“And we do expect to migrate back to those levels over time.”

In context

“e you - I guess there's a lot of talk about the risk of recession. I mean at this point, have you - are you - is there anything about the economic outlook that would lead you to pull back some on capital deployment at this point? Or are you kind of viewing as a somewhat status quo situation for now? Michel Khalaf: Yes. Hi, Ryan. It's Michel. I mean I would say the short answer is no, no change in philosophy in our approach. And I might sound like a broken record here, but that's probably a good thing. So from our standpoint, the approach is that beyond supporting organic growth and in the absence of strategic accretive M&A, excess capital belongs to shareholders. And we've defined that as cash and equivalents at our holding companies above our liquidity buffer of $3 billion to $4 billion. And we do expect to migrate back to those levels over time. But just given the environment, I think having the financial flexibility that being above that range offer is not a bad thing. We've bought back $3.3 billion in 2022, an additional $250 million in January. And we have $900 million left on our current authorization. And as we've done in the past, we're going to continue to manage the authorization deliberately and in a consistent manner, I would say. So from that perspective, no change in terms of approach or philosophy. Ryan Krueger: Thank you. Operator: And our next question is from Jimmy Bhullar with JPMorgan. Please go ahead. Mr. Bhullar, do you have your phone muted by chance. We will move on to the next person, one moment here. We'll move on to Alex Scott [Goldman Sachs]. Please go ahead. Alex Scott: Hey, good morning. First one I ha”