Aegon Ltd (AEG) 2024 Q2 法說會逐字稿

Good morning, everyone. It is good to have you join us for this conference call on our first half 2024 results. My name is Yves Cormier, Head of Investor Relations. Joining me today to take you through our results are Aegon's CEO, Lard Friese; and for the last time before his retirement, our CFO, Matt Rider. As usual after that we will continue with the Q&A session. But before we start, we'd like to ask you to review our disclaimer on forward-looking statements, which you can find at the back of the presentation.

大家早安。很高興您能參加我們關於 2024 年上半年業績的電話會議。我叫伊夫‧科米爾 (Yves Cormier)，投資人關係主管。今天與我一起向您介紹我們的結果的是 Aegon 的執行長 Lard Friese；我們的財務長馬特萊德 (Matt Rider) 退休前最後一次。像往常一樣，之後我們將繼續問答環節。但在開始之前，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。

Now I would like to give the floor to Lard.

現在我想請拉德發言。

Thank you, Yves, and good day, everyone. Thanks for being on the call. As we go through the highlights of the past six months, I would like to take a step back and place the results in the context of the implementation of our strategy. Our strategies to grow our strategic assets as well as our positions in other core markets and to risk, manage and shrink our financial assets. Our ultimate objective is to build leading businesses in investments, protection and retirement solution in chosen markets and by doing so, increase our operating results, OCG and free cash flows over time, leading to growth and capital returns to stockholders.

謝謝你，伊夫，大家好。感謝您接聽電話。當我們回顧過去六個月的亮點時，我想退後一步，將結果放在我們策略實施的背景下。我們的策略是增加我們的策略資產以及我們在其他核心市場的地位，以及風險、管理和縮減我們的金融資產。我們的最終目標是在選定市場建立投資、保障和退休解決方案領域的領先業務，並透過這樣做，隨著時間的推移提高我們的經營業績、OCG 和自由現金流，從而為股東帶來成長和資本回報。

In the US, we are making good progress building our distribution reach. We continue to grow in indexed universal life and in retirement plans. And at the same time, the momentum in Brazil remains solid and we have achieved very strong net deposits in the UK workplace and in asset management. Softer spots are in China, Spain and our adviser platform in the UK, which I will touch upon later.

在美國，我們在擴大分銷範圍方面取得了良好進展。我們的指數萬能壽險和退休計畫持續成長。同時，巴西的勢頭依然強勁，我們在英國工作場所和資產管理領域實現了非常強勁的淨存款。較弱的地方是中國、西班牙和我們在英國的顧問平台，我稍後會談到。

Again, we want to reduce our exposure to financial assets. And we have indeed delivered a approximately $40 million decrease in required capital over the first six months of 2024. The overall consequence of these developments is a further shift in the mix of our group operating capital generation and our IFRS operating results towards our strategic assets.

同樣，我們希望減少金融資產的曝險。我們確實在 2024 年前六個月減少了約 4000 萬美元的所需資本。這些發展的總體結果是我們的集團營運資本產生和國際財務報告準則營運結果進一步轉向我們的策略資產。

We are also on track to meet our EUR1.1 billion operating capital generation guidance for the year, as we just delivered EUR588 million for the first half of the year despite unfavorable mortality experience. Business growth and a higher investment result benefited the OCG, which was offset by higher new business strain, demonstrating that we are successfully growing our strategic assets.

我們也有望實現今年 11 億歐元的營運資本生成指導，因為儘管死亡率經歷不利，但我們今年上半年剛交付了 5.88 億歐元。業務成長和更高的投資績效使 OCG 受益，但新業務壓力的增加抵消了這一影響，這表明我們正在成功成長我們的策略資產。

During the first half of the year, our IFRS operating result was negatively impacted by adverse mortality and morbidity claims experience. This mostly affected our US financial assets and these impacts are expected to be mitigated in our operating result going forward, as we just went through an update of our assumptions and our models.

今年上半年，我們的國際財務報告準則經營績效受到不良死亡率和發病率索賠經驗的負面影響。這主要影響了我們的美國金融資產，預計這些影響將在我們未來的營運績效中得到緩解，因為我們剛剛更新了我們的假設和模型。

As expected, cash capital of the holding decreased to EUR2.1 billion over the reporting period, mainly as a consequence of returning capital to stockholders. We have now completed the EUR1.5 billion share buyback program related to the ASR transaction. As previously announced, we are currently executing a new EUR200 million buyback program that is expected to be completed by the end of 2024.

如預期，報告期間控股的現金資本減少至 21 億歐元，主要是因為向股東返還資本。我們現已完成與 ASR 交易相關的 15 億歐元股票回購計畫。正如先前宣布的，我們目前正在執行一項新的 2 億歐元回購計劃，預計將於 2024 年底完成。

This has indeed been a good half year. And on this basis, we are announcing a EUR0.16 cents interim dividend for 2024 EUR0.02 higher than the interim dividend last year. Given the progress we're making on our strategic agenda, we remain confident that we can increase the dividend to our target. Of course, EUR0.40 per share over 2025.

這確實是美好的半年。在此基礎上，我們宣布 2024 年中期股息為 0.16 歐分，比去年中期股息高出 0.02 歐元。鑑於我們在策略議程上取得的進展，我們仍然有信心增加目標的紅利。當然，2025 年每股價格為 0.40 歐元。

So now turning to slide number 3, for an update on our strategic assets in the Americas. Our ambition for World Financial Group or WFG, our wholly owned distribution channel is to increase the number of agents to 110,000 by 2027, while at the same time improving agent productivity. We continue to make good progress with the number of licensed agents increasing by 13% with the June 2023 comparable to 79,000 in total, driven by continued recruiting and successful training of new recruits to become licensed agents.

現在轉向第三張投影片，了解我們在美洲的戰略資產的最新情況。我們對世界金融集團 (WFG)（我們的全資分銷管道）的目標是到 2027 年將代理商數量增加到 110,000 名，同時提高代理商生產力。在持續招募和成功培訓新員工成為持牌代理人的推動下，我們繼續取得良好進展，持牌代理人數量增加了 13%，截至 2023 年 6 月，總數達到 79,000 名。

Agent productivity also continues to improve. The number of multi ticket agents who sell more than one life policy over the last 12 months increased by 9% compared with a year ago. In the savings and investment segment, progress in our sweet spot of midsized retirement plans has also been good. Net deposits amounted to $1.2 billion in the first half of 2024 and were supported by the funding of a large, pooled plan sale that we wrote in the first quarter of last year.

座席生產力也不斷提高。過去 12 個月內銷售多份人壽保單的多票代理人數量與一年前相比增加了 9%。在儲蓄和投資領域，我們的中型退休計畫的最佳進展也取得了良好的進展。2024 年上半年淨存款達 12 億美元，這得益於我們去年第一季制定的一項大型集合計畫銷售的資金支持。

In this segment, we also strive to increase profitability and diversify revenue streams by growing ancillary products such as an individual retirement accounts as well as the general account stable value product. In each of these, we recorded further growth over the period and now manage over $11 billion of assets in each of the products.

在這一領域，我們也透過發展個人退休帳戶和一般帳戶穩定價值產品等輔助產品，努力提高獲利能力並實現收入來源多元化。在每一個產品中，我們在此期間都取得了進一步的成長，現在每個產品管理著超過 110 億美元的資產。

In the products Protection Solutions segment, we are investing in both product manufacturing capabilities and in the operating model in order to position the individual life insurance business for further growth. New life sales increased by 5% over the first half of last year, supported by all channels. Sales of indexed universal life policies drove this growth, and we continue to write this business with attractive internal rates of return in excess of 12%.

在產品保障解決方案領域，我們正在投資產品製造能力和營運模式，以使個人人壽保險業務進一步成長。在全通路支撐下，新生活銷售量較去年上半年成長5%。指數型萬能壽險保單的銷售推動了這一增長，我們繼續以超過 12% 的有吸引力的內部回報率來承保這項業務。

Let's move to slide 4. I now want to address our UK business. For the workplace platform, we expect annual net deposits to increase to around [GBP5 billion] in 2028. And our latest results indicate that we are well on the path to achieving that goal.

讓我們轉到投影片 4。我現在想談談我們的英國業務。對於工作場所平台，我們預計 2028 年年度淨存款將增加至 [50 億英鎊]左右。我們的最新結果表明我們正在實現這一目標。

Net deposits in the first half of 2024 amounted to GBP1.7 billion, driven by both inflows of new schemes and higher net deposits on existing schemes. The advisor platform, which in the past was referred to as the retail business, is expected to see positive flows by 2028, driven by our efforts focusing on our 500 targeted adviser firms.

受新計畫資金流入和現有計畫淨存款增加的推動，2024 年上半年淨存款達 17 億英鎊。在我們專注於 500 家目標顧問公司的推動下，顧問平台過去被稱為零售業務，預計到 2028 年將出現正面的流量。

In the first half of 2024, net outflows in this channel amounted to GBP1.8 billion. We continued to see the impact of competition on the attrition of adviser firms that we are not targeting as well as industry-wide low levels of consumer activity. Platform assets under administration or AUA now amount to GBP111 billion increasing compared with the end of June 2023 due to favorable markets and net deposits on the workplace platform. Again, this puts us well on the path to achieve our target of AUA on the platform of over [GBP135 billion] by 2028.

2024年上半年，該通路的淨流出量達18億英鎊。我們繼續看到競爭對我們不針對的顧問公司的流失以及全行業低水平的消費者活動的影響。由於有利的市場和工作場所平台上的淨存款，目前管理的平台資產或 AUA 較 2023 年 6 月底增加了 1,110 億英鎊。這再次使我們能夠順利實現到 2028 年在超過 [1,350 億英鎊] 平台上實現 AUA 的目標。

So let me now turn to slide number 5 to address the progress of our international businesses. New life sales in the international segment decreased by 20% compared with the first half year of 2023, while new life sales increased by 9% in Brazil. This was more than offset by weaker sales in China due to new pricing regulations and in Spain.

現在讓我轉向第 5 號幻燈片來談談我們國際業務的進展。與 2023 年上半年相比，國際市場的新壽險銷售量下降了 20%，而巴西的新壽險銷售量則增加了 9%。這被新定價法規導致的中國和西班牙銷售疲軟所抵消。

In Spain, higher interest rates have tempered mortgage sales, which result in lower sales of new life insurance and household insurance products linked to mortgages. Operating capital generation on the other hand increased by 20% compared with the first half of 2023. This was driven by lower new business strain and asset liability management actions, including a reinsurance agreement in China.

在西班牙，較高的利率抑制了抵押貸款銷售，導致與抵押貸款相關的新人壽保險和家庭保險產品的銷售下降。另一方面，與 2023 年上半年相比，營運資本產生增加了 20%。這是由於新業務壓力減輕和資產負債管理行動（包括中國的再保險協議）所推動的。

Using slide number 6, I want to reflect on the performance of our asset manager that reported very solid results over the period. The global platforms business saw very strong third-party net deposits of EUR5.1 billion. The UK fixed income business onboarded a large client and generated solid inflows following strong fund performance in the Netherlands, we won a large contract with a large fiduciary client, and we also continued to benefit from the asset management partnership with ASR.

我想使用第 6 張投影片來反思我們的資產管理公司的業績，該管理公司在此期間報告了非常可靠的業績。全球平台業務的第三方淨存款非常強勁，達到 51 億歐元。英國固定收益業務在荷蘭基金表現強勁後，獲得了大客戶並產生了穩定的資金流入，我們贏得了與大型信託客戶的大額合同，並且我們還繼續受益於與 ASR 的資產管理合作夥伴關係。

In the strategic partnership segment, we also recorded positive net deposits amounting to EUR2.7 billion. This was mainly driven by our Chinese joint venture [AIFMC] on the back of the successful collaboration with a consumer finance platform for money market funds. So overall, third party net deposits -- this third party net deposits reached almost EUR8 billion over the first half year. Assets under management increased to EUR318 billion, supported by favorable market movements. Third-party net deposits and the partnership with ASR.

在策略夥伴關係領域，我們也錄得淨存款正值，達 27 億歐元。這主要得益於我們的中國合資企業[AIFMC]與貨幣市場基金消費金融平台的成功合作。整體而言，上半年第三方淨存款達近 80 億歐元。在有利的市場走勢的支持下，管理資產增加至 3,180 億歐元。第三方淨存款以及與 ASR 的合作。

I will now hand over to Matt to discuss the financial performance over the first half year of 2024 in more detail. Matt, over to you.

我現在將請 Matt 更詳細地討論 2024 年上半年的財務表現。馬特，交給你了。

Thank you, Lard, and good morning, everyone. Let me start with an overview of our financial performance in 2024. The IFRS. operating result was impacted by unfavorable mortality claims experience in the US and amounted to EUR750 million. Operating capital generation before holding funding and operating expenses was impacted by unfavorable claims experience and decreased by 5% over the first half of 2024, coming in at EUR588 million.

謝謝拉德，大家早安。首先讓我概述一下我們 2024 年的財務表現。國際財務報告準則。營運表現受到美國不利的死亡理賠經驗的影響，金額達 7.5 億歐元。持有資金和營運費用之前的營運資本產生受到不利索賠經驗的影響，比 2024 年上半年下降了 5%，為 5.88 億歐元。

Free cash flow amounted to EUR373 million following receipt of planned remittances from all units and included the final 2023 dividend payment from ASR. Cash capital at the Holding stood at EUR2.1 billion at the end of June. The decrease compared with the balance at year-end 2023 was driven by the completion of the EUR1.5 billion share buyback program, partially offset by the free cash flow in the period.

收到所有單位的計畫匯款後，自由現金流達 3.73 億歐元，其中包括 ASR 的 2023 年最終股息支付。截至 6 月底，該控股公司的現金資本為 21 億歐元。與 2023 年底餘額相比下降的原因是完成了 15 億歐元的股票回購計劃，但部分被該期間的自由現金流所抵消。

In April, we redeemed a EUR700 million subordinated bond that had matured, and we refinanced that with USD760 million senior bonds with basically no impact on cash capital at the holding or on our financial leverage. The gross financial leverage remains at EUR5.1 billion.

4月份，我們贖回了已到期的7億歐元次級債券，並用7.6億美元高級債券進行了再融資，對控股的現金資本和財務槓桿基本上沒有影響。總財務槓桿仍為 51 億歐元。

The Group's solvency ratio decreased by 3-percentage-points since the end of December 2023 to 190%. This was mainly a reflection of the redemption of the subordinated bond, the announcement of the new EUR200 million share buyback program last quarter, a previously announced fungibility haircut on the own funds of the Chinese insurance joint venture and the interim dividend that we have announced today. This was partly offset by favorable market movements and onetime items, including the impacts from our stake in ASR.

自2023年12月底以來，集團償付能力充足率下降3個百分點至190%。這主要反映了次級債券的贖回、上季度宣布的新的2億歐元股票回購計劃、先前宣布的中保合資公司自有資金的可互換性削減以及我們今天宣布的中期股息。這在某種程度上被有利的市場趨勢和一次性專案所抵消，包括我們所持 ASR 股份的影響。

Let's now move to the operating result on slide 9. The Group's operating result was EUR750 million, a decrease of 8% compared with the prior year period. In the US, the operating result decreased by 12% over the same period, reflecting unfavorable mortality claims experience and a decrease of the net investment result, both in the Financial Assets business segment.

現在讓我們來看看投影片 9 上的操作結果。集團經營績效為7.5億歐元，較上年同期下降8%。在美國，經營業績在同一時期下降了 12%，反映了金融資產業務部門不利的死亡索賠經驗和淨投資績效的下降。

In the UK, the operating result decreased by 15%. The decrease is mainly due to unfavorable claims experience in the protection book that has been sold to Royal London. The sale was completed on the July 1. In the UK fee business, higher revenues from business growth, improved markets and a higher CSM release broadly offset higher expenses.

在英國，經營績效下降了15%。減少的主要原因是已出售給皇家倫敦的保護簿中的索賠經歷不佳。此次出售於7月1日完成。在英國收費業務中，業務成長帶來的收入增加、市場改善以及 CSM 發布量的增加基本上抵消了費用的增加。

In our international segment the operating result decreased by 5%, predominantly as a result of a lower operating result in TLB in the reporting period. This was partly offset by higher operating results in the other international unit. The operating results from Aegon Asset Management increased by 44% compared with the same period of 2023, driven by both global platforms and strategic partnerships.

在我們的國際部門，經營績效下降了 5%，主要是因為報告期間內 TLB 的經營績效下降。這部分被另一個國際部門較高的經營績效所抵銷。在全球平台和策略合作夥伴關係的推動下，全球資產管理公司的經營績效較2023年同期成長44%。

The operating result of global platforms benefited from business expansion and favorable markets. The result of strategic partnerships mainly improved as a consequence of a one-time expense benefit in our Chinese asset management joint venture and from the expansion of our joint venture with Billabong Postale in France.

全球平台的經營績效受惠於業務拓展及市場利好。戰略合作夥伴關係的改善主要得益於我們中國資產管理合資企業的一次性費用收益以及我們與法國 Billabong Postale 合資企業的擴張。

Finally, our holding reported a negative result of EUR91 million, which mainly reflects funding and operating expenses and was stable compared with the prior year period. Let me give you more background on our US operating results on the next slide number 10. The operating result of the US amounted to EUR594 million in the first half of 2024, a decrease compared with the same period of 2023. While the operating result for strategic assets showed a strong increase of 27% in the first half compared with the first half of 2023. This was more than offset by a 75% decrease and the operating result of the financial assets business segment.

最後，我們的控股報告了 9,100 萬歐元的負結果，主要反映了融資和營運費用，與去年同期相比保持穩定。讓我在下一張投影片 10 上向您介紹我們美國營運表現的更多背景資訊。美國2024年上半年經營業績為5.94億歐元，較2023年同期下降。而上半年策略性資產經營績效較2023年上半年強勁成長27%。這被 75% 的下降和金融資產業務部門的營運表現所抵消。

The operating result from protection solutions increased by 37%, benefiting from a growing profitable portfolio. This was driven first by higher investment balances and higher book yields and a favorable market environment that increased investment income. Together with the methodology change that reduced interest accretion on indexed universal life products and should stabilize the result over time.

由於不斷成長的獲利產品組合，保護解決方案的營運表現成長了 37%。這首先是由於較高的投資餘額和較高的帳面收益率以及有利的市場環境增加了投資收入。再加上方法論的改變，減少了指數型萬能壽險產品的利息增長，並且隨著時間的推移，結果應該會穩定下來。

Secondly, growth in profitable new sales has driven a growing CSM balance, which has in turn, resulted in an increasing release of CSM into earnings. The savings and investments operating result increased 14%, mainly from higher revenues in retirement plans, which came as a consequence of higher fees on average -- higher average account balances and from higher net investment income coming for more assets being invested at higher returns in the general account stable value product.

其次，獲利新銷售的成長推動了 CSM 餘額的成長，這反過來又導致 CSM 越來越多地釋放到收益中。儲蓄和投資經營績效成長了 14%，主要是由於退休計畫收入增加，這是平均費用增加的結果——平均帳戶餘額增加，以及更多資產投資於更高回報的淨投資收入增加。價值產品。

The distribution operating result increased 20%, mainly due to higher net commission revenues in line with growing sales. In addition, we saw higher revenue sharing income from third party product providers. Increasing revenues were partly offset by a small increase in operating expenses. The lower operating result from financial assets was driven by unfavorable mortality claims experience of $116 million, which resulted from a small number of large claims from old policyholders in universal life.

分銷經營業績成長了 20%，主要是因為銷售成長帶來的淨佣金收入增加。此外，我們也看到來自第三方產品提供者的收入分成更高。收入的成長被營運費用的小幅成長所部分抵銷。金融資產經營績效下降的原因是萬能壽險老保單持有人的少數大額索賠造成了 1.16 億美元的不利死亡索賠經歷。

Volatility and mortality claims experience is inherent to our life insurance business, although we have been taking actions to reduce it over time. The operating result was also negatively impacted by a decrease in the net investment result by $103 million, this decrease was partly driven by a $46 million one-time gain in the first half of the prior year period.

波動性和死亡率索賠經驗是我們人壽保險業務所固有的，儘管我們一直在採取行動來減少它。淨投資結果減少 1.03 億美元也對經營業績產生了負面影響，這一下降部分是由於去年上半年 4,600 萬美元的一次性收益造成的。

In addition, asset levels decreased as a result of the run-off of the book and management actions we have taken, including the reinsurance of a portion of the universal life portfolio to Wilton Re in the second half of 2023. Also higher interest accretion on IFRS liabilities is expected to further reduce the net investment result for financial assets in the periods to come.

此外，由於帳面流失和我們採取的管理行動（包括在 2023 年下半年將萬能壽險投資組合的一部分再保險給 Wilton Re），資產水準有所下降。此外，國際財務報告準則負債的利息增加預計將進一步減少未來期間金融資產的淨投資結果。

Let me now turn to the net result of the group on slide 11. In the first half of the year 2024, non-operating items amounted to a charge of EUR430 million. This was driven by unfavorable fair value items in the Americas, arising from the underperformance of private equity and other alternative investments following updated valuations for multifamily real estate and land holdings with an economic exposure to lower oil and gas prices.

現在讓我看看幻燈片 11 上該小組的最終結果。2024 年上半年，非經營性項目費用達 4.3 億歐元。這是由於美洲的公允價值項目不利，這是由於多戶房地產和土地持有的估值更新後私募股權和其他另類投資表現不佳，而經濟面臨較低的石油和天然氣價格的影響。

Over the reporting period, gains and losses from product hedges offset each other. Fair value losses in the UK reflected negative revaluation of hedges used to protect the solvency position there. Other charges amounted to EUR403 million in the first half of 2024. EUR361 million of these charges came from the Americas, largely as a consequence of various assumption and model updates coming out of the annual assumption review process in the second quarter.

報告期間內，產品避險損益相互抵銷。英國的公允價值損失反映了用於保護其償付能力狀況的對沖的負重估。2024 年上半年其他費用總計 4.03 億歐元。其中 3.61 億歐元來自美洲，這主要是第二季年度假設審查流程中各種假設和模型更新的結果。

The charge mostly relates to updated mortality assumptions for universal life and term life insurance products. Where we have been seeing volatile unfavorable claims experience in the recent past. Back in March, we had flagged potential short-term mortality fluctuations that could impact the operating results of our US business.

此費用主要與萬能壽險和定期壽險產品的最新死亡率假設有關。最近我們看到了不穩定的不利索賠經驗。早在三月份，我們就曾指出潛在的短期死亡率波動可能會影響我們美國業務的營運表現。

At the time we had communicated on an operating result run rate for the Group in a range of EUR700 million to EUR800 million per half year. The new assumptions are more consistent with past experience and have resulted in an increase in our best estimate liabilities. This assumption update is expected to reduce future claims experience variances going forward, resulting in an increase of our operating results.

當時我們就集團的經營業績運作率進行了溝通，預計在每半年 7 億至 8 億歐元的範圍內。新的假設與過去的經驗更加一致，並導致我們最佳估計負債的增加。這項假設更新預計將減少未來索賠經驗的差異，從而導致我們的經營業績增加。

As an indication of the amount of the expected increase had the new assumptions already been embedded in our IFRS liabilities at the beginning of the year. The operating result for the first half of 2024 would have been approximately $50 million higher. After the assumption update while we still expect some volatility, the experience variance should average out to zero over time.

作為預期成長金額的指標，新假設已於年初嵌入我們的國際財務報告準則負債中。2024 年上半年的營運表現將增加約 5,000 萬美元。假設更新後，雖然我們仍然預期會出現一些波動，但隨著時間的推移，經驗方差應平均為零。

Along with anticipated business growth, this should now put the operating result run rate for the Group in a range of about EUR800 million to EUR900 million per half year. Other charges in the Americas also included EUR82 million related to restructuring, but these were largely offset by a gain related to a recapture by a third party of a block of policies that had been reinsured to Transamerica entity.

隨著預期的業務成長，現在集團的經營業績運作率應在每半年約 8 億至 9 億歐元的範圍內。美洲的其他費用還包括與重組相關的 8,200 萬歐元，但這些費用在很大程度上被第三方收回已向 Transamerica 實體再保險的一批保單相關的收益所抵消。

UK reported EUR28 million of restructuring charges related to the investments in the transformation of the business. We discussed at the UK strategy teach-in in June that we expected to invest between GBP70 million and GBP80 million in the years '24 through 2027 in this business. Our stake in ASR contributed EUR26 million to other income, reflecting our stake in ASR's net results. Nonoperating items and other charges offset the operating result, leading to a net loss for the group of EUR65 million for the first half of 2024.

英國報告了與業務轉型投資相關的 2800 萬歐元重組費用。我們在 6 月的英國策略宣講會上討論過，我們預計在 24 年至 2027 年期間對該業務投資 7,000 萬英鎊至 8,000 萬英鎊。我們持有的 ASR 股份為其他收入貢獻了 2,600 萬歐元，反映了我們持有的 ASR 淨業績。非經營項目和其他費用抵消了經營業績，導致集團 2024 年上半年淨虧損 6,500 萬歐元。

Turning to slide 12, I wanted to talk about the development of Aegon shareholders' equity in the first half of 2024. Shareholders' equity per share decreased by EUR0.25 to EUR4.02 compared with the end of 2023. This decrease is almost fully explained by capital returns to shareholders over the period, which amounted to roughly EUR1 billion coming from the completion of the EUR1.5 billion share buyback program as well as the 2023 final dividend.

轉到投影片12，我想談談Aegon股東權益在2024年上半年的發展。每股股東權益較2023年底減少0.25歐元至4.02歐元。這一下降幾乎完全可以歸因於該期間股東的資本回報，該回報約為 10 億歐元，來自完成 15 億歐元的股票回購計劃以及 2023 年末期股息。

Total comprehensive income amounted to a gain of EUR84 million. The negative net result and the loss in OCI related to the assumption updates we're more than offset by gains in OCI related to asset disposals and revaluations due to currency movements.

綜合收益總額達 8,400 萬歐元。與假設更新相關的負淨結果和 OCI 損失被與資產處置和匯率變動導致的重估相關的 OCI 收益所抵銷。

I'm now moving on to talk about the CSM development on slide 13. The CSM at the end of June 2024 amounted to EUR8.7 billion, an increase of 6% compared with the level at the end of last year. On a per share basis, the CSM after-tax increased by 14% over the reporting period EUR4.17, supported by the reduction in the share count due to the share buybacks.

我現在將繼續討論幻燈片 13 上的 CSM 開發。截至2024年6月末，合約服務邊際達87億歐元，較上年底成長6%。以每股計算，CSM 稅後在報告期間增加了 14%，為 4.17 歐元，這得益於股票回購導致的股票數量減少。

In the US, the dynamics of the CSM development over the period reflects our strategy to grow strategic assets and to reduce financial assets. I will elaborate this in a moment. Outside the US, the main driver of the CSM increase was the UK business, where the CSM increased by 7% during the period. The release of CSM, mostly from the traditional book and unfavorable experience variances were more than offset by the favorable impacts of markets on the unit-linked business.

在美國，CSM在此期間的發展動態反映了我們增加戰略資產和減少金融資產的策略。我稍後會詳細闡述這一點。在美國以外，CSM 成長的主要動力是英國業務，期內 CSM 成長了 7%。CSM的發布，主要來自傳統帳簿和不利的經驗差異，被市場對投資連結業務的有利影響所抵消。

Let's move to the development of the CSM in the US on slide 14. Following the update to the business segments in the US, we report CSM for our two insurance business segments, protection solutions and financial assets. Protection Solutions is a strategic asset and as such, we expect to grow this business over time.

讓我們轉向幻燈片 14 中 CSM 在美國的發展。繼美國業務部門更新後，我們報告了保險解決方案和金融資產這兩個保險業務部門的 CSM。保護解決方案是一項策略性資產，因此，我們希望隨著時間的推移不斷發展這項業務。

During the first half of the year CSM for this segment increased about 12% to $3.1 billion with the increase due to writing profitable new business, far exceeding the release of CSM from in-force business. In addition, experience variances as well as non-financial assumption changes had a net positive impact on the CSM. Over the same period, however, the CSM balance of our financial assets decreased by 5% to $4.1 billion, given the run-off nature of this segment additions from new business only had a minor contributions to the CFM, as you would expect, were more than offset by the release of CSM.

上半年，該部門的 CSM 成長約 12% 至 31 億美元，成長歸因於獲利新業務的成長，遠超過有效業務釋放的 CSM。此外，經驗差異以及非財務假設變化對 CSM 產生淨正面影響。然而，在同一時期，我們金融資產的 CSM 餘額下降了 5%，至 41 億美元，因為新業務增加的該部門的徑流性質對 CFM 的貢獻很小，正如您所期望的那樣， CSM 的發布足以抵消這一影響。

Experience variances and assumption updates had an unfavorable impact on the CSM of financial impacts, mainly in the universal life and long-term care books. Partly offsetting the unfavorable items were some positive elements such as normal interest accretion on the CSM updates to the risk adjustment and notably the impact of positive equity markets on the CSM of the variable annuity block.

經驗差異和假設更新對財務影響的 CSM 產生了不利影響，主要是在萬能壽險和長期照護書籍中。一些積極因素部分抵消了不利因素，例如風險調整的 CSM 更新的正常利息增長，特別是積極的股票市場對可變年金塊 CSM 的影響。

Let me now turn to operating capital generation on slide 15. In the first half of 2024, operating capital generation before holding funding and operating expenses amounted to EUR588 million, a decrease of 5% compared with the prior year period. Lower operating capital generation and the US increases in the other reporting units.

現在讓我談談投影片 15 上的營運資本產生。2024年上半年，扣除持有資金和營運費用之前的營運資本產生額為5.88億歐元，較上年同期下降5%。其他報告單位的營運資本產生減少，美國增加。

Earnings on in-force decreased 7% to EUR704 million. Unfavorable underwriting experience primarily in the US was partly offset by a one-time expense benefit in asset management. The release of required capital was stable compared with the prior year period. Overall, new business strain decreased by 6%, while new business strain in the US increased. This was more than offset by the impact of lower sales in China and the impact of the sale of the protection book to Royal London in the UK.

有效獲利下降 7%，至 7.04 億歐元。主要在美國的不利承保經驗被資產管理的一次性費用收益所部分抵銷。所需資金釋放情況與去年同期相比穩定。總體而言，新業務壓力下降了 6%，而美國的新業務壓力增加。這被中國銷售下降的影響以及向英國皇家倫敦出售保護書的影響所抵消。

Using slide 16, I will elaborate on operating capital generation in our US business. In the first half of 2024 Transamerica as earnings on in-force amounted to $571 million, a decrease of 6% compared with the first half of last year. This decrease was driven by unfavorable claims experience in the financial asset segment. In contrast to the favorable claims experience in the first half of 2023.

我將使用投影片 16 詳細介紹我們美國業務的資本產生營運。2024年上半年，泛美航空有效獲利為5.71億美元，較去年上半年下降6%。這一下降是由於金融資產領域不利的索賠經驗造成的。與 2023 年上半年有利的索賠經驗形成鮮明對比。

During the first half of the year, unfavorable mortality experience amounted to $88 million, the vast majority stemming from a small number of large claims on old-age universal life policies. Morbidity experience was unfavorable $31 million in the period, largely from the Long-Term Care business and was more than offset by a nonrecurring reserve release there.

上半年，不利的死亡經驗達8,800萬美元，其中絕大多數源自於少數老年萬能壽險保單的大額索賠。在此期間，發病率經歷了不利的 3,100 萬美元，主要來自長期照護業務，並且被該業務的非經常性準備金釋放所抵消。

Earnings on in-force in the protection solutions business increased over the same period from business growth and improved fee income due to higher equity markets and interest rates. Within savings and investments earnings on in-force rose due to higher fee income in the retirement plans business as favorable equity markets increased account balances.

保護解決方案業務的有效收益在同一時期有所增長，原因是業務成長以及股票市場和利率上漲導致的費用收入增加。在儲蓄和投資方面，由於有利的股票市場增加了帳戶餘額，退休計畫業務的費用收入增加，有效收益增加。

Finally, earnings on in-force from distribution segment were negatively impact by the reallocation of a tax item to this business as of 2024. Excluding this impact, earnings on in-force continued to grow. Furthermore, Transamerica has earnings on in-force benefited from higher investment income in part due to a positive one-off item and from favorable timing of expenses, which is expected to largely reverse in the second half of the year.

最後，自 2024 年起，分銷部門的有效收入受到稅項重新分配給該業務的負面影響。排除此影響，有效收入繼續成長。此外，Transamerica 的有效收益受益於較高的投資收入，部分原因是一次性專案的積極成長以及有利的支出時機，預計這種情況將在今年下半年基本逆轉。

New business strain in the first half of 2024 amounted to $385 million, an increase compared with the same period of last year. This is the result of growth of our strategic assets, mostly in individual life as well as the general account stable value product and retirement plans business. We now expect new business strain to remain at a similar level for the remainder of 2024 above the level of around $700 million that we had previously guided to.

2024年上半年新業務壓力達3.85億美元，較去年同期增加。這是我們策略性資產成長的結果，主要是個人壽險以及普通帳戶穩定價值產品和退休計畫業務。我們現在預計，在 2024 年剩餘時間內，新業務壓力將保持在類似水平，高於我們先前指導的約 7 億美元的水平。

Despite the higher new business strain, we remain confident that we will achieve our guidance on operating capital generation of around $800 million from the Americas for the full year 2024. This comes on the back of improved earnings on in-force due to improved fee income from higher account balances as well as somewhat higher release required capital due to the business growth.

儘管新業務壓力更大，我們仍然有信心實現 2024 年全年從美洲產生約 8 億美元營運資本的目標。這是由於帳戶餘額增加帶來的費用收入增加以及業務成長導致的釋放所需資本增加，導致有效收益改善。

Slide 17 talks to the capital positions of our US and UK units. The US RBC ratio increased by 15-percentage-points compared with the end of 2023 to 446% and remains well above the operating level of 400%. Market movements had a positive impact on the ratio of 11-percentage-points due to a higher equity market and interest rates as well as favorable credit developments.

投影片 17 討論了我們美國和英國部門的資本狀況。與 2023 年底相比，美國 RBC 比率增加了 15 個百分點，達到 446%，仍遠高於 400% 的營運水準。由於股市和利率上升以及信貸發展有利，市場走勢對該比率產生了 11 個百分點的正面影響。

One-time items had a 5-percentage-point positive impact driven by changes to asset diversification factors. The positive contribution to the RBC ratio from operating capital generation was offset by remittances to the holding. In the UK, the solvency ratio of Scottish Equitable increased by two percentage points compared with the end of last year to 189% above the operating level. The positive impact from operating capital generation was also largely offset by remittances to the holding.

由於資產多元化因素的變化，一次性專案產生了 5 個百分點的正面影響。營運資本產生對 RBC 比率的正面貢獻被控股匯款所抵消。在英國，Scottish Equitable的償付能力充足率較去年底上升了兩個百分點，達到高於經營水準的189%。營運資本產生的正面影響也在很大程度上被控股公司的匯款所抵消。

I will now turn to slide 18 for an update on our financial asset. We continued to make steady progress toward our goal of reducing capital employed in our financial assets to around $2.2 billion by the end of 2027. As of the end of June 2024, capital employed and financial assets has decreased to $3.5 billion, driven by favorable market impacts on variable annuities. The earlier expansion of the dynamic hedge program to include the lapse and mortality margins of the riders as well as the reinsurance of the universal life portfolio to Wilton Re in 2023.

我現在將轉向幻燈片 18，以了解我們金融資產的最新情況。我們繼續穩步推進目標，即到 2027 年底將金融資產所用資本減少至 22 億美元左右。截至 2024 年 6 月底，受可變年金有利的市場影響推動，已動用資本和金融資產已減少至 35 億美元。動態對沖計劃的早期擴展包括附加險的失效和死亡邊際，以及 2023 年向 Wilton Re 提供的萬能人壽保險投資組合的再保險。

Operating capital generation from financial assets declined in comparison with the first quarter of 2023, as a consequence of unfavorable claims experience. In variable annuity, we have achieved 99% hedge effectiveness over the first half of the year, which has been consistent over the past periods, demonstrating the success of this program.

由於索賠經歷不利，金融資產產生的營運資本較 2023 年第一季有所下降。在可變年金方面，我們上半年實現了99%的對沖有效性，與過去的時期保持一致，證明了該計劃的成功。

Annualized net outflows in the reporting period amounted to 9% of the account balance in line with expectations as the book gradually runs off. In fixed annuities, annualized net outflows amounted to 11% of the average account balance also in line with expectations for this runoff book. Surrender and withdrawal rates increased compared with last year, although they remain in line with our long-term best estimate.

隨著帳面逐漸流失，報告期間年化淨流出佔帳戶餘額的9%，符合預期。在固定年金方面，年化淨流出佔平均帳戶餘額的 11%，也符合本徑流帳簿的預期。與去年相比，退保率和退保率有所上升，但仍符合我們的長期最佳估計。

In long-term care, we have now obtained regulatory approvals for additional actuarially justified premium rate increases amounting to $395 million since the beginning of 2023. This represents 56% of our target. Claims experience continues to track well with assumptions with an actual to expected claims ratio that was mildly at unfavorable at 103% in the first half of 2024.

在長期照護方面，我們現已獲得監管部門批准，自 2023 年初以來，額外精算合理的保費上調金額達 3.95 億美元。這代表我們目標的 56%。索賠經驗繼續與假設相符，2024 年上半年實際索賠與預期索賠比率略為不利，為 103%。

Finally, in universal life, we continue to make progress with our program, which targets the purchase of 40% of the $7 billion face value of institutionally owned policies that was in force at the end of 2021. As of the end of June, we have bought the equivalent of 36% of the face value of the targeted policies.

最後，在萬能壽險方面​​，我們的計劃繼續取得進展，該計劃的目標是購買 2021 年底生效的面額 70 億美元的機構保單中的 40%。截至6月底，我們已購買了相當於定向保單面額36%的金額。

Now let's turn to slide 19. Cash capital at the Holding amounted to EUR2.1 billion at the end of 2024. The decrease from the end of last year was driven by the completion of the share buyback program launched after the ASR transaction last year. Free cash flow of EUR373 million increased cash capital during the period and included remittances from all units and the 2023 final dividend on our stake in ASR.

現在讓我們轉向投影片 19。截至 2024 年底，該控股公司的現金資本達 21 億歐元。較去年底下降的原因是去年ASR交易後啟動的股票回購計畫完成。在此期間，自由現金流增加了 3.73 億歐元的現金資本，其中包括所有單位的匯款以及我們所持 ASR 股份的 2023 年末期股息。

As a reminder, we will only deduct the cash consideration related to the payment of the 2023 final dividend and the 2024 interim dividend, which in total amounts to around EUR520 million from cash capital at the holding in the third quarter of 2024. The ongoing $200 million share buyback program, Euro share buyback program will also decrease cash capital further in the second half of the year.

需要提醒的是，我們僅從2024年第三季持有的現金資本中扣除與支付2023年末期股息和2024年中期股息相關的現金對價，總計約5.2億歐元。正在進行的2億美元股票回購計畫、歐元股票回購計畫也將在今年下半年進一步減少現金資本。

My final slide is number 20 for a recap of where we stand relative to our financial targets. We remain well on track to achieve our financial targets for 2025, gross financial leverage of EUR5.1 billion with stable compared with the end of 2023 and at our target level. The exchange of a EUR700 million subordinated bond with a $760 million senior unsecured note left gross financial leverage broadly unchanged.

我的最後一張投影片是第 20 張投影片，用於回顧我們相對於財務目標的狀況。我們仍有望實現 2025 年的財務目標，總財務槓桿達到 51 億歐元，與 2023 年底相比穩定在我們的目標水準。7 億歐元的次級債券與 7.6 億美元的優先無擔保票據的交換使總財務槓桿率基本保持不變。

Adjusting for the unfavorable mortality and for other nonrecurring items experienced in the quarter. We remain on track to meet our operating capital generation guidance for 2024 of around EUR1.1 billion. As a reminder, we plan to achieve around EUR1.2 billion of operating capital generation in 2025. Our free cash flow guidance for 2024 of more than EUR700 million is on track, having achieved more than half of this amount in the first half of the year. Our target for 2025 is for a free cash flow of around EUR800 million on the back of sustainable operating capital generation growth that we have.

調整不利的死亡率和本季經歷的其他非經常性項目。我們仍有望實現 2024 年約 11 億歐元的營運資本生成指引。謹此提醒，我們計劃在 2025 年實現約 12 億歐元的營運資本產生。我們對 2024 年超過 7 億歐元的自由現金流指引已步入正軌，今年上半年已實現這筆金額的一半以上。我們的 2025 年目標是在我們擁有永續營運資本產生成長的支持下，實現約 8 億歐元的自由現金流。

Finally, we have increased the 2024 interim dividend by 14% to EUR0.16 per share. Given the good progress we are making on our strategic agenda. We are confident that we can continue to grow the dividend to our stated target of $0.40 per euro share over the full year 2025.

最後，我們將 2024 年中期股息提高了 14%，至每股 0.16 歐元。鑑於我們在戰略議程上取得的良好進展。我們有信心在 2025 年全年繼續將股息提高到每股 0.40 美元的既定目標。

So that really concludes my remarks on the first half results. But as you know, this is my last earnings call at Aegon, and I will be retiring as of the September 1, and we'll do leave the CFO job in Duncan Russell's capable hands. I just wanted to take a moment to thank all of you for your time and attention on Aegon. The depth of your analysis definitely has kept me in this management team, very sharp, and I know that this will continue in the years to come. Again, many thanks to all of you.

我對上半年結果的評論就到此結束了。但如你所知，這是我在 Aegon 的最後一次財報電話會議，我將於 9 月 1 日退休，我們會將財務長的職位交給有能力的鄧肯·拉塞爾 (Duncan Russell)。我只是想花點時間感謝大家對 Aegon 的時間和關注。您分析的深度無疑讓我留在了這個管理團隊，非常敏銳，我知道這種情況將在未來幾年繼續下去。再次非常感謝大家。

And with that, I hand it back to Lard for the last time.

說完，我最後一次把它交還給拉德。

Yeah. Well, thanks, Matt. And let me recap today's presentation with slide 22. The transformation of Aegon continues at pace. We have seen continued momentum in the majority of our businesses, growing our strategic assets, and we are making progress in reducing our exposure to financial assets in line with our strategy.

是的。嗯，謝謝，馬特。讓我用投影片 22 回顧一下今天的簡報。Aegon 的轉型仍在快速進行中。我們的大部分業務都保持著持續的發展勢頭，我們的策略資產不斷增長，並且我們在根據我們的策略減少金融資產敞口方面正在取得進展。

Both the operating capital generation and the operating result were impacted by unfavorable underwriting experience. Nevertheless, we remain well on track to meet the guidance we have set out for 2024, and we reaffirm our commitment to our targets for 2025. The capital ratios of our units remain up above their operating levels. And in addition, cash capital at holding of EUR2.1 billion is also above the operating level.

營運資本產生和經營績效均受到不利承保經驗的影響。儘管如此，我們仍有望實現為 2024 年制定的指導方針，並重申對 2025 年目標的承諾。我們各部門的資本比率仍高於其營運水準。此外，持有的現金資本為21億歐元，也高於營運水準。

We do expect this to decrease in the third quarter of 2024 as a result of capital returns to stockholders in the form of dividends, but also as a result of the progress we're making on our ongoing EUR200 million share buyback program. This buyback program and the increased dividend are a testimony to the prop to the sort of progress we are making in transforming Aegon and our commitment to generated attractive returns for our shareholders.

我們確實預計這一數字將在 2024 年第三季有所下降，這是因為以股息形式向股東提供資本回報，同時也是因為我們正在進行的 2 億歐元股票回購計畫取得了進展。此次回購計劃和增加的股息證明了我們在轉型 Aegon 方面所取得的進展以及我們為股東創造有吸引力的回報的承諾。

Before we move to the Q&A, I would like to say a few words about the upcoming changes in our management team. We announced this morning the appointment of Shawn Johnson as CEO of Aegon Asset Management, effective September 23, Shawn's appointment comes at a natural moment for Aegon Asset Management, following the completion of some key milestones. He brings extensive expertise in asset management, having spent more than 25 years in the industry, combined with his strategic consulting and leadership acumen. This makes him uniquely qualified to guide Aegon Asset Management through the next phase of its transformation.

在我們進行問答之前，我想先談談我們管理團隊即將發生的變化。今天上午，我們宣布任命Shawn Johnson 為Aegon 資產管理公司首席執行官，該任命將於9 月23 日生效。 。他擁有豐富的資產管理專業知識，在該行業擁有超過 25 年的經驗，並具有策略諮詢和領導能力。這使他具有獨特的資格來指導全球保險資產管理公司完成下一階段的轉型。

And as you know, today is also Matt Rider's last set of results, and he will be succeeded by Duncan Russell on September 1. Again, Matt, I would like to thank you for the great partnership over the last four years. At the same time, I wish Duncan all the best in his new role.

而如你所知，今天也是馬特萊德最後一組成績，他將於9月1日由鄧肯拉塞爾接替。馬特，我再次感謝您過去四年來的良好合作關係。同時，我祝福鄧肯在他的新角色中一切順利。

With that, I would now like to open the call for your questions. Please limit yourself as usual to two question per person. Operator, please open the Q&A session.

現在，我想開始詢問大家的問題。請像往常一樣將自己限制為每人提出兩個問題。接線員，請打開問答環節。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

David Barma, Bank of America.

大衛‧巴爾馬，美國銀行。

Good morning. Thank you for taking my questions. The first one is on the [back book] management. So you've made several assumption changes in the US during the period. To what extent may these make it easier for you to do it third party in-force management action in the future? And just linked to that, can we expect you to look at more in-force deals and universal life or is this this part of the book. We're in a good place after the previous reinsurance deals and the buyout. That's my first question. Thank you.

早安.感謝您回答我的問題。第一個是關於[背書]管理。因此，您在此期間對美國做出了一些假設更改。這些在多大程度上可以讓您將來更輕鬆地採取第三方有效的管理行動？與此相關的是，我們是否可以期望您專注於更多有效的交易和普遍的生活，或者這是本書的這一部分。在之前的再保險交易和收購之後，我們處於一個良好的位置。這是我的第一個問題。謝謝。

Thank you very much, David. Matt, you want to take this.

非常感謝你，大衛。馬特，你想要這個。

Yes, your first question was on the impact of, let's say, assumption updates on back book and will that improve or not the ability to some kind of a transaction to mitigate the experience that we've seen there. The short answer is no. We have just simply made an assumption update that we reflect our best estimate to experience. It would have no real impact on any kind of management action that we would see in the future.

是的，你的第一個問題是關於假設更新的影響，以及是否會提高某種交易的能力，以減輕我們在那裡看到的體驗。簡短的回答是否定的。我們剛剛簡單地進行了假設更新，以反映我們對經驗的最佳估計。它不會對我們未來看到的任何類型的管理行為產生真正的影響。

On the in-force you well book universal life is considered a financial asset. And in fact, this is one of the books that we really want to run down over time. In fact, we saw a lot of our negative mortality experience in the course of the first half of the year was really in that Universal Life book. So that's one that we really want to reduce overtime and large spoke to that where we're actively reducing the capital deployed to that book of business over time.

在有效期限內，萬能壽險被視為一種金融資產。事實上，這是我們真正想要隨著時間的推移而讀完的書之一。事實上，我們在今年上半年看到了很多負面的死亡率經歷，這確實是在那本《環球人壽》書中。因此，這是我們真正希望減少加班的問題，而且我們正在積極減少隨著時間的推移部署到該業務的資本。

Yes, the reinsurance deal that we've done with Wilton Re is helping there. And it's also a good reason why we are continuing with our program to repurchase institutionally owned contracts from institutional investors which should hopefully take some of the mortality -- volatility there. But in general, that UL block is one that we expect to want to run down over time.

是的，我們與 Wilton Re 達成的再保險協議正在這方面發揮作用。這也是我們繼續執行從機構投資者手中回購機構擁有的合約的計劃的一個很好的理由，這有望消除一些死亡率——波動性。但總的來說，我們預計 UL 區塊會隨著時間的推移而耗盡。

Thank you. And then secondly, on cash. So I mean, you keep adjusting assumptions and strengthening the quality of the capital in the US, the Group level, more generally, but solvency and cash keeps going up. So what do we need to see for you to be comfortable to reduce the holding cash towards the midpoint of the target range, which you said you would over time. Thank you.

謝謝。其次，現金。所以我的意思是，你不斷調整假設並加強美國、集團層面的資本質量，更廣泛地說，但償付能力和現金不斷上升。那麼，我們需要看到什麼才能讓您放心地將持有現金減少到目標範圍的中點，您說過隨著時間的推移，您會這樣做。謝謝。

So let's step back one minute. So right is right now at the end of the first half of the year, we've got cash capital at the holding of roughly EUR2.1 billion. If you do the math with respect to the dividend payments that we expect to make the completion of the share buyback program that we've instituted for the second half of the year. And those kind of things, you get to a number that is more like near the top end of our range. So we have that range of EUR500 million, EUR1.5 billion, and we're going to be near the top end of that range by the end of the third quarter.

讓我們退後一分鐘。現在是今年上半年末，我們持有的現金資本約為 21 億歐元。如果你計算一下股利支付，我們預計將完成我們今年下半年制定的股票回購計畫。諸如此類的事情，你得到的數字更像是我們範圍的上限。因此，我們的預算範圍為 5 億歐元、15 億歐元，到第三季末我們將接近該範圍的上限。

And again, if you do the math there at the end of the year, you might come up to a number that is a little bit north of that number. And it is only really at that moment that we would consider again, you know, do we want to reduce the level of cash at the holding. We have always said that we would reduce the cash at the holding over time as the transformation continues. And I expect that that would be a continuous revaluation that Lard and Duncan will do over time. And the next time to sort of reflect on that is probably going to be yearend this year.

再說一次，如果你在年底進行數學計算，你可能會得到一個比這個數字稍微高一點的數字。只有在那一刻，我們才會再次考慮，你知道，我們是否想要減少控股的現金水準。我們一直表示，隨著轉型的持續，我們將隨著時間的推移減少所持有的現金。我預計拉德和鄧肯將隨著時間的推移不斷進行重新評估。下一次對此進行反思的時間可能是今年年底。

Thank you.

謝謝。

Steven Haywood, HSBC.

史蒂文海伍德，匯豐銀行。

Good morning. Thank you very much. And there is obviously a lot of items to consider here, one-offs and below the line. And the first question from me, starting on the and IFRS operating -- below the operating line. And can you give us some more color on both the alternative investments, portfolio performance and on real estate and land and the negative valuation here? Is this a trend you're concerned about?

早安.非常感謝。顯然這裡有很多事項需要考慮，包括一次性的和線下的。我的第一個問題是從國際財務報告準則的營運開始——低於營運線。您能給我們更多關於另類投資、投資組合表現、房地產和土地以及這裡的負估值的資訊嗎？這是您關心的趨勢嗎？

And also on the impairments side of things with bond rating downgrades and mortgages and model changes here. Is there anything maybe concerning here? I'm used to give a chart out about impairments and showing the average yearly impairment basis points over the last 20 years or so. Can you give us an update on that as well? Sorry for not very long. First question, but if you could give some more color, he'll be very helpful.

還有債券評級下調、抵押貸款和模型變化的減損方面。這裡有什麼值得關注的嗎？我習慣於給出有關減值的圖表，並顯示過去 20 年左右的平均年減值基點。能為我們介紹一下最新情況嗎？抱歉時間不長。第一個問題，但如果你能提供更多的顏色，他會非常有幫助。

Yeah. Thanks, Steven. Matt over to you.

是的。謝謝，史蒂文。馬特交給你了。

not really a long question. So you say your question on the performance of the alternative assets. I guess the main driver of that is, we hold -- we have real estate effectively that is linked to oil and natural gas prices. So we saw a revaluation of that really those real estate holdings on a market value basis that reflects lower energy prices effectively.

這並不是一個很長的問題。所以你提出了關於另類資產表現的問題。我想其主要驅動力是，我們持有與石油和天然氣價格有效相關的房地產。因此，我們看到這些房地產持有量在市場價值的基礎上進行了重新估值，這有效地反映了較低的能源價格。

Is it a concern? No concern whatsoever. This is a non-cash item it does not affect our, let's say, our capital, our ability to generate capital in the US. So that is just mark-to-market noise I would say. The impairments and this is a new one, frankly for the industry as we record impairments as a consequence of IFRS nine, where you're using external models and establishing an ECL expected credit loss largely driven by external market environment.

這是一個擔憂嗎？不用擔心。這是一個非現金項目，它不會影響我們的資本，我們在美國產生資本的能力。所以我想說，這只是市值計價的噪音。坦白說，對於行業來說，減值是一項新的減值，因為我們根據 IFRS 9 記錄減值，您使用外部模型並建立主要由外部市場環境驅動的 ECL 預期信用損失。

But again, where this is just market value noise, it does not really impact our ability to generate capital in the businesses at all. So that was only a modest increase. The one that you didn't mention, but it is a below the line item for our IFRS results is the charge, obviously that we've taken mainly related to the assumption updates and again, mainly related to mortality assumption updates that we've made during the quarter.

但同樣，這只是市場價值噪音，它根本不會真正影響我們在企業中產生資本的能力。所以這只是小幅成長。你沒有提到的一項，但它是我們國際財務報告準則結果的一項下方的費用，顯然我們主要與假設更新有關，而且主要與我們已經採取的死亡率假設更新有關本季度做出的。

So that one on an IFRS basis, we take out roughly round numbers, $400 million charge for that one. It reflects our ongoing sort of thinking as to the mortality experience as we emerge from COVID. But the upshot is that were able to increase -- so because we're increasing our expectation of mortality in the US business, we're able to increase our expert expectation for the ongoing operating results for the for the half-year results of something between [700 million, 800 million] a year.

因此，在 IFRS 的基礎上，我們取出大致的數字，即 4 億美元的費用。它反映了我們在擺脫新冠疫情後對死亡經歷的持續思考。但結果是我們能夠增加 - 因此，因為我們正在增加美國業務的死亡率預期，所以我們能夠增加我們對某項業務半年業績持續經營業績的專家預期每年 [7 億, 8 億] 之間。

And that's where we kind of because we updated our assumptions. It means that we've taken a chunk out of what we had systemically been seeing as a of over the last six or eight quarters or so negative mortality experience variances. So now we take a chunk out of that. And that allows us to increase our expectations for the IFRS operating result for the US to $700 million to $800 million per year, and it allows us to increase the operating result expectation for the group in a commensurate way to something like EUR800 million to EUR900 million again for per half year.

這就是我們的情況，因為我們更新了我們的假設。這意味著我們已經從過去六到八個季度左右的系統性死亡率經歷差異中剔除了很大一部分。所以現在我們從中取出一部分。這使我們能夠將美國的 IFRS 經營業績預期提高至每年 7 億至 8 億美元，也使我們能夠相應地將集團的經營業績預期提高至 8 億至 9 億歐元每半年再一次。

No, thank you that was great.

不，謝謝，那太好了。

(multiple speakers) the long-winded answer to your reasonable question.

（多名發言者）對您合理問題的冗長答案。

That has been going further than I thought and lead me into my second question, which was actually on the operating profit guidance uplift. Does the changes you've made here? Have any impacts on the operating capital generation as well? I know obviously two different accounting regimes, but is there any uplift to the guidance for your operating capital generation because of what you're seeing in the mortality and underlying trends here?

這比我想像的要更進一步，這讓我想到了我的第二個問題，這實際上是關於營業利潤指導的提升。你在這裡做了什麼改變嗎？對營運資本產生也有影響嗎？我顯然知道兩種不同的會計制度，但是由於您在這裡看到的死亡率和潛在趨勢，對您的營運資本產生的指導是否有任何提升？

So well, let's hit the mortality underlying trends. First, so we say on the again, you called it out, the frameworks are somewhat different. So on an IFRS basis, because we have updated our mortality assumptions, there will be an uplift in our expected operating result going forward full stop. In the statutory framework, in the capital framework, so little bit of a different impact. It actually creates a small drag on the operating result going forward. But it's actually quite small. You can think of it as Okay, 400 million is a kind of it is kind of a big number, but it's also present value of all these future expectations over time, whereas the OCG comes through kind of year by year.

那麼，讓我們來看看死亡率的潛在趨勢。首先，我們再說一遍，你說過，框架有些不同。因此，根據國際財務報告準則，由於我們更新了死亡率假設，因此我們的預期經營績效將在全面停止後上升。在法定框架中，在資本框架中，有一點點不同的影響。它實際上對未來的經營業績造成了輕微的拖累。但實際上它很小。你可以把它想像成好吧，4 億是一個很大的數字，但它也是所有這些未來預期隨著時間的推移的現值，而 OCG 是逐年增長的。

So there'll be a small drag on the OCG, but importantly, and you do the math, you can kind of figure this out. What we are seeing is uplifts in OCG as a result of the business performance. And that's where we've seen there have been improvements both in the US and at the group level of the strategic asset sides of the business. We see it in increasing fee income. We see it and increasing investment income and other areas. So it does come in different -- does hit the frameworks and a little bit different ways. But the important part is the business growth that we're seeing is impacted in both frameworks in one form or another.

因此，OCG 會受到一點阻力，但重要的是，如果你進行數學計算，你可以弄清楚這一點。我們看到 OCG 由於業務績效而有所提升。這就是我們看到美國和集團層面的戰略資產都取得了進步的地方。我們在費用收入的增加中看到了這一點。我們看到它以及增加投資收益等領域。所以它確實以不同的方式出現——確實觸及了框架，並以一些不同的方式。但重要的是，我們看到這兩個框架都以一種或另一種形式影響了業務成長。

That's great. Thank you very much.

那太棒了。非常感謝。

Michael Huttner, Berenberg.

邁克爾赫特納，貝倫貝格。

Hi, thank you. Congratulations, I think that lovely results and build on that, and thank you. And I hope Aegon will keep you busy in some way. Anyway, on the results, I'd give you my two questions. I know I'm only allowed one at a time by giving birth because it may be related? And can you talk about the large live miss in terms of mortality? And also in the context of your investment in reducing the institutionally owned outstanding.

你好，謝謝。恭喜，我認為取得了不錯的成果，並在此基礎上繼續努力，謝謝。我希望伊耿能夠以某種方式讓您忙碌起來。無論如何，關於結果，我想問你兩個問題。我知道我生孩子時一次只能生一個孩子，因為這可能有關係？您能談談死亡率方面的重大生命損失嗎？並且在減少機構擁有的未償債務方面進行投資。

I know it sounds like noise, but it sounds like recurring noise, and that's why I'm a little bit unsure how to kind of gated. Any insight you have would be would you hugely? And then the second one, it appears to be almost like a structural offset from long-term care. So every time you have a negative mortality, long-term care seems to pop up and say we will give you some reserve releases. Is that how I should think about it given that I know that there's slightly different cohorts, but the underlying principles are roughly offsetting that would be my two questions. Thank you.

我知道這聽起來像噪音，但聽起來像是反覆出現的噪音，這就是為什麼我有點不確定如何進行門控。您有任何見解嗎？然後是第二個，它似乎幾乎像是長期照護的結構性抵消。因此，每當您的死亡率為負數時，長期照護似乎就會突然出現，並表示我們將為您提供一些儲備釋放。鑑於我知道群體略有不同，但基本原則大致抵消了我的兩個問題，我應該如何考慮這個問題。謝謝。

Thank you very much, Michael. And also, thanks for that. Congratulations on the underlying business is doing very well. And Matt, we're going to keep them busy. I want to remind everybody that Matt's going to continue as a Board member and Non-Executive Board member at Transamerica, our largest business in the US. So we are happy that he is going -- he's willing to take that on and continue that capacity.

非常感謝你，麥可。另外，謝謝你。恭喜你的基礎業務做得非常好。馬特，我們會讓他們忙起來。我想提醒大家，馬特將繼續擔任我們在美國最大的企業 Transamerica 的董事會成員和非執行董事會成員。所以我們很高興他的離開——他願意承擔並繼續保持這種能力。

Matt, two questions for you.

馬特，有兩個問題想問你。

So on the on the mortality miss, yeah, we had we had mortality experience variances and we are going to continue to see volatility in the results there. So there's no question about it. But importantly, what we've done is we've knocked a big chunk out of that in terms of the assumption update that should reduce it going forward.

因此，在死亡率方面，是的，我們有死亡率經歷差異，我們將繼續看到結果的波動。所以這是毫無疑問的。但重要的是，我們所做的是，我們在假設更新方面已經消除了很大一部分，這應該會減少未來的情況。

So what we're saying for the US business on an operating result basis, we think that like I had you want to say it like a central expectation for operating result for the half year might be around $750 million. And then yes, mortality is going to vary. It would be maybe plus or minus $50 million. We'll see how that comes over time. But we are right now on the central scenario, and that is a fundamental part of the business. We are exposed to mortality fluctuations.

因此，我們在經營業績的基礎上對美國業務所說的，我們認為就像我想說的那樣，半年經營業績的中心預期可能約為 7.5 億美元。是的，死亡率會有所不同。這可能是正負 5000 萬美元。我們將看看隨著時間的推移會發生什麼。但我們現在處於中心場景，這是業務的基本部分。我們面臨死亡率波動的影響。

In the context of the first half of the year, as I said in my remarks, yeah, we were punished by a relatively and unusual, frankly, large number of high face amount claims, and that goes immediately to your second question, what are we doing about high face amount.

在今年上半年的背景下，正如我在發言中所說，是的，我們受到了相對和不尋常的、坦率地說大量高面額索賠的懲罰，這立即涉及到你的第二個問題，什麼是我們做的是高面額。

So one of the things that we do is we continue to progress reducing the amount of insurance that we have among institutional investors and where and we've made good progress more than 30% are actually far more than that done by the end of the first half of the year. And we're on track easily to be on target for our 40% reduction over time. So that's what we're doing there and that continues to progress.

因此，我們所做的一件事就是繼續減少機構投資者的保險金額，我們已經取得了超過 30% 的良好進展，實際上遠遠超過了第一階段結束時所做的工作。隨著時間的推移，我們將輕鬆實現減少 40% 的目標。這就是我們正在做的事情，並且還在繼續取得進展。

[And the LTC side].

[以及 LTC 方面]。

Oh, yeah, sorry, the LTC offsets. So for and this is a little bit of a accounting, but you've got to bear with me a little bit here. So I'll let the mortality assumption updates are really occurring in the in the context of have contracts that are already onerous. So that means that if you have a mortality assumption update and onerous contracts become even more onerous, it comes through in other charge, it comes through another charge and that's reflected in the P&L.

哦，是的，抱歉，LTC 抵消了。因此，這只是一個會計工作，但你必須在這裡容忍我一點。因此，我會讓死亡率假設更新真正發生在合約已經很繁重的情況下。因此，這意味著，如果您更新了死亡率假設，並且繁重的合約變得更加繁重，那麼它會透過其他費用來體現，它會透過另一項費用來體現，這會反映在損益表中。

On the long-term care. The assumption updates actually did result in a negative, but it more happens in CSM. And the reason that happens in the CSM is because there's a lot of CSM in the long-term care book that can absorb these fluctuations.

關於長期照護。假設更新實際上確實導致了負面結果，但這種情況更多地發生在 CSM 中。CSM 中發生這種情況的原因是因為長期照護書中有許多 CSM 可以吸收這些波動。

Having said that there was some negative experience that was updated in the CSM for the long-term care book, but it was offset for about half by anticipated future rate increases that we think we can get from insurance departments because now our expectations have changed really as a result of claims utilization and incidents that have come through the assumption update.

話雖如此，長期照護手冊的 CSM 中更新了一些負面經驗，但我們認為可以從保險部門獲得的預期未來加息抵消了大約一半的負面經驗，因為現在我們的預期確實發生了變化由於索賠的利用和透過假設更新而發生的事件。

So far, it's not all coming through other charges. Some of that comes through CSM, but in this case, they can absorb a lot of CSM. And you see that reflected a bit in the CSM walk through that we had provided in the slides.

到目前為止，並非全部都是透過其他指控來實現的。其中一些來自 CSM，但在這種情況下，他們可以吸收大量 CSM。您將看到，我們在幻燈片中提供的 CSM 演練中反映了這一點。

Thank you.

謝謝。

Farquhar Murray, Autonomous.

法誇爾·穆雷，自治。

Good morning all, and obviously best wishes for your assignment and many folks that have helped over the years. If I turned my questions two, if I may. The operating result guidance of [800 million to 900 million] per half and two elements that. Could you explain the walk from, say, today's [750 million to 800 million to 900 million], it looks more than just the $50 million step. And I wonder if it's the commercial performance on top and perhaps related, how quickly do you think we can grade into that [800 million to 900 million] ? I think previously you suggested maybe a bit of a graduated increase into a run rate.

大家早安，當然，我也對你們的任務以及多年來提供幫助的許多人表示最良好的祝愿。如果可以的話，如果我把問題變成兩個。經營績效指引為[8億至9億]各半及兩個要素。您能否解釋一下從今天的[7.5 億到8 億再到9 億]的歷程，它看起來不僅僅是5000 萬美元的一步。我想知道這是否是最重要的商業表現，也許與之相關，你認為我們能多快達到這個水平[8億到9億]？我認為之前您建議逐步提高運行率。

And then on the assumption model updates, the EUR373 million, please, can you just decompose that between the term. And the UL components in particular is that it's focused on a particular cohort of policies that again akin to the experience variances. Thanks.

然後在假設模型更新時，3.73 億歐元，請您將其分解在術語之間。特別是 UL 組件，它專注於一組與經驗差異類似的特定策略。謝謝。

Thank you very much, Farquhar. Matt?

非常感謝你，法誇爾。馬特？

Okay. So on the first one on the operating result guidance and guidance for the group's [800 million to 900 million]. The short answer to your question is yes. Reminding you the question that you asked is business growth really the one that's driving that thing up. Yes, it is. So [$50 million], think of it is the additional uplift that we'll get from resetting mortality assumptions and the like. And the balance of it is from business growth.

好的。那麼第一個關於經營績效指導和對集團的指導[8億到9億]。對你的問題的簡短答案是肯定的。提醒您您提出的問題是業務成長確實是推動這一趨勢的因素。是的。因此，[5000 萬美元]，可以認為這是我們透過重置死亡率假設等而獲得的額外提升。其平衡來自於業務成長。

And you see that actually coming through in the in the strategic assets where we're emphasizing. So the life business in the US, you see it in retirement plans. You especially see it, frankly in the in the general account, stable value driving investment income margin up and in other parts of the business too, so that that that [800 million to 900 million] is not a hey, that's what it's going to be in three years.

您會看到，這實際上體現在我們強調的策略資產中。所以美國的人壽業務，你可以在退休計劃中看到它。坦白說，你尤其會在普通帳戶中看到這一點，穩定的價值推動投資收入利潤率上升，在業務的其他部分也是如此，因此[8億到9億]不是一個嘿，這就是它的結果三年後。

No, that's what it's sort of going to be for the next half year. So there's not really great and -- there's not really a grade in there. And I had the second question, oh, determined the life mortality assumption updates, roughly 50-50, roughly 50-50, maybe skewed a little bit more to the traditional blocks, but it's very small. So think of it as a 50-50 thing.

不，這就是下半年的情況。所以，這並不是真正的偉大，而且──那裡也沒有真正的等級。我有第二個問題，哦，確定了生命死亡率假設更新，大約 50-50，大約 50-50，可能比傳統塊稍微傾斜一點，但它非常小。因此，可以將其視為 50-50 的事情。

And this is specific to a particular cohort, again, a high value, high age.

這是特定於特定族群的，同樣是高價值、高年齡。

Well, the mortality assumption updates, I mean, when we went through it's really -- we're really more focused on the older age mortality. That was the, let's say, the crux of the biggest driver, unless you want to talk about it by product, but it's really older age mortality. We increased our expectation for older age mortality. Is it just as simple as that.

嗯，死亡率假設更新了，我的意思是，當我們經歷它時，我們真的更關注老年死亡率。可以說，這是最大驅動因素的癥結所在，除非你想按產品來談論它，但這實際上是老年人死亡率。我們提高了對老年人死亡率的預期。是不是就這麼簡單呢。

Okay. Thanks, Matt.

好的。謝謝，馬特。

Yeah.

是的。

Nassib Ahmed, UBS.

納西布·艾哈邁德，瑞銀。

Good morning. Thanks for taking my questions. Firstly, on the financial assets, you've got 3.5 billion of locked in capital in there. How much of that reduction since '22, has been delivered by your actions versus markets because I think a big proportion of the reduction of the market. And then you're targeting 1.2 billion to management actions. I guess any market movements will come on top of that. And then kind of sub-question is the 1.2 billion more back-end loaded towards 2027 or dual chip away at this as and when you get attractive pricing in the markets. So that question, number one.

早安.感謝您回答我的問題。首先，在金融資產上，你有35億的鎖定資金。自 22 年以來，有多少減少是透過你的行動與市場來實現的，因為我認為市場減少的很大一部分。然後你的目標是 12 億美元用於管理行動。我想任何市場走勢都會在此之上。還有一個子問題是，到 2027 年或雙晶片時，後端負載會增加 12 億，當你在市場上獲得有吸引力的定價時。所以這個問題是第一個問題。

Okay. As far as the split between the markets versus management actions? I don't -- I must say I don't really have a good split for you. So we'll have to get back to you on that one. And in terms of how much is it going to reduce and by what time we have that [2.2 billion] target out there, it will quite depend on the pace of management actions that we will take in the future, which we continue to work on, of course. But we're not ready to talk about those things here.

好的。至於市場與管理行為之間的分歧？我不——我必須說我對你來說真的沒有一個好的分割。因此，我們必須就此問題與您聯繫。至於將減少多少以及我們何時實現 [22億]目標，這將很大程度上取決於我們未來將採取的管理行動的步伐，我們將繼續努力， 當然。但我們還沒準備好在這裡談論這些事情。

Perfect. Thank you. And the second question, it's a quick one on US GAAP reporting. I think you've indicated in the past that you will look into it. Now that IFRS 17 is embedded any data on that.

完美的。謝謝。第二個問題是關於美國公認會計準則報告的快速問題。我認為您過去曾表示過您會對此進行調查。現在 IFRS 17 已嵌入相關資料。

So basically, no. We are you -- we can say IFRS 17 is embedded. We are dutifully reporting the figures. I think we have a good handle on the let's say, the sources of earnings and those sort of things, the various movements, we still do need to work. Frankly, as well as everybody in the industry. I think on speeding up the close process. So we continue to work on that one.

所以基本上，不。我們就是您—我們可以說嵌入了 IFRS 17。我們正在盡職盡責地報告這些數字。我認為我們已經很好地處理了收入來源和諸如此類的事情，各種變動，我們仍然需要工作。坦白說，還有這個行業的每個人。我想加快關閉過程。所以我們繼續致力於這項工作。

Work has not begun on US GAAP, we still want to make sure that we are really rock solid on our FRS 17 figures together with having a really, really good projection capability for there -- for that under that accounting framework. The US GAAP and what mutation is going to be a decision for the future. We still think it might be valuable in terms of being able to compare against US peers. But that's something, of course, that Duncan and lard will be able to handle going forward.

US GAAP 的工作尚未開始，我們仍然希望確保我們的 FRS 17 數據確實堅如磐石，並且在該會計框架下擁有非常非常好的預測能力。美國公認會計原則以及什麼變化將是未來的決定。我們仍然認為，就能夠與美國同行進行比較而言，它可能很有價值。但這當然是鄧肯和豬油未來能夠處理的事情。

Okay, Thank you, Matt.

好的，謝謝你，馬特。

Jason Kalamboussis, ING.

賈森‧卡蘭布西斯 (Jason Kalamboussis)，ING。

Yes, hi. First of all I wanted to thank a Matt, and wish him indeed very happy next phase of his life without the Analysts ask best during Q1 results final details, and of course, I welcome to Duncan. Congratulations in case you knew role where I hope that you will do an excellent job like he did in the past, already taken.

是的，嗨。首先，我要感謝馬特，並祝他在人生的下一階段非常快樂，而無需分析師在第一季結果期間詢問最終細節，當然，我歡迎鄧肯。恭喜你，如果你知道這個角色，我希望你能像他過去那樣出色地完成工作，已經接受了。

Moving on, I have just a couple of quick questions. On the OCG guidance. Mike, you said that you normally we should assume zero going forward and if anything will have a small drag from the change in assumptions, but effectively, you're more likely to see positive as you had in the past, you were seeing, for example, in the US mobility, you'll have some -- many years of positive experience.

接下來，我有幾個簡單的問題。關於 OCG 指導。麥克，你說你通常應該假設未來為零，如果有什麼事情會因假設的變化而產生小小的阻力，但實際上，你更有可能看到積極的一面，就像你過去看到的那樣，因為例如，在美國的流動性中，您將擁有一些多年的正面經驗。

So is it fair to say that at the end of the day there is going to be somewhere in that list is just that you know, you assume it had zero, you guys, as you know, in OCG with zero in mind. But effectively we are more likely see if anything, positive experiences. So I would like your thoughts on that.

因此，公平地說，到最後，該列表中的某個位置將只是您知道的，您假設它有零，您這些傢伙，如您所知，在 OCG 中牢記零。但實際上，我們更有可能看到正面的經驗。所以我想聽聽你對此的想法。

And also OCG in the US on the financial assets, can you help on what you would expect in the second half of the year. And then a couple of small things in Spain. I assume that, you know, given that now interest rates are going down, we should see a bounce in the second half. So this is maybe more of a statement, but just looking to confirm that.

還有美國的OCG在金融資產方面，你能幫助一下你對下半年的期望嗎？然後是西班牙的一些小事。我認為，考慮到現在利率正在下降，我們應該會在下半年看到反彈。所以這可能更多的是一個聲明，但只是想確認這一點。

And on the cash, as you said, probably, you know, the next update for share buybacks is the full year, my calculations show that you will be NOK1.7 billion at year end. So I just wanted to make clear that you are not we're not going to have any surprises with the Q3 trading update and you are looking at the next date of February '25 for any capital updates. Thank you very much.

至於現金，正如您所說，您知道，股票回購的下一次更新可能是全年，我的計算顯示，到年底您將達到 17 億挪威克朗。因此，我只是想明確表示，我們不會對第三季的交易更新感到任何意外，並且您將關注下一個日期 25 年 2 月的任何資本更新。非常感謝。

Let me -- yeah. Thank you very much, Jason. And I will hand over for Matt in a minute, but I'll take the last the last two. So in Spain -- first of all in Spain, as we mentioned in our presentation, we have seen slowdown in sales because we are working there with our partner -- our bank distribution partner of Banco Santander. And because of the rates up. Basically there was less demand for the life insurance products that are usually bought in conjunction with mortgages because there's just low mortgages.

讓我——是的。非常感謝你，傑森。一分鐘後我會交給馬特，但我會接最後兩個。因此，在西班牙——首先是在西班牙，正如我們在演示中提到的那樣，我們看到銷售放緩，因為我們正在與我們的合作夥伴——桑坦德銀行的銀行分銷合作夥伴合作。而且因為利率上漲。基本上，對通常與抵押貸款一起購買的人壽保險產品的需求較少，因為抵押貸款較低。

Now with rates coming down we do expect, of course, then trend to reverse gradually have acceleration of blunting plummeting. So it is all this will come back gradually in the meantime, by the way, has a lot of other product lines that we are developing. So we're pushing forward to reverse the picture in the in the second half of the year.

當然，現在隨著利率下降，我們預期趨勢會逐漸逆轉，並加速暴跌。因此，這一切都會逐漸恢復，同時，我們正在開發許多其他產品線。因此，我們正努力在今年下半年扭轉這一局面。

Then when it comes to any capital returns. We just want to remind you that we've got to have 1.5 billion buyback which we completed. We've announced a 200 billion buyback, which we're currently repurchasing in the open market. We hope to be able to get that done before the end of year.

然後談到任何資本回報。我們只是想提醒大家，我們已經完成了 15 億的回購。我們已經宣布了 2000 億的回購，目前我們正在公開市場上進行回購。我們希望能夠在年底前完成這項工作。

Matt, just took you through the movement of the cash capital position also taking into account the interim dividend that we would need to pay out, et cetera. We will we are well capitalized the operating units are well above their operating levels. We have a strong cash capital position at the holding company, which we like to like to have because we're in this company is in a large-scale transformation effort. And as a result, we like to be that way. And we have a policy that any capital that we have in excess of 0.5 billion to 1.5 billion range has and that we cannot use for value-creating opportunities. We'll get go back to stockholders over time. It is something we evaluate on an ongoing basis.

馬特，剛剛向您介紹了現金資本頭寸的變動，也考慮到我們需要支付的中期股息等。我們資本充足，營運單位遠高於其營運水準。我們在控股公司擁有強大的現金資本頭寸，我們希望擁有這一點，因為我們在這家公司正在進行大規模的轉型工作。因此，我們喜歡這樣。我們有一項政策，任何超過 5 億至 15 億範圍的資本都不能用於創造價值的機會。隨著時間的推移，我們將回報股東。這是我們持續評估的事情。

Okay. Let me get to your OCG question. So first of all, I think you were trying you were trying to link assumption updates to the OCG guidance that we are giving. Just to just to refresh your memories right now, we reported a second quarter and I talking returns, we reported a second quarter OCG of 332 million that embedded a bunch of negative mortality and morbidity experience variances that you need to add back. There were various one-off items in international and then in the UK.

好的。讓我回答一下你的 OCG 問題。首先，我認為您正在嘗試將假設更新與我們提供的 OCG 指南連結起來。只是為了讓您現在回憶一下，我們報告了第二季度，我說的是回報，我們報告了第二季度的OCG 為3.32 億，其中包含了一系列負死亡率和發病率體驗差異，您需要將其添加回來。國際上有各種一次性物品，然後在英國。

And when you do it. When you boil it all down, you end up with a run rate of about 290 million for per quarter for the group, we are not changing our guidance for the full year. We've what we've said something in the $1.1 billion range. The basic math would get you a somewhat higher than that, but we will see we still have mortality volatility. But the big thing is that the change in assumptions does not have a big impact on the run rate expectation for the for OCG is very, it's very minor and it's more than made up for in terms of business growth.

當你這樣做的時候。當你把這一切歸結起來時，你最終會得到該集團每季約 2.9 億的運行率，我們不會改變全年的指導。正如我們所說，我們擁有 11 億美元的資金。基本數學計算得出的結果會比這個高一些，但我們仍然會看到死亡率波動。但重要的是，假設的變化並沒有對 OCG 的運行率預期產生很大的影響，影響非常非常小，而且在業務成長方面足以彌補。

You second asked for asked the question about OCG in financial assets in the US. We don't generally give guidance at that level of detail, but we look at perhaps a 205 million a quarter for the overall US business, again, that's going to be subject to mortality fluctuations and the like. The question on Spain, interest rates, Lard already covered it. So we don't need to do that. And cash, Lard already covered that one as well. So I think that's about it.

您第二次詢問了有關美國金融資產中OCG的問題。我們通常不會提供如此詳細的指導，但我們預計美國整體業務每季可能會達到 2.05 億美元，這同樣會受到死亡率波動等因素的影響。關於西班牙、利率的問題，豬油已經涵蓋了。所以我們不需要這樣做。還有現金，豬油已經涵蓋了這一點。所以我認為就是這樣。

Thank you very much.

非常感謝。

Farooq Hanif, JPMorgan.

法魯克·哈尼夫，摩根大通。

Thank you very much, and thanks, Matt. Question one, can you please talk about in on long-term care, the drive of the really high actual to expected. Obviously, we would probably expect higher old-age mortality to be positive flat. And related to that, when are you expecting the next our approval for price increases. And if you do get those price increases, am I right in thinking that in the CSM, you've already taken that into account just not really going to uplift. That's question area number one and I'll wait four your answer. I give you my second one.

非常感謝你，也謝謝馬特。問題一，您能否談談在長期照護方面，實際上對預期的驅動力確實很高。顯然，我們可能預期老年死亡率的上升將是正值。與此相關的是，您預計什麼時候我們會批准下一次漲價？如果你確實得到了這些價格上漲，我認為在 CSM 中你已經考慮到了這一點，但並沒有真正提高價格，我的想法是否正確。這是第一個問題，我會等你四個小時的答案。我給你我的第二個。

Okay. Thank you very much for that. Matt?

好的。非常感謝你。馬特？

The actual the higher actual to expected ratio in the long-term care business that we saw in the first half of the year. I would say the majority of it is due to just simply a claims backlog that was caught up in the first half. We also had minor updates relative to incidence and claim amounts, but frankly, those are taken care of in the assumption updates. So we would expect that to come back to zero over time. So actually, there's not really a lot happening in the long term in the long-term care book.

事實上，我們在上半年看到長期照護業務的實際與預期比率較高。我想說，其中大部分只是由於上半年出現的索賠積壓所致。我們也對發生率和索賠金額進行了較小的更新，但坦白說，這些都在假設更新中得到了處理。因此，我們預計隨著時間的推移，這一數字將回到零。所以實際上，從長期來看，長期照護方面並沒有發生太多事情。

In terms of the expected approvals of price increases, we get these all the time, this stagger end. We have 50 states for which we have a site, increased the prices for the long-term care book and those are trickling in all the time. And you have it exactly right that our long-term expectation of the approvals of these rate increases are already reflected in the CSM and frankly, every half year, every quarter when we do our financial results, we true up to what did we expect for the quarter or the half year versus what approvals that we get in for the quarter or the half year.

就提價的預期批准而言，我們一直得到這些，這種錯綜複雜的結局。我們在 50 個州設有網站，提高了長期照護書籍的價格，而且這些價格一直在增加。你說得完全正確，我們對批准這些加息的長期預期已經反映在 CSM 中，坦率地說，每半年、每個季度，當我們公佈財務業績時，我們都達到了我們的預期季度或半年與我們在該季度或半年獲得的批准進行比較。

So we're constantly monitoring that one, but you're right, you're not going to see an uplift in the IFRS results, except to the extent that we get more approvals than we than we thought we were going to get in the main. But I think the best way to think about it is just in terms of our of our 700 million guidance, we track that dutifully for you guys and let us handle the accounting, but there are no big movements really anticipated there.

所以我們一直在監控這一點，但你是對的，你不會看到 IFRS 結果有所提升，除非我們獲得的批准比我們想像的要多。但我認為最好的思考方式就是根據我們的 7 億指導方針，我們盡職盡責地為你們追蹤並讓我們處理會計，但實際上並沒有預期會發生重大變化。

Thank you. And my second question, I suspect you might not be able to answer fully. Yes, but your RBC ratio, it's clearly well above target levels, and it feels to me like you're much more positive now on experience and assumptions. But you've given us this impression that as you release capital from financial assets, you'll reinvest in strategic, but it feels to me that bounce is net positive. So what point as a group as an organization, do you think you'll decide to maybe increase remittances from the US? Thanks.

謝謝。我的第二個問題，我懷疑你可能無法完全回答。是的，但是您的紅血球比率顯然遠高於目標水平，而且我覺得您現在對經驗和假設更加積極。但你給我們的印像是，當你從金融資產中釋放資本時，你會再投資於策略性資產，但在我看來，反彈是淨正值。那麼，作為一個團體和組織，您認為您會決定增加來自美國的匯款嗎？謝謝。

Matt?

馬特？

So what I have to correct one thing, and that is that we planned and we've always said that as we release capital from the financial assets, then we will redeploy that to reduce capital even further on the financial assets. We really want to work those books down. We have plenty of capital to invest in the strategic assets. You seen that by the way that our new business strain in the US has increased relative to the prior year last year. And we actually expect that to continue, which I frankly love because we're effectively planting seed corn in terms of being putting profitable business on the books that will ultimately come through capital generation in the future.

所以我必須糾正一件事，那就是我們計劃並且我們總是說，當我們從金融資產中釋放資本時，我們將重新部署資本，以進一步減少金融資產上的資本。我們真的很想把這些書整理下來。我們有充足的資金來投資策略資產。順便說一句，您已經看到，我們在美國的新業務壓力與去年相比有所增加。我們實際上預計這種情況會繼續下去，坦白說，我很喜歡這種情況，因為我們正在有效地種植玉米種子，將盈利業務記入賬簿，這些業務最終將通過未來的資本生成實現。

But yes, I mean, look, the RBC ratio is at a pretty high level today, but that will be really up to Duncan and Lard here to think about what happens in the future. But for right now, you don't know what headwinds are coming. We saw a blip in the equity markets, their credit markets are still benign, and we're in the middle of a transformation in the US. And so for right now, I would say we're pretty okay where it is, but that that could obviously change in the future.

但是，是的，我的意思是，看，今天的紅血球比率處於相當高的水平，但這實際上取決於鄧肯和拉德在這裡思考未來會發生什麼。但目前，你不知道將會出現什麼阻力。我們看到股市出現了波動，信貸市場仍然良性，美國正處於轉型之中。因此，就目前而言，我想說我們的情況還不錯，但將來這種情況顯然可能會改變。

Thank you so much.

太感謝了。

Thank you. This concludes the Q&A session. I would now like to turn the call back over to Yves Cormier, for closing remarks. Please go ahead.

謝謝。問答環節到此結束。現在我想將電話轉回給伊夫·科米爾 (Yves Cormier)，讓其致閉幕詞。請繼續。

Thank you very much. This concludes today's Q&A session. Should you have any remaining questions, please get in touch with us Investor Relations. On behalf of Lard and Matt, I want to thank you for your attention. Thanks again and have a good day.

非常感謝。今天的問答環節到此結束。如果您還有任何疑問，請聯絡我們的投資者關係部門。我謹代表拉德和馬特感謝你們的關注。再次感謝，祝您有美好的一天。