American International Group Inc (AIG) 2023 Q1 法說會逐字稿

Good day, and welcome to AIG's First Quarter 2023 Financial Results Conference Call. This conference is being recorded.

美好的一天，歡迎參加 AIG 2023 年第一季度財務業績電話會議。正在錄製此會議。

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

現在這個時候，我想將會議轉交給 Quentin McMillan。請繼續。

Thanks very much, Michelle, 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 provided 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，米歇爾，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提供了有關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 aig.com.

此外，今天的評論可能涉及非 GAAP 財務指標。這些措施與最具可比性的 GAAP 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 aig.com 上找到。

Finally, today's remarks will include 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. 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 earnings call on Tuesday, May 9.

最後，今天的評論將包括 AIG 的人壽和退休部門以及與前幾個季度相同的其他業務的結果，這是我們預計在 Corebridge Financial 拆分之前繼續報告的方式。 AIG 的部門和美國公認會計原則財務業績以及 AIG 的關鍵財務指標與 Corebridge Financial 報告的不同。 Corebridge Financial 將於 5 月 9 日星期二召開財報電話會議。

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 first quarter financial results. Following my remarks, Sabra will provide more financial detail in the quarter, and then we will take questions. Kevin Hogan and David McElroy will be available for the Q&A portion of the call.

早上好，感謝您加入我們回顧我們第一季度的財務業績。在我發言之後，Sabra 將在本季度提供更多財務細節，然後我們將回答問題。 Kevin Hogan 和 David McElroy 將出席電話會議的問答部分。

As you saw in our press release, we reported an excellent start to the year. We continue to make meaningful progress across AIG and achieve important milestones, even in the face of ongoing complexity in the insurance industry, volatile market conditions and general economic uncertainty. We continue to diligently execute on our strategic and operational priorities, which drove very strong financial results in the first quarter and are positioning AIG for long-term value creation. Here are some highlights from the first quarter.

正如您在我們的新聞稿中看到的那樣，我們報告了今年的良好開端。我們繼續在 AIG 取得有意義的進展並實現重要的里程碑，即使面對保險業持續的複雜性、動蕩的市場條件和普遍的經濟不確定性。我們繼續努力執行我們的戰略和運營優先事項，這在第一季度推動了非常強勁的財務業績，並使 AIG 為長期價值創造做好了準備。以下是第一季度的一些亮點。

Adjusted after-tax income was $1.2 billion or $1.63 per diluted common share, representing a 9% increase year-over-year. Net investment income on a consolidated basis was $3.1 billion. In 2022, we began to take proactive steps to improve the credit quality, construction and return characteristics of our investment portfolio as well as to reduce volatility. We saw the benefits of these actions in the first quarter and expect that to continue throughout the year. Sabra will provide additional detail on net investment income in her remarks.

調整後稅後收入為 12 億美元或每股攤薄普通股 1.63 美元，同比增長 9%。合併後的淨投資收益為 31 億美元。 2022 年，我們開始採取積極措施，改善投資組合的信用質量、結構和回報特徵，並降低波動性。我們在第一季度看到了這些行動的好處，並預計這將在全年繼續。 Sabra 將在她的評論中提供有關淨投資收入的更多詳細信息。

Net premiums written in General Insurance grew 10% on a constant dollar basis and adjusted for the International lag elimination that we discussed on our last call. This growth was driven by our Commercial business. Underwriting income was approximately $500 million, a 13% increase year-over-year, which is AIG's strongest first quarter underwriting result.

一般保險的淨保費按固定美元計算增長 10%，並根據我們在上次電話會議上討論的國際滯後消除進行了調整。這種增長是由我們的商業業務推動的。承保收入約為 5 億美元，同比增長 13%，這是 AIG 第一季度最強勁的承保收入。

The accident year combined ratio, excluding catastrophes, was 88.7%, an 80 basis point improvement from prior year.

不包括災難的事故年綜合比率為 88.7%，比上一年提高了 80 個基點。

Life and Retirement reported very good results, with premiums and deposits of $10.4 billion in the first quarter, a 44% increase year-over-year, supported by record sales in fixed annuity and fixed index annuity products.

人壽和退休業務的業績非常好，第一季度的保費和存款為 104 億美元，同比增長 44%，這得益於固定年金和固定指數年金產品創紀錄的銷售額。

Net flows into the General Account from Individual Retirement were approximately $1.3 billion.

從個人退休金流入普通賬戶的淨流量約為 13 億美元。

Corebridge and Blackstone have made substantial progress advancing their strategic partnership, which began in late 2021. Since that time, Blackstone has invested approximately $11 billion on behalf of Corebridge, with an average gross yield of 6.5% and an average credit rating of A. This partnership has allowed Corebridge to expand in certain asset classes where we had limited to no access in the past, which has been very beneficial for the business and is helping to support growth, particularly in fixed annuity products.

Corebridge 和 Blackstone 在推進他們於 2021 年底開始的戰略合作夥伴關係方面取得了實質性進展。自那時以來，Blackstone 代表 Corebridge 投資了約 110 億美元，平均毛收益率為 6.5%，平均信用評級為 A。這合作夥伴關係使 Corebridge 能夠在某些資產類別中擴展我們過去無法訪問的資產類別，這對業務非常有利，並有助於支持增長，特別是在固定年金產品方面。

We returned approximately $840 million to shareholders in the first quarter through $600 million of common stock repurchases and $240 million of dividends. And we ended the first quarter with strong parent liquidity of $3.9 billion. Overall, I'm very pleased with what we accomplished in the first quarter. The strong momentum we had coming into 2023 continues.

我們在第一季度通過 6 億美元的普通股回購和 2.4 億美元的股息向股東返還了約 8.4 億美元。我們以 39 億美元的強勁母公司流動資金結束了第一季度。總的來說，我對我們在第一季度取得的成就感到非常滿意。我們進入 2023 年的強勁勢頭仍在繼續。

As we announced last night, the AIG Board approved the first meaningful increase to AIG's common stock quarterly dividend in many years. Starting in the second quarter, this dividend will be $0.36 per share, an increase of 12.5%. This is another significant milestone for AIG and reflects our commitment to a disciplined, balanced capital management strategy and our confidence in the future earnings power of AIG.

正如我們昨晚宣布的那樣，AIG 董事會批准了多年來 AIG 普通股季度股息的首次有意義的增長。從第二季度開始，該股息將為每股 0.36 美元，增長 12.5%。這是 AIG 的另一個重要里程碑，反映了我們對嚴格、平衡的資本管理戰略的承諾，以及我們對 AIG 未來盈利能力的信心。

Corebridge is also achieving important milestones. Since its IPO in September of last year, Corebridge has paid 3 dividends to public shareholders, totaling approximately $450 million. And yesterday, the Corebridge Board authorized a $1 billion share repurchase program. During the first quarter, we were prepared to launch a secondary offering of Corebridge common stock, but chose not to proceed when equity markets became volatile due to issues in the financial sector.

Corebridge 也實現了重要的里程碑。自去年 9 月首次公開募股以來，Corebridge 已向公眾股東支付了 3 次股息，總額約為 4.5 億美元。昨天，Corebridge 董事會批准了一項價值 10 億美元的股票回購計劃。在第一季度，我們準備推出 Corebridge 普通股的二次發行，但由於金融部門的問題導致股市波動，我們選擇不進行。

We continue to be prepared and disciplined in terms of executing a secondary offering, which remains our base case for selling down our ownership in Corebridge, subject to market conditions and regulatory approvals. We remain committed to reducing our ownership interest in Corebridge and will explore other options that are aligned with the best interest of shareholders.

我們在執行二次發行方面繼續做好準備並遵守紀律，這仍然是我們出售我們在 Corebridge 所有權的基本案例，具體取決於市場條件和監管部門的批准。我們仍然致力於減少我們在 Corebridge 的所有權權益，並將探索符合股東最大利益的其他選擇。

During the remainder of my remarks this morning, I'll provide more information on the following 5 topics: first, I will review the first quarter results for General Insurance; second, I will give a high-level overview of the results for Life and Retirement, and Sabra will provide more detail in her remarks; third, I will provide an update on a few strategic initiatives, including the announcement last week relating to Private Client Services, our MGA partnership with Stone Point Capital, our announcement on Tuesday of the sale of Crop Risk Services and our intent to sell Laya Healthcare, which is a part of Corebridge and Ireland's second largest health insurance provider; fourth, I will provide more information on capital management actions; lastly, I will review progress on our path to a 10%-plus ROCE, including an update on the work we are doing on the future state business model of AIG.

在今天上午剩餘的發言中，我將提供以下 5 個主題的更多信息：首先，我將回顧 General Insurance 第一季度的業績；其次，我將對生活和退休的結果進行高層次的概述，Sabra 將在她的發言中提供更多細節；第三，我將提供一些戰略舉措的最新情況，包括上週關於私人客戶服務的公告、我們與 Stone Point Capital 的 MGA 合作夥伴關係、我們週二宣佈出售 Crop Risk Services 以及我們出售 Laya Healthcare 的意向，它是 Corebridge 的一部分，也是愛爾蘭第二大健康保險提供商；第四，我將提供更多有關資本管理行動的信息；最後，我將回顧我們在實現 10% 以上的 ROCE 的道路上取得的進展，包括我們在 AIG 未來狀態商業模式方面所做工作的最新情況。

Turning to General Insurance. Let me provide more detail on first quarter results, starting with our strong growth in gross and net premiums written. When we refer to gross and net premiums written, all numbers have been adjusted for both foreign exchange and the impact of the lag elimination.

轉向一般保險。讓我提供更多關於第一季度業績的細節，首先是我們在毛保費和淨保費方面的強勁增長。當我們提及毛保費和淨保費時，所有數字都已針對外彙和滯後消除的影響進行了調整。

Gross premiums written were $12 billion, an increase of 9%, with Global Commercial growing 13% and Global Personal decreasing 4%. Net premiums written were $7 billion, an increase of 10%. This growth was primarily driven by Global Commercial, which grew 11%, while Global Personal grew 6%.

承保毛保費為 120 億美元，增長 9%，全球商業保費增長 13%，全球個人保費下降 4%。淨承保保費為 70 億美元，增長 10%。這一增長主要由全球商業增長 11%，而全球個人增長 6% 推動。

In North America Commercial, we saw a very strong growth of 15% in net premiums written due to Validus Re, which had over 40% growth year-over-year due to the exceptional results we achieved with our January 1 treaty placements, which I discussed in detail on our last call. Lexington, which grew over 25%, led by Wholesale Property and Casualty, double-digit growth in Captive Solutions and Glatfelter.

在北美商業，我們看到 Validus Re 的淨保費增長了 15%，同比增長超過 40%，這要歸功於我們在 1 月 1 日的條約配售中取得的非凡成果，我在我們上次通話中詳細討論。在 Wholesale Property and Casualty 的帶動下，列剋星敦增長超過 25%，Captive Solutions 和 Glatfelter 的增長率達到兩位數。

Focusing on Lexington for a moment, I would like to highlight a few achievements from the first quarter. The business continues to drive excellent performance, impressive growth and has consistently improved its portfolio quarter after quarter over the last couple of years. Lexington's tremendous growth has been achieved through its relevance in the marketplace and increasing its market share, not from increasing limits deployed. Strong retention, new business and rate have been the key drivers of Lexington's financial performance. Lexington has now seen double-digit rate increases for 16 consecutive quarters, and cumulative compounded rate increases totaled over 100% since the first quarter of 2018.

暫時關注列剋星敦，我想強調第一季度的一些成就。該業務繼續推動卓越的業績、令人印象深刻的增長，並在過去幾年中一個季度又一個季度地不斷改進其投資組合。 Lexington 的巨大增長是通過其在市場中的相關性和增加其市場份額實現的，而不是通過增加部署的限制。強大的保留率、新業務和利率一直是 Lexington 財務業績的主要驅動因素。列剋星敦現已連續 16 個季度實現兩位數的增長率，自 2018 年第一季度以來累計複合增長率超過 100%。

Additionally, over the last few years, the average size of a Lexington Property primary policy went from $100 million in limits deployed to $5 million. This has substantially reduced volatility in Lexington's portfolio. Our thoughtful and prudent growth strategy, together with our shift in focus to wholesale distribution, continues to serve us well, particularly in the E&S market.

此外，在過去幾年中，Lexington Property 主保單的平均規模從部署的 1 億美元限額增加到 500 萬美元。這大大降低了 Lexington 投資組合的波動性。我們深思熟慮和審慎的增長戰略，以及我們將重點轉向批發分銷，繼續為我們提供良好的服務，尤其是在 E&S 市場。

I also want to provide more color on Validus Re. We've provided significant detail on the 1/1 renewal season on our last call, and I think it's worth expanding on a few items from the first quarter. Net premiums written were very strong and balanced in Validus Re, and we continue to meaningfully improve the quality of the portfolio. Rate improvements were particularly strong in U.S. Property, International Property, Marine and Energy, Casualty and Specialty Lines.

我還想在 Validus Re 上提供更多顏色。我們在上次電話會議上提供了有關 1/1 續訂季的重要細節，我認為值得擴展第一季度的一些項目。 Validus Re 的淨承保保費非常強勁且平衡，我們繼續顯著提高投資組合的質量。美國財產險、國際財產險、海運和能源險、意外險和特種險的費率改善尤為強勁。

With respect to April 1 renewals across the portfolio, gross and net premiums written increased. And within International Property, limits deployed were reduced slightly, and Japan property cat risk-adjusted rates were up approximately 20%.

對於 4 月 1 日整個投資組合的續保，毛保費和淨保費均有所增加。在國際財產中，部署的限額略有降低，日本財產巨災風險調整後的利率上升了約 20%。

As we consider our deployment strategy at the June 1 renewal cycle, which focuses on U.S. wind exposure, we will continue to maintain a prudent approach on limits deployed. We do not expect to deploy additional limits beyond our current aggregate allocated to Florida, although we do anticipate significant rate increases and improved terms and conditions. Like General Insurance, the Validus Re portfolio has been completely re-underwritten with a focus on risk-adjusted returns. The business had a terrific first quarter and is well positioned for profitable growth through the rest of the year.

當我們在 6 月 1 日更新周期考慮我們的部署策略時，重點是美國的風暴露，我們將繼續對部署的限制保持審慎的態度。我們預計不會在我們目前分配給佛羅里達州的總量之外部署額外的限制，儘管我們確實預計會顯著提高利率並改善條款和條件。與 General Insurance 一樣，Validus Re 投資組合已完全重新承保，重點關注風險調整後的回報。該業務第一季度表現出色，並有望在今年餘下時間實現盈利增長。

Shifting back to our 15% net premiums written growth in the first quarter, this result was impressive despite the headwinds we continue to see in Financial Lines, where overall net premiums written contracted 9% due to increased competition putting pressure on pricing as well as continued slowdown in M&A and other transactional business.

回到我們第一季度 15% 的淨保費承保增長，儘管我們繼續在金融領域看到逆風，但由於競爭加劇給定價帶來壓力，整體淨承保保費收縮 9% 以及持續併購和其他交易業務放緩。

We are one of the very few lead markets in large account public D&O where primary rates have remained relatively flat year-over-year. In contrast, high excess public company D&O saw rate declines greater than 20%. To put this in perspective, this represents a little over 5% of our overall North America Financial Lines business, and we will continue to manage this book very prudently. We have deep domain knowledge and experience, data, best-in-class underwriting capabilities and leading claims expertise that allow us to differentiate ourselves in the D&O marketplace.

我們是大客戶公共 D&O 中為數不多的主要市場之一，主要利率同比保持相對平穩。相比之下，高過剩的上市公司 D&O 利率下降超過 20%。從這個角度來看，這占我們整個北美金融業務的 5% 多一點，我們將繼續非常謹慎地管理這本書。我們擁有深厚的領域知識和經驗、數據、一流的承保能力和領先的理賠專業知識，使我們能夠在 D&O 市場中脫穎而出。

During the past year, we continued to see new competitors with limited experience into the high excess public D&O market. This is driving down pricing in what is traditionally the most commoditized portion of a placement. Despite these dynamics, we remain disciplined on price and are taking a long-term view of this line of business. We have significant scale and geographic balance on our portfolio, and we will not follow the market down.

在過去的一年裡，我們繼續看到新的競爭對手進入高過剩的公共 D&O 市場的經驗有限。這壓低了傳統上最商品化的配售部分的定價。儘管存在這些動態，我們仍然在價格上保持紀律，並對這一業務線採取長遠眼光。我們的投資組合具有顯著的規模和地域平衡，我們不會跟隨市場下跌。

Turning to International Commercial. Net premiums written grew 6%, primarily due to Property, which was up over 40%; Global Specialty, which was up over 15%; and Casualty, which was up over 15%. Global Commercial had very strong renewal retention of 88% in its in-force portfolio, International was up 200 basis points to 88%, and North America was up 100 basis points to 87%. As a reminder, we calculate renewal retention prior to the impact of rate and exposure changes. And across Global Commercial, we continue to see strong new business, which was over $1 billion in the first quarter.

轉向國際商業。淨承保保費增長 6%，主要是由於財產險增長超過 40%； Global Specialty，漲幅超過 15%；和傷亡，增長超過 15%。 Global Commercial 在其有效投資組合中的續約保留率非常高，達到 88%，國際上漲 200 個基點至 88%，北美上漲 100 個基點至 87%。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。在全球商業領域，我們繼續看到強勁的新業務，第一季度超過 10 億美元。

International Commercial new business was over $590 million, led by Specialty, which increased its new business by over 50%, driven by Energy and Marine. North America Commercial, excluding Validus Re, achieved new business of over $480 million, driven by Lexington, which saw excellent new business growth of over 50%. With respect to rate in North America Commercial, excluding Validus Re, rates increased 7% in the first quarter or 8% if you exclude workers' compensation, and the exposure increase was 2%.

國際商業新業務超過 5.9 億美元，由 Specialty 領銜，在能源和海洋業務的推動下，其新業務增長超過 50%。北美商業（不包括 Validus Re）在 Lexington 的推動下實現了超過 4.8 億美元的新業務，其新業務增長超過 50%。關於北美商業的利率，不包括 Validus Re，第一季度利率增加了 7%，如果不包括工人賠償，則增加了 8%，風險敞口增加了 2%。

In North America Commercial, rate was driven by Lexington wholesale, which was up 26% with Wholesale Property up 35%. For Lexington Property Wholesale, this was its strongest quarterly rate increase. Rate in Retail Property was also up significantly at 32%; International Commercial rate increases were 8%, driven by Talbot at 16%, International Property at 11% and Specialty at 9%. The exposure increase in the International portfolio was 2%. Rate plus exposure remains above loss cost trend at 9% in North America, 10% if you exclude workers' compensation and 10% in International.

在北美商業，利率由列剋星敦批發推動，增長 26%，批發物業增長 35%。對於 Lexington Property Wholesale，這是其最強勁的季度增長率。零售物業的利率也大幅上升至 32%；在 Talbot 16%、International Property 11% 和 Specialty 9% 的推動下，國際商業費率增長了 8%。國際投資組合的敞口增加了 2%。費率加風險仍然高於損失成本趨勢，在北美為 9%，如果不包括工傷賠償則為 10%，在國際為 10%。

Turning to Personal Insurance. First quarter results reflect our continued repositioning of this business, especially PCG, given our announcement of the creation of a managing general agency in partnership with Stone Point Capital. I will provide more information on the MGA later in my remarks.

轉向人身保險。鑑於我們宣布與 Stone Point Capital 合作成立管理總代理機構，第一季度業績反映了我們對該業務（尤其是 PCG）的持續重新定位。我將在稍後的發言中提供有關 MGA 的更多信息。

North America Personal net premiums written increased 57%, driven by lower quota share cessions in PCG at January 1, as we transition to writing the business as an MGA, along with the recognition of an improved portfolio. The combination of improved pricing in our admitted business and more business migrating to the non-admitting market has a very positive impact on PCG's accident and policy or loss ratios. This will earn in through the second half of 2023 and into 2024.

受 1 月 1 日 PCG 配額份額減少的推動，北美個人淨承保保費增長了 57%，因為我們過渡到將業務作為 MGA 承保，同時認識到改進的投資組合。我們入場業務定價的改善和更多業務遷移到非入場市場相結合，對 PCG 的事故和保單或損失率產生了非常積極的影響。這將在 2023 年下半年和 2024 年盈利。

Entering 2023, we required less excess of loss reinsurance on the upper end of our reinsurance program due to realized reduction in PCG's PMLs at all return periods as a result of ongoing improvements in risk selection and reductions in aggregate in peak zones. More specifically, all peril and all return periods from 1 in 20 to 1 in 1,000 reduced on average by 40%, while those same return periods with respect to wildfire reduced on average by 60%. These dynamics further impacted net premiums written in the first quarter.

進入 2023 年，由於風險選擇的不斷改進和峰值區域總量的減少，PCG 在所有回報期的 PML 都實現了減少，因此我們對再保險計劃高端的超額損失再保險要求有所減少。更具體地說，從二十分之一到一千分之一的所有危險和所有重現期平均減少了 40%，而與野火有關的相同重現期平均減少了 60%。這些動態進一步影響了第一季度的淨保費收入。

Syndicate 2019 continues to act as a mechanism to enable third-party capital providers to support PCG's high and ultra-high net worth business for the 2023 accident year.

Syndicate 2019 繼續作為一種機制，使第三方資本提供者能夠在 2023 事故年支持 PCG 的高淨值和超高淨值業務。

In terms of expectations for PCG for the full year, we expect net premiums written growth to be at or higher than we saw in the first quarter, the loss ratio to meaningfully improve and the acquisition ratio and general operating expense to also improve.

在對 PCG 全年的預期方面，我們預計淨保費收入增長將達到或高於我們在第一季度看到的水平，損失率將顯著改善，收購率和一般運營費用也將改善。

Turning to International Personal. Net premiums written were largely flat in the first quarter, Travel and Warranty grew while Personal Property declined, all driven by a further refinement of our cat reinsurance cost allocation methodology, making year-over-year comparisons difficult. Accident & Health had some timing issues that impacted net premiums written in the first quarter. We expect to see growth in International Personal for the remainder of 2023 and believe results will continue to strengthen as we move through the year.

轉向國際個人。第一季度淨承保保費基本持平，旅行和保修業務增長，而個人財產業務下降，這一切都是由於我們進一步完善巨災再保險成本分配方法，這使得同比比較變得困難。 Accident & Health 有一些時間問題影響了第一季度的淨保費收入。我們預計在 2023 年剩餘時間裡國際個人業務將增長，並相信隨著我們這一年的推進，業績將繼續增強。

Shifting to combined ratios. As I noted earlier, the first quarter accident year combined ratio, excluding catastrophes, was 88.7%, an 80 basis point improvement year-over-year. In Global Commercial, the first quarter accident year combined ratio, excluding catastrophes, was 84.9%, a 110 basis point improvement year-over-year and we reported a 24% increase in underwriting income.

轉向綜合比率。正如我之前提到的，第一季度事故年度綜合比率（不包括災難）為 88.7%，同比提高 80 個基點。在 Global Commercial，第一季度事故年度綜合比率（不包括巨災）為 84.9%，同比提高 110 個基點，我們報告的承保收入增長了 24%。

The North America Commercial accident year combined ratio, excluding catastrophes, was 85.7%, a 240 basis point improvement year-over-year. The International Commercial accident year combined ratio, excluding catastrophes, was essentially flat at 83.7%, which is an outstanding result. Global Personal reported a first quarter accident year combined ratio, excluding catastrophes, of 98.6%, a 120 basis point increase from the prior year quarter, largely due to a decrease in earned premium from our deliberate reduction in gross exposure in PCG in North America.

北美商業事故年度綜合比率（不包括災難）為 85.7%，同比提高 240 個基點。不包括巨災的國際商事事故年度綜合比率基本持平，為 83.7%，這是一個出色的結果。 Global Personal 報告第一季度事故年度綜合比率（不包括巨災）為 98.6%，比去年同期增加 120 個基點，這主要是由於我們故意減少北美 PCG 的總敞口導致賺取保費下降。

Now let me comment on catastrophes. The cat loss ratio in the quarter was 4.2% or $264 million of catastrophe losses. Our largest loss in the period was from 2 storms in New Zealand, which accounted for $126 million of catastrophe losses.

現在讓我評論一下災難。本季度的巨災損失率為 4.2% 或 2.64 億美元的巨災損失。我們在此期間最大的損失來自新西蘭的 2 場風暴，造成了 1.26 億美元的巨災損失。

Looking at North America, total losses from catastrophe-related activities in the first quarter were $116 million, which includes Validus Re. In International, excluding Japan, we have eroded approximately $75 million of our aggregate retention and have approximately $75 million net remaining, plus the annual aggregate deductible for each cat loss for the rest of the year. As we described in our last call, the reinsurance program we structured at this year's January 1 renewal provides us with the ability to manage volatility and severity. Looking ahead to the rest of 2023, we expect to see very strong top line growth in General Insurance.

看看北美，第一季度與災難相關的活動造成的總損失為 1.16 億美元，其中包括 Validus Re。在國際上，不包括日本，我們已經侵蝕了約 7500 萬美元的總保留額，淨剩餘約 7500 萬美元，加上今年剩餘時間每筆巨災損失的年度總計免賠額。正如我們在上次電話會議中所述，我們在今年 1 月 1 日續保時構建的再保險計劃使我們能夠管理波動性和嚴重性。展望 2023 年剩餘時間，我們預計普通保險業務的營收將實現非常強勁的增長。

Turning to Life and Retirement. The business delivered strong performance in the first quarter. Adjusted pretax income was $886 million for the first quarter, and adjusted return on segment equity was 10.7%. First quarter results benefited from continued growth in spread-based products and related spread income. As I mentioned earlier, premiums and deposits grew significantly in the first quarter, driven by strong new individual retirement business, which, despite increasing surrenders related to interest rates, contributed to growth in the General Account. The balance sheet and capital position of Corebridge remains strong with $1.8 billion of parent liquidity.

轉向生活和退休。該業務在第一季度表現強勁。第一季度調整後的稅前收入為 8.86 億美元，調整後的部門股本回報率為 10.7%。第一季度業績受益於基於價差的產品和相關價差收入的持續增長。正如我之前提到的，在強勁的新個人退休業務的推動下，第一季度保費和存款顯著增長，儘管與利率相關的退保有所增加，但對一般賬戶的增長做出了貢獻。 Corebridge 的資產負債表和資本狀況依然強勁，擁有 18 億美元的母公司流動資金。

Turning to our strategic initiatives. Last week, we executed a definitive documentation with Stone Point Capital for the launch of Private Client Services, an MGA that will serve the high and ultra-high net worth market. We are excited about the prospects for PCS and are confident of the value this new operating structure will deliver for clients, brokers and other stakeholders. We look forward to continuing this journey with the PCS management team and the ongoing support of Stone Point Capital.

轉向我們的戰略舉措。上週，我們與 Stone Point Capital 簽署了一份關於推出私人客戶服務的最終文件，這是一項服務於高淨值和超高淨值市場的 MGA。我們對 PCS 的前景感到興奮，並對這一新的運營結構將為客戶、經紀人和其他利益相關者帶來的價值充滿信心。我們期待與 PCS 管理團隊和 Stone Point Capital 的持續支持一起繼續這一旅程。

Subject to regulatory approvals, the MGA is expected to formally launch in the third quarter of this year, and we expect to bring on additional capital providers through the second half of 2023. As part of our ongoing review process, we regularly assess the composition of our portfolio of businesses to ensure it is aligned with our long-term strategy and best positioned to create value for our shareholders and other stakeholders.

在獲得監管部門批准後，MGA 預計將於今年第三季度正式啟動，我們預計將在 2023 年下半年引入更多資本提供者。作為我們正在進行的審查過程的一部分，我們會定期評估我們的業務組合，以確保它與我們的長期戰略保持一致，並最有能力為我們的股東和其他利益相關者創造價值。

As part of this review, as you saw in our announcement on Tuesday, we executed a definitive documentation to sell Crop Risk Services, or CRS, to American Financial Group for $240 million. We acquired CRS as part of our broader acquisition of Validus Holdings in 2018. AIG will continue to write business for the 2023 spring crop season, which ends June 30. We expect approximately $700 million to $800 million of net premiums written for 2023, 75% of which booked in the first quarter. Starting in the third quarter, AIG will act as a fronting partner for American Financial Group during a transitional period.

作為此次審查的一部分，正如您在周二的公告中看到的那樣，我們簽署了一份最終文件，以 2.4 億美元的價格將作物風險服務 (Crop Risk Services, 簡稱 CRS) 出售給美國金融集團。我們在 2018 年收購了 CRS，作為我們對 Validus Holdings 的更廣泛收購的一部分。AIG 將繼續為 6 月 30 日結束的 2023 年春季作物季承保業務。我們預計 2023 年承保的淨保費約為 7 億至 8 億美元，佔 75%其中在第一季度預訂。從第三季度開始，AIG 將在過渡期間充當美國金融集團的前沿合作夥伴。

For full year 2023, we expect to retain about $800 million to $900 million of earned premiums, $750 million of which we'll earn in over the remainder of the year. CRS is a well-run and attractive business, led by a high-quality management team. In American Financial Group, we have found a high-quality partner for CRS and its employees and believe the business will benefit from being part of a larger combined platform. We also continually review the product portfolio and geographic footprint of Corebridge as we position this business for the future as a fully stand-alone company.

對於 2023 年全年，我們預計將保留約 8 億至 9 億美元的已賺保費，其中 7.5 億美元將在今年剩餘時間賺取。 CRS 是一家經營良好且具有吸引力的企業，由一支高素質的管理團隊領導。在 American Financial Group，我們為 CRS 及其員工找到了優質合作夥伴，並相信該業務將從成為更大的聯合平台的一部分中受益。我們還不斷審查 Corebridge 的產品組合和地理足跡，因為我們將這項業務定位為未來完全獨立的公司。

After a comprehensive review of the health product offering, we decided to evaluate strategic alternatives and a potential sale of Laya Healthcare, the private medical insurance business in Ireland. We believe this will help to streamline the Corebridge portfolio and allow it to focus on Life and Retirement products and solutions.

在對提供的健康產品進行全面審查後，我們決定評估戰略選擇和潛在出售愛爾蘭私人醫療保險業務 Laya Healthcare 的可能性。我們相信這將有助於簡化 Corebridge 產品組合，並使其專注於人壽和退休產品和解決方案。

Turning to capital management. The first quarter marked another quarter of continued progress and execution of our balanced strategy. In addition to the first quarter share repurchases and dividends that I mentioned earlier, against the backdrop of an unstable macroeconomic environment, we thought it was prudent to raise $750 million of debt at the end of March. This provided us with financial flexibility to pay down a near-term debt maturity and complete additional share repurchases at what we viewed as attractive share prices.

轉向資本管理。第一季度標誌著我們平衡戰略的持續進展和執行的又一個季度。除了我之前提到的第一季度股票回購和派息外，在宏觀經濟環境不穩定的背景下，我們認為在 3 月底籌集 7.5 億美元的債務是謹慎的。這為我們提供了財務靈活性，可以償還近期到期的債務，並以我們認為具有吸引力的股價完成額外的股票回購。

Turning to return on common equity. We remain highly committed and laser-focused on delivering a 10%-plus ROCE. Through the first quarter, we continued to make meaningful progress on the 4 components of our path to deliver on this commitment. As a reminder, these components include sustained and improved underwriting profitability; executing on a simpler, leaner business model across AIG; operational separation and deconsolidation of Corebridge; and continued balanced capital management. Given the number of strategic initiatives we are executing at once, we are taking a long-term view while measuring progress in 90-day increments. We advanced each component during the first quarter and expect this to continue throughout 2023.

轉向普通股回報率。我們仍然高度致力於並專注於提供 10% 以上的 ROCE。在第一季度，我們繼續在實現這一承諾的 4 個組成部分上取得有意義的進展。提醒一下，這些組成部分包括持續和提高的承保盈利能力；在 AIG 中執行更簡單、更精簡的業務模型； Corebridge 的業務分離和拆分；持續平衡的資本管理。考慮到我們同時執行的戰略計劃數量，我們在以 90 天為增量衡量進展時著眼長遠。我們在第一季度推進了每個組件，並預計這將持續到 2023 年。

As I discussed earlier, our first quarter financial results were excellent, with continued top line growth and improvement in underwriting profitability in General Insurance. Over the last few months, we accelerated our work to establish AIG's future state business model. Sequencing has been very important on our journey and the work that's been accomplished over the last few years on the General Insurance turnaround, AIG 200, the separation and IPO of Corebridge and restructuring of our investment management group. This has positioned us to move forward as a more focused and simplified AIG.

正如我之前討論的那樣，我們第一季度的財務業績非常出色，收入持續增長，一般保險的承保盈利能力有所改善。在過去的幾個月裡，我們加快了建立 AIG 未來狀態業務模型的工作。排序在我們的旅程中非常重要，過去幾年在 General Insurance 扭虧為盈、AIG 200、Corebridge 的分離和 IPO 以及我們投資管理集團的重組方面已經完成的工作。這使我們能夠作為一個更加專注和簡化的 AIG 向前邁進。

Evolving our future state business model will result in us moving away from the conglomerate structure AIG operated in for decades. We will eliminate overlap and significantly reduce decentralized infrastructure across the company, which will lead to a leaner business model, particularly in our operations. In future state, we expect a redefined AIG parent expense structure to be approximately 1% to 1.5% of premiums, which today is roughly $250 million to $350 million.

發展我們未來的國家商業模式將使我們擺脫 AIG 經營了幾十年的聯合企業結構。我們將消除重疊並顯著減少整個公司的分散基礎設施，這將導致更精簡的商業模式，特別是在我們的運營中。在未來的狀態下，我們預計重新定義的 AIG 母公司費用結構將約為保費的 1% 至 1.5%，如今約為 2.5 億美元至 3.5 億美元。

AIG parent will have 5 primary roles and objectives: public company matters, including finance, legal, compliance and regulatory oversight as well as corporate governance; communications with key stakeholders, including the investment community, rating agencies, regulators, policymakers and AIG colleagues; risk management, culture, performance and human capital management; and strategy, including business development, M&A and design and execution of key initiatives. As we progress our future state business model, we anticipate achieving approximately $500 million in cost reductions at AIG parent and a cost to achieve of around $400 million with substantially quicker earn-in of savings that we achieved with AIG 200.

AIG 母公司將有 5 個主要角色和目標： 上市公司事務，包括財務、法律、合規和監管監督以及公司治理；與主要利益相關者的溝通，包括投資界、評級機構、監管機構、政策制定者和 AIG 同事；風險管理、文化、績效和人力資本管理；和戰略，包括業務發展、併購以及關鍵舉措的設計和執行。隨著我們推進未來狀態的業務模型，我們預計 AIG 母公司將實現約 5 億美元的成本削減，並通過我們通過 AIG 200 實現的顯著更快的節省收益實現約 4 億美元的成本。

As expense savings begin to earn through, the reductions will largely be seen in other operations, which is where general operating expenses are currently accounted for.

隨著費用節省開始實現，減少將主要體現在其他業務中，這是目前計算一般運營費用的地方。

With respect to Corebridge, I took you through our current thinking on separation and timing of the secondary offerings.

關於 Corebridge，我向您介紹了我們目前對二次發行的分離和時間安排的想法。

Lastly, on capital management. We continue to maintain appropriate levels of capital in our subsidiaries to support profitable growth. We remain on track to reduce AIG common stock outstanding to be between 600 million and 650 million shares and achieve a debt-to-capital leverage at the lower end of our 20% to 25% range post deconsolidation of Corebridge.

最後，關於資本管理。我們繼續保持子公司的適當資本水平，以支持盈利增長。我們仍然有望將 AIG 流通在外的普通股減少到 6 億至 6.5 億股之間，並在 Corebridge 拆分後的 20% 至 25% 範圍內實現債務資本槓桿率的下限。

As I noted earlier, we increased our common stock dividend by 12.5%, starting in the second quarter of this year. And in addition to our stock repurchases in the first quarter, to date, we have repurchased $240 million of AIG common stock in the second quarter. Apart from the progress we're making on these components of our path to a 10%-plus ROCE, we also expect tailwinds from higher reinvestment yields. We are confident that our continued progress on strategic initiatives and our capital management strategy will allow us to achieve our ROCE targets and deliver long-term profitable growth that benefits all of our stakeholders.

正如我之前提到的，我們從今年第二季度開始將普通股股息提高了 12.5%。除了第一季度的股票回購外，迄今為止，我們在第二季度回購了 2.4 億美元的 AIG 普通股。除了我們在實現 10% 以上的 ROCE 的這些組成部分方面取得的進展外，我們還預計更高的再投資收益率會帶來順風。我們相信，我們在戰略舉措和資本管理戰略方面的持續進展將使我們能夠實現我們的 ROCE 目標並實現長期盈利增長，從而使我們所有的利益相關者受益。

I will now turn the call over to Sabra.

我現在將把電話轉給 Sabra。

Thank you, Peter. This morning, I will cover 2 accounting changes, provide more details on first quarter results and give an overview of Commercial Mortgage Loans. First, the 1-month lag in financial reporting for the General Insurance International segment was eliminated last quarter. The lag elimination did not impact earnings significantly, but it did affect premiums written comparisons to 2022. Details on the premium impacts are in the financial supplement on Page 26.

謝謝你，彼得。今天上午，我將介紹 2 項會計變更，提供有關第一季度業績的更多詳細信息，並概述商業抵押貸款。首先，上個季度消除了 General Insurance International 部門 1 個月的財務報告滯後。滯後消除並未顯著影響收益，但確實影響了與 2022 年相比的保費書面比較。有關保費影響的詳細信息，請參閱第 26 頁的財務補充。

Second, we adopted the change in accounting standard for certain long-duration products, commonly called LDTI. Yesterday, 8-Ks were filed that provide restated prior year financial results for AIG and Corebridge. The cumulative effect at year-end 2022 was an increase of $1.5 billion to adjusted equity and an increase of $1.0 billion to total shareholders' equity. This impact is consistent with our previous guidance. As a reminder, this is a GAAP accounting change only and does not impact statutory results, insurance company cash flows or economic returns. Going forward, we expect a modest run rate increase in L&R APTI and less market and mortality-driven volatility from the change in accounting standards.

其次，我們採用了某些長期產品（通常稱為 LDTI）的會計準則變更。昨天，提交的 8-Ks 提供了 AIG 和 Corebridge 重述的前一年財務業績。到 2022 年底的累計影響是調整後權益增加 15 億美元，股東權益總額增加 10 億美元。這種影響與我們之前的指導一致。提醒一下，這只是 GAAP 會計變更，不會影響法定結果、保險公司現金流量或經濟回報。展望未來，我們預計 L&R APTI 的運行率將適度增加，並且會計準則變更導致的市場和死亡率驅動的波動性將減少。

Turning to the quarter, as Peter mentioned, AIG's first quarter adjusted after-tax income was $1.2 billion or $1.63 per diluted share, up 9% from last year on a restated basis and up 25% from originally reported. Key trends in the quarter and similar to the last 3 quarters were higher GI underwriting results and higher income from fixed maturities and loans and lower alternative investment income. Compared to the prior year quarter, there was a higher impact from noncontrolling interest from the Corebridge IPO in 3Q '22.

談到本季度，正如 Peter 提到的那樣，AIG 第一季度調整後的稅後收入為 12 億美元或每股攤薄收益 1.63 美元，經重述後比去年增長 9%，比最初報告的增長 25%。本季度與前 3 個季度相似的主要趨勢是更高的 GI 承保業績和更高的固定期限和貸款收入以及更低的另類投資收入。與去年同期相比，22 年第三季度 Corebridge 首次公開募股對非控股權益的影響更大。

Consolidated net investment income on an APTI basis was $3.1 billion. Similar to the fourth quarter, income from fixed maturities and loans in both GI and L&R rose sequentially and over the prior year, while returns on alternative investments were down $593 million compared to very strong annualized returns of 28% last year.

基於 APTI 的合併淨投資收益為 31 億美元。與第四季度類似，GI 和 L&R 的固定期限和貸款收入環比上升，與去年同期相比有所上升，而另類投資的回報率與去年 28% 的強勁年化回報率相比下降了 5.93 億美元。

Income on fixed maturities and loans rose by $573 million over the prior year, with average new money reinvestment rates of 5.35%, about 220 basis points above sales and maturities. The yield rose to 4.29%, up 78 basis points from 1Q '22 and 23 basis points over 4Q '22. Part of the increase in fixed maturity yields resulted from our proactive repositioning over the last 2 quarters in the U.S. GI portfolio. We sold and reinvested about $6 billion in fixed maturities, resulting in a realized loss of $224 million, but added 9 basis points of GI yield improvement for the quarter. We expect incremental yield pickup from this repositioning in 2Q '23 and also from higher reinvestment rates throughout 2023 based on the current rate and spread environment.

固定期限和貸款收入比上年增加 5.73 億美元，平均新資金再投資率為 5.35%，比銷售額和期限高出約 220 個基點。收益率升至 4.29%，比 22 年第一季度高 78 個基點，比 22 年第四季度高 23 個基點。固定到期收益率的部分增長是由於我們在過去兩個季度對美國 GI 投資組合的主動重新定位。我們出售並再投資了約 60 億美元的固定期限債券，導致實現虧損 2.24 億美元，但本季度 GI 收益率提高了 9 個基點。根據當前的利率和價差環境，我們預計 2023 年第二季度的重新定位以及整個 2023 年更高的再投資率會增加收益率。

Turning to the segments. GI adjusted pretax income, or APTI, was $1.2 billion, $37 million higher than 1Q '22, principally due to a $56 million increase in underwriting income from both higher-earned premiums and a 1 point improvement in the calendar year combined ratio, which was 91.9%. Peter covered underwriting results in detail, but I want to add that GI reserves had favorable prior year development, net of reinsurance at prior year premiums of $54 million.

轉向細分市場。 GI 調整後稅前收入 (APTI) 為 12 億美元，比 22 年第一季度高出 3700 萬美元，這主要是由於高收入保費帶來的承保收入增加了 5600 萬美元，日曆年綜合比率提高了 1 個百分點，這是91.9%。 Peter 詳細介紹了承保結果，但我想補充一點，GI 儲備在扣除上一年保費 5400 萬美元的再保險後，前一年的發展情況良好。

Turning to L&R results for the first quarter. APTI was $886 million, down $48 million compared to $934 million in 1Q '22 as restated. Consistent with GI, L&R had a strong increase in base portfolio investment income, but lower alternative investment income. Mortality experience improved, but fee income was down due to lower capital market levels compared to a year ago. As Peter noted, L&R premiums and deposits were very strong at $10.4 billion. Notably, Individual Retirement sales were $4.9 billion, a 26% increase over the prior year quarter with record levels of fixed and fixed index annuity sales because of higher crediting rates.

轉向第一季度的 L&R 結果。 APTI 為 8.86 億美元，與重申的 22 年第一季度的 9.34 億美元相比下降了 4800 萬美元。與 GI 一致，L&R 的基礎證券投資收入大幅增長，但另類投資收入較低。死亡率有所改善，但由於資本市場水平低於一年前，費用收入有所下降。正如彼得指出的那樣，L&R 的保費和存款非常強勁，達到 104 億美元。值得注意的是，個人退休金銷售額為 49 億美元，比去年同期增長 26%，由於較高的貸記利率，固定和固定指數年金銷售額創歷史新高。

Group Retirement deposits grew 19%, with higher out-of-plan fixed annuity sales and new plan acquisitions. Strong fixed and fixed index annuity sales, net of surrenders, resulted in $1.3 billion of positive flows to the General Account in Individual Retirement, up from $0.7 billion last year. While surrenders are up, they remain below projections. Variable annuity net flows, which impact the separate account, were negative.

集團退休存款增長 19%，計劃外固定年金銷售和新計劃收購增加。強勁的固定和固定指數年金銷售（扣除退保）導致個人退休一般賬戶的正流量從去年的 7 億美元增加到 13 億美元。雖然投降人數有所增加，但仍低於預期。影響獨立賬戶的可變年金淨流量為負。

To conclude on earnings for the quarter, other operations adjusted pretax loss, or APTL, was $491 million, a $70 million increase due to lower APTI from consolidated investment entities in Asset Management, which had strong private equity results in 1Q '22. Corporate GOE decreased $27 million from the prior year and $77 million from 4Q '22 despite $29 million of additional expense related to the corporate separation.

總結本季度的收益，其他業務調整後的稅前虧損或 APTL 為 4.91 億美元，增加了 7000 萬美元，這是由於資產管理中合併投資實體的 APTI 較低，該實體在 22 年第一季度的私募股權業績強勁。公司 GOE 比上年減少 2700 萬美元，比 22 年第四季度減少 7700 萬美元，儘管與公司分離相關的額外費用為 2900 萬美元。

Turning to AIG's balance sheet. Book value per common share was $58.87 at quarter end, up 7% from year-end, principally due to higher valuations on available-for-sale securities due to lower long-term interest rates. Adjusted book value was $75.87 per share, roughly flat with year-end. At the end of March, we issued $750 million of senior notes, a portion of which was used to pay down an April bond maturity.

轉向 AIG 的資產負債表。季度末每股普通股賬面價值為 58.87 美元，比年底增長 7%，這主要是由於長期利率較低導致可供出售證券的估值較高。調整後的賬面價值為每股 75.87 美元，與年底大致持平。 3 月底，我們發行了 7.5 億美元的優先票據，其中一部分用於償還 4 月份到期的債券。

Our leverage ratio declined to 32.8%, down about 1 point from year-end even with the new issuance due to the change in AOCI in the quarter. Excluding AOCI and the Fortitude-embedded derivative, debt leverage was 26.3%.

由於本季度AOCI的變化，即使有新發行，我們的槓桿率也下降至32.8%，較年底下降約1個百分點。不包括 AOCI 和 Fortitude 嵌入式衍生品，債務槓桿率為 26.3%。

For the first quarter of 2023, AIG's consolidated adjusted ROCE was 8.7%, comprised of 11.6% in GI and 10.7% in L&R. As Peter discussed, we are laser-focused on achieving a 10%-plus ROCE post deconsolidation.

2023 年第一季度，AIG 的綜合調整後 ROCE 為 8.7%，其中 GI 為 11.6%，L&R 為 10.7%。正如 Peter 所討論的那樣，我們專注於實現 10% 以上的 ROCE 拆分後。

Peter provided a lot of detail on the quarter. So I'll use my remaining time to cover investments, particularly Commercial Mortgage Loans, given the recent focus on this asset class. First, I want to emphasize that our investment portfolio is grounded in the liability profile of our 2 insurance businesses. We strive to achieve strong risk-adjusted returns while matching the duration, cash flow and liquidity needs of the liabilities.

彼得提供了有關該季度的很多細節。因此，鑑於最近對這一資產類別的關注，我將利用剩餘時間進行投資，尤其是商業抵押貸款。首先，我想強調的是，我們的投資組合是基於我們 2 項保險業務的負債情況。我們努力實現強勁的風險調整後回報，同時匹配負債的期限、現金流和流動性需求。

Over the last several years, we have improved the risk profile of the investment portfolio by reducing capital-intensive, less liquid or more volatile assets such as hedge funds. With the onset of COVID and, again, with rising interest rates last year, we further tightened investment guidelines and moved up in quality, including the GI repositioning mentioned earlier and also sales of L&R non-investment-grade assets.

在過去幾年中，我們通過減少對沖基金等資本密集型、流動性較低或波動性較大的資產，改善了投資組合的風險狀況。隨著 COVID 的出現以及去年利率的上升，我們進一步收緊了投資指南並提高了質量，包括前面提到的 GI 重新定位以及 L&R 非投資級資產的銷售。

Turning to our Commercial Mortgage Loan exposures. I'll start by noting that our mortgages are senior secured loans on high-quality properties that are well diversified by type and geography with strong loan to values, or LTVs, averaging 59% and debt service coverage ratios averaging 1.9x. We are the lead lender on more than 80% of our loans, which gives us important control rights.

轉向我們的商業抵押貸款風險敞口。我首先要指出的是，我們的抵押貸款是針對優質房產的高級擔保貸款，這些房產在類型和地域上非常多樣化，貸款價值比 (LTV) 平均為 59%，償債覆蓋率平均為 1.9 倍。我們是 80% 以上貸款的牽頭貸款人，這賦予了我們重要的控制權。

Excluding Fortitude funds withheld assets, we had $33.8 billion of Commercial Mortgage Loans at the end of March, of which $30.3 billion were at Corebridge and $3.5 billion at General Insurance. The largest property type is multifamily housing or apartments, about 40% of our Commercial Mortgage Loans. Industrial Property loans are about 16% of the portfolio. Both multifamily and industrial are performing well. We are, however, focused on traditional U.S. office, which is $5.4 billion or 2% of AIG's invested assets. Our U.S. office allocation has been shrinking for several years, particularly when we tightened underwriting standards further for office, retail and hotels with the onset of COVID. Currently, 94% of the office loans are high-quality rated CM1 or CM2 with debt service coverage averaging about 2.1x and weighted average LTVs of 64%. Valuations are updated annually by a third party, and we continue to monitor valuations given rising cap rates.

不包括 Fortitude 基金預扣資產，截至 3 月底，我們擁有 338 億美元的商業抵押貸款，其中 303 億美元來自 Corebridge，35 億美元來自 General Insurance。最大的房產類型是多戶住宅或公寓，約占我們商業抵押貸款的 40%。工業產權貸款約佔投資組合的 16%。多戶住宅和工業住宅都表現良好。然而，我們專注於傳統的美國辦事處，這是 54 億美元或 AIG 投資資產的 2%。多年來，我們在美國的辦公室分配一直在縮減，尤其是當我們隨著 COVID 的爆發進一步收緊辦公室、零售和酒店的承保標準時。目前，94% 的寫字樓貸款為高質量評級 CM1 或 CM2，償債覆蓋率平均約為 2.1 倍，加權平均 LTV 為 64%。估值每年由第三方更新，鑑於資本化率不斷上升，我們將繼續監測估值。

We also have a credit or CECL allowance against the portfolio of about $330 million or 3.7% against the office loan portfolio and $584 million for the total commercial mortgage portfolio or 1.7%, which is higher than many peers as we use CMBS default data in our methodology.

我們還對投資組合提供約 3.3 億美元或 3.7% 的信貸或 CECL 津貼，對辦公室貸款組合和對商業抵押貸款組合總額的 5.84 億美元或 1.7%，這高於許多同行，因為我們在我們的報告中使用 CMBS 違約數據方法。

Roughly 3/4 of the building securing the loans are Class A or newer buildings with better amenities. The majority are in the top 5 U.S. metropolitan areas and concentrated in central business districts, including in New York City, which historically has been one of the strongest office markets in the country.

獲得貸款的建築物中大約有 3/4 是 A 級或設施更好的較新建築物。大多數位於美國排名前 5 位的大都市區，並集中在中央商務區，包括紐約市，紐約市歷來是美國最強勁的寫字樓市場之一。

Today, we are intensely focused on office loan maturities in the next 2 years, about $2 billion or 28 loans. We are already in discussions with many borrowers about their plans and our requirements for refinancing or extension, including additional equity revised terms or other commitments. While valuations are under pressure, cash flows are the primary source of debt service for our loans, and we will continue to monitor the loans carefully. We look forward to updating you on our investment performance in the quarters ahead.

今天，我們非常關注未來 2 年的辦公貸款到期日，大約 20 億美元或 28 筆貸款。我們已經在與許多藉款人討論他們的計劃以及我們對再融資或延期的要求，包括額外的股權修訂條款或其他承諾。雖然估值面臨壓力，但現金流是我們貸款償債的主要來源，我們將繼續仔細監控貸款。我們期待著為您更新我們在未來幾個季度的投資業績。

To wrap up, our first quarter 2023 results demonstrate continued sustained and strong financial results, rising investment portfolio yields, significant progress against strategic initiatives, robust capital and liquidity and continued progress on our path to a 10%-plus ROCE.

總而言之，我們 2023 年第一季度的業績表明，財務業績持續強勁，投資組合收益率上升，戰略舉措取得重大進展，資本和流動性強勁，我們在 ROCE 超過 10% 的道路上繼續取得進展。

With that, I will turn the call back over to Peter.

有了這個，我會把電話轉回給彼得。

(Operator Instructions) Our first question comes from Meyer Shields with KBW.

（操作員說明）我們的第一個問題來自 Meyer Shields 和 KBW。

Peter, I wanted to address one aspect of growth. And you covered, I think, a ton of detail, which is helpful. But the net-to-gross ratio didn't change. And I would have thought that based on the current dynamics in the property cat market and much improved performance on a lot of casualty lines that have been heavily reinsured, that we would see AIG retaining more of its gross premium. I was hoping you could talk through that.

彼得，我想談談增長的一個方面。我認為，您涵蓋了大量的細節，這很有幫助。但淨毛比沒有變化。而且我本以為，根據財產險市場的當前動態以及大量再保險的傷亡險種的顯著改善，我們會看到 AIG 保留更多的毛保費。我希望你能談談。

Meyer, this is Quentin. I think we're having a little audio technical difficulties. So if you can bear with us for just one moment, we'll be back in just 1 second.

邁耶，這是昆汀。我認為我們在音頻技術上遇到了一些困難。因此，如果您能忍受我們片刻，我們將在 1 秒後回來。

(technical difficulty)

（技術難度）

Can you hear me now?

你能聽到我嗎？

Yes. You're coming through loud and clear, Peter. Meyer, do you want to just repeat your question?

是的。彼得，你的聲音很響亮。邁耶，你想重複你的問題嗎？

I heard the questions, Quentin. Sorry, I actually had a good answer too. I just was on -- not a microphone that worked. So Meyer, back to your question is that we had -- you have to look at the portfolio composition to be able to answer the question. And Validus Re obviously had meaningful growth on gross and net during the quarter. And so, therefore, it's hard to look at the cessions year-over-year when you're having a retro program that fits the portfolio that you're underwriting.

我聽到了問題，昆汀。對不起，我其實也有一個很好的答案。我只是 - 不是一個有效的麥克風。所以邁耶，回到你的問題是我們有 - 你必須看看投資組合的構成才能回答這個問題。 Validus Re 在本季度的毛額和淨額明顯增長。因此，當你有一個適合你承保的投資組合的追溯計劃時，很難逐年查看分攤。

We've never had a strategy that we're going to time the market with our reinsurance partners. They've always been strategic. They've always been supportive. They've always deployed the capital in support of AIG. And so we were not going to do anything, other than to try to get the appropriate terms and conditions with them and have not really changed much of our risk appetite in terms of taking that. And I think that has generated a terrific result for us on net premium written, but also on the combined ratios.

我們從未有過與我們的再保險合作夥伴一起把握市場時機的策略。他們一直都是戰略性的。他們一直都很支持。他們總是動用資金來支持 AIG。因此，除了嘗試與他們達成適當的條款和條件之外，我們什麼都不打算做，並且在接受這些條款和條件方面並沒有真正改變我們的風險偏好。我認為這為我們在淨保費和綜合比率方面產生了極好的結果。

So I think I wouldn't look into just one quarter in terms of discussions. And as I said, we have a lot in terms of the guidance I've given on PCG, which we will still assume a lot of risk. And I guess -- let's just play it out for the full year. We're not looking to do anything materially different.

所以我認為我不會只考慮四分之一的討論。正如我所說，就我對 PCG 的指導而言，我們有很多，我們仍然會承擔很多風險。我想——讓我們玩一整年吧。我們不打算做任何實質上不同的事情。

Okay. Perfect. That's helpful. And I don't know if this is even a good question. But does the changing approach to North American Personal Lines have any implications for the International Personal segment?

好的。完美的。這很有幫助。我什至不知道這是否是一個好問題。但是，北美個人險種不斷變化的方式是否會對國際個人險種產生任何影響？

It really doesn't, Meyer. I mean they're really distinct businesses. I mean, certainly, our Travel and Warranty have platforms that are global and that give us capabilities across the world. But as you know, Private Client Group, in particular in the U.S., is a unique asset. Again, the guidance I gave in the prepared remarks, it's one that we believe we will grow the net premium written because we don't believe we need the quota shares anymore after the excellent job the team has done in repositioning and re-underwriting that portfolio. We have substantially less cat in aggregates that we once did. So I think that's something that will be a little different in terms of -- if you look at International.

它真的沒有，邁耶。我的意思是他們是真正不同的企業。我的意思是，當然，我們的旅行和保修擁有全球性的平台，使我們能夠在全球範圍內發揮作用。但正如您所知，私人客戶集團，尤其是在美國，是一項獨特的資產。再次，我在準備好的評論中給出的指導，我們相信我們將增加淨保費，因為我們認為在團隊在重新定位和重新承保方面所做的出色工作之後，我們不再需要配額份額文件夾。與以前相比，我們的貓總數大大減少了。所以我認為如果你看一下國際比賽，這會有點不同。

While International, we have a terrific Personal Insurance business. Some of it was affected by COVID. It's growing back, between Japan's Personal Insurance, our Global Accident & Health, which is predominantly International as well as our Travel and Warranty, which are rebounding in terms of growth. So I don't think that there's a lot of correlation between International and North America. But both we believe in and we're investing in, and you'll continue to see improvement. It will just be at a different pace because of the anomaly of the high net worth business.

在國際化的同時，我們擁有出色的人身保險業務。其中一些受到了 COVID 的影響。在日本的人身保險、我們的全球意外與健康保險（主要是國際保險）以及我們的旅行和保修保險之間，它正在恢復增長，這些保險在增長方面正在反彈。所以我不認為國際和北美之間有很多相關性。但我們相信並正在投資，您將繼續看到改進。由於高淨值企業的異常，它只會以不同的速度發展。

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。

I also had a couple of questions on the Personal Lines business, sort of micro and macro. My understanding, and tell me if I'm wrong, is that much of the change to the MGA is scale related. And does that mean that we should expect the expense ratio to fall over time as the MGA gain speed? And maybe just correct me if I'm wrong, does that shift around how we think about sort of the relationship between expenses and losses in that business over time, not necessarily next quarter, but over time?

我也有幾個關於個人專線業務的問題，有點微觀和宏觀。我的理解是，如果我錯了請告訴我，MGA 的大部分變化都與規模相關。這是否意味著我們應該預期隨著 MGA 速度的提高，費用率會隨著時間的推移而下降？如果我錯了，也許只是糾正我，隨著時間的推移，這是否會改變我們對該業務支出和損失之間關係的看法，不一定是下個季度，而是隨著時間的推移？

Paul, let me make sure I understand the question. I mean are you asking in terms of what's going to happen to the expense ratios over time as we start to reposition and grow the business?

保羅，讓我確保我理解這個問題。我的意思是，當我們開始重新定位和發展業務時，您是在問隨著時間的推移費用比率會發生什麼變化？

Yes, I am.

我是。

Okay, thank you. This year, as I said in my prepared remarks, we are going to see a lot more net premium written. The reason for that is as we were repositioning the business over the last 2 years, we bought very low excess of loss catastrophe reinsurance. We bought a substantial quota share. We ceded a significant amount of Syndicate 2019, which also had retrocession behind that in a variety of forms. And so the net premium written was not that large as you've seen. And so part of the repositioning with Stone Point and having an MGA, one is that we think there's tremendous growth opportunities that exist in the business with other capital providers and believe that how we have repositioned the business through rate increases and disciplined underwriting on the admitted side, and then also the non-admitted became an option for us to have flexibility in form and rate. And so that was very positive for us in terms of repositioning the business.

好的謝謝。今年，正如我在準備好的發言中所說，我們將看到更多的淨溢價。原因是我們在過去 2 年重新定位業務時，購買了非常低的超額損失巨災再保險。我們購買了大量配額份額。我們放棄了大量的 Syndicate 2019，其背後也以各種形式進行了轉分保。因此，所寫的淨保費並不像你所看到的那麼大。因此，與 Stone Point 重新定位和擁有 MGA 的一部分，一個是我們認為與其他資本提供者的業務存在巨大的增長機會，並且相信我們如何通過提高利率和對承認的有紀律的承銷來重新定位業務一邊，然後非錄取也成為我們在形式和費率方面具有靈活性的一種選擇。因此，就重新定位業務而言，這對我們來說非常積極。

As we look to 2023 and beyond, we believe that the business is going to perform much better, much more profitable. And we don't need to cede off as much on the quota share. So as a result, in this particular calendar year, what you'll see is a lot of net premium written growth, improved loss ratios and both the expense ratio on an acquisition basis as well as the general operating expenses will improve. And so the overall combined ratio will improve dramatically. We're not going to be where we want to be in 2023, but believe by the time we hit 2024, those results will continue to improve.

展望 2023 年及以後，我們相信該業務將表現得更好，利潤更高。而且我們不需要放棄那麼多的配額份額。因此，在這個特定的日曆年中，您會看到大量的淨保費承保增長、損失率的改善以及收購基礎上的費用率以及一般運營費用都會有所改善。因此，整體綜合成本率將大幅提高。我們不會在 2023 年達到我們想要達到的水平，但相信到 2024 年時，這些結果將繼續改善。

That's great. And maybe a big picture talking about a little bit more of the big picture cat exposures. I mean it looks like -- I'm just looking at the General Insurance overall, the cat load has pretty much stabilized, but that's been a huge part of the improvement over time. Do you think we're pretty much done? And again, I'm not talking about next quarter. I'm talking about years to come, from making this portfolio of businesses have the cat load that you want. I mean is this sort of the run rate we should be thinking about in the long term?

那太棒了。也許一張大圖談論更多的大圖貓曝光。我的意思是它看起來像——我只是在看整體的一般保險，貓的負擔已經相當穩定，但隨著時間的推移，這是很大一部分改進。你認為我們已經完成了嗎？再一次，我不是在談論下個季度。我說的是未來幾年，讓這個業務組合擁有你想要的巨額負載。我的意思是，從長遠來看，我們應該考慮這種運行率嗎？

The team has done an incredible job of underwriting the Property line of business across all of AIG over multiple years. Our ability to reposition that portfolio, we talk a lot about aggregates, we talk a lot about reductions and we talked a lot about where we want to grow. I think we were in a terrific place as we enter 2023 from that hard work. And when I look at where we decided to grow, we constantly talk about where the best risk-adjusted returns available in the marketplace, where is our capacity most valued and where we value for clients.

多年來，該團隊在承保整個 AIG 的財產業務方面做得非常出色。我們重新定位該投資組合的能力，我們談了很多關於總量的問題，我們談了很多關於減少的問題，我們談了很多關於我們想要增長的地方。我認為，當我們從艱苦的工作中進入 2023 年時，我們處在一個了不起的位置。當我審視我們決定發展的地方時，我們不斷談論市場上風險調整後的最佳回報在哪裡，我們的能力在哪裡最有價值以及我們對客戶的價值在哪裡。

So when I look at where we've grown, Validus Re certainly was a big part of that. Lexington has been hitting it out of the park on just about every aspect, whether it's top line growth, retention, new business, rate, like how they actually are more relevant in the marketplace. Working with Dave McElroy and the team, we've taken back some of the Retail Property. But then in other parts of the world, we've taken it back up. So like we've repositioned the portfolio and then have coupled that with the reinsurance to reflect the portfolio it is today.

因此，當我審視我們成長的地方時，Validus Re 無疑是其中的重要組成部分。列剋星敦幾乎在每個方面都表現出色，無論是收入增長、保留率、新業務、利率，就像它們在市場上的實際相關性一樣。我們與 Dave McElroy 及其團隊合作，收回了部分零售物業。但隨後在世界其他地方，我們又恢復了它。因此，就像我們重新定位了投資組合，然後將其與再保險結合起來以反映今天的投資組合。

So if I summarize what happened at 1/1 is that we saw terrific opportunities for Validus Re to grow. So we took the PMLs up there a little bit. We dramatically took the PMLs down in the Private Client Group substantially. Again, I gave the return period, that every return period from 1 in 20 to 1 in 1,000 was substantially reduced on all peril and, in particular, on wildfire. And we actually took the commercial book. Despite our growth in Lexington and Global Specialty, we took those PMLs down as well. So overall, when you look at the increased PMLs in the first quarter of Validus Re and the reductions that we had in the Commercial business and the Personal business, our overall PMLs are down year-over-year.

因此，如果我總結 1/1 發生的事情，我們看到了 Validus Re 成長的絕佳機會。所以我們把 PML 帶到了那裡。我們大幅降低了私人客戶組的 PML。再次，我給出了重現期，從 20 分之一到 1,000 分之一的每一個重現期都大大減少了所有危險，特別是野火。我們實際上拿了商業書。儘管我們在 Lexington 和 Global Specialty 取得了增長，但我們也降低了這些 PML。因此，總的來說，當您查看 Validus Re 第一季度增加的 PML 以及我們在商業業務和個人業務中的減少時，我們的整體 PML 同比下降。

I think that's a tremendous outcome when you look at where we're growing, how we're driving risk-adjusted returns, how we couple that with reinsurance and our overall net PMLs are down at all the critical return periods. So I think all of that's been purposeful. The team has done an unbelievable job executing.

我認為這是一個巨大的結果，當你看看我們在哪裡增長，我們如何推動風險調整後的回報，我們如何將其與再保險相結合，以及我們的整體淨 PML 在所有關鍵回報期都下降了。所以我認為所有這些都是有目的的。該團隊執行的工作令人難以置信。

Our next question comes from Michael Ward with Citi.

我們的下一個問題來自花旗的邁克爾沃德。

I was hoping you could discuss how you think about your excess capital just given the macro volatility. You raised some debt, it sounds like, for some prudent liquidity and for buybacks. I guess given the share price, I guess, the buyback could have been a little bit higher. So just wondering from here, should we expect that you'll sort of hold a bit more capital against uncertainty?

我希望您能討論在宏觀波動的情況下如何看待您的過剩資本。你舉了一些債務，聽起來像是為了一些審慎的流動性和回購。我想考慮到股價，我想回購可能會高一點。所以從這裡想知道，我們是否應該期望您持有更多的資本來應對不確定性？

Thank you. We were very disciplined in terms of the $750 million debt raise. Again, I'm going to let Sabra comment a little bit more on liquidity and capital. But when I look at all the different components of our capital strategy, I think we executed incredibly well in the first quarter. I mean our primary focus is to make sure that we have the appropriate capital levels in the insurance company subsidiaries for growth, and so it gave us tremendous opportunities at 1/1 as it will give us for the entire year.

謝謝。就 7.5 億美元的債務籌集而言，我們非常自律。同樣，我將讓 Sabra 就流動性和資本發表更多評論。但當我審視我們資本戰略的所有不同組成部分時，我認為我們在第一季度的表現非常出色。我的意思是我們的主要重點是確保我們在保險公司子公司中擁有適當的資本水平以實現增長，因此它為我們提供了 1/1 的巨大機會，因為它將為我們提供全年。

Very focused on our leverage ratios and being at the lower end just to give us financial flexibility. And of course, I've been leading everybody every quarter saying, we're looking at the dividend and to have a 12.5% dividend increase not only helps complete some of the capital management strategy we've been talking about, but also shows the confidence that we have on our earnings and how we're managing liquidity. But I'll have Sabra comment a little bit on the parent liquidity and our approach to capital. And it is proven to be conservative at this time. Sabra?

非常關注我們的槓桿率並處於較低端只是為了給我們提供財務靈活性。當然，我每個季度都帶領大家說，我們正在研究股息，股息增加 12.5% 不僅有助於完成我們一直在談論的一些資本管理戰略，而且還表明我們對收益的信心以及我們如何管理流動性。但我會讓 Sabra 對母公司的流動性和我們的資本方法發表一些評論。並且證明此時是保守的。薩布拉？

Thank you, Peter. Yes. And I would just comment that, first of all, we look at our capitalization, both in base and stress scenarios. I mean this is just what I would call basic risk management procedures that we do. And we're very comfortable with our balance sheet even in the current environment where, obviously, there's a lot of stress on the system with the debt ceiling and the rest.

謝謝你，彼得。是的。我只想說，首先，我們會在基本情景和壓力情景中查看我們的資本化。我的意思是這就是我所說的我們所做的基本風險管理程序。即使在當前環境下，我們也對我們的資產負債表感到非常滿意，顯然，債務上限和其他方面的系統面臨很大壓力。

From where we sit today, we have very strong robust capital and liquidity. And as Peter noted, the Board was comfortable raising the dividend for the first time in many, many years because of the significant turnaround of GI underwriting results over the past 5 years. So as we sit here today, yes, we'll continue to evaluate our financial flexibility for additional share repurchases, keeping in mind that our first goal is to maintain a strong balance sheet that can withstand turbulent times.

從我們今天的位置來看，我們擁有非常強勁的資本和流動性。正如彼得所指出的那樣，由於過去 5 年 GI 承保業績的重大轉變，董事會很樂意在許多年內首次提高股息。因此，當我們今天坐在這裡時，是的，我們將繼續評估我們的財務靈活性以進行額外的股票回購，同時牢記我們的首要目標是維持能夠承受動盪時期的強大資產負債表。

Very helpful. I guess maybe on the Crop deal, I guess, I was just wondering are there -- if you could maybe point to any other sort of targeted units where you could do sort of similar value unlocking deals there as you sort of work towards margin improvement and simplification.

很有幫助。我想也許是關於 Crop 交易，我想，我只是想知道是否存在 - 如果你可以指出任何其他類型的目標單位，你可以在那裡做類似的價值解鎖交易，因為你正在努力提高利潤率和簡化。

Great. Thank you. We're always looking at the portfolio and looking at areas where we can add, where we can improve the overall structure of AIG and looking at the different parts of the world that we compete in. I think Crop is a little bit anomalous just because we really do believe it's a very good business, but you know how it works, which is driven by commodity prices and yields. And I think that having scale is really important. While the top line that we publish on a gross and net basis is significant, that's gone up 40%, 50%, if not more, over the past several years based on those components.

偉大的。謝謝。我們一直在研究投資組合，尋找可以添加的領域，可以改善 AIG 整體結構的領域，並研究我們競爭的世界不同地區。我認為 Crop 有點反常，因為我們真的相信這是一項非常好的業務，但你知道它是如何運作的，它是由商品價格和收益率驅動的。而且我認為擁有規模非常重要。雖然我們發布的總收入和淨收入很重要，但在過去幾年中，基於這些組成部分，這一數字增長了 40%、50%，甚至更多。

And we believe that Crop Risk Services, in order for it to achieve its ultimate potential that being part of a bigger enterprise and one that valued it like Great American, was the prudent approach for us at this time. And so that was something that was specific to that business. It was specific to how we look to strategically position AIG for the future and also making certain that with Crop Risk Services, it had a great opportunity to scale and realize this potential. So I feel like we really found a very good partner and that's really what drove the outcome for CRS.

我們認為，為了使其成為更大企業的一部分並且像 Great American 一樣重視它的企業，Crop Risk Services 能夠發揮其最終潛力，這對我們來說是審慎的做法。因此，這是該業務特有的東西。它特定於我們如何看待 AIG 的未來戰略定位，並確保通過 Crop Risk Services，它有一個很好的機會來擴展和實現這一潛力。所以我覺得我們真的找到了一個非常好的合作夥伴，這才是推動 CRS 取得成果的真正原因。

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 for you is on the separation at Corebridge. I know you mentioned the base case is still secondaries, but I think you also mentioned that you were considering some alternatives. So I just wanted to see if you could extrapolate on that a bit at all. What kind of alternatives could you look towards? And how could some of those things potentially improve things for shareholders?

我為您準備的第一個是關於 Corebridge 的分離。我知道您提到過基本案例仍然是次要的，但我想您也提到過您正在考慮一些替代方案。所以我只是想看看您是否可以對此進行一些推斷。您可以尋找什麼樣的替代方案？其中一些事情如何可能改善股東的利益？

Yes. Thanks, Alex. I'll try to expand a bit on it. Because as you can imagine, there's not a lot of more detail that I can really share beyond my prepared remarks. We do believe the secondary is the preferred path. But obviously, it's subject to market conditions as we saw in the first quarter, but we're prepared to go in the second quarter.

是的。謝謝，亞歷克斯。我將嘗試對其進行一些擴展。因為正如您所想像的那樣，除了我準備好的評論之外，我無法真正分享更多細節。我們確實相信次要路徑是首選路徑。但顯然，這取決於我們在第一季度看到的市場狀況，但我們準備在第二季度進行。

Our objective has not changed, which is for AIG to reduce its ownership stake in Corebridge over time. And so I think it's prudent, looking at a variety of different options to make sure that we're driving value for shareholders and provide a path that will recognize the value of Corebridge. Corebridge has done a terrific job since we've announced that we were going to commence upon doing an IPO, getting themselves positioned to be an independent public company and the stock was trading at a deep discount in the first quarter.

我們的目標沒有改變，即 AIG 隨著時間的推移減少其在 Corebridge 的所有權股份。因此，我認為審慎的做法是審視各種不同的選擇，以確保我們正在為股東創造價值，並提供一條認可 Corebridge 價值的途徑。自從我們宣布我們將開始進行 IPO 以來，Corebridge 做得非常出色，將自己定位為一家獨立的上市公司，並且該股票在第一季度以大幅折扣交易。

I mean one of the alternatives, I don't think we're going to go much beyond this, was what we announced on Laya Healthcare. And so making sure we're sticking to the core business of Corebridge. And we'll just give you updates as the weeks and over the next month progresses. But we're prepared and are very excited about hopefully getting the secondary done in the second quarter.

我的意思是其中一個替代方案，我認為我們不會超越這個，就是我們在 Laya Healthcare 上宣布的。因此，確保我們堅持 Corebridge 的核心業務。隨著幾周和下個月的進展，我們只會為您提供更新。但是我們已經做好準備，並且非常高興希望在第二季度完成二級。

Got it. Follow-up I had is on corporate expenses. I think it was the first time you guys gave a bit more explicit guidance around where corporate expenses for RemainCo could shake out at that 1% to 1.5% premiums. And I just wanted to make sure I understood some of the mechanics. I mean when I think about that level, I mean, is that what I should expect in sort of Corporate GOE, overall Corporate costs? I mean how do I think about that? And then just a technical kind of question. The investment that I think you mentioned leading up to that, will that go through operating and also be reflected in Corporate?

知道了。我的後續行動是關於公司開支的。我認為這是你們第一次就 RemainCo 的公司支出可以在 1% 到 1.5% 的溢價下擺脫困境給出更明確的指導。我只是想確保我了解一些機制。我的意思是，當我考慮這個水平時，我的意思是，這就是我對公司 GOE 的期望，即公司總體成本嗎？我的意思是我怎麼想的？然後只是一個技術問題。我想你提到的投資會通過運營並反映在企業中嗎？

Yes. So we try to provide as much detail as we could on the expense savings. Certainly, let me start with AIG 200 because we still have more to earn through on AIG 200 savings in 2023 and 2024. So over 50% of that will be earned in mostly through the second and through fourth quarter of 2023. We have begun to separate Corebridge. And -- but upon deconsolidation, approximately $300 million of the AIG Corporate expenses will move to Life and Retirement. So that's another variable that you need to consider.

是的。因此，我們嘗試提供盡可能多的有關費用節省的詳細信息。當然，讓我從 AIG 200 開始，因為在 2023 年和 2024 年，我們仍然可以通過 AIG 200 的儲蓄獲得更多收益。因此，其中超過 50% 的收益將主要在 2023 年第二季度和第四季度實現。我們已經開始單獨的 Corebridge。而且——但在拆分後，大約 3 億美元的 AIG Corporate 費用將轉移到人壽和退休。所以這是您需要考慮的另一個變量。

We also gave guidance as we're working through our future state business model, $250 million to $350 million of parent expenses. And then the remaining will be worked through to fit the business model in terms of what we're designing for the future of AIG. We want to make sure that we have a lean model that's not synonymous with expense cutting, but it is how we're going to be in each market, how we face off with our clients and our distribution partners to maximize growth and all the opportunities that present them themselves to AIG and making sure that we have a structure that supports that.

我們還提供了指導，因為我們正在研究我們未來的州商業模式，2.5 億至 3.5 億美元的母公司費用。然後剩下的將根據我們為 AIG 的未來設計的業務模型進行工作。我們希望確保我們擁有一個精益模型，它不是削減開支的代名詞，但這是我們在每個市場中的方式，我們如何與我們的客戶和我們的分銷合作夥伴面對面以最大化增長和所有機會將他們自己呈現給 AIG，並確保我們有一個支持它的結構。

Sequencing is important. We've been working on a variety of different initiatives that are substantial, and we're performing out all of them, making certain that General Insurance has the capital and support it needs to grow in this market; repositioning some of our businesses, which we covered in my prepared remarks; making sure we complete AIG 200, the operational separation; preparing to do the secondary; advancing Corebridge capital structure; and then making sure that we're working to get this future state business model implemented, but it has to be in that order. And we've given you the guidance. We've done the work. We know that's the savings that we'll achieve.

排序很重要。我們一直致力於各種不同的重大舉措，我們正在執行所有這些舉措，確保 General Insurance 擁有在這個市場上發展所需的資金和支持；重新定位我們的一些業務，這在我準備好的評論中有所涉及；確保我們完成 AIG 200，即業務分離；準備做中學；推進 Corebridge 資本結構；然後確保我們正在努力實現這個未來狀態的業務模型，但它必須按照這個順序進行。我們已經為您提供了指導。我們已經完成了工作。我們知道這是我們將實現的節省。

Some of that's going to go into the business. And so the business has to get rationalized and leaner in order to be able to absorb more expenses. But our commitment is the $500 million in addition to the guidance that we've given in the other components. And we're highly confident we'll execute on that at the right time, meaning we've got to get these other things further along. And then when we have clear line of sight in terms of separation, we'll be able to execute on the target operating model.

其中一些將進入業務。因此，企業必須變得合理化和精簡，以便能夠吸收更多的費用。但是，除了我們在其他組成部分中提供的指導外，我們的承諾是 5 億美元。我們非常有信心我們會在正確的時間執行它，這意味著我們必須進一步推進這些其他事情。然後當我們在分離方面有清晰的視線時，我們將能夠在目標運營模型上執行。

Our next question comes from Brian Meredith with UBS.

我們的下一個問題來自瑞銀的 Brian Meredith。

Peter, you gave us a lot of detail on the growth in the Commercial Lines. There's, obviously, very strong growth. I'm trying to just dumb it down a little bit here. If we look at what the growth is X, let's call it, Validus Re crop, what would have looked like? And what was the tailwind from Validus Re crop just from the Commercial Lines growth on a year-over-year basis? And the reason I'm asking is, those are obviously very big first quarter premium numbers. So I just want to make sure I'm not extrapolating that for the remainder of the year.

彼得，你給了我們很多關於商業線增長的細節。顯然，增長非常強勁。我想在這裡把它簡化一點。如果我們看看 X 是什麼增長，我們稱之為 Validus Re crop，它會是什麼樣子？商業線同比增長對 Validus Re 作物的推動作用是什麼？我問的原因是，這些顯然是非常大的第一季度保費數字。所以我只是想確保我不會在今年餘下的時間裡進行推斷。

Thanks, Brian. Certainly, Validus contributed a meaningful amount to the growth. But look, we bought a lot of retro. It's the first quarter. It's not all property. So each quarter is a bit different in terms of not being able to straight line it.

謝謝，布萊恩。當然，Validus 對增長做出了重大貢獻。但是你看，我們買了很多複古的。這是第一季度。不全是財產。所以每個季度在無法直線化方面都有點不同。

Crop Risk Services had low single-digit growth. So that was not a contributor at all in terms of net premium written. We had very strong, as I said, growth in our Specialty business, in Lexington, in our Property, offset a little bit by Financial Lines. But I put the guidance in there because I feel very confident that we're going to have strong growth throughout the year. Even though the quarters are a little bit different, businesses like Europe is heavy 1/1. And we start to have sort of different mix of business over the second, third and fourth. But I feel seeing the pipeline, looking at how you grow, I mean, the first thing I would look at is what's the client retention and how is the new business, what's happening with rate and are we growing in the businesses that we want to. And I think we are checking all the boxes here and see that those businesses have more opportunity in the future, not less. And so I think the growth that you saw in the first quarter, obviously, there's a mix of business, but I would expect to see similar growth throughout the rest of the year.

作物風險服務的增長率較低。因此，就淨保費而言，這根本不是貢獻者。正如我所說，我們在列剋星敦的專業業務增長非常強勁，在我們的財產中，金融線抵消了一點。但我把指導放在那裡是因為我非常有信心我們將在全年實現強勁增長。儘管季度略有不同，但像歐洲這樣的企業重 1/1。在第二、第三和第四階段，我們開始有不同的業務組合。但我覺得看到管道，看看你是如何成長的，我的意思是，我首先要看的是客戶保留率是多少，新業務如何，利率發生了什麼，我們是否在我們想要的業務中增長.而且我認為我們正在檢查這裡的所有方框，並看到這些企業在未來有更多的機會，而不是更少。因此，我認為您在第一季度看到的增長顯然是混合業務，但我希望在今年餘下時間看到類似的增長。

Okay. Very helpful. And then second question, just curious, some other companies are talking about how the Commercial Property markets are even further firming up in the second quarter. There's more business available. Are you seeing the same kind of dynamics or things actually continuing to improve here in the Commercial Property markets?

好的。很有幫助。然後是第二個問題，只是好奇，其他一些公司正在談論商業地產市場如何在第二季度進一步走強。有更多的業務可用。您是否在商業地產市場看到同樣的動態或事情實際上在繼續改善？

Yes. Thanks, Brian. Yes, we are seeing that. I mean, again, it's early in the second quarter, but views on April. And as we look to the rest of the second quarter, we're seeing Property continue to firm up and getting stronger than it was in the first quarter. So that's something that we're trying to be focused on clients, making sure we're driving value and we have a lot of capital to deploy. So we expect to be trading actively in the second quarter.

是的。謝謝，布萊恩。是的，我們看到了。我的意思是，現在是第二季度初，但觀點是在 4 月份。當我們展望第二季度的剩餘時間時，我們看到房地產繼續堅挺並變得比第一季度更強大。所以這就是我們試圖專注於客戶的事情，確保我們正在推動價值並且我們有大量資金可以部署。因此，我們預計第二季度交易活躍。

Okay. Well, thank you, everybody. Sorry for the 1-minute hiccup on the microphone, but greatly appreciate you dialing in, and I wish everybody a great day. Thank you.

好的。嗯，謝謝大家。很抱歉麥克風出現 1 分鐘的問題，但非常感謝您的撥入，祝大家有個愉快的一天。謝謝。

Thank you. This does conclude the program. You may now disconnect. Everyone, have a great day.

謝謝。這確實結束了程序。您現在可以斷開連接。大家，祝你有美好的一天。