American International Group Inc (AIG) 2024 Q2 法說會逐字稿

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

此文字記錄中標記為（技術難度）的部分錶示存在音訊問題。如果可以重播，將提供缺少的文字。

Our North America and international leaders, Don Bailey and John Hancock will join us for the Q&A portion of the call.

我們的北美和國際領導人唐貝利 (Don Bailey) 和約翰漢考克 (John Hancock) 將與我們一起參加電話會議的問答部分。

Our prepared remarks have a lot of detail, particularly related to our deconsolidation of Corebridge.

我們準備好的評論有很多細節，特別是與我們對 Corebridge 的拆分相關的細節。

We intend to provide ample time for Q&A.

我們打算提供充足的時間進行問答。

I want to start with highlights of our outstanding second quarter performance.

我想先介紹我們第二季出色表現的亮點。

As Quentin mentioned at the beginning of the call, all figures I will reference today will be on a comparable basis, excluding the impact of Validus Re and Crop Risk Services unless otherwise noted, in order to provide a clearer view of our underlying profit.

正如昆汀在電話會議開始時所提到的，除非另有說明，我今天引用的所有數據都將基於可比較的基礎，不包括Validus Re 和作物風險服務的影響，以便更清晰地了解我們的基本利潤。

Adjusted after-tax income was $775 million or $1.16 per diluted share, representing a 38% increase in earnings per share year-over-year, driven by strong organic growth, a continuation of our very strong underwriting performance, ongoing expense discipline, volatility containment and a decrease in shares outstanding.

調整後稅後收入為7.75 億美元，即稀釋後每股收益1.16 美元，每股收益同比增長38%，這得益於強勁的有機增長、我們強勁的承銷業績的延續、持續的費用紀律、波動性遏制以及已發行股票的減少。

General Insurance net premiums written grew 7%, led by Global Commercial, which grew over 8%.

普通保險淨承保保費成長 7%，其中全球商業保險 (Global Commercial) 增幅超過 8%。

Underwriting income was $430 million.

承保收入為4.3億美元。

The underlying underwriting income, excluding catastrophes in prior-year development, improved $110 million or 17% year over year.

不包括去年發展中的災難在內，基本承保收入年增了 1.1 億美元，即 17%。

The calendar year combined ratio was 92.5%, a slight increase of 10 basis points from the prior year.

歷年綜合成本率為92.5%，較前一年小幅上升10個基點。

The accident year combined ratio, excluding catastrophes, was 87.6%, a 170 basis points improvement from the prior year.

事故年綜合比率（不包括災難）為 87.6%，較上年提高 170 個基點。

The CAT loss ratio was 5.7% or $325 million of total catastrophe related losses.

CAT 損失率為 5.7%，佔災難相關損失總額的 3.25 億美元。

Consolidated net investment income on an adjusted pre-tax income basis was $884 million a 14% increase year-over-year.

調整後稅前收入基礎上的綜合淨投資收益為 8.84 億美元，年增 14%。

During the quarter, we returned nearly $2 billion to shareholders through $1.7 billion of stock repurchases, and $261 million of dividends.

本季度，我們透過 17 億美元的股票回購和 2.61 億美元的股息向股東返還近 20 億美元。

We ended the second quarter with a total debt to total capital ratio of 18%, including ALCI and we have strong parent liquidity of $5.3 billion.

第二季末，我們的總債務與總資本比率為 18%（包括 ALCI），我們擁有 53 億美元的強大母公司流動性。

Overall, I'm very pleased with our ability to continue to deliver outstanding financial performance, and I'm equally pleased with the progress we're making on multiple strategic initiatives.

整體而言，我對我們繼續提供出色財務業績的能力感到非常滿意，我同樣對我們在多項策略舉措上取得的進展感到滿意。

There are several things I want to cover on this call to give you a sense of where we are now, how we got here, and what the future holds.

我想在這次電話會議上介紹幾件事，以便讓您了解我們現在所處的位置、我們如何走到這一步以及未來會怎樣。

In addition to walking through our financial results, on today's call, I plan to outline the recently announced transactions for our personal travel business and private client select, provide a quick update on (technical difficulty) reinsurance renewals and a market update, discuss our disciplined execution of our capital management strategy and provide an update on AIG Next.

除了介紹我們的財務表現外，在今天的電話會議上，我還計劃概述最近宣布的個人旅行業務和私人客戶選擇的交易，提供有關（技術難度）再保險續保和市場更新的快速更新，討論我們嚴格的紀律執行我們的資本管理策略並提供 AIG Next 的最新資訊。

I should note that our strong financial results in the quarter were complicated by the complex accounting treatment of deconsolidation.

我應該指出，我們本季強勁的財務表現由於複雜的分拆會計處理而變得複雜。

In Sabra's prepared remarks, she will explain the impact to our capital structure, including shareholders' equity, as well as details on the GAAP accounting implications to our financial statement.

在 Sabra 準備好的發言中，她將解釋對我們資本結構的影響，包括股東權益，以及 GAAP 會計對我們財務報表影響的詳細資訊。

Before I go further, I want to take a moment to comment on the deconsolidation of Corebridge, which marked a major milestone for both AIG and Corebridge.

在進一步討論之前，我想花點時間評論一下 Corebridge 的拆分，這標誌著 AIG 和 Corebridge 的一個重要里程碑。

It's important to reflect on the four year journey, the significant accomplishments along the way and the rationale behind this pivotal decision for AIG.

回顧四年的歷程、一路走來所取得的重大成就以及 AIG 這項關鍵決定背後的理由非常重要。

At the height of the pandemic.

正值疫情最嚴重時期。

In 2020, we undertook a detailed analysis to explore strategic options to maximize value for AIG shareholders, including evaluating whether to separate our Life and retirement business, which would eventually become Corebridge from AIG.

2020 年，我們進行了詳細分析，探索為 AIG 股東實現價值最大化的策略選擇，包括評估是否將我們的人壽和退休業務（最終將成為 Corebridge）從 AIG 中分離出來。

In October of 2020, we announced our intention to separate.

2020 年 10 月，我們宣布了分居意向。

There were many noteworthy accomplishments along the way, and I'd like to highlight a few.

在這個過程中取得了許多值得注意的成就，我想強調其中一些。

In July of 2021, AIG announced that Blackstone Group will become an anchor investor in the new stand-alone company with its acquisition of 9.9% of Corebridge.

2021 年 7 月，AIG 宣布 Blackstone Group 將收購 Corebridge 9.9% 的股份，成為這家新獨立公司的主要投資者。

Corebridge also entered into a long-term strategic asset management relationship with Blackstone to manage up to $92.5 billion of assets under management over the subsequent six years.

Corebridge 也與 Blackstone 建立了長期策略資產管理關係，在接下來的六年中管理高達 925 億美元的資產。

At the end of March of 2022, AIG announced a strategic partnership with BlackRock, where they would manage $150 billion of certain fixed income and privately placed assets, of which $90 billion would come from the Corebridge portfolio.

2022年3月底，AIG宣布與貝萊德建立策略夥伴關係，雙方將管理1,500億美元的某些固定收益和私募資產，其中900億美元將來自Corebridge投資組合。

In mid-September of 2022, AIG floated at 12.4% of Corebridge and the largest US IPO of the year, a particularly noteworthy achievement during a time of significant market volatility.

2022 年 9 月中旬，AIG 持有 Corebridge 12.4% 的股份，成為當年美國最大的 IPO，在市場劇烈波動的時期，這是一項特別值得注意的成就。

During 2023, we executed three marketed deals, reducing our overall ownership to 52% by year end.

2023 年期間，我們執行了三項上市交易​​，到年底將我們的整體所有權減少至 52%。

In 2023, Corebridge divested with considerable strategic and transactional support from AIG, Laya Healthcare and UK Life.

2023 年，Corebridge 剝離了 AIG、Laya Healthcare 和 UK Life 提供的大量策略和交易支援。

These sales generated over $1.2 billion of proceeds for Corebridge investors.

這些銷售為 Corebridge 投資者帶來了超過 12 億美元的收益。

In May of 2024, AIG announced it would sell 122 million shares, at Corebridge, representing an approximately 20% stake in the company to Nippon Life Insurance company, one of the most respected life insurance companies in the world, subject to customary regulatory approvals and closing conditions.

2024 年5 月，AIG 宣布將在Corebridge 出售1.22 億股股票，相當於該公司約20% 的股份，出售給日本人人壽保險公司（世界上最受尊敬的人壽保險公司之一），但須經慣例監管部門批准和批准。

Lastly, in mid-June of this year, AIG announced it had met the requirements for the deconsolidation of Corebridge for accounting purposes.

最後，今年 6 月中旬，AIG 宣布已滿足 Corebridge 會計分拆要求。

We remain committed to fully selling down our remaining ownership stake in Corebridge over time, subject to market conditions and other considerations.

我們仍然致力於根據市場狀況和其他考慮因素，隨著時間的推移，全面出售我們在 Corebridge 的剩餘股權。

It's been quite a journey and we have accomplished a tremendous amount.

這是一段相當長的旅程，我們取得了巨大的成就。

Now, let's turn to the travel business.

現在，讓我們轉向旅遊業務。

During the quarter, we also announced the sale of our global individual personal travel insurance and assistance business, which is another important strategic step in positioning AIG for the future to further simplify our portfolio.

本季度，我們也宣佈出售全球個人旅遊保險和援助業務，這是 AIG 面向未來定位、進一步簡化我們的產品組合的另一個重要策略步驟。

The transaction includes the Global Travel Guard insurance business as well as service companies and infrastructure and excludes our travel insurance businesses in Japan and our AIG joint venture arrangement in India with the Tata Group.

該交易包括 Global Travel Guard 保險業務以及服務公司和基礎設施，但不包括我們在日本的旅遊保險業務以及 AIG 與塔塔集團在印度的合資安排。

AIG will continue to provide corporate group travel coverage through our accident and health business.

AIG 將繼續透過我們的事故和健康業務提供企業團體旅遊保險。

The annual net premiums written for travel are approximately $750 million, Most of which are reported under North America Personal Insurance.

每年為旅行承保的淨保費約為 7.5 億美元，其中大部分報告在北美個人保險項下。

The sales expected to close by the end of 2024, subject to customary regulatory approvals and closing conditions.

此次銷售預計將於 2024 年底完成，具體取決於慣例監管部門批准和成交條件。

And last week, we announced another significant transaction involving our high net worth business.

上週，我們宣布了另一項涉及高淨值業務的重大交易。

As we've discussed in prior quarters, over the course of several years, we've been deliberately transforming our high net worth business to be better positioned for the future.

正如我們在前幾個季度所討論的那樣，在過去的幾年裡，我們一直在有意改造我們的高淨值業務，以便為未來做好更好的準備。

We've done this through a series of strategic actions, including the most recent announcement about entering into a strategic relationship with Ryan Specialty to become our excess and surplus lines, distribution partner for high and ultra-high net worth markets through our managing general underwriter, Private Clients Select insurance services.

我們透過一系列策略行動實現了這一目標，包括最近宣布與 Ryan Specialty 建立策略關係，透過我們的總承銷商成為我們的超額和盈餘產品線、高淨值和超高淨值市場的分銷合作夥伴、私人客戶選擇保險服務。

We like the business and we're committed to it.

我們喜歡這個行業並且致力於它。

We've invested over $100 million in infrastructure and digital capabilities for our high net worth business over the past several years, and we believe the business is well positioned for the future.

過去幾年，我們為高淨值業務投資了超過 1 億美元的基礎設施和數位能力，我們相信這項業務已為未來做好了準備。

We're also committed to delivering solutions and growing our admitted capabilities.

我們也致力於提供解決方案並提高我們公認的能力。

As we previously communicated, our plan for the portfolio has been to establish an MGU with appropriate infrastructure and core foundational capabilities, enable multiple points of distribution and eventually attract more capital resources for the MGU, all while continuing to drive exceptional value for our high-net-worth clients as we grow the business.

正如我們之前所傳達的，我們的投資組合計劃是建立一個具有適當基礎設施和核心基礎能力的MGU，實現多個分銷點並最終為MGU 吸引更多資本資源，同時繼續為我們的高價值創造非凡價值。

AIG will provide exclusive E&S paper at all 50 states through Marbleshoire Specialty Insurance company, subject to regulatory approvals.

AIG 將透過 Marbleshoire Specialty Insurance 公司在全美 50 個州提供獨家 E&S 票據，但須獲得監管部門的批准。

This progress reflects the momentum we've created with expanded capabilities and broader partnerships.

這一進展反映了我們透過擴大能力和更廣泛的合作夥伴關係所創造的勢頭。

Now turning to General Insurance results.

現在轉向普通保險的結果。

Gross premiums written for the quarter were $9.9 billion, an increase of 7% from the prior year.

該季度的毛保費為 99 億美元，比上年增長 7%。

Net premiums written for the quarter were $6.9 billion, a 7% increase from the prior year, with 8% growth from Global Commercial and 5% growth from Global Personal.

本季淨承保保費為 69 億美元，較上年成長 7%，其中全球商業保費成長 8%，全球個人保費成長 5%。

Global Commercial had an excellent quarter with strong net premiums written growth of 8%, driven by significant new business, impressive retention and continued accident year combined ratio improvement.

全球商業在重要的新業務、令人印象深刻的保留率和持續的事故年綜合比率改善的推動下，季度淨保費強勁增長 8%。

In North America Commercial, net premiums written grew 10%.

北美商業險的淨承保保費增加了 10%。

Lexington grew 16%, led by wholesale casualty, which grew 35%, Western World, which grew 20% and wholesale property, which grew 12%.

列剋星敦成長了 16%，其中批發傷亡險成長了 35%，西部世界成長了 20%，批發地產成長了 12%。

Retail casualty grew 11% with 21% growth in our risk management business.

零售傷亡人數增加 11%，風險管理業務成長 21%。

And we had 16% growth in excess casualty, and captive solutions grew 30%, driven by new business and International Commercial, net premiums written grew 6%.

在新業務和國際商業的推動下，我們的超額傷亡人數增加了 16%，自保解決方案增加了 30%，淨承保保費增加了 6%。

Global Specialty grew 8%, led by 18% growth in energy, Talbot grew 12% and retail property grew 11%

全球特種產品成長 8%，其中能源成長 18%，塔爾博特成長 12%，零售房地產成長 11%

in the second quarter, Global Commercial produced record new business of nearly $1.3 billion, which is an 18% increase from the prior year quarter.

第二季度，Global Commercial 創造了近 13 億美元的創紀錄新業務，比去年同期成長 18%。

North America Commercial produced new business of $753 million in the quarter, an increase of 26% year-over-year and an increase of over 60% from the prior quarter.

北美商業本季新增業務7.53億美元，年增26%，季增超過60%。

The growth was led by Lexington, which had 31% new business growth year-over-year and 75% new business growth from the first quarter, the highest new business volume of any quarter in my tenure.

這一成長以列剋星敦為首，其新業務年增 31%，較第一季新業務增長 75%，這是我任期內新業務量最高的季度。

Lexington also achieved a significant milestone with over $1 billion of gross premiums written this quarter, a 16% increase from the prior year quarter.

Lexington 也實現了一個重要的里程碑，本季的毛保費超過 10 億美元，比去年同期成長 16%。

This is the highest gross premiums written quarter for Lexington since we repositioned the business in 2018.

這是自 2018 年我們重新定位業務以來列剋星敦毛保費最高的季度。

In other businesses, retail casualty new business grew over 40%, led by our risk management business and excess casualty.

其他業務方面，零售意外險新業務成長超過 40%，其中風險管理業務和超額意外險業務帶動成長。

International Commercial produced new business of $522 million for the quarter, an increase of 9% year-over-year.

國際商業本季創造了 5.22 億美元的新業務，年增 9%。

This growth was led by Global Specialty, which had 17% new business growth led by energy and marine Casualty, which had over 30% growth, and property, which had over 10% growth.

這一成長由全球特種業務引領，新業務成長 17%，其中能源和海事傷亡業務成長超過 30%，財產業務成長超過 10%。

In addition, global commercial had a very strong renewal retention.

此外，全球商業廣告的續訂保留率非常高。

International retention was 89% and North America retention was 87%.

國際留存率為 89%，北美留存率為 87%。

Moving on to Global Personal Insurance.

轉向全球個人保險。

Net premiums written grew 5% year-over-year.

淨承保保費年增 5%。

North America Personal net premiums written increased 8% from the prior year quarter, primarily driven by the high-net-worth business.

北美 個人淨承保保費較上年同期成長 8%，主要受到高淨值業務的推動。

International Personal net premiums written increased by 4% year over year, driven by growth in personal auto and accident health new business.

受個人汽車和意外健康新業務成長的推動，國際個人淨承保保費年增 4%。

Shifting to the combined ratio, as I noted earlier, the second quarter, general insurance accident year combined ratio, excluding catastrophes, was 87.6%, a 170 basis points improvement year over year, driven by 140 basis points improvement in the expense ratio.

轉向綜合成本率，正如我之前指出的，第二季度一般保險事故年綜合成本率（不包括巨災）為 87.6%，同比提高 170 個基點，這主要是由於費用比率改善了 140 個基點。

In Global Commercial, the second quarter accident year combined ratio, excluding catastrophes, was 83.5%, a 180 basis points improvement.

在全球商業領域，第二季事故年綜合比率（不包括災難）為 83.5%，提高了 180 個基點。

The North America Commercial accident year combined ratio, excluding catastrophes, was 84.7%, a 250 basis points improvement.

北美商業事故年度綜合成本率（不包括災難）為 84.7%，提高了 250 個基點。

And the international commercial accident year combined ratio, excluding catastrophes, was 82.1% or a 130 basis points improvement.

國際商業事故年綜合比率（不包括災難）為 82.1%，即提高了 130 個基點。

The global personal accident year combined ratio, excluding catastrophes, was 96.8%, a 130 basis points improvement from the prior year quarter.

全球個人事故年度綜合比率（不包括災難）為 96.8%，比去年同期提高 130 個基點。

North America personal improved its accident year combined ratio, excluding catastrophes, to 101.8%, a 530 basis points improvement.

北美個人保險將其事故年度綜合比率（不包括災難）提高至 101.8%，提高了 530 個基點。

International Personal improved its accident year combined ratio, excluding catastrophes, by 50 basis points to 94.8%, driven by improvements in the expense ratio.

在費用比率改善的推動下，國際個人保險的事故年綜合比率（不包括災難）提高了 50 個基點，達到 94.8%。

Now, I want to shift to provide some context around midyear reinsurance renewals and recent conditions in the reinsurance market.

現在，我想轉而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資訊。

As we have previously discussed, we purchased the vast majority of our treaty reinsurance at January 1.

正如我們之前討論的，我們在 1 月 1 日購買了絕大多數的條約再保險。

However, approximately 20% of our overall core reinsurance purchasing occurs in the second quarter.

然而，我們整體核心再保險購買量的大約 20% 發生在第二季。

We were able to execute on all of our strategic reinsurance goals this quarter, achieving risk adjusted rate decreases and lowering or maintain retentions across all of our major purchases.

本季我們能夠執行所有策略再保險目標，實現風險調整利率下降，並降低或維持所有主要購買的保留。

The outlook for the second half of 2024, particularly with respect to natural catastrophes, is uncertain.

2024 年下半年的前景，尤其是自然災害的前景尚不確定。

The five leading forecasters are predicting above average hurricane activity for the 2020 season.

五位主要預報員預測 2020 年颶風季的颶風活動將高於平均值。

While there was a lot of positive sentiment across the industry following modest natural CAT loss activity in the first quarter, I've learned over my career to wait until the wind and Typhoon seasons are over before declaring how the year will be impacted by natural disasters.

儘管第一季 CAT 自然損失活動適度，整個行業都出現了很多積極情緒，但我在職業生涯中學會了等到風季和颱風季節結束後再宣布今年將如何受到自然災害的影響。

It's simply too unpredictable.

簡直太不可預測了。

When reviewing capacity in the market, it's important to analyze the available capacity from the rated market and the alternative capital market.

在審查市場容量時，分析評級市場和替代資本市場的可用容量非常重要。

We're all well aware of what happened with rated reinsurers in 2022.

我們都非常清楚 2022 年評級再保險公司發生的事情。

On average, they moved attachment points significantly higher to higher return periods and they restricted coverage, mostly the named perils.

平均而言，他們將附著點顯著移至更高的回報期，並限制了覆蓋範圍，主要是所謂的危險。

If you were to look at the complementary alternative capital market, it has approximately $110 billion of estimated capital deployed and in many ways, more standard available capital in any individual year over the prior 10 years.

如果你看看互補的另類資本市場，它估計部署了大約 1100 億美元的資本，並且在許多方面，在過去 10 年的任何一年中，都有更多標準的可用資本。

However, you need to review what makes up that $110 billion to appreciate the true availability for reinsurers, The CAT bond market and ILW market make up approximately 50% of the alternative capital market, the highest nominal now of any time in history and those products are accompanied with basis risk and in some cases, meaningful basis risk.

然而，您需要回顧一下這 1,100 億美元的組成，才能了解再保險公司的真正可用性，CAT 債券市場和 ILW 市場約佔另類資本市場的 50%，是歷史上目前名義最高的，這些產品伴隨著基差風險，在某些情況下，還伴隨著有意義的基差風險。

Additionally, the collateralized market is back to 2016 levels, which is somewhere between $45 billion to $50 billion of capital.

此外，抵押市場回到了 2016 年的水平，資本規模在 450 億美元到 500 億美元之間。

The market is deploying 90% of the collateralized limit as occurance reinsurance or current retro, leaving less than 10% of the remaining collateralized reinsurance available for aggregate cover.

市場將 90% 的抵押限額用作事件再保險或當前追溯，剩餘抵押再保險中只有不到 10% 可用於整體承保。

Why do I outline this level of detail?

我為什麼要如此詳細地概述？

Because we've remained very disciplined and maintain our aggregate cover at the same attachment point and AIG utilize approximately 50% of the globally available ILS reinsurance aggregate CAT capacity.

因為我們一直保持嚴格的紀律，並將我們的總承保範圍維持在同一附著點，並且 AIG 使用了全球可用 ILS 再保險總 CAT 容量的約 50%。

This purchase protects us from potential frequency of CAT and allows us to prudently manage volatility.

此次購買可以保護我們免受 CAT 潛在頻率的影響，並使我們能夠謹慎管理波動性。

And again, based on my experience, once insurers give a lower occurrence or aggregate attachment points, you simply do not get them back.

再說一次，根據我的經驗，一旦保險公司給出較低的發生率或總附著點，你就無法收回它們。

Further, analyzing industry data from over 150 companies published by AAON between 2013 and 2024, average attachment points went up on an inflation adjusted nominal basis everywhere in the world, in some cases significantly during that period.

此外，透過分析AAON 在2013 年至2024 年間發布的150 多家公司的行業數據，世界各地的平均附著點在通貨膨脹調整後的名義基礎上有所上升，在某些情況下，在此期間顯著上升。

For example, in Asia, average attachment points increased over 270%, EMEA and the UK over 250% in the US over 280%.

例如，在亞洲，平均附著點增加了 270% 以上，歐洲、中東和非洲地區和英國增加了 250% 以上，美國增加了 280% 以上。

AIG has structured its treaties to have lower attachment points with less volatility.

AIG 已將其條約建構成具有較低的附著點和較小的波動性。

When examining occurrence attachment points across the world from 2022 to 2024, which is another very good measurement.

在檢視 2022 年至 2024 年世界各地的附著點發生情況時，這是另一個非常好的衡量標準。

AIG has maintained or reduce its attachment points, making it the lowest amongst our peer group.

AIG 維持或減少了其附著點，使其成為我們同行中最低的。

For the balance of 2024, we have approximately $95 million remaining on our international aggregate cover, excluding Japan and $270 million on our North America aggregate cover, excluding wind and quake.

到 2024 年剩餘時間，我們的國際總保險額（不包括日本）剩餘約 9,500 萬美元，北美總保險額剩餘約 2.7 億美元（不包括風災和地震）。

This is well within our established risk appetite and believe we remain well protected against both the frequency and severity of CAT events.

這完全符合我們既定的風險偏好，並且相信我們仍然能夠很好地應對 CAT 事件的頻率和嚴重程度。

Reinsurance premiums are well embedded in our original pricing in our portfolio for properties performing exceptionally well.

再保險保費已充分納入我們投資組合中表現出色的房產的原始定價中。

Now, I will provide a high-level summary of our capital management strategy and the milestones we've accomplished.

現在，我將高度概括我們的資本管理策略和我們已實現的里程碑。

We've made enormous progress executing against our capital management goals in a disciplined manner with a focus on positioning AIG for the future and driving value for our shareholders.

我們以嚴格的方式執行資本管理目標，取得了巨大進展，重點關注 AIG 的未來定位並為股東創造價值。

We have deployed over $30 billion in cash towards that capital management strategy over the last three years, which has provided AIG with maximum flexibility.

過去三年，我們為該資本管理策略部署了超過 300 億美元的現金，這為 AIG 提供了最大的靈活性。

To provide context on the magnitude of what we accomplished, there are some key highlights.

為了說明我們所取得的成就的規模，有一些關鍵的亮點。

In 2021.

2021 年。

AIG had greater than 850 million shares outstanding and approximately $25 billion of outstanding debt and preferred stock.

AIG 擁有超過 8.5 億股已發行股票以及約 250 億美元的未償債務和優先股。

Using current liquidity and proceeds generated from divestitures and earnings, over the past three years, we repurchased over $13.5 billion of shares, reducing our overall share count by over 200 million shares for approximately 25%.

利用目前的流動性以及資產剝離和收益產生的收益，在過去三年中，我們回購了超過 135 億美元的股票，使我們的總股數減少了超過 2 億股，減少了約 25%。

As of June 30, 2024, we have less than 650 million shares outstanding.

截至2024年6月30日，我們的流通股數不足6.5億股。

We expect to further reduce this in the second half of 2024 and in 2025, depending on the timing of the closing of the Nippon Life transaction, subject to regulatory approvals, as well as additional future sell-downs of our remaining Corebridge shares subject to market condition.

We expect to further reduce this in the second half of 2024 and in 2025, depending on the timing of the closing of the Nippon Life transaction, subject to regulatory approvals, as well as additional future sell-downs of our remaining Corebridge shares subject to market狀態.

By the end of 2025, we expect our share count to be in the 550 million to 600 million target range, consistent with the guidance that I provided last quarter, representing a total of $10 billion of share repurchases over the course of 2024 and 2025, subject to market conditions.

到 2025 年底，我們預計我們的股票數量將在 5.5 億至 6 億股的目標範圍內，這與我上季度提供的指導一致，即 2024 年和 2025 年期間股票回購總額為 100 億美元，視市場情況而定。

Since 2021, we paid approximately $3 billion of shareholder dividends.

自 2021 年以來，我們支付了約 30 億美元的股東股利。

We increased the dividend by more than 10% in each of the last two consecutive years.

過去連續兩年，我們每年將股息增加超過 10%。

Additionally, we reduced AIG's debt outstanding from $25 billion to $9.8 billion and have achieved our target debt to capital leverage ratio range of 15% to 20% with the second quarter leverage of 18% versus 27% three years ago.

此外，我們將AIG 的未償債務從250 億美元減少到98 億美元，並實現了債務資本槓桿率15% 至20% 的目標，第二季度槓桿率為18%，而三年前為27 %。

Our insurance company subsidiaries are in a very strong capital position with capital ratios above target ranges, which will enable us to continue to grow profitably without having to contribute additional capital.

我們的保險公司子公司的資本狀況非常強勁，資本比率高於目標範圍，這將使我們能夠在無需投入額外資本的情況下繼續實現盈利增長。

We ended the second quarter with $5.3 billion of parent liquidity and we continue to explore compelling and strategic inorganic opportunities that are complementary to our current business.

在第二季結束時，我們的母公司流動資金為 53 億美元，我們將繼續探索與我們當前業務互補的引人注目的策略性機會。

As part of positioning AIG for the future, over the past several years, we've been on a journey to simplify AIG, where we've been the company together to operate seamlessly as one cohesive organization across underwriting, claims and all of our functional areas with the skills and capabilities to compete in the future.

作為 AIG 未來定位的一部分，在過去的幾年裡，我們一直在簡化 AIG，我們一直作為一個有凝聚力的組織，在承保、索賠和所有職能部門中無縫運作。 。

As a company, we've completed multiple transformation programs.

作為一家公司，我們已經完成了多項轉型計劃。

These efforts, including AIG 200 have resulted in a reduction of our expense base of approximately $1.5 billion since 2018, while investing for the future.

自 2018 年以來，包括 AIG 200 在內的這些努力使我們的支出基礎減少了約 15 億美元，同時也為未來進行了投資。

For example, over the last two years, we've invested approximately $300 million in data digital workflow, AI and talent to accelerate our progress.

例如，在過去兩年中，我們在數據數位工作流程、人工智慧和人才方面投資了約 3 億美元，以加速我們的進步。

If you look over the past five years, it include technology end-to-end process workflow and foundational data investments that were part of AIG 200, our investment has been over $1 billion.

如果你回顧過去五年，包括 AIG 200 的技術端到端流程工作流程和基礎資料投資，我們的投資已超過 10 億美元。

Also at the beginning of 2024, we formally launched AIG Next to further accelerate the realization of additional operational efficiencies.

同樣在 2024 年初，我們正式啟動了 AIG Next，以進一步加速實現額外的營運效率。

As part of the AIG Next program, we're redefining our existing retained parent costs to reflect only expenses related to being a global regulated public company, such as costs related to corporate governance, enterprise risk management and audit.

作為 AIG Next 計畫的一部分，我們正在重新定義現有的保留母公司成本，以僅反映與成為全球受監管上市公司相關的費用，例如與公司治理、企業風險管理和審計相關的成​​本。

Our objective is to decrease retained parent cost of $325 million to $350 million or 1% to 1.5% of net premiums earned going forward.

我們的目標是將保留母公司成本減少 3.25 億美元至 3.5 億美元，即未來淨保費收入的 1% 至 1.5%。

Expenses not defined as parent company costs will be fully embedded within the General Insurance results or they will be redundant.

未定義為母公司成本的費用將完全納入普通保險業績中，否則將是多餘的。

All of the factors being equal, we would expect our full year 2025 calendar year combined ratio to be the same or lower than the full year 2023 metric on a comparable basis as a result of the actions we're taking as part of AIG Next.

在所有因素相同的情況下，由於我們作為 AIG Next 的一部分採取的行動，我們預計 2025 年全年綜合比率在可比基礎上將與 2023 年全年指標相同或更低。

We originally provided guidance that we would reach the combined ratio at the exit run rate at the end of 2025, and we now believe we can achieve it in the 2025 calendar year.

我們最初提供的指導是，我們將在 2025 年底達到退出運行率的綜合成本率，現在我們相信我們可以在 2025 年實現這一目標。

Additionally, while I've not spoken in detail about AI in the past, we've been making substantial progress and I want to provide a high level overview.

此外，雖然我過去沒有詳細談論過人工智慧，但我們已經取得了實質進展，我想提供一個高層次的概述。

AIG is advancing its data and digital strategy using artificial intelligence, large language models and data ingestion applications with the objective of increasing underwriting efficiency and augmenting execution capabilities.

AIG 正在利用人工智慧、大型語言模型和資料攝取應用程式來推進其資料和數位策略，旨在提高承保效率和增強執行能力。

We've spent considerable time over the past 12 to 18 months, creating a blueprint for the future that we have each of these components together, where each one is integral and connected and we redesign the end-to-end underwriting workflow processes.

在過去的12 到18 個月裡，我們花了相當多的時間，為未來創建了一個藍圖，我們將這些組件中的每一個都放在一起，每個組件都是完整且相互關聯的，並且我們重新設計了端到端的核保工作流程。

Our primary objective is to construct an AI powered underwriting portfolio optimization capability that provide faster, more thorough, deeper analysis and improved customer service in quoting, binding and policy issuance by enabling increased underwriting productivity through the automation of manual processes.

我們的主要目標是建立由人工智慧驅動的承保投資組合優化能力，透過手動流程的自動化提高承保生產力，從而在報價、綁定和保單簽發方面提供更快、更徹底、更深入的分析和改進的客戶服務。

This will drive more accurate informed decisions by leveraging better data through foundational sources such as broker and agent submissions and supplemented with validated sources of additional third party data.

這將透過經紀人和代理人提交等基礎來源利用更好的數據，並輔以經過驗證的其他第三方數據來源，從而推動更準確的明智決策。

We will then combine this enhanced capability with advanced modeling and amplify compute capabilities, underpinning this work is a robust governance framework designed to keep pace with the rapidly evolving global AI regulatory landscape.

然後，我們將把這種增強的功能與先進的建模和增強運算能力相結合，支撐這項工作的是一個強大的治理框架，旨在跟上快速發展的全球人工智慧監管環境的步伐。

I will discuss two areas of focus, underwriting efficiency and underwriting management with underwriting efficiency, we're developing a mechanism using large language models by which submissions are automatically filtered through real-time underwriting guidelines, allowing underwriters more capacity and the ability to assess many more submissions that meet our defined underwriting criteria, objectives and risk appetite.

我將討論兩個重點領域，承保效率和承保效率的核保管理，我們正在開發一種使用大型語言模型的機制，透過即時核保指南自動過濾提交的內容，從而使承銷商能夠獲得更大的能力和評估許多內容的能力。

In underwriting management, we're dynamically managing the review of submission data with a disciplined application of underwriting guidelines and portfolio objectives, allowing underwriting leadership to more deeply and accurately analyze market conditions and enabling dynamic adjustments to underwriting guidelines, pricing and limit deployment.

在承保管理中，我們透過嚴格應用承保指南和投資組合目標來動態管理對提交資料的審查，使承保領導層能夠更深入、更準確地分析市場狀況，並對承保指南、定價和限額部署進行動態調整。

As we build our agenda and ecosystem, we're using a multi-vendor technology strategy with multiple partners that is designed to evolve over time.

當我們建立議程和生態系統時，我們與多個合作夥伴一起使用多供應商技術策略，該策略旨在隨著時間的推移而發展。

Our platform has been built for flexibility, configurability and adaptability to accommodate current and future technologies.

我們的平台具有靈活性、可配置性和適應性，以適應當前和未來的技術。

This includes the ability to support the expansion of generative AI capabilities for scalability globally across our platform, while keeping the underwriter at the center of decision-making.

這包括支援生成式人工智慧功能的擴展，以實現整個平台的全球可擴展性，同時讓承銷商處於決策的中心。

This is just a glimpse into the significant work we've been doing to use generative AI and large language models as part of our overall data and digital strategy.

這只是我們在使用生成人工智慧和大型語言模型作為我們整體數據和數位策略的一部分方面所做的重要工作的一瞥。

We'll continue to advance these efforts over the remainder of this year and as we enter 2025.

我們將在今年剩餘時間以及進入 2025 年時繼續推進這些努力。

In summary, I'm very pleased with our performance in the second quarter and what we've accomplished not only during the quarter, but over the past several years to prepare AIG for a bright future.

總而言之，我對我們第二季度的表現以及我們不僅在本季度而且在過去幾年中為 AIG 迎接光明未來所取得的成就感到非常滿意。

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

這樣，我會將電話轉給 Sabra。

Thank you, Peter.

謝謝你，彼得。

This morning, I will provide details on AIG's exceptional second quarter financial results with a particular focus on the accounting treatment of Corebridge deconsolidation, General Insurance quarterly financial results, written premium rate trends, other operations, book value per share and ROE.

今天早上，我將詳細介紹 AIG 出色的第二季度財務業績，特別關注 Corebridge 分拆的會計處理、普通保險季度財務業績、保費率趨勢、其他業務、每股賬面價值和股本回報率。

I will begin with Corebridge related activity this quarter and the accounting treatment on AIG's financials.

我將從本季與 Corebridge 相關的活動以及 AIG 財務的會計處理開始。

A few key dates to outline.

概述幾個關鍵日期。

On May 16, we announced the agreement with Nippon Life.

5月16日，我們宣布與日本生命保險達成協議。

Because that sale could close within 12 months of the announcement and reduced our ownership to well below 50% held for sale accounting and the classification of Corebridge as discontinued operations was triggered for accounting purposes.

因為該出售可能會在公告發布後 12 個月內完成，並將我們的所有權降至遠低於持有待售會計的 50%，並且出於會計目的，將 Corebridge 歸類為已終止業務。

Next, we sold 30 million shares of Corebridge on May 30, which brought our ownership to 48%.

接下來，我們在 5 月 30 日出售了 3,000 萬股 Corebridge 股票，這使我們的持股比例達到 48%。

However, it did not trigger deconsolidation accounting, because AIG still had a right to majority representation on the Corebridge Board.

然而，它並沒有觸發拆分會計，因為 AIG 仍然擁有 Corebridge 董事會多數席位的權利。

On June 9, we raised our rate to majority representation and one of our designations resigned from the Corebridge Board triggering deconsolidation accounting as well as the required filing of pro-forma financials with the SEC four days later.

6 月 9 日，我們將多數代表比例提高，我們的一名任命從 Corebridge 董事會辭職，觸發了取消合併會計以及四天后向 SEC 提交預計財務數據的要求。

Discontinued operations and deconsolidation accounting principles drove significant changes in AIG's financials this quarter.

終止經營和分拆會計原則導致本季度 AIG 財務狀況發生重大變化。

We added a few slides in the investor deck to explain these changes, which I will refer to in my remarks.

我們在投資者平台中添加了幾張幻燈片來解釋這些變化，我將在演講中提到這些變化。

Let me start with the impact of held for sale and discontinued operations on slide 15.

讓我從投影片 15 上的待售和終止經營的影響開始。

Held for sale accounting stipulates that when you reach an agreement to sell a business, its financials must be recast in the current period with assets and liabilities each classified in one-line for both sides of the balance sheet.

持有待售會計規定，當您達成協議出售企業時，必須在當期重新制定其財務狀況，將資產和負債分別分類在資產負債表兩側的一行中。

However, since Corebridge was a core business that we fully intend to exit, it also met the accounting criteria for discontinued operations, which requires a recast not just for the current reporting period, but also for past periods.

然而，由於Corebridge是我們完全打算退出的核心業務，它也符合終止經營的會計標準，這不僅需要對當前報告期間進行重新調整，而且還需要對過去的會計期間進行重新調整。

As a result, we re-classed Corebridge's assets, liabilities and net income into assets and liabilities of discontinued operations and income or loss from discontinued operations net of income tax in the AIG financials for the second quarter and prior periods.

因此，我們在 AIG 第二季和前期財務資料中將 Corebridge 的資產、負債和淨利潤重新分類為已終止經營業務的資產和負債以及已終止經營業務扣除所得稅後的收入或損失。

This treatment, as reflected on slide 15, while actually total assets of $544 billion as of March 31, 2024 is the same as originally reported and following discontinued operations presentation, there is a significant movement within the line items.

如投影片15 所示，雖然截至2024 年3 月31 日的實際總資產為5,440 億美元，但這種處理方式與最初報告的相同，並且在終止業務列報之後，各行項目內出現了重大變動。

For example, total investments in cash of $324 billion as originally reported, decreased $88 million with discontinued operations presentation with $236 billion of Corebridge investments in cash now included in assets of discontinued operations.

例如，最初報告的現金投資總額為 3,240 億美元，由於終止經營業務列報減少了 8,800 萬美元，而 Corebridge 的 2,360 億美元現金投資現已包含在終止經營資產中。

The next change in the quarter was deconsolidation, which was triggered on June 9.

本季的下一個變更是取消合併，該變更於 6 月 9 日觸發。

On the Q4 2023 earnings call, I described the accounting steps related to this principle.

在 2023 年第四季的財報電話會議上，我描述了與這項原則相關的會計步驟。

Today, I'll walk through those steps with the final numbers.

今天，我將用最終的數字來完成這些步驟。

Turning to Slide 16, the first step is the fair valuing of Corebridge's assets and liabilities.

轉向投影片 16，第一步是對 Corebridge 的資產和負債進行公允估價。

As of June 9.

截至 6 月 9 日。

The net fair value amount was $9.7 billion, comprised principally of the $8.6 billion market value of our Corebridge shares at that date and the net fair value of inter-company assets and previously consolidated investment entities.

公允價值淨額為 97 億美元，主要包括當時 Corebridge 股票市值 86 億美元以及公司間資產和先前合併的投資實體的淨公允價值。

Next, we calculate the difference between the fair value of $9.7 billion and the book value of AIG's balance sheet, which was $6.7 billion.

接下來，我們計算 97 億美元的公允價值與 AIG 資產負債表帳面價值 67 億美元之間的差額。

This resulted in net gain on sale of Corebridge of $3.0 billion pre-tax or $2.5 billion after-tax.

這導致 Corebridge 出售的淨收益為稅前 30 億美元或稅後 25 億美元。

After that, accounting principles require the recognition of $7.2 billion of accumulated other comprehensive loss on AIG's balance sheet, which is unrealized losses on Corebridge's investment portfolio due to higher interest rates.

此後，會計原則要求在AIG的資產負債表上確認72億美元的累計其他綜合損失，這是Corebridge投資組合因利率上升而產生的未實現損失。

This recognition records of $7.2 million loss from AOC in AIG retained earnings by booking it through the loss on discontinued operations in the income statement and then reducing AIG's AOCI on the balance sheet.

這項確認將 AOC 的 720 萬美元損失記錄在 AIG 留存收益中，方法是將其記入損益表中的已終止經營業務損失，然後減少資產負債表上的 AIG AOCI。

This does not change shareholders' equity shown on slide 17.

這不會改變投影片 17 中顯示的股東權益。

To determine the income statement accounting impact of deconsolidation, the $2.5 billion after-tax gain and the $7.2 billion of accumulated other comprehensive loss are added together to calculate the net after-tax loss on deconsolidation of $4.7 billion

為了確定取消合併對損益表會計的影響，將 25 億美元的稅後收益和 72 億美元的累計其他綜合損失相加，計算出取消合併的稅後淨損失 47 億美元

Finally, the next step is to add Corebridge's net income for the quarter prior to June 9, which was $325 million after-tax to the net loss on sale, resulting in a total net loss on discontinued operations of $4.4 billion recorded in AIG's income statement for the quarter.

最後，下一步是將 Corebridge 6 月 9 日之前季度的淨利潤（稅後 3.25 億美元）添加到銷售淨虧損中，導致 AIG 損益表中記錄的已終止業務淨虧損總額為 44 億美元對於本季度。

Now, I'll cover the impact on AIG's shareholders' equity.

現在，我將介紹對 AIG 股東權益的影響。

Turning to slide 17, which has a walk of AIG's total equity from the end of March to the end of June, as your shareholders' equity was $43.4 billion at March 31, including Corebridge on a consolidated basis.

轉向投影片 17，其中顯示了 AIG 從 3 月底到 6 月底的總股本，截至 3 月 31 日，您的股東股本為 434 億美元，其中包括合併後的 Corebridge。

Excluding deconsolidation impacts, the second quarter change in AIG shareholders' equity was a decrease of $1.5 billion, reflecting income from continuing operations of $475 million, offset by $1.7 billion of share repurchases and $261 million of dividends paid.

排除取消合併的影響，第二季 AIG 股東權益變化減少了 15 億美元，反映出持續經營收入為 4.75 億美元，被 17 億美元的股票回購和 2.61 億美元的股息支付所抵銷。

This results in a pro-forma AIG shareholders' equity of $41.9 billion before deconsolidation.

由此得出，分拆前 AIG 股東權益預計為 419 億美元。

Then, you layer in the deconsolidation impacts by adding the $2.5 billion after-tax gain on sale for total AIG shareholders equity of $44.4 billion at June 30, 2024 were a $1.1 billion net increase in the quarter, resulting in book value per share of $68.40 at June 30, a 6% increase from March 31.

然後，將截至 2024 年 6 月 30 日 AIG 股東權益總額 444 億美元的 25 億美元稅後出售收益相加，本季淨增加 11 億美元，每股帳面價值為 68.40 美元截至6月30日，較3月31日增加6%。

Please note as well that $5.7 billion of non-controlling interest in total equity, which represents the portion of Corebridge equity owned by other shareholders, is also eliminated with deconsolidation through the recognition in the net book value calculation of the gain on sale.

另請注意，總股本中 57 億美元的非控制權益（代表其他股東擁有的 Corebridge 股本部分）也透過在帳面淨值計算中確認銷售收益而在取消合併時予以消除。

The last deconsolidation impact is on debt and leverage on Slide 18.

最後一個取消合併的影響是幻燈片 18 上的債務和槓桿。

Total debt for AIG and Corebridge at March 31, 2024 was $19.2 billion and total equity was $49.1 billion for debt to total capital ratio of 28.1%, with deconsolidation, Corebridge debt of $9.4 billion and non-controlling interest of $5.7 billion are eliminated on AIG's balance sheet.

截至2024 年3 月31 日，AIG 和Corebridge 的總債務為192 億美元，總股本為491 億美元，債務與總資本比率為28.1%，解除合併後，AIG 的94 億美元Corebridge 債務和57 億美元非控制權益被消除資產負債表。

This results in June 30, balances of $9.8 billion for total debt and $54.3 billion total capital for a debt to total capital ratio of 18.1%, well within our 15% to 20% target leverage range.

截至 6 月 30 日，總負債餘額為 98 億美元，總資本餘額為 543 億美元，債務與總資本比率為 18.1%，完全在我們 15% 至 20% 的目標槓桿範圍內。

We hope this explanation and the slides are helpful in understanding the accounting treatment of Corebridge deconsolidation this quarter.

我們希望這項解釋和幻燈片有助於理解本季 Corebridge 分拆的會計處理。

I will now cover second quarter General Insurance and other operations results.

我現在將介紹第二季普通保險和其他營運績效。

Turning to General Insurance, adjusted pretax income or APTI was $1.2 billion, up 7% on a comparable basis due to strong underwriting results and higher net investment income.

至於普通保險，由於承保業績強勁和淨投資收入增加，調整後稅前收入或 APTI 為 12 億美元，年增 7%。

General Insurance net investment income was $746 million, up 10% on a comparable basis due to higher reinvestment rates on fixed maturities and loans.

由於固定期限和貸款的再投資率較高，普通保險淨投資收入為 7.46 億美元，較去年同期成長 10%。

Considering current interest rates and $1.6 billion of General Insurance dividends paid to parent.

考慮到目前的利率和支付給母公司的 16 億美元普通保險股利。

At quarter-end, we expect third quarter General Insurance investment income from fixed maturities, loans and short-term investments of about $700 million.

截至季末，我們預計第三季來自固定期限、貸款和短期投資的普通保險投資收入約為 7 億美元。

Income on alternatives and other investment assets were $33 million and $52 million, respectively in the quarter, up $32 million in total from $44 million and $9 million, respectively in second quarter 2023.

本季另類投資和其他投資資產的收入分別為 3,300 萬美元和 5,200 萬美元，總計比 2023 年第二季的 4,400 萬美元和 900 萬美元增加了 3,200 萬美元。

Second quarter 2024.

2024 年第二季。

Underwriting income on a comparable basis was $430 million versus $420 million in second quarter last year, driven by lower expenses, partially offset by higher catastrophe losses.

可比承保收入為 4.3 億美元，而去年第二季為 4.2 億美元，原因是費用減少，但部分被巨災損失增加所抵銷。

Year-to-date, underwriting results have been strong with an accident year loss ratio ex-catastrophes of 56.3%, mainly driven by changes in business mix compared to the prior year.

今年迄今為止，承保業績表現強勁，扣除災難後的事故年損失率為 56.3%，這主要是由於業務組合與前一年相比發生的變化。

Based on earned premium roll forward and barring unforeseen significant changes in loss trends, we expect the accident year loss ratio ex-catastrophes will remain strong in the second half of 2024 at approximately the same level as the first half.

根據已獲保費展期，除非損失趨勢發生不可預見的重大變化，我們預計，除災難外的事故年損失率將在 2024 年下半年保持強勁，與上半年的水平大致相同。

Turning to natural catastrophes, The industry globally had another quarter of elevated losses with approximately 100 events.

談到自然災害，全球該產業又發生了四分之一的損失加大的事件，發生了大約 100 起自然災害。

For AIG, second-quarter catastrophe losses totaled $325 million or 5.7 points on the loss ratio, principally from secondary apparels, including severe convective storms in the United States, floods in the Middle East and Brazil, and hail in Japan with a roughly 50-50 split between North America and International.

對於 AIG 來說，第二季災難損失總計 3.25 億美元，即損失率 5.7 個百分點，主要來自次要服裝，包括美國的強烈對流風暴、中東和巴西的洪水以及日本約 50-50 度的冰雹。北美及國際地區各佔50 份。

Our largest loss in the quarter totaled $90 million from exceptionally heavy rains in the UAE.

由於阿聯酋的特大暴雨，我們本季最大的損失總計 9,000 萬美元。

Considering the forecast for hurricane season this year and secondary peril losses year-to-date, we believe that using AIG's last year, total catastrophe losses is a good proxy for full year 2024.

考慮到今年颶風季節的預測以及年初至今的次生災害損失，我們認為使用 AIG 去年的災難損失總額可以很好地代表 2024 年全年。

While actual losses will depend on the size and strength of events, our underwriting standards, limits and reinsurance programs, both occurrence and aggregate will help reduce the net impact of catastrophe frequency and severity on a AIG's balance sheet.

雖然實際損失將取決於事件的規模和強度，但我們的承保標準、限額和再保險計劃（無論是發生次數還是總體損失）都將有助於減少災難頻率和嚴重程度對AIG 資產負債表的淨影響。

Nevertheless, on a global basis, the third quarter is usually by far the highest catastrophe quarter with losses averaging 40% to 50% of the total for the year.

然而，從全球來看，第三季度通常是迄今為止災難性最高的季度，損失平均佔全年損失總額的 40% 至 50%。

Turning to reserves, prior year development, net of reinsurance was a favorable $79 million, reflecting the net result from DVRs completed on more than $20 billion of reserves, about 45% of the total in the quarter.

就準備金而言，扣除再保險後，去年的開發量為 7,900 萬美元，反映出 DVR 完成的淨結果超過 200 億美元的準備金，約佔本季總額的 45%。

Overall, the DVRs, which included US casualty, resulted in net favorable development on workers' compensation and modest net unfavorable development of $30 million on excess casualty, including $66 million for accident year 2021.

總體而言，包括美國傷亡在內的 DVR 導致工人賠償出現淨有利增長，並因過度傷亡而出現 3,000 萬美元的適度淨不利增長，其中包括 2021 年事故年的 6,600 萬美元。

The 2021 excess casualty reserve charges were for a few large known losses and commercial auto loss trends, reflecting the rebound in auto frequency and severity after the pandemic lockdown in 2020 when frequency was very low.

2021年的超額傷亡準備金費用是針對一些已知的大額損失和商業汽車損失趨勢，反映了2020年大流行封鎖後汽車頻率和嚴重程度的反彈，當時頻率非常低。

We have not seen this increase in frequency and severity trends in the more recent accident years.

在最近幾年中，我們還沒有看到事故發生頻率和嚴重性趨勢的增加。

Within the casualty and excess casualty books overall, severity trends remain generally consistent with our assumptions.

在整體傷亡和超額傷亡帳簿中，嚴重程度趨勢總體上與我們的假設一致。

While we see some favorable trends in the 2016 to 2019 accident years, We will continue to allow time for these years to mature.

雖然我們在 2016 至 2019 事故年看到了一些有利的趨勢，但我們將繼續留出時間讓這些年成熟。

Pricing, which includes rate and exposure for Global Commercial Lines this quarter increased 5%, excluding workers' compensation and financial lines, while our view on loss cost trends have remained stable.

本季的定價（包括全球商業險種的費率和風險敞口）增長了 5%，不包括工人賠償和財務險種，而我們對損失成本趨勢的看法保持穩定。

In North America Commercial, renewal rates increased 2% in the second quarter or 4% if you exclude Workers' compensation financial lines and the exposure increase was 2%.

在北美商業領域，第二季的續約率增加了 2%，如果排除工人賠償財務額度並且風險敞口增加了 2%，則續約率增加了 4%。

In International Commercial, overall rate was largely flat or 1% increase, excluding financial lines, and the exposure increase was 3%, excluding financial lines.

在國際商業方面，整體利率基本持平或成長 1%（不包括金融業務），敞口增幅為 3%（不含金融業務）。

We continue to monitor our portfolio very closely and while rate in the second quarter is below trends on certain lines of business such as property, it is above trend in others.

我們繼續密切監控我們的投資組合，雖然第二季的利率低於房地產等某些業務領域的趨勢，但高於其他業務領域的趨勢。

To give more insight in property, North America retail and wholesale property saw rate increases drop below trend in the second quarter, but that's on the back of rate increases in excess of 25% in 2023 and cumulatively in excess of 150% since 2018.

為了更深入了解房地產，北美零售和批發房地產第二季度的利率漲幅低於趨勢水平，但這是基於 2023 年利率漲幅超過 25%，自 2018 年以來累計漲幅超過 150%。

International Property is about 100% higher.

國際地產約高出 100%。

In 2023, our property portfolio had an excellent combined ratio.

2023 年，我們的房地產投資組合具有出色的綜合比率。

In North America casualty lines, in particular excess casualty, we continue to get rate in excess of loss trend.

在北美傷亡險種，特別是超額傷亡險，我們繼續看到比率超過損失的趨勢。

We continue to focus on writing business that has attractive returns and while the price adequacy of our portfolio, of course, varies by line, it remained strong overall and within our expectations.

我們繼續專注於具有有吸引力回報的寫作業務，當然，我們的投資組合的價格充足性因產品線而異，但總體而言仍保持強勁並在我們的預期之內。

Turning to other operations, deconsolidation vastly simplified the income statement.

轉向其他業務，取消合併大大簡化了損益表。

Adjusted pre-tax loss in the quarter was $158 million, a 43% improvement year-over-year, primarily attributable to $68 million in Corebridge dividends and higher short-term investment income.

本季調整後稅前虧損為 1.58 億美元，年增 43%，主要歸功於 Corebridge 的 6,800 萬美元股息和更高的短期投資收入。

Finally, with the consolidation, we expect our 2024 adjusted tax rate to be about 24% before discrete items in line with our second quarter.

最後，透過合併，我們預期 2024 年調整後的稅率（不計離散項目）約為 24%，與第二季的情況一致。

With the deconsolidation of Corebridge this quarter, AIG's income statement and balance sheet are simpler and we no longer have the volatility of life insurance and annuity accounting.

隨著本季 Corebridge 的合併，AIG 的損益表和資產負債表更加簡單，我們不再有人壽保險和年金會計的波動性。

With all the changes, we took the opportunity to evaluate our non-GAAP equity metrics, which were established more than a decade ago with AIG was a vastly more complicated conglomerate.

面對所有這些變化，我們藉此機會評估了我們的非公認會計準則股權指標，這些指標是十多年前與 AIG 建立的，當時 AIG 是一家複雜得多的企業集團。

The principal change was revising our calculation of adjusted book value to only adjust for investment related accumulated other comprehensive income, which is not within management's control and which will revert to par as bonds approach maturity.

主要變化是修改我們調整後帳面價值的計算，僅調整投資相關的累計其他綜合收益，這不在管理層的控制範圍內，並將在債券臨近到期時恢復到面值。

Adjusted book value per share was $72.78 per share at June 30, 2024.

截至 2024 年 6 月 30 日，調整後每股帳面價值為 72.78 美元。

In addition, we added a core operating shareholders' equity metric, which reflects the equity invested in AIG's go-forward business.

此外，我們還增加了核心營運股東權益指標，反映了 AIG 未來業務的股權投資。

It is calculated by subtracting from adjusted book value, the market value of Corebridge stock and GAAP deferred tax assets related to net operating losses and tax credit.

它的計算方法是從調整後的帳面價值中減去 Corebridge 股票的市場價值以及與淨營運虧損和稅收抵免相關的 GAAP 遞延稅資產。

Both of these assets have significant value to our shareholders but contribute little to AATI.

這兩項資產對我們的股東都具有重大價值，但對 AATI 貢獻甚少。

We believe this metric is more useful for valuing AIG's global general insurance business and also for measuring our progress towards our 10% plus ROE target.

我們相信這項指標對於評估 AIG 的全球普通保險業務以及衡量我們實現 10% 以上 ROE 目標的進度更有用。

Over time, as we reduce our ownership in Corebridge to zero and monetize the DTA through earnings, core operating book value will become the same as adjusted book value.

隨著時間的推移，隨著我們將 Corebridge 的所有權減少到零並透過收益將 DTA 貨幣化，核心營運帳面價值將與調整後的帳面價值相同。

Core operating book value per share was $53.35 per share at June 30, 2024.

截至 2024 年 6 月 30 日，每股核心營運帳面價值為每股 53.35 美元。

To wrap up, AIG delivered another excellent quarter with significant financial and operational accomplishments in 2024.

總而言之，AIG 在 2024 年又迎來了一個出色的季度，在財務和營運方面取得了重大成就。

Achieving the deconsolidation of Corebridge was a major accomplishment this quarter and we had continued strong profitability and growth in our general insurance business.

實現 Corebridge 的拆分是本季的一項重大成就，我們的普通保險業務持續強勁的獲利能力和成長。

With our portfolio reshaping now largely behind us, we are intently focused on achieving our 10% plus ROE target, driven by strong underwriting and top line growth, expense reduction and capital management.

現在，我們的投資組合重塑已基本過去，在強勁的承保和營收成長、費用削減和資本管理的推動下，我們專注於實現 10% 以上的 ROE 目標。

We continue to make progress on this goal with the core operating ROE of 8.9% for the second quarter and 9.3% year to date.

我們繼續在這一目標上取得進展，第二季的核心營運淨資產收益率為 8.9%，今年迄今為 9.3%。

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

這樣，我會將電話轉回給彼得。

Great.

偉大的。

Thank you, Sabra.

謝謝你，薩布拉。

Operator, we're ready for questions.

接線員，我們準備好回答問題了。

(Operator Instructions) Michael Zaremski, BMO.

（操作員說明）Michael Zaremski，BMO。

Hey, great.

嘿，太棒了。

Good morning.

早安.

First question on the updated kind of combined ratio trajectory or guidance for '25.

第一個問題是關於 25 年更新的組合比率軌跡或指南。

So loud and clear that yield be able to kind of hit it a bit sooner.

如此響亮而清晰，讓產量能夠更快地擊中它。

I'm curious if you can kind of, if we focus on the loss ratio, what the guidance implies on a like-for-like basis on the loss ratio?

我很好奇，如果我們關注損失率，那麼該指導意見在損失率的同類基礎上意味著什麼？

Some of the questions we get continuously around most companies are seeing some slippage in their loss ratios given lower levels of reserve releases.

我們不斷收到的關於大多數公司的一些問題是，由於準備金釋放水平較低，他們的損失率有所下滑。

I'm curious if if that's something that some are considered within your loss ratio guidance?

我很好奇你們的損失率指導中是否考慮到了這一點？

Thanks, Mike, for the question.

謝謝邁克提出這個問題。

The guidance that we've given in terms of what we expect for the full year 2025 does not contemplate any improvement in loss ratio.

我們給予的 2025 年全年預期指引並未考慮損失率的任何改善。

It's all in the expense ratio.

一切都在費用比率中。

And so we're trying to guide everybody is that all the expenses that exist in other operations will transition into parent, they'll go on to the business or they will be eliminated and that we're not going to be increasing our combined ratios based on the guidance that we gave at the end of '23.

因此，我們試圖引導大家的是，其他業務中存在的所有費用都將轉移到母公司，它們將繼續用於業務，否則將被淘汰，並且我們不會增加我們的綜合比率基於我們在23 年底給出的指導。

So we're not anticipating any caveats on loss ratios to be able to meet that guidance.

因此，我們預計不會對損失率提出任何警告，以便能夠滿足該指導。

And I guess just I'll stick on this for my my follow-up.

我想我會在後續行動中堅持這一點。

So I'm given pricing is below loss trend in certain lines like property in understanding that the absolute, maybe this is the answer to the absolute pricing levels are still accretive to ROE or loss ratio just now, does it.

因此，我認為某些行業（如房地產）的定價低於損失趨勢，因為我理解絕對定價水平，也許這就是絕對定價水平仍然會增加股本回報率或損失率的答案，對嗎？

To the extent, the current pricing environment held, why does it kind of makes sense that the loss ratio should be able to to kind of stay flattish, and not trying to be negative, just trying to nitpick on the margin?

就目前的定價環境而言，為什麼損失率應該能夠保持平穩，而不是試圖變得消極，只是試圖對利潤挑剔，這是有道理的？

No, it's a great question.

不，這是一個很好的問題。

Let's take North America, for example, because you pointed out property.

讓我們以北美為例，因為你指出了財產。

This quarter in terms of the overall index and rate increases, property was the headwind in that index.

本季就整體指數和利率上漲而言，房地產是該指數的逆風。

In casualty, we achieved mid-single digit to high single digit rate with like 12% and excess casualty plus 2% in exposure.

在傷亡方面，我們實現了中個位數到高個位數的比率，大約為 12%，超額傷亡加上 2% 的風險。

In Lexington, it was 11% increase in casualty, 12% in healthcare.

在列剋星敦，傷亡人數增加了 11%，醫療保健人員增加了 12%。

So again, above loss cost trends.

再說一遍，高於損失成本趨勢。

Property was flat this quarter.

本季房地產表現持平。

But you have to look at what's happened with the property market over the past several years.

但你必須看看過去幾年房地產市場發生了什麼事。

And if you look at the -- even last year in -- like excess and surplus lines, it was a 34% increase in the retail, it was 30%.

如果你看一下——即使是去年——例如超額和盈餘線，零售業成長了 34%，即 30%。

That's after four years of double digit rate increase.

這是在四年兩位數成長率之後。

So I think, look, with the low activity in CAT maybe in the first quarter, the cumulative rate increases over time, I mean, the property combined ratio fully loaded with CAT, even with giving a little bit back in the second quarter has an outstanding combined ratio.

所以我認為，看，由於CAT 的活動可能在第一季較低，累積率隨著時間的推移而增加，我的意思是，即使在第二季度回饋一點點，財產綜合比率滿載CAT，也會有出色的綜合比率。

And I've been if I can get that combined ratio for the rest of my career, I'll take it.

我一直認為，如果我能在餘下的職業生涯中獲得這樣的綜合比率，我會接受。

I mean, like I don't think there's any deterioration in terms of what our overall index will be.

我的意思是，我認為我們的整體指數不會有任何惡化。

And again, I can't really predict, that's why I kind of went into a little bit more detail about like sort of the CAT market is that we don't know.

再說一次，我無法真正預測，這就是為什麼我更詳細地了解了 CAT 市場，因為我們不知道。

I mean, like so property is highly driven by what happens in CAT and underlying inflation.

我的意思是，像這樣，房地產很大程度上受到 CAT 和潛在通貨膨脹的影響。

And so I'm not going to predict what happens sort of six quarters from now, but I think we feel really come through the portfolio and its profitability.

因此，我不會預測從現在起六個季度後會發生什麼，但我認為我們確實通過了投資組合及其盈利能力。

Thank you.

謝謝。

Meyer Shields, KBW.

邁耶·希爾茲，KBW。

First question, just I was hoping we can get a general sense of the impact of the sale of the travel insurance on underwriting results in North America Personal.

第一個問題，我只是希望我們能夠大致了解旅遊保險銷售對北美個人承保結果的影響。

Hey, Meyer.

嘿，邁耶。

Good morning.

早安.

In terms of -- I outlined in my prepared remarks, the premium impact, which is the $750 million on net premiums written.

就我在準備好的發言中概述的保費影響而言，即 7.5 億美元的淨承保保費。

But on the on the overall combined ratio, it's going to be de minimus in terms of what we would lose within General Insurance once we once we pro forma it out.

但就整體綜合成本率而言，一旦我們進行了預估，就我們在普通保險中的損失而言，這將是微不足道的。

Okay, perfect.

好的，完美。

Second question, I guess, on the excess casualty, if I understood Sabra's comments correctly, you had favorable development even on that line outside of 2021, which was a weird year.

第二個問題，我想，關於過度傷亡，如果我正確理解薩布拉的評論，即使在 2021 年之外，那條線也有良好的發展，那是奇怪的一年。

And I was hoping you could sort of break that down for us.

我希望你能為我們解釋一下。

I assume that's older years rather than recent years.

我認為那是過去幾年而不是最近幾年。

But I want to confirm that.

但我想確認一下。

Yeah, I'll hand that over to Sabra.

是的，我會把它交給 Sabra。

But that as you know, and she gave a lot of detail in her prepared remarks, and we reviewed 45% of our total book in the second quarter.

但正如你所知，她在準備好的發言中提供了很多細節，我們在第二季度審查了全書的 45%。

And in casualty, just based on what's going on the global market, we really drilled down on every line of business and every year and went through it in tremendous detail.

在傷亡方面，僅根據全球市場的情況，我們每年都會深入研究每項業務，並進行非常詳細的研究。

So Sabra maybe you can just give a few highlights in terms of that analysis.

所以薩布拉也許你可以在分析中給一些要點。

Yeah, sure.

是的，當然。

And just for everyone's benefit, I'll just start by framing a little bit what we did in the quarter for the DVRs.

為了大家的利益，我會先概述我們在本季為 DVR 所做的工作。

So this quarter, we evaluated $20.2 billion of reserves for US casualty.

因此，本季度，我們評估了 202 億美元的美國傷亡準備金。

That's comprised of 23 separate DVRs and more than 200 different lines of business, and then that aggregates to the five lines that you see on the 10-Q.

它由 23 個獨立的 DVR 和 200 多個不同的業務線組成，然後匯總為您在 10-Q 上看到的 5 條線。

So the net changes in the quarter were only about $20 million after written premiums and that was $80 million favorable in workers' comp after the ADC, which has about $8 billion of reserves.

因此，扣除承保保費後，本季的淨變動僅為約 2,000 萬美元，扣除 ADC 後的工人補償，則有利 8,000 萬美元，ADC 擁有約 80 億美元的儲備金。

It was $22 million unfavorable and excess casualty, which also has has about $5 billion of reserves.

這是 2200 萬美元的不利和超額傷亡，還有大約 50 億美元的儲備。

And then in casualty, it's also about $5 billion reserves or $17 million favorable.

然後在傷亡方面，還有大約 50 億美元的儲備金或 1700 萬美元的折扣。

In terms of the 2021 accident year, the as we've noted on previous calls, we've increased our loss cost trends for for 2020 and subsequent years.

就 2021 年事故年而言，正如我們在先前的電話會議中指出的那樣，我們增加了 2020 年及隨後幾年的損失成本趨勢。

The adjustments we made in 2021 are from just a combination of known early reported claims due to their facts and circumstances, we expect to penetrate the excess attachment level, including a rebound in the auto frequency and severity.

我們在 2021 年所做的調整隻是根據已知的早期報告索賠的事實和情況進行的組合，我們預計會滲透過度依戀水平，包括汽車頻率和嚴重程度的反彈。

In 2022 and 2023 accident years, we just have not had that same level of early claims experience, and therefore, we still have a high level of IBNR in the reserves.

在 2022 年和 2023 年事故年，我們只是沒有相同水平的早期索賠經驗，因此，我們的準備金中仍然有較高水平的 IBNR。

With respect to the accident years within excess casualty, I would note that while we did have the $66 million of adverse development in accident year 2021, we had $33 million of favorable development excess casualty from accident years prior to 2016, and that's where the delta comes it nets down to closer to the $22 million amount.

關於超額傷亡的事故年，我要指出的是，雖然我們在2021 年事故年確實有6600 萬美元的不利發展，但我們在2016 年之前的事故年中卻有3300 萬美元的有利發展超額傷亡，這就是三角洲的情況。

Got it.

知道了。

That's exactly what you needed.

這正是您所需要的。

Thank you.

謝謝。

Elyse Greenspan, Wells Fargo.

伊麗絲‧格林斯潘，富國銀行。

Appreciate all the color you guys are providing on the call.

感謝你們在通話中提供的所有顏色。

My first question, Peter, you said that the full year 2025 calendar year combined ratio would be the same or lower than the full year '23.

我的第一個問題，彼得，你說 2025 年全年綜合比率將與 23 年全年相同或更低。

Since you said comparable basis, I'm assuming you mean ex-Crop and Validus.

既然你說的是可比較基礎，我假設你指的是前 Crop 和 Validus。

Can you guys just disclose what that figure is, just so we know what you're setting the '25 baseline out?

你們能否透露一下這個數字，以便我們知道你們設定的 25 年基準是什麼？

What was the 2023 adjusted figure?

2023年調整後的數字是多少？

91.6%

91.6%

Okay, thank you.

好的，謝謝。

And then my second question is, you also mentioned on in your prepared remarks, you said something about exploring inorganic opportunities.

我的第二個問題是，您在準備好的演講中也提到，您談到了有關探索無機機會的內容。

Can you just expand on what that means?

您能擴展一下這意味著什麼嗎？

You guys have obviously taken action of divesting of certain businesses.

你們顯然已經採取了剝離某些業務的行動。

So what would you look at on the expansion side and what criteria would any potential inorganic deals need to meet.

那麼，您會在擴張方面考慮什麼，以及任何潛在的無機交易需要滿足哪些標準。

Thanks, Elyse, I included that in my prepared remarks, just based on the amount of financial flexibility, strategic flexibility that we created for ourselves.

謝謝，Elyse，我在準備好的演講中加入了這一點，只是基於我們為自己創造的財務靈活性和策略靈活性。

The divestitures have been really about not having like really the businesses that we divest are terrific, and they fit very well with what their new owners.

剝離實際上是為了讓我們剝離的業務非常棒，而且它們與新所有者非常契合。

But some of them the scale, like travel and crop.

但其中一些是規模化的，例如旅行和農作物。

And we wanted to be a little bit less than the volatility business, and therefore, Validus Re was divested.

我們希望比波動性業務少一點，因此 Validus Re 被剝離。

I would think as we look to the future, again, we're going to be very selective, very disciplined, but there are opportunities perhaps where we have existing businesses where we feel as though we have competitive advantages that having more scale would be helpful.

我認為，當我們展望未來時，我們將非常有選擇性，非常自律，但在我們擁有現有業務的地方，也許存在機會，我們認為我們擁有競爭優勢，擴大規模會有所幫助。

There could be complementary geographies as we look to different parts of internationally, but terrific international business.

當我們關注國際業務的不同部分時，可能存在互補的地理位置，但都是很棒的國際業務。

But there could be places where we want to expand further that give us not only better capabilities within that geography, but also could be very good for our multinational network.

但我們可能希望在某些地方進一步擴張，這不僅能讓我們在該地區擁有更好的能力，而且也可能對我們的跨國網絡非常有利。

There are opportunities to invest further in businesses that we have.

有機會進一步投資我們現有的業務。

Think about AIG TATA in India is a fast growing large scale business that is an industry leader.

想想印度的 AIG TATA 是快速成長的大型企業，是產業的領導者。

And so there's opportunities there as well.

所以那裡也有機會。

So we will use the same criteria, which is on the make sure it's disciplined, it's additive, it's strategic and it actually further accelerates the progress we can make on an organic basis.

因此，我們將使用相同的標準，即確保它是有紀律的、附加的、策略性的，並且實際上進一步加速了我們在有機基礎上取得的進展。

And so we will -- again, we'll keep giving updates as that there's more relevant information to share.

因此，我們將再次不斷提供更新，因為有更多相關資訊可供分享。

Rob Cox, Goldman Sachs.

羅布·考克斯，高盛。

Thanks.

謝謝。

Just a question on the accident year loss ratio ex cat guidance for approximately the same level in the back half.

只是一個關於事故年損失率前貓指導的問題，其後半部的水平大致相同。

Can you help us think a little bit more about what goes into that and where that shakes out on a comparable basis versus the -- I think over 100 basis points of improvement AIG has reported here in the first half?

您能否幫助我們更多地思考一下其中的內容以及在可比較的基礎上產生的影響——我認為 AIG 上半年報告的改進超過 100 個基點？

Sure.

當然。

Thank you, Rob.

謝謝你，羅布。

It's really driven by mix of business.

它確實是由業務組合驅動的。

And If you take a look at this year compared to last year on a net premium earned basis, like the commercial and personal Insurance businesses are literally identical in terms of its overall contribution to total premium.

如果你將今年與去年的淨保費收入進行比較，你會發現商業和個人保險業務對總保費的整體貢獻實際上是相同的。

And then the commercial loss ratio largely stayed flat like a 10 basis points improvement, but largely flat.

然後商業損失率基本上持平，雖然改善了 10 個基點，但基本上持平。

What happened was the personal insurance loss ratio dramatically improved, driven by North America, which was well over 400 basis points.

在北美的推動下，個人保險損失率大幅改善，遠超過 400 個基點。

And so I think that that's really driving the first six months.

所以我認為這確實是前六個月的推動力。

And if we look at the back half, I mean, should we see the same thing?

如果我們看後半部分，我的意思是，我們應該看到同樣的事情嗎？

I think so.

我想是的。

But you've seen all of us in a tremendous new business, the momentum we have.

但你已經看到我們所有人都在一項巨大的新業務中看到了我們所擁有的動力。

The mix of business could be changed a little bit year-over-year when we look at the back half of the year, but that's really what's driving the improved loss ratio in the first six months.

當我們回顧今年下半年時，業務組合可能會比去年同期略有變化，但這確實是推動前六個月損失率改善的原因。

So it's really a true mix of business and also the significant improvement that North America personal is making and we expect them to continue to make.

因此，這確實是業務的真正組合，也是北美個人正在取得的重大改進，我們希望他們繼續取得進展。

Okay, got it.

好的，明白了。

Thank you.

謝謝。

And maybe I was just a follow-up.

也許我只是一個跟進者。

The move to kind of put some more capital to work in high net worth, is that driven by a change in sort of the view in underwriting opportunities there have they always been good for AIG and what kind of drove that decision to double down?

向高淨值資產投入更多資本的舉措是否是由於對承保機會的看法發生變化而推動的，這些機會一直對 AIG 有利，又是什麼推動了這一決定加倍投資？

The high net worth business had the same issues that the commercial business did, which it had too much TIV and it gets more pronounced in the high net worth business, because it's more dense.

高淨值業務與商業業務存在相同的問題，即 TIV 過多，並且在高淨值業務中更加明顯，因為它更密集。

And so we needed to shed aggregate for a lot of reasons.

因此，出於多種原因，我們需要削減總量。

One is that we had too much exposure in certain geographies like the world changed with COVID, the pandemic and all the macro factors that affected it.

一是我們在某些​​地區的風險敞口太大，例如世界因新冠疫情、大流行病以及影響其的所有宏觀因素而發生了變化。

And then also the evolution of more capabilities in the non-admitted market.

然後，非准入市場中更多功能的演變。

And so what we decided and we've been thinking about this for a couple of years, is that build out an admitted platform that is going to be very strong, the right infrastructure and have the ability to grow, but also complement that with the non-admitted market and be able to do that, where you have flexibility in form rate and limits and how you can actually respond to client needs.

因此，我們決定建立一個公認的平台，該平台將非常強大，有合適的基礎設施並且具有增長能力，而且還可以通過以下方式對其進行補充：並能夠做到這一點，您可以在表格費率和限制以及如何實際回應客戶需求方面具有靈活性。

And there's a need.

而且有需要。

And so what we've been working on is what's the best way to do that, partnering with Ryan Specialty.

因此，我們一直致力於尋找實現這一目標的最佳方式，即與 Ryan Specialty 合作。

It's a highly fragmented wholesale market.

這是一個高度分散的批發市場。

So nobody has a real strong expertise in high net worth unless you start to build it.

因此，除非你開始建立高淨值領域的專業知識，否則沒有人擁有真正強大的專業知識。

And think Ryan has been doing that.

認為瑞安一直在這樣做。

And so getting access to the 40,000 independent agents with a product that's going to be salable, and we have done such a terrific job in terms of creating opportunity for more aggregate that we want to be able to have both options.

因此，我們能夠接觸到 40,000 名獨立代理商，提供可銷售的產品，並且我們在為更多聚合創造機會方面做得非常出色，我們希望能夠同時擁有這兩種選擇。

And we believe that we'll be able to grow the non-admitted property market and just based on the partnership that we just announced recently.

我們相信，僅基於我們最近宣布的合作夥伴關係，我們將能夠發展非準許房地產市場。

So it's always been in the plan, but we didn't want to go out and just say we're going to non-admitted and have it a fragmented not strategic approach.

所以它一直在計劃中，但我們不想出去只是說我們將不承認並採取支離破碎的非戰略性方法。

And so we believe this is going to give us great opportunities to access the market in a different way.

因此，我們相信這將為我們提供以不同方式進入市場的絕佳機會。

Mike Ward, Citi.

麥克沃德，花旗銀行。

Thank you.

謝謝。

Good morning.

早安.

I just had one question and it is somewhat related.

我只是有一個問題，它有些相關。

But overall for the business and including commercial lines, I'm curious how you guys are shifting the culture back to sort of a growth mindset, thinking about all the change that you've executed?

但整體而言，對於業務（包括商業線）而言，我很好奇你們如何將文化轉變回成長型思維模式，思考你們所執行的所有變革？

And should I guess, where are we in that part of the story?

我應該猜一下，我們在故事的這一部分中處於什麼位置？

And should we think about AIG as potentially being able to grow faster than the market, all equal, just by turning some of the spigots back on?

我們是否應該認為，只要重新打開一些龍頭，AIG 就有可能在同等條件下實現比市場更快的成長？

Yes, that's a terrific question, and I happen to have Dion Bailey and Jon Hancock here with me.

是的，這是一個很棒的問題，我碰巧有迪昂貝利和喬恩漢考克和我在一起。

So I'm going to ask them both the comment on North America and international.

所以我要問他們對北美和國際的評論。

It's a great question, Don, why don't you start with, how we have actually been very focused on not only retention, but new business in North America.

唐，這是一個很好的問題，為什麼不從我們實際上如何不僅非常關注北美的保留，而且還非常專注於新業務開始。

Thanks, Peter.

謝謝，彼得。

And we have definitely pivoted to that growth mindset.

我們肯定已經轉向了這種成長心態。

It's first to important, I mentioned that we were doing this off of transforming the business over the last few years.

首先重要的是，我提到我們在過去幾年中一直在進行業務轉型。

So we come into the growth with a position of strength regarding underwriting discipline, profitability.

因此，我們在承保紀律和獲利能力方面處於優勢地位，進入了增長期。

You've heard about all that.

你已經聽說過這一切。

Regarding the growth, we've been very deliberate in creating more value for our distribution partners and clients than ever before, and we're applying much more rigor in pursuing like targeted risks.

關於成長，我們非常謹慎地為我們的分銷合作夥伴和客戶創造比以往更多的價值，並且我們在追求類似的目標風險時更加嚴格。

All that is what you start to see showing up in the numbers now.

所有這些都是你現在開始在數字中看到的。

And I can give you a little bit more color.

我可以給你更多的色彩。

The retention that we're delivering high levels of retention across all of our business.

留存率 我們在所有業務中提供高水準的留存率。

I would also add that we're executing on specific market opportunities, notably retail casualty and Lexington.

我還要補充一點，我們正在抓住特定的市場機會，特別是零售傷亡和列剋星敦。

On the retail casualty side, we are on offense.

在零售傷亡方面，我們處於進攻狀態。

The discipline in the excess market is a positive for us right now, and we're moving on that.

目前，過剩市場的紀律對我們來說是積極的，我們正在繼續努力。

Regarding Lex, the growth there comes from three places.

至於Lex，那裡的成長來自三個地方。

We have strong, continued strong retention there, new products and new customers.

我們在那裡擁有強大、持續的強大保留、新產品和新客戶。

So it's not from bigger limits.

所以這並不是來自更大的限制。

I would describe it as healthy horizontal growth.

我將其描述為健康的橫向增長。

Regarding the sustainability of it, which I think is important, I can look at some of our Lex submission data and share that with you.

關於它的可持續性，我認為這很重要，我可以查看我們的一些 Lex 提交數據並與您分享。

Year-to-date submissions at Lex are up 42% and that's on top of 39% growth through last year through six months.

今年迄今為止，Lex 的提交量增加了 42%，而去年六個月的成長量為 39%。

We view this as a clear flight to quality in that space.

我們認為這是該領域對品質的明確追求。

I should also add that we resourced all of that in advance.

我還應該補充一點，我們提前為所有這些提供了資源。

So we're well positioned to take advantage of what's coming.

因此，我們已經做好了充分利用即將發生的事情的準備。

And Peter, I'd just say this in closing on my end, we're getting all that growth while achieving outstanding loss ratios in the core business.

彼得，我最後想說的是，我們在實現所有成長的同時，在核心業務中實現了出色的損失率。

Don, thank you.

唐，謝謝你。

That was great.

那很棒。

Jon, maybe a little bit of context on international.

喬恩，也許有一點國際背景。

Yeah, I mean, I won't repeat what you've already said, Peter or Don, but I would say, this is still a very good market for us to underwrite in.

是的，我的意思是，我不會重複你已經說過的話，彼得或唐，但我想說，這對我們來說仍然是一個非常好的承銷市場。

We've got a really large diverse portfolio across international, gives us access to a huge amount of opportunity, different segments, different geographies, different points in time.

我們在國際上擁有非常龐大的多元化投資組合，使我們能夠獲得大量的機會、不同的細分市場、不同的地理位置、不同的時間點。

So we can reshape and shift the bulk dependent on what we see in each market.

因此，我們可以根據我們在每個市場的情況來重塑和轉移大部分內容。

Similar themes to Don, this has been very planful.

與 Don 類似的主題，這是非常有計劃的。

This is not opportunistic growth here.

這不是機會主義的成長。

We've been building to this for a long time of a very, very high quality book of business.

長期以來，我們一直在為此打造一本非常非常高品質的商業書籍。

We start with retaining 89% of what we worked really hard to build a really strong book.

我們首先保留了 89% 的內容，我們為打造一本真正強大的書而付出了巨大的努力。

New business submissions are up and as well.

新業務提交也不斷增加。

We retain in that our own flight to quality as well as the market.

我們保留了自己對品質和市場的追求。

Hopefully, we've done the market's flight to quality.

希望我們已經完成了市場向品質的轉變。

A couple of highlights for me.

對我來說有幾個亮點。

We've got a world-class global specialty business has grown 8% in the quarter.

我們擁有世界一流的全球特種業務，本季成長了 8%。

And that's driven by some very, very good new business in all of the global specialty segments, especially in marine and energy, where we are recognized world leaders in both.

這是由全球所有專業領域的一些非常非常好的新業務推動的，特別是在海洋和能源領域，我們在這兩個領域都是公認的世界領導者。

We've grown new business in marine 15% over Q1 last year, especially strong in cargo in the UK and across Europe.

與去年第一季相比，我們的海運新業務成長了 15%，尤其是英國和整個歐洲的貨運業務。

Peter, you will, the reference to energy, 13% increase in new business year-over-year.

Peter，就能源而言，新業務年增 13%。

And that's in all of our global hubs and all of our products are actually.

事實上，我們所有的全球中心和我們所有的產品都是如此。

So really, really strong targeted growth with one of our best performing profitability businesses.

我們獲利能力最好的業務之一，因此實現了非常非常強勁的目標成長。

And I'll just finish on, I'll add in Talbot as well, Talbot at Lloyd's another very, very good quarter of growth at 12%.

最後我還要補充塔爾博特，勞合社的塔爾博特又一個非常非常好的季度成長，成長率為 12%。

And again, that's driven by targeted growth in specialty lines of marine liability that we grew at 13%, cargo and specie of 16% and upstream energy at 19%.

同樣，這是由海洋責任專業領域的目標增長推動的，我們增長了 13%，貨運和實物增長了 16%，上游能源增長了 19%。

And both of those for the market we've got the pipeline that we've got, we expect to see continued good growth.

對於這兩個市場，我們都有管道，我們預計會看到持續的良好成長。

That's great, Jon, thanks to you and Don, for that detail.

太好了，喬恩，謝謝你和唐的詳細介紹。

Really helpful.

真的很有幫助。

I want to thank everybody for joining us today.

我要感謝大家今天加入我們。

I do want to thank our colleagues around the world for their continued dedication, commitment, teamwork and all of their execution.

我確實要感謝世界各地的同事的持續奉獻、承諾、團隊合作和所有執行力。

I also want to extend my deep gratitude to Tom Bolt, who is retiring at the end of the year for his many significant contributions to AIG during a very important time and congratulate him on his story career.

我還要向將於今年年底退休的湯姆·博爾特表示深深的謝意，他在一個非常重要的時期為 AIG 做出了許多重大貢獻，並祝賀他的故事生涯。

Tom was instrumental in establishing a global framework for AIG's underwriting standards, governance structures and alignment with a refined risk appetite and has just been a terrific executive at AIG.

湯姆在為 AIG 的承保標準、治理結構以及與完善的風險偏好保持一致的全球框架方面發揮了重要作用，並且是 AIG 的出色高管。

So again, thank you for joining us today.

再次感謝您今天加入我們。

Everybody have a great day.

每個人都有美好的一天。

Thank you.

謝謝。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。

Good day.

再會。