F&G Annuities & Life Inc (FG) 2024 Q4 法說會逐字稿

Good morning and welcome to F&G's 4th quarter and full year 2024 earnings call. (operator Instructions). I would now like to turn the call over to Lisa Foxworthy-Parker, senior Vice President, Investors in external relations.

早上好，歡迎參加 F&G 2024 年第四季和全年財報電話會議。（操作員指示）。現在，我想將電話轉給投資者對外關係高級副總裁麗莎福克斯沃西帕克 (Lisa Foxworthy-Parker)。

Thanks, operator, and welcome again everyone to our call. I'm joined today by Chris Blunt, Chief Executive Officer, and Wendy Young, Chief Financial Officer. We look forward to addressing your questions following our prepared remarks. 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.

謝謝接線員，再次歡迎大家參加我們的電話會議。今天與我一起出席的還有執行長克里斯布朗特 (Chris Blunt) 和財務長溫迪楊 (Wendy Young)。我們期待在發表完準備好的發言後解答您的問題。今天的收益電話會議可能包括《私人證券訴訟改革法案》下的前瞻性陳述和預測，這些陳述和預測不保證未來事件或表現。

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 quarterly and annual reports and other SEC filings for details on important factors that could cause actual results to differ materially from those expressed or implied.

我們不承擔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任何義務。有關可能導致實際結果與明示或暗示的結果存在重大差異的重要因素的詳細信息，請參閱我們最近的季度和年度報告以及其他 SEC 文件。

This morning's discussion also includes non-gap measures which management believes are relevant in assessing the financial performance of the business.

今天早上的討論還包括管理層認為與評估企業財務表現相關的非差距措施。

Non-gap measures have been reconciled to GAAP where required and in accordance with SEC rules within our earnings materials available on the company's investor website. Please note that today's call is being recorded and will be available for webcast replay, and with that, I'll hand the call over to Chris Blunt.

在公司投資者網站上提供的收益資料中，非差距指標已根據需要與 GAAP 進行協調，並符合 SEC 規則。請注意，今天的通話正在錄音，並將提供網路直播重播，之後我將把通話交給克里斯布朗特 (Chris Blunt)。

Good morning, everyone. Thanks for joining us to discuss our 4th quarter and full year results. Our 4th quarter results rounded out an exceptionally strong year, both in terms of results and execution.

大家早安。感謝您加入我們討論我們的第四季和全年業績。無論從業績或執行角度而言，我們的第四季業績都為今年的業績表現畫上了圓滿的句號。

I'd like to start by recognizing our employees for their hard work and achievements over the last year. It is through their efforts that we have achieved record sales growth, record AUM, and record adjusted net earnings, excluding significant items, while also continuing to diversify our earnings and expand our margin beyond spread-based sources.

首先，我要對我們的員工在過去一年中的辛勤工作和成就表示讚賞。正是透過他們的努力，我們實現了創紀錄的銷售額成長、創紀錄的資產管理規模和創紀錄的調整後淨收益（不包括重大項目），同時也繼續實現收益多元化，並將我們的利潤率擴大到利差來源之外。

All the while maintaining a strong balance sheet and returning capital to shareholders through our common and preferred dividends.

同時維持強勁的資產負債表，並透過普通股和優先股股利向股東返還資本。

In short, 2024's outperformance had many accomplishments worth highlighting. Starting with sales, F&G reported record gross sales of $15.3 billion for the full year 2024, a 16% increase over the full year 2023. This included $3.5 billion of gross sales in the fourth quarter.

簡言之，2024 年的優異表現有許多值得強調的成就。從銷售額開始，F&G 報告 2024 年全年總銷售額達到創紀錄的 153 億美元，比 2023 年全年增長 16%。其中包括第四季 35 億美元的總銷售額。

Record retail channel sales were $12 billion for the full year, a 20% increase over the full year 2023, driven by continued strong demand for individual annuity and life solutions.

受個人年金和人壽解決方案持續強勁需求的推動，全年零售通路銷售額創歷史新高，達到 120 億美元，比 2023 年全年增長 20%。

This included $2.5 billion of retail gross sales in the fourth quarter.

其中包括第四季 25 億美元的零售總額。

From a retail channel perspective, we achieved record FIA, record MIA, and record IUL gross sales for the year, while maintaining targeted service levels despite higher volumes.

從零售通路的角度來看，我們實現了今年創紀錄的 FIA、MIA 和 IUL 總銷售額，同時儘管銷量增加，仍保持了目標服務水準。

Our distribution relationships are strong, and we saw annual growth across all three retail channels including agent, bank, and broker dealer as we continue to add and deepen distribution relationships.

我們的分銷關係非常牢固，隨著我們不斷增加和深化分銷關係，代理商、銀行和經紀交易商等三個零售通路均實現了年度成長。

Notably, we've gained entry into a new market with our RILA registered product launch in 2024. We have onboarded seven partners and our product is being well received, although admittedly it's taken longer to get onto platforms as this is our first registered product.

值得注意的是，我們將於 2024 年推出 RILA 註冊產品，從而進入一個新市場。我們已經擁有七個合作夥伴，我們的產品也受到了廣泛好評，儘管不可否認的是，由於這是我們的第一個註冊產品，因此進入平台的時間更長。

RILA is a fast growing market in the industry, and we're just getting started. As we steadily expand on the broker dealer channel, we continue to see the potential for YLA annual sales to be in the billions over the medium term.

RILA 是業界一個快速成長的市場，而我們才剛起步。隨著我們穩步擴大經紀交易商管道，我們繼續看到 YLA 年銷售額在中期內達到數十億美元的潛力。

Robust institutional market sales were $3.3 billion for the full year, comprised of $2.3 billion of pension risk transfer and $1 billion in funding agreements.

全年機構市場銷售額強勁，達 33 億美元，其中包括 23 億美元的退休金風險轉移和 10 億美元的融資協議。

Record pensioner transfer sales of nearly $2.3 billion for the full year reflect a 15% increase over the full year 2023.

全年退休金轉移銷售額創歷史新高，接近 23 億美元，比 2023 年全年成長 15%。

This included a robust $1 billion of PRT sales in the fourth quarter.

其中包括第四季 10 億美元的 PRT 銷售額。

Our growing PRT enforce block has now crossed the $6.5 billion dollar milestone, and we serve more than 100,000 participants from a variety of plan types and industries.

我們不斷增長的 PRT 執行區塊現已突破 65 億美元的里程碑，我們為來自各種計劃類型和行業的 100,000 多名參與者提供服務。

We continue to compete well in our targeted $100 million to $1 billion dollar deal size.

我們在 1 億至 10 億美元的目標交易規模上持續保持良好的競爭力。

We have also added new market segments with our ability to strategically move more upmarket or down market as opportunities arise.

我們也增加了新的細分市場，並能夠隨著機會的出現而策略性地向高端市場或低端市場進軍。

And we have selectively broadened our opportunities through additional PRT consultants.

而我們透過額外的 PRT 顧問選擇性地擴大了我們的機會。

To date we've not seen any meaningful impact from industry lawsuits, although it is something that we continue to monitor. We have a lot of places to deploy capital and at this time see continued strength in the PRT market with a healthy pipeline of $3.8 trillion of US corporate pension plans at or near full funding.

到目前為止，我們還沒有看到行業訴訟產生任何有意義的影響，儘管我們會繼續關注此事。我們有很多地方可以部署資本，目前 PRT 市場持續保持強勁，美國企業退休金計畫的資金狀況良好，總額達 3.8 兆美元，資金已到位或接近全額到位。

Funding agreements were $1 billion for the full year as compared to $1.2 billion in the full year 2023. There were no funding agreements in the fourth quarter.

全年融資協議金額為 10 億美元，而 2023 年全年融資協議金額為 12 億美元。第四季沒有融資協議。

We view these sales as opportunistic, and volumes vary quarter to quarter depending on market conditions.

我們認為這些銷售是機會性的，且銷售量會根據市場情況每季而有所變化。

From a funding agreement perspective, in the second quarter, we successfully returned to the FABN market for the first time in 2 years, given favourable market conditions with a $600 million issuance. At year end we had approximately $2.5 billion of funding agreement back notes outstanding in aggregate under our $5 billion dollar shelf registration.

從融資協議的角度來看，第二季度，在有利的市場條件下，我們兩年來首次成功重返 FABN 市場，發行金額達 6 億美元。截至年底，我們 50 億美元的暫緩登記的融資協議未償還票據總額約為 25 億美元。

In addition, funding agreements include $400 million of FHLB activity for the full year 2024.

此外，融資協議還包括 2024 年全年 4 億美元的 FHLB 活動資金。

Overall, this year demonstrates the strength of our multi-channel distribution platform. This year has also been a good example of how we consistently manage sales to achieve targeted returns, which can result in quarterly fluctuations.

整體而言，今年展現了我們多通路分銷平台的實力。今年也是一個很好的例子，展示了我們如何持續管理銷售以實現目標回報，這可能會導致季度波動。

In the 4th quarter, we made the decision to allocate capital to the highest returning business, specifically index annuity and pension risk transfer sales, which resulted in a reduction in MYGA sales and funding agreements.

在第四季度，我們決定將資金分配給回報最高的業務，特別是指數年金和退休金風險轉移銷售，這導致 MYGA 銷售和融資協議減少。

F&G's net sales retained were $10.6 billion for the full year 2024, a 15% increase over the full year 2023.

F&G 2024 年全年淨銷售額留存為 106 億美元，較 2023 年全年成長 15%。

This included $2.5 billion of net sales in the fourth quarter.

其中包括第四季 25 億美元的淨銷售額。

We have profitably grown assets under management before flowing reinsurance to a record 65.3 billion at the end of the quarter, an increase of 17% over the fourth quarter of 2023.

截至本季末，我們的再保險流動資產管理規模已實現獲利性成長，達到創紀錄的 653 億，較 2023 年第四季成長 17%。

This included record retained assets under management of $53.8 billion a 10% increase over the fourth quarter of 2023.

其中包括創紀錄的 538 億美元保留管理資產，比 2023 年第四季成長 10%。

AUM growth was driven by net new business flows and net debt and equity proceeds over the last 12 months.

過去 12 個月，AUM 的成長是由淨新業務流以及淨債務和股權收益推動的。

There's a quick update on our investment portfolio, since 2020, we have selectively repositioned $2.7 billion of assets to optimize, de-risk, and position the portfolio to perform in varying market conditions while also improving its credit quality.

我們的投資組合有一個快速更新，自 2020 年以來，我們選擇性地重新配置了 27 億美元的資產，以優化、降低風險並定位投資組合以在不同的市場條件下表現，同時提高其信用品質。

At year end, the retained portfolio is high quality, with 97% of fixed maturities being investment grade.

截至年底，保留的投資組合品質很高，其中 97% 的固定期限債券為投資等級。

We continue to hold very little office exposure at 1.7% of our total portfolio.

我們繼續持有很少的辦公室投資，僅占我們總投資組合的 1.7%。

Credit-related impairments remain low and stable, averaging 7 basis points over the last 3 years and 6 basis points over the past 5 years, well below our pricing assumption.

信用相關減損仍保持低位且穩定，過去 3 年平均為 7 個基點，過去 5 年平均為 6 個基點，遠低於我們的定價假設。

We have also hedged 2/3 of our floating rate assets, which are now only 6% of our total portfolio net of hedging.

我們也對 2/3 的浮動利率資產進行了對沖，這些資產目前僅占我們總投資組合（扣除對沖）的 6%。

Our fixed income yield was 4.59% in the fourth quarter, 13 basis points higher than the fourth quarter of 2023, benefiting from higher yields on new investments.

我們的固定收益收益率在第四季為 4.59%，比 2023 年第四季高出 13 個基點，受惠於新投資收益率的提高。

On a sequential basis, our fixed income yield decreased 7 basis points from the 3rd quarter, primarily due to higher cash balances and the runoff of some higher yielding enforced assets.

以環比計算，我們的固定收益收益率較第三季下降了 7 個基點，主要原因是現金餘額增加以及一些高收益率強制資產的流失。

We expect this to rebound in 2025 as we fully deploy cash, refine our strategic asset allocation between public and private assets, and align our pricing actions in response to the macro environment, helping to mitigate the impact of spread compression.

我們預計，隨著我們充分部署現金、完善公共資產和私人資產之間的戰略資產配置、並根據宏觀環境調整定價行動，這一數字將在 2025 年反彈，有助於減輕利差壓縮的影響。

Also, we have refreshed our annual portfolio stress test, which is conservative and assumes no management action.

此外，我們還更新了年度投資組合壓力測試，該測試較為保守，不假設任何管理行動。

Once again, the stress test has confirmed that our portfolio is well positioned to withstand a sharp downturn in the economy.

壓力測試再次證實，我們的投資組合能夠很好地抵禦經濟的急劇下滑。

Please see F&G's winter 2024 investor presentation for further details.

請參閱 F&G 2024 年冬季投資者介紹以了解更多詳情。

Beyond sales and AUM growth, we continue to diversify our earnings beyond spread-based sources, driving margin expansion. Adjusted ROA, excluding significant items, was 127 basis points for the year, up 10 basis points over the 117 basis points achieved in the full year 2023.

除了銷售額和資產管理規模的成長之外，我們也持續實現獲利多元化，超越利差來源，從而推動利潤率的擴大。扣除重大工程後，全年調整後的 ROA 為 127 個基點，比 2023 年全年的 117 個基點高出 10 個基點。

Wendy will provide further details in a few minutes.

溫迪將在幾分鐘內提供更多詳細資訊。

In aggregate, we've invested $680 million in strategic owned distribution companies through two majority stakes taken in 2024 and two minority stakes purchased in 2023.

整體而言，我們透過 2024 年收購的兩家多數股權和 2023 年收購的兩家少數股權，向策略性自有分銷公司投資了 6.8 億美元。

Our strategic own distribution portfolio is performing well. We generated EBITDA $65 million in 2024 and estimate annualized EBITDA approximately $90 million in 2025, with double-digit annual growth expected over the medium term.

我們的策略性自有分銷組合表現良好。我們在 2024 年實現了 6,500 萬美元的 EBITDA，預計 2025 年年化 EBITDA 約為 9,000 萬美元，預計中期年增長率將達到兩位數。

One final area to highlight centers on our balance sheet strength and capital allocation. We were well prepared to drive growth and capture the market opportunity in 2024 while returning $125 million of capital to shareholders through common and preferred dividends.

最後要強調的一點是我們的資產負債表實力和資本配置。我們已做好充分準備，推動成長並抓住 2024 年的市場機遇，同時透過普通股和優先股股息向股東返還 1.25 億美元的資本。

Additionally, our commitment to strong ratings and achieving ratings upgrades over time was recognized through our am best financial strength rating upgrade to A or excellent in early 2024 and our Moody's long term issuer rating upgrade in mid 2024.

此外，我們致力於保持強勁評級並逐步實現評級升級，這透過我們在 2024 年初將最佳財務實力評級升級至 A 或優秀以及在 2024 年中期將穆迪長期發行人評級升級而得到認可。

Overall, our strong performance has generated significant ROE expansion. We've expanded adjust the return on equity, excluding AOCI and significant items over the last year from 10% to over 12% as we advance toward our targeted range of 13% to 14%.

總體而言，我們的強勁表現帶來了 ROE 的顯著提升。我們擴大了股本回報率的調整範圍，不包括去年的 AOCI 和重要項目，從 10% 增加到 12% 以上，朝著 13% 至 14% 的目標範圍邁進。

I'm very proud of our accomplishments and confident that F&G will continue to generate shareholder value through continued execution of our strategic priorities.

我對我們的成就感到非常自豪，並相信 F&G 將透過持續執行我們的策略重點繼續為股東創造價值。

Critical to our execution is ensuring that we have the people in place to effectively manage our rapid growth.

對於我們的執行來說，至關重要的是確保我們有足夠的人才來有效地管理我們的快速成長。

As a result, we are evolving our organizational structure to ensure that we continue to maximize the many opportunities that I see ahead of us over both the medium and longer term.

因此，我們正在改進我們的組織結構，以確保我們繼續最大限度地利用我在中期和長期看到的眾多機會。

As we announced last evening, Wendy Young has been appointed Chief Liability Officer effective April 1st. This is a new role at F&G and reflects the importance of reinsurance to our Goforward strategy and the increasing complexity of our business.

正如我們昨晚宣布的那樣，溫迪楊 (Wendy Young) 已被任命為首席責任官，自 4 月 1 日起生效。這是 F&G 的新職位，反映了再保險對我們的 Goforward 策略的重要性以及我們業務日益複雜的特徵。

In her new role, Wendy will lead all aspects of the company's liability management, reinsurance activities and our offshore entities. I am grateful that Wendy has agreed to lead this effort, given its importance to our long-term success.

在新的職位上，溫迪將領導公司負債管理、再保險活動和離岸實體的各個方面。我很感激溫迪同意領導這項工作，因為這對我們的長期成功至關重要。

Wendy's deep knowledge of F&G as well as her prior work as CEO of a Bermuda business, makes her the ideal executive to assume this role.

溫迪對 F&G 的深入了解以及她之前擔任百慕達企業執行長的經歷，使她成為擔任這一職位的理想人選。

I am also very grateful for her partnership and leadership as our CFO over the last 3 years as she has been instrumental to our success.

我也非常感謝她在過去三年擔任我們的財務長期間的合作和領導，因為她對我們的成功發揮了重要作用。

I am also very excited to welcome Conor Murphy to F&G as our next CFO. Conor brings extensive industry experience, having held a variety of executive roles at industry leading insurance companies.

我也非常高興地歡迎 Conor Murphy 加入 F&G 並擔任我們的下一任財務長。康納擁有豐富的行業經驗，曾在業界領先的保險公司擔任過各種高階主管。

Most recently, Conor was the President and CEO of Resolution Life US. Prior to that, He was the Chief Operating Officer of Bright House Financial when it was spun off by MetLife.

最近，康納擔任 Resolution Life US 的總裁兼執行長。在此之前，他曾擔任大都會人壽 (MetLife) 分拆出來的 Bright House Financial 的營運長。

Conor also held CFO roles for MetLife's European and Latin American businesses during his seventeen-year tenure at Mat.

康納在大都會人壽任職十七年期間，也曾擔任大都會人壽歐洲和拉丁美洲業務的財務長。

Conor's experience is a perfect match for our newly defined CFO role, which will oversee our financial management and help to guide the optimization of our business and strategic capital allocation as we continue to scale.

康納的經驗與我們新定義的財務長角色完美匹配，該角色將監督我們的財務管理，並在我們不斷擴大規模的過程中幫助指導我們的業務和戰略資本配置的優化。

Conor will start on April 1st, and I'd like to officially welcome him to F&G.

康納將於 4 月 1 日開始工作，我謹正式歡迎他加入 F&G。

As you can see, these are two very important roles that require two uniquely qualified executives. I look forward to partnering with both Wendy and Connor as they step into these positions, and I'm thankful to have such an accomplished team as we continue to build an industry leading business.

如您所見，這兩個角色非常重要，需要兩位具有獨特資格的主管。我期待與溫蒂和康納在他們擔任這些職位時進行合作，並且我很感激能擁有這樣一支出色的團隊，我們將繼續打造行業領先的業務。

Let me now turn the call over to Wendy to provide further details on F&G's full year and 4th quarter financial highlights.

現在，我將電話轉給溫迪，讓她提供有關 F&G 全年和第四季度財務亮點的更多詳細資訊。

Thank you, Chris. As Chris highlighted, I will be assuming the newly created role of Chief Liability Officer on April 1, and I am thrilled to take on this new opportunity.

謝謝你，克里斯。正如克里斯所強調的，我將於 4 月 1 日擔任新設立的首席責任官一職，我很高興能接受這個新機會。

This role will allow me to focus on leading management of our liabilities as well as our reinsurance strategy and our offshore entities which are becoming increasingly integral to our growth strategy and long-term success.

這個職位將使我能夠專注於領導我們的負債管理以及我​​們的再保險策略和離岸實體，這些對我們的成長策略和長期成功越來越重要。

I would like to personally thank Chris for this new opportunity, given that it is a terrific match with much of the work and experience I have had over the past 25 years here at F&G. I look forward to continuing to support F&G's growth and success and getting started in my new role this spring. I'm also looking forward to working closely with Conor and helping him to successfully transition into F&G.

我要親自感謝克里斯給我的這個新機會，因為它與我過去 25 年在 F&G 的工作和經驗非常契合。我期待著繼續支持 F&G 的成長和成功，並在今年春天開始我的新工作。我也期待與康納密切合作並幫助他成功過渡到 F&G。

Turning to our results, our operating performance continues to be strong. This morning, I'll focus my comments on adjusted net earnings and ROA, as well as our strong capital and liquidity position.

談到我們的業績，我們的經營業績持續保持強勁。今天上午，我將重點放在調整後的淨收益和 ROA，以及我們強大的資本和流動性狀況。

Starting with earnings for the fourth quarter, excluding significant items, adjusted net earnings were $153 million up 17% over $131 million in the fourth quarter of 2023.

從第四季的收益開始，扣除重大項目，調整後的淨收益為 1.53 億美元，比 2023 年第四季的 1.31 億美元成長 17%。

This excludes alternative investment returns below our long-term expectations by $32 million and significant income items of $22 million.

這還不包括低於我們長期預期的 3,200 萬美元的另類投資回報和 2,200 萬美元的重大收入項目。

For the full year 2024, excluding significant items, adjusted net earnings were $657 million up 22% over $539 million in the full year 2023. This excludes alternative investment returns below our long-term expectations by $145 million and significant income items of $34 million.

2024 年全年，扣除重大項目後，調整後淨利為 6.57 億美元，較 2023 年全年的 5.39 億美元成長 22%。這還不包括低於我們長期預期的 1.45 億美元的另類投資回報和 3,400 萬美元的重大收入項目。

This strong performance reflects asset growth, margin diversification from a free to flow reinsurance and own distribution, disciplined expense management, and higher interest expense as a result of planned capital markets activity.

這一強勁表現反映了資產成長、自由流動再保險和自身分銷的保證金多樣化、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。

Notably, we are benefiting from increased scale, as our ratio of operating expense to AUM before flow reinsurance decreased to 60 basis points at year-end 2024 from 63 basis points at year end 2023.

值得注意的是，我們受益於規模的擴大，因為我們的流量再保險前的營運費用與 AUM 的比率從 2023 年底的 63 個基點下降到 2024 年底的 60 個基點。

As expected, our variable expenses grew in line with our enforced book and gross sales while we held our fixed expense growth to a single digit rate.

如預期的那樣，我們的變動費用與強制帳面銷售額和總銷售額同步成長，而固定費用成長率則維持在個位數。

Adjusted ROA excluding significant items was 127 basis points in 2024, which reflects an increase of 10 basis points over 2023.

2024 年，扣除重大工程的調整後 ROA 為 127 個基點，比 2023 年增加了 10 個基點。

As compared to prior year, retained ROA was stable at 102 basis points, low reinsurance fee income increased from 13 to 16 basis points, and own distribution margin expanded from 2 to 9 basis points.

與前一年相比，留存資產報酬率穩定在 102 個基點，低再保險費用收入從 13 個基點增加到 16 個基點，自有分銷利潤率從 2 個基點擴大到 9 個基點。

From a sequential perspective, excluding significant items, adjusted ROA of 127 basis points was right in line with the trailing 12 month trend that we highlighted in Q2 and Q3 to help smooth lumpiness and surrender fee income that occurred in those time periods.

從連續角度來看，排除重大項目後，調整後的 ROA 為 127 個基點，與我們在第二季度和第三季度強調的過去 12 個月的趨勢完全一致，有助於平滑這些時間段內出現的波動和退保費收入。

As I mentioned last quarter, our actuarial assumptions continue to reflect elevated surrenders over the short term. Over time, surrenders are expected to normalize as rates become less volatile.

正如我在上個季度提到的，我們的精算假設繼續反映出短期內退保率的上升。隨著時間的推移，隨著利率波動的減小，退保率預計會趨於正常化。

Elevated terminations provide a boost to earnings from higher surrender charge fees when they occur. Beyond that initial benefit, terminations can temporarily pressure near-term spreads.

當發生終止合約的情況時，更高的退保費用可以增加收益。除了最初的好處之外，終止合約還可能暫時給短期利差帶來壓力。

Long term terminations provide benefits through freed up capital, which can be deployed to new business with renewed surrender charges and longer surrender periods. This should further improve the liability profile, resulting in stickier enforced liabilities that generate significant margins over time.

長期終止合約透過釋放資本來帶來好處，這些資本可以透過新的退保費用和更長的退保期限部署到新業務中。這應該會進一步改善負債狀況，從而產生更具黏性的強制負債，並隨著時間的推移產生可觀的利潤。

As Chris mentioned, adjusted return on equity excluding AOCI and significant items was 12% in the fourth quarter, as compared to approximately 10% in the fourth quarter of 2023.

正如克里斯所提到的，不包括 AOCI 和重要項目的調整後股本回報率在第四季度為 12%，而 2023 年第四季約為 10%。

Now turning to our balance sheet, we ended the year with a GAAP book value attributable to common shareholders, excluding AOCI of $5.6 billion or $44.28 per share at December 31, 2024, an increase of 10% as compared to $40.42 at December 31, 2023.

現在來看看我們的資產負債表，截至 2024 年 12 月 31 日，我們歸屬於普通股股東的 GAAP 帳面價值（不包括 AOCI）為 56 億美元或每股 44.28 美元，與 2023 年 12 月 31 日的 40.42 美元相比增長了 10%。

Our consolidated debt outstanding was $2.2 billion at December 31. F&G has successfully completed the following recent capital markets activity as expected.

截至 12 月 31 日，我們的未償還合併債務為 22 億美元。F&G 已如預期成功完成以下近期資本市場活動。

In October 2024, F&G issued $500 million of senior notes with net proceeds used to fully pay down its $365 million revolver balance and the remainder to be used for general corporate purposes.

2024 年 10 月，F&G 發行了 5 億美元的優先票據，淨收益用於全額償還 3.65 億美元的循環信貸餘額，剩餘部分將用於一般公司用途。

In January of 2025, F&G issued $375 million of junior subordinated notes with net proceeds to be used for general corporate purposes, including the repayment of debt. In early February of 2025, F&G fully redeemed its $300 million of outstanding senior notes due in May of 2025 at par. On a pro forma basis, our annualized interest expense is approximately $165 million or roughly a 7% blended yield on the $2.3 billion of total debt outstanding.

2025 年 1 月，F&G 發行了 3.75 億美元的次級債券，淨收益將用於一般公司用途，包括償還債務。2025 年 2 月初，F&G 以面額全額贖回了 2025 年 5 月到期的 3 億美元未償還優先票據。根據備考基礎，我們的年度利息支出約為 1.65 億美元，或 23 億美元未償還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. We also remain committed to our long-term target of approximately 25% debt to capitalization, excluding AOCI, and expect that our balance sheet will naturally delever as shareholders equity excluding AOCI grows.

我們繼續以 2 倍利息覆蓋率的目標持有公司現金和投資資產。我們也將繼續致力於實現我們的長期目標，即不包括 AOCI 的債務資本化率約為 25%，並預計隨著不包括 AOCI 的股東權益的增長，我們的資產負債表將自然去槓桿化。

Now moving on to a strong statutory capital position, as expected, we ended the year with an estimated company action level risk-based capital, or RBC ratio of over 410% for our primary operating subsidiary, providing a buffer above our 400% target.

現在轉向強大的法定資本狀況，正如預期的那樣，我們在年底的估計公司行動水平風險資本或主要營運子公司的 RBC 比率超過 410％，為我們的 400％ 目標提供了緩衝。

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

重要的是，F&G 在我們所有的法定資產負債表（包括我們的離岸實體）中都保持了強大的資本化和財務靈活性，這些實體都按照監管機構和評級機構最嚴格的資本要求進行保守管理。

Let me now turn the call over to Chris to wrap up.

現在，讓我將電話交給克里斯來結束演講。

Thanks Wendy. Over the last 18 months, our business has benefited from favourable market conditions and secular demand for our products that is poised to continue. We have made strong progress toward the medium-term financial targets that we laid out at our 2023 Investor day.

謝謝溫迪。在過去的 18 個月中，我們的業務受益於有利的市場條件和對我們產品的長期需求，而這種需求將持續下去。我們在實現 2023 年投資者日制定的中期財務目標方面取得了重大進展。

Growing AUM by 50%, expanding adjusted ROA excluding significant items to 133 to 155 basis points.

AUM 成長 50%，不包括重大計畫的調整後 ROA 擴大至 133 至 155 個基點。

Increasing adjusted ROE excluding AOCI and significant items to 13% to 14% and expanding our P/E multiple.

將不包括 AOCI 和重要項目的調整後 ROE 提高至 13% 至 14%，並擴大我們的本益比。

We have executed well over the past 12 months and in the case of adjusted ROA are already closing in on the lower end of the range.

過去 12 個月，我們的表現良好，調整後的 ROA 已接近該範圍的下限。

Of course we're excited to continue to progress toward our investor day targets, and from here we expect that our pace will be a little more moderate given the strong success that we've achieved so quickly.

當然，我們很高興能夠繼續朝著投資者日的目標邁進，並且從現在開始，考慮到我們如此迅速地取得的巨大成功，我們預計我們的步伐將會更加溫和。

We remain focused on continuing to deliver long term shareholder value by driving sustainable asset growth from our retail and pension risk transfer growth strategies, generating ROA expansion from enhanced investment margin, skill benefits, and fee-based earnings from accretive flow reinsurance.

我們將繼續致力於透過零售和退休金風險轉移成長策略推動永續資產成長，透過提高投資利潤率、技能效益和增值流量再保險的收費收益實現 ROA 擴張，從而繼續實現長期股東價值。

And diversifying earnings through strong growth in our middle market life insurance business and own distribution strategies.

並透過中端市場人壽保險業務的強勁成長和自身的分銷策略實現盈利多元化。

As you can tell, I could not be more excited with the opportunities that we have in front of us as we enter 2025.

正如你們所看到的，我對我們即將進入 2025 年的機會感到無比興奮。

This concludes our prepared remarks. Let me now turn the call back to our operator for Questions.

我們的準備好的演講到此結束。現在，請允許我將電話轉回給我們的接線生以回答問題。

Our first question is from John Barnidge, Piper Sandler.

我們的第一個問題來自派珀·桑德勒 (Piper Sandler) 的約翰·巴尼奇 (John Barnidge)。

Good morning. Thank you for the opportunity.

早安.感謝您提供的機會。

Can you talk about the evolving organizational structure of the company and what that growth opportunity means and I know Bermuda. Could be an opportunity, so love to hear more about the changing organizational structure. Thank you.

您能否談談公司不斷發展的組織結構以及這種成長機會意味著什麼，我了解百慕達。這可能是一個機會，所以我很想聽到更多有關組織結構變化的消息。謝謝。

Yes, happy to morning, John. So this is Chris. Yes, I think it's pretty simple. Just as our business has continued to grow, you've seen the stats, we've, quintupled sales, we've gone into multiple new distribution channels, but we're also driving real value and real accretion through some of the flow reinsurance arrangements and other arrangements that we have, so.

是的，早上好，約翰。這就是克里斯。是的，我認為這很簡單。就像我們的業務持續成長一樣，正如您所看到的統計數據，我們的銷售額成長了五倍，我們進入了多個新的分銷管道，但我們也在透過一些流量再保險安排和其他安排來推動真正的價值和真正的增值。

Yes, we just sort of determined that the opportunities were big enough and the levers to drive margin and value big enough that it was time to do a little divide and conquer and some of it is frankly we saw an opportunity to add a very talented versatile athlete to the team.

是的，我們只是確定機會足夠大，推動利潤和價值的槓桿足夠大，是時候進行一些分而治之了，坦率地說，我們看到了一個為球隊增添一位非常有才華的多才多藝的運動員的機會。

So, as we continue to expand when we look at the opportunities in front of us in terms of, potential new business opportunities, expanding our channels of distribution, etc.

因此，當我們審視眼前的機會時，我們會繼續擴張，包括潛在的新商機、擴大我們的分銷管道等。

Yes, we get pretty excited about it and then the last piece I would say is, the offshore environment, there is just a lot going on right in terms of, both changes in the regulatory world, different partnerships, etc. So, it just felt like us it was a great opportunity to make that change.

是的，我們對此感到非常興奮，然後我想說的最後一點是，離岸環境，在監管領域、不同的合作夥伴關係等方面都發生了很多變化。所以，我們覺得這是一個做出改變的好機會。

Thanks for that, Chris. And then in your prepared remarks, you mentioned you're not seeing meaningful impact from industry lawsuits related to pension risk transfer and you had a great volume in the corner there. Can you maybe talk about where you're competing in the market and your outlook amid the that industry litigation that other people have called Out? Thank you.

謝謝你，克里斯。然後，在您準備好的發言中，您提到您沒有看到與退休金風險轉移相關的行業訴訟產生有意義的影響，並且您在角落裡有大量的發言。您能否談談您在市場上的競爭情況以及在其他人所呼籲的行業訴訟中您的前景？謝謝。

Sure, yes, I think there's probably a couple of things at play. One, we've been pretty consistently playing in I would say the $100 million to a billion dollars dollar space, and that's been just a good place for us to play. It fits in terms of the size of our balance sheet, so we still see a lot of opportunities. We haven't felt an impact yet.

當然，是的，我認為可能有幾件事在起作用。首先，我們一直在 1 億美元到 10 億美元的市場中競爭，這對我們來說是一個很好的機會。它與我們的資產負債表規模相符，因此我們仍然看到很多機會。我們尚未感受到影響。

I think some of that is our structure is pretty straightforward, we're a 100% US company regulated by the state of Iowa. We our majority shareholder is a large public US company regulated by the state of Florida, and so I think that combined with, some of the capabilities that we have partnering with Blackstone on the investment side, it's just it's been a good fit, so we continue to be optimistic.

我認為其中一部分原因是我們的結構非常簡單，我們是一家受愛荷華州監管的 100% 美國公司。我們的大股東是一家受佛羅裡達州監管的大型美國上市公司，因此我認為，再加上我們與黑石在投資方面合作的一些能力，這是一個很好的契合點，所以我們繼續保持樂觀。

And the institutional side, as you probably noticed, we re-entered the FABN market, so I think that is another attractive opportunity for us. So, I guess if we if we did see a slowdown or there was something overall impacting the space, we have got a lot of places to source premium, but right now we are we are not seeing that. It still looks like there is a lot of opportunity for us to bid on deals.

從機構方面來看，正如您可能已經注意到的，我們重新進入了 FABN 市場，所以我認為這對我們來說是另一個有吸引力的機會。所以，我想如果我們確實看到了經濟放緩，或者有什麼東西對整個領域產生了影響，我們有很多地方可以採購優質產品，但現在我們還沒有看到這種情況。看起來我們仍然有很多機會競標交易。

Thank you for that appreciate the comments.

感謝您的讚賞。

Thank you.

謝謝。

Wes Carmichael, Autonomous Research.

韋斯·卡邁克爾，自主研究。

Hey, thanks. Good morning. Chris, I just want to get your updated perspective on growth from here and maybe that leads into the capital management a little bit too, but how are you thinking about the growth rate over the next few years in terms of net sales or retained AUM?

嘿，謝謝。早安.克里斯，我只是想了解您對成長的最新看法，這也許也會涉及資本管理，但您如何看待未來幾年淨銷售額或保留 AUM 的成長率？

Yes, thanks, Wes, and I know when you want to jump in here too, but I think strong. I mean we're still quite excited about the overall backdrop, the places that we play, we still see a lot of secular demand and people are tired of hearing it, but it's true and it's a huge driver. It's, baby boomers getting older. It's people embracing fixed annuities as a fixed income surrogate in portfolios,

是的，謝謝，韋斯，我知道你也想加入進來，但我認為要堅強。我的意思是，我們仍然對整體背景、我們演出的場所感到非常興奮，我們仍然看到很多長期需求，人們已經厭倦了聽到它，但這是事實，而且是一個巨大的驅動力。嬰兒潮世代正在變老。人們以固定年金作為投資組合中固定收入的替代品，

I think. Evolution products like YLA now start competing with other asset-based types of investment opportunities for folks. So, none of that changes in our view, even if you see rates tick down a little bit. So we think the secular demand is really strong and then unique to us, we're still adding distribution partners, it's not like we've been doing this for 20 years.

我認為。像 YLA 這樣的演化產品現在開始與其他基於資產類型的投資機會競爭。因此，我們認為，即使利率略有下降，這些都不會改變。因此，我們認為長期需求確實強勁，而且對我們來說是獨一無二的，我們仍在增加分銷合作夥伴，這並不是說我們已經這樣做了 20 年。

We're, adding banks, we're adding broker dealers, we're penetrating within the channels that were in. Already, so yes, we've seen a ton of growth. We're really proud of going from $3 billion to $15 billion in gross sales, but I don't think the demand side of this is peaked at all to the capital question and when you can touch base on this as well, but yes, we continue to form flow reinsurance partners.

我們正在增加銀行，增加經紀交易商，我們正在滲透現有的管道。是的，我們已經看到了巨大的成長。我們為總銷售額從 30 億美元增長到 150 億美元而感到自豪，但我認為對於資本問題的需求方面還沒有達到頂峰，您也可以就此進行探討，但是是的，我們會繼續組建流量再保險合作夥伴。

We look at all sorts of different ways to continue to fund the growth, so we're pretty excited, we just came off our A board meeting. The board the board's pretty fired up, and I think that's a reflection of the opportunity in front of us. I don't know, Wendy, if there's anything you want to add to the capital question.

我們正在尋找各種不同的方式來繼續為成長提供資金，所以我們非常興奮，我們剛剛結束了 A 董事會會議。董事會非常興奮，我認為這反映了我們面前的機會。溫迪，我不知道您是否想對資本問題進行補充。

Yes, we had a tremendous sales year and just really proud of the fact that we're able to come up with solutions to support that growth, and I don't see that changing again. Chris has indicated we continue to have, partners that approach us and have great discussions and look forward to continuing with that effort.

是的，我們今年的銷售業績非常出色，我們非常自豪能夠找到解決方案來支持這種成長，我認為這種情況不會再改變。克里斯表示，我們將繼續與合作夥伴接觸，進行深入的討論，並期待繼續努力。

Got it, thanks. And then a follow up just on the core ROA if I adjust for alts and pre-pays and the actuarial adjustment, I mean it was a little bit of a sequential compression. I think it's 18 basis points or so now you're kind of running in the [neighborhood] of 115 basis points in the quarter.

明白了，謝謝。然後，如果我根據 alts 和預付款以及精算調整來跟進核心 ROA，我的意思是，這有點像連續壓縮。我認為現在是 18 個基點左右，本季的利率大概是 115 個基點左右。

And I think when you talked about surrenders normalizing, so that's a little bit of the driver, but there's also a little bit of compression from the fixed portfolio and still a pretty competitive environment. So, any update on how you expect the ROA to trend from here?

我認為，當您談到退保正常化時，這是一個小小的驅動因素，但固定投資組合也帶來了一點壓縮，而且競爭環境仍然相當激烈。那麼，您預計 ROA 未來趨勢如何嗎？

Yes, so you're exactly right. We, the pre-pays are were a big driver of that decrease quarter over quarter, and as we indicated in our prepared remarks, what we'll be looking to invest some of that cash that was generated because of pre-pays.

是的，你說得完全正確。我們，預付款是季度環比下降的一個重要驅動因素，正如我們在準備好的評論中所指出的，我們將尋求投資部分由預付款產生的現金。

Get that done as soon as we can to get that back, look at the asset runoff, any repositioning we can do there, and then of course we always have our renewal rate setting process that we can adjust to make sure that that does not continue. So, we expect it to rebound less than 2025.

我們會盡快完成這項工作，以恢復原狀，看看資產流失情況，以及我們可以做的任何重新定位，當然，我們始終有我們的更新率設定流程，我們可以進行調整，以確保這種情況不會繼續下去。因此，我們預計其反彈幅度將低於 2025 年。

Yes, the only other thing I'd add is, we did a billion dollars of PRT during the quarter and you just, you don't want to rush that allocation in terms of deploying assets and so when you've got privates in the grid, you can see a lag as well. So, yes I think Wendy size it up nicely. It's not, we're not anticipating it to be as nearly as dramatic as it might look when you look at the particular quarter.

是的，我唯一要補充的是，我們在本季度進行了 10 億美元的 PRT，你只是不想在部署資產方面倉促分配，所以當你在電網中擁有私有資源時，你也會看到滯後。所以，是的，我認為 Wendy 的評估很到位。事實並非如此，我們預計它不會像特定季度看起來的那樣戲劇化。

No, very helpful. Thank you.

不，非常有幫助。謝謝。

Alex Scott, Barclays.

巴克萊銀行的亞歷克斯·斯科特。

Hi, good morning, I just wanted to see if you give us a sense of how much impact or so is in the crediting rate for surrenders being a bit elevated and, it just, externally it.

你好，早安，我只是想看看你是否能讓我們了解一下退保記帳率略有提高會有多大影響，以及它對外部的影響。

It makes it a little difficult for us to understand the direction of spreads just knowing that, I think some of the heightened surrender fees maybe, allowed crediting, the crediting rate to stay lower than it otherwise would have during this period where there's, some movement from the book and the new products and so forth, so I was just hoping you could help us think through like what.

這讓我們很難理解利差的走向，但我知道，提高退保費可能會使貸記率保持在低於正常水平，在此期間，賬簿和新產品等都會有一些變動，所以我只是希望您能幫助我們思考一下。

You know what that level was this quarter I think you guys usually give it in the Q's and K's and where you expect that to trend.

您知道本季的水平是多少嗎？我想你們通常會在 Q 和 K 中給出它，以及你們預期它的趨勢如何。

Yes, so just based on where the interest rate environment continues to hang out, we, we're still thinking that surrenders will continue until something dramatically happens in the in the rate environment. They were a little bit lighter in in the quarter I think in the QFS there's a trend of the actual surrenders, they were down a bit, so.

是的，因此，僅基於利率環境的持續變化，我們仍然認為，除非利率環境發生重大變化，否則放棄的現象將會持續下去。我認為本季 QFS 中的實際退保數量略有下降，所以實際退保數量略有下降。

I, we don't disclose the surrender charge amount in detail, but our outlook is that it's going to continue for a while.

我，我們不會詳細揭露退保費用金額，但我們預計這種情況將持續一段時間。

Yes we'll think about Alex Scott if there's anything we can do to help you because I get the challenge. It is tricky.

是的，我們會考慮亞歷克斯·斯科特 (Alex Scott)，看看我們能做些什麼來幫助你，因為我明白這個挑戰。這很棘手。

The other thing that's maybe not as a parent, but We're a big beneficiary of some of this in our own distribution business as well, so you know that business continues to hum along nicely. We're really excited about that.

另一件事可能不是作為母公司，但我們在自己的分銷業務中也是其中的巨大受益者，因此您知道業務繼續順利進行。我們對此感到非常興奮。

So yes, I get the challenge and as you know in the long run I actually think this is going to be value accretive because you're going to just have a newer book and as rates tick down. I think the duration of that spread is going to be longer, but We, it does create a little bit of noise in the interim, so I don't have an easy answer for you on that one, but we'll think about is there. A way we can help with that.

所以是的，我明白這個挑戰，正如你所知，從長遠來看，我實際上認為這將會增加價值，因為你將擁有一本更新的書，而且利率會下降。我認為這種傳播持續時間會更長，但在此期間，它確實會產生一些噪音，因此在這個問題上我無法給你一個簡單的答案，但我們會考慮。我們可以提供幫助的方法。

Cool, sounds good. And then as a follow up, I wanted to ask about the funding agreement back, no market, we've seen a lot of issuance I guess in the whole industry recently is that, may maybe help us understand like what's the dynamic there that makes it particularly attractive right now for the industry and, as a company that's sort of, beginning to grow into that, you know what kind of opportunities is there for you.

很酷，聽起來不錯。然後作為後續問題，我想問一下有關融資協議的問題，沒有市場，我們最近看到整個行業發行了很多債券，這也許可以幫助我們了解那裡的動態，使得它現在對行業特別有吸引力，作為一家開始成長為這樣的公司，你知道有什麼樣的機會適合你。

Yes, I appreciate that question. A lot of the issuers right now, I think we've talked about this before they're higher rated than we are, which impacts the cost of funds so you know we balance, capital allocation pretty tightly so we will allocate. Capital just based on where we think we'll get the highest returns on that capital so we look at FABN and we'll issue when when we believe that's the right way to go in a in a particular quarter.

是的，我很感謝你提出這個問題。現在有很多發行人，我想我們之前已經討論過這個問題，他們的評級比我們高，這會影響資金成本，所以你知道我們平衡，資本配置相當嚴格，所以我們會分配。資本只是基於我們認為可以從哪裡獲得最高資本回報，因此我們會關注 FABN，並且當我們認為在特定季度這是正確的做法時，我們就會發行 FABN。

Yes, and I'd say I know you know this, but order of priority, fixed index annuities RILA, very strategic high returning, particularly on a risk adjusted basis.

是的，我想說我知道你知道這一點，但優先順序是固定指數年金 RILA，非常具有策略性的高回報，特別是在風險調整的基礎上。

So, you know we want to make sure that we always have ample capital to drive that every single year. PRT, love that business, love the duration of the spread, so those would be the most highest FAB and probably the most opportunistic. If we've got excess capital and the spreads makes sense, we'll issue it if we don't, we won't.

所以，你知道，我們希望確保我們每年都有足夠的資金來推動這一目標。PRT，喜歡這項業務，喜歡傳播的持續時間，因此這些將是最高的 FAB，並且可能是最具機會的。如果我們擁有過剩資本，且利差合理，我們就會發行；如果沒有，我們就不會發行。

So and then I put MYGA somewhere in between. It's important to our clients. We want to continue to be in the MYGA market. It's profitable, particularly since we flow out 90% of our MYGA, but that's sort of the pecking order of how we think about deploying capital to new product sales.

因此，我把 MYGA 放在了兩者之間。這對我們的客戶來說很重要。我們希望繼續留在 MYGA 市場。這是有利可圖的，特別是因為我們的 90% MYGA 都流出了，但這是我們考慮將資本部署到新產品銷售的優先順序。

Got it, thank you.

知道了，謝謝。

Mark Hughes with Truist Securities.

Truist Securities 的 Mark Hughes。

Yes, thanks. Good morning, Chris. Morning, Wendy.

是的，謝謝。早上好，克里斯。早安，溫迪。

On the MYGA, what has to happen in the market to kind of get those back into position where you'd be more active? Is this kind of a good level for the foreseeable future?

在 MYGA 上，市場需要發生什麼才能讓它們重新回到你更活躍的位置？在可預見的未來，這是否是一個好的水準？

Yes, I think the demand is always going to be there, and again it's tricky to answer because I don't, I think the demand for MYGA is explosive right now.

是的，我認為需求總是會存在的，而且這個問題很難回答，因為我認為現在對 MYGA 的需求是爆炸性增長的。

Obviously the rate market is volatile, so you know we always want to be a little cautious and careful that you're not chasing the rates up or chasing them down, too quickly to see you want that to stabilize a little bit. But I would say the fall off in MYGA in this quarter was 100% driven by a good thing which was just incredible demand.

顯然，利率市場是波動的，因此，你知道，我們總是要謹慎小心，不要過快地追逐利率上升或下降，以免看到利率稍微穩定下來。但我想說，本季 MYGA 的下滑 100% 是由一件好事所致，那就是驚人的需求。

I mean our FIA sales were up big time for the year. We had another really strong quarter for FIA. So again that's always going to be the priority from a capital allocation standpoint, but I would say, demand for.

我的意思是我們的 FIA 銷售額今年大幅成長。我們為 FIA 帶來了另一個非常強勁的季度。因此，從資本配置的角度來看，這始終是優先事項，但我想說，需求。

Getting a rate of, north of 5% guaranteed tax deferred, that's not going away. That's going to be there for quite some time.

獲得 5% 以上的保證延稅利率是不會消失的。這種情況將會持續相當長一段時間。

Okay. When we think about the ROA you gave some good detail, I think you talked about the expect. ROA expansion to be a little more moderate from here. What is the base? Is the base the 127 or should we think about the sequential progress of the 115 from the quarter?

好的。當我們考慮 ROA 時，您給出了一些很好的細節，我認為您談到了預期。從現在起，ROA 擴張將變得更加溫和。基數是什麼？基數是 127 嗎，還是我們應該考慮本季以來 115 的連續進展？

Yes, no, I think the base is 127. Again, we're always going to have some noise quarter to quarter, but we don't give a lot of guidance.

是的，不是，我認為基數是 127。再說一次，我們每個季度總是會有一些噪音，但我們不會給很多指導。

But I think, Wendy would have gotten guidance of the year award last year because I think she said or last quarter, think about the last 12 months, which was like 126, 127. So yes, we're not saying we can't grow it from here, we can, we're just saying.

但我認為，溫蒂去年應該會獲得年度指導獎，因為我認為她說過，或者上個季度，想想過去的 12 個月，大概是 126、127。所以是的，我們並不是說我們不能從現在開始發展，我們可以，我們只是說說而已。

We are not going to be able to add 10 basis points to ROA every year. I wish we could, and I go back to our investor day presentation where we said, hey, we are going to grow AUM by 50%. We are going to increase ROA from I think the base was 110 to 133 to 155, and obviously we are at 127 already, so we've had a nice sort of step function jump up.

我們不可能每年將 ROA 提高 10 個基點。我希望我們能夠做到，我回想起我們在投資者日的演講，當時我們說，嘿，我們的 AUM 將成長 50%。我們將把 ROA 從我認為的基數 110 提高到 133 再到 155，顯然我們已經達到了 127，所以我們有了一個很好的階躍函數跳躍。

So yes, all we are trying to say is we can still grow it from there. We feel good about getting to our investor day target and keep in mind we're only a little over a year into that process and we're feeling really good about all the measures just to finish it out, we said we'd take ROE up to 13% to 14% .

所以是的，我們想說的是，我們仍然可以從那裡發展。我們很高興能夠達到投資者日的目標，請記住，我們才剛剛進入這一過程一年多一點，我們對完成這一目標的所有措施感到非常滿意，我們說過我們會將 ROE 提高到 13％ 到 14％。

And I think we were, 124 this quarter, so we're making great progress there and obviously the multiple has gone up as well since investor day. So, I just keep going back to that is our public plan that we're shooting for, and I would say a little over a year into it we're feeling really good.

我認為本季我們的本益比為 124 倍，因此我們在這方面取得了巨大進步，而且自投資者日以來，本益比顯然也有所上升。所以，我只是不斷地回顧我們正在努力實現的公共計劃，我想說，經過一年多的努力，我們感覺非常好。

On the own distribution, I think you said the outlook for $90 million in EBITDA 2025 up from $65 million. How much of that growth is internal organic? I'm trying to recall whether there was any interim M&A in 2024 that would influence that progression from the 65 to the 90.

就自身分佈而言，我認為您所說的 2025 年 EBITDA 前景將從 6500 萬美元上升至 9000 萬美元。其中有多少成長是內部有機成長？我試著回想 2024 年是否有任何中期併購會影響從 65 到 90 的進展。

Yes, there was some of the full year effect of F&G going, I think from whatever our initial stake was to 100% ownership there, but the bulk of it is just these businesses are tuned really well. I mean, we partnered with good people, and this is the advantage of, we're not just a financial investor, we've known a lot of these folks personally for 20 years in some cases.

是的，我認為 F&G 的全年影響是有一些的，從我們最初的股份到 100% 的所有權，但主要還是因為這些業務調整得非常好。我的意思是，我們與優秀的人才合作，這就是優勢，我們不僅僅是金融投資者，在某些情況下，我們與這些人中的許多人已經認識 20 年了。

So, You're really trying to underwrite is, quality of management teams, their strategy, are they going to be a winner in this overall consolidation and right now we just feel awesome about who we've partnered with the backdrop helps.

所以，您真正想要保證的是管理團隊的品質、他們的策略，他們是否會成為這次整體整合的贏家，而現在，我們對與誰合作感到很棒，背景幫助也很大。

Obviously their, focus is either primarily IUL and that business is just humming for us right now, or, they're selling FIAs and fixed annuities and as you know that business is doing is doing great. So, for us we just couldn't feel any better about the progress there and we see that continuing. I don't see anything that's going to derail that in the near term.

顯然，他們的重點要么主要放在 IUL 上，而且這項業務目前對我們來說非常順利，要么他們正在銷售 FIA 和固定年金，而且如你所知，業務做得很好。因此，對我們來說，我們對那裡的進展感到非常高興，我們看到這種進展還在繼續。我認為短期內不會有任何事情破壞這一進程。

And if I could squeeze in one more on the FIA market of 57% is a pretty strong taking a lot of share there.

如果我能在 FIA 市場上再擠進一個 57% 的份額，那將是一個相當強勁的成長勢頭。

How would you characterize competition in that market, new players, and if you had to break down, how much of that sales growth came from, I don't know, ex expanded distribution, new partnerships, I think market growth is pretty strong, how would we or how should we think about that magnitude of growth.

您如何描述該市場的競爭和新參與者？如果必須細分的話，銷售額的成長有多少是來自於擴大分銷管道和建立新合作夥伴關係？我認為市場成長相當強勁，我們該如何看待這種成長幅度？

Yes, I think there's two things happening here. One is the product category is just coming into its own. So I think the industry last year was up 31%. We were up, comfortably north of that.

是的，我認為這裡發生了兩件事。一是該產品類別剛形成。所以我認為去年該行業成長了 31%。我們位於該地北部，位置舒適。

So, it's nice to have a rising tide and people embracing the product, but Again, every time you see volatility in the market, aging of baby boomers, all the trends that we keep talking about, I think people are just figuring out it's a great chassis that can meet a lot of different needs.

因此，看到潮流不斷上漲、人們接受該產品是件好事，但是，每當你看到市場波動、嬰兒潮一代的老化以及我們一直在談論的所有趨勢時，我認為人們只是發現這是一個可以滿足許多不同需求的偉大底盤。

One version of the product that's sort of flying off the shelves right now for everybody is, the more income oriented version of an FIA and that's just obvious. You got a lot of boomers with assets looking to lock in guaranteed lifetime incomes, so. The macro trends are really good and then yes, you hit it on top of that we're getting growth in all of our channels.

目前最暢銷的產品版本之一是更注重收入的 FIA 版本，這是顯而易見的。很多嬰兒潮世代擁有資產，希望鎖定有保障的終生收入。宏觀趨勢確實很好，而且，是的，最重要的是，我們所有的管道都在成長。

Our core agent channel continues to grow, our bank channel continues to do to do really well, and now you know the big focus lately is we've been, inching our way into the broker dealer market. So if I guess I would say the bulk of the growth is less about adding distribution partners.

我們的核心代理通路持續成長，我們的銀行通路持續表現良好，現在你知道最近的重點是我們一直在慢慢進入經紀交易商市場。因此，如果我猜的話，我會說成長的大部分並不來自於增加分銷合作夥伴。

It's that natural lag of you add a partner, you get your name out there you sell MA and then you cross sell FIA and so I think we are just seeing the continuation of that of that wave if you will.

這是自然的滯後，你增加了一個合作夥伴，你的名字在那裡，你銷售 MA，然後你交叉銷售 FIA，所以我認為我們只是看到了這股浪潮的延續。

Thank you.

謝謝。

West Carmichael with Autonomous Research.

西卡邁克爾 (West Carmichael) 擁有自主研究。

Hey, thanks. Thanks for taking the follow up. I just want to come back to my sales for a second, but it's a pretty significant decline at least year over year, and I think it was a little bit of an industry-wide phenomenon in the quarter.

嘿，謝謝。感謝您的跟進。我想稍微回顧一下我的銷售情況，但至少與去年同期相比，銷售額出現了相當明顯的下降，而且我認為這是本季全行業的普遍現象。

But Chris, I think in the past you've talked about industry sales for annuities being pretty resilient even if the interest rates move lower. So, just wondering if there's any change in your thinking there, and I know you flow most of the mic out, but there's obviously some economics attached to that.

但克里斯，我認為過去你曾談到即使利率下降，年金業銷售仍然具有相當的彈性。所以，我只是想知道您的想法是否有任何變化，我知道您的大部分時間都在使用麥克風，但顯然這與一些經濟因素有關。

Yes, again, I chalk it up to quarter over quarter volatility, so I again, I really don't think, all we're seeing like a great slowdown in MYGA, and there's just so many factors that go into this, including, we're no different. We aren't the only ones that would sit here and go, boy, we'd rather sell an FIA, than a MYGA.

是的，我再次將其歸因於季度環比波動，所以我再次強調，我真的不認為我們看到的只是 MYGA 的大幅放緩，而這其中有很多因素，包括我們自己也沒有什麼不同。我們不是唯一坐在這裡說『我們寧願賣一輛 FIA，也不願賣一輛 MYGA』的人。

I think everybody feels that way, so I'm sure that's a bit of a factor rate volatility. Is always a factor and then yes I think when you get into the 4th quarter, when you when you're turning it on lots of different fronts, people are always trying to just be you know cautious on capital levels as well and get the label in there.

我想每個人都有這種感覺，所以我確信這在某種程度上影響了利率波動。始終是一個因素，是的，我認為當你進入第四季度時，當你在許多不同方面進行轉變時，人們總是試圖在資本水平上保持謹慎，並在其中貼上標籤。

So, I don't again I still don't, if I look at industry sales, if you back up and look at it for the year, yes, MYGA sales were down 7%, and we were, I think flat.

所以，如果我看一下行業銷售額，如果你回顧一下今年的銷售額，是的，MYGA 的銷售額下降了 7%，而且我認為我們持平。

So but yes, I don't, I am not, I am still not of the camp that we are going to see some big giant secular decline in demand for MYGA.

所以，是的，我不認為，我仍然不認為我們將會看到對 MYGA 的需求出現長期大幅下降。

Got it. And then I think it's part of Wendy's transition. I think it had, you mentioned it had to do with some of the changes in the regulatory world, and it seems like there's a lot going on at the NAIC in terms of maybe asset adequacy testing for reinsurance, capital charges for structured securities, there's the bond project, and then probably changes at the BMA too.

知道了。我認為這是溫迪轉變的一部分。我認為是的，您提到它與監管領域的一些變化有關，而且看起來美國全國保險監督官協會 (NAIC) 正在做很多事情，例如再保險的資產充足性測試、結構性證券的資本要求、債券項目，然後英國醫學協會 (BMA) 可能也會發生變化。

So maybe can you just touch on from a broad perspective on what's most important on the on the horizon on the regulatory front.

那麼，您能否從廣泛的角度談談監管方面目前最重要的事情。

Yes, I think as you said, there's a lot of activity in it and I feel for regulators because it's, the market, the market's complex. I think everyone's worried about the same thing, which is there sufficient transparency in terms of what people are doing? We report everything up to Iowa in terms of how we use our own offshore entities and so.

是的，我認為正如你所說，其中有很多活動，我同情監管機構，因為這是一個市場，這個市場很複雜。我認為每個人都擔心同一件事，那就是人們所做的事情是否夠透明？我們向愛荷華州報告我們如何使用自己的離岸實體等所有情況。

Again we can only attest to what we are doing. We can attest to what other players are doing. So yes, I think there is activity in Bermuda. There is activity in Cayman. Domestic regulators are very involved, so I wouldn't say it was a big driver, but it's just back to, the business is bigger, the business is more complex.

再一次，我們只能證明我們正在做的事情。我們可以證明其他玩家正在做什麼。是的，我認為百慕達有活動。開曼群島有活動。國內監管機構參與度很高，所以我不會說這是一個很大的驅動因素，但它只是回歸到業務規模更大、業務更複雜的狀態。

There's big opportunity, but that comes with big responsibility that you are. Being transparent with what you're doing, you're communicating regularly with all of the regulators, most importantly, your domestic home regulators. So again, to me it just begged for focus.

機會很大，但隨之而來的是巨大的責任。您要對自己所做的事情保持透明，並定期與所有監管機構進行溝通，最重要的是，與國內監管機構進行溝通。所以，對我來說，這只是需要關注而已。

Thank you.

謝謝。

This will conclude our question and answer session.

我們的問答環節到此結束。

Thank you for attending today's presentation, and the conference call has been concluded. You may now disconnect.

感謝您參加今天的演講，電話會議已經結束。您現在可以斷開連線。