This quarter's results exceeded expectations, primarily driven by strong growth in the asset management and wealth solutions businesses, as well as the scale effects from the completion of the Just Group acquisition.

Key metrics: Distributable earnings $1.6 billion (YoY +7%); Fee bearing capital $614 billion (YoY +12%); Wealth Solutions distributable earnings $430 million (YoY +11%).

Business progress: Asset management raised $67 billion, including a $40 billion mandate from Just Group; real estate leasing strong, office rent up 15% from expiring levels, IFC Seoul recapitalization achieved 17% IRR; the company is advancing the merger of BN and BWS, releasing an additional $14.5 billion in capital to strengthen insurance business competitiveness. These developments reinforce the company's leading position amid trends of digitalization, decarbonization, and deglobalization.

Guidance and outlook: Management expects record fundraising in 2026, with Wealth Solutions targeting $2.5 billion in new policy premiums annually. The full-year outlook remains optimistic, with no clear upward or downward revision.

Risk/highlight signals: Positive signal — CEO emphasizes that market distortions are temporary, and value in quality assets is re-emerging; management notes no software exposure, and the credit portfolio is performing well, highlighting the company's risk resilience.