AXIS Capital Holdings Limited (AXS) 2026 Q2 法說會逐字稿

Good day, and welcome to the Second Quarter AXIS Capital Earnings Call. (Operator Instructions)

大家好，歡迎參加 AXIS Capital 第二季財報電話會議。(接線員指示)

Please note this event is being recorded. I would now like to turn the conference over to Cliff Gallant, Head of Investor Relations. Please go ahead.

請注意，本活動將被錄音。現在我想把會議交給投資人關係主管 Cliff Gallant。請開始。

Thank you. Good morning, and welcome to our second quarter 2026 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.

謝謝。各位早安，歡迎參加我們 2026 年第二季電話會議。我們的盈餘新聞稿與財務補充資料已於昨晚發布。如需索取副本，請造訪我們網站 axiscapital.com 的「投資人資訊」專區。我們為今天的電話會議預留一小時，並且也可在我們網站上以音訊網路直播方式收聽。

Joining me on today's call are Vince Tizzio, our President and CEO; and Matt Kirk, our CFO. 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. 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.

今天與我一同參與電話會議的有：我們的總裁暨執行長 Vince Tizzio，以及財務長 Matt Kirk。我想提醒各位，本次電話會議（包括問答環節）中所作之非歷史事實陳述，可能構成前瞻性陳述。前瞻性陳述涉及風險、不確定性與假設。由於多項因素，實際事件或結果可能與前瞻性陳述所預測者有重大差異，包括公司最近一期 Form 10-K 年報或 Form 10-Q 季報，以及公司向美國證券交易委員會（SEC）提交的其他報告中所列之風險因素。其中亦包括我們昨晚發布之盈餘新聞稿中，關於前瞻性陳述的警示說明所識別的額外風險。

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.

我們不承擔公開更新或修訂任何前瞻性陳述之義務。此外，本次電話會議中可能會討論非 GAAP 財務衡量指標。相關調節表已包含於我們的盈餘新聞稿與財務補充資料中。

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

接下來，我把電話交給 Vince。

Thank you, Cliff. Good morning, and thank you for joining our call. Before sharing my prepared remarks, I want to first acknowledge the incredible efforts expended by my colleagues around the world in delivering strong first half results that are aligned to our strategic focus and ambition. This was a solid quarter where AXIS continued its track record of delivering consistent profitable growth, and our results included 14.3% annualized operating return on equity, a 15% year-over-year growth in diluted book value per share, our 15th consecutive quarter in doing so.

謝謝你，Cliff。各位早安，感謝各位加入我們的電話會議。在分享我預先準備的發言之前，我想先肯定全球各地同仁所付出的巨大努力，讓我們在上半年交出強勁成果，並與我們的策略重點與企圖心一致。這是一個穩健的季度，AXIS 延續一貫的表現，持續實現一致且具獲利性的成長；本季成果包括年化營運股東權益報酬率 14.3%、稀釋後每股帳面價值年增 15%，這也是我們連續第 15 個季度達成此目標。

Our performance was generated against the backdrop of a market impacted by several trends. As has been widely reported in the industry, market conditions are softening, and we are observing increasing competition and pricing pressure more broadly across the micro markets I've described in past calls. However, terms and conditions and limits have remained largely intact, and AXIS continues to lean into attractive specialty markets where we see premium adequacy and risk-adjusted returns that meet our standards.

我們的表現是在多項趨勢影響市場的背景下所產生。如同業界廣泛報導，市場狀況正在轉弱；我們也觀察到競爭加劇與定價壓力，且更廣泛地出現在我在過去電話會議中所描述的各個細分市場。然而，條款與條件以及承保限額大致仍維持不變；AXIS 仍持續加碼我們認為具吸引力的專業市場，在這些市場中我們看到保費充足性，以及符合我們標準的風險調整後報酬。

Second, the Iran conflict has generated year-to-date industry losses that is believed to be in the range of $2.5 billion to $3 billion. In the quarter, AXIS reported $31 million in losses from this conflict, which is classified as a cat and driven primarily by coverages within our terrorism and marine war businesses. Both are specialist classes, where AXIS participates as a lead market with a strong and long established reputation. Thus far, the business remains premium adequate, and I'll note that our underwriting controls are among the most conservative in the market, and that our team is very closely monitoring the situation on the ground.

第二，伊朗衝突導致本年度迄今的產業損失，據估計約在 25 億至 30 億美元之間。本季 AXIS 因該衝突認列 3,100 萬美元損失，歸類為巨災損失（cat），主要來自我們恐怖主義與海運戰爭險業務中的承保範圍。兩者皆為專業險種，AXIS 以主導市場（lead market）身分參與，並擁有強大且長期建立的聲譽。截至目前，該業務的保費仍屬充足；我也要指出，我們的核保控管在市場中屬於最保守之一，而我們的團隊正非常密切地監控當地情勢發展。

Lastly, this was a quarter with some $21 billion in industry catastrophe losses, which were lower year-over-year, but the composition continues to shift. $18 billion of the industry cat losses in the quarter came from severe convective storms. These perils are becoming more frequent, more geographically dispersed and more costly per event. And during the quarter, AXIS absorbed $49 million in losses from SCS activity, which was well within our expectations.

最後，本季產業巨災損失約 210 億美元，較去年同期為低，但損失結構仍在轉變。本季產業巨災損失中有 180 億美元來自強烈對流風暴（SCS）。這些災因正變得更頻繁、地理分布更廣，且每次事件的成本更高。本季 AXIS 因 SCS 活動吸收 4,900 萬美元損失，完全在我們的預期範圍內。

Let's now unpack the quarter. AXIS generated a 93% combined ratio, 89% current accident year ex-cat combined ratio, 10.9% GA ratio, which is in line with our expectations. And we produced gross written premiums of $2.7 billion, up 6% over the prior year. Our growth was disciplined and targeted towards specialty short lines, predominantly within our insurance segment. In the quarter, short-tail represented 57% of our premiums, including 59% in insurance and 51% in reinsurance.

接下來我們拆解本季表現。AXIS 的綜合比率為 93%，當期事故年度（不含巨災）綜合比率為 89%，GA 比率為 10.9%，符合我們的預期。我們的毛簽單保費為 27 億美元，較去年同期成長 6%。我們的成長具紀律且有針對性，聚焦於專業短尾險種，主要來自我們的保險（insurance）部門。本季短尾業務占我們保費的 57%，其中保險部門為 59%，再保險部門為 51%。

Moreover, the growth was achieved even as we cycle-managed within our reinsurance portfolio, reducing our premiums by 25% as we continue to practice vigilance in liability and professional.

此外，即便我們在再保險投資組合中進行循環管理（cycle-manage），並在持續對責任險與專業責任險保持警覺的同時將保費降低 25%，我們仍達成了成長。

Our growth in the quarter was aligned with our strategic focus and supported by the investments that we've made in recent years to broaden our capabilities. Our expanded classes, which are largely in short-tail lines, continued to deliver profitable growth as we further expanded our share in markets where AXIS has historically been underrepresented. Second, as discussed in previous calls, our AXIS capacity solutions capability is continuing to match our underwriting expertise and third-party capital appetite to meet our customers' needs.

本季成長與我們的策略重點一致，並受到我們近年來為擴大能力所做投資的支持。我們擴增的險種（多屬短尾險種）持續帶來具獲利性的成長，因為我們在 AXIS 過去相對不足的市場中進一步擴大市占。第二，如同先前電話會議所討論，我們的 AXIS capacity solutions 能力持續結合我們的核保專業與第三方資本的風險承擔意願，以滿足客戶需求。

ACS is enabling greater gross lines on selected classes that are premium adequate while maintaining our net underwriting appetite. Fee income from ACS was close to $4 million in the quarter, and we expect this to grow to about $17 million for the full year. Let's now move on to our segment results, and we'll begin with insurance. It was a strong quarter for our insurance business, highlighted by premium generation of $2.2 billion, which was up 15% over the prior year, underwriting income of $119 million, a 90% combined ratio and a current accident year ex-cat combined ratio of 84.5%.

ACS 使我們能在特定險種上承作更高的毛承保額度（gross lines），在保費充足的同時，仍維持我們的淨核保風險偏好。本季 ACS 的費用收入接近 400 萬美元，我們預期全年將成長至約 1,700 萬美元。接著我們來看各部門的業績，先從保險部門開始。本季保險業務表現強勁，亮點包括保費收入 22 億美元，較去年同期成長 15%；核保利益 1.19 億美元；綜合比率 90%；以及當期事故年度（不含巨災）綜合比率 84.5%。

Unpacking our insurance results further, our core insurance portfolio generated about 2% of the growth in the quarter. ACS contributed about 8%, and we drove about 5% of our insurance growth from our expanded classes. Our progress within insurance is achieved as we further lean into our multivariate channels of distribution. Indeed, we've developed and introduced propositions that give us greater and more diversified access to targeted specialty lines in our key markets.

進一步拆解保險部門的成果，我們的核心保險投資組合在本季貢獻約 2% 的成長。ACS 約貢獻 8%，而我們約有 5% 的保險成長來自擴增險種。我們在保險部門的進展，來自我們進一步加大對多元分銷通路的投入。確實，我們已開發並推出多項方案，使我們能在主要市場中，對目標專業險種取得更大且更多元的接觸管道。

In North America, within the wholesale channel, our reputation and brand recognition and wallet share is substantial. And in the quarter, 68% of our North American insurance premiums came from wholesale. Submission flow remains healthy at 20%. We are pursuing a number of attractive opportunities within the North American retail segment that are not in conflict with our wholesale business, and nearly 19% of our North American insurance premiums in the quarter came from retail, and we see continued upside potential. Our delegated business was flat year-over-year, representing about 13% of premiums.

在北美，於批發通路中，我們的聲譽、品牌辨識度與客戶錢包占比相當可觀。本季我們北美保險保費的 68% 來自批發通路。投保申請（submission）流量仍維持健康，為 20%。我們正於北美零售市場追求多項具吸引力的機會，且不會與我們的批發業務產生衝突；本季北美保險保費中近 19% 來自零售通路，我們仍看到持續向上的潛力。我們的授權承保（delegated）業務與去年同期持平，約占保費的 13%。

And finally, in our London market business, we are a top syndicate with lead propositions in a number of lines and maintain a largely short-tail portfolio with highly specialized capabilities. Let's now step back and look more deeply at insurance market conditions and AXIS' posture. In my outset comments, I noted the softening market conditions that we are observing are now broadly across most of the market.

最後，在我們的倫敦市場業務中，我們是領先的辛迪加之一，在多條業務線上具備主導型方案（lead propositions），並維持以短尾為主的投資組合與高度專業化的能力。現在讓我們退一步，更深入地檢視保險市場狀況以及 AXIS 的應對姿態。在我開場的評論中，我提到我們觀察到的市場轉弱狀況，如今已廣泛出現在市場的大多數領域。

For AXIS, we are leaning into our diversification of product, customer segments and deep specialty expertise to drive disciplined and targeted growth while cycle-managing where needed. I'll now provide observations across several lines of business. Within property, in the quarter, gross premiums were up 21%, fueled in substantial part from our ACS capability. On a net basis, our book has shrunk by 15% in the quarter as we increased our reinsurance cessions on our property treaty. Within our property portfolio, rates were down 17% in the quarter.

就 AXIS 而言，我們正加大力度推進產品、客戶細分以及深厚的專業專長多元化，以在需要時進行週期管理的同時，推動有紀律且具針對性的成長。我現在將就數個業務線提供觀察。在財產險方面，本季總保費成長 21%，其中相當大一部分動能來自我們的 ACS 能力。以淨額計，本季隨著我們提高財產險合約再保分出比例，我們的承保組合縮減了 15%。在我們的財產險組合中，本季費率下滑 17%。

As this market now transitions more rapidly into a softer environment requiring deepen cycle management, we take confidence in our starting point. We've built a portfolio with premium adequacy and an average net limit that remains in low single-digit millions that is well balanced in peril and geographic mix and also backed by a cat XOL protection that attaches at $100 million per event. In liability, we grew 8% in the quarter, primarily through rate increases of 7%.

隨著市場目前更快速地轉向較為疲軟的環境、需要更深度的週期管理，我們對自身的起點仍具信心。我們已建立一個保費充足、平均淨限額仍維持在低個位數百萬美元水準的組合，在災因與地理分布上均衡，並且有一層每一事件於 1 億美元起賠的巨災超額損失（cat XOL）保障作為支撐。在責任險方面，本季我們成長 8%，主要來自 7% 的費率上調。

Our premium dispersion was spread across U.S. Excess Casualty, a substantial business. It shrunk 4% and delivered rate change of 8%. This book remains premium adequate. Our dedicated U.S.

我們的保費分布分散於美國超額意外險（U.S. Excess Casualty）等業務線，該業務規模可觀。該業務本季縮減 4%，並實現 8% 的費率變動。該承保組合仍具保費充足性。我們專屬的美國

excess casualty lower-middle-market unit delivered 22% growth and is also premium adequate. In our previously announced RAC Re transaction, liability lines contributed $21 million and delivered a rate change of 10%. I'll note that our primary casualty business, an area where we've maintained a cautious stance, has shrunk by 8% on a year-to-date basis and has yielded a 9% rate increase. In Professional, Growth in the quarter was 16% with a rate increase of 2%. A key driver was E&O, where we continue to lean into our expanded classes, including Allied Health and Design Pro, to name two.

超額意外險中低端市場（lower-middle-market）單位實現 22% 成長，且同樣具保費充足性。在我們先前公布的 RAC Re 交易中，責任險業務線貢獻 2,100 萬美元，並帶來 10% 的費率變動。我也要指出，我們的主力意外險（primary casualty）業務——這是我們一直保持審慎立場的領域——年初至今縮減 8%，並帶來 9% 的費率上調。在專業險方面，本季成長 16%，費率上調 2%。主要驅動因素之一是 E&O（錯誤與疏漏責任險），我們持續加碼擴增的承保類別，包括 Allied Health 與 Design Pro 等，僅舉兩例。

Our growth in Professional was also supported through the RAC Re partnership.

我們在專業險的成長也獲得 RAC Re 合作夥伴關係的支持。

Within cyber, in the quarter, we reduced premiums by 5%. Rate reductions in cyber continued and were 7%, adding pressure to premium adequacy. At a group level, we've reduced our premiums by 30%. Let's now move to our Reinsurance segment. In the quarter, we executed against the targeted specialist reinsurance strategy that we've been discussing with you over the last several years.

在網路險方面，本季我們將保費降低 5%。網路險的降費率趨勢持續，本季降幅為 7%，對保費充足性造成更大壓力。在集團層級，我們已將保費降低 30%。接下來談我們的再保險事業部。本季，我們依照過去幾年與各位討論的目標型專業再保策略持續推進執行。

In the second quarter, AXIS Re generated its 10th consecutive quarter of profitability.

在第二季，AXIS Re 實現連續第 10 季獲利。

We produced $400 million -- $440 million in premiums and more than half, 51% of our production came from specialty short-tail lines. We generated $90 million in new business with 94% coming from short-tail lines, and we produced a 94.5% combined ratio. We're enjoying excellent premium adequacy across all of our specialty lines with the exception of our A&H employer stop-loss business, where we are seeing continued pressure and competition.

我們產生了 4 億至 4.4 億美元的保費，其中超過一半（51%）來自專業短尾業務線。我們新增業務帶來 9,000 萬美元保費，其中 94% 來自短尾業務線，且我們的綜合比率為 94.5%。除 A&H（意外與健康險）雇主停損（employer stop-loss）業務外，我們在所有專業業務線上都享有極佳的保費充足性；該業務線仍面臨持續壓力與競爭。

This quarter, approximately 22% of our reinsurance premiums for the year were up for renewal. As noted earlier, we shrunk our reinsurance book by 25% in the quarter. Nearly all the reduction came from lines that we've previously pointed to as being cycle-managed. Professional lines contributed 58% of the reduction in premiums and liability contributed 42%. Our reinsurance strategy and value proposition remains consistent.

本季，我們本年度約 22% 的再保險保費面臨續約。如先前所述，我們本季將再保險承保組合縮減 25%。幾乎所有縮減都來自我們先前指出需進行週期管理的業務線。專業業務線占保費縮減的 58%，責任險占 42%。我們的再保險策略與價值主張仍維持一致。

As we look to the future, our focus continues to be on specialist classes, supported by highly selective and disciplined liability and professional appetites.

展望未來，我們的重點仍將放在專業類別上，並以高度選擇性且有紀律的責任險與專業險承保偏好作為支撐。

Stepping back, across the company, we continue to add talent to complement our team and support our ambition. I'll share just two recent examples. Tony Izzo joined AXIS as our Chief Commercial Officer and is helping us even further elevate an already strong global distribution platform. Within our operations team, we have added Rahil Jagani as our Head of AI and Technology Strategy, serving in a new leadership role that will be the bridge between strategy, business value and execution of AI and emerging technologies across our enterprise. I'll add that for three years through our How We Work program, we have strengthened AXIS' operating foundation, simplifying processes, embedding agile ways of working and piloting AI across underwriting, claims and operations.

回到更宏觀的層面，在全公司範圍內，我們持續延攬人才以補強團隊並支持我們的企圖心。我分享兩個近期例子。Tony Izzo 加入 AXIS 擔任首席商務長（Chief Commercial Officer），協助我們進一步提升本已強健的全球通路平台。在營運團隊方面，我們新增 Rahil Jagani 擔任 AI 與科技策略主管（Head of AI and Technology Strategy），這是一個新的領導職務，將在全企業範圍內扮演策略、商業價值與 AI 及新興科技落地執行之間的橋樑。我也補充，透過我們的 How We Work 計畫三年來，我們強化了 AXIS 的營運基礎，簡化流程、導入敏捷工作方式，並在核保、理賠與營運中試點 AI。

By creating the group COO role announced last quarter, we took a deliberate and strategic step to bringing together the functions that shape enterprise execution as an integrated team under a single leader. This is a structural response to how our industry and the risk environment within specialty is evolving, and it is enabling us to scale AI, protect underwriting discipline and translate transformation investments into measurable financial outcome. In the third quarter, we will celebrate the 25th anniversary of AXIS.

透過上季宣布設立集團 COO 職位，我們採取了審慎且具策略性的步驟，將塑造企業執行力的各項職能整合為由單一領導者帶領的一體化團隊。這是對我們產業以及專業領域風險環境演進的結構性回應，使我們得以擴大 AI 規模、守住核保紀律，並將轉型投資轉化為可衡量的財務成果。在第三季，我們將慶祝 AXIS 成立 25 週年。

Our company was born in the aftermath of September 11, when our founders answered the call within the market for specialized products during a time of global uncertainty. Just as we did then, today, AXIS stands apart for its specialist capabilities, its talent and its expertise in helping our customers navigate a volatile world. In the last several years, AXIS has made tremendous strides propelled by our discipline and consistency in execution, its straight-spoken style of management, its strong caliber of talent, excellent customer service and our relentless focus on delivering value to our shareholders over time.

我們公司誕生於 9 月 11 日事件之後，當時創辦人在全球不確定性之際回應市場對專業產品的需求。正如當年一樣，今日 AXIS 以其專業能力、人才與專長而與眾不同，協助客戶在動盪的世界中前行。過去幾年，AXIS 在有紀律且一致的執行、直言不諱的管理風格、高水準的人才、卓越的客戶服務，以及我們長期專注為股東創造價值的推動下，取得了長足進展。

We covet the trust that we've earned, and we will endeavor to further advance our strategy and realize our ambition of being the best specialist underwriter in the world. In closing, this was a solid quarter for AXIS. We acknowledge the market has become softer, and we have a strong and resilient portfolio that is built for the market ahead. We continue to see attractive risk-adjusted return business to target and maintain within our portfolio. We also expect to continue to realize the benefits from the investments we're making in products, distribution, technology and talent.

我們珍視所贏得的信任，並將致力於進一步推進策略，實現成為全球最佳專業核保人的抱負。最後總結，本季對 AXIS 而言表現穩健。我們認知市場已轉趨疲軟，而我們擁有為未來市場打造的強健且具韌性的承保組合。我們仍持續看到具吸引力的風險調整後報酬業務，值得在組合中鎖定並維持。我們也預期將持續實現我們在產品、通路、科技與人才方面投資所帶來的效益。

Finally, our strategy is predicated on generating long-term value creation for our shareholders.

最後，我們的策略以為股東創造長期價值為基礎。

With that, I'll now pass the floor to Matt for his comments.

接下來，我把時間交給 Matt 發表他的評論。

Thank you, Vince, and good morning, everyone. I'm happy to have my first full quarter as AXIS CFO under my belt. AXIS is ambitious, and we have a lot of positive momentum today, and I see my role as making certain that AXIS remains on sound financial footing to have the flexibility to execute upon our operating goals. The second quarter was strong. Our net income available to common shareholders was $251 million or $3.38 per diluted common share, resulting in an annualized ROE of 17%.

謝謝你，Vince，各位早安。我很高興完成我擔任 AXIS 財務長（CFO）的第一個完整季度。AXIS 雄心勃勃，我們目前也有許多正向動能；我認為我的角色是確保 AXIS 維持穩健的財務基礎，保有足夠彈性以執行我們的營運目標。第二季表現強勁。歸屬於普通股股東的淨利為 2.51 億美元，或每股稀釋普通股盈餘 3.38 美元，換算年化股東權益報酬率（ROE）為 17%。

Our operating income was $211 million or $2.84 per diluted common share, which resulted in an annualized operating ROE of 14%. Starting with our group underwriting highlights. Our gross written premiums of $2.7 billion were up 6% over the prior year quarter, driven by ongoing strength in insurance, partially offset by expected declines in reinsurance. The combined ratio was 93.1%. Cat losses were $80 million, resulting in a cat loss ratio of 5.3%.

營業利益為 2.11 億美元，或每股稀釋普通股 2.84 美元，換算年化營業 ROE 為 14%。先從集團核保重點談起。我們的總簽單保費（gross written premiums）為 27 億美元，較去年同期成長 6%，主要受保險業務持續強勁帶動，部分被再保險如預期的下滑所抵銷。綜合比率為 93.1%。巨災損失為 8,000 萬美元，使巨災損失率為 5.3%。

These losses were primarily driven by severe convective storms in the U.S., which totaled $49 million, with the remainder related to the Middle East conflict.

這些損失主要由美國嚴重對流風暴所致，合計4,900萬美元，其餘則與中東衝突相關。

Both quarter and year-to-date weather-related cat losses are in line with our modeled expectations. Losses from the Middle East conflict currently appear modestly below our market share. However, the situation remains highly fluid, and we are actively monitoring our exposures and importantly, we are standing by to support our clients. Over time, these lines have been highly profitable for AXIS. We are a leader in the market, often setting terms and conditions.

無論是本季或年初至今的天氣相關巨災損失，均符合我們的模型預期。中東衝突造成的損失目前看來略低於我們的市場占有率所暗示的水準。然而，情勢仍高度變動，我們正積極監控曝險；更重要的是，我們隨時準備支持我們的客戶。長期而言，這些業務線對AXIS一直非常獲利。我們是市場領導者，經常制定條款與條件。

And on occasion, we are one of the few markets available to our clients. In many ways, these lines define the company as a true specialist.

而且在某些情況下，我們是客戶可選擇的少數市場之一。在許多方面，這些業務線將公司定位為真正的專業型保險人。

Turning to reserves. We remain confident in our company's overall position. In the quarter, we recorded a reserve release of $15 million with a $12 million in insurance and $3 million in reinsurance. Our releases continue to be from short-tail lines. Our acquisition expense ratio of 20.8% is up against 19.8% in the prior year quarter as we continue to emphasize growth in shorter tail lines, which carry higher commission costs.

接著談準備金。我們對公司整體部位仍具信心。本季我們認列準備金釋放1,500萬美元，其中保險1,200萬美元、再保險300萬美元。我們的釋放仍主要來自短尾業務線。我們的取得成本率為20.8%，高於去年同期的19.8%，因我們持續強調短尾業務線的成長，而此類業務線的佣金成本較高。

In insurance, this largely relates to pet, surety and ACS sourced businesses, while in specialty reinsurance, it would be credit. This trend will continue for the foreseeable future as we emphasize growth in shorter tail lines. Our fee income was $22 million, including both insurance-related and other income and offsets to G&A, stemming from our ILS investments and a growing contribution from ACS. Our consolidated G&A ratio for the quarter, including corporate, was 10.9% versus 11.6% as dollar spend on G&A was essentially flat year-over-year.

在保險端，這主要與寵物、保證保險以及ACS來源業務相關；在專業再保險端，則是信用業務。由於我們強調短尾業務線成長，這一趨勢在可預見的未來將持續。我們的費用收入為2,200萬美元，包含保險相關及其他收入，以及對一般及行政費用（G&A）的抵減，來源包括我們的ILS投資以及ACS日益增加的貢獻。本季合併G&A比率（含總部）為10.9%，相較11.6%；G&A的金額支出基本上與去年同期持平。

We're pleased to have achieved the target level we presented to you two years ago. For the full year, we are still targeting 11%, although as we have said previously, we will continue to make attractive investments in the best interest of shareholders when opportunities arise to hire new teams, invest in the business, reward high performers and build long-term shareholder value.

我們很高興已達到兩年前向各位提出的目標水準。就全年而言，我們仍以11%為目標；不過如先前所述，當出現機會可聘用新團隊、投資業務、獎勵高績效者並建立長期股東價值時，我們將持續以股東最佳利益為依歸，進行具吸引力的投資。

Moving to our segment results. Insurance had gross written premiums of $2.2 billion, up 15%. Our underlying insurance book grew at low single digits, while expanded products and initiatives accounted for growth in the mid-single-digit range and additional growth came from our ACS innovations, including the Ryan RAC Re deal. We've grown strongly as we've made the most of the current environment. And as Vince alluded to, in line where we're seeing particularly rapid rate declines, such as property, we're exercising increased prudence and selectivity.

接著看各事業部門表現。保險部門的毛簽保費為22億美元，成長15%。我們的核心保險組合以低個位數成長；擴充產品與各項計畫帶來中個位數成長；另有額外成長來自我們的ACS創新，包括Ryan RAC Re交易。我們把握當前環境，實現強勁成長。如Vince所提及，對於我們看到費率下滑特別快速的業務線（例如財產險），我們正採取更高程度的審慎與選擇性承保。

Our insurance net written premium growth was 6%, below that of our gross premium growth, partially reflecting the normalization of 1Q's net faster than growth that I discussed on our Q1 call. In addition, at midyear renewals, we increased our cessions in property from 30% to 37%, while we maintained our $100 million cat XOL attachment. Our underlying insurance loss ratio was 54%, 1.7 points higher than the prior year quarter. We previously indicated that we expected approximately 1 point of year-over-year deterioration driven by business mix changes and loss trend. During the quarter, we took measures to reflect evolving market conditions and maintain a high degree of confidence in our loss picks.

我們的保險淨簽保費成長為6%，低於毛保費成長，部分反映我在第一季電話會議中提到的：第一季淨保費成長快於常態的情況正在回歸正常。此外，在年中續保時，我們將財產險的分出比例由30%提高至37%，同時維持1億美元的巨災超額損失（cat XOL）起賠點。我們的核心保險損失率為54%，較去年同期高1.7個百分點。我們先前指出，預期年對年約有1個百分點的惡化，主要由業務組合變化與損失趨勢所驅動。本季我們採取措施以反映市場狀況的演變，並維持對我們損失估計（loss picks）的高度信心。

Specifically, we are incorporating accelerating softening in property and recognizing a more competitive environment in the casualty lines. We expect these pressures to be ongoing. We will continue to be transparent about what we are seeing across the market and the actions we are taking in response.

具體而言，我們納入財產險加速走軟的情況，並在意外險業務線中認列更具競爭性的環境。我們預期這些壓力將持續存在。我們將持續就市場觀察與我們採取的因應行動保持透明。

Turning to reinsurance. In line with our forecast of double-digit declines for the full year, gross written premiums were down 25%, reflecting our decision to cycle-manage our casualty lines. The reinsurance combined ratio was 94.5% for the quarter. The current accident year loss ratio was 68.3% versus 67.9% in the prior year quarter as we recognized increased competitive pressures in A&H employer stop-loss business. In addition, we reported 0.8% this quarter for war-related cat losses.

接著談再保險。符合我們對全年雙位數下滑的預測，毛簽保費下降25%，反映我們決定對意外險業務線進行循環管理（cycle-manage）。本季再保險綜合比率為94.5%。本季當期事故年度損失率為68.3%，去年同期為67.9%，因我們在A&H雇主停損（employer stop-loss）業務中認列更大的競爭壓力。此外，本季我們認列0.8%的戰爭相關巨災損失。

When we look at our business as a whole at the halfway point of the year, you can observe that we are managing through a changing marketplace.

當我們在年中檢視整體業務時，可以看到我們正在因應市場環境的變化。

Company-wide gross premium growth is coming in at expectations, and we're bringing in new fee income associated with ACS. On a net premium basis, we are actively managing our writings and exposures, including increased property cessions at renewals and a continued pullback in casualty writings in our reinsurance book. These actions, coupled with what we see as prudent action in our loss picks, shows our emphasis on continued protection of the balance sheet and shareholder returns.

全公司毛保費成長符合預期，且我們正帶入與ACS相關的新費用收入。以淨保費口徑來看，我們正積極管理承保與曝險，包括在續保時提高財產險分出比例，以及在再保險組合中持續縮減意外險承保。這些行動，加上我們認為在損失估計上採取的審慎作法，顯示我們強調持續保護資產負債表與股東報酬。

Turning to investments and capital. Investment income was $182 million, largely in line with $187 million in the year ago quarter. Net investment income from fixed maturities performed well, up 9% over the prior year quarter, driven by strong cash flow and a higher book yield, partially offset by capital return to investors through dividends and buybacks. Returns from our alternative portfolio were modest but within our expected range. Overall, our investment portfolio remains well positioned, supported by growing fixed income base, attractive market yields, continued operating cash generation.

接著談投資與資本。投資收益為1.82億美元，與去年同期的1.87億美元大致一致。固定到期證券的淨投資收益表現良好，較去年同期成長9%，主要受惠於強勁現金流與較高的帳面殖利率，部分被透過股利與庫藏股回購向投資人返還資本所抵銷。我們的另類投資組合回報溫和，但仍在預期範圍內。整體而言，我們的投資組合仍處於良好配置狀態，受惠於固定收益基礎擴大、具吸引力的市場殖利率，以及持續的營運現金創造。

Our effective tax rate in the quarter was 19.2%, and we would expect it to run in this range for the foreseeable future based upon our expectations of where we will report profits. We remain in a very strong financial position, allowing us to return capital to our shareholders through dividends and share repurchases while prioritizing organic growth opportunities.

本季有效稅率為19.2%；基於我們對獲利認列地區的預期，我們預計在可預見的未來將維持在此區間。我們仍處於非常強健的財務狀況，使我們得以在優先考量內生成長機會的同時，透過股利與股票回購向股東返還資本。

During the quarter, we returned $122 million to our shareholders through dividends of $33 million and share repurchases of $89 million, up from $60 million in Q1. At quarter's end, $263 million remained on our current authorization. We believe we are creating shareholder value, which is not fully recognized in our current valuation and thus, we expect to continue to be active in repurchases in the second half of the year.

本季我們透過發放股利3,300萬美元及股票回購8,900萬美元，合計向股東返還1.22億美元，高於第一季的6,000萬美元。截至季末，現行授權額度尚餘2.63億美元。我們相信我們正在創造股東價值，而目前估值尚未完全反映，因此我們預期在下半年將持續積極進行回購。

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

接下來，我們很樂意回答各位的問題。

(Operator Instructions) The first question comes from Andrew Kligerman, TD Cowen.

（接線員指示）第一個問題來自TD Cowen的Andrew Kligerman。

Good morning. Really looked like a solid quarter. I'm looking -- I want to zero in a little bit on the loss picks because in insurance, where you kind of were up about 2 points on the accident year loss ratio at 54%. Should I assume that the higher loss pick was all generated by property? Because when I -- Vince, when I look at the rates that you mentioned on the call, they seem like they're kind of in line with what Chubb was saying where general liability was up 6% to 7% and excess casualty loss costs were up 9.5% to 12%.

早安。看起來這是一個相當穩健的季度。我想——我想稍微聚焦在損失估計（loss picks）上，因為在保險端，你們的事故年度損失率約為54%，大概上升了2個百分點。我是否可以假設較高的損失估計全部都是由財產險所造成？因為當我——Vince，當我看你在電話會議中提到的費率時，似乎與Chubb所說的大致一致：一般責任險上升6%到7%，而超額意外險的損失成本上升9.5%到12%。

Are you kind of on the casualty side, seeing keeping your rate up in line with the loss cost? Or are you a little behind there?

你是比較偏向意外險那一邊嗎，也就是看到你們維持費率提升以跟上損失成本？還是你們在那方面有點落後？

Andrew, good morning and thank you for your question. The rate -- excuse me, the loss ratio change that we actioned in the quarter is driven in large part by property, but also our continued cautiousness and stance within casualty lines. And just as you know, over the last several quarters, we've continued to rightsize that business. In this quarter, we produced a 7% rate change, which was behind trend. And we've reflected the apportioning of where we were tolerating growth.

Andrew，早安，謝謝你的提問。本季我們採取的費率——抱歉，是我們採取的損失率調整——主要是由財產險所驅動，但也反映了我們在意外險線別持續保持審慎的態度與立場。而且如你所知，過去幾個季度我們持續把該業務調整到合適規模。本季我們做出了7%的費率變動，低於趨勢。我們也反映了在我們願意容忍成長的部分所做的配置。

You'll note from my opening remarks, we pointed to lower-middle-market and ACS, where we found acceptable pricing in terms and trend assumptions. But in the larger business of excess casualty, we shrunk that business. And equally, on the year-to-date basis, our primary casualty business has shrunk. Maybe more broadly, the actions we took with respect to our attritional loss ratio change are really a combination of two substantial factors. You highlighted the line of business that's driving it.

你會注意到我在開場致詞中提到較低中型市場（lower-middle-market）與ACS，我們在條款與趨勢假設方面找到了可接受的定價。但在較大型的超額意外險業務上，我們縮減了該業務。同樣地，以年初至今來看，我們的主力意外險業務也縮小了。更廣泛地說，我們針對經常性（attritional）損失率變動所採取的行動，實際上是兩個重大因素的結合。你點出了驅動它的業務線別。

But let's not forget the mix component at AXIS. Now more than 50% of the mix is short tail. We're being responsive to the change in landscape around pricing, and we're observant to preserving and protecting our premium adequacy in order to sustain delivering ex-cat combined ratios of 84.5% in our insurance business.

但也別忘了AXIS的組合（mix）因素。目前超過50%的組合是短尾（short tail）。我們正對定價環境的變化做出回應，也密切留意維持並保護我們的保費充足性（premium adequacy），以便在保險業務中持續交付84.5%的除巨災（ex-cat）綜合率。

And so we're going to remain highly agile, focused on the long term and be responsive to the trends that we're seeing and not merely observe them in written expression. We will action within our portfolio, changes in our underwriting appetite, course corrections in our loss ratio and build in sustainability and predictability in our results.

因此我們將保持高度敏捷、聚焦長期，並對我們看到的趨勢做出回應，而不只是把它們寫在文字裡。我們會在投資組合內採取行動，調整承保偏好、對損失率進行路徑修正，並在結果中建立可持續性與可預測性。

That makes a lot of sense, Vince. And it kind of carries through to reinsurance with gross written down 25%. And you mentioned that it was driven largely by the casualty nonrenewals. So I'm kind of curious, what are you seeing there on ceding commissions and rate -- reinsurance rate, that is not the underlying rate?

這很合理，Vince。而且這似乎也延伸到再保險，總簽單保費（gross written）下滑25%。你提到主要是由意外險不續保所驅動。所以我有點好奇，你們在分出佣金（ceding commissions）以及費率——也就是再保險費率，而非原保險的基礎費率——方面看到了什麼？

Yes. So the reinsurance strategy is being executed exactly as we had foretold in the fourth quarter. As you know, for the last several years, preceding Dan, who runs the segment today and has articulated a cautious posture in respect to professional and liability. That was largely off of what we found to be an unfair trade on ceding commissions, cautiousness in our view of risk outlook on loss development costs, and we've maintained that cautious posture.

是的。再保險策略的執行完全如同我們在第四季所預告的。如你所知，過去幾年，在Dan接手並負責該部門之前，我們就已對專業責任與責任險（professional and liability）採取審慎立場，而Dan也闡述了這樣的審慎姿態。這主要源於我們認為分出佣金的交易條件不公平、我們對損失發展成本（loss development costs）風險前景的審慎看法，而我們也一直維持這種審慎立場。

In this quarter, acutely, our growth was down 25%, and that was largely because of the composition of the North American portfolio, which had a large percentage of its professional and liability business expiring. And so we've maintained the discipline that we've been talking about, and we do expect to continue executing that strategy. And I think if you look at the 6-month mark of our results, I think you'll feel fairly comfortable that we're likely to end up around the range of where we are at the 6-month mark. Matt, would you like to come over the top there?

本季我們的成長明顯下滑25%，主要是因為北美投資組合的構成，其中有很大比例的專業責任與責任險業務到期。因此我們維持了我們一直在談的紀律，也預期會持續執行該策略。我想如果你看我們6個月的成績，你會相當有信心我們年末大概會落在與6個月時點相近的區間。Matt，你要不要補充一下？

Yes, Vince, and Andrew, good talk to you again. Just the 25% feels like a big headline. And I just call everyone's attention that our Q1 decrease quarter-over-quarter was 2%. And so for the full year, six months, we're down 10% year-to-date, and that's broadly where we think we're going to end the year. So I just wanted to give the context of what's happening quarter-over-quarter in both periods, Q1 and Q2.

好的，Vince，Andrew，也很高興再次和你交流。這個25%看起來像是一個很大的標題數字。我想提醒大家注意，我們第一季的季度對季度（quarter-over-quarter）降幅是2%。因此以全年、六個月來看，我們年初至今下滑10%，大致就是我們預期年末會落在的水準。我只是想提供兩個期間（Q1與Q2）季度對季度變化的背景。

And just point of clarity, rate is down a little bit on the reinsurance casualty line as well?

再確認一下，再保險意外險線別的費率也有小幅下滑嗎？

In the second quarter, we delivered 8.4% in liability, which is down from 11.9% in 2Q '25.

在第二季，我們在責任險（liability）交付了8.4%，低於2025年第二季的11.9%。

Yaron Kinar, Mizuho.

Mizuho的Yaron Kinar。

I guess my first one is going back to the 170 basis point increase in the loss ratio in insurance. By how much did you increase the casualty picks there? And are these higher picks a function of higher loss experience that you're seeing or really more a function of being more prudent and maybe building in a greater uncertainty reserve?

我第一個問題是回到保險業務損失率上升170個基點。你們把意外險的損失率選取（picks）提高了多少？而這些較高的選取，是因為你們看到更高的損失經驗，還是更多是因為更審慎、也許建立更大的不確定性準備（uncertainty reserve）？

Yaron, it's Matt, and good to speak to you again. This is not from trend. Let me just be specific. We're talking about 1.7. I want to go back.

Yaron，我是Matt，也很高興再次和你交流。這不是來自趨勢（trend）。我具體說明一下。我們談的是1.7，我想回頭說明。

We signaled 1 point and change at year-end. In Q1, we said 1 point sounded about right, but we would come back to you if pricing changed beyond expectation. And that's exactly what has happened and seen in this quarter. in property, we're seeing pricing down 17%. That's beyond what we had anticipated, specifically E&S property down 22% in the quarter.

我們在年末時曾提示大約1個百分點多一些。在第一季，我們說1個百分點聽起來差不多，但如果定價變化超出預期，我們會再回來更新。而這正是本季發生並看到的情況。在財產險方面，我們看到定價下滑17%。這超出我們原先的預期，尤其是E&S財產險本季下滑22%。

That's really tilted us that we have to be more conservative with loss picks. So it's a combination of both property and casualty, and we remain cautious, and we wanted to show those results as we see them to the Street.

這確實使我們必須在損失選取上更保守。所以這是財產險與意外險兩者的組合，我們仍然保持審慎，也希望把我們所看到的結果如實呈現給市場。

And do you have a number for the increased casualty loss pick?

那你有意外險損失選取上調的數字嗎？

Yes. We're not going to give guidance. I mean we're talking about splitting 0.7%, but we are saying we are seeing rate increases on casualty not where we think they need to be, and we're taking appropriate caution.

有。我們不會提供指引。我的意思是，我們在拆分0.7%這樣的幅度，但我們要表達的是，我們看到意外險的費率上升並未達到我們認為需要的水準，因此我們採取了適當的審慎措施。

Okay. And then is it fair -- just by looking at the growth or even the small reduction in exposure in casualty, is it fair to say that you still see the casualty book as not just rate adequate, but attractive enough because we are seeing a better growth profile there than we are in reinsurance where you're clearly cutting the casualty exposure by a much more significant amount?

好的。那麼，僅從成長或甚至意外險曝險的小幅下降來看，是否可以說你們仍然認為意外險簿冊不只是費率充足（rate adequate），而且足夠有吸引力？因為我們看到那裡的成長輪廓比再保險更好；在再保險那邊你們顯然更大幅度地削減了意外險曝險。

Yaron, this is Vince. It will be very selective and very targeted in the growth of any of the casualty businesses that we are putting our pens down on. It is revealed in part in our outset remarks, uncharacteristically in our excess casualty business, which is a franchise valued business for our company, we did not grow the business. We saw rate pressure, and we responded. In contrast, our lower-middle-market businesses are broadly performing well.

Yaron，我是Vince。我們對於任何我們願意落筆承作的意外險業務，其成長都會非常選擇性、非常有針對性。這在我們的開場致詞中已有部分揭示：在我們的超額意外險業務上——這是公司重視的特許經營（franchise）業務——我們一反常態地沒有讓它成長。我們看到了費率壓力，並做出回應。相較之下，我們的較低中型市場業務整體表現良好。

And so we don't cast a brush in casualty that suggests all are adverse or becoming increasingly competitive. We're being highly selective and highly disciplined, and that will be our course here on out.

因此我們不會用一把刷子看待意外險，認為全部都不利或變得愈來愈競爭。我們會高度選擇、嚴守紀律，而這將是我們接下來的方針。

Rowland Mayor, RBC Capital Markets.

RBC Capital Markets的Rowland Mayor。

I wanted to start on the competitive environment. A lot of that competition has been attributed to MGAs. And I was just wondering if you could curtail any relationships there and how you manage MGA relationships in a more challenging pricing environment.

我想先從競爭環境談起。許多競爭都被歸因於 MGA。我想請問你們是否能縮減那邊的任何合作關係，以及在更具挑戰的定價環境下，你們如何管理與 MGA 的關係。

Rowland, this is Vince. Well, listen, we've had a number of actions extended within our delegated business ranging back from 2023 in terms of who would be within our portfolio of delegated. Recall the proposition of why we use delegated is to access different distribution channels, capture specialized lines with talent behind it and operational efficiencies that are present. We have a highly disciplined approach to delegated. In the US, we reported flat growth year-over-year.

Rowland，我是 Vince。嗯，聽著，我們自 2023 年起在授權業務方面已採取多項行動，涉及哪些會納入我們的授權業務組合。回想一下我們使用授權模式的主張：是為了接觸不同的分銷通路、透過背後的人才掌握專業險種，以及取得既有的營運效率。我們對授權業務採取高度嚴謹的做法。在美國，我們年對年呈現持平成長。

At the company level, our London market business is not outsized relative to the participants in the London market vis-a-vis delegated. We had a 5% increase in our delegated portfolio in 2Q over 2Q. That was largely driven by previously announced delegated partners in Pet and surety and yes, ACS, where we have continued strong confidence. And so we're going to continue to monitor these relationships. In the secondary part of your question, we have a lot of governance around it, involving claims, underwriting and actuarial. We have to maintain that vigilance, particularly as the pricing environment continues to worsen.

在公司層面，相較於倫敦市場中其他參與者，我們在倫敦市場的業務在授權業務方面並不算特別偏大。我們的授權業務組合在第二季相較去年第二季增加了 5%。這主要是由先前已公告的授權合作夥伴所帶動，涵蓋寵物險與保證保險（surety），以及是的，ACS，我們對其仍維持高度信心。因此我們會持續監控這些合作關係。至於你問題的第二部分，我們在這方面有大量治理機制，包含理賠、核保與精算的參與。我們必須維持這種警覺性，特別是在定價環境持續惡化之際。

That's super helpful. And then I guess just turning to the Iran conflict losses. Are those stemming from policies written prior to the start of it? And should we see lower levels as time progresses even if it's a steady state?

這非常有幫助。接著我想轉到伊朗衝突的損失。那些損失是源自於衝突開始之前承保的保單嗎？即使情勢維持穩態，隨著時間推進，我們是否應該會看到較低的水準？

We've been active in the conflict in support of war on land, so-called terrorism coverage and so-called marine war, covering vessels. And so we've actioned our policies, which, as we've described in the past with respect to marine on war. These are very short-term policies, highly specialized offerings. These losses and written premium are occurring real-time live, and we have been in support of many of our long-standing insurers, something that we're fairly proud of. We are providing coverage to insurers that, in many instances, are decade-old policyholders to our company in one form or another, and we're happy to support them while remembering that we've got to earn a fair return on the capital we deploy.

我們一直積極參與該衝突相關業務，提供陸上戰爭支援、所謂的恐怖主義保障，以及所謂的海上戰爭險，為船舶提供保障。因此我們已對保單採取相應措施，正如我們過去在談到海上戰爭險時所描述的。這些都是非常短期的保單，屬於高度專業化的產品。這些損失與已簽保費是即時、同步發生的；我們一直在支持許多長期合作的保險公司，這點我們相當自豪。我們為保險公司提供保障，而在許多情況下，這些保險公司以某種形式已是我們公司長達十年的保戶；我們也很樂意支持他們，同時也要記得，我們必須在所投入的資本上賺取合理回報。

And if I could sneak just one more. Corporate expenses were up fairly significantly year-over-year. What's the driver of that?

如果我可以再追問一個。公司費用年對年增加得相當明顯。主要驅動因素是什麼？

Yes. I would look at just overall corporate expenses on a quarter-to-quarter basis are where we expect them to be. gross expenses year-over-year are relatively flat. I wouldn't look into quarter-over-quarter on specifically corporate and just focus your attention on the overall expense base, which frankly, we're quite happy about. We're in the 10.9% range, 10.8% range last year.

是的。我會說整體公司費用以季對季來看，基本上符合我們的預期；總費用年對年大致持平。我不會特別去解讀公司費用的季對季變動，而是請把注意力放在整體費用基礎上，坦白說，我們對此相當滿意。我們目前約在 10.9% 的區間，去年是 10.8% 的區間。

We're committed to the 11%. And that 11% is inclusive of the corporates overall.

我們承諾維持在 11%。而這個 11% 是包含整體公司費用在內的。

Brian Meredith, UBS.

UBS 的 Brian Meredith。

So Vince, I want to dial in on the MGA business a little bit. But actually, just first one quick question on the underlying loss ratio in insurance. Was any of that maybe kind of catch-up from hiring loss -- higher loss picks in the first quarter as well? Or is it simply just second quarter?

Vince，我想更聚焦談一下 MGA 業務。不過先快速問一個關於保險業務的基礎損失率（underlying loss ratio）問題。其中是否有一部分可能是第一季因為提高損失選取（loss picks）而在第二季做的某種追補（catch-up）？還是就單純是第二季的情況？

No, Brian, second quarter forward.

不，Brian，是從第二季往後的情況。

Okay. Perfect. On the MGA stuff, I guess just curious, are the loss picks of the results you're seeing on your MGA-produced business different or perhaps worse than maybe non-MGA produced business? Are you seeing more rate pressure there?

好的。完美。回到 MGA 的部分，我想問的是：你們在 MGA 產出業務上看到的結果，其損失選取是否與非 MGA 產出業務不同，或可能更差？你們在那邊是否看到更大的費率壓力？

No, no. Remember, part of our assumption set as a result of the changes we took in our delegated business contemplate alignment on factors like pricing, loss picks, assumptions of trends, target customers, average limit grants. And so there's a careful eye. The direct answer to your question is no, not outsized. There are always puts and takes between and among portfolios, of course. But in the aggregate, the answer is no.

沒有，沒有。請記得，因應我們在授權業務所做的調整，我們的假設集合已考量在定價、損失選取、趨勢假設、目標客群、平均承保限額授予等因素上的一致性。因此我們會非常仔細地檢視。直接回答你的問題：沒有，並不突出。當然，各個組合之間總會有此消彼長。但整體而言，答案是否定的。

Great. And then one other just quick one here. If I think about RAC Re, I know when you put it all together, you provided some potential volume, which you could get from the program over the next several years. Given the competitive marketplace, one, are you evaluating the MGAs that you're actually going to participate in because I know you've got flexibility there. And two, do you think that potential volume that you thought you would get from the program could be lower?

很好。再一個快速問題。如果我想到 RAC Re，我知道你們在整體整合後，曾提供該計畫在未來幾年可能帶來的某個潛在量體。在競爭激烈的市場下，第一，你們是否正在評估實際要參與哪些 MGA（因為我知道你們在那方面有彈性）？第二，你們原先認為該計畫可取得的潛在量體，是否可能更低？

Brian, thank you for recalling the terms associated with the RAC Re transaction and most particularly, the observation relating to our ability in year two to evaluate the continuance of the MGUs that we're supporting. And to your question, we are examining those that we will continue to participate in, course correct wherever we think is necessary.

Brian，謝謝你記得 RAC Re 交易相關條款，尤其是你提到我們在第二年有能力評估是否繼續支持我們所支援的 MGU。針對你的問題，我們正在檢視哪些我們會繼續參與，並在我們認為必要之處進行調整修正。

So I would intimate that volume may come down from that number. I'm not prepared to tell you what the deviation would be from the numbers that you have. but we will remain bottom line focused, and we are enjoying the structure of our contract with Ryan Specialty and a strong partnership generally there.

所以我會暗示，量體可能會低於那個數字。我還沒準備好告訴你相對於你手上數字的偏離幅度會是多少；但我們會持續以最終盈餘（bottom line）為重點，同時我們也很滿意與 Ryan Specialty 的合約架構，以及整體而言那邊強健的合作夥伴關係。

Charlie Lederer, BMO.

BMO 的 Charlie Lederer。

Just wanted to go back to Vince's comments in response to Andrew's question earlier on the impact of mix in the insurance loss picks. It felt like from your prepared remarks that professional lines and E&O is an area that's disproportionately growing on a net basis. It's hard for us to see because of the ACS impact. Is that fair? And should we expect professional lines to come in at a higher loss pick given you're shrinking in property and primary liability, if I understood you correctly.

我想回到先前 Vince 回應 Andrew 問題時，談到業務組合（mix）對保險損失選取影響的評論。從你們的事先準備講稿來看，專業險種與 E&O 似乎是在淨額基礎上成長相對更快的領域。因為 ACS 的影響，我們不太容易看出來。這樣理解合理嗎？如果我理解正確，你們正在縮減財產險與主要責任險，那麼專業險種的損失選取是否應該會更高？

Yes. I would just call out professional is higher in the first half of the year, and we will expect to see that to moderate in the back half of the year. And no, we're not indicating higher loss picks on the professional lines of business.

是的。我只想指出，專業險在上半年較高，而我們預期在下半年會趨於緩和。另外，我們並沒有表示專業險業務線會採用更高的損失選取。

Okay. And then maybe just on the G&A ratio. You guys are showing that you're going to come in below the 11% that you guided to. I guess, how are you thinking about that ratio from here just with all the moving pieces?

好的。那再問一下關於 G&A 比率。你們顯示結果會低於你們指引的 11%。在這麼多變動因素之下，你們接下來如何看待這個比率？

Great. And yes, I mean, look, it's been a focal point for the past two years since we put that out there. I wouldn't get caught up on a 10.9% versus an 11% versus 11.1%. I think the key message here is we rightsized our expense base to our book. And so we're not going to give guidance on next year, but we're going to continue to moderate our expense base to mirror what our writings are.

很好。是的，你看，自從我們提出那個目標以來，過去兩年這一直是我們的重點。我不會糾結在 10.9% 對 11% 或 11.1% 這種差異。我認為關鍵訊息是：我們已將費用基礎調整到與我們的承保組合相匹配的適當規模。因此我們不會提供明年的指引，但我們會持續調整費用基礎，使其反映我們的簽單規模。

So we're comfortable with where we are right now. We're comfortable with our target of 11%. And if that changes in the future, we'll come back to you.

所以我們對目前的狀況感到放心。我們也對 11% 的目標感到放心。如果未來有所變化，我們會再回來向各位說明。

I would just add a couple of sentences there. As we entered in the first quarter, if we see an opportunity to extract the team, make investments that accelerate our journey of profitable growth, we will make those investments. We believe that we will achieve our commitment of 11%, but we also are going to remain highly active in the market. There's a number of talent dislocations arising, and our teams are talking to any number of people. So we're going to be balanced in the interest of our shareholders and think long term.

我再補充幾句。進入第一季時，如果我們看到有機會擴充團隊、進行能加速我們邁向獲利性成長旅程的投資，我們就會做這些投資。我們相信能達成 11% 的承諾，但同時也會在市場上保持高度積極。目前出現了不少人才流動與錯配，我們的團隊也正在與許多人接觸。因此，我們會在股東利益與長期思維之間取得平衡。

If I could just ask one more. Maybe just on the -- going back to the insurance reserves. Has there been any change to the IBNR ratios in that segment?

如果我可以再問一個。回到保險準備金這塊。該分部的 IBNR 比率有任何變動嗎？

No, we haven't made any significant changes to our reserves. We're confident in our overall strength and adequacy of our overall reserve position.

沒有，我們沒有對準備金做任何重大調整。我們對整體準備金部位的強度與充足性有信心。

Christian Keiter, Wells Fargo.

Christian Keiter，富國銀行。

My first question is on the insurance accident year loss ratio. So going back to that, I guess if you kind of embed these higher picks, what are you assuming in terms of the second half or even into '27 in terms of pricing? Are you expecting property and casualty pricing to get worse from here to stay stable? Like how should we think about that?

我的第一個問題是關於保險的事故年度損失率。回到這點，如果把這些較高的選取值（picks）納入，你們對下半年、甚至到 2027 年的定價假設是什麼？你們預期產險與意外險（P&C）定價會從這裡開始變差，還是維持穩定？我們應該如何看待？

Yes. And look, I would say what we've reported in our attritional loss ratio in the quarter is not a bad barometer of what we expect to see for the rest of the year. We're not going to give guidance in 2027. But as you've seen, when we see things changing and they are changing fast, we're going to react. But that's a good starting point to try to model out for the rest of your year.

是的。我想說，我們本季所揭露的經常性（attritional）損失率，其實是衡量我們對今年剩餘期間預期的一個不錯指標。我們不會提供 2027 年的指引。但如你所見，當我們看到情況在變、而且變得很快時，我們會做出反應。不過，這是一個很好的起點，讓你用來建模今年剩餘期間的表現。

Got it. And then my other question is on the reinsurance segment. I guess as you aggressively continue to pull back, particularly in liability and you've had some recent headcount cuts, like how do you kind of envision the business performing as you kind of cycle-manage and how low of a mix of the total portfolio can we see that go? And then just sticking with that, like any challenges with employee retention, just given like the significant pullback in the business?

了解。我另一個問題是關於再保險分部。你們持續積極縮減，特別是在責任險，且最近也有人力縮編；你們如何看待在進行週期管理（cycle-manage）時，這項業務的表現會如何？在整體投資組合中，這個占比最低可能降到多少？另外延伸問一下，鑑於業務大幅縮減，員工留任方面是否有任何挑戰？

Well, firstly, we have an established range between our insurance revenue from reinsurance. We've been saying over the last several years, an apportionment of 75-25 would look approximate to what we would look like in the intermediate term. This quarter on a gross basis, 83-16 year-to-date, we're in keeping with our historical range. In respect to the execution of the strategy, we acknowledge there can be people pressures.

首先，我們對再保險帶來的保險收入有一個既定區間。過去幾年我們一直在說，中期來看，約 75/25 的分配大致會是我們的樣貌。本季以總額口徑（gross basis）來看，年初至今為 83/16，仍符合我們的歷史區間。就策略執行而言，我們承認可能會有人員方面的壓力。

But we're confident in our ability to retain the colleagues that we wish to retain, attract the colleagues with the value proposition that we have and continue to deliver on the commitments that we've made since 2023 with respect to the strategic purpose of this business, the financial contribution we expect from this business and the stability of the performance of this business. And so we acknowledge that we're operating in a challenging environment there. We have a very particular view on long-tail lines. we're going to continue to execute against that. And with reference to the insurance business and just adding a couple of comments to your question.

但我們有信心能留住所希望留任的同仁，並以我們的價值主張吸引我們想要的人才，同時持續兌現自 2023 年以來我們所做的承諾：包括這項業務的策略定位、我們期望的財務貢獻，以及這項業務表現的穩定性。因此我們也承認，我們正處於一個具挑戰性的環境。我們對長尾業務線有非常明確的看法，並會持續依此執行。另外回到保險業務，我再補充幾點來回應你的問題。

The loss ratio that we adjusted, which is about 0.7 point up from what we had referenced back in the fourth quarter with the available information we had at that time is, as Matt says, something that you should contemplate at the year-end being in this vicinity, but we're going to be responsive to the trends that we see in the market. And so I want to make certain that the full year view for you is at least modeled to where we are now, give or take, but that's where we'll be in both underwriting platforms from a loss ratio perspective.

我們調整後的損失率，相較於第四季在當時可得資訊下所提到的水準，大約上調了 0.7 個百分點；如 Matt 所說，你可以把年末的水準預期在這個附近，但我們也會對市場趨勢保持敏感並做出回應。所以我想確保你對全年觀點的建模，至少以我們目前的位置為基準、上下些微浮動；就損失率而言，兩個承保平台大致都會落在這個水準。

Josh Shanker, Bank of America.

Josh Shanker，美國銀行。

If we think back to a year like, let's say, late 2007, 2008, ultimately, pricing was headed down, margins were deteriorating. But the truth is if you go back in time, you would have written as much business as you possibly could. It was great for a number of years more. The fact that not just you, but everyone is worried about markets right now, how do you know that you're not leaving great opportunity on the table and just got a little greedy with the great loss ratios in the past few years? And shouldn't you be willing to tolerate a decent amount of loss ratio deterioration from here and still have a nice business in your underwriting?

如果回想像 2007 年底、2008 年那樣的年份，最終定價走低、利潤率惡化。但事實是，如果你回到當時，你會盡可能承作更多業務。之後好幾年都很不錯。現在不只是你們，幾乎所有人都在擔心市場，你們怎麼知道自己不是把很好的機會留在桌上，反而只是因為過去幾年很漂亮的損失率而變得有點貪心？你們難道不應該願意從現在開始容忍損失率有相當程度的惡化，但仍然能在承保上做出一門不錯的生意嗎？

Josh, I agree with the premise and the question, and I think we're reflecting that to you. On a comparative basis, AXIS' insurance business is growing fairly healthy. We're very clear about where it's growing. We're posting an 84.5% ex-cat combined ratio. We've raised our attritional loss ratio 7/10 beyond what was modeled and understood from us to be a target.

Josh，我同意你的前提與問題，我也認為我們正把這點反映給你看。相較之下，AXIS 的保險業務成長相當健康。我們非常清楚成長來自哪裡。我們繳出 84.5% 的除災害（ex-cat）綜合率。我們把經常性損失率上調了 0.7 個百分點，超出原先建模並被理解為目標的水準。

I think we're doing exactly what you say. We keep referencing premium adequacy. Our eyes are on the right prize. We're trying to build long-term value creation. We're willing to toggle and mix between all the ratios to optimize an outcome for our shareholders.

我認為我們正在做你所說的事。我們一直提到保費充足性（premium adequacy）。我們的目標很明確。我們試圖建立長期的價值創造。我們願意在各項比率之間做切換與組合調整，以為股東優化結果。

So respectfully, I think we're doing exactly what you say. We are tolerating growth. We see a very disciplined display of where that growth is coming from, and you see us toggle quarter-to-quarter to optimize the opportunity.

所以恕我直言，我認為我們確實正在做你所說的。我們正在容許成長。你也看到我們非常有紀律地呈現成長來源，並且看到我們按季度切換調整，以優化機會。

And if we're looking at history as an indicator, if we go five years to the future from late '07 by 2012, broadly across the industry, underwriting margins have deteriorated by several hundred basis points, 500 plus more for the best underwriters. Realistically, do you -- does AXIS is it doing things to try and prevent that from happening this time? Or will the cycle ultimately play out like it already does as you plan for long-term strategy in this industry?

如果把歷史當作指標，從 2007 年底往後看五年，到 2012 年，整體產業的承保利潤率已惡化了數百個基點；對最好的承保人來說甚至超過 500 個基點。務實地說，你們——AXIS 這次是否正在做些事情來避免同樣的情況發生？還是說，當你們規劃這個產業的長期策略時，週期終究會像以往一樣上演？

I can't predict five years out. What I can tell you today is AXIS is expending every reasonable ability and measure to see tomorrow today in all of the information management that we get integrate that information within our integrated underwriting model and take decisions that are for the long term and to be smart as we possibly can be, including our claims insights, our actuarial insights.

我無法預測五年後。但我今天能告訴你的是，AXIS 正在運用一切合理的能力與措施，盡可能「以今日之資訊看見明日」，把我們取得的所有資訊管理起來，並將其整合進我們的整合式承保模型中，做出著眼長期、盡可能明智的決策，包括理賠洞察、精算洞察。

And by way of example, you saw AXIS in the last few years, introduce a number of new and expanded propositions. Those propositions and products have served us well, and I think they point directly to your observation about making sure that we see opportunities and equally that we pull back when we see information that is adverse to the long-term value creation of our company. And so we're doing both. We're going to continue to try and do them exemplary, and we're going to continue to focus on the investments we've taken to inform our decisions.

舉例來說，過去幾年你看到 AXIS 推出多項新的與擴充的方案。這些方案與產品對我們很有幫助，我認為它們也直接呼應你的觀察：確保我們能看見機會，同時在看到不利於公司長期價值創造的資訊時也會收縮。因此我們兩者都在做。我們會持續努力把兩者都做到最好，並持續聚焦於我們已投入的投資，以支撐我們的決策。

Andrew Andersen, Jefferies.

Andrew Andersen，Jefferies。

Matt, I think you mentioned for full year insurance underlying loss ratio up 1.7 points. That would kind of imply greater deterioration in second half. Could you maybe unpack what would drive the incremental deterioration for the back half?

Matt，我想你提到全年保險承保損失率上升1.7個百分點。這似乎意味著下半年惡化幅度更大。你能否說明一下，後半年額外惡化可能由哪些因素驅動？

Yes. I think it's continuing to see what we've seen in the second quarter. It's mix. And if we continue to see an acceleration of price decreases, that would allow that to drift a little bit higher. So those are the two factors that we're focused on.

是的。我認為就是持續看到我們在第二季所看到的情況。主要是組合因素。而且如果我們持續看到降價幅度加速，這會讓該比率略微走高。所以這就是我們關注的兩個因素。

Okay. And as you look at the casualty portfolio each quarter, are you seeing anything in observed claim severity or litigation activity, settlement behavior that's kind of different than what is contemplated in your reserve assumptions today?

好的。那麼你們每季檢視意外險（casualty）投資組合時，在已觀察到的理賠嚴重度或訴訟活動、和解行為方面，有沒有看到任何與你們目前準備金假設所考量的情況不同之處？

I would say, overall, look, our reserve position remains strong. We have a lot of focus and robust reserving procedures. We're always analyzing A versus C. You saw we took reserve savings on our short-tail business. And we have and continue to look at long tail.

我會說，整體而言，你看，我們的準備金部位仍然強勁。我們非常重視並且有健全的提存程序。我們一直在分析A對C。你也看到我們在短尾業務上取得了準備金節省。而且我們也一直在檢視長尾業務。

We have continued caution there. We're not seeing anything that we can say would tip us one way or the other at this point. We're monitoring it very closely.

我們在那方面仍保持謹慎。目前我們沒有看到任何可以明確讓我們偏向某一方向的訊號。我們正非常密切地監控。

Meyer Shields, KBW.

Meyer Shields，KBW。

So one quick question on reserves. I know you've emphasized that it's short tail lines. How many accident years back do the reserve redundancies stem from?

關於準備金有個簡短問題。我知道你們強調這是短尾險種。這些準備金冗餘主要源自往前追溯多少個事故年度？

So if the question is what are we seeing in where the short-tail reserve releases were through six months, most of those, I would say half of them came from 2023 property. And then the balance of it was spread across a number of the more recent years.

如果問題是：截至六個月，短尾準備金釋放主要來自哪裡——其中大多數，我會說大約一半來自2023年的財產險。其餘則分散在若干較近的年度。

Okay. Perfect. That's helpful. I want to ask sort of the opposite question of Rowland asked before. Is there any way of quantifying the premium upside from the Middle East conflict compared to what you were expecting before?

好的。完美。這很有幫助。我想問一個與Rowland先前問的相反問題。有沒有辦法量化中東衝突帶來的保費上行幅度，相較於你們先前的預期？

Yes. I'll take that first. And we are active. And as Vince said, we're supporting our clients. We are seeing additional premium.

有的。我先回答。我們有積極參與。如Vince所說，我們正在支持客戶。我們確實看到額外的保費。

You look at our year-over-year in marine, that is up, and that is reflecting new premium written from the conflict. A lot of these are 7-day policies and pricing is dynamic depending upon where we are in the conflict. But there is some upside of premium that we are now reflecting. And frankly, we're comfortable ensuring that we make the right return profile on the risk we're taking there.

你看我們海運險的年對年表現是上升的，這反映了因衝突而新增承保的保費。其中很多是7天期保單，定價會依衝突進展所在位置而動態調整。但我們現在確實反映了一些保費上行。坦白說，我們也有信心確保在那裡所承擔風險能取得正確的報酬輪廓。

Okay. No, that's helpful. And then I guess a bigger picture question. I was hoping, Vince, you could let us know the level of available talent. Is it -- how is it evolving?

好的。不，這很有幫助。接著我想問一個更宏觀的問題。我希望Vince你能談談可用人才的水準。它——目前是如何演變的？

Does market softening have an impact on people being available? Are there other trends that we should be keeping an eye on besides, I guess, M&A, which is the typical big dog there?

市場走軟是否會影響人才的可得性？除了我想，併購（M&A）這個典型的大因素之外，還有其他我們應該留意的趨勢嗎？

It's Vince Tizzio. Good morning. The profile of people being attracted to AXIS really is unrelated to the soft market. I do agree with you that in soft markets, underwriting talent sometimes becomes vulnerable where they are. They don't like the culture shift that sometimes happens when softer markets set in.

我是Vince Tizzio。早安。被AXIS吸引的人才輪廓其實與市場走軟無關。我同意你說的，在軟市中，承保人才有時會在原本的公司變得較脆弱。他們不喜歡在市場轉軟時有時會出現的文化轉變。

So of course, we see some opportunistic people calling and looking for a place to call home. But we're going to remain steadfast by placing first priority on the culture of the organization that we want to attract people with specialized skills, have a collaborative disposition and spirit to work with one another, are ambitious for the long term and have underwriting skills where we're hiring underwriters.

所以當然，我們會看到一些機會型的人才來電、尋找一個可以安身立命的地方。但我們會堅定地把首要重點放在我們希望吸引的人才所認同的組織文化：具備專業技能、願意協作、彼此合作的態度與精神、對長期有企圖心，並且在我們招募承保人員的領域具備承保技能。

And in all other functions, we have no shortage of people applying for our roles. We're going to remain opportunistic, certainly. And within North America, we've had a demonstrated ability to do that in the last few years convincingly. And in claims, of course, we've added a number of resources. And so there's quite a bit of work going on, of course, in the talent component.

而在其他所有職能方面，應徵我們職位的人才並不短缺。我們當然也會保持機會導向。在北美地區，我們在過去幾年已展現出令人信服的能力做到這一點。在理賠方面，當然，我們也增添了多項資源。因此，在人才這個面向上，確實有相當多的工作正在進行。

And we've promoted a number of our own inside access persons, and we remain very proud with a strong engagement score. And I think that will appeal directly to your question of attracting people.

而且我們也提拔了不少內部人才，我們對於強勁的員工敬業度分數感到非常自豪。我認為這也能直接回應你關於吸引人才的問題。

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

問答環節到此結束。我想把電話會議交回給執行長Vince，請他做任何結語。

Thank you for joining us today. We appreciate your time and look forward to continuing to report on our progress as we continue to relentlessly pursue our specialty leadership ambition.

感謝各位今天加入我們。我們感謝各位撥冗，並期待在我們持續不懈追求專業領導地位的抱負之際，繼續向各位報告我們的進展。

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

本次電話會議已結束。感謝各位參加今天的簡報。您現在可以掛線。