John Barnidge

Can you talk about what you see as the total addressable market for these new products? And then within the context of Miraito and ability, do you need to reprice that?

Can you maybe talk about the lower benefit ratio embedded in the guidance?

Given the comments about more of the broker distribution going into group products, how do you get larger in that? Can you talk about maybe efforts organically and potentially inorganically?

With the success and the growth of the buy-to-build initiatives, have we crossed over the period of investment and are now starting to yield some earnings from those efforts?

Was it completely rolled out in totality by the end of 2Q '25 for all distribution that will be selling it?

How do you think about the frequency with needing to refresh products now that you're trying to bundle products and solutions together?

They continue to be present in both Japan and the U.S. We're further removed around the dislocation in individuals behavior. How should we be thinking about the waterfall or decay

Ahead of the anticipated new cancer product launch. Should we expect more modest sales in the near term for that?

you talked about a failed implementation that was corrected. And how much of the market was dental and vision not present?

Can you talk about AI, how you're incorporating that in your business, not just to drive greater margin

can you remind us on a per-share basis how much favorable reserve development helped earnings in '25

is that $140 million a new level we should be thinking about

about the expense ratio in the quarter. Are you able to identify by how much that expense ratio was

first question is about tariffs. I believe '25 guidance now assumes impact from tariffs. What rang

what inning do you think we are in, in that initial transformation of the expense base to better position the organization to add additional AUM

What does the consolidation opportunity look like for asset management in your opinion

Others with asset management businesses in life insurance have gone out and partnered with other asset managers

Can you maybe talk about large client breakage in the quarter distribution environment

Can you maybe talk about how the company weighs adding human capital versus automating and AI?

Is there something a the typical retail investor needs to see from maybe a cost of living perspective

In light of current macro distribution in the rate environment, do you have any updated views

should we expect a higher level of Long Term Care earnings to be borne out of Corporate?

can you talk about the alternative and product – private asset product portfolio

If we can go back to software, dig into that a little bit more could be interesting. Maybe is it private equity, credit, both?

do you think this open capital markets environment and those companies moving from the private bucket to the public market will cause a natural inflow

They've remained muted and below historic levels. With markets activity beginning to pick up broadly, are you expecting an inflection point later this year?

can you talk about exposure to software and how you see the portfolio impacted by AI along with any derisking activities

the DOJ and SEC investigations have concluded. Is the EEOC investigation still ongoing? And what's your visibility into that

Is there a portion of this cohort that more and more is in need of your products that will be secular in nature and more extended beyond just what we've seen in recent years?

Do you anticipate once that initial transaction establishes the infrastructure on the island, it will be a series of transactions that follow or one large one.

Do you think this will allow you to accelerate agent growth? Or maybe pursue opportunistic inorganic of other distribution channels.

You talked about intention to have an opportunity to reduce commercial paper this year. Where do you intend to get it to?

Is the increase in health usage more frequency or severity-driven, I was reading about some human bandage fraud article

I know you're doing some efforts to get a Bermuda platform up. Any update you can provide or any markers on the weigh station we should watch out for?

how have first-year agents trended in January essentially, first quarter so far across those channels?

Can you maybe talk about how large the sports business within that framework would be? Does that assume any changes in ownership limits by leagues domestically?

Is this an opportunity for enhancing your relationships and broaden out the tentacles, which the organization touches within broader life insurance?

Can you talk about the opportunity presented for the company from potential 401(k) retirement reform and how meaningful this could be?

How do you think about the target for premiums to surplus at that time and do you think you can operate at greater leverage

where there isn't a natural synergy for investment management within the Principal Asset Management umbrella being kind of the focus area for that?

how do you think about exposure to software within that and how do you think about the AI impacts on the pricing dynamic

What does that make you think about the consolidation in 401(k) more broadly given the leading position the company has?

do you have any visibility into whether that relationship fee rate enhancing versus the blended fee rate at Principal Asset Management

It's different between segments, and then any visibility into the third on that?

It becoming a bit more of a competitive environment, or are there fewer maybe pension partners coming to market given the market dislocation that occurred in April?

So the Hong Kong change and then the YRT in the quarter kind of show a perpetual focus on improvement here. How much further derisking do you see

can you talk about how much exposure or non exposure? You have to government nonprofit or government contracting in your businesses?

are you able to dimension the size of the businesses that are kind of like up for a review in international markets where you don't view yourself as a leader

How meaningful do you envision it? And are there other partnerships that could be added beyond Partners Group

with the Board approving the ESR, what is the opportunity for Prismic as you see it in the coming year

where does inorganic fit within that to leverage that scale even further

How do you view 401(k) retirement reform and PRUs positioning to benefit from that with the one PGIM unified structure

Where do you sit with the opportunity for interval funds for PGIM

Where does inorganic sit within that

Is that going to be the main consumer of that 0% to 10% of M&A, or does there remain interest in high-growth emerging markets