AXIS Capital Holdings Ltd (AXS) 2025 Q3 法說會逐字稿

Good morning, and welcome to the AXIS Capital third-quarter 2025 conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Mr. Clifford Gallant, Head of Investor Relations and Corporate Development. Please go ahead, sir.

早安，歡迎參加 AXIS Capital 2025 年第三季電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給投資者關係和企業發展主管克利福德·加蘭特先生。請繼續，先生。

Thank you. Good morning, and welcome to our third-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. 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 Vincent Tizzio, our President and CEO; and Peter Vogt, our CFO. In addition, I would like to remind everyone that the statements made during this call, including the question-and-answer session, which are not historical facts, may be forward-looking statements.

謝謝。早上好，歡迎參加我們2025年第三季電話會議。我們的獲利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。我們今天預留了一個小時進行電話會議，您也可以在我們網站上收聽音訊網路直播。今天與我一起參加電話會議的有我們的總裁兼執行長 Vincent Tizzio 和我們的財務長 Peter Vogt。此外，我想提醒大家，本次電話會議期間（包括問答環節）所作的陳述，並非歷史事實，而是前瞻性陳述。

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

前瞻性陳述涉及風險、不確定性和假設。由於各種因素，包括公司最新提交的 10-K 表格報告或 10-Q 表格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聲明中預測的結果存在重大差異。這包括昨晚發布的盈利新聞稿中關於前瞻性聲明的警示性說明中確定的其他風險。我們不承擔公開更新或修改任何前瞻性聲明的義務。此外，本次電話會議期間可能會討論我們的非GAAP財務指標。財務報表已包含在我們的獲利新聞稿和財務補充文件中。接下來，我將把電話交給文斯。

Thank you, Cliff. Good morning, and thank you for joining our call. In the third quarter, our team once again delivered excellent results as the momentum in our performance further accelerated. The transformation we have undertaken has now demonstrated sustained profitable growth underpinned by an enhanced operating platform with new capabilities, products, and a highly focused team. In the quarter, we delivered a 14% year-over-year increase in diluted book value per common share at $7,382, 18% annualized operating return on equity, a 20% increase in operating earnings per share over the prior year quarter at $3.25. Premiums of $2.1 billion, our highest third quarter ever up nearly 10% over the prior year, including $670 million in new business. And finally, a combined ratio of 89.4%.

謝謝你，克里夫。早安，感謝各位參加我們的電話會議。第三季度，我們的團隊再次取得了優異的成績，業績成長動能進一步加快。我們所進行的轉型現在已經實現了持續的獲利成長，這得益於增強的營運平台、新的能力、產品以及一支高度專注的團隊。本季度，我們實現了每股攤薄後帳面價值年增 14% 至 7,382 美元，年化經營淨資產收益率為 18%，每股經營收益較上年同期增長 20% 至 3.25 美元。保費收入達 21 億美元，創歷史新高，較上年同期成長近 10%，其中包括 6.7 億美元的新業務收入。最後，綜合比率為 89.4%。

We are achieving these results in a changing risk landscape with many different micro markets at play. Our strategy positions us well to compete in this environment. Premium adequacy across our aggregated portfolio is solid. We are actively cycle managing and leaning in where it is prudent. The investments we're making in people, products, and platforms are creating value. Indeed, the further acceleration of our premium growth in insurance is bolstered by our new and expanded lines of business.

我們在風險環境不斷變化、眾多不同微觀市場相互作用的情況下取得了這些成果。我們的策略使我們能夠在這個環境中保持良好的競爭力。我們整體投資組合的保費充足率良好。我們正在積極進行週期管理，並在適當的時候加大投入。我們在人才、產品和平台方面的投資正在創造價值。事實上，我們保險業務保費成長的進一步加速得益於我們新增和擴展的業務線。

Additionally, we continue to draw upon third-party capital partnerships while bringing innovative product capabilities to meet the diverse needs of our distribution partners. By example, we launched AXIS capacity solutions, which during the quarter, transacted its first deal, a partnership with Ryan Specialty. Through our How We Work program, we are continuing to strengthen all aspects of our operations and how we go to market. In the quarter, we made continued strides in modernizing our underwriting platform while leveraging emerging technologies and AI to drive efficiency, improve decision-making, and support scalable growth.

此外，我們持續利用第三方資本合作夥伴關係，同時引入創新產品能力，以滿足我們分銷合作夥伴的多樣化需求。例如，我們推出了 AXIS 產能解決方案，該方案在本季完成了第一筆交易，並與 Ryan Specialty 建立了合作關係。透過我們的「工作方式」計劃，我們正在不斷加強營運的各個方面以及我們進入市場的方式。本季度，我們繼續推動核保平台的現代化，同時利用新興技術和人工智慧來提高效率、改善決策並支援可擴展的成長。

I'll share several examples. We've implemented a highly modern application platform across all business units and functions with very little legacy technology that is improving speed to market, heightening accuracy, and reducing manual effort and cost. We are presently applying AI solutions in all forms, custom, and package within applications, on user desktops and in all cases, driving productivity increases. We've deployed the first release of our next-generation underwriting platform in North America, advancing how we ingest, route, and review submissions while enhancing our overall efficiency.

我將分享幾個例子。我們已在所有業務部門和職能部門實施了高度現代化的應用平台，幾乎沒有使用任何遺留技術，從而提高了產品上市速度，提高了準確性，並減少了人工投入和成本。我們目前正在以各種形式應用人工智慧解決方案，包括客製化方案和應用程式內的軟體包，以及在用戶桌面上的應用，並且在所有情況下都能提高生產力。我們已在北美部署了下一代承保平台的第一個版本，改善了我們接收、路由和審核提交內容的方式，同時提高了我們的整體效率。

These advancements reflect the pledge that we made at our Investor Day to invest $100 million into our operational infrastructure. Capitalizing on our excess capital position, we have been accelerating and expanding these efforts, particularly in supporting our new business lines. We see these investments as a key to advancing our profitable growth ambition. We are also deepening our relationship with our distribution partners.

這些進展體現了我們在投資者日上所做的承諾，即投資 1 億美元用於我們的營運基礎設施。利用我們充裕的資本，我們一直在加速和擴大這些努力，尤其是在支持我們的新業務線方面。我們認為這些投資是實現獲利成長目標的關鍵。我們也深化與分銷合作夥伴的關係。

In a broker survey conducted this year, our customers recognize AXIS with top-quartile Net Promoter Scores while distinguishing our company for its specialty leadership and ranking us ahead of the market for our underwriting knowledge and solutions-oriented approach. None of these results can be achieved without a highly engaged and disciplined team. The AXIS culture we've developed and deep commitment of our people is exciting and enabling our progress. During the quarter, we have added talent to our underwriting teams throughout the globe. And on the corporate side, we notably announced Matt Kirk as our future CFO, succeeding Pete.

在今年進行的一項經紀人調查中，我們的客戶對 AXIS 的淨推薦值 (NPS) 給予了高度評價，認為我們公司在專業領域處於領先地位，並且在承保知識和以解決方案為導向的方法方面領先於市場。如果沒有一支高度敬業和紀律嚴明的團隊，所有這些成果都無法實現。AXIS 所建立的企業文化以及員工的深切投入令人振奮，並推動著我們的進步。本季度，我們為全球各地的核保團隊增添了人才。在公司方面，我們特別宣布任命 Matt Kirk 為未來的財務官，接替 Pete。

Let's now dig deeper into our segment results. We'll start with Insurance. Our Insurance segment again delivered an outstanding quarter, highlighted by record third-quarter premium production of $1.7 billion, or 11% over the prior period, new premium written of $570 million, a current accident year ex-CAT combined ratio of 83.3 and and record underwriting income of $153 million, up 55% over the prior year.

現在讓我們更深入地分析一下各個細分市場的結果。我們先從保險說起。我們的保險業務部門再次取得了出色的季度業績，第三季保費收入創歷史新高，達到 17 億美元，比上年同期增長 11%；新保費收入為 5.7 億美元；本年度非巨災綜合比率為 83.3%；承保收入創歷史新高，達到 1.53 億美元，比上年增長 55%。

In North America, we produced stellar results with premiums up 12% and submission volume up 18% in the quarter as we continued to capitalize on the investments we've made in expanding our product offerings and in enhancing our underwriting platforms yielding greater efficiency gains. Our lower middle market strategy is generating sustained acceleration and strength in value.

在北美，我們取得了優異的業績，本季保費成長了 12%，投保量成長了 18%，因為我們繼續利用在擴大產品供應和增強承保平台方面所做的投資，從而獲得了更大的效率提升。我們的中低階市場策略正在持續加速成長並增強價值。

In our Global Markets division, results were strong and premiums were up 9%. In the quarter, our growth came from lead product positions in the London market, notably: marine, energy and construction. Importantly, these classes remain premium adequate and have a robust pipeline. With respect to broader market conditions within insurance, we continue to observe an evolving risk environment. But overall, the competitive landscape is disciplined.

在全球市場部門，業績表現強勁，保費上漲了 9%。本季度，我們的成長主要來自倫敦市場的領先產品地位，尤其是在海洋、能源和建築領域。重要的是，這些課程仍然保持高端水準，並且擁有強大的課程儲備。就保險業整體市場狀況而言，我們持續觀察到風險環境的變化。但整體而言，競爭格局是自律的。

Let's unpack this further for AXIS. In liability, rates were up 10% in the quarter with 8% growth. We generated a 12% rate increase and 11% growth within our US excess casualty business. Within this business, we continue to lean into the highly premium adequate wholesale lower middle market segment. Our casualty portfolio is well managed and within wholesale distribution, our excess casualty unit is recognized for its thought leadership and disciplined underwriting. As respect to property, we grew our property book 8% with rate changes varying widely across our many classes. Illustrating this, we see greater competition in large account E&S business, but are still observing rate increases in small account business in our international book.

讓我們進一步分析 AXIS。負債方面，本季費率上漲了 10%，成長率為 8%。我們在美國超額責任險業務中實現了 12% 的費率成長和 11% 的業務成長。在這個業務領域，我們繼續專注於高端適中的中低階批發市場區隔。我們的意外險組合管理良好，在批發分銷領域，我們的超額意外險部門因其思想領導力和嚴謹的承保而受到認可。在房地產方面，我們的房地產業務成長了 8%，但不同類別的利率變化差異很大。由此可見，大客戶 E&S 業務的競爭更加激烈，但我們仍然觀察到國際業務中小型客戶業務的費率上漲。

We serve customers through eight property underwriting units across the world, which are all seeing different degrees of competition and we benefit from the diversity of our customer segmentation in these units. An increasing contributor is our lower middle-market property unit, which evidenced continued growth in the quarter. Our property underwriting strategy remains disciplined and enjoys premium adequacy and average net limit in the low single digits, a well-balanced parallel and geographic mix and is backed by a [CAT XOL] protection that attaches at $100 million per event.

我們透過遍佈全球的八個財產核保部門為客戶提供服務，這些部門面臨的競爭程度各不相同，而我們則受益於這些部門客戶細分的多樣性。我們的中低階市場房地產業務貢獻日益增長，該業務在本季度繼續保持成長勢頭。我們的財產承保策略依然嚴謹，保費充足，平均淨限額保持在個位數低位，平行和地域組合均衡，並有[CAT XOL]保障，每次事件的賠付額為1億美元。

In Professional, we grew 18%. The majority of our growth came from transactional liability and E&O. We are encouraged by the increasing contributions that we are continuing to see from our new and enhanced product offerings, including design professional, Allied Health, and Environmental. As respect to management liability, we continue to drive reasonable growth within our private D&O business. As respect public D&O, consistent with the last quarter comments, we continue to observe that pricing is flattening out.

在專業領域，我們成長了 18%。我們的成長大部分來自交易責任險和職業責任險。我們很高興看到，我們不斷推出和改進的產品，包括設計專業、輔助醫療和環境產品，並持續做出越來越大的貢獻。在管理階層責任險方面，我們持續在私人董事及高階主管責任險業務領域實現合理成長。至於公共董事及高階主管責任險，與上一季的評論一致，我們繼續觀察到定價趨於平穩。

Within cyber, we observed industry ransomware attacks as increasing, but thus far not being reflected in our claim counts. That said, we are seeing the increased competition of MGAs and surplus capacity have placed unwarranted downward pressure in pricing dynamics. We have maintained our underwriting discipline, which is reflected in our selective approach in the quarter. In addition, we have now completed the reshaping of our delegated cyber book. We are strengthening our capabilities in our cyber risk advisory services which help policyholders increase their organizational preparedness and resilience.

在網路安全領域，我們觀察到行業勒索軟體攻擊有所增加，但到目前為止，這還沒有反映在我們的索賠數量中。儘管如此，我們看到 MGA 之間日益激烈的競爭和過剩的產能給價格動態帶來了不必要的下行壓力。我們一直保持著嚴格的核保紀律，這體現在我們本季採取的選擇性核保策略上。此外，我們現已完成委託網路帳簿的重組。我們正在加強網路風險諮詢服務能力，以幫助投保人提高其組織的準備和韌性。

We are focused on strengthening our SME presence globally and notably in the United States through our partnership with Elpha Secure. As respects to our reinsurance business, we continue to generate strong bottom line performance with our seventh straight quarter of consistent profitability. Our reinsurance underwriting strategy remains highly disciplined and focused on select specialty lines. In the quarter, we produced 6% premium growth. Specialty short-tail lines contributed 91% of our new business premiums, a combined ratio of 92%, and underwriting income of $35 million.

我們致力於透過與 Elpha Secure 的合作，加強我們在全球，特別是美國中小企業市場的地位。在再保險業務方面，我們持續保持強勁的獲利能力，連續第七個季度獲利。我們的再保險承保策略依然高度嚴謹，專注於特定的專業險種。本季度，我們的保費收入成長了 6%。專業短期險種貢獻了我們 91% 的新業務保費，綜合比率為 92%，承保收入為 3,500 萬美元。

Reflective of our disciplined approach, we are increasingly vigilant in navigating liability and professional lines. Consistent with past comments, we generally do not view seating commissions nor the rate environment for these lines, particularly in North America to be in keeping with our return expectations.

秉承我們嚴謹的工作作風，我們在處理責任和專業責任問題上越來越保持警惕。與以往的評論一致，我們通常認為，這些航線的座位佣金和費率環境，尤其是在北美，都不符合我們的回報預期。

Taken together, this was another strong quarter for AXIS. Across the micro markets of specialty insurance and reinsurance, we see an increasing need for tailored risk solutions. Thus, we see AXIS as a very well positioned to support our customers and importantly, our distribution partners, while at the same time, rewarding our shareholders with sustained and attractive returns.

總的來說，這對AXIS來說又是一個強勁的季度。在專業保險和再保險的各個微觀市場中，我們看到對量身定制的風險解決方案的需求日益增長。因此，我們認為 AXIS 處於非常有利的地位，能夠為我們的客戶以及更重要的分銷合作夥伴提供支持，同時為我們的股東帶來持續且有吸引力的回報。

We are building on our momentum we are leveraging our capital position, the talent of our team, and the support of our distribution partners to lean into our new and expanded lines as well as identifying new avenues to drive profitable growth. We are investing in our infrastructure and operations, embracing technology and AI. We're excited for our future, and we believe the best is yet ahead for AXIS. And with that now, I'll pass the floor to Pete for his comments.

我們正在乘勢而上，利用我們的資本實力、團隊才能和分銷合作夥伴的支持，大力發展我們的新產品線和擴展產品線，並尋找新的途徑來推動盈利增長。我們正在加大對基礎設施和營運的投入，積極擁抱科技和人工智慧。我們對未來充滿期待，並相信 AXIS 最好的時光還在後頭。那麼，現在我將把發言權交給皮特，請他發表意見。

Thank you, Vince, and good morning, everyone. AXIS had another excellent quarter. Our net income available to common shareholders was $294 million, or $3.74 per diluted common share. And our operating income was $255 million or $3.25 per diluted common share, producing a 17.8% annualized operating return on common equity. This drove our book value per diluted common share to $73.82 at September 30, an increase of 14.2% over the past 12 months and up 16.9% when adjusted for dividends declared.

謝謝你，文斯，大家早安。AXIS 又一個季度表現出色。歸屬於普通股股東的淨利為 2.94 億美元，即每股攤薄收益 3.74 美元。我們的營業收入為 2.55 億美元，即每股稀釋普通股 3.25 美元，普通股年化營業報酬率為 17.8%。這使得我們每股攤薄後普通股的帳面價值在 9 月 30 日達到 73.82 美元，比過去 12 個月增長了 14.2%，如果按已宣布的股息進行調整，則增長了 16.9%。

I'll start with consolidated company underwriting highlights. Our gross premiums written of $2.1 billion were up 9.7% over the prior year quarter, driven by accelerating growth initiatives in Insurance. On a net basis, premiums were up 9.5%. Our combined ratio was an excellent 89.4%, and our accident year loss ratio ex-CAT and weather was 56.3%. The CAT losses were just $44 million, producing a CAT loss ratio of 3%. Cat losses were driven by a combination of a $24 million impact primarily from severe convective storms in the United States and $20 million of losses related to the Middle East conflicts, which hit our marine and terrorism lines.

我將首先介紹公司綜合承保業務的亮點。我們毛保費收入為 21 億美元，比去年同期成長 9.7%，這主要得益於保險業務成長計畫的加速推進。淨保費上漲了9.5%。我們的綜合賠付率為 89.4%，表現優異；不計災害和天氣因素的事故年度賠付率為 56.3%。巨災損失僅 4,400 萬美元，巨災損失率為 3%。巨災損失主要由以下因素造成：一是美國嚴重對流風暴造成的 2,400 萬美元損失，二是中東衝突造成的 2,000 萬美元損失，這些損失打擊了我們的海運和反恐險業務。

We adhere to our philosophy of wanting to see sustained, positive signals before releasing reserves. And we recorded a release of $19 million with $15 million in insurance and $4 million in reinsurance in the quarter. We continue to believe we are strongly reserved, and we rely upon a great deal of data and analysis to reach our conclusion. For example, from a high level, statistics like IBNR and total reserves are holding steady, continuing to give us confidence.

我們堅持認為，在釋放儲備之前，必須看到持續的正面訊號。本季我們錄得1,900萬美元的釋放額，其中1,500萬美元來自保險，400萬美元來自再保險。我們仍然認為我們持強烈保守立場，並且我們依靠大量的數據和分析來得出結論。例如，從宏觀層面來看，IBNR 和總儲備等統計數據保持穩定，繼續為我們帶來信心。

Our consolidated G&A ratio, including corporate, was 11.7%, down from 12.1% a year ago. We continue to execute on our How We Work program, including investing in our business, with new technology and adding underwriting teams. The investments we're making give us increased confidence that we will manage costs, grow the premium base and hit our full year 2026 target of an 11% G&A ratio.

我們的綜合管理費用率（包括公司費用）為 11.7%，低於一年前的 12.1%。我們將繼續推進我們的工作方式計劃，包括投資於我們的業務，引進新技術並增加核保團隊。我們正在進行的投資讓我們更有信心控製成本、擴大保費基礎，並實現 2026 年全年 G&A 比率 11% 的目標。

Now let's move on and discuss our segment results in more detail. Insurance had a strong quarter. Gross premiums written were $1.7 billion, a record third quarter for insurance, and an increase of 11% compared to the prior year quarter. The strongest driver has been the continued momentum of our new and expanded initiatives. These initiatives contributed nearly 70% of the growth in the quarter. The growth was broad-based across the portfolio as all classes of business grew, except for cyber.

現在讓我們繼續深入討論我們各個細分市場的結果。保險業本季表現強勁。毛保費收入達 17 億美元，創保險業第三季新高，比上年同期成長 11%。最強勁的驅動力是我們各項新措施和擴大措施的持續發展動能。這些舉措貢獻了本季近 70% 的成長。除了網路安全業務外，所有業務類別均實現了全面成長。

In Property, where we grew 8%, North America E&S grew 12.5% as our lower middle market initiative continues to grow, and we continue to attract new business at rates above our long-term target returns, even in the midst of the changing market landscape. Pro lines, as Vince mentioned, we had 18% growth and I would reiterate that the growth was driven by a number of new and expanded products. Growth in A&H continues to be driven by our pet product and in credit and political risk the new surety initiative continues to grow.

在房地產領域，我們成長了 8%；北美 E&S 業務成長了 12.5%，這得益於我們面向中低端市場的持續成長，即使在市場格局不斷變化的情況下，我們仍然能夠以高於長期目標回報率的速度吸引新業務。正如 Vince 所提到的，我們的專業產品線成長了 18%，我再次強調，這一成長是由許多新產品和擴展產品推動的。A&H 業務的成長持續由我們的寵物產品推動，而信貸和政治風險業務的新擔保計畫也持續成長。

In Cyber, as Vince noted, market dynamics remain a challenge. Therefore, excluding the remediation work, which we completed this quarter, the rest of the portfolio was essentially flat year over year. Net written premiums were up 11%, and as we've signaled, we're keeping a little bit more of our well-priced portfolio. In insurance, we are gaining momentum from our recent growth initiatives. As we sit here today, we believe that going into next year, we will be able to construct a portfolio that remains premium adequate. And that can grow at a mid- to high single-digit growth rate, excluding any impact from new side cars such as RAC Re. But a lot of that depends on what happens in the shifting landscape and as always, our priority is underwriting profitability.

正如 Vince 指出的那樣，在網路安全領域，市場動態仍然是一個挑戰。因此，除本季完成的補救工作外，其餘投資組合與去年同期基本持平。淨保費收入成長了 11%，正如我們之前所暗示的，我們將繼續持有更多定價合理的投資組合。在保險業，我們正從近期的成長舉措中獲得發展動能。就目前而言，我們相信，展望明年，我們將能夠建立一個保值率仍然充足的投資組合。而且，在不考慮 RAC Re 等新附屬公司的影響的情況下，這一數字可以達到中高個位數的成長率。但這很大程度上取決於不斷變化的市場環境，而且一如既往，我們的首要任務是確保承保獲利能力。

With respect to RAC Re, we are excited about the new vehicle, which builds upon our strong relationship with Ryan Specialty. We expect to retain about a third of the gross premiums written generated by the facility, which we expect to produce strong combined ratio business. In addition, we will earn fees on ceded earned premiums. The total volume will be a function of the growth rates of the underlying underwriting entities. And I would stress that this transaction is done on an underwriting-year basis, which means a slow buildup of revenues in 2026.

就 RAC Re 而言，我們對這款新車感到興奮，它建立在我們與 Ryan Specialty 的牢固關係之上。我們預計將保留該機構所產生毛保費的大約三分之一，我們預計這將帶來強勁的綜合比率業務。此外，我們還將從已賺取的分出保費中賺取費用。總交易量將取決於相關承保實體的成長率。我還要強調，這項交易是按承保年度進行的，這意味著 2026 年的收入將緩慢成長。

The insurance combined ratio was an outstanding 85.9%. The quarter included 3.9 points of CAT, and weather-related losses, and 1.3 points of reserve releases from short-tail lines. Now let's move on to the Reinsurance segment, where the business has continued to deliver stable, consistent and strong profitability. We grew 6% as we found opportunities to grow in credit surety lines as well as the agriculture business.

保險綜合比率高達 85.9%。本季包括 3.9 個百分點的 CAT 和天氣相關損失，以及 1.3 個百分點的短尾線路準備金釋放。現在讓我們來看看再保險業務，該業務一直保持著穩定、持續和強勁的獲利能力。我們實現了 6% 的成長，因為我們在信貸擔保業務和農業業務方面找到了成長機會。

In Liability, we continue to be cautious, but this quarter benefited from a higher level of positive premium adjustments versus the prior year. The reinsurance combined ratio was 92.2% with an ex-CAT accident year loss ratio of 67.9%. [CATs] were just 0.3 point with just over 1 point of benefit from the reserve releases. As we have done all year, we are taking a cautious stance to booking our reinsurance loss ratio while continuing to deliver consistent profitability. We had a very good quarter for investment income at $185 million. Our outlook for investment income remains favorable as we continue to generate excellent operating cash flow, which was $674 million in the quarter, and is driving growth in our asset base with a market yield of 4.8% is above our 4.6% book yield as of September 30.

在責任險方面，我們依然保持謹慎，但本季受益於比上年同期更高的正向保費調整。再保險綜合賠付率為 92.2%，剔除巨災事故年度賠付率為 67.9%。巨災損失僅 0.3 個百分點，而準備金釋放帶來的收益僅略高於 1 個百分點。正如我們今年一貫的做法，我們在確認再保險損失率方面採取謹慎的態度，同時繼續保持穩定的獲利能力。本季投資收益非常可觀，達到 1.85 億美元。由於我們持續產生優異的營運現金流（本季為 6.74 億美元），我們的投資收益前景依然樂觀，這推動了我們資產基礎的成長，截至 9 月 30 日，市場收益率為 4.8%，高於我們 4.6% 的帳面收益率。

Our effective tax rate of 18.9% in the quarter reflects the geographic mix of our profits as we continue to generate outstanding results in our US operations. We remain in a very strong capital position. We have returned substantial capital to our shareholders this year as we have completed $600 million of share repurchases and declared $105 million in common dividends. And we recently passed a new repurchase authorization for $400 million.

本季我們的實際稅率為 18.9%，這反映了我們利潤的地域組成，因為我們在美國的業務繼續取得優異的業績。我們依然擁有非常雄厚的資本實力。今年，我們透過完成 6 億美元的股票回購和宣布 1.05 億美元的普通股股息，向股東返還了大量資本。我們最近通過了一項新的4億美元回購授權。

I would reiterate that our priority use for capital is to fund profitable growth and to invest in the business. Our excellent financial results continue to demonstrate the hard work and commitment of our team to make us the leading specialty insurer in the world. We're tremendously excited for the future. And with that, operator, we'd be happy to take questions.

我再次重申，我們優先使用資金是為了實現獲利成長和投資於業務發展。我們優異的財務表現持續證明了我們團隊的辛勤工作和奉獻精神，使我們成為世界領先的專業保險公司。我們對未來感到無比興奮。那麼，操作員，我們很樂意回答您的問題。

(Operator Instructions)

（操作說明）

Andrew Kligerman, TD Cowen.

Andrew Kligerman，TD Cowen。

I guess the first question would be around the really nice growth in Property. And Vincent, Pete, you gave really good color on how it broke down notably North American E&S up 12.5%, and then overall, up 8%. But I was kind of interested you mentioned it's hitting your long-term targeted returns. So if I look at the loss ratio, and I don't know how you would kind of put in a CAT load, but we all know pricing is coming down. So how does the combined ratio, or loss ratio, whichever way you want to look at it, line up with where you're coming in presently because I'm kind of curious as to how that's going to trend as you grow the business. And it sounds like it's a great opportunity and lower middle market I'm hearing really good things. So --

我想第一個問題應該圍繞著房地產市場的良好成長。Vincent 和 Pete，你們對北美東部和南部地區增長 12.5%，以及整體增長 8% 的情況進行了非常詳細的分析。但我挺感興趣的，你提到它達到了你的長期目標回報。所以，如果我看一下損失率，我不知道該如何把巨災損失算進去，但我們都知道價格正在下降。那麼，綜合比率或賠付率（無論你怎麼看），與你目前的狀況如何？因為我很好奇隨著業務的成長，這個指標會如何改變。聽起來這是一個很好的機會，而且我聽到的都是關於中低階市場的正面評價。所以--

Yeah. Andrew, this is Vince. I'll start, and then Pete will come over the top. Please allow me as well to express on behalf of AXIS to all those in the path of Hurricane Melissa, our best wishes and speedy recovery as we are watching that, obviously, with good care. But direct to your question, we had 8%-odd growth in our property line in the quarter. As you indicate, Pete and I detailed, it's important to play some context around this growth. First, we're letting you know that this growth in our judgment comes from an extremely solid starting point of premium adequacy. Second, a well-constructed portfolio with respect to limit apparel mix.

是的。安德魯，這位是文斯。我先開始，然後皮特會從上面過來。請允許我代表 AXIS 向所有受颶風梅麗莎影響的人們表達我們最美好的祝愿和早日康復的願望，我們當然會密切關注事態發展。但直接回答你的問題，本季我們的房地產業務成長了 8% 左右。正如你所指出的，皮特和我詳細闡述的那樣，重要的是要了解這種增長的背景。首先，我們要讓您知道，我們判斷力的提升源自於我們對優質產品和服務的極為重視。其次，建構一個結構合理的投資組合，限制服裝組合。

Importantly, in our insurance business, 40%-odd of our property business is noncritical CAT and our lower middle market growth was exceptional in the quarter. All of these have a different gearing effect against what you point to on the rate change, which in and of itself, really doesn't address the start point of our premium adequacy. As you know, we've been working very hard over the past several years at reducing the CAT profile of our company generally and within insurance, I think that we've shown that ability. And so taken together, that is exactly how we're able to produce the kind of results that we are.

重要的是，在我們的保險業務中，約 40% 的財產險業務屬於非重大災害險，而且本季我們在中低端市場的成長非常出色。所有這些都對你所指出的利率變化產生了不同的槓桿效應，而利率變化本身並沒有真正解決我們保費充足性的起點問題。如您所知，過去幾年我們一直在努力降低公司整體以及保險業的巨災風險，我認為我們已經證明了這種能力。因此，綜合以上因素，我們就能達到我們所取得的成果。

I'll finally note that recall please that we go to market in property through eight different entities around the world, and we're attracting different customer segmentations, industry groupings and obviously, geographic dispersion. And so we feel great confidence in the integrated approach that we're taking with our actuarial team, our claims team and certainly our underwriting leadership principally led with Mike and Sara in our insurance business where this growth is occurring. Pete, I don't know if you want to add to that.

最後我想提醒大家，我們透過遍佈全球的八個不同實體進入房地產市場，我們吸引不同的客戶群、產業群體，當然還有地理分佈。因此，我們對我們與精算團隊、理賠團隊以及主要由 Mike 和 Sara 領導的保險業務承保領導團隊所採取的綜合方法充滿信心，而這種增長正是在我們保險業務中發生的。皮特，我不知道你是否想補充什麼。

Yes. Very much appreciate the color on property. And I think that gets to your question there, Andrew. I think also inherent in your question is as you're looking at the insurance loss ratio of 52.3. And how is that kind of staying nice and consistent given what is some pricing pressure out there. I think what I would note is Vince has said this many times, we necessarily can't control the market, but we can control mix. Underlying that, I would say, we've seen our underwriting loss ratios by our lines of business and business classes.

是的。非常喜歡這處房產的顏色。安德魯，我覺得這就回答了你的問題。我認為你的問題中也隱含著一個問題，那就是你提到的保險賠付率是 52.3%。考慮到目前市場存在一些價格壓力，這個數字是如何保持良好且穩定的呢？我想指出的是，文斯已經多次說過，我們可能無法控制市場，但我們可以控制產品組合。我認為，從我們各個業務線和業務類別的承保損失率來看，情況就是如此。

Actually -- we've actually shown the effect of rate and trend there where we've seen some increase in the underlying loss ratios but that has actually been offset by mix. And if I look year-to-date, especially year-over-year, we've got a higher proportion of the short-tail lines of business, which tend to have a smaller lower loss ratio. So underlying, we are reflecting rate and trend in what we're seeing in the markets in our underlying classes of business and the loss ratio. But the mix of business has changed such that that's kind of offsetting the pressure we've seen. And that has allowed the loss ratio in the ex-CAT loss ratio in insurance to stay very consistent.

實際上——我們已經展示了利率和趨勢的影響，我們看到基礎損失率上升，但這實際上已被產品組合所抵消。如果我看一下年初至今的情況，特別是與去年同期相比，我們會發現短期業務的比例更高，而短期業務的損失率往往較低。因此，從根本上講，我們反映的是我們在基礎業務類別和損失率中看到的市場利率和趨勢。但業務結構的變化在一定程度上抵消了我們所面臨的壓力。這使得保險業的非巨災損失率保持了非常穩定。

Great. And then maybe shifting over to third-party capital access capacity solutions, that the first deal with seem very exciting, very promising. Could you talk a little bit about the potential for more deals like that? Are you looking at a lot of them? Is there a pipeline out there that you're seeing?

偉大的。然後或許會轉向第三方資本獲取能力解決方案，而第一筆交易看起來非常令人興奮，非常有前景。您能否談談未來是否有更多類似交易的可能性？你看了很多嗎？你看到那邊有管道嗎？

Yeah. Andrew, I'll start. This is Vince again. Thank you for your question. AXIS Capacity Solutions we formed earlier this year, really in recognition of an emerging trend that we've observed in wholesale distribution relating to cross-class, cross-geographic opportunities. And in the case of Ryan Specialty and specifically RAC Re, this was an illustrated example where AXIS participated on about a third of the MGUs within the Ryan Specialty Organization. We had the opportunity to curate and participate on the select remaining MGUs that come to market from that very strong partner of ours.

是的。安德魯，我先來。我是文斯。謝謝你的提問。AXIS Capacity Solutions 是我們今年稍早成立的，實際上是為了抓住我們在批發分銷領域觀察到的一個新興趨勢，即跨類別、跨地域的機會。以 Ryan Specialty 和 RAC Re 為例，AXIS 參與了 Ryan Specialty 組織內約三分之一的 MGU。我們有機會策劃並參與我們這位強大的合作夥伴推出的剩餘精選MGU專案。

We agreed to do so with some careful deliberation around the portfolio makeup, the underwriting terms and conditions. At the same time, we assisted in the facilitation of a sidecar with the strength and belief on the prior comments we've made in any instance relating to delegated, to work as hard as we can to align economic interest. We believe that the sidecar was a perfect example wherein AXIS receives a fee from the sidecar and the profitability trigger for Ryan Specialty is only satisfied after the profitability of the underlying business is met.

經過對投資組合構成、承保條款和條件的仔細考慮，我們同意這樣做。同時，我們協助促成了邊車協議的達成，並秉持著我們先前在任何與委託相關的場合所發表的評論的堅定信念，盡我們所能努力協調經濟利益。我們認為，附屬業務就是一個完美的例子，A​​XIS 從附屬業務中獲得費用，而 Ryan Specialty 的獲利觸發條件只有在基礎業務獲利能力達到後才能滿足。

And so we thought this was an appropriate transaction for us to lean into an existing channel of distribution that we have, a recognition of the underlying portfolio, an alignment of economic interest, and ability to have our hand in the claims control of the underlying business and to ensure that we have transparency in the information.

因此，我們認為這是一筆合適的交易，可以讓我們利用現有的分銷管道，認可基礎投資組合，實現經濟利益的一致性，並能夠參與基礎業務的理賠控制，確保資訊的透明度。

As it relates to the second part of your question, this transaction has no doubt spawned increasing interest from a variety of partners around the world. And yes, there is a pipeline and critically important to Pete and myself, is that we maintain the underwriting adherence from the lessons we learned in our own reserve charge relating to the delegated book that we had back in December of '23. We are leaning into the principles that we've previously outlined for when we engage in delegated underwriting authority. And most importantly, we have satisfied ourselves on the alignment of interest, which is critically, critically important to us.

至於你問題的第二部分，毫無疑問，這筆交易已經引起了世界各地許多合作夥伴的濃厚興趣。是的，確實存在一條管道，而且對皮特和我來說至關重要的是，我們要從我們在 2023 年 12 月就委託業務收取準備金方面吸取的教訓中吸取經驗，繼續遵守承保規定。我們在進行委託承保時，會更重視我們先前概述的原則。最重要的是，我們對彼此的利益一致性感到滿意，這對我們來說至關重要。

Elyse Greenspan, Wells Fargo.

伊莉絲‧格林斯潘，富國銀行。

My first question, I wanted to go back to go to, I guess, the Insurance world comments. Pete, I think you said mid- to high single-digit growth, like excluding sidecars like RAC Re. I believe RAC Re could add like $150 million on a net basis. So does that mean if we kind of lump that in there that next year could get to double digits? I'm just trying to bring all the guidance together for the Insurance segment.

我的第一個問題是，我想回到保險界的評論。皮特，我想你說過個位數中高成長，例如不包括像 RAC Re 這樣的邊車。我認為 RAC Re 可以淨增加約 1.5 億美元。所以，如果我們把這些因素都考慮進去，是不是代表明年可能會達到兩位數？我只是想把保險業的所有指導意見匯總起來。

Yes, Elyse, thanks for the question. And I specifically bifurcated the two because of exactly that. So I do think with the agreement we've got with Ryan Specialty, whatever comes in for RAC Re could actually put us into double digits for next year. Obviously, that's going to be dependent upon the underwriting platforms underneath and what they see in the markets, as I mentioned. But with RAC Re, with given what we've already got going on in our own core book with the expanded and new initiatives, we could be in the double digits next year.

是的，伊莉絲，謝謝你的提問。正因如此，我才特意將兩者分開。所以我認為，憑藉我們與 Ryan Specialty 達成的協議，無論 RAC Re 獲得多少收入，明年我們都有可能實現兩位數的成長。正如我之前提到的，這顯然取決於底層承保平台以及他們在市場上的觀察。但是，考慮到 RAC Re 在我們核心業務中已經開展的擴展和新舉措，我們明年可能會達到兩位數的成長。

And then my second question on -- is on the G&A ratio, right? So the fees right on the RAC Re are contra right to G&A. And I believe, right, that wasn't contemplated when you guys told us sub 11 next year. So could you help us, I guess, kind of think through like the tailwind relative to the G&A guidance? I know it takes time for that to earn in, but I still think that there would be some tailwinds expected in '26, right?

那麼我的第二個問題是關於一般及行政費用比率，對嗎？因此，RAC Re 的費用與 G&A 的費用相抵觸。我相信，沒錯，你們告訴我們明年目標是11人以下的時候，並沒有考慮到這一點。所以，能否幫我們分析一下，相對於一般及行政費用指引而言的順風因素？我知道這需要時間才能見效，但我仍然認為 2026 年會有一些利好因素，對吧？

That's -- I think the real important thing that you've got there, Elyse, is the comment where it's going to take some time to earn in. The deal with RAC Re is actually done through our Lloyd's Syndicate. So the announcement was basically on an underwriting year basis. So when we think about that from, I'll call it, SEC GAAP gross written premium, we would expect to see the written premium actually come in over a three-year period. So that will be coming in '26 to '28 given its underlying coverholders, you got to think about the underlying as a risk attaching basis. So the earned premium is actually going to be pretty much over a four-year period, you're thinking '26 to '29. And so it will ramp up slowly. So as we think about calendar year '26, the impact from the fees are going to be pretty de minimis in that very first year because the ceded earned will take that same time to ramp up.

伊莉絲，我認為你真正想表達的重點是，這件事需要一些時間才能被接受。與 RAC Re 的交易實際上是透過我們的勞合社辛迪加完成的。所以，該公告基本上是以承保年度為基礎的。所以，當我們從 SEC GAAP 毛保費的角度來看待這個問題時，我們預計實際的保費收入將在三年內到達。所以，考慮到其底層承保人，這將在 2026 年至 2028 年期間發生，你必須將底層資產視為風險附加基礎。所以，實際已賺保費差不多是在四年內賺到的，也就是從 2026 年到 2029 年。因此，它會逐漸加速發展。因此，當我們展望 2026 年時，費用的影響在第一年將微乎其微，因為轉讓所得也需要相同的時間才能成長。

And then one last one, capital. Is the Q3 buyback a good run rate level? And any current color you can give us on your AXIS capital position today?

最後一點，就是資本。第三季的股票回購頻率是否合理？您目前能否提供一些關於AXIS資本部位的最新資訊？

Yeah. I'll ask Vince to chime in on that, but we did buy back $110 million in the third quarter. Again, our philosophy is we are going to look at growing the business first. We do want to see organic growth, and we're going to invest in our platform. As Vince talked about, we've been doing a lot on the technology side with regard to improving ourselves as we go to market with our distribution partners and clients.

是的。我會請文斯就此發表意見，但我們在第三季確實回購了價值 1.1 億美元的股票。再次強調，我們的理念是先著眼於業務成長。我們希望看到自然成長，並且我們將投資於我們的平台。正如 Vince 所說，我們在技術方面做了很多工作，以提升自身能力，更好地與分銷合作夥伴和客戶一起開拓市場。

Having said that, I would not look at $110 million in a quarter as any kind of run rate. As we said, we're going to be opportunistic on our buybacks. We're not going to be held to any specific number quarter to quarter. We have a new $400 million authorization and we'll look to use that as we go forward based upon how we look at the business, where we see the growth coming from as well as where we think we're trading on any given quarter. And with that, I'll ask Vince to chime in.

話雖如此，但我不會把一個季度 1.1 億美元的收入視為任何意義上的正常水平。正如我們所說，我們將抓住機會進行股票回購。我們不會被要求達到每季的具體數字。我們獲得了新的 4 億美元授權，我們將根據我們對業務的評估、我們認為的成長點以及我們對每個季度交易情況的判斷，來決定如何使用這筆資金。接下來，我請文斯發表一下看法。

Sure. The only thing I would come on over the top with Pete is, Elyse, you know that we'll continuously evaluate our capital position assuring ourselves that it's aligning shareholder interest with balancing the prudent risk management approach that we've taken. You know the chief source of using our capital will be inside the operating model. We expressly indicated an acceleration of expenditure in our technology and data-analytic infrastructure, the continued hiring of persons in the quarter, discrete. We hired over 140-odd persons into the organization. And so we continue to invest.

當然。我唯一想對皮特說的補充是，伊莉絲，你知道我們會不斷評估我們的資本狀況，確保股東利益與我們採取的審慎風險管理方法保持一致。你知道，我們資金的主要用途將在營運模式內部反映。我們明確表示，將加快對技術和數據分析基礎設施的投入，並在本季度繼續招募人員，這是分階段進行的。我們公司招募了140多名員工。因此，我們將繼續投資。

We're very pleased with the assimilation of our new colleagues that are supporting the growth that you're evidencing from us. So we'll maintain our course. We're not going to sort of guide on the order of magnitude of buybacks. We will use them opportunistically, as Pete has said. We've shown that through this calendar year over $600 million or approximately $600 million just in this operating year. So I'll leave it there.

我們非常高興看到新同事融入團隊，並支持你們在我們公司所展現的成長。所以我們會堅持既定路線。我們不會就回購規模的大小給予指引。正如皮特所說，我們會伺機利用它們。我們已經證明，光是本營運年度，就已超過 6 億美元，或約 6 億美元。我就說到這兒吧。

Josh Shanker, Bank of America.

喬許‧尚克爾，美國銀行。

I want to talk a little bit about paid to incurred ratios. Obviously, they remain precedingly high. You have a lot of growth ambitions in what some people are calling a soft market. Generally, you're already growing faster than the industry, which usually depresses paid to incurred. Can we talk about where paid to incurred is right now, but also with an eye on what to expect. If you are growing as fast as you see that you might be able to, that should be depressing paid to incurred ratio? And is that what we should expect going forward?

我想稍微談談已付成本與已發生成本的比率。顯然，它們仍然處於先前的高點。在某些人看來，市場疲軟，但你們卻有著遠大的成長目標。一般來說，你的成長速度已經超過了行業平均水平，這通常會抑制已發生費用的增加。我們能否討論目前已支付費用與實際發生費用之間的關係，同時也展望一下未來的發展趨勢。如果你以你認為可能達到的速度成長，那麼支出與成本比率應該會令人沮喪吧？這就是我們未來應該預期的發展趨勢嗎？

Josh, this is Vince. I'll start out. Thank you for your question. We commented last quarter the first instance that you saw a paid to incurred in an elevated state that we look at this indice really over a continuum of time. And I thought it really appropriate this quarter to unpack our point of view and our learnings of what this ratio really means. We think, frankly, it is only one of many points that you look toward in terms of confidence in the health of the portfolio, the health of our reserves. And we think there's a few underlying factors that you'll continue to see evidence in the AXIS journey.

喬希，這位是文斯。我先來。謝謝你的提問。我們在上個季度評論說，這是您第一次看到付費支出處於高位，我們確實要從時間的連續性來看待這個指數。我認為在本季度，非常合適來闡述我們對這一比率真正意義的觀點和理解。坦白說，我們認為這只是衡量投資組合健康狀況和儲備健康狀況的眾多指標之一。我們認為，在 AXIS 的發展歷程中，您將繼續看到一些潛在因素的證據。

Josh, when we indicate going on a transformation, we talk about the mix shifts in our underlying portfolio, long tail versus short tail. You're seeing access with more than 50% in short tail. You see large losses from time to time arise inside a specialty organization, though decreasing in the last few years here at AXIS from time to time will evidence some of them.

Josh，當我們說要進行轉型時，我們指的是我們基礎投資組合的組合變化，長尾股票與短尾股票的比較。你會發現超過 50% 的流量來自短尾數據。雖然 AXIS 近幾年虧損減少，但專業機構內部偶爾也會出現重大虧損。

Third, you see timing differences between when we're paying some of these large losses and when they were originally a case reserve. And finally, and perhaps most critically, from my learning point of view, whenever you undertake transformation and you make changes in your claims organization, including not only numbers of persons, the skills of those persons, the creation of newer capabilities in the form of complex claims organizations, shared service organizations, you invariably will get some form of acceleration. And so taken together, I would tell you expressly on behalf of AXIS that we're very comfortable with what we're observing.

第三，你會發現，在我們支付這些巨額損失的時間和它們最初作為案件準備金的時間之間存在差異。最後，也許也是最關鍵的一點，從我的學習角度來看，無論何時你進行轉型，對你的理賠組織進行變革，不僅包括人員數量，還包括這些人的技能，以及以復雜理賠組織、共享服務組織的形式創造新的能力，你都必然會獲得某種形式的加速。綜上所述，我代表 AXIS 明確地告訴大家，我們對所觀察到的情況非常滿意。

We would not be surprised to see if there are additional quarters reported, were paid to incurred seems elevated and overlaid with some of the statistics that Pete shared with you that we look at equally and importantly, with a critical eye, we feel very comfortable. But nonetheless, we appreciate the interest in the question. And you also referred to this notion of growth. Again, we're happy to unpack where the growth is coming from, what the line of business distinction is in terms of short tail versus long tail. What size customer it is and what kind of profit profile we believe it holds out.

如果報告的季度數量有所增加，我們也不會感到驚訝。支付的款項似乎高於實際發生的費用，並且與皮特與您分享的一些統計數據相吻合。我們同樣認真地審視了這些數據，並且我們以批判的眼光看待這些數據，因此我們感到非常放心。不過，我們很感謝大家對這個問題的關注。你也提到了成長這個概念。我們很樂意再次分析成長的來源，以及短尾和長尾業務線的差異。該客戶規模有多大？我們認為它能帶來怎樣的利潤？

With that, I'll ask Pete if you'd like to come over the top with any additional comments.

最後，我想問皮特，你是否還有什麼補充意見。

Yeah. I think I would. Josh, a couple of things just to point out. One, I appreciate the question, getting to the hard of some of the question, we do want to say we're very comfortable in the strength of our insurance reserves. And we do review a multitude of metrics each and every quarter to give us confidence in those reserves. So it's not only paid to incurred, but we were looking at, as I mentioned, IBNR to total reserves paid to ultimate factors, incurred to ultimate factors, and we look at these all by line of business as well as by duration. And then looking specific to this quarter, when we look at the paid to incurred ratio, a couple of things we're seeing is, one, we are having significant improvement in our claims organization in North America because as we've talked about through How We Work, it's all across the company. And in our claims organization and insurance in North America, we've actually seen an improvement where our closing ratios.

是的。我想我會的。喬希，有幾點需要指出。首先，我很感謝這個問題，也想就一些比較棘手的問題來探討。我們想說的是，我們對自身的保險儲備實力非常有信心。我們每季都會審查大量指標，以確保我們對這些儲備充滿信心。因此，不僅要考慮已支付的準備金與已發生的準備金之比，而且正如我所提到的，我們還要考慮已支付的 IBNR 與最終因素的總準備金之比，以及已發生的準備金與最終因素之比，我們會按業務線和持續時間來考慮所有這些。然後具體來看本季度，當我們查看已付賠款與已發生賠款的比率時，我們發現兩件事：第一，我們在北美的理賠部門取得了顯著的進步，因為正如我們在“我們的工作方式”中所討論的那樣，這已經遍及整個公司。在北美地區的理賠機構和保險業務中，我們的結案率確實有所提高。

So that's paid to new claims has actually improved from 98% last year to 118% this year. So we're getting after more of the claims. We've seen some of the courts open up. We closed some claims, most importantly, those paid claims we paid in the quarter and some were material, especially in the FI book, and these are all pre-2019 claims. They were fully reserved for. So there's been no surprises on the reserve front that we've seen. So overall, we feel really good about where our claims organization is improving and evolving to, and we feel very good about the level of the reserves on our balance sheet.

因此，支付給新索賠的比例實際上從去年的 98% 提高到今年的 118%。所以我們正在追查更多索賠案件。我們已經看到一些法院重新開放了。我們結清了一些索賠，最重要的是，我們在本季度支付了部分索賠，其中一些索賠金額較大，尤其是在 FI 帳簿中，而且這些都是 2019 年之前的索賠。它們已被全部預訂。所以，就儲備方面而言，我們還沒有看到任何意外情況。總的來說，我們對理賠機構的改進和發展方向感到非常滿意，並且對資產負債表上的準備金水準也感到非常滿意。

Mac Carletti, Citizens.

Mac Carletti，市民。

I just had a small cleanup question on the reserves. Pete. You talked about the -- it wasn't a huge number. I think the $19 million of favorable in the quarter, $15 million in insurance, $4 million in reinsurance. Can you just talk a little bit about where that came from just sort of a more short tail, long tail? And were there any bigger moving pieces behind the scenes? Or was it just pretty kind of enough to see here and just a broad small favorable?

我只是想問一下關於儲備金的一個小清理問題。皮特。你剛才提到了——那不是一個很大的數字。我認為本季有利因素為 1,900 萬美元，其中 1,500 萬美元來自保險，400 萬美元來自再保險。能簡單談談「短尾」和「長尾」這兩個概念的由來嗎？幕後是否還有其他更大的變數？或者，它只是夠漂亮，讓人眼前一亮，而且只是一種廣泛的、小範圍的有利因素？

Yeah. Thanks for the question. All coming from the short-tail lines. When we look at insurance, it actually came from property, credit, and surety, as well as A&H. On the reinsurance side, came from agriculture, 2024 continues to perform really well. So all from the short tail lines. And in the background, always a little bit of movement when you look across the accident years looking back. but nothing material or notable. And so still feel very good about the reserves in totality as well as across the accident years.

是的。謝謝你的提問。全部來自短尾線。當我們檢視保險時，它實際上來自財產險、信用險、擔保險以及意外傷害險。再保險方面，來自農業領域的2024年持續表現非常出色。所以這一切都來自短尾線。回首事故發生的那些年，總能從背景中感受到一些細微的變化，但沒有什麼實質的或值得注意的。因此，我對整體儲備金以及事故發生年份的儲備金仍然感到非常滿意。

Charles Lederer, BMO Capital Markets.

Charles Lederer，BMO資本市場。

Pete, you mentioned the favorable impact of mix on the underlying loss ratio in insurance. I guess just based on the accelerating breadth of growth in that segment that we saw in the quarter. How do you see that written growth impacting the ex-CAT loss ratio as those premiums earn in?

皮特，你提到了產品組合對保險業基本損失率的有利影響。我想這完全是基於我們在本季看到的該領域成長速度的加快和廣度的提升。您認為隨著保費的逐步到賬，已承保業務的成長將如何影響非巨災損失率？

Yeah, that's a great question, Charlie. As we look forward to next year, obviously, it's going to be very dependent upon what we see in the markets and where rate trend goes from here as well as right now, we have a really good property in the quarter, but we've also seen really good growth in our long tail line. So -- as I look forward to next year, I wouldn't necessarily want to give a number for next year, but we feel really good about where we are in insurance. But as the mix changes, that will impact the loss ratio next year. Again, overall, we look at the combined ratio, some of our longer tail lines have really good acquisition costs associated with them. So we're feeling really good about the overall insurance segment as we go into next year.

是啊，查理，你問得好。展望明年，顯然，這將很大程度上取決於我們看到的市場狀況以及利率趨勢的方向。目前，我們本季有一個非常好的房產項目，而且我們的長期項目也取得了非常好的成長。所以——展望明年，我並不一定想給出明年的具體數字，但我們對自身在保險業的現狀感到非常滿意。但隨著產品結構的變化，明年的賠付率將會受到影響。再次強調，整體而言，我們檢視綜合比率，我們的一些長尾產品線具有非常好的獲客成本。因此，我們對明年整體保險業的前景感到非常樂觀。

And then just on the G&A expense ratio. I know you mentioned you're still very confident in getting below 11%. I guess last year, you had a large catch-up in 4Q. Thanks to some really strong ROEs. I guess should we be thinking about the same kind of dynamic this year, just given it's been a light CAT year.

然後就一般及行政費用率而言。我知道你曾說過你仍然非常有信心將降幅控制在 11% 以下。我猜去年第四季你們有很大的追趕工作量。多虧了非常強勁的股本回報率。我想我們今年是否應該考慮同樣的動態，畢竟今年CAT考試比較少。

Yes, Charlie, this is Pete. I appreciate the question. As we see here through nine months, we've done really, really well for our shareholders and got to complement the AXIS team for all the work they've been doing, not only with like cats, but as we think on an ex-CAT basis -- is still able to grow the underwriting income and a really good ROE as we look at the ROE year-to-date at about 18.2%.

是的，查理，這是皮特。感謝您的提問。正如我們在過去九個月所看到的，我們為股東們做出了非常非常好的貢獻，並且要對 AXIS 團隊所做的一切工作表示讚賞，他們不僅在處理類似巨災方面表現出色，而且我們認為，即使不考慮巨災，他們仍然能夠提高承保收入，並且擁有非常不錯的淨資產收益率，因為我們看到今年迄今為止的淨資產收益率約為 18.2%。

So as we think about the end of the year, given we still think really good, and we're very confident about the fourth quarter, my expectation is we could be some reward for our teams as we go into the fourth quarter. So you may be looking at like what we did last year as consistent with what we might be doing this year, but really, really appreciative of the team overall for all the great work they've put in to create the results we've got this year so far.

所以，展望年底，鑑於我們仍然感覺非常好，並且對第四季度充滿信心，我預計進入第四季後，我們的團隊可能會獲得一些回報。所以，你可能會覺得我們去年的做法與我們今年的做法一致，但我們真的非常感謝整個團隊為取得今年迄今為止的成績所付出的所有努力。

Jane Lee, KBW.

Jane Lee，KBW。

My first question is on renewal rights. I'm guessing that it plays a role in the solid precision line growth? Like can you provide an update on how is the profitability of the acquired book comparing to your underwriting expectations?

我的第一個問題是關於續約權的。我猜它在固態精密線成長中發揮了作用？能否提供一下收購的業務組合的獲利能力與承保預期相比如何？

Good morning, this is Vincent Tizzio. We had about $6 million-odd from the Markel renewal rights transaction in the quarter discrete. We're pleased with the underwriting of that business. It's access-led and it is meeting our expectations in terms of limit, remit, scope of terms and conditions. And thus far, we're pleased with the sort of the trade of what we expected through the renewal rights to accept versus that, which we've non-renewed. And finally, we're very pleased and appreciative of our distribution partners for the support that they've lent in this transition from Markel to AXIS.

早安，我是文森蒂齊奧。本季我們從 Markel 的續約權交易中獲得了約 600 萬美元的收入。我們對這項業務的承保情況感到滿意。它以准入為導向，並且在限額、權限、條款和條件範圍方面符合我們的預期。到目前為止，我們對透過續約權所預期的交易結果感到滿意，這與我們沒有續約的情況相比，結果有所不同。最後，我們非常感謝我們的經銷合作夥伴在我們從 Markel 過渡到 AXIS 的過程中給予的支持。

Got it. Just a follow-up on that. So what's kind of the renewal retention rate being there? And how does the pricing on those renewals compared to the back book? .

知道了。關於這件事，我再補充一點。那麼續約留存率大概是多少呢？續訂價格與舊書價格相比如何？。

I have data on the latter part of the question. On the former, I have to search and see if I have the exact retention because, again, this is a renewal rights transaction. It wasn't part of our renewal base in the prior period. In terms of the acquisition or the hit ratio of what is coming over for potential retention. It's probably around half of what of the total, which would be in keeping with our expectation. We wouldn't expect reasonably to accept every renewal that's coming over. In terms of pricing, it is aligned with our expectations within the broader FI portfolio which is a very strong portfolio for AXIS, well managed and historical for us. We've been in the business a long time.

關於問題的後半部分，我有相關數據。對於前者，我必須查找並查看我是否有確切的保留金，因為，再說一遍，這是一項續約權交易。它不屬於我們上一時期的續約基礎。就潛在留存率而言，即收購或新客戶的成功率。大概是總數的一半左右，這符合我們的預期。我們不可能合理地接受每一份續約申請。就定價而言，它符合我們對更廣泛的金融機構產品組合的預期，而該組合對於 AXIS 來說是一個非常強大的產品組合，管理良好，並且對我們來說具有歷史意義。我們從事這個行業已經很久了。

Andrew Anderson, Jefferies.

Andrew Anderson，傑富瑞集團。

Just looking at the A&H growth within insurance, it's been doing really well for a couple of years now. Could you maybe just help us think about how you're achieving that level of growth, whether it's pricing, distribution, product breadth, and maybe why that's a little bit different from the growth levels within reinsurance?

單看保險業中的意外及健康險成長情況，近幾年來一直表現良好。您能否幫我們思考一下您是如何實現這種成長水平的，無論是定價、分銷、產品廣度，以及為什麼這與再保險行業的成長水平略有不同？

This is Vince. I apologize, Pete. Within insurance, we're very pleased with our A&H business. It is predominantly driven by our PET business, which is a partnership business with PET that was the predominant driver of growth in the quarter and will be for the year. Additionally, we've spoken in prior quarters about measures we were taking to support our other companion divisions within A&H notably out of London market and Lloyd's. We have a very strong group there that is performing well, continuing to grow double digits, performing profitably.

這是文斯。對不起，皮特。在保險業務方面，我們對意外傷害及健康險業務感到非常滿意。這主要得益於我們的 PET 業務，這是一個與 PET 合作的業務，是本季和全年成長的主要驅動力。此外，我們先前幾季也談到了我們正在採取的措施，以支持我們在意外傷害和健康險領域的其他合作夥伴部門，特別是倫敦市場和勞合社的合作夥伴部門。我們有一個實力非常強的團隊，業績表現良好，持續保持兩位數成長，並且獲利能力很強。

Further, we've reshaped our AXIS Group Benefits business over the last several years. It's been repositioned. It's in the phase of really executing its new underwriting strategy there again, it demonstrated growth, but off of the total basis, it's really driven by PET. The outlook for PET for us remains favorable, though Pete would describe because of what he detailed in the first or second quarter, I can't quite recall the reinsurance change, that level of GWP growth will dissipate, but the net will continue to be strong for AXIS. And certainly, most importantly, we like the profit outlook of that business.

此外，在過去的幾年裡，我們對 AXIS 集團福利業務進行了重組。它的位置已經重新調整了。目前該公司正處於真正執行其新的核保策略的階段，並再次實現了成長，但從整體來看，這實際上是由PET推動的。對我們來說，PET 的前景仍然樂觀，儘管 Pete 會描述說，由於他在第一季度或第二季度詳細說明的情況（我不太記得再保險的變化了），這種 GWP 增長水平將會消失，但 AXIS 的淨收益仍將保持強勁。當然，最重要的是，我們看好這家企業的獲利前景。

Andrew, this is Pete. Just to add a little bit of color. About a year ago, I think I know we mentioned that in our agreement with Fetch, we became the sole provider of the program. And that really helped because we were only 50% provider beforehand. So that has helped the PET growth this year really drive A&H through the first nine months. We started being the sole provider, we got to the fourth quarter of '24. So when we go to the fourth quarter of '25, that growth rate is going to normalize a bit. And I would expect A&H while it was up 35% in the third quarter. I would expect it to be more up just into the double digits when we get to the fourth quarter where that will actually normalize.

安德魯，這是皮特。只是為了增添一點色彩。大約一年前，我記得我們曾提到，在與 Fetch 的協議中，我們成為了該程式的唯一提供者。這真的很有幫助，因為我們之前只有 50% 的供應商。因此，PET 的成長在今年前九個月真正推動了 A&H 的成長。我們從成為唯一供應商開始，一直到 2024 年第四季。所以到了 2025 年第四季，這個成長率將會趨於正常化。我預計A&H（動物與健康）在第三季會成長35%。我預計到了第四季度，隨著情況趨於正常，這個數字會上升到兩位數。

If you like to look at the growth rate overall, you remember, I mentioned net written premium was actually negative in the first quarter. That's what was causing some anomalies, and that was because while we took over all the gross, we were ceding 50% of that PET business to the other partner that Fetch had. So all of that will normalize in the fourth quarter. So the gross growth will actually slow down. But if you're looking at like the net earned premium that you can see in the Q, that's been kind of normalized all year. That's probably a better metric to look at.

如果您想查看整體成長率，您應該記得，我曾提到第一季的淨保費收入實際上是負數。這就是造成一些異常情況的原因，因為雖然我們接手了全部毛利，但我們卻將 PET 業務的 50% 讓給了 Fetch 的另一個合作夥伴。所以所有這些情況都會在第四季恢復正常。因此，總成長速度實際上將會放緩。但如果你看一下季度中顯示的淨已賺保費，你會發現它全年都已趨於正常化。這或許是一個更好的衡量標準。

And then just on the technology spend. I think you talked about the $100 million that you laid out at the Investor Day. Could you kind of level set where we are relative to that $100 million? And could we be seeing some benefit to the expense ratio in the next couple of years? Is that spend levels off?

然後是技術方面的支出。我想你曾在投資者日上談到你提出的1億美元投資計畫。能否大致說明一下，我們目前與那1億美元之間的差距有多大？未來幾年，我們能否看到費用率有所改善？消費水準是不是下降了？

Yeah. We noted expressly that we've accelerated the expenditure. That number certainly in the period that we talked about will probably approximate $150 million-odd over the three years in terms of its efficiency, no doubt. You should see efficiency gains on the expense ratio. In the quarter discrete, just looking at North America, we're pleased with the early insights that shows improving quotes that are up about 27% year-over-year discrete 3Q '25 versus '24. Buyings are up about 19%. And so in the businesses that have had the effectuation of our technology enhancements, we are seeing individual productivity gains.

是的。我們明確指出，我們加快了支出。毫無疑問，在我們討論的這段時間內，就其效率而言，這個數字在三年內可能會接近 1.5 億美元左右。您應該會看到費用比率方面的效率提升。從季度離散數據來看，僅就北美而言，我們對早期洞察感到滿意，數據顯示報價有所改善，與 2024 年第三季相比，同比上漲約 27%。買盤量成長約 19%。因此，在那些已經實施我們技術改進的企業中，我們看到了個人生產力的提升。

We think that's going to continue to get stronger. The partnership between our How We Work organization, led by Ann Haugh and Mike McKenna, who leads North America, will only get better over time. We're seeing a number of proof points, whether it be between the operations relationship with underwriting, the insights from actuarial being made more quickly into the underwriting. These are all going to show increasing propensity and efficiency in how we go to market. So we're pretty optimistic.

我們認為這種趨勢還會持續增強。隨著時間的推移，由安·豪格領導的「我們的工作方式」組織與負責北美地區的麥克·麥肯納之間的合作關係只會越來越好。我們看到了許多證據，無論是營運與核保之間的關係，或是精算的見解能夠更快應用於核保。這些都將展現出我們在市場拓展方面日益增強的傾向性和效率。所以我們相當樂觀。

Brian Meredith, UBS.

Brian Meredith，瑞銀集團。

A couple here for Pete. First one. Pete, will AXIS qualify or will there be a benefit from the substance-based tax credits that Bermuda announced, I believe, in September?

這裡有一對給皮特的夫婦。第一個。皮特，AXIS 是否符合條件，或者能否享受百慕達在九月宣布的基於實質內容的稅收抵免政策？

Yeah. Brian, this is Pete. We're keeping our eye on that. Right now, it's always a bit early to tell. I'm going to mention that on the quantum, but we should be getting some benefit. But I mean the consultation paper is out, we've submitted comments back to the government. We worked with the industry to do that. We should get some substance-based tax credits to see what they are. It's going to depend upon what the final legislation is. We should expect to see that mid-December or so. So we'll obviously have more to say about that on our fourth quarter call.

是的。布萊恩，這是皮特。我們會密切關注此事。現在下結論還為時過早。我會在量子力學部分提到這一點，但我們應該會從中受益。但我的意思是，諮詢文件已經發布，我們也已經向政府提交了意見。我們與業界合作實現了這一點。我們應該申請一些基於實質的稅收抵免，看看具體情況如何。這取決於最終的法律條文是什麼。我們預計會在12月中旬左右看到這種情況。所以，我們顯然會在第四季財報電話會議上對此進行更多討論。

If you recall or if you've looked at it, there's a transition timing on that, too. So it may be some benefit in '25. It will go into '26. But we should get some associated with that. Obviously, our footprint on the island is not as big as others. And so our benefit, it will be beneficial to us, but hard to say where the quantum is today.

如果你還記得或看過的話，那方面也有一個過渡時間。所以，這或許對2025年有幫助。它將延續到2026年。但我們應該從中獲得一些相關資訊。顯然，我們在島上的影響力不如其他人大。因此，這對我們有利，但很難說量子今天處於什麼狀態。

Great. And I'm assuming that's a benefit to your G&A expense ratio.

偉大的。我假設這對你的管理費用率有利。

Yes, that would actually flow through G&A because that actually would show up as tax credits against the payroll. So definitely we go through G&A on the substance base. Yes.

是的，這實際上會計入一般及行政費用，因為這實際上會以稅收抵免的形式體現在工資支出中。所以，我們一定會根據實質內容來審核管理費用。是的。

Great. Second question, just -- I don't know on brings up again, but the paid to incurred loss ratios. You mentioned some large claim payments right? That kind of skewed it maybe the last quarter to in the insurance segment. Is there any way to kind of ballpark what those were and maybe it gives us a better kind of a run rate pay-to-incurred ratio when we strip out those large claims activity?

偉大的。第二個問題，就是──我不知道該如何再次提及，但已付賠款與已發生賠款的比率。你剛剛提到了一些大額賠償金，對吧？這可能對上一季的保險業務造成了一定影響。有沒有辦法大致估算一下這些損失是多少，剔除這些大額索賠活動後，或許能更好地計算出實際支付與已發生損失的比率？

Yeah. One, I would say, a lot of them were central to our FI book really, and they're actually coming from 2019 and prior. When we look at how big they were, there were a couple that were in there on a gross basis, Brian, in excess of $20 million. So when we look at it in total just that line of business, the top three claims had in excess of $50 million worth of pay in the quarter. So that actually skews it a bit. And then last year, actually, interestingly, Q3 last year just happened that in the quarter, we got about $20 million of recoveries from our reinsurers in the quarter, which depressed the number last year in the quarter.

是的。首先，我想說，其中許多內容對我們的財務自由書籍來說都至關重要，而且它們實際上來自 2019 年及以前。當我們看看這些案件的規模時，布萊恩，其中有幾起案件的總金額超過了 2000 萬美元。因此，當我們整體來看，僅就該業務線而言，前三大索賠在本季度支付的金額就超過了 5,000 萬美元。所以這實際上會使結果略有偏差。而去年，有趣的是，去年第三季度，我們從再保險公司收回了約 2,000 萬美元，這拉低了去年同期的數字。

But overall, I think what's really important as we think about the paid to incurred especially, a lot of improvements in our claims organization. Megan, and her team are really embracing how we work and putting better processes into place. So in North America insurance where we're seeing actually the close to new claims being at 118%, that's really quite good, especially since we're closing these claims within any reserves we had already been putting up.

但總的來說，我認為當我們考慮已付費用與已發生費用之間的關係時，真正重要的是我們的理賠組織需要進行許多改進。梅根和她的團隊非常認同我們的工作方式，並且正在落實更好的流程。因此，在北美保險業，我們看到實際接近新索賠的比例為 118%，這真的很不錯，尤其是考慮到我們正在投入的任何準備金範圍內結清這些索賠。

Got you. And then I guess last one, too, and maybe this is more for Vince. The RAC Re deal, maybe give us a little bit of color on what do you think the margin profile of that business is going to look like and the kind of make up kind of the business you're expecting to receive since its business? .

抓到你了。然後我想最後一個也是，也許這更多是給文斯的。關於 RAC Re 的交易，能否請您簡單介紹一下您認為該業務的利潤率情況，以及您預計會從中獲得哪些業務收益？。

Well, the the mix of line is in keeping with our broader portfolio. Property will be a meaningful participation -- and then there's some niche specialty lines within construction and professional and marine, where we have strong confidence in the underlying margin of the business and now what is going to be through these MGUs. So I would say it's in keeping with our overall profit profile of insurance that we've spoken about in the historical past, I don't see anything untoward affecting that.

嗯，這條產品線的組合與我們更廣泛的產品組合是一致的。房地產業務將是一個重要的參與領域——此外，在建築、專業和船舶領域還有一些小眾專業線路，我們對這些業務的潛在利潤率以及現在透過這些MGU將帶來的利潤率都充滿信心。所以我認為這與我們過去一直在談論的保險業整體獲利狀況是一致的，我不認為會有什麼不利因素影響到這一點。

Robert Cox, Goldman Sachs.

羅伯特‧考克斯，高盛集團。

This is Jack on for Rob here. I was wondering, when you talked about the mid-single-digit to high single-digit growth in '26, can you just give us like any type of color on what lines you're expecting that growth to come from in '26? Or how you're building up to that overall growth rate?

這裡是傑克，替羅佈報道。我想問一下，您之前提到 2026 年將實現個位數中段到個位數高段的增長，您能否具體說明一下您預計 2026 年的哪些領域會實現增長？或者說，你是如何逐步實現整體成長率的？

I think what we'll say in this regard is, one, we're not going to lay out our playbook of exactly where the lines are coming from. But suffice to say, we have great confidence in the continued growth trajectory of our new and expanded initiatives. In the quarter, discretely, they contributed meaningfully against the $165 million of our overall insurance growth. You know from our prior disclosures, we are a market leader in marine and energy segments of professionals, certainly within the wholesale, AXIS casualty, marketplace, the property marketplace and increasingly in the lower middle market. And so taken together alongside our niche, highly defined, delegated relationships in surety and PET. We think that there's ample growth within these lines to reveal itself in '26.

我認為在這方面我們要說的是，第一，我們不會詳細說明這些界線究竟來自哪裡。但總而言之，我們對各項新措施和擴展措施的持續成長前景充滿信心。本季度，它們單獨為我們整體保險業務成長 1.65 億美元做出了重要貢獻。從我們先前的揭露中，您也知道，我們是海洋和能源領域專業人士的市場領導者，尤其是在批發、AXIS意外險市場、財產險市場以及日益增長的中低端市場。因此，結合我們在擔保和 PET 領域的細分、高度明確、委託關係。我們認為這些領域蘊藏著巨大的發展潛力，將在 2026 年展現出來。

Got it. And then when I look on an external basis, it looks like on a net premiums earned property and some of maybe the lower loss ratio lines, credit Property, Cyber were a little bit less of a grower in mix for the quarter relative to the first two quarters. I'm just trying to work through the business mix impacts on a net premium earned basis that's supporting the underlying margins. Is there anything you can think of on like a sub-class basis or a better way to look at that from an external perspective?

知道了。然後，從外部來看，就淨保費收入而言，財產險以及一些賠付率較低的險種，例如信用財產險和網路安全險，在本季度相對於前兩個季度而言增長幅度較小。我只是想分析業務組合變化對淨保費收入的影響，以支撐基本的利潤率。從子類別的角度來看，或者從外部角度來看，有沒有更好的方法？

Yes, this is Pete. So I would tell you that if we look -- to your point, if we look year to date, the short tail lines are up 60% -- or at 60% versus 57% last year. But in the quarter, it was 59% versus 58%, so very close, but down a little bit as we think about it on an earned basis. But the other thing that's also going on is we are seeing some some adjustments within SEC classes, for example, in the political and credit risk where we're writing more surety business, which has a lower loss ratio.

是的，這是皮特。所以我想說的是，正如你所說，如果我們看一下今年迄今為止的情況，短期尾線上漲了 60%，或者說，與去年同期的 57% 相比，上漲了 60%。但本季度，這一數字為 59% 對 58%，非常接近，但從獲利角度來看，略有下降。但另一件事是，我們看到美國證券交易委員會（SEC）的保險類別也出現了一些調整，例如在政治和信用風險領域，我們正在承保更多擔保業務，而擔保業務的損失率較低。

So it's going to be hard to see overall. But as that mix ebbs and if we do right, as you note, more long-tail business that might have a higher loss ratio. Again, I'd point to the combined ratio, we'll look at because some of those lines have lower acquisition costs associated with them, and we feel good about the combined ratio going into next year. That's kind of what I -- why I pointed that out.

所以很難看清全貌。但隨著這種組合的減少，如果我們做得對，正如你所指出的，會有更多長尾業務，而這些業務的損失率可能會更高。我再次強調，我們會專注於綜合比率，因為其中一些業務線的獲客成本較低，我們對明年的綜合比率感到樂觀。這就是我指出這一點的原因。

Charlie Lederer, BMO Capital Markets.

Charlie Lederer，BMO資本市場。

Just a quick one. I think this is the first quarter with the new fully in place for the whole quarter. I think you guys were expecting some deferred gain amortization to come from that deal over time? I know smaller dollars. But was there any of that in the quarter? And I guess, should we expect that to be a small benefit next year?

就簡單問一下。我認為這是新系統全面投入使用後的第一個季度。我想你們是預期這筆交易會隨著時間的推移產生一些遞延收益攤銷吧？我知道小額鈔票。但本季有出現這種情況嗎？我想，我們是否可以期待明年這會帶來一些好處呢？

Charlie, this is Pete. Yeah, there was a deferred gain in the quarter. It actually runs through other income. My recollection is that number was about $1.6 million in the quarter. That will adjust over time as we get further out in the duration. But yes, that will actually come through in 2026. I don't have the exact number for 2026 in front of me, but it is a very small number that will come through next year also through that line.

查理，這是皮特。是的，本季有一筆遞延收益。它實際上是透過其他收入來運作的。我記得那個季度的數字大約是 160 萬美元。隨著時間推移，情況會隨之調整。是的，這確實會在 2026 年實現。我手頭上沒有 2026 年的確切數字，但明年透過這條生產線輸送過來的人數會非常少。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Vincent Tizzio, CEO, for any closing remarks. Please go ahead, sir.

我們的問答環節到此結束。我謹將會議交還給執行長文森‧蒂齊奧先生，請他作總結發言。請繼續，先生。

Thank you for joining today's call. We continue to be encouraged by the sustained positive momentum in our performance and have confidence in our future. I want to extend my deep appreciation to all of our AXIS teammates worldwide for their outstanding work that they deliver day in and day out.

感謝您參加今天的電話會議。我們持續取得正面業績，這令我們倍感鼓舞，也讓我們對未來充滿信心。我要向全球所有 AXIS 團隊成員表達我深深的謝意，感謝他們日復一日的出色工作。

This concludes our third quarter call. We look forward to updating you on our continued progress in the quarters ahead. Thank you very much.

我們的第三季電話會議到此結束。我們期待在接下來的幾季中向您報告我們的持續進展。非常感謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。