“Yes. I mean, I think that should give a good indication in terms of direction of traffic here, especially if you consider that besides what we just mentioned, the fact that MetLife Holdings, which is a low-ROE business, is running off. So, all of these factors combined, I think, would point to a ROE trending upwards.”

In context

“as ultimately given us a lot more excess capital there that will over time be redistributed up into the holding company. And then, I think the third thing is there's been a trend of unit cost improvement there. So, I think all of those factors give rise to why you see this kind of migration occurring. And I think probably the biggest one is what Michel said, which is mix of business, you have high growth in -- certainly in some of our businesses that have had high IRRs from very low capital-intensive businesses like group and Latin America. So hopefully, it helps. Suneet Kamath: It does. If I could just throw in one quick follow-up. These IRRs, I mean, I'm assuming, this would give us a directional indication of where your ROE is headed given that they're unlevered returns? Michel Khalaf: Yes. I mean, I think that should give a good indication in terms of direction of traffic here, especially if you consider that besides what we just mentioned, the fact that MetLife Holdings, which is a low-ROE business, is running off. So, all of these factors combined, I think, would point to a ROE trending upwards. Operator: Our next question comes from the line of Jimmy Bhullar from JPMorgan. Your line is open. Jimmy Bhullar: I had a couple of questions. One was just on Japan sales. Should we assume that with the yen-dollar exchange rate moving around that Japan sales, especially dollar-denominated products, will stay weak in the near term? Or are there other sort of products that you're thinking about that should help mitigate the impact? And then secondly, on the portfolio, most of the metrics on your commercial real estate portfolio seems fairly stable with where they've been. But what are you seeing overall in the market? And do you think office and non-office, are they close to bottoming? And then there's been renewed concerns, I think, recently with the single asset, single borrower-type loan”