Aegon Ltd (AEG) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Aegon Second Half 2023 Results Call. (Operator Instructions) Please note that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Aegon 2023 年下半年業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker, Yves Cormier, Head of Investor Relations. Please go ahead.

現在我想將會議交給您的發言人、投資者關係主管 Yves Cormier。請繼續。

Thank you, operator, and good morning to everyone. Thank you for joining this conference call on Aegon's Second Half Year 2023 Results. My name is Yves Cormier, and I'm the Head of Investor Relations. Joining me today are Aegon's CEO, Lard Friese; and CFO, Matt Rider, to take you through the highlights of the year, our financial results and the progress we are making in the transformation of Aegon. After that, we will continue with a Q&A session. 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.

謝謝接線員，大家早安。感謝您參加 Aegon 2023 年下半年業績的電話會議。我叫伊夫‧科米爾 (Yves Cormier)，是投資人關係主管。今天加入我的是 Aegon 執行長 Lard Friese；財務長 Matt Rider 將帶您了解今年的亮點、我們的財務表現以及我們在 Aegon 轉型中所取得的進展。之後，我們將繼續進行問答環節。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。

And on that note, I will now give the floor to Lard.

關於這一點，我現在請拉德發言。

Yes, thank you, Yves. Good morning, everyone, and thank you for joining us on today's call. I will run you through our strategic and commercial developments before handing over to Matt, who will run through the financial results in more detail.

是的，謝謝你，伊夫。大家早安，感謝您參加今天的電話會議。我將向您介紹我們的策略和商業發展，然後交給馬特，他將更詳細地介紹財務表現。

Let's move to Slide #2 to review our achievements in the second half of 2023. 2023 was another important transformational year for Aegon. During the year, we completed the transaction with ASR, initiated a significant share buyback program, reduced our gross financial leverage, presented our ambitions for the coming years at our Capital Markets Day last June, and moved our legal team to Bermuda. At the same time, we have remained laser-focused on improving returns from our businesses and generating value for shareholders, which we will continue to do.

讓我們轉到幻燈片#2，回顧我們在 2023 年下半年的成就。2023 年是 Aegon 又一個重要的轉型年。在這一年裡，我們完成了與ASR 的交易，啟動了一項重大的股票回購計劃，降低了我們的總財務槓桿，在去年六月的資本市場日上展示了我們對未來幾年的雄心，並將我們的法律團隊遷往百慕達。同時，我們仍然專注於提高業務回報並為股東創造價值，我們將繼續這樣做。

The second half of 2023 saw Aegon maintain commercial momentum, mainly driven by the strong performance of our U.S. business. We have exceeded our financial commitments for 2023, and remain committed to our targets for 2025. I'm very proud of everything the teams have achieved in 2023, and I'm grateful for all of their hard work during the year. We will continue to work hard, executing our strategy in 2024, and I am optimistic about our prospects.

2023 年下半年，Aegon 維持了商業勢頭，主要得益於我們美國業務的強勁表現。我們已經超額完成了 2023 年的財務承諾，並將繼續致力於實現 2025 年的目標。我對團隊在 2023 年取得的一切感到非常自豪，並對他們在這一年中的辛勤工作表示感謝。我們將繼續努力，執行我們2024年的策略，我對我們的前景感到樂觀。

In the second half of 2023, operating capital generation before holding funding and operating expenses was 16% higher than in the same period of 2022. Earnings on in-force rose by 16%, driven by business growth in U.S. strategic assets and management actions we have taken on the financial assets. Over the full year 2023, operating capital generation before holding funding and operating expenses was 14% higher than 2022 at nearly EUR 1.3 billion, well above our guidance.

2023 年下半年，扣除持有資金和營運費用之前的營運資本產生量比 2022 年同期高出 16%。在美國戰略資產業務增長和我們的管理行動的推動下，有效收益增長了 16%。已承擔了金融資產。 2023 年全年，扣除持有資金和營運費用之前的營運資本產生量比 2022 年高出 14%，達到近 13 億歐元，遠高於我們的指引。

The IFRS operating result decreased to EUR 681 million in the second half of 2023, due in part to the impact of management actions we have previously taken as well as several favorable onetime items in the previous year. Shareholder's equity per share has remained stable despite significant distribution of capital to shareholders. The capital ratios of our units remain strong and well above their respective operating levels. Furthermore, cash capital at the holding amounted to EUR 2.4 billion, well above the operating level, despite reducing leverage by EUR 500 million in the fourth quarter and making good progress executing the EUR 1.5 billion share buyback program.

2023 年下半年，國際財務報告準則經營績效下降至 6.81 億歐元，部分原因是我們先前採取的管理措施以及上一年的一些有利的一次性專案的影響。儘管向股東進行了大量資本分配，但每股股東權益仍保持穩定。我們各部門的資本比率仍然強勁，遠高於各自的營運水準。此外，儘管第四季度槓桿率減少了 5 億歐元，且 15 億歐元股票回購計畫的執行取得了良好進展，但控股公司的現金資本仍達 24 億歐元，遠高於營運水準。

At the end of last week, we have completed 76% of this program, which means we have already returned more than EUR 1.1 billion to stockholders through this program alone. In addition, our strong commercial performance, together with the important steps we have taken to realign our company, have given us a solid foundation on which to sustainably grow our dividend per share. We have increased the proposed final dividend for 2023 to EUR 0.16 per share. And subject to shareholder approval, this would bring our full year dividend to EUR 0.30 per common share, up more than 30% compared with the 2022, and in line with our guidance.

截至上週末，我們已經完成了該計劃的 76%，這意味著僅透過該計劃我們就已經向股東返還了超過 11 億歐元。此外，我們強勁的商業業績，加上我們為重組公司所採取的重要步驟，為我們持續成長每股股利奠定了堅實的基礎。我們已將擬議的 2023 年末期股息提高至每股 0.16 歐元。經股東批​​准，這將使我們的全年股息達到每股普通股 0.30 歐元，比 2022 年增長 30% 以上，符合我們的指導方針。

Let's turn to Slide #3 to discuss the commercial results of our units. Starting in the Americas, one of the two focus areas in our U.S. Individual Solutions business is World Financial Group or WFG, our life insurance distribution network. Let me remind you, our ambition is to increase the number of WFG agents to 110,000 by 2027, while at the same time, improving agent productivity. Momentum has been strong throughout the year. During 2023, the number of licensed agents has increased by 18% compared with year-end 2022 to nearly 74,000. In addition, the improvement in agent productivity is a priority for us. The number of multiticket agents, which are agents selling more than one life policy over the last 12 months, has increased by 12% compared with a year ago.

讓我們轉向投影片 #3 來討論我們單位的商業成果。從美洲開始，我們美國個人解決方案業務的兩個重點領域之一是世界金融集團（WFG），也就是我們的人壽保險分銷網絡。讓我提醒您，我們的目標是到 2027 年將 WFG 代理商數量增加到 110,000 名，同時提高代理商生產力。全年勢頭強勁。 2023年期間，持牌代理商數量較2022年底增加18%，達到近74,000名。此外，提高座席生產力是我們的首要任務。多票代理人（即在過去 12 個月內銷售超過一份人壽保單的代理人）的數量與一年前相比增加了 12%。

Transamerica's market share of life insurance products sold by WFG in the U.S. remained high at 64%. This is due to the consistent service experience we deliver to WFG agents, combined with the tailored products we manufacture for WFG by the appeal to middle market consumers, our key demographic.

WFG在美國銷售的壽險產品中，Transamerica的市佔率仍維持在64%的高點。這是由於我們為 WFG 代理商提供一致的服務體驗，再加上我們透過吸引中間市場消費者（我們的關鍵人群）為 WFG 製造的客製化產品。

Let's move to Slide #4 and I will address the second focus area of our U.S. Individual Solutions business, Individual Life Insurance. Here, 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 distributors. Commercial momentum was strong throughout the year. New life sales increased by 13% compared with 2022, largely driven by higher indexed universal life sales. Importantly, we have been able to maintain the profitability of new sales, achieving internal rates of returns in excess of 12%. Increased sales of individual life insurance in 2023 led to an increase in new business stream up 10%. Business growth was also the main driver of the 31% increase in earnings on in-force compared to the full year 2022.

讓我們轉到第四張投影片，我將討論我們美國個人解決方案業務的第二個重點領域：個人人壽保險。在這裡，我們對產品製造能力和營運模式進行投資，以便透過 WFG 和第三方分銷商使個人人壽保險業務進一步成長。全年商業勢頭強勁。與 2022 年相比，新壽險銷售額成長了 13%，這主要是受到指數較高的萬能壽險銷售額的推動。重要的是，我們能夠維持新銷售的獲利能力，實現超過 12% 的內部報酬率。 2023 年個人人壽保險銷售額的成長導致新業務成長 10%。與 2022 年全年相比，業務成長也是有效收入成長 31% 的主要推動力。

Slide #5 addresses the progress we have made in the U.S. Workplace Solutions Retirement Plans business. Transamerica aims to increase the 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 ancillary products and services it offers.

第 5 張投影片介紹了我們在美國工作場所解決方案退休計畫業務方面的進展。 Transamerica 的目標是透過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入，並大幅提高其提供的輔助產品和服務的滲透率。

During 2023, commercial results were strong in our focus area of midsized plans. Here, written sales rose by 72% compared with 2022, and net deposits amounted to $1.2 billion in 2023. We also saw good growth in ancillary products such as the general accounts stable value product as well as in individual retirement accounts. This is in line with our strategy to grow and diversify our revenue streams. The decrease in earnings on in-force of our strategic assets in the Retirement Plans business was driven by higher expenses, largely related to increased employee and technology expenses.

2023 年，我們的中型計畫重點領域的商業表現強勁。與 2022 年相比，書面銷售額成長了 72%，2023 年淨存款達到 12 億美元。我們也看到普通帳戶穩定價值產品等輔助產品以及個人退休帳戶的良好成長。這符合我們成長和多元化收入來源的策略。退休計畫業務中有效策略性資產的收益下降是由於費用增加造成的，這主要與員工和技術費用的增加有關。

Let's move on to the United Kingdom on Slide #6. We continue to make good progress on our strategic agenda of investing and growing our platform activities. From a commercial perspective, the year has been characterized by two different trends. The workplace channel showed strong commercial results throughout 2023. Net deposits in the Workplace channel amounted to GBP 1.8 billion in 2023. However, if we exclude the exit of a single large and low-margin scheme in the third quarter, the net deposits would have amounted to GBP 2.7 billion in 2023. The solid net deposits in the workplace channel reflect inflows from the onboarding of new schemes as well as higher net deposits on existing schemes. We expect this trend to continue.

讓我們轉到第 6 張投影片上的英國。我們繼續在投資和發展平台活動的策略議程上取得良好進展。從商業角度來看，這一年有兩種不同的趨勢。工作場所管道在 2023 年全年表現出強勁的商業業績。2023 年工作場所管道的淨存款額為 18 億英鎊。但是，如果我們排除第三季度單一大型低利潤計劃的退出，淨存款額將到2023 年，該數字將達到27 億英鎊。工作場所管道的穩定淨存款反映了新計劃的引入以及現有計劃的較高淨存款流入。我們預計這一趨勢將持續下去。

In the retail channel, on the other hand, commercial results continue to be hampered by the current macroeconomic environment, which has negatively impacted investor sentiment across the industry. Net outflows in the retail channel amounted to GBP 3.1 billion in 2023, and explain in part the overall GBP 16 million of annualized revenues lost on net deposits in the year. The remainder is due to the impact of gradual runoff of the traditional product portfolio, partially offset by revenues gained on net deposits in the Workplace channel.

另一方面，在零售管道，商業業績繼續受到當前宏觀經濟環境的阻礙，這對整個行業的投資者情緒產生了負面影響。 2023 年，零售通路的淨流出達到 31 億英鎊，這在一定程度上解釋了當年因淨存款而損失的 1,600 萬英鎊年化總收入。其餘部分則是由於傳統產品組合逐漸流失的影響，部分被 Workplace 通路淨存款收入所抵銷。

On Slide #7, I want to address the growth markets where we continue to make steady progress. New life sales in our growth markets increased by 18% compared with 2022, with good growth in both Brazil and China offsetting weaker sales in Spain, in part due to a divestment there in the previous year. Over the same period, non-life new premium production increased by 15%, as weaker demand for property and casualty products was more than offset by growth in accident and health insurance. Operating capital generation in the International segment, excluding TLB, increased by 8% in 2023 compared to 2022 as a result of business growth and more favorable new business strain.

在投影片 #7 上，我想談談我們繼續取得穩定進展的成長市場。與 2022 年相比，我們成長型市場的新壽險銷售成長了 18%，巴西和中國的良好成長抵消了西班牙銷售疲軟的影響，部分原因是去年在西班牙的撤資。在同一時期，非壽險新保費增加了 15%，因為意外險和健康險的增長抵消了財產和意外險產品需求疲軟的影響。由於業務成長和更有利的新業務壓力，國際業務（不包括 TLB）的營運資本產生在 2023 年比 2022 年成長了 8%。

I'm turning now to Slide #8 to comment on our Asset Management. Market conditions have been especially challenging for fixed income-focused asset managers, such as our Global Platforms business, as interest rates rose in 2022 and '23. In the latter months of 2023, however, interest rates stabilized and commercial results have improved, especially in the fourth quarter, for instance, in our mortgage funds. In addition, we are benefiting from the new asset management joint venture with ASR as well as the other strategic initiatives we have undertaken recently. Net outflows in our global platforms amounted to EUR 600 million for the full year 2023, but they were negligible in the second half of the year.

我現在轉向第 8 張投影片來評論我們的資產管理。隨著 2022 年和 2023 年利率上升，市場狀況對於我們的全球平台業務等專注於固定收益的資產管理公司來說尤其具有挑戰性。然而，在 2023 年最後幾個月，利率趨於穩定，商業業績有所改善，尤其是在第四季度，例如我們的抵押貸款基金。此外，我們還受益於與 ASR 成立的新資產管理合資企業以及我們最近採取的其他策略性舉措。 2023 年全年，我們全球平台的淨流出額為 6 億歐元，但下半年的淨流出額可忽略不計。

In the Strategic Partnership segment, net outflows amounted to EUR 2.8 billion in 2023. The La Banque Postale Asset Management joint venture experienced net outflows mainly due to the departure of a low-margin business of a former shareholder. Meanwhile, in the joint venture, AIFMC, net outflows were driven by continued weak investor sentiment in China. These unfavorable market conditions and net outflows drove the decrease of operating capital generation in '23 compared with the year before, 2022.

在策略夥伴關係領域，2023年淨流出達28億歐元。合資企業La Banque Postale資產管理公司出現淨流出，主要是因為前股東的低利潤業務退出。同時，合資企業AIFMC的淨流出是由中國投資者情緒持續疲軟所推動的。這些不利的市場狀況和淨流出導致 23 年營運資本產生量較前一年（2022 年）減少。

Now I hand over to Matt to discuss the financial performance of Aegon in more detail, starting on Slide #9.

現在我請 Matt 從投影片 #9 開始更詳細地討論 Aegon 的財務表現。

Thank you, Lard. Good morning, everyone, and thanks again for joining us today. Let me start with an overview of our financial performance over this last half year, beginning on Slide 10.

謝謝你，豬油。大家早安，再次感謝您今天加入我們。讓我從投影片 10 開始概述我們過去半年的財務表現。

In the second half of 2023, the IFRS operating result decreased by 32% compared to the prior year period to EUR 681 million, mostly driven by the performance of the U.S. The operating result, however, should be interpreted in combination with other movements in the balance sheet under IFRS 17, such as the CSM and shareholders' equity. On a per share basis, shareholders' equity has remained stable over the period despite material distribution of capital to shareholders. At the same time, we are seeing good results in the financial metrics on which we primarily steer the business.

2023 年下半年，國際財務報告準則 營運績效較上年同期下降 32%，至 6.81 億歐元，主要是由美國業績推動的。不過，此營運績效應結合其他市場的變動來解讀。IFRS 17 下的資產負債表，例如CSM 和股東權益。儘管向股東進行了大量資本分配，但以每股計算，股東權益在此期間仍保持穩定。同時，我們在主要指導業務的財務指標上看到了良好的結果。

First, our operating capital generation before holding funding and operating expenses increased by 16% over the second half of 2023, coming in at EUR 660 million. This brings the full year amount to EUR 1.3 billion above our guidance. Free cash flow was strong as well in the second half of 2023, amounting to EUR 429 million following the receipt of planned remittances from all units. Cash capital at the holdings stood at EUR 2.4 billion at the end of December 2023. Proceeds from the ASR transaction and the remittances from the units were partially offset by capital return to shareholders and the redemption of a EUR 500 million matured senior bond.

首先，我們在持有資金和營運費用之前的營運資本產生量比 2023 年下半年成長了 16%，達到 6.6 億歐元。這使得全年金額比我們的指導高出 13 億歐元。 2023 年下半年，自由現金流也很強勁，在收到所有單位的計畫匯款後，自由現金流達到 4.29 億歐元。截至 2023 年 12 月底，所持股份的現金資本為 24 億歐元。ASR 交易的收益和各單位的匯款被股東資本返還和 5 億歐元到期高級債券的贖回部分抵消。

This redemption means that we have also achieved our target of having a gross financial leverage of around EUR 5 billion. The group solvency ratio decreased by 9 percentage points since the end of June of 2023 to 193%. The impact of the ASR transaction associated share buyback and the incorporation of our stake in ASR were in line with the guidance we had previously provided. This was in part offset by capital generation as well as the beneficial impact of the U.K. solvency reform, which is reflected in our group solvency ratio.

這次贖回意味著我們也實現了總財務槓桿約 50 億歐元的目標。集團償付能力充足率自2023年6月底以來下降9個百分點至193%。 ASR 交易相關的股票回購和我們 ASR 股份的納入所產生的影響與我們先前提供的指導一致。這在一定程度上被資本生成以及英國償付能力改革的有利影響所抵消，這反映在我們的集團償付能力比率中。

Let's now move to the operating results on Slide 11. The group's operating result was EUR 681 million, a decrease of EUR 32 million compared with the prior year period. In the U.S., the operating result decreased by 39% over the same period, reflecting both the impact of management actions and the fact that the prior year period included several nonrecurring items. In the U.K., the operating result decreased by 12%. This decrease is mainly a consequence of the sale of the protection business to Royal London, which has reduced the release of CSM. The operating result of the noninsurance fee business was negatively impacted by inflationary pressure on expenses.

現在讓我們來看看幻燈片 11 上的經營業績。該集團的經營業績為 6.81 億歐元，比去年同期減少 0.32 億歐元。在美國，同期經營績效下降了 39%，這不僅反映了管理層行動的影響，也反映了上一年期間包括多項非經常性項目的事實。在英國，經營績效下降了 12%。這一減少主要是由於將保護業務出售給皇家倫敦，從而減少了 CSM 的釋放。非保險收費業務的經營績效受到費用通膨壓力的負面影響。

In our International segment, the operating result decreased by 10%, predominantly as a result of a nonrecurring benefit in TLB in the second half of 2022. The operating result from Aegon Asset Management increased by 3% compared with the same period of 2022. This was driven by the expansion of the LBP asset management joint venture. Finally, our holding or group center reported a negative result of EUR 72 million, which mainly reflects funding and operating expenses. The operating result improved compared with the second half of 2022, driven by higher returns on cash capital at holding and an unfavorable onetime item in the previous year. These expenses should increase next year as the return on cash capital will decrease and the funding expenses will likely increase in a higher interest rate environment.

在我們的國際業務部門，經營績效下降了 10%，主要是由於 2022 年下半年 TLB 的非經常性收益。Aegon 資產管理的營運績效與 2022 年同期相比成長了 3%。受LBP 資產管理合資企業的營運績效與 2022 年同期相比成長了 3%。受LBP 資產管理合資企業與 3%企業擴張的推動。最後，我們的控股或集團中心報告了 7,200 萬歐元的負結果，這主要反映了資金和營運費用。與2022年下半年相比，由於持有現金資本回報率較高以及上一年不利的一次性項目，經營業績有所改善。由於現金資本回報率將下降，並且在利率較高的環境下融資費用可能會增加，因此明年這些費用應該會增加。

On the next slide, #12, let me give you more background on our U.S. operating results. The operating result of the U.S. amounted to $519 million in the second half of 2023, and was impacted by unfavorable claims and policyholder experience. There are a few points worth noting on the experience variance. First, the experience variance of $39 million on expenses included about $25 million of recurring expenses, which we will report in the line other insurance results going forward.

在下一張投影片 #12 中，我將向您介紹更多有關我們美國營運績效的背景資訊。美國2023年下半年的營運表現達5.19億美元，受到不利索賠和投保人體驗的影響。關於經驗差異，有幾點值得注意。首先，費用方面 3,900 萬美元的經驗差異包括約 2,500 萬美元的經常性費用，我們將在未來的其他保險績效中報告這些費用。

Second, claims and policyholder experience was unfavorable at $210 million. It notably included negative mortality experience variance of $91 million. The unfavorable mortality development can be attributed to both a few claims with unusually large face amounts and the fact that mortality on retained lives was a bit higher than expected. We are still coming out of the COVID-19 pandemic. And as we saw this quarter, the mortality was unfavorable compared to our long-term best estimate assumptions. We could, therefore, observe similar developments in the coming periods, but the experience variance should progressively average out to around 0 over time.

其次，索賠和投保人體驗不佳，達 2.1 億美元。其中特別包括 9,100 萬美元的負死亡率體驗差異。死亡率的不利發展可歸因於一些索賠金額異常大，以及保留生命的死亡率略高於預期。我們尚未擺脫 COVID-19 大流行的影響。正如我們本季所看到的，與我們的長期最佳估計假設相比，死亡率不利。因此，我們可以在未來一段時間內觀察到類似的發展，但隨著時間的推移，經驗變異數應逐漸平均到 0 左右。

Third, there were some new onerous contracts, as you would expect in a normal quarter, these amounted to $12 million. On a separate note, the insurance net investment result of $200 million decreased compared with last year's second half, notably reflecting the impact of management actions on asset levels and an increase in interest accretion on liabilities. The result in the second half of 2023 included a $28 million nonrecurring benefit following a methodology update regarding interest accretion in variable and fixed annuities.

第三，有一些新的繁重合同，正如您在正常季度中所預期的那樣，這些合約金額達 1200 萬美元。另外，保險淨投資結果較去年下半年減少2億美元，主要反映了管理階層行動對資產水準的影響以及負債利息增值的增加。 2023 年下半年的結果包括在更新可變年金和固定年金利息增值的方法後產生 2800 萬美元的非經常性收益。

Slide 13 shows the net results over the second half of 2023. Nonoperating items amounted to a charge of EUR 495 million, driven by realized losses on investments in the U.S. This was driven by the sale of assets related to the reinsurance of the universal life portfolio to Wilton Re as well as by asset sales intended to preserve existing tax benefits. Fair value items resulted in a gain of EUR 65 million during the second half of 2023. Gains from hedges in the U.S. mostly related to variable annuity dynamic hedging and in the holding more than offset negative results, hedge results in the U.K. and a loss on fair value investments in the U.S. related to the underperformance of alternative investments.

投影片 13 顯示了 2023 年下半年的淨結果。非營運項目費用達 4.95 億歐元，主要是由於美國投資的已實現損失所致。這是由於與萬能壽險投資組合再保險相關的資產出售所致向威爾頓再保險（Wilton Re）以及旨在保留現有稅收優惠的資產出售。公允價值項目在 2023 年下半年帶來了 6,500 萬歐元的收益。美國的對沖收益主要與可變年金動態對沖有關，而持有的收益則足以抵消負面結果、英國的對沖結果和美國的公允價值投資與另類投資的表現不佳有關。

Other charges amounted to EUR 270 million in the second half of 2023. This is driven by the U.S., where other charges amounted to EUR 387 million or $418 million. These included $278 million of model and assumption updates. These were mainly from the fourth quarter expense assumption review, the impact of which was almost fully offset by an increase in the CSM.

2023 年下半年，其他費用達 2.7 億歐元。這是由美國推動的，美國的其他費用達 3.87 億歐元（4.18 億美元）。其中包括 2.78 億美元的模型和假設更新。這些主要來自第四季度費用假設審查，其影響幾乎完全被合約服務邊際的增加所抵消。

The remainder of the charges in the U.S. was comprised of $129 million in restructuring charges, investments related to the life operating model, and an adjustment to litigation provisions to account for settlements in the second half of 2023. These charges in the U.S. were notably partially offset by EUR 155 million of other income related to our stake in ASR.

美國的其餘費用包括 1.29 億美元的重組費用、與人壽營運模式相關的投資，以及為考慮 2023 年下半年和解而對訴訟條款進行的調整。美國的這些費用尤其部分是與我們所持ASR 股份相關的1.55 億歐元其他收入抵消了。

On Slide 14, I want to talk about the development of Aegon shareholders' equity in the second half of 2023. Here, you see the total comprehensive income amounted to a positive EUR 445 million, thereby increasing shareholders' equity. This is due to the fact that realized losses on bond sales in the U.S. are offset completely in other comprehensive income. After taking into account the capital returns through share buyback program, the payment of the interim dividend and interest paid on the debt, shareholders' equity decreased by EUR 700 million to EUR 7.5 billion over the second half of 2023. On a per share basis, however, shareholders' equity remains stable over the reporting period at EUR 4.27 due to the reduction in share count from the share buyback program.

在投影片14上，我想談談Aegon股東權益在2023年下半年的發展。在這裡，你看到綜合收益總額為正4.45億歐元，從而增加了股東權益。這是因為美國債券銷售的已實現損失完全在其他綜合收益中抵銷。考慮到透過股票回購計劃獲得的資本回報、中期股息的支付以及債務利息，股東權益在 2023 年下半年減少了 7 億歐元，至 75 億歐元。按每股計算，然而，由於股票回購計劃導致股票數量減少，股東權益在報告期間內維持穩定在4.27 歐元。

I'm now moving on to talk about the CSM development on Slide 15. CSM at the end of the year 2023 amounted to EUR 8.3 billion and remained stable compared with the level at the end of June. The growth of our U.S. strategic asset CSM, and the decline of our U.S. financial asset CSM, were the two largest developments. Both reflect our strategy to grow strategic assets and to reduce financial assets. I'll come back to the U.S. in a moment. Outside the U.S., the main driver of the CSM was the U.K. business. Here, the CSM increased by EUR 65 million in the second half of 2023. The release of CSM, mostly from the traditional book, and an unfavorable experience variance was more than offset by the favorable impact of assumption updates in markets. It is important to note that our focus in the U.K. is on platform activities, which are not accounted for anymore under IFRS 17, and therefore, do not have a CSM balance.

我現在繼續在幻燈片 15 上談論 CSM 的發展。2023 年底 CSM 達到 83 億歐元，與 6 月底的水平相比保持穩定。我們美國戰略資產CSM的成長和美國金融資產CSM的下降是兩個最大的發展。兩者都反映了我們增加策略資產和減少金融資產的策略。我一會兒就回美國。在美國以外，CSM 的主要推動力是英國業務。在此，CSM 在 2023 年下半年增加了 6,500 萬歐元。CSM 的發布（主要來自傳統書籍）和不利的經驗差異被市場假設更新的有利影響所抵消。值得注意的是，我們在英國的重點是平台活動，這些活動不再根據 IFRS 17 進行會計處理，因此沒有 CSM 餘額。

On Slide 16, I will discuss the dynamics of our U.S. CSM in more detail. On the left-hand side of Slide 16, you see the CSM roll forward for our U.S. strategic assets. Here, the CSM increased about $600 million compared with the end of June 2023 to $2.8 billion. New business contributed about $200 million, driven by sales in index universal life policies and more than offset the release of CSM. Experience variance in the strategic assets was overall favorable from favorable policyholder behavior. The expense assumption update had a significantly positive impact on the CSM. This update reflects the future benefits we anticipate as we implement our improved life operating model. During the second half of the year, there was an increase in the risk adjustment that was primarily driven by the loss of diversification due to the sale of Aegon the Netherlands to ASR. This is an offsetting impact on CSM.

在投影片 16 上，我將更詳細地討論美國 CSM 的動態。在投影片 16 的左側，您可以看到我們美國戰略資產的 CSM 向前邁進。與 2023 年 6 月底相比，CSM 增加了約 6 億美元，達到 28 億美元。在指數萬能壽險保單銷售的推動下，新業務貢獻了約 2 億美元，遠遠抵消了 CSM 的推出。由於投保人的良好行為，戰略資產的經驗差異總體上是有利的。費用假設更新對 CSM 產生了顯著的正面影響。此更新反映了我們在實施改進的壽命營運模式時預期的未來收益。下半年，風險調整增加，主要是由於將荷蘭 Aegon 出售給 ASR 導致多元化損失。這是對 CSM 的抵銷影響。

Moving now to the right-hand side of Slide 16. The CSM balance related to our financial assets decreased by about $700 million compared with the end of June 2023. The update of our expense assumptions had an unfavorable impact, as did claims and policyholder experience variances. The unfavorable in-force update of the risk adjustment was offset by interest accretion on the CSM together with markets and a favorable impact on the variable annuity book, which is accounted for under the variable fee approach. Finally, other movements reflect mainly the impact of management actions on the CSM such as the reinsurance of the universal life portfolio to Wilton Re.

現在轉到幻燈片16 的右側。與2023 年6 月底相比，與我們的金融資產相關的CSM 餘額減少了約7 億美元。我們費用假設的更新產生了不利影響，索賠和投保人體驗也是如此差異。風險調整的不利的有效更新被 CSM 和市場的利息增長以及對可變年金帳簿（根據可變費用法進行核算）的有利影響所抵消。最後，其他變動主要反映了管理層行為對 CSM 的影響，例如萬能壽險投資組合向威爾頓再保險 (Wilton Re) 的再保險。

Let me now turn to operating capital generation on Slide 17. Operating capital generation before holding funding and operating expenses increased by 16% compared with the second half of 2022 and amounted to EUR 660 million. Earnings on in-force, excluding holding expenses, increased by 16% over the same period. This was driven by Transamerica and reflects the growth of our strategic assets and the impact from previous management actions on our financial assets. Our U.S. claims experience was comparable with that of the second half of 2022, and therefore not contribute to the increase.

現在讓我談談幻燈片 17 上的營運資本產生。與 2022 年下半年相比，持有資金和營運費用之前的營運資本產生增加了 16%，達到 6.6 億歐元。有效收益（不包括持有費用）同期增加了 16%。這是由 Transamerica 推動的，反映了我們策略資產的成長以及先前的管理行動對我們金融資產的影響。我們的美國索賠經驗與 2022 年下半年相當，因此不會對成長做出貢獻。

New business strain decreased by 9% compared with the prior year period. Higher strain in the U.S., in line with our ambition to drive profitable growth in our U.S. strategic assets, was more than offset by lower strain in the U.K. and international. In the U.K., the lower new business strain was driven by the sale of the protection book and a change in business mix. The release of required capital was 14% lower than the same period of 2022, which was mainly the result of a onetime additional release from a contract discontinuance in the U.S. at the end of 2022. There is a significant difference in trends between the operating capital generation and the IFRS 17 operating results.

新業務壓力較上年同期下降9%。美國的較高壓力與我們推動美國戰略資產獲利成長的雄心一致，但被英國和國際較低的壓力所抵銷。在英國，新業務壓力下降是由於保護書的出售和業務組合的變化所致。所需資本釋放較2022年同期下降14%，主要是2022年底美國合約終止一次性額外釋放所致。營運資本與營運資本趨勢有顯著差異。產生與 IFRS 17 經營績效。

Let me provide some context on Slide 18. First of all, we steer the business and evaluate performance primarily based on the capital-based framework. Capital generation in the business units enables remittances to the holding, which in turn enable us to return capital to shareholders. The most important component of operating capital generation is the earnings on in-force and this is directly comparable to the IFRS operating results. Having said that, there are major structural differences between the IFRS operating result and the statutory based earnings on in-force, which impact the timing of earnings recognition under the two frameworks. These structural differences resulted in a lower IFRS operating result and an increase on earnings in force in the reporting period compared with the second half of 2022.

讓我提供有關幻燈片 18 的一些背景資訊。首先，我們主要根據基於資本的框架來引導業務並評估績效。業務部門的資本產生使我們能夠向控股公司匯款，使我們能夠將資本返還給股東。營運資本產生的最重要組成部分是有效收益，這可以直接與國際財務報告準則的營運結果進行比較。話雖如此，國際財務報告準則的經營結果與法定的有效盈利之間存在重大結構性差異，這影響了兩個框架下盈利確認的時間。與 2022 年下半年相比，這些結構性差異導致報告期間 IFRS 營運績效較低，有效收益增加。

For instance, net investment-related impacts were more negative on an IFRS basis as current period accretion of interest on liabilities occurs at higher rates on certain blocks compared with that for earnings on in-force. Another example is that the profit emergence of indexed universal life products are very different under the two frameworks. Under statutory accounting rules, profits are upfronted in the first several years, while under IFRS, the profits are smoothed equally over the duration of the product.

例如，根據國際財務報告準則，與淨投資相關的影響更為負面，因為與有效收益相比，某些區塊的當期負債利息增加率更高。又如，指數型萬能壽險產品的利潤出現在兩種框架下有很大差異。根據法定會計規則，利潤在最初幾年預付，而根據國際財務報告準則，利潤在產品存續期間平均平滑。

Importantly, management actions can have very different impacts on the two frameworks. For example, the universal life reinsurance transaction that we executed at the half year reduced an anticipated drag on operating capital generation, but is anticipated to reduce future IFRS earnings as the book will no longer contribute to CSM release, nor net investment result.

重要的是，管理行為可能對兩個框架產生截然不同的影響。例如，我們在半年執行的萬能人壽再保險交易減少了對營運資本產生的預期拖累，但預計將減少未來的國際財務報告準則收益，因為該帳簿將不再為CSM 發布做出貢獻，也不再為淨投資結果做出貢獻。

Similarly, in variable annuities, we set up a voluntary reserve under the capital-based framework to dampen the sensitivity of our RBC ratio to equity market movements. This reserve only exists under statutory accounting and has no corollary under IFRS. As the book runs off, voluntary reserve is gradually released, benefiting earnings on in-force, but not IFRS earnings.

同樣，在可變年金方面，我們在資本框架下設立了自願準備金，以降低我們的 RBC 比率對股市波動的敏感度。此準備金僅在法定會計下存在，在國際財務報告準則下沒有推論。隨著帳面用盡，自願準備金逐漸釋放，有利於有效收益，但不會受益於國際財務報告準則收益。

Finally, there were a number of one-off items in the second half of 2022, mainly related to modeling and methodology updates that partially explain the difference in IFRS operating results this period and that related exclusively to IFRS 17 accounting. In sum, these frameworks are difficult to harmonize, but the capital-based framework is the primary one that we use to steer the business.

最後，2022 年下半年出現了一些一次性項目，主要與模型和方法更新有關，部分解釋了本期 IFRS 經營業績的差異，並且僅與 IFRS 17 會計相關。總而言之，這些框架很難協調一致，但基於資本的框架是我們用來引導業務的主要框架。

Using Slide 19, I want to talk to you about the development of the capital ratios of our main operating units. The U.S. RBC ratio increased to 432% at the end of the year and remains well above the operating level of 400%. Operating capital generation contributed favorably to the ratio, more than offset remittances to the whole. Market movements had a 5 percentage point positive impact, mainly from tightening credit spreads and favorable interest rate inputs. Onetime items had an overall negative impact of 10 percentage points over the reporting period. This is a combination of a number of items.

我想用投影片19跟大家談談我們主要經營單位資本比率的發展。截至年底，美國 RBC 比率增至 432%，仍遠高於 400% 的營運水準。營運資本產生對此比率的貢獻很大，超過了整體匯款的影響。市場走勢產生了 5 個百分點的正面影響，主要來自信貸利差收緊和有利的利率輸入。報告期間內，一次性項目的整體負面影響降低了 10 個百分點。這是多個項目的組合。

Firstly, there is a negative impact relating to the implementation of the remaining management actions that we announced at our Capital Markets Day in June. Secondly, the setup of an affiliated reinsurance entity in Bermuda and the subsequent reinsurance of a block of deferred annuities to it had a negative impact. Third, some smaller onetime items had on balance a negative impact. Finally, these negative drivers were in part offset by the recognition of the statutory equity of two captive insurance companies in available capital.

首先，我們在 6 月資本市場日宣布的剩餘管理行動的實施會產生負面影響。其次，在百慕達設立附屬再保險實體以及隨後向其提供的一批延期年金再保險產生了負面影響。第三，一些較小的一次性物品總體上產生了負面影響。最後，這些負面驅動因素被承認兩家自保保險公司的可用資本法定權益所部分抵銷。

The solvency ratio of Scottish Equitable, our main legal entity in the U.K., increased to 187%. This reflects the regulatory change in the U.K., which lowered the risk margin and thereby increased the available capital. In addition, the positive impact from operating capital generation more than offset the remittances to the holding. These positive factors were in part offset by the annual assumption update and market movements over the period, which both had a slight negative impact on the ratio.

我們在英國的主要法人實體 Scottish Equitable 的償債能力充足率提高至 187%。這反映了英國的監管變化，降低了風險邊際，從而增加了可用資本。此外，營運資本產生的正面影響遠遠抵消了向控股公司的匯款。這些正面因素部分被年度假設更新和同期市場趨勢所抵消，兩者都對該比率產生了輕微的負面影響。

I will now turn to Slide 20 for an update on our financial assets. Here, we summarize how we are creating value from our financial assets. The reinsurance of a block of universal life policies with secondary guarantees announced in July generated $240 million of capital, in line with previous guidance, and is being used to further fund the purchase of institutionally owned universal life policies.

我現在將轉向幻燈片 20，以了解我們金融資產的最新情況。在這裡，我們總結了我們如何從金融資產創造價值。 7 月宣布的一批帶有二級擔保的萬能壽險保單的再保險產生了 2.4 億美元的資本，與先前的指導一致，並被用於進一步資助購買機構擁有的萬能壽險保單。

By 2027, Transamerica aims to have purchased 40% of the $7 billion face amount of institutionally owned universal life contracts that was in force at the end of 2021. We have made steady progress, and as of the end of 2023, we have purchased 23% of the face value of these policies, focusing on older age policies with large base amounts. In long-term care, we have obtained regulatory approvals for additional actuarially justified premium rate increases worth $245 million since the start of the year. This represents 35% of the target that we announced at the Capital Markets Day.

Transamerica 的目標是到 2027 年購買 2021 年底生效的 70 億美元面額的機構擁有的萬能壽險合約中的 40%。我們已經取得了穩步進展，截至 2023 年底，我們已經購買了 23 份這些保單面值的% ，重點關注基數較大的老年保單。在長期照護方面，自今年年初以來，我們已獲得監管機構批准額外增加精算合理的保費，價值達 2.45 億美元。這相當於我們在資本市場日宣布的目標的 35%。

Moving to fixed annuities, we have set up an affiliated reinsurance entity in Bermuda, to which we have reinsured a portfolio of fixed deferred annuities. This will enable us to manage the block under a more market consistent framework, thereby reducing capital volatility. In variable annuities, we hedged the targeted risks embedded in our variable annuity guarantees and achieved a 99% hedge effectiveness in the second half of 2023.

轉向固定年金，我們在百慕達設立了一家附屬再保險實體，為固定遞延年金投資組合提供再保險。這將使我們能夠在更市場一致的框架下管理該區塊，從而減少資本波動。在可變年金方面，我們對可變年金擔保中包含的目標風險進行了對沖，並在 2023 年下半年實現了 99% 的對沖有效性。

We have now expanded that program to also include statutory lapse and mortality margins to lower our RBC ratio sensitivities, especially to equity markets. Capital employed in our financial assets decreased to $3.9 billion at the end of 2023. We continue to work diligently toward our goal of reducing the capital employed in our financial assets to around $2.2 billion by the end of 2027.

我們現在擴大了該計劃，將法定失效和死亡率邊際納入其中，以降低我們的 RBC 比率敏感性，尤其是對股票市場的敏感性。到 2023 年底，我們的金融資產所用資本減少至 39 億美元。我們將繼續努力實現到 2027 年底將金融資產所用資本減少至 22 億美元左右的目標。

On Slide 21, I will address cash capital at the holding. The free cash flow of EUR 425 million over the second half of 2023 reflects the receipt of planned remittances from all our business units. In addition, we received our share of ASR as 2023 interim dividend. Proceeds from the transaction with ASR amounted to EUR 2.2 billion. As previously guided, these proceeds are being used to return capital to shareholders. Cash outflows amounted to EUR 1.6 billion, of which about EUR 800 million relates to the ongoing share buyback program, about EUR 300 million to the payment of our interim dividend, and about EUR 500 million to the redemption of a maturing senior bond.

在投影片 21 中，我將討論控股的現金資本。 2023 年下半年的自由現金流為 4.25 億歐元，反映了我們所有業務部門收到的計畫匯款。此外，我們也收到了 ASR 份額作為 2023 年中期股息。與 ASR 的交易收益達 22 億歐元。正如先前的指導，這些收益將用於向股東返還資本。現金流出達16億歐元，其中約8億歐元用於正在進行的股票回購計劃，約3億歐元用於支付中期股息，約5億歐元用於贖回期的高級債券。

On Slide 22, I want to talk about our progress with respect to achieving our financial commitments. Operating capital generation before holding funding and operating expenses was strong in 2023 at EUR 1.3 billion and came in above our guidance, supported by solid business growth and favorable onetime items. For 2024, we anticipate higher new business stream, driven by the growth of our U.S. strategic assets. Operating capital generation is expected to amount to around EUR 1.1 billion, on track to achieve our target of around EUR 1.2 billion in 2025. The redemption of a maturing senior bond in the fourth quarter of 2023 has brought our gross financial leverage to EUR 5.1 billion, and thus, we have achieved our target of having leverage of around EUR 5 billion.

在投影片 22 上，我想談談我們在實現財務承諾方面的進展。 2023 年，在穩健的業務成長和有利的一次性專案的支持下，持有資金和營運費用之前的營運資本產生強勁，達到 13 億歐元，高於我們的指導。 2024 年，在我們美國戰略資產成長的推動下，我們預期新業務流將會增加。營運資本產生預計將達到約 11 億歐元，預計在 2025 年實現約 12 億歐元的目標。2023 年第四季到期高級債券的贖回使我們的總財務槓桿達到 51 億歐元，因此，我們實現了槓桿率約50 億歐元的目標。

Free cash flow amounted to EUR 715 million in 2023, above the guidance we provided, and include EUR 123 million of remittances from our Chinese asset management joint venture. A significant portion of this should be considered as special remittances, reflecting performance in prior years. As mentioned during our last Capital Markets Day, we expect free cash flow in 2024 to exceed EUR 700 million on the back of sustainable operating capital generation growth. Finally, we are proposing a final dividend of EUR 0.16 per common share, which subject to approval of this general meeting of shareholders, brings the full year 2023 dividend to EUR 0.30 per common share, as previously guided. We remain confident we can grow the dividend to our stated target of EUR 0.40 per share over 2025. In summary, we are well on track to achieve our 2025 financial targets.

2023 年自由現金流達 7.15 億歐元，高於我們提供的指導，其中包括來自我們中國資產管理合資企業的 1.23 億歐元匯款。其中很大一部分應被視為特別匯款，反映前幾年的表現。正如我們在上一次資本市場日中提到的，我們預計在永續營運資本產生成長的支持下，2024 年自由現金流將超過 7 億歐元。最後，我們建議派發每股普通股 0.16 歐元的末期股息，待本次股東大會批准後，2023 年全年股息將達到先前指引的每股普通股 0.30 歐元。我們仍然有信心在 2025 年將股息提高到每股 0.40 歐元的既定​​目標。總而言之，我們正在順利實現 2025 年的財務目標。

And with that, I now pass it back to you, Lard, for your concluding remarks.

現在，我將其轉回給拉德，請您作總結發言。

Yes. Thanks, Matt. Let me wrap up today's presentation with Slide #24, before we move to Q&A.

是的。謝謝，馬特。在我們進入問答環節之前，讓我用幻燈片 #24 來結束今天的簡報。

Aegon is fully engaged in this next chapter of its transformation. We are moving forward with our strategy. We have concrete plans and are delivering on the commitments that we have made. Operating capital generation growth was strong in 2023 on the back of profitable business growth in our U.S. strategic assets and management actions previously taken on our financial assets. The operating results declined in part from the mentioned actions, which benefited capital generation as well as nonrecurring items in 2022.

Aegon 正全力投入轉型的下一個篇章。我們正在推進我們的戰略。我們有具體的計劃，並且正在兌現我們所做的承諾。在我們美國戰略資產的獲利業務成長以及先前對我們的金融資產採取的管理行動的支持下，2023 年營運資本生成成長強勁。經營績效下降的部分原因是上述行動，這些行動有利於 2022 年的資本產生和非經常性項目。

Commercial momentum remains strong in our U.S. strategic assets, the U.K. Workplace business, and in our international joint ventures. Macroeconomic conditions remain actors in our U.K. Retail business and Asset Management businesses. The final dividend we proposed will bring the full year 2023 dividend to EUR 0.30 per common share, in line with our guidance and on our path to a EUR 0.40 dividend per common share in 2025.

我們的美國戰略資產、英國工作場所業務以及國際合資企業的商業勢頭依然強勁。宏觀經濟狀況仍然是我們英國零售業務和資產管理業務的影響因素。我們提議的最終股息將使 2023 年全年股息達到每股普通股 0.30 歐元，這符合我們的指導方針，也符合我們在 2025 年實現每股普通股股息 0.40 歐元的目標。

And finally, I'm turning to Slide 25. We would like to take this opportunity to invite you to attend a webinar on the strategy of our U.K. business set to take place on June 25 of this year. I'm looking forward to your participation at this event.

最後，我將轉向投影片 25。我們想藉此機會邀請您參加定於今年 6 月 25 日舉行的關於我們英國業務策略的網路研討會。我期待您參加本次活動。

And with that, I would like now to open the call for your questions. (Operator Instructions) Sharon, please be so kind as to open the Q&A session.

現在我想開始詢問大家的問題。 （操作員指示）Sharon，請開始問答環節。

(Operator Instructions) And your first question comes from the line of Andrew Baker from Citi.

（操作員說明）您的第一個問題來自花旗銀行的安德魯貝克（Andrew Baker）。

The first one is just on the operating capital generation. Really how much conservatism is built into the EUR 1.1 billion 2024 guidance? Clearly, we've seen a few quarters in a row now of positive one-offs. Interest rates are now higher. And my understanding is that all the interest rate benefits were in the 2023 base due to some liquidity constraints, and also received the S&P's rally recently as well. So I guess, why should we expect that EUR 1.1 billion to be higher in 2024?

第一個是關於營運資本的產生。 2024 年 11 億歐元的指導方針中到底包含了多少保守主義成分？顯然，我們已經連續幾個季度看到了一次性的積極成果。現在利率更高。我的理解是，由於一些流動性限制，所有的利率收益都在2023年的基數上，最近也受到了標準普爾指數的反彈。所以我想，為什麼我們應該預期 2024 年會更高 11 億歐元呢？

And then secondly, just on the long-term care risk transfer market. You've seen a peer do a back book transaction in December. I appreciate there's mix differences and there were other products involved in that transaction. But do you see this as a positive signal for the wider long-term care risk transfer market going forward?

其次，就長期照護風險轉移市場而言。您已經看到一位同行在 12 月進行了回帳交易。我意識到存在混合差異，而該交易還涉及其他產品。但您認為這對於未來更廣泛的長期照護風險轉移市場來說是一個正面訊號嗎？

Yes. Thanks, Andrew. This is Lard. Let me take that last question and then give it back to Matt on the OCG. Of course, we've taken good note of the transaction you're referring to in the U.S. But these transactions are all unique in their own nature with their own details. So while it's an interesting signal and we're watching the space very carefully, I cannot really comment on that in a broader sense.

是的。謝謝，安德魯。這是豬油。讓我回答最後一個問題，然後將其回饋給 OCG 的 Matt。當然，我們已經充分記錄了您所指的美國交易，但這些交易本質上都是獨一無二的，都有自己的詳細資訊。因此，雖然這是一個有趣的信號，而且我們正在非常仔細地觀察這個領域，但我無法從更廣泛的意義上對此發表評論。

When it comes to the OCG, Matt, over to you.

說到 OCG，Matt，輪到你了。

Yes. Let me take you through a bit of the puts and takes at least for the second half of the year. So what we reported was EUR 306 million of OCG from the business units, and this was a beat relative to the analyst consensus. The main driver of this was some basically onetime benefits that we got from International. The results in the U.S. were actually pretty clean with some unfavorable mortality experience, basically offset by other items, morbidity and favorable operating items. But in general, the U.S. was pretty clean. So if you're coming to about a clean number of about, let's call it, EUR 275 million for the quarter x4, that gets you to about EUR 1.1 billion, and that's effectively what our guidance is.

是的。讓我帶您了解至少今年下半年的一些看跌期權和看跌期權。因此，我們報告的是來自業務部門的 3.06 億歐元 OCG，這相對於分析師的共識來說是一個好消息。其主要驅動力是我們從國際公司獲得的一些基本上一次性的好處。美國的結果實際上相當乾淨，有一些不利的死亡率經歷，基本上被其他項目、發病率和有利的運營項目所抵消。但總的來說，美國還是很乾淨的。因此，如果您得出一個明確的數字，我們稱之為本季 2.75 億歐元 x4，那麼您將達到約 11 億歐元，這實際上就是我們的指導方針。

There are a couple of pluses and minuses going into 2024, though. The first is that we do have some tailwinds. The equity markets ended up pretty high at the end of the year, and we generally do better on OCG with higher asset bases and the like. But the key thing here is that we would expect to see some additional new business stream over and above what we saw in 2023, and that kind of brings you back into that EUR 1.1 billion range. I would say it's really the increase in the new business stream that's really driving the EUR 1.1 billion.

不過，進入 2024 年仍有一些優點和缺點。首先，我們確實有一些順風車。年底股市收盤相當高，我們通常在資產基礎較高等的 OCG 上表現較好。但這裡的關鍵是，我們預計會在 2023 年看到的基礎上看到一些額外的新業務流，這會讓你回到 11 億歐元的範圍。我想說，真正推動 11 億歐元成長的是新業務流的成長。

And your next question comes from the line of David Barma, Bank of America.

您的下一個問題來自美國銀行的大衛·巴爾馬。

The first one is on remittances for the U.S. specifically. Could you please remind us what the trajectory is in terms of cash remittances there? I know you have a dollar amount target, but given the strong capital position and the sensitivities keep coming down, is there any reason for you not to be able to remit more than around 65%, 70% conversion of capital generation that you have currently?

第一個是專門針對美國的匯款。您能否提醒我們那裡的現金匯款軌跡如何？我知道您有一個美元金額目標，但考慮到強勁的資本狀況和敏感度不斷下降，您是否有任何理由不能匯出目前擁有的資本產生的 65%、70% 左右以上的轉換率？

And then secondly, on retirement plans, you've had good growth in your assets under management there over '23 and especially on the middle market segment. But the earnings contribution you show on Slide 5 has gone down. So could you remind us what the main building blocks are to get to the $200 million target for 2025?

其次，就退休計畫而言，23 年來，您所管理的資產取得了良好的成長，尤其是在中間市場領域。但投影片 5 所顯示的收益貢獻卻下降了。那麼您能否提醒我們實現 2025 年 2 億美元目標的主要組成部分是什麼？

Thank you, David. Matt?

謝謝你，大衛。馬特？

Yes. So on the remittances. Back at the Capital Markets Day we did just this past June, we said that we would try to grow the U.S. remittances in a sort of mid-single digits kind of a range. And we would not expect to vary off of that. I think we took $550 million in remittances in 2023. So mid-single digits on top of that, that's what we would be expecting in 2024.

是的。那麼關於匯款。回到我們今年六月舉行的資本市場日活動，我們表示我們將努力將美國匯款成長到中等個位數的範圍內。我們不希望改變這一點。我認為 2023 年我們收到了 5.5 億美元的匯款。除此之外，我們預計 2024 年的匯款將達到中個位數。

I think the key thing here is that we really want our business units and, obviously, including the U.S. to have enough capital to be able to invest for growth. And that's the big deal. They have a big transformation that they need to fund and we do expect higher new business stream going into next year. So at this moment in time, we would not expect to take out any additional remittances. Let it sit there. They have plenty of uses for it that we're actually very happy to be able to achieve.

我認為這裡的關鍵是，我們確實希望我們的業務部門，顯然包括美國，擁有足夠的資本來投資以實現成長。這才是最重要的。他們需要資助重大轉型，我們確實預計明年會有更多新業務流。因此，目前我們預計不會再進行任何額外的匯款。讓它坐在那裡。它們有很多用途，我們實際上很高興能夠實現這些用途。

On the Retirement Plans business, indeed the operating result is down a bit. The building blocks are really the amount of money that we take off of record-keeping fees plus ancillary benefits plus other bits and, for example, general accounts stable value. We have seen some outflows overall in the Retirement Plans business. Our aim is actually to keep the AUM pretty stable over the planned projection period and really make up for the margin difference with these ancillary benefits. So those are the building blocks, but you can call Investor Relations for additional detail on that.

在退休計畫業務方面，經營績效確實略有下降。構成要素實際上是我們從記錄保存費中扣除的金額加上輔助福利加上其他部分，例如一般帳戶的穩定價值。我們看到退休計畫業務整體上出現了一些資金外流。我們的目標實際上是在計劃的預測期內保持資產管理規模相當穩定，並透過這些輔助收益真正彌補利潤率差異。這些是建立模組，但您可以致電投資者關係部門以了解更多詳細資訊。

Just one follow-up on your first question to Andrew on the interest rate benefit in '24 in OCG. How much do you expect from that? Do you still have funding headwinds? Or do you get the full benefit of your reinvestment, the amount you have reinvested...

只是您向安德魯提出的第一個問題的後續行動，內容涉及 OCG '24 的利率優惠。您對此有何期望？您還面臨資金困難嗎？或者您是否獲得了再投資的全部收益，即您再投資的金額...

I would say in the near term, we're not going to see much of an impact from interest rate movements. I mean, the big thing for us and frankly all insurance companies over the last 1 year, 1.5 years has been more the volatility in interest rates and having to manage liquidity around that. So in the short term, we have pluses and minuses. So on the plus side, we're making more on, for example, cash balances in the U.K. business, cash amounts that are sitting on the platform there.

我想說，短期內，我們不會看到利率變動產生太大影響。我的意思是，對於我們以及坦白說所有保險公司來說，在過去 1 年、1.5 年裡，最重要的事情是利率波動更大，並且必須圍繞這一點管理流動性。所以從短期來看，我們有優點也有缺點。因此，從積極的一面來看，我們在英國業務的現金餘額、平台上的現金金額等方面賺得更多。

We're making more on cash balances generally in the holding and you see that in our holding and funding expenses. But we have increased funding costs that we would be expecting in the U.S. business and at the holding over time. So there are a bunch of puts and takes, let's say, for the near term. But fundamentally, longer term, and we see this in our very long-term projections, cash flow testing forecasts and the like, the up interest rate environment, having come off the bottoms in 2021, are actually very, very helpful for us going forward.

我們通常在控股中的現金餘額上賺得更多，你可以在我們的控股和融資費用中看到這一點。但隨著時間的推移，我們預期美國業務和控股的融資成本將會增加。因此，短期內有很多看跌期權和看跌期權。但從根本上講，從長遠來看，我們在非常長期的預測、現金流測試預測等中看到了這一點，利率上升的環境在 2021 年觸底，實際上對我們的未來非常非常有幫助。

Your next question comes from the line of Nasib Ahmed from UBS.

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

First one on the holding company cash. I mean, it's pretty strong, but you've got a bit of the share buyback to go. And I think you've indicated you want to trend down towards the midpoint of the target range. So that gives me more than EUR 1 billion of excess, if I kind of roll it forward. What are your uses of this excess cash that's sitting at the holding company? That's question number one.

第一個是控股公司現金。我的意思是，它相當強勁，但你還需要進行一些股票回購。我認為您已經表明您希望趨勢下降至目標範圍的中點。因此，如果我將其向前推進的話，這將為我帶來超過 10 億歐元的超額收益。您如何使用控股公司的多餘現金？這是第一個問題。

And then the second one is on the Bermuda Reinsurance entity. Could you bundle up some of your liabilities, put it in the reinsurance entity, and go for a third-party solution? Would that be more attractive than doing it one by one? I'm just thinking if that's part of the plan because the fixed annuity reinsurance didn't really release a lot of capital. So just thinking about that entity going forward. So what's the plan for that?

第二個是關於百慕達再保險公司實體。您能否將部分負債捆綁起來，放入再保險實體，然後尋求第三方解決方案？這會比一件一件地做更有魅力嗎？我只是在想這是否是計劃的一部分，因為固定年金再保險並沒有真正釋放大量資本。因此，只需考慮該實體的未來。那麼這方面的計畫是什麼呢？

Yes, Nasib, thank you very much. I'll take the first one, and I'm going to ask you, Matt, to do the second one. Yes. So first of all, we're in the market working hard to complete the EUR 1.5 billion buyback that we have ongoing. And as we shared in the call, we still have roughly 24%, 25% to go. So we're concentrating on that. And so this means also that we will be buying back a substantial amount of trading volume in our own shares.

是的，納西布，非常感謝你。我會做第一個，馬特，我要請你做第二個。是的。首先，我們在市場上努力完成正在進行的 15 億歐元的回購。正如我們在電話會議中分享的那樣，我們還有大約 24%、25% 的工作要做。所以我們專注於此。因此，這也意味著我們將回購大量交易量的我們自己的股票。

As you know, we have a clear capital management framework and that has been consistent throughout the years. Should there be surplus cash capital above and beyond what we need to execute on the transformation as a company, if we cannot invest in value-creating opportunities, then we will return it to shareholders in the most efficient form. That's been a consistent approach that we have and we're not changing that.

如您所知，我們擁有清晰的資本管理框架，並且多年來一直保持一致。如果有多餘的現金資本超出我們公司轉型所需的資金，如果我們無法投資於創造價值的機會，那麼我們將以最有效的形式將其返還給股東。這是我們一貫的做法，我們不會改變。

Yes, let me pick up the Bermuda Reinsurance piece. So indeed, we started this reinsurance entity in Bermuda. We reinsured a big block of fixed deferred annuities to about $4.6 billion. But the reason why we do that is to align, let's say, the capital framework for fixed deferred annuities with our economic view of the risk. So moving these liabilities to Bermuda in the separate entity has allowed us to do this. And as you said in your question, this does not release a lot of capital, but what it does do is it reduces potential capital volatility down the road. And that's part of -- one of the things that we're trying to achieve as part of the management of these financial assets.

是的，讓我拿起百慕達再保險公司的部分。事實上，我們在百慕達創辦了這個再保險實體。我們對一大筆固定遞延年金進行了再保險，金額約為 46 億美元。但我們這樣做的原因是為了使固定遞延年金的資本框架與我們對風險的經濟觀點保持一致。因此，將這些負債轉移到百慕達的獨立實體使我們能夠做到這一點。正如您在問題中所說，這不會釋放大量資本，但它的作用是減少未來潛在的資本波動。這是我們在管理這些金融資產過程中試圖實現的目標之一。

I think you would agree that we've been pretty successful so far. We've been executing management actions to be able to do this. There will be further management actions. There's no question about it. We always say that we anticipate taking other unilateral and bilateral management actions. And really establishing the Bermuda entity gives us a little bit more flexibility, but we're not in any way talking about announcing anything right now, but it does give us some flexibility to execute on management actions just as we have done that in the past.

我想你會同意我們到目前為止已經相當成功了。為了做到這一點，我們一直在執行管理行動。也將採取進一步的管理行動。毫無疑問。我們總是說我們預期會採取其他單邊和雙邊管理行動。真正建立百慕達實體給了我們更多的靈活性，但我們現在並沒有以任何方式談論宣布任何事情，但它確實給了我們執行管理行動的一些靈活性，就像我們過去所做的那樣。

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 two questions, if I may. Starting with the commercial side. I just wondered if you had a target for agent recruitment at WFG this year on your path to 110,000. I presume actually something similar is kind of needed this year again. And then more generally, how much do you expect new business strain to increase this year? And is that partly driven by that?

如果可以的話，我只想問兩個問題。從商業方面開始。我只是想知道您今年 WFG 的代理商招募目標是否達到 110,000 人。我認為今年實際上再次需要類似的東西。更一般地說，您預計今年新業務壓力會增加多少？這部分是由這個驅動的嗎？

And then the second question might be a bit more involved. That's actually just turning to IFRS 17 operating results. I just wondered if you could maybe walk us through to a sensible run rate there. I presume the bridges to take the kind of claims and policyholder experience part of the expense variance maybe fade down the holding that I think I would be annualizing in about maybe $1.6 billion, $1.7 billion per annum. But obviously I would appreciate your views on that.

那麼第二個問題可能會涉及更多一些。這實際上只是轉向 IFRS 17 營運結果。我只是想知道你是否可以引導我們找到一個合理的運行率。我認為，接受索賠和保單持有人經歷的費用差異的一部分的橋樑可能會減少我認為每年約 16 億至 17 億美元的持有量。但顯然我很感激你對此的看法。

Yes. Targets. So on the path to the 110,000, yes, we have internal targets, obviously. But we are at the slope that we -- I think if you look at a longer period than just the period that we disclosed today, so I think you need to get to a formal presentation that we did, you will see that we are on the slope to get to 110,000 by 2027 and 90,000 by 2025. So that's what we're tracking towards and we're well on the slope to get there. So 90,000 for 2025. And then two years later, we indicated 110,000. We're right now at the end of the year at 74,000. And if you then go back, you can see that the slope that we're on is actually pretty well on track, I would say.

是的。目標。因此，在通往 110,000 的道路上，是的，我們顯然有內部目標。但我們正處於這樣的斜坡上——我認為，如果你看的時期比我們今天披露的時期更長，所以我認為你需要進行我們所做的正式演示，你會發現我們正在到2027 年，這一數字將達到110,000 人，到2025 年將達到90,000 人。這就是我們的目標，而且我們已經做好了實現這一目標的準備。因此，2025 年為 90,000。兩年後，我們表示為 110,000。到今年年底，我們的人數已達到 74,000 人。我想說，如果你回去的話，你會發現我們所處的斜坡實際上已經完全步入正軌了。

With that, Matt, the question on IFRS.

馬特，關於國際財務報告準則的問題。

Well, first, let's do the new business stream. So maybe just as an idea. We did, I think it was about $624 million or something like that in the full year in the U.S. for new business strain. I think you could think about something like a $700 million roundly as a pretty decent guidance.

好吧，首先，讓我們來做新的業務流。所以也許只是作為一個想法。我們做到了，我認為美國全年的新業務壓力約為 6.24 億美元或類似金額。我認為你可以考慮將 7 億美元作為一個相當不錯的指導。

With respect to the IFRS operating result guidance. Yes, we would expect that a lot of those experience variances are going to be trending to 0 over time. I would say something in the area of maybe $700 million to $800 million for a half year basis, so maybe a little bit lower than the number that you came up with on an annualized basis. But the one thing that we tend to think about is, we're coming out of COVID, so is there going to be some continuing short-term mortality fluctuations? So we kind of have some of that built in there. But that's the way that we're thinking about a run rate based on the second half results.

關於 IFRS 經營績效指引。是的，我們預計隨著時間的推移，許多體驗差異將趨向於 0。我想說的是，半年的費用可能為 7 億至 8 億美元，所以可能比您按年計算得出的數字要低一些。但我們傾向於考慮的一件事是，我們正在擺脫新冠疫情，那麼短期死亡率是否會持續波動？所以我們在那裡內建了一些東西。但這就是我們根據下半場結果考慮運行率的方式。

Okay. That's extremely helpful. Just as a follow-on on that, I mean, is there a time frame to which you kind of expect that mortality element to drop out? And similarly, what's the dynamic behind that onerous contracts component as well?

好的。這非常有幫助。作為後續，我的意思是，您是否期望在某個時間範圍內消除死亡率因素？同樣，繁重的合約部分背後的動力是什麼？

The onerous contracts. There's a number of things that are going on in the onerous contract component, and that's just a geography thing between how you split up the experience variances between the income statement, basically CSM. So I hope you were listening carefully when I did my little readout here. Many of the experience variances that you're seeing are actually offset in the CSM. So you also have to look at the CSM development.

繁瑣的合約。在繁重的合約部分中發生了很多事情，這只是你如何分配損益表之間的經驗差異之間的地理問題，基本上是 CSM。所以我希望當我在這裡宣讀時你能仔細聽。您看到的許多體驗差異實際上在 CSM 中得到了抵消。所以你還得看看CSM的發展。

As for how long we would expect to see us come out of it on the mortality side of COVID, I don't know. These are expert judgment kind of things. But the most important point that I would make here is that our goal is to get those experience variances, so that they average out at 0 and we get pluses and minuses. If we have longer-term deviations, then we could potentially do small model updates or assumption update. But we're always going to be tweaking the assumptions to try to get back to that mean of 0.

至於我們希望在多長時間內看到我們在新冠肺炎死亡率方面擺脫困境，我不知道。這些都是專家判斷之類的事情。但我在這裡要說的最重要的一點是，我們的目標是獲得這些經驗差異，以便它們的平均值為 0，我們得到優點和缺點。如果我們有長期偏差，那麼我們可能會進行小型模型更新或假設更新。但我們總是會調整假設，試著回到 0 的平均值。

But for right now, they seem to be more or less in line with our expectations. We see the big benefits coming through in CSM. We'll do our normal assumption update in the second quarter of next year for the U.S. business. So we'll see what that comes. But a lot of this -- really the coming out of the COVID environment is really is an expert judgment, and I could ask actuaries on what they think it is, and I would get 6 different opinions, including my own, by the way.

但就目前而言，它們似乎或多或少符合我們的預期。我們看到 CSM 帶來的巨大好處。我們將在明年第二季對美國業務進行正常假設更新。所以我們會看看會發生什麼。但是，從新冠病毒環境中走出來確實是一個專家的判斷，我可以詢問精算師他們的想法，順便說一句，我會得到 6 種不同的意見，包括我自己的意見。

Your next question comes from the line of Ashik Musaddi from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Ashik Musaddi。

Just a couple of questions I have. First of all, I mean, if I look at the flows momentum, especially in second half versus first half, it appears to be drifting down in most business lines. I mean, such as Retirement Plans, it was quite low, U.K. Workplace, Retail, Asset Management. I mean, wherever I look at, the flows momentum, net flows, net deposits was quite different. So any color on that you can give? Is it seasonality or just like second half macro last year. Or put it like this, I mean, can we get some color on what are you seeing year-to-date because macro has recovered, et cetera, so has things got better again. So that's the first one.

我有幾個問題。首先，我的意思是，如果我看看流動勢頭，特別是下半年與上半年相比，大多數業務線似乎都在下滑。我的意思是，例如退休計劃，英國工作場所、零售、資產管理等方面的水平相當低。我的意思是，無論我看哪裡，流動動力、淨流動、淨存款都有很大不同。那你可以給它什麼顏色嗎？是季節性的還是像去年下半年宏觀。或者這樣說，我的意思是，我們能否對今年迄今為止所看到的情況有所了解，因為宏觀經濟已經復甦，等等，所以情況再次好轉了。這是第一個。

And secondly, I see that there's a big assumption change benefit in the CSM release because of changes in future life operating model. Can we get some color on what assumptions you're using for this changes in life operating model? And what drove that in second half instead of that happening in first half? Because I believe that you were already there with the plans in first half last year. So any color on that would be helpful.

其次，我發現由於未來生活營運模式的變化，CSM 版本中的假設變化有很大的好處。我們能否了解一下您對生活運作模式的這種變化所使用的假設？是什麼推動了下半場而不是上半場的發生？因為我相信去年上半年你已經有計畫了。所以任何顏色都會有幫助。

Yes, Ashik, thanks for your question. I'll take the first one, and then Matt will go on the assumption change benefits. So on the flows, we've got to do this line by line, Ashik, or business line by business line, if you don't mind. So first, the Workplace Solutions business in the U.S. As we have announced at the Capital Markets Day, we are focused on the mid-market plans. So in that sense, we're quite focused in a particular market segment where we believe we have -- it's more attractive to us in terms of margins and also where we believe we have unique capabilities that can help us grow the business. And in fact, if you look at the new sales, it's 72% higher than the year before. And we are the top player in that new sales. So that's number one.

是的，阿希克，謝謝你的問題。我會選擇第一個，然後馬特將繼續假設變更效益。因此，在流程上，我們必須逐行執行此操作，Ashik，或按業務線執行此操作（如果您不介意的話）。首先是美國的工作場所解決方案業務。正如我們在資本市場日宣布的那樣，我們專注於中端市場計劃。因此，從這個意義上說，我們非常專注於我們認為在利潤方面對我們更具吸引力的特定細分市場，我們相信我們擁有可以幫助我們發展業務的獨特能力。事實上，如果你看看新的銷量，你會發現它比前一年增長了 72%。我們是新銷售中的佼佼者。所以這是第一。

Number two, in that area, we have positive flows, $1.2 billion for the year. So in the target segment that we are really focused on, we're seeing actually the momentum is very good. Now why did we do that? And that's one thing, by the way, to measure. The other thing to measure is the ancillary products that we are able to sell to improve the margins. So you may recall why that is important, because at the Capital Markets Day, we outlined that the margin per participant, which we were able to, I think, between 2020 and '22 to double. That's driving, let's say, the sales of general accounts stable value, the other ancillary sales like individual retirement accounts, et cetera, in these big market plans that will drive the profitability overall up. So I would say that strategy is really taking hold and coming through in the numbers.

第二，在該領域，我們有正資金流，今年 12 億美元。因此，在我們真正關注的目標細分市場中，我們實際上看到勢頭非常好。那我們為什麼要這麼做呢？順便說一句，這是需要衡量的一件事。另一個需要衡量的是我們能夠銷售以提高利潤率的輔助產品。因此，您可能還記得為什麼這很重要，因為在資本市場日，我們概述了每個參與者的保證金，我認為，我們能夠在 2020 年至 22 年間將其增加一倍。比如說，在這些大市場計畫中，這將推動一般帳戶穩定價值的銷售以及個人退休帳戶等其他輔助銷售，從而推動整體獲利能力的上升。所以我想說，策略確實正在紮根並在數字中體現。

Now it's offset by outflows. And you've seen outflows of some large cases. The profitability and the margins of these large cases is really much, much reduced versus -- sort of profitability of the large cases that you're losing is their outflows is much worse than the profitability of the mid-market plans. So we're replacing basically with that new sales, higher margin business, and that is what we aim to do. So in that sense, we see our strategy taking hold.

現在它被資金流出所抵消。而且你也看到了一些大案子的外流。這些大型案例的盈利能力和利潤率確實大大降低了，而您正在失去的大型案例的盈利能力是它們的流出，比中端市場計劃的盈利能力差得多。因此，我們基本上正在用新的銷售、更高利潤的業務來取代，而這就是我們的目標。因此，從這個意義上說，我們看到我們的策略正在發揮作用。

Now then some color on the U.K. Workplace business. Quite frankly, U.K. Workplace business is doing well. Commercial momentum is there. You can see that for a number of quarters. Deposited flows are positive on the U.K. Workplace. Now what happened in the second half of the year is that there was one case that we knew was going to pull out, we lost a client. And you know at certain point, it's being executed. And you see that then in your outflows, but the net flows are still positive. And it would have been $2.7 billion, and therefore up if you would correct for that one client. So frankly, we're powering on nicely with the Workplace business and we aim to grow that business, of course, in the U.K.

現在來談談英國職場業務。坦白說，英國的職場業務表現良好。商業動力已經存在。您可以在多個季度看到這一點。英國工作場所的存款流量呈正值。現在下半年發生的事情是，有一個我們知道要退出的案例，我們失去了一個客戶。你知道在某個時刻，它正在被執行。然後你會在資金流出中看到這一點，但淨流量仍然是正數。如果你修正那位客戶的話，這個數字將會是 27 億美元，因此這個數字還會上升。坦白說，我們的工作場所業務進展順利，我們的目標當然是在英國發展這項業務。

Then on Asset Management flows. That's a tale of two halves. And also, let's give you a bit of color, Ashik. So on the Global Platforms business, which is what we wholly own, we noticed, through all the interest rates up and the volatility around that, there were net outflows for the first half of the year. Second half of the year was a different story. It was hardly any outflows. And actually, we've got more inflows if you include the general account. So in that sense, the picture is changing in the second half of the year in that flow profile.

然後是資產管理流程。這是一個兩半的故事。另外，讓我們給你一點顏色，阿希克。因此，在我們全資擁有的全球平台業務上，我們注意到，透過所有利率上升和周圍的波動，今年上半年出現了淨流出。下半年的情況則不同。幾乎沒有任何資金外流。事實上，如果算上一般帳戶，我們會得到更多的資金流入。因此，從這個意義上說，今年下半年的流量狀況正在改變。

Now if you look at La Banque Postale, and especially the Chinese joint venture, that joint venture we're very well positioned in China, as you know, because over the last years, you have seen that driving a lot of positive flows and a lot of positive momentum. This year, in 2023, our Chinese business in Asset Management has suffered from a negative local market sentiment, and that you see in negative flows. But that business is very well positioned. At the moment that sentiment turns in China that they will -- I expect -- I'm actually quite constructive on the outlook of that. So that's kind of color that I'd like to give on this, Ashik.

現在，如果你看看郵政銀行，特別是中國的合資企業，我們在中國的合資企業處於非常有利的地位，如你所知，因為在過去的幾年裡，你已經看到它推動了很多積極的資金流動和很多積極的勢頭。今年，也就是 2023 年，我們的中國資產管理業務遭受了當地市場情緒負面的影響，你可以在負資金流中看到這一點。但該業務的定位非常有利。目前，中國的情緒轉變為──我預期──我對此前景持相當建設性的態度。這就是我想賦予它的顏色，阿希克。

And I hope that helps a little bit. Matt, can you do the other question?

我希望這能有所幫助。馬特，你能回答另一個問題嗎？

Yes. On the expense assumption update, and in particular, the life operating model, indeed, we knew the -- so back when we did the Capital Markets Day, we had, had it all figured out, kind of what our plan was to implement that improvement and what it would bring over the future. But what we did at the same time, as we said, let's change our cadence of doing the expense assumption update in the U.S. Previously, it had been done in the second quarter. Now we do it in the fourth quarter exclusively, so that we can take advantage of our normal budgeting process.

是的。關於費用假設更新，特別是人壽營運模式，確實，我們知道——所以當我們參加資本市場日時，我們已經弄清楚了，我們的計劃是要實施的改進以及它將為未來帶來什麼。但正如我們所說，我們同時所做的，讓我們改變在美國進行費用假設更新的節奏。此前，它是在第二季度完成的。現在我們只在第四季度進行，這樣我們就可以利用正常的預算流程。

So there are really two things going on. Yes, the life operating model. We did what we intended to do, but also we did a pretty big activity-based costing study during the course of the fourth quarter, where you see expenses -- obviously, the lower expenses per policy reflected on the strategic asset side of the CSM thing that you see on Slide 16 of the deck. So there's elements of that, but also there was more expense allocated to the financial assets, and you see the negative impact on the CSM on that side of it. In addition, there has been some more expenses allocated to noninsurance businesses, which will roll through on an as-incurred basis. But the whole rationale is really to leverage on our budgeting process in the fourth quarter and we will continue to do that in the future.

所以實際上有兩件事正在發生。是的，生活運作模式。我們做了我們想做的事情，而且我們在第四季度進行了一項相當大的基於活動的成本計算研究，您可以在其中看到費用- 顯然，每個保單的費用較低反映在CSM 的策略資產方面你在投影片 16 上看到的東西。因此，有一些因素，但也有更多的費用分配給金融資產，你會看到這方面對 CSM 的負面影響。此外，還有更多費用分配給非保險業務，這些費用將以實際發生的基礎進行滾轉。但整個理由實際上是利用我們第四季的預算流程，我們未來將繼續這樣做。

We will now take the next question. And your next question comes from the line of Henry Heathfield from Morningstar. Please go ahead.

我們現在回答下一個問題。你的下一個問題來自晨星公司的亨利‧希斯菲爾德。請繼續。

Just two from me, please. On Slide 5, just the lower earnings on in-force from higher expenses. Those expenses being related to, I think, investments in information technology and employees. It sounds like you're looking to kind of continue to grow that U.S. Retirement Plans business even further. I was wondering if you could just talk a little bit about that, so I can get a bit more color on those higher expenses?

請給我兩個。在投影片 5 上，只有較高費用導致的有效收入較低。我認為這些費用與資訊科技和員工的投資有關。聽起來您希望繼續進一步發展美國退休計畫業務。我想知道你是否可以稍微談談這一點，這樣我就可以對這些更高的費用有更多的了解？

And then the second question is, really great to see that you're hitting your financial targets. But I was just wondering if you could talk about -- I mean, I think it goes back to a question earlier about the volatility of accounting earnings and the time frame that we might get to lower volatility within these. We have kind of a new accounting regime that should match the two kind of economic earnings and accounting earnings and it seems that there's still a lot of volatility. So I was wondering if we might get some color on kind of time frame of smooth earnings projection?

第二個問題是，很高興看到您實現了財務目標。但我只是想知道你是否可以談談——我的意思是，我認為這又回到了之前的問題，即會計收益的波動性以及我們可能降低其中波動性的時間框架。我們有一種新的會計制度，應該與兩種經濟收益和會計收益相匹配，但似乎仍然存在很大的波動性。所以我想知道我們是否可以對平穩獲利預測的時間框架有所了解？

So on the lower earnings on in-force, I think in the notes we talked about higher employee expenses and higher technology expenses. Technology expenses are improvements that we're making in the customer and frankly, the employer sponsor proposition. The employee expenses is a pretty simple one. The business performed very well during the course of the year and we did have an increase in incentive compensation accruals that went through those folks.

因此，關於有效收入較低，我認為在說明中我們討論了更高的員工費用和更高的技術費用。技術費用是我們對客戶以及雇主贊助商建議所做的改進。員工費用是一項非常簡單的費用。在這一年裡，我們的業務表現非常好，而且我們透過這些人獲得的激勵性薪酬確實有所增加。

With respect to the volatility of accounting earnings and when that could get tamer. I want to be very clear on this. The first part is on the operating result. We will see, over time, let's say, a convergence of those experience variances hopefully to 0. How long will that take? You'll never hit it exactly, but we want to get it into a place where we're more pluses and minuses. And it's not going to take 5 years to get there. You'll be able to see it in our published results every half year. So we'll get there in pretty short order.

關於會計收益的波動性以及何時可以變得更加溫和。我想非常清楚地說明這一點。第一部分是營運結果。我們將看到，隨著時間的推移，這些經驗方差預計將趨於 0。這需要多長時間？你永遠不會準確地擊中它，但我們希望把它帶到一個有更多優點和缺點的地方。要實現這一目標並不需要 5 年。您將能夠在我們每半年發布的結果中看到它。所以我們會在很短的時間內到達那裡。

But the more important thing, and I really want to emphasize this, is that under IFRS 17, the operating result does not tell the entire summary. You really, really have to look at the development of shareholders' equity, and you have to look at that CSM development. So like we said in the slides that the shareholders' equity before the distributions to shareholders increased $0.04 over the period despite the 0 net income. So there's a good guide that's coming through the balance sheet through other comprehensive income. And that's kind of the number that you really want to focus yourself in on in addition to the CSM development.

但更重要的是，我真的想強調這一點，根據 IFRS 17，經營結果並不能說明整個摘要。你真的、真的必須看看股東權益的發展，你必須看看 CSM 的發展。正如我們在幻燈片中所說，儘管淨利潤為 0，但在向股東分配之前的股東權益在此期間增加了 0.04 美元。因此，透過其他綜合收益來了解資產負債表有一個很好的指導。除了 CSM 開發之外，這也是您真正想要關注的數字。

And the CSM development was pretty amazing, so that, that thing increased, I think, if you do it on a per share basis, it increased 9% over the course of the half year. So we really have to look at the things in conjunction. It's really the entire balance sheet together with the movement in the CSM and that gives you the sort of the full IFRS 17 picture.

CSM 的發展非常驚人，因此，我認為，如果以每股為基礎，它在半年內增長了 9%。所以我們真的必須結合起來看待這些事情。它實際上是整個資產負債表以及 CSM 中的變動，為您提供完整的 IFRS 17 圖片。

We will now take our final question for today. And your final question for today comes from the line of Steven Haywood from HSBC.

我們現在將回答今天的最後一個問題。今天的最後一個問題來自匯豐銀行的 Steven Haywood。

Can I follow up on the previous question, and you talked about obviously focusing on shareholders' equity and CSM. So going forward, are you trying to say that for the most smart consistent approach, looking at the company going forward, we should look at a sort of comprehensive equity per share development over time? This kind of goes against the fact that, obviously, a lot of your CSM business is running off and you're taking on board more fee-based IFRS 9 type business, I guess. Can you sort of discuss around this?

我可以跟進一下上一個問題嗎？您談到了明顯關注股東權益和企業服務邊際。那麼展望未來，您是否想說，對於最明智的一致方法，著眼於公司的未來發展，我們應該著眼於隨著時間的推移進行某種全面的每股股本發展？這違背了這樣一個事實：顯然，您的許多 CSM 業務正在流失，而您正在接受更多基於收費的 IFRS 9 類型業務，我猜。您能圍繞這個問題進行討論嗎？

And then secondly, within your original guidance for OCG, the CMD, you said that obviously new business strain is increasing going forward. So I wonder whether the increase in the new business strain has changed at all in your updated guidance analysis? Is it the same? And is there anything else that's changed in your updated figure? And then finally, just on the debt leverage side of things quickly. You expect further changes to your debt leverage going forward? Obviously, you have quite a few floating rates out there. Would you look to convert them across to fixed?

其次，在您對 OCG（CMD）的最初指導中，您說顯然新的業務壓力正在增加。所以我想知道在您更新的指導分析中，新業務壓力的增加是否發生了變化？是一樣的嗎？更新後的數據還有其他變化嗎？最後，快速討論債務槓桿的問題。您預計未來債務槓桿會進一步改變嗎？顯然，你有很多浮動利率。您是否希望將它們轉換為固定的？

Thanks, Steven. Matt?

謝謝，史蒂文。馬特？

Very happy that you asked that question, in fact, because when we look at shareholders' equity and the development of it, you really -- a lot of it is taking into account the insurance books of business, but we have other businesses that are not insurance-based and don't have much of an impact on shareholders' equity. So we have WFG that made like $160 million pretax this year. We have the Asset Management business. We have the elements of the Retirement Plans business in the U.S. that is not insurance based. We have a lot of the U.K. platform business. So that's a valuation question. You're going to have to evaluate that.

事實上，很高興你問了這個問題，因為當我們審視股東權益及其發展時，你真的——很多都考慮到了保險業務賬簿，但我們還有其他業務不是基於保險的，對股東權益沒有太大影響。因此，WFG 今年的稅前收入約為 1.6 億美元。我們有資產管理業務。我們在美國擁有不以保險為基礎的退休計畫業務要素。我們有很多英國平台業務。所以這是估值問題。你必須對此進行評估。

But in general, that shareholders' equity, the movement in the shareholders' equity is important. But it's not a question of you can translate our share price into x book percent of book value per share. There are many other things that are coming in there, and we would hope to improve our disclosure starting next year -- or this year rather, to be able to highlight some of those businesses better, but that are noninsurance businesses. So that's a key one.

但總的來說，股東權益、股東權益的變動很重要。但這不是你可以將我們的股價轉換為每股帳面價值的x帳面百分比的問題。還有很多其他的事情正在發生，我們希望從明年開始改進我們的披露——或者更確切地說是今年，以便能夠更好地突出其中一些業務，但這些業務是非保險業務。所以這是關鍵之一。

On the CMD guidance, I talked before, we're looking at something like $700 million round numbers, new business strain for 2024 in the U.S. That's the number that was effectively communicated at the Capital Markets Day back in June. So we're not changing that one at all.

關於 CMD 指導，我之前談到過，我們正在考慮 7 億美元的整數，即美國 2024 年的新業務壓力。這是在 6 月的資本市場日上有效傳達的數字。所以我們根本不會改變這一點。

With respect to the leverage, so we're sitting at EUR 5.1 billion after having gotten rid of the EUR 500 million senior in December. But we did announce in the press release that we are going to be calling a EUR 700 million Tier 2 security in April of this year, which we will refinance, but we can't talk much about how we're going to refinance or what we're going to do there. So the point is here that we're always going to be making economic moves in that stack to take into account the, let's say, the interest of shareholders, the interest of bondholders and the economic environment. So we'll make tweaks along the line. But I guess the moral of the story here is that in the main, our deleveraging is pretty much complete now. We got it down to about EUR 5.1 billion. That's good. And we'll tweak along the way, but nothing significant.

就槓桿而言，在 12 月擺脫了 5 億歐元的優先債務後，我們的槓桿率為 51 億歐元。但我們確實在新聞稿中宣布，我們將在今年 4 月發行 7 億歐元的二級證券，我們將對其進行再融資，但我們不能過多談論我們將如何進行再融資或什麼我們要去那裡做。因此，這裡的重點是，我們總是會在該堆疊中採取經濟舉措，以考慮股東的利益、債券持有人的利益和經濟環境。因此，我們將沿線進行調整。但我想這個故事的寓意是，總的來說，我們的去槓桿化現在已經基本完成。我們將其縮減至約 51 億歐元。那挺好的。我們會一路調整，但沒什麼重大意義。

We have no further questions. I would like to hand the call back over to Yves Cormier for closing remarks.

我們沒有其他問題了。我想將電話轉回伊夫·科米爾 (Yves Cormier) 進行閉幕致詞。

Thank you, operator. This concludes today's Q&A session. On behalf of Lard and Matt, I want to thank you for your attention. Should you have any remaining questions, please do get in touch with us in Investor Relations. Thanks again, 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關注。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，祝你有美好的一天。

Thank you. This concludes today's conference call. Thank you for participating.

謝謝。今天的電話會議到此結束。感謝您的參與。