“Net-net, looking at all of RIS, we are confident we will be within our retained balance growth target of 3% to 5% for the full year, which reflects the strength of our franchise and product portfolio.”

In context

“Ramy Tadros (Head of Group Benefits): Look, when you think about this market, especially the jumbo segment we focus on, activity is always going to be lumpy. I wouldn't overread any single quarter or even a year. Consider our performance: we came off a record 2025, when we sold nearly $14 billion of PRTs, with about $12 billion in the fourth quarter, which illustrates that lumpiness. The first half of this year has been lighter, particularly in the jumbo space, but our pipeline is stronger for the second half and we see more opportunities emerging for Q3 and Q4. We will remain disciplined on pricing and focused on generating attractive risk-adjusted returns. When evaluating PRT you have to look at the macro picture, which is extremely positive: there are $3 trillion of defined benefit pension assets with solid funding levels and a compelling corporate logic for companies to offload that risk. We are a leading player in that market and will be a beneficiary. The same trends playing out in the U.S. markets are also playing out in the U.K., and as Michel noted, our diversification allows us to find other pockets of growth — that's exactly what we've done so far this year. We've written more than $1 billion of U.K. funded reinsurance year-to-date; think of that as PRT in reinsurance form, and it's been done at attractive returns, contributing to our growth. Net-net, looking at all of RIS, we are confident we will be within our retained balance growth target of 3% to 5% for the full year, which reflects the strength of our franchise and product portfolio.”