“So at this point, I'd say nothing has caused us to feel the need to change the time line.”

In context

“investment community? John McCallion: Good morning, Jimmy, it's John. We are well underway on our implementation work, progress continues. And I'd say, continue to be on target for implementation come 11/23. We're going to - we're in the process of evaluating transition amounts and ongoing impacts of the new guidance. And I'd say our plan is still intact, which would be kind of a mid-2022 timeframe, give or take, for disclosing and kind of sharing how to think about the transition and the insights you should draw upon this. Again, I'd remind everyone that ultimately economics, cash flow, pricing product does not change. And I think we're working well with the industry to think through how we collectively transition ourselves and kind of explain the results. And I think that's going well. So at this point, I'd say nothing has caused us to feel the need to change the time line. Jimmy Bhullar: And have you had conversations with the rating agencies on how they would view, obviously, they focus on cash flows and stat as well but they do look at cap also. But do you think there will be changes because a lot of your GAAP ratios would obviously end up changing once the rules are implemented. John McCallion: Yes. We've had periodic discussions with them over time. I think the rating agencies get it, and not everything is changing. So when you say ratios, not all ratios are changing. I mean our group business ratios won't change. So I think it's not all businesses. It's not all products. And I think it's - there will be certain unique circumstances that will arise in certain books. But in general, I think my assessment is that - they have a very balanced methodical way”