Financial Data and Key Metrics Changes - Underlying net income reached CAD 1.1 billion, contributing to underlying earnings per share growth of 17% year-over-year and underlying return on equity of 19.1% [4][14] - Total company reported net income was CAD 722 million, 34% lower than underlying net income, primarily due to market-related impacts [16] - Full-year underlying earnings growth was 9%, with underlying EPS growth at 12% and a dividend payout ratio of 47% [12][28] Business Line Data and Key Metrics Changes - Asset management and wealth underlying earnings were CAD 534 million, up 10% year-over-year, driven by lower credit losses and higher fee income [14] - Group Health and Protection underlying earnings increased by 16% year-over-year to CAD 308 million, with strong performance in the U.S. medical stop-loss business [15] - Individual protection underlying net income rose 17% to CAD 362 million, driven by business growth and favorable mortality experience [15] Market Data and Key Metrics Changes - In Asia, protection sales grew by 50% year-over-year, with standout markets being Hong Kong and Indonesia, where sales more than doubled and grew by 43% respectively [7][25] - U.S. Group Health and Protection sales increased by 45% year-over-year, primarily driven by record medical stop-loss sales [24] - MFS reported net outflows of approximately CAD 18.2 billion, with retail outflows of CAD 9.8 billion and institutional outflows of CAD 8.5 billion [18] Company Strategy and Development Direction - The company is focused on a balanced and diversified growth strategy, with a commitment to digital transformation and enhancing client experiences [10][11] - Plans to complete the buyouts of BGO and Crescent Capital in the first half of 2026, which will deepen ownership in high-performing businesses [20] - The introduction of a management equity plan for SLC aims to motivate and retain talent in the alternative asset management space [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the business mix and disciplined execution of long-term strategies, despite a complex operating environment [13] - The company anticipates continued growth in 2026, supported by strong organic capital generation and an industry-leading LICAT ratio of 157% [28] - Management highlighted the importance of maintaining pricing discipline in the stop-loss business and the positive impact of a hardening market [35] Other Important Information - The company achieved Great Place to Work recertification in nine countries, emphasizing its commitment to culture and employee satisfaction [11] - The asset management platform ended the year with CAD 1.2 trillion of third-party assets under management and administration [12] Q&A Session Summary Question: Stop-loss experience and future improvements - Management noted a modest improvement in the loss ratio and expressed optimism heading into 2026, maintaining pricing discipline [32] Question: Sales growth in stop-loss and dental products - Management confirmed that sales growth reflects seasonality and pricing discipline, with a large Medicaid contract returning in 2026 [33] Question: Excess capital and buyback strategy - Management emphasized a disciplined approach to capital deployment, prioritizing organic investments and completing private asset affiliate purchases before resuming share buybacks [46][70] Question: Strategy in the stop-loss market amid competition - Management highlighted their scale and capabilities as key advantages, allowing them to grow in a hardening market while maintaining low loss ratios [54][56] Question: Growth expectations in Asia - Management expects continued good performance in Hong Kong and growth opportunities in Indonesia, despite tough comparisons [66]

The enhanced ACA subsidies are set to expire at the end of 2025, a change that could sharply raise premiums and leave millions without coverage. Congress is divided over whether to extend them. Here's what to know https://t.co/Z8xSxZrxrj ...

It's official. Premiums for 20 million Americans enrolled in the Affordable Care Act will double on average as House Republican leaders passed a health care bill that does not include the enhanced subsidies. This despite an intraarty rebellion where four moderate Republicans join Democrats to force a vote for a three-year extension of those subsidies.Though that's not going to happen until the new year, leaving both sides frustrated. >> It's extraordinary to us. I don't think these people want to win any mo ...

Lawmakers leave Washington with no resolution on expiring health insurance subsidies, giving Democrats a powerful weapon in the 2026 midterm elections. https://t.co/8N4E39s8VX ...

Welcome to Meet the Press. Now, I'm Kristen Welker in Washington where President Trump is doubling down on his economic agenda and facing a rough stretch of souring poll numbers as he urges voters to blame his predecessor. It comes amid a potential bright spot for the administration with the Labor Department reporting today that inflation fell to 2.7% in November.That's lower than expected. The data comes with a few caveats. It was collected later than normal because of the government shutdown and economist ...

Welcome back. News this hour on Capitol Hill as four House Republicans join Democrats to force a vote on Affordable Care Act subsidies. Our Emily Wilkins watching that and some of the implications for House leadership.Hey Emily. >> Hey Carl. Well, yeah, as you mentioned, those four Republicans breaking with ranks, joining with Democrats to override Speaker Mike Johnson and force a vote on a three-year extension of those Affordable Care Act premium tax credits.Now, to be clear, it's not clear exactly when th ...

We're in the middle of open enrollment season, right. For most states that started on November 1st. This is a time in which people pick their new health insurance plans for the new year and they have to do so by December 15th in order for coverage to start at this, you know, at the beginning of 2026.So why is it damaging whether for enrolles, insurers, um, and the broader health care system for there not to be a clear answer on these enhanced subsidies right now. Yeah, it's a great question and in many ways ...

My next guest is one of the millions of Americans whose monthly premiums will balloon if the ACA sub subsidies do expire at the end of the month. Right now, Ellen Allen pays $479 a month for her healthc care coverage and she just learned it's going to cost her almost $2,000 starting in January if Congress does not act. Joining us, executive director of West Virginiaians for affordable healthc care, Ellen Allen.So, you're just outside of Charleston, West Virginia. >> Yes. Tell me about the healthcare plan yo ...

Joining us now is Dr. . Zeke Emanuel, vice provost of global initiatives at the University of Pennsylvania. He served as a health policy adviser in the Obama administration, was a key architect of the Affordable Care Act.He's also the author of the upcoming book, Eat Your Ice Cream: Six Simple Rules for a Long and Healthy Life. Doctor, it's great to have you here with us. Skyrocketing premiums could force millions of people to make real difficult choices such as paying for their day-to-day living expenses o ...

Senator Cassidy joins us this morning. He chairs the health, education, labor, uh, and pensions, uh, or help committee. And Senator, it's good to have you on. Uh, Senator Doctor, it's good to have you on on this morning.Um, is there are we with with the competing plans. Are we moving somewhere. Because neither one is is probably going to pass.I is this is this necessary work that that we need to do the the the whole procedure to get to an end point at some point. >> Joe, it might be necessary. Good morning, ...