Equitable Holdings Inc (EQH) 2025 Q1 法說會逐字稿

Hello, and welcome to the Equitable Holdings first-quarter earnings call. (Operator Instructions) I would now like to turn the conference over to Erik Bass, Head of Investor Relations. You may begin.

您好，歡迎參加 Equitable Holdings 第一季財報電話會議。（操作員指示）現在，我想將會議交給投資者關係主管 Erik Bass。你可以開始了。

Thank you. Good morning, and welcome to Equitable Holdings, first-quarter 2025 earnings call. Materials for today's call can be found on our website at ir.equitableholdings.com. Before we begin, I would like to note that some of the information we present today is forward-looking and subject to certain SEC rules and regulations regarding disclosure.

謝謝。早安，歡迎參加 Equitable Holdings 2025 年第一季財報電話會議。今天電話會議的資料可以在我們的網站 ir.equitableholdings.com 上找到。在我們開始之前，我想指出，我們今天提供的一些資訊是前瞻性的，並受美國證券交易委員會關於披露的某些規則和規定的約束。

Our results may differ materially from those expressed in or indicated by such forward-looking statements. Please refer to the Safe Harbor language on slide 2 of our presentation for additional information.

我們的結果可能與此類前瞻性陳述所表達或顯示的結果有重大差異。請參閱我們簡報第 2 張投影片上的安全港語言以取得更多資訊。

Joining me on today's call are Mark Pearson, President and Chief Executive Officer of Equitable Holdings; Robin Raju, our Chief Financial Officer; Nick Lane, President of Equitable Financial; Tom Simioni, AllianceBernstein's Chief Financial Officer; and Onur Erzon, Head of AllianceBernstein's Global Client Group and Private Wealth Business.

參加今天電話會議的還有 Equitable Holdings 總裁兼執行長 Mark Pearson；我們的財務長 Robin Raju； Equitable Financial 總裁 Nick Lane；聯博財務長 Tom Simioni；以及聯博全球客戶群和私人財富業務主管 Onur Erzon。

During this call, we will be discussing certain financial measures that are not based on generally accepted accounting principles, also known as non-GAAP measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures and related definitions may be found on the Investor Relations portion of our website and in our earnings release, slide presentation, and financial supplement. I will now turn the call over to Mark.

在本次電話會議中，我們將討論某些非基於公認會計原則的財務指標，也稱為非 GAAP 指標。這些非 GAAP 指標與最直接可比較的 GAAP 指標及相關定義的對帳可以在我們網站的投資者關係部分以及我們的收益報告、幻燈片演示和財務補充中找到。現在我將電話轉給馬克。

Good morning, and thank you for joining today's call. Given recent volatile markets, we recognize the first quarter may seem like a distant memory. Therefore, in addition to reviewing our results, we will also take a step back to focus on the powerful underlying growth drivers for our business and why investors should be confident in Equitable's ability to navigate periods of volatility and create long-term shareholder value.

早安，感謝您參加今天的電話會議。鑑於近期市場的動盪，我們認識到第一季可能看起來已成為遙遠的記憶。因此，除了回顧我們的業績之外，我們還將退一步關注我們業務強大的潛在成長動力，以及為什麼投資者應該對 Equitable 應對波動時期和創造長期股東價值的能力充滿信心。

Since our IPO in 2018, we have executed through periods of economic and market disruption, maintaining positive net flows and consistent capital return to shareholders even during the depths of the pandemic and the market sell-off in 2022.

自 2018 年首次公開募股以來，我們經歷了經濟和市場動盪時期，即使在 2022 年疫情最嚴重和市場拋售期間，也保持了正淨流量和持續的股東資本回報。

Equitable is operating from a position of strength given our robust balance sheet, integrated business model and differentiated distribution. Periods of uncertainty only heightened the need for retirement and investment advice. And I'm confident that if we stay connected to our clients and focus on controlling what we can control, we will deliver value for all our stakeholders.

憑藉強勁的資產負債表、一體化的業務模式和差異化的分銷，Equitable 的營運處於優勢地位。不確定時期只會增加退休和投資建議的需求。我相信，如果我們與客戶保持聯繫並專注於控制我們能夠控制的事情，我們將為所有利害關係人創造價值。

Turning to slide 3. Let me briefly cover our first-quarter results. Non-GAAP operating earnings were $421 million, or $1.30 per share, down 7% year over year on a per share basis. Adjusting for notable items, non-GAAP operating EPS was $1.35, which is down 3% compared to the prior year. As Robin will discuss in more detail later, we experienced a very high level of large individual life mortality claims this quarter, and our Protection Solutions segment reported a loss of $17 million.

翻到幻燈片 3。讓我簡要介紹一下我們的第一季業績。非公認會計準則營業收益為 4.21 億美元，即每股 1.30 美元，年減 7%。調整顯著項目後，非 GAAP 營業每股收益為 1.35 美元，較前一年下降 3%。正如羅賓稍後將詳細討論的那樣，本季度我們經歷了非常高水平的個人壽險死亡索賠，我們的保護解決方案部門報告了 1700 萬美元的損失。

While disappointed with the result this quarter underscores why we made the decision to reinsure 75% of our individual life block to RGA. This transaction is on track to close mid-year and will significantly reduce our exposure to mortality volatility moving forward.

雖然對本季的結果感到失望，但這凸顯了我們為何決定將 75% 的個人人壽保險再保險給 RGA。該交易預計將於年中完成，並將大幅降低我們未來面臨的死亡率波動風險。

Results for our retirement and wealth management businesses reflect some seasonality in revenues and expenses but had solid underlying growth momentum. AB operating earnings rose 19% year over year, driven by higher average AUM and improved margins.

我們的退休和財富管理業務的表現反映出收入和支出的一些季節性，但具有穩健的潛在成長勢頭。受平均 AUM 增加和利潤率提高的推動，AB 營業收入較去年同期成長 19%。

Our retirement businesses produced $1.6 billion of net inflows in the first quarter, driven by momentum in our (inaudible) franchise and expansion of our institutional offering. We also had $2 billion of advisory net inflows in our wealth management business. Adviser productivity is up 8%, and the business has a 12% organic growth rate on a trailing 12-month basis.

受我們（聽不清楚）特許經營權的成長勢頭和機構產品擴張的推動，我們的退休業務在第一季度產生了 16 億美元的淨流入。我們的財富管理業務也獲得了 20 億美元的諮詢淨流入。顧問的生產力提高了 8%，並且該業務在過去 12 個月內實現了 12% 的自然成長率。

Finally, AB delivered positive net flows across each of its three distribution channels and had total active net inflows of $2.7 billion. We are particularly excited about the momentum in its private markets business, where AUM is up 20% year over year to $75 billion, and the pipeline remains strong. While the market volatility and tax payments have pressured April flows, AB is well positioned given its global investment platform, diversified asset mix and unique distribution platforms.

最後，AB 在其三個分銷管道中均實現了正淨流量，總活躍淨流入量為 27 億美元。我們對其私募市場業務的發展勢頭感到特別興奮，其資產管理規模年增 20%，達到 750 億美元，而且通路依然強勁。儘管市場波動和納稅給 4 月的資金流帶來了壓力，但 AB 憑藉其全球投資平台、多元化資產組合和獨特的分銷平台，佔據了有利地位。

Moving to capital. We returned $335 million to shareholders in the first quarter, which represents an 80% payout ratio. In April, we also purchased $760 million of AB Holding units through a tender offer, increasing our ownership in AllianceBernstien team to 69%.

移居首都。我們在第一季向股東返還了 3.35 億美元，相當於 80% 的派息率。今年4月，我們也透過要約收購了價值7.6億美元的AB Holding股份，使我們在AllianceBernstien團隊的持股比例增至69%。

There are significant flywheel benefits between Equitable and AB, and we are excited to be able to capture more of these economics for our shareholders. We expect to close the RGA reinsurance transaction in the middle of the year, which will free over $2 billion of capital and enhance our focus on retirement, asset management and wealth management.

Equitable 和 AB 之間存在顯著的飛輪效益，我們很高興能夠為股東獲得更多這樣的經濟效益。我們預計今年年中完成 RGA 再保險交易，這將釋放超過 20 億美元的資本，並加強我們對退休、資產管理和財富管理的關注。

We also plan to execute $500 million of incremental share repurchases post close. Robin will discuss potential uses of the remaining capital later, and we'll be in the fortunate position of having significant excess capital.

我們也計劃在交易完成後執行 5 億美元的增量股票回購。羅賓稍後將討論剩餘資本的潛在用途，我們將有幸擁有大量剩餘資本。

Clearly, the market environment has changed meaningfully over the past month, but Equitable is well positioned to navigate a period of macro volatility. It starts with having a strong balance sheet. Our year-end combined NAIC RBC ratio was approximately 425%.

顯然，市場環境在過去一個月發生了重大變化，但 Equitable 已做好充分準備來應對宏觀波動時期。首先要擁有強勁的資產負債表。我們年末的綜合 NAIC RBC 比率約為 425%。

And we have $1.1 billion of holding company liquidity after purchasing the AB units and tendering for some of our outstanding Series B preferred securities in April. This is before factoring in the $2 billion benefit from the reinsurance transaction.

在 4 月購買 AB 單位並投標部分未償還的 B 系列優先證券後，我們擁有 11 億美元的控股公司流動資金。這還沒有計入再保險交易帶來的 20 億美元收益。

We fully hedged the equity market and interest rate exposure underlying the product guarantees we offer protecting our capital position. Therefore, market declines only impact our income statement and not our balance sheet.

我們完全對沖了所提供的產品擔保所隱含的股票市場和利率風險，以保護我們的資本狀況。因此，市場下滑只會影響我們的損益表，而不會影響我們的資產負債表。

We also benefit from getting over 50% of our cash flow from noninsurance businesses, which enables us to consistently return capital to shareholders, even during periods of stress like we're experiencing now. I'm confident that Equitable has the right strategy and approach to emerge from this period even stronger than it is today.

我們也受益於來自非保險業務的 50% 以上的現金流，這使我們能夠持續向股東返還資本，即使在我們現在經歷的壓力時期也是如此。我相信 Equitable 擁有正確的策略和方法，能夠走出這段時期，變得比現在更強大。

One of the reasons I'm confident is because of the durable growth drivers underlying the markets where we have chosen to play, which we highlight on slide 4. If anything, periods of market volatility, increase the need for and highlight the value of the advice we provide and the retirement and investment solutions we offer.

我充滿信心的原因之一是，我們選擇進入的市場具有持久的成長動力，這一點我們在第 4 張投影片中進行了重點介紹。無論如何，市場波動時期會增加我們提供的建議以及退休和投資解決方案的需求並凸顯其價值。

There were 4 million Americans turning 65 each year, and over $600 billion of assets coming out of 401k plans annually. These retirees need help figuring out how to ensure they will have enough assets and income to support them for the rest of their lives.

每年有 400 萬美國人年滿 65 歲，每年有超過 6,000 億美元的資產來自 401k 計畫。這些退休人員需要幫助，以確保他們有足夠的資產和收入來維持他們的餘生。

The life insurance industry is uniquely suited to provide protected equity solutions like wireless or guaranteed income. The last month provides a reminder that markets can go down underscoring the value that our offering provides to policyholders. We have generated positive net flows in our retirement businesses every year that we've been a public company highlighting the strong secular demand drivers and appeal of our all-weather product portfolio.

人壽保險業特別適合提供無線或有保障的收入等受保護的股權解決方案。上個月的情況提醒我們，市場可能會下跌，這凸顯了我們為保單持有人提供的價值。作為一家上市公司，我們每年的退休業務都產生了正淨流量，凸顯了強勁的長期需求驅動力和全天候產品組合的吸引力。

Another key reason that we have been successful in growing our retirement franchise is the unique distribution we have through Equitable advisers. 65% of Americans are looking for investment advice and adviser-mediated assets have grown twice as fast as overall US financial assets.

我們成功擴大退休特許經營權的另一個關鍵原因是我們透過 Equitable 顧問進行的獨特分銷。 65% 的美國人正在尋求投資建議，顧問介導的資產成長速度是美國整體金融資產的兩倍。

These trends are driving growth in our wealth management business, which has a 12% organic growth rate for advisory assets over the past year. We're also attracting new advisers and helping them grow their practices with productivity up 8% year over year.

這些趨勢推動了我們財富管理業務的成長，過去一年我們的諮詢資產有機成長率達到了 12%。我們也吸引了新的顧問並幫助他們拓展業務，生產力年增 8%。

The final component of our flywheel is asset management, which is critical to enabling us to deliver value to our clients. Because AB is able to produce strong investment returns, we can offer attractive annuity and protection solutions, driving sales and positive net flows.

我們飛輪的最後一個組成部分是資產管理，這對於我們向客戶提供價值至關重要。由於 AB 能夠產生強勁的投資回報，我們可以提供有吸引力的年金和保護解決方案，從而推動銷售和正淨流量。

These flows that enable AB to invest in new capabilities such as expanding its private markets offering, creating value for itself and equitable. AB has been able to consistently generate positive active net flows and is well positioned to be a winner in two of the fastest-growing segments in the market, private credit and insurance asset management. We firmly believe that combining insurance and asset management provides competitive advantages for both firms, and we were excited to recently increase our ownership in AB to 69%.

這些流動使 AB 能夠投資於新的能力，例如擴大其私人市場產品、為自己創造價值和公平。AB 一直能夠持續產生積極的主動淨流量，並且在私人信貸和保險資產管理這兩個市場成長最快的領域中佔據有利地位。我們堅信，保險和資產管理的結合能為兩家公司帶來競爭優勢，我們很高興最近將我們在 AB 的持股比例提高到 69%。

Turning to slide 5. I want to spend a math reviewing Equitable's strong track record of managing through volatile markets since our IPO. It all starts with having a robust balance sheet. As a reminder, Equitable takes a market-neutral approach to hedging, which means that we fully hedge the equity market and interest rate exposure underlying our product guarantees. Therefore, our capital position is relatively insensitive to market movements, which you have seen in our stable RBC ratio over time.

翻到幻燈片 5。我想花點時間回顧 Equitable 自首次公開發行以來在動盪市場中管理的良好記錄。一切都始於擁有穩健的資產負債表。提醒一下，Equitable 採取市場中性對沖方法，這意味著我們完全對沖我們產品擔保背後的股票市場和利率風險。因此，我們的資本狀況對市場波動相對不敏感，這一點您可以從我們長期穩定的 RBC 比率中看到。

We also set prudent assumptions for policyholder behavior and insurance risk factors which have been validated by the positive ceding commissions we have received when executing third-party reinsurance transactions.

我們也對保單持有人的行為和保險風險因素設定了審慎的假設，這些假設已透過我們在執行第三方再保險交易時收到的正向分保佣金得到驗證。

Equitable entered this period of volatility from a position of strength with a 425% combined NAIC RBC ratio and $1.1 billion of holding company liquidity after the AB and preferred tenders. We are on track to close the life reinsurance transaction in the middle of the year, which will free over $2 billion of capital and provide significant resources that can be used to take advantages of opportunities in the market, including additional share buybacks. We plan to bring a sizable dividend to the holding company post close and still expect our RBC ratio to increase by 75 to 100 points.

在 AB 和優先股招標之後，Equitable 憑藉 425% 的綜合 NAIC RBC 比率和 11 億美元的控股公司流動性，以強勢地位進入了這一波動期。我們預計在年中完成人壽再保險交易，這將釋放超過 20 億美元的資本，並提供大量資源，可用於利用市場機會，包括額外的股票回購。我們計劃在控股公司收盤後為其提供可觀的股息，並且仍預計我們的 RBC 比率將增加 75 至 100 點。

Equitable also benefits from generating predictable cash flow with about 50% of cash coming from our asset and wealth management businesses. This has enabled us to consistently return capital to shareholders, maintaining our buybacks even during the peak of the pandemic.

Equitable 也受益於可預測的現金流，其中約 50% 的現金來自我們的資產和財富管理業務。這使我們能夠持續向股東返還資本，即使在疫情高峰期也能維持回購。

Leaning into share repurchases during periods of market declines helps offset the impact of lower fee income on EPS and creates value for our shareholders. Putting it all together, I feel confident that Equitable is well positioned to manage this period of volatility and uncertainty, and we'll also be ready to play offense, if opportunities emerge.

在市場低迷時期傾向於回購股票有助於抵消較低的費用收入對每股盈餘的影響並為我們的股東創造價值。綜合起來，我相信 Equitable 已經做好了應對這段動盪和不確定時期的準備，而且，如果機會出現，我們也將做好進攻的準備。

I'll now turn it over to Robin to discuss our financial results in more detail.

現在我將把話題交給羅賓，讓他更詳細地討論我們的財務表現。

Thanks, Mark. Turning to slide 6. I will highlight our first quarter results. On a consolidated basis, non-GAAP operating earnings were $421 million or $1.30 per share. The only notable item in the quarter was below plan alternative investment income which reduced earnings by $13 million after tax.

謝謝，馬克。翻到幻燈片 6。我將重點介紹我們第一季的業績。以合併基礎計算，非 GAAP 營業利潤為 4.21 億美元，即每股 1.30 美元。本季唯一值得注意的項目是低於計劃的另類投資收入，這導致稅後收益減少了 1,300 萬美元。

Adjusting for this, non-GAAP earnings per share was $1.35 per share. As Mark mentioned, our results this quarter were impacted by elevated mortality claims in our individual life insurance block, which reduced earnings per share by about $0.20 relative to our normal expectations. If mortality had been in line with budget, earnings per share, excluding notable items, would have increased 12% year over year.

經此調整後，非 GAAP 每股收益為 1.35 美元。正如馬克所提到的，本季我們的業績受到個人人壽保險板塊死亡率索賠增加的影響，這使得每股收益相對於我們的正常預期減少了約 0.20 美元。如果死亡率與預算相符，扣除重大項目後的每股盈餘將年增 12%。

GAAP net income was $63 million in the quarter. This is lower than our non-GAAP operating earnings due to noneconomic hedging impacts, which are offset in OCI. Total assets under management and administration rose 3% year over year to $1 trillion. But they declined on a sequential basis as a result of weaker equity markets in the first quarter.

本季 GAAP 淨收入為 6,300 萬美元。由於非經濟對沖的影響，這低於我們的非 GAAP 營業收入，但在 OCI 中被抵消。管理和行政管理的總資產年增 3%，達到 1 兆美元。但由於第一季股市疲軟，其環比成長下降。

Our reported book value per share ex AOCI was $27.62 in the quarter. As a reminder, GAAP accounting requires us to carry AB at book value, which we believe materially understates shareholders' equity at the EQH level and inflates our leverage ratio.

本季度我們報告的每股帳面價值（不包括 AOCI）為 27.62 美元。提醒一下，GAAP 會計要求我們按帳面價值計入 AB，我們認為這大大低估了 EQH 水平的股東權益並誇大了我們的槓桿率。

We added new disclosure this quarter to highlight book value per share, including our ownership in AB market value. The adjusted book value per share was $39.96 as of March 31, and our leverage ratio would have been nearly 7 points lower. This difference will become more notable moving forward, given our increased ownership in AB.

我們在本季增加了新的揭露內容，以突顯每股帳面價值，包括我們在 AB 市場價值中的所有權。截至 3 月 31 日，調整後的每股帳面價值為 39.96 美元，我們的槓桿率將降低近 7 個百分點。隨著我們對 AB 的所有權不斷增加，這種差異在未來將變得更加明顯。

I'll provide some further details on our segment level earnings drivers on slide 7. Mortality claims in our individual life insurance block came in approximately $80 million above our expectations on a pretax basis. Our block is concentrated in higher face value policies and has limited reinsurance coverage. And this quarter, we experienced an abnormally high number of large claims. While hard to be definitive, we believe a harsh flu season with a contributing factor.

我將在第 7 張投影片上提供有關我們各部門獲利驅動因素的更多詳細資訊。我們個人人壽保險板塊的死亡索賠金額在稅前基礎上比我們的預期高出約 8000 萬美元。我們的業務集中於面額較高的保單，再保險保障範圍有限。本季度，我們遭遇的大額索賠數量異常高。雖然很難確定，但我們相信，嚴重的流感季節肯定存在某種因素。

The CDC has classified this as the first high severity flu season since 2017, 2018, and cumulative hospitalization rate is the highest observed since 2011.

美國疾病管制與預防中心已將此列為2017年、2018年以來第一個高嚴重程度的流感季節，累計住院率是2011年以來最高的。

The poor experience this quarter and recent volatility in our individual life earnings underscores why we made this strategic decision to reinsure 75% of our life block to RGA. This transaction, which is on track to close midyear, will significantly reduce our mortality exposure and enhance our focus on our core growth engines. I also want to spend a minute discussing our individual retirement earnings, which declined year-over-year despite strong net flows.

本季的糟糕經歷以及近期個人壽險收益的波動凸顯了我們做出這項策略決策的原因，即將 75% 的壽險份額轉交給 RGA。該交易預計將於年中完成，將大幅降低我們的死亡率風險，並增強我們對核心成長引擎的關注。我還想花一點時間討論我們的個人退休收入，儘管淨流量強勁，但收入卻比去年同期下降。

Results were pressured by a few items. The first is expenses, which reflect higher seasonal compensation costs for benefits, payroll taxes and long-term incentive payouts due to 2024 bonus payments. In addition, the growth in commission payouts reflects strong sales volume, particularly in Equitable advisers, where not all payouts can be capitalized in DAC. We expect compensation expense to normalize in the second quarter, but commissions will depend on sales levels and the mix by channel.

結果受到一些因素的影響。首先是費用，這反映了由於 2024 年獎金支付而導致的福利、工資稅和長期激勵支出的季節性薪資成本增加。此外，佣金支出的成長反映了強勁的銷售量，尤其是在 Equitable 顧問公司，並非所有支出都可以在 DAC 中資本化。我們預計薪酬支出將在第二季恢復正常，但佣金將取決於銷售水準和通路組合。

Turning to revenues. We continue to see steady growth in spread earnings or NIM driven by positive RILA net flows. However, fee income was negatively affected by a decline in average separate account assets and fewer fee days in the first quarter. Given the equity market decline we've seen so far in April, this will likely remain a near-term headwind, offsetting growth in NIM. Keep in mind that our traditional VA block has a higher return on assets than our RILA block to a reduced fee income will also pressure the segment's return on assets.

談到收入。我們持續看到利差收益或 NIM 在正 RILA 淨流量的推動下穩定成長。然而，第一季平均獨立帳戶資產下降和收費天數減少對費用收入產生了負面影響。鑑於我們在 4 月迄今看到的股市下跌，這可能仍將是短期內的阻力，抵消 NIM 的成長。請記住，我們的傳統 VA 區塊的資產回報率高於我們的 RILA 區塊，因此費用收入的減少也會對該部門的資產回報率造成壓力。

Overall, our Individual Retirement business produces a high return on capital and consistent cash flows. While the benefit of our strong organic growth takes some time to emerge in results, we expect steady growth in earnings over time.

整體而言，我們的個人退休業務產生了高資本回報率和穩定的現金流。雖然我們強勁的有機成長帶來的好處需要一段時間才能在業績中顯現出來，但我們預計隨著時間的推移，收益將穩步增長。

First-quarter results for group retirement and wealth management businesses were in line with our expectations, which included some anticipated revenue and expense seasonality. Both businesses had positive organic growth with $192 million of group inflows and $2 billion of wealth management advisory net flows. Adviser productivity improved 8%, which is a good leading indicator of future growth.

團體退休和財富管理業務第一季的業績符合我們的預期，其中包括一些預期的收入和支出季節性。兩項業務均實現了正向有機成長，集團流入資金為 1.92 億美元，財富管理諮詢淨流入資金為 20 億美元。顧問的生產力提高了 8%，這是未來成長的良好領先指標。

AB had a strong quarter with positive net flows across each of its distribution channels, a relatively stable base fee rate and good expense control. The business had an adjusted margin of 33.7% for the quarter, up 340 basis points from the first-quarter '24.

AB 本季表現強勁，各通路淨流量均為正，基本費率相對穩定，費用控制良好。該業務本季的調整後利潤率為 33.7%，較 2024 年第一季上升 340 個基點。

While the market decline in April could pressure near-term flows and margins, AB has a diversified asset mix and a differentiated distribution, including its private wealth business, leadership position in Asia and its partnership with Equitable, all position it well for long-term success.

雖然 4 月的市場下滑可能會對短期流量和利潤率造成壓力，但 AB 擁有多元化的資產組合和差異化的分銷，包括其私人財富業務、在亞洲的領導地位以及與 Equitable 的合作夥伴關係，所有這些都為其長期成功奠定了良好的基礎。

Finally, our alternative investments portfolio had a 6% annualized return in the first quarter, consistent with our guidance. Current market volatility makes projecting future returns difficult, but we expect them to remain below our 8% to 12% long-term target in the second quarter. We will provide a more specific update later in the quarter when we had better visibility.

最後，我們的另類投資組合在第一季實現了 6% 的年化報酬率，與我們的預期一致。目前的市場波動使得預測未來回報變得困難，但我們預計第二季的回報仍將低於我們 8% 至 12% 的長期目標。當我們有更好的了解時，我們將在本季度晚些時候提供更具體的更新。

Turning to slide 8. We will highlight Equitable's capital management program. During the quarter, we returned $335 million to shareholders, including $261 million of share repurchases, which translates to an 80% payout ratio.

翻到幻燈片 8。我們將重點放在 Equitable 的資本管理計劃。本季度，我們向股東返還了 3.35 億美元，其中包括 2.61 億美元的股票回購，相當於 80% 的股息率。

This is above our 60% to 70% guidance range, primarily due to lower earnings as a result of unfavorable mortality. Over the past year, we have reduced our share count by approximately 7%, helping to drive growth in earnings per share.

這高於我們的 60% 至 70% 的指導範圍，主要是由於死亡率較低導致收入下降。在過去的一年裡，我們減少了股票數量約7%，以幫助推動每股盈餘的成長。

We also plan to increase our quarterly cash dividend on common shares by 13% to $0.27 in May, pending Board approval. We ended the quarter with $2.2 billion of cash and liquid assets at Holdings, up from $1.8 billion at the end of the fourth quarter.

我們也計劃在董事會批准後，於 5 月將普通股季度現金股利提高 13% 至 0.27 美元。本季末，控股公司現金和流動資產為 22 億美元，高於第四季末的 18 億美元。

During the first quarter, we received about $200 million of cash flows from subsidiaries and issued $500 million of new hybrid securities in March. In April, we invested $760 million to increase our ownership in AB and used $283 million of the hybrid proceeds to tender for some of our existing Series B preferred equity. As a result, we currently have $1.1 billion of cash at the holding company, comfortably above our $500 million target.

第一季度，我們從子公司獲得了約 2 億美元的現金流，並在 3 月發行了 5 億美元的新混合證券。今年 4 月，我們投資了 7.6 億美元來增加我們在 AB 的所有權，並使用 2.83 億美元的混合收益來投標我們現有的部分 B 系列優先股。因此，我們目前在控股公司擁有 11 億美元現金，遠高於我們 5 億美元的目標。

On slide 9, we highlight our macro sensitivities, both from an earnings and balance sheet standpoint. The earnings sensitivities are consistent with what we've highlighted previously, even as we've grown our business. Every 10% change in equity markets has about $150 million of annual impact on after-tax earnings.

在第 9 張投影片中，我們從收益和資產負債表的角度強調了我們的宏觀敏感度。儘管我們的業務已經成長，但獲利敏感度仍然與我們先前強調的一致。股票市場每發生 10% 的變化，每年都會對稅後收益產生約 1.5 億美元的影響。

Turning to interest rates. A 50 basis point change in long-term rates has about a $40 million to $45 million impact on our annual earnings. We have a relatively limited sensitivity to changes in short-term rates as we have a similar exposure to floating rate assets and liabilities. The primary impact is on our cash sweep revenue in our wealth management business, where 100 basis points change in the Fed funds rate equates to about a 70 basis points change in our sweep yield.

談到利率。長期利率每變動 50 個基點，就會對我們的年收益產生約 4,000 萬至 4,500 萬美元的影響。由於我們對浮動利率資產和負債的風險敞口相似，因此我們對短期利率變化的敏感度相對有限。主要影響是我們財富管理業務中的現金清掃收入，其中聯邦基金利率 100 個基點的變化相當於我們的現金清掃收益率發生約 70 個基點的變化。

Cash sweeps only drive about 20% of wealth management earnings and less than 2% of total company earnings, so this is very manageable. Keep in mind that these sensitivities are prior to any management actions such as expense controls. We still have about $50 million of our targeted $150 million in annual expense saves that will earn in by 2027, and Equitable has demonstrated a strong expense discipline in prior periods of market volatility.

現金流僅佔財富管理收益的 20% 左右，占公司總收益的不到 2%，因此這是非常容易管理的。請記住，這些敏感度優先於任何管理措施，例如費用控制。我們每年節省的 1.5 億美元開支目標中仍有大約 5,000 萬美元將在 2027 年實現，而且 Equitable 在先前的市場波動時期已經表現出了強大的開支紀律。

Turning to the balance sheet. As Mark discussed, we fully hedge the equity market and interest rate exposure associated with our product guarantees. Therefore, our capital position has little sensitivity to markets.

轉向資產負債表。正如馬克所討論的，我們完全對沖與我們的產品擔保相關的股票市場和利率風險。因此，我們的資本狀況對市場較不敏感。

The primary risk that we take is credit exposure through our general account investment portfolio. We have updated our credit stress test for the portfolio as of year-end 2024, and the result is illustrated on the right-hand side of the slide.

我們承擔的主要風險是透過我們的一般帳戶投資組合所承擔的信用風險。我們已更新截至 2024 年底的投資組合信用壓力測試，結果顯示在投影片的右側。

For fixed maturity securities, distress is calibrated to the global financial crisis-like scenarios. We also assume a minus 40% equity market decline, which negatively affects the value of our private equity and other alternative investments.

對於固定期限證券，困境是根據類似全球金融危機的情境進行校準的。我們也假設股票市場下跌 40%，這將對我們的私募股權和其他另類投資的價值產生負面影響。

The impact of such a severe stress would be a 50-point reduction in our RBC ratio. Currently, this would take us from about 425% down to 375%. We expect the life reinsurance transaction to increase our RBC ratio by 75 to 100 points after paying an extraordinary dividend to the holding company, which will provide significant additional capital cushion if needed.

如此嚴重的壓力將導致我們的紅血球比率下降 50 個百分點。目前，這將使我們的比例從約 425% 降至 375%。我們預計，在向控股公司支付特別股息後，人壽再保險交易將使我們的 RBC 比率提高 75 至 100 點，這將在需要時提供大量額外的資本緩衝。

Our insurance subsidiaries only produce about 50% of our holding company cash flows, so we would still generate meaningful cash even if we needed to reduce our insurance dividend for a period. Therefore, we feel confident that we are well positioned to withstand even a severe credit downturn. Putting it all together, we feel we are well positioned to navigate a period of macro volatility, and have expense levers in place if markets remain challenging.

我們的保險子公司僅產生約 50% 的控股公司現金流，因此即使我們需要在一段時間內減少保險股息，我們仍會產生可觀的現金。因此，我們有信心，我們有能力抵禦即使是嚴重的信貸衰退。綜合考慮所有這些因素，我們認為我們已做好準備，可以度過一段宏觀波動時期，並且如果市場仍然充滿挑戰，我們也可以採取費用槓桿。

Finally, on slide 10, we lay out the time line and key milestones for our life reinsurance transaction. To reiterate, the transaction is on track to close in mid-2025 and will free up over $2 billion of capital. We plan to deploy these proceeds in a prudent and timely manner. And as I mentioned earlier, we used approximately $760 million of HoldCo liquidity to acquire $19.7 million of AB Holding units increasing our ownership in AllianceBernstien from 62% to 69%.

最後，在第 10 張投影片上，我們列出了人壽再保險交易的時間表和關鍵里程碑。需要重申的是，該交易預計將在 2025 年中期完成，並將釋放超過 20 億美元的資本。我們計劃以審慎、及時的方式部署這些收益。正如我之前提到的，我們利用約 7.6 億美元的 HoldCo 流動資金收購了價值 1,970 萬美元的 AB Holding 股份，使我們在 AllianceBernstien 的持股比例從 62% 增至 69%。

Post close, we expect to bring an extraordinary dividend to the holding company and we remain committed to executing $500 million of incremental EQH share repurchases on top of our 60% to 70% payout ratio. This leaves nearly $1 billion of remaining resources.

交易完成後，我們預計將為控股公司帶來一筆巨額股息，並且我們仍致力於在 60% 至 70% 的派息率基礎上執行 5 億美元的增量 EQH 股票回購。剩餘資源將近10億美元。

Given the pullback in our share price, additional share buybacks beyond the $500 million are certainly something we'll look at, and this would likely need to be accompanied by some debt repayment to manage our leverage ratios.

鑑於我們股價的回落，我們肯定會考慮超過 5 億美元的額外股票回購，而且這可能需要伴隨一些債務償還，以管理我們的槓桿率。

We will also be watching the broader market environment. This transaction provides a lot of financial flexibility, which is a significant positive in periods of uncertainty. Therefore, it makes sense to exercise some patience but we remain committed to making the reinsurance transaction accretive to both earnings and cash flow per share.

我們也將關注更廣泛的市場環境。這筆交易提供了很大的財務靈活性，這在不確定時期是一個重大的積極因素。因此，保持耐心是有意義的，但我們仍致力於使再保險交易增加每股收益和現金流。

Now, let me turn the call back over to Mark. Mark?

現在，讓我把電話轉回給馬克。標記？

Thanks, Robin. While we're living in the period of heightened macro uncertainty, I remain very optimistic about the long-term growth prospects for Equitable, given favorable demographic trends and the durable need for the advice retirement and investment solutions we offer our clients.

謝謝，羅賓。雖然我們正處於宏觀不確定性加劇的時期，但考慮到有利的人口趨勢以及我們為客戶提供的退休建議和投資解決方案的持久需求，我仍然對 Equitable 的長期成長前景非常樂觀。

Equitable has a robust balance sheet, predictable cash flows and an all-weather product portfolio. As a result, the company has a strong track record of executing through volatile markets and creating value for our shareholders. Our financial position will only be enhanced by our individual life reinsurance transaction which gives us the ability to play offense if opportunities arise.

Equitable 擁有強勁的資產負債表、可預測的現金流量和全天候產品組合。因此，該公司在動盪的市場中表現優異，並為股東創造價值。我們的財務狀況只會透過個人壽再保險交易得到改善，這讓我們能夠在機會出現時採取進攻行動。

We'll now open the call to take your questions.

我們現在開始回答大家的提問。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Suneet Kamath, Jefferies.

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

A great thanks. First for Robin, on the $2 billion of proceeds, can you size the extraordinary dividend that you plan to take up to the holding company?

非常感謝。首先，對於羅賓，對於 20 億美元的收益，您能否估算一下計劃分配給控股公司的特別股息是多少？

Good morning. So as we -- as you mentioned, we expect a $2 billion benefit or capital release from the life insurance company post the transaction with RGA and that hasn't changed. To date, as you know, we redeployed about $750 million with investment in AB. That brings our ownership to 69%. That leaves us about $1.5 billion left from the transaction.

早安.因此，正如您所提到的，我們預計人壽保險公司在與 RGA 交易後將獲得 20 億美元的收益或資本釋放，這一點沒有變化。如您所知，到目前為止，我們已向 AB 投資了約 7.5 億美元。這樣我們的所有權就達到 69%了。這使得這筆交易還剩下約 15 億美元。

We remain committed to deploying the $500 million on top of the $750 million that we invested already, and that leaves us about $1 billion of proceeds, which we'd expect to take at an extraordinary dividend later in this year.

我們仍致力於在已投資的 7.5 億美元的基礎上再投入 5 億美元，這將為我們帶來約 10 億美元的收益，我們預計將在今年稍後以特別股息的形式提取這筆收益。

So assuming that we achieve our 1.6 to 1.7 guidance, that's what we're still working towards. And then we have $1 billion of extraordinary dividend that we're looking to take as well on top of that.

因此，假設我們實現 1.6 到 1.7 的指導目標，這就是我們仍在努力的目標。此外，我們還有 10 億美元的特別股息，我們也希望在此基礎上獲得。

Now given the pullback, we've been getting a lot of questions on the use of it. Now given the pullback of our share price since in the month of April. That certainly buybacks would be certainly something that we'll look at, but we need to accompany that with debt repayment given the leverage ratio. But we're also going to be watched but the broader market environment, as I mentioned on the call. The transaction gives us tons of financial flexibility resources deploy.

現在考慮到撤退，我們已經收到了很多關於其使用的問題。現在考慮到我們的股價自四月以來的回落。我們肯定會考慮回購，但考慮到槓桿率，我們需要同時償還債務。但正如我在電話中提到的那樣，我們也將關注更廣泛的市場環境。此次交易為我們提供了大量的財務靈活性資源部署。

And given the volatility, we're not in a -- it's not a bad position to sit on a bunch of cash right now as we wait the transaction to close as well.

考慮到波動性，我們現在持有大量現金並等待交易結束並不是一個糟糕的處境。

Okay. And then I guess for Mark or maybe Nick, you made the point in your prepared remarks about this is a perfect environment to highlight the benefit of RILAs and some of the other products that you offer. I guess the question is, are you seeing that in April?

好的。然後我想對於馬克或尼克來說，你們在準備好的演講中指出，這是一個完美的環境，可以突出 RILA 和你們提供的一些其他產品的好處。我想問題是，你在四月看到了嗎？

In other words, a lot of times, people make that comment, but market volatility sometimes often freezes the market. But are you seeing incremental demand for your product given what's going on in the market?

換句話說，很多時候，人們會發表這樣的評論，但市場波動有時往往會讓市場停滯。但考慮到目前的市場狀況，您是否看到對您的產品的需求增加？

Yes. This is Nick. We're seeing robust sales in April. To reiterate Mark's comments, look, we see continued demand driven both by the demographic trends and this heightened period of volatility. Research shows that 70% of people out there are concerned about the impact of volatility on their retirement assets. And given our distribution and product portfolio, we're well positioned to meet that need.

是的。這是尼克。我們看到四月份的銷售情況十分強勁。重申馬克的評論，我們看到持續的需求受到人口趨勢和這一波動加劇時期的推動。研究表明，70% 的人擔心波動性對其退休資產的影響。鑑於我們的分銷和產品組合，我們完全有能力滿足這一需求。

Suneet, the product range we have is something that really is an advantage to us. We talk about the all-weather portfolio. If somebody is wanting to secure income for the long term, we have solutions for that. And the RILA product, of course, is the way somebody can protect capital on the downside, but participate in any market recovery. So the product range itself helps. But yes, to your question, April was a good month for us, as Nick said.

Suneet，我們的產品系列確實對我們來說是一個優勢。我們討論全天候投資組合。如果有人想獲得長期收入，我們有解決方案。當然，RILA 產品是一種可以在市場下跌時保護資本，但又能參與市場復甦的方式。因此產品系列本身是有幫助的。但是，正如尼克所說，對於你的問題來說，四月對我們來說是個好月份。

Ryan Krueger, KBW.

瑞安·克魯格（Ryan Krueger），KBW。

Thanks. Good morning. First question was just on the seasonally elevated expenses as well as the lower fee days in the first quarter. Are you able to give us a rough sizing of the consolidated impact that had on earnings or EPS for the company?

謝謝。早安.第一個問題是關於第一季季節性增加的費用以及較低的費用天數。您能否粗略地告訴我們合併對公司收益或每股盈餘的影響？

Sure. We did have overall some seasonality in expenses, as I mentioned on the call, that's related to timing of one we stated benefits and taxes on the bonus payments and then also the long-term incentive comp. I think maybe a lot of the focus has been in individual retirement where we have seen growth in revenue, but some of the expense pickup has shown earnings decline year over year. That's about $10 million that should come back next quarter in terms of pretax impact for individual retirement on earnings on that.

當然。正如我在電話中提到的那樣，我們的支出總體上確實存在一些季節性，這與我們所述的獎金支付福利和稅收的時間有關，然後還有長期激勵補償。我認為，人們的注意力可能集中在個人退休上，我們看到了收入的成長，但一些支出的成長卻導致收益逐年下降。就個人退休對收益的稅前影響而言，下個季度應該會返還約 1,000 萬美元。

And in addition, for individual retirement, we expect steady growth in our net investment margin aligning with the growth in the general account as we still continue to see robust sales in that weather product that Nick and Mark just mentioned as well.

此外，對於個人退休，我們預計淨投資利潤率將與一般帳戶的成長保持一致的穩定成長，因為我們仍然看到尼克和馬克剛才提到的天氣產品的強勁銷售。

But keep in mind, for individual retirement, about half of our earnings are fee related and that will be sensitive to equity markets. across the board. So we do expect some expenses to come back, but we are exposed to equity market volatility in these times.

但請記住，對於個人退休而言，我們大約一半的收入與費用有關，這對股票市場很敏感。全面。因此，我們確實預期一些支出將會回升，但在此期間我們面臨股市波動的風險。

Got it. Thanks. And then on the leverage ratio, do you feel that you need to bring the leverage ratio down from here? Or is there a comment on the incremental buybacks just that you would need to do some debt repayment to keep the leverage ratio at the same level it's already at?

知道了。謝謝。那麼關於槓桿率，您是否認為需要從現在開始降低槓桿率？或者對於增量回購是否有評論說您需要償還一些債務才能將槓桿率保持在現有水平？

Yeah. I think with the -- when we think about leverage ratio, mainly looking at rating agency leverage ratio, the GAAP leverage ratio is we feel fine with also remember what I mentioned on the call, the GAAP leverage ratios don't reflect AB market value, which would bring that down by about 7 points across the board.

是的。我認為 - 當我們考慮槓桿率時，主要看評級機構槓桿率，我們對 GAAP 槓桿率感覺良好，還記得我在電話會議上提到的，GAAP 槓桿率不反映 AB 市場價值，這將使整體下降約 7 個百分點。

But if we did incrementally more than the $500 million that we're going to add on top of the 60% to 70% as part of the transaction, we'd likely accompany that with some debt repayment to make sure our leverage ratios are in line with what the rating agencies want to see.

但是，如果我們在交易中以 60% 到 70% 的基礎逐步增加超過 5 億美元的金額，我們可能會同時償還一些債務，以確保我們的槓桿率符合評級機構希望看到的水平。

Michael Ward, UBS.

瑞銀集團的麥可沃德。

Hey, good morning. Thanks very much. So net flows were very strong across pretty much every segment. Just curious how you think about this momentum heading into the volatility that we've seen in April? And I guess, specifically, around IR and AB.

嘿，早安。非常感謝。因此，幾乎每個領域的淨流量都非常強勁。我只是好奇您如何看待我們在四月看到的這種波動勢頭？我猜，具體來說，是圍繞 IR 和 AB。

Great. Thanks. This is Nick. I'll kick it off. As we've highlighted a couple of times, we see strong structural drivers and the current heightened period of volatility, enhancing interest in our products to start an individual retirement.

偉大的。謝謝。這是尼克。我就先開始吧。正如我們多次強調的那樣，我們看到了強大的結構性驅動因素和當前加劇的波動期，增強了人們對我們個人退休產品的興趣。

First quarter, we had $1.4 billion in net flows, an 8% organic growth rate over the last 12 months. As Mark highlighted, our buffered annuity is right for these times. It provides downside protection with upside potential. So people that can secure their assets but gives them the opportunity to participate if the market bounces back.

第一季度，我們的淨流量為 14 億美元，過去 12 個月的有機成長率為 8%。正如馬克所強調的，我們的緩衝年金適合這個時代。它提供了下行保護和上行潛力。這樣人們就可以保護自己的資產，但如果市場反彈，他們就有機會參與。

If I hit on group retirement, we had positive net flows, primarily our core K-12 teacher business. I'd remind you, it's a payroll contribution business, focused on longer-term retirement savings. We have 1,000 advisers working with over 800,000 teachers in 5,000 local school environments. Employment tends to be more consistent through macro cycles. So we would expect that to consistently grow in the single digits.

如果我談到集體退休，我們就會有正的淨流量，主要是我們的核心 K-12 教師業務。我要提醒你，這是一項薪資繳款業務，專注於長期退休儲蓄。我們擁有 1,000 名顧問，與 5,000 個當地學校環境中的 80 萬多名教師合作。在宏觀週期中，就業趨於更加穩定。因此我們預計其將持續以個位數成長。

So we do see upside potential in institution, the institutional market as this environment is highlighting the need for secure income within defined contribution group plans. So we're focused in this time. We remain steadfast in guiding our clients. We see a demand for advice, and we see demand for more durable retirement solutions, and we're well positioned to capture a disproportionate share of the value that we see emerging.

因此，我們確實看到了機構、機構市場的上行潛力，因為這種環境凸顯了固定繳款團體計畫中對安全收入的需求。所以我們這次非常集中。我們始終堅定不移地為客戶提供指導。我們看到了對建議的需求，我們看到了對更持久的退休解決方案的需求，並且我們已做好準備，以獲取我們所看到的新興價值的不成比例的份額。

I'd hand it over to Onur to hit on AB.

我會把它交給 Onur 來打擊 AB。

Thanks, Nick. Yeah, as was mentioned on the question, we came off a very strong Q1 in terms of flows that the AB all of our three channels were net positive. April is always a tricky month for us given it's the tax season. I'll come back to the market volatility. But given our books, we are skewed towards high net worth and also in net worth, particularly in our private wealth business, in our US retail business.

謝謝，尼克。是的，正如問題中提到的那樣，就流量而言，我們第一季的業績非常強勁，我們三個管道的 AB 全部為淨正值。由於四月是納稅季節，所以對我們來說，四月總是一個棘手的月份。我再來談談市場波動。但從我們的帳簿來看，我們偏向高淨值，淨值也偏向高淨值，特別是我們的私人財富業務和美國零售業務。

We tend to get some outflow pressure in April even when the markets are relatively well functioning. That, combined with the heightened market volatility and the uncertainty around the rate cuts and inflation put some challenges around the flows, particularly around the retail channels. As you know, we have a very strong Asia retail franchise. Whenever there's a rate of uncertainty, we tend to see a slowdown in flows in that region.

即使市場運作相對良好，四月我們仍會面臨一些資金流出壓力。再加上市場波動加劇以及降息和通膨的不確定性，為資金流動，特別是零售通路帶來了一些挑戰。如您所知，我們擁有非常強大的亞洲零售特許經營權。每當存在不確定性時，我們往往會看到該地區的流動放緩。

That being said, all of the signs are quite positive. If I go beyond April, several strengths emerge. One, if you look at our institutional pipeline, our institutional pipeline increased materially several billion dollars in the first quarter. So that gives us confidence in terms of flows into our institutional channel going forward. As you know, Equitable commitment to private out continues and our private assets continue to grow rapidly.

話雖如此，所有跡像都是相當積極的。如果我超越四月，就會出現幾個優點。首先，如果你看一下我們的機構管道，你會發現我們的機構管道在第一季大幅增加了數十億美元。因此，這讓我們對未來流入機構管道的資金充滿信心。如您所知，公平對待私人資產的承諾仍在繼續，我們的私人資產繼續快速增長。

And we still have another $6.5 billion from the Equitable commitment. So that's a positive. And then on the retail side, as I think about fixed income, first, typically steepening yield curve and widening credit spreads means long-term better returns for fixed income strategies, and we benefited from fixed income rebalancing in '23 and '24, we had $35 billion of net flows when that balancing happened in the past.

我們還有 65 億美元來自公平承諾。這是積極的。然後在零售方面，當我想到固定收益時，首先，殖利率曲線通常趨於陡峭，信用利差擴大，這意味著固定收益策略的長期回報會更好，我們受益於 23 年和 24 年的固定收益再平衡，過去當這種平衡發生時，我們有 350 億美元的淨流量。

So once this rate cut cycle starts, we're going to see the margin flowing back to taxable fixed income, and we're going to benefit most likely disproportionately from that. And on the equity side, the good news is some of our flagship products and geographies are performing well.

因此，一旦降息週期開始，我們將看到利潤流回應稅固定收益，並且我們很可能會從中獲得不成比例的利益。在股權方面，好消息是我們的一些旗艦產品和地區表現良好。

For instance, our Japan franchise remained strong despite all of the equity market and currency volatility. And we are benefiting from some of the structural trends there like the new retirements accounts called NISA. So all in all, April, definitely tough months for almost every asset manager. We are not an exception. But when I look at where the puck is headed, I think we are very well positioned in terms of benefiting from the markets as well as our distribution channels.

例如，儘管股市和貨幣波動，我們的日本特許經營業務仍然保持強勁。我們也受惠於那裡的一些結構性趨勢，例如名為NISA的新退休帳戶。總而言之，四月對幾乎所有資產管理者來說絕對是個艱難的月份。我們也不例外。但當我觀察冰球的發展方向時，我認為我們在從市場和分銷管道中獲益方面處於非常有利的位置。

Thank you guys. And then on capital deployment, I'm just kind of curious, recognizing there's uncertainty out there, but -- what -- is there anything that you would say or I guess, kind of like a time line of call markets that could get you off the sidelines to be more aggressive on the buyback? And do we think about your capital usage as kind of buybacks, debt reduction or maybe holding excess capital? Or is there other options that you haven't spoken about?

謝謝你們。然後關於資本部署，我只是有點好奇，認識到那裡存在不確定性，但是 - 什麼 - 有什麼可以告訴你的，或者我猜，有點像看漲市場的時間表，可以讓你從場外更積極地回購？我們是否認為您的資本使用方式是回購、減債或持有過剩資本？或者有其他您尚未談到的選擇？

Sure, Mike, just in our normal share buyback program, if we see dislocation in the market, we'll certainly dip in and buy back more stock just at a normal course. If the stock is cheap, that's just timing that we'll do. On top of that with the transaction, we're going to wait until the transaction closes.

當然，麥克，在我們的正常股票回購計劃中，如果我們發現市場出現混亂，我們肯定會介入並以正常方式回購更多股票。如果股票便宜，那我們就會趁機買。除此之外，我們還將等待交易結束。

Once the transaction closes, that allows us one to see where the markets are and the evolution with the volatility that we're currently seeing, but also allows us to take out the extraordinary dividend from the insurance company as well.

一旦交易結束，我們就可以看到市場的狀況以及當前波動性的演變，同時也可以從保險公司獲得特別股息。

And at that point in time, we have tremendous financial flexibility at the holding company with the cash that we will have just a normal course of normal dividends in addition with the benefit of the transaction. So we will evaluate share buybacks with some debt repayment. We can -- it's very volatile at that time. The stock is likely to be cheap. So share buybacks even look more interesting in that topic period.

在那個時候，我們控股公司擁有巨大的財務彈性，我們擁有現金，除了交易利益之外，還將有正常的股息分配。因此，我們將評估股票回購和部分債務償還。我們可以——那時情況非常不穩定。該股票可能很便宜。因此，在該主題期間，股票回購看起來更有趣。

And then we'll also be on the fence for anything else that remains available for us at that time. But again, tons of financial flexibility, and that's a good thing to have in these volatality times.

然後，我們也會對當時仍可供我們使用的其他東西保持觀望態度。但同樣，大量的財務彈性，在動盪時期這是一件好事。

Tom Gallagher, Evercore ISI.

湯姆·加拉格爾，Evercore ISI。

Good morning. I had a few questions on RILA. Nick, maybe to start with you. I was sort of peaked by -- my interest has peaked by your comment that April sales were robust. Are we talking about a modest increase, like 10%, something much larger, I want to get a sense for what you're seeing right now because -- and I'll get to my follow-up after that, if we just start with that. Thanks.

早安.我對 RILA 有幾個疑問。尼克，也許先從你開始。您說四月的銷售情況很強勁，這讓我很感興趣。我們談論的是適度的成長，例如 10%，還是更大的成長，我想了解您現在看到的情況，因為——如果我們從那開始的話，我會在那之後進行後續跟進。謝謝。

We don't disclose that level of -- as I mentioned, but I would say they're robust compared to first quarter.

正如我所提到的，我們不會透露這一水平，但我想說，與第一季相比，它們是強勁的。

Got it. And I guess my follow-up is really this, it's probably for Robin. The -- it's an interesting dynamic when you have a countercyclical product now that is benefiting from the markets being weaker and where clients are demanding probably the product in a greater way because of the underlying equity protection.

知道了。我想我的後續行動確實是這樣的，可能是為了羅賓。這是一個有趣的動態，當你擁有逆週期產品時，它會受益於市場疲軟，並且由於其潛在的股權保護，客戶對該產品的需求可能會更大。

But I don't think the earnings in that product are really equity sensitive. Robin, would you mind kind of just reminding us the underlying profit margin of that product and whether there is equity sensitivity, the earnings get better or worse if the markets weaken? Thanks.

但我並不認為該產品的收益對股票真正敏感。羅賓，您介意提醒我們該產品的潛在利潤率嗎？是否有股票敏感性，如果市場走弱，收益會變好還是變壞？謝謝。

Sure. Just as Nick and Mark mentioned earlier, this volatility in equity market drives the need for the RILA product and the product is structured around buffers that provide downside protection and upside participation.

當然。正如尼克和馬克之前提到的，股票市場的波動推動了對 RILA 產品的需求，該產品的結構圍繞著提供下行保護和上行參與的緩衝。

But I want to reiterate, that's not the only product that we have within the offering. It's an all-weather product portfolio that provides buffer protection, income protection and investment-only tax advantage, vehicles as well that the team fully capitalized to drive growth in the retirement market.

但我想重申，這不是我們提供的唯一產品。這是一個全天候產品組合，提供緩衝保護、收入保護和僅投資的稅收優惠以及工具，團隊充分利用這些來推動退休市場的成長。

With the RILA specifically, you're right, the underlying mechanics, it's really a spread-based earnings products. And you saw a spread on NIM and individual retirement increased 9% year over year, and that will continue to grow with the growth in RILA sales going forward. It does take their time in terms of GAAP profit emergence. So some of the profit emergence ends up being slower because we have acquisition cost upfront, but that's time.

具體來說，對於 RILA 來說，您說得對，其底層機制實際上是一種基於利差的收益產品。您會發現 NIM 和個人退休金之間的利差同比增長了 9%，隨著 RILA 銷售額的增長，這一比例將繼續增長。就 GAAP 利潤的出現而言，他們確實需要時間。因此，由於我們預先支付了收購成本，部分利潤的出現速度最終會變慢，但這就是時間。

But the ultimate sensitivity to the RILA is spread-based earnings. The overall segment, though, it's still 50% fee-based. And so the overall segment has sensitivity to equity markets from the other products that we sell that are more investment-only or indeed.

但對 RILA 的最終敏感度是基於利差的收益。不過，整體而言，50% 的費用仍是依賴的。因此，整個部門對股票市場的敏感性，與我們銷售的其他產品相比，這些產品更具投資性。

Tom, it's Mark. If I could just add something to the demand, which I think is worth saying. These clients would be late 50s, early 60s on the retirement side that would be typical for us. They have savings, they have 401k, so it's not coming out of disposable income necessary. So as we mentioned on the call, something like $600 billion a year is coming out of 401k into better vehicles of which RILA is one.

湯姆，我是馬克。如果我可以對需求補充一些內容，我認為這是值得一說的。這些客戶一般都是 50 多歲或 60 歲左右的退休人士，這對我們來說很常見。他們有儲蓄，有 401k，所以不需要從可支配收入中拿出錢來。因此，正如我們在電話中提到的那樣，每年大約有 6000 億美元從 401k 中流出，用於更好的投資工具，RILA 就是其中之一。

So that helps keep the demand up.

這有助於保持需求。

Jimmy Bhullar, JPMorgan.

摩根大通的 Jimmy Bhullar。

Hey, good morning. So first, just had a question on the annuity business, but on a different topic. Just can you comment on what you're seeing in terms of competition and just competitor behavior, especially in the buffer market, but just overall, given that a number of companies seem to be very active and many more companies are selling similar products than was the case a few years ago.

嘿，早安。首先，我有一個關於年金業務的問題，但這是另一個主題。您能否評論一下您所看到的競爭和競爭對手的行為，特別是在緩衝器市場，但總體而言，許多公司似乎非常活躍，而且與幾年前相比，有更多的公司在銷售類似的產品。

And then relatedly, if I look at your sales and flows, they were still very strong, but I think flows were weaker than they had been in the last several quarters and sales growth slowed as well versus what it had been, obviously, off of fairly high levels.

然後相關地，如果我看一下你的銷售和流量，它們仍然非常強勁，但我認為流量比過去幾個季度要弱，而且銷售增長也比以前放緩了，顯然，已經脫離了相當高的水平。

Sure. This is Nick. For our overall Retirement segment, we were up 6% year over year. And as we've mentioned, we have an all-weather portfolio of protected equity offered annuities income and IVAs. RILA were up 3% year over year, and this was another record first quarter.

當然。這是尼克。就我們的整體退休部門而言，我們比去年同期成長了 6%。正如我們所提到的，我們擁有全天候受保護的股權年金收入和 IVA 投資組合。RILA 年增 3%，這是第一季的另一個創紀錄的數字。

We're very intentional about focusing on segments where we can generate attractive returns and sustainable shareholder value. So we've been mindful of competitive trends on pricing.

我們非常有意專注於能夠產生可觀回報和永續股東價值的領域。因此我們一直關注定價的競爭趨勢。

As we've mentioned historically, as we see new entrants enter, there tends to be a period of aggressive pricing, we've seen this before, and it tends to be temporary and not sustainable. To date, increased competition in RILA has net-net continued to grow the size of the pie as it raises adviser awareness in the broader $30 trillion retirement market, and we think annuities and buffered annuities are still underpenetrated. given the need out there.

正如我們歷史上提到的那樣，當我們看到新進入者進入時，往往會出現一段時間的激進定價，我們以前也見過這種情況，而且它往往是暫時的，不可持續的。到目前為止，RILA 競爭的加劇已導致市場規模持續擴大，因為它提高了顧問對更廣泛的 30 兆美元退休市場的認識，我們認為年金和緩衝年金仍未得到充分滲透。考慮到那裡的需要。

As the market leader, we continue to benefit from that growing pie. Over the last three years, we have more than doubled our sales. And finally, I'd just say we're in a different macro environment today than January. Looking forward, we continue to be very excited about the opportunity and believe that given our history of innovation and our privilege distribution, we are well positioned to capture a disproportionate share of the value being created.

作為市場領導者，我們繼續從不斷增長的市場份額中獲益。在過去三年裡，我們的銷售額成長了一倍以上。最後，我想說的是，我們今天所處的宏觀環境與一月不同。展望未來，我們繼續對這一機會感到非常興奮，並相信，鑑於我們的創新歷史和特權分配，我們完全有能力獲得所創造價值的不成比例的份額。

And then just on LifePath, I think there weren't any new cases this quarter, but do you have any line of sight on what the rest of the year is looking like?

然後就 LifePath 而言，我認為本季度沒有任何新案例，但您是否對今年剩餘時間的情況有所了解？

Sure. So we remain bullish on the long-term growth of this market and the current market environment is amplifying the need for secure income solutions within defined contribution plans. As contacts, last year, we had $600 million of flows from our institutional segment coming from the launch of our LifePath Paycheck. In the first quarter, we've continued to deepen and broaden our institutional offers.

當然。因此，我們仍然看好該市場的長期成長，目前的市場環境正在擴大對固定繳款計畫內安全收入解決方案的需求。作為聯絡人，去年，我們透過推出 LifePath Paycheck 從機構部門獲得了 6 億美元的資金流入。第一季度，我們繼續深化和拓寬我們的機構服務。

We had over $400 million in flows coming from our partnership with the leading HSA provider. We did not have any plans funded in the first quarter. We expect about $250 million of inflows from LifePath in the second quarter.

我們與領先的 HSA 提供者的合作帶來了超過 4 億美元的資金流入。我們第一季沒有任何資金計劃。我們預計第二季 LifePath 的資金流入約為 2.5 億美元。

As we've stated, they're going to continue to be lumpy. we get visibility 60 to 90 days looking out. So going forward, we've been a leader in this market, and we think given our relationships with both BlackRock, AB, JPMorgan and others, we're well positioned as this market continues to grow.

正如我們所說的，它們將繼續保持塊狀狀態。我們可以獲得 60 至 90 天的觀察時間。因此，展望未來，我們將一直是這個市場的領導者，我們認為，鑑於我們與貝萊德、AB、摩根大通等公司的關係，隨著這個市場的持續成長，我們處於有利地位。

Joel Hurwitz, Dowling.

喬爾·赫爾維茨，道林。

Hey, good morning. So spreads in individual retirement look to have compressed a bit in the quarter. Anything unusual you would call out? And what are you just expecting from a spread yield standpoint moving forward?

嘿，早安。因此，本季個人退休金利差似乎有所縮小。您會指出任何不尋常的事情嗎？從利差殖利率的角度來看，您預期未來會如何？

Hey Joel, it's Robin. I'll take that. So in the quarter, you're going to always have some noise quarterly -- on a quarterly basis when looking at spread income. That's why I would look at the year over year as a function of longer-term growth. But in the quarter with short-term rates decreasing, we did see some decline in some of the floating rate exposure.

嘿喬爾，我是羅賓。我會接受的。因此，在本季度，當你查看利差收入時，你總是會按季度聽到一些噪音。這就是為什麼我會將逐年成長視為長期成長的函數。但在短期利率下降的季度，我們確實看到部分浮動利率曝險有所下降。

But as a reminder, the floating rate assets are managed and matched with the floating rate liabilities. So as the one-year segment's reset, we expect to get some of that back going forward. But you'll see some of that quarterly noise. But over the long term, we still continue to expect strong growth in terms of spread income along with the general account book value in the segment and consistent cash flows coming out of this as well.

但需要提醒的是，浮動利率資產是與浮動利率負債一起管理和匹配的。因此，隨著一年期部分的重置，我們預計未來將恢復部分收入。但你會看到一些季度噪音。但從長期來看，我們仍然預期利差收入、該部門的一般帳戶帳面價值以及由此產生的持續現金流都將強勁成長。

Okay. Makes sense. And then just wanted to see if you have any update on your Bermuda entity. Any plans to move any business there in the near term?

好的。有道理。然後只是想看看您是否有關於百慕達實體的任何最新消息。近期有任何將業務遷移到那裡的計劃嗎？

Yes. Bermuda is set up and operational for us. It continues to be provide us with good optionality to manage cash flows going forward. No further update to give at this time, though. But we remain focused on capital optimization, and this is just another piece of the toolkit that gives us optionality.

是的。百慕達已為我們設立並投入營運。它將繼續為我們提供良好的選擇來管理未來的現金流。不過，目前還沒有進一步的更新資訊。但我們仍然專注於資本優化，這只是為我們提供可選性的工具包的另一個部分。

Jack Matten, BMO Capital Markets.

傑克·馬滕 (Jack Matten)，BMO 資本市場。

Hey, good morning. Just on the full-year cash flow run rate guidance of the $1.6 million to $1.7 million. Are you seeing any risk to that outlook given the lower equity markets year-to-date? I know you generate a lot of cash from unregulated sources. But -- just wondering if there's still a material equity market sensitivity that we should be thinking about regarding free cash flow?

嘿，早安。全年現金流運轉率預計為 160 萬美元至 170 萬美元。鑑於今年迄今股市的低迷，您是否認為這種前景有任何風險？我知道你從不受監管的來源獲得了很多現金。但是——我只是想知道我們是否仍然應該考慮自由現金流方面的重大股票市場敏感性？

Sure, the $1.6 billion to $1.7 billion guidance that we gave for the full year does assume an 8% normal equity market return but keep in mind, 50% of those cash flows are coming from the insurance businesses, which is based on last year's results.

當然，我們給出的全年 16 億至 17 億美元的指導確實假設了 8% 的正常股票市場回報率，但請記住，其中 50% 的現金流來自保險業務，這是基於去年的業績。

And so we will have some equity sensitivity on the other 50% on the asset and wealth pieces. I think if I take a look from where we are now, we're probably on the lower end of the guidance of the $1.6 billion to $1.7 billion, but still feel comfortable with that guidance.

因此，我們對資產和財富部分的另外 50% 會有一定的股權敏感度。我認為，如果從現在的情況來看，我們可能處於 16 億美元至 17 億美元的指導價的低端，但仍然對該指導價感到滿意。

Got it. And then on the AllianceBernstein, any changes to your thoughts around the ultimate ownership of that business now that you're at around 69%. Are you looking to increase that this year?

知道了。然後關於 AllianceBernstein，現在您持有該業務約 69% 的股份，您對該業務的最終所有權有什麼想法變化嗎？您希望今年增加這一數字嗎？

Hi, it's Mark. I'll take that. Yes, very pleased that we've increased ownership to 69%. I mean, the real issue, as we said on the call, is there are very big synergies between the equitable businesses and AB, and we're starting to harvest those synergies.

你好，我是馬克。我會接受的。是的，非常高興我們已將所有權提高到 69%。我的意思是，正如我們在電話會議上所說的那樣，真正的問題是公平業務和 AB 之間存在非常大的協同效應，而且我們正在開始收穫這些協同效應。

And as we've said before, we like the fact that we have a currency in AB there. It helps us with. Acquisitions as we did with [covell] helps us with remuneration and it helps us, put a value on a big part of our business. So no plans, to increase this at the moment.

正如我們之前所說，我們很高興在那裡擁有 AB 貨幣。它對我們有幫助。我們對 [covell] 的收購有助於我們獲得報酬，也有助於我們為很大一部分業務賦予價值。因此，目前沒有計劃增加這個數字。

Nick Annitto, Wells Fargo.

富國銀行的尼克安尼托 (Nick Annitto)。

Hey, thanks, good morning. Just a follow-up to the cash generation question as well. What gives you confidence in the $2 billion in 2027, especially given that you guys are at the lower end of the $1.6 billion to $1.7 billion now. And when that was given at the Investor Day, did that contemplate the increase in AB ownership?

嘿，謝謝，早安。這也只是對現金產生問題的後續關注。是什麼讓您對 2027 年的 20 億美元充滿信心，尤其是考慮到您現在處於 16 億美元到 17 億美元的低端。當投資者日提出這一消息時，是否考慮到了 AB 所有權的增加？

Sure. We're fully confident in that $2 billion number that we're going at Investor Day. As you've seen historically, we pretty much come in line with the numbers that we give to the market because we're focused on execution. internally.

當然。我們對投資者日上 20 億美元的目標充滿信心。正如您過去所看到的，我們基本上與我們向市場提供的數字一致，因為我們專注於執行。內部。

As a reminder that when we gave that at Investor Day, it assumed an 8% annual return, we saw our equity markets up 20%-plus the previous two years. And now this year, we see a decline. So we don't think that changes the long-term cash flow outlook that we provided at Investor Day.

提醒一下，當我們在投資者日給出這個數字時，假設年回報率為 8%，而我們的股票市場在過去兩年上漲了 20% 以上。而今年，我們看到了下降趨勢。因此，我們認為這不會改變我們在投資者日提供的長期現金流前景。

At Investor Day, we did not contemplate increasing our ownership in AB nor did we contemplate the life transaction at that time. That being said, remember, we're just swapping, the transaction essentially swaps life insurance earnings for AllianceBernstein earnings, which we believe that's higher multiple and provides a better return profile for our investors so that we can avoid unnecessary volatility in the business. So full confidence in the $2 billion for 2027.

在投資者日，我們並沒有考慮增加我們在 AB 的所有權，也沒有考慮當時的人壽交易。話雖如此，請記住，我們只是在交換，交易本質上是將人壽保險收益與聯博收益交換，我們認為這具有更高的倍數並為我們的投資者提供更好的回報狀況，以便我們能夠避免業務中不必要的波動。因此，我們對 2027 年實現 20 億美元目標充滿信心。

Maxwell Fritscher, Truist Securities.

Truist Securities 的 Maxwell Fritscher。

Hi, good morning. I am on for Mark Hughes. Just for the -- in Protection Solutions, are you seeing any of the elevated mortality from flu season carryover into 2Q thus far?

嗨，早安。我支持馬克·休斯。僅就保護解決方案而言，到目前為止，您是否看到流感季節的死亡率上升延續到第二季​​度？

Can't give an update yet for April, April isn't over. Yes, we still have another day here to go forward. But Ken, we don't have insight yet into the month of April is mortality now. But keep in mind, this is exactly why we focus and we're focused on closing the Life transaction either in Q2 or Q3. So we're not dealing with mortality volatility anymore, and we can focus on our core growth engines that we've been discussing on the call.

四月還不能更新消息，因為四月還沒結束。是的，我們還有一天的時間可以度過。但是肯，我們目前還不清楚四月的死亡率。但請記住，這正是我們關注的原因，我們專注於在第二季或第三季完成人壽交易。因此，我們不再需要處理死亡率波動，而可以專注於我們在電話會議上討論的核心成長引擎。

Understood. And then at AB, there are outflows in outside the U.S. Any color there and maybe any visibility going forward?

明白了。然後在 AB，美國境外有資金流出。那裡有什麼情況嗎？未來有什麼可見性嗎？

Sure. Onur here, I can take that. As I mentioned a little bit in the previous flow question, when we have uncertainty around the rate outlook and what will be the pace and degree of rate cuts, that's when we get some pressure on our taxable fixed income business in Asia. As you know, we are a high-performing manager in the Asian market and taxable fixed income is definitely a strong flagship for us. And that has been the main driver of the outflows overseas.

當然。我是奧努爾，我可以接受。正如我在上一個流量問題中提到的那樣，當我們對利率前景以及降息的速度和程度感到不確定時，我們在亞洲的應稅固定收益業務就會面臨一些壓力。如您所知，我們是亞洲市場上業績優異的管理者，應稅固定收益無疑是我們的強勁旗艦。這也是海外資本外流的主要原因。

That being said, over the years, we have been very successful in diversifying our position, leveraging our brand strength in Asia. Like, for instance, if you look at the first quarter, we had very significant net flows into our multi-asset solutions. because we created a multi-asset income solution, particularly targeting the Taiwan market to diversify our exposure to our global high-yield product, and that has been working very well.

話雖如此，多年來，我們在多元化定位方面取得了巨大成功，並充分利用了我們在亞洲的品牌實力。例如，如果你看第一季度，你會發現我們的多元資產解決方案獲得了非常可觀的淨流入。因為我們創建了多元資產收益解決方案，特別是針對台灣市場，以分散我們對全球高收益產品的投資，而且效果非常好。

And then separately, as I mentioned in the previous question, as a recap, our Japanese business tends to skew heavily towards equities -- US equities, and given our strong distribution network there, we continue to maintain strength from Q1 into April.

然後，正如我在上一個問題中提到的那樣，總結一下，我們的日本業務往往嚴重偏向股票——美國股票，並且鑑於我們在那裡強大的分銷網絡，我們將從第一季到四月份繼續保持強勁勢頭。

So all in all, I don't have any major concerns in terms of the long-term outlook. I think we will continue to well -- continue to do well in Asia in another overseas markets. but there might be some short-term flow pressure, particularly in taxable fixed income, particularly in Asia.

總而言之，對於長期前景我並沒有什麼重大擔憂。我認為我們將繼續在亞洲和其他海外市場上保持良好的表現。但可能會存在一些短期流動壓力，特別是在應稅固定收益方面，尤其是在亞洲。

Wilma Burdis, Raymond James.

威爾瑪伯迪斯、雷蒙詹姆斯。

Hey, good morning. This is something you highlighted in the new slide me in the presentation, but could you give us a little bit of color on how the Protection Services deal reduces credit risk? Thanks.

嘿，早安。這是您在簡報的新幻燈片中強調的內容，但您能否向我們稍微介紹一下保護服務協議如何降低信用風險？謝謝。

Yes. Wilma, I think you broke up a little bit. I think you're referring to the stress test that we provided at year-end.

是的。威爾瑪，我覺得你們有點分手了。我想您指的是我們在年底提供的壓力測試。

Yes, Slide 9, you added something where you talked about how the protection services deal reduces the credit risk.

是的，投影片 9，您加入了一些內容，討論了保護服務協議如何降低信用風險。

I think you -- I guess you're referring to at that some of the RGA transaction on GA assets associated with it that would reduce some of the credit risk associated. If you take a look on the page, we're speaking about the overall credit risk in the GA portfolio as of year-end which our RBC was 4.25%. And you can see the credit losses, credit migration and the impact from alternatives to about 50 points to that. And then the protection deal, what it is, it helps because we have that $2 billion benefit.

我認為你——我猜你指的是與之相關的 GA 資產的一些 RGA 交易，這將降低一些相關的信用風險。如果您看一下頁面，我們正在討論截至年底的 GA 投資組合中的整體信用風險，我們的 RBC 為 4.25%。您可以看到信貸損失、信貸遷移以及替代方案對此造成約 50 點的影響。然後是保護協議，它很有幫助，因為我們有 20 億美元的利益。

And after we take out debt in our dividend, the RBC will improve by 75 to 100 points that brings us to $450 million to $475 million. So that's where you get the benefit from the protection deal as it relates to our RBC posted credit stress test.

在我們扣除股息中的債務後，RBC 將提高 75 到 100 點，達到 4.5 億到 4.75 億美元。這就是您可以從與我們的 RBC 公佈的信用壓力測試相關的保護協議中獲益的地方。

Got it. And then given the projection services -- protection deals changing the footprint of the investment portfolio, does this give equitable opportunity to consider reinvesting at a quicker pace, some of the assets? I know, especially there was quite a bit of the portfolio that was purchased around the time of the 2018 IPO, which was in a low rate environment. So -- just wondering if that deal gives you an opportunity to accelerate some of that repositioning. Thanks.

知道了。然後考慮到預測服務——保護交易改變了投資組合的足跡，這是否提供了公平的機會來考慮以更快的速度對部分資產進行再投資？我知道，尤其是在 2018 年 IPO 期間購買了相當一部分投資組合，當時利率處於低點。所以——我只是想知道這筆交易是否能給你一個機會來加速一些重新定位。謝謝。

Yeah. No, the structural repositions that we've spoken about since IPO have been completed on that, that delivered significant income for the insurance company. I think where we're focused now is relative value with the growth in the RILA product where the general account is growing, and we continue to get private credit capabilities with AllianceBernstein.

是的。不，我們自首次公開發行以來談到的結構性調整已經完成，這為保險公司帶來了可觀的收入。我認為我們現在關注的是相對價值，隨著 RILA 產品的成長，一般帳戶正在成長，我們將繼續與 AllianceBernstein 合作獲得私人信貸能力。

As Onur mentioned, we're about $14 billion of the $20 billion of commitment that we have with AllianceBernstein is another $6 billion to go, and that should provide incremental income for us going forward. And then I'm sure once we get there, there will be more to come as well.

正如奧努爾所提到的，我們與聯博集團承諾的200億美元中，大約有140億美元尚未兌現，還有60億美元尚未兌現，這應該會為我們未來的收入帶來增量。我相信，一旦我們到達那裡，還會有更多的事情發生。

That is all the time we have for questions. This concludes today's conference call. Thank you for joining. You may now disconnect.

我們回答問題的時間就這麼多了。今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。