Globe Life Inc (GL) 2025 Q2 法說會逐字稿

Hello and welcome to Globe Life Inc. second-quarter earnings release call. My name is Laura, and I will be your coordinator for today's event. Please note this call is being recorded. (Operator Instructions)

您好，歡迎參加 Globe Life Inc. 第二季財報發布電話會議。我叫勞拉，我將擔任今天活動的協調員。請注意，本次通話正在錄音。（操作員指示）

I will now hand you over to your host, Stephen Mota, Senior Director of Investor Relations, to begin today's conference. Thank you.

現在，我將把主持人、投資者關係高級總監 Stephen Mota 交給您，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 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 Kalmbach、我們的首席策略長 Mike Majors 和我們的總法律顧問 Brian Mitchell。

Some of our comments or answers to your questions may contain forward-looking statements that provided for general guidance purposes only. Accordingly, please refer to our earnings release 2024 10-K and any subsequent Forms 10-Q on file with the SEC. Some of our comments may also contain non-GAAP measures. We see our earnings release and website for discussion of these terms and reconciliations to GAAP measures.

我們對您的問題的一些評論或回答可能包含前瞻性陳述，僅提供一般指導目的。因此，請參閱我們向美國證券交易委員會提交的 2024 年收益報告 10-K 和任何後續 10-Q 表格。我們的一些評論可能還包含非公認會計準則衡量標準。請參閱我們的收益報告和網站，以了解這些條款以及與 GAAP 指標的對帳情況的討論。

I will now turn the call over to Frank.

現在我將電話轉給弗蘭克。

Thank you, Stephen, and good morning, everyone. In the second quarter, net income was $253 million or $3.05 per share compared to $258 million or $2.83 per share a year ago. Net operating income for the quarter was $271 million or $3.27 per share, an increase of 10% over the $2.97 per share from a year ago. On a GAAP reported basis, return on equity through June 30 is 18.8%, and book value per share is $66.07. Excluding accumulated of the comprehensive income or AOCI, return on equity is 14.4%, and book value per share as of June 30 is $90.26, up 10% from a year ago.

謝謝你，史蒂芬，大家早安。第二季淨收入為 2.53 億美元，即每股 3.05 美元，去年同期淨收入為 2.58 億美元，即每股 2.83 美元。本季淨營業收入為 2.71 億美元，即每股 3.27 美元，較去年同期的每股 2.97 美元成長 10%。以美國通用會計準則 (GAAP) 報告，截至 6 月 30 日的股本回報率為 18.8%，每股帳面價值為 66.07 美元。扣除累計綜合收益或 AOCI 後，股本回報率為 14.4%，截至 6 月 30 日的每股帳面價值為 90.26 美元，較去年同期增長 10%。

In our Life Insurance operations, premium revenue for the second quarter increased 3% from the year ago quarter to $840 million. Life underwriting margin was $340 million, up 6% from a year ago, driven by premium growth and lower overall policy obligations. For the year, we expect life premium revenue to grow around 3.5%. As a percent of premium, we anticipate life underwriting margin to be between 43% and 45%, which is higher than our previous estimate due to continued favorable mortality.

在我們的人壽保險業務中，第二季的保費收入比去年同期成長 3%，達到 8.4 億美元。人壽承保利潤為 3.4 億美元，比去年同期成長 6%，這得益於保費成長和整體保單義務降低。我們預計今年人壽保險保費收入將成長 3.5% 左右。作為保費的百分比，我們預計人壽承保利潤率將在 43% 至 45% 之間，由於死亡率持續保持良好，這一數字高於我們先前的估計。

In Health Insurance, premium revenue grew 8% to $378 million while health underwriting margin was down 2% to $98 million, due primarily to higher obligations than the year ago period at United American. Tom will talk more about the Medicare supplement business and his comments, but I would like to point out here that we saw a slight reduction in utilization from the first quarter to the second quarter, resulting in an underwriting margin in United American, as a percent of premium at the high end of our expectations.

在健康保險方面，保費收入增加 8% 至 3.78 億美元，而健康承保利潤率下降 2% 至 9,800 萬美元，主要原因是美國聯合保險公司的債務比去年同期增加。湯姆將更多地談論醫療保險補充業務和他的評論，但我想在這裡指出，我們看到從第一季到第二季度的利用率略有下降，導緻美國聯合保險公司的承保利潤率（佔保費的百分比）處於我們預期的高端。

For the year, we expect health premium revenue to grow in the range of 8% to 9%, and anticipate health underwriting margin as a percent of premium to be between 25% and 27%. Administrative expenses were $86 million for the quarter, an increase of approximately 5% over the second quarter of 2024. As a percent of premium, administrative expenses were 7.1%. For the year, we expect administrative expenses to increase by about 4% over 2024, and be approximately 7.3% of premium, lower than noted on the last call.

我們預計今年健康保險保費收入將成長 8% 至 9%，而健康險承保利潤率佔保費的百分比將在 25% 至 27% 之間。本季管理費用為 8,600 萬美元，比 2024 年第二季增加約 5%。管理費用佔保費的百分比為 7.1%。我們預計今年的管理費用將比 2024 年增加約 4%，約為保費的 7.3%，低於上次預測。

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

現在我將把電話轉給馬特，請他評論第二季的行銷營運。

Thank you, Frank. I'd like to start by addressing recent agent count trends. Each of the exclusive agencies increased average agent count from the first quarter to the second quarter for a combined sequential growth rate of 6%, resulting in an average total agent count of 17,621 for the second quarter.

謝謝你，弗蘭克。我想先討論一下最近的代理數量趨勢。從第一季到第二季度，各獨家代理機構的平均代理商數量均有所增加，合計環比增長率為 6%，第二季度的平均代理商總數達到 17,621 人。

We've seen strong results over the past several months in agent recruiting and onboarding. While rapid increases in new agents can have an impact on productivity in the short term, this bodes well for sustainable future growth. The exclusive agencies are the strength of Globe Life, and the ability to maintain and grow an exclusive agency force is a core competency of our company. While we frequently see short-term fluctuations, there is a very close correlation between sales and agent count over the long term.

在過去的幾個月裡，我們在代理商招募和入職方面取得了強勁的成果。雖然新代理商的快速增加可能會在短期內對生產力產生影響，但這預示著未來的可持續成長。獨家代理是環球人壽的強項，維持和發展獨家代理團隊的能力是我們公司的核心競爭力。雖然我們經常看到短期波動，但長期來看銷售額和代理商數量之間有非常密切的相關性。

Now, I'll discuss each of the distribution channels. At American Income Life, life premiums were up 5% over the year ago quarter to $446 million, and the life underwriting margin was up 6% to $205 million. In the second quarter of 2025, net life sales were $96 million, up 2% from a year ago. And as a reminder, we had a difficult comparable this quarter as American Income had a 16% increase in life sales in the year ago quarter.

現在，我將討論每個分銷管道。美國收入人壽的壽險保費比去年同期上漲 5% 至 4.46 億美元，壽險承保利潤上漲 6% 至 2.05 億美元。2025 年第二季度，人壽淨銷售額為 9,600 萬美元，年增 2%。需要提醒的是，本季我們遇到了一個困難的可比性問題，因為美國收入保險公司的人壽銷售額比去年同期成長了 16%。

The average producing agent count for the second quarter was 12,241, up 3% from a year ago. I am confident we will continue to see growth in this agency as we move forward.

第二季生產代理商平均數量為12,241家，較去年同期成長3%。我相信，隨著我們不斷前進，我們將繼續看到該機構的發展。

At Liberty National, the life premiums were up 5% over the year-ago quarter to $97 million, and the life underwriting margin was up 8% to $33 million. Net life sales decreased 5% to $25 million and net health sales were $8 million, down 2% from the year ago quarter. The decreases were primarily due to lower agent productivity. Additionally, we had a higher comparable this quarter as Liberty National had an 11% increase in life sales in the year-ago quarter.

在 Liberty National，人壽保險費比去年同期上漲 5% 至 9,700 萬美元，人壽承保利潤上漲 8% 至 3,300 萬美元。人壽淨銷售額下降 5% 至 2,500 萬美元，健康淨銷售額為 800 萬美元，較去年同期下降 2%。下降的主要原因是代理商生產力下降。此外，本季我們的可比銷售額更高，因為 Liberty National 的人壽保險銷售額較去年同期成長了 11%。

The average producing agent count for the second quarter was 3,882, up 5% from a year ago. Liberty National continues to have positive agent count growth, which is a good leading indicator for continued sales growth.

第二季生產代理商平均數量為 3,882 家，較去年同期成長 5%。Liberty National 的代理商數量持續保持正成長，這是銷售額持續成長的良好領先指標。

At Family Heritage, the health premiums increased 9% over the year-ago quarter to $116 million, and the health underwriting margin increased 12% to $41 million. Net health sales were up 20% to $30 million due to an increase in agent count and productivity. The average producing agent count for the second quarter was 1,498, up 10% from a year ago. And I'm excited to see this continued growth, as this is four consecutive quarters of strong agent count growth for Family Heritage.

Family Heritage 的健康保險費較去年同期增加 9%，達到 1.16 億美元，健康承保利潤成長 12%，達到 4,100 萬美元。由於代理商數量和生產效率的提高，淨健康銷售額增加了 20%，達到 3,000 萬美元。第二季生產代理商平均數量為1,498家，較去年同期成長10%。我很高興看到這種持續的成長，因為這是 Family Heritage 代理商數量連續四個季度強勁增長。

Now in our Direct Consumer division, here the life premiums were down 1% over the year-ago quarter to $246 million while life underwriting margin increased 8% to $69 million. Net life sales were $31 million, and this is up 2% from the year ago quarter and up 24% from the first quarter. I'm very pleased to see these results as this is a turnaround of a declining trend in recent years.

現在，在我們的直接消費者部門，人壽保險費比去年同期下降了 1%，至 2.46 億美元，而人壽承保利潤率則增加了 8%，至 6,900 萬美元。淨人壽銷售額為 3,100 萬美元，比去年同期成長 2%，比第一季成長 24%。我很高興看到這些結果，因為這是近年來下降趨勢的扭轉。

As we mentioned on the last call, we have been working on implementing new technology to enhance our underwriting automation. This technology is helping improve the conversion of inquiries into sales. The resulting improvement in return on marketing investment could allow us to reinstate some of the marketing campaigns that were discontinued in the past due to high marketing cost.

正如我們在上次電話會議上提到的，我們一直致力於實施新技術來增強我們的核保自動化。這項技術有助於提高詢價到銷售的轉換率。由此帶來的行銷投資報酬率的提高可以讓我們恢復一些過去由於行銷成本高而停止的行銷活動。

And now as a reminder, 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. We expect this division to generate approximately 1 million leads during 2025, which will be provided to our three exclusive agencies. Improved conversion of our direct-to-consumer leads across the enterprise will allow us to increase our marketing spend and increase future lead volume and marketing campaigns.

現在提醒一下，我們的直接消費者業務的價值不僅在於直接歸因於該管道的銷售額，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。我們預計該部門將在 2025 年產生約 100 萬條銷售線索，這些線索將提供給我們的三家獨家代理商。提高整個企業直接面向消費者的銷售線索轉換率將使我們能夠增加行銷支出，並增加未來的銷售線索量和行銷活動。

Now on to United American general agency. Here, the health premiums increased 10% over a year-ago quarter to $164 million, and this is driven by prior strong prior year sales growth and premium rate increases. Health underwriting margin was $12 million, down $4 million from the year-ago quarter due to higher claim costs. Net health sales were $25 million, up approximately $7 million over the year-ago quarter. We continue to see strong individual Medicare supplement sales activity.

現在轉到聯合美國總代理處。其中，健康保險費較去年同期成長 10%，達到 1.64 億美元，這得益於去年同期強勁的銷售成長和保險費率上漲。健康承保利潤為 1,200 萬美元，由於索賠成本上升，比去年同期下降 400 萬美元。淨健康銷售額為 2,500 萬美元，比去年同期成長約 700 萬美元。我們繼續看到個人醫療保險補充銷售活動強勁。

Now, I'd like to discuss projections and based on these 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 both American Income and Liberty National, mid-single digit growth; at Family Heritage, high-single to low-double-digit growth.

現在，我想根據我們業務經驗中的最新趨勢來討論預測。我們預期 2025 年全年平均生產代理人數量趨勢如下：American Income 和 Liberty National 均實現中等個位數成長；Family Heritage 實現高個位數至低兩位數成長。

Net life sales for 2025 are expected to be as follows: at American Income and Liberty National, both mid-single-digit growth; Direct-to-Consumer, low-single-digit growth. Net health sales for 2025 are expected to be as follows: Liberty National, mid-single-digit growth; Family Heritage, low-double to mid-teens growth; and in United American, double-digit growth.

預計 2025 年人壽淨銷售額將如下：美國收入保險和自由國民保險均實現中等個位數成長；直接面向消費者的銷售額將實現低個位數成長。預計 2025 年的淨健康銷售額將如下：Liberty National 將實現中等個位數增長；Family Heritage 將實現低兩位數至中等十位數增長；而 United American 將實現兩位數增長。

I'll now turn the call back to Frank.

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 define as net investment income less only required interest, was $35 million, down approximately $8 million from a year-ago quarter. Net investment income was $282 million, down 1%, and average invested assets were relatively flat.

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 3,500 萬美元，比去年同期下降約 800 萬美元。淨投資收入為 2.82 億美元，下降 1%，平均投資資產相對持平。

Required interest is up approximately 2% over the year-ago quarter, consistent with growth in average policy liabilities. The growth in average invested assets and average policy liabilities are lower than normal, primarily due to the impact of the annuity reinsurance transaction in the fourth quarter of last year, which involved approximately $460 million of annuity reserves being transferred to a third party along with supporting invested assets.

所需利息比去年同期上漲約 2%，與平均保單負債的成長一致。平均投資資產和平均保單負債的成長低於正常水平，主要由於去年第四季年金再保險交易的影響，該交易涉及約 4.6 億美元的年金準備金連同支持性投資資產一起轉移給第三方。

Net investment income was also negatively impacted by lower average earnings rates on our commercial mortgage loans and limited partnership investments in the current quarter as compared to a year ago. For the full-year 2025, we expect net investment income to be up about 1%, and required interest to grow around 2.5%, resulting in a decline in excess investment income of around 10% to 15% for the year.

與去年同期相比，本季我們的商業抵押貸款和有限合夥投資的平均收益率較低，這也對淨投資收入產生了負面影響。對於2025年全年，我們預計淨投資收益將成長約1％，所需利息將成長約2.5％，導致全年超額投資收益下降約10％至15％。

While the growth in average invested assets will be lower than normal for the full year due to the impact of the annuity reinsurance transaction last year, as well as higher dividend distribution from the insurance companies, we do anticipate sequential growth in the third and fourth quarters, which should set us up well for more normalized growth in 2026.

雖然由於去年年金再保險交易的影響以及保險公司更高的股息分配，全年平均投資資產的增長將低於正常水平，但我們預計第三季度和第四季度將出現連續增長，這為2026年更加正常化的增長奠定了基礎。

Now regarding our investment yield. In the second quarter, we invested $263 million in investment-grade fixed maturities, primarily in the industrial and financial sectors. These investments were at an average yield of 6.44% an average rating of A and an average life of 34 years. We also invested $68 million in commercial mortgage loans and limited partnerships with debt-like characteristics, and an average expected cash return of approximately 9.7%.

現在談談我們的投資收益。第二季度，我們投資了 2.63 億美元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 6.44%，平均評級為 A，平均期限為 34 年。我們也向商業抵押貸款和具有債務性質的有限合夥企業投資了 6,800 萬美元，平均預期現金回報率約為 9.7%。

None of our direct investments in commercial mortgage loans involve office properties. These 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.

我們對商業抵押貸款的直接投資均不涉及辦公大樓。這些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 second-quarter yield was 5.29%, up 3 basis points from the second quarter of 2024. As of June 30, the portfolio yield was 5.26%. Including the investment income from our commercial mortgage loans and limited partnerships, the second-quarter earned yield was 5.38%. Now regarding the investment portfolio. Invested assets are $21.5 billion, including $18.9 billion of fixed maturities at amortized cost.

就整個固定期限投資組合而言，第二季殖利率為 5.29%，較 2024 年第二季上升 3 個基點。截至6月30日，該投資組合報酬率為5.26%。如果算上我們商業抵押貸款和有限合夥企業的投資收益，第二季的收益率為 5.38%。現在談談投資組合。投資資產為 215 億美元，其中包括 189 億美元的攤銷成本固定到期債券。

Of the fixed maturities, $18.4 billion are investment grade with an average rating of A-. Overall, the total fixed maturity portfolio is rated A-, the same as a year ago.

在固定期限債券中，有 184 億美元為投資等級債券，平均評級為 A-。整體而言，總固定期限投資組合評級為 A-，與一年前相同。

Our fixed maturity investment portfolio has a net unrealized loss position of approximately $1.6 billion due to the current market rates being higher than the book yield on our holdings. As we have historically noted, we are not concerned by the unrealized loss position as it 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.

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為 16 億美元。正如我們過去所指出的，我們並不擔心未實現損失狀況，因為它主要是由利率驅動的，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到到期。

Bonds rated BBB priced $0.44 of the fixed maturity portfolio compared to 46% from the year-ago quarter. This percentage is at its lowest level since 2006. As we have discussed on prior calls, we believe the BBB 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.

評級為 BBB 的債券在固定期限投資組合中的價格為 0.44 美元，而去年同期的比例為 46%。這一比例處於2006年以來的最低水準。正如我們在先前的電話會議中討論過的，我們認為，我們收購的 BBB 證券通常提供最佳的風險調整和資本調整回報，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。

While the percent of our invested assets comprised of BBB 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.

雖然我們投資的資產中 BBB 債券的比例可能比一些同業略高，但請記住，我們很少或根本沒有接觸其他高風險資產，如衍生性商品、股票、住宅抵押貸款、CLO 和其他資產支持證券。

The low investment grade bonds remain at historical lows at $503 million compared to $564 million a year ago. The percentage of below investment-grade bonds to total fixed maturities is just 2.7%. Our below investment grade bonds as a percent of equity, excluding AOCI, are at their lowest level in over 30 years.

低投資等級債券仍處於歷史低位，為 5.03 億美元，而一年前為 5.64 億美元。低於投資等級的債券佔固定期限債券總額的比例僅 2.7%。我們的低於投資等級的債券佔股權的百分比（不包括 AOCI）處於 30 多年來的最低水準。

While there are clearly uncertainties as to where the US economy is headed, we are well positioned to stay a significant economic downturn. Due to the long duration of our fixed policy liabilities, we invest in long-dated assets. As such, a critical and foundational part of our investment philosophy is to invest in entities that can survive through multiple economic cycles.

儘管美國經濟走向顯然存在不確定性，但我們已做好準備，避免嚴重的經濟衰退。由於我們的固定保單負債期間較長，因此我們投資於長期資產。因此，我們投資理念的關鍵且基礎的部分是投資能夠經歷多個經濟週期的實體。

In addition, we have very strong underwriting profits and long-dated liabilities. So we will not be forced to sell any of our bonds in order to pay claims.

此外，我們的承保利潤和長期負債非常強勁。因此，我們不會被迫出售任何債券來支付索賠。

With respect to our anticipated investment acquisitions for the full year, at the midpoint of our full-year guidance, we assume investment of approximately $900 million to $1 billion in fixed maturities at an average yield of around 6.2%, and approximately $200 million to $300 million in commercial mortgage loans and limited partnership investments with debt-like characteristics at an average expected cash return of 7% to 9%.

關於我們全年預期的投資收購，在全年指引的中點，我們假設固定期限投資約為 9 億至 10 億美元，平均收益率約為 6.2%，商業抵押貸款和具有債務特徵的有限合夥投資約為 2 億至 3 億美元，平均預期現金回報率為 7% 至 9%。

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，請他評論資本和流動性。

Thanks, Mike. I'll spend a few minutes discussing our available liquidity, share repurchase program, and capital position. The parent began the quarter with liquid assets of approximately $90 million and ended the quarter with approximately $105 million of liquid assets. We anticipate concluding the year with liquid assets in the range of $50 million to $60 million.

謝謝，麥克。我將花幾分鐘討論我們的可用流動性、股票回購計劃和資本狀況。母公司本季初的流動資產約為 9,000 萬美元，本季末的流動資產約為 1.05 億美元。我們預計今年年底的流動資產將在 5,000 萬至 6,000 萬美元之間。

For the second quarter, the company repurchased approximately 1.9 million shares of Global Life common stock for a total cost of approximately $226 million at an average share price of $121.13. Thus, including shareholder dividend payments of $22 million for the quarter, the company returned almost $250 million to shareholders during the second quarter of 2025. This amount is greater than what we indicated on the prior call, as we took advantage of declines in the price of our stock, which created market conditions more favorable for repurchases during the quarter.

第二季度，公司回購了約190萬股環球人壽普通股，總成本約2.26億美元，平均股價為121.13美元。因此，算上本季支付的2,200萬美元股東股息，公司在2025年第二季向股東返還了近2.5億美元。這筆金額高於我們在上次電話會議上提出的金額，因為我們利用了股價下跌的機會，為本季的回購創造了更有利的市場條件。

The parent's liquid assets at the end of the quarter, along with excess cash flow expected to be generated for the second half of the year will provide the parent with $240 million to $290 million that we expect to return to shareholders in the form of dividends or share repurchases after meeting the anticipated needs of the parent.

母公司本季末的流動資產，加上預計下半年產生的超額現金流，將為母公司帶來2.4億至2.9億美元的現金流，我們預計在滿足母公司的預期需求後，將以股息或股票回購的形式返還給股東。

We will continue to use our cash as efficiently as possible. We still believe that share repurchases provide the best return or yield to our shareholders over other available alternatives. Thus, we anticipate share repurchases will continue to be the primary use of the parent's excess cash flow after the payment of shareholder dividends.

我們將繼續盡可能有效率地使用現金。我們仍然相信，與其他可用替代方案相比，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。

We also intend to reduce the outstanding commercial paper balances over the course of the year to be more in line with historical levels. For the full year, we anticipate share repurchases will total $600 million to $650 million and we intend to distribute $80 million to $90 million to our shareholders in the form of dividends. Remaining share repurchases will be spread over the remainder of the year with approximately $100 million to $125 million expected in the third quarter.

我們還打算在年內減少未償還商業票據餘額，以使其更符合歷史水準。就全年而言，我們預計股票回購總額將達到 6 億至 6.5 億美元，並計劃以股息的形式向股東發放 8,000 萬至 9,000 萬美元。剩餘的股票回購將分攤至今年剩餘時間，預計第三季回購金額約為 1 億至 1.25 億美元。

It should be noted that the cash received by the parent company from our insurance operations is after our subsidiaries have made substantial investments during the year to issue new insurance policies, implement new technologies, and enhance operational capabilities, and modernize existing information technology, as well as to acquire new long-duration assets to fund their future cash needs.

值得注意的是，母公司從我們的保險業務中獲得的現金是在我們的子公司在年內進行了大量投資以簽發新保單、實施新技術、增強營運能力、現代化現有資訊技術以及收購新的長期資產以滿足其未來現金需求之後獲得的。

At the beginning of the third quarter, we strengthened our financial preparedness through the issuance of a 30-year $500 million contingent capital funding arrangement. This arrangement complements our existing capital resources and enhances our financial flexibility by providing additional source of committed long-term capital regardless of capital market and economic conditions. This transaction has no impact on the company's debt and has financing costs of just under $9 million pretax per full year.

第三季初，我們透過發行30年5億美元緊急資本融資安排，加強了我們的財務準備。這種安排補充了我們現有的資本資源，並透過提供額外的長期資本來源來增強我們的財務靈活性，而不受資本市場和經濟狀況的影響。此交易對公司的債務沒有影響，全年的融資成本稅前略低於 900 萬美元。

Overall, we believe that financial strength is paramount to our company's success, and this arrangement will simply add to our already strong capital generation capabilities that exist within our insurance companies. With regards to the capital levels at our insurance subsidiaries. Our goal is to maintain capital within our insurance operations at levels necessary to support our current ratings.

整體而言，我們認為財務實力對於公司的成功至關重要，而這種安排將增強我們保險公司已經很強大的資本產生能力。關於我們保險子公司的資本水準。我們的目標是將保險業務的資本維持在支持當前評級所需的水平。

Global Life targets a consolidated company action level RBC ratio in the range of 300% to 320%. As of year-end 2024, our consolidated RBC ratio was 36% and which provides approximately $100 million of capital more than what is needed to meet our minimum target capital of 300%.

Global Life 的目標是將合併後的公司行動水準 RBC 比率控制在 300% 至 320% 之間。截至 2024 年底，我們的合併 RBC 比率為 36%，比實現 300% 的最低目標資本所需的資本多出約 1 億美元。

As we do every quarter, we performed stress test in our investment portfolio under multiple economic scenarios, anticipating various levels of downgrades and defaults. If all of the estimated losses under our stress tests were to occur before year-end, which we believe is highly unlikely, we have concluded sufficient capital resources exist within our subsidiaries and the parent to maintain our target RBC ratios and our share repurchases as planned.

正如我們每季所做的那樣，我們在多種經濟情境下對我們的投資組合進行了壓力測試，預測了不同程度的降級和違約。如果我們壓力測試中估計的所有損失都在年底之前發生（我們認為這種情況極不可能發生），我們得出結論，我們的子公司和母公司擁有足夠的資本資源來維持我們的目標 RBC 比率和按計劃進行的股票回購。

For 2025, we intend to maintain our consolidated fee within the targeted range of 100% to 320%. As I said on prior calls, I would like to share an update with our progress towards establishing a Bermuda reinsurance affiliate. During the quarter, we submitted a preliminary business plan to the Bermuda Monetary Authority or BMA, to establish an affiliate reinsurer in Bermuda for the purpose of reinsuring a portion of new business and in-force life insurance policies issued by Globe Life affiliates.

到 2025 年，我們打算將合併費用維持在 100% 至 320% 的目標範圍內。正如我在之前的電話會議上所說的那樣，我想分享我們在建立百慕達再保險附屬公司方面取得的進展。在本季度，我們向百慕達金融管理局（BMA）提交了一份初步商業計劃，在百慕達建立一家聯營再保險公司，為環球人壽聯營公司簽發的部分新業務和有效人壽保險單提供再保險。

An updated business plan, along with the formal licensing application will be submitted in the third quarter, and we anticipate establishing our Bermuda reinsurance entity and executing the first reinsurance transaction by the end of the year.

更新後的商業計劃以及正式的許可申請將於第三季提交，我們預計將在年底前建立百慕達再保險實體並執行第一筆再保險交易。

During the finalization of the application and licensing process, we'll continue to have dialogue with regulators as well as rating agencies, and we will continue to provide additional information as warranted on future calls. This initial reinsurance transaction is currently intended to reinsure relatively small block of life reserves to get the company up and running.

在申請和許可流程最終確定期間，我們將繼續與監管機構和評級機構進行對話，並將在未來的電話會議中繼續提供必要的更多資訊。此次初始再保險交易目前旨在對相對較小的壽險儲備金進行再保險，以使公司能夠正常運作。

However, we invite that over time, approximately one-quarter of total statutory life reserves may be ceded to our Bermuda subsidiary as a portion of new business and additional business is reinsured. Of course, we have not completed our evaluation and our final business plan has not been approved, so they change over time. At this time, we are not contemplating any changes to our overall investment strategy will be needed.

然而，我們建議，隨著時間的推移，大約四分之一的法定人壽保險儲備金總額可能會轉讓給我們的百慕達子公司，作為新業務和額外業務的再保險的一部分。當然，我們的評估尚未完成，最終的商業計劃也尚未獲得批准，所以它們會隨著時間而改變。目前，我們還沒有考慮對整體投資策略進行任何改變。

Our decision to pursue this new Bermuda captive reinsurer is for the following strategic reasons. First, Bermuda's economic capital framework will better support Globe Life's continued sales and premium growth rates, which are generally above industry average. We are also very comfortable with Bermuda's statutory framework as it is consistent with US GAAP and capital is determined under an economic framework. This supports earnings emergence consist with GAAP earnings, which, over time, will provide additional dividend competing to the parent, enhancing the parent's overall financial strength and flexibility.

我們決定尋求這家新的百慕達自保再保險公司是出於以下戰略原因。首先，百慕達的經濟資本框架將更能支持環球人壽持續的銷售和保費成長率，普遍高於產業平均。我們對百慕達的法定框架也非常滿意，因為它符合美國公認會計準則，並且資本是在經濟框架下確定的。這支持獲利出現與 GAAP 獲利一致，隨著時間的推移，這將為母公司提供額外的股息競爭，增強母公司的整體財務實力和靈活性。

In addition, Bermuda is an established and stable regulatory environment with international insurance industry experience. Bermuda regulators have been actively engaged in discussions with us and have developed a good understanding of our business and the insurance products we intend to reinsure with the new entity.

此外，百慕達擁有成熟穩定的監管環境，並擁有國際保險業經驗。百慕達監管機構一直積極與我們進行討論，並對我們的業務以及我們打算與新實體再保險的保險產品有了充分的了解。

Upon approval of reciprocal jurisdiction, which we will seek to obtain as soon as possible, we currently estimate parent excess cash flow will increase from incremental earnings from our US and Bermuda subsidiaries over time as the reinsurance block grows. This additional excess cash flow will enhance our financial strength of the company and provide additional flexibility for the company to meet various capital and liquidity needs of the parent.

在獲得互惠管轄權的批准後（我們將盡快獲得批准），我們目前估計，隨著再保險業務的成長，母公司超額現金流將隨著我們美國和百慕達子公司的增量收益而增加。這些額外的現金流將增強公司的財務實力，並為公司提供額外的靈活性，以滿足母公司的各種資本和流動性需求。

There is still a lot of work in front of us as we work with regulators and rating agencies to finalize plans. While we do anticipate any additional parent excess cash flows until 2027, we do see the potential for additional distributable earnings from our subsidiaries to the parent trending over time towards $200 million annually as earnings emerge from reinsuring additional in-force and new business.

當我們與監管機構和評級機構合作最終確定計劃時，我們面前還有大量工作要做。雖然我們確實預計到 2027 年母公司將會出現額外的超額現金流，但我們確實看到，隨著收益從額外有效業務和新業務的再保險中產生，我們的子公司向母公司分配的額外可分配收益有可能隨著時間的推移趨向於每年 2 億美元。

This will provide additional financial flexibility for the parent to support our growth. Now with regards to policy obligations for the current quarter. As we discussed on prior calls, we have included within our supplemental financial information available on our website an exhibit that details remeasurement gains and losses by distribution channel.

這將為母公司提供額外的財務靈活性以支持我們的成長。現在討論本季的政策義務。正如我們在先前的電話會議上所討論的那樣，我們在網站上提供的補充財務資訊中包含了一個附件，詳細說明了按分銷管道劃分的重估收益和損失。

For the quarter, we continue to experience favorable mortality results, resulting in life remeasurement gains. The life remeasurement gain was $16.7 million, reflecting mortality and lapse experience for the quarter. This was favorable to management's estimates and resulted in lower life policy obligations than anticipated. The health remeasurement gain was about $3.9 million was favorable to management's estimates and contributed to favorable obligation trends at Family Heritage and experience fluctuations for other health lines, including Medicare supplement.

本季度，我們的死亡率結果持續保持良好，從而帶來壽命重估收益。壽命重估收益為 1,670 萬美元，反映了本季的死亡率和失效經驗。這對管理層的估計有利，並導致人壽保險義務低於預期。健康重估收益約為 390 萬美元，符合管理層的估計，並有助於 Family Heritage 的有利義務趨勢以及其他健康線（包括醫療保險補充）的經驗波動。

There have been no changes to our long-term assumptions this quarter as we will update life and health assumptions in the third quarter of 2025. Due to the continued favorable mortality we are experiencing, we are increasing our estimate on the margin impact for the third-quarter life assumption updates as recent mortality and lapse experiences are incorporated into these assumptions.

本季我們的長期假設沒有變化，因為我們將在 2025 年第三季更新人壽和健康假設。由於我們經歷的持續有利的死亡率，我們正在增加對第三季度壽命假設更新的利潤影響的估計，因為最近的死亡率和失效經驗被納入這些假設中。

Although we have not finalized our assumption updates, we have updated and revised our estimates for the anticipated impacts. At this time, our guidance anticipates a total remeasurement gain in the third quarter related to both life and health assumption updates to be in the range of $110 million to $160 million.

雖然我們尚未最終確定假設更新，但我們已經更新並修改了對預期影響的估計。目前，我們的指引預計第三季與人壽和健康假設更新相關的總重估收益將在 1.1 億美元至 1.6 億美元之間。

At this time, our current estimates for life assumption updates reflect future mortality levels generally in line with pre-pandemic levels. It should be noted that recent mortality experience is favorable to pre-pandemic levels overall, and to the extent this continues, we would expect continued quarterly remeasurement gains even after updating long-term assumptions.

目前，我們目前對壽命假設更新的估計反映出未來的死亡率水準與疫情大流行前的水準大致一致。值得注意的是，近期死亡率總體上比疫情前的水平要高，如果這種情況持續下去，即使在更新長期假設後，我們預計季度重估收益仍將繼續。

For the Health segment, as expected, health margins as a percent of premium increased from the first quarter. This was largely driven by anticipated margin increases from the Medicare supplement business as 2025 premium rate changes became fully effective. In addition, we saw some improvement in Medicare supplement claims, which were favorable to our expectations.

對於健康保險領域，正如預期的那樣，健康保險利潤率佔保費的百分比從第一季開始增加。這主要是由於 2025 年保費率變更全面生效後醫療保險補充業務的利潤預期增加。此外，我們看到醫療保險補充索賠有所改善，這符合我們的預期。

The claim cost trends continue to run higher than those reflected in our recent rate filings. We intend to reflect these higher trends in our 2026 rate filings to improve long-term profitability consistent with those needed to achieve historical margins as a percent of premium. Our estimate for total remeasurement gains related to assumption updates include an estimate of $5 million to $15 million related to the Health segment.

索賠成本趨勢持續高於我們最近的費率申報中反映的趨勢。我們打算在 2026 年的費率申報中反映這些更高的趨勢，以提高長期盈利能力，使其與實現歷史利潤率（保費百分比）所需的盈利能力保持一致。我們對與假設更新相關的總重估收益的估計包括與健康部門相關的 500 萬至 1500 萬美元的估計。

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 $14.25 to $14.65, representing 17% growth at the midpoint of our range, and 10% growth when excluding the impact of remeasurement gains from assumption updates in both 2024 and 2025.

最後，關於我們 2025 年的獲利預測。對於 2025 年全年，我們估計每股攤薄淨營業收益將在 14.25 美元至 14.65 美元之間，按我們區間中點計算，增長 17%，若不包括 2024 年和 2025 年假設更新帶來的重估收益的影響，則增長 10%。

The midpoint is higher than our previous guidance due to the anticipation of continued favorable mortality experience and the updated anticipated impact of third-quarter assumption updates. In addition, we anticipate health margins will improve slightly relative to our prior expectations.

由於預期死亡率將持續保持良好勢頭，且第三季假設更新的預期影響將有所更新，因此中點高於我們先前的預期。此外，我們預計健康利潤率將比我們先前的預期略有提高。

Those are my comments. I will now turn it back to Matt.

以上就是我的評論。現在我將話題轉回給馬特。

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

謝謝你，湯姆。以上就是我們的評論。我們現在開始回答問題。

(Operator Instructions) Jack Matten, BMO Capital Markets.

（操作員指示）Jack Matten，BMO 資本市場。

Just the first one, the higher earnings guidance for this year. I guess how should we think about that translating to stat earnings and cash flows looking ahead to next year. I guess there's a significant portion that's related to the actual experience issue that we would see come through immediately? Or is more of that benefit kind of lag over time since it seems like there's a big remeasurement gain you're expecting in the Life business that include some favorable assumptions on a forward-looking basis.

舉第一點，今年的獲利預期有所提高。我想我們應該如何看待它轉化為明年的統計收益和現金流。我想這其中很大一部分與我們立即看到的實際經驗問題有關吧？或者更多的是這種好處隨著時間的推移而滯後，因為看起來你預期人壽業務會有很大的重估收益，其中包括一些前瞻性的有利假設。

Yeah. So yeah, the -- what I would say is that the mortality experience that we're seeing, which has generally been favorable -- continues to be favorable trends, that translates into additional statutory income. So we'll see that come through statutory income.

是的。是的，我想說的是，我們看到的死亡率總體上是有利的，而這種趨勢仍然有利，這將轉化為額外的法定收入。因此，我們將透過法定收入來實現這一目標。

The assumption changes, which are really only GAAP related, so those are updates to GAAP assumption changes is really not an impact to statutory income levels overall. And then also, I think given the slightly favorable trends that we saw in the second quarter and then a little bit of favorable experience that we think in the remainder of the year for the Health segment that will come through statutory earnings as well.

假設變化實際上僅與 GAAP 相關，因此這些對 GAAP 假設變化的更新實際上不會對整體法定收入水準產生影響。而且，我認為，鑑於我們在第二季度看到的略微有利的趨勢，以及隨後出現的一些有利經驗，我們認為在今年剩餘時間內，健康部門也將透過法定收益實現盈利。

That's helpful. Thank you. And then a follow up on the Bermuda affiliate, I appreciate the details you gave. On the $200 million, I think, potential incremental benefits to your cash over time. I guess just any thoughts on like the timeline towards getting to that run rate? And I guess, does that assume you move -- I think it mentioned a quarter of your life reserves over to that entity.

這很有幫助。謝謝。然後是關於百慕達分支機構的後續問題，我很感謝您提供的詳細資訊。我認為，隨著時間的推移，這 2 億美元可能會為您的現金帶來增量收益。我想問一下，對於達到該運行率的時間表，您有什麼想法嗎？我想，這是否假設你會轉移——我認為它提到了將你的四分之一生命儲備轉移到該實體。

And then, I guess, just lastly then just curious how you got to the like one quarter target. And I guess are thinking about that and could it be revised over time?

然後，我想，最後我只是好奇你是如何實現四分之一的目標。我想，我們正在考慮這個問題，隨著時間的推移，它能否得到修改？

Yeah. We still -- I mean, as I mentioned, we still have a lot to do. So we're still in conversations with our regulators as well as a lot of conversations with our rating agencies on the Bermuda subsidiary and the impact there. So it's a little bit premature to talk about timing, but we will certainly provide updates once we have clarity later this year.

是的。我們仍然——我的意思是，正如我所提到的，我們還有很多事情要做。因此，我們仍在與監管機構進行對話，並與評級機構就百慕達子公司及其影響進行大量對話。因此現在談論時間還為時過早，但在今年晚些時候一旦我們獲得明確訊息，我們肯定會提供最新消息。

As Tom mentioned, in the latter half of this year and the third quarter, we'll be finalizing an updated business plan with the regulators and -- as a result of that work, we'll be able to update you here on the next one or few calls as we get more of those plans finalized and approved.

正如湯姆所提到的，在今年下半年和第三季度，我們將與監管機構一起敲定一份更新的商業計劃，並且——作為這項工作的結果，隨著更多計劃的敲定和批准，我們將能夠在下一次或幾次電話會議中向您通報最新情況。

Thank you.

謝謝。

Andrew Kligerman, TD Securities.

道明證券的安德魯‧克里格曼 (Andrew Kligerman)。

My first question is around the sales. Its appears you've got a bit lower guidance on the Life Insurance sales. And Matt, I think you mentioned 8% agent count growth. So I guess two things. Given that you've lowered the guidance, what gives you that confidence that the back half of the year will bump up from what we saw in the first half of the year. And should we use that 6% agent count close as an indication? I know you're not giving guidance yet, but that would be a ballpark expectation for next year?

我的第一個問題是關於銷售的。看來您對人壽保險銷售的指導有點低。馬特，我想你提到了代理商數量增加 8%。所以我猜測有兩件事。鑑於您已經降低了預期，是什麼讓您有信心今年下半年的業績會比上半年有所成長？我們是否應該使用 6% 的代理數量作為指示？我知道您還沒有給出指導，但這是對明年的一個大致預期嗎？

Yeah. I was commenting on the 6% was an overall growth rate of Q2 compared sequentially to Q1. I'd mentioned on the last call, just kind of what we were seeing early stages as we moved into the second quarter. So just wanted to comment overall was very positive growth from our perspective for just one quarter.

是的。我評論的是 6% 是第二季與第一季相比的整體成長率。我在上次電話會議上提到過，這正是我們進入第二季時所看到的早期階段的情況。所以只是想評論一下，從我們的角度來看，這一個季度的整體成長非常積極。

You're correct. We're revising down slightly on the sales side, still in that mid-single-digit growth. As we've talked about before, the agent count growth, which has been very strong, if you look at over the last 6, 12 months, that is a leading indicator in sales. And so we're still having that strong agent count growth, which does, as I've mentioned, impact productivity sometimes in the near term is our more experienced agents are spending their time, training and onboarding new agents.

你是對的。我們對銷售方面的數據進行了小幅下調，但仍保持中等個位數的成長。正如我們之前所討論的，代理商數量的成長非常強勁，如果你回顧過去 6 到 12 個月，你會發現這是銷售的領先指標。因此，我們的代理商數量仍然保持強勁增長，正如我所提到的，這有時會在短期內影響生產力，因為我們更有經驗的代理商會花時間培訓和引導新代理商。

But we know over a long term, that bodes well for sales growth. And so the revision of the guidance is just really reflective of what actually happened in Q2 and recognizing that increase in sales from the increase in agent count may be delayed a little bit more toward the latter half of this year and into the beginning of next year.

但我們知道，從長遠來看，這預示著銷售將會成長。因此，對指引的修訂實際上只是反映了第二季度的實際情況，並認識到代理商數量增加帶來的銷售額增長可能會在今年下半年和明年年初稍微推遲。

So it's really nothing other reflecting just some timing considerations of those new agents coming on and getting more productive there. And so then as you'd mentioned, just our overall -- I look at just kind of our overall agent count growth this year in our guide there would be reflective of what we would think as we get into 2026 guidance, but that would be a leading indicator of what we think sales would look like for 2026 based on what we know today.

因此，這實際上只是反映了那些新代理商加入並在那裡提高生產力的一些時間考慮。正如您所提到的，只是我們的整體 - 我只看今年指南中我們整體代理商數量的增長情況，這將反映出我們在進入 2026 年指導時的想法，但這將是一個領先指標，根據我們今天所了解的情況，我們認為 2026 年的銷售額將會是什麼樣的。

That's really encouraging. Thanks for that. And then on the [med sub] side, I mean, your sales have been phenomenally strong. And part of that is, and correct me if I'm wrong, part of that is a function of the Medicare Advantage under a lot of regulatory scrutiny unchanged. Now if we're a year out and that stabilizes, do you think that there could be kind of the flip side, a little bit of pressure on med sub-sales? Or do you think that you can kind of continue to grind up?

這真是令人鼓舞。謝謝。然後在[med sub]方面，我的意思是，你們的銷售表現非常強勁。其中一部分是，如果我錯了請糾正我，其中一部分是醫療保險優勢計劃的功能在大量監管審查下保持不變。現在，如果一年後情況穩定下來，您是否認為可能會出現相反的情況，即對醫藥分銷造成一點壓力？或者您認為自己可以繼續努力嗎？

I would say it this way, you're correct. There is a lot of noise in the system around Medicare Advantage, as we've talked about in the past, we have been the beneficiary of some of that dislocation on the med sub-sales side. What we see over time is there are some ebbs and flows to this business, but there continues to be a segment of the population that values what the benefits are from a med sub policy versus Medicare Advantage as it relates to being able to have more choice and some of the benefits that come along with those type of policies.

我想這樣說，你是對的。正如我們過去所討論的，圍繞醫療保險優勢計劃的系統存在著許多噪音，我們是醫療分包銷售方面部分混亂的受益者。隨著時間的推移，我們看到這個行業有一些起伏，但仍有一部分人重視醫療分保政策與醫療保險優勢計劃相比的優勢，因為它與能夠擁有更多選擇以及這類政策帶來的一些好處有關。

So I think there will always be a strong market for that, but it will ebb and flow based on some things that we see in the Medicare Advantage side. Also, to the extent we look at the significant size of our in-force block there and the premium growth that happens as a result of the rate filings that Tom had mentioned.

因此，我認為這個市場將一直保持強勁，但它會根據我們在醫療保險優勢計劃方面看到的一些情況而起伏。此外，我們還看到了我們在那裡的有效區塊的規模以及湯姆提到的費率申報導致的保費增長。

And so I think that bodes well for earnings growth here over the next coming periods, including into 2026. And so as we mentioned before, within Medicare Supplement and in the United American group there, we do have some group business, and so that does come through a little bit lumpy. And so we'll get higher sales growth sometimes associated with as those new groups come on, particularly as it's compared to the same quarter in the prior year.

因此，我認為這預示著未來一段時間（包括 2026 年）的獲利將實現成長。正如我們之前提到的，在醫療保險補充計劃和美國聯合集團內，我們確實有一些團體業務，因此這確實有點不平穩。因此，隨著這些新群體的加入，我們的銷售額有時會獲得更高的成長，特別是與去年同期相比。

Thanks for that.

謝謝。

Jimmy Bhullar, JPMorgan.

摩根大通的 Jimmy Bhullar。

So first, I just wanted to discuss your comments around guidance. I think the midpoint is up about $0.70. And you implied that a lot of it is because of a reserve release, but I think you said that some of it might also be because of higher assumed earnings on an ongoing basis because of sort of ongoing reserve remeasurement gains.

所以首先，我只想討論一下您對指導的評論。我認為中間價上漲了約0.70美元。您暗示這很大程度上是因為準備金釋放，但我認為您也說過，部分原因也可能是因為持續的準備金重估收益導致的持續假設收益增加。

So is that true? And to what extent are you able to quantify how much of the [$0.70] is just a one-time 3Q impact versus maybe assuming normal earnings outside of the annual actuarial review.

那麼這是真的嗎？並且，您能在多大程度上量化 [0.70 美元] 中有多少只是一次性的第三季度影響，而不是假設年度精算審查之外的正常收益。

Jimmy, you're right, is that we expect mortality results to continue to run favorably, and we'd expect those to continue throughout the year, which is not impacted by the assumption change. We'd expect like the fourth-quarter life underwriting margins to be more in the 41% range. So that's kind of indicative of some of the results coming through. And then also some continued small benefits from the Health segment.

吉米，你說得對，我們預計死亡率結果將繼續向好，而且我們預計這種趨勢將持續全年，這不會受到假設變化的影響。我們預計第四季度人壽承保利潤率將在 41% 左右。這在某種程度上顯示了一些已經取得的成果。此外，健康領域也持續帶來一些小幅收益。

The one thing I would add to that, Jimmy, is that we also, I think, seeing some favorable reductions, if you will, in our admin expenses. So our guidance -- we reduced that just a little bit, see that as being closer to [73] for the full year, and we're really seeing some moderation in our expenses that's kind of helping with that.

吉米，我想補充一點，我們的管理費用也出現了一些有利的減少。因此，我們稍微降低了我們的預期，認為全年的預期將更接近 [73]，而且我們的支出確實有所緩和，這對此有所幫助。

So I think that will be something that will carry forward for us, and then we did have a little bit of pickup in the overall guidance just from the additional repurchases that we had in the second year as well, which, of course, will continue to benefit us not only from the remainder of this year but going forward as well.

所以我認為這對我們來說會是一件好事，而且我們在第二年進行的額外回購確實使我們的整體預期有所回升，當然，這不僅會在今年剩餘時間內繼續使我們受益，而且在未來也會繼續使我們受益。

And then on direct sales, I think you had been down 16 quarters in a row on sales in direct on the life side. And this quarter, there was a slight improvement. Is that channel close to bottoming? Or was this just a blip given that the comps are easy. And just trying to get an idea on whether you're seeing some stability or signs of recovery there.

然後在直銷方面，我認為你們的人壽保險直銷銷售額已經連續 16 個季度下降。本季情況略有改善。該通道是否接近底部？或者這只是曇花一現，因為比賽很容易。只是想了解您是否看到了一些穩定或復甦的跡象。

Yeah. No, we do think this is a starting point from a recovery perspective. As I've mentioned, there's some fundamental things that we have put in place that came online here at the beginning of the year. There will be some continued benefit of the activity from an underwriting perspective and which ultimately results in improvement from a conversion of those inquiries that we get into ultimately issued policies. So we anticipate that continuing through the rest of the year.

是的。不，我們確實認為從復甦的角度來看這是一個起點。正如我所提到的，我們已經實施了一些基本措施，這些措施在今年年初就已經上線。從承保角度來看，這項活動將持續帶來一些好處，並最終導致我們收到的諮詢轉化為最終簽發的保單，從而帶來改善。因此我們預計這種情況將持續到今年剩餘時間。

The other thing that's very important too is that to the extent that are now able to convert our leads that we're getting through that direct-to-consumer channel, and we look at that conversion across the entire organization, the agent channel is able to convert those leads at a higher rate than a passive channel like direct-to-consumer.

另一件同樣非常重要的事情是，就我們現在能夠轉換透過直接面向消費者的管道所獲得的潛在客戶而言，並且我們在整個組織中觀察這種轉換，代理管道能夠以比直接面向消費者等被動管道更高的速率轉換這些潛在客戶。

And so what that's doing for us is that we analyze that on an aggregate basis, it gives us more margin to be able to spend on getting back into and expanding some of the campaigns that we've scaled back on. So there is a benefit to the direct-to-consumer sales just as a result of that continued marketing in addition to the sales that will happen in the agency channel.

因此，這對我們來說意味著，從總體上進行分析，它為我們提供了更多的餘地，讓我們能夠重新投入並擴大一些我們已經縮減的活動。因此，除了代理商通路的銷售外，直接面向消費者的銷售還能帶來好處，因為這種持續的行銷是其優勢之一。

And so I'd say those two things are really fundamental changes that drives our guide for the rest of the year of an overall increasing trend from a sales perspective. So we're very pleased to see those two things come into fruition.

因此，我想說，這兩件事確實是根本性的變化，從銷售角度來看，它們推動我們在今年剩餘時間內呈現整體成長趨勢。因此，我們很高興看到這兩件事得以實現。

And then just lastly, on Bermuda, I realize like the structure is not final and it's a couple of years out. But -- and there's, I guess, some discretion on how much business you decide to put into it. But if you do get a $200 million benefit on annual free cash flow, assuming you're using it for buybacks that sort of implies a 2 percentage point uptick in whatever your growth would have been otherwise.

最後，關於百慕達，我意識到結構還沒有最終確定，還需要幾年的時間。但是——我想，在決定投入多少生意時，你還是需要有一定的判斷力。但是，如果你確實從年度自由現金流中獲得了 2 億美元的收益，假設你將其用於回購，這意味著你的成長率將上升 2 個百分點。

Is that the right way to think about it? Or are there any other sort of offsets that would reduce the benefit versus what I mentioned.

這是正確的思考方式嗎？或者是否存在其他類型的抵消措施會降低我所提到的收益？

No, I think that's the right way to think about it, Jimmy.

不，我認為這是正確的思考方式，吉米。

Okay. Thank you.

好的。謝謝。

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘。

I guess my first question is just on some of the recent headlines we've seen from [to Centene] and some others just on the medical trends that have been making the news. It doesn't seem like there has been any impact on you guys, but I was just hoping that you could address that.

我想我的第一個問題是關於我們最近看到的一些關於 Centene 的頭條新聞，以及其他一些關於新聞中的醫療趨勢的新聞。這似乎對你們沒有任何影響，但我只是希望你們能夠解決這個問題。

Yeah. I'll comment on that and then if Matt or Frank, you guys want to as well. But that comment on Centene was primarily around Medicaid experience which is kind of major medical coverage. And so I think the Medicare supplement market is just quite a bit different. The demographics are a bit different.

是的。我會對此發表評論，如果 Matt 或 Frank 也想發表評論的話。但對 Centene 的評論主要圍繞著醫療補助 (Medicaid) 的經驗，這是一種主要的醫療保險。所以我認為醫療保險補充市場有很大不同。人口統計數據略有不同。

And I think, in general, I think the experience is just different in the Medicare Supplement business versus the Medicaid business. And I think they also commented on some favorable trends in their Medicare supplement side of things -- Medicare Advantage, yeah.

我認為，總的來說，醫療保險補充業務和醫療補助業務的體驗是不同的。我認為他們也評論了醫療保險補充方面的一些有利趨勢——醫療保險優勢，是的。

Okay. And then my second question, like, if we just kind of look at the Health business in general, kind of excluding the noise, right, from the Medical sub-business versus pre-COVID, right, the margins seem pretty good. And we're just trying to get a sense like is this kind of a good kind of run rate level to think about going forward? Or is there anything else to consider?

好的。然後我的第二個問題是，如果我們只是從整體上看健康業務，排除醫療子業務與 COVID 之前相比的噪音，利潤率似乎相當不錯。我們只是想了解一下，這是否是值得考慮的良好運行率水平？或是有其他需要考慮的嗎？

No, I think the supplemental health business, which is based upon the incidence of certain medical events and not really medical reimbursement overall. I think those trends have been fairly stable and consistent. And so I think we're in a pretty good place there.

不，我認為補充健康業務是基於某些醫療事件的發生，而不是真正的整體醫療報銷。我認為這些趨勢相當穩定且一致。所以我認為我們現在的處境非常好。

Yeah. No, I would agree. I think we really do like the supplemental Health business that we have that's limited benefit in the non-supplemental health has been really good and stable for us. Especially, we really like the return of premium product that we have with family heritage. That has continued to be a very good product for us, and they're showing really good growth with that.

是的。不，我同意。我認為我們確實喜歡我們的補充健康業務，它在非補充健康方面有限的益處對我們來說確實很好而且穩定。特別是，我們非常喜歡擁有家族傳承的優質產品的回歸。這對我們來說一直是一款非常好的產品，而且他們也因此展現了非常好的成長。

And that -- and we really like that because it's one that stays on the books a little bit longer because of the return of premium feature as well as just having really good, stable margins. And so we really see that continuing to grow for us and to be a positive addition going forward.

而且 — — 我們真的很喜歡這一點，因為它可以在帳面上停留更長時間，因為高級功能的回歸以及真正良好、穩定的利潤率。因此，我們確實看到它將繼續為我們帶來成長，並成為我們未來的積極補充。

And then one last one. Is there any kind of update on just like relative to the DOJ and just the ongoing investigation?

還有最後一個。關於司法部和正在進行的調查，有任何最新消息嗎？

Really, there have been no developments on both the DOJ and the SEC and investigations. And in fact, we have not received any request from either of those groups since the beginning of the year. So as a reminder, just both the DOJ and the SEC, they have not asserted any claims or made any allegations against Globe Life or AIL and we're not aware that there is an intention to do so. So in the -- as I've said before, to the extent we have significant developments, we'll be sure to update you.

事實上，美國司法部和美國證券交易委員會的調查都沒有任何進展。事實上，自今年年初以來，我們還沒有收到這兩個團體的任何請求。因此需要提醒的是，美國司法部和美國證券交易委員會都沒有對環球人壽或 AIL 提出任何索賠或指控，而且我們不知道他們有這樣做的意圖。因此——正如我之前所說，只要我們有重大進展，我們一定會向你們通報。

Thank you.

謝謝。

Ryan Krueger, KBW.

瑞安·克魯格（Ryan Krueger），KBW。

I had another Bermuda question. It looks like the $200 million would be about 15% of your GAAP operating income. I guess, trying to think about what your free cash flow conversion could look like following Bermuda. It seems like maybe it could be about 60% or so, but hoping to get some color from you guys on what you would expect.

我還有另一個關於百慕達的問題。看起來這 2 億美元約佔您的 GAAP 營業收入的 15%。我想，試著想想百慕達事件之後你的自由現金流轉換會是什麼樣子。看起來可能大約是 60% 左右，但希望從你們那裡得到一些關於你們的期望的資訊。

Yeah. Ryan, we haven't really finalized that at this point in time, but I think your math is good and in line with kind of what would happen if we were to get that earlier. Like we obviously expect to have earnings growth over the coming years. So it really is dependent upon kind of the timing of the earnings emergence from the Bermuda subs and the US subs as it relates to the Bermuda affiliate.

是的。瑞安，我們目前還沒有最終確定這一點，但我認為你的計算很好，並且與我們早點得到的結果一致。就像我們顯然預計未來幾年獲利會成長一樣。因此，這實際上取決於百慕達子公司和美國子公司盈利出現的時間，因為它與百慕達附屬公司有關。

Yeah, and Ryan, I would say we have talked about really looking at how do we get that our conversion rate, does it make sense for us to have a higher conversion rate and trying to look at that 60% or so. Looking at this, is there an opportunity here and this could potentially definitely help us to get at least to that level. And I would agree with Tom. I mean I think that's kind of the math that is part of that.

是的，Ryan，我想說我們已經討論過如何真正實現我們的轉換率，更高的轉換率是否有意義，並嘗試將轉換率控制在 60% 左右。從這個角度來看，這裡是否有機會，這有可能幫助我們至少達到那個水準。我同意湯姆的觀點。我的意思是，我認為這是其中的一部分數學。

And of course, we really like it in that it does it gives additional flexibility to the holding company from just an overall liquidity and capital management perspective as those dividends emerge just at a different time frame than it would be under just regular US statutory. So obviously, it gives us flexibility for how we manage the capital within our organization. And obviously, then to the extent it's truly excess, then it would be returned back out to the shareholders.

當然，我們真的很喜歡它，因為它確實從整體流動性和資本管理的角度為控股公司提供了額外的靈活性，因為這些股息出現的時間與美國法定股息出現的時間不同。顯然，它為我們管理組織內部的資本提供了靈活性。顯然，如果確實超出，就會返還給股東。

Thanks. And just to make sure I have this right. So the expected benefits are likely to start emerging in 2027 and beyond. Is that right?

謝謝。只是為了確保我擁有這個權利。因此預期的收益很可能在 2027 年及以後開始顯現。是嗎？

That's what we're seeing right now. And again, once we -- yeah, and as Matt mentioned, once we finalize the business plan and here over the remainder of this next quarter. So we'll have better insight into how some of that might emerge.

這就是我們現在所看到的。再說一次，一旦我們——是的，正如馬特提到的，一旦我們最終確定了商業計劃，並且在下個季度的剩餘時間內。這樣，我們將更了解其中的一些問題是如何出現的。

Thank you.

謝謝。

John Barnidge, Piper Sandler.

約翰·巴尼奇、派珀·桑德勒。

Thank you for the opportunity. My question is a follow up on Bermuda. I know you talked about getting to 25% of the in-force. Do you anticipate once that initial transaction establishes the infrastructure on the island -- it will be a series of transactions that follow or one large one?

感謝您提供的機會。我的問題是關於百慕達的後續問題。我知道您談到要達到 25% 的在職人員。您是否預計，一旦初始交易在島上建立了基礎設施，將會有一系列後續交易或一項大型交易？

Yeah, John, we probably do a series of transactions as kind of that operation is up and running, including evaluating in-force as well as some portion of new business being seated to Bermuda as well.

是的，約翰，隨著業務的啟動和運行，我們可能會進行一系列交易，包括評估現有業務以及部分新業務落腳百慕大。

Yeah. And I was going to say, for clarity, the statutory reserves is more of a longer-term view as we do in-force blocks as well as the new business and we start seeing new business into there as the reserves on that new business grow over time. And so that's just our preliminary view.

是的。為了清楚起見，我想說的是，法定儲備金更多的是一種長期觀點，因為我們既有有效的區塊，也有新業務，而且我們開始看到新業務進入其中，因為新業務的儲備金會隨著時間的推移而增長。這只是我們的初步看法。

Somebody asked a question earlier, could that change over time? And the answer is yes, that could change over time as we get more of our plans finalized and we're focused on getting it up and running this year and then developing out what that looks like from a long-term perspective.

之前有人問過一個問題，隨著時間的推移，這種情況會改變嗎？答案是肯定的，隨著時間的推移，情況可能會發生變化，因為我們最終會確定更多計劃，我們專注於在今年啟動和運行它，然後從長遠角度製定它的發展方向。

And because of the free cash flow that frees up and the leverage it creates on an operating perspective. At the same time, with some of these operational efficiencies that have been brought for automation sounds like on applications that could lead to higher close rates. Do you think this will allow you to accelerate agent growth? Or maybe pursue opportunistic inorganic of other distribution channels.

而且由於釋放的自由現金流以及它在營運角度上創造的槓桿作用。同時，自動化帶來的一些營運效率聽起來可能會在應用程式上帶來更高的成交率。您認為這會加速代理商的成長嗎？或者也許尋求其他分銷管道的機會性無機產品。

I mean, to the -- I'm not sure it really accelerate agent count growth because right now, we don't restrict sales in any manner because we're not capital constrained. As we've mentioned, part of our cash flow conversion is because of the amount of money that we're investing in new sales every year.

我的意思是——我不確定它是否真的能加速代理商數量的成長，因為現在，我們不會以任何方式限制銷售，因為我們不受資本限制。正如我們所提到的，我們的現金流轉換部分源自於我們每年在新銷售上投入的資金。

So to the extent that we start putting some of those new sales through a GAAP regime with the deferral of acquisition costs, then the timing of emergence under GAAP is different than stat. That would continue to help from a cash flow conversion ratio.

因此，如果我們開始將部分新銷售納入 GAAP 制度並推遲收購成本，那麼 GAAP 下的出現時間與統計數據不同。這將繼續對現金流轉換率有所幫助。

But we're not going to change the amount of investment into new sales because right now, we invest all that we can that has the appropriate return, but it will provide us more flexibility. And then from a potential M&A perspective in the future, that could provide additional, as we've said, additional cash flows at the parent company are strategic in nature, and we look at funding a variety of things and then, of course, returning excess to shareholders.

但我們不會改變對新銷售的投資金額，因為現在，我們投資了所有能帶來適當回報的項目，但這將為我們提供更多的靈活性。然後從未來潛在的併購角度來看，這可能會提供額外的現金流，正如我們所說，母公司的額外現金流具有戰略性質，我們會考慮為各種事物提供資金，然後當然將多餘的資金返還給股東。

Thank you.

謝謝。

Wilma Burdis, Raymond James.

威爾瑪伯迪斯、雷蒙詹姆斯。

After the massive amount of buybacks you guys have done and then you've got a lot more capital you're freeing up as well. Is M&A more interesting? I know there's something you guys were looking at a couple 18 months ago. Maybe just give us an update there.

在你們進行了大量回購之後，你們也釋放了更多的資本。併購更有趣嗎？我知道你們 18 個月前就在關注某件事。也許只是向我們提供最新消息。

There are M&A lens that we look through is always opportunistic and the fact that it has to fit in with our overall strategy, as we've said, we -- our distribution organic growth companies to the extent that it would add to that with expertise that we have that we feel like we could continue and enhance our growth.

我們從併購角度來看總是機會性的，而且它必須符合我們的整體策略，正如我們所說的那樣，我們的分銷有機成長公司在一定程度上會增加我們的專業知識，我們覺得我們可以繼續並加強我們的成長。

We'll continue to look at those opportunities are not in right now, based on our view of our stock price and where that's trading now from compared to a historical level still is the overall compelling use of our funds for continuing to invest in stock buyback. But we'll continue to look for an M&A opportunity to the extent it makes strategic sense for us.

我們將繼續關注那些目前不存在的機會，基於我們對股價的看法以及與歷史水平相比目前的交易情況，我們的資金仍然具有繼續投資於股票回購的整體吸引力。但只要對我們有策略意義，我們就會繼續尋找併購機會。

Okay. Thank you. I know a lot of people have asked about mortality. But given the reserve releases you guys anticipate in 3Q from the life side, the mortality remeasurement continue to accumulate. Can you just talk about how that would flow through future years? How do you think about it in the future?

好的。謝謝。我知道很多人都問過死亡率的問題。但考慮到你們預計第三季壽險方面的儲備釋放，死亡率的重新測量將繼續累積。您能談談未來幾年會如何發展嗎？您認為未來會怎樣？

Yeah. I think -- so Wilma right now, we anticipate the -- our life mortality assumption to be fairly in line with prepandemic levels, right? And I would say that the recent experience we're seeing is a little bit below that. So to the extent that our recent experience continues. As I mentioned, we see continued remeasurement gains relative to that new baseline mortality assumption emerge into next year. So I think we'll just have to wait and see whether that mortality continues that we're seeing currently.

是的。我認為——所以威爾瑪現在，我們預計——我們的生命死亡率假設與大流行前的水平相當，對嗎？我想說的是，我們最近看到的經歷略低於這個水平。因此，我們最近的經驗仍在繼續。正如我所提到的，我們預計明年相對於新的基線死亡率假設，重新測量的收益將持續增加。所以我認為我們只需要拭目以待，看看目前這種死亡率是否會持續下去。

Yeah, Wilma, the one thing I would just add to that is if -- just kind of by default those long-term assumptions are what we ultimately expect that mortality to be over the long term. So we would expect even though we're seeing some favorable mortality right now, we would expect that to trend back to those long-term averages over time.

是的，威爾瑪，我想補充一點，如果——預設情況下，這些長期假設就是我們最終預期的長期死亡率。因此，我們預計，儘管我們現在看到一些有利的死亡率，但我們預計隨著時間的推移，死亡率將回到長期平均水平。

And if that's -- and if actual experience emerges kind of in line with those long-term expectations and long-term assumptions, I think Tom mentioned that you're kind of looking at that margin percentage and kind of similar to what we're kind of projecting for the fourth quarter, which is in that [4.5%] to around 41%.

如果那是 — — 如果實際經驗與這些長期預期和長期假設相符，我想湯姆提到過，你正在考慮那個利潤率百分比，它與我們對第四季度的預測有點相似，即 [4.5%] 到 41% 左右。

And we've talked on the prior call that there's probably still a little [degration] of that -- degradation of that that's going to happen over the next couple of years just as amortization, the transition to LDTI continues to -- as that blends in on the changes to the [DAC] amortization. And -- but I think to the extent that we have favorable mortality versus the long-term assumptions, (inaudible) that we would expect those margins to be a little bit north of that.

我們在先前的電話會議上討論過，未來幾年可能還會出現一點 [貶值] — — 就像攤銷一樣，向 LDTI 的過渡將繼續 — — 因為這與 [DAC] 攤銷的變化相融合。而且 — — 但我認為，就我們對長期假設的死亡率有利的程度而言，（聽不清楚）我們預計這些利潤率會略高於這個數字。

Okay. Thank you.

好的。謝謝。

Mark Hughes, Truist.

馬克·休斯，Truist。

How about last experience in the life business -- you talked about that press contributing to the remeasurement gain, but any observations there?

您上次在人壽保險業務方面的經驗如何—您談到了壓力對重估收益的貢獻，您對此有什麼觀察嗎？

Yeah. I would say in general, our lapse experience on the Life business has been fairly consistent in -- with recent quarters. I think there's a couple right spots that first are lapses at AIL actually were favorable this quarter. So that could be a fluctuation. But I also think that we're pleased to see that as well.

是的。我想說，總的來說，我們在人壽業務上的失誤經歷與最近幾季相當一致。我認為有幾個正確的地方，首先是 AIL 本季的失誤實際上是有利的。所以這可能是個波動。但我認為我們也很高興看到這一點。

And then DTC, as first-year lapses have been direct-to-consumer channel first-year lapses had been consistent with prior quarters, but they're still running a little bit higher than where they have from historical norms. And so we're continuing to monitor that to see whether that's kind of the new normal or whether that comes back over time as well.

然後是 DTC，由於第一年的失誤一直是直接面向消費者的管道，第一年的失誤與前幾季一致，但仍然比歷史標準高一點。因此，我們將繼續監測這種情況，看看這是否是一種新常態，或者是否也會隨著時間的推移而恢復。

Yeah. I would say overall, I think we're pretty -- we're pleased overall with the resiliency of business, especially given some of the economic uncertainties that are kind of running through the marketplace in recent times. And as Tom said, we had -- I'm going to say the exception of DTC, we had good first year lapses. Our first-year lapses in the second quarter did improve sequentially over Q2. A lot of that is seasonality. That's kind of typically happens.

是的。我想說，總的來說，我認為我們對業務的彈性感到滿意，特別是考慮到最近市場上的一些經濟不確定性。正如湯姆所說，我們有——我要說的是，除了 DTC，我們第一年的表現都很好。我們第二季的第一年失誤確實比第二季有所改善。其中很大一部分是季節性的。這種情況很常見。

But overall, they're kind of then staying if you look at general levels, pretty consistent with our long-term averages, and you kind of think about pre-pandemic from that perspective because we had very favorable lapses during the pandemic years. So there definitely has been a recovery in our lapse rates to some of those pre-pandemic levels.

但總體而言，如果從總體水平來看，它們會保持穩定，與我們的長期平均水平基本一致，你可以從這個角度來思考疫情之前的情況，因為我們在疫情期間經歷了非常有利的時期。因此，我們的遞減率肯定已經恢復到疫情前的水準。

And I'll tell you, in general, we're pleased where we're at given the kind of economic situations and clearly not out of any kind of norm that we've seen in prior periods with some economic stress. But we think they've stabilized and feel pretty good with where they're at right now.

我想告訴你們，總的來說，考慮到當前的經濟形勢，我們對目前的狀況感到滿意，而且顯然沒有脫離我們在前期經濟壓力時期所看到的任何常態。但我們認為他們已經穩定下來，並且對目前的狀況感覺很好。

Understood. On the Health business, the rate increase and then the slight reduction in utilization. Was that fully reflected in the P&L, would you say in 2Q? Or is there some marginal improvement yet to come in 3Q?

明白了。在健康業務方面，費率上升，而利用率則略有下降。您認為這是否完全反映在第二季的損益表中？或者第三季是否還會有一些微小的改善？

I would say it's fully reflected in the second-quarter results. I mean there's a trickle that will come in later, but it's really very, very small. And I think one of the important pieces is that in that UAGA line, it includes individual supplements as well as group coverages. And so the rate increases are really a function, are really coming into play on the individual Medicare supplement business. But they're fully reflected.

我想說這已經充分反映在第二季的業績。我的意思是，稍後會有涓涓細流流入，但真的非常非常小。我認為其中一個重要部分是，在 UAGA 系列中，它包括個人補充保險和團體保險。因此，費率上漲確實對個人醫療保險補充業務產生了影響。但它們已經充分反映出來了。

Appreciate it.

非常感謝。

Wes Carmichael, Autonomous Research.

韋斯·卡邁克爾，自主研究。

So I guess I wanted to talk about the direct-to-consumer channel. It's the first time, I think, in recent memory, you guys are talking pretty positively about that. So I just wanted to get a little more color on what was the technology that you guys put into place. I think if I think back, it was a lot of mailings and now it seems like that's changed.

所以我想談談直接面向消費者的管道。我認為，這是近年來你們第一次如此積極地談論此事。所以我只是想更詳細地了解你們所採用的技術。我想如果我回想一下，我會發現有很多郵件，但現在情況似乎已經改變了。

So maybe just the evolution there? And is there any associated increase in corporate or admin expenses from marketing in that channel? Or how should we think about that?

所以也許只是那裡的演化？該管道的營銷是否會增加公司或管理費用？或者我們應該如何思考這個問題？

Sure. You're right. History was a significant amount of the marketing campaigns and inquiries came through more of a paper medium, whether it was mail or inserts. But over the last recent years, up to about 75% or 80% of that business really comes through a digital channel now, and some of that is fulfilled through call center that we have.

當然。你說得對。歷史上，大量的行銷活動和諮詢都是透過紙本媒介進行的，無論是郵件還是插頁。但最近幾年，大約有 75% 或 80% 的業務實際上是透過數位管道實現的，其中一部分是透過我們的呼叫中心實現的。

But essentially, what's happening is, is that the technology investments are associated with kind of the throughput of taking those leads and ultimately issuing those policies. We're able to utilize the data in other way than we have in the past from a underwriting perspective.

但本質上，正在發生的事情是，技術投資與獲取這些線索並最終發布這些政策的吞吐量相關。從承保角度來看，我們能夠以不同於過去的方式利用數據。

And so historically, part of the process was based on how people filled out applications. We had to have follow-up and understand some of those health situations better. Well, there's a follow up because we can't contact everybody that submitted an application. And so there's a little bit of friction in the system from that perspective.

從歷史上看，部分流程取決於人們如何填寫申請表。我們必須進行追蹤並更好地了解一些健康狀況。嗯，我們需要跟進，因為我們無法聯繫到所有提交申請的人。從這個角度來看，系統中存在一些摩擦。

Now with the use of data, we can go ahead and issue certain policies with -- that meet our risk criteria and without even contacting an individual. And so a lot of that is just from a technology throughput perspective. We're still issuing policies from a same risk profile perspective. We're just able to do it much more efficiently.

現在，透過使用數據，我們可以繼續發布某些符合我們風險標準的政策，甚至無需與個人聯繫。因此，其中許多只是從技術吞吐量的角度來看的。我們仍然從相同的風險狀況角度發布政策。我們只是能夠更有效率地完成這件事。

And so to the extent that our conversion rate goes up overall, for that marketing spend because we're spending money upfront for an estimate of what policies get issued at the end, the combination of direct-to-consumer channels, conversion rate going up as well as being able to utilize that marketing spend in our agencies and the conversion of that marketing spend through sales in those agency channels, changes the dynamic of evaluating the marketing spend for the policies and the profit -- estimated future profits that we're ultimately issuing.

因此，就我們的轉換率整體上升而言，對於行銷支出而言，因為我們預先花費了資金來估計最終簽發的保單，直接面向消費者的管道、轉換率上升以及能夠利用我們代理商的行銷支出以及透過這些代理商管道的銷售將行銷支出轉化為收益，改變了評估保單行銷支出和利潤的動態——我們最終簽發的預期未來利潤。

So it enables us to spend more money on marketing as well as certain campaigns that were kind of on the bubble related to whether they were profitable or not, it makes them now more profitable. So to the extent that we spend more on marketing, we get more inquiries and the conversion those across the organization. So we're very pleased to see both of those factors coming into play that are going to benefit the sales on both sides of the equation, meaning direct-to-consumer and our agency channels.

因此，它使我們能夠在行銷以及某些先前不確定是否盈利的活動上投入更多資金，現在它使這些活動更有利可圖。因此，我們在行銷上投入的越多，我們得到的諮詢就越多，整個組織的轉換率就越高。因此，我們很高興看到這兩個因素發揮作用，這將有利於等式兩邊的銷售，即直接面向消費者和我們的代理商管道。

Yeah, and you raised the question on whether any of those expenses go through the corporate or admin expenses and they do not. So as we look at increasing spend on there, that's all acquisition cost that's supported by the profits and the sales of DTC.

是的，您提出的問題是關於這些費用是否計入公司或管理費用，答案是否定的。因此，當我們考慮增加這方面的支出時，這些都是由 DTC 的利潤和銷售所支持的收購成本。

Great. Thank you so much.

偉大的。太感謝了。

Suneet Kamath, Jefferies

蘇尼特·卡馬斯（Jefferies）

I know we're going on long, so I'll just leave it at one. On the reviews, I appreciate your comment about not being contacted by anybody since the beginning of the year, but I think there still is a bit of an overhang on the stock from this issue. And I know you want to be probably careful about how much noise you make on it, but is there an objective here to just put this to bed maybe by the end of the year?

我知道我們還要繼續討論下去，所以我就先講到這裡。關於評論，我很感謝您關於自今年年初以來沒有人聯繫過我的評論，但我認為這個問題對股票的影響仍然有點大。我知道你可能想謹慎處理此事，但你的目標是否是在年底前解決此事？

And if the government is being slow, maybe just trying to see if there's anything that you can do to just put it behind you because it's been going on for a while. And like I said, I think there's still a bit of an overhang on the stock. So just curious about your thoughts. Or is the strategy just sit back and wait and let them come to you and when they have time to do that, they'll do that.

如果政府行動遲緩，也許只是想看看是否有什麼可以解決的問題，因為這種情況已經持續了一段時間。正如我所說的，我認為該股仍存在一些上漲空間。所以只是好奇你的想法。或者策略就是坐下來等待，讓他們來找你，當他們有時間的時候，他們就會這麼做。

No. We have proactive outreach. Of course, we're not in control of the agency's timing. I was just pointing out that we received no new inquiries or requests from either agency for this calendar year. So that's what we know to date.

不。我們積極主動地進行宣傳。當然，我們無法控制該機構的時間表。我只是指出，今年我們沒有收到任何這兩個機構的新詢問或請求。這就是我們目前所知道的。

We're still active in trying to bring that to fruition and resolution and we'd like to be able to communicate that. But as I've mentioned before, these are informal processes, and so being able to bring that to a conclusion that we can discuss publicly is definitely our goal.

我們仍在積極努力實現這一目標並解決問題，我們希望能夠傳達這一點。但正如我之前提到的，這些都是非正式的流程，因此能夠得出可以公開討論的結論絕對是我們的目標。

Okay, I'll leave it there. Thanks.

好的，我就把它留在那裡。謝謝。

Tom Gallagher, Evercore ISI.

湯姆·加拉格爾，Evercore ISI。

First question just on the $200 million of additional annual free cash flow from Bermuda that you're thinking. I know you said the initial benefits will start in 2027, just curious, how long do you think it would take to get up to that run rate? That's a very big percentage increase of your current free cash flow.

第一個問題是關於您所想到的百慕達每年 2 億美元的額外自由現金流。我知道您說過初始收益將於 2027 年開始，只是好奇，您認為需要多長時間才能達到這個運行率？這對您目前的自由現金流來說是一個非常大的百分比成長。

So I mean, is this five years down the road? Or is it sooner than that? Can you give a little bit of color for how long you think that might take to get up to that level?

所以我的意思是，這是五年後的事嗎？或比這更早？您能否稍微說明一下，您認為需要多長時間才能達到這個水平？

Yeah, as I said earlier, it's a little bit early to give you timing on that and we still need to work through putting together that final business plan and getting regulatory approval and rating agency discussions solidified. So I think that's an update for a future call.

是的，正如我之前所說，現在給你時間還為時過早，我們仍然需要努力製定最終的商業計劃，獲得監管部門的批准，並鞏固與評級機構的討論。所以我認為這是對未來通話的更新。

Yeah. It's safe to say that would not all happen in year one, but we'll have better timing discussion in the next couple of calls. But it's also -- it's not a 10-year runway either. So it's probably a 3 to 5 if we're handicapping it, but we want to be able to finalize all those discussions that Tom just mentioned, and then we'll give a little bit more clarity on timing.

是的。可以肯定地說，這一切不會在第一年就發生，但我們將在接下來的幾次電話會議中就時間安排進行更好的討論。但它也不是一條 10 年的跑道。因此，如果我們進行預測的話，這個時間可能是 3 到 5，但我們希望能夠完成湯姆剛才提到的所有討論，然後我們會對時間安排給出更明確的說明。

Got you. And then -- and just a mechanics question on the free cash flow. Does most of the $200 million annual improvement come from acquisition expenses -- or are there other components like discount rate? Are you -- do you think you'll get some benefit from this mortality improvement that you've seen? It probably doesn't sound like that. But I'm just curious if you could kind of dimension like what are the major drivers of the improvement?

明白了。然後——這只是一個關於自由現金流的機制問題。每年 2 億美元的改進大部分是否來自收購費用——或者還有折扣率等其他因素？您認為您會從所看到的死亡率改善中受益嗎？聽起來可能不是那樣。但我只是好奇，您是否可以具體分析一下，推動這種改善的主要因素是什麼？

Yeah. I think it's generally a difference between how statutory earnings emerge versus how GAAP earnings emerge is really the key difference

是的。我認為，法定收益與 GAAP 收益之間的差異才是關鍵

And the two big components of that, of course, are your deferred acquisition costs and how those are treated between GAAP and statutory as well just differences in reserving.

當然，其中的兩個主要組成部分是遞延收購成本、GAAP 和法定標準對遞延收購成本的處理方式以及準備金的差異。

Makes sense. Thank you.

有道理。謝謝。

Thank you. There are no further questions in queue. I will now hand it back to Stephen Mota for closing remarks.

謝謝。隊列中沒有其他問題。現在我將把發言權交還給史蒂芬莫塔，請他作最後發言。

All right. Thank you for joining us this morning. Those are our comments. We will talk to you again next quarter.

好的。感謝您今天上午加入我們。以上就是我們的評論。我們將在下個季度再次與您交談。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。