Brighthouse Financial Inc (BHFAO) 2024 Q4 法說會逐字稿

Good morning ladies and gentlemen, and welcome to Brighthouse Financial's fourth-quarter and full-year 2024 earnings conference call.

女士們、先生們，早安，歡迎參加 Brighthouse Financial 2024 年第四季和全年財報電話會議。

My name is Michelle, and I will be your coordinator today.

我的名字是米歇爾 (Michelle)，今天我將擔任您的協調員。

(Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

（操作員指示）提醒一下，本次會議將會被錄音以供重播。

I would now like to turn the presentation over to Dana Amante, Head of Investor Relations.

現在，我想將演講交給投資人關係主管 Dana Amante。

Ms. Amante, you may proceed.

阿曼特女士，您可以繼續。

Thank you, and good morning.

謝謝，早安。

Welcome to Brighthouse Financial's fourth-quarter and full-year 2024 earnings call.

歡迎參加 Brighthouse Financial 2024 年第四季和全年財報電話會議。

Material for today's call were released last night and can be found on the Investor Relations section of our website.

今天電話會議的資料已於昨晚發布，可在我們網站的「投資者關係」部分找到。

We encourage you to review all of these materials.

我們鼓勵您查看所有這些材料。

Today, you will hear from Eric Steigerwalt, our President and Chief Executive Officer; and Ed Spehar, our Chief Financial Officer.

今天，您將聽到我們的總裁兼執行長 Eric Steigerwalt 的發言；以及我們的財務長 Ed Spehar。

Following our prepared remarks, we will open the call up for a question-and-answer period.

在我們準備好發言之後，我們將開始問答環節。

Also here with us today to participate in the discussions are Myles Lambert, our Chief Distribution and Marketing Officer; David Rosenbaum, Head of Product and Underwriting; and John Rosenthal, our Chief Investment Officer.

今天與我們一起參與討論的還有我們的首席分銷和行銷長 Myles Lambert；產品與承保主管 David Rosenbaum；以及我們的首席投資長約翰·羅森塔爾（John Rosenthal）。

Before we begin, I'd like to note that our discussion during this call may include forward-looking statements within the meaning of the federal securities laws.

在我們開始之前，我想指出，我們在本次電話會議中的討論可能包括聯邦證券法含義內的前瞻性陳述。

Brighthouse Financial's actual results may differ materially from the results anticipated in the forward-looking statements as a result of risks and uncertainties described from time to time in Brighthouse Financial's filings with the SEC.

由於 Brighthouse Financial 不時向美國證券交易委員會提交的文件中所述的風險和不確定性，Brighthouse Financial 的實際結果可能與前瞻性聲明中預期的結果有重大差異。

Information discussed on today's call speaks only as of today, February 12, 2025.

今天電話會議上討論的資訊僅截至今天（2025 年 2 月 12 日）有效。

The company undertakes no obligation to update any information discussed on today's call.

本公司不承擔更新今天電話會議上討論的任何資訊的義務。

During this call, we will be discussing certain financial measures that are not based on generally accepted accounting principles, also known as non-GAAP measures.

在本次電話會議中，我們將討論某些非基於公認會計原則的財務指標，也稱為非 GAAP 指標。

Reconciliations of these non-GAAP measures on a historical basis to the most directly comparable GAAP measures and related definitions may be found in our earnings release, slide presentation, and financial supplement.

在我們的收益報告、幻燈片簡報和財務補充資料中可以找到這些非 GAAP 指標與最直接可比較的 GAAP 指標和相關定義的歷史對帳表。

And finally, references to statutory results including certain statutory-based measures used by management are preliminary due to the timing of the filing of the statutory statements.

最後，由於提交法定聲明的時間，對法定結果（包括管理層使用的某些法定措施）的引用都是初步的。

And now I'll turn the call over to our CEO, Eric Steigerwalt

現在我將把電話轉給我們的執行長 Eric Steigerwalt

Thank you, Dana.

謝謝你，達娜。

Good morning, everyone, and thanks for joining the call today. 2024 was a year of successes and also some challenges for Brighthouse Financial.

大家早安，感謝大家參加今天的電話會議。 2024 年對 Brighthouse Financial 來說是成功的一年，同時也是充滿挑戰的一年。

While we made significant strides in our growth strategy last year, our statutory results, as we have discussed over the past few quarters have been disappointing.

雖然我們去年在成長策略方面取得了重大進展，但正如我們在過去幾季所討論的那樣，我們的法定業績令人失望。

However, as we have said before, we have been actively engaged in and continue to make progress on several strategic initiatives designed to improve capital efficiency, unlock capital, and remain within our target combined risk-based capital or RBC ratio range in normal market conditions.

然而，正如我們之前所說，我們一直積極參與並繼續推動多項戰略舉措，旨在提高資本效率，釋放資本，並在正常市場條件下保持在我們的目標綜合風險資本或 RBC 比率範圍內。

And I am very pleased with the progress that we have made on those initiatives, and I'll touch on that in a minute.

我對我們在這些舉措上取得的進展感到非常高興，稍後我將談到這一點。

First, I'd like to take a moment to highlight some of our accomplishments in 2024, including the significant strides we made in our growth strategy.

首先，我想花點時間強調我們在 2024 年取得的一些成就，包括我們在成長策略方面取得的重大進展。

This is demonstrated by our consistent growth in sales of our flagship Shield product suite and fixed indexed annuity product.

我們的旗艦 Shield 產品套件和固定指數年金產品的銷售持續成長就證明了這一點。

Our entrance into the worksite channel with the launch of BlackRock's LifePath Paycheck, our continued steady growth in our life insurance product sales, and our launch of the newest generation of our Shield product as well as enhancements to our SmartCare product suite.

我們透過推出貝萊德的 LifePath Paycheck 進入工作現場管道，我們的人壽保險產品銷售持續穩步增長，並推出了最新一代的 Shield 產品以及增強了我們的 SmartCare 產品套件。

Regarding annuity sales, we reported $10 billion of total annuity sales in 2024.

關於年金銷售，我們報告 2024 年年金總銷售額將達到 100 億美元。

In addition, we delivered record sales of our flagship Shield Level annuities product suite of $7.7 billion, which is an increase of 12% compared with 2023.

此外，我們的旗艦 Shield Level 年金產品套件的銷售額創下了 77 億美元的記錄，與 2023 年相比增長了 12%。

As a reminder, our Shield products are what are known as registered index-linked annuities or RILAs, and we remain proud to be a leader in the RILA marketplace.

提醒一下，我們的 Shield 產品是所謂的註冊指數掛鉤年金或 RILA，我們仍然自豪地成為 RILA 市場的領導者。

In 2024, we also announced updates to our Shield product suite designed to help our Shield suite remain competitive, adapt to changes in the industry, and reflect our ongoing focus on meeting clients' evolving needs.

2024 年，我們也宣布了 Shield 產品套件的更新，旨在幫助我們的 Shield 套件保持競爭力、適應行業變化並反映我們持續專注於滿足客戶不斷變化的需求。

I'm also pleased with the accomplishments we achieved last year in our life insurance business.

我對我們去年在人壽保險業務中所取得的成就感到非常高興。

We delivered steady growth of $120 million of life insurance sales for the full year, which is an 18% increase over 2023.

我們全年的人壽保險銷售額穩步增長至 1.2 億美元，比 2023 年增長 18%。

We also launched new enhancements to our flagship life insurance product, SmartCare.

我們也為我們的旗艦人壽保險產品 SmartCare 推出了新的增強功能。

Also last year, we joined BlackRock in announcing the availability of BlackRock's LifePath Paycheck, or LPP, solution in defined contribution plans, and we received our first deposits from LPP, all of which is extremely exciting.

此外，去年，我們與貝萊德聯合宣佈在固定繳款計劃中推出貝萊德的 LifePath Paycheck（LPP）解決方案，並且我們從 LPP 收到了第一筆存款，這一切都非常令人興奮。

Last month, BlackRock announced that LPP is now live in six employer retirement plans totaling $16 billion in assets under management, which we're also very excited about.

上個月，貝萊德宣布 LPP 現已在六個雇主退休計畫中生效，管理的資產總額達 160 億美元，我們也對此感到非常興奮。

We remain thrilled to work with BlackRock on this innovative retirement solution and expect our involvement with LPP to enable us to reach new customers through the worksite channel.

我們仍然很高興與貝萊德合作開發這項創新的退休解決方案，並希望我們與 LPP 的合作使我們能夠透過工作現場管道接觸到新的客戶。

As we have said in the past, expense discipline is extremely important.

正如我們過去所說，費用紀律極為重要。

Therefore, I'm pleased that our full-year corporate expenses were down over 7% compared with last year.

因此，我很高興看到，我們全年的公司開支較去年同期下降了 7% 以上。

Our accomplishments in 2024 reflect an ongoing commitment to and execution of our focused strategy, which I've spoken about before.

我們在 2024 年所取得的成就反映了我們對重點策略的持續承諾和執行，我之前曾談到過。

As you've heard us discuss in 2024, the tremendous success we have had in growing our Shield annuity block of business over the past several years with our Shield block now making up approximately 30% of our total annuity account value has created increased complexity associated with managing our variable annuity or VA and Shield business on a combined basis.

正如您在 2024 年聽到我們所討論的那樣，過去幾年我們在發展 Shield 年金業務塊方面取得了巨大成功，我們的 Shield 區塊現在約占我們年金帳戶總價值的 30%，這增加了管理我們的變額年金或 VA 和 Shield 業務的複雜性。

This resulted in a strain in our statutory results last year in 2024.

這導致我們去年2024年的法定業績緊張。

However, as you have heard us talk about in recent months, we continue to execute our capital-focused strategic initiatives, and we've made significant progress against those initiatives.

然而，正如您在近幾個月聽到我們談論的那樣，我們繼續執行以資本為中心的策略舉措，並在這些舉措方面取得了重大進展。

For instance, as we said in our third quarter earnings conference call, we have made substantial progress on simplifying our VA and Shield hedging strategy.

例如，正如我們在第三季財報電話會議上所說的那樣，我們在簡化 VA 和 Shield 對沖策略方面取得了實質進展。

As of the end of the year, we have fully transitioned to hedging all Shield annuity new business on a stand-alone basis, and we continue to work on revising our hedging strategy for our in-force VA and Shield book, which is now managed as -- I think of it as a closed block of business.

截至今年年底，我們已完全過渡到以獨立方式對所有 Shield 年金新業務進行對沖，並且我們繼續致力於修改我們的有效 VA 和 Shield 賬簿的對沖策略，現在將其作為 - 我認為它是一個封閉的業務塊進行管理。

As a reminder, despite the refinements to our hedging program, the overall focus of our financial and risk management strategy remains the same, which is to protect our statutory balance sheet under adverse market scenarios.

提醒一下，儘管我們的對沖計劃有所改進，但我們的財務和風險管理策略的總體重點保持不變，即在不利的市場情況下保護我們的法定資產負債表。

Our strategic initiatives also include reinsurance opportunities.

我們的策略性舉措還包括再保險機會。

As we announced on our third quarter earnings call, effective as of September 30, 2024, we completed a reinsurance transaction with a third party to reinsure a legacy block of our fixed and payout annuities.

正如我們在第三季財報電話會議上所宣布的那樣，自 2024 年 9 月 30 日起，我們與第三方完成了一項再保險交易，以對我們的固定和支付年金的遺留部分進行再保險。

That transaction helped to create capital efficiencies and reduced our required capital.

此交易有助於提高資本效率並減少我們所需的資本。

It helped to bring our estimated combined RBC ratio back to within our target range of 400% to 450% in normal market conditions as of September 30.

它幫助我們將預期的綜合 RBC 比率恢復到正常市場條件下（截至 9 月 30 日）的 400% 至 450% 的目標範圍內。

I'm also pleased to announce that in the fourth quarter, we entered into another reinsurance agreement with a third party to reinsure a legacy block of universal life and variable universal life products residing within our life insurance segment.

我還很高興地宣布，在第四季度，我們與第三方簽訂了另一項再保險協議，以對我們人壽保險部門內遺留的萬能壽險和可變萬能壽險產品進行再保險。

This reinsurance agreement resulted in additional capital benefit in the fourth quarter.

這項再保險協議在第四季度帶來了額外的資本利得。

As I mentioned a moment ago, the focus of our financial and risk management strategy remains the same, which is to protect our statutory balance sheet under adverse market scenarios.

正如我剛才提到的，我們的財務和風險管理策略的重點保持不變，那就是在不利的市場情況下保護我們的法定資產負債表。

This is especially important to support our distribution franchise, including our distribution partners and the customers that they serve.

這對於支持我們的經銷特許經營權（包括我們的經銷合作夥伴及其服務的客戶）尤其重要。

As of December 31, 2024, our estimated combined RBC ratio was approximately 400% at the low end of our target range of 400% to 450% in normal markets.

截至 2024 年 12 月 31 日，我們估計的綜合 RBC 比率約為 400%，處於正常市場 400% 至 450% 的目標範圍的低端。

This reflects a $100 million capital contribution made to Brighthouse Life Insurance Company, or BLIC, from the holding company.

這反映了控股公司向 Brighthouse 人壽保險公司 (BLIC) 提供的 1 億美元資本貢獻。

Ed will provide more detail on our statutory results in a moment.

埃德稍後將提供有關我們的法定結果的更多詳細資訊。

Liquid assets at the holding company were $1.1 billion as of December 31, '24.

截至 24 年 12 月 31 日，控股公司的流動資產為 11 億美元。

Pro forma for the contribution to BLIC liquid assets at the holding company continue to be a robust $1 billion.

該控股公司對 BLIC 流動資產的預計貢獻仍高達 10 億美元。

Additionally, in 2024, we returned capital to our shareholders through the repurchase of $250 million of common stock, which included $60 million of common stock repurchased in the fourth quarter.

此外，2024 年，我們透過回購 2.5 億美元普通股向股東返還資本，其中包括第四季回購的 6,000 萬美元普通股。

As of year-end 2024, we have reduced the number of shares outstanding by over 50% since we began our common stock repurchase program in August of 2018.

截至 2024 年底，自 2018 年 8 月開始普通股回購計畫以來，我們已將流通股數減少了 50% 以上。

And year-to-date through February 7, we repurchased an additional $25 million of our common stock.

截至 2 月 7 日，今年迄今我們已回購額外 2,500 萬美元的普通股。

As we look towards 2025, we remain committed to further executing on our business strategy, and we continue to focus on delivering on our capital focused strategic initiatives to improve capital efficiency, unlock capital, and remain within our combined RBC ratio target range.

展望 2025 年，我們仍致力於進一步執行我們的業務策略，並繼續專注於實現以資本為中心的策略舉措，以提高資本效率、釋放資本並保持在我們的綜合 RBC 比率目標範圍內。

To wrap up, I am proud of all that we accomplished in 2024 despite certain challenges that we faced.

總而言之，儘管我們面臨一些挑戰，但我為我們在 2024 年所取得的成就感到自豪。

We maintained our robust liquidity position and our corporate expenses were down 7% versus 2023, as we also maintained our focus on expense discipline.

我們維持了強勁的流動性狀況，我們的企業支出較 2023 年下降了 7%，因為我們也保持了對支出紀律的關注。

We delivered record sales of our Shield Level annuities product suite, and we received our first deposits with the launch of BlackRock's LifePath Paycheck product.

我們的 Shield Level 年金產品套件的銷售額創下了歷史新高，並且隨著貝萊德 LifePath Paycheck 產品的推出，我們收到了第一筆存款。

We ended the year with an estimated combined RBC ratio of approximately 400% and continue to make progress against our capital focused strategic initiatives.

我們截至今年年底的綜合 RBC 比率估計約為 400%，並繼續在以資本為重點的策略計劃方面取得進展。

With that, I'll turn the call over to Ed to discuss the financial results.

說完這些，我將把電話轉給艾德來討論財務結果。

Thank you, Eric, and good morning, everyone.

謝謝你，艾瑞克，大家早安。

As Eric mentioned, we contributed $100 million to BLIC effective for year-end statutory financial statements to bring our estimated combined RBC ratio to approximately 400% or the low end of our target range in normal market conditions.

正如 Eric 所提到的，我們向 BLIC 注入了 1 億美元，從年末法定財務報表開始生效，以將我們的預計綜合 RBC 比率提升至大約 400%，或者達到正常市場條件下目標範圍的低端。

Given that it is year end, which is the only time our subsidiary's officially report an RBC figure, we felt it was appropriate to be in our range.

考慮到現在是年底，這也是我們子公司唯一一次正式報告 RBC 數據，我們認為將其置於我們的範圍內是合適的。

Our combined total adjusted capital or TAC was approximately $5.4 billion at December 31, which also reflects the capital contribution.

截至 12 月 31 日，我們的合併調整後總資本或 TAC 約為 54 億美元，這也反映了資本貢獻。

Without the contribution, we estimate that our combined RBC ratio would have been in the mid-390%s.

我們估計，如果沒有這筆貢獻，我們的綜合 RBC 比率將達到 390% 左右。

I would like to make a few comments on the decision to contribute capital to BLIC.

我想就向BLIC注資的決定發表一些評論。

First, we have repeatedly stated that we believe our franchise value is driven by distribution and we are committed to our distribution partners and the customers that they serve.

首先，我們一再表示，我們相信我們的特許經營價值是由分銷驅動的，我們致力於服務我們的分銷合作夥伴及其服務的客戶。

Given the importance of both distribution and the financial strength of our operating companies, we determined it was prudent to make a relatively modest contribution from the holding company to our largest operating subsidiary.

考慮到分銷和營運公司的財務實力的重要性，我們認為從控股公司向我們最大的營運子公司做出相對適度的貢獻是明智之舉。

Second, we have consistently highlighted the importance of maintaining a conservative position at the holding company, both in terms of cash and capital structure.

其次，我們一直強調在控股公司保持保守立場的重要性，無論是在現金或資本結構方面。

It is critical to have flexibility to deal with the uncertainty that is inherent in the financial services industry, and our results last year illustrate this fact.

靈活應對金融服務業固有的不確定性至關重要，我們去年的業績證明了這一事實。

After the contribution, we still have approximately $1 billion of cash and liquid assets at the holding company.

注入後，我們在控股公司仍然擁有約10億美元的現金和流動資產。

Finally, while we do not typically provide a forward look on RBC, we're making an exception in this instance, given this is the first time we've contributed cash from the holding company to an operating subsidiary since our early days as a public company.

最後，雖然我們通常不會對 RBC 進行前瞻性展望，但這次我們破例了，因為這是我們作為上市公司成立之初首次從控股公司向營運子公司注入現金。

Our financial plan currently anticipates that our combined RBC ratio will be relatively stable over the next few years without additional support from the holding company.

我們的財務計畫目前預計，在未來幾年內，無需控股公司的額外支持，我們的綜合 RBC 比率將相對穩定。

As Eric discussed, we made significant progress in 2024 on our capital focused strategic initiatives, designed to improve capital efficiency, unlock capital, and return our combined RBC ratio to our target range and normal market conditions.

正如 Eric 所討論的，我們在 2024 年以資本為重點的戰略舉措方面取得了重大進展，旨在提高資本效率，釋放資本，並將我們的綜合 RBC 比率恢復到我們的目標範圍和正常的市場條件。

Keep in mind that while our statutory results benefited from the reinsurance agreement entered in the fourth quarter, as well as us hedging Shield new business on a stand-alone basis, our VA and Shield business is not immune to large quarterly market moves.

請記住，雖然我們的法定業績受益於第四季度達成的再保險協議，以及我們單獨對 Shield 新業務進行對沖，但我們的 VA 和 Shield 業務並不能免受季度市場大幅波動的影響。

Specifically, in the fourth quarter, interest rates were up approximately 80 basis points as measured by the 10-year US Treasury and there was a significant steepening in the yield curve.

具體來看，第四季度，美國10年期公債利率上漲約80個基點，殖利率曲線明顯趨陡。

The combined impact of the significant changes in interest rates and the yield curve shape resulted in a negative impact on our annuity statutory results, which contributed to the $300 million decline in TAC in the quarter.

利率和殖利率曲線形狀的大幅變化綜合影響對我們的年金法定結果產生了負面影響，導致本季度 TAC 下降 3 億美元。

As I have discussed in the past, there is an element of timing from market impacts.

正如我過去所討論過的，市場影響存在時間因素。

In this case, there was a current period cost from the movement in rates.

在這種情況下，利率變動會產生當期成本。

However, we would expect to see the benefit from higher interest rates over time.

然而，我們預計隨著時間的推移，利率上升將帶來益處。

Additionally, there was a net $200 million increase in asset adequacy testing reserves, which contributed to the decline in TAC driven by legacy fixed annuity blocks.

此外，資產充足率測試準備金淨增加 2 億美元，導致傳統固定年金塊導致的 TAC 下降。

At December 31, holding company liquid assets were approximately $1.1 billion.

截至 12 月 31 日，控股公司流動資產約 11 億美元。

Pro forma for the capital contribution, holding company liquid assets are approximately $1 billion.

根據資本貢獻的預測，控股公司流動資產約 10 億美元。

Now turning to adjusted earnings results in the fourth quarter.

現在來談談第四季的調整後獲利結果。

Adjusted earnings for the quarter of $304 million reflect a $48 million unfavorable notable item or $0.80 per share related to actuarial model updates.

本季調整後收益為 3.04 億美元，其中反映出與精算模型更新相關的 4,800 萬美元不利顯著項目或每股 0.80 美元。

Adjusted earnings, excluding the impact from the notable item were $352 million, which compares with adjusted earnings on the same basis of $243 million in the third quarter of 2024 and $189 million in the fourth quarter of 2023.

不包括值得注意的項目的影響，調整後的收益為 3.52 億美元，而 2024 年第三季的調整後收益為 2.43 億美元，2023 年第四季的調整後收益為 1.89 億美元。

Excluding the impact of the notable item, the adjusted earnings results in the fourth quarter were approximately $70 million or $1.17 per share, above our average quarterly run rate expectation.

除去該顯著項目的影響，第四季度調整後的收益約為 7,000 萬美元，即每股 1.17 美元，高於我們平均季度運行率預期。

Our underwriting margin was approximately $40 million, higher than our average quarterly expectation driven by lower claim volume, net of reinsurance in both our life and runoff segments.

我們的承保利潤率約為 4000 萬美元，高於我們的平均季度預期，這是由於索賠量下降（扣除人壽和損失險分部的再保險淨額）所致。

There was also a benefit of approximately $30 million versus our average quarterly run rate expectation from non-trendable items, equally split among investments, tax, and corporate expenses.

與我們預期的平均季度運行率相比，非趨勢項目還帶來了約 3000 萬美元的收益，這些收益平均分配給投資、稅收和公司費用。

Alternative investment income was at the upper end of our long-term expectation of a 9% to 11% annual return, yielding approximately 2.6% in the fourth quarter.

另類投資收益處於我們長期預期的 9% 至 11% 年回報率的上限，第四季度收益率約為 2.6%。

This contributed to higher net investment income compared with the third quarter.

這導致投資淨收益較第三季上升。

Shifting to results by segment.

按部分轉向結果。

The annuity segment reported adjusted earnings less notable items of $327 million.

年金部門報告的調整後收益減去重要項目為 3.27 億美元。

Sequentially, annuity results were driven by higher net investment income, partially offset by a lower underwriting margin.

從季度來看，年金業績受到更高的淨投資收益的推動，但被較低的承保利潤率部分抵消。

The life segment reported adjusted earnings of $52 million and were higher sequentially, which was driven by higher net investment income and a higher underwriting margin.

壽險業務調整後收益為 5,200 萬美元，環比成長，主要得益於淨投資收益和承保利潤率的提高。

This was partially offset by higher expenses.

但較高的費用部分抵消了這一差距。

The run-off segment had an adjusted loss of $27 million.

最終裁定部分的調整後虧損為 2700 萬美元。

Sequentially, results reflected higher net investment income and a higher underwriting margin.

連續，績效反映出更高的淨投資收益和更高的承保利潤率。

The corporate and other segment reported zero adjusted earnings, which reflected a lower tax benefit in the quarter, partially offset by lower expenses sequentially.

企業和其他部門報告的調整後收益為零，反映出本季稅收優惠減少，但部分被環比支出減少所抵消。

In closing, we are pleased with our progress on strategic initiatives and believe we have illustrated our commitment to maintaining a strong statutory balance sheet.

最後，我們對策略性舉措的進展感到滿意，並相信我們已經表明了我們對維持強勁法定資產負債表的決心。

Finally, we continue to have substantial cash at the holding company.

最後，我們在控股公司繼續擁有大量現金。

We will now turn the call over to the operator to begin the question-and-answer session.

我們現在將把電話轉給接線員，開始問答環節。

(Operator Instructions) Wes Carmichael, Autonomous Research.

（操作員指示）韋斯·卡邁克爾，自主研究。

Hey, thank you.

嘿，謝謝你。

Good morning.

早安.

Ed, I was hoping you could touch a little bit on the drivers, RBC in the quarter.

艾德，我希望您能稍微談談本季的驅動因素，RBC。

I think it declined if you exclude the capital contribution in reinsurance, but maybe you could just touch on -- I know you quantified the capital contribution, but reinsurance transaction as well, that would be great.

我認為，如果排除再保險中的資本貢獻，它就會下降，但也許你可以談談 - 我知道你量化了資本貢獻，但再保險交易也是如此，那就太好了。

Thank you.

謝謝。

Yeah.

是的。

Good morning, Wes.

早安，韋斯。

This is going to be a long answer, but hopefully, it will help you with understanding the quarter.

這將是很長的答案，但希望它能幫助您了解本季。

There was a lot going on this quarter.

本季發生了很多事情。

We had the benefit from our strategic initiatives including the reinsurance that you mentioned, the stand-alone hedging for Shield new business as well as some of the market factors and then finally, the year-end asset adequacy testing.

我們從策略性舉措中受益，包括您提到的再保險、Shield 新業務的獨立對沖以及一些市場因素，最後是年終資產充足率測試。

So let me start with the strategic initiatives.

那麼讓我先談一下策略舉措。

If you look at our supplement, you'll see we show some normalizing adjustments for norm stat.

如果您看一下我們的補充資料，您會看到我們對常態統計進行了一些規範化調整。

And there are -- it's a positive number in the fourth quarter.

而且第四季的數字是正數。

And that's despite the fact that includes this AAT impact.

儘管這包括 AAT 的影響。

So if you're looking at roughly at around -- when you do the math, it shows the $300 million.

因此，如果你粗略地看一下——當你進行計算時，它會顯示 3 億美元。

The actual impact from these positive items is north of $400 million, okay?

這些積極項目的實際影響超過 4 億美元，好嗎？

And so -- the benefits that we realized from the strategic initiatives would really be captured in that bucket.

所以 —— 我們從策略性舉措中獲得的利益確實會被體現在這一桶中。

And there's really two things.

事實上有兩件事。

First of all, you heard us talk about hedging Shield new business on a stand-alone basis beginning in July.

首先，您聽到我們談論從 7 月開始單獨對沖 Shield 新業務。

The real benefit that you get from that is when you build it into your statutory modeling.

當您將其納入法定模型時，您就能獲得真正的好處。

And so in the fourth quarter, we implemented the statutory modeling adjustments associated with hedging Shield new business on a stand-alone basis as well as our Shield Level Pay Plus product, which is both the new version as well as the old version.

因此，在第四季度，我們實施了與獨立對沖 Shield 新業務以及我們的 Shield Level Pay Plus 產品（包括新版本和舊版本）相關的法定建模調整。

The reason this is important is because when you build it into your financial statements, you are required to take into account the future hedges that will be associated with the stand-alone hedging approach into your liability cash flows.

這之所以很重要，是因為當你將其納入財務報表時，你需要將與獨立對沖方法相關的未來對沖考慮進你的負債現金流中。

And so we saw a significant benefit from that impact in the fourth quarter.

因此我們在第四季度看到了這種影響帶來的顯著效益。

The second strategic initiative that was positive was the reinsurance deal.

第二項積極的策略舉措是再保險交易。

So we did a legacy block of UL, VUL, life reinsurance deal.

因此，我們完成了 UL、VUL 和人壽再保險交易的遺留部分。

And that benefited us overall to RBC about 10 to 15 points.

總體而言，這為 RBC 帶來了約 10 到 15 個百分點的收益。

So that's in that number as well.

這也包含在這個數字中。

So that's the real positive here from the strategic initiatives, which, as I said, was significant and north of $400 million.

所以這是戰略舉措的真正積極方面，正如我所說，這項舉措意義重大，而且價值超過 4 億美元。

Turning to norm stat, we had a $200 million norm stat loss in the quarter, approximately.

談到常態統計，我們本季的常態統計損失約為 2 億美元。

In the quarter, I mentioned the interest rate impact in my prepared remarks.

在本季度，我在準備好的發言中提到了利率的影響。

In norm stat, there was about roughly a $350 million negative from rates.

在常態統計中，利率造成約 3.5 億美元的負值。

And so let me explain.

讓我來解釋一下。

Obviously, fundamentally, higher interest rates are positive for a VA block.

顯然，從根本上來說，較高的利率對於 VA 區塊來說是有利的。

They're positive because you have a lower present value of future claims.

它們是正數，因為您未來索賠的現值較低。

You have lower future claims, and that's partially offset by lower bond fund values.

您未來的索賠金額較低，但這部分被較低的債券基金價值所抵銷。

So that's the fundamental impact of higher interest rates for VA.

這就是提高利率對 VA 產生的根本影響。

Now let's talk about the statutory impact, both near and long term.

現在讓我們來談談近期和長期的法定影響。

In the near term, immediately, with long rates up and the yield curve steepening, you lose on your derivatives that hedge the rate risk.

短期內，隨著長期利率上升和殖利率曲線變陡，對沖利率風險的衍生性商品將面臨損失。

And you don't get the full benefit you would expect to see from the rate move because the yield curve did not move in a parallel fashion.

由於殖利率曲線並未以平行方式移動，因此您無法從利率變動中獲得預期的全部收益。

And the way the statutory framework works is it's very dependent on the 1 year and the 20 years.

法定框架的運作方式很大程度上依賴 1 年和 20 年。

And so the fact that the long rates went up had more of an impact on your hedge assets.

因此，長期利率上升對您的對沖資產產生了更大的影響。

And the fact that the yield curve did not move in parallel fashion did not have as much of a positive impact on your liabilities, as you would expect to see.

而殖利率曲線並未平行移動的事實並沒有對您的負債產生如您所期望的那麼正面的影響。

Now over time, the benefit you will realize is clearly the most obvious benefit is in the mean reversion point adjustment in the statutory framework for the 20-year treasury.

現在，隨著時間的推移，您將實現的好處顯然是最明顯的好處是在 20 年期國庫法定框架中的均值回歸點調整。

And just to illustrate, at the end of September in our three-year financial plan, we thought we would have two MRP increases over the three-year period.

舉例來說，在我們的三年財務計畫的九月底，我們認為三年內 MRP 將會有兩次成長。

Now based on year-end actuals, we would expect to see three increases in the MRP.

現在根據年終實際情況，我們預計 MRP 將增加三次。

So there is a timing issue associated with rates.

因此，存在與利率相關的時間問題。

The final piece I want to talk about is the asset adequacy testing reserve, and that was approximately a $200 million increase.

我最後要談的是資產充足率測試準備金，該金額增加了約 2 億美元。

This is related to a legacy block of fixed annuities, it's approximately $8 billion of reserves.

這與一批遺留的固定年金有關，其儲備金約為 80 億美元。

This is an old block of business without material surrender charge protection.

這是一個沒有實質退保費用保護的舊業務區塊。

And so what we saw this year in our testing was in high-rate scenarios, you would see a material increase in lapses on this block, which could cause a -- to sell bonds at a loss to fund the outflows.

因此，我們今年在測試中發現，在高利率情境下，你會看到這部分違約情況大幅增加，這可能會導致以虧損的方式出售債券來為資金流出提供資金。

So you know you're looking at a variety of conservative scenarios.

所以你知道你正在考慮各種保守的情景。

When you look at cash flow testing, this year, we saw that the uprate scenario was going to cause some shortfall, and that's why we set up the $200 million.

當你查看今年的現金流測試時，我們發現上調利率情境將導致一些短缺，這就是我們設立 2 億美元的原因。

So I know that's a lot, but hopefully, you can put those pieces together, and I think you can get a pretty good understanding of what drove the results in the quarter.

所以我知道這很多，但希望你能把這些部分放在一起，我想你可以很好地了解推動本季業績的因素。

No, appreciate it.

不，很感激。

And I guess my follow-up is just on hedging.

我想我的後續行動只是關於對沖。

I know Shield is fully transitioned.

我知道 Shield 已完全轉型。

Can you just comment on where you are with the legacy VA portfolio?

您能否評論一下您在遺留 VA 投資組合方面的進展？

And maybe just any update on the timing of long-term free cash flow projections would be helpful.

也許有關長期自由現金流預測時間的任何更新都會有所幫助。

Sure.

當然。

So we continue to focus on what our strategy will be for this legacy block of VA and Shield, the old Shield.

因此，我們將繼續關注針對 VA 和 Shield 這一遺留區塊（舊 Shield）制定策略。

That is -- there's a lot of work that's still underway.

也就是說——還有很多工作仍在進行中。

This is a very important initiative for us.

對我們來說，這是一個非常重要的措施。

I want to remind everyone, though, that our underlying approach to managing this risk has not changed, which is we have a maximum loss tolerance of up to $500 million, and we are on a statutory basis.

不過，我想提醒大家，我們管理這種風險的基本方法沒有改變，那就是我們的最高損失承受能力為 5 億美元，而且是按法定依據的。

And we are focused relative to CTE98, and we are focused on managing that risk so that there is no issue for market movements and interest rate movements.

我們的重點是 CTE98，我們專注於管理風險，以免市場變動和利率變動出現問題。

So there's no change in managing the risk itself.

因此，風險管理本身沒有改變。

But we are looking at what is the appropriate strategy going forward for that back book now that we are hedging all our new business on a stand-alone basis.

但既然我們現在正在獨立對沖所有新業務，那麼我們正在研究未來針對這些帳簿的適當策略是什麼。

The long-term statutory free cash flow projections, I think I had a question -- well, I know I had a question last quarter about timing and related to our work on the hedging change.

對於長期法定自由現金流預測，我想我有一個問題 - 嗯，我知道我上個季度有一個關於時間安排的問題，並且與我們對沖變化的工作有關。

We need to complete the work on what we do with this back book before we would complete those free cash flow projections.

在完成那些自由現金流預測之前，我們需要先完成這本帳簿的處理工作。

So we said last quarter that we were targeting mid-year.

因此我們上個季度說過，我們的目標是年中。

I said that that is going to be dependent on the progress we make on this key strategic initiative.

我說這將取決於我們在這項關鍵策略舉措上取得的進展。

And so I think I would just say we're going to have to wait and see what the timing is.

因此我認為我們必須等待，看看具體時間。

If I had to guess, I would say it's probably going to slip from what I said last quarter, but it's much more important for us to get this back book hedging strategy factored into those projections than it is to rush getting those projections out.

如果我必須猜測的話，我會說它可能會比我上個季度所說的有所下滑，但對於我們來說，將這種帳面對沖策略納入這些預測中比急於公佈這些預測更為重要。

Suneet Kamath, Jefferies.

蘇尼特·卡馬斯（Suneet Kamath），傑富瑞（Jefferies）。

Thanks.

謝謝。

Good morning.

早安.

First question, just on the stable RBC.

第一個問題是關於穩定的 RBC。

Should we think stable meaning at 400% or somewhere in that range that you target?

我們是否應該認為穩定的意義是 400% 或處於您所針對的範圍內的某個位置？

And then does that outlook contemplate any subsidiary dividends out of BLIC?

那麼，該前景是否考慮到了 BLIC 的任何子公司股利？

Good morning, Suneet.

早上好，Suneet。

So I think we're going to -- we're not going to get any more specific than stable.

所以我認為我們不會得到比穩定更具體的資訊。

I mean you could interpret stable in a variety of ways, but I would say that if it's approximately 400% at year end and we are targeting to be in our range in normal markets.

我的意思是，你可以用多種方式來解釋“穩定”，但我想說，如果到年底時穩定率約為 400%，並且我們的目標是在正常市場中處於我們的範圍內。

If you assume normal markets, that should give you some indication of what stable means.

如果你假設市場正常，應該可以讓你了解穩定的意思。

And in terms of dividends, our financial plan does contemplate taking money from operating companies after this year.

在股息方面，我們的財務計劃確實考慮在今年之後從營運公司拿錢。

Got it.

知道了。

And then I guess the second question is a higher-level question for Eric.

然後我想第二個問題對 Eric 來說是一個更高層次的問題。

And I get the strategy and all that.

我了解策略和所有這些。

But just thinking about the setup here, I mean, does it make sense for this company to be public on a stand-alone basis?

但僅僅考慮這裡的設置，我的意思是，這家公司獨立上市是否有意義？

And the reason I ask is, Ed just spent 10 minutes talking about the quarterly change in RBC with all of the moving pieces, and it's a level of complexity and confusion, I think, that we just are not seeing from other companies, I think because they are more diversified and have other businesses other than just primarily annuity.

我之所以問這個問題，是因為 Ed 剛剛花了 10 分鐘談論了 RBC 的季度變化以及所有變動因素，我認為，這種複雜程度和混亂程度是我們在其他公司看不到的，我想這是因為它們更加多元化，除了年金以外，還有其他業務。

So I just -- how do you think about the complexity of what you have versus perhaps not being public on a go-forward basis?

所以我只是——您如何看待您所擁有的事物的複雜性以及未來可能不會公開的可能性？

Thanks.

謝謝。

You got it, Suneet.

你明白了，Suneet。

You broke up a touch there, but I think I got it all.

您在那裡講了一些，但我認為我已經了解了一切。

Look, we've been dealing with complexity for 7.5 years now.

瞧，我們已經處理複雜問題 7.5 年了。

There have been a number of periods where that complexity has been far less.

在許多時期裡，這種複雜性要小得多。

Recently, as we've discussed and whether it's part of Ed's answer here or answers we've given in the past, when we ended up with as much Shield on the books as we were hoping for to sort of balance the old VA book, that created an interesting situation for us.

最近，正如我們所討論的，無論這是 Ed 在此處的回答的一部分還是我們過去給出的回答，當我們最終在書上獲得了盡可能多的 Shield 時，我們希望能夠平衡舊的 VA 書，這為我們創造了一個有趣的情況。

And I would agree that, that situation not only sounds complex but is complex.

我同意這一點，這種情況不僅聽起來複雜，而且確實很複雜。

And so what we've done is broken it apart into essentially two pieces.

因此我們所做的就是將其分成兩個部分。

I'm overly simplifying here.

我在這裡過於簡單化了。

One, for all Shield new business to be hedged on a stand-alone basis.

一是對所有 Shield 新業務進行獨立對沖。

And then two, as Ed's previous answer, sort of illuminated, figuring out how we're going to hedge what I called previously kind of a closed block of VA and older Shield.

其次，正如 Ed 之前的回答所闡明的那樣，我們要弄清楚如何對沖我之前所說的 VA 和舊版 Shield 的封閉區塊。

So when we think about what we've got to do to manage this complexity, some years, it's been far more simple.

因此，當我們思考要做什麼來管理這種複雜性時，有些時候，事情變得簡單得多。

This last year 2024, I agree it was complicated.

去年是 2024 年，我同意這很複雜。

And so whether it's running the company as efficiently as we can on sort of a BAU basis, right, everything that we do on a normal basis to run this company.

因此，我們是否在 BAU 基礎上盡可能有效率地經營公司，以及我們為經營這家公司所做的一切正常的事情。

And then adding in these strategic initiatives, whether it's things like reinsurance, other initiatives that we're thinking about -- we're always trying to think of new initiatives, or the fairly large initiative associated with the hedging program, we are a public company.

然後加上這些策略舉措，無論是再保險之類的事情，還是我們正在考慮的其他舉措——我們一直在嘗試考慮新的舉措，或者與對沖計劃相關的相當大的舉措，我們是一家上市公司。

And we're running this company every day to, over time, create long-term shareholder value.

我們每天都在經營這家公司，以便隨著時間的推移創造長期股東價值。

Even as you think about it at years -- we're roughly a year 7.5, we've repurchased $2.5 billion of stock, and that adds up to more than 50% of the original shares outstanding.

即使你以年為單位來想一想——大約 7.5 年前，我們就回購了價值 25 億美元的股票，這相當於原始流通股的 50% 以上。

So all I can tell you is we're going to continue to run the company as we have.

因此我能告訴你們的是，我們將繼續像以前一樣經營公司。

And when you do hit periods of complexity, you just power through it, which is exactly what you've seen us do over the last couple of quarters, including the fourth quarter.

當你確實遇到複雜時期時，你只需努力克服，這正是你看到我們在過去幾個季度（包括第四季度）所做的。

And that won't stop as we go through 2025.

當我們進入 2025 年時，這種情況仍不會停止。

Okay.

好的。

Thanks for the answer.

謝謝你的回答。

Wilma Burdis, Raymond James.

威爾瑪伯迪斯、雷蒙詹姆斯。

Hey, good morning.

嘿，早安。

Could you just -- I know you talked about 4Q, but can you just give us a broad sense of what's been leading to normalized debt losses in, I guess, several of the most recent quarters?

您能否—我知道您談到了第四季度，但您能否大致介紹一下導致最近幾季債務損失正常化的原因是什麼？

Is it RILA under higher equity markets?

在股市走高的情況下，它是 RILA 嗎？

Is it hedging on traditional VAs?

它是否對傳統 VA 進行了對沖？

Maybe just give us a broad sense.

也許只是給我們一個大致的認識。

Sure.

當然。

Good morning.

早安.

One of the things we've talked about, along with just the normal volatility that you can have associated with market moves, which we've had a variety of things that we've talked about in prior quarters, which I'm sure we could follow up with you to just remind you of what we have said in each of those quarters on the market moves.

我們討論過的事情之一，就是與市場走勢相關的正常波動，我們在前幾個季度已經討論過各種各樣的事情，我相信我們可以跟進，只是提醒您我們在每個季度對市場走勢的談論內容。

But the other thing we've talked about is the strain from new business and the fact that we -- and what drove our decision to change our approach for hedging new business is once we achieve this balance in our risk profile between VA and Shield that we were no longer seeing the same benefit that we used to see from the way we managed, and so that we needed to change.

但是，我們談到的另一件事是新業務的壓力，以及我們決定改變對沖新業務方法的原因是，一旦我們在 VA 和 Shield 之間的風險狀況中實現平衡，我們就不再看到與以前的管理方式相同的好處，所以我們需要改變。

So there was some additional strain impact that you saw in 2024 beyond what we would anticipate going forward.

因此，2024 年所看到的額外壓力影響超出了我們對未來的預期。

And really anticipate going forward for a couple of reasons.

我們確實期待未來能有這樣的發展，原因有以下幾點。

Number one, because of the approach we're taking to managing the business from a hedging standpoint; and number two, you've heard us talk about exploring sort of flow reinsurance deal for Shield new business, which would also help alleviate capital strain.

第一，因為我們採取的是採用對沖角度來管理業務的方法；第二，您聽到我們談論探索為 Shield 新業務進行流量再保險交易，這也有助於緩解資本壓力。

And we continue on that path.

我們將繼續沿著這條道路前進。

We have multiple interested parties in a deal of that nature.

我們有多個利害關係人對此類交易感興趣。

And so that's something in terms of another initiative that we have in the works for this year, I'd make sure and remind everyone of that one because it continues to be an important one.

這是我們今年正在籌備的另一項舉措，我一定會提醒大家注意這一點，因為它仍然是一項重要舉措。

Okay, thank you.

好的，謝謝。

And then is there other opportunities to, for instance, increase the portfolios?

那麼還有其他機會嗎，例如增加投資組合？

And if so, can you talk about how much capital that would require?

如果是的話，您能談談這需要多少資金嗎？

And along the same lines, -- you guys have done a good job on the expense management this year.

同樣，你們今年的費用管理工作做得很好。

Is there more that can be cut to, I guess, just help improve organic cash flow generation?

我猜想，還有什麼可以削減的，只是為了幫助改善有機現金流的產生？

Thanks.

謝謝。

Hi, Wilma.

你好，威爾瑪。

It's John.

是約翰。

Yeah, there probably are some opportunities to increase yield.

是的，可能有一些增加產量的機會。

I think at a high level, our portfolio allocation has remained roughly stable during the year.

我認為，從整體來看，我們的投資組合配置在今年大致保持穩定。

We still have more of a risk-on -- risk-off approach.

我們仍然採取更多的風險承受與風險規避方法。

We don't -- we invest across the board in all fixed income asset classes.

我們不會－我們全面投資所有固定收益資產類別。

Spreads are tight.

價差很小。

So we don't see any compelling reason to pile into any one sector, but we are positioned to take advantage of widening spreads, and dislocations should they present themselves.

因此，我們不認為有任何令人信服的理由去大量投資任何一個行業，但我們可以利用利差的擴張以及可能出現的混亂。

Eric, do you want to follow up on this?

艾瑞克，你想跟進一下這個問題嗎？

Yeah, I'll take the second half, Wilma.

是的，我會選擇下半部分，威爾瑪。

Yes, we had a good year with respect to expenses in 2024, expense is down 7% year-over-year.

是的，就支出而言，2024 年是我們的良好一年，支出年減了 7%。

As I've said over the years, actually, my real focus is on the expense ratio, right?

正如我多年來所說的那樣，實際上，我真正關注的是費用率，對嗎？

So keeping that expense ratio down, has been a focus, frankly, since day one.

因此，坦白說，從第一天起，降低費用率就一直是我們的重點。

And that was a long time ago.

那已是很久以前的事了。

We're not afraid though, to invest in growth.

然而，我們並不懼怕對成長進行投資。

So I would just sort of say, Wilma, as you think about 2025, certainly, there are inflationary effects out there, and they will affect all companies, including ours.

所以我只想說，威爾瑪，當你想到 2025 年時，肯定會出現通貨膨脹的影響，它們會影響所有公司，包括我們公司。

But my real focus is to grow revenues sort of faster than our expense margins.

但我真正關注的是讓收入成長速度快於支出利潤率的成長速度。

And I expect that to continue in 2025.

我預計這種情況將持續到 2025 年。

So the expense discipline is alive and well.

因此，費用紀律依然有效。

Jimmy Bhullar, JPMorgan.

摩根大通的 Jimmy Bhullar。

Hey, good morning.

嘿，早安。

So Ed, just to the question and -- or maybe, Eric, on -- just your intention on where you'd like to run the company in terms of RBC ratio.

所以 Ed，我只想問這個問題——或者可能是 Eric，你打算如何根據 RBC 比率來經營公司。

And where is it that you -- as long as you're above 400%, should we assume that you'd be taking sort of additional actions like reinsurance or anything else to get it even higher and give you a little bit of cushion or are you comfortable running it at 400%?

那麼，只要您的比率超過 400%，我們是否應該假設您會採取再保險或其他任何額外措施，使其比率更高，並為您提供一點緩衝，或者您是否願意以 400% 的比率運行它？

Good morning, Jimmy.

早上好，吉米。

So the first thing I'd say is we're running at 400%.

所以我首先要說的是，我們的運作效率達到了 400%。

In normal market conditions, we say a range of 400% to 450%.

在正常的市場條件下，我們說的範圍是 400% 到 450%。

And I think over time, as your mix shifts, you can argue for the range coming down.

而且我認為隨著時間的推移，隨著混合物的轉變，您可以爭論範圍的下降。

I'm not saying near term, but over time, that would make sense given the changing risk profile of the company.

我並不是說短期內，而是隨著時間的推移，考慮到公司不斷變化的風險狀況，這將是有意義的。

The second thing is we're always looking for opportunities to unlock capital.

第二件事是我們一直在尋找釋放資本的機會。

So that is not -- that's nothing different than what we've tried to do over the years in a variety of different ways.

所以這與我們多年來以各種不同方式嘗試做的事情沒有什麼不同。

And so that's just been a consistent effort on our part, and it will continue to be.

這是我們一直以來的努力，而且我們會繼續努力。

And these different strategic initiatives that we have in place, the approach we're going to take with the back book of VA and Shield, any additional reinsurance that we might put in place.

我們已經實施了這些不同的策略性舉措，我們將採取 VA 和 Shield 後台帳簿的方法，以及我們可能實施的任何額外再保險。

We think that that is going to improved capital efficiency, potentially unlock capital.

我們認為這將提高資本效率，並有可能釋放資本。

And that's why we continue to be focused on those initiatives.

這就是我們繼續關注這些舉措的原因。

Jimmy, it's Eric.

吉米，我是艾瑞克。

I'll just add a little bit because I think it's a good question.

我只想補充一點，因為我認為這是個好問題。

So remember, you know this very well.

所以請記住，你非常了解這一點。

You've got the interplay between what's your capital level at your insurance subsidiaries, especially BLIC.

您已經了解了保險子公司（尤其是 BLIC）的資本水準之間的相互作用。

And then what you got the holding company.

然後你得到了控股公司。

And of course, we still got $1 billion up at the holding company.

當然，我們在控股公司仍有 10 億美元。

And Ed and I have talked about that for years.

我和艾德已經談論這個問題好幾年了。

We always felt that was prudent and we still think it's prudent, obviously.

我們一直認為這是謹慎的，顯然我們仍然認為這是謹慎的。

But yeah, we can run at 400%.

但是的，我們可以以 400% 的速度運行。

You've got the liquidity of the holding company.

您已擁有控股公司的流動性。

And we've never pushed money down, but we just thought, as you heard Ed say, I don't know, maybe 20 minutes ago, that it just made a lot of sense to get the RBC ratio at the end of the year within the range.

我們從來沒有壓低過貨幣，但我們只是認為，正如你聽到 Ed 說的，我不知道，也許 20 分鐘前，將年底的 RBC 比率控制在範圍內是非常有意義的。

It's really helpful for distributors, and I like helping our distributors.

這對經銷商確實很有幫助，而且我也樂意幫助我們的經銷商。

So even after we did that, we still got $1 billion up at the holding company.

因此，即使我們這樣做了，控股公司仍然獲得了 10 億美元。

And as you heard Ed say, we do in our three-year plan, expect to have dividends up to the holding company.

正如你聽到艾德所說的，我們在我們的三年計劃中確實希望向控股公司派發股息。

So yes, we are comfortable.

是的，我們感到很舒服。

Okay.

好的。

And just on the dividend point, are you expecting dividends every year or was that more of a cumulative comment?

就股息而言，您是否預計每年都會派發股息，還是只是累積性評論？

That is more of a cumulative comment.

這更像是一種累積性評論。

I think as we've done in the past, we prefer to talk about any forward-looking metrics on a multiyear basis rather than any single period.

我認為，正如我們過去所做的那樣，我們更願意在多年基礎上而不是單一時期基礎上討論任何前瞻性指標。

Okay.

好的。

And then on fixed annuity sales, they were down this quarter, a decent amount.

而固定年金銷售額本季則大幅下降。

So is that because of competition or something from distribution or just a desire to sort of preserve capital.

那麼，這是因為競爭還是分銷方面的某種原因，或者只是為了保留資本。

Can you talk about what drove the decline there?

您能談談導致那裡衰退的原因是什麼嗎？

Hey, good morning, Jimmy.

嘿，早上好，吉米。

It's Myles speaking.

我是邁爾斯。

So FIA sales were down for the year as expected.

因此，正如預期的那樣，FIA 今年的銷售額出現下降。

As a reminder, mid-year, we had a transition into a new reinsurance partner.

提醒一下，今年年中，我們轉換了新的再保險夥伴。

Our FIA sales were up for the year, driven by our successful launch of our SecureKey product.

由於我們成功推出 SecureKey 產品，我們的 FIA 銷售額全年呈上升趨勢。

On a combined basis, we exceeded our expectations for fixed sales.

從整體來看，我們的固定銷售額超出了我們的預期。

But we continue to balance growth, pricing discipline and managing capital, and we're happy with our overall results.

但我們繼續平衡成長、定價紀律和資本管理，我們對我們的整體業績感到滿意。

John Barnidge, Piper Sandler.

約翰·巴尼奇，派珀·桑德勒。

Good morning.

早安.

Thanks for the opportunity.

謝謝你的機會。

My question is on the investment management of the portfolio.

我的問題是關於投資組合的投資管理。

How much expense is there associated with the outsourcing of that?

外包這項服務需要多少費用？

John, it's John.

約翰，我是約翰。

We don't really provide that.

我們實際上不提供這個。

We provide an overall investment expense number.

我們提供了一個總體投資費用數字。

You can see in our financials, and you can assume that IMA type fees are the majority of that.

您可以在我們的財務報表中看到，並且可以假設 IMA 類型的費用佔其中的大部分。

Thank you for that.

謝謝你。

My follow-up question.

我的後續問題。

How much outsourcing is concentrated in the most hands as a percent basis, I'm not looking for who?

外包有多少集中在最多人手上按百分比來算，我不是找誰啊？

In which hand?

在哪隻手上？

You outsource it to third parties.

您將其外包給第三方。

Is there any -- is there any one party that has a demonstrable amount?

有沒有一方有可證明的金額？

And how much is that amount?

那麼這個金額是多少呢？

We have a dozen or so outside managers who we believe in -- believe in world-class and the capabilities we use them for across various sectors.

我們有十幾位外部經理，我們相信他們——相信世界一流的水平，也相信我們在各個領域利用他們的能力。

I don't think we want to get into who manages how much money.

我認為我們不想討論誰管理多少錢。

Thank you.

謝謝。

Ryan Krueger, KBW.

瑞安·克魯格（Ryan Krueger），KBW。

Thanks.

謝謝。

Good morning.

早安.

I guess a question on reinsurance.

我想這是一個關於再保險的問題。

So you've done a couple of in-force deals.

所以你已經完成了幾項有效交易。

I guess when you look forward, are you still looking to do more things like that?

我想，當您展望未來時，您是否仍希望做更多這樣的事？

And I guess, would you broaden the scope to also perhaps include some of the liabilities, the SUL liabilities in BRCD as well?

我想，您是否會擴大範圍，或許也包括一些負債，BRCD 的 SUL 負債？

Good morning, Ryan.

早安，瑞安。

So in my response to Jimmy's question, I said we're always looking for ways to do what's right from a capital standpoint.

因此，在回答吉米的問題時，我說我們一直在尋找從資本角度做正確事情的方法。

And if it makes sense for us to do additional transactions, we will do that.

如果進行額外交易對我們有意義的話，我們就會這麼做。

And we will look at everything to consider whether or not it makes sense to do that.

我們將仔細考慮所有因素來決定這樣做是否合理。

So to this point, we've done some legacy blocks.

到目前為止，我們已經完成了一些遺留區塊。

We did the annuity block that we talked about in the third quarter.

我們實施了第三季討論過的年金計劃。

We did the life deal that we talked about this quarter, which was UL and VUL.

我們完成了本季談到的人壽交易，即 UL 和 VUL。

So we will look -- I think we've gone in the direction so far of things that were more straightforward.

所以我們會看看——我認為我們迄今為止已經朝著更直接的方向前進。

And I would say -- I wouldn't say easy to do because there was a ton of work that went into doing all this, but relatively easy.

我想說——我不會說這很容易，因為做這一切需要大量的工作，但相對容易。

I think as you start to talk about some of these other businesses or legacy businesses that you mentioned, there would be more complexity.

我認為，當您開始談論您提到的一些其他業務或遺留業務時，情況會變得更加複雜。

It would take more work, but it is something that we have been thinking about.

這需要做更多的工作，但這是我們一直在思考的事情。

Thanks.

謝謝。

And then going back to the stable RBC comment over the next few years, I think there's some different moving parts over the next two years when you, I guess, on your own, company-specific side, the change to the hedging of the closed block of variable annuities and Shield.

然後回到未來幾年穩定的 RBC 評論，我認為在未來兩年內會有一些不同的活動部分，我想，從您自己的公司特定方面來看，對封閉式變額年金和 Shield 的對沖進行更改。

And then you have some changes going into effect, I think, our pace scheduled for next year on variable annuity capital and reserving requirements.

然後，我認為，一些變化將生效，我們計劃於明年對變額年金資本和準備金要求進行調整。

I guess, have you tried to contemplate all of these moving parts into that forward outlook already or can you give any thoughts there?

我想，您是否已經嘗試將所有這些活動部件考慮進前瞻性的展望中，或者您能就此發表任何想法嗎？

Sure.

當然。

So you highlight two areas that will create some level of uncertainty about what the framework will look like, I would say, in particular, you're referring to the upcoming change in the economic scenario generator, which is scheduled at this point for the 2026 financial statements, correct?

因此，您強調了兩個領域，它們會對該框架的外觀造成一定程度的不確定性，我想說，特別是，您指的是即將發生的經濟情景生成器變化，該變化目前計劃用於 2026 年財務報表，對嗎？

That's what you're asking about?

這就是你要問的？

That was a piece of it.

這只是其中的一部分。

And then I think also just also your own changes to the legacy hedging as well.

然後我認為您自己也對遺留的對沖做出了改變。

Yeah.

是的。

So those are not factored in my comments because first of all, there's no way to assess what the framework will look like, the final framework for the ESG, for example.

所以這些沒有被考慮到我的評論中，因為首先，沒有辦法評估框架會是什麼樣子，例如 ESG 的最終框架。

And I would make the case that, for example, if you institute a very conservative economic scenario generator that you would not have to have as high an RBC ratio.

我想說的是，例如，如果你建立一個非常保守的經濟情景產生器，你就不必擁有那麼高的 RBC 比率。

That's one possible thing way to look at it because if you're going to reflect a lot of the risk in your balance sheet today, the excess -- the capital cushion that you need for adverse deviation should be less.

這是一種可能的看待問題的方式，因為如果你今天要在資產負債表中反映很多風險，那麼你需要的用於應對不利偏差的超額資本緩衝就會減少。

So that is not factored into my comments.

所以這沒有被考慮到我的評論。

Just another thing just to underscore, I think it's clear to everyone on this call.

還有一件事需要強調，我想這次通話中的每個人都清楚這一點。

But our expectations about the RBC ratio are going to be driven by normal markets.

但我們對 RBC 比率的預期將受到正常市場的驅動。

So when we look at our financial plan, I would say we have a moderate type of scenario going forward.

因此，當我們審視我們的財務計劃時，我會說我們未來的前景將處於溫和的狀態。

It's not -- I would say, somewhat less than normal market returns, somewhat higher than normal credit losses.

我想說的是，它並不比正常的市場回報略低，但比正常的信貸損失略高。

Nothing that I would identify is that significant outside of normal markets.

在正常市場之外，我認為沒有什麼事情是那麼重要。

And so that what we talk about stable.

這就是我們談論的穩定。

If you had something different than that in terms of market environment, you'd have a different outcome for your RBC ratio, either positive or negative.

如果市場環境有所不同，您的 RBC 比率就會有不同的結果，無論是正值還是負值。

And then on the hedging piece, one of our overarching goals of everything we're doing here is to try to simplify.

然後在對沖部分，我們在這裡所做的一切的首要目標之一就是盡量簡化。

This is never going to be simple as you probably got from my very long answer to the first question.

這永遠不會簡單，正如您可能從我對第一個問題的非常長的回答中了解到的那樣。

But our goal is to make it simpler.

但我們的目標是讓它變得更簡單。

And so there -- we might decide if it made sense for a more straightforward and clear picture of managing the risk, you might choose to take some sort of a capital impact from doing that if you thought it made sense.

因此，我們可能會決定，如果這有利於更直接、更清晰地管理風險，您可能會選擇承擔某種資本影響（如果您認為這樣做有意義的話）。

So I'm not saying that, that is going to happen or I expect that to happen.

因此，我並不是說那會發生，或者我期望那會發生。

I'm just saying that, that would be a trade-off that we might make, which is not contemplated in anything that I have talked about today in terms of stable RBC ratio.

我只是說，這是我們可能會做出的權衡，而這在今天我所談論的穩定的 RBC 比率方面並沒有考慮到。

Understood.

明白了。

Thank you.

謝謝。

Nick Annitto, Wells Fargo.

富國銀行的尼克安尼托 (Nick Annitto)。

Hey, good morning.

嘿，早安。

Maybe just more of a high-level question, maybe for Miles or David, but can you just comment on the kind of competitive environment or dynamics in the RILA business?

也許這只是一個高層次的問題，也許是針對 Miles 或 David 而言的，但您能否評論一下 RILA 業務的競爭環境或動態？

It just seems like a lot of companies are already in it and starting to launch newer refreshed products would be good to get your kind of near-term or intermediate-term outlook on it?

似乎很多公司已經進入這個行業，並開始推出更新的產品，您是否能就此了解短期或中期的前景？

Thanks.

謝謝。

Yeah, good morning.

是的，早安。

It's Myles.

是邁爾斯。

I'll take it, and David can certainly chime in.

我會接受，大衛當然也可以同意。

But look, there's a lot of demand for these products in the marketplace.

但看看吧，市場對這些產品的需求很大。

Customers are looking to stay invested with protection.

客戶希望獲得有保障的投資。

They're focused on retirement planning.

他們專注於退休計劃。

So the market has expanded quite a bit.

因此市場已經擴大了不少。

It's expanded as it relates to new distributors selling these products.

隨著它與銷售這些產品的新分銷商相關，它的規模也不斷擴大。

There's a lot of new features on these products, including income riders.

這些產品有許多新功能，包括收入附加條款。

But we feel really great about our competitive positioning.

但我們對我們的競爭定位感到非常滿意。

Last year was our best year yet as it relates to Shield sales.

就 Shield 銷售而言，去年是我們迄今為止最好的一年。

And we continue to do a number of different things to enhance our offering, whether it's Shield Level Play Plus, which is Shield with an income rider or a Step Rate Edge, which is a new crediting strategy.

我們將繼續採取各種不同的措施來增強我們的服務，無論是 Shield Level Play Plus（帶有收入附加條款的 Shield）還是 Step Rate Edge（一種新的信用策略）。

David, anything you want to add on that?

大衛，你還有什麼要補充嗎？

No, I think you covered it.

不，我想你已經覆蓋了。

Tom Gallagher, Evercore ISI.

湯姆·加拉格爾，Evercore ISI。

Morning, few questions.

早上好，有幾個問題。

So the stable RBC, is that -- should we assume that means you'll have positive stat earnings, but increasing required capital?

那麼穩定的 RBC 是——我們是否應該假設這意味著您將獲得正的統計收益，但增加所需資本？

So that's my first question.

這是我的第一個問題。

And just relatedly, would you expect to still execute share repurchase here which presumably, at least for the near term, is going to rely on drawdown of HoldCo excess?

與此相關的是，您是否仍預計在這裡執行股票回購，至少在短期內，這將依賴 HoldCo 超額的減少？

Tom, so I don't want to go too far down the path of this forward-looking plan topic.

湯姆，所以我不想在這個前瞻性計劃的話題上走得太遠。

But the answer to your question is yes, it does it does assume that the results over the plan period would be positive earnings.

但對你的問題的答案是肯定的，它確實假設計劃期間的結果將是正收益。

Yes, he's pointing at me, Tom.

是的，他指著我，湯姆。

Look, generally, as Ed just said and as you know, we don't talk about share repurchases going forward.

看起來，一般來說，正如艾德剛才所說，正如你所知，我們不會談論未來的股票回購。

We just haven't done that.

我們只是還沒這麼做。

All I can do to help you out is point to history, which is pretty consistent.

我能做的就是指出歷史，這是相當一致的。

And as I mentioned, I'm not sure on whose question, maybe Jimmy's, over our history as a public company, has added up to repurchases of north of $2.5 billion.

正如我所提到的，我不確定是誰的問題，也許是吉米的問題，在我們作為一家上市公司的歷史上，回購總額已達到 25 億美元以上。

Got you.

明白了。

And then -- for my follow-up, can you give a little more color, these risk transfer deals you did, the annuity deal, what were the deposit size on those fixed annuities and pay on annuities?

然後 - 作為我的後續問題，您能否提供更多細節，您所做的這些風險轉移交易，年金交易，這些固定年金的存款規模和年金的支付額是多少？

And then how big were the life deals, I don't know, reserve or insurance in force?

那麼人壽交易的規模有多大？

How big were those?

那些有多大？

Tom, so on the -- I don't know how far I want to go down the path on the reserves for the life deal because we continue to look at other opportunities.

湯姆，所以——我不知道我想在人壽儲備金交易上走多遠，因為我們會繼續尋找其他機會。

And I gave a comment on earlier in response to Wes' question about -- it's probably -- you could assume 10 to 15 RBC points.

我之前在回答 Wes 的問題時已經發表了評論——很可能——你可以假設 10 到 15 個 RBC 點。

And it was all driven by the numerator of the calculation.

這一切都是由計算的分子所驅動的。

So you can do some math to come up with a range, but I'm not going to get more specific on that.

所以你可以做一些數學計算來得出一個範圍，但我不會對此進行更具體的說明。

And then can you repeat the question again on the annuity side.

然後能否再次重複年金方面的問題。

Yes.

是的。

Just the size of the 3Q annuity deal, how big were the assets or deposits on those?

僅就第三季年金交易的規模而言，其資產或存款有多少？

Yeah, it was approximately $8 billion.

是的，大約是 80 億美元。

Got you.

明白了。

And can I just sneak in one more, just from a standpoint of BRCD.

我能再偷偷說一句嗎，僅從 BRCD 的角度來看。

I wouldn’t expect anything else, Tom.

我不會期待任何其他事情，湯姆。

I'm at the end of the chain here.

我處在這條鏈條的末端。

So I'm doing my best.

所以我正在盡力。

But anyway, the BRCD, is there any way you can frame that because I think investors are trying to figure out, is that still a source of value?

但無論如何，BRCD，您有什麼方法可以建立它嗎？

It certainly has been in the past.

這在過去確實是存在的。

Because when I look at the $5.4 billion of TAC in BLIC and NELICO, I think you -- there's also some additional value from BRCD.

因為當我看到 BLIC 和 NELICO 的 54 億美元 TAC 時，我認為 BRCD 還具有一些額外的價值。

Do you have a surplus number that's back in the $24 billion of SUL reserves or do you really just fund the reserves?

你們的 240 億美元 SUL 儲備中是否有盈餘金額，還是你們實際上只是為儲備提供資金？

Yeah, it's more of the latter.

是的，更多的是後者。

I mean, you know that the -- well, first, to your point about BRCD, we've taken $1.2 billion of dividends out of BRCD, and 600 twice.

我的意思是，您知道——首先，關於您提到的 BRCD，我們從 BRCD 中提取了 12 億美元的股息，並且兩次提取了 6 億美元。

And in each instance, you needed to get regulatory approval because all dividends from BRCD are extraordinary.

並且在每種情況下，您都需要獲得監管部門的批准，因為 BRCD 的所有股息都是非經常性的。

So obviously, we were able to illustrate that it was appropriate to be able to take money out.

因此顯然，我們能夠說明取出錢是合適的。

I've also said a number of times that I would not view BRCD as an ongoing source of capital to Brighthouse.

我也曾多次表示過，我不會將 BRCD 視為 Brighthouse 的持續資金來源。

I think it's appropriately -- obviously, appropriately capitalized, but it's a runoff block of old business.

我認為這是恰當的 — — 顯然，是恰當的大寫，但這是舊業務的流失。

And I don't see it as a source of additional cash to BLIC or the holding company.

我也不認為它能為 BLIC 或控股公司帶來額外的現金。

Thank you.

謝謝。

Ladies and gentlemen, I will now turn the call over to Dana Amante for closing remarks.

女士們、先生們，現在我將把發言權交給 Dana Amante 來致結束語。

Thank you, Michelle.

謝謝你，米歇爾。

Thank you, everyone, for joining today's call, and have a good day.

感謝大家參加今天的電話會議，祝大家有個愉快的一天。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。