We're going to get going. It's great to have Equitable back with us this year. Chief Financial Officer Robin Raju is up on stage with me, and then there's a few other members of Equitable in the audience to acknowledge Steve Scanlon, Head of Individual Retirement, and Tom Lewis and Jake Miller from investor relations. I'm just going to hand it over to Robin to make a few opening remarks. Thank you, Ryan, and thank you all for having me back here today. Is my mic working? Okay, great. Just wanted to give a quick overview of Equitable for those who may not be familiar with the name. Equitable serves the retirement and global investment market across the globe. We have three subsidiaries. First is our retirement business. It has about $220 billion of assets. It's a leader in providing tax-advantaged solutions in the individual retirement market. It's our fastest-growing part of the business as well right now. We have over $19 billion in sales over the last 12 months. It's a really bullish market for annuities right now, and we're really benefiting from the tailwinds of a higher interest rate environment and a differentiated distribution model that we have in the retirement business. Our second business is our 61% ownership in AllianceBernstein. That's our global asset manager with $700 billion of AUM in 25 countries across the globe. Really differentiated in building out their private alts business together with the synergies in Equitable. Also a good story on margin improvement over the next few years. Our third business, which is our newest segment that we just broke out, is our emerging wealth management business. That's comprised of about 4,100 dedicated Equitable Advisors. They have $80 billion of assets under administration. They're providing holistic advice to clients and really focused on developing more wealth planners, which is about 700 of those 4,100 advisors. Those advisors are three times more productive than our traditional advisors across the board. Those three businesses are unique, and they're pretty well integrated across the board. Let me give you a few examples. In terms of designing better client outcomes, we created the fastest-growing part of the variable annuity market, which is called the RILA market. We're a leader in that space, and that was created through a partnership through Equitable Advisors and our retirement business on co-product design and testing new innovations with clients. Now that's a huge part of the market, and we're a leader in that space. The second area, in terms of designing better client outcome, this is a partnership with AllianceBernstein in the retirement business. We're a pioneer in the secure income market that's in-plan guarantees and large 401 plans. We did that 10 years ago together between the retirement business and AllianceBernstein, now AB is an innovator in that space, and we think that's a big upside for us in the future, maybe five-plus years down the road. It's more of a Horizon three initiative. Those businesses together have delivered significant value for shareholders since IPO. We returned over $7 billion of capital to shareholders, and we continue to see strong momentum in our cash flow generation. We just had an Investor Day in May. We announced new targets to the market that support our new growth strategy. We're going to grow cash flows to $2 billion. We're going to increase earnings by 25%, and that moves us into a different category from where we were at IPO. Our main targets that we're going out to market is to deliver 60%-70% of operating earnings in terms of payout ratio, as a function of operating earnings, improve our EPS growth. It was 8%-10%. We moved it to 12%-15%. Those together are going to lead Equitable in terms of delivering significant shareholder value over time. We're excited where we're positioned today. I think Equitable's transition now where we're more delivering capital return, but now it's capital return plus growth. You're really seeing growth coming through our business, and we're really bullish about the markets that we operate in today. Ryan, I'll pass it to you for some questions. Great. Thank you. One of the targets from the Investor Day was generating $110 million of incremental investment income by 2027. Can you talk a little bit about how you plan to achieve this as well as I think one question we get sometimes is will that mean you're taking much additional investment risk? Sure. This is phase 3, what I would say, of our investment income enhancement program. Since IPO, we've had 3 phases. Phase 1, we delivered $240 million to the investors. That was moving from treasuries to public credit. Phase 2, we've accessed more illiquid credit, and we delivered $180 million. In phase 3, we see building out AB's private alternatives business being able to deliver an additional $110 million for investors as support our EPS targets that we shared at Investor Day. That $110 million, we're on track to achieve $45 million by year-end, and that's really coming from continued access to some of AB's private credit capabilities, and leveraging the synergy between the general account and AllianceBernstein. We are keeping though in mind, to your question, Ryan, we are keeping a higher quality focus as we go into private credit. We want to retain the conservatism of our general account. We probably feel it's a good time to get yield but be more conservative while you're getting at that yield, considering where things are trading in the market today. We have a good program in place, $45 million by year-end. On track to get that $110 million while keeping a conservative stance on the investment portfolio. Thanks. This is probably somewhat related. Can you talk more about the seed capital that Equitable has committed to AllianceBernstein, how much has been committed, how much has been deployed so far, and how you expect that to benefit the growth of AB's private markets business? Sure. It's been one of the best synergies that we've had between the subsidiaries of AllianceBernstein and the retirement business. AllianceBernstein started its private alts business in 2015 with $4 billion of seed capital from Equitable. They took the $4 billion that Equitable gave them. They raised third-party money to get to $20 billion by 2020. We went out with a new $10 billion capital commitment, of which we deployed $7.5 billion to date. With that capital commitment, they went out and grew additional third-party money. Also, we were able to complete an acquisition with CarVal Investors and bring on an at-scale private credit investor. That was a function of the capital commitment and the synergies we had in the company. With CarVal, they saw Equitable was going to be given seed money, giving them an opportunity for a different channel of growth. With CarVal leveraging AB's global distribution footprint, we can expand our private credit capability. That private markets business is now $61 billion. It's a good chunk in terms of AUM for AB. It's starting to deliver good revenue and good margin expansion. At Investor Day, we announced another $10 billion commitment. We're going to get to $20 billion by 2027. AB's private market business, as a result, is going to grow to $90 billion-$100 billion and be almost 20% of the firm's revenue, which is a significant shift to a higher multiple business for AllianceBernstein. Will continue to provide good yield for the general account investors as well. It's a win-win really for both. AB continues to have an advantage of being able to recruit teams. It's a low-cost funding vehicle we're giving them to support acquisitions, to raise third-party capital, recruit teams, and that leads into a higher multiple for EQH shareholders through the AB ownership and more cash flows, more importantly. Sticking with one more question on investments, can you give an update on how your commercial mortgage loan portfolio is performing, I guess, in particular, the focus being on office? Sure. For Equitable, the commercial mortgage loan portfolio is about 15% of the general account. The LTVs at origination were 53%, they're now 61%. We value those every year, so the current valuation is 61%, so you've seen the decline through the valuations, but still pretty good at 61% across the board. The debt-to-service coverage ratio is about 2.2 times, which improved year-over-year. The overall portfolio is well diversified. Within that, to your question on the office space, that's about 5% of the general account. We've been pretty conservative on where we play. We're in really all class A buildings, 90% occupancy rate, 2.1 times debt-to-service coverage ratio across the board. No exposure to Downtown Chicago, San Francisco, Seattle, Chicago. We stayed out of the markets that seem to be in trouble at this point in time. There's still risk in the CML market. I'm not going to say there's no risk there, we feel pretty comfortable where we are. I think an important fact for Equitable, near-term maturities, less than 4% of the portfolio is maturing over the next two years, so it's pretty manageable. Of the portfolio that's maturing this year, there are about eight loans, we've already done about 60% of them, either renewed at current market levels or had them pay down. We're pretty active in managing and servicing that book and been able to stay out of the markets where we see issues. Great. Shifting over to the individual retirement business, you had mentioned that it's a very good environment for sales right now, and you've had very strong sales, particularly in your SCS product. You've also had a number of new competitors come into the RILA space over time. Can you talk more about how are you able to maintain your market share and have good growth in that business while also still achieving your targeted returns? Well, Steve Scanlon runs that business. I got to hear him talk a lot about it this morning, so I feel very prepared for the question. Look, as I started, this market is a tremendous market right now. We're well-positioned in there because we were innovative, we were first to market, we created it, and we have unique distribution capabilities that allows us to win, continue to keep market share, and gain value across the board. These products, let me start with the customer angle. These are extremely compelling to customers in a high interest rate environment. Right now, our number one SCS product offers a 20% downside protection and 500% upside for an investor, for a client. That's a tremendous value proposition at this point in time. Now, you can go shop around and get your highest banking yield for 5% right now. This offers downside protection and upside potential for retirees. That's what they're looking for. The client offering is very compelling. At the same time, we benefit from our distribution. Equitable Advisors does about 37% of our sales. Every year, they're our anchor distribution force. They allow us to test new products, control margins, and continue to expand up in the marketplace. We have unique P&C relationships that we're one of three because it's a registered product, and that allows us to continue to expand our distribution. A proof point of our distribution is we're number one in the market, but we're number 10 or something in the wirehouses. We don't play just to shop. We play where we can drive value and win and offer a good customer proposition at the end of the day. That's what we're seeing in the market. We had $1.5 billion of net flows in that individual retirement business last quarter. Momentum remains tremendous, this is just a great time to be in that business. We're really bullish on that market. I guess in group retirement, it seems like the core 403(b) business has had a little bit slower growth, I guess, at least in the last few years. Could you just talk about what you're seeing there and what's driving that? Sure. In our Group Retirement business, it's made up a few businesses. You highlighted our main business is our core K-12 403(b) business. That's where we're number one in that market space, and we're differentiated because we have 1,000 dedicated advisors that help and serve teachers in that market. They go in with the teachers, they sit down with them, and they help them go through their supplemental pension plan and the need for retirement planning. No one else has that amount of advisors in the ground helping teachers every day, and that's what's allowed us to maintain that leadership position in the K-12 business. The business had positive net flows in the second quarter of $118 million. Premiums were up about 18% year-over-year, we're still getting some growth in that core business. We did see some outflows in some of the non-core businesses, older institutional business relationships that we had. The total net number that you see in Group Retirement was negative in the second quarter. Where we make money and where we're differentiated in the K-12 market, we had positive net flows, and we continue to like the momentum in that business. Third quarter is always a little soft in that business because, obviously, the summertime, the teachers aren't in school. There's some seasonality with the flows, I still expect to have a good fourth quarter and good momentum heading into the next year. Got it. I guess another area you've mentioned as a longer-term growth opportunity is in-plan guarantees within 401(k) plans following the SECURE Act. How much traction are you seeing so far, and how do you see the longer-term opportunity? Sure. I think it's a tremendous opportunity for asset managers and insurers to partner together. The large plan 401 is a $7 trillion market. We don't play in that market today because it's really record keeping. We're not differentiated in providing record-keeping services. It's a low margin business for us today. What the SECURE Act has done, 1.0 and 2.0, it's made target date funds with in-plan guarantees available as the qualified default option in plans. That provides trustees protection in providing annuities together with target date funds as the default option. All the asset managers are now working on solutions to partner with insurers to get into this space. We were innovative, almost too innovative because we were in the game 10 years ago with AllianceBernstein. That's part of what I talked about earlier, but that was before it was a default option, and we saw it as a major headwind of gaining traction across the board. Now as a default option, AB won a big plan last year. It was a $9 billion plan that they won. Of that, our Group Retirement business had almost $600 million in net flows coming in because of that default option feature and providing in-plan guarantees. We expanded our partnership. We now have a partnership with BlackRock in that space. BlackRock has 11 committed clients. We expect to see lumpy flows because their big chunks come in at one time in terms of institutional business across the board. We really think this is the future in terms of providing annuities to the middle market. Today, to get annuities, you need to go through an advisor, and most of that service is mass affluent or higher end. Now we can provide annuities through target date funds and provide decumulation solutions for a large part of the U.S. retiree market, which we wouldn't otherwise have access to. We think it's a tremendous opportunity in terms of accessing that U.S. retirement market. Now, we didn't include it in our plans for 2027 because we don't know how meaningful it'll be in the short term, but we think over the long term, this is a great growth business for us. Great. In wealth management, can you just talk about how Equitable is approaching that business? How does it differ from some of the other peers in the market, and I guess what actions have you taken in recent years to improve the productivity of the advisors? Sure. Wealth management, that was that third business that I spoke about up front. 4,100 advisors, $80 billion of AUA, $4.5 billion of net flows over the last 12 months. Really good organic growth that we saw come through in that business. What's differentiated about us is our wealth management and our advisors provide both insurance and asset-based solutions. There are two sources of income that they can get, and that attracts high-producing advisors. We still have our 4,100 advisors, 700 of them we call as wealth planners. Those wealth planners leverage both insurance and wealth as asset classes in their toolbox, and that allows them to be three times more productive than the remaining advisor group. That 700 was about 450 in 2018. We put in place a big training program we called Holistic Advice Planning to expand their productivity. We saw that 450 go to the 700. For us to achieve our plan by 2027, we anticipate that 700 being a bigger chunk of that 4,100 larger base. Expanding productivity, expanding insurance sales, expanding asset-based sales, and therefore improving earnings. That's going to allow us to double the earnings in that business by 2027. The margins in wealth management are in the low teens right now. Where do you see that headed over that 2027 time frame, and what are the key drivers? Last quarter, we had about $42 million of earnings in that business, 13% margin approximately across the board. We see those margins increasing to the high mid-teens as that 700 group increases. That 700 wealth planners is really the big driver for us because they're three times more productive than the other advisors that we have. As those advisors gain a bigger traction in our larger advisor group, we're going to see more revenue, more GDC, and more underlying margin as a result. We also benefited from the interest rate sweep accounts. Of the $42 million, that was about $12 million over the quarter. We'll continue to benefit that as rates continue to be higher with the higher Fed funds rate. We're not dependent on that either to achieve our 2027 earnings number. In terms of growing the wealth advisors, is the primary objective to convert existing advisors to that category that are more productive, or are you also recruiting in new advisors into that? Yeah, three things. We've seen most success first in improving the number of wealth advisors from our existing force. Having 700 of the 4,100, if we can have 1,000 of the 4,100, that's going to be the most cost-effective way and the highest margin way to grow our wealth management earnings. Our primary focus there is training. Second, we have seen success in recruiting experienced hires, experienced hires, they're attracted to Equitable because they may come from a wealth platform where they're only doing asset-oriented sales or wealth wrapper sales. We can provide them both the wrapper and insurance, it gives them an opportunity to have more income. That's obviously attractive for an advisor on a higher income opportunity. Third, we will look at bolt-on M&A. We did Penn Investment Advisors last year. That was about a $600 million AUM growth that we have. Small, because we're not going to be in the higher end, high PE, paying a 20 times PE for stuff. Smaller bolt-on acquisitions that are accretive are something that we'll continue to look at. Those are the three primary drivers, the more we can convert a bigger chunk of that 4,100 to wealth planners, that's going to drive the higher amount of growth for us. Got it. Shifting over to protection, you've had higher mortality the last few quarters. Can you give more detail on what you're seeing, and also just any perspective on why you think it's happening now, as the population mortality has actually gradually been improving? What we have seen is an improvement in the overall population excess mortality trends as you saw based on the CDC data that we see. What we see is during COVID, the uninsured population, unfortunately, was more impacted than the insured population. We're seeing sort of a lag effect where the insured population is seeing more excess mortality than the uninsured population now because they didn't see it during COVID. Some of that could be because delays in annual treatments, physicals, and it's catching up to some of our folks, unfortunately. We are seeing in our older age, we're focused on Variable Universal Life policies. The reason why, because it fits well with our retirement strategy. That's something people use for tax-efficient retirement planning. We're seeing older age policies that have been in force 20, 25 years, where we're seeing sort of a pull forward of people that we may assume that would pass away next year or two years, passing away now, unfortunately. That's accelerating some deaths. But we expect to get that back in the future years as earnings should be higher given that pull forward that we have in those death claims. Can you also talk about the reserving differences between GAAP and STAT? I know on the last quarter call you mentioned that you already hold higher reserves on STAT, so that you don't expect much of a cash flow impact. Can you go over that a little bit more? Sure. Under US GAAP accounting for Variable Universal Life policies, you can only reserve up to the cash surrender value of the contract. You can't have more reserves for that. You can if you have secondary guarantees like USG products, you can hold more reserves than the cash surrender value, but this is really just VUL policies. There are no secondary guarantees associated with these. That's the max you can hold. Even if I wanted to hold more, I can't under US GAAP accounting. Under statutory, there's something called Provision for Adverse Deviation or PADs. That allows us to have more conservative framework set up on the STAT results. Early on this year, what we did is we worked with multiple reinsurers, and we gained input of what they expected the post-COVID mortality effect to be. We've taken those inputs, we've incorporated those in our statutory PADs. As a result, we're not seeing a cash impact as a result of this pull forward because the STAT framework is more conservative at the end of the day. What you're seeing in this pull forward now is a higher free cash flow conversion rate for that protection business. We expect it to normalize in the future. That's why you see in our 60%-70% payout ratio, us paying out the normalized earnings number to 60 to 70 of the normalized number, because it's not a cash impact we're seeing, it's more a GAAP pull forward that we're seeing. Got it. I know you've typically talked about $75 million of earnings per quarter in protection. I think you've talked near term, maybe closer to $50 million. For protection or anything else now that we're just entering the final month of the quarter, are there any other things you would want to highlight for the third quarter for investors to think about? I think for the third quarter, I think protection, we're still seeing some of that pull forward in mortality. Expect us to be in that $50 million range. The second area I would think of is alts. We've seen good recovery in private equity in terms of the growth-oriented funds and buyout funds, 20% of our exposure is in real estate equity, and those have not performed as well. There's going to be continued lag. We're not going to be at our normalized rate yet in the third quarter because of the lag in the real estate equity. We're still seeing continued quarter-over-quarter improvement because of the growth equity orientation. We continue to see strong flows across the business. As I mentioned, Individual Retirement continues to deliver strong sales in our SCS product and strong net flow. We continue the momentum of the business. Thanks. Shifting to a little bit of a different topic. The NAIC has been field testing a new economic scenario generator mostly for variable annuities. How do you think this will impact Equitable as well as the industry once it's implemented? Yeah. It's a long overdue change. We've been trying to advocate this for some time. We're happy to see it come through. Just for those who aren't familiar, no matter what happened, you used to assume 3.5% or three and a quarter, whatever the range or rate was, in your liabilities. No matter what rates were, whether they're at 3% or whether they're at 0.50%, they assume they go back to 3.5%. What did that do? That didn't promote proper risk management, and people didn't hedge interest rate exposure because they had this NAIC assumption that they can rely on. The economic scenario generator is going to incorporate more low for longer interest rate scenarios, and that's going to force people to hedge more and promote sound risk management and effectiveness across the industry. They conducted their field testing last year. I know in the results we saw, it did increase reserves for companies that didn't hedge appropriately. We think that's a good thing because it'll promote more economic hedging across the board. We're hoping that goes into effect by early 2025 at the latest so we can get that in. Again, that's been like a six-year journey for us. I feel like we've talked about it forever. It's finally taking effect, and it's really going to promote better risk management across the insurance business. For Equitable specifically, do you expect much of any impact? No, because since Equitable hedges fully on equity and interest rates, we don't necessarily have the same level of impacts that others would have. Besides this one, are there any other key regulatory developments that you're watching right now? I think we're watching and actively promoting a few. I think just one point that's important, it's where the insurance industry in total trades today is a function of mistakes in the past in terms of whether it be the GMXB business in 2007, LTC, USG. Companies took inappropriate risk in insurance companies. All the regulation that's happening now is to promote better risk management, which should translate into more consistent and better returns for investors. We're highly supporting all these reforms that happened. We just spoke about the NAIC ESG reform. The other one is structured securities and holding appropriate capital on structured securities. We think holding mezzanine-oriented structured products within some of the insurance liabilities, the capital charge that's there today isn't really recognizing the risk of those securities. We made some improvement. It looks like we'll go from 30% to 45%, at least on the equity tranches of CLOs, which I think is a good step forward. We need more and better reform that's more consistent and more appropriate to the risk people are taking, and that will promote better returns over the long term for shareholders. You recently completed an internal reinsurance transaction from New York to Arizona. Can you talk about, or I guess remind investors why you did that, and was there any upfront impact from that in terms of your capital ratios, or is it really more about future dividend capacity? Sure. Internal reinsurance was really one of the last steps in our journey to capital optimization. Really, it's trying to make sure that we can be more competitive and look just like many of our peers do in terms of where we sell insurance products and where our in-force is. What it did is Equitable is unique. Our primary in-force and new business sales came out of solely the New York entity. What that did is it exposed us to uneconomic regulation in New York. It also exposed us to dividend volatility coming out of New York's uneconomic formula. What we wanted to do is move more to policies outside of New York. We completed our internal reinsurance transaction, which moves about 50% of our in-force business to Arizona. Now we sell all of our individual retirement and life business out of the Arizona company for non-New York policies. It better aligns to the other 49 states and ensures we can keep the competitiveness. From a shareholder view, it's going to provide more transparency on the regulated dividends as a big chunk of it's going to come from the Arizona company, which will be more RBC based. It'll be better transparency, versus New York where we had some years we take two dividends equivalent out, some years zero because of the volatility in the formula. I think going forward, it provides more transparency. We did have an upfront, there was a benefit on TAC upfront, but there was some offset with some tax friction. Upfront, it was roughly neutral, but over time, we'll get back some of the tax friction. We think over time, it will be beneficial as well. This is the first step in our journey. The next step we're going to do is novation of those policies. That'll physically move those policies, transfer them from New York to Arizona. The benefit of that is we'll just have more opportunities for capital optimization going forward. That's a two-year process. Regulatory approvals, which are in process, but then we need client mailings to every client in 50 different states which have 50 different processes. We're going to go through that. We're ready to execute on that as well. Is it 2 years from, or I guess when did the 2-year period start? I would think from Q2 because- Okay That's when we completed internal reinsurance. I think from Q2 is a good mark for us. Got it. One of the other aspects of your 2027 plans were $150 million of expense saves. What are the key components to achieving that? Yeah. Equitable has a long history of delivering on productivity and expense saves. You are going to hear us always, whenever we go out with a commitment, we want to ensure that we can execute against them. We are big on managing the controllables at Equitable. From an expense standpoint, we delivered at IPO $75 million in net savings. After that, we announced another $80 million that we delivered on. This $150 million of expense saves is coming from both the retirement business and asset management business. About $75 million-$80 million of it will come from AB's move to Nashville. That will be effective January 2025, so that comes through nicely. It is on track. We need the time for the leases to expire. The second chunk, we are getting about $30 million from our retirement business this year. That is just, again, leases and occupying less space in New York. We have moved down, and we consolidated spaces, so we locked in some saves there. We have about another $60 million-$65 million that we have coming through over the next four years. That is just us continuing to maintain a top quartile expense base. Got it. On capital return, you talked about the 60%-70% payout ratio, which is equating to a pretty good percentage capital return. You also have probably over $1.5 billion of on-balance-sheet excess capital as well. How are you thinking about that piece of it? Are you holding that more for downside risk in the economy? Is it more a general company practice that you want to maintain that cushion, or can you give us more on your thought process there? Yeah. Since IPO, we have always had either we have been at our $500 million minimum, or we have had excess capital, and some of that is due to the volatility in the New York dividend formula, as we want to be consistent in maintaining a 60%-70% payout ratio now to shareholders, that consistency is important to us. In this time, we are watching out for some macro concerns we have, whether it be credit or in different portfolio risks that we see in the economy that may have second- or third-order impacts that come back to Equitable. I'm cautious here a little bit because I do think higher interest rates, although it's good in terms of many the places we operate, our product portfolio, the spreads we get on investment income, I'm also conscious in the macroeconomy that higher interest rates provide a lot of pressure on small businesses for borrowing costs as these floating securities come at a higher cost now, and that's going to put pressure on our economy. I want to be mindful of that and watch that going forward. Our long-term strategy isn't to hold $1.5 billion of cash at the holdc o, right. It's we want to ensure that we're delivering shareholder value with every resource that we have, and that's a big piece of it. Pause here and see if there's any questions in the audience. All right, I will continue. I guess you did a successful risk transfer deal on variable annuities a few years ago. I guess, how are you thinking about if it could make sense to do another transaction to just fully dispose of the remaining legacy variable annuities versus just keep it and generate the cash flow as it runs off? The legacy VA business now is about 10% of Equitable's earnings. It's going to go down to 5% by 2027, and that business runs off about $2 billion-$3 billion every year. At Investor Day, what we showed to investors is that business is going to be cash flow accretive over the next five years. It's going to have a higher free cash flow rate than the earnings that are generated due to the runoff and the release of capital. That business is fully reserved and managed on an economic basis, so we're quite comfortable with the risk exposure that we have there. As we complete our internal reinsurance and novation, that does open up more opportunities for capital optimization, and if we see an opportunity that's worth it for investors, we'd certainly take a look at accelerating that runoff. It's not something we have to do, like the Venerable deal. That was a big deal. We created $1 billion of value for shareholders. What's left is pretty small, and it's really not representative of Equitable across the board. For us to do another deal, it's really going to have to be worth it because we're taking counterparty risk, et cetera. We want to make sure that if there's a deal there, that it's really worth it for investors considering the risk that it entails. One other question I get sometimes is just, the SCS product, even though it's called the variable annuity, it's really a spread product. You don't really sell fixed annuities or fixed indexed annuities. Is that something that has ever been considered, or do you feel like the RILA product is already satisfying that end client? Yeah, I do think the RILA product is just a better customer proposition at the end of the day than the fixed-oriented product. I think I'll start with that. That fits well with our Equitable Advisors distribution. It generates great return. For every dollar in RILA, we only have to hold about 2% of capital for that. It's very capital efficient and capital light in that nature. Now, with rates higher, we continuously look at the market. Obviously, MYGAs are a faster-growing part. Those returns seem to work now. Those MYGA products have more capital that you have to hold. Versus 2% of SCS, a MYGA product you may have to hold anywhere from 6%-10%. Really it's going to have a higher return rate hurdle for us. The more we can sell of SCS, given the customer proposition that it offers, the distribution that we have, the returns that it generates for shareholders, the more we'll do it. We'll always look at other parts of the market, but for us to move in another part, the capital efficiency is going to have to be strong. My last question was, I won't ask make you get too into valuation. I know you said, I think you said you were only going to do that once every five years. That was like three months ago conference, yeah. Maybe to ask it a slightly different way, what do you think the market is misunderstanding most about your company at this point in time based on where the valuation is? Yeah, look, I think at the end of the day, Equitable Holdings needs to continue to execute against its strategy, continue to return capital to shareholders. With the growth that we have, we're in a pretty unique position. We've returned $7 billion of capital to shareholders since IPO. The legacy business went from about 30%-40% of earnings to 10% today and less than five. We have a fast emerging wealth management business that's going to grow to $200 million of earnings. We have good levers for growth, including AB's alternative business, expense management, and additional investment income. As we continue to execute, grow our earnings to $2.5 billion, improve our cash generation to $2 billion, I think it will work itself out over time. Now we continue to have to execute. That's on us as a management team to execute against the goals that we put out to market. We have to communicate. The Equitable that people thought of at IPO is not the Equitable that is today. We're made up of capital-light businesses. 50% of the cash flows come from unregulated resources, and we have a growth profile now. We didn't have a growth profile at IPO. At IPO, we had to de-risk and prove that we can execute and deliver cash to shareholders. Now we're doing that, and we have growth coming in, and I think it's a great time to own Equitable. I think it's a great time to invest in the industry, frankly. If people are pricing their products appropriately, I think the insurance industry is primed to capture a big portion of the retirement market in the U.S., and I think Equitable is going to differentiate in its growth through its advice, wealth, and asset management model. All right. Great. We will wrap it up there. Thank you very much, Robin.