Wilma Burdis

We estimate that taking Japan reinsurance from 10% to 30% would free up JPY 5 billion to JPY 7 billion of capital or more. Is that a reasonable estimate?

will the U.S. and Japan joint efforts to support the yen have any impact on Aflac?

Is pursuing these external reinsurance deals something that you think you could deploy more sizable amounts of capital?

Does Aflac have plans to raise any debt? And if so, could you talk a little bit about uses of capital?

Could you talk a little bit about why the Japan cash earnings have been so high over the last few years and how long this could persist?

can you just talk about the higher share repurchases in the quarter? And if that's something that you expect to see as more of a run rate?

Is it correct that Aflac wouldn't be exposed to this type of inflation due to the fixed benefit nature of the products?

Was there any pause in U.S. sales due to the data breach that happened in the quarter?

Could you provide any updates on the Japan Post? I know there was a -- I think it was a data breach or something like that

could you talk a little bit about any change in your thinking regarding the 10% reinsurance of the Japan block to Bermuda?

are there any dynamics of the weaker yen that could impact Aflac's operations or results aside from, I guess, the repatriation impacts?

the total client flows were a bit softer. Can you just talk about the drivers?

could you quantify the outflows from the Comerica advisers just to help us arrive at a more normalized net flow number for 1Q '26

how should we think about the buyback going forward, a strong result in the quarter

Could you give us a little bit more color on what to expect into early '26? I saw 91 advisers recruited in 4Q, which seems to imply a pretty solid result for 1Q

you've seen a little bit lower flow activity this year. Is that an indicator that just maybe the market is a little bit too hot or pricing is a little bit irrational

some of these advisor roll-up operations, they seem potentially a little bit overlevered, maybe they're getting a little bit aggressive. Do you see that as something that could present an opportunity

Can you just talk a little bit more about the recruiting strategy going forward, how you're seeing the market

can you talk a little bit more about what clients are thinking right now?

could you talk about the adviser recruiting environment? Is now a good time to grow?

I just want to be a little bit more specific. Is that a good time to lean in on the share repurchases?

Corporate costs came in a bit lighter than we expected. Some of that was the performance in LTC

Could you give us a little bit more color on how you're thinking about G&A in 2025 across the segments?

Are there any time constraints on assets held in conservative securities such as Treasuries

Can you talk about the opportunity -- market opportunity in Japan

We did see a it looked like improvement in PRC volume for the first time in two years.

How do you think about the trade-off between higher volumes versus higher spreads in this ultra-tight credit spread environment?

Could you talk a little bit more about the other inflows in retirement services and what the outlook is there?

how long would it take before Ares has some and protection from outsized redemptions from certain regions?

talk a little bit more about the share repurchases? Because I think the pace in the first half has been pretty high

how you see it playing out as far as adjusting the sales and advertising environment in DTC to AI?

if you could just give us a little bit more clarity on where the cash flow generation ended up?

Could you provide some clarity on what's driving the higher buyback for '26?

Could you talk a little bit about remeasurement gains, which were strong in both life and in health

Is there more tailwind to unlock there? Or has a lot of that work been done there?

Is M&A more interesting? I know there's something you guys were looking at a couple 18 months ago. Maybe just give us an update there.

given the reserve releases you guys anticipate in 3Q from the life side, the mortality remeasurement continue to accumulate. Can you just talk about how that would flow through future years?

Does the higher life margin in the second half of 2025 and fly a more favorable run rate in 2026 and beyond?

life sales were below a full year, '25 guides in the first quarter, but you maintained the full year outlook

if I took out the reinsurance and the valuation manual updates, I'm estimating organic expected cash flow of around I think it's around $550 to $600 million

could you talk a little bit about what the recruiting and sales environment is like right now from a macro perspective?

it seems like it's been -- you've been trimming a little bit over the last several quarters.

is that where you want to be in the current environment? Or do you have plans to accelerate it more towards the 7%?

you had some positive assumption updates in Asia. Is any of that potentially ongoing?

Could you just discuss the forward timing of the impact of the Mexico tax law change?

could you just talk about the type of assets that you're managing for Talcott?

We just worked on an analysis of portfolio yield. And what we found is that men provides a very attractive risk-adjusted return. Could you just talk about how you market NIM

How could we expect the Beam acquisition to improve the existing business and where will we see the biggest impacts?

You go into some of the specifics driving lower dental ratios versus prior years? How we can expect that to evolve?

What drove the lower BRT sales in the quarter? And is there a little bit more competition flowing into the SMB PRT market

Are you seeing the competition actually improving or decreasing in group dental

maybe you could give us some color on the strategy for some of the small divestitures in international

what gives you the confidence to raise the ROE target to 15% to 17%?

Could you talk a little bit more about where you are on growing the spread-based balances in RIS?

maybe you could talk a little bit about what drove the favorable loss ratios in Specialty Benefits and what you're seeing there as far as the upcoming quarters?

Could you provide a little bit of an update on the growth of the spread-based products in retirement?

Can you talk a little bit more about mortality in the life business? What were the drivers there?

Can you just talk a little bit about what's going on in Specialty Benefits that you're exercising a little underwriting discipline in 2025?

There's been some litigation in the larger end of the PRT market

How would you describe the strategy is different from your prior strategies?

can you just help us think in a more simple way about the EPS and the international earnings going forward?

Could we expect the POJ pause to have any effect on the pace of capital return to shareholders through the remainder of the year or through 2027

There is a lot of growth opportunity in Japan reinsurance right now. Pru is one of the largest there. Could you discuss that market opportunity

We saw you had a large Jumbo Pension Risk Transfer this quarter, which has been a slow market this year. Maybe just give a little bit of commentary on that

do you think this is an inflection point? Or what are you kind of seeing

We expect the EPS growth to be at the lower end of the 5% to 8% EPS range or even more weighted toward the back half of that 2027 range