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  "presentationDate": "2023-08-01 00:00:00",
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  "notes": "Includes footnotes regarding LDTI accounting standard adoption and specific adjustments for interest/financing costs and other notable items.",
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      "text": "Note: 2022 amounts for Spread Related Earnings have been retrospectively adjusted in accordance with the requirements of the adoption guidance of the accounting standard relating to LDTI. 1. The increase in interest and other financing costs from 1Q'23 to 2Q'23 was driven by an increase in interest on short-term repurchase agreements related to a higher average balance and rates. Short-term repo balances, net of the non-controlling interest in ACRA, totaled $1.5 billion at the end of 4Q'22, $4.5 billion at the end of 1Q'23, and $3.1 billion at the end of 2Q'23. 2. Other notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. 3. Spread Related Earnings – Normalized and Normalized Net Spread reflect adjustments to exclude notable items and normalize alternative investment income to an 11% long-term return.",
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      "text": "Adjusting for other notable items and a normalized alternative investment return, normalized SRE grew 51% year-to-date for the year-over-year period driven by robust organic growth trends and strong profitability",
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      "text": "Normalized SRE was a quarterly record and translates to normalized net spread of 166 basis points in the second quarter, which increased significantly year-over-year due to higher floating rate income and continued profitable growth of the business, partially offset by higher interest and other financing costs",
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