阿默普萊斯金融 (AMP) 2024 Q3 法說會逐字稿

Welcome to the Q3 2024 earnings call. My name is Audra and I will be your operator for today's call. (Operator Instructions) As a reminder, the conference is being recorded.

歡迎參加 2024 年第三季財報電話會議。我叫奧德拉，我將擔任您今天通話的接線生。 （操作員說明）謹此提醒，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. 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 will see a discussion of forward-looking statements specifically during the call. You will hear reference to various non-GAAP Financial measures which we believe provide insight into the company's operations.

謝謝你，早安。歡迎參加 Ameriprise Financial 第三季財報電話會議，今天與我通話的有董事長兼執行長 Jim Cracchiolo 和財務長 Walter Berman。繼他們的言論之後。我們很樂意回答您的問題，並參閱我們網站上提供的收益簡報資料。在投影片 2 上，您將看到專門在電話會議期間對前瞻性陳述的討論。您將聽到各種非公認會計準則財務指標的提及，我們相信這些指標可以深入了解公司的營運。

Reconciliation of nongaap numbers to their respective GAAP numbers can be found in today's materials. And on our website, some statements we make on this call may be forward-looking, reflecting management's expectations about future events and overall operating plans and performance.

非公認會計準則數字與其各自的公認會計準則數字的調節可以在今天的材料中找到。在我們的網站上，我們在這次電話會議中所做的一些陳述可能是前瞻性的，反映了管理層對未來事件以及整體營運計劃和績效的預期。

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, 2024 earnings release our 2023 annual report to shareholders and our 2023 10-K report.

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。在我們向股東發布的 2023 年年度報告和 2023 年 10-K 報告中，可以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。

We make no obligation to publicly update or revise these forward-looking statements on slide 3. You will see our GAAP financial results at the top of the page for the third quarter.

我們沒有義務公開更新或修改投影片 3 中的這些前瞻性陳述。

Below that you see our adjusted operating results, which management believes enhances the understanding of our business by reflecting the underlying performance of core operations and facilitates a more meaningful trend analysis.

下面您可以看到我們調整後的經營業績，管理層認為，這些業績透過反映核心業務的基本績效，增強了對我們業務的理解，並有助於進行更有意義的趨勢分析。

Many of the comments that management makes on the call today will focus on adjusted operating results. And with that, I'll turn it over to Jim.

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。有了這個，我會把它交給吉姆。

Good morning, everyone. As you saw, we had another very good quota building on another strong year. The business is performing quite well in terms of the external environment. As we know the fed lowered interest rates for the first time since 2020. As inflation moderated equity markets appreciated even with short lived spikes of volatility that occurred in the quarter. And investors continue to manage uncertainty related to the US election and heightened geopolitical risk.

大家早安。正如您所看到的，我們在又一個強勁的一年中又取得了非常好的配額建設。從外部環境來看，公司業務表現良好。據我們所知，聯準會自 2020 年以來首次降息。投資者繼續應對與美國大選和地緣政治風險加劇相關的不確定性。

While the environment is fluid, Ameriprise is extremely well positioned and we're helping our clients navigate what's ahead for the quarter. Assets on the management and administration increased to $1.5 trillion up 22%.

雖然環境不斷變化，但 Ameriprise 處於非常有利的位置，我們正在幫助客戶應對本季的前景。管理和行政資產增加至 1.5 兆美元，成長 22%。

And in terms of our financials adjusted for unlocking total adjusted operating net revenue increased 11% to $4.4 billion earnings were up 11% with earnings per share up 17% excluding the severance expense. And we again generated an excellent return on equity. It was 50.7% for the quarter compared to 49.6% a year ago.

就我們的財務數據而言，調整後的總營業淨收入增長了 11%，達到 44 億美元，收益增長了 11%，每股收益增長了 17%（不包括遣散費）。我們再次創造了出色的股本報酬率。本季這一比例為 50.7%，而去年同期為 49.6%。

The power of Ameriprise comes from our client relationships and the consistent success of our complementary businesses that continue to deliver strong results in wealth management. Our goal based advice value proposition is helping to drive excellent client satisfaction and practice growth.

Ameriprise 的力量來自於我們的客戶關係以及我們互補業務的持續成功，這些業務持續在財富管理領域取得強勁成果。我們基於目標的建議價值主張有助於推動卓越的客戶滿意度和實踐成長。

Total client assets hit a new record passing the $1 trillion mark up 26% from strong flows in markets. In fact, we had 46 billion of client net inflows over the past year including 8.6 billion in the quarter.

由於市場的強勁流動，客戶總資產創下了新紀錄，突破了 1 兆美元大關，成長了 26%。事實上，去年我們有 460 億客戶淨流入，其中本季淨流入 86 億。

With guidance from our advisors. Clients are putting money back to work flows into fee based investment advisory. Wrap flows were up significantly nearly 50% to $8 billion for the quarter. This marks our highest level in more than two years total. Wrap assets reached 569 billion in the quarter. Up 28% and transactional activity increased significantly up 19% year over year.

在我們顧問的指導下。客戶將資金重新投入收費投資諮詢。本季包裝流量大幅成長近 50%，達到 80 億美元。這標誌著我們兩年多來的最高水準。本季總資產達 5,690 億美元。年增 28%，交易活動大幅成長 19%。

While cash balances overall are still elevated, we've seen some shift from term products to money market funds and there's additional opportunity for clients to redeploy their money into wrap and other solutions. Over time at the bank assets grew nicely up 7% year over year to more than 23 billion. There are further opportunities to expand the bank and we're coming out with new savings and lending products. Next year. In addition, we're supporting advisers to take advantage of our powerful CRM client meeting preparation capabilities and data driven insights from advanced analytics and A I. As advisors uptake these capabilities even more. It should provide further growth opportunities and Ameriprise adviser, productivity growth remains among the best in the industry and increased another 11% to a new high of 997,000 per adviser regarding recruiting, we had a good quarter with 71 experienced productive advisers joining the firm and we feel good about our pipeline.

雖然現金餘額總體仍然較高，但我們已經看到一些從定期產品轉向貨幣市場基金的情況，客戶還有更多機會將資金重新部署到包裝和其他解決方案中。隨著時間的推移，銀行資產年增 7%，達到超過 230 億美元。銀行還有進一步擴張的機會，我們正在推出新的儲蓄和貸款產品。明年。此外，我們還支援顧問利用我們強大的 CRM 客戶會議準備功能以及來自高級分析和人工智慧的數據驅動見解。它應該提供進一步的成長機會，Ameriprise 顧問的生產力成長仍然是行業中最好的，並且在招聘方面又增加了11%，達到每位顧問997,000 人的新高，我們度過了一個不錯的季度，有71 名經驗豐富的富有成效的顧問加入公司，我們對我們的管道感覺良好。

I'm pleased to see Ameriprise and our advisors stand out in the industry for excellent client service, leading growth and overall quality of their practices. In fact, we had a record 21 Ameriprise advisors ranked in the Barron's TOP100 independent financial advisor list that recently came out and Ameriprise has consistently scored very well in terms of overall trust for many years.

我很高興看到 Ameriprise 和我們的顧問憑藉卓越的客戶服務、領先的成長和整體實踐品質在業界脫穎而出。事實上，我們有創紀錄的 21 名 Ameriprise 顧問躋身最近公佈的《巴倫周刊》TOP100 獨立財務顧問名單，而且 Ameriprise 多年來在整體信任度方面一直得分很高。

Last month, I spent time with our top advisors at the Chairman's advisory council conference. They appreciate the environment we created and how it helps enable both clients and advisers alike to achieve their personal goals. They're proud to be part of Ameriprise and energized about our direction and the opportunities in front of us in retirement and protection solutions. We again drove good sales and consistent earnings in variable annuities. Our structured annuities and variable annuities without living benefits continue to attract strong interest with combined sales up 13% for the quarter.

上個月，我與我們的高級顧問一起參加了主席顧問委員會會議。他們欣賞我們創造的環境以及它如何幫助客戶和顧問實現他們的個人目標。他們很自豪能夠成為 Ameriprise 的一員，並對我們在退休和保護解決方案方面的方向和機會充滿信心。我們再次推動可變年金的良好銷售和穩定收益。我們的結構性年金和不帶生活福利的可變年金繼續吸引人們的濃厚興趣，本季度的總銷售額增長了 13%。

And in our life business, we've focused on variable universal life and disability products that are appropriate for this environment.

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。

Life and health sales were up 25% with the majority of sales in accumulation focused vul products. We've also continued to see positive results from our automated, accelerated underwriting that's driving nice efficiencies and we've been named one of the most profitable insurers in past rankings.

生命與健康產品的銷售額成長了 25%，其中大部分銷售額來自於累積型 vul 產品。我們也繼續看到自動化、加速承保帶來的正面成果，這提高了效率，並且在過去的排名中我們被評為最賺錢的保險公司之一。

These high quality books of business consistently generate strong free cash flow and return on capital with a differentiated risk profile.

這些高品質的業務帳簿持續產生強勁的自由現金流和資本回報率，並具有差異化的風險狀況。

Moving to asset management. We're generating strong financial results as we continue to adjust the business assets under management increased 14% to $672 billion in the quarter.

轉向資產管理。隨著我們繼續調整，本季管理的業務資產增加了 14%，達到 6,720 億美元，我們正在創造強勁的財務表現。

We have excellent performance across equities, fixed income and multi asset strategies across 35 and 10 year periods. And we've seen a nice pickup of fixed income in both taxable and tax exempt.

我們在 35 年和 10 年期間的股票、固定收益和多元資產策略方面均擁有出色的表現。我們看到固定收益的應稅和免稅收入都有了不錯的成長。

And this level of performance is reflected in the 118 4 or five Morningstar funds we offer globally with regard to flows in the quarter. Net outflows improved 40% year over year to $2.4 billion, which included about 900 million of outflows from legacy insurance partners, retail and model delivery. Net outflows were bedded at $1.5 billion due to improved gross sales in both North America and EMEA, as well as net inflows into ETF S and model delivery.

我們在全球範圍內提供的 118 只 4 或 5 只晨星基金在本季度的流量方面反映了這種業績水平。淨流出年增 40%，達到 24 億美元，其中包括來自傳統保險合作夥伴、零售和模型交付的約 9 億美元流出。由於北美和歐洲、中東和非洲地區的銷售成長，以及 ETF S 和模型交付的淨流入，淨流出達到 15 億美元。

We continue to evolve how we deliver our investment capabilities. And over the last few years, we have successfully built out our S MA businesses with both traditional and tax efficient strategies and we are a TOP10 player in model delivery. We've also been building out our ETF business. We just added four active ETFS to leverage our investment strength and equity income and credit.

我們不斷發展我們提供投資能力的方式。在過去的幾年裡，我們透過傳統策略和節稅策略成功建立了我們的 S MA 業務，並且我們是模型交付領域的 TOP10 參與者。我們也一直在拓展我們的 ETF 業務。我們剛剛添加了四隻活躍的 ETF，以利用我們的投資實力以及股權收入和信貸。

We're beginning to gain a good level of flows in these areas and we'll look to further expand our product line over time and an institutional excluding legacy insurance partners flows the flat in the quarter.

我們開始在這些領域獲得良好的流量，隨著時間的推移，我們將進一步擴大我們的產品線，並且不包括傳統保險合作夥伴的機構在本季的流量持平。

As we discussed, the team is very focused on positioning the business for future growth. We're driving operational improvements and making necessary adjustments that include streamlining the organization in particular in the E MA region. In addition, we're improving and better leveraging our processes and technology systems globally. We're redeploying these savings to invest in the areas that will drive profitable growth.

正如我們所討論的，該團隊非常注重為未來的成長業務定位。我們正在推動營運改善並進行必要的調整，包括精簡組織，特別是在 E MA 地區。此外，我們正在全球範圍內改進並更好地利用我們的流程和技術系統。我們正在重新部署這些儲蓄，投資於能夠推動獲利成長的領域。

Ultimately, we're focused on better positioning asset management to adapt to changing market dynamics. You can see some of the benefits in our results for the quarter that we will build upon next year.

最終，我們致力於更好地定位資產管理，以適應不斷變化的市場動態。您可以在我們明年將以此為基礎的季度業績中看到一些好處。

Bringing things back to the firm level. Ameriprise continues to consistently generate strong results. Our long term record is excellent as an example, just looking back over the last five years, we've delivered 16% compound annual growth in EPS and a return on equity consistently among the highest in the industry. And our balance sheet remains a clear and important differentiator.

讓事情回到公司層面。 Ameriprise 持續持續創造強勁業績。舉個例子，我們的長期記錄非常出色，回顧過去五年，我們的每股盈餘複合年增長率為 16%，股本回報率始終位居行業前茅。我們的資產負債表仍然是一個明顯且重要的差異化因素。

We're proud of the level and consistency of our results that reflect a unique combination of capabilities that we have across Ameriprise and the operating leverage and benefits that result from our teams working together. Firmwide are key to delivering our excellent client value proposition.

我們對我們的成果的水平和一致性感到自豪，這反映了我們在 Ameriprise 擁有的獨特能力組合以及我們團隊共同努力帶來的營運槓桿和效益。全公司範圍是提供卓越客戶價值主張的關鍵。

We are one firm using the strengths and activities of the business working together and that's reflected in the consistency of the results we've delivered before I close, you've asked about long term care and whether there's an opportunity to do a risk transfer at this time based on market changes, we thoroughly reviewed our options and believe that keeping the book at this time is in the best interest of shareholders. Walter will discuss this in more detail.

我們是一家利用業務優勢和活動共同合作的公司，這反映在我們在結束之前交付的結果的一致性中，您已經詢問了長期護理以及是否有機會進行風險轉移這次根據市場變化，我們徹底審查了我們的選擇，並相信此時保留帳簿符合股東的最佳利益。沃爾特將更詳細地討論這個問題。

In closing last quarter, we shared that Ameriprise recognized 130 years in business. How we manage the firm is key to our longevity and legacy. Ameriprise regularly earns awards in the marketplace for our culture and how we operate including being recognized among the best managed companies on the Wall Street Journal Management. TOP250 list, Forbes magazine named us as one of America's best large employers and Ameriprise has also been ranked as one of America's greatest workplaces for women by Newsweek.

在上個季度結束時，我們表示 Ameriprise 認可了 130 年的經營歷史。我們如何管理公司是我們的長壽和遺產的關鍵。 Ameriprise 因其文化和營運方式而經常在市場上獲獎，包括被《華爾街日報管理》評為最佳管理公司之一。 TOP250 名單，《富比士》雜誌將我們評為美國最佳大型雇主之一，Ameriprise 也被《新聞週刊》評為美國最適合女性的工作場所之一。

We also are in excellent recognition with our people internally, year after year and our annual engagement scores that we received in the quarter continue to exceed external benchmarks across industries across Ameriprise. We're focused on serving clients well as we continue to build, invest in and take the business forward.

年復一年，我們的內部員工也對我們給予了高度認可，我們在本季度獲得的年度敬業度分數繼續超過 Ameriprise 各行業的外部基準。我們專注於為客戶提供良好的服務，並不斷發展、投資和推動業務發展。

I'll now ask Walter to provide his perspective in more detail on the quarter. And then we'll take your questions.

我現在請沃爾特更詳細地提供他對本季的看法。然後我們將回答您的問題。

Thank you, Jim. The diversified nature of our business and unique leverage points between them drives our strong consistent profitable growth and ability to navigate stress events adjusted operating eps increased 17% to $9.02 excluding unlocking and severance expense associated with the company's initiatives to enhance operating efficiencies and effectiveness to further strengthen decline experience and future shareholder value.

謝謝你，吉姆。我們業務的多元化性質以及它們之間獨特的槓桿點推動了我們強勁的持續盈利增長和應對壓力事件的能力，調整後的運營每股收益增長了17%，達到9.02 美元，不包括與公司提高與營運效率和有效性的措施相關的解鎖費用和遣散費，以進一步提高營運效率。

In addition to the severance cost, we recognize the additional expense of $0.32 per share with the 8 to 7 program expenses and acceleration of the firm's transition to cloud based technology platforms, higher compensation, accruals relating to strong performance and mark to market impacts on share based compensation.

除了遣散費之外，我們還確認了每股0.32 美元的額外費用，其中包括8 至7 個計劃費用以及公司向基於雲端的技術平台的加速過渡、更高的薪酬、與強勁業績相關的應計費用以及以市場計價對股票的影響為基礎的補償。

This further demonstrates the strong underlying growth achieved in the quarter.

這進一步證明了本季實現的強勁基礎成長。

Assets under management administration increased 22% to $1.5 trillion benefiting from strong client flows over the past year and equity market appreciation.

由於過去一年強勁的客戶流量和股市升值，管理資產成長了 22%，達到 1.5 兆美元。

This has resulted in strong 11% revenue growth across our businesses. GA expenses continue to be well managed and demonstrate our focus on operational efficiency and effectiveness.

這使得我們各業務的收入實現了 11% 的強勁成長。一般事務費用繼續得到良好管理，體現了我們對營運效率和有效性的關注。

We continue to invest in areas that will drive future business growth particularly in wealth management while maintaining expense discipline to achieve shareholder objectives.

我們繼續投資於能夠推動未來業務成長的領域，特別是財富管理領域，同時保持開支紀律以實現股東目標。

Our returns remain strong with a consolidated margin of 27% excluding on lock in severance expenses and a best in class return on equity of 51% balance sheet fundamentals including excess capital and liquidity are very strong.

我們的回報仍然強勁，綜合利潤率為 27%（不包括鎖定遣散費），一流的股本回報率為 51%，資產負債表基本面（包括過剩資本和流動性）非常強勁。

A diversified business model benefits from significant and stable 90% free cash flow contributions across all business segments.

多元化的業務模式受益於所有業務部門顯著且穩定的 90% 自由現金流貢獻。

We returned $713 million of capital to shareholders in the quarter.

本季我們向股東返還了 7.13 億美元的資本。

In 2024 we continue to expect to return 80% of operating earnings to shareholders on slide. Six, you will see our integrated model leverages key business linkages to drive strong and consistent operating performance.

到 2024 年，我們繼續預計將 80% 的營業利潤返還給股東。第六，您將看到我們的整合模型利用關鍵業務聯繫來推動強勁且一致的營運績效。

A business model is a key driver of profitable growth for our shareholders across market cycles. Ameriprise is one company with three business segments from which we gain leverage for the whole. For example, within our open network and wealth management, Columbia, Threadneedle and River source, provide important solutions to awm clients.

商業模式是跨市場週期股東獲利成長的關鍵驅動力。 Ameriprise 是一家擁有三個業務部門的公司，我們從中獲得了整體影響力。例如，在我們的開放網路和財富管理中，Columbia、Threadneedle 和 River source 為 awm 客戶提供了重要的解決方案。

These relationships result in high levels of adviser and client satisfaction and retention. Another example is where we are able to leverage our asset management expertise at Columbia Threadneedle to manage the general and separate account assets for Riversource the bank and certificate company. And they have delivered high quality returns with strong credit performance.

這些關係可以提高顧問和客戶的滿意度和保留率。另一個例子是，我們能夠利用 Columbia Threadneedle 的資產管理專業知識來管理銀行和證書公司 Riversource 的普通和獨立帳戶資產。他們以良好的信用表現提供了高品質的回報。

These segments benefit from the leverage of our corporate functions and capabilities which include technology, Ameriprise, India, and staff groups. These capabilities enhance our ability to meet client needs in an efficient manner while driving growth and consistency across market cycles.

這些部門受益於我們公司職能和能力的影響，包括技術、Ameriprise、印度和員工團隊。這些功能增強了我們高效滿足客戶需求的能力，同時推動整個市場週期的成長和一致性。

On slide 7, you see the strong results from wealth management total client assets grew 26% to an all time high of $1 trillion with wrap assets of 28% to $569 billion from strong net flows and market appreciation. Over the past year, RFT flows were strong in the quarter at $8 billion or 6% on an annualized flow rate.

在投影片7 中，您可以看到財富管理的強勁業績，客戶總資產成長26%，達到1 兆美元的歷史新高，由於強勁的淨流量和市場升值，包裝資產成長28%，達到5,690 億美元。過去一年，本季 RFT 流量強勁，達到 80 億美元，即年化流量的 6%。

Pretax adjusted operating earnings increased 13%. $826 million driven by quite strong year. Over year core wealth management earnings growth offset by lower cash sweep earnings and margin remains strong at 30% adjusted operating net revenues increased 14%. $2.7 billion from growth in client assets, increased transactional activity and a 6% increase in net investment income in the bank.

調整後稅前營業利潤成長 13%。強勁的一年推動了 8.26 億美元的成長。與去年同期相比，核心財富管理盈利的成長被較低的現金收益所抵消，利潤率仍保持在 30% 的強勁水平，調整後的營業淨收入增長了 14%。 27 億美元來自客戶資產的成長、交易活動的增加以及銀行淨投資收入成長 6%。

This drove revenue per advisors to a new high of 997,000 up 11% from a year ago, toll cash balances including third party money market funds and Broker cds was $83 billion which was over 8% of the client's assets.

這使得每位顧問的收入創下新高，達到997,000 美元，比一年前增長11%，包括第三方貨幣市場基金和經紀商CD 在內的收費現金餘額為830 億美元，佔客戶資產的8% 以上。

Clients remain heavily concentrated in yield oriented products with highly liquid products like money market funds being more in favor than the term products like certificates and broken cds.

客戶仍高度集中於收益導向產品，貨幣市場基金等高流動性產品比證書和破損CD等期限產品更受青睞。

We are beginning to see clients put more money back to work in wrap and other products on our platform. And we expect this to continue over time as markets and rates normalize which creates a significant opportunity.

我們開始看到客戶將更多資金投入我們平台上的包裝和其他產品。我們預計，隨著市場和利率正常化，這種情況將持續下去，這將創造重大機會。

Client care sweep balances were stable at approximately $28 billion. Bank assets grew to $23.2 billion providing sustainable net investment income. In this forecasted lower rate environment. These trends continued in October adjusted operating expenses in the quarter increased 14% with distribution expenses up 19% reflecting business growth and increased transactional activity.

客戶服務掃除餘額穩定在約 280 億美元。銀行資產成長至 232 億美元，提供可持續的淨投資收入。在這種預測的較低利率環境下。這些趨勢在 10 月延續，該季度調整後的營運費用增加了 14%，其中分銷費用增加了 19%，反映出業務成長和交易活動的增加。

G&A expenses were flat at $419 million with higher volume related expenses in the current quarter. And a regulatory accrue in the prior year quarter excluding the regulatory crew in the year ago period.

本季的一般管理費用持平於 4.19 億美元，但與銷售相關的費用有所增加。去年同期的監理費用不包括去年同期的監理人員。

G&A expenses were up 5% in the quarter consistent with expectations.

本季一般管理費用成長 5%，符合預期。

Turning to asset management on slide, eight financial results were very strong in the quarter. The aum increased 14% to $672 billion. Primarily from higher equity market appreciation in the quarter, operating earnings were quite strong and increased 23% to $245 million and A margin reached 41% adjusted operating expenses increased 2% with G&A expenses improving 2% from a year ago, reflecting initial benefits from the company's initiatives to enhance operational effectiveness and efficiency, to further enhance our ability to meet clients' needs.

談到資產管理，本季有八項財務業績非常強勁。管理規模成長 14%，達到 6,720 億美元。主要由於本季股市升值較高，營業利潤相當強勁，成長了23%，達到2.45 億美元，利潤率達到41%，調整後的營業費用增加了2%，一般及行政費用比去年同期減少了2 %，反映了公司採取措施提高營運效益和效率，進一步增強我們滿足客戶需求的能力。

Let's turn to slide. Nine retirement and protection solutions continue to deliver good earnings and free cash flow generation. Reflecting the high quality of the business that has been built over a long period of time.

讓我們轉向幻燈片。九種退休和保護解決方案繼續帶來良好的收益和自由現金流。體現了長期建立的高品質業務。

Pretax adjusted operating earnings, scooting unlocking in the quarter increased 2% to $208 million. Reflecting the benefit from strong markets and higher interest rates partially offset by higher distribution expenses associated with strong sales levels, year-to-date pretax adjusted operating earnings excluding unlocking were 603 million, which is on pace with our expected level of approximately 800 million on an annual pretax basis.

稅前調整後營業利潤，本季滑板車解鎖成長 2%，達到 2.08 億美元。反映強勁市場和較高利率帶來的收益部分被強勁銷售水平相關的較高分銷費用所抵消，年初至今的稅前調整後營運收益（不包括解鎖）為6.03 億美元，與我們2019 年約8億美元的預期水準一致。

We completed our annual actuary assumption update in the quarter resulting in an unpayable pretax impact of $90 million. Primarily related updates to persistency assumptions for variable nud a lapse assumptions is now aligned with recent experience and we are very comfortable with this level.

我們在本季完成了年度精算假設更新，導致無法支付的稅前影響為 9000 萬美元。對變數無失效假設的持久性假設的主要相關更新現在與最近的經驗一致，我們對此水準感到非常滿意。

Overall retirement and protection solution sales improved in the quarter with protection sales up 25% to $99 million. Primarily in higher margin bul products, variable annuity sales grew 13% to $1.2 billion with strong momentum in our structured products.

本季退休和保障解決方案整體銷售額有所改善，保障銷售額成長 25%，達到 9,900 萬美元。主要是利潤率較高的大宗產品，可變年金銷售額成長了 13%，達到 12 億美元，我們的結構性產品勢頭強勁。

Turning to the balance sheet on slide 10 balance sheet fundamentals and free cash flow generation remain strong. With 2 billion of excess capital.

轉向投影片 10 上的資產負債表，資產負債表基本面和自由現金流產生仍然強勁。擁有20億超額資本。

We have diversified sources of dividends from all our businesses enabled by strong underlying fundamentals. This supports our ability to consistently return capital to shareholders and invest for future business growth. Ameriprise's consistent capital return strategy drives long term shareholder value.

憑藉強勁的基本面，我們的所有業務擁有多元化的股息來源。這支持我們持續向股東返還資本並投資於未來業務成長的能力。 Ameriprise 一貫的資本回報策略可推動長期股東價值。

In summary on slide, 11 Ameriprise delivered excellent growth in the third quarter which is a continuation of our long track record to outperform our stated financial targets over the last 12 months, revenues grew 10% earnings per share increased. 14% return on equity grew 110 basis points of scooting and locking and we returned $2.6 billion of capital to shareholders.

投影片總結顯示，11 Ameriprise 在第三季度實現了出色的成長，這是我們長期業績記錄的延續，在過去12 個月中超越了我們既定的財務目標，收入增長了10%，每股收益增長了10%。 14% 的股本回報率比快速和鎖定增長了 110 個基點，我們向股東返還了 26 億美元的資本。

We had similar growth trends over the past five years with 7% of revenue growth, 16% EPS compounded annual growth return on equity improved nearly 13% points and we returned 11.9 billion of capital to shareholders.

過去五年我們也有類似的成長趨勢，營收成長7%，每股盈餘複合年增長率16%，股本回報率提高近13個百分點，並向股東返還119億資本。

These trends are consistent over the longer term as well. Compared to most financial services companies. This differentiated performance across multiple cycles speaks to the complementary nature of our business mix as well as our focus on profitable growth.

從長遠來看，這些趨勢也是一致的。與大多數金融服務公司相比。這種跨越多個週期的差異化表現說明了我們業務組合的互補性以及我們對獲利成長的關注。

Before we move to Q&A let me provide some additional insight into our decision to retain long term care. On slide 12, as you are aware, we have been in the process of assessing potential risk transfer opportunities related to long term care in the quarter. We completed this analysis and have concluded that retaining the business is in the best interest of our shareholders.

在我們進行問答之前，讓我對我們保留長期照護的決定提供一些額外的見解。在投影片 12 上，如您所知，我們一直在評估本季與長期照護相關的潛在風險轉移機會。我們完成了這項分析並得出結論：保留該業務符合我們股東的最佳利益。

Our analysis found that there is a substantial difference in value between retaining the block and reassuring the block.

我們的分析發現，保留區塊和讓區塊放心之間存在著巨大的價值差異。

Our assessment concluded that the market for standalone long term care risk transfer deals has not matured and that high-quality blocks like ours are not receiving an appropriate level of differentiation by counterparties.

我們的評估得出的結論是，獨立長期照護風險轉移交易的市場尚未成熟，像我們這樣的高品質區塊沒有得到交易對手適當程度的差異化。

A transaction would require us to include other books of business that would transfer tremendous value to a counterparty to offset unwarranted discounts applied to the LTC.

交易將要求我們納入其他業務帳簿，這些業務帳簿將向交易對手轉移巨大價值，以抵消對 LTC 的無理折扣。

Let me be clear, we feel very good about the quality of our long term care business and it has performed better than our expectations over the past several years which we expect to continue going forward. As you have seen, the business has generated $215 million of statutory earnings over the past five years and that trend should continue.

讓我明確一點，我們對長期照護業務的品質感到非常滿意，並且在過去幾年中它的表現超出了我們的預期，我們預計將繼續向前發展。正如您所看到的，該業務在過去五年中創造了 2.15 億美元的法定收入，而這一趨勢應該會持續下去。

We have already seen the size of the book decline by 70% with over 75% terminating without a claim. This business will continue to run off with over two thirds of the remaining book expected to run off over the next 10 years.

我們已經看到書籍的大小下降了 70%，其中超過 75% 的書籍在沒有索賠的情況下終止。該業務將繼續流失，預計剩餘業務的三分之二以上將在未來 10 年內流失。

This extensive experience has supported our reserve process and that process has proven very accurate. We will also be able to capture additional upside from future enhancements relating to investment portfolio, repositioning premium rate increases and other program actions to improve performance.

這種豐富的經驗支持了我們的儲備流程，並且事實證明該流程非常準確。我們還將能夠從未來與投資組合、重新定位保費上漲和其他計劃行動相關的增強措施中獲得額外的好處，以提高績效。

We will maintain a strong and differentiated capital position and we do not need to supplement our capital position with a reinsurance transaction.

我們將保持強大且差異化的資本頭寸，並且不需要透過再保險交易來補充我們的資本頭寸。

In summary, given the high quality of our block with $300 million of capital, as well as our credible experience and confidence in our reserves. We do not believe there's a plausible scenario that could justify executing a risk transfer deal at these levels and taking on additional counterparty exposure in closing. We had an excellent quarter and feel good about how we are positioned going forward with that.

總之，考慮到我們擁有 3 億美元資本的區塊的高質量，以及我們可靠的經驗和對我們儲備的信心。我們認為，不存在任何合理的情況可以證明在這些水平上執行風險轉移交易並在成交時承擔額外的交易對手風險是合理的。我們度過了一個出色的季度，並對我們未來的定位感到滿意。

We'll take your questions.

我們會回答您的問題。

(Operator Instructions)

（操作員說明）

Suneet Kamath, Jefferies.

蘇尼特·卡馬斯，杰弗里斯。

Thanks. Good morning. I wanted to start with the retail flows in asset management. I guess is there, it was interesting, you have that slide that talks about the synergies across businesses. So I guess the question is, is there anything that you're doing strategically structurally within asset management and advice wealth management to take advantage of the fact that you have these two businesses in terms of improving the flow outlook. And if you could give some examples that would be helpful as well.

謝謝。早安.我想從資產管理中的零售流程開始。我想是的，這很有趣，你有一張幻燈片討論了跨企業的協同效應。所以我想問題是，您在資產管理和建議財富管理方面是否在策略結構上做了什麼，以利用您擁有這兩項業務來改善流量前景。如果你能舉一些例子也會有幫助。

Yes, this is Jim. So, as you saw Walter presented in the slide, the A WM business is a large distribution partner for Colombia. They've established that over many years even in our open architecture and they are a valued partner and in that regard, you know, as we focus more on growing our third party distribution globally and as well as institutional, we haven't put as much focus as we used to on the A WM business. And

是的，這是吉姆。因此，正如您在幻燈片中看到 Walter 所介紹的那樣，A WM 業務是哥倫比亞的大型分銷合作夥伴。多年來，他們已經確立了這一點，即使在我們的開放架構中，他們也是一個有價值的合作夥伴，在這方面，你知道，隨著我們更多地關注在全球和機構上發展我們的第三方分銷，我們並沒有把我們一如既往地關注 A WM 業務。和

I think there is an opportunity that Ted and team are working on now to bring more product in to gear some of that product, especially for the type of solutions that we need. And we actually think that there is a great opportunity for him to increase his activity within the channel again. And so he's working on a combination of current solutions that he has as we as well as bringing other solutions to bear that we think Ghana flows within the channel.

我認為 Ted 和團隊現在正在努力引入更多產品來適應其中一些產品，特別是對於我們需要的解決方案類型。事實上，我們認為他有一個很好的機會再次增加他在頻道內的活動。因此，他正在研究他和我們現有的解決方案的組合，以及我們認為加納在該管道內流動的其他解決方案。

Got it. Okay. And then just on the comment that you made about client cash, moving into money, market funds as opposed to the term products. What, what is your read in terms of what's going on there? Is it that the advisers are sort of positioning for a rotation into these other longer duration sort of wealth wrap products or what, what do you think is going on? Thanks.

知道了。好的。然後就您關於客戶現金、轉向貨幣、市場基金而不是術語產品的評論。什麼，你對那裡發生的事情有什麼看法？顧問們是否正在準備輪換到其他期限較長的財富包裝產品，或者您認為發生了什麼？謝謝。

So we saw like a 50% increase into wrap flows again in diversified portfolios which includes fixed income. And so it's a nice rebalancing occurring there and, and flow increase. And so what we did see just more broadly is a move out of brokered cds and certificates. Even though the cash levels didn't go down in total, it moved into money markets.

因此，我們看到包括固定收益在內的多元化投資組合的包裝流量再次增加了 50%。因此，這是一個很好的重新平衡，並且流量增加。因此，我們確實看到更廣泛的是經紀 CD 和證書的退出。儘管現金水準總體上沒有下降，但它進入了貨幣市場。

And what that says is really that people aren't going on are locking less up into those, what I would call just pure interest earning assets and into vehicles that then they could possibly move back into things like wrap or other fixed income products that have longer duration.

這實際上表明，人們不會繼續減少對那些我稱之為純利息收入資產和工具的鎖定，然後他們可能會重新投資於諸如包裝或其他固定收益產品之類的產品。

Got it. Okay. Thanks.

知道了。好的。謝謝。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hey everybody. Good morning. Thank you for the question. I, I was hoping you guys could talk about your outlook for cash revenues within a WM in totality. So I know in the past you kind of referred to bank more on a standalone basis.

嘿大家。早安.謝謝你的提問。我，我希望你們能談談你們對 WM 現金收入的整體展望。所以我知道您過去更多地提到銀行是獨立的。

And you know, Jim, you made some comments earlier this morning regarding kind of ways you could still aim to kind of keep an eye i stable to grow within the bank. But maybe just expand that a little bit. And we think about the search business, the bank, the, the broker dealer, the third party like kind of putting it together given the the forward curve trajectory and current cash balances. What are your thoughts for the revenue trends there for 25?

你知道，吉姆，你今天早上早些時候發表了一些評論，內容涉及你仍然可以關注銀行內部穩定成長的方式。但也許只是擴大一點。我們考慮搜尋業務、銀行、經紀商、第三方，考慮遠期曲線軌跡和當前現金餘額，將它們放在一起。您對 25 的營收趨勢有何看法？

Well, as I indicated, it's Walter for the bank is on the revenue trends and net interest income. We do see that is going to be stable and actually increase. And and we feel very good about that positioning. We, we do see as Jim mentioned.

嗯，正如我所指出的，沃爾特負責銀行的收入趨勢和淨利息收入。我們確實看到這一數字將會穩定並且實際上會增加。我們對這種定位感覺非常好。我們，我們確實看到吉姆提到的那樣。

Certainly we're hoping that, you know, money will stop moving and we believe it will from the third party money market and third party C DS. And we are probably, you'll see some continued softening in C DS depending on again how drastic the rate is.

當然，我們希望，你知道，資金將停止流動，我們相信來自第三方貨幣市場和第三方 CDS 的資金將會停止流動。我們可能會看到 CDS 持續疲軟，這取決於利率的劇烈程度。

But overall, I think the bulk of our earnings coming in from the will be from the bank and certainly sweep will be impacted as the rates come down. But the and the search but, and then hope we will get that rotation out of the money market and third party ce Ds to go back into product.

但總的來說，我認為我們的大部分收入來自銀行，隨著利率的下降，肯定會受到影響。但是，但是，然後希望我們能夠將這種輪換從貨幣市場和第三方CE Ds中恢復到產品中。

And Alex from the bank perspective, we will be launching a bank CDS. That would be another cash alternative where clients are holding cash out in the banks. We'll be offering a fixed loan pledge this quarter. We'll also be launching, he locks the beginning of next year and putting in checking accounts later in the year.

Alex 從銀行的角度來看，我們將推出銀行 CDS。這將是客戶在銀行持有現金的另一個現金選擇。我們將在本季提供固定貸款抵押。我們也將推出，他鎖定明年初並在今年稍後存入支票帳戶。

So again, that could bring more cash activities from current bank accounts that our clients are holding to having more cash here as well that they can utilize or save. So those things again will be gradual builds. But I think they'll be nice and complementary and we think we can garner both savings as well as lending activities from our clients because we know they have a lot out there and they have a lot of lending and loan books that we can take in.

同樣，這可能會從我們的客戶持有的活期銀行帳戶中帶來更多的現金活動，從而讓他們在這裡擁有更多的現金，以便他們可以使用或儲蓄。因此，這些事情將再次逐步建構。但我認為它們會很好且互補，我們認為我們可以從客戶那裡獲得儲蓄和貸款活動，因為我們知道他們有很多，他們有很多我們可以吸收的貸款和貸款簿。

I got you. That makes sense. Thanks guys for that. For, for my follow up, I wanted to spend a minute on the asset management, business margins and, and the G&A expense trajectory there. So you guys don't track, I think for a 2nd year in a row of declining expenses in that business. You know, speaking to the efficiencies, obviously that you talked about, you know, despite record market and near record a levels pushing margins, I think to 40% plus.

我接到你了。這是有道理的。謝謝你們。因為，在我的後續行動中，我想花一點時間討論資產管理、業務利潤率以及一般行政費用軌跡。所以你們沒有追踪，我認為該業務的支出已連續第二年下降。你知道，談到效率，顯然你談到了，你知道，儘管創紀錄的市場和接近創紀錄的水平推動了利潤率，我認為達到了 40% 以上。

Now, how sustainable do you think this level of profitability is in the segment? Maybe give us a sense of how you think the additional efficiencies you still expect in that business to impact the G&A dollars in that segment over the next call. It, you know, several quarters to a year.

現在，您認為該細分市場的這種獲利水準的可持續性如何？也許讓我們了解您認為您仍期望該業務的額外效率會如何影響下一次通話中該細分市場的一般行政費用。你知道，有幾個季度到一年。

Sure. It's again, Walter. So I looking at the actions we take on transformation and the impact it's had in 24 we certainly see that will continue in 25. And, and again, I can't predict where the where the markets will be. But based on how controllables that we've taken action on and improve the and at the same time include our client servicing with that I think you could see margins certainly stay with a market, staying at the 8% levels, probably being in the 35 to 39 range for sure.

當然。又來了，沃特。因此，我著眼於我們在 24 年採取的轉型行動及其產生的影響，我們當然會看到這種情況將在 25 年繼續下去。但根據我們採取行動和改進的可控因素，同時包括我們的客戶服務，我認為您可以看到利潤率肯定會與市場保持一致，保持在 8% 的水平，可能在 35% 的水平。 39 範圍。

Alright, thank you.

好的，謝謝。

Wilma Burdis, Raymond James.

威爾瑪·布爾迪斯，雷蒙德·詹姆斯。

Hey, good morning. I I guess you guys are on track for kind of 80% capital return this year. Could you walk us through? How you think about that level for 2025 and beyond? Thanks.

嘿，早安。我猜你們今年有望獲得 80% 的資本報酬率。能帶我們了解一下嗎？您如何看待 2025 年及以後的這一水準？謝謝。

Well, we're right now. We're talking for '24 that will be at 80% and we believe based on certainly as we project the marks and everything that probably is a good number that you should use for next year.

嗯，我們現在就到了。我們談論的是 24 年，這一比例將達到 80%，我們相信，基於我們預測的分數和所有可能是您明年應該使用的好數字。

Yeah. Okay.

是的。好的。

Thank you.

謝謝。

And we have a good capital position. The excess has built up again and so we have flexibility as we go into '25 depending on market circumstances and other opportunities.

我們擁有良好的資本狀況。過剩再次增加，因此我們在進入 25 世紀時可以根據市場情況和其他機會靈活調整。

Thank you. And then what would you consider a good run rate for corporate expenses? I think it was, you know, you guys previously said around 85 to 90 but it sounds like there's some cloud conversion and some other little things. So maybe talk a little about that. Thanks.

謝謝。那麼您認為公司開支的良好運作率是多少？我認為你們之前說過大約 85 到 90，但聽起來好像有一些雲端轉換和其他一些小事。所以也許可以談談這個。謝謝。

So as we go through it, obviously, the severance which we probably should, end on the program. We have no later than the first quarter and we made our investment in the cloud and frames to improve on that once we, and that should last probably over two quarters, maybe three, but we should return to the probably $90 million range. And you should assume in that once we get through that.

因此，當我們經歷這一切時，顯然，我們可能應該在計劃中結束遣散費。我們最晚會在第一季之前對雲端和框架進行投資，以便在我們完成後進行改進，這可能會持續兩個季度以上，也許三個季度，但我們應該回到大約 9000 萬美元的範圍。一旦我們解決了這個問題，你就應該假設這一點。

Steven Chubak, Wolf Research.

史蒂文‧查巴克，沃爾夫研究中心。

Hi, good morning, Jim and Walter, wanted to start off with a question on the expense outlook. You know, just imagine you're already thinking through the budgeting process for next year. I was hoping you could offer a bit of a sneak peek just on how we seem to be thinking about the G&A growth outlook as well as both at the A WM enterprise level and just given some signs that flows are inflecting in a WM. Are you looking to ramp up investment versus that current baseline?

嗨，早上好，吉姆和沃爾特，想先問一個有關費用前景的問題。您知道，想像一下您已經在考慮明年的預算流程。我希望您能先介紹一下我們如何看待 G&A 成長前景以及 WM 企業層面的情況，並考慮到一些跡象表明 WM 中的流量正在改變。您是否希望在目前基準基礎上增加投資？

Well, on the flows list, I think we're following what the industry are. The good news is on the wrap as we as Jim has indicated. So, but on the expenses, probably a good gauge, you know, again, like I mentioned the severance and the investment we're making in the cloud. It probably in that flattish range. And probably, you know, again, with the growth investment in a WM, probably in the 4% to 5% range is a good a good thinking.

嗯，在流量清單上，我認為我們正在關注行業的情況。正如吉姆所指出的，好消息即將到來。所以，但就費用而言，這可能是一個很好的衡量標準，就像我提到的遣散費和我們在雲端中進行的投資一樣。它可能在那個平坦的範圍內。也許，你知道，對於財富管理的成長投資，可能在 4% 到 5% 的範圍內是一個很好的想法。

And at the enterprise level, just more broadly.

在企業層面，範圍更廣。

Enterprise will be probably closer to flat again. Talking about we're talking now, you know, I mentioning including the severance aspect and the and the investment in the cloud. But in that range.

企業可能會再次接近持平。談到我們現在正在談論的事情，你知道，我提到包括遣散費以及對雲端的投資。但在這個範圍內。

Got it. And just for a follow up on the competitive landscape in a WM I know that's something that you have flagged just as a source of pressure on flow trends. It's certainly nice to see some inflection in the quarter. Just hoping you could just offer some perspective on the competitive landscape cost to acquire essays, you know, as rates have risen. We've certainly seen t a rates move higher commensurate with that. Want to get your perspective just on the cost to acquire. Do you expect that to come down as rates decline? Do you anticipate that's going to be a potential tail to recruiting activity looking out to next year?

知道了。為了跟進 WM 的競爭格局，我知道您已將其標記為流量趨勢的壓力來源。很高興看到本季出現一些變化。只是希望你能就獲取論文的競爭格局成本提供一些觀點，你知道，隨著利率的上升。我們當然已經看到利率相應上升。想了解您對購買成本的看法。您預計這一數字會隨著利率下降而下降嗎？您是否預計這將成為明年招募活動的潛在拖累？

So I would probably say yes, with the extra spread, I think people are utilizing and some people to actually goose up their packages, et cetera. And I think it's a bit fraught, I think as that starts to temper, I think you'll maybe see some adjustment in what people may be doing.

所以我可能會說是的，隨著額外的傳播，我認為人們正在利用，有些人實際上提高了他們的包裹，等等。我認為這有點令人擔憂，我認為隨著這種情況開始緩和，我想你可能會看到人們的行為發生一些調整。

You know, from our perspective, we continue to get good quality people. You know, the books are a little larger even though the number of account has come down and we feel good about what we're doing. And how we're doing it. But I do say I do believe that with the markets and other things that people are paying up a bit more today than maybe is appropriate.

你知道，從我們的角度來看，我們不斷擁有高素質的人才。你知道，儘管帳戶數量減少了，但帳本還是大了一些，而且我們對自己所做的事情感覺很好。以及我們是如何做的。但我確實說，我確實相信，隨著市場和其他事情的發展，人們今天付出的代價可能比適當的代價更高。

It's helpful perspective. Thanks so much for taking my question.

這是很有幫助的觀點。非常感謝您提出我的問題。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Thanks, good morning, everyone. So, my first question is on the recruiting front. So the adviser count decline in the quarter, but given that retention levels looked pretty strong and you felt good with the 71 adviser additionals. Can you talk about what drove the sequential decline? And if you expect adviser growth to re accelerate and for you?

謝謝大家早安。所以，我的第一個問題是關於招募方面的。因此，本季顧問數量有所下降，但考慮到保留水準看起來相當強勁，而且您對新增的 71 位顧問感覺良好。您能談談是什麼推動了連續下降嗎？如果您預期顧問的成長將重新加速，對您來說又如何呢？

Yeah, we, we, we think that the adviser growth will get back to the track. We had some additional and as we continue to work through productivity, some lower fa s some on the teams and some turnover in the A fa things as advisers start to adjust their practices a bit more, but there was nothing major or abnormal there that we see.

是的，我們，我們，我們認為顧問的成長將回到正軌。隨著我們繼續提高生產力，我們有一些額外的工作，團隊中的一些人出現了一些較低的情況，並且隨著顧問開始更多地調整他們的做法，A fa 方面也出現了一些人員流動，但沒有什麼重大或異常的情況需要我們注意。

Got it. And then I want to come back to the long term carebook commentary and how your view of value differs in the private markets. So I'm curious like what type of entities are or would bid for reinsuring or acquiring the long term care block and how robust is the market for long term care today? You know, I can't see many public insurers bidding for that and, and does that market include alternative asset manager models, private insurers and public life insurers?

知道了。然後我想回到長期照護手冊評論以及您對私人市場的價值看法有何不同。因此，我很好奇什麼類型的實體正在或將競標再保險或收購長期照護區塊，以及當今長期照護市場的強勁程度如何？你知道，我看不到很多公共保險公司競標這個市場，而且這個市場是否包括另類資產管理模式、私人保險公司和公共人壽保險公司？

Well, I can only comment what we we've been exposed to. So again, it's we, as we indicated, we went through discussions, which certainly, you know, reinsurers that are well known and we've evaluated on both, both fronts as I indicated. Looking at LTC first, looking at both and then looking at LTC alone, I can just say for it is, it's not a mature market and certainly we're seeing from that standpoint, the results that we have engaged with that. It's just, it's just not beneficial. So I rather not comment on the depth of the market. It's the ones that we dealt with are certainly well known in the industry and we just don't see the value of creation.

好吧，我只能評論我們所接觸到的事情。所以，正如我們所指出的，我們再次進行了討論，當然，你知道，再保險公司是眾所周知的，我們已經在兩個方面進行了評估，正如我所指出的那樣。首先看看 LTC，看看兩者，然後單獨看看 LTC，我只能說，這不是一個成熟的市場，當然我們從這個角度看到了我們與之合作的結果。只是，這沒有好處。所以我寧願不評論市場的深度。我們處理的這些在業界肯定是眾所周知的，但我們只是看不到創造的價值。

Yeah, there, there are some private equity type partners, et cetera of firms, but they partner with reinsurers. The reinsurance market is not very large for this book, these type of books, and they're applying a very large gross discount because it is a very immature that it's not their core type of business and they do want to match it up with good other quality books that would, you would have to give up good earnings for and when you put it together, it looks really more positive, but it's the perceived rather than the actual underneath.

是的，有一些私募股權類型的合作夥伴等公司，但他們與再保險公司合作。對於這本書和這類書籍來說，再保險市場並不是很大，而且他們應用了非常大的毛折扣，因為這不是他們的核心業務類型，而且他們確實希望將其與良好的業務相匹配。其他優質書籍，你將不得不放棄良好的收入，當你把它們放在一起時，它看起來確實更積極，但它是感知的而不是實際的。

And from that, don't get me wrong. There's an opportunity people need capital or if they're there, they have to want to trade off those things from my perspective. Our value is there. They even admitted that we wouldn't necessarily look to, you know, make sense for us at this point based on that market. And we feel very good about maintaining it based on our results and our track record.

從這一點來看，請不要誤會我的意思。從我的角度來看，人們有機會需要資本，或者如果他們在那裡，他們必須想要權衡這些東西。我們的價值就在那裡。他們甚至承認，基於該市場，我們目前不一定會認為對我們有意義。根據我們的成果和往績記錄，我們對維持它感到非常滿意。

Thank you.

謝謝。

Thomas Gallagher, Evercore ISI.

托馬斯·加拉格爾，Evercore ISI。

Good morning. Hey, just a first, a follow up on long term care. II I hear what you're saying on the, on the bid ask particularly given that it's profitable for you. But just out of curiosity, you know, there was a precedent transaction manualized, did a deal. There was according to them, a negative 8% seed. So they act, they had to pay money to get rid of it.

早安.嘿，這只是長期照護的第一步。 II 我聽到你在出價詢問上所說的話，特別是考慮到它對你來說是有利可圖的。但只是出於好奇，你知道，有一個手動交易的先例，做了一筆交易。據他們說，有一個負 8% 的種子。所以他們採取行動，他們必須付錢才能擺脫它。

Is that, is that sort of a line in the sand that you wouldn't be willing to go to go for like absorbing a loss or is stand alone LTC far worse than that. I just want to get a sense for your perception of what price was too high for you because I do think from a management distraction standpoint, if it was a modest loss, that might still be a reasonable trade off.

是不是那種你不願意接受的損失，或是比這更糟糕的獨立LTC。我只是想了解您對什麼價格對您來說太高的看法，因為我確實認為從管理層分散注意力的角度來看，如果損失不大，那可能仍然是一個合理的權衡。

Tom Let me try and address it this way. When we've analyzed our book, we're not talking about a loss. We're talking about all factors considered. It's a contributing, all right. And we feel very confident in that obviously reinsurers have different objectives sets which again would certainly work for them, but not for us.

湯姆 讓我嘗試這樣解決這個問題。當我們分析我們的書時，我們並不是在談論損失。我們談論的是所有考慮的因素。這是一種貢獻，好吧。我們非常有信心，顯然再保險公司有不同的目標，這些目標肯定對他們有效，但對我們無效。

And but the, the starting point is the value of our book is not a distraction is actually very additive to our shareholder value at this stage and certainly feel confident in our ability to manage it. And we've been managing it for years and we, as we've certainly gone over and discussed over many years and you've seen the results of it. So we feel confident. It's, it's a positive for us and that it created a negative with the reinsurance approach. And so we're, that's where we're basically positioning right now.

但是，我們的出發點是，我們的書的價值並不是一種幹擾，實際上對我們現階段的股東價值有很大的補充，並且我們當然對我們的管理能力充滿信心。我們多年來一直在管理它，我們確實已經進行了多年的討論和討論，你們已經看到了它的結果。所以我們充滿信心。這對我們來說是正面的，但它對再保險方法產生了負面影響。所以我們現在基本上就是這樣定位的。

And Tom, you're asking a very good question, you know, from our perspective, don't get me wrong. We looked at the, whether there was an opportunity to do this because we know it's always a question you and others have and to be very H1st with you as I looked and even challenged to do something like this, the, the difference in value is just too large.

湯姆，你問了一個非常好的問題，你知道，從我們的角度來看，請不要誤會我的意思。我們研究了是否有機會這樣做，因為我們知道這始終是您和其他人面臨的一個問題，當我看到甚至挑戰做這樣的事情時，我們會非常重視您，價值的差異只是太大了。

The, the book is a very mature book. It does not require a lot of management, right? We have the resources as far as managing the rest of the life company, we've been able to take good rate. We're adjusting how we even handle claims that we think will be greater efficiencies going forward the book is running off. It's very mature.

，這本書是一本非常成熟的書。它不需要太多的管理，對嗎？我們擁有管理公司其餘部分的資源，我們能夠獲得很好的回報。我們正在調整我們的處理方式，我們認為這將在本書即將出版時提高效率。它非常成熟。

Even when, you know, originally, some of these concerns with some other books have heard a number of years ago, there was a question, our book showed improvement. We actually even built discretionary reserves that we have not taken back and have flexibility on.

即使，你知道，最初，幾年前就聽說過一些對其他書籍的擔憂，但存在一個問題，我們的書顯示出了改進。實際上，我們甚至建立了可自由支配的儲備金，我們沒有收回這些儲備金，並且具有靈活性。

So what I'm just driving at is what you would have to give up on earning books on the life business as an offset that would take future earnings out in combination who are earning on this book. Plus the idea that they will take more gross discounts because it's not a market that they have a lot in it and they'll do it as an accommodation, so to speak against other books, it just doesn't make sense for us.

因此，我想說的是，你必須放棄在人壽業務上賺取書籍的收入，作為補償，這會將未來的收入與透過這本書賺取的收入結合起來。再加上他們會採取更多毛折扣的想法，因為這不是他們有很多的市場，他們會把它作為一種住宿，所以與其他書籍相比，這對我們來說沒有意義。

Maybe some others it does for what they need is what they, how they're thinking about it. But, you know, if I had any concern about what's in that book or that there would be any, you know, potential impact, I would handle that. And, but even if there were minor things, it will be over time, very small against what we do and what we have. So I really don't think it's an issue that shareholders have to worry about.

也許其他一些人這樣做是因為他們需要什麼，那就是他們的想法。但是，你知道，如果我對那本書中的內容有任何擔憂，或者有任何潛在的影響，我會處理的。而且，即使有一些小事情，隨著時間的推移，對於我們所做的和我們擁有的東西來說，這些都是非常小的。所以我真的不認為這是股東需要擔心的問題。

You know, the only thing I would add to that is just, and then of course, we've been taking on counterparty exposure, which is not even into the formula. So all things considered, as Jim said, it just makes sense on a high confidence basis to retain.

你知道，我唯一要補充的是，當然，我們一直在承擔交易對手的風險，這甚至沒有進入公式。因此，正如吉姆所說，考慮到所有因素，在高度信任的基礎上保留才有意義。

No, that, that all makes sense to me. You know, everything has a price but yeah, I particularly given that it's profitable and you probably have a release of capital in addition to that when you think about future cash flows, that that all makes sense. One, just one quick follow up. I think the the increase in excess capital was pretty sizable this quarter. I think it went up by $300 million. Was there anything unusual going on that drove that this quarter?

不，那，這對我來說都是有意義的。你知道，一切都有價格，但是，是的，我特別考慮到它是有利可圖的，而且當你考慮未來的現金流時，你可能還會釋放資本，這一切都是有道理的。一，只是一個快速跟進。我認為本季度過剩資本的增加相當大。我認為增加了 3 億美元。本季是否有任何不尋常的事情推動了這一趨勢？

No, the only other thing is just again, we paid out at a certainly has stroke earning. So that was the major contribute to it. There was ins and outs but, but really, it's on very sound footing and we feel there's nothing really is unique in there. Certainly.

不，唯一的另一件事是，我們支付了肯定有中風收入。所以這是對此的主要貢獻。雖然有來龍去脈，但實際上，它的基礎非常健全，我們覺得裡面沒有什麼真正獨特的。當然。

Tracking what.

追蹤什麼。

We thought.

我們想。

Yeah, we're generating the 90 we paid out the 80 again, it gives us flexibility as we move forward.

是的，我們產生了 90 美元，再次支付了 80 美元，這為我們前進提供了靈活性。

Okay, thanks. Thank you.

好的，謝謝。謝謝。

Kenneth Lee, RBC Capital Markets.

肯尼斯李，加拿大皇家銀行資本市場。

Hey, thanks for taking the question and good morning. Just one quick follow up on, on the LTC block here. I'm curious if a meaningful change in the rate environment could change your thinking down the line. Thanks.

嘿，感謝您提出問題，早安。這裡只是對 LTC 區塊的一個快速跟進。我很好奇利率環境的有意義的變化是否會改變您的想法。謝謝。

No, we've certainly invested out where, where right now where the books are hitting their, their level where, certainly it will go into more pay out and in that business. So we feel very good about that and we took advantage of that. So no, the answer is no.

不，我們當然已經在哪些地方進行了投資，現在哪些地方的書籍達到了他們的水平，他們的水平，肯定會投入到更多的支出和該業務中。所以我們對此感覺非常好，並且我們利用了這一點。所以不，答案是否定的。

Okay, great, very helpful there. And one quick follow up on the the integrated model slide that you have there between as management advice, wealth management and the river source there. I is the is there any expectation that longer term you you could potentially see more synergies, for example, between the the various insurance products and and the asset management side, perhaps even augmenting some some of the asset management capabilities over time to better capture that. Just curious in terms of your thinking about. Thanks.

好的，太好了，非常有幫助。快速跟進綜合模型幻燈片，其中包括管理建議、財富管理和河流源頭。我是否期望從長遠來看，您可能會看到更多的協同效應，例如，各種保險產品和資產管理方面之間的協同效應，甚至可能隨著時間的推移增強一些資產管理功能，以更好地捕捉這種協同效應。只是好奇你的想法。謝謝。

Yeah, and, and so part of what people don't really understand and that's really the nature of the company because everyone breaks it down to a segment. But if you look at it, the type of relationships we have with the client, the solutions that we provide and how we manage those assets on that behalf is all leverage together in a positive way.

是的，而且，所以人們並不真正理解的部分，這確實是公司的本質，因為每個人都將其分解為一個部分。但如果你仔細觀察，你會發現我們與客戶的關係類型、我們提供的解決方案以及我們如何代表客戶管理這些資產，這些都以積極的方式發揮作用。

And so from that, we have a very strong return because of that depth of the relationship and how we use those type of capabilities. So the asset management capabilities, how we hedge all those things are part of what walter from a corporate does, as well as with the riversource, business management of the assets, including the bank right now are run by the fixed income Department of Colombia.

因此，由於這種關係的深度以及我們如何使用這些類型的能力，我們獲得了非常豐厚的回報。因此，資產管理能力，我們如何對沖所有這些事情，是沃爾特公司所做的一部分，以及 Riversource，資產的業務管理，包括現在的銀行，由哥倫比亞固定收益部門負責營運。

And so all those capabilities are there and Colombia gets management fees, the, the riversource company gets the benefit of those capabilities rather than sending them out to other players. They manage the manage ball portfolios, they manage our EPN and, and all the asset rollups and, and balancing on those different asset allocation models and the, the AWM gets the benefit of a good solution with a good benefit at a very good price because of the synergies that we can put to bear there.

因此，所有這些能力都在那裡，哥倫比亞獲得管理費，河源公司獲得這些能力的好處，而不是將它們發送給其他參與者。他們管理管理球投資組合，他們管理我們的 EPN 以及所有資產匯總以及平衡這些不同的資產分配模型，並且 AWM 能夠以非常優惠的價格獲得良好的解決方案的好處，因為我們可以在那裡發揮協同作用。

So for us, that's why there's a real complementary nature rather than, you know, just these separate little distinct businesses. And remember, the asset management business grew out of being a proprietary manager for Ameriprise as the AWM resource and solution.

因此，對我們來說，這就是為什麼存在真正的互補性，而不僅僅是這些獨立的小型企業。請記住，資產管理業務起源於 Ameriprise 的專有管理器，作為 AWM 資源和解決方案。

That in fact, the, the distribution was actually the distribution for the product manufacturers. And I turned that into a wealth manager that really lives and breeds on its own. But the solution sets embedded or a compliment even in an open architecture that we have.

事實上,這個分銷實際上是針對產品製造商的分銷。我把它變成了一個真正能夠獨立生存和繁衍的財富管理機構。但即使在我們擁有的開放式架構中，該解決方案也可以嵌入或補充。

Got you very helpful there. Thanks again.

你在那裡很有幫助。再次感謝。

Ryan Krueger, KBW.

瑞安·克魯格，KBW。

Hey, thanks, good morning. I had a couple of follow ups one walter when you said you expected total company G&A expenses to be flattish. Was that a 2024 comment or is that a 2025 comment?

嘿，謝謝，早安。當你說你預計公司總管理費用將持平時，我對沃爾特進行了幾次跟進。這是 2024 年的評論還是 2025 年的評論？

That was a 2025 comment, but it actually for 2024 it's going to be the same pretty much.

這是 2025 年的評論，但實際上到 2024 年，情況將基本相同。

Okay. And then I guess when we think about '25 are, is that on a headline basis flat including, you know, 2024 that includes the severance costs and, and other things like that.

好的。然後我想，當我們考慮「25 年」時，總體上是持平的，包括 2024 年，其中包括遣散費和其他類似費用。

Well, in 2025 yes, that was including the severance. But in 2025 there will be some severance but it will be at a lower level than I anticipate. It will be at a lower level. But those numbers again, that's why I'm hedging a little because it, but in the main, it should be in that range.

嗯，到 2025 年，是的，這包括遣散費。但到 2025 年，將會有一些遣散費，但會比我預期的水平要低。它將處於較低水平。但這又是這些數字，這就是為什麼我要進行一些對沖，因為它，但總的來說，它應該在這個範圍內。

Okay. And then just coming back to the, I just want to come back to the bank. I believe about a third of the, the assets are floating rate. So I would think with, with short term rates coming down and expected to come down further, there would at least be some, some pressure on the spread income from the bank is the offset just growing, growing the, the assets or can you talk a little bit more? What, what makes you feel confident that it can still be stable.

好的。然後回到銀行，我只想回到銀行。我相信大約有三分之一的資產是浮動利率的。因此，我認為，隨著短期利率下降並預計會進一步下降，銀行的利差收入至少會面臨一些壓力，這些壓力是資產成長、資產成長的抵消，或者你能談談嗎？什麼、什麼讓你有信心還可以穩定。

But it will come down. But yes, but we've repositioned the book and we've recently repositioned the book with the long term inall and sending over three and from that standpoint. So yes, it will come down. But the what we're on the floating, we're earning a pretty large premium on. So it will still preserve itself. And I think we, like I said, we will, our net interest income should be higher and then we'll get certainly maturities coming through and we will be adding out, adding to it.

但它會下來。但是，是的，但是我們已經重新定位了這本書，並且我們最近從長期角度重新定位了這本書，並從這個角度發送了三本以上的書。所以是的，它會下降。但就我們的浮動資產而言，我們賺取了相當大的溢價。所以它仍然會保存自己。我認為，就像我說的，我們會的，我們的淨利息收入應該更高，然後我們肯定會得到到期日，我們將增加它，增加它。

Got it. Thanks.

知道了。謝謝。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Hi, good morning. Thanks for taking the question just coming back to the $2 billion excess capital position available for deployment. I imagine that continues to build if the expectation is that you'll pay out 80% of earnings.

嗨，早安。感謝您提出這個問題，剛剛回到可部署的 20 億美元過剩資本部位。我想，如果預期您將支付 80% 的收入，那麼這種情況會繼續增加。

So maybe you could speak to some of the priorities for how you're thinking about potentially deploying that access over what period of time? What's the sort of appetite to sit with that access capital position for how long? And if you could comment on some of the strategic type of M&A conversations you're having and where M&A could be most additive to the business today.

因此，也許您可以談談您考慮如何在多長時間內部署該訪問的一些優先事項？持有這種獲取資本部位多久的興趣是什麼？如果您能評論您正在進行的一些策略類型的併購對話，以及併購對當今業務最有幫助的領域。

A lot of parts that I question. So what we we have done really is, you know, we were going through this market cycle not knowing exactly the environment we feel like actually we're, we're one of the highest returns out there compared to anybody today. And 80% is a substantial amount. What we've just done is looked at the environment, we replenish some of the excess capital as a level.

我質疑的很多部分。所以我們所做的實際上是，你知道，我們正在經歷這個市場週期，但並不確切地了解我們實際感覺的環境，與當今的任何人相比，我們是回報率最高的公司之一。 80% 是一個很大的數字。我們剛才所做的就是觀察環境，我們補充一些過剩的資本作為一個層次。

We have the alternative as we move into 25 of whether, you know, we if the market environment is good, whether we take up that, you know, buy back a bit more, whether we look at some opportunities, depending on what happens in the market and values for, you know, inorganic, or we will further look at how we, you know, adjust the business and redeploy in other ways.

當我們進入 25 的時候，我們有另一種選擇，如果市場環境良好，我們是否採取行動，你知道，多回購一點，我們是否尋找一些機會，這取決於未來發生的情況。價值，或者我們將進一步研究我們如何調整業務並以其他方式重新部署。

So it gives us a good level of flexibility, but we're not at a low level of return. And so let's look at it as an opportunity and then we can decide how we utilize it based on a combination of factors, including the environment.

因此，它為我們提供了良好的靈活性，但我們的回報水平並不低。因此，讓我們將其視為一個機會，然後我們可以根據包括環境在內的多種因素來決定如何利用它。

Yes. So the only thing I would do is obviously we'll to the previous square, we'll increase the bank which obviously will require capital. We're certainly investing as we've incurred $73 million of severance and and also probably $25 million, $30 million of additional expense to drive that. So that's investments which will get paid back for from that standpoint.

是的。所以我要做的唯一一件事顯然是我們會到前面的廣場，我們會增加銀行，這顯然需要資金。我們肯定會進行投資，因為我們已經支付了 7300 萬美元的遣散費，而且可能還需要 2500 萬美元、3000 萬美元的額外費用來推動這一目標。因此，從這個角度來看，這些投資將會得到回報。

And we are also investing in seed. As Jim has mentioned, asset management is certainly launching multiple products. And so there is investments being made even though we're growing the excess and we'll just keep on evaluating that as we deploy.

我們也投資種子。正如吉姆所提到的，資產管理肯定會推出多種產品。因此，儘管我們正在增加多餘的投資，但我們仍然在進行投資，並且我們將在部署時繼續對其進行評估。

Great. And then just a bigger picture, follow up question, just as we think about longevity, trends of people living longer concerns that people may outlive their nest eggs. Just curious how you see the opportunity set for your integrated business how your product set might evolve and change to better address accumulation needs from an Asian population and how the client experience may also continue to evolve.

偉大的。然後是一個更大的圖景，後續問題，就像我們思考長壽一樣，人們長壽的趨勢擔心人們可能會比他們的儲蓄更長壽。只是好奇您如何看待您的綜合業務的機會集，您的產品集如何發展和變化，以更好地滿足亞洲人口的積累需求，以及客戶體驗如何繼續發展。

Excellent question. We, we have a number of new product initiatives and solutions on the way that we think will both help our advisers to manage the totality of their portfolios with client offering a lot more flexibility in how they they manage reallocate balance, et cetera.

很好的問題。我們有許多新產品計劃和解決方案，我們認為這些計劃和解決方案將幫助我們的顧問管理其投資組合的整體，並為客戶在管理重新分配餘額等方面提供更大的靈活性。

We are in the process of building products for the longevity to your point for retirement income and how they will draw down and what gives them the optimal formula for that. And again, those will come from the combination of our capabilities that we have and the knowledge we have with the relationships with our clients.

我們正在開發產品，以實現您退休收入的長壽，以及他們將如何提取以及如何為他們提供最佳的公式。同樣，這些將來自我們所擁有的能力以及我們在與客戶關係方面所擁有的知識的結合。

So those are actually things that we're, we're investing in that we're developing. And we'll come to market with over the next year or so. So, I think there will be a good opportunity based on how we actually go to market with the advice, value proposition and the solution set.

所以這些其實是我們正在投資、我們正在開發的東西。我們將在明年左右將其推向市場。因此，我認為根據我們如何將建議、價值主張和解決方案實際推向市場，將會有一個很好的機會。

And how we look at the client's life goals and as well as factor in their longevity, what they need to accumulate what's probably from a qualified and qualified as well as from a tax benefit for how they can draw down.

我們如何看待客戶的人生目標，以及他們的壽命因素，他們需要累積什麼，可能來自合格的和合格的以及他們如何提取的稅收優惠。

Great. Thank you.

偉大的。謝謝。

John Barnidge, Piper Sandler.

約翰·巴尼奇，派珀·桑德勒。

Good morning. Thank you for the opportunity. Appreciate the slides on the risk transfer analysis in the presentation. My question focused there when you talk about with coupling other business, did that consider a full sale of river source within that analysis? Or was it limited to liabilities in the corporate segment? Only.

早安.謝謝你給我這個機會。欣賞簡報中有關風險轉移分析的幻燈片。當您談論耦合其他業務時，我的問題集中在那裡，是否考慮在該分析中完全出售河流源頭？或僅限於企業部門的負債？僅有的。

The analysis that we did on long term on long term care? That was only for a reinsurance of long term care. I'm sorry to answer your question.

我們對長期照護所做的長期分析？這只是為了長期照護的再保險。很抱歉回答你的問題。

Yeah, and it was again, it would have included or thought about some, some transfer on the life books.

是的，又是，它會包括或考慮一些生命書籍上的轉移。

Yes, those are, but those all were basically reinsurance transactions.

是的，這些都是，但這些基本上都是再保險交易。

That's helpful. Thank you. And then my follow up. Can you talk about the directionality of distribution expense in a WM with the rate cycle having changed and expected, maybe shifting in products over the near and intermediate term. Thank you.

這很有幫助。謝謝。然後是我的後續行動。您能否談談在費率週期發生變化和預期的情況下，WM 中分銷費用的方向性，可能會在近期和中期產品發生變化。謝謝。

So, you know, from a distribution expense really embedded in our G&A is the actual volume increases including, you know, where we, you know, we run S MA S and pay for asset managers and other things. So that's all in the GN A. So if we strip that out GN A is actually quite good flat. So the volume increases are in the GN A including things like FDIC insurance, I mean, you name it.

所以，你知道，我們的 G&A 中真正包含的分銷費用是實際數量的增長，包括我們運行 S MA S 並支付資產管理人員和其他費用。這就是 GN A 的全部內容。因此，增量是在 GN A 中，包括 FDIC 保險等，我的意思是，凡是你能想到的。

So what I would probably say is we feel very good about the G&A based on what we've made as adjustments that includes that we are reinvesting nicely in solution set and capability and technology, et cetera. So we've been able to actually redeploy reengineer transform in a sense of how we're using technology A I Analytics, et cetera, robotics, use of India, et cetera. So, we're very active in what we're doing so that we continue to make good investments and maintain good margins.

因此，我可能想說的是，基於我們所做的調整，我們對一般行政費用感覺非常好，其中包括我們在解決方案集、能力和技術等方面進行了很好的再投資。因此，我們實際上已經能夠在如何使用人工智慧分析等技術、機器人技術、印度的使用等方面重新部署再造轉型。因此，我們非常積極地進行我們正在做的事情，以便我們繼續進行良好的投資並保持良好的利潤率。

Brennan Hawken, UBS.

布倫南霍肯，瑞銀集團。

Sneaking in under the wire. Thanks for taking my questions this morning. So a couple questions thinking about the bank. So, you know, when I, when I think about ways to protect spread regardless of the right environment, I often think of lending and, and we've seen other wealth management firms note a pickup and particularly, you know, the pledged loan product with rates coming down.

潛入鐵絲網下。感謝您今天早上回答我的問題。所以有幾個關於銀行的問題。所以，你知道，當我，當我考慮保護利差的方法時，無論環境如何，我經常想到貸款，並且我們看到其他財富管理公司注意到了回升，特別是質押貸款利率下降的產品。

We know that you've seen some decent growth in pledge loans since they bought in mid 2023. But have you seen an acceleration in engagement in that product since the fed cut rates recently? And should we also continue to expect the strong resi mortgage growth that you've been seeing in recent quarters to continue?

我們知道，自 2023 年中期購買以來，質押貸款出現了一些可觀的增長。我們是否也應該繼續預期您最近幾季看到的強勁的房地產抵押貸款成長將持續下去？

Yes. So we do see a nice pickup in and pledge. We are launching even a fixed pledge product and complement to what we had, which we also know was our advisers were asking for and that's out in the marketplace and a good portion of what's done in the business. We know that this was a new business for us and we're under penetrated compared to others that have those products and solutions. And so we think that that can continue to further expand.

是的。因此，我們確實看到了良好的回升和承諾。我們甚至正在推出一個固定的承諾產品，並對我們現有的產品進行補充，我們也知道這是我們的顧問所要求的，並且已經在市場上銷售，並且是業務中所做的很大一部分。我們知道這對我們來說是一項新業務，與擁有這些產品和解決方案的其他公司相比，我們的滲透率還不夠。因此我們認為這種情況可以繼續進一步擴大。

We will be launching Helocs next year. And we think there's a good opportunity years ago when we had the bank, we launched Helocs. We, we built a nice portfolio in that. So we think we can continue to do that. We're actually working with another provider on mortgages that we're transferring that we think again, that could further expand. So there are a number of things that we feel good about to grow the lending part of the book.

我們將於明年推出 Helocs。我們認為幾年前有一個很好的機會，當我們擁有銀行時，我們推出了 Helocs。我們，我們在這方面建立了一個很好的投資組合。所以我們認為我們可以繼續這樣做。我們實際上正在與另一家抵押貸款提供者合作，我們正在轉移我們再次考慮的抵押貸款，這可能會進一步擴大。因此，我們對增加本書的借閱部分感到滿意。

Great. Thanks for that. Yeah, I remember your comments on the new products. Helpful. Okay. For my second question, you know, just basically closing out with, with one final one here on the long term care decision. So I, I'd like to take a different perspective here. You know, the business model that you guys have is different than other wealth management firms and that you have this insurance business.

偉大的。謝謝你。是的，我記得你對新產品的評論。有幫助。好的。對於我的第二個問題，你知道，最後一個問題是關於長期照護決定的。所以我想在這裡採取不同的觀點。你知道，你們的商業模式與其他財富管理公司不同，而且你們有保險業務。

And you know, from my perspective in talking with capital market investors, the insurance business is not one where they're focused on the return profile or the cash flows or whatever, it's very often an obstacle to buy the stock.

你知道，從我與資本市場投資者交談的角度來看，保險業務並不是他們關注回報或現金流量或其他什麼的業務，這往往是購買股票的障礙。

And so what I would say and ask intended and utterly the most respectful way is whether or not you considered the idea that eating a bit of a loss on this and sure you got to take some counterparty risk correspondingly, but it reduces what, what can be a hurdle to a lot of investors when they consider investing in Ameriprise versus considering other wealth management firms, firms like Raymond James LPL Steel that might have different risks, but they're lacking this long term carebook that is so challenging. And, and while I get it, yours is the best house, it is still a really bad block. So you know, how did that come into the equation and the mathematics behind that consideration?

因此，我想說和詢問的意圖和最尊重的方式是，您是否考慮過在這方面承受一點損失的想法，並確保您必須相應地承擔一些交易對手風險，但它減少了什麼，什麼可以對於許多投資者來說，當他們考慮投資Ameriprise 時，與考慮其他財富管理公司相比，這是一個障礙，像Raymond James LPL Steel 這樣的公司可能有不同的風險，但他們缺乏這種具有挑戰性的長期照護手冊。而且，雖然我明白，你的房子是最好的房子，但它仍然是一個非常糟糕的社區。那麼你知道，這是如何進入方程式以及這種考慮背後的數學的嗎？

So very clearly, I think again and that's maybe what is not fully understood. So at Ameriprise, as you look at the total of the company and we've looked at this since we've been public, we have been the best performing shareholder return in financials of the S&P 500.

非常清楚，我再次思考，這可能是尚未完全理解的地方。因此，在 Ameriprise，當你看看公司的整體情況時，我們自上市以來就一直在關注這一點，我們一直是標準普爾 500 指數公司財務狀況中表現最佳的股東回報。

We have over all these cycles including through financial crisis, outperformed any segment, individual asset managers, individual wealth managers, individual life companies, you put it all together, you get a very strong consistent return at lower volatility. In addition to that our insurance businesses that generate over $800 million of free cash flow every year used to buy back stock has not been in any way, a hurt or hindrance or a roadblock to generate good returns.

我們經歷了所有這些週期，包括金融危機，我們的表現優於任何細分市場，個人資產管理公司、個人財富管理公司、個人人壽公司，把所有這些放在一起，你會在較低的波動性下獲得非常強勁的持續回報。除此之外，我們的保險業務每年產生超過 8 億美元的自由現金流用於回購股票，這並沒有以任何方式損害、阻礙或阻礙我們產生良好的回報。

In addition to that, it's a very clear and appropriate solution for a client that actually keeps good retention of the client and even where you would say, okay, long term care is not a good segment of it. We closed that book over 25 years ago. Roughly it's a mature book, it's generating value and having said that there's only $300 million of capital to it. Okay.

除此之外，對於客戶來說，這是一個非常清晰且合適的解決方案，實際上可以很好地保留客戶，即使你會說，好吧，長期照護並不是其中的一個很好的部分。我們在 25 年前就關閉了這本書。總的來說，這是一本成熟的書，它正在創造價值，據說它的資本只有 3 億美元。好的。

And we have extra discretionary that came up through the combination of the last few years. So what I would just say is if someone's looking at that as a hindrance, let me just go. You have some pressure in Marcus, you have some pressure in interest rates, et cetera from where it is. Wealth managers are going to hurt. We're not going to hurt as a company, we're going to outperform.

我們有額外的自由裁量權，這是過去幾年結合起來的。所以我想說的是，如果有人認為這是一個障礙，那就讓我離開。馬庫斯有一些壓力，利率有一些壓力，等等。財富管理機構將會受到傷害。作為一家公司，我們不會受到傷害，我們會表現出色。

So I would just say you got a strong growth, business, high returns, you got a 50% return on equity compared to some of your wealth managers that you're talking about, look at taking cash spread around away and see what you get. So I would say I would probably have that discussion with your investors and I'm happy to do it personally. So.

所以我只想說，與您正在談論的一些財富管理機構相比，您的股本回報率強勁，業務增長，回報率高，股本回報率高達50％，看看將現金分散掉，看看您會得到什麼。所以我想說，我可能會與你們的投資者進行討論，我很高興親自進行討論。所以。

Walter, let me what you, you started your premise on was exactly the basis in which we entered into the evaluation about the drag that we have on potential shareholder reaction. So we looked at every aspect knowing that factor and all the elements that I listed in the presentation and evaluating that bid ask.

沃特，讓我告訴你，你的前提正是我們對潛在股東反應的拖累進行評估的基礎。因此，我們研究了各個方面，了解了該因素以及我在簡報中列出的所有要素，並評估了出價。

And the fact these are our clients and the counterparty exposures that are created, which again, certainly is an issue that we have to consider. We, we could not in clear conscience really take an action that was in every aspect we analyze it would denigrate shareholder value in the long run. It really would.

事實上，這些都是我們的客戶和所產生的交易對手風險，這當然也是我們必須考慮的問題。我們，我們不能問心無愧地真正採取行動，因為我們分析從長遠來看，從各個方面來看，這都會損害股東價值。真的會的。

Let me ask one other thing. We didn't do this on our own. We worked with very well known bankers. I won't mention the names a number of firms and I will tell you that was there also recommendation that we keep it compared to what it is, what's out there and from a shareholder perspective to you behind, because I've asked those questions explicitly, got it. Hopefully.

讓我問另一件事。我們不是自己做這件事的。我們與非常知名的銀行家合作。我不會提及一些公司的名稱，我會告訴你，是否還有建議我們將其與它的現狀、現有的情況以及從股東的角度進行比較，因為我已經問過這些問題明確，明白了。希望如此。

That answers your question. It.

這回答了你的問題。它。

Does, didn't mean to kick the hornet's nest, right? Is the was the last question of the call. But there we go.

難道，沒有捅馬蜂巢的意思吧？這是通話的最後一個問題。但我們就這樣吧。

Not kicking. I think H1stly we, we understand that perceived, but I, I would just ask people to look through the perceived through the reality of it. And to be very H1st, I am here to generate excellent returns for shareholders.

不踢。我認為首先我們理解感知，但我只是要求人們透過現實來審視感知。為了成為 H1st，我來這裡是為了為股東創造豐厚的回報。

I'm here to keep my people highly engaged and give them an opportunity and I'm here for my clients. And so I 130 years, I don't take lightly, I've been running the company for over 25 now and I've done everything in that regard. Not for the idea that I have a vested, you know, opinion on something that I will not challenge. So.

我來這裡是為了讓我的員工高度參與並為他們提供機會，我在這裡是為了我的客戶。所以我 130 年來，我並沒有掉以輕心，我經營這家公司已經超過 25 年了，我已經在這方面做了一切。不是因為我對我不會挑戰的事情有既定的看法。所以。

The only tell because what your premise was is certainly valid. But when we looked at auto and home and we disposed of that, we did our fixed annuity, we went in on the premise of ensuring shareholder value. So we have certainly taken risk off. This is one when analyzing it made no sense to do. And.

唯一的答案是因為你的前提肯定是有效的。但是當我們看到汽車和房屋時，我們處理了它們，我們做了固定年金，我們在確保股東價值的前提下進入。所以我們當然已經規避了風險。這是一個在分析時沒有意義的事情。和。

Let me look if the market matures in a way where there's more of an appetite from reinsurers, Walter, and I will be the first one that will evaluate that for an opportunity.

讓我看看市場是否成熟，再保險公司的胃口是否更大，沃爾特，我將是第一個評估這一機會的人。

I will look strategically at the business and I do that every year, every quarter. So I I'm not fighting you. I, I've asked the same questions, I'm challenged with the same, but I would just tell you, I'm not making this decision because I don't think it's the right decision to make. I'm making it because I think it is the right decision at this juncture at this time.

我將從策略角度審視業務，每年、每季都會這麼做。所以我不跟你鬥。我，我問過同樣的問題，我也面臨同樣的挑戰，但我只想告訴你，我不會做出這個決定，因為我認為這不是正確的決定。我之所以這麼做是因為我認為在此時此刻這是正確的決定。

Yeah, I mean, thanks. That was the spirit of the question and I think you addressed it thoroughly. So, thanks for sharing. Thank you.

是的，我的意思是，謝謝。這就是問題的實質，我認為你已經徹底解決了這個問題。所以，謝謝分享。謝謝。

And we have no further questions at this time. 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。