Capital Adequacy RiskAnalyst warns that increased negative sensitivity of the risk-based capital ratio to higher equity markets, combined with no evident action on variable annuity flooring, could raise capital volatility concerns.
Capital Return Trade-offAnalyst warns that further de-risking in the US may come at the expense of capital returns, potentially reducing cash available for buybacks or dividends.
New Business FlowsAnalyst flags weak net flows across mid-market US retirement plans and UK retail and workplace solutions, which could pressure future fee income and growth.