Aegon Ltd (AEG) 2024 Q4 法說會逐字稿

Good morning, everyone. My name is Yves Cormier, Head of Investor Relations, and I would like to welcome you to this conference call on Aegon's second-half 2024 results.

大家早安。我叫 Yves Cormier，是投資人關係主管，歡迎您參加 Aegon 2024 年下半年業績的電話會議。

Joining me to take you through our progress are Aegon's CEO, Lard Friese; and CFO, Duncan Russell. Before we start, we would like to ask you to review our disclaimer on forward-looking statements, which you can find at the back of the presentation. And I now would like to hand over to Lard.

與我一起向您介紹我們進展的還有 Aegon 的執行長 Lard Friese；和財務長 Duncan Russell。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，您可以在簡報的背面找到該免責聲明。現在我想把話題交給拉爾德。

Thanks, Yves, and good morning, everyone, and thank you for joining the call today. Let me start today's presentation by running you through our strategic and commercial developments before handing over to Duncan to address our financial results in more detail.

謝謝，伊夫，大家早安，謝謝你們今天的電話會議。今天的演講首先讓我向大家介紹我們的策略和商業發展情況，然後再交給鄧肯更詳細地介紹我們的財務表現。

Let's move to slide 2 to review the highlights of the year. In 2024, we made good progress with the transformation of Aegon and are on track to meet the 2025 targets. I will begin by highlighting some of our key financials.

讓我們翻到第二張幻燈片來回顧今年的亮點。2024年，全球人壽轉型取得良好進展，可望實現2025年的目標。首先我將重點放在我們的一些關鍵財務狀況。

Starting with IFRS, we reported an operating result of nearly EUR1.5 billion over 2024, which is in line with last year's results and with a clear improvement of claims experience following our assumption updates in the first half of 2024.

從 IFRS 開始，我們報告 2024 年的營業利潤接近 15 億歐元，這與去年的業績一致，並且在 2024 年上半年我們更新假設後，索賠經驗明顯改善。

Aegon reported operating capital generation before holding and funding expenses of EUR1.2 billion in 2024 in line with the guidance we provided. We also met our guidance on free cash flow, which came in at EUR759 million.

根據我們提供的指引，Aegon 報告稱，2024 年扣除持有和融資費用後的營運資本產生額為 12 億歐元。我們的自由現金流也達到了預期，達到 7.59 億歐元。

Based on this progress, we proposed a final dividend of EUR0.19 per common share which would bring the full-year dividend to EUR0.35 per share, which is an increase of 17% compared with 2023. We also returned EUR1.4 billion of capital to our shareholders during the calendar year in the form of dividends and share buybacks. And furthermore, we are currently executing an additional EUR150 million share buyback program. These are a testimony to our commitment to generating attractive returns for our shareholders.

基於這一進展，我們建議派發每股普通股 0.19 歐元的末期股息，這將使全年股息達到每股 0.35 歐元，較 2023 年增長 17%。我們也以本年度以股利和股票回購的形式向股東返還了14億歐元的資本。此外，我們目前正在執行額外的1.5億歐元的股票回購計畫。這些證明了我們致力於為股東創造可觀的回報。

Turning now to our strategy and commercial momentum. I'm also pleased with the progress that we have made. In the United States, we are building Transamerica into America's leading middle market life insurance and retirement company. World Financial Group, our affiliated insurance distribution network continues to attract new agents and grow its business.

現在來談談我們的策略和商業勢頭。我對我們所取得的進展也感到高興。在美國，我們正在將 Transamerica 打造成為美國領先的中型市場人壽保險和退休金公司。我們的附屬保險分銷網絡世界金融集團不斷吸引新的代理商並發展其業務。

In midsized retirement plans, we are growing the portfolio and have a very strong pipeline of written sales. We continue to pursue our strategy in our Protection Solutions business with a focus on growing our Life and Indexed Annuity business.

在中型退休計畫中，我們正在擴大投資組合，並擁有非常強大的書面銷售管道。我們將繼續推行保護解決方案業務的策略，並專注於發展我們的人壽和指數年金業務。

In financial assets, we have reduced capital employed and made good progress in long-term care and completed the program to purchase institutionally owned universal life policies ahead of schedule, reducing our exposure to mortality risks.

在金融資產方面，我們減少了資本佔用，在長期照護方面取得了良好進展，並提前完成了購買機構擁有的萬能壽險的計劃，從而降低了我們面臨的死亡風險。

Moving to the UK. In June, we updated you on our strategy to create a champion in the UK savings and retirement market. The results since then have been in line with our expectations. We have seen record growth in the workplace platform. And while outflows continued in our adviser platform, we are executing a strategy to reverse the flow dynamics in this business that includes targeting our top 500 financial adviser firms.

移居英國。六月份，我們向您介紹了打造英國儲蓄與退休市場冠軍的策略。自那時起，結果一直符合我們的預期。我們看到工作場所平台實現了創紀錄的成長。雖然我們的顧問平台的資金流出持續存在，但我們正在實施一項策略來扭轉該業務的流動動態，其中包括瞄準我們的前 500 家金融顧問公司。

Our Asset Management business had a very strong year with solid net deposits in both the global platforms and the strategic partnership channels. Finally, in international, commercial results have been volatile this year in several markets, but mostly from pricing actions in China to reflect lower interest rates.

我們的資產管理業務今年表現非常強勁，全球平台和策略合作夥伴管道的淨存款都保持穩健。最後，在國際上，今年多個市場的商業表現一直不穩定，但主要原因是中國為反映較低的利率所採取的定價行動。

I'm now turning to slide number 3 for an update on our strategic assets in the Americas. We remain on track to deliver on the transformation of Transamerica. Starting with WFG compared with the end of 2023, the number of licensed agents increased by 17% to over 86,000. The number of multiticket life agents remained stable over the same period.

我現在翻到第三張投影片來介紹我們在美洲的戰略資產的最新情況。我們將繼續按計劃實現 Transamerica 的轉型。從WFG開始與2023年底相比，持牌代理商的數量增加了17%，達到86,000多人。同期多票人壽代理人的數量保持穩定。

Annuity sales through WFG network increased by 22% compared with 2023, while new life sales decreased by 3%. In the Savings & Investments segment, while large market retirement plans experienced net outflows, net deposits in the midsized segment amounted to $0.6 billion in 2024.

透過 WFG 網路的年金銷售額與 2023 年相比增長了 22%，而新壽險銷售額則下降了 3%。在儲蓄和投資領域，大型市場退休計畫出現淨流出，而中型退休計畫的淨存款在 2024 年達到 6 億美元。

Strong levels of new written sales in both midsized and large market plans, point to solid growth of growth deposits going forward. In this segment, we also strive to increase profitability and diversify revenue streams by growing in ancillary products, as explained during the Capital Markets Day in 2023.

中型和大型市場計劃中新簽訂的合約銷售額均保持強勁，顯示未來成長存款將穩定成長。在這一領域，我們也努力透過增加輔助產品來提高獲利能力並實現收入來源多樣化，正如 2023 年資本市場日所解釋的那樣。

Assets under administration and individual retirement accounts increased by 22% over the past 12 months to nearly $13 billion, while assets under management of the general accounts stable value product increased by 18% to $13 billion.

過去 12 個月，管理資產和個人退休帳戶增加了 22%，達到近 130 億美元，而一般帳戶穩定價值產品的管理資產增加了 18%，達到 130 億美元。

In the Protection Solutions segment, new life sales decreased by 3% compared with the first half of last year to $473 million. New life sales were impacted by a number of factors within the WFE distribution channel. These included some attrition of senior producing life licensed agents higher levels of sales for third-party high-pace value life contracts, which is a product segment that Transamerica is not focused on, along with the shift in the mix of sales towards more annuities.

在保護解決方案部門，新壽險銷售額與去年上半年相比下降 3% 至 4.73 億美元。新生活銷售受到 WFE 分銷管道內多種因素的影響。這些因素包括部分資深壽險持牌代理人的流失，第三方高價值壽險合約的銷售額上升，而這是 Transamerica 並不關注的產品領域，同時銷售結構也向年金轉變。

We are actively addressing these challenges. And in the fourth quarter, we noted an improvement of new life sales of Transamerica products versus the third quarter. We're also making good progress with the transformation of our life operating model having completed major milestones in 2024.

我們正在積極應對這些挑戰。在第四季度，我們注意到 Transamerica 產品的新品銷售較第三季有所改善。我們的生活營運模式轉型也取得了良好進展，並於 2024 年完成了重要里程碑。

So let's now move to our UK business using slide number 4. In the UK, trends remain consistent with the path we discussed at the strategy. Commercial momentum in the workplace platform remains very strong, evidencing our strong position in this market. Net deposits during 2024 amounted to GBP3.7 billion, more than double the level of 2023.

現在讓我們使用幻燈片 4 來討論我們的英國業務。在英國，趨勢與我們在策略中討論的路徑保持一致。工作場所平台的商業動能仍然強勁，證明了我們在這個市場上的強勢地位。2024 年的淨存款額為 37 億英鎊，是 2023 年的兩倍多。

In the adviser platform, net outflows amounted to GBP3.5 billion in 2024. This reflects continued elevated levels of customer withdrawals and ongoing consolidation in non-target adviser segment. In line with our strategy, we are focusing our efforts on targeting our top 500 financial adviser firms and improving the platform experience.

在顧問平台，2024 年淨流出額為 35 億英鎊。這反映出客戶撤資水準持續上升以及非目標顧問領域的持續整合。按照我們的策略，我們正集中精力瞄準前 500 家金融顧問公司並改善平台體驗。

At the end of 2024, the platform assets under administration amounted to GBP115 billion, up 11% compared with the end of 2023, and due to favorable markets and the net deposits on the workplace platform.

截至 2024 年底，平台管理的資產總額為 1,150 億英鎊，較 2023 年底增長 11%，這得益於有利的市場和工作場所平台的淨存款。

I now turn to slide number 5 to address the progress of our international businesses. New life sales in International segment decreased by 15% compared with 2023. This was mainly driven by pricing actions in China to reflect lower interest rates. This more than offset the slightly elevated sales volumes generated ahead of a second regulatory change in October 2024.

我現在轉到第 5 張投影片來介紹我們的國際業務的進展。與 2023 年相比，國際部門新生命銷售額下降了 15%。這主要是受中國為反映較低利率而採取的定價行動所推動。這遠遠抵消了 2024 年 10 月第二次監管變化前略微增加的銷售量。

In Brazil, the decrease of new life sales is explained by unfavorable exchange rate movements and a very strong sales level in 2023. In Spain and Portugal, new life sales decreased mainly as a result of fewer mortgage-linked light sales as higher interest rates dampened demand, especially in the first half of the year.

在巴西，新車銷售下降的原因是不利的匯率變動和 2023 年的銷售水準非常強勁。在西班牙和葡萄牙，新房銷售下降主要是由於抵押貸款相關的輕型房屋銷售減少，因為較高的利率抑制了需求，尤其是在今年上半年。

This was partly offset by higher sales in single premium products linked to consumer loans. A similar reduction was observed for accident and health products. But we continue to profitably grow our books in these markets and have recorded solid increases in gross written premiums during 2024 compared to 2023.

這在一定程度上被與消費貸款相關的單一保費產品銷售額的增加所抵消。意外險和健康險產品也出現了類似的降幅。但是，我們在這些市場的業績繼續實現盈利增長，2024 年的毛承保保費較 2023 年相比實現了穩步增長。

Moving now to slide number 6. Aegon Asset Management reported solid results -- very solid results over the year. In the Global platforms business, we saw strong third-party net deposits of EUR9.2 billion. This was driven by strong inflows in alternative fixed income funds, which also benefited from the asset management partnership with ASR.

現在轉到投影片 6。Aegon Asset Management 報告了穩健的表現——全年業績非常穩健。在全球平台業務中，我們看到第三方淨存款強勁，達到 92 億歐元。這是由另類固定收益基金的強勁流入所推動的，同時也受益於與 ASR 的資產管理合作夥伴關係。

The other main contributors to net deposits were retirement funds in the UK and the Netherlands. In the Strategic Partnership segment, net deposits amounted to EUR4.5 billion, and that was mainly driven by our Chinese joint venture, AIFMC. These solid levels of net deposits combined with favorable markets and favorable currency movements, increased the assets under management to EUR332 billion at year-end 2024.

淨存款的其他主要貢獻者是英國和荷蘭的退休基金。在策略夥伴領域，淨存款額為 45 億歐元，主要得益於我們的中國合資企業 AIFMC。這些穩固的淨存款水平，加上有利的市場和有利的貨幣走勢，使得到 2024 年底，管理的資產增加至 3,320 億歐元。

Duncan, I will now hand over to you to discuss the financial performance over the second half of 2024.

鄧肯，現在我將交給你討論 2024 年下半年的財務表現。

Thank you, Lard. Good morning, everyone. Let's turn to slide 8 for an overview of our financial performance. In the second half of 2024, the IFRS operating result increased by 14% compared to the prior year period, mostly driven by the Americas reflecting business growth in all three strategic asset segments.

謝謝你，拉德。大家早安。讓我們翻到第 8 張投影片來概覽一下我們的財務表現。2024 年下半年，IFRS 經營績效較去年同期成長 14%，主要得益於美洲地區三個策略性資產部門的業務成長。

Operating capital generation before holding, funding and operating expenses was flat compared to the second half of 2023 as required capital release was offset by higher new business streams. Free cash flow amounted to EUR385 million, following receipt of final remittances from all units and including the capital distributions from ASR. Cash capital holdings for a EUR1.7 billion at the end of December. The decrease compared with the balance at the end of June was driven by EUR728 million of capital returns to Aegon shareholders.

與 2023 年下半年相比，持有、融資和營運費用前的營運資本產生持平，因為所需的資本釋放被更高的新業務流所抵消。在收到所有部門的最終匯款並包括 ASR 的資本分配後，自由現金流達 3.85 億歐元。12月底現金資本持有量為17億歐元。與 6 月底餘額相比，這一下降是由於 Aegon 股東獲得了 7.28 億歐元的資本回報。

Valuation equity, which consisted of shareholders equity and the CSM balance after tax on a per share basis increased by 9% to EUR8.91 over the reported period. Gross financial leverage increased slightly to EUR5.2 billion following FX movement. And the group solvency ratio decreased by 2 percentage points since the end of June to 188% at the end of December 2024.

估價權益包括股東權益和每股稅後 CSM 餘額，申報期間內成長 9%，至 8.91 歐元。隨著外匯走勢，總財務槓桿小幅增加至 52 億歐元。集團償付能力充足率自6月底起下降2個百分點至2024年12月底的188%。

Let's now move to operating results on slide 9. The group's operating results increased to EUR776 million, driven by the US strategic assets and an asset management. In the US, the operating results increased by 15%, reflecting business growth and the strategic assets. The increase was partially offset by lower operating profit from financial assets as these blocks continue to shrink.

現在我們來看第 9 張投影片上的經營成果。在美國戰略資產和資產管理的推動下，集團經營績效成長至7.76億歐元。在美國，經營績效成長了15%，反映了業務成長和策略資產。由於這些區塊的規模持續萎縮，但金融資產的營業利潤下降部分抵消了這一成長。

In the UK, the operating results decreased by 2%. Higher revenues from business growth and favorable markets were offset by higher hedging costs and lower interest income on owned cash. In our International segment, the operating results decreased by 8%, predominantly as a result of a lower operating result because of lower investment income post remittances.

英國方面，營業業績下降了2%。業務成長和有利市場帶來的更高收入被更高的對沖成本和自有現金的利息收入減少所抵消。在我們的國際部門，經營績效下降了 8%，主要原因是匯款後投資收益減少導致經營績效下降。

The operating result from Aegon Asset Management increased by 34% thanks to business growth, favorable markets and a onetime benefit in our Chinese joint venture. And finally, our holding reported a negative result of EUR68 million. The results included a benefit resulting from an international reinsurance transaction between Transamerica and offsetting a negative impact in onerous contracts in the Americas financial assets.

由於業務成長、市場利好以及中國合資企業的一次性收益，全球人壽資產管理的營業利潤增加了34%。最後，我們控股公司的業績報告為負6800萬歐元。該結果包括來自 Transamerica 之間的國際再保險交易的收益以及抵消了美洲金融資產中繁重合約的負面影響。

I will elaborate on this item and the operating results at the Americas more broadly using the next slide. In the second half of 2024, the Americas operating results amounted to $599 million. The operating results from Protection Solutions increased by 35%. Growth in the portfolio drove higher CSM release and investment income.

我將在下一張投影片中更廣泛地闡述此事以及美洲的經營績效。2024年下半年，美洲區經營績效達5.99億美元。保護解決方案業務的經營績效成長了35%。投資組合的成長帶動了 CSM 釋放和投資收益的增加。

The savings and investment operating results increased 10%, mainly from increased revenues in retirement plans. The distribution operating results increased 25%, mainly due to higher net commission revenues and revenue sharing income from third-party product providers, both related to increased annuity sales volumes both of which led to a higher operating margin.

儲蓄和投資經營績效成長了 10%，主要得益於退休計畫收入的增加。分銷經營績效成長了 25%，主要原因是淨佣金收入和來自第三方產品提供商的收入分成收入增加，這兩項收入都與年金銷售量的增加有關，從而導致了更高的營業利潤率。

The operating results from financial assets decreased by $37 million due to the continued runoff unfavorably impacting the net investment results and the release of CSM. Claims variances was overall favorable in second-half '24 and materially more favorable year on year.

由於持續的虧損對淨投資結果和 CSM 的釋放產生了不利影響，金融資產的營運結果減少了 3,700 萬美元。24年下半年索賠差異整體有利，且年比大幅有利。

Thus in second half '24, we had a negative 147 million unfavorable experience on onerous contracts. About one-third of this was driven by premium variances in the Universal Life block. Another third resulted from last behavior in TLB because of higher interest rates.

因此，在2024年下半年，我們在繁重合約方面的不利經驗為負1.47億。其中約三分之一是由萬能壽險保費差異所造成的。另外三分之一是由於較高的利率導致的 TLB 的最後行為。

As this is related to an internal reinsurance transaction, this impact is eliminated in the holdings segment. The remaining impact related largely to the reapplication of interest accretion for owners variable annuity contracts from fair value items to operating results.

由於這與內部再保險交易有關，因此該影響在控股部門中被消除。其餘影響主要與將所有者變額年金合約的利息累積從公允價值項目重新應用於經營成果有關。

Looking into 2025, the operating results should continue to benefit from the growth we're seeing in strategic assets and expect discipline, albeit with a lower operating -- lower anticipated operating margin in the distribution segment as we invest in our franchise.

展望 2025 年，由於我們對特許經營權進行投資，分銷部門的預期營業利潤率將會降低，但經營業績應繼續受益於戰略資產的增長，並有望保持紀律性。

Taking into account the reclassification of the variable annuity interest accretion into the operating results, which is a mechanical drag. The overall Americas operating results is anticipated to be in a yearly -- half yearly run rate of $650 million to $750 million. This US run rate feeds into a EUR750 million to EUR850 million run rate per half year for the group.

考慮到將變額年金利息成長重新分類到經營成果中，這是一種機械阻力。預計美洲地區整體經營業績將達到每年至半年 6.5 億至 7.5 億美元。美國的這一運行率意味著該集團每半年的運行率將達到7.5億歐元至8.5億歐元。

Let me now turn to the net results on slide 11. Non-operating items amounted to a charge of EUR91 million in the second half of 2024. Fair value items resulted in a gain of EUR64 million, driven by the Americas, where gains on hedges offset the underperformance of private equity investments. This was more than offset by net impairments of EUR163 million.

現在讓我來看看第 11 張投影片上的淨結果。2024 年下半年非營業項目支出為 9,100 萬歐元。公允價值項目帶來 6,400 萬歐元的收益，其中美洲地區的收益增加，抵消了私募股權投資表現不佳的影響。但 1.63 億歐元的淨減損足以抵消這一損失。

These mostly related to ECL balance increases for bonds and mortgages following more adverse ECL economic scenario outlook. Other income amounts to EUR159 million in the second half of 2024, mainly driven by the results of our stake in ASR, partly offset by restructuring charges and investments in the transformation of our businesses.

這些主要與更不利的 ECL 經濟情境前景導致債券和抵押貸款的 ECL 餘額增加有關。2024 年下半年的其他收入為 1.59 億歐元，主要得益於我們在 ASR 的股份結果，部分被重組費用和業務轉型投資所抵銷。

After income tax, this leads to a net profit for the group of EUR741 million for the second half of 2024. Slide 12 talks to the development of Aegon's shareholders' equity in the second half of 2024. Shareholders' equity per share increased by EUR0.51 to EUR4.53 compared to the end of June 2024. The increase was driven by the net results, favorable currency movements, a reduction in the share count as well as gains and revaluations in OCI, which in part offset losses within the nonoperating items. These items more than offset the reduction in equity related to capital distributions to shareholders in the period.

扣除所得稅後，該集團 2024 年下半年的淨利為 7.41 億歐元。投影片 12 討論了 2024 年下半年 Aegon 股東權益的發展。每股股東權益較 2024 年 6 月底增加 0.51 歐元至 4.53 歐元。成長的主要原因是淨業績、有利的貨幣走勢、股份數量的減少以及 OCI 的收益和重估，這些因素在一定程度上抵消了非經營項目的損失。這些項目抵銷了本期間與股東資本分配相關的權益減少額。

I'm now moving to the CSM and valuation equity development in the second half of 2024 on slide 13. The CSM at the end of 2024 grew to EUR9 billion, helped by growth in our US strategic assets. Outside the US, the CSM decreased in UK from unfavorable experience variances and the runoff of the traditional book.

我現在轉到第 13 張投影片上的 2024 年下半年的 CSM 和估值股權發展。由於採用美國戰略資產的成長，2024 年底的合約服務邊際 (CSM) 成長至 90 億歐元。在美國以外，由於不利的經驗差異和傳統書籍的流失，英國的 CSM 有所下降。

This was offset by the International segment. valuation equity, which we define as a sum of shareholders' equity in CSM after tax, grew by EUR0.72 over the reporting period to EUR8.91 on a per share basis.

這被國際部門所抵銷。我們將其定義為 CSM 稅後股東權益總和的估值權益，報告期間內成長了 0.72 歐元，達到每股 8.91 歐元。

I'm now on slide 15 to address operating capital generation or OCG. In the second half of 2024, OCG from the unit amounted to EUR658 million at comparable level for the prior year period. Lower OCG in the US and international was offset by increases in the UK and asset management.

我現在在第 15 張投影片上討論營運資本產生或 OCG。2024 年下半年，該部門的OCG金額為6.58億歐元，與去年同期持平。美國和國際地區的OCG下降被英國和資產管理業務的成長所抵消。

Earnings on in-force decreased by 1% to EUR793 million, driven by the Americas, partly offset by asset management was benefited from growth in favorable markets. The release of required capital increased by 18% to EUR252 million, again driven by the US.

受美洲市場影響，有效收益下降 1% 至 7.93 億歐元，但資產管理受益於有利市場的成長，部分抵消了這一影響。所需資本釋放增加了 18%，達到 2.52 億歐元，這同樣是由美國推動的。

An overall new business strain increased by 10% mainly from business growth in the US strategic assets. Overall favorable one-time items had a smaller impact in second-half '24 than in second-half '23. In the second-half '24, they amounted to around EUR52 million, of which around GBP 15 million was in the fourth quarter.

整體新業務量成長10%主要源自於美國策略資產的業務成長。整體而言，有利的一次性項目對24年下半年的影響小於23年下半年。2024年下半年，這一數字達到約5,200萬歐元，其中第四季約為1,500萬英鎊。

Using slide 15, I will elaborate on the OCG of our US business. In the second half of 2024, South America's earnings on in-force amounted to $614 million, a decrease of 2% compared to the same period last year. Earnings on in-force in general benefited from business growth year on year, while the prior year period benefited from larger positive nonrecurring items in financial assets.

使用投影片 15，我將詳細說明我們美國業務的 OCG。2024年下半年，南美洲有效收益為6.14億美元，較去年同期下降2%。整體而言，有效獲利受益於業務的逐年成長，而去年同期則受益於金融資產中更大的正非經常性項目。

Claims experience is also an unfavorable $60 million in the second-half '24 compared to $70 million in the second-half '23. The release of required capital increased to $219 million in the period. This was mainly the result of nonrecurring capital releases in the period following management actions to lower the required capital on investment assets in the general accounts.

2024年下半年的理賠經驗也不佳，為6,000萬美元，而2023年下半年為7,000萬美元。在此期間，所需資本釋放增加至 2.19 億美元。這主要是由於管理層採取行動降低一般帳戶中投資資產所需資本後，期間非經常性資本釋放所致。

New business strain in the second half of '24 amounted to $404 million. The increase was driven by large deposits in the general account stable value product within the retirement plans business. and growth in the rider product within Protection Solutions.

24年下半年新業務壓力達4.04億美元。成長的動力來自於退休計畫業務中一般帳戶穩定價值產品的大量存款。以及保護解決方案中附加產品的成長。

Summarizing, OCG in the Americas decreased by 7% to $429 million in the second half of 2024. The decrease is largely explained by nonrecurring items and higher new business strain, which together offset the increased earnings on in-force from business growth.

總結一下，2024 年下半年美洲地區的 OCG 下降了 7%，至 4.29 億美元。下降的主要原因是非經常性項目和新業務壓力的增加，它們共同抵消了業務成長帶來的實際收益增加。

Using slide 16, I want to address the capital positions of our US and UK units, which remains strong and well above their operating levels. The US RBC ratio decreased by 3 percentage points to 443% compared to the end of June.

使用投影片 16，我想談談我們美國和英國部門的資本狀況，這些部門的資本狀況仍然強勁且遠高於其營運水準。美國RBC比率較6月底下降3個百分點至443%。

As announced at the third-quarter trading update, the termination of the portfolio of purchased universal life policies including the return on part of the equity funding to finance those purchases negatively impacted the RBC ratio with 8 percentage points.

正如第三季交易更新中所宣布的那樣，終止購買萬能壽險保單組合（包括用於資助這些購買的部分股權融資的回報）對 RBC 比率產生了 8 個百分點的負面影響。

Restructuring charges and a contribution to the own employee pension plan reduced the RBC ratio by another 8 percentage points. The benefit from OCG was partly offset by remittances to the group, and market movements had a positive impact of 8 percentage points. Although the RBC ratio remains very healthy, it is important to note that the capital sensitivities have significantly increased in second half '24 compared with the prior period.

重組費用以及對自己員工退休金計畫的繳納使 RBC 比率又降低了 8 個百分點。有組織犯罪集團的收益部分被集團匯款所抵消，市場走勢產生了 8 個百分點的正面影響。儘管RBC比率仍然非常健康，但值得注意的是，與前期相比，2024年下半年的資本敏感度顯著增加。

This has been driven by higher interest rates and equity markets, triggering uneconomic flurry on our VA reserves as well as deferred tax after constraints starting to bite. Note that our published sensitivities now reflect our actual DTA position in each relevant scenario. And I'm happy to go into further details in the Q&A.

這是由利率和股票市場上漲所致，引發了我們的 VA 儲備的不經濟波動，並且在限制因素開始顯現後還出現了遞延稅項。請注意，我們發布的敏感度現在反映了我們在每個相關情境下的實際 DTA 立場。我很高興在問答環節中進一步詳細闡述。

In the UK, the Solvency ratio of Scottish Equitable decreased by 3 percentage points over the same period to 186%. The positive impact from operating capital generation and the annual assumption base was more than offset by remittances to the holding and model refinements and some smaller one-time items.

在英國，蘇格蘭公平保險公司的償付能力比率在同一時期下降了3個百分點，至186%。營運資本產生和年度假設基​​數的正面影響被持有和模型改進以及一些較小的一次性項目的匯款所抵消。

Moving now to slide 17 for an update on our financial assets. We are making steady progress towards our goal of reducing capital employed in our financial assets of around $2.2 billion by the end of 2027. As of the end of '24, capital employed has decreased to $3.4 billion.

現在轉到第 17 頁，了解我們的金融資產的最新情況。我們正在穩步推進我們的目標：到 2027 年底將金融資產所用資本減少約 22 億美元。截至 24 年底，已使用資本已減少至 34 億美元。

In variable annuities, annualized net assets in the reporting period amounted to 9% of the account balance, in line with expectations for this runoff block. In fixed annuities, annualized net outflows amounted to 16% of the average account balance as the book gradually (inaudible).

在變額年金中，報告期間年化淨資產佔帳戶餘額的 9%，符合本淨額結算的預期。在固定年金中，年化淨流出量佔平均帳戶餘額的 16%，因為帳面逐漸（聽不清楚）。

In long-term care, we have now obtained regulatory approvals for additional premium rate increases amounting to $571 million since the beginning of 2023, a which is 82% of our targets. Claims experience continues to track well with assumptions with actual to expected claims ratio that was largely in line with expectations.

在長期照護方面，自 2023 年初以來，我們已獲得監管部門批准額外增加保費率 5.71 億美元，占我們目標的 82%。索賠經驗繼續與假設保持一致，實際索賠與預期索賠之比基本符合預期。

Finally, in Universal Life, we have completed our program, which targets the purchase of 40% of the face value of institutionally owned policies that were in force at the end of 2021. As previously mentioned, funding remains available for additional purchases if these are economically favorable for Transamerica.

最後，在萬能壽險方面​​，我們已經完成了我們的計劃，該計劃的目標是購買 2021 年底生效的機構擁有保單面額的 40%。如前所述，如果這些購買對 Transamerica 的經濟有利，我們仍然提供資金進行額外購買。

And in fact, in the fourth quarter, we did purchase more policies. The runoff of the book and this program drove the reduction of the net face value of universal life policies. At the end of the year, we have a net base value of $47 billion outstanding.

事實上，在第四季度，我們確實購買了更多保單。這本書和這個計畫的失敗導致了萬能壽險保單淨值的下降。截至年底，我們未償還的淨基值為 470 億美元。

Turning now to slide 18. Cash capital holding amounted to EUR1.7 billion at the end of 2024. The decrease from the end of June was driven by EUR728 million of capital returned to shareholders in the form of dividend and share buyback. Free cash flow amounted to EUR385 million in the period and includes remittances from all units and capital returns from ASR. Looking forward, and as a reminder, we are currently engaged in a EUR150 million share buyback program which is expected to be completed in the first half of 2025.

現在翻到第 18 張投影片。2024 年底現金資本持有量為 17 億歐元。自 6 月底以來的下降是由於以股息和股票回購形式返還給股東的 7.28 億歐元資本。該期間自由現金流為3.85億歐元，包括所有單位的匯款和ASR的資本回報。展望未來，需要提醒的是，我們目前正在進行一項 1.5 億歐元的股票回購計劃，預計將於 2025 年上半年完成。

My final slide is number 19 for a recap of where we stand relative to our financial targets for 2025. OCG for 2024 was in line with our updated guidance of EUR1.2 billion, reflecting not only solid business growth but also several favorable nonrecurring items, which totaled around EUR65 million over the year.

我的最後一張投影片是第 19 張，它回顧了我們相對於 2025 年財務目標的現狀。2024 年的 OCG 符合我們最新的 12 億歐元指引，這不僅反映了穩健的業務成長，還反映了幾個有利的非經常性項目，全年總額約為 6,500 萬歐元。

For 2025, as communicated at the 2023 Capital Markets Day, we expect OCG to be around EUR1.2 billion. OCG in the US, UK, and asset management are all trending well versus original guidance but are being offset by lower than originally anticipated OCG from international.

正如 2023 年資本市場日所宣布的那樣，我們預計 2025 年 OCG 將達到約 12 億歐元。奧卡特美國、英國和資產管理的趨勢與最初的指引相比都表現良好，但被國際上低於最初預期的OCG所抵銷。

We also met guidance for free cash flow in 2024, which came in at EUR759 million and included a EUR30 million benefit from our participation in ASR's recent buyback program. For 2025, our target remains a free cash flow level of around EUR800 million on the back of increasing sustainable OCG from the business units.

我們也達到了 2024 年自由現金流預期，達到 7.59 億歐元，其中包括參與 ASR 最近的回購計畫所帶來的 3,000 萬歐元收益。到 2025 年，我們的目標仍然是，在業務部門可持續 OCG 不斷增加的支持下，自由現金流水準仍將達到 8 億歐元左右。

Gross financial leverage of EUR502 billion increased slightly due to currency movements but remains at our target level. Finally, we have increased our dividend over the year 2024 to EUR0.35 per common share, up 17% from EUR0.30 per share over 2023. We are confident that we can continue to grow the dividend to our stated target of around EUR0.40 per share over the full-year 2025.

由於匯率變動，5020億歐元的總財務槓桿略有增加，但仍處於我們的目標水平。最後，我們將 2024 年的股息提高至每股普通股 0.35 歐元，較 2023 年的每股 0.30 歐元增長 17%。我們有信心，到 2025 年全年，我們可以繼續將股息增加至每股約 0.40 歐元的既定​​目標。

And with that, I hand it back to you, Lard.

說完這些，我就把權力交給你了，拉德。

Thank you, Duncan, and let me recap today's presentation with slide number 21. Looking back in 2024, I am proud of what the teams in our company have achieved and I'm grateful for their very hard work. We have made significant steps in the transformation of Aegon, but the work is not done.

謝謝你，鄧肯，讓我用第 21 張投影片回顧今天的演講。回顧 2024 年，我為公司團隊所取得的成就感到自豪，並感謝他們的辛勤工作。我們在 Aegon 轉型方面已邁出重要一步，但工作尚未完成。

We will remain laser-focused on executing our strategy and delivering on our commitments. We have met the financial guidance we previously presented to you and remain confident that we can meet our targets for 2025.

我們將繼續專注於執行我們的策略和履行我們的承諾。我們已經達到了先前向您提出的財務指導，並有信心實現 2025 年的目標。

We are growing our strategic assets and we're reducing our exposure to financial assets step by step. You can see this in our CSM development, but also in how the quality and quantum of capital generation is shifting towards a more profitable and attractive businesses. Although we will speak before then, I look forward to providing you with an update on our strategy and new group targets at our next Capital Markets Day on December 10, 2025, in London.

我們正在增加我們的策略資產，並逐步減少我們的金融資產敞口。您可以在我們的 CSM 發展中看到這一點，同時也可以看到資本產生的品質和數量如何轉向更有利可圖和更有吸引力的業務。儘管我們會在此之前進行交談，但我期待在 2025 年 12 月 10 日於倫敦舉行的下一次資本市場日上向您提供有關我們的戰略和新集團目標的最新信息。

With that, I would now like to open the call for your questions. Please limit yourselves to two questions per person. Sharon, please be so kind as to open the Q&A session.

現在，我想開始回答大家的提問。每人提問問題請限制兩個。莎倫，請您開始問答環節。

(Operator Instructions) David Barma, Bank of America.

(操作員指示) 美國銀行的 David Barma。

Thanks for taking my question. Can we start with the operating capital generation, please? And could you help me understand the moving parts leading you to reiterate your 2025 guidance? So maybe if you can run through the main building blocks and the offsetting factors to the pressure you're seeing in China?

感謝您回答我的問題。我們可以從營運資本產生開始嗎？您能否幫助我理解促使您重申 2025 年指導方針的動向？那麼，您能否介紹一下您在中國看到的壓力的主要構成因素和抵消因素？

Okay. I think -- David, it's Duncan here. Your question is around the guidance for next year, which, as you say, has been reiterated. So it's very simply, if you multiply our 4Q actuals and the underlying by 4, you're getting to a run rate of around 1.2 billion currently, which is in line with our guidance.

好的。我認為──大衛，這是鄧肯。您的問題是關於明年的指導方針，正如您所說，指導方針已經重申過了。因此，很簡單，如果將我們的第四季度實際值和基礎值乘以 4，您將得到目前的運行率約為 12 億，這符合我們的指導。

Compared to the original Capital Markets Day guidance, we have benefited from higher equity markets than assumed and from the dollar strength. So we've had some favorable tailwinds helping us. And in fact, if I look at our business units, I think the US, the UK and the Asset Management business are all running slightly favorably compared to the target at the Capital Markets Day, reflecting those tailwinds with some offsetting headwinds.

與最初的資本市場日指引相比，我們受益於高於預期的股票市場和美元的走強。因此，我們得到了一些有利的順風幫助。事實上，如果我看看我們的業務部門，我認為美國、英國和資產管理業務的運作都略好於資本市場日的目標，這反映了一些順風和一些抵銷的逆風。

But the international is an offset, as you pointed out, and that's running weaker than we originally assumed, which is mostly due to China. And if I go into the specifics, we have the tailwinds of the equity markets. Within the US, we have the drag from mortality. If you recall, we updated our mortality assumptions, which we reflected in IFRS, but we have to take over time in OCG. But despite that, we think the US is running quite well.

但正如您所指出的，國際是一個抵消因素，其運作情況比我們最初預想的要弱，這主要是由於中國的原因。如果我具體來說，我們擁有股票市場的順風。在美國，我們受到了死亡率的拖累。如果您還記得的話，我們更新了死亡率假設，這反映在了 IFRS 中，但我們必須在 OCG 中慢慢接受。但儘管如此，我們認為美國運作得相當好。

But offsetting at the group level is the international business where China is anticipated to be around 50 million lower in 2025, and that's mostly due to the low interest rates, where we have a drag coming through as we have to amortize basically the difference between the assumed regulatory curve and the market curve through the OCG over a three-year period. So if I take those two things net, I'm getting to a pretty stable outlook for 2025.

但在集團層面上，國際業務抵消了這一影響。因此，如果我將這兩件事結合起來，我對 2025 年的前景將非常穩定。

Thank you. And what kind of interest rate benefits are you modeling there? I think you said at Q3, you were reinvesting 130 basis points higher than your back book yield. That's now probably 200. So how does that fit into the equation?

謝謝。您在那裡模擬什麼樣的利率效益？我記得您說過，在第三季度，您的再投資額比您的帳面收益率高出 130 個基點。現在大概是 200 了。那麼，這與等式如何契合呢？

So we are -- you're right, we are already investing higher than our backlog, but we're not seeing a huge benefit coming through in our -- and we don't anticipate a huge benefit coming through in our OCG. And the reason for that is we're seeing some competitive pressure. So where we are running a high yield, we're actually passing some of that back on to the customer. And that's because the two areas where we are reinvesting is in the product, where is quite a competitive market at the moment.

因此，您說得對，我們的投資已經高於我們的積壓訂單，但我們並沒有看到我們的業務獲得巨大的收益，而且我們預計我們的 OCG 不會帶來巨大的收益。原因是我們看到了一些競爭壓力。因此，當我們獲得高收益時，我們實際上將其中的一部分回饋給了客戶。這是因為我們正在再投資的兩個領域都是產品，目前該領域的市場競爭相當激烈。

And also then in our stable value and the retirement plans, even though that takes a bit longer to filter through, over time, we're seeing that also coming down to more normalized levels. So yes, we're reinvesting at a higher rate, so we're passing that on to the customers. So I'm not anticipating significant benefit in OCG as I look forward.

然後在我們的穩定價值和退休計劃中，儘管需要更長的時間來過濾，但隨著時間的推移，我們也看到它們逐漸下降到更正常的水平。是的，我們正在以更高的利率進行再投資，並將其轉嫁給客戶。因此，我並不認為 OCG 會帶來顯著的利益。

Understood. And my second question is on the big increase in the equity sensitivity of the RBC ratio. Are there any measures that can be taken to manage this or is it just dependent on the level of equity markets, so basically markets to go down or is there anything on the hedging that can be done to change the flooring level?

明白了。我的第二個問題是關於 RBC 比率的股票敏感度大幅上升。有什麼措施可以解決這個問題嗎？ 或者這僅僅取決於股票市場的水平，因此基本上市場會下跌，或者有什麼對沖措施可以改變底線水平？

Yeah. It's a good point. And indeed, there was a significant change in in our equity sensitivities and our sensitivities in general in the second half. There are three reasons for that -- well, two reasons really, actually. The first was we've moved our sensitivities now to be on an actual tax position.

是的。這是一個很好的觀點。事實上，下半年我們的股權敏感度和整體敏感度發生了重大變化。造成這種情況的原因有三——嗯，實際上有兩個。首先，我們現在已將敏感度轉移到實際的稅務狀況。

And as interest rates rose and equity markets rose, we found ourselves reaching a limit on the amount of DTA we can include in our RBC ratio. And so we've adapted our sensitivities to now reflect the actual tax position. And that means basically all our sensitivities are now pretax as opposed to which means they're just higher.

隨著利率上升和股票市場上漲，我們發現在 RBC 比率中可納入的 DTA 數量已經達到極限。因此，我們已經調整了敏感度來反映實際的稅收狀況。這意味著基本上我們所有的敏感度現在都是稅前，而不是稅前，這意味著它們只是更高了。

And the second reason, which is the point that you mentioned is the flooring on the variable annuity book. Now that's slightly counterintuitive and it reflects the prudence in the regulatory system. As you know, we manage that book on an economic basis. But under the US tax system, we're only allowed to -- we're not allowed to reflect the full reduction in economic reserves. We have to flow them at 0.

第二個原因，也就是您提到的一點，是變額年金帳簿的底線。這有點違反直覺，它反映了監管體系的審慎。如您所知，我們是根據經濟基礎來管理這本書的。但在美國稅收制度下，我們只被允許——我們不能反映經濟儲備的全部減少。我們必須讓它們以 0 的速度流動。

And as a consequence of that, we're now pretty sensitive to up equity markets. The good news is that our ratio is at a pretty high level with [443]. So even a 25% movement in equity still leaves us at around our commercial capital level.

因此，我們現在對股市的上漲非常敏感。好消息是，我們的比例處於相當高的水平[443]。因此，即使股權變動 25%，我們的商業資本水準仍維持在原有水準。

But it is something we will look into and see if there are ways of mitigating it. However, I doubt we would change our approach to the management of the variable annuity book, which is to continue to manage it on an economic basis and hedge out the risk we're exposed to.

但我們會仔細研究這個問題，看看是否有辦法緩解它。然而，我懷疑我們是否會改變對變額年金帳簿的管理方式，即繼續以經濟為基礎進行管理並對沖我們所面臨的風險。

Understood. Thank you.

明白了。謝謝。

Michael Huttner, Berenberg.

邁克爾赫特納，貝倫貝格。

I've got two quick, I'll do one at a time. So China solvency, can you say what the solvency is now and what it would be if you -- once you've amortized -- if you were to apply spot interest rates rather than the kind of smooth curve? What I'm really asking is there -- what is the risk that you have to inject capital in China? And then I have another question on mortality.

我有兩個很快的事情，我會一次做一個。那麼中國的償付能力，您能否說一下現在的償付能力是多少，以及如果您——在攤銷之後——採用即期利率而不是平滑曲線，償付能力將會如何？我真正想問的是──向中國注資的風險是什麼？我還有一個關於死亡率的問題。

Why don't you -- so Michael, why don't you also do the mortality question and then --

那麼邁克爾，為什麼不也做一下死亡率的問題呢？--

Sure. On the mortality, so I'm hopeful that all these drugs that are coming through and the peaking of maybe mortality due to (inaudible) and other stuff should mean that mortality going forward in the US will improve? And I'm just wondering what metrics should I use to kind of try and gauge whether how much a benefit or the relative to expectations could be? You just mentioned the face value figure for Universal Life of 47 billion, but my memory of mortality exposure was higher. So I just wonder if you can help me on these moving parts.

當然。關於死亡率，我希望所有這些藥物的通過以及由於（聽不清楚）和其他因素導致的死亡率達到峰值，這是否意味著美國未來的死亡率將會改善？我只是想知道我應該使用什麼指標來嘗試衡量收益有多少或相對於預期有多少？您剛才提到了萬能壽險的面額數字為 470 億美元，但我記憶中的死亡率風險更高。所以我只是想知道您是否能幫助我解決這些活動部件的問題。

Thank you very much, Michael. So Duncan --

非常感謝，麥可。所以鄧肯--

So on the mortality first, Michael. So the one thing I look at it is the experience variances in the IFRS accounts. The reason I look at that is that the IFRS accounts reflect our best estimate we took the update in the first half, whereas the capital position is often locked in. So I would focus on the IFRS accounts and look at the experience there.

首先談論死亡率，麥可。因此，我關注的一件事是 IFRS 帳戶中的經驗差異。我之所以關注這一點，是因為 IFRS 帳戶反映了我們的最佳估計，我們在上半年進行了更新，而資本狀況通常是鎖定的。因此我會專注於 IFRS 帳戶並查看那裡的經驗。

And the good news is that in the second half of this year, we had a positive variance on mortality, which is pleasing. That happened -- that variance was both in the third quarter and in the fourth quarter, a positive, which is good and was across all product lines, which is also good. So that's what you should monitor the variance, and we have a positive experience in the second half, which is good news.

好消息是，今年下半年我們的死亡率出現了正向變化，這是令人欣慰的。確實發生了這種情況——第三季和第四季的差異都是正值，這是好事，而且所有產品線都出現了差異，這也是好事。所以這就是你應該監控的差異，我們在下半年有正面的經驗，這是好消息。

On the Chinese solvency, the -- they have various metrics. The 4Q local comprehensive solvency ratio was 228% and the core ratio was 177%. And just for your reference, the regulatory thresholds are 120% and 60%, respectively. So we're quite a bit above the regulatory thresholds.

關於中國的償付能力，他們有各種指標。第四季本地綜合償付能力充足率為228%，核心償債能力充足率為177%。僅供參考，監管門檻分別為 120％ 和 60％。因此，我們遠遠超出了監管門檻。

A couple of things of reference. Firstly, as you -- as I pointed out, and the curve that they use on a local basis is higher than the current interest rate curve. And the -- we have to amortize that difference over -- through the regulatory capital basis over a three-year period. And that's why we're expecting a negative OCG or largely reduced OCG in China over the coming period as we basically pay that down.

有幾件值得參考的事情。首先，正如我指出的那樣，他們在當地使用的曲線高於目前的利率曲線。而且，我們必須在三年內透過監理資本基礎攤提該差額。這就是為什麼我們預計未來一段時間中國 OCG 將出現負值或大幅減少，因為我們基本上是在償還這部分債務。

It's all dependent on where interest rates are. So interest rates in China have fallen a lot, and that's why it's particularly onerous at the moment. If interest rates continue to fall, that drag will increase. If interest rates go up, that drag will reduce, although our solvency ratio will come down. So it's something we're closely monitoring. We're looking into various management actions in order to protect our solvency position.

這一切都取決於利率水準。所以中國的利率已經下降了很多，這就是為什麼目前的情況特別艱難。如果利率持續下降，這種阻力將會增加。如果利率上升，這種拖累將會減少，儘管我們的償付能力比率將會下降。所以我們正在密切關注此事。我們正在研究各種管理措施以保護我們的償付能力。

Thank you.

謝謝。

Farooq Hanif, JPMorgan.

摩根大通的法魯克‧哈尼夫 (Farooq Hanif)。

Two questions. I'm just going to start with international. The return on capital in international just seems really weak compared to the rest of the group. And given low interest rates in China, given perhaps the market possibly doesn't sort of really look at the business in a lot of detail. It gives you a lot of value for it.

兩個問題。我將從國際開始。與集團內其他公司相比，國際公司的資本報酬率似乎真的很弱。鑑於中國的低利率，市場或許可能不會真正詳細地審視該業務。它能為你帶來很多價值。

What can you say about potential disposals or looking at restructuring that business going forward now that, obviously, a lot of your US restructuring and transformation is kind of in the bag and it's just running. I mean is that the next area that you think you might turn to? That's question one, and then I'll wait for a question two when you answer that.

很顯然，您在美國的許多重組和轉型工作都已完成並正在進行中，那麼您對潛在的資產處置或未來業務重組有何看法？我的意思是這是您認為您可能關注的下一個領域嗎？這是第一個問題，等您回答後我再問第二個問題。

Okay, Farooq. Yes, so on international. No, the international businesses are core to the perimeter of the group. And if I look at -- if I just -- I'll get to China in a second and Duncan has already mentioned quite a bit about that. But if I look, for instance, in our Brazilian business, that business is doing -- that's just doing well structurally well already for quite a long time. We have actually increased our ownership stake in that business in the course of last year because we have good expectations from that business.

好的，法魯克。是的，國際上也是如此。不，國際業務是集團的核心。如果我看一下——如果我只是——我馬上就會談到中國，鄧肯已經提到了很多關於這一點的內容。但是，如果我看一下我們的巴西業務，就會發現該業務在相當長一段時間內結構上已經運作良好。事實上，我們在去年就增加了對該業務的持股比例，因為我們對該業務抱有良好的期望。

While sales this year for Brazil were slightly muted versus an exceptionally good sales year in the second half of the year last year. The gross written premium, so the overall size of the business, giving strong customer retention, has actually gone up more than 15%.

與去年下半年異常好的銷售情況相比，今年巴西的銷售情況略有下降。毛承保保費，也就是業務的整體規模，以及強大的客戶保留率，實際上已經上漲了 15% 以上。

So we are quite pleased with that business, and we'll continue to support it and to make sure that it continues to grow profitably. If you look at the joint ventures we have with Banco Santander in Spain and in Portugal, I mean they're chugging along very nicely over the years, if you look at the profitability of those businesses.

因此，我們對這項業務非常滿意，我們將繼續支持它並確保它繼續獲利成長。如果您看看我們與西班牙和葡萄牙桑坦德銀行的合資企業，您會發現這些年來它們發展得非常順利，而且這些業務的盈利能力也很好。

And yes, there are some interest rates and mortgage related sales that came down a bit. But if you also look at the overall growth of the gross written premium of those businesses, that also grows more than 10%. So quite pleased with that as well. It's chugging along nicely.

是的，一些利率和抵押貸款相關的銷售額有所下降。但如果你也看一下這些業務的毛承保保費整體成長情況，你會發現成長率也超過了 10%。所以我對此也非常滿意。它運行得很順利。

Now let me go to China, and that's -- on TLB, by the way, which we shouldn't forget, it's our high net worth business in Singapore and Hong Kong, you may recall that we've put that in hibernation mode, if you will, a while back, but we have decided to start to grow in a disciplined and moderate pace that business, and then we have China.

現在讓我談談中國，順便說一下，關於 TLB，我們不應該忘記，這是我們在新加坡和香港的高淨值業務，您可能還記得，如果您願意的話，我們已經將其置於休眠模式，但我們已經決定開始以有紀律和適度的速度發展該業務，然後我們有了中國。

And in China, our Life which is included in the international segment because the asset management business is doing fine in China, but on the life insurance side, we are seeing those headwinds. I mean Duncan already talked about the lower interest rate environment in China, which came down, of course, quite dramatically in Q3 and Q4.

在中國，我們的人壽保險被納入國際分部，因為中國的資產管理業務表現良好，但在人壽保險方面，我們看到了阻力。我的意思是鄧肯已經談到了中國的低利率環境，當然，在第三季和第四季，中國的利率下降幅度相當大。

We repriced all the products. And as a result, we don't see the sales that you would want to see there. So we're monitoring the situation in China closely given that the environment for life insurance is not that great. But China is a very large market that remains to be the case and the dynamics are structurally in our favor. So our international businesses are core part of our franchise.

我們對所有產品重新定價。結果，我們沒有看到您希望看到的銷售業績。因此，鑑於人壽保險的環境不太好，我們正在密切關注中國的情況。但中國仍然是一個非常大的市場，而且其發展動力在結構上對我們有利。因此，我們的國際業務是我們特許經營的核心部分。

You had a second question, Farooq?

你還有第二個問題，法魯克？

Yes. So going to earnings -- the IFRS earnings. So obviously, the onerous contracts in the US have been a negative surprise. And I think there was a feeling the last time you spoke to us that you surprises would go away, especially around mortality, it's kind of come out of the blue.

是的。因此，要獲得收益，就要考慮 IFRS 收益。顯然，美國的繁重合約是一個負面驚喜。我認為您上次和我們談話時有一種感覺，驚喜將會消失，尤其是關於死亡的驚喜，它有點出乎意料。

So there are two parts to my second question. So firstly, is there anything else that you're looking at in your accounting and the way that you do it, given that it's a new framework that we need to be aware of? And secondly, when I look at the buckets that contributes to those onerous contract, it seems that two out of the three are probably going to continue. Obviously, one is offset at the holding. But what about the premium variances in universal life, if you could just explain that and what you can do about that?

我的第二個問題分為兩部分。那麼首先，考慮到這是一個我們需要了解的新框架，您在會計工作和會計工作方式中還關注什麼其他內容嗎？其次，當我查看這些繁重合約的組成時，似乎其中兩個可能會繼續。顯然，持有一方已經抵消了。但是萬能壽險的保費差異又如何呢？

So Duncan?

那麼鄧肯？

Okay. Just coming on to the surprises. So the good news is that the mortality experience variances was, as I mentioned, positive. We're tracking well on expenses. So actually, the -- you're right to highlight that there was one area which negatively surprised in the second half, which is the onerous contracts, which we have to take all of the adjustment for owners contracts through the P&L to remind you because these are contracts that we don't have a (inaudible) to get a magnified impact.

好的。剛剛發生了一些令人驚奇的事。因此，好消息是，死亡率經驗差異是正值，正如我所提到的。我們的開支跟踪得很好。因此實際上，您說得對，下半年有一個領域令人感到意外的負面影響，那就是繁重的合同，我們必須通過損益表對所有業主合同進行所有調整，以提醒您，因為這些合同我們沒有（聽不清楚）來產生放大的影響。

If you look at that, part of that onerous contract was a reclassification. So that's where we've improved the quality of our operating profits as we've moved the item from below the line to above the line, which I think was appropriate, and therefore, will recur, and that was about 35 million. But that's just a reclassification with no impact on the net profit or the valuation equity growth.

如果你看一下，你會發現那份繁重合約的一部分是重新分類。因此，我們提高了營業利潤的質量，因為我們將項目從線下移到了線上，我認為這是合適的，因此會重複出現，這個數字約為 3500 萬美元。但這只是重新分類，對淨利或估值權益成長沒有影響。

The rest of the onerous then, indeed, in the US, part of it was an internal thing. So we saw or we're seeing higher lapses in TLB as a result of the higher interest rates that resulted in a drag in the US business and then an offset in the holding and net-net for the group, there was no impact on the operating profit.

其餘繁重的工作確實在美國是部分內部事務。因此，我們看到或正在看到由於利率上升導致 TLB 失誤增多，從而拖累了美國業務，然後又抵消了集團的持有量和淨利潤，但對營業利潤沒有影響。

I would expect that to kind of mismatch to continue at least into 2025, and therefore, we should see a -- likely to see, I think, another drag in the first half in Transamerica offset by a positive in the holding. Then the rest of the onerous then, there were some fairly small owners on new business.

我預計這種不匹配至少會持續到 2025 年，因此，我們應該看到——我認為，很可能會看到，Transamerica 在上半年再次受到拖累，但控股公司的積極表現將抵消這種拖累。然後，剩下的繁重工作，是一些從事新業務的小業主。

I think you'll always get a bits and bobs on new business. So I would factor in a small kind of recurring number there. But then the main big one was the premium paying variances on our universal life block, which we saw in the second half of the year. That's a flexible premium policy, which means that policyholders can vary how much they pay.

我認為您總會在新業務上獲得一些收穫。因此我會將一個小的重複數考慮進去。但最主要的問題是我們的萬能壽險保費支付差異，這是我們在下半年看到的。這是一種靈活的保費政策，這意味著保單持有人可以改變其支付的金額。

And what we've done is when we see that behavior, we assume that that indicates more efficient policyholder behavior, which I think is a prudent thing to do, and we reflect that through the onerous movement entirely. It could be the case as this develops over time, and that actually reflects not more efficient behavior and more lapses or something else.

我們所做的是，當我們看到這種行為時，我們假設這表明保單持有人的行為更加有效，我認為這是明智之舉，我們完全透過繁重的行動來反映這一點。隨著時間的推移，情況可能會如此，而這實際上反映出的不是更有效的行為，而是更多的失誤或其他什麼。

But for now, we've assumed it's more efficient behavior. And I think, again, it's probably reasonable to assume that there will be some continuation of that into 2025, although I think it's more open-ended and it's something we'll just have to monitor.

但目前，我們假設這是更有效的行為。而且我認為，再次，可以合理地假設這種現象將持續到 2025 年，儘管我認為這是更加開放的，而且這是我們必須監控的事情。

In terms of the accounting changes, Farooq, the reason we moved the accretion from below the line to above the line is that we've just felt that was the right thing to do and it created a more robust operating profit. Could be the case that we continue to look at ways to make the operating profit more robust in the future. But at this point in time, I don't see anything on the horizon.

就會計變更而言，法魯克，我們將增值部分從線下移到線上的原因是，我們認為這是正確的做法，而且它能帶來更強勁的營業利潤。我們可能會繼續尋找方法，在未來提高營業利潤。但目前，我還沒有看到任何希望。

Okay. Got it. Thank you very much.

好的。知道了。非常感謝。

Rhea Shah, Deutsche Bank.

德意志銀行的 Rhea Shah。

Two questions, but I'll start with the first one. So in terms of the UK business, I mean strong [workplace] flows in 2024. What are your expectations for this into 2025? Do you still expect to see growth in this number? And then I'll move on to the second question after that.

有兩個問題，但我先問第一個。因此，就英國業務而言，我的意思是 2024 年將出現強勁的[工作場所]流動。您對 2025 年有何期望？您還預期這個數字還會成長嗎？然後我將轉到第二個問題。

Well, Rhea, we -- this is Lard. We have indeed observed now already for quite a number of quarters, is not only limited to 2024, a quite strong commercial momentum in our workplace business, which -- meaning that we are -- we found with our propositions and the distribution that we have a good path to continue to grow that business and for 2025.

好吧，Rhea，我們——這是Lard。我們確實已經觀察到，在相當多的季度裡，不僅限於 2024 年，我們的工作場所業務有著相當強勁的商業勢頭，這意味著我們透過我們的主張和分銷發現，我們有一條良好的道路可以繼續發展該業務，並在 2025 年實現增長。

I mean 2024 was a record year. While I have no reason to believe the commercial momentum will not sustain we do need to recognize that 2024 was exceptionally high. But I think we're very well positioned to continue the growth in that business. When it comes to the adviser platform, which is the softer piece of the profile in the UK, we saw continued outflows during -- it was anticipated by the way.

我的意思是 2024 年是創紀錄的一年。雖然我沒有理由相信商業勢頭不會持續，但我們確實需要認識到 2024 年的成長勢頭異常高。但我認為，我們完全有能力繼續實現該業務的成長。當談到顧問平台（這是英國較為軟弱的部分）時，我們看到持續的資金流出——順便說一句，這是預料之中的。

You know that we've had a capital markets (inaudible) in about the UK business where we have outlined our plans in the coming years to turn that platform experience for our IFAs around, and with that we aim to grow it to 5 billion of positive flows by the end of 2028.

您知道，我們已經在資本市場（聽不清楚）中談到了英國業務，我們概述了未來幾年為我們的 IFA 扭轉平台體驗的計劃，我們的目標是到 2028 年底將其增長到 50 億的正流量。

And then my second question is just looking at the IFRS result going from operating to net. The restructuring charges related to US investments, is this a good run rate to use the numbers seen in the second half of the year?

我的第二個問題是查看 IFRS 結果從營業利潤到淨利潤的變化。與美國投資相關的重組費用，根據今年下半年的數據，這是否是一個良好的運作率？

Yes, Rhea. Let me ask Duncan to take that question.

是的，瑞亞。我請鄧肯來回答這個問題。

The run rate for the second half of the year, let me just get that. I think it's around USD35 million -- USD20 million to USD30 million per half year.

我只想說一下下半年的運行率。我認為每半年大約為 3500 萬美元到 2000 萬美元到 3000 萬美元。

Okay. Thank you.

好的。謝謝。

Nasib Ahmed, UBS.

瑞銀的納西布·艾哈邁德（Nasib Ahmed）。

Thanks for taking my question. So firstly, on the financial assets, I think you've got a target of getting the capital consumed or capital deployed in that business to 2.2 billion by '27. There's no additional management actions today. What's the pipeline looking like? How are you going to get down to 2.2 billion? So there's another 1 billion-odd to go from where you are at the moment? So yeah, that's my first question. I'll ask the second one later.

感謝您回答我的問題。首先，關於金融資產，我認為你的目標是到27年將該業務消耗的資本或部署的資本達到22億美元。今天沒有額外的管理措施。管道是什麼樣子的？怎樣才能將人口減少到 22 億呢？那麼從您現在的狀況來看，還有 10 多億要去實現嗎？是的，這是我的第一個問題。我稍後會問第二個問題。

Okay. Thank you very much, Nasib. Financial assets. The management actions get down to the target (inaudible).

好的。非常感謝，納西布。金融資產。管理行動落實處（聽不清楚）。

Yeah. Just to recap, so at the time of making that target, and we're making good progress on it. We said that we would use a combination of bilateral, which is where we have to engage with a third-party unilateral. And then we didn't assume any major third-party transactions in that.

是的。回顧一下，在製定該目標時，我們正在取得良好進展。我們說過，我們將採取雙邊和多邊相結合的方式，也就是我們必須與第三方進行單邊合作。然後我們沒有假設其中有任何重大的第三方交易。

So it's not that that target is based off an assumption that we have to do a major transaction. It could be that transactions are supportive, but we're not baking any major transactions. We continue to look at all options in the fourth quarter, as I mentioned, we continue to buy institutional loan policies, which is a bilateral action. And we continue to explore if there are any transactions that could make sense. And if we find one, we'll announce it.

因此，這個目標並不是基於我們必須進行重大交易的假設。交易可能會起到支持作用，但我們不會進行任何重大交易。我們將繼續研究第四季度的所有選擇，正如我所提到的，我們將繼續購買機構貸款政策，這是一種雙邊行動。我們會繼續探索是否有任何合理的交易。如果我們找到一個，我們就會宣布。

I guess a follow up to that one is, do you need a transaction to get to -- sorry, not a transaction -- a bilateral reinsurance or something like that to get to the 2.2, or can you kind of just get it down through runoff? So I'll ask the second question. So in terms of kind of -- its related in terms of the deals that you're seeing, particularly on retirement plans, I think [Voya] did a deal as well.

我想，這個問題的後續問題是，你是否需要一筆交易來實現——抱歉，不是交易——雙邊再保險或類似的東西來實現 2.2，或者你可以透過流失來實現它？所以我要問第二個問題。所以就某種程度上來說 — — 它與您所看到的交易有關，特別是關於退休計劃，我認為 [Voya] 也做了一筆交易。

Is that an area where you could potentially look to build up scale because it's a fee-based business, its scale will give you operating leverage. Is that where you would look to acquire something?

這是一個您可能希望擴大規模的領域嗎？您想在那裡獲得一些東西嗎？

We are -- so let me take that question, if you don't mind. We are a company that -- any acquisitions that we would be evaluating were more than have to do so in those business lines. And it's in line with our strategy, right? So those markets that we've defined as core to our group. And if we would see something that is attractive, that we strengthened the business that we're ready to integrate and meet financial and nonfinancial criteria, we will seriously consider it, including retirement in the US. (multiple speakers)

是的——如果您不介意的話，請讓我來回答這個問題。我們是一家公司，我們評估的任何收購都必須在這些業務範圍內進行。這符合我們的策略，對嗎？因此，我們將這些市場定義為我們集團的核心。如果我們看到有吸引力的東西，加強我們準備整合的業務並滿足財務和非財務標準，我們會認真考慮，包括在美國退休。（多位發言者）

I thought I'd answer the question. But the -- we don't -- we did not assume material third-party transactions in the original target. And it could be the case that we need to do some transactions or reinsurance deals or whatever in order to get down there, but we did not assume any material third-party transactions.

我想我應該回答這個問題。但是，我們沒有假設最初的目標中存在重大的第三方交易。為了實現這一目標，我們可能需要進行一些交易或再保險交易或其他什麼，但我們沒有假設任何重大的第三方交易。

The other one, I just want to correct my answer to Rhea on the prior question on the restructuring charges is actually USD30 million to USD40 million per quarter restructuring charges the run rate should assume.

另外，我只想糾正一下我對 Rhea 之前關於重組費用問題的回答，實際上運行率應該假設每季度的重組費用為 3000 萬至 4000 萬美元。

Thank you.

謝謝。

Marcus Rivaldi, Jefferies.

傑富瑞的馬庫斯·里瓦爾迪 (Marcus Rivaldi)。

Can you -- away from, I guess, the results today, but any update you can provide on discussions you're having with the BMA around the long-term regulatory capital value through outstanding securities. I'm thinking particularly of the about EUR1.4 billion of Solvency II grandfathered debt that's due to lose regulatory capital value in Bermuda at the end of the year?

您能否 — — 我想，除了今天的結果之外，提供有關您與英國市場管理局就通過未償還證券獲得的長期監管資本價值進行的討論的任何更新信息？我特別想到的是，大約 14 億歐元的 Solvency II 祖父債務將於今年底在百慕達失去監管資本價值？

Duncan?

鄧肯？

Yeah. We -- as you know, we have a transition period agreed with the BMA, whereby we, from a solvency capital calculation, continue with the method we were using under Solvency II until the end of 2027. We're in continued discussions with the BMA on two items. One is the capital calculation post that period. And the second is on the treatment of our debt securities. And as -- and when we have an update on that, we'll come to the market with it.

是的。如您所知，我們與英國金融管理局商定了一個過渡期，在此期間，從償付能力資本計算來看，我們將繼續採用償付能力標準 II 所採用的方法，直到 2027 年底。我們正與英國醫學會就兩項議題繼續進行討論。一是該期間後的資本計算。第二是關於我們債務證券的處理。當我們有最新消息時，我們就會將其推向市場。

Okay. Thank you.

好的。謝謝。

Steven Haywood, HSBC.

匯豐銀行的史蒂文海伍德 (Steven Haywood)。

Two questions. Obviously, there was quite a negative net impairments on the IFRS profit line. But obviously -- and you do it on an ECL basis now in line with the rules. Can you give us an indication of how conservative this is? What's the likelihood of these ECLs materializing as actual impairments?

兩個問題。顯然，IFRS 利潤線上的淨減值相當大。但顯然——你現在是按照規則在 ECL 基礎上進行操作的。您能告訴我們這有多保守嗎？這些預期信用損失實現實際減損的可能性有多大？

And my second question is more of a statement, I guess. It's -- if you look at your RBC sensitivities, they're showing that no matter what equity market moves up or down or whatever interest rate move up or down you have, it is negative on the RBC how can you sort of give this better information on an economic basis to us?

我想，我的第二個問題更像是陳述。如果您看一下 RBC 敏感度，它們表明無論股票市場上漲或下跌，無論利率上漲或下跌，都會對 RBC 產生負面影響，您如何以經濟基礎為我們提供更好的資訊？

Yeah. Okay. On the ECL, which means expected credit losses, so -- which is kind of like a bit of a forward-looking metric, I think. And most of the changes we saw reflected changes in our expectations around future losses rather than default that occurred in a period. So we're not actually seeing significant defaults in the current period, but we did make our expectations more prudent, and that was mostly due to using more pessimistic assumptions around US unemployment.

是的。好的。關於 ECL，這意味著預期信用損失，所以 - 我認為這有點像前瞻性指標。我們看到的大多數變化反映了我們對未來損失的預期變化，而不是某一時期發生的違約。因此，我們實際上並沒有看到當前時期出現重大違約，但我們確實使我們的預期更加謹慎，這主要是由於對美國失業率採用了更悲觀的假設。

To give you a bit more color, two-thirds of the ECL impairments in the second half were for bonds and mortgages as a result of those more pessimistic model inputs for unemployment. And the rest then reflected a small number of downgrades and defaults on mostly real estate assets.

為了讓您更直觀地了解，下半年三分之二的預期信用減損是針對債券和抵押貸款的，這是由於對失業率的模型輸入更為悲觀所致。其餘則反映了少數評級下調和違約，主要是房地產資產。

So Steve, and it's mostly due to indeed a more prudent forward-looking expectation around the macroeconomic outlook. On the first -- on the second question, which is to remind me the RBC sensitivity, yes, it is counterintuitive. So you've noticed that now our RBC capital ratio basically if equity markets go up, it goes down, if equity market goes down, it goes down.

所以史蒂夫，這主要是因為對宏觀經濟前景確實有了更審慎的前瞻性預期。關於第一個——第二個問題，也就是提醒我 RBC 的敏感性，是的，這是違反直覺的。你已經注意到，現在我們的 RBC 資本比率基本上是，如果股票市場上漲，它就會下跌，如果股票市場下跌，它也會下跌。

And same on interest rates, but to a lesser degree. And as I explained earlier, is mostly or almost entirely due to the flooring of reserves under the variable annuity business we have. This is quite a technical point, but I'll try and explain it a bit better by using the sensitivities, which we disclosed.

利率也存在同樣的情況，但程度較輕。正如我之前所解釋的，這主要或幾乎完全歸因於我們變額年金業務下的儲備底線。這是一個相當技術性的觀點，但我會嘗試利用我們披露的敏感性來更好地解釋它。

So you see that in the 10% equity market sensitivity, our ratio would fall by 18%, all else being equal and assuming that is an instantaneous shock. What happens in that scenario is that we would book the hedge losses in our capital base because we hedge the economic exposure we have, but we cannot take full credit for the reduction of the economic reserves back in the policies as they get flowed under the US statutory scenarios.

因此，您會看到，在 10% 的股票市場敏感度下，在其他條件相同且假設這是一個瞬時衝擊的情況下，我們的比率將下降 18%。在這種情況下，我們將對沖損失記入我們的資本基礎中，因為我們對沖了我們所面臨的經濟風險，但我們不能完全歸功於政策中經濟儲備的減少，因為它們在美國法定情境下流動。

And these reserves as we cannot take credit for, they can be seen as a prudence in the system, and they'll get released over time as and when we earn the underlying fees. So they don't disappear. They come back, and it's kind of reflecting prudence.

雖然我們不能承擔這些儲備的功勞，但它們可以看作是系統中的審慎措施，並且隨著我們賺取基礎費用，它們會隨著時間的推移而被釋放。所以它們不會消失。他們回來了，這體現了謹慎。

In a down scenario though, you see that our ratio only falls by 6%. So that's quite a bit lower than the 18% on the up scenario. And the reason that this is less than the up sensitivity is in that scenario, we first released those reserves those flood reserves are prudency. And that observes the first part of the hit. So it acts like a buffer.

然而，在低迷的情況下，我們發現我們的比例僅下降了 6%。因此，這比上漲 18% 的預期要低得多。之所以低於上行敏感度，是因為在這種情況下，我們首先釋放了那些儲備，那些洪水儲備是審慎的。這就是對撞擊的第一部分的觀察。所以它起到了緩衝器的作用。

So consequently, what I'm trying to explain is that, yes, it's counterintuitive, but if equities moves up the protection we're building into our ratio from subsequent equity market corrections, makes our ratio much more prudent and secure. And it means that even if our ratio falls, which we will do, we are at that point in time, far less sensitive to equity market moves than otherwise, all else being equal. In terms of the economics, which I think is also a valid point. I think the IFRS basis is pretty economic.

因此，我想解釋的是，是的，這是違反直覺的，但如果股市上漲，我們在比率中建立的保護措施將免受隨後的股市調整的影響，使我們的比率更加審慎和安全。這意味著，即使我們的比率下降（確實會下降），在其他條件相同的情況下，我們對股市走勢的敏感度也會遠低於其他情況。從經濟學角度來看，我認為這也是一個有效的觀點。我認為 IFRS 基礎非常經濟。

So we also disclosed the IFRS sensitivities to rates, equity markets. And I see that as a good representation of our economic exposure. And just to recap, most of our equity market exposure is actually due to fees. We fully hedge guarantees and we leave open fees on the underlying mutual funds.

因此，我們也揭露了 IFRS 對利率和股票市場的敏感度。我認為這很好地體現了我們的經濟風險。簡單回顧一下，我們大部分的股票市場風險實際上都是由於費用造成的。我們對擔保進行全面對沖，並對基礎共同基金保留開放費用。

Thank you. Very comprehensive.

謝謝。很全面。

Michael Huttner, Berenberg.

邁克爾赫特納，貝倫貝格。

I have two, and they're both about 2025. So 1.2 billion, does it -- can you talk a little bit about moving parts. I think you've got a sensitivity on the in America 40 million in the group of 60 million if the equity market goes up 10%. So I'm just asking, have you included that because equity markets up a lot?

我有兩個，它們都與 2025 年有關。那麼 12 億，你能不能談談活動部件的狀況？我認為，如果股票市場上漲 10%，那麼 6,000 萬人中的美國就有 4,000 萬人會受到影響。所以我只是問一下，你是否把這個因素包括在內了，因為股票市場上漲了很多？

And then the second is a similar calculation on the free cash flow. So you beat on free cash flow in 2024 partly because they bought back some shares. And the 800 million, do you include in that the ASR buyback they announced yesterday, the 125 million, which (inaudible) indicated at the Capital Markets Day. Any help on the moving parts, please?

第二個是對自由現金流進行類似的計算。因此，2024 年你的自由現金流超過預期，部分原因是他們回購了一些股票。這 8 億，是否包括他們昨天宣布的 ASR 回購，即 1.25 億，這是（聽不清楚）在資本市場日透露的。請問您對移動部件有什麼幫助嗎？

Okay. If I deal with the second one, first, Michael, which is easier, I think. Yes, we do include the ASR. Our portion of the ASR share buyback which they indeed flies at the Capital Markets Day, which is when I think that became public. And that has a positive impact for us, which is helpful in us delivering the 800 million target.

好的。如果我先處理第二個問題，邁克爾，我認為這比較容易。是的，我們確實包含了 ASR。我們的 ASR 股票回購份額確實在資本市場日進行了回購，我認為那時這些股票就被公開了。這對我們有正面的影響，有助於我們實現8億的目標。

On the OCG, we reflect the markets as they were in the most recent quarter. So if you take the 4Q underlying run rate, we're around 1.2 billion based on equity markets as they were, I think, at the start of 4Q.

在 OCG 上，我們反映最近一個季度的市場狀況。因此，如果您採用第四季度的基本運行率，那麼基於股票市場，我們的收入約為 12 億美元，我認為，這是第四季度初的情況。

And as we look forward, as I mentioned earlier, what I see is that the US asset management in the UK turning quite well versus our original (inaudible) drag is international business, which is mostly China due to those lower interest rates, but also (inaudible) and that's why we're at 1.2 billion despite favorable performance in the other businesses.

展望未來，正如我之前提到的，我看到英國的美國資產管理業務表現相當不錯，而我們原來的（聽不清楚）拖累因素是國際業務，主要是由於較低的利率導致的中國業務，而且（聽不清楚）這就是為什麼儘管其他業務表現良好，我們的資產仍達到 12 億美元。

Thank you.

謝謝。

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

我們沒有其他問題了。我想將發言權交還給您，Yves Cormier，請您做最後發言。

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

謝謝您，接線生。今天的問答環節到此結束。如果您還有任何其他問題，請聯絡我們的投資者關係部門。我謹代表拉德和鄧肯感謝您的關注。再次感謝並祝您有美好的一天。