“For the full year in '25, our surrenders have come down relative to where they were in '24, and for '26, we're assuming that surrenders come back to our long-term assumption over there.”

In context

“gonna add to our ability to grow liability origination. And capture the momentum that we're seeing in the retirement market, in a way that works well for economics and plays to what we can bring to the table here. Joel Hurwitz: Got it. That makes sense. And then just wanted to follow-up on Jimmy's question on Japan and the macro and on persistency. Did you guys see any increased surrender activity in Q4 thus far in Q1? And I guess, is there anything baked into your outlook for potentially higher surrenders given the FX and rates? Lyndon Oliver: Yeah. Hey, Joel. It's Lyndon here. So yeah, we did see the surrender trend in the fourth quarter was a little bit higher than it had been in the third quarter, and that was primarily because we saw the yen had depreciated relative to the US dollar. For the full year in '25, our surrenders have come down relative to where they were in '24, and for '26, we're assuming that surrenders come back to our long-term assumption over there. And that is baked into our 2026 guidance. Joel Hurwitz: Gotcha. Thank you. Operator: We'll go next to Suneet Kamath at Jefferies. Suneet Kamath: Thanks. Good morning. I wanted to start with group. One of the questions we always get is, AI is coming in. It's gonna take out x percent of the workforce. That's gonna negatively impact group benefits companies. And if I look at your guidance, it looks like growth on top of pretty good growth this year. So it doesn't feel like you're building anything in related to that. Can you just talk about what you're seeing maybe at the customer level in terms of either hiring or layoffs just so we can kinda see what the scope is? In terms of where we are. Ramy Tadros: Thank you, Suneet. It's Rami here. So look, when we construct our PFO outlook, we look a”