F&G Annuities & Life Inc (FG) 2024 Q2 法說會逐字稿

Good morning, and welcome to the F&G's second quarter earnings conference call.

早上好，歡迎參加 F&G 第二季財報電話會議。

(Operator Instructions) And as a reminder, this conference call is being recorded.

（操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to turn the call over to Lisa Foxworthy-Parker, SVP, Investor and External Relations.

我現在想將電話轉給投資者和對外關係高級副總裁 Lisa Foxworthy-Parker。

Please go ahead.

請繼續。

Great.

偉大的。

Thanks, operator, and welcome, everyone.

謝謝運營商，歡迎大家。

Joining me today are Chris Blunt, Chief Executive Officer; and Wendy Young, Chief Financial Officer.

今天加入我的是執行長 Chris Blunt；和財務長 Wendy Young。

We look forward to addressing your questions following our prepared remarks.

我們期待在我們準備好的發言後回答您的問題。

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.

今天的財報電話會議可能包括《私人證券訴訟改革法案》下的前瞻性陳述和預測，這些陳述和預測並不保證未來的事件或績效。

We do not undertake any duty to revise or update such statements to reflect new information, subsequent events or changes in strategy.

我們不承擔任何修改或更新此類聲明以反映新資訊、後續事件或策略變更的責任。

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.

請參閱我們最近向 SEC 提交的文件，以了解可能導致實際結果與明示或暗示的結果有重大差異的因素的討論。

This morning's discussion also includes non-GAAP financial measures that we believe maybe meaningful to investors.

今天早上的討論還包括我們認為可能對投資者有意義的非公認會計準則財務指標。

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.

根據美國證券交易委員會(SEC) 規則的要求，我們的收益發布、財務補充資料和投資者介紹中的非公認會計準則衡量標準已與公認會計準則進行了調整，所有這些都可以在公司網站上獲取。

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 PM Eastern Time through August 13, 2024.

今天的通話正在錄音中，並將在 fglife.com 上進行網路廣播重播。從今天東部時間下午 1:00 到 2024 年 8 月 13 日，也可以透過電話重播觀看。

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執行長克里斯布朗特。

Good morning, everyone.

大家早安。

Thanks for joining us to discuss our second quarter results.

感謝您加入我們討論我們的第二季業績。

We've delivered another terrific quarter and continue to build on our proven track record.

我們又交付了出色的季度業績，並將繼續鞏固我們已證實的業績記錄。

Before reviewing our performance over the last three months, I'd like to highlight the strong progress we've made over the last year in delivering towards our Investor Day value creation levers.

在回顧我們過去三個月的業績之前，我想強調我們去年在實現投資者日價值創造槓桿方面取得的巨大進展。

During our Investor Day held in October 2023, we outlined the potential for upside from asset growth, margin expansion and multiple uplift.

在 2023 年 10 月舉行的投資者日期間，我們概述了資產成長、利潤率擴張和倍數提升的上行潛力。

We used performance in the second quarter of 2023 as our baseline and looked out over a five year medium-term horizon to illustrate key financial targets.

我們以 2023 年第二季的業績為基準，展望五年中期，以說明關鍵財務目標。

Over the last 12 months, our business has been hitting on all cylinders and we are currently on pace to achieve our targets.

在過去 12 個月中，我們的業務一直在全力以赴，目前正在努力實現我們的目標。

Starting with asset growth.

從資產成長開始。

Second quarter AUM before flow reinsurance of $61.4 billion increased 21% over the last year, driven by retail and PRT sales.

在零售和 PRT 銷售的推動下，第二季流量再保險前的資產管理規模 (AUM) 為 614 億美元，比去年同期成長 21%。

We are well on our way toward our targeted 50% growth in AUM before flow reinsurance by 2028.

我們正朝著 2028 年流量再保​​險之前的 AUM 成長 50% 的目標邁進。

We now expect to achieve this target on a net basis as well.

我們現在預計也能在淨額基礎上實現這一目標。

As we deploy proceeds from the $250 million preferred stock investment that FNF made earlier this year to accelerate the growth of our retained AUM above the level considered at the time of our Investor Day.

我們部署了 FNF 今年稍早進行的 2.5 億美元優先股投資的收益，以加速我們保留的資產管理規模的成長，使其高於投資者日時考慮的水平。

Next, margin expansion.

接下來，獲利擴張。

Adjusted return on assets, excluding significant items, expanded to 130 basis points in the second quarter, primarily driven by investment margin, disciplined expense management and accretive flow reinsurance as well as enhanced earnings power from owned distribution.

第二季調整後的資產報酬率（不包括重要項目）擴大至 130 個基點，這主要是受到投資利潤率、嚴格的費用管理和增值流量再保險以及自有分銷盈利能力增強的推動。

This is above our 110 basis points ROA baseline from our Investor Day and we are closing in on our targeted range of 133 basis points to 155 basis points.

這高於投資者日的 110 個基點 ROA 基線，我們正在接近 133 個基點至 155 個基點的目標範圍。

This strong performance has generated both ROE and multiple expansion.

這種強勁的業績帶來了ROE和倍數擴張。

We've expanded adjusted return on equity, excluding significant items over the last year from 10% to 12% as we advance toward our targeted range of 13% to 14%.

我們擴大了調整後的股本回報率，排除去年的重大項目，將其從 10% 提高到 12%，並朝著 13% 到 14% 的目標範圍邁進。

Lastly, multiple uplift.

最後，多重提升。

We are pleased to see increasing recognition of the intrinsic value of F&G's new business platform and growing in-force book in its stock price, which was trading at approximately 7 times P/E multiple on consensus 2025 earnings at June 30.

我們很高興看到F&G 新業務平台的內在價值得到越來越多的認可，其股價的有效賬面價值不斷增長，截至6 月30 日，該公司的市盈率約為7 倍（以2025 年共識收益計算）。

This is up from the 5 times to 6 times multiple a year ago and is now more in line with peers, although not fully yet reflecting our margin expansion and growth rate of earnings.

這一數字從一年前的 5 倍上升到 6 倍，現在與同行更加一致，儘管尚未完全反映我們的利潤率擴張和盈利增長率。

We see further potential for improvement to the market multiple on our core business as well as a multiple rerating from our own distribution strategy.

我們看到我們的核心業務的市場倍數有進一步改善的潛力，以及我們自己的分銷策略的倍數重估。

Overall, we continue to have great momentum in executing our strategy, and we're on pace to achieve our financial targets.

總體而言，我們在執行策略方面繼續保持強勁勢頭，並且正在努力實現我們的財務目標。

Now turning to results for the quarter, starting with sales.

現在轉向本季的業績，從銷售額開始。

We delivered record gross sales of $4.4 billion in the second quarter, up 47% over the prior year quarter, driven by record retail sales and robust institutional sales.

在創紀錄的零售銷售和強勁的機構銷售的推動下，我們第二季的總銷售額達到創紀錄的 44 億美元，比去年同期成長 47%。

Record retail sales from our agency bank and broker-dealer channels were $3.2 billion, up 39% over the prior year quarter and topping the $3 billion quarterly level for the first time.

我們的代理商銀行和經紀自營商通路的零售額創歷史新高，達 32 億美元，比去年同期成長 39%，首次突破 30 億美元的季度水準。

This is in line with industry annuity sales that continue to surge due to favorable economic conditions.

這與由於有利的經濟狀況而持續飆升的行業年金銷售額是一致的。

Robust institutional market sales of $1.2 billion increased from $700 million in the prior year quarter, and can fluctuate quarter-to-quarter.

穩健的機構市場銷售額從去年同期的 7 億美元增加到 12 億美元，並且可能會出現季度波動。

This included $300 million of pension risk transfer sales, which contributed to a new record of $900 million in PRT sales for the first half of the year.

其中包括 3 億美元的退休金風險轉移銷售，推動上半年 PRT 銷售創下 9 億美元的新紀錄。

And $900 million of funding agreements as we return to the FABN market for the first time in two years, given more favorable market conditions.

鑑於更有利的市場條件，我們兩年來首次重返 FABN 市場，並達成了 9 億美元的融資協議。

F&G's retained sales were $3.4 billion in the second quarter, up 55% over the prior year quarter.

F&G 第二季的留存銷售額為 34 億美元，比去年同期成長 55%。

As a reminder, we manage the level of flow reinsurance in line with our capital targets and are able to adjust up or down over time as market economics change.

提醒一下，我們根據我們的資本目標管理流量再保險水平，並能夠隨著市場經濟的變化而上下調整。

We have profitably grown retained assets under management to a record $52.2 billion at June 30.

截至 6 月 30 日，我們管理的保留資產已實現盈利，達到創紀錄的 522 億美元。

This is an increase of $6 billion or 13% over the second quarter of 2023 and driven by net new business flows, stable in-force retention and net debt and equity proceeds over the last 12 months.

這比 2023 年第二季度增加了 60 億美元，即 13%，這是由過去 12 個月的淨新業務流、穩定的有效保留以及淨債務和股權收益推動的。

AUM before flow reinsurance was $61.4 billion, adjusting for approximately $9.2 billion of cumulative new business seeded.

流量再保險前的資產管理規模為 614 億美元，根據累計新種子業務約 92 億美元進行調整。

We continue to see sustainable long-term momentum for growth across our multichannel new business platform and strong demand for our products, given very attractive demographic tailwinds as well as large and growing markets.

鑑於非常有吸引力的人口順風以及龐大且不斷增長的市場，我們繼續看到多通路新業務平台的可持續長期增長勢頭以及對我們產品的強勁需求。

We serve a market with very attractive demographic tailwinds as 10,000 baby boomers are retiring every day.

我們服務的市場具有非常有吸引力的人口順風，每天有 10,000 名嬰兒潮世代退休。

Demand for our fixed annuity products continues to grow as people plan for retirement that could last 30-plus years and are seeking solutions that can withstand market volatility.

隨著人們為長達 30 多年的退休生活做計劃，並尋求能夠抵禦市場波動的解決方案，對我們固定年金產品的需求持續增長。

Both retirees and advisers are turning to fixed annuities for simplicity, relatively higher interest rates, guaranteed tax deferred growth and principal protection as an alternative to the traditional 60/40 investment portfolio.

退休人員和顧問都轉向固定年金，以實現簡單性、相對較高的利率、保證的稅收遞延成長和本金保護，作為傳統 60/40 投資組合的替代方案。

We are strategically positioned for long-term growth by targeting large and growing markets where our products have reached beyond the traditional retail life and annuity sector and a lot of cash currently remains on the sidelines with more than $6 trillion of cash parked in money market funds and investors are expected to start putting their money to work as money market rates come down.

我們的策略定位是實現長期成長，瞄準大型且不斷成長的市場，在這些市場中，我們的產品已經超越了傳統的零售人壽和年金領域，目前仍有大量現金處於觀望狀態，貨幣市場基金中存有超過6 兆美元的現金隨著貨幣市場利率下降，預計投資者將開始投入資金。

We expect our industry will continue to see a strong surge in sales in the near term as consumers look to lock in higher rates through products like fixed annuities.

我們預計，由於消費者希望透過固定年金等產品鎖定更高的利率，因此我們行業的銷售額在短期內將繼續強勁成長。

Earlier this year, we entered the fast-growing registered index-linked annuities market or RILA, which generated $45 billion of industry sales in 2023.

今年早些時候，我們進入了快速成長的註冊指數掛鉤年金市場（RILA），該市場到 2023 年的產業銷售額將達到 450 億美元。

Our product offering is differentiated in the market, uniquely meeting the needs of a relatively younger demographic.

我們的產品在市場上具有差異化，能夠獨特地滿足相對年輕族群的需求。

We are focused on onboarding key partners in the broker-dealer channel in 2024 and expect steady growth towards meaningful sales in 2025.

我們的重點是在 2024 年吸引經紀交易商管道的主要合作夥伴，並預計在 2025 年實現穩定成長並實現有意義的銷售。

We expect RILA will be a significant contributor to sales over the next few years with the potential to grow as big as our FIA sales are today.

我們預計 RILA 將成為未來幾年銷售的重要貢獻者，並有可能像我們今天的 FIA 銷售那樣成長。

Additionally, we continue to see a healthy pipeline in the pension risk transfer industry with $3.8 trillion of corporate pension plans at or near full funding.

此外，我們繼續看到退休金風險轉移行業的健康發展，3.8 兆美元的企業退休金計劃已達到或接近全額融資。

We are positioned to compete in our targeted $100 million to $1 billion deal size with potential to strategically move more upmarket or down market as opportunities arise.

我們的定位是在 1 億至 10 億美元的目標交易規模中展開競爭，並有可能在機會出現時策略性地進入更多高端市場或低端市場。

Overall, F&G is well-positioned for growth and has terrific momentum as we leverage our strong relationships with our distribution partners, our comprehensive and competitive product portfolio designed to meet consumer needs, our multi-channel new business platform across both retail and institutional markets and our investments for growth, including our superior and scalable ecosystem.

總體而言，F&G 已做好成長準備，並擁有強勁的發展勢頭，因為我們利用與分銷合作夥伴的牢固關係、旨在滿足消費者需求的全面且有競爭力的產品組合、跨零售和機構市場的多通路新業務平台以及我們的成長投資，包括我們卓越且可擴展的生態系統。

Most importantly, we have a consistent track record of success managing through market cycles.

最重要的是，我們在管理市場週期方面擁有一致的成功記錄。

In 2020, we grew sales and generated stable return on assets when interest rates were nearly zero.

2020年，我們在利率接近零的情況下實現了銷售額的成長並產生了穩定的資產回報率。

In 2023, we grew sales and generated stable and expanding return on assets when interest rates were at multi-decade highs.

2023 年，當利率處於數十年來的高點時，我們的銷售額實現了成長，並產生了穩定且不斷擴大的資產回報率。

That is the resiliency of our business model.

這就是我們商業模式的彈性。

F&G performs well in a low rate environment and even better at a higher rate environment.

F&G 在低速率環境中表現良好，在較高速率環境中表現較好。

Turning to our investment portfolio.

轉向我們的投資組合。

Our fixed income yield, excluding alternative investment volatility and variable investment income was 4.6% in the second quarter 26 basis points higher than the second quarter of 2023.

我們第二季的固定收益收益率（不包括另類投資波動性和可變投資收益）為 4.6%，比 2023 年第二季高 26 個基點。

This reflects upside from higher yields on new investments.

這反映出新投資殖利率上升帶來的好處。

Going forward, we have now hedged two-thirds of our floating rate asset exposure, which should make our investment income less susceptible to lower rates over time.

展望未來，我們現在已經對沖了三分之二的浮動利率資產風險，這應該會使我們的投資收入不易受到利率下降的影響。

Wendy will speak more to this in a moment.

溫迪稍後會詳細討論這一點。

The portfolio remains high quality with 96% of fixed maturities being investment grade.

該投資組合保持高品質，96% 的固定期限為投資等級。

Credit-related impairments averaged 5 basis points over the last three years, which was exceptionally low given the market disruption during 2020 to 2023 from the pandemic, regional bank crisis and sharp uptick in interest rates.

過去三年，與信貸相關的減損平均為 5 個基點，考慮到 2020 年至 2023 年大流行、地區銀行危機和利率急劇上升造成的市場混亂，這一數字非常低。

Through the first half of the year, credit-related impairments remained below our pricing.

今年上半年，與信用相關的減損仍低於我們的定價。

Regarding our commercial real estate debt portfolio, it is high quality, diversified with the vast majority invested in defensive sectors.

我們的商業房地產債務投資組合品質高、多元化，其中絕大多數投資於防禦性產業。

Our commercial mortgage loan portfolio is entirely first mortgages with an average loan-to-value of 60%.

我們的商業抵押貸款組合完全是首次抵押貸款，平均貸款價值比為 60%。

Healthy debt service coverage ratio is above one time for nearly 99% of the book and only 8% of loans maturing in the next 24 months.

近 99% 的帳面償債覆蓋率處於健康狀態，償債覆蓋率高於一倍，只有 8% 的貸款將在未來 24 個月內到期。

Regarding the office sector, we have a below-average concentration.

就辦公室領域而言，我們的集中度低於平均值。

CMBS, CML and limited partnerships comprised 18% of the total portfolio with only 1.8% in office.

CMBS、CML 和有限合夥企業佔投資組合總額的 18%，但在職的僅佔 1.8%。

Overall, our total portfolio is diversified, well-positioned and actively managed through our selective derisking programs to perform in varying market conditions.

整體而言，我們的總投資組合多元化、定位良好，並透過我們選擇性的去風險計劃進行積極管理，以適應不同的市場條件。

Our asset allocation strategy remains stable and our invested assets are well matched to our clean and stable liability profile.

我們的資產配置策略保持穩定，我們的投資資產與我們乾淨穩定的負債狀況非常吻合。

Next, turning to our own distribution strategy.

接下來，轉向我們自己的分銷策略。

During July of 2024, F&G increased its ownership stake in Freedom Equity Group, or FEG, a top life IMO and longtime F&G partner from approximately 30% to 100%.

2024 年 7 月，F&G 將其在 Freedom Equity Group (FEG) 的所有權股份從約 30% 增加至 100%。

FEG was our first investment in own distribution, having taken a minority ownership stake in late 2021, and our successful partnership has exceeded expectations.

FEG 是我們對自有分銷的第一筆投資，於 2021 年底取得了少數股權，我們成功的合作關係超出了預期。

FEG is strategically positioned in the rapidly expanding multicultural markets and our joint efforts position us to accelerate IUL sales growth to meet the risk and retirement needs of those underserved market segments.

FEG 在快速擴張的多元文化市場中佔據戰略地位，我們的共同努力使我們能夠加速 IUL 銷售成長，以滿足那些服務不足的細分市場的風險和退休需求。

FEG is a great example of our own distribution strategy, which generates a meaningfully higher risk-adjusted return on capital than retain business and provides a diversifying source of earnings, own distribution further strengthens our relationships with key partners and with industry consolidation underway, we believe we are uniquely positioned to partner as a distribution consolidator.

FEG 是我們自己的分銷策略的一個很好的例子，它比保留業務產生了顯著更高的風險調整資本回報率，並提供了多元化的收入來源，我們相信，自己的分銷進一步加強了我們與主要合作夥伴的關係，並且隨著行業整合的進行我們作為分銷整合商的合作夥伴具有獨特的優勢。

Our strategy is already proving to be a meaningful contributor to overall margin.

事實證明，我們的策略對整體利潤率做出了有意義的貢獻。

To date, we have invested $680 million, and we expect EBITDA from the portfolio to be $60 million to $65 million in 2024 with double-digit annual growth over the medium term.

迄今為止，我們已投資 6.8 億美元，預計 2024 年投資組合的 EBITDA 將達到 6,000 萬至 6,500 萬美元，中期年增長率將達到兩位數。

In summary, the first half has positioned us well for another strong year of performance in 2024.

總而言之，上半年為我們在 2024 年再創強勁業績做好了準備。

We have plenty of momentum to continue to deliver sustainable asset growth from our retail and pension risk transfer growth strategies as well as ongoing margin expansion from enhanced investment margin opportunities, operational scale benefits and fee-based earnings from accretive flow reinsurance.

我們有充足的動力繼續透過我們的零售和退休金風險轉移成長策略實現可持續的資產成長，以及透過增加投資利潤機會、營運規模效益和增值流量再保險的收費收益來持續實現利潤率擴張。

We are poised to further diversify our earnings given the strong growth of our middle-market life insurance business and own distribution strategies.

鑑於我們的中間市場人壽保險業務和自己的分銷策略的強勁增長，我們準備進一步實現收入多元化。

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

現在讓我將電話轉給 Wendy，以提供有關 F&G 第二季度財務亮點的更多詳細資訊。

Thanks, Chris.

謝謝，克里斯。

This morning, I'll focus my comments on the following: adjusted net earnings, details on our surrender experience and strong positive cash flow position, an update on our floating rate asset hedging program as well as our strong capital and liquidity position.

今天早上，我將重點放在以下內容：調整後的淨利潤、我們退保經歷的詳細資訊和強勁的正現金流狀況、我們浮動利率資產對沖計劃的最新情況以及我們強勁的資本和流動性狀況。

Starting with earnings.

從收入開始。

Adjusted net earnings attributable to common shareholders for the second quarter was $139 million or $1.10 per share and included $145 million or $1.11 per share of investment income from alternative investments and $4 million or $0.03 per share of CLO reduction gains and bond prepayment income.

第二季調整後歸屬於普通股股東的淨利為1.39 億美元，即每股1.10 美元，其中包括來自另類投資的1.45 億美元，即每股1.11 美元的投資收益，以及400 萬美元，即每股0.03 美元的CLO 減少收益和債券預付收益。

The quarter also included $16 million or $0.12 per share of net expense from actuarial model updates and refinements, which are separate from our annual actuarial assumption review that will be performed in the third quarter.

該季度還包括來自精算模型更新和改進的 1600 萬美元或每股 0.12 美元的淨費用，這些費用與我們將在第三季度進行的年度精算假設審查分開。

Investment income from alternative investments based on management's long-term expected return of approximately 10% was $165 million or $1.26 per share.

基於管理層約 10% 的長期預期回報，另類投資的投資收益為 1.65 億美元，即每股 1.26 美元。

Excluding significant items, adjusted net earnings were $171 million in the second quarter, up 33% over $129 million in the second quarter of 2023.

不計重要項目，第二季調整後淨利為 1.71 億美元，比 2023 年第二季的 1.29 億美元成長 33%。

This increase reflects asset growth, margin diversification from accretive flow reinsurance and owned distribution, disciplined expense management and higher interest expense as a result of planned capital market activity.

這一增長反映了資產成長、增值流量再保險和自有分配帶來的利潤多元化、嚴格的費用管理以及計劃資本市場活動導致的更高的利息支出。

Adjusted return on assets, excluding significant items was 130 basis points in the second quarter, comprised of 107 basis points of core margin, 14 basis points of flow reinsurance fee income and 9 basis points of owned distribution margin.

第二季調整後的資產報酬率（不包括重要項目）為130個基點，其中包括107個基點的核心利潤率、14個基點的流量再保險費收入和9個基點的自有分配利潤率。

This was up 14 basis points over the second quarter 2023 and brings our adjusted ROA over the last 12 months to 124 basis points.

這比 2023 年第二季上升了 14 個基點，使我們過去 12 個月調整後的 ROA 達到 124 個基點。

With regard to surrenders, we continue to see steady growth in our FIA account value as net deposits from new business continued to well outpace terminations.

在退保方面，我們的 FIA 帳戶價值持續穩定成長，因為新業務的淨存款繼續遠遠超過終止業務。

FIA positive net inflows were over $575 million in the second quarter, consistent with the first quarter as shown on page 12 of our summer 2024 investor presentation.

FIA 第二季的正淨流入超過 5.75 億美元，與我們 2024 年夏季投資者簡報第 12 頁所示的第一季一致。

As a reminder, for insurance companies like F&G, terminations typically provide a boost to earnings from the surrender charge fees and release capital that, in turn, can be deployed to new business volumes having higher surrender charges and longer surrender periods than the older contracts, further improving the liability profile.

提醒一下，對於像F&G 這樣的保險公司來說，終止通常會增加退保費收入，並釋放資本，而這些資本反過來又可以部署到比舊合約具有更高退保費和更長退保期的新業務量上。

F&G benefits from a diversified and predictable in-force book.

F&G 受益於多樣化且可預測的有效書籍。

Our funding agreements, pensioners transfer and immediate annuities are non-surrenderable.

我們的資助協議、退休金領取者轉移金和即期年金都是不可放棄的。

Fixed rate multi-year guaranteed annuities typically have a three, five or seven-year contractual maturity that, are lumpy.

固定利率多年期保證金通常具有三年、五年或七年的合約期限，且期限不固定。

Further details on net flows for both indexed and fixed rate annuities are disclosed on page 13, in our quarterly financial supplement.

有關指數年金和固定利率年金淨流量的更多詳細信息，請參閱我們的季度財務補充資料第 13 頁。

Turning to our floating rate asset portfolio, we have now hedged $6.7 billion or approximately two-thirds of our floating rate assets to preserve the investment margin on existing assets.

談到我們的浮動利率資產組合，我們現在已經對沖了 67 億美元（約三分之二的浮動利率資產），以保留現有資產的投資保證金。

Our floating rate exposure was very beneficial over the last couple of years as interest rates increased.

隨著利率的上升，我們的浮動利率風險在過去幾年中非常有利。

Through hedging, we have increased our earnings stability and predictability going forward by locking in about 188 basis points of incremental yield above original pricing.

透過對沖，我們鎖定了高於原始定價約 188 個基點的增量收益率，從而提高了未來收益的穩定性和可預測性。

This translates into approximately 15 basis points to 20 basis points of annual incremental investment margin above pricing over the next three to five years.

這意味著未來三到五年內每年增量投資利潤率將比定價高出約 15 個基點到 20 個基點。

For now, we expect the remaining net floating rate asset exposure to remain around the current level of $3.4 billion to help support our asset liability management objectives as most are short-term and will mature within three years.

目前，我們預計剩餘的淨浮動利率資產敞口將保持在 34 億美元左右的當前水平，以幫助支持我們的資產負債管理目標，因為大多數都是短期的，並將在三年內到期。

Finally, turning to our balance sheet, we ended the quarter with F&G equity attributable to common shareholders, excluding AOCI of $5.4 billion were $42.52 per share with 126 million common shares outstanding as of June 30.

最後，轉向我們的資產負債表，截至 6 月 30 日，我們的普通股股東應佔 F&G 股本（不包括 AOCI）為 54 億美元，每股 42.52 美元，已發行普通股 1.26 億股。

There are a couple of pages in our investor presentation providing an analysis of book value per share.

我們的投資者演示中有幾頁提供了每股帳面價值的分析。

Our consolidated debt outstanding increased to $2.1 billion at June 30, reflecting a $300 million net increase for the successful refinance and partial tender offer of our upcoming 2025 senior note maturity.

截至 6 月 30 日，我們的綜合未償債務增加至 21 億美元，反映出我們即將到期的 2025 年優先票據的成功再融資和部分要約收購導致淨增加 3 億美元。

Our debt to capitalization ratio, excluding AOCI, was 26.4% as of June 30.

截至 6 月 30 日，我們的債務與資本比率（不包括 AOCI）為 26.4%。

We expect this ratio to revert to our long-term target of 25% once the remaining $300 million of senior notes mature in 2025.

我們預計，一旦剩餘的 3 億美元優先票據在 2025 年到期，這一比率將恢復到 25% 的長期目標。

Our annual interest expense is approximately $130 million or roughly a 7% blended yield on the $2.1 billion of total debt outstanding.

我們的年度利息支出約為 1.3 億美元，即 21 億美元未償債務總額的混合收益率約為 7%。

We continue to target holding company cash and invested assets at 2 times interest coverage.

我們繼續將控股公司現金和投資資產的目標定為2倍利息覆蓋率。

Our capital allocation priorities, focused on deploying our capital to maximize shareholder value through continued investment in our business, as well as returning cash to shareholders.

我們的資本配置重點是透過對業務的持續投資以及向股東返還現金來部署我們的資本以最大化股東價值。

F&G is well positioned to generate growth at attractive returns.

F&G 處於有利地位，能夠以有吸引力的回報實現成長。

And our scale allows us to self-fund our growth with in-force capital generation, reinsurance and capital market issuances.

我們的規模使我們能夠透過有效的資本產生、再保險和資本市場發行來為我們的成長提供自籌資金。

For 2024, our stable and profitable in-force book is expected to generate more than $1 billion in capital, and we have a strong capital generation from existing reinsurance arrangements in the range of $500 million.

到 2024 年，我們穩定且有利可圖的有效帳簿預計將產生超過 10 億美元的資本，並且我們從現有的再保險安排中獲得了 5 億美元的強勁資本產生。

Our capital allocation priorities also support our approximately $105 million annual dividend to common shareholders as well as $16 million annual dividend on the preferred stock held by FNF.

我們的資本配置優先事項還支持向普通股股東發放約 1.05 億美元的年度股息，以及向 FNF 持有的優先股發放 1,600 萬美元的年度股息。

We feel the common dividend is sustainable and expected to increase overtime.

我們認為共同股息是可持續的，並且預計會隨著時間的推移而增加。

F&G continues to maintain strong capitalization and financial flexibility with all of our statutory balance sheets, including our offshore entities, which are conservatively managed to the most stringent of capital requirements of our regulators and our four rating agencies.

F&G 繼續透過我們所有的法定資產負債表（包括離岸實體）保持強大的資本和財務靈活性，這些資產負債表按照監管機構和四家評級機構最嚴格的資本要求進行保守管理。

In summary, we continue to build on our proven track record.

總而言之，我們將繼續鞏固我們良好的業績記錄。

We have good momentum in executing our strategy and delivered another solid quarter.

我們在執行策略方面勢頭良好，並實現了另一個穩健的季度。

We remain focused on achieving our Investor Day objectives and we are seeing good momentum in driving both retained asset growth and margin expansion.

我們仍然專注於實現投資者日目標，我們看到了推動保留資產成長和利潤率擴張的良好勢頭。

Importantly, this quarter once again demonstrates that we are positioned to perform across market cycles and that we can consistently deliver strong results with attractive and expanding margins over time.

重要的是，本季再次表明，我們能夠在整個市場週期中表現出色，並且隨著時間的推移，我們能夠持續交付強勁的業績，並具有有吸引力且不斷擴大的利潤率。

This concludes our prepared remarks.

我們準備好的演講到此結束。

Let me now turn it back to our operator for questions.

現在讓我將其轉回給我們的接線員詢問問題。

(Operator Instructions)

（操作員說明）

John Barnidge, Piper Sandler.

約翰·巴尼奇，派珀·桑德勒。

Good morning.

早安.

Thanks for the opportunity.

感謝您提供的機會。

Can you maybe talk about the decision to increase the ownership stake in Freedom Equity Group to 130% pipeline for additional deployment.

您能否談談將 Freedom Equity Group 的所有權股份增加至 130% 的決定，以進行額外的部署。

You clearly chopped a lot of wood here in a short amount of time on the owned capital in deploying that $1 billion target into targets.

顯然，在將 10 億美元的目標部署到目標中時，您在短時間內在自有資本上砍了不少柴。

So, yeah, curious about Freedom Equity Group and the pipeline for additional?

那麼，是的，對 Freedom Equity Group 和額外的管道感到好奇嗎？

Thank you.

謝謝。

Sure.

當然。

Great.

偉大的。

Thanks, John.

謝謝，約翰。

Yeah, I'd say a couple of things.

是的，我想說幾件事。

One, we just love the business.

第一，我們只是熱愛這個產業。

It's been a long-standing partnership for us.

這對我們來說是一個長期的合作關係。

They represent a huge chunk of our IUL sales, which is one of our more profitable products, but we just really like the business.

它們占我們 IUL 銷售額的很大一部分，這是我們利潤更高的產品之一，但我們真的很喜歡這項業務。

We like the growth of the business, the earnings growth, how they're positioned.

我們喜歡業務的成長、獲利的成長以及它們的定位。

They have a dominant position in the middle market, specifically in the cultural markets in the US, which are growing very, very rapidly.

他們在中間市場佔據主導地位，特別是在成長非常非常迅速的美國文化市場。

So -- really excited about it.

所以——真的很興奮。

I think when we took the minority stake, the hope that was that this would play out the way that it's played out.

我認為，當我們獲得少數股權時，我們希望事情能以現在的方式發展。

And you're right we've now deployed almost $700 million into owned distribution.

你說得對，我們現在已經在自有分銷上投入了近 7 億美元。

I think you heard from Wendy, it's already making a meaningful contribution to spread and giving us a diversified source of earnings.

我想你從溫迪那裡聽說過，它已經為傳播做出了有意義的貢獻，並為我們提供了多元化的收入來源。

In terms of pipeline, it's very deal specific.

就管道而言，它非常具體。

So Again, the $1 billion was more a question around the opportunity as opposed to a near-term target for deployment.

因此，10 億美元更多的是關於機會的問題，而不是近期的部署目標。

But yeah, we do think there's probably other interesting opportunities for us.

但是，是的，我們確實認為我們可能還有其他有趣的機會。

But thanks for the question.

但謝謝你的提問。

Thanks for that answer, Chris.

謝謝你的回答，克里斯。

My follow-up question is on the floating rate portfolio.

我的後續問題是關於浮動利率投資組合的。

You clearly reduced your exposure by about two-thirds.

您顯然將曝光量減少了大約三分之二。

Can you maybe talk about the earnings sensitivity of the remaining portion of the floating portfolio to movements in rates?

您能否談談浮動投資組合剩餘部分對利率變動的收益敏感度？

And then maybe how is your new money rate trended as well?

那麼，也許您的新貨幣利率趨勢如何？

Thank you.

謝謝。

Yeah.

是的。

Great.

偉大的。

So I'd say with respect to the hedging, yes, we're really pleased.

所以我想說，關於對沖，是的，我們真的很高興。

I mean we -- again, the key here is not to be greedy.

我的意思是我們——再說一遍，這裡的關鍵是不要貪婪。

So we've not only done a number of portfolio derisking over the last four or five years.

因此，我們不僅在過去四、五年裡進行了許多投資組合去風險化工作。

From a credit perspective, you just continue to tighten up the portfolio in anticipation of eventually a turn in the credit cycle.

從信貸角度來看，您只需繼續收緊投資組合，預計信貸週期最終會出現轉變。

But we try to do the same thing with respect to rates.

但我們嘗試在利率方面做同樣的事情。

We were getting pretty close to 20% of our portfolio in floaters.

我們的投資組合中接近 20% 是浮動投資者。

Now a lot of that was put on years ago when short-term rates were pretty close to zero.

現在，其中許多都是幾年前進行的，當時短期利率非常接近零。

So that seemed like a smart call at the time.

所以這在當時看來是個明智的決定。

But as rates popped up we had an opportunity to take that risk off the table.

但隨著利率的上升，我們有機會消除這種風險。

So we've hedged that down now to where I believe it's about 6.6% of the portfolio.

因此，我們現在已將其對沖至我認為佔投資組合的 6.6% 左右。

So we've dramatically reduced our exposure to a drop here in short-term interest rates.

因此，我們大幅減少了短期利率下降的風險。

So if you think about that 6.6% of the portfolio in floaters, theoretically, a 100 basis points drop in short-term rates would be only a 6.6 basis points impact to our overall yield.

因此，如果你考慮到投資組合中 6.6% 的浮動利率，理論上來說，短期利率下降 100 個基點只會對我們的整體收益率產生 6.6 個基點的影響。

And then with respect to new money rates, yes, continue to be strong.

然後就新貨幣利率而言，是的，繼續強勁。

Obviously, in the last couple of weeks, we've seen some volatility.

顯然，在過去幾周里，我們看到了一些波動。

We've seen treasury rates drop, probably 40 basis points to 50 basis points, but you've seen corporate spreads widen I don't know, 12 basis points to 15 basis points.

我們已經看到國債利率下降，可能是 40 個基點到 50 個基點，但你也看到企業利差擴大了，我不知道，12 個基點到 15 個基點。

But again, we're running a really dynamic business.

但同樣，我們正在經營一個非常充滿活力的事業。

So we reprice our products quite frequently.

因此，我們經常重新定價我們的產品。

And so for us, it's really is the spread in the market and is there an opportunity to deploy those premiums pretty quickly.

因此，對我們來說，這實際上是市場的利差，以及是否有機會很快部署這些溢價。

So, we feel really good about the environment still.

所以，我們對環境仍然感覺很好。

Thanks for the answers.

感謝您的回答。

Appreciate it.

欣賞它。

John Campbell, Stephens.

約翰坎貝爾、史蒂芬斯.

Hey, guys.

嘿，夥計們。

This is Jonathan on for John.

這是喬納森替約翰發言。

Thanks for taking my questions.

感謝您回答我的問題。

So you guys had a few different records this quarter, so congrats there.

所以你們這個季度有一些不同的記錄，所以恭喜你們。

I want to touch on one of those records, annuity sales in particular.

我想談談其中一項紀錄，特別是年金銷售。

You touched on the trends that are driving the strength there and it seems like that's going to continue, obviously.

您談到了推動那裡實力的趨勢，顯然這種趨勢似乎將繼續下去。

But maybe thinking how should we think about the growth trajectory in the back half of this year?

但也許我們該如何看待今年下半年的成長軌跡？

And I know 25% is still a ways out, but any kind of direction you could provide there would be appreciated.

我知道 25% 仍然是一個出路，但如果您能提供任何指導，我們將不勝感激。

Sure.

當然。

This is Chris.

這是克里斯。

I'll start.

我開始吧。

Wendy may want to jump in here, too.

溫迪可能也想跳到這裡。

But I think the momentum continues to be incredibly positive.

但我認為勢頭仍然非常積極。

So probably one of the big misnomers out there as well, rates are now going to start moving down and demand is going to dry-up for fixed annuities.

因此，利率現在將開始下降，固定年金的需求將枯竭，這可能也是最大的誤用詞之一。

I think we're going to see the exact opposite.

我認為我們將會看到完全相反的情況。

I've mentioned in my talking points, money market fund assets post-COVID have doubled from $3 trillion with a T to $6 trillion.

我在談話要點中提到，新冠疫情後的貨幣市場基金資產翻了一番，從 T 的 3 兆美元增加到 6 兆美元。

So there's a massive amount sitting in cash and I think when people start seeing those money market yields go from 5 to 4.5 to potentially 4, they're going to look to lock-in some rate, and we think that's going to bode extremely well for our core products.

因此，有大量現金，我認為當人們開始看到貨幣市場收益率從 5 升至 4.5 甚至可能達到 4 時，他們會尋求鎖定一定的利率，我們認為這將是一個非常好的兆頭為我們的核心產品。

Plus, if you see the short end fall in the longer end of the curve stay a bit stable, in a more traditional steep yield curve is positive for demand as well.

另外，如果您看到曲線較長端的短端下跌保持穩定，那麼在更傳統的陡峭殖利率曲線中也對需求有利。

So -- and then just on top of that, as the demographics, right?

那麼——然後最重要的是，人口統計數據，對吧？

You got 10,000 boomers retiring every single day in the US.

在美國，每天有 10,000 名嬰兒潮世代退休。

So yeah, I think the demand outlook for the second half of the year, the demand outlook for 2025, I don't see anything slowing down top line growth right now.

所以，是的，我認為下半年的需求前景，2025 年的需求前景，我認為目前沒有任何因素會減緩收入成長。

Okay.

好的。

Thank you.

謝謝。

And then as a follow-up, at your last Analyst Day, you guys talked to the upwards pressure you expect to see in the normalized ROA, you've clearly seen that, but it seems like you're running ahead a bit ahead of schedule.

然後作為後續行動，在上一次分析師日，你們談到了您期望在標準化 ROA 中看到的上行壓力，您已經清楚地看到了這一點，但似乎您領先了一點日程。

Last quarter, you posted a record but take down the sustainability.

上個季度，您創下了記錄，但降低了可持續性。

This quarter, you posted another record.

本季度，您發布了另一項記錄。

So maybe that was just conservative -- conservatism or maybe there were some favorable things in play.

所以也許這只是保守派——保守主義或也許有一些有利的因素在起作用。

So, I'm hoping you can talk a bit more to the strength this quarter.

因此，我希望您能多談談本季的實力。

And moving forward, how are you thinking about the import metric and whether that outlook changes a lot depending on the rate environment?

展望未來，您如何看待進口指標以及前景是否會根據利率環境而發生很大變化？

Yeah.

是的。

I'll just frame a couple of high-level things.

我只會闡述一些高層次的內容。

And then Wendy can talk to the specifics of how you should think about the quarter itself.

然後溫迪可以詳細討論您應該如何看待本季本身。

But again, I take everybody back to our Investor Day presentation of October of last year.

但我再次帶大家回顧去年 10 月的投資人日演講。

And we were try to be really specific about where the uplift was going to come from.

我們試著真正具體說明提升的來源。

We saw uplift on the investment portfolio of just continually optimizing the portfolio, and we've seen good progress there.

我們看到了不斷優化投資組合的投資組合的提升，並且我們在這方面看到了良好的進展。

We've seen some uplift, obviously, from the rise in short-term rates, and we had a significant portion of the portfolio in floaters.

顯然，我們已經看到短期利率上升帶來的一些提升，而且我們的投資組合中有很大一部分是浮動利率。

We're getting operating expense scale as we've been growing our assets at a pretty healthy clip.

隨著我們的資產以相當健康的速度成長，我們的營運費用規模也不斷擴大。

And yet, we've committed to hold our fixed expenses to a single-digit rate, and we've been doing that.

然而，我們已經承諾將固定費用控制在個位數，而我們一直在這樣做。

So that's a source of uplift.

所以這是提升的泉源。

And then as you're starting to see, we're getting tremendous leverage from flow reinsurance.

然後，正如您開始看到的那樣，我們從流量再保險中獲得了巨大的槓桿作用。

When we take a sale and put it on a reinsurance balance sheet.

當我們進行銷售並將其計入再保險資產負債表時。

We're generally capturing a disproportionate amount of the spread relative to the amount of required capital.

相對於所需資本量，我們通常會捕捉到不成比例的利差。

So that's obviously accretive.

所以這顯然是有增值作用的。

And then lastly, has been owned distribution.

最後是自有分銷。

So yes, I would say, overall, those things are progressing at a faster clip than we probably anticipated.

所以，是的，我想說，總的來說，這些事情的進展速度比我們預期的要快。

So you want to get too excited, right?

所以你想變得太興奮，對吧？

Games not over in the third inning, but you'd rather be up by a few runs in the third than down.

比賽在第三局還沒結束，但你寧願在第三局領先幾分也不願落後。

And then, Wendy, do you want to talk about the 130 and maybe some of the one-timers that might be in there?

然後，Wendy，您想談談 130 以及其中可能存在的一些一次性產品嗎？

Sure.

當然。

Thanks, Chris.

謝謝，克里斯。

So, I'll point you to page 22 of the investor presentation.

因此，我將向您介紹投資者簡報的第 22 頁。

We've added a column last quarter, the last 12 months.

我們在上個季度（即過去 12 個月）新增了一個專欄。

And that will kind of normalize out even any noise that we get quarter-to-quarter, there'll be some positive and negatives in there.

這將使我們每季收到的任何噪音都正常化，其中會有一些積極和消極的因素。

This quarter, we had some additional CLO prepayments and then we had a model conversion that we put into place due to materiality in the quarter, so a bit of noise in there.

本季度，我們有一些額外的 CLO 預付款，然後由於本季度的重要性，我們進行了模型轉換，因此存在一些噪音。

But the last 12 months is now at 124, and we view that as very sustainable.

但過去 12 個月的數字目前為 124，我們認為這是非常永續的。

Perfect.

完美的。

Thank you, guys.

謝謝你們，夥計們。

Wes Carmichael, Autonomous Research.

韋斯·卡邁克爾，自主研究。

Hey good morning.

嘿早安。

First question is on funding agreement issuance in the quarter.

第一個問題是關於本季融資協議的發行。

Can you talk about what made that market a little bit more attractive?

您能談談是什麼讓這個市場更具吸引力嗎？

And how should we think about your outlook for issuance for the remainder of the year in FABN?

我們該如何看待 FABN 今年剩餘時間的發行前景？

Yeah.

是的。

I would say, Wes, it's a market that obviously was pretty dormant for us for the last couple of years.

我想說，韋斯，這個市場在過去幾年對我們來說顯然處於休眠狀態。

But as you saw rates start to stabilize and come down, there's a bit of a lag effect in terms of the statutory rate that affects your cost of capital.

但當您看到利率開始穩定並下降時，法定利率會產生一些滯後效應，影響您的資本成本。

And at the same time, new money yields were coming up, and we have seen attractive investment opportunities where we could earn a good spread.

同時，新的貨幣收益率正在上升，我們看到了有吸引力的投資機會，可以賺取良好的利差。

So it's something that we look at pretty much constantly.

所以這是我們經常關注的事情。

And when it makes sense -- particularly when it makes sense relative to other uses of that capital, we tend to participate.

當它有意義時——特別是當它相對於該資本的其他用途有意義時，我們傾向於參與。

I don't know, Wendy, if you want to add anything to that?

我不知道，溫迪，你還想補充什麼？

No, you hit the nail on the head there.

不，你說得一中要害。

As far as going forward, those factors, it will depend on the valuation rate and the spread that we can earn off of that.

就未來而言，這些因素將取決於估值率以及我們可以從中賺取的利差。

So if it looks positive, then we potentially could see additional activity.

因此，如果看起來積極，那麼我們可能會看到更多的活動。

But it's kind of a week-to-week view of the market, and we just monitor it very closely.

但這是對市場的每週看法，我們只是非常密切地監控它。

Got it.

知道了。

And then -- and just on surrenders and FIA, I know you've talked about it a little bit in your prepared remarks, but can you talk about the experience just in the quarter?

然後 - 關於投降和國際汽聯，我知道您在準備好的講話中已經談到了一些，但是您能談談本季度的經歷嗎？

I realize you're still in a net flow position, but it's a pretty big sequential tick up and I think there's about a couple of billion of FIA account values that are sitting outside of the surrender charge right now.

我意識到你仍然處於淨流量頭寸，但這是一個相當大的連續上升，我認為目前大約有數十億的 FIA 帳戶價值不在退保費用之內。

So, just wondering, if you kind of expect a little bit of elevated surrenders in the near term.

所以，我只是想知道，您是否預計近期投降率會上升。

Yeah.

是的。

Two things I would say if they're out of surrender charge, we would expect that and priced for that already.

如果他們沒有退保費，我會說兩件事，我們會預料到這一點，並且已經為此定價。

So that's not necessarily wouldn't be an outlier in terms of how we planned going forward.

因此，就我們未來的計劃而言，這不一定是異常值。

And I just want to reiterate what Wendy said, someone this is more analogous, probably to refinancing your mortgage.

我只想重申溫蒂所說的話，這可能與抵押貸款再融資更相似。

So that's what's happening.

這就是正在發生的事情。

You're in this huge refinancing where the movement rates were so strong that yeah, add blocks of business and policies where it's actually smart for the customer to move into a new policy, get better terms.

你在這個巨大的再融資中，流動率非常強勁，是的，添加業務和保單塊，對客戶來說實際上很聰明，可以轉移到新保單，獲得更好的條款。

Agents are obviously incented to do that as well.

代理商顯然也願意這麼做。

So they're doing well.

所以他們做得很好。

And actually, for us, it's not a bad thing at all.

事實上，對我們來說，這根本不是一件壞事。

I mean, we're capturing surrender charge income.

我的意思是，我們正在獲取退保費用收入。

So we're covered from that perspective.

所以我們從這個角度來討論。

And now we're writing a new policy, and I think people underestimate the impact of that, meaning what the stuff we're writing right now might prove to be some of the stickiest assets we've ever written because if rates do, in fact, move down from here, it's going to be very hard to move those contracts prematurely.

現在我們正在製定一項新政策，我認為人們低估了這項政策的影響，這意味著我們現在正在編寫的內容可能會被證明是我們曾經編寫過的最有黏性的資產，因為如果利率確實如此，事實上，從這裡開始，過早地轉移這些合約將是非常困難的。

So yeah, I don't think there was anything in the activity that either surprised us or was troubling.

所以，是的，我認為活動中沒有任何事情讓我們感到驚訝或令人不安。

And I think we're going to see it probably continue for another couple of quarters and would expect that will probably stabilize next year.

我認為我們可能會看到這種情況可能會持續幾個季度，並預計明年可能會穩定下來。

But Wendy, anything you want to call out specifically?

但溫迪，你有什麼特別想提的嗎？

No.

不。

I mean if we're looking just at the FIA, yeah, there was an uptick, but there's a lot of activity going on in that refinancing, as Chris indicated, and there's also lags to that.

我的意思是，如果我們只看國際汽聯，是的，有上升的趨勢，但正如克里斯指出的那樣，再融資方面正在進行很多活動，而且也存在滯後。

So as Chris said, we do expect excess renders to continue until rates drop significantly.

因此，正如克里斯所說，我們確實預計過量渲染將持續下去，直到利率大幅下降。

And the only thing I'd add less to that is obviously, it benefits a lot of our own distribution because some of the investments we've made have been in annuity-oriented IMOs and they're just crushing it in this environment, not only in terms of new sales, but obviously in terms of smart replacement sales.

我唯一想補充的一點是，顯然，它對我們自己的發行版有很大好處，因為我們所做的一些投資是在以年金為導向的IMO 上，他們只是在這種環境下粉碎它，而不是僅在新銷量方面，但顯然在智慧替換銷售方面。

That's helpful.

這很有幫助。

And maybe just one more.

也許還有一個。

But on base spreads, if we kind of exclude all, I think that did kind of quarter-over-quarter contract a little bit.

但就基本利差而言，如果我們排除所有因素，我認為這確實造成了季度環比收縮。

And just kind of wondering how you're thinking about that going forward, especially in the macro backdrop.

只是想知道您如何看待未來的發展，尤其是在宏觀背景下。

There's -- a few of your peers are pointing to where investment spreads have probably peaked and could kind of potentially compress a little bit going forward.

你們的一些同行指出，投資利差可能已經達到頂峰，並且未來可能會略有壓縮。

So just curious how you guys are thinking about that, too.

所以我也很好奇你們是怎麼想的。

I would just say, Wes, it's really hard to generalize, right, because everybody's got access to different investment opportunities.

我只想說，韋斯，這真的很難一概而論，對吧，因為每個人都有不同的投資機會。

And so yeah, we wouldn't consider that material like a few basis points.

所以，是的，我們不會將這些材料視為幾個基點。

You're going to see noise quarter-to-quarter.

每季你都會看到噪音。

But we're not -- right now, I wouldn't characterize that we're experiencing spread compression.

但我們現在還沒有，我不會說我們正在經歷傳播壓縮。

You'll see volatility, but it's not like, we have this hugely profitable blocks runoff to be replaced by less profitable.

你會看到波動性，但這並不是說，我們有利潤豐厚的區塊徑流被利潤較低的區塊所取代。

I mean we're pretty comfortable with the returns we're generating on our new business right now.

我的意思是，我們對目前新業務產生的回報感到非常滿意。

So and then some of that core margin could also be a function of how much we choose to flow out versus retain.

因此，部分核心利潤也可能取決於我們選擇流出與保留的比例。

I don't know, Wendy, do you want to comment on that?

我不知道，溫迪，你想對此發表評論嗎？

Yeah, that's where I was going to go, Wes.

是的，那就是我要去的地方，韋斯。

If you look at our ROA, FIA, the core margin actually did increase sequentially, but then there's additional from the flow and own distribution.

如果你看看我們的 ROA、FIA，核心利潤率實際上確實連續增加，但還有來自流量和自身分配的額外增加。

And we've tried to highlight that in the QFS.

我們試圖在 QFS 中強調這一點。

What's, what's coming from those two items.

那是什麼，這兩個項目來自什麼。

So you can kind of go back into the -- what we consider core by taking the product margin and the expenses and get to that core, and that has increased.

因此，您可以透過產品利潤和費用回到我們所認為的核心，並達到該核心，並且該核心已經增加。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Mark Hughes, Truist.

馬克‧休斯，真理主義者。

Yeah.

是的。

Thank you.

謝謝。

Good morning.

早安.

Good morning, Mark.

早上好，馬克。

Good morning.

早安.

Good morning, Chris, morning, Wendy.

早安，克里斯，早安，溫蒂。

Chris, the PRT business, if we see a declining interest rates, what is that going to do for the pipeline, new opportunities?

Chris，PRT 業務，如果我們看到利率下降，這會對管道、新機會產生什麼影響？

Yeah.

是的。

It's an excellent question.

這是一個很好的問題。

I don't think you're going to see a material change in the pipeline.

我認為您不會看到管道中發生重大變化。

There's a long lead time for people to run a process and for consultants in particular, to do RFPs.

人們運作流程需要很長的準備時間，特別是顧問進行 RFP 的準備時間。

So I don't think you can see any near-term impact on that.

所以我認為你看不到對此有任何短期影響。

Most of the plans are pretty comfortably above that 100 funding level, where there's certainly a lot of them.

大多數計劃都相當輕鬆地高於 100 的資金水平，其中肯定有很多。

So the pipeline right now looks really, really strong.

所以現在的管道看起來非常非常強大。

If you saw some dramatic rates plummeted 200 basis points.

如果你看到一些戲劇性的利率暴跌 200 個基點。

I don't think we're going to see that.

我認為我們不會看到這種情況。

Maybe you could see a slowing in that market.

也許你會看到該市場放緩。

But I don't think we're going to see any material change to the pipeline anytime soon.

但我認為我們不會很快看到管道發生任何重大變化。

And then on the RILA, you talked about targeting kind of the younger demographic.

然後在 RILA 上，您談到了針對年輕族群的目標。

Could you talk about that?

你能談談這個嗎？

And then also, I think you mentioned you're pursuing some strategic relationships to the extent that you can give us some sort of sense of magnitude, timing and what it all means, that would be great.

另外，我想你提到你正在尋求一些策略關係，這樣你就可以給我們某種程度、時機以及這一切意味著什麼的感覺，那就太好了。

Sure.

當然。

Happy to.

很高興。

Yeah, I'm smiling because younger demographic, I just bought one.

是的，我微笑著，因為年輕的人群，我剛買了一個。

I don't know if I fall in that category, but younger meaning as a general rule for folks who have an elevated time line relative to when they're actually looking to turn on income, but they're great products for that purpose.

我不知道我是否屬於這一類，但對於那些相對於實際尋求收入的時間線較長的人來說，年輕意味著一般規則，但它們是用於此目的的出色產品。

So one extremely large market, as we've talked about before, allows us to tap into folks with one, a bit younger, but two also with a different risk tolerance.

因此，正如我們之前談到的，一個非常大的市場使我們能夠接觸到一個年輕一點但兩個風險承受能力不同的人。

Every product we have sold to date has a complete floor of zero for people.

到目前為止，我們銷售的每一款產品對人們來說都是完全為零的。

Here's an opportunity for folks to say, hey, I'll take some limited downside risk.

人們有機會說，嘿，我會承擔一些有限的下行風險。

I'll get a buffer a cushion on the downside.

我會在下方放一個緩衝墊。

And therefore, can have more upside.

因此，可以有更多的上升空間。

So we're super excited about that.

所以我們對此感到非常興奮。

It will be a slow ramp up simply because you have to add distributors, and that's a process.

這將是一個緩慢的成長，因為你必須添加經銷商，這是一個過程。

Now we've added a couple of big ones recently.

現在我們最近添加了幾個大的。

So I think that's going to help accelerate some of our growth.

所以我認為這將有助於加速我們的成長。

So as we said, I think it will be probably not much of a contributor this year to be pretty modest.

正如我們所說，我認為今年的貢獻可能不會相當謙虛。

But I would also say that we have plenty of other sales opportunities.

但我還要說，我們還有很多其他銷售機會。

But when we get into 2025 and beyond, I think this will start becoming significant.

但當我們進入 2025 年及以後時，我認為這將開始變得重要。

And if you said, gee, over the medium term, call it, the next five years, could it start to rival the volumes that we see in our FIA business, I think we actually think that it can.

如果你說，天啊，從中期來看，稱之為未來五年，它能否開始與我們在國際汽聯業務中看到的銷量相媲美，我認為我們實際上認為它可以。

It's also a great diversifier in terms of these -- we now meet a ton of consumer need off of really one core platform right, which is this whole indexed platform.

就這些而言，它也是一個偉大的多元化因素——我們現在可以透過一個真正的核心平台來滿足大量的消費者需求，這就是整個索引平台。

And I think that's another piece that people miss.

我認為這是人們懷念的另一件作品。

Initially, it was kind of a niche product.

最初，它是一種利基產品。

It's no longer a product.

它不再是一種產品。

It's a platform.

這是一個平台。

So you can have income now, guaranteed income in the future, you can have sort of more of a buffer style of more upside, plan fixed annuity.

所以你現在可以有收入，未來有保證的收入，你可以有更多的緩衝風格，更多的上行空間，計劃固定年金。

So we're able to hit a ton of consumer need right now with one core chassis.

因此，我們現在能夠透過一個核心機箱滿足大量消費者的需求。

Well, when buys one of these things, that's when I'll note, it's for a younger demographic.

好吧，當購買其中一件東西時，我會注意到，它是針對年輕人群的。

Perfect.

完美的。

Here we go.

開始了。

One other question.

還有一個問題。

One of the other major RILA players is kind of participating in some of these targeted funds, getting some flows in that way.

RILA 的其他主要參與者之一正在參與其中一些目標基金，以這種方式獲得一些資金流。

I know in the times past, you've talked in kind of a different way, I'll say about that opportunity?

我知道在過去，你以不同的方式說話，我會說那個機會嗎？

What do you think about that?

你對此有何看法？

Yeah.

是的。

I would say, the idea of annuities and 401(k) plans is a great -- it's a great idea.

我想說，年金和 401(k) 計劃的想法很棒——這是一個很棒的想法。

I do think it's getting closer to getting some real adoption.

我確實認為它越來越接近獲得真正的採用。

We research it constantly.

我們不斷研究它。

And it looks like the market is there and we see a slot for us to play, I suspect at some point, we will play.

看起來市場就在那裡，我們看到了一個可以玩的機會，我懷疑在某個時候我們會玩。

It just hasn't been our number one priority.

這並不是我們的第一要務。

We have so many opportunities right now in some of these other core channels.

我們現在在其他一些核心管道中有很多機會。

It's more -- much more complex, as you know, to pull off.

如您所知，實現起來要複雜得多。

So yeah, I don't think anything has changed from that perspective.

所以，是的，我認為從這個角度來看沒有任何改變。

I don't think we view this as something that we're a segment of the market that we're urgently expecting to jump into.

我不認為我們認為這是我們迫切希望進入的市場部分。

Understood.

明白了。

Thank you.

謝謝。

And this will conclude our question-and-answer session.

我們的問答環節到此結束。

I'd like to turn the conference back over to CEO, Chris Blunt, for any closing remarks.

我想將會議轉回執行長克里斯布朗特 (Chris Blunt) 發表閉幕詞。

Great.

偉大的。

Thanks.

謝謝。

We're very pleased with our performance through the first half of the year.

我們對今年上半年的表現非常滿意。

F&G's business is well positioned for the current market and for the longer-term growth.

F&G 的業務針對當前市場和長期成長做好了充分準備。

Our opportunities are compelling with many prospects ahead to drive asset growth, deliver margin expansion and generate accretive returns.

我們的機會非常引人注目，未來有許多前景可以推動資產成長、實現利潤率擴張並產生增值回報。

So thanks for joining us.

感謝您加入我們。

We appreciate your interest in F&G.

我們感謝您對 F&G 的興趣。

And look forward to updating you on our third quarter earnings call.

並期待向您通報我們第三季財報電話會議的最新情況。

Thank you for attending today's presentation.

感謝您參加今天的演講。

And the conference has now concluded.

會議現已結束。

You may now disconnect your lines at this time.

此時您可以斷開線路。