So it is something to care about. One thing that I would call out, though, is that during the course of the first half year, we had quite some big adjustments, frankly, with the assumption updates. Only a part of that hits the P&L, but some of it hits the CSM. So you’ll see a reconciling item there that talks about nonfinancial assumption changes. And in euro, it was more than €550 million for the first half of the year. I don’t think we’re going to be making any further changes to morbidity improvement assumptions in the U.S. because we’ve eliminated it entirely. So I wouldn’t imagine that there would be giant changes in this going forward. But what you are going to see is that CSM is going to be released because so much of it is associated with the Financial Assets, but that takes actually quite a long time for it to release.
I mean the duration of the long-term turnover is something like more than 14 years. So it’s a long time. Most importantly, though, is the fact that although that’s — I’m describing the insurance side of the business. And there, we are going to get the benefit from a new business that we’re getting on the life insurance side. You see that come. And — so you see that one come. But also the noninsurance parts of the business are going to be growing. And as we always say, the whole point of the Financial Assets, we are trying to improve the quality of that earnings generation over time. And this is another — by the way, this is another example of it. By removing that morbidity assumption, we are going to report better operating results in that line of business over time.
And most importantly, it allows us to go after premium rate increases, which is real cash, real money that we don’t get if we don’t change that assumption.
Ashik Musaddi : That’s very clear. Just 1 follow-up. Is there any RBC benefit from this reinsurance transaction that we should care about?
Matthew Rider : RBC benefit, well, it’s — you will see the onetime capital implication coming through the results. But the important thing is here is that there’ll be a benefit on the SGUL reinsurance but then we intend to use some of that in the purchase of institutionally-owned Universal Life contracts. So I would not put a plus in the column for RBC ratio.
Ashik Musaddi : Perfect. That was very detailed and clear.
Operator: We will now go to our last question for today. And the last question for today comes from the line of Michele Ballatore from KBW.
Michele Ballatore : Yes. The first question is about the growth in U.S. Individual Life, which, of course, was strong. I mean, what kind of — how should we think about the development in profitability from this growth? I’m talking specifically about capital generation. And the second question is about the Asset Management. Obviously, not a great half year, but I mean what is the outlook there? Or what kind of actions you’re taking? And in general, what is the outlook for this segment specifically?
Lard Friese: Yes, Michele, thank you very much. I’m going to talk a bit about the Asset Management business, and then I’ll hand over to you on the profitability of the Individual Life segment to Matt, in the sales, there. On Asset Management. If you look at the half year, Asset Management is confronted with a number of reality that it needs to adapt to, right? I mean, over the last — if you look at the year-on-year, we’ve seen, of course, quite an increase in rates, which have a large portfolio of fixed income investments that are your assets under management, you’re obviously going to have an impact for the — in the fees that you’re generating. But also noticing, as I said opening remarks in China, given the, let’s say, wobbly economic environment in China and the investor sentiment, which is not very conducive that we saw on the third-party business there of €60 million outflows.
