“In terms of IRR and pricing, typically the rate environment will price in. These -- the counterparties were buying or selling however you want to look at it, they're pricing in the current rate environment. So I wouldn't expect a big uptick in IRRs. I think 17% IRR is a pretty healthy level to be at.”

In context

“environment? John McCallion: Good morning. Sumeet. It's John. Good question. So just in terms of deployment of capital remember last year, I mean just one reason for that I,s we had IBM case that came through in the third quarter of last year. But nonetheless, like you pointed out, very strong unlevered IRRs strong payback periods. Very pleased with the results. We saw some great results actually in Japan as well. That's actually helping boost the VNB as well over the course of 2022. In terms of IRRs, some of the things we've talked about is we do see I think broadly speaking yes I mean we're starting to see demand for these annuity-type products to pick up, right? So I think a volume aspect is emerging. I'd say, it's still emerging in the institutional and retail space broadly speaking. In terms of IRR and pricing, typically the rate environment will price in. These -- the counterparties were buying or selling however you want to look at it, they're pricing in the current rate environment. So I wouldn't expect a big uptick in IRRs. I think 17% IRR is a pretty healthy level to be at. But we'll see how things evolve. Suneet Kamath: Okay. Got it. And then just on capital should we expect a pickup in the sort of the pace of buyback once you close the Global Atlantic deal? Michel Khalaf: Yes. Hi, Suneet. It's Michel. So really pleased, with the fact that we've secured all regulatory approvals for the Global Atlantic transaction. As we had mentioned, we expect that to add about 60 points to our RBC and we consider that to be excess capital. When we announced the transaction we increased the authorization by $1 billion and that was to signal the sustainability of our buyback activity. We also have a track record post major divestitures of returning capital and a deliberate and expeditious manner. So I would suggest that we would conduct ourselves in the same manner here. Su”