(AIG) 2023 Q2 法說會逐字稿

Good day, and welcome to AIG's Second Quarter 2023 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 2023 年第二季度財務業績電話會議。本次會議正在錄製中。現在這個時候，我想把會議交給昆汀·麥克米倫。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 provide details on important factors that could cause these 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。今天的言論可能包含前瞻性陳述，這些陳述存在風險和不確定性。這些陳述不是對未來業績或事件的保證，而是基於管理層當前的預期。 AIG 向 SEC 提交的文件提供了可能導致這些實際結果或事件出現重大差異的重要因素的詳細信息。除適用的證券法要求外，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。

Today's remarks may also refer to non-GAAP financial measures. 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.

今天的言論也可能涉及非公認會計準則財務指標。這些指標與最具可比性的 GAAP 數據的調節包含在我們的收益發布、財務補充和收益演示中，所有這些都可以在我們的網站 aig.com 上找到。

Finally, note today's remarks as they related to net premiums written in General Insurance are presented on a constant dollar basis and where applicable, are also adjusted for the lag elimination in International that is described in our earnings release and related documents. Additionally, 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.

最後，請注意今天的評論，因為它們與普通保險中的淨保費相關，是按固定美元計算的，並且在適用的情況下，還根據我們的收益發布和相關文件中描述的國際滯後消除進行了調整。此外，今天的講話將包括 AIG 的人壽和退休部門以及其他業務的業績，其基礎與前幾個季度相同，這也是我們預計在 Corebridge Financial 分拆之前繼續報告的方式。

AIG 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 Friday, August 4.

AIG 部門和美國公認會計準則財務業績以及 AIG 的相關關鍵財務指標與 Corebridge Financial 報告的數據不同。 Corebridge Financial 將於 8 月 4 日星期五召開財報電話會議。

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

現在，我想將電話轉給我們的董事長兼首席執行官 Peter Zaffino。

Good morning, and thank you for joining us to review our second quarter financial results. Following my remarks, Sabra will provide more detail on the quarter, and then we will take questions. Kevin Hogan and David McElroy will 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第二季度的財務業績。在我發言之後，薩布拉將提供有關本季度的更多詳細信息，然後我們將回答問題。凱文·霍根 (Kevin Hogan) 和大衛·麥克埃爾羅伊 (David McElroy) 將參加我們電話會議的問答部分。

I am very pleased to report that AIG delivered another exceptional quarter with strong financial performance. In addition, we made significant progress on our strategic priorities that are strengthening AIG for the future. We again demonstrated our ability to deliver high-quality outcomes while executing on multiple complex initiatives during very difficult market conditions.

我很高興地向大家報告，AIG 又實現了出色的季度業績和強勁的財務業績。此外，我們在加強 AIG 未來發展的戰略重點方面取得了重大進展。我們再次證明了我們在非常困難的市場條件下執行多項複雜計劃的同時提供高質量成果的能力。

I would like to start with financial highlights from the second quarter. Adjusted after-tax income was $1.3 billion or $1.75 per diluted common share, representing a 26% increase year-over-year and the best quarterly adjusted EPS result for AIG since 2007.

我想從第二季度的財務亮點開始。調整後稅後收入為 13 億美元，即每股稀釋普通股 1.75 美元，同比增長 26%，是 AIG 自 2007 年以來最好的季度調整後每股收益業績。

Net premiums written in General Insurance grew 11%, led by our Commercial business, which grew 13%. Underwriting income in the quarter was approximately $600 million. The adjusted accident year combined ratio ex cats was 88%, a 50 basis point improvement year-over-year and the best result for AIG since 2007. Our cat loss ratio was 3.9% or $250 million of catastrophe losses, a terrific result against the backdrop of a very challenging cat quarter for the industry.

一般保險的淨承保保費增長了 11%，其中商業業務增長了 13%。該季度的承保收入約為 6 億美元。調整後的事故年綜合賠付率為88%，同比提高50 個基點，是AIG 自2007 年以來的最佳業績。我們的賠付率為3.9%，即災難損失2.5 億美元，與去年同期相比，這是一個了不起的結果。該行業面臨著一個極具挑戰性的貓季度的背景。

The Life and Retirement business reported very good results in the second quarter. Adjusted pretax income was $991 million, up 33% year-over-year. And premiums and deposits were over $10 billion, a 42% increase year-over-year, supported by record sales of Fixed Index Annuity products.

人壽和退休業務第二季度的業績非常好。調整後稅前收入為 9.91 億美元，同比增長 33%。保費和存款超過 100 億美元，同比增長 42%，這得益於固定指數年金產品創紀錄的銷售。

Consolidated net investment income on an APTI basis was $3.3 billion in the second quarter, a 31% increase year-over-year. In General Insurance, net investment income was $725 million, a 58% increase.

第二季度以 APTI 為基礎的綜合淨投資收益為 33 億美元，同比增長 31%。普通保險領域的淨投資收入為 7.25 億美元，增長 58%。

AIG returned $822 million to shareholders in the second quarter through $554 million of common stock repurchases and a $268 million of dividends, which reflects a 12.5% increase in our quarterly common stock dividend that we announced on our last call. As you saw in our press release, the AIG Board of Directors approved an increase to our share buyback authorization to $7.5 billion, which reflects our commitment to returning capital to shareholders, consistent with the capital management strategy we have previously outlined.

AIG 第二季度通過 5.54 億美元的普通股回購和 2.68 億美元的股息向股東返還 8.22 億美元，這反映出我們在上次電話會議上宣布的季度普通股股息增加了 12.5%。正如您在我們的新聞稿中看到的，AIG 董事會批准將我們的股票回購授權增加到 75 億美元，這反映了我們向股東返還資本的承諾，這與我們之前概述的資本管理戰略一致。

Lastly, our balance sheet remains very strong. And we ended the quarter with $4.3 billion in parent liquidity. During the remainder of my remarks this morning, I will provide more information on the following 5 topics. First, the significant strategic actions we took in the second quarter to reposition AIG. During that review, I will provide additional details on the divestitures of Validus Re and Crop Risk Services, the launch of Private Client Select as an MGA serving the high and ultra-high net worth markets and the actions we took with respect to Corebridge.

最後，我們的資產負債表仍然非常強勁。本季度結束時，我們的母公司流動資金為 43 億美元。在今天上午剩餘的發言中，我將提供有關以下 5 個主題的更多信息。首先，我們在第二季度為重新定位 AIG 所採取的重大戰略行動。在此審查期間，我將提供有關 Validus Re 和 Crop Risk Services 剝離、推出 Private Client Select 作為服務於高淨值和超高淨值市場的 MGA 以及我們對 Corebridge 採取的行動的更多詳細信息。

Second, I will discuss financial results for General Insurance. Third, I will give an overview of the results for Life and Retirement. Fourth, I will provide an update on capital management. And lastly, I will reconfirm our guidance with respect to our path to a 10%-plus ROCE post deconsolidation of Corebridge.

其次，我將討論普通保險的財務業績。第三，我將概述“生活與退休”的結果。第四，我將介紹一下資本管理的最新情況。最後，我將再次確認我們對 Corebridge 分拆後 ROCE 提高 10% 以上的道路的指導。

Turning to the strategic actions we executed on. I will start with Validus Re. In May, we announced the divestiture of Validus Re and AlphaCat to RenaissanceRe for approximately $2.75 billion in cash and $250 million in RenRe common stock. We expect to close this transaction in the fourth quarter, subject to regulatory approval.

轉向我們執行的戰略行動。我將從 Validus Re 開始。 5 月，我們宣布以約 27.5 億美元現金和 2.5 億美元 RenRe 普通股將 Validus Re 和 AlphaCat 剝離給 RenaissanceRe。我們預計將在第四季度完成此項交易，但須獲得監管部門的批准。

We're very pleased to have RenRe as the acquirer. RenRe is a very important partner to us, a company with a terrific reputation. And we value the strong relationship we have with Kevin and his management team. We believe RenRe will be an excellent owner of Validus Re.

我們很高興人再保險成為收購方。 RenRe 是我們非常重要的合作夥伴，是一家享有盛譽的公司。我們重視與凱文及其管理團隊的牢固關係。我們相信 RenRe 將成為 Validus Re 的優秀所有者。

Now let me provide some highlights on our rationale for the divestiture. We acquired Validus in 2018, which at the time provided AIG with business diversification not limited just to reinsurance but also attractive specialty businesses, including Talbot and Western World, which were not part of the sale to RenRe and will remain with AIG.

現在讓我重點介紹一下我們剝離的理由。我們於2018 年收購了Validus，當時該公司為AIG 提供了業務多元化，不僅限於再保險，還包括有吸引力的專業業務，包括Talbot 和Western World，這些業務並未包含在出售給RenRe 的交易中，並將繼續留在AIG。

Since 2018, we transformed Validus Re by reunderwriting the portfolio, leading to significant premium growth and improved profitability. In addition, we dramatically changed the business mix of the portfolio to achieve a more attractive balance among property, casualty and specialty businesses, improved geographic diversity and decreased peak zone exposures.

自 2018 年以來，我們通過重新承保投資組合對 Validus Re 進行了轉型，導致保費顯著增長並提高了盈利能力。此外，我們還大幅改變了投資組合的業務組合，以在財產、傷亡和專業業務之間實現更具吸引力的平衡，改善地理多樣性並減少高峰區域風險。

For AIG, this divestiture represents a key milestone on our journey as it further streamlines our business model, simplifies the structure of our global portfolio, substantially reduces volatility, which I will explain in a moment, generate additional liquidity and capital efficiencies and accelerates our capital management strategy. Due to the nature of assumed reinsurance and the portfolio mix of Validus Re, this business is capital-intensive and disproportionately contributes to AIG's overall volatility and PMLs.

對於AIG 來說，此次剝離代表了我們發展歷程中的一個重要里程碑，因為它進一步簡化了我們的業務模式，簡化了我們全球投資組合的結構，大幅降低了波動性（我稍後將對此進行解釋），產生了額外的流動性和資本效率，並加速了我們的資本運作管理策略。由於假設再保險的性質和 Validus Re 的投資組合，該業務屬於資本密集型業務，對 AIG 的整體波動性和 PML 貢獻不成比例。

As we have discussed over the past few years, the core objectives of the property and casualty turnaround were: to substantially improve the overall quality of AIG's global portfolio and underwriting results; reduce volatility through a massive reduction in growth limits written; better manage peak zone exposures and geographic balance; and strategically use reinsurance across our overall business. A turnaround of this magnitude is made harder when you have a treaty reinsurance business, which, by its very nature, has volatility.

正如我們過去幾年所討論的，財產和傷亡扭虧為盈的核心目標是：大幅提高AIG全球投資組合和承保業績的整體質量；通過大幅降低增長限額來減少波動性；更好地管理高峰區風險和地理平衡；並在我們的整體業務中戰略性地使用再保險。當您擁有條約再保險業務時，這種規模的轉變會變得更加困難，而該業務本質上具有波動性。

We have completed a rigorous enterprise-wide modeling exercise using RMS version 21 to approximate the PMLs for AIG post closing, and all categories will significantly reduce. This analysis took into account AIG's exposure, Validus Re's exposure as of February 1, 2023, and combined output for both companies on an occurrence and aggregate basis.

我們已經使用 RMS 版本 21 完成了嚴格的企業範圍建模工作，以近似 AIG 交割後的 PML，並且所有類別都將顯著減少。該分析考慮了 AIG 的風險敞口、Validus Re 截至 2023 年 2 月 1 日的風險敞口，以及兩家公司按事件和總量計算的綜合產出。

Let me provide a few examples of the model output for AIG post closing of the Validus Re sale on an occurrence basis. For worldwide, all perils, net PMLs were reduced by 45% at the 1-in-250 return period. Worldwide hurricane PMLs will reduce by 60% at the 1-in-250 return period and by 70% at the 1-in-100 return period.

讓我提供幾個 AIG 在 Validus 轉售結束後按發生情況輸出的模型輸出示例。在全球範圍內，所有危險、淨 PML 在 250 分之一的回報期內減少了 45%。全球颶風 PML 將在 250 次重現期減少 60%，在 100 次重現期減少 70%。

North America hurricane PMLs will reduce by 70% at the 1-100 return period. North America earthquake PMLs will reduce by 55% at the 1-250 return period. Japan typhoon PMLs will reduce by 50% at the 1-100 return period. Japan earthquake PMLs will reduce by 50% at the 1-250 return period. And for EMEA, all PMLs will decrease by 85% at the 1-250 return period and 75% at the 1-100 return period.

北美颶風 PML 在 1-100 重現期將減少 70%。北美地震PML在1-250重現期將減少55%。日本颱風PML在1-100重現期將減少50%。日本地震PML在1-250重現期將減少50%。對於 EMEA，所有 PML 在 1-250 回報期將降低 85%，在 1-100 回報期將降低 75%。

In addition to the strategic repositioning of our portfolio, there were several additional components that made the sale of Validus Re appealing for AIG. The required tangible equity that AIG will deliver to RenRe upon closing, which is $2.1 billion, is substantially below what Validus Re would have required if the business remained at AIG.

除了對我們的投資組合進行戰略性重新定位外，還有其他幾個因素使得 Validus Re 的出售對 AIG 具有吸引力。 AIG 在交易完成後將向 RenRe 交付的有形股本金額為 21 億美元，遠低於 Validus Re 在業務留在 AIG 時所需的金額。

We will receive $900 million above the book value of Validus Re, which reflects the improved quality of the portfolio since AIG's purchase of the business in 2018. We also expect to receive, through a pre-closing dividend, excess capital in the legal entities being transferred to RenRe, which we estimate will be approximately $200 million.

我們將獲得比 Validus Re 賬面價值高出 9 億美元的資金，這反映了自 AIG 2018 年收購該業務以來投資組合質量的提高。我們還預計通過交割前股息，獲得法人實體的超額資本轉讓給RenRe ，我們估計約為2 億美元。

In addition, a $1 billion intercompany loan from Validus Re to AIG will be settled through internal dividends, and we expect AIG to benefit from a $400 million reduction in risk-based capital requirements following the closing. As part of the transaction, AIG will retain 95% of future reserve changes in the portfolio delivered at closing. We will receive the benefit of future reserve releases as the portfolio matures, and we will likely purchase an adverse development cover prior to the closing to minimize potential future reserve exposure.

此外，Validus Re 向 AIG 提供的 10 億美元公司間貸款將通過內部股息解決，我們預計 AIG 將從交易完成後基於風險的資本要求減少 4 億美元中受益。作為交易的一部分，AIG 將保留交割時交付的投資組合中 95% 的未來準備金變動。隨著投資組合的成熟，我們將受益於未來準備金釋放的好處，並且我們可能會在交割前購買不利的開發保險，以盡量減少潛在的未來準備金風險。

In the second quarter, we also announced and closed the sale of Crop Risk Services to American Financial Group for $240 million in cash. Crop Risk Services was part of the Validus acquisition in 2018. Over the remainder of the 2023 crop season, AIG will continue to benefit from earned premium for crop business booked since the start of the year. But as we enter 2024, this business will no longer have an impact on AIG's financial results.

在第二季度，我們還宣布並完成以 2.4 億美元現金向美國金融集團出售作物風險服務。農作物風險服務是 Validus 於 2018 年收購的一部分。在 2023 年農作物季節的剩餘時間內，AIG 將繼續受益於年初以來預訂的農作物業務所賺取的溢價。但進入2024年，這項業務將不再對AIG的財務業績產生影響。

Next, I want to provide more detail on the formation of Private Client Select as an MGA, which is now referred to as PCS. The MGA has officially launched, and we expect to add new capital providers in the coming quarters. We believe the MGA structure is ideal for PCS as it creates flexibility and alternatives for clients, agents and brokers in an environment that's becoming more complex.

接下來，我想提供有關作為 MGA（現在稱為 PCS）的 Private Client Select 的形成的更多詳細信息。 MGA 已正式啟動，我們預計在未來幾個季度將增加新的資本提供者。我們相信 MGA 結構非常適合 PCS，因為它在日益複雜的環境中為客戶、代理商和經紀人創造了靈活性和替代方案。

The high and ultra-high net worth markets PCS is focused on have significant foundational challenges include loss cost pressure, inflation, increased cat exposure through increased total insured values and more concentration in peak zones, and primary and secondary peril modeling has been (inaudible). AIG will continue to support the MGA. And because we will be assuming risk on our balance sheet, we've established the MGA's risk framework, which is designed to improve its financial performance in 2023 and as we enter 2024.

PCS 重點關注的高淨值和超高淨值市場面臨重大的基本挑戰，包括損失成本壓力、通貨膨脹、通過增加總保險價值和更多集中在高峰區域而增加的巨災風險，以及主要和次要風險模型（聽不清） 。 AIG 將繼續支持 MGA。由於我們將在資產負債表上承擔風險，因此我們建立了 MGA 的風險框架，旨在改善 2023 年和進入 2024 年的財務業績。

Overall, we are pleased with the progress we've made with Stone Point Capital on this MGA structure. And we're well positioned to accelerate the business plan through the remainder of the year.

總體而言，我們對與 Stone Point Capital 在 MGA 結構上取得的進展感到滿意。我們已做好充分準備，可以在今年剩餘時間內加快業務計劃的實施。

Moving to Corebridge. In June, we completed a secondary offering of Corebridge common stock with gross proceeds to AIG of $1.2 billion. The offering was well received by the market. And the new owners included a strong mix of long-term holders, which we believe results in a more stable and well-diversified shareholder base for Corebridge.

搬到科橋。 6 月，我們完成了 Corebridge 普通股的二次發行，向 AIG 募集的總收益為 12 億美元。該產品受到市場好評。新所有者包括強大的長期持有者組合，我們相信這將為 Corebridge 帶來更加穩定和多元化的股東基礎。

Also in June, Corebridge announced and paid a $400 million special dividend in addition to its $150 million ordinary quarterly dividend and completed the repurchase of $200 million of common stock from AIG and Blackstone. AIG's net proceeds from these actions were approximately $540 million.

同樣在 6 月，Corebridge 宣布，除了 1.5 億美元的普通季度股息外，還支付了 4 億美元的特別股息，並完成了從 AIG 和 Blackstone 回購 2 億美元的普通股。 AIG 從這些行動中獲得的淨收益約為 5.4 億美元。

At the end of the second quarter, our ownership stake in Corebridge was approximately 65%. These actions demonstrate our commitment to deconsolidation and eventually full separation. As we noted on our last call, we continue to explore all options with respect to our remaining ownership of Corebridge that are aligned with the best interest of shareholders.

截至第二季度末，我們在 Corebridge 的持股比例約為 65%。這些行動表明了我們對拆分並最終完全分離的承諾。正如我們在上次電話會議中指出的那樣，我們將繼續探索有關 Corebridge 剩餘所有權的所有選擇，這些選擇符合股東的最佳利益。

Turning to other strategic actions we are taking in Corebridge. The previously announced sale process for Laya Healthcare, the private medical insurance business in Ireland that is part of Corebridge, is proceeding very well. We expect to announce a positive outcome from this process in the near term and expect that the proceeds from this divestiture will largely be used for a special dividend to Corebridge shareholders.

轉向我們在 Corebridge 採取的其他戰略行動。之前宣布的 Laya Healthcare（隸屬於 Corebridge 的愛爾蘭私人醫療保險業務）的出售流程進展順利。我們預計將在短期內宣布這一進程的積極成果，並預計此次剝離的收益將主要用於向 Corebridge 股東派發特別股息。

Additionally, we recently retained advisers to analyze strategic alternatives for the disposition of the U.K. Life business that is part of Corebridge. The dispositions of Laya and U.K. Life will streamline the Corebridge portfolio and allow its management team to focus on core Life and Retirement products and solutions in the United States.

此外，我們最近聘請了顧問來分析處置 Corebridge 旗下英國人壽業務的戰略替代方案。 Laya 和 U.K. Life 的處置將簡化 Corebridge 的投資組合，並使其管理團隊能夠專注於美國的核心人壽和退休產品和解決方案。

Turning to General Insurance. We had another quarter of strong growth in both gross and net premiums written. Gross premiums written were $10.4 billion, an increase of 11%. Global Commercial, which represents 80% of gross premiums written, grew 15%. And Global Personal decreased 1%.

轉向一般保險。我們的毛保費和淨保費又出現了一個季度的強勁增長。毛保費為 104 億美元，增長 11%。佔總保費 80% 的全球商業增長了 15%。全球個人跌幅為 1%。

Net premiums written were $7.5 billion, an increase of 11%. This growth was driven by Global Commercial, which grew 13% while Global Personal grew 5%. In North America Commercial, we saw a very strong growth of 18% in net premiums written. Excluding Validus Re, net premiums written growth in North America Commercial was 13%. The major drivers were as follows: Retail Property, which grew over 50%; Validus Re, which grew 32%; and Lexington, which grew 18%, led by wholesale property and casualty.

淨承保保費為 75 億美元，增長 11%。這一增長是由全球商業增長 13% 推動的，而全球個人增長 5%。在北美商業領域，我們看到淨保費增長了 18%。不包括 Validus Re，北美商業的淨承保保費增長率為 13%。主要推動因素如下： 零售地產增長超過 50%； Validus Re，增長 32%；列剋星敦增長了 18%，其中批發財產和意外險帶動增長。

I would like to provide a few additional details about Lexington's growth, given it continues to be an important part of AIG's strategy. Property grew 38% year-over-year driven by very strong retention in new business as well as strong rate increases. Submission activity was up over 30% year-over-year. Casualty grew 41%, supported by strong retention in new business, and its submission count was up over 90%.

鑑於列剋星敦仍然是 AIG 戰略的重要組成部分，我想提供一些有關列剋星敦發展的其他細節。由於新業務的強勁保留和利率的強勁增長，房地產業務同比增長 38%。提交活動同比增長超過 30%。在新業務強勁保留的支持下，傷亡人數增長了 41%，其提交數量增長了 90% 以上。

In International Commercial, net premiums written grew 6% primarily driven by property, which was up 34%; Talbot, which was up 17%; and Global Specialty, which was up mid-single digits, which reflected the impact of additional reinsurance purchasing in the second quarter.

在國際商業領域，淨承保保費增長了 6%，主要由房地產推動，增長了 34%； Talbot 上漲 17%； Global Specialty 增長了中個位數，反映了第二季度額外購買再保險的影響。

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 200 basis points to 87%. As a reminder, we calculate renewal retention prior to the impact of rate and exposure changes.

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 200 個基點至 87%。提醒一下，我們在費率和曝光變化的影響之前計算續訂保留率。

And across Global Commercial, we continue to see strong new business, which was approximately $1.1 billion in the second quarter. North America Commercial, excluding Validus Re, produced new business of approximately $600 million, an increase of 10% year-over-year.

在全球商業領域，我們繼續看到強勁的新業務，第二季度約為 11 億美元。北美商業（不包括 Validus Re）創造了約 6 億美元的新業務，同比增長 10%。

This growth was driven by Lexington property, which saw excellent new business growth of over 40%. Retail Property had over 50% new business growth, offset by Financial Lines, where new business contracted by over 35%.

這一增長是由列剋星敦地產推動的，該地產的新業務增長超過 40%。零售地產的新業務增長超過 50%，但被金融業務的新業務萎縮超過 35% 所抵消。

International Commercial new business was $485 million, which grew 5%. This growth was led by Talbot new business, which increased over 100% year-over-year and property, which grew new business by 40%, offset by Financial Lines where new business contracted by over 20%.

國際商業新業務為4.85億美元，增長5%。這一增長主要由 Talbot 新業務帶動，該業務同比增長超過 100%，而房地產業務則增長了 40%，但被金融業務（新業務收縮超過 20%）所抵消。

As I noted on our last call, we continue to see headwinds in certain aspects of Financial Lines due to increased competition putting pressure on pricing. Despite these continuing dynamics, we remain disciplined on risk selection, terms and conditions and price while taking a long-term view on this line of business by not following the market down.

正如我在上次電話會議中指出的那樣，由於競爭加劇給定價帶來壓力，我們在金融產品線的某些方面繼續面臨阻力。儘管存在這些持續的動態，我們仍然在風險選擇、條款和條件以及價格方面保持嚴格的紀律，同時對這一業務領域採取長遠的眼光，不追隨市場下跌。

Moving to rate. In North America Commercial, excluding Validus Re, rate increased 8% in the second quarter or 9% if you exclude workers' compensation, and the exposure increase was 2%. Rate increases were driven by Lexington wholesale, which was up 23% with wholesale property up over 35% and Retail Property, which was up 30%.

轉向評分。在北美商業領域，不包括 Validus Re，第二季度費率上漲 8%，如果不包括工人賠償則上漲 9%，風險敞口增幅為 2%。房價上漲的推動因素是列剋星敦批發業上漲了 23%，批發地產上漲了 35% 以上，零售地產上漲了 30%。

In International Commercial, rate increased 9%, and the exposure increase was 1%. The rate increase was driven by property, which was up 21%; Talbot, which was up 14%; and Global Specialty, which was up 11% driven by global energy, which was up 21%. Rate plus exposure was 10% in North America, 11% if you exclude workers' compensation and 10% in International, which in each case remains above loss cost trend.

國際商業方面，費率增加了 9%，風險敞口增加了 1%。利率上漲的推動因素是房地產，上漲了 21%； Talbot 上漲 14%；受全球能源上漲 21% 的推動，全球特種業務上漲 11%。北美的費率加風險為 10%，如果排除工人賠償則為 11%，國際為 10%，在每種情況下都高於損失成本趨勢。

Turning to Personal Insurance. Note that second quarter results in North America Personal reflected the fact that PCG was transitioning to become Private Client Select. North America Personal net premiums written increased 17% primarily driven by lower quota share sessions in PCG, offset by decreases in travel and warranty. Overall, we had strong growth in net premiums written of 17% with PCG net premiums written growing over 60%.

轉向個人保險。請注意，北美個人業務第二季度的業績反映了 PCG 正在轉型為 Private Client Select 的事實。北美 個人淨承保保費增長了 17%，主要是由於 PCG 配額份額下降，但被旅行和保修的減少所抵消。總體而言，我們的淨承保保費強勁增長 17%，其中 PCG 淨承保保費增長超過 60%。

With PCS now officially launched as an MGA, there are several components of AIG's business in the high and ultra-high net worth markets that will result in improved financial performance for AIG over the balance of 2023. First, as we outlined in prior calls, over the last few years, we evolved the model for our high and ultra-high net worth business such that we expect net premiums written to grow significantly over the remainder of the year with our current expectations showing net premiums written increasing over 75% in the third and fourth quarters.

隨著PCS 現已作為MGA 正式推出，AIG 在高淨值和超高淨值市場的業務有多個組成部分，這將導致AIG 在2023 年餘下的財務業績得到改善。首先，正如我們在之前的電話會議中概述的那樣，在過去幾年中，我們改進了高淨值和超高淨值業務的模型，因此我們預計淨承保保費將在今年剩餘時間內顯著增長，而我們目前的預期顯示淨承保保費將在今年剩餘時間內增長超過75%第三和第四季度。

Second, the lag and earned premium growth that we saw in the first quarter of 2023 dissipated. And we saw a 36% growth in earned premium in the second quarter. And we expect that earned premium growth will continue to accelerate in the third and fourth quarter. The additional earned premium will provide operating leverage, which will reduce our GOE ratio in the third and fourth quarter.

其次，我們在 2023 年第一季度看到的滯後和盈利保費增長已經消失。我們看到第二季度賺取的保費增長了 36%。我們預計第三季度和第四季度的已賺保費增長將繼續加速。額外賺取的溢價將提供運營槓桿，這將降低我們第三和第四季度的GOE比率。

Third, AIG has (inaudible) costs from the transition of PCG to an MGA. And we expect to eliminate these costs over the next 18 months.

第三，AIG 從 PCG 過渡到 MGA 需要付出（聽不清）成本。我們預計在未來 18 個月內消除這些成本。

Fourth, we expect the accident year loss ratio for our high and ultra-high net worth business will improve with the combination of improved pricing in our admitted business and more business migrating to the non-admitted market, which already had a very positive impact on PCG's accident and policy year loss ratios in prior quarters. This should earn in for our high and ultra-high net worth business through the second half of 2023 and into 2024.

第四，我們預計，隨著我們的准入業務定價的改善以及更多業務遷移到非准入市場，我們的高淨值和超高淨值業務的事故年損失率將有所改善，這已經對我們的高淨值和超高淨值業務產生了非常積極的影響。 PCG 前幾個季度的事故和保單年度損失率。這應該會在 2023 年下半年到 2024 年為我們的高淨值和超高淨值業務帶來收益。

In International Personal, net premiums written increased 1% year-over-year. The modest growth was driven by travel and personal property in Japan. Overall, our key focus continues to be growing Accident & Health and our business in Japan.

在國際個人業務中，淨承保保費同比增長 1%。溫和的增長是由日本的旅遊和個人財產推動的。總體而言，我們的重點仍然是發展意外與健康以及我們在日本的業務。

Shifting to combined ratios. As I noted earlier, the second quarter accident year combined ratio ex-CATs was 88%, a 50 basis point improvement year-over-year. In Global Commercial, the second quarter accident year combined ratio ex-CATs was 84.4%, a 90 basis point improvement year-over-year.

轉向組合比率。正如我之前指出的，第二季度事故年綜合比率（前 CAT）為 88%，同比提高 50 個基點。在全球商業領域，第二季度事故年綜合比率（不包括 CAT）為 84.4%，同比提高 90 個基點。

The North America Commercial accident year combined ratio ex-CATs was 85.1%, a 310 basis point improvement year-over-year. And the International Commercial accident year combined ratio ex-CATs was 83.1%, which continues to be an outstanding level of profitability. Global Personal reported a second quarter accident year combined ratio ex-CATs of 98.1%, a 170 basis point increase from the prior year quarter, largely due to a decrease in earned premium.

北美商業事故年度綜合比率（除 CAT）為 85.1%，同比提高 310 個基點。國際商業事故年綜合成本率（扣除CAT後）為83.1%，繼續保持出色的盈利水平。 Global Personal 報告稱，第二季度事故年綜合比率（不包括 CAT）為 98.1%，比去年同期增長 170 個基點，這主要是由於已賺保費下降。

Now I'd like to provide some context around midyear reinsurance renewals and recent conditions in the reinsurance market before moving to Life and Retirement. We purchased our major reinsurance treaties at January 1. However, approximately 20% of our overall core reinsurance purchasing occurs in the second quarter as we have a number of core midyear renewals, predominantly in specialty classes, and they were all successfully placed.

現在，在討論人壽和退休保險之前，我想提供一些有關年中再保險續保和再保險市場近期狀況的背景信息。我們在1 月1 日購買了主要再保險協議。然而，我們整體核心再保險購買量的大約20% 發生在第二季度，因為我們有許多核心年中續保，主要是專業類別，而且都已成功安排。

In addition, we decided to purchase additional retrocessional protection for Validus Re and a low excess of loss reinsurance placement for Private Client Group ahead of the wind season. Overall, the market exhibited more orderly behavior during midyear renewals amidst more stable trading conditions compared to January 1. Reinsure appetite for more discrete purchases increased somewhat, enabling a number of buyers to make up for shortfalls in coverage experienced at January 1.

此外，我們決定在風季之前為 Validus Re 購買額外的轉分保保護，並為私人客戶集團購買低超額損失再保險。總體而言，與1 月1 日相比，在年中續保期間，市場表現出更加有序的行為，交易條件更加穩定。再保險對更多離散購買的興趣有所增加，使許多買家能夠彌補1 月1 日經歷的承保缺口。

Overall, midyear property cat pricing increased 25% to 35% year-over-year in the U.S. driven by Florida. This was the second year in a row of substantial rate increases. International renewals, driven by Australia and New Zealand, saw price increase 20% to 50% with higher increases resulting from loss activity in the region.

總體而言，受佛羅里達州推動，美國年中房地產價格同比上漲 25% 至 35%。這是連續第二年大幅加息。在澳大利亞和新西蘭的推動下，國際續訂價格上漲了 20% 至 50%，其中該地區的損失活動導致價格上漲幅度更大。

In previous calls, I touched on the increase in catastrophe losses from secondary perils. Through the first half of 2023, the industry has already experienced over $50 billion of insured losses, the majority of which were due to secondary perils, making 2023 already the fourth highest year on an inflation-adjusted basis.

在之前的電話會議中，我談到了次生災害造成的巨災損失的增加。截至 2023 年上半年，該行業已經歷了超過 500 億美元的保險損失，其中大部分是由於次生災害造成的，使得 2023 年已成為經通脹調整後第四高的一年。

A majority of insured losses continue to occur in the United States, highlighting the difficulty of managing volatility in the largest insurance market in the world. Against this challenging backdrop and a strengthened reinsurance rating environment, we maintained our conservative risk appetite and continue to have one of the lowest peak peril net positions in the market while managing our overall reinsurance spend.

大多數保險損失繼續發生在美國，凸顯了管理全球最大保險市場波動的難度。在這種充滿挑戰的背景和強化的再保險評級環境下，我們保持了保守的風險偏好，並繼續擁有市場上最低的峰值風險淨頭寸之一，同時管理我們的整體再保險支出。

Additionally, through each of our renewals, we maintain all of our principal relationships with our key reinsurance partners. While we are exiting the assumed reinsurance business through the sale of Validus Re, our ownership of RenRe common stock that we will receive as part of the purchase price consideration, coupled with our ability to invest up to $500 million in RenRe's capital partner vehicles, will allow us to continue to participate and benefit from partnering with a world-class reinsurer with less risk and capital requirements.

此外，通過每次續保，我們都保持與主要再保險合作夥伴的所有主要關係。雖然我們通過出售 Validus Re 退出假定的再保險業務，但我們將作為購買價格考慮因素的一部分獲得 RenRe 普通股的所有權，加上我們向 RenRe 的資本合作夥伴投資最多 5 億美元的能力，將讓我們能夠繼續參與與風險和資本要求較低的世界一流再保險公司的合作並從中受益。

Turning to Life Retirement. As I noted earlier, the business produced very good results in the second quarter. Adjusted pretax income was $991 million. And adjusted return on segment equity was 12.2%, representing a 250 basis point improvement year-over-year.

轉向終身退休。正如我之前指出的，該業務在第二季度取得了非常好的業績。調整後稅前收入為 9.91 億美元。調整後的分部股本回報率為 12.2%，同比提高 250 個基點。

Premiums and deposits grew 42% year-over-year to $10 billion driven by record Fixed Index Annuity sales. Corebridge ended the quarter with a strong balance sheet with parent liquidity of $1.6 billion and a financial leverage ratio of 28%. Over the second quarter, we continue to make good progress against the Corebridge operational separation so that it can eventually be a fully standalone company.

在創紀錄的固定指數年金銷售的推動下，保費和存款同比增長 42%，達到 100 億美元。 Corebridge 在本季度結束時擁有強勁的資產負債表，母公司流動性達 16 億美元，財務槓桿率為 28%。第二季度，我們繼續在 Corebridge 業務分離方面取得良好進展，使其最終成為一家完全獨立的公司。

A key focus has been executing against IT separation, which we believe will be substantially complete by the end of this year. To date, approximately 55% of the transition service agreements put in place at the time of the IPO have already been exited.

重點是反對 IT 分離，我們相信這一分離將在今年年底基本完成。迄今為止，IPO 時簽訂的過渡服務協議中約 55% 已退出。

Now turning to capital management. As I noted earlier, in the second quarter, we returned approximately $822 million to shareholders through common stock repurchases and dividends. And the additional $400 million of common stock we repurchased in July brings a total amount of capital we've returned to shareholders since the beginning of the second quarter to over $1.2 billion.

現在轉向資本管理。正如我之前指出的，第二季度，我們通過普通股回購和股息向股東返還了約 8.22 億美元。我們在 7 月份額外回購了 4 億美元的普通股，使我們自第二季度初以來返還給股東的資本總額超過了 12 億美元。

In addition, we continue to focus on maintaining well-capitalized subsidiaries to enable profitable growth across our global portfolio. And we remain committed to having a leverage ratio in the low 20s and a share count between 600 million to 650 million post deconsolidation of Corebridge.

此外，我們繼續專注於維持資本充足的子公司，以實現我們全球投資組合的盈利增長。我們仍然致力於在 Corebridge 分拆後將槓桿率控制在 20 左右，並將股票數量控制在 6 億至 6.5 億股之間。

The additional liquidity we will have following the closing of the sale of Validus Re will largely be used for share repurchases, which we expect to accelerate beginning in the fourth quarter and as we enter 2024. We also plan to use some of the proceeds from the sale of Validus Re to reduce outstanding debt.

Validus Re 出售結束後我們將擁有的額外流動性將主要用於股票回購，我們預計從第四季度開始以及進入 2024 年將加速股票回購。我們還計劃使用部分收益出售Validus Re 以減少未償債務。

Lastly with respect to ROCE. We remain highly committed to delivering a 10%-plus ROCE post deconsolidation of Corebridge. During the second quarter, we continued to make meaningful progress on all 4 components of our path to deliver on this commitment. As a reminder, these are sustain and improve underwriting profitability; executing on a simpler, leaner business model across AIG with lower expenses across the organization; operational separation and deconsolidation of Corebridge; and continued balanced capital management. The sequencing of each component has been very important.

最後關於 ROCE。我們仍然高度致力於在 Corebridge 分拆後實現 10% 以上的 ROCE。在第二季度，我們繼續在兌現這一承諾的所有 4 個組成部分方面取得有意義的進展。提醒一下，這些是維持和提高承保盈利能力；在 AIG 內執行更簡單、更精簡的業務模式，並降低整個組織的開支； Corebridge 的運營分離和拆分；持續均衡資本管理。每個組件的排序非常重要。

We are now able to accelerate this work with the GI underwriting turnaround, AIG 200 and the investment group restructuring largely behind us and the operational separation of Corebridge further along, in addition to divestitures, which I've already outlined. As I stated on our last call, we're moving away from AIG's historical conglomerate structure to being a leading global insurance company with a leaner and better defined parent company.

我們現在能夠加快這項工作，GI 承保周轉、AIG 200 和投資集團重組已基本完成，Corebridge 的業務分離進一步推進，此外還有我已經概述的資產剝離。正如我在上次電話會議中所說，我們正在擺脫 AIG 歷史悠久的企業集團結構，成為一家擁有更精簡、更明確的母公司的全球領先保險公司。

We continue to expect approximately $500 million in cost reductions across AIG with a cost to achieve of approximately $400 million with substantially faster earn-in of savings than we saw with AIG 200. Sabra will provide more details on our path to a 10%-plus ROCE in her remarks.

我們仍然預計AIG 的成本將減少約5 億美元，實現的成本將達到約4 億美元，並且與AIG 200 相比，節省的收益要快得多。Sabra 將提供更多有關我們實現10% 以上目標的詳細信息。 ROCE 在她的講話中。

Overall, I could not be more pleased with our progress and what we've accomplished in the first half of the year. Our strong momentum continues, and we have a very solid foundation to build on for the future.

總的來說，我對我們上半年的進展和取得的成就感到非常滿意。我們的強勁勢頭仍在繼續，我們為未來奠定了堅實的基礎。

Now I'll turn the call over to Sabra.

現在我將把電話轉給 Sabra。

Thank you, Peter. This morning, I will provide more detail on second quarter results, including net investment income and underwriting performance, provide a balance sheet update and review the drivers of our path to a 10%-plus adjusted ROCE.

謝謝你，彼得。今天早上，我將提供有關第二季度業績的更多詳細信息，包括淨投資收入和承保業績，提供資產負債表更新，並回顧我們實現 10% 以上調整後 ROCE 的驅動因素。

Starting with second quarter results. As Peter noted, adjusted after-tax income was $1.3 billion, up 15% from last year or an annualized adjusted ROCE of 9.4%. Adjusted after-tax income per diluted share was $1.75, up 26% from last year, reflecting the impact of share repurchases on EPS.

從第二季度業績開始。正如 Peter 指出的那樣，調整後的稅後收入為 13 億美元，比去年增長 15%，調整後的年化 ROCE 為 9.4%。調整後每股攤薄稅後收益為1.75美元，較去年增長26%，反映了股票回購對每股收益的影響。

Second quarter results were consistent with recent trends: strong underwriting margins and higher net investment income in General Insurance; increased base investment yields; and spreads and strong sales in Life and Retirement and continued expense reduction in balanced capital management and Corporate and Other.

第二季度業績與近期趨勢一致：普通保險的承保利潤率強勁，淨投資收入增加；提高基礎投資收益率；人壽和退休金的利差和強勁銷售，以及平衡資本管理和企業及其他的費用持續減少。

Turning to net investment income. On an APTI basis, investment income improved significantly, up 31% from last year and up 7% sequentially on a consolidated basis and also rose in each segment. Reinvestment rates are driving higher yields. The average new money yield was 5.46%, about 210 basis points above the yield on sales and maturities.

轉向淨投資收益。以APTI為基礎，投資收益顯著改善，較去年增長31%，合併基礎上環比增長7%，各細分市場也有所增長。再投資率正在推動收益率上升。新資金平均收益率為 5.46%，比銷售和到期收益率高出約 210 個基點。

In General Insurance, this increased the yield on the fixed maturities and loan portfolios 93 basis points over last year and 23 basis points sequentially. In Life and Retirement, the yield improved 75 basis points and 15 basis points, respectively.

在普通保險方面，固定期限和貸款組合的收益率比去年增加了 93 個基點，比上一季度增加了 23 個基點。壽險和退休險的收益率分別提高了 75 個基點和 15 個基點。

Alternative investment returns also improved this quarter, although they remain below our long-term outlook totaling $147 million for an annualized return of 6.0%. Credit performance has been strong with more upgrades than downgrades in the fixed maturity portfolios and continued derisking of lower-rated assets.

本季度另類投資回報率也有所改善，但仍低於我們 1.47 億美元的長期預期，年化回報率為 6.0%。信用表現一直強勁，固定期限投資組合的升級多於降級，並且持續降低評級較低資產的風險。

Commercial property valuations continue to face downward pressure from higher cap rates, which impacts loan to values on commercial mortgage loans and investment returns on real estate equity funds. However, debt service coverage ratios are holding up well and are generally strong across the portfolio, including office.

商業地產估值繼續面臨上限利率上升帶來的下行壓力，這影響了商業抵押貸款的貸款價值和房地產股權基金的投資回報。然而，償債覆蓋率保持良好，並且在整個投資組合（包括辦公室）中普遍強勁。

Turning to General Insurance. APTI was $1.3 billion, up $62 million from the prior year. Net investment income rose by $267 million. And underwriting income for the current accident year, excluding catastrophe losses, were $73 million.

轉向一般保險。 APTI 為 13 億美元，比上年增加 6200 萬美元。淨投資收益增加2.67億美元。本事故年度的承保收入（不包括災難損失）為 7,300 萬美元。

Total catastrophe losses were $250 million, up $129 million and included $56 million of first quarter CAT mostly from U.S. events, including a tornado that occurred at quarter end. This was a very solid result, as Peter noted, given the high level of industry catastrophe losses, particularly in North America.

災難損失總額為 2.5 億美元，增加了 1.29 億美元，其中第一季度 CAT 的 5,600 萬美元主要來自美國事件，其中包括季度末發生的龍捲風。正如彼得指出的那樣，考慮到行業災難損失的嚴重程度，特別是在北美，這是一個非常可靠的結果。

North America cat losses were $159 million, while International totaled $91 million, largely from Typhoon Mawar. During the second quarter, we conducted North America casualty DVRs, or detailed valuation reviews, which reviewed about 20% of reserves compared to 15% last year.

北美貓的損失為 1.59 億美元，而國際損失總計 9100 萬美元，主要來自颱風瑪瓦爾。在第二季度，我們進行了北美傷亡 DVR，即詳細的估值審查，審查了約 20% 的儲備金，而去年為 15%。

In our DVRs, we focus on changes in frequency and severity trends, including social and other types of inflation as well as changes in claims trends and settlements such as occurred during COVID. As we noted previously, casualty bodily injury and medical workers' comp trends in our book have been and continue to be more favorable than our reserving assumptions.

在我們的 DVR 中，我們重點關注頻率和嚴重程度趨勢的變化，包括社會和其他類型的通貨膨脹，以及索賠趨勢和和解的變化，例如在新冠疫情期間發生的變化。正如我們之前指出的，我們書中的傷亡人員身體傷害和醫務人員的補償趨勢已經並將繼續比我們的保留假設更有利。

Our approach in these situations is to react quickly to adverse development, but to be conservative and wait to recognize favorable trends until accident years are more mature. We maintain the same approach for the COVID accident years where claims development patterns in many casualty lines slowed.

在這些情況下，我們的方法是對不利的發展迅速做出反應，但要保守，等到事故年更加成熟時才認識到有利的趨勢。我們在新冠事故年份保持了同樣的方法，許多傷亡險種的索賠發展模式放緩。

For those years, we have lagged our development factors to allow more time for claims patterns to mature as we are taking the conservative position that industry claims experience will revert to pre-COVID patterns. In addition to the results of the DVRs, prior year development also includes amortization of the ADC gain, changes in prior year catastrophe losses and impacts from loss-sensitive lines that are not related to DVRs.

這些年來，我們已經滯後了我們的發展因素，以便有更多的時間讓索賠模式成熟，因為我們採取保守立場，認為行業索賠經驗將恢復到新冠疫情之前的模式。除了 DVR 的結果之外，上一年的發展還包括 ADC 增益的攤銷、上一年巨災損失的變化以及與 DVR 無關的損失敏感線路的影響。

In this quarter, prior year development net of reinsurance and prior year premiums was $25 million favorable. This was made up of $115 million of favorable loss reserve development, partially offset by $90 million of prior year return premium. The lower favorable development compared to last year is mainly attributable to the excess workers' compensation DVR, which was favorable by about $75 million in second quarter last year but is being completed in the third quarter of this year.

本季度，扣除再保險和上一年保費後的上年發展額為 2500 萬美元。其中包括 1.15 億美元的有利損失準備金，部分被上一年的回報溢價 9,000 萬美元所抵消。與去年相比，有利的發展勢頭較低，主要是由於DVR超額工人補償，該項目在去年第二季度有利約7500萬美元，但將於今年第三季度完成。

Our favorable loss reserve development included $167 million from North American Commercial Lines, including $41 million of ADC amortization, $50 million of favorable development from our Agrium loss-sensitive portfolio and $74 million of favorable development resulting from North America DVRs. This was partially offset by $62 million of unfavorable development in International Commercial Lines, principally from a multiyear legacy casualty policy that was written with much higher limits than we do today.

我們的有利損失準備金開發包括來自北美商業航運公司的1.67 億美元，其中包括4100 萬美元的ADC 攤銷、來自Agrium 損失敏感投資組合的5000 萬美元的有利開發以及來自北美DVR 的7400 萬美元的有利開發。這部分被國際商業保險公司 6200 萬美元的不利發展所抵消，主要來自多年遺留的傷亡保單，該保單的限額比我們今天高得多。

In the third quarter, DVRs will cover nearly 70% of reserves, including Financial Lines. Financial Lines claims have not returned to the levels we experienced pre-COVID, which we believe reflects improved underwriting, better loss selection, continued ventilation of risk, our reinsurance strategy and achieving appropriate levels of rate.

第三季度，DVR 將覆蓋近 70% 的儲備金，包括金融線路。 Financial Lines 索賠尚未恢復到新冠疫情前的水平，我們認為這反映了承保的改善、更好的損失選擇、風險的持續緩解、我們的再保險策略以及達到適當的費率水平。

With respect to underwriting. AIG's share of U.S. public company D&O securities class actions where we are the primary insurer is down from 42% in 2017 to about 20% at the end of the second quarter of this year.

關於承保。作為主要承保人，AIG 在美國上市公司 D&O 證券集體訴訟中的份額從 2017 年的 42% 下降到今年第二季度末的約 20%。

With respect to rate. Since 2018, the compounded increases in the Financial Lines portfolio for corporate and national accounts are greater than 60% and 50%, respectively. However, consistent with our conservative approach, in addition to the lag development factors, we are placing more weight on longer-term experience and balancing out more favorable recent trends.

就率而言。 2018年以來，企業和國民賬戶金融產品組合的複合增長率分別超過60%和50%。然而，與我們保守的做法一致，除了滯後發展因素之外，我們更加重視長期經驗並平衡更有利的近期趨勢。

Turning to Life and Retirement. As Peter noted, second quarter results were strong with APTI up 30% over 2Q '22, driven by higher spread in underwriting margins and strong sales in Fixed Index Annuities. Both spreads and underwriting margins remain attractive, and fee margins improved with more favorable capital market levels compared to last year.

轉向生活和退休。正如 Peter 指出的那樣，第二季度業績強勁，在承保利潤率擴大和固定指數年金銷售強勁的推動下，APTI 比 2022 年第二季度增長了 30%。利差和承保利潤仍然具有吸引力，而且與去年相比，隨著資本市場水平更加有利，費用利潤率也有所提高。

Base net investment spreads in Individual and Group Retirement continued to widen with 64 basis points improvement year-over-year and 9 basis points sequentially driven by reinvestment rates. Individual Retirement APTI increased $215 million or 58% from 2Q '22 driven by base spread expansion and growth in general account products. Positive net flows to the general account were about $400 million.

個人和團體退休的基礎淨投資利差繼續擴大，同比改善 64 個基點，在再投資率的推動下環比改善 9 個基點。受基差擴大和一般賬戶產品增長的推動，個人退休 APTI 較 2022 年第二季度增加了 2.15 億美元，即 58%。一般賬戶的正淨流量約為 4 億美元。

Group Retirement APTI grew by $21 million or 12% driven by continued base spread expansion despite negative flows in the general account. Life Insurance APTI decreased $42 million, or 35%, primarily due to lower other yield enhancement income, partially offset by improved base portfolio returns and marginally favorable mortality experience. Institutional markets delivered very strong results with APTI up $50 million or 65% driven by investment income and reserve growth. Second quarter premiums and deposits reached $2.9 billion with $1.9 billion of pension risk transfer activity and $970 million of GIC transactions.

儘管一般賬戶出現負流量，但由於基差持續擴大，團體退休 APTI 增長了 2100 萬美元，即 12%。人壽保險 APTI 減少了 4200 萬美元，即 35%，主要是由於其他收益增強收入減少，但部分被基礎投資組合回報率改善和死亡率略有改善所抵消。機構市場取得了非常強勁的業績，在投資收入和儲備增長的推動下，APTI 增長了 5000 萬美元，即 65%。第二季度保費和存款達到 29 億美元，其中養老金風險轉移活動為 19 億美元，擔保投資證交易為 9.7 億美元。

Turning to AIG's Other Operations. Second quarter adjusted pretax loss improved by $41 million over last year driven by an $80 million improvement in corporate and other due to the 4Q '22 sale of legacy investment portfolios that had losses of $119 million in 2Q '22. Corporate general operating expenses of $242 million included $67 million of Corebridge expenses, including separation expenses. Excluding Corebridge and separation-related expenses, corporate GOE decreased $19 million from the prior year.

轉向 AIG 的其他業務。第二季度調整後稅前虧損比去年同期減少了4100 萬美元，這是由於22 年第4 季度出售遺留投資組合（該投資組合在2022 年第2 季度虧損1.19 億美元）導致企業和其他業務改善8000 萬美元。 2.42 億美元的公司一般運營費用包括 6,700 萬美元的 Corebridge 費用，其中包括離職費用。不包括 Corebridge 和離職相關費用，公司 GOE 比上一年減少了 1,900 萬美元。

Moving to the balance sheet. We continue to execute on our balanced capital management strategy with share repurchases, an increase in our common stock dividend and repayment of maturing debt. We ended the quarter with AIG parent liquidity of $4.3 billion.

轉向資產負債表。我們繼續執行平衡的資本管理策略，包括股票回購、增加普通股股息和償還到期債務。本季度結束時，AIG 母公司的流動性為 43 億美元。

We remain committed to maintaining strong capitalization in our insurance subsidiaries to support risk and growth. The General Insurance U.S. pool risk-based capital ratio is estimated in the 470% to the 480% range, and Life and Retirement is projected to be above its 400% target.

我們仍然致力於維持保險子公司的強勁資本，以支持風險和增長。美國普通保險池基於風險的資本比率預計在 470% 至 480% 範圍內，人壽和退休保險預計將高於 400% 的目標。

We repaid a $388 million debt maturity in the second quarter and continue to target debt leverage in the low 20s post deconsolidation of Corebridge. At June 30, consolidated debt and preferred stock to total capital, excluding AOCI, was 26.0%, including about $9.4 billion of Corebridge debt. Book value per common share was $58.49 on June 30, 2023, up 6% from year-end. Adjusted book value per common share was $75.76 per share, flat from year-end.

我們在第二季度償還了 3.88 億美元的到期債務，並繼續將 Corebridge 分拆後的債務槓桿目標控制在 20 左右。截至 6 月 30 日，合併債務和優先股佔總資本（不包括 AOCI）的比例為 26.0%，其中包括約 94 億美元的 Corebridge 債務。截至 2023 年 6 月 30 日，每股普通股賬面價值為 58.49 美元，較去年底增長 6%。調整後每股普通股賬面價值為每股 75.76 美元，與年底持平。

Turning to ROCE. We remain intently focused and are making progress on achieving a 10%-plus adjusted ROCE post deconsolidation. Year-to-date, annualized adjusted ROCE for AIG was 9.1% on a consolidated basis and 11.8% in General Insurance and 11.4% in Life and Retirement.

轉向 ROCE。我們仍然全神貫注，並在實現拆分後調整後的 ROCE 提高 10% 以上方面取得進展。今年迄今為止，AIG 綜合年化調整後 ROCE 為 9.1%，普通保險為 11.8%，人壽和退休保險為 11.4%。

Capital management and rightsizing our equity base for AIG post deconsolidation are material levers for achieving our adjusted ROCE goal. In the near term, we will accelerate share repurchases in the fourth quarter and into 2024 with the additional liquidity from Validus proceeds, in addition to ordinary course liquidity generated by our business operations through subsidiary dividends and ongoing profitability.

資本管理和 AIG 分拆後的股本基礎調整是實現我們調整後的 ROCE 目標的重要槓桿。短期內，除了我們的業務運營通過子公司股息和持續盈利能力產生的正常流動性之外，我們還將利用 Validus 收益帶來的額外流動性，在第四季度和 2024 年加速股票回購。

We will balance these share repurchases with additional debt reduction consistent with our leverage target. We are committed to achieving a share count between 600 million and 650 million shares post deconsolidation, which we will be able to achieve with the increase in our share repurchase program to $7.5 billion.

我們將平衡這些股票回購與符合我們槓桿目標的額外債務削減。我們致力於在分拆後實現股票數量在 6 億至 6.5 億股之間，隨著我們的股票回購計劃增加至 75 億美元，我們將能夠實現這一目標。

Based on the size, risk profile and profitability of our General Insurance business and holding company needs today, we estimate a pro forma GAAP equity base, excluding AOCI, of approximately $40 billion for AIG ex-Corebridge. This is inclusive of about $4 billion in deferred tax asset NOLs that we exclude for adjusted common shareholders' equity calculation.

根據我們普通保險業務的規模、風險狀況和盈利能力以及控股公司目前的需求，我們估計 AIG ex-Corebridge 的預計 GAAP 股本基礎（不包括 AOCI）約為 400 億美元。這包括約 40 億美元的遞延稅資產 NOL，我們在調整後的普通股股東權益計算中排除了這些資產。

Considering this equity level and our plans to simplify AIG's business and operational structure, reduce volatility and drive more predictable and sustainable profitability, we are confident that we will achieve our adjusted ROCE goal. We look forward to continuing to update you on our progress.

考慮到這一股權水平以及我們簡化 AIG 業務和運營結構、減少波動性並推動更可預測和可持續盈利能力的計劃，我們有信心實現調整後的 ROCE 目標。我們期待繼續向您通報我們的進展情況。

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

這樣，我會將電話轉回給彼得。

Thank you, Sabra. And operator, we're ready for questions.

謝謝你，薩布拉。接線員，我們準備好回答問題了。

(Operator Instructions) Our first question comes from Paul Newsome with Piper Sandler.

（操作員說明）我們的第一個問題來自 Paul Newsome 和 Piper Sandler。

Congrats on the quarter. I was hoping we could focus in on the general -- the North American Commercial business a little bit. I'm getting some questions about the growth. If you sort of assume a certain amount of growth is related to the price increases sort of ex-Validus and whether or not we saw a fair amount of growth -- just sort of if you normalize (inaudible) Validus. Sorry, I know you gave a lot of detail there, but maybe if you could kind of simplify it for -- that'd be fantastic.

恭喜本季度。我希望我們能夠重點關注整體——北美商業業務。我收到一些關於增長的問題。如果你假設一定量的增長與前 Validus 的價格上漲有關，以及我們是否看到了相當數量的增長——如果你將 Validus 標準化（聽不清），就可以了。抱歉，我知道你在那裡提供了很多細節，但也許如果你能簡化一下——那就太好了。

Sure. Thanks, Paul. As we talked about in our prepared remarks, we are very pleased with our overall growth across the world. And retention is up, new business was terrific and balanced. And rate, well above loss cost, was evident in so many parts of our business.

當然。謝謝，保羅。正如我們在準備好的發言中談到的那樣，我們對我們在全球的整體增長感到非常滿意。保留率上升，新業務非常棒且平衡。在我們業務的許多方面，利率都明顯高於損失成本。

If I unpack it as you asked, I mean, look at North America, we discussed Validus Re, was up 32%, but it's not cyclically its largest quarter. It was basically 25% of North America. But other businesses had tremendous quarters.

如果我按照你的要求進行分析，我的意思是，看看北美，我們討論了 Validus Re，上漲了 32%，但從周期性來看，這並不是其最大的季度。基本上是北美的25%。但其他企業卻有著巨大的季度業績。

Lexington had 18% growth. But that was also part of us discontinuing a big program that we didn't like the risk-adjusted returns that had an impact on top line premium growth. And so I would look at Lexington in terms of casualty, which was 40% growth. Lexington property, which was 35% growth. Retail property was up over 50% in the quarter, and I outlined the rate increases were north of 30% for 2 quarters in a row.

列剋星敦增長了 18%。但這也是我們終止一項大型計劃的原因之一，因為我們不喜歡風險調整後的回報，因為它會影響營收保費增長。因此，我會從傷亡人數角度來看待列剋星敦，傷亡人數增長了 40%。列剋星敦房地產增長了35%。零售物業在本季度上漲了 50% 以上，我概述了利率漲幅連續兩個季度超過 30%。

Our actual retail casualty business was up in the high single digits. So it was a very good outcome for net premium written in North America. The headwind was Financial Lines, which was down a little bit over 10%, but that is something that is specific to North America. But we have a really good balance in growth.

我們的實際零售傷亡業務增長了高個位數。因此，對於北美地區的淨保費來說，這是一個非常好的結果。 Financial Lines 是最大的逆風，其下跌幅度略高於 10%，但這是北美特有的情況。但我們在增長方面確實取得了很好的平衡。

If I look at -- I'll just expand a little bit in terms of International. We had really strong growth in property. Our syndicate Talbot was up 17%. International Specialty, I drew it out as a mid-single-digit growth net premium written in the quarter. We had some discretionary spends on treaty reinsurance. On a gross basis, it grew over 40%. And I want to call out, Financial Lines is not experiencing the same headwinds as North America, and International was flat. And that's our largest business in the second quarter in International. So had a little bit more of the weight in terms of the overall growth. But I thought it was really balanced, really well done and all the fundamentals we're executing on.

如果我看一下——我只會在國際方面擴展一點。我們的房地產增長非常強勁。我們的財團 Talbot 上漲了 17%。國際專業，我將其繪製為本季度寫入的中個位數淨保費增長。我們在條約再保險上有一些可自由支配的支出。按總量計算，增長超過 40%。我想指出的是，Financial Lines 並沒有經歷與北美相同的阻力，而 International 則持平。這是我們第二季度最大的國際業務。因此，就整體增長而言，權重更大一些。但我認為它非常平衡，做得非常好，並且符合我們正在執行的所有基本原則。

And my second question, I wanted to ask about the cat load in particular in North America as we think of it going forward. I mean, clearly, from the data you showed us, you talked about on the call the volatility piece or the tail is going to be reduced a lot on Validus Re. On an ongoing basis, do you also see kind of a reduction in the cat load from the efforts that you're making with Validus Re and other pieces and changes that you (inaudible)?

我的第二個問題，我想問一下貓的負荷，特別是在北美，因為我們對未來的看法。我的意思是，很明顯，從您向我們展示的數據來看，您在電話會議上談到了 Validus Re 的波動性部分或尾部將大幅減少。在持續的基礎上，您是否也看到由於您對 Validus Re 和其他作品所做的努力以及您所做的改變（聽不清），貓的負擔有所減少？

Yes, thanks, Paul. I gave probably a little bit more PML information than people may have liked, but it's really the story is 3 components. One is what we did in the reunderwriting to reduce gross exposure across AIG. By the way, including Validus Re over the last several years. And we shed over $1 trillion of limit most of it property. And so that had an effect on exposure and PMLs at all return periods.

是的，謝謝，保羅。我提供的 PML 信息可能比人們喜歡的多一點，但實際上這個故事由 3 個組成部分組成。一是我們在再承銷中採取的措施，以減少 AIG 的總風險敞口。順便說一下，包括過去幾年的 Validus Re。我們放棄了超過 1 萬億美元的大部分財產。因此，這對所有回報期的暴露和 PML 都有影響。

I think the reinsurance programs that we bought are world-class. We keep calling that out, but in a very challenging and difficult environment at 1/1, we did not compromise by taking a lot more net because of reinsurance pricing. It reflected our book. We got great partners. And as a result, we didn't really have more net in terms of overall low-return peered PMLs.

我認為我們購買的再保險計劃是世界一流的。我們一直強調這一點，但在 1/1 非常具有挑戰性和困難的環境中，我們並沒有因為再保險定價而採取更多的淨額妥協。它反映了我們的書。我們有很棒的合作夥伴。因此，就總體低迴報同行 PML 而言，我們並沒有真正獲得更多淨收益。

And so what I drew out in the Validus Re example, again, is on occurrence. It was the RMS model. We'll work through it. We got plenty of aggregate as to drive businesses that exists within AIG. But yes, I mean, like it's a different company. I mean, we're not going to have the tail exposure. But also at all return periods, we're going to have less cat. We've managed aggregates across the world and look at Validus Re as a very good business. But as I said, when we want to continue to reduce volatility, we do that through reinsurance. But when you have a treaty reinsurance business that is -- got a portfolio that has a lot of cat, that's harder to do. So I think the volatility, the cat loads will go down. By the very nature, we're going to lose a big part of our cat exposure. But we've been conservative on that and increased them this year and are very comfortable with our estimates and our actual results.

因此，我在 Validus Re 示例中再次指出的是發生的情況。這是 RMS 模型。我們會解決這個問題。我們獲得了大量的資金來推動 AIG 內部的業務。但是，是的，我的意思是，就像是一家不同的公司一樣。我的意思是，我們不會暴露尾部。但在所有的回歸時期，我們的貓都會減少。我們在世界各地管理過聚合業務，並將 Validus Re 視為一項非常出色的業務。但正如我所說，當我們想繼續減少波動性時，我們會通過再保險來做到這一點。但是，當你擁有條約再保險業務時——擁有一個包含大量貓的投資組合，那就更難做到了。所以我認為波動性和貓負載將會下降。從本質上講，我們將失去很大一部分與貓接觸的機會。但我們對此持保守態度，並於今年增加了它們，並對我們的估計和實際結果感到非常滿意。

Our next question comes from Meyer Shields from KBW.

我們的下一個問題來自 KBW 的 Meyer Shields。

Peter, you gave us a lot of detail about rate and exposure changes. And we saw a little bit of sequential improvement. But I was wondering if you could talk about changes in the gap between rate increases and loss trends from the first quarter to the second quarter of this year.

彼得，您向我們提供了很多有關費率和曝光變化的詳細信息。我們看到了一些連續的改進。但我想知道你能否談談今年第一季度到第二季度加息與虧損趨勢之間的差距的變化。

Sure, Meyer. We have given guidance. So let me start with the loss cost inflation, which is still at 6.5. And you can imagine in a company like ours, I mean, it's an index. And so we look at each line of business each quarter, make minor modifications or as we did in the back half of last year just based on inflation, more meaningful adjustments.

當然，邁耶。我們已經給出了指導。讓我從損失成本通脹開始，該通脹率仍為 6.5。你可以想像在像我們這樣的公司中，我的意思是，這是一個索引。因此，我們每個季度都會審視每項業務，進行細微的修改，或者像去年下半年那樣，根據通貨膨脹進行更有意義的調整。

I'm really pleased with the discipline the company is showing on driving rate above loss cost, and we've done that across the world. So the rate environment in the second quarter was very strong. I gave you the guidance on the prepared remarks of North America excluding work comp, 9%; International at 9%. The drivers for this Retail Property, excess and surplus lines and our specialty businesses, the headwind for rate in North America was Financial Lines. And it's worth noting again that we have a very big footprint.

我對公司在推動比率高於損失成本方面所表現出的紀律感到非常滿意，我們已經在世界各地做到了這一點。因此，第二季度的利率環境非常強勁。我給你指導的是北美準備好的發言，不包括工作補償，9%；國際為 9%。零售物業、超額和盈餘線路以及我們的專業業務的驅動力，北美利率的阻力是金融線路。再次值得注意的是，我們的足跡非常大。

And I mentioned in the prior question that International is not experiencing the same rate issues. And again, when I look back over the last 14 quarters, each quarter has been a positive rate increase in Financial Lines. So it's different for our International portfolio versus our domestic. And we continue to look at businesses like properties getting a lot of attention, but you can't look at that as a single quarter.

我在上一個問題中提到，國際機場沒有遇到同樣的費率問題。再次，當我回顧過去 14 個季度時，每個季度的金融額度都出現正增長。因此，我們的國際投資組合與國內投資組合有所不同。我們繼續關注房地產等受到廣泛關注的業務，但你不能將其視為單個季度。

I mentioned before, cost increases on the loss cost side, inflation, cost of capital, but also the cost of reinsurance for the industry, ours was a high single-digit risk-adjusted increase at 1/1. But those reinsurance costs in the industry are going to need to play in over the course of a year or maybe even like in Europe's case, into the first quarter, absent anything happening through cat season. So I think this is the market that we're in. It's a disciplined market. The cost of capital is more expensive, and we're going to be very prudent in where we deploy capital. But I'm very comfortable that we are driving margin on a written basis, and that will continue as we get to the back half of the year.

我之前提到過，損失成本、通貨膨脹、資本成本以及行業再保險成本方面的成本增加，我們的風險調整後增幅為高個位數，為 1/1。但該行業的這些再保險成本將需要在一年內發揮作用，甚至可能像歐洲的情況一樣，在貓季沒有發生任何情況的情況下，持續到第一季度。所以我認為這就是我們所處的市場。這是一個紀律嚴明的市場。資本成本更加昂貴，我們在部署資本時會非常謹慎。但令我感到非常滿意的是，我們正在以書面形式推動利潤率的提高，而且這種情況將在今年下半年繼續下去。

Okay. That's very helpful. One thing that you said in your prepared remarks also that surprised me was that you're seeing a huge uptick in casualty submissions in Lexington. I think we expected the property side. I was hoping if you can dig a little bit deeper into what's going on in specialty casualty.

好的。這非常有幫助。你在準備好的發言中所說的一件事也讓我感到驚訝，那就是你看到列剋星敦的傷亡人數大幅增加。我認為我們期待的是房地產方面。我希望您能更深入地了解特種傷員的情況。

Yes. Well, Lexington is just a great story. When we look at -- we had record submission count across Lexington. We drove very strong growth at the top line, but it's one of our most profitable businesses. And Dave McElroy, Lou Levinson, who leads Lexington, this has all been about driving value for our distribution partners and wholesale brokers. And we've been asking for submission activity on all lines of business.

是的。好吧，列剋星敦只是一個偉大的故事。當我們看到——我們在列剋星敦的提交數量創下了紀錄。我們的收入增長非常強勁，但它是我們最賺錢的業務之一。領導列剋星敦的戴夫·麥克爾羅伊 (Dave McElroy) 和盧·萊文森 (Lou Levinson) 表示，這一切都是為了為我們的分銷合作夥伴和批發經紀人創造價值。我們一直在要求所有業務領域的提交活動。

And so when we're going to deploy property, yes, we have aggregate. Yes, the performance has been very good. Yes, the growth opportunity is there on its own. But we have been very focused on driving opportunities across the portfolio, and we're asking for the business.

因此，當我們要部署財產時，是的，我們有聚合。是的，表現非常好。是的，增長機會本身就存在。但我們一直非常注重在整個投資組合中推動機會，並且我們正在尋求業務。

And so like the submission activity is substantial. And then I think being one of the largest wholesale underwriters and respected as one of the top in terms of underwriting excellence, we're getting looks at multiple lines of business. And we have staffed up in order to take on that additional volume on the property and casualty side. So I was very pleased that the team executed as well as it did, and I expect that to continue.

因此，提交活動是巨大的。然後我認為，作為最大的批發承銷商之一，並被譽為承保卓越方面的頂尖承銷商之一，我們正在關注多個業務領域。我們已經配備了人員，以承擔財產和傷亡方面的額外工作量。所以我很高興團隊執行得很好，我希望這種情況能夠繼續下去。

Our next question comes from Yaron Kinar with Jefferies.

我們的下一個問題來自 Jefferies 的 Yaron Kinar。

First question, I guess, going back to Paul's question on Validus. Could you offer us like a pro forma margin profile for North America Commercial ex the Validus sale, maybe even ex the crop business?

我想，第一個問題，回到保羅關於維杜斯的問題。您能否向我們提供北美商業（除 Validus 銷售外，甚至除農作物業務外）的預估利潤概況？

It's a very good question, but I have to follow up with a question back to you. Do you want it over a longer period of time? Because I mean, looking at a cat business in the second quarter and again, I'm happy to provide some detail. It was accretive by a little over 100 basis points in the quarter to a combined ratio.

這是一個非常好的問題，但我必須跟進一個問題給你。您想要更長的一段時間嗎？因為我的意思是，再次審視第二季度的貓業務，我很樂意提供一些細節。本季度綜合比率增加了略高於 100 個基點。

But don't forget, its acquisition ratio is higher than our normal business. The loss ratio was slightly below based on dynamics going on in the market today. When I look at our overall business and ones that I continue to highlight, Lexington specialty, our property, a little more accretive than Validus Re.

但別忘了，它的收購比例比我們正常的業務要高。根據今天市場的動態，損失率略低。當我審視我們的整體業務和我繼續強調的業務時，列剋星敦的特色業務、我們的財產比 Validus Re 更具增值性。

So I wouldn't have the impression that it's going to be highly dilutive. Obviously, it's done really well in the first half of the year. But if I go back the last 3 to 4 years, last year is the first year we were able to publish a combined ratio below 100. And so looking at the combined ratios of the business overall, it's been a positive contributor in the first half of this year. But in terms of the business, we have a lot of business to perform better. And we have -- in terms of the index, I don't think it will materially impact us.

所以我不會覺得它會被高度稀釋。顯然，今年上半年的表現非常好。但如果我回顧過去 3 到 4 年，去年是我們能夠發布低於 100 的綜合成本率的第一年。因此，從整體業務的綜合成本率來看，它在上半年做出了積極貢獻今年的。但就業務而言，我們還有很多業務需要表現得更好。就指數而言，我認為這不會對我們產生重大影響。

Got it. And maybe just as a clarification. Your commentary, is that on a reported basis or underlying?

知道了。也許只是作為一個澄清。您的評論是基於報導還是有依據？

Both. But we don't break it out. But I mean, in terms of looking at it from 2018 through 2022, 2022 was the first year on a fully low to combined ratio is below 100.

兩個都。但我們不會打破它。但我的意思是，從 2018 年到 2022 年來看，2022 年是綜合比率完全低於 100 的第一年。

Got it. And then my second question, given the secondary and Corebridge and we're starting to see a line of sight to below 50%, can you maybe offer us a precise threshold for deconsolidation?

知道了。然後我的第二個問題，考慮到中學和 Corebridge，我們開始看到低於 50% 的視線，您能否為我們提供一個精確的分拆閾值？

No. I can't offer you precise, but I can give you some guidance in terms of what we're thinking if that's okay.

不，我無法為您提供準確的信息，但如果可以的話，我可以根據我們的想法為您提供一些指導。

Sure.

當然。

Yes. So the secondary is our base case. And we would expect to do something hopefully before year-end, subject to market conditions. I think what we have proven over time is that we want to be prepared. And so we prepared for the IPO, ended up delaying it just based on market conditions, prepared on the secondary. And so we will be prepared to go before year-end.

是的。所以第二個是我們的基本情況。我們希望根據市場情況，在年底前採取一些行動。我認為隨著時間的推移，我們已經證明我們希望做好準備。所以我們準備IPO，最終只是根據市場情況推遲了，在二級市場上做好了準備。因此，我們將準備在年底前出發。

I think Corebridge is doing very well in its business performance, its operation as a public company. And then we have made enormous progress of getting it ready to be a standalone public company once we deconsolidate. They're executing very well on the management plan.

我認為 Corebridge 在其業務表現和作為一家上市公司的運營方面做得非常好。然後，我們在拆分後成為一家獨立的上市公司方面取得了巨大進展。他們在管理計劃上執行得很好。

Again, Kevin will outline it in detail on Friday, but they're able to execute on capital management now with share repurchases as well as ordinary dividend. And so we certainly want to continue to sell down at a reasonable pace, but it's just going to be subject to market conditions and where the business is.

凱文將在周五再次詳細概述，但他們現在能夠通過股票回購和普通股息來執行資本管理。因此，我們當然希望繼續以合理的速度出售，但這將取決於市場狀況和業務狀況。

Peter, I apologize. I was not really focused on the timing. I was more interested on what the precise percentage would be to see deconsolidation. Is it the second we drop below 50%?

彼得，我道歉。我並沒有真正關注時機。我更感興趣的是拆分的精確百分比是多少。這是我們第二次跌破 50% 了嗎？

Depending on Board structure. But if we modify the Board structure, it would be below 50%. But on the current Board structure, we'd have to go below 45%.

取決於董事會結構。但如果我們修改董事會結構，就會低於50%。但按照目前的董事會結構，我們必須低於 45%。

Our next question comes from Alex Scott with Goldman Sachs.

我們的下一個問題來自高盛的亞歷克斯·斯科特。

First one I had is on the capital deployment. I mean, I think one of the most challenging things to sort of model and forecast from the outside right now is just how you'll go about deploying the proceeds from a lot of the actions you're taking, including the separation of Corebridge. So I was just interested if there's any updated thoughts. I know in the past, you guys have kind of given the share count range. Any thoughts you'd provide or guidance as it relates to where the share count could go from here?

我的第一個問題是關於資本部署。我的意思是，我認為目前從外部進行模型和預測最具挑戰性的事情之一就是如何部署您正在採取的許多行動（包括 Corebridge 的分離）的收益。所以我只是感興趣是否有任何更新的想法。我知道過去你們已經給出了股份數量範圍。您有什麼想法或指導可以提供與股票數量的走向相關的信息嗎？

I think what we've outlined is still the base case. We ended up in the low 700s in terms of our share count. Sabra did a very good job of outlining the liquidity that we have and liquidity that will be coming in.

我認為我們所概述的仍然是基本情況。就我們的股票數量而言，我們最終跌至 700 多美元。薩布拉在概述我們擁有的流動性和將要進入的流動性方面做得非常好。

We have focused on the 4 components in a very rigorous way of making sure that we have capital and subsidiaries to drive the growth in a market that we think is very favorable. We increased our dividend this year, and so we want to continue to focus on that.

我們以非常嚴格的方式專注於這四個組成部分，以確保我們擁有資本和子公司來推動我們認為非常有利的市場的增長。我們今年增加了股息，因此我們希望繼續關注這一點。

Our leverage in the low 20s, and Sabra and I both indicated, we'll do some cleanup on debt because the impact of share repurchases, you need to continue to still retire debt. And the main focus from liquidity is going to be on share repurchase, and that will be highly correlated to when we close on RenRe.

我們的槓桿率在 20 左右，薩布拉和我都表示，我們將對債務進行一些清理，因為股票回購的影響，你仍然需要繼續償還債務。流動性的主要焦點將是股票回購，這將與我們關閉 RenRe 的時間高度相關。

We'll be active in the market in the third quarter. And I really couldn't give you much more guidance on that other than we're really focused on the share repurchase and getting to that 600 million to 650 million shares.

我們將在第三季度積極參與市場。除了我們真正專注於股票回購和獲得 6 億至 6.5 億股股票之外，我真的無法給你更多的指導。

Got it. That makes sense. I guess a follow-up sort of in the same vein. In terms of organic deployment, I listen to the PML comments you're making and think about the volatility and how much better it is and then the fact that you guys, I think, still have below-average underwriting leverage, at least when we sort of look at like premiums to surplus, those kind of metrics. Do you have the capacity to be able to fund this greater growth, whether it's in Lexington and some other businesses in General Insurance, without using so much of the proceeds from the strategic actions?

知道了。這就說得通了。我想後續行動也是同樣的。在有機部署方面，我聽取了你們所做的 PML 評論，並考慮了波動性以及它有多好，然後我認為，你們的承保槓桿率仍然低於平均水平，至少當我們有點像盈餘溢價之類的指標。您是否有能力為這種更大的增長提供資金，無論是在列剋星敦還是在普通保險領域的其他一些業務，而無需使用這麼多戰略行動的收益？

We do, and it's been a big focus for us. Sabra, do you want to expand on that a little bit?

我們確實這麼做了，這一直是我們關注的重點。 Sabra，你想擴展一下嗎？

Yes. Thanks. I would just note, as I mentioned in my prepared comments, that the risk-based capital ratios in our U.S. pool are in the range of 470% to 480%, which is well above our target range of 400% to 420%. So we have ample capacity within the General Insurance businesses today to support growth.

是的。謝謝。我只想指出，正如我在準備好的評論中提到的那樣，我們美國池中基於風險的資本比率在470% 至480% 的範圍內，這遠遠高於我們400% 至420% 的目標範圍。因此，我們今天的普通保險業務有足夠的能力來支持增長。

Our next question comes from Michael Zaremski with BMO.

我們的下一個問題來自 BMO 的 Michael Zaremski。

My question is about the exist -- remaining portfolio post the sale of Validus pending in the crop business. Are there other and what you did on the -- what you're doing on the personal line side. Are there other pieces of the portfolio that still need additional optimization? Or are we kind of mostly through the major actions?

我的問題是關於出售 Validus 後農作物業務中剩餘的投資組合。還有其他的嗎？你在個人線路方面做了什麼？產品組合中是否還有其他部分仍需要進一步優化？或者說我們主要是通過重大行動來實現的？

I think we're through most of the major actions. We have to focus more on Personal Insurance, and then we have been certainly, the -- we spent a lot of time on the ultra and high net worth business and the actions that we're taking there in terms of improving it. And we'll see that as we go to the back half of '23 and into '24.

我認為我們已經完成了大部分重大行動。我們必須更多地關注個人保險，然後我們當然，我們花了很多時間在超高淨值業務以及我們正在採取的改進行動方面。當我們進入 23 世紀後半段和 24 世紀時，我們將會看到這一點。

Japan is a big focus for us, and it's a terrific business, one that has terrific scale, performs very well, needs more digital investment. And we have such a wide distribution of agents that we can scale more products. So we'll see some investment in Japan on digital workflow and digital interfacing with customers. And we've been working through that over the past 12 to 18 months. So I would expect to see improved performance there.

日本是我們的一個重點，這是一個很棒的業務，規模巨大，表現非常好，需要更多的數字投資。我們擁有廣泛的代理商分佈，因此我們可以擴展更多的產品。因此，我們將看到日本在數字工作流程和與客戶的數字接口方面進行一些投資。在過去的 12 到 18 個月裡，我們一直在努力解決這個問題。所以我希望看到那裡的性能得到改善。

And then also our Global Accident & Health business, which performs very well mostly overseas in International, but that's going to have investment. And we would expect to see more growth and more profitability improvement there.

然後還有我們的全球事故與健康業務，該業務主要在海外國際業務中表現出色，但這需要投資。我們預計那裡會有更多的增長和更多的盈利能力改善。

But I don't -- it's not major. It's more of just making strategic investments in order to position the portfolio to be more advantageous. So those will be the areas of focus. But after Validus Re, we had a very active quarter and certainly would not expect another one of those, but we are going to continue to try to drive improvement throughout the portfolio.

但我不這麼認為——這不是什麼大事。它更多的是進行戰略投資，以使投資組合更具優勢。因此，這些將是重點領域。但在 Validus Re 之後，我們經歷了一個非常活躍的季度，當然不會期望再有一個這樣的季度，但我們將繼續努力推動整個投資組合的改進。

Okay. Great. And my follow-up is switching gears, thinking about AIG's long-term kind of combined ratio inclusive of other expenses. If we're thinking longer term, you've done a great job improving the loss ratio. We're clear that there's still -- you have guidance on expenses coming down.

好的。偉大的。我的後續行動是轉換方向，考慮 AIG 的長期綜合比率，包括其他費用。如果我們著眼長遠，您在改善損失率方面做得非常出色。我們很清楚，您仍然有關於費用下降的指導。

But when you say longer term, most of the wood's been chopped in the loss ratio, and we should be thinking about overall expenses is kind of getting you to the double-digit ROE land sustainably? Or is there still loss ratio components such as maybe reserves and whatnot that could continue to improve over time?

但當你說更長期時，大部分木材都被砍掉了損失率，我們應該考慮總體支出是否能讓你可持續地達到兩位數的淨資產回報率？或者是否仍然存在損失率組成部分，例如可能的儲量等，隨著時間的推移，可能會繼續改善？

No, I think you're thinking of it the right way. I mean, we've done an incredible job in terms of getting the portfolio that was in existence in '17 and '18 to where it is today. We know that we're an outlier on the expense ratio. That's a big part of what we're doing in the future operating model. And we'll start to show more and more evidence of that in the coming quarters and as we go into 2024.

不，我認為你的想法是正確的。我的意思是，我們在將 17 和 18 年的投資組合提升到今天的水平方面做得非常出色。我們知道我們的費用比率是異常值。這是我們在未來運營模式中所做的重要組成部分。在接下來的幾個季度以及進入 2024 年時，我們將開始展示越來越多的證據。

I did mention not to repeat the first part of the answer, but I do think that there's loss ratio and combined ratio opportunity for improvement in Personal Insurance. And we're heavily focused on that in terms of its balance across all of AIG. But when we look at the improvement in ROCE, expenses is going to be a big part of it. And as we focus on getting to our future operating model, that scale and discipline around having an expense ratio that's more favorable will be a huge focus of this management team.

我確實提到不要重複答案的第一部分，但我確實認為個人保險的損失率和綜合比率有改善的機會。我們非常關注整個 AIG 的平衡問題。但當我們看到 ROCE 的改善時，費用將成為其中的很大一部分。當我們專注於實現未來的運營模式時，圍繞更有利的費用比率的規模和紀律將成為該管理團隊的重點。

Okay. Thanks. I want to thank everybody for joining us today. I hope you have a great day.

好的。謝謝。我要感謝大家今天加入我們。希望你有美好的一天;希望你今天過得很開心。

Thank you for participating at today's conference. This does conclude the program, and you may now disconnect. Everyone, have a great day.

感謝您參加今天的會議。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。