F&G Annuities & Life Inc (FG) 2025 Q3 法說會逐字稿

Good morning and welcome to FMG's third quarter 2025 earnings call.

早安，歡迎參加FMG 2025年第三季財報電話會議。

During today's presentation, all callers will be placed in a listen-only mode.

在今天的演示過程中，所有來電者都將被置於唯讀模式。

Following management's prepared remarks, the conference will be open for questions with instructions to follow at that time.

在管理階層發表準備好的演講後，會議將開放提問環節，屆時請依照相關說明進行提問。

I would now like to turn the call over to Lisa Foxworthy Parker, senior Vice President, Investor relations and external relations. Please go ahead.

現在我願將電話轉交給投資者關係和對外關係高級副總裁 Lisa Foxworthy Parker。請繼續。

Thanks, operator, and welcome everyone. I'm joined today by Chris Blunt, Chief Executive Officer, and Connor 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.

謝謝操作員，歡迎各位。今天和我一起的有執行長克里斯·布朗特，以及總裁兼財務長康納·墨菲。今天的財報電話會議可能包含《私人證券訴訟改革法案》下的前瞻性陳述和預測，這些陳述和預測並不保證未來的事件或績效。我們不承擔任何義務修改或更新此類聲明以反映新的資訊、後續事件或策略變更。

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.

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，請參閱我們最新的季度和年度報告以及其他提交給美國證券交易委員會的文件。

This morning's discussion also includes non-GAAP 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公司財務表現相關的非GAAP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.

如有需要，非GAAP指標已按照美國證券交易委員會（SEC）的規定，在公司投資者網站上提供的盈利資料中與GAAP指標進行了調整。請注意，今天的電話會議將被錄音，並將提供網路直播回放。

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

接下來，我將把電話交給克里斯布朗特。

Good morning everyone and thanks for joining our call. We delivered strong 3rd quarter results with record AUM before flow reinsurance, fueled by one of our best sales quarters in history, the launch of our new reinsurance sidecar, and strong performance across the business as we execute on our strategy and make continued progress toward our 2023 investor day targets.

各位早安，感謝各位參加我們的電話會議。我們第三季業績強勁，在再保險業務之前，資產管理規模創歷史新高。這得益於我們歷史上最好的銷售季度之一、新再保險業務的推出，以及我們執行策略並不斷朝著 2023 年投資者日目標取得進展過程中各業務部門的強勁表現。

FNG is uniquely positioned in the industry with a profitable and growing $56 billion enforced 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.

FNG 在業界擁有獨特的地位，其強制執行的區塊獲利且不斷成長，達到 560 億美元。我們透過固定年金和退休金風險轉移產生利差收益，並且透過附屬公司以及我們的流動再保險、中端市場人壽保險和表現良好的自有分銷組合，我們擁有多種基於費用的收益來源。

As our business grows, we're becoming a more fee-based, higher margin and capital li business, leveraging our position as one of the industry's largest sellers of annuities and life insurance.

隨著業務的成長，我們正在轉型為一家以收費為基礎、利潤率更高、資本更充足的企業，利用我們作為業內最大的年金和人壽保險銷售商之一的地位。

We are balancing this with continuing to grow our spread-based business, prioritizing pricing discipline and allocating capital to the highest return opportunities.

我們正在努力平衡這一目標，同時繼續發展我們的價差業務，優先考慮定價紀律，並將資金分配給回報最高的投資機會。

As we execute on our strategy, we expect both gross and net AUM to continue to grow.

隨著我們策略的實施，我們預計總資產管理和淨資產管理規模都將繼續成長。

FNG reported a record $71.4 billion of AUM before flow reinsurance at the end of the third quarter, including retained assets under management of $56.6 billion. Compared to the third quarter of 2024, AUM increased 14 and 8% respectively, driven by net new business flows.

FNG 報告稱，截至第三季末，其資產管理規模（不計入流動再保險）達到創紀錄的 714 億美元，其中包括 566 億美元的留存資產管理規模。與 2024 年第三季相比，資產管理規模分別成長了 14% 和 8%，主要得益於新增業務流量的增加。

For the 1st 9 months of the year we generated $11 billion of gross sales. This reflects $6 billion of core sales, which include index annuities, index life and pension risk transfer, and $5 billion of opportunistic sales, including MIGA and funding agreements.

今年前9個月，我們的總銷售額為110億美元。這反映了 60 億美元的核心銷售額（包括指數年金、指數人壽和退休金風險轉移）和 50 億美元的機會性銷售額（包括 MIGA 和融資協議）。

Looking at the third quarter, we delivered one of our best sales quarters with $4.2 billion of gross sales and strength across all products and distribution channels. Core sales were half of the total at $2.2 billion, modestly above both the second quarter of 2025 and the third quarter of 2024.

回顧第三季度，我們取得了有史以來最好的銷售季度之一，總銷售額達 42 億美元，所有產品和分銷管道均表現強勁。核心銷售額佔總銷售額的一半，為 22 億美元，略高於 2025 年第二季和 2024 年第三季的水平。

Highlights for our core sales include indexed annuities of $1.7 billion in the quarter and $4.8 billion year-to-date. FIA is our largest contributor to indexed annuity sales, and with the launch of the reinsurance sidecar in August, we have started flowing a portion of our accumulation focused FIA sales during the quarter.

本季核心銷售亮點包括指數年金銷售額 17 億美元，年初至今銷售額 48 億美元。FIA 是我們指數年金銷售的最大貢獻者，隨著 8 月再保險邊車的推出，我們已開始在本季度將一部分以累積為重點的 FIA 銷售額轉移出去。

Rila continues to be a modest but growing contributor to our sales as we are gaining momentum.

隨著我們發展勢頭增強，Rila 仍然是我們銷售額中貢獻較小但不斷增長的一部分。

IUL sales were over $40 million in the quarter and $137 million year-to-date, up 10% over the prior year-to-date period, as our life insurance solutions are meeting the needs of the underserved multicultural middle market.

本季 IUL 銷售額超過 4,000 萬美元，年初至今銷售額達 1.37 億美元，比去年同期成長 10%，因為我們的人壽保險解決方案正在滿足服務不足的多元文化中端市場的需求。

And PRT sales were more than $500 million in the quarter, including a multiple repeat client and$ 1.3 billion year-to-date in line with the prior year-to-date period. The PRT market continues to see a robust pipeline for mid-size deals between $100 million to $500 million where F&G competes well, and we're on track to achieve our targeted $1.5 to $2.5 billion of PRT sales for the full year.

該季度 PRT 銷售額超過 5 億美元，其中包括一位多次回頭客，年初至今銷售額為 13 億美元，與去年同期持平。PRT 市場在 1 億美元至 5 億美元的中型交易方面持續保持強勁勢頭，F&G 在該領域具有很強的競爭力，我們預計將實現全年 15 億美元至 25 億美元的 PRT 銷售額目標。

Opportunistic sales were $2 billion in the third quarter with over $1 billion of funding agreements and nearly $1 billion of MIA sales. Opportunistic sales volumes will fluctuate quarter to quarter depending on economics and market opportunity. Here's a few details. We took advantage of an attractive market window and executed a record $800 million FABN issuance in the third quarter and expanded our high-quality investor base, bringing our third quarter and year-to-date funding agreement placements to $1 billion. And $1.6 billion respectively.

第三季機會性銷售額為 20 億美元，其中融資協議超過 10 億美元，MIA 銷售額接近 10 億美元。機會性銷售量會根據經濟狀況和市場機會而逐季波動。以下是一些細節。我們利用有利的市場窗口，在第三季發行了創紀錄的 8 億美元 FABN，擴大了我們的高品質投資者基礎，使我們第三季和年初至今的融資協議安排總額達到 10 億美元。分別為16億美元。

Coming off a record second quarter, Mga sales were nearly $1 billion in the third quarter and $3.4 billion year-to-date. We optimize our level of flow reinsurance in line with our capital targets by dynamically adjusting MIGA volumes up and down as market economics change.

繼創紀錄的第二季之後，Mga 第三季銷售額接近 10 億美元，今年迄今的銷售額為 34 億美元。我們根據市場經濟的變化，動態地調整 MIGA 的再保險規模，從而優化我們的再保險流量水平，以實現我們的資本目標。

While short-term interest rates declined following the recent Fed cuts, the shape of the yield curve has a bigger impact on our business. We do not have significant exposure to changes in short-term interest rates, as we have hedged a majority of our floating rate portfolio to lock in higher rates over the past couple of years. Our floating rate assets are now only $2.4 billion, or 5% of our total portfolio, net of hedging.

儘管聯準會近期降息導致短期利率下降，但殖利率曲線的形狀對我們的業務影響更大。由於過去幾年我們對大部分浮動利率投資組合進行了對沖，以鎖定較高的利率，因此我們受短期利率變化的影響並不大。扣除對沖費用後，我們的浮動利率資產目前僅 24 億美元，占我們總投資組合的 5%。

We expect continued strong demand for retirement savings products, including a growing demand for annuities by consumers and financial advisors for retirement security.

我們預期市場對退休儲蓄產品的需求將持續強勁，包括消費者和財務顧問對年金的需求不斷增長，以保障退休生活。

Demographic trends remain a powerful secular driver as the growing retirement population seeks guaranteed lifetime income streams.

人口結構趨勢仍然是一股強大的長期驅動力，因為不斷增長的退休人口尋求有保障的終身收入來源。

And the continued macroeconomic volatility increases the relative attractiveness of fixed annuity products for consumers that want guaranteed tax-deferred growth and principal protection.

持續的宏觀經濟波動增加了固定年金產品對希望獲得有保障的延稅成長和本金保障的消費者的相對吸引力。

Next, turning to the investment portfolio.

接下來，我們來看看投資組合。

Our portfolio is diversified, well positioned, and high-quality, with 96% of fixed maturities being investment grade. Credit related impairments have remained low and stable, averaging 6 basis points over the past 5 years. Through the 1st 9 months of the year, credit-related impairments remained below our pricing.

我們的投資組合多元化、定位良好且品質優良，其中 96% 的固定收益到期資產為投資等級。過去 5 年，信貸相關減損一直維持在較低且穩定的水平，平均為 6 個基點。今年前 9 個月，與信用相關的減損損失一直低於我們的定價。

Given broader market concerns around credit exposure to bank loans, we don't have any direct holdings in First Brands, Tricolor, or Primolend, and our exposure to the subprime auto and regional bank sectors was a modest $20 million and $13 million respectively as of September 30th.

鑑於市場對銀行貸款信貸風險的普遍擔憂，我們沒有直接持有 First Brands、Tricolor 或 Primolend 的任何股份，截至 9 月 30 日，我們對次級汽車貸款和區域銀行領域的投資分別僅為 2000 萬美元和 1300 萬美元。

Our fixed income yield of 4.68% increased 10 basis points over the sequential quarter, primarily driven by a prospective floating rate asset model refinement. As a reminder, our fixed income yield excludes alternative investment income as well as variable investment income.

我們的固定收益收益率為 4.68%，較上一季成長 10 個基點，主要得益於預期浮動利率資產模型的改進。需要提醒的是，我們的固定收益收益率不包括另類投資收益以及可變投資收益。

Looking at our alternative investment portfolio, we saw improvement in our annualized return at 7% in the quarter, up from 6% in the sequential quarter, and as compared to our 10% long-term expected return. Our alternative investment portfolios comprise 30% of t-LPs, with the remainder more debt-like in nature.

從我們的另類投資組合來看，本季年化報酬率為 7%，高於上一季的 6%，而我們預期長期殖利率為 10%。在我們的另類投資組合中，30%為有限合夥企業，其餘部分性質較接近債務。

Next, turning to variable investment income, we reported $24 million of pre-tax prepaid income in the quarter, which was above our run rate expectation as compared to $26 million in the prior year quarter and $6 million in the sequential quarter.

接下來，談到可變投資收益，我們報告稱，本季稅前預付收入為 2,400 萬美元，高於我們先前的預期，而去年同期為 2,600 萬美元，上一季為 600 萬美元。

As far as asset managers go, we really think we have the best of both worlds in terms of our competitive positioning and flexibility. This month marks that we are 8 years into our strong and seasoned relationship with a world-class manager in Blackstone.

就資產管理而言，我們認為我們在競爭地位和靈活性方面真正擁有兩全其美的優勢。本月是我們與世界一流的管理公司黑石集團建立牢固而成熟的合作關係的第 8 年。

And we have the flexibility to work with other asset managers whether for flow reinsurance or specialty asset classes that complement Blackstone's capabilities.

我們有能力與其他資產管理公司合作，無論是進行資金再保險或與黑石集團能力互補的特殊資產類別合作。

In summary, F&G's results for the 1st 9 months of the year positioned us well for a strong finish for the remainder of 2025. We are executing on our strategy, leveraging the strength of our distribution partners to continue to grow our spread-based business alongside our growing sources of fee-based, higher margin, and capital li earnings through our flow reinsurance, middle market life insurance, and own distribution strategies.

總而言之，F&G 今年前 9 個月的業績為我們在 2025 年剩餘時間裡取得強勁的收官成績奠定了良好的基礎。我們正在執行我們的策略，利用我們分銷合作夥伴的實力，繼續發展我們的利差業務，同時透過我們的流動再保險、中端市場人壽保險和自有分銷策略，不斷增加基於費用、更高利潤和資本收益的來源。

I'm excited about the future and our ability to continue to further expand our return on equity to deliver long-term shareholder value.

我對未來充滿信心，相信我們有能力繼續提高股本回報率，從而為股東創造長期價值。

Let me now turn the call over to Connor to provide further details on FNG's 3rd quarter highlights.

現在我將把電話交給康納，讓他詳細介紹FNG第三季的亮點。

Thank you, Chris. I'd like to start by thanking our employees for their efforts in delivering an all-around strong quarter. Our solid foundation and focused execution continue to drive results across the business.

謝謝你，克里斯。首先，我要感謝我們的員工，感謝他們為取得本季全面強勁的業績所付出的努力。我們堅實的基礎和專注的執行力持續推動著公司各部門取得佳績。

Looking at our third quarter results more closely, on a reported basis, adjusted net earnings were $165 million or $1.22 per share in the third quarter.

更仔細地看一下我們第三季的業績，按報告數據計算，第三季調整後的淨利潤為 1.65 億美元，即每股 1.22 美元。

Alternative investment income was $67 million or $0.48 per share below management's long-term expected return for the quarter.

另類投資收益為 6,700 萬美元，即每股 0.48 美元，比管理層預期的本季長期收益低 0.48 美元。

Adjusted net earnings included two significant items a $10 million or $0.07 per share benefit from a tax valuation allowance release, as well as $4 million or $0.03 per share from an actuarial reserve release.

調整後的淨收益包括兩個重大項目：一項是稅務估值準備釋放帶來的 1,000 萬美元或每股 0.07 美元收益，另一項是精算準備釋放帶來的 400 萬美元或每股 0.03 美元收益。

Additionally, our 3rd quarter adjusted net earnings benefited by approximately $25 million as a result of two other items in the quarter strong prepayment fees, as well as a lower effective tax rate.

此外，由於第三季其他兩項因素（強勁的預付款費用和較低的實際稅率），我們的第三季調整後淨收益增加了約 2,500 萬美元。

We completed our annual actuarial assumption review in the 3rd quarter. As a result, amortization expense was approximately $6 million after tax higher in the 3rd quarter, and we expect higher amortization over the next year, with approximately $5 million after tax in the fourth quarter, incrementally diminishing through the first half of 2026.

我們在第三季完成了年度精算假設審查。因此，第三季稅後攤銷費用增加了約 600 萬美元，我們預計未來一年攤銷費用將會增加，第四季稅後攤提費用約為 500 萬美元，到 2026 年上半年將逐步減少。

Overall, as compared to the prior year quarter, 3rd quarter adjusted net earnings reflect asset growth, growing fees from accreta flow reinsurance, steady own distribution margin, and operating expense discipline driving scale benefit.

整體而言，與去年同期相比，第三季調整後淨收益反映了資產成長、增值流再保險費用成長、自有分銷利潤率穩定以及營運費用控制帶來的規模效益。

Our results have generated sustainable returns as reported, adjusted ROA on the last 12 month basis was 92 basis points, including short-term fluctuations from alternative investment income.

據報告，我們的業績產生了可持續的回報，過去 12 個月的調整後 ROA 為 92 個基點，其中包括另類投資收入的短期波動。

This is stable and in line with the last 12 month periods for the prior year and sequential quarters of 95 and 92 basis points respectively.

這項數據穩定，與前一年過去 12 個月以及前後兩季的 95 個基點和 92 個基點相符。

All else equal, we expect this is indicative of our current run rate for adjusted ROA on a reported basis.

在其他條件相同的情況下，我們預計這可以反映我們目前按報告基準計算的調整後 ROA 的運行速度。

Our adjusted ROA reflects meaningful contributions from our fee-based flow reinsurance and own distribution strategies.

我們調整後的資產收益率反映了我們基於收費的再保險和自有分銷策略的顯著貢獻。

As reported, our adjusted return on equity, excluding AOCI was 8.8% in line with the sequential quarter.

根據報告，我們經調整後的股本回報率（不包括其他綜合收益）為 8.8%，與上一季持平。

Our fee income from accreta flow reinsurance has grown to $41 million in the first nine months, up 46% over $28 million in the first nine months of 2024.

前九個月，我們從累積流再保險中獲得的費用收入成長至 4,100 萬美元，比 2024 年前九個月的 2,800 萬美元成長了 46%。

FNG launched its flow reinsurance strategy in 2020, which builds on our core competencies, enables us to scale in an accretive and capital efficient manner, and produces diversifying fee income which generates strong cash flows.

FNG 於 2020 年推出了其流動再保險策略，該策略建立在我們核心競爭力的基礎上，使我們能夠以增值和資本高效的方式擴大規模，並產生多元化的費用收入，從而產生強勁的現金流。

Our flow reinsurance strategy, augmented by the new reinsurance sidecar effective August 1st, provides third-party capital for a portion of F&G's FIA and MIA sales.

我們的流動再保險策略，加上自 8 月 1 日起生效的新再保險附加險，為 F&G 的部分 FIA 和 MIA 銷售提供了第三方資本。

Today we expect to reinsure the vast majority of miga sales depending on economics.

今天，我們預計將根據經濟狀況對絕大多數 MIGA 銷售進行再保險。

As discussed on last quarter's call, the economics for FIA sales are relatively more attractive with the sidecar, and we expect we will evolve toward 50/50 retained versus flow for FIA sales.

正如上個季度電話會議上所討論的，對於 FIA 銷售而言，邊車的經濟效益相對更有吸引力，我們預計 FIA 銷售將逐漸實現 50/50 的留存收益與流動收益。

Importantly, we will continue to grow retained AU as we balance retaining business versus optimizing flow reinsurance and preserving capital flexibility.

重要的是，我們將繼續擴大留存業務規模，同時平衡留存業務與優化再保險流程和維持資本彈性之間的關係。

Our own distribution portfolio is performing well and creating value. We have invested nearly $700 million in our four owned distribution investments and expect to generate over $80 million of EBITDA for the full year 2025.

我們自身的分銷管道表現良好，並創造了價值。我們已在四項自有分銷投資中投入了近 7 億美元，預計 2025 年全年將產生超過 8,000 萬美元的 EBITDA。

Our holdings are diversified by product and market and reflect growing businesses with strong leadership.

我們的投資組合在產品和市場方面實現了多元化，反映了在強大領導力下不斷發展的業務。

Two of our holdings are live IMOs that produce about 50% of F&G's IUL sales as the majority of their sales mix.

我們持有的兩家公司是活躍的保險市場參與者，它們貢獻了 F&G 約 50% 的指數型萬能壽險銷售額，是其銷售組合的大部分。

The other two holdings are annuity IMOs that produce approximately 15% of F&G's annuity sales as the minority of their sales mix.

另外兩項持股是年金投資管理組織 (IMO)，約佔 F&G 年金銷售額的 15%，在其銷售組合中佔比很小。

In the future, we have plenty of opportunity to expand the value of own distribution through our existing holdings.

未來，我們有很多機會透過現有的持股來擴大自身分紅的價值。

And as independent agent distribution continues to consolidate in the industry, we expect to be selective in expanding to additional strategic partners, being thoughtful about where it makes sense and where it's the right fit with our long-standing relationships.

隨著獨立代理商分銷在業界不斷整合，我們預計在拓展更多策略合作夥伴時會更加謹慎，認真考慮在哪些方面有意義，以及是否與我們長期的合作關係相契合。

We are benefiting from increased scale as our ratio of operating expense to AUM before flow reinsurance has decreased to 52 basis points in the quarter, down from 62 basis points in the third quarter of 2024.

由於規模擴大，我們本季的營運費用與資產管理規模（不計入流動再保險）比率已降至 52 個基點，低於 2024 年第三季的 62 個基點。

We expect continued improvement in our operating expense ratio as a result of the expense actions we took earlier this year, moving from 60 basis points at year end 2024 to approximately 50 basis points by year end 2025.

我們預計，由於今年稍早採取的費用控制措施，我們的營運費用率將持續改善，從 2024 年底的 60 個基點降至 2025 年底的約 50 個基點。

Further, we see the potential to decrease by an additional 1 basis point per quarter on average in 2026.

此外，我們預計到 2026 年，平均每季可能會再下降 1 個基點。

Two years in and we have made significant progress towards the medium term financial targets we laid out at our October 23 Investor Day to grow AUM by 50%, expand, adjusted ROA excluding significant items to 133 to 155 basis points.

兩年過去了，我們在實現 10 月 23 日投資者日上製定的中期財務目標方面取得了重大進展，即資產管理規模增長 50%，剔除重大項目後的調整後資產收益率擴大至 133 至 155 個基點。

Increase adjusted ROE excluding ALCI and significant items to 13 to 14% and expand our multiple.

將調整後的淨資產收益率（不包括調整後綜合收益和重大項目）提高到 13% 至 14%，並擴大我們的倍數。

We are well positioned to deliver on our 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.

我們作為業內最大的年金和人壽保險分銷商之一，擁有良好的市場地位，能夠進一步向以收費為基礎、利潤率更高、資本密集度更低的商業模式轉型，從而實現我們的目標。

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

我們的演講到此結束，現在我將把電話轉回給我們的接線生，回答大家的問題。

Thank you.

謝謝。

Before opening for questions, I'd like to turn it back over to Chris Blood for some additional remarks.

在正式開始提問之前，我想把發言權交還給克里斯·布拉德，請他補充一些內容。

Thanks, operator. Early this morning, we issued a press release with FNF, our majority owner, announcing the FNF board of directors has approved a change in F&F's equity ownership stake in F&G.

謝謝接線生。今天清晨，我們與大股東 FNF 聯合發布新聞稿，宣布 FNF 董事會已批准 F&F 以改變其在 F&G 的股權比例。

FNF plans to distribute approximately 12% of the outstanding shares of F&G's common stock to F&F shareholders. Following the distribution, FNF will retain control and majority ownership of approximately 70% of the outstanding shares of F&G.

FNF計劃將F&G已發行普通股的約12%分配給F&F股東。分拆完成後，FNF 將保留對 F&G 約 70% 流通股的控制權和多數股權。

This will increase FNG's public float from approximately 18% today to approximately 30% after the distribution, strengthening our positioning within the equity markets and facilitating greater institutional ownership.

這將使 FNG 的公眾持股比例從目前的約 18% 增加到分紅後的約 30%，從而加強我們在股票市場中的地位，並促進更多機構持股。

Operator, please open the call now for questions.

接線生，請立即開啟通話，接受提問。

(Operator instruction)

（操作說明）

West Carmichael with Autonomous Research.

西卡邁克爾與自主研究。

Hey, good morning and thank you. First question I had, maybe it's a bit broader of a question on capital allocation, but as I think about the stock, it's been under a little bit of pressure this year, year-to-date, and I know you raised some growth equity earlier in the year. Now you have the sidecar. So I'm just wondering how you're thinking about prioritizing capital deployment and how you're thinking about share buybacks relative to things like allocation to own distribution or even just faster organic growth.

嘿，早上好，謝謝。我的第一個問題，或許是一個關於資本配置的更廣泛的問題，但就我目前對股票的理解來看，它今年以來一直承受著一些壓力，而且我知道你們在今年早些時候籌集了一些增長股權。現在你有了邊車。所以我想知道您是如何考慮優先部署資本的，以及您是如何看待股票回購相對於自身分紅或更快內生成長等因素的。

Sure, thanks, Wessa, it's Chris. I'll start. I know Connor will have some views here as well. I would say right now, obviously we want to continue to grow our, fixed index annuity business, that's core for us and so that's always going to be fairly high on the list. Own distribution is attractive and where we've got opportunities to, either potentially add a platform, although we want to be, selective there. Or add some capital to help some of our existing ownership stakes scale. That's very high on the list. Index Universal Life is a high priority for us and continuing to grow that although it's not a large consumer of capital right now. You probably also noticed we increased the dividend by 13.6%, so we're trying to share, some of the new, capital light model with our shareholders right away. I would say right now. Buybacks would probably be a pretty low priority for us just because obviously the distribution of shares by F&F, is to TRY to help us increase our float, not take float out of the market.

當然，謝謝你，韋薩，我是克里斯。我先來。我知道康納也會有一些看法。我現在想說的是，顯然我們希望繼續發展我們的固定指數年金業務，這是我們的核心業務，所以它始終會是我們工作的重中之重。自有分銷管道很有吸引力，而且我們有機會的話，可能會增加一個平台，雖然我們希望在這方面有所選擇。或追加一些資金，幫助我們擴大現有股權規模。這在優先列表中排名非常高。指數型萬能壽險是我們高度重視的領域，我們將繼續發展壯大它，儘管它目前並不是資金的主要消耗者。您可能也注意到我們將股利提高了 13.6%，所以我們正努力盡快與股東分享一些新的、輕資本模式的成果。我覺得現在就可以。股票回購對我們來說可能優先順序很低，因為很明顯，F&F 分配股票是為了幫助我們增加流通股，而不是將流通股從市場上撤走。

But I don't know it's a little bit of a reiteration. Thanks was we're seeing.

但我不知道這算不算是一種重複。謝謝，我們看到了。

Very attractive opportunities for our core products, again, the IUL, the FIA, the R la, and the PRT. We've been continued to be active in the PRT market as well, and expect that momentum across all of us to continue in the near term. So, we're very comfortable. We've plenty plenty of capacity from a capital perspective to continue to focus on those. The opportunistic will be just that it was a pretty active quarter this quarter, but we're watching where micro returns are in the near term, and we will write as much or as little there depending on the economic opportunity.

我們的核心產品，IUL、FIA、R1a 和 PRT，再次迎來極具吸引力的機會。我們一直積極參與個人快速交通 (PRT) 市場，並預計這種勢頭將在短期內持續下去。所以，我們覺得很舒服。從資金角度來看，我們有足夠的實力繼續專注於這些領域。機會主義因素在於，本季市場相當活躍，但我們正在密切關注短期內的微觀回報，並將根據經濟機會決定在該領域投入多少資金。

And yeah, we continue to really like the own distribution expansion opportunity as well.

是的，我們也依然非常看好自主通路的拓展機會。

thanks, and it makes sense on the on the float comments, Chris. The second question I had, I guess, on variable investment income outside of the alternatives portfolio, I think that was pretty strong in the quarter, but I imagine that'll bounce around a little bit quarter to quarter. But just maybe if you could think about a run rate level of non-alt BII going forward, is there any help you can give us on that?

謝謝，克里斯，你說的關於浮動評論很有道理。我第二個問題是關於另類投資組合之外的可變投資收益，我認為本季表現相當強勁，但我估計每季都會有一些波動。但或許您可以考慮一下未來非替代 BII 的運行率水平，您能在這方面給我們一些幫助嗎？

Yeah, I'll give you a sense. So you're right, we were higher this quarter. I think we were in the $24 million pre-tax range, and I think our expectation near term, you're always going to have an element of this. Our expectation is probably, the high single-digits, 10-ish, roughly, maybe a little less, but it'll move around a little bit and that's fine, but they were certainly a little bit higher, which is why we called them out.

嗯，我幫你描述一下。你說得對，我們這季業績更高了。我認為我們的稅前收入在 2,400 萬美元左右，而且我認為我們近期的預期，總是會有這方面的因素。我們預計大概是接近兩位數，10 左右，也許會少一點，但會有小幅波動，這沒關係，但他們的預測肯定略高一些，所以我們才指出了這一點。

In the in the corner.

在角落。

Yeah, thanks. That's helpful from a modeling perspective and just maybe 11 final one just on the investment portfolio, I guess in recent weeks there's been more focus on, I guess, private letter rated assets and these private structures, particularly those that are rated by Egan Jones. I'm just wondering if there's any color you can provide on that exposure for F&G maybe as a percentage of the portfolio and maybe if you would disagree with the spirit of, these recent articles in the media on private credit.

嗯，謝謝。從建模的角度來看，這很有幫助，而對於投資組合來說，可能只需要最後 11 個選項。我想，最近幾週，人們更加關注的是私人評級資產和這些私人結構，特別是那些由 Egan Jones 評級的資產和私人結構。我只是想了解一下您能否就F&G在該投資組合中的風險敞口提供一些信息，比如佔比多少，以及您是否不同意媒體最近關於私募信貸的文章的觀點。

Yeah, maybe do it in reverse order. I think, look, everyone's concerned about the same things in the private credit space, so there's been some, kind of big, I would say bold statements made on both sides of the argument here. I think the only thing we can speak to specifically is our own portfolio which we're feeling, quite comfortable with respect to, Egan Jones, yeah, I think like a lot of firms we're increasingly, utilizing two different agencies are. The number of securities or loans that we have that are rated by Egan Jones is quite small, like quite small, and we're trying as a general rule to get two agencies and wherever possible one of what you would call the big three to rate every single deal, not just because of the backdrop or concerns about.

對，或許應該反過來做。我認為，你看，在私人信貸領域，每個人都關心同樣的事情，因此，雙方都發表了一些相當重要、可以說是大膽的聲明。我認為我們唯一能具體談談的就是我們自己的投資組合，我們對此感到非常滿意。 Egan Jones，是的，我認為像很多公司一樣，我們越來越多地利用兩家不同的代理商。我們目前由 Egan Jones 評級的證券或貸款數量非常少，真的非常少。我們通常的做法是，讓兩家評級機構，並且盡可能讓所謂的三大評級機構之一，對每一筆交易進行評級，這不僅僅是因為背景或擔憂。

Is anyone rating, any one rating, reliable, so to speak, but also, you have turnover, we have an analyst lead and so it's always better to have two where you can have that. So I think we've made a ton of progress there.

有人給評級嗎？任何一個評級都可靠嗎？但是，人員流動是存在的，我們有一位分析師主管，所以最好有兩個評級人員，這樣可以兼顧兩者。所以我覺得我們在這方面取得了很大的進展。

Joel Hurwitz with Dowling and Partners.

Joel Hurwitz 與 Dowling and Partners 合作。

Hey, good morning. A couple of questions on, the alternatives performance. First, can you provide some color on the moving pieces of the $67 million of unfavorable alts in a quarter? And I guess how much of that was just the LPs versus that direct lending, and then what are the targeted returns on the different pieces that fall in that $10.5 billion dollar bucket of alternative assets?

嘿，早安。關於備選方案的性能，我有幾個問題。首先，您能否詳細說明本季 6,700 萬美元不利替代資產的構成因素？那麼，我想了解其中有多少是有限合夥人（LP）的貸款，又有多少是直接貸款，以及在這105億美元的另類資產中，各個部分的預期收益是多少？

Yeah, I'll give you.

好的，我會給你。

A sense. I'm sure we give a complete and full breakdown, but I kind of know what you're going after. And I would say this from a, an expectation of where we came out. We were pretty close on the whole loan and direct lending parts. And I think, we talk about a $10 billion portfolio in total, of which about 3 of it is the LP. So the LPs, had a stronger performance, and I would. I would, yeah, I would say that the increased performance was broadly there as well, but they are also in the main, the area that are still falling short of the long-term expectation. We were pretty much there, thereabouts on the whole loans and on the direct lending side.

一種感覺。我相信我們會給出完整詳細的分析，但我大概知道你想要什麼。而我之所以這麼說，是因為我預料到了我們最終的結果。我們在貸款和直接貸款部分達成了相當接近的共識。我認為，我們談論的是一個總價值 100 億美元的投資組合，其中約 30 億美元是有限合夥人持有的。所以LP唱片公司表現更出色，我也會這麼認為。是的，我認為總體而言，績效有所提高，但這些領域仍然主要未能達到長期預期。就整體貸款和直接貸款而言，我們基本上達到了目標水準。

And Joel, as some of the LPs, particularly on the P/E, funds, you get a lot of that information comes with a lag, so that's part of the issue too, so. Obviously senses that activity is picking up, hopefully that's that's true and that persists.

喬爾，正如一些有限合夥人（LP）一樣，特別是市盈率基金，你獲得的許多資訊都有滯後性，所以這也是問題的一部分。顯然感覺到了活動正在增加，希望情況確實如此，並且這種勢頭能夠持續下去。

Okay, I.

好的，我。

I guess any call on what the targeted return is on the LPs. I, I'm guessing it's higher than the 10%, but, can you.

我想任何關於有限合夥企業目標報酬率的討論都會進行。我猜它高於 10%，但是，你能猜到嗎？

Yeah, I mean, look, it to get to an average of 10, yeah, I would say that's the case modestly, but it's, there isn't a wide range when you.

是的，我的意思是，你看，要達到平均值 10，是的，我會保守地說，情況就是這樣，但是，當你……時，範圍並不大。

Consider all of the components.

考慮所有組成部分。

But on the margin, not as a true statement, correct.

但從某種程度上來說，這並非一個完全正確的說法。

Okay.

好的。

And then Connor just on the base yield jump of 10 basis points you guys mentioned a floating rate refinement just what exactly was that and, how much of the.

然後，Connor，關於基準殖利率上漲10個基點，你們提到了浮動利率細化，這到底是什麼，以及具體幅度是多少？

10 basis point quarter over quarter increase was was that.

季度季增10個基點。

Yeah, I'm not sure if it was 10 basis points. I thought it was probably closer to $10 million and maybe.

是的，我不確定是不是10個基點。我原以為可能接近 1000 萬美元，甚至更多。

3 or 4 basis points in terms of the what I would call the core fixed income impact but yeah we did have a a little bit of a change we we.

就我所說的核心固定收益影響而言，大約有 3 到 4 個基點的變化，但確實有一些變化。

We had a change. We were solely using the forward curve, and now we have a sort of a decision tree methodology where anything that's like a placeholder, or if it's not hedged or if it's an FBA, an FABN, etc. .

我們做出了改變。我們之前只使用遠期曲線，現在我們採用了一種決策樹方法，其中任何類似佔位符的東西，或者如果它沒有對沖，或者如果它是FBA、FABN等等。。

You know it's short, it's spot rate. Anything that's longer-term is forward, so we were really calling out the fact that it was.

你知道它很短，這是即期匯率。任何著眼於長遠的事情都是向前看的，所以我們當時確實在強調這一點。

Suggesting that the fixed income yield had ticked up a few points. H1stly, I think the fixed income yield in the quarter, oh, actually, no, I apologize, I think it was 10 basis points. I think the fixed income yield in the quarter was pretty flat, quarter over quarter if you really drilled into the core components.

這表明固定收益收益率略有上升。首先，我認為本季的固定收益收益率，哦，實際上，不，抱歉，我認為是 10 個基點。我認為，如果深入分析核心組成部分，本季固定收益收益率將季比基本持平。

Gotcha.

明白了。

Thank you.

謝謝。

Mark Hughes with True Securities.

馬克‧休斯，True Securities公司。

Yeah, thank you. Good morning. Connor, I think you had talked about kind of all else equal a good run rate ROA for the business. On an adjusted basis, what would that number look like?

是啊，謝謝。早安.康納，我想你之前說過，在其他條件相同的情況下，企業應該追求良好的營運回報率（ROA）。經過調整後，這個數字會是多少？

I think we've been, that's, on an adjusted basis, we've been in the like kind of high 120s.

我認為，經過調整後，我們的數值一直徘徊在 120 多度。

Right around that lower end, remember we had this, the target that we put out a couple of years ago at the, investor day to get into the 1, the 130s to 150 range, and we're right around that bottom end of that range currently. So, over the last 12 months adjusted basis, yeah, I think we're probably around that 129, 130 mark.

就在那個下限附近，記得我們幾年前在投資者日上提出的目標是達到 130 到 150 的區間，而我們目前正好在這個區間的下限附近。所以，過去 12 個月的調整後數據，是的，我認為我們可能在 129 到 130 左右。

Okay, and then that maybe a two part question on the Rila's, just looking at the Q3 stats out of TRY, they've got Rila's up 20%. FIA's down a little bit.

好的，那麼關於 Rila's 的問題可能有兩個部分，僅從 TRY 的第三季統計數據來看，Rila's 上漲了 20%。國際汽聯的股價略為下跌。

Just sort of curious, any observations on that dynamic? What's causing it? Is that likely to persist? And then just, any update on your progress in the rila product.

只是有點好奇，大家對這種動態有什麼看法嗎？是什麼原因造成的？這種情況有可能持續下去嗎？然後，能否告知一下您在 rila 產品方面的進展？

Yeah Martin, this is Chris. I'd say a couple things. I think what's driving it, probably a little bit as rates have come down a bit and, cap rates lower on fixed product markets have obviously been, performing, quite well, equity markets, and so yeah, you're always going to see every once in a while some sentiment shift, between Rilo's and FIAs, which is why we like the product, want to have it. In our portfolio, I would say as we've acknowledged before, it's taken longer to get on platforms, but once we're on platforms we're getting good flows and good adoption from advisors. So yeah, it's continuing to grow at a healthy clip just off of a small base and again given the number of opportunities that we have.

是的，馬丁，我是克里斯。我想說幾點。我認為推動這一趨勢的原因可能是利率下降，固定收益產品的資本化率也較低，這顯然對股票市場和股票市場都產生了積極影響。因此，你總是會不時看到投資人對Rilo和FIA的看法有一些轉變，這也是我們喜歡這款產品並希望擁有它的原因。正如我們之前所承認的，就我們的投資組合而言，進入平台所需的時間較長，但一旦進入平台，我們就能獲得良好的流量和顧問的良好採納率。是的，它在較小的基數上繼續保持健康的增長速度，並考慮到我們擁有的機會數量。

In FIAs, particularly FIAs that we can utilize the sidecar for, that's been pretty high on our list, so we haven't felt particularly constrained, by the growth of it, but it's a strategic product for us, and, we want to continue to grow it over time.

在 FIA 賽事中，尤其是在我們可以利用邊車的 FIA 賽事中，邊車一直是我們關注的重點，因此我們並沒有感覺到邊車發展受到特別的限制。邊車對我們來說是一個戰略性產品，我們希望隨著時間的推移繼續發展它。

Very good. Maybe another two parter, the, $80 million in EBITDA and own distribution. How did that compare to, the prior year and then, you seeing much private equity activity there is that.

非常好。或許會是另一部分為兩部分的作品，其中 8000 萬美元的 EBITDA 和自有分紅。與前一年相比如何？而且，您也看到了很多私募股權活動。

Competition for other deals, how does that stand now?

目前與其他交易的競爭情況如何？

Yeah, so the EIDon number, I think, a couple quarters ago we were maybe projecting about $85 million. I'd say it's down a little bit, but H1stly every single month it's going to bounce around by a little bit. I would just say, the portfolio is performing really well, like ahead of our expectations, so we feel great about that, in terms of the growth rate, going forward. So that's been, I would say pretty terrific in terms of. Activity, I would say it's the same as it has been, there's, every, platform that we purchased, there was private equity competition. Either they had turned down one of the roll up players or had offers from the roll up players, so I don't think our competitive positioning and how we position ourselves relative to them has changed. So yeah, we're still, quite optimistic about it.

是的，所以關於 EIDon 的數據，我想，幾個季度前我們可能預測約為 8500 萬美元。我覺得它略有下降，但首先，每個月它都會略有波動。我想說的是，該投資組合表現非常出色，超出了我們的預期，因此我們對未來的成長率感到非常滿意。所以，就這方面而言，我認為相當不錯。就業務活動而言，我認為與以往一樣，我們收購的每個平台都面臨著私募股權的競爭。他們要么拒絕了某個收購方的提議，要么收到了收購方的提議，所以我認為我們的競爭地位以及我們相對於他們的定位並沒有改變。所以，是的，我們仍然對此相當樂觀。

Appreciate it.

謝謝。

Thank you.

謝謝。

Alex Scott with Barclays.

巴克萊銀行的亞歷克斯·斯科特。

Hey, good morning.

嘿，早安。

First one for you is just more of a broad question around the competitive landscape and maybe if you could comment both on the liability side But also even on the asset side and just, how you're viewing competition.

首先，我想問的是一個比較廣泛的問題，關於競爭格局，您能否就負債方面以及資產方面發表一下看法，並談談您是如何看待競爭的。

For loan origination and so forth.

用於貸款發放等。

Let me start on the liability side, again, back to the core versus the opportunistic. I think we're feeling.

讓我再次從責任面談起，回到核心責任與機會主義責任的對立面。我覺得我們感覺到了。

Comfortable near term. I mean, and by near term I'm kind of giving you the few months out as we kind of look into momentum heading into Q4 and where the markets are currently. I'd say it's okay in the FIA, space.

短期舒適。我的意思是，所謂“近期”，我指的是未來幾個月，我們將分析第四季度的發展勢頭以及目前的市場狀況。我認為在國際汽聯的框架內這樣做是可以的。

It's it's definitely competitive, but it's, I think it's also reasoned, reasonable.

這當然很有競爭性，但我認為也是合理的。

That's true of Ryla and IUL as well.

Ryla 和 IUL 的情況也是如此。

From a PRT perspective, I would say that's still it's fairly active. It generally is a fair amount of activity in the 4th quarter of every year, and I think the environment is still conducive to that. A little hard to predict that too far out. I think in terms of the volume and the pricing in the PRT space currently in that space that we play in, the sort of $100 million to $600 million upwards to a billion space is pretty good as well. I think near term from a MA point of view, and I alluded to this on an earlier answer as well, that's tighter. I would think that this is, again, back to the opportunistic element of it.

從 PRT 的角度來看，我認為它仍然相當活躍。通常來說，每年的第四季都會有相當多的業務活動，我認為目前的環境仍有利於這種活動。很難預測太遠的事。我認為就目前我們所處的 PRT 領域的規模和定價而言，1 億美元到 6 億美元甚至 10 億美元的市場規模也相當不錯。我認為從移動平均線的角度來看，短期內走勢會更加緊湊，我在先前的回答中也提到過這一點。我認為這又回到了投機取巧的層面。

I would say near term, the appetite for that probably wanes a little bit compared with the other opportunities that we're seeing out there.

我認為短期內，與其他機會相比，人們對這種機會的興趣可能會減弱。

Yeah, and on the sort of credit origination side, which is an important engine right from a competitiveness standpoint, obviously that is tighter. There's more competition for deals for sure, but the market is just huge and continues to expand in terms of opportunities. So you know we've been able to find our spots. Probably takes a little bit longer to get some premiums invested, particularly in the private credit area, but yeah, I would agree with Connor's assessment tighter in spots. But overall still pretty attractive.

是的，在信貸發放方面，這從競爭力的角度來看是一個重要的引擎，顯然，這方面的限制更加嚴格了。交易競爭確實更加激烈了，但市場規模龐大，而且機會還在增加。所以你知道我們已經找到我們的位置了。可能需要更長時間才能將一些保費投入市場，尤其是在私人信貸領域，但是，是的，我同意康納的評估，某些方面確實需要更嚴格的監管。但整體來說還是相當有吸引力的。

Got it. All helpful. Second one I have for you is just on the hedging of short-term interest rates. Could you help us think through like how that actually flows through earnings? Like, is there a lag? Is it amortized? I mean, was there an outsized impact maybe this quarter from rates coming down at the short end of the curve? I just, I'm not as familiar with how that would flow into adjusted earnings.

知道了。都很有幫助。我給你的第二個問題是關於短期利率對沖的。您能否幫我們思考一下，這些收益最終是如何體現在收益中的？是否存在延遲？是否已攤銷？我的意思是，本季短期利率下降是否產生了過大的影響？我只是不太清楚這會如何影響調整後的收益。

Yeah, I don't know that there's anything really significant. I mean, I think you know the overarching perspective, and really for us it's just we have a floating rate component to the portfolio that's not on to.

是的，我覺得沒什麼特別重要的事。我的意思是，我想你了解總體情況，對我們來說，真正的問題是我們的投資組合中有一個浮動利率部分不太合適。

And I think it's down to less than $2.5 billion or 5% of the Portfolio.

我認為現在只剩下不到 25 億美元，也就是投資組合的 5% 了。

But yeah, and you know you always want some floaters in there, right, because when great opportunities come up this is stuff that's, often easiest to move and reposition into something.

但是，你知道你總是希望裡面有一些浮動資產，對吧，因為當出現絕佳機會時，這些資產通常最容易轉移和重新定位。

Something better, and yeah, I'm not, we'll follow-up with you on that one, but I don't think there's any meaningful, timing lags due to the hedging.

更好的辦法，是的，我不是，我們會跟進此事，但我認為對沖不會造成任何實質性的時間滯後。

And nothing to like nothing notable in this quarter in terms of like having a derivative gain flow through or something like that.

本季沒有什麼值得稱道的地方，例如衍生性商品收益流出之類的。

No. And again, the methodology change is really just trying to be more precise, right, because we use floaters in different ways, right? There's some that are, defeasing a longer-term, maybe or call it a 5 year liability that are some that are really placeholder assets as a cash surrogate. So that it was just really trying to.

不。再次強調，方法論的改變其實只是為了更精確，對吧？因為我們使用漂浮物的方式不同，對吧？有些資產實際上是作為現金替代品的佔位資產，可以緩解長期負債，或稱為 5 年負債。所以它真的只是在努力而已。

Make sure that when people looked at movements and interest rates, are tied to the portfolio results we're seeing a little bit.

確保人們在關注市場走勢和利率時，能夠將之與我們看到的投資組合結果聯繫起來。

That's exactly right. I mean, yeah, just to underscore that it's really just it, it's tied to the purpose of the use of the asset. So it really was that that it was modest that the reason we highlighted it at all is we were really looking to illustrate that the from a core fixed income perspective because there's so much focus on the ROA that it was a. I mean it's a puzzle, but it was a flat quarter.

完全正確。我的意思是，是的，我只是想強調這一點，它真的與資產的使用目的有關。所以，它之所以如此突出，是因為它很謙遜，我們真正想從核心固定收益的角度來說明這一點，因為人們對 ROA 的關注太多了。我的意思是，這雖然是個謎題，但那是一個平坦的四分之一。

It remained the same. We weren't trying to suggest that it had gone higher because of anything we had done in the portfolio. That's why we called It.

一切依舊如故。我們並不是想暗示股價上漲是因為我們在投資組合方面做了什麼。這就是我們稱之為「它」的原因。

Understood. Okay, all right, thank you.

明白了。好的，謝謝。

West Carmichael with Autonomous Research.

西卡邁克爾與自主研究。

Hey, thanks for taking my follow-ups. I just had a couple more for you, but one on operating leverage.

嘿，謝謝你回覆我的後續問題。我還有幾題要跟你講，其中一道是關於經營槓桿的。

If I look at the operating expense line, that's declined over the past couple of quarters, and I think that's a good development. I mentioned part of that's related to the actions you took earlier in the year, but how are you thinking about that going forward? Is there more opportunity for reducing costs, or should we just think about the spend that's going to increase less than the pace of AUM going forward?

如果我看一下營運費用這一項，它在過去幾個季度有所下降，我認為這是個好兆頭。我之前提到過，這一部分與您今年早些時候採取的行動有關，但您接下來對此有何打算？是否還有更多降低成本的機會，還是我們應該只考慮那些未來成長速度將低於資產管理規模成長速度的支出？

Yeah, I think it's the latter.

是的，我認為是後者。

Thank you. And I made some of these comments earlier as well from our perspective, bringing the cost basis as a percentage of AU and down from 60 to 50 basis points. So that is essentially, we were, we got to that track with the.

謝謝。我之前也從我們的角度提出了一些類似的意見，將成本基礎佔 AU 的百分比從 60 個基點降至 50 個基點。所以基本上，我們就是這樣，我們走上了那條路。

With the efforts in the second quarter, my expectation is that it'll take down from 50 to 46 roughly over the course of next year, but I would say that's by maintaining, broadly speaking, sort of inflation aside, maintaining where we are now and continuing to grow. I think after that it will continue to come down, but I think the pace will be more modest. I'm guessing maybe like half a basis point a quarter, so 2027, maybe another 2 basis points after 4 this year. But that's so you could view it as a continuously improving expense ratio rather than a declining level of core expenses.

憑藉第二季的努力，我預計明年這一數字將從 50 左右降至 46，但我認為這是在保持現狀並繼續增長的前提下實現的，撇開通貨膨脹不談。我認為之後價格還會繼續下降，但下降速度會更溫和。我估計大概每季成長0.5個基點，所以到2027年，今年成長4個基點之後，可能會再成長2個基點。但這樣一來，你就可以將其視為費用率持續改善，而不是核心費用水準下降。

Got it. That's helpful. Thanks, Connor. And just last one, I guess on the press release with F and Finning some of the F&G stock to FNF shareholders, I guess my reaction and maybe some of the investors was it's a pretty modest, number relative to maybe actions they could have taken, but just wondered if you had any comments on that from your perspective.

知道了。那很有幫助。謝謝你，康納。最後一個問題，關於F&G向FNF股東出售部分股票的新聞稿，我和一些投資者的反應是，相對於他們可能採取的行動而言，這個數字相當有限。我想知道您對此有何看法。

Yeah, I mean, I guess it is and it isn't in the sense that if you looked at the amount of free float, it's a very meaningful increase in free float, and I think from a dollar perspective, don't quote me, but I think this gets us over a billion now of free float. So we've heard from a number of particularly long only investors who said boy, if you had a bit more float, we'd really like to take a position. So I think over time it's going to prove to be. Quite meaningful for us from that perspective and as to the amount, it was as simple as F&F really likes F&G, sees, a lot of promise in our long-term future, and so there was a lot of speculation of, oh, it's been 5 years, they're going to spin the whole thing out, and, they clearly didn't want to do that and so it was really how much can we, spin out to help with the FG float, while retaining a large percentage. So we took it as a great A vote of confidence in where we are, our capitalite strategy and the earnings we can drive, going forward. So I think it's a really positive development, I think for both shareholder bases, frankly.

是的，我的意思是，從某種意義上說，既是也不是。如果你看一下自由流通股的數量，你會發現自由流通股的數量確實大幅增加。而且，從美元的角度來看（別引用我的話），我認為這使我們的自由流通股數量超過了10億美元。因此，我們從一些特別長期的投資者那裡了解到，他們說，如果你們的流通股再多一些，我們真的很想建倉。所以我認為隨著時間的推移，事實會證明這一點。從這個角度來看，這對我們來說意義重大。至於具體金額，原因很簡單：F&F 非常看好 F&G，看到了我們長遠發展的巨大潛力。因此，很多人猜測，五年過去了，他們會不會把整個公司分拆出去。顯然，他們並不想這樣做。所以，問題的關鍵在於，我們究竟能分拆多少股份來幫助 FG 實現上市，同時又能保留很大一部分股份。因此，我們認為這是對我們目前狀況、資本策略以及未來能夠實現的獲利能力投下的巨大信任票。所以我認為這對雙方股東來說都是一個非常正面的進展。

Got you thanks Chris.

收到，謝謝克里斯。

Thank you.

謝謝。

This will conclude our question-and-answer session, and I'd like to turn the call back to Chris Blunt for closing remarks.

我們的問答環節到此結束，現在我想把電話轉回給克里斯布朗特，請他做總結發言。

Thanks again to everyone for joining our call this morning. We had a really strong 3rd quarter and have good momentum heading into the end of the year. Excited about the future and our ability to deliver strong returns for the shareholders of F&G in the years ahead. We appreciate your interest in F&G and look forward to updating you on our 4th quarter earnings call.

再次感謝各位今天上午參加我們的電話會議。我們第三季表現非常出色，並且帶著良好的勢頭進入年底。對未來充滿信心，相信在未來幾年裡，我們能夠為F&G的股東帶來豐厚的回報。感謝您對F&G的關注，我們期待在第四季財報電話會議上向您報告最新情況。

Thank you. This concludes today's conference.

謝謝。今天的會議到此結束。

You may disconnect your lines at this time.

您可以在此時斷開線路。

Thank you for your participation.

感謝您的參與。