“So which that tells you the stability of the segment of PRT plan sponsor of DB plan sponsors who would transact well hedged and we wouldn't expect to see much change in their funding ratios.”

In context

“rket volatility does have an impact, I would say it's more of a timing impact in terms of from a plan sponsor perspective, it can be a distraction in terms of ensuring how they're kind of thinking about their ALM and in the context of highly volatile markets. But having said that, if you think about the space that we play in, in the PRT space, the jumbo space, these are planned sponsors who have been on a derisking journey for a number of years. And therefore, as part of that derisking journey they are far more hedged, if you will, from a liability-driven perspective, both in terms of their interest rate, exposure of the assets versus the liabilities and would be largely out of the kind of risky bucket of assets, equities, alternatives well before the point that they're ready to transact. So which that tells you the stability of the segment of PRT plan sponsor of DB plan sponsors who would transact well hedged and we wouldn't expect to see much change in their funding ratios. And therefore, we think there may be a temporary impact in terms of a distraction if you will, but we don't see that having a real change in terms of the pipeline of the transactions that will come through. Operator: Your next question comes from the line of Wes Carmichael with Autonomous Research. Please go ahead. Wes Carmichael: Hi, good morning. First question on variable investment income. I think you have guided for a bit more normal return in 2025 and a pretty decent result in the quarter. But given the market volatility in April and some shelved IPOs in the wake of tariff announcements, are you expecting you can still come in at a more normal level for the year? And if you have any insight into Q2, that would be helpful? John McCallion: Hi, Wes good morning, it's John. Yes. So VII”