Corebridge Financial Inc (CRBG) 2025 Q1 法說會逐字稿

Good morning, all, and thank you for joining us for the Corebridge Financial Inc. First Quarter 2025 Earnings Call. My name is Carlin, I'll be the operator for your call today. (Operator Instructions)

大家早安，感謝您參加 Corebridge Financial Inc. 2025 年第一季財報電話會議。我叫卡林，今天我將接聽您的電話。（操作員指示）

And I'd like to hand over to our host, Isil Muderrisoglu. The floor is yours.

現在我想把時間交給我們的主持人 Isil Muderrisoglu。現在輪到你了。

Good morning, everyone, and welcome to Corebridge Financial's earnings update for the first quarter of 2025. 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 2025 年第一季財報更新。和我一起參加電話會議的還有總裁兼執行長 Kevin Hogan 和財務長 Elias Habayeb。我們將先聽凱文和埃利亞斯的準備好的發言，然後回答大家的提問。

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, 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所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，並提醒您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.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.corebridgefinancial.com 上查閱。

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

現在，我想將電話交給凱文和埃利亞斯，讓他們發表準備好的演講。凱文？

Good morning, everyone, and thank you for joining. The macroeconomic uncertainty and heightened volatility of these past few months remind us that we live in a complex, ever-changing world. At times like this, when conditions are uncertain, the mission of Corebridge to proudly partner with individuals, financial professionals and institutions to make it possible for more people to take action in their financial lives becomes more relevant than ever.

大家早安，感謝大家的參與。過去幾個月宏觀經濟的不確定性和加劇的波動性提醒我們，我們生活在一個複雜多變的世界。在這種情況不確定的時候，Corebridge 的使命比以往任何時候都更加重要，那就是自豪地與個人、金融專業人士和機構合作，讓更多的人能夠在財務生活中採取行動。

Over 11,000 Americans are turning 65 every day, and the long-term impact of a market downturn can be significant for retirees and those nearing retirement. Our company stands ready to support our customers in times like these, and our strength and stability have enabled us to serve through many periods of volatility and uncertainty.

每天有超過 11,000 名美國人年滿 65 歲，市場低迷對退休人員和即將退休的人員的長期影響可能是巨大的。我們公司隨時準備在這樣的時刻為客戶提供支持，我們的實力和穩定性使我們能夠在許多動盪和不確定的時期提供服務。

Turning to first quarter results on Slide 3. We are pleased to report another strong quarter that reflects the continued benefits of our diversified business model, strong balance sheet and disciplined execution. Corebridge reported operating earnings per share of $1.16 and ROE of 11.8%. We also returned $454 million to shareholders delivering a payout ratio of 70%.

轉到投影片 3 上的第一季業績。我們很高興地報告又一個強勁的季度，這反映了我們多元化業務模式、強勁的資產負債表和嚴格的執行的持續效益。Corebridge 報告每股營業收益為 1.16 美元，ROE 為 11.8%。我們也向股東返還了 4.54 億美元，股息率達到 70%。

Our balance sheet remains resilient with holding company liquidity of $2.4 billion in a high-quality general account investment portfolio conservatively positioned with an average rating of single A.

我們的資產負債表保持彈性，控股公司流動性為 24 億美元，採用保守定位的高品質一般帳戶投資組合，平均評級為單 A。

Central to our success are four strategic pillars that drive EPS growth and long-term value creation. Organic growth, balance sheet optimization, expense efficiencies and active capital management. I will review the results of the quarter in the context of each.

我們成功的核心是推動每股盈餘成長和長期價值創造的四大策略支柱。有機成長、資產負債表優化、費用效率和積極的資本管理。我將結合各自的背景來回顧本季的業績。

First, organic growth where the breadth and diversity of our product portfolio and distribution platform are meaningful differentiators. Corebridge had a very good start to the year, delivering robust premiums and deposits of $9.3 billion, although lower in total than last year's exceptionally strong level.

首先，有機成長，我們的產品組合和分銷平台的廣度和多樣性是重要的差異化因素。Corebridge 今年開局良好，保費和存款總額達 93 億美元，儘管總額低於去年的強勁水平。

We are seeing sustained customer demand driven by an aging US population and an adviser community that recognizes the value of annuities. In support of our growth, we are investing in digital capabilities, expanding our product offerings and deepening relationships with our distribution partners while also developing new channels.

我們看到，受美國人口老化和顧問群體對年金價值的認可所推動，客戶需求持續成長。為了支持我們的成長，我們正在投資數位化能力，擴大我們的產品供應，深化與分銷合作夥伴的關係，同時開發新的通路。

In individual retirement, we continue to benefit from favorable market and demographic conditions, producing premiums and deposits of $4.7 billion. We have consistently maintained a top-tier market position over the last 10 years as our broad product suite serves a wide range of retirement needs. We are also building momentum following the successful introduction of our RILA product in October 2024, delivering over $260 million of sales in the first quarter.

在個人退休方面，我們繼續受益於有利的市場和人口條件，產生了 47 億美元的保費和存款。由於我們廣泛的產品套件能夠滿足各種退休需求，因此我們在過去 10 年中一直保持著頂級市場地位。繼 2024 年 10 月成功推出 RILA 產品後，我們也正在累積發展勢頭，第一季的銷售額超過 2.6 億美元。

We are now actively selling through our largest distribution partners, and after launching in California last month are admitted in all the 2 states. Looking forward, we are well positioned in the fast-growing RILA market given our strong product, broad reach and long tenured relationships.

我們現在正透過我們最大的分銷合作夥伴積極銷售，並且自上個月在加州推出以來，我們已在這兩個州獲得批准。展望未來，憑藉強大的產品、廣泛的影響力和長期的合作關係，我們在快速成長的 RILA 市場中佔據有利地位。

Group Retirement continues to deliver steady periodic in-plan deposits driven by increased adviser focus and sustained client demand. Our employee adviser force is growing, and the investments we are making in adviser productivity are beginning to yield results with implant average enrollments up 9% and implant average deposits up 10%. Additionally, I am pleased to note that we added our RILA product to the out-of-plan offering, delivering approximately $50 million of sales in the first quarter.

在顧問關注度不斷提高和客戶需求持續增長的推動下，團體退休金繼續提供穩定的定期計劃內存款。我們的員工顧問團隊正在不斷壯大，我們在顧問生產力方面的投資開始產生效果，植入物平均註冊人數增加了 9%，植入物平均存款增加了 10%。此外，我很高興地註意到，我們將 RILA 產品添加到了計劃外的產品中，第一季的銷售額約為 5000 萬美元。

We also continued to grow our advisory and brokerage business with 5% AUMA growth year over year, even with lower equity market performance in 2025.

儘管 2025 年股票市場表現較差，但我們的諮詢和經紀業務仍持續成長，AUMA 較去年同期成長 5%。

Life Insurance delivered another quarter of attractive performance, including both strong sales and mortality results better than expectations. This business continues to perform well supported by our strong product positioning, digital and automated underwriting capabilities and expanding distribution. With nearly $1 trillion of gross in-force, this business remains a mainstay for Corebridge, providing stability during periods of market volatility.

人壽保險又一個季度取得了令人矚目的業績，包括強勁的銷售和好於預期的死亡率結果。在我們強大的產品定位、數位化和自動化承保能力以及不斷擴大的分銷管道的支持下，該業務繼續表現良好。該業務擁有近 1 兆美元的有效總額，仍然是 Corebridge 的支柱，在市場波動期間提供穩定性。

Institutional markets has continued to focus on growing our GIC program with discipline and I am pleased to say that we have been successful with GIC reserves increasing 48% year over year. We also continue to capture attractive opportunities in pension risk transfer with a promising pipeline of transactions developing over the rest of the year.

機構市場繼續專注於嚴格發展我們的 GIC 計劃，我很高興地說，我們已成功實現 GIC 儲備同比增長 48%。我們也將繼續抓住退休金風險轉移領域的誘人機會，並在今年剩餘時間內開發一系列前景看好的交易。

Across Corebridge, we are proud of the new business we are generating, the discipline we have maintained and the momentum we are building. We remain focused on targeting profitable business with double-digit IRRs even as conditions evolve sometimes rapidly. We have consistently demonstrated the ability to pivot across product and channel dialing up or down to focus our efforts where risk-adjusted returns are the most attractive and customer needs the greatest.

在 Corebridge，我們為我們正在創造的新業務、我們一直保持的紀律以及我們正在建立的勢頭感到自豪。即使情況有時變化很快，我們仍然專注於實現兩位數內部收益率 (IRR) 的獲利業務。我們始終如一地展現出在產品和通路之間進行調整的能力，將我們的精力集中在風險調整後的回報最具吸引力和客戶需求最大的領域。

Turning to the second strategic pillar, optimizing our balance sheet, we have also made meaningful progress. Through proactive asset liability management and disciplined risk oversight, we are enhancing our financial strength while positioning Corebridge for long-term success. Bermuda continues to be an important part of our capital management strategy.

談到第二個策略支柱，即優化我們的資產負債表，我們也取得了有意義的進展。透過積極主動的資產負債管理和嚴格的風險監督，我們正在增強我們的財務實力，同時也為 Corebridge 的長期成功做好準備。百慕達仍然是我們資本管理策略的重要組成部分。

And in the first quarter, we ceded approximately $2 billion in reserves to our affiliated reinsurer. We also remain active in exploring opportunities across our company to enhance capital efficiency and increase shareholder value.

第一季度，我們向我們的附屬再保險公司轉讓了約 20 億美元的儲備金。我們也將繼續積極探索公司內部的機會，以提高資本效率並增加股東價值。

Moving to the third strategic pillar, we continue to drive operating efficiency and improve operating leverage. These efforts help support disciplined growth and financial flexibility.

轉向第三個策略支柱，我們持續提高營運效率並改善營運槓桿。這些努力有助於支持有序的成長和財務靈活性。

As we continue to transform Corebridge, we recently conducted a voluntary early retirement program for eligible colleagues in the US. Through this program, we expect to further reduce our expense base and at the same time, create capacity to invest in new skills and capabilities and reshape our workforce. We are also pursuing opportunities to enhance efficiency as we further digitize end-to-end processes that support our insurance operations. Additionally, we continue to make investments to further modernize our finance and actuarial capabilities.

隨著我們繼續改造 Corebridge，我們最近為美國符合資格的同事實施了一項自願提前退休計劃。透過該計劃，我們希望進一步降低我們的開支基礎，同時創造投資新技能和能力的能力並重塑我們的員工隊伍。隨著我們進一步實現支援保險業務的端到端流程的數位化，我們也在尋求提高效率的機會。此外，我們將繼續投資，進一步提升我們的財務和精算能力。

Turning to the fourth strategic pillar. We are committed to providing an attractive and growing return to our shareholders in a thoughtful and balanced manner while maintaining the flexibility to pursue growth and innovation.

轉向第四個戰略支柱。我們致力於以周到、平衡的方式為股東提供有吸引力且不斷增長的回報，同時保持追求成長和創新的靈活性。

Over the last 12 months, through our share repurchase program, we have reduced share count by over 10%. Together, these four strategic pillars are helping us build a stronger, more agile company, and we are well positioned to generate sustainable growth and create long-term value for shareholders.

在過去的 12 個月中，透過我們的股票回購計劃，我們已將股票數量減少了 10% 以上。這四大策略支柱共同幫助我們打造一家更強大、更靈活的公司，我們有能力實現永續成長並為股東創造長期價值。

Moving to our financial targets. I am pleased to note that Corebridge continues to deliver. Our expectation is for annual run rate EPS to increase on average in the range of 10% to 15% over the long term. Elias will provide more perspective on our outlook as well as an update on our market sensitivities.

轉向我們的財務目標。我很高興地看到 Corebridge 繼續提供服務。我們預計，長期來看，年度運行率每股收益將平均成長 10% 至 15%。埃利亞斯將提供更多關於我們前景的觀點以及有關我們市場敏感性的最新資訊。

Corebridge achieved a run rate ROE of 12.3% in the first quarter, and we remain committed to our 12% to 14% annual target. The Life Fleet RBC ratio remains above target, even with recent market volatility. We also delivered a 70% payout ratio and are maintaining our target of 60% to 65%.

Corebridge 第一季的 ROE 運作率達到了 12.3%，我們仍致力於實現 12% 至 14% 的年度目標。儘管近期市場波動，Life Fleet RBC 比率仍高於目標。我們也實現了 70% 的派息率，並維持 60% 至 65% 的目標。

Moving to Slide 5. Since 2017, regardless of market cycle, Corebridge has been able to significantly grow our business while maintaining a strong balance sheet and consistent cash generation. To put that in numbers, over the last 8 years, we have increased sales by over 50%.

移至投影片 5。自 2017 年以來，無論市場週期如何，Corebridge 都能夠顯著成長我們的業務，同時保持強勁的資產負債表和持續的現金產生。具體來說，在過去 8 年裡，我們的銷售額成長了 50% 以上。

At the same time, our Life Fleet RBC ratio has consistently exceeded target, and our insurance companies have generated, on average, over $2.1 billion in cash annually. These outcomes collectively demonstrate the Corebridge value proposition.

同時，我們的 Life Fleet RBC 比率一直超過目標，我們的保險公司每年平均產生超過 21 億美元的現金。這些成果共同證明了 Corebridge 的價值主張。

We are well positioned across a range of macro environments to continue creating shareholder value and to continue delivering for our customers. And now I will hand the call over to Elias.

我們在各種宏觀環境中都處於有利地位，可以繼續創造股東價值並繼續為客戶提供服務。現在我將把電話交給 Elias。

Thank you, Kevin. I will begin my comments today on Slide 6. Corebridge reported first quarter adjusted pretax operating income of $810 million or operating earnings per share of $1.16, a 5% increase year over year on a per share basis. Our operating EPS included two notable items this quarter, resulting in a favorable impact of $0.01. Details can be found in our earnings presentation.

謝謝你，凱文。我今天將從第 6 張投影片開始我的評論。Corebridge 公佈第一季調整後稅前營業收入為 8.1 億美元，即每股營業收益為 1.16 美元，比去年同期每股增長 5%。本季度，我們的營運每股盈餘包含兩個值得關注的項目，帶來了 0.01 美元的正面影響。詳情請參閱我們的收益報告。

Annualized alternative investment returns were $0.06 short of our long-term expectations, largely due to real estate equity returns. Adjusting for notable items and alternative investment returns, we delivered run rate operating EPS of $1.21 and adjusted ROE of 12.3%.

年度化另類投資回報率比我們的長期預期低 0.06 美元，這主要是由於房地產股權回報率。經過顯著項目和另類投資回報調整後，我們的營運每股收益為 1.21 美元，調整後淨資產收益率為 12.3%。

Moving to Slide 7. Core sources of income, excluding notable items and the sale of our International Life business grew by 1% year-over-year driven by higher fee income and improved underwriting margin. Base spread income declined by 3% over the same period.

移至幻燈片 7。核心收入來源（不包括重大項目和國際人壽業務的銷售額）年增 1%，這得益於費用收入的增加和承保利潤率的提高。同期基本利差收入下降了3%。

This was driven by profitable growth, offset by the earning of Fed rate actions from the second half of 2024 and dynamics in Group Retirement as its earnings transition from spread to fee income. Sequentially, base spread income increased by 3%.

這是由獲利成長推動的，但被 2024 年下半年聯準會利率行動的收益以及團體退休業務的動態所抵消，因為其收益從利差轉向費用收入。基本利差收入較上季成長 3%。

This change was mainly driven by profitable growth that outweighed the earn-in of fed rate actions, which was in line with our prior guidance. In total, the underlying fundamentals behind base spread income continue to be bolstered by 8% growth in the general account and attractive new money yields, which exceeded roll-off yields in the portfolio by approximately 100 basis points.

這項變更主要是由於獲利成長超過了聯準會利率行動帶來的收益，這符合我們先前的指引。總體而言，基本利差收入背後的基本面繼續受到一般帳戶 8% 增長和具有吸引力的新增資金收益率的支撐，新增資金收益率比投資組合中的滾存收益率高出約 100 個基點。

Additionally, fee income improved by 1% year over year largely as a result of higher account values along with our growing advisory and brokerage business. Underwriting margin improved by 12% year-over-year driven by more favorable mortality experience.

此外，費用收入年增 1%，這主要由於帳戶價值增加以及我們的諮詢和經紀業務不斷增長。由於死亡率體驗更有利，承保利潤率年增 12%。

Pivoting to expenses. First quarter general operating expenses for our insurance businesses and parent company were 5% higher year-over-year after excluding the sale of our International Life business. This largely reflects savings from Corebridge Forward offset by costs attributable to business growth as well as higher compensation and benefit expenses. Our first quarter results reflect both planned investments in talent to support growth and timing of our annual performance-related equity grants.

轉向費用。扣除國際人壽業務的出售後，我們保險業務和母公司第一季的一般營運費用年增 5%。這在很大程度上反映了 Corebridge Forward 節省的成本被業務成長以及更高的薪資和福利費用所抵消。我們第一季的業績反映了為支持成長而計劃進行的人才投資以及年度與績效相關的股權授予的時間表。

Adding to Kevin's earlier comments about the voluntary early retirement program, we currently estimate this will have a onetime cost of $85 million. As this program demonstrates, Corebridge remains disciplined in our approach to expense management and is committed to managing costs thoughtfully while supporting key strategic initiatives and business priorities.

加上凱文之前對自願提前退休計劃的評論，我們目前估計該計劃的一次性成本為 8500 萬美元。正如該計劃所表明的，Corebridge 在費用管理方法上依然嚴謹，並致力於在支持關鍵策略舉措和業務重點的同時，周到地管理成本。

Next, I will briefly review a few highlights from each of our businesses. Details on the 4 segments can be found in our earnings presentation. As a reminder, results exclude the impact of notable items, variable investment income and the sale of our International Life business.

接下來，我將簡單回顧我們各個業務的幾個亮點。有關這 4 個部分的詳細信息，請參閱我們的收益報告。提醒一下，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。

While adjusted pretax operating income for individual retirement declined by 10% year over year, the fundamentals for this business remain strong and the market condition is attractive. As I previously shared, spread income was impacted by 2 factors we see as short term in nature.

雖然個人退休調整後的稅前營業收入較去年同期下降了 10%，但該業務的基本面依然強勁，市場狀況也頗具吸引力。正如我之前所分享的，利差收入受到我們認為本質上是短期的兩個因素的影響。

Fed rate actions and our hedging activities to maintain alignment between assets and liabilities. Consistent with prior guidance, these items collectively reduced base spread income by approximately $50 million for the quarter.

聯準會利率行動和我們的對沖活動以保持資產和負債之間的一致性。與先前的指導一致，這些項目合計導致本季基本利差收入減少約 5,000 萬美元。

In addition, results were impacted by higher DAC and commissions related to business growth, also consistent with our prior guidance.

此外，業績受到與業務成長相關的更高的 DAC 和佣金的影響，這也與我們先前的指導一致。

For the general account, individual retirement generated net inflows of $1.1 billion, demonstrating the strength of our asset origination capabilities, product portfolio and distribution network, supported by ongoing strong customer demand.

對於一般帳戶，個人退休產生了 11 億美元的淨流入，證明了我們的資產發起能力、產品組合和分銷網絡的強大，並得到持續強勁的客戶需求的支持。

Group Retirement delivered another steady quarter with core earnings of $167 million. Of note, this quarter's base spread income benefited from opportunistic asset repositioning efforts. Given the ongoing shift in our customer base and resulting net outflows, we expect to see continuation of the transition from spread to fee-based income over time. As a result, net outflows were $1.8 billion, which is consistent with our prior guidance and in line with levels observed in the first half of 2024.

集團退休金業務再創佳績，核心獲利達 1.67 億美元。值得注意的是，本季的基本利差收入受益於機會性資產重新配置努力。鑑於我們的客戶群不斷變化以及由此產生的淨流出，我們預計隨著時間的推移，利差收入將繼續轉向基於費用的收入。因此，淨流出量為 18 億美元，這與我們先前的指引一致，也與 2024 年上半年的水準一致。

We continue to be excited about the opportunities in this space especially as customers seek solutions to position their portfolios for retirement. And as such, we remain focused on efforts to grow the advisory and brokerage business.

我們繼續對這個領域的機會感到興奮，特別是當客戶尋求解決方案來為退休配置投資組合時。因此，我們將繼續致力於發展諮詢和經紀業務。

Life Insurance continues to be a strong performer. Adjusted pretax operating income increased by 23% year-over-year, primarily driven by more favorable mortality experience. In Institutional Markets, adjusted pretax operating income was virtually flat year-over-year.

人壽保險持續表現強勁。調整後的稅前營業收入年增 23%，主要得益於更有利的死亡率體驗。在機構市場，調整後的稅前營業收入與去年同期大致持平。

That said, total sources of income grew by 33% supported by a robust reserve growth of 17% over the same period. As a reminder, earnings from this segment may reflect some quarterly volatility, but we expect earnings to increase over time as the reserves growth.

儘管如此，在同期儲備強勁成長 17% 的推動下，總收入來源成長了 33%。提醒一下，該部門的收益可能反映出一些季度波動，但我們預計隨著儲備的增長，收益將隨著時間的推移而增加。

Overall, Corebridge continues to benefit from our diversified and complementary portfolio of market-leading businesses, which remains a key component of our shareholder value proposition.

總體而言，Corebridge 繼續受益於我們多元化、互補的市場領先業務組合，這仍然是我們股東價值主張的關鍵組成部分。

Moving to Slide 8, where I will focus on 3 key areas of Corebridge, capital, liquidity and the balance sheet. Excluding $1 billion to cover the April 2025 debt maturity, Corebridge ended the quarter with $1.4 billion of cash on hand at the holding company, supported by $600 million of distributions from our US insurance companies in this quarter. This level exceeds the holding company's needs for the next 12 months, and I will note that we have no material debt maturities until 2027.

轉到投影片 8，我將重點介紹 Corebridge 的 3 個關鍵領域：資本、流動性和資產負債表。除用於支付 2025 年 4 月到期債務的 10 億美元外，Corebridge 本季末控股公司持有 14 億美元現金，並由本季來自美國保險公司的 6 億美元分配提供支援。這一水準超過了控股公司未來 12 個月的需求，而且我要指出的是，我們在 2027 年之前沒有重大債務到期。

Our insurance companies have a strong liquidity profile, driven by positive operating cash flows, liquid invested assets and contingent liquidity sources all of which help provide ample flexibility to respond to a range of macro environments. Our insurance companies also remain well capitalized with their respective capital ratios exceeding target.

我們的保險公司擁有強大的流動性狀況，由正的營運現金流、流動投資資產和或有流動性來源推動，所有這些都有助於提供充足的靈活性來應對各種宏觀環境。我們的保險公司也保持了充足的資本，各自的資本比率都超過了目標。

Corebridge continues to actively manage capital in a disciplined and forward-looking manner, maintaining a sufficient buffer to withstand market volatility and capture attractive growth opportunities. This active management includes our hedging programs, which continue to perform as expected. These programs help safeguard statutory capital, support our ability to deliver consistent cash flows and protect long-term value for shareholders.

Corebridge 繼續以嚴謹和前瞻性的方式積極管理資本，保持足夠的緩衝以抵禦市場波動並抓住有吸引力的成長機會。這種積極的管理包括我們的對沖計劃，其表現繼續符合預期。這些計劃有助於保障法定資本，支持我們提供穩定現金流的能力並保護股東的長期價值。

Further, they are important to our balance sheet management strategy and are designed to help protect it against market movements, including during periods of volatility like we're currently experiencing.

此外，它們對我們的資產負債表管理策略非常重要，旨在幫助保護其免受市場波動的影響，包括我們目前經歷的波動時期。

Given the uncertain economic landscape and growing concerns about a recession, we understand there's heightened focus on insurers' investment portfolios. So let me pause here and offer a few highlights on our $223 billion investment portfolio.

鑑於不確定的經濟狀況和對經濟衰退日益增長的擔憂，我們了解到人們對保險公司投資組合的關注度有所提高。因此，請允許我在這裡暫停一下，並介紹我們 2230 億美元投資組合的一些亮點。

First and foremost, our portfolio is diversified across asset class, sector, geography and issuer, making it less vulnerable to systemic risk, and it's proven to be resilient across past credit cycles. Approximately 97% is invested in fixed income and short-term investments, the bulk of which consists of liquid high-quality bonds. 95% of our fixed maturities are rated investment grade.

首先，我們的投資組合在資產類別、行業、地理和發行人方面實現了多元化，從而降低了系統性風險的影響，並已被證明在過去的信貸週期中具有韌性。約 97% 的投資於固定收益和短期投資，其中大部分為流動性高的優質債券。 95% 的固定期限債券被評為投資等級。

This portfolio reflects actions taken over the past few years to improve credit quality and return on capital. As our investment strategy is liability-driven, our credit portfolio is a mix of public, private and structured products put together with the goal of maximizing risk-adjusted returns, while maintaining tight alignment between our assets and liabilities.

該投資組合反映了過去幾年為提高信貸品質和資本回報率而採取的行動。由於我們的投資策略是負債驅動的，我們的信貸組合是公共、私人和結構性產品的組合，目標是最大化風險調整後的回報，同時保持資產和負債之間的緊密結合。

For public credit, we maintain a high-quality bias with significant exposure to investment-grade corporate bonds that provide liquidity and regulatory capital efficiency.

對於公共信貸，我們保持高品質偏好，大量投資於提供流動性和監管資本效率的投資等級公司債。

Private credit allocations, the vast majority of which are traditional investment-grade corporate private placements benefits from illiquidity premiums and contain negotiated protective financial covenants. Corebridge believes this asset class will generally perform better during a downturn due to the protections built into the transactions. And structured products provide us with exposures to diversified collateral, approximately 95% is comprised of the more senior tranches with significant credit enhancements.

私人信貸配置絕大多數是傳統的投資等級企業私募，受益於非流動性溢價，並包含協商的保護性財務契約。Corebridge 認為，由於交易中內建了保護措施，此類資產在經濟低迷時期通常會表現得更好。結構性產品為我們提供了多元化抵押品的風險敞口，其中約 95% 為具有顯著信用增進的較高級別的抵押品。

Lastly, commercial mortgage loans are performing as expected, and we have maintained our conservative reserving approach.

最後，商業抵押貸款表現符合預期，我們維持了保守的儲備方式。

I will now wrap up with our latest sensitivities. We previously commented on the fourth quarter 2024 earnings call that 2025 EPS growth would be below our long-term expectations of 10% to 15% due to the drag from the earn-in of Fed rate actions. At that time, we anticipated EPS in 2025 would grow by mid-single digits from the 2024 base of $4.99. These projections assume annual equity market returns of 8%, alternatives improving over the course of the year to achieve our 8% to 9% target return by the end of 2025, and 50 basis points of Fed rate cuts in 2025.

我現在將總結一下我們最新的敏感問題。我們先前在 2024 年第四季財報電話會議上評論說，由於聯準會利率行動帶來的拖累，2025 年每股收益成長將低於我們 10% 至 15% 的長期預期。當時，我們預計2025年的每股盈餘將以2024年4.99美元的基數成長中個位數。這些預測基於以下假設：股市年回報率為8%，替代資產在一年內不斷改善，從而在2025年底實現我們8%至9%的目標回報率，以及聯準會在2025年降息50個基點。

Given recent increased volatility, we are providing updated sensitivities to equity markets and interest rates. The net impact from an immediate 10% change in the S&P 500 Index on the combination of fee income and advisory fee expense is approximately $85 million over the first 12 months. Further, each 25 basis points move in SOFR impacts base portfolio income by approximately 2 basis points. This SOFR rate sensitivities lower than our prior guidance due to a reduction in net floating rate exposures, over the past 2 quarters.

鑑於近期波動性加劇，我們提供了最新的股票市場和利率敏感度數據。標準普爾 500 指數的 10% 變動對前 12 個月的費用收入和諮詢費用支出總和的淨影響約為 8,500 萬美元。此外，SOFR 每變動 25 個基點就會對基礎投資組合收入產生約 2 個基點的影響。由於過去兩個季度淨浮動利率敞口減少，該 SOFR 利率敏感度低於我們先前的指引。

Lastly, given the lack of deal activity because of current market uncertainty, we expect alternative investment returns to fall short of our long-term return expectations of 8% to 9% in 2025. For the second quarter, we expect alternative investment returns will be approximately half the level in the first quarter based on the information available to us at this time.

最後，鑑於當前市場不確定性導致交易活動缺乏，我們預計另類投資回報將低於我們對 2025 年 8% 至 9% 的長期回報預期。根據我們目前掌握的信息，我們預計第二季另類投資報酬率將約為第一季的一半。

In conclusion, our proactive balance sheet management supported by strong reserving practices and risk controls has enabled Corebridge to pursue profitable growth across multiple cycles while delivering on financial and capital management goals. Corebridge will remain disciplined in managing our financial flexibility, balancing prudence with the agility to invest in the future. Now I will turn the call back to Isil.

總而言之，我們積極的資產負債表管理，加上強大的準備金實踐和風險控制，使 Corebridge 能夠在實現財務和資本管理目標的同時，實現多個週期的盈利增長。Corebridge 將繼續嚴格管理我們的財務靈活性，在審慎與未來投資的靈活性之間取得平衡。現在我將把電話轉回伊西爾。

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，請限制自己只問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。

Thank you. We now have to open the lines for Q&A. (Operator Instructions)

謝謝。我們現在必須開通問答熱線。（操作員指示）

Dan Bergman, Cowen.

丹·伯格曼，考恩。

Thanks. Good morning.

謝謝。早安.

Your base yield took a nice step-up quarter-over-quarter, particularly in the Group Retirement segment. I know you mentioned some actions you took to reposition the portfolio this quarter. I wanted to see if you could just give a little more detail around those actions. And given you previously talked about some opportunities to optimize the asset portfolio. I guess what inning are you in for that process?

您的基本收益率與上一季相比有顯著增長，特別是在團體退休部分。我知道您提到了本季為重新定位投資組合所採取的一些行動。我想看看您是否可以提供一些有關這些行動的更多細節。鑑於您之前談到了一些優化資產組合的機會。我猜您在這個過程裡處於什麼階段？

And as we look ahead, how should we think about the ability for you to take further steps to improve yields in the coming quarters?

展望未來，我們該如何看待您在未來幾季採取進一步措施提高收益率的能力？

Yes. Thanks, Dan. Appreciate the question. Look, I'll start, and then I'll pass over to Elias. As you noted, the sequential increase in the Group Retirement based spreads and spread income kind of as in the case of individual retirement reflects some opportunistic asset repositioning, which is really part of our regular active portfolio management strategy that Elias will touch on in a bit.

是的。謝謝，丹。感謝你的提問。瞧，我先開始，然後交給 Elias。正如您所指出的，團體退休利差和利差收入的連續增長類似於個人退休的情況，反映了一些機會性資產重新配置，這實際上是我們常規主動投資組合管理策略的一部分，Elias 稍後會談到這一點。

But I think what's important to take away is that we don't expect a change in the trend over time. We see this business transitioning from spread to a fee-based business. Fee income is already the predominant source of revenues for that business.

但我認為，重要的是，我們不要期望趨勢隨著時間的推移而改變。我們看到這項業務正在從利差業務轉型為收費業務。費用收入已成為該業務的主要收入來源。

There are going to be some variances quarter-to-quarter driven by sort of onetime items and some seasonality related to where we credit interest. But we think this is a positive trend over time from spread to fee income. Now in terms of the yield questions, I'll pass that over to Elias.

由於一次性項目和與我們記入利息相關的一些季節性因素，季度間會出現一些差異。但我們認為，從利差到費用收入，這是一個長期的正面趨勢。現在關於收益問​​題，我將把它交給 Elias。

Thanks, Kevin. And Dan, if you look at our track record, we've taken advantage opportunistically from time to time where we had opportunities to reposition assets and pick up yield and improve return on capital. And when looking at the first quarter, what we did in Group Retirement, we saw a similar opportunity. And we did some extent also on the Individual Retirement space, take advantage of it. And we'll continue to do that whenever the opportunity arises and within our risk parameters.

謝謝，凱文。丹，如果你看看我們的業績記錄，我們就會不時地抓住機會重新配置資產、提高收益和改善資本回報率。回顧第一季我們在集團退休業務中所做的工作，我們看到了類似的機會。我們也在個人退休領域做了一些工作，並充分利用了它。只要有機會並且在我們的風險參數範圍內，我們就會繼續這樣做。

And if you look at what we did in '22, '23, '24, also against the in-force and Individual Retirement, this is kind of no different than the stuff we've done previously.

如果你看看我們在 2022、2023、2024 年針對現行退休金和個人退休金所做的事情，你會發現這與我們以前所做的事情沒有什麼不同。

Got it. That's really helpful. And then maybe just a little bit of a broad one. But given the recent market volatility, I just wanted to see if you could provide an update on what you're seeing in the market for your various Individual Retirement products. I guess, how is industry demand holding up amidst the volatility?

知道了。這真的很有幫助。然後也許只是稍微寬泛一點。但考慮到最近的市場波動，我只是想看看您是否可以提供有關各種個人退休產品市場的最新情況。我猜想，在這種波動中，產業需求如何保持穩定？

And how are you finding the competitive environment across your different product areas?

您如何看待不同產品領域的競爭環境？

Yes, sure. Thanks. Look, the demand for annuities remains robust. The belly of the yield curve remains supportive. Credit spreads, I think, are also relevant there.

是的，當然。謝謝。看起來，年金的需求依然強勁。殖利率曲線的底部仍具有支撐作用。我認為，信用利差也與此有關。

And above all, the long-term macro drivers are really very powerful trends, the aging of the population, the need for people to look after their own retirements and a supportive adviser community. And based on our experience, market uncertainty actually further increases the demand for our products, sometimes in the income benefits and sometimes in the accumulation areas. Of our various products, fixed annuities are the most sort of immediately sensitive. And in the first -- the fourth quarter and the first quarter, there were a few periods of lower sales in the face of some of the market changes. And while we maintained our usual pricing discipline.

最重要的是，長期宏觀驅動因素確實是非常強大的趨勢，即人口老化、人們照顧自己退休生活的需求以及支持性的顧問社群。而且根據我們的經驗，市場的不確定性實際上進一步增加了我們產品的需求，有時是在收入收益方面，有時是在累積方面。在我們的各種產品中，固定年金是最具有即時敏感度的。在第一季（第四季和第一季），面對一些市場變化，銷售額出現了一些下降的時期。同時，我們保持了通常的定價原則。

But I wouldn't read too much into that.

但我不會對此進行過多解讀。

We see very strong demand continuing for the index product in particular. Fixed annuity conditions remain very attractive. And we're off to a great start with our RILA product. We continue to see -- the way I define the rationality of pricing and competition is whether or not we're able to meet our margins on new business, and we continue to see attractive new business margins.

我們看到對指數產品的需求持續強勁。固定年金條件仍然非常有吸引力。我們的 RILA 產品已經有了一個好的開始。我們繼續看到——我定義定價和競爭合理性的方式是我們是否能夠滿足新業務的利潤率，並且我們繼續看到具有吸引力的新的業務利潤率。

Now I would point out, second quarter of last year was kind of an exceptional period where everything came together. And I wouldn't expect that type of quarter to necessarily repeat. But overall, the conditions are very attractive, and we're confident in growing our individual retirement, overall general accounts and spread income over time.

現在我想指出的是，去年第二季是一個特殊時期，一切都很順利。而我也不認為這種季度一定會重演。但總體而言，條件非常有吸引力，我們有信心隨著時間的推移增加個人退休金、整體一般帳戶和分攤收入。

Yeah, that's super helpful. Thank you.

是的，這非常有幫助。謝謝。

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘。

Hi, thanks. You guys said this quarter, which I know you've typically say in calls that you guys are continuing to explore opportunities across the company to enhance capital efficiency. Can you just expand on, I guess, what's top of mind on that list today?

你好，謝謝。你們本季說過，我知道你們通常在電話會議上說，你們將繼續探索整個公司範圍內的機會，以提高資本效率。您能否詳細說明一下，今天最受關注的是什麼？

Yes. So Elyse, thanks for the question. Look, we're always looking for opportunities to increase our efficiency, increase shareholder value and optimize our portfolio. We continue to expand our Bermuda strategy, which is an important part of our capital management toolkit and we added an additional $2 billion of reserves this quarter. So we've ceded $14 billion with the new strategy to date, and we are early in the stages of our Bermuda strategy.

是的。所以 Elyse，謝謝你的提問。你看，我們一直在尋找機會來提高我們的效率、增加股東價值和優化我們的投資組合。我們繼續擴大百慕達策略，這是我們資本管理工具包的重要組成部分，本季我們又增加了 20 億美元的儲備。到目前為止，我們已經根據新戰略投入了 140 億美元，我們的百慕達戰略還處於早期階段。

We see further opportunities for both in-force and new business sessions.

我們看到了現有業務會議和新業務會議的更多機會。

In addition to that, obviously, external reinsurance transactions are something that we evaluate from time to time. And any transaction, we've consistently said, must be accretive on a risk-adjusted basis. And so we continue to explore those opportunities. We're always open to considering ways to increase shareholder value. And we'll be happy to share anything new at an appropriate time.

除此之外，顯然，我們會不時評估外部再保險交易。我們一直強調，任何交易都必須在風險調整的基礎上實現增值。因此我們將繼續探索這些機會。我們始終願意考慮增加股東價值的方法。我們很樂意在適當的時候分享任何新資訊。

Thanks. And then my second question, you guys in the opening commentary, you're pointing to, I think, you said a promising pipeline of PRT deals over the rest of the year. I know some peers have just pointed to volatility perhaps impacting deal flow in that business this year. Can you just kind of talk to what you're seeing and how you expect things to transpire over the rest of the year?

謝謝。然後我的第二個問題是，你們在開場評論中指出，我認為，你們說今年剩餘時間內 PRT 交易前景看好。我知道一些同行剛剛指出波動性可能會影響今年該業務的交易流。您能否簡單談談您所看到的情況以及您對今年剩餘時間狀況的預期？

Thank you.

謝謝。

Yes. Thanks, Elyse. Look, we continue to see very robust opportunities for pension risk transfer. For quite some time, we've been focused on full plan terminations, which are -- transactions generally in the region of $500 million to $1.5 billion. We carefully underwrite these.

是的。謝謝，伊莉絲。瞧，我們繼續看到退休金風險轉移的強勁機會。很長一段時間以來，我們一直專注於全面終止計劃，交易金額一般在 5 億美元至 15 億美元之間。我們謹慎地承保這些。

They are essentially like little mini M&A transactions where we have to carefully evaluate both liabilities and asset strategies. And pension plans continue to be well funded. Generally, these transactions result from committed corporate risk management strategies. They, like M&A transactions are not predictable. We don't necessarily expect them to land regularly quarter-by-quarter.

它們本質上就像小型併購交易，我們必須仔細評估負債和資產策略。退休金計劃繼續資金充足。一般來說，這些交易源自於堅定的企業風險管理策略。它們就像併購交易一樣，是不可預測的。我們並不一定期望他們每季都會定期登陸。

But the pipeline both in the US and also in the UK continues to be as strong as we've seen it. And we don't necessarily see any indications that volatility is going to have a significant impact on timing or pursuit of these transactions.

但美國和英國的管道仍然像我們所見的那樣強勁。而且我們不一定看到任何跡象表明波動性將對這些交易的時間或追求產生重大影響。

Thank you very much.

非常感謝。

Joel Hurwitz, Dowling & Partners.

喬爾‧赫爾維茲（Joel Hurwitz），道林及合夥人。

Hey, good morning. First, a couple on expenses. Expenses in individual retirement and corporate were up from where you've been running. How much would you attribute that to seasonality? And then on the voluntary separation, any expectation for expense savings running through operating earnings?

嘿，早安。首先，談談一些開支問題。個人退休和公司開支較您以往經營的水平增加。您認為這在多大程度上歸因於季節性？那麼，關於自願離職，是否有任何預期會透過營業收入節省開支？

Hey, Joel, it's Elias. So with the components of what you're seeing in Individual Retirement and the parent and the total across the board is seasonality. Typically, the first quarter is higher tied to the rule of 65, which is people based on age and years of service. If they meet the 65 equity grants are expensed upfront versus over 3 years. And this year, we had a higher dollar amount of equity grants meeting the rule of 65.

嘿，喬爾，我是伊萊亞斯。因此，您在個人退休和父母退休金中看到的各個組成部分以及總體情況都具有季節性。通常情況下，第一季的薪資與 65 規則掛鉤較高，該規則基於年齡和服務年限。如果他們符合 65 項股權授予要求，則將提前計入費用，而不是在 3 年內計入費用。今年，我們符合 65 規則的股權授予金額更高。

So that's a component of it.

這是其中的一個組成部分。

And the second component are payroll taxes and 401(k) matches are kind of front-loaded and actually progress in the year, those will come down. So there's definitely seasonality there. I would say about 50% of the increase in IRR is tied to that -- on that part.

第二個組成部分是工資稅和 401（k）匹配，這些是前期投入，實際上在當年會有所進展，最終會下降。所以這裡面肯定存在季節性。我想說 IRR 成長的 50% 左右與此有關——就這一點而言。

With respect to early retirement program, that's kind of one of the initiatives we are undertaking to continue to modernize our organization and improve our operating leverage. The expectation is a portion of the savings out of the early retirement program will drop to the bottom line and a portion we're going to use to fund investments in new capabilities for the next leg of our journey. We do expect that to benefit our expense run rate, but given the timing of when people depart, it will not fully earn into the run rate until the beginning of 2016.

關於提前退休計劃，這是我們為繼續實現組織現代化和提高經營槓桿而採取的舉措之一。我們預計，提前退休計畫節省的部分資金將用於支付公司利潤，而另一部分資金將用於投資下一階段的新功能。我們確實希望這有利於我們的費用運行率，但考慮到人們離職的時間，它要到 2016 年初才能完全計入運行率。

Okay. Very helpful. And then just a second one. In group, you've been talking about growing your out-of-plan business in the advisory and brokerage business. Can you just provide an update on the organic growth that you're seeing there?

好的。非常有幫助。然後還有第二個。在集團內，您一直在談論在諮詢和經紀業務中擴大計劃外的業務。您能否提供您所看到的有機成長的最新情況？

And then what sort of traction your advisers are gaining?

那麼你的顧問獲得了什麼樣的支持呢？

Yes. Thanks. Appreciate the question, Joel. I mean Group Retirement, as you pointed out, and as I mentioned, is not solely a spread business. And we're seeing very attractive opportunities in the out of plan and the advisory and brokerage space.

是的。謝謝。感謝您的提問，喬爾。我的意思是，正如您所指出的，以及我所提到的，團體退休不僅僅是一項利差業務。我們在計劃外和諮詢及經紀領域看到了非常有吸引力的機會。

Overall, our adviser force is growing, and the advisers support both the in plan and the outer plan strategies with in plan having advisory options as well. Our advisory and brokerage assets are now $16 billion. They're up 5% year-over-year. And if you look at the combination of the auto plan plus the advisory and brokerage assets, it's a significant earnings base at $99 billion.

整體而言，我們的顧問團隊正在不斷壯大，顧問既支持計劃內戰略，也支持計劃外戰略，並且計劃內戰略也有諮詢選項。我們的諮詢和經紀資產目前為 160 億美元。與去年同期相比，成長了 5%。如果你看一下汽車保險計劃加上諮詢和經紀資產的組合，你會發現它的盈利基礎高達 990 億美元。

We've been investing in adviser productivity, and as my prepared remarks, we're seeing some improvements in the productivity in terms of enrollments and deposits. And maybe the most important numbers of all is of our 1.9 million customers in this business, 1.6 million of them are still implant-only customers. And our advisers are building relationships with them in order to prepare for that important movement of household asset consolidation. And so we're in the early stages of the change in the trend from spread to a fee-based business, but the signs are very positive across the board.

我們一直在投資顧問的生產力，正如我準備好的發言一樣，我們看到註冊和存款方面的生產力有所提高。也許最重要的數字是，在我們這個行業的 190 萬客戶中，有 160 萬仍然是僅接受植入手術的客戶。我們的顧問正在與他們建立關係，為家庭資產整合這項重要措施做好準備。因此，我們正處於從利差業務轉變為收費業務趨勢的早期階段，但整體跡象非常積極。

Okay, thank you.

好的，謝謝。

(Operator Instructions)

（操作員指示）

Suneet Kamath, Jefferies.

蘇尼特‧卡馬斯（Suneet Kamath），傑富瑞集團（Jefferies）。

Great, thank you. So you had guided to elevated surrenders and individual retirement, I think, in 1Q and then 3Q and 4Q. It didn't seem like we saw a big change here in 1Q. Is that because the surrenders will roll off more in the latter half of the year? And then do you have a sense of what rolled off like what were you able to retain through other products?

太好了，謝謝。因此，我認為，您在第一季、第三季和第四季指導了提高退保額和個人退休金。我們似乎沒有看到第一季出現重大變化。這是因為下半年退保數量會進一步增加嗎？那麼，您是否知道透過其他產品您可以保留哪些產品呢？

Yes. Thanks, Suneet. Yes, what we said last quarter, we do expect higher levels of fixed annuity and index annuity volumes to be exiting their surrender charge period, and that is, in particular, in the second half of this year. And we see this as kind of natural given the significant growth in the whole portfolio over the last few years, but in particular, since 2022, when the rate environment really started to change, and so this increase in volumes exiting surrender charge periods, it's not going to be consistent quarter-to-quarter. It really reflects where large volumes of products were sold in the past.

是的。謝謝，Suneet。是的，正如我們上個季度所說的那樣，我們確實預計固定年金和指數年金的退保費用期將有所增加，尤其是在今年下半年。鑑於過去幾年整個投資組合的顯著增長，我們認為這是很自然的，但特別是自 2022 年以來，利率環境真正開始發生變化，因此退出退保費用期的交易量增加，不會在各個季度之間保持一致。它確實反映了過去大量產品的銷售地點。

On the other hand, in our experience, surrender rates reflect really where yields and credit spreads are at a given time. And over the last few cycles, we haven't seen anything that's outside of our expectations along those lines. And we've seen generally that when surrender rates are higher, usually, the conditions for new business are also very attractive, which is important as really what we're focused on is the long-term growth of our general account net of any surrenders.

另一方面，根據我們的經驗，退保率實際上反映了特定時間的收益率和信用利差狀況。在過去的幾個週期中，我們還沒有看到任何超出我們預期的事情。我們通常看到，當退保率較高時，新業務的條件通常也會非常有吸引力，這一點很重要，因為我們真正關注的是扣除退保費用後的一般帳戶的長期增長。

So it's not necessarily -- I mean, we look at options as to how we may preserve surrenders, but more importantly, we look at new business pricing and new business pricing is very attractive. And so irrespective of the surrender behaviors and activity, we expect that the general account and spread income will continue to grow over time. And the environment continues to be very robust for our entire range of individual retirement products, index annuities, fixed annuities and most recently, our RILA, which is off to a great start.

所以不一定——我的意思是，我們會考慮如何保留投降的選擇，但更重要的是，我們會考慮新業務定價，而新業務定價非常有吸引力。因此，無論退保行為和活動如何，我們預計一般帳戶和利差收入將隨著時間的推移持續增長。我們的整個個人退休產品系列、指數年金、固定年金以及最近的 RILA 都保持著良好的發展環境。

Got it. That, that's helpful. Thanks. And then on Slide 5, I thought that picture of cash generation over time was pretty impressive. But if I look at the data, it looks like it's been relatively flattish at that kind of $2 billion-ish level? And I think on the last call, you talked about increasing it by 10%.

知道了。這很有幫助。謝謝。然後在第 5 張投影片上，我認為隨著時間的推移現金產生的圖表非常令人印象深刻。但如果我看一下數據，看起來它在 20 億美元左右的水平上相對持平？我認為在上次通話中您談到將其增加 10%。

So I just want to understand what's different now that allows you to grow it? And should we think about that 10% is really just a bump up? Or is that more of a -- on an annual basis, you want to increase that by 10%? Thanks.

所以我只是想了解現在有什麼不同可以讓你發展它？我們是否應該認為 10% 實際上只是一種提升？或者說，你想以年度為基礎將其增加 10%？謝謝。

Hi, Suneet, it's Elias. So if you look back historically, there is a different kind of strategy at the time and the historical numbers are a bit normalized. And you could find that in the [ S-1 ] in our public filings. I must talk now about the strategy since we've gone public. Our strategy has been to grow earnings and increased cash generation to deliver on the 60% to 65% payout ratio.

你好，Suneet，我是 Elias。因此，如果你回顧歷史，你會發現當時有一種不同的策略，而且歷史數據也有些正常化。您可以在我們公開文件的 [ S-1 ] 中找到它。既然我們已經上市了，我現在必須談談我們的策略。我們的策略是增加獲利和現金產生，以實現 60% 至 65% 的派息率。

Our target for this year is to grow the insurance company dividends by 5% to 10%, and we believe we're on track to delivering it. And sitting here today, despite the market volatility, we remain confident in our expectation to deliver the increased 5% to 10% in dividends from the insurance companies and deliver on our payout ratio. And we'd expect that to continue to grow over time as we grow the profitability of the business.

我們今年的目標是將保險公司的股息提高 5% 至 10%，我們相信我們正在朝著這個目標邁進。今天，儘管市場波動，我們仍然有信心實現保險公司股息增加 5% 至 10% 的目標，並實現我們的派息率。我們預計，隨著業務獲利能力的成長，這一數字也將持續成長。

Okay, that's helpful. Thanks.

好的，這很有幫助。謝謝。

Cave Montazeri, Deutsche Bank.

蒙塔澤里洞，德意志銀行。

Good morning. My first question is on your guidance for base spread income. So you've reduced your sensitivity to short-term interest rates. And I think in your prepared remarks, you mentioned that it was mainly due to would you see your exposure to floating rates. So I guess I'm wondering, a, is that the right answer? And then two, how are you thinking about your hedging philosophy and how maybe that could impact your sensitivity going forward?

早安.我的第一個問題是關於您對基本利差收入的指導。因此，您降低了對短期利率的敏感度。我認為，在您準備好的發言中，您提到這主要是因為您是否會看到自己受到浮動利率的影響。所以我想知道，這是正確答案嗎？其次，您如何看待您的對沖理念，以及這可能會如何影響您未來的敏感度？

Yes. Thanks, Cave. Look, maybe I'll unpack the IR spread income story a little bit for you. So as we just talked about, right, the first quarter spreads and spread income, as in the case of Group Retirement did benefit from some asset repositioning, which helped to offset the impact that we had guided to relative to the fourth quarter Fed rate actions and how they affected particular SOFR. And looking ahead, we actually continue to expect that base spread income will grow over time, even if there is a little bit of marginal spread compression, we provided the SOFR cut sensitivity and just remind you that those are generally short term in impact.

是的。謝謝，Cave。瞧，也許我可以為你稍微解釋一下 IR 利差收入的故事。因此，正如我們剛才談到的，第一季的利差和利差收入，例如團體退休的情況，確實受益於一些資產重新配置，這有助於抵消我們相對於第四季度聯準會利率行動及其對特定 SOFR 的影響所引導的影響。展望未來，我們實際上繼續預期基礎利差收入將隨著時間的推移而增長，即使有一點點邊際利差壓縮，我們也提供了 SOFR 削減敏感度，只是提醒您，這些影響通常是短期的。

And we have lowered our sensitivity since the fourth quarter from the 3 bps to the 2 bps, but really the overriding driver of spread income is ultimately business operations. And they are very powerful drivers on the macro side that I'm not going to necessarily repeat, and current new business pricing is at or above our medium-term return expectations.

自第四季以來，我們已將敏感度從 3 個基點降低至 2 個基點，但利差收入的主要驅動力最終仍是業務運作。它們是宏觀層面非常強大的驅動因素，我不必重複，當前新業務定價達到或超過了我們的中期回報預期。

The investment environment is good. Our new money rates are still 100 basis points over the roll-off. And so it's not going to be a straight line. There'll be a little variability quarter-to-quarter. But the fundamental trend is that the general account -- we're growing the general account reserves over time and base spread income will grow over time irrespective of underlying spread dynamics, which will be an important contributor to our growth targets.

投資環境良好。我們的新貨幣利率仍比延期利率高出 100 個基點。所以它不會是一條直線。每個季度之間都會有一點變化。但根本趨勢是，一般帳戶——我們會隨著時間的推移增加一般帳戶儲備，並且基本利差收入將隨著時間的推移而增長，而不管基礎利差動態如何，這將成為我們成長目標的重要貢獻者。

I'll hand it over to Elias to talk a little bit about the hedging question.

我將把時間交給 Elias 來談談對沖問題。

Yes. And listen, from the hedging question, we've talked in the past like one of the aspects of how we manage the balance sheet is the ALM profile of the balance sheet and our investment strategy is liability-driven. So we adjust the asset side to what we see on the liability side. And what we have done is reduce our net floating rate exposure.

是的。聽著，從對沖問題來看，我們過去曾討論過，我們管理資產負債表的一個面向是資產負債表的 ALM 概況，而我們的投資策略是負債驅動的。因此，我們根據負債方的情況調整資產方。我們所做的就是減少淨浮動利率敞口。

We've held floaters in the portfolio for 2 reasons. One, we find them as an attractive asset class and on a relative value basis, at times, they've offered better returns than fixed rate bonds. And separately, we've used them as a tool to manage the ALM profile of the balance sheet. So when rates increased in '22 and liability durations came in significantly we used, in addition to derivatives, we used an increased allocation to floaters to shorten the duration of the assets. So -- and we will continue to manage it within that discipline, and as a result of what's played out in our portfolio, we've reduced the floating rate exposure.

我們在投資組合中持有浮動債券有兩個原因。首先，我們發現它們是一種有吸引力的資產類別，從相對價值來看，有時它們提供的回報比固定利率債券更好。另外，我們也將它們用作管理資產負債表的 ALM 概況的工具。因此，當 2022 年利率上升且負債期限大幅增加時，除了衍生性商品之外，我們還增加了浮動利率債券的配置，以縮短資產期限。因此，我們將繼續在該原則下進行管理，並且根據我們投資組合的表現，我們減少了浮動利率敞口。

So if you recall, at the end of September when we first talked about it, we said about 8% of the investment portfolio was in a net floating rate position. That's not about 5% as of the end of March from it. And that's been the driver behind why the sensitivity has improved since then. And that's also kind of consistent to what we hinted back at the third quarter earnings call when we gave the initial sensitivity that we expected that sensitivity to decline over time. So it's playing out kind of consistent with what we expected.

所以如果你還記得的話，9 月底我們第一次談論這個問題時，我們說大約 8% 的投資組合處於淨浮動利率部位。截至 3 月底，這一數字還不到 5%。這就是自那時以來敏感度不斷提高的驅動因素。這也與我們在第三季財報電話會議上暗示的情況一致，當時我們給出了最初的敏感度，我們預計這種敏感度會隨著時間的推移而下降。所以它的發展和我們預期的一致。

And just to echo Kevin's comments, our guidance on spread income in Individual Retirement is we expect it to grow over time. The business dynamics is great. If you look at the new money yields relative to what's rolling off and I quoted it in my script, this quarter, we had 100 basis point differential that's kind of accretive. And if you look at what happened to spread the income in the quarter, while the earn-in of the 100 basis points was consistent with the prior guidance we gave you, it's what we were able to mitigate it with growth in the business side as well as some asset repositioning to take advantage of opportunities to improve returns in the investment portfolio within our risk and capital parameters.

為了呼應凱文的評論，我們對個人退休金利差收入的指導是，我們預計它會隨著時間的推移而增長。商業動態很棒。如果您看一下相對於正在滾動的新貨幣收益率，並且我在我的腳本中引用了它，那麼本季度，我們有 100 個基點的差異，這是一種增值。如果你看一下本季的收入分配情況，雖然 100 個基點的收益與我們之前給出的指導一致，但我們能夠透過業務方面的成長以及一些資產重新配置來緩解這一影響，以利用機會在我們的風險和資本參數範圍內提高投資組合的回報。

Thank you. That's very helpful. If I can pivot to technology. Just want wonder if we can get an update on SimpliNow and some of the other new tech initiatives you have going on. I think in the past you mentioned at least for Life Insurance, that 80% of new policies were other decisions. Just wondering if you can expand that maybe what you're seeing in other segments, and how you're using digital capabilities to further improve your process, not just on the cost side, but also to drive top line growth?

謝謝。這非常有幫助。如果我能轉向技術。我只是想知道我們是否可以獲得有關 SimpliNow 和您正在進行的一些其他新技術計劃的最新消息。我認為您過去至少提到過，對於人壽保險而言，80% 的新保單都是其他決定。只是想知道您是否可以擴展一下您在其他領域看到的情況，以及您如何利用數位功能進一步改善流程，不僅在成本方面，而且還推動營收成長？

Yes. Thanks, Cave. Look, we're really proud of our Life Insurance business, and we have been investing in that business over a number of years, starting with our data strategy and then ultimately building into our digital capabilities and automated underwriting, which is ultimately what's driving I think a lot of the success there. The work we've done also in repositioning our product strategy was kind of hand in glove with that and focusing on products that are less interest rate sensitive and also maybe a little bit less pricing sensitive. And we're pleased with the strong position that we have there.

是的。謝謝，Cave。瞧，我們對我們的人壽保險業務感到非常自豪，多年來我們一直在投資這項業務，從我們的數據策略開始，最終發展到我們的數位化能力和自動承保，我認為這最終推動了我們的成功。我們在重新定位產品策略方面所做的工作也與此密切相關，重點關注對利率不太敏感且對價格不太敏感的產品。我們對我們在那裡的強勢地位感到滿意。

Elias talked about the fact that after our voluntary early retirement program, I mean, part of those savings will drop to the bottom line, but part of those are being reinvested in the business, important investments that we're making include further investments in our data and digital and automation strategies. We're starting to see some of the benefits of those in our Retirement Services business. You'll see some of that in the adviser efficiency numbers that I quoted in my prepared remarks. And then we're also adopting a strategy of enhancing our capabilities in our finance and actuarial and our other sort of administrative support activities.

埃利亞斯談到，在我們的自願提前退休計畫之後，一部分儲蓄將落入利潤，但其中一部分將重新投資於業務，我們正在進行的重要投資包括對數據、數位和自動化策略的進一步投資。我們開始看到退休服務業務中的一些好處。您會在我準備好的發言中引用的顧問效率數據中看到其中的一些內容。然後，我們還採取了一項策略，以提高我們的財務、精算和其他類型的行政支援活動的能力。

And so the benefits of the data, digital and automation strategies, we're in the early stages of exploring tools like advanced practices and artificial intelligence, but that's something that is on our path, and we do see it as an important opportunity to increase our scalability and our operating efficiency and operating leverage over time.

因此，數據、數位和自動化策略的好處在於，我們正處於探索先進實踐和人工智慧等工具的早期階段，但這是我們正在走的路，我們確實將其視為一個重要的機會，可以隨著時間的推移提高我們的可擴展性、營運效率和營運槓桿。

Thank you.

謝謝。

Alex Scott, Barclays.

巴克萊銀行的亞歷克斯·斯科特。

Hey, good morning. The first one I had for you is on the relationship with Nippon. I think the last time you were asked on one of these calls about the relationship, you hadn't gotten through some of the regulatory approvals and so forth. It's hard to talk more about it. And I was interested if you had any more color on just the way that your 2 firms may work together in partnership?

嘿，早安。我想問的第一個問題是關於與 Nippon 的關係。我認為上次在電話中有人問起你們的關係時，你們還沒有獲得一些監管部門的批准等等。很難再多談論這個話題。我很感興趣，您能否就你們兩家公司合作的方式提供更多細節？

Yes. Thanks, Alex. I appreciate the question. Look, we're very excited about our relationship with Nippon Life. They've joined the Board.

是的。謝謝，亞歷克斯。我很感謝你提出這個問題。瞧，我們對與日本生命保險公司的合作關係感到非常興奮。他們已加入董事會。

They're already contributing there. We're both large diverse companies that -- we will operate in very different markets and we have a lot that we can learn from each other. We're taking a structured approach to looking at what are the various areas in which we may be able to generate some mutually beneficial commercial activities, and we're working our way through evaluating those opportunities. And I'm sure that both companies will be excited to come forward when we have something significant that we've identified and that we're in a position to announce.

他們已經在那裡做出貢獻了。我們兩家都是大型多元化公司——我們將在截然不同的市場中運營，我們有很多可以相互學習的地方。我們正在採取結構化的方法來研究哪些領域可以產生一些互惠互利的商業活動，並且我們正在努力評估這些機會。我相信，當我們確定了重要的事情並準備宣佈時，兩家公司都會很高興地挺身而出。

Got it. That's helpful. Second one I have to you is just going to the asset portfolio. And I know you mentioned some in your opening remarks. I just wanted to ask about if there's anything you could provide that would help frame for us, how you'd expect the portfolio to perform in different types of scenarios if we were to get some kind of credit event.

知道了。這很有幫助。我要告訴你的第二個問題是資產組合。我知道您在開場白中提到了一些。我只是想問一下，如果我們遇到某種信用事件，您是否可以提供任何有助於我們構建框架的信息，您預計投資組合在不同類型的情景下會如何表現。

And the reason I ask is just there is a little bit more invested (inaudible) average just given you're more of a fixed annuity company. And this -- between now and the next time you have an earnings call, the environment could potentially change more significantly. So I just wanted to see if we could get a feel for how you'd expect that to perform?

我之所以問這個問題，是因為考慮到你們更像是固定年金公司，所以平均投資金額（聽不清楚）會稍微高一點。從現在到下次召開收益電話會議期間，環境可能會發生更大變化。所以我只是想看看我們是否可以了解您期望它的表現如何？

Yes. Thanks, Alex. Look, I'll hand over to Elias in a minute here, but I'll just start off with, look, we're very comfortable with our overall asset portfolio and our credit exposure, and it reflects both years of actions to improve the quality, but also the fact that we very much focus on an asset strategy to support our liability portfolio. And I'll let Elias go through the characteristics of the portfolio that put us in this position where we're comfortable with the exposure.

是的。謝謝，亞歷克斯。瞧，我一會兒就把麥克風交給 Elias，但我首先要說的是，我們對我們的整體資產組合和信貸風險非常滿意，這不僅反映了我們多年來為提高質量而採取的行動，也反映了我們非常注重資產戰略來支持我們的負債組合。我將請 Elias 介紹投資組合的特點，這些特點使我們處於對風險敞口感到滿意的位置。

Alex, from a credit perspective, credit risk is like one of the top risks we proactively manage in our portfolio. And part of our strategy, in addition to be liability-driven is to maintain diversification, so we don't have concentration risk and maintain a high-quality portfolio. And right now, 95% of the book is investment grade and we've migrated the average credit rating of the fixed maturities to a single A over the last couple of years. And we have a high allocation to liquid assets. So we do subject the portfolio to various forms of sensitivities and stress testing, and that kind of helps inform us on decisions we take.

亞歷克斯，從信貸角度來看，信貸風險是我們在投資組合中主動管理的最大風險之一。除了負債驅動之外，我們的策略還包括保持多元化，這樣我們就不會面臨集中風險，並能維持高品質的投資組合。目前，95% 的債券屬於投資等級，在過去幾年中，我們已將固定期限債券的平均信用評級提升至 A。我們對流動資產的配置較高。因此，我們確實對投資組合進行了各種形式的敏感度和壓力測試，這有助於我們做出決策。

We feel comfortable from a credit loss perspective. On the portfolio, our biggest allocation is to public credits. On the private side, the largest allocation is the traditional investment-grade private placements, which is not a new asset class for the insurance companies and not for us. And those come with strong financial covenants that gives us protections if there's stress.

從信用損失的角度來看，我們感到很安心。在投資組合中，我們最大的配置是公共信貸。在私募方面，最大的配置是傳統的投資等級私募，這對保險公司來說並不是一個新的資產類別，對我們來說也不是。這些都附帶強而有力的財務契約，可以在我們面臨壓力時為我們提供保護。

In addition, on structured products, we tend to be at the top end of -- or the higher end of the capital structure, which gives us significant enhancements. And we're proactive if we start seeing things that are going sideways, we'll take action, exit positions to cut our losses before things play out. And we do carry a pretty meaningful allowance for loan losses on the loan side. So we feel comfortable with it.

此外，在結構化產品方面，我們傾向於處於資本結構的頂端或高端，這為我們帶來了顯著的提升。如果我們開始發現事情正在走向歪路，我們就會積極主動地採取行動，在事情發展之前退出部位以減少損失。在貸款方面，我們確實提列了相當可觀的貸款損失準備金。因此我們對此感到很舒服。

So from the loss perspective, we feel comfortable. There's always risk on rating downgrades. But again, we've got tools available to us to mitigate that impact. And finally, kind of remember, we're in a very -- we have a strong balance sheet. Our RBC at the end of the year was 4.26%.

因此從損失的角度來看，我們感到很舒服。評級下調總是存在風險。但同樣，我們有工具可以減輕這種影響。最後，請記住，我們擁有非常強勁的資產負債表。我們年底的 RBC 為 4.26%。

You combine the balance sheet with the high credit quality portfolio with diversification and conservative reserving on the portfolio, and we kind of feel comfortable with where we are right now.

將資產負債表與高信用品質投資組合以及投資組合的多樣化和保守儲備相結合，我們對目前的狀況感到滿意。

That's really helpful. Thank you.

這真的很有幫助。謝謝。

Jimmy Bhullar, JPMorgan.

摩根大通的 Jimmy Bhullar。

Hi, My questions were actually answered and I pressed *1, but I guess it didn't go through. Maybe I'll ask one on just your RBC ratio. It's still above 400%. But I wanted to see if you saw some decline in the direction (inaudible) in the quarter given the most in the market? And just move in interest rates as well?

你好，我的問題確實得到了回答，並且我按了*1，但我想它沒有通過。也許我會只問一個有關您的 RBC 比率的問題。仍然高於400%。但我想看看，考慮到市場的最大需求，您是否看到本季方向（聽不清楚）有所下降？利率也會隨之變動嗎？

So Jimmy, it's Elias. I'm happy to answer. So there is some sensitivity to rates in equity markets from an RBC perspective, it's different than the sensitivities on GAAP operating income because on an RBC basis, you've got to think through the impact available as well as required capital. But given the diversification in our balance sheet as well as the hedging programs we have in place, that impact is limited. And you've got the proof points with Slide 5, if you go back because some of those were during periods of volatility in the market and RBC was maintained above 400.

吉米，我是伊萊亞斯。我很樂意回答。因此，從 RBC 的角度來看，股票市場對利率有一定的敏感性，這與 GAAP 營業收入的敏感度不同，因為在 RBC 基礎上，你必須考慮可用的影響以及所需的資本。但考慮到我們資產負債表的多樣化以及我們實施的對沖計劃，這種影響是有限的。如果您回顧一下，您會發現幻燈片 5 中的證據點，因為其中一些是在市場波動期間，而 RBC 保持在 400 以上。

The other thing I would say around market volatility and the impact of RBC, that's kind of temporary and short term. And as markets reverse, the impact reverses as well with it. So to us, we look at that more as a temporary impact for us, and the impact is limited given the hedging and the diversification. Credit to us is more meaningful from an RBC perspective, and that's what we try to proactively manage to.

關於市場波動和 RBC 的影響，我想說的另一件事是，這只是暫時的和短期的。隨著市場逆轉，其影響也會隨之逆轉。因此，對我們來說，這更多的是暫時的影響，而且考慮到對沖和多樣化，影響是有限的。從 RBC 的角度來看，獲得信貸對我們來說更有意義，這也是我們努力主動實現的目標。

Okay. And then I think, Kevin, in his remarks and you as well had given out some numbers on sensitivity to the weak market and potentially weak alternative investment income, and you were referring to adjusted earnings, should we assume that the impact on cash flows is similar? Or is it higher or lower for some (inaudible)?

好的。然後我想，凱文，在他的評論中，你也給出了一些關於對疲軟市場和潛在的疲軟另類投資收入的敏感性的數字，你指的是調整後的收益，我們是否應該假設對現金流的影響是類似的？或對某些人來說更高或更低（聽不清楚）？

So the impact, if you think about it in terms of fee income, that will be mirrored on the cash flow side. If you think about it in terms of alternatives, that's more mark-to-market impact in earnings versus distributions. That being said, we remain confident in the cash flows in our business. And we've demonstrated over time, stability in the cash generation, given the diversification in the business model. And sitting here today, we remain confident in being able to deliver on our payout ratio target for the year.

因此，如果從費用收入的角度來考慮，其影響將反映在現金流方面。如果從替代方案的角度考慮，那麼這對收益和分配的影響更大。話雖如此，我們仍然對我們業務的現金流充滿信心。隨著時間的推移，我們已經證明，鑑於業務模式的多樣化，現金創造具有穩定性。今天坐在這裡，我們仍然有信心實現今年的派息率目標。

Thank you.

謝謝。

Tom Gallagher, Evercore ISI.

湯姆·加拉格爾，Evercore ISI。

Good Morning. First question, just on the portfolio repositioning and then I had a follow-up on risk transfer. But on the portfolio repositioning, I guess, two-part question. One, how involved are you on the reallocation considering your outsourcing most of the portfolio, individual fixed income decisions to Blackstone and BlackRock. Are you actually involved in the bond by bond trades between them? Or is it more of a broader overall portfolio allocation type of responsibility you now have?

早安.第一個問題是關於投資組合重新定位，然後我對風險轉移進行了跟進。但關於投資組合重新定位，我想這個問題分成兩個部分。第一，考慮到你們將大部分投資組合和個人固定收益決策外包給黑石和貝萊德，你們在重新分配方面參與度如何。您是否實際參與了他們之間的債券交易？或者您現在承擔的是更廣泛的整體投資組合分配類型的責任？

And then can you provide a little more color for if you're selling down your floaters, what are you repositioning that into? Is it private credit? Is it something else? A little bit of more elaboration on what's going on beneath the surface here? Thanks.

然後，您能否提供更多細節，如果您出售浮動股票，您會將其重新定位為什麼？是私人信貸嗎？還有別的嗎？能更詳細地解釋一下這裡表面之下發生的事情嗎？謝謝。

Yes. Thanks, Tom. Look, I'll start. We control our investment strategy. We have very powerful origination partners and they're an extension of what our capabilities are.

是的。謝謝，湯姆。瞧，我開始了。我們控制我們的投資策略。我們擁有非常強大的發起合作夥伴，他們是我們能力的延伸。

But the strategy is ours, the risk appetite is ours, and we provide very clear guidelines and allocations and instructions and are actively managing the portfolio through our partners. But I'll hand it over to Elias to address some of your other questions.

但策略是我們的，風險偏好是我們的，我們提供非常明確的指導方針、分配和指示，並透過我們的合作夥伴積極管理投資組合。但我會把它交給 Elias 來解答你們的其他一些問題。

Yes, Tom, it's Elias. So to Kevin's point, we drive the decisions around repositioning as well as the decisions around where money gets invested. There are different managers, BlackRock, Blackstone, but there's also -- our own internal team is still sourcing assets for us. It's based on what they get the allocations based on what they think they could source for us and how that fits within the liabilities we offer.

是的，湯姆，我是伊萊亞斯。所以正如凱文所說，我們負責做出有關重新定位的決策以及有關資金投資方向的決策。有不同的管理者，貝萊德、黑石，但也有──我們自己的內部團隊仍在為我們尋找資產。這取決於他們所獲得的分配情況，以及他們認為可以為我們提供什麼資源，以及這些資源如何符合我們所提供的負債。

With respect to the repositioning we did in the first quarter, they got reinvested in combination. Some of it was public credit. Some of it was private credit. And we sold down some lower-yielding bonds and reinvested the money.

關於我們在第一季所做的重新定位，他們進行了組合再投資。其中一些是公共信貸。其中一些是私人信貸。我們出售了一些收益較低的債券，並將資金重新投資。

Got you. And then just on risk transfer, I guess we've had two recent deals in the market, one, VA, another pretty big life deal, I would describe them as the pricing on VA was low. The pricing on high was pretty robust. How important is the pricing versus the view of tail risk? Because I guess when I look at your VA block, I don't really think about it as being high risk.

明白了。然後就風險轉移而言，我想我們最近在市場上有兩筆交易，一是 VA，另一筆是相當大的人壽交易，我認為 VA 的定價很低。高價位相當強勁。定價相對於尾部風險的觀點有多重要？因為我想當我查看您的 VA 區塊時，我並不認為它具有高風險。

It seems like pretty low risk, even though it's a high-risk category, I guess you can call it. So just curious how you're approaching those 2 different businesses when you consider risk transfer? Is it really about optimizing shareholder value or reducing tail risk?

儘管它屬於高風險類別，但風險似乎相當低，我想你可以這麼稱呼它。所以我很好奇，當您考慮風險轉移時，您是如何處理這兩種不同的業務的？這真的是為了優化股東價值或降低尾部風險嗎？

So any transaction that we would pursue has to be accretive on a risk-adjusted basis, just repeating what I said before. And that means both in terms of price and structure. Credit protection is important, price is important. And there's -- we're constantly looking at what is the value-add opportunity for the company.

因此，我們進行的任何交易都必須在風險調整的基礎上實現增值，我只是重複我之前說過的話。這意味著價格和結構方面都一樣。信用保障很重要，價格很重要。而且，我們一直在尋找能為公司帶來增值機會的方法。

And Tom, we do look at what the company would look like after that transaction. So it's really looking at -- you factor in the tail risk and improving the risk profile of the balance sheet as long as what you're getting for it in exchange. And we need to be a fair price in exchange.

湯姆，我們確實在考慮交易之後公司會是什麼樣子。所以，這實際上就是考慮——你考慮尾部風險，並改善資產負債表的風險狀況，只要你能得到回報。我們需要以公平的價格進行交換。

Thank you.

謝謝。

Thank you very much. I'd now like to hand back to Kevin Hogan for any further remarks.

非常感謝。現在我想把麥克風交還給凱文·霍根，讓他發表進一步的評論。

Yes. Thanks. Look, I just want to take a moment here to thank our people and our partners for being a source of strength for our customers, supporting them in both good times and bad. What we do matters and moments of uncertainty highlight the importance of how we help people take action in their financial lives. Thanks for your questions.

是的。謝謝。聽著，我只想花一點時間感謝我們的員工和合作夥伴，感謝他們成為我們客戶的力量源泉，無論在順境或逆境都給予他們支持。我們所做的事情很重要，不確定的時刻凸顯了我們如何幫助人們在財務生活中採取行動的重要性。感謝您的提問。

Thanks for joining us today, and have a good day.

感謝您今天加入我們，祝您有個愉快的一天。

As we conclude today's call, we'd like to thank everyone for joining. You may disconnect your lines.

在今天的電話會議結束時，我們要感謝大家的參與。您可以斷開線路。