“We see opportunities to grow in the future when we look to the back half of this year. We have very strong retention. The new business that's been coming in is going to be more retained.”

In context

“a lot in the business, the nominal GOE has not gone up. I mean, so the expense discipline is there. And we want to continue to benefit from the earned savings with AIG 200 and what we will take out in terms of the combined entity when we go forward. But we want to have an organization that is going to be world-class in terms of its overall expense ratios. And I think we've proven that we not only can take it out in a really constructive way because we're investing for the future, but we maintain that level going forward. We have growth opportunities in the top line, which will help the ratios. I mean, the commercial business is growing, excluding AIG Re, which the reason why I've excluded is that we're not trying to grow that business based on the CAT exposures today, but growing at 10%. We see opportunities to grow in the future when we look to the back half of this year. We have very strong retention. The new business that's been coming in is going to be more retained. It's the fifth quarter in a row where we produced more than $1 billion of new business, all very positive, all helpful to our ratios. And so we feel like we have a lot of momentum. Brian Meredith: Great. That's really helpful. And then one last question on the whole exposure loss trend. Everybody is talking about increasing exposure. What happens if we go into a recession? Can that actually hurt your ability to see -- accrete margin? Peter Zaffino;Chairman and CEO: I don't think so based on the makeup of the portfolio. But Mark, why don't we end where we started with you just to give a little bit of perspective and then you can turn it back to me. Mark Lyons;Executive Vice President, Global Chief Actuary and Head of Portfolio Management: Yes. Thank you, Peter. And Brian, good to hear f”