Individual - Protection sales | $707M | +42% | | New business CSM | $381M | +51% | - The **42%** surge in individual protection sales was primarily driven by higher sales in Hong Kong and International markets[53](index=53&type=chunk) - Total AUM increased by **$81.0 billion (6%)** from December 31, 2022, to **$1.40 trillion**, mainly due to **$126.9 billion** in favorable market movements, partially offset by net outflows and foreign exchange impacts[56](index=56&type=chunk) [E. Contractual Service Margin](index=18&type=section&id=E.%20Contractual%20Service%20Margin) The Contractual Service Margin (CSM), representing future insurance profits, grew by 8% during 2023 to end the year at $11.8 billion, driven by strong organic growth from new insurance business, particularly in Asia and Canada, which contributed $1.25 billion, partially offset by the CSM recognized for services provided and a reduction from the sale of Sun Life UK Full Year 2023 CSM Movement | ($ millions) | 2023 | 2022 | | :--- | :--- | :--- | | Beginning of Period | 10,865 | 9,797 | | Impact of new insurance business | 1,253 | 762 | | CSM recognized for services provided | (919) | (861) | | Impact of change in assumptions | 364 | 431 | | Disposition (Sale of Sun Life UK) | (262) | — | | **End of Period** | **11,786** | **10,865** | - The total CSM balance increased by **$0.9 billion (8%)** from December 31, 2022[61](index=61&type=chunk) - Organic CSM movement was strong, driven by new business from individual protection sales in Asia and Canada, and assumption changes also had a net positive impact of **$364 million** for the year[61](index=61&type=chunk) [F. Financial Strength](index=20&type=section&id=F.%20Financial%20Strength) Sun Life maintained a robust financial position, ending Q4 2023 with a LICAT ratio for SLF Inc. of 149%, an increase of seven percentage points from the start of the year, with total capital growing by $1.7 billion to $42.4 billion, and key capital activities including issuing $500 million in subordinated debentures, redeeming $1 billion of existing debentures, and repurchasing $186 million of common shares under its NCIB Key Financial Strength Ratios | Ratio | Q4 2023 | Jan 1, 2023 | | :--- | :--- | :--- | | SLF Inc. LICAT Ratio | 149% | 142% | | Sun Life Assurance LICAT Ratio | 141% | 139% | | Financial Leverage Ratio | 21.5% | 23.7% | - The SLF Inc. LICAT ratio of **149%** is well above OSFI's supervisory ratio of **100%**, with the increase during 2023 driven by reported net income and capital optimization, partly offset by dividends, debt redemption, and M&A[69](index=69&type=chunk)[70](index=70&type=chunk) - The company holds **$1.6 billion** in cash and other liquid assets at the parent company level (SLF Inc.), up from **$1.1 billion** at year-end 2022[72](index=72&type=chunk) - In 2023, SLF Inc. purchased and cancelled approximately **2.8 million** common shares for a total cost of **$186 million** under its Normal Course Issuer Bid (NCIB)[76](index=76&type=chunk) [G. Performance by Business Segment](index=22&type=section&id=G.%20Performance%20by%20Business%20Segment) This section provides a detailed breakdown of financial performance for each of Sun Life's five business segments, where for Q4 2023, Canada was the strongest contributor to underlying net income at $350 million, followed by Asset Management at $331 million, the U.S. at $253 million, and Asia at $143 million, while the Corporate segment recorded an underlying net loss of $94 million Q4 2023 Underlying Net Income by Business Segment | ($ millions) | Q4'23 | Q3'23 | Q4'22 | | :--- | :--- | :--- | :--- | | Asset Management | 331 | 330 | 324 | | Canada | 350 | 338 | 265 | | U.S. | 253 | 185 | 230 | | Asia | 143 | 166 | 135 | | Corporate | (94) | (89) | (62) | | **Total** | **983** | **930** | **892** | [1. Asset Management](index=23&type=section&id=1.%20Asset%20Management) Asset Management's underlying net income grew 2% YoY to $331 million in Q4, driven by a 26% increase in fee-related earnings at SLC Management, which offset a decline at MFS, as MFS experienced net outflows of US$11.2 billion, while SLC Management continued its growth with net inflows of $3.9 billion and a significant increase in fee-earning AUM - SLC Management's underlying net income increased by **$22 million**, driven by higher fee-related earnings and seed investment income, while MFS's underlying net income decreased by **$15 million** due to higher expenses[82](index=82&type=chunk)[86](index=86&type=chunk) Q4 2023 Asset Management Flows | (C$ billions) | MFS | SLC Management | Total | | :--- | :--- | :--- | :--- | | Gross Flows | 30.4 | 8.0 | 38.3 | | Net Flows | (15.3) | 3.9 | (11.4) | - MFS's AUM increased **9%** from year-end 2022 to **US$598.6 billion**, driven by market appreciation which offset net outflows[80](index=80&type=chunk)[83](index=83&type=chunk) [2. Canada](index=25&type=section&id=2.%20Canada) The Canada segment delivered a strong quarter with underlying net income increasing 32% YoY to $350 million, with broad-based growth and notable strength in Group Health & Protection due to premium growth and improved disability experience, alongside robust sales across all lines: wealth gross flows up 32%, group sales up 63%, and individual protection sales up 23% - The **32%** increase in underlying net income was driven by a **$57 million** increase in Group - Health & Protection, a **$20 million** increase in Wealth & asset management, and an **$8 million** increase in Individual - Protection[88](index=88&type=chunk)[89](index=89&type=chunk) Q4 2023 Canada Sales Growth (YoY) | Business Line | YoY Growth | | :--- | :--- | | Wealth sales & asset management gross flows | +32% | | Group - Health & Protection sales | +63% | | Individual - Protection sales | +23% | [3. U.S.](index=26&type=section&id=3.%20U.S.) The U.S. segment's underlying net income rose 8% YoY to US$187 million, primarily due to a US$21 million increase in Individual Protection, which benefited from the inclusion of the UK payout annuity business and improved mortality, while Group Health & Protection income declined slightly, and group sales saw a modest 4% increase - Individual - Protection underlying income grew by **US$21 million**, driven by the inclusion of the UK payout annuity business and better mortality experience[91](index=91&type=chunk)[93](index=93&type=chunk) - Group - Health & Protection underlying income decreased by **US$7 million**, as lower Dental results offset higher Group Benefits results[91](index=91&type=chunk)[93](index=93&type=chunk) - U.S. group sales increased **4%** YoY to **US$932 million**, driven by higher medical stop-loss and commercial dental sales[92](index=92&type=chunk) [4. Asia](index=27&type=section&id=4.%20Asia) Asia's underlying net income increased by 6% YoY to $143 million, supported by business growth, with the segment's growth story dominated by a 49% surge in individual sales, driven by strong demand in Hong Kong after pandemic restrictions were lifted, leading to a significant increase in new business CSM, which rose to $223 million from $122 million in Q4'22 - Individual - Protection underlying income grew by **$20 million**, reflecting strong sales momentum[95](index=95&type=chunk) Q4 2023 Asia Sales Growth (YoY) | Business Line | YoY Growth | | :--- | :--- | | Individual - Protection sales | +49% | | Wealth sales & asset management gross flows | +12% | - New business CSM increased to **$223 million** in Q4'23, up from **$122 million** in the prior year, primarily driven by sales in Hong Kong and High-Net-Worth[95](index=95&type=chunk) [5. Corporate](index=28&type=section&id=5.%20Corporate) The Corporate segment reported an underlying net loss of $94 million, an increase from the $62 million loss in Q4'22, with the larger loss primarily a result of the sale of Sun Life UK and higher operating expenses, partially mitigated by a lower effective tax rate, resulting in a reported net loss of $41 million, a significant swing from a reported net income of $97 million in the prior-year quarter - The underlying net loss increased from **$62 million** in Q4'22 to **$94 million** in Q4'23[97](index=97&type=chunk) - Key drivers for the increased underlying loss were the sale of Sun Life UK and higher operating expenses[97](index=97&type=chunk)[98](index=98&type=chunk) [H. Non-IFRS Financial Measures](index=30&type=section&id=H.%20Non-IFRS%20Financial%20Measures) This section defines and provides detailed reconciliations for non-IFRS financial measures used by Sun Life to help investors understand underlying business performance, with the primary measure, 'Underlying Net Income', adjusting IFRS reported net income for market-related impacts, assumption changes, and other specific items like acquisition costs, and reconciliations provided for the company as a whole and by business segment - Underlying net income is a non-IFRS measure that removes the following from reported net income: market-related impacts, assumption changes and management actions (ACMA), and other adjustments (e.g., acquisition costs, intangible asset amortization)[105](index=105&type=chunk)[106](index=106&type=chunk) Full Year 2023 Reconciliation of Underlying to Reported Net Income | ($ millions) | 2023 | 2022 | | :--- | :--- | :--- | | **Underlying net income** | **3,728** | **3,369** | | Market-related impacts | (454) | (21) | | Assumption changes (ACMA) | 36 | (168) | | Other adjustments | (224) | (309) | | **Reported net income** | **3,086** | **2,871** | - Assets Under Management (AUM) is another key non-IFRS measure, and as of December 31, 2023, total AUM was **$1.40 trillion**, reconciled from general funds, segregated funds, and third-party AUM[113](index=113&type=chunk)[114](index=114&type=chunk) [I. Forward-looking Statements](index=36&type=section&id=I.%20Forward-looking%20Statements) This section contains the standard 'safe harbor' disclosure, cautioning that statements in the report relating to future strategies, growth, and objectives are forward-looking, clarifying that these statements are not guarantees of future performance and are subject to various risks and uncertainties, and listing key risk factors that could cause actual results to differ materially, including market, insurance, credit, business, operational, and liquidity risks - The report contains forward-looking statements regarding strategies, growth initiatives, and other business objectives[124](index=124&type=chunk) - These statements are subject to significant risks and uncertainties, with key risk factors including, but not limited to: market risks (equity, interest rates), insurance risks (mortality, morbidity), credit risks, business and strategic risks, operational risks (cyber-attacks), and liquidity risks[126](index=126&type=chunk)

assets under management1,2,3 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------- ...

Financial Data and Key Metrics Changes - Underlying net income for Q3 2023 was $930 million, maintaining steady growth year-to-date, with underlying earnings per share at $1.59 [22][9] - Reported net income for the quarter was $871 million, up from $111 million in the prior year, reflecting favorable market-related impacts [26] - The LICAT ratio was 147%, down one point from the prior quarter due to capital deployment [29] Business Line Data and Key Metrics Changes - Wealth and Asset Management underlying earnings comprised 44% of total Q3 underlying earnings, up 9% from the prior year, driven by higher investment income [23] - Group Health and Protection businesses accounted for 27% of Q3 underlying earnings, growing 1% year-over-year, while Individual Protection earnings declined 3% due to the sale of the U.K. business [24] - New business CSM was $370 million, more than doubling from the prior year, with total CSM growing 11% year-over-year [25] Market Data and Key Metrics Changes - Total assets under management increased to $1.34 trillion, up 6% over last year [10] - MFS underlying net income was USD 207 million, down 2% from the prior year, with retail net outflows of USD 3.7 billion [30] - SLC Management generated fee-related earnings of $68 million, up 17% year-over-year, reflecting good capital raising and deployment [32] Company Strategy and Development Direction - The company is focused on expanding health-oriented businesses and improving access to care through digital channels, including the acquisition of Dialogue, a virtual health provider [6][5] - A new role of Vice Chair of Strategic Partnerships has been created to leverage global partnership opportunities [17] - The company aims to enhance client impact through technology, including generative AI projects [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the diversified business mix and the ability to navigate a challenging external environment [19] - The company anticipates good revenue growth in 2024, driven by an expected increase in sales pipeline revenues [35] - Management remains optimistic about the DentaQuest acquisition and its integration, expecting it to meet or exceed acquisition expectations [138] Other Important Information - The company announced a $0.03 increase to its quarterly common share dividend and is active in its share buyback program [4] - The favorable market-related impact was primarily driven by interest rates, with expectations of continued positive impacts as the yield curve normalizes [27] Q&A Session Summary Question: Regarding the LICAT being better than anticipated - Management confirmed that the LICAT was down one point quarter-over-quarter, with organic capital generation of approximately $600 million in the quarter [41][40] Question: Why is there a change in management in Asia? - Management indicated that partnerships are increasingly important, and the new role is aimed at maintaining growth momentum in Asia [43][42] Question: Impact of Medicaid redeterminations on dental experience - Management noted that the redetermination process is occurring faster than expected, leading to higher expenses and a temporary impact on loss ratios [72][71] Question: Outlook for profitability in the dental business - Management expects the dental business to rebound as new business premiums come on the books in 2024, despite current challenges [75][74] Question: Insights on partnerships and sales growth in Asia - Management highlighted strong sales momentum in Hong Kong, driven by various distribution channels and a new bancassurance relationship [84][83]