American International Group Inc (AIG) 2025 Q3 法說會逐字稿

Good day, and welcome to AIG's third-quarter 2025 financial results conference call. This conference is being recorded.

大家好，歡迎參加AIG 2025年第三季財務業績電話會議。本次會議正在錄影。

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

現在，我想把會議交給昆汀·麥克米倫。請繼續。

Thanks very much, and good morning. Today's remarks may include forward-looking statements, which are subject to risks and uncertainties. These statements are not guarantees of future performance or events and are based on management's current expectations. AIG's filings with the SEC provide details on important factors that could cause actual results or events to differ materially. Except as required by applicable securities laws, AIG is under no obligation to update any forward-looking statements if circumstances or management's estimates or opinions should change.

非常感謝，早安。今天的發言可能包含前瞻性陳述，這些陳述存在風險和不確定性。這些聲明並非對未來績效或事件的保證，而是基於管理階層目前的預期。AIG 向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與預期有重大差異的重要因素。除適用證券法要求外，如果情況或管理層的估計或意見發生變化，AIG 沒有義務更新任何前瞻性聲明。

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

今天的演講也可能涉及非GAAP財務指標。此類指標與最接近的公認會計準則（GAAP）數據的調節表已包含在我們的盈利報告、財務補充資料和盈利演示文稿中，所有這些資料均可在我們的網站 aig.com 上查閱。自 2024 年 6 月 9 日 Corebridge Financial 停止合併以來，Corebridge 所有列示期間的歷史業績均按照美國公認會計準則（US GAAP）作為終止經營業務反映在 AIG 的合併財務報表中。

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. 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 27 of the earnings presentation for reconciliations of such metrics reported on a comparable basis.

最後，今天關於已收淨保費的發言是按可比基礎進行的，這反映了按固定美元計算的同比比較，並根據適用情況對全球個人旅行和援助業務的出售進行了調整。我們認為，鑑於自 2023 年以來投資組合的重大變化，本次演示能夠最有效地展現我們的業績和未來業務發展方向。有關以可比較基礎報告的此類指標的調節情況，請參閱收益報告第 27 頁。

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

接下來，我想把電話交給我們的董事長兼執行長彼得‧扎菲諾。

Good morning, everyone. Thank you for joining us today to review our third-quarter 2025 financial results. Following my remarks, Keith will provide more detail, and then Jon Hancock and Don Bailey will join us for the Q&A portion of our call.

各位早安。感謝您今天與我們一起回顧我們2025年第三季的財務表現。在我發言之後，基斯將提供更多細節，然後喬恩·漢考克和唐·貝利將加入我們的問答環節。

This has been an exceptional third quarter for AIG, and an incredibly busy one. We achieved tremendous EPS and ROE results as we continue to execute on our strategy to deliver sustainable, profitable growth. Last week, we had several announcements involving Convex Group, Onex Corporation, and Everest Group. The key takeaway is that they are all expected to be earnings, EPS, and ROE accretive in the first year post closing.

對AIG來說，這是非同尋常的第三季度，也是異常繁忙的第三季度。我們持續執行策略，實現可持續的獲利成長，並取得了巨大的每股盈餘和淨資產收益率。上週，我們發布了幾項涉及 Convex Group、Onex Corporation 和 Everest Group 的公告。關鍵在於，預計它們都將在交易完成後的第一年內提高收益、每股盈餘和淨資產收益率。

We believe each will accelerate AIG's progress and create long-term value for our company and our stakeholders. And this was made possible due to our strong balance sheet, prudent capital management, and financial flexibility. It's simply been an outstanding quarter, and I'm very proud of our colleagues for all they've accomplished together.

我們相信，這兩項措施都將加速AIG的發展，並為公司和利害關係人創造長期價值。而這一切的實現，得益於我們強勁的資產負債表、審慎的資本管理和財務彈性。這真是一個出色的季度，我為同事們共同取得的成就感到非常自豪。

For our call this morning, I will share a high-level overview of our third-quarter results, provide a perspective on our strategic investments in renewal rights acquisition, give a brief update on our GenAI initiatives, and conclude with an overview of our capital management strategy and the progress against our Investor Day financial objectives.

在今天早上的電話會議上，我將分享我們第三季度業績的概要，闡述我們在續約權收購方面的戰略投資，簡要介紹我們的 GenAI 計劃的最新進展，最後概述我們的資本管理戰略以及我們在投資者日財務目標方面取得的進展。

In the third quarter, we delivered adjusted after-tax income per diluted share of $2.20, which is an increase of 77% year over year. Adjusted after-tax income for the quarter was $1.2 billion, an increase of 52% year over year, driven by our General Insurance business. Underwriting income was $793 million, an increase of 81% year over year. Net investment income on an adjusted pretax basis was $1 billion, an increase of 15% year over year.

第三季度，我們實現了經調整後的每股攤薄收益 2.20 美元，年增 77%。本季經調整後的稅後收入為 12 億美元，年增 52%，主要得益於我們的一般保險業務。承保收入為 7.93 億美元，年增 81%。調整後的稅前淨投資收益為 10 億美元，年增 15%。

The accident year combined ratio, as adjusted, was 88.3%, in line with the prior year quarter and our 16th consecutive quarter with a sub-90% result. The calendar year combined ratio was 86.8%, an improvement of 580 basis points from the prior year quarter.

經調整後的事故年度綜合比率為 88.3%，與去年同期持平，這也是我們連續第 16 季結果低於 90%。本年度綜合比率為 86.8%，比去年同期改善了 580 個基點。

Now let me provide some detail on our performance across the three business segments. Let's start with North America Commercial Insurance. Net premiums written were flat year over year. It's worth noting, which we mentioned on our third-quarter 2024 earnings call, that we had a closeout transaction in our casualty portfolio that benefited overall growth in the prior-year quarter. Adjusting for this, net premiums written would have increased 3%.

現在讓我詳細介紹一下我們在三個業務部門的業績。我們先從北美商業保險說起。淨保費收入與上年持平。值得注意的是，正如我們在 2024 年第三季財報電話會議上所提到的，我們在意外險投資組合中進行了一筆清算交易，這有利於上一季的整體成長。考慮到這一點，淨保費收入將增加 3%。

This growth was driven in targeted areas, notably Programs, which increased 27%; Western World, which increased 11%; and Excess Casualty, which increased 8%. This was partially offset by Retail Property, which declined 10%; and Lexington Property, which declined 8%, where rate pressure has been most prevalent.

這一成長主要由特定領域推動，特別是項目（成長 27%）、西方世界（成長 11%）和超額意外傷害（成長 8%）。零售房地產下跌 10%，萊剋星頓地產下跌 8%，部分抵銷了上述跌幅，而萊剋星頓地產受到的利率壓力最為顯著。

We spoke about Property quite a bit last quarter. Keith will go into more detail in his prepared remarks, and we can discuss further in Q&A. Despite pressure on rates, the accident year and calendar year combined ratios remain exceptional for the Property portfolio. North America new business was very strong. While Lexington's new business was flat year over year, it was the biggest nominal contributor to new business in North America. Its submission count was up 18% year over year, following significant increases over the last two years of 34% in the third quarter of 2024 and 47% in the third quarter of 2023. Financial Lines new business was up 16%, led by M&A.

上個季度我們對房地產話題進行了相當多的討論。Keith 將在準備好的演講稿中詳細闡述，我們可以在問答環節進一步討論。儘管費率面臨壓力，但財產險組合的事故年度和日曆年度綜合比率仍然非常出色。北美新業務表現非常強勁。儘管萊剋星頓的新業務量與去年持平，但它卻是北美新業務量名義上的最大貢獻者。其提交數量年增 18%，此前兩年也出現了顯著增長，2024 年第三季增長 34%，2023 年第三季增長 47%。金融險新業務成長 16%，主要得益於併購業務的成長。

Turning now to International Commercial Insurance. Net premiums written increased 1% year over year, driven by Marine, which increased 11%; and Property, which increased 6%. This was partially offset by Financial Lines, which declined 6%. International Commercial had an outstanding quarter for new business led by Specialty, which increased 17% year over year driven by Marine, which increased 35%; and Energy, which increased 30%. Property increased 24%, and Financial Lines increased 12%, driven by higher M&A activity in the quarter.

接下來我們來談談國際商業保險。淨保費收入年增 1%，主要得益於海運險（成長 11%）和財產險（成長 6%）的推動。金融業務下滑 6%，部分抵銷了上述下滑的影響。國際商業業務本季新業務表現出色，其中特種業務年增 17%，主要得益於船舶業務成長 35% 和能源業務成長 30%。受本季併購活動增加的推動，房地產業務成長了 24%，金融業務成長了 12%。

In Global Personal, net premiums written decreased 4%, driven by the high net worth quota share reinsurance treaty that we entered into at 1/1/25. While this continues to improve profitability in the portfolio for 2025, it negatively impacted Global Personal net premiums written. We expect to see this premium trend reverse in 2026. Overall, it was a great quarter of performance for AIG, and it positions us for a strong finish to 2025.

在全球個人保險業務中，淨保費收入下降了 4%，這主要是由於我們在 2025 年 1 月 1 日簽訂了高淨值配額再保險條約。雖然這將繼續提高 2025 年投資組合的獲利能力，但卻對全球個人淨保費收入產生了負面影響。我們預計這種高端趨勢將在 2026 年逆轉。總體而言，AIG 本季業績表現出色，為我們在 2025 年取得強勁收官奠定了基礎。

Last week was a momentous one for AIG. We announced strategic investments with Convex Group, Onex Corporation, and a transaction with Everest Group. These will strengthen AIG's long-term value and strategic positioning, and we expect they will be earnings, EPS and ROE accretive one year after closing, aligned with the objectives we outlined at Investor Day. This is in line with my previous comments that we would look for compelling opportunities to deploy capital in ways that would be accretive to our financial metrics and to further build our business.

上週對AIG來說是意義非凡的一週。我們宣布了對 Convex Group、Onex Corporation 的策略性投資，以及與 Everest Group 的交易。這些舉措將增強 AIG 的長期價值和戰略地位，我們預計在交易完成後一年內，這些舉措將增加收益、每股收益和淨資產收益率，這與我們在投資者日上提出的目標一致。這與我先前的評論一致，即我們將尋找令人信服的機會來部署資本，以提升我們的財務指標並進一步發展我們的業務。

As a point of reference, over the last three years, we've returned a total of $19 billion of capital to shareholders through approximately $16 billion of share repurchases and $3 billion of common stock dividends. In addition, we reduced debt by $4.5 billion. We now believe we have a capital structure that's optimal for our current business.

作為參考，在過去三年中，我們透過約 160 億美元的股票回購和 30 億美元的普通股股息，總共向股東返還了 190 億美元的資本。此外，我們也減少了45億美元的債務。我們現在認為，我們目前的資本結構最適合我們的業務發展。

When you look at the global insurance industry, there's a scarcity of high-quality insurance assets. We've been fortunate to secure a long-term investment in one of the very best global specialty and reinsurance companies, Convex Group. I know Convex Group extremely well and have known and traded with its Chairman, Stephen Catlin; and Chief Executive Officer, Paul Brand, for over 20 years. I have deep respect for their expertise, leadership and the culture they have built.

放眼全球保險業，優質保險資產十分稀缺。我們很幸運地對全球頂尖的專業和再保險公司之一——Convex Group——進行了長期投資。我對 Convex 集團非常了解，並與該集團董事長 Stephen Catlin 和首席執行官 Paul Brand 相識並進行 20 多年的交易。我非常尊重他們的專業技術、領導能力以及他們所建立的企業文化。

With Convex, we will gain access to a world-class underwriting platform for complex specialty risks with a strong underwriting culture, a growing premium base, and a proven track record of outstanding performance and profitability. Stephen and Paul have earned a reputation for building exceptional underwriting teams, and this is reflected in the company's impressive performance. Convex was founded in 2019 and has consistently delivered very strong underwriting and financial results, with a combined ratio in the high 80s, no historical reserve issues, no legacy technology debt, a highly scalable platform and significant potential for continued growth.

透過 Convex，我們將獲得一個世界級的承保平台，該平台能夠承保複雜的特殊風險，擁有強大的承保文化、不斷增長的保費基礎以及卓越的業績和盈利能力。Stephen 和 Paul 因組建卓越的核保團隊而享有盛譽，這體現在公司令人矚目的業績中。Convex 成立於 2019 年，一直以來都取得了非常強勁的承保和財務業績，綜合比率高達 80% 以上，沒有歷史儲備金問題，沒有遺留技術債務，擁有高度可擴展的平台，並且具有持續增長的巨大潛力。

Over the last three years, Convex delivered a 25% compound annual growth in gross premiums written and an 18% average return on equity, demonstrating the strength of their business model and ability to produce sustainable long-term value. Last week, AIG agreed to acquire a 35% equity interest in Convex, while Onex Corporation took a 63% ownership position to be held directly on their balance sheet rather than through one of their investment funds.

過去三年，Convex 的總保費收入實現了 25% 的複合年增長率，平均股本回報率達到了 18%，證明了其商業模式的實力和創造可持續長期價值的能力。上週，AIG 同意收購 Convex 35% 的股權，而 Onex Corporation 則獲得了 63% 的股權，這些股權將直接列入其資產負債表，而不是透過其投資基金持有。

In addition, to benefiting from the ongoing success of Convex through an equity investment, AIG will also participate in Convex's portfolio through a whole account quota share, which enables us to share directly in Convex's underwriting growth and expected profitability over the short, medium and long term. The agreement gives AIG the opportunity to participate in 7.5% of Convex's portfolio on January 1, 2026, and that will progressively increase to 10% by 2027 and 12.5% by 2028. The Convex transaction is expected to close in the first half of 2026.

此外，除了透過股權投資從 Convex 的持續成功中受益外，AIG 還將透過整體帳戶配額參與 Convex 的投資組合，這使我們能夠直接分享 Convex 在短期、中期和長期的承保增長和預期盈利能力。根據該協議，AIG 於 2026 年 1 月 1 日有機會參與 Convex 投資組合的 7.5%，到 2027 年將逐步增加到 10%，到 2028 年將增加到 12.5%。Convex 的交易預計將於 2026 年上半年完成。

As part of our discussions with Convex management, we were presented with an opportunity to acquire a minority ownership stake in Onex Corporation. With headquarters in Toronto, Onex is a leading private equity and credit investor with $56 billion of assets under management and 120 investment professionals based across Canada, the US and the UK. Our strategic relationship with Onex presents a unique opportunity for AIG to partner through an equity investment with a global asset manager with a strong record of investing in the insurance sector. Onex has made a number of notable and highly successful strategic investments in specialized insurance platforms, including Convex, Ryan Specialty, OneDigital, and USI.

在與 Convex 管理層的討論中，我們獲得了收購 Onex Corporation 少數股權的機會。Onex 總部位於多倫多，是一家領先的私募股權和信貸投資公司，管理資產達 560 億美元，在加拿大、美國和英國擁有 120 名投資專業人員。我們與 Onex 的策略合作關係為 AIG 提供了一個獨特的機會，可以透過股權投資與一家在保險領域擁有強大投資記錄的全球資產管理公司合作。Onex 對專業保險平台進行了多項引人注目且非常成功的策略投資，包括 Convex、Ryan Specialty、OneDigital 和 USI。

Let me unpack the details of our investment in Onex. We've agreed to acquire a 9.9% equity interest. Additionally, in line with our investment guidelines, we've committed to invest $2 billion over three years across Onex's broad asset management platform, which will provide us with a broader view of opportunities and deepen our market position within the global insurance industry. Keith will provide more detail in his remarks, but just to give you a brief overview, these investments have the potential to deliver a higher yield for AIG, supporting earnings growth and enhancing return on equity.

讓我來詳細介紹一下我們對 Onex 的投資。我們已同意收購9.9%的股權。此外，根據我們的投資準則，我們承諾在三年內向 Onex 廣泛的資產管理平台投資 20 億美元，這將使我們對機會有更廣闊的視野，並加深我們在全球保險業的市場地位。Keith 將在演講中提供更多細節，但簡單概括一下，這些投資有可能為 AIG 帶來更高的收益，從而支持盈利增長並提高股本回報率。

We have evaluated investment opportunities in several fund managers in the alternative asset space over time and believe this is the right opportunity for us. Post transaction, over 40% of Onex's total balance sheet net asset value is expected to relate to its majority ownership of Convex. The Onex transaction is also expected to close in the first half of 2026.

我們對另類資產領域的幾位基金經理人的投資機會進行了評估，並認為這對我們來說是一個合適的投資機會。交易完成後，Onex 總資產負債表淨資產價值的 40% 以上預計將與其對 Convex 的多數股權有關。Onex 的交易預計也將在 2026 年上半年完成。

Finally, last week, we also announced our acquisition of the renewal rights for the majority of Everest's core retail commercial property and casualty portfolios, representing approximately $2 billion of gross premiums written across multiple geographies. We greatly appreciate Everest's willingness to engage in a bilateral discussion to structure a transaction that further strengthens both companies and our mutual business relationship. We purchased the renewal rights for approximately $300 million with a potential downward adjustment of up to $70 million, depending on how much of the portfolio is renewed with AIG.

最後，上週我們也宣布收購了 Everest 大部分核心零售商業財產和意外傷害保險組合的續保權，這些組合在多個地區的總保費約為 20 億美元。我們非常感謝珠穆朗瑪峰公司願意進行雙邊磋商，以建構一項能夠進一步加强两個公司和我們雙方業務關係的交易。我們以約 3 億美元的價格購買了續約權，並有可能根據 AIG 續約的投資組合規模，向下調整至多 7,000 萬美元。

Under the terms of the transaction, AIG did not take any of the in-force portfolio or unearned premium for policies with effective dates prior to December 31, 2025, and we will not assume any liabilities for any of the policies previously underwritten by Everest. Everest employees will remain with Everest Group, though in certain geographies and businesses, we will work with Everest to offer opportunities to select staff members.

根據交易條款，AIG 沒有承保 2025 年 12 月 31 日之前生效的保單的任何有效保單組合或未賺取保費，我們也不會承擔 Everest 先前承保的任何保單的任何責任。雖然 Everest 的員工仍將留在 Everest 集團，但在某些地區和業務領域，我們將與 Everest 合作，為部分員工提供發展機會。

We've also entered into a transition service agreement with defined service levels to ensure continuity for clients and brokers as the portfolio is transferred to AIG. In terms of the portfolio, it's well diversified across geographies and classes of business. The largest portion of the in-force eligible gross premiums written is in the United States at $1.3 billion, followed by Europe at $400 million, the UK at $150 million, Australia at $80 million, and Singapore at $70 million. Approximately 60% of this portfolio will renew in the first half of 2026. Canada, Latin America and certain lines of business, including aviation, surety and wholesale are specifically excluded.

我們還簽署了過渡服務協議，其中規定了服務水平，以確保在投資組合轉移到 AIG 期間客戶和經紀人的服務能夠持續進行。從投資組合來看，它在地域和業務類別方面都實現了良好的多元化。在生效的合格毛保費中，美國佔比最高，達 13 億美元，其次是歐洲（4 億美元）、英國（1.5 億美元）、澳洲（8,000 萬美元）和新加坡（7,000 萬美元）。該投資組合中約 60% 的資產將在 2026 年上半年續約。加拿大、拉丁美洲以及某些行業（包括航空、擔保和批發）均被明確排除在外。

From a business mix perspective, the portfolio is approximately 40% Casualty, 30% Property, 25% Financial Lines with the balance being Specialty classes. Everest's view, as stated on their earnings call, is that there was no further re-underwriting of the Casualty portfolio required and 80% of the adverse development in their Casualty portfolio in the back years are from policies that have not been renewed. We will complete our own assessment, but believe they've done a very good job of remediating the portfolio.

從業務組合的角度來看，該投資組合約 40% 為意外險，30% 為財產險，25% 為金融險，其餘為特殊險種。埃弗勒斯保險公司在財報電話會議上表示，他們認為無需對意外險組合進行進一步的重新承保，並且過去幾年意外險組合中 80% 的不利發展都源於未續保的保單。我們會完成自己的評估，但相信他們在修復投資組合方面做得非常出色。

We have extensive experience repositioning portfolios, particularly in Casualty. It's my view that we have the best casualty underwriters in the business. And when combined with stricter underwriting standards that Everest implemented over the last 12 months, we are confident that the portfolio will be positioned for success. AIG can absorb the business in our current infrastructure with no additional capital, and we will deliver an improved offering to clients and our distribution partners.

我們在重新調整投資組合方面擁有豐富的經驗，尤其是在意外險領域。我認為我們擁有業內最好的意外險承保人。再加上 Everest 在過去 12 個月中實施的更嚴格的承保標準，我們有信心該投資組合將取得成功。AIG 可以在我們現有的基礎設施內吸收這項業務，無需額外資本，我們將為客戶和我們的分銷合作夥伴提供更好的產品和服務。

The reaction from our broker partners to the transaction has been incredibly positive. They're very excited to work with us and committed to converting the book to AIG, providing welcome continuity to their clients. We anticipate being able to add this portfolio into our 1/1 reinsurance treaty renewals with no change in terms and conditions. This transaction adds further scale to AIG's upper middle and large account retail insurance book, providing an opportunity to drive premium growth without adding meaningful costs.

我們的經紀合作夥伴對這筆交易的反應非常正面。他們非常高興能與我們合作，並致力於將業務轉為AIG，為他們的客戶帶來可喜的連續性。我們預計能夠將此投資組合添加到我們的 1/1 再保險合約續約中，條款和條件不變。此交易進一步擴大了 AIG 的中大型零售保險業務規模，為在不增加實質成本的情況下推動保費成長提供了機會。

The actions we have taken over the past several years have positioned us with the balance sheet and liquidity to pursue compelling opportunities when they materialize. Convex, Onex, and Everest are unique opportunities that came to AIG first because of our strong brand, strong performance, and the personal relationships that we've developed over time. As a result of these transactions, we are enhancing our earnings potential, driving incremental ROE and putting our capital to work to drive long-term sustainable profitable growth.

過去幾年我們採取的行動使我們擁有了良好的資產負債表和流動性，以便在出現令人振奮的機會時能夠抓住這些機會。Convex、Onex 和 Everest 都是獨特的機遇，AIG 之所以能率先獲得這些機遇，是因為我們強大的品牌、出色的業績以及我們多年來建立的人際關係。透過這些交易，我們正在提高獲利潛力，推動淨資產收益率的提升，並利用我們的資本來推動長期可持續的獲利成長。

Now I want to provide a brief update on GenAI and how we are strategically embedding it into our core underwriting and claims processes. Each quarter, and especially since Investor Day, we have meaningfully advanced progress, and now we're deploying GenAI solutions on a more accelerated basis. In my career, I've never seen anything progress at the pace and scale like I've witnessed in the last six months with GenAI and compute.

現在我想簡要介紹 GenAI 的最新進展，以及我們如何將其策略性地融入我們的核心核保和理賠流程。每個季度，特別是自投資者日以來，我們都取得了實質的進展，現在我們正在以更快的速度部署 GenAI 解決方案。在我的職業生涯中，我從未見過任何事物像過去六個月裡 GenAI 和計算領域那樣以如此快的速度和規模發展。

We at AIG want to be in a position to be able to adapt to these changes as effectively as possible. As a reminder, our objective has always been to provide more insight on the data that we receive from distribution partners through the submission process to enhance our underwriting, supplement that data with reliable and verifiable additional sources, and significantly reduce cycle time for our underwriters to make informed decisions in a fraction of the time. That is our future.

AIG希望能夠盡可能有效地適應這些變化。再次提醒，我們的目標始終是提供更多關於我們從分銷合作夥伴處透過提交流程收到的數據的見解，以增強我們的承保能力，用可靠和可驗證的其他來源補充這些數據，並大幅縮短承保人的決策週期，使他們能夠在很短的時間內做出明智的決定。這就是我們的未來。

We started late last year with the rollout of underwriting by AIG Assist in our North America Financial Lines business, and we continue to see strong results. For our private and not-for-profit business today, we're processing 100% of the applicable submissions using underwriting by AIG Assist, which has increased our submit-to-buying ratio. This quarter, we deployed underwriting by AIG Assist in our Lexington middle market property and casualty business. In the E&S market and for Lexington, in particular, speed drives growth.

去年底，我們開始在北美金融保險業務中推廣 AIG Assist 核保服務，並且我們持續看到強勁的成效。對於我們目前的私人和非營利業務，我們正在使用 AIG Assist 的承保服務處理 100% 的適用申請，這提高了我們的申請購買比率。本季度，我們在列剋星敦中端市場財產和意外傷害業務中部署了 AIG Assist 的承保服務。在 E&S 市場，尤其是對 Lexington 而言，速度是成長的驅動力。

As I outlined earlier and in prior calls, the middle market submission counts are growing dramatically. We have nearly 200,000 submissions year-to-date. We simply cannot get to all the submission activity, and this is a problem that's not going to be solved by simply adding underwriters. We are accelerating the rollout of underwriting by AIG Assist and we'll deploy across the rest of our Lexington business by the end of 2025.

正如我之前在電話會議中概述的那樣，中端市場的投稿數量正在急劇增長。今年迄今為止，我們已收到近 20 萬份投稿。我們根本無法處理所有的投稿活動，而這個問題僅僅增加承銷商是解決不了的。我們正在加快 AIG Assist 承保服務的推廣，並將於 2025 年底前部署到我們 Lexington 業務的其他所有部門。

We've also moved up the rollout to the rest of North America, U.K. and EMEA commercial lines by six months. As a reminder, we've also been piloting claims by AIG Assist since last quarter, and we're seeing terrific results. We're reducing the time it's taking our claims teams to receive first notice of loss reports and to issue coverage letters.

我們也提前六個月將北美其他地區、英國和歐洲、中東及非洲地區的商業線路的推廣計劃提早實施。再次提醒大家，我們從上個季度開始就一直在試行 AIG Assist 的理賠服務，而且我們看到了非常好的結果。我們正在縮短理賠團隊收到損失報告的第一份通知以及簽發保險函所需的時間。

One of the main challenges in implementing GenAI solutions is the time and effort needed to build an accurate source of data from a heterogeneous population of documents. To make it easier, we developed a patent-pending approach called [Auto Extract].

實施 GenAI 解決方案的主要挑戰之一是需要花費大量時間和精力從異質文件群中建立準確的資料來源。為了簡化操作，我們開發了一種正在申請專利的方法，稱為[自動提取]。

Auto Extract is a capability that uses large language models to pull specific structured information from unstructured text such as documents in multiple formats, websites and conversations. It works by developing a content-specific large language model that generates prompts containing instructions on what to extract and then analyze the text and returns, the requested data in a structured format. This solution makes it easier to process, analyze, and use large amounts of data that would otherwise require extensive manual effort.

自動擷取功能利用大型語言模型從非結構化文字（例如多種格式的文件、網站和對話）中提取特定的結構化資訊。它的工作原理是開發一個特定於內容的大型語言模型，該模型生成包含提取內容說明的提示，然後分析文本，並以結構化格式返回請求的資料。此解決方案可以更輕鬆地處理、分析和使用大量數據，否則這些工作將需要大量的人工投入。

Another use case we've developed is a capability to ingest the Schedule P information for over 225 US insurance companies. We leverage this information for a variety of insights to determine correlations among loss ratios over certain development periods, specific reserve development, and other insights across specific lines of business such as other liability occurrence. We gathered over 4 million data points, augmented the data with publicly available information, created an ontology, and trained an agent in the ontology to identify trends. We use this in our portfolio management efforts to support our business and provide unique insights.

我們開發的另一個用例是能夠接收超過 225 家美國保險公司的 Schedule P 資訊。我們利用這些資訊來獲得各種見解，以確定特定發展時期內的損失率之間的相關性、特定準備金的發展情況，以及特定業務線（例如其他責任發生）的其他見解。我們收集了超過 400 萬個數據點，利用公開資訊擴充了數據，創建了一個本體，並訓練了一個本體智能體來識別趨勢。我們在投資組合管理中運用這項技術來支持我們的業務並提供獨特的見解。

I'll now shift to capital management. In the third quarter, we continued to execute against our disciplined and balanced strategy, while maintaining our financial strength. Keith will take you through the specifics. As we look to the future, subject to market conditions, we intend to continue our share repurchases in 2026, albeit at a normalized level. And over time, we will also look for more compelling opportunities to deploy capital to drive long-term strategic value.

接下來我將轉入資本管理領域。第三季度，我們繼續執行我們嚴謹均衡的策略，同時保持了財務實力。基思會為你詳細講解。展望未來，在市場條件允許的情況下，我們計劃在 2026 年繼續進行股票回購，儘管回購規模將趨於正常化。隨著時間的推移，我們也將尋找更有吸引力的機會來部署資本，以推動長期策略價值。

Before I close, let me give you a little more specificity on how we're tracking to our Investor Day metrics. We set very aspirational objectives at Investor Day. And through the first nine months of the year, we are ahead of what we outlined at the beginning of the year, which is an enormous achievement. As I noted earlier, EPS has been very strong in 2025. We achieved a core operating ROE of 13.6% in the third quarter, up 430 basis points year over year.

在結束之前，讓我更具體地向大家介紹一下我們與投資者日指標的進展。我們在投資者日上設定了非常遠大的目標。今年前九個月，我們已超額完成了年初制定的目標，這是一項巨大的成就。正如我之前提到的，2025 年 EPS 表現非常強勁。第三季度，我們的核心營運淨資產收益率達到 13.6%，年增 430 個基點。

Year to date, our core operating ROE is 10.9%, which is well within the 10% to 13% range we stated at Investor Day and believe we can maintain and grow this metric through 2027. We are continuing to make progress towards an expense ratio below 30% for General Insurance, and believe we have further opportunities to streamline our expense structure going forward. Finally, we grew our dividend per share by over 10% in 2025. And subject to Board approval, we expect to be in a position to do the same in 2026.

今年迄今為止，我們的核心營運淨資產收益率為 10.9%，這完全在我們投資者日提出的 10% 至 13% 的範圍內，我們相信我們可以在 2027 年之前保持並提高這一指標。我們正朝著將一般保險費用率降至 30% 以下的目標不斷努力，並相信我們未來還有機會進一步簡化費用結構。最後，我們實現了2025年每股股息成長超過10%的目標。經董事會批准，我們預計在 2026 年也能做到這一點。

In summary, we had an outstanding third quarter, made significant advancements in our strategic deployment of capital with three unique opportunities, and we're very committed to delivering on our three-year guidance.

總而言之，我們第三季表現出色，在三個獨特的機會下，我們在資本的策略部署方面取得了重大進展，我們非常致力於實現我們三年來的業績目標。

I'll now turn the call over to Keith.

現在我將把電話交給基斯。

Thank you, Peter, and good morning. I'm going to expand on the financial highlights for the quarter. Adjusted pretax income, or APTI, was $1.6 billion, an increase of 51% from the prior-year quarter. This was driven by strong results from the business and execution of our investment portfolio strategy. General Insurance gross premiums written were $8.7 billion in the third quarter, an increase of 1% from the prior year. Net premiums written were $6.2 billion, a decrease of 1%. As Peter discussed, we had strong new business and retention in the quarter. I will comment on the rate environment later in my remarks.

謝謝你，彼得，早安。我將詳細介紹本季的財務亮點。經調整的稅前收入（APTI）為 16 億美元，比上年同期成長 51%。這得益於業務的強勁業績和投資組合策略的有效執行。第三季一般保險毛保費收入為 87 億美元，比上年同期成長 1%。淨保費收入為 62 億美元，下降 1%。正如彼得所說，本季我們在新業務拓展和客戶留存方面都取得了強勁的成績。我稍後會在發言中談到利率環境。

For the third quarter, General Insurance accident year combined ratio as adjusted was 88.3%, which is the same as the prior-year quarter. Accident year loss ratio was 57.4%, a 100 basis point increase year over year. This was primarily driven by the reapportionment of unallocated loss adjustment expenses, and we had more favorable actual versus expected recognized in Specialty in the prior year quarter. This was partially offset by underlying improvement in Global Personal.

第三季度，經調整後的一般保險事故年度綜合比率為 88.3%，與去年同期相同。事故年度損失率為 57.4%，比前一年增加了 100 個基點。這主要是由於未分配的損失調整費用重新分配所致，而且我們在上一季專業領域確認的實際收益比預期收益更為有利。全球個人業務的潛在改善部分抵消了這一影響。

Our General Insurance expense ratio was 30.9%, a 100 basis point improvement year over year. For the first 9 months of 2025, the General Insurance expense ratio was 30.8% compared to 31.7% for the prior year period. This demonstrates our operational excellence and discipline in driving efficiencies as we have shifted expenses from other operations into General Insurance while investing in underwriting capabilities, technology, and infrastructure.

我們的一般保險費用率為 30.9%，比去年同期改善了 100 個基點。2025 年前 9 個月，一般保險費用率為 30.8%，而去年同期為 31.7%。這反映了我們在提高效率方面的卓越營運和嚴謹作風，我們將其他業務的支出轉移到一般保險領域，同時投資於承保能力、技術和基礎設施。

For context, since 2023, the business has absorbed an additional $400 million of parent costs that used to be in other operations. We expect to be at $350 million of other operations expense for full year 2025. Our teams have done a fantastic job of managing expenses, and we expect to achieve our target of below 30% by 2027.

作為背景，自 2023 年以來，該公司已吸收了額外的 4 億美元母公司成本，這些成本以前用於其他業務。我們預計 2025 年全年其他營運費用將達到 3.5 億美元。我們的團隊在費用管理方面做得非常出色，我們預計在 2027 年將費用控制在 30% 以下的目標。

Total catastrophe losses for the quarter totaled $100 million or 1.6 loss ratio points, an excellent result. Prior-year development, net of reinsurance, was $205 million favorable, which included $174 million of favorable loss reserve development and $31 million of ADC amortization. North America Commercial was favorable $139 million across our Property, Casualty, and Financial Lines. International Commercial was also favorable by $47 million, primarily driven by shorter-tail lines in Global Specialty, partially offset by movements on select longer-tail lines, largely driven by auto trends and adverse development on pre-2018 general liability reserves. Global Personal was $19 million favorable.

本季災害損失總額為 1 億美元，損失率為 1.6 個百分點，這是一個非常好的結果。上年度發展（扣除再保險）為有利 2.05 億美元，其中包括 1.74 億美元的有利損失準備金發展和 3,100 萬美元的 ADC 攤提。北美商業保險業務在財產險、意外險和金融保險方面取得了 1.39 億美元的良好業績。國際商業保險也實現了 4,700 萬美元的利好，主要得益於全球特種保險中較短尾險種的增長，部分被部分較長尾險種的增長所抵消，這主要是由於汽車行業趨勢和 2018 年前一般責任準備金的不利發展所致。全球個人業務獲利1900萬美元。

These results include a reapportionment of the remainder of our uncertainty provision across all three segments, predominantly into longer tail lines. Similar to last quarter, this was not related to any observable deterioration in our book. We continue to build on our strong balance sheet and have a high level of confidence in our reserve position, supported by the favorable actual versus expected trends we continue to observe. Overall, General Insurance calendar year combined ratio was outstanding at 86.8%, a 580 basis point improvement compared to the prior-year quarter.

這些結果包括將剩餘的不確定性準備金重新分配到所有三個部分，主要分配到更長的尾部。與上個季度類似，這與我們的帳面資產出現任何可觀察到的惡化無關。我們持續鞏固強勁的資產負債表，並對我們的儲備狀況充滿信心，這得益於我們持續觀察到的有利的實際與預期趨勢。整體而言，一般保險日曆年度綜合比率表現優異，為 86.8%，比去年同期改善了 580 個基點。

Now moving to the segments. North America Commercial accident year combined ratio as adjusted was 85.4%, an increase of 30 basis points over the prior-year quarter. The accident year loss ratio of 62.1% was up 30 basis points, owing to changes in business mix as we continue to earn in Casualty business and reduce certain property lines, and a partial onetime offset due to last year's Casualty closeout transaction. The expense ratio was flat to last year at 23.3%, including a 60 basis point improvement in the acquisition ratio, offset by a higher GOE ratio due to the movement of expenses into the business from other operations.

現在進入分段部分。經調整後，北美商業事故年度綜合比率為 85.4%，比上年同期成長 30 個基點。由於我們在意外險業務中持續盈利並減少了某些財產險業務，導致業務組合發生變化，加上去年意外險業務清算交易的部分一次性抵消，事故年度損失率為 62.1%，上升了 30 個基點。費用率與去年持平，為 23.3%，其中收購率改善了 60 個基點，但由於其他業務的費用轉移到該業務，導致營運總費用率上升，抵消了收購率的改善。

The quarter included 310 basis points of catastrophe losses and 590 basis points of favorable prior year development. North America Commercial calendar year combined ratio was 82.6%, an improvement of almost 13 percentage points.

本季包括 310 個基點的巨災損失和 590 個基點的有利上年同期發展。北美商業日曆年度綜合比率為 82.6%，改善了近 13 個百分點。

Turning to International Commercial. The accident year combined ratio as adjusted was 86.0%, an increase of 260 basis points. The accident year loss ratio was 54.4%, a 170 basis point increase year over year, largely from reapportionment of unallocated loss adjustment expenses and less favorability in Specialty, as we mentioned earlier. The expense ratio rose 90 basis points to 31.6%, driven by movement of expenses from other operations. This quarter included 80 basis points of catastrophe losses and 190 basis points of favorable prior year development.

轉向國際商務。經過調整後的事故年度綜合比率為 86.0%，增加了 260 個基點。事故年度損失率為 54.4%，比上年增加了 170 個基點，這主要是由於未分配的損失調整費用重新分配以及特殊保險的賠付率下降，正如我們之前提到的那樣。費用率上升 90 個基點至 31.6%，主要原因是其他業務的費用轉移。本季包括 80 個基點的巨災損失和 190 個基點的有利上年同期發展。

The International Commercial calendar year combined ratio was 84.9%. This is the 10th consecutive quarter of a sub-90% combined ratio for the International Commercial segment, which speaks to the quality of our portfolio.

國際商業日曆年度綜合比率為 84.9%。這是國際商業部門連續第十個季度綜合比率低於 90%，這反映了我們產品組合的品質。

Turning to Global Personal. The accident year combined ratio as adjusted was 95.5%, a 330 basis point improvement year over year, adjusting for the divested travel business. The accident year loss ratio improved 90 basis points to 55.3%, driven by underwriting actions leading to stronger underlying profitability and lower reinsurance costs. The expense ratio improved 240 basis points to 40.2%, driven by the acquisition ratio, which is benefiting from a combination of improved commission terms in the US high net worth business, operational efficiencies and changes in business mix.

轉向全球個人。經過調整後的事故年度綜合比率為 95.5%，較前一年改善 330 個基點，已剔除已剝離的旅遊業務。事故年度損失率改善了 90 個基點，達到 55.3%，這得益於承保措施提高了基本盈利能力並降低了再保險成本。費用率改善了 240 個基點，達到 40.2%，這主要得益於收購率的提高，而收購率的提高又得益於美國高淨值業務佣金條款的改善、營運效率的提高以及業務組合的變化。

This quarter included 80 basis points of catastrophe losses and 110 basis points of favorable prior-year development. The Global Personal calendar year combined ratio was 95.2%, an improvement of 520 basis points year over year. We continue to make steady progress increasing the profitability of Global Personal as outlined at Investor Day.

本季包括 80 個基點的巨災損失和 110 個基點的有利上年同期發展。全球個人日曆年度綜合比率為 95.2%，較去年同期改善 520 個基點。正如投資者日上所概述的那樣，我們繼續穩步提高全球個人業務的獲利能力。

Moving to rates. In North America, market conditions for pricing have remained largely stable. Excluding the Property business, our North America Commercial renewal pricing increase was 5%. In North America Casualty, the overall pricing environment remains favorable with Retail Excess Casualty up 13% and Lexington Casualty up 14%. In North America Financial Lines, pricing was down 2%, in line with the second quarter. The pricing reductions have moderated, and we continue to focus on our differentiated offering and leadership position.

接下來討論利率。在北美，市場定價環境基本上保持穩定。除了房地產業務外，我們在北美的商業續約價格上漲 5%。在北美意外險領域，整體定價環境仍有利，零售超額意外險上漲 13%，列剋星敦意外險上漲 14%。北美金融險種的定價下降了 2%，與第二季持平。降價幅度已經放緩，我們將繼續專注於我們差異化的產品和服務以及我們的領先地位。

North America Property continued to see pricing pressure with the overall portfolio showing improvement from last quarter, largely as a result of mix. The property market rate environment remains challenging, and we continue to have strong profitability across our retail and wholesale business, while prioritizing underwriting discipline.

北美房地產市場價格持續承壓，整體投資組合較上季有所改善，這主要是由於投資組合的多元化。房地產市場利率環境依然充滿挑戰，我們在零售和批發業務方面繼續保持強勁的獲利能力，同時優先考慮承保紀律。

International Commercial overall pricing was down 2%. Across our International Property portfolios, pricing was up 4%, driven by 16% rate increases in Japan. Global Specialty pricing was down 4%. Since 2018, the cumulative rate increases in our Global Specialty book have been very strong, with over 100% increase in Energy where rates are currently challenged. Overall, pricing remains above our technical view. Talbot and Financial Lines pricing was also down 4%. AIG's well-diversified global portfolio allows us to manage across geography and products, prioritizing lines of business that offer the best risk-adjusted returns.

國際商業整體價格下降了2%。在我們的國際房地產投資組合中，價格上漲了 4%，其中日本的房價上漲了 16%。全球特藥價格下降了4%。自 2018 年以來，我們全球特種保險業務的累積費率成長非常強勁，其中能源保險的費率成長超過 100%，而能源保險的費率目前正面臨挑戰。整體而言，定價仍高於我們的技術預期。Talbot 和 Financial Lines 的定價也下降了 4%。AIG 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，優先考慮能夠提供最佳風險調整後收益的業務線。

Moving to Other Operations. Third-quarter adjusted pretax loss was $116 million versus the prior-year quarter of $135 million. This reflects a significant reduction in general operating expense and lower interest expense, partially offset by lower net investment income as we reduced our Corebridge Financial stake. Total GOE across both General Insurance and Other Operations was $866 million in the third quarter, up 1% from the prior year adjusting for Travel. For the nine months of 2025, total GOE was $2.5 billion, down 2% year over year, while net premiums earned grew by 5%. This is an impressive outcome, reflecting positive operating leverage, allowing us to create bandwidth for future investments.

移至其他操作。第三季經調整後的稅前虧損為 1.16 億美元，而上年同期為 1.35 億美元。這反映出一般營運費用和利息支出大幅減少，但由於我們減少了對 Corebridge Financial 的持股，淨投資收益降低，部分抵消了這些影響。第三季一般保險和其他業務的總營運支出為 8.66 億美元，經調整差旅費用後，比上年同期增加 1%。2025 年前九個月，總營運支出為 25 億美元，年減 2%，而淨保費收入成長了 5%。這是一個令人矚目的成果，體現了積極的經營槓桿作用，使我們能夠為未來的投資創造空間。

The third-quarter net investment income on an APTI basis reached $1 billion, an increase of 15% year over year. General Insurance net investment income was $945 million, growing 22% year over year. The increase was driven by fixed maturity securities, owing to the optimization of our lower-yielding portfolios, asset growth, and higher reinvestment yields in addition to improved alternative returns.

第三季以APTI計算的淨投資收益達10億美元，年增15%。一般保險淨投資收益為 9.45 億美元，年增 22%。此次成長主要得益於固定期限證券，這歸功於我們對低收益投資組合的最佳化、資產成長、更高的再投資報酬率以及其他收益的改善。

During the third quarter, the average new money yield on the fixed maturity and loan portfolio was roughly 95 basis points higher than sales and maturities. The annualized yield was 4.58%, a 69 basis point improvement over the prior year. Alternative investment income was also very strong this quarter at $137 million, yielding 13.6% compared to $43 million and 4.3% in the prior-year quarter. Our well-diversified private equity portfolio contributed to this excellent performance.

第三季度，固定期限和貸款組合的平均新增資金收益率比銷售和到期收益高出約 95 個基點。年化報酬率為 4.58%，比前一年提高了 69 個基點。本季另類投資收益也非常強勁，達到 1.37 億美元，收益率為 13.6%，去年同期為 4,300 萬美元，收益率為 4.3%。我們多元化的私募股權投資組合為這一優異業績做出了貢獻。

At Investor Day, we talked about opportunities to optimize our core portfolio, particularly in some lower-yielding geographies as well as prudently increasing the allocation to private credit when we see attractive premiums over public credit. As part of the reshaping of our portfolio, we have reduced hedge funds and global real estate by $1.5 billion collectively since 2021. We largely have completed the rebalancing of public credit across multiple geographies. Yields are now more consistent with where we believe we should operate, and we expect net investment income growth going forward to be more in line with asset growth given the current and projected level of global interest rates.

在投資者日上，我們討論了優化核心投資組合的機會，尤其是在一些收益率較低的地區，以及在看到私募信貸相對於公共信貸具有有吸引力的溢價時，謹慎地增加對私募信貸的配置。作為我們投資組合重組的一部分，自 2021 年以來，我們已累計減持了 15 億美元的對沖基金和全球房地產投資。我們已基本完成跨多個地區的公共信用再平衡。目前的收益率與我們認為應該採取的經營策略更加一致，鑑於當前和預測的全球利率水平，我們預計未來淨投資收益成長將與資產成長更加一致。

Over the next few years, we will opportunistically allocate funds to private credit, which currently stands at $6.4 billion at the end of the third quarter or 8% of the GI portfolio. Overall allocations to private credit have not materially changed since Investor Day. As stated at Investor Day, we intend to take that up to 12% to 15% over time, subject to market conditions. Private credit is a large and diverse asset class. We expect to participate in the highest-quality assets where we will get paid for the risk.

在接下來的幾年裡，我們將擇機向私募信貸領域分配資金，截至第三季末，私募信貸規模為 64 億美元，佔一般保險投資組合的 8%。自投資者日以來，對私募信貸的整體配置並未發生實質變化。正如投資者日上所說，我們計劃根據市場情況，逐步將這一比例提高到 12% 至 15%。私募信貸是一個規模龐大且種類繁多的資產類別。我們期望參與最高品質的資產投資，並從中獲得與風險相符的回報。

We have private credit mandates with a small group of strategic partners who follow strict investment guidelines. We do a detailed review of every transaction we enter into and are very thoughtful about deployment and aggregation. We are pleased Onex will be one of those strategic partners. We have committed to invest $2 billion over three years across Onex's broad asset management platform, including insurance co-investments outside of Onex' funds, which will provide us with a broader view of opportunities in the industry.

我們與一小群策略夥伴簽訂了私人信貸委託協議，這些合作夥伴遵循嚴格的投資準則。我們對每一筆交易都進行詳細審查，並且在部署和聚合方面非常謹慎。我們很高興 Onex 將成為我們的策略合作夥伴之一。我們承諾在三年內向 Onex 的廣泛資產管理平台投資 20 億美元，包括 Onex 基金以外的保險共同投資，這將使我們對行業機會有更廣闊的視野。

We are in the process of divesting some noncore legacy private assets, mostly in real estate, and we will look to deploy some of those proceeds in Onex managed strategies over time, such as CLOs and broadly syndicated loan portfolios where Onex has a strong track record. Our expectation is that our investment opportunities with Onex will be accretive to our investment yield.

我們正在剝離一些非核心的傳統私人資產，主要是房地產，我們將考慮隨著時間的推移，將部分收益投資於 Onex 管理的策略，例如 CLO 和廣泛的銀團貸款組合，Onex 在這些領域有著良好的業績記錄。我們預期，我們在 Onex 的投資機會將增加我們的投資收益。

Turning to Other Operations. Net investment income of $77 million declined $43 million over the prior-year quarter and largely reflect income from our parent liquidity portfolio of roughly $50 million and Corebridge Financial dividend income of $20 million. This quarter, we updated the investment portfolio disclosure in our financial supplement to more clearly show the split between our General Insurance portfolio and the assets sitting within Other Operations.

轉向其他操作。淨投資收益為 7,700 萬美元，比去年同期減少了 4,300 萬美元，主要反映了我們母公司流動性投資組合約 5,000 萬美元的收入和 Corebridge Financial 股息收入 2,000 萬美元。本季度，我們更新了財務補充文件中的投資組合披露信息，以更清晰地顯示一般保險投資組合與其他業務資產之間的劃分。

Turning to capital management. In the third quarter, we continued to execute against our strong, disciplined, and balanced strategy while maintaining our strong ratings and financial flexibility. We completed the sale of another 31 million shares of Corebridge Financial for proceeds of approximately $1 billion. This brings our ownership in Corebridge to roughly 15.5%.

轉向資本管理。第三季度，我們繼續執行穩健、嚴謹、平衡的策略，同時保持了良好的評級和財務靈活性。我們完成了另外 3,100 萬股 Corebridge Financial 股票的出售，所得款項約為 10 億美元。這使我們在 Corebridge 的持股比例達到約 15.5%。

We returned $1.5 billion of capital to shareholders in the third quarter through approximately $1.25 billion of share repurchases and approximately $250 million of common stock dividends. Through the first nine months of the year, we have repurchased $5.3 billion, reducing shares outstanding to roughly 544 million. We continue to actively repurchase shares at what we view as attractive levels.

第三季度，我們透過約 12.5 億美元的股票回購和約 2.5 億美元的普通股股息，向股東返還了 15 億美元的資本。今年前九個月，我們回購了價值 53 億美元的股票，使流通股減少到約 5.44 億股。我們將繼續在我們認為有吸引力的價位積極回購股票。

Subject to market conditions, we intend to continue our share repurchase in 2026, albeit at more normalized levels. As we stated at Investor Day, we generate roughly $3 billion of ordinary dividends from our insurance subsidiaries annually. We expect share repurchases up to $1 billion for 2026.

在市場條件允許的情況下，我們計劃在 2026 年繼續回購股票，儘管回購規模會更正常化。正如我們在投資者日上所說，我們每年從保險子公司獲得約 30 億美元的普通股息。我們預計2026年股票回購額將達到10億美元。

We maintained our outstanding financial position in the third quarter with strong parent liquidity and a debt to total capital ratio of 18%. Over time, we will also look for ways through additional investments and acquisitions to drive long-term strategic value for the company and our shareholders. Book value per share at September 30 was $75.45, up 6% from September 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 $70.07, up 3% from September 30, 2024.

第三季度，我們維持了優異的財務狀況，母公司流動性強勁，債務與總資本比率為 18%。隨著時間的推移，我們還將尋求透過額外的投資和收購來為公司和我們的股東創造長期策略價值的方法。截至 9 月 30 日，每股帳面價值為 75.45 美元，比 2024 年 9 月 30 日增長 6%，反映出淨收入的強勁增長以及利率下降對投資其他綜合收益的有利影響。調整後的每股有形帳面價值為 70.07 美元，比 2024 年 9 月 30 日成長 3%。

In summary, we delivered an excellent third quarter with annualized core operating ROE of 13.6% and 10.9% through the first nine months of 2025. While the macro and insurance market remain dynamic, we are well positioned with multiple levers to drive continued strong performance.

總而言之，我們第三季業績出色，年化核心營運 ROE 為 13.6%，2025 年前九個月的年化核心營運 ROE 為 10.9%。儘管宏觀經濟和保險市場依然充滿變數，但我們擁有多種槓桿，能夠更好地推動業績持續強勁成長。

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

這樣，我就把電話轉回給彼得了。

Thanks, Keith. Michelle, we're ready for questions.

謝謝你，基斯。米歇爾，我們準備好回答問題了。

(Operator Instructions)

（操作說明）

Alex Scott, Barclays.

亞歷克斯·斯科特，巴克萊銀行。

I was hoping you could talk about the expected underwriting profitability from both the quota share as well as the renewal rights. And just hearing some of the things Everest was talking about on their call, it sounded like maybe the profitability is -- I'm sure it's improved from the underwriting actions they've taken, but it sounded like probably closer to 100% combined ratio type stuff right now. So just wondering what that on both kind of sides of the deals will look like out of the gate and where you expect it to get it to over time.

我希望您能談談按比例承保和續保權的預期承保盈利能力。從 Everest 在電話會議上談到的一些事情來看，感覺他們的盈利能力——我確信他們採取的承保措施已經有所改善——但聽起來目前綜合比率可能接近 100%。所以我想知道，交易雙方一開始的情況會是什麼樣的，以及隨著時間的推移，你認為它會發展到什麼程度。

Yes. So Alex, I just want to clarify that you're talking about the quota share with Convex?

是的。所以 Alex，我只是想確認一下，你指的是與 Convex 的配額分成嗎？

Yes, the quota share with Convex and then also the renewal rights with Everest. Maybe if you could comment on them separately.

是的，與 Convex 的配額份額，以及與 Everest 的續約權。或許您可以分別評論一下。

Okay. First of all, on Convex, it's a whole account quota share. It's a great company with a tremendous track record of profitability, and we are so pleased to be participating at 1/1 with a 7.5% share. That will grow to 10% in '27 and then 12.5% in the subsequent year. So that's really positive across the entire book, and we will benefit from that because of the combined ratios that they run.

好的。首先，在 Convex 平台上，這是整個帳戶的配額共享。這是一家非常優秀的公司，擁有卓越的獲利記錄，我們非常高興能以 1/1 的比例參與其中，持有 7.5% 的股份。到 2027 年，這一比例將增長到 10%，然後在第二年增長到 12.5%。所以這對整本書來說都是非常積極的，而且由於他們運行的綜合比率，我們將從中受益。

In terms of Everest, I'm going to make some comments, and I'm going to ask Jon Hancock to make a couple of comments because Jon ran the business process for the renewal rights for AIG. It's a $2 billion portfolio. You have to take it in pieces. And so the International portfolio has performed very well. I mean when we look at the combined ratios of their International business, it's similar to ours and would expect the conversion for the combined ratios to be at ours and maybe even a little bit better over time because of the scale that can help the expense side.

關於 Everest，我有一些評論，我也想請 Jon Hancock 發表一些評論，因為 Jon 負責 AIG 續約權的業務流程。這是一個價值20億美元的投資組合。你必須把它分解成幾個部分來處理。因此，國際投資組合表現非常出色。我的意思是，當我們查看他們國際業務的綜合比率時，會發現它與我們的情況類似，我們預計他們的綜合比率會與我們持平，而且隨著時間的推移，由於規模優勢，他們的費用水平可能會略好一些。

When you look at the US, I'll give you just in the spirit of time, the three pieces. First is Property. Property portfolio runs very well. Attritional loss ratios are similar to ours. We may put a little bit more cat load on their portfolio, but AIG's cat load for our funded AAL will not go up. We've been doing an exceptional job on our gross book as well as reinsurance. And so that will be at our combined ratios, which have been exceptional.

談到美國，我本著時間緊迫的精神，為你介紹三個部分。首先是房產。房地產投資組合營運狀況良好。損耗率與我們的情況類似。我們可能會在他們的投資組合中增加一些巨災風險，但AIG為我們資助的AAL的巨災風險不會增加。我們在總業務和再保險方面都做得非常出色。因此，這將符合我們一直以來都非常出色的綜合比率。

If you look at Financial Lines, I think their loss ratios for their book run a little higher than ours, but the expense ratio with the conversion of the portfolio will run lower. So I would think on the Financial Lines, the overall combined ratio will be at ours. So there'll be very similar conversion in terms of overall economics on a combined ratio basis.

如果你看一下金融險業務，我認為他們的賠付率比我們的略高，但是轉換投資組合後的費用率會更低。所以我認為，就財務方面而言，整體綜合比率將與我們持平。因此，從綜合比率來看，整體經濟效益的轉變將非常相似。

And then the one that gets all the attention is the Casualty. So the Casualty, when Everest reports out, they're doing it on their back book, the earned book, not necessarily on a written basis. And so I think it's really important to take a look at that as to how it's run. I put in my prepared remarks because it was their own comments in terms of the further reserve strengthening required was from a part of a portfolio, 80% that doesn't exist anymore.

然後，最引人注目的是傷亡人員。所以，當珠穆朗瑪峰傷者報告傷兵時，他們是在自己的傷殘記錄簿上，也就是已獲得的傷殘記錄簿上進行報告，而不是以書面形式進行報告。所以我認為，仔細研究它的運作方式非常重要。我提交了我準備好的發言稿，因為他們自己評論說，需要進一步加強儲備，而這部分儲備來自一個已經不存在的投資組合的 80%。

And then the other piece -- and I'll get to the reinsurance in a second, is that I think it's my view that we have the best casualty underwriters in the marketplace led by Barbara Luck. We've done this before. We've looked at a portfolio and said, this is what we think the structure needs to be in terms and conditions and pricing. And so I think we have a really strong track record of delivering that. Even if we deliver, the majority of the Casualty portfolio will still be less than 20% of our overall casualty. And we have a very sound, attractive and one of the best structures, I believe, in casualty reinsurance, which means we protect it from volatility.

還有一點——關於再保險，我稍後會談到——我認為我們擁有市場上最好的意外險承保人，由芭芭拉·拉克領導。我們以前做過這件事。我們研究了一個投資組合，並表示，我們認為在條款和條件以及定價方面，其結構應該是如此。所以我認為我們在這方面有著非常出色的業績記錄。即使我們能夠實現目標，大部分意外險業務仍將占我們整體意外險業務的不到 20%。而且，我認為，我們在意外傷害再保險領域擁有非常穩健、有吸引力且最好的結構之一，這意味著我們可以保護它免受波動的影響。

The ceding commission will absolutely be a tailwind and accretive to the combined ratio. We have a low-30 seed. We're bringing very little expense over. The acquisition expenses are at/or slightly below ours. I would look to forecast them at ours. But we would expect even on a written basis, same-store sales with the way we're structured, the way we underwrite and the way we structure reinsurance that the combined ratios are going to improve in a meaningful way.

讓渡佣金絕對會成為一股順風，並有助於提高綜合比率。我們有一顆排名靠後的種子（排名30左右）。我們帶來的費用非常少。收購費用與我們持平或略低。我會嘗試預測它們在我們這裡的情況。但即使從書面角度來看，根據我們的組織結構、承保方式和再保險結構，我們預計同店銷售額的綜合比率將顯著改善。

Jon, do you want to just give a quick overview in terms of how you look to the book when you're doing diligence?

Jon，能否簡要概述一下你在進行盡職調查時是如何看待這本書的？

Yes, I will. Thanks, Peter. I mean I'd start by saying I think this is a great deal for everyone, for us, for Everest and critically for those brokers and clients. And we're getting great reaction from all of them. It's a strong AIG with a global footprint in lines of business that we like, we know and we already like a lot of, and where we've already got big and existing relationships with everyone. So this is about building on that rather than start from scratch.

是的，我會。謝謝你，彼得。我的意思是，首先我想說，我認為這對每個人來說都是一筆非常划算的交易，對我們、對珠穆朗瑪峰公司，尤其是對那些經紀人和客戶來說都是如此。我們收到了來自各方的正面回饋。這是一家實力雄厚的 AIG，在全球業務領域擁有廣泛的業務佈局，而這些業務正是我們喜歡、了解並且已經非常認可的，並且我們已經與其中的每個人都建立了牢固的合作關係。所以，這是在現有基礎上發展，而不是從零開始。

And I'd love the fact we did the deal at pace. We both decided very early on, it was the right thing for us. Hence, that bilateral discussions that you talked about, Peter. We wanted to do it, but we did it thoroughly, and we did it quickly. And everybody knows AIG's commercial business is incredibly strong. You see that through our results every quarter, and we want it to grow faster. And I think this is a great opportunity to help do just that.

我很高興我們能如此迅速地完成這筆交易。我們兩個很早就決定，這對我們來說是正確的選擇。所以才有了你剛才提到的雙邊會談，彼得。我們想做這件事，而且我們做得非常徹底，也做得非常迅速。眾所周知，AIG的商業業務非常強勁。從我們每季的業績中就能看出這一點，我們希望它成長得更快。我認為這是一個幫助實現這一目標的絕佳機會。

AIG and Everest, we've got to know each other pretty well through this transaction. And as you say, we think they've done a really good job of building their business, re-underwriting where they need to be. But I would stress, I agree with you, it's not everywhere, it's in certain places. And it's a great fit for our existing business to add to it. It's a sort of business we like.

透過這筆交易，AIG 和 Everest 彼此都非常了解了。正如你所說，我們認為他們在業務拓展方面做得非常出色，並在需要的地方進行了重新核保。但我要強調的是，我同意你的看法，這種情況並非普遍存在，而只存在於某些地方。而且，將其納入我們現有的業務範圍非常合適。這是我們喜歡的那種生意。

And being the incumbent is important in our industry. It's important for us, for the broker and client. It means we don't have to re-underwrite all over again. We do have that continuity. We renew together rather than starting again. And a renewal rights deal like this brings that into play. So there's an advantage to all of us. And as you say, we're determined to renew the whole portfolio. We've looked at the portfolio carefully.

在我們的行業中，保持領先地位非常重要。這對我們、對經紀人和客戶都很重要。這意味著我們不必重新進行所有核保工作。我們確實保持了這種延續性。我們攜手並進，而不是從頭再來。而像這樣的續約權協議就體現了這一點。所以這對我們所有人都有好處。正如您所說，我們決心更新整個投資組合。我們仔細研究了投資組合。

And I want to say as well, we know there are some overlaps. Of course, there are. Sometimes they're on the same risks, same or different layers, and we're really comfortable with that. We've looked at the portfolio. We've been managing our limits and exposures waiting for growth opportunities like this. So we know we've got plenty of capacity and everything will be well within our risk appetite.

另外，我也想說，我們知道這兩者之間有一些重疊之處。當然有。有時它們面臨相同的風險，相同或不同的風險層級，我們對此感到非常放心。我們已經查看了投資組合。我們一直在控制風險敞口，等待像這樣的成長機會。所以我們知道我們有足夠的產能，一切都在我們的風險承受範圍內。

So that's how we looked at it. Now we'll get it renewed by making it seamless, straightforward, given that continuity that is so important. And we've already reached out to thousands of brokers and hundreds of clients as have Everest, we started those conversations. And we've got tremendous support from all of those brokers and clients. We're very grateful for that, and we're totally focused now on getting this business into the portfolio.

這就是我們看待這個問題的方式。現在，我們將透過使其無縫銜接、簡單明了的方式來更新它，因為保持連續性至關重要。我們已經像 Everest 一樣，聯繫了數千名經紀人和數百名客戶，我們開始了這些對話。我們得到了所有經紀人和客戶的大力支持。我們對此非常感激，現在我們正全力以赴將這家企業納入投資組合。

Thanks, Jon. That's great. Alex, do you have a follow-up?

謝謝你，喬恩。那太棒了。Alex，你還有後續問題嗎？

Yes. As a follow-up, I noticed the comments suggested you're continuing to look for further opportunities. And so I just wanted to get a feel for how much more capacity do you have to go continue to do deals like this? What type of stuff are you looking at?

是的。作為後續，我注意到評論表明您仍在繼續尋找其他機會。所以我想了解一下，你們還有多少能力可以繼續進行類似的交易？你在看什麼類型的東西？

Well, I said it at Investor Day, I've said it on these calls in the past, and I'll reiterate it now, which is that we look for opportunities that are strategically enhancing to AIG. We've laid out financial metrics in terms of earnings, EPS and ROE accretion.

我在投資者日上說過，過去在這些電話會議上也說過，現在我再重申一遍，那就是我們尋找的是在策略上增強 AIG 的機會。我們已經根據收益、每股盈餘和淨資產收益率成長情況列出了財務指標。

I think the really important point to think about is Convex, Onex, and Everest were all bilateral negotiations, meaning it was just us involved. And there wasn't a process. And we're getting more reach outs for that just based on our capability, speed to execution, just the quality in terms of how we position the business. And as Jon said, we've managed our gross and net limits. As Keith outlined in his prepared remarks, we have a lot of financial flexibility. And so we will continue to look at opportunities that fulfill sort of that strategic intent.

我認為真正需要考慮的重要一點是，Convex、Onex 和 Everest 都是雙邊談判，這意味著只有我們參與其中。而且根本沒有流程。僅僅憑藉我們的能力、執行速度以及我們在業務定位方面的質量，我們就獲得了更多相關的諮詢。正如喬恩所說，我們已經控制住了總收入和淨收入的上限。正如基思在事先準備好的演講稿中所述，我們擁有很大的財務彈性。因此，我們將繼續尋找能夠實現這一戰略意圖的機會。

I would expect to see more. We saw quite a bit before we did these deals. I mean this wasn't the first opportunities that were presented to us. And we'll make sure that it's very additive to AIG and that there is alignment with whoever we're working with. I think we just have to have confidence that we will execute and we do on the sort of financial metrics that we've outlined.

我希望看到更多。在達成這些交易之前，我們已經了解了很多情況。我的意思是，這並非我們第一次遇到這樣的機會。我們會確保它對 AIG 有極大的促進作用，並且與我們的合作夥伴保持一致。我認為我們只需要有信心，我們能夠按照我們制定的財務指標執行計劃，而我們也確實做到了。

Brian Meredith, UBS.

Brian Meredith，瑞銀集團。

First one, just back on the capital situation. If I look at what you said about $5 billion of holdco liquidity at quarter end and you've got the Corebridge deal, and you've got a fair amount of holdco liquidity right now. I'm just curious what your thoughts are and what's kind of the minimum level of holdco liquidity you want to keep on your balance sheet?

首先，我們再來談談資本狀況。如果我看一下你之前提到的季度末控股公司50億美元的流動性，再加上Corebridge的交易，你現在確實擁有相當多的控股公司流動性。我只是好奇您對此有何看法，以及您希望在資產負債表上保持的控股公司流動性的最低水平是多少？

Yes. Thanks, Brian. I'll have Keith fill in the details. But I mean, of course, the quarter end liquidity didn't contemplate that we're going to have to use that for some of the investments we've just outlined and the strategic acquisitions. We did -- Keith just kept in his prepared remarks before the Q as to our ownership within Corebridge.

是的。謝謝你，布萊恩。我會讓基斯補充細節。但我的意思是，當然，季度末的流動性狀況並沒有考慮到我們將不得不把這些資金用於我們剛才概述的一些投資和策略性收購。沒錯——基斯只是在問答環節之前，繼續發表他事先準備好的關於我們在 Corebridge 的所有權的發言。

We exercised last night a sale of around 32 million shares. So that's another $1 billion of proceeds to fund the acquisitions, but also our continued capital management. And we will be very consistent in what we outlined at Investor Day. We returned so much capital to shareholders, and that was the right thing to do based on the liquidity and the divestitures of Corebridge. But I think we're in a more normal state now where we're going to have those balanced investments and continue to build inorganic opportunities.

我們昨晚行使了出售約3200萬股股票的權力。這樣一來，我們就能再獲得 10 億美元的收益，用於收購以及我們持續的資本管理。我們將嚴格按照投資者日上提出的內容執行。我們向股東返還了大量資本，根據 Corebridge 的流動性和資產剝離情況來看，這樣做是正確的。但我認為我們現在處於一種更正常的狀態，我們將進行平衡的投資，並繼續創造非有機成長機會。

Keith?

基思？

Yes. Thanks, Peter. Brian, as you stated, we have about $5.3 billion of liquidity at the end of the third quarter. We are well capitalized. We're also very patient, and we are going to keep several billion dollars of liquidity always at the company for just prudently as we measure it.

是的。謝謝你，彼得。布萊恩，正如你所說，截至第三季末，我們擁有約 53 億美元的流動資金。我們資金雄厚。我們也很有耐心，我們將始終在公司保持數十億美元的流動資金，以謹慎行事，視情況而定。

As we look through how we deploy capital going forward, we're going to be patient, balanced, and consistent, right? And it's got to make sense for shareholders and for growing the company. And so I think that's the way to think about this as we go forward. As we stated in our remarks, we think about $1 billion of run rate as far as the share repurchase is a good indication for 2026, and I'll leave it at that.

在展望未來如何部署資本時，我們將保持耐心、平衡和一致，對嗎？而且，這樣做必須對股東和公司發展都有好處。所以我認為這就是我們今後應該思考這個問題的方式。正如我們在發言中所說，我們認為 2026 年股票回購的年化規模達到 10 億美元是一個不錯的指標，我就說到這裡吧。

That's helpful. And then second question, I'm just curious, I want to hit on your expense ratio target of 30% below. I'm just curious, given what's going on with the Everest transaction, which obviously is going to be beneficial to your expense ratio and these AI investments that you're making, which I'm assuming you're already seeing some productivity improvements from the underwriters. Is that 30% just kind of a starting point? And is there meaningfully more, we could see, improvement in that ratio?

那很有幫助。第二個問題，我只是好奇，我想達到你們設定的費用率目標，低於 30%。我只是好奇，鑑於 Everest 交易的進展，這顯然將有利於您的費用率和您正在進行的這些人工智慧投資，我假設您已經從承銷商那裡看到了一些生產力的提高。30%只是一個起點嗎？我們是否可以看到這個比例有更顯著的改善？

I'm not a big fan, Brian, of giving guidance on guidance. But I think to try to address the question is let me go with GenAI first. I do think that's going to give us a benefit in terms of growth and operational efficiency. But we just rolled it out to private not-for-profit, one of our smaller businesses. We're going to be sort of rolling that out to bigger business and do expect exactly what you outlined, but I don't really have exactly the time frame.

布萊恩，我不太喜歡對別人的指導進行指導。但我認為，要試著回答這個問題，就讓我先從 GenAI 開始吧。我認為這將在成長和營運效率方面為我們帶來好處。但我們剛剛將其推廣到私人非營利組織，這是我們規模較小的業務之一。我們將逐步把這項服務推廣到規模更大的企業，預計會達到您所描述的效果，但我目前還沒有確切的時間表。

30% with Everest and other ways in which I think we can grow. We have the Everest conversion on the renewal rights. We have a whole account quota share with Convex. We think that organic growth is -- this quarter is not indicative of where we think we can drive organic growth. We are going to have some operating leverage. And our focus like the 10% to 13%, like the 10% increase in the dividend is to get to the 30%, and we're going to do everything we can to accelerate that and then we'll revisit what we think is the appropriate expense ratio for the business that we have at that time.

30% 的收益來自於珠穆朗瑪峰以及其他我認為我們可以成長的方式。我們有關於續約權的珠穆朗瑪峰轉換。我們與 Convex 擁有整個帳戶配額的共享權。我們認為有機成長－本季的數據並不能代表我們認為能夠推動有機成長的程度。我們將擁有一定的經營槓桿。我們目前的重點是股息成長10%到13%，也就是成長10%，目標是達到30%，我們將盡一切努力加快這一目標的實現，然後我們會重新審視我們認為當時業務的適當費用率。

Meyer Shields, KBW.

Meyer Shields，KBW。

Peter, I was hoping you could talk through, I guess, the earnings power of Convex or, I guess, the whole account quota share in the context of, I guess, both volatility and price declines in property catastrophe reinsurance. In other words, without getting too specific in numbers, how vulnerable are its earnings to what we think will be weakening pricing at 1/1?

Peter，我希望你能談談 Convex 的獲利能力，或者說，在財產巨災再保險的波動性和價格下跌的背景下，整個帳戶配額份額的情況。換句話說，在不給出具體數字的情況下，我們認為 1 月 1 日的股價走弱會導致其獲利能力受到多大影響？

They have a -- thanks, Meyer, for the question. They have a very diversified portfolio, balanced in insurance and reinsurance. Reinsurance is not just property, that's a percentage of their overall, but they're very prevalent in the specialty classes, casualty. They're like an exceptional underwriting group. I don't think that -- look, do they have property cat in the portfolio? Yes. But it's not -- if you look and compare and contrast it to like a Validus, which had significant property cat and was exposed to the big regions within the United States, it's apples and oranges.

他們有一個——謝謝邁耶的提問。他們的投資組合非常多元化，在保險和再保險方面保持平衡。再保險不只是財產險，財產險只是其整體業務的一部分，但它們在特殊險種（如意外險）中非常普遍。他們就像一個非常優秀的核保集團。我不這麼認為——你看，他們的投資組合裡有房地產貓嗎？是的。但事實並非如此——如果你把它和像 Validus 這樣的公司進行比較，Validus 擁有大量的財產，並且業務遍及美國的大部分地區，那麼兩者就完全是兩碼事了。

Also, in the UK, companies are particularly like a Convex, very smart in terms of how they buy ILWs, how they buy cat bonds and how they reduce their overall volatility to a single loss. So I think, look, we look at it. It's well within our risk appetite for our own assumed property. And as I mentioned, we don't expect AALs to go up. And we will manage those exposures to have not big volatility, and it's not something I would be concerned about.

此外，在英國，公司尤其像凸面公司一樣，在購買ILW、購買巨災債券以及如何將整體波動性降低到單一損失方面非常聰明。所以我覺得，你看，我們來看看。這完全在我們承擔的自有房產的風險承受範圍內。正如我之前提到的，我們預計平均航空里程不會上漲。我們會妥善管理這些風險敞口，避免出現較大的波動，我對此並不擔心。

Okay. That's very helpful. And I just wanted to confirm that the renewal rights deal like is already active. In other words, that doesn't have to wait for any sort of regulatory approval for you to start looking at the renewal book.

好的。那很有幫助。我只是想確認一下，續約協議是否已經生效。換句話說，您無需等待任何監管部門的批准即可開始查看續期手冊。

Jon, maybe you could just give a very quick overview of where we are in terms of Meyer's question.

Jon，或許你可以簡單概括一下我們目前對 Meyer 提出的問題的看法。

Yes. So it is active. Yes, Meyer. There's one important point here that in the EU, we're in the process of seeking regulatory approval. And so when we get that, and we expect it fairly soon or we hope for it fairly soon, we're in active conversations. Everywhere else, this is live. And let's say, we are having active conversations with the brokers, the clients and with Everest underwriters and other folks to get this going as quickly as possible.

是的。所以它是激活狀態。是的，邁耶。這裡有一點很重要，在歐盟，我們正在尋求監管部門的批准。所以，當我們得到那個東西，並且我們預期它很快就會到來，或者我們希望它很快就會到來時，我們就會積極地進行討論。其他地方都是現場直播。假設我們正在與經紀人、客戶、Everest 保險公司承保人以及其他相關人員積極溝通，以盡快推進此事。

We are up and running, Meyer. We are working incredibly hard with the distribution and clients and showing continuity and a huge commitment to this portfolio.

我們已經恢復運作了，邁耶。我們正與經銷商和客戶進行非常努力的合作，並展現出對該投資組合的持續性和巨大投入。

Michael Zaremski, BMO Capital Markets.

Michael Zaremski，BMO資本市場。

I guess a broad question on the competitive dynamics in the industry. The number one question we've been getting for a while, and I'm sure it's up there on your list, too, has just been the pricing power environment in commercial insurance being softish or soft depending how one must define it and whether we, as analysts should start embedding some -- a bit of loss ratio degradation as a result into our models. And I know Peter, you've done a good job explaining to us in recent quarters kind of why you feel you're -- that's not a great way to model. But any update would be helpful.

我想問的是一個關於產業競爭格局的廣泛性問題。一段時間以來，我們收到的首要問題，我相信也是你們關注的問題之一，就是商業保險的定價權環境是偏軟還是偏軟，這取決於我們如何定義它，以及我們作為分析師是否應該開始將一些損失率下降的因素納入我們的模型中。我知道彼得，你最近幾季已經很好地向我們解釋了你為什麼覺得自己——這不是一個很好的榜樣。但任何更新資訊都會有所幫助。

Yes. Thanks for the question. I have gone through it at length in some of my prior comments on these calls. And what I would think about as you're modeling whether it's rate, loss cost, all the different variables that drive combined ratio is looking at the mix of the portfolio is really important because large companies, in particular, like an AIG, we give you an index on rate, but there's so much that's underneath that. As Keith outlined, Casualty was strong, Property had headwinds.

是的。謝謝你的提問。我在之前對這些通話的一些評論中已經詳細闡述過這一點。在對利率、損失成本以及所有影響綜合比率的不同變數進行建模時，我認為應該考慮的是投資組合的組合，這一點非常重要，因為對於像 AIG 這樣的大公司，我們雖然會提供一個利率指數，但背後還有很多其他因素。正如基斯所概述的那樣，意外險業務表現強勁，財產險業務則面臨逆風。

The difference between E&S and retail can be different depending on what's going on with the quarter, cyclicality. And then, of course, I think it's really important. We don't put out cumulative rate increases to be defensive on the current environment. We do it because we've delivered a significant amount of margin over time that gives us the ability to cycle manage. And I spent a lot of time like on Property with the cost of goods sold as to how you actually build up the loss cost.

E&S 與零售之間的差異可能因季度情況和週期性因素而異。當然，我認為這非常重要。為了因應當前的市場環境，我們不會推出累計升息方案。我們這樣做是因為隨著時間的推移，我們獲得了可觀的利潤，這使我們能夠進行週期管理。我花了很多時間研究房地產，特別是銷售成本，以及如何計算損失成本。

But yes, we're in a competitive environment. We're going through a shift. Property has been the one outlier this particular year. But I think it's a combination of a lot of factors. I still think it's a very profitable segment if you underwrite it well and you protect volatility.

沒錯，我們身處在競爭激烈的環境中。我們正在經歷一場變革。今年房地產市場表現異常突出。但我認為這是多種因素共同作用的結果。我仍然認為，如果承銷得當並能有效控制波動性，這是一個非常有利可圖的領域。

The other place that's seeing a little bit of price headwind is Specialty where we're sizable. But again, it has the same underlying dynamics, which has been very profitable, setting terms and conditions, being a lead underwriter, structuring opportunities for clients. You can see even in a market that has headwinds, flight to quality matters. We see new business up, submission count up. And I think you just have to differentiate between companies as well just to see who's going to sustain versus being an index in the market. That's some high-level commentary.

另一個受到價格不利影響的領域是特種產品市場，我們在這個領域規模較大。但同樣，它的基本運作機制也十分有利可圖，即制定條款和條件、擔任首席承銷商、為客戶建構機會。即使在市場逆風的情況下，我們也可以看到，追求品質的產品仍然很重要。我們看到新業務量增加，投稿數量也增加。我認為你還需要區分不同的公司，才能看出哪些公司能持續發展，哪些公司只是市場指數的一部分。這是相當高水準的評論。

Got it. And if I can ask a pivot to ask my follow-up on the update you gave us on AIG Assist and the exciting things you all are doing using technology and AI. Specifically on the submission response stats you gave out about almost 200,000 submissions year-to-date in one area of middle market. I just want to make sure we're thinking about this correctly and that over time, as this technology is deployed throughout the entire organization that it will likely result in kind of a material change to the top-line revenue trajectory relative to market conditions. Is that fair?

知道了。如果我可以轉個題，我想就您之前給我們帶來的 AIG Assist 的最新進展以及您正在利用技術和人工智慧所做的令人興奮的事情問一些後續問題。具體來說，關於投稿回覆統計數據，您透露，截至目前，中端市場某個領域已收到近 20 萬份投稿。我只是想確保我們思考得正確，並且隨著時間的推移，隨著這項技術在整個組織中的部署，它可能會相對於市場狀況對總收入軌跡產生實質的影響。這樣公平嗎？

Yes. A few comments. I mean, of course, when we talk about GenAI, it could go in a variety of different directions. But what I would say is that we are focused on the example I've outlined in earnings and the example I've outlined at Investor Day is about getting more effective in digesting data and actually accessing more data points to make the underwriters more constructive and allowing them to make better decisions.

是的。幾點說明。我的意思是，當然，當我們談論全人類人工智慧時，它可能會朝著各種不同的方向發展。但我想說的是，我們關注的重點是我在收益報告中和投資者日上概述的例子，即如何更有效地消化數據，並實際獲取更多的數據點，從而使承銷商能夠做出更具建設性的決定，並讓他們能夠做出更好的決策。

So like when we talk about like the example I gave now with Lexington is that if you can ingest broker data faster and take unstructured, structured PDFs, all different formats and getting into an underwriting process and then have large language models accelerate that to the underwriter, that's why I said speed matters. I mean that's what will drive growth. And it's not about driving more like underwriting appetite, it's about getting to things that are within our appetite and being able to service that business faster and at scale.

就像我剛才舉的萊剋星頓的例子一樣，如果你能更快地攝取經紀人數據，並將非結構化、結構化的 PDF 等各種不同格式的數據導入承保流程，然後利用大型語言模型加速將數據傳遞給承保人，這就是我為什麼說速度很重要的原因。我的意思是，這才是推動成長的動力。這不是要增加承保意願，而是要把握我們所能抓住的機會，並且能夠更快、更大規模地為這些業務提供服務。

The other thing to think about is, are you prepared in a market turn? And it will happen. And so when there is parts of our business that there's going to be either supply issues or there's not going to be the same capacity, can you take advantage of those opportunities by servicing clients and brokers and scaling significantly? We are prepared to do that.

另一個需要考慮的問題是，你是否為市場轉向做好了準備？這一定會發生。因此，當我們的業務某些部分出現供應問題或產能不足時，能否透過服務客戶和經紀人並大幅擴大規模來抓住這些機會？我們已做好這樣做的準備。

And then the last comment I would make is that we are preparing this company to compete in the environment that's going to exist across the world. When you think about the technology, I'm not saying it because it's a sound bite of things are progressing over the last six months. This happens to be true. Like what's happening with like advancements in large language models or the orchestration in the future of agents that exist within organizations and different functions and different parts of underwriting, how do you manage through that? We are trying to accelerate implementation.

最後我想說的是，我們正在讓這家公司做好準備，以便在全球範圍內參與競爭。當你思考這項技術時，我這麼說並不是因為這是過去六個月來科技進步的縮影。這恰好是事實。例如，隨著大型語言模型的發展，或未來組織內部不同職能部門和核保部門的不同部分中存在的代理的協調工作，你如何應對這些變化？我們正在努力加快實施速度。

So we're prepared for the changes that are happening at a rapid pace based on the capital expenditures from the large tech companies. And feel very good about what we've done, actually feel like we have advanced our guidance from Investor Day and want this to be a big part of how we talk about our business in the future.

因此，我們已經做好準備，迎接大型科技公司資本支出帶來的快速變化。我們對自己所做的工作感到非常滿意，實際上感覺我們已經推進了投資者日以來的指導方針，並希望這成為我們未來談論業務的重要組成部分。

So it's going to be better quality data, more data sources, speed to execution is going to be accelerated and the underwriters are going to be able to make decisions faster and make more effective decisions. So that's where I want to be and feel very good about it.

因此，資料品質會更高，資料來源會更多，執行速度會加快，核保人將能夠更快地做出決策，並做出更有效的決策。所以，這就是我想待的地方，我對此感到非常滿意。

Okay. Thank you very much for the questions. I mean, as I said at the top of the call, it's been an exceptional quarter for AIG. The progress, the announcements that we made are just great examples of how we're moving the company forward with purpose and executing on our strategy. I'm incredibly proud of all of our colleagues. Without them, none of this happens. And so I want to thank all of my AIG colleagues for working at pace. And I want to wish everybody a great day. Thank you.

好的。非常感謝大家的提問。正如我在電話會議開始時所說，對於AIG來說，這是一個非同尋常的季度。我們所取得的進展和發布的公告，正是我們如何有目標地推動公司發展並執行策略的絕佳例證。我為我們所有的同事感到無比自豪。如果沒有他們，這一切都不會發生。因此，我要感謝所有AIG的同事們，感謝他們有效率地工作。祝大家今天過得愉快。謝謝。

Thank you for your participation. You may now disconnect. Everyone, have a great day.

感謝您的參與。您現在可以斷開連線了。祝大家今天過得愉快。