“General Insurance has a much higher percentage allocation to private equity and hedge funds, which is likely to change moving forward.”

In context

“ion, $2 million higher than the prior quarter of 2020, driven by higher corporate GOE primarily from increases in performance-based employee compensation, partially offset by higher investment income and lower corporate interest expense resulting from year-to-date debt redemption activity. Shifting to investments. Overall net investment income on an APTI basis was $3.3 billion, an increase of $78 million compared to the prior year quarter, reflecting mostly higher private equity gains. By business, Life and Retirement benefited most due to asset growth, higher call and tender income and another strong period of private equity returns. General Insurance's NII declined approximately 6% year-over-year due to continued yield compression and underperformance in the hedge fund position. Also, General Insurance has a much higher percentage allocation to private equity and hedge funds, which is likely to change moving forward. As respect share count, our average total diluted shares outstanding in the quarter were 864 million, and we repurchased approximately 20 million shares. The end-of-period outstanding shares for book value per share purposes was approximately 836 million and anticipated to be approximately 820 million at year-end 2021 depending upon share price performance, given Peter's comments on additional share repurchases. Lastly, our primary operating subsidiaries remain profitable and well capitalized, with General Insurance's U.S. pool fleet risk-based capital ratio for the third quarter estimated to be between 450% and 460%. And the Life and Retirement U.S. fleet is estimated to be between 440% and 450%, both above our target ranges. With that, I'll now turn it back over to Peter. Peter Zaff”