“Having said that, we think distributions will likely outpace new contributions just given our revised level of new commitments.”

In context

“John. I think the last point you made around you can’t do this overnight is an important piece, but I think direction of travel, that’s probably fair point. And I think we’ve talked about the fact that we are in a different rate environment. So the relative value of investments are probably different than where they were when it was lower for longer. We pride ourselves in diversification. So it’s not that we would make an abrupt shift, but we do believe that making some tweaks to allocations is appropriate in different environments. And I think what you’re referencing is one that we would lean towards. It’s an asset class where you have prior commitments and those – then get deployed judiciously. And actually there's probably some really good opportunities right now that we're leveraging. Having said that, we think distributions will likely outpace new contributions just given our revised level of new commitments. And I think over time you would see a moderate shift in allocation in that asset class versus others. Tom Gallagher: Okay, thanks. And then just a question on Group Benefits, the 100 basis point improvement in the margin target, or at least the loss ratio targets. Can you comment on what's driving that? Is that stable pricing, sustainably higher disability or lower disability loss ratios, and maybe a little bit on the Group Life side, what you're thinking? Thanks. Ramy Tadros: Good morning, Tom. It's Ramy here. And I would say at the highest level in terms of our near-term outlook here is, this is driven by the changing business mix, both in terms of the customer segments that we serve as well as the products that we offer. So from a customer perspective, we've executed well on our strate”