“So looking ahead and without me getting overly prescriptive, I would say that we lead into the first quarter at a pace that is greater than what you might see for the balance of the year.”

In context

“acks. I think you used the word measured pace. Is that measured pace relative to what you did in the first quarter? Or is that relative to what you did in April? And is the plan to exhaust the $3.6 billion authorization in 2024? Michel Khalaf: Yes. Suneet, thanks for the question. So yes, I did use the word measure, and I was referring to the first quarter. But I think as you've seen in the first quarter and what you've seen from us over time is that we do move expeditiously and deliberately to return capital to shareholders, especially in the absence of other high-value capital deployment opportunities following divestments. We did so following the spin-off of our former retail business following the sale of Auto and Home, and we closed on our risk transfer deal in the fourth quarter. So looking ahead and without me getting overly prescriptive, I would say that we lead into the first quarter at a pace that is greater than what you might see for the balance of the year. Operator: Next, we go to the line of Ryan Krueger with KBW. Ryan Krueger: First, I just wanted to clarify one thing on the variable investment income comment. John, did you say that you expected to be towards the higher end of the range that you had given for the balance of the year? John McCallion: Yes. Ryan, it's John. I think Suneet's question was focused on real estate. And so I think what we're just trying to -- and regarding outlook in terms of the real estate funds and so we saw a negative return this quarter of 5.8%. I mentioned I thought it would be less negative next quarter, but we still think there'll be a little pressure in just kind of the appraisals coming through and then it will start -- it will kind of moderate from there and start to have an upward trajectory is kind”