F&G Annuities & Life Inc (FG) 2025 Q1 法說會逐字稿

Good morning and welcome to F&G's first quarter of 2025 earnest call. (Operator Instructions). I'd like to turn the call over to Lisa Foxworthy Parker, Senior Vice President of Investor and External Relations. Thank you. You may begin.

早安，歡迎參加 F&G 2025 年第一季誠摯電話會議。（操作員指令）。我想將電話轉給投資者和外部關係高級副總裁 Lisa Foxworthy Parker。謝謝。你可以開始了。

Thanks, operator, and welcome everyone. I'm joined today by Chris Blunt, Chief Executive Officer, and Conor Murphy, Chief Financial Officer. Also, Wendy Young, Chief Liability Officer, will be available for Q&A. Before we get started, I wanted to note that we have recast prior period financial results during the quarter. We have removed CLO redemption and bond prepay income from our significant items.

謝謝接線員，歡迎大家。今天與我一起出席的還有執行長克里斯布朗特 (Chris Blunt) 和財務長康納墨菲 (Conor Murphy)。此外，首席責任官溫蒂楊 (Wendy Young) 也將參與問答環節。在我們開始之前，我想指出的是，我們已經重塑了本季的前期財務表現。我們已將 CLO 贖回和債券預付收入從重要項目中刪除。

And have updated definitions for the cost of funds and flow reinsurance fee income within our ANE management view income statement. Importantly, historical reported Net Earnings and Adjusted Net Earnings or ANE have not changed. The recast financial results are available in our quarterly financial supplement and earnings release, as well as our spring 2025 investor presentation.

並在我們的 ANE 管理視圖損益表中更新了資金成本和流量再保險費收入的定義。重要的是，歷史報告的淨收益和調整後淨收益或 ANE 沒有改變。重新計算的財務結果可在我們的季度財務補充和收益報告以及 2025 年春季投資者簡報中查看。

Also starting this quarter, we are presenting our financial results on an as reported basis throughout our earnings materials. Therefore, these results, including ANE, ROA, and ROE, are no longer presented on an excluding significant items basis. On page six of our quarterly financial supplement, you can find a summary of the impacts to ANE from significant items and investment income from alternative investments.

此外，從本季開始，我們將在整個收益材料中按報告的方式呈現我們的財務表現。因此，這些結果（包括 ANE、ROA 和 ROE）不再以排除重大專案為基礎呈現。在我們的季度財務補充報告的第六頁，您可以找到重大項目和另類投資的投資收益對 ANE 的影響的摘要。

Today's earnings call may include forward-looking statements and projections under the Private Securities Litigation Reform Act, which do not guarantee future events or performance. We do not undertake any duty to revise or update such statements to reflect new information, subsequent events, or changes in strategy.

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。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。

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

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。今天早上的討論還包括管理層認為與評估企業財務績效相關的非公認會計準則指標。

Non-GAAP 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，非公認會計準則 (Non-GAAP) 指標已根據需要與公認會計準則 (GAAP) 進行協調，並符合美國證券交易委員會 (SEC) 的規定。請注意，今天的通話正在錄音，並可供網路直播重播。說完這些，我將把電話交給克里斯布朗特 (Chris Blunt)。

Good morning everyone and thanks for joining our call. Our first quarter results reflect near term headwinds from the volatility of the overall environment, the majority of which we believe to be temporary in nature. From a top line perspective, we continue to manage sales and enforced profitability to optimize our return on capital.

大家早安，感謝您參加我們的電話會議。我們第一季的業績反映了整體環境波動所帶來的短期阻力，我們認為其中大部分的阻力都是暫時性。從營收角度來看，我們將繼續管理銷售額並提高獲利能力，以優化資本回報率。

This resulted in a reduction in MYGA sales in the first quarter. With continued strong fixed index annuity and pension risk transfer sales, which are our highest returning businesses. From bottom line perspective, while we gave up some spread during the first quarter, we believed much of that was short term in nature and not indicative of any longer-term challenge to our business model.

這導致MYGA第一季銷售額下降。固定指數年金和退休金風險轉移銷售持續強勁，是我們回報最高的業務。從底線角度來看，雖然我們在第一季放棄了一些利差，但我們認為其中大部分都是短期的，並不代表我們的商業模式會面臨任何長期挑戰。

The four main drivers were excess cash due to sale of pre-payments, coupled with a drop in cash rates, lower surrender income as there was a noticeable pause in refinancing of old policies by agents. A relatively weaker quarter for our own distribution business largely driven by the same slowdown as well as some one time growth investments by one of our distribution companies.

四個主要驅動因素是：由於預付款出售而產生的過剩現金，加上現金利率下降，以及由於代理商對舊保單的再融資明顯暫停而導致的退保收入下降。我們自己的分銷業務本季表現相對較弱，主要是由於同樣的經濟放緩以及我們其中一家分銷公司的一次性成長投資。

And simply the timing effect of enforced pricing changes which can occur in periods where there are precipitous increases or decreases in interest rates. As things stand today, we would expect each of these drivers to improve throughout 2025, and we remain committed to achieving our 2023 investor day targets. Conor will provide more details on our sales and financial results later in the call.

強制定價變動的簡單時間效應可能發生在利率急遽上升或下降的時期。就目前情況而言，我們預計這些驅動因素將在 2025 年得到改善，並且我們仍致力於實現 2023 年投資者日目標。康納將在稍後的電話會議中提供有關我們的銷售和財務業績的更多詳細資訊。

Overall, our info book of business and the investment portfolio are performing well and as expected in the current environment. For the enforced book, we have a young fixed annuity block that is surrender charge protected. We lock in spread at the time of sale and also have the flexibility to reprice a large majority of our liabilities to economics on an annual basis.

整體而言，我們的業務資訊簿和投資組合在當前環境下表現良好，符合預期。對於強制執行的書籍，我們有一個受退保費用保護的年輕固定年金塊。我們在銷售時鎖定利差，並且還可以靈活地每年根據經濟情況重新定價大部分負債。

We maintain pricing discipline over the life cycle of the product and during periods of market volatility like we're seeing now, we take a measured approach to renewal rates, balancing pricing consistency with distribution. Next, turning to the investment portfolio in more detail. The portfolio is well matched to our liability profile and diversified across asset types.

我們在產品的整個生命週期中保持定價紀律，在我們現在看到的市場波動期間，我們採取一種有節制的方法來確定續約率，平衡定價一致性和分銷。接下來，我們來更詳細地討論投資組合。此投資組合與我們的負債狀況非常匹配，且資產類型多樣化。

We are now in the seventh year of our seasoned partnership with Blackstone and have a fully developed public and private asset tool kit. This enables us to be competitive without taking on additional credit risk. If spreads in one asset class are shrinking, we have many others to choose from. The retained portfolio is high quality with 96% of fixed maturities being investment grade.

我們與黑石集團的合作已進入第七年，並擁有一套完善的公共和私人資產工具包。這使我們無需承擔額外的信用風險即可保持競爭力。如果某一資產類別的利差正在縮小，我們還有很多其他資產可供選擇。保留的投資組合品質很高，其中 96% 的固定期限債券為投資等級。

We continue to invest in defensive sectors, having an up in quality bias. Our real estate exposure is high quality and moderate leverage with diversified exposure across property types. Notably, we hold very little office exposure at 1.6% of our total portfolio. Our portfolio credit quality has improved since 2020 through implementation of various portfolio repositioning programs.

我們繼續投資防禦性產業，並注重品質。我們的房地產投資品質高，槓桿率適中，且投資範圍涵蓋多種房地產類型。值得注意的是，我們持有的辦公室投資非常少，僅占我們總投資組合的 1.6%。自 2020 年以來，透過實施各種投資組合重新定位計劃，我們的投資組合信用品質有所提高。

We have had excellent credit performance in the portfolio. Credit-related impairments have remained low and stable, averaging 6 basis points over the last five years and 2 basis points in the first quarter, well below pricing. The portfolio is conservatively positioned to outperform under various economic scenarios while maintaining the ability to withstand a downturn.

我們的投資組合信用表現優異。信用相關減損一直維持在低點且穩定，過去五年平均為 6 個基點，第一季平均為 2 個基點，遠低於定價。該投資組合採取保守的策略，在各種經濟情境下均能表現出色，同時維持抵禦經濟衰退的能力。

During the first quarter, we have modestly increased our hedge ratio to 75% of our floating rate assets, which are now only 5% of our total portfolio net of hedging. Our fixed income yield was 4.53% in the first quarter, a decrease of three basis points in the first quarter of 2024. This reflects the benefit of higher yields on new investments offset by the runoff of higher yielding enforced assets.

在第一季度，我們小幅提高了對沖比率，至浮動利率資產的 75%，而現在這部分對沖比率僅占我們總投資組合扣除對沖後的 5%。我們的固定收益收益率在第一季為4.53%，比2024年第一季下降了3個基點。這反映出新投資收益增加的好處被收益更高的強制資產的流失所抵銷。

On a sequential basis, our fixed income yield decreased 6 basis points in the fourth quarter, primarily due to the runoff of higher yielding shorter duration in force assets that generated excess cash. We continually look for opportunities to add yield over time by taking advantage of the market dislocations and continuing to work with Blackstone to source new asset categories.

以環比計算，我們的固定收益收益率在第四季度下降了 6 個基點，主要原因是收益率較高、期限較短的有效資產流失，產生了過剩現金。我們不斷尋找機會，利用市場混亂並繼續與黑石合作尋找新的資產類別，從而隨著時間的推移增加收益。

Next, I'd like to provide a few brief topical updates on tariff exposure, CLOs, and alternative limited partnerships. During the first quarter, we conducted a comprehensive analysis across the portfolio to assess direct tariff exposure and broader economic implications.

接下來，我想就關稅風險、CLO 和另類有限合夥企業提供一些簡短的專題更新。在第一季度，我們對整個投資組合進行了全面分析，以評估直接關稅風險和更廣泛的經濟影響。

Our analysis confirmed that the portfolio is resilient and largely insulated from tariff-related impacts due to our focus on credit and the robust structural protections that we have in place. Turning to our COO portfolio, we have a diversified portfolio that represents $3.7 billion or 7% of the total retained portfolio. It's a well-seasoned portfolio that is approximately 89% investment grade and is outperformed, most purchases dating prior to 2021.

我們的分析證實，由於我們專注於信貸以及我們已實施的強有力的結構性保護措施，該投資組合具有彈性並且基本上不受關稅相關影響。談到我們的 COO 投資組合，我們擁有多元化的投資組合，佔總保留投資組合的 37 億美元或 7%。這是一個成熟的投資組合，投資等級約為 89%，且表現優異，大部分購買日期在 2021 年之前。

And many have already prepaid since spreads have narrowed, which is reflected in our net investment income as prepay income. Our CLOs are backed by a highly diversified pool of loans with ample par subordination. Our portfolio uses 85 CLO managers and invests in close to 2000 companies operating within 30 plus industries.

由於利差縮小，許多人已經預付，這反映在我們的淨投資收入中，作為預付收入。我們的 CLO 由高度多樣化的貸款池支持，且具有充足的平準次級貸款。我們的投資組合使用 85 名 CLO 經理，並投資於 30 多個行業的近 2000 家公司。

By industries, CLOs skew to high tech, healthcare and pharma and financial industries with low exposure to energy and retail. Historic studies have shown that CLOs have had superior performance compared to corporates, and we benefit from Blackstone's capabilities and expertise, which allows our CLO portfolio to be underwritten at the underlying loan level.

從業界來看，CLO 主要集中在高科技、醫療保健、製藥和金融業，對能源和零售業的關注度較低。歷史研究表明，CLO 的表現優於企業，並且我們受益於黑石集團的能力和專業知識，這使得我們的 CLO 投資組合能夠在基礎貸款水平上得到承保。

Within our overall alternative investments, I wanted to spend a few minutes on limited partnerships. We held 6% of the portfolio in LPs as of March 31. As a reminder, our target allocation is 5%, and we expect that our allocation will move between a range of 5% to 7%, given that the pace of capital calls and distributions can vary. The LP portfolio is very well diversified from a sector vintage and funds perspective with 37 different funds.

在我們的整體另類投資中，我想花幾分鐘時間討論有限合夥。截至 3 月 31 日，我們的投資組合中 6% 為 LP。提醒一下，我們的目標配置是 5%，考慮到資本調用和分配的速度可能會有所不同，我們預計我們的配置將在 5% 到 7% 之間變動。從產業年份和基金角度來看，LP 投資組合非常多樣化，擁有 37 種不同的基金。

By asset class, our LP portfolio was 57% in private equity, 27% in real estate, and 16% in credit for the first quarter and by sector, the real estate funds skew towards industrial, residential, and REITs, while the private equity funds are weighted to financials, information technology, and industrials. The bottom line is that we do not have a lot of direct tariff exposure and for our private equity holdings.

按資產類別劃分，第一季我們的 LP 投資組合中 57% 為私募股權、27% 為房地產、16% 為信貸；按行業劃分，房地產基金偏向工業、住宅和房地產投資信託基金，而私募股權基金則偏向金融、資訊科技和工業。重點是，我們並沒有太多直接關稅風險，而且我們的私募股權投資也沒有太多直接關稅風險。

We remain confident that there's real value in these underlying companies despite a delay in realizations. Our LP portfolio is a relatively young book. Since the inception of our LP portfolio build out with Blackstone in 2018, we have seen a return of over half of the capital invested. As an asset class, we like LPs because they provide our portfolio with a long duration asset and a very attractive return on capital.

儘管實現有所延遲，但我們仍然相信這些基礎公司具有真正的價值。我們的 LP 投資組合是一本相對年輕的書。自 2018 年與黑石集團合作建立 LP 投資組合以來，我們已獲得超過一半的投資回報。作為一種資產類別，我們喜歡 LP，因為它們為我們的投資組合提供了長期資產和非常有吸引力的資本回報。

Turning to our growth strategies beyond AUM growth, we continue to diversify our earnings between spread-based and fee-based sources, including our own distribution stakes. In aggregate, we've invested $680 million in our distribution companies through two majority stakes taken in 2024 and two minority stakes purchased in 2023.

除了 AUM 成長之外，我們還談到了成長策略，我們將繼續在基於利差和基於費用的來源之間實現盈利多元化，包括我們自己的分銷股份。整體而言，我們透過 2024 年取得的兩家多數股權和 2023 年購買的兩家少數股權，向我們的分銷公司投資了 6.8 億美元。

These stakes are held at the holding company level under our peak altitude entity and our strategic long-standing relationships. Our holdings are diversified by product and market and reflect growing businesses with strong leadership. Overall, the own distribution portfolio is performing well and creating value, with double digit annual growth of EBITDA expected over the medium term.

這些股份由我們的高峰高度實體和長期戰略關係下的控股公司持有。我們的持股按產品和市場多樣化，反映了具有強大領導力的成長型業務。總體而言，自有分銷組合表現良好並創造價值，預計中期內 EBITDA 將實現兩位數的年增長率。

Looking ahead to the remainder of 2025, we will continue to execute on our strategy while prioritizing pricing discipline and allocating capital to the highest return opportunities. Let me now turn the call over to Conor to provide further details on F&G's first quarter sales and financial highlights.

展望 2025 年剩餘時間，我們將繼續執行我們的策略，同時優先考慮定價紀律並將資本分配給最高回報機會。現在，我將電話轉給康納，以提供有關 F&G 第一季銷售和財務亮點的更多詳細資訊。

Thank you, Chris. This morning, I'll focus my comments on assets under management and sales, updates to our financial reporting, adjusted net earnings and returns, and our balance sheet and capital position. Starting with AUM and sales, F&G reported record AUM before flow reinsurance of $67.4 billion as of March 31, despite the near-term pressures, including retained assets under management of $54.5 billion.

謝謝你，克里斯。今天上午，我將重點放在評論管理資產和銷售額、財務報告更新、調整後的淨收益和回報以及資產負債表和資本狀況。從資產管理規模和銷售額開始，儘管面臨短期壓力，但截至 3 月 31 日，F&G 報告稱其流量再保險前的資產管理規模仍達到創紀錄的 674 億美元，其中包括 545 億美元的保留管理資產。

Compared to the first quarter of 2024, this reflects 16% and 9% increases respectively, driven by net new business flows. F&G's gross sales were $2.9 billion, 17% lower than the first quarter of 2024, primarily due to lower MYGA sales. As we continue to prioritize allocating capital to the highest returning business, specifically indexed annuity sales and pension risk transfer sales, we intentionally scaled back MYGA.

與 2024 年第一季相比，這分別成長了 16% 和 9%，這得益於淨新業務流的推動。F&G 的總銷售額為 29 億美元，比 2024 年第一季下降 17%，主要原因是 MYGA 銷售額下降。由於我們繼續優先將資本分配給回報率最高的業務，特別是指數年金銷售和退休金風險轉移銷售，我們有意縮減了 MYGA。

Excluding MYGA, gross sales increased 5% over the first quarter of 2024. Indexed annuity sales were strong at $1.5 billion in the first quarter, in line with the first quarter of 2024. FIA continues to be our largest contributor to indexed annuity sales, although our RILA product is gaining traction and building momentum.

不包括 MYGA，總銷售額比 2024 年第一季成長了 5%。第一季指數年金銷售額強勁，達到 15 億美元，與 2024 年第一季持平。儘管我們的 RILA 產品正在獲得關注並不斷增強勢頭，但 FIA 仍然是我們指數年金銷售的最大貢獻者。

We took a measured approach in reflecting rate volatility in our pricing during the early part of 2025 but have subsequently seen increasing levels of submitted annuity business in March and April. Indexed universal life sales were strong at $43 million in the first quarter, in line with the first quarter of 2024. Pension Risk Transfer or PRT sales are off to a solid start with $311 million in the first quarter.

我們在 2025 年初採取了一種審慎的方式來反映定價中的利率波動，但隨後在 3 月和 4 月看到提交的年金業務量有所增加。第一季指數型萬能壽險銷售額強勁，達到 4,300 萬美元，與 2024 年第一季持平。退休金風險轉移或 PRT 銷售額第一季表現穩健，達 3.11 億美元。

While down from $584 million in the first quarter of 2024, which was a record first quarter, our full year PRT sales are typically more weighted to the back half of the year. Funding agreements for $525 million in the first quarter as compared to $105 million in the first quarter of 2024.

雖然低於 2024 年第一季創紀錄的 5.84 億美元，但我們全年的 PRT 銷售額通常更集中在下半年。第一季的融資協議金額為 5.25 億美元，而 2024 年第一季的融資協議金額為 1.05 億美元。

We view funding agreement sales as opportunistic, and volumes vary quarter to quarter, depending on market conditions. MYGA sales were $562 million in the first quarter as compared to $1.3 billion in the first quarter of 2024. F&G has the flexibility to optimize its level of slow reinsurance in line with capital targets by dynamically adjusting my volumes up and down as market economics change.

我們認為融資協議銷售是機會性的，其交易量每季都會有所不同，具體取決於市場狀況。MYGA 第一季的銷售額為 5.62 億美元，而 2024 年第一季的銷售額為 13 億美元。隨著市場經濟的變化，F&G 可以動態地上下調整其再保險業務量，從而靈活地優化其再保險水平，以滿足資本目標。

Net sales retained were $2.2 billion compared to $2.3 billion in the first quarter of 2024. Next, turning to our financial reporting updates. As Lisa mentioned at the top of the call, there were two retrospective management reporting changes in the quarter.

淨銷售額留存為 22 億美元，而 2024 年第一季為 23 億美元。接下來，談談我們的財務報告更新。正如麗莎在電話會議開始時所提到的，本季有兩項回顧性的管理報告變更。

First, we have refined the classification of acquisition costs between the flow reinsurance fee income and cost of fund line items in our adjusted net earnings management view com statement to better align amortization and expenses.

首先，我們在調整後的淨收益管理 view com 報表中改進了流量再保險費用收入和基金項目成本之間的收購成本分類，以更好地協調攤銷和費用。

Second, significant income and expense items now exclude CLO redemptions and bond pre-pay income, as we consider these indicative of the economic performance of our business. Applicable periods have been recast to conform to these changes. Importantly, there was no impact to GAAP earnings or reported ANE. Please refer to our quarterly financial supplement for further details.

其次，重大收入和支出項目現在不包括 CLO 贖回和債券預付收入，因為我們認為這些可以反映我們業務的經濟表現。適用期間已重新制定以適應這些變化。重要的是，這對 GAAP 收益或報告的 ANE 沒有影響。請參閱我們的季度財務補充報告以了解更多詳情。

Also, beginning this quarter, we are presenting our financial results on an as reported basis throughout our earnings materials. Therefore, these results, including ANE, ROA, and ROE, are no longer presented on an excluding significant items basis. Turning to earnings. First quarter reported adjusted net earnings were $91 million or $0.72 per share, as compared to $108 million or $0.86 per share in the first quarter of 2024.

此外，從本季開始，我們將在整個收益材料中按報告的方式呈現我們的財務表現。因此，這些結果（包括 ANE、ROA 和 ROE）不再以排除重大專案為基礎呈現。談到收益。第一季報告的調整後淨收益為 9,100 萬美元或每股 0.72 美元，而 2024 年第一季為 1.08 億美元或每股 0.86 美元。

First quarter of 2025, ANE reflects a $16 million benefit from a reinsurance through up. For the quarter, investment income from alternative investments was $63 million below management's long-term expected return. First quarter of 2024 ANE included a $2 million benefit from other income items. For the prior year quarter, investment income for alternative investments was $52 million below management's long-term expected return.

2025 年第一季度，ANE 反映了透過再保險獲得的 1,600 萬美元收益。本季度，另類投資的投資收益比管理層的長期預期回報低 6,300 萬美元。2024 年第一季的 ANE 包括其他收入項目的 200 萬美元收益。去年同期，另類投資的投資收益比管理層的長期預期回報低 5,200 萬美元。

Compared to the first quarter of 2024, adjusted net earnings decreased by $17 million. This was primarily driven by margin compression due to near term headwinds as Chris outlined. Lower owned distribution margin and higher interest expense in line with our capital market activity. These were partially offset by asset growth, higher flow reinsurance fee income, and disciplined expense management.

與 2024 年第一季相比，調整後的淨收益減少了 1,700 萬美元。正如克里斯所概述的，這主要是由於近期不利因素導致的利潤率壓縮。隨著我們的資本市場活動，自有分銷利潤率降低，利息支出增加。這些損失被資產成長、更高的流量再保險費收入以及嚴格的費用管理部分抵消。

Notably, we are benefiting from increased scale, as our ratio of operating expenses to AUM before flow reinsurance decreased to 58 basis points in the quarter from 63 basis points a year ago. As Chris mentioned, while we gave up some spread during the first quarter, we believe much of that was short term in nature and not indicative of any longer-term challenge to our business model.

值得注意的是，我們受益於規模的擴大，因為本季我們的營業費用與流量再保險前的 AUM 比率從一年前的 63 個基點下降到 58 個基點。正如克里斯所提到的，雖然我們在第一季放棄了一些利差，但我們認為其中大部分是短期的，並不代表我們的商業模式會面臨任何長期挑戰。

First quarter reported adjusted return on assets was 68 basis points. ROA was pressured from near-term headwinds, as well as the short-term fluctuations in investment income from alternative investments. On the last 12 month basis, adjusted ROA of 100 basis points decreased 6 basis points from 106 basis points in the fourth quarter of 2024.

第一季報告的調整後資產報酬率為68個基點。ROA 受到短期不利因素以及另類投資收益的短期波動的壓力。在過去 12 個月中，調整後的 ROA 為 100 個基點，比 2024 年第四季的 106 個基點下降了 6 個基點。

And reported adjusted return on equity, excluding AOCI was 9.7%, up 2.3% over the first quarter of 2024. Now turning to our strong and growing balance sheet, we continue to maintain RBC at or above 400%. Remain committed to our long-term target of approximately 25% debt to capitalization, excluding AOCI and expect that our balance sheet will naturally deliver as shareholders equity excluding AOCI grows.

經報告，不包括 AOCI 的調整後股本回報率為 9.7%，比 2024 年第一季增長 2.3%。現在轉向我們強勁且不斷成長的資產負債表，我們繼續將 RBC 維持在 400% 或以上。繼續致力於我們的長期目標，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實現。

F&G has successfully completed the following recent capital markets activity as expected. In January, F&G issued 375 million of junior subordinated notes with the net proceeds to be used for general corporate purposes, including the repayment of debt. In February, F&G fully redeemed its 300 million of outstanding senior notes due in May of 2025.

F&G 已如預期成功完成以下近期資本市場活動。今年 1 月，F&G 發行了 3.75 億張次級債券，所得淨額將用於一般公司用途，包括償還債務。今年 2 月，F&G 已全額贖回 2025 年 5 月到期的 3 億未償還優先票據。

On a pro forma basis, our annualized interest expense is approximately $165 million or roughly a 7% blended yield on $2.3 billion of total debt outstanding. We target holding company cash and invested assets at 2 times interest coverage.

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%。我們的目標是使持有公司的現金和投資資產的利息覆蓋率達到 2 倍。

In March, F&G completed the public offering of 8 million shares of common stock with net proceeds of approximately $269 million to be used for general corporate purposes, including the support of organic growth opportunities. Fidelity National Financial Inc, F&G's major stockholder, purchased 4.5 million shares and held an ownership stake in F&G of approximately 82% as of March 31.

3 月份，F&G 完成了 800 萬股普通股的公開發行，淨收益約為 2.69 億美元，將用於一般公司用途，包括支持有機成長機會。F&G 的主要股東 Fidelity National Financial Inc 購買了 450 萬股股票，截至 3 月 31 日持有 F&G 約 82% 的所有權。

We ended the quarter with a GAAP of book value attributable to common shareholders, excluding AOCI of $5.8 billion or $43.31 per share at March 31. I share Chris's enthusiasm for F&G's future opportunities to deliver long-term shareholder value. As we navigate the near-term headwinds and macro uncertainty, we are focused on managing sales and enforced profitability to optimize our return on capital.

本季結束時，我們根據 GAAP 計算的歸屬於普通股股東的帳面價值（不包括 AOCI）為 3 月 31 日的 58 億美元或每股 43.31 美元。我和克里斯一樣對 F&G 未來為股東創造長期價值的機會充滿熱情。當我們應對短期逆風和宏觀不確定性時，我們專注於管理銷售和強制獲利，以優化我們的資本回報率。

Diversifying our spread-based and fee-based earnings through middle market life insurance, low reinsurance, and own distribution. And continuing our progress towards the targets set out at our 2023 Investor Day, which will continue to drive expansion of our return on equity. This concludes our prepared remarks and let me now turn the call back to our operator for questions.

透過中端市場人壽保險、低再保險和自身分銷來實現基於利差和費用的收入多元化。我們將繼續朝著 2023 年投資者日制定的目標邁進，這將繼續推動我們的股本回報率的擴大。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。

Great, thank you. At this time, we will be conducting a question-and-answer session. (Operator Instructions). First question is from John Barnidge from Piper Sandler. Please go ahead.

太好了，謝謝。此時，我們將進行問答環節。（操作員指令）。第一個問題來自 Piper Sandler 的 John Barnidge。請繼續。

Good morning thank you for the opportunity. My first question is around sales and distribution. With the RILA product now entering the second year, can you maybe talk about how you think about the growth opportunity there, both from a sales perspective but also from a distribution one too. Thank you.

早安，感謝您給我這個機會。我的第一個問題是關於銷售和分銷的。RILA 產品現已進入第二年，您能否從銷售角度和分銷角度談談您如何看待該產品的成長機會。謝謝。

Yeah, happy to. Good morning, John. So a couple things. One, just a comment on sales during the quarter, as I think you saw we had a decline in MYGA, and that was just simply a function of the volatility that was going on in the markets, which caused challenges not just for us but for some of our reinsurance partners. But that has rebounded nicely.

是的，很高興。早安，約翰。有幾件事。首先，我對本季的銷售額做了一個評論，我想您已經看到了，MYGA 的銷售額有所下降，這只是市場波動的結果，這不僅給我們帶來了挑戰，也給我們的一些再保險合作夥伴帶來了挑戰。但現在已經良好反彈。

In fact, we've done more MYGA business in the month of April than we did the entire first quarter. So I think the sales engine is in great shape, specifically RILA. Yeah, we're still super excited about that, given that we were not a player in registered products before, it has admittedly taken longer to get onto platforms, but that is happening, so we're adding broker dealers pretty consistently now.

事實上，我們 4 月的 MYGA 業務量比整個第一季的還要多。所以我認為銷售引擎狀況良好，特別是 RILA。是的，我們對此仍然感到非常興奮，考慮到我們之前不是註冊產品的參與者，我們承認進入平台需要更長的時間，但這種情況正在發生，所以我們現在正在相當持續地增加經紀交易商。

So yeah, as we've said before, that's a product that in the medium term we think can actually be in the billions for us. So we're pretty excited about RILA.

是的，正如我們之前所說的，我們認為從中期來看，這款產品實際上可以為我們帶來數十億美元的收益。所以我們對 RILA 感到非常興奮。

Thank you very much and then maybe my follow up question. Are you able to parse out the impact on own distribution from lower industry volume versus the own distribution partner that may be invested in the platform?

非常感謝，然後也許我可以提出後續問題。您能否分析出較低的行業銷售對自身分銷的影響以及可能投資於該平台的自身分銷合作夥伴的影響？

Yeah, boy, that's a good question. I don't know that I have that at my fingertips, but I think they were fairly balanced and when it comes to owned distribution, I will say we've similarly we've seen a really nice rebound there in April. So I don't know if it's exactly half we could get back to you, but I would guess it's probably about half of it was an investment that we supported.

是的，孩子，這是個好問題。我不知道我是否掌握了這些，但我認為它們相當平衡，當談到自有分銷時，我會說我們在四月也看到了非常好的反彈。所以我不知道我們是否可以回覆您其中的一半，但我猜大概有一半是我們支持的投資。

That had a pretty quick payback by one of our partners and the rest was just a, which I think the entire industry saw a slowdown in 1035 activity, but again that has rebounded in April and May, which is why, when we characterize some of these as temporary headwinds, we truly think they're temporary.

我們的一個合作夥伴很快就給予了回報，而其餘的只是，我認為整個行業的 1035 活動都出現了放緩，但 4 月和 5 月又出現了反彈，這就是為什麼當我們將其中一些描述為暫時的逆風時，我們真的認為它們是暫時的。

Thanks for the answers.

謝謝您的回答。

Next question here is from Wes Carmichael from Autonomous Research. Please go ahead.

下一個問題來自 Autonomous Research 的 Wes Carmichael。請繼續。

Hey, good morning. First question just on the decision to raise common equity in the quarter, we received a lot of questions from investors at the time, and I think it came, it may be a bit of a surprise and wait on the stock. But can you maybe just help us with your thoughts on deployment and timing, and are you maybe wanting to hold any of that capital back given some of the recent volatility that would change?

嘿，早安。第一個問題是關於本季提高普通股權益的決定，當時我們收到了許多來自投資者的問題，我認為它可能有點令人驚訝，需要等待股票。但是，您能否幫助我們了解您對部署和時間安排的想法，考慮到最近的一些波動，您是否想保留一些資本？

Yeah, it's a great question. I think, in terms of deployment as I gave you the MYGA stats, and so I don't think our plans have changed. I think it is to deploy it thoughtfully into new business, as our business model is pretty sound, we like it we're pretty disciplined about how we price. New business, 57% of our reserves are in FIA, so we go through a similar annual process when policies come up for renewal.

是的，這是一個很好的問題。我認為，就部署而言，正如我向您提供的 MYGA 統計數據，所以我認為我們的計劃沒有改變。我認為需要深思熟慮地將其部署到新業務中，因為我們的業務模式非常合理，我們喜歡它，我們對定價非常嚴格。新業務，我們 57% 的儲備都在 FIA，因此當保單需要續保時，我們也會經歷類似的年度流程。

So I think the most important thing is, the business model is still intact and we see lots of opportunities there. So yeah, I don't think from an environment perspective we were cautious when it came to MYGA in the first quarter of wanting to make sure we understood, the lay of the land with rates and with spread, so we did have some cash build up.

所以我認為最重要的是，商業模式仍然完好無損，而且我們看到了許多機會。所以，是的，我認為從環境角度來看，我們在第一季對 MYGA 採取謹慎態度，希望確保我們了解利率和利差的狀況，因此我們確實積累了一些現金。

But we are now deploying that, and I think our patience has been rewarded. I think we're deploying it now. It spreads frankly better than what we what we price for. So again, we're not market timers, but and that's probably the only area where some caution came in to just try to get the lay of the land there.

但我們現在正在部署它，我認為我們的耐心得到了回報。我認為我們現在正在部署它。坦白說，它的傳播效果比我們定價的要好。所以，我們再說一遍，我們不是市場計時員，但這可能是唯一需要謹慎對待的領域，只是為了了解那裡的情況。

I'm Conor, I know you know this, but just a reminder that the timing of the capital raise it was right at the end of the first quarter, so there wasn't time to do anything noteworthy with it until Q2.

我是康納，我知道你知道這一點，但我要提醒一下，融資的時間恰好是在第一季末，所以直到第二季才有時間做任何值得注意的事情。

Yeah, understood. Thank you. I guess just a second one, just looking at the cost of funds at 318 basis points that was up, I think sequentially 22 basis points and I guess more of a significant jump that we've seen in prior quarters.

是的，明白了。謝謝。我想這只是第二個，只看資金成本上漲了 318 個基點，我認為環比上漲了 22 個基點，我想這比我們在前幾個季度看到的漲幅更大。

But Chris, how much of that do you think is a function of competition in the market? Was there something going on in the first quarter and would you expect that to get better with some of the import pricing actions you're contemplating?

但是克里斯，您認為這在多大程度上是由市場競爭決定的？第一季是否發生了一些事情？您是否認為透過您正在考慮的一些進口定價行動，情況會有所改善？

Yeah, and again, I'll kind of disaggregate for you because it's a good question, but I would just keep in mind that again, the base model we nothing's really changed in terms of our new business pricing targets, so we're quite disciplined on that and we're quite disciplined at maintaining our spreads on our in-for balancing that obviously is.

是的，我會再次為您分解，因為這是一個很好的問題，但我只想再次記住，就我們的新業務定價目標而言，基本模型實際上沒有任何改變，所以我們對此非常自律，我們在維持利差平衡方面也非常自律，這顯然是的。

Excuse me, wanting to do, the right thing for policyholders and, be fair to our distribution partners. So none of that has changed. I think some of what happened is you had a little bit less surrender income, but again that has picked up again. So some of this is just there is a lag effect, as you're repricing your your enforced book relative to some of those changes. I don't know if you want to, well.

對不起，我想為保單持有人做正確的事情，並對我們的分銷合作夥伴公平。所以這一切都沒有改變。我認為發生的情況是，你的退保收入減少了一點，但後來又回升了。因此，其中一些只是存在滯後效應，因為您正在根據其中一些變化重新定價您的強制書籍。我不知道你是否願意，嗯。

Yeah, maybe to underscore some of it, if you break down, maybe I'll talk a little more broadly. I'll talk sequentially from a product margin point of view, so both from an income and the cost of funds perspective, the drivers maybe in terms of a proportional size order.

是的，也許為了強調其中的一些內容，如果你分解一下，也許我會更廣泛地談論。我將從產品利潤的角度依次討論，因此從收入和資金成本的角度來看，驅動因素可能按比例大小排序。

The all returns would be the first, obviously if you if you're normalizing for that, then the next most impactful was the lower surrenders, which is coming through that cost of crediting line. And then the third element which Chris outlined in his opening remarks is just the lower cash yield impact in the sequential quarter as well. So hopefully that helps you.

所有回報將是第一位的，顯然，如果您將其標準化，那麼下一個最具影響力的就是較低的退保金，這是透過信用額度的成本實現的。克里斯在開場白中概述的第三個要素是連續季度現金收益率的影響也較低。希望這對你有幫助。

And once I get to squeeze in one more comment here, in terms of progress toward investor day, we still feel really good right about that for a couple of reasons. One the expense piece we control, and you heard from Conor, we're driving that operating expense ratio down and we will continue to do so. That's 100% in our in our control.

這裡我再補充一則評論，就投資者日的進展而言，我們對此仍然感到非常滿意，原因有二。我們控制的費用部分，正如康納所說，我們正在降低營運費用率，而且我們將繼續這樣做。這 100% 在我們的控制範圍內。

Flow reinsurance income was down a bit in the quarter, but that's because the reinsurers are struggling with the same thing we were. How do you price in an environment where rates are bouncing all around and you're not sure what the spread outlook is, that has already. I so that's a positive. We covered own distribution.

本季流量再保險收入略有下降，但這是因為再保險公司也面臨與我們相同的困境。在利率四處波動且不確定利差前景如何的環境下，您如何定價？我認為這是積極的。我們涵蓋了自己的分銷。

So those are three big drivers for us, right, in terms of our investor day targets. And then, we talk about the base spread model again that hasn't changed. We don't see anything right now that says, oh, we're seeing outsized moves that we can't accommodate within our normal mechanisms, so. Hence the comment of still feeling like we're on track.

因此，就我們的投資者日目標而言，這對我們來說是三大驅動力。然後，我們再次討論沒有改變的基準利差模型。我們現在沒有看到任何跡象表明，我們看到了超出我們正常機制所能承受的超大規模舉措。因此，我們的評論感覺我們仍然在正軌上。

Yes, got it, thank you.

是的，明白了，謝謝。

Next question is from Mark Hughes from Truist Securities. Please go ahead.

下一個問題來自 Truist Securities 的 Mark Hughes。請繼續。

Yeah, thank you. I think you've touched on this, Chris, but for the MYGA's bouncing back in April, is that a market phenomenon, or is that you got comfortable with the environment and kind of leaned into that market?

是的，謝謝。克里斯，我想你已經談到了這一點，但是對於 MYGA 在 4 月的反彈，這是一種市場現象嗎？還是說你對環境感到滿意並且傾向於那個市場？

Yeah, it's hard to tell, we don't really get a sense of how other folks are doing and pretty unusual for us to get a monthly number, but I really, it was just to punctuate the point of there were some unusual things happening of trying to price MYGA business. We pride ourselves on being disciplined.

是的，這很難說，我們真的不了解其他人做得怎麼樣，而且我們很少得到月度數字，但我真的只是為了強調在試圖為 MYGA 業務定價時發生了一些不尋常的事情。我們對自己嚴守紀律感到自豪。

So yeah, I would say it was very much in our camp and once we again had clarity on a little bit of rates calming down a bit, spreads widening. A bit reinsurer getting comfortable that you know they could earn a good return it sort of all came together.

是的，我想說這完全符合我們的預期，而且我們再次明確利率會稍微下降，利差也會擴大。再保險公司開始感到安心，因為他們知道他們可以獲得良好的回報，這一切都實現了。

So in this type of an environment, NYGA is going to be a bit lumpier, we like the business, it's quite profitable for us, but again, fixed index annuities RILA in a perfect world we would grow that every single quarter. PRT, we want to continue to grow that business. MYGA's going to be a bit more volatile because, as you can imagine.

因此，在這種環境下，NYGA 將變得更加不穩定，我們喜歡這項業務，它對我們來說非常有利可圖，但同樣，在理想的世界中，固定指數年金 RILA 我們每季都會成長。PRT，我們希望繼續發展這項業務。正如您所想像的，MYGA 將會變得更加不穩定。

We want to be good allocators of, you and your clients' capital and so we're going to see a little more MYGA volatility and then, last but not least, FABNs are just purely opportunistic. If the spreads make sense and we've got capital on it. Makes the list of good capital return, we'll write it, and if not, we won't. So hopefully that helps.

我們希望成為您和您客戶的資本的良好配置者，因此我們將看到 MYGA 波動性略有增加，最後但並非最不重要的一點是，FABN 純粹是機會主義的。如果利差合理，我們就有資本。列出好的資本回報的清單，我們就寫，如果沒有，我們就不會寫。希望這能有所幫助。

Let me add just one thing too, because I think this is important. The MYGA activity was not to the detriment of other retail opportunities that we enjoyed too around either indexed universal life or the fixed indexed annuity businesses. They had good Aprils as well, so it's not like we did MYGA and didn't do the others.

我還要補充一點，因為我認為這很重要。MYGA 活動不會損害我們在指數型萬能壽險或固定指數年金業務方面享有的其他零售機會。他們在四月的表現也很好，所以這並不意味著我們只做了 MYGA 而沒有做其他的事情。

Yeah, great point.

是的，很好的觀點。

Understood and then, Chris, in your experience, any does this is this reminiscent of other times in the past where you saw this sort of similar volatility, any kind of takeaways, I know it's every time is different, but, based on your experience, any conclusions you draw about this.

明白了，克里斯，根據您的經驗，這是否讓人想起過去其他時候您看到過的類似波動，任何類型的收穫，我知道每次都是不同的，但是，根據您的經驗，您對此得出什麼結論。

Yeah, it's a really great question, and I would point folks back to COVID, when COVID hit, I don't know if folks remember, but Libor just collapsed. It was almost overnight. I think it, I, in my mind, I remember like 140 basis points, and we had a fair amount in floaters, we've since hedged a lot of that out, so I think our net floating rate exposure is only 5%, but back then it was.

是的，這是一個非常好的問題，我想讓大家回顧一下 COVID，當 COVID 來襲時，我不知道大家是否還記得，但 Libor 剛剛崩潰了。這幾乎是一夜之間發生的。我認為，在我的腦海裡，我記得大概是 140 個基點，而且我們在浮動利率中擁有相當多的份額，從那時起我們就對沖了很多，所以我認為我們的淨浮動利率敞口只有 5%，但當時確實是這樣的。

I want to say it was like 15%, so that was significant, but again, we began the repricing exercise within our enforce and as I recall, even with a really extreme move like that, within a year we had sort of recaptured and regained our original spread target. So again, that proves the business model works.

我想說它大概是 15%，所以這很重要，但是，我們再次開始在執行過程中進行重新定價，我記得，即使採取瞭如此極端的舉措，我們也在一年之內重新奪回並恢復了我們最初的利差目標。這再次證明該商業模式是有效的。

This isn't our first rodeo, we've been doing this a long time now and I think the business models proven to be quite resilient, and I don't see anything that's changed that despite the volatility we have now.

這不是我們第一次這樣做，我們已經這樣做了很長時間，我認為事實證明我們的商業模式非常有彈性，儘管我們現在面臨波動，但我沒有看到任何改變這一點的事情。

The investment that you called out for one of the own distribution companies, what was the nature of that investment, and is that just kind of one quarter and done, or is that have some carryover?

您所呼籲的對自己的一家分銷公司的投資，這項投資的性質是什麼？這只是一個季度就能完成的，還是會有一些結轉？

Yeah, it was really quite simple. It was an opportunity for one of our IMOs to acquire a stake in a smaller IMO that they had a relationship with, and it had a very quick, very attractive payback, and so as board members we looked at it and said, frankly we'd rather have you do that than get a dividend in the quarter. So it's really that that simple.

是的，這真的很簡單。對於我們的一家 IMO 來說，這是一個機會，可以收購與其有合作關係的一家規模較小的 IMO 的股份，而且回報非常快，非常誘人，因此，作為董事會成員，我們對此進行了審視，並表示，坦率地說，我們寧願讓你這樣做，也不願在本季度獲得股息。所以事情真的就這麼簡單。

I don't think that's a normal something that we're going to see. Every single quarter it was a bit more opportunistic, but again, if without being able to go into specific details, it felt like a good use of capital.

我認為這不是我們將會看到的正常現象。每個季度它都更具機會主義色彩，但是，如果不能詳細說明的話，感覺這是對資本的良好利用。

Yeah, are they going to be in position to start paying the dividends again or?

是的，他們是否會再次開始支付股利？

Yeah, it's our expectation.

是的，這是我們的期望。

Yeah, okay thank you very much.

是的，好的，非常感謝。

Next question is from John Barnidge from Piper Sandler. Please go ahead.

下一個問題來自 Piper Sandler 的 John Barnidge。請繼續。

Thanks for the opportunity to do a follow up with market volatility, is there anything to think about as far as RBC sensitivity to equity market volatility?

感謝您提供機會跟進市場波動，就 RBC 對股票市場波動的敏感度而言，有什麼值得考慮的嗎？

Hey, John, it's Conor not much. I mean, we're still managing, obviously we do this, we talk about it publicly on a, on an annual basis, but I think the simplest answer to your question is nothing's changing in terms of our RBC expectations, targets, being above 400 at the end of the year, etc.

嘿，約翰，這不太像康納。我的意思是，我們仍在管理，顯然我們會這樣做，我們每年都會公開談論它，但我認為對你的問題最簡單的回答是，就我們的 RBC 預期、目標、年底超過 400 等而言，沒有任何變化。

Okay thanks a lot appreciate it.

好的，非常感謝。

Next question is from Wes Carmichael from Autonomous Research. Please go ahead.

下一個問題來自 Autonomous Research 的 Wes Carmichael。請繼續。

Hey, thanks for taking the follow up. I just wanted to touch on the Alts portfolio, and I think this includes the direct lending and non-direct lending securitizations, but would you be able to just break out the performance of that bucket a little bit in the quarter?

嘿，感謝您的跟進。我只是想談談 Alts 投資組合，我認為這包括直接貸款和非直接貸款證券化，但您能否在本季度稍微透露一下該投資組合的表現？

I know you called out Conor, the $63 million below expectations, but anyway, to think about how the return came in with traditional alts versus securitizations and maybe how you're thinking about that on a go forward basis.

我知道你提到了康納，低於預期 6300 萬美元，但無論如何，想想傳統替代品與證券化的回報如何，以及你如何在未來考慮這個問題。

I'll do a little and others can maybe add as well, but yeah, I mean you've kind of got a blended return, which I think you published. Within that you're right, there are a few categories. So the what I would describe as maybe the direct lending portfolio, the more imagine is more debt-like securities were at the higher end of that, the closer to the expectation and it was really the LP portfolio that probably came in.

我會做一點，其他人也許也可以添加，但是是的，我的意思是你得到了一種混合回報，我認為你已經發表了。您說得對，其中有幾個類別。因此，我所描述的可能是直接貸款組合，想像中越多的債務類證券處於高端，就越接近預期，而實際上可能是 LP 投資組合進入了高端。

Lower kind of think like mid single digits, which is impactful in terms of the overall yield. I think that's what you're getting at. I would put whole loans kind of in the middle, maybe a little, maybe on the lower end as well. If you're trying to get sort of the relative comparison performance of the three, the direct lending book would have been at the higher would have been the outperformer of the three of them.

較低的水平就像中等個位數，這對整體收益率有影響。我想這就是你要表達的意思。我會把全部貸款放在中間位置，也許稍微放一點，也許放在較低的位置。如果你想了解三者的相對錶現，那麼直接貸款帳簿的表現會更高，是三者中表現最好的。

Yeah, unless it's an obvious point, but you know it's kind of the one thing we can't control is the pace of realizations and private equity funds and people have a tendency sometimes to say alts and it's too broad a definition, so you appreciate your refining it and going a bit deeper because people sometimes think that you know our entire alts portfolio is sitting in in PE funds, which is, which it's not so.

是的，除非這是一個顯而易見的觀點，但你知道，我們無法控制的一件事就是實現的速度和私募股權基金，人們有時傾向於說 alts，而它的定義太寬泛了，所以你欣賞你對它的改進和更深入的研究，因為人們有時認為你知道我們的整個 alts 投資組合都在私募股權基金中，但事實並非如此。

Yeah, no, thanks, that's helpful and then I guess just going back to the surrenders, if we kind of remain in this environment, are you expecting surrender activity to pick back up relative to the first quarter, or should we, kind of maybe expect that to be a little bit more of a drag on cost of funds going forward?

是的，不，謝謝，這很有幫助，然後我想回到退保問題，如果我們繼續處於這種環境中，您是否預計退保活動會相對於第一季度回升，或者我們是否應該預計這會對未來的資金成本產生更大的拖累？

That's it's an interesting question, so what I would say it this way, that the surrender activity. Would have peaked third quarter of last year, but it was pretty elevated second quarter, third quarter, fourth quarter. So what we saw in Q1 is lower than those three quarters. What we saw in April was almost the same as Q1.

這是一個有趣的問題，所以我想這樣說，即投降活動。本應在去年第三季達到頂峰，但第二季、第三季、第四季也相當高。因此，我們在第一季看到的表現低於這三個季度。四月我們看到的情況與第一季幾乎相同。

So the mathematical answer to the question at this stage is We're projecting something pretty similar, Q2 to Q1 based just based on April results. That's probably pretty close to where we were a year ago as well.

因此，現階段該問題的數學答案是，我們根據 4 月的結果預測第二季與第一季的情況非常相似。這可能與我們一年前的狀況非常接近。

And I don't know if this is helpful at all Wes, but. When we look at our book and the policies that we wrote back when rates were really low, sort of red, orange, green, what are the ones that are perhaps the most vulnerable to being replaced, there's still a fair amount of that that hasn't been worked through. So I think surrenders.

我不知道這對韋斯是否有幫助，但是。當我們回顧我們的帳簿和利率非常低時制定的政策時，例如紅色、橙色、綠色，哪些是最容易被取代的，但仍有相當一部分政策尚未解決。所以我認為投降。

Are going to be just hard to predict, but it's not like, oh, that's over, I think if rates stay where they are, there's still quite a few policies for us and other companies that get replaced. We've talked about this before. Ironically, you end up in a better place because you have even stickier liabilities that are more less likely to get pulled out or surrendered early on you going forward, but it does create some of this near-term noise.

很難預測，但這並不意味著一切都結束了，我認為如果利率維持現狀，我們和其他公司仍然有相當多的政策需要被取代。我們之前已經討論過這個問題。諷刺的是，你最終的處境反而更好，因為你擁有更棘手的債務，這些債務不太可能在你未來早期被撤銷或放棄，但這確實會產生一些短期噪音。

Thanks Chris.

謝謝克里斯。

This concludes the question-and-answer session. I'd like to turn the floor back to Chris Blunt for any calls and comments.

問答環節到此結束。我想把發言權交還給克里斯布朗特 (Chris Blunt)，請他提出任何意見和建議。

Great, thank you. I just want to conclude by saying I'm confident in our underlying operating performance and the long-term stability of our business despite the near-term headwinds. F&G's business is resilient and well positioned for the many opportunities ahead through the strength and flexibility that's provided by our multi-channel distribution model.

太好了，謝謝。最後，我想說，儘管近期面臨一些不利因素，但我對我們的基本經營績效和業務的長期穩定性充滿信心。憑藉多通路分銷模式所提供的優勢和靈活性，F&G 的業務具有彈性，並能很好地掌握未來的眾多機會。

Our discipline pricing and underwriting of our spread-based products, and our ability to generate fee-based earnings. Thank you for joining us. We appreciate your interest in F&G and look forward to updating you on our second quarter earnings call.

我們對基於利差的產品進行嚴格的定價和承保，並有能力產生基於費用的收益。感謝您加入我們。感謝您對 F&G 的關注，並期待在第二季財報電話會議上向您通報最新情況。

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

今天的電話會議到此結束。現在您可以斷開線路。再次感謝您的參與。

Goodbye.

再見。