“As we look at the rest of the year, on the Group business side, we're cautiously optimistic given the results here. But clearly, you know the trajectory of the pandemic is uncertain. At this point, I would say, if you exclude COVID, we anticipate that our mortality ratio to be comfortably inside our range for the second half of the year for the group business.”

In context

“come down as well? Ramy Tadros: Eric. It's Ramy here. I'll start off with group and Michel and John will comment on Holdings. So for the quarter, if you look at our ratio sequentially, I would say the decline can be broken down into 4 pieces. So the first one is just the lower frequency in terms of overall population death. The second piece is the material decrease in the percentage of deaths under 65, which clearly reduced the impact on the working age population. The third piece is the Q1 reserves, which competed favorably, which John spoke about, and that was less than a point or so. And then the final piece is we did see little by way of non-COVID excess mortality in the quarter. And as Michel pointed out, the second quarter tends to be a bit lighter in general in terms of mortality. As we look at the rest of the year, on the Group business side, we're cautiously optimistic given the results here. But clearly, you know the trajectory of the pandemic is uncertain. At this point, I would say, if you exclude COVID, we anticipate that our mortality ratio to be comfortably inside our range for the second half of the year for the group business. John McCallion: Yes. And just on -- just touching on Holdings. I mean we certainly saw kind of a reduction in claims in the quarter. We didn't really see a big impact at all for COVID. And then on the -- if you just look at the life interest adjusted benefit ratio, you have to adjust for the reinsurance settlement. But excluding that, it comes in at 43.8. And that's -- we just saw a favorable non-COVID claim experience in the quarter. Operator: And our next question is from Suneet Kamath with Jefferies. Suneet Kamath: Maybe just for Steve to start out with. Can you just maybe talk a little bit about your outlook for credit and the potential for credit losses if we move into a recession? Is there any asset classes or sectors that you're paying particular attention to these days? Steven Gou”