Jackson Financial Inc. Fourth Quarter and Full Year 2025 Financial Results For Presentation on February 19, 2026 Forward-Looking Statements and Non-GAAP Measures The information in this document contains forward-looking statements about future events and circumstances and their effects upon revenues, expenses and business opportunities. Generally speaking, any statement in this document not based upon historical fact is a forward-looking statement. Forward-looking statements can also be identified by the us ...

Financial Data and Key Metrics Changes - Operating capital generation before holding and funding expenses increased year-over-year to EUR 1.3 billion, ahead of target [4] - Operating results increased by 15% compared to 2024, reaching EUR 1.7 billion [4] - Free cash flow for the full year 2025 was EUR 829 million, consistent with the target [5] - Final dividend proposed at EUR 0.21 per common share, resulting in a full year 2025 dividend of EUR 0.40 per share, up 14% from EUR 0.35 per share in 2024 [5] - Group solvency ratio remains robust at 184% [16] Business Line Data and Key Metrics Changes - In the U.S. Strategic Assets, new life sales increased by 10% compared to 2024, with a 13% increase in individual life business sales [9] - Indexed annuity net deposits increased by 45% in 2025 due to improved wholesale distribution productivity [9] - Aegon U.K. reported net deposits driven by onboarding new schemes and regular contributions, while the Adviser platform experienced net outflows due to ongoing consolidation [10][11] - Aegon Asset Management generated positive third-party net deposits, although at a lower level than last year [11] Market Data and Key Metrics Changes - The number of licensed agents in the U.S. increased to nearly 96,000, an 11% increase year-over-year [8] - The U.K. Workplace platform generated healthy net inflows, while the International segment reported higher new life sales in Brazil, Spain, and Portugal [11] - In China, new life sales were negatively impacted by changes to product pricing and the economic environment [11] Company Strategy and Development Direction - The company is making progress with preparations for relocation to the U.S. and U.S. GAAP implementation [7] - Aegon aims to grow the operating result of the group by around 5% per year from the EUR 1.5 billion-EUR 1.7 billion run rate in 2025 [18] - The strategic review of Aegon U.K. is ongoing, with updates expected before summer [47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting growth ambitions for 2026 and 2027, supported by strong commercial performance and favorable market conditions [26] - Positive mortality and morbidity variances were noted, contributing to strong operating results [38] - Management acknowledged the challenges in the U.K. market due to consolidation and budget jitters affecting client behavior [92] Other Important Information - The company executed EUR 400 million of share buybacks in the second half of 2025 and announced a new EUR 400 million buyback program for 2026 [6] - Cash capital at holding decreased to EUR 1.3 billion at the end of 2025, consistent with the aim to reach around EUR 1.0 billion by the end of 2026 [24] Q&A Session Summary Question: Sustainability of operating profit and a.s.r stake - Management indicated that the second half operating result was a reasonable representation of underlying figures, supported by strong markets [32] - The company remains satisfied with its stake in a.s.r, with no immediate plans to sell [33][34] Question: Conditions for OCG and WFG trends - Management highlighted positive variances and strong sales performance as key drivers of OCG, while investments in WFG were noted as a reason for lower operating results [40][41] Question: Legal settlements and U.K. strategic review - Management confirmed that legal settlements are included in the $230 million charges and are awaiting court approval [46] - Updates on the U.K. review are expected before summer [47] Question: Financial assets and IFRS changes - Management discussed ongoing management actions to reduce required capital and emphasized the importance of IFRS in their reporting [61][62] Question: Net inflows and asset management outlook - Management noted that U.S. retirement plans are performing well despite net outflows, while U.K. outflows are attributed to market trends and client behavior [91][92]

Financial Data and Key Metrics Changes - Adjusted operating income increased by 31% year-over-year in Q4 2025, marking the highest level in four years [5][25] - Full-year adjusted income from operations available to common shareholders was over $1.5 billion, a 23% improvement compared to 2024 [25] - Net income available to common stockholders for Q4 was $745 million, or $3.80 per diluted share [26] Business Line Data and Key Metrics Changes - Annuities sales volumes increased by 25% in 2025, with RILA sales up 35% and fixed annuity sales up 11% [11][12] - Group Protection delivered operating earnings of $493 million for the full year, up 16% from 2024, with a margin improvement to 9% [28] - Life Insurance operating earnings improved to $77 million for Q4, compared to an operating loss of $15 million in the prior year [36] Market Data and Key Metrics Changes - Group Protection now accounts for approximately 25% of business unit earnings, up from 18% in 2023 [45] - Spread-based annuity account balances increased to 30%, up from 25% in 2023 [46] - Average account balances in Retirement Plan Services increased nearly 9% year-over-year to $124 billion [35] Company Strategy and Development Direction - The company is focused on increasing risk-adjusted returns, reducing volatility, and growing its franchise through strategic realignment and operational execution [7][10] - There is an emphasis on products with higher risk-adjusted margins and stable cash flows to strengthen business resilience [9][14] - The company aims to maintain expense discipline while investing strategically to support long-term priorities [8][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value despite potential market volatility [10][22] - The company is committed to improving the quality and durability of earnings while focusing on profitable growth [21][36] - The outlook for 2026 includes expectations for continued earnings growth and capital return to shareholders [49] Other Important Information - The investment portfolio delivered an annualized return of nearly 12% for Q4, exceeding targets [24][42] - The company completed the consolidation of several Life Insurance captive entities, which is expected to improve free cash flow [43][69] - Holding company liquidity ended the year at approximately $1.1 billion, providing financial flexibility for future capital returns [44] Q&A Session Summary Question: Capital return guidance and buybacks - Management indicated that capital deployment priorities include maintaining excess capital in operating entities and preparing for optimal handling of preferred securities [52][54] Question: Excess cash and potential uses - The excess cash at the holding company is primarily aimed at managing preferred securities and increasing capital return to shareholders [56] Question: Life Insurance captive consolidation impact - The consolidation of captives is expected to reduce reserve financing costs and improve the free cash flow profile of the legacy Life block [68][69]

Financial Data and Key Metrics Changes - Adjusted Operating Income increased by 31% year-over-year in Q4 2025, marking the highest level in four years [5] - Full-year Adjusted Operating Income available to common stockholders was over $1.5 billion, a 23% improvement compared to 2024 [25] - Net income available to common stockholders for Q4 was $745 million, or $3.80 per diluted share [26] Business Line Data and Key Metrics Changes - Annuities delivered operating income of $311 million for Q4, with total sales volumes up 25% year-over-year [11][30] - Group Protection's full-year operating earnings increased by 16% to $493 million, with a margin improvement to 9% [28] - Life insurance delivered operating earnings of $77 million for Q4, a significant improvement from an operating loss of $15 million in the prior year [36] Market Data and Key Metrics Changes - RILA sales increased by 35% in 2025, reflecting strong customer demand [12] - Fixed Annuity sales increased by 11%, while Variable Annuity sales rose by 27% year-over-year [12] - Group Protection's full-year premium growth was nearly 7%, driven by strong sales and persistency [19] Company Strategy and Development Direction - The company is focused on increasing risk-adjusted returns, reducing volatility, and growing its franchise [7] - Strategic realignment efforts are aimed at optimizing the operating model and enhancing capital efficiency [9] - The company is prioritizing profitable growth over top-line sales growth, particularly in annuities [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value despite potential market volatility [10] - The company expects to sustain momentum in earnings growth and improve the quality of earnings over time [22] - Management highlighted the importance of maintaining expense discipline and optimizing the investment strategy [41][42] Other Important Information - The investment portfolio delivered an annualized return of nearly 12% for Q4, exceeding targets [24] - The company completed the consolidation of several life insurance captive entities, which is expected to improve free cash flow [43][69] - Holding company liquidity ended the year at approximately $1.1 billion, providing financial flexibility for future capital returns [44] Q&A Session Summary Question: Capital return expectations for 2026 - Management indicated that capital deployment priorities include maintaining excess capital in operating entities and preparing for preferred stock redemption [52][54] Question: Future remittances and shareholder returns - Management confirmed that remittances are expected to grow, and there is potential for increased capital return to shareholders in the future [60][61] Question: Impact of captive consolidation on earnings - Management noted that the captive consolidation completed in Q4 provided a $10 million benefit to life earnings and is part of broader efforts to improve free cash flow [69]

Financial Data and Key Metrics Changes - Adjusted Operating Income increased by 31% year-over-year for Q4 2025, marking the highest level in four years, with full-year Adjusted Operating Income exceeding $1.5 billion, a 23% improvement compared to 2024 [5][25][26] - Net income available to common stockholders for Q4 was $745 million, or $3.80 per diluted share, driven by favorable market conditions [26] - The company reported a strong alternative investments portfolio return of nearly 12% for the quarter [25][42] Business Line Data and Key Metrics Changes - Annuities delivered operating income of $311 million for Q4, with total sales volumes up 25% year-over-year, driven by a shift towards spread-based products [10][31] - Group Protection achieved operating earnings of $493 million for the full year, up 16% from 2024, with a margin improvement to 9% [28][30] - Life insurance operating earnings improved significantly to $77 million for Q4, compared to an operating loss of $15 million in the prior year [36][38] Market Data and Key Metrics Changes - RILA sales increased by 35% in 2025, while Fixed Annuity sales rose by 11%, reflecting strong market demand [11][12] - Group Protection's full-year premium growth was nearly 7%, with strong sales across all products and segments [19][30] - Retirement Plan Services reported average account balances increasing nearly 9% year-over-year to $124 billion, despite net outflows of approximately $1 billion for the quarter [35][36] Company Strategy and Development Direction - The company is focused on improving risk-adjusted returns on capital, reducing volatility, and growing its franchise through strategic realignment and operational enhancements [6][7] - There is an emphasis on products with higher risk-adjusted margins and stable cash flows to strengthen business resilience [8][9] - The company aims to maintain disciplined expense management while investing strategically to support long-term priorities [7][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value, despite potential market volatility and economic changes [9][23] - The company is committed to enhancing capital efficiency and optimizing its operating model to support sustainable growth [22][48] - Looking ahead to 2026, management expects continued earnings growth and a focus on profitable growth over top-line sales growth [12][16] Other Important Information - The company completed the consolidation of several life insurance captive entities, which is expected to improve GAAP earnings by approximately $25 million to $30 million in 2026 [71] - Holding company liquidity ended the year at approximately $1.1 billion, providing financial flexibility for future capital returns to shareholders [44][49] Q&A Session Summary Question: Capital return expectations for 2026 - Management indicated that capital deployment priorities include maintaining excess capital in operating entities and preparing for optimal handling of preferred securities [52][54] Question: Excess cash management at the holding company - Management confirmed that excess cash would primarily be used for managing preferred securities and increasing capital return to shareholders [56][57] Question: Life insurance business improvements - Management discussed the benefits of captive consolidation and ongoing efforts to enhance the free cash flow profile of the legacy life block, projecting further improvements in earnings [70][71]

Financial Data and Key Metrics Changes - Full-year non-GAAP operating earnings were $5.64 per share, or $6.21 per share after adjusting for notable items, up 1% over 2024, with growth held back by elevated mortality claims [7][8] - Full-year organic cash generation was $1.6 billion, consistent with guidance, expected to increase to approximately $1.8 billion in 2026, and on track to reach $2 billion in 2027 [8][25] - Assets under management and administration ended 2025 at a record $1.1 trillion, up 10% year-over-year [8][18] Business Line Data and Key Metrics Changes - In Retirement, net flows were $5.9 billion in 2025, a 4% organic growth rate, supported by record RILA sales [9] - Wealth Management saw full-year net inflows of $8.4 billion, a 13% organic growth rate, with the number of wealth planners increasing by 12% [9][21] - AllianceBernstein experienced overall net outflows of $11.3 billion, but its private markets business increased AUM by 18% to $82 billion [10] Market Data and Key Metrics Changes - The retirement segment's net interest margin increased 2% sequentially, driven by growth in general account assets [19] - The adjusted operating margin for AllianceBernstein was reported at 33.7%, at the upper end of its targeted range [13][21] - The company expects mid to high single-digit growth in pre-tax earnings for the retirement segment in 2026 [28] Company Strategy and Development Direction - The company is focused on refining its business mix to emphasize U.S. retirement, asset management, and wealth management as core growth engines [5] - A life reinsurance transaction with RGA freed $2 billion of capital and reduced mortality exposure by 75%, supporting growth in asset and wealth management [11] - The company aims to achieve $150 million in expense savings by 2027, with $120 million already in run rate results [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 financial targets, citing solid momentum entering 2026 and reduced mortality exposure [6][31] - The company anticipates continued growth in assets under management and advice, supported by healthy organic growth trends [16] - Management acknowledged competitive market conditions but remains optimistic about the company's ability to execute and capture growth opportunities [5][32] Other Important Information - The company returned $1.8 billion to shareholders in 2025, including $500 million of additional share repurchases [8][24] - The full-year payout ratio was 68% at the high end of the target range of 60%-70% [8][14] - The company ended 2025 with a combined NAIC RBC ratio of approximately 475%, above the target of 400% [25] Q&A Session Summary Question: Insights on private credit portfolio quality - Management indicated that private credit constitutes about 16% of the total general account, with minimal exposure to software, which is only 1% of the total [35][36] Question: Competition for advisors in wealth management - Management noted that organic growth is strong, with a distinct model attracting new advisors, and emphasized disciplined hiring practices [40][42] Question: Addressing valuation gap between AB and Equitable - Management acknowledged the valuation gap and emphasized the focus on growing the business and improving execution to close the gap [45][48] Question: Mortality exposure and potential reduction - Management discussed the manageable nature of remaining mortality exposure and the potential for further reductions through strategic actions [49][52] Question: Retirement segment commission and distribution expenses - Management explained that commission expenses are expected to normalize over time, with earnings growth anticipated to exceed commission expenses [55][56]

Financial Data and Key Metrics Changes - Full-year non-GAAP operating earnings were $5.64 per share, or $6.21 per share after adjusting for notable items, up 1% over 2024 [6][7] - Full-year organic cash generation was $1.6 billion, consistent with guidance, expected to increase to approximately $1.8 billion in 2026 [8][25] - Assets under management and administration ended 2025 at a record $1.1 trillion, up 10% year-over-year [8][18] - The company returned $1.8 billion to shareholders in 2025, with a payout ratio of 68% excluding incremental buybacks [8][24] Business Line Data and Key Metrics Changes - In Retirement, net flows were $5.9 billion in 2025, a 4% organic growth rate, supported by record RILA sales [9] - Wealth Management saw full-year net inflows of $8.4 billion, a 13% organic growth rate, with a 12% increase in the number of wealth planners [9][22] - AllianceBernstein (AB) experienced overall net outflows of $11.3 billion, but its private markets business increased AUM by 18% to $82 billion [10] Market Data and Key Metrics Changes - The company reported strong momentum in the private markets business, with a target of $90 billion-$100 billion in AUM by the end of 2027 [10] - The institutional pipeline for AB ended 2025 with $20 billion, indicating strong future growth potential [10] Company Strategy and Development Direction - The company is focused on three core growth engines: U.S. retirement, asset management, and wealth management, aiming to refine its business mix [5] - The life reinsurance transaction with RGA is expected to create a more valuable company by reducing mortality exposure by 75% and freeing up $2 billion of capital [11][15] - The company aims to achieve $150 million in expense savings by 2027, with $120 million already in run rate results [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 financial targets, with solid momentum entering 2026 [6][31] - The company expects EPS growth to accelerate in 2026, driven by reduced mortality exposure and strong cash generation [15][16] - Management highlighted the importance of maintaining a disciplined approach to expenses and capital allocation to support growth [48][88] Other Important Information - The adjusted book value per share was $33.84, providing a more meaningful valuation than reported book value [19] - The company expects a total company tax rate of approximately 20% and segment tax rates of 16% for retirement, 26% for wealth management, and 28% for asset management [29] Q&A Session Summary Question: Insights on private credit portfolio quality - Management indicated that private credit constitutes about 16% of the total general account, with minimal exposure to software, which is only 1% of the total [35][36] Question: Competition for advisors in wealth management - Management noted that organic growth is strong, with a focus on recruiting experienced advisors and maintaining a disciplined approach to hiring [40][42] Question: Addressing valuation gap between AB and Equitable - Management acknowledged the valuation gap and emphasized the importance of focusing on business growth and execution to close it [45][48] Question: Mortality exposure and potential for further reduction - Management discussed the impact of recent claims and indicated that while the remaining exposure is manageable, they will explore options to further reduce it [49][51] Question: Retirement segment commission and distribution expenses - Management explained that commission expenses are expected to normalize over time, with growth in earnings expected to exceed commission expenses [55][56] Question: Cash flow conversion and underlying drivers - Management confirmed that cash generation is improving, driven by higher asset and wealth earnings, and emphasized the importance of cash flow as a key metric [65][68]

Financial Data and Key Metrics Changes - Full-year non-GAAP operating earnings were $5.64 per share, up 1% from 2024, with notable items adjusted EPS at $6.21 [5][6] - Full-year organic cash generation was $1.6 billion, consistent with guidance, expected to increase to approximately $1.8 billion in 2026 [6][12] - Assets under management and administration reached a record $1.1 trillion, up 10% year-over-year [6][17] - The company returned $1.8 billion to shareholders in 2025, with a payout ratio of 68% excluding incremental buybacks [6][22] Business Line Data and Key Metrics Changes - Retirement segment net flows were $5.9 billion in 2025, reflecting a 4% organic growth rate, supported by record RILA sales [7][11] - Wealth Management saw net inflows of $8.4 billion, achieving a 13% organic growth rate, with a 40% year-over-year increase in fourth-quarter earnings [7][20] - AllianceBernstein (AB) reported overall net outflows of $11.3 billion, but private markets business AUM increased by 18% to $82 billion [8][9] Market Data and Key Metrics Changes - The company experienced strong momentum in the private markets business, with a target of $90 billion-$100 billion in AUM by the end of 2027 [9] - The retirement business is expected to see mid to high single-digit growth in pre-tax earnings, with spreads stabilizing in the second half of 2026 [26][70] Company Strategy and Development Direction - The company is focused on three core growth engines: U.S. retirement, asset management, and wealth management, aiming to reshape its balance sheet to be more capital light [4][10] - The life reinsurance transaction with RGA is expected to create a more valuable company by freeing up $2 billion of capital and reducing mortality exposure by 75% [10][14] - The company aims to achieve $2 billion in annual cash generation by 2027, with a strong focus on organic growth and maintaining a disciplined approach to expenses [12][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 financial targets, citing solid momentum entering 2026 and reduced mortality exposure [5][28] - The company anticipates EPS growth to accelerate in 2026, driven by strong cash generation and reduced volatility from mortality claims [13][14] - Management highlighted the importance of maintaining a disciplined approach to investments and capital returns while focusing on growth opportunities in attractive markets [88] Other Important Information - The adjusted book value per share was reported at $33.84, providing a more meaningful valuation than reported book value [18] - The company achieved a 33.7% adjusted operating margin at AB, indicating strong execution on margin initiatives [12] Q&A Session Summary Question: Insights on private credit portfolio quality - Management indicated that private credit constitutes about 16% of the total general account, with minimal exposure to software-related risks [32][34] Question: Competition for advisors in wealth management - The company reported a 12% growth in wealth planners, emphasizing a disciplined approach to hiring and targeting specific advisor practices [36][39] Question: Addressing the valuation gap between AB and Equitable - Management acknowledged the valuation gap and emphasized the focus on growing the business and improving execution to close this gap [42][45] Question: Mortality exposure and potential further reductions - Management discussed the impact of recent mortality claims and the prudent guidance for future mortality assumptions, indicating manageable volatility [46][48] Question: Commission and distribution expenses in retirement segment - Management explained the increase in commission expenses and the expectation of earnings growth exceeding commission expenses over time [53][54] Question: Growth potential of the FABN program - The company expressed optimism about growing the FABN program, which has shown attractive IRRs and contributes to retirement earnings [60][61] Question: Cash flow conversion and underlying drivers - Management confirmed improving cash conversion rates, driven by higher asset and wealth earnings and capital release from legacy blocks [64][66] Question: Competitive dynamics in the RILA market - Management noted the growing demand for RILAs and the company's commitment to maintaining disciplined pricing and strong IRRs despite increased competition [79][81]

Core Points - Corebridge Financial reported strong sales momentum in Q3, with record-high annuity sales and significant activity in Institutional Markets driving top-line growth [1] - The company achieved nearly $800 million in RILA product sales for Q3, totaling over $1.7 billion year-to-date [1] - Despite these sales achievements, profitability was impacted by higher compensation expenses and one-time charges, leading to earnings that fell short of Wall Street expectations [1] Financial Highlights - Revenue reached $5.63 billion, exceeding analyst estimates of $3.76 billion, representing a 34% year-on-year growth and a 49.7% beat [6] - Adjusted EPS was $0.96, missing analyst expectations of $1.08 by 11.4% [6] - Adjusted Operating Income was $647 million, below analyst estimates of $792 million, with an 11.5% margin, marking an 18.3% miss [6] - The company's market capitalization stands at $15.59 billion [6] Analyst Insights - CFO Elias Habayeb discussed spread yield compression in Individual Retirement, attributing it to asset reallocations from the VA transaction [6] - Concerns regarding private credit exposure were addressed, with Habayeb noting that most private placements are investment grade and diversified [6] - CEO Kevin Hogan highlighted the strategic value of the Group Retirement (VALIC) business, focusing on the transition to fee-based income through advisor-led wealth management [6] - Hogan also mentioned strong pipelines in GIC and PRT, while projecting a step-down in insurance company dividends post-VA transaction [6] - Clarifications were made regarding capital return pacing and regulatory risks associated with private credit allocations [6]

Financial Data and Key Metrics Changes - Non-GAAP operating earnings were $455 million, or $1.48 per share, down 6% year over year on a per-share basis [4][14] - Adjusted for notable items, non-GAAP operating EPS was $1.67, up 2% compared to the prior year [5][14] - Total assets under management reached a record $1.1 trillion, up 4% sequentially and 7% year over year [5][14][16] - The consolidated GAAP net loss was $1.3 billion, primarily due to a one-time impact from asset transfers related to the life reinsurance transaction [14] Business Line Data and Key Metrics Changes - Retirement businesses generated $1.1 billion of net flows during the quarter, driven by growth in umbrella sales [5] - Wealth management had $2.2 billion of advisory net inflows, reflecting a 12% annualized growth rate [5] - Asset management reported total net outflows of $2.3 billion, but excluding low-fee assets transferred to RGA, net inflows were $1.7 billion [5][18] Market Data and Key Metrics Changes - The retirement segment saw a 7% increase in RILA sales, achieving record sales in nine of the last ten quarters [31][44] - Private markets assets increased 17% year over year to $80 billion, on track to meet the $90-$100 billion target by 2027 [5][13] Company Strategy and Development Direction - The company focuses on three core growth businesses: retirement, asset management, and wealth management, which provide synergies and flywheel benefits [8][9] - Key strategic pillars include defending and growing existing businesses, scaling high-growth wealth management, and investing in high-potential opportunities [8][9] - The acquisition of Stifel Independent Advisors aims to enhance the wealth management business, expected to close in the first half of 2026 [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 financial targets, supported by strong organic growth momentum and increased assets under management [4][23] - The company anticipates continued double-digit growth in wealth management earnings, driven by asset growth and improved advisor productivity [11][18] - Management expects to see less volatility in life results going forward due to the benefits of the life reinsurance transaction [14][35] Other Important Information - The company returned $757 million to shareholders, including $676 million in share repurchases, and reduced outstanding debt by $500 million [7][21] - The adjusted debt to capital ratio was reported at 24.5% [16] - The consolidated tax rate for the quarter was 17%, below the normal expectation of 20% [20][21] Q&A Session Summary Question: Perspectives on the private credit environment and underwriting process - Management views private credit as a good asset class and emphasizes the importance of underwriting capabilities [25][28] Question: Differentiation in the RILA market amidst increased competition - The company maintains a sustainable edge through attractive yields, privileged distribution, and a track record of innovation [31][32] Question: Comments on unfavorable mortality experience and expectations for normalization - Management noted that retained experience was only about $10 million worse than expected, indicating modest impact from mortality [35] Question: Strategy for capital deployment from the RGA deal - The company plans to balance capital returns and acquisitions, emphasizing the ability to do both due to excess capital [58][59] Question: Growth opportunities in the spread lending business - The company has significant capacity to grow the FABN business, having issued about $4.5 billion year to date [61]