American International Group Inc (AIG) 2025 Q1 法說會逐字稿

Good day, and welcome to AIG's first-quarter 2025 financial results conference call. This conference is being recorded. Now at this time, I would like to turn the conference over to Quentin McMillan. Please go ahead.

大家好，歡迎參加 AIG 2025 年第一季財務業績電話會議。此次會議正在錄製中。現在，我想將會議交給昆汀·麥克米蘭 (Quentin McMillan)。請繼續。

Thanks very much, and good morning. Today's marks 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 estimates or opinions should change.

非常感謝，早安。今天的標誌可能包括具有風險和不確定性的前瞻性陳述。這些聲明並非對未來業績或事件的保證，而是基於管理層目前的預期。AIG 向美國證券交易委員會提交的文件詳細說明了可能導致實際結果或事件發生重大差異的重要因素。除適用證券法要求外，如果情況或管理層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. The reconciliation of such measures to the most comparable GAAP figures is included in our earnings release, financial supplement, and earnings presentation, all of which are available on our website at aig.com.

今天的言論也可能涉及非公認會計準則財務指標。這些指標與最具可比性的 GAAP 數據的對帳包含在我們的收益報告、財務補充和收益報告中，所有這些內容均可在我們的網站 aig.com 上查閱。

Following the deconsolidation of Corebridge Financial on June 9, 2024, the historical results of Corebridge for all periods presented are reflected in AIG's consolidated financial statements as discontinued operations in accordance with US GAAP.

繼 2024 年 6 月 9 日 Corebridge Financial 脫離合併後，Corebridge 所有期間的歷史業績均根據美國 GAAP 在 AIG 合併財務報表中反映為已終止經營。

Finally, today's remarks related to net premiums written and net premiums earned are presented on a comparable basis, which reflects year-over-year comparison on a constant dollar basis and adjusted for the sale of the global personal travel and assistance business as applicable.

最後，今天有關淨保費收入和淨保費收入的評論是以可比基礎呈現的，這反映了按不變美元計算的同比情況，並根據全球個人旅行和援助業務的銷售情況進行了調整。

We believe this presentation provides the most useful view of our results and the go-forward business in light of the substantial changes to the portfolio since 2023. Please refer to pages 26 of the earnings presentation for reconciliation of such metrics on a comparable basis. With that, I'd now like to turn the call over to our Chairman and CEO, Peter Zaffino.

我們相信，鑑於自 2023 年以來投資組合發生的重大變化，本次演示對我們的業績和未來業務提供了最有用的了解。請參閱收益報告的第 26 頁，以了解此類指標在可比較基礎上的調節情況。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 2025 financial results. AIG's overall performance in the quarter was exceptional, and we continue to make significant progress on our strategic, operational, and financial objectives.

早安，感謝您今天加入我們，回顧我們的 2025 年第一季財務表現。AIG 本季的整體表現非常出色，我們在策略、營運和財務目標方面持續取得重大進展。

We had a very busy start to the year. And while it's hard to believe, just 30 days ago, we hosted our Investor Day. We're incredibly grateful for the positive engagement and support from our colleagues and many stakeholders and appreciated the opportunity to share our journey with them.

今年我們一開始就非常忙碌。雖然很難相信，但就在 30 天前，我們舉辦了投資者日。我們非常感謝同事和眾多利害關係人的積極參與和支持，並感謝有機會與他們分享我們的旅程。

For my prepared remarks, I will start with an overview of our Investor Day, including what we intend to achieve, some observations from the meeting, and what we've learned since. Second, I will highlight our first-quarter financial results. Third, I want to provide a spotlight on our business strategy and long-term view of India, a business that we briefly touched on at our Investor Day. Fourth, given the widespread interest, I will offer a few observations on the impact of tariffs. And last, I'll provide an update on our progress toward our financial targets that we outlined at our Investor Day.

在我的準備演講中，我將首先概述我們的投資者日，包括我們打算實現的目標、會議的一些觀察以及我們自那時以來學到的東西。其次，我將重點介紹我們第一季的財務表現。第三，我想重點介紹我們的業務策略和對印度的長期看法，我們在投資者日上曾簡短地談到這項業務。第四，鑑於大家的廣泛關注，我將就關稅的影響提出一些看法。最後，我將介紹我們在投資者日概述的財務目標的進展。

Keith will then provide more detail on our financial results, and Don Bailey and Jon Hancock will join us for the Q&A portion of the call. Beginning with Investor Day, our objective was to demonstrate the incredible progress the company has made over the last seven years and why we believe we're so well positioned for the future.

隨後，Keith 將提供有關我們財務表現的更多細節，Don Bailey 和 Jon Hancock 將參加電話會議的問答環節。從投資者日開始，我們的目標是展示公司在過去七年中取得的令人難以置信的進步，以及為什麼我們相信我們已經為未來做好了準備。

We shared how we established an underwriting culture of excellence, substantially reduced underwriting exposure, controlled volatility, structured the company for the future, refreshed our purpose and values, developed a world-class end to end operating structure.

我們分享瞭如何建立卓越的核保文化、大幅降低承保風險、控制波動性、建立公司的未來結構、更新我們的目標和價值觀、開發世界一流的端到端營運結構。

Digitize end-to-end processes, develop a robust data hierarchy, and retired over 1,200 applications while migrating to the cloud. We discussed how we created a lean parent company and strengthened our balance sheet while executing a disciplined capital management strategy, which will enable AIG to have maximum strategic and financial flexibility for the future.

將端到端流程數位化，開發強大的資料層次結構，並在遷移到雲端的同時淘汰 1,200 多個應用程式。我們討論瞭如何創建精益的母公司並加強資產負債表，同時執行嚴格的資本管理策略，這將使 AIG 在未來擁有最大的策略和財務靈活性。

We provided detail on our strategy to deploy GenAI end to end, and to demonstrate how the advancement and adoption is making a difference across our business to drive future growth. And that was on full display.

我們詳細介紹了端到端部署 GenAI 的策略，並展示了其進步和採用如何對我們的業務產生影響以推動未來的成長。這一切都得到了充分展示。

I'm very grateful to our world-class partners, Alex Karp of Palantir, and Dario Amodei of Anthropic, for joining Sarah Eisen and me on stage to showcase and validate our strategy. And while they are very entertaining guests and have better things to do with their time and show up at AIG's Investor Day, they felt compelled to speak to our stakeholders about how they fully endorse AIG's strategy.

我非常感謝我們世界級的合作夥伴，Palantir 的 Alex Karp 和 Anthropic 的 Dario Amodei，他們與 Sarah Eisen 和我一起在台上展示和驗證我們的策略。雖然他們是非常熱情的客人，並且有更重要的事情要做，並出席 AIG 的投資者日，但他們覺得有必要向我們的利害關係人講述他們如何完全支持 AIG 的策略。

It was a very important moment for our company. We demonstrated the breadth and depth of our global portfolio with $24 billion of net premiums written, which enables us to leverage both our diverse geographic footprint and strong product offerings to solve our clients' risk needs. We highlighted what a thoughtful and carefully planned reinsurance strategy can do for a company over time, showcasing key structures of our portfolio, and providing an introduction to our special purpose vehicle backed by Blackstone, which is an important part of our strategic evolution.

對我們公司來說這是一個非常重要的時刻。我們以 240 億美元的淨保費收入展示了我們全球投資組合的廣度和深度，這使我們能夠利用多樣化的地理覆蓋範圍和強大的產品服務來解決客戶的風險需求。我們強調了經過深思熟慮和精心策劃的再保險策略能夠為公司帶來哪些長期效益，展示了我們投資組合的關鍵結構，並介紹了由黑石集團支持的特殊目的公司，這是我們戰略發展的重要組成部分。

Our stakeholders came away from the event with a much clearer understanding of our strategic direction, the deep expertise within our company, our differentiated approach to GenAI and our ambitious, yet achievable, financial targets and global growth opportunities.

我們的利害關係人透過這項活動對我們的策略方向、公司內部的深厚專業知識、我們對 GenAI 的差異化方法以及我們雄心勃勃但可實現的財務目標和全球成長機會有了更清晰的了解。

Inside the company, there's a sense of confidence and pride. Our Investor Day gave our colleagues the opportunity to see their hard work recognized in an impactful way, which has generated energy and engagement across the organization, and we're excited to take this momentum forward.

公司內部充滿自信與自豪的氣氛。我們的投資者日讓我們的同事有機會看到他們的辛勤工作得到有影響力的認可，這為整個組織帶來了活力和參與度，我們很高興能夠將這一勢頭繼續推進。

If I had to choose just one key takeaway from our Investor Day, it is that AIG is in every way a different company. Turning to our financial results against the challenging geopolitical and macroeconomic environment, we made excellent progress towards our long-term strategic and financial goals while delivering exceptional underwriting results, effectively managed volatility, while reducing expenses.

如果我必須從我們的投資者日中選擇一個關鍵要點，那就是 AIG 在各方面都是一家不同的公司。在充滿挑戰的地緣政治和宏觀經濟環境下，談到我們的財務業績，我們在實現長期戰略和財務目標方面取得了優異的進展，同時實現了卓越的承保業績，有效管理了波動性，並降低了費用。

In the first quarter, adjusted after-tax income was $702 million or $1.17 per diluted share. Building on our momentum, we had another quarter of strong premium growth. Net premiums written were $4.5 billion, an increase of 8% year over year on a comparable basis, led by 10% growth in global commercial.

第一季度，調整後稅後收入為 7.02 億美元，即每股 1.17 美元。憑藉著強勁的發展勢頭，我們又迎來了一個季度的強勁保費成長。淨保費收入為 45 億美元，年增 8%，其中全球商業業務成長 10%。

North America commercial insurance net premiums written grew 14% year over year. Lexington grew 23%, led by Lexington Casualty, which grew 27%.bIt's worth noting that Lexington's submission growth continued in the first quarter, increasing 30% year over year. And that follows an increase of over 50% in the first quarter of 2024 when compared to 2023. Simply an outstanding result.

北美商業保險淨保費較去年同期成長14%。萊剋星頓 (Lexington) 成長了 23%，其中萊剋星頓意外險 (Lexington Casualty) 成長了 27%。值得注意的是，萊剋星頓的提交量在第一季持續成長，年增了 30%。與 2023 年相比，2024 年第一季的成長幅度超過 50%。簡直是一個出色的結果。

This increase in submission activity was primarily driven by middle-market casualty and property, which together represents two-thirds of the total submissions received. Glatfelter contributed 16% growth, and retail property grew over 40%, almost entirely driven by the significant enhancements to our reinsurance structures.

投保數量的增加主要得益於中端市場傷亡和財產險，這兩類險種占到總投保數量的三分之二。Glatfelter 貢獻了 16% 的成長，零售房地產成長了 40% 以上，幾乎完全得益於我們再保險結構的顯著改善。

International commercial insurance net premiums written grew 8% year over year on an FX adjusted basis, driven by property at 35%, largely as a result of enhanced reinsurance structures, and marine grew at an impressive 17%.

經外匯調整後，國際商業保險淨保費年增 8%，其中財產保險成長 35%，這主要是由於再保險結構的增強，而海運保險則增加了 17%。

Turning to expenses, our general insurance expense ratio decreased to 30.5% in the first quarter compared to 31.8% in the prior-year quarter. The divestiture of our travel business was the largest contributor to this improvement, accounting for 110 basis points. The remaining 20 basis points of improvement came from AIG Next initiatives. This is very impressive when you consider that general insurance absorbs $78 million of additional expenses that were booked in other operations in 2024.

談到費用，我們的一般保險費用率在第一季下降至 30.5%，而去年同期為 31.8%。我們旅遊業務的剝離是這項改善的最大貢獻者，貢獻了 110 個基點。其餘 20 個基點的改善則來自 AIG Next 計畫。如果考慮到一般保險吸收了 2024 年在其他業務中計入的 7800 萬美元額外費用，這一數字將非常令人印象深刻。

Other operations, general operating expenses were $85 million in the quarter. The accident year combined ratio as adjusted was 87.8%, the best first-quarter result for AIG since the financial crisis. The prior-year quarter was 88.4%.

本季其他業務、一般營運費用為 8,500 萬美元。經調整的事故年度綜合比率為87.8%，這是金融危機以來AIG第一季的最佳表現。去年同期為 88.4%。

The calendar year combined ratio was 95.8% for the quarter, which included $520 million in catastrophe losses driven by the California wildfires, which came in at $460 million.

本季的日曆年綜合比率為 95.8%，其中包括加州野火造成的 5.2 億美元災難損失，達到 4.6 億美元。

The combined ratio represented 9.1 loss ratio points and is a testament to our strategy for managing volatility. While industry losses from natural catastrophes are the second highest for the first quarter of the year on record, we expect our net retain catastrophe losses to be within expectations for 2025, largely based on our reinsurance structures.

綜合比率為 9.1 個損失率點，證明了我們管理波動性的策略。雖然今年第一季自然災害造成的產業損失是有記錄以來第二高的，但我們預計，到 2025 年，我們的淨保留災害損失將在預期之內，這主要取決於我們的再保險結構。

If you apply our current loss projections for the wildfire catastrophe to our aggregate cover, we will have approximately $35 million net of annual aggregate deductible remaining for all other perils in North America, excluding wind and earthquake.

如果將我們目前對野火災難的損失預測應用到我們的總保額中，那麼對於北美所有其他災害（不包括風災和地震），我們將剩餘約 3500 萬美元的年度總免賠額淨額。

And approximately $385 million net left for all perils, both subject to a $50 million each and every loss deductible for the rest of this calendar year. We also continue to have significant property catastrophe occurrence limit available.

剩下約 3.85 億美元的淨額用於支付所有風險，這兩項風險在本日曆年剩餘時間內每次損失的扣除額均為 5000 萬美元。我們也將繼續提供重大財產災難發生限額。

Overall, the market remained favorable in the first quarter, particularly in segments with very good underlying fundamentals. Keith is going to cover [Ray] in more detail in his remarks, but I wanted to provide some perspective. For North America, the rate increases in the quarter were led by excess casualty at 16%.

整體而言，第一季市場依然保持良好，特別是在基本面非常好的領域。基斯將在他的演講中更詳細地介紹[雷]，但我想提供一些觀點。對於北美來說，本季費率上漲主要由於超額傷亡險費率上漲 16%。

In the last five calendar years, excess casualty has had double-digit rate increases each year with cumulative rate above-loss trend. Glatfelter had a 6% rate increase. These increases were offset by financial lines, which decreased 5%, retail property which decreased 7%, and Lexington property which decreased 10%.

在過去的五個日曆年中，超額傷亡險費率每年都以兩位數的速度成長，且累積費率呈現高於損失的趨勢。格拉特費爾特的利率上漲了 6%。但這些成長被金融業務（下降 5%）、零售房地產（下降 7%）和列剋星敦房地產（下降 10%）所抵消。

In financial lines, we have the benefit of a highly diversified business, byproduct, and segment. This enables us to position the portfolio for the best risk adjusted returns even in a competitive market.

在金融領域，我們擁有高度多元化的業務、副產品和部門的優勢。這使得我們即使在競爭激烈的市場中也能使投資組合獲得最佳風險調整回報。

To further outline, we have meaningfully reduced our excess capacity where pricing is increasingly commoditized. We're focused on our primary business where we have a differentiated offering and a leadership position. Our financial-lines portfolio has gone from representing 30% of North America commercial net premiums written in 2021 to representing 19% of the portfolio today.

進一步概述，我們已大幅削減了過剩產能，而定價也日益商品化。我們專注於我們的主要業務，在該業務中我們提供差異化的產品並佔據領導地位。我們的金融保險組合佔北美商業淨保費的比重已從 2021 年的 30% 下降到今天的 19%。

Next, let me give some context on property rates. Over the past five years, we have had cumulative rate increases of 113% in retail property and 96% in wholesale property. Pricing continues to be above our technical view. Nonetheless, we continue to be very disciplined, and we will monitor market conditions throughout the year. In international, the environment was more balanced. Casualty had a 7% rate increase, property had a 2% rate increase offset by global specialty in Talbot, which decreased 1% and 4% respectively, and financial lines which decreased by 3%.

接下來，讓我介紹一下房地產利率的背景。過去五年來，零售房地產的累計利率上漲了 113%，批發房地產的累計利率上漲了 96%。定價仍然高於我們的技術觀點。儘管如此，我們仍將保持高度自律，並將全年監測市場狀況。在國際上，環境更加平衡。意外險費率上漲了 7%，財產險費率上漲了 2%，但塔爾博特全球專業險費率分別下降了 1% 和 4%，金融險費率下降了 3%。

And please recall that we report rate on gross premiums written. And because many of our lines are heavily impacted by reinsurance in the first quarter, there's not a direct correlation to net premiums written. Which are lower in certain businesses, such as our global specialty business.

請記住，我們報告的是已承保的毛保費費率。由於我們的許多保險業務在第一季都受到再保險的嚴重影響，因此與淨保費收入沒有直接關係。某些業務的水平較低，例如我們的全球專業業務。

Turning to capital management, we returned $2.5 billion of capital to shareholders in the first quarter. This included $2.2 billion of share repurchases and $234 million of dividends. We ended the quarter with a debt-to-total capital ratio of 17.1%, and parent liquidity of $4.9 billion. As I announced on Investor Day, as of April 1, the AIG Board of Directors increased our share repurchase authorization to $7.5 billion inclusive of the outstanding authorization amount, of which approximately $7.1 billion remains available. Additionally, the Board approved a 12.5% increase in our quarterly dividend of $0.45 per share yesterday.

談到資本管理，我們在第一季向股東返還了 25 億美元的資本。其中包括 22 億美元的股票回購和 2.34 億美元的股息。截至本季末，我們的負債與總資本比率為 17.1%，母公司流動資金為 49 億美元。正如我在投資者日宣布的那樣，截至 4 月 1 日，AIG 董事會已將我們的股票回購授權金額增加至 75 億美元（包括未償還的授權金額），其中約有 71 億美元仍可用。此外，董事會昨天批准將季度股息提高 12.5%，即每股 0.45 美元。

We expect to repurchase a total of $5 billion to $6 billion of shares in 2025, subject to share price and market conditions, which should bring us to a range of 500 to 550 million shares outstanding over time.

我們預計，2025 年我們將回購總計價值 50 億至 60 億美元的股票，具體金額將取決於股價和市場狀況，這將使我們的流通股逐漸達到 5 億至 5.5 億股。

Now, I'd like to transition to discuss one of our strategic partnerships. While we covered a lot of content on Investor Day, one part of our business that we did not address in any detail is TATA AIG.

現在，我想轉而討論我們的一項策略夥伴關係。雖然我們在投資者日涵蓋了很多內容，但我們沒有詳細討論的業務部分是 TATA AIG。

With this in mind, I'd like to share some observations on the rapidly growing market in India, and insights about our joint venture with the TATA Group. India as a country has made remarkable progress over the last decade. Over that time, the economy has grown from the 10th largest to the 5th largest economy in the world, and is likely to become the third largest economy after the United States and China by 2030.

考慮到這一點，我想分享一些對印度快速成長的市場的觀察，以及我們與塔塔集團合資企業的見解。印度作為一個國家在過去十年中取得了顯著的進步。在此期間，中國經濟已從世界第十大經濟體成長為第五大經濟體，到2030年可望成為美國和中國之後的第三大經濟體。

Real GDP is estimated to grow approximately 7% over the next two years, with nominal GDP growing nearly two times higher. The changing demographics in India are well known but worth highlighting. In a country of nearly 1.5 billion people, half of the population is below the age of 30. The middle class is projected to more than double by 2030 with some of the fastest growth happening in Tier 3 and Tier 4 cities.

預計未來兩年實際GDP將成長約7%，名目GDP將成長近兩倍。印度人口結構的變化是眾所周知的，但值得強調。在這個擁有近15億人口的國家，一半人口的年齡在30歲以下。預計到 2030 年，中產階級的數量將增加一倍以上，其中成長最快的是三線和四線城市。

Pivoting to the insurance industry, the general insurance market in India is over $35 billion in gross premiums written as of 2023, and had a compound annual growth rate of around 11% over the last five years.

轉向保險業，截至 2023 年，印度的一般保險市場毛保費超過 350 億美元，過去五年的複合年增長率約為 11%。

We expect the market will sustain this type of growth through 2030. And there's a massive opportunity for growth given the changing dynamics. In India, non-life insurance penetration is still relatively low at 1% of GDP. In contrast, the United States is at 9% of GDP.

我們預計市場將在 2030 年之前維持這種成長態勢。鑑於不斷變化的形勢，存在著巨大的成長機會。在印度，非壽險滲透率仍相對較低，僅佔GDP的1%。相比之下，美國佔GDP的9%。

Our presence in India began 25 years ago when we partnered with TATA Group to establish a joint venture, TATA AIG. The India insurance market opened to private insurance companies and direct-foreign investment in 2000. At the time, the maximum allowable foreign investment was 26%, which is what we currently hold today. Prior to 2000, India's insurance market was dominated by public sector insurance companies, which had a 100% market share.

25 年前，我們與 TATA 集團合作成立了合資企業 TATA AIG，從此我們在印度開展業務。印度保險市場於2000年開放給私人保險公司和外國直接投資。當時，允許的外國投資上限為26%，也就是我們目前所持有的水平。2000年之前，印度的保險市場由公共部門保險公司主導，其市佔率達100%。

Opening up the market to private insurance and foreign direct investment dramatically shifted India's insurance landscape. Today, private-sector insurance companies represent 60% of the non-life market.

向私人保險和外國直接投資開放市場極大地改變了印度的保險格局。如今，私營保險公司佔了非壽險市場的 60%。

While India offers tremendous opportunity, it's a complex and highly competitive market. For foreign companies, it's important to choose the right partner, a company with deep and broad knowledge of India and one with a strong reputation.

儘管印度提供了巨大的機遇，但它是一個複雜且競爭激烈的市場。對於外國公司來說，選擇正確的合作夥伴非常重要，合作夥伴要對印度有深入而廣泛的了解，並且享有良好的聲譽。

For AIG, there's no better choice than TATA Group, one of the highest quality global companies. TATA Group operates 30 companies in over 100 countries across diverse industries. It's 26 publicly-listed enterprises have a combined market cap of $365 billion with over 1 million employees.

對AIG來說，沒有比TATA集團更好的選擇了，TATA集團是全球最優質的公司之一。TATA集團在100多個國家經營30家公司，涉及多個行業。其旗下 26 家上市公司的總市值達 3,650 億美元，員工總數超過 100 萬名。

Over the last decade, TATA Group has been consistently ranked as one of India's most valuable brands. TATA AIG is highly respected and is ranked as the number two private insurer in the commercial insurance and motor insurance sectors.

過去十年來，TATA集團一直被評為印度最有價值的品牌之一。TATA AIG 備受尊敬，在商業保險和汽車保險領域排名第二的私人保險公司。

It serves 27 million customers with 8,500 employees and leverages 85,000 captive agents operating across the country. TATA AIG had $2.1 billion of gross premiums written in 2024, and it's mix of businesses approximately 75% personal insurance and 25% commercial insurance.

該公司擁有 8,500 名員工，為 2,700 萬名客戶提供服務，並在全國擁有 85,000 名專屬代理。TATA AIG 在 2024 年的毛保費收入為 21 億美元，其業務結構中約 75% 為個人保險，25% 為商業保險。

TATA AIG is a high-growth business. From 2020 to 2025, we had a compound annual growth rate of 20% outpacing the market. Through 2030, we expect to continue to grow at the same compound annual growth rate, fueled by India's accelerating economy, rising insurance adoption, and TATA AIG's market-leading brand and reputation.

TATA AIG 是一家高成長企業。從2020年到2025年，我們的複合年增長率達到20%，超過市場水準。到 2030 年，我們預計將繼續以相同的複合年增長率成長，這得益於印度經濟的加速發展、保險採用率的提高以及 TATA AIG 市場領先的品牌和聲譽。

The business has exceptional technology and data capabilities that enabled it to scale rapidly and support the continued ambition for accelerated growth. TATA AIG's products and services are digital first, with clients and agents enabled by technology at every stage of the value chain providing a complete digital customer experience, which is what clients in India expect.

該企業擁有卓越的技術和數據能力，使其能夠快速擴展並支援持續加速成長的雄心。TATA AIG 的產品和服務以數位化為先，價值鏈的每個階段都由技術支援的客戶和代理商提供完整的數位化客戶體驗，而這正是印度客戶所期望的。

Additionally, TATA AIG benefits from access to AIG's multinational network, with AIG supporting the joint ventures domestic multinational corporate clients. In close partnership with TATA Group, we're prepared to significantly invest in growth organically and possibly inorganically should opportunities present themselves. And I expect this business to continue to scale faster than any other geography in our portfolio.

此外，TATA AIG 還可以利用 AIG 的跨國網絡，為合資企業的國內跨國公司客戶提供支援。透過與 TATA 集團密切合作，我們準備在機會出現時以有機方式或可能的無機方式大力投資於成長。我預計這項業務將繼續比我們投資組合中的任何其他地區更快地擴張。

There's been a lot of discussion about tariffs, and I'd like to share a perspective, understand that there is still significant uncertainty around the topic of tariffs. To start, let me provide some relevant facts. First, there are only seven countries worldwide that export more than $100 billion to the United States. And China, Canada, and Mexico are the only countries that export over $250 billion. We're looking at a country's level of exports to the United States as a percentage of their total exports, Mexico is 79%, Canada is 74%, and China is less than 20%.

關於關稅已經有很多討論，我想分享一個觀點，了解關稅問題仍然存在很大的不確定性。首先，讓我提供一些相關事實。首先，全球只有七個國家對美國的出口額超過1,000億美元。而出口額超過 2,500 億美元的國家只有中國、加拿大和墨西哥。我們正在觀察一個國家對美國的出口占其總出口的百分比，墨西哥為 79%，加拿大為 74%，而中國則不到 20%。

Altogether, tariffs create uncertainty, which may lead to lower levels of transactional activity in the near term, impacting certain commercial businesses. But it's premature to predict any specific outcomes related to these emerging macro trends. The greatest challenge for companies is understanding the real impact of tariffs and how they are changing and their implications.

總而言之，關稅帶來了不確定性，這可能會導致短期內交易活動水準下降，從而影響某些商業業務。但現在預測這些新興宏觀趨勢的任何具體結果還為時過早。企業面臨的最大挑戰是了解關稅的真正影響、關稅如何變化及其影響。

There's a complexity not only with tariff policies evolving, but also with the potential impact on supply chains. It's also important to consider the implications for loss costs and inflation. To help parse through this complexity, let me share a property example. Typically, in a high-net-worth claim, and of course it's subject to the particular type of loss, approximately 60% of the loss would be for rebuilding costs 30% for contents and 10% or thereabouts for allocated loss adjustment expense.

不僅關稅政策不斷演變，對供應鏈的潛在影響也十分複雜。考慮損失成本和通貨膨脹的影響也很重要。為了幫助解析這種複雜性，讓我分享一個屬性範例。通常，在高淨值索賠中，當然這取決於特定類型的損失，大約 60% 的損失用於重建成本，30% 用於內容，10% 左右用於分配的損失調整費用。

When considering materials such as lumber, floor coverings, windows, steel, marble or granite, you need to take into account increased inflation rates. Then you should consider which of these items are imported. For example, Canada represents roughly 85% of all US softwood lumber imports. This added dimension further complicates the calculation of future loss costs.

當考慮木材、地板覆蓋物、窗戶、鋼材、大理石或花崗岩等材料時，您需要考慮通貨膨脹率的上升。那你應該考慮這些物品中哪些是進口的。例如，加拿大約占美國軟木進口量的 85%。這個附加維度進一步使得未來損失成本的計算變得複雜。

Additionally, if there's another major catastrophe in 2025 beyond the January wildfires, we could see demand surge, supply constraints, and further inflation, which may also lead to extended business interruption.

此外，如果 2025 年除了 1 月的森林火災之外還發生另一場重大災難，我們可能會看到需求激增、供應受限和進一步的通貨膨脹，這也可能導致業務中斷時間延長。

Lastly, insurance companies need to monitor the effects of sales, payroll, and other factors to calculate the potential impact on future premiums, if any.

最後，保險公司需要監控銷售、薪資和其他因素的影響，以計算對未來保費的潛在影響（如果有的話）。

We will continue to monitor the implications for our business as more information becomes available. Before I close, I want to touch on the financial targets that we announced on Investor Day. These are multi-year goals, so I'm not going to give updates every quarter, but I did want to provide some insight.

隨著更多資訊的出現，我們將繼續監控對我們業務的影響。在結束之前，我想談談我們在投資者日宣布的財務目標。這些是多年目標，所以我不會每個季度都提供更新，但我確實想提供一些見解。

Operating EPS is on track. And the key drivers for earnings growth remain favorable. We produce strong top-line growth and manage volatility in a very heavy catastrophe quarter. We are on our way to fully replacing Corebridge earnings by 2026, and we expect to achieve a 20%-plus earnings per share compound annual growth rate over the next three years.

營運每股收益處於正常水準。獲利成長的關鍵驅動因素依然有利。我們實現了強勁的營收成長，並在災難嚴重的一個季度中控制了波動性。我們的目標是到 2026 年完全取代 Corebridge 的收益，並且我們預計未來三年每股收益的複合年增長率將達到 20% 以上。

We continue to make progress towards our goal of achieving 10% to 13% core operating ROE. Our first-quarter core operating ROE was 7.7%, which was impacted by catastrophe losses. We expect to meet our 2025 objective of a 10%-plus core operating ROE as we outlined on Investor Day.

我們繼續朝著實現 10% 至 13% 核心營運 ROE 的目標邁進。我們第一季的核心營運 ROE 為 7.7%，受到災難損失的影響。正如我們在投資者日所概述的，我們預計將實現 2025 年核心營運 ROE 10% 以上的目標。

We've made terrific progress towards our goal of achieving an expense ratio below 30% for general insurance, with the first quarter coming in at 30.5%. We will continue our significant focus to maintain an expense structure that aligns with the size of the company that we are while investing in our data and digital strategies.

我們在實現一般保險費用率低於 30% 的目標方面取得了巨大進展，第一季的費用率已達到 30.5%。我們將繼續專注於維持與公司規模相符的費用結構，同時投資我們的數據和數位策略。

And finally, turning to our dividend, we announced our intent at Investor Day to grow the dividend per share by 10%-plus in 2025 and 2026. Yesterday, the AIG Board of Directors approved a 12.5% increase in our quarterly dividend of $0.45 per share, starting in the second quarter of 2025.

最後，談到我們的股息，我們在投資者日宣布了在 2025 年和 2026 年將每股股息提高 10% 以上的計劃。昨天，AIG 董事會批准從 2025 年第二季開始將季度股息提高 12.5%，即每股 0.45 美元。

In summary, we've entered an exciting new chapter for AIG, and we're executing on all aspects of our strategy. With that, I'll turn the call over to Keith.

總而言之，我們已經進入了 AIG 令人興奮的新篇章，並且我們正在執行我們策略的各個方面。說完這些，我會把電話轉給 Keith。

Thank you, Peter, and good morning. Starting with general insurance, overall results were strong and reflected excellent underwriting and disciplined expense management. Adjusted pre-tax income, or APTI, was $979 million, a decrease of $379 million from the prior-year quarter due to higher catastrophe losses primarily related to the California wildfires.

謝謝你，彼得，早安。從一般保險開始，整體業績強勁，體現出出色的承保和嚴格的費用管理。調整後稅前收入（APTI）為 9.79 億美元，較去年同期減少 3.79 億美元，主要原因是與加州野火有關的災難損失增加。

Underwriting income was $243 million, down $353 million from the prior-year quarter. Results reflect higher catastrophe losses, partially offset by favorable prior-year development and continued improvement in accident-year underwriting.

承保收入為 2.43 億美元，較去年同期下降 3.53 億美元。結果反映出災難損失增加，但部分被前一年有利的發展和事故年度承保的持續改善所抵消。

First-quarter general insurance gross premiums written were $9 billion an increase of 3% from the prior year, and net premiums written were $4.5 billion, an 8% increase.

第一季一般保險毛保費為 90 億美元，較上年增加 3%；淨保費為 45 億美元，成長 8%。

General insurance combined ratio was 95.8% compared to 89.8% in the prior-year quarter and included 9.1 points of CAT losses versus 1.9 points in the first quarter of 2024.

一般保險綜合成本率為 95.8%，而去年同期為 89.8%，其中包括 9.1 個百分點的 CAT 損失，而 2024 年第一季為 1.9 個百分點。

Prior to your development, net of reinsurance was $64 million favorable, up from $22 million favorable in the prior year. This quarter included $31 million of ADC amortization and $33 million of favorable development, largely related to favorable actual-verse expected loss experience in the US property and global specialty lines. Looking ahead to the rest of 2025, the ADC amortization is expected to be approximately $31 million each quarter compared to $34 million a quarter in 2024.

在您開發之前，再保險淨額為 6,400 萬美元，高於前一年的 2,200 萬美元。本季包括 3,100 萬美元的 ADC 攤銷和 3,300 萬美元的有利發展，主要與美國財產和全球專業線的良好實際損失與預期損失經驗有關。展望 2025 年剩餘時間，ADC 攤銷預計每季約 3,100 萬美元，而 2024 年每季為 3,400 萬美元。

Our global commercial business had a terrific start to the year. Net premiums written grew 10%. We produced a combined ratio of 91.2% despite elevated cat activity, and our expense ratio improved 40 basis points from the prior-year quarter, an excellent result.

我們的全球商業業務今年開局良好。淨保費收入增加了 10%。儘管巨災活動增加，我們的綜合成本率仍達到 91.2%，費用率較去年同期改善了 40 個基點，這是一個優異的成績。

North America commercial calendar year combined ratio was 93.9%, which included 12 points of caps. The accident-year combined ratio as adjusted was 84.3%, an improvement of 160 basis points from the first quarter of 2024.

北美商業日曆年綜合成本率為 93.9%，其中包括 12 個點的上限。調整後的事故年綜合比率為 84.3%，比 2024 年第一季改善了 160 個基點。

The expense ratio declined a full 2 points, driven by a combination of AIG Next benefits and increased operating leverage, partially offset by higher corporate expense allocations as the company implemented its lean parent structure. The accident year loss ratio was 62.2% for the quarter, a 40-basis-point increase year over year due to changes in business mix.

費用率下降了整整 2 個百分點，這得益於 AIG Next 福利和營運槓桿的提高，但隨著公司實施精益母公司結構，企業費用分配增加，部分抵消了這一影響。本季事故年度損失率為 62.2%，由於業務組合變化，年比增加 40 個基點。

Turning to international commercial, the calendar year combined ratio was 88.2%. This is the eighth consecutive quarter of a sub-90% combined ratio, an outstanding result. The accident year combined ratio as adjusted was 85.4%, which increased 240 basis points year over year. This was primarily driven by a 130-basis-point increase in the expense ratio as a result of lien parent allocations. The accident-year loss ratio was 54.6%, a 110-basis-point increase year over year, reflecting business mix and increased operating costs from lean parent implementation.

談到國際商業，歷年綜合成本率為 88.2%。這是連續第八個季度綜合成本率低於 90%，這是一個出色的成績。調整後的事故年度綜合成本率為 85.4%，較去年同期增加 240 個基點。這主要是由於留置權母公司分配導致費用率增加 130 個基點所致。事故年損失率為 54.6%，較去年同期增加 110 個基點，反映了業務組合和精實母公司實施帶來的營運成本增加。

Turning to global personal, the combined ratio is 107.9%, while the accident year combined ratio as adjusted improved the 140 basis points year over year to 95.6%. Excluding the divested travel business, the accident-year combined ratio improved 110 basis points, owing to a 190-basis-point improvement in the accident-year loss ratio.

轉向全球個人，綜合比率為 107.9%，而調整後的事故年度綜合比率同比提高了 140 個基點，達到 95.6%。不計剝離的旅遊業務，事故年綜合成本率改善了 110 個基點，這歸因於事故年損失率改善了 190 個基點。

This was driven by underlying improvement in our US high-net worth book, benefiting from a combination of rate over trend, business mix, and underwriting actions. This was partially offset by a 70-basis-point increase in our acquisition ratio, which we expect to unwind and improve over the course of 2025 as reinsurance and improved commission terms with PCS earned through.

這是由於我們的美國高淨值帳簿的潛在改善所推動的，受益於利率超過趨勢、業務組合和承保行動的結合。這被我們的收購率增加 70 個基點所部分抵消，我們預計隨著再保險和 PCS 佣金條款的改善，收購率將在 2025 年期間解除並改善。

As we outlined that Investor Day, we expect to drive financial performance and global personal by improving the combined ratio by 500 basis points over the next three years towards our 94% target.

正如我們在投資者日所概述的那樣，我們預計在未來三年內將綜合比率提高 500 個基點，朝著 94% 的目標邁進，從而推動財務業績和全球個人業績的增長。

Moving to rates, where Peter already provided some perspective. For the first quarter, excluding workers' compensation and financial lines, global commercial lines pricing, which includes rate and exposure, increased 4%.

談到利率，彼得已經提供了一些觀點。第一季度，不包括工人賠償和金融險，包括費率和風險敞口在內的全球商業險定價上漲了 4%。

In North America commercial, renewal rate increased 1% year over year. If you exclude workers' compensation and financial lines, renewal rate was up 2%, with overall pricing up 4% year over year.

在北美商業領域，續約率年增1%。如果不計入工人賠償和財務險種，續保率將上漲 2%，整體價格將比去年同期上漲 4%。

In international commercial, overall pricing was up 2% or up 4%, excluding financial lines. This is an improvement versus the fourth quarter where pricing was flat. While international commercial overall pricing is slightly below lost-cost trend, excluding financial lines, pricing and loss-cost trend are roughly in line. Moving to other operations, first quarter adjusted pre-tax loss was $70 million, a significant improvement versus the prior year quarter of $205 million reflecting substantially lower general operating expense, higher net investment income, and lower interest expense.

在國際商業領域，整體定價上漲了 2%，不包括金融業務則上漲了 4%。與第四季價格持平相比，這是一個進步。雖然國際商業保險整體定價略低於損失成本趨勢，但不包括金融保險，定價和損失成本趨勢大致一致。轉向其他業務，第一季調整後的稅前虧損為 7,000 萬美元，與去年同期的 2.05 億美元相比有顯著改善，反映了一般營運費用大幅降低、淨投資收入增加以及利息支出降低。

As Peter mentioned, we have achieved our other operations run-rate GOE target at $85 million in the first quarter, and are on track for $350 million of annual expenses in 2025. We are now a much simpler company with a lean-parent corporate structure that supports our three operating segments.

正如彼得所提到的，我們在第一季實現了其他業務運作率 GOE 目標 8,500 萬美元，並且預計在 2025 年實現 3.5 億美元的年度支出。我們現在是一家更簡單的公司，擁有精益的母公司結構來支援我們的三個營運部門。

Turning now to investment income. Our investment portfolio is high quality and well diversified, with durations that are closely matched to our liability profile. It's predominantly comprised of investment-grade fixed maturity securities, helping to minimize exposure to short-term market swings.

現在談談投資收益。我們的投資組合品質高且多樣化，期限與我們的負債狀況緊密匹配。它主要由投資等級固定期限證券組成，有助於最大限度地減少短期市場波動的影響。

Firstquarter net investment income on an APTI basis was $845 million, an increase of $4 million year over year. Net investment income is comprised of two categories: our core portfolio, which sits in general insurance, and income from parent liquidity and Corebridge dividends, which sits in other operations.

根據 APTI 計算，第一季淨投資收入為 8.45 億美元，年增 400 萬美元。淨投資收入包括兩類：我們的核心投資組合（屬於一般保險）以及來自母公司流動性和 Corebridge 股息的收入（屬於其他業務）。

First, on general insurance. Net investment income was $736 million, down $26 million or 3% year over year owing to lower income from other invested assets and alternative investments partially offset by higher income from the fixed maturity portfolio as we benefit from improved reinvestment rates.

首先，關於一般保險。淨投資收入為 7.36 億美元，年減 2,600 萬美元或 3%，原因是其他投資資產和另類投資的收入減少，但因我們受益於再投資利率提高，固定期限投資組合的收入增加，部分抵消了這一影響。

Other invested assets had a loss of $18 million compared to income of $38 million in the first quarter 2024. One variable worth noting is how we account for our joint venture with TATA Group. We include 26% of TATA AIG's net income and other invested assets, which also includes mark to market changes in their investment portfolio, which reflects capital market movements in India. It is reported under the equity accounting method with a one-quarter lag.

其他投資資產虧損 1,800 萬美元，而 2024 年第一季的營收為 3,800 萬美元。值得注意的變數是我們如何解釋與 TATA 集團的合資企業。我們納入了 TATA AIG 26% 的淨收入和其他投資資產，其中還包括其投資組合的按市價計價的變化，反映了印度資本市場的走勢。根據權益會計法報告，滯後一個季度。

Based on our current view, we expect general insurance, total net investment income to be up modestly in the second quarter versus the $736 million in the first quarter. The gains in the fixed maturity and loan portfolio are likely to be offset by lower income from other invested assets and alternative investments.

根據我們目前的觀點，我們預計第二季一般保險總淨投資收入將較第一季的 7.36 億美元小幅成長。固定期限和貸款組合的收益可能會被其他投資資產和另類投資的較低收入所抵銷。

During the first quarter, the average new-money yield on the fixed maturity and loan portfolio was 4.56%, roughly 135 basis points higher than sales and maturities in the quarter. The annualized yield, excluding calls and pre-payments, was 4.11%, a 24-basis-point increase year over year, or 19 basis points sequentially.

第一季度，固定期限貸款組合的平均新資金收益率為 4.56%，比本季的銷售額和到期日高出約 135 個基點。不包括贖回權和預付款的年化收益率為 4.11%，較去年同期成長 24 個基點，較上季成長 19 個基點。

Turning to other operations. Net investment income was $108 million, consisting of income from our parent liquidity portfolio of $77 million, and Corebridge dividend income of $31 million. Considering current interest rates and lower liquidity balances as we repurchase shares, we expect income from our parent liquidity portfolio to be around $50 million in the second quarter, subject to market conditions.

轉向其他操作。淨投資收入為 1.08 億美元，其中包括來自母公司流動性投資組合的 7,700 萬美元收入和 Corebridge 股息收入 3,100 萬美元。考慮到目前的利率和我們回購股票時較低的流動性餘額，我們預計第二季母公司流動性投資組合的收入將達到 5,000 萬美元左右，具體取決於市場情況。

Turning to tax, the adjusted effective tax rate for the first quarter was 22.8%, which included a net benefit from discrete items. As we stated on our fourth-quarter earnings call, we expect the adjusted tax rate for the full-year 2025 to be in line with the full-year 2024 level, with slight variations quarter to quarter.

談到稅收，第一季調整後的有效稅率為 22.8%，其中包括來自單獨項目的淨收益。正如我們在第四季財報電話會議上所述，我們預計 2025 年全年的調整後稅率將與 2024 年全年水準保持一致，但每季略有不同。

Moving on to the balance sheet, we continue to have strong financial flexibility. We believe this positions us well to execute on our strategic priorities while navigating evolving market conditions. Book value per share was $71.38 at quarter end, up 10% from March 31, 2024, mainly due to the favorable impact of lower interest rates on Investments AOCI. Adjusted tangible book value per share was $67.96, down 8% from March 31, 2024, primarily due to the impact of the Corebridge deconsolidation.

從資產負債表來看，我們持續保持強大的財務彈性。我們相信，這使我們能夠在應對不斷變化的市場條件的同時，很好地執行我們的策略重點。季度末每股帳面價值為 71.38 美元，較 2024 年 3 月 31 日成長 10%，主要原因是較低利率對投資 AOCI 產生了有利影響。調整後每股有形帳面價值為 67.96 美元，較 2024 年 3 月 31 日下降 8%，主要原因是 Corebridge 合併拆分的影響。

At the end of the first quarter, we had a debt-to-total capital ratio of 17.1%. In conclusion, we had a strong first quarter. We expect to deliver on our target of 10%-plus core operating ROE in 2025 while making steady progress on the financial targets we outlined at our Investor Day. With that, I will turn the call back over to Peter.

第一季末，我們的負債與總資本比率為17.1%。總而言之，我們第一季表現強勁。我們預計在 2025 年實現核心營運 ROE 10% 以上的目標，同時穩步實現我們在投資者日概述的財務目標。說完這些，我會把電話轉回給彼得。

Thank you, Keith. And Michelle, we're ready for questions. Thank you.

謝謝你，基斯。米歇爾，我們已經準備好回答問題了。謝謝。

(Operator Instructions) Mike Zarinsky, BMO.

（操作員指示）Mike Zarinsky，BMO。

Hey, morning. Thank you. I have a maybe a high level question on the transformation to using GenAI, et cetera. Got a lot of questions, post your best on it, hoping you can help out with. So you know The pro -- I'm kind of curious, like the process for an insurer to transform using AI, is there a high cost of entry? Does it take a long time to get your data on the right form to be able to adapt? And maybe you can kind of just talk through whether what you're doing is table stakes or you feel you're a first mover or fast follower just kind of any -- it's tough in our seats to really kind of at this stage understand what it takes to do what you're doing, which doesn't seem easy?

嘿，早安。謝謝。我可能有一個關於使用 GenAI 等的轉變的高層次問題。有很多問題，請盡力提出，希望您能提供協助。所以你知道專業人士——我有點好奇，例如保險公司使用人工智慧進行轉型的過程，進入成本是否很高？是否需要花很長時間才能將數據以正確的形式呈現以便適應？也許您可以簡單地談談您正在做的事情是否只是賭注，或者您覺得自己是先行者或快速跟隨者，只是任何一種——在現階段，我們很難真正理解做您正在做的事情需要什麼，這似乎並不容易？

Sure, Mike, thanks for the question. A few things. One is we've been working on this for a couple of years and it all started with the foundation of what we did with AIG 200 of having terrific end-to-end process, starting to digitize all of our workflows, getting data quality, and data integrity, which enabled us to start to adopt an end-to-end process that was going to enable GenAI to accelerate underwriting, and how we were going to be able to assess risks.

當然，麥克，謝謝你的提問。有幾件事。一是我們已經在這方面努力了幾年，這一切都始於我們與 AIG 200 合作的基礎，即擁有出色的端到端流程，開始數位化我們所有的工作流程，獲得數據品質和數據完整性，這使我們能夠開始採用端到端流程，使 GenAI 能夠加速承保，以及我們如何能夠評估風險。

And so we began this process, as I said, with pilots. They are no longer pilots. I think that's something I want to be very clear; we're actually going live on a couple of our lines of business. And we continue to evolve with some of the partners that we brought to Investor Day, whether it's Palantir in terms of data ingestion of accelerating not only the quality of data, but the quantity and the speed, and being able to you know utilize large language models to recognize data patterns and recognize risk-selection criteria and our underwriters are enabled to get more information. And so this has been something that has been highly strategic for us. We're highly committed to it.

因此，正如我所說，我們從飛行員開始了這個流程。他們不再是飛行員了。我想這是我想說清楚的事情；實際上，我們正​​在上線幾條業務線。我們繼續與投資者日帶來的一些合作夥伴一起發展，無論是 Palantir 的數據攝取，它不僅加速了數據的質量，還加速了數量和速度，並且能夠利用大型語言模型來識別數據模式和識別風險選擇標準，我們的承銷商能夠獲得更多信息。所以這對我們來說是一件具有高度戰略意義的事情。我們對此高度重視。

I don't know where other insurance companies are. My understanding is this is a little bit of a different way of doing it. We think it's the best-in-class way of doing it. I think it was validated by Alex and Dario. And it takes an entire organization to really buy into the way in which we're going to do this end-to-end, and believe that we are going to have the impact that we outlined on Investor Day over time, which is just to decrease cycle time, have higher quality data and information, and empower the underwriters to make decisions.

我不知道其他保險公司在哪裡。我的理解是，這是一種稍微不同的做法。我們認為這是最好的方法。我認為這已經得到了 Alex 和 Dario 的證實。整個組織都需要真正接受我們端到端的運作方式，並相信隨著時間的推移，我們將產生在投資者日上概述的影響，即縮短週期時間，獲得更高質量的數據和信息，並授權承銷商做出決策。

That helpful. My quick follow up is thanks for the market commentary. I wasn't sure if you gave us North America commercial pricing metrics. Some of the competitors have talked about seeing a decline in property, which has caused pricing to move down a bit as well. Is that accurate for AIG as well?

這很有幫助。我很快跟進的是感謝您的市場評論。我不確定您是否向我們提供了北美商業定價指標。一些競爭對手錶示看到了房地產市場的下滑，這也導致價格略有下降。這對 AIG 來說也是準確的嗎？

Well, I'm going to have Don and Jon comment because I think it's a really important question, Mike. And what I would say on pricing, as always, is that overall, a lot of times the index doesn't really tell the story. We know that in North America, in property, we had some headwinds, and we outlined those in my prepared remarks. But still believe that the technical pricing is very strong for very good returns, and we produce those in the quarter on an underlying basis across the world. We've gotten cumulative rate increases that are substantial.

好吧，我要讓唐和喬恩發表評論，因為我認為這是一個非常重要的問題，麥克。關於定價，我想說的是，整體而言，很多時候指數並不能真正說明問題。我們知道，在北美房地產領域，我們遇到了一些阻力，我們在準備好的演講中概述了這些阻力。但仍相信技術定價非常強勁，可以獲得非常好的回報，而且我們在本季在全球範圍內以基礎為基礎生產這些回報。我們的累計利率已大幅上漲。

You also have to take into account for us. We are a big buyer of reinsurance because we believe in that sort of cost-of-goods-sold approach, which is we have the embedded pricing into our product. And therefore, we know what cat's going to cost, what risk is going to cost.

你也要為我們考慮一下。我們是再保險的大買家，因為我們相信這種銷售成本法，即將定價嵌入到我們的產品中。因此，我們知道貓要花多少錢，風險要花多少錢。

Our property reinsurance risk-adjusted reductions are greater than what we're seeing on the retail side, I think that's an important point. Our submission count, flight to quality, is really important. And I would also say, and I think that based on my background, I have some credibility and context in this is that when brokers are talking about what's happening in the market, they're talking about the market. And that means they're talking about a lot of insurance companies, a lot of different parts of segmentation, and that becomes an index as well.

我們的財產再保險風險調整後的減少幅度高於零售方面的減少幅度，我認為這是很重要的一點。我們的提交數量、品質飛躍確實非常重要。我還想說，我認為基於我的背景，我有一定的可信度和背景，當經紀人談論市場正在發生的事情時，他們談論的是市場。這意味著他們正在談論許多保險公司、許多不同的細分部分，這也成為了一個指數。

My view is that not all insurance companies are created equal. So like if you're leading, if you're setting terms, if you're pricing, you tend to have a little bit of a different outcome. And I think that we've seen that with AIG based on our retention, based on new business, based on what we believe is a flight to quality. So I'm going to turn over to Don now, but again, you have to look at also our casualty was very strong, continues to be very strong after multiple years of very strong rate increases.

我的觀點是，並非所有保險公司都是一樣的。因此，如果你是領導者，如果你制定條款，如果你定價，你往往會得到稍微不同的結果。我認為我們已經在 AIG 中看到了這一點，這基於我們的保留、基於新業務、基於我們認為的品質飛躍。所以現在我要把麥克風交給唐，但是再說一次，你也必須看看我們的損失非常大，在經歷了多年非常強勁的利率增長之後，我們的損失仍然非常大。

We saw stronger rate increases in the large account than we did in the mid-market, but all casualty on an excess basis, we saw above loss costs. So we're seeing some very positive trends in casualty. We see some opportunities for growth, we saw that in Lexington.

我們發現大額帳戶的利率漲幅比中型市場更高，但所有基於超額基礎的意外險，我們都看到了高於損失成本的損失。因此，我們看到傷亡方面出現了一些非常積極的趨勢。我們看到了一些成長機會，我們在列剋星敦看到了這一點。

International is a little bit more orderly, and I'll have Jon highlight that. We saw a little bit of a headwind in pricing and specialty, but that business is performing at an exceptional level. Don, you want to put, I’d probably answer the question for you, but maybe you can just give a little bit more context in North America.

國際上更加有序一些，我會讓喬恩強調這一點。我們在定價和專業化方面遇到了一些阻力，但該業務的表現非常出色。唐，如果你想問，我可能會回答你的問題，但也許你可以提供更多關於北美的背景資訊。

Sure, Peter, absolutely. So as you highlighted, Peter, in your commentary, we had some very strong rate in some areas of the North American commercial segment. And definitely, had some pressure in other areas.

當然，彼得，絕對是如此。因此，正如彼得在評論中所強調的那樣，我們在北美商業領域的某些領域取得了非常強勁的成績。當然，在其他方面也存在一些壓力。

You covered a lot of that in your prepared comments and some of the comments you just offered there, but more line by line, which I can offer you too. Casually, the rate, it continues to be very strong, and is in excess of loss trends.

您在準備好的評論和剛才提供的一些評論中涵蓋了很多內容，但我也可以逐行提供給您。隨意地，利率繼續保持強勁，並且超過虧損趨勢。

We'd also say that it's probably picking up some momentum as well. In excess, we're seeing better rate in the large accounts than we are in the middle market and small. Peter just mentioned that. We've got some data now that tracks that absolutely validates that programs in Gladfelt that are worth noting as well. Those continue to be rate positive. Again, both program businesses for us. Affinity-driven, generally experience less rate volatility than the rest of our portfolio. We've got highly engaged distribution partners there and there are significant growth opportunities in that space.

我們也可以說，它可能也正在獲得一些發展動力。整體而言，我們發現大帳戶的利率比中型市場和小型市場更高。彼得剛才提到了這一點。我們現在得到的一些數據可以完全證實格拉德菲爾特的計畫也值得注意。這些繼續對利率產生積極影響。再次強調，這兩項業務都適合我們。受親和力驅動，利率波動通常比我們投資組合中的其他產品小。我們在那裡擁有高度參與的分銷合作夥伴，並且該領域有巨大的成長機會。

Financial lines continues to be down mid-single digits. So the good news is we're making an adequate return on the book. Regarding public D&O rate trends, again, if you're looking for some good news. If you look at our quarter, January from a rate standpoint was the worst. March was improved, and we have some early signs that April indicates even more continued improvement.

金融額度繼續下降中個位數。因此，好消息是我們從這本書中獲得了足夠的回報。關於公共 D&O 率趨勢，如果您正在尋找一些好消息。如果你看一下我們的季度，從利率角度來看，一月是最糟糕的。三月的情況有所改善，而且我們有一些早期跡象表明四月份的情況將持續改善。

Finally, I just say on property, we have had cumulative rate increases over the years. We're seeing some pressure on both retail and wholesale. We'll currently look at this as the year plays out, but we're pricing remains above technical, which is great, but we need to see how the rest of the year is going to play out. But overall, we're really pleased with the long-tail lines, Peter.

最後，我想說的是，就房地產而言，這些年來我們的利率一直在累積上漲。我們看到零售和批發都面臨一些壓力。我們目前將在今年年底前關注這個問題，但我們的定價仍然高於技術面，這很好，但我們需要看看今年剩餘時間的情況將如何發展。但總體而言，我們對長尾產品線非常滿意，彼得。

That's great, Don, thanks. Jon, you want to make some comments on international rate?

太好了，唐，謝謝。喬恩，你想對國際利率發表一些評論嗎？

Yeah, I will, and I, you, and Keith have covered a lot of this. Well, I'll repeat some of what I said at Invest Day. We have a huge advantage on the diversity of our portfolio products, distribution, geography across the whole of international. So we have a huge hunting ground, an opportunity to divert time, resource, and capital into the most attractive areas and away from the others. And that's what we're doing right now and always do, and especially as market dynamics are not the same everywhere at the same time.

是的，我會的，我、你和基斯已經討論了很多這方面的內容。好吧，我將重複我在投資日上說過的一些話。我們在產品組合、分銷和全球地域分佈的多樣性方面擁有巨大優勢。因此，我們擁有一個巨大的狩獵場，一個將時間、資源和資本轉移到最具吸引力的領域並遠離其他領域的機會。這就是我們現在正在做的事情，我們一直在做的事情，特別是當市場動態在不同的地方並不是同時相同的時候。

Now, I'd also say, Peter, you and Keith have both said this. We've got total confidence in the portfolio, the quality, the price, the loss bits, the reserves. We've got that cumulative rate rise you've been talking about with more than price adequate in every portfolio, and you can see that in the results, every quarter. And our standards haven't changed. So this market is – it’s very orderly for us. Similar trends to Don and different nuances -- property rates still positive, and it's about loss trend, and our retentions are high, and we're growing.

現在，我還想說，彼得，你和基斯都說過這一點。我們對投資組合、品質、價格、損失部分和儲備充滿信心。我們已經實現了您所說的累計利率上升，每個投資組合的利率都超過了價格適宜的水平，您可以從每個季度的結果中看到這一點。我們的標準沒有改變。所以這個市場對我們來說非常有秩序。與唐的趨勢相似，但細微之處不同——房地產利率仍然為正，而且呈現虧損趨勢，我們的保留率很高，而且我們正在成長。

I don't think we're giving away margin, and we watch that relentlessly. But the combined ratios that we deliver in international properly, they're some of the best I've seen in my career. So we start from a very very strong, place.

我認為我們不會放棄利潤，而且我們會堅持不懈地關注這一點。但我們在國際上提供的綜合比率是我職業生涯中見過的最好的比率之一。因此，我們從一個非常非常強大的地方開始。

But with Don, the financial lines is under pressure, less pressure than it than it was, but still under pricing pressure, but that's mainly on D&O in certain markets, not on everything anywhere. So our thin-lines book has shrunk, a bit, and our D&O book has shrunk more. But other parts of the portfolio under much less pressure. So we've got stronger retention there.

但對唐來說，財務線面臨壓力，雖然壓力比以前小，但仍然面臨定價壓力，但這主要集中在某些市場的 D&O 上，而不是任何地方的所有事情。因此，我們的細線書縮小了一點，而我們的 D&O 書縮小了更多。但投資組合的其他部分承受的壓力要小得多。因此我們的保留率較高。

Casualty varies by region, overall very rate positive and high retention. And I will call out, and I know you've mentioned global specialty and Talbot, there is some rate pressure in some places, but we talked about this on Invest today, and we put some slides up on Invest today that those businesses are producing, exceptional results quarter in, quarter out, year in, year out. Yeah, Marine's still getting really good rate. We're seeing strong growth.

傷亡人數因地區而異，整體而言，積極率很高，保留率也很高。我要說的是，我知道您提到了全球專業和 Talbot，有些地方存在一些利率壓力，但我們今天在《投資》節目中討論了這個問題，我們在《投資》節目中放了一些幻燈片，顯示這些企業每個季度、每個季度、每年都在創造卓越的業績。是的，海軍陸戰隊的薪資率仍然很高。我們看到了強勁的成長。

The other class A, there's some pressure, but we're leaders on a lot of that business in the subscription markets in specialty and Talbot. So we work with clients to achieve sensible and sustainable [end] terms. And where we do follow, in that subscription market, much as we won't leave the market there, we won't follow it down there either.

其他 A 類業務也面臨一些壓力，但我們在專業和 Talbot 的訂閱市場中處於領先地位。因此，我們與客戶合作，以達成合理且可持續的[最終]條款。在訂閱市場中，我們確實會關注那裡，儘管我們不會離開那裡的市場，但我們也不會跟隨那裡的市場。

That’s great, Jon. Thank you very much. Next question.

太棒了，喬恩。非常感謝。下一個問題。

Mayer Shields, KBW.

梅耶希爾茲（Mayer Shields），KBW。

Yes, yes. Okay. So Peter, you talked about monitoring the uncertainty associated with tariffs. In the interim, what -- I guess underwriting, pricing, policy, administration efforts need to happen just to reflect that uncertainty as you sort of sign contracts that are going to expose you to this risk over the next 12 months.

是的，是的。好的。彼得，你談到了監控與關稅相關的不確定性。在此期間，我猜想需要採取承保、定價、政策和管理方面的措施來反映這種不確定性，因為您簽署的合約將使您在未來 12 個月內面臨這些風險。

Thanks for the question, Mayer. There's a couple of things. One is looking at the inflation factors within lines of business that we think will be impacted. Certainly property. We tried to outline that in my prepared remarks.

謝謝您的提問，梅耶爾。有幾件事。一是關注我們認為會受到影響的業務範圍內的通貨膨脹因素。當然是財產。我們試圖在我準備好的發言中概述這一點。

You could have catastrophe losses that have been modeled that will be significantly more depending on what happens with supply, and also density, and also size of loss. So there's so many different variables. I think looking at each of the lost-cost inputs is going to be really important.

您可能會遇到已經建模的災難損失，該損失將根據供應情況、密度以及損失規模而顯著增加。因此存在著很多不同的變數。我認為查看每項損失成本投入都非常重要。

An example, if I could just expand a little bit, which is what you saw really in the international loss ratio this this quarter is that we were cautious, and we saw the loss ratio published increase a little bit, but none of the underlying loss ratios deteriorated.

舉個例子，如果我可以稍微擴展一下，這就是你在本季度國際損失率中真正看到的，我們很謹慎，我們看到公佈的損失率略有上升，但基礎損失率均沒有惡化。

We saw one side fact was that part of AIG Next had unallocated loss adjustment expense that found its way into the international business that used to sit in other operations. But we also looked at our best estimates. No underlying loss ratio deterioration happened in the international portfolio. But we built a little bit of risk margin in international to deal with the uncertainty that could be in front of us with different lines of business. And so we are cautious. We've done this in the past where we feel very good about loss ratios, very good about margin, but we may put a little bit more margin in four lines of business that we think could be potentially impacted.

我們看到的一個事實是，AIG Next 的部分未分配損失調整費用已進入國際業務，而這些費用原本屬於其他業務。但我們也考慮了我們的最佳估計。國際投資組合的潛在損失率並未惡化。但我們在國際上建立了一點風險保證金，以應對不同業務線可能面臨的不確定性。因此我們非常謹慎。我們過去也這樣做過，我們對損失率和利潤率都感覺很好，但我們可能會在我們認為可能受到影響的四條業務線上投入更多一點的利潤。

So this is something that is evolving daily. What lines of business, what part of the world changes, quite a bit, and we're going to be on our front foot in terms of being proactive and making sure that we have the appropriate loss cost and margin built into our pricing.

所以這是每天都在發生的事情。哪些業務線、哪些世界部分會發生很大變化，我們將積極主動地採取主動行動，確保我們的定價中包含適當的損失成本和利潤。

Okay, fantastic. That's very helpful. A second question, from a modeling perspective, should the remaining ports in 2025 have the same impact of expenses moving from other operations to the GI segments?

好的，太棒了。這非常有幫助。第二個問題是，從建模的角度來看，2025 年剩餘的港口是否應該受到從其他業務轉移到 GI 部門的費用的相同影響？

So here's how I'd look at it. One is like AIG Next was taking a company that was a conglomerate and simplifying the business by getting the overall organization and culture weaved together, and we've accomplished that. So that that was excellent.

以下是我對此的看法。一方面，AIG Next 就像是一家企業集團，透過將整體組織和文化交織在一起來簡化業務，我們已經做到了這一點。這真是太棒了。

Two is we gave significant guidance in terms of the expenses we felt we needed to take out of the company to have a lien operating model. We call it lean parent, but it's got to be a lien company. And so how we look at the overall expenses are really important. And I think we overachieved because the guidance we gave was by the end of '25, we should be done with AIG Next, and you can see in other operations GOE, we got there.

二是，我們在我們認為需要從公司中拿出哪些費用來實現留置權營運模式方面給出了重要的指導。我們稱之為精益母公司，但它必須是一家留置權公司。因此，我們如何看待整體支出非常重要。我認為我們超額完成了任務，因為我們給出的指導是到 25 年底，我們應該完成 AIG Next 的任務，你可以在其他 GOE 業務中看到，我們已經完成了任務。

I mean, like we are in a place where we've accelerated our progress and feel very pleased with it. I would have expected it didn't happen, but I would have expected to see the businesses expense ratios go up as they were absorbed the cost. But they did a phenomenal job of taking out expenses and being proactive as more allocations and more costs came into the business that they had a straight-line ability to not really increase expenses.

我的意思是，我們正處於一個加速進步的階段，對此感到非常高興。我本來以為這不會發生，但我本來以為企業的費用率會隨著成本的吸收而上升。但他們在削減開支方面做得非常出色，而且隨著業務中出現更多的分配和更多的成本，他們採取了積極主動的態度，從而有能力不真正增加開支。

Now, North America benefited more from AIG Next than International did. And because of the number of countries we're in and you're thinking about IT expenses, and legal expenses, and other expenses to build a proper global company, more of those allocations went into international than went into North America.

現在，北美從 AIG Next 中獲益比國際更多。由於我們所處的國家數量眾多，考慮到 IT 費用、法律費用以及建立一家真正的全球性公司所需的其他費用，用於國際業務的資金比用於北美業務的資金要多。

So international would have had two variables that were kind of moving against it, which is what's reflected in this GOE ratio. But I would expect over the full year, I could have just answered your question with a sentence, but I thought I'd give you some context is that I wouldn't straight line it, but I would think that the expenses you saw in the first quarter ought to be what the year will look like in terms of overall GOE expense in the business.

因此，國際上會有兩個變數對其產生不利影響，這也反映在 GOE 比率中。但我預計全年來看，我可以用一句話來回答你的問題，但我想給你一些背景信息，我不會直接列出來，但我認為你在第一季度看到的費用應該是全年業務整體 GOE 費用的情況。

Okay, that is perfectly helpful, and I really appreciate that. Thanks, thank you.

好的，這非常有幫助，我非常感激。謝謝，謝謝。

Alex Scott, Barclays.

巴克萊銀行的亞歷克斯·斯科特。

Hi, good morning. First what I had here is, the broader environment that you described and the uncertainty that it brings, and just does it change the way you'd approach the M&A environment, and just the deployment of all this capital that you have available to you?

嗨，早安。首先，我在這裡要說的是，您所描述的更廣泛的環境以及它帶來的不確定性，它是否會改變您處理併購環境的方式，以及您可用的所有資本的部署方式？

I don't think it changes anything, Alex. Thanks for the question. We still remain very disciplined, still looking at the medium-to-long term, for acquisitions. Is it additive to AIG? Is it additive to the company that we may acquire? Looking at the different geographies, different product lines. I think -- and we mentioned also like, GenAI and investments and scale and being able to move businesses forward. It gives us great opportunities to look across the world. And to see if there's, going to be an acquisition that would be added to AIG.

我認為這不會改變任何事情，亞歷克斯。謝謝你的提問。我們仍然保持高度自律，仍然著眼於中長期收購。它對 AIG 有附加作用嗎？它對我們可能收購的公司有附加作用嗎？看看不同的地理位置、不同的產品線。我認為——我們也提到了 GenAI、投資、規模以及推動業務發展的能力。它為我們提供了放眼世界的絕佳機會。看看是否會有收購案加入 AIG。

Now, yes, we are in a world of uncertainty, but we've done so much hard work over the past three years on the capital structure side that we have low leverage, cash, we have ample, if not slightly excess capital in our subsidiaries to grow into, and we still have ownership of Corebridge that we can pull for additional liquidity in the event that we see an acquisition. But we're going to be very careful. We'll be very cautious, and it's not something that needs to be done today.

是的，我們正處於一個充滿不確定性的世界，但過去三年我們在資本結構方面做了大量努力，使我們擁有較低的槓桿率和現金，我們的子公司擁有充足的（甚至略微過剩的）資本來支持增長，而且我們仍然擁有 Corebridge 的所有權，以便在發生收購時獲得額外的流動資金。但我們會非常小心。我們會非常謹慎，這不是今天需要做的事情。

And quite frankly, I said this at Investor Day, if we go through a period of time, which I'm not going to define that we don't see, opportunities that we think are additive to AIG and our shareholders, we'll return the capital to shareholders. But right now I think it's actually, some of this uncertainty may actually create opportunities.

坦白說，我在投資者日說過，如果我們經歷一段時間（我不會定義這段時間我們沒有看到我們認為對 AIG 和股東有益的機會），我們就會將資本返還給股東。但現在我認為實際上，這種不確定性實際上可能會創造機會。

Got it, that's helpful. Second question I had for you is just on the makeshift. From the outside it's, difficult at times to model, things like mix shifts and -- I think the catastrophe budget in particular has come down massively and I guess we'll continue to as you do this makeshift in North America commercial in particular.

明白了，很有幫助。我想問您的第二個問題是關於臨時措施的。從外部來看，有時很難建模，例如混合轉變等——我認為特別是災難預算已經大幅下降，我想我們會繼續這樣做，特別是在北美商業中採取這種臨時措施。

So I know you already gave us some help by quantifying some of these things. I think based on some of the disclosures you gave earlier, we might even be able to back into a CAT budget. But I was hoping maybe you could just help us understand that mix shift, how should we think about the impact on underlying versus all-in combined ratio.

所以我知道您已經透過量化其中的一些內容給了我們一些幫助。我認為根據您之前披露的一些情況，我們甚至可能能夠回到 CAT 預算。但我希望您能幫助我們理解這種組合變化，我們應該如何看待其對基礎比率和綜合比率的影響。

First quarter's hard because of property, and it's when we do our catastrophes, it's the net premium written, I think, in the past. What's happened is you can even have negative net premium, just based on your seating out more on an NPW basis than what you'd be riding in the quarter.

第一季由於房地產而變得艱難，而當我們遭遇災難時，我認為這就是過去的淨保費收入。實際情況是，您甚至可能獲得負淨保費，這僅僅是因為您在 NPW 基礎上的座位數比您在本季度乘坐的座位數要多。

I think that'll start to sort of level out. We don't have a lot of catastrophe purchased within the second, third or fourth quarter. I think we're talking about mix of businesses, look at the current environment of property in North America. International is doing just fine, posting tremendous, combined ratios, showing some small growth. But if we saw in the first quarter that would continue, we are going to reduce our gross ridings in property, and the market will come back to us. I mean, we haven't even entered CAT season yet, so I'd like to, as I always say, declare about property at the end of the year, not before CAT season.

我認為這種情況會開始趨於平穩。我們在第二、第三或第四季沒有購買太多災難產品。我認為我們正在談論業務組合，看看北美當前的房地產環境。國際業務表現良好，綜合比率很高，顯示出一些小幅成長。但如果我們看到第一季這種情況持續下去，我們就會減少房地產的總投資，市場就會回到我們身邊。我的意思是，我們甚至還沒有進入 CAT 季節，所以，正如我常說的，我想在年底而不是 CAT 季節之前申報財產。

But I think what's reflected really in the reinsurance is just that the AIG in the past would probably have to pay a little bit more because of the quality of data, the quality of the portfolio. We've been moving forward with that over multiple years, and I think that's what was reflected in 2025.

但我認為，再保險真正反映的是，AIG 過去可能因為數據品質和投資組合品質而不得不支付更多一點的費用。多年來，我們一直在朝著這個目標前進，我認為這在 2025 年得到了體現。

The mix of business when we reference it. So property remains slight growth on an underlying basis, and we're moving more casualty business into the portfolio and the net premium writtenThe combined ratios and the loss ratios are higher. So I think that's really what we're trying to signal is that we had a tremendous growth in Lexington mid-market casualty, but that loss ratio will be higher than what we would expect for property attritional. And so as that mix changes, you can see the loss ratios reflect that. That, that's what we're really referencing.

當我們引用它時的業務組合。因此，房地產在基本面上仍保持小幅成長，我們正在將更多的意外險業務納入投資組合，淨保費收入的綜合比率和損失率較高。所以我認為這才是我們真正想要表明的信號，即我們在列剋星敦中端市場傷亡方面取得了巨大的增長，但損失率將高於我們對財產損失的預期。因此，隨著這種組合的變化，您可以看到損失率反映了這一點。這才是我們真正要參考的。

Got it, helpful.

明白了，有幫助。

Thank you. Thanks.

謝謝。謝謝。

Andrew Andersen, Jefferies.

安德魯·安德森（Andrew Andersen），傑富瑞集團（Jefferies）。

Hey, good morning. Just looking at the underlying results in North America commercials, they seem pretty strong. Is there an opportunity to take more business net here?

嘿，早安。僅從北美商業廣告的基本效果來看，它們似乎相當強勁。這裡是否有機會拓展更多的商業網絡？

Yes, there is. I don't think we would want to though because you know how we look at property CATs, It is a global risk appetite volatility that we're willing to take. And I think what I referenced, and when the script comes out, like we should read it again, how low nets we have going forward in North America property. Because we buy our [currents] and aggregate and the volatility is massively reduced for AIG over the course of four quarters.

是的，有。但我認為我們不想這樣做，因為你知道我們如何看待房地產巨災保險，我們願意承擔的是全球風險偏好波動。我認為，當我提到劇本出來時，我們應該再讀一遍，看看北美房地產未來的淨利潤有多低。因為我們購買了[目前]債券和集合債券，所以在四個季度內，AIG 的波動性大幅降低。

And so we like that volatility reduction. We like it priced into the business. And on casualty, I know it's probably a massive eye chart at Investor Day with the amount of reinstatements we have and what does the vertical limits do. We don't buy a lot of proportional reinsurance in North America on casualty. We buy excess to loss and I think in this environment with large jury verdicts, vertical exposures. I don't think it's prudent to take any more net there. And so I think we feel really comfortable with the reinsurance structure that we have in North America. And as you pointed out, the combined ratios have improved dramatically. And really like the core fundamentals of the business the way it is today.

因此我們喜歡這種波動性的降低。我們喜歡將其定價到業務中。關於傷亡，我知道在投資者日，這可能是一張巨大的視力表，上面顯示了我們擁有的恢復數量以及垂直限制的作用。我們在北美沒有購買大量意外險的比例再保險。我們購買超額損失，我認為在這種環境下，陪審團的裁決較大，風險敞口較大。我認為在那裡放置更多的網是不明智的。因此我認為我們對北美的再保險結構感到非常滿意。正如您所指出的，綜合比率已大幅改善。並且真的很喜歡現在的業務核心基本面。

Thank you. And then just on North America commercial ex-comp, ex-financial lines pricing, 4% RPC, I guess that's on a gross basis, perhaps a little bit better net. I guess where I'm going with this is I would think that's below loss trend. But perhaps with terms and conditions, and maybe some mixed shift it sounds like in your commentary, you're not really thinking of underlying loss ratio deterioration here?

謝謝。然後僅就北美商業不含可比公司、不含金融產品線的定價而言，4% 的 RPC，我想這是按總額計算的，淨額可能要好一點。我想我要說的是，我認為這低於損失趨勢。但也許有條款和條件，也許您的評論中聽起來有些混合轉變，您並沒有真正考慮這裡潛在的損失率惡化？

No, I'm not. I mean, as I said, it's really being driven more by property. Property was a big negative on the weighted average, but on the other lines of business, again, we're going to watch financial lines. Don had some really good comments on that, casualties above loss trend. Gladfelter, as we look across the portfolio, it was really just property that was below lost trend, and we'll see how that plays out, but are confident that it's above our technical. And also, that it's not sustainable to have these type of rate decreases over a long period of time. So we'd end up pulling back in the event that it stayed that way.

不，我不是。我的意思是，正如我所說，這實際上更多地受到財產的驅動。房地產對加權平均值的影響很大，但在其他業務方面，我們再次專注於金融業務。唐對此提出了一些非常好的評論，傷亡人數高於損失趨勢。格拉德費爾特，當我們縱觀整個投資組合時，實際上只是房地產低於失去的趨勢，我們將看看其如何發展，但我們相信它高於我們的技術水平。而且，這種利率下降的趨勢在很長一段時間內都是不可持續的。所以如果情況繼續這樣下去，我們最終會撤退。

But the submission count's great. I think there's a lot of opportunities, retention is good, and we still think that the property line for us is going to perform very strong. And just -- one other data point is that in the first quarter, our international property is as big as our North American property. And so I just want to make sure that we remember that overall, we have opportunities if North America becomes aggressive. We have a lot of points of entry and property and the risk-adjusted returns at international are just fantastic and we'll continue to grow there, but --

但提交數量很多。我認為有很多機會，保留率很好，我們仍然認為我們的房地產線將表現非常強勁。另一個數據點是，在第一季度，我們的國際資產與北美資產一樣大。因此，我只是想確保我們記住，總的來說，如果北美變得咄咄逼人，我們就有機會。我們有很多切入點和財產，國際上的風險調整回報率非常高，我們將繼續在那裡發展，但是--

Thank you.

謝謝。

Thanks. Well one more question.

謝謝。好吧，還有一個問題。

Brian Meredith, UBS.

瑞銀的布萊恩·梅雷迪斯。

Yeah, thanks for fitting me in. Peter, I'm just curious. North American commercial growth, I just wanted to unpack a little bit. Is it possible to get maybe with gross written premiums. Growth was there, just try to understand the impact of the ceded reinsurance on the growth rate? I just kind of thinking about how sustainable is that growth in the near term that you saw in North American commercial?

是的，謝謝你幫我安排。彼得，我只是好奇。北美商業成長，我只是想稍微解釋一下。有可能透過總承保保費獲得嗎？確實存在成長，只是想了解轉讓再保險對成長率的影響嗎？我只是在想，您在短期內看到的北美商業成長有多可持續？

Yeah. So Brian, the first quarter was benefited from some reinsurance on property. And I think that the gross would be largely reflecting the net absent property that I mentioned. So the casualty for Lexington is very close to what it would be on the net. When we had identified when we talked about Gladfelter. Gladfelter benefited a little bit from some of the reinsurance but still had very strong growth, as did our program business. Don outlined programs at great length at Investor Day, we're doing less programs.

是的。因此，布萊恩，第一季受益於一些財產再保險。我認為總額很大程度上反映了我提到的淨缺失財產。因此，列剋星敦的損失與網路上的損失非常接近。當我們談論格拉德費爾特時，我們已經確定了。格拉德菲爾特從部分再保險中獲益不多，但仍然實現了非常強勁的成長，我們的計劃業務也是如此。唐在投資者日詳細概述了計劃，而我們做的計劃較少。

We've taken the best practices of Gladfelter and built it out. But I would say those largely the gross and the nets were not too far off. It's just really property that benefited. What I just wanted to signal was that you see the rate environment, and why you're growing in property. Well, we really are growing on the gross. As a matter of fact, in Lexington property and the growth we contracted and retail gross slight increase. But the net was really more reflective of the reinsurance on property. Do you want to say something, Don?

我們採用了 Gladfelter 的最佳實踐並將其建構出來。但我想說，這些總體數字和淨數字相差不遠。真正受益的是房地產。我只是想表明，你了解利率環境，以及為什麼你在房地產領域會成長。嗯，我們的總量確實在成長。事實上，列剋星敦的房地產和成長有所萎縮，而零售總額略有增加。但淨額實際上更反映了財產的再保險。你想說些什麼嗎，唐？

I would just validate that the underlying portfolio is strong. It's double digits on a net basis.

我只是想驗證基礎投資組合是否強勁。淨值為兩位數。

Great, great. So nothing unusual in the first quarter. I mean, this this good solid growth you're seeing is sustainable here for at least in the near term unless of course some other property competitive and something else comes up.

太好了，太好了。因此第一季沒有什麼異常。我的意思是，你所看到的這種良好且穩健的成長至少在短期內是可持續的，除非其他一些房地產競爭者出現其他情況。

Yeah, I think look at you probably won't see the same property effect in the future because we're not going to have as much reinsurance. So I think those nets will come down, but the rest of the portfolio should reflect, as Don said, really strong new business, strong retention. We'll watch each line of business and make sure we're growing where we want to grow. But I still think that there's growth opportunities.

是的，我認為你將來可能不會看到同樣的財產效應，因為我們不會有那麼多的再保險。所以我認為這些淨利潤將會下降，但正如唐所說的，投資組合的其餘部分應該反映出真正強勁的新業務和強勁的保留率。我們將專注於每條業務線並確保我們在我們想要成長的領域中成長。但我仍然認為存在成長機會。

Gotcha. And then one last one here, any updated thoughts on what casual loss trend is looking like here, a couple of positive developments, I think, in Georgia and some areas as far as legislation goes. Maybe thoughts on that?

明白了。然後最後一個問題，對於這裡的臨時損失趨勢有什麼最新的看法嗎？我認為，就立法而言，喬治亞州和一些地區出現了一些積極的進展。也許有這樣的想法？

We'll watch it, Brian. We have not adjusted any of our lost costs, and inflation factors on casualty. And we'll probably look at it in the sort of mid-year. But so far, we're keeping it where it was.

我們會看的，布萊恩。我們沒有調整任何損失成本和災害通膨因素。我們可能會在年中的時候考慮這個問題。但到目前為止，我們仍保持原樣。

Perfect. Thank you.

完美的。謝謝。

Okay. Thanks, everybody for joining us today. Really appreciate it. Have a great day, and a great weekend.

好的。感謝大家今天的參與。真的很感激。祝您有個愉快的一天和愉快的週末。

Thank you for your participation. It does include the program, and you may now disconnect. Everyone, have a great day.

感謝您的參與。它確實包含該程序，您現在可以斷開連接。祝大家有個愉快的一天。