The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Elyse Greenspan - Wells Fargo - Analyst
: Elyse Greenspan, Wells Fargo. The first question I have is on the expense ratio. So a lot of improvement. I think that was one of the last few slides,
Keith. And obviously, you talked about expense leverage.
There's also some from AIG Next. Could just spend a little bit more time, that's obviously been -- through the years, we've seen AIG at a very high
expense ratio, and it seems like the big driver of the ROE improvement? So can you help us just go through the numbers in a little bit more detail.
And over the three-year plan, is the 30% at '27 target? Maybe sooner? How should we think about the time frame as well?
Question: Elyse Greenspan - Wells Fargo - Analyst
: And then my follow-up, you guys alluded -- pointed to excess liquidity generation of $1 billion per year. Does that bake in projected earnings?
And then in terms of buybacks beyond this year, is that $1 billion the base case buyback ignoring, right, the sell-down to the -- when you go 9.9%
to potentially not of Corebridge over a couple of years, just base case is kind of $1 billion repurchase?
Question: Elyse Greenspan - Wells Fargo - Analyst
: I was trying to understand if the deployable capital, that $1 billion, does that include projected like earnings growth within the business?
Question: Elyse Greenspan - Wells Fargo - Analyst
: Thank you.
Question: Elyse Greenspan - Wells Fargo - Analyst
: Elyse Greenspan, Wells Fargo. I wanted to come back to the reserve discussion earlier. Keith, you were talking about just the conservative nature
of reserves. Within the guidance, the 20%-plus EPS CAGR as well as ROE guide, are you guys assuming anything for reserve development? I'm
thinking maybe just the ADC and then anything else on top of that could just be upside to guidance.
Question: Elyse Greenspan - Wells Fargo - Analyst
: Well, I made that one easy. And then the second one takes the expense ratio comments and also just the last discussions on AI. Obviously, there's
a cost there. So you guys have obviously been investing in AI, and it sounds like something that will continue. So how does that cost get factored
into the desire to show a material improvement in your expense ratio?
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