F&G Annuities & Life Inc (FG) 2025 Q2 法說會逐字稿

Good morning, and welcome to F&G's second-quarter 2025 earnings call. (Operator Instructions) I would now like to turn the call over to Lisa Foxworthy-Parker, SVP, Investor and External Relations. Please go ahead.

早上好，歡迎參加 F&G 2025 年第二季財報電話會議。（操作員指示）現在，我想將電話轉給投資者和外部關係高級副總裁 Lisa Foxworthy-Parker。請繼續。

Thanks, operator, and welcome, everyone. I'm joined today by Chris Blunt, Chief Executive Officer; and Conor Murphy, President and Chief Financial Officer. Today's earnings call may include forward-looking statements and projections under the Private Securities Litigation Reform Act, which do not guarantee future events or performance. We do not undertake any duty to revise or update such statements to reflect new information, subsequent events or changes in strategy. Please refer to our most recent 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.

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) 和總裁兼財務長康納墨菲 (Conor Murphy)。今天的財報電話會議可能包括《私人證券訴訟改革法案》下的前瞻性陳述和預測，這些陳述和預測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。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-GAAP measures, which management believes are relevant in assessing the financial performance of the business. 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.

今天早上的討論還包括非公認會計準則指標，管理層認為這些指標與評估企業的財務表現有關。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。

And with that, I'll hand the call over to Chris Blunt.

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. We delivered strong second quarter results with record AUM before flow reinsurance and one of our best sales quarters in history. As we announced yesterday, I'm excited about the launch of our new reinsurance vehicle in partnership with Blackstone Managed Funds. This sidecar will provide long-term on-demand capital to support our growth and move F&G further toward a more fee-based, higher margin and less capital-intensive business model.

大家早安，感謝大家參加我們的電話會議。我們第二季的業績表現強勁，流量再保險前的資產管理規模創歷史新高，也是我們史上銷售最好的季度之一。正如我們昨天宣布的那樣，我很高興與黑石管理基金合作推出新的再保險工具。這台邊車將提供長期按需資本來支持我們的成長，並推動 F&G 進一步走向更收費、利潤更高、資本密集程度更低的商業模式。

The reinsurance sidecar went into effect last Friday, August 1, with approximately $1 billion in anticipated capital commitments. This will augment our existing flow reinsurance agreements and is expected to contribute to higher ROE over time. Conor will provide more details of the transaction later on this call.

再保險附屬品於 8 月 1 日上週五生效，預計資本承諾約 10 億美元。這將增強我們現有的流量再保險協議，並有望隨著時間的推移提高 ROE。康納將在稍後的電話會議中提供有關該交易的更多細節。

Turning to our results for the quarter. The total annuity market has expanded in recent years as consumers and financial advisers recognize the value of annuities for retirement security. Through the first half of 2025, the industry has benefited from continued strong consumer demand as well as favorable demographics and macro conditions for annuity sales. Demographic trends remain a strong secular driver as the aging population seeks guaranteed lifetime income streams. And the continued macroeconomic volatility increases the relative attractiveness of fixed annuity products for consumers that want guaranteed tax-deferred growth and principal protection.

談談我們本季的業績。近年來，隨著消費者和財務顧問意識到年金對退休保障的價值，年金市場整體規模不斷擴大。到 2025 年上半年，該行業受益於持續強勁的消費者需求以及年金銷售的有利人口結構和宏觀條件。隨著老齡人口尋求有保障的終身收入來源，人口趨勢仍然是強大的長期驅動力。持續的宏觀經濟波動增加了固定年金產品對那些希望獲得保證延稅成長和本金保護的消費者的相對吸引力。

Against this backdrop, F&G's sales engine regained momentum in the second quarter, and we delivered one of our best sales quarters in history with $4.1 billion of gross sales. Our all-time record of $4.4 billion was in the second quarter of 2024, which included $900 million of funding agreements relative to no funding agreements in the current quarter.

在此背景下，F&G 的銷售引擎在第二季度恢復了動力，我們實現了歷史上最好的銷售季度之一，總銷售額達到 41 億美元。我們的歷史最高紀錄是 44 億美元，出現在 2024 年第二季度，其中包括 9 億美元的融資協議，而本季沒有融資協議。

We had significant growth in our core sales of fixed index annuities, index life and pension risk transfer. Together, these core product sales were $2.2 billion, up 22% over the sequential first quarter and up 10% over the second quarter of 2024. Highlights for our core sales included $1.6 billion of indexed annuity sales that were higher than the second quarter of 2024. FIA continues to be our largest contributor to indexed annuity sales, while RILA continues to gain traction.

我們的核心固定指數年金、指數壽險和退休金風險轉移銷售額均實現了顯著成長。這些核心產品的總銷售額為 22 億美元，比第一季成長 22%，比 2024 年第二季成長 10%。我們核心銷售的亮點包括 16 億美元的指數年金銷售額，高於 2024 年第二季。FIA 繼續成為我們指數年金銷售的最大貢獻者，而 RILA 則繼續獲得關注。

A record $53 million of IUL sales, up 20% over the second quarter of 2024 as our life insurance solutions are meeting the needs of the underserved multicultural middle market and more than $400 million of pension risk transfer sales compared with approximately $300 million in the second quarter of 2024. This brings PRT sales to $700 million for the first half of the year.

我們的 IUL 銷售額達到創紀錄的 5,300 萬美元，比 2024 年第二季成長 20%，因為我們的人壽保險解決方案滿足了服務不足的多元文化中端市場的需求，退休金風險轉移銷售額超過 4 億美元，而 2024 年第二季約為 3 億美元。這使得 PRT 今年上半年的銷售額達到 7 億美元。

MYGA sales were a record $1.9 billion in the second quarter, and we had no funding agreements. Two products we view as opportunistic. This was a 73% increase over the sequential quarter due to higher MYGA sales, although down 21% from the second quarter of 2024 due to no funding agreements in the current quarter. The economics for flow reinsurance were favorable early in the quarter and almost half of the second quarter MYGA sales were generated in the month of April. MYGA sales increased 27% over the second quarter of 2024.

MYGA 在第二季的銷售額創下了 19 億美元的紀錄，而且我們沒有簽訂任何融資協議。我們認為這兩種產品都具有機會性。由於 MYGA 銷售額增加，這一數字較上一季增加了 73%，但由於本季沒有融資協議，這一數字較 2024 年第二季下降了 21%。本季初，流量再保險的經濟效益良好，第二季 MYGA 銷售額的近一半是在 4 月產生的。MYGA 的銷售額比 2024 年第二季成長了 27%。

As a reminder, opportunistic sales volumes will fluctuate quarter-to-quarter depending on economics and market opportunity. Notably, retail channel sales were a record with more than $3.6 billion in the second quarter, reflecting one of our best quarters for indexed annuities and a record quarter for both IUL and MYGA. For the first half of the year, we have generated $7 billion of gross sales comprised of $4 billion of core sales and $3 billion of opportunistic market sales. Net sales retained were $4.9 billion in the first half of the year.

提醒一下，機會銷售量將根據經濟和市場機會而逐季度波動。值得注意的是，第二季零售通路銷售額創下新高，超過 36 億美元，這是我們指數年金表現最好的季度，也是 IUL 和 MYGA 創下歷史新高的季度。今年上半年，我們的總銷售額達到 70 億美元，其中包括 40 億美元的核心銷售額和 30 億美元的機會市場銷售額。今年上半年淨銷售額留存為 49 億美元。

Looking ahead to the remainder of 2025, we will continue to prioritize pricing discipline and allocating capital to the highest return opportunities. With the launch of our reinsurance sidecar during the third quarter, the economics for FIA sales are becoming relatively more attractive, and we expect our mix of sales to shift more to FIA in the back half of the year.

展望 2025 年剩餘時間，我們將繼續優先考慮定價紀律並將資本分配給最高回報機會。隨著我們在第三季推出再保險邊車，FIA 銷售的經濟效益變得相對更具吸引力，我們預計今年下半年我們的銷售組合將更多地轉向 FIA。

We also have the flexibility to optimize our level of flow reinsurance in line with our capital targets by dynamically adjusting MYGA volumes up and down as market economics change as demonstrated in the first half of the year. F&G reported record AUM before flow reinsurance of $69.2 billion at the end of the second quarter, including retained assets under management of $55.6 billion. Compared to the second quarter of 2024, AUM increased 13% and 7%, respectively, driven by net new business flows.

正如今年上半年所顯示的那樣，隨著市場經濟的變化，我們還可以動態地上下調整 MYGA 數量，從而根據我們的資本目標靈活地優化我們的流量再保險水平。F&G 報告稱，第二季末，流量再保險前的 AUM 達到創紀錄的 692 億美元，其中包括 556 億美元的保留管理資產。與 2024 年第二季相比，在淨新業務流的推動下，AUM 分別成長了 13% 和 7%。

Next, turning to the investment portfolio. The retained portfolio is high quality with 97% of fixed maturities being investment grade. Credit-related impairments have remained low and stable, averaging 6 basis points over the last five years. Through the first half of the year, credit-related impairments remained below our pricing.

接下來談談投資組合。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。信貸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。今年上半年，信用相關減損仍低於我們的定價。

During the second quarter, we made significant progress on deploying our excess cash. As a result, our fixed income yield increased 5 basis points from the first quarter, and we believe there is still more opportunity for uplift when the spread environment becomes more attractive.

在第二季度，我們在部署過剩現金方面取得了重大進展。因此，我們的固定收益收益率較第一季增加了 5 個基點，我們相信，當利差環境變得更具吸引力時，仍有更多提升的機會。

In summary, F&G is uniquely positioned in the industry with a profitable and growing $54 billion in-force block. We generate spread-based earnings from fixed annuities and pension risk transfer, and we have multiple sources of fee-based earnings with the sidecar in place alongside our flow reinsurance, middle market life insurance and well-performing owned distribution portfolio. As our business grows, we're becoming a more fee-based, higher-margin and capital-light business, leveraging our position as one of the industry's largest distributors of annuities and life insurance.

總而言之，F&G 在該行業中佔據獨特地位，擁有盈利且不斷增長的 540 億美元有效資產。我們從固定年金和退休金風險轉移中獲得基於利差的收益，並且我們擁有多種基於費用的收益來源，包括流動再保險、中端市場人壽保險和表現良好的自有分銷組合以及附加險。隨著業務的成長，我們將成為一個收費更高、利潤率更高、資本更輕的企業，並利用我們作為業內最大的年金和人壽保險分銷商之一的地位。

Before turning the call to Conor, I'd like to highlight the executive management transition that we announced last evening. First, John Currier has decided to retire next year and will be transitioning from his role as F&G's President into a senior advisory role. John has been an invaluable partner and his deep industry expertise and leadership has been instrumental to our transformation and expansion over the last 10 years.

在將電話轉給康納之前，我想強調我們昨晚宣布的高階主管管理層變動。首先，約翰·柯里爾 (John Currier) 決定明年退休，並將從 F&G 總裁一職轉為高級顧問一職。約翰是一位非常寶貴的合作夥伴，他深厚的行業專業知識和領導能力對我們過去 10 年的轉型和擴張起到了重要作用。

Under John's leadership, we have focused our efforts in the retail space on our mission, helping more and more people achieve their aspirations by expanding our retail footprint in breadth and depth, driving exceptional sales growth, and we've more than doubled our assets under management over the last five years. We are now a market leader in several segments, and I am appreciative to John for all of his efforts and on a personal level, his friendship. I look forward to continuing to work with John in his new capacity as a senior adviser until his retirement next year.

在約翰的領導下，我們將零售領域的努力集中在我們的使命上，透過擴大我們的零售足跡的廣度和深度，推動卓越的銷售成長，幫助越來越多的人實現他們的願望，並且我們在過去五年中管理的資產增加了一倍以上。我們現在是多個領域的市場領導者，我感謝約翰的所有努力以及個人層面的友誼。我期待著繼續與約翰合作，擔任他的高級顧問，直到明年他退休。

We also announced that Conor will be taking on the role of President of F&G in addition to his current role as CFO. Conor has made a big impact since joining F&G, and I'm looking forward to working with him in this new capacity. Conor brings a wealth of experience developed through a variety of executive roles at leading insurance companies in both the US and abroad. This experience will be invaluable as we continue to grow the company as well as expand our capital-light fee-generating businesses, which I firmly believe will grow the value of F&G.

我們還宣布，康納除了擔任財務長外，還將擔任 F&G 總裁。康納自加入 F&G 以來產生了巨大的影響，我期待著以新的身份與他合作。康納在美國和國外領先的保險公司擔任過各種管理職務，並累積了豐富的經驗。隨著我們繼續發展公司以及擴大輕資本收費業務，這種經驗將是無價的，我堅信這將增加 F&G 的價值。

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

現在，我將電話轉給康納，讓他提供有關 F&G 第二季度財務亮點的更多詳細資訊。

Thank you, Chris, and thank you for your support. I'm excited to take on this new role and share your optimism for the many opportunities that lie ahead as we work to transform F&G into more of a fee-based, higher return and capital-light business. I believe that we are well on our way. I'm looking forward to partnering with you in this new capacity.

謝謝你，克里斯，謝謝你的支持。我很高興能擔任這項新職務，並和大家一樣對未來的許多機會充滿樂觀，我們正努力將 F&G 轉變為一家收費型、高回報和輕資本的企業。我相信我們正朝著好的方向前進。我期待以新的身份與您合作。

This morning, I'll focus my comments on adjusted net earnings and returns, the new reinsurance sidecar transaction and our balance sheet and capital position. Starting with earnings. On a reported basis, adjusted net earnings were $103 million or $0.77 per share in the second quarter. For the quarter, investment income from alternative investments was $83 million or $0.62 per share below management's long-term expected return.

今天上午，我將重點放在評論調整後的淨收益和回報、新的再保險附屬交易以及我們的資產負債表和資本狀況。從收入開始。據報道，第二季調整後的淨收益為 1.03 億美元，即每股 0.77 美元。本季度，另類投資的投資收益為 8,300 萬美元，即每股 0.62 美元，低於管理層的長期預期回報。

Second quarter adjusted net earnings reflect asset growth, higher fee income from accretive flow reinsurance, growing owned distribution margin and disciplined expense management. Notably, we are benefiting from increased scale as our ratio of operating expenses to AUM before flow reinsurance has decreased to 56 basis points in the quarter from 61 basis points in the second quarter of 2024.

第二季調整後的淨收益反映了資產成長、增值流量再保險帶來的更高費用收入、不斷增長的自有分銷利潤率以及嚴格的費用管理。值得注意的是，我們受益於規模的擴大，因為我們的營運費用與流量再保險前的 AUM 比率已從 2024 年第二季的 61 個基點下降至本季的 56 個基點。

We had a $7 million impact from onetime expense actions taken during the second quarter. This was recognized below the line and did not impact our second quarter adjusted net earnings. Going forward, we expect improvement in our operating expense ratio as a result of the second quarter expense actions moving from 60 basis points at year-end 2024 to approximately 50 basis points by year-end 2025.

我們在第二季採取的一次性費用行動產生了 700 萬美元的影響。這已得到確認，並且不會影響我們第二季的調整後淨收益。展望未來，我們預計，由於第二季的費用行動，我們的營業費用率將從 2024 年底的 60 個基點下降到 2025 年底的約 50 個基點，從而得到改善。

It was a strong quarter, and many of the near-term headwinds that drove margin compression in the first quarter are clearing as expected. CLO prepayments normalized, surrenders are more in line with our expectations in a higher rate environment, and we have made significant progress in putting excess cash balances to work.

這是一個強勁的季度，導致第一季利潤率壓縮的許多短期不利因素正在如預期般消除。CLO 預付款正常化，在較高利率環境下退保更符合我們的預期，我們在利用超額現金餘額方面取得了重大進展。

Our results through the first half of the year have generated sustainable return. As reported, adjusted ROA on a last 12-month basis was 92 basis points, including short-term fluctuations from investment income on alternative investments. This compares to 91 basis points in the second quarter 2024 last 12-month period.

我們上半年的業績已經產生了可持續的回報。據報道，過去 12 個月的調整後 ROA 為 92 個基點，其中包括另類投資的投資收益的短期波動。相較之下，2024 年第二季的過去 12 個月期間則為 91 個基點。

Our adjusted ROA reflects meaningful contributions from our fee-based flow reinsurance and owned distribution strategies. And as reported, adjusted return on equity, excluding AOCI, was 8.8%, up 40 basis points over the second quarter of 2024.

我們調整後的 ROA 反映了我們基於費用的流量再保險和自有分銷策略的重大貢獻。據報道，不包括 AOCI 的調整後股本回報率為 8.8%，比 2024 年第二季上漲了 40 個基點。

Now, turning to our reinsurance sidecar transaction and our strong and growing balance sheet. I share Chris' enthusiasm for the reinsurance vehicle announcement. We fund our business from multiple sources of capital, including in-force capital generation, reinsurance and capital market issuances. The sidecar is another source of capital and integral to our long-term success, enabling us to scale in an accretive and capital-efficient manner.

現在，讓我們來談談我們的再保險附屬交易以及我們強勁且不斷增長的資產負債表。我和克里斯一樣對再保險車輛公告充滿熱情。我們的業務資金來自多種資本來源，包括有效資本產生、再保險和資本市場發行。側車是另一個資本來源，對我們的長期成功至關重要，使我們能夠以增值和資本高效的方式擴大規模。

To provide some further details on the transaction, the scope of the reinsurance sidecar is new business only and allows for up to 75% of newly originated accumulation-focused FIA products. Blackstone has established a new Cayman-based reinsurer, Fort Green Reinsurance STC Limited that will be managed on a US risk-based capital and NAIC statutory basis. Importantly, F&G does not hold any ownership stake in Fort Green, which is unaffiliated and a Blackstone-owned entity.

為了提供有關該交易的更多細節，再保險側車的範圍僅限於新業務，並允許高達 75% 的新發起的以累積為重點的 FIA 產品。黑石集團已在開曼群島成立了一家新的再保險公司 Fort Green Reinsurance STC Limited，該公司將按照美國風險資本和 NAIC 法定基礎進行管理。重要的是，F&G 並不持有 Fort Green 的任何所有權股份，Fort Green 是黑石集團旗下的非關聯實體。

The new reinsurance vehicle backed by Blackstone managed funds has approximately $1 billion of anticipated capital commitments. This reinsurance vehicle is a strategic capital solution that complements F&G's dynamic capital allocation framework and supports our strong capital position. We will continue to utilize our existing flow reinsurance partnerships for MYGA sales. We will continue to manage capital to the most robust of our regulatory and rating agency requirements, including maintaining RBC at or above 400%.

由黑石管理基金支持的新再保險工具預計資本承諾約 10 億美元。此再保險工具是一種策略資本解決方案，可補充 F&G 的動態資本配置框架並支持我們強大的資本地位。我們將繼續利用現有的流量再保險合作夥伴關係進行 MYGA 銷售。我們將繼續按照最嚴格的監管和評級機構要求管理資本，包括將 RBC 維持在 400% 或以上。

There is no change to our holding company cash and invested assets target of 2 times interest coverage, and we remain committed to our long-term target of approximately 25% debt to capitalization, excluding AOCI. The reinsurance sidecar will help expand our fee-based earnings power over time alongside our flow reinsurance, middle market life insurance and owned distribution strategies.

我們的控股公司現金和投資資產目標（2 倍利息覆蓋率）沒有變化，我們仍然致力於實現我們的長期目標，即債務資本化率約為 25%，不包括 AOCI。再保險附屬產品將與我們的流量再保險、中端市場人壽保險和自有分銷策略一起，幫助我們隨著時間的推移擴大基於費用的盈利能力。

Our owned distribution portfolio is performing well and creating value. We have invested nearly $700 million in owned distribution companies. Our holdings are diversified by product and market and reflect growing businesses with strong leadership.

我們擁有的分銷組合表現良好並創造價值。我們已向自有分銷公司投資近7億美元。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。

Reflecting on my first few months in this role, I've had the opportunity to see firsthand the strength of our business model and dedication of our team. We are well positioned to further expand our return on equity and deliver long-term shareholder value.

回顧我擔任這個職位的頭幾個月，我有機會親眼目睹我們的商業模式的優勢和我們團隊的奉獻精神。我們已做好準備，進一步擴大股本回報率，實現長期股東價值。

As we navigate the shifting industry dynamics and macroeconomic environment, we remain disciplined and focused on managing the profitability of our sales and in-force book and optimizing our return on capital, generating retained asset growth and incremental investment margin, continuing to drive an efficient cost structure to capture benefits of scale and further diversifying our spread-based and fee-based earnings, which differentiate F&G.

在應對不斷變化的行業動態和宏觀經濟環境時，我們始終嚴守紀律，專注於管理銷售額和有效賬簿的盈利能力，優化資本回報率，實現留存資產增長和增量投資利潤，繼續推動高效的成本結構以獲取規模效益，並進一步實現利差和費用收益的多元化，從而使 F&G 脫穎而出。

We remain confident that we will deliver on our 2023 Investor Day targets as we move further toward a more fee-based, higher margin and less capital-intensive business model, leveraging our position as one of the industry's largest distributors of annuities and life insurance. This concludes our prepared remarks, and let me now turn the call back to our operator for questions.

我們仍然有信心，隨著我們進一步向收費型、利潤率更高、資本密集度更低的商業模式邁進，並利用我們作為業內最大的年金和人壽保險分銷商之一的地位，我們將實現 2023 年投資者日的目標。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。

(Operator Instructions) John Barnidge, Piper Sandler.

（操作員指示）約翰·巴尼奇、派珀·桑德勒。

My question is on the sidecar. With $1 billion in commitments raised, how much capacity do you think that will have? And how quickly do you think you'll be able to fill that?

我的問題是關於邊車的。在籌集 10 億美元承諾資金後，您認為其產能將達到多少？您認為您多快能夠填補這個空缺？

Yes. John, it's Chris. It's a great question. I think the answer to that really depends on product type because it's obviously going to get different strain. But it's going to give us quite a bit. I want to say multiple billions of capacity in terms of incremental AUM that we can bring on board. More importantly, I think it's part of a broader strategy of moving down a more capital-light path, and it's going to be highly accretive to our earnings as opposed to simply retaining that AUM.

是的。約翰，我是克里斯。這是一個很好的問題。我認為答案實際上取決於產品類型，因為它顯然會有不同的壓力。但它會帶給我們很多東西。我想說的是，就增量 AUM 而言，我們可以帶來數十億美元的容量。更重要的是，我認為這是走輕資本路線的更廣泛策略的一部分，它將極大地增加我們的收益，而不是簡單地保留資產管理規模。

And my follow-up, maybe sticking with that capital-light path you're trying to go down. You've deployed a lot of capital in the owned distribution. You now have a sidecar. It looks like you got that dividend was resumed in the second quarter after even paused for the investments that were made in the first. What does this mean for the potential for additional consolidation on that side?

我的後續行動是，也許堅持你想要走的那條資本輕盈的道路。您已經在自有分銷中投入了大量資金。您現在有一輛邊車。看起來，在第一季暫停投資之後，第二季又恢復了分紅。這對於該方面進一步整合的可能性意味著什麼？

Yes. I think like everything, we believe one of our most sacred jobs here is making smart capital allocation decisions. And so, as we look at the various opportunities, you're right, owned distribution is something that we want to continue to grow that's generating terrific returns for us. So we're excited about that. Continuing down the path of selling FIAs, but utilizing the sidecar, utilizing other reinsurance opportunities, similar return pattern, but something that we're super excited about.

是的。我認為，就像所有事情一樣，我們相信我們在這裡最神聖的工作之一就是做出明智的資本配置決策。因此，當我們審視各種機會時，您說得對，我們希望自有分銷能夠繼續成長，並為我們帶來豐厚的回報。所以我們對此感到很興奮。繼續沿著銷售 FIA 的道路前進，但利用邊車，利用其他再保險機會，類似的回報模式，但我們對此感到非常興奮。

And yes, by going down a more capital-light path, we will have more free cash flow. So -- but I would say right now, what we hear from investors is they're not necessarily looking for substantial increases in dividends given the returns that we're able to generate in both owned distribution and flow reinsurance. So yes, I think that's how we think about capital allocation. I don't know, Conor, if you want to add to that.

是的，透過走輕資本路線，我們將擁有更多的自由現金流。所以——但我現在想說的是，我們從投資者那裡聽到的是，考慮到我們能夠在自有分銷和流量再保險中產生的回報，他們不一定希望大幅增加股息。是的，我認為這就是我們對資本配置的看法。康納，我不知道你是否想補充這一點。

Yes. I think what's driving, I think this is a great additional tool for us in terms of -- we have a number of MYGA reinsurance partners. We had an existing -- have an existing partner on the FIA side, having another opportunity there as well. I think you know from all of the conversations we've had that that's a very significant core product for us. So I think you'll see a little more emphasis perhaps there on a comparative basis. And -- but yes, the owned distribution opportunity, we continue to believe in and increasingly convinced of the value of that opportunity as well.

是的。我認為，就我們擁有眾多 MYGA 再保險合作夥伴而言，這對我們來說是一個很好的附加工具。我們在 FIA 方面有一個現有的合作夥伴，在那裡也有另一個機會。我想從我們所有的對話中你都知道，這對我們來說是一個非常重要的核心產品。因此我認為，從比較的角度來看，你可能會看到更多的強調。而且——但是的，我們繼續相信自有分銷機會，並且越來越確信該機會的價值。

Mark Hughes, Truist Securities.

馬克·休斯，Truist Securities。

How are MYGA sales shaping up now? You talked about in Q2, a lot of that was concentrated in April. How do you see the environment so far for Q3?

MYGA 的銷售情況目前如何？您談到第二季度，其中很大一部分集中在四月。您如何看待目前第三季的環境？

Yes. I would say probably somewhere in between, meaning maybe a more normalized rate. We had a lot of volatility in the first quarter of this year. You saw the huge rebound in the second quarter. I do think we'll see a little more volatility in MYGA sales. Keep in mind, we flow out the vast majority of our MYGA business. And so, it's just a process of every single month. We look at the market, we look at the spread opportunity, we look at the quotes from our reinsurers, and then we compare that to the other opportunities.

是的。我想說可能介於兩者之間，這意味著可能是一個更正常化的利率。今年第一季我們經歷了很大的波動。您看到了第二季度的巨大反彈。我確實認為我們會看到 MYGA 銷售出現更多波動。請記住，我們的 MYGA 業務的絕大部分都是流出的。所以，這只是每個月的一個過程。我們觀察市場，觀察利差機會，觀察再保險公司的報價，然後與其他機會進行比較。

But I would say, particularly now with the sidecar, FIA becomes even more attractive use of capital. So you could see probably a little bit lower level of MYGA sales, but we would expect a higher level of indexed annuity sales.

但我想說，特別是現在有了邊車，FIA 的資本利用變得更有魅力。因此，您可能會看到 MYGA 的銷售額水準略有下降，但我們預計指數年金的銷售額水準會更高。

Yes. And Mark, maybe I'll add to that as well. We didn't have funding agreement type sales in the quarter. That's another element that we compare from an opportunistic perspective. And so, we would put that maybe in that same opportunistic bucket with the MYGA sales. So the relative composition and mix of those two can ebb and flow as well.

是的。馬克，也許我也會補充這一點。本季我們沒有融資協議類型的銷售。這是我們從機會主義角度進行比較的另一個因素。因此，我們可能會將其與 MYGA 銷售放在同一個機會主義類別中。因此，這兩者之間的相對組成和混合也會有所變化。

And I know it's an obvious point, but indexed annuities, longer duration, higher return, a product that every year, we have some ability within reason to reset the rates and maintain a consistent spread. So I think it's always going to be at the top of our list of preferred places to deploy capital along with owned distribution.

我知道這是一個顯而易見的觀點，但指數年金，期限更長，回報更高，每年我們都有能力在合理範圍內重新設定利率並保持一致的利差。因此，我認為它將始終是我們與自有分銷一起部署資本的首選地點之一。

Yes. And then same question on funding agreements. Those were negligible in the quarter. How do you see that shaping up?

是的。然後是關於融資協議的相同問題。在本季度，這些影響微不足道。您認為這情況會如何發展？

Yes. I think, again, opportunistic. I would say part of what drove that was we saw significant MYGA opportunities certainly early in the quarter. If you looked at the composition of the quarter, we did more in April. We had talked about that last quarter's call. And the funding agreement market is looking reasonably attractive or I would say, more than reasonably attractive at the moment. So there's -- we will certainly look closely at it in the third quarter and compare it with the other opportunities and weigh them up accordingly.

是的。我認為，這又是機會主義的。我想說，推動這一趨勢的部分原因是我們在本季初看到了重大的 MYGA 機會。如果你看一下本季的組成，你會發現我們在四月做得更多。我們已經討論過上個季度的電話會議。目前，融資協議市場看起來相當有吸引力，或者說，非常有吸引力。因此，我們肯定會在第三季度密切關注它，並將其與其他機會進行比較並進行相應的權衡。

And then when we think about RILAs, I think you mentioned they were gaining traction. A lot of talk about FIAs with the new sidecar. How do you feel like the balance of the opportunity across the FIAs versus RILAs as we sit here today?

然後，當我們考慮 RILA 時，我想您提到它們正在獲得關注。很多人談論有新型邊車的 FIA。今天我們坐在這裡，您覺得 FIA 和 RILA 之間的機會平衡如何？

We very much like the RILA space as well. It's a great partner with the FIAs. Many of our FIA producers and sellers are licensed to sell RILA as well. So we saw significant growth in our RILA relative to the size of our book, but it's still quite a modest book. So yes, still very much like it, still a key element of our expansion plans, but just smaller in scale at this stage. So less material for now.

我們也非常喜歡 RILA 空間。它是國際汽聯的優秀合作夥伴。我們的許多 FIA 生產商和銷售商也都獲得了銷售 RILA 的許可。因此，相對於我們的圖書規模而言，我們的 RILA 實現了顯著增長，但其規模仍然相當適中。是的，仍然非常喜歡它，它仍然是我們擴張計劃的關鍵要素，但現階段規模較小。因此目前材料較少。

If I might ask just one more. When we think about your return on assets this quarter, kind of what's the walk from the Q2 return on assets to your Investor Day targets? I wonder if you could just refresh us on that.

我可以再問一個問題嗎？當我們考慮本季的資產報酬率時，從第二季的資產報酬率到投資人日目標的差距有多大？我想知道您是否可以讓我們重新認識這一點。

Yes. I'll start on that one. So keep in mind, so the Investor Day was not quite two years ago, which is kind of in some ways, it seems a lot longer, but it was October of '23. So think of us as not quite two years into a five-year goal. The goal at the time was to have a 50% increase in our assets under management. We are well ahead of that target at only two years into it. So we feel really good about achieving that.

是的。我先從那一個開始。所以請記住，投資者日並不是兩年前的事了，從某種程度上來說，這似乎要長得多，但它是 1923 年 10 月。因此，我們認為我們距離五年目標不到兩年。當時的目標是使我們管理的資產增加 50%。我們只花了兩年時間就遠遠實現了這個目標。因此，我們很高興能夠實現這一目標。

From an ROA perspective, we said we would go from a baseline spread of 110 to a range of 133 to 155. We tend to look at the last 12 months because that smooths out some of the wrinkles there. And I think that's been in the high 120s, mid-120s. So I'd say we feel good about how we're tracking there. And then obviously, as we took some efforts to bring down expense ratio. I would say that was -- probably will kick in about 10 basis points on top of what we've already seen. So we're feeling really good at this juncture.

從 ROA 角度來看，我們表示我們將從 110 的基線利差擴大到 133 至 155 的範圍。我們傾向於回顧過去 12 個月的情況，因為這樣可以消除一些問題。我認為這個數字已經在 120 多度、120 多度左右了。所以我想說，我們對於我們在那裡的追蹤情況感到滿意。顯然，我們採取了一些措施來降低費用率。我想說的是——可能會在我們已經看到的基礎上增加約 10 個基點。所以我們現在感覺非常好。

The other part of the goal is to drive up ROE, and we're making progress there. And I think things like sidecar, owned distribution, those are going to be quite accretive to ROE.

目標的另一部分是提高 ROE，我們在這方面正在取得進展。我認為諸如邊車、自有分銷等都會大大增加 ROE。

In the mid-120s, how many basis points of that is the -- just normalizing the alts? I'll ask that question. And then as we think about Q3, any body language on how the alts are set up for performing this quarter?

在 120 年代中期，其中有多少個基點是 - 只是標準化了 alts？我會問這個問題。然後，當我們考慮第三季度時，有任何肢體語言表明山寨產品將如何為本季的表現做好準備嗎？

Yes. I think in the alts front, our long-term assumption, again, is 10%. We think that's reasonable. We look at it regularly of should we be revisiting that? Should we be bringing that down? Obviously, we've gone quite a while now without meaningful realizations. And so, we don't run the business trying to predict what's going to happen. I know there's been a couple of the prominent folks, particularly Blackstone enthusiastic that we may now see a better deal environment.

是的。我認為在替代方面，我們的長期假設是 10%。我們認為這是合理的。我們會定期查看它，我們是否應該重新審視它？我們應該降低這個數字嗎？顯然，我們已經很久沒有取得有意義的成果了。因此，我們在經營業務時不會試圖預測將會發生什麼。我知道有幾位知名人士，特別是黑石集團，對我們現在可能看到的更好的交易環境感到興奮。

And if that's the case, that would be a big tailwind for us, not just in terms of returns because people tend to normalize for that, but that would be a positive from a capital perspective because keep in mind that alts book does get mark-to-market every quarter. And then in terms of the walk, I think alts on this quarter, Conor, last 12 months, probably 37 basis points. So think of the base as, I don't know, 92-ish and then 37% for alts would get you to a last 12 months, 129.

如果是這樣，對我們來說將是一個巨大的順風，不僅僅是在回報方面，因為人們傾向於將其正常化，而且從資本角度來看這也是一個積極因素，因為請記住，alts 賬簿每個季度都會按市價計價。然後就步幅而言，我認為本季的替代利率，康納，過去 12 個月，大概是 37 個基點。因此，想像一下基數為 92 左右，然後替代品為 37%，那麼過去 12 個月，你的總收益將達到 129。

Alex Scott, Barclays.

巴克萊銀行的亞歷克斯·斯科特。

This is Anling on for Alex. I'm wondering if you're currently taking any cap rate action? And how do you see that impacting your cost of crediting looking forward?

我是 Anling，為 Alex 表演。我想知道您目前是否正在採取任何資本化利率行動？您認為這會對您未來的信貸成本產生什麼影響？

Yes. I would say without maybe disclosing more than we should from a competitor perspective, but it is something that we look at on a regular basis, right? So every single month at a minimum, we're looking at in-force crediting actions as it comes -- as these things come due. And what I would say there is we have pretty good track record over time of maintaining consistent spreads. So where we have had deviations from pricing, we do take in-force crediting rate actions.

是的。我想說，從競爭對手的角度來看，我們可能沒有透露太多信息，但這是我們定期關注的事情，對嗎？因此，至少每個月，我們都會專注於生效的信用行動——因為這些事情已經到期。我想說的是，我們在維持穩定利差方面有著相當良好的記錄。因此，當我們的定價出現偏差時，我們就會採取有效的信用利率行動。

Now you don't want to overdo that. You want to make sure that you're within a reasonable band and you want to look at the competitive environment, you're being fair from a policyholder perspective. But yes, that is a lever that we would expect to help, particularly when you get into these periods of a fair amount of volatility.

現在你不想做得太過頭。您要確保自己處於合理的範圍內，並且要觀察競爭環境，從保單持有人的角度來看，您是公平的。但是的，這是一個我們希望能夠提供幫助的槓桿，特別是當你進入這些相當波動的時期時。

And this will conclude our question-and-answer session. I will now turn the conference back over to CEO, Chris Blunt, for closing remarks.

我們的問答環節到此結束。現在，我將會議交還給執行長克里斯布朗特 (Chris Blunt)，請他致閉幕詞。

Great. Thanks again to everyone for joining the call this morning. We had a strong second quarter, and we've got good momentum heading into the second half of the year. I'm excited about the future and our ability to deliver strong results for the shareholders of F&G in the years ahead. Appreciate your interest in F&G, and we look forward to updating you on our third-quarter earnings call.

偉大的。再次感謝大家今天早上參加電話會議。我們第二季表現強勁，下半年也保持良好的勢頭。我對未來以及我們在未來幾年為 F&G 股東帶來強勁業績的能力感到興奮。感謝您對 F&G 的關注，我們期待在第三季財報電話會議上向您通報最新情況。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。您可以斷開線路，享受美好的一天。