Globe Life Inc. (GL) 2026 Q1 法說會逐字稿

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

各位好，歡迎參加 Globe Life, Inc. 第一季財報發布電話會議。我是 Morgan，將擔任今天活動的協調人。請注意，本次電話會議將被錄音。（接線員指示）

I will now hand you over to your host, Stephen Mota, Vice President of Investor Relations, to begin today’s conference. Thank you.

現在我將把電話交給今天的主持人——投資人關係副總裁 Stephen Mota——開始今天的會議。謝謝。

Thank you. Good morning, everyone. Joining the call today are Frank M. 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. Some of our comments or answers to your questions may contain forward-looking statements that are provided for general guidance purposes only.

謝謝。各位早安。今天參與電話會議的有：我們的共同執行長 Frank M. Svoboda 與 Matt Darden；財務長 Tom Kalmbach；策略長 Mike Majors；以及總法律顧問 Brian Mitchell。我們的部分評論或對各位提問的回答可能包含前瞻性陳述，僅供一般性指引之用。

Accordingly, please refer to our earnings release and 2025 Form 10‑K on file with the SEC. Some of our comments may also contain non‑GAAP measures. Please see our earnings release and website for a discussion of these terms and reconciliations to GAAP measures.

因此，請參閱我們的財報新聞稿以及已向 SEC 申報的 2025 年 Form 10‑K。我們的部分評論也可能包含非 GAAP 衡量指標。關於這些用語的說明以及與 GAAP 指標的調節，請參閱我們的財報新聞稿與網站。

I will now turn the call over to Frank.

現在我把電話交給 Frank。

Thank you, Stephen, and good morning, everyone. In the first quarter, net income was $271 million, or $3.39 per share, compared to $255 million, or $3.01 per share, a year ago. Net operating income for the quarter was $274 million, or $3.43 per share, an increase of 12% over the $3.07 per share from a year ago.

謝謝你，Stephen，各位早安。第一季淨利為 2.71 億美元，或每股 3.39 美元，去年同期為 2.55 億美元，或每股 3.01 美元。本季淨營業利益為 2.74 億美元，或每股 3.43 美元，較去年同期每股 3.07 美元成長 12%。

We are very pleased with the results of our operations this quarter. Despite the challenges faced by working‑class Americans in the current economic environment, Globe Life has now produced double‑digit growth in net operating income per share in seven of the last eight quarters. And the one quarter that didn't have double‑digit growth was close at 8%.

我們對本季營運成果非常滿意。儘管在目前經濟環境下，工薪階層美國人面臨諸多挑戰，Globe Life 在過去八個季度中有七個季度的每股淨營業利益達到雙位數成長；而未達雙位數成長的那一季也接近，為 8%。

On a GAAP reported basis, return on equity through March 31 is 17.9%, and book value per share is $77.03. Excluding Accumulated Other Comprehensive Income, or AOCI, return on equity is 14%, and book value per share as of March 31 is $98.56, up 12% from a year ago.

以 GAAP 申報基礎計算，截至 3 月 31 日的股東權益報酬率（ROE）為 17.9%，每股帳面價值為 77.03 美元。排除累積其他綜合損益（Accumulated Other Comprehensive Income，AOCI）後，ROE 為 14%，截至 3 月 31 日的每股帳面價值為 98.56 美元，較去年同期成長 12%。

Now in our insurance operations, total premium revenue in the first quarter grew 6% over the year‑ago quarter. For the full year, we expect total premium revenue to grow approximately 7%. Life premium revenue for the first quarter increased 3% from the year‑ago quarter to $853 million. Life underwriting margin was $349 million, also up 3% from a year ago. For the year, we expect life premium revenue to grow between 3% and 3.5%.

在保險營運方面，第一季總保費收入較去年同期成長 6%。全年而言，我們預期總保費收入約成長 7%。第一季壽險保費收入較去年同期增加 3% 至 8.53 億美元。壽險承保利潤為 3.49 億美元，也較去年同期成長 3%。全年而言，我們預期壽險保費收入成長介於 3% 至 3.5%。

As a percent of premium, life underwriting margin was 41%, same as the year‑ago quarter. While we anticipate life underwriting margin to be between 42% and 45% for the full year 2026, we do expect it to be around 41% for both the second and fourth quarters and higher in the third quarter due to the anticipated remeasurement gain from assumption updates that will take place in the third quarter, as Tom will discuss in his comments.

以保費占比計算，壽險承保利潤率為 41%，與去年同期相同。雖然我們預期 2026 全年壽險承保利潤率將介於 42% 至 45%，但我們確實預期第二季與第四季約為 41%，第三季則較高，原因是第三季將進行假設更新，預期會帶來重新衡量收益；Tom 將在他的評論中進一步說明。

In health insurance, premium revenue grew 13% to $417 million, and health underwriting margin was up 12% to $95 million. For the year, we expect health premium revenue to grow in the range of 14% to 17%. This is due to premium rate increases in our Medicare Supplement business as well as strong sales activity in both our United American and Family Heritage Divisions.

在健康保險方面，保費收入成長 13% 至 4.17 億美元，健康險承保利潤成長 12% 至 9,500 萬美元。全年而言，我們預期健康險保費收入成長區間為 14% 至 17%。這主要來自我們 Medicare Supplement（醫療補充保險）業務的保費費率調升，以及 United American 與 Family Heritage 兩個事業部強勁的銷售活動。

As a percent of premium, health underwriting margin was approximately 23% in the first quarter, same as the year‑ago quarter. For the full year, we anticipate health underwriting margins to be between 23% and 27%. Administrative expenses were $94 million for the quarter, an increase of approximately 8% over the first quarter of 2025.

以保費占比計算，第一季健康險承保利潤率約為 23%，與去年同期相同。全年而言，我們預期健康險承保利潤率將介於 23% 至 27%。本季管理費用為 9,400 萬美元，較 2025 年第一季增加約 8%。

As a percent of premium, administrative expenses were 7.4%. For the year, we expect administrative expenses to be approximately 7.3% of premium. Over the long term, we anticipate that expanded implementation of AI applications across the company will help drive this ratio lower.

以保費占比計算，管理費用為 7.4%。全年而言，我們預期管理費用約為保費的 7.3%。長期來看，我們預期在全公司更廣泛導入 AI 應用將有助於推動此比率下降。

We believe Globe Life is positively positioned to benefit from AI due to the high‑volume nature of our business, including the number of applications received and policies issued, calls received by our customer service representatives, and number of claims reviewed and paid. Of course, these AI‑driven improvements would not be limited to administrative expenses. We expect enterprise‑wide benefits, including significant benefits to our distribution and underwriting activities in particular.

我們認為 Globe Life 具備有利條件可受惠於 AI，原因在於我們業務具有高交易量特性，包括收到的投保申請與核發的保單數量、客服代表接聽的來電量，以及審核與理賠的案件數。當然，這些由 AI 驅動的改善不會僅限於管理費用。我們預期將帶來全企業層面的效益，尤其是在通路與承保活動方面可獲得顯著助益。

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

現在我把電話交給 Matt，請他就第一季行銷營運發表評論。

Thank you, Frank. We had strong first quarter sales results as the total life net sales grew 6% and the total health net sales grew 58%. I’m pleased to point out that we have seen growth in net life sales in each Division for the last two quarters. Given the current economic environment, these results are indicative of the resiliency of our business model. Now I’ll discuss the trends at each distribution, starting with our exclusive agencies.

謝謝你，Frank。我們第一季銷售表現強勁，整體壽險淨銷售成長 6%，整體健康險淨銷售成長 58%。我很高興指出，過去兩個季度我們在各事業部的壽險淨銷售皆呈現成長。考量目前的經濟環境，這些結果顯示我們商業模式的韌性。接下來我將說明各通路的趨勢，先從我們的專屬代理通路開始。

At American Income Life, life premiums were up 5% over the year-ago quarter to $459 million, and the life underwriting margin was up 7% to $209 million. Net life sales were $101 million, up 3% from a year ago due to improved agent productivity. The average producing agent count for the first quarter was 11,064, down 4% from a year ago due primarily to a decline in new agent retention.

在 American Income Life，壽險保費較去年同期成長 5% 至 4.59 億美元，壽險承保利潤成長 7% 至 2.09 億美元。壽險淨銷售為 1.01 億美元，較去年同期成長 3%，主要因代理人產能提升。第一季平均有產能的代理人人數為 11,064 人，較去年同期下降 4%，主要是新進代理人留任率下降所致。

Short-term declines in agent count are not necessarily a problem, as we can see improved sales productivity among our veteran agents when they have more time to focus on sales. Now that being said, long-term growth is dependent on agent count growth. As we discussed in the last call, at the beginning of the second quarter, we have implemented compensation adjustments for our middle management team that are designed to emphasize new agent recruiting and retention of new agents. We expect these adjustments to have a positive impact on our overall agent count during the second half of this year.

短期的代理人人數下滑未必是問題，因為當資深代理人有更多時間專注於銷售時，我們可看到其銷售生產力提升。不過話雖如此，長期成長仍取決於代理人人數的成長。如同我們在上次電話會議中所討論的，在第二季初，我們已對中階管理團隊實施薪酬調整，旨在強化新代理人招募與新代理人留任。我們預期這些調整將在今年下半年對整體代理人人數帶來正面影響。

Despite these short-term challenges, I am very pleased with the improvement in agent productivity we have seen over the last several quarters. Our investments in branding, lead generation, and technology are paying off. Overall, I’m very optimistic regarding the long-term prospects for American Income.

儘管面臨這些短期挑戰，我仍對過去幾個季度所看到的代理人產能改善感到非常滿意。我們在品牌、名單開發（lead generation）與科技方面的投資正在見效。整體而言，我對 American Income 的長期前景非常樂觀。

At Liberty National, the life premiums were up 4% over the year-ago quarter to $100 million, and the life underwriting margin was up 11% to $35 million. Net life sales were $25 million, up 13% from the year-ago quarter due primarily to agent account growth. Net health sales were $7 million, down 3% from the year-ago quarter as more emphasis has been placed on life business.

在 Liberty National，壽險保費較去年同期成長 4% 至 1 億美元，壽險承保利潤成長 11% 至 3,500 萬美元。壽險淨銷售為 2,500 萬美元，較去年同期成長 13%，主要因代理人帳戶數成長。健康險淨銷售為 700 萬美元，較去年同期下降 3%，因為公司更著重於壽險業務。

The average producing agent count for the first quarter was 4,031, up 9% from a year ago. I’m excited about the strong life sales and agent count growth we are seeing and confident we will continue to see growth at this agency as we move forward.

第一季平均有產能的代理人人數為 4,031 人，較去年同期成長 9%。我對我們看到的強勁壽險銷售與代理人人數成長感到振奮，並有信心隨著我們持續推進，該代理通路將持續成長。

At Family Heritage, the health premiums increased 10% over the year-ago quarter to $123 million, and the health underwriting margin increased 11% to $44 million. Net health sales were up 22% to $33 million, and this is due to increases in agent count and productivity. The average producing agent count for the first quarter was 1,561, up 10% from a year ago. We continue to see strong agent count growth at Family Heritage, and this is resulting from the continued focus on our recruiting and growing agency middle management.

在 Family Heritage，健康險保費較去年同期增加 10% 至 1.23 億美元，健康險承保利潤增加 11% 至 4,400 萬美元。健康險淨銷售成長 22% 至 3,300 萬美元，主要因代理人人數與生產力提升。第一季平均有產能的代理人人數為 1,561 人，較去年同期成長 10%。我們持續看到 Family Heritage 的代理人人數強勁成長，這源於我們持續聚焦於招募，以及擴大代理通路中階管理團隊。

In our Direct-to-Consumer Division, the life premiums were down approximately 1% over the year ago quarter to $244 million, while the life underwriting margin increased 15% to $74 million. Net life sales were $27 million, up 8% from the year-ago quarter. As we’ve discussed before, the value of this Division extends well beyond DTC sales due to the support it provides to our agencies.

在我們的直達消費者（Direct-to-Consumer，DTC）事業部，壽險保費較去年同期約下降 1% 至 2.44 億美元，但壽險承保利潤增加 15% 至 7,400 萬美元。壽險淨銷售為 2,700 萬美元，較去年同期成長 8%。如同我們先前所討論的，該事業部的價值遠不僅止於 DTC 銷售，因為它也為我們的代理通路提供支援。

We’ve seen improved conversion of the Direct-to-Consumer leads shared with our agencies, which has also led to margin improvement. This allows us to invest more heavily in advertising and other lead generation activities, further increasing lead volume, which in turn leads to additional sales in both our Direct-to-Consumer and agency channels. We expect this Division to increase leads generated for our three exclusive agencies during 2026 by approximately 5% to 10%.

我們看到與我們代理機構分享的直銷（Direct-to-Consumer）潛在客戶轉換率有所提升，這也帶動了利潤率改善。這使我們能夠加大在廣告及其他潛在客戶開發活動上的投資，進一步提高潛在客戶量，而這又會在我們的直銷與代理通路帶來更多銷售。我們預期該事業部在 2026 年為我們三家專屬代理機構所產生的潛在客戶數將增加約 5% 至 10%。

At the United American General Agency, here, the health premiums increased 22% over the year-ago quarter to $194 million, and the health underwriting margin was $5 million, up approximately $4 million from the year-ago quarter. Net health sales were $62 million, an increase of approximately $34 million over the year-ago quarter. Sales were strong across the Division in both the Medicare Supplement and worksite business due primarily to tailwinds from the continued movement of Medicare beneficiaries from Medicare Advantage to Medicare Supplement and the further development of our group worksite business. As an additional note, I would remind everyone that we do not market Medicare Advantage plans.

在 United American General Agency，本季健康險保費較去年同期增加 22% 至 1.94 億美元，健康險承保利潤為 500 萬美元，較去年同期增加約 400 萬美元。健康險淨銷售額為 6,200 萬美元，較去年同期增加約 3,400 萬美元。由於 Medicare 受益人持續從 Medicare Advantage 轉向 Medicare Supplement，以及我們團體職場（worksite）業務的進一步發展，本事業部在 Medicare Supplement 與職場業務兩方面的銷售皆表現強勁。另補充提醒各位，我們不行銷 Medicare Advantage 計畫。

Now I’d like to discuss projections based, and based on these recent trends and our experience with the business, we expect the average producing agent count trends for the full year of 2026 to be as follows. At American Income, low single-digit growth. And then at both Liberty National and Family Heritage, low double-digit growth.

接下來我想討論預測。根據近期趨勢以及我們對該業務的經驗，我們預期 2026 全年平均有產能（producing）的代理人數趨勢如下：American Income 為低個位數成長；而 Liberty National 與 Family Heritage 皆為低雙位數成長。

For life sales for 2026, we expect the following. At American Income, mid-single-digit growth; Liberty National, low double-digit growth; Direct to Consumer, low single-digit growth. For health sales for 2026, we expect the as follows: Liberty National, mid-single-digit growth; Family Heritage, low double-digit growth; and at United American, high-teens growth.

就 2026 年壽險銷售而言，我們預期如下：American Income 為中個位數成長；Liberty National 為低雙位數成長；直銷（Direct to Consumer）為低個位數成長。就 2026 年健康險銷售而言，我們預期如下：Liberty National 為中個位數成長；Family Heritage 為低雙位數成長；United American 為高十幾個百分點（high-teens）成長。

I’ll now turn the call back to Frank.

我現在把電話交回給 Frank。

Thanks, Matt. We’ll now turn to the investment operations. Excess investment income, which we define as net investment income less required interest, was $37 million, up approximately $1 million from the year-ago quarter. Net investment income was $290 million, up 3%, while average invested assets grew 2%. Required interest grew 3%, slightly lower than the 4% growth in average policy liability over the year-ago quarter.

謝謝，Matt。接下來我們談投資營運。超額投資收益（excess investment income），我們定義為淨投資收益扣除必要利息（required interest），為 3,700 萬美元，較去年同期增加約 100 萬美元。淨投資收益為 2.90 億美元，成長 3%，而平均投資資產成長 2%。必要利息成長 3%，略低於去年同期平均保單負債 4% 的成長。

Net investment income also increased 3% from the fourth quarter as we had higher returns from our limited partnerships. As a reminder, the income reported from these investments is based on income earned by the partnerships in the quarter and will vary from quarter to quarter. For the full year, we expect both net investment income and required interest to grow around 4%, resulting in excess investment income growth between 4% and 4.5%.

淨投資收益也較第四季增加 3%，因為我們的有限合夥（limited partnerships）投資回報較高。提醒一下，這些投資所報告的收益係以合夥企業於該季度所賺取的收益為基礎，並會隨季度而波動。就全年而言，我們預期淨投資收益與必要利息皆將成長約 4%，使超額投資收益成長介於 4% 至 4.5%。

In the first quarter, we invested $419 million in fixed maturities, primarily in the industrial and financial sectors. These investments were at an average yield of 6.23%, an average rating of A, and an average life of 42 years. We also invested approximately $147 million in commercial mortgage loans and other long-term investments with debt-like characteristics. These non-fixed maturity investments are expected to produce additional cash yields over our fixed maturity investments while still being in line with our overall conservative investment philosophy.

第一季我們投資了 4.19 億美元於固定到期證券（fixed maturities），主要在工業與金融產業。這些投資的平均殖利率為 6.23%，平均評等為 A，平均存續期間（average life）為 42 年。我們也投資約 1.47 億美元於商用不動產抵押貸款（commercial mortgage loans）及其他具債務性質的長期投資。這些非固定到期投資預期可在固定到期投資之上帶來額外現金殖利率，同時仍符合我們整體保守的投資理念。

In the first quarter, the earned yield on our total long-term invested assets, which includes our fixed maturity, commercial mortgage loan, and other long-term non-fixed maturity investments, was 5.5%. For the full year, we expect the average yield earned on our long-term investments will be between 5.45% and 5.5%. For just the fixed maturity portfolio, we anticipate the earned yield for 2026 will be around 5.3%. While we do own some floating rate investments, they are well matched with floating rate liabilities on the balance sheet.

第一季，我們全部長期投資資產的已實現殖利率（earned yield）為 5.5%，其中包含固定到期證券、商用不動產抵押貸款及其他長期非固定到期投資。就全年而言，我們預期長期投資的平均已實現殖利率將介於 5.45% 至 5.5%。僅就固定到期投資組合而言，我們預期 2026 年的已實現殖利率約為 5.3%。雖然我們持有部分浮動利率投資，但其與資產負債表上的浮動利率負債有良好匹配。

Now regarding the investment portfolio. Invested assets are $22 billion, including $19.1 billion of fixed maturities at amortized cost. Of the fixed maturities, $18.6 billion are investment grade with an average rating of A. Overall, the total fixed maturity portfolio is rated A minus, same as a year ago.

接著談投資組合。投資資產為 220 億美元，其中包含以攤銷成本計量的 191 億美元固定到期證券。在固定到期證券中，186 億美元為投資等級，平均評等為 A。整體而言，固定到期投資組合的總評等為 A-，與一年前相同。

Of our total investment portfolio, only 1% is in senior direct lending and asset-based finance combined, and another approximately 1% is in traditional private placements. Our fixed maturity investment portfolio has a net unrealized loss position of $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, and 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.

在我們的整體投資組合中，合計僅 1% 配置於優先級直接放款（senior direct lending）與資產基礎融資（asset-based finance），另約 1% 配置於傳統私募安置（traditional private placements）。由於目前市場利率高於我們持有部位的帳面殖利率，我們的固定到期投資組合處於 16 億美元的淨未實現損失（net unrealized loss）狀態。如同我們過去一再提到的，我們不擔心未實現損失部位，因其主要由利率所驅動，且目前完全與到期日超過 10 年的債券相關。我們有意圖，而且更重要的是有能力，將投資持有至到期。

Bonds rated BBB comprise 41% of the fixed maturity portfolio compared to 45% from the year-ago quarter. This percentage is at its lowest level since 2003. As we have discussed on prior calls, the BBB securities we acquired generally provide the best risk-adjusted, capital-adjusted returns due in part to our ability to hold securities to maturity regardless of fluctuations in interest rates or equity markets. That said, our allocation of BBB-rated bonds has decreased over the past few years as we have found better risk-adjusted, capital-adjusted value in higher-rated bonds given the narrowing of corporate spreads.

評等為 BBB 的債券占固定到期投資組合的 41%，相較去年同期的 45% 下降。此比例為自 2003 年以來最低。如同我們在先前電話會議中討論的，我們所取得的 BBB 證券通常能提供最佳的風險調整後、資本調整後報酬，部分原因在於我們有能力不受利率或股市波動影響而將證券持有至到期。不過，過去幾年我們對 BBB 評等債券的配置已下降，因為在公司利差收斂的情況下，我們在更高評等債券中找到了更佳的風險調整後、資本調整後價值。

While the concentration of our BBB bonds might still be a little higher than some of our peers, remember that we have little or no exposure to other higher-risk assets. Below investment-grade bonds remain near historical lows at $511 million, compared to $506 million a year ago. The percentage of below investment-grade bonds to total fixed maturities is just 2.7%, consistent with year-end 2025. The total exposure to both BBB and below-investment-grade securities as a percent of our total equity, excluding AOCI, is at its lowest level in over 25 years and is among the lowest of our peers due to our low overall leverage.

雖然我們 BBB 債券的集中度可能仍略高於部分同業，但請記得我們對其他較高風險資產的曝險很少或幾乎沒有。非投資等級債券維持在接近歷史低點的 5.11 億美元，去年同期為 5.06 億美元。非投資等級債券占固定到期證券總額的比例僅 2.7%，與 2025 年底一致。BBB 與非投資等級證券合計曝險占我們總權益（不含 AOCI）的比例，處於逾 25 年來最低水準，且由於我們整體槓桿偏低，也屬同業中最低水準之一。

Due to the long duration of our fixed maturity liabilities, we predominantly 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. While there may be uncertainty as to where the US economy is headed, we are well positioned to withstand a significant economic downturn due to holding historically low percentages of invested assets in BBB and below investment grade bonds as a percentage of equity. In addition, we have very strong underwriting profits and long-dated liabilities, so we will not be forced to sell bonds in order to pay clients.

由於我們固定到期負債的存續期間很長，我們主要投資於長天期資產。因此，我們投資理念中一個關鍵且基礎的部分，是投資於能夠度過多個經濟循環的企業。儘管美國經濟走向可能存在不確定性，但由於我們以權益為基礎衡量的 BBB 與非投資等級債券配置比例處於歷史低位，我們具備承受重大經濟衰退的良好條件。此外，我們擁有非常強勁的承保利潤與長天期負債，因此不會被迫為了支付客戶而出售債券。

With respect to our anticipated investment acquisitions for the remainder of the year, at the midpoint of our guidance, we assume investment of approximately $800 million to $900 million in fixed maturities at an average yield between 5.9% and 6.1%. Including the expected investments in commercial mortgage loans and other long-term investments with debt-like characteristics, we expect to invest approximately $1.1 billion to $1.2 billion across all asset classes at an average yield of 6.3% to 6.5%.

就我們預期在今年剩餘期間的投資買入而言，在指引中位數假設下，我們預計將投資約 8 億至 9 億美元於固定到期證券，平均殖利率介於 5.9% 至 6.1%。若包含預期投入商用不動產抵押貸款及其他具債務性質的長期投資，我們預期在所有資產類別合計投資約 11 億至 12 億美元，平均殖利率介於 6.3% 至 6.5%。

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

現在我把電話交給 Tom，請他就資本與流動性發表評論。

Thanks, Frank. First, let me spend a few minutes discussing our available liquidity, share repurchase program, and capital position. The parent began the year with liquid assets of approximately $80 million and ended the quarter with liquid assets of approximately $85 million. We anticipate ending the year with liquid assets within our target range of $50 million to $60 million. During the quarter, the company purchased approximately 1.4 million shares of Globe Life, Inc., common stock for a total cost of approximately $205 million at an average share price of $141.24.

謝謝，Frank。首先，我花幾分鐘談談我們可用的流動性、庫藏股回購計畫以及資本狀況。母公司年初的流動資產約 8,000 萬美元，季度末的流動資產約 8,500 萬美元。我們預期年底流動資產將落在目標區間 5,000 萬至 6,000 萬美元之內。本季度公司以平均每股 141.24 美元的價格，回購約 140 萬股 Globe Life, Inc. 普通股，總成本約 2.05 億美元。

We accelerated a portion of our 2026 anticipated share repurchases given favorable market conditions in the first quarter. Including shareholder dividend payments of approximately $20 million, the company returned approximately $225 million to shareholders during the first quarter of 2026. In addition to liquid assets held by the parent, we will generate excess cash flows during 2026. The parent’s excess cash flow, as we define it, primarily results from dividends received by the parent from its subsidiaries, less interest paid on debt, and is available to return to shareholders in the form of dividends or through share repurchases.

鑑於第一季有利的市場狀況，我們加速執行了部分原預期於 2026 年進行的股票回購。包含約 2,000 萬美元的股東股利支付在內，公司於 2026 年第一季合計向股東返還約 2.25 億美元。除母公司持有的流動資產外，我們在 2026 年也將產生超額現金流。母公司的超額現金流（依我們的定義）主要來自母公司自子公司收取的股利，扣除支付的債務利息後的淨額，並可用於以股利或股票回購的形式回饋股東。

We continue to invest in our growth through making investments in new business, technology, and insurance operations. It should be noted that the cash received by the parent company from our insurance operations is after our subsidiaries have made these substantial investments and acquired new long-duration assets to fund their future cash needs. We will continue to use our cash as efficiently as possible. We believe that share repurchases provide the best return or yield to our shareholders over other available options.

我們持續透過投資新業務、科技以及保險營運來投入成長。需要注意的是，母公司自我們保險營運所收到的現金，是在子公司已進行這些重大投資並購入新的長天期資產以支應其未來現金需求之後的餘額。我們將持續盡可能有效率地運用現金。我們相信，相較於其他可行選項，庫藏股回購能為股東帶來最佳的報酬或收益率。

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. In our guidance, we anticipate distributing approximately $90 million to our shareholders in the form of dividend payments over the course of the year, which reflects the recently announced 22% increase in the annual dividend rate per share. In addition, we have increased the range for anticipated share repurchases to $560 million to $610 million for the full year. As a reminder, our excess cash flow estimates for 2026 do not anticipate any additional cash flows to the parent resulting from the establishment of our new Bermuda entity in 2025.

因此，我們預期在支付股東股利之後，股票回購仍將是母公司超額現金流的主要用途。在我們的指引中，我們預期全年將以股利形式向股東分配約9,000萬美元，反映近期宣布的每股年度股利率上調22%。此外，我們也將全年預期股票回購區間上調至5.6億至6.1億美元。提醒一下，我們對2026年的超額現金流估計，未納入因2025年設立新的百慕達實體而在2026年可能額外匯回母公司的任何現金流。

As discussed in our last call, we anticipate filing for reciprocal jurisdiction in the second quarter and will provide an update on our next call. With regard 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. Globe Life targets a consolidated company action level RBC ratio in the range of 300% to 320%. Although this target range is lower than many of our peers, it is appropriate given the stable premium revenue from a large number of in-force policies, the nature of our protection products with benefits that are not sensitive to interest rates or equity markets, our conservative investment portfolio, and strong, consistent underwriting margins which result in consistent statutory earnings at our insurance companies.

如同我們在上次電話會議中討論的，我們預期將於第二季申請互惠司法管轄（reciprocal jurisdiction），並會在下次電話會議提供更新。就保險子公司的資本水準而言，我們的目標是在保險營運中維持足以支撐目前評等所需的資本水準。Globe Life 的目標是將合併公司行動水準（company action level）的 RBC 比率維持在300%至320%區間。雖然此目標區間低於許多同業，但考量到大量有效保單帶來穩定的保費收入、我們保障型產品的特性（其給付不受利率或股市影響）、保守的投資組合，以及強勁且一致的核保利差（使保險公司能產生穩定的法定盈餘），此區間是適切的。

As of year-end 2025, our consolidated RBC ratios of our US subsidiaries were 316%, which provides approximately $95 million of excess capital above what is needed to meet our minimum target capital level of 300%. For 2026, we intend to maintain our consolidated RBC within the targeted range of 300% to 320%.

截至2025年年底，我們美國子公司的合併 RBC 比率為316%，相較於達到最低目標資本水準300%所需，約有9,500萬美元的超額資本。2026年，我們計畫將合併 RBC 維持在目標區間300%至320%之內。

Now with regards to policy obligations for the current quarter. For the first quarter, life policy obligations as a percent of premium declined from 36.3% in the year-ago quarter to 35.4%, slightly favorable to management estimates and consistent with continued favorable trends in mortality. Health policy obligations as a percent of premium were 56.3% compared to 55.6% in the year-ago quarter. This was consistent with management estimates for the quarter, reflecting first-quarter claim seasonality at United American. As a reminder, we intend to update our life and health assumptions annually in the third quarter, and thus there have been no changes to our long-term assumptions this quarter.

接著談本季的保單責任準備金。第一季，壽險保單責任準備金占保費比率由去年同期的36.3%降至35.4%，略優於管理層估計，且與死亡率持續改善的趨勢一致。健康險保單責任準備金占保費比率為56.3%，去年同期為55.6%。這與管理層對本季的估計一致，反映 United American 第一季理賠的季節性。提醒一下，我們計畫每年於第三季更新壽險與健康險假設，因此本季我們的長期假設沒有任何變動。

Finally, with respect to our 2026 guidance, for the full year of 2026 we estimate net operating earnings per diluted share will be in the range of $15.40 to $15.90, representing 8% earnings growth per share at the midpoint of the range. The increase in our prior guidance is primarily due to the impact and timing of anticipated share purchases, refined estimates of potential positive impacts of third-quarter life assumption updates, and increased estimates of full-year investment income.

最後，關於我們的2026年指引：就2026年全年而言，我們估計稀釋後每股淨營運盈餘將介於15.40至15.90美元，區間中點代表每股盈餘成長8%。我們上調先前指引，主要是因預期股票回購的影響與時點、對第三季壽險假設更新可能帶來正面影響的估計更為精準，以及對全年投資收益的估計提高。

The guidance range reflects the estimated before-tax benefit from anticipated assumption updates of $70 million to $110 million expected in the third quarter. This range is higher and narrower than last quarter’s call due to continued refinement to estimates. Given the estimated benefit from assumption updates in the third quarter, we anticipate the third-quarter life margin as a percent of premium will be in the range of 49% to 54%. We anticipate recent favorable mortality trends will continue through 2026, with full-year normalized life underwriting margin as a percent of premium, which excludes the impact of the third-quarter assumption update, of approximately 41% at the midpoint of our guidance.

該指引區間反映第三季預期假設更新所帶來的稅前利益估計為7,000萬至1.1億美元。由於估計持續精煉，此區間較上季電話會議所述更高且更窄。考量第三季假設更新的預估利益，我們預期第三季壽險利差占保費比率將介於49%至54%。我們預期近期有利的死亡率趨勢將延續至2026年；全年常態化壽險核保利差占保費比率（排除第三季假設更新影響）在指引中點約為41%。

As previously mentioned, we expect health premium to grow in the range of 14% to 17% for the full year. This health premium growth is benefiting not only from strong growth in Medicare Supplement sales in 2025 and anticipated in 2026, but also from approximately $65 million of additional premium from approved rate increases on individual Medicare Supplement policies that will be received in 2026, primarily in the last three quarters of the year. In our full-year guidance, we anticipate United American’s health margin as a percent of premium to be in the range of 8% to 9%. However, we anticipate the average underwriting margin as a percent of premium to be approximately 10% over the last three quarters of the year as the impacts of premium rate increases are realized.

如先前所提，我們預期全年健康險保費成長介於14%至17%。此健康險保費成長不僅受惠於2025年 Medicare Supplement（醫療補充保險）銷售強勁成長以及2026年預期成長，也受惠於已核准的個人 Medicare Supplement 保單調漲保費所帶來約6,500萬美元的額外保費，將於2026年入帳，主要集中在全年最後三個季度。在全年指引中，我們預期 United American 的健康險利差占保費比率將介於8%至9%。然而，隨著保費調漲的影響逐步反映，我們預期全年最後三個季度的平均核保利差占保費比率約為10%。

Finally, I do want to point out that at the midpoint of our guidance, normalized EPS growth, which removes the impact of assumption updates in both 2025 and 2026, is approximately 11%. At the midpoint of our guidance, the projected three-year compound annual growth rate of normalized EPS is 11.5%.

最後我想指出，在指引中點下，常態化 EPS 成長（剔除2025年與2026年假設更新的影響）約為11%。在指引中點下，常態化 EPS 的三年期年複合成長率預估為11.5%。

Those are my comments. I will return the call back to Matt.

以上是我的評論。我把電話交回給 Matt。

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

謝謝你，Tom。以上是我們的評論，現在我們開放提問。

(Operator Instructions)

（接線員指示）

Francis Matten, BMO Capital Markets.

BMO 資本市場的 Francis Matten。

Hi, good morning. I just had one on lapse-rate trends, which ticked higher, I think, especially for first-year lapses at American Income. Can you talk about what you’re seeing in terms of consumer behavior? Is this more macro-driven affordability issues or anything related to distribution? And any thoughts on your outlook for lapse-rate trends from here?

嗨，早安。我只有一個問題，關於解約率趨勢；我想解約率略有上升，尤其是 American Income 的首年解約。你們能談談你們觀察到的消費者行為嗎？這比較是總體環境驅動的負擔能力問題，還是與通路/分銷相關？另外，對於未來解約率趨勢，你們有什麼看法？

Yes, we do expect lapse rates to remain elevated during '26 versus the pre-pandemic, and we’ve seen that over the past few years as well. I think the experience we expect is going to be more consistent with last year given the economic stress that is on our policyholders from the current economic environment and overall price inflation.

是的，我們確實預期在2026年（'26）解約率將維持在高於疫情前的水準，而過去幾年我們也看到同樣情況。我認為我們預期的經驗值會更接近去年，因為在目前的經濟環境與整體物價通膨下，我們的保戶承受一定的經濟壓力。

With regard to AIL, first-quarter lapse rates were definitely high relative to recent experience. We consider this more of a fluctuation at this point, and we’ll continue to monitor it, but really just consider it a fluctuation.

就 AIL 而言，第一季解約率相對近期經驗確實偏高。我們目前將其視為波動，會持續監控，但基本上仍把它當作一次波動。

I think, as we’ve indicated before, that we do have impacts from macroeconomic environments. The resiliency of the business, though, is that, I would say, what we’re seeing now is consistent with historical norms and other economic cycles. So we’ll get a little bit of fluctuation based on what’s going on in the economy. But overall, it’s fairly resilient as that moderates within a fairly narrow band of our experience.

我想，正如我們先前所指出的，總體經濟環境確實會帶來影響。不過，這項業務的韌性在於：我會說，我們現在看到的情況與歷史常態以及其他經濟循環一致。因此，解約率會隨著經濟狀況出現一些波動，但整體而言相當有韌性，並會在我們經驗值的相對狹窄區間內回到較為溫和的水準。

Yeah, and Jack, the other thing I was just going to add is that when you look at some of the trends at Liberty National and even DTC a little bit, some of that is just mix of business. So we do know that the worksite of LNL has continued to grow that worksite business. As it’s growing, some of the lapse rates in the early issue years are always higher than in the later issue years, and as you continue to grow sales there, those renewal lapse rates just tend to drift up a little bit, se do think that we’re seeing that a little bit.

對，Jack，我另外補充一點：當你看 Liberty National，甚至 DTC 的一些趨勢時，其中一部分只是業務組合的影響。我們確實知道 LNL 的職場（worksite）業務持續成長。隨著該業務成長，保單簽發初期年度的解約率通常會高於後期年度；當你持續提升那邊的銷售時，續期解約率往往就會略為上移，我們確實認為我們有看到一點這種情況。

Then we’ve talked a little bit about some lapse rates at Direct-to-Consumer on the internet business are just historically higher than what they are, so that becomes a greater proportion of our total sales that probably moves that up a little bit. But it is interesting, I think when you look at some of the economic forces, renewal rates at DTC are continuing to be right in line with pre-pandemic experience. So we’re not seeing it consistently across the board all agencies, which tells us that while the economy has some impact, assuredly, there's some other factors that are going on with the business that's being written today.

另外，我們也稍微談過，Direct-to-Consumer 的網路直銷業務解約率在歷史上本來就較高；因此，當它在我們總銷售中的占比提高時，可能會把整體解約率略微推高。不過有趣的是，當你看一些經濟力量的影響，DTC 的續期率仍持續與疫情前的經驗非常一致。因此，我們並未在所有通路一致地看到同樣情況，這也告訴我們：雖然經濟確實有影響，但在今天所承作的業務上，肯定還有其他因素在發生作用。

Got it. That’s helpful. Then let me just follow up on some of the AI benefits you referenced in your prepared remarks. Is there any way you could unpack or quantify some of those benefits you expect over time, whether on the expense ratio or productivity? To what extent are you seeing those already? You mentioned higher productivity at American Income playing along with agent count trends there, but could you talk about how you’re seeing that play out so far?

了解，這很有幫助。那我再追問一下你們在事先準備的講稿中提到的一些 AI 效益。你們是否能進一步拆解或量化你們隨時間推進所預期的一些效益，例如對費用率或生產力的影響？你們目前已經在多大程度上看到這些效益？你提到 American Income 的生產力提高，且與那邊的代理人數趨勢相互配合；你能談談到目前為止你們看到它如何發揮作用嗎？

Sure. On the administrative side, what we anticipate over time, as those initiatives get implemented, is that we should be able to moderate our expense growth commensurate with our premium earnings growth. So we would expect a little bit of margin expansion over time as those things get implemented, as we’re able to grow our revenue faster than our expenses. And so as we implement these right now, we’ve got a variety of different, in addition to what we've deployed, pilots going on, so we’re very optimistic about the future, as Frank has mentioned in his prepared remarks, where we're headed.

當然。就行政面而言，隨著這些計畫逐步落地、隨時間推進，我們預期能夠讓費用成長與保費收入成長相匹配，進而放緩費用成長速度。因此，隨著這些措施的推行，當我們能讓營收成長快於費用成長時，預期利潤率會隨時間出現一些擴張。目前在推進這些工作時，除了我們已經部署的項目之外，還有各式各樣的試點在進行中，所以我們對未來非常樂觀，正如 Frank 在其事先準備的發言中提到的，我們正朝著那個方向前進。

On the sales side, we do anticipate that there will be a benefit. And it kind of shows up in a variety of different areas. We've talked about in the past, our investments in technology, and we have seen improvements in that. So we know that to the extent that we can deploy technology that improves our agent experience and that can be in multiple facets from the fact to the extent that we can onboard and train agents quicker and more effectively and get them producing and more effective sooner. We know our agent productivity will go up, but we also know our agent retention will go up as well.

在銷售端，我們確實預期會帶來效益，而且會在多個不同面向體現出來。我們過去談過對科技的投資，而我們也已看到相關改善。因此我們知道，只要我們能部署能改善代理人使用體驗的科技，它就能在多個層面發揮作用——例如，我們能更快、更有效地招募、導入並訓練代理人，讓他們更早開始產出並更快提升效率。我們知道代理人生產力會提高，同時也知道代理人留任率也會提升。

And so anything that we can do there to deploy technology that helps on that agent recruiting and onboarding as well as just overall efficiency, we'll have longer-term gains. And we anticipate that to be a tailwind as we think about what our overall sales growth is going to be in the future. So those are embedded for '26 in our projections, and I anticipate that '27 will be -- continue to benefit from those technologies as we get those rolled out.

因此，任何我們能做的事情，只要能部署科技來協助代理人招募與導入，以及提升整體效率，長期都會帶來收益。我們預期這將成為順風，支撐我們對未來整體銷售成長的展望。因此，這些效益已納入我們對 2026 年的預測中，而我也預期 2027 年將會——在我們逐步推廣這些科技之後——持續受益。

Yes. I would just add from an admin expense perspective, we're really looking at the margin improvement, bringing that 7.3% of admin expenses as a percent of premium down closer to 7% a bit over the next few years. And so that's kind of really how we're talking about some of those improvements to be reflected in admin expenses.

是的。我只想補充，從行政費用的角度來看，我們真正關注的是利潤率改善，也就是在未來幾年把行政費用占保費的比重從 7.3% 拉低到更接近 7%。因此，這大致就是我們所說的，這些改善將如何反映在行政費用上。

Wilma Burdis, Raymond James.

Wilma Burdis，Raymond James。

Could you provide some clarity on what's driving the higher buyback for '26? Just maybe a little bit more color there. Is it related to higher capital generation and other source? Maybe just get into a little bit more detail.

能否更清楚說明是什麼推動了 2026 年較高的庫藏股回購？能否再多提供一些背景說明？這是否與更高的資本生成或其他來源有關？希望能再多談一些細節。

Yes, Wilma, we were able to finalize our 2025 statutory earnings. And as we looked at excess cash flows, it still within the range that I provided on the last call, $600 million to $700 million, but it was just a little bit higher and that allowed us to the opportunity to have some additional share repurchases.

好的，Wilma，我們已能完成 2025 年的法定盈餘結算。當我們檢視超額現金流時，仍落在我上次電話會議提供的區間內，也就是 6 億到 7 億美元，但只是略高一些，這也讓我們有機會進行額外的股票回購。

Yes. And then Wilma, I'd just add as far as the kind of the timing was concerned, we really did take a look at the opportunities that kind of presented itself during the first quarter, and there was a period of time where the shares had dropped below $140 per share and really saw that as a good opportunity for us and the shareholders. And so we did take that opportunity to accelerate, do a little bit more in the first quarter than what we had anticipated originally in that quarter.

是的。另外，Wilma，就時點而言，我們確實檢視了第一季出現的一些機會；有一段時間股價跌到每股 140 美元以下，我們認為那對我們與股東而言是個不錯的機會。因此我們把握了這個機會加速回購，在第一季做得比原先預期稍多一些。

And then it seems like the life sales agent count and even premium growth are coming in a little bit lower than your prior expectations. Could you just give us a little bit more color on what's driving that, whether it's macro, just something in that kind of stair-step process? Just a little bit of color would help.

另外，看起來壽險銷售的代理人數量，甚至保費成長，都比你們先前的預期略低。能否再多說明一下背後的原因？是總體環境因素，還是那種階梯式推進流程中的某些因素？多一些說明會很有幫助。

Sure. I'd say we need to break it down between the components of our distribution. Liberty is growing both the agent count and the sales growth and consistent with earlier expectations, and we're really pleased with the trend that we're seeing there. From an American income perspective, I've mentioned this before, but our -- when we talk about our incentive compensation at the agent level, we're always trying to strike a balance between incentivizing and rewarding for recruiting and onboarding and training of new agents versus sales. And so what we're seeing is that we're -- the compensation structure is driving a little bit more sales than the sales productivity.

當然。我會說需要把我們的通路組成拆開來看。Liberty 的代理人數量與銷售成長都在增加，且與先前預期一致，我們對那裡看到的趨勢非常滿意。就 American Income 而言，我之前提過，當我們談到代理人層級的獎酬制度時，我們一直在努力在「激勵並獎勵招募、導入與訓練新代理人」與「銷售」之間取得平衡。因此我們看到的是——獎酬結構正在帶動銷售的比重略高於（代理人）生產力的提升。

And so that's why we have some sales growth, but it's the agent cap growth is behind a little bit of where we had originally anticipated. We do, as I've mentioned in my prepared remarks, believe that some of the changes that we've made that will be -- that are implemented here at the beginning of the second quarter, those don't turn around things that immediately the day you put them in, takes a little bit of time for that to get into the agency operations and change behavior because when we talk about recruiting new agents, there's a time line and a pipeline associated with that. So we anticipate over the second half of the year, we'll start getting that agent count growth we're looking for. And then if I talk about the life sales at our direct-to-consumer channel, what's going on there is just we looked at what happened in Q1, we're pleased with the continued sales growth that started the last half of last year. But we just looked at really our comparables of how strong the growth was in Q3 and then into Q4 for 2025.

因此，我們確實有一些銷售成長，但代理人數量的成長略落後於我們原先的預期。正如我在事先準備的發言中提到的，我們相信我們所做的一些調整——並且在第二季初開始實施——不會在你上線的當天就立刻扭轉局面，需要一些時間才能滲透到業務單位的運作並改變行為，因為談到招募新代理人，背後有時間表與管道（pipeline）。因此我們預期在下半年會開始看到我們想要的代理人數量成長。至於我們直銷（direct-to-consumer）通路的壽險銷售，現況是：我們回顧了第一季的表現，對於自去年下半年開始延續的銷售成長感到滿意；但我們也檢視了可比基期，因為 2025 年第三季到第四季的成長非常強勁。

And so we just tempered, I'll say, slightly our sales projections there. Overall, we're still very pleased with the sales growth that we're getting at our direct-to-consumer channel. And so the nice thing about having the three different agencies, particularly if you look at recruiting, is we go to market very similarly on agent recruiting between the three agencies. And so when I see growth at two of our agencies and strong growth, I know that it's really not a macroeconomic environment concern or issue. It's much more specific to the particular agency growth aspects that we have there.

因此我們稍微、我會說是小幅地下修了那裡的銷售預測。整體而言，我們仍對直銷通路所取得的銷售成長非常滿意。而擁有三個不同的代理機構（agencies）的好處之一，特別是從招募角度來看，是我們在三個機構之間的代理人招募市場策略非常相似。因此當我看到其中兩個機構出現成長且成長強勁時，我就知道這並不是總體經濟環境的疑慮或問題，而是更偏向該特定機構自身的成長因素。

And so that's why I feel very confident about the overall environment provides a good environment for us to continue to grow our agent count across the agencies. So a little bit of tweaks in our compensation system, we think, will play out well because the overall macroeconomic environment, we believe will still be strong for growth going forward.

因此，這也是為什麼我對整體環境很有信心：它為我們在各機構持續擴增代理人數量提供了良好條件。我們對獎酬制度做一些小幅調整，我們認為會有好的效果，因為我們相信整體總體經濟環境在未來仍將有利於成長。

Wes Carmichael, Wells Fargo.

Wes Carmichael，Wells Fargo。

I had a question on United American. I think the guidance there. I think your guide for health sales was in the high teens, but you had, I think, 122% growth in the first quarter. Are you thinking that sales growth might be a little bit negative over strong growth last year? How are you thinking about the remaining quarters of 2026?

我想問關於 United American 的問題。我看你們那邊的指引，健康險銷售的指引好像是在十幾%的高段，但第一季你們的成長我記得是 122%。你們是否認為在去年強勁成長的基礎上，後續的銷售成長可能會略為轉負？你們如何看待 2026 年剩餘季度？

Yes. You may recall that on the last call, we guided to kind of flat sales, just considering the significant growth that we have in 2025. And really the dynamics that are going on there looked at our strong growth in sales during the first quarter of '26. And that, as a reminder, is a elevated premium levels because our price increases went in for new sales in the first quarter, even though a lot of the in-force premium increases come in primarily in the second quarter. And so we really want to see how the market played out.

是的。你可能記得在上次電話會議上，考量到我們在 2025 年的顯著成長，我們給的指引大致是銷售持平。而目前的動態是：我們看到 2026 年第一季銷售強勁成長。提醒一下，那反映的是較高的保費水準，因為我們的調價在第一季就已對新單生效，儘管許多在保單存量（in-force）的保費調升主要是在第二季才會反映。因此我們確實想觀察市場的實際反應。

And so very pleased with that. So we upped our guidance related to our overall year for 2026 sales. But we are cognizant that when you start looking at our fourth quarter, in particular, sales for the General Agency division, we nearly -- where we over -- we doubled our sales last year. And so really, the sales growth above that is just cognizant that we've got a real high level to continue to grow. And it will be interesting to see is the continued tailwinds that we're seeing right now of the Medicare Advantage market and the benefit that we're getting from Medicare supplement sales, how that plays out for the rest of the year.

因此我們對此非常滿意，也因此上調了 2026 年全年銷售的指引。不過我們也注意到，當你開始看第四季、尤其是一般代理（General Agency）事業部的銷售時，我們去年幾乎——我們去年是把銷售翻倍了。因此，在此之上要再維持成長，我們也清楚門檻非常高。接下來值得觀察的是：我們目前看到的 Medicare Advantage 市場的持續順風，以及我們從 Medicare 補充保險（Medicare supplement）銷售中獲得的助益，將如何在今年剩餘時間發展。

So it's really not, in our view, a softening over the remainder of the year, just recognizing the high hurdle to overcome to continue to grow on top of that significant growth we had last year.

所以在我們看來，這並不是今年剩餘時間會轉弱，而只是認知到：要在去年那樣顯著成長的基礎上繼續成長，必須跨越很高的門檻。

Yes. I would just say, Q2 and Q3 are probably still slight improvements over last year, but Q4, as Matt said, is what's just a little bit -- right now, we anticipate not quite at that same level.

是的。我只想說，第二季與第三季相較去年可能仍會有小幅改善，但第四季，如 Matt 所說，會是稍微——就目前而言，我們預期不會達到同樣的水準。

All right. That's very helpful. And then my follow-up on Bermuda, I know in the prepared remarks, you mentioned that you're working to file reciprocal jurisdiction in the second quarter. But I just want to see, have there been any other developments around that initiative since the last earnings call, either with regulators or expectations around cash flow or near-term reinsurance sessions?

好的，這很有幫助。那我追問一個關於百慕達的問題：我知道在事先準備的發言中，你提到你們正在努力在第二季提交互惠司法管轄區（reciprocal jurisdiction）的申請。但我想確認一下，自上次財報電話會議以來，這項計畫是否有任何其他進展——不論是與監管機關的互動，或是對現金流的預期，或是近期再保分出（reinsurance cessions）方面的預期？

There are really no other developments. We're working through getting our financial statements. The audits complete on those. And so really no changes to kind of our thoughts around the business plan and our expected capital generation.

其實沒有其他進展。我們正在處理取得我們的財務報表。相關審計也已完成。因此，我們對於商業計畫以及預期資本生成的看法，基本上沒有改變。

And I think on the next call, we should have a more significant update based on the activity plan for here in the second quarter.

我想在下一次電話會議上，我們應該會根據第二季這裡的活動計畫，提供更重大的更新。

Andrew Kligerman, TD Cowen.

Andrew Kligerman，TD Cowen。

My first question is around the assumption updates, just fantastic to see that come through. You talked about an estimate of 49% to 54% life margin third quarter versus the full year at 41%. So I'm wondering, is this the gift that's going to keep on giving? What should we be thinking about assumption update potentials in 2027, '28, '29? Just it sounds like things have gone really well in terms of your assumptions.

我的第一個問題是關於假設更新，看到這個結果真的非常棒。你提到第三季的壽險利潤率估計為 49% 到 54%，而全年為 41%。所以我想問，這會不會是「持續帶來驚喜的禮物」？我們應該如何看待 2027、2028、2029 年假設更新的可能性？聽起來你們的假設表現得非常好。

And I would like to know how you're thinking longer term about it.

我也想了解你們對更長期的看法。

I think, Andrew, first of all, we take a really disciplined approach as far as how we update assumptions and want to actually see the results emerge before we actually make some of those changes to our long-term assumptions. So I think this year is, we are seeing some continued mortality trends that multiple quarters of favorable mortality trends that are informing our assumption update this year. I think if we continue to see those current mortality at these current levels, I think there's always the opportunity or the potential for additional assumption updates as we move forward. So no real quantification of those at this point, but I think there is potential for those.

Andrew，我想首先我們在更新假設方面採取非常嚴謹自律的方法；我們希望先看到結果逐步顯現，才會對長期假設做出一些調整。所以我認為今年我們看到的是持續的死亡率趨勢——多個季度的有利死亡率趨勢——這些正在為今年的假設更新提供依據。我想如果我們持續看到目前這樣的死亡率水準，未來確實一直都有機會或可能性進一步進行假設更新。只是目前還無法量化，但我認為是有潛力的。

Well, I think the other thing that is important, past just the third quarter assumption updates and the benefits that we're getting there, which most likely will moderate over time. But that means that we're setting our new long-term assumption at a higher margin, right? So we should have earnings on the book of business overall at a little bit higher level on a go-forward basis because it's just indicative that we don't need as much reserves as we originally thought on that book of business. So that's how I kind of think about it as just the long-term stability and the growth of that underwriting margin, those are kind of indicators that we're resetting to a new higher level since they're positives in the last several -- in Q3 as we've looked at the last several years.

我想另一個重要的點是，除了第三季假設更新以及我們因此取得的效益（這些效益很可能會隨時間推移而趨於溫和）之外，更重要的是：這代表我們把新的長期假設設定在更高的利潤率水準上，對吧？因此，往後我們整體存量業務的獲利水準應該會略高一些，因為這顯示我們在那本業務上不需要像原先想的那麼多準備金。我的看法是，這反映了承保利潤率的長期穩定性與成長；這些都是指標，顯示我們正在把基準重設到一個更高的新水準，因為在過去幾年——尤其是我們在第三季回顧過去幾年時——這些都是正向的。

And I think you can really see that, Matt, and looking at normalized underwriting margins over the past few years by moving the impact of the assumption update, you can really see the trend in the overall improvement in underwriting margins.

而且我認為你確實可以看到這一點，Matt。若把假設更新的影響移除、觀察過去幾年的常態化承保利潤率，你會很清楚看到整體承保利潤率改善的趨勢。

That's right. The one thing -- Andrew, I was just going -- on your Q3 comments, and as Tom noted, the range on that is in that 49% to 54%. And so if we kind of take that assumption update of 70 to 110 that Tom had in his comments, so you have in that one quarter and 8% to 13% kind of bump, if you will, in that underwriting margin in that quarter, which off of the 41% kind of normalized margin that we're really expecting over the rest of -- in each of the quarters. Yes, I just -- if we continue to see the current mortality levels that we're seeing today as we continue to see that come in over time, that will work its way into those longer-term assumptions.

沒錯。有一點——Andrew，我只是想接著你對第三季的評論，正如 Tom 提到的，那個區間是 49% 到 54%。如果我們把 Tom 評論中提到的 70 到 110 的假設更新納入考量，那麼在那一個季度，承保利潤率大概會有 8% 到 13% 的「抬升」，相對於我們在其餘季度真正預期的約 41% 的常態化利潤率。是的，我只是——如果我們持續看到今天這樣的死亡率水準，並且隨時間持續反映出來，這就會逐步納入那些較長期的假設之中。

That was very helpful. And my follow-up is around the health underwriting margin, 23% in the first quarter. And then you guided to 23% to 27%, which is kind of wide. Agent's wise, could you kind of walk us through the next few quarters? Would it be more likely closer to 23% in the second and then we could see a significant bump in the last two quarters?

這非常有幫助。我的追問是關於健康險承保利潤率：第一季是 23%。然後你們指引為 23% 到 27%，區間有點寬。就節奏而言，你們能否帶我們走過接下來幾個季度？第二季是否更可能接近 23%，然後在最後兩個季度看到明顯跳升？

How do you think about the cadence?

你們如何看待這個節奏？

No. I think, Andrew, that actually in the remaining three quarters, as you would expect that full health margin to be north of 25%, at least we anticipate to be north of 25%. And in fact, you're probably a little bit lower out of those three in the fourth quarter just because that's, again, a little bit higher seasonality. So you have a little bit higher claims in that fourth quarter. So that's probably more closer to that 25% range.

不。我認為，Andrew，在剩下三個季度，你會預期整體健康險利潤率會高於 25%；至少我們預期會高於 25%。事實上，這三個季度中第四季可能會稍微低一些，因為第四季的季節性通常較高，理賠會略高，所以可能更接近 25% 左右。

But then over the -- so that kind of brings up where we were at around 23% up to, again, the midpoint of that range that we give is around 25%. And so I think you'll see -- we expect to see pretty good margins over the next three quarters.

不過在——所以這會把我們從約 23% 拉升到我們給的區間中點、也就是約 25%。因此我認為你會看到——我們預期接下來三個季度的利潤率會相當不錯。

Pablo Singzon, JPMorgan.

Pablo Singzon，JPMorgan。

First question is with insurance moving in larger volumes from Medicare Advantage to Medicare Supplement, is there a greater risk of anti-selection from your end? I know most cases, you can underwrite, but I was just wondering if higher sales might have contributed to some of the margin compression you experienced in the health business?

第一個問題是，隨著保險以更大規模從 Medicare Advantage 轉向 Medicare Supplement，你們這邊是否面臨更高的逆選擇風險？我知道多數情況下你們可以承保核保，但我想確認一下，較高的銷售量是否可能導致你們健康險業務出現的利潤率壓縮？

Yes. I don't think it's a function of selection that's impacting the margins in the first quarter. I think it really is some seasonality of claims in the first quarter as well as the fact that the rate increases that we filed last year will largely come into effect in the second, third and fourth quarter. As I mentioned on our last call, the premium increases that we filed for was $80 million to $90 million on a 12-month run rate. And we expect about $65 million to be received over the course of 2026 and then the remainder being received in 2027.

是的。我不認為第一季利潤率受到選擇（逆選擇）的影響。我認為主要是第一季理賠的季節性因素，以及我們去年申報的調價將主要在第二、第三與第四季生效。正如我在上次電話會議提到的，我們申報的保費調升以 12 個月年化基礎計算約為 8,000 萬到 9,000 萬美元。我們預期 2026 年期間約可收到 6,500 萬美元，其餘則在 2027 年收到。

And so we didn't receive very much of that in the first quarter. We'd expect to be on average about $20 million of additional premium in each of the next three quarters, which will help improve overall margins. But I don't think it's any selection at this point. So I don't think that's one of the drivers.

因此第一季我們收到的那部分其實不多。我們預期接下來三個季度平均每季約有 2,000 萬美元的額外保費，這將有助於改善整體利潤率。但我不認為目前有任何選擇因素，所以我不認為那是驅動因素之一。

Well, yes, there was higher utilization across the entire industry for Medicare supplement over the last couple of years, so what is unique to us.

嗯，是的，過去幾年整個產業在 Medicare Supplement 的使用率都更高，所以這並不是我們獨有的情況。

And we have been seeing medical trends really stabilize and be relatively flat over the last couple of quarters, so that actually bodes well as well.

而且我們看到醫療趨勢在過去幾個季度確實趨於穩定、相對持平，所以這也帶來正面訊號。

Got it. That makes sense. And then for my second question, so mortality has been a net contributor to your assumption updates in your quarterly remeasurement gains. I was wondering if you could speak about the lapse component of your remeasurement gains as well as the morbidity side for the health business. Have those factors been generally positive or negative?

了解，這很合理。那我的第二個問題是：死亡率一直是你們假設更新、以及季度重新衡量收益中的淨貢獻來源。我想請你談談重新衡量收益中的解約（lapse）部分，以及健康險業務的疾病率（morbidity）面向。這些因素整體而言是偏正面還是偏負面？

But clearly, mortality has been good, but I was just curious about how those other assumptions have been playing out for you?

很明顯死亡率表現不錯，但我只是好奇其他假設在你們這邊的表現如何？

Yes. On the Life remeasurement gains, it's largely mortality claims, mortality claims that are driving the remeasurement gains. I think it's about kind of in our in our work, we look at kind of how much is mortality and how much is all there, and it's about 70% mortality and 30%, all other things from a remeasurement gain on a quarterly basis. And on the health side, it's -- I think a lot of that is being driven by kind of what the future rate increases are doing to result in remeasurement gains. So that's -- it's more on the impacts to premium -- future premiums than it is on claims, although claims are positive as well overall, providing some health remeasurement gains.

是的。就壽險的重新衡量收益而言，主要是死亡理賠——死亡理賠在推動重新衡量收益。我想大概在我們的分析中，我們會看死亡率占多少、其他因素占多少；以季度基礎來看，約 70% 來自死亡率、30% 來自其他所有因素。至於健康險方面，我認為很大一部分是由未來調價對重新衡量收益的影響所驅動。也就是說，更多是對保費——未來保費——的影響，而不是對理賠的影響；不過理賠整體也偏正面，同樣帶來一些健康險重新衡量收益。

Randy Binner, Texas Capital.

Randy Binner，Texas Capital。

It's a follow-up to Andrew Kligerman discussion with you on the -- I think you kind of answered more of the quantitative changes with the mortality assumptions. But I was wondering if you could share kind of more like qualitative assessment of like lifestyle behavior. It's just it's a significant shift. It's obviously very positive. But is there something changing with the cohort of insureds that's kind of worth noting in this change in the numbers?

這是延續你們與 Andrew Kligerman 的討論——我想你們已經回答了死亡率假設在量化上的變化。但我想問的是，能否分享一些更偏質性的評估，例如生活型態行為？這是一個顯著的轉變，顯然非常正面。但在這些數字變化背後，是否有被保險人族群（cohort）出現某些值得注意的改變？

I don't think it's really a function of the cohort changing. I think it is just continued trends, and we see continued favorable mortality and part of circulatory deaths. We see continued trends and favorable cancer death, nonlung cancer gets, which are really favorable.

我不認為這真的是族群改變所致。我認為這只是趨勢的延續；我們看到死亡率持續有利，且部分循環系統相關死亡持續改善。我們也看到趨勢延續，以及癌症死亡（非肺癌）的有利表現，這些都非常正面。

And then the other thing that's maybe happening on a macro basis is the non-medical deaths are actually really seem to be improving, and that would include suicide and homicide and drug and alcohol abuse. So I think that's probably one area where we're seeing a little bit more improvement from a societal purpose that actually impacted the overall mortality.

另外一個可能在總體層面發生的事情是，非醫療原因的死亡似乎也在改善，包括自殺、他殺，以及藥物與酒精濫用。我認為這可能是我們看到社會面有更多改善的一個領域，而這也確實影響了整體死亡率。

Yes, I was going to note that on the nonmedical side because in the late teens and then especially in the early days of COVID, we had really seen a spike a lot of the opioid and just some of the other suicides and that type of a thing. And so we really did see a large increase there. It's probably been seven, eight years ago now and had that for a few years, and that's been really good to see that temper here the last couple of years. And we've seen really -- even though the nonmedical accounts for only about 20% of our claims, we're seeing some really significant changes in that. And I think that does have some impact, as Tom mentioned, they're a result of some of the societal impacts and that type of thing.

是的，我本來想在非醫療端提一下，因為在十幾歲後期，然後特別是在 COVID 早期，我們確實看到阿片類藥物相關以及其他一些自殺等事件大幅攀升，諸如此類的情況。因此我們確實在那裡看到很大的增加。這大概是七、八年前的事了，並且持續了幾年，而在過去幾年看到這種情況有所緩和，確實是件好事。而且我們看到——即使非醫療只占我們理賠的大約 20%，我們仍然看到其中出現一些非常顯著的變化。我認為這確實有一些影響，正如 Tom 提到的，那是一些社會層面影響等因素所導致的結果。

And maybe some of the battles against the opioid crisis and that type of thing has maybe been a benefit there as well.

而且也許對抗阿片類藥物危機之類的努力，也可能在那方面帶來了一些好處。

That's great color. And then one more, if I could, as a follow-up to the discussion on the American Income agent count. I guess I heard about the initiatives, and I think it was going to describe more of an issue of getting agents in the door. But is there is the retention of folks they are changing at all kind of after year one? Are you kind of keeping the same percentage?

這些補充很有幫助。那我再追問一個，作為對 American Income 代理人數量討論的延伸。我想我聽到了關於相關措施的說明，我也理解那更多是在描述把代理人招進來的問題。但在留任方面，尤其是第一年之後，留任率有任何變化嗎？你們是否大致維持相同的比例？

Or has that changed as well?

還是那也有所改變？

The -- it's a little bit of both. It's a little bit of just recruiting activity, and it's more of the agent retention in the first six months. And we really focus on our agent retention in the early days because we are recruiting folks that are new to the industry, some are new to direct sales. And so we know that the extent of people getting onboarded, trained and producing and having a sustainable income really drives that long-term agent retention. So we really focused on the early days.

這——兩者都有一點。一方面是招募活動本身，另一方面更多是前六個月的代理人留任。我們確實把重點放在早期的代理人留任，因為我們招募的人很多是剛進入這個產業的，有些也剛接觸直銷。因此我們知道，讓新人完成到職導入、受訓、開始產出並擁有可持續的收入，會真正驅動長期的代理人留任。所以我們非常聚焦在早期階段。

And so again, it's not our -- from a corporate perspective, we're doing all that activity. That is our middle managers out in the field that are spending time, recruiting agents, training them and the whole onboarding process and in addition to they're doing their own direct sales. And so that's what I'm describing when I say we're trying to make sure that our incentive compensation system appropriately rewards between those two activities because it is a balance. There's only a certain number of hours in a day as they would say. And so when I talk about we're tweaking that a little bit, what I really like to see, as I've mentioned, is we've got three quarters in a row where we've got improvements in our agent productivity, just that agent count and a little bit higher turnover in that first year than what we've historically seen.

所以再說一次，從公司角度來看，我們在做所有這些工作。但實際上是在外勤的中階主管投入時間招募代理人、訓練他們、完成整個到職導入流程，同時他們也在做自己的直銷。因此當我說我們要確保獎酬制度能在這兩項活動之間給予適當回饋時，我描述的就是這件事，因為這需要平衡。正如大家常說的，一天就只有那麼多小時。所以當我談到我們正在做一些微調時，我真正想看到的是——如我提過的——我們已經連續三個季度看到代理人生產力改善，但代理人數量方面，以及第一年內的流失率略高於我們過去的歷史水準。

So we know we need to move the pendulum. We want to pin on a swing back a little bit and move the incentive a little bit more on focusing on getting those agents trained and onboarded. So that's kind of the overall dynamics of what's going on with American Income. But like I said, if you look at the growth and the retention at the other two agencies that tells us that it's really specific to this particular distribution versus a more macro view.

所以我們知道需要把鐘擺往回拉一點，讓激勵更偏向於把重點放在讓代理人受訓並完成到職導入。這大致就是 American Income 目前的整體動態。不過如我所說，如果你看另外兩個代理機構的成長與留任情況，這告訴我們問題其實是特定於這個通路，而不是更宏觀的現象。

Randy, I was going to add one more thing to our discussion around some of the mortality trends that we're seeing and that just before we leave that. I think a question that we get fairly often to when we are talking to folks, do we think that the new drugs that are coming out and weight loss treatment and those type of things are, is that being -- having an impact -- and we really do think that's probably a little bit too early, especially for our insured population, just getting access to those drugs and affordability over time.

Randy，在我們離開這個話題之前，我想就我們看到的一些死亡率趨勢再補充一點。我們在和外界交流時常被問到：新推出的藥物、減重治療之類的東西，是否正在——對我們造成影響——而我們確實認為現在可能還太早，特別是對我們的被保險人族群而言，主要是這些藥物的可近性以及長期的可負擔性問題。

I mean, we're really optimistic that over time that, that -- that could have some really positive benefits to our mortality experience especially some of the side effects from diabetes and those type of things, if they're able to kind of delay death from some of those health benefits and causes. And then I kind of look at two, and I don't think we have this empirically, but you look at the higher utilization that we've been seeing on the net subside and so you have a lot of more senior folks that are going to the doctor more often, they're getting with the doctors. I think people post-COVID -- there's been an increase in just taking care of themselves and getting some of that.

我的意思是，我們對長期而言非常樂觀，因為那——那可能會對我們的死亡率經驗帶來一些非常正面的效益，特別是糖尿病等相關副作用，如果這些健康效益與原因能夠在某種程度上延後死亡的發生。另外我也從兩個角度看，而且我不認為我們有實證數據，但你看我們在淨補貼（net subside）上看到的更高使用率，因此有更多年長者更常去看醫生、與醫生接觸。我覺得在 COVID 之後——人們在照顧自己、做一些健康管理方面確實有所增加。

I see that in just some of the utilization numbers. And so I tend to think that maybe that has a little bit of some impact on that as well.

我從一些使用率數字裡也看得到這點。所以我傾向認為，這可能也對那方面帶來了一些影響。

Okay. And thanks for the clarification on American Income.

好的。也謝謝你針對 American Income 的澄清。

Suneet Kamath, Jefferies.

Suneet Kamath，Jefferies。

I wanted to come back to this idea of the resiliency of your customer base. Clearly, showing up in the first quarter results, but if I just think about what's going on macro-wise with the war, a lot of those developments on things like gas prices sort of happened later in the quarter. So I guess the question is, are you seeing anything as we start traveling through 2Q that suggest that maybe there's incremental pressure? Is it too early to see the pressure from things like higher gas prices?

我想回到你們客戶基礎韌性這個概念。這在第一季的結果中顯然有所體現，但如果我從宏觀角度想想目前發生的事情，例如戰爭，以及像油價這類發展，很多其實是在季度後段才發生。所以我的問題是：當我們進入第二季（2Q）時，你們是否看到任何跡象顯示可能有額外壓力？還是說要看到像油價上升這類因素帶來的壓力，現在仍然太早？

I think what we've seen historically during different economic cycles is, there might be a little bit of pressure, particularly in that first year. What happens, what we've seen through like early 2000s, great financial crisis, those type of cycles is -- we actually see a benefit a lot of times in growth in sales, growth in agent recruiting. And what we see with the in-force is it's very resilient because after that policy has been in the customers' budget, for a couple of years, it's very resilient. And the renewal persistency rates just do not move very much. And I think that gets back to the affordability of our policies, the average premium, depending on the distribution for a rounding sake is $40 to $60 a month on average.

我認為我們在不同經濟循環中歷史上看到的是：可能會有一點壓力，特別是在第一年。我們在 2000 年代初期、全球金融危機等週期中看到的是——很多時候我們反而會在銷售成長、代理人招募成長上看到好處。而我們在有效保單（in-force）方面看到的是非常有韌性，因為當保單已經在客戶的預算中存在了幾年之後，它就非常有韌性，續期持續率其實不太會變動。我認為這回到我們保單的可負擔性：平均保費依通路不同，四捨五入大約每月平均 40 到 60 美元。

And so that's just not a significant component of a consumer's wallet that they're spending on other things really, that's really not the first or the second place that we've seen that they look to scale back just because it's not significant dollars on a monthly basis as well as it's been in their budget for quite some time. And the consumer also knows that is kind of a security perspective is that periods of uncertainty or high inflation or things like that, my coverage for my family and the protection orientation of how we sell these products is not something that I really want to get rid of as well as I know if I cancel my policy, but I want it long term, I have to go back through underwriting, requalify and the policy may be more expensive because my age is older, my health may be in a different spot than I originally took it out. So from our perspective, as we look at it over decades, we see slight movements, but we do not see significant movements from that resiliency perspective.

因此，這在消費者用於其他支出的錢包占比並不大；我們看到他們要縮減支出時，這通常不是第一或第二個會動刀的項目，因為每月金額不大，而且也已經在他們的預算裡一段時間了。消費者也知道，從安全保障的角度來看，在不確定、通膨高或類似時期，為家人提供保障、以及我們銷售這些產品時所強調的保護導向，並不是他們真的想要放棄的東西。同時他們也知道，如果我取消保單，但長期又想要它，我就必須重新走核保流程、重新取得資格，而且保單可能更貴，因為年齡更大了、健康狀況也可能和當初投保時不同。所以從我們的角度，拉長到數十年來看，我們會看到些微變動，但從韌性的角度並不會看到顯著變動。

And I would just say what we're really hearing from the field in more recent times. And is that while there might be a little bit harder, you're not really seeing a major pushback from the consumers at this point in time. And maybe it's an extra call we get the sales. I mean the thing that helps having the exclusive distribution and contractors wanting to make their own money. And so they're maybe they have to make an extra call or two during the week in order to get a sale, but they're continuing to work because they want to have their level of income.

我也想補充一下，我們最近從前線聽到的是：即便可能稍微變得更難一些，但目前其實沒有看到消費者出現明顯的反彈。也許只是為了成交需要多打一通電話。我是說，獨家通路以及承攬型業務想要自己賺錢這件事很有幫助。因此他們可能需要在一週內多打個一兩通電話才能成交，但他們仍會持續工作，因為他們想維持自己的收入水準。

And then I would say Matt noted on prior calls as well, and we've been seeing this quarter too where that average premium just continues. We would think that if we're seeing to a lot of stress within the consumer that they would choose down, and they would say, maybe I can't afford $35 a month. I really want to have this. Let me add something for $25 a month, but we're really not seeing that. We're still continuing to see the average premium monitor issues holding steady, if not decreasing just a little bit.

另外我會說，Matt 在先前的電話會議也提過，而我們這一季也看到：平均保費仍在延續。我們原本會認為，如果消費者承受很大壓力，他們會選擇降級，會說也許我負擔不起每月 35 美元，但我還是想要保障，那就加一個每月 25 美元的方案；但我們其實沒有看到這種情況。我們仍持續看到平均保費、以及保單面額（monitor issues）保持穩定，甚至只是小幅下降。

Okay. That's helpful. And then I wanted to circle back to AI real quick. It was helpful to get some of your thoughts on where the expense ratio could go. But are you seeing any additional threats emerge in terms of your target customer base or your distribution channels where new entrants are coming in, that may have a different distribution strategy to sort of attack your target market?

好的，這很有幫助。然後我想很快再回到 AI（American Income）。你們對費用率可能走向的看法很有幫助。但你們是否看到任何新的威脅正在浮現——例如在你們的目標客群或通路方面，有新的進入者採用不同的通路策略，試圖攻擊你們的目標市場？

Yes. I think what's important there is a vast majority of our growth in sales are coming through exclusive agency channels. We don't see or experience a lot of competition in those channels at the at the time of sale. Our agents are out generating their own activity, referrals, working leads, those type of things. And so it's not sold to consumers that are actively looking for a supplemental health policy today or basic protection life products today.

是的。我認為那裡重要的是，我們銷售成長的絕大多數來自專屬代理通路。在銷售當下，我們在那些通路並沒有看到或感受到太多競爭。我們的代理人外出自行開發活動、轉介、跟進名單等。因此，我們並不是把產品賣給那些今天正積極在找補充型健康保單或基本保障型壽險產品的消費者。

The direct-to-consumer channel is more subject to competition because that is going after consumers that are actively looking and shopping and things like that. And so we do recognize there's a little bit more challenges as AI comes into play from entrance. And frankly, that's an easier market to get into from a new entrant perspective, the barrier to entry, the cost of entry is a lot less than agency sold business. And so that's why I mentioned earlier, we think AI is going to be a benefit to our agency sold business. It's not subject to a lot of competition.

直銷（direct-to-consumer）通路更容易受到競爭影響，因為那是鎖定正在積極搜尋、比價的消費者。因此，隨著 AI 以新進者身分進入市場，我們確實認知到會有更多挑戰。坦白說，從新進者角度來看，那是一個更容易切入的市場，進入門檻與進入成本都遠低於代理銷售業務。所以我先前才提到，我們認為 AI 會對我們的代理銷售業務有利，因為它不太會面臨大量競爭。

It's harder for new entrants to get into that market. And the beauty about our marketplace is that a significant number of people in our targeted demographic is not -- income demographic is not saturated. So when we sell more we are not having to take market share from somebody else. Over 50% of that population doesn't have life insurance and then it's even more significant when you talk about underinsured or they just get a little bit through work that doesn't travel with them because it's a group policy. And so we're very optimistic of where that goes, and we are focused on more direct competition in our direct-to-consumer channel.

新進者要進入那個市場更困難。而我們市場的優勢在於：我們鎖定的人口族群（更精確地說是收入族群）中，有相當大一部分尚未被飽和。因此當我們賣得更多時，不需要從別人手上搶市占。該族群中超過 50% 沒有壽險；若談到保障不足的人，比例更高，或是他們只透過公司團體保單有一點保障，但那種保障不會隨著他們離職而延續，因為是團體保單。因此我們對未來走向非常樂觀，而在直銷通路上，我們則更聚焦於直接競爭。

That's why you'll hear us over time, we think that's more of a low single-digit growth because there is going to be a certain subset of the population. We believe that's smaller that is more active and looking than the majority of our agents sold business.

這也是為什麼你會聽到我們隨著時間推進認為，那邊比較像是低個位數成長，因為會有一部分人口——我們相信那部分較小——更積極在找、在看；相較之下，我們代理銷售業務的主體並不是那樣。

Mark Hughes, Truist.

Mark Hughes，Truist。

Just a quick one for me. You talked about the investment in lead generation. Can you talk about the trajectory you're spending there, whether they're are any new technologies or new approaches you're using? And does AI have any meaning for lead generation?

我這邊一個簡短問題。你提到在名單（leads）開發上的投資。能否談談你們在這方面支出的走勢、是否有使用任何新技術或新方法？另外，AI 對名單開發有什麼意義嗎？

Yes. And so a lot of our lead generation is coming through our direct-to-consumer advertising. And so the benefit that we've had over the last year or two has been capitalizing on that investment spend and not just converting that advertising spend into sales of just the direct-to-consumer channel, but a lot of the leads and inquiries that we're getting, we're moving that to an agency channel that has a higher conversion rate. So we have significant growth in just the total volume of leads, which would be equating to the spend in that area last year. And as I mentioned in my prepared remarks, we're probably going to be another 5% or 10% growth in the number of leads.

是的。我們很多名單開發來自直銷廣告。因此過去一兩年我們獲得的好處，是把這些投放支出所帶來的效益最大化，不只是把廣告投放轉換成直銷通路的銷售；我們收到的許多名單與詢問，也會轉到轉換率更高的代理通路。所以我們在名單總量上有顯著成長，這大致對應到去年在該領域的支出。正如我在事先準備的發言中提到的，我們名單數量可能還會再成長約 5% 到 10%。

The dynamic going on there is, over the last several years, until 2025, you heard me talk about we continue to scale back our advertising spend because the costs were going up and the lease conversion was going down. Well, now that our overall aggregate conversion ratio is going up when I look across both our direct-to-consumer and agency channel, that gives us more money to spend on generating more leads. So we're increasing our advertising spend to generate more leads. And that will be something that continues to grow in itself. So to the extent that we have this better conversion, we have more leads being utilized by our agencies.

那裡的動態是：過去幾年一直到 2025 年，你們聽我說我們持續縮減廣告投放，因為成本上升、名單轉換率下降。現在，當我同時看直銷與代理通路的整體彙總轉換率時，轉換率正在上升，這讓我們有更多資金可以投入以產生更多名單。因此我們正在提高廣告投放以產生更多名單，而這本身也會持續成長。換句話說，只要我們維持較佳的轉換率，就會有更多名單被我們的代理通路所運用。

I anticipate throughout '26 and then into '27, if that trend continues, to continue to spend more on advertising that benefits both sides of the equation, meaning both our direct-to-consumer and agency channels. So as far as the AI business in that -- no, I was going to say, I think you had a comment about AI is that on the consumer channel -- as you might imagine, the way consumers may be looking for life insurance or responding to ads, I believe that a lot of these AI platforms are going to convert into some sort of advertising revenue model. And we will be there as part of that. And I think that's where our deep experience in advertising in these online channels will come into play. And frankly, the volume of dollars that we spend is very significant.

我預期在 2026 年、並延伸到 2027 年，如果這個趨勢持續，我們會繼續增加廣告投放，讓等式兩端都受益，也就是同時有利於直銷與代理通路。至於 AI 業務在那方面——不，我想說的是，你提到 AI 在消費者通路上的影響——如你所想，消費者尋找壽險或回應廣告的方式，我相信許多 AI 平台會轉化成某種廣告營收模式，而我們會參與其中。我認為我們在這些線上通路的深厚廣告經驗將會派上用場。坦白說，我們投入的金額規模非常可觀。

With some of the big platforms we participate in their beta programs, and we're there with the seat at the table, so to speak, with these advertising platforms as they look to convert and monetize some of this AI technology. And it's much like what we saw in some of the early days with Facebook and some of the others as they convert into advertising platforms.

在一些大型平台上，我們會參與他們的 beta 測試計畫，也就是所謂「坐在桌邊」參與討論，與這些廣告平台一起看他們如何把部分 AI 技術轉化並變現。這很像我們早期在 Facebook 等平台看到的情況：它們逐步轉型成廣告平台。

Ryan Krueger, KBW.

Ryan Krueger，KBW。

Just a quick one. On the life margin, and maybe this is -- there's some rounding here, but I think you said you expected 41% in the fourth quarter. I would have thought there would be some improvement given the lower net premium ratio after you factor in the remeasurement from the assumption review in the third quarter. So just curious how you're thinking about the benefit on a go-forward basis from the assumption review?

一個簡短問題。關於壽險利潤率（life margin），也許這裡有些四捨五入，但我記得你說第四季預期是 41%。在第三季完成假設檢視（assumption review）並重新衡量（remeasurement）後，考量淨保費比率（net premium ratio）較低，我原本以為會有一些改善。所以想請教你如何看待假設檢視在未來對利潤率帶來的效益？

Yes. Right. I think fourth quarter is one of those quarters that also has a little bit of seasonality in it. So that offsets some of the benefit that you get from a lower net premium ratio. And then also, the net premium ratio changes are relatively small.

是的，沒錯。我認為第四季本身也帶有一些季節性，因此會抵銷一部分因淨保費比率下降所帶來的好處。另外，淨保費比率的變動幅度其實相對小。

I mean, there are small incremental changes that happen each time we make an assumption update. But I think for the fourth quarter, it's probably more of a seasonality thing.

我的意思是，每次我們更新假設時，確實會有一些小幅的增量變化。但我認為就第四季而言，可能更偏向季節性因素。

Okay. Maybe just one follow-up on that issue is -- would you expect -- do you think 41% roughly is the right margin at this point, stripping out assumption review impacts? Or could there be some upside as we go out further?

好的。那就這個議題再追問一下——你是否預期，在剔除假設檢視影響後，目前大約 41% 就是合理的利潤率？還是隨著時間推進可能還有上行空間？

I do. I think that's a pretty good normalized underwriting margin. We've seen mortality come down, so obligation ratios have come down. We've talked about amortization coming up a little bit, but it's really kind of aligning around that 41%.

我認為是的。我覺得那是相當不錯的常態化承保利潤率（normalized underwriting margin）。我們看到死亡率下降，因此保單責任比率（obligation ratios）也下降。我們也談到攤銷（amortization）會略微上升，但整體大致會落在 41% 附近。

And I think, Ryan, you got to think of it as around that. So if it's 40%, it could be if it 41.1%, 41.2% we're still thinking of that as being around 41%, same as 40.8% or something like that. So it's going to move by a few tenths of a point, but it's going to be pretty close to around that. So you do have some of the impact of the amortization that's coming into play as well. I'd just add that, and that continues to grow just a little bit each quarter, just as the new renewal commissions at American Income come into amortization.

而且 Ryan，你要把它視為大約在那個水準。所以如果是 40%，也可能是 41.1%、41.2%，我們仍會把它視為大約 41%；同樣地，40.8% 之類也一樣。因此它會上下波動幾個十分點，但會非常接近那個區間。你也會看到攤銷的影響開始發揮作用。我再補充一下：這個攤銷每季也會小幅增加，因為 American Income 的新續期佣金（renewal commissions）會逐步納入攤銷。

So you'll see some benefits on the policy obligation percentage a little bit more than that. I think that gets offset a little bit by the higher amortization.

因此你會看到保單責任百分比（policy obligation percentage）的改善可能會略多一些，但我認為這會被較高的攤銷部分抵銷。

Wilma Burdis, Raymond James.

Wilma Burdis，Raymond James。

Just wanted to confirm. I know you mentioned earlier that the cash flow generation was a little bit towards the higher end of the range. So if you could just give us a little bit more clarity on where the cash flow generation ended up? Just remind us of the range? And then if there was anything in particular that drove it towards the higher end?

我想確認一下。我知道你先前提到現金流生成（cash flow generation）偏向區間的高端。你能否更清楚說明現金流生成最後落在哪裡？也請再提醒我們那個區間是多少？另外，有沒有什麼特定因素把它推向高端？

Yes. Last quarter, excess cash flow, I said was going to be between $600 million and $700 million. I think as I look at it now, probably narrow that range to $650 million to $700 million. And so that excess cash flow, the midpoint of that is right around the $675 million side.

是的。上季我說超額現金流（excess cash flow）會在 6 億到 7 億美元之間。以我現在的觀察，可能會把區間縮小到 6.5 億到 7 億美元。因此超額現金流的中位數大約在 6.75 億美元左右。

We got -- we have a better visibility, clearly, on the amount of dividend distributions coming out of the sub from that perspective. So you're down -- the downside clearly is much less, but -- and we're able to kind of get the sense of that as Tom said, in that upper part of the $600 million.

我們——從這個角度來看，我們對子公司（sub）可上繳的股利分配金額（dividend distributions）有更清楚的能見度。所以，下行風險顯然小很多；而且——正如 Tom 所說，我們也能大致掌握會落在 6 億美元區間的較高端。

That concludes our Q&A session. I will now turn the conference back over to Stephen Mota, Vice President of Investor Relations for closing remarks.

問答環節到此結束。接下來我將把電話會議交回投資人關係副總裁 Stephen Mota 作結語。

All right. Thank you for joining us this morning. Those are our comments, we'll talk to you again next quarter.

好的。感謝各位今天早上參與。我們的說明就到這裡，我們下季再與各位交流。

That concludes today's call. Thank you for attending. You may now disconnect, and have a wonderful rest of your day.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線，祝您今天剩下的時間一切順利。