“As we had mentioned, we expect that to add about 60 points to our RBC and we consider that to be excess capital.”

In context

“ducts 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. Suneet Kamath: Okay. Thank you. Operator: And our next question is from Wes Carmichael with Wells Fargo. Please go ahead. Wes Carmichael: Hey, Good morning. A follow-up on the Group business. It seems like we're seeing pretty favorable results across the industry maybe not deceptively good but definitely good. But just wondering what your outlook is for the industry to retain better margins in that business or if it's kind of given back over pricing in the ne”