Sun Life Financial (SLF) 6 Aug 212021 Q2 Earnings call transcript

Good afternoon, ladies and gentlemen. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to Sun Life Financial Second Quarter 2021 Financial Results Conference Call. [Operator Instructions]. The host of the call is Yaniv Bitton, Vice President, Head of Investor Relations and Capital Markets. Mr. ahead. go please Bitton,

and for everyone. XXXX. the Sarah, Life's to Earnings Call Second good you, Welcome afternoon, Sun Thank Quarter of

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

remarks incoming begin message a from second CEO, Executive for today's our to Kevin from turn quarter. We'll highlights then We it Connor, Strain, Chief with will Dean Officer. President and the

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

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

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

good afternoon, Thanks, everyone. Yaniv, and

this great As been the earnings before to to is nearly has It is XX a the call, Kevin. for turning of a it years. you a comments Life just have my such lead privilege lifetime few know, business. past I over and quarterly Sun This last

on and team thank Sun who do allowed us supported that Life's investors our advisers clients employees who of our impact, has We in talented winning lives. effectively It's plus to We've has and over security created and do. have the growth talent we for culture part achieve have be put grow execute want I a our pull and that management center purpose, purpose strategy a and want X-pillar have noble helping want that And clients strategy. financial magnetic careers lifetime this live time. healthier a their who of to to an to everything team.

be hands to as executive invested success. you alongside in We experienced will the turn team many we've the always who have have that and us strong have in character professionals, story our with The questions prospects. the your lead we sell-side businesses the and decisions Life capital. Sun And our skills, allocation a the Sun onwards around Strain followed call to your Asia with understand time CFO, future suggestions, his at over and the made as with Kevin's also company recently imagined many are of great benefited thank want experience to now from helm. and Kevin. who have and and more critical room in and to uniquely Kevin and and Canada future I'll our him equipped Life to that, leading I

everyone. Thanks, Dean, and good afternoon,

his continue very will a the past our you and XX note, can thrive. on. We be he's closely Sun focus to high nurturing inspiration a behind total decisions over know you tenure. shareholders, XX guidance, advisers leadership, leaving Life. lasting has drove clients Dean and his legacy strategy us our that years, follow strong leadership while a Under shareholder a is top-quartile world, foundation on the On Dean on Over X-pillar thank underpinned for with Dean strong of for XX% has and Dean, behalf for of and during the key are strategic past the cheering Dean's I Life by where Life, want Life. annualized I partners years around with and built the Sun from of to will returns our retiring made company over returns best. company the Sun culture, Sun our you wish employees, our been people

net conditions. Underlying in pandemic earnings $XXX of people the by Slide increased growth for XX% quarter. $XXX second driven X our million highlights continue investments Reported income the million. strong businesses, emerge year, net per prior across our from the and from technology, reflecting to income and was share from to we Turning up as

a in return ratio flexibility XX% the have on generated With position, of SLF, which a strong continue LICAT underlying quarter. strong also deployment. second at we for opportunity a capital equity of We the and to provides XXX% capital

over security healthier purpose a we've While executing months, in of lives. on achieve our relentless helping operating we financial have XX and our been focus and environment challenging live the a maintained clients past lifetime

can the to that to between do ways invest clients with make to in of to June, qualify means easier for insurance for clients exams in continue lab lab to that approximately clients announced XX need require the not XX of it for without coverage up We XX% forward. In This we ages life Canada now business $X may in us. going million exams.

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management based ranked in quarter second third now are assets net We on inflows first in and results. under

navigate health health of our On our and leading which acquisition our U.S. PinnacleCare and provider, business. new businesses July Life to a in create adding part and a navigation group U.S. are Care, stop-loss and X, of capabilities medical Pinnacle we care U.S. is We U.S. possible Sun leading a strategic intelligence completed now conditions, best will the innovative dynamic and landscape the for help continues Sustainability care complex PinnacleCare's be Sun to care, identify for clients. to health options their outcomes. new Life. better client our unique treatment improve that costs to outcomes priority health members for advisers health the

private investing. joined fleet In have our fixed line manager demonstrate financing importantly, across that sustainability-linked Our infrastructure decarbonization Asset keeping can Net Management made of Capital, SLC MFS portfolio carbon annually also to while the ambitious several company Recently, we targets. investing on quantifiable income InfraRed goals with QX, that sustainable and impact the Zero include includes These Manager commitment sustainable reducing investments a align also in the society. our Alliance. in and, we its is to American shipping North intensity positive more our

flows U.S. where our wealth will from of in also to the buildings. continue be up green used wealth ranked half in X-year by prior a In XX-, Asia and asset Morningstar X- of In XX%, of categories, to fund examples the and decisions. constant driven We efficiency in sales we based QX Canada. year proceeds and XX% management retail bonds, are strong into their on assets gross respectively. how top currency improve invested at second X% of basis, higher and the incorporate certain sustainability These and gross were MFS' SLC sales Management quarter, performance, investment sales on XX%

our X. helping digital nearly In lifetime at to deliver and save to how their with protection and through and our which Canada, drove life clients. for deposits helping are our get the insurance on $XXX ensure clients lives. U.S., future clients we highlights our the million they new In of the online our wealth digital coverage clients sale the is dental the helping virtually over dental this million capabilities, of advice to capabilities. expansion access dentists. need $XXX of in coverage estimates example An and enable look center achieve their Slide half Ella's clients, from coach, continues is offerings for health nudges Moving them of digital Ella, of leading year, of receive and financial security We digital ones. us the purpose connect of helping on live healthier In first loved

first of earnings back, Life second XX% growth, an sheet Asia. We us also continue significant Stepping the of XX year. results in ROE achieved increase quarter, over provides submitted the with strong to maintain last double-digit We've the a applications QX half digital advance were with that percentage flexibility. year. insurance new solid In in the points of pleased Sun we're and balance delivered digitally,

home creativity. we're making and and employees tools, a technology working employees to for revolving to experience the with As designed office our they the healthy whether smart from investments our questions status. need support work outlined some supporting our flexible open to our client includes have safe month, business are office or This effective, be providing future environments their providing to magnet for to and committed want the are to jobs. and about work. and times guiding enable started more a the of to do Last of principles collaboration, we're we've work In productivity in needs. spaces we're And We styles, employees at future seamless working parts that offices, collaboration for our is face-to-face around committed great them many when with in our this. world work we the office, post-pandemic received up, slowly

of workplace, employees we I'm where attract our our keeping to a transformation, asset and asset and the and our Our role strength, priorities, all, Sun caring, personal a through asset clients new of Manjit, best including strategy digital at continuing on part accelerates ambition strong working management, support to will push looking will develop above making and remaining my on and forward our supports us our of take while optimistic the be thrive. as and on hybrid can financial that, I'm success who retain a CEO. taking leveraging sustainability and focused fostering innovation and do, Sun call to talent Life's and across results. Life to to our committed center equitable turn key building in insurance I culture now nurturing key over everything one insurance note, to management our inclusive the our management the diverse, a world. companies On With approach and model our goal to strategic

a Kevin, you, recognize CEO during contributions as everyone. also I tenure take wish to all and very best. Dean's and want his the to moment afternoon, good tremendous Thank him

net unfavorable an as quarter. growth, our a of our tax results are million underlying currency results. and year-to-date overview XX%. XX% partially as income impacts net investing from higher our turn offset year, QX quarter normalized experience Slide business rate $XXX $XXX performance XX% activity earnings was up credit prior strong a million by from second Sun good share driven to of by underlying compensation, incentive business underlying up reflecting market-related or the and favorable foreign gains lower of equity current businesses. with delivered across factors million X Reported momentum of Let's more well prior recovery the on per for of higher strong $X.XX, Underlying and was translation, all the were These all income. effective return pillars. net across reflecting Life income $XXX year, for was

climbed net reflecting flows $X.X management to SLC under nearly trillion, strong Assets and growth at value management. market

and asset billion the of in businesses $X wealth the our currency the X% billion share per reflecting For XXXX, management generated mostly by half income first compared strong to value year, of of half first was net translation. from growth, reported inflows net $XX Book XXXX. foreign prior offset up

other and prior income, increased comprehensive XX% over impacts value year. Excluding per the book share

QX SLF of to X billion Our issuance company our capital end SLF ended intention $X.X were increased quarter Subject increase financial shares approval, was of the of redemption, LICAT. regulatory which the ratios strong. by XXX% Upon fixed our up cash the the million percentage series at The the balance approximately of by points business limited of prior points rate at at $XXX LICAT leverage notes, and the redeem The of XXX% percentage X will and recourse issuance decline the X at groups. ratio respectively, SLA added percentage the sheet is $X performance of preferred to approximately also at X%. and of points billion, XX.X%. ratio from approximately totaling the LICAT X driver position decline will quarter. Slide point, remained third and financial leverage quarter. main X highlights holding X ratio SLF's to percentage

million experience. up slide. market-related business Underlying gains year $XXX $XXX growth foreign of constant contribution currency credit favorable in million to credit $XX The offset This investing million, favorable unfavorable half This income The the as margin basis, net significant expense impacts. Given favorable prior million, was activity Underlying Canada's credit a reported million we've net by our XX-month included and offset driven currency by while experience morbidity income net costs, increased lower X.X% on on the income million million income translation up from versus Benefits spreads of X.X% net higher insurance the well this driven well XX% growth higher up as trailing net investing favorable. strong was by $X incentive income. QX year, underlying partially $XXX of over constant partially reflecting also as the impact was reflecting of in year, achieved in first higher in currency activities after-tax was gains. the XXXX. on or Group earnings prior $XX and million $XXX U.S. mortality, reported of year-over-year $XXX a wealth by a prior experience from of reflecting business the from was provided in basis, year. investments related of more management continued results compensation prior up initiated were as U.S. as on results,

SLC million, growth, U.K. net average from of by driven with million, InfraRed for currency impacts, net income recoveries million, partially from XX%. from Corporates Management acquisitions. driven loss reflects seed was profit down offset year the improved largely the adjustments net offset underlying the of down year. driven by This an MFS constant Underlying was and fair million was Slide was an to $XXX lower favorable by prior performance sources joint quarter, currency, growth. up was basis, margin MFS by million X% up in experience net compensation provides rate management, on strong income operating net million the awards foreign the in income million Asia, value change by offset our partially year-over-year. a SLC by the of due Crescent a unfavorable was unfavorable market-related income a in net fees, from variable year. and net prior of In share-based This impact lower Underlying expenses. higher offset business MFS Asset higher million income $XX This by QX up offset contributions reported underlying Expected of India improved unfavorable investment translation. $XXX by earnings. by year, quarter $XXX of by $XXX on Management of and higher prior mortality overview currency net the reported gains. prior $X $XX XX% net tax compensation partially reported was the the costs, experience in tax offset of partially venture. $XX asset XX% credit from growth partially net experience. generated driven XX increased and income which pretax constant ended expense

up Excluding and of Canada the the asset by X%, management in pillar and driven impact growth currency, expected profit Asia. was business

of year, declined New business by sales of million along million million from Asia, driven robust Experience with the over insurance gains market-related in strong in $XX prior gains. by individual seed primarily surplus Earnings included year, reflecting higher impacts. the $XXX in gains growth $XX on $XX were Canada. million prior growth increased sales which

up increase participating Asia. XX%, policy most sales across sales basis. Slide which Canada to an a Turning sales and in by XX, in driven markets and sales currency were in insurance insurance constant on outlines Individual wealth higher

While seeing Asia we some variants. renewed improved, sales are a in in lockdowns result as of countries have new

the Wealth teams environment. we sales with increased reflecting flat are see in slight in as the sales a large and compared to group Services in current was cases lower year. by situation. sales benefit constant driven decline Wealth XX%, the closely Canada, We to higher working sales our monitor continue and Canada coming increased Retirement sales. local prior stop-loss the sales U.S. growth to market in The Individual Group on currency basis fewer to In XX%

mutual and now Hong reflecting the business, are pension sales market we sales net Asia market in in by India, where in Philippines in fund sales leader Kong the money inflows. XX%, the growth increased

of than sales flows million, Asset which outflows. in in were ended increased reflecting prior $XXX generated was Value net Management institutional billion, the business USD offset more billion Canada. to driven which management, in income strong and inflows partially X.X lower XX% gross in will in with offset quarter flows X% up of gross retail, in year, MFS. SLC good in inflows strong $X.X by currency continued the by compared driven year-over-year, by coming constant generate the in new the second MFS SLC sales had higher quarter Management by quarters. outflows, fee Asia

expenses up XX. Slide to Turning Operating were prior from XX% year. the

impact the higher and by increase was acquisitions Excluding of up adjustments, and percentage of in our points compensation XX%. incentive expenses revenue costs sales-related currency, rate reflecting from expenses X this fair run strong management growth. value businesses, driven asset were

growth the higher and incentive The our by which included in our driven year-to-date half reflecting year, compensation in another of Life's of the points disciplined the from continued growth percentage highlighting impact strong in in higher incentive Sun quarter. partially attractive compensation sales which remaining the as our plan. on of X% Canada conclude, the reflects business, distribution Asia, increase costs to first accrual a with annual for X from To increase significant business versus was the well was the focus QX in year Another good management. plan investment robust expense set by weaker strength the operate savings balance performance pandemic. as offset was The accrual businesses, opportunities. in annual performance prior of markets attributable onset

and business are initiatives client the have pandemic work drive and invest our the businesses While growth. further future challenging transform a capabilities demonstrated. operating our pleased enhance we way to resulted with And in to has in environment, digital resiliency opportunities continuing experience, the strength we we're to that

Now for to the back call hand Bitton I'll Q&A. Yaniv

Sarah ask pull now [Operator Manjit. the I you, will to Thank Instructions]. participants.

Instructions]. [Operator

the with & question Dowling of Partners. comes Lee line Humphrey first from Our

your been my question, a to first U.S. with you. retirement. for do My question It's want is pleasure And the extend Benefits I before congratulations to related to working ask Dean Group business. the I

health the earnings stop-loss I today. of is And that? inflation not costs has a the you looked the see Generally, how how your have do in affecting inflation U.S. business? to know topic medical call at One new. you insurers about the observation broader have given so on the far? medical concerns, cation But you rising talked what of been address

into actually, at that Dan are obviously premiums business. advance pandemic. in growth out somewhat one we're our claims. likely in Generally, business, some that the treatment there drivers we our we And year same, in at Fishbein. stop-loss in that the of book predict the look rates. to the for that to of build And have we're so plays we in stop-loss this far inflation have unusual effects in when in What COVID why question. it's one the Thanks the Humphrey, that from is the the medical of able that's But later reasons in of been and delays lower morbidity pandemic. seeing in due is lower business business the periods

care help quarters. the we've would But that's The concern to utilization some performance at morbidity can pricing. seen only guide And new not our one increased expect We favorable depressed couple actually people as utilization and results. ways Now acquisition to the delayed the have also obviously right level may compared favorable PinnacleCare good obviously, past the is in of some periods, that's see right about the of reason we do time. our in underwriting members. that we we subsequent in use that of of that on behalf seeing related the to to our we're treatment,

of difference the some normalization of assumptions? pricing of you what from have cost seen demand inflation on, more the versus the or of you kind or of kind any That's deviation of in Yes. pricing going you're the tenant given medical kind seeing your But have what dynamics activities. on

forecast, far been pricing. at will medical opposite for inflation. trend, what Not overall a as have that point. U.S. a a the work to because Again, long we build of actually, as quite medical the which lower there's inflation care or be in this actuarial firms time. That's part of we're and outside medical care care. always seeing we the But delayed And to very with our into always confirm as

not medical increase this beyond to that the suggest, anything point, would pandemic, of the a level substantial the inflation. at So impacts some for in related we're seeing of example, anomalous

the Understood. second My SLC to strong [Technical is question related Difficulty].

quarter row earnings? how your commitments driving capital about these net I you [Technical time in lead really higher flow funded, them secured large this think that flows earnings Since a think assets that haven't like second versus is these the that's turning Difficulty]. been getting fee into we the through inflows have should

this Steve question. Peacher. for is Humphrey, that Thanks

point importantly, to the right of we've And a raising across it out of flows. platform You're that think at capital I couple had quarters reflects strong broad SLC.

pleased -- closed-end where when that forms and That was we this very a where coming investors that sometimes, that quarter invest comes by was in comes funds, then over we're the capital raise So different quarters. reflected. into that. money and And and we capital commit

Sometimes get it like When alternative comes invested. quickly from to that funded vehicle would real new much we that fund, managed there's gets It that. of immediately. period to money more a a estate to X fund invested committed credit or get an X closed-end often an winning investment new that's than usually years a be money account separately

type funds coming get even is paid can we sometimes where not year invested expect usually committed We norm. on I immediate invested some an exception depends commitment that, say money the it X. AUM we've into of on more over So will but it than the but or flow, we it's that's turn that fees it, the and get, be do fee-paying capital have you would the before which

with Meny of line Scotiabank. comes Grauman Our next question from the

you more. your golf first wish get luck I of I new want And in chapter. you off, hope Dean, best to to

below fast be? wanted your revisit comes, perspective, return And just range. there? from capital. dividend Do the I'm of questions, you finally the payout ratio the get first want And of think be to you off, And terms midpoint? to target at want the of so do subject want In do how you're to where a running I to you when green you wondering light at

remain Meny, as talked question the restrictions it's in lifted, getting about range earnings committed noted. are dividend on XX% paying a past. once We you've And out the to Kevin. XX% to Thanks that in we've dividend. for to the the there your of

intention be would which they of gives were can we of like grow do X% XX%, dividends sort alongside that to of kind the in sense grow earnings it's Our that before dividend, good -- the what would so growth and of investors of gives a sort earnings will to expect from perspective. the sustainable

looking So at to we're XX% range. still XX% the

before I what you more that just and to -- understand we're talking So line is earnings you're reasonable going catch into range that Is correctly, regular with of assume sort in up growth? about? there get that it's to growing

XX% right. about X% it. that get to then to back into sustainable That's earnings. of think would Yes. go alongside we you more That's the We how quickly growth should sort and would range

on assume X%. definitely at just lot back about this to Is I reasonable something of buyback front, saw buying a Is you're than to in terms buybacks back pre-pandemic? back a XXXX, capital. buy than stage it more you what we contemplating you allowed. XXXX, that look that pre-pandemic, once could the are larger then do that? And excess were capacity There If buyback of they're

again. Kevin It's

over the business through When need, decision or look Our always whether in capital at M&A. we for priority investing see and terms buyback. been excess have growth, we what we the we organic we that pipeline that deploying in of has then that make growth the believe would we on be and

see back. M&A terms can of disciplined but So really in organic MTOs. support discipline, And it's of on where growth should earnings in deploy -- MTOs. we we it we It and targets, our terms I It use capital, there also mean wanted to should the of ROE support support we're I at that opportunities. we say capital. we our look growth. we're we investments in dependent support of make, all our how cash should And opportunities are as we and will that's terms around by

capital deploy discipline the So based we will same we've in past. that had the on

question Tom line comes the of from Our BMO Capital. next with MacKinnon

congratulations that well offer to great a rewarding comes ensuing very the a best And but in want professional to just you a Life you Sun crew and at hope and year. to my crew at in enjoy Dean life. Mercer So all not as great team, I sort of the only

first Dan. I maybe be So guess the for would question

respect that? you're with Any it in Maybe commentary seen on quarter second a in pressure? sales, Is while. what I a there be Just you to to the stop-loss there pricing out comment seems marketplace. lowest have seeing And we've follow-up. the can on

degree as right some Yes. up to some And Thanks. partially due This on sales, at delays they're care. seeing business. favorable in experience especially increase may that experience, are particularly this that our being is be some last to favorable pricing, now, is Dan. but on competitors stop-loss trying more We're maybe aggressive make competitive to of to they're about not we are, the year. least stop-loss carriers to for fact the misses leading in in pricing It's most belief question that. definitely seeing related no seeing There's the that probably

for we the our So That's major down why are seeing somewhat. that. sales are driver

margins well still high. on ahead the puts But Now guns still the are of we quarter. our largely in and prior running the we sales to are at independent into very that pricing amongst build our were quarter, the lead sticking of carriers well in else. us stop-loss And We're pricing. anybody that XX% about -- year we

accept So ratio a close little we margins. future lower if will bit necessary rather sacrificing than

with a a as in should roll activity expense the incentive should up, first in this and in year like book line? How catch-up would loss kind catch-up? X should a be looking experience took Life losses just Is comp in time cadence to Is of as much respect quarter of of a forward? sort the with Traditionally, of expense fourth then a that not maybe terms in reflect to go the price see of losses Or for And quarter? and expense other spend. experience we that Sun Okay. follow-up, the experience we for quarter. negative some the stock looking along then some -- every this a bit this we at you we be going a quarters that

I'll question. take Tom, it's that Manjit.

So as compensation was we've an in I largely on accrual saw the my to you made expense related, incentive experience remarks, the mentioned plan.

in we against various at and underlying we're plan earnings, key how And VNB targets established. are our client-related constantly that disclosed that we've the the performing really reported drivers proxy metrics. As look circular, our take on our earnings, a

saw you quarter, we and accrual all this and as well that measures, those performed extremely performance. strength So reflects really the alongside

is over over what that And just frame? Is the and that strength time performance fourth...

It's the view. year-to-date

haven't in you so last until up adjustments XX this months the And time? any made

No, year-to-date fiscal. it's

it been months have would year. the of the first six for So

Year-to-date fiscal.

of we earnings kind we kind in VNB, expect a if would loss? experience growth in saw So a of similar similar months expense X of underlying

Tom. annual an We have target,

any So look are at that required. on suggest make the we and relative what that what payout accrued would we've year-to-date how adjustments trending would to target we're annual and

to Okay. And opposed to... on this just -- going as revisit a more So you're quarterly basis

expense up quarter that's it in performance the think appropriate the the in more against we matches then quarter. Yes, the really because

are jump this I'd note Kevin reported And pay conditions. you just Tom, there's up incentive that VNB. earnings underlying of reported big the the earnings our with elements a year that see annual X earnings, Strain. economic it's can big and

through come through the as that starts elements. so other to And

So also a fourth sense important of what that the are. is most elements one client sort on performance, of that's The three and an basis. annual gives you

Capital from of next Desjardins the line question Doug Young Markets. Our comes with

the time and yourself on eventually you settle it normalizing? we how what Maybe And just about the starting X.X%. margin this think a address frame does a should normalize? the you trends U.S. things is of kind can improvement remind if on bit over about stop-loss margin profit reported we've where profit us earnings. starting, and after-tax LTM benefit in to And your down? like steady side, talked like the to maybe can And you claims group after-tax seen side? likely back -- Dan, And And employee

thanks. Well,

greater. as or out, And our you know, we're target pointed at you X% As now is X.X%. margin

So exactly very over of There different will well future. it out in to play in which directions, are pointing period different factors the hard above that that makes time how what predict number.

just over have the past group That about maybe mortality, obviously, through delta although factors significantly that I'll XX variant. moderate concern to did go seen starting in On what So of months, some quarter, elevated back mortality. have with are. some certainly come we life biggest the we second quickly the the

were because relatively directly last line The line to our short-term claims recall, news Dental with is dental long-term were the time, to with you'll quarter last this has than so been elevated in offices but continue normal year far disability this see We quarter experience disability as claims in closed. much benign expectations. same good related COVID. year, expectations, higher at

that believe favorability favorability that dental I it. So course, the majority should there earlier, delays was in related little utilization. little it of due not but been which well, to in a very component underlying very there's There's our stop-loss of as And continue. certainly care is We of COVID, all described performance the of favorable. then, to this has but

that. still So that out about as good at those to We factors target. time, of predict possible play feel how to of above being remain really what target. all the to we're confident say able of or it's not period We exactly would over X%

Okay.

expect over to... And So what whatever we gravitation time this that's business X% frame should back the you're essentially? towards trying the for

different there But because mean go words. Well, in I that not those directions. exactly factors different necessarily are

quarters for see may should some we see COVID favorability lower continue as the So several stop-loss. to we in and over hopefully wanes, next example, mortality

that So where little settle say out. exactly to hard will it's a bit

-- maybe understand. net just then that. outflows Totally net outflows? MFS, on a down specific mandate, institutional coming out? there No. a money that get the Just you're hearing were you specific Can your elevated. on obviously, rationale drove for clients? break And elevated What to Sure. color what little Is hoping from

a well, -- a outflows side. couple on the but institutional represented This all institutional, outflows in Mike. of the maybe things is were majority the And the by few just the quarter. Yes, insurance of

The first entirely book equity based. is the entire almost is

get and other as asset rebalanced time so you you an plans, And plans. all to pension make highs, allocation derisked new markets get in

it some ordinary of the generally rebalancing to at And headwind of that just really a the couple second, in the of to of than so that's quarter, move was plans we larger market passive highs. as the was And just nothing then a the in and plans redemptions out large saw other really quarter.

Our next of David question Motemaden with comes from ISI. the line Evercore

to on the Dean, stellar congrats like retirement I'd echo, And career. and

that on maybe is you the wondering utilization picking utilization. the reopen us you seeing just question just Dan, benefit quantify you're of stop-loss up if experience and quarter? first my things kind signs and in could a on tell much could for I'm of lower how -- was if guess of as the if I just So

we it claim, very because see it's what stop-loss occurs claim. -- a after severe obviously, well is is, a utilization David,

is of then until the person of illness So a and a level that is it that reached care until takes until while had and ultimately filed. severity threshold has claim

back see half And completely analysis of we to can than long we've a think see due pretty done over of but course, normal when but delay a care also sources, we lot the doing general. close external you which you, couple delays a in to COVID, due hospital at And not there's of to that entirely either. the experience, said, not we've just quarter, more in of own see then to as care, I looking to is we would in our favorability, quarters has normal. of second tell returned quite in continued bit So as I outside in of And that. what's are past this. obviously What

at that the And to the as least were that So hadn't all. end favorable at of see through started very of at quarter, second least wane we point, to see morbidity. continuing we

it. Got

leading the what some sounds indicators trend it of suggest And that would is like? the you're that is that, tracking continuing

the But really the that hadn't yet. We care diagnosis. continued that quite favorable. to end least all is through that I the seen getting seen we on and care has up expect of through will But would end we've inevitably people can quarter. of second and -- and be the catch with what at getting comment Well, quarter, will up catch

it. Got

for insurance That's guess to And sales helpful. maybe a Okay. in shifting wanted Hong just Leo. I Kong. -- gears, could touch you just individual question maybe just on then

started on things back open up there. we've just to to if think started have wondering up start hub I'm to the And I see build the pipeline side.

Thank for Leo it's here. your question. David, you

So quarter. in Kong business Hong Hong our Hong and things. decrease Net Kong then overall hub Worth have Singapore, X really business, is what our of last seen composed you'll That Net then which and in seen High what Worth Bermuda of sales, High our newly is Kong QX in international is terms sales local have business you'll in

agency decline of the First continued side, a That worth on and in is high local in in strong Bermuda. international continued by and strong sales strong worth the very focus offset sales high markets and demand space. broker result as sales on a quarter in net our locally was in a net

ultra-high together our where this the brokers bringing international location effective for time. any is the high about all net fungible with brokers worth, in clients, high at rationale think most place the hubs point dealing business so us the this international should location somewhat are net worth you really businesses, where worth the And and the and overall, in will really and really of is way net clients is given --

to there in that travel Kong. we continue saw be what in is actually Hong quite so strong QX And restrictions

only course and you the coming Hong residents Kong. of Hong of were into QX, X-week Kong facing for Over quarantine

our that in net in worth business second made quarter. to contrast, we continuing difficult. the offshore through demand saw And has high be sales so quite But strong

across repricing redesigning that this in launched QX, conditions closing based market business on -- The us specifically, are new other doing in and the happened we in we've And international and product constantly existing the thing the for products. is been a international an one. and business, we're

given in of XX you've high net to so long nature worth, the got cycle. And months the sales pipeline X

pipeline, was this who had issued end the get of to that before brokers, all Our in product. the business of these worked policies hard

QX so QX. into some brought And sales our that QX forward and of

So QX. the in strong that explains international sales

Kong, very overall, Hong high international. in So more in sales worth, strong less net in

into in restrictions have to continue do we terms travel Hong of forward, Kong. Going

that So Kong-specific affect continue should to business. the Hong

globally travel and We restrictions on. continue into Singapore to have so

we working there so continued worth their see as protection proactively, of be overall on wealth growing continues also do for result need but pipelines, demand see among high brokers a working growing very And to we clients. and net headwinds, and

Is the high domestic guess, Hong a worth the -- are isn't Hong It correct? it. those there? There -- offshore component are that there Got Kong, And those like really Kong to clear, sales sales. net in sounds mainly be I

the a smaller a There total. to domestic component is of but they're part those sales.

So you To as to able on markets. international on come also rely well. have into rely being Yes. people to the

from the Dechaine National Our next of question Gabriel with Financial. comes line Bank

takes and question mostly about great Dean, Life we've of puts congratulations my farmer I markets? run the If lot business. But higher in gentleman, on flat negative keep can and there the be group wondering maybe of commentary. Canada helm Sun let's of say, start in I'm are as of can to had the directional some a if these me that already, the or and give U.S., Trump's a utilization my it and at [ph] discussion positive growth retirement, know or lately. is golfing. some two the rates cents, the XXXX, both we move just headwinds trends can very as of simple, you profit

So and Gabriel, you're Canada or? both on U.S.

Jacques. please, Yes,

then I'll go first, to on push I'll and if that's it okay, Dan.

And small, low the level, portfolio fact, what larger we the national at before, our market, activity, large, actually particularly, getting the good at to in you'd -- you what and we've but -- So if in that sales split moment, activity COVID Canada large sales employer the we're Gabriel, were there's this small in so the said impacting the the in accounts. call GB the at is find is medium and between end. medium, pretty

medium is for complex the the employers reasons type the have One where the small unlike of plan, by end, customized of Gabriel, way, large the that tend that larger you and to off-the-shelf have plans. and more standard at

expect level COVID. seeing past the pandemic, to have disruption but we it's activity I the create they difficult the and want crystal of start is as And I for more happening don't get in of XXXX, ball again. middle that don't would that so we'll rise what's now a

sales. not Earnings, I'm talking about,

look, say, for earnings, things are think good. I would -- Yes. looking Well, are things pretty Canada,

about more expected profit the particularly That's, As X bit to expected for Dan that But growth. of business as can we've the growth got is seeing you the was fundamental XX% pricing. question across pleased business. the know, There of our across a things a profit units, Gabriel, all about of see, one I'm speaks we're way, earlier you the business. by

disciplined that bottom. to One of very Canada into race we've the call a in been would get try I to what and on the not things

taking line, So been pretty we've growing disciplined business growing top on line. pricing on but view the not and a the bottom just with of

the So in continuation expect. of in earnings the power, earnings Canada is we strong Dan? the of what terms power

And this U.S. is Dan. I'll for address the that

that X products to to mentioned within care are our I health different relevant largely back group. effects utilization stop-loss. and health normal. earlier, Dental business different most as on care Maybe has So utilization is utilization the dental are

utilization hopefully and care, suggest where affects care away. that's stop-loss what those business, and as both some delays delays and concern about of expect that that members And our we would then to for obviously in our the -- go continue. is well-being could So there and then health

to the stop-loss we businesses. Jacques very for I in business mentioned is growth one before, Similar price exactly in of plays the certainly. But to how would utilization difficult And in these in fact, of that -- utilization. predict. we expect described some what is increase premium out So also, it as do drivers increased as to

but that something are the checkups to can but made on call, that that let's on and is they the tough last and hope horizon, utilization mean these Yes, and back a XXXX. diagnostics stuff for that is right? talk to things, cancer gets about that like pushed concern, you predict I

Yes.

system are the said, health continued diagnosis. it's diagnoses delays to As different cancer in see very predict, in I've but general we we to tough care some carefully, in and impossible tracking do categories

could some concern well-being largely does in but again, that the future. there for members, also the impact of So be us, our results our on

comes from next of Paul question the with CIBC. Our Holden line

we that a XX line had, margin maybe every roughly margin just correctly? questioning normalization move million the the I Sort of of roughly calculate point for or group, that U.S. as earnings. annual in think I math lower USD Am least basis at equates of about doing XX that continue along to Gabe that

do that if math as can. quickly I sure you can as Not

Okay.

call I'll Okay. sense that. Maybe follow a up of better after this to get

to related us other can had, sense I you kind of guess, on Asset give this one to any pipeline? strong X a SLC I questions there. you whether rate? might Is and on maybe So assume first perspective some have more I we level Management the flows the there you're active or flows with step continue current of down fundraising, can so noise

question. Thanks Paul, this Steve. is the for

InfraRed, going of got and fundraise to to quarter, new the they're X Crescent if on year, think with Crescent's fund. fund. to closed-end on we volatility the are funds, the X first closing had And selling eighth have and we've mezzanine like we instance, firms in quarter-to-quarter that second because expect closings see more for We another some you

do quarter-to-quarter. fluctuate about. We've that So got to to numbers second We new some to launching half. in going have sizable funds that's lead some accounts the talking the we're separate

and year, flows, business So aggressive that we're -- a move that. we're this but will it's for projection hard an to me on the have around, is for we for track and for on

a -- first see don't way the the move half saying quarterly I around but another guess think don't bit. I an So is of I expect numbers anomaly, it's to

it. Got

you flows for that annual the you did target publicly. sorry, And remind share year me, can

think I that number out. No, given No. we've don't

which mind, I less and want of at -- are Leo, enough. of on on lockdowns, a jurisdictions if give Maybe and comments just kind you COVID some then on you impact. And regarding which the Fair Asia are Okay. ongoing least as impacted. sort following today also just of seeing to of summation don't the of ask up can

your for Paul, question. Leo. Thanks it's

particular, which quite the in QX, impacting what delta broad. region. a note Southeast still to seeing there's COVID in right Asia, surge with you in if the it's movement that happened especially You're In Asia. bit in is we're a of quite look variant, actually strong And at

about region. India, its very just you in in QX, what now down X,XXX but surge per day the the high come with of wave the of had also mortality rest seen really If strong numbers at have cases Those not but peak. start high July, in at -- at very look deaths in and a you obviously India we've a started to in QX

now in a a peak. seen to been a of Philippines quite And then India But the per really. of So currently and Vietnam Malaysia higher constant more you've is you're year to has going peak see cases starting rate. for bit also a then hovering at Indonesia deaths at have is. last day, kind X,XXX of level recently, is an than death which increase the about start

some few that's seen in So South cases affecting broadly East provinces We've Asia. a also in China.

measures. so with the And all responding governments are lockdown various

China been a Indonesia restrictions travel facing could And So for in now that that country, and Malaysia had emergency, affected. of Philippines completely areas across various has on. the Vietnam is then the escalations are and and of movement curfews been being and people in example. in state had so now various you've then open, restrictions,

market. cases in a restriction the and So Kong, fairly into in really it's that's a result strong seen very actually of growth where The travel only place broad. Hong haven't is we

but is to it's the pretty So running and economy hard in Hong Kong, very out. within well travel

us into of creates that heading all some QX. for obviously So uncertainty

digital, feel do to the and in engage with our business distribution advisers strong we about made we've also a the investments confident in positioning result enabling for as remotely. Although recovery our of clients in

of Securities. question Our line TD the from next comes with Mendonca Mario

company a people Kevin, XX% not at call look on and When -- at a with XXX% it's life company. lot I this I but recognize normal company, reasonably inheriting are think call a leverage. ROE, would low got the life of for LICAT a holdco, I the you a still that's insurance insurance this,

the simply good a we're look made with Sun it? So you Life is do ROE really at years, this last look over -- you temporarily Do at how do this to company live you say, -- -- you and insurance ROE? anymore, do so we well, company much not look could calls from it some Dean's life maybe react is your normal and when Or Is normal. this, at if and reaction that's XX how lower, absorb large could transaction your you now? an a that

the Thanks, Mario, for question.

we're Asia right. was Dean executive businesses have one companies. and ambition under early in on in best world's insurance is and The transfer, is business on X that management. risk added than and that just left foundation. asset and see be strong the be our almost half in can pension growth And faster management GRS, ways contribution very us SLC of defined insurance addition derisking and capital focus asset to like team asset the an asset like different I many First, grow Canada done our you're the positioned to management if earnings have fact, of an and our of us absolutely businesses focus company. use him to management which to tenure And extremely looks pillars. fee and on up including the some the business you now higher businesses, And across its exit jurisdictions continuing

we've think in got we've growth talked which plus. great potential being I XX% Asia, about

we've position on -- a talked The got we've of that, Benefits We that that like a doing work powerhouse digital. plus. with X% I can the and that a about business, U.S., got Group the see strong on talked and team his in extend this you've think the I really a to sort call, about brand in growing. Canada. leadership think U.S. Canada I lot things and such real great and growth additional Dan in PinnacleCare are U.S. and the stop-loss got we've

growth. We're management was capital So took asset MTOs, earning to CEO to all use that trying to discipline, dividends of income, focus on way focus tries world I I And well Mario, our discipline, in to and a just to Canada build over he around income we as how with on our that firm our We're fee flow of earnings deployed businesses reducing We've income, in like deploy discipline right? ROE. to of We're financial -- targets Dean that well. but capital. insurance CFO. fee as trying build fee part build back cash and as our on our involved the our think build ever that of since shareholders. capital been not I've in as trying That on

team. entire So we're going not Dean's with comments and team. the just executive executive that, to maintain me, started the

we're -- work there's The work So business on to better. making which our we're continue and pillars, stronger X business, the on we've the lines digital, build going done focused of that. to we've on on done and

All right.

to reason Sun then So Life's XX%, like which XX%, of guess, much make company. public not even it higher, Life's down unusual trend for -- I for back expect of company a ROE time to was is is there's a where Sun as to no that

to if well. grow, we able business, the grow be of mix our ROE should think as I continue to we

Okay.

I to detailed guidance. your us on don't don't guidance think And up Let quarter, it's Sun me Life's assumption a go review question. more it to you've next maybe believe review. any I that's coming us assumption practice to given relates the give

ask the estate. we return entire estate. sensitive insurance there to Sun and that companies, me the Life every So including an Is revisit no have of Sun real assumptions -- be It's around this, should a life let part asset the company. insurance to mix reasonable for concern? commercial commercial life Is Life important real

again. So Mario, address I'll let Morrissey it's Kevin question. that Kevin

Kevin for Morrissey. Thanks Mario. question, This is that Yes.

reviews our We Commercial are do to majority real similar years. that review. of we reviewing the of assumptions QX previous every So this number assumption part are estate year, year, review normally of estate, as in Mario. assumption that definitely a will be assumptions real

our We is not this to experience in that's year. had what new the we've this So look for something past. at

markets the how at future at and well. as projections are the look look also changing for We

see. great have this So in real we estate did to will note, was I which gain quarter, significant a

by guess making to that. those changes the next review, quarter. and the spreads, actual answer and the or part and other that announced approved I it's in in and that credit estimates we updates ultimate all short in the of ultimate boards changes the will nothing reinvestment disclosures grades on than have standard we're other been be QX, So we've our the results But the yes, there's that you'll included for is, QX the highlighting calling of certainly and your out that question and see

retirement. best the to all Dean, And

line next from Our Markets. question with the of comes Mihelic Capital Darko RBC

best. looking corner few poke this left-hand congrats. Dean, insurance stuff. a question. of sales, at All year-over-year. individual the have wanted Slide looking I'm questions the And at upper at I up I'm XX. to A XX% on specifically I the

first out respect sold? The driver being sales biggest last has but there are apart and from just is, know there was with policies being what's of disruption, the the year, any pricing we been sort capable. changes obviously, that there now of Like to these

So Darko, it's Kevin.

it's pillar. I by think answered best

Asia. growth can the Leo talk to in sales, Canada about first maybe I'll So then turn Jacques and answer

question. for Jacques. is this Darko, the Thanks

$XXX of Canada, XX%. distinct out, we point in up significantly are that up you sales As course, insurance have individual channels. the Canada, Remember in X million,

and We And The are you the sales net million the that get yourself high you without the announced worth. of the these ultra-high very worth, third Life that on, medical labs, ultra-high the growth lower business this particular, And saw the when then there while high up we're $X facilities closed if Sun can going that part in was a and we to to significant Financial is were net go worth Darko. XXXX, QX. highest at net and in be put because net quarter lot where worth in which party, we to back have and Distributors is moment to fact the in amounts. is so lumpy, previous

So come Leo? there was, quarter. I be from buildup I quarter-to-quarter. would just lumpy through But has nicely fact that say, of the can a and a those pipeline, want to kind that highlight the of this

Yes. Darko, thanks, Good afternoon, and Jacques.

to parts question. X your are there So

the pricing case the you're seeing any the the Asia, the strong with what second were numbers. is changes in increase which In QX significantly XXXX pandemic. the of sales The start first was one associated on by of is one and rebound sales, a affected

last distribution the over worked to in really drive capacity we've year so And a environment. COVID

we Vietnam, well capacity also in rates partnerships agent with of with Some count strong of enablement increasing that there agency. rebound in but the example, has product have the so across in some action is price taken that notably we well. price the TPBank have of distribution. And design. increases, We're with And as over growth Kong, and the growth business, that year, so up broad-based as capacity of for quite been Indonesia, pricing review parts strong Hong our second then international multiple fact single-digit over our seen our Malaysia, and all right our that our ACV, past constantly high terms of our Philippines, of period. would digital you're product

That's Okay. helpful.

COVID-XX is ultimately, up, pricing in I question is interested obvious next up. to the has the fact Kevin And the I'm pricing has gone And has and changed. the pay inherit higher guess to do $XXX that sense gone you're on which a mortality improvement And knowing sales. in is you guess, could the now significant how of for sales -- with that And up thing having good million in we later So we're is living you I underwriting question one, that forever, I leads for. this end the seeing what that's here know Strain, this company, as that we're despite going

anyway. ahead underwriting lot So that with early much vaccinated? sales a it's if me plowing pricing about you we're changed? talk because rates? Are but Are asking changing has too of know to Most actuaries I people tell vaccination to COVID-XX, they're of you

later for variance enough sales of be with its So impacts much could I the ultimately, life so Kevin, know question the don't we business. there guess is, why -- very being bad are possible comfortable the COVID-XX on you insurance and put all about out and yet and your

as we let you're reinsurance Kevin I'll in use this well, aware Darko. business -- significant jump But in of as this Morrissey a well. need we amount on

how was the reinsurers just can how how So think the work to quarter underwriting, look to it our hadn't to risk, real we I we the in that. look yet at we with there's remember, about But hard of were out new more that that quarter tools pivoted was Kevin bit about were get of seeing number factors at of do previous that risk. introduced. quarter a a and terms the in agents again, little for we Like you COVID, they right? and summarize want first talk

for -- fact, yet jurisdictions approved electronic in I wasn't yet the a by electronic the signatures say licensing. weren't of licensing yet should sorry, In approved lot regulator.

a shift the during of COVID. right? year, tools quarter-over-quarter, had those starting addition big in some in very newly things. some in QX improved with Leo of talked come types you've of distribution last in to the we've So investing of also the this the COVID been ACB and QX about jurisdictions pandemic, year out and and

out, COVID. partnership So the things. We risk, I through a talked the in ways more we've risk side, again about more there's on our just thinking But experience about you've done think and often analytics, seen combination point of that coming of data, I would reinsurers. mortality with of different use

you risk? on Morrissey, don't I want anything know, to So add Kevin if mortality

Kevin. Yes. Thanks,

a Darko, bit to So add maybe that. I just

are of geographies. pandemic the it very the in to all attention progresses close we how So paying, course, and different

portfolios. underwriting benefit to the And But now. our our risk focus So We the we're the question one a on really attention the and paying responsive product to from well. good be close I diversification. diversification writing for with -- geographic of really risks, across would will the trends, is point I our benefit pricing about quite your think as

the opposite a the can world, exposure profile. the across annuities, So certainly as so diversification, well, with you our of have the great as of we out tailed And of pandemic. see that we that which the we're balance business markets. insurance different big of and see sell the results in in diversification And Also across global certainly in our as the a number we had that different a and writer types. ebbs flows annuity product result pandemic

diversification that risk help across dimensions good us feel really I writing we're broad those about So today. the think

risk it every on is for it longevity you're dollar fair dollar you on, of that of revenues say is put putting that balanced? mortality Or Kevin, to risk? not quite

but we well. and across have getting across also quite quite looking risk to not profile have longer-term the balanced, a at but as we're you, It's different will strategy that balanced, enterprise, well that jurisdictions balance I exactly tell

very So balance much in to it's in place. that mind have our longer-term

line Veritas from of comes D'Souza question next with the Nigel Investment Our Research.

Asia. individual portal down But I'll your mobility that in have basis, you're insurance predict, a a individual some look with brief, that of, since short of sales but rolled? you for Hong recent counts sales insurance time the mentioned across Vietnam. and and fair I'm trending? is there's lower provided to drift restrictions and it's that individual much are rise this. to hard to how a on how sequentially think follow going COVID-XX quarter, of I volatility to insurance is color try regions seasonality except sales in how you least a understand down to noise Leo in sales it And you it's all portal I in sequential trying I And bit know much do And in already seen essentially are related and sense when like the just up insurance haven't there. your also term bit lockdowns. here. restrictions individual case but at keep And the third of Asia are being on mobility Kong, over on to at wanted it that

Kevin. it's Nigel,

Nigel...

Leo. ahead, Go ahead. Go

Sorry.

your Thank Okay. Nigel, it's Leo. for question. you

sequential Vietnam. basis, were factors on Regarding of the local for play your sequential And really that other here. markets than down markets in question you're X first are sales, the there's part right at around that a

The variant sales the a pattern. saw other that one particular, are Southeast the and delta seeing COVID and is seasonal India you're that all really a cases in as region. resurgence first of then that, noted, is you is And the sales Asia that and across impacted down, factor in

that also of in is the but is Some March. end India there of the of quarter that as some India, has their of business strong every year. year, -- the QX And a is as a our result, their year wave, QX, a but was at COVID their our fiscal that in seasonality cases you know, ending strongest

overlay impact recent some then other and of So wave there's India, the an across of in most the seasonality the COVID markets.

where is point at terms bit sales this going time going in of that the a with unpredictable it and the region. quite across are of in cases the In don't things little know forward, we handling increase

point this quite in taking in closing example, actions affects are countries and COVID Malaysia at deaths They earlier, you've in like I with which rates some business Indonesia obviously and types vaccination of our little places levels The low those situations, very and movement the like bit currently broad As we And are, cases terms at notably. peak in time. Malaysia. of branches, of restriction. COVID discussed a governments got for population strong Vietnam in are bank markets bancassurance in

the impact. uncertainty terms offsetting digital is should Nigel. for enablement that market. there is strong earlier, increased do and nonetheless, there, we dampen non-face-to-face of that about distribution which I some then So talked advisers which our some capacity is uncertainty And of see what and sales, in of there But material

on you on longevity. breakdown you it? how be if should it quickly prevalent brought about earlier offset mortality on that that of Or useful and North Do fair point any Is it? longevity just color. way more America is follow And another think really less could or than color the have mix I to Okay. the think to say That's substantial in up U.K.? Would that prevalent up exposure? less we geographic about versus the

Nigel, Morrissey. it's I'll Kevin that one. take Maybe

business, you're the think of that I today. would mix be Canada we're risk predominantly, that writing when looking at longevity in

a quite large have also business the in U.K. We

would books So the predominantly kind our see exposures on where that longevity you'd today. be of

Genuity. of from Canaccord Scott Chan with the comes question last Our line

I Mike Sun your achievements all just in on have and luck best congrats Dean, MFS. question follow-up Life at retirement. for at of X

more redemptions what's inflows in flows it performance any quarter-over-quarter I quarter, wanted and a see strong flows total medium-term the to from saw concerning maybe your noticed also what quarter some the on gross was the the in very slipped very think down suppressed bit, talked Is about it we we I QX tell. seemed see. year-over-year is quarter. the just of a XX% but You but I -- XX% gross color I that on can globally was what fund this little that a

Scott, thanks It's Mike. for the question.

last last year. little tough that think I an We year-over-year up sales quarter. was incredible are second movement There comparisons year. XX% had such in was a year outsized the in

earlier, for Sort where was opposite comes fixed and equity, at into into what about of out of positioned money I of last We the the talking of income highs, saw opposite was market were out sort equities fixed we and that. of money well come year.

in industry this So industry. you our look off active what fund with year of. versus look in were I to you QX think comp QX in flows U.S. last the year, year tough When is and at line active happened a the at sales

low. So related continues go as at rates to are relatively allocating highs I and active market from in saw people to some being XQ is up. think and QX flows of market come not the Interest that down industry

hands are their I on think some. people sitting

very So our flows look similar.

retail in versus the If QX you what U.S. to flows, very look at happened industry similar QX.

now closing remarks. turn questions We time. Mr. Bitton And further will this to things for have I no at

Should available listen to wish after the I by would like are you will And today. all there be available to call. of our additional on rebroadcast, the it we tomorrow morning. participants to will thank questions, our website any be if

retirement. end I you I to wish best like your we call, the tenure all Thank Life. at successful would a Dean and you, his also day. in on have the Dean, Sun good Before congratulate

your conference This Thank concludes for call. today's you participation.

You may now disconnect.