“We do not have any further debt maturities for the balance of the year.”

In context

“se ratio for the full year 2023 of 12.2% and Q1 of '24 of 11.9%. As we have highlighted previously, we believe our full year direct expense ratio is the best way to measure performance due to fluctuations in quarterly results. Our Q1 direct expense ratio benefited from solid top line growth and ongoing expense discipline. We are off to a good start achieving a full year 2024 direct expense ratio of 12.3% or below, demonstrating our consistent execution and a sustained efficiency mindset. I will now discuss our cash and capital positions on Page 9. Cash and liquid assets at the holding companies were $5.2 billion at March 31, which is above our target cash buffer of $3 billion to $4 billion. This includes approximately $1.4 billion used in April for a debt maturity and a debt redemption. We do not have any further debt maturities for the balance of the year. Beyond this, cash at the holding companies reflects the net effects of subsidiary dividends, payment of our common stock dividend and share repurchases of roughly $1.2 billion in the first quarter as well as holding company expenses and other cash flows. In addition, we have repurchased shares totaling approximately $330 million in April. Regarding our statutory capital for our U.S. companies, our 2023 combined NAIC RBC ratio was 407% which is above our target ratio of 360%. For our U.S. companies, preliminary first quarter 2024 statutory operating earnings were approximately $1 billion, essentially flat year-over-year, while net income was approximately $570 million. We estimate that our total U.S. statutory adjusted capital was approximately $18.3 billion as of March 31, 2024, down 6”