American International Group Inc (AIG) 2022 Q4 法說會逐字稿

Good day, and welcome to AIG's Fourth Quarter 2022 Financial Results Conference Call. This conference is being recorded. Now at this time, I would like to turn the conference over to Quentin McMillan. Please, go ahead.

美好的一天，歡迎參加 AIG 2022 年第四季度財務業績電話會議。正在錄製此會議。現在這個時候，我想將會議轉交給 Quentin McMillan。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 our 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 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。今天的評論可能包含前瞻性陳述，這些陳述受風險和不確定因素的影響。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 向美國證券交易委員會提交的文件，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. A 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 GAAP 財務指標。我們的收益發布、財務補充和收益報告中包含此類措施與最具可比性的 GAAP 數據的對賬，所有這些都可以在我們的網站 www.aig.com 上找到。

Finally, today's remarks will discuss the results of AIG's Life and Retirement segment and Other Operations on the same basis as prior quarters, which is how we expect to continue to report until the deconsolidation of Corebridge Financial Inc.

最後，今天的評論將在與前幾個季度相同的基礎上討論 AIG 的人壽和退休部門以及其他業務的結果，這是我們預計在 Corebridge Financial Inc. 拆分之前繼續報告的方式。

AIG's segments and U.S. GAAP financial results as well as AIG's key financial metrics with respect thereto differ from those reported by Corebridge Financial. Corebridge Financial will host its own earnings call tomorrow on Friday, February 17, and will provide additional details on its results.

AIG 的部門和美國 GAAP 財務業績以及 AIG 的關鍵財務指標與 Corebridge Financial 報告的不同。 Corebridge Financial 將於 2 月 17 日星期五召開自己的財報電話會議，並將提供有關其結果的更多詳細信息。

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 fourth quarter and full year 2022 results. Following my remarks, Sabra will provide more detail on certain topics, including Life and Retirement results and our path to a 10%-or-greater ROCE, and then we will take questions. Kevin Hogan and David McElroy would join us for the Q&A portion of the call.

早上好，感謝您與我們一起回顧我們的第四季度和 2022 年全年業績。在我發言之後，Sabra 將提供有關某些主題的更多詳細信息，包括生活和退休結果以及我們實現 10% 或更高 ROCE 的途徑，然後我們將接受提問。 Kevin Hogan 和 David McElroy 將加入我們的電話問答環節。

Today, I will cover 4 topics: First, I will provide an overview of our fourth quarter financial results. Second, I will review highlights from the full year, including some of our major accomplishments, which were remarkable given the very challenging conditions we faced throughout 2022 in the equity markets and the insurance industry. Third, I will unpack in some detail market conditions leading up to January 1 reinsurance renewals, where we saw significant shifts that we believe will impact the industry throughout 2023 and perhaps longer. Suffice it to say, this 1/1 renewal season was the most challenged that many, including myself, have seen in our careers. And fourth, I will outline our 2023 priorities and outlook regarding capital management.

今天，我將介紹 4 個主題：首先，我將概述我們第四季度的財務業績。其次，我將回顧全年的亮點，包括我們的一些主要成就，鑑於我們在整個 2022 年在股票市場和保險業面臨的非常具有挑戰性的條件，這些成就非常了不起。第三，我將詳細介紹導致 1 月 1 日再保險續保的一些市場狀況，我們看到了重大轉變，我們認為這些轉變將影響整個 2023 年甚至更長時間的行業。可以這麼說，這個 1/1 續約賽季是包括我在內的許多人在我們的職業生涯中遇到的最具挑戰性的賽季。第四，我將概述我們 2023 年資本管理的優先事項和展望。

Before turning to our results, I'd like to welcome Sabra to the call. We are fortunate to have her in the interim CFO role, while Shane is on a medical leave. Regarding Shane, I am personally, deeply appreciative of the tremendous outreach from many of you, the number of people who have sent good wishes for a speedy recovery is incredibly meaningful to me, and our management team, and particularly, to Shane and his family. We look forward to welcoming him back to AIG.

在談到我們的結果之前，我想歡迎 Sabra 來電話。我們很幸運讓她擔任臨時首席財務官一職，而 Shane 正在休病假。關於 Shane，我個人非常感謝你們中許多人的巨大外展，為早日康復送上美好祝福的人數對我和我們的管理團隊，尤其是 Shane 和他的家人來說意義重大.我們期待著歡迎他回到 AIG。

Now let me begin with a brief overview of AIG's fourth quarter results. Adjusted after-tax income in the fourth quarter was $1 billion and $1.36 per diluted common share. We repurchased approximately 780 million of AIG common stock and redeemed $1.8 billion of debt. AIG paid $243 million in dividends in the fourth quarter and Corebridge paid 2 dividends, totaling approximately $300 million following its IPO in September of 2022.

現在讓我簡要介紹一下 AIG 第四季度的業績。第四季度調整後稅後收入為 10 億美元，攤薄後普通股每股收益為 1.36 美元。我們回購了大約 7.8 億股 AIG 普通股並贖回了 18 億美元的債務。 AIG 在第四季度支付了 2.43 億美元的股息，Corebridge 在 2022 年 9 月首次公開募股後支付了兩次股息，總額約為 3 億美元。

Turning to General Insurance. In the fourth quarter, the accident year combined ratio, ex CATs, improved 140 basis points year-over-year to 88.4%, representing the 18th consecutive quarter of margin improvement. Notably, underwriting income in the fourth quarter increased 27% year-over-year to $635 million.

轉向一般保險。第四季度，事故年綜合比率（不包括 CAT）同比提高 140 個基點至 88.4%，這是利潤率連續第 18 個季度提高。值得注意的是，第四季度的承保收入同比增長 27% 至 6.35 億美元。

Global Commercial drove the year-over-year increase, achieving an accident year combined ratio, ex CATs, of 84.1%, a 380 basis point improvement and a 69% increase in underwriting income.

Global Commercial 推動了同比增長，事故年綜合比率（不包括 CAT）為 84.1%，提高了 380 個基點，承保收入增長了 69%。

Global Personal reported an accident year combined ratio, ex CATs, of 100.4%, a 610 basis point increase from the prior year quarter, as we continued to reposition this portfolio.

由於我們繼續重新定位該投資組合，Global Personal 報告的事故年綜合比率（不包括 CAT）為 100.4%，比去年同期增加 610 個基點。

Moving to Global Commercial. On an FX-adjusted basis, North America Commercial net premiums written increased 3% and international increased 2%. Global Commercial had strong renewal retention in its in-force portfolio, and new business continued to be strong.

轉向全球商業。在外匯調整的基礎上，北美商業淨承保保費增長 3%，國際增長 2%。 Global Commercial 在其有效投資組合中有很強的續約保留率，新業務繼續保持強勁勢頭。

Turning to REIT. Momentum continued in North America Commercial, with overall rate increases in the quarter of 3%, 7% if you exclude Financial Lines and 9% if you also exclude workers' compensation. These rate increases were driven by Retail Property at 15%, Lexington at 12% and Excess Casualty at 9%, and the exposure increase in the North America portfolio was 3%.

轉向房地產投資信託基金。北美商業繼續保持增長勢頭，本季度總體費率增長 3%，如果不包括金融線，則為 7%，如果不包括工傷賠償，則為 9%。這些費率增長是由 15% 的零售物業、12% 的列剋星敦和 9% 的超額意外險推動的，北美投資組合的風險敞口增長了 3%。

International Commercial rate increases were 4%, driven by Asia Pacific at 9% and EMEA at 7%, and the exposure increase in the international portfolio was around 2%. Pricing, which includes rate plus exposure, was up 6% in both North America and international. While we experienced downward pressure on rate in certain lines early in the fourth quarter, we saw a reacceleration of price increases towards the end of the quarter.

受亞太地區 9% 和歐洲、中東和非洲地區 7% 的推動，國際商業利率增長 4%，國際投資組合的敞口增長約為 2%。包括費率和風險在內的定價在北美和國際均上漲了 6%。雖然我們在第四季度初經歷了某些線路的費率下行壓力，但我們看到到本季度末價格再次加速上漲。

For example, Retail Property was up 15% in the fourth quarter with rate improvement of 24% in December when market impacts from increased catastrophes started to be felt. We saw a similar upward movement at Lexington and particularly within the Property portfolio, with December seeing the strongest rate increases in the fourth quarter. Overall, we continue to earn rate above loss cost trends, which contributed to positive margin expansion.

例如，當開始感受到越來越多的災難對市場的影響時，零售物業在第四季度增長了 15%，12 月份的增長率為 24%。我們在列剋星敦看到了類似的上升趨勢，尤其是在房地產投資組合中，12 月份的利率增幅在第四季度最為強勁。總體而言，我們繼續保持高於損失成本趨勢的盈利率，這有助於積極的利潤率擴張。

In Global Personal, starting with North America, net premiums written declined 7%, reflecting our ongoing reshaping of this portfolio, particularly in the high and ultra-high net worth businesses that are part of PCG. Later in my remarks, I will discuss our announcement on Monday relating to PCG and our partnership with Stone Point Capital to create a new Managing General Agency or MGA.

在全球個人業務方面，從北美開始，淨承保保費下降了 7%，反映出我們正在對該投資組合進行重塑，特別是在 PCG 旗下的高淨值和超高淨值業務中。在稍後的發言中，我將討論我們週一關於 PCG 的公告，以及我們與 Stone Point Capital 的合作夥伴關係，以創建一個新的管理總代理機構或 MGA。

In International Personal, net premiums written slightly increased by 1% on an FX-adjusted basis due to a rebound in travel and growth in A&H.

在國際個人業務中，由於旅行反彈和 A&H 增長，經外匯調整後的淨承保保費略有增長 1%。

Now turning to the full year. We made tremendous progress throughout 2022 on a number of key priorities. I could not be more pleased with our team's ability to execute on multiple, complex, strategic objectives across AIG at once. Our most significant and impactful accomplishment was completing the IPO of Corebridge in September of 2022. Despite the very challenging equity market conditions we had to navigate. Notably, Corebridge was last year's largest IPO in the U.S. and the largest financial services IPO since 2020.

現在轉向全年。整個 2022 年，我們在許多關鍵優先事項上取得了巨大進展。我對我們的團隊同時執行 AIG 的多個複雜戰略目標的能力感到非常滿意。我們最重要和最有影響力的成就是在 2022 年 9 月完成了 Corebridge 的首次公開募股。儘管股票市場條件非常具有挑戰性，但我們必須應對。值得注意的是，Corebridge 是去年美國最大的 IPO，也是 2020 年以來最大的金融服務 IPO。

We also continue to grow underwriting income in General Insurance, which increased approximately $1 billion year-over-year, the second year in a row with over $1 billion of growth in underwriting income. As I noted on last quarter's call, we also reached significant milestones on AIG 200 that have modernized our technology infrastructure and operational capabilities while executing on an exit run rate savings of $1 billion, 6 months ahead of schedule.

我們還繼續增加普通保險的承保收入，同比增長約 10 億美元，連續第二年承保收入增長超過 10 億美元。正如我在上個季度的電話會議上指出的那樣，我們還實現了 AIG 200 的重要里程碑，這些里程碑使我們的技術基礎設施和運營能力實現了現代化，同時提前 6 個月實現了 10 億美元的退出運行率節省。

We also changed AIG's investment management strategy and structure through successful partnerships with Blackstone and BlackRock, and we are seeing the benefits of these partnerships across AIG and Corebridge.

我們還通過與 Blackstone 和 BlackRock 的成功合作改變了 AIG 的投資管理戰略和結構，我們看到了 AIG 和 Corebridge 之間這些合作夥伴關係的好處。

Turning to full year consolidated financial results for AIG. Adjusted after-tax income in 2022 reached $3.6 billion and was $4.55 per diluted common share. We returned $6.1 billion to shareholders through $5.1 billion of AIG common stock repurchases and $1 billion of dividends. We finished 2022 with 734 million shares outstanding, a 10% decrease since the end of 2021. And we executed on a number of capital management actions to establish the stand-alone Corebridge capital structure while reducing AIG debt by roughly $10 billion.

轉向 AIG 的全年綜合財務業績。 2022 年調整後稅後收入達到 36 億美元，每股攤薄普通股 4.55 美元。我們通過 51 億美元的 AIG 普通股回購和 10 億美元的股息向股東返還了 61 億美元。到 2022 年，我們發行了 7.34 億股流通股，比 2021 年底減少了 10%。我們執行了一系列資本管理行動，以建立獨立的 Corebridge 資本結構，同時將 AIG 債務減少約 100 億美元。

Consolidated financial debt outstanding was approximately $21 billion at year-end with $11.8 billion at AIG and $9.4 billion at Corebridge.

年底未償還的合併金融債務約為 210 億美元，其中 AIG 為 118 億美元，Corebridge 為 94 億美元。

Now let me cover full year 2022 results for General Insurance. As you know, an important aspect of our turnaround over the last few years has been instituting a culture of underwriting excellence. And our rigor in this area is now clearly benefiting our financial results. General Insurance achieved underwriting income of $2 billion in 2022, despite the industry again experiencing over $100 billion of insured natural catastrophe losses. And we exceeded our combined ratio commitment by achieving a sub-90 accident year combined ratio, ex CATs, in all 4 quarters.

現在讓我介紹一般保險 2022 年全年的業績。如您所知，我們過去幾年扭虧為盈的一個重要方面是建立了卓越承保文化。我們在這方面的嚴謹態度現在顯然有利於我們的財務業績。 General Insurance 在 2022 年實現了 20 億美元的承保收入，儘管該行業再次經歷了超過 1000 億美元的自然災害保險損失。我們在所有 4 個季度中都實現了低於 90 事故年綜合比率（不包括 CAT），從而超出了我們的綜合比率承諾。

As I've noted on prior calls, and it's worth repeating, since 2018, we completely overhauled our underwriting standards and overlaid these standards with a comprehensive reinsurance program that can adapt to market conditions into our portfolio as it continues to change and improve. Overall, gross limits deployed were reduced by over $1.2 trillion during this period. We also meaningfully and deliberately shifted our global portfolio mix in order to reposition AIG for the future.

正如我在之前的電話中指出的那樣，值得重申的是，自 2018 年以來，我們徹底改革了我們的承保標準，並將這些標準與全面的再保險計劃疊加在一起，隨著市場條件的不斷變化和改進，該計劃可以適應我們的投資組合。總體而言，在此期間部署的總限額減少了超過 1.2 萬億美元。我們還有意義且有意地改變了我們的全球投資組合組合，以便為 AIG 的未來重新定位。

For example, Global Commercial now represents 74% of our net premiums written, up from 57% in 2018. And Lexington is now 17% of our North America Commercial business, up from 12% in 2018. If you exclude Validus Re, Lexington is now 23% of North America Commercial. As a result of this work, our current portfolio is very well positioned for 2023. I will discuss in more detail later, when I review January 1 reinsurance renewals, how market dynamics have shifted and how AIG should benefit as we look to capitalize on attractive opportunities for better risk-adjusted returns.

例如，全球商業業務現在占我們承保淨保費的 74%，高於 2018 年的 57%。列剋星敦現在占我們北美商業業務的 17%，高於 2018 年的 12%。如果排除 Validus Re，列剋星敦是現在佔北美商業的 23%。由於這項工作，我們目前的投資組合在 2023 年處於非常有利的位置。稍後，當我回顧 1 月 1 日的再保險續保時，我將更詳細地討論市場動態如何變化以及 AIG 在我們希望利用有吸引力的獲得更好的風險調整回報的機會。

Now let me highlight a few of the key businesses in General Insurance that contributed to our performance in 2022. Lexington, our market-leading excess and surplus lines business, had 18% net premiums written growth in 2022, up over 50% since we transitioned this business to focus on the wholesale market. This business also increased underwriting profitability, excluding CATs, by 60%, and it achieved a sub-80% accident year combined ratio, ex CATs, for 2022.

現在讓我強調一下普通保險中對我們 2022 年業績做出貢獻的幾項關鍵業務。列剋星敦是我們市場領先的超額和盈餘險種業務，2022 年的淨保費收入增長了 18%，自我們轉型以來增長了 50% 以上此項業務以批發市場為主。該業務還使不包括 CAT 的承保盈利能力提高了 60%，並在 2022 年實現了低於 80% 的事故年綜合比率（不包括 CAT）。

Glatfelter continued its terrific performance, growing net premiums written by 14%, increasing underwriting income and achieving an 85% accident year combined ratio, ex CATs. The acquisition of Glatfelter allowed us to significantly elevate the quality of our programs business.

Glatfelter 繼續其出色的表現，承保淨保費增長 14%，承保收入增加，事故年綜合比率達到 85%（不包括 CAT）。收購 Glatfelter 使我們能夠顯著提高我們的程序業務的質量。

Global Specialty, which includes our Global Marine, Energy and Aviation businesses, grew net premiums written by over 15% on an FX-adjusted basis. This was driven by strong client retention of 88%, new business growth and rate increases across the portfolio. Global Specialty generated strong earnings in 2022 with an impressive accident year combined ratio, excluding CATs, of 80%.

全球專業業務，包括我們的全球海事、能源和航空業務，經外匯調整後的淨保費增長超過 15%。這是由 88% 的強勁客戶保留率、新業務增長和整個投資組合的利率增長推動的。 Global Specialty 在 2022 年產生了強勁的收益，令人印象深刻的事故年綜合比率（不包括 CAT）為 80%。

These are just some examples of businesses that we prioritized last year based on their market position, our differentiated value proposition to clients and our ability to generate strong underwriting results. We see great opportunities for these businesses going forward, and they are strong anchors for AIG that we expect will contribute to profitable growth in 2023.

這些只是我們去年根據市場地位、我們對客戶的差異化價值主張以及我們產生強勁承保業績的能力優先考慮的一些業務示例。我們看到這些業務在未來發展的巨大機遇，它們是 AIG 的強大支柱，我們預計它們將有助於 2023 年的盈利增長。

Our Global Personal business performed well considering some of the post-pandemic headwinds we saw in the first half of 2022 and our strategic repositioning of the business. Also, as I mentioned on our last call, the impact from deemed hospitalizations in Japan and, to a lesser extent, Taiwan, contributed over $160 million in losses in 2022, having a 290 basis point impact on the International Personal accident year combined ratio. This accident health product was discontinued in 2022.

考慮到我們在 2022 年上半年看到的大流行病後的一些不利因素以及我們對業務的戰略重新定位，我們的全球個人業務表現良好。此外，正如我在上次電話會議中提到的那樣，日本以及台灣（在較小程度上）的認定住院治療的影響在 2022 年造成了超過 1.6 億美元的損失，對國際人身事故年綜合比率產生了 290 個基點的影響。該事故健康產品於 2022 年停產。

Turning to full year net premiums written. General Insurance grew 4% on an FX-adjusted basis, driven by 6% growth in Global Commercial. North America grew 7% and International Commercial grew 6%. We had strong renewal retention in our in-force portfolio, with North America improving by 300 basis points to 86% and International achieving 86% for the full year. And as a reminder, we calculate renewal retention prior to the impact of rate and exposure changes.

轉向全年淨保費收入。在全球商業業務增長 6% 的推動下，普通保險業務經外匯調整後增長 4%。北美增長 7%，國際商業增長 6%。我們的有效投資組合的續約保留率很高，北美提高了 300 個基點，達到 86%，國際全年達到 86%。提醒一下，我們會在利率和風險敞口變化的影響之前計算續訂保留率。

Turning to underwriting profitability for the full year. 2022 was another year with strong progress. The General Insurance accident year combined ratio, ex CATs, was 88.7%, an improvement of 230 basis points year-over-year. The full year saw a 180 basis point improvement in the accident year loss ratio, ex CATs, and a 50 basis point improvement in the expense ratio.

轉向全年的承保盈利能力。 2022 年又是取得長足進步的一年。不包括 CAT 的一般保險事故年度綜合比率為 88.7%，同比提高 230 個基點。全年事故年損失率（不包括 CAT）提高了 180 個基點，費用率提高了 50 個基點。

Global Commercial achieved an impressive accident year combined ratio, ex CATs, of 84.5%, an improvement of 460 basis points year-over-year. The loss ratio was the biggest contributor with a 330 basis point improvement, and the combined ratio, including CATs and PYD of 89.6%, represented a 920 basis point improvement year-over-year.

Global Commercial 的事故年綜合比率（不包括 CAT）為 84.5%，同比提高 460 個基點，令人印象深刻。損失率是最大的貢獻者，提高了 330 個基點，包括 CAT 和 PYD 在內的綜合比率為 89.6%，同比提高了 920 個基點。

The accident year combined ratio, ex CATs, in Global Personal deteriorated 430 basis points to 99.2% for the reasons I've outlined before.

由於我之前概述的原因，Global Personal 中的事故年綜合比率（不包括 CAT）惡化了 430 個基點至 99.2%。

Now let me turn to reinsurance renewals at January 1 of this year. As I stated on our last earnings call, we knew this renewal season will be very challenging and lead to fundamental changes in the market that would impact 1/1 renewals. The market was faced with a combination of factors that added further pressure to dynamics that were already creating considerable stress. We had top global macroeconomic trends. We had geopolitical uncertainty. We had short-term pressure on the asset side of the balance sheet as a consequence of rising interest rates, inflation and currency fluctuation. We had additional natural catastrophe losses late in the fourth quarter and increasing frequency and severity of secondary perils continued.

現在讓我談談今年 1 月 1 日的再保險續保。正如我在上次財報電話會議上所說，我們知道這個續約季將非常具有挑戰性，並導致市場發生根本性變化，從而影響 1/1 續約。市場面臨多種因素的組合，這些因素給已經造成相當大壓力的動態增加了進一步的壓力。我們擁有最重要的全球宏觀經濟趨勢。我們有地緣政治的不確定性。由於利率上升、通脹和貨幣波動，我們資產負債表的資產端面臨短期壓力。我們在第四季度末遭受了額外的自然災害損失，並且次生災害的頻率和嚴重程度繼續增加。

And 2022 ended with over $130 billion of insured natural catastrophe losses, making 2022 the fifth costliest year on record for insurers, with 5 out of the last 6 years having exceeded $100 billion. Hurricane Ian, in particular, proved to be a catalyst that changed market dynamics even more significantly than expected and ultimately led to shifts in the market that required the industry to rethink reinsurance placements and the commensurate changes that needed to take place in the primary market.

到 2022 年，自然災害保險損失超過 1300 億美元，使 2022 年成為保險公司有記錄以來損失第五大的一年，過去 6 年中有 5 年超過 1000 億美元。特別是颶風伊恩被證明是一種催化劑，它改變了市場動態，甚至比預期更顯著，並最終導致市場發生變化，要求該行業重新考慮再保險配售以及一級市場需要發生的相應變化。

The unprecedented levels of natural catastrophes on a global scale massively impacted the reinsurance market in a couple of ways. Increased natural CAT activity has resulted in elevated property CAT ceded loss ratios, with average incurred loss ratios from 2017 through 2022 exceeding 85% compared to 2012 through 2016 when average incurred loss ratios trended below 30%, a dramatic deterioration.

全球範圍內前所未有的自然災害以多種方式對再保險市場產生了巨大影響。自然巨災活動的增加導致財產巨災分出損失率升高，2017 年至 2022 年平均發生損失率超過 85%，而 2012 年至 2016 年平均發生損失率趨於低於 30%，情況急劇惡化。

And over the last 5 years, secondary perils contributed more than 50% to ultimate loss when compared to primary perils. These market dynamics also impacted the supply of reinsurance and retrocessional capacity and the cost of capital increase for the industry, which impacted almost all lines of business and territories, regardless of loss experienced. On top of all of this, very little new capital entered the market. Available capital is estimated to have decreased approximately 20% year-over-year.

在過去的 5 年中，與原生災害相比，次生災害對最終損失的貢獻超過 50%。這些市場動態還影響了再保險和轉分保能力的供應以及該行業的資本增加成本，這影響了幾乎所有業務線和地區，無論損失如何。除此之外，很少有新資本進入市場。據估計，可用資本同比下降了約 20%。

Now let me outline what happened in the property CAT and retro markets in particular, due to the high level of CAT losses in 2022, which were further exacerbated by events in the fourth quarter. 50% of global Property CAT limits, which we estimate to be $425 billion, renewed at January 1. Approximately 70% of Global retro limits estimated at $60 billion incept at January 1. Reinsurers heavily reliant on peak peril retro protection face greater pressure as a result, whereas larger, more diversified reinsurers were better able to manage retro capacity constraints. As a result, a majority of programs placed on January 1 saw insurance companies forced increase retentions.

現在讓我概述一下房地產 CAT 和復古市場發生的情況，特別是由於 2022 年的 CAT 損失水平很高，第四季度的事件進一步加劇了這種情況。全球財產 CAT 限額的 50%（我們估計為 4250 億美元）在 1 月 1 日更新。全球約 70% 的追溯限額估計在 1 月 1 日開始時達到 600 億美元。嚴重依賴高峰風險追溯保護的再保險公司面臨更大的壓力，因為結果，而更大、更多元化的再保險公司能夠更好地管理追溯容量限制。因此，大多數在 1 月 1 日實施的計劃都讓保險公司被迫增加保留率。

Despite these market challenges, AIG navigated this complex and intense renewal season extremely well. We knew we were in a strong position heading into January 1, given the repositioning and the improved quality of our Global portfolio, coupled with our considerable efforts to reduce our gross portfolio peak exposures. As we expected, this allowed us to capitalize on many attractive opportunities, and this proved to be a competitive advantage as we had an exceptionally successful renewal season.

儘管面臨這些市場挑戰，AIG 還是出色地度過了這個複雜而緊張的續約季。鑑於我們全球投資組合的重新定位和質量提高，以及我們為減少投資組合峰值風險敞口所做的巨大努力，我們知道在 1 月 1 日之前我們處於有利地位。正如我們所預料的那樣，這使我們能夠利用許多有吸引力的機會，事實證明這是一種競爭優勢，因為我們有一個非常成功的續約賽季。

It's also worth noting that AIG's reinsurance purchasing is, by design, more heavily weighted to January 1 than the wider market. The benefits of this are twofold. Concentrating the bulk of our purchasing at January 1 allows AIG to maximize the outcome across all of our reinsurance placements. And we have clear line of sight on our reinsurance cost for the full year, which is particularly valuable in a market, which we believe will continue to be incredibly challenging.

還值得注意的是，根據設計，AIG 的再保險購買在 1 月 1 日比更廣泛的市場更具權重。這樣做的好處是雙重的。將我們的大部分採購集中在 1 月 1 日，使 AIG 能夠最大限度地提高我們所有再保險配售的結果。我們對全年的再保險成本有清晰的認識，這在市場中特別有價值，我們認為市場將繼續充滿挑戰。

Some of the highlights of our January placements include the following: with respect to property catastrophe placements, we obtained more limit than we purchased in 2022; and we believe we have the lowest attachment points on a return period measurement for North America windstorm and earthquake amongst our peer group; and our modeled exhaust limits are at higher return periods compared to last year for each of our placements. These placements should further reduce volatility, which is something we remain very focused on, and they provide us with significant balance sheet protection in the event one or a series of significant catastrophe events occur.

我們 1 月份配售的一些亮點包括：在財產災難配售方面，我們獲得了比 2022 年購買的更多的限額；我們相信在我們的同行中，我們對北美風暴和地震的重現期測量的附著點最低；對於我們的每個展示位置，與去年相比，我們模擬的排放限制處於更高的重現期。這些配置應進一步降低波動性，這是我們仍然非常關注的事情，並且在發生一個或一系列重大災難事件時，它們為我們提供重要的資產負債表保護。

Specifically, we separately made appropriate changes to our North America property CAT treaties to reflect our improving portfolio, with the retention of our commercial CAT portfolio attaching at $500 million and Lexington in our Programs business having an attachment point of $300 million. The property CAT aggregate cover that we placed has 4 retentions before attaching, and for North America, Japan, and Rest of World, it now could attach in the second event, which is an improvement from 2022.

具體來說，我們分別對我們的北美財產 CAT 條約進行了適當的修改，以反映我們不斷改進的投資組合，我們保留了 5 億美元的商業 CAT 投資組合，並在我們的項目業務中保留了 3 億美元的列剋星敦。我們放置的財產 CAT 聚合保險在附加之前有 4 個保留，對於北美、日本和世界其他地區，它現在可以在第二個事件中附加，這比 2022 年有所改進。

Our property CAT [per occurrence] structures largely stayed the same for International, and we believe they are market-leading with Japan's retention staying flat at $200 million and the rest of world attaching at $125 million.

我們的財產 CAT [每次發生] 結構在國際上基本保持不變，我們相信它們在市場上處於領先地位，日本的保留率保持在 2 億美元，而世界其他地區則為 1.25 億美元。

Many factors improved our overall property CAT reinsurance program, with highlights being: we were able to attain approximately $6 billion of limit, including increasing our per occurrence excess of loss placement; we maintained low attachment points on a model basis; we received support for a $500 million aggregate placement; and our overall spend for AIG increased less than 10% on an absolute and risk-adjusted basis versus 2022.

許多因素改進了我們的整體財產 CAT 再保險計劃，亮點包括： 我們能夠達到約 60 億美元的限額，包括增加我們每次發生的超額損失安置；我們在模型的基礎上保持低附著點；我們獲得了 5 億美元的總配售支持；與 2022 年相比，我們對 AIG 的總支出在絕對和風險調整的基礎上增加了不到 10%。

With respect to PCG, we accelerated portfolio remediation, which is driving further gross exposure reductions in key CAT-exposed states where loss costs, inflation and necessary modeling changes have not kept pace. This allowed us to reduce the total limit purchase for the PCG-specific CAT program, which partially offset increased pricing pressure due to Hurricane Ian.

在 PCG 方面，我們加快了投資組合修復，這正在推動損失成本、通貨膨脹和必要的模型變化沒有跟上步伐的主要 CAT 暴露狀態的總暴露減少。這使我們能夠降低 PCG 特定 CAT 計劃的總購買限額，這部分抵消了因颶風伊恩而增加的定價壓力。

Overall, casualty renewals, both excess of loss and our quota share placements, renewed close to expiring terms on a risk-adjusted basis with no impact on ceding commissions. Our reinsurance partners maintain their support for AIG with consistent capacity deployment and reinsurance terms in clear recognition of the quality of our portfolio. The outcomes we achieved at January 1 also reflect the value of the investments we have made in our reinsurance strategy, and, coupled with our relationships and credibility with reinsurance partners, are a testament to the confidence the reinsurance marketplace has in AIG and its management team. We appreciate the ongoing support we have received from our reinsurance partners.

總的來說，傷亡續約，包括超額損失和我們的配額配售，在風險調整的基礎上續約接近到期的條款，對放棄佣金沒有影響。我們的再保險合作夥伴通過一致的容量部署和再保險條款保持對 AIG 的支持，明確認可我們的投資組合的質量。我們在 1 月 1 日取得的成果也反映了我們在再保險戰略中所做投資的價值，再加上我們與再保險合作夥伴的關係和信譽，證明了再保險市場對 AIG 及其管理團隊的信心.我們感謝我們從再保險合作夥伴那裡得到的持續支持。

As we look ahead to 2023, the world faces many uncertainties. And in uncertain times, our role as a market-leading global insurance company is even more important. With the momentum we have built and the strength of our portfolio, AIG is now extremely well positioned to strategically grow and lead the market by providing thoughtful, expert advice on risk solutions for our clients, distribution partners and other stakeholders.

展望2023年，世界面臨諸多不確定性。在不確定的時期，我們作為市場領先的全球保險公司的角色更加重要。憑藉我們建立的勢頭和我們投資組合的實力，AIG 現在非常有能力通過為我們的客戶、分銷合作夥伴和其他利益相關者提供有關風險解決方案的深思熟慮的專家建議來戰略性地發展和引領市場。

By 2022, we have set out ambitious, strategic, and operational priorities for 2023. We will continue to improve and invest in lines of business and General Insurance, where we see significant growth potential, notably Lexington and Global Specialty. I highlight Lexington because it is presented and will continue to present tremendous growth and profitability opportunities for us. And early indications are that the rate momentum we saw in this business at the end of 2022 and into early 2023 will continue. We expect meaningful growth in Lexington this year, led by Property where, over the last few years, we have prudently tightened limits, improved terms and conditions and increased profitability while driving top line growth.

到 2022 年，我們已經為 2023 年制定了雄心勃勃的戰略和運營優先事項。我們將繼續改善和投資業務線和普通保險，我們看到了巨大的增長潛力，尤其是 Lexington 和 Global Specialty。我之所以強調列剋星敦，是因為它已經出現並將繼續為我們提供巨大的增長和盈利機會。早期跡象表明，我們在 2022 年底和 2023 年初在該業務中看到的利率勢頭將持續下去。我們預計今年列剋星敦將出現有意義的增長，其中以房地產為首，在過去幾年中，我們審慎地收緊了限制、改善了條款和條件並提高了盈利能力，同時推動了收入增長。

We also plan to increase investment in our assumed reinsurance business in 2023, particularly through Validus Re. As we have discussed on prior calls, over the past few years, we've been highly focused on driving value through a disciplined approach, involving strong risk assessments, sound portfolio construction, a steadfast commitment to underwriting excellence and prudent capital management.

我們還計劃在 2023 年增加對我們承擔的再保險業務的投資，特別是通過 Validus Re。正如我們在之前的電話會議上所討論的那樣，在過去幾年中，我們一直高度專注於通過紀律嚴明的方法來推動價值，包括強有力的風險評估、健全的投資組合構建、對卓越承保和審慎資本管理的堅定承諾。

Over this period of time, the derisking within Validus Re was particularly acute in the Global Property CAT market, where year-over-year, we reduced participations across the portfolio while concurrently purchasing sound retrocessional protections to prudently manage the portfolio and reduce volatility, all in line with our cycle management strategy. As a result, we were in a strong position to capitalize on attractive opportunities at January 1. The property market, in particular, repositioned and became very compelling in terms of risk-adjusted rates along with enhanced structures as well as beneficial terms and conditions.

在此期間，Validus Re 內部的去風險化在全球財產 CAT 市場尤為嚴重，我們逐年減少整個投資組合的參與，同時購買健全的轉分保保護以審慎管理投資組合併降低波動性，所有符合我們的周期管理策略。因此，我們在 1 月 1 日處於有利地位，可以利用有吸引力的機會。尤其是房地產市場，在風險調整後的利率、增強的結構以及有利的條款和條件方面變得非常有吸引力。

Rate changes within property CAT range between 30% and 100% in the U.S. as well as in peak zones outside the U.S. Risk-adjusted rate increases were approximately 50% in the U.S. Property and 35% in International Property. And similarly, average margin improvement was approximately 50% year-over-year across the entire portfolio.

在美國以及美國以外的高峰區域，CAT 的房地產 CAT 利率變化範圍在 30% 到 100% 之間。美國房地產的風險調整後利率增長約為 50%，國際房地產約為 35%。同樣，整個投資組合的平均利潤率同比增長約 50%。

Property CAT ROEs for both the U.S. and International business increased by greater than 100% year-over-year. Additionally, we obtained improved terms and conditions, including favorable movement in attachment points in all Property lines.

美國和國際業務的財產 CAT ROE 同比增長超過 100%。此外，我們獲得了改進的條款和條件，包括所有財產線中附著點的有利移動。

For Casualty lines, quota shares remained sound with ceding commissions moving favorably for reinsurers by 1 to 2 points, along with terms and conditions remaining in line or improved. The result of these actions included: net premiums written at January 1 increased over $500 million or 50% year-over-year. This increase was driven roughly 30% from U.S., property 15% from International Property, 45% from casualty placements and the remaining 10% was from Specialty, including marine and energy.

對於意外險險種，配額份額保持穩健，分出佣金對再保險公司有利 1 到 2 個百分點，條款和條件保持一致或有所改善。這些行動的結果包括：1 月 1 日的淨保費收入同比增長超過 5 億美元或 50%。這一增長約 30% 來自美國，財產 15% 來自國際財產，45% 來自傷亡安置，其餘 10% 來自專業，包括海洋和能源。

The majority of new property limit was deployed to existing clients with a significant level of private terms being achieved on our U.S. property writings.

大部分新的財產限制被部署到現有客戶，我們的美國財產著作實現了顯著水平的私人條款。

Looking ahead, we will continue our measured approach for other renewals. For example, if meaningful market changes continue, we will carefully consider our positions at the April 1 Japan renewals, and we will continue to be very cautious with capital deployed at June 1 in Florida.

展望未來，我們將繼續採用審慎的方式進行其他續約。例如，如果有意義的市場變化繼續存在，我們將仔細考慮我們在 4 月 1 日日本續約時的頭寸，我們將繼續對 6 月 1 日在佛羅里達州部署的資金非常謹慎。

Turning to Private Client Group or PCG. This business remains a strategic priority for us in 2023. As you know, over the last 2 years, we have undertaken a significant re-underwriting effort in this portfolio, reduced aggregate exposure, transitioned certain states to the non-admitted market and developed strong partnerships with Lloyd's and reinsurers to reduce volatility.

轉向私人客戶集團或 PCG。這項業務仍然是我們 2023 年的戰略重點。如您所知，在過去的 2 年中，我們對該投資組合進行了重大的重新承保工作，減少了總風險敞口，將某些州轉變為非准入市場並發展強勁與勞合社和再保險公司建立夥伴關係以減少波動性。

On Monday, we announced our intention to launch, in partnership with Stone Point Capital, a newly formed MGA that will underwrite on behalf of AIG and eventually other capital providers in the high- and ultra-high net worth markets. AIG will transfer core PCG solutions to the MGA, which will offer a single end-to-end broker and client portal, a comprehensive set of product offerings, a simplified data warehouse and the underwriting capabilities of AIG. The MGA will be rebranded as Private Client Select, or PCS, and will be led by Kathleen Zortman and our current team at PCG. We see this new structure as a logical next step in the evolution of PCG and believe it will create significant value for clients, brokers and other stakeholders.

週一，我們宣布打算與 Stone Point Capital 合作推出一家新成立的 MGA，它將代表 AIG 以及最終代表高淨值和超高淨值市場中的其他資本提供者進行承銷。 AIG 將把核心 PCG 解決方案轉移到 MGA，MGA 將提供單一的端到端經紀商和客戶門戶、全面的產品組合、簡化的數據倉庫和 AIG 的承保能力。 MGA 將更名為 Private Client Select 或 PCS，並將由 Kathleen Zortman 和我們目前在 PCG 的團隊領導。我們將這種新結構視為 PCG 發展過程中合乎邏輯的下一步，並相信它將為客戶、經紀人和其他利益相關者創造重要價值。

Additionally, expense discipline will continue to be a priority for AIG. In addition to savings from AIG 200 that we expect to earn in during 2023, we plan to move $300 million of expenses currently sitting in AIG corporate GOE to Corebridge upon deconsolidation. Separately, we will continue to align our target operating model and further reduce absolute expenses across AIG parent and General Insurance to reflect the fact that AIG is becoming one company.

此外，費用紀律將繼續成為 AIG 的優先事項。除了我們預計在 2023 年從 AIG 200 中獲得的節省外，我們還計劃在拆分後將目前位於 AIG 公司 GOE 中的 3 億美元費用轉移到 Corebridge。另外，我們將繼續調整我們的目標運營模式，並進一步減少 AIG 母公司和 General Insurance 的絕對費用，以反映 AIG 正在成為一家公司的事實。

This year, we will also remain focused on completing the operational separation of Corebridge from AIG, and we are working towards a secondary offering of Corebridge common stock by the end of the first quarter, subject to market conditions and regulatory approvals. Our current expectation is that the majority of net proceeds of the secondary offering will be used for AIG common stock repurchases.

今年，我們還將繼續專注於完成 Corebridge 與 AIG 的業務分離，我們正致力於在第一季度末二次發行 Corebridge 普通股，具體取決於市場條件和監管部門的批准。我們目前的預期是二次發行的大部分淨收益將用於 AIG 普通股回購。

And as I stated on our last call, we are revisiting AIG's dividend, which has not changed in many years. We expect to say more about this on our first quarter call in May.

正如我在上次電話會議上所說，我們正在重新審視 AIG 的股息，該股息多年來一直沒有改變。我們希望在 5 月份的第一季度電話會議上對此進行更多說明。

With respect to capital management priorities, in 2022, we did a significant amount of work to materially improve the capital structures of both AIG and Corebridge. With the reduction in AIG debt we achieved, our post-deconsolidation leverage will be in line with best-in-class peers. And with respect to share buybacks, we have $3.8 billion remaining on our existing share repurchase authorization.

在資本管理重點方面，我們在 2022 年做了大量工作來實質性改善 AIG 和 Corebridge 的資本結構。隨著我們實現的 AIG 債務減少，我們的拆分后杠桿率將與一流的同行保持一致。在股票回購方面，我們現有的股票回購授權還剩 38 億美元。

Our balanced capital management philosophy will continue to allow for investment in growth opportunities, while returning appropriate levels of capital to shareholders through share buybacks and dividends. We also remain open to compelling inorganic growth opportunities, should they arise.

我們平衡的資本管理理念將繼續允許投資於增長機會，同時通過股票回購和股息向股東返還適當水平的資本。我們也對引人注目的無機增長機會持開放態度，如果它們出現的話。

Before turning the call over to Sabra, I would like to pause and say that 2022 was another incredibly important year for AIG. Our colleagues did an exceptional job, particularly on the Corebridge IPO and the continued underwriting and operational improvements that are clearly showing through in our financial results. Our journey to be a top-performing company continues, and I fully expect 2023 to be another year with significant momentum and progress across the organization.

在將電話轉給 Sabra 之前，我想暫停一下，說 2022 年對 AIG 來說又是一個極其重要的一年。我們的同事做了出色的工作，特別是在 Corebridge 首次公開募股和持續的承銷和運營改進方面，這些在我們的財務業績中得到了明確體現。我們成為一流公司的征程仍在繼續，我完全預計 2023 年將是又一個在整個組織內取得重大發展勢頭和進步的一年。

With that, I'll turn the call over to Sabra.

有了這個，我會把電話轉給 Sabra。

Thank you, Peter. Today, I will review net investment income, additional color on our fourth quarter and full year 2022 results in capital management and also update you on the progress we are making on our path to a 10%-plus adjusted return on common equity or ROCE.

謝謝你，彼得。今天，我將回顧淨投資收益、我們第四季度和 2022 年全年資本管理業績的附加顏色，並向您介紹我們在實現 10% 以上的調整後普通股回報率或 ROCE 的道路上取得的進展。

Turning to net investment income. On an APTI basis, fourth quarter net investment income was $3.0 billion, down $331 million or 10% compared to 4Q '21. Similar to trends throughout 2022, the decrease was due to lower alternative investment income, principally on private equity investments, and lower bond call and tender premiums and mortgage prepayment fees. For the full year, net investment income on an APTI basis was $11.0 billion, down $1.9 billion due to the same trends.

轉向淨投資收益。根據 APTI，第四季度淨投資收益為 30 億美元，與 2021 年第四季度相比下降 3.31 億美元或 10%。與 2022 年全年的趨勢類似，減少的原因是另類投資收入減少，主要是私募股權投資，以及債券贖回和投標溢價以及抵押貸款預付款費用減少。全年，基於 APTI 的淨投資收益為 110 億美元，由於相同的趨勢下降了 19 億美元。

For the quarter and the full year, we achieved higher new money reinvestment rates and rate resets from floating rate securities. In 4Q '22, net investment income on fixed maturities and mortgage and other loans rose $224 million sequentially, with 29 basis points of yield improvement, which was ahead of our 10 to 15 basis point forecast. Since second quarter of '22, when we began to bend the curve on investment yields, the increase has been 55 basis points.

對於本季度和全年，我們實現了更高的新貨幣再投資利率和浮動利率證券的利率重置。 22 年第四季度，固定期限和抵押貸款及其他貸款的淨投資收益環比增長 2.24 億美元，收益率提高 29 個基點，高於我們 10 至 15 個基點的預測。自 22 年第二季度以來，當我們開始彎曲投資收益率曲線時，增加了 55 個基點。

In 4Q '22, the average new money yield was just over 6% and about 173 basis points above sales and maturities. New money rates were roughly 157 basis points higher in General Insurance and 190 basis points higher in Life and Retirement. In addition, during the fourth quarter, we repositioned some of the General Insurance portfolio to lock in higher yields, while maintaining similar credit quality and duration. This resulted in a modest capital loss of $57 million, but we expect the portfolio to generate higher net investment income in '23 as a result. Given current market levels, we expect additional yield uplift of 10 to 15 basis points on the consolidated portfolio in 1Q '23.

在 22 年第四季度，平均新貨幣收益率略高於 6%，比銷售和到期債券高出約 173 個基點。一般保險的新利率高出約 157 個基點，人壽和退休保險的新利率高出 190 個基點。此外，在第四季度，我們對部分普通保險組合進行了重新定位，以鎖定更高的收益率，同時保持類似的信用質量和期限。這導致了 5700 萬美元的適度資本損失，但我們預計該投資組合將因此在 23 年產生更高的淨投資收益。鑑於目前的市場水平，我們預計 23 年第一季度綜合投資組合的收益率將額外提高 10 至 15 個基點。

Before I head into results for the quarter, I want to note that in the fourth quarter, we eliminated the 1-month reporting lag in General Insurance International, which had a $100 million positive impact on our GAAP net income for the quarter. This change did not impact 4Q APTI, which remain on the same reporting basis as the prior year. But in 2023, GI International results will be on a calendar quarter basis and 1 month different than 2022, which will create some slight timing mismatch in quarterly net premiums written comparisons, but with minimal impact for the full year. Please see Page 25 of the financial supplement for more details.

在介紹本季度業績之前，我想指出，在第四季度，我們消除了 General Insurance International 的 1 個月報告滯後，這對我們本季度的 GAAP 淨收入產生了 1 億美元的積極影響。這一變化並未影響第四季度 APTI，其報告基礎與上一年相同。但在 2023 年，GI International 的業績將按日曆季度計算，與 2022 年不同 1 個月，這將在季度淨保費書面比較中造成一些時間上的輕微不匹配，但對全年的影響微乎其微。有關更多詳細信息，請參閱財務補充的第 25 頁。

As Peter noted, AIG reported adjusted after-tax income of $1.0 billion or $1.36 per diluted share. General Insurance delivered APTI of $1.2 billion compared to $1.5 billion in the prior year quarter due to lower investment income, partially offset by a $136 million increase in underwriting income. Prior year development was $151 million favorable in the fourth quarter, up from $44 million of favorable development in 4Q '21.

正如彼得指出的那樣，AIG 公佈的調整後稅後收入為 10 億美元或每股攤薄收益 1.36 美元。 General Insurance 交付的 APTI 為 12 億美元，而去年同期為 15 億美元，原因是投資收入減少，部分被承保收入增加 1.36 億美元所抵消。去年第四季度的開發額為 1.51 億美元，高於 21 年第四季度的 4400 萬美元。

Net favorable amortization for the ADC was $41 million, while North America favorable development was $148 million, and International was $38 million adverse, mostly driven by casualty.

ADC 的淨有利攤銷為 4100 萬美元，而北美有利發展為 1.48 億美元，國際不利攤銷為 3800 萬美元，主要由傷亡驅動。

Fourth quarter Other Operations adjusted pretax loss of $451 million improved $197 million from last year, despite $23 million of additional expenses related to the Corebridge separation. Annualized adjusted ROCE was 7.5% in 4Q '22, down from 9.9% in 4Q '21, principally due to lower alternative investment income.

第四季度其他業務調整後的稅前虧損為 4.51 億美元，比去年減少了 1.97 億美元，儘管與 Corebridge 分離相關的額外費用為 2300 萬美元。 22 年第四季度的年化調整後 ROCE 為 7.5%，低於 21 年第四季度的 9.9%，這主要是由於另類投資收入較低。

Turning to Life and Retirement. Strong sales momentum continued in the fourth quarter. Life and Retirement APTI was $781 million, down from $969 million in 4Q '21, due to lower investment income on alternatives and other yield enhancements, partially offset by higher base investment income and more favorable mortality.

轉向生活和退休。第四季度繼續保持強勁的銷售勢頭。人壽和退休 APTI 為 7.81 億美元，低於 2021 年第四季度的 9.69 億美元，原因是替代方案和其他收益增加的投資收益較低，部分被較高的基礎投資收益和更有利的死亡率所抵消。

Individual Retirement sales were $3.8 billion, a 16% increase over the prior year quarter with Fixed Annuity sales up 78% and Fixed Index sales up 34%, near record sales for both products.

個人退休金銷售額為 38 億美元，比上年同期增長 16%，其中固定年金銷售額增長 78%，固定指數銷售額增長 34%，這兩種產品均接近創紀錄的銷售額。

Group Retirement deposits grew 20%, driven by higher out-of-plan Fixed Annuity sales and large plan acquisitions. The Life Insurance business had solid sales with an improving mix of business in the U.S. and continued growth in the U.K.

受計劃外固定年金銷售額增加和大型計劃收購的推動，集團退休存款增長了 20%。人壽保險業務銷售額穩健，美國的業務組合有所改善，英國業務持續增長。

In Institutional Markets, premiums and deposits were $1.6 billion, driven by $1.3 billion in pension risk transfer activity. New product margins in L&R were attractive and in excess of long-term targets, supported by higher new money yields, including from Blackstone. After years of spread compression, L&R spreads are expected to improve in 2023.

在機構市場，受 13 億美元養老金風險轉移活動的推動，保費和存款為 16 億美元。 L&R 的新產品利潤率很有吸引力，超過了長期目標，這得益於更高的新貨幣收益率，包括來自 Blackstone 的產品。經過多年的利差壓縮，L&R 利差有望在 2023 年有所改善。

I wanted to make you aware of an update to our LDTI estimate. In the first quarter of 2023, we will adopt a change in accounting principle for LDTI with a transition date of January 1, 2021. Our current estimate is that as of September 30, 2022, the adoption would increase shareholders' equity between $800 million and $1.3 billion and AIG's adjusted shareholders' equity would increase between $1.2 billion and $1.7 billion. This increase in the estimate has been predominantly driven by capital market movements during 2021 and 2022.

我想讓您知道我們的 LDTI 估計更新。 2023 年第一季度，我們將採用 LDTI 的會計原則變更，過渡日期為 2021 年 1 月 1 日。我們目前的估計是，截至 2022 年 9 月 30 日，採用該變更將使股東權益增加 8 億美元至13 億美元，AIG 調整後的股東權益將增加 12 億美元至 17 億美元。估計數的增加主要是由 2021 年和 2022 年的資本市場變動推動的。

Turning to full year 2022. AIG reported adjusted after-tax income of $3.6 billion or $4.55 per diluted share compared to $4.4 billion or $5.12 per diluted share in 2021. These results include much stronger underwriting profitability in GI, offset by lower alternative investment income, as previously described.

轉向 2022 年全年。AIG 報告調整後稅後收入為 36 億美元或攤薄後每股收益 4.55 美元，而 2021 年為 44 億美元或攤薄後每股收益 5.12 美元。這些結果包括 GI 的承保盈利能力更強，但被較低的另類投資收入所抵消，如前所述。

General Insurance APTI for the full year 2022 was $4.4 billion, up 2% from 2021 due to the $1 billion increase in underwriting profitability, offset by lower investment income. L&R APTI was $2.7 billion, down from $3.9 billion in 2021, principally because of lower investment income.

2022 年全年普通保險 APTI 為 44 億美元，比 2021 年增長 2%，原因是承保盈利能力增加 10 億美元，但被較低的投資收入所抵消。 L&R APTI 為 27 億美元，低於 2021 年的 39 億美元，這主要是因為投資收益較低。

Other Operations adjusted pretax loss improved about $400 million in 2022 due to lower general operating expenses and higher income on short-term investments. Full year 2022 included additional expenses from the Corebridge separation of $51 million. And in 2023, we expect an incremental cost of $75 million to $100 million in Other Operations' GOE related to the separation.

由於一般運營費用降低和短期投資收入增加，其他業務調整後的稅前虧損在 2022 年減少了約 4 億美元。 2022 年全年包括 Corebridge 分離的額外費用 5100 萬美元。到 2023 年，我們預計與分離相關的其他業務的 GOE 將增加 7500 萬至 1 億美元的成本。

Adjusted book value per share was $73.87 at December 31, 2022, up 7% from year-end 2021. Full year adjusted ROCE was 6.5%, down from 8.6% in 2021, primarily due to lower alternative investment income, which was down $1.8 billion from 2021 or about 340 basis points of ROCE compared to 2021. At year-end, our primary insurance subsidiaries remain above target ranges for statutory capital, with GI's U.S. pool estimated in the range of 485% to 495% and L&R estimated in the range of 410% to 420%.

截至 2022 年 12 月 31 日，調整後的每股賬面價值為 73.87 美元，比 2021 年底增長 7%。全年調整後的 ROCE 為 6.5%，低於 2021 年的 8.6%，這主要是由於另類投資收入減少，減少了 18 億美元從 2021 年開始，即與 2021 年相比，ROCE 增加了約 340 個基點。到年底，我們的主要保險子公司的法定資本仍高於目標範圍，GI 的美國池估計在 485% 至 495% 的範圍內，L&R 估計在該範圍內410% 至 420%。

In addition to the strong financial results, we also executed on multiple capital management priorities in 2022. As Peter described, we established a separate debt capitalization structure for Corebridge and subsequently reduced AIG holding company debt by $9.8 billion. This reduction in AIG debt will lower AIG's holding company interest expense from about $1 billion in 2021 to roughly $500 million in 2023, excluding interest expense on Corebridge issued debt.

除了強勁的財務業績外，我們還在 2022 年執行了多項資本管理優先事項。正如彼得所述，我們為 Corebridge 建立了單獨的債務資本化結構，隨後將 AIG 控股公司的債務減少了 98 億美元。 AIG 債務的減少將使 AIG 控股公司的利息支出從 2021 年的約 10 億美元減少到 2023 年的約 5 億美元，不包括 Corebridge 發行的債務的利息支出。

In 2022, we also returned over $6.1 billion to shareholders with $1 billion of dividends and $5.1 billion of share repurchases, yielding a 10% reduction in shares outstanding. We ended the year with Parent liquidity of $3.7 billion.

2022 年，我們還通過 10 億美元的股息和 51 億美元的股票回購向股東返還了超過 61 億美元，使已發行股票減少了 10%。我們以 37 億美元的母公司流動性結束了這一年。

Looking ahead, we remain highly committed and laser-focused on delivering a 10%-plus ROCE after the deconsolidation of Corebridge. As Peter and Shane have shared previously, achieving this goal is based on sustained and improved underwriting profitability; executing a leaner operating model across AIG; separation and deconsolidation of Corebridge; and continued balanced capital management, including reducing AIG common shares to between 600 million and 650 million shares through repurchases, while targeting debt to total capital leverage at the lower end of the 20% to 25% range post deconsolidation. Progress on each of these will increase ROCE, along with additional tailwinds from higher reinvestment yields and alternative returns more consistent with long-term averages.

展望未來，在 Corebridge 拆分後，我們仍然高度致力於並專注於提供 10% 以上的 ROCE。正如 Peter 和 Shane 之前分享的那樣，實現這一目標是基於持續和提高的承保盈利能力；在 AIG 中執行更精簡的運營模式； Corebridge 的分離和拆分；繼續平衡資本管理，包括通過回購將 AIG 普通股減少至 6 億至 6.5 億股，同時將債務與總資本槓桿率的目標控制在拆分後 20% 至 25% 範圍的下限。每一項的進展都將提高 ROCE，以及來自更高再投資收益率和更符合長期平均水平的替代回報的額外順風。

As Peter mentioned, expense reduction remains an important goal. In the following years, we expect to achieve $300 million of additional savings from AIG 200, with the majority earning in through 2023; $300 million of AIG corporate general operating expense moving to Corebridge upon deconsolidation; and additional savings as we transition to a leaner operating model. As a reminder, every $500 million of expense savings equates to 1 point of ROCE improvement.

正如彼得所提到的，減少開支仍然是一個重要目標。在接下來的幾年裡，我們預計將從 AIG 200 中獲得 3 億美元的額外節省，其中大部分將在 2023 年之前實現收益； 3 億美元的 AIG 公司一般運營費用在拆分後轉移到 Corebridge；以及在我們過渡到更精簡的運營模式時額外節省的費用。提醒一下，每節省 5 億美元的費用就相當於 ROCE 提高 1 個百分點。

I will now turn the call back over to Peter.

我現在將把電話轉回給彼得。

Thank you. Michelle, we'll take our first question, please.

謝謝。米歇爾，請回答我們的第一個問題。

(Operator Instructions) Our first question comes from Elyse Greenspan with Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的 Elyse Greenspan。

My first question is on the path to the double-digit ROE target. So the starting point is the 6.5% from '22, but I know that, that does include some contribution from L&R and will in the near term. So can you help us with what the starting point would be, if you stripped out the earnings contribution and equity of Life and Retirement? Just trying to get a sense of the ROE of the ongoing business and how the walk and that starting point changes, if you weren't including the Life and Retirement business.

我的第一個問題是關於實現兩位數 ROE 目標的路徑。所以起點是 22 年的 6.5%，但我知道，這確實包括 L&R 的一些貢獻，並將在短期內實現。那麼，如果您剔除人壽和退休的收益貢獻和權益，您能否幫助我們確定起點是什麼？如果您不包括人壽和退休業務，只是想了解正在進行的業務的 ROE 以及步行和起點如何變化。

Thanks, Elyse. I would think in terms of how you should think about this, and for us to get to the 10% ROE, Sabra outlined in detail, there's really 3 major ways in which we'll get there. One is through the underwriting results, the other is expense savings. The other is sort of the capital rebalance with share repurchases and other capital management. So you should think about that as a 300 to 350 basis point target in terms of us getting to the double-digit ROCE. Of course, net investment income can benefit, and that's more of a timing issue. We've never said, even in the prior calls, that contribution from increased NOI. NII will be the one that needs to contribute to get us to the 10%, but I think -- I would think of it in that range for the different components.

謝謝，愛麗絲。我會考慮你應該如何考慮這一點，為了讓我們達到 10% 的 ROE，Sabra 詳細概述了我們實現目標的主要方式有 3 種。一個是通過承保結果，另一個是費用節省。另一種是通過股票回購和其他資本管理進行資本再平衡。因此，就我們達到兩位數的 ROCE 而言，您應該將其視為 300 至 350 個基點的目標。當然，淨投資收益可以受益，這更多是時間問題。我們從未說過，即使在之前的電話中，增加 NOI 也有貢獻。 NII 將是需要做出貢獻以使我們達到 10% 的那個，但我認為 - 我會在不同組件的範圍內考慮它。

Okay. And then my second question, you guys had taken up your loss trend assumption to 6.5% last quarter. I'm assuming that didn't change, but correct me if I'm wrong. And Peter, you spoke to pricing of 6%, which would put written pricing below loss trend, but you also did say, right, that rates got better as we ended the year in December. So would you expect the 6% to go above loss trend in the first quarter?

好的。然後是我的第二個問題，你們上個季度將損失趨勢假設設為 6.5%。我假設這沒有改變，但如果我錯了請糾正我。彼得，你談到了 6% 的定價，這將使書面定價低於虧損趨勢，但你也確實說過，對的，當我們在 12 月份結束這一年時，利率會變得更好。那麼，您是否預計 6% 會在第一季度超過虧損趨勢？

Yes. Thank you. The first part, Elyse, we do not change our loss cost assumptions from what we had outlined in the third quarter, so 6.5% remains our view. When you look at the fourth quarter, like you said, overall, there was around 6%. But when you -- you have to take a couple of things into consideration. One is fourth quarter is our seasonally sort of lowest-sized quarter. But if you look at financial lines, like financial lines is even throughout the entire year, first quarter through fourth, so had a little bit more of a contribution to the overall rate index in the fourth quarter.

是的。謝謝。第一部分，Elyse，我們不會改變我們在第三季度概述的損失成本假設，因此我們仍然認為 6.5%。當你看第四季度時，就像你說的，總體而言，大約有 6%。但是當你 - 你必須考慮幾件事。一個是第四季度是我們季節性最小的季度。但如果你看一下金融線，就像金融線甚至貫穿全年，從第一季度到第四季度，所以第四季度對整體利率指數的貢獻要大一些。

Our International was very well balanced. We had strong rate in areas where we felt we needed it, which is like Property, Excess Casualty. We're driving rate as we have been for the last several years in Lexington, the Excess & Surplus Lines. And then I look at the full year in terms of North America, the Excess Casualty, Retail Property, Lexington, all getting double-digit rate increases. And so like we have been very focused on the rate above loss cost to continue to develop margin. I think that's been evidenced through the culture that we've developed in terms of underwriting excellence. We are very focused on making sure that we continue that, and it's terms and conditions and adjustments to how we structure businesses going forward. December was much stronger than the first part of the quarter. And as we look to January, that momentum is continuing. Dave, maybe just spend a minute on what happened in Financial Lines and D&O specifically?

我們的國際比賽非常平衡。我們在我們認為需要它的領域有很高的利率，比如財產、超額傷亡。我們正在推動過去幾年在列剋星敦的過剩和盈餘線。然後我看一下北美的全年，超額傷亡、零售財產、列剋星敦，所有這些都獲得了兩位數的增長率。因此，就像我們一直非常關注高於損失成本的比率，以繼續發展利潤率。我認為我們在卓越承保方面發展起來的文化證明了這一點。我們非常專注於確保我們繼續這樣做，這是條款和條件以及對我們未來業務結構的調整。 12 月比本季度的第一部分強得多。展望 1 月份，這種勢頭仍在繼續。戴夫，也許只需花一分鐘時間具體了解一下財務線和 D&O 中發生的事情？

Yes. Thank you, Peter. And thank you, Elyse. To Peter's point, we have to be careful around generalizations because we are actually hitting rate over trend in most of our big businesses. The outlier is Financial Lines. And Financial Lines, you also have to unpack a little bit and understand that excess D&O, and excess D&O in large public companies is probably driving some of the macro numbers, but it's not driving the behavior underneath. So in our Financial Lines business, we have professional liability. We have cyber. We have private company business. We have financial institutions. And all those businesses are actually getting rate over trend. But sometimes, when you aggregate up the excess public company business, it suppresses it.

是的。謝謝你，彼得。謝謝你，愛麗絲。就彼得的觀點而言，我們必須謹慎對待一般化，因為我們實際上在大多數大企業中都達到了超過趨勢的水平。離群值是金融線。和財務線，你也必須稍微拆開包裝，了解超額 D&O，以及大型上市公司的超額 D&O 可能推動了一些宏觀數字，但它並沒有推動潛在的行為。因此，在我們的金融業務中，我們負有專業責任。我們有網絡。我們有私人公司業務。我們有金融機構。所有這些企業實際上都在以高於趨勢的速度增長。但有時，當你匯總多餘的上市公司業務時，它會抑制它。

And in that case, Elyse, it's hard to rationalize. I'll be very frank. That's a place where, if you're primary, you're still getting rate. You're still getting flat maybe down a little bit, but you have risk-adjusted rate that's helping.

在那種情況下，Elyse，很難合理化。我會很坦率。這是一個地方，如果你是主要的，你仍然會得到費率。你仍然持平，可能會下降一點，但你有幫助的風險調整後利率。

In the Excess business, it's been very competitive. It's a different sort of market. And it's actually a market that I would say that cycle manage and companies that are being thoughtful need to actually wrestle with, whether that's a place they're going to trade, okay? If the rates are going down 20% to 30%, it's probably influencing some of the numbers that you look at on an aggregate basis. And inside that portfolio, your decisions are going to have to be made as to how you trade there, okay?

在 Excess 業務中，它的競爭非常激烈。這是一個不同類型的市場。這實際上是一個市場，我會說周期管理和正在深思熟慮的公司需要真正努力，這是否是他們要交易的地方，好嗎？如果利率下降 20% 到 30%，它可能會影響您在總體基礎上查看的一些數字。在該投資組合中，您必須就如何在那裡進行交易做出決定，好嗎？

In our case, it represents a small amount of the portfolio. But I'm conjecting that, that's actually where the commoditization of the business is going to cause a little bit of pain in the 2023, 2024 year, okay? But it's -- I do -- Peter hit it. We look at rate over trend on a very granular basis, and I think we're comfortable with what that means to our big businesses and even in Financial Lines, what it means to our subproducts there. And I think that's an important part of our story.

在我們的例子中，它代表了投資組合的一小部分。但我推測，這實際上是業務商品化將在 2023 年、2024 年造成一點痛苦的地方，好嗎？但它——我確實——彼得擊中了它。我們在非常精細的基礎上查看趨勢率，我認為我們對這對我們的大企業甚至金融線意味著什麼，對我們那裡的子產品意味著什麼感到滿意。我認為這是我們故事的重要組成部分。

Thanks, Dave. And don't forget, like the cumulative rate increases we've achieved in D&O over the last 3 years have been north of 80%. So again, it's a line, as Dave says, we're laser focused on. We're not going to chase the market down. But the cumulative rate increases and margin development hasn't been fully recognized, and we're going to look to 2023 with a lot of discipline.

謝謝，戴夫。不要忘記，過去 3 年我們在 D&O 中實現的累計增長率超過 80%。所以，正如戴夫所說，這是一條線，我們專注於激光。我們不會追逐市場。但累積利率增長和利潤率發展尚未得到充分認可，我們將以嚴格的紀律展望 2023 年。

Our next question comes from Paul Newsome with Piper Sandler.

我們的下一個問題來自 Paul Newsome 和 Piper Sandler。

There's been an enormous amount of conversation, and you obviously did a lot to add to about Excess Casualty -- or excess of loss reinsurance and -- but as a large account commercial writer, I assume you're using a lot of facultative as well. And I was curious if the comments that you're making extend into not just sort of excessive loss, but also facultative and even quota share as being as impacted as some of the other pieces of the business and how that would affect AIG.

已經進行了大量的討論，你顯然對超額傷亡或超額損失再保險做了很多補充，但作為一個大客戶商業作家，我假設你也使用了很多兼職.我很好奇你發表的評論是否不僅涉及過度損失，而且涉及兼職甚至配額份額，是否與業務的其他部分一樣受到影響，以及這將如何影響 AIG。

Thanks, Paul. We do purchase facultative in certain segments of our business, but we were really referencing the core treaties. When we look at risk appetite, when we are thinking through our ability to protect the balance sheet and where we want to structure treaties, we don't require facultative reinsurance for other segments in order to supplement the core structure. So when I was referencing in my prepared remarks, the treaty structures, we did an exceptional job. The team really focused on modeling changes, inflationary changes and where we thought capital was going to be less expensive versus more expensive.

謝謝，保羅。我們確實在我們業務的某些部分進行了兼職採購，但我們確實參考了核心條約。當我們審視風險偏好時，當我們考慮我們保護資產負債表的能力以及我們希望在哪裡構建條約時，我們不需要為其他部分提供臨時再保險來補充核心結構。因此，當我在準備好的發言中提到條約結構時，我們做得非常出色。該團隊真正關注的是模型變化、通貨膨脹變化以及我們認為資本會變得更便宜而不是更昂貴的地方。

An example of that would be taking big excess of loss CAT across the world. It gets too expensive for allocation of capital, and that is something we moved away from. So we've built more vertical towers in North America and in international and Japan specifically. So I think the overall market has responded most to Property. Casualty has started to tighten up. I still think that there's ample capacity in quota shares. They may be with some tighter terms and conditions and ceding commissions or, by and large, it was placeable. And yes, facultative, I think, has become harder to place on property just based on the capital available. But for us, we don't heavily rely on facultative to deliver results. It's really our core treaty structures.

這方面的一個例子是在世界範圍內承擔大量超額損失 CAT。它對於資本分配來說太昂貴了，這是我們放棄的東西。所以我們在北美、國際和日本建造了更多的垂直塔。所以我認為整個市場對房地產的反應最大。傷亡人數開始收緊。我仍然認為配額份額有足夠的能力。他們可能有一些更嚴格的條款和條件以及放棄佣金，或者總的來說，它是可以放置的。是的，我認為，僅根據可用資本，兼性投資已經變得越來越難。但對我們來說，我們並不嚴重依賴兼職來提供結果。這確實是我們的核心條約結構。

Makes sense. Can you also talk about the change in conditions in commercial lines? Obviously, AIG led the market in changing terms and conditions in commercial lines. Is the impact pretty much fully there now today at AIG? And have you seen -- are you seeing any change in the market as well for terms and conditions that's meaningful sort of outside the pricing change?

說得通。您能否也談談商業線路條件的變化？顯然，AIG 引領市場改變了商業險種的條款和條件。現在 AIG 的影響已經完全體現了嗎？你有沒有看到 - 你是否看到市場上的任何變化以及在價格變化之外有意義的條款和條件？

I think we've done an exceptional job on the underwriting side with terms and conditions. I think the entire team has focused over the last several years as not only -- certainly pricing's an output, but how we structure our insurance deals, how we focus on client needs, but also how we customize terms and conditions to make sure that we have the appropriate policies and endorsements in the marketplace. I don't think it's over. It's something that's a nuance. But as we look to the property market in 2023, it's one of the areas where, when you report out rate, you really have to understand the risk-adjusted implications of rate increases.

我認為我們在條款和條件的承保方面做得非常出色。我認為整個團隊在過去幾年中不僅專注於 - 當然定價是一種輸出，而且我們如何構建我們的保險交易，我們如何關注客戶需求，以及我們如何定制條款和條件以確保我們在市場上有適當的政策和認可。我不認為一切都結束了。這是一個細微差別。但當我們展望 2023 年的房地產市場時，它是其中一個領域，當你報告利率時，你真的必須了解利率上漲的風險調整後影響。

For instance, in Excess & Surplus Lines property, I expect to see higher deductibles, more wind deductibles, tighter terms and conditions. We've seen what used to be all risk, which covered all perils, now to name perils, and so you can strip out a lot of coverage in terms of when you're placing it, whether you're trying to solve for wind or quake or flood, you don't provide all of the perils. And so if you said to me, what's one of the big areas that you'll see an improvement in 2023, it will be on the terms and conditions and how we price those perils. And I think we will offer, particularly in Excess & Surplus Lines, the appropriate coverage, but we will be restrictive on terms of conditions if we don't feel we're getting paid for. So I don't think it's over.

例如，在 Excess & Surplus Lines 財產中，我希望看到更高的免賠額、更多的風免賠額、更嚴格的條款和條件。我們已經看到了過去的所有風險，它涵蓋了所有風險，現在只列出風險，因此您可以根據放置時間、是否嘗試解決風問題來剝離很多覆蓋範圍或地震或洪水，你不提供所有的危險。因此，如果你對我說，你會在 2023 年看到哪些重大領域有所改善，那就是條款和條件以及我們如何為這些風險定價。而且我認為我們會提供適當的承保範圍，特別是在超額和盈餘線中，但如果我們覺得我們沒有得到報酬，我們將限制條件條款。所以我認為這還沒有結束。

Our next question comes from Erik Bass with Autonomous.

我們的下一個問題來自 Erik Bass with Autonomous。

Just hoping you could help us think about the base NII trajectory for 2023. So we've seen a nice step up in the past couple of quarters, and you gave some guidance for the first quarter. But how much of the increase is coming from resets on floating rate assets? And how much is the tailwind from higher reinvestment yields and the portfolio changes that you're making that should continue to build throughout the year?

只是希望你能幫助我們考慮 2023 年的基本 NII 軌跡。所以我們在過去幾個季度看到了很好的進步，你為第一季度提供了一些指導。但有多少增長來自浮動利率資產的重置？更高的再投資收益率和您正在進行的投資組合變化的順風有多少應該在全年繼續建立？

Thanks, Erik. As you know, this has been an active strategy for us, particularly over the back half of 2022. I think the team has done an exceptional job. And Sabra, maybe you can just provide a little bit of insight in terms of some of the NII and the reinvestment rates.

謝謝，埃里克。如您所知，這對我們來說是一項積極的戰略，尤其是在 2022 年下半年。我認為團隊做得非常出色。 Sabra，也許你可以就一些 NII 和再投資率提供一些見解。

Yes, happy to do that. And I would just note, we added a new footnote on Page 47 of the financial supplement that gives you the walk of the yield on fixed maturity securities and loans. So you can see the quarter-to-quarter improvement in the portfolio yield on that portfolio, which basically begin to bend the curve in the second quarter for a step-up in yields. And we also, there, give you the impact of the other yield enhancements, which year-over-year was about a $400 million headwind for AIG consolidated NII.

是的，很高興這樣做。我只想指出，我們在財務增刊的第 47 頁添加了一個新的腳註，讓您了解固定期限證券和貸款的收益率。因此，您可以看到該投資組合的投資組合收益率的季度環比改善，這基本上在第二季度開始彎曲曲線以提高收益率。我們還在那里為您提供了其他收益提高的影響，與去年同期相比，AIG 合併 NII 的逆風約為 4 億美元。

But to go back to your question about the path forward, and I'll put alternatives to the side. I mean, those are obviously volatile quarter-to-quarter. But like I said, that was 340 basis points of headwind year-over-year. 2021 was an exceptional year for alternative returns, whereas full year 2022 was about a 5.6% yield. So more in line with our average assumption.

但是回到你關於前進道路的問題，我會把替代方案放在一邊。我的意思是，這些顯然每個季度都不穩定。但正如我所說，這是 340 個基點的逆風同比。 2021 年是另類回報率極佳的一年，而 2022 年全年的收益率約為 5.6%。所以更符合我們的平均假設。

But to go back, so in the quarter, as I said, the new portfolio yield or the new money rates were just above 6% and about 173 basis points over the assets going forward. And if you look at in the quarter, fourth quarter '22 grew about $160 million just due to the rate resets and about 14 basis points from the pickup in yield on the portfolio. Now in 2023, the impact is going to really depend on the path and timing of market rates, fed rate hikes, changes in credit spreads as well as the movement in the yield curve. As you know, the GI has got a shorter duration than L&R. And right now, we've got an inverted curve. So depending on where you're investing, and you're going to have different impacts on your yield.

但回顧一下，正如我所說，在本季度，新的投資組合收益率或新貨幣利率略高於 6%，比未來資產高出約 173 個基點。如果你在本季度看一下，22 年第四季度僅由於利率重置和投資組合收益率回升約 14 個基點就增長了約 1.6 億美元。現在到 2023 年，影響將真正取決於市場利率的路徑和時機、美聯儲加息、信用利差的變化以及收益率曲線的變動。如您所知，GI 的持續時間比 L&R 短。而現在，我們有一條倒曲線。因此，根據您的投資地點，您將對收益產生不同的影響。

So what I would just kind of point you to is, for the full year, we are projecting about $8 billion of reinvestment on the GI portfolio, $20 billion in Corebridge. And for the first quarter, we're projecting about 10 to 15 basis points of yield uplift just based on where we are for rates. Since the market is expecting additional rate increases, I would -- from the Fed, I would expect to see more pickup from the floating rate note resets during the course of the year. And then like I said, really what we pick up in the second or third quarter is going to be a function of how the shape of the yield curve changes.

因此，我想指出的是，全年，我們預計將對 GI 投資組合進行約 80 億美元的再投資，其中 200 億美元用於 Corebridge。對於第一季度，我們預計僅根據我們的利率水平，收益率就會提高 10 到 15 個基點。由於市場預期會進一步加息，我會 - 從美聯儲來看，我希望在這一年中看到更多的浮動利率票據重置。然後就像我說的那樣，我們在第二季度或第三季度真正獲得的將是收益率曲線形狀如何變化的函數。

But the point I would just make in total is that we are definitely having a tailwind from higher rates and higher spreads in the market. In addition, during the last several months, because of the -- basically the changes in the spreads and where some of the opportunities were, we were able to move up in quality on the bond portfolio investments while still getting a pickup in the yield because of the market environment.

但我總的來說要說的是，我們肯定會從市場上更高的利率和更高的利差中受益。此外，在過去幾個月中，由於 - 基本上是利差的變化和一些機會所在，我們能夠提高債券投資組合投資的質量，同時仍然獲得收益率的回升，因為的市場環境。

So at this point in time, I think it's premature to give any sort of actual projection on a dollar basis. But from a yield pickup trend, we're very confident that we'll continue to see that during 2023.

所以在這個時候，我認為以美元為基礎給出任何類型的實際預測還為時過早。但從收益率回升趨勢來看，我們非常有信心在 2023 年繼續看到這種情況。

That's helpful. And then secondly, I just was hoping you could help us think about the trajectory for the other operations loss both before and after the Corebridge separation. So it sounds like GOE there should go up in 2023 because of some of the Corebridge expenses, maybe that's offset a little bit by interest savings. But then you'll get a big step down when you deconsolidate Corebridge, when the $300 million comes out. Is that the right way to think about it?

這很有幫助。其次，我只是希望你能幫助我們思考 Corebridge 分離前後其他運營損失的軌跡。所以聽起來 GOE 應該會在 2023 年上漲，因為 Corebridge 的一些支出，也許這會被利息節省所抵消。但是，當你分拆 Corebridge 時，當 3 億美元出來時，你將邁出一大步。這是正確的思考方式嗎？

Yes, Erik, it is. We -- in Other Operations, think about it in a couple of components. I think you've outlined most of them, is that upon deconsolidation, we would have $300 million or there thereabouts go with Corebridge. I mean, there could be some stair step up. I mean, it's hard in 2023 to look at each quarter because we're building Corebridge, as we've talked about before, as a stand-alone public company. So those amounts will be in each quarter, depending on the progress that we're making. So think about the $300 million.

是的，埃里克，是的。我們 - 在其他操作中，在幾個組件中考慮它。我想你已經概述了其中的大部分，在拆分後，我們將有 3 億美元左右的資金用於 Corebridge。我的意思是，可能會有一些台階。我的意思是，很難在 2023 年查看每個季度，因為正如我們之前所說，我們正在建設 Corebridge 作為一家獨立的上市公司。因此，這些金額將在每個季度出現，具體取決於我們取得的進展。所以想想這 3 億美元。

I think we'll have savings in Other Operations throughout the year separate from that in the $100 million to $200 million range. And then as we get to the future target operating model, we've given guidance from the past that we anticipate that we'll get around $500 million, not out of all -- that will not all come out of Other Operations. It come out of the combination of what is General Insurance in the parent company today. But that will take deconsolidation. It will take us to get to the target operating model. But I think in the short run, you should think about Corebridge's $300 million, and that between $100 million to $200 million of other reductions in Other Ops is how I would think about it in 2023.

我認為我們全年將在其他業務上節省 1 億至 2 億美元的費用。然後，當我們達到未來的目標運營模式時，我們已經給出了過去的指導，我們預計我們將獲得大約 5 億美元，而不是全部 - 這不會全部來自其他業務。它來自於今天母公司的一般保險的組合。但這需要分拆。我們將需要達到目標運營模式。但我認為在短期內，你應該考慮 Corebridge 的 3 億美元，而我在 2023 年會如何考慮其他 Ops 的 1 億到 2 億美元的其他削減。

Our next question comes from Alex Scott with Goldman Sachs.

我們的下一個問題來自高盛的 Alex Scott。

First one I had is just on net premium written growth in General Insurance. I mean we saw it slow in 2022, particularly towards the back end of the year. And it sounds pretty interesting, some of the opportunities you have, both in Validus Re and Lexington. But I just wanted to get sort of a high level perspective from you on what the strategy has been to sort of slow some of that premium growth in the back half of this year. And how you see that potentially inflecting as we go into 2023?

我的第一個只是普通保險的淨保費收入增長。我的意思是我們看到它在 2022 年放緩，尤其是在年底。這聽起來很有趣，你在 Validus Re 和列剋星敦都有一些機會。但我只是想從你那裡得到一些高層次的觀點，看看今年下半年減緩部分保費增長的戰略是什麼。當我們進入 2023 年時，您如何看待這種潛在的變化？

Thank you for the question. You have to really look at the full year, I believe, in terms of showing the progress of what we've done as a company. First and foremost, again, I'll mention it again, which is a culture of underwriting excellence. When we look at Commercial with a 340 basis point improvement in the fourth quarter in terms of its action year combined ratio, ex CATs, 440 for the year, I mean that's substantial progress. I mean, we made enormous improvements in profitability.

感謝你的提問。我相信，你必須真正審視全年，以展示我們作為一家公司所做工作的進展。首先，我再次提及，這是一種追求卓越的文化。當我們看第四季度 Commercial 的行動年綜合比率（不包括 CATs，全年 440）提高 340 個基點時，我的意思是這是實質性的進步。我的意思是，我們在盈利能力方面取得了巨大的進步。

And so we've shaped the portfolio the way we like it, where again, the fourth quarter, not all roads lead to Financial Lines. But again, it was just a disproportionate amount of premium relative to the overall size. Fourth quarter's small. We saw real good growth in the businesses that we want to grow in, which is in the Excess & Surplus Lines, Global Specialty. But as we've been talking about, I hope it's evidenced through what we did at 1/1, which is why we wanted to put it in the prepared remarks, which is, I kept talking about taking aggregate down where we didn't think we were getting the appropriate risk-adjusted returns.

因此，我們按照自己喜歡的方式塑造了投資組合，在第四季度，並非所有道路都通向金融線。但同樣，與整體規模相比，這只是不成比例的溢價。第四季度的小。我們在我們想要發展的業務中看到了真正的良好增長，這是在 Excess & Surplus Lines，Global Specialty 中。但正如我們一直在談論的那樣，我希望它能通過我們在 1/1 所做的事情得到證明，這就是為什麼我們想把它放在準備好的評論中，也就是說，我一直在談論在我們沒有的地方減少匯總認為我們獲得了適當的風險調整後回報。

But when we thought we felt that the risk-adjusted returns were there, like in the reinsurance business, we expanded significantly and expect to see that through 2023. Can't really predict the market, but I don't believe this is all played through. We had a very complicated 1/1, but you have Japan coming up.

但是當我們認為我們感覺到風險調整後的回報在那裡時，就像在再保險業務中一樣，我們大幅擴張並預計到 2023 年會看到這種情況。無法真正預測市場，但我不相信這一切都是玩的通過。我們有一個非常複雜的 1/1，但是你有日本來了。

And the hardest part in terms of the reinsurance market and thus then the primary market on peak zone is going to be Florida at [6/1]. And so we think there's great opportunities in Excess & Surplus Lines continue to grow. Again, Global Specialties, Retail Property across the world. We'll watch International, but I don't believe that the treaty increased pricing that happened, which was substantial at 1/1, will play its way through the International business until 2024. Because a lot of the deals, 60% of it comes up at 1/1, was priced off of prior year treaties.

就再保險市場而言，最困難的部分以及峰值區域的主要市場將是佛羅里達州，價格為 [6/1]。因此，我們認為 Excess & Surplus Lines 有很大的機會繼續增長。同樣，全球特產，世界各地的零售物業。我們會關注國際業務，但我不認為條約提高了所發生的定價，這在 1/1 時相當可觀，直到 2024 年才會在國際業務中發揮作用。因為很多交易，其中 60%以 1/1 的價格出現，價格低於前一年的條約。

And so I think this has momentum. We are incredibly well positioned. We have no aggregate restrictions. And where we see risk-adjusted returns that are attractive, which we already have, we're going to deploy capital. That was the whole idea of putting more capital in subsidiaries, and then it goes to other lines of business. I mean, you cross-sell what we do in casualty, how we play in these different markets, we have such tremendous following as lead experts in underwriting that we believe, across the world, our platform will be very helpful to our clients, and we expect to find really strong areas for growth.

所以我認為這有動力。我們的位置非常好。我們沒有聚合限制。在我們看到風險調整後的回報具有吸引力（我們已經擁有）的地方，我們將部署資本。這就是將更多資金投入子公司的整個想法，然後將其用於其他業務領域。我的意思是，您可以交叉銷售我們在意外險領域所做的工作，我們在這些不同市場的運作方式，我們擁有如此眾多的追隨者，我們相信，在全球範圍內，我們的平台將對我們的客戶非常有幫助，並且是承保領域的首席專家。我們希望找到真正強勁的增長領域。

That's really helpful. Second one I had is more specifically on Casualty -- Excess Casualty pricing. We've heard some peers kind of talk about pricing and expressed the need for it to reaccelerate. And I think some investors seem to be getting a little more cautious about the potential for continued deceleration there. I felt like your prepared remarks were a little more optimistic. I'd just be interested in your perspective on the portfolio at AIG, what you're seeing in the market and where you'd expect things to go there.

這真的很有幫助。我的第二個問題更具體地涉及傷亡——超額傷亡定價。我們聽過一些同行談論定價，並表示需要重新加速。而且我認為一些投資者似乎對那裡持續減速的可能性變得更加謹慎。我覺得你準備好的言論有點樂觀。我只是想知道您對 AIG 投資組合的看法、您在市場上看到的情況以及您期望的發展方向。

We watch it carefully. I mean Excess Casualty, we're still getting very strong rate we have for the last couple of years. And that didn't stop in the fourth quarter. My prepared remarks were really just focused on, I don't think the market that we entered in the fourth quarter is the market that we're in. There's been a lot of changes over the last 60 days. And like every other line of business, it needs to stand on its own. It needs to develop margin. We want to be conservative in our position and making certain that the underwriting terms and conditions are appropriate. But we're watching it carefully. I haven't seen a substantial downturn in terms of pricing. It's been right in the sort of same range for, as I said, the last 6 quarters. And it's something that we're going to watch very carefully in 2023.

我們仔細觀察。我的意思是超額傷亡，我們在過去幾年中的增長率仍然很高。這並沒有在第四節停止。我準備好的發言真的只是集中在，我不認為我們在第四季度進入的市場是我們所在的市場。過去 60 天發生了很多變化。和其他所有業務一樣，它需要獨立存在。它需要發展利潤率。我們希望在我們的立場上保持保守，並確保承銷條款和條件是合適的。但我們正在仔細觀察。我還沒有看到定價方面的大幅下滑。正如我所說，過去 6 個季度，它一直處於相同的範圍內。這是我們將在 2023 年非常仔細地觀察的事情。

Okay. We greatly appreciate the engagement and all the questions and appreciate the interest. And so I just wish everybody a great day, and thank you for being here.

好的。我們非常感謝您的參與和所有問題，並感謝您的興趣。所以我只祝大家有美好的一天，感謝你們來到這裡。

Ladies and gentlemen, this concludes your conference for today. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。