AXIS Capital Holdings Ltd (AXS) 2025 Q2 法說會逐字稿

Good day and welcome to the AXIS Capital second-quarter 2025 earnings conference call.

大家好，歡迎參加 AXIS Capital 2025 年第二季財報電話會議。

(Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Mr. Cliff Gallant, Head of Investor Relations and Corporate Development.

（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係和企業發展主管 Cliff Gallant 先生。

Please go ahead, sir.

先生，請繼續。

Thank you.

謝謝。

Good morning and welcome to our second-quarter 2025 conference call. Our earnings press release and financial supplement were issued last night. If you would like copies, please visit the Investor Information section of our website at axiscapital.com.

早上好，歡迎參加我們的 2025 年第二季電話會議。我們的收益新聞稿和財務補充文件已於昨晚發布。如果您需要副本，請造訪我們網站 axiscapital.com 的投資者資訊部分。

We set aside an hour for today's call, which is also available as an audio webcast on our website. Joining me on today's call are Vince Tizzio, our President and CEO; and Pete Vogt, our CFO.

我們為今天的電話會議預留了一個小時的時間，您也可以在我們的網站上收聽音訊網路廣播。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 Pete Vogt。

In addition, I would like to remind everyone that statements made during this call, including the question-and-answer session, which are not historical facts may be forward-looking statements. Forward-looking statements involve risks, uncertainties, and assumptions.

此外，我想提醒大家，本次電話會議（包括問答環節）中所作的陳述並非歷史事實，而可能是前瞻性陳述。前瞻性陳述涉及風險、不確定性和假設。

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 Form 10-Q and other reports the company files with the SEC. 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.

由於多種因素，包括公司最新的 10-K 表報告或 10-Q 表季度報告以及公司向美國證券交易委員會提交的其他報告中列出的風險因素，實際事件或結果可能與前瞻性陳述中的預測存在重大差異。這包括昨晚我們發布的收益新聞稿中關於前瞻性陳述的警告說明中指出的額外風險。我們不承擔公開更新或修改任何前瞻性聲明的義務。

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

此外，我們的非公認會計準則財務指標可能會在本次電話會議中討論。對帳內容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.

說完這些，我將把電話轉給文斯。

Thank you, Cliff.

謝謝你，克里夫。

Good morning and thank you for joining our call. This was an excellent quarter for AXIS as we continue to build on our sustained positive momentum, while achieving record performance across a range of indices.

早安，感謝您參加我們的電話會議。對於 AXIS 來說，這是一個出色的季度，我們繼續保持持續的積極勢頭，同時在一系列指數中取得了創紀錄的業績。

I'll begin by sharing several AXIS group results. We delivered an annualized operating return on equity of 19% in the quarter, record diluted book value per common share of $70.34, up 18.6% year over year. Operating earnings per share was an all-time high of $3.29, a 12% increase over the prior year quarter.

我將首先分享幾個 AXIS 組結果。本季度，我們實現了 19% 的年化營業股本回報率，每股普通股攤薄帳面價值創歷史新高，達到 70.34 美元，同比增長 18.6%。每股營業收益創歷史新高，達到 3.29 美元，較去年同期成長 12%。

We produced record second-quarter premiums of $2.5 billion, including $732 million in new business, and we generated a combined ratio of 88.9% Catastrophe events in the second quarter approximated an industry loss of $25 billion, and AXIS continued to manage its volatility profile by having just over 0.1 point of market share loss.

我們第二季的保費收入創歷史新高，達到 25 億美元，其中包括 7.32 億美元的新業務，綜合成本率為 88.9%。第二季的災難事件導致產業損失約 250 億美元，AXIS 繼續控制波動性，市佔率損失略高於 0.1 個百分點。

We are delivering strong results in a market that remains impacted by uncertainty stemming from trade disruption, tariffs, and geopolitical tensions, all of which can lead to inflation, rising loss costs, and impediments to growth. Notwithstanding, we continue to lean into the strategy that we shared with you at our Investor Day.

在貿易中斷、關稅和地緣政治緊張局勢等不確定性因素依然影響的市場中，我們取得了強勁的業績，所有這些都可能導致通貨膨脹、損失成本上升和成長受阻。儘管如此，我們仍將繼續堅持我們在投資者日與您分享的策略。

Let's now dig deeper into the performance of our segments, and we'll start with insurance. Our insurance segment again delivered an outstanding quarter, highlighted by a combined ratio of 83.2% and an overall combined ratio of 85.3%, record premium production of $1.9 billion, highlighted by 6.5% top line growth and $641 million in new premiums written with new business pricing achieving our hurdle rates.

現在讓我們更深入地了解各部門的表現，先從保險開始。我們的保險部門再次取得了出色的季度業績，綜合成本率為 83.2%，整體綜合成本率為 85.3%，保費收入創歷史新高，達到 19 億美元，其中營業收入增長 6.5%，新保費收入達到 6.41 億美元，新業務定價達到了我們的最低收益率。

Net written premium grew 8.1% in the quarter, and we generated underwriting income of $152 million, our highest on record.

本季淨承保保費成長 8.1%，承保收入達 1.52 億美元，創歷史新高。

In North America, we produced exceptional financial results with premiums up 8% over the prior year quarter. Submissions were up more than 22% and produce further improvements in our underwriting metrics against our quote, bind and policy service standards. Of note, our new and expanded product offerings continue to deliver productivity gains, including sustained growth in our lower middle market business.

在北美，我們取得了出色的財務業績，保費比去年同期上漲了 8%。提交量增加了 22% 以上，並進一步改善了我們的承保指標（根據我們的報價、約束和保單服務標準）。值得注意的是，我們新的和擴展的產品系列繼續帶來生產力的提高，包括中低端市場業務的持續成長。

In our Global Markets division, we continue to observe competitive market conditions, particularly in property. Our focus remains on selective growth, which in the quarter included our A&H and renewable energy businesses.

在我們的全球市場部門，我們持續觀察競爭激烈的市場狀況，尤其是房地產市場。我們仍然專注於選擇性成長，本季包括我們的 A&H 和再生能源業務。

We'll now discuss broader market conditions within insurance. We are competing across a series of micro markets, each with their own risk dynamics. In this environment, we are continuing to maintain premium adequacy across our aggregated portfolio as we cycle manage where needed while also leaning into attractive business lines.

我們現在來討論保險領域更廣泛的市場狀況。我們正在一系列微型市場中競爭，每個市場都有自己的風險動態。在這種環境下，我們將繼續保持整個投資組合的保費充足性，同時在需要時進行週期管理，同時也傾向於有吸引力的業務線。

It is our observation that the market broadly continues to be disciplined and rational, albeit competitive. But as mentioned at our Investor Day, we remain bottom line-focused and target business that meets our risk-adjusted return thresholds.

我們觀察到，儘管競爭激烈，但市場整體上仍保持紀律和理性。但正如我們在投資者日所提到的，我們仍然關注底線並瞄準符合我們風險調整回報門檻的業務。

Let's unpack this further. In Casualty, rates were up 12% in the quarter. We generated 14% increases in both rate and growth within our US excess casualty business. US primary casualty rates increased 12.5%. As respect to property, we produced flat to low single-digit growth with an 11% rate reduction overall. The go-to-market with eight underwriting units, spread across the globe, which are seeing varying degrees of competition and we benefit from the diversity of our customer segmentation in these units. Our portfolio remains highly premium adequate, maintains an average net limit in the low single digits, is well balanced in parallel and geographic mix and has treaty protection that attaches at $100 million per event.

讓我們進一步解釋一下。在意外險方面，本季費率上漲了 12%。我們的美國超額意外險業務的費率和成長率均提高了 14%。美國主要傷亡率增加了12.5%。就房地產而言，我們實現了持平至低個位數成長，整體降息 11%。該公司在全球擁有八個承保部門，這些部門面臨著不同程度的競爭，而我們則受益於這些部門客戶細分的多樣性。我們的投資組合仍然保費充足，平均淨額保持在較低的個位數，平行和地理組合均衡，並擁有每起事件 1 億美元的條約保護。

In Professional, we grew 15%. Our investment in new and enhanced products, including design professionals, Allied Health and Environmental are bearing fruit. As these lines are now consistently contributing to our growth. 50% of the growth in Professional came from E&O. We will continue to execute on our stated management liability product strategy ex public D&O.

在專業領域，我們成長了 15%。我們對新產品和增強型產品（包括設計專業人員、聯合健康和環境）的投資正在取得成果。由於這些產品線現在一直在為我們的成長做出貢獻。專業業務 50% 的成長來自 E&O。我們將繼續執行我們所述的管理責任產品策略（不包括公共 D&O）。

Finally, we would observe that D&O public pricing was virtually flat in the quarter, indicating that the potential floor has been reached. As respect cyber, the industry is navigating an evolving risk landscape where AI is enabling more sophisticated attacks with heightened frequency of midsized ransomware losses. Even with this loss activity, pressure in pricing has continued and is particularly acute from MGAs.

最後，我們觀察到本季 D&O 公開定價基本上持平，顯示已達到潛在底線。在網路方面，該行業正在應對不斷變化的風險形勢，其中人工智慧正在引發更複雜的攻擊，中型勒索軟體損失的頻率也在增加。即使有這種虧損活動，定價壓力依然存在，而且來自 MGAs 的壓力尤其大。

Within the Access portfolio, our underwriting standards remain vigilant and helping insurers protect themselves from ransomware matters. As previously reported, we continue to execute the reshaping of our cyber portfolio. In the quarter, we reduced our delegated Cyber book by $35 million and remain on track to complete this work by the end of the third quarter. We continue to invest in analytic capabilities to help inform our risk selection.

在 Access 產品組合中，我們的承保標準始終保持警惕，幫助保險公司保護自己免受勒索軟體的侵害。正如之前報導的那樣，我們將繼續重塑我們的網路投資組合。本季度，我們將委託的網路帳簿減少了 3500 萬美元，並預計在第三季末完成這項工作。我們將繼續投資分析能力，以幫助我們做出風險選擇。

We'll now move to reinsurance. We again delivered positive bottom line results as we maintained our commitment to generate consistent profitability and low volatility. In the quarter, we produced a combined ratio of 92%, underwriting income of $38 million. and specialty short-tail lines, a key area of our focus, contributed 37% of our book premiums in the quarter with attractive returns.

我們現在來討論再保險。由於我們堅持致力於實現持續盈利和低波動性，我們再次取得了積極的底線業績。本季度，我們的綜合成本率為 92%，承保收入為 3,800 萬美元。而作為我們重點關注的領域，專業短尾險種在本季度貢獻了我們帳面保費的 37%，並獲得了可觀的回報。

Our underwriting strategy in reinsurance is highly disciplined. As I've commented previously, we remain selective in professional and even more so than liability, particularly in North America, where despite positive rate momentum, ceding commissions are not commensurate with our portfolio progress.

我們的再保險承保策略非常嚴格。正如我之前所評論的，我們在專業領域仍然很挑剔，甚至比責任領域更是如此，特別是在北美，儘管利率勢頭良好，但轉讓佣金與我們的投資組合進展並不相稱。

A number of our cedents have begun enhancing their underwriting and claim processes. The progress observed will take time to be evident, and as such, we are managing our exposure in this line.

我們的許多分保人已經開始加強其承保和索賠流程。所觀察到的進展需要時間才能顯現出來，因此，我們正在管理這方面的風險。

Taken together, across our businesses, we're pleased with our sustained progress, underpinned by our ability to cycle manage, identify profitable growth pockets, and leverage our global product platform, while providing value to our distribution partners.

總的來說，我們對我們的業務的持續進步感到滿意，這得益於我們週期管理的能力、發現有利可圖的增長點以及利用我們的全球產品平台的能力，同時為我們的分銷合作夥伴提供價值。

Enabling our progress, we continue to make investments in our business through our How We Work program. By example, in the quarter, we further advanced the modernization of our underwriting pipeline, while leveraging emerging technology and AI. This includes enhancing our North American underwriting platform with several AI-powered services, deploying automated clearance capabilities to facilitate more straight-through processing and augmenting underwriting decisioning by leveraging third-party data to build a deeper understanding of our insurers.

為了取得進步，我們繼續透過「我們如何工作」計畫對我們的業務進行投資。例如，在本季度，我們進一步推進了核保管道的現代化，同時利用了新興技術和人工智慧。這包括透過多種人工智慧服務增強我們的北美承保平台，部署自動清算功能以促進更直接的處理，並透過利用第三方數據來增強承保決策，以更深入地了解我們的保險公司。

In closing, I remain highly encouraged by the consistent positive trends in our performance and the momentum that we've built. Underlying our strong execution is a focused and disciplined underwriting culture, a resilient and well-diversified book of business and an exceptionally skilled team. We believe we are very well efficient in the market, and we see ample opportunity for continued profitable growth as we leverage our specialty capabilities to help our customers navigate a dynamic risk environment.

最後，我們業績的持續正向趨勢和所建立的勢頭令我深受鼓舞。我們強大執行力的基礎是專注嚴謹的核保文化、有彈性且多元化的業務記錄以及一支技術精湛的團隊。我們相信我們在市場上非常高效，我們看到了持續獲利成長的充足機會，因為我們利用我們的專業能力來幫助我們的客戶應對動態的風險環境。

Finally, I'll extend my gratitude to my AXIS teammates for their outstanding efforts as we together help our company realize its specialty leadership aspiration.

最後，我要感謝我的 AXIS 隊友所做的傑出努力，我們共同幫助我們的公司實現了其專業領導願望。

I'll now pass the floor to Pete for his comments.

現在我將請皮特發表意見。

Thank you, Vince, and good morning, everyone.

謝謝你，文斯，大家早安。

AXIS had another excellent quarter. Our net income available to common shareholders was $216 million or $2.72 per diluted common share. And our operating income was $261 million or $3.29 per diluted common share, producing a 19% annualized operating return on common equity. This drove our book value per diluted common share to $70.34 at June 30, an increase of 18.6% over the past 12 months.

AXIS 又度過了一個出色的季度。我們普通股股東可獲得的淨收入為 2.16 億美元，即每股稀釋普通股 2.72 美元。我們的營業收入為 2.61 億美元，即每股稀釋普通股 3.29 美元，普通股年化營業報酬率為 19%。這使得我們每股攤薄普通股的帳面價值在 6 月 30 日達到 70.34 美元，比過去 12 個月增長了 18.6%。

I'll start with consolidated company underwriting highlights. Our gross premiums written of $2.5 billion were up 3.1% over the prior year quarter, with accelerating growth initiatives in insurance partially offset by an expected decline in reinsurance.

我將從合併公司承保亮點開始。我們的毛保費為 25 億美元，比去年同期成長 3.1%，保險業務加速成長的措施被再保險業務的預期下降部分抵銷。

Our combined ratio was excellent 88.9%, and our accident year loss ratio ex cat and weather was 56.4%. We Cat losses were just $37 million, producing a cat loss ratio of 2.6%. Cat losses were primarily driven by severe convective storms in the United States. We adhere to our philosophy of wanting to see sustained positive signals before releasing reserves. And we recorded a release of $20 million from the short-tail lines with $15 million in insurance and $5 million in reinsurance.

我們的綜合成本率達到 88.9%，除自然災害和天氣因素外，事故年度損失率為 56.4%。我們的 Cat 損失僅為 3,700 萬美元，損失率為 2.6%。巨災損失主要是由美國的強烈對流風暴造成的。我們堅持我們的理念，在釋放儲備之前希望看到持續的正面訊號。我們從短尾險中釋放了 2000 萬美元，其中包括 1500 萬美元的保險和 500 萬美元的再保險。

Our consolidated G&A ratio, including corporate, was 11.6%, up slightly from 11.4% a year ago, as we had onetime costs related to severance and made information technology investments in the quarter. In the prior year quarter, we had a below-the-line charge for reorganization expenses which included similar type costs.

我們的綜合 G&A 比率（包括公司）為 11.6%，略高於去年同期的 11.4%，因為我們在本季度產生了與遣散費相關的一次性成本並進行了資訊科技投資。在去年同期，我們的重組費用低於標準費用，其中包括類似類型的成本。

The investments we're making give us increased confidence that we will hit our full-year 2026 target of an 11% G&A ratio.

我們正在進行的投資讓我們更有信心實現 2026 年全年 11% 的 G&A 比率目標。

Now let's move on and discuss our segment results in more detail. Insurance had a strong quarter. Gross premiums written were $1.9 billion, a record quarter for insurance and an increase of 7% compared to the prior year quarter.

現在讓我們繼續更詳細地討論我們的細分結果。保險業本季表現強勁。毛保費收入達 19 億美元，創下保險業季度新高，較去年同期成長 7%。

As Vince mentioned, excluding the remediations in cyber, growth was just under 9%. As we told you before, we expect to complete the cyber remediation in the third quarter with approximately $20 million to $25 million remaining.

正如文斯所提到的，不包括網路補救措施，成長率略低於 9%。正如我們之前所說，我們預計將在第三季完成網路修復，剩餘資金約為 2000 萬至 2500 萬美元。

Property remains a very attractively priced book but there are growing rate pressures. And as you can see, we held the line with just 1% growth. As we have noted, we have a diversified property book spanning eight product lines. And in the quarter, E&S property, and global property were both down, but offset by other products, most notably renewable energy and UK property.

房地產的價格仍然非常具有吸引力，但利率壓力卻越來越大。如您所見，我們的成長率僅為 1%。正如我們所指出的，我們擁有涵蓋八條產品線的多元化房地產產品。本季度，E&S 房地產和全球房地產均出現下滑，但被其他產品（最明顯的是再生能源和英國房地產）所抵消。

Liability is where rate momentum is strongest, and we reported 17% growth with particular strength in US excess casualty. As Vince mentioned, in Pro lines, we had 15% growth, driven by new and expanded products, including Allied Health and Environmental and the 25% growth in A&H was driven by our pet product. Net written premiums were up 11%, excluding A&H, which has a new quota share for the pet product. Our net written premium growth is exceeding our gross premium growth due to decreased session rates as we retain more of the risks we know in light.

負債是費率動能最強的領域，我們報告稱其成長率為 17%，其中美國超額傷亡險的成長率尤其強勁。正如文斯所提到的，在專業系列中，我們實現了 15% 的增長，這得益於包括聯合健康和環境在內的新產品和擴展產品，而 A&H 的 25% 的增長則是由我們的寵物產品推動的。淨承保保費上漲 11%，不包括 A&H，後者對寵物產品有了新的配額份額。由於我們保留了更多已知的風險，導致承保費率下降，我們的淨承保保費增長超過了毛保費增長。

Overall, we're very happy with where we are positioned today as the pricing cycle advances. We're largely through remediation and some of the investments we've made in product development are beginning to gain traction. Driven by our enhanced product and service offerings, we expect new business growth to continue to be strong and with less headwinds of remediation, we may see growth in the second half of the year higher than the 6% we saw in the first 6 months of the year.

整體而言，隨著定價週期的推進，我們對目前的定位感到非常滿意。我們基本上已經完成了補救措施，我們在產品開發方面所做的一些投資也開始獲得關注。在我們增強的產品和服務的推動下，我們預計新業務成長將繼續保持強勁，隨著補救措施阻力的減少，我們可能會看到下半年的成長率高於今年前六個月的 6%。

To echo Vince, we are just beginning to see the matter as a global specialty leader. The insurance combined ratio was an outstanding 85.3%. The quarter included 3.6 points of cat and weather-related losses and 1.5 points of reserve releases from short-tail lines.

與文斯的觀點一致，我們作為全球專業領導者才剛開始關注此事。保險綜合成本率高達85.3%。本季度，巨災和天氣相關損失增加 3.6 個百分點，短尾險種儲備釋放增加 1.5 個百分點。

Now let's move on to Reinsurance segment, where the business is continuing to deliver stable, consistent and strong profitability. The second quarter typically is about 1/4 of our annual premium volume. Gross premiums were down 6.8% due in part to timing issues but also our underwriting discipline. For example, North America liability premiums were down 17% but exposures were down 28% as we've held back despite getting rate increases in this line.

現在讓我們來看看再保險部門，該部門的業務繼續提供穩定、一致和強勁的盈利能力。第二季的保費收入通常約占我們年度保費收入的四分之一。毛保費下降了 6.8%，部分原因是時間問題，但也是由於我們的承保紀律。例如，北美責任險保費下降了 17%，但風險敞口卻下降了 28%，因為儘管該險種的費率有所上漲，但我們仍保持了克制。

Growth areas have been in some highly profitable areas of credit and surety. For the full year, we expect flat to low single-digit premium growth. The reinsurance combined ratio was 92% with an ex cat accident year loss ratio of $67.9. Cats were just 0.1 point with 1.4 points of benefit from the reserve releases. As we discussed when we reported last quarter, we are taking a cautious stance in booking our reinsurance loss ratio something we expect to continue to do.

成長領域主要集中在信貸和擔保等一些利潤豐厚的領域。我們預計全年保費成長率將保持穩定至低個位數。再保險綜合成本率為92%，扣除巨災事故年度損失率為67.9美元。巨災事故損失僅0.1個百分點，而準備金釋放帶來的收益為1.4個百分點。正如我們在上個季度報告中所討論的那樣，我們在記錄再保險損失率時採取了謹慎的態度，我們預計這種情況會繼續發生。

We had a very good quarter for investment income at $187 million. The big thing in the quarter was the movement of approximately $2 billion out of cash for the closing of the LPT transaction. Please note that since the LPT closed towards the end of April, there was $4 million to $5 million benefit to net investment income from cash in the quarter that won't be repeatable.

本季我們的投資收益非常好，達到 1.87 億美元。本季的重大事件是，為完成 LPT 交易而動用了約 20 億美元現金。請注意，自 LPT 於 4 月底關閉以來，本季的現金淨投資收益為 400 萬至 500 萬美元，且不會重複。

For our alternatives, we had another better-than-expected quarter. It benefited from FX, and we would once again to say that the quarter's result is about double what we would expect on a more normal run rate.

對於我們的替代方案，我們又經歷了一個好於預期的季度。它受益於外匯，我們再次表示，本季的業績大約是我們在更正常的運行率下預期的兩倍。

Our outlook for investment income remains favorable as we continue to generate excellent operating cash flow and the market yield of 5% is above our 4.6% book yield as of June 30.

由於我們持續產生出色的營運現金流，截至 6 月 30 日，5% 的市場收益率高於 4.6% 的帳面收益率，因此我們對投資收益的前景依然看好。

Our effective tax rate of 20.1% in the quarter reflects the geographic mix of our profits. And as a reminder, Bermuda is now a 15% corporate tax rate jurisdiction. We expect the full year tax rate to be in the high teens. Despite the gyration of the financial markets, we remain in a very strong capital position. The priority for capital is to advance our strategic goals.

本季我們的有效稅率為 20.1%，反映了我們利潤的地理分佈。需要提醒的是，百慕達目前的企業稅率為 15%。我們預計全年稅率將達到百分之十幾。儘管金融市場波動，我們的資本狀況仍然非常強勁。資本的首要任務是推動我們的策略目標。

And in the first half of the year, we executed on that priority by funding growth opportunities, including the hiring of new teams and by investing in our digital and analytical capabilities. We also have returned substantial capital to our shareholders this year. And despite not being too far off our all-time highs, we are opportunistically buying back our stock, which we view to be a very attractive use of capital today.

今年上半年，我們透過資助成長機會（包括招募新團隊以及投資我們的數位和分析能力）來實現這一優先事項。我們今年也向股東返還了大量資本。儘管距離歷史最高點並不遙遠，我們仍在伺機回購股票，我們認為這是目前非常有吸引力的資本利用方式。

In the quarter, we completed $50 million of share repurchases and declared $35 million in common dividends. We have $110 million remaining on our repurchase authorization. While 2025 has been headlined by turbulent financial markets, AXIS's results have been stable, consistent and at record levels. We have spent considerable effort over the past two years under Vince's leadership to make AXIS a stronger, better, more valuable company. We've invested in talent, built out our product offering, improved our service capabilities, got it through some painful reunderwriting, strengthened our reserve and capital positions and executed on the How We Work program, all to make AXIS faster and more effective while being more expense efficient. While we are cognizant of the pricing cycle, we believe that challenging times will suit us well and give us the opportunity to truly separate ourselves from the pack.

本季度，我們完成了 5,000 萬美元的股票回購，並宣布發放 3,500 萬美元的普通股股息。我們的回購授權還剩餘 1.1 億美元。儘管 2025 年的金融市場動盪不安，但 AXIS 的表現卻保持穩定、一致，並達到創紀錄的水平。過去兩年，在文斯的領導下，我們付出了巨大的努力，使 AXIS 成為更強大、更好、更有價值的公司。我們投資人才、拓展產品供應、提高服務能力、度過痛苦的重新承保階段、加強儲備和資本狀況、執行「我們如何工作」計劃，所有這些都是為了讓 AXIS 更快、更有高效，同時更加節省成本。雖然我們了解定價週期，但我們相信充滿挑戰的時期將非常適合我們，並讓我們有機會真正脫穎而出。

With that, we'd be happy to take your questions.

我們很樂意回答您的問題。

(Operator Instructions) Andrew Kligerman, TD Cowen.

（操作員指示） Andrew Kligerman，TD Cowen。

Hey, good morning.

嘿，早安。

So my first question is on the Insurance segment, where gross written premium, we still have a nice 6.5% net written up 8% due to decreased session rates. And if I look at your written premium growth, I note that -- about a third of it is ceded. So my question is, how are you thinking about sessions a few years down the road? I mean, the third is a lot to see, do you see that coming down materially? How much?

因此，我的第一個問題是關於保險領域的，由於會話費率下降，我們的總承保保費仍然有 6.5% 的淨承保保費增加了 8%。如果我看一下您的已承保保費增長情況，我會注意到 - 其中約三分之一是轉讓的。所以我的問題是，您對幾年後的會議有何看法？我的意思是，第三個有很多值得關注的地方，你認為它會出現實質的下降嗎？多少？

And yes.

是的。

Andrew, this is Vince.

安德魯，這是文斯。

Look, broadly speaking, our reinsurance strategy is a composite of many factors. And as you know, as a specialist, given the breadth of our product offering, given the customer segmentation that we are aiming to pursue and penetrate. Our strategy will remain agile. In the last couple of years, we've repositioned our reinsurance purchase strategy to comport with our view of risk, the internal capabilities that are enhancing our underwriting risk selection, the increased capital position of our company, the ability to manage our expenses in a different manner than our historical path, while I won't predict the next several years.

從廣義上講，我們的再保險策略是多種因素綜合而成的。如您所知，作為專家，考慮到我們提供的產品範圍廣度，考慮到我們旨在追求和滲透的客戶細分。我們的策略將保持靈活。在過去的幾年裡，我們重新定位了我們的再保險購買策略，以符合我們對風險的看法、增強我們承保風險選擇的內部能力、增強我們公司的資本狀況、以不同於歷史路徑的方式管理我們的費用的能力，但我不會預測未來幾年的情況。

What I will say expressly is that you should expect our reinsurance purchase strategy to remain agile, flexible and to comport to our view of risk and all the other factors that we take into account, as I mentioned, capital, certainly expenses and our view of risk. I would say at the moment, as I've said previously, we have high confidence in the Insurance segment business generally.

我要明確說的是，您應該期望我們的再保險購買策略保持敏捷、靈活，並符合我們對風險的看法以及我們考慮的所有其他因素，正如我提到的，資本，當然還有費用和我們對風險的看法。我想說的是，正如我之前所說，目前我們對保險業務總體上充滿信心。

And as you know, in this quarter, with the exception of our cyber business, each of our businesses grew. And so we're pleased with both the financial results and more specifically to your question, we're comfortable with our current reinsurance purchase strategy. We won't predict the future, as you highlight in a number of years, but what I would say to you is, remember, we'll be flexible and comfort our strategy to our underwriting view of risk.

如您所知，本季度，除了網路業務外，我們的其他業務均實現了成長。因此，我們對財務結果感到滿意，更具體地說，對於您的問題，我們對目前的再保險購買策略感到滿意。正如您在幾年後所強調的那樣，我們不會預測未來，但我想告訴您的是，請記住，我們將保持靈活性並使我們的策略適應我們的承保風險觀點。

That sounds very thoughtful. And then, just shifting over to reinsurance. So I note that the accident year loss ratio went to 68% from 64.5%. And you've highlighted a cautious stance on reserving given uncertainty in the environment. Do you feel like the loss ratio now and the reserving process is where you want it to be going forward or is there a chance that you could get increasingly conservative given what we're seeing with social inflation.

聽起來很周到。然後，轉向再保險。因此我注意到事故年度損失率從 64.5% 上升到了 68%。鑑於環境的不確定性，您強調了對儲備的謹慎立場。您是否認為現在的損失率和準備金流程符合您的預期，或者考慮到目前社會通膨的情況，您是否有可能變得更加保守。

Yes. Thank you. I'll start and Pete certainly come in over me.

是的。謝謝。我先開始，然後皮特一定會接替我。

I think, first, please observe that this ratio -- this loss ratio is fairly consistent with what Pete guided to in the first quarter. And as it relates to our reserve position, obviously, we take a very active management and a consistent philosophy around our reserving.

我認為，首先，請注意這個比率——這個損失率與 Pete 在第一季的指導相當一致。就我們的儲備部位而言，顯然，我們對儲備採取非常積極的管理，並秉持一致的理念。

As I noted in my prepared remarks, Andrew, within casualty, liability, North America, in particular, we remain highly selective, highly prudent, and we are observing, as I observed the commission -- ceding commission levels not being commensurate. So what I think you can infer is we'll probably hold around the 68 certainly through the balance of 2025.

正如我在準備好的發言中提到的那樣，安德魯，在傷亡、責任，特別是在北美，我們仍然高度選擇性，高度謹慎，而且我們觀察到，正如我所觀察到的，佣金水平並不相稱。因此，我認為您可以推斷，到 2025 年，我們大概會將這一數字保持在 68 左右。

And I think more broadly, as you know, within reinsurance, this is a very clear mandate from our leadership that runs the business. This is a bottom line focused business unit. They are certainly resisting the temptation of a number of opportunities to gross line the business. 37%-odd of the premium came from our short-tail specialty lines. We feel very good about the execution of that team. We're highly observant about the changing risk landscape in North America, in particular, in liability.

我認為，從更廣泛的角度來看，如您所知，在再保險領域，這是我們經營業務的領導層的一項非常明確的授權。這是一個注重底線的業務部門。他們當然會抵抗住眾多增加業務毛利的機會的誘惑。 37%左右的保費來自我們的短尾特色產品線。我們對團隊的表現感到非常滿意。我們密切關注北美不斷變化的風險格局，尤其是責任風險。

I don't know, Pete, if you want to come over the top of that.

我不知道，皮特，你是否想超越這一點。

No. I think you said it well, Vince. I would say we're very consistent with what we did in the first quarter where we did move up some loss picks in our specialty lines. We held that in the second quarter. And on our casualty lines, we've been very consistent for the last year, and we haven't really changed our view of risk there right now.

不。我認為你說得很好，文斯。我想說的是，我們與第一季的做法非常一致，我們確實提高了專業線中的一些虧損選擇。我們在第二季度舉行了這項活動。就我們的傷亡險而言，去年我們的策略一直非常一致，目前我們對此的風險看法並沒有真正改變。

So I would expect it to stay right around that level for the rest of the year, Andrew.

因此，我預計今年剩餘時間內它將保持在該水平左右，安德魯。

Charlie Lederer, BMO Capital Markets.

Charlie Lederer，BMO 資本市場。

Hey, thanks.

嘿，謝謝。

So, Vince, you pointed out the diverse series of markets AXIS has faced with today. Can you help us understand why the pricing is ahead of loss cost and insurance and then separately the same question for reinsurance.

那麼，文斯，您指出了 AXIS 如今面臨的一系列多樣化市場。您能否幫助我們理解為什麼定價領先於損失成本和保險，然後分別針對再保險提出相同的問題。

Yes. I think what I would say, Charlie, first, is that we are continuing to observe a changing rate landscape environment, clearly, in the line of focus, certainly liability, casualty, we comfortably our pricing well ahead of trend. As you know from our financial results, the property environment has driven our short-tail line pricing deterioration in relevant parts.

是的。查理，首先我想說的是，我們正在繼續觀察不斷變化的利率環境，顯然，在重點關注方面，當然是責任險和意外險，我們的定價遠遠領先於趨勢。從我們的財務表現您可以看出，房地產環境導致我們相關部分的短尾定價惡化。

Having said that, as I noted in my opening remarks, the premium adequacy of the aggregate portfolio remains excellent.

話雖如此，正如我在開場白中指出的那樣，整體投資組合的保費充足性仍然非常好。

And I guess just my follow-up. So looking at Page 18 of the supplement, wondering, just with all the changes in mix, if you could unpack I guess, what we're seeing in terms of paid loss and IBNR trends in the Insurance segment.

我想這只是我的後續行動。因此，請查看補充資料第 18 頁，想知道，在所有這些組合變化的情況下，您是否可以解釋一下，我們在保險領域的已付損失和 IBNR 趨勢方面看到了什麼。

Yes, happy to. Thank you. So first of all, this business, as you know, has been growing reasonably well over the last couple of years. Secondly, and more particularly in the quarter, we had a number of over year claim payments made that certainly added to the paid to incurred ratio.

是的，很高興。謝謝。首先，如您所知，這項業務在過去幾年裡一直成長得相當好。其次，更具體地說，在本季度，我們進行了大量的索賠支付，這無疑增加了已付與已發生比率。

Third, as you know, this ratio can be quite noisy from quarter-to-quarter. And so we observe it over a continuum of time. I think importantly, for you and our shareholders, our conservative reserving approach and methodology will remain consistent. The underlying metrics that we're observing through the variety of tools that we use remain favorable in our point of view.

第三，如你所知，這個比率在各個季度之間可能會有很大差異。因此，我們會在一段時間內對其進行連續觀察。我認為重要的是，對於您和我們的股東而言，我們的保守儲備方式和方法將保持一致。從我們的角度來看，透過使用各種工具觀察到的底層指標仍然是有利的。

Finally, and consistent with our How We Work program, we've made a number of investments in our claims organization, processes, people, tools, all of which is aiming toward a more effective and efficient claims process. And so, we look through those numbers within our reserve I just as you, we feel very comfortable with why the numbers are what they are. Pete, I don't know if you want to come in over the top.

最後，根據我們的工作方式計劃，我們對索賠組織、流程、人員、工具進行了大量投資，所有這些都是為了實現更有效、更有效率的索賠流程。因此，我們查看了儲備中的這些數字，就像您一樣，我們對這些數字的原因感到非常滿意。皮特，我不知道你是否想加入進來。

The only thing I'd add is a couple of things.

我唯一想補充的是幾件事。

When you're looking at that just in the quarter, as Vince mentioned, there is some, I'll call it, volatility that can happen from quarter-to-quarter. But we did have some large -- larger older claims get paid in the quarter. And also, we paid out a fair amount of our wildfire claims from the first quarter in the second quarter, which was really good to get our claims people getting those payments to our clients very quickly because they're indefinite need of that. So we did see an uptick in our wildfire claims, and that came through in the second quarter, too.

正如文斯所提到的那樣，當你只關注本季的情況時，你會發現季度與季度之間可能會出現一些波動。但本季我們確實有一些大額——較大的舊索賠得到了賠付。此外，我們在第二季支付了第一季相當一部分的野火索賠，這對於讓我們的索賠人員能夠非常迅速地將這些款項支付給我們的客戶非常有利，因為他們無限期地需要這筆款項。因此，我們確實看到野火索賠數量有所上升，而且第二季度也出現了這種情況。

But to your point, to Vince's point, it's a metric that we look at and we digest every quarter and make sure that it's in line with our expectations and understand any differences. I would say, overall, our ADE is tracking as expected this year, and our overall reserve process remains very, very consistent.

但正如你和文斯所說，這是我們每季都會注意和消化的一個指標，確保它符合我們的預期，並了解任何差異。我想說，總體而言，我們的 ADE 今年的走勢與預期一致，而且我們的整體儲備流程仍然非常一致。

Got it.

知道了。

And if I could just sneak one more in. Just on the expense ratio in insurance, I guess, the trends kind of changed up a little bit as far as the acquisition cost start move down while it was going up previously and the opposite on the G&A side. Can you help us understand, I guess, what your event and whether we should expect that to continue in the back half?

如果我能再偷偷溜進去一個就好了。就保險費用率而言，我猜趨勢有點變化，因為收購成本開始下降，而之前是上升的，而一般及行政費用方面則相反。我想，您能否幫助我們了解您的活動是什麼，以及我們是否應該期待它在下半場繼續進行？

Yes, this is Pete. I'll handle that, Charlie. On the G&A ratio, I think you're just looking at the quarter-to-quarter last year, I would remind everyone, we did take a restructuring charge. And so there were some expenses that were put below the line with that. So I would look more year-to-date.

是的，這是皮特。我會處理的，查理。關於一般及行政開支比率，我想你只是在看去年的季度環比情況，我想提醒大家，我們確實承擔了重組費用。因此，有些費用低於該限額。所以我會更專注於今年迄今為止的情況。

If you look year-to-date, the G&A ratio for insurance is actually down -- I'm sorry, it is actually down about 0.5 point and that is going in the right direction. So overall, we feel good about where we are, and we're on track to hit our 11% next year for the entire company. So I'd say that overall.

如果你看一下今年迄今為止的情況，你會發現保險的 G&A 比率實際上是下降的——抱歉，實際上下降了約 0.5 個百分點，這是朝著正確的方向發展的。總體而言，我們對目前的狀況感到滿意，我們預計在明年實現整個公司 11% 的成長率。所以整體來說我是這樣說的。

But for insurance generally, the acquisition cost is down a little bit. I would expect it to still be in that high 19s right around 20% for the rest of the year. It's down a bit because we're getting some better ceding commissions on our quota shares. So as we renewed our quota shares, we're getting good ceding commissions. And also, we have a little bit less as we talked about cyber, we got out of some some of our MGA relationships. So that's actually helping on the acquisition cost there a little bit.

但對於一般保險而言，收購成本略有下降。我預計今年剩餘時間內該比率仍將維持在 19% 左右的高點。有所下降是因為我們在配額份額上獲得了更好的轉讓佣金。因此，當我們更新配額份額時，我們獲得了豐厚的轉讓佣金。而且，當我們談論網路時，我們擺脫了一些 MGA 關係。所以這其實對收購成本有一點幫助。

I think the bumpers to compete is, one, we're both affirming our '26 GA target. Secondly, we're doing exactly as we said, we're continuing to invest in the business. It will move. It will gyrate I think, is the word Pete used in the past from quarter-to-quarter. We're very pleased with the progression of our GA target.

我認為競爭的條件是，第一，我們都確認了我們的 26 年 GA 目標。其次，我們正如我們所說的那樣，我們將繼續對該業務進行投資。它會移動。我認為它會旋轉，這是皮特過去每個季度都使用過的詞。我們對 GA 目標的進展感到非常滿意。

Andrew Andersen, Jefferies.

安德魯·安德森（Andrew Andersen），傑富瑞集團（Jefferies）。

We've heard some discussion around MGAs this quarter just around pricing. Maybe you could just talk about AXIS' approach to MGAs, maybe how that's changed and where you see your appetite there?

本季我們聽到了一些有關 MGA 定價的討論。也許您可以談談 AXIS 對 MGA 的態度，也許它發生了怎樣的變化，以及您對此有何興趣？

Andrew, it's Vince. Well, certainly, since the charge back in December 2023, we have put in place a renewed underwriting strategy with respect to MGAs. I think for context sake, our organization in the quarter had about 30%-odd of the premium come from MGAs. It is a highly selective, highly disciplined strategy. I would comment in North America, which has had the brunt of the change in the philosophy of use.

安德魯，我是文斯。嗯，當然，自 2023 年 12 月收費以來，我們已經針對 MGAs 制定了新的核保策略。我認為，從背景來看，我們組織本季約有 30% 的保費來自 MGAs。這是一個高度選擇性、高度自律的策略。我想對北美進行評論，北美在使用概念上的變化最為劇烈。

The leadership there has a very defined strategy that is complementary to our overall underwriting strategy. In North America, it's about 14% of our business in the second quarter.

那裡的領導層有一個非常明確的策略，與我們的整體核保策略相補充。在北美，它約占我們第二季業務的 14%。

Look, we see a competitive use of MGAs under select circumstances. We equally observed some of the challenge that they present in classes like cyber and in property where often, we're not seeing commensurate pricing that we think is worthy of competing with. And we have a more fulsome value proposition, right? We're an underwriting organization with a dedicated claims organization and infrastructure to support our underwriters and the view of risk that we have.

你看，我們看到在特定情況下 MGAs 的競爭性使用。我們同樣觀察到他們在網路和財產等領域面臨的一些挑戰，在這些領域，我們常常看不到我們認為值得競爭的相應定價。我們有一個更全面的價值主張，對嗎？我們是一家承保機構，擁有專門的索賠機構和基礎設施來支持我們的承保人和我們的風險觀點。

So the bumper sticker is, our strategy within MGAs is certainly bottom line focused, alignment of interest in any of those instances that we use, MGAs. And on the competitive landscape side, we observe them very carefully, and we have not competed on price in many instances and are willing to trade for bottom line over volume, and that is the approach that we'll continue to execute against in our company.

因此，保險桿貼紙是，我們在 MGA 中的策略肯定是以底線為重點的，在我們使用的任何情況下，MGA 的利益都是一致的。在競爭格局方面，我們非常仔細地觀察它們，在許多情況下我們並沒有在價格上競爭，而是願意以底線而不是數量來交易，而這正是我們將繼續在公司中執行的方法。

And on the reinsurance side, showing some discipline there, and I don't think you're alone in those comments in that approach. But perhaps where are we with the cedents enhancing their underwriting and their claims? Are we in the second inning? Are we in the seventh -- and kind of what further progress would you need to be to get a bit more interested in reinsurance liability growth?

在再保險方面，表現出一些紀律，我認為你並不是唯一一個這樣評論的人。但也許我們在哪裡可以加強承保和索賠？我們進入第二局了嗎？我們處於第七個階段嗎？您還需要哪些進一步的進展才能對再保險責任成長產生更多興趣？

This is a subject that Anne and the team and I, we talk about a lot. I think that we see mid-innings, but it's hard to attach and overall because, as you know, we're a pick your partner underwriting company and reinsurance. And the team works deliberately and earnestly are trying to understand the evolving changes that are going on within the underlying cedings portfolio. The interaction model and communication is vibrant. And I would say you'd have to acknowledge if you look at the cumulative environment since '24, the number of companies that have taken action in strengthening their liability reserves.

這是我和安妮以及團隊經常討論的話題。我認為我們看到了中局，但很難附加，總的來說，因為如你所知，我們是一家挑選你的合作夥伴承保公司和再保險公司。團隊認真而刻意地努力嘗試了解基礎轉讓組合中正在發生的變化。互動模式和溝通充滿活力。我想說，如果你看看自 24 年以來的累積環境，你必須承認，有許多公司已經採取行動加強其責任準備。

It stands to reason that there's comfort that needs to be evident in a statistically repeatable way before we think the trade is worth leaning into. And at the moment, we just don't feel it as a general matter. That doesn't mean we won't selectively grow, but we're going to pick our partner. We're going to look at the trade and the balance of fairness and accuracy and we want to see the evidence of the changes that are being spoken about revealed in our interactions, and that will come through both data and our oral communications with our cedents. So that's the course that we're going to say.

照理說，在我們認為這筆交易值得進行之前，需要以統計上可重複的方式證明這種安慰。而目前，我們還沒有感覺到這是一個普遍現象。這並不意味著我們不會選擇性地發展，而是我們會選擇我們的合作夥伴。我們將關注貿易以及公平性和準確性的平衡，我們希望看到正在談論的變化的證據在我們的互動中顯現出來，而這將透過數據和我們與債權人的口頭交流來實現。這就是我們要講的課程。

Josh Shanker, Bank of America.

美國銀行的喬希·尚克（Josh Shanker）。

First question relates to the DTA. A couple of things. One is there was -- some of the value was amortized down in the quarter in a non-operating sort of way? And two, I'm trying to understand how much of your incurred taxes are likely to be payable in cash versus being payable through the DTA. If you can serve (inaudible) how that works a little bit.

第一個問題與 DTA 有關。有幾件事。一是－部分價值在本季以非經營性的方式攤銷了？其次，我想了解您所繳納的稅款中有多少可能是以現金支付，有多少是透過 DTA 支付。如果您可以提供（聽不清楚）它是如何運作的。

So Josh, this is Pete. I'll take that for you.

喬希，這是皮特。我會為你拿走它。

So when we put up the DTA last year in 2024, we decided to take it as a non-operating item because it was something that really wasn't germane to the operations, and we didn't want to gyrate operating income with a huge benefit in 2024 due to putting that up.

因此，當我們去年在 2024 年提出 DTA 時，我們決定將其作為非營運項目，因為它實際上與營運無關，我們不想因為提出它而在 2024 年產生巨大的收益而影響營運收入。

So when you go to Page 16 of our press release, and we're reconciling from net income to operating income, as we amortize that back down, we're actually pulling it out and just pointing it into non-operating so we can be consistent. So you'll see that on the chart, and you'll see that every quarter. So we can just give you a full disclosure as to what that aspect is.

因此，當您翻到我們新聞稿的第 16 頁時，我們會將淨收入與營業收入進行核對，當我們將其攤銷時，我們實際上是將其取出，並將其指向非營業收入，這樣我們就可以保持一致。因此您會在圖表上看到它，並且每個季度都會看到它。因此我們可以向您全面披露這個方面的情況。

What exactly is amortizing down? I'm trying to understand that. Apologies.

攤銷到底是什麼？我正在嘗試去理解這一點。抱歉。

Well, I guess I would say we put up at the end of the day, at the end of last year, $176 million, and that actually amortizes that deferred tax asset, Josh, will amortize to zero for the most part over the next 10 years. That's what happens. And as that amortizes down, that will count as part of our effective tax rate for Bermuda, but that amount will actually not be paid in cash to Bermuda.

好吧，我想說我們在去年年底投入了 1.76 億美元，這實際上攤銷了遞延稅項資產，Josh，在未來 10 年內大部分將攤銷為零。事情就是這樣的。隨著攤銷的減少，這將算作我們對百慕達的有效稅率的一部分，但這筆金額實際上不會以現金支付給百慕達。

Awesome.

驚人的。

In any given quarter, you're not paying taxes based on your tax obligation, you're using to pay tax based on amortization rate?

在任何一個季度，您不是根據您的納稅義務來納稅，而是根據攤銷率來納稅？

Yes, we're paying tax based on our effective tax rate, yet with the cash, the portion of that ETR that is the amortization is not cash. And you can see that now at $3.4 million in the second quarter.

是的，我們根據有效稅率納稅，但對於現金，ETR 中攤銷的部分不是現金。現在您可以看到第二季的收入為 340 萬美元。

Okay. And what about the risk if there's something that changes if you're doing this slow amortization, was there any way to accelerate the amortization of how much tax you paid this year given that maybe next year, the agreement with the global tax body won't allow you to use.

好的。那麼，如果您進行這種緩慢的攤銷，如果發生一些變化，那麼風險又如何呢？有沒有辦法加速攤銷您今年繳納的稅款，因為也許明年與全球稅務機關達成的協議將不允許您使用。

Yes. So right now, Josh, we know that the OECD has allowed the first 2 years. I don't want to make any comments past that because it's going to depend on what legislation happens and it would be, I would just -- I would be pure guess work for me. So -- but on the tax law that was passed, there's four pieces to it. It pretty much amortizes over 10 years.

是的。所以現在，喬希，我們知道經合組織已經允許了前兩年。我不想對此發表任何評論，因為這將取決於立法的結果，而這對我來說只是純粹的猜測。所以——但是就已通過的稅法而言，它有四個部分。它基本上可以在 10 年內攤提。

I'm generalizing because there are a couple of little pieces that one goes a little longer, one goes a little shorter, but it's kind of, for the most part, over a 10-year period. But we will see what happens when we get to 2027.

我之所以概括，是因為其中有幾部分內容，一部分較長，一部分較短，但總體而言，跨越了 10 年的時間。但我們到 2027 年才會知道會發生什麼事。

And then my other question, I wanted to follow up on Charlie's a little bit, and I really appreciate you taking in the minutia, some people would have patience for this. The paid to current insurance did go up quite a lot. Interia a couple of large payments for older age years the California wild parking. Can we put some numbers and for the two other claims, some categories around this, just to understand, it is a big move in the page to incur -- and usually, I wouldn't belabor it does jump around quarter to quarter as it should, but maybe like it might appease the concern about the higher paid to incurred for the more we know.

然後是我的另一個問題，我想稍微跟進查理的問題，我真的很感謝你注意這些細節，有些人會對此有耐心。支付的當前保險費確實上漲了不少。Interia 為老年人支付了幾大筆費用，用於加州野外停車。我們能否提供一些數字以及另外兩個索賠的一些類別，只是為了理解，這是頁面上的一個重大舉措 - 而且通常情況下，我不會過多地說明它確實會按應有的方式在各個季度之間跳躍，但也許它可以緩解人們對支付金額越高，我們所知道的越多的擔憂。

Josh, I'll start, and then Pete can add on top. So first, again, we had a number of older year claims, including the wildfires. So there were certainly a contribution in that regard of 5 or 7 odd points against the 89. Secondly, you know through our How We Work program, the effectiveness and the efficiency is revealing itself throughout our operating model. And clearly, our claims organization is one of the entities that's benefiting from those changes.

喬希，我先開始，然後皮特可以補充。首先，我們再次收到了一些舊年的索賠，包括野火。因此，在這方面，相對於 89 支球隊來說，他們肯定貢獻了 5 或 7 個點。其次，透過我們的「工作方式」計劃，您可以了解到我們的營運模式的有效性和效率。顯然，我們的索賠組織是從這些變化中受益的實體之一。

They're introducing heightened skills and capabilities, more technology. This will add to the effectiveness and the efficiency from quarter to quarter, that may reveal itself in paid-to-incurred ratios. In other instances, it may reveal itself in other ways that is value-added to our insurers and to our brokers. There is nothing beyond that, that I would say.

他們正在引入更高的技能和能力以及更多的技術。這將提高每個季度的效率和效益，這可以透過支出與支出比率來體現。在其他情況下，它可能會以其他方式展現出來，從而為我們的保險公司和經紀人增加價值。我想說，除此之外，沒有別的了。

But, Pete, if there's something additional for you, please share it.

但是，皮特，如果您還有其他信息，請分享。

It'd be difficult to get into specifics. I would say there were some specific large claims. When I think about the SEC classes, Josh, I'd say that someone came out of the marine and aviation class and some of them came out of the Pro lines class from years ago. But I really wouldn't want to get into specific claimants and dollars of claims that were paid. But it was really -- it came out of those two classes, I guess, is what I'd say.

很難講得詳細一點。我想說的是有一些具體的大額索賠。喬希，當我想到 SEC 課程時，我會說有些人來自海軍和航空課程，有些人來自幾年前的 Pro Lines 課程。但我真的不想談論具體的索賠人和已支付的索賠金額。但它確實是——我想說它來自那兩門課程。

Brian Meredith, UBS.

瑞銀的布萊恩·梅雷迪斯。

So the first one, I'm just curious, if I look at the share buyback in the quarter, it looks like you didn't buy back any stock in June. I'm just curious if there was a reason for that.

所以第一個問題，我只是好奇，如果我看一下本季的股票回購情況，看起來你在六月沒有回購任何股票。我只是好奇這是否有原因。

And maybe talk a little bit about what your excess capital position is currently and kind of plans for that? I know share buyback is obviously kind of top of the list.

也許您可以稍微談談您目前的過剩資本狀況以及對此有何計劃？我知道股票回購顯然是最重要的。

Brian, this is Pete. What I will go to you is, I remind you, we tend to be opportunistic when it comes to share buyback, and we'll buy back when we feel that it's appropriate. We did have a plan in place for May, didn't continue it into June. I would not read anything into it. As I said, we were just being opportunistic in the quarter with what we saw going on.

布萊恩，這是皮特。我要告訴你的是，我提醒你，在股票回購方面，我們傾向於抓住機會，當我們認為合適時，我們就會回購。我們確實制定了 5 月的計劃，但沒有延續到 6 月。我不會對此做任何解讀。正如我所說，我們只是根據本季所看到的情況抓住機會。

And as we went into the end of the quarter, we saw good growth. We made investments in technology, data and analytics. And so we continue to put our capital to use in growing organically our business but also in building out our platform for future growth, and we feel very good about those uses of capital as we go forward.

隨著本季末的到來，我們看到了良好的成長。我們對技術、數據和分析進行了投資。因此，我們繼續將資本用於有機成長我們的業務，同時也用於建立未來成長的平台，我們對未來資本的利用感到非常滿意。

Overall, I'd say we have $110 million left in our share repurchase authorization. I think you should think of us as continuing just to be opportunistic with the use of that share buyback.

總體而言，我認為我們的股票回購授權還剩下 1.1 億美元。我認為你應該認為我們只是繼續利用股票回購的機會。

I don't know if you want to add on to that Vince.

我不知道你是否想補充一點，文斯。

No, I think the only thing to contribute is one, we added some new teams in North America in the quarter. Secondly, you've said historically, we're opportunistic. We are -- we're comfortable with our capital position. We made investments in the operating model, Brian, that we're really pleased with the progression. Our company has moved almost virtually to the cloud through technology at this point. So there's a lot going on in the How We Work program.

不，我認為唯一的貢獻是，我們在本季在北美增加了一些新團隊。其次，您說過，從歷史上看，我們是機會主義者。我們對我們的資本狀況感到滿意。布萊恩，我們對營運模式進行了投資，我們對進展感到非常滿意。目前，我們公司已幾乎透過科技轉向雲端。因此，「我們如何工作」計劃中有很多事情要做。

Yes. And then just overall, I know you asked for a specific number, Brian. We typically don't give that out, but I would say that our capital position remains very strong, and we continue to feel good about what that capital position is and where it is to fund our future growth.

是的。總的來說，我知道你要求一個具體的數字，布萊恩。我們通常不會透露這一點，但我想說我們的資本狀況仍然非常強勁，我們繼續對資本狀況以及它將如何為我們未來的成長提供資金感到滿意。

Great. And then the second question, that, I was hoping we could dive a little bit more into the lower middle market build-out and what you're doing there. How big is that business right now kind of growth prospects? And then I guess also in that business, is there any thoughts of, call it, inorganic growth to kind of build that platform out quickly?

偉大的。然後是第二個問題，我希望我們可以更深入地了解中低端市場的建設以及您在那裡所做的事情。該業務目前的成長前景有多大？然後我想，在那個業務中，是否有任何想法，稱之為無機成長，以快速建立該平台？

Yes. So this is an initiative that you know we've been talking about for some period of time. In the sizing of the business, in the quarter, depending upon how you define lower middle market from our prior discussions. What I would say to you, we grew our wholesale LMM business, about $64 million in the quarter. That's what we wrote out of that free dedicated products.

是的。你知道，這是我們一段時間以來一直在談論的一項倡議。在本季度的業務規模方面，取決於您如何根據我們先前的討論來定義中低端市場。我想告訴你的是，我們的批發 LMM 業務在本季成長了約 6,400 萬美元。這就是我們編寫的免費專用產品。

But more broadly, the lower middle market strategy aims to identify every product within our North American franchise that's transactional. And transactional for us has a very specific meaning. And so we're well on our way with regard to isolating the lines of business that are defined by LMM, and that's generally a turnover or revenue, as we say, in America, defined risk attribute. This is generally lower complex business, high transactional volume.

但更廣泛地說，中低端市場策略旨在確定我們北美特許經營店內每種交易產品。對我們來說，交易具有非常具體的含義。因此，我們在隔離 LMM 定義的業務線方面進展順利，這通常是營業額或收入，正如我們在美國所說的那樣，是定義的風險屬性。這通常是業務複雜度較低、交易量較高的情況。

Secondly, this business from an investment perspective is well on its way. It's one of the cornerstone how we work investments through the modernization of our underwriting platform. We're in the lower innings of that. We're not at the fifth inning yet, but we're making pace. And certainly, the diagnostics that we secured in the third quarter through two AI vendors last year are helping us in our growth trajectory. At the end of 2024, this is about a $400-odd million business in the aggregate. And so we feel continued momentum, continued focus.

其次，從投資角度來看，這項業務進展順利。這是我們透過核保平台的現代化來進行投資的基石之一。我們正處於低迷狀態。我們還沒有進入第五局，但我們正在加快步伐。當然，我們去年第三季透過兩家人工智慧供應商獲得的診斷正在幫助我們實現成長軌跡。到 2024 年底，這項業務總額將達到約 4 億美元。因此，我們感受到持續的動力和持續的關注。

Finally, I would note that the submission volume in this unit is off the charts. The team has done an excellent job at attracting value to our brand, value and our service proposition, which we believe is a distinctive advantage. And so we have high expectancy of this business and its continuance of profitable growth. We have continued investment that Mike and Anne are ensuring is aiding our underwriters in our aspiration of a straight-through process.

最後，我要指出的是，這個單位的提交量非常高。團隊在吸引我們品牌、價值和服務主張的價值方面做得非常出色，我們相信這是一個獨特的優勢。因此，我們對這項業務及其持續獲利成長抱有很高的期望。我們持續進行投資，Mike 和 Anne 確保這能幫助我們的承銷商實現直通式流程的願望。

And finally, we believe the reflection of these efforts is being rewarded by our distribution channel that continues to seek out our solutions.

最後，我們相信，這些努力將透過我們的分銷管道獲得回報，我們的分銷管道將繼續尋求解決方案。

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘。

Thanks, good morning.

謝謝，早安。

My first question is on the insurance premium growth. I think you guys said that the second half might be higher than the 6% in the first half. I know there's a little bit of cyber remediation, right, $20 million to $25 million, right, for the Q3. But given that we're through the bulk of the remediation, I'm just surprised, wouldn't -- it just feels like with some of the initiatives, et cetera, that growth the second half should be greater than the first half or is there some, I guess, conservatism built into that kind of the guide that you guys gave?

我的第一個問題是關於保險費成長的。我認為你們說下半年可能會高於上半年的 6%。我知道有一點網路補救措施，對吧，第三季的支出是 2000 萬到 2500 萬美元。但考慮到我們已經完成了大部分補救措施，我只是感到驚訝，難道不是嗎 - 感覺就像一些舉措等等，下半年的增長應該比上半年更高，或者我猜，你們給出的這種指導中是否存在一些保守主義？

Elyse, this is Vince. First of all, we'll conclude the cyber remediation in the third quarter. Secondly, what Pete and I had indicated in the first quarter was mid-single-digit growth for the insurance business for the full year. We're optimistic about continuing to achieve profitable growth. I think we grew 1.5 points quarter-over-quarter in the business between 1Q, 2Q.

伊莉絲，這是文斯。首先，我們將在第三季完成網路修復工作。其次，皮特和我在第一季就表示，全年保險業務將實現中等個位數成長。我們對繼續實現獲利成長持樂觀態度。我認為我們第一季和第二季的業務環比增長了 1.5 個百分點。

We do have expectancy of continuing our profitable growth and we like the degree of growth that's delivered here in the second quarter, and we'll remain focused on delivering where we can.

我們確實期望繼續實現獲利成長，並且我們對第二季度實現的成長程度感到滿意，我們將繼續專注於實現我們所能實現的成長。

And I guess I would just add on, maybe I wasn't clear in my comments, lease. I think I did say that the second half of the year should be better than the 6% we've seen year to date.

我想我只是想補充一點，也許我的評論不夠清楚。我想我確實說過，今年下半年的成長率應該會比今年迄今的 6% 更好。

Okay.

好的。

And then -- my second question, I guess we can all debate right what happens this (inaudible) season and size of loss or losses and the materiality that, that could bring to the property market as well as in the primary and reinsurance side. You guys obviously exited that business several years ago.

然後 - 我的第二個問題是，我想我們都可以討論一下這個（聽不清楚）季節會發生什麼，損失的規模以及可能給房地產市場以及主要和再保險方面帶來的重要性。顯然，你們幾年前就退出了這項業務。

So I guess my question is, is there -- and Vince, I understand, right, you would be speculating to some degree. But is there a market movement, like there's a huge series or one event that really turns the cat market this year. Would you, at some point, consider getting back in or is that or permanently closed for the company?

所以我想我的問題是，是否存在——文斯，我明白，對的，你會在某種程度上猜測。但是否存在市場動向，例如今年有一系列大型活動或某個事件真正改變了貓市場。您是否會在某個時候考慮重返公司，或者公司會永久關閉？

We'll be excited in such an event to help our insurance team go after the opportunity that will undoubtedly be revealed and certainly and most likely come into our wholesale E&S business and the team in North America stands ready. So the direct answer is no, we think our profile and the value creation journey that Pete, and the (inaudible) is situated perfectly and we're comfortable with our underwriting strategy.

我們很高興能透過這樣的活動幫助我們的保險團隊抓住這個無疑將會顯現的機會，而這個機會很可能會進入我們的批發 E&S 業務，北美團隊也已做好準備。所以直接的答案是否定的，我們認為我們的形象和 Pete 的價值創造之旅以及（聽不清楚）的位置非常完美，我們對我們的承保策略感到滿意。

Yes -- no, I would just observe to you, look at the property business within AXIS, look at the order of growth, look at the comments that Pete and I have attributed to the profitability of that business, the portfolio construct of that business, the channel in which we, at least in the United States Transact, which is the largest of our eight underwriting division. So we feel comfortable that we're not -- we're not leaving the opportunity on the table. We're seeking it and we're seeking it in a very decided way. Thank you.

是的 - 不，我只是想向您觀察一下，看看 AXIS 內的房地產業務，看看增長順序，看看 Pete 和我對該業務盈利能力的評論，該業務的投資組合結構，以及我們至少在美國交易的渠道，這是我們八個承保部門中最大的一個。因此，我們感到很安心，我們不會放棄這個機會。我們正在尋求它，我們正在以非常堅定的方式尋求它。謝謝。

And then one last quick one. Was there any adverse, if any, that you guys had from the UK, Russia aviation ruling in the quarter?

最後再簡單說一下。本季，英國、俄羅斯的航空裁決對你們有什麼不利影響嗎？

No. So, Elyse, this is Pete. As we articulated in the past, we do not play in that contingent war market. And so, we are in the all perils market, and so the rulings really came down well for us. And it's what we expected, what the market did expect. And so the short answer is no, there was no impact to us in the quarter.

不。那麼，伊莉絲，這是皮特。正如我們過去所言，我們不會參與那種緊急戰爭市場。因此，我們處於全險市場，因此裁決對我們來說確實很有利。這正是我們所期望的，也是市場所期望的。所以簡短的回答是沒有，本季對我們沒有影響。

Andrew Kligerman, TD Cowen.

安德魯·克里格曼（Andrew Kligerman），TD Cowen。

Yeah, Vince, in your prepared remarks, you talked a little bit about in reinsurance, some of your cedents were evolving their claims processes. And I was wondering if you could elaborate on that a bit.

是的，文斯，在你準備好的發言中，你談到了再保險，一些保險公司正在改進他們的索賠流程。我想知道您是否可以對此進行詳細說明。

Well, certainly, all I could say broadly is that Andrew, as a result of the strengthening that you saw last year across a number of different companies. There's no doubt that all underwriting companies are taking stock of their claim organizations evaluating a whole variety of things.

嗯，當然，我大體上可以說的是，安德魯，這是由於去年你在許多不同的公司中看到的情況，其表現增強。毫無疑問，所有核保公司都在對其索賠組織進行評估，評估各種各樣的事情。

And certainly, that kind of communication is vibrant with us in our reinsurance business, and we'll remain observant to it. I won't obviously cite cedents, but broadly, it's not as though that the strengthening taken across the industry go silent in these underwriting organizations. And they take stock of how they're coming to market, how they're managing their own claims organizations. Hopefully, that answers your question.

當然，這種溝通在我們的再保險業務中充滿活力，我們會繼續關注它。我顯然不會引用承保人的話，但從廣義上講，整個產業的強化措施在這些核保組織中並沒有消失。他們會評估自己如何進入市場，如何管理自己的索賠組織。希望這能回答你的問題。

Yes, it does.

是的。

And then you talked quite a bit on the call about your investments in AI and other technologies. And I think I heard you in the Q&A, Vince, you talked about being like the fifth inning. When you look over your shoulder at the competition, where do you see access and the scope of AI and other technology? Do you feel like you're foreign front, middle of the pack? How are you seeing your investments and how you're doing versus the competition?

然後您在電話中談了很多關於您對人工智慧和其他技術的投資。文斯，我想我在問答環節聽到了你談到第五局的情況。當您審視競爭對手時，您認為人工智慧和其他技術的管道和範圍在哪裡？您是否覺得自己處於外國人隊伍的前列或中間位置？您如何看待自己的投資以及與競爭對手相比您的表現如何？

Yes.

是的。

Outside of the public comments that are offered, I really don't know where the competition is beyond that. But what I do know is the Compass and the strategy of AXIS is rightsized in its ambition. Recall, please, first, we have an efficiency and productivity aspiration the utilization of AI.

除了公開提供的評論之外，我真的不知道除此之外還有什麼競爭。但我所知道的是，Compass 和 AXIS 的策略在其目標上是合適的。首先請回想一下，我們對人工智慧的利用有著效率和生產力的期望。

Secondly, we have a vibrant set of use cases in our organization that range between our corporate legal function, all the way up to the front end of the company. Third, we have an investment set of strategies that aims to optimize our aspiration of achieving more profitable growth in lower middle market enabling a more straight through process capability in our company generally.

其次，我們組織中擁有一系列活躍的用例，涵蓋從公司法律職能一直到公司前端。第三，我們有一套投資策略，旨在優化我們在中低端市場實現更多獲利成長的願望，從而讓我們公司的整體流程能力更加直接。

And finally, to take advantage of the investments we've made in the provision of our data and analytics, our Chief Data Officer, who works with our Chief Underwriting Officer, has made considerable progress and is enabling our front end to make better risk selections, and we think that will translate into a sustained profitable growth run rate, certainly in the balance of 2025. So taken together, we're pleased with the progress that we're making. We think it's rightsized to a mid-cap specialty underwriter.

最後，為了利用我們在數據和分析方面所做的投資，我們的首席數據官與首席承保官合作，取得了長足的進步，使我們的前端能夠做出更好的風險選擇，我們認為這將轉化為持續的盈利增長率，肯定是在 2025 年左右。總的來說，我們對所取得的進展感到滿意。我們認為它適合中型專業承銷商。

We have a number of tests that are going on against our hypotheses to challenge whether or not we will achieve the efficiency and productivity gains. And I would tell you that if you look at the discrete 2Q North American buying turnaround time, they are being materially enhanced, and they are being aided, I won't say they're being driven by, but they're certainly being aided by those investments.

我們正在進行一系列針對我們假設的測試，以檢驗我們是否能夠實現效率和生產力的提升。我想告訴你，如果你看一下第二季度北美離散的購買週轉時間，你會發現它們得到了實質性的增強，並且得到了幫助，我不會說它們受到了推動，但它們肯定得到了這些投資的幫助。

And I think the North American leadership has a very active posture at making sure that they get the kind of benefits that we expect from both technology and more broadly, AI.

我認為北美領導層採取了非常積極的姿態，確保他們能夠從技術和更廣泛的人工智慧中獲得我們期望的利益。

Meyer Shields, KBW.

邁耶希爾茲，KBW。

Great. Thanks so much and good morning.

偉大的。非常感謝，早安。

I was hoping if you could talk about the loss trend that you're seeing in the professional liability lines that you're writing now?

我希望您能談談您現在所寫的專業責任保險中看到的損失趨勢？

Yes. Well, firstly, remember, for the SEC class for AXIS, there's a lot of different products in there. It's a combination of short tail and longer tail. But I think to put a bumper sticker on it, we're seeing low single-digit trend in that business. Obviously, if you talk about public, we would take that out.

是的。嗯，首先請記住，對於 AXIS 的 SEC 類，其中有很多不同的產品。它是短尾巴和長尾巴的組合。但我認為，準確地說，我們看到該業務的成長趨勢是低個位數。顯然，如果你談論公眾，我們會把它刪除。

But it's a panoply of a lot of different products in that bucket. It ranges between errors and omissions, management liability, environmental classes and certainly public D&O and even IPO D&O as well. So that's what I would say. Pete.

但這個類別下包含了許多不同的產品。它涵蓋錯誤和遺漏、管理責任、環境類別以及公共 D&O 甚至 IPO D&O。這就是我要說的。皮特。

I wouldn't add other than to reiterate again, we still -- I mean, public D&O has become a very tiny portion of our portfolio in the insurance side, because of the pricing over the last couple of years. As Vince mentioned, it looks at the pricing might be bottoming out. So we'll see where that business can go in the future. But right now, that's a really small part. So that was not part of the growth we saw in pro lines this quarter.

我只想再次重申，我們仍然——我的意思是，由於過去幾年的定價，公共 D&O 已經成為我們保險投資組合中很小的一部分。正如文斯所提到的，價格可能已經觸底。因此，我們將拭​​目以待這項業務未來的發展方向。但目前，這只是很小的一部分。因此，這並不是我們本季在專業線上看到的成長的一部分。

That's very helpful. And then a follow-up for Pete. You have about $850 million of unrestricted cash and equivalents at the end of the second quarter. Is that about the right level that we should expect going forward?

這非常有幫助。然後是 Pete 的後續行動。截至第二季末，您擁有約 8.5 億美元的非限制現金及等價物。這是我們未來應該期待的正確水平嗎？

Yes. I think when you look back over the last couple call it, 1.5 years or so, that's probably about the right level, Meyer. It was obviously highly exaggerated at year-end and first quarter as we were funding for the LTC. But I think we've gotten right back down to like a normal cash level for the organization.

是的。我認為，當你回顧過去幾年，大約 1.5 年左右，這可能是正確的水平，邁耶。由於我們正在為 LTC 提供資金，因此在年底和第一季度，這一數字顯然被嚴重誇大了。但我認為我們已經恢復到組織的正常現金水準。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to our CEO, Vincent Tizzio, for any closing remarks.

我想將會議交還給我們的執行長 Vincent Tizzio，請他做最後一次演講。

Please go ahead, sir.

先生，請繼續。

Thank you, operator.

謝謝您，接線生。

Thank you for joining today's call. It is our strong belief that AXIS has a very bright future ahead. We remain confident in the execution capability of our company and are committed to delivering on our promise to consistently produce profitable returns increased shareholder value and excellent product and services to our customers.

感謝您參加今天的電話會議。我們堅信 AXIS 的前景非常光明。我們對公司的執行能力充滿信心，並致力於兌現我們的承諾，持續創造獲利回報，提高股東價值，並為客戶提供優質的產品和服務。

Thank you very much. We look forward to speaking with you after the third quarter.

非常感謝。我們期待在第三季後與您交談。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。