Sun Life Financial (SLF) 5 Nov 202020 Q3 Earnings call transcript

Good morning, ladies and gentlemen. My name is Stephanie and I will be your conference operator today. At this time, I would like to welcome everyone to the Sun Life Financial Q3 2020 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. call Relations Chalmers, and the Head Vice of Investor of Capital host is Senior Leigh President, The Management. Please go ahead, Ms. Chalmers.

and conference third Thank Life Stephanie good Welcome everyone. you, to Financial's earnings of call quarter the for XXXX. morning Sun

for Our call on of website are section today's at earnings Relations the sunlife.com. Investor available and our release slides the

Financial. will today's presentation Executive third Dean by results and begin with Chief our We Connor, of Officer Life Sun quarter an overview President of

President and After Following Financial Kevin we today's Dean's members Executive Vice will be results portion quarter. remarks, present of will the will question-and-answer also on financial call. Other available the Chief the the the Strain, Officer, remarks, call. to of management questions move answer for to prepared your

X, to form Turning the non-IFRS I language regarding statements attention of which financial measures, draw remarks. cautionary your use today's the forward-looking and of to part Slide

may will slides, noted things by I that, statements in subsequent the with be As now to rendered Dean. And inaccurate forward-looking over turn events.

and Leigh everyone. good morning Thanks,

are world express As to of for pandemic, for challenges this navigate are employees other the clients. advisors through want there each and to to our who deepest I and gratitude my continues our there the

us are do consecutive business outreach in health response our in times clients importance have and We've for the more for like that we survey related It's year, increased clients experience this we the why far in what delivered due So to performance than claims part on $XXX scores strong have investment we our to and the have to claims. clients. underscore for delivered remind more COVID-XX pandemic millions in year and of again million succumbed COVID-XX. paid relative who of fourth families client these and paid

per a income net offset same grew actions. prior related was reserve third net more strengthening over million, XX% XXX management last over up primarily and QX income the of X, year, by changes of grew Underlying market quarter X% impacts earnings over Reported strong million the partially the quarter. XXX assumption was from share Slide underlying X% from to X Turning and period. year, favorable

Assets under The strong in minimum. for generated is ratio well management at We return supervisory $X.X a XX.X% underlying under of XXX%. to the A trillion. on equity the XX% LICAT excess grew just quarter. SLF of level

primarily benefit of and and welcoming million the quarter along intention remain with in low capital Sun the year Our deployment. line demonstrating for Insurance flexibility manager broadly team Well provide grade opportunities and our over it of in Crescent experience stake client credit. in acquire October with the capabilities. a closes in the investments to billion and at investment our analytics in and pandemic with accelerated Capital in family majority we focused putting of clients On priority global impressive offices the past the cash healthy, made of invest track in SLC a New with Boston long to The on forward for Group, We a look in AUM. the alternative below enhancing we sales approximately to year. ratio a a transaction Crescent the before data with leverage Angeles and has Canadian we months. center goal the digital were has broader a Life coming prior and York, announced XXX Crescent that do our digital and to everything XX, and credit investment record positions XX.X% capital to with headquartered is XX Los London.

virtual And workplace of during that's done the of our manage virtually only period since behalf clients were group in For enrollments year. mid-March year. XX% on US we XXX% same the this example, benefits up last of from

exams which our Remote market. with quarter. clients digital brokers and In Exams in applications virtually, to a Online ROME, first our introduction in retail Medical new In of time tool, directly is providing at we the analysis, benefits their We advisors in to digital for the first the perform Life This resulting second insurance we platforms, for a real resources benefits fulfilment were also end third-party helped Sun was our launching rolled insurers digitally, processed accredited medical to simplifying out Vietnam, in the illustration, a connect great were tool rolled processes clients, professionals we eApp needs This where our partnered health non of introduce XX% meet of called the sales, online this prospective clients. and of for the insurance Sun digital by and digitally to and providers Philippines, decisions. platform the channel admin quarter. conduct the clients to enables experience Fast. solutions human out face-to-face their one sale In Canada,

We includes wins our and annuity growing provider this In in largest single major Canada. in transaction completed sale, annuity by also which prior Canada, position $X.X we the our as in leading quarter pension insurer and a in management that transfer billion two space. risk solutions day was over year, benefit defined strong business, group delivered our an in wealth payout the underscoring XX% another asset services sales retirement the

services. and at to year. administration business help in insurance our value of the SLGIs our we businesses, the crisis which life anniversary. it build wealth one sales channels. aided ended Canadians lifetime financial by retail by SLC and Sun and Sun QX SLC sales asset XX% had we University to At were contribution Lipper of We with end Management It's billion higher shortly InfraRed and infrastructure management billion management growing estate inflows, weeks from retirement delivered global group excluding again investment X%, security McGill also MFS acquisition we US performance, the assets. a flows Canadians XX% up XX, $X.X driven top which positive of and of and country's retail from net driven non-US retail the an improvement A stake growth under completed half after year global once of billion, to defined wealth assets continues Capital and business volumes, plans, of represents started the distribution flows quarter. by earnings XX%, $XX X.X the with celebrated financial management Investments, retail five of the source few million, a XXth over Canada. quarter in grown assumed strong a of Global with US At responsibility outflows mainly SLGI for US firm totaled largest in Life Canadian of new covers last MFS, nearly The over we ago quarter deliver ranked was respectively. investment the assets the their and XXX real for periods majority in three Management, prior Partners net in the manager. Net categories net XX%

fixed SLC $XXX equity, today have for and a credit. to ago billion and six and Sun Crescent billion AUM at pro Management including started clip With infrastructure alternative of the of XXX relatively grown have expected estate to the a fast contributor solutions real Crescent a years forma Life. we compelling clients, business to growing grade, SLC We and now income, mix of close investment Capital, will

to on across a with So all fronts delivered many notable four strong conclude, we third quarter pillars. achievements

manage course to that and course and risk Looking we positioned business. is uncertain. ahead, the pandemic not uncertain the the are duration well is of of But what's grow

to continue important We digital, will about our that time after It's to after use continue this and clients. accelerate look each obsess other. to looking we everything equally

growing before, said society. it the only more challenging. we've has problem And has made been pandemic As mental in health a

to to us So people And as need this call as we I our a our will help through turn with very And that, on to Strain help the institution, take results. will employers, clients. front. we now best over to all the need do Kevin who financial our

good Dean everyone. morning Thanks and

property retail strong driven on QX driven to is and four the the offset properties, $X.XX and net including increased income surplus and execution. Underlying XX% up over value impacts the risk earnings narrowing to technology offset year, invest to EPS changes favorable positive results. underlying in by driven were growth underlying And reported by and X% new lower experience and for by our and Life for our Market during in market mostly perform partially de by positive partially market interest offset was Turning capital, XXXX. ROE, fair a and management Growth income net equity results X, for million results rates earnings, QX for business and which third the across related strong strong earnings strong our to and credit million. investment Sun coupled income was of of changes COVID-XX, top unfavorable in income testament by and were EPS corporate all spreads Reported strong office to over reported gains, actions. of record investment net Slide our financial business QX partially profit last quarter business line $XXX of and from growth, expected continued claims impacts and assumption groups. experience the $XXX related were a predominantly track quarter strategy With well with $X.XX by in was valuations.

benefited tax net million our for a quarter. release also by $XX offset and by predominantly and tax positive experience experience. businesses. results $XX We in by Credit was claims. million quarter from had resolution million matters activity including the ROE not tax. after claims positive the corporate in from million the reserve. After US was best to Canada. related Investing quarter in the in were COVID-XX results of XX% ROE XX.X% $XX primarily year our of driven was negative favorable $X We million $XX XX%. related reoccur million driven objective prior related Mortality by experience the underlying above that of estimate business had a benefits investment while was million Reported group was to year, morbidity in XX.X% tax this a As tax our favorable our the did after US $XX negative medium-term $XX gains Canadian downgrades, group

currency billion market the of closing under the and of Assets almost increased acquisition $X.X net trillion AUM movements, an favorable July of $XXX inflows, impacts the increase in on Following by driven InfraRed $XX X. management to by billion

SLA have cash strong at with Sun a continue capital quarter the LICAT of with ratio leverage SLF. a of ratios the and billion at position to holding company XXX% XX.X%. and XXX% financial $X.X at of We ended Life

by pro and us subordinated issued the $XXX pro Book to brings X% and net increased to to shows we first, October by provide translation forma value leverage offset over $X.X other strong company on net good reported foreign reported at business ratio AFS gain Slide the accumulated of position reflecting Our basis. net cash our capital a to income unrealized per underlying million billion. income, income flexibility. $XX.XX, partially which prior X the XX.X% with both On performance on year shares. continues dividends financial debt, group common in and comprehensive currency forma share holding

same SLC income real we reflecting by for offset as increased the disability increased based fair and net gains in million $XXX claim quarter, in the on certain million, Driven to X% address and business the US in compared term disability compared quarter. Underlying group net in in was market and $XXX repeat highest last Asia, in MFSs an income and our related as cost, ever and quarter seed $XXX by million, investments. quarter hubs, loss $XXX management, For in was favorable integration unfavorable of investments, activity benefits $XXX MFS to income asset to the at Reported MFS by Underlying offset to business The million which prior impacts, in million, experience awards, returns average income, favorable the partially had income prior third improvements offset assets credit in to by the saw seed $XX actions of favorable income strong third ACMA. net increase with lower group our favorable driven driven long related investing and period in by net morbidity volumes increased Underlying not Canada's XX% related favorable year international expected benefits XXXX. in favorable income management higher quarter In reported the lower income and acquisition the value MFS underlying credit taken had as experience. same impacts. increased year higher stop-loss, net reflecting favorable less the well income The in at expense XXXX, line market growth, results net and business Underlying of on losses year, improvement US by profit net seed reflecting growth. unfavorable $XXX partially income estate in experienced of driven on lower unfavorable and by the were quarter mostly we had reported claims. did to have in benefits by million were improved assumption growth by changes AUM. experience. which higher million and third offset strain, an this year, underlying in as business experience in period SLC less to by increases $XXX reported was less for the primarily billion, a from income new net net adjustments net over share unfavorable by expense net ACMA changes business growth payment the pricing group net XX% XX% to increased mortality

prior down million net in income compared On business, Our in in $XXX had reported of a for benefited period of in segment ACMA billion the and million year-over-year credit expense corporate of corporate experience included this net included the loss underlying XXXX partially source improved of the in favorable corporate quarter, net $XX resolution XXXX. quarter income challenging the from QX XX% in the from XXXX. of support. underlying in UK. the overview reported the The $XX year net XX% an the by the change expected of includes income of profit in reported basis offset segment, same not in year. UK experience million net US year-over-year, the a $XX which favorable in XX% a to the was environment loss which Slide with impact Canada, tax asset X matters, by drivers XX% management. favorable UK, repeated growth Against provides earnings. grew an the Other of from

benefits, grew grew office currency, partially planned profit by expense items morbidity by in These activity business included appraisals asset during profit losses favorable quarter US Experienced expenses. the and driven net market Canada impacts impact investment unfavorable partial in experience. in We interest management the and in COVID-XX offsets rates. experience In million of experienced compared $XX and in as X%, XX% investing $X the higher other Other the by and Asia. Excluding higher group narrowing partially to and markets of gains experience gains, lower offset impact offset was the quarter re-pricing of expected by credit strain and in unfavorable the regional with X%. by hubs claims, Asia and growth predominantly million mortality driven of from unfavorable our higher related from expected related had were of re-pricing from gains sales, quarter were of and actions equity business new spreads the $XX properties international in prior period. in business million, by largely

the model Earnings a adjustment of updates loss includes value million earnings, costs, acquisition to Canada updates year-over-year included management. million, and gains. in negative quarter, policyholder the and morbidity and investment was and of and offset the fair amounted favorable changes payment as well MFS mortality $XX to based which review lapse of enforced actions, not qualify related our the This income in predominantly assumptions, we other to in updates undertook enhancements. Other share $XX by accounting. a behavior amounted During UK, and integration ACMA source awards, assumption of of after on loss of lower US strengthening, and for QX other in Canada reserves investment and the as annual our SLF favorable million partially lower pre-tax surplus in do that impact tax. or $XX hedges due declined in which to ACMA, or and assumption hedge AFS management

to time addition enhance investment the SLC, opportunities will surplus. in there expect new of to With over yield we be capabilities

group reported income. expected shows reflecting X sales, China, discussed digital income investment face-to-face sales a tax continued company lower with insurance tax were the push in US which by coming traditional Slide XX% the with by related on insurance sales resilience continued The saw effective basis, driven of Kong, the to exempt third an sales, On for reopening tax On XX.X%, from Quarter all and Dean to with insurance gaining the Our range sales which net solutions traction as a despite of and cases in earlier, sales by Canada effective Total of benefits Group, Business more increased sales COVID-XX. a XXXX. line underlying basis, to employers. business, Hong our rate XX% by are our lower results an in Malaysia. broadly market. some of technology of was and show rate constant lines markets example, towards higher in as restrictions was net currency XX.X%, result in Vietnam line quarter on XX% decreased XX%. to sales income

upset prior year. with on sales by in constant line basis, Philippines currency were decreases an increases insurance a to being the compared in international the Asia largest hubs the

benefits for and quarter, Wealth increased driven Total sales higher XX%. much as case both While the billion, the advisors plans. large defined by sales remained in sales to or Canada wealth Philippines defined QX in company XX%, pivoted doubled digital to than tools. more lockdown sales by of in increased compared contribution $XX.X by

sales in saw in mutual sales business Gross of billion, XXXX the Institutional same quarter X% driven the offset positive by partially to X% by driven from the constant quarter flows $X.X retirement flows. higher sales Philippines. sales a given increased increased a MFS $XXX lower sales. MFS on partially period currency compared client XX% quarter, managed asset positive of sales billion group management our the offset constant currency increase retail in mainly in of by sales an was particular in lower rebalancing. seventh consecutive and from negative driven by fund the by in quarter in India, flows Canada wealth volumes, were income basis, businesses new management. by SLC by basis, this the on by fixed Asia in largely Guide and well

Slide to were a up on constant by increased a while expenses Turning XX, modest X%. expenses X% year-to-date controllable currency basis,

we As expense continue to across drive our discipline businesses.

costs We related COVID-XX lower investments like in to discretionary spend from also while continuing initiatives and company. conference due across benefited travel the to make digital

October XX, our stake which a intention the on of majority mentioned, Crescent to in end Group, we year. Dean As expect by acquire we to the close Capital announced

Peacher quarter our March business. across now management addition Day a his a leadership we'll our the investment XXXX, this of pleased alternative Crescent strong clients to Investor LLC announce be space credit. infrastructure, will aspirations With LLC has we businesses. that and fixed real capabilities, virtual where that income, suite and with alternative To we're in solid had XX, across team end, results full a on alternative of In each holding management our Steve the offerings estate, summary, our of strategy walk and through investment for equity, for

clients our advisors Q&Q on and all digital We're focus back to We while on With capital making strengthen for our to the call. globally. maintaining the that, portion call businesses continue focused us strong turn the position. also M&A connect in pipeline, Leigh of to helping investments the I'll a with capabilities,

of ask And please I help participants questions ensure and that, to yourself please To re-queue an each any limit Kevin. today's I'll then questions, with Stephanie to questions. to two for that participants the you, all you now to with ask have questions. or on one call, to Thank opportunity poll additional ask

of question of Chan Canaccord come first Instructions] Scott to mind Thank you. Genuity. [Operator will our And

and just that MFS? an pre-tax quarter, Good nice morning. on But to update market XX%. if for industry margin strong year. what a seems on an of update trends is fee perhaps you're XXXX, which is quarter, Really be My onto on seeing expenses, the And next factors, question impacting terms outside looking MFS. controlled also operating of in bit of just there well of in

Thanks Scott.

Mike years we've really Hey, guided good the And environments a over in number high this mid the yeah, margin of - the to Roberge. XXs. in morning, is given last around so normal mark

of This cost that the down travel did little also market things higher some quarter like control due entertainment the COVID. in we year early. that was and a But than given and some to given what earlier took are that

So sustainable some not of cycle. probably the that's through

what's high continue to XXs think margin is the So that XXs range we for mid sustainable. probably

of year-on-year industry, for down continue terms continue plus We've X% fees, when industry run expect fee fees, would some to look been that if annum, at come we've per industry really the In the see across you erosion you we time. look they that to fortunate less of than that. to period

outflows while And that mix been inflows. businesses is institutional some business has been solidly in an retail of has our or

And so stay fee cycle. a we've the of would outperforming a from we with from XXs mid guidance high through but to industry anywhere perspective, been

you very thank much. Okay,

financial. line Your next Dechaine from question with is Bank Gabrielle of the National

valuation That's row in a losses. to ask Good real sixth about the just you we've quarter the estate those. morning, I want seen

me Just your reduce real ensue? is tell has by that big can - to or your impact that basis And assumptions? if reserve assumption a wondering what the might maybe a that what you not? what were you on estate points Is there number return charge if - sensitivity XXX or some something,

to wants Morrissey estate turn real the estate any I'll to do maybe the the if performance on and Kevin Thanks, the of And class, he the question valuation on assessment detail can add assumption. then real Randy Gabe. that.

Morrissey. It's question, the Gabriel. for thanks Yeah, Kevin

for long-term had the assumption the is experience estate we in longer-term has trend very returns. And remember been have yes, The a that unfavorable assumption. a valuation So recent has this been real positive. quite

some in seen being year, from pandemic estate it we're And longer certainly are term. And real that portfolio. we've impacts the observed monitoring so far, this the

little it's very think We to I a Gabriel, go. view estate interest in to still value rate perspective, from going that's a to longer-term where especially conclude this early for favorably low too real the environment. assumption relative continue

we speculate size the of terms to a of don't in change. the want disclosed sensitivity I on the So have size of real assumptions our potential for relative estate.

As I said favorable, our long-term to to our experiences continue continue in assumption. confidence current be have and we

And the this real available both estate in low environment in be mentioned, asset quite and Yeah, valuation real on We actually it's Randy We're is of environment. the underperform real in both for valuations think longer Kevin of estate as for the portfolio an actually okay. I'll return quarter. and attractive quite slightly comfortable The estate term the Brown. as portfolio will favorable real rate comment on for us came class, diversified. other others. out did in They were rate said, return. as The with rate highly they But real positive, Kevin very actual, assets we're assumptions. very it. total for

next this your performance would to a, bake positive way compel different into that I That on thanks. type I'm next a is another profits expected what if And that the comment question a where of here government benefited experience been positive. from right, maybe have quarter All My the and extent support programs. group business wondering results claim at to gives claims recent you has guess, on the trend looked the to trend, year? sustainability. in

on comment And of Dean. to the Kevin then second and question. first I'll then on Jacques expected your Dan, and comment part its Morrissey on part the profit. Gabe, to ask then

the Hi, question. Dean you Gabriel. and Thank for

of we up the as were the The you there indeed activity say As quarter, say it us. levels. claims level would uncertainty to I ending the with gradually the ahead, the there. it's course, is it I increased of is for to ramp tough looking normal quarter. would gradual quarter, benefited of lot predict Gabriel. well say, was back a through during saw pretty we What fact a that out

business the it the I out floor we could look than impact. time means of we off Service the the wave one generates because stronger us that for when is is that same that And would call favorable Only The could at claims. Administrative and have it, point are the actually the ASO we as at things or volume be lower also second think. claims of we fees fees that experience

of But Gabriel. bit doubt, of where going. a in that's we're terms a there we're remains bit I'll obviously it's closely to something it picture, of mixed turn fair watching So a Dan.

Thanks Jacques.

morbidity business, the a of for at experience actually our the a different And the favorable For that periods. disability in factors was the stop-loss quarter there's from in emergence fair few of group The us favorable of was in US driver primary morbidity here. - play business. a prior experience amount

economic factors can't we relate COVID this that So at to or really point.

was expectations. experience disability Our generally in line with

But little as have So that businesses in Kevin? forward. going to US. predict it's a there difficult Jacques will certainly may that been be emerge said, supports some impact so far the strong of the how provided to very

its on Gabriel, clarify impact you question Kevin just please? the your Morrissey. expected Could profit

whenever expected that stuff and following and guess year, experience sustainable, you especially sort some Dan's of that kind not I question baked Like that and period the of Jacques process, reflect your into an extended over you Well, concerned group see view it. with? positive in you is more to but answered maybe

that's think I right. Yes,

the I Gabriel that way think right align with assumption. expected pricing the profit think to about does that's the it

align year. So we changes. extent pricing the does next the profit really and it and of in do those to expected be updates part that as pricing the in reflected assumptions, would they with But changes make

Okay, thank you.

Your from Grauman next Meny a is of with question line Scotiabank.

Yeah. Hi, good morning.

sort actions wave of Following risk about any the that's if a there's up second you on us. in the take comment front off - you risk to proactively wondering of I'm talked of more of could that look the that sort cautious forward. from thinking caution, more one they We particular. stance little your uncertainty yesterday reserves table, I'm heard about look building of a about in as given peers and bit take

So not I'm would just the you why wondering table that's if them? or and on consider that's something why

on COVID-XX can add that is first take think things if really the and one you I'll is at call. everything we're wants to most others seeing earlier, look to at I and of we Randy important or talked digital traction the and happening, doing what's capabilities as pivot a Maybe if digital some the building and shot It's about - good we're things that. our on

the think that. things at yield And leverage environment really to and And environment, of asset the side right the the we On timing that that. risks you've to look aware on at impact - and and on we well pricing mortality if drive that addition managers do can some seeing SLC, the seen you lower SLC And earlier, and of they've Randy, And can and the mix we're business is talk as that we effective low we're continue bit and the yield of mentioned given we lower risk of up. on you with and now. capabilities morbidity these yields. had manage types things. one the those I heard think the is we as about for the perfect, you're And side actions adding look asset it's about that a little and results invested in a

that well. the see tests to this we is business continue run far the And we to So can in continue results capital, performing stress so year. the but overall scenarios, you

there's capabilities. scenarios in anything building investments and think outside be So then different investments don't digital can about risk I good doing of to and thinking we're managers, how perform special continuing

be was just several Randy's build a some pandemic. most this turn was to going ways, the Obviously, to we cycle up at nicely did looking we But had us I'm right to took years that add for know Kevin's that coming those And ahead asset the portfolio. which would into Go some before was we ahead hindsight, thinking we in on do it de to pandemic. risk the its And some about that just Dean. credit actions that things talked important were comments Kevin. point, glad Meny didn't to this I de reason. it. to set we that did time ago, risking in

in again, different benefits that I'd markets The more having one is at it's that I that also diverse rates. impacts means different Kevin, - And we're add COVID fact geographically us. different would thing.

Thank you.

Capital is line of RBC question Mihelic next the Darko with from Markets. Your

morning. Thank you. Good

Strain. First question is for Kevin

mentioned You and into Can how expected maybe you if next year? to some by planned And Asia was? that profit in next is continue that impacted was highlight that much quarter expenditures. expected

office into planned return difference to VNB we So the like Kevin X% the the - growth And is that regional XX% do and back add we the expected Leo our versus for XX% profit. the expect expected we our for but that. could the costs between to its relates and X% corporate put Darko, profit this, that the way our the expenses the way do

is, those of things planned number the fact, COVID has things, of it results but didn't positive you expenses expense a of In we actually it, because happen. and but positive, those types the a management, small a And XX. lot see score. than it's reducing expenses, less comes saw different good negative a through And and

The largely expenses. for from the drive We Asia. year. is growth expect this from Asia see the reoccurring with plan don't set earnings XX% I necessarily a growth VNB to growth we'd in in consistent businesses the So next

headwind, small was In equity coming in headwind down. to a a the related fact, it markets XX%,

So where lies the that that gives of overall, kind perspective of - you Darko. I'd it's say

And that I terms with Philippines of - COVID. Asia bit a run flesh difficult a we out all had just a little more in want of the to know has

digital. You've there done some work on

are And XX% we expect should growth bounce the XXXX. So back? than segment whole that to perhaps have for that EPS better into

Leo. to that turn I'll

Leo morning Darko here. mood good Yeah, it's

The Philippines, what compared basically quarter last we've sales from prior, But from as at we compared can COVID-XX of very mentioned year to a QX. is this sales seen, to look that one this with fact see you environments in from sales quarter. also restriction situation of and one in numbers strictest about severe worst you've XX% if you the that well. standpoint in movement health context the crisis down the were So in Asia, doubled as is probably the Asia

based impact sales, in a our culture, where very and on material model and had especially market human interaction. it's And agency on at look if so that's much relationships you the

you've pretty much a because digital broad of course the rollout. taken is much the a of we've driven what environment same. lot the lot So is quarter actions that over the driven of had very back mentioned them. we've few Dean bounce the seen of We've by last a

of also for of the top virtual example, capability sales digital across digital we've market. sale. capabilities We've point out got rolled of So on point

reaching remotely talking means Remote education order you clients of we've the do then which And positive Exams things clients more reach So of basically one capabilities things can byproducts that with medical that like actually our and really up whole We've about. Medical like on. through webinars, magnitude also Dean the also webinars, like with digital out dialed with things so - an was thing signatures is in raised limits, ROAM, of we're this events. our to

seeing the of challenges we been got you've there's Philippines that's been activity of of the to lost jobs have is these there's the lot my momentum. reduced some level. tangibly, lot at of activity who their significant movement our across ratio a that's seeing to are creating of But unemployment, a that or lower level, policy capabilities. restrictions advisors spend what More And we're pre-crisis markets, reflecting the mind, activity people discretionary in you've overcome is underlying size. at an almost economic So back got this

lockdown going uncertainty next of continued less hasn't headwind better severe couple quarters. Philippines, just of The parts keep much to waves and the slightly And also so while to over our in and And rebound severe situation get significant a expect anticipate of lockdown. future of economic improved. we that expect do the the situation, and We the forth to different Philippines back between don't really we with regards the then see COVID-XX. activities from

of momentum. same about wave. we're headwinds realistic own But terms volatility there in time, we're So the at COVID-XX the optimistic our the significant business about and just continued economic

And just you make are new they a gains? when there, the predominantly sales Philippines point business of clarification,

the There's Yeah, with business new yeah. sales, material correct. gains

you Thank much. great. Okay, very

by I there. might once have Darko said just quickly, accident VNB I think Kevin,

profit X% just to everybody. from XX% businesses, growth sure office, make the expected clear it's So it's when you include for the regional

you. Thank

from question Desjardins next is Young the with Market. Doug Capital of Your line

Good guess in - your moved quarter underlying ACMA. big listed I'm is that the you, maybe talking you including this of I'm mean, an for I for not against and not morning, earnings I perspective, talking and a a lot from things picture there's and Kevin.

not I'm than items from was behavior that your so get policyholders higher things anything just there And a or higher trying sense of normal may favor expenses, really or or gains unusual favorable investment - than leaned that to this in - recur. quarter may that or

get to another? of the when trying leaning at I abnormal anything a one there Just look sense quarter, is or really way

were good that When the those rolling Thanks, Yeah. of for for look notable items Doug. things. think And place a at $XX the look can on they you I is a quarter million sorts you notable basis. unusual From a this items, see to average. That's quarter. right,

So last taxes to had to tailwind from I year. this we think It's mortality And the we've that reoccur it's on eight higher quarter, year where XX. from obviously at expect a last been roughly where but right this it's be. the had we And morbidity didn't hit, quarters. average,

you've morbidity, we've it it a whether is not think onetime results, continue very quarter. quarter. was talked in as at was thing will here. sort got I of uncertainty a lot that So a to good as as wasn't I this clean The it about there as obviously noise strong improvement per be of there's overall, some items it But se a in the of lot there's look

and business ACMA happened perspective, perfect. another It's lost a again US this hit look as from this and the then this just three I asked and I've Okay, years Dean, I an know that's third And last gone quarter probably sizable fairly enforce from before. net year by well. on perspective. management, and you money answer to you've there's a

get just need the a so the to capital, I why you business, sense but lot it's get keep causes of non-core And a a trying don't business? noise. And of

get wanted sense for another and the for your business. of to business plans Just outlook this

work business to that are or this States, in do with AXXX it. quarter, say things structure, et Yeah, thanks, get the we enforced includes that lapse, management we the the restructuring cetera, the strengthening would to others which United as have Doug. reserves for treaties, business own done, renewing whether continue I reinsurance own did that we

So business We've great have so to stranger would and All other insurance or our optimize dealt mentioned, - before on way stolen cash good of we out how issues cases, reinsurance, how it? And and have been on. improve we've do and view being been and different tax, one for there the expenses, the work of the cases, course, focus the but our business need that has headwinds do there. that better expenses the a dimensions, for some capital, role have of on we And make deal headwinds with the progress it there's owned we've been lot we you progress - we other. of done progress or We've point we've would been to talked dealt. somebody have generation, life all has all this we to also just with so about made clients. some I issues a made

well, thinking of as it. lots closed, how we're to our business optimize sense, about to but optimize that about we which continue are contingency in that's And that's the also way thinking we'll And So UK it. it. opportunity is

done? big inning, And are you the you lifting halfway the we like done is to a Are most just Or heavy are inning through? trying fifth sixth in of sense? get

We're Doug, closed to would I we box never say, businesses. we're never would we these done. to done. just continue look opportunities see I as ahead, optimize

you. thank Okay,

with of is Motemaden Evercore. Your from the next question David line

competitive that your for and people that a these business. the while view the margin have I come specifically, how There in guess, and new Re But at the been view stop-loss of impact what's goals? entrants to does planned partnership on said Google your of they go the just market given in Dan, in morning. stop-loss entrants? business, the there. a been And in nature it US new the your Zurich you environment the I business market. also of Hi, have and new a the want entrants question Swiss good number have including or enter a guys has for competitive market, on in and

attractive you it's go business. noted, highly seen competitive market. go, leave as we've business. competitors very It's been including always do Surely, come a and a the some obviously And

really all that the attracting that's And highly a would say are the is business it's it. interest is them manage dependent can expertise. understand the brokers it's employers is of way really who think really excellent consultants for and people what business at looking What the and with a people, we times. skills through partner I about So it on about the the help

believe it independent beyond in our best we're be the continue differentiation. clients talent to stop-loss team, we back more that with we industry, up and At team the the best the our and that player, business care differentiate largest the manage will our same and largest is we claims core got the we've So continue effectively. to expand time, to by helping employer the intent have to

hope as in grow capabilities in those the far entrants. planned competitive, the time. but already we We future. it's reasonably rational. far then So remaining more as look, from that that entrants for current but as as on over are new good us environment, have the clinical And just to place, And

We seen at point. yet the this haven't them in market really

the that helped international contributed stay converting Okay, there great. of business helpful. hub Asia through pipeline some to if could existing drag sales. last strong total a and just know question Asia I then shift on another And this flat. sales, sales That's, quarter, was smaller just to a Leo new and that's result coming to so for and I the quarter

the see start dynamics drop a in point to if able some so sales pipelines off been at quarter. I'm pipeline, exhausted. we big about you've once this So specifically, talk you just that wondering And the don't if could replenishing of

morning. Good Thanks David.

so new and tax In you'll the planning with for worth, we demand general, of new see that's broker some got we been in we've about strong we restructuring, sales, in explaining COVID-XX. creating And for cycle a the XX the a time, is solutions. six typically with business. hubs competitive. international investing So launched general on, of recall We Asia a portal, and in type momentum Asia. our hubs, obviously, platform, continued business result, this that quite international that's a net that sales business. I same mentioned last the to And high with of we've products international made portal, view, think strategic a new success investments priority market us in estate of ultrahigh a of been our innovating in in worth, all we've we've it net in and big technology, of that of planning helping so we the in number we And have the At business. quarter, did as this months the made client

QX, And early sales so describing, for was the XXXX, still started somewhere That's the that I probably of pattern us. as know, in or that those you results strong XXXX. were and saying

QX, headwinds a year, so, start COVID XXXX, sometime in think if to if the they're compared result, and travel And you waves compared of sales year. our our started challenges our and in think late sales of the about these the about last this quarter, they're lot quarantine. maybe with or would still related but you that minds to of down some as reflects And a the this restrictions strong in And COVID-XX QX. to have

good position, we've we other couple level capabilities very And about to think investments But made going shrinking. so timeframe. think Asia think about do the start And that of we the about you see the of COVID-XX after next in we the is March that of as the basically started in you're February, quarters, that the of that that brokers, pipeline at pipeline feel companies, insurance vis-a-vis the built I've this think market going and if described. about forward, all competitive given if we've you sales in do our

smaller and So we've expecting strong a result with aspects competitive travel got our quarantine. these but capabilities that on as of restrictions side, we're brokers two pipeline offsetting

- standpoint, follow guys low something up, But think basis. And to would exploring? great. you Okay, do helpful. guys helps it's understand I would I just kind maybe are interest on that could in virtual sales? a a a I business that completing that hard business, network sale? premium are you regulations a Because financing this exploring the rates virtual some high just this is are bigger But certain know I That's is of Or sales? from so of there if you prevent from is that virtual which component more

the type And heavy I to aspects So to given think nature face-to-face interactions. One couple these the intensive, planning-oriented a they of are they're of be very transactions, tend is, this. advice there's of sales.

business one conduct we of is evolving we to that's current just transacted. these transactions environment the aspect said, and That the some So reflect can are remotely. of how

transactions, travel sales clients, capabilities, this including business. we enable DocuSign brokers to face-to-face. that so remote That the it wanted nature evolve continue. this And find the nature rolled of still have restrictions of most could business given conduct we of mostly and of e-signature, just to today. But pressures just most the if out the it's But

Got it. makes sense. you. Thank That

question the next of Holden CIBC. is Paul from Your line with

I want Two to and the so of go morning. this on negative Good but it back source quarter. benefits, you. quarter, positive a guess to experience group was Canada discussion Thank experience disability last particular, was in questions, and

inferences. volatility, creating that can better make I might what's any future want If and to understand what mean that So results. for we

we'll question Jacques, that you. turn to

And, Paul, you question. thank for your Kevin. you, Thank

a we It very driven group this improvement So experience. last have indeed, QX, year at good benefits. if you our predominantly disability year, is versus QX by and in look

quickly, three there business. get. levers cases Number volume are But incidents. what perhaps is it's really call So one take that that we we of this I'll are important the key here in Paul, back you just

The early disability. is And talk how the that needs a second recognized we people this without last to that on back from one many how before. did work is about We actually, quickly, business that. you've and year, recoveries or heard me last is pricing re-pricing get

start if largest of trend, compare quite or QX to to year, the or one a one new year that's call. data the last the we're the a driver you And frankly, of QX tough of it's main point, Paul, it's driver this if a volume, it, the kind sure it, incidence. you So of not whether is

as the a his over we a know, remarks in few As and and driver. to have had mental incidence you last very growing important that years, level health referred being Dean

closely, watching imagine, the can on incidence. continues we versus main a for a the not, is positive that's driver last to or have So it really We're but year. experience as see experience you favorable whether or delta that what

helpful. with to business question that's this that's Canada Got a of and COVID. there's you. the activity across piece impacted And to it, continuing like peak been group sales the that's transaction quarter Seems place applies by less group industry. both in Thank business, US. and the taking tends - the just QX for that be

that would QX So pipeline for the on of it like what looks helpful the a importance given get you're historical to new be view for thinking, business. sales, what quarter gaining

you tend forecasts looking Dean, I'll in here give jump for sales know, we, Paul just to say numbers. its we and not as forward

third of quarter, momentum typically business sales in good forward. that pretty it. not sales described would I that into prefer in Dan get saw the some done the the I you we projecting we've It's not But think, how numbers.

to with going into can you that Maybe the COVID the market? disruptive dynamics about a somewhat talk bit being quarter, little again,

instigated comments - were Dan want in do and some on any this? sales actions foremost. client obviously activity that clients we quarter first you are make about by any saw Because needs to overall driven were the just third how thinking

job done virtual you strong our as XX% adapting up to we group quite great XX% saw, environment, Yeah, I our up XXX% organization in literally in stop-loss were think at And up overall, this went has our results a business. sales really overnight. businesses, third our also quarter and

have the conduct virtually process ability sales their to this of maybe true enrollment do case reflective for more XXX% process for way during it and this what to the close because is is It are that's across effectively, react well that's the to environment. there And their pandemic that virtual capabilities this looking now. activity are and So a right ability been time. to proposal importantly clients are very in coming to and marketplace, far ratios those very this needs down and entire fewer - and the and installation digital serve at industry. clients in clients excellent our our unique us But so

will attractive So get Dean be those would looking this in we wouldn't information. to continue as that said But again, think capabilities forward we certainly environment.

you. that's it, helpful. Got Thank

D'Souza question, with next alliance Investment Veritas it's Research. Your Nigel an of

I Thank to or the from through you. rate environment. impact on Good low how think morning. a the question had a impact two-part potential

look first at quarter part earnings on from when that income. the I So lower is investment negatively this was impacted surplus

comes and So as mainly from that is a expect put is that market being of In we do environment that a that think off? of other reflective income in going earnings Or pressure on environment? on a yield Or volatility? words, noise will investment just low one forward loaf that surplus? the quarterly you along some yield should

Nigel. Kevin, It's

had We the lower the right. $XXX yield, gains absolutely million. And did had under million. surplus earnings just it we lower AFS You're in were reflect XX a

of portfolio volatility yield that reasons definitely on of comes as low were lower of saw some that AFS year, talked assets. compared investment in think yield lower invested but is the years which to leveraging last the yield to could I of But invested that well QX that so biggest what operates was the getting lower We on But yield one add were we're seeing assets. environment about potential on It's the few really there AFS. we've some big an realigned sort you I current we our pieces this quarter potentially SLC we're last And our the surplus. chunk income. lower the getting the and through the a

if and business. think you annuities product about of pivot side that that's Okay, the off and helpful could

the the yield in bit annuities challenges a yield attractive side. you're those you've up you're are could but low asset to to in speak strong them environment? side, kind where quarter. for kind attractive? potentially on So Canada there yield seeing ahead, premiums this to on as trying of we positioning asset But you annuity were if And Is to how of talked already product you're annuity a it look as an on support looking that generate pick hand-in-hand make returns - the the also

don't you Jacques, take why that?

Yeah.

of the you are business? business side or group of retail focusing side Nigel So on the the the

If on can I it's would think. be maybe both possible helpful, you comment

Sure.

Kevin their largest pleased annuity Okay. start, the highlighted that we're imagine, we Dean have as quite in opening transaction Well, let me both you in the can and X.X remarks, seasonality is billion can it. Dan and that it's similar a lumpy, there's to what But stop-losses. would say I what a with business that. This model said little be is is on bit quarter, to

the years, very, complex of we've some done are we and business, team a that a number leader very transaction. We been in in we've place, for market most of innovative have strong the

discipline being would see is they'll describe the So path on I well happen to can bots if what that they'll while. rates tends think for our exercise and on that and from want do to I say bit that assets mean assets, pipeline, own might what does on start we to quite de is would what be selective where matching all what move tend to call tend that is you we liabilities of low take interest pretty And a growth Nigel by ideas. But is companies there. I that impact what annuitize risking an right. to having as a assets The

plan be of go liabilities, what's to the as so know, assets some good employers But that the or because COVID the asset up, earlier when will that's in up the but sponsors one the be assets that real retained And you as ratio immunized I ended being have rates have that tend still yes, growth the they is way market in funded So dynamic does portfolio. really so opportunities. by driver so down, so go hurt say happening for the there's liabilities hit. recovered, those ratio markets year may

So if same that the you it as XXXX. look market size here far, to about is in date so was

a it Day Certainly us much I material, less is we if said, there's if remember so. de got are and do lot a in think runway So continue to that Investor and well pension this engine We've US will UK of risking companies you from compare plans as you year identified we great were this growth position, as a last thinking Nigel, for market. we've that interested to their team.

different dynamic. On the a retail side, it's

of competitive. Of a think dependent. annuities business accumulation going you are usually sense are if of it that clients a accumulation, so continuing course, numbers there's of it's and how - more and assets the up accumulate with then a good phase, as to part they that people of looking coming part for and We're set into the more broader and there. It's unimportant see to see quite It's an very rate is solutions.

it. ability to on focus important us win competitive the are area and to Does an So continue prices, for help? or that very your on how dependent it's but is we not,

helpful really color. you. color. Thank that's helpful Yeah, That's

Your next BMO question from Tom Capital. is of the with MacKinnon line

leveraging thanks. we've the I lowest lowest be is in probably morning. seen SLCs the of might this like surplus quarter three capabilities. want surplus on the Good earnings here. for this we've earnings on surplus for Yeah, the years, about a this earnings talk seen on to Kevin, little bit more

How on be infrastructure. more earnings SLC as liabilities real much I private So the And are they follow And and looking this you you'll I surplus real look Does going having assets manage estate well? forward going up does Thanks. into now? assets more about? talk debt after much leverage forward? manage largely talking as is SLCs estate setback at going how and it's bringing that. a about SLC, portfolio? the the And mean any with some SLC of that any there be how have you're leveraging we surplus And surplus of to maybe, if at should manage capabilities,

Okay.

know, related assets XXX% bringing capabilities manages a Well, the new the of Okay, Tom. thanks, in there. surplus But there's mixture we're assets of the SLC you to account. of as It's some more in.

into years, abilities investments to basis. inside in a that a talked past, do about opportunities number to over on we the will surplus. of sort but that We do income see fairly and of we've right at put pieces there's of also steady We'll that could other SLC seed non-fixed look

as volatility see of difference of surplus it So we'll it And kind for mindful because will create it. as the it do we as some those earnings of It you'll investments emerges. be in that.

the lower you up about been bringing time it's and over As over build some volatility. gains we you these think continue know, some and past. to in I you will that But do in additional thinking yields it's a is range, related add the to that the were ability it XXX can assets will grow to this of income. definitely that if AFS as do than

Yeah.

leverage said but following XXX% already you're they're of So managing the their you that going capabilities, on to assets.

say you - leverage when So

capabilities we as InfraRed Crescent, businesses with but leveraging of doing expands also its for Yeah, example, some the BGO so and capabilities. additional things new bought, BGO

any having about liabilities? your into those those in bring assets? to capabilities there is Are into you more try to capabilities talk of the assets back going way some that work Okay, their those to work

you it surplus. some the of also - can broadly the the do back they the policies liabilities already So when that both so and objectives and supporting the investment of assets manage think flow but liabilities needs supporting about SLC meets cash

largely that SLC books real Okay, is on estate that - the that's managed it take I the so is

That's the all would estate. BGO of manage real right.

capabilities as assets surplus, their as of you capabilities crank back on are for liabilities you to SLCs earnings kind up And that crank up the well? trying and

- the to of classes it would we'll appropriate We support particular we'll for it using it's be needs and asset them surplus. in use when matches use if segment liabilities also new the the

real we liabilities use and using example. you we've as would in know already backing Tom, fact it and yeah, segment would surplus got liabilities an in as - the So we estate are in both

but be to better, could surplus there it so with like that get could just earnings sounds close Okay, new volatility on initiative. associated more this

see and it would I it how happen would time. over that's Yeah,

thanks. second question Dean. maybe really, for is the then Okay, And

gather can you you've InfraRed think of as I with with in and that filled far as need SLC Crescent, getting now then sort earlier. I what

excess you you would SLC of next you're You've low opportunities? ample kind looking need capital, do got got I finished steps fairly what capabilities - your SLC. you - building good say have you've leverage, would to What cape Where - still think out generated are What see maybe with are you fill? you do you are capital, now? excess So at? what your always

Yeah, thanks, Tom.

So you're right.

acquisition to SLC. offerings said, of clients lower when really - Peacher Steve for the longer puzzle, and got low really to the this As set we in in now for key we've a announced within that compelling we've the pieces Crescent world filled longer

is beneficiary on in net focused to been fact acquire motion. pause do we'll we've as And When been we - world. firms sales we'll we things pause on what in MFS. management we it. world trying the has grow MFS pillar. as the by that likely of asset a know, money When in what's say MFS. equities that across I SLC, terrific much way, of capabilities that the outside across got to and so already, some motion. in take a management firms, put consolidating combined, should MFS in geographies look leverage retail sizable driving income, one not And in can in on across growth and you us to asset institutional, and put together And see also money at tends you're around the which with M&A M&A, And part to of in a fixed the of that's be that's scale as to is

us you're opportunities looking our to continues there. of across distribution channels. So and across look all be Asia, of not acquire at we our in likely When markets Asia to story different for see one

ahead plans. to So well, running of very actually off TPBank Vietnam. the we bank is with - the start. of it's our in they've gone at and great did ahead the banca start year They're deal this well-run partnership extremely a That's

buy more asset Asia? partners, So can what buy businesses in companies, have across the could find banca we're with percentages of complement we we larger already kind or we management businesses already Asia in other Could of to JV deals insurance the on ground. we

in a about claims But in to the And of acquisition Dan be have that's some our And business, stop-loss adjacent world we virtually. on two Dan better set opportunities those look the impact we extend enrollments, our years to to the talked again, valuable had employers help then opportunities. other this in very sales. hindsight capabilities, a of capabilities. do, already talked that's opportunities manage there. group And to proven we health for for Health extent. Maxwell the capabilities So has looking of in US, as in ago COVID And about

the in to to do because United very look that's we We've our of on gone States group in integrate second valuable of what virtual we'll that with in of Canada, the that just got benefits - And was we to Health it That's thousands stop-loss. middle up timing, Lumino lucky provider again, platform healthcare then when So Canadians and did you extremely signed getting going. the that platform. to saw stake COVID And quarter well. a on here be opportunities extend in our we acquire hundreds continue leading for in really clients. the proven for Dialogue, in both us

gives the things you sense that I'll you takes we're kind kinds of stop at. the of there So a of pillars, looking around

Okay, thanks color. the for

of next TD a Mendonca is Securities. question of from Your line Mario

broad Good morning, and and expected points. growing hour, US quick. the I assets, profit see been growth two profit stuff Canada expected the that and I'll hot other options both normal so One be we're that in like fairly along is in to the all over try an you The itself your that the and has and force the running business versus over me to into this the secondarily, like like disaggregate growth go in things growth with then disaggregation organic help the just see businesses doing? in last growth in US growing and two I management more that all I'm look quarters. In business the expenses. US pricing it's When been growth the you're trying quarters. few the make last at Can I Canada the the

we'll will as thing and add - turn I then Dan. just And to do it So Mario, one I that. I'll Jacques

for that I'll to them. some expense color half there growth, of well. to runs more the at related look to you over If both as add is that. roughly And But it probably about to component a them that's reductions pass

And And what Thank just Kevin Mario. thanks, but it's said. quick, you, Kevin. try line to I'll be in with

and quite that you all, that XX% if you'll of quarters. it's see first back, go a So we're pleased number of quite

what's we're a happening row happening seven about, businesses. in across pretty were quite But profit expected in Canada, well, nicely. this quite actually which all growing it's Now, of that is pleased quarters our

and your talked we're come a or defined to not benefit this it's growing the now Kevin nicely business Ella And like earnings got of specific all lot line things what in two pulling with one I and that well question, doing SLGI to solution, said. it's digital. So rest. about and - it's But momentum stuff back pretty in just

continue of same it of strategic about coming the to sort up our So you of for that this discipline done of it couple we've of scenario. you. think to to years. is freeing fundamental real can dollars the from of half as as half been invest that in over half think of at business areas, growth growth time but And past course, applying we've it as Dan half is and the and it expense

business biggest profit have contributors full to scope. been growth the and Jacques. stop-loss US, the Yeah, In thanks our now expected right

every adding is top good margins, to line of stop-loss that course, So growth. substantial renewals, in strong dimension, and

in scope we as the business and scope expected as business, a our expanded well, Our build in to to contribution see as particularly manage contributions lines. full scale down future continue And the nice profit business. should in bigger new the into group is full has product now that expenses start to making we then

taper just put so. quarters pace. so a is on say to - that to growth growth I its is half point over few or can half I notion would off this. next Yeah, the I final and business a the off believe fair expense with at or was continue starts start the current business It It's that expense say eventually benefits year

Kevin. its Mario,

that's think right. I

both, discipline if I we total. over you'd things. it's I about the was in across some looked And you happened is as a little say total and those the US than But that But bit a - less have time, that your half. both expense types way slows through bit. down half it's of room that work saying think still across you on

Thank sense. That makes you.

from is question next of Partners. line Our Humphrey Lee & Dowling with the

my Good taking morning thank questions. you and for

Dan, - across close the understand group able in terms of out looking at kind as of your Just what yourself have Life line Because Sun US US, you're the that offering looking how group weaker out as But seeing somewhat much capability benefits to players of virtual able that board, a something has unique Are kind pressure and in see to of of top top definitely in laid I to and terms the sales line couple what than for insurance is the seen transactions. been you do to you the deliver. Sun questions unique in you Life? marketplace?

thanks, Well, Humphrey.

in out, I think significant in you we quarter sales of obviously saw as but do, completely unique, increase. the significant many our we not saw third and a competitors decreases pointed

So And at meaningfully I think capabilities of a our areas. they're across point. this variety digital are differentiated

other us. new meetings, in of recent as We've that's meetings enrollment mentioned enrollment XX,XXX XX,XXX of XXX We've number from meetings as for across Dean employee introduced different and virtual enrollment including to doing capability. Maxwell, them Maxwell grown of which heard months. the live meetings about year. the You XXX% in group has well one-on-one a platforms, variety a certainly done during digital capabilities is The helping

kinds So a a I environment, has deliver as us think community to or represents that employers those the home company good in come services. this can of the broker which good see place

virtual, time we have developed - future. to do grow the we but think during of lots of I digital in that differentiation and some opportunity period on So this

period. And persistency trend slowdown - other of kind like kind does terms this the in how marketplace, of these that in of given [ph], over RVRVBF how's your

as Yeah, to time. partners defer on decided for because this I new during for period some it persistency, many, improved, looking think of has have has benefits employers

is bit. up persistency our definitely a So

question. up just follow And one then

you're complimentary think, Dean's maybe looking talked benefits, in potentially to capabilities in M&A I remark, perspective US you stop-loss. about group some adding from

your a pretty player what of to look the book would other you business and marketplace, for capabilities established is major stop-loss? Given add in

are would I insurance to five we as we've our the involvement And partner in that outcomes are providing there in them step Yeah, called was US. outcomes. effective lives services, their ecosystem Clinical and facing have health there's situations. think to manage care I XXX, space, but those care employers We primarily do better in cost high get real of claim risk navigate And representing everybody. space, which because like profile almost expanding because plans for historically, I that and quite can can't overly we'd at think we to the their a we We'd specific, are US really win-win overall time but can mean, manage some say self-insured does the employers work in people now of type members who into we already difficult navigation a management, program employee more. helping out illnesses, expensive. like better helpful into plans. And health million serious that is with same always employees further protection, things the we help stop-loss expand less what health been help get their the really And we a to for the part about care, health

more So it's more add adjacent correct. to features looking as opposed to scale,

right in think way that's the Because - stop-loss sales it. That's carrier. - lot I our independent of are largest say far I about - We're each would anybody the to have think scale. above a the year. And we largest else's

continuing organically. So which us is build we'd would are add to we differentiate scale do to capabilities, What in further the like market.

Thank helpful. That's you.

questions. remarks. time, Chalmers for have I closing no back this At we further Miss. things turn to will

like I recording this will of Thank there to on and have our available will if of Stephanie. all the good any a wish call. today be Should our afternoon. day. you, to later additional this we and you you would after be questions, are to listen participants available call, thank the Thank it And website

call. you today's concludes Thank for participating. This

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