“But having said that, we continue to see a very robust pipeline ahead of us, particularly for the jumbo end of the market, where we focus.”

In context

“were reasonable size and your peers has plenty of capital to support this marketplace right now. And there's actually another ongoing call right now that one of your peers are saying that PRT is not that good of a business this year, there's not as much spread. So I'm just wondering if pricing is getting more competitive there, if there's any dynamics changing in the marketplace. Ramy Tadros: Thank you. It's Ramy here again. Look, the -- we're coming off a very successful 2023 year in terms of PRT, we had 5 cases totaling more than $5 billion in premium, and that was off the back of a record year in '22, where we wrote more than $12 billion of premiums. This business is lumpy. So I would remind you, we did not win any deals in Q1 of '23 either, and we did not win any deals in Q1 of '24. But having said that, we continue to see a very robust pipeline ahead of us, particularly for the jumbo end of the market, where we focus. And this is not surprising. We've got very healthy funding levels of defined benefit plans and the desire for large plan sponsors to derisk. And we see this trend continuing for many, many years, and we're well positioned to win our fair share of the market here. From a pricing perspective, I would just emphasize what we've always said is that we look at these jumbo PRT deals with an M&A lens, and you kind of need to do that given the large quantum of capital that any given deal can consume. And we're very disciplined to ensure that we deploy that capital to its best and highest use. So we evaluate each transaction carefully. We will only deploy capital if the risk-adjusted returns are healthy and the ROEs are aligned with our enterprise targets. And as you look forward, we still see th”