阿默普萊斯金融 (AMP) 2022 Q4 法說會逐字稿

Welcome to the Q4 2022 Ameriprise Financial, Inc. Earnings Conference Call. My name is Dennis, and I will be your operator for today's call. (Operator Instructions). As a reminder, this conference is being recorded.

歡迎來到 2022 年第四季度 Ameriprise Financial, Inc. 收益電話會議。我叫丹尼斯，我將擔任今天電話的接線員。 （操作員說明）。提醒一下，這次會議正在錄製中。

I will now turn the call over to Alicia Charity. Alicia, you may begin.

我現在將把電話轉給 Alicia Charity。艾麗西亞，你可以開始了。

Thank you, operator, and good morning. Welcome to Ameriprise Financial's Fourth Quarter Earnings Call. On the call with me today are Jim Cracchiolo, Chairman and CEO; and Walter Berman, Chief Financial Officer. Following their remarks, we'd be happy to take your questions.

謝謝接線員，早上好。歡迎來到 Ameriprise Financial 的第四季度財報電話會議。今天與我通電話的是董事長兼首席執行官 Jim Cracchiolo；首席財務官 Walter Berman。在他們發言之後，我們很樂意回答您的問題。

Turning to our earnings presentation materials that are available on our website. On Slide 2, you will see a discussion of forward-looking statements. Specifically, during the call, you will hear references to various non-GAAP financial measures, which we believe provide insights into the company's operations. Reconciliation of the non-GAAP numbers to their respective GAAP numbers can be found in today's materials and on our website. Some statements that we make on this call may be forward looking reflecting management's expectations about future events and overall operating plans and performance. These forward-looking statements speak only as of today's date and involve a number of risks and uncertainties.

轉向我們網站上提供的收益介紹材料。在幻燈片 2 上，您將看到對前瞻性陳述的討論。具體來說，在電話會議期間，您將聽到對各種非 GAAP 財務措施的提及，我們認為這些措施可以提供對公司運營的洞察力。可以在今天的材料和我們的網站上找到非 GAAP 數字與其各自 GAAP 數字的對賬。我們在此次電話會議上發表的一些聲明可能具有前瞻性，反映了管理層對未來事件以及整體運營計劃和業績的預期。這些前瞻性陳述僅代表今天的情況，涉及許多風險和不確定性。

A sample list of factors and risks that could cause actual results to be materially different from forward-looking statements can be found in our fourth quarter earnings release, our 2021 annual report to shareholders and our 2021 10-K report. We make no obligation to publicly update or revise these forward-looking statements.

可能導致實際結果與前瞻性陳述存在重大差異的因素和風險示例列表可以在我們的第四季度收益發布、我們的 2021 年度股東報告和我們的 2021 10-K 報告中找到。我們沒有義務公開更新或修改這些前瞻性陳述。

On Slide 3, you see our GAAP financial results at the top of the page for the fourth quarter. Below that, you'll see our adjusted operating results, followed by operating results excluding unlocking, which management believes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitates a more meaningful trend analysis. Many of the comments that management makes on the call today will focus on adjusted operating results.

在幻燈片 3 上，您可以在頁面頂部看到我們第四季度的 GAAP 財務結果。在此之下，您將看到我們調整後的經營業績，然後是不包括解鎖的經營業績，管理層認為，這可以通過反映我們核心業務的基本績效來增強對我們業務的理解，並有助於進行更有意義的趨勢分析。管理層在今天的電話會議上發表的許多評論將集中在調整後的經營業績上。

And with that, I'll turn it over to Jim.

有了這個，我會把它交給吉姆。

Good morning, everyone, and thanks for joining our fourth quarter earnings call. As you saw in our release, Ameriprise delivered a strong fourth quarter, completing an excellent year in 2022. We continue to navigate uncertainty and serve our clients exceptionally well. I'll give you an update on the business, and then Walter will discuss our financials.

大家早上好，感謝您參加我們的第四季度財報電話會議。正如您在我們的新聞稿中看到的那樣，Ameriprise 第四季度表現強勁，在 2022 年完成了出色的一年。我們將繼續應對不確定性，並為我們的客戶提供出色的服務。我將向您介紹公司的最新情況，然後沃爾特將討論我們的財務狀況。

Let me start with the market environment. Equity markets were down 19% year-over-year, with the average equity markets down 3% sequentially. So far this year, we're starting to see markets rebound to some extent as inflation eases, However, inflation is still at a high level. The question is, will the Fed have to continue to raise rates a bit more? Or will they maintain higher rates for longer if inflation remains stickier? With that backdrop, Ameriprise continues to be in a strong position.

先從市場環境說起。股票市場同比下跌 19%，平均股票市場環比下跌 3%。今年以來，隨著通脹放緩，我們開始看到市場出現一定程度的反彈，但通脹仍處於高位。問題是，美聯儲是否必須繼續加息一點？或者，如果通貨膨脹仍然很棘手，他們會在更長時間內維持較高的利率嗎？在此背景下，Ameriprise 繼續處於強勢地位。

Revenues were good at $3.6 billion, only down 2% from a year ago relating to the impact of the equity and fixed income markets. Earnings were up nicely with EPS up 13% for the quarter and 11% for the year, both on new records, and ROE continued to be excellent among the best in the industry. Importantly, we're also managing expenses well with total expenses down 5% compared to a year ago.

收入為 36 億美元，僅比一年前下降 2%，這與股票和固定收益市場的影響有關。盈利增長良好，本季度每股收益增長 13%，全年增長 11%，均創下新紀錄，股本回報率繼續保持在行業前列。重要的是，我們還很好地管理了開支，總開支比一年前下降了 5%。

Assets Under Management and Administration were down to $1.2 trillion largely driven by the steep decline in equity markets, lower fixed income markets and a difficult foreign currency translation and Asset Management. As in previous quarters, our combination of businesses generates a consistent level of free cash flow and good returns across market cycles. We're able to consistently invest in the business, which is strengthening our competitive position and our ability to deliver differentiated results.

管理和管理資產下降至 1.2 萬億美元，這主要是由於股票市場急劇下跌、固定收益市場走低以及外幣換算和資產管理困難。與前幾個季度一樣，我們的業務組合在整個市場週期中產生了一致水平的自由現金流和良好的回報。我們能夠持續投資於業務，這正在加強我們的競爭地位和我們提供差異化結果的能力。

Now I'll talk more about our businesses. In Advice & Wealth Management, we continue to deliver very strong results and build on our leadership positions. We had good client flows in the quarter as clients remained engaged working closely with their advisers and benefiting from our comprehensive advice and solutions. Total client flows for the quarter were more than $12 billion, which is very strong, and in fact, the second highest quarter we had and just below our record fourth quarter last year. And I'll highlight that client flows were a record for the year at nearly $43 billion.

現在我將更多地談談我們的業務。在諮詢和財富管理方面，我們繼續取得非常強勁的成果並鞏固我們的領導地位。我們在本季度擁有良好的客戶流量，因為客戶繼續與他們的顧問密切合作，並從我們全面的建議和解決方案中受益。本季度的總客戶流量超過 120 億美元，非常強勁，事實上，這是我們第二高的季度，略低於去年第四季度創紀錄的水平。我要強調的是，今年的客戶流量接近 430 億美元，創下了歷史新高。

With the investment climate this year, we've seen an even split into the mix of flows into advisory and non-advisory accounts, which is appropriate in this environment. We're maintaining an appropriate level of cash balances with good growth in our certificate business and the Ameriprise Bank, which is a key growth area for us.

在今年的投資環境下，我們看到流入諮詢賬戶和非諮詢賬戶的資金混合均勻，這在這種環境下是合適的。隨著我們的證書業務和 Ameriprise 銀行的良好增長，我們保持了適當的現金餘額水平，這是我們的一個關鍵增長領域。

With regard to the bank, we've been consistently investing to expand our capabilities. The bank provides important flexibility in this interest rate environment and enables us to further engage and deepen our relationships with clients. Our bank has grown more than 50% this year to nearly $19 billion. We have good growth in our pledged loan business, and we're on track to launch more deposit and lending-based products this year. Our certificate company has also grown to nearly $10 billion, up $4 billion for the year.

關於銀行，我們一直在不斷投資以擴大我們的能力。該銀行在這種利率環境下提供了重要的靈活性，使我們能夠進一步參與和加深與客戶的關係。我們的銀行今年增長了 50% 以上，達到近 190 億美元。我們的質押貸款業務增長良好，我們有望在今年推出更多存貸款產品。我們的證書公司也增長到近 100 億美元，全年增長 40 億美元。

Clearly, 2022 was a very challenging year for investors to navigate the market volatility. That's why our high level of engagement and advice is so important. Clients highlight the positive experience they're having with Ameriprise and our advisers. And that satisfaction leads to a strong level of trust, which we're being recognized for. And just recently, we ranked #2 for trust in 2022 in Forrester's new Financial Services Customer Trust Index, and that complements our Newsweek rating as one of America's most trusted companies last year.

顯然，2022 年對於投資者應對市場波動而言是極具挑戰性的一年。這就是為什麼我們的高水平參與和建議如此重要。客戶強調了他們與 Ameriprise 和我們的顧問的積極體驗。這種滿足感會帶來強烈的信任感，我們因此而受到認可。就在最近，我們在 Forrester 的新金融服務客戶信任指數中在 2022 年的信任度中排名第二，這補充了我們去年被《新聞周刊》評為美國最受信任公司之一的評級。

Let's look at adviser productivity, which also remained strong, up 4% to nearly $830,000 per advisers in a challenging market environment. One of the reasons our advisers are so productive as the level of support and tools we provide, we're making important investments, including our branding, marketing and integrated technology. We're helping advisers engage clients really well in driving growth in their practices. And for the fourth consecutive year, Ameriprise was recognized by J.D. Power for providing outstanding customer service experience for phone support for advisers.

讓我們來看看顧問的生產力，在充滿挑戰的市場環境中，顧問的生產力也保持強勁，增長 4% 至每名顧問近 830,000 美元。我們的顧問與我們提供的支持和工具水平一樣高效的原因之一是，我們正在進行重要投資，包括我們的品牌、營銷和集成技術。我們正在幫助顧問真正很好地吸引客戶，以推動他們業務的增長。 Ameriprise 連續第四年獲得 J.D. Power 的認可，為顧問提供出色的電話支持客戶服務體驗。

Turning to recruiting. We had another good quarter with 72 highly productive advisers joining the firm. Advisers are attracted to our value proposition and the strength and stability of the firm, and the pipeline looks good. So overall, we are consistently investing in the business, including the bank, which is helping to drive organic growth and continue to generate strong results. Advice & Wealth Management continue to drive the firm's results with earnings up 41% year-over-year.

轉向招聘。我們又迎來了一個不錯的季度，有 72 名高產顧問加入了公司。顧問們被我們的價值主張以及公司的實力和穩定性所吸引，而且管道看起來不錯。因此，總的來說，我們一直在投資於業務，包括銀行，這有助於推動有機增長並繼續產生強勁的業績。諮詢與財富管理繼續推動公司業績增長，收益同比增長 41%。

Now let's turn to Retirement & Protection Solutions, where earnings were up 25% in the quarter due to the improved rate environment and our ability to invest out. As part of our strategy, we focused on products that meet our risk tolerances. Overall, sales were down consistent with the industry. We're very much focused on variable annuities without living benefits, our structured products of variable universal life and DI products given our move away from fixed products. This business is very stable and delivers a very good cash flow and returns. I'd note that RiverSource was recently ranked as one of the most profitable life insurers.

現在讓我們轉向退休和保護解決方案，由於利率環境改善和我們的投資能力，本季度收益增長了 25%。作為我們戰略的一部分，我們專注於滿足我們風險承受能力的產品。總體而言，銷售額與行業一致下降。我們非常關注沒有生活福利的可變年金，我們的可變萬能壽險結構化產品和 DI 產品，因為我們擺脫了固定產品。該業務非常穩定，並提供非常好的現金流和回報。我注意到 RiverSource 最近被評為最賺錢的人壽保險公司之一。

Now I'll cover Asset Management. 2022 was a tough year when navigating the volatility as we focused on our clients and execute our strategic priorities. Similar to the industry, our Asset Management business faced significant headwinds due to markets depreciating in the U.S. and globally, which pressured earnings. Equity markets were down 19%. With this, assets under management were down 23% to $584 billion, driven by market declines as well as a negative FX impact. Overall flows in the quarter were $0.4 billion out that included $1.7 billion of legacy insurance partner outflows. In retail, overall, we were in net outflows of $3.7 billion, including reinvested dividends, which were driven by the weak market conditions that both pressured gross sales and increased redemptions. In addition, in the U.S., we believe there was a heightened level of tax loss selling in December.

現在我將介紹資產管理。 2022 年是艱難的一年，我們要應對波動，因為我們專注於客戶並執行我們的戰略重點。與行業類似，由於美國和全球市場貶值，我們的資產管理業務面臨重大阻力，這給收益帶來壓力。股市下跌了 19%。因此，在市場下跌和不利的外匯影響的推動下，管理資產下降了 23% 至 5,840 億美元。本季度的總流量為 4 億美元，其中包括 17 億美元的傳統保險合作夥伴流出。在零售業，總體而言，我們的淨流出為 37 億美元，包括再投資的股息，這是由疲軟的市場條件推動的，這既壓低了銷售總額，又增加了贖回。此外，在美國，我們認為 12 月份的稅收損失銷售水平有所提高。

Turning to Global Institutional, we were in net inflows of $5 billion, excluding legacy insurance partners with some nice wins in LDI strategies. With regard to investment performance, we continue to have solid 3-, 5- and 10-year numbers. However, we have weakness in one year's numbers given market volatility. In Asset Management, we are maintaining our expense discipline while continuing to invest in long-term priorities. They include our investment research, alternatives, responsible investment globalizing our operations and BMO integration, which is on track. We have a strong lineup of products and capabilities, a clear focus on serving our clients. And as the environment improves, we will be well situated.

轉向全球機構，我們的淨流入為 50 億美元，不包括在 LDI 策略中取得一些不錯勝利的傳統保險合作夥伴。關於投資業績，我們繼續擁有穩定的 3 年、5 年和 10 年數據。然而，鑑於市場波動，我們認為一年的數據疲軟。在資產管理方面，我們保持支出紀律，同時繼續投資於長期優先事項。它們包括我們的投資研究、替代方案、使我們的運營全球化的負責任投資以及正在進行中的 BMO 整合。我們擁有強大的產品和功能陣容，明確專注於為客戶服務。隨著環境的改善，我們的位置也會很好。

Overall, Ameriprise is in a position of strength entering 2023, and we're very much focused on engaging our clients and continuing to execute well in this environment. And with the strength and diversification of our business, including the growth of the bank, we continue to be able to invest across the firm, while continuing to return capital to shareholders at a differentiated level. In the fourth quarter alone, we returned $610 million to shareholders.

總的來說，Ameriprise 在進入 2023 年時處於優勢地位，我們非常專注於吸引客戶並繼續在這種環境中表現良好。憑藉我們業務的實力和多元化，包括銀行的發展，我們繼續能夠在整個公司進行投資，同時繼續以差異化的水平向股東返還資本。僅在第四季度，我們就向股東返還了 6.1 億美元。

I'll turn it over to Walter, and then we'll take your questions.

我會把它交給沃爾特，然後我們會回答你的問題。

Thank you, Jim. Results this quarter were very strong, and we continue to demonstrate the strength of the Ameriprise value proposition. Adjusted EPS increased 13% to $6.94 in the quarter and increased 11% for the full year. Our diversified business mix supports good performance across market cycles, which was certainly demonstrated in the quarter. Fundamentals & Wealth Management, particularly in its cash businesses were very strong. In total, Wealth Management now represents 64% of adjusted operating earnings up from 48% a year ago. Asset Management, like the industry, is facing substantial headwinds and earnings from this segment declined in the quarter. And the Retirement & Protection Solutions business continues to generate solid financial results and free cash flow.

謝謝你，吉姆。本季度的業績非常強勁，我們繼續展示 Ameriprise 價值主張的實力。本季度調整後每股收益增長 13% 至 6.94 美元，全年增長 11%。我們多元化的業務組合支持跨市場週期的良好表現，這在本季度得到了肯定的證明。基本面與財富管理，尤其是其現金業務非常強勁。總體而言，財富管理現在佔調整後營業收入的 64%，高於一年前的 48%。與行業一樣，資產管理也面臨著巨大的阻力，該部門的收益在本季度有所下降。退休和保護解決方案業務繼續產生穩健的財務業績和自由現金流。

We remain focused on the aspects of the business that we can control. We are executing our priorities, including investing for profitable business growth, expanding the bank and completing the integration of BMO all while meeting and exceeding client needs and maintaining a disciplined approach to managing expenses. In fact, total expenses, excluding BMO, were flat for the year. Our balance sheet fundamentals and free cash flow generation remains strong.

我們仍然專注於我們可以控制的業務方面。我們正在執行我們的優先事項，包括為盈利性業務增長進行投資、擴大銀行規模和完成 BMO 的整合，同時滿足並超越客戶需求，並保持嚴格的費用管理方法。事實上，不包括 BMO 在內的總支出全年持平。我們的資產負債表基本面和自由現金流的產生仍然強勁。

In the quarter, we returned $610 million of capital to shareholders, totaling $2.4 billion for the full year while continuing to grow the bank and certificate company. We have dedicated significant capital to grow these businesses.

本季度，我們向股東返還了 6.1 億美元的資本，全年總計 24 億美元，同時繼續發展銀行和證書公司。我們投入了大量資金來發展這些業務。

Let's turn to Slide 6. As you would expect in these markets, Assets Under Management and Administration ended the quarter at $1.2 trillion, down 17%. This was driven by depreciating markets with equity and fixed markets down 19% and 12%, respectively. Additionally, Asset Management AUM levels were impacted by the weakening of the pound and the euro, with 36% of Asset Management AUM outside the U.S. at the end of the year. Despite the lower AUMA levels, operating net revenues declined only 2% to $3.6 billion as a result of higher interest earnings and pretax earnings reached a new high of $973 million reflecting the diversified revenue dynamics I discussed, coupled with the excellent expense discipline.

讓我們轉到幻燈片 6。正如您對這些市場的預期，本季度末管理和管理的資產為 1.2 萬億美元，下降 17%。這是由市場貶值推動的，股票和固定市場分別下跌了 19% 和 12%。此外，資產管理資產管理規模受到英鎊和歐元走弱的影響，截至年底，資產管理資產管理規模的 36% 在美國以外。儘管 AUMA 水平較低，但由於利息收入增加，營業淨收入僅下降 2% 至 36 億美元，稅前收入達到 9.73 億美元的新高，這反映了我所討論的多元化收入動態，以及出色的支出紀律。

Let's turn to Advice & Wealth Management on Slide 7. Wealth Management continues to deliver strong organic growth and business momentum, a reflection of our differentiated value proposition. With the challenging market backdrop, clients' assets declined 12% to $758 billion in 2022. However, we have sustained growth of 4% over the past 2 years. Total client net flows remained very strong at over $12 billion in the quarter, and reached a record $43 billion for the full year.

讓我們轉到幻燈片 7 上的建議和財富管理。財富管理繼續提供強勁的有機增長和業務勢頭，這反映了我們差異化的價值主張。在充滿挑戰的市場背景下，客戶的資產在 2022 年下降了 12% 至 7,580 億美元。但是，我們在過去兩年中保持了 4% 的增長。本季度客戶淨流量總額仍然非常強勁，超過 120 億美元，全年達到創紀錄的 430 億美元。

While we continue to see a solid level of flows into ARAP accounts. There has been a distinct pickup in flows going to brokerage accounts and certificates as clients navigate the market backdrop. Revenue per adviser reached $827,000, up 23% over the past 2 years from continued enhanced productivity and business growth.

雖然我們繼續看到大量資金流入 ARAP 賬戶。隨著客戶駕馭市場背景，流向經紀賬戶和證書的流量明顯增加。每個顧問的收入達到 827,000 美元，在過去 2 年中增長了 23%，這得益於持續提高的生產力和業務增長。

On Slide 8, you can see Wealth Management profitability was exceptional, up 41% and reached a record margin of 30% as strong organic growth and higher interest earnings exceeded pressure from market depreciation and lower transactional activity. Adjusted operating expenses declined 5% with distribution expenses down 10%, reflecting lower transactional activity and lower client assets. G&A increased 11% in the quarter. And for the full year, G&A grew 8%. Expense growth in the quarter was driven by continued investments in the bank and higher volume-related activity from strong organic growth. Additionally, the prior year included unusually low expenses relating to staff levels and T&A.

在幻燈片 8 中，您可以看到財富管理業務的盈利能力非常出色，增長了 41%，利潤率達到了創紀錄的 30%，這是因為強勁的有機增長和更高的利息收入超過了市場貶值和交易活動減少帶來的壓力。調整後的運營費用下降 5%，分銷費用下降 10%，反映出交易活動減少和客戶資產減少。 G&A 本季度增長了 11%。全年，G&A 增長了 8%。本季度的費用增長是由對銀行的持續投資和強勁的有機增長帶來的更高的交易量相關活動推動的。此外，前一年包括與員工水平和 T&A 相關的異常低的費用。

Cash balances in the quarter increased year-over-year and sequentially to $47 billion, which included $10 billion of certificate balances. Cash rebalances have declined slightly, bringing it closer to historic levels. However, certificates have grown 76% year-over-year as clients are laddering liquidity to garner higher yields. As a complement to our certificate offering, we are continuing to build out our savings and deposit products in the bank this year to meet the growing client appetite for yield.

本季度現金餘額同比增長，環比增長至 470 億美元，其中包括 100 億美元的憑證餘額。現金再平衡略有下降，使其更接近歷史水平。然而，隨著客戶增加流動性以獲得更高的收益率，證書同比增長了 76%。作為對我們證書產品的補充，我們今年將繼續在銀行構建我們的儲蓄和存款產品，以滿足客戶對收益不斷增長的需求。

As a reminder, the majority of our clients sweep cash balances are working cash accounts with the average account size being only $8,000 and constituting over 60% of our total cash balances. And our operating rates continue to remain competitive with continuous benchmarking against the industry. This has translated into higher interest earnings in the quarter. The gross fee yield in the quarter reached 373 basis points, up 300 basis points from the prior year and over 100 basis points sequentially with bank and certificates driving most of it. The bank ended the year with assets of $19 billion with additional capacity to grow further. This provides flexibility to capture the benefits of rising entries by investing in high-quality, longer duration securities.

提醒一下，我們的大多數客戶清掃現金餘額都是工作現金賬戶，平均賬戶規模僅為 8,000 美元，占我們總現金餘額的 60% 以上。我們的開工率繼續保持競爭力，持續對標行業。這已轉化為本季度更高的利息收入。本季度的總費用收益率達到 373 個基點，較上年同期上升 300 個基點，環比上升超過 100 個基點，其中銀行和憑證驅動了大部分。該銀行年底的資產為 190 億美元，並具有進一步增長的額外能力。這提供了靈活性，可以通過投資於高質量、存續期更長的證券來獲取不斷增加的入市收益。

These investments will create sustainable multiple year benefits regardless of interest rate changes over that period. New mine purchases in the quarter were approximately 250 basis points above the spreads from worth balance sheet cash. This has been supplemented with strong growth within our certificate company, with assets growing to nearly $10 billion in the quarter and a gross fee yield of nearly 400 basis points.

無論該時期的利率如何變化，這些投資都將創造可持續的多年收益。本季度的新礦購買量比價值資產負債表現金的價差高出約 250 個基點。這得到了我們證書公司內部強勁增長的補充，本季度資產增長到近 100 億美元，總費用收益率接近 400 個基點。

As we move into 2023, we are on a trajectory to generate growth in interest earnings from the bank and on our incremental yield while continuing to maintain high credit quality. In the first half of the year, we were moving $3 billion on to the bank's balance sheet. We expect to transfer additional balances in the back half of 2023. And as we previously indicated, we will reinvest approximately $3 billion of maturities into our yielding assets throughout the course of the year.

隨著我們進入 2023 年，我們正走在銀行利息收入和增量收益率增長的軌道上，同時繼續保持高信貸質量。今年上半年，我們將 30 億美元轉移到銀行的資產負債表上。我們預計將在 2023 年下半年轉移額外餘額。正如我們之前所指出的，我們將在全年將大約 30 億美元的到期日再投資到我們的收益資產中。

Let's turn to Asset Management on Slide 9. In 2022, the backdrop remained challenging for both us and the industry. AUM and was $584 billion, down 23%. This decrease was driven by double-digit equity and fixed income market depreciation as well as negative pound and euro foreign exchange impacts. Flows during the period remained challenged as global institutional net inflows during 2022 were more than offset by ongoing retail pressure. As a reminder, 2021 net flows benefited from the $17 billion BMO U.S. asset transfer, which had limited impact in 2022.

讓我們轉到幻燈片 9 上的資產管理。2022 年，我們和整個行業的背景仍然充滿挑戰。資產管理規模為 5840 億美元，下降 23%。這一下降是由兩位數的股票和固定收益市場貶值以及英鎊和歐元的負面外匯影響所推動的。由於 2022 年全球機構淨流入被持續的零售壓力所抵消，這一時期的資金流動仍然面臨挑戰。提醒一下，2021 年的淨流量受益於 170 億美元的 BMO 美國資產轉移，這在 2022 年的影響有限。

On Slide 10, you can see asset manage financials reflect the continuation of the challenging market environment and reflect deleveraging that occurs in this business. Earnings were $146 million, a 56% decline as a result of market depreciation and net outflows. In addition, the prior year period included $35 million in performance fees, while the current quarter only included $5 million as well as $12 million of unfavorable mark-to-market adjustments. As a result, margin in the quarter declined to 29%. Importantly, we are focused on the areas we can control and on executing our strategic priorities.

在幻燈片 10 上，您可以看到資產管理財務反映了充滿挑戰的市場環境的持續，並反映了該業務中發生的去槓桿化。由於市場貶值和淨流出，收益為 1.46 億美元，下降了 56%。此外，去年同期包括 3500 萬美元的績效費用，而本季度僅包括 500 萬美元以及 1200 萬美元的不利市值調整。因此，該季度的利潤率下降至 29%。重要的是，我們專注於我們可以控制的領域和執行我們的戰略重點。

Expenses remain well managed, Total expenses were down 12% with G&A and other expenses down from continued expense disciplines, lower performance fee compensation and timing of mark-to-market expenses. As a reminder, results last year include a partial quarter of BMO-related expenses. As we move forward, we will continue to make market-driven trade-offs and discretionary spending and remain committed to managing expenses very tightly based on the revenue environment.

費用仍然得到良好管理，總費用下降了 12%，包括 G&A 和其他費用，原因是持續的費用紀律、較低的績效費用補償和按市值計價的費用的時間安排。提醒一下，去年的業績包括部分四分之一的 BMO 相關費用。在我們前進的過程中，我們將繼續進行以市場為導向的權衡和可自由支配的支出，並繼續致力於根據收入環境非常嚴格地管理支出。

Let's turn to Slide 11. Retirement & Protection Solutions earnings increased 25% and with strong cash flow generation and a clearly differentiated risk profile. Results in the quarter were driven by enhanced yield from repositioning of the investment portfolio, lower deferred acquisition cost amortization and lower sales levels. We remain well capitalized with an estimated RBC ratio of 545% at year-end.

讓我們轉到幻燈片 11。退休和保護解決方案的收益增長了 25%，並且產生了強勁的現金流和明顯不同的風險狀況。本季度的業績受到投資組合重新定位帶來的收益提高、遞延購置成本攤銷降低和銷售水平下降的推動。我們的資本充足，預計年底 RBC 比率為 545%。

Consistent with the industry, Sales in the quarter declined as a result of the volatile market environment as well as the impact from our actions to discontinue sales of variable annuities with living benefits. Now only $43 billion of account value is in products with living benefit guarantees, a $14 billion decline from past year.

與行業一致，由於市場環境動盪以及我們停止銷售具有生活福利的可變年金的行動的影響，本季度的銷售額有所下降。現在只有 430 億美元的賬戶價值是在有生活福利保證的產品中，比去年減少了 140 億美元。

Protection sales remain concentrated in higher-margin asset accumulation [VUL] which represents 1/3 of total insurance in-force assets. The increase in investment income was a direct result of the actions taken to reposition the investment portfolio. In the quarter, we repositioned $600 million primarily into longer-duration corporate bonds while maintaining a high-quality portfolio. These actions will generate higher investment income in 2023.

保護銷售仍然集中在利潤率較高的資產積累 [VUL] 中，佔保險有效資產總額的 1/3。投資收益的增加是採取重新定位投資組合的行動的直接結果。在本季度，我們將 6 億美元主要重新定位於期限較長的公司債券，同時保持高質量的投資組合。這些行動將在 2023 年產生更高的投資收益。

On Slide 12, our balance sheet fundamentals remain strong and our diversified AA-rated investment portfolio is well positioned. During the quarter, new money purchases were AA+ rated at yields that were accretive to the overall portfolio. Despite continued market volatility in the quarter, VA hedging effectiveness remained very strong at 97%, and excess capital and holding company liquidity remains strong.

在幻燈片 12 中，我們的資產負債表基本面依然強勁，我們多元化的 AA 級投資組合處於有利地位。本季度，新資金購買的收益率為 AA+，增加了整體投資組合的收益。儘管本季度市場持續波動，但 VA 對沖有效性仍然非常強勁，達到 97%，過剩資本和控股公司流動性依然強勁。

Our diversified business model generates significant and stable free cash flow. This enables the company to deliver a consistent and differentiated level of capital return to shareholders while continuing to invest for growth. During the quarter, we repurchased 1.6 million shares returning a total of $610 million of capital to shareholders, bringing the total for the year to $2.4 billion. Our capital return strategy over the past 5 years has reduced our share count by 28%.

我們多元化的商業模式產生了大量穩定的自由現金流。這使公司能夠在繼續投資以實現增長的同時，為股東提供一致且差異化的資本回報水平。本季度，我們回購了 160 萬股股票，向股東返還了總計 6.1 億美元的資本，使全年總資本達到 24 億美元。我們在過去 5 年的資本回報策略使我們的股票數量減少了 28%。

With that, we'll take your questions.

有了這個，我們會回答你的問題。

(Operator Instructions) Your first question is from the line of Brennan Hawken with UBS.

（操作員說明）你的第一個問題來自瑞銀的 Brennan Hawken。

You flagged the certificate growth in the wealth business, and that's certainly consistent with what we've seen at other wealth management firms. So would you expect that as long as rates stay high, that type of shift and that type of growth should be sustainable? And how should we think about the corresponding impact of that mix shift on your deposit beta so that deposit beta seemed to take a step up this quarter. And so should we continue to think that, that will move higher?

你指出了財富業務的證書增長，這肯定與我們在其他財富管理公司看到的一致。那麼，您是否認為只要利率保持高位，這種轉變和增長就應該是可持續的？我們應該如何考慮這種混合變化對您的存款貝塔的相應影響，以便本季度存款貝塔似乎有所上升。那麼我們是否應該繼續認為，它會走得更高？

Yes. This is Walter. So the answer is that you should, with our [CDs], continue to see that sort of trend line. And certainly -- and you'll see in our bank, we are going to develop new products with and have them coming out in 2020, which will also enhance the capabilities for our advisers and their clients to certainly navigate this situation on interest rates and giving them choice. And from a deposit beta standpoint, looking on sweep, we are certainly -- we are up. We are certainly being competitive from that standpoint. But we are offering a wide choice, and we see good significant opportunities as we move forward.

是的。這是沃爾特。所以答案是，你應該用我們的 [CD] 繼續看到那種趨勢線。當然——你會在我們的銀行看到，我們將開發新產品並在 2020 年推出，這也將增強我們的顧問及其客戶在利率和給他們選擇。從存款 beta 的角度來看，從掃描來看，我們肯定是——我們上漲了。從這個角度來看，我們當然具有競爭力。但是我們提供了廣泛的選擇，並且在我們前進的過程中看到了很好的重要機會。

Yes. That makes sense. And like I said, that's consistent with many of your competitors in the wealth space. So when we think about -- shifting gears a little bit for the follow-up and staying in wealth, strong overall net new asset trends certainly have been encouraging 7% annualized growth in that business and what -- it's been a challenging quarter for some competitors. As I understand it, it's not really recruiting driving the numbers, but rather growing their practices and expanding wallet share of existing clients. So what have you done to sustain and hopefully encourage that trend into the future?

是的。這就說得通了。就像我說的，這與您在財富領域的許多競爭對手是一致的。因此，當我們考慮 - 為後續行動稍微調整一下並保持財富時，強勁的總體淨新資產趨勢肯定會鼓勵該業務實現 7% 的年化增長 - 對某些人來說，這是一個充滿挑戰的季度競爭對手。據我了解，這並不是真正的招聘推動數字，而是增加他們的實踐並擴大現有客戶的錢包份額。那麼你做了什麼來維持並希望在未來鼓勵這種趨勢？

So this is Jim. We are very much focused on continuing really around having the advisers engage with the client through this market cycle and really providing the advice they need. Part of the journey really is how do you think about achieving your goals over time, not just based on a quarter or the market situation in the current time. And so that engagement and the tools and capabilities that we provided to help them do that, I think is paying really good dividends. And so as you saw last year, we had a record amount of client inflows for the full year. And the fourth quarter was really strong at $12 billion. It's actually the second highest quarter we had. The highest was actually fourth quarter of last year, and that was only $0.5 billion more. So we want to continue that journey around that advice value proposition and the engagement and helping the advisers really do that more consistently over time.

所以這是吉姆。我們非常專注於繼續讓顧問在這個市場週期中與客戶互動，並真正提供他們需要的建議。旅程的一部分實際上是您如何考慮隨著時間的推移實現您的目標，而不僅僅是基於當前的季度或市場情況。因此，我們為幫助他們做到這一點而提供的參與以及工具和能力，我認為正在帶來非常好的回報。因此，正如您去年所見，我們全年的客戶流入量創下歷史新高。第四季度非常強勁，達到 120 億美元。這實際上是我們擁有的第二高的季度。最高的實際上是去年第四季度，僅多出 5 億美元。因此，我們希望繼續圍繞該建議價值主張和參與度的旅程，並幫助顧問隨著時間的推移真正更一致地做到這一點。

Your next question is from the line of Steven Chubak with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Steven Chubak。

Jim and Walter. This is Michael, and I'm (inaudible) on for Steven. I just wanted to start with one around AWM here. Certainly, the margin expansion in AWM was very impressive. You had 30% roughly. Assuming the Fed pause is here, what do you view as a peak pretax margin in wealth inclusive of the ongoing suites you plan to make at the bank?

吉姆和沃爾特。我是邁克爾，我（聽不清）支持史蒂文。我只是想從這裡的 AWM 開始。當然，AWM 的利潤增長令人印象深刻。你大概有30%。假設美聯儲在這裡暫停，您認為包括您計劃在銀行進行的持續套房在內的財富稅前利潤率峰值是多少？

Sure. So it's Walter. What we achieved in the fourth quarter, we certainly see as sustainable as it relates to 2023. And certainly the cash side of it is contributing to that, but we're also having strong productivity and growth in our basically core activities. There is a shift and going with us -- going to basically the bank generating the earnings and certificates joining. So if the Fed does pause, we think we are well positioned with the sustainability of that profitability that is now basically has a duration play that will take it over multiple years. So we feel comfortable. Obviously, it will have some impact. We have to evaluate as it looks not just what the fit is doing in the short end, but what happens on the long end, but we feel we're in an excellent position as we grow those two activities to ensure whether that's sustainability and profitability.

當然。所以是沃爾特。我們在第四季度取得的成就，我們當然認為它與 2023 年相關是可持續的。當然，它的現金方面對此做出了貢獻，但我們的基本核心活動也有強勁的生產力和增長。有一個轉變並與我們一起 - 基本上是銀行產生收入和加入證書。因此，如果美聯儲真的暫停，我們認為我們在盈利能力的可持續性方面處於有利地位，這種盈利能力現在基本上具有持續多年的持續時間。所以我們覺得舒服。顯然，它會產生一些影響。我們必須進行評估，因為它不僅看起來適合在短期內做什麼，而且在長期內發生什麼，但我們認為我們在發展這兩項活動時處於有利地位，以確保這是否是可持續性和盈利能力.

Got it. So -- and for my follow-up, I just -- I wanted to shift gears maybe to retirement and protection here. You had noted that results in Retirement & Protection only captured a portion of the actions you had taken in the portfolio. How much incremental benefit should we expect next quarter? And what do you believe could be the new run rate for that business versus that $180 million quarterly cadence you had provided in prior quarters?

知道了。所以——對於我的後續行動，我只是——我想換檔，也許是在這裡退休和保護。您已經註意到 Retirement & Protection 的結果僅捕獲了您在投資組合中採取的部分行動。下個季度我們應該期待多少增量收益？與您在前幾個季度提供的 1.8 億美元的季度節奏相比，您認為該業務的新運行率是多少？

Yes. So we certainly started the investments, and we weren't completed in the fourth quarter. We still have some ways a little ways to go in first quarter. But yes, we will see that probably what you're estimating the run rate that we talked about, the $180 million, but it's probably with that improvement that's taking place with the yield. There's always areas going in and out. But I'm comfortable with I've seen people being in the $200 million range, but it's over a 1-year cycle. So I would say more like the $800 million range for the year.

是的。所以我們當然開始了投資，但我們並沒有在第四季度完成。我們在第一季度還有一些路要走。但是，是的，我們會看到您可能正在估計我們談到的運行率，即 1.8 億美元，但這可能是隨著收益率的提高而發生的。總是有區域進出。但我很高興看到人們在 2 億美元的範圍內，但它超過了 1 年的周期。所以我會說更像是今年 8 億美元的範圍。

Your next question is from the line of Suneet Kamath with Jefferies.

你的下一個問題來自 Jefferies 的 Suneet Kamath。

So going back to Advice & Wealth Management again, when we think about on balance sheet deposits versus certificates, I think both had similar gross fee yields, but how do the rates that you're paying on those compare? And as we think about those two, are you fairly agnostic in terms of margin benefits to you between those two products? Or is one more favorable than the other?

因此，再次回到諮詢與財富管理，當我們考慮資產負債表上的存款與證書時，我認為兩者的總費用收益率相似，但您支付的利率如何比較？當我們考慮這兩種產品時，您是否對這兩種產品之間的利潤收益完全不可知？還是一個比另一個更有利？

Are you saying certificates on bank or Yes. Okay. Clearly, the bank has a higher margin than the certificates. And that's where certainly we're concentrating our growth, but we are getting very strong results, and we have very good margins in the CD business. And so the answer is, we feel we have the capacity to grow those two. And NAND is going to take a larger and larger percentage of the profitability that's being generated. Certainly, we will be generating good earnings in the sweep activity, but the real growth potential is coming in a primary bank, and we will get a lift in CDs. But the margin is better in the bank versus the CDs because of different investment strategies and liquidity strategies.

你是說銀行證明還是是的。好的。顯然，銀行的保證金高於證書。這當然是我們集中增長的地方，但我們取得了非常強勁的業績，而且我們在 CD 業務中的利潤率非常高。所以答案是，我們覺得我們有能力發展這兩者。 NAND 將在所產生的利潤中佔據越來越大的比例。當然，我們將在掃描活動中產生良好的收益，但真正的增長潛力來自一家主要銀行，我們將在 CD 中獲得提升。但由於不同的投資策略和流動性策略，銀行的利潤率優於 CD。

And is there a way to dimension that margin differential?

有沒有辦法衡量這個利潤差異？

No, I don't have it, but I'm just telling you, it is better at the bank, and we can we can take a look at that and see if we can give more insight onto that.

不，我沒有，但我只是告訴你，在銀行更好，我們可以看一下，看看我們是否可以對此提供更多見解。

Yes. Makes sense. And then, I guess, you talked about an $800 million investment in both the bank and the certificates business over the course of the year. Is that something that you expect will continue into next year? Or any way to think about the level of capital investment that you expect for 2023?

是的。說得通。然後，我猜，你談到了在這一年中對銀行和證書業務的 8 億美元投資。你預計這種情況會持續到明年嗎？或者有什麼方法可以考慮您對 2023 年的資本投資水平的預期？

Yes. So the short answer is yes. We will be continuing it. It's obviously a matter of equity and cash closing. And it is considering and we have the capacity to do that. And it's really, from our standpoint, it is giving us very good returns.

是的。所以簡短的回答是肯定的。我們將繼續它。這顯然是股權和現金結算的問題。它正在考慮，我們有能力做到這一點。從我們的角度來看，它確實給了我們很好的回報。

Got it. And then maybe if I could sneak one more in on the long-term care business, it looks like you're taking advantage of extending portfolio duration there as well. Should we read into that as the sign that maybe a risk transfer solution is less likely? Or is that reading into it too much?

知道了。然後也許如果我能再偷偷進入長期護理業務，看起來你也在利用延長那裡的投資組合期限。我們是否應該將其解讀為風險轉移解決方案可能性較小的跡象？還是閱讀太多了？

Yes, possibly. Listen, for the longest time, we've kept short direction case where the third year was. And now we're taking advantage and both in LTC and with the protection. So we are lengthening out duration, but it's we're running the business from that standpoint, and you can see we're garnering good profitability, both on the claims side as we demonstrated in the fourth quarter and certainly now with the investment capabilities that it's providing us. So no, if something comes along, that's great, we'll take a look. But right now, we're managing it and we're taking advantage of the opportunity that's there.

是的，可能。聽著，很長一段時間以來，我們一直保持第三年的空頭方向案例。現在我們正在利用 LTC 和保護。所以我們正在延長期限，但我們是從這個角度經營業務的，你可以看到我們正在獲得良好的盈利能力，無論是在我們在第四季度展示的理賠方面，當然還有現在的投資能力它為我們提供。所以不，如果出現什麼情況，那很好，我們會看看。但現在，我們正在管理它，我們正在利用那裡的機會。

Your next question is from the line of Erik Bass with Autonomous Research.

你的下一個問題來自 Erik Bass with Autonomous Research。

In Investment Management, I think you mentioned about $12 million of negative onetime items. But even adjusting for these, I think the margin was at the low end of your target range. So how are you thinking about margins for 2023? And should we be expecting some improvement given the AUM rebound that you saw in the fourth quarter and then the emergence of BMO synergies over the course of the year.

在投資管理中，我想你提到了大約 1200 萬美元的負一次性項目。但即使針對這些進行調整，我認為利潤率也處於目標範圍的低端。那麼，您如何看待 2023 年的利潤率？鑑於您在第四季度看到的 AUM 反彈以及 BMO 協同效應在這一年中的出現，我們是否應該期待一些改善。

It's an interesting situation at this stage because of the dislocation is taking course, especially as you look at the equity markets, you look at the fixed income, depreciation and foreign exchange. So -- but there's a lot of actions that we're taking. I'm managing through, but it's -- the margins are -- from that standpoint is deleveraging, just like the industry is. But I would say that at this point, as we look at it, it's heavily dependent on certainly things we don't control. But we -- the things we do control, like you mentioned, BMO synergies and other things of that nature, we are on track. So we feel comfortable from that standpoint. So I think there's a lot of variables now, but we are certainly cognizant that the margins breach through, but that's related to a lot of market activity that we are now managing.

在這個階段這是一個有趣的情況，因為錯位正在發生，尤其是當你觀察股票市場、固定收益、折舊和外匯時。所以 - 但我們正在採取很多行動。我正在管理，但它 - 利潤率 - 從這個角度來看是去槓桿化，就像這個行業一樣。但我要說的是，在這一點上，正如我們所看到的，它在很大程度上取決於我們無法控制的某些事情。但是我們 - 我們確實控制的事情，就像你提到的，BMO 協同效應和其他類似性質的事情，我們正在走上正軌。因此，從這個角度來看，我們感到很自在。所以我認為現在有很多變數，但我們當然認識到利潤率突破了，但這與我們現在管理的許多市場活動有關。

We see -- I mean, listen, again, we don't know if it will hold enough, but you've seen some pickup on the international market front as far as appreciation occurred as well as the improvement in the pound, et cetera. So we think that's a little of the headwinds have relieved a bit. That will be helpful. And we're not changing our range as we move forward.

我們看到 - 我的意思是，聽著，我們不知道它是否足夠，但就升值以及英鎊的改善等而言，你已經看到國際市場方面出現了一些回升.所以我們認為這有點不利因素有所緩解。那會很有幫助。在我們前進的過程中，我們不會改變我們的範圍。

Got it. And then maybe moving to capital management. I think for the full year, you returned about 85% of earnings to shareholders in the fourth quarter, the percentage was a little bit lower. So should we still think about 90% being the right target? Or has this come down at all given the capital being allocated to the bank and/or the uncertain macro outlook?

知道了。然後可能轉向資本管理。我認為就全年而言，您在第四季度向股東返還了大約 85% 的收益，這個百分比略低。那麼我們還應該考慮 90% 是正確的目標嗎？或者考慮到分配給銀行的資本和/或不確定的宏觀前景，這種情況是否有所下降？

Okay. You go ahead.

好的。您先走。

So as we look at it, we've been one of the highest returning companies out there in capital and even last year was very strong. So as we look forward, we have flexibility. But as Walter said, we're continuing to grow the bank, which is going to require some additional capital, but the returns are strong as well as our certificate company, which are all good uses of capital. In the past years, we have freed up capital. We used some of that to purchase the BMO as well as now growing the bank tremendously. So we think that we're going to generate continuing good free cash flow that we will return to shareholders. But as far as the percentage and rate will depend on how we utilize that both our core investments in the business, as we said, as well as return to shareholders. So it is coming down from where it was because of those other growth opportunities, but we'll still be a strong return. So I'd leave it at that at this point in time.

因此，就我們而言，我們一直是資本回報率最高的公司之一，甚至去年也非常強勁。因此，當我們向前看時，我們有靈活性。但正如沃爾特所說，我們正在繼續發展銀行，這將需要一些額外的資本，但回報和我們的證書公司一樣強勁，這些都是對資本的良好利用。在過去的幾年裡，我們釋放了資本。我們用其中的一部分購買了 BMO 以及現在極大地發展銀行。因此，我們認為我們將產生持續良好的自由現金流，我們將回報給股東。但就百分比和利率而言，將取決於我們如何利用我們對業務的核心投資，正如我們所說，以及對股東的回報。因此，由於其他增長機會，它正在從原來的位置下降，但我們仍然會獲得強勁的回報。所以我現在就把它留在那兒。

Your next question is from the line of Tom Gallagher with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Tom Gallagher。

Walter, just coming with a follow-up on retirement and protection, the $800 million or so run rate for 2023, does that contemplate any LDTI accounting impacts. If it doesn't, can you give us some indication up or down, whether that will have a negative or positive impact? And if $800 million is the right number, why was your $29 million of over-earning this quarter? Was it all back? Or maybe if you could quantify that.

沃爾特剛剛提出了關於退休和保護的後續行動，即 2023 年 8 億美元左右的運行率，這是否考慮了任何 LDTI 會計影響。如果沒有，您能否給我們一些向上或向下的指示，這是否會產生負面或正面影響？如果 8 億美元是正確的數字，為什麼本季度你的 2900 萬美元超額收入？一切都回來了嗎？或者如果你能量化的話。

No. So this is (inaudible) with that. That does not contemplate LDTI. We're still evaluating that. And from that standpoint, so it does not. And we'll obviously settle on the approach that we're going to take before the quarter. As it relates to the -- why it's lower, again, we're on -- part of that profitability improvement was lower sales. And so we're looking at activities as it relates to that. And so that gives a positive PTI in that situation, plus there was some anomalies as you basically look at what the changes and the huge change in equity markets and other things that took place, it gave a lift on SOP, so from that standpoint, we're -- I'm just saying we're comfortable with the -- what you guys are indicating in that $800 million range for the year, and we'll continue that when we're getting that lift. There's no question about it for the investments that we repositioned.

不，所以這是（聽不清）。這不考慮 LDTI。我們仍在對此進行評估。從這個角度來看，事實並非如此。我們顯然會在本季度前確定我們將採取的方法。因為它與 - 為什麼它再次降低，我們繼續 - 盈利能力改善的一部分是銷售額下降。因此，我們正在研究與此相關的活動。因此，在那種情況下，PTI 是積極的，而且當你基本上看看股票市場和其他事情發生的變化和巨大變化時，會出現一些異常情況，它提升了 SOP，所以從這個角度來看，我們 - 我只是說我們對 - 你們在今年 8 億美元的範圍內表示的內容感到滿意，當我們獲得提升時，我們將繼續這樣做。對於我們重新定位的投資來說，這是毫無疑問的。

And Walter, does the $800 million contemplate a little bit of extra spread that you would expect to still get? Or is that more of a 4Q static look at it?

沃爾特，這 8 億美元是否考慮了您仍然希望獲得的一點點額外利差？或者更多的是 4Q 靜態觀察？

No, it's the continuation of the volume of it. But actually, at this stage, since that point, certainly since we're still investing, the spread has come down from that, but we still feel very confident in the ability to generate what just on the $800 million for the year.

不，它是體積的延續。但實際上，在這個階段，從那時起，當然因為我們仍在投資，利差已經從那開始下降，但我們仍然對今年產生 8 億美元的能力充滿信心。

Okay. And then my follow-up is how should we think about the fees and margins of the RAP versus the brokerage flows in AWM. I think your wrap has a little over 100 basis points of fees. The non-RAP is more commission-based. But just curious, how do you compare the economics of the two, particularly now if we're going to see stronger flows into brokerage, I just want to understand how that's going to impact your overall margins.

好的。然後我的後續行動是我們應該如何考慮 RAP 的費用和利潤與 AWM 中的經紀流量。我認為您的包裝費略高於 100 個基點。非 RAP 更基於佣金。但只是好奇，你如何比較兩者的經濟性，特別是現在如果我們要看到更多的資金流入經紀業務，我只想了解這將如何影響你的整體利潤率。

Yes. So Eric, I think as we -- Tom, as we look at the business, okay, we've had a bit slower flows into RAP but still good flows, but you also had the depreciation of the markets, which impact the wrap overall fees for the firm. And so I don't feel that, that's permanent. As I said, we also had some transaction volume being down on the commission side. So I would probably say, if markets settle as they are, you'll continue to see part of that going back into the RAP programs. You'll also -- depending on what happens with market, you may see some appreciation of that, which really was a negative in the last few quarters. And regarding the brokerage activities, we will hopefully see some pickup in the commission side based on getting back into some of the contracts that people have again been more conservative investing in right now. So I can't really like piece together exactly what that shift is. But I would probably say there's a bunch of dynamics occurring over the last few quarters in that regard.

是的。所以埃里克，我認為我們 - 湯姆，當我們審視業務時，好吧，我們進入 RAP 的流量有點慢，但流量仍然很好，但你也有市場貶值，這影響了整體包裝公司的費用。所以我不覺得，那是永久的。正如我所說，我們在佣金方面也有一些交易量下降。所以我可能會說，如果市場按現狀穩定下來，你將繼續看到其中一部分回到 RAP 計劃中。你也會 - 根據市場發生的情況，你可能會看到一些升值，這在過去幾個季度確實是負面的。關於經紀活動，我們希望看到佣金方面有所回升，因為人們現在再次投資於一些更保守的合同。所以我不太喜歡把這種轉變到底是什麼拼湊起來。但我可能會說，過去幾個季度在這方面發生了一系列動態。

Your next question is from the line of Craig Siegenthaler with Bank of America.

你的下一個問題來自美國銀行的 Craig Siegenthaler。

This is Mark [McLaughlin] filling in for Craig. I had a question within AWM. I was curious if you were seeing any incremental demand from third-party bank suites for deposits and what that environment looks like? And then kind of following up on that, too. I believe your contracts were historically priced on kind of floating spread. Is there any possibility of extending the duration on those contracts, which would let you capture higher yield and also offer some more visibility into cash flow while also taking pressure off of your bank?

這是 Mark [McLaughlin] 代替 Craig。我在 AWM 中有一個問題。我很好奇您是否看到第三方銀行套件對存款的任何增量需求以及這種環境是什麼樣的？然後也跟進一下。我相信你們的合約在歷史上是根據某種浮動價差定價的。是否有可能延長這些合同的期限，這將使您獲得更高的收益，並提供更多的現金流可見性，同時減輕銀行的壓力？

Okay. So let me answer that. The answer is back about a couple of months ago, there was certainly -- you couldn't give deposits way. Now clearly, at this basis, there is more demand, but we are evaluating what is really -- from our standpoint, what is the appropriate balance for balancing cash and bringing it back on balance sheet. So we have a very good relationship. We've been doing this for multiple years through [promontory], not promontory (inaudible). So our relationship banks, we do have a combination and laddering of long and short -- so there we are assessing it, but it's a good situation from our standpoint, both from the demand from coming on the suite and our capacity to bring more back on to balance sheet and the fact we are still attracting good balances in.

好的。所以讓我回答這個問題。大約幾個月前答案就回來了，肯定有——你不能放棄存款。現在很明顯，在此基礎上，有更多的需求，但我們正在評估真正的 - 從我們的角度來看，平衡現金並將其帶回資產負債表的適當餘額是多少。所以我們的關係非常好。多年來，我們一直在通過 [promontory] 而不是 promontory（聽不清）這樣做。所以我們的關係銀行，我們確實有多頭和空頭的組合和階梯——所以我們正在評估它，但從我們的角度來看，這是一個很好的情況，無論是從套房的需求還是我們帶來更多回報的能力在資產負債表上以及我們仍在吸引良好餘額的事實。

And just for a quick follow-up and kind of switching gears a little bit. Really like your significant program, that's a great cash management solution for clients with competitive rates. I was curious, looking at the historical allocations from past cycles, is there anything different this cycle that you would say that would affect allocation that we should be taking into consideration?

只是為了快速跟進並稍微切換一下。真的很喜歡您的重要計劃，對於具有競爭力的價格的客戶來說，這是一個很好的現金管理解決方案。我很好奇，看看過去週期的歷史分配，你會說這個週期有什麼不同會影響我們應該考慮的分配嗎？

Into the CD (inaudible). We have -- are very cognizant trying to give our clients the capabilities there. So that trend has been going and been evaluating as the Fed makes it ships and other things and alternatives. So you're seeing that. And yes, we will continue to do that. But the important thing is we're also building that capability very shortly into the bank, which also gives a different set of alternatives for them to really look at their laddering as I mentioned. So you're just adjusting and certainly having the product capability and the capabilities to grow either our balance sheet, our balance sheet and on balance sheet in the bank and in [SERDs].

放入 CD（聽不清）。我們已經 - 非常清楚地試圖為我們的客戶提供那裡的能力。因此，這種趨勢一直在持續，並且隨著美聯儲的發貨和其他東西以及替代品而得到評估。所以你看到了。是的，我們將繼續這樣做。但重要的是，我們也在很快地將這種能力構建到銀行中，這也為他們提供了一組不同的選擇，讓他們真正了解他們的階梯，正如我提到的那樣。所以你只是在調整，當然也有產品能力和能力來增加我們的資產負債表，我們的資產負債表以及銀行和 [SERDs] 的資產負債表。

Your next question is from the line of Alex Blostein with Goldman Sachs.

你的下一個問題來自高盛的 Alex Blostein。

This is Luke on behalf of Alex. So keeping on topic of the bank, you had a few billion of securities maturing in 2023. What kind of incremental reinvestment spread are you looking at picking up here relative to what's rolling off?

這是 Luke 代表 Alex。因此，繼續關於銀行的話題，你有數十億的證券在 2023 年到期。相對於正在減少的東西，你在這裡看到什麼樣的增量再投資利差？

Okay. So yes, we have about $3 billion maturing during the year. So right now, we are thinking in the range that will be 200 to 300 basis points, so we'll pick up from it. I don't have the exact, but I'll have (inaudible) stepping to get back but we will pick up reasonably good spread from what's maturing versus what we can invest at.

好的。所以是的，我們有大約 30 億美元在這一年到期。所以現在，我們正在考慮 200 到 300 個基點的範圍，所以我們會從中挑選。我沒有確切的信息，但我會（聽不清）回來，但我們將從成熟的產品與我們可以投資的產品中獲得相當好的利差。

Got you. Helpful. That's awesome. And then switching gears to firm-wide. Do you have any thoughts on how you're thinking about firm G&A growth in 2023 off of the $3.6 billion, $3.7 billion base, if this is the right base to think about?

明白了有幫助。棒極了。然後切換到全公司範圍。如果這是正確的考慮基礎，您是否對如何考慮 2023 年 G&A 在 36 億美元、37 億美元基礎上的穩固增長有任何想法？

Yes. Listen, we manage -- I think we've always managed, we're very disciplined in managing our expenses to ensure that we are investing for growth. At the same time, analyzing the margin capabilities as it relates to it. So we will remain disciplined as we go and we look at shifting and where that is from that standard and getting the efficiencies that we are constantly evaluating. So I would say the ranges you've seen is the ranges that we believe will certainly be sustainable, but it's situationally driven as we manage our expenses very tightly.

是的。聽著，我們管理——我認為我們一直在管理，我們在管理開支方面非常有紀律，以確保我們為增長而投資。同時，分析與之相關的保證金能力。因此，我們將在前進的過程中保持紀律，我們著眼於轉變以及從該標准出發的地方，並獲得我們不斷評估的效率。所以我想說你看到的範圍是我們相信肯定會持續的範圍，但它是在我們非常嚴格地管理開支的情況下驅動的。

Your next question is from the line of Jeff Schmitt with William Blair.

你的下一個問題來自 Jeff Schmitt 和 William Blair。

In Wealth Management, just thinking about cash sorting and I guess, you may be capturing some of that, if that's being shifted into the certificates business. But do you have a sense on how much has sort of shifted maybe in the sort of third-party mutual funds or some other investments?

在財富管理中，只要考慮現金分類，我想，如果它被轉移到證書業務中，你可能會捕捉到其中的一些。但是您是否了解第三方共同基金或其他一些投資可能發生了多少變化？

Yes. So over the course of the year, as you would imagine, and started last year, you would have a higher level of cash from clients as they move things to the sideline or et cetera, that put it fully back in the market or even in fixed income, -- and so went into money markets, went into broken CDs, went into other short-duration products, just like we have the cash here going into some of our certificates. The amount of cash we're holding pretty much on transactional is pretty at the consistent levels. It's not where that has built up tremendously. We just had more client flows coming in and that just as a percentage. And then we got a piece of that into our own certificate program as an example. And now when we actually launch some of the preferred savings and deferred deposit programs within the bank, we'll start to capture even a bit more, hopefully, of that.

是的。所以在這一年裡，正如你想像的那樣，從去年開始，你會從客戶那裡獲得更高水平的現金，因為他們將東西轉移到副業等等，這使得它完全回到市場甚至固定收益，——因此進入貨幣市場，進入破損的 CD，進入其他短期產品，就像我們這裡的現金進入我們的一些證書一樣。我們在交易中持有的現金數量幾乎處於一致的水平。這不是建立巨大的地方。我們只是有更多的客戶流量進來，而且只是百分比。然後我們將其中的一部分作為示例放入我們自己的證書程序中。現在，當我們真正在銀行內推出一些首選儲蓄和延期存款計劃時，我們將開始捕獲更多，希望如此。

But new cash has come in, and that has raised our levels overall, but there's been sorting all through this going into those other instruments as well. as our advisers look at what that balances, what's positional versus transactional. So that's why we feel like those levels are pretty consistent because things have already sorted as through the year.

但是新的現金進來了，這提高了我們的整體水平，但也一直在對所有其他工具進行分類。當我們的顧問著眼於什麼是平衡時，什麼是頭寸與交易。所以這就是為什麼我們覺得這些水平非常一致，因為事情已經在一年中進行了排序。

Okay. Is that lower than some peers maybe just because of the client mix? I mean, is there a greater concentration maybe of lower account value that would...

好的。這是否低於某些同行可能只是因為客戶組合？我的意思是，是否有更大的集中度可能會降低賬戶價值……

Well, in our case, as I said, I think if you look at certificates, which is actually investing out a bit, and you just look at the amount in our cash sweep products, et cetera, you're actually less than 5%. And so that's consistent with our history based on the level that clients keep for both emergency and transactional activity. So I -- that's why I said, I think money has already been in all these different positional areas to garner a level of interest that the clients want with the advisers. So I actually feel comfortable. Now some of that, I think, will go back when they feel comfortable putting more back into RAP and investment programs as well or longer duration products in the fixed income market.

好吧，在我們的案例中，正如我所說，我認為如果你看一下證書，它實際上是投資了一點，你只看我們的現金清掃產品等的金額，你實際上不到 5% .因此，這與我們基於客戶為緊急和交易活動保持的水平的歷史是一致的。所以我 - 這就是為什麼我說，我認為錢已經在所有這些不同的位置領域獲得客戶希望與顧問的興趣水平。所以我其實很舒服。現在，我認為，當他們願意將更多資金投入 RAP 和投資計劃以及固定收益市場的長期產品時，其中一些將會回歸。

Okay. And then just one on the bank portfolio. I think that's mainly invested in MBS securities. But how much -- what percentage of that book is in fixed rate investments?

好的。然後只是銀行投資組合中的一個。我認為這主要投資於 MBS 證券。但是有多少——那本書中固定利率投資的百分比是多少？

The majority isn't fixed. But -- and like I said, it's in structured. The majority of construction, high AA rated and certainly at the highest levels of the security ladder.

大多數不是固定的。但是——就像我說的，它是結構化的。大多數建築都具有高 AA 評級，並且肯定處於安全階梯的最高級別。

Your next question is from the line of John Barnidge with Piper Sandler.

你的下一個問題來自 John Barnidge 和 Piper Sandler。

My question was on long-term care. I know third-party claims administration accelerated the pace of terminations. Is that anticipated to persist? And how should we think of run rate within that now?

我的問題是關於長期護理。我知道第三方索賠管理加快了終止的步伐。預計這種情況會持續下去嗎？我們現在應該如何考慮其中的運行率？

Sure. So yes, in the quarter, we had a combination of basically, as you indicated, a strong continued claims performance, along with basically the effects of our benefit programs and basically a premium increases. And -- but there was this onetime catch-up because a vendor did get behind. But that was not -- that was about half of it, but we are seeing good trends as it relates to the claims. And it's typical to forecast, but we think we have all the foundational elements in there. It's been within our expectations for multiple years. And so we are feeling that comfortable where it is, and we do again get the continued benefits of the programs that we have in place to basically contain and manage that effectively.

當然。所以是的，在本季度，正如您所指出的，我們基本上結合了強勁的持續索賠表現，基本上是我們福利計劃的影響以及保費增長。並且 - 但有一次追趕，因為供應商確實落後了。但那不是——大約是一半，但我們看到了與索賠相關的良好趨勢。這是典型的預測，但我們認為我們擁有所有的基本要素。多年來，這一直在我們的預期之內。因此，我們對它所處的位置感到很舒服，我們再次從我們現有的計劃中獲得持續的好處，這些計劃基本上可以有效地控制和管理它。

And we've been able to now start investing out, which is garnering a higher spread for the portfolio, which is good.

而且我們現在已經能夠開始投資，這為投資組合贏得了更高的利差，這很好。

That's very helpful. And then my follow-up question. There's been lots of G&A restraint across the franchise this year. But is there an optionality for Asset Management expense reductions, given the lower -- there were some other reductions that asset managers announced this morning.

這很有幫助。然後是我的後續問題。今年整個特許經營有很多 G&A 限制。但是，考慮到較低的資產管理費用削減，資產管理公司是否有選擇權——資產管理公司今天上午宣布了其他一些削減。

Yes. So as you saw in our Asset Management business, we have brought expenses down, and we will continue to really manage expenses tightly there. Now we are making good investments in certain areas. We see opportunity like in some of our real estate and other areas and responsible investing. But we have tightened the range a bit based on the appreciation of the markets. And we feel that is necessarily inappropriate.

是的。因此，正如您在我們的資產管理業務中看到的那樣，我們已經降低了開支，我們將繼續真正嚴格地管理開支。現在我們正在某些領域進行良好的投資。我們在我們的一些房地產和其他領域以及負責任的投資中看到了機會。但我們已經根據市場的升值稍微收緊了範圍。我們認為這必然是不合適的。

Now on the other side, like the Advice & Wealth as we build up more capabilities in the bank, we're making some investments. But overall, for the company, we've managed expenses quite tightly, not just the current year but over the years, and it is actually favorable. Now we're going to have merit increases, other things, et cetera, but we're going to look at areas of opportunity to tighten if necessary, based on the market conditions. But Asset Management is one of those areas that we will be a bit more disciplined then.

現在另一方面，隨著我們在銀行建立更多的能力，就像諮詢和財富一樣，我們正在進行一些投資。但總的來說，對於公司來說，我們對費用的管理非常嚴格，不僅是當年，而且多年來都是如此，這實際上是有利的。現在我們將增加績效，其他事情等等，但我們將根據市場情況尋找必要時收緊的機會領域。但資產管理是我們屆時將更加自律的領域之一。

Your next question is from the line of Andrew Kligerman with Credit Suisse.

你的下一個問題來自瑞士信貸的 Andrew Kligerman。

Jim and Walter, question about the advisers. You added 72 this quarter. Good, but a little light of where you were. I'm kind of curious as to your pipeline and how you see that playing out in terms of adding new experienced advisers.

吉姆和沃爾特，關於顧問的問題。您本季度增加了 72 個。很好，但有點了解你在哪裡。我對您的管道以及您如何看待增加新的有經驗的顧問方面的效果感到好奇。

Yes. So we did add -- it's a little less than the previous quarter, et cetera, but there's always timing with year-end and activities that occurred, as you would imagine with market conditions, the volatility there with advisers. But I would say the advisers we added actually had very strong productivity. So actually from a production perspective, the amount in total was higher and what we brought in. And the pipeline looks very good. So I think as you see some of the advisers being added, they're really coming over because we do have a really great integrated technology platform. We give a lot of great support. The types of -- they're even coming because they trust the firm and the quality of the firm. And they really think that that's really a benefit for them for their practices. So we feel very good about what the opportunity to continue here.

是的。所以我們確實添加了 - 它比上一季度少一點，等等，但總是有年末和活動發生的時間，就像你想像的市場條件一樣，顧問那裡的波動性。但我想說我們添加的顧問實際上具有非常強的生產力。所以實際上從生產的角度來看，總量和我們帶來的數量都更高。而且管道看起來非常好。所以我認為當你看到一些顧問被添加時，他們真的過來了，因為我們確實擁有一個非常棒的集成技術平台。我們給予很大的支持。他們的類型甚至會來，因為他們信任公司和公司的質量。他們真的認為這對他們的實踐真的有好處。所以我們很高興有機會在這裡繼續。

Got it. And then just thinking about the insurance subs RPS. Equity -- in terms of dividending capital to the parent company, the equity markets are sort of a headwind, but then you're doing this tremendous repositioning on the investment portfolio. Could you talk a little bit about expectations for dividending capital up apparently in '23?

知道了。然後只是考慮保險潛艇 RPS。股票——就向母公司分紅資本而言，股票市場有點逆風，但你正在對投資組合進行這種巨大的重新定位。你能談談對 23 年分紅資本的預期嗎？

Sure. So it's Walter. We have -- certainly, as we look at it, and I mentioned as related to the earnings that certainly -- related to '22, 2023, we will manage and keep our obviously a ratio. And so we feel very good about the dividend capability coming out of RPS, but the thing with the change and certainly enough growth going on in AWM, the bank, the stability of that. We also have an opportunity -- and that increase in the flows of dividends to this parent from AWM and still get dividends coming up because even though they're under pressure for Asset Management, they still are dividending a reasonable amount. So our cash flow coming out of the various segments, including RPS, is really -- we are feeling very good about its capabilities in 2023 as a source of funding for us at the parent.

當然。所以是沃爾特。我們 - 當然，正如我們所看到的那樣，我提到與收益相關的肯定 - 與 2023 年 22 日相關，我們將管理並保持我們明顯的比率。因此，我們對 RPS 的股息能力感到非常滿意，但隨著 AWM、銀行的變化和肯定足夠的增長，它的穩定性。我們也有機會——從 AWM 流向這家母公司的股息增加，並且仍然會增加股息，因為即使他們面臨資產管理的壓力，他們仍然在合理數額地派發股息。因此，我們來自各個部門的現金流，包括 RPS，真的 - 我們對它在 2023 年作為母公司資金來源的能力感到非常滿意。

Awesome. Can I sneak one last one. Just on M&A, last quarter, you seem to think that you were going to kind of maintain the status quo in terms of divesting of blocks. Any change in that?

驚人的。我能偷偷最後一張嗎？就併購而言，上個季度，你似乎認為你將在剝離區塊方面保持現狀。有什麼變化嗎？

Yes. So as we looked at the environment, et cetera, in the market, let me put it this way. I mean, you probably saw a thing that was reported out even this week. RiverSource has it's like the second highest and ozone up by a few basis points, second highest return out there of any insurer -- a large insurer. And so I think you got to look at it in a sense as Walter just said the free cash flow, how we derisk the business, how even what we have on the balance sheet with guarantees is coming down.

是的。因此，當我們審視市場環境等時，讓我這樣說。我的意思是，你可能看到了甚至在本週就被報導出來的事情。 RiverSource 的回報率排名第二，臭氧上升了幾個基點，是所有保險公司（一家大型保險公司）中回報率第二高的。所以我認為你必須從某種意義上來看待它，就像沃爾特剛才說的自由現金流，我們如何降低業務風險，甚至我們在資產負債表上有擔保的東西都在下降。

The products we're selling are lower risk appropriate for the client. And we have a lot of other alternatives on the shelf for the client. So we feel like this is a good hand that we have. And now that the spreads have gone back up we're able to invest out a bit more and garner some. So listen, there may be some opportunities that come along, and we will continue -- we'll look at them as they do. But this is a comfortable hand to have as a complement, particularly with depreciating markets.

我們銷售的產品風險較低，適合客戶。我們為客戶準備了很多其他選擇。所以我們覺得這是一手好牌。現在利差已經回升，我們能夠投資更多並獲得一些。所以聽著，可能會出現一些機會，我們將繼續——我們會像他們一樣看待它們。但這是一個很好的補充，尤其是在市場貶值的情況下。

Today's final question will come from the line of Ryan Krueger with KBW.

今天的最後一個問題將來自 KBW 的 Ryan Krueger。

I think we've often seen some level of seasonality with cash balances within AWM to come down some sequentially from the fourth quarter to the first quarter. Is that something you would expect to occur in this year.

我認為我們經常看到 AWM 內部現金餘額的某種程度的季節性從第四季度到第一季度連續下降。這是您希望在今年發生的事情嗎？

Absolutely. Yes. I think we do expect and we will probably experience the same seasonality and that's been part of our overall planning. So it's -- we don't see any change.

絕對地。是的。我認為我們確實期望並且我們可能會經歷相同的季節性，這是我們整體計劃的一部分。所以它 - 我們沒有看到任何變化。

Okay. Got it. And then just -- I know there was a question on overall G&A expenses. Perhaps AWM is a little bit -- you have maybe more insight into the outlook there, the backdrop from an earnings standpoint. Can you give any sense of your expectation for growth in AWM, G&A expenses in '23?

好的。知道了。然後 - 我知道有一個關於總體 G&A 費用的問題。也許 AWM 有點——你可能更了解那裡的前景，從盈利的角度來看背景。您能否給出您對 23 年 AWM、G&A 費用增長的預期？

I think, again, we'll go back to is geared towards making sure we get the payback on that with discipline as we focus. And so we'll manage it relative to the revenue and the growth opportunities we see, but we will be very disciplined in it. And I think it will be in ranges that you've seen in the past. But again, it's situational.

我認為，我們將再次回到旨在確保我們在專注時通過紀律獲得回報的目標。因此，我們將根據我們看到的收入和增長機會來管理它，但我們會非常自律。我認為它會在你過去看到的範圍內。但同樣，這是視情況而定的。

Yes. I mean, AWM this year, remember, we had a bounce back in meetings and other travel and T&E, again, coming back from a pandemic sort of thing where we cut all those things out as well as we may continue to make good investments in the growth of the bank and bringing in advisers, et cetera. So you're going to have merit and other things that are there. But I think on a balance basis, our expenses will be managed pretty well. And we don't see that accelerating in any way. But as Walter said, whatever we're making investments, we'll get good returns on, but I don't think that will be at a high level.

是的。我的意思是，今年的 AWM，請記住，我們在會議和其他旅行以及 T&E 方面再次出現反彈，從大流行之類的事情中恢復過來，我們削減了所有這些事情，我們可能會繼續在以下方面進行良好投資銀行的發展和引入顧問等等。所以你會有功德和其他東西。但我認為在平衡的基礎上，我們的開支會得到很好的管理。而且我們沒有看到這種情況以任何方式加速。但正如沃爾特所說，無論我們進行何種投資，我們都會獲得豐厚的回報，但我認為回報不會很高。

We have no further questions at this time. This concludes today's conference. Thank you all for participating. You may now disconnect.

目前我們沒有其他問題。今天的會議到此結束。謝謝大家的參與。您現在可以斷開連接。