“So well-funded plans, they look to exit, I would say, more limited capacity in terms of insurance capital there and hence, the need for reinsurers like us with strong balance sheet, strong counterparty credit risk protections, and we expect to see nice growth there as well.”

In context

“ion that this is a market that's going to continue to be growing for the foreseeable future. And as you mentioned, it's always going to be lumpy. In the U.K., we do participate in that market as a reinsurer, not as a primary insurer and we do it in 2 ways. We do it by being -- issuing longevity swaps. So think of that as really a fee business. And as we've been very successful at that, from a starting start, we've got $30 billion of balances. And as we've talked about late last year, we're now also participating in that business on a funded basis. As and when we're providing, think of a reinsurance on a fully-funded basis. So think of it as U.S. PRT but on a reinsurance basis. And the same dynamics in the U.K. market are playing -- in the U.S. market rather are playing in the U.K. market. So well-funded plans, they look to exit, I would say, more limited capacity in terms of insurance capital there and hence, the need for reinsurers like us with strong balance sheet, strong counterparty credit risk protections, and we expect to see nice growth there as well. Cave Mohaghegh Montazeri: My follow-up is on GenAI. Could you give us an update on your implementation of GenAI in your processes, which parts of your business do you think can benefit most from GenAI, not just to improve efficiencies but also to drive growth? Michel Abbas Khalaf: Yes. Cave, it's Michel. Thank you for the question. Yes, I think we're sort of really excited about the potential of emerging technologies, broadly speaking, AI in particular. And as we discussed at Investor Day, we view technology as a key enabler of our New Frontier strategy. I would say scale is important and matters here, and our scale has enabled us over a number of years of making important investments in this space. Those investments have been helpful to us from an efficiency perspective as well as in ter”