Assurant Inc (AIZ) 2024 Q3 法說會逐字稿

Welcome to Assurant's third quarter 2024 Conference Call and Webcast.

歡迎參加 Assurant 2024 年第三季電話會議和網路廣播。

(Operator Instructions) It is now my pleasure to turn the floor over to Sean Moshier, Vice President of Investor Relations.

（操作員指示）現在我很高興將發言權交給投資人關係副總裁 Sean Moshier。

You may begin.

你可以開始了。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

We look forward to discussing our third quarter 2024 results with you today.

我們期待今天與您討論 2024 年第三季的業績。

Joining me for Assurant's conference call are Keith Demmings, our President and Chief Executive Officer; and Keith Meier, our Chief Financial Officer.

與我一起參加 Assurant 電話會議的是我們的總裁兼執行長 Keith Demmings；和我們的財務長 Keith Meier。

Yesterday, after the market closed, we issued a news release announcing our results for the third quarter 2024.

昨天收盤後，我們發布了新聞稿，公佈了 2024 年第三季的業績。

The release and corresponding financial supplement are available on assurant.com. Also on our website is a slide presentation for our webcast participants.

該新聞稿和相應的財務補充可在 assurant.com 上取得。我們的網站上也為網路廣播參與者提供了幻燈片演示。

Some of the statements made today are forward-looking.

今天發表的一些聲明具有前瞻性。

Forward-looking statements are based upon our historical performance and current expectations and subject to risks, uncertainties and other factors that may cause actual results to differ materially from those contemplated by these statements.

前瞻性陳述是基於我們的歷史績效和當前預期，並受到風險、不確定性和其他因素的影響，這些因素可能導致實際結果與這些陳述預期的結果有重大差異。

Additional information regarding these factors can be found in the earnings release, presentation and financial supplement on our website as well as in our SEC reports.

有關這些因素的更多資​​訊可以在我們網站上的收益發布、演示和財務補充以及我們的 SEC 報告中找到。

During today's call, we will refer to non-GAAP financial measures, which we believe are important in evaluating the company's performance.

在今天的電話會議中，我們將參考非公認會計準則財務指標，我們認為這些指標對於評估公司績效非常重要。

For more details on these measures, the most comparable GAAP measures and a reconciliation of the two, please refer to the news release and supporting materials.

有關這些措施、最具可比性的公認會計準則措施以及兩者的調節的更多詳細信息，請參閱新聞稿和支援資料。

We'll start today's call with remarks, before moving into Q&A.

我們將首先發表講話，然後進入問答環節。

I will now turn the call over to Keith Demmings.

我現在將把電話轉給基斯·戴明斯。

Thanks, Sean, and good morning, everyone.

謝謝肖恩，大家早安。

Our third quarter results further supported our strong year-to-date performance.

我們的第三季業績進一步支持了我們年初至今的強勁表現。

Through the first nine months of the year, adjusted EBITDA increased by 15% and adjusted EPS grew by 21%, both excluding catastrophes.

今年前 9 個月，調整後 EBITDA 成長了 15%，調整後每股盈餘成長了 21%（均不包括災難因素）。

Results were led by sustained outperformance within Global Housing as well as underlying growth within our Connected Living business, which was muted by incremental investments in new partnerships and programs and unfavorable foreign exchange.

全球住房業務的持續優異表現以及我們的互聯生活業務的潛在增長帶動了業績，但由於新合作夥伴關係和項目的增量投資以及不利的外匯，該業務受到抑制。

Our year-to-date momentum has positioned us to exceed our previous expectations.

今年迄今為止的勢頭使我們超出了先前的預期。

Excluding catastrophes, we now expect adjusted EBITDA to increase low double digits for the second consecutive year, and adjusted earnings per share to increase mid- to high teens, led by business growth and strong share repurchases.

排除災難因素，我們現在預計，在業務成長和強勁的股票回購的帶動下，調整後的EBITDA 將連續第二年增長兩位數，調整後的每股收益將增長到中位數到高位數。

Once again, we've outperformed the broader P&C industry, both short and long term, reflecting the unique and differentiated nature of our combined housing and lifestyle business model.

無論是短期還是長期，我們的表現再次優於更廣泛的財產和意外傷害行業，反映出我們的住房和生活方式相結合的商業模式的獨特性和差異化性質。

Let's begin with our year-to-date business highlights.

讓我們從今年迄今的業務亮點開始。

In Global Lifestyle, year-to-date performance was relatively flat versus the prior period, reflecting elevated claims experience in Global Automotive as well as impacts from unfavorable foreign exchange of 2% or $10 million, above our expectations from earlier in the year.

在全球生活方式領域，今年迄今的表現與上一時期相比相對持平，反映出全球汽車領域索賠經驗的增加以及 2% 或 1000 萬美元不利外匯的影響，高於我們今年早些時候的預期。

Within Connected Living, year-to-date adjusted EBITDA increased 3% or 5% on a constant currency basis as we continue to invest in new partnerships and programs to support future growth.

在互聯生活領域，隨著我們繼續投資於新的合作夥伴關係和計劃以支持未來的成長，年初至今調整後的 EBITDA 按固定匯率計算成長了 3% 或 5%。

Excluding investments of approximately $21 million for the first nine months of the year, Connected Living adjusted EBITDA growth was strong at 11% on a constant currency basis.

排除今年前 9 個月約 2,100 萬美元的投資，Connected Living 調整後 EBITDA 成長強勁，以固定匯率計算達 11%。

One prime example of those investments includes our new innovation and device care center located just outside of Nashville, supporting our mobile business.

這些投資的典型例子包括我們位於納許維爾郊外的新創新和設備護理中心，為我們的行動業務提供支援。

In addition to repurposing millions of devices per year, the new state-of-the-art facility employs innovative ways to leverage automation, robotics and AI.

除了每年重新利用數百萬台設備外，新的最先進的設施還採用創新方法來利用自動化、機器人技術和人工智慧。

This will create greater value within our global supply chain, while driving growth in the secondary device market.

這將為我們的全球供應鏈創造更大的價值，同時推動二級設備市場的成長。

The Nashville facility demonstrates our investments in innovation, allowing us to continuously improve our customer experience as we operate through end-to-end partnerships with our mobile clients, a critical competitive advantage for Assurant.

納許維爾工廠展示了我們對創新的投資，使我們能夠透過與行動客戶的端到端合作夥伴關係不斷改善客戶體驗，這對 Assurant 來說是一個關鍵的競爭優勢。

Within Financial Services, on October 1, we launched a new program with Chase Card Services in our growing card benefits business.

在金融服務領域，我們於 10 月 1 日與 Chase Card Services 合作，在不斷增長的卡片福利業務中推出了一項新計劃。

Beginning at program launch, we're providing end-to-end delivery for approximately 15 travel and purchase protection benefits, including underwriting, claims processing and benefit servicing to millions of Chase cardholders.

從計劃啟動之日起，我們將為大約 15 項旅行和購買保障福利提供端到端交付，包括為數百萬大通持卡人提供承保、索賠處理和福利服務。

We're excited about several new clients and programs targeted for 2025, adding to our growing portfolio.

我們對 2025 年的幾個新客戶和專案感到興奮，它們增加了我們不斷增長的產品組合。

Similar to '24, these new opportunities may require incremental investments.

與 24 世紀類似，這些新機會可能需要增量投資。

Moving to Global Automotive.

轉向全球汽車。

Our auto business has experienced elevated claims costs in both our vehicle service contract business and our GAP product throughout 2024.

2024 年，我們的汽車業務的車輛服務合約業務和 GAP 產品的索賠成本都增加了。

Over the past two quarters, we started to see some positive early signs with the stabilization of underlying claim severity trends in our vehicle service contract business.

在過去的兩個季度中，隨著我們的車輛服務合約業務的基本索賠嚴重程度趨勢趨於穩定，我們開始看到一些積極的早期跡象。

Claims inflation impacts have begun to moderate, and our loss ratio is beginning to benefit from rate increases we've taken over the past two years.

理賠通膨的影響已開始緩和，我們的損失率開始受益於過去兩年的升息。

Within our GAP product, elevated losses have continued as anticipated, but we continue to expect higher claims to be short term in nature in comparison to the vehicle service contract business.

在我們的 GAP 產品中，損失繼續上升，正如預期的那樣，但我們仍然預計，與車輛服務合約業務相比，更高的索賠本質上是短期的。

In addition, our proactive partnership with several clients to enable us to transition most of the risk and reduce a large portion of our claims exposure over time.

此外，我們與多家客戶的積極合作使我們能夠隨著時間的推移轉移大部分風險並減少大部分索賠風險。

We remain focused on driving actions to improve auto results, while benefiting from moderating inflation impacts in 2025 and beyond.

我們仍專注於推動改善汽車表現的行動，同時受益於 2025 年及以後通膨影響的緩和。

We're excited about the long-term trajectory of this business.

我們對這項業務的長期發展軌跡感到興奮。

Now let's turn to Global Housing.

現在讓我們轉向全球住房。

I want to begin by thanking all of our employees who supported policyholders impacted by recent weather events over the last several months, including multiple major hurricanes.

首先，我要感謝我們所有為過去幾個月受近期天氣事件（包括多次重大颶風）影響的保單持有人提供支援的員工。

We play an important role in safeguarding our policyholders as we processed approximately 35,000 claims to date associated with these events.

我們在保護保單持有人方面發揮著重要作用，迄今為止我們已處理了約 35,000 起與這些事件相關的索賠。

It's an important reminder of the critical role our lender-placed product plays in the US mortgage industry, removing the risk of uninsured loss for lenders, investors and homeowners.

這是一個重要的提醒，提醒我們我們的貸款人放置的產品在美國抵押貸款行業中發揮關鍵作用，消除了貸款人、投資者和房主未投保損失的風險。

It's crucial to provide all homeowners with access to insurance.

為所有房主提供保險至關重要。

For that reason, we continue to work closely with each state to offer coverage and protection to homeowners at appropriate rates.

因此，我們繼續與每個州密切合作，以適當的費率為房主提供保險和保護。

Looking at Global Housing's year-to-date results, we've demonstrated continued strong performance, particularly within our homeowners business.

縱觀全球住房今年迄今的業績，我們展示了持續強勁的業績，特別是在我們的房主業務方面。

Over the first nine months of the year, earnings increased 34%, excluding reportable catastrophes.

今年前 9 個月，不包括可報告的災難，收入增加了 34%。

In our lender-placed business, we continue to benefit from key competitive advantages, utilizing various growth levers over the past two years to (inaudible) results, including meaningful expense leverage, scale from new partners and product safeguards to address macroeconomic factors like inflation.

在我們的貸款機構中，我們繼續受益於關鍵的競爭優勢，利用過去兩年的各種成長槓桿取得了（聽不清楚）成果，包括有意義的費用槓桿、新合作夥伴的規模以及解決通貨膨脹等宏觀經濟因素的產品保障。

Results were driven primarily by continued policy growth as the placement rate increased to 1.92%, a 12 basis point improvement since year-end and a 6 basis point improvement sequentially.

業績主要受到政策持續成長的推動，安置率增至 1.92%，較去年底提高 12 個基點，較上季提高 6 個基點。

Policy growth has been led by several new partnerships and portfolios as well as from states where it's become more difficult to secure voluntary homeowners coverage.

政策的增長是由幾個新的合作夥伴關係和投資組合以及來自越來越難以獲得自願房主保險的州帶動的。

Within renters, adjusted EBITDA has also shown year-to-date growth, supported by continued expansion in our Property Management Company, or PMC channel.

在租戶中，在我們的物業管理公司（PMC）管道持續擴張的支持下，調整後的 EBITDA 也顯示出年初至今的成長。

Growth in our PMC channel has been supported by technology innovation aimed at enhancing our digital customer experience.

我們的 PMC 管道的成長得到了旨在增強數位客戶體驗的技術創新的支持。

This has included the rollouts of Assurant Tech Pro and our Cover360 platform, leading to higher penetration with a simplified resident enrollment process.

這包括推出 Assurant Tech Pro 和我們的 Cover360 平台，透過簡化的居民註冊流程實現更高的滲透率。

Overall, the housing business has benefited from our unique competitive advantages throughout lender-placed and renters, showcasing its resiliency and outperformance over various macroeconomic environments.

總體而言，住房業務受益於我們在貸方和租戶中的獨特競爭優勢，展現了其在各種宏觀經濟環境中的彈性和優異表現。

Turning to our enterprise outlook.

轉向我們的企業前景。

As I mentioned earlier, given the strength of our year-to-date results, we now expect full year adjusted EBITDA to grow low double digits, and adjusted earnings per share to increase mid- to high teens, both excluding catastrophes.

正如我之前提到的，鑑於我們今年迄今的業績強勁，我們現在預計全年調整後EBITDA 將增長兩位數，調整後每股收益將增長中位數至高位數，兩者均不包括災難。

This represents an increase to both metrics above our expectations, demonstrating the continued strength of our finance performance.

這意味著這兩個指標的成長都超出了我們的預期，顯示我們財務表現的持續強勁。

For the year, we continue to anticipate strong growth within Global Housing, with modest growth expected in Global Lifestyle as we fund incremental investments in Connected Living.

今年，我們繼續預計全球住房領域將出現強勁增長，而全球生活方式領域預計將出現小幅增長，因為我們為互聯生活提供了增量投資。

Our ability to sustain profitable growth year after year is a true reflection of our unique and advantaged business model.

我們年復一年維持獲利成長的能力真實反映了我們獨特且優勢的商業模式。

Assurant's performance is the result of a multiyear transformation which has significantly enhanced our business mix, risk profile and market positioning.

Assurant 的業績是多年轉型的結果，該轉型顯著增強了我們的業務組合、風險狀況和市場定位。

We've simplified and optimized Assurant to focus on specialized attractive markets with long-term secular tailwinds within lifestyle and housing, while (inaudible) preneed and employee benefits and exiting health and other noncore businesses.

我們對 Assurant 進行了簡化和優化，專注於具有長期長期優勢的生活方式和住房領域的專業有吸引力的市場，同時（聽不清楚）預需和員工福利以及退出健康和其他非核心業務。

In the markets we operate in, we have leadership positions and competitive advantages through our protection solutions across devices, automobiles and homes.

在我們經營的市場中，我們透過跨裝置、汽車和家庭的保護解決方案擁有領導地位和競爭優勢。

We are well positioned to win due to our highly scaled and deeply integrated B2B B2C partnerships, where we work with our clients to innovate and create flexible solutions for their end consumers.

憑藉我們高度規模化和深度整合的 B2B B2C 合作夥伴關係，我們處於獲勝的有利位置，我們與客戶合作，為他們的最終消費者創新和創建靈活的解決方案。

At the same time, we've enhanced [insured] risk profile by focusing on capital-efficient businesses within lifestyle and housing.

同時，我們透過專注於生活方式和住房領域的資本高效型業務，增強了[保險]風險狀況。

Through purposeful transformation, we've enhanced our ability to drive long-term performance and cash generation, attract and grow partnerships with large, sophisticated clients and become increasingly more capital efficient.

透過有目的的轉型，我們增強了推動長期業績和現金生成的能力，吸引並發展了與大型、成熟客戶的合作夥伴關係，並變得越來越高效。

I'm proud of the long-term outperformance we've achieved against the broader P&C market.

我對我們在更廣泛的財產險市場上取得的長期優異表現感到自豪。

Slide 10 demonstrates our historical outperformance, including a five-year history of double-digit growth.

幻燈片 10 展示了我們歷史上的優異表現，包括五年兩位數增長的歷史。

Based on our current outlook for 2024, annual growth rates since 2019 are expected to average 11% for adjusted EBITDA and 17% for adjusted EPS, both excluding catastrophes.

根據我們目前對 2024 年的展望，自 2019 年以來，調整後 EBITDA 的年增長率預計平均為 11%，調整後每股收益的平均年增長率為 17%（均不包括災難因素）。

Given our historical performance and our unique and differentiated business model, we believe we have meaningful valuation upside, in particular as compared to the S&P 1500 P&C index, a broad index of 32 members now including Assurant.

鑑於我們的歷史表現以及我們獨特且差異化的業務模式，我們相信我們的估值具有顯著的上升空間，特別是與標準普爾1500 P&C 指數相比，該指數目前由32 個成員組成，其中包括安信龍。

Overall, we see a compelling path for growth ahead, and believe Assurant represents an attractive investment.

總體而言，我們看到了未來一條引人注目的成長道路，並相信安信龍是一項有吸引力的投資。

I'll now turn it over to Keith Meier to review our third quarter results and business trends impacting our 2024 outlook.

我現在將把它交給 Keith Meier，回顧我們的第三季業績和影響我們 2024 年前景的業務趨勢。

Thanks, Keith, and good morning, everyone.

謝謝基思，大家早安。

This November marks the conclusion of my first year as CFO of Assurant.

今年 11 月標誌著我作為 Assurant 財務長的第一年的結束。

When I began this role, I outlined my key priorities, including driving growth and strong financial performance, with a focus on innovation and product differentiation.

當我開始擔任這項職務時，我概述了我的主要優先事項，包括推動成長和強勁的財務業績，重點是創新和產品差異化。

These priorities have been supported by our continuous efforts to drive expense efficiencies through automation, digital and AI technologies, while improving overall customer experience as well as ensuring our capital position remains strong, providing us with the flexibility to create value and support long-term growth.

這些優先事項得到了我們不斷努力透過自動化、數位和人工智慧技術提高費用效率的支持，同時改善整體客戶體驗並確保我們的資本狀況保持強勁，為我們提供創造價值和支持長期成長的靈活性。

Over the past year, we have made significant progress.

過去一年，我們取得了重大進展。

First, looking at growth and financial performance, our B2B2C partnerships are the lifeblood of our business model and the primary driver behind our growth story.

首先，從成長和財務表現來看，我們的 B2B2C 合作關係是我們商業模式的命脈，也是我們成長故事背後的主要驅動力。

Over the past 12 months, we slated several notable client announcements, such as renewing all major US mobile clients, including three of the top five largest mobile carriers in the US; launching new programs and capabilities with existing clients like Spectra Mobile; and winning new partnerships with Chase, Telstra in Australia, and another leading US bank within our lender-placed business.

在過去的 12 個月裡，我們發布了幾項值得注意的客戶公告，例如續訂美國所有主要行動客戶，其中包括美國排名前五的行動電信商中的三個；與 Spectra Mobile 等現有客戶一起推出新計劃和功能；並在我們的貸方業務中與大通銀行、澳洲電信以及另一家領先的美國銀行建立新的合作關係。

Second, we have focused on expense discipline as we've continued to drive efficiencies across the organization by utilizing [automation], digital and AI technologies.

其次，我們專注於費用紀律，透過利用[自動化]、數位和人工智慧技術繼續提高整個組織的效率。

This has enabled us to deliver a better customer experience and invest in new capabilities while driving profitable growth.

這使我們能夠提供更好的客戶體驗並投資於新功能，同時推動利潤成長。

As an example, we believe our new device care center in Nashville, combined with the numerous investments we've made across the end-to-end mobile device life cycle, will continue to support new growth opportunities in Global Lifestyle.

例如，我們相信我們位於納許維爾的新設備護理中心，加上我們在端到端行動裝置生命週期中所做的大量投資，將繼續支持全球生活方式的新增長機會。

In Global Housing, the scale we've achieved through growth and ongoing investing in our technology and compliance solutions have resulted in meaningful operational efficiencies and expense leverage, as seen in the compelling expense ratios we've achieved.

在全球住房領域，我們透過成長以及對技術和合規解決方案的持續投資所實現的規模帶來了有意義的營運效率和費用槓桿，正如我們所實現的引人注目的費用比率所示。

Global Housing's expense ratio is at a sustainable level in the high 30s, improving by approximately 3 percentage points year-to-date compared to full year 2023, and nearly 9 percentage points since 2022, all while we improve the customer experience.

Global Housing 的費用率可持續保持在30 左右的高水平，與2023 年全年相比，今年迄今提高了約3 個百分點，自2022 年以來提高了近9 個百分點，同時我們還改善了客戶體驗。

And lastly, amidst a fast-changing macroeconomic environment, as well as a year with multiple catastrophes, our capital position has remained very strong.

最後，在宏觀經濟環境瞬息萬變、災難頻繁的一年中，我們的資本狀況依然十分強勁。

Despite higher than average cat losses, we expect to return $300 million to shareholders through share repurchases in 2024.

儘管巨災損失高於平均水平，但我們預計 2024 年將透過股票回購向股東返還 3 億美元。

This is the top end of our anticipated range from the beginning of the year.

這是我們年初預期範圍的上限。

The combination of our strong capital position, investments to support growth and robust shareholder returns is a testament to our balanced capital management focus and the strong cash flows of our advantaged businesses.

我們強大的資本狀況、支持成長的投資和強勁的股東回報相結合，證明了我們平衡的資本管理重點和我們優勢業務的強勁現金流。

As we look ahead, my focus will be to continue to execute against these priorities to drive growth.

展望未來，我的重點將是繼續執行這些優先事項以推動成長。

Turning to our third quarter results.

轉向我們第三季的業績。

Adjusted EBITDA grew 8% to $385 million, and adjusted earnings per share increased by 9% to $5.08, both excluding reportable catastrophes.

調整後 EBITDA 成長 8%，達到 3.85 億美元，調整後每股盈餘成長 9%，達到 5.08 美元，均不包括可報告的災難。

From a (inaudible) perspective, we generated over $160 million of segment dividends in the third quarter, ending the quarter with $636 million of holding company liquidity.

從（聽不清楚）的角度來看，我們在第三季產生了超過 1.6 億美元的分部股息，本季末控股公司流動資金為 6.36 億美元。

Our strong capital position allowed us to return $138 million to shareholders in the quarter, including $100 million of share repurchases.

我們強大的資本狀況使我們能夠在本季向股東返還 1.38 億美元，其中包括 1 億美元的股票回購。

In addition, we repurchased $20 million of shares during the month of October.

此外，我們在 10 月回購了 2,000 萬美元的股票。

This amounts to $200 million of share repurchases year-to-date.

今年迄今為止，這相當於 2 億美元的股票回購。

Looking at Global Lifestyle, adjusted EBITDA decreased 4%.

Global Lifestyle 的調整後 EBITDA 下降了 4%。

In Connected Living, we saw another quarter of growth in global mobile protection programs, increasing devices protected by over 2 million subscribers from growth in US cable operators and new Asia Pacific clients.

在互聯生活方面，我們看到全球行動保護計畫又成長了一個季度，受美國有線電視營運商和新亞太客戶成長的影響，超過 200 萬用戶保護的設備數量不斷增加。

This was offset by investments in the quarter of approximately $8 million in new capabilities and client partnerships that are expected to drive future growth.

這被本季約 800 萬美元的新功能和客戶合作夥伴關係投資所抵消，這些投資預計將推動未來的成長。

International results were impacted by unfavorable foreign exchange, but remained stable on a constant currency basis as we focus on driving results across all regions.

國際業績受到不利匯率的影響，但由於我們專注於推動所有地區的業績，因此在固定匯率基礎上保持穩定。

Trading results were largely flat as declines in carrier volumes and lower promotional activity were offset by volumes from newer programs.

交易結果基本上持平，因為承運商數量的下降和促銷活動的減少被新計劃的數量所抵消。

Turning to Global Auto.

轉向全球汽車。

Earnings were down modestly year-over-year, mainly from elevated losses within our ancillary GAP products, which was partially offset by higher investment income.

利潤同比小幅下降，主要是由於我們的輔助 GAP 產品損失增加，但投資收入增加部分抵消了損失。

Claims experience from inflation in our vehicle service contract business was stable, as previously implemented rate increases across our client base have begun to moderate the impacts of higher repair costs.

我們的車輛服務合約業務的通貨膨脹索賠經歷穩定，因為先前在我們的客戶群中實施的費率上調已經開始緩解維修成本上升的影響。

Moving to net earned premiums, fees and other income.

轉向淨賺保費、費用和其他收入。

Global Lifestyle grew by $144 million or 7%.

Global Lifestyle 成長了 1.44 億美元，成長 7%。

Growth was primarily driven by Connected Living, which was up 13%, benefiting from new trade-in programs and additional mobile subscribers, including the rollout of new clients.

成長主要由 Connected Living 推動，該公司成長了 13%，受益於新的以舊換新計畫和更多行動用戶，包括新客戶的推出。

We continue to expect Global Lifestyle's adjusted EBITDA to grow modestly for the year, driven by Connected Living.

我們繼續預計，在互聯生活的推動下，環球生活今年調整後的 EBITDA 將小幅增長。

Growth will be offset by lower results within Global Auto and unfavorable foreign exchange rates.

全球汽車業績下降和不利的外匯匯率將抵消成長。

For the fourth quarter, we expect a sequential increase in Connected Living from favorable seasonal trends, including higher mobile trade-in volumes from new device introductions and carrier promotions.

對於第四季度，我們預計互聯生活將因有利的季節性趨勢而持續成長，包括新設備推出和營運商促銷帶來的行動交易量增加。

In addition, we anticipate higher contributions from new Connected Living partners and programs as they begin to earn.

此外，我們預計新的互聯生活合作夥伴和計劃將開始獲得更多貢獻。

Global Auto earnings are expected to remain stable sequentially.

全球汽車獲利預計將保持穩定。

Now let's move to Global Housing's third quarter performance.

現在讓我們來看看全球住房公司第三季的業績。

Third quarter adjusted EBITDA, including $137 million of reportable catastrophes, was $92 million.

第三季調整後的 EBITDA（包括 1.37 億美元的可通報災難）為 9,200 萬美元。

Excluding reportable cats, adjusted EBITDA increased 20% to $229 million, growing $38 million.

不包括應報告的貓，調整後的 EBITDA 成長了 20%，達到 2.29 億美元，成長了 3,800 萬美元。

Global Housing performance was mainly driven by policy growth due to higher placement rates from the net impacts of ongoing client and portfolio transitions and increased voluntary insurance market pressure.

全球住房績效主要受到保單成長的推動，這是由於持續的客戶和投資組合轉型以及自願保險市場壓力增加的淨影響導致安置率上升。

In addition, average premiums increased from higher insured values year-over-year and filed rates.

此外，平均保費因保險價值年比和備案費率較高而增加。

Lastly, results benefited from $30 million of favorable year-over-year prior period reserve development.

最後，業績得益於 3000 萬美元的前期準備金年增。

This is comprised of a $45 million reserve reduction in the current quarter compared to a $15 million of reduction in the third quarter of 2023.

其中包括本季準備金減少 4,500 萬美元，而 2023 年第三季準備金減少了 1,500 萬美元。

The increase in Global Housing was partially offset by a $28 million unfavorable nonrun rate adjustment related to a change in earnings pattern assumptions.

全球住房的成長被與獲利模式假設變化相關的 2800 萬美元不利的非運行利率調整部分抵消。

Within our renters business, we benefited from continued strong results in our PMC channel, where we drove double-digit gross written premium growth.

在我們的租賃業務中，我們受益於 PMC 通路持續強勁的業績，推動毛承保保費實現兩位數的成長。

We continue to expect strong adjusted EBITDA growth in Global Housing for full year 2024, excluding catastrophes.

我們繼續預計 2024 年全年全球住房調整後 EBITDA 將強勁成長（不包括災難因素）。

We anticipate growth will be driven by continued top line momentum in homeowners, expense leverage, favorable non-cat loss experience and lower catastrophe reinsurance costs.

我們預計成長將受到房主持續的收入成長動力、費用槓桿、良好的非巨災損失經驗和較低的巨災再保險成本的推動。

Lastly, as we look ahead to our fourth quarter results, we continue to settle claims and serve policyholders associated with Hurricane Milton.

最後，當我們展望第四季度業績時，我們將繼續解決與颶風米爾頓相關的索賠並為保單持有人提供服務。

Early estimates indicate that impacts will range between $75 million to $110 million.

初步估計，影響範圍為 7,500 萬至 1.1 億美元。

For corporate, the adjusted EBITDA loss in the third quarter was $30 million, an increase of $4 million year-over-year, driven by higher third-party and employee-related expenses.

對於企業而言，由於第三方和員工相關費用增加，第三季調整後 EBITDA 虧損為 3,000 萬美元，較去年同期增加 400 萬美元。

For the full year 2024, we now expect the corporate adjusted EBITDA loss to be approximately $115 million.

對於 2024 年全年，我們目前預計公司調整後 EBITDA 損失約為 1.15 億美元。

We generated significant deployable capital year-to-date, upstreaming $556 million in segment dividends.

今年迄今為止，我們產生了大量可部署資本，分部股利增加了 5.56 億美元。

Looking forward to the remainder of the year, we remain focused on maintaining balance and flexibility as we support new business growth and return excess capital to shareholders.

展望今年剩餘時間，我們將繼續致力於保持平衡和靈活性，支持新業務成長並將多餘資本返還給股東。

Overall, we're very pleased with our strong year-to-date performance in 2024 and feel well positioned as we exit the year and move into 2025.

總體而言，我們對 2024 年迄今為止的強勁表現感到非常滿意，並且在結束這一年並進入 2025 年時感覺自己處於有利位置。

With that, operator, please open the call for questions.

那麼，接線員，請打開提問電話。

(Operator Instructions)

（操作員說明）

Brian Meredith with UBS.

瑞銀集團的布萊恩‧梅雷迪思。

A couple of questions here for you.

這裡有幾個問題想問你。

First one, perhaps on Global Housing, all the catastrophe losses that we've been seeing, how are you thinking about pricing for that business when you head into 2025?

第一個，也許是關於全球住房，我們所看到的所有災難性損失，當您進入 2025 年時，您如何考慮該業務的定價？

And I'm assuming your cat reinsurance program, since it doesn't appear you're going to have any kind of retention to the program, should be beneficial, should be good in 2025?

我假設你的貓再保險計劃，因為看起來你不會對該計劃有任何形式的保留，應該是有益的，應該在 2025 年會很好？

So maybe you can give us a little color on that?

那麼也許你可以給我們一些顏色呢？

Yes.

是的。

Maybe I'll start and then Keith Meier could chip in.

也許我會先開始，然後基斯梅爾可以幫忙。

But obviously, we feel really good about the reinsurance program that we have in place.

但顯然，我們對現有的再保險計劃感覺非常好。

And you're right, as we look at the effect of Milton and the other storms we've had through the year, it's been an active season, but we've not touched the reinsurance tower to this point.

你是對的，當我們看到米爾頓和我們今年遭遇的其他風暴的影響時，這是一個活躍的季節，但我們到目前為止還沒有觸及再保險塔。

So I think that sets us up well in terms of favorability with our reinsurance partners.

因此，我認為這使我們在再保險合作夥伴中獲得了良好的好感。

We've talked about having a panel of 40 reinsurers that have been very stable over time.

我們討論過建立一個由 40 家再保險公司組成的小組，隨著時間的推移，該小組一直非常穩定。

So I think we feel good heading into next year as we think about reinsurance costs.

因此，我認為，當我們考慮再保險成本時，我們對明年感覺良好。

And then as we think about the rate process, obviously, we'll look at all of our losses over the course of the year, cat and non-cat expense levels, reinsurance costs.

然後，當我們考慮費率流程時，顯然，我們將查看一年中的所有損失、巨災和非巨災費用水準、再保險成本。

So we look at the pricing heading into next year being relatively stable to what we've seen this year.

因此，我們認為明年的定價與今年的價格相對穩定。

So I don't think there will be a big shift in premium as we head into '25.

因此，我認為進入 25 年後保費不會發生重大變化。

Yes.

是的。

And I think we're certainly continuing to evaluate our program structure for our reinsurance cat tower.

我認為我們肯定會繼續評估我們的再保險貓塔的計劃結構。

We'll share more of the details of that in February with our 2025 outlook.

我們將在 2 月透過 2025 年展望分享更多細節。

But in general, we expect to continue to approach our [1 to 5] probable maximum loss point for retention, which is $150 million this year.

但總的來說，我們預計將繼續接近我們的 [1 到 5] 可能的最大保留損失點，即今年的 1.5 億美元。

And we -- the good news is we haven't touched that tower this year.

而我們——好消息是我們今年還沒有碰過那座塔。

So we certainly think with not hitting the tower that, that should be a positive as we look forward to rates in 2025.

因此，我們當然認為，在沒有撞到塔的情況下，這應該是一個積極的因素，因為我們預期 2025 年的利率。

And just as a reminder, we've moved to an effective date of April 1 for our onetime placement for our reinsurance programs as well.

提醒一下，我們的再保險計畫一次性安置的生效日期也已改為 4 月 1 日。

Got you.

明白你了。

That makes sense.

這是有道理的。

And then Keith and Keith, I was wondering if you could give us maybe a little bit of a preview of what you're thinking about with 2025 in Global Lifestyle?

然後 Keith 和 Keith，我想知道您能否向我們介紹一下您對 2025 年全球生活方式的看法？

You've got a bunch of these new programs hitting, and I'm assuming they'll have a nice tailwind from a growth and margin perspective as we look at 2025.

有很多這樣的新項目正在實施，我認為從成長和利潤的角度來看，展望 2025 年，它們將會有一個不錯的順風車。

Maybe a little bit big picture what we may be able to expect?

也許有一點大局觀，我們可以期待什麼？

Sure.

當然。

Yes, I'll give you a few highlights as we think about '25.

是的，當我們思考「25」時，我會向您介紹一些要點。

Obviously, we need to close out Q4 and see where the underlying performance comes in, look at the trends, et cetera.

顯然，我們需要結束第四季度，看看潛在的表現在哪裡，看看趨勢等等。

And then we will obviously provide detailed guidance in February.

然後我們顯然會在二月提供詳細的指導。

But stepping back at the high level, certainly, we expect to accelerate Global Lifestyle growth in '25.

但回到高水平，當然，我們預計 25 年全球生活方式將加速成長。

I would say growth will certainly come in Connected Living.

我想說，互聯生活一定會成長。

We've made a lot of investments in '24.

我們在 24 年進行了大量投資。

Those investments won't continue in '25, and obviously, we'll start to generate revenue and EBITDA from those client launches and the efficiency that we're driving.

這些投資不會在 25 年繼續下去，顯然，我們將開始透過這些客戶的推出和我們正在提高的效率來產生收入和 EBITDA。

And then we've got good underlying strong momentum in the business overall.

然後我們的整體業務就有了良好的潛在強勁勢頭。

And then as I think about auto, we definitely expect growth in auto in '25 as well.

然後，當我想到汽車時，我們肯定預計 25 年汽車產業也會成長。

We expect the business will benefit from higher earnings from the rate increases that we've implemented over the last couple of years, and then stabilizing inflation levels.

我們預計該業務將受益於我們過去幾年實施的升息以及穩定的通膨水平帶來的更高收益。

One thing I would mention, we do expect some additional incremental investments in '25.

我要提到的一件事是，我們確實預計 25 年會有一些額外的增量投資。

There are a number of things that we're actively working on.

我們正在積極進行許多工作。

Similar to '24, net new clients, net new program launches, things that have not yet been disclosed to the market.

與'24類似，淨新客戶，淨新節目推出，尚未向市場披露的事情。

So we'll preview that as well in '25.

所以我們也將在 25 年預覽這一點。

So think about the '24 investments really sunsetting the revenue and EBITDA flowing through.

因此，想想 24 年的投資確實導致了收入和 EBITDA 的減少。

And then hopefully, if we have continued great momentum with clients, we'll have some other big exciting things that we'll be bringing to market in '25 as well.

希望如果我們與客戶保持良好的勢頭，我們也將在 25 年將其他一些令人興奮的重大產品推向市場。

And then maybe I'll just touch on housing since we'll close out the '25 thoughts.

然後也許我會談談住房問題，因為我們將結束 25 年的想法。

I mean it's been an incredible 2024, really the last couple of years in housing.

我的意思是，2024 年是令人難以置信的一年，實際上是房地產行業的最後幾年。

As we think about '25, probably the simplest way to say it is net of the prior year development that we've seen, we do expect solid underlying growth in housing in '25.

當我們考慮 25 年時，可能是最簡單的說法，即扣除我們所看到的上一年的發展後，我們確實預計 25 年住房市場將出現穩健的潛在增長。

And I'd say, driven from the growth we've seen in terms of our policy counts, continued increases in average insured values and then momentum around expense leverage in the business.

我想說的是，受到保單數量增長、平均保險價值持續增長以及業務費用槓桿勢頭的推動。

So in order to come in February, but those are a few of the high-level thoughts.

因此，為了在二月到來，這些只是一些高層的想法。

Mark Hughes with Truist.

馬克·休斯與 Truist。

Yes.

是的。

The voluntary business that you're picking up, can you talk about that?

您正在進行的志工業務，您能談談嗎？

Is the momentum still building in voluntary?

自願的勢頭還在增強嗎？

The markets that you're seeing success still dislocated, how do you see that trend?

您所看到的成功市場仍然錯位，您如何看待這種趨勢？

Yes.

是的。

And really, we're highlighting the impact around the placement rate.

事實上，我們正​​在強調安置率的影響。

So we look at the placement rates up 6 basis points sequentially.

因此，我們看到安置率連續上升 6 個基點。

It's up 18 basis points year-over-year.

年比上漲18個基點。

So we've seen a lot of momentum with respect to that.

因此，我們在這方面看到了很大的勢頭。

And I would say it's probably equal parts growth in the underlying business.

我想說，這可能是基礎業務的同等成長。

We obviously onboarded a major new client earlier this year.

顯然，我們今年早些時候就加入了一個主要的新客戶。

We've seen growth within our existing client bases have acquired loans, acquired portfolios.

我們已經看到現有客戶群的成長，他們獲得了貸款，並獲得了投資組合。

And then the other half of that growth is a result of additional policies being placed because homeowners are being more challenged to find traditional voluntary coverage.

成長的另一半是額外保單的結果，因為房主在尋找傳統的自願保險方面面臨更大的挑戰。

So we've talked about that hard market factor being part of the drivers for the placement rate growth.

因此，我們已經討論過硬市場因素是安置率成長的驅動因素之一。

Less so challenges more broadly in the economy, challenges in terms of delinquency and those types of things.

更廣泛的經濟挑戰則不那麼嚴重，包括拖欠貸款等方面的挑戰。

Those are really not factoring in, at least at this point.

這些確實沒有被考慮在內，至少在這一點上是如此。

So that's what we've tried to highlight is it's a function of the hard market that we're seeing around the country.

這就是我們試圖強調的，這是我們在全國各地看到的硬市場的作用。

In the device count, you had a nice acceleration this quarter, I think you talked about some new Asia specific clients.

在設備數量方面，本季度您有一個很好的加速，我認為您談到了一些新的亞洲特定客戶。

Did they come over kind of in math?

他們在數學方面有進步嗎？

Or will this growth continue?

或者這種成長會持續下去嗎？

Yes.

是的。

The step change we saw earlier in the year, at this point in Q3, this is a more natural evolution.

我們在今年早些時候看到的階躍變化，在第三季的這個時候，這是一個更自然的演變。

So we've seen continued steady growth, both in our domestic business.

因此，我們的國內業務都在持續穩定成長。

We rolled out some new products earlier this year with one of our major cable partners, that's generated significant momentum.

今年早些時候，我們與主要有線電視合作夥伴之一推出了一些新產品，產生了巨大的動力。

And then, of course, building as well in Asia Pacific.

當然，還有亞太地區的建設。

But that was more of a natural evolution from the finish point at Q2, and those blocks had already sort of step changed earlier in the year.

但這更多的是從第二季度的終點開始的自然演變，而這些區塊在今年早些時候已經發生了某種程度的變化。

Yes.

是的。

And then on the [GAP] higher-than-expected the [GAP] losses, when does that run through?

然後，關於[GAP]高於預期的[GAP]損失，什麼時候會結束？

When do you either reinsure that away or get enough price to offset the claims experience?

什麼時候可以再保險或獲得足夠的價格來抵銷索賠經驗？

Yes.

是的。

So we mentioned before that the impact from GAP is shorter term in nature versus the vehicle service contracts.

因此，我們之前提到過，與車輛服務合約相比，GAP 的影響本質上是短期的。

Those claims are usually heavier in the first 24-months or so.

這些索賠通常在前 24 個月左右更為嚴重。

And we've been partnering with our clients to eliminate or reduce the risk on those businesses.

我們一直與客戶合作，消除或降低這些業務的風險。

And just as an example, from a written premium perspective, in 2022, 40% of the business, we had some risk participation.

舉個例子，從保費角度來看，2022年，40%的業務，我們有一定的風險參與。

And then in 2024, it's down to just 12%.

到 2024 年，這一比例將降至 12%。

So overall, as we look into 2025, with all the actions that we've taken across our vehicle service contracts and GAP, we expect auto to improve as we move forward.

因此，總體而言，展望 2025 年，透過我們在車輛服務合約和 GAP 方面採取的所有行動，我們預計汽車產業將隨著我們的前進而不斷改進。

I think overall, I think we get a sense that the pressure is declining, certainly for auto.

我認為總體而言，我們感覺到壓力正在下降，尤其是對於汽車產業。

Yes.

是的。

And maybe I'll just amplify.

也許我會放大。

I think we talked about starting this process of looking at reshaping the risk that we hold relative to GAP going back two years ago.

我想我們在兩年前就討論過要開始考慮重塑我們相對於 GAP 的風險。

So we started this process early.

所以我們很早就開始了這個過程。

And as Keith highlighted, a pretty big reduction in the amount of risk that we're writing today.

正如基斯所強調的那樣，我們今天所寫的風險量大大減少了。

So really, it's just a question of running off the unearned part of the business.

所以實際上，這只是一個跑掉不勞而獲的業務的問題。

But as Keith said, it's much shorter term in nature.

但正如基思所說，它的期限本質上要短得多。

So shouldn't be a headwind as we think about '25.

因此，當我們考慮 25 世紀時，這不應該是一個逆風。

Tommy McJoynt with KBW.

湯米·麥克喬恩特與 KBW。

When we think about the subscribers that you guys are adding, I think largely calling out the cable operators in the Asia Pacific region.

當我們考慮你們增加的訂戶時，我認為主要是亞太地區的有線電視營運商。

Is the sort of monetization opportunity of those customers any different than the traditional sort of carrier customer that represented your in force for a long time?

這些客戶的貨幣化機會與長期代表您的傳統營運商客戶有什麼不同嗎？

No, I think it's pretty well aligned.

不，我認為這非常一致。

I mean, obviously, every deal with clients work differently.

我的意思是，顯然，與客戶的每筆交易的運作方式都不同。

But no, I'd say it's very much aligned with the standard operating model.

但不，我想說它與標準營運模式非常一致。

Obviously, we're pleased to see the subscriber growth pretty material year-over-year and then continuing to build certainly in the quarter.

顯然，我們很高興看到用戶同比增長相當可觀，並且在本季度繼續增長。

But no, I wouldn't say it's dramatically different than sort of the average of the total, Tommy.

但不，我不會說這與總數的平均值有很大不同，湯米。

Okay.

好的。

Got it.

知道了。

And then to clarify your comments around the investment spend in Connected Living, I think you called out $21 million of spend year-to-date -- and it sounds like that investment spend is sunsetting this year, but then it's going to be replaced by sort of additional or new investments next year for new programs.

然後，為了澄清您對互聯生活投資支出的評論，我認為您今年迄今已支出 2100 萬美元 - 聽起來今年的投資支出正在減少，但隨後它將被明年對新項目進行額外或新的投資。

Can you just clarify the comments around that?

您能澄清一下相關評論嗎？

Yes, that's exactly right.

是的，完全正確。

So we've got, to your point, $21 million year-to-date.

因此，根據您的觀點，我們今年迄今已有 2,100 萬美元。

We had about $8 million that we called out in the third quarter.

我們在第三季籌集了大約 800 萬美元。

We'll see a little bit more in the fourth quarter, probably moderating a little bit from kind of where we sit today.

我們將在第四季度看到更多的情況，可能會比我們今天的情況有所緩和。

As I think about '24, two-third of that investment spend I'm simplifying is related to new client launches, Think about the launches with Telstra, Spectrum, Chase, some other things that we probably haven't highlighted.

當我想到 24 年時，我簡化的投資支出的三分之二與新客戶的發布有關，想想 Telstra、Spectrum、Chase 的發布，以及我們可能沒有強調的其他一些事情。

And then one-third of it is the work that we've done to really automate and invest in our new device care center.

其中三分之一是我們為真正自動化所做的工作，並投資於我們的新設備護理中心。

So all of those programs are sort of delivered this year.

因此，所有這些計劃都將在今年交付。

Those don't recur and then we get all the benefit in terms of revenue, EBITDA and efficiency.

這些不會再發生，然後我們就可以在收入、EBITDA 和效率方面獲得所有好處。

And then to your point, we will have additional new investments, which I think is a really good thing, right?

然後就你的觀點而言，我們將有額外的新投資，我認為這確實是一件好事，對吧？

If we're making -- and we're only calling out investments that are meaningful and that are designed to launch net new things in the marketplace that have strong payback and that are going to generate EBITDA and revenue once they launch.

如果我們正在做——我們只是呼籲進行有意義的投資，這些投資旨在在市場上推出具有強勁回報的淨新事物，並且一旦推出就會產生 EBITDA 和收入。

So we'll size that again in February, Tommy, to give everyone a sense of how we think about that.

因此，湯米，我們將在二月再次調整規模，讓每個人都了解我們對此的看法。

But there's a lot of things in our pipeline.

但我們還有很多事情要做。

Our commercial momentum, particularly in Connected Living, is incredibly strong.

我們的商業勢頭，特別是在互聯生活方面，非常強勁。

So this would be a really good thing if we've got another bucket of investment similar to what we did this year.

因此，如果我們能獲得與今年類似的另一筆投資，那將是一件非常好的事情。

And then just lastly, in Connected Living.

最後是互聯生活。

The fourth quarter guide seems to imply some pretty good strength there.

第四季指南似乎暗示了一些相當不錯的實力。

What sort of contemplated around trade-in volumes and perhaps the sensitivity around this iPhone upgrade cycle?

圍繞以舊換新量以及此次 iPhone 升級週期的敏感度有何考慮？

Should we think of this as an unusually strong fourth quarter?

我們是否應該將其視為異常強勁的第四季？

Or is this just something that can repeat in kind of future years?

或者這只是在未來幾年可能會重複的事情？

Yes.

是的。

I'd probably say that when we look at the sequential growth in Connected Living going into Q4, trade-in seasonality, and Keith can speak to it in a second, we definitely would expect to see that we've got benefit from the new clients that we've launched, a little bit moderating expenses, but revenues flowing through.

我可能會說，當我們看到進入第四季度的互聯生活的連續增長、以舊換新的季節性時，基思可以馬上談到這一點，我們肯定會期望看到我們從新的我們推出的客戶，稍微減少了開支，但收入不斷增加。

We also see seasonal loss improvements in the retail service contract business as well.

我們也看到零售服務合約業務的季節性虧損有所改善。

So there's a few drivers that will that will create a sequential improvement in Connected Living.

因此，有一些驅動因素將推動互聯生活的持續改進。

But maybe, Keith, talk a little bit about trading.

但基思，也許可以談談交易。

Yes.

是的。

And I think as you think about trade-in, I think we saw a little bit of softness in trade-in in promotional activity, offset by some newer programs in this quarter.

我認為，當您考慮以舊換新時，我認為我們在促銷活動中看到了以舊換新的一些疲軟，但被本季度的一些新計劃所抵消。

If you think about it, the iPhone 16 launched on September 20, but the first set of Apple Intelligence features were rolled out on October 28.

如果你想一下，iPhone 16 是在 9 月 20 日推出的，但第一組 Apple Intelligence 功能是在 10 月 28 日推出的。

So we certainly expect more promotional activity as we come into the fourth quarter.

因此，隨著進入第四季度，我們當然預計會有更多促銷活動。

I think it was muted a little bit in the third quarter, but we expect that to pick up here in the fourth quarter.

我認為第三季的情況有所減弱，但我們預計第四季會有所回升。

(Operator Instructions)

（操作員說明）

John Barnidge, Piper Sandler just raised his hand.

約翰·巴尼奇、派珀·桑德勒剛剛舉起了手。

Sorry.

對不起。

Yes, I must not have captured the first [Star 9], but I got a couple of questions.

是的，我一定沒有捕獲第一個[Star 9]，但我有幾個問題。

I appreciate you fit me in.

我很感激你適合我。

Given we've got past experience of improving profitability (inaudible) Global Housing, I'm wondering if there are some lessons here that can be transferred to Global Auto?

鑑於我們過去在提高全球住房盈利能力（聽不清楚）方面擁有經驗，我想知道這裡是否有一些經驗教訓可以轉移到全球汽車？

With rate increases having an impact on profitability, should we expect there to be a period of favorable reserve development in that business over time at all?

由於升息對獲利能力產生影響，我們是否應該期望隨著時間的推移，該業務會出現一段有利的儲備發展時期？

Yes.

是的。

I mean I think I'd probably say a couple of things.

我的意思是我想我可能會說幾件事。

We're -- we've been through these cycles before for a variety of different reasons where maybe losses are elevated in different periods.

由於各種不同的原因，我們之前已經經歷過這些週期，可能在不同時期損失會增加。

I think our track record of working through this with clients is exceptionally strong.

我認為我們與客戶合作解決這個問題的記錄非常出色。

The alignment of interest, the contract got in place.

利益一致，合約就生效了。

So auto is a little different because of the nature of the product, it's longer term in nature.

因此，由於產品的性質，汽車有點不同，它本質上是長期的。

So it takes a longer effort to kind of get it back to profitability where housing is an annual policy.

因此，在住房政策成為年度政策的情況下，需要更長的努力才能恢復獲利。

But there's no doubt, the lessons learned through housing -- if you think back a couple of years ago, simplified the business, drove a tremendous amount of focus on the core.

但毫無疑問，如果你回想幾年前，透過住房獲得的經驗教訓簡化了業務，推動了對核心的巨大關注。

I didn't just attack the issue with from a rate perspective, but look to drive operational efficiency, expense efficiency, and I think we're doing those same things on the auto side.

我不只是從費率的角度來解決這個問題，而是著眼於提高營運效率、費用效率，我認為我們正在汽車方面做同樣的事情。

So we're addressing it in multiple ways.

因此，我們正在透過多種方式解決這個問題。

We're strengthening the business at a fundamental level as a result of some of the changes we're making, and we feel confident that we'll create some longer-term tailwinds.

由於我們正在做出的一些改變，我們正在從根本上加強業務，我們有信心我們將創造一些長期的推動力。

I don't think there'll be major step changes in terms of reserving releases over time, but I'll let Keith speak to that.

我認為隨著時間的推移，在保留版本方面不會發生重大變化，但我會讓 Keith 談談這一點。

Yes.

是的。

And I would say, just in general, these types of challenges just make us stronger and terms of the rigor and the actions that we take in that business.

我想說，總的來說，這些類型的挑戰只會讓我們變得更強大，讓我們在該業務中採取嚴格的條件和行動。

So I think that always does provide us some positive impacts as you look forward.

所以我認為，正如你們所期望的那樣，這總是會給我們帶來一些積極的影響。

Just if you think about for auto, we implemented 16 now total rate changes with our clients.

就汽車而言，我們現在與客戶實施了 16 次總費率變更。

So we've been working with our clients to do that.

因此，我們一直在與客戶合作來做到這一點。

And then we also redesigned products to make them more effective for the consumer as well.

然後我們也重新設計了產品，使其對消費者也更有效。

So I think being able to pull all the levers that we have, I think, are examples of there's different levers, as Keith mentioned, in housing versus auto, but I think it's a lot of that similar element.

因此，我認為能夠拉動我們擁有的所有槓桿，我認為，正如基斯所提到的那樣，在住房與汽車方面存在不同的槓桿，但我認為其中有許多相似的元素。

And so it's not so much the reserves for auto, it's more of the earnings of those rates that will be coming through over the next few years that provides us a little bit of tailwind there for our auto business.

因此，與其說是汽車儲備，不如說是未來幾年將實現的利率收益為我們的汽車業務提供了一點推動力。

And then my other question, you've had quite a lot of success taking wins in one business and winning in another business.

然後我的另一個問題是，您在一項業務中取得勝利並在另一項業務中取得了相當大的成功。

I think Chase was a good example of that this year.

我認為今年的蔡斯就是一個很好的例子。

Is there an opportunity to offer mobile coverage or other coverage to clients where you've won that global housing business?

是否有機會為您贏得全球住房業務的客戶提供行動覆蓋或其他覆蓋範圍？

I know I get Hulu, Netflix and Apple TV with my mobile device, wondering if there can be a bundling into card and housing of mobile?

我知道我可以透過行動裝置觀看 Hulu、Netflix 和 Apple TV，想知道是否可以將卡片和手機外殼捆綁在一起？

Yes.

是的。

I mean it's definitely an interesting thought, and we always think about how do we leverage the relationships that we've got and you think about the strength of Assurant, certainly, it's the B2B2C nature of the business.

我的意思是，這絕對是一個有趣的想法，我們總是思考如何利用我們已經建立的關係，你會想到 Assurant 的優勢，當然，這是 B2B2C 業務的本質。

But the fact that we operate across a wide number of distribution channels with major, major brands.

但事實上，我們與主要品牌在廣泛的分銷管道上開展業務。

So as clients are looking to reinvent how they bring services to market, I think we're well positioned to capitalize on that.

因此，當客戶尋求重新發明將服務推向市場的方式時，我認為我們已經做好充分利用這一點的準備。

So I think the logic of your question makes perfect sense.

所以我認為你的問題的邏輯是完全合理的。

Obviously, a dramatic amount of the scale has come through partnerships with mobile operators.

顯然，很大一部分規模是透過與行動營運商的合作實現的。

If we look at the UK market, for example, though, we work with major banks in the UK that offer mobile protection as part of their packaged bank accounts.

例如，如果我們看看英國市場，我們會與英國的主要銀行合作，將行動保護作為其打包銀行帳戶的一部分。

So we definitely look for those opportunities where we think we're best positioned and we can deliver at scale.

因此，我們肯定會尋找那些我們認為處於最佳位置並且可以大規模交付的機會。

Yes.

是的。

I think it's definitely a positive opportunity for us to leverage these relationships that we have with these large institutions like Chase.

我認為這對我們來說絕對是一個積極的機會，可以利用我們與大通等大型機構的關係。

A good example is -- I was meeting with some of their executives when they were launching the program last month, and they said they did check with their Chase counterparts.

一個很好的例子是——上個月他們啟動該計劃時，我正在會見他們的一些高管，他們說他們確實與大通的同行進行了核實。

And basically, we're doing reference checks on Assurant, and they came back very positive.

基本上，我們正​​在對 Assurant 進行背景調查，他們的回饋非常積極。

And so those types of things certainly go a long way and are very positive for us to expand relationships.

因此，這些類型的事情肯定會很有幫助，對於我們擴大關係非常積極。

There is no one in the queue.

隊列中沒有人。

I will pass it back to Keith for closing remarks.

我會將其傳回基斯以供結束語。

Okay.

好的。

Wonderful.

精彩的。

Well, thanks, everybody, for joining, and we will certainly look forward to another discussion in February.

好的，謝謝大家的加入，我們當然期待二月的另一次討論。

We'll share how we closed out the year and provide some guidance for 2025.

我們將分享我們如何結束這一年，並為 2025 年提供一些指導。

So thanks very much, and have a great holiday season.

非常感謝，祝您假期愉快。