Genworth Financial Inc (GNW) 2022 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Genworth Financial's Fourth Quarter 2022 Earnings Conference Call. My name is Jim, and I will be your coordinator today. (Operator Instructions) As a reminder, the conference is being recorded for replay purposes. (Operator Instructions)

女士們先生們，早上好，歡迎來到 Genworth Financial 2022 年第四季度收益電話會議。我叫吉姆，今天我將擔任你們的協調員。 （操作員說明）作為提醒，正在錄製會議以供重播。 （操作員說明）

I would now like to turn the presentation over to Sarah Crews, Director of Investor Relations. Please go ahead.

我現在想將演示文稿轉交給投資者關係總監 Sarah Crews。請繼續。

Thank you, operator. Good morning, and welcome to Genworth's Fourth Quarter 2022 Earnings Call. Today, you will hear from our President and Chief Executive Officer, Tom McInerney; followed by Dan Sheehan, our Chief Financial Officer and Chief Investment Officer. The slide presentation that accompanies this call is available on the Investor Relations section of the Genworth website, investor.genworth.com.

謝謝你，運營商。早上好，歡迎來到 Genworth 的 2022 年第四季度財報電話會議。今天，您將聽到我們的總裁兼首席執行官 Tom McInerney 的講話；隨後是我們的首席財務官兼首席投資官 Dan Sheehan。本次電話會議的幻燈片演示可在 Genworth 網站 investor.genworth.com 的投資者關係部分獲取。

Our earnings release and financial supplement can also be found there, and we encourage you to review these materials. Following our prepared remarks, we will open the call up for a question-and-answer period. In addition to our speakers, Brian Haendiges, President of our U.S. Life Insurance segment; and Jerome Upton, Deputy Chief Financial Officer and Controller, will also be available to take your questions.

我們的收益發布和財務補充也可以在那裡找到，我們鼓勵您查看這些材料。在我們準備好的評論之後，我們將開啟問答期。除了我們的演講者之外，我們的美國人壽保險部門總裁 Brian Haendiges；副首席財務官兼財務總監 Jerome Upton 也將回答您的問題。

During the call this morning, we may make various forward-looking statements. Our actual results may differ materially from such statements. We advise you to read the cautionary notes regarding forward-looking statements in our earnings release and related presentation as well as the risk factors of our most recent annual report on Form 10-K as filed with the SEC.

在今天上午的電話會議中，我們可能會做出各種前瞻性陳述。我們的實際結果可能與此類陳述存在重大差異。我們建議您閱讀我們的收益發布和相關演示文稿中有關前瞻性陳述的警示性說明，以及我們向美國證券交易委員會提交的最新 10-K 表格年度報告中的風險因素。

This morning's discussion also includes non-GAAP financial measures that we believe may be meaningful to investors.

今天上午的討論還包括我們認為可能對投資者有意義的非 GAAP 財務指標。

In our financial supplement, earnings release and investor materials, non-GAAP measures have been reconciled to GAAP where required in accordance with the SEC rules. Also, references to statutory results are estimates due to the timing of the filing of the statutory statements.

在我們的財務補充、收益發布和投資者材料中，非 GAAP 措施已按照 SEC 規則的要求與 GAAP 進行了核對。此外，由於提交法定報表的時間，對法定結果的引用是估計值。

And now I'll turn the call over to our President and CEO, Tom McInerney.

現在我將把電話轉給我們的總裁兼首席執行官 Tom McInerney。

Thank you very much, Sarah. Good morning, everyone, and thank you for joining our fourth quarter earnings call. Before I review our strong fourth quarter and full year 2022 results, I want to acknowledge our outstanding progress against our strategic priorities throughout the year. I'm incredibly proud of these accomplishments particularly achieving our debt target, meeting the conditions to remove the government-sponsored enterprises or GSE restrictions that were placed on an act, returning capital to shareholders for the first time in over 13 years and receiving multiple ratings upgrades.

非常感謝你，莎拉。大家早上好，感謝您參加我們的第四季度財報電話會議。在回顧我們強勁的第四季度和 2022 年全年業績之前，我想承認我們全年在戰略重點方面取得的顯著進展。我為這些成就感到無比自豪，尤其是實現我們的債務目標，滿足取消政府資助企業或 GSE 限制的條件，13 年來首次向股東返還資本並獲得多項評級升級。

These achievements have improved Genworth's financial strength and allowed us to enter 2023 with a greater level of flexibility to invest in growth and continue returning capital to our shareholders. To speak to each of these achievements a bit further. In May of last year, the Genworth Board authorized a new share repurchase program of up to $350 million.

這些成就提高了 Genworth 的財務實力，使我們能夠以更大的靈活性進入 2023 年，以投資增長並繼續向股東返還資本。進一步談談這些成就中的每一個。去年 5 月，Genworth 董事會批准了一項高達 3.5 億美元的新股票回購計劃。

This is an important milestone reflecting our improved financial position, the Board's confidence in our strategy and our future and our commitment to our strategic priorities. Since the authorization, we've repurchased $64 million worth of outstanding shares at an average price of less than $4 per share. We were careful to restrict the level of repurchases in 2022 until we reduce the debt to $900 million and satisfy the conditions to remove the GSE capital restrictions.

這是一個重要的里程碑，反映了我們改善的財務狀況、董事會對我們的戰略和未來的信心以及我們對戰略重點的承諾。自授權以來，我們以平均每股不到 4 美元的價格回購了價值 6400 萬美元的流通股。我們謹慎地限制了 2022 年的回購水平，直到我們將債務減少到 9 億美元並滿足取消 GSE 資本限制的條件。

Having now accomplished both objectives, we plan to pick up the pace of share repurchases subject to market conditions and general share price. Throughout 2022, the holding company received credit ratings upgrades from each of the 3 major rating agencies, reflecting a substantial improvement in our credit profile. In September, Genworth achieved a critical milestone when we paid off our remaining senior notes due in 2024, marking the achievement of our long-term holding company debt target of $1 billion or less.

現在已經實現了這兩個目標，我們計劃根據市場情況和總體股價加快股票回購的步伐。整個 2022 年，控股公司分別獲得三大評級機構的信用評級升級，反映出我們的信用狀況有了顯著改善。 9 月，Genworth 實現了一個重要的里程碑，我們還清了 2024 年到期的剩餘優先票據，標誌著我們實現了 10 億美元或更少的長期控股公司債務目標。

Genworth ended 2022 with holding company debt under $900 million, reflecting over $3 billion of debt retired since 2013. We believe this is a sustainable level of debt for the company to carry going forward with manageable interest expense obligations of approximately $60 million per year.

截至 2022 年，Genworth 的控股公司債務低於 9 億美元，反映出自 2013 年以來償還的債務超過 30 億美元。我們認為，這是公司可持續的債務水平，可以承擔每年約 6000 萬美元的可管理利息支出義務。

However, we're open to further debt reduction if we have extra cash and attractive terms for further debt retirement. By reaching our holding company debt target, we were positioned from a capital perspective to meet the financial conditions for removing restrictions placed on an act by the GSEs.

然而，如果我們有額外的現金和有吸引力的進一步償還債務的條款，我們願意進一步減少債務。通過達到我們的控股公司債務目標，我們從資本的角度定位，以滿足取消對 GSE 的行為的限制的財務條件。

We believe we fully met Genworth's holding company financial conditions in both the third and fourth quarters of 2022, which should result in GSE's lifting restrictions on an act in the first quarter of this year. We are working with the GSEs and expect confirmation shortly. This is an important positive development for Enact and for Genworth as Enact will no longer be subject to more stringent capital requirements than its peers once these restrictions are removed, putting Enact on a more level playing field with competitors.

我們相信我們在 2022 年第三和第四季度完全符合 Genworth 控股公司的財務狀況，這應該會導致 GSE 在今年第一季度解除對一項法案的限制。我們正在與 GSE 合作，預計很快就會得到確認。這對 Enact 和 Genworth 來說是一個重要的積極發展，因為一旦這些限制被取消，Enact 將不再受到比同行更嚴格的資本要求，從而使 Enact 與競爭對手處於更公平的競爭環境中。

The successful execution of these 4 actions is a testament to our commitment to driving value for our shareholders, and we were rewarded with strong share price performance over 2022 despite the volatile macroeconomic environment.

這 4 項行動的成功執行證明了我們致力於為股東創造價值的承諾，儘管宏觀經濟環境動盪，但我們在 2022 年的股價表現依然強勁。

Turning to financial results. Genworth delivered excellent results in 2022 and finished the year strong. For the full year, net income was $609 million, and adjusted operating income was $633 million or $1.24 per diluted share, well above market expectations. These outstanding results were led by Enact, which had a very strong operating performance and ended the year with record insurance in force.

轉向財務結果。 Genworth 在 2022 年取得了優異的成績，並以強勁的勢頭結束了這一年。全年淨收入為 6.09 億美元，調整後營業收入為 6.33 億美元或每股攤薄收益 1.24 美元，遠高於市場預期。這些出色的業績由 Enact 領銜，該公司擁有非常強勁的經營業績，並在年底以創紀錄的有效保險結束。

In the fourth quarter, amidst the ongoing challenging backdrop, Genworth generated excellent results. Net income was $175 million and adjusted operating income was $167 million or $0.33 per diluted share. Since Enact's IPO, Genworth has received approximately $370 million in capital from Enact, including $168 million in the fourth quarter.

第四季度，在持續充滿挑戰的背景下，Genworth 取得了優異的成績。淨收入為 1.75 億美元，調整後營業收入為 1.67 億美元或每股攤薄收益 0.33 美元。自 Enact 首次公開募股以來，Genworth 已從 Enact 獲得約 3.7 億美元的資金，其中包括第四季度的 1.68 億美元。

Cash flows from Enact have enabled us to achieve the key milestones, I mentioned before and will continue to benefit shareholders by fueling our share repurchase program and long-term growth strategy. While our fourth quarter statutory processes are still underway, we expect U.S. Life's statutory after-tax net income for the full year to be approximately $275 million, reflecting continued positive results for LTC, including pretax statutory income for the LTC legacy business of approximately $255 million in 2022.

來自 Enact 的現金流使我們能夠實現我之前提到的關鍵里程碑，並將繼續通過推動我們的股票回購計劃和長期增長戰略使股東受益。雖然我們第四季度的法定程序仍在進行中，但我們預計美國人壽全年的法定稅後淨收入約為 2.75 億美元，反映出 LTC 持續取得積極成果，包括 LTC 遺留業務的稅前法定收入約為 2.55 億美元2022年。

We expect LISC statutory capital and surplus to increase from $2.9 billion at the end of '21 to approximately $3 billion at year-end 2022. GLIC's estimated RBC ratio at year-end 2022 is currently projected to be approximately 290% in line with the prior year RBC ratio of 289%. Our final statutory results will be available with our year-end statutory filings later this month.

我們預計 LISC 的法定資本和盈餘將從 21 年底的 29 億美元增加到 2022 年底的約 30 億美元。GLIC 在 2022 年底的估計 RBC 比率目前預計約為 290%，與之前的預測一致年RBC比例為289%。我們的最終法定結果將在本月晚些時候與我們的年終法定文件一起提供。

Turning to our legacy LTC portfolio. We continued the strong momentum in our multiyear rate action plan or MYRAP, the most effective tool we have to bring our legacy LTC portfolio to economic breakeven on a go-forward basis. We achieved a total of $549 million in annual premium rate increase approvals in 2022.

轉向我們傳統的 LTC 投資組合。我們在多年利率行動計劃或 MYRAP 中繼續保持強勁勢頭，這是我們擁有的最有效工具，可以使我們的傳統 LTC 投資組合在前進的基礎上實現經濟盈虧平衡。到 2022 年，我們總共獲得了 5.49 億美元的年度保費增長批准。

Of that amount, we are waiting the final disposition of a small number of the approvals as we work through implementation mechanics. With the addition of these 2022 approvals, our cumulative progress is approximately $23.5 billion in approvals on a net present value basis since 2012. We also continue to make progress against our strategy to drive future growth through our new, less capital-intensive senior care services business, which will launch under the CareScout brand.

其中，在我們通過實施機制工作時，我們正在等待少數批准的最終處置。加上這些 2022 年的批准，自 2012 年以來，我們在淨現值基礎上的累計批准進度約為 235 億美元。我們還繼續通過我們新的、資本密集度較低的高級護理服務推動未來增長的戰略取得進展業務，將以 CareScout 品牌推出。

CareScout's leadership team is now fully in place and executing on a multiphased go-to-market strategy that is expected to ultimately include 4 new senior care-focused business lines. The first area of focus is the fee-based services business, which will provide care navigation support and advice to existing LTC policyholders and new customers. We expect to launch a pilot in the first half of 2023 in the Southwest with Genworth's existing LTC policyholders.

CareScout 的領導團隊現已完全就位，並正在執行一項多階段的上市戰略，該戰略預計最終將包括 4 條以高級護理為重點的新業務線。第一個重點領域是收費服務業務，它將為現有 LTC 保單持有人和新客戶提供護理導航支持和建議。我們預計將於 2023 年上半年在西南地區與 Genworth 現有的 LTC 投保人一起啟動試點。

The services business will include a digital platform where those in need of long-term care can search for and compare local care options bolstered by a preferred network of quality senior care providers. We are in the process of vetting and recruiting network partners in order to offer attractive pricing on high-quality care that will benefit both new and existing customers.

服務業務將包括一個數字平台，需要長期護理的人可以在其中搜索和比較由優質高級護理提供者首選網絡支持的本地護理選項。我們正在審查和招募網絡合作夥伴，以便提供有吸引力的優質護理價格，讓新老客戶都受益。

The services business is designed to reduce claim costs on our legacy LTC book as well as drive new revenue for Genworth. Second, we are investing in CareScout's existing clinical assessments business where we see attractive opportunities for growth. CareScout has a network of clinicians nationwide. And as a leader in conducting clinical assessments, for other insurance companies, health care organizations and consumers.

服務業務旨在降低我們遺留 LTC 賬簿的索賠成本，並為 Genworth 帶來新的收入。其次，我們正在投資 CareScout 現有的臨床評估業務，我們看到了有吸引力的增長機會。 CareScout 在全國擁有臨床醫生網絡。並作為進行臨床評估的領導者，為其他保險公司、醫療保健組織和消費者提供服務。

The third area of focus in our growth strategy is transforming the insurance and other product options available to fund long-term care. This is a key part of developing a truly comprehensive approach to addressing the complexities of the aging journey. Offering new and more innovative insurance and other funding options for long-term care is dependent on achieving an A- or better rating. We are still working on options to reduce the capital required to fund these products through innovative reinsurance arrangements.

我們增長戰略的第三個重點領域是轉變可用於資助長期護理的保險和其他產品選擇。這是製定真正全面的方法來解決老齡化進程的複雜性的關鍵部分。為長期護理提供新的和更具創新性的保險和其他資金選擇取決於獲得 A- 或更好的評級。我們仍在研究通過創新的再保險安排來減少為這些產品提供資金所需的資本的方案。

And as a result, implementation of these new LTC funding progress -- products will likely occur in 2024 or later. Finally, as we've said in the past, we see attractive longer-term growth opportunities to offer senior care services and funding solutions in international markets. After building the business successfully in the U.S., we will look to eventually capitalize on opportunities in other markets with similar aging demographic challenges.

因此，這些新的 LTC 資金的實施進展——產品可能會在 2024 年或更晚出現。最後，正如我們過去所說，我們看到了有吸引力的長期增長機會，可以在國際市場上提供高級護理服務和融資解決方案。在美國成功開展業務後，我們將尋求最終利用其他面臨類似人口老齡化挑戰的市場中的機會。

The current timing for CareScout's international expansion is planned for 2025 or later. We are investing prudently to scale the CareScout services business and leveraging our differentiated capabilities and experience, including 40-plus years of experience and expertise in the LTC insurance business, data on 330,000 LTC claims paid to date to legacy LTC policyholders, existing relationships with a network of care assessment professionals, who are mostly registered nurses and existing relationships with providers and caregivers throughout the U.S.

CareScout 目前的國際擴張時間計劃在 2025 年或更晚。我們正在審慎投資以擴大 CareScout 服務業務並利用我們的差異化能力和經驗，包括在 LTC 保險業務方面 40 多年的經驗和專業知識、迄今為止向遺留 LTC 保單持有人支付的 330,000 份 LTC 索賠數據、與護理評估專業人員網絡，他們大多是註冊護士，並且與美國各地的提供者和護理人員建立了現有關係

We invested approximately $20 million in CareScout in 2022 to develop our care services business and clinical assessment capabilities, and we intend to make an additional investment of approximately $30 million in 2023. As we move forward, Genworth will maintain a disciplined capital allocation strategy, balancing investments in growth with share repurchases.

我們在 2022 年向 CareScout 投資了約 2000 萬美元，以發展我們的護理服務業務和臨床評估能力，我們打算在 2023 年追加投資約 3000 萬美元。隨著我們的前進，Genworth 將保持嚴格的資本配置策略，平衡通過股票回購對增長進行投資。

Before I close, I want to acknowledge Dan Sheehan and his extraordinary contributions and accomplishments at both GE Capital and Genworth over the last 25 years. Dan has been an excellent investment leader for Genworth for decades. Under his leadership, the investment group has delivered outstanding results for many years. Over the last 2 years, as CFO, he has helped lead Genworth through a very successful transition. Above all, Dan has been a good friend in College of mine since I joined Genworth and I wish him all the best.

在我結束之前，我想感謝 Dan Sheehan 以及他在過去 25 年中在 GE Capital 和 Genworth 的非凡貢獻和成就。幾十年來，丹一直是 Genworth 的優秀投資領導者。在他的領導下，投資集團多年來取得了驕人的成績。在過去的 2 年裡，作為首席財務官，他幫助領導 Genworth 完成了非常成功的轉型。最重要的是，自從我加入 Genworth 以來，丹一直是我學院的好朋友，我祝他一切順利。

With that, I'll turn it over to Dan.

有了這個，我會把它交給丹。

Thank you, Tom, and good morning, everyone. Before I begin my comments on the quarter, I'd like to thank Tom and the entire Genworth team for their partnership. I've had a really good run here over my 25 years with GE and Genworth, and I'm incredibly grateful for the opportunities I've had to work with so many talented people.

謝謝你，湯姆，大家早上好。在我開始對本季度發表評論之前，我要感謝湯姆和整個 Genworth 團隊的合作。在 GE 和 Genworth 工作的 25 年裡，我在這裡的表現非常出色，我非常感謝能有機會與這麼多才華橫溢的人一起工作。

I'm proud of my contributions to strengthening our financial foundation, and I'm excited to see what the team builds on that foundation. Now for the quarter. Genworth delivered another strong quarter, capping off an excellent year for the company. We further strengthened our balance sheet while investing in growth and returning capital to shareholders. We ended the year with liquidity above our cash target and lower leverage, reflecting our significant debt reduction throughout the year.

我為我為加強我們的財務基礎所做的貢獻感到自豪，我很高興看到團隊在此基礎上建立什麼。現在是本季度。 Genworth 又交付了一個強勁的季度，為公司出色的一年畫上了句號。我們進一步加強了資產負債表，同時投資於增長並向股東返還資本。年末，我們的流動性高於我們的現金目標，槓桿率較低，反映出我們全年的債務大幅減少。

As a result of our successful execution, we believe we have satisfied the financial conditions for removing the PMIERs capital restrictions placed on Enact by the GSEs, which in turn should lift these restrictions on Enact in the first quarter of 2023. As Tom mentioned, this will be a very positive development for Enact and Genworth as its majority owner since Enact will no longer be subject to more stringent capital requirements than its peers.

由於我們的成功執行，我們相信我們已經滿足了取消 GSE 對 Enact 施加的 PMIER 資本限制的財務條件，這反過來應該會在 2023 年第一季度取消對 Enact 的這些限制。正如湯姆所說，這對於 Enact 和作為其大股東的 Genworth 來說，這將是一個非常積極的發展，因為 Enact 將不再比其同行受到更嚴格的資本要求。

Following Tom's high-level overview of full year and fourth quarter results, I will review our segment operating performance, including the results of our annual U.S. life insurance assumption review as well as our holding company liquidity position.

繼 Tom 對全年和第四季度業績的高級概述之後，我將回顧我們的分部經營業績，包括我們年度美國人壽保險假設審查的結果以及我們控股公司的流動性狀況。

Turning to Slide 7. Enact's insurance in force increased 10% year-over-year to a record $248 billion, driven by new insurance written and higher persistency. Primary new insurance written was down versus the prior year, a continuation of the trend we've seen has increased interest rates have resulted in lower mortgage originations. As Enact mentioned on its earnings call this morning, while elevated mortgage rates and decreased affordability have reduced demand, total housing inventory is below long-term levels and demand remains solid.

轉到幻燈片 7。受新保險承保和更高持久性的推動，Enact 的有效保險同比增長 10%，達到創紀錄的 2,480 億美元。承保的主要新保險與上一年相比有所下降，我們看到的趨勢的延續是利率上升導致抵押貸款發放減少。正如 Enact 在今天上午的財報電話會議上提到的那樣，雖然抵押貸款利率上升和負擔能力下降降低了需求，但住房總庫存低於長期水平，需求依然強勁。

The higher interest rate environment has resulted in higher persistency and is a meaningful benefit to Enact's profitability. The overall credit risk profile of Enact's new insurance written also remains strong. Moving to Slide 8. Enact had a favorable $42 million net pretax reserve release, which drove a loss ratio of 8%.

較高的利率環境導致了更高的持久性，並且對 Enact 的盈利能力來說是一個有意義的好處。 Enact 的新承保保險的整體信用風險狀況也依然強勁。轉到幻燈片 8。Enact 有有利的 4200 萬美元淨稅前準備金釋放，這導致損失率為 8%。

The reserve release was primarily driven by favorable cure performance on COVID-19-related delinquencies, which was partially offset by reserve strengthening on 2022 new delinquencies and a prudent response to an uncertain economic outlook. The estimated PMIER sufficiency ratio of 165% or approximately $2.1 billion above published requirements remain strong.

準備金釋放主要是由於 COVID-19 相關拖欠的良好治療表現推動的，這部分被 2022 年新拖欠的準備金加強和對不確定的經濟前景的謹慎反應所抵消。估計的 PMIER 充足率為 165% 或比公佈的要求高出約 21 億美元，這一比率仍然很高。

Sufficiency decreased sequentially, driven by the operating company's dividend distribution to Enact holdings. In December, Genworth received a special dividend from Enact of $148 million, which was the major driver of Genworth's enhanced liquidity profile as we ended the year. Further, Enact's quarterly dividend payment of $0.14 per share generated proceeds of $19 million to Genworth. Going forward, returns of capital from Enact will continue to enable Genworth to generate excess cash.

在運營公司向 Enact 控股公司分配股息的推動下，充足率環比下降。去年 12 月，Genworth 從 Enact 收到了 1.48 億美元的特別股息，這是我們年底時 Genworth 增強流動性狀況的主要驅動力。此外，Enact 每股 0.14 美元的季度股息支付為 Genworth 帶來了 1900 萬美元的收益。展望未來，來自 Enact 的資本回報將繼續使 Genworth 產生超額現金。

I will now cover our U.S. Life Insurance segment results starting on Slide 9. The segment reported adjusted operating income of $38 million, reflecting adjusted operating income of $24 million from LTC and $16 million from fixed annuities, partially offset by an adjusted operating loss of $2 million in life insurance. In our LTC insurance business, adjusted operating income was $24 million compared to $25 million in the prior quarter and $119 million in the prior year.

我現在將從幻燈片 9 開始介紹我們的美國人壽保險部門的業績。該部門報告的調整後營業收入為 3800 萬美元，反映了 LTC 的調整後營業收入 2400 萬美元和固定年金的 1600 萬美元，部分被調整後的營業虧損 2 美元所抵消萬壽險。在我們的 LTC 保險業務中，調整後的營業收入為 2400 萬美元，而上一季度為 2500 萬美元，去年同期為 1.19 億美元。

Results reflected lower terminations versus the prior year as well as lower investment income versus the prior periods and continued growth in new claims. Earnings also benefited from higher in-force rate actions versus the prior quarter due to favorable policyholder elections related to the legal settlements on PCS I and PCS II policies. The settlement impacts were smaller, however, in the current quarter than the settlement impacts in the fourth quarter of 2021.

結果反映了與上一年相比終止終止的情況減少，以及與上一期間相比較低的投資收入以及新索賠的持續增長。由於與 PCS I 和 PCS II 保單的法律和解相關的有利保單持有人選舉，與上一季度相比更高的有效利率行動也使收益受益。然而，與 2021 年第四季度的結算影響相比，本季度的結算影響較小。

Moving to Slide 10. The elevated claim mortality, you saw with the onset of the pandemic was lower in the current quarter versus last year, which is consistent with COVID-19 mortality trends in our life insurance business and nationwide.

轉到幻燈片 10。隨著大流行的發生，本季度索賠死亡率的升高與去年相比有所降低，這與我們人壽保險業務和全國范圍內的 COVID-19 死亡率趨勢一致。

The remaining balance on our previously established COVID-19 mortality reserve is $90 million. As shown on the right-hand side of Slide 10, we saw a higher level of new active claims in 2022 compared to 2021, which indicates new claim incidents is trending back to pre-COVID-19 levels. New claim severity continues to increase as expected, given the aging of the block and shift in our claims mix to higher cost facility-based care.

我們之前建立的 COVID-19 死亡率儲備金的餘額為 9000 萬美元。如幻燈片 10 右側所示，與 2021 年相比，我們看到 2022 年的新主動索賠水平更高，這表明新索賠事件正趨向於回到 COVID-19 之前的水平。鑑於街區的老化以及我們的索賠組合轉向成本更高的基於設施的護理，新索賠的嚴重程度如預期的那樣繼續增加。

As a reminder, our large Choice I and Choice II policy blocks, which are beginning to enter their claim years, have higher daily benefit amounts and inflation coverage than the older LTC blocks. I would now like to discuss the results of our annual review of key actuarial assumptions in long-term care insurance, which is summarized on Slide 11. I will note that consistent with our practice last year, the COVID-19 pandemic impact to the businesses were generally not incorporated when reviewing our long-term assumptions since we don't think the pandemic impacts are indicative of future trends or long-term loss performance.

提醒一下，我們開始進入索賠年的大型 Choice I 和 Choice II 保單塊具有比舊的 LTC 塊更高的每日福利金額和通貨膨脹覆蓋率。我現在想討論我們對長期護理保險關鍵精算假設的年度審查結果，總結在幻燈片 11 中。我要指出，與我們去年的做法一致，COVID-19 大流行對企業的影響在審查我們的長期假設時通常不會納入，因為我們認為大流行的影響並不表示未來趨勢或長期損失表現。

In our assumption review of LTC claim reserves or disabled life reserves, we saw that in the aggregate, the disabled life reserve assumptions are holding up well, as they have for the last several years. Our review this year resulted in minimal change to the disabled life reserve balance. Part of the LTC active life margin testing process for policies not yet on claim, we reviewed our long-term assumptions relative to experience as is our annual practice. Our margins remain positive within the $500 million to $1 billion range consistent with last year.

在我們對 LTC 索賠準備金或傷殘人壽準備金的假設審查中，我們發現總體而言，傷殘人壽準備金假設保持良好，就像過去幾年一樣。我們今年的審查導致傷殘人壽儲備金餘額發生微小變化。作為尚未索賠的保單的 LTC 主動壽險邊際測試流程的一部分，我們根據我們的年度慣例審查了與經驗相關的長期假設。我們的利潤率在與去年一致的 5 億至 10 億美元範圍內保持正值。

Therefore, there was no need to increase reserves and no P&L impact resulting from the assumption review. We made a few refinements that had relatively minor impacts, including reducing the lapse assumptions in light of favorable experience from LTC settlement elections and benefit reductions and increasing our interest rate assumptions. We also evaluated our assumptions regarding expectations of future premium rate increase approvals and benefit reductions. We have not yet changed the rate increased targets for Genworth's multiyear rate action plan from last year. However, based on favorable recent rate increase approval experience, regulatory support and settlement results, we have updated our assumption for future approvals and benefit reductions, resulting in additional future value.

因此，無需增加準備金，假設審查不會對損益產生影響。我們進行了一些影響相對較小的改進，包括根據 LTC 結算選擇和福利減少的有利經驗減少失效假設，以及提高我們的利率假設。我們還評估了我們對未來保費增加批准和福利減少的預期的假設。我們還沒有改變去年 Genworth 多年利率行動計劃的利率增長目標。然而，基於最近有利的加息批准經驗、監管支持和結算結果，我們更新了對未來批准和福利減少的假設，從而產生額外的未來價值。

This assumption update demonstrates our confidence and expectation of continued success in achieving actuarially justified LTC rate increases. We now project the current targeted value of LTC premium increases and benefit reductions on a net present value basis to be approximately $30.3 billion in order to achieve economic breakeven.

這一假設更新表明我們有信心和期望繼續成功實現精算合理的 LTC 利率增長。我們現在預計 LTC 保費增加和福利減少的當前目標價值在淨現值基礎上約為 303 億美元，以實現經濟收支平衡。

Since 2012, we've achieved approximately $23.5 billion in rate actions or over 75% of the rate increase and benefit reductions contemplated in our multiyear rate action plan. This is important progress toward our goal of addressing the risk in our legacy LTC business and reaching economic breakeven, and I'm incredibly proud of our team in this progress.

自 2012 年以來，我們已經實現了大約 235 億美元的利率行動，即我們的多年利率行動計劃中預期的利率上漲和福利削減的 75% 以上。這是我們解決傳統 LTC 業務風險並實現經濟收支平衡的目標取得的重要進展，我為我們的團隊取得這一進展感到無比自豪。

Slides 12 through 15 further highlight the significant progress, which continued into 2022. During the full year of 2022, we received LTC in-force rate action approvals impacting $1.1 billion of annualized in-force premiums with a weighted average increase of 48%, getting us to $549 million of annual premium rate increase approvals in 2022.

幻燈片 12 到 15 進一步突出了持續到 2022 年的重大進展。在 2022 年全年，我們收到了 LTC 生效費率行動批准，影響了 11 億美元的年度生效保費，加權平均增長了 48%，得到我們將在 2022 年獲得 5.49 億美元的年度保費增長批准。

Our continued progress on our multiyear rate action plan and stabilization of the LTC block has also been in part through the LTC legal settlements, which have been beneficial to both our policyholders and to Genworth. For policyholders, many have elected to reduce their benefits and, in turn, reduce or eliminate their premiums. And for Genworth that allows us to release reserves and reduce our tail risk on these policies. The implementation of the second LTC legal settlement related to our PCS I and II policies began on August 1 and covers approximately 15% of our LTC policyholders.

我們在多年利率行動計劃和 LTC 區塊穩定方面的持續進展也部分通過 LTC 法律和解，這對我們的保單持有人和 Genworth 都有利。對於保單持有人來說，許多人選擇減少他們的福利，進而減少或取消他們的保費。對於 Genworth，這使我們能夠釋放儲備並降低這些政策的尾部風險。與我們的 PCS I 和 II 保單相關的第二次 LTC 法律和解於 8 月 1 日開始實施，覆蓋了我們約 15% 的 LTC 保單持有人。

While we did see a favorable financial impact in the fourth quarter related to the settlement of $21 million before profits followed by losses, the financial impacts were not as large as they were in the prior year from the first settlement on our Choice I policies, which applied to approximately 20% of our LTC policyholders given the smaller policy block. The third LTC legal settlement related to our Choice II policies is still pending. The final court approval hearing began in November, and we're awaiting the judge's final ruling. This settlement represents 35% of our LTC block as Choice II is our largest LTC block of business.

雖然我們確實在第四季度看到了與 2100 萬美元之前的利潤和虧損結算相關的有利財務影響，但財務影響並不像前一年我們的 Choice I 政策的第一次結算那樣大，這鑑於較小的保單塊，適用於大約 20% 的 LTC 保單持有人。與我們的 Choice II 保單相關的第三項 LTC 法律和解仍在審理中。最終的法庭批准聽證會於 11 月開始，我們正在等待法官的最終裁決。該結算占我們 LTC 區塊的 35%，因為 Choice II 是我們最大的 LTC 業務區塊。

The timing for the implementation of the Choice II settlement will depend on when the court issues final approval of the settlement and whether there is any appeal of that final approval. We would expect to begin implementation within a few months of final approval, which is expected shortly for the favorable disposition of any appeal. If there is an appeal, that process is estimated to take until mid-2024 to play out to conclusion.

選擇 II 和解的實施時間將取決於法院何時發布和解的最終批准以及是否存在對該最終批准的任何上訴。我們希望在最終批准後的幾個月內開始實施，預計很快就會對任何上訴進行有利的處理。如果有上訴，該過程估計要到 2024 年年中才能結束。

Turning to Slide 16 and 17 in our life insurance products. We reported an adjusted operating loss of $2 million compared to operating losses of $33 million in the prior quarter and $98 million in the prior year. The key driver of the year-over-year improvement was an after-tax benefit from the Universal Life annual assumption update of $34 million relative to an unfavorable $70 million charge in the prior year.

轉到我們人壽保險產品的幻燈片 16 和 17。我們報告調整後的運營虧損為 200 萬美元，而上一季度的運營虧損為 3300 萬美元，去年同期為 9800 萬美元。同比改善的主要驅動因素是萬能壽險年度假設更新帶來的稅後收益為 3,400 萬美元，而上一年的費用為不利的 7,000 萬美元。

The $34 million assumption update was primarily related to interest rates, which rose throughout the year. The life insurance products also experienced favorable mortality year-over-year as pandemic impact subsided. COVID-19 claims accounted for only $3 million of the loss, which was lower than the prior year's $27 million of COVID-19 claims.

3400 萬美元的假設更新主要與全年利率上升有關。隨著大流行影響消退，人壽保險產品的死亡率也同比下降。 COVID-19 索賠僅佔損失的 300 萬美元，低於前一年 2700 萬美元的 COVID-19 索賠。

In the current quarter, total term deferred acquisition cost or DAC amortization was $20 million after tax, which was higher than the prior year, primarily from 20-year term lapses. Results in the quarter also benefited from not having a DAC recoverability charge in our universal life insurance products due to the favorable assumption update.

在本季度，總期限遞延收購成本或 DAC 攤銷稅後為 2000 萬美元，高於上一年，主要來自 20 年期限失效。由於有利的假設更新，本季度的業績也受益於我們的萬能壽險產品中沒有 DAC 可收回費用。

Regarding fixed annuities, adjusted operating income was $16 million compared to $19 million in the prior quarter and $20 million in the prior year, reflecting lower net spreads from bond calls, commercial mortgage loan prepayments and continued block runoff and a smaller benefit from interest rates, which did not increase as much as in the prior quarter.

關於固定年金，調整後的營業收入為 1600 萬美元，而上一季度為 1900 萬美元，上年同期為 2000 萬美元，反映出債券贖回、商業抵押貸款預付款和持續的大宗徑流帶來的淨利差下降，以及利率帶來的收益減少，增幅不及上一季度。

Our runoff segment comprised mainly of variable annuity products reported an adjusted operating income of $17 million for the current quarter compared to $9 million in the prior quarter and $16 million in the prior year. Current quarter results were impacted by positive equity market performance. As indicated on Slide 18, we're estimating the consolidated risk-based capital ratio for Genworth Life Insurance Company, or GLIC, to be 290% at the end of December, slightly up from the third quarter.

我們的徑流部分主要由可變年金產品組成，報告本季度調整後的營業收入為 1700 萬美元，而上一季度為 900 萬美元，上年為 1600 萬美元。當前季度業績受到股市積極表現的影響。如幻燈片 18 所示，我們估計 Genworth Life Insurance Company (GLIC) 的綜合風險資本比率在 12 月底為 290%，略高於第三季度。

Capital and surplus as of December 31 is estimated at $3 billion compared to $2.9 billion as of September 30 and December 31, 2021. We're pleased with this result given the volatility we saw in the equity markets this year, impacting our variable annuity block. Estimated combined statutory net income for life companies in 2022 was $275 million compared to $666 million in 2021.

截至 12 月 31 日的資本和盈餘估計為 30 億美元，而截至 2021 年 9 月 30 日和 12 月 31 日為 29 億美元。鑑於我們今年在股票市場上看到的波動影響了我們的可變年金塊，我們對這一結果感到滿意.預計 2022 年壽險公司的合併法定淨收入為 2.75 億美元，而 2021 年為 6.66 億美元。

The current year estimate reflects lower earnings in LTC driven by new claims growth and lower earnings from in-force rate actions again, largely due to legal settlement impacts in the current year that are lower than last year's, partially offset by the improved mortality in the Life products as the pandemic impacts subside. Current year results also include an unfavorable impact of variable annuity products from equity market performance, offset by a net favorable impact from assumption updates and cash flow testing.

今年的估計反映了 LTC 的收入下降，這是由於新的索賠增長和生效利率行動的收入再次下降，這主要是由於今年的法律和解影響低於去年，部分被死亡率的改善所抵消生活用品隨著大流行的影響消退。本年度業績還包括可變年金產品對股票市場表現的不利影響，被假設更新和現金流測試的淨有利影響所抵消。

Before I move on from our U.S. Life Insurance results, I wanted to provide an update on our adoption of the new GAAP accounting standard, long duration targeted improvements or LDTI, impacting our life insurance companies. As noted on Slides 19 and 20, we adopted this new standard on January 1, 2023, and we're required to represent certain financial information beginning on January 1, 2021, otherwise known as the transition date.

在繼續我們的美國人壽保險業績之前，我想提供有關我們採用新的 GAAP 會計準則、長期目標改進或 LDTI 的最新情況，這對我們的人壽保險公司產生了影響。如幻燈片 19 和 20 所述，我們於 2023 年 1 月 1 日採用了這項新標準，我們需要提供從 2021 年 1 月 1 日（也稱為過渡日期）開始的某些財務信息。

This new standard does not impact Enact. And as Tom and I have mentioned before, it will not impact our cash flows, economic value or statutory accounting and related capital levels for our life insurance companies. In the third quarter, we disclosed a preliminary estimate for the impact to accumulated other comprehensive income or AOCI from LTC. Today, we're providing an update on the total impact to our U.S. GAAP equity position from the adoption of LDTI as of the January 1, 2021 transition date.

這個新標準不會影響 Enact。正如湯姆和我之前提到的，它不會影響我們的現金流、經濟價值或法定會計以及我們人壽保險公司的相關資本水平。在第三季度，我們披露了 LTC 對累計其他綜合收益或 AOCI 影響的初步估計。今天，我們將提供截至 2021 年 1 月 1 日過渡日採用 LDTI 對我們美國 GAAP 股權頭寸的總體影響的最新信息。

As of that date, Genworth's U.S. GAAP equity of $15.3 billion will decrease by $13.7 billion after tax. As we've discussed in previous quarters, the most significant impact to our equity is from AOCI, which will decrease by $11.5 billion as of the transition date. The decrease is primarily due to the requirement to remeasure our insurance liabilities using a single A bond rate.

截至該日，Genworth 的美國 GAAP 股本為 153 億美元，稅後將減少 137 億美元。正如我們在前幾個季度所討論的那樣，對我們的股權影響最大的是 AOCI，截至過渡日，AOCI 將減少 115 億美元。減少的主要原因是需要使用單一 A 債券利率重新衡量我們的保險負債。

The discount rate impact is mostly driven by LTC given the very long duration of the product. The single A bond rate as of the January 1, 2021 transition date was materially lower than our discount rate of over 5% under the existing guidance.

考慮到產品的持續時間很長，貼現率的影響主要是由 LTC 驅動的。截至 2021 年 1 月 1 日過渡日的單一 A 類債券利率大大低於我們在現有指引下超過 5% 的貼現率。

It is worth pointing out that with the adoption of LDTI, our insurance liabilities, especially for LTC, will be more sensitive to movements in interest rates. For example, if the transition date adjustment use current rates and held everything else constant, the $11.5 billion reduction in AOCI would have more than reversed and the change in AOCI would have been positive. This illustrates the volatility in our U.S. GAAP reserves and AOCI that will likely occur in future periods as the discount rate fluctuates, which reinforces why we've encouraged investors to also review our statutory disclosures.

值得指出的是，隨著 LDTI 的採用，我們的保險責任，尤其是 LTC，將對利率變動更加敏感。例如，如果過渡日期調整使用當前利率並保持其他一切不變，則 AOCI 的 115 億美元減少將不僅僅是逆轉，而且 AOCI 的變化將是積極的。這說明我們的美國 GAAP 儲備和 AOCI 可能會在未來期間隨著貼現率波動而出現波動，這強化了我們鼓勵投資者也審查我們的法定披露的原因。

The remaining decrease to stockholders' equity as of the transition date relates to a reduction to retained earnings of $2.2 billion, primarily from LTC. This impact is largely related to a more granular assessment of LTC policy cohorts defined on the basis of original contract issue date using best estimate assumptions. With this new accounting guidance, we do expect more volatility in our net income.

截至過渡日，股東權益的剩餘減少與 22 億美元的留存收益減少有關，主要來自 LTC。這種影響在很大程度上與使用最佳估計假設根據原始合同簽發日期定義的 LTC 保單隊列進行更精細的評估有關。有了這個新的會計準則，我們確實預計我們的淨收入會出現更大的波動。

Going forward, we'll see changes in the fair value of market risk benefits related to changes in equity market performance and interest rates impact net income for our annuity products. We could also see increased volatility from changes in our assumptions as cash flow assumptions will be unlocked and updated at least annually in the fourth quarter and from fluctuations and experience. With the adoption of LDTI, we will be representing results for full year 2021 and 2022 under the new guidance, and we expect net income to be lower in these periods, primarily related to LTC.

展望未來，我們將看到與股票市場表現和利率變化相關的市場風險收益的公允價值變化會影響我們年金產品的淨收入。我們還可能看到我們假設的變化導致波動性增加，因為現金流量假設將在第四季度至少每年解鎖一次並根據波動和經驗進行更新。隨著 LDTI 的採用，我們將在新的指導下呈現 2021 年和 2022 年全年的業績，我們預計這些時期的淨收入將較低，主要與 LTC 相關。

We will provide additional details on the LDTI adoption in our 2022 Form 10-K filed later this month. Turning to the holding company on Slide 21. We ended the quarter with $307 million of cash and liquid assets above our cash target of 2x annual debt service, we received $168 million of capital from Enact plus $37 million in net intercompany tax payments in the quarter.

我們將在本月晚些時候提交的 2022 年 10-K 表格中提供有關採用 LDTI 的更多詳細信息。轉向幻燈片 21 上的控股公司。我們在本季度結束時擁有 3.07 億美元的現金和流動資產，高於我們 2 倍年度償債的現金目標，我們在本季度從 Enact 獲得了 1.68 億美元的資本以及 3700 萬美元的公司間淨稅款支付.

For the full year 2022, Enact returned $206 million to Genworth and will continue to be a key source of cash flows moving forward. Given our significant debt reduction in 2022, including an additional $13 million be purchased opportunistically in the fourth quarter, our holding company strength has continued to improve over time. Annual debt service is expected to be approximately $60 million for 2023, and our debt outstanding is long dated.

在 2022 年全年，Enact 向 Genworth 返還了 2.06 億美元，並將繼續成為未來現金流的主要來源。鑑於我們在 2022 年大幅削減債務，包括在第四季度機會主義地額外購買 1300 萬美元，隨著時間的推移，我們的控股公司實力持續增強。預計 2023 年的年度償債額約為 6000 萬美元，而且我們的未償債務期限很長。

In 2022, net intercompany tax payments to the holding company were $223 million. The parent holding company has approximately $200 million of remaining deferred tax assets, mainly foreign tax credits that it expects to realize in the near future. The utilization of these tax assets is dependent on the taxable income generated by our subsidiaries. And once exhausted, we anticipate becoming a federal taxpayer.

2022 年，向控股公司支付的公司間淨稅款為 2.23 億美元。母公司擁有大約 2 億美元的剩餘遞延稅資產，主要是它預計在不久的將來實現的外國稅收抵免。這些稅收資產的使用取決於我們子公司產生的應稅收入。一旦筋疲力盡，我們預計將成為聯邦納稅人。

In the fourth quarter, we also completed $30 million of share repurchases for an average price of $4.10 per share. Through December 31, we executed a total of $64 million of our authorized $350 million share repurchase program. As we think about our capital allocation strategy going forward, our first priority is investing in growth by bringing care navigation support and other senior care services to market under the CareScout brand. There is a large addressable market for these services in the U.S., and we're excited to leverage Genworth's unique strengths to capitalize on the opportunities we see in the sector. As Tom mentioned, we'll invest approximately $30 million into launching fee-based, capital-light service offerings in 2023.

第四季度，我們還以每股 4.10 美元的平均價格完成了 3000 萬美元的股票回購。截至 12 月 31 日，我們執行了授權的 3.5 億美元股票回購計劃中的 6400 萬美元。在考慮未來的資本配置戰略時，我們的首要任務是通過在 CareScout 品牌下將護理導航支持和其他高級護理服務推向市場來投資於增長。這些服務在美國有很大的潛在市場，我們很高興能夠利用 Genworth 的獨特優勢來利用我們在該行業看到的機會。正如湯姆提到的，我們將投資約 3000 萬美元，在 2023 年推出收費的輕資本服務產品。

Our second priority is to return capital to shareholders through opportunistic share repurchases. We expect to generate excess cash through our ownership of Enact and are well positioned to execute on these priorities given our strong liquidity position, healthy balance sheet and sustainable debt level. We had an excellent year in 2022 and are confident in Genworth's ability to continue to create value for shareholders. Now let's open the line up for questions.

我們的第二個優先事項是通過機會性股票回購將資本返還給股東。鑑於我們強大的流動性狀況、健康的資產負債表和可持續的債務水平，我們希望通過我們對 Enact 的所有權產生多餘的現金，並且有能力執行這些優先事項。我們在 2022 年表現出色，對 Genworth 繼續為股東創造價值的能力充滿信心。現在讓我們打開問題隊列。

(Operator Instructions)

（操作員說明）

We'll take our first question from the line of Joshua Esterov at CreditSights.

我們將從 CreditSights 的 Joshua Esterov 那裡回答我們的第一個問題。

Looks like you talk about repurchase a modest amount of the 2034 senior unsecured notes. And I'm wondering if that was simply opportunistic given the opportunity to retire at a discount? Or whether you have intentions to chip away at that balance over time. So now that you're within that your $1 billion total debt target, just curious about your appetite for continued debt reduction and whether that's the senior, the junior or what have you. Just curious where your heads are at with -- on that subject.

看起來你在談論回購適量的 2034 高級無抵押票據。而且我想知道這是否只是機會主義，因為有機會以折扣價退休？或者你是否打算隨著時間的推移逐漸打破這種平衡。所以現在你已經在你的 10 億美元的總債務目標之內，只是想知道你對持續減少債務的胃口，以及這是高級債務、初級債務還是你有什麼。只是好奇你的頭腦在那個問題上。

Thanks, Josh. Good question. I'll turn that one over to Dan.

謝謝，喬希。好問題。我會把那個交給丹。

Yes. Thanks, Josh. Great question. So just a reminder, in terms of where our priority would be if we were to buy back debt, there are covenants that restrict us from buying the 20 -- well, the 2066s -- so our focus would be on the 2034s up and until we get that below $100 million outstanding.

是的。謝謝，喬希。很好的問題。所以提醒一下，如果我們要回購債務，我們的優先事項是什麼，有限制我們購買 20 年的契約——好吧，2066 年——所以我們的重點將放在 2034 年直到我們得到的未償還金額低於 1 億美元。

But in terms of how we look at debt purchases today, I think our priority now that we're sitting on a fair amount of excess cash remains focused on the share buyback. We've got the debt down below now the level that we've set out a number of years ago. And so we're quite satisfied with the fact that we've got no debt coming due for another decade.

但就我們今天如何看待債務購買而言，我認為我們現在坐擁大量過剩現金的首要任務仍然是股票回購。我們現在的債務已經低於幾年前設定的水平。因此，我們對未來十年沒有到期的債務這一事實感到非常滿意。

But like we were in this quarter, we will look opportunistically with so little debt trading at this -- or so little debt left at this point. There is limited trading. So what I would expect would be that there may be opportunities as we move forward, but they will be similar to the fourth quarter at this point.

但就像我們在本季度一樣，我們會看機會主義，因為此時債務交易很少 - 或者此時剩下的債務很少。有有限的交易。所以我期望的是，隨著我們前進，可能會有機會，但此時它們將與第四季度相似。

Our next question comes from Ryan Krueger at KBW.

我們的下一個問題來自 KBW 的 Ryan Krueger。

On your LTC annual review. Can you give us a sense of to what extent you changed claim inflation assumptions?

在您的 LTC 年度審查中。您能否告訴我們您在多大程度上改變了索賠通脹假設？

We'll give that one to Brian Haendiges, who runs the legacy business.

我們將把它交給經營傳統業務的 Brian Haendiges。

So as Dan noted, we didn't make any changes to the assumptions or to our expected approvals in the future with our -- MYRAP program, our future increase program. We do look at all our assumptions in aggregate, as I think I mentioned last time and they look like they're holding up in aggregate. So we didn't see a need for a change. One of the things we looked at, of course, was inflation because it made headlines. And -- we did not see an indication that our benefit utilization has changed dramatically. If it does in the future, I think there's a natural offset over the long term with interest rates and that will help us out.

因此，正如 Dan 指出的那樣，我們沒有對未來的假設或我們預期的批准做出任何改變——MYRAP 計劃，我們未來的增加計劃。正如我上次提到的那樣，我們確實綜合考慮了我們所有的假設，它們看起來總體上是成立的。所以我們認為沒有必要進行更改。當然，我們關注的其中一件事是通貨膨脹，因為它成了頭條新聞。而且 - 我們沒有看到我們的福利利用率發生巨大變化的跡象。如果將來確實如此，我認為從長遠來看，利率會自然抵消，這將幫助我們擺脫困境。

Ryan, any follow-up on that?

Ryan，有後續行動嗎？

Yes. Can -- do you know -- can you give us any sort of metric around kind of what your claim utilization assumption is on the aggregate book, I guess, as a percentage of max daily benefit or something along those lines?

是的。可以 - 你知道嗎 - 你能給我們任何類型的指標，關於你的索賠利用假設在總賬簿上的類型，我猜，作為最大每日收益的百分比或類似的東西？

Well, maybe I'll let Brian do the details if he knows. But I would say, Ryan, that -- if you go back to last year, so we did the review in the fourth quarter of 2021, we did make a number of assumption changes that increase the amount that -- of premium increases that we needed to get through the -- MYRAP, we increased the MYRAP amount by around $4 billion, and a significant percentage of that was we changed the benefit utilization assumptions last year. And some view of future costs were part of that.

好吧，如果 Brian 知道的話，也許我會讓他做細節。但我想說，Ryan，如果你回到去年，那麼我們在 2021 年第四季度進行了審查，我們確實做出了一些假設改變，增加了我們的保費增加量需要通過 - MYRAP，我們將 MYRAP 金額增加了約 40 億美元，其中很大一部分是我們去年改變了福利利用假設。對未來成本的一些看法是其中的一部分。

So we did do I think, a good job last year. And as a result of what we did, we didn't change those. But Brian, if you want to comment on Ryan's question on sort of how we look at benefit utilization from a more granular perspective on the percentage of where we are. Obviously, it varies by the different product forms.

所以我認為我們去年做得很好。由於我們所做的，我們沒有改變這些。但是布賴恩，如果你想評論瑞安關於我們如何從更細化的角度看待我們所處位置的百分比來看待福利利用的問題。顯然，它因不同的產品形式而異。

Yes. I don't have the details on that, Ryan, because it's different by nursing home, assisted living facility or home care. But what I will say is we've been tracking how we're doing against the long-term objective of reaching economic breakeven. And we've been looking for a good durable measure of that that's independent of where we are with assumptions in any given year. And if you look back to the end of 2020, we were about 64% of the way there using the assumptions we had at the time.

是的。 Ryan，我沒有這方面的詳細信息，因為療養院、輔助生活設施或家庭護理各不相同。但我要說的是，我們一直在跟踪我們如何實現實現經濟收支平衡的長期目標。我們一直在尋找一種良好的持久衡量標準，它獨立於我們在任何給定年份的假設。如果回顧 2020 年底，我們使用當時的假設完成了大約 64% 的進度。

At the end of 2021, we were about 69% of the way done. And at the end of 2022, we're about 78% of the way done. So we're kind of closing in on that end game where we're at or near economic breakeven.

到 2021 年底，我們完成了大約 69% 的工作。到 2022 年底，我們完成了大約 78% 的工作。所以我們有點接近我們處於或接近經濟收支平衡的最終遊戲。

And so I think, yes, there are individual components, that if you look at the details and only look at that component, they may move around a little bit. But when you look at it in aggregate and how they interact with each other, we've been making constant progress over time.

所以我認為，是的，有一些單獨的組件，如果你看細節，只看那個組件，它們可能會移動一點。但是當你從總體上看它以及它們如何相互作用時，我們會隨著時間的推移不斷取得進步。

Yes. I would -- lastly, I would say, Ryan, as both Dan and I talked about today, we had an outstanding year of -- in LTC premium annual approvals this year, $549 million. That was a very strong year, a record year for us. We've been averaging more over time in the $300 million, $350 million range. Last year was a record at a little over $400 million. Obviously, the $549 million is a significant addition on top of that.

是的。我會 - 最後，我會說，Ryan，正如 Dan 和我今天談到的那樣，我們有一個傑出的一年 - 今年的 LTC 保費年度批准，5.49 億美元。那是非常強勁的一年，對我們來說是創紀錄的一年。隨著時間的推移，我們的平均值一直在 3 億美元、3.5 億美元之間。去年創下了 4 億美元多一點的記錄。顯然，5.49 億美元是除此之外的重要補充。

As I mentioned, I think, Dan, we -- there are -- in counting that, there are -- we haven't finished in all of those cases. As you know, there's an electronic system that is the ultimate filing. And so we do have some mechanics that we have to do on those. But its a very strong year. And as a big part of the reason that you see the percentage accomplished against the total we need being between 75% and 80% now is because of the very strong increases we've received from regulators in the last couple of years.

正如我提到的，我認為，丹，我們 - 有 - 在計算中，有 - 我們還沒有完成所有這些案件。如您所知，電子系統是最終歸檔。所以我們確實有一些我們必須做的機制。但這是非常強勁的一年。你看到我們現在需要完成的百分比在 75% 到 80% 之間的很大一部分原因是因為我們在過去幾年從監管機構那裡收到了非常強勁的增長。

And I would comment, there are regulators on the call that listen to this. And as you can imagine, Ryan, it's very challenging to ask for increases and continue to as increases on some of the older product forms. You can see this on Slide 14, we're up to over 400% cumulative increases, and that's over a series of increases.

我想評論一下，有監管機構在聽這個電話。正如你可以想像的那樣，Ryan，要求增加並繼續增加一些舊產品形式是非常具有挑戰性的。您可以在幻燈片 14 上看到這一點，我們的累計增長超過 400%，這是一系列增長的結果。

So I would say we're feeling very good about beginning to get near the end of what we had needed to do to accomplish, and we're not there yet. And we'll likely make some assumption changes going forward. That seems to be inedible as more claims come in. But we just feel very good about where we are. And I think the regulators are encouraged.

所以我想說我們對開始接近完成我們需要完成的工作感覺非常好，但我們還沒有到那一步。我們可能會在未來做出一些假設更改。隨著越來越多的說法出現，這似乎是不可食用的。但我們對自己所處的位置感覺非常好。我認為監管機構受到鼓勵。

I would say, 10 years ago, there were some regulators who thought, well, why bother because Genworth has so many challenges. But -- and credit to all of them, and I want to thank them because I think they really have stepped up. It's hard to grant these large increases. This is probably more premium increases done in LTC than any other industry. And I think they've -- that's been very helpful for us. It's the key way we manage the legacy book. So we feel just very good about where we are.

我會說，10 年前，有些監管機構認為，好吧，為什麼要麻煩，因為 Genworth 面臨如此多的挑戰。但是——感謝他們所有人，我要感謝他們，因為我認為他們確實已經加強了。很難批准這些大幅增加。這可能是 LTC 比其他任何行業都多的保費增長。我認為他們已經 - 這對我們很有幫助。這是我們管理遺留書籍的關鍵方式。所以我們對自己所處的位置感覺非常好。

(Operator Instructions) And we do have a follow-up from Ryan Krueger.

（操作員說明）我們確實收到了 Ryan Krueger 的跟進。

I guess I'll ask 1 more. Can I just -- I had 1 more question on long-term care. So I believe last year, you had a $28.7 billion cumulative premium rate increased assumption in LTC and now it's $30.3 billion, but the active life reserve margin remained unchanged. So it seems like there must have been some other offset. Can you help walk through that?

我想我會再問 1 個。我可以 - 我還有 1 個關於長期護理的問題。所以我相信去年，LTC 的累計保費率增加了 287 億美元，現在是 303 億美元，但主動壽險準備金保證金保持不變。所以看起來一定有其他抵消。你能幫忙解決這個問題嗎？

Brian, do you want to handle that one?

布賴恩，你想處理那個嗎？

Yes. I think what happens is, so we did make some minor refinements and assumptions. As I said, we didn't make any that were big enough to change the request going forward. But when we make those changes, sometimes they have a positive effect in terms of the value that's either already been achieved or the value that will be achieved over time. And so one of those assumptions was because we've seen improved behavior from regulators that, that's likely to continue. And so that's had a positive impact.

是的。我認為發生的事情是，所以我們確實做了一些小的改進和假設。正如我所說，我們沒有做出任何大到足以改變未來請求的事情。但是，當我們進行這些更改時，有時它們會對已經實現的價值或隨著時間的推移將實現的價值產生積極影響。因此，其中一個假設是因為我們已經看到監管機構的行為有所改善，而且這種情況可能會持續下去。所以這產生了積極的影響。

And ladies and gentlemen, I will now turn the call back over to Mr. McInerney for his additional or closing comments.

女士們，先生們，我現在將把電話轉回給 McInerney 先生，聽取他的補充或結束評論。

Thank you very much, Jim, and thank you to all of you that joined the call today. We really appreciate it. In closing, we're very proud of Genworth's financial performance and the accomplishment of all the strategic objectives we've reviewed today. And we're pleased to have entered 2023 with greater financial flexibility.

吉姆，非常感謝你，也感謝今天加入電話會議的所有人。我們真的很感激。最後，我們對 Genworth 的財務業績和我們今天審查的所有戰略目標的實現感到非常自豪。我們很高興以更大的財務靈活性進入 2023 年。

We are well positioned to continue to return capital to shareholders while investing in growth in our CareScout set of businesses. I would like to thank Dan again for his outstanding contributions to Genworth and to also recognize our incoming CFO and CIO, Jerome Upton and Kelly Saltzgaber. They were key deputies to Dan and have been key leaders that enabled us to successfully transform Genworth and achieve our financial investment objectives. I'm highly confident that they will continue to build on the great progress Genworth has made under Dan's leadership. Thank you for your questions, your interest and your support. And with that, I'll turn things back over to Jim to close the call.

我們有能力繼續向股東返還資本，同時投資於我們 CareScout 系列業務的增長。我要再次感謝 Dan 對 Genworth 的傑出貢獻，並感謝我們即將上任的 CFO 和 CIO Jerome Upton 和 Kelly Saltzgaber。他們是 Dan 的主要副手，也是使我們能夠成功改造 Genworth 並實現我們的財務投資目標的主要領導者。我非常有信心，他們將繼續在 Genworth 在 Dan 的領導下取得的巨大進步的基礎上再接再厲。感謝您的問題、興趣和支持。有了這個，我會把事情轉回給吉姆來結束通話。

Thank you, sir. Ladies and gentlemen, this does conclude Genworth Financial's fourth quarter conference call. Thank you for your participation. At this time, the call will end.

謝謝你，先生。女士們，先生們，Genworth Financial 的第四季度電話會議到此結束。感謝您的參與。這時候，通話就會結束。