Globe Life Inc (GL) 2024 Q4 法說會逐字稿

Welcome to the Globe Life 4th quarter 2024 earnings release conference call. My name is Alan and I'll be your coordinator for today's event. (Operator Instructions) I will now hand you over to your host, Stephen Mota, Senior director of Investor relations to begin today's conference. Thank you.

歡迎參加 Globe Life 2024 年第四季財報發布電話會議。我叫艾倫，我將擔任今天活動的協調員。（操作員指示）現在，我將把您交給主持人、投資者關係高級總監 Stephen Mota，開始今天的會議。謝謝。

Thank you. Good morning, everyone. Joining the call today are Frank Svoboda and Matt Darden, our co-chief executive officers, Tom Kambach, our Chief Financial Officer, Mike Majors, our Chief Strategy Officer, and Brian Mitchell, our general counsel. Some of our comments or answers to your questions may contain forward-looking statements they provided for general guidance purposes only.

謝謝。大家早安。今天參加電話會議的有我們的聯合執行長 Frank Svoboda 和 Matt Darden、我們的財務長 Tom Kambach、我們的首席策略長 Mike Majors 和我們的總法律顧問 Brian Mitchell。我們的某些評論或您的問題的回答可能包含前瞻性陳述，它們僅用於一般指導目的。

Accordingly, please refer to our earnings release 2023,10K and the subsequent forms 10Q on file with the SEC. Some of our comments may also contain no GAAP measures. Please see our earnings release and website for discussion of these terms and reconciliations to GAAP measures. I will now turn the call over to Frank.

因此，請參閱我們提交給美國證券交易委員會 (SEC) 的收益報告 2023.10K 和後續 10Q 表格。我們的一些評論可能也不包含任何 GAAP 指標。請參閱我們的收益報告和網站，以了解有關這些條款以及與 GAAP 指標的對帳的討論。現在我將電話轉給弗蘭克。

Thank you, Stephen, and good morning, everyone. In the fourth quarter, net income was $255 million or $3.01 per share compared to $275 million or $2.88 per share a year ago. The operating income for the quarter was $266 million or $3.14 per share, an increase of 12% from a year ago. On the GAAP reported basis, return on equity through 31st, December is 21.7%, and book value per share is $62.50 excluding accumulated on the comprehensive income or AOCI. Return on equity is 15.1%, and book value per share as of 31st December is $86.40 up 13% from a year ago.

謝謝你，史蒂芬，大家早安。第四季淨收入為 2.55 億美元，即每股 3.01 美元，去年同期為 2.75 億美元，即每股 2.88 美元。本季營業收入為 2.66 億美元，即每股 3.14 美元，較去年同期成長 12%。根據 GAAP 報告，截至 12 月 31 日的股本回報率為 21.7%，每股帳面價值為 62.50 美元（不包括綜合收益或 AOCI 的累積）。股本回報率為 15.1%，截至 12 月 31 日的每股帳面價值為 86.40 美元，比去年同期增長 13%。

In our life insurance operations, premium revenue for the fourth quarter increased 4% from the year ago quarter to $823 million. Life underwriting margin was $336 million up 10% from a year ago, primarily driven by premium growth and lower overall policy obligations. In 2025, we expect life premium revenue to grow at the midpoint of our guidance in the range of 4.5% to 5% compared to 4% growth for 2024. As a percentage of premium, we anticipate life underwriting margin to be between 40% and 42%. In health insurance, premium revenue grew 7% to $358 million while health underwriting margin declined 6% to $91 million due primarily to higher claim costs at United American, resulting from higher utilization.

在我們的人壽保險業務中，第四季的保費收入比去年同期成長了 4%，達到 8.23 億美元。人壽承保利潤率為 3.36 億美元，較去年同期成長 10%，主要由於保費成長和整體保單義務減少。到 2025 年，我們預計人壽保險費收入將成長 4.5% 至 5% 的預期中位數，而 2024 年的成長率為 4%。作為保費的百分比，我們預計人壽承保利潤率將在 40% 至 42% 之間。在健康保險方面，保費收入增加 7% 至 3.58 億美元，而健康承保利潤率下降 6% 至 9,100 萬美元，主要原因是聯合保險公司的索賠成本因利用率提高而上升。

In 2025, we expect health premium revenue to grow in the range of 7.5% to 8.5% compared to 6.5% growth for 2024. We also expect health underwriting margin as a percent of premium to be between 25% and 27%. We are pleased with the overall premium growth we saw in 2024, as the 4.7% growth in total premium income was well above the 3.4% growth rate in 2023. This is especially encouraging as we come out of the high inflationary period that has put a stress on the US consumer, especially those in the demographic we serve, and demonstrates the resiliency of our business.

到 2025 年，我們預計健康保險收入將成長 7.5% 至 8.5%，而 2024 年的成長率為 6.5%。我們也預期健康承保利潤率佔保費的百分比將在 25% 至 27% 之間。我們對 2024 年的整體保費成長感到滿意，因為總保費收入的成長率為 4.7%，遠高於 2023 年 3.4% 的成長率。這尤其令人鼓舞，因為我們剛走出高通膨時期，這段時期給美國消費者，特別是我們服務的人群帶來了壓力，同時也顯示了我們業務的彈性。

Due to the continued efforts of our sales and conservation teams, we anticipate this growth rate to accelerate and be even higher in 2025. Administrative expenses were $91 million for the quarter. The increase is primarily due to higher information technology costs related to maintaining IT software and services, employee costs, and legal expenses. While our expenses in the fourth quarter were higher than prior quarters, they were largely in line with our expectations.

由於我們的銷售和保護團隊的持續努力，我們預計這一成長率將加速，到 2025 年甚至更高。本季的管理費用為 9,100 萬美元。成長的主要原因是維護 IT 軟體和服務、員工成本以及法律費用相關的資訊技術成本增加。雖然我們第四季的支出高於前幾個季度，但基本上符合我們的預期。

In 2025, we expect administrative expenses to be approximately 7.4% of premium. I will now turn the call over to Matt for his comments on the 4th quarter marketing operations.

2025 年，我們預計管理費用約佔保費的 7.4%。現在我將把電話轉給馬特，請他評論一下第四季的行銷營運。

Thank you, Frank. At American Income Life premiums were up 7% over the year ago quarter to $433 million and Life underwriting margin was up 9% to $199 million. In the fourth quarter of 2024, Net Life's sales were $93 million. And this is up 22% from a year ago and primarily due to increased productivity and agent count growth. The average producing agent count for the fourth quarter was 11,926, up 7% from a year ago. This growth is due to the continued focus on recruiting and improved new agent retention, and I continue to be very pleased by the momentum at American income.

謝謝你，弗蘭克。美國收入人壽的保費比去年同期上漲 7%，達到 4.33 億美元，人壽承保利潤上漲 9%，達到 1.99 億美元。2024 年第四季度，Net Life 的銷售額為 9,300 萬美元。這比一年前增加了 22%，主要原因是生產力提高和代理商數量增加。第四季平均生產代理商數量為11,926家，比去年同期成長7%。這一增長得益於持續注重招募和提高新代理商的保留率，我對美國收入的成長勢頭感到非常高興。

At Liberty National, our life premiums were up 5% over the year ago quarter to $94 million and the life underwriting margin was up 8% to $34 million. Net life sales increased 1% to $26 million while net health sales were $9 million down 5% from the year ago quarter. The average producing agent count for the fourth quarter was 3,743, up 11% from a year ago, and I'm excited to see the continued agent count growth at Liberty National, which is primarily driven by our recruiting activity and agency middle management growth, and I am confident that this growth in agent count and agency middle management will drive strong sales growth in 2025.

在 Liberty National，我們的人壽保險費比去年同期上漲 5%，達到 9,400 萬美元，人壽承保利潤上漲 8%，達到 3,400 萬美元。人壽淨銷售額成長 1% 至 2,600 萬美元，而健康淨銷售額為 900 萬美元，較去年同期下降 5%。第四季度的平均生產代理商數量為 3,743 人，比去年同期增長了 11%，我很高興看到 Liberty National 的代理商數量持續增長，這主要得益於我們的招聘活動和代理中層管理人員的增長，我相信代理商數量和代理中層管理人員的增長將推動 2025 年強勁的銷售增長。

At Family Heritage, the health premiums increased 8% over the year ago quarter to $111 million and health underwriting margin increased 12% to $40 million. Net health sales were up 6% to $27 million due primarily to an increase in agent count. The average producing agent count for the fourth quarter was 1,512, and this is up 11% from a year ago, and I continue to be pleased to see the agent count growth which is driven by this agency's efforts in recent quarters to emphasize recruiting and middle management development.

在 Family Heritage，健康保險費比去年同期成長 8%，達到 1.11 億美元，健康承保利潤成長 12%，達到 4,000 萬美元。淨健康銷售額增加 6% 至 2,700 萬美元，主要由於代理商數量的增加。第四季度的平均生產代理商數量為 1,512 名，比一年前增長了 11％，我很高興看到代理商數量的增長，這得益於該機構最近幾個季度強調招聘和中層管理人員發展的努力。

At our direct-to-consumer division at Globe life premiums were down 1% over the year ago quarter to $245 million while Life underwriting margin increased 20% to $71 million. Net Life sales were $23 million down 11% from the year ago quarter. Now, as we've mentioned previously, the continued decline in sales is primarily due to lower customer inquiries as we have reduced our marketing spend on certain campaigns that did not meet our profit objectives as a result of higher distribution cost.

在我們環球人壽直接面向消費者的部門，保費比去年同期下降 1% 至 2.45 億美元，而人壽承保利潤率則增加 20% 至 7,100 萬美元。淨人壽銷售額為 2,300 萬美元，較去年同期下降 11%。現在，正如我們之前提到的，銷售額的持續下滑主要是由於客戶諮詢量下降，因為我們減少了某些因分銷成本較高而未達到利潤目標的活動的營銷支出。

Our focus in this area is having a positive impact on our overall margin, as we will continue to focus on maximizing the underwriting margin dollars on new sales by managing the rising advertising and distribution costs associated with acquiring new business.

我們在這一領域的重點對我們的整體利潤率產生了積極影響，因為我們將繼續致力於透過管理與收購新業務相關的不斷上升的廣告和分銷成本來最大化新銷售的承保利潤率。

The value of our direct consumer business is not only those sales directly attributable to this channel, but the significant support that is provided to our agency business through brand impressions and sales leads. As we mentioned last quarter, we expect this division to generate over 750,000 leads during 2025, which will be provided to our three exclusive agencies.

我們的直接消費者業務的價值不僅在於直接歸因於該通路的銷售額，還在於透過品牌印象和銷售線索為我們的代理商業務提供的重大支援。正如我們上個季度提到的，我們預計該部門將在 2025 年產生超過 750,000 條線索，這些線索將提供給我們的三個獨家代理商。

At United American General Agency, here the health premiums increased 9% over the year ago quarter to $151 million driven by strong prior year sales growth of 23%. Health underwriting margin was $5 million down approximately $9 million from the year ago quarter due to higher claim costs resulting primarily from higher utilization.

在美國聯合總代理公司，其健康保險費比去年同期成長了 9%，達到 1.51 億美元，這得益於去年同期銷售額強勁成長 23%。健康承保利潤為 500 萬美元，較去年同期下降約 900 萬美元，因為利用率提高導致索賠成本增加。

For the full year 2025, we anticipate mid-single digit growth in our underwriting margin due to strong sales and premium pricing actions. Net Health sales were $30 million up 7% over the year ago quarter. Now I'd like to discuss our projections and based on the recent trends in our experience with our business, we expect the average producing agent count trends for the full year 2025 to be as follows. At American Income, mid-single digit growth, at Liberty National, low double-digit growth, and at Family Heritage also low double-digit growth.

由於強勁的銷售和保費定價行動，我們預計 2025 年全年承保利潤率將實現中等個位數成長。健康產品淨銷售額為 3,000 萬美元，較去年同期成長 7%。現在，我想討論我們的預測，根據我們業務經驗的最新趨勢，我們預計 2025 年全年平均生產代理數量趨勢如下。American Income 實現了中等個位數成長，Liberty National 實現了低兩位數成長，Family Heritage 也實現了低兩位數成長。

We'd also like to reaffirm our life and health sales guidance we gave on our last earnings call. And as a reminder, this was not where Net Life sales were to Net Life sales for 2025 are expected to be as follows American income, high single digit growth, Liberty National, low double-digit growth, and our direct consumer division, low to mid-single digit growth.

我們也想重申我們在上次財報電話會議上給予的人壽和健康銷售指導。提醒一下，這並不是淨人壽銷售額的現狀，預計 2025 年淨人壽銷售額將如下：美國收入，高個位數增長，Liberty National，低兩位數增長，以及我們的直接消費者部門，低到中個位數增長。

Now, for health sales, we expect Liberty National Family Heritage, and United American General Agency to all have low double-digit growth. Now, before I turn the call back over to Frank for investment operations, I'd like to make a few brief comments regarding the inquiries made by the SEC and the DOJ that we have previously discussed.

現在，就健康產品銷售而言，我們預計 Liberty National Family Heritage 和 United American General Agency 都將達到低兩位數的成長。現在，在我將電話轉回給弗蘭克進行投資運營之前，我想就我們之前討論過的美國證券交易委員會和司法部的調查發表一些簡短的評論。

While these inquiries are still open, there have been no material developments, and neither agency has asserted any claims or made any allegations against Globe Life or AIL, and we're not aware of any actions being contemplated by the SEC or the DOJ.

雖然這些調查仍在進行中，但尚未取得實質進展，而且兩家機構均未對環球人壽或 AIL 提出任何索賠或指控，我們也不知道美國證券交易委員會或司法部正在考慮採取任何行動。

And with respect to the EEOC matter, as of now there have been no material developments to share outside of what was disclosed within our NQ as filed on 6th November 2024. And to the extent there's further information to share on any of these items, we will update you accordingly. I'll turn the call back now to Frank.

關於 EEOC 事宜，截至目前，除了我們於 2024 年 11 月 6 日提交的 NQ 中披露的內容外，尚無任何重大進展可供分享。如果有關這些項目的更多資訊需要分享，我們將及時向您更新。我現在將電話轉回給弗蘭克。

Thanks, Matt. We'll now turn to the investment operations. Excess investment income, which we defined as net investment income, less only required interest, was $38 million up $3 million from the year ago quarter. Net investment income was $282 million up 4%, or $11 million from the year to go quarter. The increase is largely due to the 3% growth in average invested assets over that period and to a lesser degree higher interest rates.

謝謝，馬特。我們現在來談談投資業務。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 3,800 萬美元，比去年同期增加了 300 萬美元。淨投資收入為 2.82 億美元，比去年同期成長 4%，即 1,100 萬美元。這一成長主要是由於該期間平均投資資產成長了 3%，以及較小程度的利率上升。

Required interest is up 3.5% over the year ago quarter in line with the growth in average policy liabilities. For the full year 2025, we expect net investment income to be fairly flat and require interest to grow around 2.5%. The growth in both our average invested assets and our average policy liabilities is lower than historical levels due primarily to the reinsurance of approximately $460 million of our infor annuity reserves that we noted on our last call.

所需利息較去年同期上漲 3.5%，與平均保單負債的成長一致。對於 2025 年全年而言，我們預計淨投資收益將相當平穩，且要求利息增加 2.5% 左右。我們的平均投資資產和平均保單負債的成長都低於歷史水平，這主要歸因於我們在上次電話會議上指出的約 4.6 億美元資訊年金儲備的再保險。

This agreement was effective November 1st. In addition, the impact of higher subsidiary dividends to the parent in 2025 will also contribute to lower average invested asset growth. As such, we anticipate excess investment income to be flat to down 15%. Now regarding our investment yield, in the fourth quarter, we invested $378 million in investment grade fixed maturities, primarily in the industrial and financial sectors. These investments were at an average yield of 5.83%, at an average rating of a and an average life of 35 years.

該協議於11月1日生效。此外，2025年子公司對母公司的股利增加也將導致平均投資資產成長率下降。因此，我們預計超額投資收益將持平或下降 15%。現在關於我們的投資收益率，在第四季度，我們投資了 3.78 億美元的投資等級固定期限債券，主要投向工業和金融領域。這些投資的平均收益率為 5.83%，平均評級為 a，平均期限為 35 年。

We also invested approximately $52 million in commercial mortgage loans and limited partnerships with debt-like characteristics and an average expected cash return of approximately 8.5%. None of our direct investments in commercial mortgage loans involve office properties. The non-fixed maturity investments are expected to produce additional cash yield over our fixed maturity investments while still being in line with our conservative investment philosophy.

我們也向具有債務特徵的商業抵押貸款和有限合夥企業投資了約 5,200 萬美元，平均預期現金回報率約為 8.5%。我們對商業抵押貸款的直接投資均不涉及辦公大樓。非固定期限投資預計將比我們的固定期限投資產生額外的現金收益，同時仍符合我們保守的投資理念。

For the entire fixed maturity portfolio, the fourth quarter yield was 5.27%, up 4 basis points from the fourth quarter of 2023, and up 2 basis points from the third quarter. As of 31st December, the portfolio yield was 5.25%. Including the cash yield for our commercial mortgage loans and limited partnerships, the fourth quarter earned yield was 5.41%. Now regarding the investment portfolio.

就整個固定期限投資組合而言，第四季殖利率為 5.27%，較 2023 年第四季上升 4 個基點，較第三季上升 2 個基點。截至12月31日，該投資組合報酬率為5.25%。包括我們的商業抵押貸款和有限合夥企業的現金收益率在內，第四季度的收益率為 5.41%。現在談投資組合。

Invested assets are $21.2 billion including $18.8 billion of fixed maturities at amortized cost. Of the fixed maturities, $18.3 billion are investment grade with an average rating a minus. Overall, the total fixed maturity portfolio is rated a minus, same as a year ago. Our fixed maturity investment portfolio has a net unrealized loss position of approximately $1.7 billion due to the current market rates being higher than the book yield on our holdings.

投資資產為 212 億美元，其中包括 188 億美元的固定到期債務（以攤銷成本計算）。在固定期限債券中，有 183 億美元為投資等級，平均評級為負。整體而言，總固定期限投資組合的評級為負，與一年前相同。由於目前市場利率高於我們持有的資產的帳面收益率，我們的固定期限投資組合淨未實現虧損約 17 億美元。

As we have historically noted, we are not concerned by the unrealized loss position, as 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. Bonds rated triple B comprise 46% of the fixed maturity portfolio compared to 48% from the year ago quarter. This percentage is at its lowest level since 2007.

正如我們過去所指出的，我們並不擔心未實現損失狀況，因為它主要受利率驅動，並且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，我們有能力持有我們的投資直至成熟。評級為 BBB 的債券佔固定期限投資組合的 46%，而去年同期為 48%。這一比例處於2007年以來的最低水準。

As we have discussed on prior calls, we believe the Triple B securities we acquire 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. While the percent of our invested assets comprised of Triple B bonds might be a little higher than some of our peers, remember that we have little or no exposure to other higher risk assets such as derivatives, equities, residential mortgages, CLOs, and other asset-backed securities.

正如我們在先前的電話會議上討論過的，我們相信，我們收購的 3B 級證券通常能夠提供最佳的風險調整後和資本調整後的回報，部分原因是我們有能力持有證券至到期，而不受利率或股票市場波動的影響。儘管我們的投資資產中由 3B 債券組成的百分比可能比我們的一些同行高一點，但請記住，我們很少或根本沒有接觸其他高風險資產，例如衍生性商品、股票、住宅抵押貸款、CLO 和其他資產支持證券。

Below investment grade bonds remain at historical lows at $525 million compared to $530 million a year ago. The percentage of below investment grade bonds to total fixed maturities is just 2.8%. At the midpoint of our guidance for the full year 2025, we expect to invest approximately $900 million to $1.1 billion in fixed maturities at an average yield of 5.5% to 5.7%, and approximately $300 to $500 million in commercial mortgage loans and limited partnership investments with debt-like characteristics and an average expected cash return of 7 % to 9%. Now I will turn the call over to Tom for his comments on capital and liquidity.

低於投資等級債券仍處於歷史低位，為 5.25 億美元，而一年前為 5.3 億美元。低於投資等級債券佔總固定期限債券的比例僅 2.8%。在我們對 2025 年全年的預期中位數中，我們預計將投資約 9 億至 11 億美元於固定期限債券，平均收益率為 5.5% 至 5.7%，並投資約 3 億至 5 億美元於商業抵押貸款和有限合夥投資，具有債務特徵，平均預期現金回報率為 7% 至 9%。現在我將把電話轉給湯姆，請他談談對資本和流動性的評論。

Thanks, right. Let me spend a few minutes discussing our share repurchase program, available liquidity, and capital position. The parent began the year with liquid assets of approximately $48 million and ended the year with approximately $90 million. In the fourth quarter, the company repurchased approximately 338,000 shares of Globe Life Inc. Common stock for a total cost of approximately $36 million at an average share price of $105.37.

謝謝，對的。讓我花幾分鐘討論一下我們的股票回購計劃、可用流動性和資本狀況。母公司年初的流動資產約為 4,800 萬美元，年末約為 9,000 萬美元。第四季度，該公司回購了約 338,000 股 Globe Life Inc. 普通股，總成本約為 3,600 萬美元，平均股價為 105.37 美元。

This was slightly higher than we had anticipated in the quarter. For the full year we purchased 10 million shares for a total cost of $946 million at an average share price of $93.76 including shareholder dividend payments of $85 million. The company returned slightly more than $1 billion to shareholders during 2024. In addition to the liquid assets held by the parent company will generate excess cash flows during 2025. The 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.

這略高於我們本季的預期。全年我們回購了 1,000 萬股，總成本為 9.46 億美元，平均股價為 93.76 美元，其中包括 8,500 萬美元的股東股息。2024 年，該公司向股東返還了略高於 10 億美元的資金。此外母公司持有的流動資產將在2025年產生超額現金流。我們定義的母公司的超額現金流主要來自於母公司從其子公司收到的股利減去債務所支付的利息。

Although our statutory results are not final, we anticipate the parent company's excess cash flow for the full year 2025 will be approximately $785 million to $835 million. Excess cash flows are anticipated to be higher in 25 than in 24. Primarily as a result, as resulting from higher statutory earnings in 204 than in 2023, as well as the impact of previously discussed reinsurance transactions completed in 2024. Statutory income in 2024 is anticipated to be higher than statutory income in 2023, primarily from favourable investment results, statutory reserve changes, improved mortality results, and lower realized losses.

雖然我們的法定結果尚未最終確定，但我們預計母公司 2025 年全年的超額現金流將約為 7.85 億美元至 8.35 億美元。預計25年的超額現金流將高於24年的。主要是由於 204 年的法定收入高於 2023 年，以及先前討論過的 2024 年完成的再保險交易的影響。預計 2024 年的法定收入將高於 2023 年的法定收入，主要來自於有利的投資結果、法定儲備金變化、死亡率結果的改善以及已實現損失的降低。

At the midpoint of our guidance, the anticipated excess cash flows are expected to be used to distribute approximately $85 million to shareholders in the form of dividend payments. And reduce commercial paper to more historical levels, with the remainder expected to be used for share repurchases in the range of $600 million to $650 million absent an alternative use with a higher return to our shareholders.

在我們指引的中點，預期的超額現金流預計將以股利的形式向股東分配約 8,500 萬美元。並將商業票據減少到更接近歷史水平，剩餘部分預計將用於 6 億至 6.5 億美元的股票回購，除非有其他能為股東帶來更高回報的用途。

We anticipate liquid assets at the parent of around 60 million at the end of the year. We still believe share repurchases provide the best return or yield to our shareholders. Thus, we anticipate share repurchases will continue to be the primary use of the parent's excess cash flows after the payment of shareholder dividends.

我們預計母公司年底的流動資產將達到約 6,000 萬。我們仍然相信股票回購能為我們的股東帶來最佳回報或收益。因此，我們預期股票回購將繼續成為母公司在支付股東股利後超額現金流的主要用途。

With regards to capital levels that our insurance subsidiaries, our goal is to maintain our capital levels necessary to support our current ratings. Globe Life targets a consolidated company Action Level, RBC in the range of 300% to 320%. Since our statutory financial statements are not yet final, our consolidated RBC ratio is not yet known. However, we anticipate the final 2024 RBC ratio will be within our targeted range.

關於我們的保險子公司的資本水平，我們的目標是維持支持目前評級所需的資本水準。Globe Life 的目標是將公司合併行動水準 (RBC) 設定在 300% 至 320% 之間。由於我們的法定財務報表尚未最終確定，因此我們的合併 RBC 比率尚不清楚。不過，我們預計 2024 年的最終 RBC 比率將在我們的目標範圍內。

Now with regards to policy obligations for the current quarter, as we discussed on prior calls, life and health assumption changes were made in the 3rd quarter. No assumption changes were made in the 4th quarter. The supplemental financial information available on our website provides an exhibit that details the quarterly remeasurement gain or loss by distribution channel.

現在關於本季的政策義務，正如我們在先前的電話會議中所討論的那樣，人壽和健康假設在第三季發生了變化。第四季沒有做出任何假設變更。我們網站上提供的補充財務資訊提供了一個詳細列出分銷管道季度重估收益或損失的圖表。

For the 4th quarter, life obligations continue to be favourable when compared to our assumptions of mortality and persistency, resulting in lower policy obligations and a $19 million remeasurement gain related to experience fluctuations. For the full year encompassing both assumption changes and experience related fluctuations, the remeasurement gain from the life segment resulted in $107 million of lower life policy obligations. And for the health segment, $3 million of higher health policy obligation.

就第四季而言，與我們的死亡率和持續性假設相比，人壽保險義務繼續保持有利，導致保單義務降低，並因經驗波動而產生 1900 萬美元的重估收益。就全年而言，包括假設變更和經驗相關波動，壽險部門的重估收益導致壽險保單義務減少了 1.07 億美元。對於健康領域，健康保險義務增加 300 萬美元。

In recent quarters, mortality trends in the life segment have been favourable relative to our long-term assumptions. If mortality continues to develop favourably over the next couple of quarters, life obligations will be favourable relative to our long-term assumptions resulting in life remeasurement gains. Conversely, if mortality experience is higher than our long-term assumptions, we will experience life remeasurement losses. Recent mortality lapse experience will inform future updates to long-term assumptions. Which we intend to make in the 3rd quarter of 2025.

最近幾個季度，相對於我們的長期假設，壽險領域的死亡率趨勢是有利的。如果未來幾季死亡率持續呈現良好發展趨勢，那麼人壽保險義務將相對於我們的長期假設而言更為有利，從而帶來壽命重新衡量收益。相反，如果死亡率高於我們的長期假設，我們將經歷生命重新測量損失。最近的死亡率下降經驗將為未來長期假設的更新提供參考。我們計劃在 2025 年第三季實現這一目標。

For the health segment, we anticipate health obligations for our Medicare supplements and group retiree health products will continue to be elevated given recent claim trends outpacing premium rate increases. Finally, with respect to our earnings guidance for 2025, for the full year 2025, we estimate net operating earnings per diluted share will be in the range of $13.45 to $14.05 representing 11% growth at the midpoint of our range.

對於健康領域，鑑於最近的索賠趨勢超過保費率上漲趨勢，我們預計醫療保險補充保險和團體退休人員健康產品的健康義務將繼續增加。最後，關於我們對 2025 年的獲利預測，我們預計 2025 年全年每股攤薄淨營業收益將在 13.45 美元至 14.05 美元之間，占我們區間中點的 11% 的成長。

The $13.75 midpoint is higher than our previous guidance. Due to the favourable mortality experience we've seen in recent quarters in the anticipation that these favourable mortality trends will continue into 2025, resulting in improved life underwriting margins. Those are my comments. I will now turn the call back to Matt.

13.75 美元的中間點高於我們先前的預期。由於我們最近幾季的死亡率表現良好，預計這種有利的死亡率趨勢將持續到 2025 年，從而提高人壽承保利潤率。以上是我的評論。我現在將電話轉回給馬特。

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

謝謝你，湯姆。以上就是我們的意見，現在我們將開始提問。

(Operator Instructions)

（操作員指令）

We will take our first question from Jimmy Bhullar, JP Morgan. Your line is open. Please go ahead.

我們的第一個問題來自摩根大通的 Jimmy Bhullar。您的線路已開通。請繼續。

Hey, good morning, so first, just a question on your results. I thought overall most of the business metrics were good, but one of the negatives was just a little bit of an increase in 1st year lapses in, the direct channel and also in Liberty and so hoping if you could discuss what's really causing that and do you expect that trend to continue to get worse as you get through 2026 or 25.

嘿，早安，首先，我問一個關於你的結果的問題。我認為總體而言，大多數業務指標都很好，但其中一個負面因素是直接管道和 Liberty 的第一年失誤率略有增加，所以希望您能討論一下造成這種情況的真正原因，以及您是否預計這種趨勢會在 2026 年或 2025 年繼續惡化。

Can we take that, yeah. And Jimmy, I think a couple of things. I think we're pleased overall with that lapse experience has stabilized and AIL actually lapse rates went down a little bit. Overall, for liberty they went down a little bit from sequential quarters. So, I think there's some good news there that, the higher lapse rates that we had seen had stabilized a bit.

我們可以接受嗎？吉米，我想到了一些事情。我認為我們總體上對失效率經驗已經穩定下來感到滿意，而且 AIL 的失效率實際上有所下降。整體而言，自由度較上一季下降。因此，我認為這裡有一個好消息，那就是我們所看到的較高的遞減率已經稍微穩定下來。

On BTC, we are seeing a little bit higher lapse rates that we have historically, and some of that is mix of business that quite a bit of our new business is coming from the internet channel versus us more of our mail and insert media channels. So those dig digital channels do experience a little bit higher lapse rates and I think that's part at least part of the story there.

對於 BTC，我們看到的失效率比歷史上要高一些，其中一部分是業務混合，我們的相當一部分新業務來自互聯網渠道，而我們更多的是來自郵件和插入媒體渠道。因此，這些數位頻道確實經歷了更高的失效率，我認為這至少是部分原因。

Yeah, one thing, Jimmy, I would just add to that really if you go back and look at American income and especially kind of their average, 1st year lapse rates, especially pre pandemic, we're right in line with, where that it's always fluctuates, of course, on a quarterly basis, and really it's not really that measurably higher than even the long term average since, for the last, 10,15 years.

是的，吉米，有一件事我想補充一下，如果你回顧一下美國人的收入，特別是他們第一年的平均失效率，尤其是在疫情之前，我們就會發現它總是在按季度波動，而且實際上它並沒有明顯高於過去 10、15 年以來的長期平均水平。

Okay, and then on the regulatory investigation, especially on the DOL and The SEC from the outside in, how does one get finality to this because I typically those agencies don't tend to put out releases when they're done investigating something unless there's a fine or something else but what's your view on how somebody would get well obviously the passage of time without any new news is a positive but other than that, how does one get final how do, how should we see some finality or resolution to this from the outside.

好的，然後關於監管調查，特別是從外部對勞工部和證券交易委員會的調查，如何才能最終確定這件事，因為我通常認為這些機構在完成調查後不會發布新聞稿，除非有罰款或其他什麼，但您如何看待某人會好起來，顯然，隨著時間的推移而沒有任何新消息是一件好事，但除此之外，如何最終確定這件事，我們應該如何從外部看到這件事的結果。

Yeah, thanks Jimmy. Our intent is to be able to disclose the conclusion of those inquiries when they happen of course we're working through those processes as we speak, but you're right, generally the agencies themselves don't issue something, but our intent would be able to communicate when those inquiries have been concluded at the time that that happens.

是的，謝謝吉米。我們的目的是能夠在這些調查發生時披露其結論，當然，我們正在進行這些流程，但你是對的，一般來說，機構本身不會發布任何消息，但我們的目的是能夠在這些調查發生時傳達其結論。

Okay. And then if I just ask one more, on the health business there was some optimism last year that with the reimbursement rate changes on Med advantage plans maybe there would be more volumes flowing towards meds up. It seems like now the trend could actually end up reversing and meds up, the market might shrink a little bit. What what are your thoughts on that given the changes in the administration?

好的。然後，如果我再問一個問題，關於醫療保健業務，去年有一些樂觀情緒，認為隨著醫療優勢計劃報銷率的變化，可能會有更多的資金流向藥物。現在看起來趨勢實際上可能會逆轉，市場可能會略有萎縮。鑑於政府的變化，您對此有何看法？

Yeah, that one's an interesting one that we want to watch, there's been some in the new administration that have voiced some optimism around MA plans, but I do believe also there's a segment of consumers and frankly providers that may be disenfranchised with. The structure of Medicare Advantage plans, and I think that would still be a benefit to, the Medicare supplement market because people still do like choice and, again, there's certain providers that have not been happy with reimbursements on the MA side.

是的，這是一個有趣的問題，我們想關註一下，新政府中的一些人對 MA 計劃表示了一些樂觀態度，但我相信也有一部分消費者，坦白說，供應商可能會被剝奪權利。醫療保險優勢計劃的結構，我認為這仍然有利於醫療保險補充市場，因為人們仍然喜歡選擇，而且某些提供者對 MA 方面的報銷並不滿意。

So, it, it's one of those that we're watching and seeing. I don't think it's too early to conclude one way or another how that market's going to shake out with the new administration.

所以，它是我們正在觀察和看到的事物之一。我認為現在就斷定新政府上台後市場將如何變化還為時過早。

No. Thank you. We will take our next question from Jake Matten, BMO Capital Markets. Your line is open. Please go ahead.

不。謝謝。下一個問題由 BMO 資本市場部的 Jake Matten 提出。您的線路已開通。請繼續。

Hi, good morning. Just the first question, your excess cash flow guidance and the higher guidance you gave for 2025, I guess, are you able to quantify the different elements of that across the reinsurance, accounting changes and maybe the favourable underlying results that you mentioned? Just trying to get at what, how much of the increase was more maybe one time in nature and how much you would expect to kind of persist into your out of year run rate.

嗨，早安。第一個問題，您的超額現金流指導和您為 2025 年給出的更高指導，我想，您能否量化再保險、會計變更以及您提到的有利的潛在結果中的不同因素？只是想弄清楚，這種增長有多少是一次性的，以及你預計這種增長會在年內持續多少。

Yeah, So thanks for the question. Yeah, one of the increases is the reinsurance transactions that we did last year and as I indicated on the call that those were worth about $100 million. So, we actually, did file for an extraordinary dividend and got approval at the end of the year. So that's providing some additional excess liquidity to the parent in 2025, and that's reflected in those numbers as well, which incorporates the impact of those reinsurance numbers.

是的，感謝您的提問。是的，其中一個成長是我們去年進行的再保險交易，正如我在電話會議上指出的那樣，這些交易價值約為 1 億美元。因此，我們實際上確實申請了特別股息，並在年底獲得了批准。因此，這將在 2025 年為母公司提供一些額外的過剩流動性，這也反映在這些數字中，其中包含了這些再保險數字的影響。

The other kind of. Run rate is statutory earnings are a bit higher because of some valuation manual changes, and there's a little bit of a catch up there and in the full year benefit of that was probably closer to $150 million versus the $120 million that I had estimated at last quarter and that probably cuts in half as we kind of look at it as we go as we go further out into the 20, the benefit that we might see from that, from a normal run rate in 2025 and on.

另一種。運行率是由於一些估值手冊的變化而導致的法定收益略高，並且那裡有一些追趕，全年的收益可能接近 1.5 億美元，而我上個季度估計的是 1.2 億美元，如果我們進一步展望 20 年，從 2025 年及以後的正常運行率來看，這一收益可能會減少一半。

Okay. A question on the life margin, and the higher guidance there I guess is that's something that's is like to make term experience that would flow through kind of the remeasurement games, I guess I know you had your like assumption last quarter if something in particular that's driving like the improved outlook now versus what you had coming out of that review.

好的。關於壽命邊際的問題，我猜那裡的更高指導是，這就像是通過某種重新測量遊戲來獲得長期經驗，我想我知道你在上個季度有這樣的假設，如果有什麼特別的事情推動了現在前景的改善，而不是你從那次審查中得出的結論。

Yeah, we really saw, I think what, we saw in the 4th quarter was just some really good mortality experience and especially development on the claims that were incurred in, the, incurred in Q3 and Q2. So as, even though your kind of were looking at some of the favourable experience that we were seeing earlier in the year and that that at least was an input into how we thought about.

是的，我認為，我們確實看到，我們在第四季度看到的只是一些非常好的死亡率體驗，特別是在第三季和第二季發生的索賠的發展。因此，即使您正在回顧我們在今年早些時候看到的一些有利經驗，並且這些經驗至少對我們的思考方式有所啟發。

The assumptions really in the 4th quarter we just, we saw some very good experience taking place and so we continue to have, a pretty sizable remeasurement gain in Q4 just since that was so much better than that long term assumption that we had in place.

我們在第四季度的假設確實如此，我們看到了一些非常好的經驗，因此我們在第四季度繼續獲得相當大的重估收益，因為這比我們制定的長期假設要好得多。

Yeah, Thank you.

是的，謝謝。

We will take our next question from Elyse Greenspan, Wells Fargo, your line is open. Please go ahead.

我們將回答富國銀行的 Elyse Greenspan 的下一個問題，您的電話已經接通。請繼續。

Hi, thanks, good morning, my first question, is on buyback. Should we just think about, that kind of, being evenly spread, the guide throughout the four quarters of the year and then. I know, right, you guys, prior to some of the DOJ, investigations, right. There was, some deal you guys were considering, do you, consider, M&A, I guess kind of returning to the equation in 2025 embedded within your capital outlook?

嗨，謝謝，早安，我的第一個問題是關於回購的。我們是否應該考慮一下，將這種指南均勻分佈在一年四個季度中。我知道，對吧，夥計們，在司法部進行一些調查之前，對吧。你們正在考慮一些交易，你們是否考慮過併購，我想這有點像回到 2025 年資本展望中的等式？

Yeah, I'll start with that is, we did begin, sharing purchases again at the beginning of the year and, stop that as we entered into a blackout period, but we would our plan is to continue kind of our historical practices around share repurchases, which is, rateable throughout the year and so it might not be evenly rateable but it's generally consistent throughout the year.

是的，我首先要說的是，我們確實在年初開始了股票購買，並在進入禁售期後停止了股票購買，但我們的計劃是繼續我們圍繞股票回購的歷史做法，也就是全年可評級，因此可能不是均勻評級，但總體上全年都是一致的。

And then, and one of the reasons we do do that is that it does allow us to kind of really manage those cash flows so if we do see an M&A opportunity, you know that that we think is really beneficial for the shareholders, then we can, pivot and use some of those cash flows for that. I mean we will continue to be open to M&A opportunities, and continue as we've talked about our prior calls, really looking for something that helps us to expand ours.

我們這樣做的原因之一是，它確實使我們能夠真正管理這些現金流，因此，如果我們確實看到了併購機會，你知道我們認為這對股東確實有利，那麼我們就可以調整併使用其中一部分現金流來實現這一目標。我的意思是，我們將繼續對併購機會持開放態度，並繼續像我們之前的通話中所說的那樣，真正尋找能夠幫助我們擴大業務的東西。

Our offerings, if you will, in the, to serve middle income policyholders, with basic protection products and that comes with some type of distribution. So, we will continue to be, looking for those opportunities and open to those opportunities if they arise.

如果您願意的話，我們可以為中等收入保單持有人提供基本的保障產品，並附帶某種類型的分銷。因此，我們將繼續尋找這些機會，並對出現的這些機會持開放態度。

Thanks, and then my second question, health utilization, did trend up in the second half of last year. Can you just provide some, kind of colour on your thoughts, for 2025 there as well.

謝謝，我的第二個問題，醫療利用率在去年下半年確實呈現上升趨勢。您能否就 2025 年提供一些您的想法？

Yeah, I mean definitely health utilization was high during the course of 2024 and actually we saw it get a little bit higher in 2025. It's kind of one of the reasons why we've adjusted our range for health underwriting margin overall. It's just that we continue to believe that utilization will continue to run a little bit high and outpace the rate increases that that we've actually filed and gotten approved for premium increases in 2025.

是的，我的意思是，2024 年期間醫療利用率肯定很高，實際上，我們看到 2025 年醫療利用率會略高一些。這也是我們整體調整健康承保利潤範圍的原因之一。只是我們仍然相信，利用率將繼續保持在高位，並超過我們實際提交並獲得批准的 2025 年保費增長幅度。

So, you know over time I think we'll catch up with that, but I think in in 2025 we do expect to see higher utilization.

所以，隨著時間的推移，我認為我們會趕上這一點，但我認為在 2025 年我們確實有望看到更高的利用率。

Thank you.

謝謝。

We will take our next question from Wilma Burdis, Raymond James, your line is open. Please go ahead.

我們將回答雷蒙德詹姆斯 (Raymond James) 的威爾瑪伯迪斯 (Wilma Burdis) 的下一個問題，您的電話已經接通。請繼續。

Good morning.

早安.

So, if I took out the reinsurance and the evaluation manual updates, I'm estimating organic excess cash flow of around, I think it's around $550 to $600 million. Is that a good base and then the 75 million or I guess half of 150 million that you expect to continue in 26 over what time frame will that persist? Thank you.

因此，如果我去掉再保險和評估手冊更新，我估計有機超額現金流約為 5.5 億至 6 億美元。這是個好的基礎嗎？謝謝。

Thanks, Wilma. I think your base is good. I don't, we haven't really finalized, 2024 statutory earnings and so next quarter I'll, I could give you a better update on kind of where we think that run rate is. I think one of the things we want to factor in is that, investment income is expected to be, fairly flat, so I think that's going to.

謝謝，威爾瑪。我認為你的基礎很好。我不知道，我們還沒有真正確定 2024 年的法定收益，所以下個季度我可以給你一個更好的更新，說明我們認為的運行率在哪裡。我認為我們要考慮的因素之一是，投資收益預計會相當平穩，所以我認為這是會的。

Limit some of that upside so we can give you an update next quarter on that as well once we finalize the statutory earnings, but I think you're in the ballpark, anyway, the, and then on the evaluation manual changes, I think we saw in 24 that was really kind of an impact to the to the Infor business and so as the Infor business.

限制一些上行空間，以便我們能夠在下個季度最終確定法定收入後向您提供最新信息，但我認為您大致了解，無論如何，然後關於評估手冊的變化，我認為我們在 24 中看到這確實對 Infor 業務產生了影響，對 Infor 業務也是如此。

Goes as that subsides from the existing enforced business, some of it will be made up by new business that comes on. So I think, although I don't have a crystal ball there, I think that's 70 million that that is the midpoint or half of that will decline a little bit over time, but I think a lot of that is sustainable additional statutory earnings.

隨著現有強制業務的減少，部分業務量將由新業務的出現所彌補。因此我認為，儘管我沒有水晶球，但我認為 7000 萬是中間值，或者其中的一半會隨著時間的推移而略有下降，但我認為其中很大一部分是可持續的額外法定收入。

Okay thank you. And then, could you talk a little bit about what the recruiting and sales environment is like right now from a macro perspective? Middle income consumers seem to be in a modestly better financial condition. Does that have any impact on sales and or recruitment? And then can you talk a little bit about what you're seeing for in the market? Thanks.

好的，謝謝。然後，您能從宏觀角度談談目前的招募和銷售環境嗎？中等收入消費者的財務狀況似乎略好。這對銷售或招募有影響嗎？那麼您能稍微談談您在市場上看到的情況嗎？謝謝。

Yeah, thanks Wilma. I think you know we're still seeing some strong growth in our recruiting efforts and hiring efforts and so we anticipate that to continue forward into 2025 and so that's reflective in the growth numbers that we're anticipating on our agent count side and then of course that translates into our sales growth. One of the things we just wanted to acknowledge, for as an example for American income, we're coming off of 4 prior to Q4.

是的，謝謝威爾瑪。我想你知道我們的招聘工作和僱用工作仍然看到強勁增長，所以我們預計這種增長將持續到 2025 年，這反映在我們預期的代理商數量增長數字上，當然這會轉化為我們的銷售增長。我們只想承認的一件事是，以美國收入為例，我們在第四季之前的收入已經低於 4。

We're coming off of 4 quarters of double-digit growth and in some cases very high, up to 20% growth if I go back, 4 quarters ago. And so, We're tempering that a little bit of just maintaining 15 and 20% agent count growth quarter over quarter is a little bit higher than our historical norms, but again, I still think we're going to have a good environment for 2025 if I look at just our momentum across all three agencies coming out of the end of 24.

我們已連續 4 個季度實現兩位數成長，如果追溯到 4 個季度前，某些情況下的成長率甚至非常高，高達 20%。因此，我們正在稍微調整一下，使代理商數量環比增長保持 15% 和 20%，這比我們的歷史標準要高一點，但我仍然認為，如果我只看 24 年底三家代理機構的發展勢頭，我們將在 2025 年擁有良好的環境。

Then on the sales side, we continue to see growth there. We actually as we look at the new business that we're selling, we're having improvements and just the premium on a per policy basis and so. As we've discussed before, the macroeconomic environment, we seem to be pretty resilient from that is, I go back to when we were experiencing 8% and 9%, inflation rates, we were still able to grow both on the recruiting agent count side as well as on the sales side. And so we continue to see our customer base, be very resilient. And I think that just gets back to this marketplace.

在銷售方面，我們繼續看到成長。實際上，當我們審視我們正在銷售的新業務時，我們正在進行改進，並且只是根據每份保單提高保費等等。正如我們之前討論過的，宏觀經濟環境似乎具有很強的彈性，回想一下，當我們經歷 8% 和 9% 的通貨膨脹率時，我們仍然能夠在招聘代理數量和銷售額方面實現增長。因此，我們繼續看到我們的客戶群非常有彈性。我認為這又回到了這個市場。

Continues to have a significant amount of opportunity with a significant number of people that are underinsured or uninsured in this marketplace and we have a good opportunity to continue to develop sales, in that area and, as we've discussed before, the benefit I think of our policies is the small, their basic protection, they're easy to understand, they're designed for middle income America and the premiums are small on a relative basis, per month, depending on the channel, they're $30 to $60 a month in premium and so it's not really price prohibitive to take out those kind of policies for our customers.

在這個市場上，有大量的保險不足或沒有保險的人，我們繼續擁有大量的機會，我們有很好的機會繼續發展這一領域的銷售，正如我們之前討論過的，我認為我們的保單的好處是金額小，基本保障簡單易懂，是為中等收入的美國人設計的，而且保費相對較小，根據渠道不同，每月保費為 30 至 60 美元，因此不會為客戶購買的價格。

And I think that gets into the resiliency of our enforce space as we talk about, there are lapse rates that we discussed. They move around a little bit, but it's in a pretty narrow band as different economic cycles come and go.

我認為這涉及到我們執行空間的彈性，正如我們討論的那樣，存在著我們討論過的失效率。它們會稍微波動，但由於不同的經濟週期來來去去，所以波動幅度相當窄。

We will take our next question from John Barnidge, Piper Sandler. Your line is open. Please go ahead.

下一個問題將由派珀·桑德勒 (Piper Sandler) 的約翰·巴尼奇 (John Barnidge) 提出。您的線路已開通。請繼續。

Thank you for the opportunity. My first question on agent trends, and I appreciate that you gave the guidance for agent growth for the year, but, and I understand there's some seasonality in 4th quarter with the holidays if that occurs but how have 1st year agents trended in January. Essentially 1st quarter so far across those channels.

感謝您給我這個機會。我的第一個問題是關於代理商趨勢的，我很感謝您給出了今年代理商增長的指導，但是，我知道如果出現這種情況，第四季度會有一些假期的季節性，但第一年的代理商在 1 月份的趨勢如何。基本上第一季到目前為止這些通路的情況都是如此。

Yeah, John, you're right, it's not unusual around the holidays, so the latter half of Q4 and, frankly, sometimes that bleeds over into the very first part of Q1. We do have a little bit of seasonality on the recruiting and agent retention side and so our guides are really reflective of the entire year. And generally, we see a pickup in particularly in Q2 and within Q3 of strong agent count growth. And so really, as we've discussed before, we like, we talk about its quarter over quarter, but we really like looking at it on a year over year basis and, what I'm very pleased about is that we have very high, correlation between producing agent count and our sales.

是的，約翰，你說得對，這種情況在假期期間並不罕見，所以在第四季度的後半段，坦白說，有時這種情況會延續到第一季的第一部分。在招募和代理商留任方面，我們確實受到一些季節性的影響，因此我們的指南實際上反映了全年的情況。總體而言，我們看到代理商數量在第二季和第三季出現強勁成長。因此，正如我們之前討論過的，我們喜歡討論季度環比增長，但我們更喜歡按年環比增長來查看，令我非常高興的是，生產代理數量和銷售額之間存在高度相關性。

So, for example, if you look at a 3-year keger for American income, we have about an 8% agent count growth, and we have about an 8% sales growth over that time frame and similar statistics if walk through liberty and family heritage. So, our long-term potential is really focused on Around that 10% agent count growth and trying to achieve a similar number for sales growth that really drives our expectation for our premium earnings that ultimately are in our results for the year. So, I'd say, to answer your question, I don't, the 4th quarter activity is kind of what I would expect to be normal from a little bit of seasonality and I think we're starting off strong for this year around what we would expect and how that builds over time.

因此，例如，如果您查看 3 年的美國收入情況，我們的代理商數量增長了約 8%，並且我們在這段時間內的銷售額增長了約 8%，如果走過自由和家族傳統，也會有類似的統計數據。因此，我們的長期潛力實際上集中在代理商數量增長 10% 左右，並試圖實現類似的銷售額增長，這真正推動了我們對保費收入的預期，而這最終將體現在我們今年的業績中。所以，我想回答你的問題，我不這麼認為，第四季度的活動是我所期望的正常活動，從一點季節性來看，我認為我們今年的開局強勁，符合我們的預期，也符合隨著時間的推移而發展的情況。

And then on my follow up question. I know you're doing some efforts to get a Bermuda platform up any update you can provide or any markers on the way station we should watch out for. Thank you. Yeah.

然後是我的後續問題。我知道您正在努力建立百慕達平台，以便提供您能提供的任何更新或我們應該注意的路站標記。謝謝。是的。

Yeah, thanks, I think we're on track with our analysis, we had communicated that we update your kind of mid-year as far as what our plans are there and we're on track to do that so we still, pretty good with where we are.

是的，謝謝，我認為我們的分析正在按計劃進行，我們已經溝通過，我們會在年中更新我們的計劃，我們正在按計劃進行，所以我們對目前的狀況仍然很滿意。

We will take our next question from Wes Carmichael, Autonomous Research. Your line is open. Please go ahead.

下一個問題由 Autonomous Research 的 Wes Carmichael 提出。您的線路已開通。請繼續。

Hey, thank you, good morning. I had a broader question on the stock and capital management, but obviously the stock came under some intense pressure last year and you as a management team took some pretty significant actions and brought back a lot of stock, and I understand your guidance for 2025, but as you sit here today, the stock.

嘿，謝謝，早安。我有一個關於股票和資本管理的更廣泛的問題，但顯然去年股票承受了巨大的壓力，而您作為管理團隊採取了一些相當重要的行動並帶回了大量股票，我了解您對 2025 年的指導，但正如您今天坐在這裡一樣，股票。

Still trading at a pretty significant price earnings multiple discount relative to historical trends. So just curious how you're thinking about taking any other reinsurance, more significant action, or are you feeling a little bit more business as usual now or are you waiting on maybe some of these investigations to conclude?

相對於歷史趨勢，其本益比仍存在相當大的折扣。所以只是好奇您是如何考慮採取任何其他再保險或更重要的行動的，或者您現在是否感覺業務更加照常，或者您是否在等待其中一些調查的結論？

Yeah, thanks, Wes. As we really do look at it, we really do think that there's still some opportunities clearly, in the valuations of our shares, I do think we will, continue to look really hard at. Where are there pockets of opportunity for us to you know manage that capital? Are there opportunities for us to release some additional capital, over the course of the year, so we are continuing to look at some of those opportunities, and you know we still, we do think that the stock is a good buy, so we will.

是的，謝謝，韋斯。當我們真正審視它時，我們確實認為在我們的股票估值中顯然仍然存在一些機會，我確實認為我們會繼續認真關注。您知道我們在哪些方面有機會管理這些資本？我們是否有機會在一年內釋放一些額外的資本，因此我們將繼續研究其中的一些機會，而且你知道，我們仍然認為該股票值得買入，所以我們會這麼做。

Be taking a look at that now. I say that and I think as we mentioned earlier from a timing perspective, largely want to be thinking about, our share purchases coming over the course of the year and there may be a little bit of a, front end, loading on that just a little bit. But for the most part it helps us to manage cash flows over the over the course of the year.

現在就看一下。我這樣說，是因為我認為正如我們之前從時間角度提到的那樣，我們主要想考慮的是，我們的股票購買將在一年內進行，並且可能會有一點點前端加載。但在大多數情況下，它可以幫助我們管理全年的現金流。

But again, I think we'll continue to look at opportunities and try to be a little bit aggressive with respect to freeing up some additional cash or additional capital in order to take advantage of, current share price.

但我再次認為，我們將繼續尋找機會，並嘗試積極一點，釋放一些額外的現金或額外的資本，以利用當前的股價。

Got it. I think that's helpful. And I just had two kind of housekeeping follow ups. I think in the lease there was some legal accruals about 12.5 million below the line. That's a little bit chunkier than it than it's run. Can you just talk about the nature of what you're booking there? And my follow up was just on commercial paper. Can you give us a sense on how much you're allocating excess cash flows this year for that?

知道了。我認為這很有幫助。我剛剛處理了兩種後續事務。我認為租約中存在一些低於該線的合法應計費用，約為 1250 萬美元。這比它運行起來要粗一些。您能談談您在那裡預訂的內容嗎？我的後續工作只是涉及商業票據。您能告訴我們今年您為此分配了多少超額現金流嗎？

Yeah, so as Globe Life and its subsidiaries are subject to litigation from time to time. And it's common in the insurance and that's common in the insurance industry in general. We've seen an update, an uptick in litigation claims and expenses over the past several quarters, as well as legal expenses stemming from claims made by recent short sellers. The line item for legal proceedings this quarter includes an estimate of costs associated with settlements of certain.

是的，因為 Globe Life 及其子公司時常會遭遇訴訟。這在保險業中很常見，而且在整個保險業中也很常見。我們看到了最新情況，過去幾個季度的訴訟索賠和費用有所增加，以及最近賣空者提出的索賠引起的法律費用。本季度法律訴訟的項目包括與某些案件和解相關的費用估算。

Litigation claims not related to the DOJ, SEC, or EEOC matters, as well as certain other legal expenses that we incurred. As we are sure you can appreciate, our policy is to refrain from commenting on pending or ongoing legal matters involving the company or any of its subsidiaries, so we're unable to provide any more detail at this time.

與司法部、證券交易委員會或平等就業機會委員會事項無關的訴訟索賠，以及我們產生的某些其他法律費用。我們相信您可以理解，我們的政策是不對涉及該公司或其任何子公司的未決或正在進行的法律問題發表評論，因此我們目前無法提供更多詳細資訊。

And then, we, I think with respect to the commercial paper right now we're kind of, we're looking at trying to bring that down and probably those more normal levels somewhere in the in the low 300s, I think we ended the year around 4:15 so you know kind of. Pointing to around that $100 million or so of use of that to get it back and really, we'll kind of look at that over the course of the year and you know look at cash availability and cash flow needs as well but.

然後，我認為就商業票據而言，我們目前正試圖將其降低，可能將其降至更正常的水平，在 300 以下，我認為我們在年底時大約在 4:15，所以你知道的。指出大約需要使用 1 億美元左右的資金來收回這些資金，實際上，我們會在一年內關注這個問題，同時也會關注現金可用性和現金流需求。

We kind of manage that to help again manage our overall liquidity risk and how we just think of having cash available for our operations, so we'd like to try to get that back into a little bit more of a normal ring normal range if we are able to.

我們透過這種方式來幫助再次管理我們的整體流動性風險，以及我們如何為我們的營運提供現金，所以如果可以的話，我們希望嘗試將其恢復到更正常的範圍內。

Thank you.

謝謝。

We will take our next question from Andrew Kligerman, TD Securities. Your line is open. Please go ahead.

下一個問題由道明證券的 Andrew Kligerman 提出。您的線路已開通。請繼續。

Hey, good morning. So, my first question is around your shifted American income to virtual.

嘿，早安。所以，我的第一個問題是關於您將美國收入轉移到虛擬收入的問題。

Clearly 2024 was really strong in terms of recruiting and sales and now you said it would moderate a bit this year, but it's still very good, right? You said, average, agent counted AI would be mid-single digit and then you said, life sales would be up.

顯然，2024 年在招募和銷售方面表現非常強勁，而您說今年的表現會有所緩和，但仍然非常好，對嗎？您說，平均而言，代理商計數的 AI 會達到中等個位數，然後您說，人壽銷售額會上升。

At a American income high single digit and some of that I think you mentioned was a reflection of higher policy limits, but I'm kind of curious like maybe moving out to 26 or even longer term, you know what kind of an impact is The virtual approach versus, in office having on your recruiting on your sales, I mean, is this something you know where we could see a big pick up in 2026 again? Like how are you thinking about this longer term? It sounds like something better is happening.

對於美國高收入個位數，我認為您提到的部分原因反映了更高的保單限額，但我有點好奇，也許到了 26 歲甚至更長的時間，您知道虛擬方式與在辦公室方式對您的招聘和銷售產生什麼樣的影響嗎？例如，您是如何考慮這個長期問題的？聽起來好像有更好的事情正在發生。

Yeah, thanks Andrew, we started the virtual sales and virtual recruiting during the height of the pandemic and all that was associated with that. We found such a benefit to it is that we've kept that model going forward and really we're seeing a lot of good activity associated with that on the agent recruiting side.

是的，謝謝安德魯，我們在疫情最嚴重的時候開始了虛擬銷售和虛擬招聘以及與此相關的所有活動。我們發現它的一大好處是我們一直保留著這種模式，而且我們確實在代理商招募方面看到了很多與此相關的良好活動。

What we see is that I think we're attracting additional individuals that may not have been interested in a sales opportunity that was face to face in a customer's home across the kitchen table, as they would say is now, those sales can be done from the comfort of their home or wherever they may be located. And you can see what's happening with corporate America with the return back to the office and you see more and more companies announcing back to the office mandates and the like and that's providing additional tailwind to our opportunity as individuals are looking for flexibility and autonomy and the ability to do that.

我們看到的是，我認為我們正在吸引更多的人，他們可能對在客戶家中、廚房餐桌上面對面的銷售機會不感興趣，因為他們會說現在，這些銷售可以在舒適的家中或任何他們所在的地方完成。您可以看到美國企業在重返辦公室後發生的事情，您會看到越來越多的公司宣布重返辦公室的要求等，這為我們的機會提供了額外的順風，因為個人正在尋求靈活性和自主性以及做到這一點的能力。

And so, that has definitely benefited our recruiting efforts over the last, many quarters as I've mentioned, I go back to starting, in early 2023, we've had 20%, 15%, 13%, etc. Agent count growth throughout the end of 23 through 24. And I think, that'll continue to be a benefit to us, that virtual environment. And then the same thing, happens on the sales side is that The ability for our agents to work leads throughout the area where they're licensed so we've seen our agents have an uptick in licensing.

因此，這無疑有利於我們過去多個季度的招聘工作，正如我所提到的，從 2023 年初開始，從 23 年底到 24 年底，我們的代理商數量分別增長了 20%、15%、13% 等。我認為虛擬環境將繼續為我們帶來好處。然後，在銷售方面也發生了同樣的事情，那就是我們的代理商能夠在他們獲得許可的整個區域內開展工作，因此我們看到我們的代理商的許可數量有所增加。

In multiple states to be able to work leads across state lines and so it's just much more efficient from that perspective if I look at our agent activity as well as, we're on the benefit of the consumer has changed, the consumer. Now is much more used to having virtual interactions, you have virtual interactions with your doctor from a telemed perspective, and there's a variety of other, interactions. And so, you have the consumer much more willing, I think, now. As compared to prior to 2020, being willing to have sales interactions through a virtual experience as well. So we don't really see that abating, anytime soon. I think that's just kind of a new normal as we go forward and so.

在多個州能夠跨州開展工作，因此從這個角度來看，如果我查看我們的代理活動，那麼效率會更高，我們對消費者的利益也發生了變化。現在更習慣進行虛擬互動，您可以從遠距醫療的角度與您的醫生進行虛擬互動，並且還有各種其他互動。所以我認為，現在消費者的意願要大得多。與 2020 年之前相比，人們也願意透過虛擬體驗進行銷售互動。因此，我們確實不認為這種現象會很快減弱。我認為這只是我們前進過程中的一種新常態。

We think that will continue to be a benefit. I'm very pleased with, American income. If I look at as an example, their 5 year, keger from an agent count growth perspective, it's over 9% and that lines up very well with approximately 9% sales growth over that same time frame. So they're very much in lockstep over a longer term, perspective. And so, like we've talked about before, we get quarter to quarter fluctuations a little bit, but that long-term growth, we believe it's definitely sustainable.

我們認為這將繼續帶來好處。我對美國的收入非常滿意。舉個例子，從代理商數量成長的角度來看，他們 5 年的 keger 成長率超過了 9%，這與同一時間段內約 9% 的銷售額成長率非常吻合。因此，從長遠來看，他們的步調是一致的。因此，就像我們之前談到的，我們的季度間會有一點波動，但我們相信長期成長絕對是可持續的。

Very helpful and then just shifting over to the life underwriting margin which came in at 41%. And you're guiding in 25 to 40 to 42. I mean that's pretty nice just given that, in 23 it was about 38% and as I kind of went through the supplement, it looks like a lot of the benefit this year came from direct to consumer was that? Is that the right observation? Have you kind of corrected for something in direct to consumer, and do you think that 41% is very sustain or 40% to 42% is sustainable beyond 2025?

非常有幫助，然後轉向人壽承保利潤率，目前為 41%。您的指導範圍是 25 至 40 至 42。我的意思是，這非常好，因為在 23 年這個比例大約是 38%，而且當我查看補充資料時，看起來今年的許多好處都來自直接面向消費者，是嗎？這是正確的觀察嗎？您是否對直接面向消費者的某些方面進行了糾正，您認為 41% 是非常可持續的，還是 40% 到 42% 在 2025 年以後是可持續的？

Yeah, Andrew, I think you are right in the observation that we really are seeing. Some favorable developments on direct to consumer, especially, it's been, and that tends to be the the segment of the distribution, that's a little bit more of a ensures a wider swath of the US population and and does of course have tends to have a higher mortality in general than, each of the other distributions have so as there's. Coming out of the COVID, we're seeing a lot of excess deaths and that's what we're seeing in the US population as a whole, and so it's, as we've been seeing here over the last couple of years. Especially 2024.

是的，安德魯，我認為你的觀察是正確的，我們確實看到了這一點。直接面向消費者方面取得了一些有利的進展，尤其是它已經成為分銷的一部分，這更能確保覆蓋更廣泛的美國人口，當然，與其他分銷方式相比，它的死亡率總體上更高。在新冠疫情爆發後，我們看到大量超額死亡病例，這就是我們在整個美國人口中看到的情況，就像我們在過去幾年中看到的那樣。尤其是 2024 年。

I mean, our pay claims in 2024, have been basically flat, if not dropped a little bit from 2023 while at the same time, premium increased in 2024, by 4%, so we're really seeing that kind of, really favourable experience and especially in the last couple of quarters here of this year, Q3, Q4, we just saw a really good experience. And low levels of claims and in certain causes of death, actually, seeing that at below some of those pre-pandemic levels, and so we'll see how I think with respect to 2025, it really depends on.

我的意思是，我們 2024 年的薪酬索賠基本上持平，如果不是比 2023 年略有下降的話，而與此同時，2024 年的保費增加了 4%，所以我們確實看到了這種非常有利的經驗，尤其是在今年最後幾個季度，第三季度和第四季度，我們看到了非常好的經驗。實際上，索賠水平較低，並且某些死亡原因的索賠水平低於大流行前的某些水平，因此我們將看到我對 2025 年的看法，這確實取決於。

Will we continue to see that, continuing level of favourable mortality persist, or is it a fluctuation, that we just happen to maybe be seeing here over the last few quarters, that's within the range kind of takes into account, whether or not we continue to see some of that favourable mortality or not.

我們是否會繼續看到這種有利的死亡率水平持續下去，或者這只是一種波動，我們可能只是恰好在過去幾個季度看到這種情況，這在考慮的範圍內，無論我們是否繼續看到這種有利的死亡率。

And we're of course hopeful that that we will and then we'll be and go from there and again beyond 2025, there's a lot of things to kind of work their way out here and we'll kind of see, we've talked for the last couple of years of whether there's some pull forward of deaths from COVID and would that result in some better mortality. And of course at the time it was like well it's always possible but it's really too early to tell and again maybe we are seeing a little bit of that but again we're kind of still waiting to see how that kind of pans out here over the next several quarters and then we'll get a better sense of whether we think that'll persist or not.

我們當然希望我們會這樣做，然後我們會從那裡繼續前進，直到 2025 年以後，這裡還有很多事情需要解決，我們會看到，過去幾年我們一直在談論 COVID 造成的死亡人數是否會有所提前，這是否會導致死亡率有所下降。當然，當時的感覺是，這總是有可能的，但現在說還為時過早，也許我們已經看到了一點這樣的跡象，但我們仍在等待，看看接下來幾個季度這種情況會如何發展，然後我們才能更好地了解這種情況是否會持續下去。

I mean just a quick follow up on that just more specifically to direct to consumer it sounds like you're gaining a little confidence because you guided too low to mid-single digit sales growth is that is that the right way to think about it.

我的意思是，只是對此進行快速跟進，更具體地說，直接面向消費者，聽起來你正在獲得一點信心，因為你引導的銷售增長太低到中等個位數，這是正確的思考方式。

Yeah, we're really looking at, we think we've kind of bottomed out, so to speak, a new level and been able to kind of maintain and grow a little bit from here as we've talked about before, that is one of our areas that is a little bit more price sensitive. It's a passive sale that has a little bit more sensitivity to competition and.

是的，我們確實在關注，我們認為我們已經觸底，可以這麼說，一個新的水平，並且能夠從現在開始保持並略有增長，正如我們之前談到的，這是我們對價格更敏感的領域之一。這是一種被動銷售，對競爭的敏感度更高。

Economics, so to speak. So, but we do think and that's why we got into that, what we did is we do think we're kind of bottoming out here and being able to have a new level to grow from.

可以這麼說，這是經濟學。所以，但我們確實認為，這就是我們進入這個領域的原因，我們所做的就是，我們確實認為我們在這裡已經觸底，並且能夠有一個新的成長水平。

Thanks so much.

非常感謝。

We will take our next question from Suneet kamanth, Jeffries. Your line is open. Please go ahead.

我們將回答 Suneet kamanth 和 Jeffries 提出的下一個問題。您的線路已開通。請繼續。

Great, thank you. I know you hit on this, earlier, but I just wanted to follow up on potential reinsurance transactions. Should we assume that maybe things are on hold a little bit until you get your Bermuda subsidiary or that whole strategy set up, or could you be contemplating doing something even before that happens?

太好了，謝謝。我知道您之前提到過這一點，但我只是想跟進潛在的再保險交易。我們是否應該假設，也許事情會暫時擱置，直到您成立百慕達子公司或製定整個策略，或者您是否可能在那之前就考慮做些什麼？

I think we'll consider other opportunities, but I think really our focus is quite a bit on that Bermuda completing our analysis on the on the Bermuda subsidiary and making some final decisions there, but we'll be, we're open to some other reinsurance opportunities if they make sense to us. So, but I think it's fair that our priority is on the Bermuda and.

我想我們會考慮其他機會，但我認為我們的重點確實放在百慕達，完成對百慕達子公司的分析並在那裡做出一些最終決定，但如果其他再保險機會對我們有意義，我們也願意接受。所以，但我認為我們的優先任務是百慕大，這是公平的。

That's one thing I would. As I mean, there's always some transition as Tom has talked about Bermuda takes a little bit of time to get in place and for, they're actually to get some, measurable benefits, from that type of transaction. So, we're at least, open to and thinking about, is there something kind of a, in the interim that helps us to kind of we can do something that bridges, the GAAP and gives us some benefits a little bit earlier.

這是我會做的一件事。我的意思是，正如湯姆所說的那樣，總是會有一些過渡，百慕達需要一點時間才能到位，而他們實際上會從這種交易中獲得一些可衡量的利益。因此，我們至少是持開放態度並考慮，在此期間是否有某種方法可以幫助我們做一些事情來彌合 GAAP 差距，並讓我們早點受益。

Okay, that that makes sense. So maybe Bermuda is more of a 26 kind of story than a 25 story?

好的，這很有道理。那麼百慕達也許更像是 26 種故事，而不是 25 種故事？

Yeah, I think it gives a little bit of benefit in 26. I think the real benefit comes in 27, once we have two full years of financials for Bermuda sub that that we can. Get reciprocal jurisdiction, which is one of the requirements for doing that.

是的，我認為它在 26 歲時會帶來一些好處。我認為真正的好處是在 27 歲時，一旦我們掌握了百慕達兩年的完整財務狀況，我們就可以了。獲得互惠管轄權，這是實現這一目標的要求之一。

Yes, we really kind of look at that as being a real, we're optimistic at this point in time as far as it being a really good long term, solution if you will or opportunity for us.

是的，我們確實將其視為一個真實的問題，就目前情況而言，我們對此持樂觀態度，因為這對我們來說是一個非常好的長期解決方案或機會。

Got it. And then my second question just on underwriting and remeasurement so are you factoring in remeasurement gains into your plan for 2026 or are we sort of hold on hold until we go through the unlocking assumption in the third quarter and then we kind of see what happens there.

知道了。然後我的第二個問題是關於承保和重新計量，那麼您是否將重新計量收益納入了 2026 年的計劃中，或者我們是否會暫停，直到我們在第三季度完成解鎖假設，然後我們再看看會發生什麼。

Yeah, our range is intended to encompass whether we continue to. See favourable mortality trends consistent with where we saw them late in in 2024 or they come back a little bit as well. So that's really what's intended in the range and so I think there's a little bit of wait and see, we really, there's no question we had a really good quarter in the fourth quarter and we'd like to just see how that develops and the development of 4th quarter and then the results for 1st and 2nd quarter will inform any assumption update that we make in the 3rd quarter of 2023.

是的，我們的範圍旨在涵蓋我們是否會繼續。死亡率趨勢與我們在 2024 年末看到的趨勢一致，或略有回升。所以這確實是該範圍的目的，所以我認為需要稍作等待和觀察，毫無疑問，我們在第四季度表現非常好，我們只想看看情況如何發展以及第四季度的發展，然後第一季度和第二季度的結果將為我們在 2023 年第三季度做出的任何假設更新提供信息。

And I think you said 2026, but I think you meant 2025 no I mean that's answers were for 2025.

我認為您說的是 2026 年，但我想您的意思是 2025 年，不，我的意思是答案是針對 2025 年的。

Of course, yeah, I said 23 yeah sorry yeah. Okay thanks.

當然，是的，我說的是 23，是的，對不起，是的。好的，謝謝。

Yeah, we will take our next question from Tom Gallagher. A call. Your line is open, please go ahead.

是的，我們的下一個問題將由湯姆·加拉格爾提出。一個電話。您的線路已開通，請繼續。

Hi, just, 1st question in Bermuda when you mentioned it might be a really good long-term solution or opportunity, beginning in 2027. I assume that means that you see this more as a sustainable kind of ongoing free cash flow benefit, not just like a one-time release is that is that a fair way to think about how you're how you're approaching it?

你好，第一個問題是在百慕大，您提到這可能是一個非常好的長期解決方案或機會，從 2027 年開始。我認為這意味著您將其視為一種可持續的持續自由現金流收益，而不僅僅是一次性釋放，這是思考您如何處理它的公平方式嗎？

Yeah, Tom, that's exactly how I'm thinking about it is that it becomes part of an overall capital management strategy and strategy to return cash to shareholders.

是的，湯姆，我的想法正是如此，它成為整體資本管理策略和向股東返還現金策略的一部分。

And it really goes Tom to just think about capital requirements around the liability side of our balance sheet and the amount of managing that a little bit more efficiently, through that jurisdiction.

湯姆真正要考慮的是我們資產負債表負債方的資本要求，以及透過該管轄區更有效地管理這些資本的要求。

And would it, would you be looking to fund it all yourself or are you contemplating 3rd party sidecar capital vehicles?

您會希望自己籌集全部資金嗎，還是正在考慮使用第三方輔助資本工具？

Yeah, not really considering third party side, sidecar capital vehicles. We think it's really just really. Opportunity for us to do it ourselves that we don't think we need third party capital to be able to make that an effective vehicle.

是的，並沒有真正考慮第三方、附屬資本工具。我們認為這確實如此。我們有機會自己做這件事，我們認為不需要第三方資本就能使其成為一種有效的工具。

Gotcha. And then just one question on the final question on the health business. The how do we think about the timing of repricing? It sounds like what you've put in place for repricing is somewhat below trend and that's why your margin guide is coming down.

明白了。最後關於健康業務的問題只有一個問題。那我們要如何考慮重新定價的時機呢？聽起來你們制定的重新定價有點低於趨勢水平，這就是你們的保證金指引下降的原因。

But how do I think about the timing of when the periods of repricing occur? Is it most of it annual? Is it staggered throughout the year? And should we assume margins start low earlier part of 25 and gradually get better over the year? And what, how do you think that also would play out in the 26?

但是我該如何思考重新定價期間發生的時間呢？大部分都是每年一次嗎？是全年錯開的嗎？我們是否應該假設利潤率在 25 年前就開始較低，並在一年內逐漸改善？您認為這在 26 日會如何發展？

Yeah, so the way that we go through. Rate filings and rate evaluation is we generally will make those determinations in the early 3rd quarter and file those with the regulatory agencies. It's really an annual process rather than, a continuous process throughout the year and you know we did see quite a bit of the utilization.

是的，這就是我們要經歷的方式。利率備案和利率評估是我們通常會在第三季初做出這些決定並提交給監管機構。這實際上是一個年度過程，而不是全年持續的過程，而且我們確實看到了相當多的利用率。

Come through in the earlier part of 2024 and in the later part of 23, so a lot of the utilization was reflected in our in our rating, our rate filings that we made with states. It was really kind of the tail end of 24 that that we saw some incremental increases in utilization that that didn't get factored in, so that would get factored in as well as the experience in early 2025 into.

在 2024 年初和 23 年年末實現，因此許多利用率都反映在我們的評級中，即我們向各州提交的費率文件中。我們實際上在 24 年末才看到利用率增加，但這一點並沒有被考慮到，因此這將被考慮在內，以及 2025 年初的經驗。

Our rate filings for that we make in 2025, which would then become effective in 2026 and those generally become effective, right around the end of the first quarter, beginning of the second quarter is when those rates become effective.

我們的利率申報於 2025 年進行，並於 2026 年生效，一般在第一季末、第二季初生效。

Gotcha. And do you think based on the trend they're seeing, you, you'll be, you would expect some level of improvement in the 26 or is a stable a better assumption for now?

明白了。您是否認為，根據他們所看到的趨勢，您會預期 26 會出現一定程度的改善，還是目前更好的假設是穩定？

Yeah, it's hard to say because it really depends on what happens to utilization, but you know, I think. I think our plan would be to kind of catch up with that into 26 and things would be more back to more normal. Now if utilization continued to increase above, what our rate findings were, we'd see a little bit of a drag there and if they came back better, we'd see a little bit of a positive there as well so.

是的，這很難說，因為這實際上取決於利用率的變化，但你知道，我認為如此。我認為我們的計劃是在 26 日趕上這一目標，然後一切就會恢復正常。現在，如果利用率繼續高於我們的比率調查結果，我們會看到一點阻力，如果利用率回升得更好，我們也會看到一點正面因素。

It's kind of how we're thinking about it right now. At least that is our hope is that it would, we would catch up if you will by 2026.

這有點像我們現在的想法。至少我們希望如此，到 2026 年我們就能趕上。

Okay, thanks.

好的，謝謝。

We will take our next question from Wilma Burdis, Raymond James, your line is open. Just go ahead.

我們將回答雷蒙德詹姆斯 (Raymond James) 的威爾瑪伯迪斯 (Wilma Burdis) 的下一個問題，您的電話已經接通。繼續吧。

Somebody covered my question. Thank you.

有人解答了我的疑問。謝謝。

There are no further questions on the line, so I'll now hand you back to your host for closing or additional remarks.

現在沒有其他問題了，我現在將您交還給主持人，以便您發表結束語或補充評論。

All right, thank you for joining us this morning. Those 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。這是我們的評論，下個季度我們將再次與您討論。

Thank you for joining today's call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連線。