Aegon Ltd (AEG) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Aegon First Half 2023 Results Call. (Operator Instructions) Please note that today's conference is being recorded. I would now like to hand the conference over to your speaker, Hielke Hielkema, Investor Relations Officer. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Aegon 2023 年上半年業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給您的發言人、投資者關係官希爾克·希爾克瑪 (Hielke Hielkema)。請繼續。

Thank you, operator, and good morning to everyone. Thank you for joining this conference call on Aegon's first half 2023 results. My name is Hielke Hielkema from Aegon Investor Relations team. With me today are Aegon's CEO, Lard Friese; and CFO, Matt Rider, who will take you through the highlights of the first half year, our financial results and the progress that we are making in the transformation of Aegon. After that, we will continue with a Q&A session.

謝謝接線員，大家早安。感謝您參加 Aegon 2023 年上半年業績的電話會議。我叫 Hielke Hielkema，來自 Aegon 投資人關係團隊。今天與我在一起的有 Aegon 執行長拉德·弗里斯 (Lard Friese)；財務長 Matt Rider 將帶您了解上半年的亮點、我們的財務表現以及我們在 Aegon 轉型方面所取得的進展。之後，我們將繼續進行問答環節。

Before we start, we would like to ask you to review our disclaimer on forward-looking statements, which you can find at the back of the presentation. And on that note, I will now give the floor to Lard.

在開始之前，我們想請您查看我們關於前瞻性陳述的免責聲明，您可以在簡報的後面找到該免責聲明。關於這一點，我現在請拉德發言。

Thank you, Hielke, and good morning, everyone. We appreciate that you are joining us on today's call. Today, we present our results under the new IFRS 9 and 17 accounting standard for the first time. But first, let me run you through our strategic developments and commercial momentum.

謝謝你，希爾克，大家早安。我們感謝您參加今天的電話會議。今天，我們首次公佈新的 IFRS 9 和 17 會計準則下的表現。但首先，讓我先向您介紹我們的策略發展和商業動能。

We have a lot to talk about. So let's move to Slide #2 for the achievements in the first half of 2023. We have started the next chapter in Aegon's transformation delivering a successful Capital Markets Day in London in June. We closed the transaction with a.s.r. in July and have started the EUR 1.5 billion share buyback program associated with the deal, which we expect to complete before the end of June 2024. In addition, we still intend to reduce our leverage by up to EUR 700 million in the same time frame, and we'll update you on that when appropriate.

我們有很多話要談。因此，讓我們轉到幻燈片#2，了解 2023 年上半年的成就。我們已開啟 Aegon 轉型的新篇章，並於 6 月在倫敦成功舉辦了資本市場日。我們與 a.s.r. 完成了交易。並已啟動與該交易相關的 15 億歐元股票回購計劃，我們預計該計劃將在 2024 年 6 月底之前完成。此外，我們仍打算在同一時間範圍內將槓桿率減少最多 7 億歐元，我們將在適當的時候向您通報最新情況。

On the strategy front, we continue to take steps to transform our business. We have increased our financial stake in our Brazilian joint venture, we expanded our partnership with Nationwide Building Society in the U.K. and extended our asset management partnership with La Banque Postale in France. The sale of our remaining Central and Eastern European businesses have been closed, and we have announced the sale of our stake in our joint venture in India. We are now fully focused on 3 core markets, 3 growth markets and 1 global asset manager.

在策略方面，我們繼續採取措施進行業務轉型。我們增加了在巴西合資企業中的財務股份，擴大了與英國全國建築協會的合作夥伴關係，並擴大了與法國郵政銀行的資產管理合作夥伴關係。我們剩餘的中歐和東歐業務的出售已經完成，我們也宣佈出售我們在印度合資企業的股份。我們現在完全專注於 3 個核心市場、3 個成長市場和 1 個全球資產管理公司。

We're also delivering on our commitments to continue to reduce our exposure to U.S. Financial Assets and to improve the level and predictability of capital generation. Transamerica has been able to execute an additional reinsurance transaction, encompassing 14,000 Universal Life policies with secondary guarantees. This will free up approximately $225 million of capital, which will be used for management actions to further reduce our exposure to Financial Assets over time. It also significantly improves our risk profile, together with the prior similar reinsurance transaction, the total of 25% of the statutory reserves backing these policies have now been reinsured.

我們也兌現了繼續減少美國金融資產曝險並提高資本產生水準和可預測性的承諾。 Transamerica 已能夠執行額外的再保險交易，涵蓋 14,000 份帶有二級擔保的萬能人壽保單。這將釋放約 2.25 億美元的資金，這些資金將用於管理行動，以進一步減少我們對金融資產的曝險。它也顯著改善了我們的風險狀況，加上先前類似的再保險交易，支持這些保單的法定準備金總額的 25% 現在已獲得再保險。

Turning to our results over the first half of 2023. The operating results now reported under the new accounting standards, IFRS 9 and 17, increased by 3% compared with the first half of 2022. This was driven by increases in the U.S., the U.K. and the International segment, which more than offset a decreasing operating result in Asset Management. Operating capital generation before holding, funding and operating expenses increased by 13% compared with the first half of 2022, reflecting business growth in our U.S. Strategic Assets, together with improved claims experience.

轉向我們 2023 年上半年的業績。目前根據新會計準則 IFRS 9 和 17 報告的經營業績較 2022 年上半年增長了 3%。這是由美國、英國的增長推動的。和國際部門，這足以抵消資產管理業務經營績效的下降。與 2022 年上半年相比，持有前的營運資本產生、融資和營運費用增加了 13%，反映了我們美國策略資產的業務成長以及理賠體驗的改善。

Turning to our commercial results. Transamerica performed well. We delivered strong sales growth in all of our U.S. Strategic Assets. The U.K. Workplace Solutions platform continued to deliver strong growth and sales increased in our partnerships in China and Brazil.

轉向我們的商業成果。泛美航空表現優異。我們所有美國戰略資產的銷售均實現強勁成長。英國工作場所解決方案平台持續強勁成長，我們在中國和巴西的合作夥伴關係銷售額也有所增加。

The results of our Asset Manager and our U.K. Retail business continued to be negatively affected by adverse market conditions. Recently, we have announced our intention to move Aegon's legal seat to Bermuda. Subsequently, the Bermuda Monetary Authority will then assume the role of group supervisor. Today, we have convened 2 extraordinary general meetings to be held at the end of September to seek shareholder approval for the move.

我們的資產管理公司和英國零售業務的業績持續受到不利市場條件的負面影響。最近，我們宣布打算將荷蘭全球保險集團的合法所在地移至百慕達。隨後，百慕達金融管理局將擔任集團監管人的角色。今天，我們已召開 2 次臨時股東大會，將於 9 月底召開，以尋求股東批准這項措施。

Finally, on our path to increase the dividend to around EUR 0.40 per share over the year 2025, we have increased the 2023 interim dividend to EUR 0.14 per share, up more than 25% compared to the 2022 interim dividend. This is testament to our strong financial position and prospects.

最後，為了在 2025 年將股息提高到每股 0.40 歐元左右，我們將 2023 年中期股息提高到每股 0.14 歐元，比 2022 年中期股息增加了 25% 以上。這證明了我們強大的財務狀況和前景。

Before I move on to the results, I want to recap the priorities we presented at the recent Capital Markets Day in London on Slide #3. We have defined 4 key priorities to create value for our shareholders during the second chapter of Aegon's transformation.

在繼續討論結果之前，我想回顧一下我們在最近於倫敦舉行的資本市場日幻燈片#3 上提出的優先事項。我們確定了在 Aegon 轉型的第二章中為股東創造價值的 4 個關鍵優先事項。

The first of the near-term priorities we announced in June has already been achieved. We have closed the transaction with a.s.r., and we now own a nearly 30% strategic stake in the Dutch market leader. Moving our legal seat to Bermuda is the next step ahead of us on our journey to transform the group, and we are on track to accomplish this. We presented our plans to increase Transamerica's value and to capture the opportunities in the U.S. middle market. Our ambition is to build America's leading middle market life insurance and retirement company.

我們在六月宣布的第一個近期優先事項已經實現。我們已經完成了與 a.s.r. 的交易，現在我們擁有這家荷蘭市場領導者近 30% 的策略股權。將我們的法定席位移至百慕達是我們集團轉型之旅的下一步，我們正在實現這一目標。我們提出了提高 Transamerica 價值並抓住美國中間市場機會的計劃。我們的目標是建立美國領先的中間市場人壽保險和退休公司。

Over the coming 3 years, we will increase both the level and the quality of capital generation from Strategic Assets while reducing our exposure to Financial Assets. At the same time, we will continue to strengthen the U.K. and Asset Management businesses, and we will invest in growing the joint ventures we have in International and Asset Management.

未來三年，我們將提高策略資產的資本產生水準和質量，同時減少金融資產的曝險。同時，我們將繼續加強英國和資產管理業務，並將投資發展我們在國際和資產管理方面的合資企業。

The final priority announced at our Capital Markets Day relates to our capital management. We will continue to be rational and disciplined allocators of capital looking to utilize our significant financial flexibility at the holding to create value for our shareholders.

我們的資本市場日宣布的最後一個優先事項與我們的資本管理有關。我們將繼續成為理性和紀律嚴明的資本配置者，尋求利用我們所持有股份的巨大財務靈活性為股東創造價值。

With the strategic priorities clearly set, let's move on to our commercial momentum in the first half of 2023, starting on Slide #4. I would like to start with the progress made by World Financial Group or WFG, our vast life insurance distribution network, 1 of the 2 focus areas in our U.S. Individual Solutions business. Our ambition is to increase the number of WFG agents to 110,000 by 2027, but at the same time, improving agent productivity. Momentum remains strong with a number of licensed agents having grown to 70,000 by the end of June, an increase of 20% compared with a year earlier.

明確設定策略優先事項後，讓我們從投影片 #4 開始，繼續推動 2023 年上半年的商業動能。我想從世界金融集團或 WFG 的進展開始，我們龐大的人壽保險分銷網絡是我們美國個人解決方案業務的兩個重點領域之一。我們的目標是到 2027 年將 WFG 客服人員數量增加到 11 萬名，同時提高客服人員的工作效率。動能依然強勁，截至6月底，持牌代理商數量已增至7萬名，較去年同期成長20%。

In addition to extending WFG's distribution reach, we are taking actions to improve the productivity of the agency sales force. The number of multi-ticket agents, these are agents selling more than 1 life policy over the last 12 months, has increased by 12% compared with the year earlier. Transamerica's market share of life insurance products sold by WFG in the U.S. remains high. This is due to the improvements we have made to the service experience for WFG agents, combined with the continued competitiveness of Transamerica's products in this distribution channel.

除了擴大 WFG 的分銷範圍外，我們還採取措施提高代理銷售人員的生產力。多票代理人（即在過去 12 個月內銷售超過 1 份人壽保單的代理人）的數量與去年同期相比增加了 12%。 WFG在美國銷售的人壽保險產品中，Transamerica的市佔率仍然很高。這得歸功於我們對 WFG 代理商服務體驗的改進，以及 Transamerica 產品在該通路中持續的競爭力。

Slide #5 addresses the second focus area of our U.S. Individual Solutions business. We are investing in both product manufacturing capabilities and the operating model in order to position the Individual Life insurance business for further growth through WFG and third-party users. As you can see, commercial momentum remained strong in the first half of the new year. New Life sales increased by 17% compared with the first half of last year, largely driven by higher Indexed Universal Life sales within WFG.

第 5 張投影片討論了我們美國個人解決方案業務的第二個重點領域。我們正在對產品製造能力和營運模式進行投資，以便透過 WFG 和第三方用戶使個人人壽保險業務進一步成長。正如您所看到的，新年上半年商業動能依然強勁。與去年上半年相比，新壽險銷售額成長了 17%，這主要是由於 WFG 指數型萬用壽險銷售額的成長所推動。

In the first half of 2023, New Business Strain increased by 12% compared with the first half of 2022. And the Earnings On In-force increased 35%, reflecting the strong growth of this portfolio.

2023年上半年，新業務壓力較2022年上半年成長12%。有效獲利成長35%，反映了此投資組合的強勁成長。

So let's move to Slide #6, where we show the progress made in the U.S. Workplace Solutions retirement plans business. Transamerica aims to increase Earnings On In-force from its Retirement business by leveraging its capabilities as a record keeper with the ambition to materially increase the penetration of the ancillary products and services it offers.

那麼，讓我們轉到第 6 張投影片，我們展示了美國工作場所解決方案退休計畫業務所取得的進展。 Transamerica 的目標是利用其作為記錄保存者的能力來增加其退休業務的有效收益，並大幅提高其提供的輔助產品和服務的滲透率。

Sales momentum remained strong in the first half of 2023. Net deposits for midsized plans increased 32% over the same period last year, benefiting from both strong written sales in previous periods and lower withdrawals. We also saw good growth of our General Account Stable Value products as well as Individual Retirement Accounts, in line with our strategy to grow and diversify our revenue streams with the Workplace Solutions segment.

2023 年上半年銷售動能依然強勁。受益於前期強勁的書面銷售和較低的提款額，中型計劃的淨存款較去年同期增長 32%。我們也看到普通帳戶穩定價值產品以及個人退休帳戶的良好成長，這符合我們透過工作場所解決方案部門實現收入來源成長和多元化的策略。

In the first half of 2023, the Earnings on in-force of our Strategic Assets in the Retirement Plans business were USD 45 million, which was an increase of 20%, mainly from the General Account Stable Value product.

2023年上半年，退休計畫業務策略資產有效獲利4,500萬美元，成長20%，主要來自一般帳戶穩定價值產品。

Let's move to Slide #7, the United Kingdom. In the first half of 2023, net deposits in Workplace channel amounted to a record high of GBP 1.5 billion, an increase of 36% compared with the first half of last year. Sales momentum in Workplace remains strong. In the Retail channel, on the other hand, commercial results were weak. The macroeconomic environment continued to negatively impact investor sentiment across the industry. As a result, net outflows amounted to GBP 1.1 billion in the first half of 2023, more than in the same period of 2022.

讓我們轉到第 7 張投影片，英國。 2023年上半年，Workplace通路淨存款達15億英鎊，創歷史新高，較去年上半年成長36%。 Workplace 的銷售動能依然強勁。另一方面，在零售通路，商業業績疲弱。宏觀經濟環境持續對整個產業的投資者情緒產生負面影響。因此，2023年上半年淨流出達11億英鎊，超過2022年同期。

Annualized revenues lost on net deposits amounted to GBP 6 million for the quarter. This was predominantly due to the gradual runoff of the traditional product portfolio, which was partially offset by revenues gained on net deposits in the Workplace channel.

該季度淨存款年化收入損失達 600 萬英鎊。這主要是由於傳統產品組合的逐漸流失，部分被 Workplace 通路淨存款收入所抵銷。

I'm now turning to Slide #8 to comment on the challenging performance of our Asset Management business. Market conditions remain challenging, which led to third-party net outflows in both Global Platform and Strategic Partnership segments. Combined with adverse market movements and unfavorable currency movements, Assets Under Management declined by 7% compared with the end of June 2022. Encouragingly, we saw improvements in third-party net deposits towards the end of this half year.

我現在轉向第 8 張投影片來評論我們資產管理業務的挑戰性表現。市場狀況仍充滿挑戰，導致全球平台和策略合作夥伴領域的第三方資金淨流出。加上不利的市場走勢和不利的貨幣走勢，管理資產較 2022 年 6 月底下降了 7%。令人鼓舞的是，我們在本半年末看到第三方淨存款有所改善。

Operating capital generation declined compared with the first half of 2022. This was driven by lower net deposits and unfavorable market movements despite lower expenses.

與 2022 年上半年相比，營運資本產生下降。這是由於淨存款減少以及儘管費用減少但市場走勢不利所致。

Let's move on to our growth markets on Slide #9, where we continue to see steady progress. New Life sales in our growth markets increased by 45% compared with the first half of 2022. This was largely driven by our business in China following the relaxation of the country's COVID-19 measures. We also recorded good growth in Brazil. Non-life premium production in Spain and Portugal rose 6% as weaker demand for Property and Casualty Solutions was more than offset by growth in Accident and Health insurance. Operating capital generation of the International segment, excluding TOB, increased by 27% as a result of new business growth.

讓我們繼續討論第 9 張投影片中的成長市場，我們繼續看到穩步進展。與 2022 年上半年相比，我們成長市場的 New Life 銷售額成長了 45%。這主要是由於中國放寬了 COVID-19 措施後我們在中國的業務所推動的。我們在巴西也取得了良好的成長。西班牙和葡萄牙的非壽險保費增加了 6%，因為財產和意外險解決方案的需求疲軟被意外和健康保險的成長所抵消。由於新業務的成長，國際部門（不包括 TOB）的營運資本產生增加了 27%。

On Slide #10, you'll see that we maintain a high pace on the transformation of Aegon and sharpening of our strategic focus. The transaction with a.s.r. has been closed and disentanglement solutions are in place. As the new combination moves forward, we expect a significant synergy to be realized from which our shareholders will benefit. Aegon U.K. has extended their partnership with Nationwide Building Society and will onboard Nationwide's advisory business early next year. This supports Aegon's U.K. strategy to be the leading digital platform provider in the workplace and retail markets and to drive forward our pension and investment propositions.

在投影片 #10 上，您會看到我們在 Aegon 轉型和強化策略重點方面保持著高速發展。與 a.s.r. 的交易已關閉，解開解決方案已就位。隨著新合併的推進，我們預計將實現顯著的協同效應，我們的股東將從中受益。英國全球保險集團 (Aegon U.K.) 擴大了與全國建築協會 (Nationwide Building Society) 的合作關係，並將於明年初加入全國建築協會 (Nationwide) 的諮詢業務。這支持了全球保險集團的英國策略，即成為工作場所和零售市場領先的數位平台提供商，並推動我們的退休金和投資主張。

Aegon Asset Management and La Banque Postale have expanded their partnership in the asset manager La Banque Postale Asset Management through 2035. We have also participated in the capital raising to fund La Banque Postale Asset Management's acquisition of La Financière de l'Echiquier, a French asset manager. The acquisition will consolidate La Banque Postale Asset Management's strong market position.

Aegon 資產管理公司和 La Banque Postale 已將資產管理公司 La Banque Postale Asset Management 的合作夥伴關係擴大到 2035 年。我們還參與了融資活動，為 La Banque Postale 資產管理公司收購 La Financière de l'Echiquier（一家 l'Echiquier（一家 l'Echiquier（一家法國資產管理公司。此次收購將鞏固郵政資產管理銀行強大的市場地位。

In Brazil, we have increased our economic ownership stake in the life insurance joint venture, Mongeral Aegon Group from 54% to 59%. This puts us in a stronger position to benefit from the growth in that market.

在巴西，我們將人壽保險合資企業 Mangeral Aegon Group 的經濟所有權股份從 54% 增加到 59%。這使我們處於更有利的地位，可以從該市場的成長中受益。

We also took significant steps in our strategy to exit subscale or niche positions. We have closed the sale of our remaining Central and Eastern European businesses, first announced in 2020 and have announced the sale of our stake in the India business.

我們也在策略上採取了重大步驟，以退出小規模或利基職位。我們已經完成了 2020 年首次宣布的剩餘中歐和東歐業務的出售，並宣佈出售我們在印度業務的股份。

The final topic I want to address on Slide #11, is the intended transfer of our legal seat to Bermuda. Bermuda Monetary Authority or the BMA is to assume the role as our group supervisor after this. Given the importance of this topic, I want to address the rationale behind this development.

我想在投影片 #11 上討論的最後一個主題是將我們的合法席位轉移到百慕達。此後，百慕達金融管理局（BMA）將擔任我們的集團監管機構。鑑於這個主題的重要性，我想談談這個發展背後的基本原理。

Following the closure of the transaction with a.s.r., Aegon no longer has a regulated insurance business in the Netherlands. And under EU Solvency II rules, Dutch Central Bank can no longer remain a group supervisor and a new group supervisor is required. Various options were explored. Some options were, however, not feasible for various reasons. For instance, in some jurisdictions, does not have a meaningful business presence. In others, the financial reporting requirements do not align with our accounting framework or prevailing regulatory uncertainty would not provide a stable basis for the execution of our global strategy.

在與 a.s.r. 的交易結束後，Aegon 在荷蘭不再擁有受監管的保險業務。根據歐盟償付能力II規則，荷蘭中央銀行不能再繼續擔任集團監管機構，需要任命新的集團監管機構。探索了各種選擇。然而，由於各種原因，有些方案並不可行。例如，在某些司法管轄區，沒有有意義的業務存在。在其他情況下，財務報告要求與我們的會計框架不符，或普遍的監管不確定性無法為我們全球策略的執行提供穩定的基礎。

After consulting the members of the college of supervisors, which consists of the different supervisors, which regulates our local entities, the BMA informed us that it would become Aegon's group supervisor if we were to transfer our legal seat to Bermuda. Transferring the legal seat to Bermuda and being regulated at the group level by the BMA is consistent with our strategy outlined at the recent Capital Markets Day. Bermuda has an established well-regarded regulatory regime and has experience in regulating insurance groups and companies with an international presence.

在諮詢了由不同監管機構組成的監管機構（負責監管我們當地實體）的成員後，BMA 告知我們，如果我們將法定席位轉移到百慕大，它將成為 Aegon 的集團監管機構。將法定席次轉移到百慕達並由 BMA 在集團層級進行監管符合我們在最近的資本市場日概述的策略。百慕達擁有完善的、備受推崇的監管制度，並在監管具有國際影響力的保險集團和公司方面擁有豐富的經驗。

The regulatory regime has been granted equivalency status by both the EU and the U.K. and has been designated as a qualified and reciprocal jurisdiction by the U.S. National Association of Insurance Commissioners. The transfer of the legal seat to Bermuda allows Aegon to maintain its headquarters in The Netherlands, where we have the experience and the talent to manage this international company. It also allows us to maintain our listings on Euronext Amsterdam and the New York Stock Exchange, bringing stability to our shareholders and to remain a Dutch tax resident.

此監理制度已獲得歐盟和英國的同等地位，並被美國國家保險專員協會指定為合格的互惠管轄區。將法定席位轉移到百慕大使荷蘭全球保險集團能夠將其總部保留在荷蘭，我們在那裡擁有管理這家國際公司的經驗和人才。它還使我們能夠維持在阿姆斯特丹泛歐交易所和紐約證券交易所的上市地位，為我們的股東帶來穩定，並保持荷蘭稅務居民身份。

On Slide #12, this addresses the governance consequences of the intended transfer of our legal domicile. Following the transfer to Bermuda, Aegon N.V. will become Aegon Limited, a Bermudian company. This means that the basis of Aegon's bylaws will be established on Bermudian law and governance practices. At the same time, we remain committed to applying well-recognized international governance standards.

在幻燈片 #12 上，這解決了我們合法住所的預期轉移的治理後果。轉移到百慕達後，Aegon N.V. 將成為百慕達公司 Aegon Limited。這意味著全球保險集團章程的基礎將建立在百慕達法律和治理實務的基礎上。同時，我們仍致力於應用公認的國際治理標準。

Aegon will preserve its current governance principles to the extent possible and practical in view of the redomiciliation and where appropriate to the context of Aegon's international footprint. This includes Aegon's commitment to take into account the long-term interest of the company and all its stakeholders.

考慮到遷址並酌情考慮到 Aegon 的國際足跡，Aegon 將在可能和切實可行的範圍內保留其當前的治理原則。這包括 Aegon 承諾考慮公司及其所有利害關係人的長期利益。

We conducted an extensive engagement process with our shareholders and other stakeholders following the initial announcement in June. We have listened carefully to the feedback we received and made a couple of changes to the proposed bylaws on the basis of that dialogue.

在 6 月首次發佈公告後，我們與股東和其他利害關係人進行了廣泛的參與過程。我們仔細聽取了收到的回饋，並根據對話對擬議的章程進行了一些修改。

Aside from the other voluntary commitments through strict governance, we had already announced, we have added further binding rights for shareholders in terms of approval of major transactions and on the Board's remuneration policy. These changes and all other relevant information have been published on our corporate website today as part of the complication documents for the Extraordinary General Meetings during which investor approval for the transfer of the legal seat will be requested.

除了透過嚴格治理作出的其他自願承諾外，我們已經宣布，我們在重大交易的批准和董事會的薪酬政策方面為股東增加了進一步的約束力。這些變更和所有其他相關資訊已於今天在我們的公司網站上發布，作為特別股東大會複雜文件的一部分，在特別股東大會期間將要求投資者批准法定席位的轉讓。

I now hand over to Matt for the results of the first half of 2023. Matt, over to you.

我現在將 2023 年上半年的結果交給 Matt。Matt，交給你了。

Thank you, Lard, and good morning, everyone. Today, we are reporting our results under the new IFRS 17 and 9 accounting framework for the first time. It's been a huge endeavor over the past years to prepare for this shift. So I wanted to start off by thanking the many colleagues who are involved in this process. As you can see, we've provided a lot of new disclosure and it will likely take you some time to digest it and get comfortable with the new standard.

謝謝拉德，大家早安。今天，我們首次根據新的 IFRS 17 和 9 會計框架報告我們的表現。過去幾年，我們為迎接這項轉變付出了巨大的努力。因此，我首先要感謝參與這過程的許多同事。正如您所看到的，我們提供了許多新的披露內容，您可能需要一些時間來消化它並適應新標準。

Implementing the new framework also in the context of the a.s.r. transaction, has met some changes to our processes. For example, we're reporting a week later than we did last year and now half [yearly]. Beginning with our full year 2023 results disclosure, our financial reporting calendar will move even later to accommodate, bringing in the results of a 30% shareholding in a.s.r. on an IFRS 17 basis. We also will move our expense assumption review process to the fourth quarter for all business units in order to leverage our budgeting process. At this moment, we are not publishing IFRS 17-based sensitivities, but we will do so by the time we publish our 2023 annual accounts.

也在俄羅斯聯邦的背景下實施新框架。交易，我們的流程發生了一些變化。例如，我們的報告比去年晚了一周，現在是[每年]半次。從 2023 年全年業績揭露開始，我們的財務報告日曆將推遲，以適應 A.S.R. 持股 30% 的業績。以 IFRS 17 為基礎。我們也將把所有業務部門的費用假設審查流程移至第四季度，以便利用我們的預算流程。目前，我們尚未發布基於 IFRS 17 的敏感性，但我們將在發布 2023 年年度帳目時發布。

So with that, I want to walk you through the overview of our financial results starting on Slide 14. The operating result increased by 3% compared with the first half of 2022. Increases in the U.S., the U.K. and the International segments were partially offset by a decrease in Asset Management. Operating capital generation before holding, funding and operating expenses increased by 13% compared with the first half of 2022. This was driven by the U.S. and reflects business growth of Strategic Assets and improved claims experience.

因此，我想從投影片 14 開始向您介紹我們的財務表現概覽。與 2022 年上半年相比，營運績效成長了 3%。美國、英國和國際部門的成長被部分抵銷資產管理業務的減少。與 2022 年上半年相比，持有前的營運資本產生、融資和營運費用增加了 13%。這是由美國推動的，反映了策略資產的業務成長和理賠體驗的改善。

Free cash flow in the first half of 2023 amounted to EUR 287 million and mainly reflects remittances from the U.S., the U.K. and Aegon's asset management joint venture in China in the first quarter. Cash capital at the holding decreased to EUR 1.3 billion at the end of June 2023 as planned, as remittances from the units were primarily offset by capital returns to shareholders.

2023年上半年自由現金流達2.87億歐元，主要反映第一季來自美國、英國和Aegon在中國的資產管理合資企業的匯款。截至 2023 年 6 月，控股公司的現金資本按計畫減少至 13 億歐元，因為各單位的匯款主要被股東的資本回報所抵銷。

Our gross financial leverage was stable at EUR 5.6 billion. The group Solvency II ratio decreased by 6 percentage points since year-end 2022 to 202% due to a number of items, including the deduction of the interim dividend, a reduction of eligible owned funds due to tiering restrictions, previously disclosed onetime items and unfavorable market movements. The latter notably includes the impact of lower real estate valuations in The Netherlands. Nevertheless, our capital position remains strong and the capital ratios of our main units remained above their respective operating levels.

我們的總財務槓桿穩定在 56 億歐元。集團償付能力II比率自2022年底以來下降6個百分點至202%，原因包括扣除中期股息、因分級限製而減少合資格自有資金、先前披露的一次性項目以及不利因素等市場走勢。後者尤其包括荷蘭房地產估值較低的影響。儘管如此，我們的資本狀況依然強勁，主要單位的資本比率仍高於各自的營運水準。

Let's move on to the operating result on Slide 15. The group's operating result was EUR 818 million, which is an increase of 3% compared to the prior year period. The operating result for the U.S. increased by 4% in the first half of 2023 or 3% in local currency terms. This increase was driven by an improvement in mortality claims experience, but largely offset by a decrease in the net investment result, partly from higher interest expense on short-term variable rate borrowings. The noninsurance operating result benefited from growth in both Retirement Plan and WFG.

讓我們來看看投影片 15 的經營績效。集團的經營績效為 8.18 億歐元，比去年同期成長 3%。 2023 年上半年美國的經營業績成長了 4%，以當地貨幣計算成長了 3%。這一增長是由死亡率索賠經驗的改善所推動的，但很大程度上被淨投資結果的下降所抵消，部分原因是短期浮動利率借款的利息支出增加。非保險經營績效受益於退休計畫和WFG 的成長。

Over the same period, the operating result from the United Kingdom increased by 24% in local currency. This was driven by an improvement of the net investment result as a result of favorable market movements, which more than offset the impact of the planned transfer of the protection business to Royal London.

同期，英國的經營業績以當地貨幣計算成長了24%。這是由於有利的市場走勢導致淨投資結果改善，這遠遠抵消了計劃將保護業務轉移到皇家倫敦的影響。

In our International segment, the operating result increased by 9%, predominantly due to our growing businesses in Spain and Portugal and Brazil.

在我們的國際部門，經營業績成長了 9%，這主要是由於我們在西班牙、葡萄牙和巴西的業務不斷成長。

Finally, the operating result from Aegon Asset Management decreased by 34% in constant currency terms compared with the same period of 2022. The decrease was driven by lower management fees in both global platforms and strategic partnerships and despite a lower operating expense, which included reduced variable remuneration accruals.

最後，與2022 年同期相比，以固定匯率計算，Aegon 資產管理公司的營運表現下降了34%。這一下降是由於全球平台和策略合作夥伴的管理費下降以及營運費用降低（其中包括減少）所致。應計可變薪酬。

Slide 16 shows the net result over the first half year of 2023. Nonoperating items totaled a loss of EUR 180 million, driven in equal parts by realized losses on investments and net impairments. Realized losses on investments were primarily recorded in the U.S. and stemmed from the sale of bonds in the context of the reinsurance, a part of this SGUL portfolio as well as to facilitate a reduction of short-term borrowings. Net impairments were driven by an increase of the expected credit loss balance in the U.S. due to an update of economic forecasts. Other charges amounted to EUR 870 million.

投影片 16 顯示了 2023 年上半年的淨結果。非經營項目總計虧損 1.8 億歐元，其中部分原因是已實現投資損失和淨減損損失。已實現的投資損失主要記錄在美國，源自於再保險背景下出售的債券，這是 SGUL 投資組合的一部分，也是為了減少短期借款。淨減值是由於經濟預測更新導緻美國預期信用損失餘額增加所致。其他費用達 8.7 億歐元。

In the U.S., other charges amounted to EUR 574 million. These were driven by investments in the Life operating model and the restructuring of an earn-out agreement with the founding WFG (inaudible). It also included the impact of model and assumption updates in the U.S. These impacts were in line with what we had indicated at the recent Capital Markets Day.

在美國，其他費用達 5.74 億歐元。這些都是由對人壽營運模式的投資以及與創始 WFG 的獲利協議重組（聽不清楚）所推動的。它還包括美國模型和假設更新的影響。這些影響與我們在最近的資本市場日所指出的一致。

Other charges also included a EUR 110 million charge related to the first half of 2023 results of Aegon The Netherlands, which was driven by an impairment as a result of the reclassification of these activities as held for sale. Another EUR 110 million charge relates to a book loss on the remaining activities in Central and Eastern Europe following the completion of their disposal.

其他費用還包括與荷蘭 Aegon 2023 年上半年業績相關的 1.1 億歐元費用，該費用是由於將這些活動重新分類為持有待售而產生的減值所致。另一項 1.1 億歐元的費用與中歐和東歐剩餘活動完成處置後的帳面損失有關。

I will now turn to Slide 17 to address the development of Aegon's Contractual Service Margin, or CSM, in the first half of the year 2023. New business CSM creation amounted to EUR 0.2 billion, mainly driven by growth of the Individual Life portfolio in the U.S., partly offset by the reinsurance of the U.K. protection book. The CSM release of EUR 0.5 billion was mainly driven by the runoff of the Financial Assets in the U.S. and of the traditional book in the U.K.

我現在將轉向幻燈片 17，討論 2023 年上半年 Aegon 合約服務利潤率 (CSM) 的發展情況。新業務 CSM 創造額達 2 億歐元，主要是由個人人壽投資組合的成長推動的美國，部分被英國保護簿的再保險所抵消。 CSM 釋放 5 億歐元主要是由美國金融資產和英國傳統帳簿的流失所推動的。

Negative claims and policyholder experience variance was driven by unfavorable experience in Individual Life and unfavorable lapse and utilization experience in variable annuities, both in the U.S. The main driver for the decrease of the CSM in the U.S. was the impact from assumption changes in the Americas, as was previously announced. This includes the removal of the morbidity improvement assumption and an increase in inflation assumptions in Long-Term Care, partly offset by the benefit of the expected premium rate increase program.

負面索賠和保單持有人體驗差異是由美國個人壽險中不利的經歷以及可變年金中不利的失效和使用經歷造成的。美國 CSM 下降的主要驅動因素是美洲假設變化的影響，正如之前宣布的那樣。這包括取消發病率改善假設和增加長期照護的通貨膨脹假設，部分被預期保費上漲計畫的好處所抵消。

In addition, the impact of investments we will make into a more customer-focused operating model for Life was reflected in the assumptions and reduced the CSM. Markets had a favorable impact on the CSM for products accounted for under the variable fee approach primarily variable annuities in the United States. At the end of the first half of the year 2023, the CSM stood at EUR 8.3 billion.

此外，我們將對人壽保險更以客戶為中心的營運模式進行投資的影響反映在假設中，並減少了 CSM。市場對可變費用法下的產品（主要是美國的可變年金）的 CSM 產生了有利的影響。截至 2023 年上半年末，CSM 為 83 億歐元。

Let me now turn our view on capital on Slide 18. Operating capital generation before holding, funding and operating expenses increased by 13% compared with the first half of 2022. Earnings on In-force before holding expenses increased by 26% compared with the prior year period. Greece was driven by Transamerica and reflects improved claims experience and growth of our Strategic Assets. The increase in Earnings on In-force was partly offset by higher new business stream compared with the last year, mainly from growth in the U.S. This is in line with our ambition to drive profitable growth in our U.S. Strategic Assets.

現在讓我談談幻燈片18 上的資本。與2022 年上半年相比，持有、融資和營運費用前的營運資本產生增加了13%。持有費用前的有效收益與之前相比增加了26%年期間。希臘是由 Transamerica 推動的，反映了索賠體驗的改善和我們戰略資產的成長。與去年相比，有效收益的成長部分被新業務流的增加所抵消，主要來自美國的成長。這符合我們推動美國戰略資產獲利成長的雄心。

The release of required capital was broadly stable compared with the first half of 2022. In conclusion, we remain well on track to meet our guidance of at least EUR 1 billion operating capital generation from the units in 2023.

與 2022 年上半年相比，所需資本的釋放大致穩定。總而言之，我們仍有望實現 2023 年各單位產生至少 10 億歐元營運資本的指導目標。

On Slide 19, I want to walk you through the development of the capital ratios of our main operating units. Compared with year-end 2022, the U.S. RBC ratio increased slightly to 427% above the operating level of 400%. Operating capital generation contributed favorably to the ratio, more than offsetting remittances to the holding. Market movements had a marginally positive impact with benefits from favorable equity markets being largely offset by fund basis risk.

在投影片 19 上，我想向您介紹我們主要營運單位的資本比率的發展。與2022年底相比，美國RBC比率小幅上升至427%，高於400%的營運水準。營運資本的產生對這一比率做出了積極的貢獻，超過了對控股公司的匯款的抵消。市場走勢產生了輕微的正面影響，有利的股市帶來的好處在很大程度上被基金基礎風險所抵消。

Onetime items had a negative impact. These were driven by the investments made in Strategic Assets and the annual model and assumption updates, which reduced the RBC ratio by 13 percentage points. We guided at the Capital Markets Day for a negative impact of in total around 20 percentage points on U.S. RBC ratio. We, therefore, expect to reflect the remaining negative impact of around 7 percentage points in the RBC ratio in the second half of this year.

一次性物品產生了負面影響。這些都是由策略性資產投資以及年度模型和假設更新推動的，這使 RBC 比率降低了 13 個百分點。我們在資本市場日預計美國 RBC 比率將受到總計約 20 個百分點的負面影響。因此，我們預計今年下半年 RBC 比率將反映出約 7 個百分點的剩餘負面影響。

The impact of credit impairments and rating migrations on the RBC ratio remained negligible in the first half of the year. The solvency ratio of Scottish Equitable, our main legal entity in the U.K. decreased by 3 percentage points to 166%. This reflects the negative impact from market movements and remittance to the U.K. intermediate holding. This remittance was subsequently used in part to fund the acquisition of Nationwide's advisory business.

上半年，信用減損和評等遷移對加拿大皇家銀行比率的影響仍可忽略不計。我們在英國的主要法人實體 Scottish Equitable 的償付能力充足率下降了 3 個百分點，至 166%。這反映了市場走勢和向英國中間控股匯款的負面影響。這筆匯款隨後部分用於收購全國諮詢業務。

Let me now turn the page for an update on our Financial Assets on Slide 20. Here, we summarize the continued value creation from our Financial Assets. In July, we reinsured 14,000 Universal Life policies with secondary guarantees, also known as SGUL policies, through a reinsurance transaction, reducing exposure to mortality risk. This has freed up $225 million of capital, which we will use to further reduce our exposure to Financial Assets, in line with our plan to expedite the runoff of these exposures. The benefit of the reinsurance will be recognized in 3Q 2023.

現在讓我翻頁，了解投影片 20 上的金融資產的最新情況。在這裡，我們總結了金融資產的持續價值創造。 7月，我們透過再保險交易為14,000份帶有二級擔保的萬能壽險保單（也稱為SGUL保單）進行再保險，降低了死亡風險。這釋放了 2.25 億美元的資本，我們將用這些資金進一步減少我們的金融資產風險敞口，這符合我們加快這些風險敞口流失的計劃。再保險的效益將於 2023 年第三季確認。

Together with the prior reinsurance transaction undertaken, a total of 25% of the statutory reserves backing the SGUL portfolio has now been reinsured.

加上先前進行的再保險交易，支持 SGUL 投資組合的法定準備金的總計 25% 現已獲得再保險。

In Long-Term Care, our primary management actions are rate increase programs. Since the start of the year, we have obtained regulatory approvals for additional rate increases worth USD 86 million. This represents 12% of the new target of $700 million worth of premium rate increases that we had announced at the Capital Markets Day. We will continue to work with state regulators to get pending and future actuarially justified rate increases approved.

在長期照護方面，我們的主要管理行動是費率提高計劃。自今年年初以來，我們已獲得監管機構批准額外升息 8,600 萬美元。這占我們在資本市場日宣布的保費上漲 7 億美元新目標的 12%。我們將繼續與州監管機構合作，以批准待決和未來精算合理的加息。

In the first half of 2023, we extended our track record of successfully hedging the targeted risks embedded in our variable annuity guarantees, achieving 98% hedge effectiveness. The capital employed in our Financial Assets was stable compared to the end of 2022 at $4.1 billion.

2023年上半年，我們擴大了對可變年金擔保中包含的目標風險的成功對沖記錄，實現了98%的對沖有效性。與 2022 年底相比，我們的金融資產所用資本穩定在 41 億美元。

During the first half of 2023, releases were realized on the Universal Life and fixed annuity blocks. These were offset by increases in required capital on variable annuities and the higher allocation of alternative assets to the LTC block.

2023年上半年，萬用壽險和固定年金塊實現釋出。這些被可變年金所需資本的增加和 LTC 區塊的另類資產配置增加所抵銷。

On Slide 21, you can see that cash capital at the Holding decreased to EUR 1.3 billion during the period, which is still in the upper half of the operating range. Free cash flow for the period was in part offset by the impacts of the divestitures and acquisitions Lard talked about earlier.

在投影片 21 中，您可以看到該控股公司的現金資本在此期間減少至 13 億歐元，仍處於營運範圍的上半部。該期間的自由現金流部分被拉德之前談到的資產剝離和收購的影響所抵消。

Cash outflows in the first half of 2023 were mostly related to capital returns to shareholders. We completed the EUR 200 million share buyback program and returned a further EUR 232 million to shareholders through the 2022 final dividend.

2023年上半年的現金流出主要與股東資本回報有關。我們完成了 2 億歐元的股票回購計劃，並透過 2022 年末期股息向股東進一步返還 2.32 億歐元。

Let me now turn the page for my concluding slide. In summary, we continue to deliver on our plans and the results over the first half of 2023 show that we continue to make good progress and that we are on track to achieve our 2025 financial targets. And with that final note, I now pass it back to you, Lars, for your concluding remarks.

現在讓我翻到我的總結投影片。總而言之，我們繼續實現我們的計劃，2023 年上半年的結果表明我們繼續取得良好進展，並有望實現 2025 年財務目標。最後，我現在將其傳回給您，拉爾斯，供您作總結發言。

Thank you, Matt. Let me summarize today's presentation with the final Slide #24. Aegon has entered the next chapter of its transformation from a position of strength. We have concrete ambitions and plans to move forward with our strategy as we presented at the Capital Markets Day in June.

謝謝你，馬特。讓我用最後一張投影片 #24 來總結今天的簡報。伊耿已從強勢地位進入轉型的下一個篇章。我們有具體的雄心壯志和計劃來推進我們在六月資本市場日上提出的策略。

Operating capital generation growth was strong in the first half of 2023. Commercial momentum remained strong in our U.S. Strategic Assets, in our U.K. Workplace activities and in our International growth markets. More work needs to be done on Asset Management and our U.K. Retail business. We will address our ambitions here with you in 2024.

2023 年上半年，營運資本生成成長強勁。我們的美國戰略資產、英國工作場所活動和國際成長市場的商業動能依然強勁。資產管理和我們的英國零售業務需要做更多的工作。 2024 年，我們將在這裡與您一起實現我們的雄心壯志。

The next important milestone will be the Extraordinary General Meetings in September to receive shareholder approval for the transfer of our legal seat to Bermuda. We are convinced that the proposed move is in the interest of shareholders and provide stability for the group to continue to execute upon its announced strategy. If you have any questions on this process, we have published detailed documents on our corporate website. Feel free to reach out to the IR team if any questions remain.

下一個重要的里程碑將是九月的特別股東大會，以獲得股東批准將我們的法定席位轉移到百慕達。我們相信，擬議的舉措符合股東的利益，並為集團繼續執行其已宣布的策略提供穩定性。如果您對此流程有任何疑問，我們已在我們的公司網站上發布了詳細文件。如果仍有任何問題，請隨時聯繫 IR 團隊。

I want to be clear that the redomiciliation process will not distract us from what is most important: accelerating the execution of our strategy, driving growth and creating value by reallocating capital from Financial Assets to Strategic Assets.

我想明確的是，遷址過程不會分散我們對最重要的事情的注意力：加速我們策略的執行，透過將資本從金融資產重新分配到策略資產來推動成長和創造價值。

Let me conclude by reiterating my confidence that we will deliver on our strategic commitments and financial targets. We are committed to become a leader in investment, protection and retirement solutions, and we have a clearly articulated strategy to achieve this.

最後，我要重申，我相信我們將實現我們的策略承諾和財務目標。我們致力於成為投資、保障和退休解決方案的領導者，並制定了明確的策略來實現這一目標。

I would now like to open the call for your questions. (Operator Instructions) Operator, please open the Q&A session.

我現在想打開電話詢問你們的問題。 （操作員說明）操作員，請開啟問答環節。

Thank you. (Operator Instructions) We will now go to our first question. And your first question comes from the line of Andrew Baker from Citi.

謝謝。 （操作員說明）我們現在討論第一個問題。你的第一個問題來自花旗銀行的安德魯貝克（Andrew Baker）。

So the first one is on the OCG. Are you Just able to provide moving pieces on the OCG versus the previous EUR 270 million quarterly guidance and what we see the normalized run rate going forward? And I guess within this, can you just talk a little bit about the New Business Strain because my understanding from CMD was that this was expected to grow over time? It looks like 2Q specifically, it declined EUR 20 million or so. So how should we be thinking about this going forward?

所以第一個是在 OCG 上。您是否能夠提供有關 OCG 與之前 2.7 億歐元季度指導相比的動態信息，以及我們對未來標準化運行率的看法？我想在這之中，您能否簡單談談新業務應變，因為我對 CMD 的理解是，這種業務預計會隨著時間的推移而增長？具體來說，第二季似乎減少了 2000 萬歐元左右。那我們該如何思考這一點呢？

And then secondly, just on the CSM growth. I look at the new business and interest accretion, this looks lower than the CSM release in the first half. So I appreciate some of this is driven by mix between Strategic and Financial Assets. So just wondering if you are able to provide a sense of the sort of normalized CSM growth expectations for the Strategic Assets versus the Financial Assets going forward? I'm just really trying to get a better picture of how you're positioning the growth story against sort of the CSM that's declining from the Financial Assets drag going forward?

其次，關於 CSM 的成長。我看一下新業務和利息成長，這看起來比上半年的 CSM 發布要低。因此，我很欣賞其中一些是由戰略資產和金融資產的混合所推動的。因此，我想知道您是否能夠提供對未來策略資產與金融資產的標準化 CSM 成長預期的了解？我只是想更了解您如何針對因金融資產拖累而下降的 CSM 來定位成長故事？

Thank you much, Andrew. Matt, over to you.

非常感謝你，安德魯。馬特，交給你了。

Thanks for your questions, Andrew. I can pick up the OCG one, first. So the bottom line, I will just tell you, the guidance that we had provided for last quarter of around EUR 270 million OCG per quarter is still the same guidance, and I can walk you through the moving pieces.

謝謝你的提問，安德魯。我可以先拿起 OCG。因此，我只想告訴您，我們為上個季度提供的每季 OCG 約為 2.7 億歐元的指導仍然是相同的指導，我可以向您介紹這些變化。

So in the -- in the second quarter, we reported EUR 328 million of operating capital generation. But within that, we had some very favorable claims experience, EUR 35 million worth, vast majority of which is coming from mortality claims experience in the U.S. We also had that lower New Business Strain of about EUR 10 million that I'll come back on in 1 minute. And then we also had about EUR 10 million of favorable underwriting variances in the U.K. So if you do the sums, then you'll come to a -- what we think of as a clean run rate for the quarter of EUR 273 million, which is pretty much spot on with the guidance that we gave for the first quarter.

因此，在第二季度，我們報告了 3.28 億歐元的營運資本產生。但其中，我們有一些非常有利的索賠經驗，價值 3500 萬歐元，其中絕大多數來自美國的死亡索賠經驗。我們還有約 1000 萬歐元的較低新業務壓力，我將在後面討論1 分鐘內。然後，我們在英國還有大約 1000 萬歐元的有利承保差異。因此，如果您進行匯總，那麼您會得出我們認為的 2.73 億歐元季度的干淨運行率，這與我們為第一季度提供的指導非常吻合。

Now for your second question, you clearly noted the reduction in the New Business Strain, although it's actually coming from the Retirement Plans business. So we're still seeing continued growth in New Business Strain from life insurance, which is where we want to see it because we're issuing profitable new business there. But in the Retirement Plans business, you may have seen that we had like quite a large net deposit number in the first quarter, and it was lower in the second quarter, and we hold capital against that. So that's the reason for the lower New Business Strain.

現在，關於第二個問題，您清楚地註意到新業務壓力的減少，儘管它實際上來自退休計劃業務。因此，我們仍然看到人壽保險的新業務壓力持續成長，這是我們希望看到的，因為我們正在那裡發行有利可圖的新業務。但在退休計畫業務中，您可能已經看到，我們第一季的淨存款數量相當大，第二季的淨存款數量較低，我們對此持有資本。這就是新業務壓力較低的原因。

On the -- let's go through the CSM interaction here a little bit. And I want to call out -- and we'll do it at a group basis, but it's largely the same, by the way, in the U.S., the same kind of explanations. What we did at the group level is we added a CSM for new business of about EUR 194 million, and we had a corresponding CSM release of EUR 483 million. So what we're seeing is that the new business CSM that we're putting on is lower than the release that we're getting on the CSM on the in-force block.

讓我們稍微回顧一下 CSM 互動。我想指出——我們將在集體的基礎上進行，但順便說一句，在美國，解釋基本上是相同的。我們在集團層級所做的就是為新業務增加了約 1.94 億歐元的 CSM，並相應釋放了 4.83 億歐元的 CSM。因此，我們看到的是，我們正在實施的新業務 CSM 低於我們在有效區塊上獲得的 CSM 版本。

The biggest driver of that is the fact that the CSM that we actually have, vast majority of it is related to the Financial Assets. And these are closed block assets that are going to run off over time. So just to give you an idea, so we have about, let's say, in the U.S., about a little bit over EUR 7.1 billion of CSM. Of that, 72% of it is sitting in the Financial Assets and only the balance is sitting in the Strategic Assets. And if you look at the CSM release for the second half of the year, more than 80% of that was driven by the Financial Assets portfolio. And again, this is running off.

最大的推動因素是我們實際擁有的合約服務邊際絕大多數與金融資產相關。這些是封閉的大宗資產，會隨著時間的推移而流失。僅供大家參考，我們在美國擁有約 71 億歐元多一點的 CSM。其中，72%為金融資產，其餘為策略資產。如果你看看下半年發布的 CSM，你會發現其中超過 80% 是由金融資產投資組合推動的。再說一次，這又跑掉了。

So what you're going to see over time is the CSM release is going to get lower and lower as those Financial Assets roll off. But here's the important thing, when you think about the way that we generate earnings, and we've talked about this quite a lot at the Capital Markets Day, is we would expect to see a pickup in the earnings that are generated from businesses that are not accounted for under IFRS 17. So here, we talk about the growth in WFG. We talk about the growth in, for example, the U.K. platform sales, which as of 2020 are really not accounted for under IFRS -- or not accounted for as insurance contracts, asset management, retirement plans in the U.S., ex the Stable Value funds and that sort of thing.

因此，隨著時間的推移，您將看到隨著這些金融資產的減少，CSM 的釋放量將越來越低。但重要的是，當你考慮我們產生收益的方式時，我們在資本市場日上對此進行了很多討論，我們預計會看到以下業務產生的收益有所回升：沒有根據IFRS 17 進行核算。所以在這裡，我們討論WFG 的成長。例如，我們談論英國平台銷售的成長，截至 2020 年，這些成長實際上並未根據 IFRS 進行核算，或在美國未計入保險合約、資產管理、退休計畫（穩定價值基金除外）諸如此類的事情。

So you're going to see this little tipping point where you got a reduction in the insurance results, and you're going to see increases in the results for noninsurance. And I think that reflects pretty well what we talked about at the Capital Markets Day with respect to the Earnings On In-force development over time.

因此，您將看到這個小轉折點，保險結果會減少，而非保險結果會增加。我認為這很好地反映了我們在資本市場日討論的有效發展收益隨時間推移的情況。

We will now go to the next question. And your next question comes from the line of Michael Huttner from Berenberg.

我們現在進入下一個問題。您的下一個問題來自貝倫貝格的邁克爾赫特納 (Michael Huttner)。

I wanted to ask on the U.S. claims experience. Both of you can maybe split the mortality in the Long-Term Care. And you just said you didn't expect the mortality to remain this strong. So I just wondered if you can give some more granularity around that. So the numbers are -- I was thinking the numbers are lovely, but you, obviously, saying a lot going to carry on.

我想問美國的理賠經驗。你們兩個也許可以分攤長期照護的死亡率。你剛才說你沒想到死亡率會維持這麼高。所以我只是想知道你是否可以對此提供更多的粒度。所以這些數字是——我認為這些數字很可愛，但顯然你說了很多話。

And then the other question is, you did that Universal Life buyout program. Can you talk a little bit more about that? I remember it was a topic a little bit because I think you started it on the day of the Capital Markets Day or about then. And I was getting quite excited because you did similar programs in the variable annuities business. But I just wondered if it's done now and what more can be done -- just to get a bit more granularity around this.

另一個問題是，您執行了環球人壽買斷計劃。能多談談嗎？我記得這是一個有點話題，因為我認為你是在資本市場日或大約那時開始的。我非常興奮，因為你們在可變年金業務中也做了類似的專案。但我只是想知道現在是否已經完成了，還可以做些什麼——只是為了更詳細地了解這一點。

Thank you very much, Michael. This is Lard. Just to clarify your second piece, is this also pertaining to what we disclosed today about the reinsurance transaction, the with secondary guarantees?

非常感謝你，麥可。這是豬油。只是為了澄清你的第二個問題，這是否也與我們今天披露的有關再保險交易（附帶二次擔保）的內容有關？

Yes, please.

是的，請。

Okay. So thank you very much. So on both questions, Matt, can I hand over to you?

好的。非常感謝。那麼這兩個問題，馬特，我可以交給你嗎？

Thanks, Michael. Yes. So on the first one on mortality, we have to look at it slightly differently between the way that it's reflected in operating capital generation and the way that it's reflected in the results for IFRS. But I think it's easiest to do it on the operating capital generation side.

謝謝，麥可。是的。因此，關於死亡率的第一個問題，我們必須以略有不同的方式來看待它在營運資本產生中的反映方式和在 IFRS 結果中的反映方式。但我認為在營運資本生成方面做到這一點是最容易的。

So we had a -- relative to our long-term expectations, we had about EUR 34 million in the better claims experience on the mortality side and EUR 1 million, so as I said before -- on the morbidity side. So as I said before, we had good claims experience, but the vast majority of it is sitting in the mortality result.

因此，相對於我們的長期預期，我們在死亡率方面有大約 3400 萬歐元的更好索賠體驗，而正如我之前所說，在發病率方面我們有 100 萬歐元。正如我之前所說，我們有良好的理賠經驗，但其中絕大多數是死亡率結果。

One thing that you may want to think a little bit about when we report under IFRS 17, the way that we reflect mortality experience is somewhat different than the way that we had reflected it before. And here, we look at straight up basically the cash difference between our actual and our expected mortality based on our long-term management best estimate. And what you see in the first half of 2023, that it was basically EUR 30 million worse than our long-term management best estimate expectations, which is actually not a lot given the size of the -- not a lot given the size of the book.

當我們根據 IFRS 17 進行報告時，您可能需要考慮一件事，即我們反映死亡率經歷的方式與我們之前反映的方式有些不同。在這裡，我們基本上直接根據我們的長期管理最佳估計值來查看實際死亡率和預期死亡率之間的現金差異。你在 2023 年上半年看到的情況是，這基本上比我們的長期管理層最佳估計預期差了 3000 萬歐元，考慮到公司的規模，這實際上並不算多。書。

One thing I would note -- or I would mention is that we did quite some assumption updates in the -- for the first half of the year. So what's going to happen now is we do our assumption updates as the last step in the process. We actually did some things from mortality, which would make our expectation worse. So what you're going to see in that experience variance number is that, that should be reduced now that we did our assumption update. You can contact our dear colleagues here in HR -- or in IR for a tutorial on how this works, I think, at a later moment.

我要注意的一件事——或者我要提到的是，我們在今年上半年做了相當多的假設性更新。所以現在要做的就是我們將假設更新作為該過程的最後一步。事實上，我們在死亡中做了一些事情，這會讓我們的期望變得更糟。因此，您將在該經驗方差數中看到的是，既然我們進行了假設更新，那麼該方差數應該會減少。我認為，您可以稍後聯繫我們人力資源部門或 IR 部門的親愛的同事，以獲取有關其工作原理的教程。

Now with respect to your second question, I think you're referring to the buyout of institutionally-owned contracts rather than the SGUL. So we have continued that program. This is something that we had started at the beginning of last year. We have added to it. And at this point, I think the (inaudible) business, we've taken out pretty -- 15% of the face value that's associated with these policies that are owned by institutional investors. We are generally making an investment return of greater than 10%. That's what we price for, and that's what we monitor.

現在關於你的第二個問題，我認為你指的是機構擁有的合約而不是 SGUL 的買斷。所以我們繼續了這個計劃。這是我們去年年初就開始做的事情。我們已經添加了它。在這一點上，我認為（聽不清楚）業務，我們已經拿出了與機構投資者擁有的這些保單相關的面值的 15%。我們的投資報酬率一般都在10%以上。這就是我們的定價，這就是我們監控的內容。

But going forward, we intend to do more of this, but we do want to take a measured approach because we do want to be able to meet our pricing hurdles on this. So we'll do it as we go on. And as I said in my opening remarks, we're going to use some of the capital that has been released from that SGUL reinsurance deal to be able to whittle down these Financial Assets, including the institutionally-owned SGUL contracts even further.

但展望未來，我們打算在這方面做更多的事情，但我們確實希望採取謹慎的方法，因為我們確實希望能夠克服這方面的定價障礙。所以我們會繼續做下去。正如我在開場白中所說，我們將利用 SGUL 再保險交易釋放的部分資本來進一步削減這些金融資產，包括機構擁有的 SGUL 合約。

And you can say a little about the SGUL as well?

也可以談談 SGUL 嗎？

Yes, I can talk about the SGUL deal. So -- I mean just let's frame it a little bit. So what we're talking about here is reinsurance of 14,000 policies representing about EUR 1.4 billion of reserves. And I think as Lard has said in his opening remarks, that represents about 25%. So all the SGUL reinsurance we've done to date represents about 25% of the U.S. statutory reserves related to the block. Just to put it in perspective, it's also about 30% of the net amount of risk. So think of it as the face amount.

是的，我可以談談 SGUL 交易。所以——我的意思是讓我們稍微框架一下。因此，我們在這裡討論的是 14,000 份保單的再保險，相當於約 14 億歐元的準備金。我認為正如拉德在開場白中所說，這大約佔 25%。因此，我們迄今為止所做的所有 SGUL 再保險約佔與該區塊相關的美國法定準備金的 25%。客觀地說，它也佔淨風險量的 30% 左右。因此，可以將其視為面額。

So this transaction generates EUR 225 million of capital and it's basically going to reduce the RBC required capital by about EUR 50 million.

因此，這項交易產生了 2.25 億歐元的資本，基本上將使 RBC 所需的資本減少約 5,000 萬歐元。

Now importantly, it's also going to improve operating capital generation going forward because this block had a drag as the contracts get older and reserves increased, there was an OCG drag. So we'll get to see a benefit of about $25 million per year. But I got to tell you, that's all embedded in the Capital Markets Day expectations. We had baked all that in, but I just want to give you a framing for what that SGUL reinsurance deal does for us.

現在重要的是，它還將改善未來的營運資本生成，因為隨著合約變舊和儲備增加，該區塊將受到拖累，OCG也會受到拖累。因此，我們每年將獲得約 2500 萬美元的收益。但我必須告訴你，這一切都包含在資本市場日的預期中。我們已經把所有這些都考慮在內了，但我只想向您介紹一下 SGUL 再保險交易對我們的影響。

We will now go to our next question. And your next question comes from the line of David Barma, Bank of America.

現在我們將討論下一個問題。您的下一個問題來自美國銀行的大衛·巴爾馬。

Just to come back on what you just said about the OCG benefits from the reinsurance deal that you've announced today. So is that part of the EUR 0.1 billion of additional OCG that you flagged at the CMD?

回到您剛才所說的關於 OCG 從您今天宣布的再保險交易中受益的內容。那麼，這是您向 CMD 標記的 1 億歐元額外 OCG 的一部分嗎？

Yes, it is. Yes.

是的。是的。

It is, okay. Okay. And then secondly, on the U.K., can you please talk a bit about the rationale for your recent extended partnership with Nationwide. And should we see this more as a retention tool for your existing book? Or is it part of a bigger strategy to increase advice, I take on U.K.?

沒關係。好的。其次，關於英國，您能否談談您最近與 Nationwide 擴大合作夥伴關係的理由。我們是否應該將其更多地視為您現有書籍的保留工具？或者這是我對英國採取的增加建議的更大策略的一部分？

Yes. Thanks, David. Yes, we're very pleased with -- I mean, your first question was answered by Matt, right? The answer was yes.

是的。謝謝，大衛。是的，我們非常高興——我的意思是，馬特回答了你的第一個問題，對吧？答案是肯定的。

So on the extension of the partnership with Nationwide Building Society, we're actually quite pleased with that. We have always been, for a very long time, the partner of Nationwide when it comes to their customers since 2016, right? We've been doing that for 2016. And what we did is basically provide access to our products advised by Nationwide's in-house financial planning service.

因此，對於延長與全國建築協會的合作關係，我們實際上對此感到非常滿意。自 2016 年以來，很長一段時間以來，我們一直是 Nationwide 的客戶合作夥伴，對嗎？ 2016 年我們一直在這樣做。我們所做的基本上是提供對 Nationwide 內部財務規劃服務建議的產品的訪問權限。

Now this extended strategic partnership will continue, of course, will continue to be the provider of choice for the customers of Nationwide where it pertains to the ISAs and the general investment account. The providers will be the -- the provider will continue to be the provider of choice. But we're moving across the advisory teams from Nationwide Building Society. We moved that across to our side, which is actually playing to the strength of both partners even better. So this is really something that sets up and extends the partnership into the future, and therefore, it's something that we're very pleased that we were able to do.

現在，這種擴展的策略合作夥伴關係將繼續下去，當然，將繼續成為 Nationwide 客戶在 ISA 和一般投資帳戶方面的首選提供者。這些提供者將繼續成為首選的提供者。但我們正在調動全國建築協會的顧問團隊。我們將其轉移到我們這邊，這實際上更好地發揮了雙方的優勢。因此，這確實是建立並將合作關係擴展到未來的事情，因此，我們非常高興我們能夠做到這一點。

And your next question comes from the line of Farquhar Murray from Autonomous.

您的下一個問題來自 Autonomous 的 Farquhar Murray。

Just 2 questions, if I may. Firstly, on the CSM roll forward on Slide 17. Please, could you just elaborate on the policyholder experience in the VA book. You mentioned lapse in utilization. But I just wonder if you can give us a little bit more color on which products are driving that in a sense of what's behind it and how it might develop?

如果可以的話，只有兩個問題。首先，關於投影片 17 上的 CSM 前滾。請您詳細說明 VA 書中保單持有人的經驗。您提到了利用率下降。但我只是想知道您是否可以給我們更多的信息，讓我們了解哪些產品正在推動這一趨勢，了解背後的原因以及它可能如何發展？

And then secondly, momentum in WFG looks solid in terms of license agents, but the multi-ticket one is slightly lagging that improvement. Can I just ask how long it is taking for a typically newly licensed agent to follow through into a multi-ticket one? And what kind of initiatives can you do to encourage conversion there?

其次，就許可代理而言，WFG 的勢頭看起來很強勁，但多票代理的進步略顯滯後。我可以問一下，通常新獲得許可的代理商需要多長時間才能完成多票代理商的操作嗎？您可以採取哪些措施來鼓勵那裡的轉變？

Farquhar, I'm going to take your WFG question, and Matt will take the CSM roll forward. On WFG, yes, so we are in a -- we have said that we want to do a couple of things. We want to grow our agents to the 110,000 target by 2027, and we're well underway to get there. You noticed quite a nice increase year-on-year for that. And we also want to grow overall tickets and productivity of the agents.

Farquhar，我將回答您的 WFG 問題，Matt 將回答 CSM 前滾問題。在 WFG 上，是的，我們已經說過我們想做幾件事。我們希望在 2027 年將代理人數增加到 110,000 名，並且我們正在努力實現這一目標。您注意到這一數字同比有了相當大的增長。我們也希望提高代理商的整體門票數量和生產力。

It depends a little bit on -- there's not 1 single rule for this on how long it takes from -- to move from a single ticket to multiple ticket agent. It takes time. I have to get back to you on how much time that exactly takes. But it's something that, that is not, let's say -- it requires a very targeted approach to make sure that the agents become more and more productive over time.

這在一定程度上取決於——從單一票務轉移到多個票務代理需要多長時間——沒有單一的規則。這需要時間。我必須回覆您具體需要多少時間。但這並不是說，它需要一種非常有針對性的方法來確保代理商隨著時間的推移變得越來越有效率。

We have seen this productivity improvement. We are measuring it, and we're reporting on it. So you can continue to see the progress in the near future. On the CSM?

我們已經看到了生產力的提升。我們正在對其進行測量並進行報告。因此您可以在不久的將來繼續看到進展。在CSM上？

Yes. So I'm looking at Slide 17, where you directed me and just to level set everybody, we see the minus EUR 163 million and the CSM balance and on the right to see that it's related to U.S. Variable Annuities and Individual Life. It is generally related to on variable annuities. It's poor surrender experience and benefit utilization experience. And on the Life side, there is a little bit of a mixed bag of persistency and mortality in there.

是的。所以我正在看幻燈片 17，您指導我的，只是為了讓大家保持水平，我們看到負 1.63 億歐元和 CSM 餘額，在右側看到它與美國可變年金和個人生活相關。它通常與可變年金有關。退保體驗和福利利用體驗都很差。在生命方面，有一些持久性和死亡率的混合。

One thing to note is that I think we're all going to have to get used a bit to the geography of these things. So for example, on the variable annuity side, you have these experienced variances that are hitting the CSM, and that's in contracts that have CSM, which is mainly withdrawal benefits historically written -- withdrawal benefits rather than like the IB and DB business that we have, which doesn't have a CSM. So you see experience variances there going through the P&L rather than CSM. But if you call in IR, we can give you a little bit more detail on that one.

需要注意的一件事是，我認為我們都必須稍微習慣這些事物的地理位置。例如，在可變年金方面，您會遇到這些影響CSM 的差異，這是在具有CSM 的合約中，這主要是歷史上寫入的提款福利- 提款福利，而不是像我們所說的IB 和DB 業務。有，但沒有 CSM。因此，您會透過損益表而不是 CSM 看到經驗差異。但如果您致電 IR，我們可以為您提供更多有關該問題的詳細資訊。

We will now go to the next question. And your next question comes from the line of Iain Pearce from Exane.

我們現在進入下一個問題。您的下一個問題來自 Exane 的 Iain Pearce。

Just a couple on the CSM. Firstly, thinking about the CSM walk, I'm guessing you expect that the size of the decline on a normalized basis to be slowing. The expectation is that new business will be growing in its contribution towards CSM and the release of the CSM to shrink as the 80% in runoff declines. I'm just wondering on the sort of time frame of how long you expect that CSM to be declining for and if you expect a gradual switch over of new business becoming bigger than the runoff of the CSM? And if there's any sort time frame for what that might look like?

CSM 上只有一對夫婦。首先，考慮到 CSM 的走勢，我猜您預期正常化基礎上的下降幅度將會放緩。預計新業務對 CSM 的貢獻將持續成長，而 CSM 的釋放將隨著 80% 的徑流下降而減少。我只是想知道您預計 CSM 會下降多久，以及您是否預計新業務的逐步轉換會比 CSM 的流失量更大？是否有任何具體的時間框架？

And then the second one was just on the assumption changes that are made in CSM, flagging some deteriorating assumptions in Long-Term Care. Just wondering if this means that sort of profitability has declined in the Long-Term Care business? So I guess that would be quite surprising given the sort of rate creates that you've been putting through there and the sort of favorable morbidity experience that you've been having recently. So just those 2 questions (inaudible), please.

第二個是關於 CSM 中所做的假設變化，標誌著長期照護中的一些假設不斷惡化。只是想知道這是否意味著長期照護業務的獲利能力有所下降？因此，考慮到您在那裡所創造的利率以及您最近所經歷的有利的發病率體驗，我想這將是相當令人驚訝的。那麼，請提出這兩個問題（聽不清楚）。

Yes. Thank you, Iain. So, Matt, over to you.

是的。謝謝你，伊恩。那麼，馬特，交給你了。

Yes. It's hard to give a bit of a time frame on the -- on where we're going to get a crossover point where we get the new business added in CSM to cross the release of the release of the CSM, but it's certainly not in the short term or the medium term.

是的。很難給出一個時間框架——我們將在哪裡獲得一個交叉點，即我們在 CSM 中添加新業務以跨越 CSM 版本的發布，但它肯定不是在 CSM 中。短期或中期。

The way to think about CSM release and just to kind of stick it in your models when you're starting to model this stuff, it's really -- what we're looking at is somewhere between 8% to 12% of the beginning balance of the CSM to be released every year and you can kind of walk that down. But I know it's not a perfect answer for now, and we'll come back with something a bit later on that one.

考慮 CSM 發布的方式，當你開始建模這些東西時，只是將其粘在你的模型中，我們真正關注的是初始餘額的 8% 到 12% 之間。CSM 每年都會發布，你可以慢慢來。但我知道目前這還不是一個完美的答案，我們稍後會回來提供一些答案。

With respect to the assumption changes on Long-Term Care, let's recognize what we're actually doing here. So you have it exactly right that in the CSM roll forward, you're seeing a big reduction in CSM as a consequence of the -- removing the morbidity assumption and increasing the inflation assumption. And that is only partially offset by the increase in the CSM as a consequence of the premium rate increase program that we're putting in.

關於長期照護的假設變化，讓我們認識到我們實際上在這裡所做的事情。因此，在 CSM 前滾過程中，您會看到 CSM 大幅減少，這是由於消除了發病率假設並增加了通貨膨脹假設。而這僅被我們實施的保費上漲計劃導致的 CSM 增加所部分抵消。

Now profitability, here's the thing. Had we not removed that morbidity improvement assumption, we could have, if we don't see morbidity improvement coming through, we would have seen a drag in that experience line for the block. Yes, you are right, we've had good experience for it in the past, and it's -- we expect that to continue in the future. But right now, by removing that morbidity improvement assumption to the extent that morbidity improvement actually improves, we're going to see that as good guys in the experience adjustment going forward.

現在獲利能力，這就是問題。如果我們沒有消除發病率改善的假設，如果我們沒有看到發病率改善，我們可能會看到該區塊的經驗線被拖累。是的，你是對的，我們過去在這方面有很好的經驗，我們希望這種情況在未來能持續下去。但現在，透過消除發病率改善的假設，達到發病率改善實際改善的程度，我們將在未來的體驗調整中看到這一點。

It's also -- and it's difficult to connect these 2, but you can imagine that we always do actuarially justified premium rate increases and part of that actuarial justification is the fact that we have removed the morbidity improvement assumption and increase the inflation. So what we would expect to see in our experience results going forward, if anything, it's going to be good guys rather than the possibility that future bad guys occur, if that kind of makes sense.

而且很難將這兩者聯繫起來，但你可以想像我們總是進行精算合理的保費上漲，而精算合理性的一部分是我們已經取消了發病率改善假設並增加了通貨膨脹。因此，我們期望在我們的經驗中看到的結果是，如果有的話，那將是好人，而不是未來壞人出現的可能性，如果這有意義的話。

We will now go to the next question. And your next question comes from the line of Nasib Ahmed from UBS.

我們現在進入下一個問題。您的下一個問題來自瑞銀集團 (UBS) 的納西布‧艾哈邁德 (Nasib Ahmed)。

The first one on ULSG, generally. So you clearly have a drag. You've got EUR 25 million on the block that you've reinsured. Is there anything you can do on the assumptions there similar to down on the Long-Term Care morbidity on persistency or mortality to make sure that, that drag is 0 and take a hit on the stock of RBC ratio? That's the question one.

一般來說，第一個是關於 ULSG 的。所以你顯然有一個阻力。您已為該塊再保險了 2500 萬歐元。根據假設，您可以做些什麼，類似於降低長期照護發病率、持續性或死亡率，以確保阻力為 0，並對 RBC 存量比率造成影響？這就是問題一。

And the second one is on the capital release from the reinsurance transaction. That's only EUR 50 million of the EUR 4.1 billion. I think you mentioned a few actions at the CMD that you could take to unlock further up to EUR 4.1 billion. Are there any more actions that you're considering anything to update on versus the CMD?

第二個是關於再保險交易的資本釋放。這只是 41 億歐元中的 5,000 萬歐元。我想您提到了 CMD 的一些行動，您可以採取這些行動來進一步釋放高達 41 億歐元的資金。與 CMD 相比，您是否也考慮更新任何其他操作？

So, Matt?

那麼，馬特？

Yes. So the short answer is that there are additional management actions that we can do, either unilateral or bilateral actions as we said at the CMD. We also consider the potential for additional third-party transactions, but we're not going to comment on those at this moment in time.

是的。因此，簡短的回答是，我們可以採取額外的管理行動，無論是單邊行動還是雙邊行動，正如我們在 CMD 上所說的那樣。我們也考慮了額外第三方交易的可能性，但目前我們不會對此發表評論。

One of the questions that we sometimes get is we've now got approximately 25% of the stat reserves that are -- that have been part of reinsurance deals in the past. The question is, well, why don't you do another one? Well, we can do those. But we try to attack the blocks bit by bit. Every cohort, every issue year can be slightly different in terms of the character. So we were going to whittle away at this over time. I would not expect 1 giant reinsurance transaction. We've been successful in the past, and we expect to do that going forward to attack these blocks 1 bit at a time. But this last SGUL reinsurance deal was a very, very good one for us.

我們有時會遇到的問題之一是，我們現在擁有大約 25% 的統計準備金，這些準備金過去一直是再保險交易的一部分。問題是，好吧，為什麼不做另一件事？好吧，我們可以做到這些。但我們嘗試一點一點地攻擊這些區塊。每個群體、每個問題年份的個性可能略有不同。因此，隨著時間的推移，我們將逐漸減少這一點。我沒想到會發生一筆巨大的再保險交易。我們過去已經取得了成功，我們希望繼續這樣做，一次攻擊這些塊一位。但最後的 SGUL 再保險交易對我們來說是一筆非常非常好的交易。

We will now go to the next question. And your next question comes from the line of Ashik Musaddi from Morgan Stanley.

我們現在進入下一個問題。您的下一個問題來自摩根士丹利的 Ashik Musaddi。

Just a few questions I have. First of all on -- a bit of clarity on this reinsurance transaction. So how do we think about this ERU 225 million? Is this just like a EUR 50 million release capital x4, which is ultimately freeing up the own funds that can be used? Or is it EUR 50 million is the own funds released basically because of the SCR reduction and then on top of that, you have generated EUR 200 million? That's the first one, a bit of clarification.

我有幾個問題。首先，我們要澄清一下這次再保險交易。那我們要如何看待這2.25億ERU呢？這是否就像5000萬歐元釋放資本x4一樣，最終釋放出可以使用的自有資金？或者說，5000萬歐元是因為SCR減少而釋放的自有資金，除此之外，您還創造了2億歐元？這是第一個，稍微澄清一下。

Second one is, if I look at the U.S. holding company, there was a 20% drag in first quarter from the RBC calibration to the holding company calibration, but now that's 28%. So what is that 8% extra? And how does -- how should we view that? I mean does it matter from a capital perspective or we should just ignore what's going on in the U.S. holding company? Or do you need to fill it back if you have used it up something in that bucket? So that's the second one.

第二個是，如果我看看美國控股公司，第一季從 RBC 校準到控股公司校準 20% 的拖累，但現在是 28%。那麼這8%的額外費用是多少呢？我們該如何看待這一點？我的意思是，從資本角度來看這很重要，還是我們應該忽略美國控股公司正在發生的事情？或者如果你用完桶子裡的東西，你需要把它裝回去嗎？這是第二個。

Third one is, I mean, the CSM, I mean, how do we think about the CSM? Do we need to care about the CSM because see if we need to care about this, then there is a bit of a concern because if CSM is going down this fast, I mean if I look at first half, your CSM balance went down by 10%. And if we use 8% to 12%, whatever 10% release of CSM, then the CSM release, which is ultimately earnings, earnings are coming down by 10% every year for the next many, many years to come. That will be offset by your noninsurance business, WFG and Retirement, but probably that's not as big as the decline in CSM. So do we need to care about the CSM and these one-off items. There are so many negative one-offs. Do we need to care about those as well? Any visibility whether there are more in the future as you keep restructuring the book or -- that's 1 question I have is, how do you think of the CSM? Sorry, it's a bit broad question...

第三個是，我的意思是，CSM，我的意思是，我們如何看待CSM？我們是否需要關心 CSM，因為看看我們是否需要關心這個，那麼就會有一點擔心，因為如果 CSM 下降得這麼快，我的意思是，如果我看一下上半場，你的 CSM 餘額就會下降10%。如果我們使用 8% 到 12%，無論 CSM 釋放多少 10%，那麼 CSM 釋放（最終就是收益）在未來多年裡每年收益都會下降 10%。這將被非保險業務、WFG 和退休業務所抵消，但可能沒有 CSM 的下降那麼大。那我們是否需要關心 CSM 和這些一次性專案呢？有很多負面的一次性事件。我們也需要關心這些嗎？隨著您不斷重組這本書，未來是否會有更多內容，或者——這是我的一個問題，您如何看待 CSM？抱歉，這個問題有點廣泛…

No, that's okay. So these were your questions, Ashik. Then I hand over to Matt. .

不，沒關係。這就是你的問題，阿希克。然後我把任務交給馬特。 。

Okay. Let's first break down the -- so the reinsurance transaction, we'll break down the EUR 225 million for you. So basically, on a U.S. statutory basis, we have a gain on the transaction. We had a gain on the transaction. That amounts to about EUR 355 million. We also had to -- because we had to transfer assets to the reinsurer, we took losses on bonds in order to be able to fund the transfer of assets and the losses on bonds were about EUR 180 million. And then the balancing item here would be the release of the RBC required capital of EUR 50 million. So hopefully, that answers your question.

好的。讓我們先細分再保險交易，我們將為您細分 2.25 億歐元。所以基本上，根據美國的法定基礎，我們從交易中獲得了收益。我們在交易中獲得了收益。這相當於約 3.55 億歐元。我們還必須這樣做——因為我們必須將資產轉移給再保險公司，所以我們承受了債券損失，以便能夠為資產轉移提供資金，而債券損失約為 1.8 億歐元。然後這裡的平衡項目是釋放 RBC 所需的 5000 萬歐元資本。希望這能回答你的問題。

The second one related to the U.S. holding company, and I think you pointed out that in the, let's say, the normal conversion of our RBC ratio to our group Solvency II ratio, we had a few differences because there are some things that are happening, again, outside of the regulated entities, but they are happening in the holding company. So there are a couple in there.

第二個與美國控股公司有關，我想你指出，在我們的 RBC 比率到我們集團償付能力 II 比率的正常轉換中，我們有一些差異，因為正在發生一些事情同樣，在受監管實體之外，但它們發生在控股公司。所以裡面有一對。

You may recall -- the first one is you may recall in the -- at the Capital Markets Day, we signaled that there was a -- that we were going to restructure an earn-out agreement with one of these WFG founding agents. And that -- so that has an impact on the holding company, which would not have been reflected in the RBC ratio. If you combine that with a couple other ones, there was also an impairment of -- I think it was a software asset that was sitting on the balance sheet at the holding company, and that was related to the project to bring in the TCS -- previously outsourced business into us. And then there was a contribution to the employee pension scheme, which happens outside, again, of the regulated entities. And if you add those up, you get to about 3 percentage points.

您可能還記得，第一個是您可能還記得在資本市場日，我們表示我們將與其中一位 WFG 創始代理人重組一項獲利協議。這對控股公司產生了影響，而這種影響不會反映在 RBC 比率中。如果你把它與其他幾個因素結合起來，我認為這是控股公司資產負債表上的軟體資產，這與引入 TCS 的專案有關 - - 之前將業務外包給我們。然後是對員工退休金計劃的繳款，該計劃又發生在受監管實體之外。如果把這些加起來，大約會達到 3 個百分點。

The other one that I kind of flagged in my opening remarks, relates to tiering limits on the Solvency II reporting. So in this case, we were -- we had more of a restriction on DTAs at a group level, and it really relates to the fact that we had a little bit higher DTAs in the U.S. And because of the transaction with a.s.r., there was a tax settlement part of that, which reduced deferred tax liabilities. So we don't get that offset. And as a consequence of it, you got that, let's say, breakage I think, in the Solvency II ratio.

我在開場白中提到的另一個問題與償付能力監管標準 II 報告的分級限制有關。所以在這種情況下，我們在集團層級對避免雙重課稅協定有更多的限制，這確實與我們在美國有更高一點的雙重課稅協定有關。由於與 a.s.r. 的交易，有其中的稅收結算部分，減少了遞延稅負債。所以我們沒有得到這個抵消。結果，我認為償付能力 II 比率出現了破損。

And then finally, we had that deal with La Banque Postale, that we actually closed after the end of the quarter, but we did reflect that -- there is actually capital implications for that -- required capital implications to the tune of about 2%.

最後，我們與 La Banque Postale 達成了協議，我們實際上在本季度末後完成了該協議，但我們確實反映了這一點 - 實際上存在資本影響 - 所需的資本影響約為 2% 。

So in general, so should you care about the U.S. holding company? Yes. The U.S. holding company will come back to sort of normal by the end of the year as we work through some of these, let's say, the timing of funding for the WFG earnout as well as a couple of other little bits for the -- for that TCS in-sourcing. So it should not be an issue. By year-end, we'll have it straight.

那麼總的來說，你應該關心美國控股公司嗎？是的。到今年年底，美國控股公司將恢復正常，因為我們正在解決其中一些問題，比如說，為 WFG 收益提供資金的時間安排，以及其他一些小問題—— TCS 內包。所以這不應該是一個問題。到年底，我們就會把事情搞清楚。

The last one was a very general assumption about CSM. So I want to -- so I'll talk in general about that. CSM, you should care about. CSM is a -- you can think of it as a store of value. You can think of it in some manner as a present value of future profits. And over time, we will release that CSM into earnings. So that's actually the biggest driver of the insurance operating result. So it is something to care about.

最後一個是關於 CSM 的非常普遍的假設。所以我想——所以我會一般性地談論這個問題。 CSM，你應該關心。 CSM 是一種－你可以將其視為一種價值儲存手段。您可以以某種方式將其視為未來利潤的現值。隨著時間的推移，我們會將 CSM 釋放到收益中。所以這其實是保險營運績效的最大驅動力。所以這是值得關心的事。

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 EUR 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.

不過，我要指出的一件事是，坦白說，在上半年，隨著假設的更新，我們進行了相當大的調整。只有一部分影響損益表，但有一部分影響 CSM。因此，您會在那裡看到一個關於非財務假設變更的調節項目。以歐元計算，今年上半年超過 5.5 億歐元。我認為我們不會對美國發病率改善的假設進行任何進一步的改變，因為我們已經完全消除了它。所以我不認為未來會有巨大的改變。

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.

但你將看到的是，CSM 將會被釋放，因為其中很大一部分與金融資產相關，但這實際上需要相當長的時間才能釋放。我的意思是長期週轉的持續時間大約是 14 年以上。所以時間很長。但最重要的是，儘管我正在描述業務的保險方面。在那裡，我們將從人壽保險方面的新業務中受益。你看到那來了。而且——所以你看到那個人來了。但該業務的非保險部分也將會成長。

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.

正如我們常說的，金融資產的重點是，我們正在努力隨著時間的推移提高獲利的品質。這是另一個——順便說一句，這是另一個例子。透過消除發病率假設，我們將隨著時間的推移報告該業務線更好的營運績效。最重要的是，它使我們能夠追求保費上漲，這是真正的現金，如果我們不改變這個假設，我們就不會得到真正的錢。

That's very clear. Just 1 follow-up. Is there any RBC benefit from this reinsurance transaction that we should care about?

這非常清楚。僅 1 個後續行動。我們應該關心的再保險交易中是否有任何加拿大皇家銀行的利益？

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.

加拿大皇家銀行受益，嗯，你會透過結果看到一次性的資本影響。但重要的是，SGUL 再保險將帶來好處，但我們打算將其中的一些好處用於購買機構擁有的萬能壽險合約。所以我不會在紅血球比率一欄中加上加號。

Perfect. That was very detailed and clear.

完美的。那是非常詳細和清楚的。

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.

現在我們將討論今天的最後一個問題。今天的最後一個問題來自 KBW 的 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.

是的。第一個問題是關於美國個人壽險的成長，當然，成長強勁。我的意思是，我們應該如何看待這種成長帶來的獲利能力的發展？我具體談論的是資本生成。

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?

第二個問題是關於資產管理的。顯然，這半年不太好，但我的意思是前景如何？還是你正在採取什麼樣的行動？總的來說，這個細分市場的具體前景如何？

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.

是的，米歇爾，非常感謝你。我將談論資產管理業務，然後我將把個人壽險部門的盈利能力交給馬特，在銷售方面。

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.

關於資產管理。如果你看看這半年，資產管理公司面臨一些需要適應的現實，對嗎？我的意思是，在過去，如果你看一下同比情況，我們當然會看到利率大幅上升，其中有大量固定收益投資組合，這些投資組合是你管理的資產，你顯然，這會對你產生的費用產生影響。

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 EUR 60 million outflows. And so it's partly the environment, but that's a reality. So we got to adapt to it, right? So we adapt to it in 2 ways.

但也要注意到，正如我在中國的開場白中所說，考慮到中國不穩定的經濟環境和投資者情緒，這對我們在第三方業務中看到的6000 萬歐元的資金外流來說並不是非常有利。所以這部分是環境的原因，但這是現實。所以我們必須適應它，對嗎？所以我們透過兩種方式來適應它。

First of all, we are reducing expenses. We are seeing that coming through already in the first half year. Did not, of course, completely offset the loss in revenues, but we continue to drive more expense reductions and we have plans for that, which we are currently executing. It's underway. It's already visible in the first half year. But you will see more of that coming through in the future. That's number one.

首先，我們正在削減開支。我們看到這種情況在上半年就已經發生了。當然，這並沒有完全抵消收入損失，但我們繼續推動更多的費用削減，並且我們已經制定了計劃，目前正在執行。正在進行中。上半年就已經顯現出來了。但將來你會看到更多這樣的事發生。這是第一名。

The second piece of adaptation has to do with the focus that we have on those investment strategies that we believe are the strategies that we have a competitive edge and can compete successfully in the future. And those are alternatives fixed income strategies, real asset strategies, the CLOs, et cetera. And we're not only focusing on that in our sales efforts in getting new mandates in, but also, we actually have acquired a CLO platform, a CLO team to strengthen our CLO platform. We have expanded in the LBPAM, so La Banque Postale Asset Management business to also strengthen the capabilities there, and we will continue to do so.

第二個調整與我們對投資策略的關注有關，我們認為這些策略是我們具有競爭優勢並且能夠在未來成功競爭的策略。這些是另類固定收益策略、實體資產策略、CLO 等。我們不僅在銷售工作中關注這一點以獲取新的授權，而且我們實際上還收購了一個 CLO 平台，一個 CLO 團隊來加強我們的 CLO 平台。我們擴大了 LBPAM，因此 La Banque Postale 資產管理業務也加強了在那裡的能力，我們將繼續這樣做。

So it's adapting to a new reality, expense reductions and efficiency and focusing on those strategies that have -- that we have a competitive edge in, and increasing those capabilities and that attracts usually higher basis points over the assets managed. Matt, Individual Life.

因此，它正在適應新的現實，減少開支和提高效率，並專注於那些我們具有競爭優勢的策略，並提高這些能力，並且通常會吸引比所管理的資產更高的基點。馬特，《個人生活》。

So first, let's talk about the manufacturing side of this, which is I think where the question is really coming from. So what you've seen is, as Lard has said in his remarks, we have seen good growth in Individual Life sales in the U.S. We like that. We are seeing consistently increasing New Business Strain, which we also like.

首先，我們來談談製造方面，我認為這才是問題的真正根源。所以你所看到的是，正如拉德在演講中所說，我們看到美國個人壽險銷售的良好增長。我們喜歡這一點。我們看到新業務壓力不斷增加，這也是我們所喜歡的。

Why do we like that? Because we've been able to maintain price IRRs of greater than 12% on the overall Life book. So this is a business that is extremely profitable. We like to write a lot of it. We're doing more and more of it at younger ages. So this is extremely good business and it's -- so that one goes extremely well.

為什麼我們喜歡這樣？因為我們能夠將整本壽險帳簿的價格 IRR 維持在 12% 以上。所以這是一項利潤極為豐厚的生意。我們喜歡寫很多東西。我們在年輕時做的事情越來越多。所以這是一項非常好的生意，而且進展非常順利。

The other one that I always mention is that the manufacturing is one side of the business. We also have the WFG as a distribution channel within the U.S. So capital generation and WFG is through really just distribution type earnings, which are also increasing in line with sales and even a little bit of a leverage effect there.

我經常提到的另一件事是，製造是業務的一方面。我們還有 WFG 作為美國境內的分銷管道。因此，資本生成和 WFG 實際上只是透過分配類型的收益來實現的，這些收益也隨著銷售額的增長而增加，甚至還有一點槓桿效應。

So -- and on the Life side in the U.S., we are making some very good progress, able to maintain our pricing margins and you see things go generally in the right direction.

因此，在美國的人壽保險方面，我們正在取得一些非常好的進展，能夠維持我們的定價利潤，並且您會看到事情總體上朝著正確的方向發展。

Thank you. This concludes the Q&A session. I would now like to hand the call back over to Hielke Hielkema for closing remarks.

謝謝。問答環節到此結束。現在，我想將電話轉回 Hielke Hielkema 進行總結發言。

Thank you, operator. This concludes today's Q&A session. On behalf of Lard and Matt, I want to thank you for the interaction. If you have any remaining questions, please do get in touch with us in Investor Relations. Thanks again for your participation in today's call, and have a good day.

謝謝你，接線生。今天的問答環節到此結束。我謹代表拉德和馬特感謝你們的互動。如果您還有任何疑問，請透過投資者關係與我們聯繫。再次感謝您參加今天的電話會議，祝您有美好的一天。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。