Corebridge Financial Inc (CRBG) 2025 Q2 法說會逐字稿

Hello, everyone, and welcome to today's Corebridge Financial, Inc. second-quarter 2025 earnings call.

大家好，歡迎參加今天的 Corebridge Financial, Inc. 2025 年第二季財報電話會議。

My name is Seth, and I'll be the operator for your call today. (Operator Instructions) I will now hand the floor to Isil Muderrisoglu to begin. Please go ahead.

我叫塞思，今天我將接聽您的電話。（操作員指示）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 second quarter of 2025.

大家早安，歡迎閱讀 Corebridge Financial 2025 年第二季財報更新。

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.

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。我們將首先由凱文和埃利亞斯發表準備好的發言，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.

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'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

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。除適用證券法另有規定外，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. A 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. With that, I would now like to turn the call over to Kevin and Elias for their prepared remarks.

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 資料的對帳表已包含在我們的收益報告、財務補充和收益報告中，所有這些均可在我們的網站 investors.corebridgefinancial.com 上查閱。現在，我想請 Kevin 和 Elias 發表他們的準備發言。

Kevin.

凱文。

Good morning, everyone, and thank you for joining.

大家早安，感謝大家的參與。

I'm pleased to report that Corebridge delivered another quarter with very strong financial results and remains focused on driving shareholder value as demonstrated by our transformative reinsurance transaction that further positions our company for the future.

我很高興地報告，Corebridge 又一個季度取得了非常強勁的財務業績，並且仍然專注於推動股東價值，正如我們的變革性再保險交易所證明的那樣，這進一步為我們公司的未來奠定了基礎。

Starting on slide 3, first, the variable annuity reinsurance transaction we announced is the most important value creation action we have taken since the IPO. As we announced yesterday, we have closed on the AGL portion of the transaction, which represents approximately 90% of the value. We expect the remaining portions of the transaction to close in the fourth quarter, subject to customary closing conditions and regulatory approvals.

從第 3 張投影片開始，首先，我們宣布的變額年金再保險交易是我們自 IPO 以來採取的最重要的價值創造行動。正如我們昨天宣布的那樣，我們已經完成了交易的 AGL 部分，該部分約佔價值的 90%。我們預計交易的剩餘部分將在第四季度完成，但需滿足慣例成交條件並獲得監管部門的批准。

Second, we are positioned to drive further organic growth from an even lower risk baseline. Across our businesses, we have a broad mix of attractive products and service offerings powered by an extensive distribution network. The second quarter provided a glimpse of this opportunity as individual retirement sales exceeded last year's record second quarter, and cumulative sales of our new RILA product passed $1 billion just nine months after initial launch.

其次，我們準備以更低的風險基線推動進一步的有機成長。在我們的業務中，我們擁有廣泛的分銷網絡，提供各種有吸引力的產品和服務。第二季度讓我們看到了這一機遇，因為個人退休銷售額超過了去年創紀錄的第二季度，而且我們的新 RILA 產品在首次推出後僅九個月的累計銷售額就超過了 10 億美元。

Third, we remain focused on executing on our four strategic pillars. We will deliver profitable growth, ample cash generation and a strong payout ratio to create ongoing additional long-term shareholder value.

第三，我們繼續專注於執行我們的四大策略支柱。我們將實現獲利性成長、充足的現金流和強勁的派息率，以持續創造額外的長期股東價值。

Turning to slide 4, our transformative reinsurance transaction changes the value creation arc of the company. I want to spend a few minutes recapping the benefits. To start the transaction achieves a full exit from our individual retirement variable annuity financial risk.

轉到投影片 4，我們的變革性再保險交易改變了公司的價值創造弧。我想花幾分鐘來回顧這些好處。啟動交易實現了我們個人退休變額年金財務風險的完全退出。

This is not a partial portfolio transfer. This transaction monetized an undervalued book of business with a decreasing financial contribution to Corebridge at an extremely attractive price. The value upside of the transaction for shareholders is significant. The transaction valuation was materially above Corebridge's earnings multiple and generating $2.1 billion of net distributable proceeds, the substantial majority of which we will use for share repurchases with the balance available for investment and organic growth.

這不是部分投資組合轉移。這筆交易以極具吸引力的價格將一筆被低估的業務帳簿貨幣化，同時減少了對 Corebridge 的財務貢獻。此次交易對於股東而言具有龐大的價值提升空間。此次交易估值遠高於 Corebridge 的本益比，並產生了 21 億美元的淨可分配收益，其中絕大部分將用於股票回購，其餘部分可用於投資和有機成長。

This transaction also helps further improve the quality of our earnings and the risk profile of our balance sheet by reducing net income volatility while mitigating other risks intrinsic to the VA book. Post transaction, approximately 99% of our net GAAP liabilities are from non-legacy products. That means no exposure to long-term care, no exposure to individual retirement variable annuities from before or after the financial crisis, and nominal but well-managed exposure to universal life with secondary guarantees. Maintaining our targets for profitability, financial strength and capital returns with lower risk and volatility positions the company very well for the future.

此交易也有助於進一步提高我們的獲利品質和資產負債表的風險狀況，因為它可以降低淨收入波動性，同時減輕 VA 帳簿固有的其他風險。交易後，我們約 99% 的淨 GAAP 負債來自非遺留產品。這意味著不涉及長期護理，不涉及金融危機前後的個人退休變額年金，以及名義上但管理良好的帶有二級擔保的萬能壽險。保持獲利能力、財務實力和資本回報的目標，同時降低風險和波動性，將使公司在未來處於非常有利的地位。

Finally, our ongoing business portfolio remains well diversified, offering a broad range of retirement and protection solutions that meet our customers' needs and attract a higher multiple than the reinsured VAs. And for our distribution partners and their customers who still value a Corebridge variable annuity, our flow reinsurance agreement means they will have continued access to our offering.

最後，我們正在進行的業務組合仍然保持多樣化，提供廣泛的退休和保護解決方案，滿足客戶的需求，並吸引比再保險 VA 更高的倍數。對於我們的經銷合作夥伴及其仍重視 Corebridge 變額年金的客戶，我們的流量再保險協議意味著他們將繼續獲得我們的服務。

Turning to slide 5, our objective is to grow earnings per share at an average of 10% to 15% per year over time. To do so, we will continue to execute on all four of our strategic pillars. We will drive organic growth by capitalizing on the huge opportunity presented by an aging society in need of guaranteed income. Private sector pensions and public sector safety nets face an uncertain future.

轉到投影片 5，我們的目標是隨著時間的推移，每股收益每年平均成長 10% 至 15%。為此，我們將繼續執行我們的四大戰略支柱。我們將利用老齡化社會對有保障的收入需求所帶來的巨大機會來推動有機成長。私部門的退休金和公共部門的安全網面臨不確定的未來。

The only other source of income you can't outlive is an annuity. With more than four million Americans turning 65 every year, there's a massive need for both accumulation and decumulation annuity products to help people navigate retirement. Corebridge's broad annuity product suite and extensive distribution network position us well to win in this space. For example, excluding the VA seeded to Venerable, Individual Retirement's net inflows in the second quarter were over $3 billion, a high watermark for the company. Each of our businesses is supported by these strong macro tailwinds.

您一生中唯一無法失去的其他收入來源是年金。每年有超過四百萬美國人年滿 65 歲，因此對累積年金和非累積年金產品的需求龐大，以幫助人們度過退休生活。Corebridge 廣泛的年金產品套件和廣泛的分銷網絡使我們在這一領域佔據有利地位。例如，不包括向 Venerable 注入的 VA，個人退休基金第二季的淨流入超過 30 億美元，這對該公司來說是一個高水位。我們的每項業務都受到這些強勁的宏觀順風的支持。

Our balance sheet is not only similar post transaction, it is better optimized for growth. In addition to our strengthened product design, breadth of offering and distribution reach, our Bermuda strategy provides us financial flexibility to support future growth across our company and is an important part of our capital management strategy.

我們的資產負債表不僅在交易後相似，而且還針對成長進行了更好的優化。除了加強產品設計、擴大產品供應範圍和分銷範圍外，我們的百慕達策略還為我們提供了財務靈活性，以支持整個公司的未來成長，並且是我們資本管理策略的重要組成部分。

Our commitment to expense efficiency is unwavering. Corebridge Forward, which is now largely earned in, has helped reduced general operating expenses by 14% since the IPO. Through increased digitization and other modernization initiatives, we see additional opportunity to create a lean competitive cost base while improving our customer and distribution partner experience.

我們對費用效率的承諾堅定不移。Corebridge Forward 目前已基本實現盈利，自 IPO 以來已幫助該公司降低了 14% 的一般營運費用。透過加強數位化和其他現代化舉措，我們看到了創造精益競爭成本基礎的更多機會，同時改善我們的客戶和分銷合作夥伴的體驗。

And by executing consistently on our first three pillars, we are able to deliver on the fourth, active capital management that directly rewards our shareholders through dividends and share repurchases. We can achieve our target payout ratio without the $2.1 billion of proceeds from the reinsurance transaction.

透過一致地執行前三大支柱，我們能夠實現第四大支柱，即積極的資本管理，透過股利和股票回購直接回報我們的股東。即使沒有 21 億美元的再保險交易收益，我們也能實現目標賠付率。

With the transaction, we will exceed our payout ratio target for a period of time, and the additional share repurchases are expected to be EPS accretive on a pro forma basis when complete. We are confident our formula for success is proving out.

透過此交易，我們將在一段時間內超過我們的派息率目標，並且額外的股票回購預計在完成後將在備考基礎上實現每股收益增值。我們堅信我們的成功秘訣是行之有效的。

As we grow profitably, use our balance sheet efficiently, manage expenses diligently and distribute cash consistently, we will continue to create long-term shareholder value all accelerated by a transformative transaction that reduces risk, improves the quality of earnings and drives higher distributions.

隨著我們的獲利成長、有效利用資產負債表、勤勉管理費用和持續分配現金，我們將繼續創造長期股東價值，而這一切都將透過降低風險、提高獲利品質和推動更高分配的變革性交易來加速。

We think it adds up to one of the most compelling value propositions in the sector and believe investors should take a fresh look at Corebridge Financial. With that, I will turn the call over to Elias to cover our second quarter results in detail.

我們認為這是該領域最引人注目的價值主張之一，並相信投資者應該重新審視 Corebridge Financial。接下來，我將把電話轉給 Elias，詳細介紹我們的第二季業績。

Thank you, Kevin.

謝謝你，凱文。

I'll begin my comments today on slide 6. Corebridge reports its second quarter adjusted pretax operating income of $942 million or operating earnings per share of $1.36, a 20% increase year over year. There were no notable items in the quarter. Annualized alternative investment returns this quarter were $0.06 per share better than our long-term expectations, largely due to the impact of a weaker US dollar on our foreign fund investments and normal timing adjustments as year-end fund audits were completed. Adjusting alternative investment returns to long-term expectations, we delivered run rate to operating earnings per share of $1.30, which represents an 8% year-over-year improvement and an adjusted run rate ROE of 13.7%, which is 90 basis points higher than the prior year.

我今天將從第 6 張投影片開始發言。Corebridge 公佈其第二季調整後稅前營業收入為 9.42 億美元，即每股營業收益為 1.36 美元，年增 20%。本季沒有值得注意的項目。本季另類投資年化報酬率為每股 0.06 美元，高於我們的長期預期，這主要是由於美元走弱對我們的海外基金投資的影響，以及年終基金審計完成後的正常時間調整。將另類投資回報調整至長期預期，我們實現了每股 1.30 美元的營業收益運行率，同比增長 8%，調整後的 ROE 運行率為 13.7%，比上年高出 90 個基點。

Moving to slide 7, total sources of income increased 6% year over year, while core sources of income declined modestly by 2%, driven by improved underwriting margin in Life Insurance, offset by a decline in base spread income and fee income consistent with our prior guidance. Base spread income declined by 6% year over year, driven by the combination of Fed rate actions in 2024 and net outflows in Group Retirement as the business continues to transition from spread to fee income.

轉到投影片 7，總收入來源年增 6%，而核心收入來源小幅下降 2%，這得益於人壽保險承保利潤率的提高，但基本利差收入和費用收入的下降與我們之前的指導一致，從而抵消了這一下降。基本利差收入年減 6%，這是由於 2024 年聯準會利率行動以及團體退休金淨流出共同作用的結果，因為該業務繼續從利差收入向費用收入轉型。

While reported fee income was down slightly year over year, excluding Individual Retirement's variable annuities, fee income was actually up 3% year over year. Underwriting margin excluding VII, continues to contribute strong results, growing 9% year over year, aided by favorable mortality experience and the continuing growth in our life business.

雖然報告的費用收入比去年同期略有下降，但不包括個人退休可變年金，費用收入實際上比去年同期增長了 3%。除 VII 之外的承保利潤率繼續貢獻強勁業績，同比增長 9%，這得益於良好的死亡率經驗和人壽業務的持續增長。

Next, I'll briefly review a few highlights from each of our businesses, the details of which can be found in the appendix of our earnings presentation. As a reminder, results exclude the impact of variable investment income and notable items where applicable. In Individual Retirement, core sources of income were down 3% year over year but were flat on a sequential basis.

接下來，我將簡要回顧我們各項業務的幾個亮點，詳情可在我們的收益報告附錄中找到。提醒一下，結果不包括可變投資收益和適用的顯著項目的影響。在個人退休方面，核心收入來源較去年同期下降 3%，但較上季持平。

Year over year, base spread income was impacted by Fed rate actions and hedging activities to maintain alignment between our assets and liabilities, which we view as short term in nature. Had it not been for these actions, base spread income would have been approximately $50 million higher. Even so, base spread income continued to grow on a sequential basis, reflecting the growth in the business. Individual Retirement had record sales this quarter with premiums and deposits at $6.8 billion, benefiting from our broad product portfolio and deep distribution network.

與去年同期相比，基本利差收入受到聯準會利率行動和對沖活動的影響，以保持我們的資產和負債之間的一致性，我們認為這本質上是短期的。如果不採取這些行動，基本利差收入將增加約 5,000 萬美元。即便如此，基本利差收入仍持續連續成長，反映了業務的成長。個人退休本季銷售額創歷史新高，保費和存款達到 68 億美元，這得益於我們廣泛的產品組合和深度分銷網絡。

Notably, our new RILA product achieved sales of $0.5 billion in Individual Retirement this quarter, less than a year after product launch. Net inflows of $3.2 billion, excluding variable annuities, were up 4% year over year and more than doubled sequentially, resulting from robust organic growth. While adjusted pretax operating income, excluding VII, declined 8% year over year for the reasons just mentioned, the fundamentals in this business clearly remain strong and market conditions continue to be attractive.

值得注意的是，我們的新產品 RILA 本季在個人退休方面的銷售額達到了 5 億美元，距離產品推出不到一年。不包括可變年金的淨流入為 32 億美元，較去年同期成長 4%，較上季成長一倍以上，這得益於強勁的有機成長。儘管由於剛才提到的原因，不包括 VII 的調整後稅前營業收入同比下降了 8%，但該業務的基本面顯然依然強勁，市場條件繼續具有吸引力。

Our Group Retirement business continues to transition from a spread-based to a capital-light fee-based revenue stream. While fee income was flat year over year, sequentially fee earning assets were up 7%, which should support fee income growth in the upcoming quarter. Base spread income decreased 18% year over year, given the ongoing demographic shift in our customer base and resulting net outflows.

我們的團體退休業務繼續從基於利差的收入流向基於輕資本費用的收入流轉型。雖然費用收入與去年同期持平，但費用收入資產較上季成長 7%，這應該會支持下一季的費用收入成長。由於客戶群的人口結構持續變化以及由此產生的淨流出，基本利差收入較去年同期下降了 18%。

More broadly, from time to time, we do see some large plan exits, which you can see in our net flows. These flows tend to be concentrated in assets within separate accounts and mutual funds. As a result, these exits have a limited impact on our spread income.

更廣泛地說，我們確實不時會看到一些大型計劃退出，您可以在我們的淨流量中看到。這些資金流動往往集中在獨立帳戶和共同基金內的資產。因此，這些退出對我們的利差收入的影響有限。

Looking forward to the third quarter, we expect two additional planned exits, which we expect will have a modest impact on our spread earnings. Excluding net outflows from large planned exits, total flows have remained stable and in line with the levels we've seen in recent quarters.

展望第三季度，我們預計還將有兩筆計劃退出，我們預計這將對我們的利差收益產生適度影響。除大規模計劃退出的淨流出外，總流量保持穩定，與最近幾季的水平一致。

Furthermore, general account net outflows have slowed, improving over 25% year over year. Premiums and deposits are up 8% sequentially with out-of-plan deposits increasing 22%. Demand for our RILA product remains strong, and RILA sales in Group Retirement have totaled over $160 million since we launched the products in this business in late January. In our advisory and brokerage business, the total assets under management and administration increased 10% year over year. We continue to be excited about the opportunities for Group Retirement and believe we have a unique value proposition.

此外，一般帳戶淨流出放緩，較去年同期成長超過25%。保費和存款較上季成長 8%，其中計劃外存款成長 22%。我們的 RILA 產品需求依然強勁，自 1 月底我們推出該業務的產品以來，RILA 在團體退休方面的銷售額已超過 1.6 億美元。在我們的諮詢和經紀業務中，管理和執行的總資產年增了 10%。我們繼續對團體退休的機會感到興奮，並相信我們擁有獨特的價值主張。

We differentiate ourselves with a field force of experienced financial professionals and proprietary tools that enhance financial planning capabilities, supporting growth in both our in-plan and our emerging Wealth Management business. Our Life Insurance business continues to perform exceptionally well with a 12% increase year over year in underwriting margin and a 44% year-over-year increase in adjusted pretax operating income.

我們擁有一支經驗豐富的金融專業人士隊伍和專有工具，可增強財務規劃能力，支援計畫內和新興財富管理業務的成長，從而使我們脫穎而出。我們的人壽保險業務持續表現優異，核保利潤率年增 12%，調整後稅前營業收入年增 44%。

The increase in underwriting margin primarily reflects ongoing pricing discipline, including the benefit of our automated underwriting platform and resulting favorable mortality experience as well as improved investment yields. New business sales were up slightly year over year, largely driven by growth in our traditional products, including both our guaranteed issue and simplified issue whole life products as we saw increased demand from our emerging distribution partnerships that favored our newer digital application platform.

承保利潤率的增加主要反映了持續的定價紀律，包括我們的自動承保平台的優勢以及由此帶來的有利的死亡率體驗以及投資收益率的提高。新業務銷售額較去年同期略有成長，主要得益於我們傳統產品的成長，包括我們的保證發行和簡化發行終身產品，因為我們看到新興分銷合作夥伴對我們較新的數位應用平台的需求增加。

In our Institutional Markets business, reserves increased 17% year over year, largely driven by strong GIC issuances and PRT transactions over the past year. This reserve growth has supported 64% year-over-year increase in our total sources of income. We are very disciplined in sourcing assets for our new business. In the case of GICs we issued in the first and second quarters, given market volatility, some asset origination funding was deferred but it has only a short-term effect and was factored into our pricing.

在我們的機構市場業務中，儲備金年增 17%，這主要得益於過去一年強勁的 GIC 發行和 PRT 交易。這項儲備成長支持了我們的總收入來源年增64%。我們在為新業務尋找資產時非常嚴謹。就我們在第一季和第二季發行的 GIC 而言，考慮到市場波動，一些資產發起融資被推遲，但這只產生短期影響，並已計入我們的定價。

As a result, we did see stronger reserve growth on a relative basis versus base spread income. Overall, we expect spread earnings to increase over time as reserves grow. But as we've referenced from time to time, there will be periods of inherent quarterly volatility.

因此，我們確實看到，與基本利差收入相比，儲備金成長更為強勁。總體而言，我們預期隨著儲備的成長，利差收益將隨著時間的推移而增加。但正如我們不時提到的那樣，必然存在一些季度波動期。

Turning to new business, we continue to grow our GIC program. This was the fifth sequential quarter with issuances exceeding $1 billion. As a result, our GIC reserves have grown by $4.7 billion or 40% year over year. The PRT pipeline in both the US and UK continues to remain strong as we see ongoing appetite for derisking solutions and high pension plan funded ratios.

談到新業務，我們繼續擴大我們的 GIC 計劃。這是連續第五個季度發行額超過 10 億美元。因此，我們的 GIC 儲備量年增了 47 億美元，即 40%。由於我們看到對降低風險解決方案和高退休金計劃資金比率的持續需求，美國和英國的 PRT 管道繼續保持強勁。

Turning to slide 8, Corebridge continues to drive shareholder value through consistent cash generation. The insurance company dividends to the holding company in the second quarter totaled $600 million. We returned $442 million to shareholders through dividends and share repurchases, contributing to a 64% year-to-date payout ratio. Holding company liquidity was $1.3 billion at June 30, an amount that exceeds our needs for the next 12 months. As a reminder, first quarter holding company liquidity was elevated as we held additional funds to cover $1 billion worth of debt that matured in April.

轉到幻燈片 8，Corebridge 繼續透過持續的現金創造來推動股東價值。保險公司第二季向控股公司發放的股利總額為6億美元。我們透過股息和股票回購向股東返還了 4.42 億美元，年初至今的股息率達到 64%。截至 6 月 30 日，控股公司流動資金為 13 億美元，這筆金額超過了我們未來 12 個月的需求。提醒一下，第一季控股公司的流動性有所提高，因為我們持有額外的資金來償還 4 月到期的價值 10 億美元的債務。

Looking forward, we have no material debt maturities until 2027. With our Life Fleet RBC ratio remaining above target and our recent VA transaction generating significant distributable proceeds, the Board of Directors authorized a $2 billion increase to our share repurchase authorization in June. I would like to note that we plan to update our financial supplement to reflect the impact of the Individual Retirement VA transaction. This will involve recasting the historical results to be presented on a consistent basis, which we plan to release in advance of third quarter earnings.

展望未來，我們在 2027 年之前沒有重大債務到期。由於我們的 Life Fleet RBC 比率仍高於目標，且我們最近的 VA 交易產生了大量可分配收益，董事會於 6 月批准將我們的股票回購授權增加 20 億美元。我想指出的是，我們計劃更新我們的財務補充，以反映個人退休 VA 交易的影響。這將涉及重新制定以一致方式呈現的歷史結果，我們計劃在第三季收益之前發布該結果。

So as we move to Q&A, a few closing comments. Corebridge continues to drive shareholder value by executing on our 4 strategic pillars: organic growth, balance sheet optimization, expense efficiency, and capital management.

當我們進入問答環節時，我想說幾點結束語。Corebridge 透過執行我們的四大策略支柱來繼續推動股東價值：有機成長、資產負債表優化、費用效率和資本管理。

With the close in the third quarter of the vast majority of our variable annuity reinsurance transaction and the expected close of the remaining portion in the fourth quarter, we have strategically repositioned the company, fortifying an already diversified business mix and balance sheet, enhancing our financial flexibility, and putting the company firmly on the path to deliver continued growth, profitability and shareholder value. We are immensely proud of the team and look forward to the balance of 2025 and beyond.

隨著我們變額年金再保險交易的絕大部分在第三季度結束，以及剩餘部分預計在第四季度結束，我們對公司進行了戰略性重新定位，鞏固了已經多元化的業務組合和資產負債表，提高了我們的財務靈活性，並使公司堅定地走上實現持續增長、盈利和股東價值的道路。我們為這個團隊感到無比自豪，並期待 2025 年及以後的成就。

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

就此，我將把電話轉回給伊西爾。

Thank you, Elias.

謝謝你，伊萊亞斯。

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.

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。

(Operator Instructions) Wes Carmichael, Autonomous.

（操作員指示）韋斯·卡邁克爾，自主。

Just my first one on capital and insurance company dividends. I think you took $600 million or so of dividends to the holding company in the quarter. Just with the VA transaction, maybe Elias, do you have any view on how that quarterly dividend amount may trend once it's fully closed, I guess, assuming a relatively consistent macro environment?

這只是我第一次談論資本和保險公司紅利。我認為您在本季度向控股公司發放了約 6 億美元的股息。就 VA 交易而言，也許 Elias，假設宏觀環境相對一致，您對季度股息金額在完全結束後的趨勢有何看法？

Wes, it's Elias.

韋斯，我是伊萊亞斯。

So yes, listen, from insurance company dividend, we've been growing that with the growth in earnings. And for 2025, our target is to grow it by 5% to 10%. There will be a minor impact with the VA transaction, given we would lose about $300 million of earnings. But we expect to continue to grow the dividend with the growth in the business, and we continue to expect to deliver 60% to 65% payout ratio.

是的，聽著，從保險公司的股息來看，我們的股息隨著收益的成長而成長。到 2025 年，我們的目標是成長 5% 至 10%。VA 交易的影響很小，因為我們將損失約 3 億美元的收益。但我們預計隨著業務的成長，股息將繼續增加，我們繼續預計將實現 60% 至 65% 的派息率。

And if I go back to one of the targets we shared earlier this year, that our goal is to grow EPS by 10% to 15% on average over time per year. There's no change to that target. We reaffirmed it and we expect to do that by growing both earnings as well as share repurchases.

如果回顧我們今年稍早分享的一個目標，那就是我們的目標是每年平均每股盈餘成長 10% 至 15%。該目標沒有變化。我們重申了這一點，並希望透過增加收益和股票回購來實現這一目標。

Got it.

知道了。

Maybe a different topic, but it sounds like Wealth Management and Group Retirement is a business that you're looking to grow. Wondering if you could offer us a little more color on the size of that business today and your ambitions over the next few years. And maybe is that an area where you'd be open to inorganic growth, or multiples for asset's just too rich right now?

也許是一個不同的主題，但聽起來財富管理和團體退休是您希望發展的業務。想知道您是否可以向我們詳細介紹一下目前該業務的規模以及未來幾年的目標。也許這是一個您願意接受無機成長的領域，或者現在資產倍數太高了？

Yes. Thanks, Wes.

是的。謝謝，韋斯。

Look, we see a very attractive opportunity in the Group Retirement business. It's much more than a spread business. As you pointed out, our fee income of $190 million in the quarter is always -- already larger than the spread income.

瞧，我們在團體退休業務中看到了非常有吸引力的機會。這不僅僅是一項傳播業務。正如您所指出的，我們本季的費用收入為 1.9 億美元，已經高於利差收入。

But I think what's important is look at some of the sources of that future of Wealth Management opportunity. Our advisory and brokerage assets, we're already at $16.8 billion, which is up 10% year-over-year. And if you look at the fee income and the out-of-plan and the advisory and brokerage assets, that's already a big earnings base of $104 billion. It's up 3% year over year. And the reality is, is that of the 1.9 million customers in this business, 1.6 million of them are still in-plan only.

但我認為重要的是看看未來財富管理機會的一些來源。我們的諮詢和經紀資產已達到 168 億美元，年增 10%。如果你看一下費用收入和計劃外收入以及諮詢和經紀資產，那麼這已經是一個高達 1040 億美元的龐大盈利基礎。較去年同期成長3%。而現實情況是，該業務的 190 萬客戶中，有 160 萬仍處於計畫內。

So we have a tremendous future opportunity for that Wealth Management piece as the in-plan customers continue to work and as they reach their age of retirement, as we engage in household asset consolidation and have a chance to continue to serve them through the rest of their lives. We've started growing the adviser base again, supporting both the in-plan business as well as that Wealth Management business.

因此，隨著計劃內客戶繼續工作並達到退休年齡，隨著我們參與家庭資產整合並有機會在他們的餘生中繼續為他們提供服務，我們在財富管理領域擁有巨大的未來機會。我們已開始再次擴大顧問基礎，支援計劃內業務以及財富管理業務。

And we anticipate continuing to grow the adviser force. In terms of whether inorganic makes sense to accelerate the growth in that business, that's something that we would consider at the time, consistent with the rest of our strategy. But we see significant opportunities in the business, which is strategically very well positioned irrespective.

我們預計顧問隊伍將繼續壯大。至於無機投資是否有助於加速該業務的成長，這是我們當時會考慮的事情，與我們的其他策略保持一致。但我們在該業務中看到了巨大的機遇，無論怎樣，該業務都具有非常有利的戰略地位。

And, Wes, just want to add back to your question to me, I was answering you in the context kind of independent of the VA reinsurance transaction. I said before with respect to the VA reinsurance transaction, we'd expect the substantial majority of the proceeds will be used for capital management. And we'll go through our normal process for dividends with the regulators and the insurance companies. And we'd expect the earliest that this would start being deployed will be in the fourth quarter.

韋斯，我只是想補充一下你向我提出的問題，我是在與 VA 再保險交易無關的背景下回答你的。我之前就 VA 再保險交易說過，我們預計絕大部分收益將用於資本管理。我們將與監管機構和保險公司一起完成正常的股利發放流程。我們預計最早將於第四季開始部署。

Ryan Krueger, KBW.

瑞安·克魯格，KBW。

First question was on Individual Retirement sales. Can you talk a little bit more about what drove the strength this quarter? Was there anything in particular about the environment that caused this? And I guess to what extent do you think this higher level of sales can be sustained going forward?

第一個問題是關於個人退休銷售。您能否進一步談談推動本季業績強勁成長的因素？環境中有什麼特殊因素導致了這種情況嗎？我想問一下，您認為未來這種較高的銷售水準能夠維持到什麼程度？

Yes. Thanks, Ryan.

是的。謝謝，瑞安。

First of all, what I'd say is demand for the annuities remains robust across the board, and the conditions continue to be very attractive where the belly of the yield curve is, remains very supportive. And of course, the long-term macro drivers are very powerful, whether that's the aging of the population, the recognition that people have to look after themselves and a very supportive adviser community. And we're very pleased with the conditions in the second quarter. We've determined the rationality of the competition based on our ability to achieve our margins on new business sales and the second quarter conditions were attractive.

首先，我想說的是，年金的需求總體上依然強勁，殖利率曲線底部的條件仍然非常有吸引力，仍然非常有支撐性。當然，長期宏觀驅動因素非常強大，無論是人口老化、人們必須照顧自己的意識，或是非常支持的顧問社群。我們對第二季的情況非常滿意。我們根據實現新業務銷售利潤的能力來確定競爭的合理性，並且第二季的條件很有吸引力。

Let's take a step back and kind of unpack it a little. We were very pleased with our index suite as well as our new RILA product, which has performed very well. And we continue to be disciplined in fixed annuities, which is really the most immediately sensitive of the businesses. And really, in the second quarter, we did almost $500 million worth of our RILA product.

讓我們退一步，稍微解開它。我們對我們的指數套件以及我們的新 RILA 產品非常滿意，它們的表現非常出色。我們繼續嚴格遵守固定年金業務，這實際上是最敏感的業務。事實上，在第二季度，我們的 RILA 產品銷售額已接近 5 億美元。

And then on top of that, we also had kind of a high watermark in index sales. So we haven't seen any signs of cannibalization and that's a very positive trend. We've seen incremental sales growth in both RILA and index pretty consistently to first and the second quarter. And we don't know if these favorable conditions of the second quarter will continue. Historically, the tax planning season does prompt a little extra attention in second quarter, but the opportunities are there, the demand is there.

除此之外，我們的指數銷售額也達到了高水位。因此，我們還沒有看到任何蠶食的跡象，這是一個非常積極的趨勢。我們看到，第一季和第二季 RILA 和指數的銷售額均呈現相當持續的成長。我們不知道第二季的這些有利條件是否會持續下去。從歷史上看，稅務規劃季節確實會在第二季度引起一些額外的關注，但機會就在那裡，需求就在那裡。

And we have a broad capital management toolkit, including our new Bermuda strategy, and we continue to focus on allocating the capital where the risk-adjusted returns are the highest and the customer demands are the greatest. And in the second quarter, we saw those opportunities in Individual Retirement, and we continue to see a very robust position for that business.

我們擁有廣泛的資本管理工具包，包括新的百慕達策略，我們將繼續專注於將資本配置到風險調整後回報最高、客戶需求最大的地方。在第二季度，我們看到了個人退休領域的這些機會，並且我們繼續看到該業務的強勁地位。

We were able to grow the spread income sequentially for Individual Retirement and had very attractive net flows into the general account that will further contribute to the future earnings base of this business. So we feel very well positioned in Individual Retirement. The conditions continue to be attractive. We expect to continue to grow the spread income from that business over time.

我們能夠連續增加個人退休金的利差收入，並且有非常有吸引力的淨流入一般帳戶，這將進一步為該業務的未來盈利基礎做出貢獻。因此，我們認為自己在個人退休方面處於非常有利的地位。條件仍然具有吸引力。我們預計隨著時間的推移，該業務的利差收入將繼續成長。

And then I had a question on spread income, I think base spread income was up about $5 million to $10 million sequentially this quarter if we normalize for the onetime item in the first quarter. Do you think that's a reasonable expectation now going forward in terms of the progression and trajectory of base spread income in the Individual Retirement business, assuming no further rate cuts from the Fed?

然後我有一個關於利差收入的問題，我認為如果我們將第一季的一次性項目正常化，那麼本季基本利差收入將環比增加約 500 萬至 1000 萬美元。假設聯準會不再降息，您是否認為就個人退休業務基本利差收入的進展和軌跡而言，這是一個合理的預期？

As we pointed out, there's a bleed-in period of the resets when the Fed rate cuts occur over a couple of quarters. We're largely through that. But it did have some impact on the second quarter. Looking ahead, we continue to that the base spread income will continue to grow over time. As I pointed out, new business pricing is at our sort of medium-term return expectations.

正如我們所指出的，當聯準會在幾個季度內降息時，會出現一個重置的滲透期。我們基本上已經度過了這個階段。但它確實對第二季產生了一些影響。展望未來，我們繼續認為基礎利差收入將隨著時間的推移而持續成長。正如我指出的，新業務定價符合我們的中期回報預期。

As you saw, where our coming in, it's 50 bps over the roll-off. And there might be some variability quarter-to-quarter, but the fundamental trend is that the general account reserves will continue to grow, and that will drive growth in the base spread income.

如您所見，我們的進入點是超過滾降 50 個基點。雖然每個季度之間可能會有一些變化，但基本趨勢是一般帳戶儲備將繼續成長，這將推動基本利差收入的成長。

John Barnidge, Piper Sandler.

約翰·巴尼奇、派珀·桑德勒。

With the Venerable transaction being the biggest corporate event since the IPO and stock price reaction, how does that make you think about additional liability optionality?

Venerable 交易是自 IPO 和股價反應以來最大的公司事件，這讓您如何看待額外的責任選擇權？

Well, look, we're always looking for the opportunity to create shareholder value, increase shareholder value, and to optimize the portfolio. We focused on the variable annuity transaction significantly but continue to evaluate other potential transactions. Any transaction needs to be accretive on a risk-adjusted basis to make sense for us, which means from both the pricing and a structure perspective. And so we continue to evaluate -- and to the extent that there's anything to announce, we'll bring it forward.

嗯，我們一直在尋找機會創造股東價值、增加股東價值並優化投資組合。我們專注於變額年金交易，但繼續評估其他潛在交易。任何交易都需要在風險調整的基礎上實現增值，這對我們來說才有意義，這意味著從定價和結構的角度來看。因此，我們會繼續評估——如果有任何消息需要宣布，我們就會提前宣布。

My follow-up, can you maybe talk a little bit about the Institutional Markets volume? There's good earnings emergence, but I know it can be somewhat episodic and PRT volumes low. Some have cited litigation. Others have cited more competitive dynamics.

我的後續問題是，您能否談談機構市場交易量？獲利情況良好，但我知道這可能具有一定的偶然性，而且 PRT 交易量較低。有些人提到了訴訟。其他人則提到了更激烈的競爭態勢。

Yes.

是的。

Thanks, John. First of all, what I'd say is we're pleased to emerge as a more regular GIC issuer. We've had five quarters in a row over $1 billion in issuance. And this is consistent with what we talked about, about the time of the IPO, becoming a more regular GIC issuer.

謝謝，約翰。首先，我想說的是，我們很高興成為更常規的 GIC 發行人。我們的發行量已連續五個季度超過 10 億美元。這與我們談論的 IPO 時間一致，成為更常規的 GIC 發行人。

We're doing it our way incrementally and with discipline. And then in terms of pension risk transfer, look, the pipelines remain very strong in both the US and the UK For years, we focused on full plan terminations. They're a little bit more complex.

我們正以自己的方式循序漸進、有紀律地進行。然後就退休金風險轉移而言，美國和英國的管道仍然非常強勁，多年來，我們一直專注於全面終止計劃。它們有點複雜。

They take a little longer to develop, and so they are maybe a little bit more episodic. But the pipelines continue to be strong. As Elias' prepared remarks pointed out, plans are fully funded and companies are prepared to transact. When there's external volatility, there is some impact on that, but we're confident in the position in the pipeline over time for both our US and our UK income. And we do expect that the spread income will continue to grow relative to reserves over time. It isn't going to be linear quarter to quarter. And we feel very comfortable with both our position in the GIC business as well as what we're seeing in pension risk transfer. We haven't seen any significant impact of some of these external events.

它們需要更長的時間來開發，因此它們可能更具情節性。但管道依然強勁。正如埃利亞斯在準備好的演講中所指出的，計劃資金充足，公司已準備好進行交易。當出現外部波動時，這會產生一些影響，但我們對美國和英國收入的長期前景充滿信心。我們確實預計，隨著時間的推移，利差收入相對於儲備金將繼續增長。它不會逐季度呈線性變化。我們對自己在 GIC 業務中的地位以及在退休金風險轉移中的表現感到非常滿意。我們尚未看到其中一些外部事件產生任何重大影響。

Tom Gallagher, Evercore ISI.

湯姆·加拉格爾，Evercore ISI。

On the Apollo call this morning, they mentioned that the headwind of the roll-off of low-cost liability should be behind them by the end of 2026, and then they're implying spreads would stabilize from that point going forward approximately. Is that directionally similar the way you think this is going to play out for Corebridge or do you have a different time line for how you see the spread compression playing out?

在今天早上的阿波羅電話會議上，他們提到低成本負債減少的逆風應該會在 2026 年底之前消失，然後他們暗示利差將從那時起穩定下來。這在方向上是否與您認為 Corebridge 的發展方向相似，或者您對價差壓縮的發展時間表有何不同？

Tom, it's Elias.

湯姆，我是伊萊亞斯。

So listen, we're focused on growing earnings, and we expect to grow our spread income over time, given the current macro and demographic dynamics in the business. In terms of the base spread, in and of itself, like if you look at what we've been experiencing, it's been like marginal compression. If you look at second quarter versus first quarter, adjust for the notable item, it was almost flat. So there could be more marginal compression, given the dynamics of how much we've widened the spread on the in-force relative to our new businesses.

所以聽著，我們專注於增加收益，並考慮到當前業務的宏觀和人口動態，我們預計我們的利差收入會隨著時間的推移而增加。就基礎利差本身而言，如果你看看我們所經歷的，它就像是邊際壓縮。如果將第二季度與第一季進行比較，並針對值得注意的項目進行調整，就會發現它幾乎持平。因此，考慮到我們現有業務相對於新業務的利差擴大程度，邊際壓縮可能會更大。

But our focus is on growing earnings. How long this marginal compression will last, there are different variables that will influence timing. But the key thing to us is where we're writing new business, it's meeting our pricing targets and we expect to continue to grow our spread income.

但我們的重點是增加收益。這種邊際壓縮會持續多久，有不同的變數會影響時間。但對我們來說，關鍵在於我們在哪裡開展新業務，它是否符合我們的定價目標，以及我們預期我們的利差收入是否會繼續增加。

And remember, spread income is just over 50% of our revenue sources. And when you think about the other ways we make money, we're kind of also optimistic about what the future holds for that. For example, fee income, I called it out, we were up 3% if you exclude the variable annuity portfolio we see that the Venerable on a year-on-year basis.

請記住，利差收入僅占我們收入來源的 50% 多一點。當你考慮我們賺錢的其他方式時，我們對未來的發展也感到樂觀。例如，費用收入，我說過，如果不包括可變年金投資組合，我們的收入年增了 3%，這是可以預見的。

That's helpful, Elias.

這很有幫助，埃利亞斯。

And my follow-up, just on the VA deal, I think the majority of that is cash proceeds, not freed-up capital. Do you -- are you now sitting on most of the $2.1 billion at the holding company? Or is there -- is that cash consideration not at the holding company right now? And why would you have to wait until 4Q to begin to deploy that into larger buybacks?

我的後續問題是，就 VA 交易而言，我認為其中大部分是現金收益，而不是釋放的資本。您現在是否持有控股公司 21 億美元的大部分資金？或者－現金對價目前不在控股公司嗎？為什麼你必須等到第四季才開始部署到更大規模的回購中？

So the distributable proceeds are at the insurance company, so it's the insurance companies that transacted directly with Venerable. And so now since we've increased the distributable proceeds from the insurance companies, we need to go through the normal process we do every quarter with our regulators to distribute it. And we'd expect to begin distributing it, the first batch, by the end of the quarter so it's available for the fourth quarter.

因此，可分配的收益在保險公司，也就是保險公司直接與 Venerable 進行交易。現在，由於我們增加了保險公司的可分配收益，我們需要按照每季與監管機構進行的正常流程來分配收益。我們預計在本季末開始分發第一批產品，以便在第四季上市。

Cave Montazeri, Deutsche Bank.

蒙塔澤里洞，德意志銀行。

First question on AI. Is Life Insurance your segment that is most advanced in terms of implementing GenAI? And if so, what opportunities do you see in Individual and Group Retirements?

第一個問題是關於人工智慧的。人壽保險是您在實施 GenAI 方面最先進的領域嗎？如果是的話，您認為個人和團體退休有哪些機會？

Well, look, I mean, we believe that artificial intelligence represents a significant opportunity for the industry. And we're fortunate that through separation, we've modernized our tools and our platforms and we have a strong foundation place to build off of. As you pointed out, we've actually been using advanced practices, in particular in the life business for a number of years now. And our automated underwriting capability in life is actually transacting around 80% of our new decisions and those are effectively instantaneous decisions. We feel very good about our capability there.

嗯，我的意思是，我們相信人工智慧為該行業帶來了重大機會。我們很幸運，透過分離，我們已經實現了工具和平台的現代化，並且擁有了堅實的基礎。正如您所指出的，我們實際上已經採用先進的做法，特別是在人壽保險業務中已經採用了多年。我們生活中的自動承保能力實際上處理了我們大約 80% 的新決策，而這些決策實際上都是即時決策。我們對自己在那裡的能力感到非常滿意。

But we see ongoing opportunities with respect to tools such as artificial intelligence and other advanced practices, including continuing to improve our operating leverage and our efficiency, enhancing the customer and the distribution partner experience, accelerating our software development life cycle.

但我們看到了人工智慧等工具和其他先進實踐方面的持續機會，包括繼續提高我們的營運槓桿和效率，增強客戶和分銷合作夥伴的體驗，加速我們的軟體開發生命週期。

And we've worked hard to ensure that we have a sound governance process in place to ensure that we're understanding and managing the risks of the investments that we're making there. But we see significant opportunities for the technology enhancements to benefit the business in various areas.

我們一直努力確保我們擁有完善的治理流程，以確保我們了解和管理我們在那裡進行的投資的風險。但我們看到技術進步為各領域的業務帶來巨大的利益。

Now back to the Life Insurance portfolio, I think that our decision a number of years ago to narrow our product range and to move away from more of the interest-sensitive products has benefited us very well. And in addition to the automated underwriting, we've invested substantially in our digital platform for certain traditional products, which has served us very well. So we feel very well positioned, both in the business as well as in our use of technology, and we expect to continue to benefit from that for years to come.

現在回到人壽保險組合，我認為我們幾年前做出的縮小產品範圍和減少對利率敏感的產品的決定給我們帶來了很大的好處。除了自動承保之外，我們還對某些傳統產品的數位平台進行了大量投資，這為我們帶來了極大的便利。因此，我們感覺自己在業務和技術使用方面都處於非常有利的地位，並且我們預計在未來幾年將繼續從中受益。

My follow-up is going to be linked to this and similar next phase of modernization. How far along do you see you are right now with regards to your digitizing end-to-end processes in your insurance operations?

我的後續行動將與這一階段以及類似的現代化下一階段相關。您認為目前貴公司的保險業務端到端流程數位化進度如何？

Well, as I pointed out, through the separation process, we've made significant progress. We've moved all of our administrative systems, our administrative platforms to one version of the cloud or another. And that gives us a great platform to build off of, and we're working with some very capable partners in the journey of digitizing our various workflows. It depends business by business.

嗯，正如我指出的，透過分離過程，我們取得了重大進展。我們已將所有管理系統、管理平台移轉到雲端的某個版本。這為我們提供了一個很好的平台，我們正在與一些非常有能力的合作夥伴一起實現我們各種工作流程的數位化。這取決於具體業務。

In Life Insurance, we have virtually a digital business now. Some of our other businesses are earlier in the journey, but we're confident in our ability to continue to improve our operating leverage over time.

在人壽保險領域，我們現在實際上已經擁有數位化業務。我們的其他一些業務還處於起步階段，但我們相信我們有能力隨著時間的推移繼續提高我們的經營槓桿。

Alex Scott, Barclays.

巴克萊銀行的亞歷克斯·斯科特。

First one I have is on the rollout of the RILA product. Was interested if you could just give us an update on sort of where that stands. Obviously, there's been a lot of success in the sales. I was just more wondering where you're at in terms of getting the shelf space you want, roll out in the different states, et cetera.

我的第一個產品是關於 RILA 產品的推出。如果您能向我們介紹最新情況，我很感興趣。顯然，銷售取得了巨大的成功。我只是更想知道您在獲得所需的貨架空間、在不同的州推出等方面的情況如何。

Yes. Thanks, Alex. Appreciate it.

是的。謝謝，亞歷克斯。非常感謝。

Look, I really feel RILA is off to a great start. In Individual Retirement in the second quarter, we had just shy of $500 million in sales.

瞧，我真的覺得 RILA 已經有了一個很好的開始。在第二季的個人退休方面，我們的銷售額略低於 5 億美元。

And then if you add Group Retirement on top of that, we've got on top of $600 million. That brings us to over $1 billion since the launch of the product. And we're definitely seeing strong market dynamics and significant demand for RILA as well as all the Individual Retirement products. We've launched with over 200 distribution partners so far, and we're in all but one of the states.

然後，如果再加上團體退休金，我們的收入就超過 6 億美元了。自該產品推出以來，我們的收入已超過 10 億美元。我們確實看到了強勁的市場動態和對 RILA 以及所有個人退休產品的巨大需求。到目前為止，我們已經與 200 多家分銷合作夥伴開展業務，除一個州外，其他所有州均有業務。

And we're seeing two dynamics, right? A lot of the sales are coming from our existing distribution sources, distribution partners. One of the -- going back to one of the reasons we introduced RILA is most of our major distribution partners were asking for us to introduce our offering and to bring our historical creativity to it, and we worked closely with our partners in developing the product. And so far, it's resonated really well.

我們看到了兩種動態，對嗎？很多銷售來自我們現有的分銷來源和分銷合作夥伴。其中一個——回到我們推出 RILA 的原因之一是，我們的大多數主要分銷合作夥伴都要求我們推出我們的產品並將我們的歷史創造力帶入其中，我們與合作夥伴密切合作開發該產品。到目前為止，它引起了很好的反響。

So we're expanding our share of wallet with existing distribution partners. But if you look at the second quarter sales, more than 25% of them are from advisers and distribution sources that are new to Corebridge. So not only is it enhancing our position with existing distribution but we're attracting new sources of distribution with it.

因此，我們正在與現有的分銷合作夥伴擴大我們的份額。但如果你看一下第二季的銷售額，你會發現其中超過 25% 的銷售額來自 Corebridge 的新顧問和分銷來源。因此，它不僅增強了我們在現有分銷中的地位，而且還吸引了新的分銷來源。

And then on top of the great success with RILA, as I think I mentioned a little while ago, we also had the strongest index annuity quarter that we've seen. So we're not seeing any kind of cannibalization effect. We're seeing a multiplier effect, and frankly, we expect that to continue.

除了 RILA 取得的巨大成功之外，正如我剛才提到的那樣，我們還經歷了迄今為止最強勁的指數年金季度。因此，我們沒有看到任何形式的蠶食效應。我們看到了乘數效應，坦白說，我們預計這種效應將會持續下去。

That's helpful.

這很有幫助。

Second question I had is maybe just a broad one on new money yields, how they compare to the roll-off yield or portfolio yield. And further, where are you finding good investment opportunities to fund the liabilities? Are there any shifts or allocations that you're leaning more into? Just trying to understand, on one hand, it's a high rate environment.

我的第二個問題可能只是關於新資金收益率的一個廣泛的問題，它們與滾動收益率或投資組合收益率相比如何。此外，您可以在哪裡找到良好的投資機會來償還債務？您是否更傾向於某些轉變或分配？只是想了解，一方面，這是一個高利率環境。

On the other hand, spreads are quite tight. I just want to better understand the way that you guys are approaching the environment.

另一方面，價差相當小。我只是想更了解你們處理環境問題的方式。

Alex, it's Elias.

亞歷克斯，我是伊萊亞斯。

Right now, new money versus roll-off, it's a 50 basis point differential as what we saw in the second quarter. We have not changed our investment strategy or philosophy on that front. But we did, given supply in the market, we ended up with a higher allocation to public credit in the second quarter than like some of the structured credit or some of the other stuff. But we kind of view that as episodic and overall, no change in our investment strategy.

目前，新資金與滾存資金之間存在 50 個基點的差異，正如我們在第二季度看到的那樣。我們在這方面的投資策略或理念並沒有改變。但考慮到市場供應，我們在第二季度對公共信貸的配置最終高於某些結構性信貸或其他信貸。但我們認為這只是偶然現象，整體而言，我們的投資策略並沒有改變。

And remember, the other thing I would add is, listen, our investment strategy is liability-driven so it will evolve with what changes on the liability side of the house with where new business is coming from.

請記住，我要補充的另一件事是，我們的投資策略是負債驅動的，因此它將隨著負債方面的變化以及新業務的來源而發展。

Suneet Kamath, Jefferies.

蘇尼特‧卡馬斯（Suneet Kamath），傑富瑞集團。

Just going back to the VA transaction, it sounds like maybe there was a bit of a change in terms of the accretion guidance. I believe on the VA call, you talked about accretion in the second half of next year and now sounds like it's when the buybacks are complete. So I just wanted to make sure that I got that right. And then relatedly, over what time period would you expect to complete the needed buybacks to get to accretion?

回到 VA 交易，聽起來好像在增值指導方面發生了一些變化。我相信在 VA 電話會議上，您談到了明年下半年的成長，現在聽起來好像是回購完成的時候。所以我只是想確保我做對了。然後相關的是，您預計在什麼時間內完成所需的回購以實現增值？

Suneet, it's Elias.

Suneet，我是 Elias。

There's been no change from our end. So we expect the transaction to be EPS accretive once we fully deploy the capital that we intend to, and we expect to get there by the second half of 2026. And that kind of factors in, we are thinking that deploying the proceeds that are going to go towards capital management over kind of a similar period. We're mindful of market conditions as well and kind of -- as well as by how much can we really deploy in a quarter, taking that into consideration.

從我們這邊來看沒有任何變化。因此，我們預計，一旦我們完全部署了預期的資本，該交易將帶來每股收益增值，我們預計將在 2026 年下半年實現這一目標。考慮到這些因素，我們考慮在類似期間內將收益用於資本管理。我們也會關注市場狀況，以及考慮到這一點，我們在一個季度內可以真正部署多少。

Okay.

好的。

And then I guess for Kevin on the annuity sales, obviously, we're seeing the industry at record levels. You guys are at record levels. But what is -- can you just talk to what is unique about your distribution? Because as I think about competitive advantages, products can be copied pretty easily but distribution tends to have some staying power. So can you just talk about where you're different versus the industry?

然後我想對於凱文來說，關於年金銷售，顯然，我們看到該行業達到了創紀錄的水平。你們的水準達到了創紀錄的水準。但是—您能談談您的發行版的獨特之處嗎？因為當我考慮競爭優勢時，產品可以很容易地被複製，但分銷往往具有一定的持久力。那麼你能談談你與這個行業的不同之處嗎？

Well, we're very focused on having a broad product suite, on having both an income-oriented solution and accumulation-oriented solution with each of our products. And we work with our key distribution partners to truly understand their strategies, not just for the short term but for the longer term so that we can mobilize products or services to be able to support their strategies for their advisers as they evolve. And as a result, depending upon what their strategies are, we can support them.

嗯，我們非常注重擁有廣泛的產品套件，我們的每款產品都同時具有收入導向的解決方案和累積導向的解決方案。我們與主要分銷合作夥伴合作，真正了解他們的策略，不僅是短期策略，而且是長期策略，以便我們能夠調動產品或服務，為他們的顧問提供不斷發展的支援。因此，根據他們的策略，我們可以為他們提供支援。

So we're not married to any particular product at any particular time, and we maintain sort of optionality in terms of how to be able to serve their advisers. And the largest distribution partners, obviously, their strategies are evolving and we're able to evolve with them over time.

因此，我們不會在任何特定時間局限於任何特定產品，並且在如何為他們的顧問提供服務方面，我們保持一定的選擇性。而最大的分銷合作夥伴顯然他們的策略正在不斷發展，我們也能夠隨著時間的推移與他們一起發展。

And I think that, that ultimately is one of the things that gives us an advantage. The other is, is that we work a lot to customize our products. And if you look at sort of the prior year's worth of sales, around 30% of our products have a proprietary feature that is unique to one of our major distribution partners. And so we have a broad product capability that we're able to support with respect to those various options. And then, of course, we spend a lot of time building the relationships at the wholesaler and adviser level.

我認為，這最終是我們的優勢之一。另一個是，我們做了很多工作來客製化我們的產品。如果你看去年的銷售額，你會發現我們約有 30% 的產品具有我們主要經銷合作夥伴獨有的專有功能。因此，我們擁有廣泛的產品能力，能夠支援各種選擇。當然，我們花費大量時間在批發商和顧問層面建立關係。

And ultimately, those relationships are what we continue to build on and expand. So it's very strategic. It's very long term in orientation. It allows us to not necessarily have to position ourselves one way or another, but we can evolve with the market cycles and maintain a strong position with our partners. We've never focused on market share as a strategy.

最終，我們將在這些關係的基礎上繼續建立和擴展。所以它非常具有戰略意義。它的定位非常長遠。它使我們不必以某種方式定位自己，但我們可以隨著市場週期而發展，並與我們的合作夥伴保持強勢地位。我們從來沒有把市場佔有率當作一種策略重點。

I think market share is a good way of determining how well we're serving our distribution partners and their customers, and we remain disciplined in pricing and they understand that part of our strategy as well.

我認為市場佔有率是確定我們如何為分銷合作夥伴及其客戶提供服務的一個很好的方法，我們在定價方面保持紀律，他們也理解我們策略的這一部分。

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘。

My first question is just on Life Insurance. I was hoping you could just provide a little bit more color on the favorable mortality that you guys saw in the quarter. And then is there any change in your go-forward quarterly guide for the business?

我的第一個問題是關於人壽保險的。我希望您能更詳細地介紹本季看到的有利死亡率。那麼，您對公司未來季度的指導有什麼變化嗎？

Elyse, it's Elias.

伊莉絲，我是伊萊亞斯。

In terms of mortality in the quarter, we found favorable severity -- sorry, favorable frequency across the portfolio and favorable severity on our traditional life block. And from a go forward, we continue to stick with our $110 million to $120 million per quarter as a run rate other than the first quarter where we expect higher mortality, given the winter season. But the mortality this quarter was really driven by favorable frequency and severity in the traditional book.

就本季的死亡率而言，我們發現嚴重程度良好——抱歉，整個投資組合的頻率良好，而我們傳統生命區塊的嚴重程度良好。從未來來看，我們將繼續堅持每季 1.1 億至 1.2 億美元的營運率，但第一季除外，由於冬季原因，我們預計死亡率會更高。但本季的死亡率實際上是由傳統書籍中有利的頻率和嚴重程度所驅動的。

And then my second question was just if you could just talk to the surrender wall you guys had guided to previously and how you guys expect that to play out.

我的第二個問題是，您能否談談您之前引導的投降牆以及您預計它會如何發展。

Yes. Thanks, Elyse.

是的。謝謝，伊莉絲。

As we said last quarter, we do expect higher levels of fixed annuity and index annuity volumes to be exiting surrender charge periods in the second half of this year. It's just really kind of natural, given the historical growth in the whole portfolio. And it's not going to necessarily be consistent quarter-to-quarter because it does reflect when earlier large volumes of products were sold.

正如我們上個季度所說，我們確實預計今年下半年退出退保費用期的固定年金和指數年金數量將達到更高水準。考慮到整個投資組合的歷史成長，這真的很自然。而且它不一定與季度保持一致，因為它確實反映了早期大量產品的銷售情況。

As we've discussed before, in terms of surrender rates, we believe that those will reflect where the external conditions are, where yields and credit spreads are at any given point in time. And the quotient of those two things, the rates and the volumes is going to determine the level of surrenders. We're prepared for surrenders as part of managing this business. And as we've seen historically, at times when the conditions suggest surrender rates are higher, new business is also higher. And since we're focusing on long-term growth of the general account, ultimately, that's what we're focused on.

正如我們之前討論過的，就退保率而言，我們認為它將反映外部條件、收益率和信用利差在任何特定時間點的情況。利率和數量這兩個因素的商將決定投降的水平。作為管理這項業務的一部分，我們已做好了放棄的準備。正如我們從歷史上看到的那樣，當條件表明退保率較高時，新業務也會較高。由於我們關注的是一般帳戶的長期成長，所以最終，這就是我們所關注的。

So we expect that irrespective of the fact that we have higher volumes exiting the surrender charge periods, it's a natural dynamic of the business and we expect that the general account and spread income will continue to grow over time.

因此，我們預計，無論我們在退保費用期後是否有更高的交易量，這都是業務的自然動態，我們預計一般帳戶和利差收入將隨著時間的推移而繼續增長。

Michael Ward, UBS.

瑞銀集團的麥可沃德。

I just had one on Individual Retirement. Appreciate the color on the yield side, but I was just curious about the crediting rate, the cost of funds component. Should we think about that pickup sort of persisting, and just in the context of sales opportunities and maybe even suggestive of you guys just being squarely focused on spread products now.

我剛剛有一個關於個人退休的問題。欣賞收益率方面的顏色，但我只是對信用率、資金成本部分感到好奇。我們是否應該考慮這種回升的持續性，並且僅在銷售機會的背景下，甚至可能暗示你們現在只是專注於傳播產品。

Well, first, I'll address the last comment. We're not squarely focused only on spread products. Spread products are an important part of the opportunity right now. And actually, I feel really good about our performance over the last couple of years when the interest rate cycle has been extremely supportive of the spread business. But if you go back a few years before that, we were successful with our spread businesses even in a lower rate environment, and that's really a reflection of pricing discipline and also the relationships in the distribution area that allow us to participate through various market cycles.

好吧，首先，我要談談最後一則評論。我們並非只專注於傳播產品。價差產品是目前機會的重要組成部分。事實上，過去幾年利率週期對利差業務給予了極大的支持，我對我們的表現感到非常滿意。但如果回顧幾年前，即使在利率較低的環境下，我們的利差業務也取得了成功，這實際上反映了定價紀律以及分銷領域的關係，使我們能夠參與各種市場週期。

In terms of the dynamic you're talking about in portfolio, the creep and the cost of funds, that's more of a reflection of the fact that over the last couple of years, we've widened spreads on the in-force, and the in-force cost of funds are lower than current money cost of funds because of the years over which those were acquired. And so as the new business becomes a larger part of the overall in-force portfolio, and with some of the outflows coming in those lower cost of funds, that's where you see the marginal creep in the cost of funds. That's the difference there. The new business margins and the cost of funds on new business reflect where the current conditions are, and we continue to find spreads very attractive.

就您談論的投資組合動態、基金的蠕動和成本而言，這更多地反映了這樣一個事實：在過去幾年中，我們擴大了有效基金的利差，並且由於這些基金是在多年的收購過程中獲得的，因此有效基金的成本低於當前資金成本。因此，隨著新業務在整個有效投資組合中所佔的比例越來越大，並且部分資金流出到那些成本較低的資金中，你會看到資金成本的邊際攀升。這就是差別所在。新業務利潤率和新業務資金成本反映了當前的狀況，我們仍然發現利差非常有吸引力。

Okay.

好的。

And then just post VA deal close and deployment of the proceeds, I was just wondering if you could help us think about the sources of your free cash flow in terms of which businesses you expect to drive the majority. If you could quantify it at all, it'd be helpful.

然後，在 VA 交易結束和收益部署之後，我只是想知道您是否可以幫助我們思考您的自由現金流來源，即您預計哪些業務將推動大部分現金流。如果你能量化它，那將會很有幫助。

It's Elias on this one, Mike.

這次是 Elias，Mike。

But Mike, we've got four businesses and the four businesses kind of contribute to the cash generation from our insurance companies. They're all profitable in their own ways from that perspective. And so the VA business was one product of many that we offer. And kind of going forward, we continue to be comfortable with the cash generation in the insurance companies and our ability to increase that over time as we are confident in our ability to deliver on the 60% to 65% payout ratio and growing our EPS by 10% to 15% per year on average.

但是麥克，我們有四項業務，這四項業務為我們保險公司的現金創造做出了貢獻。從這個角度來看，他們都以自己的方式獲利。因此，VA 業務只是我們提供的眾多產品之一。展望未來，我們繼續對保險公司的現金創造能力感到滿意，並且有能力隨著時間的推移而增加現金創造能力，因為我們有信心實現 60% 至 65% 的派息率，並使我們的每股收益平均每年增長 10% 至 15%。

Yes, Mike, and I'd also just kind of remind you that the variable annuity business has been in net outflows for 8 years. And to the extent that it had a financial contribution, we would have expected that financial contribution to decline over time. So actually, after the transaction, we're positioned more attractively for long-term growth.

是的，麥克，我還想提醒你一下，變額年金業務已經連續 8 年處於淨流出狀態。就其財務貢獻而言，我們預計其財務貢獻會隨著時間的推移而下降。因此實際上，交易完成後，我們的長期成長前景更加光明。

Joel Hurwitz, Dowling & Partners.

喬爾‧赫爾維茨，道林及合夥人。

One on expenses. They looked very well managed in the quarter. Anything unusual or timing-related that you would call out? Or is that largely the Corebridge Forward benefits? And then, I guess, with that mostly earned through, can you elaborate on further opportunities to manage your expense base?

一個是關於費用。他們在本季的管理看起來非常好。您會指出哪些不尋常的或與時間有關的事情嗎？或者這主要是 Corebridge Forward 帶來的好處？然後，我想，有了這些大部分賺到的錢，您能詳細說明管理費用基礎的進一步機會嗎？

Joe, we're doing a good job on managing our expenses. I think that's what's playing through our numbers. But on a serious note, listen, we've been very focused on improving our operating leverage. Corebridge Forward was version 1.0. We've largely gotten that done and that's earned in.

喬，我們在管理開支方面做得很好。我想這就是我們的數字所體現的。但嚴肅地說，聽著，我們一直非常注重提升我們的經營槓桿。Corebridge Forward 是 1.0 版本。我們基本上已經完成了，並且獲得了回報。

We are on version 2.0 right now. While we don't have a formal program like Corebridge Forward, we're pursuing a number of initiatives that will improve our operating leverage, and you're seeing some of the benefits of that come through. We did have an early retirement program earlier in the year, where some of the savings we expect to drop to the bottom line and are dropping to the bottom line, and some we will use to invest in additional capabilities for the future. But we're pursuing digitization and modernization efforts in finance and actuarial, all of it which should contribute to improving our operating leverage as well as making our processes more efficient and improve customer service along the way.

我們現在使用的是 2.0 版本。雖然我們沒有像 Corebridge Forward 這樣的正式計劃，但我們正在推行一系列舉措來提高我們的營運槓桿，而且您已經看到了其中的一些好處。我們在今年早些時候確實有一個提前退休計劃，其中一部分儲蓄我們預計會降至底線並且正在降至底線，一部分我們將用來投資未來的額外能力。但我們正在財務和精算領域推行數位化和現代化努力，所有這些都將有助於提高我們的經營槓桿，使我們的流程更加高效，並在此過程中改善客戶服務。

Okay. Okay, helpful.

好的。好的，有幫助。

And I didn't say you guys weren't doing a good job there. So just my follow-up on Group Retirement. Any way you could size the two large plan outflows that you had mentioned in your prepared remarks and any corresponding earnings impact from those outflows?

我並不是說你們做得不好。這只是我對團體退休的後續關注。您能否估算一下您在準備好的評論中提到的兩個大型計劃流出量以及這些流出對收益產生的相應影響？

Yes. Joe, it's Elias again. Happy to. It's roughly about $1.5 billion in outflows from the plans and the impact to earnings on a run rate basis, less than $5 million a year.

是的。喬，又是伊萊亞斯。很開心。該計劃的流出量約為 15 億美元，以運行率計算，對收益的影響每年不到 500 萬美元。

Wilma Burdis, Raymond James.

威爾瑪伯迪斯、雷蒙詹姆斯。

How do you think about the economic trade-off or possibly expansion for fees for selling variable annuities versus bringing in spread-based earnings on RILAs?

您如何看待變額年金銷售費用與 RILA 利差收益之間的經濟權衡或可能擴大？

Well, we're trying to grow all of our sources of income. And as I pointed out, our strategy is to deploy the capital where the risk-adjusted returns are the most attractive and the customer needs are the greatest at any given point in time. And with respect to the variable annuity product, that is a product that has not been among the more popular for a number of years. As I just reminded everyone, it's been in net outflows for 8 years. And so we consider each of our sources of income equally valuable, and we're looking for the opportunities to grow each of them according to where the opportunities are the greatest.

嗯，我們正在努力增加所有的收入來源。正如我所指出的，我們的策略是將資本部署在風險調整後回報最具吸引力且客戶需求在任何特定時間點最大的地方。至於變額年金產品，該產品多年來一直不太受歡迎。我剛才提醒大家，已經淨流出8年了。因此，我們認為每種收入來源都具有同等的價值，我們正在尋找機會，根據機會最大的領域來增加每一種收入來源。

Yes.

是的。

And, Wilma, I'll add to that. The financial contribution from that VA product in Individual Retirement has been declining. So if you look at our reported fee income, it's down 1% year over year. But if you exclude the block that we ceded to Venerable, our fee income is actually growing.

威瑪，我還要補充一點。VA 產品對個人退休金的財政貢獻一直在下降。因此，如果您查看我們報告的費用收入，您會發現它比去年同期下降了 1%。但如果不考慮我們轉讓給 Venerable 的部分，我們的費用收入實際上是在成長。

It's up 3%. So when we look at this transaction, in addition to what Kevin said, we're monetizing a book of business that's undervalued and had decreasing financial contribution, and it will unlock significant value for shareholders and it allows us to focus on the books of business where we see the growth opportunity. So that's kind of the math we've done from our perspective internally. And we got to sell the stream of earnings at a very attractive level to Venerable.

上漲了 3%。因此，當我們審視這筆交易時，除了凱文所說的之外，我們還在將被低估且財務貢獻不斷減少的業務賬簿貨幣化，這將為股東釋放巨大的價值，並使我們能夠專注於我們看到增長機會的業務賬簿。這就是我們從內部角度所做的計算。我們必須以非常有吸引力的價格將收益流出售給 Venerable。

Okay.

好的。

And then could you give us a little bit more color on alts? The performance was good in 2Q. We think that, that was possibly driven by year-end valuations coming in favorably. So should this persist in the second half of the year? Maybe you can give us a little bit more color.

那麼，您能否向我們詳細介紹一下 alts 呢？第二季業績表現良好。我們認為，這可能是由於年底估值上漲所致。那麼下半年這種情況還會持續嗎？也許您可以提供我們更多一些色彩。

No, I'm happy.

不，我很高興。

And listen, when we gave the guidance on the last earnings call, it was based on the information we knew at that time. And they did come in much better. Two drivers behind what drove the better performance. One is the funds get their financial statement audits done as -- on a calendar year basis, and we get them in the second quarter.

聽著，我們在上次財報電話會議上給予的指導是基於我們當時掌握的資訊。他們確實表現得更好了。兩位驅動因素推動了業績的更好發展。一是基金依日曆年進行財務報表審計，我們在第二季進行審計。

So we had a more favorable true-up this year than prior years. And separately, we do have investments in foreign funds. And so with weakening of the US dollar, it contributed to a favorable result on a reported basis.

因此，今年我們的業績比前幾年更為有利。另外，我們確實對外國基金有投資。因此，隨著美元走弱，它有助於實現報告基礎上的良好業績。

Now that being said, when we look at the second half of the year, and we continue to believe these are great assets to invest in, and they should deliver about an 8% to 9% over the long term. We expect the second half of the year to be below the 8% to 9% for two reasons. We expect continued weakness on valuations around real estate equity in the second half of the year.

話雖如此，當我們展望下半年時，我們仍然相信這些都是值得投資的優秀資產，從長遠來看，它們應該會帶來 8% 到 9% 左右的收益。我們預計下半年的成長率將低於 8% 至 9%，原因有二。我們預計下半年房地產股票估值將持續疲軟。

And then the uncertainty we saw in the second quarter and it somewhat continuing deal activity. So given the combination of those two drivers today, our outlook for the second half is, while it might be positive, it will be below the 8% to 9%.

然後我們在第二季度看到了不確定性，並且交易活動持續存在。因此，考慮到目前這兩個驅動因素的結合，我們對下半年的展望雖然可能是正面的，但將低於 8% 至 9%。

Thank you.

謝謝。

This concludes the Q&A session, and I will now turn the call back to Kevin for closing remarks.

問答環節到此結束，現在我將把電話轉回給凱文，請他作結束語。

Yes, thanks.

是的，謝謝。

Today, I am going to end with a few closing remarks. As a result of our transformative transaction, the second quarter of 2025 is the most impactful of the 12 we've had since our IPO. Going forward, Corebridge has a fundamentally different financial profile. We're a simpler company with an improved risk profile and more opportunity for organic growth and attractive businesses.

今天，我想以幾句結束語來結束今天的演講。由於我們的變革性交易，2025 年第二季是我們首次公開發行 (IPO) 以來 12 個季度中影響最大的一個季度。展望未來，Corebridge 的財務狀況將有根本的差異。我們是一家更簡單的公司，風險狀況有所改善，擁有更多有機成長和有吸引力的業務的機會。

I want to thank the team that worked on the transaction, and I want to thank every Corebridge employee for executing with excellence on our strategic pillars. The value you are creating for our customers and shareholders is compelling. Thanks again to everyone who joined us for the call. Have a great day.

我要感謝參與此交易的團隊，我要感謝每一位 Corebridge 員工出色地執行我們的策略支柱。您為我們的客戶和股東創造的價值令人信服。再次感謝參加此次電話會議的所有人。祝你有美好的一天。

Thank you. This concludes today's conference call, and you may now disconnect.

謝謝。今天的電話會議到此結束，您可以掛斷電話了。