“I mean, we continue to demonstrate a free cash flow ratio of 65% to 75% and remain confident to do that throughout New Frontier.”

In context

“llion of stat net income in 1Q? And if so, anything in particular that was weighing on that result? And how -- maybe more broadly, how are you feeling about capital generation to start the year overall? John McCallion: Yes. Tom, yes, on stat capital, I mentioned in the opening remarks, we had about a 4% decline in the quarter. And the largest reason for that is, as I mentioned, dividend seasonality for our U.S. entities. We typically take a larger dividend in the first quarter. And then while dividends from our non-U.S. entities have weighted more heavily towards the remaining quarter. So that's typically been a historical practice for us around capital management throughout the year. I think importantly, nothing has really changed in terms of our capital trajectory or capital generation. I mean, we continue to demonstrate a free cash flow ratio of 65% to 75% and remain confident to do that throughout New Frontier. Finally, in 2025, we saw an RBC ratio of 379%, well above our 360%. So very much in line with where we've operated over the last several years. And overall, we believe this continues to reflect our strong capital resilience and discipline, and there's nothing really to call out. I mean, you saw some normal, I'd say, level of credit losses in the quarter, a little higher trading losses and just -- kind of just general seasonality of Q1. And you can go back and see that it's pretty consistent with prior quarters. Thomas Gallagher: Got you. My follow-up is I just want to ask a higher-level strategy question on the investment side. How are you -- what are you thinking about things? And I know you had some reallocations going on with PRT and the like. But if -- I guess starting on your commerc”