Overall conditions might be turning positive for North American life insurers. Inflation is declining, and the threat of an outright recession in the U.S. has largely been supplanted by the expectation of a slowdown in the economy. Interest rates, although volatile, are holding at much higher levels than they were during the decade before the pandemic. Sales, especially of annuities, are up and profitability is solid; COVID-19 mortality is abating. And capital buffers will likely remain strong in 2024. Nevertheless, uncertainty is on the horizon.