Hartford Insurance Group Inc (HIG) 2025 Q1 法說會逐字稿

Good morning, and welcome to The Hartford Insurance Group's first quarter 2025 earnings call and webcast. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加哈特福德保險集團 2025 年第一季財報電話會議和網路廣播。（操作員指示）提醒一下，本次電話會議正在錄音。

I would now like to turn the call over to Susan Spivak, Senior Vice President of Investor Relations. Thank you. Please go ahead.

現在我想將電話轉給投資者關係高級副總裁蘇珊·斯皮瓦克 (Susan Spivak)。謝謝。請繼續。

Good morning, and thank you for joining us today for our first quarter 2025 earnings call and webcast. Yesterday, we reported results and posted all earnings related materials on our website.

早安，感謝您今天參加我們的 2025 年第一季財報電話會議和網路廣播。昨天，我們報告了業績，並在網站上發布了所有與收益相關的資料。

Before we begin, please note that our presentation includes forward-looking statements, which are not guarantees of future performance and may differ materially from actual results. We do not assume any obligation to update these statements.

在開始之前，請注意，我們的簡報包含前瞻性陳述，這些陳述並不能保證未來的表現，並且可能與實際結果有重大差異。我們不承擔更新這些聲明的任何義務。

Investors should consider the risks and uncertainties detailed in our recent SEC filings, news release and financial supplement, which are available on the investor relations section of thehartford.com. Our commentary includes non-GAAP financial measures with explanations and GAAP reconciliations available in our recent SEC filings, news release and financial supplements.

投資者應考慮我們最近向美國證券交易委員會 (SEC) 提交的文件、新聞稿和財務補充資料中詳述的風險和不確定性，這些文件可在 thehartford.com 的投資者關係部分找到。我們的評論包括非公認會計準則財務指標，並在我們最近向美國證券交易委員會提交的文件、新聞稿和財務補充資料中提供解釋和公認會計準則對帳。

And now I'd like to introduce our speakers. Chris Swift, Chairman and Chief Executive Officer; and Beth Costello, Chief Financial Officer. After their remarks, we will take your questions assisted by several members of our management team.

現在我想介紹我們的演講者。董事長兼執行長 Chris Swift；以及財務長 Beth Costello。在他們發言之後，我們的管理團隊的幾位成員將協助回答您的問題。

And now I'll turn the call over to Chris.

現在我將把電話轉給克里斯。

Good morning, and thank you for joining us today. The Hartford is off to a strong start in 2025, sustaining the momentum we have built over the past few years. Before I get into the details, let me take a moment to comment upon the macroeconomic environment. We are operating in dynamic times.

早安，感謝您今天加入我們。哈特福德在 2025 年迎來了強勁開局，延續了過去幾年建立的勢頭。在介紹細節之前，請容許我花一點時間來評論一下宏觀經濟環境。我們正處在動態的時代。

However, as an underwriting-centric organization specializing in managing risk, we are well equipped to navigate this evolving environment. Our teams are closely monitoring trends and are already taking action to address the impacts of this complex and dynamic policy landscape with solid fundamentals, a durable investment portfolio, and a balance sheet that is stronger than ever, we remain steadfast in our commitment to delivering strong returns for our shareholders.

然而，作為一個專注於承保並專門管理風險的組織，我們有能力應對這種不斷變化的環境。我們的團隊正在密切關注趨勢，並已採取行動應對這種複雜而動態的政策格局的影響，憑藉穩固的基本面、持久的投資組合和比以往更強勁的資產負債表，我們堅定不移地致力於為股東帶來豐厚的回報。

Now let's transition to first quarter results. As I mentioned, the Hartford had a strong start to the year even in the face of the most destructive wildfires in US history. Disciplined underwriting and pricing execution, exceptional talent, and innovative customer-centric technology continue to drive our performance.

現在讓我們轉到第一季的業績。正如我所提到的，即使面對美國歷史上最具破壞性的野火，哈特福德今年仍然有一個良好的開端。嚴格的核保和定價執行、傑出的人才以及以客戶為中心的創新技術繼續推動我們的表現。

Highlights from the first quarter include topline growth in Business Insurance of 10% with a very strong underlying combined ratio of 88.4%. An underlying combined ratio of 89.7% in Personal Insurance representing a 6.4 point improvement over prior year, including over 8 points in auto.

第一季的亮點包括商業保險的營業額成長 10%，基礎綜合成本率高達 88.4%。個人保險基本綜合成本率為 89.7%，較前一年提高 6.4 個百分點，其中汽車保險提高 8 個百分點以上。

A core earnings margin of 7.6% in employee benefits which continue to outperform in a competitive environment and continued solid performance in our investment portfolio. All these items contributed to a trailing 12 month core earnings ROE of 16.2%.

員工福利的核心獲利利潤率為 7.6%，在競爭環境中繼續表現出色，並且我們的投資組合繼續表現穩健。所有這些項目促成了過去 12 個月核心收益 ROE 達到 16.2%。

As I dive into the details, let me start with P&C current accident year catastrophe losses which totaled $467 million before tax, including $325 million related to the January California Wildfires. Catastrophe risk management strategies and reinsurance structure effectively contained exposure, keeping it well within our market share.

當我深入探討細節時，首先我要說一下財產和意外險本年度的災難損失，稅前損失總額為 4.67 億美元，其中包括與 1 月份加州野火相關的 3.25 億美元。巨災風險管理策略和再保險結構有效地控制了風險敞口，使其保持在我們的市場份額範圍內。

While we are pleased with the performance of our overall book of business and risk management program, the losses were significant to first quarter results. In times like these, I am especially proud of the Hartford's claim handlers, adjusters and leaders. Excluding catastrophe losses, our businesses sustained strong performance in line with or exceeding expectations.

雖然我們對整體業務和風險管理計劃的表現感到滿意，但損失對第一季的業績來說卻是巨大的。在這樣的時刻，我為哈特福德的理賠人員、理賠員和領導者感到特別自豪。除災難損失外，我們的業務保持強勁表現，符合或超出預期。

Turning to Business Insurance. Results were excellent driven by our industry-leading underwriting tools, pricing expertise and data science advancements. New business growth remained strong within small and middle market where the environment continues to be conducive for growth.

轉向商業保險。由於我們行業領先的核保工具、定價專業知識和數據科學進步，我們的業績非常出色。中小型市場的新業務成長依然強勁，市場環境持續有利於成長。

As the leading small business carrier, our digital capabilities offer exceptional functionality and ease of use, providing us with a significant competitive advantage in the market. We have successfully leveraged these strengths to enhance the middle market and global specialty businesses.

作為領先的小型企業營運商，我們的數位能力提供了卓越的功能和易用性，為我們在市場上提供了顯著的競爭優勢。我們成功地利用這些優勢來增強中階市場和全球專業業務。

We are going to market as one unified organization to serve diverse needs of customers and partners with a consistent and top-tier experience. In small business, first quarter financial performance was excellent with record-breaking quarterly written premium and double-digit new business growth while extending a one quarter trend of sub-90 underlying combined ratios.

我們將作為一個統一的組織進行行銷，以一致和一流的體驗滿足客戶和合作夥伴的多樣化需求。在小型企業方面，第一季的財務表現非常出色，季度保費收入創歷史新高，新業務實現了兩位數增長，同時延續了綜合成本率低於 90 的單季趨勢。

New business growth was driven in part by strong quote flow and modestly higher average premium as well as a 29% increase in E&S binding premium, a business where we continue to see tremendous opportunity. In short, small business continues to deliver excellent results with industry-leading products and digital capabilities. We are on track to surpass $6 billion in annual written premium in 2025.

新業務的成長部分得益於強勁的報價流和略高的平均保費，以及 E&S 約束保費增長 29%，我們繼續在該業務中看到巨大的機會。簡而言之，小型企業憑藉著業界領先的產品和數位化能力持續取得優異的業績。我們預計在 2025 年實現年度承保保費超過 60 億美元的目標。

Moving to middle and large, we are pleased with first quarter performance, including excellent topline growth, paired with a strong underlying margin in line with our expectations. New business growth remained strong with contributions from multiple lines and market sectors.

轉向中型和大型企業，我們對第一季的業績感到滿意，包括出色的營收成長，以及符合我們預期的強勁潛在利潤率。在多個業務線和市場領域的貢獻下，新業務成長依然強勁。

We continue to take advantage of healthy submissions driven in part by investments made to expand product capabilities and the efficiency of the broker and agent experience. Written premium growth reflects strong renewal rate execution across most lines, including double-digit increases in liability and auto.

我們將繼續利用健康的提交，部分原因是透過投資擴大產品功能以及經紀人和代理人體驗的效率。已承保保費的成長反映了大多數險種的續保率的強勁執行，包括責任險和車險的兩位數增長。

Shifting to Global Specialty, results were outstanding with sustained underlying margins in the mid-80s and over $1 billion in quarterly written premium. This impressive topline performance reflects our strong competitive position, diverse product offerings and solid renewal written pricing including double-digit pricing in wholesale casualty.

轉向全球專業業務後，業績十分出色，基本利潤率維持在 80 年代中期，季度承保保費收入超過 10 億美元。這令人印象深刻的營收表現反映了我們強大的競爭地位、多樣化的產品供應和穩健的續保書面定價，包括批發傷亡險的兩位數定價。

Our wholesale business saw an 11% increase in gross written premium with significant contributions from US inland marine, auto and casualty lines and the global reinsurance business also grew at a double-digit clip. With a diverse product set in a generally healthy pricing environment, we remain excited about the growth prospects in Global Specialty.

我們的批發業務總承保保費成長了 11%，其中美國內陸水運、汽車和意外險的貢獻巨大，全球再保險業務也實現了兩位數的成長。在整體健康的定價環境下，產品種類繁多，我們仍然對 Global Specialty 的成長前景感到興奮。

Across Business Insurance, combined emphasis on property expansion has resulted in written premium growth of approximately 15% this quarter. We are capitalizing on the favorable market conditions in the SME space with a disciplined approach and no change in our catastrophe risk appetite.

在商業保險方面，由於對財產擴張的綜合重視，本季已承保保費增加了約 15%。我們正以嚴謹的方式利用中小企業領域的有利市場條件，並且不會改變我們的災難風險偏好。

As for pricing, Business Insurance renewal written pricing, excluding workers compensation of 9.9%, increased 20 basis points from the fourth quarter. Our pricing execution remained strong, including low double-digit increases in general liability and auto with liability pricing continuing to rise.

至於定價，商業保險續保書面定價（不包括 9.9% 的工人賠償）較第四季增加了 20 個基點。我們的定價執行依然強勁，包括一般責任險和汽車責任險的兩位數低成長，且責任險定價持續上漲。

The team hit the ground running on 1/1 renewals, exceeding liability pricing targets, which are comfortably above loss cost trends. In Business Insurance property, pricing remains healthy in the low double digits, driven by 18% pricing increases within our small business package product.

該團隊在 1/1 續保方面表現出色，超越了責任定價目標，遠高於損失成本趨勢。在商業保險財產方面，價格仍保持在低兩位數的健康水平，這得益於我們的小型企業套餐產品價格上漲 18%。

In Personal Insurance, margins continue to improve, achieving an underlying combined ratio in the 80s for the first time in three years. We expect target profitability in auto by mid-2025, consistent with our expectations.

個人保險的利潤率持續提高，三年來首次實現 80% 左右的基礎綜合成本率。我們預計到 2025 年中期汽車產業將實現獲利目標，這與我們的預期一致。

Having navigated a challenging loss cost environment, Personal Insurance is now focused on balancing profitability and a pivot to growth in a competitive environment. Our homeowners business had a strong underlying quarter, highlighted by a mid-70s underlying combined ratio.

在經歷了充滿挑戰的損失成本環境之後，個人保險現在專注於在競爭環境中平衡盈利能力和實現成長。我們的房主業務本季表現強勁，其中綜合比率達到 70 多美元。

Renewal written pricing of 12.3% driven by net rate and insured value increases continues to support healthy margins while reinforcing our strong position in the market. Moving on to employee benefits. Core earnings margin of 7.6% exceeded prior year by 1.5 points, surpassing our long-term target of 6% to 7%.

受淨利率和保險價值成長的推動，續保承保價格達到 12.3%，繼續支持健康的利潤率，同時鞏固我們在市場上的強勢地位。繼續討論員工福利。核心獲利利潤率為 7.6%，比上年高出 1.5 個百分點，超過了我們 6% 至 7% 的長期目標。

Group life and disability, both delivered excellent results. The disability loss ratio reflected nearly 20 points of improvement in paid family and medical leave products and the life loss ratio continued to improve. Modest fully insured ongoing premium growth reflects the competitive environment and strong book persistency which is above 90%.

團體人壽和殘障保險都取得了優異的成績。殘障損失率反映出有薪家庭和醫療假產品的改善近20個百分點，人壽損失率持續改善。適度的全額保險持續保費成長反映了競爭環境和 90% 以上的強勁帳簿持續性。

Sales were largely in line with expectations for the quarter. I want to take a moment to highlight ongoing technology investments in employee benefits focused on superior customer experience and enabling growth.

本季的銷售額基本上符合預期。我想花點時間強調在員工福利方面持續進行的技術投資，重點是卓越的客戶體驗和促進成長。

In absence and disability, we recently launched our patented Leave Lens platform empowering employees to confidently plan for their leave of absence through a comprehensive view of their benefits, available time and prospective pay while away from work. We also recently delivered a new absence dashboard tool which gives employers dynamic reporting capabilities regarding their employees leaves of absence.

在缺勤和殘疾方面，我們最近推出了獲得專利的 Leave Lens 平台，使員工能夠透過全面了解自己的福利、可用時間和缺勤期間的預期薪酬，自信地規劃休假。我們最近也推出了一款新的缺勤儀表板工具，為雇主提供有關其員工缺勤情況的動態報告功能。

These market differentiating tools in conjunction with recent investments in life claim digital intake provide a holistic suite of new digital capabilities for customers. Additionally, we continue to focus on enhancing data exchanges and integration connections with benefit administration and human resource platforms to drive future growth.

這些市場差異化工具與近期在人壽索賠數位攝取方面的投資相結合，為客戶提供了一整套新的數位化功能。此外，我們繼續致力於加強與福利管理和人力資源平台的資料交換和整合連接，以推動未來的成長。

We now have over 160 integrations with HR technology partners servicing over two-third of our book, and we continue to build our leadership position in this space. For example, we have deepened our partnership with Workday to codesign their new Workday wellness platform, which will deliver faster integration, comprehensive implementation support and real-time data exchange.

現在，我們與人力資源技術合作夥伴進行了超過 160 次整合，為我們三分之二以上的客戶提供服務，並且我們將繼續在這一領域鞏固領導地位。例如，我們深化了與 Workday 的合作夥伴關係，共同設計其新的 Workday 健康平台，該平台將提供更快的整合、全面的實施支援和即時資料交換。

With these capabilities and continued investment in the benefits business, we expect to retain our number one disability position and our top five life position while delivering an outstanding user experience for customers and their employees.

憑藉這些能力和對福利業務的持續投資，我們預計在為客戶及其員工提供卓越的用戶體驗的同時，將在殘疾人福利領域保持第一的位置，並在人壽保險領域保持前五名的位置。

Moving to investments. The portfolio continues to support the Hartford's financial and strategic goals performing well across a range of asset classes and market conditions. Beth will provide more details on the performance in the quarter.

轉向投資。該投資組合繼續支持哈特福德的財務和策略目標，在一系列資產類別和市場條件下表現良好。Beth 將提供有關本季業績的更多詳細資訊。

Alongside strong financial results, the first quarter also marked the launch of our new brand as we further establish ourselves as an innovative and growth-orientated industry leader, our strategy is intentionally centered on customers and their evolving needs. The new brand celebrates the Hartford strengths built on centuries of trust from businesses, workers and individuals we support every day.

除了強勁的財務業績外，第一季還標誌著我們新品牌的推出，我們進一步確立了自己作為創新和成長導向的行業領導者的地位，我們的策略有意以客戶及其不斷變化的需求為中心。新品牌頌揚了哈特福德的優勢，這種優勢建立在我們每天支持的企業、工人和個人數百年來的信任之上。

As CEO, I remain honored to lead a company with such a rich legacy and bright future, driven by exceptional employees and their unwavering commitment to our customers. Looking ahead, we are expanding digital capabilities, leveraging AI, enhancing our product offering and entering new markets to better serve customers.

作為首席執行官，我很榮幸能夠領導一家擁有如此豐富歷史和光明未來的公司，這得益於優秀的員工和他們對客戶堅定不移的承諾。展望未來，我們正在擴展數位化能力，利用人工智慧，增強我們的產品供應並進入新市場，以更好地服務客戶。

All these factors contribute to my excitement and confidence about the future of The Hartford as we continue delivering industry-leading financial performance. It is an exciting time at The Hartford for our employees, customers, distribution partners and all stakeholders. Together, we will navigate this dynamic environment and seize the opportunities ahead.

所有這些因素都讓我對哈特福德的未來感到興奮和信心，因為我們將繼續實現業界領先的財務表現。對於我們的員工、客戶、分銷合作夥伴和所有利益相關者來說，這是哈特福德激動人心的時刻。我們將共同應對這一動態環境並抓住未來的機會。

Now I'll turn the call over to Beth to provide more detailed commentary on the quarter.

現在我將把電話轉給貝絲，讓她對本季提供更詳細的評論。

Thank you, Chris. Core earnings for the quarter were $639 million or $2.20 per diluted share with a trailing 12 month core earnings ROE of 16.2%. Although results were impacted by elevated catastrophe activity, including the January California Wildfire event, underlying P&C results and employee benefits results were excellent.

謝謝你，克里斯。本季核心收益為 6.39 億美元，即每股攤薄收益 2.20 美元，過去 12 個月核心收益 ROE 為 16.2%。儘管業績受到頻繁發生的災難活動（包括一月份的加州野火事件）的影響，但基礎財產和意外保險業績以及員工福利業績仍然非常出色。

In Business Insurance, core earnings were $471 million with written premium growth of 10% and an underlying combined ratio of 88.4%. Small business continues to deliver industry-leading results with written premium growth of 9%, double-digit new business growth and an underlying combined ratio of 89.4%.

商業保險方面，核心收益為 4.71 億美元，承保保費成長 10%，綜合成本率為 88.4%。小型企業持續實現領先業界的業績，保費成長 9%，新業務成長兩位數，綜合成本率為 89.4%。

Middle and large business had another quarter of solid profitability with an underlying combined ratio of 90.6% and written premium growth of 9% including record quarterly new business of $188 million.

中型和大型企業本季再次穩健獲利，基礎綜合成本率為 90.6%，承保保費成長 9%，其中包括創紀錄的 1.88 億美元季度新業務。

Global Specialty's first quarter was outstanding with an underlying combined ratio of 84% and a record first quarter written premium of $1 billion. Written premium growth of 11% in the quarter reflects strong growth across much of the book and solid renewal execution, including written pricing increases of 6.2%.

Global Specialty 在第一季表現出色，綜合成本率為 84%，第一季保費收入創歷史新高，達 10 億美元。本季承保保費成長 11%，反映了大部分核保業務的強勁成長和穩健的續保執行，其中承保價格上漲 6.2%。

In Personal Insurance, core earnings for the quarter were $6 million, with an underlying combined ratio of 89.7% driven by an improvement of 8.1 points in the underlying loss and loss adjustment expense ratio over the prior year. The first quarter auto underlying combined ratio of 96.1 improved 8.3 points from the 2024 period and homeowners produced a strong underlying combined ratio of 75.1%.

個人保險方面，本季核心收益為 600 萬美元，基礎綜合成本率為 89.7%，這得益於基礎損失和損失調整費用率較上年同期提高了 8.1 個百分點。第一季汽車基礎綜合比率為 96.1，較 2024 年同期改善了 8.3 個百分點，房主基礎綜合比率強勁，達到 75.1%。

Written premium in Personal Insurance increased 8% in the first quarter, in part driven by steady and successful rate actions. In auto, we achieved written pricing increases of 15.8% and earned pricing increases of 20%. In homeowners, written pricing increases were 12.3% and 14.4% on an earned basis.

第一季個人保險承保保費增加了 8%，部分原因是穩定且成功的利率行動。在汽車領域，我們的書面價格上漲了 15.8%，實際價格上漲了 20%。對於房主來說，書面價格上漲了 12.3%，實際價格上漲了 14.4%。

Additionally, new business growth continues to be robust in both homeowners and auto. Homeowners policy count continued to grow, while auto decreased as expected. Effective policy count retention for both homeowners and auto remained flat due to strong but moderating renewal written pricing increases.

此外，房屋和汽車領域的新業務成長持續強勁。房屋保險數量持續成長，而汽車保險數量則如預期下降。由於續保價格上漲強勁但有所緩和，房主和汽車的有效保單數量保留率保持穩定。

The Personal Insurance first quarter expense ratio of 27 increased from the prior year by 1.7 points, primarily driven by higher direct marketing costs and to a lesser extent, a higher commission ratio, partially offset by the impact of higher earned premiums.

個人保險第一季費用率為27，較上年同期增加1.7個百分點，主要原因是直接行銷成本增加，佣金率增加（但程度較小），但部分被已賺保費增加的影響所抵銷。

With respect to catastrophes, P&C current accident year losses were $467 million before tax or 11.1% combined ratio points including $325 million net of reinsurance related to the January California Wildfire event as well as tornado, wind and hail events primarily in the Midwest and South regions in the month of March.

就災難而言，財產和意外險本事故年度的損失為稅前 4.67 億美元，即 11.1% 的綜合比率點，其中包括與 1 月份加州野火事件以及 3 月份主要發生在中西部和南部地區的龍捲風、大風和冰雹事件相關的 3.25 億美元淨再保險。

We are pleased with our robust and comprehensive reinsurance program on both a per occurrence and aggregate basis. As a reminder, the aggregate treaty provides $200 million of coverage when subject losses and expenses exceed $750 million.

我們對我們強大而全面的每次事故和累積再保險計劃感到滿意。提醒一下，當損失和費用超過 7.5 億美元時，總合約將提供 2 億美元的保險金額。

Total P&C net favorable prior accident year development within core earnings was $90 million before tax, primarily due to reserve reductions in workers compensation, homeowners and personal auto. There were no increases in prior year reserves for general liability and commercial auto.

核心收益中的前一年事故年度財產和意外險淨利好增長總額為稅前 9,000 萬美元，主要由於工人賠償、房主和個人汽車賠償的準備金減少。上年一般責任險和商用汽車險的準備金並沒有增加。

The actions we took in the fourth quarter of 2024 positioned us well for 2025 both in terms of the overall adequacy of our general liability and commercial auto reserves and, equally important, incorporating these trends into our pricing models.

我們在 2024 年第四季採取的行動為我們在 2025 年做好了準備，無論是從我們的一般責任和商業汽車儲備的整體充足性來看，還是從將這些趨勢納入我們的定價模型來看，這都同樣重要。

We recorded $32 million before tax of deferred gain amortization related to the Navigators ADC, which positively impacted net income with no impact on core earnings. Based on our estimate of payment patterns, we expect the remaining balance of $32 million to be amortized in the second quarter.

我們記錄了與 Navigators ADC 相關的 3,200 萬美元稅前遞延收益攤銷，這對淨收入產生了積極影響，而對核心收益沒有影響。根據我們對付款模式的估計，我們預計剩餘的 3,200 萬美元將在第二季攤銷。

Moving to Employee Benefits. We achieved core earnings of $136 million for the quarter. The core earnings margin of 7.6% reflects excellent group life and disability performance. The group disability loss ratio of 69% improved from 70.1% in the first quarter of 2024 driven by improvement in the paid family and medical leave product loss ratio and continued strong claim recoveries.

轉向員工福利。本季我們實現核心收益 1.36 億美元。7.6% 的核心獲利利潤率反映了團體人壽和殘障保險的出色表現。團體殘障損失率為 69%，較 2024 年第一季的 70.1% 有所改善，這得益於帶薪家庭和醫療假產品損失率的改善以及索賠追償持續強勁。

The improvement was partially offset by a slight increase in long-term disability incidents compared to the prior year. However, incidence rates remain favorable to long-term historical averages and to our expectations. The group life loss ratio of 79.9% for the quarter improved 2.7 points reflecting lower mortality.

與前一年相比，長期殘疾事件略有增加，但部分抵消了這一改善。然而，發病率仍然高於長期歷史平均水平，也符合我們的預期。本季團體人壽損失率為 79.9%，下降了 2.7 個百分點，反映死亡率下降。

Fully insured ongoing sales in the quarter of $381 million, combined with increased exposure on existing accounts and excellent persistency above 90% resulted in a 2% growth in fully insured ongoing premiums. For the quarter, net investment income was $656 million.

本季全額保險持續銷售額為 3.81 億美元，加上現有帳戶曝險的增加和 90% 以上的優異持續性，導致全額保險持續保費成長 2%。本季淨投資收入為 6.56 億美元。

The total annualized portfolio yield excluding limited partnerships was 4.4% before tax, 10 basis points above the year ago period and 20 basis points below the fourth quarter. The decline from the fourth quarter was primarily due to lower equity dividends, lower returns on public equity related fund investments and a modestly lower yield on variable rate securities.

不包括有限合夥企業的投資組合年化報酬率為稅前 4.4%，比去年同期高 10 個基點，比第四季低 20 個基點。與第四季相比，下降的主要原因是股票股息減少、公共股票相關基金投資回報率下降以及浮動利率證券收益率略有下降。

Our first quarter annualized LP return of 3.1% before tax were higher than the year ago period, although returns were lower than the fourth quarter including lower returns in our real estate portfolio and other funds. We continue to strategically manage the portfolio, balancing risk while pursuing accretive trading opportunities and in the quarter, we invested at 70 basis points above the sales and maturity yield.

我們第一季的稅前 LP 年化報酬率為 3.1%，高於去年同期，但報酬率低於第四季度，其中包括我們的房地產投資組合和其他基金的報酬率較低。我們繼續策略性地管理投資組合，在尋求增值交易機會的同時平衡風險，本季我們的投資額比銷售和到期收益率高出 70 個基點。

Full year 2025 net investment income, excluding LPs, is expected to be higher in 2024, driven by invested asset growth. We expect the 2025 yield ex LPs to be generally in line with the yield earned in 2024 as lower yields on variable rate securities are expected to offset increases from reinvesting at higher rates.

受投資資產成長的推動，預計 2025 年全年淨投資收入（不包括 LP）將在 2024 年增加。我們預計 2025 年除 LP 之外的收益率將與 2024 年的收益率大致一致，因為浮動利率證券的收益率較低預計將抵消以較高利率再投資帶來的收益。

Turning to capital management. Holding company resources totaled $1.3 billion at quarter end. During the quarter, we repurchased 3.5 million shares under our share repurchase program for $400 million, and we expect to remain at that level of repurchases in the second quarter. As of March 31, we had $2.75 billion remaining on our share repurchase authorization through December 31, 2026.

轉向資本管理。截至季末，控股公司資源總額為 13 億美元。本季度，我們根據股票回購計畫回購了 350 萬股，價值 4 億美元，我們預計第二季的回購水準將保持不變。截至 3 月 31 日，截至 2026 年 12 月 31 日，我們的股票回購授權餘額為 27.5 億美元。

In summary, we are very pleased with our strong financial performance for the first quarter and believe we are well positioned to continue to enhance value for our stakeholders. I will now turn the call back to Spivak.

總而言之，我們對第一季強勁的財務表現感到非常滿意，並相信我們有能力繼續為利害關係人提升價值。我現在將電話轉回給斯皮瓦克。

Thank you, Beth. We will now take your questions. Operator, please repeat the instructions for asking a question.

謝謝你，貝絲。我們現在將回答大家的提問。接線員，請重複提問的指示。

(Operator Instructions)

（操作員指示）

Gregory Peters from Raymond James.

雷蒙德詹姆斯公司的格雷戈里彼得斯。

Great, good morning, everyone. So the first question I'm going to ask, just as competitive market conditions in the Business Insurance segment. Looking at your statistical supplement, it looks like new business both in small and middle market was up nicely in the quarter.

太好了，大家早安。所以我要問的第一個問題是商業保險領域的競爭市場條件。從您的統計補充來看，本季中小型市場的新業務似乎都有所成長。

Retention dropped a little bit. So just curious how you are looking at your position in the marketplace and your outlook for growth?

保留率略有下降。所以我很好奇您如何看待自己在市場中的地位以及成長前景？

Greg, thanks for joining us today. You are right. We're proud of all our business segments, whether it be small, middle, Global Specialty and they're all performing, I think, exceptionally well. I'm just going to ask Mo to just comment specifically on retention.

格雷格，感謝您今天加入我們。你是對的。我們為我們所有的業務部門感到自豪，無論是小型、中型還是全球專業部門，我認為它們的表現都非常出色。我只是想請莫就保留問題發表具體評論。

Yes, Greg, what you're seeing in the IFS is really just a reminder, it's for our guaranteed cost lines in Middle & Large. And what we were feeling in the quarter, and we've talked about it in prior quarters, was some pressure on the workers compensation specifically.

是的，格雷格，你在 IFS 中看到的只是一個提醒，它是針對我們中型和大型企業的保證成本線。我們在本季感受到的，以及我們在前幾個季度討論過的，是工人賠償方面的具體壓力。

I'm really proud of how the team has navigated. They're just making choices on renewals. But overall, we just feel like this is a competitive market in Middle & Large. And also what you saw in the quarter was really nice growth overall with 9% in Middle & Large.

我為團隊的出色表現感到非常自豪。他們只是在做續約的選擇。但整體而言，我們只是覺得這是一個中大型競爭市場。而且您在本季也看到了整體上非常好的成長，中型和大型企業的成長率為 9%。

I think what you're feeling is we have the diversification that we've built over in the past decade in Middle & Large, so that when retention is down in workers comp and workers comp is really competitive. We have the ability to grow in other areas and still maintain the topline that we're chasing.

我想你的感受是，我們在過去十年中在中大型企業中建立了多元化，因此當工人補償的保留率下降時，工人補償確實具有競爭力。我們有能力在其他領域發展，同時仍保持我們所追求的營收目標。

Good. Thanks for the detail. I guess in part of your opening comments, you talked about technology. You talked about the digital integration or data integration with Workday. You talked about digital.

好的。謝謝你的詳細說明。我想您在開場白中一定談到了技術。您談到了與 Workday 的數位整合或資料整合。您談到了數位化。

One of your peers came out with a pretty robust technology presentation as part of their Investor Day several weeks ago. And so I'm just curious about how you're looking at your technology progress and help us on the outside sort of reconcile what's legacy maintenance stuff versus new initiatives that are game changing.

幾週前，您的一位同行在投資者日上進行了一場非常精彩的技術演示。所以我只是好奇您如何看待您的技術進步，並幫助我們從外部協調遺留的維護工作與改變遊戲規則的新舉措。

Yes, happy to try. I mean that's probably like a four hour discussion, Greg. But what I would just share with you, and I think we've said it consistently before, is we've been on a journey over the last 10, 15 years of just making basic improvements to our core platforms and our core platforms in all businesses.

是的，很高興嘗試。我的意思是這可能就像一場四小時的討論，格雷格。但我只想與你們分享的是，我想我們之前也一直這麼說，在過去的 10 到 15 年裡，我們一直在對我們的核心平台以及所有業務的核心平台進行基本的改進。

And those platforms would be defined as claim systems, administrative systems, billing and remittance type systems. And then recently, we've launched a multiyear project, a 7 year project to take all our data and applications to the cloud.

這些平台將被定義為索賠系統、管理系統、計費和匯款類型系統。最近，我們啟動了一個多年項目，一個為期 7 年的項目，旨在將我們所有的數據和應用程式轉移到雲端。

So I think personally, we have the best platform in all our businesses. For personal lines, we have a modern SaaS-based platform, group benefits. We've modernized all our platforms there and taking that to the cloud.

所以我個人認為，我們在所有業務中都擁有最好的平台。對於個人險種，我們擁有基於現代 SaaS 的平台和團體福利。我們已經對所有平台進行了現代化改造並將其遷移到雲端。

And Guidewire continues to be our preferred vendor, both for administration in commercial insurance as well as claims. And we spent a lot of money doing that thoughtfully, but we knew we needed to do it to really have the flexibility in our products and to ultimately drive down our cost.

Guidewire 繼續成為我們的首選供應商，無論是在商業保險管理方面還是在索賠方面。我們花了很多錢來深思熟慮地做這件事，但我們知道我們需要這樣做才能真正提高我們產品的靈活性，並最終降低我們的成本。

I think what we've been doing of late and of latest, let's say, over more of the last five, six years is really organizing our data more effectively. We've had more consumer, customer-centric digital capabilities. I mentioned all the things that we were doing in group benefits because sometimes there's a little bit of misinformation out there that I felt needed to be corrected.

我認為我們最近所做的，比如說，在過去的五、六年裡，實際上是更有效地組織我們的資料。我們擁有更多以消費者、顧客為中心的數位化能力。我提到了我們在團體福利中所做的所有事情，因為有時我覺得需要糾正一些錯誤訊息。

And so, again, we're investing in our customer experience. We've invested in core capabilities and benefits. And then of late, everyone's been talking about AI, and I'm not going to talk about it in any great detail, but we've got three main areas we're focused on, claims, underwriting and operations. And we will lead the AI implementation for the industry. And all I'd ask you to do is just stay tuned.

因此，我們再次投資於我們的客戶體驗。我們已經對核心能力和優勢進行了投資。最近，大家都在談論人工智慧，我不會詳細談論它，但我們主要關註三個領域：索賠、核保和營運。並引領產業人工智慧的實施。我所要求的只是繼續關注。

Makes sense. Thanks for the answers.

有道理。謝謝您的回答。

Brian Meredith from UBS.

瑞銀的 Brian Meredith。

Hey, thanks. A couple here for you. First, Chris and Mo, could you talk a little bit about what tariffs could potentially mean for loss costs as you think about it in auto insurance and any area in commercial insurance you're thinking about?

嘿，謝謝。這裡有一對夫婦等著你。首先，克里斯和莫，您能否談談關稅對汽車保險以及您正在考慮的商業保險領域的損失成本可能意味著什麼？

I'd be happy to try, Brian. But as you know, I mean, as I said in my prepared remarks, a fairly dynamic environment, and there's a lot of unknowns and uncertainty. So if you take that as sort of the foundation to my comments, I think what our views right now are is that the tariffs probably will affect the price of automobiles, parts, building materials and supplies.

我很樂意嘗試，布萊恩。但如你所知，正如我在準備好的發言中所說，這是一個相當動態的環境，存在著許多未知數和不確定性。因此，如果您將此作為我評論的基礎，我認為我們現在的觀點是，關稅可能會影響汽車、零件、建築材料和用品的價格。

And if you think about it and others have commented upon it, that should be a onetime event that's sort of step change and then a normal trend would hopefully continue from there. I think in personal, in commercial auto, I believe our loss picks for 2025 were prudent, which meant we have a level of conservatism in there that will hopefully allow us the opportunity to minimize any tariff-related increases most likely in the second half of the year.

如果你考慮一下，其他人也對此發表了評論，那麼這應該是一次性事件，是一種階躍變化，然後正常的趨勢有望從那裡繼續下去。我認為在個人和商用汽車領域，我們對 2025 年虧損的選擇是謹慎的，這意味著我們有一定的保守性，希望這將使我們有機會盡量減少下半年最有可能出現的關稅相關上漲。

As it relates to home and commercial property, all I would say is I think our reaction function there is tight and we can react timely and obviously make any adjustments in our pricing, particularly in those products. I think equally, in our personal auto liability, I think we've worked on our rate filings. We know how to file rates.

就住宅和商業房地產而言，我想說的是，我認為我們的反應功能非常緊密，我們可以及時做出反應，並且顯然可以對我們的定價做出任何調整，特別是對於這些產品。我認為同樣地，在我們的個人汽車責任方面，我認為我們已經處理了我們的費率申報。我們知道如何申報稅率。

But more importantly, we've worked on our reaction time there to sort of have a faster cycle time. And we've talked about it in the past. I think about 45% of our states that we operate in require prior approval but 55% don't.

但更重要的是，我們努力縮短反應時間，以加快週期時間。我們過去也討論過這個問題。我認為，在我們開展業務的州中，大約有 45% 要求事先批准，但有 55% 不需要。

So we can react in due course once we know what's going to happen. And obviously, some of the data and the inflationary pressures, it starts to show up in our in our data that the regulators expect to see.

因此，一旦我們知道將會發生什麼，我們就可以及時做出反應。顯然，一些數據和通膨壓力開始在我們的數據中顯現出來，這是監管機構期望看到的。

So I think overall, we're well positioned to navigate. This isn't anything terribly new as far as monitoring loss cost trends. But it is an emerging policy tariff environment. So it is somewhat unique in that respect. I think that's what I would say, Brian.

所以我認為總體而言，我們已做好充分的準備。就監控損失成本趨勢而言，這並不是什麼新鮮事。但這是一個新興的政策關稅環境。因此從這方面來說它有些獨特。我想這就是我要說的，布萊恩。

Terrific. That was great. And then just one really quick one here. Renewal written price increases in small business, they jump around a little bit, but we saw it go from 7.4 to 6.2. Is that a mix issue? Or is there something else going on there?

了不起。那很棒。然後這裡就有一個非常快速的問題。小型企業的續約書面價格有所上漲，漲幅略有波動，但我們看到它從 7.4 漲到了 6.2。這是混合問題嗎？還是那裡還有其他事情發生？

Yes. I think I'm going to ask Mo to comment, but that's mostly comp, that's more heavily weighted in the first quarter. But ex comp, small business I think, pricing was up to 12.9%. So it's still very, very robust, Brian, but a little sequentially down due to comp, I think Mo.

是的。我想我會請莫發表評論，但這主要是比較，在第一季佔比更大。但我認為，對於小型企業而言，定價上漲了 12.9%。因此，它仍然非常非常強勁，布萊恩，但由於公司原因，我認為 Mo 的業績會比去年同期下降一點。

Yes. The only other impact in there, Brian, was our E&S binding was marginally down. So everything else is really strong. The BOP is really strong. auto is really strong.

是的。布萊恩，唯一的其他影響是我們的 E&S 綁定略微下降。所以其他一切都非常強大。BOP 確實很強大。 auto 確實很強。

So we're really optimistic about the pricing that we're feeling in small business in general. Managing comp tightly. And I think you'll see in our numbers, really strong growth in E&S binding. We feel like that's in a really healthy place, and we'll continue to push into that space.

因此，我們對小企業整體的定價感到非常樂觀。嚴格管理公司。我想您會從我們的數據中看到，E&S 裝訂業務確實成長強勁。我們覺得這是一個非常健康的狀態，我們將繼續朝著這個領域邁進。

Thank you.

謝謝。

Andrew Kligerman from TD Securities.

道明證券的 Andrew Kligerman。

Hey, thanks and good morning. Maybe just following up on Brian's question with respect to the pricing. As I looked at the underlying combined and Business Insurance at an outstanding 88.4% underlying combined. It looked like the mid-large kind of saw the combined go up by 1.4 points, and then it was helped by small and specialty.

嘿，謝謝，早安。也許只是跟進 Brian 關於定價的問題。當我看到基礎綜合保險和商業保險時，基礎綜合保險的未償付率為 88.4%。看起來中大型企業的整體成長幅度為 1.4 個百分點，而小型和專業企業也發揮了推動作用。

Maybe elaborate a little more on the pricing environment. Do you see more pressure in mid & large going forward? And given the resilience you just touched on with small, mid and specialty, that remains strong.

也許可以更詳細地闡述定價環境。您是否認為中大型企業未來會面臨更多壓力？考慮到您剛才提到的小型、中型和專業型企業的彈性，這種彈性仍然很強勁。

And then net-net, are you confident in your underlying combined kind of holding in this vicinity going forward. So maybe a little more on pricing and how it's affecting both areas? And then secondly, how is it going to hold up over time with this underlying combined?

那麼，總體而言，您是否對未來在該地區的潛在組合持有量有信心？那麼能否再多談定價以及它對這兩個領域的影響？其次，隨著時間的推移，這種基礎組合將如何維持下去？

Yes. I would say, Andrew, first, thanks for joining us. Yes, what we talked about last quarter and what our objectives were for 2025, I remain highly confident in achieving the goals that we set out was basically sort of consistent underlying combined ratios and Business Insurance between years.

是的。我想說，安德魯，首先感謝你加入我們。是的，我們上個季度討論的內容以及我們對 2025 年的目標，我仍然非常有信心實現我們設定的目標，基本上是幾年來一致的基礎綜合比率和商業保險。

Obviously, improvement in personal auto. And then in Group Benefits, we were really focused on getting additional rate into the paid family leave products that you could see the results this quarter.

顯然，個人汽車有所改進。然後在團體福利方面，我們真正專注於為帶薪家庭假產品提供額外的費率，您可以在本季度看到結果。

So I'm going to give you just a couple of little high-level comments, and I'm just going to ask Mo to add anything on Business Insurance and then Mike Fish, anything on Group Benefits. But the SME space, which broadly defined, I think we're the industry leader, continues to hold up very well.

因此，我將向你們提供一些高層的評論，然後我會請 Mo 補充有關商業保險的任何內容，然後請 Mike Fish 補充有關團體福利的任何內容。但從廣義上講，我認為我們是中小企業領域的行業領導者，並且繼續保持良好的勢頭。

If you look at our overall price increase ex comp because comps got its own dynamics, we increased to 20 basis points to 9.9%. And even if I look at property within the SME space, we're up 18% in property pricing. Our overall GL, including excess and umbrella lines or achieved a 10.5% increase this quarter.

如果你看一下我們的整體價格上漲情況，由於同類產品有其自身的動態，我們將其提高了 20 個基點，達到 9.9%。即使我看中小企業領域的房地產，我們的房地產價格也上漲了 18%。本季度，我們的整體 GL（包括超額和傘狀賠付）實現了 10.5% 的成長。

I gave you sort of an ex comp, small business pricing number that's up 12.9%, feel really good about Global Specialty, up 6.2% in pricing.

我給你提供了一個不包括競爭對手的數據，小企業的價格上漲了 12.9%，對 Global Specialty 感到非常滿意，價格上漲了 6.2%。

So giving you just some highlights to sort of demonstrate that we're executing well the SME market, even in the aspects of Global Specialty where we play is holding up better. It tends to be the more profitable segment that we are one of the leaders in. So Mo, what would you add? And then Mike Fish ask you to add something.

因此，僅向您提供一些亮點來證明我們在中小企業市場表現良好，甚至在我們參與的全球專業領域也表現得更好。這往往是一個利潤較高的領域，我們是其中的領導者之一。那麼 Mo，您還有什麼要補充的嗎？然後 Mike Fish 要你加入一些內容。

No, that was a fulsome response. The only thing I would add, Andrew, is it's a competitive market and we talk about it from quarter to quarter, but we are asking the underwriters to really make the right choices. And

不，這是一個過度的回應。安德魯，我唯一想補充的是，這是一個競爭激烈的市場，我們每季都會討論這個問題，但我們要求承銷商真正做出正確的選擇。和

I think we, again, felt the middle team being really, I think, really strong on the decisions they were making on workers comp. I think we've pointed to our specialty team making the strong decisions on public D&O. That book is less than $100 million.

我認為，我們再次感受到中間團隊在工人補償方面所做的決定確實非常堅定。我認為我們已經指出我們的專業團隊對公共 D&O 做出了強有力的決策。那本書的價值不到1億美元。

So they have managed that down. So I think where the pricing is not holding up to what we do, our underwriters are making the right choices and I'm really proud of the way they're executing. I think what we're moving into is an underwriter's market, where as the market moves and maybe moves a little bit more dynamically, the best underwriters will win, and we hope to be in that population that will continue to outperform.

所以他們已經成功解決了這個問題。因此我認為，當定價與我們所做的不符時，我們的承銷商會做出正確的選擇，我對他們的執行方式感到非常自豪。我認為我們正在進入一個承銷商市場，隨著市場的變化，甚至可能更加動態地變化，最好的承銷商將會獲勝，我們希望成為這個將繼續表現優異的群體中的一員。

Andrew, this is Mike. I would just maybe add a couple of comments on the benefit side. So overall, we feel really good about where we're writing business, both on sort of new sales front and the renewal front in terms of the pricing. So again, holding on to margin, in particular, we've seen strong disability experience emerge. And so that's some favorable experience we have coming into our book.

安德魯，這是麥克。我可能只想就利益方面補充幾點評論。因此，總體而言，我們對我們的業務發展感到非常滿意，無論是在新銷售方面還是在定價方面的續約方面。因此，再次強調，特別是堅持保證金，我們已經看到了強大的殘疾經驗的出現。這就是我們在寫這本書時累積的一些有益經驗。

But again, on the other side, we've got some pressure on paid family leave that we've talked about two or three quarters in a row, and you saw in the quarter, really a nice improvement, a 20-point improvement on paid family leave really driven by rate that we put into the book.

但另一方面，我們在帶薪家庭假方面面臨著一些壓力，我們已經連續兩三個季度談論過這個問題，你在本季度看到了真正的良好改善，帶薪家庭假提高了 20 個百分點，這實際上是由我們記入賬目的比率推動的。

We put double-digit rate increases into that book of business, about $260 million. So not a large book, but we put some nice rate action in there and persistency held up strong in the high 80s. So very pleased with that outcome.

我們在該業務中投入了兩位數的利率成長，約為 2.6 億美元。因此，雖然書的內容不多，但我們在其中採取了一些不錯的利率行動，並且持久性在 80 年代後期保持強勁。我對這個結果非常滿意。

And then just as a follow-up, and that was very helpful. Mo, you just mentioned underwriters market, and that kind of contrasts a little bit with net written premium being up an excellent 10% in the quarter for Business Insurance overall, and it looks like across all the different areas.

然後作為後續行動，這非常有幫助。莫，您剛才提到了承保人市場，這與本季度商業保險整體淨承保保費增長 10% 形成了鮮明對比，而且看起來所有不同領域的情況都是如此。

Chris, does your high degree of confidence encompass a pretty robust net written premium growth trajectory? Or could that underwriters market that Mo was talking about start to --

克里斯，您的高度信心是否涵蓋了相當強勁的淨承保保費成長軌跡？或者莫所說的承銷商市場是否能開始--

I feel positive about both, Andrew, not to cut you off, but I feel positive on both. I feel positive that we can continue to grow and capture market share with our product sets, with our distribution while being disciplined, as Mo said, from an underwriting side.

我對兩者都持積極態度，安德魯，不是要打斷你，而是我對兩者都持積極態度。我確信，我們可以繼續發展，並透過我們的產品系列和分銷管道佔領市場份額，同時像莫文蔚所說的那樣，從承保方面嚴格遵守紀律。

And I think the strongest evidence of that is we're shrinking our comp book right now as we speak just because we're not getting the rate across the board that we want. But, Mo, you don't view that as conflicting?

我認為最有力的證據是，我們現在正在縮減我們的薪酬規模，因為我們沒有獲得我們想要的全面利率。但是，莫，你不認為這有矛盾嗎？

No, not at all. I would say, Andrew, in this marketplace, with how much that we have built and in some places, we are, I think, subscale to what we want to be. We certainly flow continues to be strong. We continue to enjoy really strong partnerships with our distribution. We have, I think, a very rare network of distribution partners that few can match.

不，一點也不。安德魯，我想說，在這個市場上，考慮到我們已經建立的許多東西，在某些地方，我認為我們還未達到我們想要達到的規模。我們當然認為流量將持續保持強勁。我們繼續與分銷商保持真正牢固的合作關係。我認為，我們擁有一個非常罕見的經銷合作夥伴網絡，很少有人能與之匹敵。

And we feel those partners wanting to consolidate to fewer markets. So we are enjoying that as well. So the growth opportunities that are out there, again, subject to the market holding up, we will take advantage of the flow that we see coming through.

我們感覺到這些合作夥伴想要整合到更少的市場。所以我們也很享受這一點。因此，對於存在的成長機會，如果市場能夠保持穩定，我們將利用我們看到的流量。

And where the rates aren't where they need to be, as I said a minute ago, we'll pull back. And I think that's really what I'm asking you to think about is we can and do believe we can do both, manage the market and grow. And I think that's what the best underwriters in the market will do over time.

正如我剛才所說，如果利率沒有達到應有的水平，我們就會撤退。我認為我真正想請你們思考的是，我們能夠並且確實相信我們可以做到這兩點，即管理市場和實現成長。我認為這就是市場上最好的承銷商隨著時間的推移將會做的事情。

Awesome, thank you.

太棒了，謝謝。

Elyse Greenspan from Wells Fargo.

富國銀行的 Elyse Greenspan。

Hi, thanks. Good morning. My first question on the commercial line side. Can you just provide some color just on where loss trend is across your book? And I'm particularly interested if you made any changes to your loss trend assumptions in the first quarter?

你好，謝謝。早安.我的第一個問題是關於商業線路方面的。您能否簡單介紹一下您的書中的損失趨勢？我特別感興趣的是，您是否對第一季的損失趨勢假設做了任何改變？

Elyse, I would say we made no changes. Obviously, we discussed the changes we made in '24 and how that affected the '25 pricing. You could see what we talked about from an achieved rate, and I think across the board, we're achieving pricing ahead of loss cost trends and feel good where we're at right now, excluding workers compensation, which has its own ecosystem.

伊莉絲，我想說我們沒有做任何改變。顯然，我們討論了 24 年所做的改變以及這些改變對 25 年定價的影響。您可以從實現率中看到我們所談論的內容，我認為從整體上看，我們的定價領先於損失成本趨勢，並且我們對目前的狀況感到滿意，但不包括工人賠償，因為它有自己的生態系統。

I think in personal lines, well, you asked the BI question, but personal lines has its own strong dynamics of getting that book back to profitability. So yes, I feel really good quarter in of how we're executing and feel very confident as I think about the next three quarters.

我認為在個人險方面，嗯，你問的是 BI 問題，但個人險有其強大的動力，可以讓該賬簿恢復盈利。是的，我對我們的執行情況感到非常滿意，並且對於接下來的三個季度也充滿信心。

And then my follow-up is on Personal Lines. Chris, in response to an earlier question, right, you were talking about the makeup of your book for states that were file and use versus prior approval, which to me indicated when we start to see an impact of the tariffs that you guys would go the route of looking to take price to offset that.

接下來我要討論的是個人線路。克里斯，在回答先前的問題時，對的，你談到了你的書中針對那些提交和使用而不是事先批准的州的構成，這對我來說表明，當我們開始看到關稅的影響時，你們會採取尋求價格來抵消這種影響的途徑。

Is that a decision that you've made that you will try to take price? Or any color that you could provide there as you think about the potential tariff impacts need for price, right, and you guys just about getting back to target margins in the book?

您是否已經做出決定，要嘗試取得價格？或者當您考慮潛在的關稅影響價格需求時，您可以提供任何顏色，對嗎，您只是回到書中的目標利潤率？

Yeah. It's a good question. Obviously, facts and circumstances will present themselves more clearly as far as options, opportunities. I think the nuance I want you to make sure you hear is that we set loss cost trends and picks at the beginning of the year that we thought were very prudent, thoughtful and provided a range of outcomes. And we have obviously the ability then to absorb some level of inflationary tariff type pressure.

是的。這是個好問題。顯然，就選擇和機會而言，事實和情況將更加清晰地呈現。我想確保你們聽清楚的是，我們在年初設定了損失成本趨勢和選擇，我們認為這些趨勢和選擇非常謹慎、周到，並提供了一系列結果。我們顯然有能力吸收一定程度的通膨關稅壓力。

But beyond that, yes, I mean, our goal is to keep up with loss cost trends and earn a risk-adjusted, an adequate risk-adjusted return on our capital to deploy it. So by definition, if we exhaust all other options, we're going to have to go back in and tweak rates.

但除此之外，是的，我的意思是，我們的目標是跟上損失成本趨勢並獲得風險調整後的、足夠的風險調整後的資本回報以進行部署。因此，根據定義，如果我們用盡所有其他選擇，我們將不得不重新調整利率。

Thank you.

謝謝。

Meyer Shields from KBW.

來自 KBW 的 Meyer Shields。

It's Jing on for Meyer. I guess just a quick follow-up on the macroeconomic environment that you kind of mentioned in your prepared remarks that you're already taking action to address the impact. I know you mentioned some like quick reaction time and things like that and faster cycle time. Anything you want to add there besides that you've already been taking action? Thank you.

對 Meyer 來說，就是 Jing on。我想我只是對宏觀經濟環境做一個快速的跟進，您在準備好的演講中提到您已經採取行動來應對其影響。我知道您提到了一些諸如快速反應時間和更快的循環時間之類的事情。除了您已經採取行動之外，還有什麼要補充的嗎？謝謝。

Yeah, I would say it's targeted action in certain lines, primarily the commercial auto and commercial property lines. So that's all I'll say.

是的，我想說這是針對某些領域的有針對性的行動，主要是商業汽車和商業房地產領域。我要說的就這些。

Okay. Got it. And then another follow-up question is on small commercial. Small commercial growth is very strong at 9%, double-digit new business increase. Just curious with the rate decelerating, how sustainable do you believe this level of new business will be if we enter a more like competitive pricing environment?

好的。知道了。另一個後續問題是關於小型商業的。小型商業成長非常強勁，達到 9%，新業務成長達到兩位數。只是好奇，隨著利率的下降，如果我們進入一個更具競爭力的定價環境，您認為這種新業務水平的可持續性如何？

Yes. I would say, this is Mo. I would say that the small business market is holding up really well. We don't see any signs of outside of workers compensation in the admitted space that the pricing environment is changing dramatically. We still see combined ratios for the industry that need improvement.

是的。我想說，這就是莫。我想說，小企業市場表現確實很好。除工人賠償之外，我們沒有看到任何跡象表明定價環境正在發生巨大變化。我們仍然認為該行業的綜合比率需要改善。

So broadly, in the small business space, we're really optimistic about the way the pricing will hold up and our ability to grow market share.

因此，總體而言，在小型企業領域，我們對定價的維持方式和擴大市場份額的能力非常樂觀。

Ex workers comp.

前工人補償。

Ex workers comp, yes.

前工傷賠償，是的。

Thank you.

謝謝。

David Motemaden from Evercore ISI.

Evercore ISI 的 David Motemaden。

Hey, good morning. I had a question just following up on workers comp. I'm just wondering, so you spoke about just the pricing pressure on comp across the customer sizes and how you're shrinking that book now.

嘿，早安。我有一個關於工人補償的問題。我只是想知道，您剛剛談到了不同客戶規模對公司定價的壓力，以及您現在如何縮減這一規模。

Could you just elaborate on how much worse the pricing is coming in versus your original expectations for the year? And what was built into your loss picks?

您能否詳細說明今年的定價與您最初預期的相比有多差？您的虧損選擇是基於什麼因素決定的？

David, what I would say is it actually might be slightly favorable to what we thought, but still slightly favorable is negative compared to what we planned for in the first quarter and we've talked about it before. You know our severity picks.

大衛，我想說的是，它實際上可能比我們想像的要好一些，但與我們在第一季度計劃的相比，仍然略有好轉，這是負面的，我們之前已經討論過這個問題了。您知道我們的嚴重性選擇。

We talk about generically frequency, which generally continues to be positive. But I would say from our expectations, maybe just slightly more positive from a pricing side. Mo, what would you add?

我們談論的是一般頻率，它一般持續為正。但我想說，從我們的預期來看，從定價方面來看可能稍微積極一些。莫，您還想補充什麼？

No, I don't think there's anything going on in the marketplace that's surprising us on comp right now. Our retentions are basically on plan across BI. Our rates, as Chris said, are slightly better than expectations. Our trends are holding up well.

不，我認為目前市場上沒有發生任何令我們感到驚訝的事情。我們的保留基本上是按照 BI 計劃進行的。正如克里斯所說，我們的費率略好於預期。我們的趨勢保持良好。

The profitability is holding up well. I just think it's a competitive market. I wouldn't say that anything you're seeing coming through our numbers is unexpected and surprising us.

獲利能力保持良好。我只是認為這是一個競爭激烈的市場。我不會說您透過我們的數字所看到的任何事情都是出乎意料或令我們感到驚訝的。

Okay. Great. And then just a follow-up just on Business Insurance. I was a little surprised we didn't get more expense ratio improvement. Just given how the growth has been coming in better.

好的。偉大的。然後只是關於商業保險的後續問題。我有點驚訝我們沒有獲得更多的費用比率改善。只是考慮到成長情況正在好轉。

I know it takes a little bit for that to earn in. But is that something you think we can see pick up from here just sort of expense ratio improvement just given the growth that you guys have been seeing?

我知道要實現這一目標需要付出一些努力。但是，考慮到您已經看到的成長，您是否認為我們可以看到費用率從這裡開始有所改善？

David, it's Beth. I think we've answered this question before on the expense ratio that over time, we would expect to see some improvement come through from an operating leverage perspective, but not expecting some dramatic or significant step change, I think it will be gradual.

大衛，我是貝絲。我認為我們之前已經回答過有關費用率的問題，隨著時間的推移，我們預計從經營槓桿的角度來看會出現一些改善，但並不期望出現一些戲劇性或重大的變化，我認為這將是漸進的。

And also, as we've also talked about in the past, we also look very closely at the things that we want to invest in in our businesses and using those expense dollars appropriately. And that investment is going to help drive our topline, help drive our loss costs and then ultimately help drive efficiency.

而且，正如我們過去談到的，我們也非常仔細地研究我們想要在業務中投資的東西，並適當地使用這些支出。這項投資將有助於提高我們的營業額，降低我們的損失成本，並最終提高效率。

So again, I think it's a longer-term journey relative to the expense ratio. And overall, I feel very good about where we are today.

因此，我再次認為，相對於費用率而言，這是一個長期的過程。總的來說，我對我們目前的狀況感到非常滿意。

Great, thank you.

太好了，謝謝。

Mike Zaremski from BMO.

BMO 的 Mike Zaremski。

Hey, good morning. Thanks, maybe just focusing specifically on the lawsuit, kind of social inflation lines of business. I know since the press release, you talked about liability pricing continuing to rise, which we can kind of tease out with the data you gave us.

嘿，早安。謝謝，也許只是特別關注訴訟，某種社會通膨業務線。我知道自從新聞稿發布以來，您一直在談論責任定價持續上漲，我們可以利用您提供的數據來梳理這個問題。

I also know that Hartford is probably in the minority of picking some of its embedding some loss picks in there that assume kind of low double-digit inflation as well.

我還知道，哈特福德可能是少數選擇將一些損失納入其中並假設通膨率處於低兩位數水平的人之一。

Do you feel that we're going to continue to see pricing kind of move north on that line of business, which could offer some potential growth opportunities for Hartford? Or kind of how are you thinking about the dynamics on the social inflation lines?

您是否認為我們會繼續看到該業務線的價格上漲，這可能會為哈特福德提供一些潛在的成長機會？或者您如何看待社會通膨線的動態？

Yeah. I think you're referring to just broad-based casualty lines, which I would tell you from a trend side, obviously, we made our adjustments last year, but there's nothing fundamentally changing right now from an overall trend side that would change our view that social inflation is going to continue to be a problem for society.

是的。我認為您指的是廣泛的傷亡線，我想從趨勢方面告訴您，顯然，我們去年做出了調整，但從整體趨勢方面來看，目前沒有任何根本性的變化可以改變我們的觀點，即社會通膨將繼續成為社會的問題。

It's going to continue to tax and constrain innovation in my judgment. And we need, as an industry, to continue to fight and get the necessary reforms in place at a state level. And we had a good win.

我認為它將繼續對創新施加壓力並限制創新。作為一個產業，我們需要繼續奮鬥並在國家層級實施必要的改革。我們取得了一場漂亮的勝利。

The industry had a good win in Georgia with some of its reforms that the governor put into place. So we feel good about that. But overall, Mike, I don't see any changing trends. Do you, Mo?

在喬治亞州州長實施的一些改革下，該行業在喬治亞州取得了良好的勝利。因此我們對此感到很高興。但總體而言，麥克，我沒有看到任何變化的趨勢。你呢，莫？

No. Just to build on Chris point in terms of what we're seeing from a rate perspective and what we're driving from a rate perspective, GL accelerated in the quarter. So that's the primary GL. Umbrella was strong and roughly flat. And then our excess lines and again, admitted and non-admitted continue to be really strong.

不。僅就我們從利率角度看到的情況以及我們從利率角度推動的情況而言，克里斯的觀點是，GL 在本季度加速了。這就是主要的 GL。雨傘很結實，而且大致平坦。然後，我們的超額線路以及承認和未承認的線路繼續保持強勁。

And the teams are making sure that on all the GL lines and the auto lines that we are getting rate in excess of trend, and that's a key goal for the year.

團隊正在確保所有 GL 生產線和汽車生產線的產量都超過趨勢水平，這是今年的關鍵目標。

Got it. That's helpful. Maybe switching gears a bit to E&S. I feel like you all have been taking a lot of share in E&S for a while. I know it's still a smaller line of business, but you mentioned 29% growth and a tremendous opportunity, I think, was the exact wording used in the prepared remarks.

知道了。這很有幫助。也許可以稍微轉向 E&S。我覺得你們已經在 E&S 中佔據了很大份額。我知道這仍然是一個較小的業務線，但您提到的 29% 的增長和巨大的機遇，我認為，是準備好的演講稿中使用的確切措辭。

Are you able to unpack how, what's are you kind of using relationships like programmized relationships with some of the big E&S carriers? Or is this kind of is there any kind of secret sauce or underlying kind of drivers that's causing the market share taking?

您能否解釋一下您是如何與一些大型 E&S 運營商建立程序化關係的？或者是否存在某種秘密武器或潛在驅動因素導致市場份額的流失？

Yes, we do have secret sauce, but I'm not going to talk about it. So Mo, what would you say?

是的，我們確實有秘密武器，但我不會談論它。那麼 Mo，你會說什麼？

No. And I would break it into two pieces, Mike. One, in the small business E&S binding space, I think really the secret sauce is us taking all of the technology and tools that have made us so successful in the retail market into the wholesale market.

不。我會把它分成兩部分，麥克。首先，在小型企業 E&S 裝訂領域，我認為真正的秘訣是我們將使我們在零售市場如此成功的所有技術和工具帶入批發市場。

So that is what we continue to do and we continue to open up locations with the wholesale partners. So we are not open, we basically do it by location by location, by partner.

所以我們會繼續這樣做，並繼續與批發合作夥伴開設門市。所以我們並不開放，我們基本上是按照地點、按照夥伴來做。

And I think the growth that you're seeing is not only the flow is strong, but we are continuing to open up locations with new wholesale locations. And so again, I think the summary in the binding E&S space is we continue to be really optimistic about our growth there. And again, predicated on just we're making it easier for our partners to do business with us relative to peers.

我認為您所看到的成長不僅是流量強勁，而且我們還在繼續開設新的批發店。因此，我認為，在具有約束力的 E&S 領域，總結起來就是我們繼續對我們在那裡的成長非常樂觀。再次強調，我們的目標是讓我們的合作夥伴比同行更容易與我們開展業務。

In the Global Specialty space where we think it's just a brokerage play, again, the flow continues to be strong. We grew 12% in the quarter in that space, as Chris referenced in his opening remarks. There too, we are a very, very strong construction market and a key partner to the wholesalers in construction liability primarily.

在我們認為只是經紀業務的全球專業領域，流量仍然強勁。正如克里斯在開場白中提到的，我們在本季在該領域的成長了 12%。在那裡，我們也擁有非常強大的建築市場，並且主要是建築責任批發商的關鍵合作夥伴。

What we are doing in that space is more about building out the other lines, inland marine, the non-construction casualty lines, property and just because of the partnership we've established on the construction side, I think we can continue to grow share in the brokerage space as well. So we're really optimistic about E&S overall and the continued growth in that space.

我們在該領域所做的更多是建造其他航線，包括內陸航運、非建築意外險航線、財產險，而且由於我們在建築方面建立的合作夥伴關係，我認為我們也可以繼續增加經紀領域的份額。因此，我們對 E&S 整體及其領域的持續成長非常樂觀。

Thank you.

謝謝。

Alex Scott from Barclays.

巴克萊銀行的亞歷克斯·斯科特。

Hey, good morning. First one I have for you is on the personal lines business. I mean it sounded like a bit more focused on growth moving forward. And just wanted to hear about some of the things you're doing, if there's anything specific that you're targeting for us to think about?

嘿，早安。我要向您介紹的第一個問題是關於個人險業務。我的意思是，這聽起來更注重未來的成長。我只是想聽聽您正在做的一些事情，您是否有具體的目標讓我們考慮一下？

Yeah. I would say, Alex, I mean, the first priority remains the same, getting the overall book back to targeted margins, which we think we're well on track of achieving by midyear, particularly in personal auto. Homeowners, I think, has actually performed very well consistently for a number of quarters now as the team keeps pace with the loss cost trends there and elevated frequency.

是的。我想說，亞歷克斯，我的意思是，首要任務保持不變，讓整體帳簿恢復到目標利潤率，我們認為我們有望在年中實現這一目標，特別是在個人汽車領域。我認為，房主團隊實際上已經連續多個季度表現非常出色，因為該團隊跟上了那裡的損失成本趨勢和頻率的提高。

I think our underlying was sort of in the mid 75-ish, which is very, very strong. But as we sort of alluded to, we are trying to pivot to growth, particularly as profitability is improved.

我認為我們的基礎水平大約在 75 左右，這是非常非常強大的。但正如我們所提到的那樣，我們正在努力轉向成長，特別是在獲利能力提高的情況下。

We do want to grow our home and auto business. I think we have the platform to do it, which we talked about was Prevail. Prevail is in 44 states right now. Prevail makes up 75% of our new business, primarily in the direct channel. And from an overall in-force book Prevail is now up to 25%.

我們確實希望發展我們的家居和汽車業務。我認為我們有平台可以做到這一點，我們談論的就是Prevail。Prevail 目前已覆蓋 44 個州。Prevail 占我們新業務的 75%，主要來自直銷通路。從整體有效帳簿來看，Prevail 現已高達 25%。

And the other statistic maybe that we don't talk about that frequently is about 75% of our homeowners book is bundled with auto, which I think is a high percentage, and we're proud of it. And our sales team, our sales agents, I think, are doing a good job. So I'll look to Melinda to add any other color at this point in time.

我們可能不常談論的另一個統計數據是，大約 75% 的房主帳簿與汽車捆綁在一起，我認為這個比例很高，我們對此感到自豪。我認為我們的銷售團隊、銷售代理做得很好。因此我希望梅琳達此時能添加其他顏色。

Yeah. Thank you. The only thing I would add is that as rate moderates, we certainly expect the pressure on retention to moderate as well, which would lift both premium and policy count growth. And then we've also implemented a number of new business initiatives to stimulate growth as well.

是的。謝謝。我唯一想補充的是，隨著利率的緩和，我們當然預計留存壓力也會隨之緩和，這將提高保費和保單數量的成長。此外，我們也實施了一些新的業務措施來刺激成長。

So increased marketing spend, both rate and non-rate levers to support that. And then as Chris mentioned, the Prevail platform to enable it.

因此，增加了行銷支出，包括利率和非利率槓桿來支持這一點。然後正如克里斯所提到的，Prevail 平台可以實現這一點。

That's all really helpful. Second question I had is on workers comp reserves. And so one of the things I've noticed is just your post-COVID accident year workers comp reserves generally just stayed in place while some of the peers have maybe recognized some of the frequency benefits.

這些都非常有幫助。我的第二個問題是關於工人補償儲備金。因此，我注意到的一件事是，新冠疫情後事故年度的工人補償儲備金通常保持不變，而一些同行可能已經認識到一些頻率效益。

And so I get the severity takes longer and maybe there's some conservatism there. But I just wanted to understand, I guess, like what's your approach to those reserves?

因此，我認為嚴重性需要更長的時間才能解決，而且可能存在一些保守主義。但我只是想了解一下，您對這些儲備的態度是什麼？

And I get the question sometimes as to whether maybe there's something more problematic there or something like that. And I don't get the feeling that's the case, but I just wanted to sort of dig into that a little and understand the way you all have approached this post COVID workers comp reserves?

有時我會問自己，那裡是否有更嚴重的問題或類似的事情。我並不覺得情況如此，但我只是想稍微深入研究一下，了解一下大家是如何處理 COVID 後工人補償儲備的？

Yeah. Alex, I'll let Beth add her color, but let me just state emphatically, there's no problems. There's nothing problematic. There's nothing you should worry about. And we feel good about the balance sheet because we've worked hard to put the balance sheet in the position that it is today.

是的。亞歷克斯，我會讓貝絲添加她的顏色，但我只想強調一下，沒有問題。沒什麼問題。你沒什麼好擔心的。我們對資產負債表感到滿意，因為我們一直努力使資產負債表處於今天的狀態。

Yes. I would echo what Chris just said. We are given just the nature of that line of business, we are cautious just to see those reserves season and take the appropriate action when we feel comfortable. So the releases that we did this quarter were 2020 and prior.

是的。我贊同克里斯剛才所說的話。考慮到這項業務的性質，我們會謹慎地觀察儲備季節，並在我們感到舒適時採取適當的行動。因此，我們本季發布的版本是在 2020 年及之前發布的。

We look at our reserves every quarter and evaluate anything that we might need to adjust. But again, as you know, those reserves stay on the balance sheet for a long period of time, and we just want to be cautious as we think about the more recent years.

我們每季都會查看我們的儲備並評估可能需要調整的任何內容。但正如你所知，這些儲備會在資產負債表上保留很長一段時間，我們只是想在考慮最近幾年的情況時保持謹慎。

Yes, we get it. Thank you.

是的，我們明白了。謝謝。

Rob Cox from Goldman Sachs.

高盛的 Rob Cox。

Hey, thanks for taking my question. Just thinking about the investment portfolio, I appreciate the commentary for variable rate decreases to offset higher investment yields. Could you give us a sense of the fixed versus floating breakdown in your investment portfolio?

嘿，謝謝你回答我的問題。僅考慮投資組合，我很欣賞關於降低浮動利率以抵消更高的投資收益的評論。您能否向我們介紹一下您的投資組合中固定和浮動的構成情況？

Sure. So our variable, our securities that will be exposed to variable rates are about $6 billion. So think about that as roughly 10%. I would say that if we looked at that over the last couple of years, that's come down a bit, but that's the relative magnitude.

當然。因此，我們的可變利率證券（即，將承受可變利率影響的證券）約為 60 億美元。因此，可以將其視為大約 10%。我想說，如果我們回顧過去幾年的情況，我們會發現這個數字有所下降，但這只是相對幅度。

Okay. Awesome. That's very helpful. And then I just wanted to ask a follow-up on competition in small commercial. Clearly, you all have some competitive advantages in that space.

好的。驚人的。這非常有幫助。然後我只是想問一下關於小型商業競爭的後續問題。顯然，你們在該領域都具有一些競爭優勢。

But I just wonder if there's any noticeable difference with some of your larger peers getting more interested in the market and just the competitive dynamics?

但我只是想知道，你們的一些較大的同行對市場和競爭動態越來越感興趣，這是否有明顯的差異？

Yes. I think a lot of people are interested in it, but interest doesn't translate to execution, doesn't translate to history and experience and know-how. But yes, it's still a competitive market, but there's a lot of good competitors, Mo, but we've been able to be distinctive for many, many years.

是的。我認為很多人對此感興趣，但興趣並不能轉化為執行，也不能轉化為歷史、經驗和專業知識。但是的，這仍然是一個競爭激烈的市場，但也有很多優秀的競爭對手，莫，但多年來我們已經能夠脫穎而出。

Yes. And just the only thing I would say, Rob, to build on Chris comment is the level of investment that we continue to put in every year into the technology, the tools, the agent, the customer experience, it's really hard to replicate. And so once you get that advantage and you keep investing, we expect that advantage to continue for a very long time.

是的。羅布，我唯一想說的是，在克里斯的評論基礎上，我們每年在技術、工具、代理、客戶體驗方面的投資水平真的很難複製。因此，一旦你獲得了這種優勢並繼續投資，我們預計這種優勢將持續很長一段時間。

Thank you.

謝謝。

Josh Shanker from Bank of America.

美國銀行的 Josh Shanker。

Thank you very much for fitting me in. A couple of questions about agent receptivity on the homeowners product or the home and auto product for that matter, given your great relationships on the commercial side. Is the pickup swift? Or is it a work in progress?

非常感謝您為我安排。鑑於您在商業方面擁有良好的關係，我有幾個關於代理商對房主產品或家居和汽車產品的接受度的問題。接送快嗎？或者這是一個正在進行的工作？

Josh, I'm not even going to respond to that baiting.

喬希，我甚至不會回應這種引誘。

It was unintentional.

這不是故意的。

Okay. Very good. I would say, yes, we're pleased with the agent channel as it exists today. We've seen nice growth on a bundled basis, primarily. And we are turning back on broad-based relationships that might have been a little dormant, a little just dormant.

好的。非常好。我想說，是的，我們對現有的代理商管道感到滿意。我們主要看到了捆綁基礎上的良好增長。我們正在重新建立可能已經有些沉寂、有些停滯的廣泛關係。

So yes, I'm encouraged about that. And I'm just going to ask Melinda to add her own color because she's the principal architect of getting back into the agency side of the business in a more meaningful way.

是的，我對此感到鼓舞。我只是想請梅琳達添加她自己的色彩，因為她是以更有意義的方式重返代理商業務的主要設計師。

Yes. A couple of things I would offer. Certainly, we have had an opportunity as profitability has come back online to reengage agents, and there's been a fair amount of marketplace disruption. And so those two things in combination with The Hartford's retail brand are certainly an opportunity and a strategic advantage for The Hartford.

是的。我想提供一些建議。當然，隨著獲利能力的恢復，我們有機會重新吸引代理商，而市場也出現了相當程度的混亂。因此，這兩件事與哈特福德的零售品牌相結合，無疑為哈特福德帶來了機會和戰略優勢。

So we're excited about what we've been able to do and the growth that we're posting on a relatively small base today. And then as we think about a broader pivot, there is an opportunity to capitalize on our new platform.

因此，我們對我們今天所取得的成就以及在相對較小的基礎上所取得的成長感到非常興奮。然後，當我們考慮更廣泛的轉變時，我們就有機會利用我們的新平台。

We look at Prevail, and it brings with it an exceptional product, a platform and customer experiences that we do believe can be leveraged more broadly. So if you think about the segmentation and the transferable capabilities coming to the agency channel over time, we think that that is an opportunity, and we've earned the right to compete more meaningfully in personal lines in the channel.

我們專注於 Prevail，它帶來了卓越的產品、平台和客戶體驗，我們相信可以更廣泛地利用它們。因此，如果您考慮到隨著時間的推移代理管道的細分和可轉移能力，我們認為這是一個機會，我們已經贏得了在管道的個人線路上進行更有意義的競爭的權利。

So really that means, Josh, is we have some pilots that began in two states really in the second half of the year, and we'll see how all that goes and keep you posted.

所以喬希，這實際上意味著我們在今年下半年會在兩個州開始一些試點，我們會觀察一切進展並隨時向你通報。

And given that policy count in home is growing as auto continues to decline, but that hopefully will stop. Is there any risk in writing monoline home? Is that an attractive product?

鑑於家庭保單數量在增加而汽車保單數量正在減少，但希望這種情況能夠停止。簽訂單一險種房屋保險有風險嗎？這是一個有吸引力的產品嗎？

It's not our preferred approach. It happens, but it doesn't happen very frequently.

這不是我們喜歡的方法。這種事確實會發生，但並不頻繁。

Yes. Again, as Chris shared, the vast majority of our business is written on a bundled basis in the home, in the direct space and at a growing percentage of our agency business as well. I would say that our homeowners business has performed very well.

是的。再次，正如克里斯所分享的，我們的絕大多數業務都是以捆綁方式在家庭、直接空間以及越來越多的代理業務中開展的。我想說我們的房主業務表現非常好。

We're very thoughtful about our growth and how we think about it on a state basis. So we look at how we want to grow home when we do so. And our track record is very strong. We generated a combined ratio in the low 90s over a long period of time, say the last decade or so, and that compares very favorable to the industry.

我們非常認真地考慮我們的成長以及我們如何從國家角度考慮它。因此，當我們這樣做的時候，我們會考慮如何發展家園。我們的業績記錄非常出色。我們在很長一段時間內（例如過去十年左右）的綜合比率都保持在 90% 左右，與行業相比非常有利。

Thank you.

謝謝。

We have no further questions in queue. I'll turn the call back over to Susan for closing remarks.

我們沒有其他問題。我將把電話轉回給蘇珊，請她做最後發言。

Thank you all so much for joining us today. Please feel free to reach out with any additional questions, and have a nice day.

非常感謝大家今天加入我們。如果您還有其他問題，請隨時與我們聯繫，祝您有愉快的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。