Everest Group Ltd (EG) 2024 Q2 法說會逐字稿

Good day and welcome to Everest Group Limited's second quarter 2024 earnings conference call.

美好的一天，歡迎參加珠穆朗瑪峰集團有限公司 2024 年第二季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Matthew Rohrmann, Senior Vice President and Head of Investor Relations.

我現在想將會議交給高級副總裁兼投資者關係主管 Matthew Rohrmann。

Please go ahead, sir.

請繼續，先生。

Good morning, everyone, and welcome to Everest Group Limited second quarter of 2024 earnings conference call.

大家早安，歡迎參加珠穆朗瑪峰集團有限公司 2024 年第二季財報電話會議。

The Everest executives leading today's call are Juan Andrade, President and CEO; and Mark Kociancic, Executive Vice President and CFO.

主持今天電話會議的珠穆朗瑪峰高層是總裁兼執行長胡安·安德拉德 (Juan Andrade)；執行副總裁兼財務長 Mark Kociincic。

We are also joined by other members of the Everest management team.

珠穆朗瑪峰管理團隊的其他成員也加入了我們的行列。

Before we begin, I'll preface the comments by noting that today's call will include forward-looking statements.

在我們開始之前，我將在評論前指出，今天的電話會議將包含前瞻性陳述。

Actual results may differ materially.

實際結果可能存在重大差異。

Management comments regarding estimates, projections and similar are subject to the risks, uncertainties and assumptions as noted in Everest's SEC filings.

管理層有關估計、預測和類似內容的評論受到珠穆朗瑪峰 SEC 文件中指出的風險、不確定性和假設的影響。

Management may also refer to certain non-GAAP financial measures.

管理階層也可能參考某些非公認會計準則財務指標。

These items are reconciled in the earnings release and financial supplement available on our website.

這些項目在我們網站上提供的收益發布和財務補充中進行了調整。

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

這樣，我就把電話轉給胡安。

Thank you, Matt.

謝謝你，馬特。

Good morning, everyone.

大家早安。

Thank you for joining us.

感謝您加入我們。

Everest had another strong quarter and an excellent first half of the year.

珠穆朗瑪峰又經歷了一個強勁的季度和出色的上半年。

We delivered solid second quarter underwriting and net investment income, resulting in both an annualized total shareholder return and operating return on equity of 20%.

第二季我們實現了穩健的承銷和淨投資收入，年化股東總回報率和營運股本回報率均達到 20%。

We grew in lines of business and geographies with superior profit trajectories while remaining focused on disciplined risk selection.

我們在業務線和地理上不斷發展，具有卓越的利潤軌跡，同時仍專注於嚴格的風險選擇。

We continue to build a well-diversified portfolio designed to produce leading financial returns.

我們繼續建立多元化的投資組合，旨在產生領先的財務回報。

Our reinsurance business continued to generate strong results and expected risk-adjusted returns remain very attractive.

我們的再保險業務持續取得強勁業績，預期風險調整回報仍然非常有吸引力。

Our preferred lead market position continues to be a differentiator for Everest.

我們首選的領先市場地位仍然是珠穆朗瑪峰的差異化因素。

This was once again evident through the mid-year renewals as there was strong demand for our participation on treaties from a broad array of top-tier customers.

這在年中續約中再次體現，因為眾多頂級客戶對我​​們參與條約的強烈需求。

We also made progress expanding our primary insurance franchise with investments in talent and capabilities to scale the platform globally.

我們還透過對人才和能力的投資，在全球範圍內擴展該平台，從而在擴大我們的主要保險特許經營權方面取得了進展。

We opened new operations in Mexico, Colombia and Australia.

我們在墨西哥、哥倫比亞和澳洲開設了新業務。

Both of our underwriting businesses are capitalizing on opportunities where market conditions are most attractive and where we can achieve sustained profitable growth.

我們的兩項承保業務都在利用市場條件最具吸引力且能夠實現持續獲利成長的機會。

At the same time, our investment portfolio is delivering strong and consistent earnings.

同時，我們的投資組合正在帶來強勁且持續的收益。

We are executing on our strategy with significant momentum heading into the second half of the year.

進入下半年，我們正在以強勁的勢頭執行我們的策略。

Most importantly, we are delivering on our primary objective of generating industry-leading financial returns as measured by total shareholder return.

最重要的是，我們正在實現我們的主要目標，即產生行業領先的財務回報（以股東總回報衡量）。

Our strategy provides significant operating flexibility with multiple paths to achieving our primary objective in 2024, 2025 and 2026 as outlined at our last Investor Day.

我們的策略提供了顯著的營運彈性，並透過多種途徑實現我們在上一次投資者日概述的 2024 年、2025 年和 2026 年的主要目標。

With that backdrop, I will now turn to our second quarter financial highlights, beginning at the Group level.

在此背景下，我現在將轉向我們第二季度的財務亮點，從集團層級開始。

Everest second quarter performance resulted in an annualized total shareholder return of 20% and net operating income of $730 million, an increase of more than $100 million year-over-year.

Everest第二季業績實現股東年化總回報率為20%，淨營業收入為7.3億美元，較去年同期成長超過1億美元。

We grew gross written premiums by 13% in constant dollars and excluding reinstatement premiums, while remaining disciplined in casualty lines, particularly in North America.

以不變美元計算（不包括恢復保費），我們的總承保保費增加了 13%，同時在傷亡險方面保持嚴格的紀律，尤其是在北美。

We generated $358 million in underwriting profit in the quarter and $767 million year-to-date, an increase of $94 million as compared to the first half of 2023.

我們本季實現承保利潤 3.58 億美元，年初至今實現承保利潤 7.67 億美元，比 2023 年上半年增加 9,400 萬美元。

The Group combined ratio of 90.3% included $135 million of pre-tax catastrophe losses net of recoveries and reinstatement premiums from several mid-sized international and US events.

集團綜合成本率為 90.3%，其中包括 1.35 億美元的稅前巨災損失（扣除數起中型國際和美國活動的追償費用和恢復保費）。

This is a good result, particularly given that the elevated level of global industry catastrophe losses is now estimated at approximately $60 billion year-to-date.

這是一個很好的結果，特別是考慮到今年迄今全球產業災難損失估計達到約 600 億美元。

In the quarter, we improved our attritional loss ratio by 70 basis points year-over-year, driven primarily by mix contributions from both segments, sustained pricing momentum and disciplined underwriting.

本季度，我們的損耗損失率年增了 70 個基點，這主要得益於兩個部門的混合貢獻、持續的定價動能和嚴格的核保。

Terms and conditions also remained favorable.

條款和條件也仍然有利。

As I mentioned earlier, our investment portfolio continued to perform well, producing over $0.5 billion of net investment income in the quarter and nearly $1 billion year-to-date.

正如我之前提到的，我們的投資組合繼續表現良好，本季創造了超過 5 億美元的淨投資收入，今年迄今創造了近 10 億美元的淨投資收入。

Turning now to our reinsurance business.

現在轉向我們的再保險業務。

Second quarter reinsurance results were excellent.

第二季再保險業績出色。

The business delivered underwriting profits of more than $300 million.

該業務的承保利潤超過 3 億美元。

The attritional loss ratio and attritional combined ratio improved to 57% and 84.4%, respectively, as we continue to proactively shape the portfolio.

隨著我們繼續積極塑造投資組合，損耗損失率和損耗綜合比率分別提高至 57% 和 84.4%。

Consistent with our execution at the January and April renewals, Everest had excellent midyear renewals.

與我們在一月和四月續訂時的執行情況一致，珠穆朗瑪峰的年中續訂表現出色。

We expanded our portfolio with top-tier cedents growing across property and specialty lines, including marine, aviation and engineering at excellent expected margins.

我們擴大了我們的投資組合，透過在房地產和專業領域（包括海洋、航空和工程）成長的頂級分出公司，獲得了優異的預期利潤。

As the June 1, renewal progressed and overall reinsurance capacity became scarce in the final days, Everest secured a number of shortfall covers at superior terms.

隨著 6 月 1 日續保的進展以及最後幾天整體再保險能力變得稀缺，珠穆朗瑪峰以優越的條件獲得了一些缺口保障。

On many Florida deals, we successfully negotiated non-concurrent terms, including higher minimum premiums and lower ceding commissions.

在佛羅裡達州的許多交易中，我們成功地協商了非平行條款，包括更高的最低保費和更低的分讓佣金。

Our property book grew more than 25% at the June 1.

截至 6 月 1 日，我們的房產帳簿增加了 25% 以上。

In addition, cat exposed premium continued with a double-digit growth trajectory at the July renewal with higher expected margins compared to last year.

此外，巨災保費在 7 月續約時繼續保持兩位數的成長軌跡，預期利潤率高於去年。

Importantly, across the mid-year renewals, we achieved preferential signings, drove differentiated terms and conditions on a number of property catastrophe deals, and we were signed in-full on virtually every transaction we chose to participate on.

重要的是，在年中續約期間，我們實現了優惠簽約，在許多房地產災難交易中推動了差異化的條款和條件，並且我們幾乎在我們選擇參與的每筆交易中都獲得了全額簽約。

Overall, we grew the business by 17% on a constant dollar basis, excluding reinstatement premiums in the second quarter.

總體而言，以固定美元計算，我們的業務成長了 17%，不包括第二季的恢復保費。

Growth in our property pro rata book increased significantly, up 31% from last year as we took advantage of the strong underlying property market, particularly in commercial E&S.

由於我們利用了強勁的基礎房地產市場，特別是商業 E&S 市場，我們的房地產按比例帳面增長顯著增加，比去年增長了 31%。

Property market conditions continue to be favorable.

房地產市場狀況持續有利。

Rates have persisted at attractive levels and terms and conditions and attachment points have not wavered from the significant improvement made over the past two years.

費率一直保持在有吸引力的水平，條款和條件以及附著點與過去兩年取得的顯著改善沒有動搖。

In casualty, we remain disciplined in lines that did not meet our underwriting criteria.

在意外險方面，我們對不符合承保標準的險種仍保持紀律。

While casualty pro rata premiums grew in the second-quarter, this was primarily driven by strong rate increases as opposed to exposure.

雖然第二季傷亡保費按比例增長，但這主要是由費率強勁增長而非風險敞口推動的。

We have shed over $300 million in casualty renewal premiums so far this year as a number of programs did not meet our underwriting standards.

今年到目前為止，由於許多計劃不符合我們的核保標準，我們已經削減了超過 3 億美元的意外險續保費。

The quality of our book is excellent and the strength of our franchise continues to set the business apart.

我們的圖書品質非常好，而且我們的特許經營優勢繼續使我們的業務脫穎而出。

We expect risk-adjusted returns to remain very attractive.

我們預計風險調整後的回報仍將非常有吸引力。

Our outlook for 2025 remains bullish.

我們對 2025 年的前景仍然樂觀。

Now turning to insurance.

現在轉向保險。

We grew the insurance business by 6% in constant dollars, generating $1.5 billion in premiums in the second quarter.

以不變美元計算，我們的保險業務成長了 6%，第二季保費達到 15 億美元。

As we continue to optimize our mix of business, overall growth was driven by a 31% increase in property short tail and 26% in specialty lines.

隨著我們不斷優化業務組合，整體成長是由短尾房地產成長 31% 和專業業務成長 26% 推動的。

Our international business continued to gain traction as we were rapidly becoming a go-to market for our distribution partners.

隨著我們迅速成為分銷合作夥伴的首選市場，我們的國際業務繼續受到關注。

The overall growth in the quarter was partially offset by the continued caution around casualty as well as the previously-announced Medical Stop Loss business exit, which started in 2023 and will be completed by the end of this year.

本季度的整體成長被對傷亡的持續謹慎以及先前宣布的醫療止損業務退出所部分抵消，該退出於 2023 年開始，將於今年年底完成。

Consistent with prior quarters, we were prudent in less attractive lines such as directors and officers liability, workers compensation and other casualty lines exposed to social inflation.

與前幾季一樣，我們對董事和高階主管責任、工人賠償和其他受社會通膨影響的傷亡險種等不太有吸引力的險種持謹慎態度。

We gained additional momentum and achieved rate acceleration in excess of loss trend across a wide array of casualty lines in the quarter as increases in commercial auto liability, general liability and excess casualty lines averaged in the mid-to-high teens.

本季度，隨著商業汽車責任、一般責任和超額傷亡險種的平均增幅達到中高位，我們獲得了額外的動力，並在各種意外險險種中實現了超過損失趨勢的費率加速。

Looking across the portfolio, we achieved an average rate increase of over 10%, excluding workers compensation and financial lines.

縱觀整個投資組合，我們的平均成長率超過 10%，不包括工人薪資和財務額度。

The combined ratio benefited from a 70 basis points improvement in the attritional loss ratio.

綜合成本率受益於損耗率提高了 70 個基點。

This was offset by higher cat losses as last year's quarter was benign and lower-than-expected earned premium resulting from the underwriting actions I have already described.

這被較高的巨災損失所抵消，因為去年季度表現良好，而且我已經描述過的承保行動導致的賺取保費低於預期。

At our Investor Day last November, we set a goal of hitting a 90% to 92% combined ratio for insurance.

在去年 11 月的投資者日，我們設定了保險綜合成本率達到 90% 至 92% 的目標。

We are confident in achieving our objective, but the timing for getting to our target combined ratio run rate is now 2025, and we will not be satisfied till we achieve this goal.

我們對實現目標充滿信心，但達到目標綜合比率運行率的時間現在是 2025 年，在實現這一目標之前我們不會滿足。

In order to achieve our target, we must, one, create a more balanced mix of business, including more short-tail premium.

為了實現我們的目標，我們必須，第一，創建更平衡的業務組合，包括更多的短尾溢價。

Two, continue to increase scale, particularly in our international businesses.

第二，繼續擴大規模，特別是國際業務。

And three, continue to prudently navigate the underwriting environment.

第三，繼續審慎應對承保環境。

We are making good progress on all of these.

我們在所有這些方面都取得了良好進展。

First on mix.

首先是混合。

As I said, we grew short tail lines in the quarter by over 30% and our specialty business by 26%.

正如我所說，本季我們的短尾產品線成長了 30% 以上，我們的特種業務成長了 26%。

These are good results, but there's more work to be done, particularly in North America.

這些都是很好的結果，但還有更多工作要做，特別是在北美。

There were also some jurisdiction-specific regulatory approval delays in new international markets that have now been granted.

目前已批准的新國際市場也出現了一些針對特定司法管轄區的監管審批延遲。

Those operations are ramping up in the second half of the year.

這些業務將在今年下半年增加。

Second, scale improved in the quarter as we did achieve strong growth with very attractive loss ratios in our international businesses, where we have continued to invest in people, products, technology and infrastructure.

其次，本季規模有所改善，我們的國際業務確實實現了強勁成長，損失率非常有吸引力，我們繼續在人員、產品、技術和基礎設施方面進行投資。

Earned premium will start to catch up.

賺取的保費將開始趕上。

Some of this progress was offset by our underwriting discipline actions such as the ongoing runoff of our North America Medical Stop Loss business, which I mentioned earlier.

其中一些進展被我們的核保紀律行動所抵消，例如我之前提到的北美醫療停損業務的持續流失。

This reduced earned premium in the quarter by approximately $70 million.

這使得本季賺取的保費減少了約 7,000 萬美元。

Finally, regarding our work to navigate the complex risk environment, we are keenly focused on the effect of social inflation on casualty loss costs.

最後，關於我們應對複雜風險環境的工作，我們密切關注社會通貨膨脹對傷亡損失成本的影響。

We are booking our casualty business at prudent loss picks.

我們正在謹慎選擇損失險業務。

And while we are achieving increased rate in excess of observed loss trend, we are reducing writings in certain lines, classes and jurisdictions.

雖然我們的成長率超過了觀察到的損失趨勢，但我們正在減少某些產業、類別和司法管轄區的著作。

As a result, casualty premiums were slightly down in the quarter.

因此，本季傷亡保費略有下降。

We are focused on underwriting margin and we walk away from business that does not meet our standards.

我們專注於承保利潤，我們會放棄不符合我們標準的業務。

We are pulling all of these levers and making progress to reach our target combined ratio for insurance.

我們正在拉動所有這些槓桿，並取得進展以達到我們的保險綜合比率目標。

This is our immediate focus for this segment.

這是我們此細分市場的當前重點。

And in conclusion, I am proud of what we have accomplished thus far.

最後，我對我們迄今為止所取得的成就感到自豪。

We have a clear strategy.

我們有明確的戰略。

We are focused on executing our plan and we are delivering above our target total shareholder return.

我們專注於執行我們的計劃，並且正在實現高於我們目標的股東總回報。

We are focused on making Everest even stronger.

我們致力於讓珠穆朗瑪峰變得更強大。

Our reinsurance segment continued to exceed expectations.

我們的再保險業務持續超出預期。

We are strengthening our insurance platform as we position ourselves as a go-to global market and continue to solidify our value proposition.

我們正在加強我們的保險平台，因為我們將自己定位為進入全球市場，並繼續鞏固我們的價值主張。

With the market environment setting the stage for continued opportunity, Everest is well positioned to continue building momentum.

隨著市場環境為持續的機會奠定了基礎，珠穆朗瑪峰已做好充分準備繼續建立動力。

With that, I'll turn it over to Mark to review the financials in more detail.

這樣，我會將其交給馬克，以更詳細地審查財務狀況。

Thank you, Juan, and good morning, everyone.

謝謝你，胡安，大家早安。

Everest had another strong quarter, rounding out an excellent first half of 2024.

珠穆朗瑪峰季度業績再次強勁，為 2024 年上半年畫上了圓滿的句號。

We delivered significant growth in operating income, net income and net investment income for the second quarter.

第二季我們的營業收入、淨利和淨投資收益均大幅成長。

This drove operating earnings per share of $16.85 and both an operating ROE and annualized total shareholder return of approximately 20%.

這使得每股營運收益達到 16.85 美元，營運 ROE 和年化股東總回報率約為 20%。

Our reinsurance division delivered another strong quarter with successful execution at recent renewals with strong top and bottom-line results.

我們的再保險部門在最近的續保中成功執行，取得了強勁的營收和利潤，從而實現了另一個強勁的季度。

The insurance division continued to gain traction in key markets internationally.

保險部門繼續在國際主要市場獲得吸引力。

We have strong momentum across our business heading into the second half of the year.

進入下半年，我們的業務勢頭強勁。

Looking at the Group results, Everest reported gross written premiums of $4.7 billion, representing 12.8% growth in constant dollars and excluding reinstatement premiums.

從集團績效來看，珠穆朗瑪峰的總承保保費為 47 億美元，以固定匯率計算成長 12.8%（不包括恢復保費）。

The combined ratio was 90.3% for the quarter, driven by an improvement in the attritional loss ratio, offset by higher cat losses when compared to the prior year's relatively benign second quarter.

該季度的綜合成本率為 90.3%，這是由於自然損耗率有所改善，但與去年相對溫和的第二季度相比，巨災損失有所增加，從而抵消了這一損失。

The cat losses in the quarter were primarily driven by mid-size international events, including several global flooding events and the Taiwan earthquake as well as the US convective storms.

本季的巨災損失主要是由中等規模的國際事件造成的，包括幾起全球洪水事件、台灣地震以及美國的對流風暴。

The Group attritional loss ratio was 58.8%, a 70 basis points improvement over the prior year's quarter with both segments contributing to the improvement, which I'll discuss in more detail in just a moment.

集團的損耗率為 58.8%，比去年同期提高了 70 個基點，這兩個部門都對這一改善做出了貢獻，我稍後將更詳細地討論這一點。

The Group's commission ratio modestly increased to 21.4%.

集團佣金比率小幅上升至21.4%。

The Group expense ratio was in line with the prior year at 6.3%, while at the same time, we continue to invest in talent and systems within both franchises.

集團費用率與去年持平，為 6.3%，同時，我們繼續投資於兩個特許經營的人才和系統。

Moving to the segment results and starting with reinsurance.

轉向分部業績並從再保險開始。

Gross written premiums grew 16.5% in constant dollars when adjusting for reinstatement premiums during the quarter.

在本季恢復保費進行調整後，以固定匯率計算，總承保保費增加了 16.5%。

Growth in the quarter was consistent with the trends seen throughout the prior year with strong and broad-based growth in property and specialty lines, while we continue to remain disciplined in casualty lines.

本季的成長與去年全年的趨勢一致，財產和專業產品線強勁且廣泛的成長，同時我們繼續在意外險領域保持嚴格的紀律。

Property lines grew approximately 30% in the quarter with Property Pro Rata and Property Cat XOL both contributing to the strong growth.

Property Lines 在本季度增長了約 30%，其中 Property Pro Rata 和 Property Cat XOL 都為強勁增長做出了貢獻。

We continue to see the written premium mix shift towards property and short tail lines, which now stands at 56% property and 44% casualty, a 4 point shift from the prior year.

我們繼續看到承保保費組合轉向財產險和短尾險，目前財產險佔 56%，傷亡險佔 44%，比前一年變化了 4 個百分點。

The net earned premium mix stands at approximately 51% property and 49% casualty.

淨賺保費組合中，財產險佔約 51%，傷亡險佔 49%。

Consistent with prior quarters, growth will continue to favor short tail business as we trend throughout the year, which will become more pronounced on an earned basis.

與前幾季一致，隨著我們全年的趨勢，成長將繼續有利於短尾業務，這在獲利基礎上將變得更加明顯。

The attritional combined ratio improved 30 basis points to 84.4% during the quarter.

本季損耗綜合比率提高了 30 個基點，達到 84.4%。

The attritional loss ratio improved 60 basis points to 57% as we continue to achieve more favorable rate and terms while building higher expected margins, particularly in property and specialty lines.

由於我們繼續實現更優惠的利率和條款，同時建立更高的預期利潤率，特別是在房地產和專業產品領域，損耗率下降了 60 個基點，達到 57%。

In addition to the business mix, I mentioned earlier, the combined ratio was 88.9% as the prior year benefited from a relatively benign level of cat losses.

除了我之前提到的業務組合之外，綜合成本率為 88.9%，因為前一年受益於相對溫和的巨災損失水準。

Both the commission ratio and underwriting expense ratio relatively in line with the prior year at 24.6% and 2.6%, respectively.

佣金率和承保費用率與上年度基本一致，分別為24.6%和2.6%。

Moving to insurance, gross written premiums grew approximately 6% in constant dollars to $1.5 billion.

轉向保險領域，以不變美元計算，總承保保費成長約 6%，達到 15 億美元。

We continued to methodically scale our primary franchise globally, while proactively focusing our North American portfolio towards the most accretive lines of business, led by retail property and short tail specialty lines.

我們繼續有條不紊地在全球範圍內擴大我們的主要特許經營權，同時積極地將我們的北美投資組合集中在以零售地產和短尾專業線為主導的最具增值性的業務領域。

We're maintaining a conservative underwriting approach in casualty lines, mono-line workers comp, Medical Stop Loss and public company D&O.

我們在傷亡險、單一險種工人賠償、醫療停損和上市公司董事及高階主管責任方面保持保守的承保方式。

Our North American casualty growth is being driven predominantly by meaningful rate increases, and we began reducing certain lines such as Medical Stop Loss, starting in 2023, and we expect the drag to be completed by year end.

我們的北美傷亡人數成長主要是由有意義的費率上漲所推動的，我們從 2023 年開始減少醫療停損等某些項目，我們預計這種拖累將在年底前完成。

While a number of casualty lines saw continued price acceleration in the mid-to-high teens, gross written premiums were down slightly as we are focused upon risk selection, which meet our underwriting standards.

儘管許多意外險險種的價格持續上漲至中高位，但總承保保費略有下降，因為我們專注於風險選擇，這符合我們的承保標準。

Casualty rate increases remain above loss trend.

傷亡率增幅仍高於損失趨勢。

We will continue to practice prudent cycle and portfolio management, drive rate and hold the line on terms and conditions.

我們將繼續實施審慎的周期和投資組合管理，提高利率並遵守條款和條件。

We are starting to see the benefits of these actions in the results as the mix shift contributed to a 70 basis points improvement year-over-year in the attritional loss ratio to 63.7%.

我們開始在結果中看到這些行動的好處，因為混合轉變使自然損耗率比去年同期提高了 70 個基點，達到 63.7%。

At the same time, we remain prudent with our loss picks to reflect the elevated risk environment.

同時，我們對損失選擇保持謹慎，以反映風險環境的上升。

The commission ratio was relatively consistent with the prior year, while the underwriting-related expense ratio increased to 16.9%.

佣金比率與上年基本一致，而承保相關費用比率則上升至16.9%。

The increase was a function of higher expenses due to accelerated investments in our global platform and the lag in earned premium from both underwriting discipline actions in North America and some temporary regulatory delays in new geographies that Juan mentioned earlier.

這一增長是由於我們的全球平台投資加速、北美承保紀律行動以及胡安之前提到的新地區的一些臨時監管延遲導致的保費收入滯後而導致費用增加的結果。

We expect the expense ratio will start trending downward in 2025 and approach a more normalized level of 15% over time as our international footprint scales.

我們預計，隨著我們國際業務規模的擴大，費用比率將在 2025 年開始下降，並隨著時間的推移接近 15% 的更正常水平。

Aside from cat, the lag in expected earned premium was the primary driver of the year-over-year increase in the segment combined ratio to 94.4% in the quarter.

除巨災外，預期已賺保費的滯後是該季度該部門綜合成本率年增至 94.4% 的主要推動力。

As Juan mentioned, while it will take us a little more time to get within the target insurance combined ratio range introduced at our Investor Day, we have a clear and well-defined path to achieve our insurance combined ratio objective during 2025.

正如 Juan 所提到的，雖然我們需要更多時間才能達到投資者日推出的目標保險綜合比率範圍，但我們有一條明確且明確的路徑來在 2025 年實現我們的保險綜合比率目標。

We do expect to have a 93% to 94% insurance combined ratio quarterly run rate for the rest of 2024.

我們確實預計 2024 年剩餘時間保險綜合成本率季度運作率為 93% 至 94%。

Given the overall strength of our franchise, we have significant momentum heading into the back half of the year.

考慮到我們特許經營權的整體實力，我們在進入今年下半年的勢頭強勁。

We are well-positioned with multiple paths to achieving our TSR objective.

我們處於有利地位，有多種途徑來實現我們的 TSR 目標。

Our reinsurance segment continues to perform strongly and market conditions remain attractive.

我們的再保險部門持續表現強勁，市場狀況仍然有吸引力。

And as I just stated, we're on our way to improving our insurance combined ratio.

正如我剛才所說，我們正在努力提高保險綜合比率。

Moving on to investments, net investment income increased over $170 million year-over-year to $528 million for the quarter, driven primarily by higher assets under management, higher new money yields versus maturing assets and strong performance from alternative assets.

說到投資，本季淨投資收入年增超過 1.7 億美元，達到 5.28 億美元，主要是由於管理資產增加、新資金收益率相對於到期資產更高以及另類資產表現強勁。

Alternative assets generated $124 million of net investment income, an improvement from the prior year as equity markets have continued to accelerate.

隨著股市持續加速成長，另類資產產生了 1.24 億美元的淨投資收入，較前一年改善。

Overall, our book yield improved from 3.9% to 4.8% year-over-year and our reinvestment rate remains well north of 5%, which is in excess of maturing security yields.

整體而言，我們的帳面收益率較去年同期從 3.9% 提高至 4.8%，我們的再投資率仍遠高於 5%，超過了到期證券收益率。

We continue to have a short asset duration of approximately 3.4 years, given the attractive level of short rates.

鑑於短期利率具有吸引力，我們的短期資產期限仍約為 3.4 年。

The investment portfolio remains well positioned for the current environment and is built to generate strong returns on a consistent basis.

投資組合仍然適合當前環境，並旨在持續產生強勁回報。

For the second quarter of 2024, our operating income tax rate was 13%, modestly higher driven by the mix of jurisdictional profits in the quarter.

2024 年第二季度，我們的營業所得稅率為 13%，受本季司法管轄區利潤組合的推動，營業所得稅率略有上升。

Our capital strength gives us ample capacity for 2024 and positions us well for profitable organic growth and to opportunistically repurchase shares.

我們的資本實力為我們提供了 2024 年充足的產能，並使我們能夠實現盈利性有機增長並趁機回購股票。

We repurchased 174,000 shares in the quarter, amounting to $65 million or an average of $374.17 per share.

本季我們回購了 174,000 股股票，金額為 6,500 萬美元，平均每股價格為 374.17 美元。

Year-to-date, we've repurchased 264,000 shares, amounting to $100 million.

年初至今，我們已回購 264,000 股股票，金額達 1 億美元。

And we will continue to look opportunistically to repurchase shares in the back half of the year.

我們將繼續在下半年尋找機會回購股票。

Shareholder's equity ended the quarter at $14.2 billion or $15.1 billion, excluding net unrealized depreciation on available-for-sale fixed-income securities.

本季末股東權益為 142 億美元或 151 億美元，不包括可供出售固定收益證券的未實現淨折舊。

At the end-of-the quarter, net after-tax unrealized losses on available-for-sale fixed income portfolio equates to approximately $936 million, an increase of $60 million as compared to the end-of-the first-quarter, resulting from interest rate increases.

截至本季末，可供出售固定收益投資組合的稅後未實現淨虧損約為 9.36 億美元，較第一季末增加 6,000 萬美元，原因是利率增加。

Cash flow from operations was $1.3 billion during the quarter.

本季營運現金流為 13 億美元。

Book value per share ended the quarter at $327.68, an improvement of 8.9% from year-end 2023 when adjusted for dividends of $3.75 per share year-to-date.

本季末每股帳面價值為 327.68 美元，較 2023 年底成長 8.9%（根據年初至今每股 3.75 美元的股息進行調整）。

Book value per share, excluding net unrealized depreciation on available-for-sale fixed income securities stood at $349.30 versus $320.95 per share at year-end 2023, representing an increase of almost 8.8%.

每股帳面價值（不含可供出售固定收益證券的未實現淨折舊）為 349.30 美元，而 2023 年底每股帳面價值為 320.95 美元，成長近 8.8%。

Net debt leverage at quarter-end stood at 15.3%, modestly lower on a sequential and year-over-year basis.

季末淨債務槓桿率為 15.3%，季末和年比小幅下降。

In conclusion, Everest had an excellent first half of the year.

總而言之，珠穆朗瑪峰今年上半年表現出色。

We have substantial flexibility and the fundamentals of our globally diversified businesses remain strong.

我們擁有很大的靈活性，並且我們的全球多元化業務的基礎仍然強勁。

Our investment strategy is well positioned and our capital structure is very efficient, providing ample capacity to execute our strategic plan.

我們的投資策略定位良好，資本結構非常高效，為執行我們的策略計畫提供了充足的能力。

All of this positions us well to achieve our primary objective of consistently generating industry-leading financial returns.

所有這些都使我們能夠很好地實現我們的主要目標，即持續產生領先業界的財務回報。

And with that, I'll turn the call back over to Matt.

然後，我會將電話轉回給馬特。

Thanks, Mark.

謝謝，馬克。

Operator, we're now ready to open the line for questions.

接線員，我們現在可以開通提問線路了。

We do ask you please limit your questions to one question plus one follow-up and rejoin the queue if you have additional questions.

我們確實要求您將您的問題限制為一個問題加一個後續問題，如果您還有其他問題，請重新加入隊列。

(Operator Instructions)

（操作員說明）

Yaron Kinar, Jefferies.

亞倫·基納爾，傑弗里斯。

Thank you.

謝謝。

Good morning.

早安.

My first question goes to the pushback of the reported combined ratio target in insurance to 2025.

我的第一個問題是將報告的保險綜合比率目標推遲到 2025 年。

Is that mostly driven by the expense ratio?

這主要是由費用比率所驅動的嗎？

Or is the loss ratio also a bit more elevated than you expected it to be for the year?

或者今年的損失率是否也比您預期的要高一些？

Yes, Yaron, this is Jim Williamson.

是的，亞倫，我是吉姆威廉森。

Thanks for the question.

謝謝你的提問。

There are really two factors that we are focused on driving to get ourselves to the 90% to 92% performance level.

為了讓我們達到 90% 到 92% 的效能水平，我們確實專注於兩個因素。

The first is related to mix, and you heard Juan address that in his prepared remarks.

第一個與混音有關，你聽到胡安在他準備好的演講中談到了這個問題。

We are focused and need to continue to focus on balancing our portfolio and writing more short-tailed lines.

我們專注並且需要繼續專注於平衡我們的投資組合併編寫更多的短尾行。

We are making excellent progress.

我們正在取得巨大進展。

We grew our first-party business in insurance in the quarter by over 30%.

本季我們的第一方保險業務成長了 30% 以上。

We grew our specialty business by over 25%.

我們的專業業務成長了 25% 以上。

And third party, which is mostly liability was essentially flat.

而第三方責任（主要是責任）則基本持平。

So, we are moving the mix in the right direction.

因此，我們正在將組合朝著正確的方向發展。

We need to continue to do that.

我們需要繼續這樣做。

I would also add that our international business, which is growing very strongly contributes mightily to that portfolio shift.

我還想補充一點，我們的國際業務正在強勁成長，這對投資組合的轉變做出了巨大貢獻。

And then the second factor is related to scale.

第二個因素與規模有關。

So, it's growth in all the areas I just described and continuing to drive that as we go forward and we do see excellent opportunities to do that.

因此，我剛才描述的所有領域都在成長，並在我們前進的過程中繼續推動這一成長，我們確實看到了實現這一目標的絕佳機會。

And then allowing our international business to fully mature.

然後讓我們的國際業務完全成熟。

I mean we've opened a number of international offices.

我的意思是我們已經開設了許多國際辦事處。

In most cases, you need to front load investments in people and technology and process in each of those offices.

在大多數情況下，您需要在每個辦公室的人員、技術和流程方面進行前期投資。

They're now online.

他們現在在線。

They're producing premium.

他們正在生產優質產品。

And as the earned premium catches up, you'll see more scale relative to our expense base.

隨著賺取的保費趕上，您將看到相對於我們的支出基礎而言更大的規模。

So, I don't really think it's an issue of the expense base being too high.

所以，我真的不認為這是費用基數太高的問題。

We just needed to plant some seeds that we are now going to be reaping the fruit from.

我們只需要播下一些種子，我們現在就可以從中收穫果實。

So those are the factors that get us there.

這些就是我們實現這目標的因素。

Okay.

好的。

And so maybe if I try to translate that into expense ratio and loss ratio, it sounds like the mix issue would also drive the loss ratio down over time.

因此，如果我嘗試將其轉化為費用率和損失率，聽起來混合問題也會隨著時間的推移降低損失率。

But at the same time also maybe lower the expense ratio and then obviously the platform investments with slow revenues ramping up would be an expense ratio and back, right?

但同時也可能降低費用比率，然後顯然收入成長緩慢的平台投資將是費用比率並返回，對吧？

Yeah.

是的。

Yaron, you're exactly right in that.

亞倫，你說得完全正確。

The actions we're taking, they affect both of those dimensions simultaneously.

我們正在採取的行動會同時影響這兩個維度。

So as you're growing into short tail, you get a mix benefit on your loss ratio, even while we're holding prudent and continue to hold prudent loss picks in all our lines, but especially in casualty.

因此，當你成長為短尾時，即使我們在所有產品線（尤其是傷亡險）中保持謹慎態度並繼續保持審慎的損失選擇，你也會在損失率上獲得混合收益。

And then as the earned premium catches up, particularly in international, that scale benefit will drive down our expense ratio.

然後，隨著賺取的保費趕上，特別是在國際市場，規模效益將降低我們的費用比率。

So you get the benefit in both directions.

因此，您可以從兩個方向獲得好處。

Got it.

知道了。

And then my second question, obviously, there's been a lot of focus this last quarter on liability reserves for 2020 to '23's accident years as well.

然後是我的第二個問題，顯然，上個季度人們非常關注 2020 年至 23 年事故年的責任準備金。

And just given the reserve actions that you took at the end of last year, could you maybe give us an update on how you're looking at those reserves today, specifically liability reserves for 2020 to '23.

鑑於您在去年年底採取的準備金行動，您能否向我們介紹一下您今天如何看待這些準備金的最新情況，特別是 2020 年至 23 年的責任準備金。

Yeah, good morning, Yaron.

是的，早上好，亞龍。

It's Mark.

是馬克。

Sure.

當然。

So let me start with, look, we review our reserves quarterly and we do it on a comprehensive basis and that process hasn't changed.

首先，我們每季審查我們的儲備金，並且是在全面的基礎上進行的，而且這個過程沒有改變。

It's what we've done for numerous quarters in a row.

這就是我們連續多個季度所做的事情。

We've set prudent loss picks and particularly for casualty, we plan to hold those loss picks.

我們已經設定了謹慎的損失選擇，特別是對於傷亡，我們計劃保留這些損失選擇。

We've mentioned in previous quarters and we'll state it again today that we've got a broadly stable and elevated loss trend in US casualty and that's what we expect in this kind of heightened risk environment that we've seen for quite a few quarters led by social inflation.

我們在前幾個季度已經提到過，今天我們將再次聲明，美國傷亡人數的損失趨勢總體穩定且有所上升，這就是我們在這種高度風險環境中所期望的，這種環境已經持續了相當長的一段時間了。

We feel good about the loss trend that we're posting in our assumptions.

我們對我們在假設中發布的損失趨勢感到滿意。

It's a high single-digit for US casualty.

對於美國傷亡來說，這是一個很高的個位數。

But the real key is what we've emphasized previously, which is we've been able to build significant rate, limit reductions, underwriting actions.

但真正的關鍵是我們之前強調的，那就是我們已經能夠建立顯著的利率、限制削減和承保行動。

We've been able to diversify the book significantly since 2020 and it's matured into something that's much larger and diversified than pre-2020.

自 2020 年以來，我們已經使這本書顯著多樣化，並且它已經成熟為比 2020 年之前更大、更多樣化的書。

And we're also benefiting from the international expansion we're having on the primary side as it further diversifies long tail, short tail lines and the long tail international lines come with a different type of risk profile, which is, I would argue more favorable.

我們也受益於我們在主要方面的國際擴張，因為它進一步使長尾、短尾線路多樣化，而長尾國際線路具有不同類型的風險狀況，我認為更多有利。

So in terms of where we are today, our picks are holding.

因此，就我們今天的情況而言，我們的選擇是正確的。

We have various puts and takes for the first half of the year, but nothing material overall.

今年上半年我們有各種看跌期權，但整體而言沒有什麼實質內容。

So we're standing tight.

所以我們堅守陣地。

Thank you.

謝謝。

Gregory Peters, Raymond James.

格雷戈里彼得斯，雷蒙德詹姆斯。

Good morning, everyone.

大家早安。

So for my first question, you mentioned in the call, in your prepared remarks about shaping the portfolio and skewing it more towards shorter term or short-tailed businesses, including more cat property exposures.

因此，對於我的第一個問題，您在電話會議中提到，在您準備好的關於塑造投資組合並將其更多地偏向短期或短尾業務的評論中，包括更多的貓財產風險。

And so I guess what I'm curious is, how does that change the cat assumptions that you guys are thinking about as it relates both to the reinsurance and insurance segments?

所以我想我很好奇的是，這會如何改變你們正在考慮的與再保險和保險領域相關的貓假設？

Yeah.

是的。

Thanks, Greg.

謝謝，格雷格。

This is Juan.

這是胡安。

Good to hear from you.

很高興收到你的來信。

Look, I think there's a couple of things here that are important to keep in mind.

聽著，我認為這裡有幾件事需要牢記在心。

One is how nimble and opportunistic we can be as a culture and as a company, which we're very focused on always trying to identify the highest economic return opportunities.

一是作為一種文化和一家公司，我們可以變得多麼靈活和機會主義，我們非常注重這一點，並始終試圖找出最高經濟回報的機會。

And that's what you see us doing in both segments, both in reinsurance as well as primary insurance at this point in time.

這就是我們目前在再保險和初級保險這兩個領域所做的事情。

While there has been a moderation in pricing in property, property is still very adequate and we continue to be very much attracted to those lines of business and the expected returns in those lines of business continue to be quite strong for us.

儘管房地產定價有所放緩，但房地產仍然非常充足，我們仍然對這些業務線非常感興趣，並且這些業務線的預期回報對我們來說仍然相當強勁。

From a cat appetite standpoint, that really just is not having an impact as far as how we view our underwriting cat appetite and we continue to be in the box that we put out for you in our investor presentation really now going on for about three or four years.

從貓胃口的角度來看，這實際上並沒有對我們如何看待我們的承保貓胃口產生影響，我們仍然處於我們在投資者演示中為您提供的盒子裡，現在已經持續了大約三個或幾年四年。

So we feel quite good about where we are.

所以我們對自己所處的位置感覺很好。

But the bigger picture in all of this is really skewing the portfolio to where we see the biggest margin opportunities around the world.

但從更大的角度來看，這確實使投資組合偏向我們看到的全球最大利潤機會的地方。

But I'll ask Jim to maybe add a little bit of context as well.

但我也會請吉姆添加一些背景資訊。

Yeah, sure, Greg.

是的，當然，格雷格。

It's Jim Williamson.

我是吉姆威廉森。

So the one thing I would emphasize that Juan has already said because I do think it's very important is if you look at our risk metrics, we've talked about earnings and capital at risk, we are well within the stated Group appetite.

因此，我要強調的一件事是胡安已經說過的，因為我確實認為這非常重要，那就是如果你看看我們的風險指標，我們已經討論了收益和風險資本，我們完全符合集團規定的胃口。

And so that gives us the flexibility where we see great opportunities to deploy some more capacity.

因此，這為我們提供了靈活性，我們看到了部署更多容量的絕佳機會。

And you certainly saw us do that in the second quarter, driven mostly by reinsurance, but also by insurance.

您當然看到我們在第二季做到了這一點，主要是由再保險推動的，但也受到保險的推動。

The other thing that I think is a really telling item is the fact that our insurance division, while we have had such strong growth in first party lines, we haven't really had outsized cat losses even though there's been a lot of activity, certainly in the US and around the world.

我認為另一件真正有說服力的事情是，我們的保險部門雖然我們的第一方產品線增長如此強勁，但我們並沒有真正遭受過大的損失，儘管有很多活動，當然，在美國和世界各地。

And that's because we've been careful to grow our business, particularly in non-peak zones.

這是因為我們一直在謹慎地發展我們的業務，特別是在非高峰地區。

And we've also been very thoughtful about where we're participating in large programs, shared and layered programs about selecting our attachment points thoughtfully to get the best economics and it also keeps us away from a lot of the attritional cat activity we've seen.

我們也非常仔細地考慮了我們在哪裡參與大型計劃、共享和分層計劃，以深思熟慮地選擇我們的附著點以獲得最佳的經濟效益，這也讓我們遠離了許多我們已經經歷過的貓消耗活動。

So nothing in our growth trajectory that we see right now would change our assumptions around the cat load, for example, feeling very good about things.

因此，我們現在看到的成長軌跡中的任何內容都不會改變我們對貓負荷的假設，例如，對事物感覺非常好。

Fair enough.

很公平。

I'm going to pivot to the top-line results in the insurance segment for my second question.

對於我的第二個問題，我將轉向保險領域的頂線表現。

If I look at the year-over-year comparison on a net written basis, not a lot of growth as you continue to adjust the portfolio, you mentioned the Medical Stop Loss is one point.

如果我在淨書面基礎上查看同比比較，當您繼續調整投資組合時，增長並不會很大，您提到的醫療停損是一個點。

When you talked about the target combined ratio moving it to 2025, how should we think about consolidated top-line growth inside the insurance segment as you continue to reshape the portfolio trying to get your target combined ratio.

當您談到將目標綜合比率移至 2025 年時，當您繼續重塑投資組合以試圖實現目標綜合比率時，我們應該如何考慮保險領域內的綜合營收成長。

Yeah, Greg, it's Jim again.

是的，格雷格，又是吉姆。

Good question.

好問題。

So a couple of points.

所以有幾點。

One, where you started on net written premium, you'll see obviously, that's a different number than the growth rate you're seeing on gross written.

第一，當你從淨承保保費開始時，你會明顯地看到，這與你看到的總承保保費的增長率是不同的。

Really two factors there.

確實有兩個因素。

First is the geography of our gross written premium growth has changed as we've focused on reshaping the portfolio.

首先，隨著我們專注於重塑投資組合，我們的總保費成長的地域發生了變化。

And so we've been growing more top-line in lines of business with a lower net-to-gross retention.

因此，我們在業務領域的營收不斷成長，但淨保留率與總保留率卻較低。

So you will see for the next couple of quarters just a slight drag on net written premium as a result of that.

因此，您將看到在接下來的幾個季度中，淨保費將受到輕微拖累。

And then lastly, there was just a change related to our hedging strategy in some of our short tail lines in North-America that creates a little bit of a drag on net written premium as well.

最後，我們在北美的一些短尾線發生了與對沖策略相關的變化，這也對淨承保保費造成了一點拖累。

So we'll work through that on a year-over-year basis over the next couple of quarters and then it won't be a factor as we go forward.

因此，我們將在接下來的幾季逐年解決這個問題，然後它就不會成為我們前進的一個因素。

In terms of you know, growing from there and driving the scale that we'll need to get to the 90 to 92 combined ratio and all the other things we talked about, it's really continuing the things that we said.

就你所知，從那裡開始成長並推動我們需要達到 90 比 92 的綜合比率以及我們談論的所有其他事情所需的規模，這實際上是在延續我們所說的事情。

So in this quarter, again first party up over 30, specialty over 25, now that's offset by the fact that third-party lines, despite all the rate we're taking were essentially flat.

因此，在本季度，第一方再次超過 30 個，專業超過 25 個，現在被第三方產品線這一事實所抵消，儘管我們採取的所有費率基本持平。

But the growth in those shorter tail lines, the expansion of our international business is really picking up speed.

但隨著這些較短尾線的成長，我們國際業務的擴張確實正在加速。

It's becoming a larger part of our overall business across all those dimensions.

它正在成為我們所有這些方面整體業務的重要組成部分。

And so I think it will overcome this cautious approach we have on casualty as we move forward, which is why although we were not at the level of performance that we want to see yet, we remain very confident that we'll get there because all the levers that we need to pull are right in front of us.

因此，我認為，隨著我們的前進，它將克服我們對傷亡採取的謹慎態度，這就是為什麼儘管我們尚未達到我們希望看到的表現水平，但我們仍然非常有信心我們會實現這一目標，因為所有我們需要拉動的槓桿就在我們面前。

Got it.

知道了。

Thanks for the detail.

謝謝你的詳細資料。

Elyse Greenspan, Wells Fargo.

伊麗絲‧格林斯潘，富國銀行。

Hi, thanks.

你好，謝謝。

Good morning.

早安.

My first question is on the insurance 90% to 92% target.

我的第一個問題是關於保險90%至92%的目標。

So you guys said 93% to 94% this year and then going within that range next year.

所以你們說今年是 93% 到 94%，然後明年就在這個範圍內。

Is that something that we should think about?

這是我們該思考的事情嗎？

You'll be within the 90% to 92% in the first quarter of '25 or is it something that you'll build to throughout the year?

您將在 25 年第一季達到 90% 到 92% 的目標，還是您將全年努力實現這一目標？

Good morning, Elyse.

早安，愛麗絲。

It's Mark.

是馬克。

So yeah, I expect this to be 93% to 94% for the remainder of the next two quarters, largely driven by the two features that we've discussed.

所以，是的，我預計在接下來的兩個季度的剩餘時間內，這一比例將達到 93% 到 94%，這主要是由我們討論的兩個功能推動的。

So one, you've got an elevated expense ratio as we're ramping up and then this mix of business earned premium dynamic will likely persist for a few more quarters.

因此，隨著我們的擴張，費用率會上升，然後這種業務組合賺取溢價的動態可能會持續幾個季度。

I do see us getting into that 90% to 92% range in the back-half of 2025.

我確實認為我們會在 2025 年下半年進入 90% 到 92% 的範圍。

So it will be a gradual transition over the coming quarters.

因此，這將是未來幾季的逐步過渡。

Thanks.

謝謝。

And then my second question is also keeping on the insurance business.

我的第二個問題也是繼續經營保險業務。

You guys said that rate was 10% ex-workers comp and financial lines.

你們說稅率是 10% 的前工人補償和財務額度。

So what loss costs would compare to that 10?

那麼與這 10 個相比，損失成本是多少呢？

And then can you also provide the all-in rate that you're seeing across the insurance book, including workers comp and financial lines?

然後您還可以提供您在保險簿中看到的總費率，包括工人補償和財務額度嗎？

Yeah.

是的。

Elyse, this is Juan.

愛麗絲，這是胡安。

So the loss trend that we're seeing is roughly high single-digits.

因此，我們看到的損失趨勢大致為高個位數。

So the 10% obviously compares well to that.

所以 10% 顯然與此比較。

And remember what we said about the long-tail lines about commercial auto liability, general liability in excess that are running into the mid-to-high teens up and that's been accelerating.

請記住我們所說的關於商業汽車責任的長尾線，一般超額責任已經達到中高十幾歲，而且還在加速。

So we feel pretty good about where we are as far as being rate ahead of loss trend and all of that.

因此，就領先於損失趨勢等方面而言，我們對自己所處的位置感到非常滿意。

If you include sort of where we are, including workers compensation, it's roughly pretty stable to what we've seen over the last three or four quarters, which is right around 6% or 7%, including workers compensation.

如果你把我們的情況包括在內，包括工人薪酬，那麼與我們在過去三四個季度看到的情況大致相當穩定，大約是 6% 或 7%，包括工人薪酬。

And then what about if you also include financial lines?

那如果你還包括財務線呢？

That's all included.

這一切都包括在內。

So if we include everything together, it's about 6% to 7%.

因此，如果我們將所有內容加在一起，大約為 6% 到 7%。

Thank you.

謝謝。

Sure.

當然。

Michael Zaremski, BMO.

邁克爾·扎雷姆斯基 (Michael Zaremski)，BMO。

Hi, it's actually Dan on for Mike.

嗨，實際上是丹為麥克代言。

Thanks.

謝謝。

Good morning.

早安.

First one, just a follow-up on the insurance combined ratio target.

第一個，只是保險綜合比率目標的後續行動。

Your answer on the mix of business being one of that imply that your views on the loss ratios worsened versus last quarter since the business mix has been changing or is it a more prudent view on the casualty loss ratio, which would make sense given casualty inflation levels or is it that the mix maybe hasn't shifted as much as you expected?

您對業務組合的回答是其中之一，這意味著您對損失率的看法與上季度相比有所惡化，因為業務組合一直在變化，或者您對傷亡損失率的看法更加謹慎，考慮到傷亡人數通貨膨脹，這是有道理的水平還是混合可能沒有像您預期的那樣變化？

Thanks.

謝謝。

Yes, Dan, it's Jim Williamson.

是的，丹，我是吉姆‧威廉森。

So it really comes down to the speed at which that mix is adjusting because we have sustained very prudent loss picks.

因此，這實際上取決於該組合調整的速度，因為我們一直保持非常謹慎的損失選擇。

On the casualty lines, our view on that hasn't changed and we really haven't had anything that's affected the short-tail loss picks either.

在傷亡方面，我們對此的看法沒有改變，我們也確實沒有任何影響短尾損失選擇的因素。

So it's all about mix.

所以這都是關於混合的。

While we have had terrific results in the mix shift and the growth in the short tail and specialty lines that I described, we had hoped to be a little further along.

雖然我們在混合轉變以及我所描述的短尾和特種產品線的成長方面取得了出色的成果，但我們原本希望能走得更遠。

A couple of things are going on under the covers, mainly it took us a little longer-than-expected to get some of our international offices approved for operation.

一些事情正在幕後發生，主要是我們的一些國際辦事處獲得營運批准的時間比預期要長一些。

Those are now all up and running and we'll see the benefits of that over the back half.

這些現在都已啟動並運行，我們將在後半段看到其帶來的好處。

And then I would just say generally, as we've started this mix shift, you see it in the written premium first and when I'm citing like a 30%-plus first-party growth rate that's on a gross written premium basis.

然後我只是一般性地說，當我們開始這種混合轉變時，你首先會在保費中看到它，當我引用基於毛保費的基礎上的 30% 以上的第一方增長率時。

Now that the net written premium is catching up, that will begin to have that gearing effect on our ratios as we move forward and that's again, both a loss ratio and then with the scale comes a better expense ratio.

現在，淨承保保費正在迎頭趕上，隨著我們的前進，這將開始對我們的比率產生槓桿效應，這又是一個損失率，然後隨著規模的擴大，費用率也隨之提高。

And the other thing.

還有另一件事。

I would add, and this is Juan, it's really going back to Yaron's question and what I said in my prepared remarks that the international business is growing quite well and it's grown with very attractive loss ratios, right?

我想補充一點，這是胡安，這實際上回到了亞龍的問題以及我在準備好的發言中所說的，即國際業務增長得相當好，並且以非常有吸引力的損失率增長，對吧？

This is something that we've talked about in prior calls.

這是我們在之前的電話中討論過的事情。

Those loss ratios are well in the 50s.

這些損失率在 50 多歲左右。

And so as that business continues to be a bigger portion of the overall insurance business you should get a positive mix benefit happening there.

因此，隨著該業務繼續在整個保險業務中佔據更大的比例，您應該會在那裡獲得積極的組合效益。

Great, thanks.

太好了，謝謝。

And then maybe just following up on the international growth and Everest strategy growing internationally.

然後也許只是跟進國際成長和珠穆朗瑪峰戰略在國際上的發展。

Just wondering about what kind of the social inflation level you're seeing internationally and how that's impacting your loss assumptions and growth appetite maybe in certain geographies?

只是想知道您在國際上看到的社會通膨水準如何，以及這對某些地區的損失假設和成長偏好有何影響？

Yeah.

是的。

It's a great question.

這是一個很好的問題。

Frankly, it's one of the reasons why we strategically decided to do this now a few years ago.

坦白說，這就是我們幾年前策略性決定這樣做的原因之一。

Look, social inflation is largely a US phenomenon because of the tort system and the way our legal system works in the United States.

看，社會通貨膨脹很大程度上是美國的現象，因為美國的侵權制度和法律制度的運作方式。

Outside of the US, there's very few jurisdictions that have anywhere near the same level of inflation, legal system and abuse that you have in the United States of America.

在美國以外，很少有司法管轄區的通貨膨脹、法律制度和濫用程度與美國接近。

So from that perspective, growing overseas is one of the reasons why it produces a lower loss ratio overall.

因此從這個角度來看，海外成長是整體虧損率較低的原因之一。

In addition to that is most of these markets tend to be more first-party oriented towards property, marine, those kinds of lines, which carry better loss ratios to begin with.

除此之外，這些市場中的大多數往往更偏向房地產、海運等類型的線路，這些線路一開始就具有更好的損失率。

So I would highlight that listen, outside of the US, you know, there's very few jurisdictions that have similar issues and frankly, nowhere even close to what you see in the United States from a legal system abuse perspective.

因此，我要強調的是，在美國以外，很少有司法管轄區存在類似問題，坦白說，從濫用法律制度的角度來看，與美國的情況相差甚遠。

Awesome.

驚人的。

Thank you.

謝謝。

Thank you.

謝謝。

Brian Meredith, UBS.

布萊恩·梅雷迪思，瑞銀集團。

Yeah, thanks.

是的，謝謝。

Two of them here for you.

其中兩個在這裡為您服務。

First one, more of a numbers question on the 93% to 94% in insurance for the remainder of the year.

第一個，更多的是關於今年剩餘時間保險費率從 93% 到 94% 的問題。

I'm assuming and maybe I'm wrong here that you would have a higher cat load in the third quarter than the fourth quarter.

我假設，也許我錯了，第三季的貓負荷會比第四季更高。

So is that kind of an average you're thinking over the remainder of the year or am I wrong there?

那麼，這是你在今年剩餘時間考慮的平均值嗎？

Brian, it's Mark.

布萊恩，是馬克。

You'd be right, but cat is a much smaller proportion of the primary segment than of the reinsurance segment.

你是對的，但巨災在主要細分市場中所佔的比例比在再保險細分市場中所佔的比例要小得多。

And we've done a pretty nice job, I think, of managing cat risk in general.

我認為，我們在管理貓風險方面做得相當不錯。

So that is included in our run rate 93% to 94% figure.

因此，這已包含在我們的運行率 93% 至 94% 的數字中。

Got you.

明白你了。

That makes sense.

這是有道理的。

Thank you.

謝謝。

And then second question one, I'm just curious, Jim, the expansion internationally, obviously, you've got a little bit of expense coming through.

然後是第二個問題，吉姆，我只是很好奇，國際擴張，顯然，你需要承擔一些費用。

But I guess, is there any contemplation of adverse selection as you kind of move into these newer markets that a lot of them are kind of entrenched with legacy carriers have been there for a long time.

但我想，當你進入這些新市場時，是否會考慮逆向選擇，因為其中許多市場都被傳統業者已經存在很久了。

Maybe tell me about how you're going to kind of approaching this and kind of getting into these new markets?

也許告訴我你將如何處理這個問題並進入這些新市場？

Yeah.

是的。

No, that's a great question, Brian.

不，這是一個很好的問題，布萊恩。

Look, really what we're after is upper middle market and large account business where there's significant competitive gaps among the other players in that space.

看，我們真正追求的是中高端市場和大客戶業務，該領域的其他參與者之間存在顯著的競爭差距。

So remember, we're not playing in small commercial or consumer lines in any of these markets where you would have the more local or regional companies that are entrenched in this.

因此請記住，我們不會在這些市場中的任何一個小型商業或消費領域開展業務，在這些市場中，會有更多的本地或區域公司紮根於此。

We are dealing with risks that have sophisticated risk managers, sophisticated risk needs, et cetera.

我們正在處理的風險具有複雜的風險管理者、複雜的風險需求等等。

And frankly, a lot of the competition is not focused on the space right now.

坦白說，目前很多競爭並不集中在空間上。

So for us, it's really about a competitive advantage that is based on service, it's based on risk expertise, things like loss control, loss engineering, claims, et cetera.

因此，對我們來說，這實際上是基於服務、風險專業知識、損失控制、損失工程、索賠等的競爭優勢。

So it's a very different risk mindset than you would run into in a sort of typical small commercial middle market type environment.

因此，這是一種與您在典型的小型商業中間市場類型環境中遇到的非常不同的風險心態。

It's really a segment where the risk manager really values the underwriting acumen and the expertise of our team essentially.

這確實是風險經理真正重視我們團隊的核保智慧和專業知識的領域。

Yeah.

是的。

Brian.

布萊恩.

Thank you.

謝謝。

Yeah.

是的。

Sorry, I just wanted to add just two quick things to Jim Williamson, two quick things that I think are also very important there.

抱歉，我只想為吉姆威廉森添加兩件事，我認為這兩件事也非常重要。

The first is we have been able to attract really the best people in each of the markets that we've chosen to launch our operations in, which I think gives us a line of sight into risk quality locally that you can't get if you try to run these businesses with expats.

首先，我們已經能夠在我們選擇開展業務的每個市場中真正吸引到最優秀的人才，我認為這使我們能夠了解當地的風險質量，而如果您嘗試與外國人一起經營這些企業。

And then I would also say that we monitor the results of that business very closely.

然後我還要說，我們非常密切地監控該業務的結果。

And as we said, it skews much shorter tail.

正如我們所說，它使尾巴傾斜得更短。

So we're getting a quick read, an early read on performance of that business and all results so far indicate that we have excellent performance in our risk selection.

因此，我們正在快速閱讀、早期閱讀該業務的業績，迄今為止的所有結果都表明我們在風險選擇方面表現出色。

Great.

偉大的。

Thank you.

謝謝。

Dean Criscitiello, KBW.

迪恩·克里西蒂洛 (Dean Criscitiello)，KBW。

Hi.

你好。

I wanted to dig a bit into the attritional loss ratio within insurance.

我想深入研究一下保險領域的自然損耗率。

Of that 70 basis points of year-over-year improvement, is there any way to sort of quantify like the positive mix shift benefits there?

在這 70 個基點的同比改善中，是否有任何方法可以像積極的組合轉變收益那樣進行量化？

And also was wondering if that loss pick assumes higher casualty loss trends.

我還想知道這個損失選擇是否假設了更高的傷亡損失趨勢。

So good morning, Dean.

早上好，迪恩。

It's Mark.

是馬克。

So we've had a couple of things.

所以我們有一些事情。

First of all, we set prudent loss picks across the Board.

首先，我們全面設定審慎的損失選擇。

So whether it's property or casualty taking into account market conditions at the beginning of the year from last year's planning cycle and then thoroughly reviewed every quarter, there is a shift in mix generally.

因此，無論是財產還是傷亡，從去年的規劃週期考慮年初的市場狀況，然後每季進行徹底審查，整體上會出現組合的轉變。

So broadly speaking, you heard us talk about a significant growth in property.

從廣義上講，您聽到我們談論房地產的顯著增長。

I think the figures were roughly 31%, specialty line growth north of 20% and then more modest movement on the US casualty side in particular.

我認為這一數字約為 31%，專業醫療保險成長超過 20%，尤其是美國傷亡險方面的變化則較為溫和。

So what you're seeing in general is, I think the figures are roughly 62% long-tail line composition of our premium mix in Q4 of last year, diminishing to something closer to 55%, 56% at this point.

所以你所看到的總體情況是，我認為去年第四季我們的優質產品組合中長尾產品線的比例約為 62%，目前已減少至接近 55%、56%。

So, you've got a swing in the mix from longer tail to shorter tail.

因此，您可以從較長的尾巴到較短的尾巴進行混合。

And in conjunction with that, you've got an increase in premium composition coming from the international markets relative to what we're doing in North America.

同時，相對於我們在北美所做的事情，來自國際市場的優質成分有所增加。

So, that's going to swing some of those, that's going to swing the overall attritional loss ratio mechanically.

因此，這將改變其中的一些，這將機械地改變整體的損耗率。

I think most of the swing year-over-year will be a function of mix and a lesser function of the loss pick selection.

我認為同比的大部分波動將是組合的函數，而損失選秀權選擇的較小函數。

Thank you with that.

謝謝你。

I wanted to next shift to the casualty reinsurance.

我想下一步轉向傷亡再保險。

I was just curious about how the market conditions, competition, rate dynamics are different between the pro rata book and the excess of loss book.

我只是好奇按比例帳簿和超額損失帳簿之間的市場狀況、競爭、利率動態有何不同。

Yeah, sure.

是的，當然。

Dean, it's Jim Williamson.

迪恩，我是吉姆威廉森。

I mean, those are in many ways very, very different businesses, even though they're both casualty.

我的意思是，這些業務在許多方面都是非常非常不同的業務，儘管它們都是偶然的。

What we've seen in casualty pro rata is just an abundance of capacity in the market.

我們所看到的傷亡人數比例只是市場上容量充裕。

It's been more competitive than we think frankly it makes sense, and one of the key dynamics that we think needs to play out is a reduction in ceding commissions on that line.

坦白說，它的競爭比我們想像的更有意義，我們認為需要發揮作用的關鍵動力之一是減少該線路上的放棄佣金。

There has been some progress, but it's been in the neighborhood of about a point on average as we've moved through our renewals.

已經取得了一些進展，但隨著我們進行續訂，平均進展約為一個點。

We think more is needed and that's one of the reasons in addition just to some caution around the heightened risk environment that we've shed over $300 million in casualty pro rata renewals this year.

我們認為還需要採取更多措施，這也是我們今年在傷亡按比例續約方面支出超過 3 億美元的原因之一，此外，我們也對風險加劇的環境保持謹慎。

And so that it's a pretty competitive market and we pick our spots carefully.

因此，這是一個競爭相當激烈的市場，我們會仔細選擇我們的位置。

We think the book performs well, but we are cautious.

我們認為這本書表現不錯，但我們持謹慎態度。

Casualty XOL is a very different market.

傷亡 XOL 是一個非常不同的市場。

It's a quite a small portion of our portfolio.

這只是我們投資組合的一小部分。

While we've seen growth at times.

雖然我們有時會看到成長。

In the quarter, we were actually down slightly.

在本季度，我們實際上略有下降。

The issue that we have there is not so much related to commission levels.

我們遇到的問題與佣金水準沒有太大關係。

It's really just making sure that our cedents are carefully managing social inflation.

這其實只是確保我們的分出者仔細管理社會通貨膨脹。

That is a line where we've seen some of that activity.

我們在這條線上看到了一些活動。

And that's why we keep it as a relatively small share of our business.

這就是為什麼我們將其保留在我們業務中相對較小的份額。

Thank you.

謝謝。

Peter Kennison, Evercore ISI.

彼得‧肯尼森，Evercore ISI。

Hi, good morning.

嗨，早安。

So I'm curious on the Prop Cat Re growth number.

所以我對 Prop Cat Re 的成長數字很好奇。

I know last quarter that 4% growth had some impact by the recognition timing of Florida from 2Q '23.

我知道上個季度 4% 的成長受到佛羅裡達州從 2023 年第二季開始的認可時間的影響。

And I think ex that it was really up 24% on a clean basis.

我認為，在乾淨的基礎上，它確實上漲了 24%。

I'm wondering, is that '25 reported number a clean number or is there any sort of timing impact in this quarter as well that you could help me remove, if possible?

我想知道，'25 報告的數字是乾淨的數字嗎？

So Peter, it's Mark here.

彼得，這是馬克。

So in terms of the reinsurance Property Cat XOL growth, we've got 30% growth year-over-year on a quarterly basis, so Q2 this year versus Q2 last year.

因此，就再保險 Property Cat XOL 的成長而言，我們的季度年增率為 30%，因此今年第二季與去年第二季相比。

We talked about the dynamics last quarter about the methodology of booking it on a quarterly basis versus the almost what I would call a cash basis, which was really the deposit premiums on Q1 and Q3.

我們討論了上個季度的動態，即按季度預訂的方法與幾乎我所說的現金基礎，這實際上是第一季度和第三季度的存款溢價。

And so that's been working its way through the system.

所以這一直在整個系統中發揮作用。

The way I would look at it is if you take a look at the four quarters trailing, you're right in the 20% range or slightly above.

我的看法是，如果你看一下後面的四個季度，你就處於 20% 的範圍內或略高一些。

So, this will normalize out by the end-of-the year, this accounting phenomenon.

因此，到今年年底，這種會計現象將會正常化。

So that's really 30% year-over-year on the quarter and a north of 20% run rate on a rolling 12 month basis?

那麼，這個季度的年成長率真的是 30%，而 12 個月滾動運行率則超過 20% 嗎？

Yeah.

是的。

Okay, great.

好的，太好了。

Thank you.

謝謝。

And just following up on that growth.

並且只是跟進這種增長。

You know, a pretty solid result amidst a time where we've maybe seen some others pull back a little bit.

你知道，在我們可能看到其他一些人有所退縮的時期，這是一個相當可靠的結果。

And so I guess I'm just wondering if you could maybe talk more about what Everest is seeing there that might be different or what Everest is doing differently that's allowing you guys to really lean in right now.

所以我想我只是想知道你是否可以更多地談論珠穆朗瑪峰在那裡看到的可能不同的東西，或者珠穆朗瑪峰正在做的不同的事情，這讓你們現在能夠真正投入。

Sure, Peter.

當然，彼得。

This is Jim Williamson.

這是吉姆威廉森。

We have enjoyed a really terrific set of circumstances and opportunities in Property Cat.

我們在Property Cat 享受到了非常好的環境和機會。

And I would really point to a couple of things.

我真的想指出幾件事。

First, we've really achieved a lead market position in this generational hard market and it began really at the end of 2022 where you had a dislocated property cat market post Hurricane Ian.

首先，我們確實在這一代硬市場中取得了領先的市場地位，這實際上是從 2022 年底開始的，伊恩颶風過後，房地產市場出現了混亂。

There was a lot of uncertainty in the market and frankly, a lot of bad behavior on the part of a number of reinsurers in terms of how they were treating their customers.

市場存在著許多不確定性，坦白說，一些再保險公司在對待客戶方面存在著許多不良行為。

I think Everest got high marks for being constructive, for being willing to create price discovery and for putting capacity to work.

我認為珠穆朗瑪峰因建設性、願意創造價格發現以及發揮能力而獲得高分。

And the benefit of that and the reputational impact of that, I think will be very long-lived.

我認為它的好處和聲譽影響將是非常長久的。

And because we've been so consistent since that point in terms of how we manage our customers, getting out early ahead of renewals, you know, feeding capacity where it makes sense into their programs, taking up shortfalls, et cetera, we now are really in that lead market position.

因為從那時起我們在如何管理客戶方面一直保持一致，在續約之前儘早退出，在對他們的計劃有意義的地方提供容量，彌補短缺等等，我們現在真正處於領先的市場地位。

And what that brings to us is the opportunity to be the first carrier they call when they're looking to fill out new capacity and there's been a lot of new capacity buying.

這給我們帶來的是，當他們尋求填補新運力並且有大量新運力購買時，我們有機會成為他們呼叫的第一家運營商。

So that's been a boon to us.

所以這對我們來說是一個福音。

In many instances, we're able to achieve non-concurrent terms because our customers want us on their programs and that can benefit us in terms of pricing, in terms of terms and conditions.

在許多情況下，我們能夠實現非並發條款，因為我們的客戶希望我們參與他們的計劃，這可以使我們在定價、條款和條件方面受益。

On the pro rata side, it can benefit us in ceding commissions.

從比例來看，我們可以透過放棄佣金而受益。

So you reap all kinds of benefits and that's been a very attractive part of this.

所以你可以獲得各種各樣的好處，這是其中非常有吸引力的一部分。

And then I would just say it's also yielded benefits outside of property cat.

然後我想說，它也帶來了地產貓以外的好處。

So we get a first look at new programs or attractive non-cat lines of business that we want to write.

因此，我們首先了解我們想要編寫的新程式或有吸引力的非貓業務線。

So those are the things that I think are driving differentiated results for us.

我認為這些都是為我們帶來差異化結果的因素。

Now what we see in the market, whether it was the 6/1 renewal or 7/1 or frankly our expectations for January 1, 2025, is that the expected economics of these deals remain excellent.

現在我們在市場上看到的，無論是 6/1 續約還是 7/1，或者坦白說我們對 2025 年 1 月 1 日的預期，這些交易的預期經濟效益仍然出色。

So as we model these transactions, expected return on our capital is just exceptional and we're continuing to lean into that.

因此，當我們對這些交易進行建模時，我們的資本預期回報率非常高，我們將繼續致力於這一點。

Our terms and conditions, which improved strongly at January 1, '23, have stayed strong.

我們的條款和條件自 2023 年 1 月 1 日起大幅改善，至今仍保持強勁。

There's been no giveback that we've seen, no material give back in terms and conditions, which is significant.

我們沒有看到任何回饋，沒有任何條款和條件方面的實質回饋，這一點很重要。

And then lastly, attachment points are not moving.

最後，附著點沒有移動。

And we like that because it takes us out of this attritional cat losses, if you will.

我們喜歡這樣，因為如果你願意的話，它可以讓我們擺脫貓的消耗。

So really it's our execution plus a market opportunity that remains excellent that allows us to drive the results you're seeing.

因此，實際上，正是我們的執行力加上仍然出色的市場機會，使我們能夠推動您所看到的結果。

Thank you.

謝謝。

Charlie Lederer, Citigroup.

查理·萊德勒，花旗集團。

Hi, thank you.

你好，謝謝。

I think you mentioned shedding some casualty programs business in your remarks.

我認為您在講話中提到了放棄一些傷亡計劃業務。

Juan, I guess, was that a new termination or was it related to some of the issues from last year?

胡安，我想，這是一個新的終止還是與去年的一些問題有關？

And can you help us better understand what you're shedding?

您能幫助我們更了解您正在脫落的東西嗎？

Yeah, sure.

是的，當然。

So I mentioned two things.

所以我提到了兩件事。

So I mentioned that in the reinsurance segment, we have shed about $300 million of casualty pro-rata renewals so far in the first six months of the year.

所以我提到，在再保險領域，今年前六個月到目前為止，我們已經按比例削減了約 3 億美元的傷亡續約。

And I think Jim did a nice job expanding on that a few minutes ago.

我認為吉姆幾分鐘前在這方面做得很好。

Those were basically a pro-rata deals that we didn't like the economics.

這些基本上是按比例的交易，我們不喜歡這種經濟性。

We're being cautious in casualty, as I stated, and so we moved on, but you still saw the growth of the book in general.

正如我所說，我們對傷亡持謹慎態度，因此我們繼續前進，但總體而言，您仍然看到了這本書的增長。

And even in the casualty line, you saw growth.

即使在傷亡人數方面，你也看到了成長。

But as I said in my remarks, it was all rate-driven as opposed to exposure driven.

但正如我在發言中所說，這都是利率驅動的，而不是風險敞口驅動的。

So, I think that's the first part of that.

所以，我認為這是第一部分。

And then on the insurance side of things, it's a similar story, right, where we are being cautious.

然後在保險方面，這是一個類似的故事，對吧，我們對此持謹慎態度。

And I said that we had rate in excess-of-loss trend for the long-tail lines in excess of mid-to-high teens which is excellent.

我說過，我們的長尾線的超額損失趨勢率超過中高青少年，這是非常好的。

But you also saw the top-line for the casualty lines be slightly down.

但您也看到傷亡人數的頂線略有下降。

And so that gives you a little bit of a sense of the discipline where we're looking at certain classes, jurisdictions, lines of business very carefully.

因此，這讓您對我們正在非常仔細地研究某些類別、司法管轄區和業務範圍的紀律有一點了解。

And frankly, we're choosing to grow in areas where there's better margins, more certain margins, which are certainly the specialty lines and the short-tailed property lines right now.

坦白說，我們選擇在利潤率更高、利潤率更確定的領域進行成長，這些領域目前肯定是專業產品線和短尾房地產產品線。

Got it.

知道了。

Thanks.

謝謝。

And I don't think you touched on this, but sorry if you did.

我認為你沒有提到這一點，但如果你這樣做了，我很抱歉。

So beyond the three geographies you detailed for new entrants or new entries internationally, are there other major markets that you're looking to enter and scale near-term in insurance?

那麼，除了您為新進業者或國際新進業者詳細介紹的三個地區之外，您是否還希望在保險領域近期進入並擴大規模的其他主要市場？

We have one more that we have on tap before the end-of-the year and that's basically Italy in Europe.

年底前我們還有一個可用的項目，基本上就是歐洲的義大利。

And I think at that point, we'll pause for a period of time and really starting to dig deeper into each of the geographies that we've already opened.

我認為到那時，我們將暫停一段時間，真正開始深入挖掘我們已經開放的每個地區。

Thank you.

謝謝。

Sure.

當然。

Thank you.

謝謝。

And this concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference over to Juan Andrade for any closing comments.

我想將會議轉交給胡安·安德拉德（Juan Andrade）徵求結束意見。

Great.

偉大的。

Thank you.

謝謝。

Thank you all for the questions and the excellent discussion today.

感謝大家今天提出的問題和精彩的討論。

I look forward to meeting again and discussing our third quarter results.

我期待再次見面並討論我們的第三季業績。

Thank you for your support of Everest.

感謝您對珠穆朗瑪峰的支持。

Thank you.

謝謝。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect your lines.

現在您可以斷開線路。