“For 2025, we expect the adjusted tax rate to be in line with 2024, but may vary based on the geographic mix of income.”

In context

“annualized yield on the fixed maturity and loan portfolio, excluding calls and prepayments was 3.92%, up four basis points year-over-year or three basis points sequentially. The fourth quarter alternative investment income was $67 million, an increase of $26 million year-over-year, driven by improved private equity performance, partially offset by lower hedge fund income owing to our strategy to reduce exposure. Private equity yielded 6.42% for the quarter, below our long-term expected return of 7.5%. The makeup of our private equity portfolio is a little over 25% real estate and with the current macro environment, we expect pressure from this portion of the portfolio to continue through 2025. Turning to tax. The adjusted effective tax rate for the fourth quarter and full year was 24.6%. For 2025, we expect the adjusted tax rate to be in line with 2024, but may vary based on the geographic mix of income. We finished 2024 with a very strong balance sheet. Book value per share was $70.16 at year-end, up 8% from December 31st, 2023, mainly due to the favorable impact of lower interest rates on AOCI and reduced shares outstanding. Adjusted book value per share was $73.79 down 6% from year-end 2023, primarily due to the impact of Corebridge deconsolidation. Core operating ROE was 9.1% in the quarter and for the full year. As Peter laid out, we are committed to achieving our target of a 10% plus core operating ROE for the full year 2025. As Peter mentioned, we had a substantial $6.6 billion returned to shareholders in 2024 through share repurchases and are well on our way to completing our guidance of $10 billion of repurchases in 2024 and 2025. Through February 7, we have repurchased $952 mill”