In hindsight, it would mean that our premiums were set too high for the economic cycle that in fact occurred, but we set our premiums to adjust for an economic cycle that could be good or bad. We've had strong economic growth that's persisted and no downturn. As a result, looking backward, we've had excess capital. Looking forward, we're pricing quite similarly because business cycles go up and down.
On April 30th, 2019. See this statement in context.