American International Group Inc (AIG) 2024 Q1 法說會逐字稿

Good day, and welcome to AIG's First Quarter 2024 Financial Results Conference Call. This conference is being recorded.

美好的一天，歡迎參加 AIG 2024 年第一季財務業績電話會議。本次會議正在錄製中。

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

現在這個時候，我想把會議交給昆汀·麥克米倫。請繼續。

Good morning, and thanks very much. 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 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.

早安，非常感謝。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績效或事件的保證，而是基於管理階層目前的預期。 AIG 向 SEC 提交的文件提供了可能導致實際結果或事件出現重大差異的重要因素的詳細資訊。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聲明。

Today's remarks may also refer to non-GAAP financial measures. A reconciliation of such measures to the most comparable GAAP figures is included in our 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。我們的財務補充資料和收益報告中包含了這些指標與最具可比性的 GAAP 數據的對賬，所有這些都可以在我們的網站 aig.com 上找到。

Additionally, note that today's remarks will include results of AIG 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 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, May 3.

此外，請注意，今天的評論將包括 AIG 人壽和退休部門以及其他業務的業績，其基礎與前幾季相同，這也是我們預計在 Corebridge Financial 分拆之前繼續報告的方式。 AIG 部門和美國公認會計準則財務表現以及 AIG 的相關關鍵財務指標與 Corebridge Financial 報告的數據不同。 Corebridge Financial 將於 5 月 3 日星期五召開財報電話會議。

Finally, today's remarks as they relate to net premiums written, adjusted pretax income, underwriting income and margin in General Insurance are presented both on a reported basis as well as a comparable basis, which reflects year-over-year comparison on a constant dollar basis as applicable, adjusted for the sale of Crop Risk Services and the sale of Validus Re. Please refer to the footnote on Page 26 of the first quarter financial supplement for prior period results for the Crop business and Validus Re.

最後，今天的評論涉及普通保險的淨保費、調整後的稅前收入、承保收入和利潤率，這些評論是在報告的基礎上和可比的基礎上提出的，這反映了在固定美元基礎上的年比比較如適用，根據作物風險服務的銷售和 Validus Re 的銷售進行調整。有關農作物業務和 Validus Re 的前期業績，請參閱第一季財務補充資料第 26 頁的註腳。

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執行長 Peter Zaffino。

Good morning, and thank you for joining us today to review our first quarter 2024 financial results. Following my remarks, Sabra will provide more detail on the quarter and then we'll take questions. Kevin Hogan will join us for the Q&A portion of the call.

早安，感謝您今天加入我們回顧我們 2024 年第一季的財務表現。在我發表講話後，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) 將參加我們電話會議的問答部分。

Here are some highlights from the quarter. Adjusted after-tax income was $1.2 billion or $1.77 per diluted common share, representing a 9% increase in earnings per share year-over-year. Consolidated net investment income on an adjusted pretax income basis was $3.5 billion, a 13% increase year-over-year. General Insurance underwriting income was $596 million, a 19% increase year-over-year, reflecting improved accident year results, including lower catastrophes and increased 67% year-over-year on a comparable basis, if you exclude divested businesses from the prior year quarter.

以下是本季的一些亮點。調整後稅後收入為 12 億美元，即每股稀釋普通股 1.77 美元，每股盈餘較去年同期成長 9%。調整後稅前收入基礎上的綜合淨投資收益為 35 億美元，年增 13%。 General Insurance underwriting income was $596 million, a 19% increase year-over-year, reflecting improved accident year results, including lower catastrophes and increased 67% year-over-year on a comparable basis, if you exclude divested businesses from the prior year四分之一.

The accident year combined ratio, excluding catastrophes, was 88.4%, a 30 basis point improvement from the prior year quarter and was the tenth consecutive quarter of a sub-90 combined ratio. The quarter also reflected the significant improvement we have made in controlling volatility in our property portfolio as total catastrophe-related losses in the quarter were $107 million or 1.9%, representing a 230 basis point improvement year-over-year.

事故年綜合成本率（不包括災難）為 88.4%，比去年同期提高了 30 個基點，並且是連續第十個季度綜合成本率低於 90。本季也反映出我們在控制房地產投資組合波動方面取得的顯著進步，本季災難相關損失總額為 1.07 億美元，即 1.9%，較去年同期改善 230 個基點。

Turning to Life and Retirement. The business reported very good results with premiums and deposits of $10.7 billion in the first quarter, their highest quarterly result achieved in the last decade, and strong APTI growth of 12% over the prior year quarter.

轉向生活和退休。該業務取得了非常好的業績，第一季保費和存款達到 107 億美元，是過去十年來的最高季度業績，APTI 比去年同期強勁增長 12%。

Last September, Corebridge entered into a definitive agreement to sell the U.K. Life Insurance business to Aviva plc, which calls on April 8. Net proceeds were approximately $550 million and will be used for Corebridge share repurchases.

去年 9 月，Corebridge 簽署了一項最終協議，將英國人壽保險業務出售給 Aviva plc，該公司於 4 月 8 日發出通知。

During the quarter, we returned over $2.4 billion to shareholders through $1.7 billion of common stock repurchases, $250 million of dividends and the redemption of all our outstanding Series A preferred stock for $500 million. We repaid $459 million of debt upon maturity, lowering our total debt to $9.8 billion. In addition, we repurchased approximately $613 million of common stock in April.

本季度，我們透過 17 億美元的普通股回購、2.5 億美元的股息以及以 5 億美元的價格贖回所有已發行 A 輪優先股，向股東返還了超過 24 億美元。我們在到期時償還了 4.59 億美元的債務，將債務總額降至 98 億美元。此外，我們在 4 月回購了約 6.13 億美元的普通股。

Based on our strong performance, the AIG Board of Directors approved an 11% increase in AIG's quarterly common stock dividend to $0.40 per share. The AIG Board of Directors also increased the share repurchase authorization to $10 billion, effective May 1. Lastly, we ended the first quarter with strong parent liquidity of $5.1 billion. Overall, I'm very pleased with our first quarter results and the continued strong execution of our strategy to deliver sustained underwriting excellence, profitability and disciplined capital management.

基於我們強勁的業績，AIG 董事會批准將 AIG 的季度普通股股息增加 11%，至每股 0.40 美元。 AIG 董事會還將股票回購授權增加至 100 億美元，自 5 月 1 日起生效。總的來說，我對我們第一季的業績以及我們策略的持續強勁執行感到非常滿意，以提供持續的卓越承保、獲利能力和嚴格的資本管理。

During my remarks this morning, I will discuss 4 important topics: first, I will provide some financial highlights in the quarter focused on the General Insurance business, including some insight into our net premiums written; second, I will talk briefly about the results in Life and Retirement; third, I will provide an update on our capital management strategy, specifically our plans for 2024 and 2025; and finally, I will discuss our path to a 10%-plus ROCE and provide more detail on AIG Next and our future state operating structure that will create value through a leaner and more unified company.

在今天早上的演講中，我將討論 4 個重要主題：首先，我將提供本季度的一些重點關注普通保險業務的財務亮點，包括對我們淨承保保費的一些見解；第二，我簡單講《生活與退休》的成果；第三，我將介紹我們資本管理策略的最新情況，特別是我們2024年和2025年的計畫；最後，我將討論我們實現 10% 以上 ROCE 的道路，並提供有關 AIG Next 和我們未來的國家運營結構的更多詳細信息，該結構將通過更精簡、更統一的公司創造價值。

Let me take a moment to update you on our sell-down of Corebridge. Our Corebridge holdings currently stand at 324 million common shares outstanding, which represents a 53% ownership stake. We continue to explore all alternatives to reduce our ownership stake in Corebridge. Once Corebridge is deconsolidated from AIG, Life and Retirement's balance sheet and income statement will no longer be included in AIG's consolidated financial statements, and our remaining ownership stake will be reported in parent investments with dividends reported in net investment income.

讓我花一點時間向您介紹我們出售 Corebridge 的最新情況。我們的 Corebridge 目前持有 3.24 億股已發行普通股，佔 53% 的股權。我們將繼續探索所有替代方案來減少我們在 Corebridge 的所有權股份。一旦Corebridge 從AIG 分離出來，Life and Retirement 的資產負債表和損益表將不再包含在AIG 的合併財務報表中，我們剩餘的股權將在母公司投資中報告，股息將在淨投資收益中報告。

Sabra went through this in detail on our last earnings call. We have been evaluating opportunities to maximize long-term value for Corebridge and have considered multiple strategic alternatives that we believe will best position Corebridge for future success. We remain committed to reducing AIG's ownership and to fully selling our remaining stake, and I will continue to provide updates to all of our stakeholders.

薩布拉在我們上次的財報電話會議上詳細討論了這一點。我們一直在評估使 Corebridge 的長期價值最大化的機會，並考慮了多種策略選擇，我們相信這些選擇將最有利於 Corebridge 未來的成功。我們仍然致力於減少 AIG 的所有權並完全出售我們剩餘的股份，我將繼續向所有利害關係人提供最新情況。

In terms of the use of Corebridge-related proceeds, AIG expects to continue to utilize excess capital and liquidity, with a focus on returning capital to shareholders through share repurchases and liability management, which I will discuss later when I outline our capital management strategy.

在Corebridge相關收益的使用方面，AIG預計將繼續利用過剩資本和流動性，重點是透過股票回購和負債管理向股東返還資本，我將在稍後概述我們的資本管理策略時討論這一點。

Now turning to General Insurance. Net premiums written were $4.5 billion and reflected the impact of the dispositions of Validus Re and Crop Risk Services as well as actions we've taken to restructure specific treaty reinsurance. Overall, Global Commercial had a very strong quarter. Excluding the impact of our divestitures, Global Commercial net premiums written growth was 1% year-over-year.

現在轉向一般保險。淨承保保費為 45 億美元，反映了 Validus Re 和 Crop Risk Services 處置的影響以及我們為重組特定條約再保險而採取的行動。整體而言，全球商業季度表現非常強勁。排除資產剝離的影響，全球商業淨保費年增 1%。

First, I want to reconfirm the guidance for the year. We expect high single-digit growth in net premiums written for the full year in our Global Commercial Insurance business. Now the results. In North America Commercial, net premiums written grew 4%. Lexington grew 24%, which was led by Casualty and Western World. Our Excess Casualty line grew 46% and our Captive Solutions grew 20%.

首先，我想再次確認今年的指導。我們預計全球商業保險業務全年的淨保費將出現個位數的高成長。現在結果出來了。北美商業險的淨承保保費增加了 4%。列剋星敦成長了 24%，其中 Casualty 和 Western World 領先。我們的過度傷亡產品線成長了 46%，自保解決方案成長了 20%。

There's been meaningful commentary on the Excess & Surplus Lines market, and we continue to experience terrific fundamentals and results in Lexington. Let me provide a few examples. Our submission volume was up over 50% year-over-year. Lexington delivered strong new business, outperforming last year's record first quarter results, balanced across all lines. And retention remains strong for Lexington at 78%.

關於超額和盈餘線路市場有一些有意義的評論，我們繼續在列剋星敦體驗到出色的基本面和結果。讓我舉幾個例子。我們的提交量年增超過 50%。列剋星敦交付了強勁的新業務，超越了去年創紀錄的第一季業績，各條線保持平衡。列剋星敦的保留率仍然很高，高達 78%。

Shifting to North America Retail Property, net premiums written were negative $120 million in the quarter, driven by first quarter reinsurance purchased and had over a 600 basis point impact on the first quarter net premiums written growth for North America commercial compared to prior year. North America Financial Lines declined 4% year-over-year. In prior quarters, we provided meaningful commentary on the dynamics within Financial Lines, so I will not go through that again.

轉向北美零售財產，受第一季購買再保險的推動，本季淨承保保費為負 1.2 億美元，與去年相比，對北美商業第一季淨承保保費增長產生了超過 600 個基點的影響。北美金融航線較去年同期下降 4%。在前幾季度，我們對 Financial Lines 內部的動態提供了有意義的評論，因此我不會再重複這一點。

It's been a challenging market environment with continued headwinds on rate. Having said that, we continue to believe our portfolio is strong, and we remain disciplined. Sabra will give more detail in her prepared remarks.

這是一個充滿挑戰的市場環境，利率持續面臨阻力。話雖如此，我們仍然相信我們的投資組合是強大的，我們仍然遵守紀律。薩布拉將在她準備好的演講中提供更多細節。

In International Commercial, net premiums written were flat for the quarter. International Property grew 23%, and Talbot grew 18%. This was offset by a decline in our Global Specialty business of slightly over 10% due to some top line weakness in energy and the effects of the reinsurance restructuring. Also, we had a 5% decline in International Financial Lines.

在國際商業領域，本季淨承保保費持平。 International Property 成長 23%，Talbot 成長 18%。由於能源領域的一些營收疲軟和再保險重組的影響，我們的全球特種業務略高於 10% 的下降抵消了這一影響。此外，我們的國際金融額度下降了 5%。

Now turning to the combined ratio. Our Global Commercial business in the first quarter had an outstanding result with an 84.4% accident year combined ratio, excluding catastrophe, a 150 basis point improvement year-over-year. The accident year combined ratio, including catastrophe, was 86.6%, a 500 basis point improvement year-over-year.

現在轉向綜合比率。我們第一季的全球商業業務取得了出色的業績，事故年綜合比率（不包括災難）為 84.4%，比去年同期提高了 150 個基點。包括災難在內的事故年綜合比率為 86.6%，較去年同期提高 500 個基點。

This was led by International Commercial which, on a comparable basis, had an 82.8% accident year combined ratio, excluding catastrophe, which is a 140 basis point improvement year-over-year; and an 83.5% accident year combined ratio, including catastrophe, which is a 770 basis point improvement year-over-year.

其中以國際商業公司（International Commercial）為首，在可比較基礎上，該公司的事故年綜合比率（不包括災難）為 82.8%，年比提高了 140 個基點；事故年綜合比率（包括災難）為 83.5%，較去年同期提高 770 個基點。

North America Commercial also had an outstanding result with an 85.9% accident year combined ratio, excluding catastrophe, which is a 180 basis point improvement year-over-year; and an 89.5% accident year combined ratio, including catastrophe which is a 260 basis point improvement year-over-year. These results were simply outstanding and are a testament to our commitment and culture of underwriting excellence.

北美商業銀行也取得了出色的業績，事故年綜合比率（不包括災難）為 85.9%，比去年同期提高了 180 個基點；事故年綜合比率為 89.5%，其中包括災難，年比提高了 260 個基點。這些結果非常出色，證明了我們的承諾和卓越核保文化。

Shifting now to global Personal Insurance. Net premiums written were flat to prior year. We had modest growth in Personal Auto and Individual Travel and reductions in high net worth driven largely by reinsurance and Accident & Health, largely driven by 2 nonrenewals in China, as part of our focus on portfolio improvements in our Accident & Health business.

現在轉向全球個人保險。淨承保保費與上年持平。作為我們專注於改善意外與健康業務投資組合的一部分，我們的個人汽車和個人旅行業務略有增長，而高淨值人士的減少主要是由再保險和意外與健康業務推動的，這主要是由中國的兩次非續保推動的。

North America Personal had a 97.7% accident year combined ratio, excluding catastrophe. This is a 990 basis point improvement year-over-year and a 101.6% accident year combined ratio, including catastrophe, which is an 870 basis point improvement year-over-year.

北美個人保險的事故年綜合比率為 97.7%（不包括災難）。年比改善了 990 個基點，事故年綜合比率為 101.6%，其中包括災難，年比改善了 870 個基點。

As we discussed last year, we expect a material financial improvement in 2024 that will be driven by higher earned premium and a lower loss ratio from the high net worth business. We saw this manifest in the first quarter and expect this improvement to continue throughout 2024.

正如我們去年討論的那樣，我們預計 2024 年財務狀況將出現重大改善，這將由高淨值業務的保費收入增加和損失率降低所推動。我們在第一季就看到了這一點，並預計這種改善將持續到 2024 年。

International parcel insurance had a 96.8% accident year combined ratio, excluding catastrophe, which increased 90 basis points year-over-year; and a 96.8% accident year combined ratio, including catastrophe, which is a 20 basis point improvement year-over-year. Overall, I'm very pleased with the financial performance of General Insurance, which delivered another excellent quarter.

國際包裹保險的事故年度綜合比率（不含巨災）為 96.8%，較去年同期成長 90 個基點；包括災難在內的事故年綜合比率為 96.8%，年比提高了 20 個基點。總體而言，我對普通保險的財務表現非常滿意，該季度又取得了出色的表現。

Our reinsurance decisions in the first quarter had an impact on net premiums written. As we've discussed over the past several years, our reinsurance partnerships and global treaty structures have been purposeful. Our objective has been to deliver improved underwriting profitability and evolve our business portfolio to be appropriately diversified to deliver consistent results throughout the market cycle.

我們第一季的再保險決策對淨承保保費產生了影響。正如我們過去幾年所討論的那樣，我們的再保險合作夥伴關係和全球條約結構是有目的的。我們的目標是提高承保盈利能力，並發展我們的業務組合，使其適當多元化，以在整個市場週期中提供一致的結果。

We believe this strategy has provided sustained value to our clients while also delivering improved risk-adjusted returns. It has significantly repositioned AIG, especially as we prepare to deconsolidate from Corebridge. Our goals with our reinsurance purchasing have been to preserve and optimize capital and enhance the quality of earnings through active management of the volatility of our underwriting results. This deliberate approach to reinsurance has helped position AIG with a very strong balance sheet and has given us the flexibility to add exposure where risk-adjusted returns are very attractive while also moderating volatility in our underwriting results.

我們相信這項策略為我們的客戶提供了持續的價值，同時也提高了風險調整後的回報。它極大地重新定位了 AIG，尤其是在我們準備從 Corebridge 中剝離出來的時候。我們再保險購買的目標是透過積極管理承保結果的波動性來保存和優化資本並提高收益品質。這種深思熟慮的再保險方法幫助 AIG 建立了非常強大的資產負債表，並使我們能夠靈活地增加風險調整回報非常有吸引力的風險敞口，同時也緩和了承保業績的波動性。

As a result of our divestiture of Validus Re, combined with the reduction in gross limits in property through our underwriting strategy, we have reduced our PMLs and created meaningful capacity to increase our property writings throughout our global platform should they meet our expected returns. Without going through each return period by peril and region, our key zone PMLs on average, have decreased by over 40% compared to the first quarter of 2023, which provides considerable aggregate for future growth while appropriately managing the exposures we're assuming.

由於我們剝離了Validus Re，再加上我們透過承保策略減少了財產總限額，我們減少了PML，並創造了有意義的能力，以在我們的全球平台上增加我們的財產承保（如果它們滿足我們的預期回報）。如果不按風險和地區劃分每個回報期，我們的關鍵區域PML 平均比2023 年第一季下降了40% 以上，這為未來的成長提供了可觀的總量，同時適當管理了我們假設的風險敞口。

Our reinsurance purchasing is deliberately concentrated at January 1. As a result, any changes in purchasing tend to be more pronounced in the first quarter reporting of net premiums written. In January 2024, we also made some changes related to the allocation of catastrophe costs among the businesses, so that catastrophe costs are more accurately reflected in pricing. Historically, some of these costs have been shared with Validus Re. We reallocated PMLs and the catastrophe costs to where we believe the most attractive opportunities for growth existed in our portfolio.

我們的再保險購買有意集中在 1 月 1 日。 2024年1月，我們也對巨災成本在業務之間的分配進行了一些改變，以便巨災成本在定價上得到更精確的體現。從歷史上看，其中一些成本是與 Validus Re 分擔的。我們將 PML 和災難成本重新分配到我們認為投資組合中存在最具吸引力的成長機會的地方。

It's worth noting, when considering our property catastrophe placement, we believe we have the lowest attachment point of our peer group. Over time, we have the balance sheet and perhaps the risk appetite to take more net on our catastrophe program post deconsolidation and subject to market conditions.

值得注意的是，在考慮我們的財產災難安置時，我們認為我們的依戀點是同行群體中最低的。隨著時間的推移，我們的資產負債表和風險偏好可能會在分拆後並根據市場條件從我們的災難計劃中獲得更多淨額。

As a point of reference, if we chose to raise our catastrophe attachment point to $500 million worldwide, our attachment point would likely remain the lowest among our peer group with a [1 11] attachment point in North America wind and a [1 19] attachment in North America earthquake based on today's exposure. Importantly, our net premiums written in commercial would have been 15% greater in the first quarter if we had elected to have a $500 million attachment point across our global portfolio.

作為參考，如果我們選擇將全球災難附著點提高到 5 億美元，我們的附著點可能仍然是同業中最低的，北美風的附著點為 [1 11]，而附著點為 [1 19]根據今天曝光的北美地震配件。重要的是，如果我們選擇在全球投資組合中設定 5 億美元的附著點，那麼第一季我們的商業淨保費將會增加 15%。

Our earnings potential is significant. And when combined with the strength of our balance sheet, it will provide us with the flexibility to continuously evaluate and refine our strategic reinsurance purchasing as we enter 2025.

我們的獲利潛力巨大。與我們的資產負債表實力相結合，它將為我們提供靈活性，以便在進入 2025 年時不斷評估和完善我們的策略再保險採購。

Turning to Life and Retirement. As I noted earlier, the business continued to produce strong results in the first quarter. In April, Corebridge completed their Corebridge forward restructuring. $400 million of savings has been actioned or contracted, and they expect to realize the vast majority of the savings by the end of 2024 at a cost to achieve of $300 million.

轉向生活和退休。正如我之前指出的，該業務在第一季繼續取得強勁業績。 4 月，Corebridge 完成了 Corebridge 遠期重組。已採取行動或簽約節省了 4 億美元，他們預計到 2024 年底實現絕大多數節省，成本達到 3 億美元。

Corebridge repurchased approximately $240 million of common shares during the first quarter, and they have repurchased $370 million of common shares year-to-date. Corebridge ended the quarter with a strong balance sheet with parent liquidity of $1.7 billion. This week, the Corebridge Board of Directors approved a share buyback authorization of $2 billion, which reflects their stated commitment to delivering a 60% to 65% payout ratio to shareholders, subject to market conditions.

Corebridge 在第一季回購了約 2.4 億美元的普通股，今年迄今已回購了 3.7 億美元的普通股。 Corebridge 在本季結束時擁有強勁的資產負債表，母公司的流動性為 17 億美元。本週，Corebridge 董事會批准了 20 億美元的股票回購授權，這反映了他們承諾根據市場條件向股東提供 60% 至 65% 的派息率。

Turning to other operations. We have made significant progress towards our future state operating model. Adjusted pretax loss from other operations in the quarter, including Life and Retirement, was $408 million, a 17% improvement year-over-year. The improvement was primarily attributable to lower general operating expense, higher short-term investment income and lower interest expense at AIG due to debt reduction actions. We expect our future state parent expenses to be in the range of $325 million to $350 million by year-end 2024. After deconsolidation, we intend to use 1% to 1.5% of net premiums earned as a benchmark of total parent expenses in the future.

轉向其他操作。我們在未來的國家營運模式方面取得了重大進展。本季其他業務（包括人壽和退休業務）的調整後稅前虧損為 4.08 億美元，年增 17%。這一改善主要歸因於美國國際集團 (AIG) 的債務削減行動導致一般營運費用降低、短期投資收入增加以及利息費用降低。我們預計到2024 年底，我們未來的母公司費用將在3.25 億美元至3.5 億美元之間。基準。

Turning to capital management. In the first quarter, we continue to execute on our balanced capital management strategy. Over the past couple of years, we have significantly strengthened our balance sheet by making key decisions that have increased our financial flexibility while always planning for the long term, which has allowed us to accelerate the execution of our strategy and unlock meaningful value for AIG shareholders.

轉向資本管理。一季度，我們持續執行平衡資本管理策略。在過去的幾年裡，我們透過做出關鍵決策來顯著增強我們的資產負債表，這些決策提高了我們的財務靈活性，同時始終進行長期規劃，這使我們能夠加快戰略的執行並為AIG股東釋放有意義的價值。

Along with establishing appropriate debt capital structures for AIG and Corebridge and diligently executing on AIG's capital management priorities, we have also completed over $40 billion of capital market transactions since 2022. We have been very disciplined in the execution of the components of our capital management strategy that we first outlined in 2022.

除了為AIG 和Corebridge 建立適當的債務資本結構並努力執行AIG 的資本管理優先事項外，自2022 年以來，我們還完成了超過400 億美元的資本市場交易。方面一直非常自律。

As a reminder, our objectives were: to maintain very strong insurance company capital levels to support organic growth and a steady source of operating subsidiary dividends to service parent company needs; to reduce our total debt outstanding and improve our leverage ratios, providing a well-structured and well-laddered debt portfolio with no outsized amounts due in any given year, particularly over the next 5 years; to return excess capital to shareholders in the form of share repurchases and dividends; to increase our dividend as our earnings and financial flexibility improved; and to maintain a strong parent liquidity position.

提醒一下，我們的目標是：維持保險公司非常強勁的資本水平，以支持有機成長，並提供穩定的營運子公司股息來源，以滿足母公司的需求；減少我們的未償債務總額並提高我們的槓桿率，提供結構良好、層次分明的債務投資組合，在任何特定年份（特別是未來 5 年）都不會出現巨額到期金額；以股份回購和股利的形式將多餘資本返還給股東；隨著我們的收益和財務靈活性的改善，增加我們的股利；並維持母公司強勁的流動性狀況。

All of our Tier 1 insurance company subsidiaries are at or above their target capital ranges and have the ability to support meaningful growth without additional capital contributions. At current profitability levels, we had approximately $3 billion of run rate dividend capacity from our global General Insurance subsidiaries with approximately $2 billion attributable to the U.S. General Insurance company's dividend capacity.

我們所有的一級保險公司子公司均達到或高於其目標資本範圍，並且有能力在無需額外出資的情況下支持有意義的成長。以目前的獲利水平，我們的全球普通保險公司子公司擁有約 30 億美元的運行率股息能力，其中約 20 億美元歸因於美國普通保險公司的股息能力。

We have increased the U.S. General Insurance company dividend capacity by approximately 400% over the last 3 years. This reflects a significant increase from 2021, when it was $550 million; and in 2022, when it was $1.4 billion. Looking forward, we expect to continue positioning AIG with maximum capital flexibility for growth, including reviewing our reinsurance over time and considering compelling and strategic inorganic growth opportunities should they exist.

在過去 3 年裡，我們已將美國一般保險公司的分紅能力提高了約 400%。這反映出較 2021 年的 5.5 億美元大幅成長；到 2022 年，這一數字為 14 億美元。展望未來，我們預計將繼續為 AIG 提供最大的資本靈活性以促進成長，包括隨著時間的推移審查我們的再保險，並考慮引人注目的策略性無機成長機會（如果存在）。

In addition to strong insurance company capitalization, we've continued to significantly reduce our overall debt. Outstanding debt is now approximately $9.8 billion, a reduction of over $12 billion since the end of 2021, which has been a remarkable result for AIG. We had previously provided guidance that we're targeting a 20% to 25% total debt-to-capital ratio, and we expect to be in the 15% to 20% range upon deconsolidation.

除了強大的保險公司資本之外，我們還繼續大幅減少整體債務。目前未償債務約 98 億美元，自 2021 年底以來減少了超過 120 億美元，這對 AIG 來說是一個了不起的成果。我們之前曾提供指導，我們的目標是總債務與資本比率為 20% 至 25%，我們預計拆分後將在 15% 至 20% 的範圍內。

While we may do additional work on maturities, we would not expect that to take priority over share repurchases. Since 2022, we've increased our focus on share repurchase activities. We completed over $5 billion of repurchases in 2022 and approximately $3 billion in 2023. Looking ahead, we expect up to $6 billion in repurchases in 2024 and up to $4 billion in 2025, depending on the timing of future Corebridge sell-downs and market conditions.

雖然我們可能會在到期日上做額外的工作，但我們預計這不會優先於股票回購。自 2022 年以來，我們更加關注股票回購活動。我們在2022 年完成了超過50 億美元的回購，在2023 年完成了約30 億美元的回購金額將高達40 億美元，取決於未來Corebridge 出售的時間和市場狀況。

All of the expected activity in 2024 and 2025 will be covered by the $10 billion share authorization that we announced yesterday. For the balance of 2024, we expect to be able to repurchase about $1.5 billion of common stock a quarter depending on excess parent liquidity levels, including future Corebridge sale proceeds, General Insurance dividends and market conditions.

我們昨天宣布的 100 億美元股票授權將涵蓋 2024 年和 2025 年的所有預期活動。對於 2024 年剩餘時間，我們預計每個季度能夠回購約 15 億美元的普通股，具體取決於母公司過剩的流動性水平，包括未來 Corebridge 的銷售收益、普通保險股息和市場狀況。

And based on the current stock price, we would expect this to get us closer to the higher end of our target share count range of 600 million to 650 million common shares by the end of the second quarter and towards the lower end of the range by the end of 2024. Furthermore, based on this outlook and depending on the stock price and market conditions, we would expect to be between 550 million and 600 million shares outstanding by year-end 2025.

根據目前股價，我們預計這將使我們在第二季末接近目標股數範圍（6 億至 6.5 億股普通股）的上限，並在到2024 年底。市場狀況，我們預計到2025 年底流通股數將在5.5 億至6 億股之間。

Turning to our dividend. The AIG Board of Directors recently increased the cash dividend of $0.40 per share on AIG common stock up 11%, the second consecutive year with an increase of more than 10%. I could not be more pleased with our progress. We remain confident in our ability to deliver while continuing the positive momentum in our financial performance.

轉向我們的股利。 AIG 董事會最近將 AIG 普通股現金股利提高了 11%，為每股 0.40 美元，這是連續第二年增幅超過 10%。我對我們的進展感到非常滿意。我們對我們的交付能力充滿信心，同時繼續保持財務表現的積極勢頭。

We remain committed to delivering an adjusted 10%-plus ROCE post deconsolidation of Corebridge. For the first quarter, we achieved a 9.3% adjusted ROCE and a 13.3% adjusted ROCE in General Insurance. Contributing to ROCE will be AIG Next, which will focus on achieving an expense base that will generate additional savings for AIG while reducing complexity throughout our organization and simplifying how we operate. AIG Next will create clarity in our operating structure, including aligning our underwriting and claims organizations with our operations and functions while defining our parent company of the future.

我們仍然致力於在 Corebridge 分拆後實現調整後 10% 以上的 ROCE。第一季度，我們的調整後 ROCE 為 9.3%，普通保險調整後 ROCE 為 13.3%。 AIG Next 將為 ROCE 做出貢獻，它將專注於實現支出基礎，為 AIG 帶來額外的節省，同時降低整個組織的複雜性並簡化我們的運作方式。 AIG Next 將明確我們的營運結構，包括使我們的核保和索賠組織與我們的營運和職能保持一致，同時定義我們未來的母公司。

This is the key objective as we weave AIG together. To be a less complex, more effective and leaner company with the appropriate infrastructure and capabilities for the business we will be post deconsolidation. AIG Next has clearly defined work streams governed by a very experienced, centralized team with significant experience in transformations and company design reporting directly to me.

這是我們將 AIG 整合在一起的關鍵目標。為了成為一家不那麼複雜、更有效率、更精簡的公司，擁有適合業務的基礎設施和能力，我們將進行分割後的工作。 AIG Next 明確定義了工作流程，由經驗豐富的集中團隊管理，他們在轉型和公司設計方面擁有豐富的經驗，直接向我報告。

As I stated on previous calls, we expect AIG Next to generate approximately $500 million in annual run rate savings by the end of 2025. Of the $500 million in run rate savings, we expect $350 million to be actioned in 2024, which is an increase of the guidance we have provided in the past, and the balance will be actioned within 2025 with a cost to achieve of $500 million.

正如我在先前的電話會議中所說，我們預計到2025 年底，AIG Next 將每年節省3.5 億美元的營運率約5 億美元。這是一個成長我們過去提供的指導，其餘部分將在 2025 年內採取行動，成本為 5 億美元。

To date, we've made meaningful progress on AIG Next across multiple work streams. In April, we announced a voluntary early retirement program available to colleagues in the United States who meet the eligibility criteria. Eligible participants will have the opportunity to accelerate their retirement from AIG with enhanced retirement benefits.

到目前為止，我們在 AIG Next 的多個工作流程上取得了有意義的進展。四月份，我們宣布了一項自願提前退休計劃，向符合資格標準的美國同事提供。符合資格的參與者將有機會透過增強的退休福利加速從 AIG 退休。

The population of eligible participants represents approximately 25% of our U.S. workforce. About half of the eligible participants are located in the high-cost New York metropolitan area. We are anticipating a 50% take-up rate, which would result in approximately $225 million of onetime cost and a net run rate benefit of approximately $150 million after reinvestment for the skills and capabilities we need for the future. The numbers I have provided for our early retirement program are included in the total numbers I provided for AIG Next.

符合資格的參與者人數約占我們美國勞動力的 25%。大約一半的合格參與者位於高成本的紐約大都會區。我們預計採用率為 50%，這將導致約 2.25 億美元的一次性成本，以及對我們未來所需的技能和能力進行再投資後約 1.5 億美元的淨運行率效益。我為提早退休計畫提供的數字包含在我為 AIG Next 提供的總數中。

In summary, I'm very pleased with our overall performance as we start 2024. As I said in my recent letter to shareholders, our ability to execute continues to be one of the company's best attributes. We have accomplished a significant amount in the past several years in order to position AIG for the future, and we have continued to deliver in the first quarter, which will enable us to achieve our objectives in 2024 and beyond.

總之，我對 2024 年伊始的整體表現感到非常滿意。為了讓 AIG 為未來做好準備，我們在過去幾年中取得了巨大成就，並且我們在第一季繼續交付成果，這將使我們能夠實現 2024 年及以後的目標。

I am confident that we will continue to uphold our commitment to achieving underwriting excellence and high-quality earnings over the long term, benefiting all of our stakeholders as we continue to simplify and streamline our business and create the AIG of tomorrow.

我相信，我們將繼續恪守長期實現卓越承保和高品質收益的承諾，在我們繼續簡化和精簡我們的業務並創建明天的 AIG 的同時，使我們所有的利益相關者受益。

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

這樣，我會將電話轉給 Sabra。

Thank you, Peter. This morning, I will provide details on AIG's first quarter results, including General Insurance, investment income in Life and Retirement and a balance sheet update.

謝謝你，彼得。今天早上，我將提供 AIG 第一季業績的詳細信息，包括普通保險、人壽和退休投資收入以及資產負債表更新。

First quarter 2024 adjusted after-tax income attributable to AIG common shareholders, or AATI, was $1.2 billion, flat to last year due to the reduction in our ownership of Corebridge from 77.3% to 52.7% at the end of this quarter. General Insurance adjusted pretax income, or APTI, increased $110 million year-over-year, driven by higher underwriting and net investment income. The prior year quarter included APTI of approximately $175 million from Validus Re and Crop Risk Services. On a comparable basis, excluding the divested businesses, General Insurance APTI was up about $285 million.

2024 年第一季調整後歸屬於 AIG 普通股股東（AATI）的稅後收入為 12 億美元，與去年持平，原因是本季末我們對 Corebridge 的所有權從 77.3% 減少至 52.7%。受承保和淨投資收入增加的推動，普通保險調整後稅前收入（APTI）年增 1.1 億美元。去年同期包括來自 Validus Re 和 Crop Risk Services 的約 1.75 億美元的 APTI。在可比較基礎上，不包括剝離的業務，普通保險 APTI 成長了約 2.85 億美元。

As Peter noted, first quarter General Insurance underwriting income was $596 million, up $94 million from the prior year quarter. On a comparable basis, underwriting income rose $239 million year-over-year.

正如 Peter 指出的那樣，第一季普通保險承保收入為 5.96 億美元，比去年同期增加 9,400 萬美元。以可比口徑計算，承保收入年增 2.39 億美元。

International Commercial Lines was the primary contributor to higher underwriting profitability with $175 million increase in underwriting income. North America Commercial Lines underwriting income was down $95 million from the prior year quarter as reported but up $35 million on a comparable basis. Underwriting income includes catastrophe losses of $107 million in the quarter or 190 basis points on the loss ratio, down from $265 million or 420 basis points last year.

國際商業運輸公司 (International Commercial Lines) 是承保獲利能力提高的主要貢獻者，承保收入增加了 1.75 億美元。據報道，北美商業航運公司的承保收入比去年同期減少了 9,500 萬美元，但與去年同期相比增加了 3,500 萬美元。承保收入包括本季 1.07 億美元的巨災損失，即損失率 190 個基點，低於去年的 2.65 億美元或 420 個基點。

Prior year development this quarter was a favorable $34 million compared to a favorable $68 million in the prior year quarter. This quarter's development was solely from the amortization of the deferred gain on the adverse development cover which is recalculated each year based on prior year experience. For 2024, the amortization gain will be $34 million each quarter compared to $41 million a quarter last year.

與去年同期的 6,800 萬美元相比，本季的去年開發量為 3,400 萬美元。本季的發展僅來自不利發展保障的遞延收益攤銷，該攤銷每年根據上一年的經驗重新計算。 2024 年，每季攤提收益將為 3,400 萬美元，而去年每季為 4,100 萬美元。

Turning to underwriting ratios. The General Insurance calendar year combined ratio was 89.8% this quarter, a 210 basis point improvement from the prior year quarter and a 380 basis point improvement on a comparable basis. We provided additional data on Page 26 of the financial supplement on the impact of the divestitures on 2023 North American commercial combined ratios.

轉向承保比率。本季普通保險日曆年綜合成本率為 89.8%，比去年同期提高 210 個基點，與可比較基礎相比提高 380 個基點。我們在財務補充文件第 26 頁上提供了更多有關資產剝離對 2023 年北美商業綜合比率影響的數據。

The accident year combined ratio ex catastrophes was 88.4%, a 30 basis point improvement over the prior year quarter and a 160 basis point improvement on a comparable basis. The accident year loss ratio adjusted for catastrophes was 56.6% this quarter, 10 basis points better than the first quarter of 2023 as reported and 70 basis points better on a comparable basis. This improvement reflects continued earn-in of rate above loss cost trend and better underwriting and risk selection, particularly in Global Commercial lines.

事故年除巨災後的綜合成本率為 88.4%，比去年同期提高了 30 個基點，與可比較基礎上相比提高了 160 個基點。本季經巨災調整後的事故年損失率為 56.6%，比報告的 2023 年第一季高 10 個基點，可比基礎上高 70 個基點。這項改善反映出利率持續高於損失成本趨勢以及更好的承保和風險選擇，特別是在全球商業險種。

The expense ratio for the quarter was 31.8%, down 20 basis points from the prior year quarter as reported, with a $43 million reduction in general operating expenses. On a comparable basis, the expense ratio improved 90 basis points with 10 basis points from the acquisition ratio and 80 basis points from the general operating expense ratio, reflecting continued expense discipline as general operating expenses rose only $6 million.

該季度費用率為 31.8%，比去年同期下降 20 個基點，一般營運費用減少 4,300 萬美元。在可比較基礎上，費用比率改善了 90 個基點，其中收購比率改善了 10 個基點，一般營運費用比率改善了 80 個基點，反映出持續的支出紀律，因為一般營運費用僅增加了 600 萬美元。

As Peter covered General Insurance premium growth, I will focus on Commercial Lines new business, renewal rate, loss trends and retention as well as reserves. New business production in Global Commercial remained strong. In North America, new business was almost $450 million and balanced across all lines with excellent performance from Lexington.

由於彼得報道了普通保險保費成長，我將重點放在商業保險的新業務、續保率、損失趨勢、保留率以及準備金。全球商業的新業務生產依然強勁。在北美，新業務接近 4.5 億美元，各業務線保持平衡，列剋星敦表現出色。

International Commercial new business levels were very good, with over $500 million in the quarter, led by Talbot, Property and Casualty, offset by lower new business in energy and Financial Lines. In North America Commercial, overall rate, excluding workers' compensation, increased 5% in the quarter with exposure adding 2% for overall pricing of 7%, which is above loss cost trend. Excluding workers' comp and Financial Lines, North America commercial rate was up more than 8% in the quarter, with exposure up 2% for overall pricing over 10%, meaningfully above the loss cost trend.

國際商業新業務水準非常好，本季營業額超過 5 億美元，其中 Talbot、Property and Casualty 領先，但被能源和金融業務新業務的下降所抵消。在北美商業領域，本季的整體費率（不包括工人補償）增加了 5%，風險敞口增加了 2%，整體定價為 7%，高於損失成本趨勢。不包括工人補償和金融險種，本季北美商業利率上漲超過 8%，整體定價超過 10%，曝險上漲 2%，明顯高於損失成本趨勢。

North America commercial rate increase reflect strengthening pricing trends in Casualty, including Lexington Casualty, which was up 11%; Lexington Healthcare up 15%; and Excess Casualty up 16%. In International Commercial, overall rate increased 3% and exposure added 2% for an overall pricing increase of 5%, modestly ahead of the loss cost trend. Excluding Financial Lines, International rate was up 5% with overall pricing up 7%, well ahead of loss cost trend. The rate increase was driven by Property, which was up 7%; energy up 8%; and marine up 7%.

北美商業費率上漲反映了意外險定價趨勢的加強，其中列剋星敦意外險上漲了 11%；列剋星敦醫療保健上漲 15%；超額傷亡增加了 16%。在國際商業方面，整體費率上漲了 3%，風險敞口增加了 2%，整體定價上漲了 5%，略高於損失成本趨勢。不包括金融線路，國際利率上漲 5%，整體定價上漲 7%，遠領先損失成本趨勢。利率上漲的推動因素是房地產，上漲了 7%；能量增加8%；海運上漲7%。

As we've discussed, Financial Lines is a notable exception to pricing trends. This was particularly the case in excess. We are taking a long-term view in Financial Lines and remain disciplined on risk selection, terms and conditions, pricing and reserving. While rate trend has been negative the past few quarters, in aggregate, the cumulative rate level in North America Financial Lines is about 50% higher than 5 years ago.

正如我們所討論的，金融產品線是定價趨勢的一個顯著例外。尤其是在過量的情況下。我們在金融領域著眼長遠，並在風險選擇、條款和條件、定價和準備金方面保持嚴格的紀律。雖然過去幾季的費率趨勢為負，但總體而言，北美金融線的累積費率水準比 5 年前高出約 50%。

Renewal retention has improved over the past several years and remained strong. As a reminder, we calculate renewal retention using expiring premiums, excluding the impact of renewal rate and exposure changes on the ratio. Global Commercial retention increased to 89%, stable at 88% in North America and rose to 89% in International.

過去幾年，續訂保留率有所提高，並且保持強勁。提醒一下，我們使用即將到期的保費來計算續保保留率，不包括續保率和風險敞口變化對比率的影響。全球商業保留率上升至 89%，北美穩定在 88%，國際上升至 89%。

Turning to reserves. I wanted to provide some background on AIG's reserve review schedule for 2024 and quarterly processes. At AIG, we performed detailed valuation reviews, or DVRs, on each book once a year. In DVRs, we look at loss development and trends in prior and current accident years and consider changes in our reserving factors and approaches based on emerged experience. We do not perform DVRs in the first quarter.

轉向儲備。我想提供一些有關 AIG 2024 年準備金審查時間表和季度流程的背景資訊。在 AIG，我們每年對每本書進行一次詳細的估值審查（DVR）。在 DVR 中，我們著眼於過去和當前事故年份的損失發展和趨勢，並根據出現的經驗考慮我們的保留因素和方法的變化。我們在第一季不進行 DVR。

In the second quarter of 2024, we will review the North America Casualty book, including excess and primary Casualty, Lexington, workers' compensation and mass tort comprising about $20 billion of reserves or 44% of our total reserves. In the third quarter, we will review International Commercial Lines, Global Financial Lines, Commercial Property and other lines, totaling about $22 billion or 47% of reserves with the balance of the DVRs completed in the fourth quarter.

2024 年第二季度，我們將審查北美傷亡事故記錄，包括超額和主要傷亡事故、列剋星敦、工人賠償和大規模侵權，包括約 200 億美元的準備金，占我們總準備金的 44%。第三季度，我們將審查國際商業線、全球金融線、商業房地產和其他線，總計約220億美元，佔儲備的47%，剩餘的DVR將在第四季度完成。

Between DVRs, our actuarial team evaluates pricing, claims, loss trends and reserves across the portfolio. Each quarter, we complete an actual versus expected review, or AVE, for each book. The AVE review gives us a current look at trends and the opportunity to address issues prior to the scheduled DVR. Examples of such items include large new claims, notable changes in claims patterns or settlements, changes in attritional loss trends beyond normal ranges or significant major events.

在 DVR 之間，我們的精算團隊評估整個投資組合的定價、索賠、損失趨勢和準備金。每個季度，我們都會對每本書完成實際評論與預期評論（AVE）。 AVE 審查使我們能夠了解當前的趨勢，並有機會在預定的 DVR 之前解決問題。此類項目的例子包括新的大額索賠、索賠模式或和解的顯著變化、超出正常範圍的自然損耗趨勢的變化或重大事件。

We are aware that the industry has begun to address adverse casualty loss development trends in the 2016 to 2019 accident years. On our third quarter 2023 call, Peter provided significant detail on the reunderwriting and repricing of our casualty book that we began in 2018 with an entirely new framework and approach to underwriting. In addition, we changed our reserving assumptions on the book. And by 2021, we had increased reserves on North American Casualty, 2016 through 2019 accident years, by over $1 billion. We also continued to refine our actuarial judgments, and in 2019, we raised the loss cost trend assumption for certain Excess Casualty segments to 10%. And by 2022, all Excess Casualty segments were at or above 10%.

我們意識到，業界已開始應對 2016 至 2019 事故年的不利傷亡損失發展趨勢。在我們 2023 年第三季的電話會議上，Peter 提供了有關我們於 2018 年開始採用全新承保框架和方法的傷亡帳簿重新承保和重新定價的重要細節。此外，我們改變了對這本書的保留假設。到 2021 年，我們將 2016 年至 2019 年事故年的北美傷亡準備金增加了超過 10 億美元。我們也持續完善精算判斷，2019年，我們將某些超額傷亡部分的損失成本趨勢假設提高至10%。到 2022 年，所有超額傷亡部分都達到或超過 10%。

Our AVE reviews on North American Casualty since the second quarter 2023 DVR continue to show loss experience within the range of our expectations on the 2016 to 2019 accident years. As we have previously outlined, our reserving philosophy is to react to adverse trends quickly and to allow time for favorable trends, particularly in recent accident years, to mature. We did not make any adjustments to our casualty reserves this quarter, in total or within the 2016 to 2019 accident years. AIG's reserves and balance sheet are much stronger today, and our reinsurance is much more comprehensive, helping improve our underwriting results and reduce volatility.

我們自 2023 年第二季 DVR 以來對北美傷亡事故的 AVE 審查繼續顯示，損失經歷在我們對 2016 至 2019 事故年的預期範圍內。正如我們之前概述的，我們的儲備理念是對不利趨勢迅速做出反應，並為有利趨勢（特別是在最近的事故年份）的成熟留出時間。本季我們沒有對傷亡準備金總額或 2016 至 2019 事故年度內的傷亡準備金進行任何調整。如今，AIG 的準備金和資產負債表更加強勁，我們的再保險也更加全面，有助於改善我們的承保業績並減少波動性。

Turning now to investment income. AIG continues to benefit from reinvestment rates on fixed maturities and loans that exceeded sales and maturities, helping drive higher yields and net investment income in General Insurance and Life and Retirement. This quarter, consolidated net investment income on an APTI basis was $3.5 billion, up 13% from the prior year quarter and up 2% in General Insurance and 16% in Life and Retirement.

現在轉向投資收益。 AIG 繼續受益於固定期限的再投資利率以及超過銷售額和期限的貸款，有助於推動普通保險、人壽和退休業務的收益率和淨投資收入提高。本季度，基於 APTI 的綜合淨投資收入為 35 億美元，比去年同期成長 13%，普通保險成長 2%，人壽和退休投資成長 16%。

General Insurance net investment income growth was negatively impacted by the sale of Validus Re, which had a $5 billion portfolio. Adjusted for income on that portfolio in the prior year quarter, General Insurance net investment income rose about 7%, with a 9% increase in fixed maturities and loans driven by higher reinvestment rates.

普通保險淨投資收入成長受到 Validus Re 出售的負面影響，該公司擁有 50 億美元的投資組合。根據去年同期該投資組合的收入進行調整後，普通保險淨投資收入增長約 7%，其中固定期限和貸款因再投資率上升而增長 9%。

This quarter, new money rates on fixed maturities and loans averaged 5.9%, 150 basis points higher than the yield on sales and maturities in the quarter. The new money rates were about 115 basis points higher in General Insurance, and 165 basis points higher in Life and Retirement.

本季度，固定期限和貸款的新貨幣利率平均為 5.9%，比本季銷售和到期收益率高出 150 個基點。一般保險的新貨幣利率高出約 115 個基點，人壽和退休保險的新貨幣利率高出 165 個基點。

The annualized yield on fixed maturities and loans, excluding calls, prepayments and other onetime items, was 3.9% in General Insurance, 3 basis points higher than the fourth quarter of 2023 and 44 basis points higher than the prior year quarter. The sequential yield comparison in General Insurance was negatively impacted by the sale of Validus Re. First quarter General Insurance alternative investment income was $54 million or an annualized return of 5.2% this quarter, down $41 million from the prior year quarter.

普通保險的固定期限和貸款年化收益率（不包括提前還款、預付款項和其他一次性項目）為 3.9%，比 2023 年第四季高 3 個基點，比去年同期高 44 個基點。普通保險的連續收益率比較受到 Validus Re 出售的負面影響。第一季普通保險另類投資收入為 5,400 萬美元，本季年化報酬率為 5.2%，比去年同期減少 4,100 萬美元。

Continuing to Life and Retirement. Sales and earnings were strong this quarter. First quarter sales remained at historically high levels with premiums and deposits of $10.7 billion driven by strong sales in fixed annuities and pension risk transfer.

繼續生活和退休。本季銷售和獲利強勁。第一季銷售額維持在歷史高位，在固定年金和退休金風險轉移強勁銷售的推動下，保費和存款達到 107 億美元。

Life and Retirement segment APTI was $991 million, up 12% from the prior year quarter, driven by higher base portfolio spread income due to higher reinvestment rates, higher fee income due to higher market levels and lower general operating expenses, partially offset by lower alternative investment income. Life and Retirement alternative investment income was negative $23 million this quarter for an annualized yield of negative 1.8% due to private equity losses and very low income on hedge funds and real estate compared to breakeven last year. Corebridge's total contribution to AIG's AATI, including corporate expenses, declined by approximately $100 million or 20% over the prior year quarter due to the reduction in our ownership.

人壽和退休分部APTI 為9.91 億美元，比上年同期增長12%，原因是再投資率上升導致基礎投資組合利差收入增加、市場水準提高導致費用收入增加以及一般營運費用降低（部分被另類投資下降所抵銷）投資收益。由於私募股權虧損以及對沖基金和房地產收入與去年盈虧平衡相比非常低，本季人壽和退休另類投資收入為負 2,300 萬美元，年化收益率為負 1.8%。由於我們所有權的減少，Corebridge 對 AIG AATI 的總貢獻（包括公司開支）比去年同期下降了約 1 億美元，即 20%。

Turning to the balance sheet. Book value per common share was $64.66 this quarter, down 1% from year-end 2023 and up 10% from the prior year quarter, driven mostly by the impact of interest rates. Adjusted book value per share was $77.79, up 1% from year-end 2023 and up 3% from the prior year quarter, reflecting the net impact of earnings, dividends and share repurchases.

轉向資產負債表。本季每股普通股帳面價值為 64.66 美元，較 2023 年底下降 1%，較上年同期成長 10%，主要受到利率影響。調整後每股帳面價值為 77.79 美元，較 2023 年底增長 1%，較去年同期增長 3%，反映了盈利、股息和股票回購的淨影響。

Peter covered our capital management actions year-to-date. With respect to debt leverage, consolidated debt and preferred stock to total capital, excluding AOCI, which includes $9.4 billion of Corebridge debt, was 23.6% at March 31, down 70 basis points from year-end 2023. Excluding Corebridge debt on a pro forma deconsolidated basis, AIG debt to total capital is expected to be within the new 15% to 20% debt target range that Peter provided.

Peter 介紹了我們今年迄今的資本管理行動。就債務槓桿而言，截至3 月31 日，合併債務和優先股與總資本的比率（不包括AOCI（其中包括94 億美元的Corebridge 債務））為23.6%，比2023 年底下降70 個基點。包括預計的Corebridge 債務在未合併的基礎上，AIG 債務佔總資本的比例預計將在 Peter 提供的新的 15% 至 20% 債務目標範圍內。

To conclude, AIG delivered another excellent quarter with significant financial and operational accomplishments. In 2024, AIG Next and the deconsolidation of Corebridge will drive significant progress towards achieving our 10%-plus adjusted ROCE goal. We are confident in our ability to achieve this goal and look forward to updating you on our progress.

總而言之，AIG 又一個出色的季度取得了顯著的財務和營運成就。 2024 年，AIG Next 和 Corebridge 的分拆將推動我們在實現調整後的 ROCE 目標超過 10% 方面取得重大進展。我們對實現這一目標的能力充滿信心，並期待向您通報我們的最新進展。

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 Mike Zaremski with BMO.

（操作員說明）我們的第一個問題來自 BMO 的 Mike Zaremski。

Looking over the -- your prepared remarks, Peter, and you used the term inorganic opportunities should they exist in reviewing reinsurance. So you also talked about the capital management expectations. So I guess would -- should we be thinking about the repurchase program as kind of a base case, but should there be other opportunities you might look to do something organic? Or just was there anything kind of new in there, in that wording that we should -- that you're trying to get us to think about?

彼得，看看你準備好的發言，如果在審查再保險時存在無機機會，你就使用了術語「無機機會」。所以您也談到了資本管理的預期。所以我想我們是否應該將回購計劃視為一種基本情況，但是您是否應該有其他機會去做一些有機的事情？或者只是其中有什麼新的東西，在我們應該——你試圖讓我們思考的措辭中？

Thanks, Mike. It's a very good question. We are going to stay very committed to the capital management structure we outlined, which is why I gave guidance on not only '24 but '25 in terms of share repurchases.

謝謝，麥克。這是一個非常好的問題。我們將繼續致力於我們概述的資本管理結構，這就是為什麼我不僅在「24」而且在「25」股票回購方面提供了指導。

I think we've been consistent, and I added in when we're more comprehensive in our description in terms of capital management, that should inorganic opportunities exist, and they're compelling, which just means does it add product, does it add geography? Not scale and size, but just something that does help us strategically reposition ourselves. I wouldn't want to rule that out, but it's not a priority in the short term. And so that's really the context of what I provide in my prepared remarks.

我認為我們一直是一致的，當我們在資本管理方面的描述更加全面時，我補充說，應該存在無機機會，並且它們很引人注目，這只是意味著它是否增加了產品，是否增加了產品地理？不是規模和大小，而是確實幫助我們策略性地重新定位自己的東西。我不想排除這種可能性，但這不是短期內的優先事項。這就是我在準備好的發言中提供的內容的背景。

Okay. Understood. And my follow-up is just on the overall competitive environment relative to growth. So you guys have been very open. You have lots of pricing gauges. You've talked about Financial Lines being -- continue to be a soft-ish marketplace. but you've also said that you estimate pricing above loss cost trend.

好的。明白了。我的後續行動只是關注與成長相關的整體競爭環境。所以你們一直都非常開放。您有很多定價指標。您談到 Financial Lines 仍然是一個軟市場。但您也說過，您估計的定價高於損失成本趨勢。

But is there -- is this a conducive environment for AIG to want to kind of grow opportunistically? Or is it more just in certain pockets? I guess just for the backdrop, some of us look at the Marsh pricing index and it feels like there's, in my words, not a lot of gap or a narrow gap between kind of pricing and loss trends, potentially.

但對 AIG 來說，這是否是一個有利的機會性成長環境呢？還是只是在某些口袋裡？我想只是為了背景，我們中的一些人查看了達信定價指數，用我的話來說，感覺定價和損失趨勢之間可能沒有太大差距或很小的差距。

Yes. Thanks. It's a very good question. Let me start on growth. You can't -- one is you can't always look at broker index. Again, I don't know what Marsh index tracks, but sometimes, they don't catch fee business. They don't really catch the entire sort of market, which is the market we play in.

是的。謝謝。這是一個非常好的問題。讓我從成長開始。你不能——一是你不能總是查看經紀商指數。再說一次，我不知道馬什指數追蹤什麼，但有時，他們不收取費用。他們並沒有真正抓住整個市場，這就是我們所處的市場。

I do think it's conducive to grow. We don't look for top line growth to sacrifice profitability, and I think we evidenced that in this quarter and we've evidenced it over the past couple of years, that we continue to want to improve our combined ratios and look at businesses where the best risk-adjusted returns are. And so we have shaped the portfolio that way.

我認為這確實有利於成長。我們不會為了犧牲獲利能力而追求營收成長，我認為我們在本季和過去幾年都證明了這一點，我們繼續希望提高我們的綜合比率，並關注那些最佳的風險調整回報是。所以我們就這樣塑造了投資組合。

It's hard in any one quarter to sometimes draw conclusions like you saw in terms of the gross premium written in this quarter. It's really driven by 3 lines: Specialty; Financial Lines; and Casualty. The first quarter was impacted in International by energy within the Specialty class. But it's a great business, we're a world leader in that class, great underwriting capabilities and global distribution. And expect us to continue to grow that, and it's a very attractive combined ratio.

有時很難在任何一個季度得出像您在本季度毛保費方面看到的結論。它實際上是由三條線驅動的：專業；金融線路；和傷亡。第一季國際比賽受到專業類別能源的影響。但這是一項偉大的業務，我們是該行業的世界領先者，擁有強大的承保能力和全球分銷能力。並期望我們繼續成長，這是一個非常有吸引力的綜合比率。

So I think there's a little bit of noise. We had some captives. We had reinsurance impact the quarter, because we switched from some pro rata to excess of loss. I don't think I need to go into too much more detail on Financial Lines. It's definitely an area where we watch very carefully. Sabra provided a lot of great context in her prepared remarks. But we're going to focus on making sure we have the highest-quality book.

所以我認為有一點噪音。我們有一些俘虜。我們本季受到再保險影響，因為我們從比例損失轉向超額損失。我認為我不需要對財務線進行過多的詳細介紹。這絕對是我們非常仔細觀察的一個領域。薩布拉在她準備好的演講中提供了許多精彩的背景。但我們將專注於確保我們擁有最高品質的書籍。

I mean, our retention I think, spoke volumes this quarter in terms of the portfolio we like. I mean, with 89% in International, 88% in North America, across the board, that was tremendous, good new business. And so we definitely find opportunities.

我的意思是，我認為我們的保留在本季度就我們喜歡的投資組合而言很重要。我的意思是，89% 在國際市場，88% 在北美市場，總的來說，這是巨大的、良好的新業務。所以我們肯定會找到機會。

I mean, the one area I just want to just note. Because Lexington, we talk about it every quarter because it just continues to just be exceptional. But the market dynamics have changed quite a bit. And when we look at Excess & Surplus lines, we think there's great opportunities to continue to grow. Even though there may have been some slowdown in Property, there's other lines of business, like casualty that we're seeing massive submission activity. And I just wouldn't look at the E&S market as a hard market play or a soft market play. It's just a market that's going to be here to stay in a different way. And so we're very much investing in that. I think the margins are great and the growth opportunities are significant.

我的意思是，我只想注意這一點。因為列剋星敦，我們每季都會談論它，因為它仍然很出色。但市場動態已經發生了很大變化。當我們審視超額和盈餘產品線時，我們認為有持續成長的巨大機會。儘管財產可能有所放緩，但還有其他業務領域，例如我們看到了大量的提交活動。我只是不會將 E&S 市場視為硬市場或軟市場。這只是一個將以不同方式存在的市場。所以我們在這方面投入了大量資金。我認為利潤率很高，成長機會也很大。

Our next question comes from Elyse Greenspan with Wells Fargo.

我們的下一個問題來自富國銀行的艾莉絲‧格林斯潘。

Peter, my first question, last quarter, you had implied that a Corebridge deconsolidation would come by the end of the second quarter. Does that time frame remain intact?

彼得，我的第一個問題，上個季度，您曾暗示 Corebridge 將在第二季末進行分拆。該時間範圍是否維持不變？

There's not a whole lot more I can offer in terms of the prepared remarks. Every sell-down has been important, but this one is particularly important just because we would likely become a seller of shares that will deconsolidate Corebridge. So we continue to focus on making certain we're looking at every option available.

就準備好的發言而言，我無法提供更多內容。每一次拋售都很重要，但這次尤其重要，因為我們很可能成為股票的賣家，從而解散 Corebridge。因此，我們將繼續專注於確保我們正在考慮每一個可用的選項。

And considering all of those variables, Corebridge has done a significant amount of work working with AIG and independently to position itself to be a separate public company. It's done an exceptional job. We're completed, most of our transition service agreements, which just means they're more operationally prepared to go.

考慮到所有這些變量，Corebridge 與 AIG 合作並獨立進行了大量工作，將自己定位為獨立的上市公司。它做得非常出色。我們已經完成了大部分過渡服務協議，這意味著他們在營運上已經做好了更多準備。

And so again, subject to market conditions, I think my guidance I gave last quarter stands. We would expect to try and do something before the end of the second quarter.

因此，根據市場情況，我認為我上季度給出的指導仍然有效。我們希望在第二季末之前嘗試做一些事情。

And then my follow-up is on the new share count target that you provided for the end of '25, that 550 million to 600 million. I'm just trying to get a case of -- what the base case is for just Corebridge within that. Does that assume additional secondaries? If you did an exchange offer, would that be accretive to that share count target? I just want to get a sense of when you guys came up with this 550 million to 600 million, what you're assuming for Corebridge within that share count target.

然後我的後續行動是您為 25 年底提供的新股票數量目標，即 5.5 億至 6 億。我只是想了解一個案例——Corebridge 的基本案例是什麼。這是否假設有額外的次級？如果您提出交換要約，這會增加股票數量目標嗎？我只是想了解你們何時提出了 5.5 億至 6 億股，以及你們對 Corebridge 在該股數目標中的假設。

Yes. Thanks, Elyse. I think while we gave the guidance into 2025 is -- what I said in my prepared remarks is that by the end of the second quarter, if we exercise on the share repurchases that we've outlined, we would be at the higher end of the range of the 600 million to 650 million. And if we continue the $1.5 billion a quarter, which, yes, would contemplate doing a sell-down of Corebridge. But there's other forms of liquidity that come into AIG, but we would need to sell down to be able to do the $1.5 billion in the third and fourth quarter, but that gets us to the lower end of the range.

是的。謝謝，愛麗絲。我認為，雖然我們給了2025 年的指導，但我在準備好的演講中所說的是，到第二季末，如果我們執行我們概述的股票回購，我們將處於2025 年的較高水平。如果我們繼續每季 15 億美元，那麼，是的，我們會考慮出售 Corebridge。但 AIG 也有其他形式的流動性，但我們需要拋售才能在第三和第四季獲得 15 億美元的資金，但這使我們達到了該範圍的下限。

And then as we continue to do future sell-downs, we would get below the 600 million share count, which is why we decided to give a little bit more guidance as we get into 2025. It does not include a sell-down to 0, but it does contemplate several transactions that would take place in the next 4 quarters.

然後，隨著我們繼續進行未來的減持，我們的股票數量將低於 6 億股，這就是為什麼我們決定在進入 2025 年時提供更多指導。考慮了在未來4 個季度內進行的幾項交易。

Our next question comes from Ryan Tunis with Autonomous.

我們的下一個問題來自 Autonomous 的 Ryan Tunis。

Just a follow-up, I guess, on that last question, Peter. Just, I guess, the messaging on the $10 billion share repurchase authorization. Are you trying to say that the intention is to do kind of no more than $10 billion until the end of '25? Or is that -- should we just take this as an update of what you think you can do based on what you're seeing today?

我想，這只是最後一個問題的後續行動，彼得。我猜，這只是關於 100 億美元股票回購授權的消息。您是否想說，到 25 年底為止，我們的計畫不會超過 100 億美元？或者，我們是否應該將此視為您根據今天所看到的情況認為可以做的事情的更新？

I would take it as just an update. We would have gone past our current Board authorization with the 2025 guidance and worked very closely with the AIG Board of Directors to talk about what we expected the capital management strategy to be in the next 6 quarters. And that's really how we derive the $10 billion. But I wouldn't think about it anything more than that.

我認為這只是一個更新。我們將超越目前董事會對 2025 年指導的授權，並與 AIG 董事會密切合作，討論我們對未來 6 個季度的資本管理策略的預期。這確實是我們獲得 100 億美元的方式。但除此之外我不會考慮更多的事情。

Got it. And then a follow-up, I guess, just thinking about the reinsurance. And obviously, you're continuing to add more, but you're saying potentially, like in the future, maybe scaling back on that a bit could be a way you could use some of your excess capital.

知道了。我想，然後是後續行動，只是考慮再保險。顯然，你會繼續增加更多資金，但你可能會說，就像在未來一樣，也許縮減一點可能是你可以使用一些多餘資本的一種方式。

Could you just talk a little bit about, I guess, how we should think about how the gross underwriting, I guess, has improved at AIG over the past few years? And yes, like what would make you comfortable -- because we only see stuff on a net basis, but like what would give you comfort in retaining more net?

我想，您能談談我們應該如何思考過去幾年 AIG 的總承保情況如何有所改善嗎？是的，就像什麼會讓你感到舒服 - 因為我們只在網路基礎上看到東西，但是就像什麼會讓你在保留更多網路時感到舒適？

Well, in terms of the portfolio, I'm comfortable today taking more net. But what we've done over this multiyear period in terms of strategically positioning the reinsurance is working very closely with our reinsurance partners, looking across multiple lines of business and multiple geographies in the placement of reinsurance. And then also making certain that we control volatility in this period of transition. That's been really important.

嗯，就投資組合而言，我今天很樂意獲得更多的淨收益。但在這多年的時間裡，我們在再保險的策略定位方面所做的工作是與我們的再保險合作夥伴密切合作，在再保險的佈局方面考慮多個業務線和多個地區。然後也要確保我們控制這個過渡時期的波動。這真的很重要。

I want to emphasize that because we not only are looking at our accident year combined ratios, excluding catastrophe, we have kept our retentions or lowered them in a period of high uncertainty and high volatility because we don't want to have any outsized losses or surprises perhaps or an active cat season.

我想強調的是，因為我們不僅關注事故年綜合比率（不包括災難），而且在高度不確定性和高波動性時期，我們保留了保留金或降低了保留金，因為我們不希望出現任何過大的損失或也許是驚喜，或者是貓活躍的季節。

Also, I think we're very different than other insurance companies in terms of how we purchase reinsurance. It's not done at the business level. It is not done within just the finance function or treasury, it's done -- reports directly to me. And so I work very closely with Charlie Fry, work very closely with Sabra in terms of what our risk appetite is going to be for that particular year. And we've protected capital and had more quality earnings as a result of some of the reinsurance that we place.

另外，我認為我們在購買再保險方面與其他保險公司有很大不同。這不是在業務層面完成的。這不僅在財務部門或財務部門內完成，而是直接向我報告。因此，我與查理·弗萊（Charlie Fry）密切合作，與薩布拉（Sabra）密切合作，確定我們特定年份的風險偏好。由於我們提供的一些再保險，我們保護了資本並獲得了更高品質的收益。

A couple of examples of things that are just very good, but impacted the first quarter is switching more to excess of loss in certain segments like energy, we transitioned and proportionally signed down a little bit of the quota share. But it wasn't economic because we ended up getting a better outcome on the quota share with 200 basis points of improvement. So it's just repositioning the portfolio. Did the same thing with property cat.

有幾個例子，這些事情非常好，但第一季受到影響的是，能源等某些領域的損失更多，我們進行了轉型，並按比例簽署了一點配額份額。但這並不經濟，因為我們最終在配額份額方面取得了更好的結果，提高了 200 個基點。所以這只是重新定位投資組合。對財產貓也做了同樣的事情。

And the reason I just gave the example on our earnings and sort of prepared remarks is just, on property cat, we can absolutely take more net if we decide to as we enter 2025, depending on the portfolio and depending on our appetite for volatility. We'll still have one of the lowest attachment points of any of our peers across the world.

我剛剛舉例說明我們的收益和準備好的評論的原因只是，就房地產貓而言，如果我們決定在進入2025 年時決定這樣做，我們絕對可以獲得更多淨收益，具體取決於投資組合併取決於我們對波動性的偏好。我們仍然是世界各地同齡人中依戀度最低的國家之一。

We enhanced coverage. There's a lot more coverage in our property cat. We've enhanced our high net worth business in terms of excess of loss and more comprehensive coverage. And also -- again, and I'll stop here because I could go on for hours on this discussion, but is on casualty, we renewed or improved our overall construct across the globe based on the quality of our growth portfolio.

我們加強了覆蓋範圍。我們的財產貓有更多的覆蓋範圍。我們在超額損失和更全面的承保方面增強了高淨值業務。而且，我會在這裡停下來，因為我可以繼續這個討論幾個小時，但在意外情況下，我們根據成長投資組合的品質更新或改進了我們在全球範圍內的整體結構。

So to start thinking about ways in which we can do reinsurance differently will not have anything really to do with the gross portfolio because they're very much like that. It's more of where do we want volatility and where do we want to take more net? And we see opportunities as we enter 2025.

因此，開始思考我們可以以不同的方式進行再保險的方式與總投資組合沒有任何真正的關係，因為它們非常相似。更多的是我們想要在哪裡波動以及我們想要在哪裡獲得更多淨值？進入 2025 年，我們看到了機會。

Our next question comes from Rob Cox with Goldman Sachs.

我們的下一個問題來自高盛的羅布·考克斯。

First question on underwriting leverage. If I take comments on capital at the insurance companies with opportunities in Property post the sale of Validus, it seems like AIG could meaningfully increase underwriting leverage here, which could obviously contribute to the 10%-plus ROCE. Could you provide any additional color on how you're thinking about underwriting leverage here, and maybe some metrics you'd point us to?

第一個問題關於承保槓桿。如果我對出售 Validus 後擁有財產機會的保險公司的資本發表評論，似乎 AIG 可以有意義地增加這裡的承保槓桿，這顯然可以為 10% 以上的 ROCE 做出貢獻。您能否提供任何其他資訊來說明您如何考慮此處的承保槓桿，也許您可以向我們提供一些指標？

Sure. I'll ask Sabra to comment on some of the leverage within the insurance company subsidiaries. We see great opportunities for us to grow within -- across the world. And you've mentioned Property and specifics. We have significantly reduced PMLs, which means we have aggregate to grow. And we have the capital to grow.

當然。我將請薩布拉評論保險公司子公司內部的一些槓桿作用。我們看到了在世界範圍內成長的巨大機會。您提到了財產和細節。我們顯著減少了 PML，這意味著我們的總量可以成長。我們有發展的資本。

And the interesting part of AIG is that when we look at Property, we have so many different points of entry depending on the risk-adjusted returns that exist. If I start in the United States, and this is not all inclusive, but just as a few examples, we have Lexington E&S property, we have Retail Property, we have the high net worth business, and that can be done on an admitted or non-admitted basis. We have Retail Property. In International, we have Japan Property that's specific to Japan. We have Talbot. And we have Global Specialty. So there's so many different points of entry. Depending on the risk-adjusted returns, we can scale up or scale down, but believe that there's going to be great opportunities for us in the future.

AIG 的有趣之處在於，當我們研究房地產時，我們有很多不同的切入點，這取決於現有的風險調整回報。如果我從美國開始，這並不包括所有內容，但僅舉幾個例子，我們有列剋星敦 E&S 財產，我們有零售財產，我們有高淨值業務，這可以在承認或不承認的基礎。我們有零售物業。在國際中，我們有日本特有的日本財產。我們有塔爾博特。我們有全球專業。所以有很多不同的切入點。根據風險調整後的回報，我們可以擴大或縮小規模，但相信未來我們會有很大的機會。

Yes. I mean, the first quarter tempered on Property. But look, we're not in the cat season yet, and our industry is famous of just framing out the market at a point in time. We got a long ways to go this year in terms of where the opportunities exist, but we absolutely have the leverage to grow if we like the risk-adjusted returns.

是的。我的意思是，第一季的房地產市場有所回升。但你看，我們還沒有進入貓季，而我們的行業以在某個時間點界定市場而聞名。就機會而言，今年我們還有很長的路要走，但如果我們喜歡風險調整後的回報，我們絕對有能力成長。

Sabra, do you want to comment on that?

薩布拉，你想對此發表評論嗎？

Yes. Thank you, Peter. What I would just observe is, as we've stated in the past, and I'll reiterate today, all of our General Insurance subsidiaries or Tier 1 subsidiaries on a global basis have capital at or above our target ranges. And within the United States pool, which is the largest pool of our General Insurance capital, our risk-based capital ratios at the end of last year were around 460%, which is well higher than many of our peers.

是的。謝謝你，彼得。我想說的是，正如我們過去所說的那樣，今天我將重申，我們在全球範圍內所有的普通保險子公司或一級子公司的資本都達到或高於我們的目標範圍。在我們最大的普通保險資本池——美國池中，我們去年底的風險資本比率約為 460%，遠高於許多同行。

So what I would note is that within the General Insurance companies, we're strongly capitalized to be able to support growth, obviously, protected by the reinsurance programs that we have. But I would just, as a general note, comment that premiums to surplus leverage isn't the best way to look at capital within a General Insurance company, particularly given a company like AIG, which is a leading player in Casualty and Specialty lines across the globe.

因此，我要指出的是，在普通保險公司中，我們資本雄厚，能夠支持成長，顯然，這受到我們擁有的再保險計劃的保護。但作為一般性說明，我只想評論說，對盈餘槓桿的保費並不是看待普通保險公司資本的最佳方式，特別是考慮到像AIG 這樣的公司，該公司是傷亡險和專業險領域的領先企業。

That's really helpful color. Yes, just a follow-up on Excess Casualty. I appreciate the comments. The premiums were up 46% in the quarter, and it seems like pricing is up meaningfully. It seems like AIG is taking advantage of market conditions where perhaps some others are pulling back. So I was hoping you could provide a little bit more commentary on the opportunities you're seeing there. And what makes AIG comfortable with the current environment?

這真是有用的顏色。是的，只是《過度傷亡》的後續行動。我很欣賞這些評論。本季保費上漲了 46%，定價似乎也大幅上漲。美國國際集團似乎正在利用市場狀況，而其他一些公司可能正在撤退。所以我希望您能夠對您在那裡看到的機會提供更多評論。是什麼讓 AIG 適應目前的環境？

Thank you. We do see great opportunities in Casualty. We highlighted some of the performance in the quarter. We had to start, because of the portfolio that existed, reunderwriting the Casualty portfolio well before, I think, it was discussed really in the industry. And with that, became a new underwriting philosophy, new underwriting strategy, new terms and conditions, new attachment points, net limit, gross limits, pricing, margin. And so that's been a journey for us for years.

謝謝。我們確實在傷亡領域看到了巨大的機會。我們重點介紹了本季的一些業績。由於現有的投資組合，我們必須開始重新承保傷亡險投資組合，我認為，這在業界真正討論過。隨之而來的是新的承保理念、新的承保策略、新的條款和條件、新的附著點、淨限額、總限額、定價、利潤。因此，這一直是我們多年來的旅程。

We mentioned the 16% in Excess Casualty in terms of rate is as strong as we've seen in the past several years. And so that we do think there's a lot of capacity pulling back. We have very comprehensive reinsurance to mitigate volatility and enable us to put out limits depending on our risk appetite. And obviously, we're cautious. We're watching the different lines of business within Casualty and their trends, but absolutely see opportunities to grow.

我們提到 16% 的超額傷亡率與我們過去幾年看到的一樣高。因此，我們確實認為有大量產能縮減。我們擁有非常全面的再保險來減輕波動性，並使我們能夠根據我們的風險偏好設定限額。顯然，我們很謹慎。我們正在關注傷亡險的不同業務領域及其趨勢，但絕對看到了成長的機會。

And when you look at our premium, don't think about it as we've grown policy count or limit, it's actually the opposite. I mean, like our client count, policy count and limits are all dramatically reduced when you compare them to 3 or 4 years ago. It's just been the effect of where we participated and how we price the business. And believe that, again, we're going to be cautious, but there are real opportunities for growth in the current market.

當您查看我們的保費時，請不要考慮它，因為我們增加了保單數量或限額，實際上恰恰相反。我的意思是，與三、四年前相比，我們的客戶數量、保單數量和限額都大幅減少。這只是我們參與的地點以及我們對業務定價方式的影響。再次相信，我們會保持謹慎，但當前市場確實存在成長機會。

Our next question comes from Michael Ward with Citigroup.

我們的下一個問題來自花旗集團的麥可沃德。

I'm a little bit curious just on the potential sell-down of Corebridge. How do you weigh the options between doing several smaller chunks of sell-down from here versus maybe the potential for doing a sell-down of the remaining stake? And then another thing on the other side, right, we sort of think about this $500 million a month buyback. Is there the option to potentially do an ASR post sell-down?

我對 Corebridge 可能被拋售的情況有點好奇。您如何權衡從現在開始進行幾筆較小規模的拋售與拋售剩餘股權的可能性之間的選擇？另一方面，我們會考慮每月 5 億美元的回購。是否可以選擇在拋售後進行 ASR？

I wish I could provide a little bit more detail on the first part of the question. We're looking at all alternatives, all size. I mean, so much is market-dependent. You have certain windows. And we want to make sure -- we have multiple stakeholders, I mean, within Corebridge shareholders, AIG shareholders, so sort of balancing that is really important for us.

我希望我能就問題的第一部分提供更多細節。我們正在尋找各種規模的所有替代方案。我的意思是，這很大程度取決於市場。您有某些視窗。我們想要確保——我們有多個利益相關者，我的意思是，在 Corebridge 股東、AIG 股東內部，因此這種平衡對我們來說非常重要。

But as I said in my answer and prepared remarks, we're ready to go. Everybody is anxious to move forward, but we're going to make sure we do it in a very methodical way to where we don't do anything that's not in the best interest of all that we've done so far and our stakeholders. So we will consider multiple options and keep everybody updated.

但正如我在回答和準備好的發言中所說，我們已經準備好了。每個人都渴望前進，但我們將確保以非常有條理的方式去做，不會做任何不符合我們迄今為止所做的一切和利益相關者最佳利益的事情。因此，我們將考慮多種選擇，並及時向大家通報最新情況。

On the ASR, I mean, I think we've largely thought about this, and Sabra, if you want to comment to close out. We've done share repurchase in a methodical way. We always consider different ways in which we can do it. But maybe you can just comment, and then I'll close it out.

關於 ASR，我的意思是，我認為我們已經在很大程度上考慮了這一點，如果您想發表評論以結束的話，Sabra。我們有條不紊地進行了股票回購。我們總是考慮不同的方法來做到這一點。但也許你可以發表評論，然後我就會結束它。

Yes, thanks. The thing you should keep in mind is that with the amount of shares that we can repurchase or can be repurchased by a company in any given month, whether it's an ASR or it's a 10b5-1 plan or open market purchases, it's constrained by the same factor, which is the average daily trading volume.

對了謝謝。您應該記住的是，我們可以在任何給定月份回購或公司可以回購的股票數量，無論是 ASR 還是 10b5-1 計劃或公開市場購買，都受到以下因素的限制：同樣的因素，即日均交易量。

We have looked at doing ASRs. And to date, what we've preferred to do is just be consistently in the market every day through a 10b5-1 plan. But it's certainly something if we were to do a larger sale of a Corebridge stake where we wanted to redeploy that quickly and get the benefit of that into our share count, then an ASR is a tool that we can use to do that. But in terms of the volume per month, it doesn't really vary that different, whether it's an ASR or a 10b5-1.

我們已經考慮過進行 ASR。到目前為止，我們更願意做的就是透過 10b5-1 計畫每天持續參與市場。但如果我們要更大規模地出售 Corebridge 股份，並且希望快速重新部署並將其收益計入我們的股份數量，那麼 ASR 就是我們可以用來做到這一點的工具。但就每月的數量而言，無論是 ASR 還是 10b5-1，實際上並沒有太大不同。

Thanks, Sabra. And in closing, I just want to thank all of our colleagues around the world for their continued dedication, teamwork, execution on all the progress we've made. And I want to thank everybody for joining us today and your questions. Everybody, have a great day.

謝謝，薩布拉。最後，我只想感謝我們世界各地的所有同事，感謝他們對我們所取得的所有進展的持續奉獻、團隊合作和執行力。我要感謝大家今天加入我們並提出問題。大家，祝你有美好的一天。

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

感謝您的參與。這確實結束了該程式。您現在可以斷開連線。大家，祝你有美好的一天。