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What's sort of an ideal scenario for the MI business from a profitability standpoint? And how do you view declines in interest rates affecting that?
where is it that you're seeing attractive growth opportunities across reinsurance and insurance versus maybe highlight some of the lines where you might have been active in the past, but you just f...
On MI reserve releases, can you go through the details on what's driving those and how much of that is from the last one to two years versus maybe a few years back
I'm assuming part of the reason you did a little bit of buybacks this quarter versus none before was just the decline in the stock price.
do you think what you've seen recently is representative of what you'd expect longer term? Or is this a business that over time should be growing faster than what it's been growing at?
in terms of claims trends, it seems like your benefits ratio has been going up if we adjust for the actuarial reviews and remeasurement gains and stuff
Has it gotten to what you would expect to be a normal level of sales for that business? Or is it still -- there's the catch-up related to the platform change?
sales have actually consistently been weaker than expected. I think last year, you were down. This year, they've been positive, but fairly sluggish
it seems like sales have stabilized following the change in the tech platform, but are you expecting normal production this year and open enrollment?
Should we assume that if the competitive environment stays the way it is, sales will muddle along at these levels? Or are you doing anything that would suggest that there could be a recovery
if you look at where sales are versus where they used to be pre-pandemic, they're still fairly depressed. So just wondering what's changed in the market
on the dental rollout, should is that starting to get to normal, or is that more of a 2026 event?
the margin profile of independent agency and direct that you're writing versus captive agents
talk about the sort of potential tailwinds and headwinds for growth
that should help new business volume, which sort of implies that the sort of turn that you've seen in this should sustain, but any reasons to believe that recent improvement would not continue?
are you seeing that result in companies getting a little bit more aggressive on pricing, or do you feel competition is fairly rational overall?
of the remaining that you're not growing in, should that begin, happen throughout the year gradually, or is there more of a cliff event?
capital deployment between growth, m and a, and share buybacks. And is it unreasonable to assume
your results, they've accelerated over the course of the year, 5% in 1Q to 6% in 2Q, 7% in 3Q. And the change has been more than hiring -- the hiring tailwind ramping up alone
On new hires, I think Edmund had outlined at Investor Day that the contribution should pick up as you go through this year
just maybe comment on your interest in large M&A. It seems like the antitrust environment is better than it was before
if you could just comment on how it's tracked versus what you would have expected. Because if we look at the contribution to revenues from acquisitions and dispositions
there's been a lot of volatility in the macro and geopolitical environment. So just wondering where the if any, there are changes in your expectations for your various businesses
you're fairly specific on organic growth and on cash flows, but somewhat vague on EPS growth. So just trying to think about what strong EPS growth means. Does it mean double-digits?
Is there a change going forward than what you've done in the past? I guess in 2025, you are sort of going to be deleveraging. But beyond that, should we assume that you're going to be fairly consis...
First was just on the first year lapses. They seem to pick up across various channels, especially in direct response. So hoping that you could give us some color on what's going on there.
should we assume that you'd have to sort of go through around the price increases to get the margins on the business that you've signed to more of a normal level
Should we assume that, that continues into 2026 as you implement price hikes? Or -- and then similarly, with a lot of companies indicating that they're going to raise prices on Med Advantage plans
If we look at what that's implying for EPS in 4Q, it seems like it's $3.25 to $3.45. So that's a lower number than you've had in the most recent quarter even at the high end
to what extent are you able to quantify how much of the $.70 is just a onetime 3Q impact versus maybe assuming normal earnings outside of the annual actuarial review
is that channel close to bottoming? Or was this just a blip given that the comps are easy
if you do get a $200 million benefit on annual free cash flow, assuming you're using it for buybacks that sort of implies a 2 percentage point uptick in whatever your growth would have been otherwi...
the third quarter is obviously very tough comps. So just wondering what gives you the confidence that you can achieve maybe the middle end of the range?
it's sort of a constant catch-up where usage continues and claims continue to go up, and you're having to catch up to that
the non-deferrable commissions and policy acquisition spend, for the Life division. It's been running up over the past in 1Q
how does one get finality to this? Because typically, those agencies don't tend to put out releases when they're done investigating
one of the negatives was just a little bit of an increase in first-year lapses in the direct channel and also in Liberty
there was some optimism last year that with the reimbursement rate changes on Med Advantage Plan, maybe there would be more volumes flowing toward med subs
In Japan, you've seen pretty dramatic moves in some of the macro variables, it's currency or interest rates. How is that affecting your business
Just comment on what you've seen through renewal season in various product lines. I know you've been pricing up dental over the past year
Is it based on just the fact that many of these things move around quarter-to-quarter and this quarter was just bad, especially on the voluntary side? Or is it -- or have you seen an improvement al...
is this more of a normal quarter and representative of the division's earnings power? Or were earnings depressed for whatever reason?
If you look at the base yield, it was down, I think, around 11 basis points sequentially, around 13 bps year-over-year and spreads were down ex-VII
are you seeing indications that with all this uncertainty that the recovery is going to stall? Or what are you seeing in the crucial mortgage loan book?
How should we think about losses coming in from that over the course of the year, and has the market stabilized
I think recently, there have been even some reports about potential nationalization of some of the ESP businesses
you did a lot more than you've done in a on a quarterly basis, I think, the last several years
You've seen a slowdown in growth over the last three, four quarters from, I think, 5% in 1Q to 3% in the fourth quarter
the business continues to perform well. So maybe talk a little bit about the pipeline that you're seeing there
is the environment for your business improving a little bit given the uptick in capital markets, M&A, IPOs
it seems like IPOs are picking up, M&A is picking up as well. Are you seeing that in your business as well
Is that more a function of just the fact that it's a low base? Or is the momentum in your business better than what pricing would suggest
Are you expecting media renewals to be similar in terms of terms and changes in attachment points and pricing
is the environment and the increased uncertainty positive or is it overall a negative for Oliver Wyman
should we assume that it actually is a positive for your organic growth beyond '25, just given their market focus
I think previously you'd been saying mid to high -- or mid-single digits are better. So, I'm not sure if I'm reading too much into your comments
how do you think about like the weaker investment performance that you've seen recently factoring into your net flow expectations over the next year?
To what extent do you think it's the beginning of a trend given the favorable market backdrop that you have?
Is it reasonable to assume flows turning positive in the next few quarters, or is it sort of hard to say given market volatility or other factors?
You're almost at the level you had in all of last year through the first half of the year. So not sure if your guidance is overly conservative
Your comments on the pipeline have been generally constructive, but flows were weak across all of those businesses
Has there been a change in your view on how you approach the business versus this before?
the flows have been negative for the past 3 years because of some of the things you discussed on the call earlier. Is it reasonable to assume that there's not going to be a major change
you've been in the process of repricing your dental book, I think, a couple of years now. But should we assume that that's done completely?
I would have thought that it would be growing at a fairly fast clip since you were expanding your target markets
are you seeing competitors get more aggressive with pricing and writing business either with sort of implied losses or very low margins
How does that affect the TAM and the overall market opportunity for personal, auto companies over the next -- if you were to look forward, over the next 5 to 10 years
how the -- you view the competitive environment to be in personal auto.
Why is it not reasonable to assume that you would see a slowdown in PIF growth
Wouldn't there be an eventual impact on cash flows beyond this year or next year if the earnings, in fact, are depressed in the business
what are the sort of things that you could do to ensure that you can retain the agents if, in fact, the suspension period is running longer
are you seeing competitors or are you just seeing a more crowded market? Or is it that companies are offering terms and conditions which you feel you don't want to match
if you could just talk about what you're seeing in terms of claims trends and price competition in the Disability market
should we assume that you would actually, over time, try to get the number higher than 200%
are you seeing companies actually either pay more in commissions or offer more generous terms and conditions
How should we assume that both of those businesses are going to hold up in the face of higher market volatility
can you talk about like some of the key areas where maybe we'll see a shift in strategy or focus on the part of Prudential
what do you think is the normal threshold that you'd want to run your business given your liability profile in Japan