So explain to us a little bit these demographic shifts, all the changes that have been going on, and how these have been reshaping the retirement systems globally and impacting the life insurance industry.

Yes, this has been underway for quite some time, but the scale and the extent of the impact shouldn't be underestimated.

When you think about the sheer size of the cohort of people that are entering retirement in the U.S., it's 11,000 people every day that are turning 65.

And that trend is in each of the countries that we're talking about, where you have a very large population that's entering retirement at the same time that longevity has been significantly increasing over time and that the scale in terms of the demographics of our societies are changing because fertility has dramatically decreased over the last few decades.

And that combination creates a strained system.

So you have a need that is emerging for all these people entering retirement in terms of how to live throughout retirement after the working year's end, at the same time that governments are straining in their ability to support those people.

So this is a somewhat predictable path, but it's been slowly emerging.

Well, insurers are part of the