“As we stated on our fourth quarter earnings call, we expect the adjusted tax rate for the full year 2025 to be in line with the full year 2024 level with slight variations quarter to quarter.”

In context

“the fixed maturity and loan portfolio was 4.56%, roughly 135 basis points higher than sales and maturities in the quarter. The annualized yield excluding calls and prepayments was 4.11%, a 24 basis point increase year-over-year or 19 basis points sequentially. Turning to Other Operations. Net investment income was $108 million, consisting of income from our parent liquidity portfolio of $77 million and Corebridge dividend income of $31 million. Considering current interest rates and lower liquidity balances as we repurchase shares, we expect income from our parent liquidity portfolio to be around $50 million in the second quarter, subject to market conditions. Turning to tax. The adjusted effective tax rate for the first quarter was 22.8%, which included a net benefit from discrete items. As we stated on our fourth quarter earnings call, we expect the adjusted tax rate for the full year 2025 to be in line with the full year 2024 level with slight variations quarter to quarter. Moving on to the balance sheet. We continue to have strong financial flexibility. We believe this positions us well to execute on our strategic priorities while navigating evolving market conditions. Book value per share was $71.38 at quarter-end, up 10% from March 31, 2024, mainly due to the favorable impact of lower interest rates on investment AOCI. Adjusted tangible book value per share was $67.96, down 8% from March 31, 2024, primarily due to the impact of the Corebridge deconsolidation. At the end of the first quarter, we had a debt to total capital ratio of 17.1%. In conclusion, we had a strong first quarter. We expect to deliver on our target of 10%-plus core operating ROE in 2025, while making steady progress on the financial targets we outlined at our Investor Day. With that, I”