“Yes. So the secondary is our base case. And we would expect to do something hopefully before year-end, subject to market conditions.”

In context

“ss, we have a lot of business to perform better. And we have -- in terms of the index, I don't think it will materially impact us. Yaron Kinar: Got it. And maybe just as a clarification. Your commentary, is that on a reported basis or underlying? Peter Zaffino: Both. But we don't break it out. But I mean, in terms of looking at it from 2018 through 2022, 2022 was the first year on a fully low to combined ratio is below 100. Yaron Kinar: Got it. And then my second question, given the secondary and Corebridge and we're starting to see a line of sight to below 50%, can you maybe offer us a precise threshold for deconsolidation? Peter Zaffino: No. I can't offer you precise, but I can give you some guidance in terms of what we're thinking if that's okay. Yaron Kinar: Sure. Peter Zaffino: Yes. So the secondary is our base case. And we would expect to do something hopefully before year-end, subject to market conditions. I think what we have proven over time is that we want to be prepared. And so we prepared for the IPO, ended up delaying it just based on market conditions, prepared on the secondary. And so we will be prepared to go before year-end. I think Corebridge is doing very well in its business performance, its operation as a public company. And then we have made enormous progress of getting it ready to be a standalone public company once we deconsolidate. They're executing very well on the management plan. Again, Kevin will outline it in detail on Friday, but they're able to execute on capital management now with share repurchases as well as ordinary dividend. And so we certainly want to continue to sell down at a reasonable pace, but it's just going to be subject to market conditions and whe”