AXIS Capital Holdings Ltd (AXS) 2024 Q1 法說會逐字稿

Good morning, and welcome to the First Quarter 2024 AXIS Capital Earnings Conference Call (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 2024 年第一季 AXIS 資本利得電話會議（操作員說明） 請注意，活動正在錄製中。

I would now like to turn the conference over to Cliff Gallant with Investor Relations. Please go ahead.

我現在想將會議交給投資者關係部門的 Cliff Gallant。請繼續。

Thank you. Good morning, and welcome to our first quarter 2024 conference call. Our earnings press release and financial supplement were issued last night. If you'd like copies, please visit the Investor Information section of our website at axiscapital.com. We set aside an hour for today's call, which is also available as an audio webcast on our website.

謝謝。早上好，歡迎參加我們的 2024 年第一季電話會議。我們的收益新聞稿和財務補充資料已於昨晚發布。如果您需要副本，請造訪我們網站 axiscapital.com 的投資者資訊部分。我們為今天的電話會議預留了一個小時，該電話會議也可以在我們的網站上以音訊網路廣播的形式提供。

Before we begin, I would like to invite you all to attend our Investor Day being held the morning of May 30 in New York City and also webcast. If you would like an invitation to the call, please e-mail me at cliff.gallant@axiscapital.com. Joining me on today's call are Vince Tizzio, our President and CEO; and Pete Vogt, our CFO.

在我們開始之前，我想邀請大家參加 5 月 30 日上午在紐約舉行的投資者日活動以及網路直播。如果您想獲得電話會議邀請，請發送電子郵件至cliff.gallant@axiscapital.com。參加今天電話會議的還有我們的總裁兼執行長 Vince Tizzio；和我們的財務長皮特·沃格特。

In addition, I would like to remind everyone that the statements made during this call, including the question-and-answer section, which are not historical facts, may be forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions. Actual events or results may differ materially from those projected in the forward-looking statements due to a variety of factors, including the risk factors set forth in the company's most recent report on the Form 10-K or our quarterly report on the Form 10-Q and other reports the company files with the SEC.

另外，我想提醒大家，這次電話會議的陳述，包括問答部分，並非歷史事實，可能是前瞻性陳述。前瞻性陳述涉及風險、不確定性和假設。由於多種因素，實際事件或結果可能與前瞻性陳述中預測的事件或結果有重大差異，包括公司最新的 10-K 表報告或我們的 10-K 表格季度報告中列出的風險因素。以及公司向SEC 提交的其他報告。

This includes the additional risks identified in the cautionary note regarding the forward-looking statements in our earnings press release issued last night. We undertake no obligation to publicly update or revise any forward-looking statements.

這包括我們昨晚發布的收益新聞稿中有關前瞻性陳述的警示說明中指出的其他風險。我們不承擔公開更新或修改任何前瞻性陳述的義務。

In addition, non-GAAP financial measures may be discussed during this conference call. Reconciliations are included in our earnings press release and financial supplement.

此外，本次電話會議期間可能會討論非公認會計準則財務指標。調節表包含在我們的收益新聞稿和財務補充中。

And with that, I'll turn the call over to Vince.

然後，我會將電話轉給文斯。

Thank you, Cliff, and good morning, everyone. Thank you for joining our call. We had a very good start to the year with Q1 marking another strong underwriting quarter of profits and growth for AXIS. We continued to generate consistent double-digit ROE, combined ratios in the low 90s, profitable growth and book value per share growth.

謝謝克里夫，大家早安。感謝您加入我們的通話。今年第一季我們取得了良好的開端，標誌著 AXIS 承保季度的利潤和成長又表現強勁。我們持續維持兩位數的股本回報率、90 多歲的綜合比率、獲利成長和每股帳面價值成長。

Indeed, our team is playing offense and the positive momentum that we generated last year has continued into 2024 as we further elevated our financial performance across a number of indices. I'm very appreciative of my colleagues for their deep commitment to delivering consistent value creation while providing excellent service to our partners and customers.

事實上，我們的團隊正在積極進攻，隨著我們進一步提升多項指數的財務業績，去年產生的積極勢頭將持續到 2024 年。我非常感謝我的同事們堅定地致力於持續創造價值，同時為我們的合作夥伴和客戶提供卓越的服務。

Now I'd like to share some of the headlines for the quarter. In a quarter where industry catastrophe losses totaled nearly $20 billion, we produced an annualized ROE of 18.2%, a combined ratio of 91.1%. Importantly, our reserve position at the end of the quarter remains strong, and we feel very good about the actions we took in the fourth quarter.

現在我想分享本季的一些頭條新聞。在產業災難損失總計近 200 億美元的一個季度，我們的年化 ROE 為 18.2%，綜合成本率為 91.1%。重要的是，我們在本季末的儲備部位仍然強勁，我們對第四季採取的行動感到非常滿意。

We continue to achieve double-digit growth by capitalizing on favorable conditions across our chosen markets while exhibiting underwriting discipline and strong cycle management. In the quarter, we generated $2.7 billion in gross premiums written, 11% increase over the prior year. This included $669 million in new business premiums, a 27% increase as we continue to grow in our targeted markets while tapping into new sources of revenue.

我們利用所選市場的有利條件，同時展現承保紀律和強大的周期管理，繼續實現兩位數的成長。本季度，我們的毛保費收入為 27 億美元，比上年增長 11%。其中包括 6.69 億美元的新業務保費，隨著我們在目標市場不斷成長，同時開拓新的收入來源，成長了 27%。

Lastly, we reduced our GA ratio by 0.6 point compared to 1Q '23. These results evidence the strengthened path that AXIS is on. Throughout AXIS, there is a clear focus on advancing our strategy and achieving our financial objectives.

最後，與 23 年第一季相比，我們將 GA 比率降低了 0.6 個百分點。這些結果證明了 AXIS 正在走上更強大的道路。在整個 AXIS 中，明確的重點是推進我們的策略和實現我們的財務目標。

I'll briefly speak to several of the core elements that are underpinning our strategy. First, we continue to operate in attractive markets, making decisive choices on where and how to compete. And we're nimbly allocating our resources and capital.

我將簡要地談談支撐我們策略的幾個核心要素。首先，我們繼續在有吸引力的市場中運營，對競爭地點和方式做出決定性選擇。我們正在靈活地配置我們的資源和資本。

We live in an uncertain world where the risks our customers are facing are growing considerably and they're more complex. Our customers increasingly need tailored risk solutions in managing these exposures. As an example, in the quarter, our U.S. wholesale business saw a 31% increase in submission count with a broad range of exposures that require the technical know-how of our AXIS team and our resourcefulness in meeting our customer needs.

我們生活在一個充滿不確定性的世界，客戶面臨的風險大幅增加且更加複雜。我們的客戶越來越需要客製化的風險解決方案來管理這些風險。例如，在本季度，我們的美國批發業務的提交數量增加了 31%，涉及範圍廣泛，需要我們 AXIS 團隊的技術知識和我們滿足客戶需求的足智多謀。

As respect to pricing, in short-tail lines, which comprised 58% of our insurance business, during the quarter, we continued to enjoy good margins and are achieving rate in excess of trend. And as respect long-tail classes, in particular, primary and excess casualty, we are achieving rate that is comfortably ahead of trend. I'd note that these two classes have seen an acceleration of rate increases in our insurance business that were 12% during the quarter.

在定價方面，在占我們保險業務 58% 的短尾險種中，本季我們繼續享有良好的利潤率，並且實現了超過趨勢的利率。就長尾類別而言，特別是初級傷亡和超額傷亡，我們正在實現遠遠領先趨勢的比率。我要指出的是，這兩個類別的保險業務費率在本季加速成長了 12%。

Reflecting the current dynamic market conditions, we are continually cycle managing our business. Examples of steps we've taken include placing an increased focus on growing our short tail lines, where as noted earlier, we see strong premium adequacy in both new and renewal business, rate over trend and where we have the deep subject matter expertise to address our brokers and customers' needs.

為了反映當前動態的市場狀況，我們不斷循環管理我們的業務。我們採取的措施的例子包括更注重發展我們的短尾產品線，如前所述，我們看到新業務和續訂業務的保費充足性很強，費率高於趨勢，並且我們擁有深厚的主題專業知識來解決我們的經紀人和客戶的需求。

In property insurance, one of our key growth drivers, premium volume grew 28%, excluding terrorism, as compared to the prior year period with new business growing 54%. We recently repositioned our U.S. liability book through the refreshed leadership strategy and by exiting a number of underperforming segments and risks.

在財產保險（我們的主要成長動力之一）方面，保費收入與去年同期相比成長了 28%（不包括恐怖主義），新業務成長了 54%。我們最近透過更新的領導策略以及退出一些表現不佳的細分市場和風險來重新定位我們的美國負債表。

As we've discussed in past calls, within our professional lines book, we continue to view pricing as inadequate in public D&O and we're focused on growing premium adequate lines such as our London small D&O and E&O book and our U.S. private D&O business, which both produced double-digit increases during the quarter.

正如我們在過去的電話會議中所討論的，在我們的專業線路手冊中，我們仍然認為公共D&O 的定價不足，我們專注於發展優質的充足線路，例如我們的倫敦小型D&O 和E&O 線路以及我們的美國私人D&O 業務，本季均實現了兩位數的成長。

In cyber, we continue the strategic path of pivoting away from small and select delegated business where rates aren't acceptable, and risk mitigation is varied in favor of growing our book of large accounts. In the quarter, we grew U.S. large cyber by 34% and reduced our small and delegated book by 31%. Leveraging our reinsurance book, we continue to grow cyber by well over 100% albeit over a small expiring base. In short, we are focused on driving smart growth and a diversified book that produces strong underwriting income.

在網路方面，我們繼續採取策略路徑，遠離利率不可接受的小型和精選委託業務，並採取不同的風險緩解措施，以支持擴大我們的大客戶帳簿。本季度，我們的美國大型網路成長了 34%，小型和委託帳簿減少了 31%。利用我們的再保險帳簿，我們的網路業務繼續以超過 100% 的速度成長，儘管即將到期的基數很小。簡而言之，我們專注於推動明智的成長和多元化的圖書，以產生強勁的承保收入。

I'll now briefly speak to the progress that we're seeing within our underwriting segments. Our specialty insurance book continues to perform very well, achieving a combined ratio of 86.6%, record first quarter premium production of $1.6 billion and record first quarter new business premiums of $481 million.

我現在將簡要地談談我們在核保領域所看到的進展。我們的專業保險業務持續表現出色，綜合成本率達到 86.6%，第一季保費收入創紀錄地達到 16 億美元，第一季新業務保費創紀錄地達到 4.81 億美元。

Moreover, our underwriting income of $123 million was the highest ever reported on an accident year basis. This growth was fueled by double-digit premium increases across both our North America and London-based Global Markets Specialty Insurance division.

此外，我們的核保收入為 1.23 億美元，以事故年度計算是有史以來最高的。這一增長得益於北美和倫敦全球市場專業保險部門兩位數的保費增長。

Within North America, where AXIS is a leading player in the U.S. wholesale marketplace, key drivers of growth included U.S. property and U.S. excess casualty to just name two examples. These lines were up 43% and 23%, respectively, over the prior year period. In our Global Markets business, where we've both a top 10 leader at Lloyd's by capacity and are ranked as an outperforming syndicate, we continue to see year-over-year premium growth across a number of our lines. To name a few, global property, 32%; renewable energy, 16%.

在北美，AXIS 是美國批發市場的領先參與者，成長的主要驅動力包括美國房地產和美國過度傷亡，僅舉兩個例子。這些線路比去年同期分別成長了 43% 和 23%。在我們的全球市場業務中，我們的運力在勞合社中名列前十位，並且被評為表現優異的辛迪加，我們繼續看到我們許多產品線的保費同比增長。僅舉幾例，全球房地產佔 32%；再生能源，16%。

We're also tapping into new sources of revenue and moving with agility to capitalize on smart growth opportunities. This includes our April 1 launch of the first-ever Lloyd's syndicate to exclusively write energy transition risks. As the world continues to transition to cleaner energy forms, we're anticipating customers' emerging needs in a complex and shifting risk landscape.

我們也正在開發新的收入來源，並敏捷地利用明智的成長機會。這包括我們於 4 月 1 日推出的第一個勞合社集團，專門承保能源轉型風險。隨著世界繼續向更清潔的能源形式過渡，我們預計客戶在複雜且不斷變化的風險環境中會出現新的需求。

Within the U.S., we are seeing clear results of our concerted effort to grow our dedicated wholesale lower middle market unit, which produced a 28% increase in premium volume year-over-year. And we're growing our recently launched inland marine, U.S. marine cargo and U.S. construction business units, and we see plenty of opportunities on the horizon in adjacent geographies where we don't currently play.

在美國，我們看到了我們共同努力發展專門的中低端批發市場部門的明顯成果，保費銷量年增了 28%。我們正在發展最近推出的內陸海運、美國海運貨運和美國建築業務部門，我們在目前尚未涉足的鄰近地區看到了大量機會。

With respect to our reinsurance business, we continue to advance our strategy. Demand for our specialty solutions remains high as our 1/1 renewal showed. This included generating $114 million or 12% year-over-year premium growth during the quarter across targeted specialty lines, including credit and surety, workers comp, marine and cyber. We continue to navigate a competitive casualty market, and our approach remains one of disciplined underwriting. We have continued this trend into the April renewals. Pete will unpack our reinsurance results further.

再保險業務方面，我們繼續推進我們的策略。正如 1/1 更新所示，對我們專業解決方案的需求仍然很高。其中包括本季在信貸和擔保、工人補償、海事和網路等目標專業領域產生 1.14 億美元的保費成長，即年比 12%。我們繼續在競爭激烈的傷亡市場中航行，我們的方法仍然是嚴格的承保。我們將這種趨勢延續到四月的續訂中。皮特將進一步分析我們的再保險表現。

The results that we're generating across both our insurance and reinsurance businesses are grounded in the strength and depth of our distribution relationships. AXIS is being increasingly called upon by our customers for our tailored products, the expertise and acumen of our underwriters and the high-caliber service that we provide.

我們在保險和再保險業務中所取得的成果是基於我們分銷關係的強度和深度。我們的客戶越來越多地要求 AXIS 提供量身訂製的產品、承保人的專業知識和智慧以及我們提供的高品質服務。

Second, we continue to rigorously improve how we operate to become a more integrated, efficient company. As I've previously shared through our How We Work program, over the next several years, we are implementing operating model improvements, focused on enhancing organizational efficiency, making investments that empower our colleagues and optimize their productivity while improving service quality, accelerating growth and ensuring more consistent profitable returns are delivered.

其次，我們繼續嚴格改善我們的營運方式，成為一家更一體化、更有效率的公司。正如我之前透過「我們的工作方式」計畫分享的那樣，在接下來的幾年中，我們將實施營運模式改進，重點是提高組織效率、進行投資以增強同事的能力並優化他們的生產力，同時提高服務品質、加速成長和確保提供更穩定的獲利回報。

We're starting to see clear signs of the positive impact of how we work on our expense base. As an example, in the first quarter, we saw a reduction of 0.6 percentage point in our G&A ratio compared to the first quarter of '23. Indeed, we're becoming faster, smarter and more efficient, a theme that we'll discuss at our upcoming Investor Day on May 30.

我們開始看到明顯的跡象，表明我們的工作方式對我們的支出基礎產生了積極影響。例如，與 2023 年第一季相比，第一季的 G&A 比率下降了 0.6 個百分點。事實上，我們正​​在變得更快、更聰明、更有高效，我們將在即將到來的 5 月 30 日投資者日討論這個主題。

Third, we are continuing to invest in building strong capabilities in underwriting, claims and operations. In the past, I've discussed the work we are leaning into to enhance our operating models for claims and operations to more closely align with our underwriting business priorities, and these efforts are continuing to generate positive traction.

第三，我們持續投資建立強大的承保、理賠和營運能力。過去，我已經討論過我們正在致力於增強索賠和營運的營運模式，以更緊密地與我們的承保業務優先事項保持一致，這些努力正在繼續產生積極的推動力。

In claims, this work includes recruiting top talent to newly created positions to enhance our existing teammates while further optimizing our processes and enhancing our data and analytics capabilities. We're also continuing to strengthen the connectivity between claims, operations and our underwriting business teammates alongside the actuarial team.

據稱，這項工作包括招募頂尖人才擔任新設立的職位，以增強我們現有的團隊成員，同時進一步優化我們的流程並增強我們的數據和分析能力。我們也持續加強索賠、營運、核保業務團隊成員以及精算團隊之間的聯繫。

Within operations, we are streamlining the organization structure, deepening our digital and automation capabilities and partnering ever more closely with our brokers and our underwriting teams to facilitate the faster intake of submissions and improved response time while keeping with our risk appetite and ultimate profit objectives.

在營運方面，我們正在精簡組織結構，深化我們的數位和自動化能力，並與我們的經紀人和核保團隊更加緊密地合作，以促進更快地接受提交並縮短回應時間，同時保持我們的風險偏好和最終利潤目標。

With respect to people, we are continuing to attract great talent to complement our existing team. This includes the recent announcements of new leaders for our wholesale casualty, North American environmental team, North American E&O and U.S. construction units.

在人才方面，我們將繼續吸引優秀人才來補充我們現有的團隊。這包括最近宣布的批發傷亡人員、北美環境團隊、北美 E&O 和美國建築單位的新領導。

In addition, earlier this quarter, we onboarded a new Global Chief Information Officer, who is helping lead our internal efforts to drive business-enabling technology capabilities. We're also growing from within, including recent promotions in our Global Markets executive leadership team and the advancement of a new Chief Commercial Officer.

此外，本季度早些時候，我們任命了一位新的全球首席資訊官，他正在幫助領導我們的內部工作，以推動業務支援技術能力。我們也從內部成長，包括最近全球市場執行領導團隊的晉升以及新任首席商務官的晉升。

Lastly, we manage our capital efficiently. This involves our continued focus on maintaining a strong capital position and balance sheet, enabling us to fund profitable growth as well as by returning capital to our shareholders through common dividends and share repurchases. Pete will provide more details on this shortly.

最後，我們有效地管理我們的資本。這涉及我們繼續專注於維持強勁的資本狀況和資產負債表，使我們能夠為獲利成長提供資金，並透過普通股息和股票回購向股東返還資本。皮特很快就會提供更多細節。

In summary, 2024 is off to a very good start for AXIS. Our team is committed and energized. We look forward to speaking with you at our upcoming Investor Day on May 30 in New York and going into greater detail on many of these subjects.

總而言之，2024 年對 AXIS 來說是一個很好的開始。我們的團隊忠誠且充滿活力。我們期待在即將於 5 月 30 日在紐約舉行的投資者日與您交談，並就其中許多主題進行更詳細的討論。

I'll now turn the call over to Pete to discuss our financials.

我現在將電話轉給皮特，討論我們的財務狀況。

Thank you, Vince, and good morning, everyone. AXIS had very strong performance in the quarter. Our net income to common shareholders was $388 million or $4.53 per diluted common share, which resulted in an annualized ROE of 32.1% and drove our book value per diluted common share to $57.13 at quarter end. Our operating income was $220 million or $2.57 per diluted common share, the highest quarterly EPS in our company's history, which resulted in an operating ROE of 18.2%.

謝謝你，文斯，大家早安。 AXIS 在本季的表現非常強勁。我們為普通股股東帶來的淨利潤為 3.88 億美元，即每股稀釋普通股 4.53 美元，年化 ROE 為 32.1%，季末每股稀釋普通股帳面價值達到 57.13 美元。我們的營業收入為 2.2 億美元，即每股稀釋普通股 2.57 美元，這是我們公司歷史上最高的季度每股收益，營運 ROE 達到 18.2%。

I'll first address the Government of Bermuda's Income Tax Act and the provision referred to as an economic transition adjustment. After detailed analysis, we recorded a deferred tax asset of $163 million in the quarter. This amount was included in net income and excluded from operating income.

我將首先談談百慕達政府的所得稅法和經濟轉型調整的規定。經過詳細分析，我們在本季記錄了 1.63 億美元的遞延稅資產。此金額計入淨利潤，不計入營業收入。

Moving on to our consolidated results. Our company-wide gross premiums written grew 11.4% as we continue to see attractive pricing across most lines of business. Our current accident year loss ratio, ex cat and weather, was an excellent 56.4%. Importantly, our loss picks were consistent with the learnings from our in-depth reserve review conducted at the end of last year. Additionally, we did have exposure to the Francis Scott Key Bridge tragedy and this impacted the quarter ex cat and weather loss ratio by about 1.5 points with some loss in both segments.

延續我們的綜合業績。我們公司範圍內的毛保費增長了 11.4%，因為我們繼續看到大多數業務線的定價具有吸引力。我們目前的事故年損失率（除貓和天氣之外）為 56.4%，非常好。重要的是，我們的損失選擇與我們去年年底進行的深入儲備審查的教訓一致。此外，我們確實經歷了弗朗西斯斯科特基橋悲劇，這影響了季度的貓和天氣損失率約 1.5 個百分點，兩個部分都有一些損失。

Pretax cat and weather-related losses, net of reinsurance, totaled $19.8 million or 1.5 points in the quarter. We highlight that for the industry, the quarter was quite active with over $20 billion of global catastrophe losses, and our share of those losses was remarkably small.

稅前巨災和天氣相關損失（扣除再保險）總計 1,980 萬美元，即本季下降 1.5 個百分點。我們強調，對於該行業來說，本季非常活躍，全球災難損失超過 200 億美元，而我們在這些損失中所佔的份額非常小。

Prior period development was nil in the quarter, and we saw very little underlying movement by class of business and by accident year. Given how recently we undertook our deep dive reserve review, we are not surprised to see so little change. We remain highly confident in our reserve position.

本季的前期發展為零，而且我們看到按業務類別和偶然年份劃分的潛在變化非常少。鑑於我們最近進行了深入的儲備審查，我們對看到如此小的變化並不感到驚訝。我們對我們的儲備地位仍然充滿信心。

Our peak PMLs are large U.S. natural catastrophes, including a California earthquake or a Southeast hurricane. Each of these events remain well below 5% of shareholders' equity at the 1-in-250 year peril mark. While we are taking advantage of market opportunities and growing our insurance property book materially, given our outwards property treaty still has a $100 million event retention, our event PMLs have remained steady over the quarter.

我們的峰值 PML 是美國的大型自然災害，包括加州地震或東南颶風。這些事件中的每一項都遠低於股東權益的 5%，處於 250 年一遇的風險水準。雖然我們正在利用市場機會並大幅增加我們的保險財產帳簿，但考慮到我們的外發財產條約仍有 1 億美元的事件保留，我們的事件 PML 在本季度保持穩定。

The total expense ratio is 33.2%. And as Vince said, as we execute on how we work, we're confident that we'll see lower expenses in 2024. The quarter included $12.3 million of reorganization expense, which includes the cost of severance as we reduced head count in several areas.

總費用率為33.2%。正如 Vince 所說，隨著我們執行工作方式，我們有信心在 2024 年看到費用降低。

The consolidated acquisition cost ratio was 20.2%. This ratio was higher than the prior year quarter due to a couple of factors, most notably mix of business change favoring short tail lines in our insurance segment and the impact of higher profit commissions being paid on good performing business in the reinsurance segment.

綜合收購成本率為20.2%。這一比率高於去年同期，原因有幾個，最顯著的是我們保險部門的業務變化有利於短尾險，以及再保險部門表現良好的業務支付更高的利潤佣金的影響。

The consolidated G&A expense ratio, including corporate, was 13%, down from 13.6% a year ago, a favorable comparison, which we expect will continue as we execute on How We Work.

包括企業在內的綜合 G&A 費用率為 13%，低於一年前的 13.6%，這是一個有利的比較，我們預計隨著我們執行“我們的工作方式”，這種情況將持續下去。

Now let's move on and discuss our segment results in more detail. Insurance had a strong quarter. As Vince noted, gross premiums written were $1.6 billion, an increase of 11% compared to the prior year. Across most of our book, pricing remains highly adequate, and we see opportunity to put capital to work at attractive returns above our long-term targets.

現在讓我們繼續更詳細地討論我們的細分結果。保險業季度表現強勁。 Vince 指出，毛保費為 16 億美元，比上年增長 11%。在我們的大部分書中，定價仍然非常充足，我們看到了利用資本獲得高於我們長期目標的有吸引力回報的機會。

The insurance combined ratio was an outstanding 86.6%, including 2.1% of cat and weather-related losses. The current accident year loss ratio, ex cat and weather, was 52%, which compares to 52.2% in the prior year and continues to be consistent across recent quarters. Additionally, the acquisition cost ratio was up over the prior year, but again, consistent with recent quarters, reflecting mix of business change as we favor short tail lines.

保險綜合成本率高達 86.6%，其中包括 2.1% 的巨災和天氣相關損失。目前的事故年損失率（除貓和天氣之外）為 52%，而前一年為 52.2%，並且在最近幾季中繼續保持一致。此外，收購成本比率比去年有所上升，但與最近幾季一致，反映了我們青睞短尾線的業務變化組合。

Now let's move on to the reinsurance segment. The first quarter accounts for approximately 50% of our annual written premiums and gross premiums were up almost 12% in the quarter as we continue to build our specialist focused business. The quarter was helped by some timing on a few contract renewals, a number of which were new business in 2Q of last year.

現在讓我們轉向再保險領域。第一季約占我們年度承保保費的 50%，隨著我們繼續打造以專業為中心的業務，本季毛保費成長了近 12%。該季度得益於一些合約續約的時機，其中一些是去年第二季的新業務。

Our reinsurance team remains focused on the bottom line, and we are pleased with the much improved consistency in the results. A higher percentage of the rest of the year renewals is in liability lines where we are taking a more cautious and selective approach. And we would expect the full year growth for reinsurance to be in the mid-single-digit range.

我們的再保險團隊仍然專注於利潤，我們對結果一致性的顯著改善感到高興。今年剩餘時間的續約比例較高的是責任險，我們採取更謹慎和選擇性的方法。我們預計再保險的全年成長將在中個位數範圍內。

Net written premiums declined versus prior year quarter as we are ceding more business to our strategic capital partners. We would expect a ceding percent of approximately 35% to be maintained throughout the year.

由於我們將更多業務轉讓給策略資本合作夥伴，淨承保保費較去年同期下降。我們預計全年將維持約 35% 的讓出比例。

The reinsurance combined ratio was 95.8%, above what we consider normalized in the low 90s range. The ex-cat and weather loss ratio of 68% is up 5 points from prior year, being driven by 2 points of upward movement due to the impact of exiting the catastrophe and property lines of business and 3.5 points due to the Francis Scott Key Bridge tragedy in the quarter.

再保險綜合比率為 95.8%，高於我們認為的 90 年代低水準範圍內的正常水準。排除災難和天氣損失的比率為68%，較上年上升5 個百分點，這是由於退出災難和財產業務的影響而上升2 個百分點，以及由於弗朗西斯·斯科特基橋(Francis Scott Key Bridge)造成的上升3.5 個百分點本季的悲劇。

I highlight that our acquisition cost ratio of 23% is higher than the prior year quarter due mostly to the impact of profit commissions associated with loss sensitive features. This year, profit commissions added about 1 point to the acquisition cost ratio in the quarter, and we would expect a normalized 22% for the remainder of the year.

我強調，我們 23% 的購置成本比率高於去年同期，這主要是由於與損失敏感功能相關的利潤佣金的影響。今年，利潤佣金使本季的收購成本比率增加了約 1 個百分點，我們預計今年剩餘時間正常化後將達到 22%。

Moving on to investments. We had $167 million of net investment income, up 25% from the prior year in the quarter. The overall outlook is positive as our book yield on fixed income securities was 4.3% at quarter end, while the new money yield was 5.6%, and we continue to generate strong cash flow.

繼續投資。本季我們的淨投資收入為 1.67 億美元，比去年同期成長 25%。整體前景樂觀，季末我們固定收益證券的帳面收益率為 4.3%，而新資金收益率為 5.6%，我們繼續產生強勁的現金流。

Further, in the quarter, we returned $100 million to shareholders through $38 million of common dividends and $62 million of share repurchases. Given the substantial opportunities in our specialty markets, our priority for capital remains growing our profitable book of business as well as investing in our people, products and operating infrastructure.

此外，本季我們透過 3,800 萬美元的普通股利和 6,200 萬美元的股票回購向股東返還 1 億美元。鑑於我們的專業市場存在大量機會，我們的資本優先事項仍然是增加我們的獲利業務以及投資於我們的人員、產品和營運基礎設施。

In summary, this quarter and throughout the year, we continued to advance our strategic priority to deliver growth in book value. We are committed to building on our organizational progress and optimistic for the future.

總之，本季和全年，我們持續推進實現帳面價值成長的策略重點。我們致力於鞏固我們的組織進步並對未來持樂觀態度。

And with that, happy to take your questions.

至此，很高興回答您的問題。

(Operator Instructions) The first question is from Dean Criscitiello with KBW.

（操作員說明）第一個問題來自 KBW 的 Dean Criscitiello。

I was hoping to get a little bit more color on capital deployment. I know you just mentioned the share repurchases were strong in the first quarter. How could we think about share repurchases for the remainder of the year and next year, given that you said that you would prefer a preference for organic growth?

我希望在資本部署方面獲得更多的色彩。我知道您剛才提到第一季的股票回購很強勁。鑑於您表示更傾向於有機成長，我們如何考慮今年剩餘時間和明年的股票回購？

Dean, this is Pete. I'll take that. Right now, we really -- as we've talked about in the past, our #1 priority for capital use is growth of profitable business. We do feel and we do know our capital position is very strong right now and we will continue to utilize our current authorized amount of $100 million through the remainder of the year, and I would expect us to use that up over the course of the next few months.

迪恩，這是皮特。我會接受的。現在，正如我們過去談到的那樣，我們資本使用的第一要務是獲利業務的成長。我們確實感覺並且我們確實知道我們目前的資本狀況非常強勁，我們將在今年剩餘時間內繼續使用目前的 1 億美元授權金額，我希望我們能夠在接下來的過程中用完這筆資金幾個月。

As for other capital deployment, if there's any more actions when it comes to share buyback, we'll be talking with our Board in the next few weeks, and we'll consider other deployment for capital. But right now, we see very attractive opportunities in our insurance business, especially, and we really are looking to put capital to work in growing the insurance business.

至於其他資本部署，如果在股票回購方面還有更多行動，我們將在接下來的幾週內與董事會討論，我們將考慮其他資本部署。但現在，我們在保險業務中看到了非常有吸引力的機會，尤其是，我們確實希望投入資金來發展保險業務。

Dean, this is Vince Tizzio, just to add to Peter's answer. As we think about capital management in the company, we think about our toolkit in a number of different ways. Pete mentioned our share repurchase program, which we've exhausted some $60-odd million part of the $100 million.

Dean，我是 Vince Tizzio，我只是補充 Peter 的答案。當我們考慮公司的資本管理時，我們會以多種不同的方式考慮我們的工具包。皮特提到了我們的股票回購計劃，我們已經用完了 1 億美元中的約 60 多萬美元。

Additionally, Pete mentioned investing in the business. You saw the 11% growth that we put forward in the insurance business. You saw the inclusion of a number of new teammates. You saw the mention which is a complement to what we stated in the fourth quarter about new revenue sources. This all takes capital.

此外，皮特也提到了對該業務的投資。你們看到了我們提出的保險業務11%的成長。你看到了一些新隊友的加入。您看到了這一提及，這是對我們在第四季度所說的有關新收入來源的補充。這一切都需要資本。

And then finally, we have a How We Work program that's being undertaken and in its earliest of days. And that, too, will require capital expenditure as we continue to invest in the new capabilities that we're bringing to bear in order to bring more perfected efficiency to the organization as well as best -- better risk insights that ultimately drive better risk selection. Thank you for your question.

最後，我們正在實施一項「我們如何工作」計劃，該計劃處於早期階段。這也需要資本支出，因為我們將繼續投資於我們正在提供的新功能，以便為組織帶來更完美的效率以及最好的、更好的風險洞察力，最終推動更好的風險選擇。謝謝你的問題。

And my next one was on the insurance liability lines. I appreciate all the color you gave around the corrective actions you've taken in that book. But thinking about growth in the future, what sort of market dynamics are you looking to see in order to sort of reaccelerate growth within that book?

我的下一個是關於保險責任線的。我很欣賞您在那本書中所採取的糾正措施的所有色彩。但考慮到未來的成長，您希望看到什麼樣的市場動態才能重新加速該書中的成長？

Dean, this is Vince again. So firstly, we took a number of strong underwriting actions through the fourth quarter, extending into the first quarter, really in complement to the reserve strengthening action that we executed in the 4Q. That body of work continues.

迪恩，這又是文斯。首先，我們在第四季度採取了一系列強有力的承保行動，一直延續到第一季度，這實際上是對我們在第四季度執行的準備金加強行動的補充。這項工作仍在繼續。

Our leadership team in North America has worked very hard at reshaping the kind of classes that were willing to have a risk reward that we think is fair. In our primary casualty business in the quarter, we obviously did not grow that business. That was a purposeful action. Our excess casualty business grew, as I noted in my opening remarks, we have very different underwriting appetites between the two. We have very strong limit management in our excess casualty business and a very strong reinsurance program.

我們北美的領導團隊非常努力地重塑願意獲得我們認為公平的風險回報的階層。在本季我們的主要傷亡業務中，我們顯然沒有成長該業務。那是一次有目的的行動。正如我在開場白中指出的那樣，我們的超額傷亡業務有所增長，兩者之間的承保胃口截然不同。我們在超額傷亡業務中擁有非常強大的限額管理和非常強大的再保險計劃。

But direct to your question in the primary liability market, that will be a market that we act with caution. We're out in our primary channel distribution through wholesale. We're prosecuting a strategy with a redefined underwriting appetite, and it's a business that will be graduated over time.

但直接回答你在一級責任市場上的問題，那將會是我們謹慎行事的市場。我們的主要管道是透過批發進行分銷。我們正在實施一項重新定義承保胃口的策略，這項業務將隨著時間的推移而逐步完善。

The next question is from Josh Shanker with Bank of America.

下一個問題來自美國銀行的 Josh Shanker。

A couple of questions, I think mostly for Pete. I noticed on the fixed maturity portfolio there's a little step down in the yield in the quarter. Are we near the terminal yield for this portfolio? Or are there some quirks and that should continue to rise as you redeploy shorter or lower-yielding investments into higher-yielding investments?

有幾個問題，我想主要是問皮特的。我注意到固定期限投資組合本季的收益率略有下降。我們是否接近該投資組合的最終報酬率？或者是否存在一些奇怪的情況，並且當您將較短或較低收益的投資重新部署到較高收益的投資時，這種情況應該會繼續上升？

Thanks, Josh. This is Pete. Yes, we do expect with the current new money market yield being 5.6% that we will continue to see some increases in the fixed income yield through the rest of this year. That is our true expectation.

謝謝，喬許。這是皮特。是的，我們確實預計，當前新貨幣市場收益率為 5.6%，今年剩餘時間固定收益收益率將持續上升。這才是我們真正的期望。

I think some of the slowdown you're referencing is if you look sequentially, last year, as rates were rising, remember, we have about 15% of our portfolio in floaters, those reset much more quickly than the rest of the portfolio.

我認為你提到的一些放緩是如果你按順序看的話，去年，隨著利率上升，請記住，我們的投資組合中有大約15% 是浮動利率，這些浮動利率的重置​​速度比投資組合的其他部分快得多。

Those floaters have pretty much reset already. And that part of the curve where those floaters sit has been pretty flat for the last 90 to 100 days. And so we didn't get an uplift from the floaters but the rest of the portfolio will continue to see an uplift.

那些漂浮物幾乎已經重置了。在過去的 90 到 100 天裡，那些飛蚊症所在的曲線部分相當平坦。因此，我們沒有從浮動投資者中獲得提升，但投資組合的其餘部分將繼續看到提升。

And then when you exit a business, for a while, the paid losses exceed the incurred losses because you're paying out things, you're not writing new business. And that's generally the case in the reinsurance business. But the areas you exited are largely short tail. And the paid to incurred ratio remains elevated. When do you expect the reinsurance reserve position to normalize and start to build again?

然後，當你退出一家企業時，有一段時間，支付的損失超過了發生的損失，因為你是在支付東西，而不是在寫新業務。再保險業務通常就是這種情況。但你退出的區域大部分都是短尾的。支付與發生的比率仍然很高。您預計再保險準備金部位何時恢復正常並開始重新建立？

So Josh, this is Pete. I'll take a couple of questions. You've mentioned when will the reinsurance reserve position normalize again. I'd say the reinsurance reserves, we believe, are solid. And with all the actions we took at year-end, we're very comfortable with.

喬希，這是皮特。我會問幾個問題。您提到再保險準備金部位何時會再次正常化。我想說的是，我們認為再保險準備金是穩固的。對於我們在年底採取的所有行動，我們感到非常滿意。

When you look at the paid to incurred, you can remember the part of that incurred is on a net basis. And so the fact that we're now ceding more premium out in reinsurance actually has the net incurred number looking lower.

當您查看已付費用和已發生費用時，您可以記住，已發生費用部分是按淨額計算的。因此，我們現在在再保險中放棄更多保費的事實實際上使淨發生額看起來更低。

So just by the fact that we're paying out those claims from prior years is going to make the reinsurance ratio look odd for quite a number of quarters until that gets normalized. So part of what's driving that is the fact that we are ceding more out, and that's kind of hitting the denominator right now on the reinsurance side.

因此，僅憑我們支付前幾年的索賠這一事實，就會使再保險比率在相當多的季度內看起來很奇怪，直到其正常化為止。因此，造成這種情況的部分原因是我們放棄了更多的資金，這在某種程度上觸及了再保險方面的分母。

And how does the Monarch Re relationship impact that as well?

Monarch Re 關係對此有何影響？

Well, Monarch Re is one of our great trading partners right now, and we do cede to them where we were not ceding to them in prior years. And so that's one of the aspects of increasing the cede to 35% on the reinsurance side.

嗯，Monarch Re 現在是我們偉大的貿易夥伴之一，我們確實向他們讓出了我們前幾年沒有讓給他們的東西。這就是將再保險方面的讓出比例增加到 35% 的原因之一。

But does that mean that as long as you're ceding to them for a while, paid-to-incurred is going to be elevated for some time given that the net premiums are going to them instead of -- and the net losses are -- I guess because your net incurred will be smaller going forward because the higher proportion is going out to a reinsurance partner?

但這是否意味著，只要您將資金讓給他們一段時間，自付費用就會在一段時間內上升，因為淨保費將流向他們，而不是——而淨損失是—— - 我猜是因為您的淨支出未來會更小，因為更高的比例會流向再保險夥伴？

Yes. What we're saying is net earned premium is going to be lower. So net incurred is going to be lower. And then the pays are associated with where we've actually kept more of the business in the past. So it's going to be a bit of a change over the next probably good 6 to 8 quarters.

是的。我們的意思是淨賺保費將會降低。因此淨產生的費用將會更低。然後，薪酬與我們過去實際保留更多業務的地方相關。因此，在接下來的 6 到 8 個季度中，情況將會發生一些變化。

And then just bringing up full circle and thanks for all the questions, what does this mean for the long-term trend in the float in the company? Will it be stable for a while because you're paying out claims, because you're ceding more business and therefore, the float doesn't grow like it once did, if you were just holding everything and keeping all of your lines?

然後，回到原點，感謝大家提出的問題，這對公司流通股的長期趨勢意味著什麼？如果您只是持有所有資產並保留所有額度，那麼它會在一段時間內保持穩定嗎？

That is true when you think of just the reinsurance business, but overall, our cash flow continues to be nicely positive because overall, we're growing the business on a net written basis in total, Josh.

當你只考慮再保險業務時，情況確實如此，但總的來說，我們的現金流仍然非常積極，因為總體而言，我們正在以淨承保總額為基礎來增長業務，喬什。

The next question comes from Elyse Greenspan with Wells Fargo.

下一個問題來自富國銀行的艾莉絲‧格林斯潘。

My first question, I was hoping you could provide more details on like the repositioning in nonrenewals within your North America primary casualty portfolio. I know that was mentioned in the [trained press], but it was also confirmed by the company.

我的第一個問題，我希望您能提供更多細節，例如北美主要傷亡投資組合中非續約的重新定位。我知道[訓練有素的媒體]提到了這一點，但公司也證實了這一點。

And does that -- I think you addressed your reserves somewhat in the prepared remarks, but does that article also mention -- also allude to perhaps if you're non-renewing and repositioning that book, that you might choose to do another deeper dive into some of those reserves?

我認為你在準備好的評論中提到了你的保留意見，但是那篇文章是否也提到了——也許還暗示如果你不續訂並重新定位那本書，你可能會選擇進行另一次更深入的研究投入其中一些儲備金？

Elyse, this is Vince. I'm not certain what article you're referring to, but I can speak to what we're doing at AXIS in our primary casualty business and liability classes very specifically.

愛麗絲，這是文斯。我不確定您指的是哪篇文章，但我可以非常具體地談談我們在 AXIS 在主要傷亡業務和責任類別中所做的事情。

So first, as I noted already, as part of our reserve strengthening action, we examined liability classes, we identified a number of underperforming segments within our primary casualty business. We undertook a communication strategy with our wholesale business partners, indicating what our appetite and expectation would be around rate as well as our go-forward appetite.

因此，正如我已經指出的，作為我們儲備金強化行動的一部分，我們檢查了責任類別，並確定了我們主要傷亡業務中的一些表現不佳的部門。我們與批發業務合作夥伴採取了溝通策略，表明我們對價格的興趣和期望以及我們的未來興趣。

This business is being diversified in terms of class. It is continuing, that will obviously provide, in the near term, an impact to our top line production in that unit in the first quarter. As an example, primary casualty was down some 26-odd percent from the prior year. This is all part of the reshaping that's been expressly communicated to our business partners.

這項業務正在向類別多元化發展。它正在持續，這顯然會在短期內對該部門第一季的頂線生產產生影響。例如，主要傷亡人數比前一年下降了 26% 以上。這是我們已明確傳達給業務合作夥伴的重塑的一部分。

In respect to the reserve review, we feel very confident, as both Pete and myself expressed in our opening remarks about our reserve position. We have no concern whatever that's resulting from the first quarter. We're pleased with both the progression of our primary team advancing our new underwriting strategy. We're pleased with the courtesy of our communication strategy with our wholesale business partners. And so it will take time, but we have a number of other revenue sources to offset that growth.

關於儲備審查，我們感到非常有信心，正如皮特和我在關於我們儲備立場的開場白中所表達的那樣。我們不擔心第一季的結果。我們對我們的主要團隊在推進新承保策略方面取得的進展感到高興。我們對與批發業務合作夥伴的溝通策略感到滿意。因此，這需要時間，但我們有許多其他收入來源來抵消這種成長。

And then my second question, if we kind of normalize for the bridge losses, right, which went through the current accident year, I think my question is on the loss ratio with the current accident year loss ratios in both insurance and reinsurance. Are those good modeling points for the rest of the year?

然後我的第二個問題，如果我們對當前事故年的橋樑損失進行正常化，我認為我的問題是保險和再保險中當前事故年損失率的損失率。這些是今年剩餘時間的良好建模點嗎？

So Elyse, this is Pete. I'll take that question. I think, one, we don't give guidance, but what I would say is we expect the portfolio for the remainder of the year to be a lot like the portfolio we just had in the first quarter.

愛麗絲，這是皮特。我來回答這個問題。我認為，第一，我們不會提供指導，但我想說的是，我們預計今年剩餘時間的投資組合將與我們第一季的投資組合非常相似。

And then from a top line growth perspective, within insurance, kind of got back to the double-digit growth in the quarter. Does that feel like -- I know there's pushes and pulls to different business lines, but do you feel like you'll see kind of double-digit top line premium growth over the balance of the year?

然後從收入成長的角度來看，保險業在本季恢復了兩位數的成長。這是否感覺就像——我知道不同的業務線存在推動和拉動，但你是否覺得今年餘下的時間裡你會看到兩位數的頂線保費增長？

We don't provide guidance, but I think the guidepost I'd leave you with, and we've communicated in the past, is a range, right? We see a range in our insurance business somewhere between 7% and 12-odd percent of growth over the balance of 2024.

我們不提供指導，但我認為我留給您的路標（我們過去已經溝通過）是一個範圍，對吧？我們預計到 2024 年，我們的保險業務將成長 7% 到 12% 左右。

We have a number of new initiatives to source produce new revenue streams. We're fairly bullish in our existing premium adequate lines, which is our entire insurance portfolio at the aggregate level, but we're going to cycle manage, Elyse. And so we're not giving guidance, but we have an expectation of continuing to grow our insurance business. And we have a great leadership team and a number of new teammates to help support that ambition.

我們採取了許多新措施來尋找新的收入來源。我們對現有保費充足的保險相當樂觀，這是我們整個保險組合的總體水平，但我們將進行週期管理，Elyse。因此，我們不會提供指導，但我們期望繼續發展我們的保險業務。我們擁有一支出色的領導團隊和許多新隊友來幫助支持這項雄心壯志。

This concludes our question-and-answer session. I would like to turn the conference back over to Vince Tizzio for any closing remarks.

我們的問答環節到此結束。我想將會議轉回文斯·蒂齊奧 (Vince Tizzio) 發表閉幕詞。

Thank you again for joining us today. I'll express again my appreciation to the AXIS team for producing an excellent first quarter. We believe that the strong premium growth, new business generation that we're producing are signs of what is more to come. We're very pleased with the first quarter.

再次感謝您今天加入我們。我將再次向 AXIS 團隊表示感謝，感謝他們在第一季取得了出色的成績。我們相信，強勁的保費成長和我們正在產生的新業務是未來發展的跡象。我們對第一季非常滿意。

I want to thank all of you for taking time to join us today and we look forward to having the opportunity to speak with you in more detail at our Investor Day on May 30. Thank you very much.

我要感謝大家今天抽出時間加入我們，我們期待著有機會在 5 月 30 日的投資者日與你們進行更詳細的交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。