“Despite RIS' strong results in Q1, we still expect full year adjusted earnings to be between $1.6 billion to $1.8 billion that we provided on our outlook call.”

In context

“ctations for Dental. Within disability, higher average severity also impacted the quarter, along with higher incidence from paid family leave. Group Benefits had strong sales in the quarter, up 15%, primarily driven by growth across both core and voluntary products. Adjusted PFOs increased 2%, reflecting underlying growth of approximately 4%, partially offset by a 2-point headwind from participating contracts, which have limited impact on earnings. RIS adjusted earnings were $451 million, up 11% year-over-year, primarily driven by higher variable investment income and favorable underwriting margins. Mortality in our annuity business was lower compared to Q1 of '25; however, underwriting margins remained elevated due to a large structured settlement contract reserve release in the quarter. Despite RIS' strong results in Q1, we still expect full year adjusted earnings to be between $1.6 billion to $1.8 billion that we provided on our outlook call. Total investment spread was 119 basis points at the top end of our 100 to 120 basis points guidance range. Core spread ex VII was in line with expectations at 95 basis points and down 4 basis points sequentially, as we continued rotating the large Q4 inflows, primarily from PRT mandates. RIS continues to benefit from the strength of its origination platform. While top line metrics were masked by a tough compare versus the prior year quarter, which had PRT inflows of $1.8 billion, RIS adjusted PFOs, excluding PRTs, were up 58%, driven by strong growth in U.K. longevity reinsurance, post-retirement benefits and structured settlements. Asia adjusted earnings were $487 million, up 31%. The primary drivers were higher variable investment income and strong volume growth. Asia's key top line gro”