“I think at the end of the day, for us, we're not seeing any constraints on our dividend capacity, in Japan.”

In context

“ath: Okay. That that's helpful. And then I guess for John on capital, I wanted to ask about Japan because one of the things that we're hearing is that unrealized losses in Japan can influence the sort of dividend formulas in terms of getting capital out. So I just wanted you to maybe address that and kind of you think that could play out in 2026. John McCallion: Thanks. Yeah. Good morning, Suneet. Yeah. Like you said, they're in Japan and elsewhere, quite honestly, you know, there's multiple factors when you think about dividend capacity. Right? You have your solvency ratios. You also need to look at kind of the retained earnings. And that is true. But, you know, there's other factors that go into that, from the balance sheet as well. So there's, there's multiple things that get in there. I think at the end of the day, for us, we're not seeing any constraints on our dividend capacity, in Japan. So there's really no change, and that includes, you know, as it relates to transition to the ESR. And we feel like we're in a healthy position when it comes to, you know, retained earnings as well. Suneet Kamath: Can you just size what percentage of the Japan book has been reinsured out of Japan? John McCallion: We I don't have that off the top of my head. We've done but we've done reinsurance for quite some time. Over the course of, you know, the last probably decade, and, we've utilized mostly, you know, our Bermuda entity. When it comes to that. But it's a it's a portion, but it's, you know, it's not a it's certainly not a majority. Suneet Kamath: Okay. Thanks. Operator: We'll go next to Wes Carmichael at Wells Fargo. Wesley Carmichael: Good morning, and thank you. First question on gr”