“In the fourth quarter, we also plan to accelerate debt repayment to rightsize our debt stock for our target deconsolidated leverage ratio.”

In context

“ital management is unchanged. We will continue to balance share repurchases and debt reduction while also focusing on increasing common stock dividends. As Peter indicated, from the Validus and Laya sales, we expect about $3.7 billion of additional parent liquidity in the fourth quarter. We have significant financial flexibility, which we intend to use for both additional share repurchases and debt reduction. Based on current average daily trading volumes, we expect to be able to repurchase about $1.5 billion of common stock a quarter or $500 million a month, which we will begin when the market window opens after earnings. We expect to continue at this rate into 2024, depending on excess parent liquidity levels, including future Corebridge sales proceeds and General Insurance dividends. In the fourth quarter, we also plan to accelerate debt repayment to rightsize our debt stock for our target deconsolidated leverage ratio. Turning to our ROCE target. We remain laser-focused and are making progress on achieving a 10%-plus ROCE post deconsolidation. Year-to-date, annualized adjusted ROCE for AIG was 8.8% and 12.0% in General Insurance and 11.4% in Life and Retirement. Last quarter, I provided a pro forma AIG shareholders' equity ex AOCI, excluding Corebridge, of about $40 billion, including deferred tax assets from the financial crisis era net operating losses. That's the capital supporting our General Insurance business and parent operations today, excluding our stake in Corebridge. With the sale of Validus Re and the redeployment of proceeds into share repurchases and debt reduction, the current pro forma estimate of AIG equity, excluding Corebridge, is about $37 billion, including $4 billion of defer”