Corebridge Financial Inc (CRBG) 2025 Q3 法說會逐字稿

Hello, and welcome, everyone, to the Corebridge Financial Third Quarter 2025 Earnings Call. My name is Becky, and I'll be your operator today. (Operator Instructions)

大家好，歡迎參加Corebridge Financial 2025年第三季財報電話會議。我叫貝基，今天由我來為您接聽電話。（操作說明）

I will now hand over to your host, Isil Muderrisoglu, Head of Investor and Rating Agency Relations, to begin. Please go ahead.

現在我將把發言權交給主持人，投資者和評級機構關係主管伊西爾·穆德里索格魯，由他來開始。請繼續。

Good morning, everyone, and welcome to Corebridge Financial's earnings update for the third 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.

各位早安，歡迎收聽Corebridge Financial 2025年第三季財報更新。與我一同參加電話會議的還有總裁兼執行長凱文·霍根和財務長埃利亞斯·哈巴耶布。首先，凱文和伊萊亞斯將作準備好的發言，然後我們將回答大家的問題。

Today's comments may contain forward-looking statements, which are subject to risks and uncertainties. These statements are not guarantees of future performance or events and are based upon management's current expectations and assumptions. Corebridge's filings with the SEC provide details on important factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Except as required by the applicable securities laws, Corebridge is under no obligation to update any forward-looking statements as 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，這些陳述存在風險和不確定性。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聲明中明示或暗示的結果或事件存在重大差異的重要因素。除適用證券法要求外，Corebridge 沒有義務隨著情況或管理層估計或意見的變化而更新任何前瞻性陳述，因此，您不應過分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，今天的演講可能涉及非公認會計準則財務指標。此類措施與最可比較的 GAAP 數據的核對已包含在我們的盈利報告、財務補充文件和盈利演示文稿中，所有這些文件都可以在我們的網站 investors.corebridgefinancial.com 上找到。

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

接下來，我會把電話交給凱文和伊萊亞斯，請他們發表事先準備好的演講。凱文？

Good morning, everyone, and thank you for joining. I'll start this morning by providing some context around the announcement we made on Friday. As you have seen, our CFO, Elias Habayeb will be leaving Corebridge in April to take a senior leadership position at a publicly listed company that we do not consider a competitor. Elias and I have worked together for many years, and I know he will be missed at Corebridge. We've engaged a leading executive search firm and have begun a search process.

各位早安，感謝各位的參與。今天早上，我首先要介紹我們週五發布的公告的背景。正如您所看到的，我們的財務長 Elias Habayeb 將於 4 月離開 Corebridge，前往一家上市公司擔任高級領導職務，而我們並不認為該公司是我們的競爭對手。Elias 和我共事多年，我知道 Corebridge 將會非常想念他。我們已聘請頂尖的獵人頭公司，並已啟動招募流程。

We are pleased that there will be a six-month transition period that will allow for Elias to oversee the completion and filing of 2025 financial statements and the finalization of the 2026 budget and business and operating plans while the search is underway. I would also note that one of Elias important contributions as CFO of Corebridge has been building a very strong finance team that I am confident will support the ongoing execution of our four strategic pillars and our trajectory for continued growth. I know that this search will be one of Marc Costantini's top priorities when he arrives next month, and I am confident that he and the Board will select the right person for Corebridge's next chapter. We expect this to be a seamless transition. With that, let me turn to third quarter results.

我們很高興將有六個月的過渡期，在此期間，Elias 將監督 2025 年財務報表的完成和提交，以及 2026 年預算和業務及營運計劃的最終確定。我還要指出，Elias 作為 Corebridge 的首席財務官，其重要貢獻之一是建立了一支非常強大的財務團隊，我相信這支團隊將支持我們四大戰略支柱的持續執行以及我們持續成長的軌跡。我知道，馬克·科斯坦蒂尼下個月上任後，尋找合適的人選將是他的首要任務之一，我相信他和董事會會為Corebridge的下一個篇章選出合適的人選。我們預計這將是一個平穩的過渡過程。接下來，我將介紹第三季業績。

Corebridge delivered another quarter of solid performance with our diversified businesses generating the highest sales since the IPO, even as we further strengthened our balance sheet and once again delivered both strong earnings and an attractive capital return to shareholders. Our financial results as presented reflect our position after the previously announced variable annuity transaction with Venerable, which marks an important inflection point for Corebridge. Our company is now simpler, with a lower risk profile, higher quality of earnings and greater growth potential. Corebridge has been working since the IPO to strengthen every element of our value proposition. Our diversified business model is founded on a broad spectrum of products and services, distribution channels and market segments delivering diversified sources of income that enable us to generate sustainable cash flows and perform through various market cycles.

Corebridge 又迎來了一個穩健的季度業績，我們多元化的業務創造了自 IPO 以來最高的銷售額，同時我們進一步加強了資產負債表，並再次為股東帶來了強勁的盈利和可觀的資本回報。我們公佈的財務表現反映了我們在先前宣布與 Venerable 進行可變年金交易後的狀況，這標誌著 Corebridge 的一個重要轉折點。我們公司現在結構更精簡，風險更低，獲利品質更高，成長潛力更大。自上市以來，Corebridge 一直致力於加強我們價值主張的每一個要素。我們多元化的商業模式建立在廣泛的產品和服務、分銷管道和市場領域之上，從而提供多元化的收入來源，使我們能夠產生可持續的現金流，並在各種市場週期中保持良好的表現。

Across our businesses, we are committed to deploying capital where the risk-adjusted returns are the highest and customer demand is the greatest. While our spread income is now a larger percentage of the whole, our sources of spread income streams themselves are diversified. We have a high-quality investment portfolio and minimal legacy liabilities. Our strong balance sheet provides us with financial flexibility to achieve our strategic objectives. We have maintained capital ratios of our insurance companies above their targets.

在我們的各項業務中，我們致力於將資本部署到風險調整後收益最高、客戶需求最大的地方。雖然我們的價差收入現在佔總收入的比例更大，但我們的價差收入來源本身是多元化的。我們擁有高品質的投資組合和極少的歷史遺留債務。我們穩健的資產負債表為我們提供了實現策略目標的財務彈性。我們已將旗下保險公司的資本適足率維持在目標以上。

And at $1.8 billion, including partial proceeds from the VA reinsurance transaction, we have more than ample liquidity at the parent. Finally, we continue to emphasize disciplined execution. The team at Corebridge has done an excellent job to date managing through a complex corporate separation, divesting our international businesses, launching our strategy in Bermuda, executing one of the largest VA reinsurance transactions to date, upgrading our technology and customer service capabilities and meeting or exceeding every financial target we set at the time of the IPO. It is a very strong foundation for continued success and shareholder value creation. Turning to slide 4.

加上退伍軍人事務部再保險交易的部分收益，母公司擁有 18 億美元的流動資金，非常充裕。最後，我們繼續強調嚴謹的執行力。迄今為止，Corebridge 團隊在管理複雜的公司分拆、剝離國際業務、在百慕達啟動策略、執行迄今為止最大的退伍軍人事務部再保險交易之一、升級技術和客戶服務能力以及達到或超過我們在 IPO 時設定的每一個財務目標方面都做得非常出色。這是持續成功和創造股東價值的堅實基礎。翻到第4張投影片。

Our results in the quarter once again demonstrate that we continue to execute on all four of our strategic pillars. First, we delivered strong organic growth with total premiums and deposits of $12.3 billion, reflecting ongoing strength in Individual Retirement. Sales of our RILA product were nearly $800 million in the third quarter and have topped $1.7 billion year-to-date. We are now the only company to have a top 10 ranking across all four major annuity product categories as measured by LIMRA.

本季業績再次證明，我們繼續有效執行四大策略支柱。首先，我們實現了強勁的內生成長，總保費和存款額達到 123 億美元，反映了個人退休業務的持續強勁勢頭。第三季度，我們的 RILA 產品銷售額接近 8 億美元，今年迄今的銷售額已超過 17 億美元。根據 LIMRA 的衡量，我們目前是唯一一家在所有四大主要年金產品類別中均位列前 10 名的公司。

In October, we received regulatory approval to sell our RILA in New York state, one of the nation's largest annuity markets and one where we feel very well positioned. And we remain on track to launch by the end of the year. In addition to our individual businesses, we had very strong performance in Institutional Markets in both GICs and pension risk transfer transactions. Overall, general account net inflows were $1.4 billion, up 27%, supporting general account growth of 6% year-over-year. Across all of our businesses, we remain disciplined in how we price new business, adjusting as market conditions evolve.

10 月，我們獲得了監管部門的批准，可以在紐約州銷售我們的 RILA（退休收入年金）。紐約州是美國最大的年金市場之一，我們感覺自己在市場上佔據了非常有利的地位。我們仍按計劃在年底前發布產品。除了我們各自的業務之外，我們在機構市場，無論是擔保投資證 (GIC) 還是退休金風險轉移交易，都取得了非常強勁的業績。整體而言，一般帳戶淨流入14億美元，成長27%，支撐一般帳戶年增6%。在所有業務領域，我們都堅持對新業務定價的嚴格原則，並根據市場狀況的變化進行調整。

For example, interest rates declined through the third quarter, prompting us to take rate actions to preserve margin. We generally respond quickly when conditions change, even at the risk of short-term production, and that discipline remains a hallmark of how we run the business. Our diversified business model gives us optionality to allocate capital to where it will earn the highest risk-adjusted returns. We are focused on growing earnings and being responsible with the capital that our shareholders have entrusted us with. Turning to our second pillar.

例如，第三季利率下降，促使我們採取利率措施以維持利潤率。當情況改變時，我們通常會迅速做出反應，即使這會帶來短期生產風險，而這種自律仍然是我們經營業務的標誌。我們多元化的商業模式使我們能夠靈活地將資本配置到能夠獲得最高風險調整後收益的地方。我們專注於提高獲利能力，並負責任地使用股東委託給我們的資金。接下來，我們來看第二個支柱。

We remain focused on optimizing our balance sheet and creating greater capital efficiency. The capital freed up by our transformative VA reinsurance transaction was significant. And as we've said before, we continue to explore additional opportunities that would be value accretive. One example is expanding our Bermuda strategy, which is off to a great start with $18 billion of reserves ceded since inception. Third, we continue to focus on further improving our operating leverage, and we recently completed our voluntary early retirement program, which is creating capacity to invest in and upskill in key areas such as digital.

我們將繼續專注於優化資產負債表，提高資本效率。我們透過變革性的退伍軍人事務部再保險交易釋放出的資金數量龐大。正如我們之前所說，我們將繼續探索其他能夠增值的機會。一個例子是擴大我們的百慕達戰略，該戰略開局良好，自成立以來已轉讓了 180 億美元的儲備。第三，我們繼續專注於進一步提高經營槓桿，並且我們最近完成了自願提前退休計劃，這為投資和提升數位化等關鍵領域的技能創造了能力。

By continuing to modernize our operations, we see ongoing opportunities to improve our customer and distribution partner experience, which is essential to growth and to further increase our operating leverage. Fourth and finally, we remain committed to active capital management. Year-to-date, we returned more than $1.4 billion to shareholders through buybacks and dividends. While our payout ratio over the period was 80%, reflecting the impact of the VA reinsurance transaction, our target payout ratio remains 60% to 65%. Reflecting on the market, the macro environment remains attractive.

透過不斷推動營運現代化，我們看到了持續改善客戶和分銷合作夥伴體驗的機會，這對於成長和進一步提高我們的營運槓桿至關重要。第四，也是最後一點，我們將繼續致力於積極的資本管理。今年迄今為止，我們透過股票回購和分紅向股東返還了超過 14 億美元。雖然在此期間我們的賠付率為 80%，反映了 VA 再保險交易的影響，但我們的目標賠付率仍然是 60% 至 65%。從市場角度來看，宏觀環境依然具有吸引力。

The need for people to take care of themselves financially by growing their assets and locking in secure retirement income is a powerful tailwind for our Individual and Group Retirement businesses. In Life Insurance, the large protection gap continues to represent a significant opportunity in those areas of the market where our advantages can drive attractive returns.

人們需要透過累積資產和鎖定穩定的退休收入來保障自己的財務安全，這對我們的個人和團體退休業務來說是一股強勁的順風。在人壽保險領域，巨大的保障缺口仍代表著龐大的市場機遇，在這些領域，我們的優勢可以帶來可觀的回報。

And in Institutional Markets, pension plan funding levels remain very strong, and plan sponsors are resolute in their intention to divest these liabilities. Corebridge is well positioned to capitalize on those trends, and we'll do it with the same commitment to strong financial metrics that you've come to expect from us, a 12% to 14% return on equity, an average 10% to 15% annual EPS growth rate over time and a 60% to 65% payout ratio, all while maintaining the Life Fleet RBC ratio above target.

在機構市場方面，退休金計畫的資金水準依然非常強勁，計畫發起人決心剝離這些負債。Corebridge 已做好充分準備，把握這些趨勢，我們將秉承一貫的財務指標承諾，實現您一直以來對我們的期望：12% 至 14% 的股本回報率，10% 至 15% 的年均每股收益增長率，以及 60% 至 65% 的派息率，同時保持 Life Fleet RBC 比率高於目標。

As I prepare to hand the reins over to Marc, I'm pleased to be doing so from a position of strength. Corebridge has market-leading businesses, a very strong balance sheet and robust opportunities for continued profitable growth. That's why I believe Corebridge remains a compelling investment proposition.

在我準備將領導權移交給馬克之際，我很高興能夠從強大的地位出發這樣做。Corebridge擁有市場領先的業務、非常強勁的資產負債表以及持續獲利成長的穩健機會。因此，我認為Corebridge仍然是一項極具吸引力的投資選擇。

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

這樣，我就把電話交給伊萊亞斯了​​。

Thank you, Kevin. I'll begin my comments today on slide 5. Excluding VII and notable items, Corebridge reported third quarter adjusted pretax operating income of $678 million and operating earnings per share of $0.99. This quarter included one notable item that represented the charge of $98 million, resulting from the impact of our annual actuarial assumption update. At the total company level, the annual actuarial assumption update is expected to have a limited impact on the go-forward run rate earnings.

謝謝你，凱文。我今天的演講將從第5張投影片開始。剔除VII及特殊工程後，Corebridge公佈第三季調整後稅前營業收入為6.78億美元，每股營業收益為0.99美元。本季度包含一項特殊項目，即9800萬美元的費用，這是由於我們年度精算假設更新的影響造成的。從公司整體層面來看，年度精算假設更新預計對未來的營運率效益影響有限。

The details by business are provided in the appendix to the earnings deck. Annualized alternative investment returns this quarter were $0.11 per share below our long-term expectations, with outperformance in private equity, partially offset by underperformance in hedge funds and real estate equity. Looking forward, we're beginning to see a pickup in M&A activity, which should benefit alternative investment returns. However, we're also seeing a continued lag in real estate equity performance. Accordingly, based on what we know today, we expect alternative investment returns for the fourth quarter will be below our long-term expectations of 8% to 9%.

各業務部門的詳細資料請參閱盈利報告附錄。本季另類投資年化殖利率比我們的長期預期低 0.11 美元/股，其中私募股權表現優異，但對沖基金和房地產股權表現不佳部分抵銷了這一收益。展望未來，我們開始看到併購活動有所回升，這將有利於另類投資的回報。然而，我們也看到房地產權益表現持續落後。因此，根據我們目前所掌握的信息，我們預計第四季度另類投資回報率將低於我們8%至9%的長期預期。

Adjusting alternative investment returns to long-term expectations and notable items, we delivered run rate operating EPS of $1.21, which represents a 6% year-over-year increase and an adjusted run rate ROE of 12.9%, which is up 70 basis points versus the prior year. Moving to slide 6. Total sources of income increased approximately 1% year-over-year after excluding VII and notable items. Despite the 100 basis points of Fed rate cuts in 2024, spread income was down only 1% as business growth paired with asset optimization actions mitigated the headwinds. Fee income was up 7% year-over-year, primarily from favorable market, while underwriting margins were essentially flat year-over-year.

在調整另類投資回報以符合長期預期和重要項目後，我們實現了 1.21 美元的營運每股收益，年增 6%；調整後的營運淨資產收益率為 12.9%，比上年增長 70 個基點。切換到第6張投影片。剔除 VII 和重要項目後，總收入來源年增約 1%。儘管聯準會在 2024 年降息 100 個基點，但由於業務成長和資產優化措施緩解了不利因素，利差收入僅下降了 1%。手續費收入年增 7%，主要得益於有利的市場環境，而承保利潤率與上年基本持平。

Turning to slide 7. I'll focus on our capital and liquidity positions. In the quarter, our insurance company distributions totaled more than $1.3 billion, including approximately $700 million of proceeds from our VA reinsurance transaction. Capital return in the quarter was a strong $509 million, including $381 million of share repurchases. Furthermore, since September 30, we have begun deploying the proceeds from the VA reinsurance transactions and have returned over $370 million to shareholders.

翻到第7張投影片。我將重點放在我們的資本和流動性狀況。本季度，我們保險公司的分紅總額超過 13 億美元，其中包括來自我們退伍軍人事務部再保險交易的約 7 億美元收益。本季資本回報強勁，達到 5.09 億美元，其中包括 3.81 億美元的股票回購。此外，自 9 月 30 日以來，我們已開始部署 VA 再保險交易的收益，並已向股東返還了超過 3.7 億美元。

Our holding company liquidity remains robust at $1.8 billion, well above our next 12-month needs in large part due to undeployed proceeds from the transaction. With our Life Fleet RBC ratio remaining above target and our recent VA reinsurance transaction generating significant distributable proceeds, you can expect to see elevated levels of share repurchases in the coming quarters, pursuant to the $2 billion increase to our share repurchase authorized by the Board in June.

由於交易所得款項尚未動用，我們控股公司的流動性依然強勁，達到 18 億美元，遠高於我們未來 12 個月的需求。由於我們的 Life Fleet RBC 比率保持在目標以上，並且我們最近的 VA 再保險交易產生了可分配的大量收益，您可以預期在接下來的幾個季度中，我們將進行更高水平的股票回購，這是根據董事會在 6 月份批准的 20 億美元股票回購計劃而做出的。

Next, I'll briefly review a few highlights from each of our businesses, the details of which can be found in the appendix to our earnings presentation. As a reminder, results exclude the impact of VII and notable items where applicable. Additionally, while we remain focused on prudently managing our expenses, we did see a short-term increase across all segments, resulting from higher compensation-related expenses, consistent with our prior guidance as well as a onetime medical expense accrual.

接下來，我將簡要回顧我們各項業務的一些亮點，詳情請參閱我們的收益報告附錄。需要提醒的是，結果不包括 VII 的影響以及適用的重大項目。此外，儘管我們仍然專注於謹慎管理支出，但由於薪酬相關支出增加（與我們先前的預期一致）以及一次性醫療費用計提，我們確實看到所有業務板塊的短期支出均有所增加。

In Individual Retirement, core sources of income were flat year-over-year as the impact of Fed rate actions was partially offset by strong growth and asset optimization. We saw continued strength in new business. Index annuity sales were at an all-time high and RILA sales continued to grow reflecting strong customer demand and the benefit of our deep distribution network. Net flows were up 13% year-over-year, mostly driven by higher index annuity and RILA sales. Adjusted pretax operating income declined by 9% year-over-year.

在個人退休方面，由於聯準會利率行動的影響被強勁的經濟成長和資產優化部分抵消，核心收入來源與去年同期持平。新業務持續保持強勁成長勢頭。指數年金銷售額創歷史新高，RILA 銷售額持續成長，反映出強勁的客戶需求和我們強大的分銷網絡帶來的好處。淨流入年增 13%，主要受指數年金和 RILA 銷售額成長的推動。調整後的稅前營業收入較去年同期下降 9%。

The biggest driver was higher DAC amortization and commissions, reflecting several factors, including growth in the business. Higher fee income and lower base spread income offset each other as a result of market movements over the past year. Group Retirement results in the third quarter demonstrate the ongoing transition from a spread-based to a fee-based revenue stream. Core sources of income grew 1% as fee income increased 4.5% year-over-year, while base spread income declined by 4%. Overall, fee income now accounts for approximately 60% of Group Retirement's core revenue.

最大的驅動因素是更高的 DAC 攤銷和佣金，這反映了多種因素，包括業務成長。過去一年來，由於市場波動，手續費收入增加和基本價差收入減少相互抵消。第三季團體退休金表現表明，收入來源正從基於利差的收入模式持續轉變為基於手續費的收入模式。核心收入來源成長了 1%，手續費收入較去年同期成長 4.5%，而基本利差收入下降了 4%。整體而言，手續費收入目前約佔團體退休金核心收入的 60%。

Adjusted pretax operating income increased 1% year-over-year as higher fee income offset lower base spread income. While assets under management and administrations were flat year-over-year, advisory and brokerage assets continued their strong growth and were up 9% year-over-year to a new record high. Premiums and deposits excluding advisory and brokerage were down 10% year-over-year, reflecting previous plan exits and lower out-of-plan fixed annuity sales.

調整後的稅前營業收入較去年同期成長 1%，原因是手續費收入增加抵銷了基本價差收入的下降。儘管管理資產和行政資產同比持平，但諮詢和經紀資產繼續保持強勁增長，同比增長 9%，創歷史新高。不包括諮詢和經紀費用的保費和存款年減 10%，反映出先前的計劃退出和計劃外固定年金銷售額下降。

As we look ahead, we're making considerable investments in the business to upgrade the quality of our in-plan services and further build up our wealth management offerings, which should increase enrollments and rollover recaptures. To that end, our adviser headcount is the highest it's been in two years, and our adviser productivity is up 10% year-over-year, both supporting our growth initiatives.

展望未來，我們將對業務進行大量投資，以提升計劃內服務的質量，並進一步發展財富管理產品，這將增加參保人數和轉存資金。為此，我們的顧問人數達到了兩年來的最高水平，顧問生產力也比去年同期成長了 10%，這兩項指標都為我們的成長計畫提供了支持。

We expect our growing number of financial advisers as well as their increased productivity to be a positive earnings driver for Group Retirement in the future. In our Life Insurance business, core sources of income were flat year-over-year. Adjusted pretax operating income was down 8% year-over-year largely due to some onetime costs related to systems conversion and higher expenses mentioned earlier. Mortality continues to trend favorably, demonstrating strong underwriting on the block. Adjusting for onetime items, this quarter's Life adjusted pretax operating income was $115 million, in line with our previous guidance.

我們預計，財務顧問數量的成長以及他們工作效率的提高，將在未來為集團退休金業務帶來積極的獲利成長。在我們的人壽保險業務中，核心收入來源與去年持平。調整後的稅前營業收入較去年同期下降 8%，主要原因是先前提到的與系統轉換相關的一次性成本和更高的支出。死亡率持續呈現良好趨勢，顯示該板塊承保能力強勁。剔除一次性項目後，本季人壽業務調整後稅前營業收入為 1.15 億美元，與我們先前預期的一致。

We continue to believe this business will generate earnings of $110 million to $120 million per quarter other than in the first quarter, which typically has higher mortality. While new business sales were down 6% year-over-year, we grew our fully digital senior life products by 19%. In Institutional Markets, we had the strongest sales quarter since the IPO with both PRT and GIC showing exceptional growth. This was the sixth consecutive quarter with GIC issuances in excess of $1 billion. The outlook for PRT transactions remains promising, both for the fourth quarter and longer term as pension plans in the US and the UK have continued appetite for derisking as planned funding levels remain very strong. That said, given the nature of PRT transaction, you can expect some continued variability in quarterly volume. Total reserves grew by $8 billion or 19%. Core sources of income were up 5% year-over-year, while adjusted pretax operating income was up 3%.

我們仍然相信，除第一季（通常死亡率較高）外，該業務每季將產生 1.1 億美元至 1.2 億美元的收益。雖然新業務銷售額年減了 6%，但我們的全數位化老年生活產品成長了 19%。在機構市場方面，我們迎來了自 IPO 以來最強勁的銷售季度，PRT 和 GIC 都實現了卓越的成長。這是GIC發行額連續第六個季度超過10億美元。由於美國和英國的退休金計劃仍有降低風險的意願，且計劃資金水平仍然非常強勁，因此，無論從第四季度還是更長遠的角度來看，PRT 交易的前景仍然光明。也就是說，鑑於 PRT 交易的性質，您可以預期季度交易量會繼續出現一些波動。總儲備增加了80億美元，增幅達19%。核心收入來源年增 5%，而調整後的稅前營業收入較去年同期成長 3%。

Before I close, I wanted to provide a few thoughts on the state of the market and credit, in particular. Currently, the Fed has begun its easing cycle, so short rates are moving lower, and the curve is steepening. With that, you have credit spreads at the tight end of the range and defaults remain relatively low. In addition, there's been recent headlines about increasing signs of pressure in the broadly syndicated loan market. We believe these events are idiosyncratic, and we have negligible exposure to those names.

在結束之前，我想就市場和信貸狀況，特別是信貸狀況，談談我的看法。目前，聯準會已開始寬鬆週期，因此短期利率正在下降，殖利率曲線正在變陡。這樣一來，信用利差就處於較低水平，違約率也相對較低。此外，最近也有報告指出，銀團貸款市場面臨越來越大的壓力。我們認為這些事件是特例，我們與這些名字的接觸微乎其微。

The current market environment is factored into both our asset allocation and our asset and liability management strategy. We focus on liability origination and originate assets that are predominantly high quality and fixed rate to match those liabilities. Floating rate assets along with derivatives play a smaller and specific role in our duration management. Floaters can also offer incremental value and diversification. Given the tightness in spreads, we prefer higher quality assets that provide collateralized cash flows with credit enhancement and/or covenants rather than lower quality unsecured or idiosyncratic risk.

目前的市場環境已納入我們的資產配置和資產負債管理策略的考量。我們專注於負債發起，並發起以高品質和固定利率為主的資產，以匹配這些負債。浮動利率資產及其衍生性商品在我們的久期管理中發揮的作用較小且較為特殊。浮動股還可以提供增量價值和多元化收益。鑑於利差收窄，我們更傾向於提供有信用增級和/或契約擔保的高品質資產，而不是品質較低的無擔保或特殊風險資產。

In the context of our broader investment portfolio, it remains resilient and well positioned to manage through volatility. The portfolio is 95% investment grade and is highly diversified among asset class, industrial sectors and geographies. In the third quarter, our portfolio continued to experience positive rating migration for bonds and commercial mortgages. We also have a deeply experienced credit team that operates in a highly rigorous and iterative underwriting process with multiple levels of approvals and ongoing monitoring and proactive portfolio management. We underwrite through the cycles and focus on capital preservation and risk of loss.

從我們更廣泛的投資組合來看，它仍然具有韌性，並且能夠很好地應對市場波動。該投資組合中有 95% 為投資等級資產，並且在資產類別、產業和地理方面高度多元化。第三季度，我們的投資組合中債券和商業抵押貸款的評級繼續向好。我們還擁有一支經驗豐富的信貸團隊，他們採用高度嚴格且反覆的核保流程，經過多層級審批、持續監控和積極主動的投資組合管理。我們根據經濟週期進行承保，並專注於資本保值和風險損失。

In terms of the broader balance sheet, we carry moderate leverage, a comfortable liquidity position and access to the capital markets. We regularly run various stress tests of our capital and liquidity positions and remain comfortably within our risk appetite. I also want to provide a reminder about our earnings trajectory over the next few quarters. We published a revised financial supplement that recasts Individual Retirement's VA earnings below the line going back to the first quarter of 2024. As we have said previously, we expect the VA reinsurance transaction to be accretive to the pre-recast EPS by the second half of 2026 once we complete the share repurchases funded by the proceeds from the transaction.

從整體資產負債表來看，我們保持著適度的槓桿率、充足的流動性以及進入資本市場的管道。我們定期對資本和流動性狀況進行各種壓力測試，並始終保持在我們風險承受範圍內。我還想提醒大家一下我們未來幾季的獲利走勢。我們發布了一份修訂後的財務補充文件，重新計算了個人退休基金截至 2024 年第一季的 VA 收益。正如我們之前所說，我們預計，一旦我們完成用該交易所得資金進行的股票回購，VA 再保險交易將在 2026 年下半年增加重述前的每股盈餘。

Due to timing, EPS over the next few quarters will be lower than they would have been if we had deployed the proceeds on day 1. Additionally, similar to 2024, any Fed rate actions are expected to have a short-term impact on spread income as we expect to mitigate the effects through growth in the business, asset optimization and other management actions. Finally, as you know, this is our last earnings call with Kevin as CEO. I want to take this opportunity to thank Kevin for his friendship, guidance and leadership. The value Corebridge has created for shareholders on his watch has been truly outstanding, and I'm deeply honored to have worked with him.

由於時機的原因，未來幾季的每股盈餘將低於如果我們在第一天就投入資金的情況。此外，與 2024 年類似，任何聯準會的利率行動預計都會對利差收入產生短期影響，因為我們預計透過業務成長、資產優化和其他管理措施來減輕這些影響。最後，如您所知，這是我們凱文擔任執行長期間的最後一次財報電話會議。我想藉此機會感謝凱文的友誼、指導和領導。在他的領導下，Corebridge 為股東創造了卓越的價值，我非常榮幸能與他共事。

With regard to my announcement, I have worked at Corebridge and AIG for over 20 years, and it's been very gratifying both on a personal and professional level. I'm pursuing an opportunity that I believe is the right next chapter for me. I can't disclose details at this time, but an announcement will be made in due course. I'm very proud of the finance team we have built at Corebridge, and I am committed to ensuring a smooth transition for the benefit of the team, all my Corebridge colleagues, our incoming CEO, my successor and our shareholders. With that, I will turn the call back to Isil.

關於我的聲明，我曾在Corebridge和AIG工作超過20年，無論從個人層面或職業層面來說，這都讓我感到非常滿足。我正在尋求一個我認為最適合我開啟人生新篇章的機會。目前我無法透露詳情，但會在適當的時候發佈公告。我為Corebridge建立的財務團隊感到非常自豪，我致力於確保平穩過渡，以造福團隊、所有Corebridge同事、即將上任的執行長、我的繼任者以及我們的股東。就這樣，我將把電話轉回伊希爾。

Thank you, Elias. (Event Instructions) Operator, we are now ready to begin the Q&A portion of the call.

謝謝你，伊萊亞斯。（活動說明）接線員，我們現在準備開始電話會議的問答環節。

(Operator Instructions) Joel Hurwitz, Dowling & Partners.

（操作說明）Joel Hurwitz，Dowling & Partners。

And first, I just want to wish you both the best in the future. In terms of my questions, I wanted to start on Individual Retirement and the base spread yield. Could you just unpack the drivers of the 7-basis-point decline quarter-over-quarter?

首先，我祝福你們未來一切順利。關於我的問題，我想先從個人退休計畫和基本利差殖利率談起。能否詳細分析本季環比下降 7 個基點的原因？

Yes, happy to, Joel. So listen, as we've said before, we expect spread income in Individual Retirement to grow over time and that hasn't changed. We do expect some marginal compression for the dynamics we talked about in the past with the differential between the spread on new business versus in-force and that we expect to be marginal. And based on what we know today, factoring in the latest outlook on rate cuts, we expect that to go through the end of '26 and level off and potentially start growing from there.

是的，我很樂意，喬爾。所以聽著，正如我們之前所說，我們預計個人退休帳戶中的收益會隨著時間的推移而增長，這一點並沒有改變。我們預計，過去討論過的動態因素，即新業務與現有業務之間的利差，將會出現一些輕微的壓縮，而且我們預計這種壓縮幅度將很小。根據我們目前所了解的情況，並考慮到最新的降息前景，我們預計這種情況將持續到 2026 年底，然後趨於平穩，並有可能從那時開始成長。

Now when you come to this quarter itself, the base spread compression due to the dynamics we've explained is in the 1 to 2 basis points. But with the VA transaction that we did, that we closed on the Texas side, which is about 90% of it, we had to reallocate the assets to come up with a portfolio that we transferred to the other side. And that's kind of creating noise, and it's a onetime impact of about 5 basis points. And that kind of level sets kind of a new baseline where to measure compression going forward from.

現在來看本季本身，由於我們解釋過的動態因素，基本利差收窄幅度為 1 到 2 個基點。但是，在我們完成的 VA 交易中，我們在德克薩斯州完成了大約 90% 的交易，我們必須重新分配資產，以形成一個投資組合，然後將其轉移到另一邊。這造成了一些幹擾，而且只會帶來大約 5 個基點的一次性影響。這種水準設定了一個新的基準，可以以此為標準來衡量未來的壓縮情況。

Got it. That's helpful. That makes sense. And then Elias, in your prepared remarks, you mentioned considerable investments in the group business for, I think, in-plan guarantees and in wealth management. Can you just elaborate on the level of expected spend there and what exactly these investments are?

知道了。那很有幫助。這很有道理。然後，埃利亞斯，在你事先準備好的發言中，你提到了集團業務的大量投資，我認為是為了計劃內擔保和財富管理。您能否詳細說明一下那裡的預期支出水平以及這些投資具體是什麼？

Yes. Joel, it's Kevin. Look, I mean there's a couple of areas we're investing in the Group Retirement business. On the in-plan business, we continued to invest in our automation and digitization initiatives, improving the customer and participant experience there. And then in terms of the wealth management, it's really growing the adviser force and professionalizing the adviser force.

是的。喬爾，我是凱文。你看，我的意思是，我們在團體退休業務的幾個領域都有投資。在計劃內業務方面，我們繼續投資於自動化和數位化舉措，以改善客戶和參與者的體驗。而在財富管理方面，則是要真正擴大顧問團隊並提升顧問團隊的專業化水準。

And we've been investing in increasing the footprint of the advisers, serving both the in-plan and the out-of-plan opportunity. And then to a certain extent, expanding our product and service shelf to cater to the needs of that, what we call wealth management, which is serving the former in-plan participants in the out-of-plan area. We're not putting a particular number on the investments that we're making. I mean, this is part of the opportunity that we have to continue investing in the growth of the business. And we've seen the results from it.

我們一直在投資擴大顧問的影響力，以滿足計畫內和計畫外的需求。然後在某種程度上，我們擴大了產品和服務範圍，以滿足我們所謂的財富管理的需求，即為以前在計劃內的參與者在計劃外的領域提供服務。我們沒有為我們的投資設定具體的數字。我的意思是，這是我們繼續投資於業務成長的機會之一。我們已經看到了結果。

Our advisory and brokerage assets are up 9% year-over-year to a new record of $17.6 billion. Our out-of-plan assets have reached $28.8 billion. And between the in-plan fee business, the out-of-plan business and the advisory and brokerage that really makes up our -- what we think of as our wealth management platform, it's a big earnings base of $108 billion in assets, which is up 2% year-over-year. So we're seeing green shoots, but we continue to invest in the business.

我們的諮詢和經紀資產年增 9%，創下 176 億美元的新紀錄。我們的非計劃資產已達 288 億美元。計劃內費用業務、計劃外業務以及諮詢和經紀業務共同構成了我們的財富管理平台，這是一個龐大的盈利基礎，資產規模達 1080 億美元，同比增長 2%。所以我們看到了一些好轉的跡象，但我們仍將繼續投資這項業務。

Alex Scott, Barclays.

亞歷克斯·斯科特，巴克萊銀行。

Best wishes in your next phase here. I guess my first question is on the private credit. I know you gave some comments already. But I was just interested if you could provide a little more color around some of the metrics like how much of your bonds are what you would consider private credit or any commentary on the way that you have those rated and which of the rating agencies you use? So just trying to get a little more color on some of the concerns that are more broadly out there on private credit.

祝您在接下來的階段一切順利。我想問的第一個問題是關於私人信貸的。我知道你已經發表了一些評論。但我只是想請您詳細介紹一些指標，例如您認為您的債券中有多少屬於私人信貸，或者您對這些債券的評級方式以及您使用哪些評級機構有任何評論嗎？所以，我只是想更詳細地了解目前公眾對私人信貸的一些擔憂。

Alex, it's Elias. Yes, so through private credit -- for us, private credit is a broad category, it includes private placements, which insurance companies created this asset class and have been in it for years, it's like in the $30 billion range. 90% of it is investment grade. We generally use the main rating agencies from a rating perspective on it. Below investment grade, and it's a small portfolio, it's largely the middle market loans, that's like a $3.5 billion portfolio on that. And that's one we've originated some time ago -- that's been originated some time ago and is performing well relative to that asset class. And while we've seen some deterioration, it's all within the yield. We don't see a principal loss on that.

Alex，我是 Elias。是的，所以透過私募信貸——對我們來說，私募信貸是一個廣泛的類別，它包括私募配售，保險公司創建了這一資產類別並已涉足多年，規模大約在300億美元左右。其中90%是投資等級債券。從評級角度來看，我們通常會參考主要評級機構的評級結果。低於投資級別，且投資組合規模較小，主要由中端市場貸款組成，規模約 35 億美元。這是我們先前推出的一項投資——這項投資推出已有一段時間，並且相對於該資產類別而言表現良好。雖然我們看到了一些惡化，但這都在產量範圍內。我們認為這不會造成本金損失。

Got it. Can you also talk about just the competitive environment for pricing on the retail annuities that you're selling and how the trade-off between volume and spread is expected to translate into absolute earnings growth in spread over the next couple of years in that business?

知道了。您能否也談談您所銷售的零售年金的定價競爭環境，以及在未來幾年內，銷售和價差之間的權衡將如何轉化為該業務價差的絕對收益增長？

Yes, sure. Thanks, Alex. Look, I mean, first of all, the demand for annuities remains robust, and the belly of the curve and the forward suggests it's going to remain supportive, even while the short-term sort of rate outlook is a little uncertain. And the long-term macro drivers are there with the aging of the population and the supportive adviser community and people realizing they need to look after themselves. And look, I mean, once again, in the third quarter, we saw conditions that were quite supportive.

當然可以。謝謝你，亞歷克斯。我的意思是，首先，年金需求依然強勁，殖利率曲線的腹部和遠期走勢表明，即使短期利率前景有些不確定，這種需求仍將繼續支撐年金市場。而長期的宏觀驅動因素包括人口老化、支持性顧問群體以及人們意識到需要照顧好自己。而且，我的意思是，第三季度，我們再次看到了相當有利的條件。

Rates did come down during the quarter. And so we repriced our fixed annuities and indexed annuities several times in response and also actively managed our in-force crediting rates. But we still saw very strong opportunities in indexed annuities, especially those with income benefits where we had a second successive record quarter. RILA was also very strong, $800 million across the company, $650 million in Individual Retirement, which continues to be very well received in the market. And we just got our approval to launch in New York, which we believe is, if not the largest, one of the largest annuity markets in the country, which we expect before the end of the year.

本季利率確實有所下降。因此，我們多次調整固定年金和指數年金的價格，並積極管理現有年金的計息率。但我們仍然看到指數年金領域存在非常強勁的投資機會，尤其是那些提供收入收益的年金，我們連續第二季創下了業績紀錄。RILA 也表現非常強勁，公司整體資產規模達 8 億美元，其中個人退休金業務規模達 6.5 億美元，在市場上持續受到熱烈歡迎。我們剛剛獲得了在紐約推出產品的批准，我們相信紐約即使不是美國最大的年金市場，也是最大的年金市場之一，我們預計將在年底前推出。

So that momentum will continue. And fixed annuities is the most immediately sensitive business. And while it was a little lower, we still produced $2 billion, which is quite strong. And we will continue to be disciplined in allocating capital where the risk-adjusted returns are the highest. And in the second half of the quarter, we saw compelling opportunities in Institutional Markets, including in pension risk transfer, where we concluded $1.5 billion, plus we remain a regular GIC issuer with our sixth quarter in a row over $1 billion.

所以這種勢頭將會持續下去。而固定年金業務是最容易受到外界影響的業務。雖然略有下降，但我們仍然創造了 20 億美元的收入，這相當不錯。我們將繼續秉持嚴謹的原則，將資金配置到風險調整後收益最高的領域。在本季下半段，我們在機構市場看到了令人振奮的機會，包括退休金風險轉移，我們完成了 15 億美元的交易，此外，我們仍然是 GIC 的常規發行機構，連續第六個季度發行量超過 10 億美元。

So we're comfortable with our overall position. The environment remains competitive, but we have tools by which to respond. Individual Retirement is one of our spread businesses, but Institutional Markets is another one. And above all, we remain confident in growing both our enterprise and our individual retirement general account and spread income over time. Fed actions will present occasional short-term headwinds. But we expect spread income to continue to contribute to our EPS growth targets over time.

所以我們對目前的整體狀況感到滿意。市場環境依然充滿競爭，但我們有應對之策。個人退休金是我們利差業務之一，但機構市場是另一個利差業務。最重要的是，我們仍然有信心發展我們的企業和個人退休帳戶，並隨著時間的推移獲得利益。聯準會的行動偶爾會帶來短期不利影響。但我們預計，隨著時間的推移，價差收入將繼續為我們的每股盈餘成長目標做出貢獻。

Tom Gallagher, Evercore ISI.

Tom Gallagher，Evercore ISI。

So I just had a few questions on the Group Retirement business. First one is just on how do I think about the surrenders and then how much you're capturing in your wealth management business. If I look at the numbers, in-plan, it's about 5% annual decay. When you factor in how much you're retaining on the wealth management piece as the -- as you're capturing some of the outflows, how much would that shrink the 5% annually? How do I think about that as kind of a go-forward organic growth number when you add those two pieces in?

所以，我有一些關於團體退休業務的問題。第一個問題是，我該如何看待退保，以及你在財富管理業務中能獲得多少收益。如果我看一下計劃內的數據，每年的衰減率約為 5%。當你考慮到你在財富管理方面保留了多少資金（因為你截留了一些資金流出），那麼每年 5% 的收益率會減少多少呢？把這兩個因素加在一起，我該如何看待這個數字，把它看成是未來有機成長的指標呢？

So Tom, on the in-plan business, the average age of the participants exceeded 59.5 about 10 years ago. And so there's kind of a natural outflow on the in-plan part of the business, which is consistent with what, I think, the entire defined contribution industry has been experiencing. And that's to a certain extent what you're seeing in the transition of the portfolio from spread income to fee income over time. And that is the trend that we expect to continue. As I mentioned, we're investing in the footprint of the adviser base to support both the in-plan and the out-of-plan businesses, and we do expect that to be a gradual transition as we shift to more of the fee income businesses.

所以湯姆，就計劃內業務而言，參與者的平均年齡大約在 10 年前就超過了 59.5 歲。因此，計劃內業務部分出現了一種自然的資金外流，我認為這與整個固定繳款行業所經歷的情況是一致的。從某種程度上說，這就是你看到的投資組合隨著時間的推移從價差收入轉變為手續費收入的過程。我們預計這種趨勢還將持續。正如我之前提到的，我們正在投資擴大顧問團隊的規模，以支持計劃內和計劃外業務，我們預計隨著我們轉向更多收費收入業務，這將是一個漸進的過渡過程。

But this trend has been happening in the 403(b) space for some time. If you go back 10 years ago, most new customers were rolling into -- or investing in a 403(b) type of a program, whereas that shifted to the group mutual funds. And then over the last couple of years, we've seen a transition from the group mutual fund entry platform to the advisory platform. So there's a natural trend there that the in-plan business is gradually going to be replaced by the out-of-plan business. We haven't published a number on our recapture rate, but it is a very successful part.

但這種趨勢在 403(b) 領域已經持續了一段時間。如果回到 10 年前，大多數新客戶都會加入或投資 403(b) 類型的計劃，而現在這種情況已經轉向了團體共同基金。而在過去的幾年裡，我們看到了從團體共同基金入門平台轉向諮詢平台的轉變。因此，計劃內業務逐漸被計劃外業務所取代，這是一種自然趨勢。我們尚未公佈我們的再捕獲率數據，但這一部分非常成功。

And you can see that in the growth of the advisory and brokerage assets, which are up 9% year-over-year. And then I'll just briefly touch on the larger surrenders. I mean the larger surrenders that we saw continue to be in the health care space. There's a lot of consolidation that's going on there. Those are generally episodic.

從諮詢和經紀資產的成長可以看出這一點，其年增了 9%。然後我將簡要談談規模較大的投降事件。我的意思是，我們看到的較大規模的投降仍然發生在醫療保健領域。那裡正在進行大量的整合。這些通常是偶發性的。

If there's a merger where our plan is the smaller of the two plans, those are ultimately consolidated. We don't know if that takes two or three years from the time of the merger, but we do try to provide an announcement when we learn about those. And those are generally the group mutual fund platform, which has a smaller impact on earnings than the 403(b) part of the business.

如果合併後我們的方案是兩個方案中規模較小的一個，那麼最終這兩個方案會被合併。我們不知道從合併之日起需要兩到三年時間，但我們會在得知相關資訊後儘快發佈公告。這些通常是集團共同基金平台，其對收益的影響小於 403(b) 業務部分。

My follow-up is just I recognize both of you are going to be transitioning out. But curious on your view of the strategic importance of VALIC within Corebridge. On one hand, I think it's a great franchise within the 403(b) market, has its stand-alone legal entity. But on the other hand, it shrinks organically, and I recognize there's some offset there from the wealth business. But is this something that would be under consideration of potential divestiture if you got a great price on the asset? Or do you think that's a long-term keeper when you think about within the broader franchise here?

我的後續補充是，我知道你們兩個都要離開公司了。但我很好奇您對 VALIC 在 Corebridge 中的策略重要性有何看法。一方面，我認為它是 403(b) 市場中一個很棒的特許經營項目，擁有獨立的法律實體。但另一方面，它會自然萎縮，我意識到財富管理產業在某種程度上抵消了這種萎縮。但是，如果您能以非常優惠的價格出售該資產，是否會考慮將其剝離呢？或者，從整個特許經營體系的角度來看，你認為這是一個長期的保留選擇嗎？

Well, Tom, my personal opinion, and I think that this is something that is fully supported by the Board as well as the executive leadership of the company is that the retirement services, Group Retirement business is an extremely valuable strategic asset. And the differentiating aspect of the value proposition of that business is VALIC Financial Advisors, which is our field force of financial professionals that support these customers through their working period and have the opportunity to develop a relationship with them and then continue to serve them and their families after they retire at the time of household asset consolidation, which is where the real opportunity in the wealth management piece of that business has been.

湯姆，我個人認為，而且我認為董事會和公司高層領導也完全支持這一觀點，那就是退休服務和團體退休業務是一項極其寶貴的策略資產。該業務價值主張的差異化方面在於 VALIC 財務顧問，這是我們的金融專業人士組成的現場團隊，他們在客戶的職業生涯中為他們提供支持，並有機會與他們建立關係，然後在他們退休後，在家庭資產整合時期繼續為他們及其家人提供服務，而這正是該業務財富管理部分真正的機會所在。

And there's 1.9 million customers in this business, 1.6 million of those customers are still in-plan only business -- only customers and therefore, represent a future opportunity for that out-of-plan capability that we're enhancing through the investments we're making in both the adviser force and the platforms to support the adviser force. So this trend in the transition from a spread to a fee-based business is something that is going to take place over a longer period of time, but the strategic opportunity for this business is absolutely enormous, driven by the unique value proposition of VALIC Financial Advisors. It was over six or seven years ago, we made the decision to double down on the role of the human adviser.

該業務擁有 190 萬客戶，其中 160 萬客戶目前仍是計劃內客戶——因此，他們代表著未來發展計劃外業務的機會，我們正在透過對顧問團隊和支援顧問團隊的平台進行投資來增強這一能力。因此，從收取差價到收取費用的業務模式的轉變是一個需要較長時間才能完成的過程，但VALIC Financial Advisors獨特的價值主張為這項業務帶來了巨大的策略機會。大約六、七年前，我們決定加大對人工顧問角色的投入。

And therefore, we have been focusing on plans that want our advisers on site and engage, and that's what gives them the opportunity to develop those relationships. So I look straight past the short-term financial sort of transition that's taking place, and I look at the bright future strategic opportunity of this business as a tremendous asset for the company.

因此，我們一直專注於那些需要我們的顧問到現場參與的計劃，這樣才能讓他們有機會發展這些關係。因此，我完全忽略了正在發生的短期財務轉型，而是將這項業務光明的未來策略機會視為公司的巨大資產。

And with that transition, Tom, this is Elias. I like to add on. You're improving the free cash flow conversion profile of the company over time by shifting the earnings to more of a capital-light or fee-based stream from a balance sheet-heavy general accounts basis.

湯姆，話音剛落，這位就是伊萊亞斯。我喜歡補充。隨著時間的推移，透過將收益從資產負債表負擔沉重的普通帳戶基礎轉移到資本負擔較輕或基於費用的收益流，您正在改善公司的自由現金流轉換率。

Jack Matten, BMO.

Jack Matten，BMO。

First question on Institutional Markets. It was a strong new business quarter not just for PRT, but also GICs and corporate markets. I guess those non-PRT businesses, can you talk about what's driving your growth there, what you like about those products and what you're achieving from a spread margin standpoint?

關於機構市場的第一個問題。對於個人創投公司 (PRT)、全球投資公司 (GIC) 和企業市場而言，這都是一個強勁的新業務季度。我想問的是，對於非PRT業務，您能否談談推動您業務成長的因素，您喜歡這些產品的哪些方面，以及從價差利潤率的角度來看，您取得了哪些成就？

Well, in the Institutional Markets, there's -- the main businesses are the guaranteed investment contracts and the pension risk transfer. And we manage those as we do any of our spread businesses relative to a target margin. There's also the -- the other businesses in Institutional Markets include the BOLI business and the COLI business, which includes insurance COLI, which is kind of similar to the BOLI business. And occasionally, we do also have transactions in that space. There's been an increasing demand for insurance COLI that we've recently observed, and we are a participant in that market.

嗯，在機構市場方面，主要業務是擔保投資合約和退休金風險轉移。我們像管理其他任何價差業務一樣，根據目標利潤率來管理這些業務。此外，機構市場的其他業務還包括 BOLI 業務和 COLI 業務，其中 COLI 保險與 BOLI 業務有些類似。偶爾，我們也會在這個領域進行交易。我們最近觀察到，對人壽保險（COLI）的需求不斷增長，而我們也是該市場的參與者。

And so those are the three main areas. We have a modest structured settlements business that has grown incrementally. But really, where we see the future of this business is in the GICs and in the pension risk transfers. And pension risk transfers, we focus on the full plan termination space, we have for almost 10 years now, and we built specialized capabilities there. And full plan terminations are a subset of the overall PRT market, but the pipeline for full plan terms is very strong in both the US and the UK. And this is a significant part of the upside we see in the business.

以上就是三個主要領域。我們的結構化結算業務規模不大，但穩定發展。但我們認為，這項業務的未來在於擔保投資證和退休金風險轉移。在退休金風險轉移方面，我們專注於完整的計劃終止領域，我們已經在這個領域深耕了近 10 年，並建立了專門的能力。完全計劃終止是整個 PRT 市場的一個子集，但在美國和英國，完全計劃終止的市場前景非常強勁。這是我們看到的業務成長潛力的重要組成部分。

Got it. And a follow-up is on cash flow. I guess first part just on the timing of incremental dividends from the VA transaction. When do you expect to get the remainder of those up to the holding company? And the second part is on the, I guess, $600 million or so of maybe underlying dividends ex those additional proceeds. Is that still a good run rate to think about moving forward? Or would you expect a near-term kind of step down just from the VA transaction?

知道了。接下來要討論的是現金流問題。我想第一部分只是關於VA交易帶來的增量股息的時間安排。您預計何時能將剩餘的資產移交給控股公司？第二部分是關於約 6 億美元的潛在股息，不包括這些額外收益。這個運行速度現在還不錯嗎？值得繼續保持嗎？或者您是否預期，僅憑退伍軍人事務部 (VA) 的交易，短期內就會出現某種程度的降級？

Jack, it's Elias. With respect first to the proceeds, from the VA transactions, we expect to take -- to distribute those out of the insurance companies over a couple of quarters. We had [$700 million] in September, we'd look to another piece in December and then another piece early next year on that front. With respect to the $600 million, that's been our run rate. It will step down a bit, given the change in the distributable earnings profile of the insurance companies. That being said, we can expect to continue to grow it over time to deliver on our 60% to 65% payout ratio.

傑克，我是伊萊亞斯。首先，關於 VA 交易的收益，我們預計將在幾個季度內將這些收益分配給保險公司。我們在9月獲得了7億美元，我們預計12月還會再獲得一筆，然後明年年初還會再獲得一筆。至於6億美元，那是我們一直以來的營運水準。鑑於保險公司可分配收益結構的變化，其規模將略有下降。也就是說，我們可以預期隨著時間的推移，它會繼續增長，以實現 60% 至 65% 的派息率。

Ryan Krueger, Keefe, Bruyette, & Woods.

Ryan Krueger、Keefe、Bruyette 和 Woods。

You had mentioned that you took actions on -- to mitigate some of the short-term rate headwinds over the last year or so. I guess are you seeing any existing opportunities now given the Fed has begun a [credit -- rate] cutting cycle again? Or I guess, you view that as more opportunistic in the future?

您曾提到，在過去一年左右的時間裡，您採取了一些措施來緩解短期利率逆風。鑑於聯準會已經再次開始降息週期，您認為目前有哪些投資機會？或者，我猜，你認為這在未來更具投機性？

Well, Ryan, let me just start. I mean we're sort of managing in two different areas. And I think you maybe are asking about two different things. Let me start about what I mentioned in terms of managing the pricing of the product. That's more driven by where the belly of the curve is, the 5- and 10-year part of it, not so much the short-term Fed actions. The Fed actions are more relative to the shorter end of the portfolio.

瑞恩，那我就先開始了。我的意思是，我們實際上是在兩個不同的領域進行管理。我認為你可能問的是兩件不同的事。讓我先談談我剛才提到的產品定價管理方面的問題。這更取決於殖利率曲線的中段，也就是 5 年期和 10 年期殖利率曲線，而不是聯準會的短期行動。聯準會的行動更與投資組合的短期部分相關。

Yes. So Ryan, based on the way we manage the balance sheet, we're disciplined from an ALM perspective. And so on the net floating rate exposure, we will evolve that as we see the liability side change, and we've come down more than 50%, or we've reduced our exposure by more than 50% since June of '24. And that's something we monitor closely. And when there's opportunities to reduce it, we will further reduce it, recognizing what's the outlook there.

是的。所以瑞安，根據我們管理資產負債表的方式，我們在資產負債管理方面是有紀律的。因此，關於淨浮動利率風險敞口，我們將隨著負債方的變化而調整，自 2024 年 6 月以來，我們的風險敞口已下降超過 50%。這是我們密切關注的重點。當有機會減少它時，我們會進一步減少它，同時也要認識到那裡的發展前景。

That being said, the way we manage the balance sheet is, we will always look for opportunities to optimize the balance sheet and improving return on capital. And we've done that over the course, you've seen it -- our track record since the IPO, we've taken action on the asset side to improve returns. And we've done that as a tool to also help manage the impact of rate cuts on earnings, and we will continue to do that. And the other thing I would add is if you look year-on-year, our spread income is flat. And that's in part because we were able to offset that with actions we've taken on the asset side as well as growth in the portfolio.

也就是說，我們管理資產負債表的方式是，我們將始終尋找機會來優化資產負債表並提高資本回報率。而且我們一直以來都是這麼做的，你們也看到了——從IPO以來的業績記錄來看，我們已經在資產方面採取了行動來提高回報。我們這樣做也是為了幫助控制降息對獲利的影響，我們將繼續這樣做。另外，我想補充一點，如果按年來看，我們的利差收入持平。部分原因是，我們透過在資產方面採取的行動以及投資組合的成長，抵消了這一損失。

And as we look forward, like to us, rate cuts will be a short-term speed bump, but we've got the tools to manage through it, and we expect to grow spread income over time because the fundamentals behind our spread products continue to be very strong. And remember, we offer spread products in three of our businesses, and we've got the flexibility like we did in the third quarter to dial to where we see the most attractive returns and deploy our capital that way.

展望未來，對我們而言，降息只是短期的一個小障礙，但我們有應對之策，而且我們預計隨著時間的推移，利差收入將會增長，因為我們利差產品的基本面依然非常強勁。請記住，我們在三個業務領域提供價差產品，而且我們像第三季度一樣擁有靈活性，可以根據我們認為最具吸引力的回報調整投資方向，並以這種方式部署我們的資本。

And then in the Life Insurance business, it's performed pretty well over time, but there's also been a robust market for in-force reinsurance transactions. Is there anything within that business that you see as a potential opportunity when it comes to potential risk transfer?

而在人壽保險業務方面，隨著時間的推移，其表現相當不錯，而且現有再保險交易市場也十分強勁。在該業務中，您認為是否有任何潛在的風險轉移機會？

Well, when it comes to risk transfer, Ryan, we are always actively seeking opportunities to increase shareholder value and optimize the portfolio. With respect to the Life business, we have repositioned this business substantially over the last couple of years to focus on less interest-sensitive businesses and more middle market. We've invested a lot in our automated underwriting and our digital platforms, and we're very pleased with the performance there.

瑞安，說到風險轉移，我們始終積極尋求機會來增加股東價值並優化投資組合。就人壽保險業務而言，我們在過去幾年中對該業務進行了大幅的重新定位，以專注於對利率不敏感的業務和更多的中端市場。我們在自動化核保和數位平台方面投入了大量資金，我們對這些方面的表現非常滿意。

We did move a substantial amount of life reserves into Fortitude Re when we created it a number of years ago before divesting that. And we continue to look for opportunities across the portfolio, whether that's in the form of our Bermuda strategy, external reinsurance or potential external transactions. But above all, we're very pleased with the performance of the Life business. We've invested a lot in our underwriting capabilities over the years, and our mortality has continued to actually emerge at or better than pricing expectations, and we have a very healthy in-force that we expect to continue to contribute at that level of earnings that we had earlier guided to the $110 million to $120 million a quarter except for the first quarter, which is always a little bit lower.

幾年前我們創建 Fortitude Re 時，確實將大量人壽儲備轉移到了該公司，後來又將其剝離。我們將繼續在整個投資組合中尋找機會，無論是百慕達策略、外部再保險還是潛在的外部交易。但最重要的是，我們對人壽保險業務的表現非常滿意。多年來，我們對承保能力進行了大量投資，我們的死亡率實際上一直達到或優於定價預期，我們擁有非常健康的有效保單，我們預計除第一季度（總是略低一些）外，將繼續貢獻我們之前指導的每季度 1.1 億美元至 1.2 億美元的收益水平。

Elyse Greenspan, Wells Fargo.

伊莉絲‧格林斯潘，富國銀行。

My first question is on capital return. Elias, I think you said you guys returned $370 million Q4 to date. I'm assuming that's just repurchases and that ignores the dividend, correct me if I'm wrong. And then is that the pace that we should think about for capital return for the rest of the quarter?

我的第一個問題是關於資本報酬率的。Elias，我記得你說過你們第四季至今已經拿回了3.7億美元。我假設這只是股票回購，沒有計入股息，如果我錯了請指正。那麼，這是否就是我們本季剩餘時間內應該考慮的資本回報速度？

Elyse, it's Elias. So that number, you're correct, is only share repurchases. We expect to return a higher amount of capital in the fourth quarter. But given the distributions on the VA proceeds that we got in September, I would not though take the October number and extrapolate it as if it's all going to be at the same pace. It'd be a bit more front loaded in the quarter, but it will be less than this run rate.

伊莉絲，我是伊萊亞斯。所以，你說得對，這個數字只是股票回購數。我們預計第四季將返還更多資金。但是，鑑於我們在 9 月獲得的退伍軍人事務部收益分配情況，我不會根據 10 月的數字進行推斷，認為所有款項都會以相同的速度發放。前四分之一賽程的得分可能會稍微高一些，但總得分會低於目前的得分率。

And then I guess my second question is a follow-up on private credit. It seems like you guys are comfortable with the allocation given Alex's question earlier in the call. I'm just curious, there's lots of headlines just on regulation. Just if you have a view on just the regulatory regime and the direction things are headed in and then just the overall allocation you guys have to private credit.

那麼，我的第二個問題是關於私人信貸的後續問題。鑑於 Alex 在電話會議早些時候提出的問題，看來你們對分配方案感到滿意。我只是好奇，最近有很多關於監管的新聞標題。如果您對監管制度、發展方向以及貴公司對私人信貸的整體配置有任何看法，請不吝賜教。

No, happy to. So as I've said before, our investment strategy is liability-driven. And we look at opportunities where we could get attractive returns and where we can afford to have private credit, we pursue it. But we're very disciplined on the underwriting side.

不，我很樂意。正如我之前所說，我們的投資策略是以負債為導向的。我們會尋找那些能夠獲得可觀回報，並且我們有能力承擔私人信貸的機會，然後我們會抓住這些機會。但我們在核保方面非常嚴謹。

We're aware of what's developing on the regulatory front, and we're engaged with it. And that kind of becomes a consideration if we think there's a risk on how we allocate capital. At this point, our strategy, we're comfortable with it. We understand the potential implications on the regulatory side. And based on what we know today, we don't think it will have a material impact or materially change what we've been doing.

我們了解監管方面的最新進展，並積極參與其中。如果我們認為資本配置方式有風險，那麼這就變成一個需要考慮的因素。就目前而言，我們對我們的策略感到滿意。我們了解這可能對監管方面產生的影響。根據我們目前所了解的情況，我們認為它不會產生實質影響，也不會從根本上改變我們一直在做的事情。

Suneet Kamath, Jefferies.

Suneet Kamath，傑富瑞集團。

Congrats to both of you. I wanted to come back to risk transfer because, Kevin, in your prepared remarks, you had mentioned that you're open to it. But sort of in a follow-up to Tom's question. You do have a new CEO coming in. You do have a new CFO eventually coming in. Is it fair to assume that you're probably not going to do anything major until those two seats are filled and those folks have a chance to look at the overall strategy? Or is that not the right way of thinking about it?

恭喜你們兩位。我想再談談風險轉移的問題，因為凱文，你在事先準備好的演講稿中提到你對此持開放態度。但算是對湯姆問題的後續提問。你們將迎來一位新的執行長。你們最終會迎來一位新的財務長。是否可以這樣假設，在填補這兩個職缺、讓這些人有機會審視整體策略之前，你可能不會採取任何重大行動？或者，這種思考方式並不正確？

Look, I would draw your attention to my prepared remarks relative to the transition. We have a very strong foundation in place. We have a strong team. We have a track record of execution. Looking forward to welcoming Marc. Elias is here for six months through the transition. I'm going to change my role to be an adviser to the Board for six months. And we're looking forward to a very smooth transition process.

請各位注意我事先準備好的關於過渡問題的發言稿。我們已經打下了非常堅實的基礎。我們擁有一支強大的團隊。我們擁有出色的執行力。期待馬克到來。Elias將在這裡待六個月，協助轉場工作。我將改變角色，擔任董事會顧問六個月。我們期待過渡過程能夠非常順利。

And Suneet, they're not letting me take a garden leave. I expect to be working the full six months.

蘇尼特，他們不讓我休帶薪休假。我預計會工作滿六個月。

Got it. Okay. Well, sorry to hear that. I guess on Bermuda, how should we think about Bermuda? Is that -- over the long term, I'm not talking about near term, is this eventually going to allow you to increase your free cash flow conversion ratio? Or is it more an ability to just grow faster because the capital is more optimized?

知道了。好的。聽到這個消息真遺憾。我想，關於百慕達，我們該如何看待百慕達呢？從長遠來看（我不是指短期），這最終是否能提高你的自由現金流轉換率？或者說，這更多的是因為資本得到了更優化的利用，所以成長速度更快？

Suneet, the way I look at it is it gives us financial optionality. And with that optionality, we'll evaluate what's the best utility of that optionality and how we maximize shareholder value, and we'll allocate our capital accordingly.

Suneet，我的看法是，它給了我們財務上的選擇權。有了這種選擇權，我們將評估這種選擇權的最佳效用以及如何最大化股東價值，並據此分配我們的資本。

Yes. So just following up from that, I mean, it really gives us potentially as we further grow and develop our Bermuda strategy, the option to do both. And I think that is ultimately what a mature Bermuda strategy that leverages all the capabilities associated with that will lead us to.

是的。所以，在此基礎上，我的意思是，隨著我們進一步發展和完善百慕達策略，它確實為我們提供了同時開展這兩項業務的可能性。我認為，成熟的百慕達策略，充分利用所有相關能力，最終將引導我們走向何方。

Cave Montazeri, Deutsche Bank.

蒙塔澤里洞，德意志銀行。

My first question is -- first, thank you for all the color on the credit portfolio. It's quite helpful right now just want to follow up. You did mention that you're well diversified by sector or whatnot, which makes a lot of sense. Can we assume within private credit specifically, is that also very well diversified from a sector point of view? Do you have any maybe sectors that you are more overweight, any exposure, like outside exposure to the auto sector, for example?

我的第一個問題是—首先，感謝您對信用組合的精彩闡述。目前很有幫助，我只是想跟進一下。你之前提到過你的投資在各個領域都多元化，這很有道理。我們能否假設，就私人信貸而言，從產業角度來看，其多元化程度也很高？你們是否有特別重視的行業，例如汽車業等？

On the private credit side, the majority of our exposure is an investment-grade private placement, and that's kind of diversified across sectors from there. So we follow the same kind of principles on private credit as we do kind of overall allocation to credit in general. So I think it's a fair assumption that we've got -- it's -- the private credit portfolio is similarly diversified as the overall portfolio.

在私募信貸方面，我們的大部分投資都集中在投資等級私募債券上，並且從那裡開始，我們的投資已經分散到了各個行業。因此，我們在私人信貸方面遵循與整體信貸配置相同的原則。所以我認為可以合理假設，私人信貸組合與整體投資組合一樣具有多元化。

Great. My follow-up question is on PRT. Obviously, quite a lumpy business. And I think it's the only business you have left that's international after the repositioning of the business. I guess, do you -- are you still comfortable retaining an international exposure when it comes to PRT? Or would that eventually become a US business only? And what is kind of the near-term outlook for PRT?

偉大的。我的後續問題是關於PRT的。顯然，這行經營狀況很不穩定。我認為，在公司重新定位之後，這是你唯一剩下的國際業務了。我想問的是，您在 PRT 領域是否仍願意保持國際視野？還是最終會變成一家僅限美國營運的企業？PRT的近期前景如何？

Thanks, Cave. So our UK business is a reinsurance business and reinsurance is, to a certain extent, kind of a global business. We can use our US balance sheet as we do in the UK for PRT as a reinsurer for other potential international opportunities, and that is something that we have an opportunity to explore and to expand. And so whilst we don't have any admitted international operations, that doesn't mean that we don't retain the expertise and interest in growing in international markets in the form of reinsurance. Now to your question about pension risk transfer. Look, the pension risk transfer opportunity is extremely robust. As per my prepared remarks, pension plans are attractively funded.

謝謝你，凱夫。所以，我們在英國的業務是再保險業務，而再保險在某種程度上是一種全球性業務。我們可以像在英國一樣，利用我們在美國的資產負債表，為 PRT 作為再保險公司，開拓其他潛在的國際機遇，這是我們有機會探索和拓展的領域。因此，雖然我們沒有任何公開的國際業務，但這並不意味著我們沒有在國際市場以再保險的形式發展壯大的專業知識和興趣。現在回答您關於退休金風險轉移的問題。你看，退休金風險轉移的機會非常可觀。根據我事先準備好的發言稿，退休金計畫的資金來源很有吸引力。

Companies are very interested in no longer having to be fiscally responsible or fiduciarily responsible for those plans. And so management teams are committed to exiting those liabilities. And there's a subset of the pension risk transfer market, both in the US and the UK, which is in a single negotiated transaction, a company can go through the multiple stages of exiting a plan. That's called a full plan termination.

公司非常希望不再需要對這些計劃承擔財務責任或信託責任。因此，管理團隊致力於擺脫這些債務。在美國和英國，退休金風險轉移市場中有一個子集，即公司可以透過一次協商交易完成退出計劃的多個階段。這叫做全面終止計劃。

And we are a specialist in that part of the market. There's fewer competitors in that part of the market. We find the economics more attractive as a result. We've built the administration capabilities to manage the complexity of those plans of the active and deferred populations, in addition to the retirees. And also we've invested in the underwriting resources to have the expertise in managing the liabilities.

我們是這部分市場的專家。該細分市場的競爭對手較少。因此，我們認為這種經濟模式更具吸引力。我們已經建立了管理能力，可以管理在職人員、延期領取退休金人員以及退休人員的複雜計劃。此外，我們也投資了核保資源，以具備管理負債的專業知識。

So we have an excellent position in that business. The pipelines are extremely strong in the US and the UK. The economics are attractive, and we remain very well positioned. So we're extremely optimistic about the pension risk transfer position that we have.

因此，我們在該業務領域擁有非常優越的地位。美國和英國的輸油管非常堅固。經濟狀況很有吸引力，我們仍然處於非常有利的地位。因此，我們對目前的退休金風險轉移狀況非常樂觀。

Wes Carmichael, Autonomous.

韋斯·卡邁克爾，自主。

First question, in Individual Retirement, and I guess it's a question on margin. But for your fixed indexed annuity portfolio, is there an opportunity there to adjust crediting rates via caps and participation rates? And I guess, relatedly, we're hearing from some in the market that there's some higher competition for FIAs where it's tied to the S&P 500. And so curious if you're seeing that as well.

第一個問題是關於個人退休金的，我想這是一個關於保證金的問題。但對於您的固定指數年金投資組合，是否有機會透過上限和參與率來調整計息率？而且，我想，與此相關的是，我們從市場上的一些人那裡了解到，與標普 500 指數掛鉤的固定指數年金 (FIA) 的競爭更加激烈。所以很好奇你是否也看到了這種情況。

Look, the entire individual retirement market is a competitive market. We're seeing competition, I think, everywhere there. I don't think it's any heightened in indexed annuities or fixed annuities or RILA. It's an active and competitive space. And through a combination of the very strong distribution relationships that we have, the historical product creativity that we've been able to manage and then also the discipline with which we manage our new business pricing, we continue to be able to produce attractive new business there.

你看，整個個人退休市場都是一個競爭激烈的市場。我認為，到處都存在競爭。我認為在指數年金、固定年金或RILA中，這種情況並沒有加劇。這是一個活躍且競爭激烈的領域。憑藉我們強大的分銷關係、我們一直以來對產品創新的掌控，以及我們對新業務定價的嚴格管理，我們得以繼續在那裡創造有吸引力的新業務。

As I mentioned in the index annuity, we're definitely seeing -- right now, we're focused more on the income benefit aspects of that part of the portfolio. But we have a very broad range of index products as well as our other products, and we work with a broad variety of distribution channels, which helps us overcome some of those market competitive consideration. So we're very comfortable with the overall position in the individual retirement businesses, whether that's our index business, our RILA, which is performing very well and the fixed annuity business, which is a little bit more sensitive to external conditions, and we are -- as a result, we respond very quickly when there are pricing changes in that environment.

正如我在指數年金部分提到的那樣，我們現在確實看到——我們更關注的是投資組合中這部分的收入收益方面。但是，我們擁有非常廣泛的指數產品以及其他產品，並且我們與各種分銷管道合作，這有助於我們克服一些市場競爭的考慮因素。因此，我們對個人退休業務的整體狀況非常滿意，無論是我們的指數業務、表現非常出色的RILA，還是對外部環境更為敏感的固定年金業務，因此，當該環境出現價格變化時，我們都能迅速做出反應。

And just a follow-up. But on longer-term guidance, I think you talked about a long-term EPS growth guide of 10% to 15% or something in that range. Just curious if anything has changed there. I know there's quite a bit of buyback that probably supports 2027. But if you think underneath the surface, when you think about rate, long term, short term, anything that's changed your view in that respect?

還有一個後續問題。但就長期業績指引而言，我想您曾提到長期每股盈餘成長預期在 10% 到 15% 之間。只是好奇那裡有沒有什麼改變。我知道有很多回購計劃，這些計劃可能足以支撐到 2027 年。但如果你深入思考，想想利率，無論是長期利率還是短期利率，有沒有什麼因素改變了你對這方面的看法？

Wes, it's Elias. Listen, we still think the 10% to 15% average annual growth is the right guidance for the company. This will be driven by growing earnings as well as share repurchases. Some years will be higher, some years will be lower, but we think that's still the right target for this company. And I think it's a pretty attractive target to be able to deliver 10% to 15% on average.

韋斯，我是伊萊亞斯。聽著，我們仍然認為 10% 到 15% 的年均成長率是公司正確的預期目標。這將主要得益於獲利成長和股票回購。有些年份會更高，有些年份會更低，但我們認為這仍然是這家公司正確的目標。我認為平均達到 10% 到 15% 是一個相當有吸引力的目標。

It will be influenced from time to time by different factors, some outside our control, but the things we're focused on are accretive to achieving that target, whether it's on organic growth, balance sheet optimization, the expense discipline, capital management, all those things, the stuff we control will be accretive to that target.

它會不時受到各種因素的影響，有些因素是我們無法控制的，但我們關注的事情都有助於實現這個目標，無論是內生成長、資產負債表優化、費用控制、資本管理，所有這些我們能夠控制的事情都有助於實現這個目標。

This concludes our Q&A session for today. So I will hand back to Kevin for closing remarks.

今天的問答環節到此結束。那麼，我將把發言權交還給凱文，請他作總結發言。

Thank you, operator. This is my last earnings call, so I would like to share a few thoughts. In a career spanning four decades, it has been the honor of my professional life to serve Corebridge as CEO. I am very proud of our executive leadership, the ladies and gentlemen of Corebridge and also our partners, and especially of the value we have created for Corebridge's stakeholders. Our employees now work for a strong independent company with significant upside career potential.

謝謝接線生。這是我最後一次參加財報電話會議，所以我想分享一些想法。在我長達四十年的職業生涯中，能夠擔任 Corebridge 的執行長是我職業生涯的榮幸。我為我們的執行領導團隊、Corebridge 的各位員工以及我們的合作夥伴感到非常自豪，尤其為我們為 Corebridge 的利害關係人創造的價值感到自豪。我們的員工現在就職於一家實力雄厚的獨立公司，擁有巨大的職涯發展潛力。

Our customers and distribution partners can rely on our commitment to innovation, modernization and professional service. We work hard to give back to the communities in which we operate. And our shareholders have seen the value of their investment in Corebridge appreciate.

我們的客戶和分銷合作夥伴可以信賴我們對創新、現代化和專業服務的承諾。我們努力回饋我們營運所在的社區。我們的股東已經看到他們在Corebridge的投資價值不斷增長。

Going forward, I'm confident the company is in very good hands with Marc Costantini, who can build off the strong foundation we have set in place. We look forward to introducing him to all of you soon. I've received a lot of notes from folks, I'd like to thank you for your wishes. And thanks to everyone again, who joined us for the call. Have a great day.

展望未來，我相信公司在馬克·科斯坦蒂尼的領導下會發展得非常順利，他能夠在我們已經打下的堅實基礎上繼續前進。我們期待盡快將他介紹給大家。我收到了很多朋友的留言，感謝大家的祝福。再次感謝所有參加電話會議的朋友們。祝你有美好的一天。

Thank you. This concludes today's call. Thank you for joining us. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。