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- **Record Performance**: Q3 EPS of $6.37, driven by strong regional growth and new business deployment.
- **Equitable Transaction**: $70 million pretax contribution in Q3, scaling to $200 million annually by 2027.
- **Capital Deployment**: $75 million share buybacks and $3.4 billion deployable capital.
- **Strategic Initiatives**: Ruby Re sidecar on track for mid-2026 deployment, leveraging biometric expertise.
- **Competitive Edge**: Selective, exclusive transactions avoid tendered business risk.


**【CEO Summary Section】**
- Reported record operating EPS of $6.37 per share, excluding notable items, driven by strong performance in Asia Traditional and EMEA regions.
- New business momentum: $2.4 billion capital deployed year-to-date, including $1.5 billion in the Equitable transaction and $900 million in smaller, repeat transactions.
- Emphasis on disciplined capital deployment: $75 million share repurchases and $2.3 billion excess capital.
- Strategic initiatives: Ruby Re sidecar expected to be fully deployed by mid-2026, leveraging biometric and asset risk expertise.

**【CFO Financial Commentary】**
- Pretax adjusted operating income of $534 million, with trailing 12-month ROE of 14.2%.
- Equitable transaction contributed $70 million pretax income in Q3, expected to grow to $200 million annually by 2027.
- Traditional business premiums up 8.5% year-to-date on constant currency, driven by U.S., EMEA, and APAC growth.
- Claims experience: $50 million unfavorable impact in Q3, partially offset by $40 million in-force management gains.
- Capital position: $3.4 billion deployable capital, with excess capital of $2.3 billion.

**【Q&A Key Highlights】**
- **U.S. Claims Volatility**: $30 million unfavorable individual life claims, consistent with historical volatility.
- **GLP-1 Drug Impact**: Confident in mortality improvement assumptions, aligned with Swiss Re's central estimates.
- **Ruby Re Progress**: $233 million deployed in Q3, targeting mid-2026 deployment.
- **In-Force Actions**: $45 million year-to-date contributions, consistent with $50 million annual target.
- **Competitive Strategy**: Focused on exclusive, biometric-intensive transactions, avoiding tendered business.
- **Japan Economic Solvency**: Winning selective coinsurance blocks with long-term clients.


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