Hartford Insurance Group Inc (HIG) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Lacy, and I will be your conference operator today. At this time, I would like to welcome everyone to the second-quarter 2025 The Hartford Insurance Group Financial results webcast. (Operator Instructions)

您好，感謝您的收聽。我叫Lacy，今天將擔任您的會議主持人。現在，我歡迎大家收聽哈特福德保險集團2025年第二季財務業績網路直播。 （主持人指示）

I would now like to turn the call over to Kate Jorens, Senior Vice President, Treasurer, and Head of Investor Relations. You may go ahead.

現在我想把電話轉給高級副總裁、財務主管兼投資者關係主管凱特·喬倫斯（Kate Jorens）。請您發言。

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

早安，感謝您今天參加我們2025年第二季財報電話會議和網路直播。昨天，我們公佈了業績，並在網站上發布了所有與業績相關的資料。在開始之前，請注意，我們的簡報中包含前瞻性陳述，這些陳述並非對未來績效的保證，並且可能與實際結果有重大差異。

We do not assume any obligation to update these statements. 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 supplement.

我們不承擔更新這些聲明的任何義務。投資者應考慮我們近期提交給美國證券交易委員會 (SEC) 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、新聞稿和財務補充資料可在 thehartford.com 的「投資者關係」部分查閱。我們的評論包含非公認會計準則 (non-GAAP) 財務指標，其解釋和公認會計準則 (GAAP) 對帳可在我們近期提交給美國證券交易委員會 (SEC) 的文件、新聞稿和財務補充資料中查閱。

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嘉賓：董事長兼執行長 Chris Swift 和財務長貝絲‧科斯特洛 (Beth Costello)。他們的發言結束後，我們將由幾位管理團隊成員協助回答大家的提問。

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 second-quarter results were outstanding, with core earnings reaching nearly $1 billion. This performance reflects the effectiveness of our strategy and consistency of execution that drives our momentum. We are expanding our market presence and growing with purpose. Our strategic investments are advancing innovation across the organization to benefit customers and distribution partners.

早安，感謝您今天加入我們。哈特福德第二季業績出色，核心獲利接近10億美元。這一業績反映了我們策略的有效性和執行的一致性，這推動了我們的發展動能。我們正在擴大市場份額，並有針對性地發展。我們的策略投資正在推動整個組織的創新，使客戶和分銷合作夥伴受益。

We are pleased with our year-to-date performance as we have successfully capitalized on market opportunities while maintaining strong margins. With that, let's take a closer look at second-quarter performance. Highlights include top-line growth in Business Insurance of 8%, with an outstanding underlying combined ratio of 88%.

我們對年初至今的業績感到滿意，因為我們成功掌握了市場機遇，同時保持了強勁的利潤率。接下來，讓我們仔細看看第二季的業績。亮點包括商業保險營收成長8%，基礎綜合成本率高達88%。

In Personal Insurance, an underlying combined ratio of 88%, with 8.7 points of improvement over prior year. An exceptional core earnings margin of 9.2% in Employee Benefits. And continued solid performance in our investment portfolio. All these items contributed to an outstanding trailing 12-month core earnings ROE of 17%.

個人保險業務方面，基礎綜合成本率為88%，較前一年改善8.7個百分點。員工福利業務核心獲利率高達9.2%，表現優異。投資組合持續穩健。所有這些因素共同促成了過去12個月核心獲利淨資產收益率（ROE）高達17%的優異表現。

Turning to Business Insurance. Results were excellent, driven by industry-leading underwriting tools, pricing expertise, and data science advancements. Small business delivered an excellent underlying combined ratio with record breaking quarterly net new business premium. Strong written premium growth was fueled in part by double-digit increases in auto and in our industry-leading packaged product, as well as a 35% increase in E&S binding premium.

談商業保險。得益於業界領先的核保工具、定價專業知識和數據科學的進步，我們的業績表現優異。小型企業險實現了卓越的基礎綜合成本率，季度淨新業務保費創歷史新高。強勁的承保保費成長部分得益於車險和我們行業領先的打包產品險的兩位數增長，以及環境與社會責任（E&S）約束性保費增長35%。

We are on a clear trajectory to exceed $6 billion in annual written premium in 2025. Growth in Small is fueled by technology and data science advancements, which provides significant and unrivaled competitive advantages. For example, our best-in-class quoting platform is powered by intelligent automation, real-time decisioning, and proprietary pricing models, differentiated by our rich historical data.

我們正朝著明確的目標前進，力爭2025年實現年度承保保費超過60億美元。小型險業務的成長得益於技術和數據科學的進步，這為我們帶來了顯著且無與倫比的競爭優勢。例如，我們一流的報價平台由智慧自動化、即時決策和專有定價模型提供支持，並憑藉我們豐富的歷史數據脫穎而出。

Over the years, we have streamlined the submission process with intuitive workflows and advanced prefill of customer data. Our AI-driven underwriting logic suggests coverages based on business type and reflects the judgment of our most experienced underwriters. All of this delivers a seamless and efficient experience, allowing 75% of all quotes across all admitted lines of business to be bound within minutes.

多年來，我們透過直覺的工作流程和先進的客戶資料預填功能，簡化了投保流程。我們由人工智慧驅動的核保邏輯會根據業務類型提供核保建議，並反映我們最資深核保人的判斷。所有這些舉措都帶來了無縫且高效的體驗，使所有核保業務線中 75% 的報價能夠在幾分鐘內完成。

This provides a durable competitive advantage for us with our distribution partners. As we continue to invest in AI, we expect bindability to increase further, driving enhanced efficiency, greater scalability, and sustained profitable growth.

這為我們與分銷合作夥伴提供了持久的競爭優勢。隨著我們持續投資人工智慧，我們預期可綁定性將進一步提升，從而提升效率、增強可擴展性並實現持續的獲利成長。

Turning to Middle and Large Business. Underlying results were excellent with solid growth. We are focused on maintaining margins and making appropriate risk decisions using enhanced underwriting tools. Middle and Large continues to advance the vision of an automated AI-driven underwriting process to enhance productivity and accelerate speed to market.

轉向中大型業務。基礎業績出色，成長穩健。我們專注於維持利潤率，並利用增強的核保工具做出適當的風險決策。中大型業務持續推動人工智慧驅動的自動化承保流程願景，以提高生產力並加快上市速度。

Our strategic investments leverage strength in Small Business and extend those advantages to middle market. Over time, we believe this positions us well to capture additional market share in this space.

我們的策略投資充分利用了我們在小型企業領域的優勢，並將這些優勢拓展至中型市場。我們相信，隨著時間的推移，這將使我們在該領域佔據更大的市場份額。

Shifting to Global Specialty. Results were outstanding with sustained underlying margins in the mid-80s and record quarterly gross written premium of $1.3 billion. Our strong competitive position, broad product portfolio and disciplined renewal pricing drove this performance. Gross written premium in the wholesale business grew 8%, supported by growth in casualty, auto and inland marine.

轉型至全球專業保險。業績表現優異，基礎利潤率維持在80%左右，季度毛承保保費創下13億美元的新高。我們強大的競爭地位、廣泛的產品組合以及嚴謹的續保定價推動了這一業績。批發業務的毛承保保費成長了8%，這得益於意外險、車險和內陸水險的成長。

Global reinsurance gross written premium grew 15%, driven by strong growth in both US property and specialty casualty lines. With a diverse product portfolio and a constructive pricing environment, we remain confident in the growth potential of Global Specialty.

全球再保險毛承保保費成長15%，這得益於美國財產險和特殊意外險業務的強勁成長。憑藉著多元化的產品組合和積極的定價環境，我們對全球特殊險的成長潛力充滿信心。

As for pricing, Business Insurance renewal pricing, excluding workers' compensation, is strong at 8.1% and is still comfortably above the overall loss trend. Pricing execution remains highly disciplined with low double-digit increases in auto and general liability, including mid-teens increases in umbrella and excess lines. In workers' compensation, although pricing is modestly down from the first quarter, it remains within expectations.

定價方面，商業保險續保價格（不含工傷賠償）表現強勁，達8.1%，仍遠高於整體損失趨勢。定價執行依然嚴格，汽車和一般責任險的漲幅低於兩位數，其中傘險和超額險的漲幅達到兩位數左右。工傷賠償方面，儘管價格較第一季略有下降，但仍在預期之內。

Across Business Insurance, focused expansion in property has driven 12% growth with written premium of $1 billion in the quarter. In Small Business, property pricing within our package product remained strong as we achieved 15% renewal written price increases. In general industries property, pricing is solid and above loss trends. Large property and wholesale pricing declined from the first quarter by 4 and 8 points, respectively. However, both of these lines have adequate margins and account for less than 10% of total business insurance property.

商業保險方面，專注於財產險的擴張推動了12%的成長，本季保費達到10億美元。在小型企業保險方面，我們組合產品中的財產險定價維持強勁，續保保費上漲了15%。一般產業財產險定價穩健，高於虧損趨勢。大型財產險和批發險定價較第一季分別下降了4個百分點和8個百分點。然而，這兩條險種的利潤率都比較充足，在商業財產險總保費中所佔比例均不到10%。

As we continue to grow the property book, we are maintaining a consistent catastrophe risk appetite and in another active CAT quarter, our CAT losses remain below our market share.

隨著我們繼續擴大房地產業務，我們始終保持對災難風險的偏好，在另一個活躍的 CAT 季度中，我們的 CAT 損失仍然低於我們的市場份額。

Turning to Personal Insurance. Results improved significantly over prior year. Homeowners had an outstanding quarter, highlighted by 17% written premium growth in low 70s underlying combined ratio. Renewal written pricing of 12.7%, driven by net rate and insured value increases continue to support healthy margins and reinforces a strong position in the market. Auto underlying results improved by 9.7 points to a mid-90s underlying combined ratio.

個人險方面，業績較去年同期顯著改善。房屋險本季表現優異，承保保費成長17%，基礎綜合成本率達75%出頭。受淨費率和保額成長的推動，續保承保價格上漲12.7%，繼續支撐健康的利潤率，鞏固了市場領先地位。車險基礎績效提升9.7個百分點，基礎綜合成本率達95%左右。

We are now well positioned to profitably grow in both auto and home. This month, we introduced our [Prevail] offering, inclusive of auto, home and umbrella to the agency channel, unlocking additional opportunities with preferred market customers. We expect to be in six states by the end of the year and an additional 15 to 20 states next year.

我們目前已做好充分準備，在汽車和家居領域實現獲利成長。本月，我們向代理商通路推出了[Prevail]服務，涵蓋汽車、家居和傘險，為優先市場客戶開啟了更多機會。我們預計今年底將涵蓋六個州，明年將再覆蓋15至20個州。

Agents are energized by the enhanced efficiency of Prevail, and have expressed strong commitment to promoting these improved offerings as new states come online. More broadly, agents and brokers at our annual summit in May conveyed a clear eagerness to deepen their partnership with us across the enterprise.

Prevail 效率的提升讓代理商們倍感振奮，並表示將致力於在新州上線後推廣這些改進的服務。更廣泛地說，在我們五月的年度高峰會上，代理商和經紀人們都表達了強烈的願望，希望在整個企業範圍內深化與我們之間的合作。

They continue to recognize our ability to deliver fast, accurate solutions as a key differentiator in the market. With our ongoing investments in AI, digital tools, in overall ease of doing business, we are well positioned to grow alongside our distribution partners and strengthen our collaborative success.

他們持續認可我們能夠提供快速、精準的解決方案，這是我們在市場上脫穎而出的關鍵優勢。憑藉我們在人工智慧、數位化工具和整體業務便利性方面的持續投資，我們已做好準備，與分銷合作夥伴共同成長，鞏固我們的合作成果。

Moving on to Employee Benefits. Core earnings margin of 9.2% was exceptional, driven by excellent life and disability results. Persistency remained strong in the low 90s, while fully insured premium growth was flat, reflecting a competitive market.

再來看看員工福利。核心利潤率高達9.2%，表現優異，這得益於人壽和殘障險的優異表現。持續性保費保持強勁，維持在90%出頭的水平，而全保費成長則保持平穩，反映出市場競爭激烈。

Looking ahead, we are particularly excited about our recent partnership with Nayya, which brings AI-powered personalization through benefits enrollment. This collaboration enhances digital capabilities and simplifies the benefits experience for employees through seamless integration with leading HR platforms.

展望未來，我們對近期與 Nayya 的合作尤為興奮，Nayya 透過福利登記功能實現了人工智慧驅動的個人化。此次合作增強了數位化能力，並透過與領先的人力資源平台無縫集成，簡化了員工的福利體驗。

Improving benefit utilization enhances employee satisfaction and in turn, helps employers retain their workers. This is another example of how we are advancing our innovation strategy and delivering meaningful value to both employers and their employees.

提高福利利用率可以提升員工滿意度，進而幫助雇主留住員工。這是我們推動創新策略、為雇主和員工創造有意義價值的又一例證。

In summary, second quarter results reflect the strength of our businesses and the impact of ongoing strategic investments. It is an exciting time at The Hartford as we advance our innovation agenda. We are prioritizing practical, high-impact AI applications that augment human talent and drive productivity to better serve customers and distribution partners. Looking ahead, we are confident in our ability to capture additional market share, deliver profitable growth, and capitalize on the opportunities ahead.

總而言之，第二季業績反映了我們業務的強勁表現以及持續策略投資的正面影響。哈特福德公司正處於激動人心的時刻，我們正在推進創新議程。我們優先考慮實用且高效的人工智慧應用，以增強人才儲備並提高生產力，從而更好地服務客戶和分銷合作夥伴。展望未來，我們有信心能夠獲得更多市場份額，實現獲利性成長，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 $981 million or $3.41 per diluted share with a trailing 12-month core earnings ROE of 17%. In Business Insurance, core earnings were $697 million with written premium growth of 8% and an underlying combined ratio of 88%.

謝謝你，克里斯。本季核心收益為9.81億美元，即每股攤薄收益3.41美元，過去12個月核心收益的淨資產收益率（ROE）為17%。商業保險業務核心收益為6.97億美元，承保保費成長8%，基礎綜合成本率為88%。

Small Business continues to deliver industry-leading results with written premium growth of 9% and an underlying combined ratio of 89%. Middle and Large Business had another quarter of strong profitability with an underlying combined ratio of 89.1% and written premium growth of 5%.

小型企業業務持續維持業界領先，承保保費成長9%，基礎綜合成本率達89%。中型及大型企業業務本季獲利表現強勁，基礎綜合成本率達89.1%，承保保費成長5%。

Global Specialties second quarter was outstanding with an underlying combined ratio of 84.8% and written premium growth of 9%. The Business Insurance expense ratio of 30.6 improved 0.5 points from second quarter 2024, primarily driven by the impact of higher earned premium.

全球特種險第二季表現優異，基礎綜合成本率達84.8%，承保保費成長9%。商業保險費用率為30.6%，較2024年第二季下降0.5個百分點，主要得益於已賺保費的增加。

In Personal Insurance, core earnings for the quarter were $94 million with an underlying combined ratio of 88%. The auto underlying combined ratio of 95.2% improved 9.7 points from the 2024 period, and homeowners produced an excellent underlying combined ratio of 72.7%, which improved 5.1 points.

個人險本季核心收益為9,400萬美元，基礎綜合成本率為88%。車險基礎綜合成本率為95.2%，較2024年同期下降9.7個百分點；房主險基礎綜合成本率為72.7%，表現優異，較2024年同期下降5.1個百分點。

Written premium in Personal Insurance increased 7% in the second quarter, in part driven by steady and successful rate actions. We achieved written pricing increases of 14% in auto and 12.7% in homeowners. Additionally, new business growth continues to be robust in homeowners at 47% over the prior year.

第二季度，個人保險的承保保費增加了7%，部分原因是穩健且成功的費率調整。車險和房屋保險的承保價格分別上漲了14%和12.7%。此外，房主險的新業務成長持續保持強勁，較去年同期成長47%。

Homeowners policy count continued to grow, while auto decreased as expected. We continue to expect that auto policy count will pivot to growth in 2026. The Personal Insurance second-quarter expense ratio of 25.1 improved from the prior year by 1.3 points, primarily driven by the impact of higher earned premium, partially offset by a higher commission ratio due to business mix.

房屋保險保單數量持續成長，而汽車保險保單數量則如預期下降。我們繼續預期汽車保險保單數量將在2026年轉為成長。個人保險第二季費用率為25.1%，較上年同期改善了1.3個百分點，主要得益於已賺保費的增加，但業務組合帶來的佣金率上升部分抵銷了這一改善。

With respect to catastrophes, P&C current accident year losses were $212 million before tax or 4.9 combined ratio points, primarily related to tornado, wind, and hail events largely concentrated in the south and midwest regions.

就災難而言，財產和意外險本事故年度的損失為稅前 2.12 億美元，即綜合比率為 4.9 個點，主要與龍捲風、大風和冰雹事件有關，這些災害主要集中在南部和中西部地區。

As a reminder, we have a $200 million aggregate catastrophe cover, which attaches when the subject losses and expenses exceed $750 million. Through June 30, losses subject to the treaty were approximately $690 million, leaving $60 million before we reach the attachment point. The aggregate cover does not include losses from the global reinsurance business, which purchases its own retrocessional coverage.

提醒一下，我們擁有總額為2億美元的巨災保險，當損失和費用超過7.5億美元時，該保險將生效。截至6月30日，受該合約約束的損失約為6.9億美元，在達到生效點之前還剩下6,000萬美元。該總額不包括全球再保險業務的損失，該業務購買了其自身的轉分保保險。

Total P&C net favorable prior (inaudible) year development within core earnings was $163 million before tax, primarily due to reserve reductions in workers' compensation, catastrophes, bond, commercial property, and across personal insurance. We recorded $24 million before tax of deferred gain amortization related to the Navigators ADC, which positively impacted net income with no impact on core earnings. We expect the remaining balance of $8 million to be amortized in the third quarter.

財產及意外險核心收益中，上年淨利好（聽不清楚）總額為稅前1.63億美元，主要因工傷賠償、巨災、債券、商業不動產及個人保險的準備金減少。我們記錄了與Navigators ADC相關的2400萬美元稅前遞延收益攤銷，這對淨收入產生了積極影響，且對核心收益沒有影響。我們預計剩餘的800萬美元將在第三季攤提。

Moving to Employee Benefits. We achieved core earnings of $163 million for the quarter. The core earnings margin of 9.2% reflects excellent group life and disability performance. The group disability loss ratio of 68.5% increased 1.4 points from the prior year, driven by short-term disability and a slight increase in long-term disability incidents partially offset by strong claim recoveries. However, long-term disability incidence rates continue to remain favorable to historical averages and to our expectations.

員工福利方面，本季我們的核心收益為1.63億美元。核心收益利潤率為9.2%，反映了團體人壽和失能險的優異表現。團體傷殘損失率為68.5%，較前一年上升1.4個百分點，主要原因是短期傷殘和長期傷殘事故略有增加，但強勁的理賠追償率部分抵銷了這一影響。然而，長期傷殘事故發生率持續低於歷史平均水平，也符合我們的預期。

The group life loss ratio of 74.3% for the quarter improved 0.6 points, reflecting lower mortality, primarily driven by the accidental death product. The employee benefits expense ratio of 25.7 increased 1.3 points compared with 24.4 in second quarter 2024, primarily due to higher technology costs and higher staffing costs. Fully insured ongoing sales in the quarter of $107 million increased from $101 million in second-quarter 2024, reflecting higher group disability sales.

本季團體人壽險損失率為74.3%，較上一季下降0.6個百分點，主要由於意外身故險產品的影響，死亡率下降。員工福利費用率為25.7%，較2024年第二季的24.4%上升1.3個百分點，主要原因是技術成本和人員成本上升。本季全額承保持續銷售為1.07億美元，高於2024年第二季的1.01億美元，反映了團體傷殘險銷售額的成長。

Turning to investments. Net investment income of $664 million increased from second quarter 2024, primarily driven by a higher level of invested assets and reinvesting at higher interest rates, partially offset by a lower yield on variable rate securities.

談到投資。淨投資收入較2024年第二季增加6.64億美元，主要由於投資資產水準提高和以更高利率進行再投資，但浮動利率證券收益率下降部分抵消了這一影響。

The total annualized portfolio yield, excluding limited partnerships, was 4.6% before tax, 20 basis points above first quarter 2025. We continue to strategically manage the portfolio, balancing risk while pursuing accretive trading opportunities, and in the quarter, we invested at 130 basis points above the sales and maturity yield.

不包括有限合夥企業，總年化投資組合報酬率為稅前 4.6%，比 2025 年第一季高出 20 個基點。我們繼續對投資組合進行策略性管理，在尋求增值交易機會的同時平衡風險，本季我們的投資收益率比銷售和到期收益率高出 130 個基點。

Our second-quarter annualized LP returns of 1% before tax were down from first quarter. Returns have been muted due to market uncertainty stemming from a combination of interest rates and tariff policy, which has limited valuation and sale activity in our private equity and real estate portfolios. However, with stronger public equity performance in the second quarter, we expect limited partnership returns to improve in the second half of the year, with full-year 2025 returns modestly exceeding 2024.

我們第二季的LP年化報酬率為1%，稅前報酬率較第一季下降。由於利率和關稅政策等因素導致市場不確定性，我們的私募股權和房地產投資組合的估值和出售活動受限，導致回報率較低。然而，鑑於第二季公開股權投資表現強勁，我們預計有限合夥企業的回報率將在下半年有所改善，2025年全年回報率將略高於2024年。

Turning to capital management. Holding company resources totaled $1.3 billion at quarter end. During the quarter, we repurchased 3.2 million shares under our share repurchase program for $400 million, and we expect to remain at that level of repurchases in the third quarter.

談到資本管理。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320萬股，回購金額達4億美元，預計第三季將維持此回購水準。

As of June 30, we had $2.35 billion remaining on our share repurchase authorization through December 31, 2026. In summary, we are very pleased with our outstanding performance for the second quarter and believe we are well positioned to continue to enhance value for our stakeholders.

截至 6 月 30 日，截至 2026 年 12 月 31 日，我們的股票回購授權餘額為 23.5 億美元。總而言之，我們對第二季度的出色表現感到非常滿意，並相信我們已準備好繼續為利害關係人提升價值。

I will now turn the call back to Kate.

我現在將電話轉回給凱特。

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

謝謝貝絲。我們現在開始回答您的問題。接線員，請重複提問的說明。

(Operator Instructions) Andrew Kligerman, TD Cowen.

（操作員指示） Andrew Kligerman，TD Cowen。

I saw another impressive quarter with Global Specialty premium grew 9%, combined was again, under 90. Could you remind me of the mix of in-force business in Global Specialty? And coupled with that, where are you seeing the growth? Is it small, mid, large? And what product areas?

我又看到了一個令人印象深刻的季度，全球專業保險保費成長了9%，總計再次低於90%。能否介紹一下全球專業保險的有效業務組成？除此之外，您認為成長點在哪裡？是小型、中型還是大型？以及哪些產品領域？

Andrew, thanks for joining us. I'll give you a high level and then Mo can maybe give you a little more detail. But yeah, it's a broad-based US and international organization, right? The international organization is -- are syndicated Lloyds that is focused primarily on casualty lines, energy, marine, and you get into the US, the major product lines are DNO bond. There's some specialty lines in there like cyber and EPLI. So it's quite diverse.

安德魯，謝謝你加入我們。我會給你一個大概的介紹，然後莫也許可以給你更詳細的介紹。是的，這是一個涵蓋廣泛的美國和國際組織，對吧？國際組織是－勞合社的辛迪加，主要專注於意外險、能源險和海事險。在美國，主要的產品線是DNO債券。還有一些專業保險，例如網路保險和EPLI。所以它相當多元化。

And yeah, thanks for noticing how well it's been performing over the last couple of years. But Mo, would you add anything?

是的，謝謝你注意到它在過去幾年裡表現得如此出色。但Mo，你還有什麼要補充的嗎？

Also in that line, Andrew, is just short of $1 billion in our global reinsurance business, which is a good mixture of property and casualty globally. But the opportunity set in global especially, broadly, I think we're excited about the global re opportunity. We continue to be rather opportunistic in that space, trying to grow when the market is there, and we feel the market and the reinsurance space is fairly supportive.

安德魯，同樣在這方面，我們全球再保險業務的規模接近10億美元，該業務在全球範圍內很好地融合了財產險和意外險。但全球範圍內的機遇，尤其是廣義的機遇，我認為我們對全球再保險的機會感到興奮。我們將繼續在該領域保持相當的機會主義，努力在市場成熟時實現成長，我們認為市場和再保險領域都相當有利。

The wholesale space in there, again, we feel it's very supportive. I think we've talked about in the past, we have a predominantly construction casualty book, and we look to grow the other lines, including property in the marine. So we feel good growth there. And then you push into markets like Lloyds, and there's good opportunity for there as we double down on the specialty areas we're in.

我們再次認為批發業務對業務發展非常有利。我想我們之前也提到過，我們主要專注於建築意外險，並希望拓展其他險種，包括海運財產險。因此，我們覺得該險種的成長前景良好。之後，我們進軍勞合社等市場，隨著我們加倍投入目前所涉足的專業險領域，那裡蘊藏著良好的機會。

And I think the last thing, which I think is fairly unique to our specialty business is the idea that we are driving specialty products into our small and middle customer base, and that's a large part of the effort of that entire team is to make sure that we are selling every specialty product that we have to as many small and middle customers as we can.

我認為最後一件事，也是我們的專業業務相當獨特的一點，就是我們將專業產品推向我們的中小型客戶群，而整個團隊的很大一部分努力就是確保我們將每種專業產品賣給盡可能多的中小型客戶。

That was very helpful. And maybe just shifting over to personal lines. I mean it was pretty much strong everywhere, but in personal lines, it sounds like you've kind of gotten to the profitability levels that you need. But I want to get a little clarity on when you want to grow. I think, Chris, maybe in the opening remarks, it seemed like you're ready now, but then Beth kind of mentioned 2026.

這非常有幫助。或許可以轉向個人業務。我的意思是，你的業績在各個方面都表現強勁，但在個人業務方面，聽起來你已經達到了所需的盈利水平。但我想稍微明確一下你希望何時能實現成長。克里斯，我想，也許在開場白中，你似乎已經準備好了，但貝絲提到了2026年。

So when do you think you can really start growing in a meaningful way? And during this year, do you expect, in both auto and home, to see double-digit rate continue in the coming two quarters?

那麼，您認為什麼時候才能真正開始實現有意義的成長？今年，您是否預期汽車和家居領域未來兩季的成長率都能持續維持兩位數？

Yeah, Andrew, I would say both Beth and I and Melinda and working with Mo, now is the time to grow in personal lines. We worked hard to sort of get back to target margins that we wanted in this book. Everyone else in the marketplace is pivoting to growth also. So there will be competitive dynamics.

是的，安德魯，我想說，貝絲、我、梅琳達以及與莫的合作，現在正是個人業務發展的關鍵時刻。我們努力工作，力求達到本書的目標利潤率。市場上其他公司也都在轉向成長。因此，競爭態勢將會存在。

But I think we have some differentiated capabilities, both in auto and home, both in our direct channel, which is our primary business, but also as we roll out our new Prevail offering and package and technology to independent agents.

但我認為，無論是在汽車領域還是家庭領域，無論是在我們的直接管道（這是我們的主要業務）還是在我們向獨立代理商推出新的 Prevail 產品、套餐和技術方面，我們都擁有一些差異化的能力。

So think we're feeling good. You could see we're growing our home PIF count responsibly with good discipline and not taking on too much CAT risk. And I expect, from a pure number side, to be able to begin to add PIF count in 2026 just given sort of the competitive dynamics in the rest of this year.

所以，我覺得我們感覺很好。您可以看到，我們正在以負責任的方式增加國內私人保險基金 (PIF) 的數量，並保持良好的紀律，避免承擔過多的巨災風險。考慮到今年剩餘時間的競爭態勢，我預期從純數字來看，PIF 的數量將在 2026 年開始增加。

And if I forgot part of your question, Andrew, ask it again.

如果我忘記了你的問題的一部分，安德魯，請再問一次。

Yeah. Just the rate. Do you think for the balance of the year, you'll still need double-digit rate in auto and home?

是的。只是利率。您認為今年剩下的時間裡，汽車和房屋貸款仍然需要兩位數的利率嗎？

Yeah, I think what I would foreshadow is yes, double-digit rates in the third quarter in auto. We'll probably get to maybe high singles in the fourth quarter. And then home, just given sort of the inflationary pressures and ensure value increases we need to keep up with you, I would expect sort of low double-digit rates in home going forward.

是的，我認為我可以預測的是，第三季汽車產業的利率將達到兩位數。第四季我們可能會達到較高的個位數。至於房屋，考慮到通膨壓力以及我們需要跟上房價上漲的步伐，我預計未來房屋行業的利率將保持在較低的兩位數水平。

Thanks very much,

非常感謝，

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘。

My first question is on Business Insurance. Chris, at the start of the year, you laid out guidance for consistent margins for the year. Halfway through, we're looking like 30 basis points deceleration. We can perhaps call that consistent. So I guess I just want to get a sense of where we sit halfway through the year and just, if there's any changes to your full-year guidance for the underlying combined ratio within business insurance?

我的第一個問題是關於商業保險的。克里斯，年初的時候，您制定了全年利潤率保持穩定的指導方針。到了年中，我們預期利潤率會下降30個基點。或許我們可以稱之為「穩定」。所以我想了解一下，今年年中我們的利潤率如何？您對商業保險全年綜合成本率的指導方針是否有任何調整？

Yeah. Thank you, Elyse. I would say six months into this year, I'm pretty satisfied the team is executing, I think exceptionally well. We made a point of emphasis on trying to hold on to margins and keeping up with trend. I think we've done that wonderfully. And I appreciate you of all people.

是的。謝謝你，Elyse。今年已經過去六個月了，我對團隊的執行力非常滿意，我認為他們做得非常好。我們特別強調要努力保持利潤率並跟上趨勢。我認為我們做得非常好。我非常感謝你。

Let's not quibble over 30 basis points, and I think we're pretty consistent with what are expected. And we still got six months to go to continue to perform strongly and maybe even outperform. So that's what I would share with you.

我們不要為30個基點的差距而爭論，我認為我們的業績與預期基本一致。我們還有六個月的時間才能持續保持強勁表現，甚至超越預期。這就是我想與大家分享的內容。

And then my second question, within Employee Benefits, which is on the life business. Can you just expand on what drove the strong results in the quarter? And I'm particularly interested just in more color on what you're seeing with mortality.

我的第二個問題是關於員工福利，也就是壽險業務。您能否詳細解釋本季業績強勁的原因？我特別想了解您在死亡率方面的情況。

Yeah. I think Mike and I -- Mike Fish and I will tag team here. Yeah, I thought it was a strong quarter, [9/2]. That's strong margins. Obviously, it's above our long-term guidance, principally driven by continued strong recoveries in LTD.

是的。我想麥克和我——麥克·菲什和我——會在這方面聯手。是的，我認為這是一個強勁的季度[9/2]。利潤率很高。顯然，這高於我們的長期預期，主要得益於LTD持續強勁復甦。

We put a little bit more rate into our leave book and some of our short-term products that's contributing. And life mortality is behaving very, very nicely for us. So putting it all together, yeah, really pleased.

我們在休假手冊和一些短期產品中增加了一些利率，這確實有所貢獻。而且壽險死亡率對我們來說表現非常非常好。所以，綜合來看，是的，我真的很滿意。

I think the only thing we're focused on, and it's self-evident, so we may as well talk about it, is our top line is a little flat. And I'll give you a perspective that I ultimately made the decision on was, if you look back sort of two years ago, really, when we were pricing [1/1/25] business, which is the big national account season, we probably, in hindsight, took a more conservative view on mortality trends.

我認為我們唯一關注的，也是不言而喻的，所以我們不妨談談，那就是我們的營收略顯平淡。我給你一個視角，我最終做出決定的依據是，如果你回顧一下大約兩年前，當我們在[2025年1月1日]定價業務時，那是重要的全國客戶季，事後看來，我們可能對死亡率趨勢持更為保守的看法。

I thought we were still going to be an endemic state, and we were pretty disciplined in trying to get additional rate into the book. I think that had the consequences of suppressing our life sales, particularly [1/1]. [Disbill] of these sales, I think, are holding up well.

我以為我們州仍然會是一個地方性州，而且我們非常謹慎地試圖在保單中增加利率。我認為這抑制了我們的人壽保險銷售，尤其是[1/1]。我認為[Disbill]的銷售情況良好。

We're always going to be disciplined there, just given how quickly morbidity trends could change on you in the multiyear guarantees. But as I look at the second half of this year and into '26, I'm exceedingly optimistic about returning to a growth orientation, Mike. And I don't know if you would add anything to color, but I'm pretty optimistic that I think we got our pricing where it needs to be, particularly post pandemic.

考慮到在多年期保障中，發病率趨勢變化之快，我們始終會嚴格遵守。但展望今年下半年以及2026年，我對恢復成長導向非常樂觀，麥克。我不知道您是否想補充一些關於色彩的內容，但我非常樂觀地認為我們的定價已經達到了應有的水平，尤其是在疫情過後。

Right, Chris. I think you covered that really well. I would just add maybe a couple of things. In the quarter, for life, in particular for the loss ratio, right? And we called out AD&D was -- we just saw some unusually favorable experience in the quarter, so that ended up being a nice contribution to the loss ratio for the quarter.

好的，克里斯。我覺得你講得很好。我只想補充幾點。本季，壽險，特別是賠付率，對吧？我們提到意外死亡和意外傷亡——我們在本季度看到了一些異常有利的體驗，所以這對本季度的賠付率做出了不錯的貢獻。

And then as Chris noted, going forward, I think we're competing hard for the next six months, certainly of this year to finish strong for '25. And then as we turn the corner for the [1/1/26] selling cycle, I feel really optimistic. We've got a great set of capabilities. We've invested quite a bit from a technology perspective on our offering, whether it's on the absence and lease side or even digital capabilities for our life book.

正如克里斯所說，展望未來，我認為我們將在未來六個月，尤其是今年，展開激烈競爭，力爭在2025年取得佳績。隨著我們即將迎來[2026年1月1日]的銷售週期，我感到非常樂觀。我們擁有一系列強大的能力。從技術角度來看，我們在產品上投入了相當多的資金，無論是在缺勤和租賃方面，還是在壽險帳戶的數位化功能方面。

So again, feel good about what we're seeing in market right now and optimistic -- cautiously optimistic as I look forward over the next six to nine months.

因此，我對目前市場的表現感到滿意，並且對未來六到九個月持謹慎樂觀的態度。

Thank you.

謝謝。

Brian Meredith, UBS.

瑞銀的 Brian Meredith。

So Chris, I'm just curious, I wanted to talk a little bit about the commercial property markets. You all are seeing some good strong growth in that market. There's been a lot of discussion on calls already this quarter about big price decreases, 10%, 15%. Doesn't necessarily mean it's unprofitable down 10%, 15%, but maybe you can talk a little bit about what you're seeing in that marketplace? Are you in different areas where maybe you're not seeing the level of competition and kind of the growth you're putting on there?

克里斯，我只是好奇，想談談商業不動產市場。大家都看到這個市場成長強勁。本季電話會議中已經有很多關於價格大幅下跌的討論，例如10%、15%。這不一定意味著下跌10%、15%就無利可圖，但您能否談談您在這個市場看到的情況？您是否在其他領域沒有看到像您這樣的競爭水平和成長？

Yeah. Brian, it's Chris. I'll start, and then I'll ask Mo to add his insights. We're overall pleased where we are with our property book, both from a growth side. I think you've seen we put up about 15% growth pricing.

是的。布萊恩，我是克里斯。我先開始，然後我會請莫補充他的見解。我們對我們的房地產帳簿總體上感到滿意，無論是從成長方面還是從整體來看。我想你已經看到，我們給了大約15%的成長定價。

I think in the aggregate, I'll give you some numbers that might satisfy you. I think ex Global Re, for second-quarter pricing was 6.8% compared to -- excuse me, 7.9% compared to 11.8% last quarter. And as you would expect, the large property market and the wholesale property market are primarily driving those decreases.

我想總的來說，我會給你一些可能會讓你滿意的數字。我認為，不包括全球再保險，第二季的定價率為6.8%，而…不好意思，是7.9%，上一季為11.8%。正如你所料，大型房地產市場和批發房地產市場是導致這些下降的主要原因。

If I look at Spectrum, our [BOP] product, the property component in there, that's up 14.7%, and our general industry properties is at 6.1%, which we think is keeping pace with launch cost trends. So I think the team is executing well. Not all properties created equal. Our sort of small to midsize orientation, I think, is holding up well, and I think we're executing very strongly, Mo.

就我們的[BOP]產品Spectrum而言，其中的房地產部分上漲了14.7%，而我們的一般行業房地產上漲了6.1%，我們認為這與發射成本趨勢保持同步。所以我認為團隊執行得很好。並非所有房地產都生來平等。我認為，我們以中小型為導向的策略保持良好，而且我認為我們的執行力非常強勁，Mo。

Yeah, Brian, the -- I just said, the rates are generally holding up well. Yeah, it's trending down but still strong, as Chris talked about. I think, in our core Small and Middle, I think we still see opportunity. We still see a solid starting point. And as we talked about in the opening script, there is a bit of pressure -- a bit of a larger pressure in larger property in the wholesale lines, where, again, the starting point is good, but we're watching those spaces closely.

是的，布萊恩，我剛才說了，利率總體保持良好。是的，正如克里斯所說，利率呈下降趨勢，但仍然強勁。我認為，在我們核心的中小型公司，我們仍然看到了機會。我們仍然看到了一個穩固的起點。正如我們在開篇中提到的，批發業務中存在一些壓力——大型房地產的壓力更大一些，這些業務的起點仍然很好，但我們正在密切關注這些領域。

Great. And then a follow-up question. I'm just curious, obviously, a big [admitted] market, but you also have some E&S type businesses. Maybe talk a little bit about the dynamics between those two. Are you seeing a little more appetite admitted versus E&S?

太好了。接下來還有個問題。我很好奇，顯然，這是一個很大的[已承認]市場，但你們也有一些E&S類型的業務。或許可以談談這兩者之間的動態。你覺得已承認的市場比E&S市場更有魅力嗎？

And then also on that topic, we've been hearing some complaints about some MGAs out there and kind of what's your perspective on that in using MGAs?

然後關於這個話題，我們也聽到了一些關於一些 MGA 的抱怨，您對使用 MGA 有何看法？

Yeah. Brian, I wouldn't say that there's incredible flow back into the admitted space. We see it, but I think broadly, our flow into our E&S offerings is strong. And as a reminder, we have the offering in Small Business, which is our binding space. And then obviously, we have the wholesale brokerage in our Global Specialty segment. And the flows continue to be really strong.

是的。 Brian，我不認為回流到認可保險領域的客戶數量驚人。我們確實看到了，但我認為總體而言，我們E&S產品的回流仍然強勁。另外，我們還有小型企業產品，這是我們的綁定領域。當然，我們的全球專業保險部門也提供批發經紀業務。這些回流仍然非常強勁。

I wouldn't say dramatically different than the past couple of quarters. So -- and that's property and liability coming into the E&S space, just in terms of submission volume. So we haven't seen a huge pivot back or that flow has changed.

我覺得與過去幾季相比，情況並沒有太大變化。以上只是財產險和責任險進入環境與社會保險領域的數據，僅從提交量來看。因此，我們並沒有看到大幅的回落，或者說流程發生了變化。

And then the opportunity set, I think we still feel really good about. And our -- again, in both Small Business and the Global Specialty case, our ability to grow into those, we feel good about and a pretty broad based.

我覺得我們對機會仍然非常滿意。而且，無論是在小型企業還是全球專業領域，我們都對自己發展這些業務的能力感到滿意，而且基礎相當廣泛。

And maybe the second part of your question, Brian?

布萊恩，也許是你問題的第二部分？

MGAs, right? We've heard about MGAs.

是MGA嗎？我們聽過MGA。

Yeah. There are some pockets of our business. It's not a major -- we don't feel the MGAs in the core admitted retail, small and middle space, which is obviously where we're at. We don't feel strongly there. But we do feel pockets in financial lines and some of the other specialty lines that are -- I would agree with some of the other commentary that's out there. There is an overcapacity, and there is some disruption that those MGAs are creating, but it's not a huge impact for us in the core space.

是的。我們的業務確實存在一些小領域。但這不是什麼大問題——我們感覺核心業務中的大型綜合保險集團（MGA）並沒有涉足零售、小型和中型領域，而這顯然是我們目前所處的領域。我們在這方面感覺不太強烈。但我們確實感覺到金融業務和其他一些專業業務領域存在一些小領域——我同意外界的一些評論。產能過剩，這些大型綜合保險集團也造成了一些混亂，但這對我們核心業務的影響並不大。

Excellent. Thank you.

太好了。謝謝。

Mike Zaremski, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Mike Zaremski。

Back to the comments and disclosures on the investment portfolio, the annualized investment yield XLPs, the spread there versus the reinvestment yield, obviously, a very bullish kind of spread there. So I'm just curious, the -- that annualized investment yield XLP has kind of drifted in the mid-4s for over a year now despite the reinvestment yields being meaningfully higher.

回到投資組合的評論和披露，XLP 的年化投資收益率，以及與再投資收益率之間的利差，顯然是一個非常看漲的利差。所以我很好奇，儘管再投資收益率明顯更高，但 XLP 的年化投資收益率一年多來一直在 4% 左右徘徊。

So I just want to make sure I'm not missing something. Over time, it's yield curve stays the same, would the annualized investment yield XLPs kind of glide path up to that [5%, 9%] range that's in the slide deck or am I missing something because it's just a very healthy spread, much more so than your peers kind of for the investment (inaudible) over time.

所以我想確保我沒有遺漏什麼。隨著時間的推移，它的殖利率曲線會保持不變，那麼XLP的年化投資報酬率是否會像幻燈片中提到的那樣，一路攀升至[5%、9%]區間？還是我遺漏了什麼？因為它的利差非常健康，遠高於其他同類投資產品（聽不清楚）。

Mike, I'll let Beth add her commentary. I think what's important to know is we haven't changed philosophically our asset allocation models, our model portfolio. You've seen duration be pretty consistent at 4 within the P&C business, 5 in group benefits.

麥克，我讓貝絲補充一下她的評論。我認為重要的是，我們並沒有從根本上改變我們的資產配置模型，我們的投資組合模型。您已經看到，財產險和意外險的久期相當穩定地保持在4年，團體福利險的久期保持在5年。

So I'll let Beth get into maybe any special securities that we're adding into the portfolio. But generally, it's steady as she goes and no major changes to our balance sheet philosophy.

所以我會讓貝絲負責我們投資組合中可能添加的任何特殊證券。但總的來說，她會保持穩定，不會對我們的資產負債表理念產生重大影響。

Yeah. The only thing I'll add, Mike, as you think about the overall yield and comparing that is, as I referenced in my prepared remarks, we obviously felt the impact of lower yields on variable rate securities. So that obviously puts a little bit of pressure on that overall yield to take that into consideration.

是的。麥克，我唯一要補充的是，當你考慮並比較整體收益率時，正如我在準備好的發言中提到的，我們顯然感受到了浮動利率證券收益率下降的影響。因此，考慮到這一點，這顯然會給整體收益率帶來一些壓力。

And then we also sometimes have other investments, not LTE investments that also can have a little bit of volatility that you can see quarter to quarter. But as Chris said, nothing significant that I would point to as a change in our philosophy. Our yield this quarter on our purchases being above the sales and maturity yield, some of that is also just the average life of the securities we purchased were a bit longer than the ones that we sold. So that impacted a little bit as well.

我們有時也會進行其他投資，除了長期債券投資，這些投資也會出現一些季度波動。但正如克里斯所說，我認為沒有什麼重大的改變，可以作為我們理念的改變。本季我們購買的收益率高於銷售收益率和到期收益率，部分原因是我們購買的證券的平均期限比出售的證券略長。所以這也帶來了一些影響。

But again, as Chris said, I wouldn't point to anything significant change overall.

但正如克里斯所說，我不會指出總體上有什麼重大變化。

Okay. Got it. A good point maybe on the floating rate, but I need to need to think through more. My follow-up, just pivoting to business insurance. In terms of policy count retention levels in Small Business and [small] markets, I just want to -- maybe don't think about it this way, but is it fair to say that over long periods of time, you're kind of trying to hit kind of a mid-80s versus the lower 80s today?

好的。明白了。關於浮動利率，你的觀點或許不錯，但我還需要再仔細想想。接下來，我想談談商業保險。關於小型企業和[小型]市場的保單數量留存水平，我只是想——或許不應該這樣想，但是否可以說，在很長一段時間內，你們的目標是達到85%左右的保費水平，而不是現在的85%出頭？

Or is that just not -- it just depends on the environment and there's lots -- you obviously give us new business sales and everything else. But is there anything we should be thinking about there in terms of their retention levels currently and how those could trend?

或者說並非如此——這取決於環境，而且有很多因素——你顯然會為我們帶來新業務銷售額和其他一切。但是，就他們目前的留存率以及未來趨勢而言，我們是否應該考慮一些因素？

Mike, it's Mo. I would say it's a little bit different between small and middle. In small, you can see our numbers historically in the mid-80s. We do have a dynamic of which is different than the middle space where we have small businesses just going out of business, that's a higher impact in the small space, but -- and we do feel a little bit more churn in the middle space. So we do expect an incrementally lower retention in the middle space.

麥克，我是莫。我想說的是，小型公司和中型公司的情況略有不同。小型公司的歷史數據在85%左右。我們的情況與中型公司有所不同，中型公司經常會有小型企業倒閉，這對小型公司的影響更大，但是——我們確實感覺到中型公司的客戶流失率更高。所以我們預期中型公司的留存率會逐漸下降。

But I would say what you see in the IFS is pretty much on plan with where we want to be, and I wouldn't expect anything dramatically different in the future.

但我想說的是，您在 IFS 中看到的一切都與我們想要達到的目標基本一致，而且我預計未來不會出現任何顯著的變化。

Thank you.

謝謝。

Gregory Peters, Raymond James.

格雷戈里彼得斯、雷蒙德詹姆斯。

First, in your opening comments, you talked about data science advancements. I think with the Small Business, you referred to the usage of leading to a 75% buy-in ratio within minutes. So I guess just when you talk about these things, would -- does the 75% represent the final destination or is this some sort of a -- is there some sort of aspirational target in the background you're thinking about?

首先，您在開場白中談到了數據科學的進步。我記得您提到了在小型企業中，幾分鐘內就能達到 75% 的購買率。所以，我想，當您談到這些事情時，75% 代表的是最終目標嗎？還是說，您背後隱藏著某種遠大的目標？

Or maybe perhaps you're thinking about using this technology and spin it over into your middle market business? Just some more color on the technology comments, please?

或者，也許您正在考慮使用這項技術，並將其拓展到您的中端市場業務？請您進一步談談您對這項技術的評論，好嗎？

Yeah. I think the last point you made is the key point, I would share is that Small has led the way in a lot of innovation, whether it be you want to call it AI, automation, speed, accuracy, using our rich data sets, and we're -- we are working on emulating that in middle market in certain aspects of Global Specialty. So that is the playbook.

是的。我認為您提到的最後一點是關鍵，我想分享的是，Small在許多創新方面都處於領先地位，無論是人工智慧、自動化、速度、準確性，還是利用我們豐富的數據集，我們都在努力在中端市場中效仿Global Specialty的某些方面。這就是我們的策略。

I would say beyond 75% -- look, I could be flippant and just put out 100% would be a good number, too. But I think it's realistic that there always will be some deviation that will require human intervention, particularly as maybe you go up from a larger scale, a larger account side in small. But again, very pleased where we're at. Obviously, it's a key differentiator. And just now, we're committed to leading the way in AI, particularly as we think about underwriting, claims, and overall operations.

我想說的是超過75%——你看，我可能有點輕率，直接說100%也是個不錯的數字。但我認為，現實情況是，總是會有一些偏差需要人工幹預，尤其是在你從更大規模、更大的帳戶轉向小型程式帳戶的情況下。但我再次強調，我們對目前的狀況非常滿意。顯然，這是一個關鍵的區別點。目前，我們致力於引領人工智慧的發展，尤其是在承保、理賠和整體營運方面。

But Mo, what would you add?

但莫，你還有什麼要補充的嗎？

Greg, just to add from an underwriting perspective. In the space that we compete in the small and middle space speed really, really matters to get an efficient answer back to our agents. So we are finding that the speed that we've accomplished in small, that's 75% of everything we quote, and getting that closer to 90 over time is a hugely competitive space to be in, just because that time is real money because people are just trying to get through submissions and maintain the margins that are hard to get in the small space.

格雷格，從承保角度補充。在我們競爭的小型和中型保險領域，速度對於我們有效地回覆保險代理人至關重要。我們發現，我們在小型保險領域實現的速度占我們報價總額的75%，而隨著時間的推移，這個速度要接近90%，這是一個競爭非常激烈的領域，因為時間就是金錢，因為人們只想完成提交，並保持在小型保險領域難以獲得的利潤。

And again, we think that speed is equally as important into the middle space. So we think this is a competitive advantage in both segments today that we'll look to grow in the future.

再次強調，我們認為速度在中階市場同樣重要。因此，我們認為這是目前兩個細分市場的競爭優勢，我們期待未來能進一步發展。

Okay. Thanks for the clarification there. I know the adverse cover you used all of it as it relates to the annual reserve review in the [asbestos] and I tried to shy away from modeling questions, but it seems appropriate given that you're going to have a year-end review and maybe it might be appropriate for you to revisit how you want us to -- or how you would like to frame up the reserve review as we go into the second half of the year and what we should be thinking about in our models?

好的。感謝您的澄清。我知道您使用的負面報導與[石棉]年度儲備審查有關，我試圖迴避建模問題，但考慮到您將進行年終審查，這似乎是合適的，也許您應該重新審視一下您希望我們如何進行——或者您希望如何在下半年構建儲備審查，以及我們應該在模型中考慮哪些因素？

I'm going to refrain from exact guidance, but I would say a couple of points. Obviously, you know the bookkeeping that we do on any ADC that we begin to get recoveries from, which goes through net income as opposed to core. So the toggle between core and net income on some of these runoff blocks, I think, will be important. We're not projecting -- we have not given you a time frame when we expect any recoveries on the [ANE], the ADC, but they will come at some point in the future.

我不會給出確切的指引，但我想說幾點。顯然，您知道我們對任何開始獲得收益的ADC都會進行記賬，記賬是透過淨收入而不是核心收入進行的。因此，我認為，在某些支出項目上，核心收入和淨收入之間的切換非常重要。我們目前沒有給出具體的時間表，我們預計[ANE]（ADC）何時會恢復，但未來某個時候肯定會恢復。

And I would say, without knowing the data in this year's study, I suspect we're not going to see anything dramatically different than we've experienced in the past. There's still lawyers out there that are pressing for higher settlements. They're still environmental exposures. There's (inaudible), there's (inaudible) still happening in the marketplace. So I don't know what to say, Greg, other than I don't see a lot of change.

我想說，在不了解今年研究數據的情況下，我懷疑我們不會發現與過去相比有任何顯著變化。仍有律師在要求更高的和解金額。環境風險依然存在。市場上仍然（聽不清楚），（聽不清楚）事件仍在發生。所以，格雷格，除了我沒有看到太多變化之外，我不知道該說什麼。

Fair enough. Thanks for the answers.

不錯。謝謝你的回答。

Alex Scott, Barclays.

巴克萊銀行的亞歷克斯·斯科特。

One I had was on Small Business. I guess the underlying combined ratio was still very good at 89. It went up 2.2 points for the middle and large improved by 0.5 point. I guess that was just maybe directionally a little different than I would have guessed, given I think the Small Business pricing is more definitively in excess of loss cost trend versus Middle and Large at this point.

我有一個關於小型企業的案例。我猜想其基礎綜合成本率仍然非常不錯，為89。中型企業綜合成本率上升了2.2個百分點，大型企業綜合成本率上升了0.5個百分點。我想這可能只是方向性上與我的猜測略有不同，因為我認為目前小型企業的定價比中型企業和大型企業更明確地超過了損失成本趨勢。

Any help you can provide us in just thinking through like the year-over-year in those areas of business insurance?

您能為我們提供什麼幫助來幫助我們了解商業保險領域的年比情況嗎？

Yeah, I'll start and Mo can add. I think it's pretty simple. Last year, I think in small, we experienced a real non-CAT weather benefit that didn't reoccur this year. And if I look at our sort of actual results to assumptions on property, we're right on expectations of where we are, maybe [2, 10s] ahead with nonweather CAT benefit. But I think it's just a compare in both middle and small, I think, are performing really well with our property books.

是的，我先說，Mo 可以補充。我覺得很簡單。去年，我認為在小型公司，我們經歷了一次真正的非災害性天氣效益，而今年沒有再次出現。如果我將我們的實際業績與房地產業務的假設進行比較，我們目前的預期是正確的，非天氣災害性天氣效益可能領先[2 到 10 秒]。但我認為這只是中型和小型公司的比較，我認為我們的房地產業務表現都非常好。

Yeah. Actually, we're right on expectations in terms of where we want to be.

是的。實際上，就我們想要達到的目標而言，我們的期望是正確的。

Understood. It was more the comps on. Second question I have on workers' comp. I just wanted to get a feel for how things are trending there? If there's any kind of impact embedded from California and hopefully, we get some relief from that as the pricing comes in next year. So I'm just trying to understand if that has been a headwind sort of embedded in business insurance that I should think through.

明白了。這主要跟可比保險有關。第二個問題是關於工傷賠償的。我只是想了解那裡的情況如何？加州的政策是否會對我們產生影響？希望明年定價公佈後，我們能從中得到一些緩解。所以我只是想了解這是否會對商業保險造成一些負面影響，我應該好好考慮一下。

And just also, like I think the comments on pricing ex workers' comp were that they were comfortably ahead of loss trend. But just wondering if you can say the same including workers' comp.

另外，我認為關於前工傷賠償定價的評論是，它們遠遠領先於損失趨勢。但我想知道，對於工傷賠償，你是否也能得出同樣的結論。

Well, I think we always exclude workers comp because it's sort of its own ecosystem and its own dynamics. I would just clarify, California is actually a very good state for us [accompli]. So you should not be thinking of California as a problem for our book in California. California, again, is unique in a lot of ways. But our book is performing exceedingly well there.

嗯，我認為我們總是排除工傷賠償，因為它本身就是一種生態系統，有其自身的動態。我想澄清一下，加州實際上對我們來說是一個非常好的州。所以你不應該認為加州會成為我們加州業務的問題。加州在很多方面都很獨特。但我們的業績在那裡表現得非常好。

I think the trends that I spoke to first to second quarter is pricing only. And we have not changed our loss picks in any of our product lines compared to where we thought we would be. So as much as pricing deviates maybe a little bit in comp here, it hasn't affected our pick. So the first quarter, we talked about all-in sort of pricing up 0.3 point, probably turned negative this quarter in about 0.5 point range.

我認為我在第一季到第二季談到的趨勢只是定價。我們並沒有調整任何產品線的虧損預測，使其與預期水準相比有所差異。因此，儘管價格在同類產品中可能略有偏差，但這並沒有影響我們的預測。第一季度，我們談到的整體價格上漲了0.3個百分點，而本季可能下跌了0.5個百分點左右。

But again, unaffected any reported results because we have a -- we made prudent overall loss picks and assumptions that are still holding. So that's the only additional data point I would give to you, but I'll look to Mo and say anything else you want to share with Alex?

但再次強調，這不會影響任何報告結果，因為我們——我們做出了審慎的整體損失選擇和假設，這些假設仍然有效。所以，這是我唯一想告訴你的補充數據點，但我還是會聽聽莫的意見，你還有什麼想和亞歷克斯分享的嗎？

Alex, I would say, again, I think it's important to note that pricing in comp in both small and middle is right on expectations as well. So there's nothing going on in the quarter that's out of pattern for what we expected to have. And in terms of California, again, we are in great shape to Chris' point from a profitability in California. And we've been watching the cumulative trauma for some time. So I don't think anything is terribly surprising there either.

亞歷克斯，我想再次強調，我認為需要注意的是，小型和中型企業的定價也符合預期。因此，本季的業績表現與我們預期的並無出入。至於加州，正如克里斯所說，我們在加州的獲利狀況非常好。而且我們一直在關注加州的累積性創傷。因此，我認為那裡的情況也並沒有什麼特別令人意外的。

Got it. Great. Thank you.

明白了。太好了。謝謝。

Wes Carmichael, Autonomous Research.

韋斯·卡邁克爾，自主研究。

On Employee Benefits, Chris, I wanted to follow up on your comments to a prior question that I thought were interesting in terms of pivoting towards a focus for growth and maybe 2026 in the life product. I guess if I think about that in the context of your margins today being pretty well in excess of the targeted range, I'm just wondering if you're happy to sacrifice a bit of margin in order to get some growth in EB, and if you think that should come back to your 6% to 7% target range fairly quickly?

關於員工福利，克里斯，我想跟進一下你之前一個問題的評論，我認為這個問題很有意思，關於將重點轉向增長，以及壽險產品在2026年實現增長。考慮到你目前的利潤率已經遠遠超出了目標範圍，我想知道你是否願意犧牲一些利潤率來換取員工福利的成長？你是否認為員工福利應該很快就會回到你6%到7%的目標範圍？

Thank you for the question, Wes. It's hard for us to think like that. So I'll just be honest. I mean we're pricing products with the 6% to 7% view of, I'll call it, prudent assumptions that obviously has a range around it from an outcome perspective. And you would say, the last three, four years, we've been on the benefit side of the range of outcome.

謝謝韋斯的提問。我們很難這樣想。所以我就實話實說吧。我的意思是，我們根據6%到7%的殖利率來定價產品，我稱之為審慎的假設，從結果的角度來看，這個假設顯然有一個區間。你可能會說，過去三、四年，我們一直處於收益區間的受益方。

So remember, particularly in life products, I mean, we're making four-, five-, six-year guarantees and that's a long-term commitment with potentially a lot of variability around mortality outcomes. So what I alluded to, though, is that when we looked hard at our endemic pricing coming out of COVID, we've stripped that out now, so I would say we're pretty clean from a historical trend side.

所以請記住，尤其是在人壽產品方面，我們通常會提供四年、五年或六年的保障，這是長期承諾，死亡率結果可能會有很大的波動性。不過，我之前提到的是，當我們仔細研究新冠疫情之後的本地定價時，我們已經剔除了這些因素，所以從歷史趨勢來看，我們的定價相當清晰。

And I think that will allow us to be equally competitive, maybe if not more, while not just sacrificing price and rate. But Mike Fish, what would you add?

我認為這將使我們擁有同等甚至更高的競爭力，同時又不犧牲價格和費率。麥克·菲什，您還有什麼要補充的嗎？

Yeah, Wes, I would just add maybe just a couple of points there. I'd say when you look at our product set, we've also -- we don't talk about it a lot, but we've got some nice products in our supplemental health line, and we're seeing nice low double-digit growth in those lines, and we'll continue to work hard at growing that book of business. It is a smaller book of business for us. But again, we'll push hard into that market.

是的，韋斯，我只想補充幾點。我想說，看看我們的產品組合，我們也…我們很少談論它，但我們的補充保健產品線中有一些不錯的產品，而且我們看到這些產品線實現了不錯的兩位數低增長，我們將繼續努力擴大這個業務。對我們來說，這是一個較小的業務範圍。但我們會再次努力進軍這個市場。

And then secondly, as Chris noted on the pricing front, have you think, too, about where our margins are coming in. When we look at our renewal business, in other words, in-force and what we're doing right there, versus new, right?

其次，正如克里斯在定價方面提到的那樣，您是否也考慮過我們的利潤來自哪裡。當我們查看續約業務時，換句話說，現有業務以及我們在那裡所做的事情，與新業務相比，對嗎？

So on renewal, we're really working hard to maintain those higher margins. So obviously, we're pleased with the results. We've got persistency that's in the low 90s, so when we're putting that together with the profitability of that in-force book very, very favorable. And then Chris noted going forward on new business, we're going to compete aggressively. We feel really good about where our picks are on both the life side as well as disability.

因此，在續保方面，我們確實在努力維持較高的利潤率。顯然，我們對結果感到滿意。我們的續保率在90%出頭，所以，如果將其與現有有效險的盈利能力結合起來，我們的盈利能力將非常非常有利。克里斯也指出，在新業務方面，我們將積極競爭。我們對壽險和殘障險的選擇感到非常滿意。

And then lastly, I would just add, we've talked a bit about the paid family medical leave product line, and we've put a little over 20 points of rate into that product line in the first and second quarter, and we've maintained strong persistency there as well. So we'll keep a close watch on utilization rates. But when I put that all together, I feel really optimistic about our growth outlook for the next 12 months or so.

最後，我想補充一點，我們之前討論過帶薪家庭醫療假產品線，並且在第一季度和第二季度，我們為該產品線投入了略高於20個百分點的利率，並且我們在該領域也保持了很強的持續性。因此，我們會密切關注利用率。綜合考慮所有這些因素，我對未來12個月左右的成長前景感到非常樂觀。

Great. No, that's really helpful color. I guess pivoting to personal auto. There's been a couple of headlines again over the past few days around tariffs. Just wondering if there's any updates on your thoughts on tariffs and I guess, relatedly, if the AARP relationship, does that have -- is that cohort or demographic influence how tariffs might impact The Hartford relative to peers in personal auto?

太好了。不，這顏色顏色真的很有幫助。我想轉向個人汽車產業吧。過去幾天，關於關稅的新聞又出現了幾個。我想知道您對關稅的看法有什麼更新嗎？我想，與此相關的是，如果與美國退休人員協會（AARP）的關係——這個群體或人口結構會如何影響關稅，以及關稅將如何影響哈特福德相對於個人汽車行業的同行？

What I would say, Wes, is actually I'm feeling a little better about tariffs and particularly on auto parts and new cars, given what the administration was able to agree with Japan and Europe. So everything that we've talked about last time is sort of being a modest impact for 2025 and any tariff increases that can be absorbed in our loss picks there and are relatively minor, I think it's holding.

韋斯，我想說的是，考慮到政府與日本和歐洲達成的協議，我對關稅，尤其是汽車零件和新車的關稅，感覺好了一些。所以，我們上次討論的所有內容對2025年的影響都比較溫和，任何關稅上調，只要能被我們損失的股票吸收，並且影響相對較小，我認為它就會持續下去。

Obviously, watch area for the industry is just what happens in '26 and sort of beyond. But I'm feeling actually a little more optimistic about the impact on at least auto tariffs just given the recent agreements.

顯然，業界關注的重點是2026年及以後的情況。但考慮到最近的協議，我對至少汽車關稅的影響感到更加樂觀。

Thank you.

謝謝。

Rob Cox, Goldman Sachs.

高盛的羅布·考克斯。

So the expense ratio improved meaningfully in the quarter across both Business Insurance and Personal Insurance. Is that just operating leverage? And how should we be thinking about the sustainability of that, noting that you guys might have some ramping of the personal lines marketing spend?

所以，本季商業保險和個人保險的費用率都顯著改善了。這只是經營槓桿嗎？考慮到你們可能會增加個人險的行銷支出，我們該如何看待這種改善的可持續性？

Yeah, I think you got it right. I mean it's good operating leverage with the earned premiums that's coming through, given all the rate that we put into the book. I would say just on personal lines, if there's a call out, we probably front-loaded advertising a little bit in the first half of the year, but we're still planning on a 10% increase in our overall marketing spend in personal lines this year.

是的，我想你說得對。我的意思是，考慮到我們投入到帳簿上的所有費率，透過賺取保費，這帶來了良好的營運槓桿。我想說的是，就個人險而言，如果出現客戶流失，我們可能會在上半年預先投入一些廣告，但我們仍計劃今年將個人險的整體行銷支出增加10%。

So there's nothing really dramatic that's changing there. And I think the continuous improvement mindset that the organization has that has been led by Beth is producing efficiency gains across the organization. So I feel pretty good about where we're at expense-wise.

所以這方面沒有特別大的改變。我認為，在Beth的領導下，公司持續改善的理念正在提升整個組織的效率。所以，我對我們目前的支出狀況感到相當滿意。

Got it. That makes sense. Just pivoting to the small commercial growth, the $6 billion in premium for 2025. It looks like growth would need to accelerate just a little bit in the second half to get there. Are there certain product lines where you think there might be a stronger opportunity for growth in the second half?

明白了。這很有道理。我們先來看看小型商業保險的成長，也就是2025年60億美元的保費收入。看起來下半年的成長速度需要稍微加快一點才能達到這個目標。您認為哪些產品線在下半年可能有更大的成長機會？

Right. It's Mo. I would not say there's a different story for the second half of the year. I think we got still really favorable about the small business space in total. We continue to bid our time on comp. As you can feel, that's relatively flat for us. But outside of that, our package business owner product, the auto, E&S binding, we're still very favorable on the growth prospects across Small Business.

對。是Mo。我不認為下半年的情況會有所不同。我認為我們總體上仍然非常看好小型企業領域。我們繼續在同店銷售上投入時間。正如你所感覺到的，這對我們來說相對平穩。但除此之外，我們的包裹業務所有者產品、自動裝訂和E&S裝訂，我們仍然非常看好小型企業的成長前景。

Great. Thank you.

太好了，謝謝。

David Motemaden, Evercore.

大衛‧莫特馬登 (David Motemaden)，Evercore。

I just had a question on workers' comp and medical severity. I know you guys haven't changed the 5% severity assumption that you guys are embedding in the [picks]. But I think about a year ago, you had talked about observing an uptick from about 2% to 3%. So I'm wondering what you guys are observing now? Any sort of uptick or just an update there would be helpful.

我剛才想問一個關於工傷賠償和醫療嚴重程度的問題。我知道你們沒有改變你們在[選擇]中嵌入的5%嚴重程度假設。但我記得大約一年前，你們曾談到觀察到從2%到3%的上升。所以我想知道你們現在觀察到的情況如何？任何形式的上升或只是更新都會有所幫助。

Yeah. I think you got it right, David. It's in that 3% range. Still, again, well within our 5% picks. I don't -- I know there's always discussion on medical -- broad-based medical inflation. But again, we continue to -- and you know the workers' comp industry is somewhat insulated from broad-based medical inflation. So feel comfortable. It's always a watch area. We got our listening post. We've got our data analysis.

是的。大衛，我想你說得對。它確實在3%的範圍內。不過，這仍然在我們5%的預測範圍內。我知道大家一直在討論醫療——廣泛的醫療通膨。但我們仍然會繼續——而且你知道，工傷賠償行業在一定程度上不受廣泛的醫療通膨的影響。所以請放心。這始終是一個值得關注的領域。我們有自己的監聽站。我們有自己的數據分析。

We'll take corrective action if need be. But I think it's fairly well under control.

如有需要，我們會採取糾正措施。但我認為情況已經得到較好控制。

Got it. Helpful. And then maybe just a follow up just for Business Insurance as a whole. I know last year, you guys spoke about having -- I think it was about 1.5 points of favorable non-CAT property experience versus plan. It sounds like that continues to come in maybe a touch better than your expectation.

明白了。很有幫助。接下來我想問商業保險的整體狀況。我知道去年你們談過——我認為非巨災財產險的良好體驗比計劃高出大約1.5個百分點。聽起來這比你們的預期還要好。

I guess, are you guys -- I guess, how do you think about that sort of non-CAT weather plan? And how do you consider changes that you guys have made in terms of terms and conditions and other factors that maybe means that, that could be a little bit more durable?

我想，你們怎麼看待這種非CAT天氣計畫？你們如何看待你們在條款和條件以及其他因素方面所做的改變，這些改變可能意味著該計劃的持久性會更強一些？

Yeah. Maybe we weren't clear before or I wasn't clear. But I would say there is no, through six months, major favorability in non-CAT weather, maybe a small amount, I think I mentioned [2/10]. So I think we're right on our plans across, again, BI with our property underwriting results.

是的。也許我們之前沒有說清楚，或者我沒有說清楚。但我想說的是，在過去六個月裡，非巨災天氣並沒有出現明顯的利好，或許只有一點點，我記得我提到過[2/10]。所以我認為，我們的計劃是正確的，再次強調，我們的財產承保業績和商業保險（BI）的計劃是正確的。

But Mo, would you add anything?

但莫，你還有什麼要補充的嗎？

Maybe a little bit of texture, David. I think middle is a little bit better than expectations and small is right on expectations. And I think what gives us hope is where you went. The terms and conditions broadly from our season in our portfolio, the terms and conditions are really holding up well, deductibles across the space. So I think we feel -- again, I don't know if it's durable or not, but it bounces around a little bit and -- but the terms and conditions that give me hope that, again, our expectations should be within reach.

大衛，也許有點微妙。我認為中等程度略好於預期，小程度則符合預期。我認為，你所做的事情給了我們希望。從我們投資組合的整個季度來看，條款和條件總體上保持良好，各個領域的免賠額也都適用。所以我認為我們感覺——再說一次，我不知道它是否持久，但它會略有波動——但這些條款和條件讓我再次相信，我們的預期應該是可以實現的。

Great. Thank you.

太好了，謝謝。

Paul Newsome, Piper Sandler.

保羅紐瑟姆、派珀桑德勒。

Just maybe one additional question. If you have any thoughts broadly on the whole social inflation issue and litigation finance challenges? A lot of your peers talking about this quarter. And wondering if you have any thoughts yourself?

還有一個問題。您對整個社會通膨問題和訴訟融資挑戰有什麼看法？很多同業都在談論這個季度的情況。您自己有什麼看法嗎？

Yeah, Paul, I think we spoke about it equally in the past. It's still a fact of life, still a tax. It's still a burden. It's not fair. It's not what our court system was intended to. But I'm also equally optimistic that more and more people across the industry and businesses are getting involved and trying to take a legislative corrective action.

是的，保羅，我想我們過去也討論過這個問題。它仍然是現實，仍然是一種稅收，仍然是一種負擔。這不公平，也不符合我們司法系統的初衷。但我同樣樂觀地認為，越來越多的業內人士和企業正在參與進來，並試圖採取立法糾正措施。

We work through our trade group and a lot of those discussions, but there's individual contributions and discussions. So it's still alive and well. And I think the overall trends of sort of the tactics involved are continuing. I don't see any real differences in our trends, whether it be time bar demands, whether it be earlier representation with lawyers on sort of simple claims.

我們透過行業團體開展工作，並進行了大量討論，但也有個人的貢獻和討論。所以它仍然活躍且有效。我認為，相關策略的總體趨勢仍在繼續。我沒有發現我們的趨勢有任何實質變化，無論是時效要求，還是在簡單索賠中更早聘請律師代理。

So yeah, but there has been progress in certain states, particularly in the Southeast that have enacted reforms that have been signed by their governors, and we'll continue to sort of fight the good fight and really highlight this.

是的，某些州確實取得了進展，特別是東南部的州，這些州已經頒布了由州長簽署的改革法案，我們將繼續為此奮鬥，並真正強調這一點。

I think it's getting a little bit more national attention, particularly in DC, and I was really actually encouraged by former Attorney General Barr's comments on the need just to put some limits on these injury claims, including noneconomic limits. So it's getting the attention and hopefully, legislation will come because that's what's needed to enact it at a state and/or a federal level.

我認為這項法案正在引起全國的更多關注，尤其是在華盛頓特區。前司法部長巴爾關於有必要對這些傷害索賠設定一些限制（包括非經濟限制）的評論確實讓我深受鼓舞。所以它正在引起關注，希望相關立法能夠出台，因為這是在州和/或聯邦層級實施該法案的必要條件。

Do you have any sense of any way that you or anybody else could measure the impact of litigation finance?

您或其他人是否知道有什麼方法可以衡量訴訟融資的影響？

Are you being serious? You measure. I mean, it's showing up in our loss trends. I mean showing up in our (inaudible) loss expenses. I mean we're spending more time and money on something that turned our judicial system into a gambling system. Are you serious?

你是認真的嗎？你衡量過。我的意思是，這體現在我們的虧損趨勢上。我的意思是，體現在我們的（聽不清楚）虧損支出。我的意思是，我們把更多的時間和金錢花在了把我們的司法系統變成賭博系統的事情上。你是認真的嗎？

No, I apologize. What I mean is this, there's obviously some underlying social inflation issues that come from court changes and other things. And then there's pieces that are coming from the litigation part in particular. And I was wondering if there's any ways to sort of bifurcate what's purely because of the litigation finance stuff or from other sources? That's the question.

不，我很抱歉。我的意思是，顯然存在一些潛在的社會通膨問題，這些問題源自於法院的變更和其他因素。此外，還有一些具體來自訴訟方面的問題。我想知道，是否有辦法將純粹由訴訟融資或其他來源引起的資金分成兩部分？這就是問題所在。

Okay. I hear you. Point taken. Yeah, there's a lot of lawyers inflating sort of average cost and then there's sort of the nuclear verdicts change. I think we have -- and I know the industry has got measurements on both. I don't have them in front of me, but both are contributing to the problem, Paul.

好的。我明白你的意思。沒錯，很多律師都在誇大平均成本，而且核子裁決也改變了。我想我們已經——而且我知道業界對這兩者都有衡量標準。保羅，我目前沒有這方面的數據，但兩者都加劇了這個問題。

Appreciate the help. Thanks.

感謝您的協助。謝謝。

Bob Huang, Morgan Stanley.

摩根士丹利的 Bob Huang。

All my questions on BI have asked, so I'm going to shift a little bit to the Personal line a little bit. You talked about growth. You clearly have a very strong combined ratio in the mid-90s core combined ratio in the high 80s. Under any historical environment, you certainly are very well positioned to grow.

我所有關於商業智慧（BI）的問題都已經問過了，所以我想稍微轉到個人業務方面。您談到了成長。顯然，您的綜合成本率非常強勁，在90年代中期，核心綜合成本率在80年代後期。在任何歷史環境下，您無疑處於非常有利的成長位置。

But I just want to understand -- get a better understanding of your competitive environment. It feels like multiple carriers in the personal line also have similar underwriting profile at this time. Can you maybe just help us think about, as you pivot into growth, what is the competitive dynamic looks like for homeowner and for auto?

但我只是想了解一下——更能理解你們的競爭環境。感覺目前個人險領域的多家保險公司的承保情況也差不多。隨著你們轉向成長，能否請你們幫我們思考一下，房主險和車險的競爭態勢是什麼樣的？

Is it easier for you to grow right now given your combined ratio? Or is it actually not that easy? Just curious your view on that.

考慮到你們的綜合成本率，現在成長更容易嗎？還是說其實不容易？我很好奇你對此的看法。

I'm going to have my point of view, but I'd like Melinda Thompson to add hers who runs personal lines. I think it's not that easy to grow or else we would have been growing maybe at a faster historical rate because there is good competition.

我會表達我的觀點，但我希望梅琳達湯普森能補充她負責個人線的職責。我認為成長並不容易，否則我們可能會以更快的歷史速度成長，因為競爭非常激烈。

Our primary channel right now is still the AARP endorsement with the direct response models, which we think does give us competitive advantage to really helping mature customer with policy decisions, with limit discussions, with how claims would be handled. So that's important to that cohort.

我們目前的主要管道仍然是AARP的直接回應模式，我們認為這確實賦予了我們競爭優勢，能夠真正幫助成熟客戶做出保單決策、進行限額討論以及理賠處理。所以這對成熟客戶群來說非常重要。

But we're taking sort of the chassis that we rebuilt in that area and trying to apply it through independent agents, particularly with a similar sort of mature market approach. And we're quite confident with our independent agents, just given our historical relationship with distribution partners that sell both personal and commercial, particularly small insurance.

但我們正在利用我們在該領域重建的框架，並嘗試透過獨立代理商來推廣，特別是採用類似成熟的市場策略。鑑於我們與銷售個人和商業保險（尤其是小額保險）的經銷合作夥伴的歷史合作關係，我們對獨立代理商非常有信心。

So again, we think from a relationship side there, we think our product is competitive and has the right features and benefits that customers would like over a longer period of term, but it is still a competitive environment. But Melinda, what would you add?

所以，從關係角度來看，我們認為我們的產品具有競爭力，並且具備客戶長期所需的功能和優勢，但競爭環境仍然存在。梅琳達，您還有什麼要補充的嗎？

Thank you, Chris. I would agree with you. The environment is healthy and a number of competitors are aggressively positioning for new business in the marketplace. And so certainly, as we think about our overall position, growth is going to require two things. One is retention improvement and then new business.

謝謝克里斯。我同意你的觀點。市場環境良好，許多競爭對手都在積極佈置新業務。因此，當我們考慮我們的整體定位時，成長需要兩件事。一是提升留存率，二是拓展新業務。

And so as I think about moderating rate that is -- that we will experience throughout '25 and into '26, that pressure on retention will also moderate. And then we have been implementing a number of initiatives to stimulate new business. Chris mentioned the agency and what we are doing there, the reengagement efforts have meaningful in our new business. And on top of that, we've implemented some rate and non-rate levers, the marketing spend.

因此，當我想到2025年和2026年期間我們將經歷的利率調整時，留存壓力也會隨之減輕。此外，我們一直在實施一系列措施來刺激新業務。克里斯提到了代理商以及我們在那裡的工作，重新吸引客戶的努力對我們的新業務意義重大。除此之外，我們也實施了一些利率和非利率槓桿，包括行銷支出。

So all of those things together are really about supporting growth.

所以所有這些事情實際上都是為了支持成長。

Got it. Really appreciate that. But maybe just a follow up on that point. Would you say that maybe auto and like -- is there a significant difference between auto and home in terms of the competitive environment? Or would you say kind of similar in terms of being both a competitive environment today?

明白了。非常感謝。不過，我只是想就這一點繼續追問。您覺得汽車業和家居業在競爭環境上是否有顯著差異？或者說，就目前的競爭環境而言，兩者有些相似？

I would acknowledge some differences there. Certainly, home comes with capacity constraints. And so there is, I would say, some dynamics that are a little bit different than auto that play out. We are growing home. We feel very good about how we underwrite that book, how we performed over a sustained period of time and how we are positioned. So we are growing that line.

我承認這方面有些差異。當然，家庭保險的容量有限。因此，我想說，家庭保險的運作方式與汽車保險略有不同。我們正在擴大家庭保險業務。我們對家庭保險的承保情況、我們長期以來的業績以及我們的市場定位感到非常滿意。因此，我們正在擴大這條業務線。

And the challenge certainly on auto, the amount of rate that has come through auto is what's pressuring the retention there a little bit differently.

當然，汽車產業面臨的挑戰是，透過汽車產業產生的利率對汽車產業的保留率產生了略微不同的壓力。

Thank you.

謝謝。

That concludes our Q&A session. I will now turn the conference back over to Kate Jorens for closing remarks.

我們的問答環節到此結束。現在，請凱特喬倫斯致閉幕詞。

Thanks for joining us today. Please reach out with any additional questions, and have a nice day.

感謝您今天加入我們。如有其他問題，歡迎隨時與我們聯絡。祝您擁有美好的一天。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您可以掛斷電話了。