American International Group Inc (AIG) 2025 Q2 法說會逐字稿

(audio in progress) to Quentin McMillan. Please go ahead.

（音訊正在播放）致昆汀·麥克米蘭。請繼續。

Thanks very much, Michelle, and good morning. Today's remarks may include forward-looking statements, which are subject to risks and uncertainties. These statements are not guarantees of future performance or events and are based on management's current expectations. AIG's filings with the SEC provide details on important factors that could cause actual results or events to differ materially.

非常感謝，米歇爾，早安。今天的言論可能包括前瞻性陳述，這些陳述受風險和不確定性的影響。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。

Except as required by applicable securities laws, AIG has no obligation to update any forward-looking statements if circumstances or management's estimates or opinions should change. 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.

除適用證券法要求外，如果情況或管理層的估計或意見發生變化，AIG 沒有義務更新任何前瞻性聲明。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. Finally, today's remarks related to net premiums written 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.

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。最後，今天有關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 Page 25 of the earnings presentation for reconciliations of such metrics reported on a comparable basis.

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。請參閱收益報告第 25 頁，以了解以可比較基礎報告的此類指標的對帳情況。

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

現在，我想將電話轉給我們的董事長兼執行長 Peter Zaffino。

Thank you, Quentin, and good morning, everyone. Thank you for joining us today to review our second quarter 2025 financial results. Following my remarks, Keith will provide more detail on the quarter, and then we will take questions. Jon Hancock and Don Bailey will join us for the Q&A portion of our call. AIG had an outstanding second quarter.

謝謝你，昆汀，大家早安。感謝您今天加入我們，回顧我們的 2025 年第二季財務表現。在我發言之後，Keith 將提供有關本季度的更多細節，然後我們將回答問題。喬恩·漢考克 (Jon Hancock) 和唐·貝利 (Don Bailey) 將參加我們電話會議的問答環節。AIG 在第二季度表現優異。

We continue to make meaningful progress on our strategic, operational and financial objectives that we outlined at Investor Day. Our momentum continues to build with strong performance across the board. We delivered adjusted after-tax income per diluted share of $1.81, an increase of 56% year-over-year.

我們在投資者日概述的策略、營運和財務目標方面繼續取得有意義的進展。我們的勢頭持續增強，各方面表現強勁。我們實現調整後每股攤薄稅後收益 1.81 美元，年增 56%。

Adjusted after-tax income for the quarter was $1 billion an increase of 35% from the prior year quarter, driven by our general insurance business, which had underwriting income of $626 million, an increase of 46% year-over-year. Net investment income on an adjusted pretax basis was $955 million, an increase of 9% year-over-year. Accident year combined ratio as adjusted was 88.4%.

本季調整後稅後收入為 10 億美元，較去年同期成長 35%，這得益於我們的一般保險業務，其承保收入為 6.26 億美元，較去年同期成長 46%。調整後的稅前淨投資收益為 9.55 億美元，年增 9%。調整後的事故年度綜合比率為88.4%。

Calendar year combined ratio was 89.3%, an improvement of 320 basis points from the prior year quarter. We achieved a core operating ROE of 11.7%. We returned $2 billion of capital to shareholders, bringing the year-to-date total to $4.5 billion. We sold $430 million or 13.4 million shares of Corebridge Financial, reducing our stake to approximately 21%.

歷年綜合成本率為 89.3%，較去年同期改善 320 個基點。我們的核心營運淨資產收益率達到 11.7%。我們向股東返還了 20 億美元的資本，使年初至今的總額達到 45 億美元。我們出售了價值 4.3 億美元或 1,340 萬股 Corebridge Financial 股票，將持股比例降至約 21%。

And finally, both S&P Global and Moody's upgraded their financial strength ratings of AIG's insurance subsidiaries during the quarter, which was a major milestone. This is our first upgrade from S&P Global since 2013 and our first upgrade from Moody's since 1990. For our call this morning, I will share a detailed review of our second quarter results, a few observations on the global property market and specifically our portfolio, highlights from our successful completion of AIG Next, which delivered $500 million in savings and significant operational improvements, an overview of Russia aviation-related claims, and an update on our Gen AI initiatives.

最後，標準普爾全球和穆迪都在本季上調了 AIG 保險子公司的財務實力評級，這是一個重要的里程碑。這是自 2013 年以來標準普爾全球首次上調我們的評級，也是自 1990 年以來穆迪首次上調我們的評級。在今天早上的電話會議上，我將分享我們第二季度業績的詳細回顧、對全球房地產市場特別是我們的投資組合的一些觀察、我們成功完成 AIG Next 的亮點（該項目節省了 5 億美元並顯著改善了運營）、俄羅斯航空相關索賠的概述以及我們的 Gen AI 計劃的最新進展。

Before I review the quarter in more detail, I'd like to take a moment to welcome John Neal to AIG, who will be joining us as President on December 1. As many of you know, John is one of the most accomplished executives in our industry. He's very well known to our stakeholders, has significant global operating experience and an impressive track record leading underwriting organizations most recently as the CEO of Lloyd's London.

在我更詳細地回顧本季之前，我想花點時間歡迎約翰尼加入 AIG，他將於 12 月 1 日加入我們擔任總裁。眾所周知，約翰是我們行業中最有成就的高管之一。我們的利害關係人對他非常熟悉，他擁有豐富的全球營運經驗，並且在領導承保機構方面有著令人印象深刻的業績，最近擔任的是勞合社倫敦分部的執行長。

John will oversee our General Insurance organization and will partner with me and the business leaders in driving the strategic direction of the business. John's background, experience and global expertise adds depth to our excellent management team, and we look forward to working closely with them in his new role.

約翰將負責監督我們的一般保險組織，並將與我和業務領導合作推動業務的策略方向。約翰的背景、經驗和全球專業知識為我們優秀的管理團隊增添了深度，我們期待他在新職位上與他們密切合作。

Now let me provide a more detailed view of our second quarter financial results. Net premiums written were $6.9 billion, an increase of 1% year-over-year. This included 3% growth in Global Commercial. North America Commercial Insurance net premiums written increased 4% year-over-year. Excluding Property, which I will discuss in more detail, North America Commercial Insurance net premiums written increased 11%.

現在讓我更詳細地介紹一下我們第二季的財務表現。淨保費收入為 69 億美元，年增 1%。其中包括全球商業 3% 的成長。北美商業保險淨保費較去年同期成長4%。不包括財產險（我將更詳細地討論），北美商業保險淨保費增加了 11%。

We had growth in businesses that we believe have strong risk-adjusted margins, and we tempered growth in those businesses that had rate pressure. Retail Casualty and Lexington Casualty each increased 19%. Western World increased 15% and our alternative businesses, which consist of Glatfelter and programs, also increased 19%.

我們認為具有較高風險調整利潤率的業務實現了成長，而面臨利率壓力的業務則抑制了成長。Retail Casualty 和 Lexington Casualty 分別上漲了 19%。Western World 成長了 15%，我們的替代業務（包括 Glatfelter 和專案）也成長了 19%。

These results were offset by Retail Property and Lexington Property, where net premiums written declined by 8%. International Commercial Insurance net premiums written increased 1% year-over-year, driven by modest growth in Casualty and Global Specialty, which was offset by declines in Property and Financial Lines.

但零售地產和列剋星敦地產的淨保費收入下降了 8%，抵消了這一結果。國際商業保險淨保費年增 1%，這得益於意外險和全球特殊險的溫和增長，但被財產險和金融險的下降所抵消。

In the second quarter, Global Commercial continued to produce strong new business of nearly $1.4 billion, a 7% increase from the prior year quarter. In 2024, North America Commercial experienced tremendous new business growth. In 2025, we continue to see incremental growth led by Lexington Middle Market, Western World and our alternative businesses. It's worth noting that the submission count in our Lexington business continues to be very strong, increasing 28% year-over-year.

第二季度，全球商業持續強勁創造新業務，業務額接近 14 億美元，較去年同期成長 7%。2024年，北美商業經歷了巨大的新業務成長。2025 年，我們將繼續看到由列剋星敦中間市場、西方世界和我們的另類業務引領的增量成長。值得注意的是，我們列剋星敦業務的提交數量持續保持強勁，年增 28%。

International Commercial produced very strong new business in Specialty with a 35% increase from the prior year quarter, led by Marine and Energy. In addition, Global Commercial had very strong renewal retention across North America Commercial and International Commercial of 88%. Global Personal net premiums written decreased 3%.

國際商業在專業領域取得了非常強勁的新業務，較去年同期成長了 35%，其中海洋和能源業務表現最為出色。此外，全球商業在北美商業和國際商業的續約保留率非常高，達到 88%。全球個人淨保費下降 3%。

As I discussed on previous earnings call, we entered into a high-net-worth quota share reinsurance treaty with strategic partners that is driving profitability improvement of the portfolio; however, it had a six-point negative impact to Global Personal net premiums written growth in the quarter.

正如我在上次財報電話會議上所討論的那樣，我們與戰略合作夥伴簽訂了高淨值配額再保險協議，這推動了投資組合盈利能力的提高；然而，它對本季度全球個人淨保費增長產生了 6 個百分點的負面影響。

Turning to expenses. Keith will go into more detail in his remarks, but I wanted to make a few points. Our General Insurance expense ratio was 31%, a 50 basis points improvement year-over-year. For the first half of 2025, the General Insurance expense ratio was 30.8% compared to 31.6% for the prior year period. The General Insurance business has continued to absorb expenses that used to reside in other operations.

談到費用。基斯將在他的發言中更詳細地闡述，但我想提出幾點。我們的一般保險費用率為 31%，較去年同期改善 50 個基點。2025 年上半年，一般保險費用率為 30.8%，而去年同期為 31.6%。一般保險業務持續吸收過去屬於其他業務的費用。

In addition, we've made meaningful investments in cybersecurity and Gen AI and the costs for both are being absorbed in the businesses. For other operations, general operating expenses were $90 million in the quarter and $175 million for the first half of 2025. This is in line with a $350 million annual run rate for parent expenses for 2025, which is simply an outstanding result.

此外，我們在網路安全和人工智慧方面進行了有意義的投資，這兩項成本都由業務吸收。對於其他業務，本季一般營運費用為 9,000 萬美元，2025 年上半年一般營運費用為 1.75 億美元。這與 2025 年家長費用每年 3.5 億美元的運行率相符，這簡直是一個出色的結果。

Now I'd like to take a moment to cover the Property Insurance market and the competitive nature of the rate environment, particularly in large account property as we enter wind season in the United States. This has been one of the most widely discussed topics in the industry, and I thought it was worth spending a few minutes outlining a technical view of AIG's underwriting approach to our US property portfolio in this environment.

現在我想花點時間介紹一下財產保險市場和利率環境的競爭性質，特別是在美國進入風電季節之際，大額財產保險市場的情況。這是業界討論最廣泛的話題之一，我認為值得花幾分鐘時間從技術角度概述 AIG 在這種環境下對我們美國房地產投資組合的承保方式。

My comments will focus on US property because our International Property portfolio is experiencing very different market dynamics. It has terrific results and a rate environment that is currently positive. Our US property business has been one of the best stories for AIG during the repositioning of our underwriting portfolio. What used to be a highly unprofitable portfolio with massive limits, combined ratios of 120 or greater and significant volatility accompanied with outside catastrophe losses has now become one of the most profitable lines of business for AIG.

我的評論將集中在美國房地產，因為我們的國際房地產投資組合正在經歷非常不同的市場動態。它取得了出色的業績，目前的利率環境也十分積極。在 AIG 重新定位承保組合期間，美國房地產業務一直是其最成功的案例之一。這個曾經極其無利可圖的投資組合，限額巨大，綜合成本率高達 120 或更高，波動性極大，還伴隨外部災難損失，現在卻成為了 AIG 最賺錢的業務之一。

Even in the current environment, our portfolio has been performing exceptionally well across Retail Property and Lexington wholesale large account, where on average, pricing decreases have been 11% and Lexington Middle Market property was largely flat. Since 2018, Retail Property and Lexington wholesale large account, cumulative rate increases have been 135% and 120%, respectively, and Lexington Middle Market has had cumulative rate increases of 90%.

即使在當前環境下，我們的投資組合在零售房地產和列剋星敦批發大宗客戶方面也表現異常出色，平均價格下降了 11%，而列剋星敦中型市場房地產基本持平。自 2018 年以來，零售房地產和列剋星敦批發大額帳戶的累積費率分別上漲了 135% 和 120%，列剋星敦中部市場的累積費率上漲了 90%。

Additionally, over the last several years, accident year combined ratios, as adjusted have been below 60% on average for both Retail and Wholesale Property. Further, and an important distinction, approximately 90% of our large account property, Retail and Wholesale, is placed on a shared and layered basis, which means nonconcurrent pricing and nonconcurrent terms on that placement.

此外，過去幾年中，零售和批發財產的事故年度綜合比率（經調整）平均低於 60%。此外，一個重要的區別是，我們大約 90% 的大客戶資產（零售和批發）都是以共享和分層的方式放置的，這意味著這種放置的定價和條款並不一致。

This allows us to establish differentiated pricing and policy wording coverages and exclusions for the limits we deploy for each risk. And when we report out our rate increases or decreases it is against the pricing that we established for our layer, not the index of the average pricing of the market for that placement.

這使我們能夠針對每種風險部署的限額制定差異化的定價和保單措辭承保範圍和除外責任。當我們報告費率增加或減少時，它是根據我們為我們的層級設定的定價，而不是根據該層級的市場平均定價指數。

Also, with shared and layer placements, most of the business is net of commission. This means it has a very low acquisition expenses. In AIG's case, Retail Property has an acquisition ratio of approximately 1%. Inherently, it therefore has a higher loss ratio as the total premium includes very little expenses to gross up. In contrast, a Middle Market portfolio, which for AIG is 35% of our total property book has different characteristics.

此外，對於共享和分層佈局，大部分業務都是扣除佣金後的淨額。這意味著它的收購費用非常低。以AIG為例，零售房地產的收購比例約為1%。從本質上講，由於總保費中包含的累積費用很少，因此它的損失率較高。相較之下，中型市場投資組合（對於 AIG 而言佔其全部房地產帳簿的 35%）則具有不同的特性。

Middle Market accounts, have higher acquisition expense ratio and total expense ratio that translates to lower loss ratios because the total premium has grossed up through a higher total expense load. When reviewing the quality and profitability of our property portfolio at a high level, in addition to excellent individual risk underwriting, you should also have a technical view of the following components.

中型市場帳戶具有更高的收購費用率和總費用率，這意味著更低的損失率，因為總保費已透過更高的總費用負擔增加。在高層次審查我們的房地產投資組合的品質和盈利能力時，除了出色的個人風險承保外，還應該從技術角度看待以下組成部分。

Let's start with catastrophe. You need a proper analysis of potential CAT layers using extensive modeling, along with an accurate view of exposure and appropriate funding for CAT risks including comprehensive reinsurance at all appropriate return periods and tail risk. Then you should review average annual losses or AAL, which are CAT losses that are within your net retention below your Property CAT Reinsurance program that typically for lower return periods, net retained catastrophe requires an appropriate risk load.

讓我們從災難開始。您需要使用廣泛的模型對潛在的 CAT 層進行適當的分析，同時準確了解 CAT 風險暴露並為其提供適當的資金，包括所有適當的回報期和尾部風險的綜合再保險。然後，您應該審查平均年度損失或 AAL，即您的財產 CAT 再保險計劃下的淨保留額內的 CAT 損失，通常對於較低的回報期，淨保留災難需要適當的風險負荷。

Also important are vertical single losses that are typically protected with property per risk reinsurance. And finally, you should consider attritional loss selections with an appropriate risk margin. When you analyze each of these components, I believe our approach has been conservative with respect to each variable. Why do I feel this way? The reason is we have a clear and detailed understanding of our fully loaded reinsurance CAT costs.

同樣重要的是垂直單一損失，通常透過財產風險再保險來保護。最後，您應該考慮具有適當風險邊際的損耗選擇。當你分析每一個組成部分時，我相信我們的方法對每個變數都是保守的。我為什麼會有這種感覺？原因是我們對全額再保險 CAT 成本有清晰而詳細的了解。

We've been able to purchase reinsurance at low attachment points and have high exhaust limits. And importantly, these costs are fully embedded into our insurance pricing. This year, our risk-adjusted pricing decreases for reinsurance are at or greater than the pricing decreases on our primary business, limiting the impact of the rate environment on our net loss ratios. This would not be the case if you chose to take these layers net.

我們已經能夠以較低的附著點購買再保險，並且具有較高的排氣限制。重要的是，這些成本已完全包含在我們的保險定價中。今年，我們再保險的風險調整價格下降幅度等於或大於我們主要業務的價格下降幅度，這限制了利率環境對我們淨損失率的影響。如果您選擇採用這些層網絡，情況就不會如此。

Even with a significant increase in frequency of CATs, our AALs have been roughly equal to or greater than our actual experience over the past three years. On single large losses, we have significant protection on property per risk with reinsurance attaching at $25 million and exhausting in excess of $600 million. This is another strategic choice to reduce volatility, and we have fully embedded this cost into our pricing.

即使 CAT 的頻率顯著增加，我們的 AAL 大致等於或大於過去三年的實際經驗。對於單筆巨額損失，我們對每筆風險的財產都提供了顯著的保護，附加再保險金額為 2500 萬美元，而損失金額則超過 6 億美元。這是降低波動性的另一個策略選擇，我們已將這一成本完全嵌入到我們的定價中。

We've also benefited from risk-adjusted pricing decreases on our property per risk treaties. The outcome of all of these variables is that our attritional loss ratios over the past three years have performed better than our expected accident year loss ratio picks. As I noted, another critical component of the loss projection is how much risk margin you have embedded as part of the ultimate accident year loss ratio.

我們也受惠於以風險條約計算的財產風險調整價格的下降。所有這些變數的結果是，我們過去三年的損耗率表現優於我們預期的事故年份損耗率。正如我所指出的，損失預測的另一個關鍵組成部分是，在最終事故年損失率中嵌入了多少風險保證金。

In our case, that market has continued to expand as a result of our exceptional underwriting and cumulative rate increases. When developing our loss picks, we include a risk margin that ranges from 10% to 20% depending on the segment of business. We've structured our portfolio to manage through various cycles. Going forward, we're looking to maintain our US.

就我們而言，由於我們出色的承保能力和累積費率的提高，該市場持續擴大。在製定損失選擇時，我們會根據業務部門將風險保證金納入 10% 至 20% 的範圍內。我們已經建立了投資組合來管理各個週期。展望未來，我們希望維護我們的美國。

property portfolio, which is evidenced through our strong retention, growing where it makes sense for us based on risk-adjusted returns. And when market conditions warrant, we have the ability to pivot quickly. When you take into consideration all of these components of our property portfolio, we expect in the current environment to deliver strong profitability in both Retail and Wholesale property.

房地產投資組合，這透過我們強大的保留率得到證明，根據風險調整後的回報，在對我們有意義的地方實現成長。當市場條件允許時，我們有能力迅速做出調整。當您考慮到我們房地產投資組合的所有這些組成部分時，我們預計在當前環境下零售和批發房地產都將實現強勁的盈利能力。

Now I'd like to provide an update on our operational accomplishments. At the end of 2023, we launched AIG Next to create a leaner, more simplified and more effective organization supported by the right infrastructure and capabilities while achieving at least $500 million in run rate savings. We embarked on this journey by pursuing a number of key initiatives.

現在我想介紹一下我們營運成果的最新情況。2023 年底，我們推出了 AIG Next，旨在創建一個更精簡、更簡化、更有效率的組織，並在適當的基礎設施和能力的支持下，實現至少 5 億美元的運行率節約。我們透過實施一系列重要措施踏上了這一征程。

First, we created a lean parent company with costs aligned to being a public company, representing 1% to 1.5% of net premiums earned. In 2023, other operations expenses were approximately $1 billion. In order to achieve our future state parent expenses, we transferred $300 million as part of the Corebridge Financial divestiture. We either eliminated or reapportioned the remaining $350 million into our General Insurance businesses.

首先，我們創建了一個精實的母公司，成本與上市公司保持一致，佔淨保費收入的 1% 至 1.5%。2023年，其他營運支出約為10億美元。為了實現我們未來的州母公司支出，我們轉移了 3 億美元作為 Corebridge Financial 資產剝離的一部分。我們將剩餘的 3.5 億美元取消或重新分配到我們的一般保險業務中。

Second, we drove global consistency and local relevancy across our end-to-end processes including centralizing our treasury and capital activities to create global enterprise standards. Third, we reduced organizational complexity through the creation of three distinct business segments: North America Commercial, International Commercial and Global Personal, which has led to better and differentiated experiences for our clients and partners. Fourth, we restructured and simplified our underwriting and claims organizations to accelerate and scale our data, digital and Gen AI strategy.

其次，我們推動端到端流程的全球一致性和本地相關性，包括集中財務和資本活動以創建全球企業標準。第三，我們透過創造三個不同的業務部門（北美商業、國際商業和全球個人）降低了組織複雜性，為我們的客戶和合作夥伴帶來了更好、更差異化的體驗。第四，我們重組並簡化了核保和索賠組織，以加速和擴大我們的數據、數位和 Gen AI 策略。

And finally, we advanced our technology transformation and modernized our infrastructure, which included, among other initiatives, the elimination of 1,200 legacy applications. As we did with AIG 200 and our underwriting turnaround, I'm very pleased to share that we've achieved our objectives ahead of schedule. We actioned over $530 million of annual run rate expense savings with over $500 million realized through the second quarter.

最後，我們推進了技術轉型並實現了基礎設施現代化，其中包括淘汰 1,200 個遺留應用程式等措施。正如我們在 AIG 200 和承保轉型中所做的那樣，我很高興地告訴大家，我們已經提前實現了我們的目標。我們實施了超過 5.3 億美元的年度運行費用節省，其中第二季已節省超過 5 億美元。

I often say that one of the most impressive differentiators of AIG is our colleagues' ability to execute multiple complex strategic initiatives at the highest quality. The accelerated results that we've achieved through AIG Next are a testament to our culture of teamwork and willingness to execute at pace across the company.

我經常說，AIG 最令人印象深刻的差異化因素之一是我們的同事能夠以最高品質執行多項複雜的策略舉措。我們透過 AIG Next 所取得的加速成果證明了我們團隊合作的文化以及在整個公司範圍內快速執行的意願。

We thought it would be helpful to provide perspective on the Russia aviation-related claims, a complex industry topic in the headlines. These aviation insurance exposures are related to aircraft leased to Russian airlines that were kept in Russia after the invasion of Ukraine.

我們認為，對俄羅斯航空相關索賠提供觀點是有幫助的，這是一個頭條新聞中複雜的行業主題。這些航空保險風險與烏克蘭入侵後租賃給俄羅斯航空公司並留在俄羅斯的飛機有關。

As you may recall, airline lessors are seeking compensation under contingent and possessed as well as operator policies covering both all risks and war apparels. On June 11, a judgment was issued in a legal proceeding in the U.K. in which a number of lessors led by AerCap brought claims against insurers that issued contingent and possess policies to them.

您可能還記得，航空公司出租人正在根據涵蓋一切險和戰爭裝備的附帶險和擁有險以及運營商險尋求賠償。6 月 11 日，英國一宗法律訴訟案中，以 AerCap 為首的多家租賃商向向其簽發附帶保單和擁有保單的保險公司提起索賠，並做出了判決。

In that judgment, the U.K. High Court ruled that the lessors suffered a covered war loss as a result of actions that the Russian government took in March of 2022. This decision aligns broadly with several prior rulings in the US. As we said at the outset, this was an unusual event for the industry with complicated issues, including whether covered loss occurred and when? Which peril triggered coverage?

在該判決中，英國高等法院裁定，由於俄羅斯政府在 2022 年 3 月採取的行動，出租人遭受了保險戰爭損失。該判決與美國先前的幾項裁決大致一致。正如我們一開始所說，這對該行業來說是一個不尋常的事件，其中的問題很複雜，包括承保損失是否發生以及何時發生？哪種風險觸發了核保？

Did the lessors take appropriate steps to mitigate losses? Should sanctions apply? And which policy should respond? Contingent and possessed or operator? The situation was further complicated by the fact that many policyholders were quick to file coverage litigation, which significantly delayed the loss adjustment process.

出租人是否採取了適當的措施來減少損失？是否應該實施制裁？又該採取什麼政策來因應呢？偶然且擁有還是操作者？由於許多保單持有人迅速提起保險範圍訴訟，大大延遲了損失調整過程，情況變得更加複雜。

Despite these complexities, AIG, along with other insurers, made a concerted effort early to engage with policyholders in a unified manner to resolve the claims consensually reflecting the intent of the policies, which were written on a subscription basis in the London market.

儘管存在這些複雜性，AIG 還是與其他保險公司一起，儘早做出共同努力，以統一的方式與保單持有人協商解決索賠問題，以反映保單的意圖，這些保單是在倫敦市場以訂閱方式簽訂的。

Unfortunately, the market participants were not able to agree on a solution, which is often the case in our industry and litigation proceeded in multiple jurisdictions, most notably in the U.K. In the U.K. proceeding, AIG was the lead all-risk representative defendant and as such, advance the position that any losses by AerCap should fall to the war cover, which was eventually adopted by the court.

不幸的是，市場參與者未能就解決方案達成一致，這種情況在我們這個行業中很常見，訴訟在多個司法管轄區進行，最著名的是英國。在英國的訴訟中，AIG 是全險代表主要被告，因此，AerCap 的任何損失都應由戰爭保險承擔，這一立場最終被法院採納。

It's worth noting that AIG sought to and successfully settled all other claims under contingent and possessed policies in the U.K. proceeding prior to the AerCap ruling and, in many instances, obtained releases of our exposure under any applicable operator policies. With regard to the operator policies, there is a separate U.K. proceeding concerning claims that lessors have brought against AIG and several other insurers.

值得注意的是，在 AerCap 裁決之前，AIG 已在英國的訴訟程序中尋求並成功解決了附帶和擁有政策下的所有其他索賠，並且在許多情況下，根據任何適用的運營商政策獲得了我們風險敞口的釋放。關於營運商政策，英國有一項單獨的訴訟程序，涉及出租人對 AIG 和其他幾家保險公司提起的索賠。

We believe these operator claims face significant hurdles given among other factors that the relevant aircraft continue to be used by the Russian operators. Like many in the market, AIG wrote both all-risk and war policies. Early on, we conducted a thorough evaluation of the potential net financial impact of these claims on AIG, factoring in the complex coverage issues and all applicable reinsurance and barrier scenarios.

我們認為，這些運營商的索賠面臨重大障礙，因為相關飛機繼續由俄羅斯運營商使用等因素。與市場上的許多公司一樣，AIG 也發行了全險和戰爭險保單。在早期，我們對這些索賠對 AIG 的潛在淨財務影響進行了全面評估，考慮到了複雜的承保問題以及所有適用的再保險和障礙情境。

As a result of this analysis, as I have stated previously, we prudently reserved for our expected net loss exposure and the outcome in the AerCap case, along with the settlements in other cases have been in line with our expected net loss estimates. Now let me take a few minutes to provide an update on our Gen AI work, which continues to accelerate while generating significant interest among our stakeholders.

根據這項分析，正如我之前所說，我們謹慎地保留了預期的淨虧損敞口，而 AerCap 案的結果以及其他案件的和解均符合我們預期的淨虧損估計。現在，請容許我花幾分鐘時間介紹我們的 Gen AI 工作的最新進展，這項工作正在持續加速發展，同時也引起了利害關係人的極大興趣。

At our Investor Day, we provided an overview of our Gen AI approach and how we're deploying Gen AI end-to-end across the core business to power our underwriting business. Specifically, we talked about how we're leveraging large language models, our Agentic ecosystem of capabilities and our partnerships with AWS, Palantir and Entropic, among others.

在我們的投資者日，我們概述了我們的 Gen AI 方法，以及我們如何在核心業務中端到端部署 Gen AI 以支援我們的核保業務。具體來說，我們討論瞭如何利用大型語言模型、我們的 Agentic 能力生態系統以及與 AWS、Palantir 和 Entropic 等公司的合作夥伴關係。

We laid out our framework, which is built around data ingestion, augmentation and prioritization powered by our Agentic AI ecosystem. We first deployed AIG underwriter assistance to our product non-for-profit business and Financial Lines at the end of the first quarter, and the early results are very promising.

我們制定了我們的框架，該框架圍繞著由我們的 Agentic AI 生態系統提供支援的資料提取、增強和優先順序建構。我們在第一季末首次向我們的產品非營利業務和金融業務部署了AIG承銷商援助，早期結果非常令人鼓舞。

Submission ingestion has increased by 4x and the submit-to-find ratio has increased by 20% from the baseline. Looking forward, we remain on track to introduce AIG underwriter assistance for our Lexington Middle Market, Property & Casualty businesses in the third quarter of this year and across all of North America Commercial, U.K., and EMEA Commercial lines in 2026, and we continue to explore opportunities to accelerate our rollout.

與基線相比，提交量增加了 4 倍，提交與查找比率增加了 20%。展望未來，我們仍有望在今年第三季為我們的列剋星敦中部市場、財產和意外險業務推出 AIG 承保援助，並在 2026 年為整個北美商業、英國和 EMEA 商業業務推出 AIG 承保援助，並且我們將繼續探索加速推出的機會。

As we scale Gen AI across underwriting, we've also been building AIG claims assistance. We have successfully configured the core Gen AI capabilities of ingestion, augmentation and prioritization that we built for AIG underwriter assistance to support claims. With this framework, we can ingest unstructured data to expedite of loss, prioritize claims assignments and augment claims adjusters investigations with relevant, external multimodal data from approved sources.

隨著我們在承保範圍內推廣 Gen AI，我們也一直在建立 AIG 索賠援助。我們已經成功配置了為 AIG 承保人援助構建的攝取、增強和優先級核心 Gen AI 功能，以支援索賠。透過該框架，我們可以提取非結構化資料來加快損失處理、確定索賠任務的優先順序，並使用來自認可來源的相關外部多模式資料來增強理賠員的調查。

For claims, we've been training large language models to extract and organize key insights automatically to enable claims adjusters to make more informed decisions faster than ever in order to fulfill our promise of helping our clients when they need us most. We've conducted preliminary testing on the first notice of loss process, which is the first report made to an insurer about a potential claim. In our sample, the processing time has decreased from days to hours.

對於索賠，我們一直在訓練大型語言模型來自動提取和組織關鍵見解，使索賠理賠員能夠比以往更快地做出更明智的決策，以履行我們在客戶最需要我們時為他們提供幫助的承諾。我們已經對首次損失通知流程進行了初步測試，這是向保險公司提交的有關潛在索賠的第一份報告。在我們的樣本中，處理時間從幾天減少到幾小時。

We've also seen cycle time for coverage and endorsement reviews, a key part of a coverage assessment, decreased from hours to minutes. Our objective with these advanced tools is to enable more technical reviews, provide our underwriting and claims experts with more insight and capabilities, reduce cycle time, significantly enhanced decision-making and meaningfully improved service to our clients and partners. Foundational to this work is oncology.

我們還發現，覆蓋範圍和認可審查（覆蓋範圍評估的關鍵部分）的週期時間從幾小時減少到幾分鐘。我們使用這些先進工具的目標是實現更多的技術審查，為我們的核保和索賠專家提供更多的洞察力和能力，縮短週期時間，顯著增強決策能力，並為我們的客戶和合作夥伴提供更優質的服務。這項工作的基礎是腫瘤學。

You will hear a lot more on this topic in the coming quarters, especially as we make more progress with our rollout. We've been building our AIG Ontology since we began our work in AI. It reflects an intent to create a digital twin of our business, representing all key data, processes, business logic and a map of relationships across businesses and functions.

在接下來的幾個季度中，您將聽到更多關於這個主題的內容，特別是當我們在推廣方面取得更多進展時。自從我們開始從事人工智慧工作以來，我們一直在建立我們的 AIG 本體。它反映了我們創建業務數位孿生的意圖，代表所有關鍵數據、流程、業務邏輯以及跨業務和職能的關係圖。

Ontology is critical for deploying large language models. It brings together the relevant data sets that define the components of our insurance business, integrates and sequences them and then models how they relate to one another. Our ontology will create a clear record of any actions taken, which will inform business logic and provide the ability to audit agents activities. We've seen an acceleration since Investor Day as large tech companies have made significant capital expenditure commitments to further advance Gen AI capabilities. I'm very encouraged with the progress that AIG is making.

本體對於部署大型語言模型至關重要。它匯集了定義我們保險業務組成部分的相關資料集，對其進行整合和排序，然後模擬它們之間的關係。我們的本體將對所採取的任何行動創建清晰的記錄，這將告知業務邏輯並提供審計代理活動的能力。自投資者日以來，我們看到了加速發展，因為大型科技公司已做出大量資本支出承諾，以進一步提升 Gen AI 能力。我對 AIG 所取得的進展感到非常鼓舞。

With that overview, I will now turn the call over to Keith.

概述完畢後，我現在將電話轉給 Keith。

Thank you, Peter, and good morning. I'm going to expand on the financial highlights for the quarter. Overall, total adjusted pretax income, or APTI, was $1.4 billion, an increase of 37% from the prior year quarter. This was driven by excellent results from the business and focused execution of our investment portfolio strategy. General Insurance gross premiums written were $10.1 billion in the second quarter, an increase of 4% from the prior year.

謝謝你，彼得，早安。我將詳細介紹本季的財務亮點。整體而言，調整後稅前總收入（APTI）為 14 億美元，較去年同期成長 37%。這是由業務的出色表現和投資組合策略的重點執行所推動的。第二季度，一般保險毛保費為 101 億美元，比上年增長 4%。

Net premiums written were $6.9 billion, an increase of 1%. For the second quarter, General Insurance accident year combined ratio as adjusted was 88.4%, an increase of 80 basis points over the prior year quarter. I'll unpack the loss ratio when I cover the segments.

淨保費收入為 69 億美元，成長 1%。第二季度，調整後的一般保險事故年度綜合比率為 88.4%，比去年同期增加 80 個基點。當我講到各個部分時，我會解釋損失率。

Looking at expenses. In the second quarter, General Insurance expense ratio was 31.0%, a 50 basis points increase year-over-year. General Insurance absorbed $83 million of additional expenses that were booked in other operations in the second quarter of 2024. We remain on track to reduce our expense ratio below 30% by 2027.

查看費用。第二季度，一般保險費用率為31.0%，較去年同期增加50個基點。一般保險吸收了 2024 年第二季計入其他業務的 8,300 萬美元額外費用。我們仍有望在 2027 年前將費用率降低至 30% 以下。

Moving to catastrophes. Charges for the quarter totaled $170 million or 2.9 loss ratio points. Prior year development for the quarter net of reinsurance was $128 million favorable, which included $97 million of favorable loss reserve development and $31 million of ADC amortization. The favorable development primarily stemmed from workers' compensation, largely driven by favorable trends on excess of loss sensitive business. US property and special risks also developed favorably.

走向災難。本季費用總計 1.7 億美元，損失率為 2.9 個百分點。去年同期本季的再保險淨額為 1.28 億美元，其中包括 9,700 萬美元的損失準備金和 3,100 萬美元的 ADC 攤銷。這一良好發展主要源於工人賠償，這在很大程度上受到損失敏感業務過度有利趨勢的推動。美國財產和特殊風險也出現良好發展。

We strengthened US Casualty by $106 million, which is driven by mass tort and older accident years, of which the vast majority is in accident years 2015 and prior, which are covered by the ADC. We also reapportioned some of the uncertainty provision in casualty lines into the more recent accident years as we outlined in the fourth quarter.

我們增加了 1.06 億美元的美國傷亡保險，這主要是由於大規模侵權行為和較早的事故年份所致，其中絕大多數發生在 2015 年及之前的事故年份，這些年份均在 ADC 的承保範圍內。正如我們在第四季度概述的那樣，我們還將傷亡險中的部分不確定性準備金重新分配到最近的事故年份。

This is a prudent measure given broader litigation and inflationary trends in the industry. This was not related to any observable deterioration in our book. The General Insurance calendar year combined ratio was outstanding at 89.3%, a 320 basis points improvement compared to the prior year quarter.

鑑於該行業更廣泛的訴訟和通膨趨勢，這是一項審慎的措施。這與我們帳簿上任何可觀察到的惡化無關。一般保險年度綜合成本率為 89.3%，較去年同期改善 320 個基點。

Now moving to the segments. North America Commercial accident year combined ratio as adjusted was 86.2%, an increase of 150 basis points over the prior year quarter. The accident year loss ratio of 63.1% was up 120 basis points, owing to changes in business mix as our casualty business grew, and we pulled back on property.

現在轉到各個部分。北美商業事故年度調整後的綜合成本率為 86.2%，比去年同期增加 150 個基點。事故年度損失率為 63.1%，上升了 120 個基點，這是由於我們的意外險業務增長，業務組合發生變化，而我們減少了財產險業務。

Increased prudence in our 2025 loss picks predominantly in casualty lines given mass tort and general litigation trends and reapportionment of unallocated loss adjustment expenses into the loss ratio, largely related to lean parent implementation. The expense ratio was up 30 basis points to 23.1%, also driven by lean parent implementation.

鑑於大規模侵權行為和一般訴訟趨勢，以及未分配損失調整費用重新分配到損失率中，我們對 2025 年損失的選擇更加謹慎，主要集中在傷亡險種，這主要與精益母公司的實施有關。費用率上升了 30 個基點，達到 23.1%，這也是由於精實母公司的實施。

The quarter included 470 basis points of catastrophe losses and 500 basis points of favorable prior year development. North America Commercial calendar year combined ratio was 85.9%, an improvement of 430 basis points from the prior year. Turning to International Commercial. The accident year combined ratio as adjusted was 85.0%, an increase of 290 basis points.

本季度包括 470 個基點的災難損失和 500 個基點的上年有利發展。北美商業日曆年綜合成本率為 85.9%，較前一年改善 430 個基點。轉向國際商業。調整後的事故年度綜合比率為85.0%，增加了290個基點。

The accident year loss ratio was 54.2%, a 160 basis points increase year-over-year, reflecting lean parent implementation, additional conservatism in lines facing macro uncertainties and changes in business mix. The expense ratio rose 130 basis points to 30.8%, driven by lean parent.

事故年度損失率為 54.2%，較上年同期增加 160 個基點，反映出母公司精實實施、面臨宏觀不確定性的險種採取額外保守態度以及業務組合發生變化。受精實母公司的影響，費用率上升了 130 個基點，達到 30.8%。

This quarter included 140 basis points of catastrophe losses and 50 basis points of favorable prior year development. The International Commercial calendar year combined ratio was 85.9%, a 270 basis points improvement year-over-year. This is the ninth consecutive quarter of a sub-90% combined ratio and speaks to the high quality of our portfolio.

本季包括 140 個基點的災難損失和 50 個基點的上年有利發展。國際商業日曆年綜合成本率為 85.9%，較去年同期改善 270 個基點。這是連續第九個季度綜合成本率低於 90%，證明了我們投資組合的高品質。

Turning to Global Personal. The accident year combined ratio as adjusted was 96.1%, a 120 basis points improvement adjusting for the divested travel business. The accident year loss ratio was down 160 basis points to 54.2% driven by lower reinsurance costs, increased earned premiums as well as stronger underlying profitability.

轉向全球個人。調整後的事故年度綜合比率為 96.1%，根據剝離的旅遊業務進行調整後，提高了 120 個基點。由於再保險成本下降、已賺取保費增加以及基本盈利能力增強，事故年度損失率下降了 160 個基點，至 54.2%。

The expense ratio was up 40 basis points to 41.9%, also driven by lean parent implementation. This quarter included 240 basis points of catastrophe losses and no prior year development. The Global Personal calendar year combined ratio was 98.5% and an improvement of 170 basis points year-over-year. We continue to make progress increasing the profitability of our Global Personal business, as outlined at Investor Day.

費用率上升了 40 個基點，達到 41.9%，這也是由於精實母公司的實施所致。本季的災難損失為 240 個基點，且沒有上年的發展。全球個人日曆年綜合成本率為 98.5%，較去年同期改善 170 個基點。正如投資者日所概述的，我們在提高全球個人業務盈利能力方面繼續取得進展。

Moving to rates. Peter has already provided a detailed perspective on the property market, so my comments will focus on other lines. Market conditions for pricing have remained largely stable and consistent outside of property. Excluding the property business, our North America commercial pricing increased in the quarter by 6%, which is in line with loss cost trends.

轉向利率。彼得已經對房地產市場提供了詳細的看法，因此我的評論將集中在其他方面。房地產以外的市場定價條件基本上保持穩定和一致。不包括房地產業務，我們北美商業定價在本季上漲了 6%，這與損失成本趨勢一致。

In North America Casualty, we continue to see price firming, especially in the excess casualty space with pricing up 17%. Primary Casualty saw 12% pricing increases, which were above loss cost trends. In North America Financial Lines, pricing reductions moderated to down 2%, which is the lowest level of decrease since rates moved negative in the second quarter of 2022 and was 3 points better than the first quarter.

在北美意外險領域，我們繼續看到價格走強，尤其是超額意外險領域，價格上漲了 17%。Primary Casualty 的定價上漲了 12%，高於損失成本趨勢。在北美金融業務中，價格下調幅度放緩至 2%，這是自 2022 年第二季利率轉為負值以來的最低降幅，比第一季好 3 個百分點。

Moving to International Commercial. Overall pricing was down 3%. Global Specialty pricing was down 6%, Talbot down 3%, and Financial Lines down 4%. The AIG's well-diversified global portfolio allows us to manage across geography and products, prioritizing lines of business that offer the most compelling risk-adjusted returns while navigating a complex and dynamic global insurance market.

轉向國際商業。整體價格下降了3%。Global Specialty 價格下跌 6%，Talbot 價格下跌 3%，Financial Lines 價格下跌 4%。AIG 高度多元化的全球投資組合使我們能夠跨地域和產品進行管理，優先考慮提供最具吸引力的風險調整回報的業務線，同時應對複雜而動態的全球保險市場。

Moving to other operations. Second quarter adjusted pretax loss was $106 million versus the prior year quarter of $163 million. This reflects a significant reduction in general operating expense and lower interest expense, partially offset by lower net investment income.

轉至其他操作。第二季調整後稅前虧損為 1.06 億美元，去年同期為 1.63 億美元。這反映了一般營運費用和利息支出的大幅減少，但被淨投資收入的減少部分抵消。

Adjusted for travel, the total general operating expenses across both General Insurance and other operations were $867 million in the second quarter, up 1% from the prior year. This small increase in GOE compares to 6% growth in net premiums earned. For the first half of 2025 total GOE was $1.7 billion, down 3% year-over-year, while net premiums earned grew by 4%.

經差旅調整後，第二季一般保險和其他業務的總營運費用為 8.67 億美元，比上年增長 1%。GOE 的這一小幅增長與淨保費收入 6% 的增長相比。2025 年上半年，總 GOE 為 17 億美元，年減 3%，而淨保費收入成長了 4%。

This is an excellent outcome, especially considering our continual investments in data, digital and Gen AI capabilities and reflects positive operating leverage from our expense discipline. The second quarter net investment income on an APTI basis was $955 million, an increase of $76 million year-over-year. General Insurance net investment income was $871 million, growing 17% year-over-year.

這是一個非常好的結果，特別是考慮到我們在數據、數位和 Gen AI 能力方面的持續投資，並反映了我們費用控制帶來的積極營運槓桿。以 APTI 計算，第二季淨投資收益為 9.55 億美元，較去年同期增加 7,600 萬美元。一般保險淨投資收入為 8.71 億美元，年增 17%。

The increase was driven by fixed maturity securities owing to the optimization of our lower-yielding portfolios, asset growth, higher reinvestment yields and an adjustment of interest income primarily from the first quarter. For the first half of 2025, General Insurance net investment income was $1.6 billion and grew 7% year-over-year. This is a better indicator of our expected run rate for the full year, subject to market conditions.

這一成長主要得益於固定期限證券的推動，這得益於我們低收益投資組合的最佳化、資產成長、再投資收益率的提高以及主要從第一季度開始的利息收入的調整。2025 年上半年，一般保險淨投資收入為 16 億美元，較去年同期成長 7%。根據市場情況，這是我們全年預期運行率的更好指標。

During the second quarter, the average new money yield on the fixed maturity and loan portfolio was roughly 110 basis points higher than sales and maturities. Other operations net investment income of $88 million declined $48 million over the prior year quarter and reflects income from our parent liquidity portfolio of $58 million and Corebridge Financial dividend income of $27 million.

第二季度，固定期限貸款組合的平均新資金收益率比銷售額和期限收益率高出約 110 個基點。其他業務淨投資收入為 8,800 萬美元，比去年同期減少 4,800 萬美元，反映了我們母公司流動性投資組合的 5,800 萬美元收入和 Corebridge Financial 股息收入 2,700 萬美元。

Yesterday, we announced the sale of another 30 million shares of Corebridge Financial with proceeds of approximately $1 billion. This brings our ownership to roughly 15%. Peter already provided some detail on capital management in his remarks. Based on our current liquidity and cash flow profile, we anticipate being at the high end of our 2025 share repurchase guidance range of $5 billion to $6 billion, subject to market conditions.

昨天，我們宣布再出售 3,000 萬股 Corebridge Financial 股票，收益約 10 億美元。這使我們的所有權達到約 15%。彼得在他的評論中已經提供了一些有關資本管理的細節。根據我們目前的流動性和現金流狀況，我們預計 2025 年股票回購指引範圍的高端將為 50 億美元至 60 億美元，但具體金額取決於市場情況。

Turning to dividends. We increased our quarterly dividend in the second quarter by 12.5% to $0.45 per share delivering a third straight year of double-digit growth. Turning to liability management. We have made significant progress over the last several years improving our financial strength and flexibility.

談到股息。我們將第二季的季度股息提高了 12.5%，達到每股 0.45 美元，連續第三年實現兩位數成長。轉向負債管理。過去幾年，我們在提高財務實力和靈活性方面取得了重大進展。

In May, we issued $1.25 billion of debt, upsizing the offering as a result of significant demand. The proceeds were partially used to retire $830 million of debt effectively managing our maturity ladder. As a result, we have no material debt maturities in 2025 and 2026. We ended the quarter with approximately $9 billion of debt outstanding and a debt to total capital ratio of 17.9% amongst the lowest in our peer group.

5 月份，我們發行了 12.5 億美元的債務，由於需求旺盛，發行規模有所擴大。所得款項部分用於償還 8.3 億美元的債務，有效管理我們的到期階梯。因此，我們在 2025 年和 2026 年沒有重大債務到期。本季結束時，我們的未償債務約為 90 億美元，債務與總資本比率為 17.9%，在同業中處於最低水準。

As Peter already mentioned, but it bears stating again, during the second quarter, AIG's major insurance subsidiaries received financial strength upgrades from S&P to AA- from A+, and Moody's to A1 from A2. These actions speak to the strength and stability of AIG are a meaningful validation from our key stakeholders and represent the collective hard work of our colleagues over several years.

正如彼得已經提到的，但值得再次指出的是，在第二季度，AIG 的主要保險子公司的財務實力評級從標準普爾從 A+ 升級到 AA-，穆迪從 A2 升級到 A1。這些舉措體現了AIG的實力和穩定性，是我們主要利害關係人的有力認可，也代表了我們同事多年來的共同努力。

We continue to have strong capital ratios across our major insurance subsidiaries, which supports consistent and growing statutory dividends over time. We are on track to generate approximately $3 billion of subsidiary dividends in 2025. Book value per share at June 30 was $74.14 up 8% from June 30, 2024, reflecting strong growth in net income as well as the favorable impact of lower interest rates on investment AOCI. Adjusted tangible book value per share was $69.81 up 4% from June 30, 2024.

我們的主要保險子公司繼續保持強勁的資本比率，這支持了法定股息的持續成長。我們預計在 2025 年產生約 30 億美元的子公司股利。6 月 30 日每股帳面價值為 74.14 美元，較 2024 年 6 月 30 日成長 8%，反映了淨收入的強勁成長以及較低利率對投資 AOCI 的有利影響。調整後每股有形帳面價值為 69.81 美元，較 2024 年 6 月 30 日上漲 4%。

In summary, we delivered an excellent second quarter with annualized core operating ROE of 11.7%. While the macro and insurance market remains dynamic, we are well positioned with multiple levers to drive continued strong performance. We remain on track to achieve our 10%-plus core operating ROE target in 2025 and continue to make steady progress on the long-term financial targets we outlined at our Investor Day.

總而言之，我們第二季表現優異，年化核心營運 ROE 達到 11.7%。儘管宏觀和保險市場仍然充滿活力，但我們已做好充分準備，利用多種手段推動持續強勁的業績表現。我們仍有望在 2025 年實現 10% 以上的核心營運 ROE 目標，並繼續穩步推進我們在投資者日概述的長期財務目標。

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

說完這些，我會把電話轉回給彼得。

Thank you, Keith. Michelle, we're ready to take questions.

謝謝你，基斯。米歇爾，我們準備好回答問題了。

(Operator Instructions)

（操作員指示）

Alex Scott, Barclays.

巴克萊銀行的亞歷克斯·斯科特。

Hi, thanks for taking the question. First one I had is just on the property pricing implications and some of the comments you made around the impact of reinsurance and so forth. I just wanted to make sure I understood that right. I mean it sounded like that net wasn't really much of a headwind actually in the underwriting. So I just wanted to understand if I'm getting that right, if it's more the mix shift and can you still hit the combined ratio targets you've talked about in the past?

你好，謝謝你回答這個問題。我首先要問的是關於房地產定價的影響以及您對再保險等影響的一些評論。我只是想確保我理解得正確。我的意思是，聽起來網路實際上對承保來說並不是太大的阻力。所以我只是想知道我是否理解正確，這是否更多的是混合轉變，並且您還能達到您過去談到的綜合比率目標嗎？

Yes. So Alex, what I was trying to outline in my prepared remarks was, we are a big buyer of reinsurance on property. Everybody knows that. We have low attachment points. We have high exhaust. In a market like this, we benefit because if the rates are going down on reinsurance, on CAT as an example, that does benefit the original pricing. If you're funding it net, what I was saying, look, if I look at our own AALs, like if the market gets softer, I don't reduce the AALs, they stay the same.

是的。所以亞歷克斯，我在準備好的演講中試圖概述的是，我們是財產再保險的大買家。每個人都知道這一點。我們的附著點較低。我們的排氣量很大。在這樣的市場中，我們會受益，因為如果再保險費率下降，例如 CAT，這確實有利於原始定價。如果您為其提供淨資金，那麼我想說的是，看，如果我看看我們自己的 AAL，例如如果市場變得疲軟，我不會減少 AAL，它們會保持不變。

And so what I was trying to say is that when you look at the amount of reinsurance that we would purchase, we're getting risk-adjusted reductions that are at or greater than what we're pricing our original policies, that's a benefit. So there's no headwind there. But if you're funding it net, your AALs are still the same.

所以我想說的是，當你查看我們購買的再保險金額時，我們獲得的風險調整後的減免等於或高於我們原始保單的定價，這是一個好處。因此那裡沒有逆風。但如果您為其提供淨資金，您的 AAL 仍然是一樣的。

So you have to take a look at your attritionals a little bit sharper, I believe, because the overall pricing is going down, if you don't have the commensurate rates going down on your catastrophe, that's a headwind. We don't have that.

因此，我認為，你必須更加仔細地審視你的損耗，因為總體價格正在下降，如果你的災難發生時沒有相應降低費率，那將是一個阻力。我們沒有這個。

And so that's what I was just trying to unpack in sort of the different components of property. Now look, the combined ratio could go up a bit. We have great combined ratios. I've given some clarity at Investor Day and prior quarters that we posted in many of our businesses in the 70s combined ratio.

這就是我試圖解開的關於財產的不同組成部分的問題。現在看，綜合比率可能會上升一點。我們的綜合比率很高。我在投資者日和前幾季已經明確表示，我們許多業務的綜合比率都達到了 70 多。

So if it goes into the low 80s, it's still a great business. We are tempering our growth there because I don't know what happens to the rest of the year with CAT and it's just something we want to be cautious with, but we still want to retain the business. We still want to price it appropriately and believe that we can have very strong returns in the current environment as I look to 2025.

因此，如果股價跌至 80 出頭，這仍然是一筆偉大的生意。我們正在減緩那裡的成長速度，因為我不知道 CAT 今年剩餘時間的情況如何，我們只是想對此保持謹慎，但我們仍然希望保留業務。我們仍然希望對其進行合理的定價，並相信在當前環境下，展望 2025 年，我們可以獲得非常豐厚的回報。

Yes. That's helpful. Second one I had is sort of a follow-up on what I mentioned on growth. I mean, if the growth environment turns out to not be quite as good as expected, what will you do with the capital situation you have? Because I see premium to equity, I think it's a little below like 70%.

是的。這很有幫助。我的第二個問題是對我所提到的成長問題的後續跟進。我的意思是，如果成長環境不如預期那麼好，您將如何處理現有的資本狀況？因為我看到股權溢價，所以我認為它略低於 70%。

I think that's the lowest in the peer group I look at, and that sort of not even that heavily influenced by the Corebridge proceeds when you have the holdco. So what will you do in the event that the growth outlook doesn't end up being what you had hoped for what you outlined at the Investor Day. How quickly would you take action to try to get some of that capital redeployed elsewhere?

我認為這是我所觀察的同類群體中最低的，而且當你擁有控股公司時，這種收益甚至不會受到 Corebridge 收益的嚴重影響。那麼，如果成長前景並不像您在投資者日所概述的那樣，您會怎麼做？您會多快採取行動，嘗試將部分資本重新部署到其他地方？

Well, I outlined at Investor Day that over a period of time, undefined, but it would be a medium term that if we can't deploy the capital for growth, we will return it to shareholders. But we do believe -- look, it's a moment in time with the property, the second quarter before CAT season, the property lines run really well. And I'm going to ask Don and Jon to comment on this because we're seeing other opportunities for growth.

嗯，我在投資者日概述了一段時間，雖然沒有明確時間期限，但這將是中期目標，如果我們不能將資本用於增長，我們將把它返還給股東。但我們確實相信——你看，這是房地產的一個時刻，在 CAT 季節之前的第二季度，房地產線運行得非常好。我將請唐和喬恩對此發表評論，因為我們看到了其他成長機會。

I think that we're getting mass a little bit with property. We outlined it we've sort of bifurcated it because it's sort of anomalous to what's happening in the rest of our lines of business. But we don't need the capital to execute on our sort of capital management strategy out of the subsidiaries.

我認為我們正在透過房地產獲得一些成長。我們對此進行了概述，並將其分為兩部分，因為這與我們其他業務線中發生的事情有些不同。但我們不需要資本來執行子公司的資本管理策略。

And we really believe we can grow into it over a period of time. If we can't, and the market stays in a place where we have excess capital, we'll return it to shareholders. But I don't think that's the place we are. It's a moment in time in this particular quarter. I think we got to look out over the next few years.

我們確實相信，經過一段時間，我們能夠成長起來。如果我們做不到，而市場仍然處於我們擁有過剩資本的狀態，我們將把它返還給股東。但我不認為我們現在處於這樣的境地。這是本季的一個特殊時刻。我認為我們必須關注未來幾年。

And I believe AIG now has a business that can grow. When we had the market turn last time, AIG wasn't prepared. We were still re-underwriting our portfolio. We still had a bottom 15%, 20%. We were growing in lines, repositioned the portfolio.

我相信 AIG 現在的業務可以成長。上次市場出現轉折時，AIG 並未做好準備。我們仍在重新承保我們的投資組合。我們仍有 15%、20% 的底層人口。我們的產品線不斷擴大，並重新定位了產品組合。

The market turns this time. We have massive opportunities to have exponential growth, and we will execute on that. But Don, maybe let me start with you about what you're seeing in Casualty and then maybe I can shift to Jon talk a little bit about Specialty.

這次市場出現轉機。我們擁有實現指數級成長的巨大機會，我們將抓住這一機會。但是唐，也許我可以先和你談談你在《急診室》中看到的情況，然後我可以和喬恩談談《特殊》方面的情況。

Okay. Rates are very strong in the casualty market right now. We've got gaining momentum there, both Lex Casualty and Retail Casualty grew rather substantially 19% in the second quarter, with Lex Casualty submissions are up 39% in the quarter. So gives us a lot of faith in terms of the Casualty opportunities we've got on a go-forward basis.

好的。目前意外險市場的費率非常高。我們在那裡取得了發展勢頭，Lex Casualty 和 Retail Casualty 在第二季度均大幅增長了 19%，其中 Lex Casualty 的提交在本季度增長了 39%。因此，我們對未來獲得的傷亡機會充滿信心。

In Financial Lines, Keith talked a little bit about the rate environment there, gaining stability much less of a headwind going forward. We're definitely going to see the rate opportunities as we go forward there and the growth opportunities to follow. Glatfelter is a machine for us, highly dependable growth engine for us.

在金融領域，基斯稍微談論了那裡的利率環境，獲得了穩定性，但未來的阻力卻大大減少了。隨著我們不斷前進，我們肯定會看到利率機會以及隨之而來的成長機會。Glatfelter 對我們來說是一台機器，是我們高度可靠的成長引擎。

And with the work we've done with Glatfelter to kind of rebuild our programs business, that increasingly is a huge driver of our growth as we go forward as well. So that's going to start to deliver even more as we go forward. We covered some of those businesses in Investor Day. And I would just say this about Lex, too, that outside of the Large Account Property segment, every other segment within Lexington is growing quite nicely.

透過與 Glatfelter 合作重建我們的專案業務，這也將日益成為我們未來成長的巨大動力。因此，隨著我們不斷前進，這將會帶來更多成果。我們在投資者日報道了其中一些業務。關於 Lex，我也想說的是，除了大客戶財產部門之外，Lexington 的其他每個部門都發展得相當不錯。

And we had 28% increase in our submissions at Lexington in the quarter, which, again, is a strong indicator for future growth opportunities. Last thing I would just say, our distribution model is highly aligned to drive everything that I just talked about. So we see more and more opportunities ramping up as we go forward, and we continue to be a very strong brand at Lex, Glatfelter and AIG with our distribution partners and our insurers.

本季我們在萊剋星頓的提交量增加了 28%，這再次有力地預示著未來的成長機會。最後我想說的是，我們的分銷模式與我剛才談到的一切高度一致。因此，隨著我們繼續前進，我們看到越來越多的機會，並且我們將繼續成為 Lex、Glatfelter 和 AIG 與我們的分銷合作夥伴和保險公司之間非常強大的品牌。

Thanks, Don. That's helpful. Jon, maybe just talk about like Specialty and how we're positioned in the market would be great.

謝謝，唐。這很有幫助。喬恩，也許只談論專業以及我們在市場中的定位就很好了。

Yes, certainly. I mean, Specialty, we've highlighted this at Investor Day. We talk about it a lot because it is such a fantastic business for us. We've delivered 5% growth in the quarter, 7% year-to-date. And for sure, there is increasing competition and rate pressure generally.

是的，當然。我的意思是，我們在投資者日強調了這一點。我們經常談論它，因為這對我們來說是一項非常棒的業務。本季我們的成長率為 5%，年初至今的成長率為 7%。當然，競爭和利率壓力總體上正在加劇。

But global specialty as much as anywhere is an area we have real clear differentiated proposition. We're a leader. We're not an index for the market, and we're positioned, I think, better than anyone to achieve superior terms and manage through the cycles, and that's what we've been setting ourselves up over the years.

但與任何地方一樣，全球專業化是我們擁有真正明確的差異化主張的領域。我們是領導者。我們不是市場的指數，但我認為，我們比任何人都更有能力實現更優的條件並管理整個週期，這也是我們多年來一直致力於的目標。

And I think it's also worth saying on Specialty is, we're still seeing that good growth. The profit is phenomenally good. We're confident that, that maintains. It's a big part -- in the quarter, and I agree with you, Peter. I mean, a quarter is not a good judge of any growth plan.

我認為值得一提的是，我們仍然看到專業領域的良好成長。利潤非常好。我們有信心，這種情況將會持續下去。這是本季的一個重要部分，我同意你的看法，彼得。我的意思是，一個季度並不能很好地判斷任何成長計劃。

There's a lot of noise in any single quarter, look at the longer term, and that's what we build, certainly a specialty book for. If I stick to the quarter, Specialty is 45% of the International Commercial business on a gross basis. But it's only 28% of net premiums, and that's in part due to those reinsurance protections that you talked about, Peter.

從長遠來看，任何一個季度都會有很多噪音，這就是我們建造的，當然也是一本專業的書。如果我堅持按季度計算，專業業務佔國際商業業務總額的 45%。但它只佔淨保費的 28%，這在一定程度上要歸功於您談到的再保險保護，彼得。

And those reinsurance protections do make the results better. It might mean we give up a little bit of margin in a hardening and rising price cycle, and we do that to manage the volatility, but it also significantly mitigate the downside in the market that we're in now. So that's a strong thing and that's part of a long-term sustainable reinsurance strategy, helping us manage across the cycles.

這些再保險保障確實使結果變得更好。這可能意味著我們在價格堅挺和上漲的周期中放棄一點利潤，我們這樣做是為了管理波動，但這也大大減輕了我們目前所處的市場的下行風險。這是一件很強大的事情，也是長期永續再保險策略的一部分，可以幫助我們進行跨週期管理。

Yes, bear in mind as well, we've seen maybe 70% cumulative rate increase in Specialty over the last few years, a 20-odd percent in Energy. So we're really well positioned. We've got long-term strategic partnerships with those reinsurers. That's a big part of our proposition. So the future is really strong for Specialty.

是的，也要記住，在過去幾年裡，專業領域的累積費率上漲了約 70%，能源領域的累積費率上漲了 20% 左右。因此，我們的定位確實非常有利。我們與這些再保險公司建立了長期策略夥伴關係。這是我們主張的重要組成部分。因此，Specialty 的未來前景十分光明。

Thank you, both, very much. Okay next question?

非常感謝你們兩位。好的，下一個問題？

Mayer Shields, KBW.

梅耶希爾茲（Mayer Shields），KBW。

Great. Thank you, so much and good morning. I wanted to just check in on the reapportionment of reserves to accident years '21 and '22. And I guess I know we're only looking at net numbers, but should we have seen something like that affect '23 and '24 as well?

偉大的。非常感謝，早安。我只是想檢查一下 21 年和 22 年事故年度的儲備金重新分配情況。我知道我們只關注淨數字，但我們是否應該看到類似的情況也影響 23 年和 24 年？

Thanks, Meyer, I'm going to recap a little bit what I said and that Keith alluded to in the fourth quarter of sort of last year. We had this provisional reserve that we create in 2022, and then we did add to it in subsequent years to add to margin and it was really in response to some of the uncertainty with inflation, other variables sort of post pandemic and then sort of the social inflation environment that we're in.

謝謝，邁耶，我將稍微回顧一下我所說的內容以及基斯在去年第四季提到的內容。我們在 2022 年設立了臨時儲備，然後在隨後的幾年裡又增加了儲備以增加保證金，這實際上是為了應對通貨膨脹的一些不確定性、疫情後的其他變量以及我們所處的社會通貨膨脹環境。

The provision, which included IBNR had been carried in lines that we thought would be most susceptible to the rising inflation. And the uncertainty provision was set above loss picks from our actuarial reviews that didn't have any reflection for any emergence or anything of that nature.

我們認為，包括 IBNR 在內的這項規定最容易受到通貨膨脹上升的影響。不確定性準備金是根據我們的精算審查結果確定的損失，而這些損失並未反映任何突發事件或類似情況。

And so we began the process of completing reserve reviews, apportioning them into lines of business that we thought were appropriate. And I think that's what you had started to see in the fourth quarter of 2024, and it will actually go through the fourth quarter of '25. So the accident year is the most recent ones, it wasn't that much, number one. Number two is a zero-sum game. Those reserves are already set.

因此，我們開始完成儲備審查，並將其分配到我們認為合適的業務線。我認為這就是你在 2024 年第四季開始看到的情況，並且它實際上會持續到 2025 年第四季。因此，事故發生的年份是最近的年份，並不是那麼多，這是第一點。第二個是零和遊戲。這些儲備已經設定。

We just are putting them into lines of business that we think are the most appropriate when we look at the wide range of outcomes of Casualty, we just thought it was prudent to reapportion those accident years. There's nothing in the underlying portfolio that would suggest that those additional reserves are needed, but we have the uncertainty provision, and we're allocating them to lines of business throughout 2025.

我們只是將他們納入我們認為最合適的業務線，當我們考慮傷亡的廣泛結果時，我們只是認為重新分配這些事故年份是謹慎的。基礎投資組合中沒有任何內容表明需要這些額外的儲備，但我們有不確定性準備金，並且我們會在 2025 年將其分配給各項業務。

Okay. That's helpful. And then a bigger picture question. When you talk to your insurers, I know there's a lot of concern in the insurance industry about social inflation. Is that translating into increasing demand for liability coverage? Is that manifesting itself in the market yet?

好的。這很有幫助。然後是一個更大的問題。當您與保險公司交談時，我知道保險業非常擔心社會通膨。這是否意味著對責任險的需求增加？這在市場上已經體現出來了嗎？

I'll have Don comment a little bit on what we're seeing sort of in the casualty market. What I would say, Meyer, is that there is a strong pull for underwriting companies that have expertise in Casualty lines. So it's not just capacity. If you're going to lead, do you understand the complexities that exist within their business, their industry group, their structures, how do we help them think through the total cost of risk working with our partners.

我會讓唐對我們在傷亡保險市場看到的情況發表一些評論。邁耶，我想說的是，對於擁有意外險專業知識的核保公司來說，吸引力很大。所以這不僅僅是容量問題。如果您要領導，您是否了解他們的業務、行業群體和結構中存在的複雜性，我們如何幫助他們思考與合作夥伴合作的總風險成本。

And I think when AIG had a slight pullback in casualty, there was a lot of demand from our clients asking for us to be more involved. And so I think the way in which we react to that is by trying to create solutions for our clients in the environment that we're in. So Don, maybe just quickly just what you're seeing in casualty to Meyer's question around client demand and how we're helping them on an advisory basis.

我認為，當 AIG 在意外險業務上稍有回落時，我們的客戶就強烈要求我們更多地參與其中。因此我認為我們應對這一問題的方式是嘗試在我們所處的環境中為客戶創造解決方案。因此，唐，也許您只是快速地回答了邁耶關於客戶需求的問題以及我們如何在諮詢基礎上幫助他們。

Yes. Yes. The social inflation and some other factors in the casualty market, add the market appropriately disrupted and generally disciplined, and we expect that to continue. Social inflation, Meyer, it's a long-term issue. And why that matters is that casualty is a long-term relationship as opposed to a property relationship oftentimes.

是的。是的。社會通貨膨脹和意外險市場的一些其他因素，使得市場受到適當的擾亂，整體上保持紀律，我們預計這種情況將會持續下去。邁耶，社會通貨膨脹是一個長期問題。這之所以重要，是因為傷亡是長期關係，而不是財產關係。

So these are 20-, 30-year relationships. So when we look at the question you're asking, buyers are definitely in a flight-to-quality mode where they see that long-term partner because of social inflation, being even more important and being even more critical. So our brand in this place, our multiline capabilities, our platform, our financial strength become incredibly attractive for brokers and buyers out there. So the flight-to-quality is real, and we'll see that as we go forward.

所以這是20年、30年的關係。因此，當我們審視您所提出的問題時，我們發現，由於社會通膨，買家肯定處於品質追求模式，他們認為長期合作夥伴變得更加重要，更加關鍵。因此，我們的品牌、我們的多線能力、我們的平台、我們的財務實力對於經紀人和買家來說具有極大的吸引力。因此，追求質量的現像是真實存在的，我們將在前進的過程中看到這一點。

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘。

Hi, thanks. Good morning. My first question, I wanted to go to the pricing discussion. You guys said excluding property, North America Commercial is up 6%. And you pegged that as in line with loss trend. I might have assumed just given the casualty makeup of the book that loss trend would have been above 6%. So maybe if you could just help by kind of parsing it out on the loss trends that you're seeing within kind of some number that's less than 6x property in that North America book?

你好，謝謝。早安.我的第一個問題是關於定價的討論。你們說，不包括房地產，北美商業上漲了 6%。您認為這與虧損趨勢一致。我可能已經假設，僅考慮到這本書的傷亡組成，損失趨勢就會超過 6%。那麼，您是否能幫忙分析一下您在那本北美書中看到的小於 6 倍財產的某個數字的損失趨勢？

Thanks, Elyse. Look, we're not going to break it down by line. And if you look at where we're getting strong rate, it would be where there's a bigger loss cost trend. So if you think about Excess Casualty, in particular, some of the Retail Primary Casualty, we are looking at why we took out properties, it's a part of the index, but I think the loss cost trend is where we had outlined it on sort of on an index basis, and I think we are covering loss cost on casualty and other lines, excluding property.

謝謝，伊莉絲。瞧，我們不會逐行分解它。如果你看我們獲得強勁利率的地方，你會發現那裡的損失成本趨勢更大。因此，如果您考慮超額傷亡險，特別是一些零售主要傷亡險，我們正在研究為什麼我們要拿出財產，它是指數的一部分，但我認為損失成本趨勢是我們在指數基礎上概述的，我認為我們正在涵蓋傷亡和其他線路的損失成本，不包括財產。

Okay. And then my follow-up, has there been any significant change in price that you guys have seen in July relative to the Q2 just because I think, right, property is probably perhaps a bigger makeup of the second quarter. Just trying to get a sense of any kind of pricing change on quarter-to-date in the Q3.

好的。然後我的後續問題是，你們是否看到 7 月的價格相對於第二季有顯著變化，因為我認為房地產可能是第二季的一個更大的組成部分。只是想了解第三季迄今為止的任何價格變化。

Look, if we had insight that we could give you, we would give it, but it's just too early, Elyse, I mean, because we're still aggregating July. I don't see -- we haven't seen any trends that are concerning different than what we reported for the first half of the year. And I think we really just need to play out the quarter as we go into the last two months of the quarter. So I just think it's too premature to outline anything in July or there's nothing that we've seen that is significantly different than what we reported in the second quarter.

你看，如果我們有可以提供給你的見解，我們就會提供，但現在還為時過早，伊莉絲，我的意思是，因為我們仍在匯總 7 月份的數據。我沒有看到——我們沒有看到任何與我們報告的上半年不同的令人擔憂的趨勢。我認為，我們真正需要做的只是在進入本季度的最後兩個月時完成本季的業績。因此，我認為現在就概述 7 月的任何情況還為時過早，或者我們沒有看到與第二季報告有顯著差異的情況。

Thank you.

謝謝。

Mike Zaremski, BMO.

麥克·扎雷姆斯基，BMO。

Hey, thanks. Good morning. Question on the meaningful expense ratio improvement. So just kind of on the cadence. Should we be thinking that the improvement is going to be a bit more kind of back-end loaded given the top line being weighted -- weighed down a bit by property rates or is that kind of not that much of a -- this operating leverage is not that much of a factor at this point?

嘿，謝謝。早安.關於費用率顯著改善的問題。所以只是有點節奏。我們是否應該認為，考慮到營業額受到加權（房地產利率略微拉低），這種改善將會更依賴後端，或者說，這種改善並不是那麼重要——目前，這種經營槓桿並不是一個那麼重要的因素？

Let me start with this. And I will like just provide a sort of high level than any details you want to add to it, please do. One is, we started this sort of process of apportioning parent expenses into the business in the third quarter of last year. Was it fully lower in the third and fourth quarter? No, but it was mostly there.

讓我從這個開始。我只想提供一種高層次的信息，如果你想添加任何細節，請隨意添加。一是，我們從去年第三季就開始了將母公司費用分攤到業務中的流程。第三季和第四季是否全面走低？不，但它大部分都在那裡。

So I think when you look at the first half of the year, it's kind of a continuation of what we did from other ops GOE into the business. I don't think the second quarter is an accurate run rate. I think it starts to bend the curve a bit in the third and fourth, where there's less going into the business when you compare it to sort of the second quarter. There's some onetime sort of headwinds in the second quarter.

因此，我認為，當你回顧今年上半年時，這有點像是我們從其他營運部門 GOE 到業務部門所做工作的延續。我認為第二季的運行率並不準確。我認為第三季和第四季的曲線會開始稍微彎曲，與第二季相比，投入業務的資金較少。第二季出現了一些一次性的逆風。

But like we're really just focused on getting to future state, which I think we've done an exceptional job in terms of the parent company. The business has done a tremendous job of absorbing those costs? And I thought it would actually be a longer transition it has not been. And then you have to recognize, too, we haven't fully earned in all the AIG Next. While we have completed the $500 million, we still have more to earn-in in terms of incremental in-year benefits in the third and fourth quarter.

但我們實際上只是專注於未來的發展，我認為就母公司而言，我們已經做得非常出色了。企業在吸收這些成本方面做了大量工作嗎？我原以為這實際上會是一個更長的過渡期，但事實並非如此。然後你也必須認識到，我們還沒有完全從 AIG Next 中獲利。雖然我們已經完成了 5 億美元的收入，但就第三季和第四季的增量年度收益而言，我們仍有更多的收入。

So look, this isn't guidance that you ought to like take it way down, but it is guidance saying that I think you got to look at it for the full year, like the first half was a little bit more bumpy than I think the back half will be, and we're going to watch sort of the earned premium and making sure that we don't have any issues on the expense side. But Keith, I mean, a couple of variables you may want to add?

所以你看，這不是你應該把它降低的指導，而是指導說，我認為你必須看全年的情況，比如上半年比下半年更坎坷一些，我們會關注賺取的保費，確保我們在費用方面沒有任何問題。但是基思，我的意思是，你可能想加入幾個變數？

Yes. Just three quick points, and Peter said it well. The first thing it's not linear, right? Quarter-to-quarter, I think, is a good way of looking at. Looking at it over the course of the full year is a better way. Just a couple of quick points. In my script, we talked about -- I wanted to give you a fully loaded view of expense, looking at GOE plus other operations expenses to get a feel for, are we getting the expenses? And the answer is yes, right?

是的。只要三點，彼得就說得很好。首先它不是線性的，對吧？我認為按季度來觀察是一種很好的觀察方式。從全年角度來看是更好的方法。僅簡單說幾點。在我的腳本中，我們討論了——我想給你一個完整的費用視圖，查看 GOE 加上其他營運費用來了解，我們是否獲得了費用？答案是肯定的，對嗎？

You see minus 3% in the first half of the year when you load fully -- full expenses together and plus-one in the quarter and that compares to 6% -- 4% and 6% growth on the top line, respectively. So we're getting the operating leverage. Point two, if you look at the expense ratio, it's up 20 bps adjusted for travel in the first half, and that's with more than 100 basis points of parent cost push down. So we're getting -- again, the ratio is underlying improving.

當您將全部費用加在一起時，您會看到上半年的虧損為-3%，而當季的虧損為+1%，相比之下，營業收入的增長率分別為 6%——4% 和 6%。因此我們獲得了經營槓桿。第二點，如果你看一下費用率，你會發現上半年根據差旅費調整後的費用率上升了 20 個基點，而這其中母公司成本下降了 100 多個基點。因此我們再次看到，該比率正在潛在改善。

And the third thing to Peter's point he made is that the noise from this, the parent pushdown will dissipate over time. This quarter, we had $90 million of expense. It was $184 million in the prior year. The third quarter had $144 million. So you're starting to see -- and once we get to fourth quarter, that will completely dissipate as we get into 2026.

彼得提出的第三點是，由此產生的噪音，即父母的下推，將隨著時間的流逝而消散。本季度，我們的支出為 9,000 萬美元。而前一年這一數字為 1.84 億美元。第三季為1.44億美元。所以你開始看到——一旦我們進入第四季度，到 2026 年，這種情況就會完全消失。

Okay. Perfect. That's helpful. My follow-up questions on the E&S marketplace. I believe, Peter, you cited submissions in Telex being plus high 20s, which just seem like -- I don't think you disclosed it every quarter, but it seemed like a very high level. Can you maybe just kind of talk about dynamics in that marketplace?

好的。完美的。這很有幫助。我對 E&S 市場有後續問題。彼得，我相信，您引用的電傳提交金額是 20 多億美元，這看起來就像——我不認為您每個季度都披露過，但這似乎是一個非常高的水平。能否簡單談談該市場的動態？

I guess some folks ask us that given property is correcting a bit off of very healthy levels, we shouldn't eventually the retailers look to kind of find capacity and move some of that property out of the E&S market, which could slow the submission rate, at least, I guess. So any comments would be helpful.

我想有些人會問我們，鑑於房地產市場正在從非常健康的水平上進行一些調整，我們最終不應該讓零售商尋找產能並將部分房地產移出 E&S 市場，我猜這至少可能會降低提交率。因此任何評論都會有幫助。

My first comment is to be careful who you speak to, because this dynamic is very different than any other market where industry executives that have been in the wholesale and retail will expect this to be a market that just transitions back into retail. And that may or may not happen. We're not seeing it.

我的第一條評論是，在與誰交談時要謹慎，因為這種動態與其他任何市場都非常不同，在其他市場中，從事批發和零售業的行業高管會認為這是一個剛過渡回零售業的市場。這有可能發生，也可能不會發生。我們沒有看到它。

I mean so we keep citing the submission count is because it's not that we're surprised, but we're like unbelievably encouraged because in a market that typically would find Retail Casualty and Retail Property being more in demand, that doesn't seem to be the case. And so when we look at our own growth, Lexington Casualty is growing very strong.

我的意思是，我們不斷引用提交數量，因為我們並不感到驚訝，但我們感到難以置信的鼓舞，因為在一個通常會發現零售意外險和零售地產需求更大的市場中，情況似乎並非如此。因此，當我們回顧我們自身的成長時，我們會發現萊剋星頓傷亡保險公司的成長勢頭非常強勁。

Property, to be honest, held up better than the Retail. And that's from the Middle Market play that we had in the past. And I think that wholesale brokers have become more than E&S market placement. They are now a broad range of whether it's through MGAs and MGUs or actually being placement mechanisms for the 40,000 independent agents that exist within the United States. So I think that the market is seeing some pricing pressure, but so is the Retail.

說實話，房地產的表現比零售業好。這是我們過去在中端市場所採取的做法。我認為批發經紀人的角色已不再只是 E&S 市場定位。現在，它們的範圍很廣泛，無論是透過 MGA 和 MGUs，還是實際上作為美國境內 40,000 名獨立代理商的安置機制。所以我認為市場正在面臨一些定價壓力，零售也是如此。

And there's no evidence from us that it's slowing down in terms of submission count. And we outlined at Investor Day is that if we can start to harness that submission count and get it to better buying ratios because it's a business that we like, we still see growth opportunities.

我們沒有證據表明提交數量正在減少。我們在投資者日概述的是，如果我們能夠開始利用提交數量並獲得更好的購買率，因為這是我們喜歡的業務，我們仍然看到成長機會。

It's not that we're saturated with the submission count that we're maximizing our own growth potential or the industry is. And there may be new entrants, new participants, but very relevant in terms of the market that we trade in. So we remain encouraged, cautious because we want to watch what's happening within the property, but overall, it's holding up really well.

這並不是說我們的提交數量已經飽和，而是我們正在最大限度地發揮我們自己的成長潛力或行業的成長潛力。可能會有新進入者、新參與者，但就我們交易的市場而言，這非常相關。因此，我們仍然感到鼓舞和謹慎，因為我們想觀察房產內部發生的情況，但總體而言，情況保持得很好。

Thank you very much. Appreciate everybody participating. I want to thank all of our AIG colleagues for yet another outstanding contribution to this quarter, and I wish everybody a great day.

非常感謝。感謝大家的參與。我要感謝所有 AIG 同事為本季做出的又一次傑出貢獻，並祝大家度過美好的一天。

This does conclude the program. You may now disconnect. Good day.

該計劃確實就此結束。您現在可以斷開連線。再會。