F&G Annuities & Life Inc (FG) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the F&G Annuities & Life First Quarter 2023 Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

早上好，女士們，先生們，感謝你們的支持。歡迎來到 F&G Annuities & Life 2023 年第一季度收益電話會議。 （操作員說明）請注意，正在錄製此會議。

I will now turn the conference over to your host, Lisa Foxworthy-Parker, Senior Vice President, Investor and External Relations for F&G. Thank you. You may begin.

我現在將會議轉交給你的主持人，F&G 投資者和對外關係高級副總裁 Lisa Foxworthy-Parker。謝謝。你可以開始了。

Great. Thanks, operator, and welcome, everyone, to F&G's First Quarter 2023 Earnings Call. Joining me today are Chris Blunt, Chief Executive Officer; and Wendy Young, Chief Financial Officer. We look forward to addressing your questions following our prepared remarks.

偉大的。謝謝接線員，歡迎大家參加 F&G 的 2023 年第一季度財報電話會議。今天加入我的是首席執行官 Chris Blunt；和首席財務官 Wendy Young。我們期待在我們準備好的評論之後回答您的問題。

Today's earnings call may include forward-looking statements and projections under the Private Securities Litigation Reform Act, which do not guarantee future events or performance. We do not undertake any duty to revise or update such statements to reflect new information, subsequent events or changes in strategy. Please refer to our most recent SEC filings for a discussion of the factors that could cause actual results to differ materially from those expressed or implied.

今天的財報電話會議可能包括根據《私人證券訴訟改革法》做出的前瞻性陳述和預測，這些陳述和預測不保證未來的事件或業績。我們不承擔任何修改或更新此類聲明以反映新信息、後續事件或策略變化的義務。請參閱我們最近提交給美國證券交易委員會的文件，討論可能導致實際結果與明示或暗示的結果存在重大差異的因素。

This morning's discussion also includes non-GAAP financial measures that we believe may be meaningful to investors. Non-GAAP measures have been reconciled to GAAP where required in accordance with SEC rules within our earnings release, financial supplement and investor presentation, all of which are available on the company's website.

今天上午的討論還包括我們認為可能對投資者有意義的非 GAAP 財務措施。根據美國證券交易委員會的規定，在我們的收益發布、財務補充和投資者介紹中，非 GAAP 措施已根據 GAAP 進行了調整，所有這些都可以在公司網站上找到。

Today's call is being recorded and will be available for webcast replay at fglife.com. It will also be available through telephone replay beginning today at 1:00 p.m. Eastern Time through May 11, 2023.

今天的通話正在錄製中，可在 fglife.com 上進行網絡直播重播。從今天下午 1:00 開始，它也可以通過電話重播獲得。東部時間至 2023 年 5 月 11 日。

And now I'll turn the call over to our CEO, Chris Blunt.

現在我將把電話轉給我們的首席執行官克里斯布朗特。

Good morning, and thanks for joining us today. For F&G, 2023 is off to a solid start, as shown in our first quarter results. I'm proud of this result especially given the tumultuous nature of the first quarter macro environment, characterized by ongoing market volatility and inflationary pressures, stress on the banking system given the recent regional bank failures and concerns around credit and commercial real estate exposure with the prospect of a recession on the horizon. Although a difficult environment, it really highlights what makes F&G different, how our superior ecosystem operates and how F&G is well positioned to weather the storm. I'd like to share some of those insights with you.

早上好，感謝您今天加入我們。正如我們第一季度的業績所示，對於 F&G 而言，2023 年開局良好。我為這一結果感到自豪，特別是考慮到第一季度宏觀環境的動盪性質，其特點是持續的市場波動和通脹壓力，由於最近區域銀行倒閉以及對信貸和商業房地產風險的擔憂，銀行系統面臨壓力經濟衰退的前景即將到來。儘管環境艱難，但它真正凸顯了 F&G 的不同之處、我們卓越的生態系統如何運作以及 F&G 如何很好地度過難關。我想與您分享其中的一些見解。

First, starting with the effects of market volatility and inflationary pressures. Higher interest rates and extended periods of market volatility are known to spur fixed annuity sales as financial advisers and consumers seek resilience for their investment portfolios and retirement savings. Fixed annuities are increasingly viewed as an attractive solution offering relatively higher rates, guaranteed growth, principal protection, tax advantaged accumulation and annuitization options. Importantly, we're an industry that makes good on promises and serves as a steward to meet long-term policy objectives.

首先，從市場波動和通脹壓力的影響著手。眾所周知，較高的利率和較長的市場波動會刺激固定年金的銷售，因為財務顧問和消費者正在尋求其投資組合和退休儲蓄的彈性。固定年金越來越被視為一種有吸引力的解決方案，它提供相對較高的利率、有保證的增長、本金保護、稅收優惠積累和年金選擇。重要的是，我們是一個兌現承諾並充當實現長期政策目標的管理者的行業。

These factors drove record industry annuity sales in the fourth quarter of 2022, and the momentum continues, with LIMRA forecasting another record-breaking first quarter for 2023. Similarly, for F&G, these dynamics have contributed to record gross sales in the first quarter and are generating a level of profitable sales and issuance of new policies that substantially exceed policy maturities and other withdrawals.

這些因素推動了 2022 年第四季度創紀錄的行業年金銷售額，並且這種勢頭仍在繼續，LIMRA 預測 2023 年第一季度將再次創紀錄。同樣，對於 F&G，這些動態促成了第一季度創紀錄的總銷售額，並且產生一定水平的有利可圖的銷售和發行大大超過保單期限和其他提款的新保單。

We reported record total gross sales of $3.3 billion in the first quarter, a 27% increase over the prior year quarter and a 22% increase over the sequential fourth quarter. Our retail channels reported record gross annuity and life sales of $2.8 billion in the first quarter, an 87% increase over the prior year quarter and a 12% increase over the sequential quarter. We saw growth across all 3 retail channels, including agent, bank and broker-dealer channels as compared to the prior year.

我們報告第一季度總銷售額達到創紀錄的 33 億美元，比去年同期增長 27%，比連續第四季度增長 22%。我們的零售渠道報告稱，第一季度年金和壽險銷售總額達到創紀錄的 28 億美元，比上年同期增長 87%，比上一季度增長 12%。與上一年相比，我們看到所有 3 個零售渠道都有增長，包括代理、銀行和經紀自營商渠道。

Institutional sales were $520 million in the first quarter, split evenly between pension risk transfer and funding agreements. We have also closed an additional pension risk transfer transaction of approximately $200 million in April, which was not reflected in first quarter sales.

第一季度機構銷售額為 5.2 億美元，平均分配給養老金風險轉移和融資協議。我們還在 4 月份完成了一項額外的約 2 億美元的養老金風險轉移交易，該交易未反映在第一季度的銷售額中。

F&G's net sales retained were $2.2 billion in the first quarter, which reflects 67% of gross sales as compared to 70% for the sequential quarter and 92% for the prior year quarter. This trend reflects third-party flow reinsurance, which increased from 50% to 75% of MYGA sales in September of 2022.

F&G 第一季度留存淨銷售額為 22 億美元，佔總銷售額的 67%，而上一季度為 70%，去年同期為 92%。這一趨勢反映了第三方流量再保險，到 2022 年 9 月，第三方流量再保險佔 MYGA 銷售額的比例從 50% 增加到 75%。

As a reminder, we utilize flow reinsurance, which provides a lower capital requirement on ceded new business while allocating capital to the highest returning retained business. From our perspective, this is a smart financial decision as it enhances cash flow, provides fee-based earnings and is accretive to F&G's returns.

提醒一下，我們利用流量再保險，它對分出的新業務提供較低的資本要求，同時將資本分配給回報率最高的保留業務。從我們的角度來看，這是一個明智的財務決策，因為它可以增強現金流、提供基於費用的收入並增加 F&G 的回報。

Our ending assets under management grew to $45 billion as of March 31, an 18% increase due to positive net flows over the prior year driven by new business net of flow reinsurance, stable in-force retention and debt issuance net proceeds.

截至 3 月 31 日，我們管理的期末資產增長至 450 億美元，增長 18%，這是由於新業務淨流量再保險、穩定的有效保留和債務發行淨收益推動淨流量比上一年增加。

Next, turning to the topics of asset liability management, liquidity and risk management, which were brought to the forefront by the recent regional bank failures. I often say that insurance companies are a better form of a bank. In contrast to banks who borrow short and lend long, insurance companies borrow long and invest long. We are asset and liability-matched. And there are important characteristics of life insurance liabilities that ensure that they are not susceptible to runs like bank deposits, including a product design which mitigates disintermediation risk.

接下來，轉向資產負債管理、流動性和風險管理等主題，這些主題因最近的區域性銀行倒閉而備受關注。我經常說保險公司是銀行的一種更好的形式。與借短貸長的銀行相反，保險公司借長貸並長期投資。我們資產負債匹配。人壽保險負債的一些重要特徵可確保它們不像銀行存款那樣容易受到擠兌的影響，包括減輕脫媒風險的產品設計。

In this regard, F&G is uniquely positioned with an in-force book of liabilities that are sticky and predictable and that do not contain problematic legacy blocks of business. Our liabilities are primarily spread-based and not tied to legacy economic assumptions. When we sell a policy, the spread is essentially locked in. New business is priced for current economics. And for our in-force fixed indexed annuity and indexed universal life, we have the ability to reprice the current economics typically every year. This flexibility allows us to actively manage our in-force and new business to maintain pricing targets, and we have a long history of doing so regardless of volatility in the marketplace.

在這方面，F&G 擁有一份具有粘性和可預測性且不包含有問題的遺留業務塊的有效負債簿，具有獨特的優勢。我們的負債主要基於利差，與傳統的經濟假設無關。當我們出售保單時，差價基本上被鎖定。新業務的定價是針對當前的經濟狀況。對於我們有效的固定指數年金和指數化萬能壽險，我們通常每年都有能力重新定價當前的經濟狀況。這種靈活性使我們能夠積極管理我們的有效業務和新業務以維持定價目標，而且無論市場波動如何，我們都有這樣做的悠久歷史。

Our liabilities are also relatively young given the robust levels of new business over the past 3 years. Our GAAP net reserves were approximately $43 billion at March 31, with 88% as either surrender protected or nonsurrenderable. Fixed annuities comprised 74% of total net reserves, of which 91% are surrender protected with an average remaining surrender charge roughly 7% of account value. In addition, approximately 70% of these policies also have a market value adjustment protection. These policy features serve as a disincentive for policyholders to surrender early.

鑑於過去 3 年新業務的強勁水平，我們的負債也相對較新。截至 3 月 31 日，我們的 GAAP 淨儲備金約為 430 億美元，其中 88% 為退保保護或不可退保。固定年金占淨儲備金總額的 74%，其中 91% 受退保保障，平均剩餘退保費用約為賬戶價值的 7%。此外，這些保單中約有70%還具有市值調整保障。這些保單特點會阻礙保單持有人提早退保。

Pension risk transfer, funding agreements and immediate annuities comprised 21% of total net reserves, all of which are essentially nonsurrenderable.

養老金風險轉移、供資協議和即期年金占淨儲備金總額的 21%，所有這些基本上都是不可放棄的。

Even with these protections, we monitor policyholder behavior regularly. Fixed deferred annuity surrenders were slightly elevated in the current quarter and during April, although in line with our long-term pricing expectations, and we experienced strong positive net inflows during the month.

即使有這些保護措施，我們仍會定期監控保單持有人的行為。儘管符合我們的長期定價預期，但本季度和 4 月份的固定遞延年金退保略有上升，而且我們在該月經歷了強勁的正淨流入。

Our asset and liability cash flows are tightly matched within a year or less. Assets are generally held to maturity, and we have many sources of liquidity. Our strong new business inflows are more than sufficient to meet outflows, as evidenced by our growth in assets under management. F&G does not expect to sell assets to meet a liability claim.

我們的資產和負債現金流在一年或更短時間內緊密匹配。資產通常持有至到期日，我們有很多流動性來源。正如我們管理資產的增長所證明的那樣，我們強勁的新業務流入足以應對流出。 F&G 不希望通過出售資產來滿足債務索賠。

As a further safeguard, we have ample sources of liquidity, including untapped capacity on our third-party credit facility, our parent revolver and FHLB borrowings. We also have $2.4 billion of cash and short-term investments on our balance sheet. And unlike many in the industry, we have a positive statutory interest maintenance reserve or IMR position of approximately $125 million, which protects statutory capital by serving as an offset to any realized loss on a portfolio asset sale.

作為進一步的保障，我們擁有充足的流動性來源，包括我們的第三方信貸額度、我們的母公司循環貸款和 FHLB 借款的未開發能力。我們的資產負債表上還有 24 億美元的現金和短期投資。與業內許多人不同的是，我們擁有約 1.25 億美元的正法定利息維持儲備金或 IMR 頭寸，通過抵消投資組合資產出售的任何已實現損失來保護法定資本。

We are vigilant in our risk management approach, which includes counterparty reviews and regular stress testing of our assets and liabilities to meet internal, regulatory and rating agency requirements. These various stress test results demonstrate the predictable nature of F&G's liabilities given our product design and also highlight another key differentiator between insurance companies and banks.

我們對我們的風險管理方法保持警惕，其中包括對我們的資產和負債進行交易對手審查和定期壓力測試，以滿足內部、監管和評級機構的要求。鑑於我們的產品設計，這些不同的壓力測試結果證明了 F&G 負債的可預測性，也突出了保險公司和銀行之間的另一個關鍵區別。

In a theoretical scenario where annuity surrenders are modeled with an unexpected spike, insurance companies like F&G would typically have a boost to earnings from the higher surrender charge fees and free up capital from the policy lapse.

在年金退保以意外飆升為模型的理論情景中，像 F&G 這樣的保險公司通常會因較高的退保費而增加收益，並從保單失效中釋放資本。

And next, turning to our investment portfolio. Our high-quality portfolio is diversified and well positioned to withstand uncertainty in the macro environment and well matched to our clean and stable liability profile. Our fixed income yield, excluding alternative investment volatility and variable investment income, has expanded to 4.33% for the first quarter as compared to 3.73% in the first quarter of 2022. This primarily reflects upside from the 18% of our portfolio held in floating rate assets and higher yields on new investments.

接下來，轉向我們的投資組合。我們高質量的投資組合多元化，能夠很好地抵禦宏觀環境的不確定性，並與我們乾淨穩定的負債狀況相匹配。我們的固定收益收益率（不包括另類投資波動性和可變投資收益）從 2022 年第一季度的 3.73% 擴大到第一季度的 4.33%。這主要反映了我們 18% 的投資組合以浮動利率持有的上升空間資產和新投資的更高收益率。

Our portfolio is allocated across 14 asset classes given our access to both public and private markets through Blackstone's asset origination capabilities. The fixed income portfolio is 95% investment grade, and we have a modest average credit-related impairments of 5 basis points over the last 3 years, well below our pricing assumption. Credit-related impairments net of reinsurance were negligible at 2 basis points in the first quarter.

我們的投資組合分佈在 14 個資產類別中，因為我們可以通過 Blackstone 的資產發起能力進入公共和私人市場。固定收益投資組合的投資級別為 95%，過去 3 年我們的信用相關減值平均為 5 個基點，遠低於我們的定價假設。扣除再保險後的信用相關減值在第一季度微不足道，為 2 個基點。

Given broader market concerns around credit exposure in commercial real estate sector with a prospect of a recession, I'd like to walk through a few aspects of our portfolio, including alts, commercial real estate, CLOs and regional bank exposure.

鑑於更廣泛的市場對商業房地產領域信貸風險敞口的擔憂以及經濟衰退的前景，我想介紹一下我們投資組合的幾個方面，包括 alts、商業房地產、CLO 和區域銀行風險敞口。

First, with regard to alternative limited partnerships in our financial supplement, the net asset value of our alts limited partnerships is about $2.6 billion or 6% of the total portfolio as of March 31. The majority of our alts are in private equity and real estate strategies with an underweighting to credit and real estate. In fact, only $54 million or 3% of the total alts portfolio is held in office and $5 million or less than 1% in retail.

首先，關於我們財務補充中的另類有限合夥企業，截至 3 月 31 日，我們的另類有限合夥企業的資產淨值約為 26 億美元，佔總投資組合的 6%。我們的大部分 alts 是私募股權和房地產減持信貸和房地產的策略。事實上，只有 5400 萬美元或 3% 的 alts 投資組合是在辦公室持有的，500 萬美元或不到 1% 是零售的。

Our long-term targeted allocation to alternative assets remains approximately 5%, although there will be some quarterly variation based on the timing as new commitments fund an existing alts runoff. Given the book was mostly deployed in 2018 and 2019, our timing was good, and the alts are seasoned and have performed well as expected. Since the FNF merger in June of 2020, F&G's alternative investment portfolio has returned 11% on average, and returns have been less volatile than the S&P 500 index.

我們對另類資產的長期目標配置仍保持在 5% 左右，但隨著新承諾為現有另類資產決流提供資金，根據時間安排會有一些季度變化。鑑於這本書主要是在 2018 年和 2019 年部署的，我們的時機很好，替代品已經過時並且表現如預期。自 2020 年 6 月與 FNF 合併以來，F&G 的另類投資組合平均回報率為 11%，回報波動低於標準普爾 500 指數。

Next, with regard to commercial real estate exposure. Looking at our CMBS, CML and alternatives portfolios combined, our exposure to office is $1 billion in aggregate or less than 3% of the total portfolio, while retail is $400 million or 1% of the total portfolio. Our CMBS and CML portfolios are of high quality and moderate leverage with diversified exposure across various geographic locations and property types, including residential, multifamily, industrial and logistics.

其次，關於商業地產的曝光。縱觀我們的 CMBS、CML 和另類投資組合，我們的寫字樓敞口總計為 10 億美元，佔總投資組合的不到 3%，而零售為 4 億美元，佔總投資組合的 1%。我們的 CMBS 和 CML 投資組合具有高質量和適度的槓桿作用，在不同的地理位置和房地產類型（包括住宅、多戶住宅、工業和物流）中具有多元化的風險敞口。

F&G is well insulated and underweighted relative to peers and also benefits from the expertise and insights that Blackstone holds as one of the largest property owners in the world.

F&G 相對於同行而言具有良好的絕緣性和低權重，並且還受益於 Blackstone 作為世界上最大的房地產所有者之一所擁有的專業知識和洞察力。

And next, with regard to collateralized loan obligations or CLOs. We hold $4.3 billion or 10% of the total portfolio fair value in CLOs as of March 31, which is well diversified across industry, issuer and manager, with 95% of our CLO portfolio investment grade and having ample structural protection with 19% par subordination.

接下來，關於抵押貸款義務或 CLO。截至 3 月 31 日，我們在 CLO 中持有 43 億美元或總投資組合公允價值的 10%，這在行業、發行人和管理人中非常多元化，我們的 CLO 投資組合投資級別的 95% 並具有充分的結構保護，19% 的面值從屬.

F&G has been a valuation-sensitive and opportunistic buyer of CLOs, with much of our position initiated in 2018. We have opportunistically reduced our CLO allocation over time and notably hold less than $18 million of CLO equity. Our seasoned portfolio has performed well, remains overcollateralized and is actively managed through Blackstone's investment professionals and rigorous underwriting capabilities.

F&G 一直是 CLO 的估值敏感和機會主義買家，我們的大部分頭寸是在 2018 年開始的。隨著時間的推移，我們機會主義地減少了我們的 CLO 分配，特別是持有不到 1800 萬美元的 CLO 股權。我們經驗豐富的投資組合表現良好，保持超額抵押，並通過 Blackstone 的投資專家和嚴格的承銷能力進行積極管理。

We feel that CLOs, if properly underwritten, have a better risk profile than holding the underlying loans directly given the inherent structural protections. In fact, historic data shows that CLOs hold a lower default rate relative to corporate credit and lower loss rate relative to its structured peers.

我們認為，鑑於內在的結構性保護，如果 CLO 得到適當承銷，其風險狀況要比直接持有基礎貸款更好。事實上，歷史數據表明，CLO 相對於公司信貸的違約率較低，相對於其結構化同業的損失率也較低。

Finally, with regard to regional bank exposure, we do not have any holdings in Silicon Valley Bank, Silvergate Bank or Signature Bank, and we reduced our modest year-end position in First Republic during the quarter with only a de minimis preferred stock holding remaining as of March 31.

最後，關於區域銀行敞口，我們沒有持有任何矽谷銀行、Silvergate 銀行或 Signature 銀行的股份，我們在本季度減少了我們在 First Republic 的適度年終頭寸，僅持有微量優先股截至 3 月 31 日。

Overall, we have conviction that our portfolio is well positioned to withstand an economic downturn and is well matched to our liability cash flows. We take a dynamic approach to continually re-underwriting the portfolio, taking advantage of market dislocations to not only increase the credit quality and diversification of the portfolio while also implementing targeted derisking programs to refine the portfolio on the margin over time as defensive positioning for potential macroeconomic conditions.

總體而言，我們堅信我們的投資組合能夠很好地抵禦經濟衰退，並且與我們的負債現金流量非常匹配。我們採取動態方法不斷重新承銷投資組合，利用市場錯位不僅提高投資組合的信貸質量和多元化，同時實施有針對性的去風險計劃，隨著時間的推移在邊際上完善投資組合，作為潛在的防禦性定位宏觀經濟狀況。

Our strategic investment management partnership with Blackstone remains a differentiated competitive advantage for F&G. We benefit from Blackstone's extensive origination capabilities, depth and breadth of expertise in having over 300 investment professionals and are in continual real-time communications as we assess the portfolio relative to anticipated market conditions.

我們與 Blackstone 的戰略投資管理合作夥伴關係仍然是 F&G 的差異化競爭優勢。我們受益於 Blackstone 廣泛的發起能力、深度和廣度的專業知識，擁有超過 300 名投資專業人士，並且在我們根據預期市場條件評估投資組合時進行持續的實時溝通。

Looking ahead, our prospects are bright. We see many opportunities to expand our profitability in addition to growing our assets under management. Our first quarter results demonstrate the underlying earnings power of the F&G business model where profitable asset growth drives earnings and we benefit from the higher rate environment. We compete and win in some of the industry's highest-growth product segments, including fixed and fixed indexed annuities and pension risk transfer. And we expect to launch our new registered index-linked annuity or RILA product later this year.

展望未來，我們的前景一片光明。除了增加我們管理的資產外，我們還看到了許多擴大盈利能力的機會。我們第一季度的業績證明了 F&G 商業模式的潛在盈利能力，其中盈利性資產增長推動盈利，我們受益於較高的利率環境。我們在一些行業增長最快的產品領域競爭並取勝，包括固定和固定指數年金以及養老金風險轉移。我們預計將在今年晚些時候推出我們新的註冊指數掛鉤年金或 RILA 產品。

We are also pursuing a strategy to expand our owned life insurance distribution while boosting our presence in underserved multicultural and middle-market segments. We have taken minority equity interests in 2 of our top life distribution groups, SYNCIS in early 2023 and FEG in 2021, and expect to expand with additional investments over time. We value the power of capital-light earnings streams from these owned distribution stakes, which are accretive to ROE and tend to trade at 2 to 3x the price earnings multiple of traditional life insurers.

我們還在推行一項戰略，以擴大我們自有的人壽保險分銷，同時提升我們在服務不足的多元文化和中間市場領域的影響力。我們已在 2023 年初的 SYNCIS 和 2021 年的 FEG 兩個頂級壽險分銷集團中獲得少數股權，並預計隨著時間的推移進行額外投資以擴大規模。我們重視來自這些自有分銷股權的輕資本收益流的力量，這些股權會增加股本回報率，並且往往以傳統壽險公司市盈率倍數的 2 至 3 倍進行交易。

We also expect to build on our partnerships for accessing flow reinsurance, which provides cash generation, fee-based earnings diversification and is also accretive to ROE.

我們還希望建立我們的合作夥伴關係以獲取流量再保險，它提供現金生成、基於費用的收入多元化，並且還可以增加 ROE。

To recap, we have strong momentum as we head into the second quarter with many opportunities ahead of us to further expand our business, which will ultimately drive margin expansion and improved returns. We continue on positive ratings outlook with both A.M. Best and Moody's, which reflects our proven track record, balance sheet strength, financial transparency and commitment to achieving upgrades over time. And we remain focused on delivering long-term value to our shareholders.

回顧一下，我們在進入第二季度時勢頭強勁，我們面前有許多機會可以進一步擴展我們的業務，這最終將推動利潤率的增長和回報的提高。我們繼續對 A.M. 和 A.M. Best 和 Moody's，這反映了我們可靠的業績記錄、資產負債表實力、財務透明度以及隨著時間的推移實現升級的承諾。我們仍然專注於為股東創造長期價值。

Let me now turn the call over to Wendy Young to provide further details on F&G's first quarter financial highlights.

現在讓我將電話轉給 Wendy Young，以提供有關 F&G 第一季度財務亮點的更多詳細信息。

Thanks, Chris. Today, I'll provide more details about our financial results and key performance metrics and capital liquidity and leverage position. Overall, F&G's financial performance in the first quarter was strong and builds on our proven track record. We continue to have strong capitalization and financial flexibility to successfully execute our growth strategy.

謝謝，克里斯。今天，我將提供有關我們的財務業績和關鍵績效指標以及資本流動性和槓桿狀況的更多詳細信息。總體而言，F&G 第一季度的財務表現強勁，建立在我們良好的業績記錄之上。我們繼續擁有強大的資本和財務靈活性，以成功執行我們的增長戰略。

Starting with adjusted net earnings. We have adopted the new accounting standard, targeted improvements to the accounting for long-duration contracts or LDTI using the full retrospective transition method effective January 1, 2023, with changes applied as of January 1, 2021, also referred to as the transition date.

從調整後的淨收益開始。我們採用了新的會計準則，使用完全追溯過渡法對長期合同或 LDTI 的會計處理進行了有針對性的改進，自 2023 年 1 月 1 日起生效，並於 2021 年 1 月 1 日（也稱為過渡日）應用變更。

As a reminder, LDTI is a U.S. GAAP accounting standard only with no impact to statutory results, insurance company cash flows or regulatory capital. The most significant effects of the new accounting standard on F&G's adjusted net earnings are, first, the adoption of constant-level amortization of actuarial intangibles, which will now show a more predictable trend and grow with the in-force book over time; and second, the new market risk benefit or MRB reserve change, which replaces the prior SOP 03-1 reserve change for the guaranteed minimum withdrawal or death benefits.

提醒一下，LDTI 只是美國 GAAP 會計準則，對法定結果、保險公司現金流量或監管資本沒有影響。新會計準則對F&G調整後淨收益最顯著的影響是，首先，精算無形資產採用恆定水平攤銷，現在將呈現出更可預測的趨勢，並隨著時間的推移隨著生效賬簿的增長而增長；其次，新的市場風險收益或 MRB 準備金變化，它取代了之前的 SOP 03-1 準備金變化，用於保證最低提款或死亡撫卹金。

We expect future quarterly fluctuations in market risk benefit actual experience that differs from expectations and with less amortization offset.

我們預計未來市場風險的季度波動有利於實際經驗，這與預期不同且攤銷抵消較少。

Our 2021 and 2022 financials have been adjusted for the retrospective update, as shown in our earnings release and quarterly financial supplement. For full year 2022, we reported adjusted net earnings of $328 million or $2.85 per share as recast for the new accounting standard as compared to the previously reported results of $345 million or $3 per share. For full year 2021, we reported adjusted net earnings of $656 million or $6.25 per share as recast for the new accounting standard as compared to previously reported results of $551 million or $5.25 per share.

我們的 2021 年和 2022 年財務數據已針對追溯更新進行了調整，如我們的收益發布和季度財務補充所示。對於 2022 年全年，我們報告根據新會計準則調整後的淨收益為 3.28 億美元或每股 2.85 美元，而之前報告的結果為 3.45 億美元或每股 3 美元。對於 2021 年全年，我們報告根據新會計準則調整後的淨收益為 6.56 億美元或每股 6.25 美元，而之前報告的結果為 5.51 億美元或每股 5.25 美元。

After excluding significant income and expense items and normalizing for short-term alternative investment volatility, our underlying earnings are 5% higher for both full years 2021 and 2022 under the new accounting standard. This reflects timing differences when sources of actual earnings emerged, although from an economic perspective, the underlying product profitability is unchanged.

在剔除重大收入和支出項目並針對短期另類投資波動進行標準化後，根據新會計準則，我們 2021 年和 2022 年全年的基本收益都高出 5%。這反映了實際收益來源出現的時間差異，儘管從經濟角度來看，基礎產品的盈利能力沒有變化。

For the first quarter of 2023, we reported adjusted net earnings of $49 million or $0.39 per share. This included $99 million of investment income from alternative investments, offset by $37 million tax valuation allowance expense. Alternative investments investment income based on management's long-term expectation return of approximately 10% was $132 million.

2023 年第一季度，我們報告調整後淨收益為 4900 萬美元或每股 0.39 美元。這包括來自另類投資的 9900 萬美元投資收入，被 3700 萬美元的稅收估值津貼支出所抵消。基於管理層約 10% 的長期預期回報率的另類投資投資收益為 1.32 億美元。

I'll note that on a net income basis, we had $195 million loss in the quarter prior to non-GAAP adjustments largely driven by the mark-to-market movements. Going forward, we expect additional volatility in our quarterly adjusted net earnings trend due to timing differences from both the alternatives investment portfolio short-term mark-to-market movement that differs from long-term return expectations as well as MRB reserve changes for actual to expected experience variances, which were previously partially offset by intangible amortization.

我會注意到，在淨收入的基礎上，我們在非 GAAP 調整之前的那個季度虧損了 1.95 億美元，這主要是由按市值計算的變動驅動的。展望未來，由於替代投資組合的時間差異、與長期回報預期不同的短期按市值變動以及 MRB 儲備對實際到預期的經驗差異，之前被無形攤銷部分抵消。

Again, underlying economics have not changed. And under the new accounting standard, our adjusted return on assets continues to trend over time above our return on assets target of 100 basis points. Further details are provided in our earnings release and quarterly financial supplements as well as our investor presentation available on our website. Our 10-Q will also include expanded disclosures pursuant to new LDTI accounting standard.

同樣，基礎經濟學沒有改變。在新會計準則下，我們調整後的資產回報率隨著時間的推移繼續趨於高於我們 100 個基點的資產回報率目標。我們的收益發布和季度財務補充以及我們網站上的投資者介紹中提供了更多詳細信息。我們的 10-Q 還將包括根據新的 LDTI 會計標準的擴展披露。

Turning to our balance sheet. Our capital, liquidity and leverage position is strong. Starting with our GAAP book value per share, our balance sheet for 2021 and 2022 have been adjusted for the retrospective LDTI update. As of December 31, 2022, we reported GAAP book value excluding AOCI of $5.2 billion or $41.45 per share as recast for the new accounting standard as compared to previously reported results of $4.6 billion or $36.66 per share.

轉向我們的資產負債表。我們的資本、流動性和槓桿狀況很強。從我們的 GAAP 每股賬面價值開始，我們的 2021 年和 2022 年資產負債表已針對追溯 LDTI 更新進行了調整。截至 2022 年 12 月 31 日，我們報告的 GAAP 賬面價值（不包括 AOCI）為 52 億美元或每股 41.45 美元（根據新會計準則重新計算），而之前報告的結果為 46 億美元或每股 36.66 美元。

The approximately $600 million increase in equity reflects 3 primary updates to retained earnings, including approximately $500 million increase for changes in the MRB reserve and elimination of former SOP 03-1 reserve and $170 million increase for the migration to a constant actuarial intangible amortization methodology, partially offset by $60 million decrease for other items.

約 6 億美元的權益增加反映了對留存收益的 3 次主要更新，包括約 5 億美元的 MRB 儲備變化和消除前 SOP 03-1 儲備的增加以及 1.7 億美元的遷移到恆定精算無形攤銷方法的增加，部分被其他項目減少 6000 萬美元所抵消。

We ended the first quarter with a GAAP book value excluding AOCI of $5 billion or $39.94 per share with 126 million common shares outstanding as of March 31. There is a page in our investor presentation detailing the analysis of book value per share.

截至 3 月 31 日，我們在第一季度結束時的 GAAP 賬面價值為 50 億美元或每股 39.94 美元，發行在外的普通股為 1.26 億股。我們的投資者介紹中有一頁詳細介紹了每股賬面價值的分析。

F&G's debt-to-capitalization ratio excluding AOCI was 24% as of March 31, in line with our long-term target. This reflects both the restatement of equity under the new accounting standard and $500 million of new senior notes issued during the quarter. We intend to use the net proceeds from the senior notes issuance to support the growth of the business and for future liquidity needs.

截至 3 月 31 日，F&G 不包括 AOCI 的債務資本化比率為 24%，符合我們的長期目標。這既反映了新會計準則下的權益重述，也反映了本季度發行的 5 億美元新優先票據。我們打算將優先票據發行的淨收益用於支持業務增長和滿足未來的流動性需求。

Our annual interest expense is approximately $95 million or roughly 6% blended yield on the $1.6 billion total debt outstanding. We target holding company cash and invested assets at 2x fixed charge coverage.

我們每年的利息支出約為 9500 萬美元，或 16 億美元未償債務總額的混合收益率約為 6%。我們的目標是控股公司現金和投資資產的固定費用覆蓋率為 2 倍。

Our strong capitalization supports growth and distributable cash. During the first quarter, we paid our first public company quarterly dividend in the amount of $0.20 per share of common stock or $25 million. Following yesterday's announcement in the second quarter cash dividend of $0.20 per share, we view our current annual common dividend of approximately $100 million as sustainable.

我們強大的資本支持增長和可分配現金。第一季度，我們支付了第一筆上市公司季度股息，每股普通股 0.20 美元，即 2500 萬美元。在昨天宣布第二季度每股 0.20 美元的現金股息之後，我們認為我們目前大約 1 億美元的年度普通股息是可持續的。

This translates into a dividend yield of approximately 4% based on F&G's recent market capitalization of approximately $2.4 billion and demonstrates the underlying strength in our business as well as our commitment to creating value for our shareholders. The dividend is reviewed quarterly and expected to increase over time subject to cash flows and alternative uses of capital and market conditions.

根據 F&G 最近約 24 億美元的市值，這相當於約 4% 的股息收益率，並證明了我們業務的潛在實力以及我們為股東創造價值的承諾。股息每季度審查一次，預計會隨著時間的推移增加，具體取決於現金流和資本的其他用途以及市場條件。

Our Board of Directors has also authorized the initiation of a 3-year $25 million share repurchase program, as announced on March 21, to take advantage of our shares currently trading at a significantly discount to intrinsic value. As we have executed on our business plan to double assets under management and earnings per share by expanding our business into new channels of distribution well ahead of our original target time frame, the market has been slow to recognize the value that has been created, and we felt the repurchase program authorization was important to demonstrate our commitment to creating shareholder value.

正如 3 月 21 日宣布的那樣，我們的董事會還授權啟動一項為期 3 年 2500 萬美元的股票回購計劃，以利用我們目前以大幅低於內在價值的價格交易的股票。由於我們已經執行了我們的業務計劃，通過將我們的業務擴展到新的分銷渠道，遠早於我們原定的目標時間框架，將管理資產和每股收益翻番，市場對所創造的價值的認識一直很慢，並且我們認為回購計劃授權對於證明我們對創造股東價值的承諾很重要。

Finally, turning to our statutory capital position. We came into 2023 with a strong balance sheet, and we continue to target a company action level risk-based capital or RBC ratio of 400%.

最後，轉向我們的法定資本狀況。我們以強勁的資產負債表進入 2023 年，我們繼續將公司行動層面的基於風險的資本或 RBC 比率的目標定為 400%。

Let me now turn the call over to Chris to provide further details on F&G's reinsurance initiative.

現在讓我將電話轉給克里斯，以提供有關 F&G 再保險計劃的更多詳細信息。

Thanks, Wendy. We continue to execute on our planned reinsurance initiatives to support the ongoing growth of the business, including additional optimization through flow reinsurance. The ability of our new business platform to generate premiums is attractive to third-party asset managers, especially those who are not paired with an insurer as a means for them to take on asset growth and generate fees from the flow.

謝謝，溫迪。我們繼續執行我們計劃的再保險計劃，以支持業務的持續增長，包括通過流量再保險進行額外優化。我們新業務平台產生保費的能力對第三方資產管理公司很有吸引力，尤其是那些沒有與保險公司配對的資產管理公司，作為他們承擔資產增長並從流量中產生費用的手段。

To illustrate the economics for F&G, for every $1 billion of new business flow reinsurance, we free up approximately $75 million of capital to redeploy to the highest-returning retained business. This is meaningful. And to help put that amount in perspective, that is nearly 10% of the estimated $800 million of capital generation from our entire in-force block in 2023.

為了說明 F&G 的經濟性，對於每 10 億美元的新業務流量再保險，我們釋放大約 7500 萬美元的資本以重新部署到回報率最高的保留業務。這是有意義的。為了幫助正確看待這一數額，這幾乎占到 2023 年我們整個生效區塊估計產生的 8 億美元資本的 10%。

Importantly, we expect to grow gross sales at a double-digit clip while managing net sales retained to a level that continues to grow our AUM. We estimate that we could retain as little as $6 billion to $7 billion of gross sales and continue to grow the block.

重要的是，我們預計總銷售額將以兩位數的速度增長，同時將保留的淨銷售額管理到繼續增長我們的 AUM 的水平。我們估計我們可以保留低至 60 億至 70 億美元的總銷售額，並繼續擴大這一塊。

In this scenario, as long as sales are well in excess of outflows, we're still growing with net inflows, albeit at a smaller spread but with less capital. This is highly accretive to ROE and also provides free cash flow from the ceding commission and expense allowances generated. We are well into our planning process, and I look forward to providing further details next quarter.

在這種情況下，只要銷售額遠遠超過流出，我們就會在淨流入的情況下繼續增長，儘管利差較小但資本較少。這對 ROE 有很大的貢獻，並且還可以從產生的分出佣金和費用津貼中提供自由現金流。我們的規劃過程已經很順利，我期待在下個季度提供更多細節。

So to wrap up, F&G is well positioned to fund its continued growth with positive and growing in-force capital generation, ample opportunity for future reinsurance programs and available debt capacity as our balance sheet delevers with book value growth over time. And taken together, our common dividend and share repurchase programs demonstrate our commitment to creating shareholder value through a healthy return of capital to our shareholders.

因此，總而言之，隨著我們的資產負債表隨著賬面價值的增長而去槓桿化，F&G 有能力通過積極和不斷增長的有效資本生成、未來再保險計劃的充足機會和可用債務能力為其持續增長提供資金。總而言之，我們的共同股息和股票回購計劃表明我們致力於通過向股東提供健康的資本回報來創造股東價值。

This concludes our prepared remarks. And let me now turn the call back to our operator for questions.

我們準備好的發言到此結束。現在讓我將電話轉回給我們的接線員詢問問題。

(Operator Instructions) Our first question is from A.J. Hayes with Stephens Inc.

（操作員說明）我們的第一個問題來自 A.J.海耶斯與斯蒂芬斯公司

Congrats on the quarter. Can we first off just walk through your earnings rule of thumb that you've shared in the past of earnings largely equating to 1% times average AUM? So after adopting LDTI, first off, you mentioned in prepared remarks that you continue to expect ROA to be 100 basis points or maybe north of that. But with that said, would this historic rule of thumb still be a good measure of adjusted net earnings long term?

祝賀這個季度。我們能否首先介紹一下您過去分享的收益經驗法則，收益主要等於平均 AUM 的 1%？因此，在採用 LDTI 之後，首先，您在準備好的評論中提到，您繼續期望 ROA 為 100 個基點，或者可能高於此。但話雖如此，這個歷史性的經驗法則仍然是長期衡量調整後淨收益的好方法嗎？

Yes. This is Chris. We do think that's still a good measure long term. And as we've said before, I think we've averaged probably closer to 105 or 106. Obviously, there was a little bit of noise and a couple of onetimers this quarter. But if we adjust for what we consider to be unusual or not recurring items, we're still comfortably in that zip code.

是的。這是克里斯。我們確實認為從長遠來看這仍然是一個很好的衡量標準。正如我們之前所說，我認為我們的平均值可能接近 105 或 106。顯然，本季度出現了一些噪音和一些一次性事件。但是，如果我們針對我們認為不尋常或不經常出現的項目進行調整，我們仍然可以輕鬆地使用該郵政編碼。

Great. And then, Chris, you also mentioned that RILA is expected to launch later this year. Can you kind of expand on that planned rollout of that product offering? How quickly do you think you can gain traction in that space? And then maybe what potential contributions from RILA it may contribute here in 2023?

偉大的。然後，克里斯，你還提到 RILA 預計將在今年晚些時候推出。您能否擴展該產品的計劃推出？你認為你能多快在那個領域獲得牽引力？那麼 RILA 可能會在 2023 年在這裡做出什麼潛在貢獻？

Yes. And maybe just a little bit of background here, as you know, it tends to be a bit more popular product in the broker-dealer channel. And so if you look at our channel expansion, we have had success selling FIAs and certainly MYGAs through broker-dealers, but the bulk of the sales have really been through banks, so banks much more fixed-oriented. RILA tends to have a much bigger following in the BD community. So that's really why we're doing it. And a lot of our adds to our distribution partners have been in the broker-dealer space in anticipation of this.

是的。正如您所知，這裡可能只是一點背景，它往往是經紀自營商渠道中更受歡迎的產品。因此，如果你看看我們的渠道擴張，我們已經成功地通過經紀自營商銷售 FIA，當然還有 MYGA，但大部分銷售實際上是通過銀行進行的，因此銀行更加固定。 RILA 在 BD 社區中往往擁有更多的追隨者。所以這就是我們這樣做的真正原因。我們的許多分銷合作夥伴都在經紀交易商領域預料到了這一點。

Frankly, I don't think we're going to see the big splash like we saw when we launched at Raymond James. I think we did $1 billion in the first year, and that was pretty incredible. I think this will be a bit more of a slow build of probably a couple of hundred million of sales and building after that. But long term, we're quite excited about it. And again, it plays to the exact same strengths of why we compete and win in the FIA space applied to RILA.

坦率地說，我認為我們不會像在 Raymond James 推出時那樣引起轟動。我認為我們在第一年就賺了 10 億美元，這太不可思議了。我認為這將是一個緩慢的過程，可能需要幾億的銷售量和之後的建設。但從長遠來看，我們對此感到非常興奮。再一次，它發揮了我們在適用於 RILA 的 FIA 空間中競爭和獲勝的完全相同的優勢。

Great. And then one more if I may. It seems your own distribution strategy is a growing piece of the F&G story. Maybe if you were to take a crystal ball and look a couple of years down the road, 3 to 5 years, I'll give you the flexibility there, but what does your owned distribution strategy look like? And maybe how does that contribute to earnings long term?

偉大的。如果可以的話，再來一張。您自己的分銷策略似乎是 F&G 故事中不斷增長的一部分。也許如果你拿著水晶球看幾年後，3 到 5 年，我會給你靈活性，但你自己的分銷策略是什麼樣的？也許這對長期收益有何貢獻？

Yes. I'm sure my team is going to kick me under the table here, but I think we could deploy $1 billion of capital in the next few years into these types of investments. And our early experience has been really, really positive. In many cases, they're firms that we've got a couple of decades of experience working with, very strong management teams. And as you know, these are not capital-intensive earnings, and they're earnings that trade at a much higher multiple or rewarded with much higher multiples than typically spread-based earnings.

是的。我敢肯定我的團隊會在這裡把我踢到桌子底下，但我認為我們可以在未來幾年內將 10 億美元的資金投入到這些類型的投資中。我們早期的經歷非常非常積極。在許多情況下，他們是我們擁有數十年合作經驗的公司，擁有非常強大的管理團隊。如您所知，這些不是資本密集型收益，它們是交易價格高得多的收益或以比通常基於利差的收益高得多的倍數回報的收益。

So yes, I think part of the strategy of utilizing a little more reinsurance, taking some of that cash flow and reinvesting it in some of these partners, I think, is going to prove to be highly accretive to shareholders.

所以，是的，我認為，利用更多再保險、提取部分現金流並將其再投資於其中一些合作夥伴的戰略的一部分，我認為，將被證明對股東有很高的增值作用。

(Operator Instructions) Our next question is from Mark Hughes with Truist Securities.

（操作員說明）我們的下一個問題來自 Truist Securities 的 Mark Hughes。

Yes. What is the economics here of the MYGAs? You obviously had a big jump in sales. I know you're reinsuring a lot of that. Refresh me on what the implication is around capital. And then with the interest rates, et cetera, where they're at now, do you anticipate that, that will continue to be a big contributor as we go through the year?

是的。 MYGA 的經濟學原理是什麼？你的銷售額顯然有了很大的飛躍。我知道你在為其中的很多東西再投保。讓我重新了解資本的含義。然後是利率，等等，他們現在在哪裡，你是否預計，在我們度過這一年時，這將繼續成為一個重要的貢獻者？

Yes. I'll start, and I'm sure Wendy is going to want to jump in here, too. I think when we look at the economics of it right now, the demand for profitable premiums is red-hot right now in the reinsurance community. And so we have an ability to -- in a retained sale, as we've said, we put up a fair amount of capital. It could be as much as 15% upfront. We capture north of 100 basis points of spread.

是的。我要開始了，我相信 Wendy 也會想加入進來。我認為，當我們現在審視它的經濟學時，現在再保險界對可盈利保費的需求是炙手可熱的。因此，我們有能力——正如我們所說，在保留銷售中，我們投入了大量資金。它可能高達 15% 的預付款。我們捕獲超過 100 個基點的價差。

In a reinsured sale, and you see examples of that in our Investor Day presentation on the website, we're obviously getting less spread but putting up a tiny fraction of the amount of capital. So it is highly accretive and something we believe can drive significant ROE expansion going forward. So yes, that is something you could expect us to do more. It has the other benefit of increasing free cash flow.

在再保險銷售中，您可以在我們網站上的投資者日演示文稿中看到這樣的例子，我們顯然正在減少價差，但只投入了一小部分資金。因此，它具有很高的增值性，我們相信可以推動未來 ROE 的顯著擴張。所以是的，這是你可以期望我們做更多的事情。它還具有增加自由現金流的另一個好處。

So for every $1 billion of sales that we reinsure, think of it as roughly saving maybe $75 million of capital. So you can do that math. And I said in the prepared remarks that we can retain as little as $6 billion or $7 billion of our sales, still grow the block because we don't want to run off the block. We want the block to grow.

因此，對於我們再保險的每 10 億美元銷售額，可以認為它大約可以節省 7500 萬美元的資本。所以你可以做那個數學。我在準備好的發言稿中說過，我們可以保留低至 60 億美元或 70 億美元的銷售額，但仍會繼續增長，因為我們不想跑掉。我們希望區塊增長。

And if we reinsure the amounts over that, you can do that math, it creates a fair amount of cash. And we're on positive outlook with a couple of the rating agencies. Obviously, every CEO believes they're due an upgrade. And that's really important to us, is keeping a really strong capital position.

如果我們對這些金額進行再保險，你可以計算一下，它會創造相當數量的現金。我們對一些評級機構持樂觀態度。顯然，每位首席執行官都認為他們應該升級。這對我們來說真的很重要，就是保持非常強大的資本狀況。

Is there..

有沒有..

The only thing I would add, Mark...

我唯一要補充的是，馬克...

Yes, yes.

是的是的。

Yes. The only thing I would add, the reason for it being really accretive is in the second year, you're releasing all the capital that you put up in the first year, whereas on a retained sale, you still have half the capital that you need to hold and that gradually wears down over the life of the contract. So that's why it's very accretive.

是的。我唯一要補充的是，它真正增值的原因是在第二年，你釋放了你在第一年投入的所有資本，而在留存銷售中，你仍然擁有一半的資本需要持有並且在合同的整個生命週期中逐漸磨損。所以這就是為什麼它非常具有增值性。

And I think, Mark, to jump ahead where I think you were going next, so yes, we don't have $1 billion of cash sitting around right now. But again, these are investments we would make over the next few years. And on average, they're $100 million or less at a crack. They're not gigantic investments.

我認為，馬克，要跳到我認為你下一步要去的地方，所以是的，我們現在沒有 10 億美元的現金。但同樣，這些是我們將在未來幾年內進行的投資。平均而言，他們的收入僅為 1 億美元或更少。它們不是巨額投資。

So I mean if you took, say, $4 billion of reinsured sales, used that $75 million, you're freeing up $300 million of cash in a year.

所以我的意思是，如果你拿了 40 億美元的再保險銷售，用了這 7500 萬美元，你一年就釋放了 3 億美元的現金。

Right. Okay. And are there enough of these businesses that are out there of sufficient size and capability and are being transacted that you could reasonably put that amount of capital or lower?

正確的。好的。是否有足夠多的這些企業具有足夠的規模和能力並且正在進行交易，您可以合理地投入該數量或更少的資本？

Yes, we believe there are.

是的，我們相信有。

Okay. How do you see demand? I think you've talked about the competitive environment being maybe relatively favorable because there's been very strong demand. And so carriers had to reduce crediting rates just to control that volume. Do you still see the market like that now? And is there anything around the evolution of the banking crisis here that is changing that dynamic?

好的。您如何看待需求？我想你已經談到競爭環境可能相對有利，因為需求非常強勁。因此，承運人不得不降低信用利率以控制該數量。你現在還這樣看市場嗎？圍繞銀行業危機的演變，是否有任何事情正在改變這種動態？

And I'll throw in one other variable, which is that if interest rates do come down as the Fed is threatening, does that impact, do you think, the demand environment?

我將引入另一個變量，即如果利率真的像美聯儲威脅的那樣下降，你認為這會影響需求環境嗎？

Yes. I'll try to hit them all. I think anytime you see market volatility like this, it's just good for our core products because again, insurers and banks are the only folks that are legally allowed to use the G word for guarantees, right? And so I think that's a huge positive. Obviously, the rate differential over CDs is always positive. And so it's a positive for us right now.

是的。我會盡力擊中他們。我認為任何時候你看到這樣的市場波動，這對我們的核心產品都是有利的，因為保險公司和銀行是唯一合法允許使用 G 詞進行擔保的人，對吧？所以我認為這是一個巨大的積極因素。顯然，CD 的利率差總是正的。所以現在對我們來說是積極的。

And again, the level of rates, and you've seen sort of our historical spread relative to the 10-year treasury, it's been as low as 39 basis points and as high as high 4s, and we're able to eke out a spread.

再一次，利率水平，你已經看到了我們相對於 10 年期國債的歷史利差，低至 39 個基點，高至 4 個基點，我們能夠勉強維持傳播。

So it's really that differential with the banks. I would suspect, given some of the capital pressures, that banks will likely be a little less competitive on CDs, so just my hypothesis here.

因此，這與銀行確實存在差異。我懷疑，考慮到一些資本壓力，銀行在 CD 上的競爭力可能會降低一些，所以這裡只是我的假設。

And then the other, which I think is more of a longer-term impact, to the extent that some of the banks, particularly the regionals have to pull back from some of the lending activity that they used to do, I think that creates opportunities for the Blackstones of the world, and that's something I think we could benefit from as well.

然後是另一個，我認為這是一個更長期的影響，在某種程度上，一些銀行，特別是地區性銀行不得不從他們過去做過的一些貸款活動中退出，我認為這創造了機會對於世界上的 Blackstones，我認為我們也可以從中受益。

Ladies and gentlemen, we have reached the end of the question-and-answer session. And I would like to turn the call back to Chris Blunt for closing remarks.

女士們，先生們，我們的問答環節已經結束。我想將電話轉回給 Chris Blunt 以作結束語。

We're pleased with our overall results, as you can tell. Despite the uncertainty and volatility in the current macro environment, we think F&G is poised to benefit in this higher rate environment. And we're off to a strong start in our second quarter as a publicly traded company.

如您所知，我們對整體結果感到滿意。儘管當前宏觀環境存在不確定性和波動性，但我們認為 F&G 有望在這種高利率環境中受益。作為一家上市公司，我們在第二季度開局良好。

As I said earlier, we expect to expand our business with a focus on further improving our profitability, which we believe over time will drive multiple expansion to deliver value to shareholders.

正如我之前所說，我們希望擴大我們的業務，重點是進一步提高我們的盈利能力，我們相信隨著時間的推移，這將推動多重擴張，為股東創造價值。

Thanks for your time this morning. We appreciate your interest in F&G and look forward to updating you on our second quarter earnings call.

感謝您今天早上的時間。我們感謝您對 F&G 的興趣，並期待在我們第二季度的財報電話會議上向您通報最新情況。

This concludes today's conference. Thank you for your participation. You may disconnect your lines at this time.

今天的會議到此結束。感謝您的參與。此時您可以斷開線路。