Brookfield Corp (BN) 2025 Q1 法說會逐字稿

Good day and welcome to the Brookfield Corporation first quarter 2025 conference call and webcast.

大家好，歡迎參加 Brookfield Corporation 2025 年第一季電話會議和網路廣播。

(Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Ms. Katie Battaglia, VP, Investor Relations. Please go ahead.

（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給發言人、投資者關係副總裁凱蒂·巴塔利亞女士。請繼續。

Thank you, operator, and good morning. Welcome to Brookfield Corporation's first quarter 2025 conference call. On the call today are Bruce Flatt, our Chief Executive Officer; Nick Goodman, President of Brookfield Corporation; and Sachin Shah, Chief Executive Officer of Brookfield Wealth Solutions. Bruce will start by giving a business update, followed by Nick, who will discuss our financial and operating results for the quarter. And finally, Sachin will provide an update on our Wealth Solutions business.

謝謝接線員，早安。歡迎參加 Brookfield Corporation 2025 年第一季電話會議。今天參加電話會議的有我們的執行長 Bruce Flatt；布魯克菲爾德公司總裁尼克古德曼；以及 Brookfield Wealth Solutions 執行長 Sachin Shah。布魯斯將首先介紹業務最新情況，然後尼克將討論我們本季的財務和營運業績。最後，Sachin 將介紹我們的財富解決方案業務的最新情況。

After our formal comments, we'll turn the call over to the operator and take analyst questions. In order to accommodate all those who want to ask questions, we request that you refrain from asking more than two questions. I would like to remind you that in today's comments, including responding to questions and in discussing new initiatives in our financial and operating performance, we may make forward-looking statements, including forward-looking statements within the meaning of applicable Canadian and US securities laws.

在我們正式發表評論後，我們將把電話轉給接線員並回答分析師的問題。為了方便所有想要提問的人，我們要求您不要提出超過兩個問題。我想提醒您，在今天的評論中，包括回答問題以及在討論我們財務和經營業績的新舉措時，我們可能會做出前瞻性陳述，包括適用的加拿大和美國證券法含義內的前瞻性陳述。

These statements reflect predictions of future events and trends and do not relate to historic events. They are subject to known and unknown risks, and future events and results may differ materially from such statements. For further information on these risks and their potential impacts on our company, please see our filings with the securities regulators in Canada and the US and the information available on our website.

這些聲明反映了對未來事件和趨勢的預測，與歷史事件無關。它們面臨已知和未知的風險，未來事件和結果可能與這些陳述有重大差異。有關這些風險及其對我們公司的潛在影響的更多信息，請參閱我們向加拿大和美國證券監管機構提交的文件以及我們網站上的信息。

In addition, when we speak about our Wealth Solutions business or Brookfield Wealth Solutions, we are referring to Brookfield's investments in this business that supported the acquisition of its underlying subsidiaries.

此外，當我們談到財富解決方案業務或 Brookfield 財富解決方案時，我們指的是 Brookfield 對該業務的投資，以支持對其基礎子公司的收購。

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

說完這些，我將把電話轉給布魯斯。

Thank you, and welcome, everyone, on the call. We had a strong start to the year. Distributable earnings before realizations increased 30% to $1.3 billion. That was $0.82 a share for the quarter. and $5.2 billion or $3.26 for the last 12 months.

謝謝大家，歡迎大家參加電話會議。今年我們有一個好的開始。實現前可分配利潤成長 30%，達到 13 億美元。本季每股收益為 0.82 美元。過去 12 個月為 52 億美元，即 32.6 億美元。

Each of our businesses performed well. Our asset management business delivered strong earnings growth backed by continued fundraising momentum. Our operating businesses were resilient with stable cash flows, underpinned by largely contracted and inflation-protected revenue streams. Our Wealth Solutions business had a strong quarter delivering organic growth, scaling earnings and delivering on our goal of 15% ROE.

我們的每項業務都表現良好。在持續籌資動能的支持下，我們的資產管理業務實現了強勁的獲利成長。我們的經營業務具有韌性，現金流穩定，這主要得益於收縮和通膨保護的收入流。我們的財富解決方案業務本季表現強勁，實現了有機成長、獲利擴大並實現了 15% ROE 的目標。

In March, the business received its regulatory license to launch in the UK, marking the first dedicated PRT license granted there since 2007. Sachin Shah, CEO of our Wealth Solutions business is with us today, and we'll spend more time on the progress and growth of the business in his remarks.

今年 3 月，該公司獲得了在英國開展業務的監管許可，這是自 2007 年以來該公司獲得的第一個專門的 PRT 許可證。我們的財富解決方案業務執行長 Sachin Shah 今天也與我們在一起，我們將在他的演講中花更多時間討論該業務的進展和成長。

Focusing briefly on the macro environment. We started the year with positive economic momentum. As all of you know, since then, trade policy has created volatility in the capital markets. While our businesses and operations are not immune, they are generally insulated from the current environment. This is because we own and operate businesses which provide essential services and products without significant reliance on cross-border movement of goods.

簡要關注宏觀環境。我們以積極的經濟動能開啟了新的一年。眾所周知，自那時起，貿易政策就引發了資本市場的波動。雖然我們的業務和營運也不能倖免，但它們總體上不受當前環境的影響。這是因為我們擁有並經營的企業提供基本服務和產品，而不太依賴跨境貨物運輸。

We operate domestic businesses in 30 countries. We serve local customers in markets where we invest. Most of these businesses have highly contracted income streams or regulated, meaning we can generally pass through increased cost to the end consumer. The global franchise, we have the operating expertise to successfully navigate change.

我們在 30 個國家開展國內業務。我們為我們投資的市場的本地客戶提供服務。大多數這類企業的收入來源都受到嚴格限製或監管，這意味著我們通常可以將增加的成本轉嫁給最終消費者。作為全球特許經營企業，我們擁有成功應對變革的營運專業知識。

As we have experienced in previous periods of stress, markets often move for reasons that don't reflect underlying fundamentals. This creates opportunities for experienced well-capitalized investors to invest for value. This approach has allowed us to deliver stable and growing results for decades. This period should be no different.

正如我們在以往的壓力時期所經歷的那樣，市場波動的原因往往並不反映根本的基本面。這為經驗豐富、資金雄厚的投資者創造了價值投資的機會。這種方法使我們幾十年來一直能夠取得穩定且不斷增長的成果。這次時期應該也是一樣。

Despite the volatility we have seen, the underlying trends of deglobalization digitalization and decarbonization continue to drive our investment pipeline. In this regard, we committed $20 billion in the quarter to acquire some excellent businesses at very good value deglobalization policies promoting the reshoring of key manufacturing and supply chains are also now presenting opportunity.

儘管我們看到了波動，但去全球化、數位化和脫碳的潛在趨勢繼續推動我們的投資管道。在這方面，我們在本季承諾投入 200 億美元，以非常優惠的價格收購一些優秀的企業，推動關鍵製造業和供應鏈回流的去全球化政策現在也帶來了機會。

Breakthroughs in AI should also lead to further attractive opportunities for disciplined investors like us to continue to provide capital to fund these initiatives. With strong data center growth they need an enormous amount of power. Renewables continue to offer the most viable solution to meet this growing energy demand. Our ability to provide scalable solutions across technologies and regions reinforces our position as a partner of choice.

人工智慧的突破也應該會為我們這樣的自律投資者帶來更多有吸引力的機會，讓他們繼續提供資金來資助這些計畫。隨著資料中心的強勁成長，他們需要大量的電力。再生能源持續提供滿足日益增長的能源需求的最可行的解決方案。我們能夠跨技術和跨地區提供可擴展的解決方案，這鞏固了我們作為首選合作夥伴的地位。

In total, with a record $165 billion of capital to deploy, we are well positioned in the current environment to invest for value in all of these areas. At the same time, operating fundamentals for high-quality assets remains very strong. For example, in our real estate business, we continue to benefit from increased demand for premium assets, further supported by a muted supply outlook. This has resulted in strong rental growth and higher occupancy rates across our portfolio.

總體而言，憑藉創紀錄的 1,650 億美元資本投入，我們在當前環境下已做好準備，在所有這些領域進行價值投資。同時，優質資產的經營基本面依然強勁。例如，在我們的房地產業務中，我們繼續受益於優質資產需求的成長，而低迷的供應前景也進一步支撐了這一成長。這導致我們整個投資組合的租金強勁成長且入住率更高。

We are experiencing a significant increase in lease-up activity for our top-tier assets in our global markets. For example, in our largest market, being New York, office leasing surged to its highest level since 2019. We completed 1.3 million square feet in the -- of leasing in the quarter. Rents in premier buildings are very high and going higher.

我們在全球市場上的頂級資產租賃活動正在大幅增加。例如，在我們最大的市場紐約，辦公室租賃量飆升至 2019 年以來的最高水準。本季我們完成了 130 萬平方英尺的租賃。高檔樓宇的租金非常高，而且還在持續上漲。

While it always feels like the first time, we have navigated through many periods similar to the one we have in front of us today. It is important to remember at times like these, price fluctuations may seem significant in the moment, but they are likely to represent just small deviations in the overall trajectory of long-term wealth compounding. As an example, our shareholders have earned an annualized return of 18% over the past 30 years by simply staying invested in Brookfield. This has not been a straight line nor will it ever be, but compound returns are the secret to great long-term wealth.

雖然總感覺像是第一次，但我們已經經歷過許多與今天類似的時期。重要的是要記住，在這樣的時刻，價格波動在當下看起來可能很顯著，但它們可能只是代表長期財富複利整體軌跡中的微小偏差。例如，我們的股東在過去 30 年僅透過投資 Brookfield 就獲得了 18% 的年化回報率。這不是一條直線，也永遠不會是一條直線，但複合回報是長期創造巨額財富的秘訣。

Crucial to our success over the years has been effective capital allocation and reinvestment of the corporation's cash flows. We have a broad perspective on the relative investment opportunities and capital needs across our entire franchise. Our philosophy has, therefore, always been to largely distribute free cash flow up from our operating companies to the corporation and centralize the cash reinvestment decisions.

多年來，我們成功的關鍵在於有效的資本配置和公司現金流的再投資。我們對整個特許經營的相對投資機會和資本需求有著廣闊的視野。因此，我們的理念一直是將自由現金流從我們的營運公司大量分配給公司，並集中現金再投資決策。

This deliberate approach to capital allocation has been a key contributor to our ability to scale our business and withstand economic cycles across sectors that we invest in. This flexibility is one of our greatest strengths and is something that has been created methodically and meticulously over the years. This approach becomes even more valuable during periods of uncertainty when prices can diverge substantially from value and we are presented with attractive investment opportunities.

這種深思熟慮的資本配置方法是我們擴大業務規模和抵禦所投資產業經濟週期的關鍵因素。這種彈性是我們最大的優勢之一，也是我們多年來有條不紊、精心打造的。在價格可能與價值有很大差異且我們面臨有吸引力的投資機會的不確定時期，這種方法變得更加有價值。

One of the recent examples is repurchasing our own shares in the market. And given the trading levels of our shares, which gap down during the quarter like all markets, we repurchased $850 million of shares to date this year. This was the most shares we have ever purchased in the open market in a single quarter.

最近的一個例子就是在市場上回購我們自己的股票。鑑於我們股票的交易水準（與所有市場一樣，本季也出現下跌），我們今年迄今已回購了價值 8.5 億美元的股票。這是我們單季在公開市場上購買的最多股票。

Looking ahead, we will continue to invest in a disciplined manner while remaining focused on adapting with the ever-evolving backbone of the global economy. Our business has proven to be a great compounder of capital across economic cycles and by staying the course, we are well positioned to generate strong and sustainable returns for shareholders.

展望未來，我們將繼續以嚴謹的方式進行投資，同時專注於適應不斷發展的全球經濟支柱。事實證明，我們的業務是跨越經濟週期的偉大資本複合者，透過堅持下去，我們完全有能力為股東創造強勁而可持續的回報。

Thank you, as always, for the continued support and interest in Brookfield. With those comments, I'll turn the call over to Nick.

一如既往地感謝您對 Brookfield 的持續支持和關注。聽完這些評論後，我會把電話轉給尼克。

Thank you, Bruce, and good morning, everyone. Financial results were strong for the first quarter, supported by continued momentum across our core operations distributable earnings or DE, before realizations were $1.3 billion or $0.82 per share for the quarter, representing an increase of 30% per share over the prior year quarter.

謝謝你，布魯斯，大家早安。第一季財務業績表現強勁，這得益於我們核心業務可分配收益（DE）的持續增長勢頭，本季實現利潤 13 億美元或每股 0.82 美元，比去年同期每股增長 30%。

Over the last 12 months, DE before realizations was $5.2 billion or $3.26 per share. Total DE, including realizations was $1.5 billion or $0.98 per share for the quarter and $6.6 billion or $4.17 per share over the last 12 months with total net income of $1.5 billion over the same period.

過去 12 個月，實現前的 DE 為 52 億美元，即每股 3.26 美元。本季總 DE（包括實現）為 15 億美元或每股 0.98 美元，過去 12 個月為 66 億美元或每股 4.17 美元，同期總淨收入為 15 億美元。

Each of our businesses continues to generate stable and growing cash flows. Our Asset Management business delivered another quarter of strong results with distributions of $684 million or $0.43 per share in the quarter and $2.7 billion or $1.71 per share over the last 12 months.

我們的每項業務都持續產生穩定且成長的現金流。我們的資產管理業務又取得了強勁的業績，本季分配金額為 6.84 億美元或每股 0.43 美元，過去 12 個月分配金額為 27 億美元或每股 1.71 美元。

We continue to see strong fundraising momentum across our flagship funds and complementary strategies. Inflows during the quarter were $25 billion, contributing to more than $140 billion of capital raised over the past 12 months. Notably, we closed on approximately $6 billion of capital for our latest real estate flagship strategy this quarter, bringing total commitments to $16 billion and the final closes from clients in wealth and regional speeds still ahead, this strategy is set to be our largest pool of capital ever raised for opportunistic real estate.

我們繼續看到我們的旗艦基金和補充策略的強勁籌資勢頭。本季流入資金為 250 億美元，為過去 12 個月籌集的資本貢獻了超過 1,400 億美元的資金。值得注意的是，本季度我們最新的房地產旗艦策略已募集約 60 億美元資金，使總承諾資金達到 160 億美元，並且來自財富和區域速度客戶的最終募集仍將很快完成，該戰略將成為我們有史以來為機會型房地產籌集的最大資金池。

Our fee bearing capital grew to $549 billion at quarter end, representing a 20% increase over the last 12 months. This increase contributed to a 26% growth in fee-related earnings reaching a record $698 million. Our Wealth Solutions business continues to deliver strong financial performance, generating stable and growing long-dated cash flows distributable operating earnings were $43 million or $0.27 per share in the quarter and $1.5 billion or $0.95 per share over the last 12 months.

我們的收費資本在季度末增長至 5,490 億美元，比過去 12 個月增長了 20%。這一成長推動費用相關收益成長 26%，達到創紀錄的 6.98 億美元。我們的財富解決方案業務持續保持強勁的財務業績，產生穩定且不斷增長的長期現金流，本季可分配營業利潤為 4,300 萬美元或每股 0.27 美元，過去 12 個月可分配營業利潤為 15 億美元或每股 0.95 美元。

During the quarter, we originated $4 billion of retail and institutional annuities, and we continue to maintain a strong financial position in the business with statutory capital increasing to over $16 billion and an ROE in line with our target of 15% plus, and Sachin will speak to this business in more detail. Through our combined wealth solutions platforms, we are raising close to $2 billion of retail capital per month which includes over $650 million a month from our private wealth channel.

在本季度，我們發行了 40 億美元的零售和機構年金，並且我們繼續保持強勁的財務狀況，法定資本增加到 160 億美元以上，ROE 符合我們 15% 以上的目標，Sachin 將更詳細地介紹這項業務。透過我們的綜合財富解決方案平台，我們每月籌集近 20 億美元的零售資本，其中包括每月從我們的私人財富管道籌集的超過 6.5 億美元。

Our operating businesses continued to deliver resilient and stable cash flows generating distributable earnings of $426 million or $0.27 per share in the quarter and $1.7 billion or $1.08 per share over the last 12 months. Cash distributions from our renewable power and transition, infrastructure and private equity businesses were supported by their strong operating earnings and underlying fundamentals. As Bruce mentioned, our real estate business continues to benefit from growing demand for the highest quality assets, which contributed to high occupancy and strong rental growth across the portfolio.

我們的營運業務持續提供強勁且穩定的現金流，本季可分配收益為 4.26 億美元或每股 0.27 美元，過去 12 個月可分配收益為 17 億美元或每股 1.08 美元。我們的再生能源和轉型、基礎設施和私募股權業務的現金分配受到強勁的營業利潤和基本面的支持。正如布魯斯所提到的，我們的房地產業務繼續受益於對最優質資產日益增長的需求，這有助於整個投資組合的高入住率和強勁的租金成長。

Specifically, in our core portfolio, we delivered 3% growth in same-store net operating income over the same period last year, and occupancy levels remain high at 95%, and during the quarter, we signed close to 9 million square feet of office and retail leases.

具體來說，在我們的核心投資組合中，同店淨營業收入較去年同期增長了 3%，入住率保持在 95% 的高位，本季度我們簽署了近 900 萬平方英尺的辦公和零售租約。

A few highlights of our office leasing activity include 1.1 million square feet in India, 787,000 square feet in Canada and 2.3 million square feet of office leases across the United States with 1.3 million square feet leased in New York. Notably, given the supply constraints and strong demand for premium office around the world, we are consistently seeing leases being signed at rents significantly higher than expiring leases, which is a very positive signal for our portfolio.

我們的辦公室租賃活動的一些亮點包括在印度租賃 110 萬平方英尺、在加拿大租賃 787,000 平方英尺以及在美國租賃 230 萬平方英尺的辦公室，其中在紐約租賃 130 萬平方英尺。值得注意的是，鑑於全球優質辦公室的供應限制和強勁需求，我們不斷看到簽訂的租約租金明顯高於到期租約，這對我們的投資組合來說是一個非常積極的信號。

Finally, in our North American residential business, we continue to shift the business to a more capital-light model. And as part of this plan, we sold five master plan communities in the quarter, generating approximately $640 million of proceeds. During the quarter, we realized $189 million of carried interest into income and accumulated unrealized carried interest increased to $11.6 billion.

最後，在我們的北美住宅業務中，我們繼續將業務轉向更輕資本的模式。作為該計劃的一部分，我們在本季度出售了五個總體規劃社區，並獲得了約 6.4 億美元的收益。在本季度，我們實現了 1.89 億美元的附帶權益計入收入，累計未實現附帶權益增加至 116 億美元。

The growth in accumulated unrealized carry reflects the implementation of our value creation strategies across our investments. And as we execute our monetization plan and return capital to investors throughout 2025 and beyond, we are well positioned to recognize substantial carried interest into earnings over the next few years.

累計未實現利差的成長反映了我們在投資中實施的價值創造策略。隨著我們在 2025 年及以後實施貨幣化計劃並向投資者返還資本，我們已做好準備，在未來幾年內將大量的附帶權益計入收益中。

And while uncertainty in the current environment may impact transaction activity, we do continue to see strong demand for the globally diversified portfolio of high-quality cash-generating assets and businesses that we own. In the quarter, we closed approximately $22 billion of asset sales across the business with substantially wholesales completed at prices in line or above our carrying values.

儘管當前環境的不確定性可能會影響交易活動，但我們確實繼續看到對我們擁有的全球多元化高品質現金創收資產和業務組合的強勁需求。本季度，我們完成了約 220 億美元的全業務資產出售，其中大部分批發交易以與我們的帳面價值持平或高於帳面價值的價格完成。

In our real estate business, we closed the previously announced sale of our hospitality asset in Florida for over $400 million of gross proceeds. In our infrastructure business, we completed the sale of a minority stake in a portfolio of fully contracted containers within our global intermodal logistics operation, we remain on track to close on the remaining 25% interest in NGPL, a US gas pipeline, representing an extremely successful exit from the business, generating total gross proceeds of over $1.7 billion crystallizing an 18% IRR and 3 times multiple of capital.

在我們的房地產業務中，我們完成了先前宣布的佛羅裡達州酒店資產出售交易，總收益超過 4 億美元。在我們的基礎設施業務中，我們完成了全球多式聯運物流業務中完全簽約貨櫃組合少數股權的出售，我們仍有望完成對美國天然氣管道 NGPL 剩餘 25% 股權的收購，這標誌著我們極為成功地退出了該業務，產生了超過 17 億美元的總收益，實現了 18% 的內部收益率和 3 倍的資本倍數。

Looking ahead, we have a number of sales processes underway, diversified across strategies, sectors and geographies. We employ a disciplined yet flexible approach to executing exit strategies with the objective of optimizing investment value, and we look forward to providing you with updates as they progress.

展望未來，我們正在進行多項銷售流程，涵蓋不同策略、不同產業和不同地理。我們採用嚴謹而靈活的方法來執行退出策略，目的是優化投資價值，我們期待在策略進展過程中為您提供最新資訊。

Moving to capital allocation. We continue to reinvest our free cash flow back into the business to drive growth and further enhance value. We reinvested $3 billion back into our operations during the quarter. This included $1.4 billion towards our operating businesses, primarily to opportunistically repay debt within our real estate business and approximately $465 million to support commitments in our real estate and credit private fund strategies within our asset management business.

轉向資本配置。我們繼續將自由現金流重新投資於業務，以推動成長並進一步提升價值。我們在本季向營運中重新投資了 30 億美元。其中包括用於我們營運業務的 14 億美元，主要用於機會性地償還我們房地產業務中的債務，以及約 4.65 億美元用於支持我們資產管理業務中的房地產和信貸私募基金策略的承諾。

Additionally, we continue to allocate capital to support the growth of our Wealth Solutions business with a further $430 million being allocated this quarter. In addition, we returned over $700 million to our shareholders through regular dividends and share repurchases during the quarter. And so far this year, we have repurchased $850 million of shares in the open market adding more than $0.40 per share of value to each remaining share. As Bruce highlighted in his remarks, we will continue to opportunistically repurchase shares when they are undervalued, carefully weighing this use of capital against other opportunities.

此外，我們繼續分配資金以支持財富解決方案業務的成長，本季將再分配 4.3 億美元。此外，本季我們也透過定期股利和股票回購向股東返還了超過 7 億美元。今年到目前為止，我們已經在公開市場上回購了價值 8.5 億美元的股票，為剩餘的每一股股票增加了 0.40 美元以上的價值。正如布魯斯在演講中所強調的那樣，我們將繼續在股票被低估時擇機回購股票，並仔細權衡這種資本用途與其他機會。

Moving on to our balance sheet and liquidity. We continue to maintain a conservatively capitalized balance sheet and high levels of liquidity with record deployable capital of $165 billion. We were active in the capital markets and executed over $30 billion of financings during the quarter, including at the corporation where we issued $500 million of senior unsecured 30-year notes achieving our tightest 30-year spread to date.

繼續討論我們的資產負債表和流動性。我們繼續保持保守的資本化資產負債表和高流動性水平，可部署資本達到創紀錄的 1,650 億美元。我們積極參與資本市場，本季執行了超過 300 億美元的融資，其中包括在一家公司發行 5 億美元的 30 年期無擔保優先票據，實現了迄今為止最窄的 30 年期利差。

Other notable financings include the $5 billion recapitalization of Clarios, $10 billion of real estate financing, which included successful term financings within our office and retail portfolios, and several other successful issuances within our infrastructure and renewable power businesses.

其他值得注意的融資包括對 Clarios 進行 50 億美元的資本重組、進行 100 億美元的房地產融資（其中包括我們辦公室和零售投資組合內的成功定期融資）以及我們基礎設施和可再生能源業務內的其他幾項成功發行。

Bringing it all together, our financial results signify a strong start to the year and we expect to continue on this positive momentum as we execute on our strategic plans to enhance shareholder value. With that, I am pleased to confirm that our Board of Directors has declared a quarterly dividend of $0.09 per share payable at the end of June to shareholders of record at the close of business on June 13, 2025.

綜合起來，我們的財務表現標誌著今年的開局強勁，我們預計在執行策略計劃以提高股東價值的過程中將繼續保持這種積極勢頭。我很高興地確認，我們的董事會已宣布向 2025 年 6 月 13 日營業結束時登記在冊的股東派發每股 0.09 美元的季度股息，於 6 月底支付。

Thank you for your time, and I will now pass the call over to Sachin.

感謝您抽出時間，現在我將把電話轉給 Sachin。

Thank you, Nick, and good morning, everyone. It's been a year since I last joined this call. And with the significant growth in Brookfield Wealth Solutions since that time, I am pleased to provide you with an update. As many of you know, we set out in late 2020 to focus on building the next scale business for Brookfield. Our thesis at that time was that certain retirement, wealth and protection products within the insurance industry could benefit from our scale capital, investment discipline, strong operating culture and perpetual time horizon.

謝謝你，尼克，大家早安。距離我上次參加這次電話會議已經過了一年。隨著 Brookfield Wealth Solutions 自那時起的顯著增長，我很高興向您提供最新資訊。正如你們許多人所知，我們從 2020 年底開始專注於為 Brookfield 打造下一個規模業務。我們當時的觀點是，保險業內的某些退休、財富和保障產品可以受益於我們的規模資本、投資紀律、強大的營運文化和永久的時間範圍。

Combining all of these attributes, with the tailwind of an aging population driving demand could set the stage for this business. Equally important, but maybe not as appreciated is that this business could be highly synergistic with all of the parts of Brookfield while scaling and delivering in excess of 15% returns on invested capital over a long period of time.

結合所有這些屬性，再加上人口老化推動的需求，可以為這項業務奠定基礎。同樣重要但可能沒有得到充分重視的是，這項業務可以與 Brookfield 的所有部分高度協同，同時擴大規模並在長期內實現超過 15% 的投資資本回報率。

Fast forward to today and through a series of acquisitions and organic growth, our business has over $140 billion of assets, $1.7 billion of annualized earnings and statutory capital in excess of $16 billion. The business is also highly complementary to what we do across the group. We benefit from access to Brookfield fund products credit and equity capabilities and world-class expertise in infrastructure, real estate and renewable power, which have decades-long track records.

時至今日，透過一系列收購和有機成長，我們的業務擁有超過 1,400 億美元的資產、17 億美元的年化收益和超過 160 億美元的法定資本。該業務也與我們整個集團的業務高度互補。我們受益於 Brookfield 基金產品信貸和股權能力以及在基礎設施、房地產和再生能源領域擁有數十年業績記錄的世界級專業知識。

This has allowed us to upgrade assets inherited when we acquired American National and American Equity, in particular, in real estate, where we have access to the highest quality and irreplaceable commercial real estate globally. This allows us to grow our annuity franchise with the confidence that our investment teams will constantly source new and accretive assets. More important than even our investment capabilities is our capital base.

這使我們能夠升級收購美國國家銀行和美國股權公司時繼承的資產，特別是在房地產領域，我們可以獲得全球最優質、最不可替代的商業房地產。這使我們能夠擴大年金特許經營權，並有信心我們的投資團隊將不斷尋找新的增值資產。比我們的投資能力更重要的是我們的資本基礎。

We have invested permanent capital from Brookfield's balance sheet to build this business. We do not have any client money or private equity money in any of our insurance businesses. This means our capital is perpetual and 100% aligned with our policyholders. It allows us to make decisions with a very long-term time horizon, which prioritizes simple and predictable liabilities, low volatility and a singular focus on capital compounding. We will grow this business as long as our returns on capital remain above our targets and as long as the risk profile of liabilities remains low and predictable over the long term.

我們已經從 Brookfield 的資產負債表中投入了永久資本來建立這項業務。我們的任何保險業務中都沒有任何客戶資金或私募股權資金。這意味著我們的資本是永久性的，並且與我們的保單持有人 100% 一致。它使我們能夠以非常長遠的時間範圍做出決策，優先考慮簡單且可預測的負債、低波動性和對資本複利的單一關注。只要我們的資本回報率保持高於目標，並且只要負債風險狀況長期保持在低位且可預測，我們就會發展這項業務。

With that in mind, we continue to scale our core US annuity business. We are primarily focused on expanding the reach of our product offerings through both new product development and new distribution channels including the larger bank channels.

考慮到這一點，我們繼續擴大我們的核心美國年金業務。我們主要致力於透過新產品開發和新的分銷管道（包括更大的銀行管道）來擴大我們產品的覆蓋範圍。

For context, banks and broker-dealers account for 60% of total US retail annuity sales each year, but only 30% of our retail annuity sales last year were through this channel. Leveraging Brookfield's strong relationships, we expect to be on several of the larger bank channels over the next 12 to 18 months which will support further growth in our business. We are also in the beginning stages of our international expansion.

具體來說，銀行和經紀交易商每年占美國零售年金銷售總額的 60%，但去年我們零售年金銷售額中只有 30% 是透過此管道實現的。利用 Brookfield 的強大關係，我們預計在未來 12 到 18 個月內進入幾個較大的銀行管道，這將支持我們業務的進一步成長。我們也正處於國際擴張的起步階段。

We were recently granted a pension risk transfer license in the UK, the first such license to be granted since 2007 and plan to bring our strong track record of servicing policyholders to the region. The UK represents the largest pension market in the world with over $500 billion expected to come to market in the next decade.

我們最近在英國獲得了退休金風險轉移許可證，這是自 2007 年以來頒發的第一個此類許可證，我們計劃將我們為保單持有人提供服務的良好業績帶到該地區。英國是世界上最大的退休金市場，預計未來十年將有超過 5,000 億美元進入市場。

Our US pension risk transfer business is just in its third full year, where our focus has been on small and midsized plans with a thoughtful progression towards larger planned deals. The US pension market is expected to represent another $350 billion to $500 billion over the next decade, setting us up for meaningful growth in the coming years.

我們的美國退休金風險轉移業務剛剛進入第三個完整年頭，我們的重點一直放在中小型計劃上，並正在深思熟慮地向更大規模的計劃交易邁進。預計未來十年美國退休金市場規模將再增加 3,500 億至 5,000 億美元，為未來幾年的有意義的成長奠定基礎。

As you can see, we have built and are continuing to build a platform with diversified products and sales channels in various markets around the world. Last year, we wrote $19 billion of annuities and pension deals across our business. While these numbers demonstrate the strength of our operating capabilities and significant growth in a few short years, we are still in the early days of our evolution. Based on the current rate environment and projected demand, we expect to write $25 billion of combined retail and institutional annuities for the calendar year 2025.

正如您所看到的，我們已經建立並正在繼續建立一個在全球各個市場擁有多樣化產品和銷售管道的平台。去年，我們在整個業務中簽訂了 190 億美元的年金和退休金交易。雖然這些數字證明了我們強大的營運能力和短短幾年內的顯著成長，但我們仍處於發展的早期階段。根據目前的利率環境和預測需求，我們預計 2025 日曆年零售和機構年金總額將達到 250 億美元。

Turning to investment returns. One of our great advantages is our ability to leverage the Brookfield ecosystem. This includes a vast network investment professionals across multiple asset classes and geographies. Our capabilities in real estate, our capabilities in real assets, including real estate and infrastructure, provide very attractive risk-adjusted returns through economic cycles, which is a tremendous benefit to both policyholders and the growth of our capital base. We are also highly opportunistic, in particular during periods of volatility.

談到投資回報。我們的一大優勢是能夠利用 Brookfield 生態系統。這包括跨多個資產類別和地區的龐大網路投資專業人士。我們在房地產方面的能力，我們在房地產和基礎設施等實體資產方面的能力，在經濟週期中提供了非常有吸引力的風險調整回報，這對保單持有人和我們的資本基礎的增長都是巨大的利益。我們也非常注重機會，特別是在動盪時期。

In that regard, we continue to maintain over $15 billion of cash on hand and over $40 billion of liquidity, which can be used for accretive transactions. Taken all together, our business is uniquely positioned to serve our policyholders and drive significant value, and we remain on track with the goals set out during our Investor Day in September of last year. Although our business is much larger than it was just a few short years ago, our fundamentals remain unchanged, and our focus continues to be on compounding capital in excess of 15% returns on our equity.

在這方面，我們繼續保持超過 150 億美元的現金和超過 400 億美元的流動資金，可用於增值交易。總而言之，我們的業務具有獨特的優勢，可以為我們的保單持有人提供服務並創造巨大的價值，而且我們仍在朝著去年 9 月投資者日制定的目標前進。儘管我們的業務比短短幾年前擴大了很多，但我們的基本面仍然沒有改變，我們的重點仍然是實現超過 15% 的股本回報率的複合資本。

With that, I'll turn it over to the operator for questions.

說完這些，我將把問題交給接線員回答。

(Operator Instructions)

（操作員指示）

Cherilyn Radbourne, TD Cowen.

Cherilyn Radbourne，TD Cowen。

Thanks very much and good morning. First question is apart from semiconductors and pharmaceuticals. I find that investors I speak with are somewhat skeptical about the concept of broad re-industrialization in the US. Could you elaborate a little bit more on Brookfield's perspective on that and the opportunity to use the Intel deal as a template to facilitate the related funding needs?

非常感謝，早安。第一個問題與半導體和製藥無關。我發現與我交談的投資者對美國廣泛的再工業化概念有些懷疑。您能否進一步闡述 Brookfield 對此的看法，以及利用英特爾交易作為範本來滿足相關融資需求的機會？

Yeah, sure, Cherilyn. Like I think the theme has been playing out for a while. And our expectation is we are seeing supply chains reorient around the world. And we don't see that slowing down. And I understand it's a topical issue in the US, and we will see how much it plays out and what the infrastructure they have to support. But absolutely, we see it reorienting. We have a number of discussions underway. -- and we think it will present attractive investment opportunities for the business.

是的，當然，Cherilyn。就像我認為這個主題已經演繹了一段時間一樣。我們的預期是看到全球的供應鏈重新調整。而我們並未看到這種趨勢放緩。我知道這是美國的一個熱門話題，我們將看看它會產生多大的影響以及他們需要支持什麼樣的基礎設施。但毫無疑問，我們看到它正在重新定位。我們正在進行一系列討論。 ——我們認為這將為企業帶來有吸引力的投資機會。

And we have a unique proposition. We have the capital, we have the scale and we have the operating expertise to deliver these solutions that maybe a few others have. So I think we are in a unique position to be able to have these conversations and we do see it being a driver of capital flows over the coming years.

我們有一個獨特的主張。我們擁有資本、規模和營運專業知識來提供其他一些人可能擁有的解決方案。因此，我認為我們處於一個獨特的位置，能夠進行這些對話，我們確實認為它將成為未來幾年資本流動的驅動力。

Thank you. And secondly, we appreciate the enhanced disclosure on Brookfield's Wealth Solutions. And one question that I have in that regard is with respect to funding agreements for the source of funds, can you explain how the characteristics of that liability differ versus straight up annuities and pension risk transfer deals and who is the typical counterparty there?

謝謝。其次，我們很欣賞 Brookfield 財富解決方案的加強揭露。我在這方面有一個問題，關於資金來源的融資協議，您能否解釋一下這種責任的特徵與直接年金和退休金風險轉移交易有何不同，以及典型的交易對手是誰？

Hi Cherilyn, it's Sachin. I'm happy to take a shot at that. So the characteristics, I would say, almost are a bit of a hybrid between an annuity and a pension deal. And where they're like an annuity is they tend to have a finite term, sort of 10 years is the standard product between 5, 7 and 10 years. And they have a fixed rate and they, for all intents and purposes, look similar to a bond issue.

你好 Cherilyn，我是 Sachin。我很樂意嘗試一下。所以我想說，其特點幾乎是年金和退休金交易的混合體。它們與年金類似，往往有有限的期限，10 年是 5 年、7 年和 10 年之間的標準產品。它們有固定利率，從各方面來看，它們看起來都與債券發行類似。

But they do form part of your insurance capital base. So they're not issued out of the holdco, they're issued out of the insurance subsidiary, where they look like a pension is that the holders typically fixed income buyers cannot ask for their money back early. There's no lapse risk. And therefore, you don't have to build in surrender charges or anything of that nature. So they kind of benefit from the best of both worlds.

但它們確實構成了您的保險資本基礎的一部分。因此，它們不是由控股公司發行的，而是由保險子公司發行的，它們看起來像退休金，持有者通常是固定收益購買者，不能提前要求返還他們的錢。不存在失效風險。因此，您不必設立退保費用或任何類似性質的費用。因此，他們可以從兩全其美中獲益。

They're a fixed annuity with a set term, and there's no right to ask for the money back early. And so we think it's a pretty attractive market. We did $500 million in the first quarter, which was our inaugural issue. I would say we probably could do $1.5 billion this year if the markets are constructive, and we like the rate. And then you should see this part of our annuity offering grow over time as an alternative to either annuities or pensions.

它們是具有固定期限的固定年金，並且無權要求提前退還這筆錢。因此我們認為這是一個相當有吸引力的市場。我們在第一季就實現了 5 億美元的收益，這是我們的首次發行。我想說，如果市場表現良好，我們也喜歡這個利率，那麼我們今年可能可以達到 15 億美元。然後，您會看到我們年金產品的這一部分隨著時間的推移而增長，成為年金或退休金的替代品。

That's really helpful. Thank you.

這真的很有幫助。謝謝。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Hey, good morning. Thanks for taking the questions. Maybe just starting off on Wealth Solutions and greatly appreciate the enhanced disclosure there. So big thank you. So just around the $25 billion of business you expect to do in calendar '21, I think you did maybe around $4 billion this quarter, so that would suggest a meaningful ramp over the next couple of quarters.

嘿，早安。感謝您回答這些問題。也許剛開始財富解決方案，並非常感謝那裡增強的披露。非常感謝。因此，您預計 21 年的業務額將達到 250 億美元左右，而本季的業務額可能在 40 億美元左右，這意味著未來幾季的業務額將顯著增長。

So I was hoping you could elaborate a bit on where you see that coming from what you see contributing there to drive the ramp -- and then related to that, you spoke about building out the distribution and product side as well. Maybe you could just speak to how you anticipate that playing out just around the distribution channels. Maybe remind us where you are today and how you expect the product set to evolve from here? Thank you.

所以我希望您能詳細說明您認為這將從何而來，以及您認為哪些因素有助於推動這一增長，然後與此相關，您還談到了建立分銷和產品方面的問題。也許您可以談談您預計分銷管道將如何發展。也許可以提醒我們您現在的情況以及您期望產品系列從現在開始如何發展？謝謝。

Sure. It's Sachin again. First, on the remainder of the year. Q1 is typically a little slower in terms of both annuities and pensions when they come to market. So we were not surprised by that. And we -- the reason our expectations haven't changed for the year is largely because of that sort of profile of the first quarter.

當然。又是薩欽。首先，關於今年剩餘時間的情況。就年金和退休金而言，第一季的上市速度通常稍慢一些。因此我們對此並不感到驚訝。我們對今年的預期沒有改變的原因主要是因為第一季的這種狀況。

In terms of the makeup, I would say we should see progression in the UK. We think we can do several billion dollars of pension deals in the UK, focused on smaller plans. But the UK market doesn't have many participants and deeply needs competition and we represent a really interesting new entrant because we have a track record, both in the US and Canada. So although we're new, we have a track record to point to. We have great relationships with trustees who often act on a global basis for corporate counterparties.

就組成而言，我想我們應該會看到英國的進步。我們認為我們可以在英國進行數十億美元的退休金交易，重點是規模較小的計劃。但英國市場參與者不多，迫切需要競爭，而我們是一個非常有趣的新進者，因為我們在美國和加拿大都有良好的業績記錄。因此，儘管我們是新手，但我們有值得借鏡的業績記錄。我們與受託人保持良好的關係，他們經常在全球範圍內為企業交易對手提供服務。

And therefore, we think we can hit the ground running. Our US business on the pension side continues to scale as does our Canada business. So the overall pension outlook is very strong. And then in terms of the retail annuity market and the institutional annuity market, really on the retail side, we're building out relationships with broker-dealers and the bank channel, as I described.

因此，我們認為我們可以立即開始行動。我們的美國退休金業務和加拿大業務持續擴大。因此，退休金整體前景非常強勁。然後就零售年金市場和機構年金市場而言，實際上在零售方面，正如我所描述的，我們正在與經紀交易商和銀行通路建立關係。

Our relationships at the independent marketing organizations and at the agent level, are outstanding. We have a very strong following with both American National and American Equity. We're seen as one of the leading firms when it comes to our technology backbone and customer service. And we have a strong following from agents because we service policyholders as well.

我們與獨立行銷組織和代理商層面的關係非常良好。我們在美國國家保險公司和美國股票投資公司都有大量追隨者。在技​​術骨幹和客戶服務方面，我們被視為領先公司之一。由於我們也為保單持有人提供服務，因此我們擁有大量代理商追隨者。

So I think you'll see our product offering grow through those channels. The banks will be new the large banks in the US. We're working actively to get on several bank channels. And then lastly, I'd say the institutional annuity market, which the earlier question was about ABN we did our inaugural issue in the first quarter at $500 million, and it was 3 times oversubscribed. So we know there's a healthy appetite for that product coming from us, and we can tap that market periodically throughout the year.

所以我認為你會看到我們的產品供應透過這些管道成長。這些銀行將成為美國的大型銀行。我們正在積極努力，爭取進入多個銀行管道。最後，我想說的是機構年金市場，之前的問題是關於 ABN 的，我們在第一季首次發行了 5 億美元的年金，超額認購了 3 倍。因此，我們知道市場對我們的產品有著很大的需求，而且我們可以全年定期開拓這個市場。

Great, thank you. And then just a follow-up question on real estate. Maybe you could talk for a moment just how you're approaching and thinking about the opportunity set in this more volatile backdrop to monetize the real estate portfolio, how you expect that to -- the cadence of that to play out over the next 12 months versus the next five years? Thank you.

太好了，謝謝。然後是關於房地產的一個後續問題。也許您可以稍微談談，在這種更加動盪的背景下，您如何處理和思考將房地產投資組合貨幣化的機會，您預計未來 12 個月和未來五年內這一進程將如何發展？謝謝。

Yeah, hi Mike, it's Nick. I mean listen, time will tell. What we know for sure is that the operating fundamentals of the portfolio are getting better and better by the day. And we are seeing -- as we expected, we're seeing tightness in the market with limited supply and the demand from tenants is really not going down. We talked about New York in our comments, but we are seeing this globally where there is a lack of new quality supply tenants are actively looking for new space.

是的，嗨，麥克，我是尼克。我的意思是聽著，時間會證明一切。我們可以肯定的是，投資組合的營運基本面正在日益改善。正如我們所料，我們看到市場供應有限，供應緊張，而租戶的需求並沒有下降。我們在評論中談到了紐約，但我們在全球範圍內都看到這種情況，缺乏新的優質供應，租戶正在積極尋找新的空間。

We have a number of conversations with tenants around the world. So the underlying fundamentals are strong, and that's a positive indicator for potential investors into the space and the capital markets are constructive. The capital market started the year very strongly for office and retail.

我們與世界各地的租戶進行了多次對話。因此，基本面強勁，這對該領域的潛在投資者來說是一個積極的信號，而且資本市場也是建設性的。今年年初，資本市場辦公大樓和零售業表現十分強勁。

We executed a number of financings the market took a pause for a couple of weeks, two, three weeks, but they now seem to be coming back with the liquidity there and we're advancing a number of financing. So all the as we said before, all the building blocks are there for transaction activity. And we have actually started to move on assets within the T&D portfolio. They're not meaningful contributors to equity -- but we are starting to transact, and we are starting to sell assets next to our plan.

我們執行了一些融資，市場暫停了幾週、兩三週，但現在市場似乎帶著流動性回來了，我們正在推動一些融資。正如我們之前所說，所有建置模組都是為交易活動而存在的。我們實際上已經開始轉移輸配電投資組合內的資產。他們並不是股權的有意義的貢獻者——但我們開始進行交易，並開始按照計劃出售資產。

And so I think over the next 12 months, we will see how it develops, but all the building locks are there for transaction activity to pick up. So we're highly optimistic. But in the meantime, the fundamentals are very strong.

因此我認為在接下來的 12 個月裡，我們將看到它如何發展，但所有的建築鎖都在那裡，等待交易活動的回升。因此我們非常樂觀。但同時，基本面非常強勁。

Great, thank you.

太好了，謝謝。

Kenneth Worthington, JPMorgan.

摩根大通的肯尼斯‧沃辛頓。

Hi, good morning. Thanks for taking the questions. Along the same lines, Nick, Bruce both highlighted that carry generation sort of at the highest level in two years. The pace of monetization’s, $22 billion was strong and maybe a somewhat uneven environment. What does the monetization pipeline look like as we think about the second half of the year? And maybe compare the outlook for monetization’s in the funds versus what you see potentially off the balance sheet?

嗨，早安。感謝您回答這些問題。同樣，尼克和布魯斯都強調，carry 的產生已經達到了兩年來的最高水平。220 億美元的貨幣化步伐強勁，但環境可能有些不平衡。當我們考慮今年下半年時，貨幣化管道是什麼樣的？也許可以將基金的貨幣化前景與資產負債表上的潛在貨幣化前景進行比較？

Yeah, hi, Ken, with the monetization pipeline is active. As you know, we have a global business. And so we're always in the market with assets in different sectors and different geographies through the cycle. And we have assets currently in the market in like in Australia, Korea, Brazil, Europe, and we're executing. And we've actually seen demand for some of those assets hold up pretty strongly through this period of volatility.

是的，嗨，肯，貨幣化管道已經活躍起來了。如您所知，我們的業務遍佈全球。因此，在整個週期中，我們始終在市場上持有不同行業和不同地區的資產。我們目前在澳洲、韓國、巴西、歐洲等市場擁有資產，並且正在執行。我們實際上已經看到，在這段動盪時期，對其中一些資產的需求保持相當強勁。

Listen, I think if you talk about one area of the business where the uncertainty may impact, it's over the timing certainty of those monetization’s. But so far, we haven't seen that impact materially, and we're continuing to progress. Now the bulk of those monetization’s today would be fund assets, and they would be out of our earlier vintage real estate, infrastructure, private equity funds. And as we work our way through those monetization’s, we'll get ourselves into carry, and we've talked about this being a bridge year for carried interest and a meaningful step-up next year. That's still the expectation.

聽著，我認為，如果你談論不確定性可能影響的一個業務領域，那就是這些貨幣化的時間確定性。但到目前為止，我們還沒有看到實質的影響，我們還在繼續取得進展。現在，這些貨幣化的大部分將是基金資產，它們來自我們早期的房地產、基礎設施、私募股權基金。隨著我們努力實現這些貨幣化，我們將獲得收益，並且我們已經討論過今年是收益的橋樑年，明年將是收益的有意義的提升。這仍然是我們的期望。

So we do have assets that we plan to bring to market on the balance sheet, but the bulk of the sales that we have in the plan would be from the fund and that makes sense because it's just where the larger pool of assets would sit.

因此，我們確實有計劃在資產負債表上推向市場的資產，但計劃中的大部分銷售將來自基金，這是有道理的，因為它只是更大資產池的所在地。

Okay. Great. And then maybe secondly, the US financial media is suggesting another larger annuity companies in play for takeout by private equity. So just sort of gets to the question, how beneficial is additional size and scale completely irrelevant to this company.

好的。偉大的。其次，美國金融媒體正在暗示另一家更大的年金公司將被私募股權收購。所以，問題就在於，額外的規模和範圍對於這家公司來說有多大好處，這完全無關。

But how much -- how beneficial is additional size and scale to Brookfield given your current position? Is it nice to have at the right price? Is it a must-have given the marketplace is consolidating? Or is it really sort of irrelevant, given what you've already built?

但是，考慮到您目前的狀況，額外的規模對 Brookfield 有多大益處？以合適的價格買到是不是很不錯？鑑於市場正在整合，這是必要的嗎？或者，考慮到你已經建立的內容，這真的有點不相關嗎？

Look, we've approached growing this whole business from a value perspective. We acquired American National and American Equity at a pretty meaningful discount to book equity somewhere in the range of 0.7 to 0.8 book. And we were fortunate to have done that when rates were very low. So we not only acquired for a discount, but we inherited liabilities at very low rates. I think the two things that have changed dramatically, which would maybe give us pause is today the rate environment is much more normalized.

看，我們從價值的角度來看整個業務的成長。我們以相當可觀的折扣收購了美國國家保險公司和美國股權保險公司，折扣幅度大約是帳面價值的 0.7 到 0.8 倍。我們很幸運在利率非常低的時候做到了這一點。因此，我們不僅以折扣價收購了資產，而且還以非常低的利率繼承了債務。我認為有兩件事發生了巨大變化，也許會讓我們停下來思考，那就是今天的利率環境變得更正常了。

And number two, insurance platforms are now trading at close to 2 times book. You would have seen the some recent transactions. I won't call them out by name, but some recent transactions of scale platforms that have traded much closer to 2 times book, which just signifies how valuable these are, the demand that is out there for this permanent capital base.

第二，保險平台目前的交易價格接近帳面價值的兩倍。您可能已經看到了一些最近的交易。我不會點名道姓，但最近一些規模平台的交易價格已經接近帳面價值的兩倍，這表明了它們的價值，以及對這種永久資本基礎的需求。

I don't think we would be a buyer in that zone. In fact, I know we wouldn't. And then setting that aside, what we have today is outstanding. We have licenses across the US. We have distribution capabilities in every major channel in the US. We have a pensions business, a retail annuity business and institutional annuity business, and we have international expansion. So we're in a fortunate position where we can lean on organic growth when valuations are high. And if that changes, we have the ability to pursue M&A on an opportunistic basis.

我認為我們不會成為該地區的買家。事實上，我知道我們不會。拋開這一點不談，我們今天所擁有的已經非常出色了。我們在美國各地都有執照。我們在美國各主要通路都擁有分銷能力。我們有退休金業務、零售年金業務和機構年金業務，我們正在進行國際擴張。因此，我們處於一個幸運的位置，當估值較高時，我們可以依靠有機成長。如果情況發生變化，我們就有能力抓住機會進行併購。

Great. Thank you.

偉大的。謝謝。

Robert Kwan, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Robert Kwan。

Mr. Kwan, if your line is muted, please unmute. Again, Mr. Kwan, if your line is on mute, please unmute it.

關先生，如果您的線路已靜音，請取消靜音。再次提醒，關先生，如果您的線路處於靜音狀態，請取消靜音。

Alrighty speakers, I'm showing no further questions in the queue at this time. I would not like to turn the call back over to Katie Battaglia for any closing remarks.

好的，各位發言者，目前隊列中沒有其他問題。我不想將電話轉回給凱蒂·巴塔利亞 (Katie Battaglia) 做任何結束語。

Thank you, everybody, for joining us today. And with that, we'll end the call.

感謝大家今天加入我們。就這樣，我們就結束通話了。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝大家的參與。您現在可以斷開連線。