Hartford Insurance Group Inc (HIG) 2023 Q1 法說會逐字稿

Hello, and welcome to the First Quarter 2023 of the Hartford Financial Results Webcast. My name is Alex. I'll be coordinating the call today. (Operator Instructions)

您好，歡迎收看哈特福德 2023 年第一季度財務業績網絡廣播。我的名字叫亞歷克斯。我今天將協調通話。 （操作員說明）

I'll now hand over to your host, Susan Spivak, Senior Vice President of Investor Relations. Please go ahead.

現在我將請主持人投資者關係高級副總裁蘇珊·斯皮瓦克 (Susan Spivak) 發言。請繼續。

Good morning, and thank you for joining us today for our call and webcast on first quarter 2023 earnings. Yesterday, we reported results and posted all of the earnings-related materials on our website. For the call today, our participants are Chris Swift, Chairman and CEO of the Hartford; Beth Costello, Chief Financial Officer; Jonathan Bennett, Group Benefits; Stephanie Bush, Small Commercial and Personal Lines; and Mo Tooker, Middle & Large Commercial and Gold Specialty.

早上好，感謝您今天參加我們關於 2023 年第一季度收益的電話會議和網絡廣播。昨天，我們報告了業績，並在我們的網站上發布了所有與收益相關的材料。今天的電話會議的參與者是 Hartford 董事長兼首席執行官 Chris Swift；貝絲·科斯特洛，首席財務官；喬納森·貝內特（Jonathan Bennett），集團福利；斯蒂芬妮布什，小型商業和個人線路；和 Mo Tooker，大中型商業和黃金專業公司。

Just a few comments before Chris begins. Today's call includes forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance, and actual results could be materially different. We do not assume any obligation to update information or forward-looking statements provided on this call. Investors should also consider the risks and uncertainties that could cause actual results to differ from these statements.

在克里斯開始之前，我先簡單說幾句。今天的電話會議包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些陳述並不是對未來業績的保證，實際結果可能會大不相同。我們不承擔更新本次電話會議中提供的信息或前瞻性陳述的義務。投資者還應考慮可能導致實際結果與這些陳述不同的風險和不確定性。

A detailed description of those risks and uncertainties can be found in our SEC filings. Our commentary today include non-GAAP financial measures. Explanations and reconciliations of these measures to the comparable GAAP measure are included in our SEC filings as well as in the news release and financial supplement. Finally, please note that no portion of this conference call may be reproduced or rebroadcast in any form without the Hartford's prior written consent. Replays of this webcast and an official transcript will be available on the Hartford's website for one year.

這些風險和不確定性的詳細描述可以在我們向 SEC 提交的文件中找到。我們今天的評論包括非公認會計準則財務指標。這些措施與可比 GAAP 措施的解釋和調節包含在我們向 SEC 提交的文件以及新聞稿和財務補充文件中。最後，請注意，未經哈特福德事先書面同意，不得以任何形式複製或轉播本次電話會議的任何部分。該網絡廣播的重播和官方成績單將在哈特福德網站上提供一年。

I'll now turn the call over to Chris.

我現在將把電話轉給克里斯。

Good morning, and thank you for joining us. Today, I will begin with a summary of the Hartford's first quarter results. Then Beth will dive deeper into our financial performance and key metrics after which we and our business leaders, we'll be happy to take your questions. So let's get started. We are pleased to begin the year with exceptional results in our Commercial Lines businesses and continued strong results in Group Benefits. While industry-wide trends such as elevated catastrophe losses and persistent inflationary pressure in personal auto, impacted our results. The first quarter also saw top line growth in Commercial Lines of 11%, including double-digit contributions from each business with an underlying combined ratio of 88.5%, double-digit renewal written price increases across both auto and home in Personal Lines.

早上好，感謝您加入我們。今天，我將首先總結哈特福德第一季度的業績。然後，貝絲將更深入地了解我們的財務業績和關鍵指標，之後我們和我們的業務領導者將很樂意回答您的問題。那麼讓我們開始吧。我們很高興在新的一年伊始，在商業業務方面取得了優異的成績，並在集團效益方面繼續取得了強勁的成績。儘管災難損失增加和個人汽車持續的通脹壓力等全行業趨勢影響了我們的業績。第一季度商業險業務的收入增長了 11%，其中基礎綜合成本率為 88.5% 的每項業務均實現了兩位數的貢獻，個人險種的汽車和家庭續保價格也實現了兩位數的增長。

Group Benefits fully insured premium growth of 8%, combined with strong first quarter sales and a core earnings margin of 5.2%. Solid investment results with increasing fixed income portfolio yields and strong reinvestment rates and a core earnings ROE of 14.3%, while returning $484 million of capital to shareholders in the quarter. Now let me share first quarter highlights from each of our businesses. We have strong momentum across Commercial Lines, and I expect continued topline growth at highly profitable margins.

Group Benefits 的全額保險保費增長了 8%，加上第一季度的強勁銷售和 5.2% 的核心利潤率。固定收益投資組合收益率不斷提高，再投資率強勁，核心收益 ROE 達 14.3%，投資業績穩健，同時本季度向股東返還 4.84 億美元資本。現在讓我分享一下我們每個業務的第一季度亮點。我們在商業領域擁有強勁的勢頭，我預計收入將持續增長，利潤率將很高。

In addition, accelerating pricing in several lines, combined with enhanced underwriting execution, bolsters my confidence in our ability to deliver margins consistent with the 2023 outlook I provided back in February. In Small Commercial, written premiums of $1.3 billion and new business of $242 million set new records for the Hartford.

此外，加快多個產品線的定價，再加上增強的承保執行力，增強了我對我們提供與我在 2 月份提供的 2023 年展望一致的利潤率的能力的信心。在小型商業領域，13 億美元的承保保費和 2.42 億美元的新業務創下了 Hartford 的新紀錄。

Three years ago, we completed the launch of our enhanced best-in-class package product which we call Spectrum. Over that 3-year period, Spectrum written premium has grown significantly. For example, this quarter's written premium is nearly 40% higher than the same period 3 years ago, and new business premium is almost double over that same period. In addition, with expanded wholesale broker relationships, our excess and surplus lines finding product continues to gain momentum delivering robust growth.

三年前，我們完成了增強型一流封裝產品的推出，我們稱之為 Spectrum。在這三年期間，Spectrum 承保保費大幅增長。例如，本季度的保費比3年前同期高出近40%，新業務保費幾乎是同期的兩倍。此外，隨著批發經紀人關係的擴大，我們的過剩和過剩產品線繼續獲得動力，實現強勁增長。

Written premium approximately doubled from a year ago, fueled by a substantial increase in new business. In short, Small Commercial continues to deliver exceptional results with industry-leading products and digital capabilities and is on track to exceed $5 billion of annual written premium in the near term.

在新業務大幅增長的推動下，承保保費較去年同期增長約一倍。簡而言之，Small Commercial 憑藉行業領先的產品和數字功能繼續取得卓越成果，並有望在短期內超過 50 億美元的年度承保保費。

In Middle & Large commercial, written premiums grew 10%, driven by new business growth of 23%, sustained exposure growth and solid renewal written price increases. New business submissions and hit rates were both up an average premium on sold accounts continues to increase. We are particularly pleased by the growth in property lines, a key area of focus, and we will continue to capitalize on favorable market conditions. We are committed to getting paid for the CAT and non-CAT risk reunderwrite, setting appropriate terms and conditions in ensuring proper valuations.

在大中型商業領域，受新業務增長 23%、風險持續增長以及續保保費穩定增長的推動，承保保費增長了 10%。新業務提交量和命中率均有所上升，已售帳戶的平均溢價繼續增加。我們對房地產業務的增長感到特別高興，這是一個重點關注領域，我們將繼續利用有利的市場條件。我們致力於為 CAT 和非 CAT 風險再承保獲得報酬，制定適當的條款和條件以確保正確的估值。

Our investments in data science capabilities, industry-leading risk segmentation and exceptional talent have contributed to healthy margins and position us well to continue driving profitable growth in this business. In Global Specialty, results were outstanding with nearly $4 billion of annual gross written premium. Our competitive position breadth of products and solid renewal written pricing drove a 10% increase in net written premium with significant contributions from global reinsurance. We are excited about our position in the wholesale market and the ongoing benefits from our broadened product portfolio.

我們對數據科學能力、行業領先的風險細分和傑出人才的投資為我們帶來了健康的利潤率，並使我們能夠繼續推動該業務的盈利增長。全球專業保險業務的業績非常出色，年度總承保保費接近 40 億美元。我們的產品範圍廣度具有競爭優勢，加上穩定的續保定價，推動淨承保保費增長了 10%，其中全球再保險做出了重大貢獻。我們對我們在批發市場的地位以及我們擴大的產品組合所帶來的持續收益感到興奮。

Execution has never been stronger and our enhanced underwriting capabilities are driving market share gains. Turning to pricing. Commercial Lines renewal written pricing was 4.5% compared to 5.2% in the fourth quarter. Excluding workers' compensation, U.S. Standard Commercial Lines renewal written pricing rose to 8.1%, with middle-market property pricing in excess of 10%, in standard commercial auto near 7%. Workers' compensation pricing remained positive, continuing to benefit from a stronger-than-expected average wage growth.

執行力從未如此強大，我們增強的承保能力正在推動市場份額的增長。轉向定價。 Commercial Lines 續訂定價為 4.5%，而第四季度為 5.2%。不包括工人賠償，美國標準商業保險公司的續保定價升至 8.1%，其中中端市場房地產定價超過 10%，標準商用汽車接近 7%。工人薪酬定價保持正值，繼續受益於強於預期的平均工資增長。

Within Global Specialty, property, auto, primary casual and marine all generated strong pricing results well in excess of loss cost trends. In excess casualty, pricing is becoming more competitive while public D&O pricing remains under pressure. Within financial lines, we have been shifting our focus to private companies and management and professional liability, where market pricing and margins are more attractive while maintaining underwriting discipline in the public space.

在全球專業領域，房地產、汽車、初級休閒和船舶都產生了強勁的定價結果，遠遠超過了損失成本趨勢。在傷亡人數過多的情況下，定價變得更具競爭力，而公共 D&O 定價仍然面臨壓力。在金融領域，我們一直將重點轉向私營公司、管理和專業責任，這些領域的市場定價和利潤更具吸引力，同時保持公共領域的承保紀律。

Across Commercial Lines, long-term loss cost trends in our book remains stable. And excluding workers' compensation, the margin between renewal written pricing and aggregate loss cost trends has expanded modestly.

在整個商業領域，我們的長期損失成本趨勢保持穩定。不包括工人賠償，續約定價與總損失成本趨勢之間的差距略有擴大。

As we continue to execute our strategy across Commercial Lines, I want to reiterate my confidence in our ability to manage the book through a variety of economic and market conditions with superior underwriting margins and continued premium growth while maintaining a strong balance sheet. Moving to Personal Lines. The auto loss cost environment is very dynamic. Across market participants, the level of continued severity increases has had a meaningful impact on industry results.

隨著我們繼續在商業領域執行我們的戰略，我想重申，我對我們在各種經濟和市場條件下管理賬簿的能力充滿信心，並具有優越的承保利潤和持續的保費增長，同時保持強勁的資產負債表。轉向個人線路。汽車損失成本環境非常動態。對於市場參與者來說，嚴重程度的持續增加對行業業績產生了重大影響。

As a result, active management of rate filings in response to the changing landscape is paramount. We achieved renewal written price increases of 10% in the first quarter and expected to accelerate into the high teens later this year. In the first quarter, approved rate filings averaged 18.3%, more than double than the fourth quarter result of 8.3%.

因此，根據不斷變化的形勢對費率申請進行積極管理至關重要。第一季度我們的續訂書面價格上漲了 10%，預計今年晚些時候將加速至十幾歲。第一季度的申請平均批准率為 18.3%，比第四季度的 8.3% 高出一倍多。

Given the vast majority of our book has 12-month policies, it will take time for the rate increases to fully earn in. With continued elevated loss trends reported in the fourth quarter of 2022 and the first quarter of this year, we have adjusted our rate execution plan. And as a result, new business rate adequacy will build throughout the year as filings are approved.

鑑於我們賬簿中的絕大多數保單都有 12 個月保單，因此費率上漲需要一段時間才能完全獲利。鑑於 2022 年第四季度和今年第一季度報告的損失趨勢持續上升，我們調整了率執行計劃。因此，隨著申請獲得批准，新業務利率充足性將在全年內不斷增強。

We expect new business rate adequacy in most states by year-end. Overall, I am confident we have the right strategy and with focused execution, expect to achieve auto profitability targets in 2024 across the book. In homeowners, results were quite strong with renewal written pricing of 13.9% in the quarter, comprised of net rate and insured value increases, outpacing loss cost trends. Turning to Group Benefits. We're off to a strong start.

我們預計到年底，大多數州的新業務利率將達到充足水平。總體而言，我相信我們擁有正確的戰略，並通過集中執行，預計將在 2024 年實現汽車盈利目標。在房主方面，業績相當強勁，本季度續保保單定價為 13.9%，其中包括淨費率和保險價值的增長，超過了損失成本趨勢。轉向團體福利。我們有了一個良好的開端。

Core earnings reflect a significant improvement we have seen in mortality trends versus prior year, including decreasing impacts from pandemic-related losses. Lower pandemic-related mortality is a welcome and encouraging trend. While it is still too early to reach firm conclusions on long-term mortality trends, we expect they will settle above pre-pandemic levels in our pricing business accordingly.

核心收益反映了我們在死亡率趨勢上與去年相比的顯著改善，包括與大流行相關的損失的影響減少。與大流行相關的死亡率降低是一個受歡迎且令人鼓舞的趨勢。雖然現在就長期死亡率趨勢得出明確結論還為時過早，但我們預計它們將相應地穩定在我們定價業務中的大流行前水平之上。

We continue to measure the effects of the pandemic and believe we are well prepared to adjust course as necessary. In disability, our capabilities are market-leading, and we remain positive on the performance and outlook of our book. Looking at new business. sales of $474 million were up $85 million over prior year. This was our second highest sales quarter ever. Importantly, we are competing effectively across all market segments from small business to the largest U.S. enterprises.

我們將繼續衡量這一流行病的影響，並相信我們已做好必要的調整方針的準備。在殘疾方面，我們的能力處於市場領先地位，我們對本書的業績和前景保持樂觀。著眼於新業務。銷售額為 4.74 億美元，比上年增加 8500 萬美元。這是我們有史以來第二高的銷售季度。重要的是，我們在從小企業到美國最大企業的所有細分市場中進行有效競爭。

As a group benefits market leader, we are well positioned to capitalize on rapidly evolving customer requirements for absence management, group life and supplemental health products and services. We continue to strengthen our reputation for customer service with an extensive suite of tools for HR platform integration, member enrollment, process simplification and analytics.

作為團體福利市場的領導者，我們處於有利地位，能夠充分利用快速變化的客戶對缺勤管理、團體生活以及補充健康產品和服務的需求。我們通過用於人力資源平台集成、會員註冊、流程簡化和分析的廣泛工具套件，繼續加強我們在客戶服務方面的聲譽。

Employers are more focused than ever on the needs of their employees and our products and services are a key component of that value proposition. Moving now to investments. The portfolio continues to support the Hartford's financial and strategic objectives while performing well across a range of asset classes and economic cycles.

雇主比以往任何時候都更加關注員工的需求，而我們的產品和服務是該價值主張的關鍵組成部分。現在轉向投資。該投資組合繼續支持哈特福德的財務和戰略目標，同時在一系列資產類別和經濟周期中表現良好。

Stephanie will provide further details, and I would highlight that it was an another quarter of solid net investment income with negligible impairments. Recognizing that commercial real estate is topical, let me take a minute moment to comment on our approach to that market. We have dedicated teams of experienced professionals with a long and successful track record of investing in the commercial real estate sector. We believe the market provides attractive yields and risk-adjusted returns while providing a source of diversification to our investment portfolio.

斯蒂芬妮將提供更多細節，我要強調的是，這是又一個季度的穩健淨投資收入，減值可以忽略不計。認識到商業房地產是一個熱門話題，讓我花一點時間評論一下我們進入該市場的方法。我們擁有由經驗豐富的專業人士組成的專業團隊，在商業房地產領域擁有長期成功的投資記錄。我們相信市場提供有吸引力的收益率和風險調整回報，同時為我們的投資組合提供多元化的來源。

We have approximately $6 billion of commercial mortgage loans, primarily consisting of multifamily and industrial holdings with less than 10% invested in commercial office. We regularly review our property valuation for the impact of lower occupancy levels, higher cap rates, and the impact of rising interest rates. These assessments give us confidence the portfolio will continue to perform well through the economic cycle. While perhaps a bit distinct from other property and casualty peers, we believe these holding are an attractive alternative to investment-grade corporate credit as they provide approximately 80 to 100 basis points of additional spread over like rated corporates.

我們擁有約 60 億美元的商業抵押貸款，主要包括多戶住宅和工業控股，其中不到 10% 投資於商業辦公樓。我們定期審查我們的房地產估值，以了解較低的入住率、較高的資本化率以及利率上升的影響。這些評估讓我們有信心該投資組合將在整個經濟周期中繼續表現良好。雖然可能與其他財產和意外傷害同行有所不同，但我們相信這些持有的資產是投資級企業信貸的有吸引力的替代品，因為它們比同類評級企業提供約 80 至 100 個基點的額外利差。

In closing, as we look ahead, we anticipate continued growth and strong margins across our businesses. Our financial performance demonstrates the power of the franchise, the depth of our distribution relationships and our commitment to superior customer experience, and excellent execution by our 19,000 employees. With these competitive advantages, I remain confident that we can continue to deliver superior results. The Hartford has never been better positioned to deliver industry-leading financial performance, highlighted by a core earnings ROE range of 14% to 15%, while creating value for all stakeholders.

最後，展望未來，我們預計我們的業務將持續增長並實現強勁的利潤率。我們的財務業績證明了特許經營的力量、我們分銷關係的深度、我們對卓越客戶體驗的承諾以及我們 19,000 名員工的出色執行力。憑藉這些競爭優勢，我仍然相信我們能夠繼續取得卓越的成果。哈特福德從來沒有像現在這樣能夠更好地提供行業領先的財務業績，其核心收益 ROE 範圍為 14% 至 15%，同時為所有利益相關者創造價值。

Now let me turn it over to Beth to provide more commentary on the quarter.

現在讓我將其轉交給貝絲，以提供有關本季度的更多評論。

Thank you, Chris. Core earnings for the quarter were $536 million or $1.68 per diluted share with a 12-month core earnings ROE of 14.3%. In Commercial Lines, core earnings were $436 million with an underlying combined ratio of 88.5%, in line with our expectations for the first quarter which was embedded in the full year outlook provided in February. Small Commercial continued to deliver excellent results with an underlying combined ratio of 89.5. The first quarter included higher non-cat property losses compared to unusually low losses in the prior year quarter and a modestly higher loss ratio in workers' compensation as expected.

謝謝你，克里斯。該季度核心收益為 5.36 億美元，或攤薄後每股收益 1.68 美元，12 個月核心收益 ROE 為 14.3%。商業運輸業務的核心盈利為 4.36 億美元，基本綜合成本率為 88.5%，符合我們在 2 月份提供的全年展望中對第一季度的預期。小型商業繼續取得優異的業績，基本綜合成本率為 89.5。與去年同期異常低的損失相比，第一季度的非巨災財產損失較高，而且工傷賠償損失率也如預期略有上升。

This is the 11th straight quarter of an underlying combined ratio of below 90. Middle & Large Commercial delivered a record 89.9, a 1.6 point improvement from the prior year due to favorable non-cat property losses and expense improvements.

這是基礎綜合成本率連續第 11 個季度低於 90。由於有利的非巨災財產損失和費用改善，大中型商業銀行的綜合成本率達到創紀錄的 89.9，比上年提高 1.6 個百分點。

Global Specialties underlying margin improved 3 points from a year ago to an outstanding 85.2, which benefited from lower international losses and an improved expense ratio. In Personal Lines, core loss for the quarter was $187,000 with an underlying combined ratio of 97. Homeowners underlying combined ratio of 78.9 was in line with expectation. Auto results reflected continued liability and physical damage severity pressure driven by, among other things, elevated repair costs, increased used car valuation and a modest uptick in attorney representation rate.

全球特種產品的基本利潤率比一年前提高了 3 個百分點，達到 85.2，這得益於國際損失的減少和費用比率的改善。在個人險方面，本季度核心虧損為 187,000 美元，基本綜合成本率為 97。房主基本綜合成本率為 78.9，符合預期。汽車業績反映了持續的責任和物理損壞嚴重程度的壓力，其中包括維修成本上升、二手車估值增加和律師代表率小幅上升。

The auto underlying combined ratio was approximately 12 points higher than the prior year quarter, which is about 5.5 points above our expectations. As we progress through the first quarter, we began to see indications that there was a pronounced step change in loss activity. The first signal of this was in our February data. And at that time, we did not view this as a sustained trend but an area to watch. As we monitored loss activity in March, claim frequency remained in line with our expectations but we observed additional pressure on claim severities for both the current accident quarter and accident year 2022.

汽車標的綜合成本率比去年同期高出約 12 個點，比我們的預期高出約 5.5 個點。隨著第一季度的進展，我們開始看到損失活動出現明顯階躍變化的跡象。第一個信號是我們二月份的數據。當時，我們並不認為這是一個持續的趨勢，而是一個值得關注的領域。當我們監測 3 月份的損失活動時，索賠頻率仍符合我們的預期，但我們觀察到當前事故季度和 2022 年事故年度的索賠嚴重程度面臨額外壓力。

For example, with respect to our physical damage coverages, we observed a lengthening time to repair vehicles and an increase in the mix of total losses versus repairable. For bodily injury coverages, we continue to experience a mix shift to more severe accidents. Taking all this data into consideration, we booked the current quarter at an underlying combined ratio of 105.1. We also recorded prior year development of $20 million related to accident year 2022 auto physical damage losses, which was primarily related to fourth quarter activity.

例如，就我們的物理損壞承保範圍而言，我們觀察到車輛維修時間延長，總損失與可修復損失的比例增加。對於人身傷害保險，我們繼續經歷向更嚴重事故的混合轉變。考慮到所有這些數據，我們以 105.1 的基本綜合成本率預訂本季度。我們還記錄了上一年與 2022 年事故汽車物理損壞損失相關的 2000 萬美元的發展，這主要與第四季度的活動有關。

For auto liability, we recorded no net increase in prior year reserves as elevated activity in 2022 was offset by improvement in accident years 2021 and prior. As Chris indicated, the team continues to file for rate increases to offset the loss cost trends we are experiencing. Written premium and personal lines increased 6% over the prior year, driven by steady and successful rate actions.

對於汽車責任，我們記錄的上一年準備金沒有淨增加，因為 2022 年活動的增加被 2021 年及之前事故年的改善所抵消。正如克里斯指出的那樣，該團隊繼續申請提高費率，以抵消我們正在經歷的損失成本趨勢。在穩定而成功的費率行動的推動下，承保保費和個人險種比上年增長了 6%。

The expense ratio decrease of 1.1 points was primarily driven by lower marketing spend. With respect to CAT, there were over 20 PCS-designated events this quarter, resulting in Property & Casualty current accident year CAT losses of $185 million which includes the impact from significant winter storms along the East and West Coast and tornado wind and hail events across several regions of the United States.

費用率下降 1.1 個百分點，主要是由於營銷支出減少。就 CAT 而言，本季度發生了 20 多起 PCS 指定事件，導致 Property & Casualty 當前事故年 CAT 損失達 1.85 億美元，其中包括東海岸和西海岸的重大冬季風暴以及各地龍捲風和冰雹事件的影響美國的幾個地區。

Total net prior accident year development was essentially zero as reserve reductions in workers' compensation and package business were offset by reserve increases in auto physical damage and general liability. Workers' compensation reserves were reduced primarily in Small Commercial, driven by favorable claim severity experience and a $20 million reduction in COVID-related reserves from the 2020 accident year.

上一年事故淨發展總額基本上為零，因為工人賠償和套餐業務準備金的減少被汽車物理損壞和一般責任準備金的增加所抵消。工傷賠償準備金減少主要是在小型商業領域，這是由於有利的索賠嚴重程度經驗以及與 2020 年事故年相比新冠病毒相關準備金減少了 2,000 萬美元。

Turning to Group Benefits. Core earnings in the first quarter of $90 million and the 5.2% core earnings margin reflect lower group life and disability loss ratios and growth in fully insured premiums. As a reminder, from a seasonality perspective, we tend to experience higher underlying loss costs in the first quarter, so we would expect the margins lower than our full year estimate.

轉向團體福利。第一季度的核心盈利為 9000 萬美元，核心盈利率為 5.2%，反映出團體人壽和傷殘損失率的下降以及全額保險保費的增長。提醒一下，從季節性角度來看，我們往往會在第一季度經歷更高的潛在損失成本，因此我們預計利潤率將低於我們全年的預期。

Earnings for the quarter benefited from a 12-point reduction in the group life loss ratio, reflecting improvement in the mortality trend as the prior year loss ratio was significantly impacted by the pandemic. Also positively impacting earnings for the quarter was a 2.8 point improvement in the disability loss ratio due to favorable long-term disability incidents.

該季度的收益受益於團體生命損失率下降 12 個百分點，反映出由於上一年損失率受到大流行的顯著影響，死亡率趨勢有所改善。由於有利的長期傷殘事件，傷殘損失率提高了 2.8 個百分點，這也對本季度收益產生了積極影響。

Fully insured ongoing premium growth was 8%, reflecting growth from existing customers as well as strong persistency and new business sales. Premium growth also benefited from continued strong employment trends as well as our focus on enhancing the enrollment experience of our customers. Our diversified investment portfolio produced solid results amidst financial sector volatility. For the quarter, net investment income was $515 million.

全保險持續保費增長率為 8%，反映了現有客戶的增長以及強勁的持續性和新業務銷售。保費增長還得益於持續強勁的就業趨勢以及我們對增強客戶註冊體驗的關注。我們的多元化投資組合在金融行業波動的情況下取得了穩健的業績。該季度淨投資收益為 5.15 億美元。

Our fixed income portfolio is continuing to benefit from higher interest rates. The total annualized portfolio yield, excluding limited partnerships, was 3.8% before tax, modestly higher than the fourth quarter. Our annualized limited partnership returns were 2.5% in the quarter. These returns were slightly better than we had estimated as private equity annualized returns of 9% partially offset negative returns in our real estate portfolio, given fund valuations and the absence of underlying property sales as we expected. Looking forward, while it is still early in the quarter, we believe second quarter LP results will be similar to first quarter.

我們的固定收益投資組合繼續受益於較高的利率。不包括有限合夥企業的年化投資組合總收益率為稅前 3.8%，略高於第四季度。本季度我們的有限合夥企業年化回報率為 2.5%。這些回報率略好於我們的預期，因為考慮到基金估值和我們預期的基礎房地產銷售缺乏，私募股權年化回報率 9% 部分抵消了我們房地產投資組合的負回報。展望未來，雖然仍處於本季度初期，但我們相信第二季度 LP 業績將與第一季度相似。

The overall credit quality of the portfolio remained high with an average credit rating of A+. Given the interest in real estate holdings and baking exposure, we have provided additional information in the appendix of our earnings slide deck. We had less than $600,000 in holdings in the 3 failed regional banks primarily through index investing, and we had no Credit Suisse AT1. As you can see in the disclosures provided, we own approximately $6 billion of commercial mortgage loans, which are concentrated in multifamily, industrial and grocery-anchored centers with limited office exposure.

投資組合整體信用質量保持較高水平，平均信用評級為A+。考慮到人們對房地產持有和烘焙風險的興趣，我們在收益幻燈片的附錄中提供了更多信息。我們主要通過指數投資持有這 3 家倒閉的地區性銀行，總金額不到 60 萬美元，而且我們沒有瑞士信貸 AT1。正如您在所提供的披露中所看到的，我們擁有約 60 億美元的商業抵押貸款，這些貸款主要集中在多戶住宅、工業和雜貨中心，辦公室敞口有限。

Our portfolio is focused on high-growth geographic areas. Average LTV is 52%. And importantly, we have stressed our properties for lower valuations and are comfortable that the '23 and '24 maturities are manageable. We also own $3.3 billion of commercial mortgage-backed securities. These holdings are secured by a diverse pool of properties with significant levels of subordination. We complete underlying loan level analysis for these holdings and also expect '23 and '24 maturities will be manageable.

我們的投資組合專注於高增長的地理區域。平均生命週期價值為 52%。重要的是，我們強調我們的房產估值較低，並且對“23”和“24”的到期日是可控的感到滿意。我們還擁有 33 億美元的商業抵押貸款支持證券。這些資產由具有顯著從屬地位的多元化財產池保障。我們完成了這些資產的基礎貸款水平分析，並預計“23”和“24”的到期日將是可控的。

Turning to capital management. During the quarter, we repurchased 4.7 million shares for $350 million. As of the end of the quarter, we have $2.4 billion remaining on our share repurchase authorization through December 31, 2024. We recognize the macroeconomic backdrop remains uncertain, but we are well positioned to deliver consistent, sustained industry-leading results. Our success is a direct result of our steadfast operational excellence. I will now turn it back to Susan.

轉向資本管理。本季度，我們以 3.5 億美元回購了 470 萬股股票。截至本季度末，截至 2024 年 12 月 31 日，我們的股票回購授權尚有 24 億美元。我們認識到宏觀經濟背景仍然不確定，但我們有能力提供一致、持續的行業領先業績。我們的成功是我們堅定不移的卓越運營的直接結果。我現在將其轉回給蘇珊。

Thank you. We are now ready to take your questions. Operator, if you could repeat the process for asking a question.

謝謝。我們現在準備好回答您的問題。接線員，您是否可以重複提問的過程。

(Operator Instructions)

（操作員說明）

Our first question for today comes from Brian Meredith from UBS.

我們今天的第一個問題來自瑞銀集團 (UBS) 的布萊恩·梅雷迪思 (Brian Meredith)。

First question on guidance. I'm just curious, your Personal Lines obviously running pretty elevated above kind of where your range on guidance is . What gives you confidence you're going to be able to make your guidance number for the year in personal auto? And then also on Commercial Lines, you're running above kind of the midpoint of the range. Should we see the underlying combined ratio to continue to improve here going forward in commercial?

第一個問題關於指導。我只是很好奇，您的個人路線顯然超出了您的指導範圍。是什麼讓您有信心能夠達到今年個人汽車的指導數字？然後，在商業線路上，您的運行速度也高於該範圍的中點。我們是否應該看到商業領域的基本綜合成本率繼續改善？

Brian, it's Chris. Thanks for joining us. I think you're asking questions about personal lines and commercial and probably the implications of all -- so what I would say on personal lines is clearly, we're facing more headwinds than we anticipated a quarter ago. We've run various scenarios. And I would share with you again, personal auto is that -- if the elevated inflation severity pressures we feel in the first quarter continue in the second and third quarter and then begin to revert in the fourth quarter, that probably puts about 4 to 6 points of loss ratio pressure on the auto expectations we had for the full year.

布萊恩，是克里斯。感謝您加入我們。我認為你問的是關於個人線路和商業的問題，可能還有所有這些的影響——所以我在個人線路上要說的顯然是，我們面臨的阻力比我們一個季度前預期的要多。我們已經運行了各種場景。我想再次與您分享，個人汽車是 - 如果我們在第一季度感受到的通脹嚴重壓力在第二和第三季度持續，然後在第四季度開始恢復，這可能會導致大約 4 到 6損失率點對我們全年的汽車預期構成壓力。

I think then on your Commercial Lines question, I remain highly confident, highly that we'll achieve the objectives and the targets set out for a couple of reasons. One, the earned premium impact is increasing, and it will increase over the next 3 quarters based on what we've written second half of last year and then into this year.

我認為，關於你的商業線路問題，我仍然非常有信心，非常相信我們將實現目標和出於幾個原因而設定的目標。第一，已賺取保費的影響正在增加，並且根據我們去年下半年和今年的數據，未來三個季度的影響將會增加。

I think also we've talked to you and others about the business mix that we're trying to shift to obviously more casualty, more property, and that will have the opportunity to contribute to overall margin improvements. And then third, something we don't maybe talk enough about is just our underwriting initiatives to improve risk selection, improve our overall margins that is happening in all the businesses, whether it be Middle Market and Global Specialty or Small. So I think we have all the initiatives in place that will build throughout the year, both on our loss ratio and our expense ratio as we get additional leverage to that demonstrates, and I see it in our numbers that we will achieve the goals that we set out for the year.

我想我們也已經與您和其他人討論了我們正在嘗試轉向明顯更多傷亡、更多財產的業務組合，這將有機會為整體利潤率的提高做出貢獻。第三，我們可能沒有充分討論的是我們的承保舉措，以改善風險選擇，提高所有業務中發生的整體利潤率，無論是中型市場和全球專業業務還是小型業務。因此，我認為我們已經制定了全年的所有舉措，包括我們的損失率和費用率，因為我們獲得了額外的槓桿來證明這一點，我從我們的數據中看到，我們將實現我們的目標為當年設定。

Great. That's really helpful. And then Chris, I'm just curious, the reinsurance business, you talk about a lot of much, but it's becoming a decent-sized business. Maybe you can talk a little bit about what's in that reinsurance book? Is it a property book? Is it a Cozy book? How should we think about it? Will it create some additional volatility here going forward?

偉大的。這真的很有幫助。然後克里斯，我只是很好奇，再保險業務，你談論了很多，但它正在成為一個規模相當大的業務。也許你可以談談再保險書裡的內容？是財產簿嗎？這是一本舒適的書嗎？我們應該如何思考呢？未來是否會造成一些額外的波動？

Yes, I would -- I'll have -- maybe add this color. But I would say it's a diversified book. So a diversified book of property and casualty. We've been in it, obviously, since we've acquired Navigators. It's a very thoughtful team a very thoughtful approach. But it does contribute to growing our property, which I think we shared with you is a key initiative.

是的，我會——我會——也許添加這種顏色。但我想說這是一本多元化的書。因此，財產和傷亡的多元化賬簿。顯然，自從我們收購了 Navigators 以來，我們就一直參與其中。這是一個非常周到的團隊，一個非常周到的方法。但它確實有助於發展我們的財產，我認為我們與您分享的這是一項關鍵舉措。

And Global Re this quarter basically grew its premium base over last year, about 21% with 30% pricing improvement in property. So -- it's a U.S. book. It does have a little bit of global exposure, but I think it's performing very well, and it's going to contribute.

Global Re 本季度的保費基礎比去年基本增長了約 21%，其中房地產定價提高了 30%。所以——這是一本美國書。它確實有一點全球曝光度，但我認為它的表現非常好，並且將會做出貢獻。

Our next question comes from Yaron Kinar from Jefferies.

我們的下一個問題來自 Jefferies 的 Yaron Kinar。

My first question is with regards to global specialty pricing. Maybe you can talk about where you see that going over the course of the year. And also, is it still ahead of loss trends? Because it just seems like, I think one of your competitors on the specialty side was talking about 8% loss trends in specialty. So I would just want to verify that.

我的第一個問題是關於全球特色產品的定價。也許您可以談談您在這一年中看到的情況。而且，它仍然領先於虧損趨勢嗎？因為看起來，我認為你們在專業領域的一位競爭對手正在談論專業領域 8% 的損失趨勢。所以我只想驗證一下。

Yes. Yaron, I would say in Global Specialty, you just got to take public company D&O out because it's such an outlier. And I give you a couple of data points, both in our international in domestic public company D&O public company books, which is about $200 million of gross premium. I mean rates are negative 20% or greater. So when I think of sort of our book and business mix in total, I mean, I'll give you another stat. And it's in our investor slides that we put out there. But Commercial Lines ex comp. Pricing is up 6.8%.

是的。 Yaron，我想說，在全球專業領域，你只需將上市公司 D&O 剔除，因為它是如此異常。我給你們提供了幾個數據點，這些數據都在我們的國際和國內上市公司 D&O 上市公司賬簿中，其中毛保費約為 2 億美元。我的意思是利率為負 20% 或更高。因此，當我考慮我們的書籍和業務組合時，我的意思是，我會給你另一個統計數據。我們在投資者幻燈片中發布了這一點。但商業線路除外。價格上漲 6.8%。

But if I exclude the public company D&O, that 6.8 goes to 7.7, and that 7.7 is well in excess of our long-term cost of goods sold increases that we're expecting. So we still have a meaningful healthy margin. If you include it, it's meaningful about 100 basis points. And if you exclude public company D&O, yes, that probably goes up to 200 basis points of spread. So you put it all together, and it is a pressure point. It's a small line of business, but that's why you probably see that we're being very sensitive on how much we write. We're willing to let business go that doesn't meet our hurdle rates will impact the top line, but it will protect the bottom line.

但如果我排除上市公司 D&O，則 6.8 會變為 7.7，而 7.7 遠遠超過我們預期的長期銷售成本增長。因此，我們仍然擁有有意義的健康利潤率。如果算上的話，100個基點左右就有意義了。如果您排除上市公司 D&O，是的，利差可能高達 200 個基點。所以你把它們放在一起，這就是一個壓力點。這是一個很小的業務領域，但這就是為什麼您可能會看到我們對我們的寫作量非常敏感。我們願意放開不符合我們最低門檻的業務，這會影響營收，但會保護盈利。

Maybe just to add -- this is Mo. I Just -- I think we feel particularly good about the lines outside of public D&O. I think we're growing the Marine book at nice rates the wholesale auto, wholesale property books. Those are all really additive to the margin expansion that Chris was talking about.

也許只是補充一下——我是莫。我只是——我認為我們對公共 D&O 之外的界限感覺特別好。我認為我們正在以很好的價格增長海洋書籍、批發汽車書籍、批發房地產書籍。這些都是克里斯所說的利潤擴張的真正補充。

And then maybe a quick one on Florida reform. Do you see that having any impact on your businesses, whether on the personnel side or commercial?

然後也許是關於佛羅里達州改革的快速介紹。您認為這對您的業務有任何影響嗎，無論是人事方面還是商業方面？

Well, I mean, the Florida Tort Reform is obviously a welcome development to help contribute to making Florida more in trouble stage of state, whether it be some of the statutes that were provided there one-way attorney fees being limited, contribitory negligence, shortening sort of the period that you could file suit.

嗯，我的意思是，佛羅里達州侵權法改革顯然是一項值得歡迎的發展，有助於使佛羅里達州更加陷入困境，無論是其中規定的一些法規，單向律師費受到限制，有過失，縮短您可以提起訴訟的期限。

So all that is positive. I think if you're -- if you're really asking the question, is there any short-term impacts on potential elevated litigation in suits being filed, we don't think so. And if it is, it's controlled and contained within our loss picks, particularly in our BI bucket.

所以這一切都是積極的。我認為，如果你真的問這個問題，對正在提起的訴訟中潛在的訴訟增加是否有任何短期影響，我們認為不會。如果是的話，它會被控制並包含在我們的損失選擇中，特別是在我們的 BI 桶中。

Our next question comes from Elyse Greenspan from Wells Fargo.

我們的下一個問題來自富國銀行的艾麗絲·格林斯潘。

My first question is on personal auto. So Chris, you mentioned that you guys still expect to get back to your target margins in that business in '24. Obviously, you and everyone else in the industry is still seeing elevated trends to start this year. So -- why are you still convinced you can get there next year? Or is it just that in response to the trend you guys are pushing for more price than previously expected.

我的第一個問題是關於個人汽車的。克里斯，你提到你們仍然希望在 24 年恢復到該業務的目標利潤率。顯然，您和業內其他人仍然看到今年開始的上升趨勢。那麼——為什麼你仍然相信你明年能實現這一目標呢？或者只是為了應對這一趨勢，你們正在推動比之前預期更高的價格。

Yes. I would just add my high-level commentary and then ask Stephanie to add hers.But -- yes, I think, Elyse, what you described in my words is simple math, right? We got loss trends that are remaining elevated, inflation is sticky. There's some severity pressure on totals versus repairables as Beth mentioned. But at the end of the day, even though it works on a lag effect, the data will support raising rates.

是的。我只想添加我的高級評論，然後請斯蒂芬妮添加她的評論。但是 - 是的，我認為，Elyse，你用我的話描述的是簡單的數學，對吧？我們看到損失趨勢仍然較高，通貨膨脹也很棘手。正如貝絲提到的，總數與可修復量之間存在著一些嚴重的壓力。但歸根結底，儘管它具有滯後效應，但數據將支持加息。

And as we said, we've got 10 points of written rate in the book this quarter on filed basis on a proved basis in the states. We've gotten 18.3%. So the cumulative effect of rate increases, pruning the book gives us confidence that we can achieve our target margins in 2024. But Stephanie, what would you add?

正如我們所說，本季度我們在各州的備案基礎上獲得了 10 個百分點的書面評分。我們得到了 18.3%。因此，加息的累積效應、修剪賬簿讓我們有信心能夠在 2024 年實現我們的目標利潤率。但是斯蒂芬妮，您會補充什麼？

Chris, I think you framed it well. Elyse, our strategy remains unchanged. It's rate adequacy focused towards achieving profitability in 2024 and our prevail launch. So the 10 points, which you see sequentially over the prior quarters is a meaningful step change.

克里斯，我認為你構想得很好。 Elyse，我們的策略保持不變。其利率充足性的重點是在 2024 年實現盈利以及我們的盛行推出。因此，您在前幾個季度中連續看到的 10 個點是一個有意義的階躍變化。

And again, the rate, the 18 plus that we have approved those filings, it's truly a reflection of the rate that we're getting, and how that will work its way through the book. And as Beth and Chris alluded to in the prepared remarks, what we observed in the first quarter has already been contemplated and put into our rate filings. So it's a dynamic process and one that we're working hard on every single day, but that gives us confidence.

再說一遍，我們批准這些申請的 18+ 的比率，它確實反映了我們所獲得的比率，以及它將如何在本書中發揮作用。正如貝絲和克里斯在準備好的發言中提到的那樣，我們在第一季度觀察到的情況已經經過考慮，並已納入我們的費率備案中。所以這是一個動態的過程，我們每天都在努力工作，但這給了我們信心。

And then my second question is on Commercial Lines. So you guys, in response to a prior question, right, pointed to earning in rate and there are some expenses that are going to flow through as well. Should we expect that the year-over-year improvement that you're looking for will pick up as we go through the next 3 quarters, meaning be the greatest in the fourth quarter as the rate continues to earn in, or is there any other seasonality we need to pay attention to when thinking about the back 3 quarters of the year?

我的第二個問題是關於商業線路的。所以你們，在回答之前的問題時，對吧，指出了收入的比率，並且還有一些費用也會流動。我們是否應該期望您所尋求的同比改善會在接下來的三個季度中有所回升，這意味著隨著利率繼續盈利，第四季度會出現最大的改善，或者還有其他任何改善嗎？在考慮今年的後三個季度時，我們需要注意季節性嗎？

Yes. I don't think there's any seasonality you need to pay attention to explicitly. But I do believe over the next 3 quarters, you'll see improvement in the loss ratio and the expense ratio given what we've talked about earned rate coming in business mix shifting for us. So all those will contribute to that improvement. And Elyse, I think we have talked with you and others about our guidance.

是的。我認為您不需要明確注意任何季節性。但我確實相信，在接下來的三個季度，考慮到我們所談論的盈利率將隨著業務組合的變化而變化，您將看到損失率和費用率的改善。因此，所有這些都將有助於改善。 Elyse，我想我們已經與您和其他人討論了我們的指導。

Remember, we guided to 87 million 89. We finished last year at 88.3. We believe, based on the first quarter and the data that we're seeing for the next 3 that we will be able to improve from that 88.3 last year, whether it be 3 times of a point, 5 times of point. We don't have to debate that today, but it will improve. And it's again, fundamentally driven by loss ratio improvement, expense ratio improvement offset by some of the headwinds that we feel in workers' comp. So those are the 3 main components of how we get to combined ratio improvement on an underlying basis from last year to this year.

請記住，我們的目標是 8700 萬 89。去年我們的目標是 88.3。我們相信，根據第一季度和未來 3 個季度的數據，我們將能夠比去年的 88.3 有所提高，無論是 3 倍還是 5 倍。今天我們不必爭論這個問題，但它會有所改善。從根本上來說，這又是由損失率改善和費用率改善所推動的，這些改善被我們在工人補償中感受到的一些不利因素所抵消。因此，從去年到今年，這些是我們如何從根本上改善綜合比率的三個主要組成部分。

Our next question comes from Alex Scott of Goldman Sachs.

我們的下一個問題來自高盛的亞歷克斯·斯科特。

First one I had is a little bit of a housekeeping item. You guys mentioned higher non-CAT losses in commercial relative to the depressed level last year, how those non-CAT losses this quarter compared -- I guess somewhere normal expectation. I just wasn't sure whether to interpret that as higher than normal or not?

我的第一個東西是一些家務用品。你們提到，與去年低迷的水平相比，商業領域的非 CAT 損失更高，本季度的非 CAT 損失如何比較——我猜這是正常預期。我只是不確定是否將其解釋為高於正常水平？

I'll add my color and then I'll ask Beth to add hers. But I would say between small and middle right on expectation, right, for the year. small ran a little hot in middle and larger and better than expected. But is there anything else there, Beth, that you would add?

我會添加我的顏色，然後我會要求貝絲添加她的顏色。但我想說的是，就今年的預期而言，在小型和中等偏右之間。小號跑得有點熱，中號有點熱，大號比預期的要好。但貝絲，您還有什麼要補充的嗎？

No. I think you captured it well as we, again, look at both small and middle, a little bit offsetting relative to a little elevated in small commercial and a benefit in Middle market.

不。我認為你很好地捕捉到了這一點，因為我們再次關注小型和中型市場，相對於小型商業的稍微提升和中型市場的好處來說，有點抵消。

Got it. And then my follow-up is on workers' comp. I guess -- when you guys are thinking about loss trend there, it seems like you probably maintained a pretty high loss trend in line with sort of the 5% positive loss trend. You've been booking. I just wanted to get some thoughts on the way that you're thinking through like frequency versus severity within that? And I mean, are you giving yourself credit for the lower frequency post pandemic, the way that we've seen some of your larger peers do?

知道了。然後我的後續行動是關於工人的補償。我想——當你們考慮那裡的損失趨勢時，看起來你們可能保持著相當高的損失趨勢，與 5% 的正損失趨勢一致。你已經預訂了。我只是想了解一下您的思考方式，例如其中的頻率與嚴重性？我的意思是，您是否認為大流行後頻率較低，就像我們看到您的一些較大同行所做的那樣？

Alex, I think we've talked at year-end about frequency and severity trends. I would just reiterate they're right in line with our expectations, maybe even slightly better on the severity side.

亞歷克斯，我想我們在年底討論過頻率和嚴重性趨勢。我只想重申，它們符合我們的預期，甚至在嚴重性方面甚至略好一些。

And I think we've talked about that. The trend on severity, what we price for initially reserved for is 5%. But last year and then continuing into this year, we're outperforming that. And we do have a frequency expectation that it will improve or a negative frequency. But we're not providing that data on a granular basis.

我想我們已經討論過了。嚴重程度的趨勢，我們最初預留的價格是 5%。但去年以及今年，我們的表現都超過了這一水平。我們確實有一個頻率預期，即它會改善或出現負頻率。但我們並沒有提供詳細的數據。

Our next question comes from David Motemaden from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Motemaden。

So Chris, you spoke about the components of improving the underlying combined ratio in commercial in 2023 versus 2022. And we can see the expense ratio. So I wanted to look at the underlying loss ratio here in the first quarter in line with expectations with what you guys have let out. Wondering if you could talk about the different dynamics there between comp and then excluding comp, was the year-over-year deterioration just all workers' comp? Or was there anything else in there? And it sounds like you're expecting the noncomp to pick up and improve over the rest of the year, but just wanted to get a little bit more color on that.

克里斯，您談到了 2023 年與 2022 年相比改善商業基礎綜合成本率的組成部分。我們可以看到費用比率。因此，我想看看第一季度的基本損失率是否符合你們所公佈的預期。想知道您是否可以談談補償和排除補償之間的不同動態，逐年惡化是否只是所有工人的補償？或者裡面還有其他什麼東西嗎？聽起來你期望非比賽在今年剩下的時間裡有所改善並有所改善，但只是想在這方面獲得更多的色彩。

Yes, David, happy to talk through that the best way we can. I would start by saying year-over-year, and compared to our expectations are generally right in line, right? So if you want to quibble about 0.1 of a point or 0.2 of a point okay, but I'm not. And so again, there's always going to be puts and takes. But from the year-over-year, we're offsetting the headwind in comp with other margin expansion and other lines of business, and it's sort of across the board. It's ones and two tens here and there. But again, that gives us confidence that we have the ability to continue that throughout the rest of the year. And again, I would just point out, particularly in property, we are really focused on growing our property book.

是的，大衛，很高興以最好的方式討論這個問題。我首先要說的是，與去年同期相比，與我們的預期相比，總體上是正確的，對嗎？所以如果你想狡辯 0.1 點或 0.2 點也可以，但我不會。再說一次，總是會有變化。但從同比來看，我們正在通過其他利潤擴張和其他業務線來抵消逆風，而且這是全面的。到處都是個位和兩個十位。但這再次讓我們相信我們有能力在今年剩餘時間裡繼續這樣做。我想再次指出，特別是在房地產領域，我們真正專注於擴大我們的房地產賬簿。

And I think we've talked about it. We've got about $2 billion of commercial lines property book. We grew that first quarter over first quarter, as I said, 18%. And if I look at pricing, particularly in our standard commercial lines, that pricing is up 12%. Wholesale is up 24%, Global Re is up 30%. So we are getting a meaningful lift in property, and that's going to mix in and will help the overall margins. I would say, again, our general liability and casualty and specialty casualty lines or industry verticals in certain areas are also running high single digits to low double digits with price increases, which will contribute.

我想我們已經討論過了。我們擁有價值約 20 億美元的商業線路財產賬簿。正如我所說，我們第一季度比第一季度增長了 18%。如果我看一下定價，特別是我們的標準商業產品線，定價上漲了 12%。批發業增長 24%，全球再保險 (Global Re) 增長 30%。因此，我們在房地產領域獲得了有意義的提升，這將有助於提高整體利潤率。我想說，隨著價格上漲，我們的一般責任和傷亡以及特殊傷亡險種或某些領域的垂直行業也從高個位數到低兩位數運行，這將有所貢獻。

We are feeling a little pressure, as I said, in public company D&O and also a little pressure in our excess casualty book, primarily construction. And I would say there's 2 primary reasons for that pressure, both top line and then a little bit on pricing is competition is moving in there. And then there's fewer projects that's taking longer to get financing lined up for it. So it's a little bit of a perfect storm for some pressure there, but we're going to remain disciplined and try to protect our margins there. So those are the components I put together, David, and we're able to follow that.

正如我所說，我們在上市公司 D&O 方面感受到了一點壓力，在我們的過度傷亡賬簿（主要是建築業）中也感受到了一點壓力。我想說，造成這種壓力有兩個主要原因，一方面是營收，另一方面是定價方面的競爭正在發生。而且需要更長時間才能獲得融資的項目也更少。因此，對於那裡的一些壓力來說，這有點像一場完美風暴，但我們將保持紀律，並努力保護我們在那裡的利潤。大衛，這些就是我組合在一起的組件，我們可以遵循這些組件。

Yes. That was great. I appreciate that color. And then maybe just a follow-up. It sounded like loss trend, roughly stable inclines in the quarter. Obviously, a very dynamic environment, especially on the liability line side. Have you thought about any -- your expectations going forward? I think last quarter, you had spoken about some expectation for property severity moderating towards the second half of the year. And then also just maybe talk about sort of thoughts on liability loss costs as we head through the rest of the year.

是的。那很棒。我很欣賞那種顏色。然後也許只是後續行動。聽起來像是虧損趨勢，本季度的增長大致穩定。顯然，這是一個非常動態的環境，尤其是在責任線方面。你有沒有想過你對未來的期望？我想上個季度，您曾談到對下半年房地產嚴重程度有所緩和的一些預期。然後，在我們今年剩下的時間裡，也許還可以談談關於責任損失成本的一些想法。

Yes. I don't think there's anything new to add. I don't actually -- I don't think I follow exactly what you're getting at. But all I would say is our property book is $2 billion. I think it performs well. We're trying to grow it. As we grow it, we might have a little bit more volatility from quarter-to-quarter just as fortuitous events happen -- still feel good about our reinsurance protection and all our property, either per risk or aggregate basis. So there's nothing new to talk about in property, Mo, unless you would add anything?

是的。我不認為有什麼新的東西可以補充。事實上，我不認為我完全理解你的意思。但我想說的是我們的財產賬簿有 20 億美元。我認為它表現良好。我們正在努力培育它。隨著我們的增長，就像偶然事件發生一樣，我們可能會在每個季度出現更多的波動——無論是按風險還是總體基礎上，我們仍然對我們的再保險保護和我們的所有財產感到滿意。所以，莫，在房地產領域沒有什麼新東西可談，除非你想補充一些東西？

Okay. No, I just say on liability, we continue to -- and this is going back 2 or 3 years now. We've been working really hard on segmentation and making sure we're looking at the right jurisdictions, thinking about attachment points thinking about our limits management. So I think there's a pretty aggressive strategy that we used over the past couple of years to stay ahead of some of the trends that we're seeing now, which refers back to when Chris talks about underwriting initiatives, those are the types of things that he's talking about.

好的。不，我只是說關於責任，我們繼續——這可以追溯到兩三年前。我們一直在努力進行細分，並確保我們正在尋找正確的司法管轄區，考慮附著點，考慮我們的限制管理。因此，我認為我們在過去幾年中使用了一種非常積極的策略，以保持領先於我們現在看到的一些趨勢，這指的是當克里斯談論承保計劃時，這些都是他正在談論。

Our next question comes from Greg Peters of Raymond James.

我們的下一個問題來自雷蒙德·詹姆斯的格雷格·彼得斯。

I want to go back to your comments around D&O and the pricing being down 20%. And -- maybe Chris or Mo, you can talk about are there barriers to entry in D&O? I would have imagined for public companies there's some component of switching costs if they go from one carrier to the next. And just as it relates to your position in the market, do you have the flexibility to come and go based on underwriting conditions or does the business require you to stick with customers but perhaps at a reduced level of participation?

我想回到您對 D&O 以及價格下降 20% 的評論。而且——也許 Chris 或 Mo，你可以談談 D&O 的進入壁壘嗎？我本來可以想像，對於上市公司來說，如果它們從一家運營商轉到另一家運營商，就會產生一定的轉換成本。正如它與您在市場中的地位相關一樣，您是否可以根據承保條件靈活地進出，或者業務是否要求您堅持與客戶合作，但參與程度可能會降低？

Yes, Greg, it's Mo, I'll start. Yes. No, I think what we've seen, and I know some of our competitors have talked about it, is the number of new entrants into the space, especially on the excess basis. At the same time, exposures have dropped away, whether that be spacks or despacks or just IPOs in general. I think it's important to note also that we -- as Chris talked about earlier, it's a relatively small part of our Financial Lines book is the D&O is the $200 million that Chris referenced.

是的，格雷格，我是莫，我要開始了。是的。不，我認為我們所看到的，而且我知道我們的一些競爭對手已經談論過，是進入該領域的新進入者的數量，特別是在過剩的基礎上。與此同時，風險敞口已經減少，無論是打包、解包還是一般的首次公開募股。我認為還需要注意的是，正如克里斯之前提到的，D&O 是克里斯提到的 2 億美元，這只是我們《財務線》書中相對較小的一部分。

And I don't think there's anything holding us in that market. We have been really working hard on risk quality day by day on risk by risk to make decisions as we decide which ones we will stay with and which ones we won't. But at the same time, we are also pivoting resources towards other parts of the financial lines book. I think management liability, I think professional liability, small commercial, middle market types of customers.

我認為沒有什麼可以阻止我們進入這個市場。我們每天都在努力提高風險質量，逐個風險地做出決策，決定哪些是我們要留下來的，哪些是我們不會留下的。但與此同時，我們也將資源轉向金融業務手冊的其他部分。我認為管理責任，我認為專業責任，小型商業，中型市場類型的客戶。

So I think we're trying to be fairly nimble in the face of what is a precipitous drop in the public D&O market, but we see opportunities throughout that portfolio in other ways.

因此，我認為，面對公共 D&O 市場的急劇下滑，我們正在努力保持相當靈活的態度，但我們在整個投資組合中以其他方式看到了機會。

Greg, only I would add is -- there are differences in relationships on the primary side versus the excess side. We're primarily excess players and towers. You do have a little bit more flexibility to come and go. -- which, as Mo said, creates the opportunity for new capital and new entrants to come in. I see a little bit more stability on the primary side, but that's just my point of view.

格雷格，我只想補充一點——初級側與多餘側的關係存在差異。我們主要是多餘的玩家和塔。您確實有更多的來去靈活性。 ——正如莫所說，這為新資本和新進入者的進入創造了機會。我看到初級方面更加穩定，但這只是我的觀點。

Makes sense. I'm going to switch gears. The group benefits business. In your comments, you look at the results. I think you said second best quarter for new sales. Is this coming across the spectrum? Or are you gaining more share in a different component of is it smaller business, middle-sized businesses? And I guess as I think about the outlook, is there a step change in the market and your position in the market? Or is it just -- or is there something going on with your distribution network that's giving you an advantage over your peers?

說得通。我要換檔了。集團有利於企業。在您的評論中，您會查看結果。我想你說的是新銷售第二好的季度。這是否跨越了整個範圍？或者您是否在小型企業、中型企業的不同組成部分中獲得了更多份額？我想，當我思考前景時，市場和您在市場中的地位是否發生了重大變化？或者只是——或者您的分銷網絡是否發生了某些事情，使您比同行更具優勢？

Yes, Greg, I'm going to ask Jonathan to comment. But I would say, as I said in my prepared remarks, I mean, we're growing in all segments. Clearly, we're still recognized as a market leader in national accounts, that's probably 60% of our book. But we do want to continue to focus and grow in the other segments and improve our offerings there. But I think it's just a cumulative impact of what our brand stands for in this space. And it's terribly important today, we're investing in, as I said before.

是的，格雷格，我要請喬納森發表評論。但我想說，正如我在準備好的發言中所說，我的意思是，我們在所有領域都在增長。顯然，我們仍然被公認為國民經濟核算的市場領導者，這可能占我們賬簿的 60%。但我們確實希望繼續關注其他細分市場並不斷發展，並改善我們在那裡的產品。但我認為這只是我們品牌在這個領域所代表的累積影響。正如我之前所說，今天我們正在投資這一點非常重要。

And you're right. I think we're recognized as one of the premier organizations in the benefits space, both disability, life all our supplemental products, and we're trying to take advantage of it while remaining disciplined to get appropriate rates and returns for this book. But Jonathan, what would you add?

你是對的。我認為我們被認為是福利領域的首要組織之一，無論是殘疾、生活還是我們的所有補充產品，我們都在努力利用它，同時保持紀律，為這本書獲得適當的費率和回報。但是喬納森，你會補充什麼？

Chris, all the right points to start with on the conversation for sales. The national account business is fortuitous. Every year is a bit of a different market. Not every customer comes to market every year. And so opportunities present in different ways at different times. We had a nice run on some national account business, which we're excited to add to our books. So that continues.

克里斯，關於銷售對話的所有正確的起點。國民賬戶業務是偶然的。每年的市場都有所不同。並非每個客戶每年都會來到市場。因此，機會在不同的時間以不同的方式出現。我們在一些國民賬戶業務上取得了良好的進展，我們很高興將其添加到我們的賬簿中。就這樣繼續下去。

And we feel like we are a strong player in the large case market, and we'll continue to compete there. But we are focused very much as we work ourselves down into what we call regional accounts and in the smaller and midsized enterprises. And I think we're seeing good success through our distribution channels there. A number of our initiatives have hit pretty well.

我們覺得我們是大型機箱市場的強大參與者，我們將繼續在那裡競爭。但當我們深入研究所謂的區域客戶和中小型企業時，我們非常專注。我認為我們通過我們的分銷渠道看到了良好的成功。我們的一些舉措取得了很好的效果。

We've been focused on things like enrollment had a strong season last year. I think it's an intersection of benefits awareness and interest from employees and employers to add new lines, new coverages and to access those along with our improved enrollment capabilities coming online, really at a great time to take advantage of that interest in helping us to drive more new sales and overall top line. So those things coming together, along with a market cycle that worked well for us in national, I think, has produced a great result here in the first quarter of '23.

我們一直關注去年招生旺季等問題。我認為這是員工和雇主的福利意識和興趣的交集，他們希望增加新的線路、新的保險範圍，並隨著我們改進的在線註冊功能一起訪問這些內容，這確實是一個很好的時機，可以利用這種興趣來幫助我們推動更多新銷量和整體營收。因此，我認為，這些因素結合在一起，再加上對我們在全國范圍內運作良好的市場週期，在 23 年第一季度產生了很好的結果。

Our next question comes from Mike Zaremski from BMO.

我們的下一個問題來自 BMO 的 Mike Zaremski。

I guess first question, thank you for the additional commercial real estate disclosure. I mean I'm sure you and most analysts have gotten a lot of questions on that asset class. Just curious, is there a scenario and appreciative that it's been a very profitable -- remains a very profitable asset class.

我想第一個問題，感謝您額外披露商業房地產信息。我的意思是，我確信您和大多數分析師都對這一資產類別提出了很多問題。只是好奇，是否存在一種情況並讚賞它是一種非常有利可圖的資產類別 - 仍然是一種非常有利可圖的資產類別。

But is there a scenario where it would make prudent sense to that we are hold back on capital management a bit if stress and pockets of that asset class were to persist or get worse? Or is that just -- you guys have the granularity? Is it just not -- does that does not make sense given maybe the headlines are worse than the reality.

但是，如果該資產類別的壓力和部分持續存在或變得更糟，是否存在一種謹慎合理的情況，我們會稍微抑制資本管理？或者只是——你們有粒度嗎？是不是——考慮到頭條新聞可能比現實更糟糕，這沒有意義嗎？

Yes. Mike, all I would say, and I'll ask Beth to add her color is details matter, location matters, property-type matters, experience with lenders -- or excuse me, borrowers and developer matters. So we're pretty confident in our ability to manage this through cycle here that we're approaching and still have optimal flexibility with our balance sheet capital. But Beth, what would you add?

是的。邁克，我想說的是，我會請貝絲補充一下她的觀點，細節很重要，位置很重要，財產類型很重要，貸款人的經驗很重要——或者對不起，借款人和開發商很重要。因此，我們對我們在整個週期中管理這一問題的能力非常有信心，我們正在接近這一周期，並且我們的資產負債表資本仍然具有最佳的靈活性。但是貝絲，你會添加什麼？

Yes, I would agree with that. I mean, we regularly stress all aspects of our business and evaluate our overall capital levels and take that into consideration when we execute and on our share repurchases and so forth.

是的，我同意這一點。我的意思是，我們定期強調我們業務的各個方面，評估我們的整體資本水平，並在我們執行和股票回購等時考慮到這一點。

And sitting here today, as you can see from our results, we're continuing on the path that we've been, and we feel very good with the overall strength of the balance sheet.

今天坐在這裡，正如您從我們的業績中看到的那樣，我們正在繼續我們已經走過的道路，我們對資產負債表的整體實力感到非常滿意。

Okay. Great. And my follow-up, you guys have touched on this in a lot of prior calls, but the small commercial new business momentum has continued. And any changing dynamics there that have allowed Hartford to win even more? Is this just kind of the normal box that you guys are known for doing so well? Any change in dynamics there would be helpful.

好的。偉大的。我的後續行動，你們在之前的很多電話會議中都談到了這一點，但小型商業新業務的勢頭仍在繼續。是否有任何變化的動態讓哈特福德贏得更多？這只是你們眾所周知的做得很好的普通盒子嗎？那裡動態的任何變化都會有幫助。

I'll let Stephanie add it, but I'll just repeat what I said in my prepared remarks, consciously, I mean, we -- we built a new product with new technology, Amazon-like features, easy to use, intuitive both for CSRs and then our direct customers. So it doesn't happen by mistake.

我會讓斯蒂芬妮添加它，但我只會重複我在準備好的發言中所說的話，有意識地，我的意思是，我們 - 我們用新技術構建了一個新產品，類似亞馬遜的功能，易於使用，直觀對於企業社會責任，然後是我們的直接客戶。所以這不是錯誤發生的。

It's very intentional as far what we're trying to achieve, investing in, particularly some of the latest developments in the excess and surplus lines that we're going to attack quite aggressively in the marketplace. But Stephanie, what would you say?

就我們想要實現的目標而言，這是非常有意的，投資於，特別是我們將在市場上積極進攻的過剩和盈餘線的一些最新發展。但是斯蒂芬妮，你會說什麼？

Yes. It's a terrific question. It's a phenomenal franchise. It's best stated 11 quarters in a row with a sub-90 underlying combined ratio, record-breaking new business growth, all lines growing, stable retention, strong pricing export comp, and we're incredibly skilled at the workers' compensation line, successfully navigate historically through multiple economic scenarios. We really are the standard for ease, accuracy and consistency in this space.

是的。這是一個很棒的問題。這是一個非凡的特許經營權。最好的說法是連續 11 個季度低於 90 的基本綜合成本率、創紀錄的新業務增長、所有業務都在增長、保留率穩定、定價出口競爭強勁，而且我們在工人賠償方面擁有令人難以置信的技能，成功地歷史地瀏覽多種經濟情景。我們確實是這個領域的輕鬆性、準確性和一致性的標準。

Our agents have come to expect a seamless digital experience that values their time and provides the right coverage for their clients. So -- we just really believe we have the winning formula for this space. Our greatest competition is ourselves. And we're off to a tremendous start. And as Chris mentioned, we're pacing towards another milestone of $5 billion.

我們的代理商期望獲得無縫的數字體驗，既珍惜他們的時間，又為客戶提供正確的保險。所以——我們真的相信我們擁有這個領域的製勝秘訣。我們最大的競爭是我們自己。我們有了一個良好的開端。正如 Chris 提到的，我們正在邁向 50 億美元的另一個里程碑。

If I could, just a direct follow-up on this. You've mentioned E&S a couple of times I think the last couple of calls, in regards to Small Commercial. Is that a new initiative? Like is that a-- does that open up a new TAM that for Small Commercial E&S that you know that the lights of Kyndryl are in? Or just any color there would be great.

如果可以的話，我只是直接跟進此事。您已經多次提到 E&S，我認為最近幾次電話會議是關於小型商業的。這是一項新舉措嗎？這是否為小型商業 E&S 開闢了一個新的 TAM，您知道 Kyndryl 的燈光就在其中？或者任何顏色都會很棒。

Sure. E&S binding and small business is a terrific story. It's a wonderful and attractive addition to our overall franchise. And candidly, it's opened up another $7.5 billion of addressable market for us. And we're focused on growing the property and liability lines. We're very pleased with the results. It's a growing and accretive portion of our business and expect that to grow meaningfully over time. So it's a terrific offering. We have tremendous wholesale relationships -- and it's just allowing us to be -- to create more capability and offering in the total small business universe.

當然。 E&S 綁定和小型企業是一個很棒的故事。這是對我們整體特許經營權的精彩且有吸引力的補充。坦率地說，它為我們開闢了另一個價值 75 億美元的潛在市場。我們專注於擴大財產和責任額度。我們對結果非常滿意。這是我們業務中不斷增長和增值的部分，預計隨著時間的推移，它會實現有意義的增長。所以這是一個很棒的產品。我們擁有巨大的批發關係——這讓我們能夠——在整個小型企業領域創造更多的能力和產品。

Our next question for today comes from Tracy Benguigui from Barclays.

今天我們的下一個問題來自巴克萊銀行的 Tracy Benguigui。

One of your competitors mentioned that California workers' comp is showing signs of firming which is ahead of the rest of the market. Are you seeing that too?

您的一位競爭對手提到，加州工人的薪酬正在顯示出走強的跡象，這領先於市場的其他部分。你也看到了嗎？

Yes, I read that. I would say we're probably a little more sanguine and cautious. That's all I'll say.

是的，我讀到了。我想說我們可能更加樂觀和謹慎。我就說這麼多。

Or is there any other tougher states that are showing early signs of firming at this stage?

或者還有其他更加強硬的國家在現階段顯示出堅定的早期跡象嗎？

I would say we're watching for green shoots very closely. We'll report if we see any green shoots.

我想說，我們正在密切關注新芽。如果我們看到任何新芽，我們會報告。

Got it. Chris, you mentioned that the auto headwind should add 4 to 6 points of loss ratio pressure on your auto expectations that you had for the full year. So how should that influence your Personal Lines underlying combined ratio guide of 93% to 95% for '23, which is auto and homeowners?

知道了。克里斯，您提到汽車行業的逆風應該會給您全年的汽車預期帶來 4 到 6 個百分點的損失率壓力。那麼，這會如何影響 23 年（即汽車和房主）的個人險種基礎綜合比率指南（93% 至 95%）？

Yes, what is expected you be able to do the math on that. But that's all I'm prepared to say at this point in time. You could see the premium weighting. You could see the history. I think you can make a reasonable estimate.

是的，您可以對此進行數學計算。但這就是我現在準備說的全部內容。您可以看到保費權重。你可以看到歷史。我想你可以做出一個合理的估計。

Our next question comes from Josh Shanker from Bank of America.

我們的下一個問題來自美國銀行的 Josh Shanker。

Yes. Maybe I'm doing this wrong, but I look at the commercial segment and last year in the first quarter, you had $1.2 billion of claims payments. And in the first quarter of '23, you had $1.4 billion, but you paid the Boy Scout settlement this quarter, which is $787 million, which maybe I'm doing this wrong, it substantially reduces your claim payments in commercial and your claim payments overall to a number that's astonishingly low. I mean I don't have the full time series in front of me but I don't think it's been that low in a decade. Am I doing this wrong? Or it's really...

是的。也許我做錯了，但我看看商業部門，去年第一季度，你有 12 億美元的索賠付款。在 23 年第一季度，您有 14 億美元，但您在本季度支付了童子軍和解金，即 7.87 億美元，這也許是我做錯了，它大大減少了您的商業索賠付款和索賠付款總體而言，這個數字低得驚人。我的意思是，我面前沒有完整的時間序列，但我認為十年來它並沒有那麼低。我這樣做錯了嗎？或者說這真的是...

Yes, Joshua, you're doing it wrong. Yes, Josh, you're doing it wrong. We -- yes, we'll help you out. We paid the Boy Scout settlement last week in April. So the Boy Scout settlement is not in the first quarter numbers that you're looking at. And we have that disclosed in our 10-Q.

是的，約書亞，你做錯了。是的，喬什，你做錯了。我們——是的，我們會幫助你。四月份的上週我們支付了童子軍和解金。因此，童子軍的和解並不在您看到的第一季度數據中。我們已在 10-Q 中披露了這一點。

That said March 28 in the Q, maybe I read it wrong. Okay. That's my only question.

Q中說的是3月28日，也許我讀錯了。好的。這是我唯一的問題。

Our next question comes from Derek Han from KBW.

我們的下一個問題來自 KBW 的 Derek Han。

Just going back to small commercial new business premiums. I'm just curious if you're benefiting at all from the smaller regional mutual companies that really can't stand increase in property-related volatility and whether you think that's going to have an impact on growth maybe throughout '23 as well?

回到小型商業新業務保費。我只是好奇您是否能從那些確實無法忍受房地產相關波動性增加的小型區域互助公司中受益，以及您是否認為這也會對整個 23 年的增長產生影響？

Our growth comes from a variety of sources, both organic new business starts and various industries we track prior carrier and current carrier where we're getting the business from and it's pretty widespread. So we are -- we find those opportunities and we capitalize on them.

我們的增長來自多種來源，既有有機的新業務啟動，也有我們跟踪的先前運營商和當前運營商的各個行業，我們從中獲得業務，而且業務相當廣泛。所以我們——我們發現了這些機會並利用它們。

Got it. And then just a quick numbers question. I think, Chris, you said the margin between pricing and loss trend has improved modestly. I think previously, it was about 100 bps. So is that kind of growing to 120 bps. If you can kind of quantify that, that would be helpful.

知道了。然後是一個簡單的數字問題。我想，克里斯，你說過定價和損失趨勢之間的差距略有改善。我想以前大約是 100 bps。增長到 120 bps 也是如此。如果你能量化這一點，那將會很有幫助。

Derek, I would say in that 10 to 20 bps in the area.

Derek，我想說的是該地區 10 到 20 個基點。

At this time, I will hand the call back over to Susan Spivak for any further remarks.

此時，我會將電話轉回蘇珊·斯皮瓦克 (Susan Spivak)，以供進一步評論。

Thank you all for joining today. And as always, please reach out with any additional questions. If we didn't get to your questions on the call today, we are available this afternoon, and have a great day.

感謝大家今天的加入。與往常一樣，如有任何其他問題，請聯繫我們。如果我們今天沒有在電話中回答您的問題，我們今天下午有空，祝您有美好的一天。

Thank you for joining today's call. You may now disconnect your lines.

感謝您參加今天的電話會議。您現在可以斷開線路。