Corebridge Financial Inc (CRBG) 2023 Q3 法說會逐字稿

Hello, everyone, and welcome to the Corebridge Financial Third Quarter 2023 Earnings Call. My name is Charlie and I'll be coordinating your call today. (Operator Instructions) I will now hand over to our host, Isil Muderrisoglu to begin. Isil, please go ahead.

大家好，歡迎參加 Corebridge Financial 2023 年第三季財報電話會議。我叫查理，今天我將協調您的電話。 （操作員指示）現在請我們的主持人 Isil Muderrisoglu 開始。伊希爾，請繼續。

Good morning, everyone, and welcome to Corebridge Financial's earnings update for the third quarter of 2023. Joining me on the call are Kevin Hogan, President and Chief Executive Officer; and Elias Habayeb, Chief Financial Officer. We will begin with prepared remarks by Kevin and Elias, and then we will take your questions.

大家早安，歡迎收聽 Corebridge Financial 2023 年第三季的收益更新。與我一起參加電話會議的是總裁兼執行長 Kevin Hogan；埃利亞斯‧哈巴耶布 (Elias Habayeb)，財務長。我們將從凱文和埃利亞斯準備好的演講開始，然後我們將回答你們的問題。

Today's comments may contain forward-looking statements, which are subject to risks and uncertainties. These statements are not guarantees of future performance or events and are based upon management's current expectations and assumptions. Corebridge's filings with the SEC provide details on important factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Except as required by the applicable securities laws, Corebridge is under no obligation to update any forward-looking statements if circumstances or management's estimates or opinions should change.

今天的評論可能包含前瞻性陳述，這些陳述存在風險和不確定性。這些陳述不是對未來績效或事件的保證，而是基於管理層目前的預期和假設。 Corebridge 向 SEC 提交的文件提供了可能導致實際結果或事件與此類前瞻性陳述明示或暗示的結果或事件存在重大差異的重要因素的詳細資訊。除適用證券法要求外，如果情況或管理層的估計或意見發生變化，Corebridge 沒有義務更新任何前瞻性聲明。

Additionally, today's remarks may refer to non-GAAP financial measures. The reconciliation of such measures to the most comparable GAAP figures is included in our earnings release, financial supplement and earnings presentation, all of which are available on our website at investors.corebridgefinancial.com.

此外，今天的言論可能涉及非公認會計準則財務指標。這些指標與最具可比性的 GAAP 數據的調節包含在我們的收益發布、財務補充和收益演示中，所有這些都可以在我們的網站 Investors.corebridgefinancial.com 上找到。

With that, I would like to now turn the call over to Kevin and Elias for their prepared remarks. Kevin?

現在，我想將電話轉給凱文和埃利亞斯，讓他們聽聽他們準備好的發言。凱文？

Thank you, Isil, and hello, everyone. This morning, we present our third quarter 2023 results. We delivered another strong quarter and executed with focus and precision across our strategic and operational priorities. Before reviewing our performance for the last 3 months, I want to share with you the outstanding progress we have made over the last year.

謝謝你，伊西爾，大家好。今天早上，我們公佈 2023 年第三季業績。我們又實現了強勁的季度業績，並在策略和營運優先事項上重點精準地執行。在回顧過去三個月的業績之前，我想與大家分享我們在過去一年中所取得的傑出進步。

On September 15, 2022, Corebridge had its initial public offering and was listed on the New York Stock Exchange. Since then, our first year as a public company has been a very successful one. Allow me a moment to offer my gratitude to everyone involved. Thank you to our many partners across the industry. Thank you to our customers and clients. And of course, thank you to our employees. I am so very proud of our people for their dedication to our company and customers and for their commitment, focus and professionalism. And lastly, much appreciation to our parent company, AIG.

2022年9月15日，Corebridge首次公開募股並在紐約證券交易所上市。從那時起，我們作為上市公司的第一年就非常成功。請容許我花點時間向所有參與人員表示感謝。感謝我們整個產業的眾多合作夥伴。感謝我們的顧客和客戶。當然，也要感謝我們的員工。我為我們的員工對公司和客戶的奉獻以及他們的承諾、專注和專業感到非常自豪。最後，非常感謝我們的母公司 AIG。

It has been an extraordinary 12 months. We were experiencing one of the best markets for life insurers in recent memory with interest rates at levels not seen in well over a decade, supporting our ability to manufacture products that are very attractive to our customers. We are making the most of these favorable conditions, notably delivering healthy organic growth in our spread-based products, and we have a constructive outlook for all of our businesses.

這是不平凡的 12 個月。我們正在經歷近年來人壽保險公司最好的市場之一，利率達到十多年來未見的水平，這支持了我們生產對客戶非常有吸引力的產品的能力。我們正在充分利用這些有利條件，特別是在我們的價差產品中實現健康的有機成長，並且我們對所有業務都抱有建設性的前景。

Our ability to capitalize on this moment speaks to a broader theme about Corebridge. We are, at our core, a fundamentally nimble company. Our strong balance sheet, our broad and well-designed product suite and our long-standing distribution relationships allow us to execute swiftly and position us to perform across a variety of market environments, ultimately benefiting both customers and shareholders.

我們利用這一刻的能力體現了 Corebridge 更廣泛的主題。從本質上講，我們是一家靈活的公司。我們強大的資產負債表、廣泛且精心設計的產品套件以及長期的分銷關係使我們能夠快速執行，並使我們能夠在各種市場環境中發揮作用，最終使客戶和股東受益。

The advantages of our nimble approach are clear in our results. Premiums and deposits have grown by 28% this year and base spread income has grown by 34% over the same period. The earnings power of our core insurance businesses is improving, aided by tailwinds from interest rates and credit spreads. Another hallmark for Corebridge during our first year has been our focused execution. This, combined with the strength of our business have produced some exceptional accomplishments and continue to drive shareholder value. One important outcome of our focused execution has been our robust return of capital to shareholders.

我們靈活方法的優勢在我們的結果中顯而易見。今年保費和存款增加了 28%，基本利差收入在同一時期增加了 34%。在利率和信用利差的推動下，我們核心保險業務的獲利能力正在改善。 Corebridge 第一年的另一個特點是我們專注的執行力。這與我們的業務實力相結合，取得了一些非凡的成就，並繼續推動股東價值。我們專注執行的一項重要成果是我們為股東帶來了強勁的資本回報。

We have returned $1.4 billion to corporate shareholders since the IPO through a combination of dividends and share repurchases. This includes over $1.1 billion of dividends and $246 million of share repurchases. And yesterday, we declared our fifth (sic) [sixth] consecutive quarterly dividend of $0.23 per share. In the third quarter, we achieved another significant milestone in our capital management program. We began open market buybacks, taking advantage of market conditions. And as of October 31, we have repurchased approximately $102 million of corporate stock.

自首次公開募股以來，我們已透過股利和股票回購相結合的方式向企業股東返還了 14 億美元。其中包括超過 11 億美元的股息和 2.46 億美元的股票回購。昨天，我們宣布連續第五（原文如此）[第六]季度股息每股 0.23 美元。第三季度，我們的資本管理計畫實現了另一個重要里程碑。我們利用市場狀況開始公開市場回購。截至 10 月 31 日，我們已回購約 1.02 億美元的公司股票。

An another important accomplishment for our company, we continue to streamline our business portfolio through the sale of our international operations. This strategic initiative will allow us to focus on life and retirement products and solutions in the United States, the world's largest market as well as unlock significant value for shareholders. Earlier this week, we announced that we closed the sale to AXA of Laya Healthcare, the second largest private health insurance provider in Ireland.

我們公司的另一項重要成就是，我們透過出售國際業務繼續精簡我們的業務組合。這項策略性舉措將使我們能夠專注於全球最大市場美國的人壽和退休產品及解決方案，並為股東釋放巨大價值。本週早些時候，我們宣布完成向愛爾蘭第二大私人健康保險公司 AXA 出售 Laya Healthcare 的交易。

We also declared a special dividend in the amount of approximately $730 million to be paid in November as we look to distribute proceeds from this sale. And we recently announced the sale of our U.K. life insurance business to Aviva for GBP 460 million, which is expected to close in the first half of 2024, subject to regulatory approvals. This transaction is highly accretive and will have a negligible impact on future earnings. As noted yesterday on AIG's earnings call, we expect proceeds from this transaction largely will be used for share repurchases, subject to market conditions. Together, the sale of these 2 businesses unlocks over $1.2 billion of value enabling Corebridge to deliver additional significant return of capital to shareholders.

我們也宣布將於 11 月支付約 7.3 億美元的特別股息，因為我們希望分配此次出售的收益。我們最近宣布以 4.6 億英鎊的價格將英國人壽保險業務出售給 Aviva，預計將於 2024 年上半年完成，但須獲得監管部門批准。本次交易增值性很高，對未來獲利的影響可忽略不計。正如昨天在 AIG 的財報電話會議上指出的那樣，我們預計這筆交易的收益將主要用於股票回購，具體取決於市場狀況。這兩項業務的出售總共釋放了超過 12 億美元的價值，使 Corebridge 能夠為股東帶來額外的顯著資本回報。

Moving on to other areas of accomplishments over the past year, we have achieved or contracted on 81% of our exit run rate savings goal of $400 million from Corebridge Forward, our modernization program that is delivering both expense reduction and increased efficiency. We remain confident this program will be completed on time. We also continue to achieve consistent progress with Corebridge's operational separation from AIG, having exited 69% of the transition services agreements that were put in place at the time of our IPO. We now expect our cost to achieve will come in at the higher end of our range of $350 million to $450 million. And to date, we have incurred $366 million of the cost to complete our separation.

轉向過去一年中其他領域的成就，我們已經實現或簽約完成了 Corebridge Forward 退出運行率節省目標 4 億美元的 81%，Corebridge Forward 是我們的現代化計劃，可減少費用並提高效率。我們仍然相信該計劃將按時完成。我們也繼續在 Corebridge 與 AIG 的業務分離方面取得持續進展，退出了 IPO 時實施的 69% 的過渡服務協議。我們現在預計實現成本將在 3.5 億至 4.5 億美元範圍內的較高端。迄今為止，我們已經支付了 3.66 億美元的費用來完成我們的分離。

Another area of achievement over the last 12 months has been the expansion of our strategic investment partnerships. These investment partnerships benefit Corebridge as well as our customers. By leveraging our relationship with Blackstone, we have increased our access to unique and attractive assets, enhancing the competitiveness of our products and our long-term growth profile.

過去 12 個月的另一個成就是擴大我們的策略投資夥伴關係。這些投資合作夥伴關係使 Corebridge 以及我們的客戶受益。透過利用與 Blackstone 的關係，我們增加了獲得獨特且有吸引力的資產的機會，增強了我們產品的競爭力和長期成長前景。

Since day 1, Blackstone has been investing in assets with very attractive risk-adjusted returns, generating an average yield of 6.6% and an average credit quality of A+. This investment activity has supported growth across all 4 of our business segments. With respect to BlackRock, we have fully integrated them in our day-to-day portfolio management and we continue to make strides with our migration to their Aladdin platform, which will further modernize our infrastructure and provide us with expanded analytics and accounting capabilities.

自第一天起，Blackstone 一直投資於風險調整回報極具吸引力的資產，平均收益率為 6.6%，平均信用品質為 A+。這項投資活動支持了我們所有 4 個業務部門的成長。就貝萊德而言，我們已將它們完全整合到我們的日常投資組合管理中，並且我們繼續在向其Aladdin 平台的遷移方面取得進展，這將進一步實現我們的基礎設施現代化，並為我們提供擴展的分析和會計能力。

In total, with all of these accomplishments since the IPO, it has been a very successful first year for Corebridge. What's more is that our focused execution, combined with our stable high-quality business mix are contributing to steady improvements in our key financial metrics. As an example, our run rate return on average equity for the first 9 months of 2023 was 12%, an improvement of 190 basis points since our IPO. We remain on a firm trajectory to achieve a 12% to 14% ROAE in 2024, one of the key financial targets we laid out when we launched Corebridge.

總的來說，自 IPO 以來取得的所有這些成就對於 Corebridge 來說是非常成功的第一年。更重要的是，我們專注的執行力，加上穩定的高品質業務組合，有助於我們關鍵財務指標的穩定改善。例如，我們 2023 年前 9 個月的平均股本運行率回報率為 12%，自 IPO 以來提高了 190 個基點。我們仍然堅定地致力於在 2024 年實現 12% 至 14% 的 ROAE，這是我們在推出 Corebridge 時制定的關鍵財務目標之一。

Pivoting to the third quarter, we delivered another strong financial performance over the last 3 months, extending the positive momentum that we have been building since the IPO. Elias will provide more detail during his remarks but I will briefly touch on 4 important highlights. First, we have been able to grow our non-GAAP operating earnings per share by 28% and our adjusted return on average equity by 230 basis points, both on a year-over-year basis. This strong performance reflects the scale and depth of our spread-based business and our ability to operate across product lines to pursue profitable organic growth where the risk-adjusted returns are the greatest.

轉向第三季度，我們在過去三個月中再次實現了強勁的財務業績，延續了我們自 IPO 以來一直建立的積極勢頭。埃利亞斯將在演講中提供更多細節，但我將簡要提及 4 個重要亮點。首先，我們的非公認會計準則每股營業收益年增了 28%，調整後平均股本回報率年增了 230 個基點。這種強勁的業績反映了我們基於價差的業務的規模和深度，以及我們跨產品線運營以追求盈利性有機增長的能力，其中風險調整後的回報是最大的。

Second, our earnings this quarter benefited from a slight net favorable impact arising from our annual assumption review. We had no significant reserve adjustments, an important detail that validates our sound governance and reserving framework as well as demonstrates the ongoing stability of our balance sheet. Third, our diversified businesses grew aggregate core sources of income by 11% year-over-year, benefiting from the cumulative effect of strong organic growth and improving base spread income. And fourth, we delivered $9.1 billion of premiums and deposits this quarter, reflecting strong customer demand for our spread-based products and the ongoing expansion of our business.

其次，我們本季的收益受惠於年度假設審查帶來的輕微淨有利影響。我們沒有進行重大準備金調整，這一重要細節驗證了我們良好的治理和準備金框架，並證明了我們資產負債表的持續穩定性。第三，受益於強勁的有機成長和基礎利差收入改善的累積效應，我們的多元化業務核心收入來源總額較去年同期成長11%。第四，本季度我們交付了 91 億美元的保費和存款，反映出客戶對我們基於利差的產品的強勁需求以及我們業務的持續擴張。

Although we did not execute any significant pension risk transfer transactions during the quarter, the pipeline remains robust. Our consistent organic growth is supported by the strength of our leading distribution platform as well as our diverse suite of products that are attractive to customers and deliver strong return profiles.

儘管我們在本季沒有執行任何重大的退休金風險轉移交易，但管道仍然強勁。我們持續的有機成長得益於我們領先的分銷平台的實力以及對客戶有吸引力並提供強勁回報的多樣化產品套件。

I began my remarks with a brief reflection on our performance since our initial public offering and this is where I would like to end. I am proud of all that we have accomplished over the last year, and I am confident Corebridge will continue to generate shareholder value through focused execution, a strong balance sheet in our diverse and attractive businesses.

我的發言首先簡要回顧了我們自首次公開募股以來的表現，這就是我想結束的地方。我對我們在過去一年所取得的成就感到自豪，我相信 Corebridge 將繼續透過專注的執行、在我們多樣化且有吸引力的業務中建立強大的資產負債表來創造股東價值。

I will now turn the call over to Elias to walk you through our third quarter results in more detail.

我現在將把電話轉給埃利亞斯，讓您更詳細地了解我們第三季的業績。

Thank you, Kevin. As you just heard, Corebridge delivered another quarter of strong financial performance. Our profitability continues to improve, and we remain on track to achieve our target ROE of 12% to 14% in 2024, driven by our capital return, growth in our core sources of income and expense efficiencies.

謝謝你，凱文。正如您剛剛聽說的那樣，Corebridge 又一個季度實現了強勁的財務業績。我們的獲利能力持續改善，在資本回報、核心收入來源成長和支出效率的推動下，我們仍有望在 2024 年實現 12% 至 14% 的 ROE 目標。

We continue to successfully manage our capital and liquidity, balancing organic growth and shareholder return while maintaining a healthy balance sheet. We reported third quarter adjusted pretax operating income of $813 million or earnings per share of $1.05 and an increase of 28% from the prior year quarter on a per share basis. Our operating EPS included a $0.03 impact from our positive actuarial assumption update, offset by a $0.12 impact from alternative investment returns below our long-term expectations.

我們繼續成功管理我們的資本和流動性，平衡有機成長和股東回報，同時保持健康的資產負債表。我們報告第三季調整後稅前營業收入為 8.13 億美元，每股收益為 1.05 美元，比去年同期每股增長 28%。我們的營運每股收益包括我們積極的精算假設更新帶來的 0.03 美元的影響，被低於我們長期預期的另類投資回報帶來的 0.12 美元的影響所抵消。

Now starting with net investment income. Net investment income for our insurance companies on an APTOI basis improved 28% (sic) [24%] year-over-year and is comprised of 2 components: base portfolio income and variable investment income. Our base portfolio income grew 22% over the prior year quarter to $2.4 billion. Additionally, the base yield increased 62 basis points to 4.7%. This improvement was driven by our ability to reinvest at higher new money yields, resets on floating rate assets and an increase of total invested assets by approximately $11 billion.

現在從投資淨收益開始。我們的保險公司在 APTOI 基礎上的淨投資收入年增 28%（原文如此）[24%]，由兩部分組成：基本投資組合收入和可變投資收入。我們的基本投資組合營收比去年同期成長 22%，達到 24 億美元。此外，基本收益率上升 62 個基點至 4.7%。這項改善的推動因素是我們以更高的新貨幣收益率進行再投資的能力、浮動利率資產的重置以及總投資資產增加了約 110 億美元。

Importantly, our base yield growth has more than outweighed any increases in policyholder crediting rates. We expect base yields will continue to grow, albeit at a slower pace as we discussed during our second quarter's earnings call. The sequential rate of improvement was 10 basis points due to lower net inflows into the general account, which I will discuss during our segment results in combination with stability and short-term interest rates. While the short end of the curve did not materially change this quarter, we saw a substantial increase in medium and long-term rates, which will have a positive impact on our business.

重要的是，我們的基本收益率成長超過了保單持有人信用利率的成長。我們預計基本收益率將繼續成長，儘管成長放緩，正如我們在第二季財報電話會議上所討論的那樣。由於一般帳戶淨流入減少，環比改善率為 10 個基點，我將在我們的分部業績中結合穩定性和短期利率對此進行討論。雖然本季曲線的短端沒有實質變化，但我們看到中長期利率大幅上升，這將對我們的業務產生正面影響。

During the quarter, we remained focused on directing new investments towards higher credit quality assets with new money yields at very attractive levels. On average, this quarter's new money yields were approximately 6.6% or 150 basis points above the assets that matured or were sold in our general account. This is the fifth consecutive quarter where our new money yields have exceeded 6%. Year-to-date, first yields exceeded our base yield by over 200 basis points.

本季度，我們仍然專注於將新投資引向更高信用品質的資產，新貨幣收益率處於非常有吸引力的水平。平均而言，本季的新貨幣收益率比我們普通帳戶中到期或出售的資產高出約 6.6%，即 150 個基點。這是我們的新資金收益率連續第五個季度超過 6%。今年迄今為止，首次收益率超出我們的基本收益率 200 多個基點。

Our general account investment portfolio is resilient and positioned to perform well under various market conditions. The portfolio is well diversified, actively managed and remains high quality with an average credit rating of A flat. Furthermore, the portfolio continues to experience net positive ratings migrations [without] upgrades outpacing downgrades. Given the recent focus on commercial real estate, the credit metrics in our commercial mortgage loan portfolio are holding up well and remain strong.

我們的一般帳戶投資組合具有彈性，能夠在各種市場條件下表現良好。此投資組合充分多元化、積極管理並保持高品質，平均信用評級為 A 級。此外，該投資組合繼續經歷淨正面評級遷移，但升級速度超過了降級速度。鑑於最近對商業房地產的關注，我們商業抵押貸款組合中的信貸指標保持良好並保持強勁。

Our team has deep expertise in commercial real estate and we have a history of actively managing the portfolio across different cycles. With respect to our $900 million of 2023 maturities in U.S. traditional office, I'm pleased to report that we have successfully resolved all material maturities through extension or repayment. Now our team is working to address our 2024 maturity of which traditional U.S. office comprises only about $350 million. We regularly stress and assess the portfolio, ensuring we maintain a robust loan loss allowance to mitigate potential credit losses.

我們的團隊在商業房地產方面擁有深厚的專業知識，並且擁有跨不同周期積極管理投資組合的歷史。關於我們在美國傳統辦公室 2023 年到期的 9 億美元，我很高興地報告，我們已透過延期或償還成功解決了所有重大到期問題。現在，我們的團隊正在努力解決 2024 年的到期問題，其中傳統的美國辦事處僅包含約 3.5 億美元。我們定期對投資組合進行壓力和評估，確保我們維持穩健的貸款損失準備金，以減輕潛在的信用損失。

As a long-term investor with a strong balance sheet and resilient investment portfolio, we continue to seek select opportunities for value creation within the commercial real estate sector. Our exposure is manageable, and we remain of the belief that this location in this market will play out over time.

作為擁有強大資產負債表和彈性投資組合的長期投資者，我們繼續在商業房地產領域尋找創造價值的精選機會。我們的風險是可控的，我們仍然相信，隨著時間的推移，我們在這個市場中的地位將會發揮作用。

Moving to variable investment income. Our alternative investments, which represent only 3% of our total invested assets delivered $18 million of income in the quarter. Traditional private equity gains were partially offset by real estate mark-to-market losses. Real estate equity comprises approximately 25% of our alternative investment portfolio. Given equity market and interest rate performance, we expect alternative investment returns to be below our long-term expectations in the fourth quarter.

轉向可變投資收益。我們的另類投資僅占我們總投資資產的 3%，本季帶來了 1,800 萬美元的收入。傳統私募股權的收益被房地產以市價計價的損失部分抵銷。房地產權益約占我們另類投資組合的 25%。鑑於股市和利率表現，我們預期第四季另類投資報酬率將低於我們的長期預期。

Shifting to GOE. Operating expenses for our insurance businesses and parent company were approximately $418 million, better by $10 million -- 10% on a year-to-date basis or 6% sequentially. This was driven by expense efficiencies from Corebridge Forward earning into our results partially offset by incremental costs related to the establishment of our stand-alone public company capabilities.

轉向GOE。我們的保險業務和母公司的營運費用約為 4.18 億美元，增加了 1,000 萬美元，較年初至今成長 10%，比上一季成長 6%。這是由 Corebridge 遠期收益的費用效率所推動的，我們的業績部分被與建立我們獨立上市公司能力相關的增量成本所抵銷。

Looking to the fourth quarter, we expect some seasonality in expenses. Now I'd like to take a moment to walk through our annual assumption update process as we're reporting this for the first time under LDTI. Once a year, principally in the third quarter, we review and update our actuarial assumptions for all lines of business. Our disciplined and consistent review covers economic policyholder behavior and mortality assumptions, which are based on our emerging experience, industry data and other key factors. This year, Corebridge reported a nominal $22 million net positive impact to adjusted pretax operating income, mostly related to our Life Insurance segment.

展望第四季度，我們預計支出會出現一些季節性。現在，我想花點時間回顧我們的年度假設更新流程，因為這是我們首次根據 LDTI 報告這一情況。每年一次，主要是在第三季度，我們會審查和更新所有業務線的精算假設。我們經過嚴格、一致的審查，涵蓋了經濟保單持有人的行為和死亡率假設，這些假設是基於我們的新興經驗、產業數據和其他關鍵因素。今年，Corebridge 報告稱，調整後的稅前營業收入產生了名義上 2,200 萬美元的淨正面影響，主要與我們的人壽保險部門有關。

As Kevin stated, we had no significant reserve adjustments. Within our Life Insurance segment, the update included adjustments to our earned rate assumptions resulting from a higher interest rate environment as well as adjustments to policyholder and mortality assumptions for certain blocks of business. Looking ahead, we expect Individual Retirement's DAC amortization run rate will increase by $11 million per quarter due to the higher interest rate environment as reflected in our third quarter results.

正如凱文所說，我們沒有進行重大準備金調整。在我們的人壽保險部門中，更新包括因利率環境較高而對我們的賺取率假設進行調整，以及對某些業務領域的保單持有人和死亡率假設進行調整。展望未來，我們預計，由於第三季業績所反映的利率環境較高，Individual Retirement 的 DAC 攤銷運行率將每季增加 1,100 萬美元。

Turning to our balance sheet. Our third quarter life fleet RBC ratio remains above target, which we estimate to be in the range of 410% to 420%. Our subsidiaries distributed $527 million during the quarter, bringing year-to-date distributions to $1.5 billion, evidencing the strong cash flow generation from our insurance businesses. As a result, we ended the quarter with $1.7 billion of holding company liquidity, exceeding our next 12-month needs and demonstrating our financial flexibility for returning capital to shareholders.

轉向我們的資產負債表。我們第三季的生命機隊 RBC 比率仍然高於目標，我們估計該比率在 410% 至 420% 之間。我們的子公司在本季分配了 5.27 億美元，使年初至今的分配達到 15 億美元，證明了我們的保險業務產生了強勁的現金流。結果，在本季結束時，我們的控股公司流動性達到 17 億美元，超出了我們未來 12 個月的需求，並展示了我們向股東返還資本的財務靈活性。

We also issued $500 million of senior debt in September using the proceeds to partially repay our $1.5 billion delayed draw term loan facility.

我們也在 9 月發行了 5 億美元的優先債務，利用所得款項部分償還我們 15 億美元的延遲提取定期貸款融資。

Now pivoting to our business segments which continued their strong performance during the third quarter. Individual Retirement reported adjusted pretax operating income of $576 million up 54% year-over-year, primarily driven by higher base spread income resulting from strong general account product growth and base spread expansion. Base net investment spread rose 62 basis points from the prior year quarter and 6 basis points sequentially. The strong value proposition of our spread-based products continues to drive robust demand for our fixed index and fixed annuities with our fixed index annuity business achieving 3 consecutive quarters of sales in excess of $2 billion. We had another quarter of positive general account net flows even with an increase in the fixed annuity surrender rate.

現在轉向我們的業務部門，這些部門在第三季度繼續保持強勁的業績。個人退休業務報告調整後稅前營業收入為 5.76 億美元，年增 54%，主要是由於一般帳戶產品強勁增長和基本利差擴張導致基本利差收入增加。基礎淨投資利差較去年同期上升 62 個基點，較上一季上升 6 個基點。我們的利差產品的強大價值主張繼續推動對我們的固定指數和固定年金的強勁需求，我們的固定指數年金業務連續三個季度銷售額超過 20 億美元。即使固定年金退保率上升，我們的一般帳戶淨流量又出現了四分之一的正值。

Our third quarter surrender rate was elevated due to rising long-term interest rates as well as the processing of an operational backlog resulting from our first quarter record sales. Our surrender rate peaked early in the quarter but steadily trended lower and continued into October. At the same time, we saw an increase in our monthly sales of fixed annuities with September volumes approaching record levels.

由於長期利率上升以及第一季創紀錄銷售造成的營運積壓的處理，我們第三季的退保率有所上升。我們的退保率在本季初達到頂峰，但隨後穩定下降，並持續到十月。同時，我們看到固定年金的月銷售額有所成長，9 月的銷量接近創紀錄水準。

This is facilitated by our planned operational capacity expansion that has come online and is able to support sales volumes even exceeding that of our first quarter. Group Retirement reported adjusted pretax operating income of $192 million, up 1% year-over-year. This includes lower base spread income reflecting a nonrecurring gain in the third quarter of 2022. Excluding this item, base net investment spread rose 6 basis points from the prior year quarter while it fell 3 basis points sequentially.

這得益於我們計劃的營運產能擴張，該產能擴張已上線，並且能夠支援甚至超過第一季的銷售。 Group Retirement 報告調整後稅前營業收入為 1.92 億美元，年增 1%。其中包括較低的基本利差收入，反映了 2022 年第三季的非經常性收益。若不計此項目，基本淨投資利差較去年同期上升 6 個基點，但環比下降 3 個基點。

This decline was primarily due to higher policyholder crediting rates attributed to our group mutual fund product, which more than offset the increase in base yields. While we saw elevated surrender rates in the third quarter, this was mainly driven by one large group plan exit, which was predominantly invested in our group mutual fund product thus having limited impact to earnings.

這一下降主要是由於我們集團共同基金產品的保單持有人信用率較高，這遠遠抵消了基本收益率的成長。雖然我們在第三季度看到退保率上升，但這主要是由一項大型集團計劃退出推動的，該計劃主要投資於我們的集團共同基金產品，因此對盈利的影響有限。

Excluding the impact of large planned departures, our surrender rate has declined from 11% at the beginning of the year to roughly 10% now. Consistent with industry experience, many of our plan participants have been entering retirement and therefore, transitioning from accumulating assets to withdrawing funds for their retirement. As a result, net outflows are typically driven by plan participants, ages 59.5 or older and tend to have a higher guaranteed minimum interest rate. Concurrently, net inflows are dominated by our younger age cohorts with lower guaranteed minimum interest rates as well as out-of-plan fixed and fixed index annuity sales and advisory and brokerage deposits. We expect the combination of those 2 trends will improve the economic return profile over time.

排除大規模計劃出發的影響，我們的退保率已從年初的 11% 下降至目前的 10% 左右。與行業經驗一致，我們的許多計劃參與者已經進入退休狀態，因此從累積資產過渡到提取退休資金。因此，淨流出通常是由年齡 59.5 歲或以上的計畫參與者推動的，並且往往有較高的保證最低利率。同時，淨流入主要由保證最低利率較低的年輕群體以及計劃外固定和固定指數年金銷售以及諮詢和經紀存款組成。我們預計這兩種趨勢的結合將隨著時間的推移改善經濟回報狀況。

Life Insurance reported adjusted pretax operating income of $136 million, up 10% year-over-year, mainly driven by net investment income and expense efficiencies. Mortality experience inclusive of reserve adjustments, it remains consistent with our year-to-date experience and favorable to expectations. With respect to our sale of Laya, we expect this business to contribute approximately $30 million per year to Corebridge's pretax operating income. Results from this business are only included in our results through October 31.

人壽保險報告調整後稅前營業收入為 1.36 億美元，年增 10%，主要受到淨投資收入和費用效率的推動。包括準備金調整在內的死亡率經驗與我們今年迄今為止的經驗保持一致，並且符合預期。關於我們出售 Laya，我們預計該業務每年將為 Corebridge 的稅前營業收入貢獻約 3,000 萬美元。該業務的業績僅包含在截至 10 月 31 日的業績中。

Institutional Markets reported adjusted pretax operating income of $75 million down $8 million year-over-year, primarily driven by less favorable mortality experience in our Corporate Markets business. Our reserves have grown $7 billion or 23% year-over-year, driven by expansion of our pension risk transfer and GIC businesses. We issued a company record level of $1.9 billion of GICs in the third quarter as part of our strategy to become a more regular issuer of GIC. And lastly, our Corporate and Other segment reported an adjusted pretax operating loss of $166 million, primarily the result of our stand-alone capital structure and new parent company expenses since the IPO.

機構市場報告調整後稅前營業收入為 7,500 萬美元，年減 800 萬美元，這主要是由於我們的企業市場業務的死亡率經歷較差所致。在退休金風險轉移和 GIC 業務擴張的推動下，我們的儲備金年增 70 億美元，即 23%。作為我們成為更常規的 GIC 發行人策略的一部分，我們在第三季發行了 19 億美元的 GIC，創下公司紀錄。最後，我們的企業及其他部門報告調整後稅前營業虧損為 1.66 億美元，這主要是由於我們的獨立資本結構和 IPO 以來的新母公司費用造成的。

Wrapping up, we continue to have the confidence in the strength of our balance sheet and the power of our franchise. Our liquidity and capital positions remain strong. We maintain a stable, diversified and attractive liability portfolio that's optimized for risk-adjusted returns. We have minimal legacy liability risk and then our investment portfolio is high quality and well diversified.

總而言之，我們仍然對我們的資產負債表實力和特許經營權充滿信心。我們的流動性和資本狀況依然強勁。我們維持穩定、多元化和有吸引力的負債投資組合，並針對風險調整後的回報進行了優化。我們的遺留責任風險最小，我們的投資組合品質高且多元化。

In addition, we maintain a very disciplined risk management framework focused on both sides of the balance sheet. Starting from this position of strength, we remain committed to returning attractive levels of capital beyond regular quarterly dividends and have the financial flexibility to do so. This concludes my remarks, so I'll now turn it back to Kevin.

此外，我們也維持一個非常嚴格的風險管理框架，並專注於資產負債表的兩邊。從這一優勢地位出發，我們仍然致力於在定期季度股息之外返還有吸引力的資本水平，並擁有這樣做的財務靈活性。我的發言到此結束，現在我將其轉回給凱文。

Thank you, Elias. And operator, we're now prepared for questions.

謝謝你，埃利亞斯。接線員，我們現在準備好提問。

(Operator Instructions) Our first question comes from John Barnidge of Piper Sandler.

（操作員說明）我們的第一個問題來自 Piper Sandler 的 John Barnidge。

You talked about one large group plan departure. Can you talk about visibility near term and then to '24 on that. It feels like this is a similar commentary seen elsewhere. Is there just more activity now than the last few normal years?

您談到了一個大型團體的出發計劃。您能否談談近期的可見性，然後在 24 日討論。感覺這裡和其他地方看到的類似評論一樣。現在的活動是否比過去幾年正常年份更多？

Yes. Thanks, John. So the reality is, is that during the pandemic, I think with the kind of restricted access and some of the -- kind of intense focus on operations, it's true we did see a slowdown and remarketing of group plans. And so after the pandemic, the level of group plan marketing has kind of returned to what we would have expected before the pandemic. And so there are some episodic activities in the large accounts.

是的。謝謝，約翰。因此，現實情況是，在大流行期間，我認為由於訪問受到限制以及對營運的高度關注，我們確實看到了集團計劃的放緩和再行銷。因此，在大流行之後，團體計劃行銷的水平已經恢復到了大流行之前我們的預期。因此，大帳戶中會有一些偶發性活動。

We did have a -- particularly large account surrender in the third quarter. But I think what's important to point out is that particular plan, by far, the majority of the assets, over 90% of the assets were actually in the group mutual fund platform. So whilst it shows up in the flows and in the assets, the impact on earnings is extremely modest. And so we grew -- we monitor where the large account losses and wins are coming from. Sometimes they're associated with consolidations, M&A activities, sometimes regular remarketing. But what's important is if we look at the underlying numbers, taking out the large plan sort of wins or losses, what we're seeing is that the surrender rate is actually coming down from close to 11% earlier in the year to now down closer to 10%.

第三季我們確實有一個特別大的帳戶退保。但我認為重要的是要指出的是，到目前為止，該特定計劃的大部分資產，超過 90% 的資產實際上都在集團共同基金平台中。因此，雖然它出現在流量和資產中，但對收益的影響極為有限。我們就這樣成長了——我們監控巨額帳戶虧損和獲利的來源。有時它們與整合、併購活動有關，有時與定期再行銷有關。但重要的是，如果我們看一下基本數據，剔除大型計劃的輸贏，我們會看到退保率實際上從今年早些時候的接近 11% 下降到現在接近的水平。至 10%。

And we need to unpack those flows a little bit. We have an aging portfolio. And for those customers that are 59.5 years or older, right, they're in the utilization stage. And this is where the primary outflows are coming from in our portfolio or in those older ages. And those are also associated with the higher guaranteed minimum interest rate products because those customers have been around for some time. And what we are seeing is actually inflows, positive flows in the younger ages at lower guaranteed minimum interest rates and then also investing in the advisory and brokerage platforms, which have become more popular in the last 10 years. And so we believe that for the in-plan business, the economic profile of the portfolio is improving. And then on top of that, we're seeing very robust sales in the out-of-plan annuities, particularly fixed annuities, and we just launched and indexed annuities.

我們需要稍微解開這些流程。我們有一個老化的投資組合。對於那些 59.5 歲或以上的客戶來說，他們正處於使用階段。這就是主要的資金流出來自我們的投資組合或那些較老的時期。這些也與更高的保證最低利率產品有關，因為這些客戶已經存在了一段時間。我們看到的實際上是資金流入，在較低的保證最低利率下，年輕一代的積極資金流入，然後還投資於諮詢和經紀平台，這些平台在過去十年中變得越來越受歡迎。因此，我們認為，對於計畫內業務來說，投資組合的經濟狀況正在改善。最重要的是，我們看到計劃外年金的銷售非常強勁，特別是固定年金，而且我們剛剛推出了指數化年金。

For many of the same reasons we're seeing those products be very popular in the individual retirement side, and we're seeing positive flows in the advisory and brokerage platform outside of the plan, and those are not recorded in net flows. So we're very comfortable with where we are strategically in the retirement services business. We think that the economic profile of the portfolio is improving. And not every dollar of net flows is equal. It's important not to be distracted by net flows.

基於許多相同的原因，我們看到這些產品在個人退休方面非常受歡迎，我們看到計劃之外的諮詢和經紀平台出現了積極的流量，而這些流量並未記錄在淨流量中。因此，我們對退休服務業務的策略定位非常滿意。我們認為投資組合的經濟狀況正在改善。並非每一美元的淨流量都是一樣的。重要的是不要被淨流量分散注意力。

My follow-up, you began open market repurchases in September. Can you talk about the activity in October? And is that a reasonable run rate?

我的後續行動是，你們在九月開始公開市場回購。可以談談10月份的活動嗎？這是一個合理的運行率嗎？

Yes, Elias please.

是的，埃利亞斯請。

John, it's Elias. So John, listen, we -- as you've seen, we generate the capacity to continue to buy shares. We started in the third quarter doing open market purchases. But given the average traded volumes we have, there's so much we could do in the open market. And so we have more capacity to buy shares beyond the open market. So to answer your question is we want to be a regular purchaser in the open markets, but we're going to see what the best options are and how we purchase shares back, and that's what we will pursue.

約翰，這是埃利亞斯。所以約翰，聽著，我們－正如你所看到的，我們有能力繼續買股票。我們從第三季開始進行公開市場採購。但考慮到我們的平均交易量，我們在公開市場上可以做很多事情。因此，我們有更多能力在公開市場之外購買股票。因此，回答你的問題是，我們希望成為公開市場的常規購買者，但我們將看看什麼是最好的選擇以及我們如何回購股票，這就是我們將追求的目標。

Our next question comes from Elyse Greenspan of Wells Fargo.

我們的下一個問題來自富國銀行的艾莉絲‧格林斯潘。

My first question, I was hoping to get some of your initial thoughts on the impact of the new DOL rule and how you guys see that potentially impacting Corebridge?

我的第一個問題是，我希望了解你們對新 DOL 規則影響的一些初步想法，以及你們如何看待這可能對 Corebridge 產生的影響？

Thanks, Elyse. So look, one thing I'd say is we live in a very complex world, complex regulatory environment and part of our responsibility is to be able to master the complexity of that environment. And this DOL ruling is just the most recent ruling that we're in the process of interpreting and understanding. What I would say is that the words may be different but the concepts, many of the concepts in this ruling are similar to the fiduciary rule of 2016 and even some DOL activity earlier in the decade.

謝謝，愛麗絲。所以，我要說的一件事是，我們生活在一個非常複雜的世界、複雜的監管環境中，我們的部分責任是能夠掌握該環境的複雜性。勞工部的這項裁決只是我們正在解釋和理解的最新裁決。我想說的是，措辭可能不同，但概念不同，該裁決中的許多概念與 2016 年的信託規則甚至十年前勞工部的一些活動相似。

And as a reminder, both our company as well as the industry actually implemented those regulations until they were overturned by the [courts]. And so this is territory that is reasonably familiar. It looks like that this ruling is really trying to expand ERISA-type obligations to all retirement-related advice or recommendations, et cetera.

提醒一下，我們公司和整個行業實際上都執行了這些規定，直到它們被[法院]推翻。所以這是相當熟悉的領域。看來這項裁決確實試圖將《僱員退休收入保障法》類型的義務擴大到所有與退休相關的建議或建議等。

And I'll remind you that our company kind of grew up in the registered world, whether it's on the individual retirement side where we primarily were through registered reps of broker-dealers or banks or in the retirement services side where our originations are through valid financial advisers, which is a duly registered RIA broker-dealer. That is the primary source of business that we have.

我要提醒您的是，我們的公司在某種程度上是在註冊世界中成長起來的，無論是在個人退休方面，我們主要透過經紀自營商或銀行的註冊代表，還是在退休服務方面，我們的起源是透過有效的財務顧問，是一家正式註冊的 RIA 經紀自營商。這是我們主要的業務來源。

And this -- we are familiar and our distribution channels are familiar with the advisory framework that I think, is being reflected in the intention of this DOL ruling. So a very high percentage, probably in the high percentage plus of our individual retirement sales and 100% of the DSA sales are already subject to a high level standard of duty of care. And although it's a big act, there's a lot of filings around it, it's in early stages. There will be a public comment period, et cetera. We're not anticipating it's going to have a significant impact on our business.

我認為，我們和我們的分銷管道都熟悉這個諮詢框架，這一點正在反映在勞工部裁決的意圖中。因此，非常高的比例（可能是我們個人退休銷售的高比例以上）和 100% 的 DSA 銷售已經受到高水準的注意義務標準的約束。儘管這是一項重大舉措，但也有很多相關申請，而且還處於早期階段。將有一個公眾評議期等等。我們預計這不會對我們的業務產生重大影響。

And then my second question, you mentioned, right, that you have $1.7 billion at the holdco, which exceeds next 12 months' needs. Is that what you guys are targeting, especially, I guess, when we get through some of the separation costs and the costs associated with your savings program?

然後我的第二個問題，您提到，您在控股公司擁有 17 億美元，這超出了未來 12 個月的需求。我想，這就是你們的目標嗎？尤其是當我們解決一些離職成本以及與你們的儲蓄計畫相關的成本時？

Hey, Elyse. It's Elias. Our target for the parent liquidity is to cover the next 12 month needs. And right now, it's less than $1.7 billion, and that should come down as we complete the onetime spend on the initiatives we've talked about, which were related to Corebridge Forward and the separation from AIG. The first one is $300 million. The second one is $350 million to $450 million. And we'd expect that we'll be mostly done by the end of this year associated with it. And so we will kind of -- what our need is will be coming down.

嘿，愛麗絲。是埃利亞斯。我們的母公司流動性目標是滿足未來 12 個月的需求。目前，這一數字不到 17 億美元，隨著我們完成我們所討論的與 Corebridge Forward 和從 AIG 分離相關的一次性支出計劃，這一數字應該會下降。第一個是3億美元。第二個是3.5億至4.5億美元。我們預計到今年年底我們將大部分完成與此相關的工作。所以我們的需求將會下降。

But the position we're in right now is we are in excess of what our need is and that kind of demonstrates the financial flexibility and the strength of our insurance company cash flows. Our insurance companies have delivered $1.5 billion this year, which is in line with what they've distributed in the prior years. And that should be sufficient to get us to the 60% to 65% payout ratio, which we would expect to achieve in 2024, and we feel comfortable we're on track getting there.

但我們現在的處境是我們超越了我們的需求，這證明了我們保險公司的財務靈活性和現金流的實力。我們的保險公司今年已交付 15 億美元，與前幾年的分配金額一致。這應該足以讓我們達到 60% 至 65% 的派息率，我們預計將在 2024 年實現這一目標，而且我們對正在實現這一目標感到放心。

Our next question comes from Alex Scott of Goldman Sachs.

我們的下一個問題來自高盛的亞歷克斯·斯科特。

First one I have for you is just on potential further strategic action on the business. Certainly, I appreciate the 2 transactions you already did were quite attractive and interesting. So I hate to ask you so quickly about what next. But I'm going to do it anyway. So what is the opportunity out there? What are you seeing in the market around private equity interest, some of the blocks of business you have around fixed index annuities? Do you think there's an opportunity there?

我要向您介紹的第一個問題是關於業務方面可能採取的進一步策略行動。當然，我很欣賞您已經完成的兩筆交易非常有吸引力和有趣。所以我不想這麼快就問你接下來要做什麼。但無論如何我都會這麼做。那麼那裡有什麼機會呢？您在私募股權市場上看到了什麼，以及您在固定指數年金方面擁有的一些業務部門？你認為那裡有機會嗎？

Yes. Thanks, Alex. So look, I mean, we know our responsibility is to regularly review opportunities to increase shareholder value and to optimize the portfolio. I think we've demonstrated that. We did prioritize the disposition of the international businesses because one, it allows us to focus on the huge U.S. market. But also, two, we saw an opportunity to generate significant value. And we're still working through the U.K. close. That will take a little bit longer. It's a more complex environment.

是的。謝謝，亞歷克斯。所以，我的意思是，我們知道我們的責任是定期檢視增加股東價值和優化投資組合的機會。我想我們已經證明了這一點。我們確實優先考慮國際業務的配置，因為第一，它使我們能夠專注於龐大的美國市場。而且，第二，我們看到了創造巨大價值的機會。我們仍在努力應對英國收盤的情況。這將需要更長的時間。這是一個更複雜的環境。

When it comes down to other types of transactions, look, we have demonstrated the willingness and the ability to execute on transactions. You just have to go back and look at our creation of what became Fortitude Re. And so we're familiar with the market, the opportunities, and we continue to evaluate the portfolio. Now as a result of the creation of Fortitude Re, we have high-quality in force. But as you pointed out, we are current on what transaction terms are available in the market right now. We're conscious of where our share price is. And we are continuing to evaluate options, whether in terms of enhancing the in-force or the efficiency of new business. So we don't have anything to update right now as and when we have something to update, and then we'll provide more information at that time.

當涉及到其他類型的交易時，看，我們已經展示了執行交易的意願和能力。您只需回去看看我們對 Fortitude Re 的創造。因此，我們熟悉市場和機會，我們會繼續評估投資組合。現在，由於 Fortitude Re 的創建，我們擁有了高素質的力量。但正如您所指出的，我們了解目前市場上可用的交易條款。我們很清楚我們的股價在哪裡。我們正在繼續評估各種選擇，無論是在增強新業務的有效程度還是效率方面。因此，我們現在沒有任何內容需要更新，當我們有內容需要更新時，我們將在那時提供更多資訊。

Very helpful. Second one I have for you is just going back to the comments made on DAC amortization in life insurance. I just wanted to check. I mean, is that higher run rate on DAC amortization. Does that fall into the bottom line? And is that reflected in sort of the run rate that we're looking at from this quarter already? Or do we need to think about reducing by that amount looking forward?

很有幫助。我要跟大家講的第二個問題是回到關於人壽保險中 DAC 攤銷的評論。我只是想檢查一下。我的意思是，DAC 攤提運作率較高。這是否屬於底線？這是否已經反映在我們本季的運行率中？或者我們需要考慮未來減少這個數字？

Alex, it's Elias. The $11 million DAC -- the increase in the DAC [revenue] it's $11 million. That's for Individual Retirement not in life, and that's already in the third quarter numbers we published.

亞歷克斯，這是埃利亞斯。 1,100 萬美元的 DAC—DAC [收入] 增加了 1,100 萬美元。這是個人退休，而不是生活，這已經在我們發布的第三季數據中。

Got it. Okay. Yes.

知道了。好的。是的。

And it's across -- it's coming across all 3 products fixed index and variables. So the impact is $11 million on a quarterly basis. And it's kicked in as of July 1.

它跨越了所有 3 個產品的固定索引和變數。因此，每季的影響為 1100 萬美元。並且從 7 月 1 日起開始實施。

Our next question comes from Tom Gallagher of Evercore.

我們的下一個問題來自 Evercore 的 Tom Gallagher。

Good morning. Elias, the comment you made about the processing of backlog of surrenders that created higher fixed annuity outflows this quarter. And I think you also mentioned you're starting to see some acceleration of fixed annuity sales. Would you -- taking that together, would you expect 4Q and beyond to get a bit better from a net flow perspective for overall individual retirement and fixed annuities in particular?

早安.埃利亞斯，您對退保積壓處理的評論導致本季度固定年金流出增加。我想您也提到您開始看到固定年金銷售有所加速。綜合考慮，從淨流量的角度來看，您是否預期第四季及以後的整體個人退休金和固定年金會有所改善？

Yes. Tom, it's Kevin. I think I'm going to field this one. I'll start with the surrenders. Look, the third quarter surrenders were nominally high, but I think it's really important to unpack the behavior throughout the quarter because the trend did change. And essentially, what happened is that the surrender levels did peak early in the quarter, which I think reflected some of the processing of the backlog that was there. And then we saw the opportunity, based on what sales were in the first half. We saw the opportunity and how attractive these products were for our customers.

是的。湯姆，是凱文。我想我會派出這個。我將從投降開始。看，第三季的退保率名義上很高，但我認為了解整個季度的行為非常重要，因為趨勢確實發生了變化。從本質上講，所發生的情況是，退保水平確實在本季度初達到頂峰，我認為這反映了對積壓訂單的一些處理。然後，根據上半年的銷售額，我們看到了機會。我們看到了機會以及這些產品對客戶的吸引力。

So we brought on some additional operational capacity, which came online through the third quarter. And we did see the surrender rates successively come down from sort of the beginning of the quarter through the end. And we've seen that trend continuing through October. But at the same time, as this new operational capacity came online, we started to see the pace of the fixed annuity sales increase incrementally through the quarter.

因此，我們增加了一些額外的營運能力，這些能力在第三季上線。我們確實看到退保率從季度初到季度末連續下降。我們看到這種趨勢一直持續到十月。但同時，隨著這種新營運能力的上線，我們開始看到固定年金銷售的步伐在整個季度逐步增加。

To the point where coming into October, the new sales levels are something comparable to what we saw in the very strong first quarter. And so we had overall net positive flows across IR in the third quarter despite that sort of trend. And if you look at the back half of the quarter as opposed to the front half of the quarter, and if that continues through the rest of the year, we would see some very attractive numbers coming out of fixed annuities. Index annuities continue to be very strong, and we would expect growth in the overall general account. And I would also add that the margins continue to be extremely attractive for this business.

進入十月份，新的銷售水平與我們在非常強勁的第一季看到的水平相當。因此，儘管存在這種趨勢，但第三季我們的 IR 總體淨流量為正。如果你看看本季的後半段而不是前半段，如果這種情況持續到今年剩餘時間，我們會看到固定年金產生一些非常有吸引力的數字。指數年金持續非常強勁，我們預計整體普通帳戶將出現成長。我還要補充一點，該業務的利潤率仍然極具吸引力。

Interesting. And then Kevin, just on your comment to -- in response to Alex's question on potential risk transfer. The point you made on efficiency of new business, should we take that to me and you're considering flow reinsurance is one potential option?

有趣的。然後凱文，請回答您對亞歷克斯關於潛在風險轉移的問題的評論。您就新業務效率提出的觀點，我們是否應該向我傳達這一點，並且您正在考慮流量再保險是一種潛在的選擇？

Well, it's one potential option. There are a lot of ways to enhance efficiency of new business, and we're in the process of reviewing those. Our responsibility is to evaluate all options to understand what transaction terms are and to make a decision that is most attractive for shareholder return opportunities as well as the success of the business.

嗯，這是一個潛在的選擇。有很多方法可以提高新業務的效率，我們正在審查這些方法。我們的責任是評估所有選項，以了解交易條款，並做出對股東回報機會和業務成功最具吸引力的決定。

Got you. And if I could just sneak in one more. Elias, as you mentioned, you're done with the -- you've resolved office maturities for '23. Can you just remind us what was the total size of the maturities for '23? And do you have a split of how much got paid off versus extended? And then when I heard you say only $350 million of office maturities in '24, which sounds pretty low. That implies to me you didn't do any 1-year extensions on the '23 maturity wall?

明白你了。如果我能再偷偷溜進去一次就好了。 Elias，正如您所提到的，您已經完成了 - 您已經解決了 23 年的辦公室到期問題。您能否提醒我們 23 年到期的總規模是多少？您是否知道還款金額與延期金額之間的比例？然後當我聽到你說 24 年的辦公期限只有 3.5 億美元時，這聽起來相當低。對我來說，這意味著你們沒有在 '23 期限牆上進行任何 1 年延期？

So yes. So Tom, so let me take it. So we had about $900 million of maturities in traditional office. All the material loans are done. So from the ones we're done, that was a total of 9 months, 5 got paid off, 4 got extended. The 4 extended tends to be bigger dollar amounts. And you're right, we did not have 1-year extensions. They -- basically, they were longer-term extensions and what was involved were sometimes partial paydowns as well as credit enhancements for our positions in there. When you look at 2024 in traditional office, we have 5 loans that come down to about $350 million in principal.

所以是的。湯姆，讓我來吧。因此，我們在傳統辦公室的到期期限約為 9 億美元。所有物質貸款都已完成。從我們已經完成的項目來看，總共有 9 個月，其中 5 個月得到了還清，4 個月得到了延期。 4 個擴充往往是更大的美元金額。你是對的，我們沒有 1 年延期。基本上，它們是長期延期，有時涉及部分付款以及我們在那裡頭寸的信用增級。當你看看 2024 年傳統辦公室的情況時，我們有 5 筆貸款，本金約為 3.5 億美元。

Our next question comes from Jimmy Bhullar of JPMorgan.

我們的下一個問題來自摩根大通的吉米·布拉爾。

So Kevin, on your comments on flows, if I look at the index annuity business that's showing nice growth, both in terms of sales and flows, but the traditional fixed business seems weaker than what your commentary would suggest. So if you look at sales, they have grown. 1Q was very good. 2Q was actually weaker than last year and 3Q is almost flat.

凱文，關於您對流量的評論，如果我看看指數年金業務，它在銷售額和流量方面都顯示出良好的增長，但傳統的固定業務似乎比您的評論所暗示的要弱。因此，如果你看一下銷售額，你會發現它們已經成長。 1Q 非常好。第二季度實際上弱於去年，第三季幾乎持平。

And then if we look at flows, whether by each quarter or in totality, this year is running worse than last year. So I'm just trying to see what sort of -- I would have expected with rates going up, fixed annuity sales would be -- traditional fixed would be doing a lot better. And many of your peers are doing better than what your numbers would suggest as well. So just trying to see why that business isn't picking up more and why the draws are actually up even more this year than sales are up, even if you look at them on a year-to-date basis.

然後，如果我們看流量，無論是按季度還是整體流量，今年的情況都比去年差。所以我只是想看看——我預計隨著利率的上升，固定年金銷售會是怎樣的——傳統的固定年金會做得更好。您的許多同行的表現也比您的數據顯示的要好。因此，我們只是想看看為什麼該業務沒有增加更多，以及為什麼今年的抽獎實際上比銷售額的成長還要多，即使你從年初至今的角度來看也是如此。

Yes. What I would say, Jimmy, is that I've just described the trend throughout the third quarter. Obviously, it was very strong earlier in the year that created some kind of processing issues, I think, for the whole industry because for the whole industry, the second quarter was lower than the first quarter. And through the third quarter, we actually have seen strength in the fixed annuity business and we do expect that, that will continue, assuming conditions stay roughly where they are through the fourth quarter.

是的。吉米，我想說的是，我剛剛描述了整個第三季的趨勢。顯然，今年早些時候的情況非常強勁，我認為這給整個行業帶來了某種處理問題，因為對於整個行業來說，第二季度的業績低於第一季。在第三季度，我們實際上看到了固定年金業務的強勁勢頭，我們確實預計這種情況將持續下去，假設情況在第四季度大致保持不變。

As we've talked about before, we look at the economic value of a surrender versus the economic value of new business. And to the extent that it's not the right thing necessarily to increase crediting rates and except the surrenders. We look at each of those decisions kind of separately. And we also look at the entire general account and the growth in the general accounts and the growth in spreads in the general accounts. So we have the benefit of having multiple products. We feel very comfortable with where the fixed annuity business is right now. The spreads are very attractive, and we'll continue to respond to where the market opportunities are.

正如我們之前討論過的，我們會考慮放棄的經濟價值與新業務的經濟價值。在某種程度上，除了退保之外，提高信用率不一定是正確的事情。我們分別審視每一個決定。我們也關注整個普通帳戶以及普通帳戶的成長和普通帳戶利差的成長。因此，我們擁有多種產品的優勢。我們對固定年金業務目前的狀況感到非常滿意。點差非常有吸引力，我們將繼續對市場機會做出反應。

And on spread, your spread, both in individual and group retirement are at very good levels already with rates going up even more, should we assume that spreads will improve further? Or because the competition or whatever they'll -- I'm assuming they'll be stable at the very least. But are you assuming further improvement in spreads? Or is competition taken over to our more of the increase is going to fall to the crediting rate?

在利差方面，個人和團體退休金的利差已經處於非常好的水平，而且利率上升得更多，我們是否應該假設利差會進一步改善？或因為競爭或其他什麼原因——我假設他們至少會保持穩定。但您是否認為利差會進一步改善？或者競爭會轉移到我們身上，更多的成長將下降到計入率？

Jimmy, it's Elias. So on base spread income, we expect our income to continue to grow from here, given what we're seeing in our outlook. With respect to base spread, the base spreads are already at a very attractive level. There is still room for them to continue to expand more from over here. But we're expecting at some stage are going to taper off. And as you've seen the trajectory of improvement has slowed down, but it's still at very attractive levels.

吉米，這是埃利亞斯。因此，就基本利差收入而言，鑑於我們的前景，我們預計我們的收入將繼續成長。就基礎利差而言，基礎利差已經處於非常有吸引力的水平。他們仍有空間繼續從這裡擴張。但我們預期在某個階段會逐漸減少。正如您所看到的，改進的軌跡已經放緩，但仍處於非常有吸引力的水平。

Okay. And is competition in the fixed index annuity markets with rates going up, would you characterize that as being rational? Or are you seeing a pickup in competition?

好的。固定指數年金市場的競爭是否伴隨著利率的上升，您認為這是理性的嗎？或者你在競爭中看到進步了嗎？

For the distribution channels that we work with, the way I would define is the rationality and competition is what we're seeing is margins on new business, and we continue to see very attractive margins on the new business.

對於我們合作的分銷管道，我定義的方式是合理性，競爭是我們看到的新業務的利潤率，而且我們繼續看到新業務的非常有吸引力的利潤率。

Just as a reminder, folks, one question and one follow-up, please.

謹此提醒各位，請提出一個問題和一個後續行動。

Our next question comes from Ryan Krueger of KBW.

我們的下一個問題來自 KBW 的 Ryan Krueger。

Many of your competitors in the annuity space as well as an increasing amount in the institutional market space utilize Bermuda to -- for increased capital efficiency. Is that something that you would consider at Corebridge on a go-forward basis?

年金領域的許多競爭對手以及機構市場領域越來越多的競爭對手利用百慕達來提高資本效率。這是您在 Corebridge 未來會考慮的事情嗎？

So we're very familiar with the Bermuda environment. I point to the creation of Fortitude Re, which we engaged in a number of years ago that was a transaction really specifically designed to access the best benefit of the environment there and it's long been an element of our operating strategy as part of AIG. So we do have a Bermuda entity. We are familiar with it and one of the options that we're evaluating amongst many others in terms of where are the next opportunities to create value or optimize the portfolio would include potential offshore solutions.

所以我們對百慕達的環境非常熟悉。我提到了Fortitude Re 的創建，我們在幾年前參與了這項交易，這是一項真正專門設計的交易，旨在獲得當地環境的最佳效益，長期以來，它一直是我們作為AIG 一部分的營運策略的一個要素。所以我們確實有一個百慕達實體。我們對此很熟悉，我們正在評估的眾多選項之一就是下一個創造價值或優化投資組合的機會，其中包括潛在的離岸解決方案。

Great. And then I think, Elias, you mentioned some seasonality in fourth quarter expenses. Can you give any color on the magnitude there?

偉大的。然後我想，埃利亞斯，您提到了第四季度支出的一些季節性。你能用顏色來表示那裡的震級嗎？

So there's a couple of drivers that impact our expenses fourth quarter. We do have some seasonality around some of our IT-related spend that's maybe $10 million, $15 million and then obviously, year-end, there's always the bonus accrual true-ups depending where we end the year.

因此，有幾個因素影響了我們第四季的支出。我們的一些與 IT 相關的支出確實存在一些季節性，可能是 1000 萬美元、1500 萬美元，然後顯然，到了年底，總有獎金應計調整，具體取決於我們年底的情況。

Our next question comes from Mike Ward of Citi.

我們的下一個問題來自花旗銀行的麥克沃德。

Maybe just expanding on the questions around third-party risk transfer. I think slow reinsurance historically has been focused more on the fixed annuity side, for new business at least rather than variable. So just wondering if there's like a specific product line that you might be considering more than others?

也許只是擴展有關第三方風險轉移的問題。我認為，歷史上緩慢的再保險更專注於固定年金方面，至少對於新業務而言，而不是可變年金方面。所以想知道是否有一個特定的產品線是您比其他產品線更值得考慮的？

We're always looking for opportunities to optimize the whole portfolio. We're not going to talk about any particular product line.

我們一直在尋找優化整個產品組合的機會。我們不會談論任何特定的產品線。

Okay. And then on Institutional Retirement. Pension deal activity was kind of muted. So just curious if you could sort of comment on that slowdown from a sponsor's perspective and how they're feeling about the market?

好的。然後是機構退休。退休金交易活動有點冷淡。所以只是好奇您是否可以從贊助商的角度對這種放緩發表評論以及他們對市場的感受如何？

Yes. Thanks, Mike. Look, these are very large complex transactions. And it is unpredictable when a particular program is going to land. You think of them as miniature M&A transactions because a great deal of work has to be done on the sponsor side of assembling the asset portfolio and understanding the asset portfolio and then working with the consultant understanding the liability portfolio. And I wouldn't read anything into the relatively modest activity in the third quarter because the pipeline for transactions is -- continues to grow and is very strong. And our focus, I'll remind you is on full plan terminations.

是的。謝謝，麥克。看，這些都是非常大的複雜交易。而且某個特定節目何時落地是不可預測的。您將它們視為微型併購交易，因為發起人必須完成大量工作，組裝資產組合併了解資產組合，然後與顧問合作了解負債組合。我不會對第三季相對溫和的活動進行任何解讀，因為交易管道正在持續成長並且非常強勁。我要提醒您的是，我們的重點是全面終止計劃。

Historically, we have not really participated in the commodity or retiree longevity type deals and full plan terminations because of the external market conditions that exist. Many plans are fully funded and are anxious to move to a full plan termination. So we're seeing more full plan terminations and we're seeing larger full plan terminations. And that's true both in the U.S. and in the U.K. And we're in an extremely strong position in both markets, and the pipeline is very strong. And so I think we will continue to see robust opportunities in the institutional markets business.

從歷史上看，由於存在外部市場條件，我們並沒有真正參與商品或退休人員長壽類型交易和全面計劃終止。許多計劃資金充足，並急於全面終止計劃。因此，我們看到更多的全面計劃終止，並且我們看到更大的全面計劃終止。在美國和英國都是如此。我們在這兩個市場都處於極其有利的地位，而且管道也非常強大。因此，我認為我們將繼續在機構市場業務中看到強勁的機會。

Our next question comes from Suneet Kamath of Jefferies.

我們的下一個問題來自 Jefferies 的 Suneet Kamath。

I guess to start with Elias. The $2 billion of annual distributions that you are sort of guiding to out of the insurance subsidiary, should we expect that to increase as some of these onetime costs are behind you?

我想先從埃利亞斯開始。您引導保險子公司每年分配 20 億美元，隨著其中一些一次性成本已經過去，我們是否應該預期該金額會增加？

Hey Suneet, it's Elias. So the onetime costs we're paying out of the parent, we're not paying out of the insurance companies. But right now, our -- the insurance company's run rate is about $2 billion, what we expect over time as the profitability of the insurance companies improved, there'll be more distributable earnings to maintain our 60% to 65% payout ratio over time.

嘿，蘇尼特，我是埃利亞斯。因此，我們從母公司支付的一次性費用，不是從保險公司支付的。但目前，我們的保險公司的營運率約為20 億美元，我們預計隨著時間的推移，隨著保險公司獲利能力的提高，將會有更多的可分配收益來維持我們60% 至65%的支付率。

Okay. Got it. And then I guess for Kevin, sort of interested in your comment about it being the best environment for the life space in some time. Can you just talk about how that impacts your decisions on capital allocation, maybe across businesses or in total?

好的。知道了。然後我想凱文對你關於它是一段時間內生活空間的最佳環境的評論感興趣。您能否談談這如何影響您的資本配置決策（可能是跨企業的還是整體的）？

Sure. So I think that we have demonstrated over the last 10 years, frankly, that our business model can be successful, whether it is a high rate environment or a lower rate environment. And right now, in the higher rate environment, we're certainly deploying capital into the spread businesses, whereas maybe some of those businesses may not have been as attractive 5 years or so ago based on the environment at that time. And I think one of the great things about our business model is we can deploy capital where the risk-adjusted returns are the highest.

當然。因此，坦白說，我認為過去 10 年我們已經證明，無論是高利率環境還是低利率環境，我們的商業模式都可以成功。目前，在利率較高的環境下，我們肯定會將資本配置到利差業務中，而根據當時的環境，其中一些業務在 5 年前可能沒有那麼有吸引力。我認為我們商業模式的一大優點是我們可以將資本部署在風險調整後回報最高的地方。

And if we are not able to make the hurdles, then we won't necessarily deploy the capital into the new business. And so our strategy is to have a very strong balance sheet, a strong liquidity position, the appropriate leverage profile and allocate an appropriate amount of capital to new business, which is very attractive at this time and still have the financial flexibility to return additional capital to shareholders.

如果我們無法克服障礙，那麼我們不一定會將資金部署到新業務中。因此，我們的策略是擁有非常強大的資產負債表、強大的流動性頭寸、適當的槓桿狀況，並向新業務分配適當數量的資本，這在此時非常有吸引力，並且仍然具有財務靈活性來返還額外資本給股東。

So right now, the environment is very attractive. We expect it will continue too. And what I feel really good about is we've been able to grow the business, the new business significantly in the last 3 quarters and continue to grow the balance sheet, strengthen the balance sheet and enhance our liquidity position and improve our leverage position.

所以現在的環境非常有吸引力。我們預計這種情況也將持續下去。我感到非常高興的是，我們在過去三個季度中能夠顯著增長業務和新業務，並繼續擴大資產負債表，強化資產負債表，增強我們的流動性狀況並改善我們的槓桿狀況。

This is all the time we have questions for today. So I hand back over to Kevin Hogan, CEO, for any closing remarks.

這是我們今天所有的問題。因此，我將把結束語交給執行長凱文霍根 (Kevin Hogan)。

Okay. Thanks. Look, it's been a year since our initial public offering and our results, both for this quarter and since the IPO I think, demonstrate the competitive strengths of our businesses as well as the resilience of our franchise. Our financial position is strong and our opportunities are robust. We're well positioned to continue creating value for and returning capital to our shareholders, building on the outstanding progress we've already achieved in our first year as a public company. Thank you for joining us. Have a good day.

好的。謝謝。看，我們的首次公開募股已經過去一年了，我認為本季和首次公開募股以來的業績都證明了我們業務的競爭優勢以及我們特許經營的彈性。我們的財務狀況強勁，機會充足。在我們作為上市公司第一年所取得的傑出進展的基礎上，我們有能力繼續為股東創造價值並向股東返還資本。感謝您加入我們。祝你有美好的一天。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。您可以斷開線路。