Corebridge Financial Inc (CRBG) 2024 Q4 法說會逐字稿

Hello, everyone, and welcome to today's Corebridge Financial fourth-quarter 2024 earnings Call. My name is Seth, and I'll be the operator for your call today. (Operator Instructions)

大家好，歡迎參加今天的 Corebridge Financial 2024 年第四季財報電話會議。我叫塞思，今天我將接聽您的電話。（操作員指令）

I will now hand the floor over to Isil Muderrisoglu to begin. Please go ahead.

現在我將把發言權交給 Isil Muderrisoglu。請繼續。

Good morning, everyone, and welcome to Corebridge Financial's earnings update for the fourth-quarter and full-year 2024. 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，歡迎閱讀 Corebridge Financial 2024 年第四季和全年收益更新。參加電話會議的還有總裁兼執行長 Kevin Hogan；以及財務長 Elias Habayeb。我們將首先聽取凱文和埃利亞斯的準備好的發言，然後回答大家的問題。

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 applicable securities laws, Corebridge is under no obligation to update any forward-looking statements if circumstances or management's estimates or opinions should change, and you are cautioned to not place undue reliance on any forward-looking statements.

今天的評論可能包含前瞻性陳述，這些陳述受風險和不確定性的影響。這些聲明並非對未來業績或事件的保證，而是基於管理層目前的預期和假設。Corebridge 向美國證券交易委員會提交的文件詳細說明了可能導致實際結果或事件與此類前瞻性陳述表達或暗示的結果或事件有重大差異的重要因素。除適用的證券法要求外，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陳述，並且請注意不要過度依賴任何前瞻性陳述。

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.corbridgefinancial.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 數據的對帳包含在我們的收益報告、財務補充和收益報告中，所有這些內容均可在我們的網站 investors.corbridgefinancial.com 上查閱。

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

說完這些，我現在想把電話轉給凱文和埃利亞斯，請他們發表準備好的發言。凱文？

Thank you, Isil, and good morning, everyone. Since our IPO two years ago, Corebridge has consistently generated strong top line results and bottom line growth, delivered on commitments and made great progress executing our strategy. We are capitalizing on favorable industry dynamics and attractive market opportunities while navigating persistent inflation, volatile markets and the prospect of lower interest rates. This success is a testament to our leading market positions, diversified business model, strong balance sheet and disciplined execution.

謝謝你，伊西爾，大家早安。自兩年前首次公開募股以來，Corebridge 持續創造強勁的營收業績和利潤成長，兌現了承諾並在執行策略方面取得了巨大進展。我們正在利用有利的行業動態和誘人的市場機會，同時應對持續的通貨膨脹、動盪的市場和降低利率的前景。這一成功證明了我們領先的市場地位、多元化的商業模式、強勁的資產負債表和嚴格的執行力。

Turning to Slide 3. At the time of our IPO, we established several financial goals to chart our performance as a new public company: achieve an adjusted ROE of 12% to 14%, a payout ratio of 60% to 65% and maintain a light fleet RBC ratio at or above 400%. These initiatives have been supported by our efficiency program, Corebridge Forward, with the further goal of reducing our run rate expenses by $400 million.

翻到幻燈片 3。在我們首次公開募股時，我們制定了幾個財務目標來規劃我們作為一家新上市公司的表現：實現 12% 至 14% 的調整後 ROE、60% 至 65% 的派息率以及將輕型船隊的 RBC 比率保持在 400% 或以上。這些措施得到了我們的效率計劃 Corebridge Forward 的支持，進一步的目標是減少 4 億美元的營運費用。

I am pleased to report that we met or exceeded each of these goals while positioning Corebridge for long-term success and establishing financial and operational independence. We grew run rate ROE over 300 basis points, firmly landing within our range of 12% to 14%. Strong top-line growth, margin expansion and lower expenses, combined with the investments we made in our operating model, positioned us to capitalize on historic opportunities. We also improved our quarterly run rate operating earnings per share by 35%, with approximately two-thirds of that improvement from earnings growth and one-third from capital management.

我很高興地報告，我們達到或超過了每個目標，同時為 Corebridge 的長期成功奠定了基礎，並建立了財務和營運獨立性。我們的運作率 ROE 成長了 300 個基點以上，穩固地維持在 12% 至 14% 的範圍內。強勁的營收成長、利潤率擴大和較低的費用，加上我們在營運模式上的投資，使我們能夠抓住歷史性的機會。我們也將季度每股營業利潤提高了 35%，其中約三分之二的增幅來自獲利成長，三分之一來自資本管理。

For payout ratio, we exceeded the original target by a significant margin. Since the IPO, we delivered a cumulative payout ratio of 73%, returning $4.9 billion to shareholders over that time, an amount equaling 36% of our market cap at the IPO, and we repurchased 14% of our outstanding shares over that same period. Importantly, we actively maintained strong financial flexibility while delivering robust growth in our businesses.

對於派息率，我們大幅超越了原來的目標。自 IPO 以來，我們實現了 73% 的累積派息率，在此期間向股東返還了 49 億美元，相當於 IPO 時市值的 36%，並且我們在同一時期回購了 14% 的流通股。重要的是，我們在實現業務強勁成長的同時，積極保持了強大的財務靈活性。

In terms of expenses, we achieved our contracted on $400 million of run rate savings ahead of schedule, with $350 million earned in to date. Over the last two years, we reduced expenses by 13% on a comparable basis. As a result of this work, our expense ratio is in the top quartile across our industry and we remain diligently focused on further improving our operational efficiency.

在費用方面，我們提前實現了合約規定的 4 億美元的運行率節約，迄今已節省 3.5 億美元。在過去兩年中，我們在可比較基礎上削減了13%的開支。透過這些工作，我們的費用率處於行業前四分之一，我們將繼續努力專注於進一步提高營運效率。

Finally, we have consistently demonstrated financial discipline. Our regulatory capital levels have exceeded the 400% target as we proactively manage our high-quality assets and liabilities while maintaining strong parent liquidity.

最後，我們一貫地展現財務紀律。由於我們積極管理優質資產和負債，同時保持強大的母公司流動性，我們的監管資本水準已超過 400% 的目標。

Moving to Slide 4. We have built a solid foundation since the IPO, and 2024 was another successful year for Corebridge. I will review our full-year results and Elias will cover the fourth quarter. In 2024, Corebridge increased full-year operating earnings per share by 18% year over year to $4.83. We grew ROE to 12.8%, and on a run rate basis, ROE improved over 100 basis points year over year to 13.2%. At the same time, in 2024, we returned $2.3 billion to shareholders. Additionally, excluding notable items and the sale of our UK Life insurance business, we grew core sources of income by 4%, seeing improvement across all three sources.

移至幻燈片 4。自 IPO 以來，我們已經建立了堅實的基礎，2024 年對 Corebridge 來說又是成功的一年。我將回顧我們的全年業績，而 Elias 將負責第四季業績。2024年，Corebridge 全年每股營業收益年增 18% 至 4.83 美元。我們將 ROE 提高到 12.8%，按照運行率計算，ROE 年比提高了 100 多個基點，達到 13.2%。同時，2024年我們向股東返還23億美元。此外，除去重大項目和出售英國壽險業務，我們的核心收入來源成長了 4%，三大收入來源均有所改善。

Corebridge achieved these positive results through our focus on four strategic pillars: organic growth, balance sheet optimization, expense efficiencies and active capital management. To drive organic growth, we work with our extensive network of distribution partners and leveraged our broad suite of products and services. Our businesses continue to thrive as we fulfilled strong customer demand. We delivered robust sales volumes in 2024 with premiums and deposits of $41.7 billion, a 5% increase over what was a very strong 2023.

Corebridge 透過專注於四大策略支柱取得了這些積極成果：有機成長、資產負債表優化、費用效率和積極的資本管理。為了推動有機成長，我們與廣泛的分銷合作夥伴網絡合作，並利用我們廣泛的產品和服務。由於我們滿足了強勁的客戶需求，我們的業務持續蓬勃發展。2024 年，我們的銷售量強勁，保費和存款達到 417 億美元，比強勁的 2023 年成長了 5%。

Our distribution platform remains an important differentiator for Corebridge. We have, for many years, taken a long-term approach to our distribution partnerships, which has created active, productive and long-lasting relationships. The insight we have into our partner strategies is key. With this insight, we can more effectively meet the needs of their clients and manufacture products that align with their business plans, giving us the opportunity to compete beyond price.

我們的經銷平台仍是 Corebridge 的重要差異化因素。多年來，我們一直採取長期的分銷合作夥伴關係，建立了積極、富有成效和持久的合作關係。我們對合作夥伴策略的洞察是關鍵。憑藉這種洞察力，我們可以更有效地滿足客戶的需求並生產符合其業務計劃的產品，讓我們有機會在價格之外競爭。

Customized products and specialized strategies have been essential to our success and represent an important part of our product development emphasis. With the fourth quarter launch of our market lock registered index-linked annuity, or RILA, Corebridge now has offerings in every major product category. We are proud of our broad product range and recognize the value of choice for financial professionals.

客製化產品和專業化策略對於我們的成功至關重要，也是我們產品開發重點的重要組成部分。隨著我們第四季度推出市場鎖定註冊指數掛鉤年金（RILA），Corebridge 現在已涵蓋所有主要產品類別。我們為我們廣泛的產品系列感到自豪，並認識到金融專業人士的選擇的價值。

Our second pillar is balance sheet optimization, which includes strategic use of reinsurance, strong asset origination and proactive management of our portfolio of high-quality assets and liabilities. We launched our Bermuda affiliated reinsurance strategy in July, and began ceding fixed and fixed index annuity new business. By year-end, we added both in-force and new business for structured settlements and term life. In total, we have ceded just over $12 billion of reserves to our affiliate in Bermuda.

我們的第二個支柱是資產負債表優化，包括策略性地使用再保險、強大的資產發起以及積極管理我們的優質資產和負債組合。我們於7月推出了百慕達附屬再保險策略，並開始轉讓固定和固定指數年金新業務。截至年底，我們已增加了結構化結算和定期壽險的有效業務和新業務。總體而言，我們已將超過 120 億美元的儲備金轉讓給我們在百慕達的附屬公司。

Relative to asset origination, our unique investment platform, which includes our own internal teams and our external partners, Blackstone and BlackRock, has been instrumental in sourcing attractive high-quality assets. These investments support our target returns and product management and collectively, we sourced over $43 billion of assets in 2024. We continue to develop new and expanded asset strategies and maximize the value of our strategic partners. This work has improved credit quality while enhancing income and yield also supporting increased levels of new business volume.

相對於資產發起，我們獨特的投資平台（包括我們自己的內部團隊和外部合作夥伴黑石和貝萊德）在尋找有吸引力的高品質資產方面發揮了重要作用。這些投資支持我們的目標回報和產品管理，2024 年我們總共獲得了超過 430 億美元的資產。我們不斷制定新的、擴大的資產策略，並最大限度地提高我們戰略合作夥伴的價值。這項工作在提高信貸品質的同時，也增加了收入和收益，並支持了新業務量的增加。

Our third pillar is expense discipline. We are very focused on expense management and operational efficiency. And in 2024, Corebridge delivered with full year [GOE] lowered by 4% over the prior year on a comparable basis. Looking forward, we see more opportunity as we further digitize end-to-end processes that support our insurance operations and begin to build on the significant investments we made as part of our separation process to further modernize our finance and actuarial capabilities.

我們的第三個支柱是費用紀律。我們非常注重費用管理和營運效率。2024 年，Corebridge 全年業績 [GOE] 與前一年相比下降了 4%。展望未來，隨著我們進一步數位化支持我們保險業務的端到端流程，並開始在我們作為分離過程的一部分所做的重大投資的基礎上進一步實現我們的財務和精算能力的現代化，我們看到了更多的機會。

Our fourth strategic pillar is active capital management. In 2024, we increased full year dividends from our US insurance subsidiaries by 10%, supporting a full year payout ratio of 81% or 62% excluding proceeds from the sale of U.K. Life. Corebridge is proactive with balance sheet and capital management to ensure we deliver on our financial goals while also pursuing profitable growth and creating financial flexibility.

我們的第四個策略支柱是積極的資本管理。2024 年，我們將美國保險子公司的全年股利提高 10%，支持全年派息率達到 81% 或 62%（不包括出售英國人壽的收益）。Corebridge 積極主動地進行資產負債表和資本管理，以確保我們實現財務目標，同時追求獲利性成長並創造財務靈活性。

Reflecting the strength of our financial position and our continuing commitment to an attractive return for shareholders, I am pleased to announce that our Board of Directors increased the existing share repurchase authorization by $2 billion and increased the quarterly dividend to $0.24 per share.

我很高興地宣布，董事會將現有股票回購授權增加了 20 億美元，並將季度股息提高至每股 0.24 美元，這反映了我們強勁的財務狀況和我們對股東獲得可觀回報的持續承諾。

Corebridge will continue to build on these four pillars: organic growth, balance sheet optimization, expense efficiencies and active capital management to generate further growth and shareholder returns.

Corebridge 將繼續以這四大支柱為基礎：有機成長、資產負債表優化、費用效率和積極的資本管理，以實現進一步的成長和股東回報。

As we look ahead, we expect our annual run rate EPS to increase on average in the range of 10% to 15% over the long term, but this growth will not be linear. In some years, the increase may be higher and in others, lower. Based on current expectations for short-term interest rates, we may see some pressure during the year as we manage our floating rate portfolio, but we view this as only temporary. Additionally, as we look ahead, we expect dividends from our insurance companies to increase another 5% to 10% in 2025.

展望未來，我們預計長期來看我們的年運行率每股收益將平均成長 10% 至 15%，但這種成長並不是線性的。有些年份，增幅可能較高，有些年份，增幅可能較低。根據目前對短期利率的預期，我們在管理浮動利率投資組合時可能會遇到一些壓力，但我們認為這只是暫時的。此外，展望未來，我們預計到 2025 年保險公司的股利將再增加 5% 至 10%。

And now I will hand it over to Elias to cover our fourth-quarter results.

現在我將把時間交給 Elias 來介紹我們的第四季業績。

Thank you, Kevin. I will begin my remarks today on Slide 5. The fourth quarter was a continuation of our strong performance since the IPO fueled by organic growth, balance sheet optimization, expense efficiencies and active capital management.

謝謝你，凱文。我今天的演講將從第 5 張投影片開始。第四季延續了我們自首次公開募股以來的強勁業績，這得益於有機成長、資產負債表優化、費用效率和積極的資本管理。

Corebridge reported fourth-quarter adjusted pretax operating income of $878 million or operating earnings per share of $1.23, an 18% increase year over year on a per share basis. Our operating EPS included one notable item this quarter, resulting in an unfavorable impact of $0.02. Details can be found in our earnings presentation.

Corebridge 公佈第四季度調整後稅前營業收入為 8.78 億美元，即每股營業收益為 1.23 美元，比去年同期增長 18%。本季我們的營業每股收益包含一項值得注意的項目，造成 0.02 美元的不利影響。詳細資訊請參閱我們的收益報告。

Annualized alternative investment returns were $0.03 short of our long-term expectation. This reflected positive trends across traditional private equity, hedge funds and real estate equity as returns improved in 2024 with activities slightly picking up in the second half of the year. Adjusting for notable items and alternative investment returns, we delivered a run rate operating EPS of $1.28, an 11% increase year over year on a competitive basis.

年化另類投資報酬率比我們的長期預期低 0.03 美元。這反映了傳統私募股權、對沖基金和房地產股權的正面趨勢，因為 2024 年回報率有所改善，下半年活動略有回升。經過顯著項目和另類投資回報調整後，我們實現了 1.28 美元的營運每股收益，在競爭基礎上年增 11%。

Moving to Slide 6. The diversity in our sources of income allows Corebridge to consistently deliver attractive financial results under different market conditions. Core sources of income, excluding notable items, grew 4% year over year, driven by increases in fee income and underwriting margin. Fee income, which comprises approximately 30% of our core sources of income, improved 10% as a result of higher account values along with our growing advisory and brokerage business. On a comparable basis, underwriting margin improved 22%, driven by more favorable mortality experience.

移至幻燈片 6。收入來源的多樣性使得 Corebridge 能夠在不同的市場條件下持續提供有吸引力的財務表現。不包括重大項目的核心收入來源年增 4%，這得益於費用收入和承保利潤率的增加。費用收入約占我們核心收入來源的 30%，由於帳戶價值增加以及我們的諮詢和經紀業務不斷發展，費用收入增加了 10%。在可比基礎上，由於死亡率體驗更加有利，承保利潤率提高了 22%。

Base spread income declined 5% from the strong levels of the previous year, driven by the impact of net outflows in our Group Retirement business as well as the impact from changes in short-term interest rates and related hedging activities to maintain alignment between assets and liabilities. The sequential decline was in line with the interest rate sensitivity we shared last quarter.

基本利差收入較上年的強勁水準下降了 5％，這主要是受集團退休業務淨流出的影響以及短期利率變化和相關對沖活動的影響，以保持資產和負債之間的一致性。這一連續下降與我們上個季度所分享的利率敏感度一致。

We anticipate the impact of changes in short-term interest rates along with the related hedging activities and the runoff of our floating rate portfolio will only be a near-term headwind. Underlying base spread income continues to be strong driven by general account growth and higher new money yields. Overall, or bridge continues to fire on all cylinders and the combination of our diversified market leading businesses working together continues to be a key component of our shareholder value proposition.

我們預期短期利率變動以及相關避險活動的影響以及浮動利率投資組合的流失只會成為短期的阻力。受一般帳戶成長和新資金收益率上升的推動，基礎利差收入持續保持強勁。總體而言，OR Bridge 繼續全力以赴，我們多元化市場領先業務的結合合作繼續成為我們股東價值主張的關鍵組成部分。

Before moving on, I want to spend a moment on highlights from each of our businesses. For purposes of this discussion, results exclude the impact of notable items, variable investment income and the sale of our International Life business.

在繼續之前，我想花點時間介紹我們每個業務的亮點。為了本次討論的目的，結果不包括顯著項目、可變投資收益和國際人壽業務出售的影響。

In Individual Retirement, adjusted pretax operating income declined 7% year over year, primarily driven by base spread compression arising from the impact of changes in short-term interest rates and related hedging activities on floating rate asset exposure.

個人退休方面，調整後的稅前營業收入年減 7%，主要由於短期利率變動及相關避險活動對浮動利率資產敞口的影響導致基差壓縮。

Strong sales in the quarter reflected pricing discipline and the $5 billion of premiums and deposits represents another very good quarter. Our broad product suite allows us to fulfill not only growing customer demand, but also evolve with changes in customer appetite, serving as a meaningful differentiator.

本季強勁的銷售表現反映了定價紀律，而 50 億美元的保費和存款則代表著另一個非常好的季度。我們廣泛的產品套件使我們不僅能夠滿足不斷增長的客戶需求，而且還能隨著客戶需求的變化而發展，從而成為有意義的差異化因素。

General account net inflows of $1.6 billion in the fourth quarter further demonstrate the value of our origination capabilities, product portfolio and distribution network. Full-year net inflows were $6.9 billion, nearly double the level achieved in the prior year. The fixed annuity surrender rate dropped to 9.7% for the quarter as surrenders continue to improve from their peak earlier in the year. We expect to see our surrender rates increase in the coming year with large lots of fixed and fixed invest annuities exiting their surrender charge period. That said, we expect continued net inflows in the general account from individual retirement.

第四季 16 億美元的一般帳戶淨流入進一步證明了我們的發起能力、產品組合和分銷網絡的價值。全年淨流入量為 69 億美元，幾乎是去年的兩倍。本季固定年金退保率下降至 9.7%，退保率較今年稍早的高峰持續改善。我們預計，隨著大量固定和固定投資年金結束退保費用期，來年退保率將會上升。儘管如此，我們預計個人退休金將繼續淨流入一般帳戶。

Group Retirement delivered another steady quarter through its balanced contribution from spread and fee income. Both spreads and fee income will continue to reflect the impact of net outflows and asset values. Advisory and brokerage sales grew 31% year over year, supported by strong customer demand and favorable equity market performance while out-of-plan annuity sales in the current quarter mirrored broader industry trends. We saw net outflows of $3.5 billion in the fourth quarter due to planned losses and required minimum distributions by plan participants. Excluding these two items, net flows remained relatively stable throughout the year.

團體退休金業務透過利差和費用收入的平衡貢獻，又取得了一個穩定的季度。利差和費用收入將繼續反映淨流出和資產價值的影響。受強勁的客戶需求和良好的股票市場表現的推動，諮詢和經紀銷售額同比增長 31%，而本季度的計劃外年金銷售反映了更廣泛的行業趨勢。由於計劃損失和計劃參與者的最低分配要求，第四季度我們的淨流出量為 35 億美元。除去這兩項，全年淨流量保持相對穩定。

Looking forward, we expect first quarter Group Retirement net flows to be more consistent with levels observed in the first half of 2024. Life Insurance continues to be a strong performer. Adjusted pretax operating income increased more than 100% year-over-year, primarily driven by more favorable universal life mortality experience. Sales volumes continued to outpace the industry as a result of strong product positioning, investments in our digital and automated underwriting capabilities and expanded distribution.

展望未來，我們預計第一季團體退休淨流量將與 2024 年上半年的水準更加一致。人壽保險持續表現強勁。調整後的稅前營業收入年增超過 100％，主要得益於更有利的萬能壽險死亡率經驗。由於強大的產品定位、對數位和自動承保能力的投資以及擴大的分銷範圍，銷售量繼續超過行業水平。

In Institutional Markets, adjusted pretax operating income was virtually flat year over year. As a reminder, earnings from this segment may reflect some quarterly volatility, but core earnings should increase as reserves grow over time.

在機構市場，調整後的稅前營業收入與去年同期相比基本持平。提醒一下，該部門的收益可能反映出一些季度波動，但隨著儲備金隨著時間的推移而增加，核心收益應該會增加。

Full-year earnings increased 17%, in line with reserves. We continue to grow our FABN program as a disciplined but consistent issuer and continue to see an attractive pipeline for pension risk transfer transactions in the coming year.

全年獲利成長 17%，與儲備一致。作為一個紀律嚴明但始終如一的發行人，我們將繼續發展我們的 FABN 計劃，並在未來一年繼續看到退休金風險轉移交易的吸引力。

Our financial results for the quarter demonstrate the benefits of multiple sources of income as well as our ability to improve expense efficiency while also growing the balance sheet. From the end of 2022, the cumulative improvement in our operating expenses was 13%, primarily driven by efficiencies from Corebridge Forward.

我們本季的財務表現證明了多種收入來源的好處以及我們在擴大資產負債表的同時提高費用效率的能力。從 2022 年底開始，我們的營運費用累積改善了 13%，這主要得益於 Corebridge Forward 的效率提升。

On a year-over-year basis, fourth quarter general operating expenses for our insurance businesses and parent company were modestly lower after excluding the sale of our International Life business and the onetime notable item. This largely was the result of savings from our expense efficiency program, offset by costs attributable to sales growth as well as some nonrecurring and seasonally higher expenses.

與去年同期相比，在扣除國際人壽業務的出售和一次性顯著項目後，我們的保險業務和母公司第四季度的一般營運費用略有下降。這主要是因為我們的費用效率計劃節省了開支，但抵消了銷售成長產生的成本以及一些非經常性和季節性較高的費用。

Moving to Slide 7. Corebridge remains well capitalized with strong liquidity. We ended the year with holding company liquidity of $2.2 billion. This includes approximately $1 billion of proceeds from debt issuance in September and November that prefunds our upcoming maturities in 2025. Our disciplined and proactive balance sheet management has enabled Corebridge to pursue profitable growth while delivering our financial and capital management goals.

移至幻燈片 7。Corebridge 資本充足，流動性強勁。截至年底，我們的控股公司流動資金達到 22 億美元。其中包括 9 月和 11 月發行債券所得的約 10 億美元，用於預先為我們 2025 年即將到期的債券提供資金。我們嚴謹且積極主動的資產負債表管理使 Corebridge 能夠在實現財務和資本管理目標的同時追求獲利成長。

Our US insurance companies distributed $550 million in the fourth quarter, bringing full-year distributions to $2.2 billion, a 10% increase year over year. At the same time, we returned $527 million of capital to shareholders during the quarter, including nearly $400 million of share repurchases. The $1.8 billion of share repurchases for the full year includes proceeds from the sale of our U.K. Life Insurance business, which we have fully deployed.

我們的美國保險公司在第四季度分配了 5.5 億美元，全年分配額達到 22 億美元，年增 10%。同時，我們在本季向股東返還了 5.27 億美元的資本，其中包括近 4 億美元的股票回購。全年 18 億美元的股票回購包括出售我們已全面部署的英國壽險業務所得的收益。

Corebridge continues to target a 60% to 65% payout ratio for 2025. Our strong balance sheet, which saw asset growth of 7% year over year, continues to reflect a clean in-force portfolio backed by high-quality assets. We estimate our life fleet RBC ratio to be in the range of 420% to 430% as of the end of 2024.

Corebridge 繼續將 2025 年的派息率定為 60% 至 65%。我們的資產負債表強勁，資產年增 7%，繼續反映出由優質資產支撐的乾淨的有效投資組合。我們估計，截至 2024 年底，我們的生命船隊 RBC 比率將在 420% 至 430% 之間。

In conclusion, our diversified business model, strong balance sheet and disciplined execution should continue to lead to growing cash flow, earnings and financial flexibility, which strengthen our franchise and ultimately increase shareholder value.

總而言之，我們多元化的商業模式、強勁的資產負債表和嚴格的執行力將繼續帶來不斷增長的現金流、收益和財務靈活性，從而增強我們的特許經營權並最終提高股東價值。

With that, I will now turn the call to Isil.

說完這些，我現在將呼籲伊斯蘭國。

Thank you, Elias. As a reminder, please limit yourself to one question and one follow-up. Operator, we are now ready to begin the Q&A portion of the call.

謝謝你，伊萊亞斯。提醒一下，請將自己限制為一個問題和一個後續問題。接線員，我們現在準備開始通話的問答部分。

(Operator Instructions) Cave Montazeri, Deutsche Bank.

（操作員指示） 德意志銀行 Cave Montazeri。

My first question is on base spread income. As it stands today, it's probably not unreasonable to think that the Fed has started cutting rates and could remain on hold throughout the year. With that in mind, how should we think about base spread income in the first half of 2025 versus the second half when we lapse the lagged impact of the 2024 rate cuts, which you previously mentioned, take about two quarters to earn in.

我的第一個問題是關於基差收入。從目前的情況來看，認為聯準會已開始降息並且可能在全年維持利率不變或許並非不合理。考慮到這一點，當我們消除 2024 年降息的滯後影響（您之前提到，大約需要兩個季度才能獲得收益）時，我們應該如何看待 2025 年上半年與下半年的基本利差收入。

Yes. Thanks, Cave. First, what I would say is that across the board, the business conditions remain excellent. Our distribution platform is very strong and vibrant. And all of our businesses are supported by macro trends. So we expect our spread income as well as our other sources of income to grow over time, notwithstanding some of the short-term impacts of the rate reductions.

是的。謝謝，Cave。首先，我想說的是，整體來看，商業環境依然良好。我們的分銷平台非常強大且充滿活力。我們所有的業務都受到宏觀趨勢的支撐。因此，儘管降息會帶來一些短期影響，但我們預計我們的利差收入以及其他收入來源將隨著時間的推移而成長。

We provided our sensitivity to [SOFA] rates last quarter, and our results are consistent with that sensitivity. And let me unpack it a little bit. When the Fed cuts rates, right, it creates short-term headwinds in spread income and spreads as the floating rate assets reset. And this impact generally earns in over two quarters, like you said. Some resets are within 30 days, most are within 90 of the day of the cuts. So it does depend to a certain extent when the cuts occur how those earn in.

我們在上個季度提供了對 [SOFA] 利率的敏感度，我們的結果與此敏感度一致。讓我稍微解釋一下。當聯準會降息時，隨著浮動利率資產的重置，它會在利差收入和利差方面造成短期阻力。正如您所說，這種影響通常會在兩個季度內顯現。有些重置在 30 天內進行，大多數在削減之日起 90 天內進行。因此，這在一定程度上取決於何時削減開支以及收入來源。

I'll also add, most of the effect is in our Individual Retirement segment. As these floating rate assets are used to align the ALM profile with our liabilities that are beyond their surrender charge period. And so we saw the sequential impact in the fourth quarter, which was around $30 million. And as we earlier stated, our individual retirement spreads also reflects a marginal single-digit spread compression as the new business cost of funds are lower than the in-force cost of funds. And of the 18 bps of sequential compression, most of it was due to resets.

我還要補充一點，大部分影響都集中在我們的個人退休領域。因為這些浮動利率資產用於使 ALM 狀況與我們超出退保費用期間的負債保持一致。因此我們看到了第四季度的連續影響，約 3000 萬美元。正如我們之前所說，由於新業務基金成本低於有效基金成本，我們的個人退休利差也反映了邊際個位數的利差壓縮。在 18 bps 的連續壓縮中，大部分是由於重置造成的。

So once the floater reset cycle earns through, we do expect spread income to continue to grow because the new business conditions, including margins, are very supportive. And we expect to continue above all to enjoy positive net flows in the general account, further supporting our future growth and spread income and are confident in achieving our financial objectives and growing, not only the spread income, but our other sources of income and increasing our earnings per share over time.

因此，一旦浮動利率重置週期結束，我們確實預期利差收入將繼續成長，因為包括利潤率在內的新業務條件非常有利。我們預計，最重要的是，一般帳戶的淨流量將繼續為正，這將進一步支持我們未來的成長和利差收入，我們有信心實現我們的財務目標，不僅增加利差收入，還增加其他收入來源，並隨著時間的推移增加我們的每股盈餘。

And my follow-up is on the EPS growth target of 10% to 15% that you mentioned. What is the baseline EPS we should be using for 2024 for that? Like should we just use the (inaudible) notable items and normalizing for VII?

我的後續問題是您提到的每股盈餘成長 10% 至 15% 的目標。我們應該為 2024 年使用基準每股盈餘 (EPS) 是多少？例如，我們應該只使用（聽不清楚）值得注意的項目並對 VII 進行規範化嗎？

Cave, it's Elias. Yes, I would go with the reported EPS going forward. As Kevin said in his comments, we expect to grow it, on average, 10% to 15% per year, '25 will be on the lighter end of that, given the earn in of the actions the Fed has already taken into consideration.

凱夫，我是埃利亞斯。是的，我會遵循報告的每股盈餘。正如凱文在評論中所說，我們預計平均每年增長 10% 至 15%，考慮到聯準會已經考慮的行動，25% 的成長幅度將比較小。

But I repeat, we've got four levers on how we're going to deliver the growth in EPS, whether it's organic growth, balance sheet optimization, continued focus on expenses and capital management. So those levers that brought us to here have more upside and we're confident in our ability to continue to grow EPS going forward.

但我再重複一遍，我們有四個槓桿來實現每股盈餘成長，無論是有機成長、資產負債表優化、繼續專注於費用和資本管理。因此，那些使我們走到今天的槓桿還有更多的上升空間，我們有信心在未來繼續提高每股盈餘。

Alex Scott, Barclays.

巴克萊銀行的亞歷克斯·斯科特 (Alex Scott)。

First one I have is on the cash flow. I think you mentioned that you expect some growth off of the subsidiary dividends and the holdco that you had in '24 as we look into '25. And so I just wondered if you could help us think through the components of that. I mean the spread compression is a little bit of a headwind, but what are some of the things that are benefiting cash flow, whether it's Bermuda or other things?

我首先要問的是現金流。我記得您提到過，展望 25 年，您預計子公司股息和 24 年控股公司將實現一定成長。所以我想知道您是否可以幫助我們思考其中的各個組成部分。我的意思是利差壓縮有點不利，但有哪些因素對現金流有益，無論是百慕達還是其他因素？

Alex, it's Elias. So there's different variables that contribute to the cash generation in the insurance companies. And part of it is the diversified revenue sources we have, and that contributed to stability in the cash flow generation over time. We are also focused on expenses and reducing expenses in the business units.

亞歷克斯，我是伊萊亞斯。所以，有不同的變數影響保險公司的現金創造。其中一部分原因是我們擁有多元化的收入來源，這有助於長期維持現金流的穩定。我們也注重費用支出並削減業務部門的開支。

And then what Bermuda does, it's another tool in our capital management toolkit that gives us financial flexibility to make sure we deliver on our capital management objectives while creating capacity to grow the business and allow us to grow earnings and cash flows over time. So the combination of those things gives us the confidence in increasing the dividends from the insurance companies while continuing to grow the business.

百慕達的作用是，它是我們資本管理工具包中的另一個工具，它為我們提供了財務靈活性，以確保我們實現資本管理目標，同時創造了業務增長能力，並允許我們隨著時間的推移增加收益和現金流。所以這些因素的結合讓我們有信心在繼續發展業務的同時增加保險公司的紅利。

That's helpful. And just on the pillar that you kind of talked about with the capital optimization. Now that Bermuda, I don't want to say, is fully behind you, but it sounds like a lot of the work has been done there at this point. I mean where does your focus turn in terms of what's next on work that's being done there? Are you still exploring potential third-party reinsurance? Are there other things that you can do internally? I'd just be interested in any color there.

這很有幫助。這正是您所談論的資本優化支柱。現在，我不想說百慕達已經完全支持你了，但是聽起來目前那裡已經完成了很多工作。我的意思是，就下一步的工作而言，您的重點將轉向哪裡？您還在探索潛在的第三方再保險嗎？您還可以在內部做其他事情嗎？我對那裡的任何顏色都感興趣。

Yes. Thanks. I mean there's a couple of different levers relative to balance sheet optimization. We've done a lot of work in the asset portfolio, but there continues to be some additional opportunities there. As you've pointed out, I mean reinsurance is another lever that we have available.

是的。謝謝。我的意思是，有幾個與資產負債表優化相關的不同槓桿。我們在資產組合方面做了很多工作，但其中仍然存在一些額外的機會。正如您所指出的，再保險是我們可用的另一個槓桿。

We have been working a lot on Bermuda as an extension of our capital management toolkit. In the midyear, we started seeding the fixed annuity and index annuity new business. And towards the end of the year. We added our first in-force transaction as well as new business on structured settlements and term life. But we still have further opportunities, both for in-force and new business sessions, and we continue to evaluate opportunities there.

我們在百慕達開展了大量工作，以擴展我們的資本管理工具包。年中，我們開始播種固定年金和指數年金新業務。接近年底。我們增加了第一筆有效交易以及結構化結算和定期壽險的新業務。但我們仍有進一步的機會，包括現有業務和新業務會議，我們將繼續評估這些機會。

But while we focused on Bermuda in 2024, we continue to evaluate potential external transactions, some discussions further along than others, and we continue to evaluate all options in the interest of driving shareholder value. And then the other thing I would say on balance sheet is we do expect VII to recover to our long-term expectations of 8% to 9% this year, albeit the back half of the year is going to be stronger than the first half based on our expectations.

不過，雖然我們在 2024 年的重點是百慕達，但我們仍在繼續評估潛在的外部交易，有些討論比其他討論更深入，並且我們將繼續評估所有選擇，以提高股東價值。然後，我想在資產負債表上說的另一件事是，我們確實預計 VII 今年將恢復到我們長期預期的 8％至 9％，儘管根據我們的預期，今年下半年將比上半年更強勁。

Ryan Krueger, KBW.

瑞安·克魯格（Ryan Krueger），KBW。

I wanted to come back to the EPS growth because I think I just want to make sure we get 2025 on the right basis with your expectations. So I guess, given the spread pressures that I know are near term in nature, but I guess to me, it would seem logical that your EPS growth would be less than 10% in 2025. I know you said (inaudible), but I don't want to get in a situation where we all assume 10% and then consensus is too high. So can you give any more clarification on how you're thinking about this?

我想回到每股收益成長的話題，因為我認為我只是想確保我們在正確的基礎上實現 2025 年的預期。因此，我想，鑑於我所知道的利差壓力是短期的，但我認為，到 2025 年，您的每股盈餘成長率將低於 10% 似乎是合乎邏輯的。我知道您說過（聽不清楚），但我不想陷入這樣的情況：我們都假設 10%，然後共識太高。那麼您能否進一步說明一下您是如何看待這個問題的呢？

Yes. Ryan. And I want to clarify also my response to Cave. We're looking at what's our core EPS. That's what we're targeting for growth. Right now, given the current outlook, we do think EPS will grow, it will be less than 10%. There are a number of dynamics. As you mentioned, spread income, but that's only like 50% of our revenue sources. There's a short-term impact in the front part of the year. But if you look at our fee income and the underwriting margins we have, we do see favorable conditions for those to grow in 2025.

是的。瑞安。我也想澄清我對 Cave 的回應。我們正在關注我們的核心每股收益是多少。這就是我們的成長目標。目前，鑑於目前的前景，我們確實認為每股收益將會成長，但增幅將低於 10%。有許多動態。正如您所說，分攤收入，但這僅占我們收入來源的 50%。今年上半年會產生短期影響。但如果你看看我們的費用收入和承保利潤率，我們確實看到了2025年成長的有利條件。

And as Kevin said, around VII, based on the current outlook, we do expect it to recover close to our long-term expectations and we're focused on reducing expenses and we're also focused on returning capital to shareholders. So collectively, that will grow EPS, but we do think it could be lighter than 10%.

正如凱文所說，在 VII 左右，基於目前的前景，我們確實預計它將恢復到接近我們的長期預期，我們專注於削減開支，我們也專注於向股東返還資本。因此總體而言，這將使每股收益成長，但我們認為增幅可能會低於 10%。

Sorry to belabor this, but the starting point. I think you reported [483]. Should we be normalizing for both notable items and lower VII or what's the right basis?

很抱歉對此進行過多闡述，但這只是起點。我認為你報告了[483]。我們是否應該針對值得注意的項目和較低的 VII 進行標準化，或者正確的基礎是什麼？

No, that would be the right basis. So adjust the VII performance as well as adjust for notable items.

不，那是正確的基礎。因此，請調整 VII 的性能並調整值得注意的項目。

Okay. And then can you expand on the potential for further expense efficiencies? And I guess, how meaningful you're thinking that could be over the next several years?

好的。那麼能否進一步闡述進一步提高費用效率的潛力呢？我想，您認為這在未來幾年會有多大意義呢？

Yes. I mean first of all, what I'd say is that we have the other $50 million on Corebridge Forward that's going to earn in throughout the course of the year. And our current focus is on the -- our data, our actuarial and finance and applying digitization and automation capabilities across the business. On a same-store basis, we are looking to reduce our unit costs over time. We don't have any particular targets to announce at this point relative to expenses, but we continue to work through our opportunities and plans and do expect to increase our expense efficiencies over time.

是的。首先，我想說的是，我們在 Corebridge Forward 上還有另外 5,000 萬美元的投資，這些資金將在今年內獲得收益。我們目前的重點是——我們的數據、我們的精算和財務以及在整個業務中應用數位化和自動化功能。在同店基礎上，我們希望隨著時間的推移降低單位成本。目前，我們還沒有宣布與費用相關的具體目標，但我們會繼續努力抓住機會，制定計劃，並期望隨著時間的推移提高我們的費用效率。

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘 (Elyse Greenspan)。

My first question was on Individual Retirement. You guys highlighted that surrender rates would increase over the coming year. Can you just give a little bit more color about expectations there for Q1, but even throughout 2025.

我的第一個問題是關於個人退休。你們強調說未來一年的退保率將會增加。您能否稍微詳細說明一下第一季以及整個 2025 年的預期？

Yes. Thanks, Elyse. Look, from our experience, surrender rates reflect where market interest rates and credit spreads are at any given time. Also pointing out that these are the same factors that reflect in new business volumes. And we have not seen anything in the last several cycles of surrender rates that were outside of our expectations in this respect. And we do expect that surrender rates going forward will continue to reflect that. Certainly in the fourth quarter, based on the conditions there, we saw lower surrender rates than we have experienced in some time.

是的。謝謝，伊莉絲。從我們的經驗來看，退保率反映了特定時期的市場利率和信用利差。並指出這些因素也反映在新業務量中。在過去幾個週期中，我們沒有看到任何超出我們預期的退保率。我們確實預計未來的退保率將繼續反映這一點。當然，基於第四季度的情況，我們看到的退保率比一段時間以來的任何時候都要低。

What I will point out is there's a natural growth in our portfolio. We've consistently been growing indexed annuities for basically a decade. And the last couple of years, fixed annuity growth has been several -- has been strong for several years. So that will impact the volume of product exiting the surrender charge protection, but not necessarily the surrender rates. Those surrender rates are going to reflect where the new business conditions are.

我要指出的是，我們的投資組合呈現自然成長。基本上十年來，我們一直在持續發展指數年金。過去幾年，固定年金成長一直強勁。因此，這將影響退出退保費用保護的產品數量，但不一定會影響退保率。這些退保率將反映出新的商業狀況。

And what I'd say right now is that the current environment and expectations are that new business conditions are very supportive. The margins are attractive. And we continue to expect our general accounts and spread income will grow over time. And also, I'll point out, spread income is just one of our sources of income. And we're also expanding our portfolio, such as most recently with the launch of our RILA product, which is off to a great start.

我現在要說的是，目前的環境和預期是，新的商業條件非常有利。利潤空間頗具吸引力。我們繼續預計我們的一般帳戶和利差收入將隨著時間的推移而增長。而我要指出的是，利差收入只是我們的收入來源之一。我們也在擴大我們的產品組合，例如最近推出的 RILA 產品，這是一個好的開始。

So the surrender rates will reflect where market conditions are, but our portfolio has been growing over time. So the amount of surrender -- on a product exiting surrender charge protection, that's what's expected to increase over time.

因此，退保率將反映市場狀況，但我們的投資組合一直在不斷增長。因此，對於退出退保費用保護的產品，退保金額預計會隨著時間的推移而增加。

And then my second question on capital return. Is the baseline expectation just that you'll be within the 60% to 65% target in all of the four quarters of the year? And then given that we're almost done with Corebridge Forward, I'm assuming, should we just think about holdco cash, obviously, adjust for the $1 billion of debt, think about what you want to have on hand as kind of annual needs, thinking about interest and dividend? Or is there anything else we need to consider?

我的第二個問題是關於資本回報。基準預期就是全年四個季度都達到 60% 到 65% 的目標嗎？然後，鑑於我們幾乎完成了 Corebridge Forward，我假設，我們是否應該只考慮控股公司的現金，顯然，要調整 10 億美元的債務，考慮一下你希望手頭上有多少年度需求，考慮一下利息和股息？或者我們還需要考慮其他什麼？

No. Elyse, it's Elias. So with respect to the first part of your question on capital return, the baseline right now is 60% to 65% over the course of the year. And as you see, we've been, other than before deploying the UK proceeds, have been pretty consistent over the course of '24.

不。伊莉絲，我是伊萊亞斯。因此，關於您問題的第一部分關於資本回報，目前的基準是全年 60％ 到 65％。正如您所看到的，除了在部署英國收益之前之外，我們在過去 24 年一直保持相當穩定。

In terms of the holdco liquidity, we ended the year at $2.2 billion. We had about $1 billion we prefunded for 2025. Putting that aside, we were still in a very strong position. And our philosophy is to hold cash equal to the parent needs for the next year, which includes debt service as well as parent expenses, which are coming down as well as for the dividend, which is different than what others might do. We prefund the full year dividend from it. So the philosophy around how much liquidity we need to hold at the parent hasn't changed. That number has come down as we worked through all the onetime expenses that the parent was covering.

就控股公司流動性而言，年底我們的流動性為 22 億美元。我們為2025年預先籌資約10億美元。拋開這一點不談，我們仍然處於非常有利的地位。我們的理念是持有的現金與母公司明年的需求相等，其中包括債務償還和母公司費用，這些費用和股息都在下降，這與其他公司的做法不同。我們從中預先撥付了全年股息。因此，我們在母公司需要持有多少流動性的理念並沒有改變。當我們計算出父母承擔的所有一次性費用後，這個數字就下降了。

Joel Hurwitz, Dowling and Partners.

喬爾‧赫爾維茨 (Joel Hurwitz)、道林及合夥人。

So the Life results were strong in the quarter and for the full year. I guess, can you guys just mention how favorable mortality was both in Q4 and for '24? Just trying to get a better sense of how sustainable these levels of earnings are in Life.

因此，人壽保險本季和全年的業績都很強勁。我想，你們能否提一下第四季和 24 年的死亡率有多好？只是想更了解這些收入水準在生活中的可持續性。

Joe, it's Elias. So listen, we've been working on improving the performance of our Life business. And that's kind of coming through our numbers. Our run rate, we think, is in the [110 to 120] range on a quarterly basis on average for the Life business, with the exception of the first quarter where seasonally, we expect mortality to be higher by about $15 million, maybe $20 million. But I think the new run rate for us is you should be thinking around 110 to 120 a quarter other than the first quarter for the Life business.

喬，我是伊萊亞斯。聽著，我們一直在努力提高我們人壽業務的表現。這些是透過我們的數據得出的。我們認為，我們的壽險業務季度運行率平均在 [110 到 120] 之間，但第一季除外，由於季節性因素，我們預計死亡率將高出約 1500 萬美元，甚至可能 2000 萬美元。但我認為，對我們來說，新的運行率應該是，除了第一季的人壽業務外，每季大約是 110 到 120。

Great. That's helpful. And then just shifting to the new RILA product. Can you just provide us how much that contributed to sales in the fourth quarter? And any color on expectations for sales contribution in 2025?

偉大的。這很有幫助。然後轉向新的 RILA 產品。您能否告訴我們這對第四季的銷售貢獻了多少？對 2025 年銷售貢獻有何預期？

Yes. Thanks, Joel. So we've observed RILA is an increasingly important product in the market as seen in the fourth quarter where looks like sales for the first time exceeded traditional variable annuity sales in the (inaudible) market. In our case, we're very pleased with the RILA launch so far. I would point out that some of the largest states have yet to come online, and some of our largest distribution partners won't come online until first quarter or later in the year. But the response has been excellent by year-end. We had already received over $90 million worth of applications.

是的。謝謝，喬爾。因此，我們觀察到 RILA 是市場上越來越重要的產品，正如在第四季度所看到的那樣，其銷售額首次超過了（聽不清楚）市場上的傳統變額年金銷售額。就我們而言，到目前為止，我們對 RILA 的發布感到非常滿意。我想指出的是，一些最大的州尚未上線，我們的一些最大的分銷合作夥伴要到今年第一季或晚些時候才會上線。但到年底時，反應非常好。我們已經收到價值超過9000萬美元的申請。

And so we came into the first quarter, seeing strong momentum as some of our larger distribution partners are now coming online. And so we feel this is a very good start, and we are looking forward to continuing to report our progress. We do expect over time that we will attain our sort of national market share in this product alongside our other products.

進入第一季度，我們看到了強勁的發展勢頭，因為我們的一些較大的分銷合作夥伴現在開始上線。因此，我們認為這是一個非常好的開始，我們期待繼續報告我們的進展。我們確實期望隨著時間的推移，該產品將與我們的其他產品一起在全國市場上佔據一席之地。

Suneet Kamath, Jefferies.

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

On the surrenders in Individual Retirement, is there any way that you can help us size what you expect might happen in 2025? And are the spreads on that business pretty consistent with the overall segment? Or are they different one way or the other?

關於個人退休金的退保，您能幫我們估算一下 2025 年可能出現的情況嗎？該業務的利差與整體分部的利差是否一致？或者它們有某種不同嗎？

So yes. Look, as I had pointed out, we do believe that the surrenders are going to reflect what market conditions are at a given time and interest rates and credit spreads. So at this point in time, we're not really projecting any dramatic difference from the conditions that you would read into the forward curve.

所以是的。正如我所指出的，我們確實相信退還金額將反映特定時間的市場狀況以及利率和信用利差。因此，目前我們實際上並沒有預測到與您在遠期曲線中讀到的情況有任何顯著差異。

In terms of the increase in volumes. It's an incremental increase in volumes, but that also, we expect, is going to reflect the increase in the overall earnings in the portfolio. So it's impossible to predict what ultimate conditions will be, but we're comfortable with the fact that we're going to be able to continue to grow the general account and grow spread earnings over time once we get through the impact of the rate resets.

就數量增加而言。這是交易量的逐步增加，但我們預計，這也將反映出投資組合整體收益的增加。因此，我們不可能預測最終的情況會是怎樣，但我們確信，一旦我們克服利率重置的影響，我們將能夠繼續增加一般帳戶，並隨著時間的推移增加利差收益。

Yes. Suneet. If you look at 2024, we had higher surrenders, but we had strong sales and the net influence to the general account was about $7 billion for the year, and we grew the general account in Individual Retirement by 9%.

是的。蘇尼特。如果你展望 2024 年，我們的退保額會更高，但銷售額會很強勁，對一般帳戶的淨影響全年約為 70 億美元，個人退休一般帳戶增長了 9%。

Looking into 2025, the fundamentals in the business and Individual Retirement, as Kevin said, are very strong. So even though we may have higher surrenders, we're expecting strong inflows into the general account for 2025. We expect to grow spread income in the business. Once we're past earning in the 100 basis points rate cut, we expect spread income to grow. The fundamentals in that business are very strong, whether you want to look at market conditions, you want to look at the demographic conditions.

展望 2025 年，正如凱文所說，業務和個人退休的基本面非常強勁。因此，儘管我們的退還金額可能會更高，但我們預計 2025 年一般帳戶的流入資金將強勁。我們預期業務利差收入能夠增加。一旦我們在降息 100 個基點的背景下獲得收益，我們預計利差收入將會成長。無論你是想了解市場狀況，還是了解人口狀況，該行業的基本面都非常強勁。

And this fourth quarter, had it not been for the rate cuts, spread income would have grown sequentially. So we're bullish on the business. It's an important source of business for us, and we expect it to be continuing to grow and delivering strong results going forward.

而今年第四季度，如果不是降息，利差營收將會季增。因此，我們對該業務充滿信心。這是我們的重要業務來源，我們預計它將繼續成長並在未來取得強勁業績。

Got it. Okay. And then on the fixed annuities. It looked like, on a sequential basis, your sales were down a decent amount more than the industry. Just wondering if there was anything unusual going on there, maybe more of a focus on RILA or something else from a pricing perspective? And would you expect fixed annuity sales to grow in '25 relative to '24?

知道了。好的。然後是固定年金。看起來，從連續性來看，你們的銷售額比產業平均下降了不少。只是想知道那裡是否有任何不尋常的事情發生，也許從定價的角度來看，更多地關注 RILA 或其他東西？您預期 25 年固定年金銷售額相對於 24 年會成長嗎？

Yes. Thanks, Suneet. We price very dynamically relative to where market conditions are. Normally, we reprice our fixed annuity business on a weekly basis. And there are micro cycles through the course of the quarter that reflect where our pricing may be relative to others, often when rates are increasing certain parts of the curve. We can price ahead of that. And likewise, when rates are coming down, we can price ahead of that. And that's, I think, what you saw in the fourth quarter.

是的。謝謝，Suneet。我們的定價會根據市場情況動態變動。通常，我們每週都會重新定價固定年金業務。並且，在整個季度中，存在一些微週期，這些微週期反映了我們的定價相對於其他定價的位置，通常是在利率增加曲線的某些部分時。我們可以提前定價。同樣，當利率下降時，我們可以提前定價。我想，這就是你在第四季所看到的。

Our strategy is to focus the capital where the risk-adjusted returns are the most attractive at a given point in time. And so we saw very strong outcomes in the fixed index annuity in the first quarter. So it's not a matter of anything other than reflective of where we believe the competitive pricing was. We see a very robust environment for fixed annuity still, and it continues to be a very valuable product. There's a whole new range of advisers that have discovered the importance of fixed income like products as part of a long-term retirement savings, asset allocation, and we see that trend continue.

我們的策略是將資本集中在特定時間點風險調整報酬最具吸引力的地方。因此，我們在第一季看到固定指數年金的表現非常強勁。所以，這只是反映我們認為的競爭性定價水準而已。我們看到固定年金的環境仍然非常強勁，它仍然是一種非常有價值的產品。大量顧問發現了固定收益產品作為長期退休儲蓄和資產配置的一部分的重要性，我們看到這種趨勢仍在繼續。

And as I pointed out and as Elias reinforced, new business conditions right now appear excellent. So we expect momentum coming through the year, and we do expect that. We'll continue to focus our capital where the risk-adjusted returns are the most attractive.

正如我所指出的以及伊萊亞斯所強調的，目前的新商業環境看起來非常好。因此，我們預計今年將會有這樣的勢頭，我們確實期待這一點。我們將繼續把資本集中在風險調整後回報最具吸引力的地方。

Jack Matten, BMO.

傑克·馬滕，BMO。

Just a follow-up on the base spreads. In Individual Retirement, they fell 18 basis points sequentially. And I think sensitivity you gave last quarter was something maybe closer to 10 basis points given the number of rate cuts so far. I guess the remainder, was that just from the new business cost of funds impact that you mentioned or anything else you'd call out? How would you expect base spreads to trend moving forward, excluding the impact of short-term rates?

僅是對基礎傳播的追蹤。個人退休金率連續下降了 18 個基點。我認為，考慮到迄今為止的降息次數，您給出的上個季度的敏感度可能接近 10 個基點。我想剩下的只是您提到的新業務資金成本影響，還是您要提到的其他影響？排除短期利率的影響，您認為基本利差的未來趨勢如何？

Jack, it's Elias. So the three basis point impact from rate cuts we gave on the last quarter was for the full company. So with the floating rate exposure is concentrated in Individual Retirement, you've got to multiply that by two, just given the denominator is almost half the total company denominator. So you've had 100 basis points worth of cuts, let's ignore December. If you just go through November, that would imply 18 basis points reduction in base yields in Individual Retirement if all three cuts fully earned in.

傑克，我是埃利亞斯。因此，我們在上個季度降息的三個基點的影響是針對整個公司的。因此，由於浮動利率風險集中在個人退休，你必須將其乘以二，因為分母幾乎是公司總分母的一半。因此，已經進行了 100 個基點的降息，我們先忽略 12 月。如果您只看 11 月的數據，如果三次降息全部生效，這將意味著個人退休基本收益率將減少 18 個基點。

Now they didn't all fully earn in given timing and the timing of resets, but what we're seeing is the majority of the 18 basis point compression in the base spreads in Individual Retirement is coming from the impact of the rate cuts as well as the impact of us reducing our floating rate exposure. And if you look at the investment portfolio, we reduced our floating rate exposure from about 8% to 6% in the portfolio at the end of December through a combination of additional hedging or just a natural runoff of the book from it. So the margin compression was small and kind of in line with our expectation when you think in terms of base spreads this quarter.

現在，他們並沒有在給定的時間和重置的時間範圍內完全賺取收益，但我們看到個人退休基本利差中 18 個基點的壓縮大部分來自降息的影響以及我們降低浮動利率敞口的影響。如果你看一下投資組合，你會發現到 12 月底，我們透過額外對沖或自然的帳面流失等方式，將浮動利率曝險從投資組合中的 8% 左右降低到了 6%。因此，從本季的基本利差來看，利潤率壓縮幅度很小，符合我們的預期。

That's helpful. And just a follow-up on capital generation. Is the 5% to 10% growth rate a good proxy for kind of the longer run growth that you would expect? I guess, for 2025 is the outlook at all impacted by sales levels? Like if sales moderated this year, would that potentially drive near-term cash flows with (inaudible) business stream?

這很有幫助。這只是對資本創造的後續關注。5% 到 10% 的成長率是否可以很好地代表您所期望的長期成長？我猜想，2025 年的前景是否會受到銷售水準的影響？例如，如果今年銷售額有所放緩，這是否有可能透過（聽不清楚）業務流推動近期現金流？

So listen, there's different variables that influence how much capital we generate. Sales, the profitability of the business, all those are variables. We're very disciplined in how we manage our balance sheet and how we allocate capital, giving priority to maintaining a strong balance sheet and delivering on our capital management objectives. And we look at the capacity to support new business in there, which is important to continue investing in the company to grow earnings and cash flow over time. As a baseline for the next couple of years, 5% to 10% increase in the annual dividend is kind of a fair assumption right now.

所以聽著，有不同的變數影響我們產生多少資本。銷售額、企業的獲利能力，所有這些都是變數。我們對資產負債表和資本分配的管理非常嚴謹，優先考慮維持強勁的資產負債表和實現資本管理目標。我們關注的是該公司支持新業務的能力，這對於持續投資該公司以隨著時間的推移增加利潤和現金流非常重要。作為未來幾年的基準，年度股息增加 5% 至 10% 目前是一個合理的假設。

John Barnidge, Piper Sandler.

約翰·巴尼奇，派珀·桑德勒。

Looks like institutional markets business has had some good funding agreement distribution and pension risk transfer continues to have some volume. In your pipeline commentary, seemed upbeat on that. So can you talk about how the impact of some of the industry litigation is impacting your opportunity or the volumes in the market?

看起來機構市場業務已經有一些良好的融資協議分配並且退休金風險轉移繼續有一定的規模。在您的管道評論中，似乎對此持樂觀態度。那麼您能談談一些產業訴訟對您的機會或市場銷售有何影響嗎？

Yes. Thanks, John. I'm not going to comment a lot about it. I think that the insurance industry is very well positioned with the mechanisms that it has to protect policyholders. Fundamentally, some of these lawsuits seem to be challenging. That element of the regulatory mechanism of the insurance industry. We haven't seen any impact whatsoever relative to the pipeline and the willingness of plan sponsors to transact.

是的。謝謝，約翰。我不會對此發表太多評論。我認為保險業有非常好的機制來保護保單持有人。從根本上來說，其中一些訴訟似乎具有挑戰性。保險業監理機制的這一要素。我們尚未看到與管道和計劃發起人的交易意願相關的任何影響。

As you pointed out, we have, since the time of the IPO, committed to being a more regular GIC issuer, and we expect to continually incrementally grow our GIC and our FABN portfolio. And we continue to be disciplined but optimistic about our pension risk transfer business, both in the US and the UK where the pipelines are very strong, the conditions remain supportive and clients appear prepared to transact.

正如您所指出的，自 IPO 以來，我們一直致力於成為更常規的 GIC 發行人，並且我們期望不斷逐步擴大我們的 GIC 和 FABN 投資組合。我們將繼續嚴守紀律，但對退休金風險轉移業務持樂觀態度，無論是在美國還是英國，管道都非常強大，條件仍然支持，客戶似乎已準備好進行交易。

My follow-up question stick with Institutional Markets. Do you view [ASR] capital regime change in Japan as an opportunity for Corebridge to participate in?

我的後續問題仍與機構市場有關。您是否認為 [ASR] 日本資本製度變革是 Corebridge 參與的機會？

Well, it's a significant development for the market there. And if you look at other markets that have introduced similar solvency regime, that certainly has created opportunities. And we do believe that there are opportunities that we can explore. Our Institutional Markets business is in a good position to engineer and risk manage large transactions and expanding our position as a reinsurer beyond the UK where we've focused on the pension risk transfer market is certainly an opportunity that we're exploring.

嗯，這對那裡的市場來說是一個重大的發展。如果你看看其他已經引進類似償付能力體系的市場，你會發現這無疑創造了機會。我們確實相信，我們還有機會探索。我們的機構市場業務在設計和管理大型交易風險方面處於有利地位，而將我們作為再保險公司的地位擴展到英國以外，我們一直專注於退休金風險轉移市場，這無疑是我們正在探索的一個機會。

Tom Gallagher, Evercore ISI.

湯姆·加拉格爾，Evercore ISI。

The elevated expense in Individual Retirement on DAC amortization and nondeferrable insurance commissions. Can you talk a little bit about what's happening there? And do you expect this sort of elevated level to continue into '25?

個人退休金中 DAC 攤提和不可延期保險佣金的費用增加。你能談談那裡發生的事情嗎？您預計這種高水準會持續到2025年嗎？

Yes. Tom, it's Elias. So the commission one is a good expense. It's because we're growing the business. And so that should be viewed as sort of a run rate going forward. And on the DAC piece, it's a combination of [tie to volume] as well as the sensitivity to rates with a significant rise in like long-term rates in the fourth quarter, there is an acceleration in the amortization on it. But none of these items have any impact on our ability to grow EPS or deliver 12% to 14% ROE or deliver 60% to 65% payout ratio. I look at it, the growth component, that's a good thing. We're growing the business.

是的。湯姆，我是伊萊亞斯。因此，佣金是一筆很好的支出。這是因為我們正在發展業務。因此，這應該被視為一種未來的運行率。就 DAC 部分而言，它是 [與交易量的聯繫] 和對利率的敏感性的結合，隨著第四季度長期利率的顯著上升，其攤銷速度加快。但這些都不會影響我們提高每股盈餘、實現 12% 至 14% 的股本回報率或實現 60% 至 65% 的派息率的能力。我認為，從成長因素來看，這是一件好事。我們正在發展業務。

No, that makes sense. I guess, my follow-up is, can you quantify the [FA and FIA blocks] that are exiting surrender charge in '25? Can you tell us the amount? The AUM amount of those? And do you -- as those come off surrender, presumably they're low credit, lower crediting rate, do you try and aggressively defend those? Do you look to raise crediting rate to try? And do you have like an ongoing retention program? Or is it just you'll let them play out as they will?

不，這很有道理。我想，我的後續問題是，您能量化 25 年退出投降費用的 [FA 和 FIA 區塊] 嗎？能告訴我們金額嗎？這些的 AUM 數量是多少？而且，由於這些都不再有效，大概就是低信用、低信用利率，你會試著積極捍衛它們嗎？您是否想提高信用利率來嘗試？您是否有持續的保留計劃？還是你只是讓他們隨心所欲地玩？

Well, Tom, we've been in the fixed and index annuity business for a long time, consistently and managing the economics of new business versus crediting rates on the in-force is an extremely important part of our analysis and management of this business.

嗯，湯姆，我們長期從事固定和指數年金業務，始終如一地管理新業務的經濟效益與有效信用利率是我們分析和管理這項業務的一個極其重要的一部分。

And actually, earlier in the interest rate cycle, we talked about this quite a bit. We look at the economics of increasing crediting rates on the portfolio versus the attractiveness of relative new business. Even surrender rates, when they're 10% or 12% or 14%, to increase crediting rates, you're essentially paying the other 86% of the portfolio or 88% of the portfolio in order to protect 12% or 14% of it. And we do factor into the economics, what our crediting rate strategies are.

實際上，在利率週期的早期，我們就討論過這個問題。我們研究提高投資組合信用利率的經濟效益以及相對較新業務的吸引力。即使退保利率為 10% 或 12% 或 14%，為了提高信用利率，您實際上需要支付投資組合的另外 86% 或 88% 以保護其中的 12% 或 14%。我們確實考慮了經濟因素，包括我們的信用利率策略。

In terms of specifically retention type strategies, I mean we have to be cognizant of the fact that the advisers that we work with are focused on the best interest of their customers. And so it's really maintaining a competitive position on new business. And managing the liquidity necessary to support the surrenders is the management element of the behaviors that we're most focused on.

就具體的保留類型策略而言，我的意思是我們必須認識到與我們合作的顧問專注於客戶的最大利益。因此它確實在新業務上保持了競爭地位。管理支持退保所需的流動性是我們最關注的行為的管理要素。

And then the size of those?

那麼它們的尺寸是多少呢？

So listen, we're not providing kind of details on it. The dollar amounts will increase, but in time, what's more important is the net flows, and we expect the net flows in the business to be very strong for 2025. You saw what happened in '24. That was roughly $7 billion of net inflows, and we expect '25 to be another strong year and continue to grow our individual retirement business.

所以聽著，我們不會提供相關細節。美元金額會增加，但隨著時間的推移，更重要的是淨流量，我們預計 2025 年業務淨流量將非常強勁。您看到了 1924 年發生的事。這大約是 70 億美元的淨流入，我們預計 25 年將是另一個強勁的一年，並將繼續發展我們的個人退休業務。

Wes Carmichael, Autonomous Research.

韋斯·卡邁克爾，自主研究。

On Group Retirement, you had a couple of lumpy outflows in the quarter. It seems like core flows, ex those, was relatively in line with your expectations. But are you aware of any more of those into 2025? I think you said nothing really in the first quarter, but anything longer term?

在團體退休方面，本季出現了幾筆巨額資金流出。看起來核心流程（不包括這些）相對符合您的預期。但您是否知道到 2025 年還會發生更多這樣的事？我認為您實際上並沒有談論第一季的情況，但是有提到更長期的情況嗎？

There's a fair time line between when we learn of large account decisions to consolidate or move to another provider. And we'll continue to provide a heads up when we have large accounts that we have learned, have made a decision that results in a surrender and an outflow for us.

當我們了解到大客戶做出合併或轉移至其他供應商的決定時，中間會有一段相當長的時間間隔。當我們了解到大額帳戶資訊並做出導致我們投降和資金流出的決定時，我們會繼續發出警告。

What I would point out is that whilst we had some large surrenders and outflows in the fourth quarter, the bulk of those assets were group mutual fund assets, which have a lower immediate impact to earnings. And it's important to monitor the sort of spread-based versus fee-based assets, and that's why we provide that disclosure in the financial supplement. Not every dollar of outflows is equal. And we continue to grow our out of plan and advisory brokerage base in this business, and it continues to be a very attractive contributor to our portfolio over time.

我想指出的是，雖然我們在第四季度出現了一些大規模的退還和資金流出，但這些資產中的大部分是團體共同基金資產，對收益的直接影響較低。監控基於利差的資產和基於費用的資產非常重要，這就是我們在財務補充文件中提供揭露資訊的原因。每美元的流出量並不是都是一樣的。我們將繼續擴大該業務中的計劃外和諮詢經紀基礎，並且隨著時間的推移，它將繼續成為我們投資組合中非常有吸引力的貢獻者。

Okay. Got you. And regarding the Blackstone relationship, can you just update us on how much Blackstone is currently managing in the general account? And any perspective on how you view the yield uplift net of expenses on that portfolio on a relative basis?

好的。明白了。關於與黑石集團的關係，您能否告訴我們黑石集團目前在一般帳戶中管理多少資金？您如何看待該投資組合扣除費用後的相對收益率提升？

Yes. The Blackstone partnership is very productive, and the origination continues to be very attractive. It's helped support some of our new business sales and our new money rates. The book value at the end of the year is about $69 billion in assets. And in the third quarter, they originated just under $4.5 billion with a coupon of just under 6.6%.

是的。黑石的合作關係非常富有成效，而且其起源仍然非常有吸引力。它有助於支持我們的一些新業務銷售和新貨幣利率。年末帳面資產價值約 690 億美元。第三季度，其發行量略低於 45 億美元，票面利率略低於 6.6%。

This now concludes the Q&A session. So I will hand the floor back to Kevin for closing remarks..

問答環節到此結束。因此，我將把發言權交還給凱文，請他作最後發言。

Before we end the call, I want to welcome our new partner, Nippon Life. We look forward to working with Nippon in exploring how we may collaborate and learn from one another. I also want to take a moment to thank our many partners who helped us deliver another strong year. And finally, I would like to thank everyone at Corebridge. All of you work so hard to achieve our success, while at the same time, living out our larger purpose to make it possible for more people to take action in their financial lives. Operator, you may end the call.

在我們結束通話之前，我想歡迎我們的新夥伴 Nippon Life。我們期待與日本共同探索如何合作並相互學習。我也想藉此機會感謝我們的眾多合作夥伴，他們幫助我們又取得了輝煌的一年。最後，我要感謝 Corebridge 的所有人。你們所有人都在努力工作以實現我們的成功，同時實現我們更大的目標，讓更多的人能夠在他們的財務生活中採取行動。接線員，您可以結束通話了。

Thank you all for joining today's Corebridge's Financial fourth-quarter 2024 earnings call. You may now disconnect.

感謝大家參加今天的 Corebridge 財務 2024 年第四季財報電話會議。您現在可以斷開連線。