“If you think about next year versus this year, we did finish 2024 about less than a point above the midpoint of our range. We haven't changed the range for next year, so a good starting point for 2025 is to go back at the midpoint of that range on the nonmedical health ratio, which does factor in some of the improvements around dental that you mentioned as well.”

In context

“Tom Gallagher with Evercore. Please go ahead. Tom Gallagher: Good morning. First question for Ramy Tadros as well. Some peers have called out elevated voluntary benefit loss ratios this quarter. Did you also see that? And when I consider that impact, plus the benefits you expect to get from dental repricing, would you say nonmedical health loss ratio is going to be better or worse in 2025 versus 2024? Ramy Tadros: Hey. Good morning, Tom. I would say for accident health, we aren't seeing any material deviations outside of what you would call the normal range of expectations, and we look at this on a product-by-product basis. Remember, it's not one single product. So I wouldn't say we've seen any material deviations here, and we continue to see robust growth here with really solid margins. If you think about next year versus this year, we did finish 2024 about less than a point above the midpoint of our range. We haven't changed the range for next year, so a good starting point for 2025 is to go back at the midpoint of that range on the nonmedical health ratio, which does factor in some of the improvements around dental that you mentioned as well. Tom Gallagher: Gotcha. So, like, a point better is a reasonable base case? Ramy Tadros: Midpoint of the range is where we point to. So I think that's where I would start. Yep. Tom Gallagher: Good. And just for a follow-up, John McCallion, just on raising alternative return assumptions for 2025, what's the thought process there? Is it, you know, just general market performance, do you have some line of visibility into Q1? Because, obviously, you haven't met any of the lower quarterly expectations for 2024. So curious why raise it now? John McCallion: Yeah. Good morning, Tom. Yeah. So there's two components there in VII. We have our private equity, LP investments, and then we have some real estate and other funds. I think on the private equity, obviously, is a much bigger proportion as you”