Genworth Financial Inc (GNW) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Genworth Financials' third quarter, 2024 earnings conference call. My name is Lisa and I'll be your coordinator today at this time. (Operator Instructions)

早安，女士們、先生們，歡迎參加 Genworth Financials 2024 年第三季財報電話會議。我叫麗莎，今天這個時候我將擔任您的協調員。（操作員說明）

I'll now turn the call over to Brian Johnson, senior Vice President of Financial Planning and analysis. Please go ahead, sir.

我現在將把電話轉給財務規劃和分析高級副總裁布萊恩·約翰遜 (Brian Johnson)。請繼續，先生。

Thank you and good morning. Welcome to Genworth's third quarter, 2024 earnings call, the slide presentation that accompanies. This call is available on the investor relations section of the Genworth website, investor.genworth.com. Our earnings release and financial supplement can also be found there, and we encourage you to review these materials. Speaking today will be Tom Mcinerney, President and Chief Executive Officer and Jerome Upton, Chief Financial Officer, following our prepared remarks, we will open the call up for a question-and-answerr period.

謝謝你，早安。歡迎參加 Genworth 2024 年第三季財報電話會議以及隨附的幻燈片演示。此電話會議可在 Genworth 網站 Investor.genworth.com 的投資者關係部分查看。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資料。今天將由總裁兼首席執行官湯姆·麥金納尼 (Tom Mcinerney) 和首席財務官傑羅姆·厄普頓 (Jerome Upton) 發表講話，在我們準備好的發言之後，我們將開始問答環節。

In addition to our speakers, Jamala Arland, President and CEO of our US Life Insurance Business and Kelly Saltzgaber, Chief Investment Officer will also be available to take your questions during the call. This morning, we may make various forward-looking statements. Our actual results may differ materially from such statements.

除了我們的發言人之外，我們美國人壽保險業務總裁兼執行長 Jamala Arland 和首席投資長 Kelly Saltzgaber 也將在電話會議期間回答您的問題。今天早上，我們可能會發表各種前瞻性聲明。我們的實際結果可能與此類聲明有重大差異。

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.

我們建議您閱讀我們的收益發布和相關簡報中有關前瞻性陳述的警示說明，以及我們向 SEC 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 meaningful to investors in our investor materials. Non-GAAP measures have been reconciled to GAAP where required in accordance with SEC rules. Also, references to statutory results are estimates due to the timing of the filing of the statutory statements. And now I'll turn the call over to our President and CEO Tom Mcinerney.

今天早上的討論還包括我們認為對投資者材料中的投資者有意義的非公認會計準則財務指標。根據 SEC 規則的要求，非 GAAP 指標已與 GAAP 指標進行了調整。此外，對法定結果的引用是由於提交法定報表的時間而估計的。現在我將把電話轉給我們的總裁兼執行長湯姆‧麥金納尼 (Tom Mcinerney)。

Thank you, Brian, Good morning everyone and thank you for joining our third quarter earnings call in the quarter. We continue to execute against our strategy that is driving long term growth and shareholder value.

謝謝布萊恩，大家早上好，謝謝您參加我們本季的第三季財報電話會議。我們繼續執行推動長期成長和股東價值的策略。

Before I review our strategic progress, I will start with our financial performance on slide. Three someone reported net income of $85 million or $0.19 per share and adjusted operating income of $48 million or $0.11 per share and a continued to lead its performance contributing $148 million to adjusted operating income. We're very pleased with an acts operational strength capital levels and consistent shareholder distributions on a statutory accounting basis. The US life insurance companies reported an estimated pretax loss of $18 million driven by unfavorable mortality and higher new claims as well as lower benefits from legal settlements. Complete statutory results will be available when we file our third quarter statutory statements later this month, our liquidity position remains strong at the end of the quarter with cash and liquid assets of $369 million inclusive of approximately $162 million in advance cash payments. Jerome will cover our financial performance by segment in more detail shortly throughout the quarter, we advanced each of general's three strategic priorities as detailed on slide 4. Our first priority is to create shareholder value through enact growing market value and returns. We remain very pleased with our approximately 81% ownership of an act which has contributed approximately $819 million in capital to general since its IPO including $81 million in the third quarter.

在回顧我們的策略進展之前，我將從我們的財務績效幻燈片開始。其中三人報告淨利潤為 8,500 萬美元，即每股 0.19 美元，調整後營業收入為 4,800 萬美元，即每股 0.11 美元，並繼續領先其業績，為調整後營業收入貢獻了 1.48 億美元。我們對該行為的營運實力、資本水準和在法定會計基礎上一致的股東分配感到非常滿意。美國人壽保險公司報告估計稅前損失為 1800 萬美元，原因是不利的死亡率、新索賠的增加以及法律和解帶來的收益減少。當我們在本月稍後提交第三季法定報表時，我們將獲得完整的法定結果，我們的流動性狀況在本季末仍然強勁，現金和流動資產為3.69 億美元，其中包括約1.62 億美元的預付款。傑羅姆將在整個季度內更詳細地介紹我們按部門的財務業績，我們推進了將軍的三個戰略重點，如幻燈片 4 所示。我們的首要任務是透過不斷增長的市場價值和回報來創造股東價值。我們仍然對我們持有該公司約 81% 的股權感到非常滿意，該公司自 IPO 以來已向 General 貢獻了約 8.19 億美元的資本，其中包括第三季的 8,100 萬美元。

Since its IPO, an act has delivered a total shareholder return of 95% as of November 4, which relative to the S&P 500 total return of 34% over the same period of time reflects the significant value in the act that created the general shareholders.

自首次公開募股以來，截至11月4日，該行為已實現了95%的股東總回報率，相對於同期標準普爾500指數34%的總回報率，反映了該行為創造普通股東的巨大價值。

Consistent and significant cash flows from an act enable general shareholder return programs year-to-date through October. We repurchased approximately $144 million worth of shares. Bringing our total repurchases to $503 million since May of 2022.

一項法案帶來的持續且可觀的現金流使今年迄今一直到十月的普通股東回報計畫得以實現。我們回購了價值約 1.44 億美元的股票。自 2022 年 5 月以來，我們的回購總額達到 5.03 億美元。

We are also using cash flows from an act to fuel long term growth initiatives including our targeted investment of $35 million in care scout services for 2024 enabling us to scale the care scout quality and effort across the us.

我們還利用一項法案產生的現金流來推動長期增長計劃，包括我們在2024 年對護理童子軍服務進行3500 萬美元的目標投資，使我們能夠在全國範圍內擴大護理童子軍的質量和工作量。

Our second strategic priority is to maintain our self sustaining customer centric LTC life annuity legacy businesses. Our multi year rate action plan or MYRAP continues to be our most effective tool to bring our legacy LTC insurance portfolio closer to break. Even in the third quarter, we secured $124 million in gross premium approvals with an average premium increase of 53%. This brings our cumulative progress to an estimated $30 billion on a NPV basis. Since 2012, our advancement of the MYRAP in the third quarter included progress on our oldest products and in historically challenging states for rate actions. This progress underscores the growing recognition among of their critical role in supporting LTC insurer ability to meet policyholder obligations.

我們的第二個策略重點是維持我們自我維持、以客戶為中心的 LTC 終身年金傳統業務。我們的多年費率行動計劃或 MYRAP 仍然是我們最有效的工具，使我們的傳統 LTC 保險組合更接近突破。即使在第三季度，我們也獲得了 1.24 億美元的毛保費批准，平均保費增加了 53%。這使我們的累積進展達到以 NPV 計算的估計 300 億美元。自 2012 年以來，我們在第三季度對 MYRAP 的進展包括我們最古老的產品的進展以及利率行動歷史上具有挑戰性的狀態。這一進展突顯出人們越來越認識到他們在支持長期照護保險公司履行保單持有人義務的能力方面發揮的關鍵作用。

Strong progress on our MYRAP, as well as the LTC legal settlements and ongoing active management of our LTC business have significantly reduced and will continue to reduce the tablets on our legacy LTC block. This active management enables our US life insurance companies to continue to operate as a closed system leveraging existing reserves and capital to cover future claims and other obligations.

我們的 MYRAP 取得了巨大進展，LTC 法律和解以及對我們 LTC 業務的持續積極管理已經顯著減少並將繼續減少我們傳統 LTC 區塊上的平板電腦。這種積極的管理使我們的美國人壽保險公司能夠繼續作為一個封閉的系統運作，利用現有的準備金和資本來支付未來的索賠和其他義務。

Our third strategic priority is to drive future growth through care scout with innovative consumer focused aging care services and funding solutions. As you'll see on slide 5, the care scout quality network continues to scale rapidly nationwide, extending coverage to 49 states. As of October 31, the network now includes 422 high quality person centered home care providers who undergo a rigorous credentialing process covering more than 20 metrics.

我們的第三個策略重點是透過護理偵察以及以消費者為中心的創新老年護理服務和融資解決方案來推動未來成長。正如您將在投影片 5 中看到的，護理偵察品質網路繼續在全國範圍內快速擴展，覆蓋範圍擴大到 49 個州。截至 10 月 31 日，該網絡現已包括 422 家以人為本的高品質家庭護理提供商，他們經過了涵蓋 20 多個指標的嚴格認證流程。

Currently, over 90% are offering hourly rates below the generalist median cost of care and their respective zip codes with many agreeing to 20% discounts off their standard rates. We are on track to achieve nearly 85% geographic coverage of the age 65 plus census population in the US. By the end of this year, it is important to remember that we're still building the business with plans to expand our customer base and offerings over time. While the care scout quality network currently includes only home care providers.

目前，超過 90% 的機構提供的每小時費率低於一般護理中位數及其各自的郵政編碼，其中許多機構同意在標準費率基礎上享受 20% 的折扣。我們預計將實現美國 65 歲以上人口普查人口近 85% 的地理覆蓋率。到今年年底，重要的是要記住，我們仍在建立業務，並計劃隨著時間的推移擴大我們的客戶群和產品。雖然護理偵察品質網絡目前僅包括家庭護理提供者。

We plan to add assisted living communities in large metropolitan statistical areas next year and other care types. Over time. In 2025 we plan to extend care scout services to other LTC insurers policyholder and also introduce a direct to consumer offering to help families without long term care insurance, find quality care at preferred rates for our own policy holders. Our goal remains to drive savings of at least $1 billion to $1.5 billion on LTC claims on a NPV basis over time, further mitigating risk in our legacy LTC block.

我們計劃明年在大都會統計區增加輔助生活社區和其他照護類型。隨著時間的推移。到2025 年，我們計劃將護理搜尋服務擴展到其他長期照護保險公司的保單持有人，並推出直接面向消費者的服務，幫助沒有長期照護保險的家庭，為我們自己的保單持有人以優惠費率找到優質照護。我們的目標仍然是隨著時間的推移，在 NPV 的基礎上推動 LTC 索賠節省至少 10 億至 15 億美元，進一步降低我們傳統 LTC 區塊的風險。

In addition to aging care services, we are developing new funding solutions for the millions of aging Americans unprepared for the cost of care. Our upcoming individual product is designed with conservative assumptions and cap coverage limits to reduce the need for LTC premium increases in the future.

除了老年護理服務外，我們還在為數百萬尚未準備好護理費用的美國老年人開發新的融資解決方案。我們即將推出的個別產品是在保守假設和上限覆蓋範圍的基礎上設計的，以減少未來長期照護保險費增加的需要。

It will include access to our care scout quality network, helping policyholders maximize their claim dollars. We continue to work with the interstate insurance product regulation commission known as the compact to help us secure multi state approval before launch and have completed our initial product filing.

它將包括訪問我們的護理偵察品質網絡，以幫助投保人最大化他們的索賠金額。我們繼續與州際保險產品監管委員會（稱為契約）合作，幫助我們在推出前獲得多州批准，並完成了初始產品備案。

There is a significant unmet demand in the market for new and improved LTC funding products among consumers, distributors and regulators. We are excited by our plan to reenter the market in 2025 with the goal of obtaining the required approvals in at least 25 to 35 states launching a new growth strategy with CareScout has been made possible by the financial flexibility we've built over the last decade, reducing debt from $4.2 billion as of the beginning of 2013 to $821 million today.

消費者、經銷商和監管機構對新型和改進的長期TC 融資產品的市場需求存在巨大的未滿足需求。我們對2025 年重新進入市場的計劃感到興奮，目標是在至少25 至35 個州獲得所需的批准，與CareScout 一起啟動新的增長戰略，這得益於我們在過去十年中建立的財務靈活性，將債務從 2013 年初的 42 億美元減少到目前的 8.21 億美元。

As a result of this significant achievement, as well as our unparalleled industry experience. We are uniquely positioned to capture the growing market demand for aging care services. While generating long term value for our shareholders. I look forward to sharing more about our progress in the coming quarters.

這一重大成就以及我們無與倫比的行業經驗的結果。我們擁有獨特的優勢，能夠抓住老化照護服務不斷增長的市場需求。同時為我們的股東創造長期價值。我期待在未來幾季分享更多有關我們進展的資訊。

Before I hand it over to Jerome, I want to take a moment to acknowledge the growing national conversation around meeting long term care challenges in our country.

在我將其交給傑羅姆之前，我想花一點時間承認圍繞著應對我國長期照護挑戰的全國性對話日益增多。

As reported in our 2023 cost of care survey, the median annual cost of a home care health aid now exceeds $75,000 and a semi private room in a field nursing facility costs more than $100,000 per year. These figures are likely to rise significantly as the baby boomer generation ages and as the shortage of skilled workers in the space continues to pose challenges, I believe strongly in the need for public private partnerships in addressing rising LTC costs as well as the impact those costs have on our workforce. As more Americans step away from their jobs to care for loved ones often to delay the high cost of care.

正如我們 2023 年護理成本調查所報告的，家庭護理保健援助的年費用中位數現在超過 75,000 美元，現場護理機構的半私人房間每年的費用超過 100,000 美元。隨著嬰兒潮世代的老化以及該領域技術工人的短缺繼續構成挑戰，這些數字可能會大幅上升，我堅信需要公私合作來解決不斷上升的長期照護成本以及這些成本的影響我們的勞動力。隨著越來越多的美國人辭去工作去照顧親人，往往會推遲高昂的照護費用。

Several states in recent years have been considering a range of funding solutions for long term care needs at the federal level. The wish act championed by Representative Tom Suzi aims to create a federal LTC program funded by our payroll tax to help Americans manage long term care costs. More recently, both us Presidential candidates included long term care related policy proposals in their agendas.

近年來，一些州一直在考慮為聯邦層級的長期照護需求提供一系列資助解決方案。眾議員湯姆·蘇茲 (Tom Suzi) 倡導的願望法案旨在創建一項由工資稅資助的聯邦長期護理計劃，以幫助美國人管理長期護理費用。最近，美國兩位總統候選人都將與長期照護相關的政策提案納入了議程。

While each of these proposals presents its own benefits and challenges. Their emergence is an encouraging sign that our nation is increasingly recognizing and addressing the long term care crisis. We remain committed to engaging with the States Congress and the next administration to advance responsible effective solutions.

雖然這些建議中的每一個都有其自身的好處和挑戰。它們的出現是一個令人鼓舞的跡象，表明我們的國家越來越認識到並解決長期照護危機。我們仍然致力於與州國會和下一屆政府合作，推動負責任的有效解決方案。

In closing, I am proud of our ongoing progress against our strategic priorities and the strong performance we continue to see from an act with that. I'll turn the call over to Jerome for a deeper discussion of our financial results.

最後，我對我們在策略重點方面不斷取得的進展以及我們在這方面繼續看到的強勁表現感到自豪。我會將電話轉給傑羅姆，以便更深入地討論我們的財務表現。

Thank you, Tom and Good morning everyone. I'm pleased with the next continued strong operating performance. The progress on our MYRAP our debt optimization and the capital returns we delivered in the quarter.

謝謝湯姆，大家早安。我對接下來持續強勁的經營業績感到滿意。我們的 MYRAP 進展、債務優化以及我們在本季交付的資本回報。

I'll first discuss Genor's financial results and drivers in more detail. Then I'll provide a preview of our US life fourth quarter assumption review process followed by an update on our investment portfolio and holding company liquidity before we open the call for Q&A as shown on slide third quarter adjusted operating income was $48 million driven primarily by an act.

我將首先更詳細地討論 Genor 的財務表現和驅動因素。然後，我將預覽我們的美國壽第四季假設審查流程，然後在我們開始問答之前更新我們的投資組合和控股公司流動性，如幻燈片所示第三季調整後營業收入為4800 萬美元，主要由一種行為。

Our long term care insurance segment reported an adjusted operating loss of $46 million. This was driven by a liability remeasurement loss from actual to expected experience, partially offset by favorable cash flow assumption updates related to IFA approval amounts.

我們的長期照護保險部門報告調整後營運虧損為 4,600 萬美元。這是由於實際經驗與預期經驗之間的負債重新計量損失所致，部分被與 IFA 批准金額相關的有利現金流假設更新所抵消。

As a reminder, actual to expected experience drives GAAP results in LTC and fluctuates quarterly including from seasonal mortality trends for the full year. We continue to expect a liability remeasurement loss from actual to expected experience going forward. We expect continued GAAP earnings, volatility and LTC as short term results deviate from long term assumptions.

提醒一下，實際與預期的經驗會影響 LTC 的 GAAP 業績，並按季度波動，包括全年的季節性死亡率趨勢。我們繼續預期未來實際經驗和預期經驗將導致負債重新計量損失。由於短期業績偏離長期假設，我們預期 GAAP 收益、波動性和長期成本將持續成長。

The strong results from an act were also partially offset by adjusted operating losses of $27 million in life and annuities and $27 million in corporate and other within life and annuities. Life insurance posted an adjusted operating loss of $40 million driven by unfavorable mortality.

一項法案帶來的強勁業績也被調整後的人壽和年金業務虧損 2,700 萬美元以及企業及其他人壽和年金業務虧損 2,700 萬美元所部分抵銷。由於死亡率不利，人壽保險調整後營業虧損為 4,000 萬美元。

This was partially offset by adjusted operating income of $6 million from fixed annuities and $7 million from variable annuities, corporate and other reported a $27 million loss driven by interest expense on holding company debt and growth investments in care scout sequentially corporate and other was primarily impacted by the timing of tax related items.

這部分被固定年金調整後營業收入600 萬美元和可變年金調整後營業收入700 萬美元所部分抵消，企業和其他報告稱，控股公司債務利息支出和護理偵察的增長投資造成2700 萬美元的虧損，企業和其他主要受到影響通過稅務相關項目的時間表。

Now taking a closer look at the next performance on slide 7. And that delivered another strong quarter with $148 million in adjusted operating income. A $10% year over year increase reflecting reserve releases driven by continued favorable cure performance alongside strong net investment income.

現在仔細看看幻燈片 7 上的下一個表演。這又帶來了另一個強勁的季度，調整後營業收入達到 1.48 億美元。年增 10%，反映出持續良好的治療表現以及強勁的淨投資收入推動的儲備釋放。

Primary insurance in force grew 2% year over year to $268 billion supported by new insurance written and continued elevated persistency as shown on slide 8. An act's favorable $65 million pretax reserve release drove a loss ratio of 5% in a PMIERs sufficiency ratio remains strong at 173% or approximately $2.2 billion above requirements.

有效的主要保險年增 2%，達到 2,680 億美元，這得益於新承保的保險和持續性持續提高，如幻燈片 8 所示。該法案有利的 6,500 萬美元稅前準備金釋放推動了 PMIER 充足率保持在 173% 的強勁水平（比要求高出約 22 億美元）的情況下，損失率為 5%。

Chew's share of an A book value including AOC I has increased to $4.1 billion at the end of the third quarter of 2024 up from $3.8 billion at year end 2023. While at the same time, an act has delivered significant capital returns to Genworth.

截至 2024 年第三季末，Chew 在包括 AOC I 在內的 A 帳面價值中所佔份額已從 2023 年底的 38 億美元增至 41 億美元。同時，一項舉措為 Genworth 帶來了可觀的資本回報。

The combination of an a quarterly dividend and its share repurchase program generated a total of $81 million in proceeds to Genworth in the third quarter.

季度股息和股票回購計劃相結合，第三季為 Genworth 帶來了總計 8,100 萬美元的收益。

We now expect total capital returns from an act to be in the upper end of our $245million to $285 million guidance range for the full year further supporting our capital allocation priorities which I will detail shortly on slide 9, we highlight the significant progress made on our MYRAP.

我們現在預計該法案的總資本回報將達到全年 2.45 億美元至 2.85 億美元指導範圍的上限，進一步支持我們的資本配置優先事項，我將在幻燈片 9 中詳細介紹這一點，我們強調了在我們的邁拉普。

As tom mentioned, this includes successful rate actions on our oldest products and in states historically slow to approve increases as we work to stabilize the legacy LTC block and protect our claims paying ability, the premium rate increases and associated benefit reductions from the MYRAP as well as legal settlements has significantly reduced tail risk.

正如Tom 所提到的，這包括對我們最古老的產品採取成功的費率行動，以及在歷史上批准增加的速度緩慢的州，因為我們努力穩定傳統的LTC 區塊並保護我們的索賠支付能力，保費率增加以及MYRAP 的相關福利減少因為法律和解大大降低了尾部風險。

As of the end of the third quarter, we have achieved approximately $30 billion of enforced rate actions on a NPV basis with a cumulative policyholder response rate of nearly 57% choosing to reduce benefits.

截至第三季末，我們已在 NPV 基礎上實施了約 300 億美元的強制利率行動，累計投保人回應率接近 57% 選擇減少福利。

Slide 10 shows that we secured $124 million in IFA approvals on a gross incremental basis in the third quarter. Bringing the year-to-date total to $303 million.

投影片 10 顯示，第三季我們獲得了 1.24 億美元的 IFA 批准，增量總額為 1.24 億美元。使年初至今的總額達到 3.03 億美元。

We also submitted $172 million in enforced premium filings in the quarter, bringing the year-to-date total to $276 million based on strong approvals in prior years, we expect that total enforced premium filing submitted this year will be lower compared to prior years.

我們也在本季提交了 1.72 億美元的強制保費申請，基於前幾年的大力批准，今年迄今的總額達到 2.76 億美元，我們預計今年提交的強制保費申請總額將低於往年。

We are pleased with the continued success of the MYRAP which remains our most effective tool for ensuring the long term self sustainability of our legacy life insurance companies. As we said before, we believe statutory results better represent the underlying economics of the LTC business as they reflect the positive impacts of our enforced rate actions and legal settlements.

我們對 MYRAP 的持續成功感到高興，它仍然是我們確保傳統人壽保險公司長期自我永續發展的最有效工具。正如我們之前所說，我們認為法定結果更好地代表了 LTC 業務的基本經濟狀況，因為它們反映了我們執行的利率行動和法律和解的正面影響。

As shown on slide, 11 enforced rate actions and legal settlements had a $1.3 billion pre tax benefit to LTC statutory income. Year-to-date $199 million higher than the same period last year. The increase is primarily driven by the net favorable impacts of the third and final legal settlement which began in the second quarter of 2023. The favorable impact is expected to continue to trend downward into the fourth quarter as the final settlement activities come to a conclusion.

如幻燈片所示，11 起強制利率訴訟和法律和解為 LTC 法定收入帶來了 13 億美元的稅前收益。年初至今，比去年同期增加 1.99 億美元。這一增長主要是由 2023 年第二季開始的第三次也是最終法律和解的淨有利影響所推動的。隨著最終結算活動的結束，預計有利影響將繼續下降到第四季。

Slide 12 shows our pretax statutory results for the US life insurance companies on a year-to-date basis. We generated pretax income of $411 million in the third quarter. We had a loss of $18 million down from income in the prior quarter due to a smaller benefit from LTC legal settlements. Higher LTC claims and unfavorable mortality in the life and annuity products.

幻燈片 12 顯示了美國人壽保險公司今年迄今的稅前法定業績。第三季我們產生了 4.11 億美元的稅前收入。由於 LTC 法律和解帶來的收益減少，我們上一季的收入減少了 1800 萬美元。壽險和年金產品的 LTC 索賠較高，死亡率也較低。

Statutory earnings drove a consolidated risk based capital ratio for Genworth Life Insurance Company or GLIC of 317% at the end of September compared to 319% at the end of June and 303% at the end of 2023 reflecting our strong statutory earnings year-to-date the quarter over quarter change is driven by a slight increase in required capital as we continue to grow our limited partnership portfolio.

法定收益推動 Genworth 人壽保險公司 (GLIC) 的綜合風險資本比率在 9 月底達到 317%，而 6 月底為 319%，2023 年底為 303%，反映出我們同比強勁的法定收益。合夥企業投資組合，所需資本略有增加，從而推動了季度環比變化。

Bills consolidated balance sheet remains sound with capital and surplus of $3.7 billion. As of the end of September, our final statutory results will be available on our investor website with our third quarter filings later this month.

Bills 合併資產負債表依然穩健，資本與盈餘為 37 億美元。截至 9 月底，我們的最終法定結果將在本月稍後與我們的第三季備案文件一起在我們的投資者網站上公佈。

As we look ahead, I'd like to discuss our approach to this year's annual assumption review which will be completed in the fourth quarter. While our review is still ongoing, we have been monitoring key trends and can provide some preliminary perspectives.

展望未來，我想討論我們今年年度假設審查的方法，該審查將於第四季度完成。雖然我們的審查仍在進行中，但我們一直在監控主要趨勢並可以提供一些初步觀點。

In LTC. Our review is focused on short term trends and key assumptions such as benefit, utilization, incident, mortality and enforced rate actions for our life and annuity products. We are reviewing mortality lapse rates and the potential impacts of the recent decline in interest rates.

在長期照護中心。我們的審查重點是短期趨勢和關鍵假設，例如我們的人壽和年金產品的收益、使用率、事故、死亡率和強制利率行動。我們正在審查死亡率下降率以及近期利率下降的潛在影響。

As a reminder, our assumption updates for our LTC life and annuity products in the aggregate in fourth quarter, 2023 resulted in a negative impact of pre tax GAAP earnings of approximately $300 million.

提醒一下，我們對 2023 年第四季 LTC 人壽和年金產品的假設更新對稅前 GAAP 收益產生了約 3 億美元的負面影響。

While our review is not yet complete. Our preliminary view is the impacts from the assumption updates in the aggregate would be in a similar range for GAAP as the prior year. In parallel with the assumption review, we are conducting statutory cash flow testing for our life insurance companies.

雖然我們的審查尚未完成。我們的初步觀點是，假設更新對 GAAP 的整體影響與前一年的影響範圍相似。在進行假設審查的同時，我們正在為人壽保險公司進行法定現金流量測試。

While this process is not yet complete, our initial assessment indicates that GLIC's margin should remain positive. Additionally, certain of our universal life secondary guarantee products require additional statutory reserve testing using the regulatory prescribed reinvestment rate for the period from July 2023 to June 2024.

雖然這個過程尚未完成，但我們的初步評估表明 GLIC 的利潤率應保持正值。此外，我們的某些萬能壽險二級保證產品需要使用監管規定的2023年7月至2024年6月期間的再投資率進行額外的法定準備金測試。

Given that interest rates were higher during this period compared to the prior year, we expect a favorable impact from the reinvestment rate from a statutory income perspective. We believe the reinvestment rate benefit will help offset any potential negative impacts from the assumption updates the prior year impact was materially favorable. Given the significant increase in the prescribed reinvestment rate, we will discuss the results of our assumption reviews and statutory cash flow testing on our fourth quarter earnings call.

鑑於這段期間的利率高於前一年，我們預期從法定收入的角度來看，再投資率將產生有利的影響。我們認為，再投資率的好處將有助於抵消假設更新前一年的影響是實質有利的任何潛在的負面影響。鑑於規定的再投資率大幅上升，我們將在第四季度的收益電話會議上討論假設審查和法定現金流量測試的結果。

As we've said before, we manage the US life insurance companies on a stand alone basis. They operate as a closed system using existing reserves and capital to meet future claims and obligations.

正如我們之前所說，我們獨立管理美國人壽保險公司。它們作為一個封閉的系統運作，利用現有的儲備和資本來滿足未來的索賠和義務。

We will not put capital into the legacy life insurance companies and given the long tailed nature of our LTC insurance policies with peak claim, you're still at least a decade away. We do not expect capital returns from these companies turning to slide 13, our investment portfolio remains strong.

我們不會向傳統人壽保險公司投入資金，而且考慮到我們的長期照護保險保單具有高峰索賠的長尾性質，您還需要至少十年的時間。我們預計這些公司的資本回報不會轉向投影片 13，我們的投資組合仍然強勁。

The majority of our assets are in investment grade, fixed maturities held to support our long duration liabilities, new investments during the quarter achieve yields of 5.8%. And our alternative assets program continues to generate strong returns. Targeting approximately 12%.

我們的資產大部分都是投資等級資產，持有固定期限資產是為了支持我們的長期負債，本季新投資的收益率為 5.8%。我們的另類資產計劃繼續產生強勁的回報。目標大約為12%。

We maintain confidence in our commercial real estate exposure which accounts for approximately 15% of the portfolio and is concentrated in high quality investment grade assets with less than 20% office exposure.

我們對商業房地產敞口保持信心，商業房地產敞口約佔投資組合的 15%，且集中於優質投資級資產，辦公室敞口不到 20%。

Next, turning to the holding company on slide 14, we received $81 million in capital from an act and ended the quarter with $369 million of cash and liquid assets included in our cash and liquid assets. We hold approximately $162 million of advanced cash payments from our subsidiaries for future obligations. We do not consider this cash when evaluating holding company liquidity for the purposes of capital allocation or calculating to buffer to our debt service target.

接下來，轉向投影片 14 上的控股公司，我們通過一項法案獲得了 8,100 萬美元的資本，本季結束時，我們的現金和流動資產中包含了 3.69 億美元的現金和流動資產。我們持有子公司預付的約 1.62 億美元現金，以應付未來的債務。在出於資本配置目的或計算緩衝我們的償債目標而評估控股公司流動性時，我們不考慮這筆現金。

Tom reviewed our capital allocation strategy and I'll reiterate that our top priorities shown on slide. 15 are to invest in long term growth through care, scout return cash to shareholders through our share repurchase program. When our share price is below intrinsic value and opportunistically pay down debt when attractive to us, we continue to return capital to shareholders through share repurchases in the third quarter, repurchasing $36 million of shares at an average price of $6.38 per share. And another $10 million through the end of October, we have $197 million remaining under our current authorization as of the end of October and now expect to allocate between $160million to $180 million to share repurchases in 2024.

湯姆回顧了我們的資本配置策略，我將重申投影片上顯示的我們的首要任務。 15 是透過關懷投資於長期成長，透過我們的股票回購計畫向股東返還現金。當我們的股價低於內在價值並在對我們有吸引力時伺機償還債務時，我們在第三季度繼續透過股票回購向股東返還資本，以每股6.38 美元的平均價格回購了3,600 萬美元的股票。截至 10 月底，我們還有 1,000 萬美元，截至 10 月底，我們目前的授權還剩 1.97 億美元，現在預計將分配 1.6 億至 1.8 億美元用於 2024 年的股票回購。

Our final amount for the full year may vary depending on our share price and market conditions. And as a reminder, the amount will be lower than we repurchased in 2023. Given that we have fully utilized our holding company tax assets.

我們全年的最終金額可能會根據我們的股價和市場狀況而有所不同。提醒一下，該數量將低於我們 2023 年回購的數量。鑑於我們已充分利用控股公司稅務資產。

Since the initial authorization in May of 2022 we have reduced outstanding shares by 16% from approximately $511 million shares to $427 million shares outstanding. As of the end of October, we're very pleased with the value created for shareholders through our share repurchase program.

自 2022 年 5 月首次授權以來，我們已將流通股減少 16%，從約 5.11 億美元的流通股減少至 4.27 億美元的流通股。截至十月底，我們對透過股票回購計畫為股東創造的價值感到非常滿意。

We also retired$ 17 million of principal debt in the third quarter for $15 million in cash year-to-date. We have retired $35 million of principal debt, bringing our total holding company debt to $821 million. Our debt to capital ratio is well below 25% attributing no equity value to LTC life and annuities.

我們也在第三季償還了 1,700 萬美元的本金債務，換取了年初至今 1,500 萬美元的現金。我們已經償還了 3500 萬美元的本金債務，使我們的控股公司債務總額達到 8.21 億美元。我們的負債與資本比率遠低於 25%，LTC 壽險和年金沒有股權價值。

Additionally, we executed $100 million interest rate swap on our subordinated floating rate debt locking in an approximate 5.5% yield to manage interest rate risk more effectively. We are pleased with our financial flexibility given our liquidity level, sustainable cash flows from an Act and manageable debt level.

此外，我們還對次級浮動利率債務執行了 1 億美元的利率互換，鎖定了約 5.5% 的收益率，以更有效地管理利率風險。考慮到我們的流動性水平、法案帶來的可持續現金流和可控的債務水平，我們對我們的財務靈活性感到滿意。

In closing, we are delivering on our strategic priorities while proactively managing our liabilities and risk. The multi year rate action plan and the additional benefit from the three LTC legal settlements are further stabilizing the legacy LTC block and act as a key driver of shareholder value, as evidenced by its strong earnings, increasing book value and increased capital returns.

最後，我們正在實現我們的策略重點，同時積極管理我們的負債和風險。多年利率行動計劃以及三項LTC 法律和解帶來的額外好處正在進一步穩定傳統LTC 區塊，並成為股東價值的關鍵驅動力，其強勁的盈利、不斷增加的賬面價值和不斷增加的資本回報就證明了這一點。

Looking ahead, we will continue to focus on delivering sustainable long term growth through an Act and care scout while returning meaningful value to shareholders through share repurchases and opportunistically repurchasing holding company debt. Now let's open up the line for questions.

展望未來，我們將繼續專注於透過行動和關懷偵察來實現可持續的長期成長，同時透過股票回購和機會性回購控股公司債務為股東回報有意義的價值。現在讓我們開放提問熱線。

Ladies and gentlemen, we will now begin the Q&A portion of the call. (Operator Instructions) Now and our first question comes from Brett Osmotech with KBW.

女士們先生們，我們現在開始電話會議的問答部分。（操作員說明） 現在我們的第一個問題來自 KBW 的 Brett Osmotech。

Hey, Good morning.

嘿，早安。

My first one is on the Access Santander lawsuit. I think the case is still set for March of next year. But if there is a positive ruling for you guys, there, could you just comment On the Potential use of Proceeds?

我的第一個案例是關於 Access Santander 訴訟。我認為案件仍定於明年三月進行。但如果你們有一個積極的裁決，你們能評論一下收益的潛在用途嗎？

Brett? Thank you very much for the question. So, yeah, the trial date is still set for March of 2025. It's possible there could be a settlement before then, but that's the, March date. I to the extent that we win that case and you know, we've been saying for a long time, we think we like our side of, or-the access side of that lawsuit. And I think the focus for any proceeds would be to continue to do what we've been doing, return capital shareholder through the share repurchase program.

布雷特？非常感謝你的提問。所以，是的，審判日期仍定為 2025 年 3 月。在那之前可能會達成和解，但那是三月的日期。就我們贏得該案而言，你知道，我們很長一段時間以來一直在說，我們認為我們喜歡該訴訟的我們一方，或者說——訪問一方。我認為任何收益的重點將是繼續做我們一直在做的事情，透過股票回購計畫回報資本股東。

I think you see us step up that and play. We'll continue where there's good opportunities or good pricing to buy back the debt. And then obviously we want to continue to invest in KCO, both KCO services business, which as both Jerome and I talked about is doing very well, gaining very good momentum and then also investing in the new KCO insurance business when we launch the first product sometime next year, Jerome, I don't know if you want to add anything to that. I think you covered it well.

我想你會看到我們加強並比賽。我們將繼續在有良好機會或良好定價的情況​​下回購債務。顯然，我們希望繼續投資KCO，KCO 服務業務，正如Jerome 和我所說，這兩項業務都做得非常好，獲得了非常好的勢頭，然後當我們推出第一個產品時，我們也投資了新的KCO 保險業務明年的某個時候，傑羅姆，我不知道你是否想對此添加任何內容。我認為你覆蓋得很好。

Okay, great. Thanks. And then for my follow up, I was just hoping you guys could give a little more color on how the care scout revenue model will work beyond the potential savings on LTC claims.

好的，太好了。謝謝。然後，對於我的後續行動，我只是希望你們能夠對護理偵察員收入模式如何發揮作用，超越長期護理索賠的潛在節省，提供更多的資訊。

Yeah. So, basically maybe just to try to make it simple, but it's a good question. But as I said in my remarks, the annual cost for home care is about $75,000 a year. So let's say, you know, roughly a little over $6,000 a month. And, our, we're doing very well on the discounts, you know, I think 90% are in the 20% range. So if you just say that the savings through the discount on the good policy, so $1,000 a month, $250 of that goes to Care Scout services because they've built and maintained the network and then $750 of the $1,000 a month savings is retained by care in terms of lower claim costs. So that's the basic Model.

是的。所以，基本上可能只是為了讓它變得簡單，但這是一個很好的問題。但正如我在演講中所說，每年家庭護理的費用約為 75,000 美元。這麼說吧，每月大約 6,000 美元多一點。而且，我們的折扣做得很好，你知道，我認為 90% 都在 20% 的範圍內。因此，如果您只是說透過好保單的折扣節省的費用，那麼每月 1,000 美元，其中 250 美元用於 Care Scout 服務，因為他們建立並維護了網絡，然後每月 1,000 美元的節省中的 750 美元由降低索賠成本。這就是基本模型。

Okay, great. Thank you.

好的，太好了。謝謝。

And we'll move to our next question from Joshua Esterov with CreditSights.

我們將轉向 CreditSights 的 Joshua Esterov 提出的下一個問題。

Hello, Good morning. Thank you for taking the time. I've got two questions on care scout. The the first one is maybe more of a clarifying question. And that's how, how do you define coverage per percentage in your presentation material? Is that as straightforward as you have just at least one care provider in the zip code where 65 plus individuals are located and then separately. Before I hop back into the queue, how do either the insurer or the policy holder, become aware that there are services available to them at potentially lower prices, especially with regards to non general policy holders.

你好早安。感謝您抽出時間。我有兩個關於護理偵察的問題。第一個可能更多的是一個澄清問題。這就是如何定義演示材料中每個百分比的覆蓋率？這是否像您在郵遞區號中只有至少一名護理提供者一樣簡單，而該郵遞區號中有超過 65 個人，然後分開。在我回到隊列之前，保險公司或保單持有人如何意識到他們可以以較低的價格獲得服務，特別是對於非普通保單持有人。

Those are great questions, Josh. And so the first one in terms of care, scout, we look at the coverage by, zip code. And so, you know, depending obviously you would expect in those zip codes in bigger cities, there'll be several providers in the network in that area as you get to the more rural areas I mentioned we were in 49 states. The one state we're not fully in yet is Wyoming.

這些都是很好的問題，喬許。因此，第一個就護理而言，偵察，我們透過郵政編碼來查看覆蓋範圍。因此，您知道，顯然，根據您對大城市的郵遞區號的期望，當您到達我提到的 49 個州的更多農村地區時，該地區的網路中將會有多家提供者。我們還沒有完全進入的一個州是懷俄明州。

Obviously, it's a more rural state. So there obviously are zip codes that are where they're less populated. And therefore there are less 65 plus year old's and less genuine policyholders. So in those zip codes, it would probably be more typical that you might only have one, maybe, maybe two provider. So that's basically how it works.

顯然，這是一個更鄉村化的州。所以顯然有些郵遞區號是人口較少的地方。因此，65 歲以上的老年人和真正的保單持有人較少。因此，在這些郵遞區號中，更典型的情況可能是您可能只有一個，也許兩個提供者。這基本上就是它的工作原理。

And the second question, the second part of the question was so touch points with insurance and policyholders for our policyholders. We obviously communicate with them regularly and we have been since we started the journey with care.

第二個問題，問題的第二部分是我們的保單持有人與保險和保單持有人的接觸點。顯然，我們定期與他們溝通，自從我們踏上旅程以來，我們就一直如此。

Scout services have been telling them about the network when someone files a claim. Obviously, we work to assess the claim, determine if coverage applies. And through that process, which takes on average 20 to 30 days, we'll talk about who are the providers and the network of discounts they provide. And, and that's how we, the last several months with the policyholder, we've been doing more, than 100 per month of matches between the policyholder going on claim in the network for the direct to consumer.

當有人提出索賠時，偵察服務會告訴他們有關網路的資訊。顯然，我們會努力評估索賠，確定承保範圍是否適用。透過這個平均需要 20 到 30 天的過程，我們將討論誰是提供者以及他們提供的折扣網路。而且，這就是我們在過去幾個月與保單持有人合作的方式，每月在保單持有人之間在網路中進行超過 100 次匹配，以直接面向消費者。

We'll be, you know, from a broader perspective, we'll be marketing that this network is available that's available in the states. You know, we, most of the providers are below the median cost of care in the state or the zip code. And we credential for quality on 20 different dimensions.

你知道，從更廣泛的角度來看，我們將行銷該網路在各州可用。您知道，我們大多數提供者的照護費用都低於該州或郵遞區號的中位數。我們在 20 個不同維度上提供品質認證。

So I think, you know, our whole value proposition there is we're taking all of the time and effort to find a provider away from the person needing care or typically their family and at the same time, whatever, whatever the rate would be per hour for home care.

所以我認為，你知道，我們的整個價值主張是，我們正在花費所有的時間和精力來尋找遠離需要護理的人或通常是他們的家人的提供者，同時，無論如何，無論費率是多少每小時的家庭護理。

Again, generally we're getting significant discounts, 20% is sort of where we've been out for most of the policyholders, obviously for the direct to consumer where they don't have insurance, the savings are very significant. So we're, you know, we're very optimistic going forward. We had to first complete the network. We said by the end of the year, we want to be at 85% coverage.

同樣，一般來說我們都會獲得大幅折扣，20% 是我們為大多數保單持有人提供的折扣，顯然對於沒有保險的直接消費者來說，節省的費用非常可觀。所以我們對未來非常樂觀。我們必須先完成網路。我們說過，到今年年底，我們希望覆蓋率達到 85%。

You know, that's for practical purposes, you know, that's pretty full coverage. They're always going to be whether it's Wyoming or Montana Idaho, other states like that where it will take time to fill in the gaps. So we think at 85% that will be pretty much effective nationwide coverage. And once we have that, we'll then begin to accelerate our marketing plans to let consumers in general know that the network is available.

你知道，這是出於實用目的，你知道，這是相當全面的覆蓋。無論是懷俄明州還是蒙大拿州、愛達荷州，以及其他類似的州，它們總是需要時間來填補空白。因此，我們認為達到 85% 時，這將在全國範圍內實現相當有效的覆蓋。一旦我們做到了這一點，我們將開始加快我們的行銷計劃，讓廣大消費者知道網路是可用的。

Appreciate that. Thanks.

很欣賞這一點。謝謝。

Thank you, Jeff.

謝謝你，傑夫。

And we'll move to our next question from Doug Smith with Evers Group.

我們將轉向埃弗斯集團的道格史密斯提出的下一個問題。

Good morning. I'd also like to focus on scar scout for a moment from understanding better how the entity impacts the parent company as opposed to what's going on the ring fenced insurance entities. I assume all the expenses of care scout are in the parent company level. And that you know, trying to understand currently what, the offsetting revenue might be. And and kind of what the P&L looks like if you will on a standalone basis.

早安.我還想專注於疤痕偵察，以便更好地了解該實體如何影響母公司，而不是環圍保險實體的情況。我假設護理偵察員的所有費用都在母公司層面。你知道，目前正在嘗試了解抵銷收入可能是什麼。如果你願意的話，損益表看起來會是什麼樣子。

So Jerome, you want to, you want to talk about that? So.

傑羅姆，你想、你想談談這個嗎？所以。

Doug Good morning. And thanks for your question. I would start out by saying and Tom highlighted in his prepared remarks that we are investing $35 million in the care scout services business that is all contained in the corporate and other segment at this point in time so that you will see coming through. And that's why we've highlighted the $35 million for you.

道格早安。謝謝你的提問。我首先要說的是，湯姆在他準備好的演講中強調，我們正在向護理偵察服務業務投資 3500 萬美元，目前該業務全部包含在企業和其他部門中，以便您看到成功。這就是為什麼我們特別為您提供了 3500 萬美元。

So you can understand the investment we're making. We are going after a very large market as Tom highlighted. So we're optimistic about what we're doing. There. So expenses are in corporate and other on the revenue side, care scout services when they are saving our GLIC policy holders money because the the providers are signing up for 90% are signing up for like a 20% discount.

這樣您就可以了解我們正在進行的投資。正如湯姆所強調的那樣，我們正在追求一個非常大的市場。所以我們對我們正在做的事情感到樂觀。那裡。因此，費用在公司和其他收入方面，護理偵察服務為我們的 GLIC 保單持有人節省了錢，因為提供者簽約 90%，並簽約享受 20% 的折扣。

Care scout services would get 25% of that and that would come in the corporate and other as well. So it's mostly contained in the corporate and other segment.

護理童子軍服務將獲得其中的 25%，這也將來自企業和其他方面。所以它主要包含在企業和其他部門。

And are there material revenues? I incorporate other offsetting a significant portion of that expense run rate.

有物質收入嗎？我合併了其他抵消該費用運行率的很大一部分的內容。

So there there are revenues coming through on the assessment side which is a service that is provided to GLIC. However, when you have those assessments and they come through from GLIC and consolidation, we eliminate that revenue.

因此，評估方面有收入，這是向 GLIC 提供的一項服務。然而，當您進行這些評估並且它們來自 GLIC 和整合時，我們就會消除該收入。

There are some matches that are being made where there's a fee stream coming through from the GLIC policyholders. But at this point in time, given the newness of the business, those revenue streams are pretty small.

在某些配對中，GLIC 投保人會提供費用流。但目前，考慮到業務的新穎性，這些收入來源相當小。

And the $35 million run rate would be net of whatever that offsetting revenue might be.

3500 萬美元的運行費用將扣除任何可能抵消的收入。

That is that is correct.

這就是說是正確的。

And then if, if care scout did initiate a insurance product, would that be inside or outside of the ring fenced insurance entities?

然後，如果護理偵察員確實推出了保險產品，那麼它會在保險實體內部還是外部？

Another good question that would be outside. So basically think of, you know, you have the parent holding company and it owns the an act and chair of an act and the Legacy life companies and then separately. So a sister entity would be Care Scout Inc call that the holding company of care scout.

另一個好問題是在外面。所以基本上想想，你知道，你有母控股公司，它擁有一個行為和一個行為的主席以及遺產人壽公司，然後分別。因此，一個姊妹實體將是 Care Scout Inc，稱為 Care Scout 的控股公司。

And then underneath that holding company will be Care scout services. That's the service business and it's, it's a fee business not very capital intensive. And as you've mentioned, Doug the ultimately be the revenues from our share of the discounts, whether it's a general policy holder, other insurer policy holders, which and we're talking to several other closed block LTC players on allowing their policyholders to use the network and take advantage of the discounts.

然後在該控股公司的下面將是護理童子軍服務。這就是服務業務，而且是資本密集度不高的收費業務。正如你所提到的，道格最終是從我們的折扣份額中獲得的收入，無論是普通保單持有人還是其他保險公司的保單持有人，我們正在與其他幾家封閉式LTC 參與者討論允許他們的保單持有人使用網路並享受折扣。

And then when we go to consumers to be the same type of model that whatever that monthly savings is for home care. As I said, that's around $1,000 a month, we'll negotiate a fee for care scout services, but obviously the significant part of that $1,000 a month savings prove to the benefit of the policyholder if they have insurance and if they don't, then they're paying the cost. And so they'll get the significant part of the majority part of the discount.

然後，當我們向消費者提供相同類型的模型時，無論每月節省多少錢都用於家庭護理。正如我所說，每月約 1,000 美元，我們將協商護理偵察服務的費用，但顯然，每月 1,000 美元節省的很大一部分證明對投保人有利，無論他們有保險還是沒有保險，然後他們就要付出代價。因此他們將獲得大部分折扣中的很大一部分。

So clearly, the goal is to have as many matches where we've brought a policy holder, a consumer with a provider and 25% that, goes to care scout services. Obviously, in order to cover, you can do the math 3,030 if we're saving, if it's 2,250 a month out of the 1,000. Typically our claims are a couple of years, you know, plus or minus. So, it's about for the care scout services share of that would be +22 50 a month.

很明顯，我們的目標是讓保單持有人、消費者與提供者進行盡可能多的匹配，其中 25% 的匹配用於護理偵察服務。顯然，為了覆蓋，如果我們存錢的話，你可以算出 3,030，如果每月 1,000 中有 2,250。通常我們的索賠期限是幾年，你知道，無論是加還是減。因此，護理偵察服務的份額約為每月 +22 50。

So basically 3,000 a year. So you can calculate how many matches you need, whether there are policy holders, other insurance policy holders or consumers in order to cover that $35 million investment. So it's a scale business and we're still completing the network. It usually takes about 90 days after you have a state or zip code where you start to get batches.

所以基本上一年3000。因此，您可以計算出您需要多少匹配，無論是保單持有人、其他保險保單持有人還是消費者，才能支付這 3500 萬美元的投資。所以這是一項規模業務，我們仍在完善網路。在您獲得開始取得批次的州或郵遞區號後，通常需要大約 90 天的時間。

So we're we're very optimistic that this will ultimately be a very good business for us. Given that we've got $70 million baby boomers and the oldest of those that are 78 this year in two years, they'll start to turn 80 almost 10,000 a day will turn 80 early 80s is when the peak years are.

因此，我們非常樂觀地認為這最終將成為我們的一項非常好的業務。考慮到我們有7000 萬美元的嬰兒潮一代，而且其中最年長的今年已經78 歲了，兩年後他們將開始年滿80 歲，每天幾乎有10,000 人將年滿80 歲，80 年代初期是高峰期。

Tom, can I just add the one thing that I think are implied would be implied in both my comments and Tom's comments around care scout services is we, we are saving claims. There's claim savings coming through for the GLIC policy holders. And I think we articulated on the slide over time, we expect that to be meaningful to collect the billion to a billion and a half. So while we're building scale, we are going to be saving the GLIC policyholder money and blake money and that's a billion to a billion and a half.

湯姆，我可以補充一件事，我認為我的評論和湯姆關於護理偵察服務的評論中都暗示了這一點，那就是我們，我們正在保存索賠。GLIC 保單持有人可以享有理賠節省。我認為隨著時間的推移，我們在幻燈片上闡明了這一點，我們預計這對於籌集十億到十億五十億美元是有意義的。因此，在我們擴大規模的同時，我們將為 GLIC 保單持有人和布雷克節省 10 億到 15 億美元。

Okay, thank you.

好的，謝謝。

Thank you, Doug, good questions.

謝謝你，道格，好問題。

And our next question comes from Joshua Esterov with CreditSights.

我們的下一個問題來自 CreditSights 的 Joshua Esterov。

Hey guys, thank you again for taking another one for me. It in your prepared remarks on the fourth quarter, LTC reserve review, you may note that you expect GLIC's reserve margin to remain positive. Can you please remind us either where that margin is currently or where it was the last time you provided an update?

嘿夥計們，再次感謝你們為我再拿一張。在您準備好的第四季度 LTC 準備金審查的評論中，您可能會注意到，您預計 GLIC 的準備金率將保持正數。您能否提醒我們目前的利潤率或您上次提供更新時的利潤率？

Jamala, Do you want to take that one?

賈馬拉，你想拿那個嗎？

Yeah. Thank you for your question, Joshua. When we did our casual testing, our statutory review of margin. At year end 2023 we were in the half a billion to a billion range for stat margin and we do expect to maintain our statutory margins for GLIC in that same range this year.

是的。謝謝你的問題，約書亞。當我們進行臨時測試時，我們對保證金進行法定審查。到 2023 年底，我們的統計利潤率在 5 億到 10 億之間，我們預計今年 GLIC 的法定利潤率將保持在同一範圍內。

Understood. Thank.

明白了。感謝。

You and ladies and gentlemen, it appears that there are no questions at this time. I will now turn the call back over to Mr Mcinerney for closing comments.

各位，女士們、先生們，目前看來沒有問題。我現在將把電話轉回麥金納尼先生以徵求結束意見。

Thank you very much Lisa and I want to again thank Brad Josh and Doug for their questions. I think there are questions that a lot of our investors have. So it was a good opportunity for us to elaborate a little bit more on that. We're we're very pleased with where we are obviously and that continues to perform extremely well, solid earnings, a good return of capital through their regular dividends to us as well.

非常感謝麗莎，我想再次感謝布拉德喬許和道格提出的問題。我想我們很多投資人都有這樣的疑問。所以這是我們進一步闡述這一點的好機會。我們對我們的現狀感到非常滿意，並且繼續表現得非常好，穩定的盈利，透過定期向我們派發股息獲得了良好的資本回報。

As on the share buybacks. So we're pleased with that, the three priorities we talked about, we're making good progress on that, which in addition to expanding the value of an act for our shareholders, we're, we're also making good progress with our legacy LTC business in terms of the MYRAP, very good results. And then finally, as we talked about and had some questions on, we're really scaling up the care scout business and, you know, we're very looking forward to significant growth in that business in 2025 and beyond. So with that, at least I'll turn the call back to you to end the call.

就股票回購而言。因此，我們對此感到滿意，我們談到的三個優先事項，我們在這方面取得了良好進展，除了擴大股東行為的價值之外，我們還在以下方面取得了良好進展：我們的傳統LTC 業務就MYRAP 而言，效果非常好。最後，正如我們討論並提出一些問題一樣，我們確實正在擴大護理偵察業務，而且我們非常期待該業務在 2025 年及以後實現顯著增長。這樣一來，至少我會將電話轉回給您以結束通話。

Ladies and gentlemen, this concludes Genworth's Financial third quarter conference call. Thank you for your participation. At this time, the call will end.

女士們先生們，Genworth 第三季財務電話會議到此結束。感謝您的參與。這時，通話就會結束。