Assurant Inc (AIZ) 2025 Q1 法說會逐字稿

Welcome to Assurant’s first-quarter 2025 conference call and webcast. (Operator Instructions)

歡迎參加 Assurant 2025 年第一季電話會議和網路廣播。（操作員指示）

It is now my pleasure to turn the floor over to Sean Moshier, Vice President of Investor Relations. You may now begin.

現在我很高興將發言權交給投資人關係副總裁 Sean Moshier。現在你可以開始了。

Thank you, operator, and good morning, everyone. We look forward to discussing our first quarter results with you today. Joining me for Assurant’s conference call are Keith Demmings, our President and Chief Executive Officer; and Keith Meier, our Chief Financial Officer.

謝謝接線員，大家早安。我們期待今天與您討論我們的第一季業績。與我一起參加 Assurant 電話會議的還有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 first quarter 2025. The release and corresponding financial supplement are available on assurant.com. Also on our website is a slide presentation for our webcast participants.

昨天，市場收盤後，我們發布了一份新聞稿，宣布了 2025 年第一季的業績。新聞稿及相應的財務補充資料可在 assurant.com 上查閱。我們的網站上也提供了網路直播參與者的幻燈片簡報。

Some of the statements made today are forward-looking. 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. 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.

今天的一些聲明具有前瞻性。前瞻性陳述是基於我們的歷史績效和當前預期，並受風險、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所預期的結果有重大差異。有關這些因素的更多資​​訊可以在我們網站上的收益報告、簡報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 analysing the company’s performance. For more details on these measures, the most comparable GAAP measures and a reconciliation of the two, please refer to the earnings release, presentation and financial supplement on our website. We'll start today's call with remarks before moving into Q&A.

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分析公司績效非常重要。有關這些指標、最具可比性的 GAAP 指標以及兩者對帳的更多詳細信息，請參閱我們網站上的收益報告、介紹和財務補充。今天的電話會議我們將以評論開始，然後進入問答環節。

I will now turn the call over to Keith Demmings.

現在我將把電話轉給 Keith Demmings。

Thanks, Sean, and good morning, everyone. I'm pleased to share that 2025 is off to a strong start. For the first quarter, we continue to demonstrate momentum, delivering 14% growth in adjusted EBITDA and 16% growth in adjusted earnings per share, both excluding reportable catastrophes.

謝謝，肖恩，大家早安。我很高興地告訴大家，2025 年已經有一個好的開始。第一季度，我們持續展現強勁勢頭，調整後 EBITDA 成長 14%，調整後每股盈餘成長 16%（均不包括可報告的災難）。

This quarter's performance highlights the position of strength from which we continue to operate and is supported by our diversified global operating model where we have market leading businesses across global housing and global lifestyle that are underpinned by our robust capital position. We have a proven track record of delivering through various economic cycles over the long term and we remain well positioned to achieve our 9 consecutive years of earnings growth.

本季的業績凸顯了我們持續經營的優勢地位，並得到了我們多元化全球營運模式的支持，在該模式中，我們在全球住房和全球生活方式領域擁有市場領先的業務，並以我們強勁的資本狀況為基礎。我們在長期內成功度過各種經濟週期，擁有良好的業績記錄，並且我們仍然有能力實現連續 9 年的獲利成長。

Our differentiated business-to-business to consumer distribution strategy in attractive markets is reinforced by our world class workforce that enables us to win, build and scale transparent partnerships with many of the world's leading brands. And our ability to deliver exceptional customer experiences through customized data driven solutions and comprehensive wraparound services reinforces the strength of Assurant's long-term fundamentals.

我們世界一流的員工隊伍強化了我們在有吸引力的市場中差異化的 B2B 到消費者分銷策略，使我們能夠與許多世界領先品牌建立、建立和擴大透明的合作夥伴關係。我們能夠透過客製化的數據驅動解決方案和全面的全方位服務提供卓越的客戶體驗，從而增強 Assurant 的長期基本面實力。

Last quarter, we outlined our 2025 priorities and I'm incredibly proud of our team's progress to date. We're executing, optimizing and scaling significant partnerships across lifestyle and housing through the foundational investments we made in new programs and clients in 2024.

上個季度，我們概述了 2025 年的優先事項，我為我們團隊迄今為止的進展感到無比自豪。我們正在透過 2024 年對新專案和新客戶進行的基礎投資，執行、優化和擴大生活方式和住房領域的重要合作夥伴關係。

We've continued to make high value incremental investments to support new program launches in our pipeline and accelerate emerging growth opportunities. And we remain focused on achieving our 2025 outlook by driving operational excellence and financial performance.

我們繼續進行高價值增量投資，以支持我們即將推出的新項目並加速新興的成長機會。我們將繼續致力於透過推動卓越營運和財務表現來實現我們的 2025 年願景。

Next, I want to share a few segment highlights that support our attractive position. Starting with Global Lifestyle, we're laser focused on achieving our growth objectives across Connected Living and Global Automotive. In Connected Living, we continuously enhance the customer and client experience by investing in innovative products and services while providing differentiated value to our clients with integrity and transparency. This has allowed us to build relationships with every major US mobile operator along with many global leaders in the telecom industry.

接下來，我想分享一些支持我們吸引力地位的細分亮點。從全球生活方式開始，我們專注於實現互聯生活和全球汽車領域的成長目標。在互聯生活領域，我們透過投資創新產品和服務不斷提升客戶和客戶體驗，同時以誠信和透明的方式為客戶提供差異化價值。這使我們能夠與美國每個主要行動營運商以及電信業的許多全球領導者建立關係。

As mobile and cable operators continue to innovate and compete in the wireless space, Assurant's strengthened partnerships, enhance our market position and support long term growth. Our approach continues to generate momentum and through key investments in leading edge technology including automation, robotics and AI at our device care centers, we anticipate meaningful opportunities to offer additional value-added services to our key mobile clients in the near future.

隨著行動和有線電視營運商在無線領域不斷創新和競爭，Assurant 加強合作夥伴關係，提升我們的市場地位並支持長期成長。我們的方法繼續產生動力，透過在我們的設備護理中心對包括自動化、機器人和人工智慧在內的尖端技術進行重點投資，我們預計在不久的將來會有有意義的機會為我們的主要移動客戶提供額外的增值服務。

During the first quarter, we continue to build on our track record of deepening relationships with key clients, reinforcing our position as a preferred partner. Recently, we partnered with Verizon to launch a new mobile device protection plan from Total Wireless, Verizon's fast growing no contract wireless provider.

在第一季度，我們繼續鞏固與主要客戶深化關係的良好記錄，鞏固我們作為首選合作夥伴的地位。最近，我們與 Verizon 合作，推出了由 Verizon 快速發展的無合約無線服務供應商 Total Wireless 提供的全新行動裝置保護計畫。

The program Total Wireless Protect will allow new and existing customers affordable replacement and repair against accidents and mechanical breakdowns, supported by our more than 900 Assurant authorized repair centers nationwide. This provides an opportunity to continue building deeper relationships with another US mobile carrier.

Total Wireless Protect 計畫將為新舊客戶提供可負擔的更換和維修費用，以應對事故和機械故障，並由全國 900 多個 Assurant 授權維修中心提供支援。這為繼續與另一家美國行動營運商建立更深層的關係提供了機會。

In Global Automotive, earnings remain stable, supported by a year-over-year improvement in loss experience. Our leadership team is quickly making progress to enable further success, including a unified consistent branding approach in our go-to-market strategy, allowing us to better leverage our scale as a market leader.

在全球汽車領域，獲利保持穩定，這得益於虧損情況較去年同期改善。我們的領導團隊正在迅速取得進展以取得進一步的成功，包括在我們的市場進入策略中採用統一一致的品牌推廣方法，使我們能夠更好地利用我們作為市場領導者的規模。

This has contributed to new wins within our US and international distribution channels with runway to gain additional share with large national dealers. And we're launching several new products within Global Auto this year. We recently launched Assurant Vehicle Care Technology Plus, which provides coverage for high-tech vehicle components, wear and tear items and smartphone repairs.

這有助於我們在美國和國際分銷管道中取得新的勝利，並有機會從大型全國經銷商那裡獲得更多份額。今年我們將在全球汽車領域推出幾款新產品。我們最近推出了 Assurant Vehicle Care Technology Plus，為高科技汽車零件、磨損物品和智慧型手機維修提供保障。

Moving to housing, shifts in the voluntary insurance market throughout the US have increased demand for lender placed insurance products within homeowners. Our product helps lenders, investors, and homeowners remove the risk of uninsured loss.

談到住房，美國各地自願保險市場的變化增加了房主對貸款人提供的保險產品的需求。我們的產品可協助貸款人、投資者和房主消除未投保損失的風險。

Through the exceptional efforts of our claims team, we remain committed to supporting our policyholders when they need us most. We're proud to be honored by the American Red Cross as a 2025 disaster relief hero, recognizing our support for those impacted by 2024 storms including hurricanes Helene and Milton and the wildfires in California.

透過我們的理賠團隊的卓越努力，我們始終致力於在保單持有人最需要我們的時候為他們提供支援。我們很榮幸被美國紅十字會授予 2025 年救災英雄稱號，以表彰我們對 2024 年風暴災民（包括颶風海倫和米爾頓以及加州野火）的支持。

As we look at results, our strong performance continued in the first quarter, driven by 17% top-line growth within homeowners, primarily due to the addition of 70,000 lender placed policies. We've achieved significant expense leverage resulting in a compelling combined ratio. Even with elevated cat in the first quarter, we delivered a combined ratio of 90%. For 2025, we're on track to deliver a combined ratio around the mid-80s including our full year cat assumption of $300 million.

從業績來看，我們在第一季延續了強勁的業績，這主要得益於房主 17% 的營收成長，這主要歸功於增加了 70,000 份貸款機構制定的保單。我們實現了顯著的費用槓桿，從而實現了極具吸引力的綜合比率。即使第一季巨災風險較高，我們的綜合比率仍達到 90%。到 2025 年，我們預計將實現 85 左右的綜合比率，其中包括 3 億美元的全年巨災損失假設。

We continue to extend the tenure of our client base, renewing two lender placed clients in the first quarter and we see meaningful opportunity to expand with new clients by leveraging our existing infrastructure. In renters, we're executing our strategy to scale our technology enabled services and recently added a new renters book with over 250,000 policies.

我們繼續延長客戶群的任期，在第一季續簽了兩家貸方客戶，並且我們看到了透過利用現有基礎設施來擴大新客戶的重要機會。在租屋方面，我們正在實施擴大技術支援服務的策略，最近還增加了一本包含超過 250,000 條保單的新租屋手冊。

Our Cover360 platform continues to support double-digit written premium growth in our Property Management Company or PMC channel, demonstrating our competitive edge in a distribution channel with further growth potential. The strength of our combined lifestyle and housing businesses has enabled us to grow significantly. Over the last five years, we've delivered a compound annual adjusted EPS growth rate of 18% and a 12% adjusted EBITDA growth rate, both excluding cats.

我們的Cover360平台持續支持我們的物業管理公司或PMC通路實現兩位數的保費成長，彰顯了我們在具有進一步成長潛力的通路中的競爭優勢。我們的生活方式和住房業務的綜合實力使我們實現了顯著成長。在過去五年中，我們實現了 18% 的複合年調整後 EPS 成長率和 12% 的調整後 EBITDA 成長率（均不包括巨災因素）。

Since we successfully placed our 2025 cat reinsurance program in April, which Keith Meier will cover, I want to take a moment to highlight how Assurant compares to certain large cat exposed P&C peers. When we look over the past six years, Assurant ranks among the lowest in terms of cat exposure as a percentage of net earned premiums and as a percentage of shareholders' equity. Since 2019, we had the lowest average cat losses as a percentage of net earned premiums as well as the third lowest as a percentage of shareholders' equity.

由於我們在 4 月成功實施了 2025 年巨災再保險計劃（由 Keith Meier 負責），因此我想花點時間重點介紹一下 Assurant 與某些大型巨災風險 P&C 保險公司的比較情況。回顧過去六年，Assurant 在巨災風險敞口佔淨保費收入的百分比和股東權益的百分比方面均位居最低之列。自 2019 年以來，我們的平均巨災損失佔淨賺保費的百分比最低，佔股東權益的百分比則位居第三低。

Equally compelling, our volatility across both metrics is among the lowest in the group. Over the last 10 years, our increased scale and efficiency within housing has driven a 10-year average combined ratio of 89% compared to the broader P&C market of 95%. This data illustrates the power of Assurant's unique and advantaged business portfolio as global lifestyle and global housing have delivered strong growth and returns with lower volatility.

同樣引人注目的是，我們在這兩個指標上的波動性都是同類中最低的。過去 10 年中，我們在房屋保險領域的規模和效率不斷提高，使得 10 年平均綜合比率達到 89%，而整體財產和意外保險市場則為 95%。這些數據體現了 Assurant 獨特且優勢的業務組合的實力，因為全球生活方式和全球住房實現了強勁的成長和回報，且波動性較低。

Given our demonstrated resilience over time through various economic environments, balanced risk management, and compelling growth path ahead, it's our belief that we should be valued at a premium to the S&P composite 1,500 P&C index median.

鑑於我們在各種經濟環境中表現出的韌性、均衡的風險管理以及未來令人信服的成長路徑，我們相信我們的估值應該高於標準普爾綜合 1,500 財產和意外傷害指數中位數。

Our strategy is centered around our powerful B2B2C distribution model across lifestyle and housing, which bolsters our competitive advantage and financial performance. In the attractive markets where we operate, we see expanding opportunities to continue profitable growth through the scale and efficiency of our service delivery networks. We expect to continue extending our track record of winning new clients and solidifying relationships across the enterprise. Our business model has created diversified sources of earnings and capital while generating strong returns, cash flow and growth.

我們的策略以生活方式和住房領域強大的 B2B2C 分銷模式為中心，這增強了我們的競爭優勢和財務表現。在我們營運的有吸引力的市場中，我們看到了透過服務交付網路的規模和效率繼續實現獲利成長的不斷擴大的機會。我們希望繼續擴大我們贏得新客戶和鞏固整個企業關係的記錄。我們的商業模式創造了多元化的利潤和資本來源，同時產生了強勁的回報、現金流和成長。

Looking toward the future, we believe there are expanding growth opportunities including increasing investments in our core markets, continue to expand offerings with existing clients and winning new global partnerships, and entering attractive adjacent sectors through new product launches.

展望未來，我們相信有不斷擴大的成長機會，包括增加對核心市場的投資，繼續擴大對現有客戶的服務並贏得新的全球合作夥伴關係，以及透過推出新產品進入有吸引力的鄰近行業。

Before handing it over to Keith, I want to spend a moment on the evolving economic landscape and Assurant's position. 2024 marked an exceptional year of outperformance representing our 8th consecutive year of earnings growth. Given the strong start to the year and the strength of our businesses, we remain on track to deliver our ninth consecutive year of profitable growth in 2025, reaffirming our enterprise outlook.

在將任務交給 Keith 之前，我想花點時間談談不斷變化的經濟狀況和 Assurant 的地位。 2024 年是業績優異的一年，是我們連續第 8 年獲利成長。鑑於今年的強勁開局和我們業務的實力，我們仍有望在 2025 年連續第九年的獲利成長，從而重申我們的企業前景。

We are closely monitoring the impact of macroeconomic conditions and tariff policies on our claims cost and consumer demand. We are also taking action to remain well positioned and stay ahead of future developments. While there remains significant uncertainty, our outlook considers the impact of tariffs. The differentiated features of our business model positions’ us to navigate the dynamic macroeconomic environment.

我們正在密切關注宏觀經濟狀況和關稅政策對我們的索賠成本和消費者需求的影響。我們也正在採取行動，保持有利地位並領先未來的發展。儘管仍然存在很大的不確定性，但我們的展望考慮了關稅的影響。我們商業模式的差異化特徵使我們能夠應對動態的宏觀經濟環境。

In lifestyle, our alignment of financial interests with our partners enables us to work side by side to help mitigate risk. This includes client risk sharing contracts that allow us to manage financial exposure through Connected Living and Global Auto. Our partnerships with leading brands provides us access to diverse supply chains across the world as our clients partner with us to optimize claims costs.

在生活方式方面，我們與合作夥伴的財務利益保持一致，使我們能夠並肩努力，共同降低風險。這包括客戶風險分擔合同，使我們能夠透過 Connected Living 和 Global Auto 管理財務風險。我們與領先品牌的合作使我們能夠接觸到世界各地的多樣化供應鏈，因為我們的客戶與我們合作以優化索賠成本。

Within housing, our inflation guard product feature includes quarterly state-by-state rate adjustments and will allow us to react quickly to higher materials cost in our lender place business. In addition, lender place may also serve as a countercyclical hedge in the event of a broader market downturn, differentiating us from other P&C companies.

在住房領域，我們的通膨保護產品功能包括每季逐州的利率調整，使我們能夠對貸款業務中更高的材料成本做出快速反應。此外，在更廣泛的市場低迷的情況下，貸款機構還可以作為逆週期對沖，這使我們有別於其他財產和意外傷害保險公司。

Overall, the attributes that unify our Lifestyle and Housing segments also position Assurant to deliver shareholder value over time through growth and disciplined capital management.

總體而言，統一我們的生活方式和住房部門的屬性也使 Assurant 能夠透過成長和嚴格的資本管理隨著時間的推移為股東創造價值。

I'll now turn it over to Keith Meyer.

現在我將把發言權交給 Keith Meyer。

Thanks, Keith, and good morning, everyone. Let me begin by sharing some key highlights we saw in the first quarter. 2025 is off to a strong start with double-digit growth across our primary performance metrics, achieving mid-teens growth for adjusted EBITDA and adjusted earnings per share, both excluding catastrophes.

謝謝，基思，大家早安。首先，讓我分享我們在第一季看到的一些關鍵亮點。 2025 年開局強勁，我們的主要績效指標均實現了兩位數成長，調整後的 EBITDA 和調整後的每股盈餘（不包括災難）均實現了中等幅度的成長。

Our first quarter performance was driven by double-digit earnings growth in Global Housing led by our lender placed business. Within Global Lifestyle, we were pleased to see improved loss experience within global automotive, as well as solid contributions from our card benefits business in connected living.

我們第一季的業績得益於全球房屋業務兩位數的獲利成長，這主要得益於我們的貸款機構業務。在全球生活領域，我們很高興看到全球汽車領域的損失體驗有所改善，同時我們的互聯生活卡福利業務也做出了堅實的貢獻。

Looking at capital, our holding company liquidity position remained solid at over $500 million at quarter end. Our cash generation allowed us to return over $100 million of cash to our shareholders, including $62 million of share repurchases. Through May second, we've repurchased an additional $25 million of shares.

從資本來看，我們的控股公司流動性狀況在季末保持穩固，超過 5 億美元。我們的現金創造使我們能夠向股東返還超過 1 億美元的現金，其中包括 6,200 萬美元的股票回購。截至 5 月 2 日，我們已回購了價值 2,500 萬美元的額外股票。

As we look ahead to the remainder of 2025, we continue to expect our buybacks will remain more balanced throughout the year due to the ability of our businesses to generate significant cash flow. Our ultimate level of repurchases will depend on M&A opportunities and other market conditions.

展望 2025 年剩餘時間，我們仍然預計，由於我們的業務能夠產生大量現金流，我們的回購將在全年保持更加平衡。我們的最終回購水準將取決於併購機會和其他市場條件。

Turning to our segment results, let's begin with Global Lifestyle. First quarter adjusted EBITDA was down 5% compared to last year and included a $6 million impact from unfavorable foreign exchange. As a reminder, first quarter of 2024 included a $7 million one-time client contract benefit that was previously disclosed. Excluding this benefit, Global Lifestyle's underlying adjusted EBITDA was up modestly on a constant currency basis.

談到我們的分部業績，讓我們從全球生活方式開始。第一季調整後的 EBITDA 與去年同期相比下降了 5%，其中包括 600 萬美元的不利外匯影響。提醒一下，2024 年第一季包括先前披露的 700 萬美元一次性客戶合約福利。不計入該收益，Global Lifestyle 的基本調整後 EBITDA 以固定匯率計算略有上升。

In Connected Living, earnings declined 6%. Excluding the one-time benefit from the prior year, Connected Living EBITDA also increased modestly on a constant currency basis. Results benefited from a newly launched card benefits program within the financial services business where we continue to be encouraged by the growth of a new client. The increase was partially offset by lower results in domestic mobile from device protection and trade in programs.

在互聯生活領域，收益下降了 6%。除上一年的一次性收益，Connected Living EBITDA 以固定匯率計算也小幅成長。業績受益於金融服務業務中新推出的信用卡優惠計劃，新客戶的成長繼續鼓舞著我們。國內行動裝置保護和以舊換新計畫的業績下滑部分抵消了這一成長。

First quarter results also included approximately $3 million of incremental investments related to new capabilities and client partnerships, including Verizon's Total Wireless prepaid protection program.

第一季業績還包括與新功能和客戶合作相關的約 300 萬美元增量投資，其中包括 Verizon 的 Total Wireless 預付費保護計畫。

Turning to Global Auto, adjusted EBITDA was stable as lower investment income mainly from lower real estate joint venture income and unfavorable foreign exchange was offset by improved loss experience. We were pleased to see improved loss experience both year-over-year and sequentially as program changes and rate increases continue to earn through our book. In terms of revenue, our net earned premiums, fees and other income for Global Lifestyle grew 5% or 7% on a constant currency basis led by Connected Living.

談到全球汽車，調整後的 EBITDA 保持穩定，因為較低的投資收入（主要來自較低的房地產合資企業收入和不利的外匯）被改善的損失經驗所抵消。我們很高興看到，隨著計劃變化和費率上漲繼續為我們帶來收益，損失經歷同比和環比都有所改善。在收入方面，在互聯生活業務的帶動下，我們的全球生活方式業務的淨保費、費用和其他收入按固定匯率計算增長了 5% 或 7%。

Moving to Global Housing, first quarter adjusted EBITDA was $112 million which included $157 million of cat losses. Impacts from the California wildfires were $125 million which includes estimated recoveries from subrogation. We saw another quarter of strong double-digit growth as adjusted EBITDA increased 31% to $269 million excluding cats.

轉向全球住房，第一季調整後的 EBITDA 為 1.12 億美元，其中包括 1.57 億美元的巨額損失。加州野火造成的損失為 1.25 億美元，其中包括代位求償的估計賠償金。我們又見證了本季強勁的兩位數成長，調整後的 EBITDA 成長 31%，達到 2.69 億美元（不包括貓）。

Our Homeowners business continued to benefit from significant policy growth from higher placement rates, including impacts from voluntary insurance market pressure. Non-catastrophe loss experience was also favorable year over year due to lower claims frequency.

我們的房屋所有權業務繼續受益於更高的投保率帶來的顯著保單成長，包括自願保險市場壓力的影響。由於索賠頻率較低，非災難損失經驗也比去年同期有利。

Looking at housing reserves, in the first quarter, favorable prior year reserve development was $26 million which is modestly higher than the $22 million in the first quarter of 2024. Within our renters business, we continue to benefit from results in our PMC channel, which achieved its 11 consecutive quarter of double digit written premium growth.

從房屋儲備來看，今年第一季，去年同期的有利儲備發展額為 2,600 萬美元，略高於 2024 年第一季的 2,200 萬美元。在我們的租賃業務中，我們繼續受益於 PMC 通路的業績，該通路連續 11 個季度實現了兩位數的承保保費成長。

Moving to catastrophe reinsurance, we are very pleased with the outcome of our 2025 program placement, which was finalized on April 1. We increased coverage at more attractive terms while maintaining a one in five-year probable maximum loss or PML for our per event retention level, which is now $160 million. This is slightly above the $150 million program retention in 2024 due to growth in the business, but maintains the same PML.

談到巨災再保險，我們對 4 月 1 日最終確定的 2025 年計畫安排的結果感到非常滿意。我們以更具吸引力的條款增加了保險範圍，同時將每次事件的保留水平維持在五年內最大可能損失或 PML 的水平，目前為 1.6 億美元。由於業務成長，這略高於 2024 年 1.5 億美元的計畫保留額，但保持相同的 PML。

Our main US program provides nearly $1.8 billion in loss coverage in excess of our retention, protecting Assurant and its policyholders against severe events for up to a 1 in 265-year PML. We continue to partner with a diversified group of over 40 highly rated reinsurers.

我們的主要美國計劃提供了超過我們保留額的近 18 億美元的損失保險，為 Assurant 及其保單持有人提供長達 265 年 1 次的 PML 嚴重事件保障。我們繼續與 40 多家高評級再保險公司組成的多元化集團合作。

In terms of cost, our 2025 catastrophe reinsurance premiums are estimated to be approximately $225 million compared to a normalized view of $203 million in 2024, which adjusts for the timing impact of our program placement change in the first quarter of last year.

在成本方面，我們 2025 年的巨災再保險保費估計約為 2.25 億美元，而 2024 年的標準預期為 2.03 億美元，這根據去年第一季度我們的計劃配置變化的時間影響進行了調整。

The increase in costs reflects the growth of the business, partially offset by lower rates where we believe we priced on the lower end compared to the broader market. With the placement of our 2025 program, our expected annual catastrophe load is now $175 million excluding the California wildfires. Including the wildfire impacts in the first quarter, our expected full year 2025 catastrophe load is $300 million.

成本的增加反映了業務的成長，但部分被較低的利率所抵消，我們認為與大盤相比，我們的定價處於較低水平。隨著我們 2025 年計畫的實施，我們預計每年的災難負擔現在為 1.75 億美元（不包括加州野火）。包括第一季的野火影響，我們預計 2025 年全年災難負擔為 3 億美元。

Moving to our outlook for 2025, I want to reinforce that we continue to operate from a position of strength across the company. As we've demonstrated in previous macro cycles, strong cash flow is one of the hallmarks of our company. The ongoing cash generation from our businesses is supported by our large base of customers across our diverse lifestyle and housing segments.

談到我們對 2025 年的展望，我想強調的是，我們整個公司將繼續保持強大的實力。正如我們在先前的宏觀週期中所展示的那樣，強勁的現金流是我們公司的標誌之一。我們業務的持續現金產生得益於我們多元化生活方式和住房領域的龐大客戶群。

Our balance sheet is in a strong position. Our over $10 billion investment portfolio is well diversified across industries and 93% of our fixed income assets are investment grade. And from a growth perspective, despite macro uncertainty, we continue to prioritize targeted investing across our businesses as we look to scale and win across the globe.

我們的資產負債表狀況良好。我們超過 100 億美元的投資組合在各個行業中實現了高度多元化，其中 93% 的固定收益資產屬於投資等級。從成長角度來看，儘管存在宏觀不確定性，我們仍將繼續優先考慮對我們業務的針對性投資，以期在全球範圍內擴大規模並取得成功。

Turning to our enterprise outlook, we remain on track to deliver on the objectives we outlined at the start of the year to grow adjusted EBITDA and adjusted EPS modestly in 2025, both excluding cats. Keep in mind that the outlook includes growing off of a very strong 2024, including favorable prior year reserve development of $107 million last year.

談到我們的企業前景，我們仍有望實現年初提出的目標，即在 2025 年實現調整後 EBITDA 和調整後 EPS 的適度增長（均不包括巨災因素）。請記住，前景包括 2024 年的強勁成長，包括去年 1.07 億美元的有利儲備發展。

Given our first quarter results and the resiliency of our business model over the long term, we are well positioned to navigate the dynamic environment. We have considered the impacts of tariffs within our outlook and continue to monitor macroeconomic conditions, including inflation, foreign exchange and interest rate levels, which may impact the pace and timing of growth.

鑑於我們第一季的業績以及我們業務模式的長期彈性，我們已做好準備應對動態環境。我們在展望中考慮了關稅的影響，並繼續監測宏觀經濟狀況，包括通貨膨脹、外匯和利率水平，這些都可能影響成長的速度和時間。

In Lifestyle, growth in connected living and global automotive is expected to be partially offset by unfavorable foreign exchange as well as investments in new partnerships and programs in 2025. Combined, we continue to expect foreign exchange and incremental investments to mute Lifestyle growth by a few percentage points.

在生活方式方面，預計互聯生活和全球汽車的成長將被不利的外匯以及 2025 年對新合作夥伴關係和專案的投資部分抵消。綜合起來，我們仍然預期外匯和增量投資將抑制生活方式的成長幾個百分點。

Turning to Housing, we are increasing our outlook and now expect growth, reflecting our first quarter results as well as the expected continuation of lender placed policy growth in our homeowners business. Our capital objectives for 2025 remain consistent as we focus on maintaining balance and flexibility to support new business growth while returning excess capital to shareholders.

談到住房，我們正在提高我們的前景，現在預計會成長，這反映了我們第一季的業績以及我們房主業務中貸款人政策成長的預期延續。我們對 2025 年的資本目標保持一致，因為我們專注於保持平衡和靈活性以支持新業務成長，同時將多餘的資本回饋給股東。

From a share repurchase perspective, our expected range for 2025 continues to be between $200 million to $300 million subject to M&A as well as market and other conditions. Overall, we are off to a great start in 2025 as we continue to drive long term shareholder value.

從股票回購的角度來看，我們對 2025 年股票回購的預期範圍仍然在 2 億至 3 億美元之間，具體取決於併購以及市場和其他條件。總體而言，隨著我們繼續推動長期股東價值，我們在 2025 年將有一個良好的開端。

And with that, operator, please open the call for questions.

接線員，請開始提問環節。

(Operator Instructions)

（操作員指示）

Jeff Schmitt, William Blair & Company

傑夫·施密特，威廉·布萊爾公司

Morning, Jeff. Are you there?

早安，傑夫。你在嗎？

Hi. Sorry about that. Can you hear me?

你好。很抱歉。你聽得到我嗎？

Yeah, we got you, Jeff. Good morning.

是的，我們找到你了，傑夫。早安.

Alright. Good. So in Global Lifestyle, the loss ratio is still kind of relatively high versus historical levels. I know you've taken a lot of actions there, in Global Auto just in terms of rate increases, process changes, things like that. But could you maybe give us an update on when you expect to see improvement there?

好吧。好的。因此，在全球生活方式領域，損失率與歷史水準相比仍然相對較高。我知道你們在全球汽車領域採取了很多行動，例如提高費率、改變流程等等。但您能否告訴我們您預計何時會看到改善？

Yeah. And are you speaking specifically to Auto, or are you talking more broadly to Lifestyle overall?

是的。您是專門針對汽車產業，還是更廣泛地針對整個生活方式產業？

Well, yeah, I guess Lifestyle overall, but I guess Global Auto may may drive that down.

嗯，是的，我想生活方式總體而言是這樣的，但我想全球汽車可能會降低這一水平。

Yeah. Maybe let me let me provide a few thoughts overall, and then and then Keith can talk a little bit about the progress in Auto. We're obviously pleased with how that business continues to perform. But, when I look at Lifestyle in the quarter, came in very much in line with our expectations overall.

是的。也許讓我整體上提供一些想法，然後 Keith 可以談談 Auto 方面的進展。我們顯然對該業務的持續表現感到滿意。但是，當我回顧本季的生活方式時，發現整體而言非常符合我們的預期。

If you look at Connected Living, there's a couple of adjustments that I would suggest you make relative to the results. We had, actually grown on a constant currency sort of normalized basis in the quarter. We had a $7 million one-time client adjustment last year in the first quarter, and then we had about $4 million of foreign exchange. So if I look at Connected Living, normalized, we're up about $3 million in the quarter.

如果您關注互聯生活，我建議您根據結果做出一些調整。實際上，本季我們按照固定匯率計算實現了正常化成長。去年第一季度，我們進行了 700 萬美元的一次性客戶調整，然後進行了約 400 萬美元的外匯調整。因此，如果我看一下互聯生活，按正常化計算，我們本季的收入增加了約 300 萬美元。

We actually had some benefit and this will be a question we'll get today at some point. We had about $5 million of EBITDA benefit in the quarter relative to the new programs that we talked about launching last year. So I'd say we're on track with our one-year payback timeline that we expected, a little bit softer results around trade in in the quarter, but nothing unexpected.

我們實際上獲得了一些好處，這將是我們今天某個時候會遇到的問題。相對於我們去年談到的推出的新項目，本季我們的 EBITDA 收益約為 500 萬美元。所以我想說，我們的一年回報期與我們預期的一樣，雖然本季的以舊換新結果會稍微疲軟一些，但這並不令人意外。

So, we're generally pleased with the long-term opportunity around Connected Living and certainly we've got a lot of client momentum, which we'll talk about. And then Auto, we've certainly seen continued stability in the performance, and maybe Keith can provide a couple highlights just on lost performance and development relative to those rate increases?

因此，我們總體上對互聯生活方面的長期機會感到滿意，而且我們當然已經獲得了很多客戶動力，我們將會討論這一點。然後是汽車，我們確實看到了性能的持續穩定，也許 Keith 可以提供一些與這些費率上漲相關的性能損失和發展方面的亮點？

Yeah. So, Jeff, in terms of Auto, I think we've continued to see the results stabilizing. This is two quarters in a row of increased EBITDA for that business. We've seen our loss experience in the VFC, side of the business improving quarter over quarter. And we've also seen our GAAP experience level off now as well.

是的。所以，傑夫，就汽車而言，我認為我們已經看到結果繼續穩定下來。這是該業務的 EBITDA 連續兩個季度成長。我們看到 VFC 業務方面的虧損情況逐季度都在改善。我們也發現我們的 GAAP 經驗現在也趨於平穩。

So I think overall that provides some encouraging trends in terms of how we see the year playing out. And then I think that also is what enables us to reinforce our outlook for growth for our Auto business, as we think about the full year ahead. So, overall, pleased with the progress that's taking place so far.

因此我認為，總體而言，就我們對今年前景的展望而言，這提供了一些令人鼓舞的趨勢。我認為這也是我們在考慮未來全年時能夠加強汽車業務成長前景的原因。所以，總的來說，我對迄今為止的進展感到滿意。

Okay. Great. And then in Connected Living, could you give us an update on the size and cadence of higher investments for, I guess, new partnerships, program launches, things like that? And when do you expect that to kind of roll off this year?

好的。偉大的。然後在互聯生活方面，您能否向我們介紹一下新合作夥伴關係、專案啟動等相關方面增加投資的規模和節奏？您預計今年什麼時候能實現這個目標？

Yeah. So, we talked about the $25 million that we invested in 2024. And if you'll remember, we said about $15 million was relative to new client launches and then $10 million was related to investments in our device care centers. And that would yield a full one-year payback this year embedded in our results and our outlook.

是的。因此，我們討論了 2024 年投資的 2,500 萬美元。如果你還記得的話，我們說過大約 1500 萬美元與新客戶的推出有關，而 1000 萬美元則與我們設備護理中心的投資有關。這將產生完整的一年期回報，並體現在我們的業績和前景中。

As I think about the 2025 investments, we had about $3 million of incremental invest in the first quarter. And I would say we're still in that zone of a similar amount relative to the client launches. So last year was $15 million. It's probably in that order of magnitude for the full year. We'll see how things progress.

當我考慮 2025 年的投資時，我們在第一季增加了約 300 萬美元的投資。我想說的是，相對於客戶端發布，我們仍然處於類似數量的區域。去年是 1500 萬美元。全年的量級可能都是如此。我們將看看事情如何進展。

And again, very excited about being able to announce what that all relates to as we get further through the year. You saw in our prepared remarks launching a relationship with Total Wireless by Verizon. We're obviously incredibly proud and excited about the opportunity to become a device protection partner with such an important client. And there'll be more things we'll talk about as the year goes on, and I think we're still on track for that type of investment level this year.

再次，隨著今年的進一步推進，我們非常高興能夠宣布這一切相關的事情。您在我們準備好的演講中看到，我們與 Verizon 的 Total Wireless 建立了合作關係。很顯然，我們對於有機會成為如此重要客戶的設備保護合作夥伴感到無比自豪和興奮。隨著時間的推移，我們將討論更多的事情，我認為我們今年仍將保持這種投資水準。

Okay, great. Thank you.

好的，太好了。謝謝。

You bet. Thanks, Jeff.

當然。謝謝，傑夫。

John Barnidge, Piper Sandler.

約翰·巴尼奇、派珀·桑德勒。

Hey, John. Good morning.

嘿，約翰。早安.

Morning John.

早安，約翰。

Good morning. Thanks for the opportunity. Hope you're both well. My first question is about tariffs. I believe '25 guidance now assumes impact from tariffs.

早安.感謝有這個機會。希望你們都一切安好。我的第一個問題是關於關稅的。我相信 25 條指引現在假設了關稅的影響。

What range of impacts are you assuming? And how do you view the new versus used car dynamic playing out within that?

您認為影響範圍有多大？您如何看待新車與二手車之間的動態變化？

Yes. So maybe I'll provide a few high-level thoughts around context. Keith can talk about where we see -- we mentioned we'll see some impact certainly in Auto and Housing around parts and material. He can walk through our thoughts on how to think about the impact. We're not going to size a specific dollar amount, but we will give you a sense of how we think about it.

是的。因此，也許我會圍繞背景提供一些高層次的想法。基斯可以談談我們看到的情況——我們提到我們肯定會在汽車和住房零件和材料方面看到一些影響。他可以引導我們思考如何看待其影響。我們不會確定具體的金額，但我們會讓您了解我們對此的看法。

The first thing I would just say is, obviously, there's still a lot of uncertainty when it comes to the scope and the timing of tariffs and it will no doubt evolve and change over time throughout the year. We try to take a really pragmatic approach and worked with really the most current information we had available. We went ahead and assumed tariffs would remain in place throughout the entirety of 2025.

我首先要說的是，顯然，關稅的範圍和時間仍然存在許多不確定性，毫無疑問，它會隨著時間的推移而發展和變化。我們嘗試採取真正務實的方法，並利用我們掌握的最新資訊來開展工作。我們繼續假設關稅將在 2025 年全年保持不變。

And at the end of the day, when we looked at the underlying performance in the business, a really, really strong first quarter, we believe tariffs will be manageable this year and will deliver the original guidance that we had laid out. But maybe Keith, just a little bit of color, we talked about Auto and Housing having greater impact. How do we think about that flowing through the claims cost?

最後，當我們審視業務的基本表現時，我們發現第一季表現非常非常強勁，我們相信今年的關稅將是可控的，並將實現我們最初制定的指導方針。但也許基思，只是有點色彩，我們談論了汽車和住房的更大影響。我們如何看待索賠成本的流向？

Yes. And I think as we think about any potential impact, I think it probably is more in line with higher claims cost potentially in our Auto and in our Housing business. And the way we have approached that is in our Housing business, we have a history of navigating potential inflationary aspects. And I think one of the key drivers of our the rigor that we've developed through that process is having our ability to utilize our inflation guard features. And so I think us being able to now adjust our rates based on inflation every quarter and by state, whereas a couple years ago, it used to be, once a year across the board.

是的。我認為，當我們考慮任何潛在的影響時，這可能更符合我們汽車和住房業務中潛在的更高的索賠成本。我們在房屋業務中處理這一問題的方式是，我們有應對潛在通膨因素的歷史。我認為，我們透過這個過程所形成的嚴謹性的關鍵驅動因素之一是我們能夠利用通膨保護功能。因此，我認為我們現在能夠根據每個季度和每個州的通貨膨脹調整我們的利率，而幾年前，我們曾經每年全面調整一次利率。

So overall, I think we're in a good position to navigate those types of impacts in Housing. And then when it comes to Auto, I think you have to kind of frame it up in terms of the actual impact to our claims. So, probably about two third of our business is more risk shared with our clients and reinsurance arrangements and so forth. So you're already at a one third of our business at that point. And then of that one third, basically, you could think about claims as being half parts and half labor. So now you're down into the mid to high teens percentage of our business that could be affected.

所以總的來說，我認為我們能夠很好地應對住房方面的這些影響。然後，當涉及汽車時，我認為你必須根據對我們的索賠的實際影響來建立框架。因此，我們的業務中大約三分之二可能涉及與客戶分擔風險以及再保險安排等。所以現在你已經佔據了我們業務的三分之一。然後，對於那三分之一，基本上，你可以認為索賠一半是零件，一半是勞動力。因此，現在我們業務中可能受到影響的比例已經降到了十五六成左右。

And then even of those parts, probably half or so is imported. And so now you're talking single digit kind of impacts on our claims. And so with all the work we're doing with our clients on an ongoing basis just because of the inflationary aspects of the business from the last few years and we've been putting in 18 rate increases and also working on program designs, I think we're in a good position to navigate impacts in Auto as well.

即使是這些零件，大概有一半左右是進口的。所以現在您談論的只是對我們的索賠的個位數影響。因此，由於過去幾年業務的通貨膨脹因素，我們正在與客戶持續開展工作，並且已經進行了 18 次加息，同時還在進行計劃設計，我認為我們處於良好的位置來應對汽車行業的影響。

So, overall, I think we're in a good position to manage through that, and I think that's what also gave us confidence to reinforce our guidance for growth across all of our businesses.

因此，總的來說，我認為我們能夠很好地應對這個問題，而且我認為這也給了我們信心，讓我們能夠加強對所有業務成長的指導。

Yeah. And maybe just to pick up the question on new and used, I think, as we've talked about before, we're pretty well positioned across our Auto business. We've got very much balanced between new and used. It's in the range of 50-50.

是的。也許只是為了回答關於新車和二手車的問題，我認為，正如我們之前談到的，我們的汽車業務處於相當有利的地位。我們在新品和二手貨之間取得了很好的平衡。其範圍是 50-50。

So should we see dynamic shift there where there maybe there's more used sales, less new sales, I think we're well positioned overall from that perspective. We'll obviously monitor that closely. We're working with our partners, but we do feel like we've got muscles built the last couple of years with clients to make the right adjustments, whether it's rate, product design, claims management. That will continue as we go forward and we're going to continue to focus on growth and executing and delivering financial results.

因此，如果我們看到動態轉變，二手車銷售可能會增多，新車銷售可能會減少，我認為從這個角度來看，我們總體上處於有利地位。我們顯然會密切監視這一點。我們正在與合作夥伴合作，但我們確實覺得，過去幾年我們與客戶的合作讓我們能夠做出正確的調整，無論是費率、產品設計還是索賠管理。隨著我們不斷前進，這種情況將繼續下去，我們將繼續專注於成長、執行和交付財務成果。

Thank you for that. My follow-up question, is on Global Housing. It's about the expense ratio in the quarter. Are you able to identify by how much that expense ratio was impacted by dealing with the catastrophe loss events that occurred in the quarter related to the wildfires that brought it to 39.1% versus 37.9% a year ago? Thank you.

謝謝你。我的後續問題是關於全球住房的。這是關於本季的費用率。您能否確定該費用率因本季發生的與野火相關的災難損失事件而受到多大影響，導致該費用率從一年前的 37.9% 降至 39.1%？謝謝。

Yes, it's a great question. I would say that if we sort of made adjustments to normalize, we'd be relatively flat year-over-year. If you look at the first quarter '25 we had reinsurance costs up $11 million over last year. That's 110 basis points. The balance of the difference is related to the higher, expenses related to managing through the claim -- the claims cost from the cat.

是的，這是一個很好的問題。我想說的是，如果我們做出調整以使其正常化，那麼我們的業績同比就會相對持平。如果你看一下 25 年第一季度，我們的再保險成本比去年增加了 1,100 萬美元。這是110個基點。差額的餘額與更高的索賠管理費用有關——即來自巨災的索賠成本。

So broadly speaking, I would say underlying expenses, as a ratio are flat year-over-year.

因此，從廣義上講，我認為基本支出的比例與去年同期持平。

I think you can think about our expense ratio as being that high 30s kind of percentage. And so, I think in general, we're on track with that. And like Keith said, I think you should expect it to be a similar kind of normalized rate year-over-year.

我認為你可以認為我們的費用率是 30% 左右的高百分比。所以，我認為總體而言，我們正在朝著這個方向前進。正如基斯所說，我認為你應該預期它會呈現出與去年同期類似的正常化率。

Thanks for the answers.

謝謝您的回答。

Mark Hughes, Truist.

馬克·休斯，Truist。

Morning, Mark.

早上好，馬克。

I should be here now. Yeah. Good morning. The Total Wireless by Verizon seems pretty interesting. How many subscribers under that program? I think it the fact that you're extending your relationship or deepening your relationship with Verizon is great. How much financial impact from that program would you anticipate?

我現在應該在這裡。是的。早安.Verizon 的 Total Wireless 看起來相當有趣。該計劃有多少訂戶？我認為你們延長或深化與 Verizon 的關係是件好事。您預計該計劃將產生多大的財務影響？

Yeah. I think the first thing I would say is it's starting it's not an existing base of business that's porting across to us. So this is a brand-new launch. So we're starting from customer one as we build that book. So it will naturally ramp, you know, probably three or four years to get to its full run rate potential depending on consumer behavior, etc.

是的。我想說的第一件事是，它才剛開始，它不是一個移植給我們的現有業務基礎。所以這是一個全新的發布。因此，我們在編寫這本書時是從第一位客戶開始的。因此，根據消費者行為等，它可能會自然地增加，大概需要三到四年才能達到其全部運作潛力。

So I think that's the first thing to recognize. The second thing, yeah, we're really excited. I mean, we're deepening relationships with clients. We've done an amazing job in the mobile business, and I think we continue to demonstrate that we can add value to major partners. And this is just another example of that.

所以我認為這是首先要認識到的事情。第二件事，是的，我們真的很興奮。我的意思是，我們正在加深與客戶的關係。我們在行動業務方面做得非常出色，我認為我們將繼續證明我們可以為主要合作夥伴創造價值。這只是另一個例子。

And obviously, they're a massive potential client for other things, and we'll look to continue to execute and deliver and prove our value to them so we earn the right to do more over time. But it's a big opportunity for us, and we're very, very happy with it.

顯然，他們是其他產品的巨大潛在客戶，我們將繼續執行和交付並向他們證明我們的價值，以便我們隨著時間的推移獲得做更多事情的權利。但這對我們來說是一個巨大的機會，我們對此感到非常高興。

Yeah. You'd mentioned on the homeowners that the shifts in voluntary were increasing demand. How is that trending now? Is there still as much pressure on homeowners that's benefiting you or is that starting to taper a little bit?

是的。您曾提到房主自願的轉變正在增加需求。現在趨勢如何？房主面臨的壓力是否仍然很大，這對您有利，還是這種壓力開始減輕？

Yes, I think we're still seeing and expecting growth in our policies for our lender placed business. I think in California we're still seeing a little bit of growth. And also in the Midwest and some of the in-land Northeast as well. So, overall, I think the business is continuing to see that type of progress and progressive growth. So, I think our product is only becoming more and more valuable over time.

是的，我認為我們仍然看到並期待我們的貸款人業務政策的成長。我認為在加州我們仍然看到了一點點的成長。中西部地區和東北部內陸部分地區也是如此。所以，總的來說，我認為業務將繼續取得這種進步和漸進式成長。所以，我認為我們的產品隨著時間的推移只會變得越來越有價值。

Yeah. And I think to your point, the year-over-year placement rate improved pretty significantly. It's definitely slowed down as we look at the sequential view. But to Keith's point, we expect to see kind of modest growth over the balance of year and I think we're really well positioned with how that business is performing and how it's performed through various cycles as well.

是的。我認為正如您所說，同比就業率有顯著提高。當我們從順序視圖來看時，它的速度肯定減慢了。但正如基思所說，我們預計今年餘下時間會出現適度的成長，而且我認為我們對該業務的現狀以及它在各個週期中的表現都非常了解。

And then on the, trade in, anything structural around trade ins, people keeping their phones longer, anything like that, or was it just timing of customer promotional activity that impacted the quarter? Yeah.

然後，關於以舊換新，任何與以舊換新相關的結構性因素，人們將手機保留更長時間等諸如此類的事情，還是僅僅是影響本季度的客戶促銷活動的時間？是的。

I think it's both. Definitely, customers are keeping devices longer, but I think the what stimulates a lot of that demand is the promotional activity, the competitive intensity. Saw a little bit more muted in the first quarter. I don't think it was different than we expected it to be. We'll see how that plays out.

我認為兩者都有。毫無疑問，客戶會保留設備更長時間，但我認為刺激這種需求的主要是促銷活動和競爭強度。第一季的情況稍微平淡一些。我認為它與我們預期的並沒有什麼不同。我們將拭目以待事情將如何發展。

It's a pretty competitive environment today. I think our clients are going to be looking to drive growth and that could ultimately stimulate more competition than yet to be seen as we look at Q2 and the rest of the year, but nothing that is unusual in terms of those dynamics.

現今的競爭環境相當激烈。我認為我們的客戶將尋求推動成長，這最終可能會刺激比我們在第二季和今年剩餘時間內看到的更激烈的競爭，但就這些動態而言，並沒有什麼不尋常的事情。

And if I could squeeze in one more on the renters book, you talked about picking up 250,000 policies. You talked about that and then maybe the, underlying growth in, in renters aside from that new customer pickup.

如果我可以在租屋者手冊上再擠進一條內容，你談到了購買 25 萬份保單。您談到了這一點，也許除了新客戶的增加之外，租屋者的數量也可能出現成長。

Sure. I'll talk about the book, and then Keith can cover sort of the growth and how we think about it across the areas within renters. So, again, we worked with an insurer who was looking to exit the renters business, really more of a book roll. We talk about 250,000 policies, about $50 million of gross written premium annually. This insurance company served a wide range of Affinity clients, so it fits in incredibly well with our Affinity business. It was acquired through reinsurance, we'll convert it to our paper over time.

當然。我將談論這本書，然後 Keith 可以介紹一下租屋者各個領域的成長以及我們如何看待它。因此，我們再次與一家希望退出租屋業務的保險公司合作，這實際上更像是一本書卷。我們談論的是 25 萬張保單，每年的毛承保保費約為 5,000 萬美元。這家保險公司為廣泛的 Affinity 客戶提供服務，因此與我們的 Affinity 業務非常契合。它是透過再保險獲得的，我們會隨著時間的推移將其轉換為我們的票據。

And I would say as we think about the contribution, I don't expect a massive step change in overall financial performance, but it is a very strategic opportunity. It generates a lot of scale and it continues to reinforce our market leadership position and I think we feel good about how we've structured and derisked the deal overall. But Keith, how would you reflect on the growth for the quarter?

我想說，當我們考慮貢獻時，我並不期望整體財務表現會發生巨大的變化，但這是一個非常具有策略意義的機會。它產生了很大的規模並繼續鞏固了我們的市場領導地位，我認為我們對整個交易的結構和風險降低的方式感到滿意。但是基思，您如何看待本季的成長？

Yes, and I would just say on that book role that we had, I think that really just speaks to our executing on our strategy to really scale our technology enabled services that we've been developing over time. And we've talked about our Cover360 product where we track renters policies for the landlords.

是的，我想說的是，就我們在書中所扮演的角色而言，我認為這實際上表明我們正在執行我們的策略，以真正擴展我們一直在開發的技術支援服務。我們還討論了我們的 Cover360 產品，它可以為房東追蹤房客政策。

And so I think those are the types of things where we're able to invest in this business, and I think that's enabling us to be able to leverage those capabilities to drive scale where others may not see the benefit of investing the way that we have. So, these are great opportunities for us to grow.

因此，我認為這些都是我們能夠投資這項業務的事情，我認為這使我們能夠利用這些能力來擴大規模，而其他人可能看不到像我們這樣的投資的好處。所以，這些對我們來說都是很好的成長機會。

I think you'll see contributions from the acquisition as well as through our property management channel, which again has grown for the 11th consecutive quarter at double digit. So, we'll see contribution there. And we also see, as Keith said, this helps our affinity business as well. So overall, I think we've got some nice balanced growth as we look ahead for renters.

我認為您會看到此次收購以及我們的物業管理管道帶來的貢獻，該管道已連續第 11 個季度實現兩位數成長。所以，我們會在那裡看到貢獻。正如 Keith 所說，我們也看到，這也有助於我們的親和力業務。因此，總體而言，我認為，展望未來租屋者數量，我們將獲得良好的平衡成長。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Tommy McJoynt, KBW.

湯米·麥克喬伊特，KBW。

Morning, Tommy.

早安，湯米。

Hi Tommy.

你好，湯米。

Hey. Good morning. A question about the mobile side and the potential impact of tariffs. It doesn't sound like you guys are expecting a significant impact there.

嘿。早安.關於移動端和關稅的潛在影響的問題。聽起來你們並不期望那裡產生重大影響。

Can you talk about why maybe the potential importing of parts or and cell phones might not be impacted? And I think a lot of it has to do with your role as more of a program administrator than being on risk. Perhaps you can lay out the details on that.

您能否談談為什麼零件或手機的潛在進口可能不會受到影響？我認為這在很大程度上與您作為專案管理員的角色有關，而不是與您承擔風險有關。也許您可以詳細說明一下。

Yeah. I think you actually hit on it, Tommy. I think it's the way that we work with our clients and these are large players with, highly developed supply chains, and we complement their supply chains as well. So we work very closely with them.

是的。我認為你確實做到了，湯米。我認為這是我們與客戶合作的方式，他們都是擁有高度發展供應鏈的大型企業，我們也補充了他們的供應鏈。因此我們與他們密切合作。

Obviously, a lot of the programs are, reinsured or risk shared like you just spoke about. So I think that's what mitigates a lot of that impact. And then, obviously, we work very closely with them to optimize the programs for the consumer as well as for our clients. So, overall, I think those are the things that do put us in a good position overall on the mobile side.

顯然，正如您剛才所說，許多項目都是再保險或風險共擔的。所以我認為這可以減輕很多影響。然後，顯然，我們與他們密切合作，為消費者和客戶優化計劃。所以，總的來說，我認為這些因素確實讓我們在行動領域處於有利地位。

Yeah. And I think the other thing I would add, Tommy, is think about the mobile business, particularly around device protection. We've got 64 million or so monthly subscribers, but it's monthly pay, monthly earn. So the profile of that business is different than selling a single premium contract that earns out over time. So that also helps us be a little bit more nimble with the changes we can make, whether it's product or pricing. It can have an impact more quickly than in other lines of business.

是的。湯米，我想補充的另一件事是考慮行動業務，特別是設備保護方面。我們每月有大約 6,400 萬訂閱用戶，但這是按月付費，按月賺錢。因此，該業務的概況與銷售隨著時間推移而盈利的單一保費合約不同。因此，這也有助於我們更靈活地做出改變，無論是產品還是定價。它可以比其他業務線更快地產生影響。

Okay. Got it. And then looking at the full year guidance, when I unpack the various subcomponents there, so it doesn't sound like the enterprise-wide guidance has changed, but Housing segment got a little bit better. Does that imply that that mar that on the margin, the Lifestyle segment came in a little bit worse than we were expecting a few months ago. And just want to make sure if that's the case, what is the driver of that?

好的。知道了。然後查看全年指導，當我解開其中的各個子組件時，聽起來企業範圍的指導並沒有改變，但住房部門的情況有所好轉。這是否意味著生活方式部門的表現比我們幾個月前預期的要差一些？我只是想確認一下，如果確實如此，那麼原因是什麼？

Yeah. I'd say I guess a fair way to interpret it. Overall, feel really good about the full year guide. We obviously increased housing from modest decline to generating growth, so we feel really good about that adjustment. And then to your point, lifestyle, I would say we're certainly factoring in the impact of the macro environment in tariffs as we think about the year that wouldn't have been true in the same way a few months ago.

是的。我想說我猜這是一個公平的解釋方式。總體而言，對全年指南感覺非常好。我們顯然將房屋市場從小幅下滑轉為成長，因此我們對這項調整感到非常滿意。然後回到你提到的生活方式，我想說，當我們考慮今年的情況時，我們肯定會考慮關稅的宏觀環境的影響，而幾個月前的情況還不是這樣。

So I'd say that's the only difference. But if I think about the underlying financial performance of the Lifestyle business, we feel really good where we came out in Q1, setting aside the dynamic world we're living in, we feel really good about the year in front of us. And even considering those factors, we're still planning to grow connected living, we're planning to grow Auto, and we're going to grow Housing.

所以我認為這是唯一的區別。但如果我考慮生活方式業務的基本財務表現，我們對第一季的表現感到非常滿意，拋開我們所處的動態世界，我們對未來的一年感到非常滿意。即使考慮到這些因素，我們仍然計劃發展互聯生活，我們計劃發展汽車，我們將發展住房。

Great, thanks.

太好了，謝謝。

(Operator Instructions)

（操作員指示）

Bob Huang, Morgan Stanley.

摩根士丹利的 Bob Huang。

Morning, Bob.

早安，鮑伯。

Hi Bob.

你好，鮑伯。

Hi, can you guys hear me now?

嗨，你們現在聽得到我說話嗎？

Yeah, we can.

是的，我們可以。

Okay. Perfect. Yeah. So, maybe another follow-up on tariffs. I know we talked about this quite a bit. Just can you maybe help us think about, if there are any particular components within the tariff that is more sensitive. For example, are there like, within Housing, is there more aluminum, steel, lumber, or within the Auto? Like, is there particular parts? Just trying to see if there's anything that we should monitor from, like, a commodity futures perspective.

好的。完美的。是的。因此，也許會對關稅採取另一項後續行動。我知道我們討論過這個問題很多次。您能否幫我們考慮一下，關稅中是否有任何更敏感的特定成分。例如，在住房領域，鋁、鋼、木材是否更多，或在汽車領域？例如，有特定的部分嗎？只是想看看從商品期貨的角度來看我們是否應該監控什麼。

Yeah. So, Bob, I think when we do our scenario planning, we take into account the various, tariffs that have been talked about in the marketplace. And so then we apply them into scenarios for each of those businesses. So, I kind of went through that earlier in terms of the way we think about Housing. It could impact a little bit in some building costs, but we think we're well positioned to navigate potential inflationary aspects from whether it's lumber, steel, those types of things.

是的。所以，鮑勃，我認為當我們進行情境規劃時，我們會考慮到市場上討論的各種關稅。然後我們將它們應用到每個業務場景中。因此，就我們對住房的看法而言，我之前已經討論過這個問題。它可能會對一些建築成本產生一點影響，但我們認為我們已準備好應對木材、鋼鐵等產品的潛在通膨因素。

And then on Auto, we're consistently monitoring parts and Auto related tariff discussions. And so, I think also there by working with our clients and the way, our business is structured, we feel very good about being able to manage through the different scenarios that are being discussed today.

在汽車方面，我們持續關注零件和汽車相關的關稅討論。因此，我認為透過與客戶的合作以及我們業務的結構方式，我們對能夠應對今天討論的不同場景感到非常高興。

Did we lose Bob? Maybe.

我們失去鮑伯了嗎？或許。

Sorry. Can you hear me now?

對不起。現在你能聽到我說話嗎？

Perfect. Yes. So my second question is regarding, used car versus new car sales. Right? Like, if you think about, just the recent, auto sales and things of that nature, obviously, something that we've been talking you guys have mentioned. Is there a way to think about, whether or not, like, there was a new car sales pulled forward due to tariffs? Would that have any significant impact on, how we should think about the business going forward?

完美的。是的。我的第二個問題是關於二手車與新車的銷售。正確的？例如，如果你想想最近的汽車銷售和類似的事情，顯然，這就是我們一直在談論的你們提到的事情。有沒有辦法考慮，新車銷售是否因為關稅而提前？這會對我們思考未來的業務產生重大影響嗎？

Yeah. I don't think it has a significant impact on how we think about business going forward. I definitely think there was a pull forward, both for new and for used. If I even look at the car sales in the month of March, they were higher than sort of the average for the quarter. So that suggests that there is a pull forward. I would expect that to probably be true in April as well.

是的。我認為這不會對我們如何看待未來的業務產生重大影響。我確實認為，無論是新產品還是二手產品，都存在著向前發展的趨勢。如果我看一下三月的汽車銷量，我會發現它們的銷量高於該季度的平均值。這表明存在向前的拉動。我預計四月的情況可能也是如此。

I don't think it has a significant effect on how we think about the business or the year. I suspect it's just a timing point where there'll be a little bit of additional sales front loaded and then maybe a little bit of softer sales following. We'll sort of see how the environment evolves.

我認為這對我們如何看待業務或年度沒有重大影響。我懷疑這只是一個時間點，前期會有少量額外銷售，然後可能會出現少量疲軟的銷售。我們將觀察環境如何演變。

But obviously, it's always good to get a little more business in the door earlier in the year, but because of the nature of this business, we're earning off of a $11 billion UPR that's in force. It doesn't have a huge effect on how we think about the short-term picture for auto.

但顯然，在年初多開展一些業務總是好的，但由於這項業務的性質，我們的收入來自現行的 110 億美元普遍定期審議 (UPR)。它對於我們如何看待汽車的短期前景並沒有很大的影響。

I would just add there, Bob, that we look at the macroeconomic environment in terms of there could be inflation aspects and consumer impact. And so, on the consumer impact, we don't see that as really affecting Assurant as much, in 2025, because of the existing business and it takes time to earn through and so forth.

鮑勃，我只想補充一點，我們從通貨膨脹和消費者影響的角度來看宏觀經濟環境。因此，就消費者影響而言，我們認為到 2025 年，這不會對 Assurant 造成太大影響，因為現有業務需要時間來獲利等等。

So I think that part doesn't have as much. And then we talked a lot about the flip side, which is the inflationary aspects, which can, you know, happen earlier. And that's the part that we talked a lot about, and we feel well positioned on that on that side of it.

所以我認為這部分沒有那麼多。然後我們討論了很多其不利的一面，即通貨膨脹方面，你知道，通貨膨脹可能會更早發生。這就是我們經常討論的部分，我們覺得自己在這方面處於有利地位。

Okay. Thank you. I really appreciate it.

好的。謝謝。我真的很感激。

I think that was the last question. So I will go ahead and say thanks everybody for joining us today, and we'll look forward to the next update in August. Appreciate the time. Thanks so much.

我認為這是最後一個問題。所以我要感謝大家今天的加入，我們期待 8 月的下次更新。珍惜時間。非常感謝。

Thank you.

謝謝。