Cash GenerationVery large, resilient free cash flow (~$4.7B in 2025) that closely tracks operating cash flow supports capital returns, deleveraging and reinvestment. For an annuities insurer, durable cash generation underpins solvency, funds guarantees, and finances strategic shifts and distributions.
Balance-sheet StrengthLeverage appears manageable (debt-to-equity ~0.47 in 2025) while equity has built to ~$4.8B and statutory RBC is ~430%. This capital cushion increases capacity to underwrite liabilities, execute reinsurance, absorb investment shocks and sustain medium-term distributions.
AUM Growth And Fee ShiftRecord AUM ($73.1B) and a deliberate shift toward fee-based revenues (15% of adjusted earnings in 2025, targeting ~25% by 2028) should lower capital intensity per dollar of revenue, increase recurring income and improve margin sustainability over the medium term.