“We are maintaining our near-term underwriting guidance ranges: group life mortality ratio of 84% to 89%, and group nonmedical health interest adjusted benefit ratio of 69% to 74%.”

In context

“es. On page twelve, the chart reflects our expectation of VII average asset balances to be stable in 2025. We are increasing our near-term expected annual returns for private equity to be 9% to 11%, and we are also increasing our expected returns for real estate and other funds to be in a range of 7% to 9% over the near term. In 2025, we expect both PE and real estate and other funds to be toward the lower end of their respective ranges before trending higher in 2026 and 2027. Finally, as a reminder, we include prepayment fees on fixed maturities and mortgage loans in VII. Now I will discuss our near-term outlook for our business segments. Let's start with the US on page thirteen. For group benefits, we are increasing our adjusted PFO growth target to 4% to 7% annually over the near term. We are maintaining our near-term underwriting guidance ranges: group life mortality ratio of 84% to 89%, and group nonmedical health interest adjusted benefit ratio of 69% to 74%. Please keep in mind, these are annual ratios and both typically skew to the higher end of the ranges in the first quarter given the seasonality of the business. However, for group life, if the positive trend we have seen in the last couple of quarters persists into the first half of the year, we expect the full-year ratio to be in the bottom half of the guidance range in 2025. Lastly, we expect group benefits adjusted earnings to benefit from factors outside of underwriting, largely from continued change in our product mix, greater operating efficiencies, and higher investment income, which will add an incremental 5% to 10% to adjusted earnings in 2025. For RIS, we've talked about the business being comprised primarily of spread and fee earnings. To that end, we provide a long-term balanc”