阿默普萊斯金融 (AMP) 2023 Q3 法說會逐字稿

Welcome to the Q3 2023 Earnings Call. My name is Chris, and I'll be your operator for today's call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 2023 年第三季財報電話會議。我叫克里斯，我將擔任今天電話的接線生。 （操作員指示）謹此提醒，本次會議正在錄製中。

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

我現在將把電話轉給艾莉西亞慈善機構。艾莉西亞，你可以開始了。

Thank you, and good morning. Welcome to Ameriprise Financial's Third Quarter Earnings Call. On the call with me today are Jim Cracchiolo, Chairman and CEO; and Walter Berman, Chief Financial Officer.

謝謝你，早安。歡迎參加 Ameriprise Financial 第三季財報電話會議。今天與我通話的是董事長兼執行長 Jim Cracchiolo；伯曼（Walter Berman），財務長。

Following their remarks, we'd be happy to take your questions. Turning to our earnings presentation materials that are available on our website on Slide 2, you see a discussion of forward-looking statements. Specifically, during the call, you will hear references, the various non-GAAP financial measures, which we believe provides insight into the company's operations. Reconciliation of non-GAAP numbers to their respective GAAP numbers can be found in today's materials and on our website.

在他們的發言之後，我們很樂意回答您的問題。翻閱我們網站上投影片 2 上提供的收益簡報資料，您會看到對前瞻性陳述的討論。具體來說，在電話會議期間，您將聽到參考資料、各種非公認會計準則財務指標，我們認為這些指標可以提供對公司營運的深入了解。非 GAAP 數據與其各自 GAAP 數據的調整可以在今天的材料和我們的網站上找到。

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. 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 third quarter 2023 earnings release.

我們在這次電話會議上所做的一些陳述可能是前瞻性的，反映了管理階層對未來事件以及整體營運計畫和績效的預期。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。您可以在我們的 2023 年第三季財報中找到可能導致實際結果與前瞻性陳述有重大差異的因素和風險的樣本清單。

Our 2022 annual report to shareholders and our 2022 10-K. We make no obligation to publicly update or revise these forward-looking statements. On Slide 3, you see our GAAP financial results at the top of the page for the third 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. We completed our annual unlocking in the third quarter. Many of the comments that management makes on the call today will focus on adjusted operating results.

我們向股東提交的 2022 年年度報告和 2022 年 10-K。我們沒有義務公開更新或修改這些前瞻性陳述。在投影片 3 上，您可以在頁面頂部看到我們第三季的 GAAP 財務表現。下面，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，透過反映我們核心業務的基本績效，可以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。我們在第三季完成了年度解鎖。管理層在今天的電話會議上發表的許多評論將集中於調整後的經營業績。

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

有了這個，我會把它交給吉姆。

Good morning, and thanks for joining our call. Yesterday afternoon, Ameriprise reported strong third quarter earnings. The business continues to perform very well in a fluid and uncertain operating environment. Across the firm, we're helping clients navigate external pressures with our high-quality advice solutions and service. As you can see in our results, Ameriprise continues to benefit from the complementary strength and flexibility of our business and our talented team. Regarding the economic landscape, while inflation has come down a bit, it remains elevated, so it's likely we'll see higher interest rates for longer.

早安，感謝您加入我們的通話。昨天下午，Ameriprise 公佈了強勁的第三季收益。該業務在流動且不確定的營運環境中繼續表現良好。在整個公司，我們透過高品質的建議解決方案和服務來幫助客戶應對外部壓力。正如您在我們的業績中看到的那樣，Ameriprise 繼續受益於我們業務和才華橫溢的團隊的互補優勢和靈活性。就經濟形勢而言，雖然通膨有所下降，但仍處於高位，因此我們可能會在更長時間內看到較高的利率。

Economic growth in the United States continues to hold up well even with increased rates. However, consumer sentiment in the United States is declining and we may see softer economic growth in the future. Additionally, the geopolitical climate is causing further volatility. Equity markets have been resilient and were up year-over-year but down slightly in the quarter. At the same time, many investors are holding greater levels of cash and feel comfortable earning competitive yields in cash products.

即使利率上升，美國的經濟成長仍然保持良好。然而，美國的消費者信心正在下降，未來經濟成長可能會放緩。此外，地緣政治氣候正在造成進一步的波動。股票市場一直保持彈性，年漲，但本季略有下降。同時，許多投資者持有更多現金，並願意透過現金產品賺取有競爭力的收益率。

Our assets under management and administration reached $1.2 trillion, up 12% and financials were also strong. We delivered record operating results in the quarter. Excluding unlocking and a regulatory accrual, total adjusted operating net revenue grew nicely, up 10% to $3.9 billion, and earnings were also quite strong, up 18% with EPS up considerably, an increase of 24%.

我們管理和管理的資產達到 1.2 兆美元，成長 12%，財務狀況也很強勁。我們在本季取得了創紀錄的經營業績。排除解鎖和監管應計費用，調整後營業淨收入總額增長良好，增長 10%，達到 39 億美元，盈利也相當強勁，增長 18%，每股收益大幅增長，增長 24%。

Additionally, our return on equity was 49.9% compared to 48% a year ago. Very few firms in our industry achieved nearly a 50% ROE on an ongoing basis. Our complementary businesses consistently generate strong financial results. Let's start with wealth management. Our advice value proposition is built for the current environment. Advisers are focused on ensuring clients are highly engaged and deepening relationships with them.

此外，我們的股本回報率為 49.9%，而一年前為 48%。我們行業中很少有公司能夠持續實現近 50% 的 ROE。我們的互補業務持續產生強勁的財務表現。我們先從財富管理開始。我們的建議價值主張是針對當前環境而建構的。顧問致力於確保客戶高度參與並加深與他們的關係。

Importantly, client satisfaction remains at an excellent 4.9 out of 5 stars. Total client assets increased 15% to $816 billion with good client net flows of $8.9 billion in market appreciation. We continue to attract more new clients and move up market as we grow our client base. And we know from industry research that more investors need guidance. In fact, among the fluent households, many investors in the marketplace still don't have a formal plan to manage assets, income and expenses and retirement.

重要的是，客戶滿意度仍保持在 4.9 分（滿分為 5 顆星）。客戶總資產成長 15%，達到 8,160 億美元，市場增值，優質客戶淨流量達 89 億美元。隨著客戶群的擴大，我們將持續吸引更多新客戶並提升市場地位。我們從產業研究中得知，有更多的投資者需要指導。事實上，在富裕家庭中，市場上的許多投資者仍然沒有正式的計劃來管理資產、收入和支出以及退休。

As we highlighted previously, our advisers continue to hold a higher level of cash for their clients with the highest short-term yields they're able to attain in the market uncertainty. Therefore, we continue to see a lower percentage of our assets moving into wrap with $5.4 billion in the quarter. As markets settle, we expect that money will ultimately be redeployed into wrap and other solutions. Our reentry back into the banking business came at the right time and is very beneficial for the firm. Assets in the bank and certificate company continued to increase substantially up 37% to $35 billion. With interest rates at this level, we're able to gain a meaningful spread revenues that are sustainable when the Fed does start to cut rates.

正如我們之前所強調的，我們的顧問繼續為客戶持有更高水準的現金，並在市場不確定性下獲得最高的短期收益率。因此，我們繼續看到本季資產結轉的比例較低，為 54 億美元。隨著市場穩定下來，我們預計資金最終將重新部署到包裝和其他解決方案中。我們重返銀行業務的時機恰逢其時，這對公司非常有利。銀行和證書公司的資產持續大幅成長37%，達到350億美元。在這個水準的利率下，我們能夠獲得有意義的利差收入，當聯準會開始降息時，這種收入是可持續的。

We will also be launching new products in the bank that will bring over additional client cash that they're holding at other banking institutions. And overall, after a bit of a slowdown last year, we saw a nice increase in transactional activity up 11%. As you know, we continue to invest to put great capabilities in advisers' hands to drive high satisfaction and growth and deliver an exceptional experience. We're using advanced analytics to deliver an even better client and adviser experience. This includes a complete practice dashboard to enhance practice management, prepare for client meetings more efficiently, identify opportunities to grow their business and deepen their client relationships.

我們也將在銀行推出新產品，為客戶帶來他們在其他銀行機構持有的額外現金。總體而言，在去年略有放緩之後，我們看到交易活動大幅增加 11%。如您所知，我們不斷投資，為顧問提供強大的能力，以提高滿意度和成長，並提供卓越的體驗。我們正在使用高級分析來提供更好的客戶和顧問體驗。這包括一個完整的實踐儀表板，用於增強實踐管理、更有效地準備客戶會議、發現發展業務和加深客戶關係的機會。

In the quarter, we were back in the market with our successful Ameriprise brand advertising across TV, digital and social channels. We also redesigned our client website to even be more engaging, highlighting the unique benefits of working with an Ameriprise Adviser. Adviser productivity increased another 10% to a new high of $901,000 per adviser in the quarter. Our adviser retention and growth are both consistently among the best in the industry.

本季度，我們以在電視、數位和社群管道上成功的 Ameriprise 品牌廣告重返市場。我們還重新設計了客戶網站，使其更具吸引力，突顯了與 Ameriprise 顧問合作的獨特優勢。本季顧問生產力又提高了 10%，達到每位顧問 901,000 美元的新高。我們的顧問保留率和成長一直是業內最好的。

Regarding recruiting, we brought in another 64 experienced productive advisers. We had a bit of a seasonal slowdown of activity to begin the quarter but saw a nice pickup in September and we believe that we'll return to more normal levels as we move through the rest of the year. Our reputation is an important differentiator. We recently learned that Ameriprise is being recognized for both a high level of customer trust and service. We received 1 of the highest customer trust index scores among financial services firms and Foresters 2023 U.S. Customer Trust Index. And for the fifth consecutive year, J.D. Power has recognized Ameriprise for providing outstanding customer service experience for phone support for advisers.

在招募方面，我們又引進了 64 位經驗豐富、有成效的顧問。本季開始時，我們的活動略有季節性放緩，但在 9 月出現了良好的回升，我們相信，隨著今年剩餘時間的推移，我們將恢復到更正常的水平。我們的聲譽是一個重要的區別因素。我們最近了解到，Ameriprise 因高水準的客戶信任和服務而受到認可。我們在金融服務公司和 Foresters 2023 美國客戶信任指數中獲得了最高的客戶信任指數分數之一。 J.D. Power 連續第五年認可 Ameriprise 為顧問的電話支援提供出色的客戶服務體驗。

These awards build on the external recognition we have received over the years and are a testament to the dedication and expertise of our team. Finally, in terms of profitability, Wealth Management continues to generate strong pretax adjusted operating margin at more than 30% and earnings growth of 23%.

這些獎項建立在我們多年來獲得的外部認可的基礎上，證明了我們團隊的奉獻精神和專業知識。最後，在獲利能力方面，財富管理持續保持強勁的稅前調整後營業利潤率，超過 30%，獲利成長 23%。

Now let's move to Retirement and Protection which is part of our wealth management solutions offering. We're driving good sales in targeted focused areas that serve our clients' comprehensive needs and generate good risk-adjusted returns. In our life business, we focused on variable universal life and disability products that are appropriate for this environment. Life and health sales were up nicely, increasing 22%, with the majority of sales in higher-margin accumulation VUL products. We're also seeing positive initial results from our accelerated underwriting modeling, that's highly automated and will drive further efficiencies as we roll it out more fully.

現在讓我們轉向退休和保障，這是我們財富管理解決方案產品的一部分。我們正在有針對性的重點領域推動良好的銷售，滿足客戶的全面需求並產生良好的風險調整回報。在我們的壽險業務中，我們專注於適合這種環境的可變萬能壽險和殘疾產品。生命與健康產品的銷售額成長良好，成長了 22%，其中大部分銷售額來自利潤率較高的累積 VUL 產品。我們還看到加速承保模型取得了積極的初步成果，該模型高度自動化，隨著我們更全面地推出它，將進一步提高效率。

In variable annuities, our structured product continues to attract good interest. Combined with our variable annuities without living benefits, sales were up 18% from a year ago. In the quarter, our RiverSource Retirement interactive tool which helps advisers create customized client presentations was recognized with several industry awards for innovation and ease of use. With the increase in rates, we're able to garner improved yield in our high-quality investment portfolio. Excluding unlocking, pretax adjusted operating earnings were more than $200 million.

在可變年金方面，我們的結構性產品繼續引起人們的廣泛關注。加上我們沒有生活福利的可變年金，銷售額比一年前增加了 18%。本季度，我們的 RiverSource Retirement 互動工具可協助顧問創建客製化的客戶簡報，因其創新和易用性而獲得多項行業獎項。隨著利率的提高，我們能夠在高品質的投資組合中獲得更高的收益率。不包括解鎖，稅前調整後營業利潤超過 2 億美元。

Our RPS business has been highlighted as 1 of the most profitable in the industry. Let's turn to Asset Management. As you saw in the quarter, assets under management were $587 billion, up 7%, it remains a challenging time, both in asset management and the active space in particular. Our flows were largely consistent with the industry. In retail, as we know, people are still hesitant to put money to work, so gross sales were a bit weaker. However, redemptions have improved and our overall flow rates in the U.S. are in line with active managers for the product disciplines we compete in. And in Europe, our flows have improved a bit from a year ago. Institutional mandates can be lumpy, but we were in net flows, excluding legacy insurance partners. We're earning mandates in a number of areas, though LDI flows in total were down compared to a robust quarter a year ago.

我們的 RPS 業務被評為業界最賺錢的業務之一。讓我們轉向資產管理。正如您在本季所看到的，管理資產規模為 5,870 億美元，成長 7%，這仍然是一個充滿挑戰的時期，尤其是在資產管理領域，尤其是在活躍領域。我們的流程與業界基本一致。正如我們所知，在零售業，人們仍然猶豫是否要花錢，因此銷售總額略有疲軟。然而，贖回有所改善，我們在美國的整體流動率與我們參與競爭的產品領域的主動管理人一致。在歐洲，我們的流動率比一年前有所改善。機構授權可能不穩定，但我們的淨流量不包括傳統保險合作夥伴。儘管 LDI 流量總量與去年同期的強勁季度相比有所下降，但我們在許多領域都獲得了授權。

In regard to our investment performance, we have strong short- and long-term performance across equities, fixed income and asset allocation with a nice pickup in the short-term fixed income. And now about 70% of our asset-weighted funds were above the median for 3- and 5-year periods and more than 85% for the 10-year period. This is a positive and will help our ability to garner flows in the future. Also in the quarter, we completed 1 of the largest aspects of the EMEA integration, the transition to our global order management system.

就我們的投資表現而言，我們在股票、固定收益和資產配置方面的短期和長期表現均強勁，其中短期固定收益有不錯的回升。現在，我們約 70% 的資產加權基金在 3 年期和 5 年期都高於中位數，在 10 年期則超過 85%。這是正面的，將有助於我們未來獲得流量的能力。同樣在本季度，我們完成了 EMEA 整合的最大方面之一，即向全球訂單管理系統的過渡。

With that, we have now completed all of the large integration activities. We are now focused on adjusting our global operating model and expenses so we can continue to generate good margins in a tough climate. For Asset Management, adjusted operating margin was 36% and above our targeted range. G&A was down 3% adjusted for foreign exchange. We also have taken action to tightly manage expenses and we're looking more fully across the business to continue to reduce expenses and leverage more operating efficiencies for the rest of this year and into 2024.

至此，我們現在已經完成了所有大型整合活動。我們現在專注於調整我們的全球營運模式和支出，以便我們能夠在嚴峻的氣候下繼續創造良好的利潤率。對於資產管理，調整後的營業利益率為 36%，高於我們的目標範圍。經外匯調整後，一般管理費用下降 3%。我們還採取行動嚴格管理費用，並且我們正在更全面地考慮整個業務，以在今年剩餘時間和 2024 年繼續減少費用並提高營運效率。

I'd like to now come back to set center stage in the total firm. Our complementary businesses continue to give us the ability to deliver for our clients and generate very strong financial results over the years. Our capital strength and flexibility remain excellent. Our capital return to shareholders is among the highest in the industry and we have consistently generated strong financial returns over the years, including with our best-in-class ROE of approximately 50%.

我現在想回到整個公司的中心舞台。多年來，我們的互補業務繼續使我們有能力為客戶提供服務並產生非常強勁的財務業績。我們的資本實力和靈活性依然出色。我們為股東提供的資本回報率位居業界最高之列，多年來我們一直持續創造強勁的財務回報，包括約 50% 的同類最佳 ROE。

Ameriprise is situated very well, including with the complementary addition of the bank, which allows us to sustain the benefit from higher rates. We're not standing still. We're focused on areas of opportunity for growth and at the same time, we're examining the entire expense base across the firm to further prepare if the economic environment slows as we move into and through 2024.

Ameriprise 地理位置非常好，包括銀行的補充，這使我們能夠維持較高利率的收益。我們並沒有停滯不前。我們專注於成長機會領域，同時，我們正在檢查整個公司的整個費用基礎，以便在 2024 年及整個 2024 年經濟環境放緩的情況下進一步做好準備。

In closing, it's the totality of our complementary business and the benefits that it provides back to our excellent team that enables us to consistently achieve this level of results.

最後，我們的互補業務的整體以及它為我們的優秀團隊提供的好處使我們能夠始終如一地取得這一水平的成果。

Now Walter will elaborate on our financials. Walter?

現在沃爾特將詳細介紹我們的財務狀況。沃特？

Thank you. As Jim said, strong results this quarter continue to demonstrate the leverage of our diversified business model, with adjusted EPS, excluding unlocking and regulatory accrual up 24% and to $7.87. Growth in fee-based and spread-based revenues, coupled with disciplined expense management drove excellent financial results which is a continuation of our strong and sustainable trend across this market cycle.

謝謝。正如吉姆所說，本季的強勁業績繼續證明了我們多元化業務模式的槓桿作用，調整後的每股收益（不包括解鎖和監管應計費用）增長了 24%，達到 7.87 美元。基於費用和利差的收入的成長，加上嚴格的費用管理，推動了出色的財務業績，這是我們在整個市場週期中強勁和可持續趨勢的延續。

Assets under management and administration ended the quarter at $1.2 trillion up 12%, AUM/A benefit from strong client flows and market appreciation. Across the firm, we continue to manage expenses tightly relative to the revenue opportunity within each segment. While we continue to make investments in the bank and other growth initiatives, particularly in wealth management, we are taking a disciplined approach on discretionary expenses to manage margins across our businesses given the uncertainty in the macro environment.

本季末管理和管理的資產達到 1.2 兆美元，成長 12%，AUM/A 受益於強勁的客戶流量和市場升值。在整個公司內，我們繼續根據每個細分市場的收入機會來嚴格管理費用。雖然我們繼續對銀行和其他成長計畫進行投資，特別是在財富管理方面，但考慮到宏觀環境的不確定性，我們正在對可自由支配費用採取嚴格的方法來管理整個業務的利潤率。

G&A expenses were well managed in the quarter, up 4%. Excluding the regulatory accrual General and Administrative expense grew 2% from higher business volumes and growth investments. Our G&A expenses remain on track with our expectations for the year. Our consolidated margin reached a record high of 27.5%, excluding unlocking and regulatory accruals. Balance sheet fundamentals remain strong. Our portfolio is well positioned, and we have strong capital and liquidity positions. This allowed us to return $663 million of capital to shareholders, a strong return of 81% of our operating earnings, excluding unlocking and a continuation of our differentiated track record.

本季的一般管理費用管理良好，成長了 4%。不計監管應計費用，由於業務量增加和投資成長，一般和行政費用增加了 2%。我們的一般管理費用仍符合我們今年的預期。不包括解鎖和監管應計費用，我們的綜合利潤率達到 27.5% 的歷史新高。資產負債表基本面依然強勁。我們的投資組合定位良好，並且擁有強大的資本和流動性狀況。這使我們能夠向股東返還 6.63 億美元的資本，相當於我們營業收入 81% 的強勁回報（不包括解鎖和延續我們差異化的業績記錄）。

Turning to Slide 6. Revenue growth was strong at 10% from higher interest earnings and the cumulative benefit of client net inflows with average equity markets up 11%. Excluding unlocking and the regulatory accrual, pretax operating earnings increased 20% from last year, with meaningful benefits from strong client flows higher interest earnings and well-managed expenses.

轉向投影片 6。營收成長強勁，達到 10%，這得益於較高的利息收入和客戶淨流入的累積效益，股票市場平均上漲 11%。不包括解鎖和監管應計費用，稅前營業利潤比去年增長了 20%，強勁的客戶流量、更高的利息收入和管理良好的費用帶來了顯著的收益。

Let's turn to individual segment performance, beginning with Wealth Management on Slide 7. Wealth Management client assets increased 15% to $816 billion driven by strong organic growth and client flows, along with higher equity markets. We've had $43 billion of net inflows over the past year, with $9 billion coming in this quarter from new clients joining the firm, the deepening of existing relationships and the experience advisers. Clients remain defensively positioned with a lower level of flows into wrap than we have seen historically. Our flexible model and broader offerings allow advisers and clients to pivot as markets and client preferences shift, while the money stays within the system. Revenue per adviser reached $901,000 in the quarter, up 10% from the prior year from a higher spread revenue, enhanced productivity and business growth.

讓我們轉向各個細分市場的業績，從幻燈片 7 上的財富管理開始。在強勁的有機成長和客戶流量以及股市上漲的推動下，財富管理客戶資產成長了 15%，達到 8,160 億美元。過去一年我們的淨流入額為 430 億美元，其中本季的淨流入額為 90 億美元，其中 90 億美元來自新客戶加入公司、現有關係的深化以及經驗顧問。客戶仍保持防禦性立場，資金流入量低於歷史水準。我們靈活的模式和更廣泛的產品使顧問和客戶能夠隨著市場和客戶偏好的變化而進行調整，而資金則留在系統內。本季每位顧問的收入達到 901,000 美元，比上年增長 10%，這得益於更高的價差收入、生產力的提高和業務增長。

Turning to Slide 8. I'd like to provide an update on client cash levels. Our total cash balances reached a new high this quarter at $72.5 billion as we continue to see new money flowing into money market funds and brokered CDs as well as into certificates. This creates a significant redeployment opportunity as markets normalized for clients to put money back to work in wrap and our products on our platform. Cash sweep is launching working cash for our client accounts. While there is some seasonality with cash levels, cash remains an important component of the client's asset allocation. Cash sweep and certificate balance ended the third quarter at $40.5 billion, down $5.8 billion from a year ago and down $1.5 billion sequentially. Since the end of August, cash levels have been essentially flat. Our sweep cash has an average size of $6,000 per account and 67% of the aggregate cash is now in accounts under $100,000, and we have seen very limited movement out of these accounts. The financial benefit from cash remains strong. This will be an important and sustainable source of earnings going forward. We continue to manage our investment portfolios prudently. Our bank portfolio is AAA rated with a 3.6-year duration. The overall yield on the investments in the portfolio is 4.7% and rising with the new money yield on investments in the second quarter of 6.5%.

轉向幻燈片 8。我想提供有關客戶現金水平的最新資訊。我們的現金餘額本季創下新高，達到 725 億美元，因為我們繼續看到新資金流入貨幣市場基金、經紀 CD 以及證書。隨著市場正常化，客戶可以將資金重新投入到我們平台上的工作中，這創造了重要的重新部署機會。現金掃蕩正在為我們的客戶帳戶推出流動現金。儘管現金水準存在一定的季節性，但現金仍是客戶資產配置的重要組成部分。第三季末現金清掃和憑證餘額為 405 億美元，比去年同期減少 58 億美元，比上一季減少 15 億美元。自八月底以來，現金水準基本持平。我們的現金平均每個帳戶有 6,000 美元，目前總現金的 67% 存在於 100,000 美元以下的帳戶中，而且我們發現這些帳戶的流出非常有限。現金帶來的財務效益依然強勁。這將是未來重要且可持續的收入來源。我們繼續審慎管理我們的投資組合。我們的銀行投資組合獲得 AAA 評級，期限為 3.6 年。投資組合的整體投資收益率為 4.7%，隨著第二季新投資收益率 6.5% 的上升。

Our certificate portfolio is highly liquid with over half of the portfolio in cash, governments and agencies. It is AA rated on average with a 1-year duration. In total, the certificate company portfolio is now yielding 5.6%, with new purchases in the quarter at 6%. On Slide 9, we delivered extremely strong financial results in wealth management. Profitability, excluding the regulatory accrual increased 26% in the quarter with strong organic growth, the benefit of higher interest rates and continued client net inflows.

我們的證書組合具有高度流動性，其中超過一半是現金、政府和機構。平均評級為 AA，持續時間為 1 年。整體而言，證書公司投資組合目前的收益率為 5.6%，本季新購買的收益率為 6%。在投影片 9 中，我們在財富管理領域取得了極為強勁的財務表現。本季獲利能力（不包括監管應計費用）成長了 26%，有機成長強勁，受益於較高的利率和持續的客戶淨流入。

The pretax operating margin was very strong at 31.1%, excluding the regulatory accrual. Adjusted operating expenses increased 9% with distribution expenses up 9%, reflecting higher asset balances. Excluding the regulatory accrual, G&A grew only 2%, which was in line with expectations, reflecting investments for growth and higher volume-related activity. We continue to expect AW1 full year 2023 G&A growth to be in the mid-single-digit range. We remain on track to close the Comerica investment program partnership in November, which will bring approximately 100 advisers and $18 billion of client assets.

扣除監管應計費用後，稅前營業利益率非常強勁，達到 31.1%。調整後營運費用成長 9%，分銷費用成長 9%，反映資產餘額增加。排除監理應計費用，一般管理費用僅增加 2%，符合預期，反映了成長投資和數量相關活動的增加。我們繼續預計 2023 年第一季全年 G&A 成長將在中個位數範圍內。我們仍有望在 11 月結束 Comerica 投資計畫合作夥伴關係，這將帶來約 100 名顧問和 180 億美元的客戶資產。

Let's turn to Asset Management on Slide 10. Financial results were very strong in the quarter, and we are managing the business well through a challenging environment that is impacting the industry. Total AUM increased 7% to $587 billion, primarily from higher equity markets and foreign exchange translation, partially offset by net outflows. Asset management, like other active managers, was in outflows in the quarter. Like others, we experienced pressure from global market volatility and a risk-off investor sentiment.

讓我們轉向幻燈片 10 上的資產管理。本季的財務表現非常強勁，我們在影響行業的充滿挑戰的環境中很好地管理業務。資產管理規模總額成長 7%，達到 5,870 億美元，主要來自股市和外匯換算的上漲，但部分被淨流出抵銷。與其他主動式管理基金一樣，資產管理本季出現資金流出。與其他公司一樣，我們也經歷了全球市場波動和投資者避險情緒帶來的壓力。

Investment performance has been another critical area of focus, and we are seeing improvement, including in fixed income strategies. Overall, long-term performance remains very strong, and we had improvement in 1 year fixed income numbers.

投資績效是另一個重點領域，我們看到了改善，包括固定收益策略。整體而言，長期表現仍然非常強勁，且我們的一年期固定收益數據有所改善。

On Slide 11, in the quarter, asset management earnings increased to $199 million as a result of equity market appreciation, disciplined expense management, higher performance fees and $7 million of favorable timing-related items, which more than offset the cumulative impact of net outflows. The margin was 36% in the quarter. Importantly, we continue to manage the areas we can control.

在投影片11 中，由於股市升值、嚴格的費用管理、更高的績效費用以及700 萬美元的有利時機相關項目，本季資產管理收益增至1.99 億美元，這遠遠抵消了淨流出的累積影響。本季利潤率為 36%。重要的是，我們繼續管理我們可以控制的領域。

Expenses remain well managed, Total expenses declined 1% with G&A decreasing $1 million. However, excluding the impact from foreign exchange translation, G&A was down 3%, reflecting early benefits from expense management initiatives. As Jim said, given the environment, we are taking a very focused look across the business globally to further reduce expenses. Let's turn to Slide 12. Retirement and Protection Solutions continues to deliver good earnings and free cash flow generation, reflecting the high quality of the business. In the quarter, Pretax adjusted operating earnings, excluding unlocking, were $204 million, up 4% from the prior year, primarily as a result of the higher investment yields from the portfolio repositioning we executed last year. We continue to view normalized annual earnings of $800 million as a reasonable expectation for this business. We completed our annual actuarial assumption update in the quarter resulting in an unfavorable pretax impact of $104 million, primarily related to updates to persistency assumptions for variable annuities. Overall, Retirement & Protection Solutions improved in the quarter, with protection sales up 22% to $79 million, primarily in higher-margin VUL products. Variable annuity sales grew 18% to $1.1 billion, with the majority of the sales in structured variable annuities.

費用管理良好，總費用下降 1%，其中 G&A 減少 100 萬美元。然而，排除外匯換算的影響，一般管理費用下降了 3%，反映了費用管理措施的早期效益。正如吉姆所說，考慮到當前的環境，我們正在對全球業務進行非常集中的關注，以進一步減少開支。讓我們轉向幻燈片 12。退休和保護解決方案繼續提供良好的收益和自由現金流生成，反映了業務的高品質。本季度，稅前調整後營業利潤（不包括解鎖）為 2.04 億美元，比上年增長 4%，這主要是由於我們去年執行的投資組合重新定位帶來了更高的投資收益率。我們仍然認為 8 億美元的正常年收益是該業務的合理預期。我們在本季完成了年度精算假設更新，產生了 1.04 億美元的不利稅前影響，主要與可變年金持續性假設的更新有關。整體而言，本季退休與保障解決方案有所改善，保障銷售額成長 22%，達到 7,900 萬美元，主要是利潤率較高的 VUL 產品。可變年金銷售額成長 18%，達到 11 億美元，其中大部分銷售額為結構性可變年金。

Our long-term care business continues to perform very well. The business is gradually running off as clients age. Our claims experience continues to perform very well and remain in line with our expectations. Additionally, [our success] with both rate increases and benefit reduction strategies have exceeded our expectations. You can see additional detail of this block in the appendix of this presentation.

我們的長期照護業務持續表現良好。隨著客戶年齡的增長，業務逐漸流失。我們的理賠體驗持續表現良好，並符合我們的預期。此外，[我們的成功]在升息和減少福利方面的策略都超出了我們的預期。您可以在本簡報的附錄中查看此區塊的更多詳細資訊。

Now let's move to the balance sheet on Slide 13. Our balance sheet fundamentals remain strong, and our diversified high-quality investment portfolio remains well positioned. In total, the average credit rating of the portfolio is AA with less than 1% of the portfolio and below investment-grade securities. VA hedge effectiveness remained very strong at 94%. Our diversified business model benefits from significant and stable 90% free cash flow contributions across all business segments. This supports the consistent and differentiated level of capital return to shareholders.

現在讓我們來看看投影片 13 上的資產負債表。我們的資產負債表基本上仍然強勁，我們的多元化高品質投資組合仍然處於有利地位。整體而言，投資組合的平均信用評級為 AA，其中少於投資組合的 1%，且證券低於投資等級。 VA 對沖有效性仍然非常強勁，達到 94%。我們的多元化業務模式受益於所有業務部門 90% 的顯著且穩定的自由現金流貢獻。這支持了股東資本回報水準的一致和差異化。

During the quarter, we returned $663 million to shareholders and still ended the quarter with $1.4 billion of excess capital and $1.9 billion of holding company available liquidity.

本季度，我們向股東返還 6.63 億美元，季度結束時仍有 14 億美元的超額資本和 19 億美元的控股公司可用流動資金。

With that, we'll take your questions.

接下來，我們將回答您的問題。

(Operator Instructions) our first question is from Steven Chubak with Wolfe Research.

（操作員說明）我們的第一個問題來自 Wolfe Research 的 Steven Chubak。

So wanted to start with a 2-part question on organic growth within wealth. You had another solid quarter of flows, but the pace did moderate slightly for you and frankly, some of your wealth peers as well. Just given the challenging operating backdrop, I was hoping first that you could speak to your confidence level in sustaining that mid-single-digit flow rate and then second, with the onboarding of Comerica, any color you can share on the growth outlook or backlog for new mandates within the bank channel?

因此，我想從一個由兩部分組成的關於財富有機成長的問題開始。您又獲得了穩定的季度流量，但您的步伐略有放緩，坦白說，您的一些財富同行也是如此。考慮到充滿挑戰的營運背景，我首先希望您能談談您對維持中等個位數流量的信心水平，然後，隨著聯信銀行的加入，您可以分享有關增長前景或積壓訂單的任何顏色銀行通路內的新任務？

Okay. I'll start. When we look at the flow rate from a client perspective, we still feel very good about the ability to bring in client flows and where we're approaching the market, particularly as we move a bit more upmarket. As you would imagine, I mean, there are some blips and not blips depending on where you are in the season. I think people for the summer time -- things slowed a bit. But we don't see that as sort of a trend line down. We see it as more of a sustainable based on what we're doing, how advisers are engaged and how they're attracting clients and activity in the marketplace. So we still feel very good about our ability to continue on the client flow rate. As far as the Comerica -- you want to mention Comerica...

好的。我開始吧。當我們從客戶的角度看待流量時，我們仍然對引入客戶流量的能力以及我們正在接近市場的位置感到非常滿意，特別是當我們向高端市場邁進時。正如你所想像的那樣，我的意思是，根據你在賽季中的位置，有一些短暫的現象，也有一些短暫的現象。我認為人們在夏天的時候——一切都放慢了一點。但我們並不認為這是一條下降趨勢線。根據我們正在做的事情、顧問的參與方式以及他們如何吸引客戶和市場活動，我們認為它更具永續性。因此，我們仍然對我們繼續提高客戶流量的能力感到非常滿意。至於聯信──你想提一下聯信…

Comerica. Yes, obviously, we're on total target for closure with them in the beginning of November. And yes, we do have a very active pipeline at this stage. So yes, it's -- we feel that there's opportunity.

聯信。是的，顯然，我們的總體目標是在 11 月初與他們完成交易。是的，現階段我們確實有一個非常活躍的管道。所以，是的，我們覺得有機會。

That's great. And just for my follow-up on the Asset Management margins. As you noted, the business is facing secular headwinds and given some of the pressures, I was pleasantly surprised by the margin strength, the resiliency that we saw in the quarter. I was hoping you could just speak to your margin outlook if flow headwinds persist and whether there's additional expense flexibility to defend those margins and stay within your targeted range of 31% to 35%.

那太棒了。這只是我對資產管理利潤率的後續。正如您所指出的，該業務正面臨長期阻力，考慮到一些壓力，我對本季看到的利潤率強勁和彈性感到驚訝。我希望您能談談如果流量逆風持續存在的話您的利潤前景，以及是否有額外的費用靈活性來捍衛這些利潤並保持在 31% 至 35% 的目標範圍內。

So as you saw, first on the fee level, it's been very stable, which is very positive. Again, you're going to always have some adjustments based upon where the assets and the type of assets, institutional retail. But from an outlook perspective, we're just beginning our expense tightening there. You saw a reduction in expense around 3% on FX adjusted. But we feel there's a good opportunity for us as we look at our global operating environment now that we've fully integrated the BMO acquisition onto our global platforms. And now we're looking at how we tighten those processes, how we improve the efficiency, the operating effectiveness and where resources are located, et cetera. So we're taking a very hard look at that and we're at the beginning stages of that, not the end.

正如您所看到的，首先在費用水平上，它非常穩定，這是非常積極的。同樣，您將始終根據資產的位置和資產類型、機構零售進行一些調整。但從前景的角度來看，我們才剛開始收緊開支。您發現外匯調整後的費用減少了約 3%。但當我們審視我們的全球營運環境時，我們認為現在有一個很好的機會，因為我們已經將 BMO 收購完全整合到我們的全球平台上。現在我們正在研究如何加強這些流程，如何提高效率、營運效率以及資源的位置等等。因此，我們正在非常認真地審視這一點，我們正處於其開始階段，而不是結束階段。

The next question is from Alex Blostein with Goldman Sachs.

下一個問題來自高盛的 Alex Blostein。

So first, maybe around cash in Advice & Wealth Management. It sounds like the trends in sorting continue to stabilize over the course of the quarter. So maybe just a quick update on where the balances stand relative to the $28 billion that you reported at the end of September. And I guess, more importantly, as you think about the mix I think you have about $4 billion in off balance sheet sweep deposits. Does that leave you much room to move more into the bank or the growth of the bank from this point on really should just be a function of reinvestment of securities and picking up some of that incremental yield that you spoke to earlier?

首先，也許是關於建議和財富管理的現金。聽起來排序趨勢在本季繼續穩定。因此，也許只是快速更新相對於您 9 月底報告的 280 億美元的餘額情況。我想，更重要的是，當你考慮這個組合時，我認為你有大約 40 億美元的表外存款。這是否給您留下了更多的空間，可以更多地進入銀行，或者從現在開始，銀行的增長實際上應該只是證券再投資的函數，並獲得您之前談到的一些增量收益？

Okay. I think the question is we ended the quarter at $28 billion on sweep. And as of October, it's $28 billion. And so it is totally stabilized from that standpoint. Yes, we do have certainly a buffer to move into the bank. We are just being very measured and cautious at this stage as we were evaluating the environment, but we do have certainly a buffer to move additional [income].

好的。我認為問題是我們本季結束時的總收入為 280 億美元。截至 10 月份，這一數字已達 280 億美元。因此從這個角度來看它是完全穩定的。是的，我們確實有一個緩衝空間可以進入銀行。現階段，我們在評估環境時非常謹慎和謹慎，但我們確實有緩衝來轉移額外的[收入]。

Great. And zooming out a little bit on -- given your comments around expenses and you're early in stages of maybe doing more on the asset management side, but also managing G&A tightly across the firm. Any early thoughts on 2024 G&A growth firm wide relative to what you're likely to do in 2023?

偉大的。考慮到您對費用的評論，您還處於早期階段，可能會在資產管理方面做更多的事情，但也會在整個公司範圍內嚴格管理一般管理費用。相對於您在 2023 年可能採取的行動，您對 2024 年 G&A 成長公司有什麼早期想法嗎？

So Alex, we're definitely in that review now. What I would say is to start the G&A would be flat at best, meaning it works in a sense of that it's not going up.

所以，亞歷克斯，我們現在肯定在審查中。我想說的是，一開始一般行政費用充其量是持平的，這意味著它在某種意義上是有效的，不會上升。

And that's a '24 over '23 , correct?

那是 '24 超過 '23 ，對嗎？

Yes, and remember, you got merit in other things that occur, but we're going to absorb all of that and we're looking for it not to be higher than [being] flat.

是的，請記住，你在發生的其他事情中獲得了優點，但我們將吸收所有這些，並且我們希望它不高於[保持]平坦。

The next question is from Craig " name="Craig Siegenthaler with Bank of America.

下一個問題來自美國銀行的 Craig " name="Craig Siegenthaler。

So I was looking for an update on the recruiting front. Financial adviser headcount was down in the quarter. Franchise retention was lower. And the 64 new recruit count was also below the prior run rate. So I was just wondering if you can give us an update for your expectation both recruiting and FA head count growth over the next 12 months.

所以我一直在尋找招聘方面的最新消息。本季財務顧問人數減少。特許經營保留率較低。 64 名新招募人數也低於先前的運行率。所以我想知道您是否可以向我們介紹您對未來 12 個月招募和 FA 人員成長的預期的最新情況。

Yes. So as we mentioned, recruiting was a bit slower in the third quarter, but it started to bounce back towards the latter part of the quarter. July started a bit slower. I think people -- vacations and other things as you probably saw around the country. But we saw that bounce back in September. The pipeline is quite strong that we think we'll get back to our consistent rate. And then you mentioned a little bit of an uptick in attrition. The attrition really in the that channel was mainly due to assistant financial advisers, which is, again, the turnover there is a bit higher. All the franchisees, their retention rate is still at all-time highs and that book of business stays. So it's more of some assistance in their practices as they make some changes. So we don't see any change in where we were.

是的。正如我們所提到的，第三季的招募速度有點慢，但在本季後半段開始反彈。七月開始得慢一些。我想人們——假期和其他事情，就像你在全國各地可能看到的那樣。但我們在九月看到了反彈。管道非常強大，我們認為我們會恢復到一貫的速度。然後你提到了人員流失的一點點上升。該通路的人員流失其實主要是由於助理財務顧問，也就是說，那裡的人員流動率要高一些。所有特許經營商的保留率仍然處於歷史最高水平，並且業務記錄仍然存在。因此，當他們做出一些改變時，這更多的是對他們的實踐提供一些幫助。所以我們沒有看到我們所處的位置有任何變化。

Thanks, Jim. And then on the client cash balances, I was wondering if you could just share what the ROEs look like on the certificates business, compared to your core cash balances and products. And just update us on if you -- what are your plans to grow this space further. I think you have to hold about 5% capital against the asset base and also, I think there's probably some value in extending CDs to third parties. It helps expand your brand, et cetera.

謝謝，吉姆。然後在客戶現金餘額方面，我想知道您是否可以分享一下與您的核心現金餘額和產品相比，證書業務的淨資產收益率是什麼樣的。如果您有什麼計劃來進一步發展這個領域，請告訴我們最新情況。我認為你必須在資產基礎上持有大約 5% 的資本，而且我認為將 CD 擴展到第三方可能有一定的價值。它有助於擴大您的品牌等等。

Let me take the first part of the question on the certificates. Yes. Certificates as a regulatory item has a 5% capital elements associated with that. But when we evaluate it, we obviously assessing in it. So that's the regulatory portion of it. And so we feel very comfortable with that. And the growth potential there is certainly we have adequate, more than enough capital and cash to support that. So that is the range in which we operate on. And then certainly, it's been growing, and we've been supporting it.

讓我回答有關證書的問題的第一部分。是的。證書作為監理項目有 5% 的資本要素與之相關。但當我們評估它時，我們顯然是在評估它。這就是其中的監管部分。所以我們對此感到非常滿意。那裡的成長潛力肯定是我們有足夠的、綽綽有餘的資本和現金來支持。這就是我們經營的範圍。當然，它一直在成長，我們一直在支持它。

The second part you mentioned is the opportunity to bring in more external cash if I understood that correctly. And yes, we're very much focused -- as I said, we initially put a savings product. We're looking at more of a preferred type of thing to bring more cash in from other -- from the clients other outside banking activities. We're going to be putting in place a full checking account and then some various lending products as well. So we will look to establish a more full-fledged banking activity, with the ability to attract more assets externally into the bank that would also help bring more assets on board in total for the client activities for the advisers.

你提到的第二部分是引入更多外部現金的機會，如果我理解正確的話。是的，我們非常專注——正如我所說，我們最初推出了儲蓄產品。我們正在尋找更多的首選方式，以從其他銀行活動的客戶那裡獲得更多現金。我們將建立一個完整的支票帳戶，然後還有一些不同的貸款產品。因此，我們將尋求建立更成熟的銀行業務，能夠吸引更多外部資產進入銀行，這也將有助於為顧問的客戶活動帶來更多資產。

The only thing I would add to that is that obviously, we have more than enough [adequate capital] to support that sort of growth that Jim was just referring to.

我唯一要補充的是，顯然，我們有足夠的[充足的資本]來支持吉姆剛才提到的增長。

The next question is from Suneet Kamath with Jefferies.

下一個問題來自 Jefferies 的蘇尼特·卡馬斯 (Suneet Kamath)。

I wanted to go to that slide that talked about the $32 billion of third-party cash. I guess that piece has grown substantially. And I guess the question is, what do you think needs to happen in order for that to get deployed? Because it sounds like you're thinking some of it may go into wrap, but then you're offering these newer bank products that might move some of that third-party cash to your own products. So maybe just give us a sense of how you think that will develop as we move forward here.

我想看那張談論 320 億美元第三方現金的幻燈片。我想這件作品已經大幅成長了。我想問題是，您認為需要做什麼才能部署它？因為聽起來您認為其中一些可能會被打包，但隨後您提供這些較新的銀行產品，這些產品可能會將部分第三方現金轉移到您自己的產品中。因此，也許請讓我們了解一下，隨著我們在這裡前進，您認為這將如何發展。

Yes. So Suneet, I think that's really the larger question, right? And that depends on how people feel about the market and where rates are going forward, right? So I think if you saw the market over the last number of quarters that -- it increased tremendously with a lot of volatility and people were concerned, right? A few stocks drove that up. Now you see a pullback occurring, right? So I think if the market starts to feel like it's on a better, more solid footing, I think people will start to deploy back. I also think that as rates, if they stabilize on the long term up where they are rather than continue to rise, you'll see money move from the short to the long term to lock it in, right, and get that appreciation and the spread. So I don't have a crystal ball. I think we're holding extra cash for the reason that we feel a little bit regarding the environment and where the markets are. But that will go back. People don't hold that amount of cash at that percentage that we're seeing right now. And I think that's across the industry, not just in our channel. So -- but it's good. It stays with us right now. And when it's ready to deploy, our advisers will definitely do it. They look -- we're investing for the long term, not just to take advantage of the market in the short term.

是的。 Suneet，我認為這確實是一個更大的問題，對吧？這取決於人們對市場的看法以及未來利率的走向，對嗎？所以我認為，如果你看到過去幾季的市場，它會大幅成長，波動很大，人們會感到擔憂，對嗎？一些股票推動了這一上漲。現在你看到回調正在發生，對吧？因此，我認為，如果市場開始感覺自己的基礎更好、更穩固，我認為人們將開始重新部署。 I also think that as rates, if they stabilize on the long term up where they are rather than continue to rise, you'll see money move from the short to the long term to lock it in, right, and get that appreciation and the傳播.所以我沒有水晶球。我認為我們持有額外的現金是因為我們對環境和市場狀況有一些看法。但那會回去。人們持有的現金數量並沒有達到我們現在所看到的比例。我認為整個行業都是如此，而不僅僅是我們的管道。所以——但這很好。它現在就留在我們身邊。當準備好部署時，我們的顧問肯定會這樣做。他們認為──我們是為了長期投資，而不僅僅是為了在短期內利用市場。

And can you just provide some timing on when you're planning on rolling out some of those other banking products that you mentioned in response to an earlier question?

您能否提供一些時間安排，說明您計劃何時推出您在回答之前的問題時提到的其他一些銀行產品？

Yes. We're looking to do that over the course of the new year. So we're looking to phase that in. And right now, we're just looking at the climate and looking at the operating activities for that. So we feel good about getting things up and running in the bank in more of a full-fledged fashion. So it will be periodic. We'll alert you to it as we go about.

是的。我們希望在新的一年裡做到這一點。因此，我們正在尋求分階段實施。目前，我們只是專注於氣候並關注其營運活動。因此，我們對以更成熟的方式在銀行內啟動和運行感到滿意。所以它會是週期性的。我們會在進行時提醒您。

Makes sense. And then maybe just if I could sneak 1 more in on expenses for Walter. So I think you said flat in 2024 relative to '23. When you think about the segment level, should we assume a little bit of a decline in asset management offset by some growth in Advice & Wealth Management just in terms of the moving pieces there?

說得通。然後也許我可以再偷偷多付一點沃特的費用。所以我認為你說 2024 年相對於 23 年持平。當您考慮細分市場水平時，我們是否應該假設資產管理的一點下降被建議和財富管理的一些增長所抵消，僅就其中的移動部分而言？

Yes, I think that's a reasonable assumption. Obviously, we are focusing on CTI and looking at to preserve margin and certainly continue to take advantage of the growth opportunities in AWM, but still prudently managing the expenses.

是的，我認為這是一個合理的假設。顯然，我們專注於 CTI 並尋求保持利潤率，當然會繼續利用 AWM 的成長機會，但仍會謹慎管理費用。

Yes. And Suneet, I mean, across the firm, we're going to look for that to be pretty -- managed pretty tightly, okay? So I mean, I don't have firm number at this point in time. But as I said, I feel good to start with about G&A flat.

是的。 Suneet，我的意思是，在整個公司，我們將尋找漂亮的管理方式，非常嚴格，好嗎？所以我的意思是，目前我還沒有確切的數字。但正如我所說，我覺得從 G&A 公寓開始感覺很好。

The next question is from Tom Gallagher with Evercore.

下一個問題來自 Evercore 的 Tom Gallagher。

First question, just a follow-up on the $32 billion of third-party client cash. Do you currently earn any fee on that money at all from an administration perspective or would that all be revenue upside if that gets deployed into your wrap account.

第一個問題，只是對 320 億美元第三方客戶現金的後續行動。從管理角度來看，您目前是否從這筆錢中賺取任何費用，或者如果將其部署到您的包裝帳戶中，這一切都會帶來收入成長嗎？

It's (inaudible) but its marginal. I would say it's bigger around 4 or 5 basis points, but it's the real opportunity of redeployment that is -- will provide us the certainly margin and profitability potential.

它（聽不清楚）但它是邊緣的。我想說它增加了大約 4 或 5 個基點，但這是真正的重新部署機會，將為我們提供一定的利潤和盈利潛力。

Got you. The -- let's see, the other question I had was on variable annuity reserve charge. I know when some other companies have taken reserve strengthenings under the new accounting that there's been an ongoing earnings drag in addition to the reserve charge, anything like that to consider for the variable annuity charge, Walter. I think I heard you say the $200 million a quarter was still intact on guide. So I presume that means probably not much, but just curious if there's any impact there.

明白你了。讓我們看看，我的另一個問題是關於可變年金準備金費用。我知道，當其他一些公司在新會計制度下加強準備金時，除了準備金費用之外，還存在持續的盈利拖累，任何類似的因素都需要考慮可變年金費用，沃爾特。我想我聽到你說每季 2 億美元在指南上仍然完好無損。所以我認為這可能意義不大，只是好奇是否有任何影響。

You're correct. It's probably not much. And the answer is no, really.

你是對的。可能不多。答案是否定的，真的。

And anything -- Okay. And then any -- should there be a similar 4Q charge on a statutory basis for the same assumption changes? Or is that still TBD?

還有任何事情——好吧。然後，對於相同的假設變化，是否應該在法定基礎上徵收類似的 4Q 費用？或者這仍然是待定？

I think that's still TBD.

我認為這還有待確定。

And then if I could sneak in a final one. Long Term Care. I saw your updated disclosures, which I thought was helpful. I guess considering that this block continues to shrink, it looks like the risk is well managed, is risk transfer still a consideration here? Or is the bid-ask spread still too wide? Or should we really think about you most likely continuing to own it considering the risk continues to shrink?

然後我是否可以偷偷地寫最後一篇。長期照護。我看到了您更新的披露信息，我認為這很有幫助。我想考慮到這個區塊不斷縮小，看起來風險管理得很好，這裡是否仍然需要考慮風險轉移？還是買賣價差還是太大？或者考慮到風險持續縮小，我們真的應該考慮您最有可能繼續持有它嗎？

So -- Okay. over the years, we certainly have been able to demonstrate that we are managing the risk very effectively. So any risk transfer would have to consider that and really have a very balance of bid-ask and because the portfolio is performing quite well. And as it's indicated in the observations that you made about it. So yes, we feel very comfortable in retaining it. But if somebody comes along with something that is certainly the best interest, shareholder was considered.

那麼——好吧。多年來，我們確實能夠證明我們正在非常有效地管理風險。因此，任何風險轉移都必須考慮這一點，並且確實具有非常平衡的買賣，而且因為投資組合的表現相當不錯。正如您對此所做的觀察所表明的那樣。所以，是的，我們對保留它感到非常放心。但如果有人提出了肯定是最大利益的建議，股東就會被考慮。

Over the last number of years, it's performed better than we expected in many instances, improved in that sense. And we have factored in some of the other things that has affected pre-COVID as a positive yet.

在過去的幾年裡，它在許多情況下的表現都比我們預期的要好，從這個意義上說是有所改進。我們也考慮了新冠疫情爆發前影響的其他一些因素，將其視為正面因素。

The next question is from Brennan Hawken with UBS.

下一個問題來自瑞銀集團的布倫南·霍肯。

Thanks for all the color on the cash dynamics here intra-quarter and quarter-to-date and certainly sounds encouraging. I guess does that mean that we could get back to a period where we are looking at how to grow the sweep balances and it just becomes a function of net new assets? Or is that sort of more organic growth trajectory still hindered by balance remixing? And when do you think we could get to that period?

感謝您對季度內和季度至今現金動態的所有描述，這聽起來確實令人鼓舞。我想這是否意味著我們可以回到一個時期，我們正在研究如何增加掃除餘額，而它只是成為淨新資產的函數？或者這種更有機的成長軌跡是否仍然受到平衡重新混合的阻礙？您認為我們什麼時候可以達到那個時期？

So obviously, as you can see, it truly has stabilized. And yes, as we bring new years in and that certainly is growth. And certainly, as we have organic growth, that is an opportunity. Right now, I can't predict environments and things like that, but we feel very good because of the stability of the sweep count, as we said, a substantial portion of that is close to 70%, 67% is in account balances that are under $100,000. The average compounds being 6%, I think. So it's very stable. It's working. -- working capital and working cash that's deployed. So yes, we certainly -- as we grow, we anticipate that growing. But again, there's a lot of variables here.

很明顯，正如您所看到的，它確實已經穩定下來。是的，當我們迎來新的一年時，這當然就是成長。當然，由於我們有有機成長，這是一個機會。現在，我無法預測環境和類似的事情，但我們感覺非常好，因為掃描計數的穩定性，正如我們所說，其中很大一部分接近 70%，67% 是帳戶餘額，低於 100,000 美元。我認為平均化合物為 6%。所以它非常穩定。它正在發揮作用。 ——已部署的營運資金及營運現金。所以，是的，我們當然——隨著我們的成長，我們預計這種增長。但同樣，這裡存在著許多變數。

Yes. And again, I think if you start to see a change in the rate environment and the markets stabilize, there's money being held out and Mike [brokered CDs] and stuff that when they mature could possibly come back in and when money is more active in investing, then they keep more in the sweep and the balances to deploy. So again, there's a number of different variables. We can't really predict that, but our cash rate that's holding in sweep is pretty low. So if anything, we think that if activity picks up, that could increase again.

是的。再說一次，我認為，如果你開始看到利率環境變化並且市場穩定下來，就會有資金被持有，邁克（經紀CD）和其他東西，當它們成熟時，當資金更加活躍時，它們可能會回來。投資，然後他們保留更多的資金和餘額來部署。同樣，存在許多不同的變數。我們無法真正預測這一點，但我們的現金利率保持在相當低的水平。因此，如果有的話，我們認為如果活動回升，這個數字可能會再次增加。

Got it. And so do you think that now that we've had stability in the sweep, likewise, we can think about maybe there's a little bit of a lag or whatnot, but there's some stability in NII when we sum up both the on balance sheet and off balance sheet, which has been a quarterly kind of slide a little bit here year-to-date. Are we at a period where maybe that's going to begin to flatline and return to the algorithm of growing with cash balances? -- rates, all else equal, of course.

知道了。那麼你是否認為現在我們的掃描已經穩定了，同樣，我們可以考慮可能存在一點滯後或其他什麼，但是當我們總結資產負債表上和資產負債表上的數據時，NII 有一定的穩定性。資產負債表外的資產負債表，今年迄今每季都有一點下滑。我們是否正處於一個可能開始趨於平緩並回歸現金餘額成長演算法的時期？ ——當然，在其他條件相同的情況下，價格是一樣的。

Yes, we do. There is opportunity there, and we do see that we have opportunity to grow in -- For the reasons that you mentioned. And certainly, as we have the maturities coming in because of a short duration and other elements coming up on those factors, we certainly feel comfortable with saying yes on that point.

是的，我們願意。那裡有機會，而且我們確實看到我們有機會成長——出於您提到的原因。當然，由於期限較短以及這些因素中出現的其他因素，我們的到期日也隨之而來，我們當然願意在這一點上說「是」。

The next question is from Ryan Krueger with KBW.

下一個問題來自 KBW 的 Ryan Krueger。

First question was, can you give a sense of how much bank assets will mature next year to reinvest that potentially higher rates?

第一個問題是，您能否了解明年將有多少銀行資產到期以用於再投資可能更高的利率？

You're saying on buyback, where we're...

你說的是回購，我們現在...

No, no. Maturing bank assets that would be reinvested.

不，不。將進行再投資的到期銀行資產。

I believe it's again, it's on -- again I -- in the area of about $2 billion, I believe, but we'll confirm that with you.

我相信它又來了，我又來了，我相信它的規模約為 20 億美元，但我們將與您確認這一點。

Okay. And then I guess I had 1 more question on the $32 billion of third-party cash. Do you view the opportunity primarily just as clients move more money back into the market to capture some of that through wrap? Or do you think there's some opportunity to capture some of the $32 billion with the bank products that you're rolling now?

好的。然後我想我還有一個關於 320 億美元第三方現金的問題。您是否認為這個機會主要是因為客戶將更多資金重新投入市場，以透過包裝來捕捉其中的一部分？或者您認為有機會透過您現在推出的銀行產品獲得 320 億美元的部分收益嗎？

Well, I would probably say, the first and foremost would be, as I said, with the market, I would think that more would go back to work in solutions like wrap that would have a balance of equities and fixed income and alternative stuff as such along those lines. I also feel like as we do roll out some of these other products that -- yes, it will go on to some internal cash as well rather than moving it out into other vehicles like a brokered CD and just based on the combination of the environment and the security of Ameriprise.

好吧，我可能會說，正如我所說，首先也是最重要的是，隨著市場的發展，我認為更多的人會回到像包裝這樣的解決方案中，這種解決方案將在股票、固定收益和替代品之間取得平衡沿著這些思路。我還覺得，當我們推出一些其他產品時，是的，它也會繼續使用一些內部現金，而不是將其轉移到經紀 CD 等其他工具中，並且僅基於環境的組合以及 Ameriprise 的安全。

So we do feel comfortable about that as well. But I would probably say the larger opportunity would be moving back into the like solutions like wrap business.

所以我們對此也感到很舒服。但我可能會說，更大的機會將回到類似的解決方案，例如包裝業務。

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

目前我們沒有進一步的問題。今天的會議到此結束。感謝您的參與。您現在可以斷開連線。