Globe Life Inc (GL) 2024 Q1 法說會逐字稿

Hello, and welcome to the Globe Life Inc. First Quarter Earnings Release Call. My name is George. I will be coordinating today's event. Please note, this conference is being recorded. (Operator Instructions)

您好，歡迎參加 Globe Life Inc. 第一季財報發布電話會議。我的名字是喬治。我將協調今天的活動。請注意，本次會議正在錄製中。 （操作員說明）

I'd now like to turn the call over to your host today, Mr. Stephen Mota, Senior Director of Investor Relations. Please go ahead, sir.

我現在想將電話轉給今天的東道主投資者關係高級總監史蒂芬·莫塔先生。請繼續，先生。

Thank you. Good morning, everyone. Joining the call today are Frank Svoboda and Matt Darden, our Co-Chief Executive Officers; Tom Kalmbach, our Chief Financial Officer; Mike Majors, our Chief Strategy Officer; and Brian Mitchell, our General Counsel.

謝謝。大家，早安。今天加入電話會議的有我們的聯合執行長 Frank Svoboda 和 Matt Darden；湯姆‧卡爾姆巴赫 (Tom Kalmbach)，我們的財務長；梅傑斯 (Mike Majors)，我們的首席策略長；以及我們的總法律顧問布萊恩米切爾 (Brian Mitchell)。

Some of our comments or answers to your questions may contain forward-looking statements that are provided for general guidance purposes only. Accordingly, please refer to our earnings release and 2023 10-K on -- filed with the SEC. Some of our comments may also contain non-GAAP measures. Please see our earnings release and website for discussion of these terms and reconciliations to GAAP measures.

我們對您問題的一些評論或回答可能包含前瞻性陳述，這些陳述僅供一般指導目的。因此，請參閱我們向 SEC 提交的收益報告和 2023 年 10-K 報告。我們的一些評論可能還包含非公認會計準則措施。請參閱我們的收益發布和網站，以了解這些條款的討論以及與 GAAP 措施的對帳。

I will now turn the call over to Frank.

我現在將把電話轉給弗蘭克。

Thank you, Stephen, and good morning, everyone. In the first quarter, net income was $254 million or $2.67 per share, compared to $224 million or $2.28 per share a year ago. Net operating income for the quarter was $264 million or $2.78 per share, an increase of 10% from a year ago. On a GAAP reported basis, return on equity through March 31 is 21.3%, and book value per share is $53.3. Excluding accumulated other comprehensive income, or AOCI, return on equity is 14.3% and book value per share as of March 31 is $79, up 12% from a year ago.

謝謝你，史蒂芬，大家早安。第一季淨利為 2.54 億美元，即每股 2.67 美元，去年同期為 2.24 億美元，即每股 2.28 美元。該季度淨營業收入為 2.64 億美元，即每股 2.78 美元，比去年同期成長 10%。根據 GAAP 報告，截至 3 月 31 日的股本回報率為 21.3%，每股帳面價值為 53.3 美元。不包括累積其他綜合收益（AOCI），股本回報率為 14.3%，截至 3 月 31 日的每股帳面價值為 79 美元，比去年同期增長 12%。

Before we continue, we'd like to take a moment to address ahead of time questions many of you may have regarding dismissed litigation against the company, the DOJ inquiry, and the recent attack on the company by a short seller. For over 70 years, our business model has stood the test of time. And as we will further discuss today, we continue to generate sustainable earnings growth that provide long-term value for our shareholders. With over 17 million policies in-force, our millions of customers value the protection of the company's products, and we strive to be there when our customers need us most.

在我們繼續之前，我們想花點時間提前解決你們中許多人可能提出的有關該公司被駁回的訴訟、司法部調查以及最近賣空者對該公司的攻擊的問題。 70 多年來，我們的商業模式經受住了時間的考驗。正如我們今天將進一步討論的那樣，我們將繼續實現可持續的獲利成長，為股東提供長期價值。我們擁有超過 1700 萬份有效保單，數以百萬計的客戶非常重視對公司產品的保護，我們努力在客戶最需要我們的時候提供幫助。

We want to assure you that Globe Life, its management and our Board of Directors strive to act in accordance with the highest level of ethics and integrity at all levels of the organization. While we believe the short seller's claims present a false and misleading overall picture of the company and its subsidiaries, as a demonstration of our commitment to operating ethically, the company's Audit Committee has retained the international law firm, WilmerHale, to conduct an independent review of the assertions in the short seller's reportas you can appreciate, given the ongoing nature of the DOJ's investigation and out of respect for the integrity of the independent review initiated by the Audit Committee, we are limited in what we can say. For this reason, we will not be taking any additional questions on these issues today, although our intent is to address questions we understand you may have to the extent possible. We will provide updates as and when appropriate.

我們向您保證，Globe Life、其管理階層和董事會努力在組織的各個層面按照最高水準的道德和誠信行事。雖然我們認為賣空者的說法對公司及其子公司的整體情況產生了虛假和誤導性的影響，但為了體現我們對道德經營的承諾，公司的審計委員會已聘請國際律師事務所WilmerHale 來對該公司及其子公司進行獨立審查。的有限。因此，我們今天不會就這些問題提出任何其他問題，儘管我們的目的是盡可能解決我們理解您可能提出的問題。我們將在適當的時候提供更新。

First, we want to provide a brief update on the status of the lawsuit filed by claimant Renee Zinsky, a former independent contractor sales agent, which, as many of you know, included allegations of sexual harassment and purported fraudulent business practices, neither of which we tolerate, and the claim that she was misclassified as an independent contractor. On September 27, 2022, the claimant filed the demand for arbitration and participated in the selection of the 3 arbitrator panel. After 1.5 years of litigation, the arbitration hearing was scheduled to begin on March 4, 2024. The night before the hearing, the claimant decided to dismiss her claims without obtaining any relief or payment. After a lengthy discussion on the record, the panel dismissed the case with prejudice, and on April 3, 2024 of the United States District Court for the Western District of Pennsylvania affirmed the dismissal with prejudice.

首先，我們想簡要介紹一下原告Renee Zinsky（前獨立承包商銷售代理）提起的訴訟的最新情況，正如你們許多人所知，該訴訟包括性騷擾和涉嫌欺詐商業行為的指控，而這兩項指控都沒有。 我們容忍，以及她被錯誤歸類為獨立承包商的說法。 2022年9月27日，申請人提出仲裁請求，並參與了3名仲裁小組的遴選。經過1.5年的訴訟，仲裁聽證會定於2024年3月4日開始。經過長時間的記錄討論後，專家小組有偏見地駁回了該案，並於 2024 年 4 月 3 日美國賓夕法尼亞州西區地方法院維持了有偏見的駁回。

On March 14, 2024, Global Life filed an 8-K addressing this matter in more detail, and the court filings are publicly available for those interested. Also noted in our Form 8-K, Global Life and American Income received subpoenas from the U.S. Attorney's Office for the Western District of Pennsylvania. These subpoenas sought documents related to sales practices by certain licensed insurance agents in the Arias organization who are contracted to sell American Income policies. The company and American Income is in the process of responding to these subpoenas, which were received in late 2023, and have been fully cooperating with the DOJ. The DOJ has not asserted any claims or made allegations against the company and American Income with respect to the foregoing investigation. And the company currently is not aware that any legal proceedings are contemplated by governmental authorities.

2024 年 3 月 14 日，Global Life 提交了一份 8-K 報告，更詳細地解決了這個問題，法庭文件可供有興趣的人公開查閱。我們的 8-K 表格中還指出，Global Life 和 American Income 收到了美國賓州西區檢察官辦公室的傳票。這些傳票要求提供與 Arias 組織中某些有執照的保險代理人的銷售行為有關的文件，這些代理人簽訂了銷售美國收入保單的合約。該公司和 American Income 正在對 2023 年底收到的這些傳票做出回應，並一直與司法部充分合作。美國司法部尚未就上述調查對該公司和美國收入公司提出任何索賠或指控。該公司目前並不知道政府當局正在考慮採取任何法律訴訟。

While no assurances can be made and we are still evaluating the matter, management did not believe when the subpoenas were received, and does not believe now, that it is either reasonably possible or probable this investigation will result in material liability to the company. As such, the company did not disclose the existence of the request from the DOJ in its Form 10-K. We are providing additional information regarding this matter to you now in light of recent questions that have been raised.

雖然無法做出任何保證，而且我們仍在評估此事，但管理層在收到傳票時並不相信，現在也不相信這項調查有可能或可能導致公司承擔重大責任。因此，該公司沒有在 10-K 表格中披露 DOJ 的請求的存在。根據最近提出的問題，我們現在向您提供有關此事的更多資訊。

Matt?

馬特？

Thanks, Frank. Most recently, both the litigation and the DOJ's investigation were the subject of a lengthy attack on the company by a short seller. As we have stated publicly, we believe the report mischaracterizes many facts and it relies on anonymous sources, dismissed lawsuits and allegations that have not been proven in litigation, to present a false and misleading overall picture of Global Life and American Income. In this instance, we believe the short seller's report demonstrates a fundamental lack of understanding of the life insurance business generally and about how our company operates and reports revenue. As we have disclosed in our annual reports and audited financial statements, Globe Life recognizes revenue from premiums for long-duration life and health insurance products over the life of the contract and when payments are due from the policy holder. Therefore, premium revenue closely matches the cash we collect monthly. For example, during the fiscal year 2023, American Income's collected premium payments and reported GAAP premium income were essentially the same at $1.6 billion. A history of American Income's collected premium as compared to its reported GAAP premium is included in the supplemental financial information available on the Investors section of our website.

謝謝，弗蘭克。最近，訴訟和司法部的調查都成為賣空者對該公司長期攻擊的主題。正如我們公開聲明的那樣，我們認為該報告歪曲了許多事實，並且依賴匿名消息來源、駁回訴訟以及未經訴訟證實的指控，呈現出虛假且具有誤導性的全球生活和美國收入整體情況。在這種情況下，我們認為賣空者的報告顯示他們對人壽保險業務以及我們公司如何運作和報告收入根本缺乏了解。正如我們在年度報告和經審計的財務報表中披露的那樣，Globe Life 在合約有效期內以及保單持有人到期付款時確認長期人壽和健康保險產品的保費收入。因此，保費收入與我們每月收取的現金密切相關。例如，在 2023 財年，American Income 收取的保費和報告的 GAAP 保費收入基本上相同，均為 16 億美元。美國收入公司收取的保費與其報告的 GAAP 保費相比的歷史記錄包含在我們網站投資者部分提供的補充財務資訊中。

Now we only report net sales and policies after they have been through our underwriting and quality control processes. And as disclosed in our public filings, when calculating net sales for American Income, we exclude policies that are canceled in the first 30 days after issue. Fundamentally, the success of our business depends on our underwriting rigor and our ability to continue selling policies to customers who keep their policies and pay their premiums over time. Now this builds a solid book of business, and we have continued to do so year-over-year. In fact, over 80% of American Income's total life premiums are received from policies that have been in-force for over 1 year. Please see our first year renewal GAAP premium page under the Financial Reports and Other Financial Information in the Investors section of our website.

現在，我們僅在經過我們的承保和品質控制流程後才報告淨銷售額和保單。正如我們的公開文件中所揭露的，在計算 American Income 的淨銷售額時，我們排除了在發行後前 30 天內取消的保單。從根本上說，我們業務的成功取決於我們的承保嚴謹性以及我們繼續向保留保單並隨著時間推移支付保費的客戶銷售保單的能力。現在，這建立了堅實的業務記錄，我們每年都繼續這樣做。事實上，American Income 超過 80% 的人壽保費總額來自於有效期超過 1 年的保單。請參閱我們網站投資者部分的財務報告和其他財務資訊下的第一年更新 GAAP 高級頁面。

Now the more than 11,000 independent agents who sell American income policies, offer products designed to help families make tomorrow better by working to protect their financial future. Each agency office has a structured hierarchy, whereas agents above the writing agent receive an override commission paid by the company. While there is a hierarchy, there is no pyramid scheme as the policies require customers to pay the monthly premium for the policy to continue. There is no third-party payer of premiums.

現在，超過 11,000 名銷售美國收入保單的獨立代理人所提供的產品旨在透過努力保護家庭的財務未來，幫助他們創造更美好的明天。每個代理辦公室都有一個結構化的層次結構，而寫作代理之上的代理則獲得由公司支付的超馳佣金。雖然有等級制度，但不存在傳銷，因為保單要求客戶每月支付保費才能繼續保單。沒有第三方保費支付人。

It is important to note this business model has stood the test of time and is common in the industry. American Income realizes revenue and profits only when these customers pay their premiums over time. We have generated consistent growth, providing long-term value for our shareholders, with a history of integrity in our business practices and principles while providing our customers with financial protection when it matters most, as well as job opportunities for agents, small business owners and employees to build financial security.

值得注意的是，這種商業模式經受住了時間的考驗，並且在業界很常見。只有當這些客戶隨著時間的推移支付保費時，美國收入公司才能實現收入和利潤。我們實現了持續成長，為我們的股東提供長期價值，在我們的商業實踐和原則上保持誠信的歷史，同時在最重要的時候為我們的客戶提供財務保護，並為代理商、小企業主和企業主提供工作機會。

Now these agents are independent contractors and the agency offices are independent businesses. Notwithstanding their independence, Globe Life takes unethical agent conduct seriously, and has measures to detect and deter actions that are inconsistent with the company's values, including, among others, American Income has internal controls and monitoring processes in place to identify potential agent misconduct, and monitors relevant data metrics for each individual agent to identify and assess trends regarding unethical or fraudulent business practices, including data related to policy lapse and persistency.

現在這些代理商是獨立承包商，代理商辦公室也是獨立企業。儘管具有獨立性，Globe Life 仍嚴肅對待代理人的不道德行為，並採取措施來發現和阻止與公司價值觀不符的行為，其中包括American Income 制定了內部控制和監控流程，以識別潛在的代理人不當行為，以及監控每個代理的相關數據指標，以識別和評估有關不道德或欺詐性商業行為的趨勢，包括與政策失效和持續性相關的數據。

Now our annual policy count and phased amount lapse rates are disclosed in our regulatory filings and our quarterly premium in-force lapse rates are disclosed each quarter in the supplemental financial information we provided. These controls also include background checks on all prospective agents. Agents who contract with American Income must have a valid license issued by the appropriate state departments of insurance, who have their own processes for determining one's suitability to be a licensed insurance agent.

現在，我們的年度保單數量和分階段金額失效率已在我們的監管文件中披露，而我們的季度保費有效失效率則在我們提供的補充財務信息中每季度披露。這些控制還包括對所有潛在代理人的背景調查。與美國收入公司簽訂合約的代理人必須擁有由相應的州保險部門頒發的有效許可證，這些部門有自己的流程來確定一個人是否適合成為持照保險代理人。

American Income has controls to validate the indemnity and legitimacy of the sale to the customer, including conducting quality assurance calls to verify new applications. And when complaints are raised, including complaints alleging fraud, deceit, unethical business practices or other misconducts, American Income has a dedicated group responsible for investigating these allegations. American Income has not hesitated to take disciplinary actions against agents and agency owners where warranted, including termination and notice to the appropriate regulatory bodies.

American Income 擁有控制措施來驗證向客戶銷售的賠償和合法性，包括進行品質保證電話以驗證新應用程式。當提出投訴時，包括指控欺詐、欺騙、不道德商業行為或其他不當行為的投訴，美國收入公司有一個專門小組負責調查這些指控。美國收入公司在必要時會毫不猶豫地對代理人和機構所有者採取紀律處分，包括終止合約並通知適當的監管機構。

Indeed, the short seller's report relies heavily on allegations by a former employee who, following an internal review, was terminated for cause based on violations of the company's policies prohibiting sexual harassment. This matter is the subject of pending litigation. The companies investigate complaints when they are received and, where appropriate, authorizes independent investigations.

事實上，賣空者的報告在很大程度上依賴一名前僱員的指控，該前僱員經過內部審查後，因違反公司禁止性騷擾的政策而被解僱。此案是未決訴訟的主題。這些公司在收到投訴後進行調查，並在適當的情況下授權獨立調查。

The report also contains allegations regarding bribery and kickback schemes. These claims are based on a lawsuit that was filed by an insurance licensing exam test prep company. This lawsuit was dismissed by the U.S. District Court for the Eastern District of Texas. American Income does not contract with or recommend any test prep companies to prospective agents, and we're not aware of any bribes or kickbacks to the company executives.

該報告還包含有關賄賂和回扣計劃的指控。這些索賠是基於一家保險執照考試準備公司提起的訴訟。該訴訟被美國德州東區地方法院駁回。美國收入公司沒有與任何考試準備公司簽約或向潛在代理人推薦任何考試準備公司，我們也沒有發現公司高層受到任何賄賂或回扣的情況。

Additionally, we want to make clear that the projections and guidance we will be providing on this call today incorporate our current view based on our knowledge of the business and the information we have at this time. Now with respect to our insurance operations, I'll turn the call back over to Frank.

此外，我們想明確表示，我們將在今天的電話會議上提供的預測和指導結合了我們基於我們對業務的了解和目前掌握的資訊的當前觀點。現在，關於我們的保險業務，我將把電話轉回給弗蘭克。

Thanks, Matt. In our life insurance operations. Premium revenue for the first quarter increased 4% from the year-ago quarter to $804 million. Life underwriting margin was $309 million, up 6% from a year ago. For the year, driven by strong premium growth in both our American Income and Liberty National divisions, we expect life premium revenue to grow between 4.5% and 5% at the midpoint of our guidance, and life underwriting margin to grow between 7% and 7.5%. As a percent of premium, we anticipate life underwriting margin to be in the range of 38% to 40%. In health insurance, premium grew 6% to $341 million, and health underwriting margin was up 3% to $94 million. For the year, we expect health premium revenue to grow around 7%. At the midpoint of our guidance for the full year, we expect health underwriting margin to grow between 5% and 6%, and as a percent of premium, to be around 27% to 29%.

謝謝，馬特。在我們的人壽保險業務中。第一季保費收入較去年同期成長 4%，達到 8.04 億美元。壽險承保利潤率為 3.09 億美元，比去年同期成長 6%。今年，在我們的美國收入和自由國家部門保費強勁增長的推動下，我們預計壽險保費收入將在我們指導的中點增長 4.5% 至 5%，壽險承保利潤率將增長 7% 至 7.5% %。作為保費的百分比，我們預計壽險承保利潤率將在 38% 至 40% 之間。健康保險方面，保費成長 6%，達到 3.41 億美元，健康承保利潤率成長 3%，達到 9,400 萬美元。今年，我們預計健康保費收入將成長 7% 左右。在我們全年指導的中點，我們預計健康承保利潤率將成長 5% 至 6%，佔保費的百分比約為 27% 至 29%。

The final Tri-Agency rule regarding various health plans was finalized with minimal impact to the supplemental health products we sell and, therefore, to our business. The final rule requires an additional consumer disclosure, which we will implement as required.

關於各種健康計劃的最終三機構規則已最終確定，對我們銷售的補充健康產品以及我們的業務的影響最小。最終規則要求額外的消費者揭露，我們將根據要求實施。

Administrative expenses were $80 million for the quarter, up 9% from a year ago. As a percent of premium, administrative expenses were 7%, consistent with our expectations and compared to 6.7% a year ago. For the year, we expect administrative expenses to be approximately 7% of premium, higher than 2023, due primarily to continuing investments in technology as we modernize and transform, and how we operate.

該季度的管理費用為 8,000 萬美元，比去年同期成長 9%。管理費用佔保費的百分比為 7%，與我們的預期一致，而一年前為 6.7%。今年，我們預計管理費用將佔保費的 7% 左右，高於 2023 年，這主要是由於我們在現代化和轉型過程中對科技以及營運方式的持續投資。

I will now turn the call over to Matt for his comments on the first quarter marketing operations.

我現在將把電話轉給馬特，請他對第一季行銷營運發表評論。

Thank you, Frank. First, let's discuss American Income Life. At American Income Life, life premiums were up 7% over the year-ago quarter to $414 million, and life underwriting margin was up 7% to $187 million. In the first quarter of 2024, net life sales were $97 million, which is up 17% from a year ago quarter, primarily due to growth in agent count.

謝謝你，弗蘭克。首先，我們來討論美國收入生活。 American Income Life 的壽險保費年增 7%，達到 4.14 億美元，壽險核保利潤率成長 7%，達到 1.87 億美元。 2024 年第一季度，壽險淨銷售額為 9,700 萬美元，年增 17%，這主要是由於代理人數量的增長。

The average producing agent count for the first quarter was 11,139. This is up 15% from a year ago. This is another strong quarter for American Income and builds on the growth in sales and agent count that we achieved in the third and fourth quarter of 2023.

第一季的平均生產代理人數為 11,139 人。這比一年前增長了 15%。這是美國營收的另一個強勁季度，建立在我們 2023 年第三和第四季實現的銷售和代理商數量成長的基礎上。

At Liberty National, life premiums were up 7% over the year ago quarter to $91 million, and life underwriting margin was up 11% to $31 million. Net life sales declined 2% to $22 million, and net health sales were $8 million, up 7% from a year ago quarter due primarily to increased agent count.

Liberty National 的壽險保費年增 7%，達到 9,100 萬美元，壽險核保利潤率成長 11%，達到 3,100 萬美元。壽險淨銷售額下降 2%，至 2,200 萬美元，健康淨銷售額為 800 萬美元，年增 7%，這主要是由於代理人數量增加。

Now as a reminder, we report on sales after the policy has been through our quality control and underwriting processes. As we have previously discussed, we continue to make investments in technology to enhance our business. One of these investments is a new business and underwriting platform for our life business at Liberty National, which we implemented toward the end of the first quarter. As a result of this system implementation, our policy [issues fee] temporarily slowed down. Now I'm pleased to see that the amount of business submitted from the field to the underwriting department is up 11% from the prior-year quarter. Now I anticipate as we finalize our transition to this new system, our throughput of policies will return to historical norms. The average producing agent count for the first quarter was 3,419, up 14% from a year ago. We continue to be proud of the strong agent count growth at Liberty National.

現在提醒一下，我們在保單通過我們的品質控制和承保流程後報告銷售情況。正如我們之前所討論的，我們繼續對技術進行投資以增強我們的業務。其中一項投資是我們在 Liberty National 的人壽業務的新業務和核保平台，我們在第一季末實施了該平台。由於這個系統的實施，我們的政策[發行費]暫時放慢了。現在我很高興地看到，從現場提交給承保部門的業務量比去年同期成長了11%。現在我預計，當我們完成向這個新系統的過渡時，我們的政策吞吐量將恢復到歷史正常水平。第一季平均生產代理人數為 3,419 人，較去年同期成長 14%。我們繼續為 Liberty National 代理人數的強勁成長感到自豪。

At Family Heritage, health premiums increased 8% over the year-ago quarter to $103 million, and health underwriting margin increased 13% to $36 million. Net health sales were up 11% to $25 million, and this is due to increased agent productivity enabled by our investments in technology. Average producing agent count for the first quarter was 1,295, approximately flat from a year ago. Family Heritage continues to focus on agent count and middle management growth.

Family Heritage 的健康保費較去年同期成長 8%，達到 1.03 億美元，健康承保利潤率成長 13%，達到 3,600 萬美元。淨健康銷售額成長了 11%，達到 2,500 萬美元，這是由於我們對科技的投資提高了座席生產力。第一季平均生產代理商人數為 1,295 名，與去年同期基本持平。 Family Heritage 繼續專注於座席數量和中階管理人員的成長。

Now let's discuss Direct to Consumer. In our Direct to Consumer division at Globe Life, life premiums were flat compared to the year-ago quarter at $248 million, while life underwriting margin increased 4% to $59 million. Net life sales were $29 million, down 12% from the year ago quarter. And as we have previously [disclosed], this decline is primarily due to lower customer inquiries as we have reduced marketing spend on certain campaigns that did not meet our profit objectives. We will continue to focus on maximizing the underwriting margin dollars on new sales by managing the rising advertising and distribution costs associating with acquiring this new business. Additionally, the Direct to Consumer channel provides critical support to our agency business through brand impressions and the generation of sales leads.

現在讓我們討論直接面向消費者。在 Globe Life 的直接面向消費者部門，壽險保費與去年同期持平，為 2.48 億美元，而壽險承保利潤率增長 4%，達到 5,900 萬美元。壽險淨銷售額為 2,900 萬美元，較去年同期下降 12%。正如我們之前[披露的]，這種下降主要是由於客戶詢問減少，因為我們減少了某些未達到利潤目標的活動的營銷支出。我們將繼續專注於透過管理與收購這項新業務相關的不斷上漲的廣告和分銷成本，最大限度地提高新銷售的承保利潤。此外，直接面向消費者管道透過品牌印象和銷售線索的產生為我們的代理業務提供了關鍵支援。

Now let's discuss United American General Agency. Here, the health premiums increased 7% over the year-ago quarter to $142 million. Health underwriting margin at $12 million is down approximately $1 million from the year ago quarter. Net health sales were $16 million, up 7% over the year ago quarter, due to strong activity in the individual Medicare supplement business.

現在我們來討論美國聯合總署。其中，健康保費比去年同期成長 7%，達到 1.42 億美元。健康承保利潤率為 1,200 萬美元，比去年同期下降約 100 萬美元。由於個人醫療保險補充業務的強勁活動，淨健康銷售額為 1,600 萬美元，比去年同期成長 7%。

Now let's discuss projections. Now based on the trends that we are seeing and our experience with our business, we expect the average annual producing agent count trends for 2024 to be as follows. At Liberty National, mid-teens growth. At Family Heritage, low single-digit growth.

現在讓我們討論預測。現在，根據我們所看到的趨勢和我們的業務經驗，我們預計 2024 年平均年度生產代理商數量趨勢如下。在自由國家隊，成長處於十幾歲左右。 Family Heritage 的成長率較低。

Net life sales for 2024 are expected to be as follows. For Liberty National, mid-teens growth; Direct to Consumer, slightly down. Net health sales for 2024 are expected to be as follows. Liberty National, mid-teens growth; Family Heritage, low double-digit growth. United American General Agency, low to mid-single-digit growth.

2024 年壽險淨銷售額預計如下。對自由國家黨來說，成長是十幾歲左右；直接面向消費者，略有下降。 2024 年健康淨銷售額預計如下。自由國家，十幾歲左右的成長；家族傳承，低兩位數增長。美國聯合總署，低至中個位數成長。

Now based on very recent events, we are actively evaluating the impact on AIL's agent count and projected sales for the remainder of the year. Now to date, we have not seen a significant impact on our agent recruiting pipeline. As the majority of our business is produced by experienced agents, any negative recruiting trends should have a muted impact on 2024 sales.

現在，根據最近發生的事件，我們正在積極評估對 AIL 代理商數量和今年剩餘時間預計銷售的影響。到目前為止，我們還沒有看到對我們的代理商招募管道產生重大影響。由於我們的大部分業務都是由經驗豐富的代理商完成的，任何負面的招聘趨勢都應該對 2024 年的銷售產生輕微的影響。

In addition, it should be noted that sales in the second half of the year have a diminished impact on premium earnings, especially since over 80% of American Income Life's premiums come from policies that have been in-force for greater than 1 year. That said, taking into account, what we know today and the knowledge of our business, at the midpoint of our guidance, we estimate average agent count growth and sales growth at AIL for the full year to be in the low single digits and mid single digits, respectively.

此外，值得注意的是，下半年銷售對保費收入的影響有所減弱，尤其是American Income Life 80%以上的保費來自於生效時間超過1年的保單。也就是說，考慮到我們今天所了解的情況和我們對業務的了解，在我們指導的中點，我們估計AIL 全年的平均代理商數量增長和銷售增長將處於低個位數和中個位數分別為數字。

We acknowledge these are estimates and this agent count and sales growth could be higher or lower. The range of our earnings guidance contemplates a range of possibilities regarding sales and agent count growth, including reasonably severe scenarios. Due to the significant growth in the first quarter, our sales guidance does assume a moderation of sales for the remainder of the year.

我們承認這些只是估計值，代理商數量和銷售成長可能會更高或更低。我們的獲利指引範圍考慮了銷售和代理商數量增長的一系列可能性，包括相當嚴重的情況。由於第一季的顯著成長，我們的銷售指引確實假設今年剩餘時間的銷售將放緩。

I will now turn the call back to Frank.

我現在將電話轉回給弗蘭克。

Thanks, Matt. We will now turn to the investment operations. Excess investment income, which we define as net investment income less only required interest, was $44 million, up $15 million from the year-ago quarter. Net investment income was $283 million, up 10% or $25 million from the year-ago quarter. The increase is due to the continued strong growth in average invested assets.

謝謝，馬特。我們現在轉向投資業務。超額投資收益（我們將其定義為淨投資收益減去所需利息）為 4,400 萬美元，比去年同期增加 1,500 萬美元。淨投資收益為 2.83 億美元，比去年同期成長 10%，即 2,500 萬美元。這一增長是由於平均投資資產持續強勁增長。

Higher interest rates across fixed maturities, commercial mortgage loans, limited partnerships and short-term investments also contributed to the higher growth rate. Required interest is up 4.8% over the year-ago quarter, same as the increase in average policy liability. For the full year, we expect net investment income to grow between 7% and 9% due to the combination of the favorable interest rate environment and steady growth in our invested assets, especially related to our CMLs and limited partnership investments.

固定期限、商業抵押貸款、有限合夥企業和短期投資的較高利率也促進了較高的成長率。所需利息較去年同期上升 4.8%，與平均保單負債增幅相同。由於有利的利率環境和我們投資資產的穩定成長，特別是與我們的 CML 和有限合夥投資相關的資產，我們預計全年淨投資收入將成長 7% 至 9%。

In addition, at the midpoint of our guidance, we anticipate required interest will grow between 5% and 5.5% for the year, resulting in growth in excess investment income of approximately 25% to 30%.

此外，在我們指導的中點，我們預計今年所需利息將成長 5% 至 5.5%，從而導致超額投資收益成長約 25% 至 30%。

Now regarding our investment yield. In the first quarter, we invested $682 million in investment-grade fixed maturities, primarily in the industrial and financial sectors. This amount was higher than expected to take advantage of opportunities in the market. We invested at an average yield of 5.86%, an average rating of A-, and an average life of 32 years. We also invested approximately $126 million in commercial mortgage loans and limited partnerships that have debt-like characteristics at an average expected return of 10%. None of our direct investments in commercial mortgage loans involve office properties. These investments are expected to produce additional cash yield over our fixed maturity investments and they are in line with our conservative investment philosophy.

現在談談我們的投資收益率。第一季度，我們在投資等級固定期限債券上投資了 6.82 億美元，主要投資於工業和金融領域。這筆金額高於預期，以抓住市場機會。我們的投資平均收益率為5.86%，平均評級為A-，平均壽命為32年。我們還投資了約 1.26 億美元的商業抵押貸款和有限合夥企業，這些貸款具有類似債務的特徵，平均預期回報率為 10%。我們對商業抵押貸款的直接投資均不涉及辦公物業。這些投資預計將比我們的固定期限投資產生額外的現金收益，並且符合我們保守的投資理念。

For the entire fixed maturity portfolio, the first quarter yield was 5.24%, up 6 basis points from the first quarter of 2023 and up 1 basis point from the fourth quarter. As of March 31, the tax equivalent effective yield rate on the fixed maturity portfolio was 5.25%, Including the cash yield from our commercial mortgage loans and limited partnership, the first quarter earned yield was 5.46%.

就整個固定期限投資組合而言，第一季殖利率為5.24%，較2023年第一季上升6個基點，較第四季上升1個基點。截至3月31日，固定期限投資組合的稅等價有效收益率為5.25%，包括商業抵押貸款和有限合夥企業的現金收益率，第一季賺取收益率為5.46%。

Invested assets are $21.4 billion, including $19.5 billion of fixed maturities at amortized cost. Of the fixed maturities, $19 billion are investment grade with an average rating of A-. Overall, the total fixed maturity portfolio is rated A-, same as a year ago.

投資資產為 214 億美元，其中包括以攤銷成本計算的 195 億美元固定期限債券。在固定期限債券中，190 億美元為投資級別，平均評級為 A-。整體而言，固定期限投資組合總體評級為 A-，與一年前相同。

On fixed maturity -- investment portfolio had a net unrealized loss position of approximately $1.4 billion due to the current market rates being higher than the book yield of our holdings. As we have historically noted, we are not concerned by the unrealized loss position as this is mostly interest rate driven and currently relates entirely to bonds with maturities that extend beyond 10 years. We have the intent and, more importantly, the ability to hold our investments to maturity.

在固定期間內，由於當前市場利率高於我們所持資產的帳面收益率，投資組合的未實現淨損失部位約為 14 億美元。正如我們歷史上所指出的，我們並不擔心未實現的損失頭寸，因為這主要是利率驅動的，目前完全與期限超過 10 年的債券有關。我們有意願，更重要的是，有能力將我們的投資持有至到期日。

Bonds rated BBB comprised 47% of the fixed maturity portfolio, compared to 51% from the year ago quarter. While this ratio is high relative to our peers, we have little or no exposure to higher-risk assets such as derivatives, equities, residential mortgages, real estate equities, CLOs and other asset-backed securities held by our peers. We believe that the BBB securities we acquired generally provide the best risk-adjusted, capital-adjusted returns due in part to our ability to hold securities to maturity regardless of fluctuations in interest rates or equity markets.

BBB 級債券佔固定期限投資組合的 47%，去年同期為 51%。雖然這個比率相對於我們的同業較高，但我們很少或根本沒有接觸高風險資產，例如衍生性商品、股票、住宅抵押貸款、房地產股票、抵押貸款債券和其他同業持有的資產擔保證券。我們相信，我們收購的 BBB 證券通常能提供最佳的風險調整後、資本調整後回報，部分原因是我們有能力將證券持有至到期日，而不受利率或股票市場波動的影響。

Below investment grade bonds remained low at $542 million, compared to $596 million a year ago. The percentage of below investment-grade bonds to total fixed maturities is 2.8%.

投資等級以下債券仍處於低位，為 5.42 億美元，而一年前為 5.96 億美元。投資等級以下債券佔固定期限債券總額的比例為2.8%。

At the midpoint of our guidance, for the full year, we expect to invest approximately $1 billion to $1.2 billion in fixed maturities at an average yield of 5.6% to 5.8%, and approximately $400 million to $500 million in commercial mortgage loans and limited partnership investments with debt-like characteristics, at an average expected cash return of 8% to 10%.

在我們指導的中期，我們預計全年投資約 10 億至 12 億美元的固定期限債券，平均收益率為 5.6% 至 5.8%，投資約 4 億至 5 億美元的商業抵押貸款和有限合夥企業具有類似債務特徵的投資，平均預期現金報酬率為8%至10%。

As we said before, we are pleased to see higher interest rates as this has a positive impact on operating income by driving up net investment income with no impact to our future policy benefits since they are not intra-sensitive.

正如我們之前所說，我們很高興看到利率上升，因為這透過提高投資收入淨收入對營業收入產生積極影響，但對我們未來的政策福利沒有影響，因為它們不具有內部敏感性。

Now I will turn the call over to Tom for his comments on capital and liquidity.

現在我將把電話轉給湯姆，徵求他對資本和流動性的評論。

Thanks, Frank. First, let me spend a few minutes discussing our share repurchase program, available liquidity and capital position. Parent began the year with liquid assets of $48 million and ended the quarter with liquid assets of approximately $66 million, slightly higher than the $50 million to $60 million that we had historically targeted.

謝謝，弗蘭克。首先，讓我花幾分鐘討論我們的股票回購計畫、可用流動性和資本狀況。母公司年初的流動資產為 4,800 萬美元，本季末的流動資產約為 6,600 萬美元，略高於我們歷史上設定的 5,000 萬至 6,000 萬美元的目標。

In the first quarter, the company repurchased almost 128,000 shares of Globe Life Inc. common stock for a total cost of approximately $16 million at an average share price of $122.13. Thus, including shareholder dividend payments of $21 million for the quarter, the company returned approximately $37 million to shareholders during the first quarter of 2024. The amount of share repurchases during the first quarter is lower than we had anticipated, solely due to the evaluation of a potential acquisition wherein we paused share repurchases until conclusion on the acquisition was reached. We have decided not to pursue the acquisition and, as such, intend to continue repurchases as soon as possible.

第一季度，該公司回購了近 128,000 股 Globe Life Inc. 普通股，總成本約為 1,600 萬美元，平均股價為 122.13 美元。因此，包括該季度2,100 萬美元的股東股息支付在內，該公司在2024 年第一季向股東返還了約3,700 萬美元。對這是一項潛在的收購，我們暫停了股票回購，直到收購結論達成。我們決定不進行收購，因此打算盡快繼續回購。

In addition to the liquid assets held by the parent, the parent company generated excess cash flows during the first quarter and will continue to do so for the remainder of 2024. Parent company's excess cash flow, as we define it, results primarily from dividends received by the parent from its subsidiaries, less the interest paid on debt. We anticipate the parent company's excess cash flow for the full year will be approximately $450 million to $470 million and is available to return to shareholders in the form of dividends and through share repurchases.

除了母公司持有的流動資產外，母公司在第一季產生了超額現金流，並將在2024 年剩餘時間內繼續這樣做。股息母公司從其子公司扣除債務利息。我們預計母公司全年的超額現金流將約為4.5億至4.7億美元，並可透過股利和股票回購的形式返還給股東。

Excess cash flows in 2024 are estimated to be higher than those in 2023, primarily due to higher statutory earnings in 2023 as compared to 2022. Including $66 million of available liquid assets at the end of the quarter, along with the $390 million to $410 million in excess cash flows we expect to generate during the remainder of 2024, the company has approximately $455 million to $475 million of liquid assets available to the parent for the remainder of 2024, of which we anticipate distributing approximately $65 million to $70 million to our shareholders in the form of dividend payments.

2024 年的超額現金流預計高於 2023 年，主要是由於 2023 年的法定收益高於 2022 年。時間內產生的超額現金流中，該公司在2024 年剩餘時間內擁有約4.55 億至4.75 億美元的流動資產可供母公司使用，我們預計將其中約6,500 萬至7,000 萬美元分配給我們的股東以股息支付的形式。

As mentioned on previous calls, we will use our cash as efficiently as possible. At this time, we believe that share repurchases provide the best return or yield to our shareholders over other alternative investments -- over other alternatives. Thus, we anticipate share repurchases will continue to be the primary use of parent excess cash flows after the payment of shareholder dividends.

正如先前電話中提到的，我們將盡可能有效地使用現金。目前，我們認為，與其他另類投資相比，股票回購為我們的股東提供了最佳的回報或收益。因此，我們預期股票回購仍將是支付股東股利後母公司超額現金流的主要用途。

At the midpoint of our earnings guidance, we anticipate approximately $350 million to $370 million of share repurchases for the year, with approximately 1/2 of that occurring in the second quarter and the remainder in the third and fourth quarters. That said, current market conditions, and should they remain favorable, we will clearly consider accelerating repurchases and may consider accelerating some portion of our anticipated 2025 excess cash flows into 2024.

在我們獲利指引的中點，我們預計今年將回購約 3.5 億至 3.7 億美元的股票，其中約 1/2 發生在第二季度，其餘則發生在第三和第四季。也就是說，在當前的市場狀況下，如果市場狀況仍然有利，我們顯然會考慮加速回購，並可能考慮將我們預期的 2025 年超額現金流的一部分加速到 2024 年。

Now with respect to our capital levels at our insurance subsidiaries. Our goal is to maintain our capital levels necessary to support ratings -- current ratings. Globe Life targets a consolidated company action-level RBC in the range of 300% to 320%. At the end of 2023, our consolidated RBC ratio was 314%. At this ratio, our subsidiaries had, at that time, approximately $85 million of capital over the amount needed to meet the low end of our consolidated RBC target of 300%.

現在談談我們保險子公司的資本水準。我們的目標是維持支持評級（目前評級）所需的資本水準。 Globe Life 的目標是將公司綜合行動水準 RBC 控制在 300% 至 320% 之間。截至 2023 年底，我們的綜合 RBC 比率為 314%。以這個比率，我們的子公司當時擁有約 8,500 萬美元的資本，超出了滿足我們 300% 綜合 RBC 目標下限所需的金額。

Now with regards to policy obligations for the current quarter. As we discussed on prior calls, we have included within the supplemental financial information available on our website an exhibit that details the remeasurement gain or loss by distribution channel. As a reminder, in the third quarter of 2023, we updated both our life and health assumptions, and there have been no changes to our long-term assumptions in the period since. No assumption updates were made in the first quarter of 2024, and we intend to update life and health assumptions in the third quarter of this year.

現在關於本季的政策義務。正如我們在先前的電話中討論的那樣，我們在我們網站上提供的補充財務資訊中包含了一個圖表，詳細說明了按分銷管道重新計量的收益或損失。提醒一下，我們在 2023 年第三季更新了我們的生命和健康假設，此後我們的長期假設沒有改變。 2024 年第一季沒有進行假設更新，我們打算在今年第三季更新生命與健康假設。

In addition to the impact of assumption changes, the remeasurement gain or loss also indicates experience fluctuations. For the first quarter of 2024, life policy obligations were favorable when compared to our assumptions of mortality and persistency. The remeasurement gain related to experience fluctuations resulted in $5 million of lower life policy obligations and $3 million of lower health policy obligations. As expected, life remeasurement gains were lower this quarter than in the first half of 2023 -- sorry, in the last half of 2023, which we believe is due in part to the seasonally high first quarter life claims versus the rest of the year.

除了假設變化的影響外，重新計量損益還顯示了經驗波動。與我們對死亡率和持續性的假設相比，2024 年第一季的人壽保單義務是有利的。與經驗波動相關的重新計量收益導致人壽保單義務減少 500 萬美元，健康保單義務減少 300 萬美元。正如預期的那樣，本季的壽險重新計量收益低於 2023 年上半年（抱歉，是 2023 年下半年），我們認為這部分是由於第一季壽險索賠與今年剩餘時間相比季節性較高。

We continue to be encouraged by the recent short-term trends and policy obligations experience. The range of earnings guidance encompasses the possibility of future favorable remeasurement gains through 2024. The recent experience as well as our life mortality trends in the first half of 2024 will inform the third quarter 2024 update to our endemic mortality assumptions. As we noted on our last call, our endemic mortality assumptions currently assumes returning to mortality levels slightly above pre-pandemic levels over the next few years. Recent trends, if they should continue, they indicate a quicker recovery than our current assumptions.

我們繼續對近期的短期趨勢和政策義務經驗感到鼓舞。獲利指導範圍涵蓋了到 2024 年未來重新衡量有利收益的可能性。正如我們在上次電話會議中指出的那樣，我們的地方性死亡率假設目前假設死亡率在未來幾年內恢復到略高於疫情前的水平。最近的趨勢如果持續下去，則表示復甦速度比我們目前的假設更快。

Finally, with respect to earnings guidance for 2024. For the full year 2024, we estimate net operating earnings per diluted share will be in the range of $11.50 to $12, representing 10.3% growth at the midpoint of our range. The $11.75 point midpoint is higher than our previous guidance and reflects recent and anticipated investment income results, in addition to a greater impact from the $350 million to $370 million of share repurchases in 2024 as discussed earlier.

最後，關於 2024 年的獲利指引。 11.75 美元的中點高於我們先前的指導，反映了近期和預期的投資收益結果，此外還反映了前面討論的 2024 年 3.5 億至 3.7 億美元股票回購的更大影響。

Those are my comments. I'll now return the call back to Matt.

這些是我的評論。我現在將電話回給馬特。

Thank you, Tom. Those are our comments, and we'll now open up the call for questions.

謝謝你，湯姆。這些是我們的評論，現在我們將開始提問。

(Operator Instructions) Our first question is coming from Jim Bhullar of JPMorgan.

（操作員指示）我們的第一個問題來自摩根大通的 Jim Bhullar。

So first, I just had a question on what's your rough idea on the timing of the WilmerHale investigation? And then what's your process going to be going forward in terms of giving investors updates? Would -- should we assume that, once something is completed, or if you get a request from a regulator, you'd actually put out a filing? Or is it going to be more around scheduled earnings calls or other events?

首先，我想問一下，您對 WilmerHale 調查的時間安排有何大致想法？那麼，在向投資人提供最新資訊方面，你們將採取怎樣的流程呢？我們是否應該假設，一旦某件事完成，或者如果你收到監管機構的要求，你實際上會提交一份文件？還是會更多地圍繞預定的財報電話會議或其他活動？

Jimmy, the investigation from WilmerHale will be happening in the near term. And we'll be providing updates as appropriate on that. If there's any material updates that are needed, obviously, we'll put that out through some type of an 8-K filing. Otherwise, it will be more through our normal channels.

吉米，WilmerHale 的調查將在近期進行。我們將酌情提供相關更新。顯然，如果需要任何材料更新，我們將透過某種類型的 8-K 歸檔來發布。不然的話，更多的是透過我們正常的管道。

And near term, is it like one -- a quarter or so? Or is it even faster or slower? Just trying to get some sense.

近期來看，是四分之一左右嗎？或者它更快或更慢？只是想明白一些道理。

I think as we mentioned earlier, in respect of the ongoing activity, don't have a specific time frame on that. We're not really going to comment.

我認為正如我們之前提到的，對於正在進行的活動，沒有具體的時間框架。我們真的不會發表評論。

Okay. And then in terms of the impact on your business thus far, I realize 2 weeks is too short of a period, but -- and you're implying that sales thus far have not been affected. But are there other parts of your business that are affected where you've seen an impact either on persistency of policies or retention of agents, or any other aspects of the business where you're -- you've seen an impact short term or longer term from what's gone on over the past couple of weeks?

好的。然後，就迄今為止對您的業務的影響而言，我意識到兩週的時間太短了，但是——您的意思是到目前為止的銷售尚未受到影響。但是，您的業務是否還有其他部分受到影響，您是否看到了對政策持久性或代理保留的影響，或者您所在業務的任何其他方面 - 您是否看到了短期影響或影響從過去幾週發生的事情來看，長期來看？

Yes. As I've mentioned in the earlier remarks, [is] we're really not seeing an impact. The first place I think it would show up would be in the agent recruiting pipeline, and we're not seeing an impact there. As well as from a customer perspective, we received very limited input from that.

是的。正如我在之前的評論中提到的，我們確實沒有看到影響。我認為它會出現的第一個地方是代理招募管道，我們在那裡沒有看到影響。從客戶的角度來看，我們收到的意見非常有限。

For point of reference, we receive about 40,000 to 50,000 calls a day. And in the early days, we're receiving 3, 4 or 5 calls. Recently, that trend has been 0. We also have an agent call-in line as well, and we're receiving the same thing, just minimal to now 0 calls from our agent field as well on this topic.

作為參考，我們每天大約接到 40,000 到 50,000 通電話。在早期，我們會接到 3、4 或 5 通電話。最近，這個趨勢已經是 0。

And the blackout on your buybacks, is that expiring or that goes away tomorrow? Or is it later on today or next week?

回購的限制是到期還是明天消失？還是今天晚些時候或下週？

Yes, Jimmy, it goes away just in the normal course that we're open tomorrow to be able to start buying back shares.

是的，吉米，它會按照正常情況消失，我們明天將開放並開始回購股票。

(Operator Instructions) Our next question is coming from Ryan Krueger coming from KBW.

（操作員說明）我們的下一個問題來自 KBW 的 Ryan Krueger。

My first question is, can you help us -- can you quantify the typical amount of capital strain on your free cash flow from new business in a given year? I guess what I'm trying to understand is, I'm trying to separate the amount of in-force free cash flow you generate versus the typical new business strains. Anything you can do to help quantify that, please?

我的第一個問題是，你能幫助我們嗎？我想我想理解的是，我試圖將你產生的有效自由現金流量與典型的新業務壓力分開。請問您可以做些什麼來幫助量化這一點嗎？

Ryan, thanks for the question. On prior calls, I've actually given a rule of thumb kind of along those lines that, for the agency channels, we expect statutory strain of about 40% to 50% of any increase in sales. So that would work the same way as if we had a reduction in sales. So that gives you a good frame of reference for determining that.

瑞安，謝謝你的提問。在先前的電話會議中，我實際上給出了一條類似的經驗法則，即對於代理商管道，我們預計銷售額增長的法定壓力約為 40% 至 50%。因此，這就像我們減少銷售額一樣。因此，這為您提供了一個很好的參考框架來確定這一點。

Got it. That's for the change in sales. But what about if you had no new sales at all? Can you give any sense of what -- how much higher your free cash flow would be?

知道了。這是銷量的變化。但如果根本沒有新銷售怎麼辦？能透露一下你的自由現金流會高多少嗎？

Yes, the same rule of thumb works. So if we had no sales, basically about half of that would be an increase in excess cash flows. And the important thing to note is those would be increases in statutory earnings in the current year, which would then be excess cash flows in the following year, at the parent -- to the parent, yes.

是的，同樣的經驗法則也有效。因此，如果我們沒有銷售，基本上大約一半將是超額現金流的增加。需要注意的重要一點是，這些將是當年法定收益的增加，這將是下一年母公司的超額現金流——是的，流向母公司。

Got it. And then maybe it will be temporary, but given where your stock is currently trading and the depressed valuation multiple, would you consider looking into an in-force reinsurance transaction to monetize some portion of your existing in-force value to then lead to additional buyback capacity to take advantage of the differential in the price you may be able to get on a transaction like that versus where your stock is currently trading?

知道了。然後也許這將是暫時的，但考慮到您的股票目前的交易情況和低迷的估值倍數，您是否會考慮考慮進行有效的再保險交易，將現有有效價值的一部分貨幣化，然後導致額外的回購有能力利用您在此類交易中可能獲得的價格與您的股票當前交易價格之間的差異嗎？

Yes, Ryan. I think we will take a look at various options of how we might generate some financing for that or just -- and see if that makes sense. That would be one of the opportunities that we would look into.

是的，瑞安。我認為我們將考慮如何為此籌集一些資金的各種選擇，或者只是看看這是否有意義。這將是我們要研究的機會之一。

Okay. Great. And then just one last quick one. Can you give any sense of the mix between first year commissions versus renewal commissions that you pay on business? Just trying to size kind of how meaningful or renewal commissions or the vast majority paid in the first year.

好的。偉大的。然後是最後一個快速的。您能否介紹一下您在業務上支付的第一年佣金與續約佣金之間的組合？只是想估算一下第一年支付的佣金或續約佣金的意義有多大。

I do want to say, Ryan, I don't have that right off the top here. I do want to say that the majority of it is first year commissions, but I want to be careful with that.

我確實想說，瑞安，我這裡沒有這個。我確實想說，其中大部分是第一年的佣金，但我想對此保持謹慎。

Yes, I'd agree. I mean I think we could look at the renewal commissions and our statutory filings to get some insight there. But I would think renewal commissions are less than 10% of renewal premiums. So that might be a good frame of reference.

是的，我同意。我的意思是，我認為我們可以查看續簽委員會和我們的法定文件，以獲得一些見解。但我認為續保佣金不到續保保費的 10%。所以這可能是一個很好的參考框架。

We'll now move to Wes Carmichael from Autonomous Research.

現在我們請來自自主研究部的韋斯卡邁克爾 (Wes Carmichael) 發言。

You talked about in your prepared remarks potentially accelerating the buyback and bringing back maybe 2025. Does that decision depend on the outcome of any review by WilmerHale or regulators?

您在準備好的發言中談到可能會加速回購，並可能在 2025 年實現這一目標。

No. I mean for the -- what we know today, we're looking at just are the timing of resources to be able to accomplish in that buyback. And obviously, we're looking at market conditions as well. And so if we have an opportunity to be buying back shares, clearly less than our book value. We believe that that's a very good answer for our shareholders and a very good return for that money.

不，我的意思是──我們今天所知道的，我們所關注的只是能夠完成回購的資源時機。顯然，我們也在關注市場狀況。因此，如果我們有機會回購股票，顯然會低於我們的帳面價值。我們相信，這對我們的股東來說是一個非常好的答案，也是非常好的資金回報。

Now typically, as you know, our historic buyback methodology has been pro rata over the years. We receive our dividends from our subsidiaries, we kind of -- when we get that over the course of the year, and we kind of use our CP balances to kind of help even that out, some of the timing of that, over the course of time. And so all things else being equal, we would be kind of doing that ratably throughout the remainder of 2024 as the liquidity becomes available. And so we'll be looking at just opportunities to accelerate that and depending on the timing of just being able to fund some of those.

現在，如您所知，我們的歷史回購方法多年來一直按比例進行。我們從子公司收到股息，當我們在一年中獲得股息時，我們會使用我們的CP餘額來幫助平衡，在整個過程中，在某些時間安排上的時間。因此，在其他條件相同的情況下，隨著流動性變得可用，我們將在 2024 年剩餘時間大規模地這樣做。因此，我們將尋找加速這一進程的機會，並取決於能夠為其中一些提供資金的時機。

Got it. And I guess the press release mentioned that you were blacked out of repurchases [for] part of the quarter. You talked about that a little bit. But can you just confirm, was Globe the potential acquirer of something? And maybe any more color you could provide on that would be helpful.

知道了。我猜新聞稿中提到，你們在本季的部分時間被禁止回購。你談到了一點。但你能否確認一下，Globe 是否是某樣東西的潛在收購者？也許您可以提供更多顏色會有所幫助。

Yes. No, we were looking at an opportunity where we were going to be the acquirer. Early in January, we reached a decision where the transaction would be material enough and it's probable enough to actually happen, that we thought that we should put ourselves into a blackout period with respect to the repurchasing of our shares. As Tom noted in his comments, we're no longer considering that opportunity.

是的。不，我們正在尋找一個機會，我們將成為收購方。一月初，我們做出了一項決定，即該交易足夠重要並且很可能實際發生，我們認為我們應該將自己置於回購股票的禁區期。正如湯姆在評論中指出的那樣，我們不再考慮這個機會。

Of course, during the month of April, here -- during the time period prior to our call where we're not -- we're in a normal blackout anyway because of knowledge -- material knowledge that we have around earnings and such. So as -- and then as I've mentioned to Jim, we'll be coming out of that tomorrow.

當然，在四月份，在我們打電話之前的那段時間裡，我們處於正常的停電狀態，因為我們擁有有關收入等的物質知識。正如我向吉姆提到的那樣，我們明天就會解決這個問題。

We'll move now to John Barnidge coming from Piper Sandler.

現在我們請派珀·桑德勒 (Piper Sandler) 的約翰·巴尼奇 (John Barnidge) 發言。

The guidance for admin expense include the cost of the WilmerHale investigation?

管理費用指南包括 WilmerHale 調查的費用？

I would say that the overall estimate of everything that we know today would be included in our overall guidance of what we have given.

我想說的是，我們今天所知道的一切的總體估計將包含在我們所提供的總體指導中。

Okay. And then when you looked at the Beazley transaction a few years ago, did that cause a repurchase blackout during that period? Just trying to get some sizing of what you were looking at.

好的。然後，當你看看幾年前的比茲利交易時，這是否導致了那段時期的回購封鎖？只是想了解您所看到的內容的一些尺寸。

It did. It was just a shorter period of time.

它做了。這只是一段較短的時間。

Our next question will come from Elyse Greenspan coming from Wells Fargo.

我們的下一個問題將來自富國銀行的艾莉絲·格林斯潘。

My first question, I guess, is also on the potential M&A deal. Did you guys choose to walk away because you were no longer interested in the property? Or did you walk away because it was a function of where your stock price was when you made the decision?

我想我的第一個問題也是關於潛在的併購交易。你們是否因為對房產不再感興趣而選擇離開？還是因為做出決定時股價的變動而放棄？

Yes. We did end up walking away primarily as a result of the stock price of where we're at today. As we got to -- looking at what would be the best utilization of our funds for our shareholders and being able to give the highest and best risk-adjusted returns to our shareholders, we did make the decision that repurposing any acquisition funds, if you will, toward the purchase of our own shares would be in the best interest.

是的。我們最終離開主要是由於我們今天所處的股價。當我們考慮如何為我們的股東最好地利用我們的資金，並能夠為我們的股東提供最高和最好的風險調整回報時，我們確實做出了重新利用任何收購資金的決定，如果您會，購買我們自己的股票將符合最佳利益。

And then can you just remind us like some properties, I guess, that you would from an M&A perspective, find attractive? I mean, I guess, obviously, the buyback, it sounds like you guys are on hold for a while with deals. But just as we try to get a sense of maybe what you might have been looking at in the quarter?

然後你能提醒我們一些財產，我想，從併購的角度來看，你會覺得有吸引力嗎？我的意思是，我想，顯然，回購，聽起來你們在交易上暫時擱置了。但正如我們試圖了解您在本季可能關注的內容一樣？

Yes. As far as M&A goes, we typically look at opportunities that are in our markets. We like the middle income market. We also like the products that we distribute in the form of the risk profile, the profitability profile of those. So basic protection life or supplemental health products.

是的。就併購而言，我們通常會關注市場中的機會。我們喜歡中等收入市場。我們也喜歡我們以風險概況和盈利概況的形式分發的產品。所以基本保障生活還是補充保健品。

We also like exclusive distribution or opportunities from a direct-to-consumer perspective. And so our current business model, as that's framed up, is that's the lens we look through as we think about M&A opportunities.

我們也喜歡獨家分銷或直接面向消費者的機會。因此，我們目前的商業模式，正如我們所建構的那樣，就是我們在考慮併購機會時所審視的鏡頭。

We'll now go to Wilma Burdis coming from Raymond James.

現在我們請雷蒙德詹姆斯 (Raymond James) 的威爾瑪布爾迪斯 (Wilma Burdis) 發言。

Could you talk a little bit about what drove up the 2024 excess cash flow versus the prior guide?

您能否談談與先前的指導相比，導致 2024 年超額現金流增加的原因是什麼？

Yes. Wilma, it really was just a little bit higher statutory earnings as we finalize the earnings from 2023. We're seeing a little bit higher subsidiary dividends to the parent.

是的。 Wilma，當我們最終確定 2023 年的收益時，法定收益確實高了一點。

Yes. When we just think about the timing of that, our statutory blue book for 2023 really don't get fully completed until some time in February. So it will at the -- after the time that we have that first quarter call.

是的。當我們考慮一下時間時，我們的 2023 年法定藍皮書實際上要到 2 月的某個時候才能完全完成。因此，在我們召開第一季電話會議之後。

And what I'd add is I think that's consistent with the favorable mortality results that we saw in the third and fourth quarter of 2023 as well.

我要補充的是，我認為這也與我們在 2023 年第三季和第四季看到的有利死亡率結果一致。

Got you. And following up on an earlier question, maybe just can you talk a little bit about -- you talked about bringing forward some 2025 excess cash flows. Is there any way to quantify that amount or how that could work?

明白你了。跟進之前的問題，也許您可以談談——您談到提前 2025 年實現一些超額現金流。有沒有什麼方法可以量化這個數量或它是如何運作的？

Right now, Wilma, there really isn't. We'll take a look at the situation, as we think about where the share price changes over time and just in our availability of cash flows, and we'll just have to look at that over time. And we should be able to give more update on that clearly on our next call.

現在，威瑪，真的沒有。我們將審視這種情況，同時考慮股價隨時間的變化以及我們的現金流量的變化，我們只需要隨著時間的推移來觀察這一點。我們應該能夠在下次電話會議上清楚地提供更多最新資訊。

Our next question will be coming from Tom Gallagher from Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Tom Gallagher。

Just first, a question just on the DOJ subpoena. Curious like why there's any involvement by the DOJ here at all. Just considering I thought the domain of sales practices of life insurers was state insurance regulators, not any kind of federal body. But -- any perspective on that of what's going on here? And is there a subpoena in coordination with insurance regulators? Or just -- is it just stand-alone?

首先，有一個關於司法部傳票的問題。很好奇為什麼司法部會參與其中。考慮到我認為人壽保險公司的銷售實踐領域是州保險監管機構，而不是任何類型的聯邦機構。但是——對這裡發生的事情有什麼看法嗎？是否有與保險監理機關協調的傳票？或者只是——它只是獨立的嗎？

As I've mentioned earlier, that's the subject of an ongoing matter. I'd just refer you back to what we said earlier in our prepared remarks related to our assessment of the DOJ activity and the impact thereof.

正如我之前提到的，這是一個持續存在的問題的主題。我只想請您回顧一下我們之前在準備好的評論中所說的有關我們對司法部活動及其影響的評估的內容。

Okay. And then just a follow-up on the blackout, the M&A opportunity you were looking at, would -- since I guess it was material, should we have assumed that you would have been using equity to finance it? Or was it just a question of excess cash flows, uses of excess cash flows for M&A? I just want to get a sense for what the message here is on the decision to not go ahead with it.

好的。然後，只是停電的後續行動，您正在尋找的併購機會，因為我認為它很重要，我們是否應該假設您會使用股權來為其融資？還是只是一個超額現金流的問題，將超額現金流用於併購？我只是想了解這裡傳達的訊息是什麼，決定不繼續這樣做。

Yes, Tom, I don't think you should make that assumption necessarily. We would be looking at -- just a matter of regardless of how we were looking at financing it, not necessarily with equity, it was a better use of those funds.

是的，湯姆，我認為你不必做出這樣的假設。我們會考慮——無論我們如何考慮融資，不一定是透過股權，而是更好地利用這些資金。

We'll now move to Bob Huang coming from Morgan Stanley.

現在我們請來自摩根士丹利的 Bob Huang。

So my first question is regarding lapse rate. So if we look at American Income, right, the lapse rate continues to inch higher year-on-year. Understanding there are quite a bit of quarterly fluctuations. But maybe can you talk about what is driving the lapse rate moving higher this quarter versus last year's same quarter? And further, just maybe just as lapse rate has normalized higher from -- since 2021, from a statutory basis, can you maybe talk about generally what are the drivers and the run rate expectation for lapse rate for American Income?

所以我的第一個問題是關於失誤率。因此，如果我們看美國的收入，正確的，失職率繼續逐年上升。了解季度波動相當大。但也許您能談談是什麼導致本季的失效率比去年同期更高？此外，也許正如從 2021 年以來，從法定基礎上，失效率已經正常化一樣，您能否大致談談美國收入失效率的驅動因素和運行率預期是什麼？

Yes. The AIL first year lapse rates, they were higher for the quarter. At this point, we don't see the uptick as anything other than fluctuations. We've had quarters in the past that have been -- had lapse rates in -- that were similar. In addition, kind of as you mentioned, there is some seasonality in lapse rates, in the first quarter tends to be a little higher than other quarters.

是的。 AIL 第一年的失職率在本季更高。目前，我們認為上漲只是波動。在過去的幾個季度，我們的失誤率是相似的。此外，正如您所提到的，失效率存在一定的季節性，第一季往往比其他季度略高。

On the renewal lapse rates, I think that's really a function of a change in the mix of business. As sales -- as we generated more sales over the recent years, there's more business in that second, third and fourth durations, which tend to have a little bit higher lapse rates than we'd have in place for those that have been on the books for a long period of time. So I think those are the things that are impacting AIL lapse rates at this point.

關於續約失敗率，我認為這實際上是業務組合變化的函數。作為銷售，隨著近年來我們產生了更多的銷售額，第二、第三和第四個持續時間段的業務量也隨之增加，而這些持續時間段的流失率往往比我們為那些一直在持續時段中的企業所採取的要高一些。所以我認為這些都是目前影響 AIL 失效率的因素。

Okay. Got it. So it's essentially like a normal lapse rate change, not necessarily something abnormal. Got it.

好的。知道了。所以它本質上就像是正常的失敗率變化，不一定是異常的。知道了。

So my second question, I know that a lot of people have been asking about the DOJ and it's not something that you're at liberty to discuss for most of it. But just given the current DOJ probe, given the negative headlines from the third-party distributors and previously, is there a need to maybe revisit the sales organization structure, the compliance procedures, your distributor relationship, things of that nature, in terms of how you think about risk management and compliance going forward? Is there a need for change, so to speak?

我的第二個問題是，我知道很多人一直在詢問有關司法部的問題，但您不能自由討論其中的大部分內容。但考慮到目前司法部的調查，考慮到第三方分銷商以及先前的負面頭條新聞，是否有必要重新審視銷售組織結構、合規程序、分銷商關係以及此類性質的事情，包括如何您考慮未來的風險管理和合規性嗎？可以這麼說，是否需要改變？

As we have said, we take unethical agent conduct very seriously. We have measures that we detect and deter these actions. We also continually evaluate our controls and update those as necessary, and we're comfortable that our processes continue to function as intended. So for now, we're pleased with the processes that we have in place, the identification of issues in the field. And as I've mentioned, we have dedicated teams that research and evaluate and conduct investigations on issues as they become known.

正如我們所說，我們非常嚴肅地對待不道德的代理人行為。我們有措施來檢測和阻止這些行為。我們也不斷評估我們的控制措施並根據需要進行更新，我們對我們的流程繼續按預期運作感到滿意。因此，目前，我們對現有的流程以及現場問題的識別感到滿意。正如我所提到的，我們有一個專門的團隊來研究、評估和調查已知的問題。

We'll now move to Suneet Kamath coming from Jefferies.

現在我們將前往來自傑弗里斯 (Jefferies) 的蘇尼特·卡馬斯 (Suneet Kamath)。

I was wondering if you could comment a bit on the concentration of your sales in your various channels to agencies. You had mentioned the Aria Organization and AIL. Can you give us a sense of how much premium comes from that organization, as well as just some data on that concentration, top couple of distributors in each channel, like how much that represents?

我想知道您是否可以評論一下您在各個代理商管道中的銷售集中度。您提到了 Aria 組織和 AIL。您能否讓我們了解該組織產生了多少溢價，以及有關該集中度的一些數據，每個渠道中排名前幾位的分銷商，例如代表了多少溢價？

Sure. maybe first for Arias, it's about 6% or so of our new production. One of the things I think is important to keep in mind is that's an organization of several hundred agents. And all of those agents are individual contractors that are contracted with us. And we have agency owners that come and go on a routine basis as just part of our normal business practices. As you might imagine, we have agency owners that retire, they pursue other interests. And as I mentioned earlier, on occasion, it's necessary for us to terminate one. So we have long business practices over our ability to transition those agents who keep producing business for us and they're contracted with us. And so sometimes, we look at just overall the larger agencies in our larger organizations in our different agencies. Sometimes that kind of falls along the 80-20 rule. But again, those are really -- sometimes they're partnerships, there's multiple agency owners involved, et cetera. And so I feel like we've got great processes in place to deal with transitions as they're necessary.

當然。也許首先是 Arias，大約占我們新作品的 6% 左右。我認為需要牢記的重要一件事是，這是一個由數百名特工組成的組織。所有這些代理商都是與我們簽約的個人承包商。我們的代理商所有者定期來來去去，這只是我們正常業務實踐的一部分。正如您可能想像的那樣，我們有退休的機構所有者，他們追求其他興趣。正如我之前提到的，有時我們有必要終止一項協議。因此，我們有長期的業務實踐，我們有能力轉移那些不斷為我們生產業務並與我們簽訂合約的代理商。因此，有時，我們只關注不同機構中較大組織中的較大機構的整體情況。有時這種情況符合 80-20 規則。但同樣，這些確實是——有時它們是合夥企業，有多個機構所有者參與其中，等等。所以我覺得我們已經制定了很好的流程來處理必要的過渡。

And would that -- is that -- sorry, go ahead.

抱歉，請繼續。

I was going to say, Matt, to add to that, that 6% is part of American Income Life sales, at about 3% overall.

馬特，我想說的是，6% 是美國收入壽險銷售額的一部分，整體約為 3%。

Yes. American Income Life's new sales.

是的。美國收入人壽的新銷售。

And when you think about that 6%, is that a big number relative to kind of the overall organization like the other distributors that you have in there? Or is that -- I just want to get a sense of what that 6% feels like to you guys.

當你想到這 6% 時，相對於整個組織（如你在那裡的其他經銷商）而言，這是一個很大的數字嗎？或者是——我只是想了解那 6% 對你們來說是什麼感覺。

It's one of our larger ones. Like I said, it kind of gets back to that 80-20 rule of the -- we have over around 100 agency owners, and then more than that when we start looking at individuals involved in partnerships and the like. And so simplistically, our top 20% probably produce about 70% or 80% of our new sales.

這是我們較大的之一。就像我說的，這有點回到了 80-20 的規則——我們有大約 100 多個機構所有者，當我們開始關注參與合作夥伴關係等的個人時，數量就更多了。簡單來說，我們的前 20% 的銷售額可能占我們新銷售額的 70% 或 80% 左右。

But I'll just go back to, as a reminder, those agency owners are in charge of an organization of those agents that are individually contracted with us. And those agents that are individually contracted with us stay with us over a period of time and work their way through their -- our own career track.

但我要回顧一下，作為提醒，那些代理機構所有者負責與我們單獨簽約的代理機構。那些與我們單獨簽約的代理商會在我們這裡工作一段時間，並在我們自己的職業道路上工作。

Got it. And then, I guess, I'm still a little confused on the whole remeasurement gains. It sounds like there wasn't anything here in the quarter. But are you guiding -- it sounds like also you're guiding to some sort of impact with the third quarter assumption review that should be positive. If that's true, I don't know if there's any way that you could kind of size that. And is that embedded in your guidance yet or not?

知道了。然後，我想，我對整個重新測量收益仍然有點困惑。聽起來這個季度這裡什麼都沒有。但你是否在指導——聽起來你也在指導第三季度假設審查產生某種影響，這應該是積極的。如果這是真的，我不知道是否有任何方法可以確定它的大小。這是否已納入您的指導中？

Yes. The -- our guidance and the range of our guidance reflects kind of our -- the information that we have now and our expectations with regards to a remeasurement gains or losses due to an assumption change. I think we continue to monitor the trends. And if you look back to the third quarter and fourth quarter remeasurement gains, those were fairly sizable.

是的。我們的指導和指導範圍反映了我們現在掌握的資訊以及我們對因假設變化而重新計量收益或損失的預期。我認為我們將繼續監控趨勢。如果你回顧第三季和第四季的重新計量收益，你會發現這些收益相當可觀。

We had expected first quarter to be lower just because of the flu season and RSV and other things that usually lead to a little bit higher mortality in the first quarter. So those are kind of some of the inputs to how we think about assumption changes when we go into the third quarter.

我們原本預期第一季的死亡率會較低，因為流感季節和呼吸道合胞病毒以及其他通常會導致第一季死亡率略高的因素。因此，這些是我們進入第三季時如何考慮假設變化的一些投入。

We now have a follow-up question from Jimmy Bhullar calling from JPMorgan.

我們現在收到來自摩根大通的吉米·布拉爾 (Jimmy Bhullar) 的後續問題。

Just wanted to follow up on a couple of things related to your guidance. Are you assuming the lower share price for buybacks in your updated guidance as well?

只是想跟進與您的指導相關的一些事情。您是否也在更新的指導中假設回購的股價較低？

We are. Yes. The lower share price, if I think about the $0.20 increase to our guidance, a little less than half was related to investment income, and the remainder was really driven by share price changes.

我們是。是的。較低的股價，如果我考慮到我們的指引增加了 0.20 美元，那麼不到一半與投資收益有關，其餘的實際上是由股價變動驅動的。

And then the remeasurement gains, it seems clear that that's in your assumption as well. Any sort of big changes in your assumptions, the underlying assumptions as part of the annual actuarial review, are those in guidance as well or are they not?

然後重新測量收益，顯然這也在你的假設之內。您的假設、作為年度精算審查一部分的基本假設的任何重大變化，是否也在指導範圍內？

They're reflected in our range, Jimmy. So again, we're making based upon what we know today and the trends, we're trying to make our best estimate as far as where we think guidance will emerge.

它們反映在我們的產品系列中，吉米。因此，我們再次根據我們今天所了解的情況和趨勢，努力對我們認為會出現的指導做出最佳估計。

Yes, Jimmy, it's still too early to know whether or not, of course, whether there would be any assumption change coming up in the third quarter. We're obviously, as a range, we're looking at various possibilities. I mean if we continue to have remeasurement gains and whether or not that could lead to an assumption change or not, or if we end up having some worse experience, which goes the other way, right? So all that -- all of that's embedded in the overall range.

是的，吉米，現在判斷第三季是否會發生任何假設變化當然還為時過早。顯然，作為一個系列，我們正在尋找各種可能性。我的意思是，如果我們繼續獲得重新測量的收益，這是否會導致假設的改變，或者如果我們最終得到一些更糟糕的經歷，那就是相反的情況，對嗎？所以所有這些——所有這些都嵌入在整個範圍內。

And then if we look at CDC data, our overall population deaths, they're still running higher than pre-COVID, and some of that has to do with drug abuse and other things. They're improving, but they haven't gotten back to pre-COVID yet. Are you noticing the same in your book as well? Or is your book recently been running close to long-term pre-COVID type levels?

然後，如果我們查看疾病預防控制中心的數據，我們的總體人口死亡人數仍然高於新冠疫情之前的水平，其中一些與藥物濫用和其他因素有關。他們正在進步，但還沒有回到新冠疫情之前的水平。您在書中是否也注意到了同樣的情況？或者您的書最近是否接近新冠疫情前的長期水準？

Yes. I'd say it's still running a little bit higher, particularly for some causes and drug-related deaths are -- continue to be elevated. Even we've seen some improvements off the peak for, say, heart disease, but it's still not back to pre-pandemic levels. Where we are seeing some significant improvements in motor vehicles and homicides seem to have come down quite a bit.

是的。我想說的是，這個數字仍然有點高，特別是對於某些原因和與毒品相關的死亡——繼續上升。即使我們已經看到心臟病等疾病的高峰期有所改善，但仍然沒有回到大流行前的水平。我們看到機動車數量有了顯著改善，兇殺案似乎也下降了不少。

And then just lastly, on the deal that you were talking about, was this along -- I'm assuming this is along the lines of deals that you've done in the past in terms of business mix and distribution. But in terms of size, was this a lot larger than what you've done in the past? Because I don't remember you're doing sort of a multibillion dollar type deal recently, but it seems like this could have been a lot bigger. But I'm not sure if you're able to comment.

最後，關於您所談論的交易，我認為這與您過去在業務組合和分銷方面所做的交易是一致的。但從規模上來說，這比你們過去所做的還要大很多嗎？因為我不記得你最近在做某種數十億美元類型的交易，但看起來這可能要大得多。但我不確定你是否能發表評論。

Yes, Jimmy, you can't really comment about any kind of specifics. I mean, obviously, it was material enough. It was -- I would just say, a little bit bigger than one -- some of them that we've [here] done recently.

是的，吉米，你不能對任何具體細節發表評論。我的意思是，顯然，這已經夠物質了。我只想說，比一個大一點點，其中一些是我們最近[在這裡]完成的。

Okay. And I'll just ask one more. Direct Response sales have been weak for a while, and part of that is just high inflation and higher postage costs. There is talk of postage costs going up further. I'm assuming that, if they do, then you'll probably see continued weak sales or an incremental impact from that, right?

好的。我再問一個問題。直接回應銷售已經有一段時間疲軟，部分原因是高通膨和更高的郵資。有傳言稱郵費將進一步上漲。我假設，如果他們這樣做，那麼您可能會看到銷售持續疲軟或由此產生的增量影響，對嗎？

Yes. It's getting more muted over time as more of our sales come through the digital channel, but it does have an impact. And we do watch closely what the postage increases are planned to be and adjust accordingly.

是的。隨著時間的推移，隨著我們越來越多的銷售來自數位管道，這種影響變得越來越小，但它確實產生了影響。我們確實密切關注郵資增加的計劃並進行相應調整。

As I've mentioned, our guidance is probably slightly down for the year from a sales growth perspective. But also just keep in mind, it's very important the activity the Direct to Consumer is doing to support all of our agency sales. That would not be reflected directly in the sales attributed to the Direct to Consumer channel.

正如我所提到的，從銷售成長的角度來看，我們今年的指導可能會略有下降。但也要記住，直接面向消費者所做的活動對於支援我們所有的代理商銷售非常重要。這不會直接反映在直接面向消費者通路的銷售額。

We have another follow-up question, this time from Wilma Burdis of Raymond James.

我們還有另一個後續問題，這次是來自 Raymond James 的 Wilma Burdis。

Just a quick one. I think Tom asked earlier about the DOJ investigation. From everything I kind of read, it seems like it could be related to the EEOCs investigation to the sexual harassment claims. Is that -- am I way off mark there or?

只是快一點。我想湯姆早些時候問過司法部的調查。從我讀到的所有內容來看，這似乎可能與平等就業機會委員會對性騷擾指控的調查有關。那是──我離目標太遠了嗎？

Yes. As we mentioned in our prepared remarks, is the subpoena sought documents related to sales practices by certain licensed insurance agents in the Arias Organization who were contracted to sell American Income policies.

是的。正如我們在準備好的演講中所提到的，傳票是尋求與 Arias 組織中某些簽約銷售美國收入保單的持牌保險代理人的銷售行為相關的文件。

Okay. Got you. And then the other one, you guys talked a little bit about the percentage of premiums from policies that have been in-force for more than 1 year. Have you noticed any trends in that figure over time or has it been pretty stable?

好的。明白你了。然後另外一個，你們講了一點關於已經生效一年以上的保單的保費比例。您是否注意到該數字隨時間的變化趨勢或是否相當穩定？

Really been pretty stable. I mean you look at the data, and I would point your attention to the data that we did put on the supplemental financial information on the website. And so we've got 10 years' worth of data out there for both Globe Life and -- as a whole, and then American Income, and it's a 10 years breakdown between renewal and first year premium on those as well.

確實一直很穩定。我的意思是，您查看數據，我會提醒您注意我們在網站上的補充財務資訊中放置的數據。因此，我們獲得了 Globe Life 和美國收入 10 年的數據，以及這些數據的續保和首年保費之間的 10 年細目。

I just think that really shows the stable nature of our business. As I continue to go through and look and I think about our business, if you go back 3, 5, 10 years and look at our In-Force business, it has grown over 5% in each of those periods. And I think if you look at 15 years -- this is on our Life business. And if you go back 15 years, it's probably just a little bit under 5%. And our earned premiums are growing basically at that same rate as well. And you kind of look at that schedule and you look at the renewal premium versus the first year premium and it's pretty consistent.

我只是認為這確實表明了我們業務的穩定性。當我繼續回顧、觀察和思考我們的業務時，如果你回顧 3 年、5 年、10 年，看看我們的 In-Force 業務，它在每個時期都成長了 5% 以上。我認為如果你看看 15 年——這就是我們的人壽業務。如果你回到 15 年前，這個比例可能略低於 5%。我們賺取的保費也基本上以同樣的速度成長。你看看那個時間表，看看續保保費與第一年保費，它非常一致。

So it is -- it's just really showing a very stable, consistent growth. And that, as Matt mentioned in his comments, turns into stable, consistent growth of cash premium collections, of which, at least at American Income, over 95% of those are collected on a monthly basis. And it's a little bit less than that on a total Globe Life basis. But again, that's consistent cash flow that we've talked about over the years, many years on, is the strong, stable support for our operations and our statutory operations where we generate over $1 billion of operating cash flow year in and year out. So the trends on those are pretty consistent over time.

確實如此——它確實表現出了非常穩定、持續的成長。正如馬特在評論中提到的那樣，這將轉化為現金保費收取的穩定、持續增長，其中至少在美國收入公司，超過 95% 的現金保費收取是按月收取的。而且這個數字比環球人壽的總數字少一些。但同樣，我們多年來一直在談論的持續現金流是對我們的營運和法定業務的強大、穩定的支持，我們年復一年地產生超過 10 億美元的營運現金流。因此，隨著時間的推移，這些趨勢非常一致。

Thank you very much. We'll now go back to Tom Gallagher of Evercore ISI.

非常感謝。現在我們回到 Evercore ISI 的 Tom Gallagher。

Just a follow-up on something you mentioned on the investment new money yield side, when you said the 8% to 10% expected returns on some alternative-type strategies. Can you just clarify how much money were you expecting to invest in those? And what types of asset classes are you looking to expand into again?

只是您在投資新資金收益率方面提到的一些後續內容，當時您提到了一些另類類型策略的 8% 至 10% 的預期回報。您能澄清一下您預計在這些方面投資多少錢嗎？您希望再次擴展到哪些類型的資產類別？

Yes. That's about $400 million to $500 million is what we would anticipate in spending in non-fixed maturities investments during the year. And what that is, is really it's a 3-year commercial -- transitional commercial mortgage loans. And then there's LP strategies, about half of which are in commercial -- some of those are in commercial mortgage loans as well as other -- that have more -- they have underlying debt-like characteristics, whether it be infrastructure or other types of debt strategies within them. So it's probably not quite, relatively close to half and half with respect to those.

是的。我們預計今年的非固定期限投資支出約為 4 億至 5 億美元。這實際上是一種為期三年的商業——過渡性商業抵押貸款。然後是有限合夥人策略，其中大約一半是商業策略，其中一些是商業抵押貸款，還有其他策略，它們具有潛在的類似債務的特徵，無論是基礎設施還是其他類型的債務。因此，就這些而言，可能不完全是相對接近一半。

Got it. So infrastructure and transitional real estate are the main 2 categories?

知道了。那麼基礎設施和過渡性房地產是主要的兩大類呢？

Yes.

是的。

And just out of curiosity, I presume there's a higher C1 charges. And if you're looking to [husband] capital and improve free cash flow, isn't that going to be somewhat of a drag, obviously, not for this year's free cash flow, but for next year?

出於好奇，我推測 C1 費用更高。如果你希望[丈夫]資本並改善自由現金流，顯然這不會對今年的自由現金流產生一定的拖累，而是對明年的自由現金流產生拖累嗎？

Yes. So on the commercial mortgage loans, that's not the case. Now if they are in the LP structure, you do end up with a little higher RBC. Obviously, we're taking that into account as we look -- we talk a lot about having a risk-adjusted and capital-adjusted returns. So when we look at these investments that are getting put on schedule BA and having a little RBC charge, we make -- we look at that and make sure that we're getting that as an appropriate lift, if you will, to pay for that additional capital.

是的。所以對於商業抵押貸款來說，情況並非如此。現在，如果它們處於 LP 結構中，您最終會得到稍高的 RBC。顯然，我們正在考慮這一點——我們談論了很多關於風險調整和資本調整回報的問題。因此，當我們看到這些按計劃進行並收取少量 RBC 費用的投資時，我們會考慮這一點，並確保我們將其作為適當的提升，如果你願意的話，可以支付額外的資本。

And I will just clarify, there's some piece of that. Infrastructure is one of them, there's also just straight credit LPs, we're looking just at some private credit strategies. And I'd -- keep in mind, all of these are managed by outside, and we're partnering with JPMorgan, Goldman, PIMCO, Ares, MetLife. So we have had several different partners that are helping to -- we're investing these through.

我想澄清一下，其中有一部分。基礎建設是其中之一，也有直接信貸有限合夥人，我們只關註一些私人信貸策略。我要記住，所有這些都是由外部管理的，我們正在與摩根大通、高盛、太平洋投資管理公司、阿瑞斯、大都會人壽合作。因此，我們有幾個不同的合作夥伴正在提供幫助——我們正在透過這些合作夥伴進行投資。

We have another follow-up question, this time from Wes Carmichael of Autonomous Research.

我們還有另一個後續問題，這次是來自自主研究公司的韋斯卡邁克爾（Wes Carmichael）。

Just one on American Income. I think you said the midpoint of your guidance on agent count and sales growth, is low to mid-single digits. And I think that's a slowdown from what you're expecting last quarter. And I guess I'm just curious, is that slowdown you're anticipating from negative press or litigation? And are you actually seeing that show up yet?

只有一篇關於美國收入的文章。我認為您說過您對代理商數量和銷售成長的指導中點是低至中個位數。我認為這比您對上季度的預期有所放緩。我想我只是很好奇，您預計這種放緩是來自負面新聞或訴訟嗎？你真的看到它出現了嗎？

Like I mentioned earlier, we're really not seeing it in our recruiting pipeline, which I think is where it'd show up first. So we just revised down slightly to low single-digit growth on the agent count side and mid-single-digit growth on the sales side. And just again, it's too early to tell, but we're really not hearing much from the field related to any sort of disruption or concerns. So just trying to be cognizant of what's out there and it's early days.

就像我之前提到的，我們確實沒有在我們的招募管道中看到它，我認為這是它首先出現的地方。因此，我們只是略微下調了代理商數量方面的低個位數增長和銷售方面的中等個位數增長。再說一次，現在下結論還為時過早，但我們確實沒有從該領域聽到太多與任何形式的干擾或擔憂相關的消息。所以只是想了解外面的狀況，現在還處於早期階段。

Thank you, sir. Ladies and gentlemen, that will conclude today's question-and-answer session. I turn the call back over to Stephen Mota for any additional or closing remarks. Thank you.

謝謝你，先生。女士們、先生們，今天的問答環節到此結束。我將電話轉回給史蒂芬·莫塔，詢問任何補充或結束語。謝謝。

All right. Thank you for joining us this morning, these are our comments, and we will talk to you again next quarter.

好的。感謝您今天早上加入我們，這些是我們的評論，我們將在下個季度再次與您交談。

Ladies and gentlemen, that concludes today's call. We thank you for your attendance. You may now disconnect. Have a good day, and goodbye.

女士們、先生們，今天的電話會議到此結束。我們感謝您的出席。您現在可以斷開連線。祝你有美好的一天，再見。