American International Group Inc (AIG) 2022 Q2 法說會逐字稿

Good day, and welcome to AIG's Second Quarter 2022 Financial Results Conference Call. This conference is being recorded.

美好的一天，歡迎參加 AIG 2022 年第二季度財務業績電話會議。正在錄製本次會議。

Now at this time, I would like to turn the conference over to Quentin McMillan. Please go ahead.

現在這個時候，我想把會議交給昆汀麥克米蘭。請繼續。

Thanks very much, and good morning. Today's remarks may include forward-looking statements, which are subject to risks and uncertainties. These statements are not guarantees of future performance or events and are based on management's current expectations. AIG's filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q, provide details on important factors that could cause actual results or events to differ materially. Except as required by the applicable securities laws, AIG is under no obligation to update any forward-looking statements if circumstances or management's estimates or opinions should change.

非常感謝，早上好。今天的評論可能包括前瞻性陳述，這些陳述受到風險和不確定性的影響。這些陳述不是對未來業績或事件的保證，而是基於管理層當前的預期。 AIG 向 SEC 提交的文件，包括我們的 10-K 表格年度報告和 10-Q 表格季度報告，提供了可能導致實際結果或事件發生重大差異的重要因素的詳細信息。除適用證券法要求外，如果情況或管理層的估計或意見發生變化，AIG 沒有義務更新任何前瞻性陳述。

Additionally, today's remarks may refer to non-GAAP financial measures. The reconciliation of such measures to the most comparable GAAP figures is included in our earnings release, financial supplement and earnings presentation, all of which are available on our website at www.aig.com.

此外，今天的評論可能涉及非公認會計準則財務指標。這些措施與最具可比性的公認會計原則數據的對賬包含在我們的收益發布、財務補充和收益報告中，所有這些都可以在我們的網站 www.aig.com 上找到。

With that, I'd now like to turn the call over to our Chairman and CEO, Peter Zaffino.

有了這個，我現在想把電話轉給我們的董事長兼首席執行官彼得扎菲諾。

Good morning, and thank you for joining us to review our second quarter results. AIG had an excellent quarter with strong momentum continuing across all of our strategic, financial and operational objectives. I could not be more pleased with the exceptional results in General Insurance. And Life and Retirement again delivered good results despite very challenging equity market conditions, significant volatility and other headwinds.

早上好，感謝您加入我們審查我們的第二季度業績。 AIG 有一個出色的季度，在我們所有的戰略、財務和運營目標方面繼續保持強勁勢頭。我對普通保險的出色成績感到非常滿意。儘管股票市場條件非常具有挑戰性、波動性很大和其他不利因素，但人壽和退休再次取得了良好的業績。

As you saw in our press release, adjusted after-tax net income per diluted common share was $1.19.

正如您在我們的新聞稿中看到的，調整後的每股攤薄普通股稅後淨收入為 1.19 美元。

General Insurance achieved a calendar year combined ratio of 87.4%, the first sub-90 quarter and best result this business has achieved in over 15 years. The accident year combined ratio, excluding CATs, was 88.5%, a 260 basis point improvement year-over-year and the 16th consecutive quarter of improvement. And the accident year combined ratio, excluding CATs, in Global Commercial was 85.3%, an improvement of 400 basis points year-over-year.

General Insurance 的日曆年綜合成本率為 87.4%，是第一個低於 90 的季度，也是該業務 15 年來取得的最好成績。事故年度綜合比率（不包括 CAT）為 88.5%，同比提高 260 個基點，連續第 16 個季度提高。全球商業中的事故年度綜合比率（不包括 CAT）為 85.3%，同比提高 400 個基點。

Consistent with our strategy to manage volatility, catastrophe losses were very modest in the quarter, coming in at $121 million or 1.8% of a combined ratio. Life and Retirement has strong fixed annuity sales with over $1.3 billion in deposits for the second straight quarter, which benefited from the origination capabilities of Blackstone.

與我們管理波動性的策略一致，本季度的巨災損失非常溫和，為 1.21 億美元，佔綜合比率的 1.8%。 Life and Retirement 的固定年金銷售強勁，連續第二個季度存款超過 13 億美元，這得益於 Blackstone 的發起能力。

AIG returned nearly $2 billion to shareholders in the second quarter through $1.7 billion of common stock repurchases and $256 million of dividends. In addition, we are on track to buy back at least $1 billion of common stock in the third quarter. We ended the second quarter with $5.6 billion of parent liquidity, which Shane will go through in more detail in his remarks.

AIG 在第二季度通過 17 億美元的普通股回購和 2.56 億美元的股息向股東返還了近 20 億美元。此外，我們有望在第三季度回購至少 10 億美元的普通股。我們在第二季度結束時擁有 56 億美元的母公司流動性，Shane 將在他的講話中更詳細地介紹這一點。

On today's call, I will provide more detail on 5 topics. First, I will provide an update on the IPO of our Life and Retirement business, which will be known as Corebridge Financial once the company is public, and discuss why we chose not to proceed with the IPO in the second quarter. I will also review the significant progress we've continued to make on various aspects of the separation of Corebridge as we prepare this business to be a stand-alone public company.

在今天的電話會議中，我將提供 5 個主題的更多詳細信息。首先，我將介紹我們的人壽和退休業務（一旦公司上市後將被稱為 Corebridge Financial）的 IPO 最新情況，並討論我們為什麼選擇在第二季度不進行 IPO。我還將回顧我們在 Corebridge 分離的各個方面繼續取得的重大進展，因為我們準備將這項業務變成一家獨立的上市公司。

Second, as a follow-on to the IPO discussion, I will review Life and Retirement results where, as I mentioned, the core business showed continued resilience and solid performance despite headwinds largely driven from a reduction in net investment income.

其次，作為 IPO 討論的後續，我將回顧壽險和退休金的結果，正如我所提到的，儘管不利因素主要是由於淨投資收入的減少，核心業務仍表現出持續的彈性和穩健的表現。

Third, I will review the performance of General Insurance, where underwriting excellence continues to produce outstanding results with strong profitability and top line growth, particularly in our Global Commercial portfolio.

第三，我將回顧普通保險的表現，卓越的承保繼續產生出色的業績，盈利能力和收入增長強勁，特別是在我們的全球商業投資組合中。

Fourth, I will provide an update on AIG 200, where we achieved critical milestones and delivered on our stated goal of $1 billion in exit run rate savings 6 months ahead of schedule.

第四，我將提供有關 AIG 200 的最新信息，我們在其中實現了關鍵里程碑，並提前 6 個月實現了我們既定的目標，即退出運行率節省 10 億美元。

Lastly, I'll provide an update on capital management, particularly with respect to stock buybacks and debt reduction.

最後，我將提供有關資本管理的最新信息，尤其是在股票回購和債務減免方面。

Following my remarks, Shane will provide more detail on the quarter and then we will take questions. Mark Lyons, David McElroy and Kevin Hogan will join us for the Q&A portion of today's call.

在我發言之後，Shane 將提供有關本季度的更多詳細信息，然後我們將回答問題。 Mark Lyons、David McElroy 和 Kevin Hogan 將加入我們今天電話會議的問答部分。

As you can see, our team has accomplished a lot on many fronts. Before expanding on our financial and operating performance, I want to address the status of the Corebridge IPO. Our base case had always been to complete the IPO in the second quarter, subject to regulatory approvals and market conditions. In deciding whether to launch the initial public offering in May or June, we weighed several variables, which were all market-related, some specific to Corebridge and some more macro level. These included equity market conditions and particularly the trading values of companies in the Life and Retirement sector that we consider to be the most comparable to Corebridge.

如您所見，我們的團隊在許多方面都取得了很大的成就。在擴展我們的財務和運營業績之前，我想先談談 Corebridge IPO 的狀態。我們的基本情況一直是在第二季度完成首次公開募股，但需獲得監管部門的批准和市場條件。在決定是在 5 月還是 6 月進行首次公開募股時，我們權衡了幾個變量，這些變量都與市場相關，有些是 Corebridge 特有的，有些是宏觀層面的。其中包括股票市場狀況，尤其是我們認為與 Corebridge 最具可比性的人壽和退休行業公司的交易價值。

In the second quarter, equity markets were down 16% with only 3 weeks seeing positive market returns, the VIX, which was above 30 resulting in extremely elevated market volatility and feedback we received from advisers, analysts and many potential institutional investors following the public filing of the S-1. While completing the IPO is a significant priority for us and something we are laser-focused on, we believe this is an attractive business and did not want to execute a transaction that would be detrimental to stakeholders in the long run. Absent something we don't see today, we remain ready to execute on the IPO, subject to regulatory approvals and market conditions. And the next window will be in September.

第二季度，股市下跌 16%，僅 3 週出現正市場回報，VIX 高於 30，導致市場波動劇烈，我們在公開備案後收到了來自顧問、分析師和許多潛在機構投資者的反饋S-1 的。雖然完成 IPO 對我們來說是一個重要的優先事項，也是我們高度關注的事情，但我們認為這是一項有吸引力的業務，並且不希望執行一項從長遠來看對利益相關者不利的交易。沒有我們今天看不到的東西，我們仍然準備在 IPO 中執行，但要獲得監管部門的批准和市場條件。下一個窗口將在 9 月。

In the meantime, throughout the summer, we continue to make significant progress to position the business for long-term success. I'll highlight 3 areas of focus. One, expanding on our plan to achieve expense savings at Corebridge. Last quarter, we estimated these savings to be in the range of $200 million to $300 million, but we now expect to generate closer to $400 million of savings over the next 3 years with the majority of the run rate savings to be achieved in the next 24 months.

與此同時，在整個夏天，我們將繼續取得重大進展，以使業務取得長期成功。我將重點介紹 3 個重點領域。一，擴展我們的計劃以在 Corebridge 實現費用節省。上個季度，我們估計這些節省在 2 億美元到 3 億美元之間，但我們現在預計未來 3 年將節省近 4 億美元，其中大部分運行率節省將在未來實現24 個月。

Two, progressing the implementation of a new operating model for our investments unit. This includes our strategic partnership with Blackstone announced in July of 2021 and our partnership with BlackRock, where we began moving assets under management in the second quarter of this year pursuant to the arrangement we announced in late March.

二是推進投資部門新運營模式的實施。這包括我們在 2021 年 7 月宣布的與 Blackstone 的戰略合作夥伴關係以及我們與 BlackRock 的合作夥伴關係，根據我們在 3 月底宣布的安排，我們在今年第二季度開始轉移管理資產。

And three, planning our transition to BlackRock's Aladdin platform, which will replace aging and end-of-life technology infrastructure and provide enhanced risk analytics and reporting. We continue to expect that Corebridge will pay an annual dividend of $600 million post-IPO that will have a payout ratio of 60% to 65%, and that it will achieve a return on equity of 12% to 14% over the next 24 months.

第三，計劃我們向貝萊德的阿拉丁平台過渡，該平台將取代老化和報廢的技術基礎設施，並提供增強的風險分析和報告。我們繼續預計 Corebridge 將在 IPO 後支付 6 億美元的年度股息，派息率為 60% 至 65%，未來 24 個月將實現 12% 至 14% 的股本回報率.

Now turning to Life and Retirement's performance in the second quarter. As I mentioned earlier, adjusted pretax income was $563 million, decreasing from the prior year period due to lower NII, which was driven by lower alternative investment income, accelerated DAC amortization and an increase in SOP reserves. Given the pending IPO, we remain somewhat limited in what we can say about the business, but let me provide some details from the second quarter. The core business produced strong sales in fixed annuities, which were up 48% to $1.4 billion and strong sales in indexed annuities, which were flat at $1.5 billion.

現在轉向生活和退休在第二季度的表現。正如我之前提到的，調整後的稅前收入為 5.63 億美元，由於 NII 較低，這是由於較低的替代投資收入、加速 DAC 攤銷和 SOP 準備金增加而導致的。鑑於即將進行的首次公開募股，我們對該業務的看法仍然有限，但讓我提供第二季度的一些細節。核心業務的固定年金銷售強勁，增長 48% 至 14 億美元，指數年金銷售強勁，持平於 15 億美元。

In Group Retirement, contributions grew 1%, nonrecurring deposits grew 4% and enrollments were up 11%. Second quarter deposits of $1.8 billion were strong with base net investment spread growing 4 basis points sequentially due to the higher interest rate environment. The Life and Retirement balance sheet and capital position remains strong with an RBC ratio of 415% to 425%, still above our target ranges.

在團體退休中，繳費增長 1%，非經常性存款增長 4%，入學率增長 11%。第二季度存款強勁，為 18 億美元，由於較高的利率環境，基礎淨投資利差環比增長 4 個基點。人壽和退休金資產負債表和資本狀況依然強勁，RBC 比率為 415% 至 425%，仍高於我們的目標範圍。

Now let me provide more detail on our second quarter results in General Insurance, where we continue to drive improved financial performance. Gross premiums written increased 5% on an FX-adjusted basis to $9.6 billion, with Global Commercial growing 8% and Global Personal decreasing 3%.

現在讓我提供更多關於我們在普通保險方面的第二季度業績的詳細信息，我們將繼續推動改善財務業績。經外匯調整後的總保費增長 5% 至 96 億美元，全球商業保費增長 8%，全球個人保費下降 3%。

Net premiums written increased 5% on an FX-adjusted basis to $6.9 billion. This growth was led by our Global Commercial business, which grew 8% with Global Personal decreasing 4%.

經外匯調整後的淨保費增長 5% 至 69 億美元。這一增長由我們的全球商業業務引領，增長 8%，全球個人業務下降 4%。

Global Commercial net premiums written increased 10%, excluding AIG Re, where we have significantly reduced property CAT writings and exposure, particularly in the Southeast region of the U.S.

全球商業淨保費收入增長 10%，不包括 AIG Re，我們大幅減少了房地產 CAT 保費和風險敞口，尤其是在美國東南部地區。

North America Commercial net premiums written increased 10% or 14% excluding AIG Re. And international net premiums written increased 5% or 8% excluding the impact of nonrenewal and cancellations related to Russia exposure in each case on an FX-adjusted basis.

北美商業淨保費收入增長 10% 或 14%，不包括 AIG Re。在外匯調整的基礎上，不包括與俄羅斯敞口相關的不續保和取消的影響，國際淨承保保費增加了 5% 或 8%。

In North America Commercial, we saw very strong growth in net premiums written: In Lexington, which grew 31% led by wholesale property, which was up 46%; retail property, which grew 17%; and our Canadian commercial business, which grew 10%.

在北美商業，我們看到淨保費增長非常強勁：在列剋星敦，在批發房地產的帶動下增長了 31%，增長了 46%；零售物業，增長 17%；我們的加拿大商業業務增長了 10%。

In International Commercial, on an FX-adjusted basis, we also saw strong growth in net premiums written: In Global Specialty, which grew 16% led by energy, which was up 20%; and marine, which was up 10%; North America Specialty, which grew 17%; and International Specialty, which grew 15%.

在經外匯調整的國際商業業務中，我們也看到淨保費增長強勁： 全球特種業務增長 16%，能源增長 20%；和海運，上漲 10%；北美專業，增長 17%；和國際專業，增長了 15%。

In Global Commercial, we also had very strong renewal retention of 85% in our in-force portfolio, with North America up 200 basis points to 85% and International holding steady at a very strong 86%. As a reminder, we calculate renewal retention prior to the impact of rate and exposure changes. And across Global Commercial, our new business continues to be very strong, coming in slightly over $1 billion for the fifth consecutive quarter.

在全球商業方面，我們的有效投資組合中的續訂保留率也非常高，達到 85%，北美上升 200 個基點至 85%，國際保持在非常強勁的 86%。提醒一下，我們會在費率和曝光變化的影響之前計算續訂留存率。在全球商業領域，我們的新業務繼續非常強勁，連續第五個季度收入略高於 10 億美元。

North America's new business grew to $542 million led by Lexington. International new business was $466 million, slightly down year-over-year due to intentional actions we took in Talbot and in our Specialty business related to Russia, Ukraine.

在列剋星敦的帶領下，北美的新業務增長到 5.42 億美元。國際新業務為 4.66 億美元，同比略有下降，原因是我們在 Talbot 和與俄羅斯、烏克蘭相關的專業業務中採取了有意的行動。

Turning to rate. Momentum continued in Global Commercial with overall rate increases of 7%. And in the aggregate, rate continued to exceed loss cost trends. This is the fourth consecutive year in which we're achieving rate above loss cost trends and where we are successfully driving margin expansion.

轉而評價。全球商業繼續保持勢頭，總體增長率為 7%。總體而言，費率繼續超過損失成本趨勢。這是我們連續第四年實現高於損失成本趨勢的比率，並成功推動利潤率擴張。

North America Commercial achieved 7% rate increases with some areas achieving double-digit increases led by Lexington, which increased 18% with 17% in Lexington wholesale property; Financial Lines, where professional increased 34% led by cyber, which increased 52%; and excess casualty, which increased 10%.

北美商業實現了 7% 的房價增長，其中一些地區實現了兩位數的增長，以列剋星敦為首，其中列剋星敦批發物業增長了 18%，其中 17%； Financial Lines，其中專業增長 34%，網絡領先，增長 52%；和超額傷亡，增加了 10%。

International commercial rate increases were 7% driven by Financial Lines, which increased 11%, including more than 47% rate increases in cyber; property, which increased 10%; and EMEA, which also increased 10%.

國際商業費率增長 7%，受金融額度的推動，增長 11%，其中網絡費率增長超過 47%；財產，增加了 10%；和 EMEA，也增長了 10%。

Last quarter, we indicated that our loss cost trend view in the aggregate for North America Commercial had migrated upwards from 4% to 5%, mostly driven by shorter tail lines. And as a result, we moved the upper end of the range to 5.5%.

上個季度，我們表示我們對北美商業的總體損失成本趨勢觀點已從 4% 上升到 5%，主要是由於尾線較短。因此，我們將範圍的上限移至 5.5%。

In the second quarter, trends in casualty and other liability lines continue to show no obvious impact in either internal or external data to support a large move on loss cost, whereas property businesses have been more clearly affected. As a result, based on a review of more recent information, we again modified our view on loss cost trend to 6%. Loss cost trend represents the composite of frequency and severity. However, there is an additional mitigant to inflation built into rate decisions. Exposure trend, which we view as a partial offset to loss cost trend, reflects the additional premiums an insurer receives driven by growth in underlying inflation sensitive exposure basis. When taking this exposure mitigant into account, our current North America Commercial loss cost trend net of these inflationary exposure benefits is approximately 4%.

在第二季度，傷亡和其他責任險種的趨勢繼續顯示，無論是內部數據還是外部數據都沒有明顯的影響來支持損失成本的大幅上漲，而房地產業務受到的影響更為明顯。因此，基於對最近信息的回顧，我們再次將我們對損失成本趨勢的看法修改為 6%。損失成本趨勢代表頻率和嚴重程度的綜合。然而，利率決策中還有一個額外的通脹緩解措施。風險敞口趨勢，我們認為是對損失成本趨勢的部分抵消，反映了保險公司因潛在通脹敏感風險敞口增長而獲得的額外保費。考慮到這種風險緩解措施，我們當前的北美商業損失成本趨勢扣除這些通脹風險收益後約為 4%。

Additionally, our North America Commercial accident year loss ratio, ex CAT, is booked at 63% year-to-date, which is consistent with pure actuarial rate over loss cost and exposure trends but is a pure numerical approach and does not reflect our improved risk selection and continued improvement in terms of conditions. Those benefits will emerge over time.

此外，我們的北美商業事故年損失率（除 CAT）年初至今為 63%，這與損失成本和風險敞口趨勢的純精算率一致，但這是一種純數值方法，並未反映我們改進的風險選擇和條件方面的持續改進。這些好處將隨著時間的推移而顯現。

As we discussed on prior calls, since 2018, we have implemented a clear ventilation strategy in our casualty, financial lines and property portfolios that directs our capacity deployment towards higher average attachment points, which is a strong defensive measure towards rising inflation. And this strategy continues today. We also implemented the strategy in our AIG risk management loss-sensitive workers' compensation business. And over the last few years, average deductibles have increased 30% to $1.3 million.

正如我們在之前的電話會議中所討論的那樣，自 2018 年以來，我們在我們的傷亡、財務線和房地產投資組合中實施了明確的通風策略，將我們的產能部署導向更高的平均附著點，這是應對通脹上升的強有力的防禦措施。這種策略今天仍在繼續。我們還在 AIG 風險管理損失敏感型工傷賠償業務中實施了該戰略。在過去幾年中，平均免賠額增加了 30%，達到 130 萬美元。

Turning to Personal Lines. In North America Personal, net premiums written declined nearly 4% driven by a reduction in warranty, which was partially offset by a rebound in travel. In International Personal, net premiums written declined 4% on FX-adjusted basis also due to a reduction in warranty and partially offset by growth in accident and health and travel.

轉向個人專線。在北美個人，承保淨保費下降近 4%，原因是保修減少，部分被旅行反彈所抵消。在國際個人業務中，經外匯調整後的淨保費下降 4%，這也是由於保修減少，部分被意外、健康和旅行的增長所抵消。

Now I'd like to spend a few minutes on our high net worth business. This is a business we will continue to invest in where there are attractive opportunities for profitability improvement. Over the last 2 years and through the second quarter, we've already invested $140 million to improve digital workflow, data, a customer interface that will provide enhanced insight and value to distribution partners and policyholders. The actions we are taking are designed to position this business to be more balanced with less density and lower volatility in order to provide more sustainable financial results.

現在我想花幾分鐘談談我們的高淨值業務。這是一項我們將繼續投資的業務，其中有提高盈利能力的有吸引力的機會。在過去 2 年和整個第二季度，我們已經投資了 1.4 億美元來改進數字工作流程、數據和客戶界面，這將為分銷合作夥伴和投保人提供增強的洞察力和價值。我們正在採取的行動旨在使該業務更加平衡，密度更低，波動性更低，以提供更可持續的財務結果。

Let me review some of the market dynamics impacting this business that have created significant complexity and the resulting actions we are taking to reposition the portfolio. Currently, the level of reinsurance we purchased and the commensurate model ceded profit is a headwind to net premiums written growth and combined ratio improvement. This has been intentional as we are not willing to take volatility on frequency or tail risk on CAT in our high net worth business.

讓我回顧一下影響該業務的一些市場動態，這些動態造成了巨大的複雜性，以及我們為重新定位投資組合而採取的行動。目前，我們購買的再保險水平和相稱的模型分出利潤是淨保費增長和綜合比率改善的逆風。這是故意的，因為我們不願意在我們的高淨值業務中對 CAT 的頻率或尾部風險承擔波動。

Adding to this, the inability to pass on increased loss and reinsurance costs through rate increases or limit management largely due to regulatory constraints further deteriorates margin in the short run. But we have made a deliberate decision to continue writing this business as we believe the trade-off is appropriate in the near term given the opportunity we see over the long term.

此外，由於監管限制，無法通過提高利率或限制管理來轉嫁增加的損失和再保險成本，這在短期內進一步惡化了利潤率。但我們已深思熟慮地決定繼續編寫這項業務，因為我們認為，鑑於我們在長期內看到的機會，這種權衡在短期內是合適的。

And while each of our CAT-exposed businesses has different attributes, I don't see reinsurance costs for the high net worth market generally becoming less expensive for the foreseeable future, but instead, seeing it putting pressure on the segment. In fact, for a business that is primarily underwritten in peak zones with high total insured values, reinsurance costs will likely increase and, in some cases, materially.

雖然我們每個與 CAT 相關的業務都有不同的屬性，但我認為在可預見的未來，高淨值市場的再保險成本通常不會變得更便宜，而是看到它給該細分市場帶來了壓力。事實上，對於主要在總保險價值較高的高峰地區承保的企業而言，再保險成本可能會增加，在某些情況下會大幅增加。

To understand the complexity of reinsurance for peak zones, you need to look no further than in what has happened in the retrocessional market over the last few years. While overall small market, retrocession provides approximately $60 billion of available limit across various structures, of which roughly $20 billion is indemnity-based for reinsurers with this capacity primarily supported by alternative capital.

要了解高峰區再保險的複雜性，您只需看看過去幾年轉分保市場發生的事情即可。雖然整個市場很小，但轉分保為各種結構提供了大約 600 億美元的可用限額，其中大約 200 億美元是基於賠償的再保險公司，這種能力主要由替代資本支持。

The dynamics in the retrocessional market over the last few years are important to understand because they have materially changed even though overall retrocessional capacity has remained flat since 2017. First, the cost of retrocession has increased significantly more than in the reinsurance industry on a risk-adjusted basis. Second, available capacity has shifted from predominantly aggregate to predominantly occurrence. Third, first event aggregate and lower attaching occurrence retrocession have been put under significant stress. Fourth, the retrocessional market return period attachment points have increased 50%. And fifth, compounded risk-adjusted rate changes have also increased by over 50%, even though retrocessional exposure is reduced compared to prior year.

過去幾年轉分保市場的動態很重要，因為儘管整體轉分保能力自 2017 年以來保持平穩，但它們已經發生了重大變化。首先，轉分保成本的增長明顯高於再保險行業的風險-調整基礎。其次，可用容量已從以總量為主轉變為以發生為主。第三，第一事件集合和較低的附加發生倒轉受到了很大的壓力。四是轉分保市場回報期附著點提高了50%。第五，複合風險調整利率變化也增加了 50% 以上，儘管與上一年相比，轉分保風險有所減少。

When you couple these factors with the additional adjustments going forward for inflation, model changes, trapped capital, you have a very complicated and challenging market. Additionally, if you review global insured net cat retrocessional losses over the last decade, 9 out of 10 years have had larger contributions from secondary peril aggregate losses than peak peril losses, which highlights the complexity of modeling catastrophes.

當您將這些因素與未來針對通貨膨脹、模型變化、資金受限的額外調整相結合時，您將擁有一個非常複雜和具有挑戰性的市場。此外，如果您回顧過去十年的全球投保淨貓轉分保損失，10 年中有 9 年的次生風險總損失貢獻大於峰值風險損失，這凸顯了災難建模的複雜性。

As a result of these dynamics and challenging circumstances, we concluded that to continue to provide high net worth clients with comprehensive solutions that meet their emerging risk issues, we needed to move property homeowners product to the non-admitted market, particularly in CAT-exposed states. In the second quarter, we exited the admitted personal property homeowners market in certain states as we could no longer maintain our level of aggregation especially given the inability to reflect the loss cost increases, inflation and increased reinsurance costs and rates as well as limitations on our ability to make coverage changes in this market.

由於這些動態和具有挑戰性的情況，我們得出結論，為了繼續為高淨值客戶提供全面的解決方案，以解決他們新出現的風險問題，我們需要將房地產業主產品轉移到非認可市場，特別是在 CAT 暴露的市場狀態。在第二季度，我們退出了某些州承認的個人財產房主市場，因為我們無法再維持我們的聚合水平，特別是考慮到無法反映損失成本的增加、通貨膨脹和增加的再保險成本和費率，以及對我們的限制能夠在這個市場上改變覆蓋範圍。

As part of our go-forward high net worth strategy, we're going to move homeowners and possibly other products in more states to the non-admitted market. And we plan to set up a structure that, over time, we expect to be supported by third-party capital providers in addition to AIG. This structure will provide more flexibility to manage aggregation, price, limit, terms and conditions and to innovate to solve evolving client needs. We will continue to provide coverage to our clients in the U.S. utilizing a hybrid model of non-admitted and admitted products in some states and admitted-only products in other states.

作為我們前進的高淨值戰略的一部分，我們將把更多州的房主和可能的其他產品轉移到非准入市場。我們計劃建立一個結構，隨著時間的推移，我們預計除了 AIG 之外，還會得到第三方資本提供者的支持。這種結構將提供更大的靈活性來管理聚合、價格、限制、條款和條件，並通過創新來解決不斷變化的客戶需求。我們將繼續為我們在美國的客戶提供覆蓋，在某些州使用非認可產品和認可產品以及其他州僅認可產品的混合模式。

We're already seeing the benefits of this strategy in our portfolio as the reduction in key catastrophe perils is apparent in these early stages. For example, since year-end 2021, gross wildfire PMLs are down approximately 35% to 40% across the entire PML return period curve.

我們已經在我們的投資組合中看到了這種策略的好處，因為在這些早期階段，關鍵災難風險的減少是顯而易見的。例如，自 2021 年底以來，在整個 PML 回歸期曲線中，總野火 PML 下降了約 35% 至 40%。

Now I want to review Russia, Ukraine. Last quarter, I addressed the many complexities and uncertainties that this situation presents, particularly those related to aviation policies issued to airline operators and leasing companies, including questions surrounding the occurrence of actual losses, loss mitigation efforts, whether any losses arise from war versus non-war apparels and the potential applicability of sanctions. These complexities and uncertainties very much continue. The claims we have received continue to be largely reported under political violence or political risk policies. And we continue to reserve our best estimate of ultimate losses, heavily comprised of IBNR despite the fact that the information we have received in connection with these claims remains very limited. Moreover, in the event of losses and the lines of business we have outlined that are subject to a potential loss, we have multiple reinsurance programs available.

現在我想回顧一下俄羅斯、烏克蘭。上個季度，我談到了這種情況帶來的許多複雜性和不確定性，特別是與向航空公司運營商和租賃公司發布的航空政策相關的問題，包括有關實際損失的發生、損失緩解措施、戰爭與非戰爭損失是否產生的問題。 - 戰爭服裝和製裁的潛在適用性。這些複雜性和不確定性仍在繼續。我們收到的索賠繼續主要在政治暴力或政治風險政策下報告。儘管我們收到的與這些索賠有關的信息仍然非常有限，但我們繼續保留對最終損失的最佳估計，其中大部分是 IBNR。此外，如果發生損失以及我們概述的可能遭受損失的業務線，我們有多種再保險計劃可用。

Turning to AIG 200. We started this 3-year journey in 2019. AIG 200 was designed to transform our core foundational capabilities across the company, and our financial objective was to deliver $1 billion of exit run rate savings with a cost to achieve of $1.3 billion. At the end of the second quarter, we achieved these goals 6 months earlier than expected. Delivering on these critical operational and financial objectives is a major accomplishment for our team.

轉向 AIG 200。我們於 2019 年開始了為期 3 年的旅程。AIG 200 旨在轉變我們整個公司的核心基礎能力，我們的財務目標是實現 10 億美元的退出運行率節省，實現成本為 1.3 美元十億。在第二季度末，我們比預期提前 6 個月實現了這些目標。實現這些關鍵的運營和財務目標是我們團隊的一項重大成就。

AIG 200 was successful because we maintained a tight governance structure and saw exceptional collaboration from colleagues across all major areas of the company. While the original objectives of AIG 200 have been completed, our team will remain focused on continuous improvement in operational excellence.

AIG 200 之所以成功，是因為我們保持了嚴密的治理結構，並看到公司所有主要領域的同事之間的出色合作。雖然 AIG 200 的最初目標已經完成，但我們的團隊將繼續專注於持續改進卓越運營。

AIG 200 has put the company in a significantly better place. Specifically, we modernized our IT platform, retiring over 50% of our identified applications and moving 80% of our infrastructure to the public cloud. We now have a global standard commercial underwriting platform that streamlines our processes and allows over 3,000 underwriters to make better risk management decisions in real time. This platform also includes a new global location management system that allows us to better understand and manage our PML exposure. We made significant investments in key capabilities, including building a consistent underlying data infrastructure, enhancing our digital capabilities through new distribution partner and client portals linked to a single common call center platform and fundamentally streamlined our finance reporting capabilities for faster decision-making. And we streamlined our global operations and shared services capabilities by moving over 10,000 roles to outsourcing partners.

AIG 200 使公司處於一個明顯更好的位置。具體來說，我們對 IT 平台進行了現代化改造，淘汰了超過 50% 的已識別應用程序，並將 80% 的基礎架構遷移到公共雲。我們現在擁有一個全球標準的商業承保平台，該平台簡化了我們的流程，並允許 3,000 多家承銷商實時做出更好的風險管理決策。該平台還包括一個新的全球位置管理系統，使我們能夠更好地了解和管理我們的 PML 曝光。我們對關鍵能力進行了大量投資，包括建立一致的底層數據基礎設施，通過新的分銷合作夥伴和連接到單一通用呼叫中心平台的客戶門戶增強我們的數字能力，並從根本上簡化我們的財務報告能力，以加快決策速度。我們通過將 10,000 多個角色轉移給外包合作夥伴，簡化了我們的全球運營和共享服務能力。

I want to thank all of our colleagues involved in AIG 200 for their outstanding performance. They should take great pride in knowing they established a new infrastructure and foundation for AIG that we will continue to build on and that will drive benefits for our stakeholders now and in the future.

我要感謝參與 AIG 200 的所有同事的出色表現。他們應該為知道他們為 AIG 建立了一個新的基礎設施和基礎而感到自豪，我們將繼續在此基礎上進行建設，這將為我們的利益相關者現在和未來帶來利益。

Turning to our capital management strategy. We will continue to be balanced and disciplined as we maintain appropriate levels of debt while returning capital to shareholders through stock buybacks and dividends while also allowing for investment in growth opportunities across our global portfolio.

轉向我們的資本管理戰略。我們將繼續保持平衡和紀律，因為我們保持適當的債務水平，同時通過股票回購和股息向股東返還資本，同時還允許投資於我們全球投資組合的增長機會。

As I said earlier, we had a very successful second quarter where we reduced net debt outstanding by $1.4 billion, repurchased $1.7 billion of common stock, paid $256 million in dividends and ended with $5.6 billion in parent liquidity. Looking ahead, with respect to debt repayment, AIG will receive the remaining $1.9 billion under the promissory note from Life and Retirement prior to the IPO. And we expect to use these proceeds to pay down additional AIG debt and for other purposes.

正如我之前所說，我們的第二季度非常成功，我們將未償債務淨額減少了 14 億美元，回購了 17 億美元的普通股，支付了 2.56 億美元的股息，並以 56 億美元的母公司流動性結束。展望未來，在債務償還方面，AIG 將在 IPO 之前根據 Life and Retirement 的期票收到剩餘的 19 億美元。我們希望將這些收益用於償還 AIG 的額外債務和用於其他目的。

With respect to share buybacks, we have $5.8 billion remaining on our current share repurchase authorization and expect to repurchase at least $1 billion of common stock in the third quarter. With respect to growth opportunities, our priorities continue to be focused on allocating capital in General Insurance where we see opportunities for profitable organic growth and further improvement in our risk-adjusted returns.

在股票回購方面，我們目前的股票回購授權剩餘 58 億美元，預計第三季度將回購至少 10 億美元的普通股。在增長機會方面，我們的優先事項繼續集中在普通保險的資本配置上，我們看到了盈利性有機增長的機會，並進一步提高了風險調整後的回報。

As we discussed on our last call, we expect that post deconsolidation of the Life and Retirement business, AIG will achieve a return on common equity at or above 10%. Shane will provide more details on ROE and on capital management in his remarks.

正如我們在上次電話會議中討論的那樣，我們預計在拆分壽險和退休業務後，AIG 將實現 10% 或以上的普通股回報率。 Shane 將在講話中提供有關 ROE 和資本管理的更多細節。

Shane, I'll turn the call over to you.

Shane，我會把電話轉給你。

Thank you, Peter, and good morning to all. As Peter noted, I will provide more detail on our second quarter financial results and unpack a number of our key performance metrics, specifically EPS, liquidity, leverage, net investment income and ROCE.

謝謝你，彼得，大家早上好。正如彼得所指出的，我將提供有關我們第二季度財務業績的更多詳細信息，並解開我們的一些關鍵績效指標，特別是每股收益、流動性、槓桿、淨投資收益和 ROCE。

I will begin by providing more detail on the financial results of General Insurance and Life and Retirement in the second quarter. I will then provide more detail on net investment income. I will then review our balance sheet, leverage, AOCI, liquidity and share count, which benefited from excellent execution on a number of capital transactions. And finally, I want to provide you more detail on the execution path to 10% ROCE for AIG and more detail on what we intend to do to get there, including income drivers, expense reduction and AIG 200 where, as Peter noted, we have contracted or executed on our stated goal of $1 billion of exit run rate savings 6 months ahead of our original time line.

我將首先提供有關第二季度一般保險和人壽與退休財務業績的更多詳細信息。然後，我將提供有關淨投資收入的更多詳細信息。然後，我將審查我們的資產負債表、槓桿、AOCI、流動性和股票數量，這些都得益於對一些資本交易的出色執行。最後，我想為您提供有關 AIG 實現 10% ROCE 的執行路徑的更多詳細信息，以及我們打算如何實現這一目標的更多詳細信息，包括收入驅動因素、費用減少和 AIG 200，正如彼得指出的那樣，我們有提前 6 個月簽訂或執行了我們既定的目標，即節省 10 億美元的退出運行率。

Turning to EPS. Adjusted after-tax EPS was $1.19 per diluted common share. Improvements in General Insurance profit of $1.26 billion contributed $0.06 year-over-year. Within General Insurance, strong underwriting income of $799 million contributed $0.31 of improvement, offset by a $0.25 decline in net investment income primarily driven by the decline in alternatives. And reduction in shares outstanding also contributed $0.10.

轉向EPS。調整後的稅後每股收益為每股攤薄普通股 1.19 美元。一般保險利潤增加 12.6 億美元，同比貢獻 0.06 美元。在普通保險中，7.99 億美元的強勁承保收入貢獻了 0.31 美元的改善，被主要由替代品下降導致的淨投資收入下降 0.25 美元所抵消。流通股的減少也貢獻了 0.10 美元。

Life and Retirement declined $0.52 in APTI to $563 million, which was below last year's second quarter primarily due to $0.36 or $387 million unfavorable from lower net investment income, $0.19 or $202 million from accelerated DAC amortization and an increased SOP 03-1 reserves. The net investment income decline in Life and Retirement was due to alternatives being down $0.21 and an $0.11 decline in yield enhancement income.

APTI 的人壽和退休金下降 0.52 美元至 5.63 億美元，低於去年第二季度，這主要是由於淨投資收入下降帶來的 0.36 美元或 3.87 億美元、加速 DAC 攤銷和增加的 SOP 03-1 儲備金帶來的 0.19 美元或 2.02 億美元不利。 Life and Retirement 的淨投資收入下降是由於替代品下降了 0.21 美元，而收益率提高收入下降了 0.11 美元。

As I noted, General Insurance's adjusted pretax income contribution in the second quarter was $1.26 billion, which reflects strong underwriting profit growth and continued improvement in the calendar year combined ratio of 510 basis points to 87.4%, and the accident year combined ratio ex CAT of 260 basis points to 88.5%.

正如我所指出的，General Insurance 在第二季度的調整後稅前收入貢獻為 12.6 億美元，這反映了強勁的承保利潤增長以及日曆年綜合成本率持續改善 510 個基點至 87.4%，事故年度綜合成本率（除 CAT）為260 個基點至 88.5%。

General Insurance adjusted pretax income improved by $63 million year-over-year. Underwriting income improved by $336 million driven by a $182 million improvement in accident year underwriting income in addition to $137 million from an improved PYD, offset by a reduction in alternative investment income in the quarter. The combined ratio improvement was due to improved underwriting income, earned premium growth, expense discipline, low catastrophe losses and favorable PYD, which all contributed to pretax underwriting income being up 73% year-over-year, increasing to $799 million from $463 million.

一般保險調整後的稅前收入同比增長 6300 萬美元。承保收入增加了 3.36 億美元，原因是事故年度承保收入增加了 1.82 億美元，此外 PYD 改善了 1.37 億美元，但被本季度另類投資收入的減少所抵消。綜合比率的改善是由於承保收入改善、賺取的保費增長、費用紀律、低巨災損失和有利的 PYD，所有這些都導致稅前承保收入同比增長 73%，從 4.63 億美元增加到 7.99 億美元。

North America Commercial had another 300 basis points improvement in the accident year combined ratio ex CAT over the prior year quarter, coming in at 88.2%. International Commercial also continued to improve profitability with 550 basis points improvement in the accident year combined ratio ex CAT this quarter, coming in at a strong 81.4% for the second quarter.

北美商業的事故年度綜合比率（除 CAT 外）比去年同期又提高了 300 個基點，達到 88.2%。國際商業也繼續提高盈利能力，本季度除 CAT 的事故年度綜合比率提高了 550 個基點，第二季度達到了強勁的 81.4%。

North America Personal had a 40 basis points improvement in the accident year combined ratio ex CAT over the prior year quarter, coming in at 99.7%. International Personal experienced a 120 basis points deterioration in the accident year combined ratio ex CAT, coming in at 95.2% for the second quarter.

北美個人的事故年度綜合比率（除 CAT 外）比上一季度提高 40 個基點，達到 99.7%。 International Personal 的事故年度綜合比率（不包括 CAT）下降了 120 個基點，第二季度為 95.2%。

In the second quarter, CAT losses were $121 million or 1.8 loss ratio points compared to $138 million or 2.1 loss ratio points in the prior year quarter. Prior year development, excluding related premium adjustments, was $202 million favorable this quarter compared to the favorable development of $51 million in the prior year quarter. This quarter, the ADC amortization provided $42 million of favorable development. And the balance of $160 million favorable arose mostly from old accident years in workers' compensation along with primary casualty lines in the U.S. The review in the quarter was mainly focused on North America and represents approximately 15% of reserves.

在第二季度，CAT 損失為 1.21 億美元或 1.8 個損失率點，而去年同期為 1.38 億美元或 2.1 個損失率點。扣除相關保費調整後，上一年度的發展在本季度有利 2.02 億美元，而去年同期有利發展為 5100 萬美元。本季度，ADC 攤銷提供了 4200 萬美元的有利發展。 1.6 億美元的有利餘額主要來自工傷賠償的舊事故年份以及美國的主要傷亡險種。本季度的審查主要集中在北美，約佔儲備金的 15%。

Within both AIGRM loss-sensitive work comp and U.S. primary casualty lines, there were additional indications of higher favorable development, but we felt it prudent to wait and see how the inflationary environment evolves, particularly as it relates to the casualty bodily injury and the medical side of workers' comp. We look at this quarterly, and as is our standard practice, we will be reviewing approximately 75% of the total pre-ADC General insurance reserves in the third quarter.

在 AIGRM 損失敏感型工作補償和美國主要傷亡險種中，還有其他跡象表明有利發展，但我們認為謹慎的做法是觀望通脹環境如何演變，特別是與傷亡人員身體傷害和醫療工人補償方面。我們看這個季度，按照我們的標準做法，我們將在第三季度審查大約 75% 的 ADC 前一般保險準備金總額。

Life and Retirement adjusted pretax income of $563 million compared to $1.12 billion in the second quarter of 2021. The year-over-year decline was due to $387 million of lower net investment income, of which $224 million is from lower alternative investment income as well as accelerated DAC and increased SOP reserves of $202 million driven by the market declines in the second quarter. The DAC and SOP charges had approximately 300 basis points negative impact on ROCE in the quarter, but these are largely noncash.

Life and Retirement 調整後的稅前收入為 5.63 億美元，而 2021 年第二季度為 11.2 億美元。同比下降是由於 3.87 億美元的淨投資收入減少，其中 2.24 億美元來自另類投資收入的減少由於第二季度市場下跌導致 DAC 加速和 SOP 儲備增加 2.02 億美元。 DAC 和 SOP 費用在本季度對 ROCE 產生了大約 300 個基點的負面影響，但這些主要是非現金的。

Within Individual Retirement, fixed annuity sales increased 48% year-over-year, aided by origination activity to the Blackstone relationship. And fixed index annuity had another solid quarter of sales. Sales of variable annuities declined in the quarter, consistent with market conditions.

在個人退休金中，固定年金銷售額同比增長 48%，這得益於與 Blackstone 關係的發起活動。固定指數年金的銷售額又一個穩定的季度。本季度可變年金銷售額下降，與市場狀況一致。

Net flows were positive $628 million this quarter compared to negative net flows of $77 million in the prior year quarter. And variable and indexed annuity spreads expanded 2 basis points from the first quarter of 2022.

本季度淨流量為正 6.28 億美元，而去年同期為負淨流量 7700 萬美元。與 2022 年第一季度相比，可變和指數年金利差擴大了 2 個基點。

Group Retirement had strong deposits in the quarter of $1.8 billion, while surrenders declined and base net investment spread was up 4 basis points versus the first quarter of 2022.

Group Retirement 在本季度擁有 18 億美元的強勁存款，而退保率下降，基礎淨投資利差與 2022 年第一季度相比上升了 4 個基點。

Life Insurance adjusted pretax income was $117 million. The second quarter represented the lowest COVID mortality quarter since the pandemic began, while non-COVID mortality also ran favorable in the period. Premiums and deposits also continued to benefit from the solid international life sales, which comprise approximately 45% of new sales activity.

人壽保險調整後的稅前收入為 1.17 億美元。第二季度是自大流行開始以來 COVID 死亡率最低的季度，而非 COVID 死亡率在此期間也表現良好。保費和存款也繼續受益於穩健的國際壽險銷售，約佔新銷售活動的 45%。

Our previously reported level of spread rate compression has been in the range of 8 to 16 basis points annually. But given current market conditions, we now expect to be better than 8 basis points for the full year.

我們之前報告的價差壓縮水平每年在 8 到 16 個基點之間。但鑑於目前的市場狀況，我們現在預計全年將好於 8 個基點。

As you are aware, for the Life and Retirement business, we conduct our entire reserve review in the third quarter. However, with the recent focus on the guaranteed universal life product, I will provide a few comments. First, this is not a large block for us. So we do not have much exposure in our in-force block, which is approximately $3 billion in net statutory reserves, which represents 2% of our net liabilities. For context, we did participate in the recent industry study on this topic. And our projected lapse rates, fund bases and dynamic premium modeling approach are consistent with the recommendations of the study. As additional background, over the last 5 years, we have been reviewing and strengthening our reserve assumptions for the guaranteed universal life product. And as a result, we don't expect significant adjustments.

如您所知，對於人壽和退休業務，我們在第三季度進行了整個儲備審查。但是，由於最近關注有保障的萬能壽險產品，我將提供一些評論。首先，這對我們來說不是一個大塊。因此，我們在有效區塊中沒有太多風險敞口，這大約是 30 億美元的淨法定準備金，占我們淨負債的 2%。就上下文而言，我們確實參與了最近關於該主題的行業研究。我們預計的失效率、基金基礎和動態保費建模方法與研究的建議一致。作為補充背景，在過去 5 年中，我們一直在審查和加強我們對保證萬能壽險產品的儲備假設。因此，我們預計不會有重大調整。

Turning to other operations, which includes interest expense, corporate general operating expenses, institutional asset management expense, runoff portfolio and eliminations, it was a positive contributor to adjusted pretax income year-over-year by $149 million. Corporate general operating expenses improved $74 million year-over-year in the second quarter, benefiting from AIG 200 and continued emphasis on expense management.

轉向其他業務，包括利息費用、公司一般運營費用、機構資產管理費用、徑流投資組合和沖銷，它是調整後稅前收入同比增長 1.49 億美元的積極因素。得益於 AIG 200 和對費用管理的持續重視，公司第二季度的一般運營費用同比增長了 7400 萬美元。

Adjusted pretax net investment income for the quarter was $2.5 billion, a decline of $678 million compared to the second quarter of 2021. As a reminder, we report the results of our private equity holdings on a 1-quarter lag, and we may have an impact in the third quarter as well.

本季度調整後的稅前淨投資收益為 25 億美元，與 2021 年第二季度相比減少了 6.78 億美元。提醒一下，我們報告的私募股權投資結果滯後 1 個季度，我們可能會有第三季度也有影響。

Over the last few years, we focused on improving the risk profile of the investment portfolio with continued vigilance around corporate and consumer credit and a strong capital and liquidity profile in both General Insurance and Life and Retirement, which support our ability to manage through difficult times as evidenced by our financial stability through COVID.

在過去的幾年裡，我們專注於改善投資組合的風險狀況，對企業和消費者信貸保持警惕，在一般保險和人壽和退休金方面擁有強大的資本和流動性狀況，這支持我們在困難時期進行管理的能力正如我們通過 COVID 實現的財務穩定性所證明的那樣。

In Life and Retirement, our weighted average credit rating has improved since the end of 2015, while the percentage of capital-intensive assets has declined in the portfolio from 10.5% to 8.3%. In the second quarter, we continued the proactive steps in the investment portfolio to avoid potential overexposure in the event credit deteriorates.

在壽險和退休金方面，我們的加權平均信用評級自 2015 年底以來有所改善，而資本密集型資產在投資組合中的比例從 10.5% 下降至 8.3%。在第二季度，我們繼續在投資組合中採取積極措施，以避免在信貸惡化時潛在的過度敞口。

We sold RMBS and ABS securities with a market value of $3.2 billion in the second quarter. In addition, we have alternative investments, particularly hedge funds, that have generated good returns over time but with more quarter-to-quarter fluctuations and that is more volatility than we would prefer.

我們在第二季度出售了市值 32 億美元的 RMBS 和 ABS 證券。此外，我們還有另類投資，尤其是對沖基金，它們隨著時間的推移產生了良好的回報，但季度間波動更大，波動性比我們希望的更大。

Going forward, we would expect to move over time to an asset allocation with less volatility. We've also executed on sales of approximately $4 billion of low-yielding longer-duration corporate bonds to buy higher-yielding, shorter-duration structured securities, privates, ABS and CMLs with many of them being floaters. We feel it is appropriate to take advantage of the higher rate environment and turn the portfolio over a little more quickly than would naturally occur at maturity, thereby enhancing our forward APTI and ROCE.

展望未來，我們預計隨著時間的推移轉向波動性較小的資產配置。我們還執行了約 40 億美元的低收益長期公司債券的銷售，以購買收益較高、期限較短的結構性證券、私人債券、ABS 和 CML，其中許多是浮動債券。我們認為利用更高的利率環境並比到期時自然發生的投資組合更快一點是合適的，從而提高我們的遠期 APTI 和 ROCE。

The second quarter saw significant increases in benchmark treasury yields with a 65 basis point increase on the 10-year or 146 basis points through June 30. With General Insurance and Life and Retirement portfolio durations are just under 4 and 8 years, respectively, the overall rising interest rate environment will provide a tailwind to our investment portfolio returns.

第二季度，基準國債收益率顯著上升，截至 6 月 30 日的 10 年期或 146 個基點增加了 65 個基點。由於一般保險和人壽和退休投資組合的期限分別略低於 4 年和 8 年，整體利率上升的環境將為我們的投資組合回報提供順風。

Our base fixed income portfolio saw a lift in yield of 18 basis points in the second quarter versus first quarter with $17 million additional within General Insurance and $28 million additional in Life and Retirement.

與第一季度相比，我們的基本固定收益投資組合第二季度的收益率提高了 18 個基點，普通保險增加了 1700 萬美元，人壽和退休金增加了 2800 萬美元。

The new money yield on our base portfolio was approximately 80 basis points above the assets rolling off the portfolio during the second quarter. At the end of the second quarter, the new money yield is roughly 130 basis points higher than the overall current portfolio in General Insurance and roughly 75 basis points higher in Life and Retirement.

我們基礎投資組合的新貨幣收益率比第二季度從投資組合中滾出的資產高出約 80 個基點。在第二季度末，新的貨幣收益率比一般保險的當前整體投資組合高出大約 130 個基點，而人壽和退休金大約高出 75 個基點。

Moving on to the balance sheet, leverage and liquidity. As Peter noted, we closed the quarter with $5.6 billion of parent liquidity. The second quarter includes execution of $1.7 billion in share repurchases, $256 million of common and preferred dividends and $1.4 billion net spend on debt reduction actions, including AIG debt retirement and extinguishment costs of $7.9 billion that is partially offset by the Corebridge debt issuance of $6.5 billion.

轉向資產負債表、槓桿和流動性。正如彼得所說，我們在本季度結束時擁有 56 億美元的母公司流動性。第二季度包括執行 17 億美元的股票回購、2.56 億美元的普通股和優先股股息以及 14 億美元的減債行動淨支出，其中包括 AIG 的 79 億美元債務清償和清償成本，這部分被 Corebridge 6.5 美元的債務發行所抵消十億。

In the second quarter, we saw a large AOCI movement as a result of increasing interest rates. Adjusted AOCI, which excludes the cumulative unrealized gains and losses related to Fortitude, moved from negative $5.9 billion to negative $15.4 billion or an additional reduction of $9.5 billion. We exited the second quarter with GAAP leverage of 31.1%, up from 27.8%, a 330 basis point increase quarter-over-quarter. The decrease in AOCI in the period added 390 basis points to the leverage ratio. This was partially offset by the net debt reduction of $1.3 billion in the period in addition to net income gains. The impact of AOCI is substantially larger in Life and Retirement and General Insurance, given the duration of their respective asset portfolios. At quarter end, our debt leverage ratio, excluding AOCI, was 25.3%, down 60 basis points versus 25.9% at the end of the first quarter of 2022.

在第二季度，由於利率上升，我們看到了 AOCI 的大幅變動。調整後的 AOCI（不包括與 Fortitude 相關的累計未實現損益）從負 59 億美元變為負 154 億美元或額外減少 95 億美元。我們以 31.1% 的 GAAP 槓桿率退出第二季度，高於 27.8%，環比增長 330 個基點。該期間AOCI的下降使槓桿率增加了390個基點。除淨收入收益外，該期間淨債務減少 13 億美元部分抵消了這一點。鑑於其各自資產組合的持續時間，AOCI 對人壽和退休以及一般保險的影響要大得多。在季度末，我們的債務槓桿率（不包括 AOCI）為 25.3%，與 2022 年第一季度末的 25.9% 相比下降了 60 個基點。

Total adjusted return on common equity was 7%, down from 10.5% in 2Q '21. And total company adjusted tangible return on common equity was 7.6%. The decrease is mostly caused by decline in net investment income. General Insurance's adjusted attributable return on common equity was 12% in the second quarter while Life and Retirement was 7.6%. Life and Retirement's ROCE was impacted by approximately 300 basis point drag from the acceleration of DAC, an increase in the SOP 03-1 reserves in the second quarter.

調整後的普通股總回報率為 7%，低於 21 年第二季度的 10.5%。公司調整後的有形普通股總回報率為7.6%。下降主要是由於淨投資收益下降所致。 General Insurance 第二季度調整後的普通股權益回報率為 12%，而人壽和退休金為 7.6%。 Life and Retirement 的 ROCE 受到 DAC 加速的約 300 個基點的拖累，第二季度 SOP 03-1 儲備增加。

Adjusted book value per share of $72.23 increased 2.1% sequentially and 20.2% year-over-year. Adjusted tangible book value per share of $66.06 increased 2.2% sequentially and 21.8% year-over-year. Our primary operating subsidiaries remain profitable and well capitalized with General Insurance's U.S. pool fleet risk-based capital ratio for the second quarter estimated to be between 475% and 485%. And the Life and Retirement U.S. fleet estimated to be between 415% and 425%, both above our target ranges.

調整後的每股賬面價值為 72.23 美元，環比增長 2.1%，同比增長 20.2%。調整後的每股有形賬面價值為 66.06 美元，環比增長 2.2%，同比增長 21.8%。我們的主要運營子公司保持盈利且資本充足，General Insurance 第二季度美國集合車隊基於風險的資本比率估計在 475% 至 485% 之間。美國的壽險和退休金機隊估計在 415% 到 425% 之間，均高於我們的目標範圍。

Finally, during the quarter, we repurchased approximately 30 million shares at an average cost of $58.25, bringing our GAAP ending share count to 771 million with the quarterly average of 801 million compared to 873 million in the prior year quarter, representing an 8% reduction in average share count.

最後，在本季度，我們以 58.25 美元的平均成本回購了大約 3000 萬股股票，使我們的 GAAP 期末股票數量達到 7.71 億股，季度平均為 8.01 億股，而去年同期為 8.73 億股，減少了 8%平均份額數。

As we previously disclosed, our agreement with Blackstone includes an exchange right put option, which is not exercisable until November of 2024. That gives Blackstone the right to exchange their stake in Corebridge for shares in AIG. Under the applicable accounting principles, this put option was dilutive in the second quarter and resulted in 43 million additional shares outstanding for the purposes of the adjusted EPS calculations in the period. It is worth noting that this put option goes away upon the execution of the IPO.

正如我們之前披露的那樣，我們與 Blackstone 的協議包括一項交換權看跌期權，該期權直到 2024 年 11 月才能行使。這使 Blackstone 有權將其在 Corebridge 的股份換成 AIG 的股份。根據適用的會計原則，該看跌期權在第二季度具有稀釋性，並導致在該期間調整後的每股收益計算中增加了 4300 萬股流通股。值得注意的是，該看跌期權在首次公開募股執行後消失。

Looking ahead, we have 4 priorities, which all lead to ROCE improvement towards our 10% or greater goal: continued momentum on underwriting excellence, expense reduction through operational excellence and expense discipline, the successful IPO and separation of the Life and Retirement business and continued execution on our capital management priorities.

展望未來，我們有 4 個優先事項，所有這些都將 ROCE 提高到 10% 或更高的目標：卓越承保的持續動力、通過卓越運營和費用紀律降低費用、成功的首次公開募股以及人壽和退休業務的分離以及持續執行我們的資本管理優先事項。

Continued momentum on underwriting excellence will include further improvements in our underwriting profitability without an increase in volatility as well as underwriting portfolio optimization, which involves both measured growth on proper leverage to optimize return allocation. While we have made significant progress to date, we are still achieving written rate above trends, both in business today and that which we have not yet earned in.

承保卓越的持續勢頭將包括在不增加波動性的情況下進一步提高我們的承保盈利能力，以及優化承保組合，這包括在適當的槓桿作用下衡量增長以優化回報分配。儘管迄今為止我們已經取得了重大進展，但無論是在今天的業務中還是在我們尚未獲得的業務中，我們仍在實現高於趨勢的書面利率。

Expense reduction will come through continued cost discipline, operational excellence, earn-in of AIG 200 run rate savings and a reduction of parent GOE. As Peter mentioned, we have now contracted or executed on $1 billion of savings related to AIG 200, and we have realized $610 million of savings to date. That leaves $390 million of savings that AIG expects to earn in over the coming 12 to 18 months.

費用減少將通過持續的成本紀律、卓越的運營、AIG 200 運行率節省的收益和母公司 GOE 的減少來實現。正如彼得所提到的，我們現在已經簽訂或執行了與 AIG 200 相關的 10 億美元的節省，迄今為止我們已經實現了 6.1 億美元的節省。這樣一來，AIG 預計在未來 12 到 18 個月內將節省 3.9 億美元。

We also expect roughly $300 million of the AIG corporate expenses will move to Life and Retirement upon deconsolidation. In addition, as Peter stated, we now expect Life and Retirement to execute a cost savings program, which will generate close to $400 million in savings and expect the program to deliver the first $100 million before year-end.

我們還預計大約 3 億美元的 AIG 公司開支將在分拆後轉移到生活和退休。此外，正如彼得所說，我們現在預計 Life and Retirement 將執行一項成本節約計劃，該計劃將節省近 4 億美元，並預計該計劃將在年底前交付第一筆 1 億美元。

With respect to the execution on our capital management priorities, we have already accelerated our share repurchases this year and expect additional repurchases as we get more clarity on the timing of the proceeds from the Corebridge IPO. Contemplated in our current plan, which includes the completion of the Corebridge IPO, we expect to reduce our share count to somewhere in the range of 600 million to 650 million shares, while maintaining leverage in the 20% to 25% level along with strong capitalization at the insurance subsidiary company level.

關於我們資本管理優先事項的執行，我們今年已經加快了股票回購的步伐，並預計隨著我們對 Corebridge IPO 收益的時間安排更加清晰，我們將進行更多的回購。在我們目前的計劃中，包括完成 Corebridge IPO，我們預計將我們的股票數量減少到 6 億至 6.5 億股之間，同時將槓桿率保持在 20% 至 25% 的水平以及強大的資本化水平在保險子公司層面。

Each of these drivers has some elements of tailwind to them. Additionally, yield enhancement in the base investment portfolio should provide meaningful lift in earnings power over time based on the current economic backdrop. To date, we're beginning to see the benefit of higher yields driving higher base portfolio returns where we are not dependent on higher interest rates to achieve our goal. These focus areas give us a line of sight to a minimum of 300 to 400 basis points of ROCE improvement. We will continue to provide updates over time.

這些驅動程序中的每一個都有一些順風的元素。此外，根據當前的經濟背景，基礎投資組合的收益率提高應該會隨著時間的推移顯著提升盈利能力。迄今為止，我們開始看到更高的收益率推動更高的基礎投資組合回報的好處，我們不依賴更高的利率來實現我們的目標。這些重點領域使我們能夠看到 ROCE 至少提高 300 到 400 個基點。隨著時間的推移，我們將繼續提供更新。

And with that, I will turn the call back over to you, Peter.

有了這個，我會把電話轉給你，彼得。

Great. Thank you, Shane. And operator, we're prepared to take questions.

偉大的。謝謝你，謝恩。接線員，我們準備回答問題。

(Operator Instructions) Our first question will come from Meyer Shields at KBW.

（操作員說明）我們的第一個問題將來自 KBW 的 Meyer Shields。

Peter, you provided a ton of information on rates and trend and exposure. But I was hoping we could dig a little deeper, specifically into the exposure benefits for liability lines where premiums are based on receipts, but maybe the relationship between receipts and losses is not as obvious as, let's say, in property, and we've got the concerns of longer tail lines.

彼得，你提供了大量關於利率、趨勢和風險的信息。但我希望我們可以更深入地挖掘，特別是針對保費基於收入的責任險種的風險敞口，但收入和損失之間的關係可能不如財產那麼明顯，而且我們已經得到尾線較長的擔憂。

Sure, Meyer. Thank you for the question. Like you said, we've provided a lot of information in our prepared remarks. But I think, Mark, why don't you go through what the effects are in exposure and also talk a little bit about sort of the loss ratio implications in the observations that we made?

當然，邁耶。感謝你的提問。就像你說的，我們在準備好的評論中提供了很多信息。但我想，馬克，你為什麼不了解一下曝光的影響，並在我們所做的觀察中談談損失率的影響？

Happy to. So a couple of things come to mind. First off, as Peter mentioned, North America Commercial aggregate loss trend is now up to 6% this quarter as opposed to our upper revision we did last quarter, the 5.5%, because we look at that every quarter. Short-tailed lines are driving much of this increase, and that is seen in our own data as well as external information. And over the last few years, because I'm talking about the weighted average loss cost trend there, the North American portfolio has reduced its property writings and has shrunk as a percentage of total, which helps ameliorate the growth in severity.

高興。所以我想到了幾件事。首先，正如彼得所提到的，本季度北美商業總損失趨勢現在高達 6%，而我們上季度所做的上修為 5.5%，因為我們每個季度都會查看這一點。短尾線推動了這一增長，這在我們自己的數據和外部信息中都可以看到。在過去的幾年裡，因為我說的是那裡的加權平均損失成本趨勢，北美投資組合減少了其財產記錄，並縮小了佔總數的百分比，這有助於緩解嚴重程度的增長。

So -- but we're seeing commercial property line loss cost trends of roughly 10% and in specialty-oriented property lines closer to 15%, driven by inflationary trends in construction materials, replacement costs, labor, transportation, things of that nature. Our view of casualty, bodily injury and the medical side of work comp, though, is unchanged from last quarter. And recall that even that reflected an increment of anticipatory medical cost increase. But as Peter said in his prepared remarks, we have yet to see it within our own data or with relevant external data.

所以——但我們看到商業地產線損失成本趨勢約為 10%，而以專業為導向的地產線則接近 15%，這是由建築材料、更換成本、勞動力、運輸等類似事物的通脹趨勢推動的。不過，我們對工作補償的傷亡、身體傷害和醫療方面的看法與上一季度相比沒有變化。回想一下，即使這也反映了預期醫療成本的增加。但正如彼得在他準備好的評論中所說，我們尚未在我們自己的數據或相關的外部數據中看到它。

Now I think getting into some of your question as well, it's hard to discuss loss cost trend without discussing the related topic of margin, which reflects the exposure trend and how that mitigates the loss cost trend that we've already just talked about. The aggregate North American Commercial book has an approximate 2% exposure trend, which, as you mentioned, represents additional collected premium due to the positive impact of the underlying inflation sensitive exposure basis to which the rates are applied. And therefore, it does function as a partial inflation mitigant.

現在我認為也進入您的一些問題，如果不討論保證金的相關主題，就很難討論損失成本趨勢，這反映了風險敞口趨勢以及如何減輕我們剛剛討論過的損失成本趨勢。北美商業賬面總額的風險敞口趨勢約為 2%，正如您所提到的，這代表了額外收取的保費，這是由於適用利率的潛在通脹敏感風險敞口基礎的積極影響。因此，它確實起到了部分通脹緩解劑的作用。

And examples of that would be one of our growth engines, which is Lexington, which has approximately 60% of their book based on inflation-sensitive exposure basis. And another one would be retail property, where the focus on accurate and current statement of values is razor sharp in that level of focus. So the exposure trend is partially mitigating these loss cost trends, which then produces the approximate 4% all-in loss ratio trend that Peter commented on.

這方面的例子將是我們的增長引擎之一，即列剋星敦，其賬面的大約 60% 是基於對通脹敏感的風險敞口。另一個是零售物業，在這種關注水平上，對準確和當前價值陳述的關注非常尖銳。因此，風險敞口趨勢部分緩解了這些損失成本趨勢，然後產生了彼得評論的大約 4% 的全押損失率趨勢。

But -- so when you put that in conjunction with the 7% rate increases achieved in the quarter, we're in excess of loss cost trend and loss ratio trend, let alone the loss ratio benefits of tighter terms and conditions. And rate change alone really doesn't tell the whole picture.

但是——所以當你把它與本季度實現的 7% 的利率增長結合起來時，我們已經超過了損失成本趨勢和損失率趨勢，更不用說更嚴格的條款和條件帶來的損失率收益了。單獨的利率變化並不能說明全部情況。

We've spoken before about the power of the primary, especially in D&O. AIG's position there permits deploying [ventilate] capacity as we see fit, but just as important is the stronger pricing power resident in the primary versus high excess, which is fast becoming a good commodity driven by high price or highly by price and seeing the largest rate reductions. That's the strength of the primary.

我們之前已經談到過初級的力量，尤其是在 D&O 中。 AIG 在那裡的地位允許部署我們認為合適的 [通風] 產能，但同樣重要的是，初級市場擁有更強的定價能力，而不是高過剩，後者正迅速成為高價或高價驅動的好商品，並看到最大降息。這就是初級的力量。

But I think lastly, just I think a clarification, it may or may make some sense, so think of it this way, let's not get confused on the difference between a real underlying exposure to loss with the measurement of that exposure to loss. So to keep it simple, if storekeeper A buys a GL policy, which is mostly a premises policy, and the insurer uses square footage as the exposure base, then the premium paid is rate times square footage, of course. And next year, if there is no rate change, he'll have the same premium.

但我認為最後，只是我想澄清一下，它可能或可能有意義，所以這樣想，讓我們不要混淆真正的潛在損失敞口與損失敞口的測量之間的區別。所以為了簡單起見，如果店主 A 購買了 GL 保單，這主要是一種房屋保單，而保險公司使用平方英尺作為風險基礎，那麼支付的保費當然是費率乘以平方英尺。明年，如果利率沒有變化，他將獲得相同的保費。

However, if storekeeper B has an identical store in the same geographic area and the same sales volume, but their insurer instead rates on gross receipts, and those receipts are 3% higher this year than last year, the true underlying exposure as measured by the propensity to have a claim didn't change, but the measurement of that exposure did change. So storekeeper B's premium will be 3% higher than that charged by insurer A, even though the stores are identical in every way.

但是，如果店主 B 在相同的地理區域和相同的銷售量擁有相同的商店，但他們的保險公司改為按總收入計費，而今年的總收入比去年高 3%，那麼真正的潛在風險敞口由提出索賠的傾向沒有改變，但暴露的測量值確實發生了變化。因此，店主 B 的保費將比保險公司 A 收取的保費高 3%，即使這些商店在各方面都相同。

That's great, Mark. Thank you. Meyer, is there a follow-up?

太好了，馬克。謝謝你。邁耶，有後續嗎？

Yes. Just a very brief one really on the last comment. Is there an opportunity or an advantage to maybe shifting even more of the premium Phase 2 inflation-sensitive exposure?

是的。只是一個非常簡短的關於最後一條評論的內容。是否有機會或優勢轉移更多的第二階段通脹敏感風險敞口？

Yes. I mean, it's -- that is a potential strategy that you'd -- a little difficult to implement, right, because you have -- part of a profitable portfolio are those things, rated -- inflation exposure basis like premises. However, when you get into other lines, like the M&C side of GL, Meyer, I think what you're saying makes a lot of sense.

是的。我的意思是，這是一個潛在的策略，你會 - 有點難以實施，對，因為你有 - 盈利投資組合的一部分是那些東西，評級 - 通脹風險基礎，如前提。但是，當您進入其他領域時，例如 GL 的 M&C 方面，Meyer，我認為您所說的很有意義。

Yes. I think maybe I'd just add to that, and we'll take the next question, which is all the significant repositioning we've done in the excess and surplus lines, particularly with the Lexington. You hear a lot about in the prepared remarks because they've done such a great job between growth, rate, retention and pivoting that portfolio to be a significant contributor in terms of profitability improvement. I mean, we've gotten on property alone 16 consecutive quarters of double-digit rate increases. And as Mark alluded to, that just starts to drive margins. So we are repositioning the portfolio based on where we see the best risk-adjusted returns.

是的。我想也許我會補充一點，我們將提出下一個問題，即我們在超額和超額線中所做的所有重大重新定位，特別是在列剋星敦。您在準備好的評論中聽到了很多，因為他們在增長、利率、保留和將投資組合轉變為盈利能力提高方面的重要貢獻者之間做瞭如此出色的工作。我的意思是，我們已經連續 16 個季度實現了兩位數的利率增長。正如馬克所暗示的那樣，這才開始提高利潤率。因此，我們正在根據我們看到的最佳風險調整回報來重新定位投資組合。

Our next question will come from Erik Bass with Autonomous.

我們的下一個問題將來自 Erik Bass with Autonomous。

So with the Corebridge IPO, it sounds like your strategy is to remain patient and wait for markets to recover since you're not a forced seller. Is this the right take? Or if the IPO window opens in the fall, would you look to take advantage and get some stock floated even if at a modest discount to what you view as the ultimate fair value?

因此，對於 Corebridge IPO，聽起來您的策略是保持耐心並等待市場復甦，因為您不是強制賣家。這是正確的做法嗎？或者，如果 IPO 窗口在秋季打開，您是否會尋求利用並讓一些股票上市，即使與您認為的最終公允價值相比有適度折扣？

Yes. Thanks, Erik. We provided a lot of sort of guidance in our prepared remarks, but let me try to add to it. Our plan has always been to do an IPO of Corebridge, and that has not changed. So now we are targeting September. I mean, we gave you some of the variables, but obviously there's more to consider like you outlined. We just felt that the market conditions in the second quarter were not conducive. We always intend to own greater than 50% following the IPO. And therefore, we'll continue to consolidate results for the foreseeable future.

是的。謝謝，埃里克。我們在準備好的評論中提供了很多指導，但讓我嘗試補充一下。我們的計劃一直是 Corebridge 的首次公開募股，並且沒有改變。所以現在我們的目標是九月。我的意思是，我們給了你一些變量，但顯然還有更多需要考慮的變量，就像你概述的那樣。我們只是覺得第二季度的市場條件不利。我們總是打算在首次公開募股後擁有超過 50% 的股份。因此，我們將在可預見的未來繼續鞏固業績。

The base case is still to do secondary offerings, but those will likely take place in 2023. And so look, we're going to watch the market. We always have to be careful in terms of the conditions that exist in the regulatory approvals. But our base case has just shifted from May, June to September. And we'll watch it carefully, and we'd like to get it floating.

基本情況仍然是進行二次發行，但這些可能會在 2023 年進行。所以看，我們將關注市場。對於監管批准中存在的條件，我們始終必須小心謹慎。但我們的基本情況剛剛從 5 月、6 月轉移到 9 月。我們會仔細觀察它，我們想讓它漂浮起來。

Got it. And then one follow-up on Corebridge. I was just hoping you could talk a little bit more about the performance of your VA hedging program this quarter and the movements in the RBC ratio that we saw.

知道了。然後是對 Corebridge 的跟進。我只是希望你能多談談本季度你的 VA 對沖計劃的表現以及我們看到的 RBC 比率的變動。

Yes, Shane, you and Kevin want to provide some insight on that?

是的，Shane，你和凱文想提供一些見解嗎？

Yes, so...

是的，所以...

Go ahead, Kevin.

來吧，凱文。

So Erik, yes, our VA -- the hedging program, our economic target-based hedging program has continued to perform as we have expected throughout all of the market volatility. It is an economic target-based hedging program, and so the RBC decline was in part due to the variable annuity and index annuity portfolios. And as you know, those market impacts are reversible as markets recover. So we have hedged all hedgeable economic risks. We have an open credit spread position, which we believe is offset by our general account credit portfolio, and the hedge has performed as we have designed it.

所以埃里克，是的，我們的 VA——對沖計劃，我們基於經濟目標的對沖計劃在整個市場波動期間繼續按照我們的預期執行。這是一項基於經濟目標的對沖計劃，因此 RBC 下降的部分原因是可變年金和指數年金投資組合。如您所知，隨著市場復甦，這些市場影響是可逆的。所以我們已經對沖了所有可對沖的經濟風險。我們有一個開放的信用利差頭寸，我們認為這被我們的一般賬戶信用組合所抵消，並且對沖已經按照我們的設計進行。

Our next question will come from Brian Meredith with UBS.

我們的下一個問題將來自瑞銀的 Brian Meredith。

Yes, two quick questions here for you. First one, thanks for all the detail on the expense outlook going forward. I'm just curious, is there another plan expense reduction program for the General Insurance business post the Corebridge split?

是的，這裡有兩個簡單的問題。第一個，感謝您提供有關未來費用前景的所有詳細信息。我只是好奇，在 Corebridge 拆分後，普通保險業務是否還有另一個計劃費用減少計劃？

And Pete, I'm curious, is there a G&A expense ratio did you think you need to be at or a target you're looking at to be among the most competitive from an expense leverage perspective in the commercial insurance business?

皮特，我很好奇，你認為從商業保險業務的費用槓桿角度來看，你是否需要達到或希望成為最具競爭力的 G&A 費用比率？

Yes. Thanks, Brian. Yes. So as we said, we're really proud and pleased that we just finished AIG 200, and that will start to continue to earn in. The work that we did in the summer for Corebridge, we increased our expectations there over the 3-year period to be now at the upper end of the range of $400 million. So our primary focus is the underwriting excellence in terms of the improvement, the focus on continuing AIG 200 and making sure that operational excellence becomes a core part of the organization, which it already has, but we want to continue that, and then making sure that the separation of Corebridge is done flawlessly.

是的。謝謝，布賴恩。是的。因此，正如我們所說，我們為剛剛完成 AIG 200 感到非常自豪和高興，這將開始繼續盈利。我們在夏天為 Corebridge 所做的工作，我們在 3 年內提高了我們的期望期間現在處於 4 億美元範圍的上限。因此，我們的主要關注點是在改進方面的卓越承保，專注於繼續 AIG 200 並確保卓越運營成為組織的核心部分，它已經擁有，但我們希望繼續這樣做，然後確保Corebridge 的分離完美無缺。

At the same time, we are looking at our overall cost structure. There's a ton of work underway. And as we start executing on those other pieces, there will be -- Shane put in his prepared remarks, where we're going to get out a meaningful amount up to $500 million more of expenses. That's the remaining company within AIG. So that will start to get executed.

與此同時，我們正在研究我們的整體成本結構。正在進行大量工作。當我們開始執行其他部分時，將會有 - Shane 發表他準備好的評論，我們將在其中拿出一筆可觀的金額，最高可達 5 億美元。這是 AIG 中剩下的一家公司。所以這將開始執行。

As we start to deconsolidate, we'll have a path forward as we flow Corebridge and be able to give you more guidance. I don't have a percentage. I focus on the nominal in terms of -- when I look at even like General Insurance over the last 5 quarters where we've invested a lot in the business, the nominal GOE has not gone up. I mean, so the expense discipline is there. And we want to continue to benefit from the earned savings with AIG 200 and what we will take out in terms of the combined entity when we go forward. But we want to have an organization that is going to be world-class in terms of its overall expense ratios.

隨著我們開始拆分，我們將有一條前進的道路，因為我們流動 Corebridge 並能夠為您提供更多指導。我沒有百分比。我關注的是名義上的——當我看過去五個季度我們在業務上投入大量資金的普通保險時，名義上的 GOE 並沒有上升。我的意思是，所以費用紀律就在那裡。我們希望繼續從 AIG 200 節省的成本中受益，以及我們在前進時將在合併後的實體方面獲得的收益。但我們希望擁有一個在總體費用比率方面將成為世界一流的組織。

And I think we've proven that we not only can take it out in a really constructive way because we're investing for the future, but we maintain that level going forward. We have growth opportunities in the top line, which will help the ratios. I mean, the commercial business is growing, excluding AIG Re, which the reason why I've excluded is that we're not trying to grow that business based on the CAT exposures today, but growing at 10%. We see opportunities to grow in the future when we look to the back half of this year. We have very strong retention. The new business that's been coming in is going to be more retained. It's the fifth quarter in a row where we produced more than $1 billion of new business, all very positive, all helpful to our ratios. And so we feel like we have a lot of momentum.

而且我認為我們已經證明，我們不僅可以以真正建設性的方式將其淘汰，因為我們正在為未來進行投資，而且我們將繼續保持這一水平。我們在收入方面有增長機會，這將有助於提高比率。我的意思是，商業業務正在增長，不包括 AIG Re，我之所以將其排除在外，是因為我們並沒有試圖根據今天的 CAT 敞口來發展該業務，而是以 10% 的速度增長。展望今年下半年，我們看到了未來增長的機會。我們有很強的保留率。進入的新業務將得到更多保留。這是我們連續第五個季度創造了超過 10 億美元的新業務，所有這些都非常積極，都有助於我們的比率。所以我們覺得我們有很大的動力。

Great. That's really helpful. And then one last question on the whole exposure loss trend. Everybody is talking about increasing exposure. What happens if we go into a recession? Can that actually hurt your ability to see -- accrete margin?

偉大的。這真的很有幫助。然後是關於整個曝光損失趨勢的最後一個問題。每個人都在談論增加曝光率。如果我們陷入衰退，會發生什麼？這真的會傷害你的觀察能力——增加邊際嗎？

I don't think so based on the makeup of the portfolio. But Mark, why don't we end where we started with you just to give a little bit of perspective and then you can turn it back to me.

根據投資組合的構成，我不這麼認為。但是馬克，我們為什麼不從你開始的地方結束，只是為了給出一點觀點，然後你可以把它轉回給我。

Yes. Thank you, Peter. And Brian, good to hear from you. So to your question, remember, what Dave McElroy and his team are doing, Lexington is becoming an increasing proportion of the business. And on a non-admitted basis, you have a lot of interesting terms and conditions like minimum earned premiums. So even if that does fall off a bit, that doesn't necessarily translate on a downward movement.

是的。謝謝你，彼得。還有布賴恩，很高興收到你的來信。所以對於你的問題，請記住，Dave McElroy 和他的團隊正在做什麼，列剋星敦正在成為企業中越來越大的一部分。在非認可的基礎上，您有很多有趣的條款和條件，例如最低保費。因此，即使它確實有所下降，也不一定會轉化為向下運動。

Thanks, Mark. Thanks a lot, Brian. Have a great day. And thanks, everybody, for joining us. Really appreciate the time, and have a great day.

謝謝，馬克。非常感謝，布賴恩。祝你有美好的一天。感謝大家加入我們。真的很珍惜時間，祝你有美好的一天。

And once again, ladies and gentlemen, this does conclude your conference call for today. Thank you for your participation, and you may now disconnect.

再一次，女士們，先生們，這確實結束了你們今天的電話會議。感謝您的參與，您現在可以斷開連接。