Assurant Inc (AIZ) 2025 Q3 法說會逐字稿

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

歡迎參加 Assurant 2025 年第三季電話會議和網路直播。（操作說明）

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

現在我很高興將發言權交給投資者關係副總裁肖恩·莫希爾。你可以開始了。

Thank you, operator, and good morning, everyone. We look forward to discussing our third-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第三季的業績。與我一同參加 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 an earnings release announcing our results for the third 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，我們發布了盈利報告，公佈了我們 2025 年第三季的業績。新聞稿及相應的財務補充文件可在 assurant.com 上查閱。此外，我們的網站上也提供了供網路研討會參與者使用的幻燈片簡報。

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.

今天發表的一些聲明具有前瞻性。前瞻性陳述是基於我們過往的業績和目前的預期，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設想的結果有重大差異。

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

有關這些因素的更多信息，請參閱我們網站上的收益發布、演示文稿和財務補充文件以及我們提交給美國證券交易委員會的報告。在今天的電話會議中，我們將提及非GAAP財務指標，我們認為這些指標對於分析公司績效非常重要。有關這些措施的更多詳細資訊、最可比較的 GAAP 措施以及兩者的調整表，請參閱我們網站上的收益發布、簡報和財務補充資料。

We'll start today's call with remarks before moving into Q&A. I will now turn the call over to Keith Demmings.

今天的電話會議將首先進行致辭，然後再進入問答環節。現在我將把電話交給基斯·德明斯。

Good morning, everyone, and thank you for joining us. 2025 continues to be a remarkable year for Assurant. We delivered a very strong third quarter with double-digit earnings growth across both Global Housing and Global Lifestyle. Our performance during the quarter and year to date continues to drive significant cash generation and support our balanced capital allocation. Through our powerful B2B2C business model and diversified lifestyle and housing portfolio, we continue to execute for our partners, policyholders, and shareholders.

各位早安，感謝各位的參與。 2025年對Assurant來說注定是意義非凡的一年。第三季業績非常強勁，全球住房和全球生活方式兩大業務板塊均實現了兩位數的獲利成長。本季及年初至今的業績持續推動大量現金流的產生，並支持我們均衡的資本配置。憑藉我們強大的 B2B2C 商業模式和多元化的生活方式和住房產品組合，我們將繼續為我們的合作夥伴、保單持有人和股東創造價值。

Our unwavering commitment to operational excellence continues to deliver exceptional client outcomes, customer experiences, and differentiated returns. Through the first nine months of the year, we've achieved 13% adjusted EBITDA growth and 15% adjusted EPS growth, both excluding reportable catastrophes.

我們始終堅持卓越運營，並持續為客戶帶來卓越的成果、客戶體驗和差異化的回報。今年前九個月，我們實現了調整後 EBITDA 成長 13% 和調整後 EPS 成長 15%，均不包括可通報的災難性事件。

Given the strength of our business performance, we're increasing our 2025 outlook. We now expect full-year adjusted earnings per share growth of low double digits and adjusted EBITDA growth approaching 10%, excluding cats, a significant increase from our initial expectations for both metrics. This upward revision further differentiates Assurant in the broader PMC industry as a provider of innovative services within specialized protection and insurance products.

鑑於我們強勁的業務表現，我們提高了對 2025 年的展望。我們現在預計全年調整後每股收益成長將達到兩位數低段，調整後 EBITDA 成長將接近 10%（不包括貓科動物），這兩項指標均較我們最初的預期大幅增加。此次上調進一步凸顯了 Assurant 在更廣泛的 PMC 產業中的差異化優勢，使其成為專業保障和保險產品領域創新服務的提供者。

Our performance is a testament to our talented employees and their commitment to our clients and policyholders. Their dedication is the foundation of our success, and it's one of the reasons why we've been recognized by TIME as one of the world's best companies for the third year in a row.

我們的業績證明了我們才華橫溢的員工以及他們對客戶和保單持有人的承諾。他們的奉獻精神是我們成功的基石，也是我們連續三年被《時代》雜誌評為全球最佳公司之一的原因之一。

Let's turn to Global Lifestyle performance and highlights. Lifestyle earnings have continued to accelerate throughout 2025 and have increased 4% or 6% on a constant currency basis year to date, supported by double-digit growth in the third quarter. We remain well positioned to deliver full year growth across both Connected Living and Global Automotive.

讓我們來看看全球生活方式的表現和亮點。2025 年全年，生活方式收入持續加速成長，以固定匯率計算，年初至今已成長 4% 或 6%，第三季更是實現了兩位數的成長。我們依然具備良好的發展前景，並有望在互聯生活和全球汽車業務領域實現全年成長。

In Connected Living, performance has been the result of executing on our long-term strategy to drive commercial momentum through new client programs and the continued expansion of our partnerships, combined with enhanced capabilities and services. This quarter, we're excited to announce two new Connected Living opportunities that were made possible by important investments, which have enabled us to expand our end-to-end solutions and reinforce our competitive advantage.

在互聯生活領域，業績的取得得益於我們長期策略的執行，即透過新的客戶計劃和不斷擴大的合作夥伴關係來推動商業發展，並結合增強的能力和服務。本季度，我們很高興地宣布兩項新的互聯生活機遇，這得益於重要的投資，這些投資使我們能夠擴展端到端解決方案並鞏固我們的競爭優勢。

First, in mobile, we're significantly expanding our repair and logistics capabilities through a new multiyear agreement with a large US mobile carrier. We have co-created and are now operating a new fully dedicated state-of-the-art logistics facility where we receive return devices from across their entire ecosystem, including mobile phones, tablets, home Internet, and accessories. This one facility solution will process and repurpose all returns from store locations, customers, and manufacturers under one roof.

首先，在行動領域，我們透過與美國大型行動營運商簽訂新的多年協議，大幅擴展了我們的維修和物流能力。我們共同創建並經營一個全新的、完全專用的最先進的物流設施，我們在這裡接收來自其整個生態系統的退貨設備，包括手機、平板電腦、家庭互聯網和配件。這個一體化解決方案將在一個屋簷下處理和重新利用來自門市、顧客和製造商的所有退貨。

Our joint vision was to create a facility that maximizes circularity in the mobile industry, allowing us to reuse, repair, and remanufacture and deliver these devices back to end customers within the client's network. This allows us to help them optimize their device protection program while improving the end customer experience.

我們的共同願景是創建一個能夠最大限度提高行動產業循環利用率的設施，使我們能夠重複使用、維修和再製造這些設備，並將其交付給客戶網路內的最終客戶。這使我們能夠幫助他們優化設備保護計劃，同時改善最終客戶的體驗。

This leverages our capabilities, including device processing, upgrading, repair and rapid claims fulfillment while providing a broad supply of high-quality refurbished devices for insurance replacement, wholesale, and direct-to-consumer channels. This collaboration demonstrates Assurant's role as a strategic partner and solidifies our position as a leader in the reverse logistics space.

這充分利用了我們的能力，包括設備處理、升級、維修和快速理賠，同時為保險更換、批發和直接面向消費者的管道提供大量高品質的翻新設備。此次合作體現了 Assurant 作為策略合作夥伴的角色，並鞏固了我們在逆向物流領域的領導地位。

Successfully executing programs like this demands seamless integration of our operational technology and supply chain management with our clients. We leverage advanced automation, AI, and robotics on the processing side to maximize efficiency and ensure consistent, scalable outcomes. We're encouraged by the traction we've made in mobile repair and reverse logistics and continue to be excited about additional near-term opportunities.

成功執行此類專案需要將我們的營運技術和供應鏈管理與客戶的業務無縫整合。我們在處理環節利用先進的自動化、人工智慧和機器人技術，以最大限度地提高效率並確保一致、可擴展的結果。我們在行動維修和逆向物流領域的進展令人鼓舞，並且對近期更多的機會感到興奮。

Our second new opportunity within Connected Living is in our retail extended service contracts business, where we recently launched a partnership to provide administration and underwriting with Best Buy, the world's largest specialty consumer electronics retailer. Through this partnership, Best Buy's Geek Squad protection customers will begin to have access to additional services by Assurant, receiving support through our AI-enabled virtual agents, live chat, and access to repairs through our nationwide service network, including our cell phone repair or CPR stores.

我們在互聯生活領域的第二個新機會是零售延保服務合約業務，我們最近與全球最大的專業消費電子產品零售商百思買建立了合作關係，為其提供管理和承保服務。透過此次合作，百思買的 Geek Squad 保護客戶將開始獲得 Assurant 提供的更多服務，包括透過我們的人工智慧虛擬代理、線上聊天獲得支持，以及透過我們遍布全國的服務網路（包括我們的手機維修或 CPR 門市）獲得維修服務。

This partnership represents another win in a space where we've increased our footprint and gained significant momentum over the last several years, now working with US retail leaders across appliances and consumer electronics. Looking to 2026 and beyond, we see clear opportunities within Connected Living that will further strengthen Assurant.

此次合作標誌著我們在該領域又取得了一次勝利。在過去的幾年裡，我們不斷擴大商業版圖，並取得了顯著的發展動能。現在，我們已與美國家電和消費性電子產品領域的零售領導者合作。展望 2026 年及以後，我們看到互聯生活領域存在著明顯的機遇，這將進一步增強 Assurant 的實力。

In Global Auto, adjusted EBITDA increased 4% year-to-date, and we remain on track to grow for the full year, supported by stable run rate earnings and ongoing loss experience improvement. We also continue to optimize performance across the business with a sharp focus on our clients, systems, product design, claims cost, and people.

在全球汽車業務方面，調整後的 EBITDA 今年迄今成長了 4%，在穩定的營運收入和持續的虧損改善的支持下，我們仍有望實現全年成長。我們將繼續優化整個業務的績效，並專注於我們的客戶、系統、產品設計、理賠成本和人員。

We have momentum in Global Auto, which is driven by renewed partnerships across distribution channels, including international OEMs and US dealership groups, further solidifying our client base and reinforcing our position as a market leader. A great example is our expanded partnership with Holman Automotive, one of the largest privately owned dealership groups in the United States.

我們在全球汽車領域發展勢頭強勁，這得益於我們與包括國際汽車製造商和美國經銷商集團在內的各個分銷管道重新建立合作夥伴關係，從而進一步鞏固了我們的客戶基礎，並強化了我們作為市場領導者的地位。一個很好的例子是我們擴大了與霍爾曼汽車公司的合作關係，霍爾曼汽車公司是美國最大的私人汽車經銷商集團之一。

Following Holman's 2024 acquisition of Leith Automotive Group, Assurant will support 30 newly added dealership locations with finance and insurance products, dealership sales and participation program guidance. Our dealer services are also driving new business wins.

繼 Holman 於 2024 年收購 Leith Automotive Group 之後，Assurant 將為新增的 30 家經銷商提供金融和保險產品、經銷商銷售和參與計畫指導。我們的經銷商服務也為贏得新業務做出了貢獻。

Our platform is built to support dealers at scale with everything from product innovation to operational support, attracting new partners while creating opportunities with existing ones. Across Lifestyle, our ability to deliver solid results while investing in innovation is a key differentiator.

我們的平台旨在大規模地支援經銷商，提供從產品創新到營運支援的一切服務，吸引新的合作夥伴，同時為現有合作夥伴創造機會。在 Lifestyle 領域，我們能夠在取得實際成果的同時投資創新，這是我們的關鍵差異化優勢。

Turning to Global Housing. We continue to outperform with outstanding lender-placed results in our homeowners business as well as continued property management company or PMC expansion within renters. We expect another year of strong housing adjusted EBITDA growth, excluding cats, further building on the impressive growth demonstrated since 2022.

轉向全球住房。我們在房主業務中繼續取得優異的貸款機構貸款業績，同時在租屋者領域，我們的物業管理公司（PMC）業務也在不斷擴張。我們預計，在不計入巨災損失的情況下，住房調整後 EBITDA 將連續第二年實現強勁增長，進一步鞏固自 2022 年以來令人矚目的增長勢頭。

We continue to expect a very strong combined ratio for the full year, trending below our initial expectations of the mid-80s. This excludes prior-year development and reflects lower-than-expected cats for the year.

我們繼續預計全年綜合比率將非常強勁，低於我們最初預期的 80 多個百分點。這不包括上一年的發展情況，並且反映出今年的貓數量低於預期。

In Homeowners, we're seeing the impact of our multifaceted growth strategy, supported by our differentiated market position, scale, and client focus. One prime example is the momentum we have through new business wins.

在房主市場，我們看到了我們多元化成長策略的影響，這得益於我們差異化的市場地位、規模和以客戶為中心的理念。一個典型的例子就是我們透過贏得新業務而獲得的成長勢頭。

Following a standout 2024 with significant client renewals and new partnerships, we see meaningful growth potential from our robust new business pipeline that we expect to lead to policy expansion over time. As we continue to scale, we expect to sustain disciplined expense management to underpin our growth.

繼 2024 年取得顯著成就，獲得大量客戶續約和新合作夥伴關係後，我們看到了強勁的新業務管道帶來的巨大成長潛力，我們預計這將隨著時間的推移推動保單業務的擴張。隨著公司規模的不斷擴大，我們將繼續保持嚴格的費用管理，以支撐我們的成長。

In Renters, our increasing scale is reinforced by technology-enabled services, particularly our Cover360 platform in the expanding PMC channel. This platform has helped deepen relationships with existing clients and win new business, supporting sustained double-digit premium growth and increasing penetration rates for renters policies. During the third quarter, we completed a multiyear renewal with the largest PMC in the US and signed two new PMC partnerships.

在租客領域，我們不斷擴大的規模得益於技術賦能的服務，特別是我們在不斷擴展的PMC通路中的Cover360平台。該平台有助於加深與現有客戶的關係並贏得新業務，從而支持兩位數的保費持續增長，並提高租屋保險的滲透率。第三季度，我們與美國最大的專案管理公司 (PMC) 完成了多年續約，並簽署了兩項新的 PMC 合作協議。

We continue to see benefits from the new Renters portfolio that we onboarded earlier this year, adding scale and identifying opportunities to further expand our footprint in the PMC market. Across both Homeowners and Renters, our strategic investments in technology and operational efficiencies continue to drive improved margins and better customer experiences.

我們繼續從今年稍早引入的新租戶組合中獲益，擴大了規模，並發現了進一步擴大我們在私人管理諮詢 (PMC) 市場影響力的機會。無論是房主還是租屋者，我們在技術和營運效率方面的策略性投資都在不斷推動利潤率的提高和客戶體驗的改善。

Global Housing is a cornerstone of our business, delivering strong results today while positioning us well for the future. Assurant's long-term strength and resilience set us apart in the PMC space. Over the last five years, we've delivered a compound annual growth rate of 12% for adjusted EBITDA and 18% for adjusted EPS, both excluding catastrophes.

全球住房是我們業務的基石，它不僅在當下取得了強勁的業績，也為我們未來的發展奠定了良好的基礎。Assurant 的長期實力和韌性使我們在專案管理諮詢領域脫穎而出。過去五年，我們調整後的 EBITDA 複合年增長率為 12%，調整後的 EPS 複合年增長率為 18%（均不包括災難性事件）。

Our average ROE from 2019 to 2024 outperformed the S&P 1500 PMC Index median with less than half the volatility. While our five-year average ROE of approximately 13% reflects the impact of prior acquisitions, our average return on tangible equity over the same period trended above 30%, well above the median of the PMC index, a testament to our earnings power and differentiated returns. Our unique and advantaged portfolio of lifestyle and housing businesses has created diversified sources of earnings and capital, generating strong returns, robust cash flow, and strong growth with lower volatility.

從 2019 年到 2024 年，我們的平均 ROE 超過了標普 1500 PMC 指數的中位數，波動性卻不到一半。雖然我們五年平均 ROE 約為 13%，反映了先前收購的影響，但同期我們的平均有形權益回報率超過 30%，遠高於 PMC 指數的中位數，這證明了我們的獲利能力和差異化回報。我們獨特且具有優勢的生活方式和住房業務組合創造了多元化的收入和資本來源，產生了強勁的回報、穩健的現金流和強勁的成長，同時波動性較低。

Looking ahead, we remain laser-focused on finishing the year strong and building for 2026. Although we see power in the diversification in our business, we are pleased to drive growth in 2025 across our Global Housing, Connected Living, and Global Automotive businesses.

展望未來，我們將繼續全力以赴，爭取在今年取得佳績，並為 2026 年做好準備。儘管我們看到了業務多元化的力量，但我們很高興能在 2025 年推動全球住房、互聯生活和全球汽車業務的成長。

We're well positioned for future growth as we expand offerings with a focus on increasing attachment rates with existing partners, winning new clients across the globe, and prioritizing investments in our core markets. That includes launching new products and services across both lifestyle and housing and continue to embed innovation across everything we do from AI-powered tech support and personalized solutions to robotics in our device care centers. These enhancements are helping us drive simpler, faster, and more consistent outcomes for our clients, helping them increase the lifetime value of a customer.

我們已做好充分準備迎接未來的成長，我們將擴大產品和服務範圍，重點提高與現有合作夥伴的合作率，贏得全球新客戶，並優先投資於我們的核心市場。這包括在生活方式和住房領域推出新產品和服務，並繼續將創新融入我們所做的每一件事中，從人工智慧技術支援和個人化解決方案到設備維修中心的機器人技術。這些改進有助於我們為客戶帶來更簡單、更快捷、更一致的結果，從而幫助他們提高客戶的終身價值。

We see further opportunity for attractive organic growth as we enter adjacent sectors through new product offerings planned for early 2026, creating pathways for growth that align with our strengths and extend our reach. We have a clear strategy and a team that's ready to deliver on the strong momentum we have across Global Lifestyle and Global Housing. As we head into the final quarter of the year, we're energized by the progress we've made, and we're confident in our ability to continue creating value for stakeholders.

我們看到，隨著我們計劃在 2026 年初推出新產品進入相鄰行業，我們將迎來更多有吸引力的內生成長機會，從而創造與我們優勢相符的成長路徑，並擴大我們的業務範圍。我們擁有清晰的策略和一支準備充分的團隊，能夠充分利用我們在全球生活方式和全球住房領域的強勁發展勢頭。隨著我們進入今年的最後一個季度，我們對所取得的進展感到振奮，我們有信心繼續為利害關係人創造價值。

I'll now turn it over to Keith Meier to highlight our third-quarter results and expectations for the remainder of the year.

現在我將把發言權交給基斯·邁爾，讓他重點介紹我們第三季的業績以及對今年剩餘時間的預期。

Thanks, Keith, and good morning, everyone. As we near the end of 2025, we continue to make significant progress on our key priorities, driving growth and strong financial performance through our intense focus on innovation and product differentiation. We have continued to elevate customer experience, building on our long history of technology advancements with AI and digital automation while increasing expense efficiency and ensuring our capital position remains strong, putting Assurant in a position to create meaningful value over the long term.

謝謝你，基思，大家早安。隨著 2025 年即將結束，我們在關鍵優先事項方面繼續取得重大進展，透過對創新和產品差異化的重點關注，推動成長並實現強勁的財務業績。我們不斷提升客戶體驗，在人工智慧和數位自動化等技術進步方面積累了豐富的經驗，同時提高了成本效率，並確保了我們強勁的資本實力，使 Assurant 能夠在長期內創造有意義的價值。

Our third-quarter results reflect that significant progress. As Keith mentioned, we're proud of the underlying strength of both Global Housing and Global Lifestyle, which together drove third-quarter adjusted EBITDA and EPS growth of 13%, both excluding cats, demonstrating positive momentum within our businesses.

我們第三季的業績反映了這一顯著進展。正如 Keith 所提到的，我們為全球住房和全球生活方式業務的強勁實力感到自豪，這兩項業務共同推動了第三季度調整後 EBITDA 和 EPS 增長 13%（均不包括貓科動物），這表明我們業務的積極發展勢頭良好。

Let's take a look at our segment results, beginning with Global Lifestyle. In the third quarter, adjusted EBITDA increased 12% compared to last year, driven by double-digit earnings growth across Connected Living and Global Automotive. In Connected Living, earnings increased 11%, driven by strength within Financial Services, particularly a new card benefits program launched late last year. Subscriber growth in mobile with 2.1 million net additions year over year, largely from expanding partnerships with US clients and optimized global trade-in performance supported by growth across US cable and carrier partners as well as our certified pre-owned business.

讓我們來看看各個細分市場的結果，首先是全球生活方式。第三季度，經調整的 EBITDA 比去年同期成長 12%，這主要得益於互聯生活和全球汽車業務兩位數的獲利成長。在互聯生活領域，收益成長了 11%，這主要得益於金融服務領域的強勁表現，尤其是去年底推出的一項新的信用卡福利計劃。行動用戶數量年增 210 萬，主要得益於與美國客戶擴大合作關係，以及優化全球以舊換新業務，這得益於美國有線電視和運營商合作夥伴的增長以及我們認證二手業務的發展。

In Global Auto, adjusted EBITDA was up 15%, which includes a net non-run rate benefit of approximately $6 million. When normalized for this non-run rate item, adjusted EBITDA was up 6%, growing both on a sequential and year-over-year basis from improved loss experience.

在全球汽車業務中，調整後的 EBITDA 成長了 15%，其中包括約 600 萬美元的淨非運行率收益。剔除此非運轉率項目的影響後，調整後的 EBITDA 成長了 6%，較上季和年比均有所成長，這得益於虧損情況的改善。

We're encouraged by the improved loss experience in our vehicle service contract business and stable earnings overall. We continue to benefit from prior rate increases and enhancements to our claims processes and product designs while consistently working closely with our clients to stay on track to deliver full-year growth despite ongoing inflationary pressures across the industry.

我們對車輛服務合約業務的損失情況有所改善以及整體盈利穩定感到鼓舞。我們繼續受益於先前的費率上漲以及理賠流程和產品設計的改進，同時與客戶保持密切合作，以期在整個行業持續面臨通膨壓力的情況下，仍能實現全年增長。

For Global Lifestyle, our net earned premiums, fees and other income grew 7%, primarily driven by Connected Living growth from mobile programs and a new program in financial services as well as contributions from Global Automotive.

在全球生活方式業務方面，我們的淨保費、手續費和其他收入增長了 7%，這主要得益於行動項目和金融服務新項目的互聯生活業務的增長，以及全球汽車業務的貢獻。

Moving to Global Housing. Third-quarter adjusted EBITDA was $256 million, including $3 million of reportable catastrophes. Excluding cats, adjusted EBITDA increased 13% to $259 million, marking another quarter of strong double-digit growth.

搬到全球住房。第三季調整後 EBITDA 為 2.56 億美元，其中包括 300 萬美元的應報告災害損失。剔除貓類業務後，調整後的 EBITDA 成長 13% 至 2.59 億美元，再次實現了強勁的兩位數成長。

Our Homeowners business benefited from the absence of a previously disclosed $28 million unfavorable non-run rate adjustment in the third quarter of 2024. This was partially offset by $16 million of lower favorable prior period reserve development with $29 million in the current quarter compared to $45 million in the prior-year period.

由於先前揭露的 2024 年第三季 2,800 萬美元不利非運作費率調整取消，我們的房主業務受益。但這部分被前期有利儲備發展減少 1,600 萬美元所抵消，本季為 2,900 萬美元，而上年同期為 4,500 萬美元。

Excluding these two items, underlying results were strong with 9% growth. Results benefited from favorable non-catastrophe loss experience, mainly due to lower claims frequency and continued top-line growth within lender-placed from higher in-force policies and average premiums.

剔除這兩項因素後，基本面表現強勁，成長了 9%。業績受益於良好的非巨災損失經驗，這主要歸功於索賠頻率降低以及貸款機構承保業務的持續收入增長，而有效保單和平均保費的增加則帶來了收入的持續增長。

Finally, our liquidity position at quarter end was $613 million, providing us with flexibility to continue to invest in our business, return capital to shareholders, and support future growth. We are driving strong cash flows. This quarter, we returned $122 million to our shareholders, including $81 million of share repurchases and $41 million in dividends.

最後，截至季度末，我們的流動資金為 6.13 億美元，這使我們能夠靈活地繼續投資於我們的業務，向股東返還資本，並支持未來的成長。我們正朝著強勁的現金流邁進。本季度，我們向股東返還了 1.22 億美元，其中包括 8,100 萬美元的股票回購和 4,100 萬美元的股息。

Through October 31, we have repurchased an additional $27 million of shares for a total of $234 million so far this year. During the quarter, we completed the successful issuance of $300 million in 2036 senior notes and redeemed $175 million of senior notes coming due in 2026. The issuance was well received and demonstrated the strong demand for our investment-grade bonds, further affirming the strength of Assurant and our capital position.

截至 10 月 31 日，我們已額外回購了價值 2,700 萬美元的股票，今年迄今的總回購金額已達 2.34 億美元。本季度，我們成功發行了 3 億美元的 2036 年到期優先票據，並贖回了 1.75 億美元的 2026 年到期優先票據。此次發行反應良好，顯示市場對我們投資等級債券的強勁需求，進一步證實了 Assurant 的實力和我們的資本狀況。

Let's move on to our updated outlook for 2025. The strength of our year-to-date results reflect the power of our unique business model and differentiated financial profile. Driven by our year-to-date outperformance within Global Housing and earnings momentum in Global Lifestyle, we now expect adjusted EPS to grow low double digits and full-year adjusted EBITDA growth to approach 10%, both excluding cats. This increase from our previous expectations reinforces the earnings power of Assurant.

接下來，我們來看看 2025 年的最新展望。今年迄今的強勁業績反映了我們獨特的商業模式和差異化的財務狀況的優勢。受全球住房業務今年迄今的優異表現以及全球生活方式業務的盈利勢頭推動，我們現在預計調整後每股收益將實現兩位數低增長，全年調整後 EBITDA 增長將接近 10%（均不包括巨災）。這一增長超出了我們先前的預期，進一步增強了 Assurant 的獲利能力。

We continue to expect strong growth for the year in Global Housing as well as earnings expansion within Global Lifestyle, where both Connected Living and Global Automotive are expected to grow. Global Lifestyle results are expected to be partially offset by investments in new partnerships and programs as well as unfavorable foreign exchange for the year. We continue to expect approximately $15 million of strategic investments for 2025 directly tied to launching high-impact programs and clients.

我們繼續預期全球住房業務今年將實現強勁增長，全球生活方式業務的盈利也將擴張，其中互聯生活和全球汽車業務預計都將實現增長。全球生活方式業務的業績預計將部分被對新合作關係和項目的投資以及本年度不利的匯率波動所抵消。我們預計到 2025 年將有約 1500 萬美元的策略投資直接用於啟動高影響力專案和客戶。

Within Global Housing, we expect strong growth for the year to be led by lender-placed, including increased policies in force. As a reminder, our outlook does not contemplate additional prior-year reserve development beyond the $91 million from the first nine months of the year.

在全球住房領域，我們預計今年強勁成長將主要由貸款機構安排的保單（包括生效保單數量的增加）引領。需要提醒的是，我們的展望並未考慮今年前九個月的 9,100 萬美元之外的往年額外儲備發展。

In Corporate, we now expect our 2025 full-year loss to be approximately $120 million, an increase of $5 million from our previous outlook. This primarily reflects organic investments in a new adjacent program. We would expect additional investments associated with this opportunity in the Corporate segment in 2026 and are looking forward to sharing more details on our next earnings call in February.

在公司業務方面，我們現在預計 2025 年全年虧損約為 1.2 億美元，比我們之前的預期增加了 500 萬美元。這主要反映了對一個相鄰新項目的自然成長投入。我們預計 2026 年將在企業部門獲得與此機會相關的額外投資，並期待在 2 月的下一次收益電話會議上分享更多細節。

And finally, our capital objectives remain consistent given our position of strength as we focus on maintaining balance and flexibility, enabling us to support new business growth while returning excess capital to shareholders. For 2025, we now expect to return $300 million to shareholders through share repurchases at the top end of our $200 million to $300 million anticipated range from the beginning of the year. For the fourth quarter, we would expect a higher level of segment dividends compared to third quarter, given our business' ability to generate meaningful cash flows.

最後，鑑於我們目前的實力，我們的資本目標保持不變，我們將專注於保持平衡和靈活性，從而支持新業務成長，同時將多餘的資本回饋給股東。2025 年，我們預計將透過股票回購向股東返還 3 億美元，達到年初以來我們預期的 2 億至 3 億美元範圍的上限。鑑於我們業務能夠產生可觀的現金流，我們預期第四季各業務部門的股利水準將高於第三季。

Full-year cash conversion to the holding company is expected to approximate 2024 levels. This reflects the strength of our capital position and disciplined approach to capital management, investing in growth while prioritizing shareholder returns. Our year-to-date performance, commercial momentum, and increase in outlook reinforce the strength of our businesses and the value we bring to our stakeholders.

預計全年向控股公司轉移的現金將接近 2024 年的水平。這體現了我們雄厚的資本實力和嚴謹的資本管理方法，在投資成長的同時，優先考慮股東回報。今年迄今的業績、商業動能以及前景的改善，都鞏固了我們業務的實力以及我們為利害關係人帶來的價值。

As we look to deliver our ninth consecutive year of profitable growth, we see significant opportunities across clients, products, and geographies. Through the power of Assurant's business model, we're driving growth by activating opportunities already in our pipeline, deepening relationships and expanding offerings with existing partners and increasing investments in core markets, all underscored by our relentless focus on innovation. We're excited about what's ahead and remain committed to delivering meaningful value for all of our stakeholders.

展望未來，我們將連續第九年實現獲利成長，我們看到了客戶、產品和地理方面的巨大機會。憑藉 Assurant 的商業模式，我們正在透過激活現有專案機會、深化與現有合作夥伴的關係、拓展產品範圍以及加大對核心市場的投資來推動成長，所有這一切都以我們對創新的不懈追求為標誌。我們對未來充滿期待，並將繼續致力於為所有利害關係人創造有意義的價值。

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

接線員，現在開始接受提問。

(Operator Instructions) Mark Hughes, Truist Securities.

（操作員說明）馬克·休斯，Truist Securities。

You referred to a pipeline. I think you're talking about Homeowners or Renters and said you had a strong pipeline, which doesn't seem like the usual thing in that line of business. Could you expand on that?

你提到了管道。我想你指的是房主或租屋者，而且你說你的客戶來源充足，這在這個行業似乎並不常見。能詳細解釋一下嗎？

Sure. I think we've seen a lot of momentum really across the Board in housing. Certainly, the fundamental performance of the business has been strong, but we've been investing pretty deeply the last few years in all of our technology, operational capabilities. I think our lender-placed solution is unquestionably market-leading, and we do see further opportunities to drive growth with new clients over time. Even though we've got a strong leadership position, there's still opportunity for white space.

當然。我認為我們已經看到住房領域整體上出現了很大的發展勢頭。當然，公司的基本面表現一直很強勁，但過去幾年，我們對所有技術和營運能力都進行了大量投資。我認為我們由貸款機構提供的解決方案無疑是市場領先的，而且我們看到了隨著時間的推移，透過吸引新客戶來推動成長的更多機會。儘管我們擁有強大的領導地位，但仍有發展空間。

And then Renters, you've seen pretty consistent PMC growth for the last three years, and we expect that that will continue as we look forward.

至於租屋者，在過去三年裡，PMC 業務一直保持著相當穩定的成長，我們預計未來這一趨勢還會繼續。

Yes, very good. In Global Auto, the loss performance was better year over year, but stable sequentially. Is it hit kind of an area that you think is sustainable or likely to hold steady going forward?

是的，非常好。在全球汽車業務中，虧損表現較去年同期有所改善，但較上季保持穩定。你認為這種衝擊是可持續的，還是未來可能會保持穩定的？

Yeah. Thanks, Mark. And I'd say, overall, for Auto, we're really pleased with the quarter, growing EBITDA 15% year over year. I think when we look at the loss performance, our vehicle service contract side, I think all of our rate actions that we've taken place over 20% over the last few years and the product changes, I think we've seen that become more stable. So we're pleased with that.

是的。謝謝你，馬克。總的來說，就汽車業務而言，我們對本季非常滿意，EBITDA 年成長 15%。我認為，當我們審視損失表現，特別是我們的車輛服務合約方面時，我認為我們在過去幾年中採取的所有費率調整措施（漲幅超過 20%）以及產品變化，都使情況變得更加穩定。我們對此感到滿意。

And then we touched on the GAAP side as well. Those loss exposures continue to diminish as expected. So we should expect those results continue to improve. So overall, we feel good about the business has stabilized well this year.

然後我們也談到了GAAP方面的內容。這些損失風險如預期般持續減少。因此，我們應該預期這些結果會持續改善。總的來說，我們對公司今年的業務穩定感到滿意。

Then one more, if I might sneak one in. In the Homeowners, I think you've been helped somewhat by the hard market. I think your product has been priced right for a lot of Homeowners. If the housing market starts to soften a little bit or broader homeowners market, do you think that has meaning for your top-line prospects?

如果可以的話，再加一個吧。我認為，對於房主來說，嚴峻的市場狀況在某種程度上對你們有所幫助。我認為你們的產品定價對許多房主來說都很合適。如果房地產市場或更廣泛的房主市場開始略微疲軟，您認為這會對您的業績前景產生什麼影響？

Yeah. I mean, there's lots of dynamics at play. I'd say, for sure, we've benefited from the challenging voluntary market. We've seen a lot of policy growth as a result of that. That continue certainly through the year, and we'll have to watch where that goes. And then we've also driven growth with clients in different portfolios.

是的。我的意思是，這裡面有很多因素在起作用。我可以肯定地說，我們已經從充滿挑戰的自願市場中受益。因此，我們看到政策方面取得了長足發展。這種情況肯定會持續到年底，我們需要密切關注事態發展。此外，我們也透過與不同投資組合的客戶合作，推動了業務成長。

So I think we're well positioned. It's also countercyclical. So should there be a downturn in the economy generally, we may see an uptick in placement rates. So we'll have to monitor how all these factors play together.

所以我認為我們處於有利地位。它也具有反週期性。因此，如果整體經濟出現下滑，我們可能會看到就業安置率上升。所以我們需要密切注意所有這些因素如何相互作用。

Charlie Lederer, BMO.

Charlie Lederer，BMO。

I think we lost you.

我覺得我們把你弄丟了。

Can you hear me?

你聽得到我嗎？

Yeah.

是的。

Okay. Sorry. So just starting on the new partnerships in Connected Living. Is there anything you can quantify or color you can give around the impact you're expecting from the reverse logistics and Geek Squad deals? Are these immediate revenue generators? And what kind of trajectory are you expecting? And how should we think about the investment spend around these next year relative to the $15 million this year?

好的。對不起。所以，我們剛開始在互聯生活領域建立新的合作關係。您能否量化或具體說明您預期逆向物流和 Geek Squad 交易會產生的影響？這些能立即產生收益嗎？你預期會呈現怎樣的發展軌跡？那麼，我們應該如何看待明年圍繞這些領域的投資支出與今年的 1500 萬美元相比呢？

Yeah, it's a great question. So certainly, the -- on the reverse logistics side, we're really excited about being in a position to announce that to the market. It's incredibly strategic, and we're co-locating with a client in the facility. So it's terrific. It certainly will begin to contribute in 2026. We'll continue to make investments. It will be positive as we think about EBITDA impact next year.

是的，這是一個很好的問題。所以，在逆向物流方面，我們非常高興能夠向市場宣布這個消息。這極具戰略意義，我們將與一位客戶共同入駐該設施。所以，這太棒了。它肯定會在2026年開始發揮作用。我們將繼續進行投資。考慮到明年 EBITDA 的影響，這將是一個積極信號。

And then I'd say something similar for the Best Buy opportunity as well. It will contribute in '26. We've made a lot of investments this year. That will certainly taper off, and it will help us in our go-forward EBITDA.

然後，我對百思買的收購機會也持類似看法。它將在 2026 年做出貢獻。我們今年進行了很多投資。這種情況肯定會逐漸緩解，而且有助於我們未來的 EBITDA 成長。

Got it. Thanks. And then on the buyback guide, you increased it from $250 million to $300 million to the top end of that range. I guess, given the lower cats this year, would you expect your '26 outlook on capital deployment to be a little bit higher, too? Or how are you thinking about capital deployment next year?

知道了。謝謝。然後，在回購指南中，您將金額從 2.5 億美元提高到 3 億美元，達到了該範圍的上限。我想，鑑於今年貓的數量較少，您是否也預計您對 2026 年資本部署的預期會略高一些？或者，您對明年的資金部署有何考慮？

Yeah. I think, first of all, I would say we feel really good about the strength of our capital position today. We've got $613 million in Holdco liquidity. So I think that really gives us that flexibility that we want to have.

是的。首先，我認為我們對目前的資本實力感到非常滿意。我們擁有 6.13 億美元的控股公司流動資金。所以我認為這確實給了我們想要的彈性。

And we try to have a balanced approach, Charlie, as we typically talk about. So Keith highlighted some organic investments that we continue to make. In addition, we always have an M&A pipeline that we're working.

查理，我們努力採取平衡的方法，就像我們通常所說的那樣。所以基斯重點介紹了一些我們正在持續的內部投資。此外，我們始終有正在進行的併購項目。

We've announced a few smaller ones this year. We had Gestauto in Brazil that helped our auto business. We had OptoFidelity that helped our device care centers and adding some technology there. And then we also acquired U-Solutions in Japan that furthered our walk and repair capabilities in that market. So you'll see us continue to invest in M&A opportunities.

今年我們宣布了一些規模較小的項目。我們在巴西有一家名為Gestauto的公司，它為我們的汽車業務提供了幫助。我們與 OptoFidelity 合作，他們幫助我們的設備維護中心，並在那裡添加了一些技術。然後，我們也收購了日本的 U-Solutions 公司，進一步增強了我們在該市場的巡檢和維修能力。所以你會看到我們繼續投資併購機會。

And then in terms of the buybacks, we felt really strong about that. That's why we signaled going to the top end of our range. And so we -- as we exit this year, we expect to be in a strong capital position, and we'll provide more guidance on share buybacks next year on our next earnings call.

至於股票回購，我們對此非常有信心。這就是我們發出訊號，將價格推至區間上限的原因。因此，隨著今年的結束，我們預計公司將擁有雄厚的資本實力，我們將在下次財報電話會議上就明年的股票回購計畫提供更多指導。

And then lastly, I would just say we also have done 20 straight years of dividend increases as well. So we like being able to have a balanced and a strong position across the Board.

最後，我還想補充一點，我們已經連續20年提高了股利。所以我們希望能夠在各方面都保持平衡和強大的地位。

Yeah. And maybe just to add a little flavor for 2026. We'll certainly talk more about buyback expectations and capital deployment in February. We'll see where Q4 ends up. That will help us understand the drivers as we think about 2026 performance to provide the guidance.

是的。或許只是為了讓 2026 年增添一點風味。我們肯定會在二月詳細討論回購預期和資金部署問題。我們拭目以待第四季的最終結果。這將有助於我們了解驅動因素，以便我們在考慮 2026 年業績時提供指導。

But I would say as we think forward, we're incredibly pleased with the momentum that we have really across all the businesses. We do expect to grow all three for the full year: Connected Living, Auto, and Housing. Certainly, this quarter, we had double-digit growth in each of those businesses. So we've got a lot of momentum, which is very good.

但展望未來，我們對所有業務目前的發展動能都感到非常滿意。我們預計全年這三個領域（互聯生活、汽車和住房）都將實現成長。當然，本季我們所有這些業務都實現了兩位數的成長。所以我們現在勢頭很強勁，這非常好。

And as we think about '26, we do expect Lifestyle to continue to grow. We'll certainly benefit from the investments we've made the past couple of years. And then we do expect underlying growth in housing to continue. So setting aside the PYD, following three years of really strong performance, we expect to see that continue.

展望 2026 年，我們預期 Lifestyle 將持續成長。我們過去幾年進行的投資肯定會為我們帶來好處。我們預計住房市場的潛在成長將會持續。因此，撇開 PYD 不談，在經歷了三年強勁的業績之後，我們預計這種勢頭將繼續下去。

And then we will have a higher corporate loss in '26. Keith Meier touched on it relative to our '25 guidance. We are expecting to launch a new program in an adjacent business, and we'll talk more about that in detail at February as well.

那麼，我們在 2026 年將會出現更大的企業虧損。Keith Meier 在我們的 2025 年業績指引中也談到了這一點。我們預計將在相鄰業務領域推出一項新計劃，我們將在二月詳細討論此事。

Thanks. Maybe just one more. On the two Renters PMC deals you talked about, can you dimension the opportunity there relative to the growth we've seen this year?

謝謝。或許就再來一個。關於您提到的兩筆 Renters PMC 交易，您能否根據我們今年看到的成長情況，評估一下其中的機會？

Yeah. I think we feel good about the consistency of the performance in Renters. I mean, we've had 13 quarters in a row of double-digit growth. Our largest partners are growing. Really excited we renewed our largest PMC client to a multiyear agreement. We did a really successful book roll and then adding additional PMCs. That's what's going to continue to fuel the momentum that we've seen, and we expect that to continue.

是的。我認為我們對租客們表現的穩定性感到滿意。我的意思是，我們已經連續13個季度實現了兩位數的成長。我們最大的合作夥伴正在不斷成長。我們非常高興與最大的專案管理諮詢客戶續簽了多年協議。我們成功完成了圖書推廣，然後又增加了其他專案管理公司。這正是我們目前所看到的成長動能得以延續的原因，我們預期這種勢頭還會持續下去。

James Koehne, Morgan Stanley.

詹姆斯‧科恩，摩根士丹利。

This is James Koehne on for Bob. So my first question relates to Housing. So my understanding is that you have 60%-plus market share in lender-placed. Curious how much you think you could realistically grow share in the intermediate term. And do you have aspirations to grow share to a certain level in the intermediate term? Thanks.

這裡是詹姆斯‧科恩，替鮑伯報道。我的第一個問題與住房有關。所以我的理解是，你們在貸款機構投放的貸款市場中佔有 60% 以上的市場份額。很好奇您認為在中期內，您的市佔率實際上能夠成長多少。你們是否有在中期內將市場佔有率提升到一定水平的願望？謝謝。

Yeah. I mean, we've -- like I said earlier, we've got a strong right to win. We're incredibly focused on having the best solution and capabilities in the market. There's some big client opportunities where we don't perform that service today. So obviously, we're laser-focused on those. I wouldn't say we've set a threshold or a target. We're trying to acquire clients all the time in every one of our businesses and lender-placed is no exception to that.

是的。我的意思是，就像我之前說的，我們有充分的理由贏得比賽。我們致力於提供市場上最好的解決方案和能力。目前我們還沒有為一些重要的客戶提供這項服務。很顯然，我們正全力以赴地關注這些方面。我不會說我們已經設定了閾值或目標。我們始終致力於在所有業務領域獲取客戶，貸款機構業務也不例外。

Got it. Great. Thanks for that. My second question is a related one. So on the notable drivers supporting housing results recently, so higher AIV, the hardening of the voluntary market, solid placement rates. Curious how you would rank them in terms of their contribution to the recent uptick in segment growth? And how are you thinking about their relative contribution to growth going forward?

知道了。偉大的。謝謝。我的第二個問題與此相關。因此，近期推動房屋市場表現的顯著因素包括：更高的AIV（年度投資報酬率）、自願市場的趨緊以及穩健的安置率。想知道您會如何根據它們對近期細分市場成長的貢獻程度對它們進行排名？您如何看待它們對未來經濟成長的相對貢獻？

Yeah. I mean, I think the growth in our policies certainly has been the biggest driver as we think about the housing performance. We're up 8% year over year in terms of our policy counts. That certainly shows up in the placement rate, and it's a result of a lot of it from a hard voluntary market.

是的。我的意思是，我認為政策的成長無疑是推動房屋市場表現的最大因素。我們的保單數量年增了 8%。這無疑體現在安置率上，而這很大程度上是由於市場自願性就業競爭激烈所造成的。

Rate in AIV, I think, has been a little bit favorable this year, but it's not a dramatic change. AIVs are certainly up but normalizing. So I would definitely put our policy growth at the top of the list.

我認為今年AIV的利率略微有利，但並沒有劇烈的變化。禽流感病毒感染率確實有上升，但正在趨於正常。所以我肯定會把政策成長放在第一位。

Yeah. And I think certainly, the placement rates are driving that policy growth and the AIVs being up 5% year over year, that certainly contributes as well. And then as we talked about earlier, we also see new opportunities to add additional clients on top of that. So when you combine it, that's one of the things that makes that business so powerful is there's multiple ways to grow.

是的。而且我認為，保單投放率肯定是推動保單成長的主要因素，而年度保險保費年增 5%，這無疑也起到了一定的作用。而且正如我們之前討論過的，我們也看到了在此基礎上增加新客戶的機會。所以，當你把它們結合起來，你會發現讓這家企業如此強大的原因之一就是它有多種發展途徑。

Tommy McJoynt, KBW.

Tommy McJoynt，KBW。

This is [Molly Nolan] calling in for Tommy McJoynt. My first question is about the iPhone upgrade cycle. It has been getting a lot of attention in the media. That's led to questions about how downstream suppliers and service providers can benefit. So can you just remind us about Assurant's role and opportunity in trade-in upgrade and adding covered device counts specific to the iPhone upgrade cycle?

這裡是莫莉·諾蘭，我打給湯米·麥克喬因特。我的第一個問題是關於iPhone的升級週期。這件事已經引起了媒體的廣泛關注。這就引出了一個問題：下游供應商和服務提供者如何從中受益？那麼，您能否簡要介紹 Assurant 在以舊換新升級和增加 iPhone 升級週期中承保設備數量方面的作用和機會？

Yeah. I think what we've seen certainly is a robust cycle. I think we saw some demand pull forward in the second quarter. And I think we've seen, as we outlined, some additional contributions to our trade-in business as a result of some of that as well.

是的。我認為我們看到的確實是一個強勁的周期。我認為我們看到第二季度出現了一些提前需求。正如我們之前概述的那樣，我認為，由於這些因素，我們的以舊換新業務也獲得了一些額外的貢獻。

The big driver for us in our business really is the protection programs. And often, the customer that has their protection program on their last phone will roll it over to the new phone. So that's what generates a lot of stability for our business as we go through the various cycles. But certainly, overall, it's a positive dynamic for us.

我們業務發展的最大驅動力其實是保障計劃。而且通常情況下，在上一部手機上購買了保護計劃的客戶會將該計劃轉移到新手機上。因此，這為我們的業務在經歷各種週期時帶來很大的穩定性。但總的來說，這對我們來說是一個積極的動態。

Yeah. And we -- if we look at the clients that we operate the protection services with, particularly in the US, our clients gained 81% of the postpaid net adds. So to the extent that there is elevated switching, strong promotional activity and as you said, strong demand for the new iPhone new devices, that tends to bode well for us both on protection as our clients grow, but also we support a lot of different clients as well with trade-in opportunities. So I feel good about how we're positioned there.

是的。如果我們看一下與我們一起經營保護服務的客戶，特別是美國的，我們的客戶獲得了 81% 的後付費淨新增用戶。因此，如果用戶轉換率上升、促銷活動強勁，並且正如您所說，對新款 iPhone 新設備的需求強勁，這對我們來說往往是個好兆頭，一方面是因為我們的客戶群不斷壯大，保障業務發展；另一方面，我們也為許多不同的客戶提供以舊換新的機會。所以我覺得我們目前在那裡的定位很準確。

Great. My second question would be just understanding investments are part of the business cycle. Are there any major investment projects that you currently have planned for next year that we should think about as we think about margin expansion opportunity across the business lines?

偉大的。我的第二個問題是，我想了解投資也是商業週期的一部分。明年貴公司是否有任何重大投資項目計劃供我們參考，以便我們在考慮各業務線利潤率擴張機會時加以考慮？

Yeah. I think the one thing that we're trying to signal today is we will be launching a new program in an adjacent business early next year. We're excited to share more details, and it will create a long-term vector for growth for the company. We're looking to have the corporate investment be a little higher in 2026, which we'll talk more about in February. But that's probably the big thing that we're signaling that we're going to talk about in more detail to come.

是的。我認為我們今天想要傳達的訊息是，我們將於明年初在相鄰業務領域推出一項新計劃。我們很高興與大家分享更多細節，這將為公司的長期發展創造方向。我們希望在 2026 年企業投資額能略有提高，我們將在二月對此進行更詳細的討論。但這可能是我們暗示接下來要詳細討論的重點。

Yeah. And we've started already to invest in that a little bit this year, and that's why we've raised the number on our corporate loss by $5 million this year that takes that into account.

是的。今年我們已經開始在這方面進行一些投資，因此我們將今年的公司虧損額增加了 500 萬美元，這就考慮到了這一點。

(Operator Instructions) Mark Hughes, Truist Securities.

（操作員說明）馬克·休斯，Truist Securities。

Welcome back, Mark.

歡迎回來，馬克。

Glad to be back. In Global Housing, if you look at the loss ratio, is there a material difference in the loss ratio between lender-placed policies and voluntary policies?

很高興回來。在全球房屋保險領域，如果查看損失率，貸款人指定的保單和自願保單的損失率是否有實質差異？

I think in general, I think the premium rates are different, Mark. So I think there is a -- I think they would correspond, I think, generally. And I think that it also comes into play where our expenses for tracking go into our rates for lender-placed. So there's the lender-placed tracking expenses versus typically commissions on a voluntary basis. But overall, depending on the mix, those would probably be the bigger differences more so than the loss ratios.

馬克，我認為總的來說，保費是不一樣的。所以我認為——我認為它們之間是有聯繫的，總的來說。我認為這也會影響到我們追蹤費用的支出，進而影響我們向貸款機構支付的利率。因此，貸款方需要承擔追蹤費用，而佣金通常是自願支付的。但總的來說，根據具體情況，這些差異可能比損失率的差異更大。

Yeah. What is the magnitude of the top line differential, the premium differential between the two?

是的。兩者之間的總價差額（即保費差額）是多少？

We look at our lender-placed rates and what we can compare them to is the prior policy that a Homeowner has held, and it varies from state to state. Some of them are a little bit higher, some of them are a little bit lower. But I would say, overall, over the last couple of years, and I think it's helping our placement rate, is I think our product is becoming more competitive as the voluntary market raises their rates significantly.

我們會查看貸款機構設定的利率，並將其與房主先前持有的保單進行比較，而各州的保單利率都不相同。有些略高一些，有些略低一些。但總的來說，我認為在過去的幾年裡，隨著自願市場大幅提高價格，我們的產品變得越來越有競爭力，這有助於提高我們的安置率。

I think all the work we've done to drive expense efficiencies, our expense ratio was in the mid-40s a couple of years ago. Now it's in the high 30s. So us not having to raise rates as much as the voluntary market, I think, has certainly helped our and contributed to our improved placement rates.

我認為我們為提高費用效率所做的所有工作都取得了成效，幾年前我們的費用率還在 40% 左右。現在氣溫在30多度。因此，我們不必像自願市場那樣大幅提高費率，我認為這肯定對我們有所幫助，並促成了我們安置率的提高。

Yeah. When you talk about a new program that you're planning to talk about in February, is that kind of a new line of business? Is that what we're talking about?

是的。您提到的二月即將推出的新項目，是指一項新的業務嗎？這就是我們說的嗎？

Yeah. It's a new line of business that we're not in today, which is why we've put it in corporate. The effort is being driven by our Chief Innovation Officer, who used to run the Connected Living business for the company. And yeah, we're trying to create a new pathway for long-term growth, and we're very excited to talk more about it later.

是的。這是我們目前尚未涉足的新業務領域，所以我們把它歸類在公司業務範疇了。這項工作由我們的首席創新官推動，他以前負責公司的互聯生活業務。是的，我們正在努力開闢一條新的長期成長之路，我們非常期待稍後就此進行更詳細的討論。

Yeah. Your reinsurance buy, it seems like the reinsurance market is going to be more favorable for you next year. Would your preference be for reducing your retention for larger events or reducing cost on the program?

是的。看來，明年的再保險市場對您來說會更有利。您會選擇降低大型活動的保留率，還是降低專案成本？

Yeah. I would first say that we probably buy in to reduce our volatility more than typical. We'll certainly evaluate that as we look at the pricing. But I do think we're in a good position going into next year. We didn't have anything that touched our reinsurance tower this year.

是的。首先我想說的是，我們可能會比平常更買入以降低波動性。我們會在評估定價時考慮到這一點。但我認為我們明年處於有利地位。今年我們的再保險業務沒有受到任何影響。

So I think that's positive. And then obviously, this last quarter of having very low cat activity should certainly be a positive as well. Our renewal kicks in on April 1. That's when we place the next year, and we certainly look forward to sharing more with you on that.

所以我認為這是個好兆頭。顯然，上個季度貓咪活動量極低也應該是件好事。我們的續約將於4月1日生效。屆時我們將展望來年，我們非常期待與您分享更多相關資訊。

The only other thing I would say is it also the mix of business in the geography in which we've been growing. And so if you look at our reinsurance rates last year versus this year, we expect them to be on a normalized basis, pretty similar, just over $200 million.

我唯一想補充的是，這也與我們發展所在的地理區域的商業組合有關。因此，如果您看一下我們去年的再保險費率與今年的再保險費率，我們預計它們在正常化的基礎上將非常相似，略高於 2 億美元。

And I think that's a little less than we were expecting this year because our Florida business hasn't grown, but we've grown significantly in less cap-prone states. So we've been really happy with the mix of business in terms of where we've grown for our housing business.

我認為這比我們今年的預期略低，因為我們在佛羅裡達州的業務沒有成長，但我們在不太受上限限制的州實現了顯著成長。因此，就我們住房業務的成長而言，我們對業務組合非常滿意。

There are no further questions at this time. I will now pass the call back to Keith Demmings.

目前沒有其他問題了。現在我將把電話轉回給基斯·德明斯。

All right. I just want to say thank you to everyone for joining. As we've said, we're excited about the momentum we have across our businesses and certainly look forward to delivering our ninth consecutive year of profitable growth, and we'll talk to everybody again in February. Have a great day.

好的。我只想對大家的參與表示感謝。正如我們所說，我們對公司各項業務的發展勢頭感到非常興奮，並期待實現連續第九年的盈利增長，我們將在二月份再次與大家交流。祝你有美好的一天。