Net incomeYTD
1,057$m
$83m above plan
Financial outcomes
Performance
Earnings, value emergence and investment performance with attribution to management actions.
YTD through Aug 2026
● Ahead of plan
Core earningsYTD
958$m
▲ 5.2% YoY
Economic ROELTM
18.1%
1.1 pp above plan
Investment incomeYTD
2.93$bn
$146m above plan
PVDE emergenceYTD
412$m
▲ 7.4% vs. plan
Expense ratioYTD
21.8%
▼ 0.9 pp YoY
Quarterly earnings trajectory
Core earnings versus plan; USD millions
Blue: actual / forecast Green: plan
Earnings versus plan
YTD attribution; USD millions
974Plan
+41Assets
+18Claims
+27Expense
−16Other
1,057Actual
Business-line performance
YTD earnings, ROE and value creation
SegmentCore earningsvs. planROEPVDE emergenceIndividual life$284m+$17m16.7%$108mAnnuities$316m+$28m19.5%$134mGroup benefits$172m−$6m14.8%$61mWealth / asset management$125m+$13m22.1%$72mCorporate / other$61m+$9m—$37m
Investment performance
Yield and income measures
Portfolio yield6.08%+19 bps vs. plan
Total return6.41%+46 bps vs. current
Credit losses$43m$8m below plan
Private credit yield8.10%+60 bps vs. current
Operating performance
Key efficiency measures
Expense plan
97%
Claims efficiency
104%
New business target
101%
Retention target
98%
Capital deployment
93%
Management action value capture
Realized and forecast benefit against approved business case
ActionApproved benefitYTD realizedRun-rate forecastStatusStrategic asset allocation$74m$36m$78mAheadALM repositioning$31m$12m$29mOn trackReinsurance program$24m$7m$22mOn trackHedging overlay$18m$4m$21mAheadExpense efficiency$20m$9m$17mWatch
Forecast confidence
Full-year outcome ranges
Net income
High
Core earnings
High
Investment income
Med.
Claims experience
Med.
Capital ratio
High
Performance interpretation: Earnings are ahead of plan, led by investment income and expense efficiency. Group benefits and retention remain the two operating areas requiring management attention.