“Our outlook there remains pretty positive. We continue to see a very healthy pipeline, in particular, a pipeline at the larger end of the market where we are most competitive.”

In context

“thought were at risk loans and level of charge offs. Our view in 2024 is that we'd see a similar order of magnitude on both loans at risks and level of charge offs as well. Jimmy Bhullar: Thank you. Operator: Next we go to the line of Elyse Greenspan with Wells Fargo. Please go ahead. Elyse Greenspan: Hi. Thanks. Good morning. My first question is on the PRT side. I think we've stopped seeing why the seasonality where deals know much more weighted to the fourth quarter. So just trying to get a sense of your outlook for 2024 and how we should think about the cadence of potential transactions there? Ramy Tadros: Good morning, Elyse. It's Ramy here. I think you're right to point out that kind of the, we've seen less of that seasonality where we're seeing deals being done throughout the year. Our outlook there remains pretty positive. We continue to see a very healthy pipeline, in particular, a pipeline at the larger end of the market where we are most competitive. And all the macro indicators in terms of what DB plan sponsors are saying, in terms of the funding level, the magnitude of assets sitting in frozen defined benefit plan all kind of indicate expectations of continued kind of high level of activity in this market into 2024. So no change in terms of our view of the robustness of the pipeline and look, if you step back and look at RIS more broadly, the liability exposures are up 3% year-over-year. And most of that growth is coming from our spread and in general account business, which is actually growing at 4%, and that's coming off 2022, where we had the $8 billion PRT deal. And that growth is not just PRT. I mean, PRT was about $5.3 billion, but we're also seeing continued strength across a range of spread-based products, be they structured”