Genworth Financial Inc (GNW) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Genworth Financial's first quarter 2025 earnings conference call. My name is Danielle, and I'll be your coordinator today. (Operator Instructions) As a reminder, the conference is being recorded for replay purposes.

女士們、先生們，早安。歡迎參加 Genworth Financial 2025 年第一季財報電話會議。我叫丹妮爾，今天我將擔任您的協調員。（操作員指示）提醒一下，會議正在錄製以供重播。

I would now like to turn the conference over to Christine Jewell, Head of Investor Relations. Please go ahead.

現在，我想將會議交給投資人關係主管 Christine Jewell。請繼續。

Thank you, and good morning. Welcome to Genworth's first quarter 2025 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.

謝謝，早安。歡迎參加 Genworth 2025 年第一季財報電話會議。本次電話會議的幻燈片簡報可在 Genworth 網站的「投資者關係」板塊（investor.genworth.com）取得。我們的收益報告和財務補充文件也可在此處找到，我們建議您仔細閱讀這些資料。

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-answer period. In addition to our speakers, Jamala Arland, President and CEO of our US Life Insurance business; Kelly Saltzgaber, Chief Investment Officer; and Samir Shah, CEO of CareScout Services, will also be available to take your questions.

今天發言的將是總裁兼執行長湯姆·麥金納尼 (Tom McInerney) 和財務長 Jerome Upton。在我們準備好發言之後，我們將進入問答環節。除了我們的演講者之外，我們美國人壽保險業務總裁兼執行長 Jamala Arland、首席投資長 Kelly Saltzgaber 和 CareScout Services 執行長 Samir Shah 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.

在今天早上的電話會議中，我們可能會做出各種前瞻性的陳述。我們的實際結果可能與此類陳述有重大差異。我們建議您閱讀我們收益報告和相關介紹中有關前瞻性陳述的警示說明，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. 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.

今天早上的討論還包括我們認為可能對投資者有意義的非公認會計準則財務指標。在我們的投資者資料中，非公認會計準則 (non-GAAP) 指標已根據美國證券交易委員會 (SEC) 規則的要求與公認會計準則 (GAAP) 進行了協調。此外，由於法定報表的提交時間，對法定結果的引用只是估計值。

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執行長湯姆·麥金納尼。

Thank you, Christine. Good morning, everyone, and thank you for joining Genworth earnings call for the first quarter. Before I dive into our first quarter performance, I want to give a special welcome to Christine Jewell, who recently took over as Genworth Head of Investor Relations. Christine has been a general since 2009, most recently serving as Senior Director of Financial Planning and Analysis for our US life insurance companies. We are excited to have Christine in this new role.

謝謝你，克里斯汀。大家早安，感謝大家參加 Genworth 第一季財報電話會議。在深入介紹我們第一季的業績之前，我想特別歡迎最近接任 Genworth 投資者關係主管的 Christine Jewell。克里斯汀自 2009 年起擔任將軍，最近擔任我們美國人壽保險公司的財務規劃和分析高級總監。我們很高興克里斯汀能擔任這項新職位。

I'd like to thank Brian Johnson for serving in this position for the past several quarters. Brian will be focusing on his existing roles as Vice President of Financial Planning and Analysis of Genworth and as Finance Leader of CareScout Services.

我要感謝 Brian Johnson 在過去幾個季度擔任這個職位。Brian 將專注於其現有職務，擔任 Genworth 財務規劃和分析副總裁以及 CareScout Services 財務主管。

I'm also pleased to welcome Morris Taylor to Genworth, who joined us on April 7, as our new Senior Vice President and Chief Information Officer. With his proven experience executing long term visions for large technology organizations, Morris will lead our efforts to deliver a technology-enabled and human-centered experience for our customers, an important component of our CareScout growth strategy.

我也很高興歡迎莫里斯·泰勒 (Morris Taylor) 加入 Genworth，他於 4 月 7 日加入我們，擔任我們的新任高級副總裁兼首席資訊長。憑藉著為大型科技組織執行長期願景的豐富經驗，莫里斯將帶領我們為客戶提供以技術支援和以人為本的體驗，這是我們 CareScout 成長策略的重要組成部分。

Turning to our first quarter results. Genworth reported net income of $54 million or $0.13 per share. First quarter adjusted operating income was $51 million led by Enact, which had another excellent quarter and contributed $137 million in adjusted operating income to Genworth.

談到我們的第一季業績。Genworth 報告淨收入為 5,400 萬美元，即每股 0.13 美元。第一季調整後的營業收入為 5,100 萬美元，其中 Enact 表現最為出色，為 Genworth 貢獻了 1.37 億美元的調整後營業收入。

The total estimated pre-tax statutory loss for our US life insurance companies was $1 million, driven by losses in Life and annuities which were mostly offset by long-term care insurance. Jerome will discussed the financial results in more detail.

我們美國人壽保險公司的稅前法定損失總額估計為 100 萬美元，主要原因是人壽和年金損失，但大部分被長期照護保險所抵銷。傑羅姆將更詳細地討論財務結果。

Our liquidity remains strong with Genworth ending the first quarter with cash and liquid assets of $211 million. We continue to execute well against Genworth's three strategic priorities. First, we increase shareholder value through Enact's growing market value and consistent capital returns. Since its IPO in 2021, our mortgage insurance subsidiary has returned approximately $980 million to Genworth, serving as a reliable and essential source of free cash flow.

我們的流動性依然強勁，Genworth 第一季末的現金和流動資產為 2.11 億美元。我們繼續出色地執行 Genworth 的三大戰略重點。首先，我們透過 Enact 不斷增長的市值和持續的資本回報來增加股東價值。自 2021 年 IPO 以來，我們的抵押貸款保險子公司已向 Genworth 返還了約 9.8 億美元，成為可靠且重要的自由現金流來源。

Enact also yesterday announced a 14% increase to its quarterly dividend and a new $350 million share repurchase authorization. We remain very pleased with our approximately 81% ownership stake in Enact, which helps fuel Genworth's share repurchase program and growth investments in CareScout.

Enact 昨日也宣布將季度股利提高 14%，並授權回購價值 3.5 億美元的股票。我們對所持有的 Enact 約 81% 的所有權感到非常滿意，這有助於推動 Genworth 的股票回購計劃和對 CareScout 的成長投資。

Furthermore, as of April 16, Enact was added to the S&P Small Cap 600 Index, an important milestone that underscores its strong performance and positioning during its early years as a public company. We continued executing on our share repurchase program in the first quarter. Genworth bought back $55 million worth of shares year-to-date through April, and since the program's initial authorization as we purchased a total of $600 million worth of shares and an average price of $5.75 per share.

此外，截至 4 月 16 日，Enact 已被納入標準普爾小型股 600 指數，這是一個重要的里程碑，凸顯了其作為上市公司初期的強勁表現和定位。我們在第一季繼續執行股票回購計畫。截至今年 4 月，Genworth 已回購了價值 5,500 萬美元的股票，自該計劃首次授權以來，我們共購買了價值 6 億美元的股票，平均價格為每股 5.75 美元。

Second, we continue to maintain the self-sustainability of our customer centric legacy LTC, life and annuity businesses. In the first quarter, we achieved $24 million of gross incremental premium approvals through our multi-year rate action program, or MYRAP, with an average percentage increase of 28%.

其次，我們持續維持以客戶為中心的傳統長期照護、人壽和年金業務的自我永續性。第一季度，我們透過多年期利率行動計畫（MYRAP）獲得了 2,400 萬美元的增量保費批准，平均成長率為 28%。

Since the program's inception in 2012, the MYRAP has been proven to be the single most effective lever for maintaining self-sustainability, generating a total of $31.3 billion in that present value. We anticipate that enforce rate approvals this year will be smaller than in 2024, consistent with our long-term MYRAP plans.

自 2012 年該計畫啟動以來，MYRAP 已被證明是維持自我永續性的最有效槓桿，目前已產生總計 313 億美元的價值。我們預計今年的執行率批准將低於 2024 年，這與我們的長期 MYRAP 計劃一致。

Turning to our third strategic priority. We are seeing strong growth at CareScout. CareScout has achieved dramatic growth in the number of matches between general policyholders and CareScout Quality Network providers. During the first quarter of 2025, the number of matches increased to 576 compared to 52 in the first quarter of 2024, or more than a 10x increase year over year, as you'll see on slide 6.

談談我們的第三個戰略重點。我們看到 CareScout 正在強勁成長。CareScout 在一般保單持有人和 CareScout 優質網路供應商之間的匹配數量方面取得了顯著增長。2025 年第一季度，配對數量從 2024 年第一季的 52 筆增加到 576 筆，年成長了 10 倍以上，如投影片 6 所示。

We expect continued strong growth in the number of matches between CareScout providers and Genworth policyholders. Our provider network continues to strengthen its coverage and maintain its competitive pricing. Approximately 90% of CareScout Quality Network or CQN providers have agreed to negotiate rates below the local cost of care and up to 20% lower than the standard rates. With home care costs exceeding $5,000 per month, this translates to monthly discounts of approximately $1,000 per month.

我們預計 CareScout 提供者和 Genworth 保單持有人之間的匹配數量將繼續強勁增長。我們的供應商網路繼續加強其覆蓋範圍並保持其有競爭力的價格。大約 90% 的 CareScout 品質網路或 CQN 提供者已同意協商低於當地照護費用且比標準費率低 20% 的費率。由於家庭護理費用每月超過 5,000 美元，這意味著每月折扣約為 1,000 美元。

CareScout receives a fee equal to 25% of the monthly discount, and the remaining 75% of the discount is a reduction to Genworth's LTC claim cost. In some instances, the revenue for CareScout and Genworth's claim savings can be lower than the respective 25% and 75% levels if a policy's maximum benefit amount has been reached.

CareScout 收取的費用相當於每月折扣的 25%，剩餘的 75% 折扣則用於減少 Genworth 的 LTC 索賠成本。在某些情況下，如果達到了保單的最高福利金額，CareScout 和 Genworth 的索賠節省收入可能會低於各自的 25% 和 75% 的水平。

We continue to expand the CareScout Quality Network. The network now includes nearly 550 high quality person-centered home care providers nationwide and has grown to a 90% coverage level for the aged 65-plus census population in the United States. This represents 3 times growth in the network size year over year.

我們持續擴大 CareScout 品質網路。該網路目前包括全國近 550 家以人為本的高品質家庭護理供應商，對美國 65 歲以上人口的覆蓋率已達到 90%。這意味著網路規模年增了3倍。

We have begun discussions with several national assisted living communities on adding them to the network so we can serve a wider range of care needs. Notably, we're seeing growing interest from providers who initially declined to join the network, a clear signal that the CQN is gaining traction and credibility in the provider marketplace.

我們已經開始與幾個國家輔助生活社區討論將它們添加到網路中，以便我們能夠滿足更廣泛的護理需求。值得注意的是，我們看到最初拒絕加入網路的供應商的興趣日益濃厚，這清楚地表明 CQN 在供應商市場上越來越受到關注和信任。

As network size and awareness grows, we anticipate a greater portion of our LTC claimants will choose credential providers from our network for their care, helping them optimize each dollar of benefits and driving an estimated $1 billion to $1.5 billion in claim savings to Genworth over time.

隨著網路規模和認知度的增長，我們預計更多的 LTC 索賠人將從我們的網路中選擇憑證提供者來為他們提供護理，幫助他們優化每一美元的福利，並隨著時間的推移為 Genworth 節省約 10 億至 15 億美元的索賠費用。

We are also executing our plan to expand network access to other LTC insurance carriers with closed LTC blocks of business, providing a large potential new source of revenue for CareScout services. We've already begun pilot programs with two leading insurers and continue to have productive discussions with several other national carriers about using the network.

我們也正在執行我們的計劃，將網路存取擴展到其他擁有封閉式 LTC 業務區塊的 LTC 保險公司，從而為 CareScout 服務提供巨大的潛在新收入來源。我們已經與兩家領先的保險公司開始了試點項目，並繼續與其他幾家全國性營運商就使用該網路進行富有成效的討論。

We made excellent progress towards bringing our new lower risk individual CareScout insurance product to market and recently received product approval from the insurance compact, which includes 23 individual states. In addition to these approvals representing 23 states, we advanced product filings in 8 additional jurisdictions. We remain on track to re-enter the market in the second half of 2025.

我們在將新的低風險個人 CareScout 保險產品推向市場方面取得了巨大進展，並且最近獲得了包括 23 個州在內的保險聯盟的產品批准。除了代表 23 個州的這些批准之外，我們還在另外 8 個司法管轄區推進了產品備案。我們仍有望在 2025 年下半年重新進入市場。

Our goal is to obtain approvals from a critical mass of 30 to 35 states before launching the product later this year. We are also in the process of developing a hybrid LTC product which will combine cash value accumulation using equity index funds with a minimum guaranteed LTC benefit in addition to our holistic suite of long-term care resources, including the CQN.

我們的目標是在今年稍後推出產品之前，獲得 30 到 35 個州的批准。我們也正在開發一種混合型 LTC 產品，該產品將結合使用股票指數基金的現金價值累積和最低保證的 LTC 福利，以及包括 CQN 在內的全套長期照護資源。

The expected demand for these new innovative CareScout LTC products underscores the market need for responsible, scalable solutions to help Americans afford rising long term care costs. We're also encouraged by the recent reintroduction of the WISH Act, a bipartisan bill co-sponsored by representatives Tim Suozzi of New York and John Moolenaar of Michigan.

對這些新型創新 CareScout LTC 產品的預期需求凸顯了市場對負責任、可擴展的解決方案的需求，以幫助美國人負擔不斷上漲的長期照護費用。我們也對最近重新提出的《WISH法案》感到鼓舞，這是一項由紐約州眾議員蒂姆·蘇奧齊和密西根州眾議員約翰·穆勒納爾共同發起的兩黨法案。

This legislation would establish a public-private framework to provide financial support for individuals requiring long-term care while also strengthening the private market by encouraging broader access to insurance solutions. Genworth will continue to actively engage with policymakers to support constructive proposals, and we are encouraged by the increasing policy momentum aimed at addressing the nation's long-term care financing gap.

該立法將建立一個公私框架，為需要長期照護的個人提供財務支持，同時透過鼓勵更廣泛地獲得保險解決方案來加強私人市場。Genworth 將繼續積極與政策制定者合作，支持建設性提案，我們對旨在解決國家長期照護資金缺口的政策勢頭日益增強感到鼓舞。

Next, I want to provide an update on the litigation between AXA and Santander that we have previously referenced. The trial for the liability aspect of the case took place in London in March and concluded on April 10. We're now waiting for the judge to issue a ruling on liability which is expected to occur sometime in mid to late summer. A separate hearing on any damage amounts to be awarded will take place in December.

接下來，我想提供我們之前提到的 AXA 和 Santander 之間的訴訟的最新情況。該案的責任審判於3月在倫敦舉行，並於4月10日結束。我們現在正在等待法官對責任作出裁決，預計在夏季中後期做出。關於賠償金額的單獨聽證會將於 12 月舉行。

Genworth has always believed AXA has a very strong case on the merits, and our side feels good about how the trial went. However, as we all know, litigation outcomes are impossible to predict, and we'll have no further comments on this litigation until the judge makes a liability ruling.

Genworth 一直認為 AXA 的案子很有力，我們對審判的進展感到滿意。然而，眾所周知，訴訟結果是無法預測的，在法官做出責任裁決之前，我們不會對這起訴訟發表進一步的評論。

During the first quarter, we also took actions to strengthen the alignment of our interests with AXA to seek the highest litigation recovery possible by agreeing to potentially cover up to GBP80 million of AXA's losses in this matter in instalments over the next 1.5 years, depending on developments in the case. We believe that proceeds resulting from this case will exceed any amounts that we may be required to pay to AXA under this arrangement.

在第一季度，我們也採取了行動，加強與 AXA 的利益一致性，以尋求最高的訴訟賠償，同意在未來 1.5 年內分期償還 AXA 在此事中高達 8000 萬英鎊的損失（取決於案件的發展）。我們相信，此案所得收益將超過我們根據此安排可能需要向 AXA 支付的任何金額。

Before I conclude, I want to take a moment to discuss the current macroeconomic environment. As many business leaders, Wall Street analysts, economists, and others have said, we face substantial volatility and uncertainty because of the pending tariff negotiations currently taking place across global markets.

在結束之前，我想花點時間討論一下當前的宏觀經濟環境。正如許多商界領袖、華爾街分析師、經濟學家和其他人士所說，由於全球市場目前正在進行的關稅談判，我們面臨著巨大的波動性和不確定性。

As a financial services company, Genworth and our subsidiaries are not directly impacted by tariffs. However, if the ultimate outcome of the global tariff negotiations significantly impacts the US and global economies and equity and fixed income markets, this will have some impact on our businesses.

作為一家金融服務公司，Genworth 及其子公司不會直接受到關稅的影響。但是，如果全球關稅談判的最終結果對美國和全球經濟以及股票和固定收益市場產生重大影響，這將對我們的業務產生一定影響。

Our 2025 base case assumes a low single-digit increase in US GDP. However, we rigorously stress test our operating plans, including under recession scenarios. A moderate recession, if it happens, would have a negative impact on earnings, but it's quite manageable for Genworth.

我們的基本情況是假設美國 GDP 2025 年將實現低個位數成長。然而，我們會對我們的營運計劃進行嚴格的壓力測試，包括在經濟衰退的情況下。如果發生輕度經濟衰退，將對收益產生負面影響，但對於 Genworth 來說，這是相當可控的。

Genworth has a very low level of holding company debt of only $790 million, which provides significant financial flexibility for us even if we face a more severe recession scenario. Regardless of the short to intermediate term disruption in world markets, demand for aging care products and services is expected to rise significantly as the 70 million baby boomers begin to reach peak long-term care age, with the number of 80-year-old baby boomers expected to double in the next 20 years.

Genworth 的控股公司債務水準非常低，僅為 7.9 億美元，即使我們面臨更嚴重的經濟衰退情勢，這也為我們提供了極大的財務靈活性。無論全球市場在短期和中期內如何波動，隨著 7000 萬嬰兒潮一代開始達到長期護理年齡的頂峰，對老年護理產品和服務的需求預計將大幅上升，預計未來 20 年內 80 歲嬰兒潮一代的數量將翻一番。

This trend will continue regardless of the broader economic backdrop, along with the growing need for practical funding solutions as younger generations confront the high cost of caring for their parents. Offerings like the CareScout Quality Network and help Americans stretch every dollar they spend on care, delivering both meaningful impact for families and sustained value for Genworth.

無論整體經濟背景如何，這一趨勢仍將持續下去，而且隨著年輕一代面臨照顧父母的高昂費用，對切實可行的資金解決方案的需求也日益增長。CareScout 品質網路等服務可幫助美國人充分利用在醫療上花費的每一美元，為家庭帶來有意義的影響，並為 Genworth 帶來持續的價值。

In closing, we are very pleased with our continued progress on Genworth's key value drivers, along with another quarter of strong performance from Enact. Looking forward, we are well positioned to continue advancing these initiatives throughout the rest of 2025.

最後，我們對 Genworth 關鍵價值驅動因素的持續進展以及 Enact 又一個季度的強勁表現感到非常高興。展望未來，我們已做好準備，在 2025 年剩餘時間內繼續推進這些舉措。

With that, I'll turn the call over to Jerome for a more detailed discussion of our financial results.

說完這些，我將把電話轉給傑羅姆，讓他更詳細地討論我們的財務表現。

Thank you, Tom, and good morning, everyone. In the first quarter, we continued to build on our solid foundation and financial flexibility and deliver on our strategic priorities. Enact once again drove operating performance and continues to operate from a strong capital and liquidity position.

謝謝你，湯姆，大家早安。第一季度，我們持續鞏固基礎、增強財務彈性，並實現策略重點。Enact 再次推動了經營業績，並繼續以強大的資本和流動性狀況運作。

We also continued to advance our multi-year rate action plan, made significant progress expanding CareScout, and returned capital to shareholders through our share repurchase program. I'll start with an overview of our financial performance and drivers, then provide an update on our investment portfolio and holding company liquidity before we open the call for Q&A.

我們也繼續推進我們的多年利率行動計劃，在擴大 CareScout 方面取得了重大進展，並透過我們的股票回購計劃向股東返還資本。我將首先概述我們的財務表現和驅動因素，然後在我們開始問答環節之前提供有關我們的投資組合和控股公司流動性的最新資訊。

As shown on slide 7, first quarter adjusted operating income was $51 million, driven by Enact. Our long-term care insurance segment reported an adjusted operating loss of $30 million driven by lower limited partnership income and the anticipated decline in premiums from the impact of benefit reduction elections.

如投影片 7 所示，第一季調整後的營業收入為 5,100 萬美元，這得益於 Enact。我們的長期照護保險部門報告調整後的營業虧損為 3000 萬美元，原因是有限合夥收入減少以及福利減少選舉的影響導致保費預計下降。

This was partially offset by a liability remeasurement gain related to the actual variances from expected experience or A to E, primarily driven by seasonally high mortality. As we said last quarter, since the implementation of LDTI in 2023, we have seen an average quarterly loss from the A to E of about $65 million and continue to expect that we could see losses at this average level throughout 2025.

這被與預期經驗或 A 到 E 的實際差異相關的負債重估收益部分抵消，這主要是由於季節性高死亡率所致。正如我們上個季度所說，自 2023 年實施 LDTI 以來，我們看到從 A 到 E 的平均季度虧損約為 6500 萬美元，並且我們預計 2025 年全年的虧損仍將保持這一平均水平。

As a reminder, quarterly fluctuations in US GAAP results do not impact our cash flows, economic value, or how we're managing the business. Life and annuities reported an adjusted operating loss of $33 million in the first quarter. This included an adjusted operating loss of $44 million in life insurance, reflecting the unfavourable impacts of seasonally high mortality, partially offset by adjusted operating income of $11 million from annuities.

提醒一下，美國 GAAP 結果的季度波動不會影響我們的現金流量、經濟價值或我們的業務管理方式。人壽和年金業務第一季調整後的營業虧損為 3,300 萬美元。其中包括人壽保險調整後的 4,400 萬美元營業虧損，反映了季節性高死亡率的不利影響，但年金調整後的 1,100 萬美元營業收入部分抵銷了這一損失。

In corporate and other, we reported a $23 million loss for the first quarter. The improvement versus the prior year loss of $38 million was driven by unfavourable tax timing of $15 million in the first quarter of 2024, that reversed by the end of the year and did not recur.

在公司及其他方面，我們報告第一季虧損 2,300 萬美元。與去年同期 3,800 萬美元的虧損相比，這項改善是由於 2024 年第一季 1,500 萬美元的不利稅收時機所致，但該情況在年底前得到扭轉，並且沒有再次發生。

Now taking a closer look at Enact's first quarter performance on slide 8. Enact delivered $137 million in adjusted operating income in line with the prior quarter and up slightly versus the prior year, reflecting ongoing strong business performance and continued reserve releases driven by favourable cure performance. Primary insurance on growth grew 2% year over year to $268 billion, supported by new insurance written and continued elevated persistency.

現在我們仔細看看幻燈片 8 上的 Enact 第一季的表現。Enact 實現調整後營業收入 1.37 億美元，與上一季持平，較上年略有上升，反映出持續強勁的業務表現和受良好治療表現推動的持續儲備釋放。受新承保保險和持續性提高的支撐，主要保險成長年增 2%，達到 2,680 億美元。

As shown on slide 9, Enact's favourable $47 million pre-tax reserve release drove a loss ratio of 12%. Enact's estimated PMIER sufficiency ratio remains strong at 165% or approximately $2 billion above requirements. General share of an export value, including AOCI, has increased to $4.2 billion at the end of the first quarter, up from $4.1 billion at year end 2024, while at the same time, Enact has delivered significant capital returns to Genworth.

如投影片 9 所示，Enact 有利的 4,700 萬美元稅前儲備釋放導致損失率降至 12%。Enact 估計 PMIER 充足率仍保持強勁，為 165%，或比要求高出約 20 億美元。包括 AOCI 在內的出口價值總體份額已從 2024 年底的 41 億美元增至第一季末的 42 億美元，與此同時，Enact 為 Genworth 帶來了可觀的資本回報。

Genworth received $76 million in capital returns from Enact in the first quarter. As Enact announced yesterday, it has increased its quarterly dividend by 14% and received Board approval for a new share repurchase authorization of $350 million. Genworth will participate in the share repurchase program in order to maintain its overall ownership at approximately 81%.

Genworth 在第一季從 Enact 獲得了 7,600 萬美元的資本回報。正如 Enact 昨天宣布的那樣，它已將季度股息提高了 14%，並獲得董事會批准 3.5 億美元的新股票回購授權。Genworth 將參與股票回購計劃，以維持其約 81% 的整體所有權。

Looking ahead, despite an uncertain macroeconomic backdrop, Enact continues to operate with solid business fundamentals, a strong balance sheet, and is well positioned to navigate through a range of potential market conditions. As a result, Enact continues to expect to return similar levels of capital to its shareholders in 2025 as it did in 2024.

展望未來，儘管宏觀經濟背景不確定，Enact 仍將繼續保持穩固的業務基礎和強勁的資產負債表，並有能力應對各種潛在的市場狀況。因此，Enact 仍預期 2025 年向股東返還的資本水準與 2024 年相似。

Turning to long-term care insurance starting on slide 10. We are proactively managing LTC risk and maintaining the self-sustainability of the legacy LTC business. We continue to significantly reduce tail risks through our multi-year rate action plan, or MYRAP.

從第 10 張投影片開始討論長期照護保險。我們正在積極管理長期照護風險並維持傳統長期照護業務的自我永續性。我們透過多年利率行動計畫（MYRAP）繼續大幅降低尾部風險。

As part of this effort, we're offering a suite of options to help policyholders manage premium increases while maintaining meaningful coverage and to enable us to reduce our exposure to certain higher cost benefit features such as 5% compound inflation options and large lifetime benefit amounts.

作為這項努力的一部分，我們提供了一系列選項，幫助保單持有人在保持有意義的保險範圍的同時管理保費增長，並使我們能夠減少某些較高成本效益特徵的風險，例如 5% 的複合通膨選項和大額終身福利金額。

As of the end of the first quarter, we have achieved approximately $31.3 billion of enforced rate actions on a NPV basis. About 59% of policyholders presented with options have chosen to reduce benefits, helping to lower long-term risk.

截至第一季末，我們已根據 NPV 實現了約 313 億美元的強制利率行動。約有 59% 的保單持有人選擇減少福利，以幫助降低長期風險。

Notably, the exposure to individual LTC policies with the 5% compound inflation feature has decreased to approximately 36%, down from 57% in 2014. In addition to the MYRAP, we're reducing risk in innovative ways, including through the CareScout Quality Network and our Live Well Age Well intervention program, which deliver value for policyholders while also driving claim savings over time.

值得注意的是，具有 5% 複合通膨特徵的個人長期照護保單的風險敞口已從 2014 年的 57% 下降至約 36%。除了 MYRAP 之外，我們還透過創新方式降低風險，包括透過 CareScout 品質網路和我們的 Live Well Age Well 幹預計劃，這些計劃為保單持有人帶來價值，同時也隨著時間的推移節省索賠費用。

As we said before, we are committed to managing the US life insurance companies as a closed system, leveraging their existing reserves and capital to cover future claims. We will not put capital into the legacy life insurance companies, and given the long tail nature of our LTC insurance policies with peak claim year still over a decade away, we do not expect capital returns from these companies.

正如我們之前所說，我們致力於將美國人壽保險公司作為一個封閉的系統進行管理，利用其現有的儲備和資本來支付未來的索賠。我們不會將資金投入傳統的人壽保險公司，而且考慮到我們的長期照護保險政策的長尾特性，索賠高峰年仍需十多年時間才能到來，我們並不期望從這些公司獲得資本回報。

Slide 11 shows statutory pre-tax earnings for the US life insurance companies with a loss of $1 million for the quarter. LTC income of $50 million included a benefit from seasonally high mortality, which typically trends lower through the remainder of the year.

投影片 11 顯示了美國人壽保險公司的法定稅前收益，本季虧損 100 萬美元。5,000 萬美元的長期照護收入包括季節性高死亡率帶來的收益，而這一數字在一年剩餘時間內通常會呈現下降趨勢。

Earnings from in-force rate actions of $340 million were down from $462 million in the prior year, as the prior year included a significant benefit from the implementation of the LTC legal settlements, which are now materially complete. Life insurance had a loss of $34 million driven by seasonally high mortality and our annuity products reported a loss of $17 million, reflecting the net unfavourable impact of interest rate and equity market movements in the quarter.

有效利率行動的收益為 3.4 億美元，低於上年的 4.62 億美元，因為上年包含了實施 LTC 法律和解帶來的重大收益，目前和解已基本完成。由於季節性高死亡率，人壽保險損失了 3,400 萬美元，我們的年金產品虧損了 1,700 萬美元，反映了本季利率和股票市場走勢的淨不利影響。

The consolidated risk-based capital ratio for Genworth Life Insurance Company, or GLIC, was an estimated 304% at the end of March compared to 306% at year-end 2024, reflecting the increase in required capital as we continue to grow our limited partnership portfolio.

截至 3 月底，Genworth 人壽保險公司 (GLIC) 的綜合風險資本比率估計為 304%，而 2024 年底為 306%，這反映了隨著我們繼續擴大有限合夥投資組合，所需資本也隨之增加。

GLIC's consolidated balance sheet remains sound, with capital and surplus of $3.5 billion as of the end of March. Our final statutory results will be available on our investor website with our first quarter filings later this month.

GLIC 的合併資產負債表依然穩健，截至 3 月底，資本和盈餘為 35 億美元。我們的最終法定結果將於本月稍後與第一季文件一起在我們的投資者網站上公佈。

Turning to slide 12, our investment portfolio remains resilient and is conservatively positioned to weather periods of market volatility, and we will continue to invest through the cycle. The majority of our assets are in investment grade fixed maturities held to support our long duration liabilities.

轉到第 12 張投影片，我們的投資組合仍然具有彈性，並且保守地定位以抵禦市場波動時期，並且我們將在整個週期內繼續投資。我們的大部分資產都是投資等級固定期限的資產，用於支持我們的長期負債。

New investable cash flows in our life insurance companies during the quarter, including alternatives, achieved yields of approximately 7%. Our alternative assets program is largely comprised of diversified private equity investments and has targeted returns of approximately 12%.

本季度，我們人壽保險公司的新可投資現金流（包括替代品）實現了約 7% 的收益率。我們的另類資產計畫主要由多元化私募股權投資組成，目標回報率約為 12%。

There is potential to experience pressure around short term performance given current market volatility. However, we are focused on investing for the long term, where we are confident that our track record of robust returns will prevail. We are committed to growing our alternative assets within regulatory limitations as it remains a natural fit with long tail liabilities.

鑑於當前市場的波動性，短期業績可能會面臨壓力。然而，我們專注於長期投資，我們相信我們強勁的回報記錄將會佔據主導地位。我們致力於在監管限制範圍內發展我們的另類資產，因為它與長尾負債自然契合。

Next, turning to the holding company on slide 13. We received $76 million in capital from Enact and ended the quarter with $211 million of cash and liquid assets. Included in our cash and liquid assets, we hold approximately $98 million of advanced cash payments from our subsidiaries for future obligations.

接下來，前往第 13 張投影片上的控股公司。我們從 Enact 獲得了 7,600 萬美元的資金，本季末的現金和流動資產為 2.11 億美元。在我們的現金和流動資產中，我們持有來自子公司的約 9,800 萬美元的預付現金，用於履行未來的義務。

This includes the remainder of our planned $75 million investment of capital in the new CareScout Insurance Company in 2025 to meet regulatory requirements as we discussed last quarter. We do not consider this cash when evaluating holding company liquidity for the purpose of capital allocation or calculating the buffer to our debt service target.

這包括我們計劃在 2025 年向新 CareScout 保險公司投資 7,500 萬美元資本的剩餘部分，以滿足我們上個季度討論過的監管要求。在評估控股公司流動性以進行資本配置或計算債務償還目標的緩衝時，我們不會考慮這筆現金。

Our top capital allocation priorities as shown on slide 14, are to invest in long-term growth through CareScout, return cash to shareholders through our share repurchase program when our share price is below intrinsic value, and opportunistically retire debt when attractive to us. We continue to expect to invest approximately $45 million to $50 million in CareScout services in total throughout 2025 as we continue to build out the platform. This investment will go towards adding new products, customers, and foundation as we scale the business.

如投影片 14 所示，我們的首要資本配置重點是透過 CareScout 投資於長期成長，在我們的股價低於內在價值時透過我們的股票回購計畫向股東返還現金，並在對我們有吸引力的時候適時償還債務。隨著我們繼續建立平台，我們預計在 2025 年全年對 CareScout 服務的總投資將達到約 4,500 萬至 5,000 萬美元。隨著我們擴大業務規模，這筆投資將用於增加新產品、客戶和基礎。

Moving to shareholder returns, we repurchased $45 million of shares in the first quarter at an average price of $6.91 per share, and another $10 million through the end of April. For the full year 2025, we continue to expect to allocate between $100 million to $120 million to share repurchases. This range may vary depending on business performance, market conditions, and our share price.

在股東回報方面，我們在第一季以平均每股 6.91 美元的價格回購了價值 4,500 萬美元的股票，並在 4 月底前回購了價值 1,000 萬美元的股票。對於 2025 年全年，我們仍預計將分配 1 億至 1.2 億美元用於股票回購。此範圍可能會根據業務表現、市場條件和我們的股價而有所不同。

We're very pleased with the value created for shareholders through our share repurchase program. Our holding company debt stands at $790 million, and we are pleased with our financial flexibility given our liquidity level, sustainable cash flows from Enact, and manageable debt level.

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。我們的控股公司債務為 7.9 億美元，考慮到我們的流動性水平、來自 Enact 的可持續現金流以及可控的債務水平，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. As Tom said, we maintain the operational and financial flexibility to weather market volatility and uncertainty in today's macroeconomic environment.

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。正如湯姆所說，我們保持營運和財務靈活性，以抵禦當今宏觀經濟環境中的市場波動和不確定性。

The multi-year rate action plan and additional risk mitigation strategies are ensuring the self-sustainability of the legacy LTC block, and we will continue to focus on delivering sustainable long-term growth through Enact and CareScout while returning meaningful value to shareholders through share repurchases and opportunistic debt retirement.

多年利率行動計劃和額外的風險緩解策略確保了傳統 LTC 區塊的自我可持續性，我們將繼續專注於透過 Enact 和 CareScout 實現可持續的長期成長，同時透過股票回購和機會性債務償還為股東帶來有意義的價值。

Now let's open up the line for questions.

現在讓我們開始提問。

(Operator Instructions)

（操作員指示）

Ryan Krueger, KBW.

瑞安·克魯格（Ryan Krueger），KBW。

Hey, thanks. Good morning. Tom, I know you said you aren't going to talk about the litigation, but my question is more around the change in the agreement with AXA. I guess I just want to make sure I understand it. It sounds like you are agreeing to cover up to $80 million of losses if they occur in the trial, but then you will receive a greater amount of proceeds if they win? Or can you give any -- is that correct? Or if not, can you clarify?

嘿，謝謝。早安.湯姆，我知道你說過你不會談論訴訟，但我的問題更多是關於與 AXA 協議的變化。我想我只是想確保我理解了它。聽起來好像您同意承擔審判中發生的高達 8000 萬美元的損失，但如果他們勝訴，您將獲得更多收益？或者您可以給出任何——對嗎？或者如果不是，您能澄清一下嗎？

So Ryan, thank you very much for the question and it's a good question. Obviously, AXA is a very important case for us because of the potential for significant proceeds. So just to go back in the big picture, AXA is claiming damages for approximately $700 million. And depending on what the judge decides, in addition to that amount or some lower amount, there are expenses and interest.

Ryan，非常感謝你的提問，這是一個很好的問題。顯然，AXA 對我們來說是一個非常重要的案例，因為它有可能帶來巨額收益。回顧整體情況，AXA 索賠約 7 億美元。根據法官的判決，除了該金額或較低的金額外，還有費用和利息。

So -- and look, because we've reimbursed most -- AXA for most of that amount to the extent that it goes to trial or there's a settlement which may or may not occur. We weren't perfectly aligned because for AXA, around GBP80 million is what they would have of the recovery, and we obviously have much more than that.

所以 — — 你看，因為我們已經償還了大部分 — — AXA 的大部分金額，只要它進入審判階段或有可能發生或可能不會發生和解。我們並沒有完全達成一致，因為對於 AXA 來說，他們可以獲得大約 8000 萬英鎊的恢復資金，而我們顯然可以獲得更多。

So -- because they would be happy for a much lower ultimate amount, we wanted to -- as the trial was going on in March, we wanted to align their interests and our interests so that they have an interest in with us looking to get the most recovery and the highest settlement possible.

因此，因為他們會樂意接受低得多的最終金額，所以我們想——隨著 3 月份審判的進行，我們希望將他們的利益與我們的利益結合起來，以便他們與我們一起尋求獲得最大賠償和最高和解的利益。

So our arrangement with them ensures that they have a similar incentive for us to get the maximum amount. And for them to be willing to do that, we had to, in effect guarantee the amount that they have coming to them under a result where the bank has to pay something and we don't know what that amount will be.

因此，我們與他們的協議確保他們有類似的激勵措施讓我們獲得最大金額。為了讓他們願意這樣做，我們必須實際上保證他們應得的金額，因為銀行必須支付一些錢，而我們不知道這個金額是多少。

Again, as I said in my remarks, we have always thought AXA has a very strong case, and the precedent is in most cases the selling entity in this case the bank were deemed to be or they paid for these mis selling costs. And just given the size, we wanted to make sure that AXA and Genworth were working together, and generally, our interests were aligned.

再次，正如我在發言中所說，我們一直認為 AXA 的案例非常充分，而且在大多數情況下，先例是出售實體（本案中的銀行）被視為或支付了這些錯誤銷售成本。考慮到規模，我們希望確保 AXA 和 Genworth 能夠合作，並且總體而言，我們的利益是一致的。

Got it. Thank you. That makes sense. And then I had a couple questions on CareScout. One was just, I know you're making a capital contribution to the new insurance entity this year to get it going, which I think you've already deducted from your holdco liquidity. Would you expect further capital contributions beyond this year to be needed for the insurance business? Or is it more just a startup contribution?

知道了。謝謝。這很有道理。然後我對 CareScout 提出了幾個問題。一是，我知道您今年將向新的保險實體投入資本以使其運轉起來，我認為您已經從控股公司流動資金中扣除了這筆資金。您預計今年以後保險業務是否還需要進一步的資本投資？或者它只是一項新創捐款？

So Ryan, again, good question. So under the statutory regulatory rules, when you start a new insurance company, CareScout Insurance, you have to put in an initial amount of capital well beyond what's needed by RBC ratios, etcetera.

Ryan，你又問了個好問題。因此，根據法定監管規則，當您創辦新的保險公司 CareScout Insurance 時，您必須投入遠遠超過 RBC 比率等所需的初始資本。

So they'll -- and that's -- they want that because, we project out as any startup would do in the insurance space, what the first five years or so will be and break even around five years. It can be longer or shorter.And so they want you to cover in the early years. And you know they're focused on statutory accounting that all the selling and commission expenses are expensed early on.

所以他們會 — — 那是 — — 他們想要這樣，因為我們像保險領域的任何新創公司一樣，預測出前五年左右的業績，並在五年左右實現收支平衡。它可以更長或更短。所以他們希望你在早期就做到這一點。而且你知道他們專注於法定會計，所有銷售和佣金費用都提前計入費用。

So there is a drag on statutory earnings early. And so basically the $75 million would be the amount of capital needed to cover any loss in the early years, annual loss by a factor of 5 times. So I think the $75 million is significant capital. Now, as we sell insurance policies, we will incur those statutory expenses and obviously we have to have RBC Capital supporting that.

因此早期法定收益會受到拖累。因此，基本上 7500 萬美元是彌補早期損失所需的資本金額，年度損失為 5 倍。所以我認為這 7500 萬美元是一筆巨額資金。現在，當我們銷售保險單時，我們將產生這些法定費用，顯然我們必須得到 RBC Capital 的支持。

So if you look out over five or six years, we will have to put in some more amount of capital, but it's not all that significant. The other lever we have is 100% of the liabilities. Will be reinsured to an A+ rated reinsurer and so that also dampens the -- because we get seating commissions from the reinsurer. So it dampens the use of capital. We do anticipate that they'll recorded back to us 40%, maybe 50% in the early years.

因此，如果展望五、六年，我們將不得不投入更多的資金，但這並不是那麼重要。我們的另一個槓桿是 100% 的負債。將會向 A+ 級再保險公司進行再保險，因此這也會抑制 - 因為我們從再保險公司獲得了座位佣金。因此它抑制了資本的使用。我們確實預計，在早期他們會為我們帶來 40% 甚至 50% 的回報。

So we are able through how much we take back to control how much additional capital we have to put in. So the way I would look at it, Ryan, is it's a lot going up front because you have to cover the adverse scenario test of the regulators. And then going forward based on our growth and how much we cover versus the reinsurer will determine how much capital we need.

因此，我們可以透過收回多少資金來控制需要投入多少額外資本。因此，瑞安，我的看法是，這需要做很多前期工作，因為你必須涵蓋監管機構的不利情境測試。然後，根據我們的成長情況以及我們與再保險公司的承保範圍，將決定我們需要多少資本。

So I would say we're hoping that we are very successful in growing and if we do, that will be some capital in the future over time. We think it's quite manageable and certainly not anywhere close to $75 million at one time. I think the additional capital amounts would be more in the $20 million to $25 million range over time and we may do that a few times. So that's how it works. So it's capital intensive upfront because of the regulatory requirements.

所以我想說，我們希望我們在發展上能夠非常成功，如果我們真的做到了，那麼隨著時間的推移，這將成為未來的一些資本。我們認為這是相當可控的，而且絕對不會一次達到 7500 萬美元。我認為隨著時間的推移，額外的資本金額將在 2000 萬美元至 2500 萬美元之間，我們可能會這樣做幾次。這就是它的工作原理。因此，由於監管要求，前期需要大量資本。

Makes sense. And then just one more CareScout question. This one more on the CareScout Quality Network. May be too early for this, but I just, I guess kind of wondering if you have like a rough time frame that you think that business, not the insurance business, but that business might get to a level that's closer to break even profitability.

有道理。然後我再問一個 CareScout 問題。這是有關 CareScout 品質網路的更多內容。可能現在還為時過早，但我只是想知道您是否有一個大致的時間框架，您認為這項業務（不是保險業務）可能會達到更接近盈虧平衡的盈利水平。

Right. So I'll let Samir Shah, who's the CEO of that business, talk about the profitability of the business and break even. But remember, given we now have 550 providers, and we have the 20% discounts, we're projecting for general claim costs in the future that will save $1 billion to $1.5 billion.

正確的。因此，我將讓該公司的執行長 Samir Shah 來談談該公司的獲利能力和盈虧平衡。但請記住，鑑於我們現在有 550 家供應商，並且我們有 20% 的折扣，我們預計未來的一般索賠成本將節省 10 億至 15 億美元。

So we don't really count that in the break even, but I would say for -- and you know we've been funding the expenses as we build up that business in the $35 million to $50 million range. But if you look at -- even if the break-even is a way out. We've already in effect added value to the company in the $1 billion to 1.5 billion range because of the projections on how those discounts will lower our costs.

所以我們實際上並沒有將其計入盈虧平衡，但我想說的是——而且你知道，我們在建立這項業務的過程中一直在為這些費用提供資金，其金額在 3500 萬至 5000 萬美元之間。但如果你看一下──即使收支平衡也是一種出路。由於預測這些折扣將降低我們的成本，我們實際上已經為該公司增加了 10 億至 15 億美元的價值。

But I think more important and more interesting, I'm sure to you and other investors is, the growth rate of the business and what our expectations are. So I'll just asked Samir to comment on that.

但我認為更重要、更有趣的是，我相信對您和其他投資者來說，業務的成長率以及我們的期望是什麼。所以我只想請薩米爾對此發表評論。

Ryan, thank you for the question. As Tom alluded and as Jerome has said before, given this is a new business, it will require some investments early on and take a couple of years to build out, but the early momentum has been really strong. The network is continuing to build out with great coverage, choice, and efficiency with the rate reductions we're able to do.

Ryan，謝謝你的提問。正如湯姆所暗示的以及傑羅姆之前所說的那樣，鑑於這是一項新業務，它在早期需要一些投資，並且需要幾年的時間才能建成，但早期的發展勢頭非常強勁。隨著我們能夠降低費率，網路正在繼續建設，具有更大的覆蓋範圍、更多的選擇和更高的效率。

And as we onboard assisted living communities and roll out new products, we think it will make it a more holistic offering for aging consumers all over. The adoption we're seeing from clients beyond Genworth into other insurance companies in the pipeline we're building shows that the value proposition is not only clear, but it is necessary to solve what is becoming a bigger problem.

隨著我們加入輔助生活社群並推出新產品，我們相信它將為世界各地的老年消費者提供更全面的服務。我們看到，除了 Genworth 之外，其他保險公司的客戶也紛紛採用這項方案，這表明，這一價值主張不僅明確，而且對於解決日益嚴重的問題也是必要的。

And as we've talked about 70 million direct to consumer clients, so the opportunity for us becomes quite significant. In terms of value and impact to Genworth, I think we deliver impact in three different ways. One is the savings, and we're on pace for the $1 billion to $1.5 billion in savings, and I think the savings alone allow CareScout services to be break even, but I think we bring in new revenue as we add new clients, both insurance and direct to consumer clients. And over the long run we hope to add significant valuation to the company.

正如我們所談論的，我們有 7000 萬直接面向消費者的客戶，因此我們的機會就變得相當重大。就對 Genworth 的價值和影響而言，我認為我們透過三種不同的方式產生影響。一是節省，我們正朝著節省 10 億至 15 億美元的目標邁進，我認為僅憑節省的資金就能讓 CareScout 服務實現收支平衡，但我認為，隨著我們增加新客戶（包括保險客戶和直接面向消費者的客戶），我們會帶來新的收入。從長遠來看，我們希望大幅提高公司的估值。

Great, thank you.

太好了，謝謝。

(Operator Instructions) Brett Osetec, KBW.

（操作員指示）Brett Osetec，KBW。

Hey, good morning. You guys mentioned the WISH Act in your prepared remarks. Can you just elaborate a little bit more about what kind of tailwinds do you think that might provide for the CareScout offering going forward? Thanks.

嘿，早安。你們在準備好的發言中提到了《WISH法案》。您能否詳細說明一下，您認為這將為 CareScout 未來的發展帶來哪些有利因素？謝謝。

Yeah, so thank you, Brett. It's a great question. Our first product, which is a traditional LTC insurance product with -- but it's fairly capitated. So if you look at the claims, the average claims over the last 40 years have been in the $250,000 range. Now, the most expensive claim, I think we paid is $3.4 million. A woman who had Alzheimer's and was on claim a long time and is still on claim.

是的，謝謝你，布雷特。這是一個很好的問題。我們的第一款產品是傳統的長期照護保險產品，但其人頭費率相當合理。因此，如果你看一下索賠情況，你會發現過去 40 年的平均索賠金額一直在 25 萬美元左右。現在，我認為我們支付的最昂貴的索賠是 340 萬美元。一名患有阿茲海默症的婦女，已經索賠很長時間，現在仍在索賠。

So we're -- we -- by offering the maximum in this new policy you can buy $250,000. It protects a lot of our tail risk. We learned that because originally, we were all selling unlimited benefits with high compound inflation. But if you -- so $250,000 is the average of claims over time. But if you have a severe dementia, Alzheimer's type disease and disability, it's going to be a lot higher.

因此，我們——我們——透過這項新政策，您可以購買高達 250,000 美元。它保護了我們的許多尾部風險。我們之所以知道這一點，是因為最初我們都在銷售高複合通膨的無限福利。但如果你——那麼 25 萬美元是一段時間內索賠的平均值。但如果你患有嚴重的癡呆症、阿茲海默症和殘疾，這個數字就會高得多。

The challenge for the private insurers like CareScout is if you're going to cover those very high claims that are dementia related, you've got to charge a lot on all of your policies. So we can keep the cost of this new -- this first new product, and we'll have many more products.

對於 CareScout 等私人保險公司來說，挑戰在於，如果要承擔與失智症相關的高額索賠，就必須對所有保單收取高額費用。因此，我們可以控制這款新產品的成本——第一款新產品，而且我們還將推出更多產品。

We're already working on other products. More manageable for more consumers. The average depending on what you buy and your age and medical history, it's probably in the $3,000 to $3,500 range. We think it's very appropriate for the federal or state governments. There's already a plan in Washington state to cover some amount of coverage.

我們已經在開發其他產品。對於更多消費者來說更容易管理。平均價格取決於您購買的商品、年齡和病史，大概在 3,000 美元到 3,500 美元之間。我們認為這對聯邦政府或州政府來說非常合適。華盛頓州已經制定了一項計劃來涵蓋一定數量的保險。

But the WISH Act that Tom Suozzi introduced and reintroduced with his Republican colleague, it basically is a catastrophic coverage. So individuals through their savings or private insurance will be responsible for -- and it depends on your income. So if you are lower income, you would be required to pay for up to a year. If you're higher income, it could be up to five years.

但湯姆·蘇奧齊 (Tom Suozzi) 與其共和黨同事共同提出並重新提出的《WISH 法案》基本上是一個災難性的政策。因此，個人將透過儲蓄或私人保險來負責——這取決於你的收入。因此，如果您的收入較低，則需要支付最多一年的費用。如果您的收入較高，則可能長達五年。

So that's private pay. And so our capitated coverage fits in very well for that. And then anything over that, in his plan, the federal government would pick up the remaining costs. Now the federal government and the states already are the payer of last resort, and most of LTC claims are paid by Medicaid.

這就是私人支付。因此，我們的按人頭計算的保險非常適合這種情況。在他的計劃中，超過這筆金額的部分，聯邦政府將承擔剩餘的費用。現在聯邦政府和各州已經是最後支付者，大部分長期照護費用由醫療補助計劃支付。

So I think the thinking that he has is that this will allow a funded solution that will take some of the future pressure off Medicaid. So I think it's a very good fit for us and we really are designing our product assuming someday something like the WISH Act passes.

所以我認為他的想法是，這將允許一個資金解決方案，從而減輕醫療補助未來的一些壓力。所以我認為這對我們來說非常合適，我們在設計產品時確實假設有一天類似《WISH 法案》的法案能夠通過。

The challenge in the current Congress for passage is I think everybody is very supportive of some coverage for people. And 95% of the 70 million baby boomers don't have private LTC coverage. That's a big challenge. But the challenge is the pay force and just like we've seen over the last 40 years, it's very expensive. The average home care claim is now up to I think 75,000 or more, nursing homes, private room is 127,000, I think.

我認為，當前國會通過法案所面臨的挑戰是，每個人都非常支持為民眾提供某種保險。嬰兒潮世代的 7,000 萬人口中，95% 沒有私人長期照護保險。這是一個巨大的挑戰。但挑戰在於薪酬，正如我們在過去 40 年所看到的那樣，它非常昂貴。我認為，目前平均家庭護理索賠金額已達到 75,000 美元或更多，而療養院、私人房間索賠額則為 127,000 美元。

So the challenge is how do you pay for the catastrophic coverage. And that's, I think, where there's a challenge. There's not a lot of support right now in Congress. On a bipartisan basis for significant taxes to pay for it. So I think the challenge will be ultimately for Congress to figure that out. They're going to have to do something as these 70 million baby boomers, they start turning 80 this January.

因此，挑戰在於如何支付災難保險費用。我認為這就是挑戰所在。目前國會並沒有給予太多支持。兩黨一致同意徵收巨額稅款來支付這筆費用。所以我認為，最終的挑戰將由國會來解決這個問題。他們將不得不採取一些行動，因為這 7,000 萬嬰兒潮世代將於今年 1 月迎來 80 歲生日。

So we're hopeful. In addition to Washington State, I think California, New York, a few other states are looking at state solutions. So I do think, ultimately, certainly, the private sector and we're not going to cover the very high tail risk aspects of LTC going forward. And we do think that's a good place for the public sector. The challenge will be, can you convince Congress and administrations that the pay for us, which will be expensive, it's something they want to do.

所以我們充滿希望。除了華盛頓州之外，我認為加州、紐約州和其他幾個州也在研究州解決方案。因此我確實認為，最終，當然是私營部門，我們不會在未來涵蓋長期信貸的極高尾部風險。我們確實認為這對公共部門來說是一個好地方。挑戰在於，你能否說服國會和政府，他們願意為我們支付高額的費用。

Got it. That makes sense. Thank you, guys.

知道了。這很有道理。謝謝你們。

It appears that there are no questions at this time. Ladies and gentlemen, I will now turn the conference back over to Mr. McInerney for closing comments.

目前似乎沒有任何問題。女士們、先生們，現在我將會議交還給麥金納尼先生，請他作最後發言。

Thank you very much, Danielle, and I want to thank everybody and Ryan and Brett for the great questions. And I want to thank you all for joining the call and for your ongoing support and interest in investments in Genworth. We're very proud of first quarter results, and that continues to do extremely well.

非常感謝，丹妮爾，我想感謝大家以及瑞安和布雷特提出的這些精彩問題。我要感謝大家參加電話會議以及對 Genworth 投資的持續支持和關注。我們對第一季的業績感到非常自豪，而且這項業績持續表現得非常好。

And I assume many of you listen to their earnings call, and so they're in a good place. And I think we're making great progress on our three strategic priorities that Jerome and I outlined. So, we're looking forward to significant success and growing CareScout over time and also look forward to continued good cash flow, strong cash flow from Enact. So thank you very much. And Danielle, I'll turn it back over to you to close the call.

我想你們中的許多人都聽過他們的收益電話會議，所以他們的狀況很好。我認為我們在傑羅姆和我概述的三個策略重點上取得了巨大進展。因此，我們期待取得重大成功並隨著時間的推移不斷發展 CareScout，同時也期待 Enact 繼續保持良好的現金流和強勁的現金流。非常感謝。丹妮爾，我將把時間交還給你，結束通話。

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

女士們、先生們，Genworth Financial 第一季電話會議到此結束。感謝您的參與。此時，通話將會結束。