Hartford Insurance Group Inc (HIG) 2025 Q3 法說會逐字稿

Good morning, and welcome to The Hartford Insurance Group's third 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年第三季財報電話會議和網路直播。（操作員說明）提醒各位，本次電話會議正在錄音。

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

現在我將把電話交給高級副總裁、財務主管兼投資者關係主管凱特·喬倫斯。謝謝。請繼續。

Good morning and thank you for joining us today for our third 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，感謝各位今天參加我們2025年第三季財報電話會議及網路直播。昨天，我們公佈了業績，並在我們的網站上發布了所有與收益相關的資料。在開始之前，請注意，我們的簡報包含前瞻性陳述，這些陳述並非對未來業績的保證，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, 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義務。投資人應考慮我們近期向美國證券交易委員會提交的文件、新聞稿和財務補充文件中詳述的風險和不確定性，這些文件可在thehartford.com網站的投資者關係欄位中查閱。我們的評論包含非GAAP財務指標及其解釋，GAAP財務指標的調整表可在我們近期向美國證券交易委員會提交的文件、新聞稿和財務補充文件中查閱。

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.

現在我來介紹我們的演講嘉賓，董事長兼執行長克里斯·斯威夫特；以及財務長貝絲·科斯特洛。在他們的演講之後，我們將由我們管理團隊的幾位成員協助回答您的問題。

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

現在我把電話交給克里斯。

Good morning, and thank you for joining us today. The Hartford delivered outstanding third quarter results with core earnings of $1.1 billion or $3.78 per diluted share, both records for the company. These results reflect the strength of our franchise and disciplined execution of our strategy. We continue to grow top line while maintaining strong margins in a dynamic environment, supported by investments that advance our underwriting discipline while deepening relationships with customers and distribution partners.

早安，感謝各位今天收看我們的節目。哈特福德保險公司第三季業績表現出色，核心收益達 11 億美元，每股攤薄收益達 3.78 美元，這兩項數據均創下公司歷史新高。這些結果反映了我們品牌的實力和我們策略的嚴格執行。在充滿活力的環境中，我們透過投資來提升承保水平，同時加深與客戶和分銷合作夥伴的關係，從而在保持強勁利潤率的同時，不斷實現營收成長。

Highlights in the quarter include written premium growth in Business Insurance of 9% with an underlying combined ratio of 89.4%. In Personal Insurance, an underlying combined ratio of 90%, a 3.7 point improvement over prior year. In Employee Benefits, an outstanding core earnings margin of 8.3% and continued solid performance in the investment portfolio. All these items contributed to an outstanding trailing 12-month core earnings ROE of 18.4%.

本季亮點包括商業保險保費收入成長 9%，綜合比率為 89.4%。在個人保險方面，綜合比率為 90%，比前一年改善了 3.7 個百分點。在員工福利方面，核心獲利率高達 8.3%，投資組合也持續維持穩健表現。所有這些因素共同促成了過去 12 個月核心收益 ROE 達到 18.4%。

Let's take a closer look at third quarter performance. In Business Insurance, third quarter results reflect excellent growth with strong underlying margins, sustaining momentum from the first half of the year. Our small business franchise continues to set the standard for growth and profitability in the industry, delivering record-breaking new business premium with strong underlying combined ratios.

讓我們仔細看看第三季的業績。在商業保險領域，第三季業績反映了強勁的成長動能和穩健的利潤率，延續了上半年的成長動能。我們的小型企業特許經營業務繼續引領行業增長和盈利能力，在保持強勁的綜合比率的同時，實現了破紀錄的新業務保費。

Written premium growth of 11% was fueled by double-digit increases in our industry-leading package product and auto. E&S binding also delivered exceptional results with written premium up 47%, reaching over $100 million in the quarter. These results reflect the power of our underwriting expertise, AI-driven capabilities and strong digital platforms built on years of strategic investments. Written premium is expected to exceed $6 billion in 2025, representing 10% growth over prior year.

保費收入成長 11%，這主要得益於我們行業領先的綜合保險產品和汽車保險產品兩位數的成長。E&S 保險業務也取得了優異的業績，本季保費收入成長 47%，超過 1 億美元。這些成果體現了我們強大的核保專業知識、人工智慧驅動能力以及基於多年策略投資而建立的強大數位平台。預計到 2025 年，保費收入將超過 60 億美元，比上年增長 10%。

Turning to Middle & Large business. Growth was outstanding with solid underlying margins. Written premium increased 10%, underscoring the strength of our diversified portfolio. This performance was fueled by robust new business generation, strong retention levels and solid pricing execution across the lines. Our underwriting approach continues to guide us towards opportunities that deliver attractive risk-adjusted returns while ensuring we remain selective and disciplined.

轉向中大型企業。成長勢頭強勁，且基本利潤率穩健。已承保保費成長10%，凸顯了我們多元化投資組合的實力。這項業績得益於強勁的新業務拓展、較高的客戶留存率以及各產品線穩健的定價策略。我們的核保方法繼續引導我們尋找能夠帶來有吸引力的風險調整後收益的機會，同時確保我們保持選擇性和紀律。

Shifting to Global Specialty. Results were excellent with another quarter of underlying margins in the mid-80s. This performance reflects targeted growth strategies alongside strong risk and pricing fundamentals. Net written premium grew by 5% driven by US financial lines, bond and across international, partially offset by a 3% dip in wholesale, primarily due to a decline in new construction projects.

轉向全球專業領域。業績表現優異，本季基本利潤率再次達到 80% 以上。這項業績反映了公司採取了有針對性的成長策略，同時兼顧了強勁的風險和定價基本面。淨保費收入成長 5%，主要得益於美國金融險、債券險和國際險的推動，但批發業務下降 ​​3% 部分抵消了這一增長，批發業務下降主要是由於新建項目減少。

Within Global Specialty, we are taking advantage of innovative solutions that combine our specialized underwriting expertise with advanced technology and broad distribution of our small business franchise. Through our One Hartford approach, agents and customers can seamlessly quote and bind comprehensive coverages in a single unified experience.

在全球特種業務領域，我們正在利用創新解決方案，將我們專業的核保專業知識與先進的技術和我們小型企業特許經營的廣泛分銷相結合。透過我們的「一個哈特福德」方案，代理人和客戶可以在一個統一的體驗中無縫地報價和簽訂全面的保險合約。

For example, this approach is resonating with small and midsized business customers who require professional and management liability coverage, not addressed by the standard package product. We remain focused on helping all business customers succeed by using digital capabilities, leveraging our broad distribution network and offering a comprehensive product suite that meets more of their needs.

例如，這種方法引起了中小企業客戶的共鳴，他們需要專業和管理責任保險，而標準套餐產品並未涵蓋這些責任保險。我們將繼續致力於透過運用數位化能力、利用我們廣泛的分銷網絡以及提供滿足其更多需求的全面產品套件，幫助所有企業客戶取得成功。

Moving to pricing. Business Insurance renewal written pricing, excluding workers' compensation, was 7.3%, above overall loss trend. Pricing execution remains highly disciplined. General liability remained firm and above loss trend, supported by rate increases and proactive underwriting actions focused on segmentation, limits management and geographic optimization.

接下來是定價環節。商業保險續保價格（不含工傷賠償）為 7.3%，高於整體損失趨勢。定價執行依然保持高度紀律性。一般責任險保持堅挺，高於損失趨勢，這得益於費率上漲以及以細分市場、限額管理和地域優化為重點的積極承保措施。

Excess and umbrella lines delivered double-digit pricing increases and primary lines moderated slightly while still in the high single digits. Despite modest easing this quarter, auto pricing remained near 11%, while workers' compensation pricing was slightly up from the second quarter.

超額和傘式保險的價格上漲幅度達到兩位數，而主險的價格漲幅略有放緩，但仍維持在較高的個位數。儘管本季略有回落，但汽車保險價格仍接近 11%，而工傷賠償保險價格較第二季略有上漲。

Across business insurance, property written premium grew 11% to $800 million with expectations for full year premium to reach $3.3 billion. Over the past three years through the team's thoughtful and disciplined strategy, including CAT management, the Business Insurance property book grew 50%. In Small business, property pricing within the package product remained strong, achieving 12% renewal written price increases.

在商業保險領域，財產保險保費收入成長了 11%，達到 8 億美元，預計全年保費收入將達到 33 億美元。過去三年，透過團隊深思熟慮、嚴謹自律的策略（包括巨災管理），商業保險財產險業務成長了 50%。在小型企業領域，套餐產品中的財產定價仍然強勁，續保價格上漲了 12%。

In general industries, property pricing was relatively consistent with the second quarter and above loss trend. Other property lines, primarily E&S and Large representing approximately 20% of the property book, achieved renewal pricing increases of 1.2%, up nearly 2 points from the second quarter.

整體而言，各行業的房地產價格與第二季及以後的虧損趨勢大致保持一致。其他財產險種，主要是 E&S 和大型財產險（約佔財產險總額的 20%），續保價格上漲了 1.2%，比第二季度上漲了近 2 個百分點。

Turning to Personal Insurance. Results continued to improve over prior year. Homeowners had a strong quarter, highlighted by 10% written premium growth in mid-70s underlying combined ratio. Renewal written pricing remained flat to the second quarter at 12.6% driven by net rate and insured value increases. Auto underlying results improved by 3.6 points in the quarter with a year-to-date underlying combined ratio in the mid-90s.

轉向個人保險。業績較上年持續改善。房屋保險業務本季表現強勁，其中保費收入成長 10%，綜合比率維持在 70% 左右。受淨費率和保險價值成長的推動，續保價格與第二季持平，為 12.6%。本季汽車業務基礎績效改善了 3.6 個百分點，年初至今的基礎綜合比率在 90% 左右。

While Personal Insurance underlying margins are at targeted levels, total PIF growth continues to be impacted by a highly competitive market. We are pleased with growth in agency, where policies in force grew 17% over prior year, including 4% in auto. In the third quarter, we introduced Prevail to retail distribution, bringing new product, technology and experiences to our agency partners. We are now live in six states, and we'll continue to roll out Prevail Agency over time with 30 state launches planned by early 2027.

雖然個人保險的基本利潤率達到了目標水平，但個人保險基金的整體成長仍然受到競爭激烈的市場的影響。我們對代理業務的成長感到滿意，有效保單數量比上一年增長了 17%，其中汽車保險增長了 4%。第三季度，我們將 Prevail 引入零售分銷管道，為我們的代理商合作夥伴帶來了新產品、新技術和新體驗。目前，Prevail Agency 已在六個州上線，我們將繼續逐步推廣，計劃在 2027 年初在 30 個州推出。

Initial results are positive, with agents excited about our improved performance in competitive positioning with preferred market customers. Prevail represents a meaningful investment in our businesses, now benefiting both direct and retail channels.

初步結果令人鼓舞，代理商們對我們在與重點市場客戶的競爭地位提升方面的表現感到興奮。Prevail 代表著對我們業務的一項重大投資，現在直接通路和零售通路都將從中受益。

Earlier this month, the Hartford senior leadership team attended the CIAB Insurance Leadership Forum, a premier property and casualty industry event. We met with more than 50 key distributors and reinforced our commitment to consistent execution and strategic alignment. Brokers and agents recognize our industry-leading digital capabilities, as clear differentiators. We left the forum with increased confidence in the strength of our independent distribution relationships, positioning us to capture additional market share over time.

本月初，哈特福德高階領導團隊參加了CIAB保險領導力論壇，這是財產和意外保險行業的頂級盛會。我們與 50 多家主要經銷商進行了會面，並重申了我們對持續執行和策略協調的承諾。經紀人和代理商都認可我們領先業界的數位化能力，這是我們明顯的差異化優勢。參加論壇後，我們對自身獨立分銷關係的實力更有信心，這使我們能夠隨著時間的推移獲得更多的市場份額。

Moving on to Employee Benefits. The core earnings margin of 8.3% was driven by excellent life and strong disability results. Persistency remained strong in the low 90s while fully insured premium and sales were flat year-over-year, reflecting a competitive market and lower large case sales in 2025. Quote activity and known sales for 2026 are trending very favorably as recent investments in technology and customer-facing tools gain traction in the marketplace.

接下來是員工福利部分。核心盈利率達到 8.3%，主要得益於人壽保險和殘障保險業務的出色表現。保單持續率維持在 90% 左右，而全額保險的保費和銷售額與上年持平，反映出市場競爭激烈，2025 年大額保單銷售額下降。2026 年的報價活動和已知銷售呈現非常積極的趨勢，因為最近對技術和麵向客戶的工具的投資在市場上獲得了認可。

In terms of capital management, yesterday, we announced a 15% increase in the common quarterly dividend, continuing a track record of annual dividend increases supported by earnings power and strong capital generation.

在資本管理方面，昨天我們宣布將普通股季度股息提高 15%，延續了在盈利能力和強勁資本創造的支持下逐年提高股息的良好記錄。

In addition, we are pleased that both S&P and Moody's upgraded the debt and financial strength ratings of the Hartford. Commentary from the agencies highlighted our effective risk selection and sophisticated pricing strategies, which have positively impacted underwriting performance across business cycles, with expectations for continued strength, supported by well-diversified revenues and earnings.

此外，我們很高興標普和穆迪都提高了哈特福德的債務和財務實力評級。各機構的評論強調了我們有效的風險選擇和複雜的定價策略，這些策略對整個商業週期的承保業績產生了積極影響，預計在多元化的收入和盈利的支持下，這種強勁勢頭將繼續保持。

In closing, as we enter the final quarter of 2025, our financial strength disciplined execution and strategic investments position the company to sustain strong results by leveraging industry-leading tools, underwriting expertise and advanced data science, we are confident in our ability to continue to navigate a dynamic market cycle and deliver superior returns for our shareholders.

最後，隨著我們進入 2025 年的最後一個季度，憑藉我們雄厚的財務實力、嚴謹的執行力和戰略投資，公司能夠利用行業領先的工具、承保專業知識和先進的數據科學，保持強勁的業績。我們有信心繼續駕馭動態的市場週期，並為股東帶來卓越的回報。

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

現在我將把電話交給貝絲，讓她對本季的情況進行更詳細的評論。

Thank you, Chris. Core earnings for the quarter were $1.77 billion or $3.78 per diluted share with a trailing 12-month core earnings ROE of 18.4%. In Business Insurance, core earnings were $723 million with written premium growth of 9% and an underlying combined ratio of 89.4%. Small business continues to deliver excellent results with written premium growth of 11% and an underlying combined ratio of 89.8%.

謝謝你，克里斯。本季核心收益為 17.7 億美元，即每股攤薄收益 3.78 美元，過去 12 個月的核心收益 ROE 為 18.4%。在商業保險方面，核心收益為 7.23 億美元，已承保保費成長 9%，綜合比率為 89.4%。小型企業持續取得優異業績，保費收入成長 11%，綜合比率為 89.8%。

Middle & Large business had another strong quarter with written premium growth of 10% and an underlying combined ratio of 91.4%. Global Specialty's third quarter was solid with written premium growth of 5% and an underlying combined ratio of 85.8%. The Business Insurance expense ratio of 31.1% was relatively flat from the 2024 period, however, increased sequentially as the impact of earned premium leverage was offset by higher incentive compensation and benefit costs.

中大型企業業務本季表現強勁，保費收入成長 10%，綜合比率為 91.4%。Global Specialty 第三季表現穩健，保費收入成長 5%，綜合比率為 85.8%。商業保險費用率為 31.1%，與 2024 年期間相比基本持平，但隨著已賺保費槓桿的影響被更高的激勵性薪酬和福利成本所抵消，該費用率逐週上升。

In Personal Insurance, core earnings were $143 million with an underlying combined ratio of 90%. Homeowners delivered an underlying combined ratio of 74.4%, a 1 point improvement over the prior year. Auto underlying results improved by 3.6 points in the quarter and remain in line with expectations, reflecting typical seasonality as the year progresses.

在個人保險業務方面，核心收益為 1.43 億美元，綜合比率為 90%。房主們實現了 74.4% 的基礎綜合比率，比前一年改善了 1 個百分點。汽車產業基本面業績在本季提升了 3.6 個百分點，與預期相符，反映了隨著一年推進而出現的典型季節性變化。

The Personal Insurance third quarter expense ratio of 25.8% was relatively flat from the 2024 period. Written premium in Personal Insurance increased 2% in the third quarter. We achieved written pricing increases of 11.3% in auto and 12.6% in homeowners. With respect to catastrophes, P&C current accident year losses were $70 million before tax for 1.6 combined ratio points, which included $37 million of favorable prior quarter development. Through September 30, we have reached the $750 million attachment point for our aggregate property catastrophe treaty, which means that CAT losses of up to $200 million in the fourth quarter would be covered by the treaty.

個人保險第三季費用率為 25.8%，與 2024 年同期相比基本持平。第三季個人保險保費收入成長了2%。我們實現了汽車保險書面價格上漲 11.3%，房屋保險書面價格上漲 12.6%。就災害而言，財產和意外傷害險本年度事故損失稅前為 7000 萬美元，綜合比率為 1.6 個百分點，其中包括 3700 萬美元的有利上一季發展。截至 9 月 30 日，我們的財產巨災保險條約的累計賠付額已達到 7.5 億美元，這意味著第四季度高達 2 億美元的巨災損失將由該條約承保。

As a reminder, the aggregate cover does not include losses from the global reinsurance business, which purchases its own retrocessional coverage. Total P&C net favorable prior accident year development within core earnings was $95 million before tax, primarily due to reserve reductions in workers' compensation and personal auto liability and physical damage. We recorded $8 million of deferred gain amortization related to the Navigators ADC, which has now been fully amortized. As a reminder, the A&E ADC cover was exhausted in 2024, so any development from the fourth quarter A&E study will impact core earnings.

需要提醒的是，總承保範圍不包括全球再保險業務的損失，該業務會購買自己的追溯保險。在財產和意外傷害險核心收益中，稅前淨有利的上一年度事故發展總額為 9,500 萬美元，主要原因是工傷賠償、個人汽車責任險和財產損失險的準備金減少。我們記錄了與 Navigators ADC 相關的 800 萬美元遞延收益攤銷，目前已全部攤銷完畢。提醒一下，A&E ADC 保險已於 2024 年到期，因此第四季度 A&E 研究的任何進展都將影響核心收益。

Moving to Employee Benefits. Core earnings of $149 million and a core earnings margin of 8.3% reflect excellent group life and strong disability performance. The group life loss ratio of 74.2%, improved 3.3 points, reflecting lower mortality across both term and accidental life products. The group disability loss ratio of 70.6% increased 2.7 points from the prior year.

移至員工福利。核心收益 1.49 億美元，核心收益率為 8.3%，反映了團體人壽保險和殘障保險業務的出色表現。團體人壽損失率為 74.2%，改善了 3.3 個百分點，反映出定期壽險和意外壽險產品的死亡率均有所下降。團體殘障損失率為70.6%，比前一年增加了2.7個百分點。

Last year included a benefit of 2.2 points related to the long-term disability recovery rate assumption update, while current year long-term disability trends were slightly higher as expected. This was partially offset by pricing increases earning into our paid family and medical leave products.

去年由於長期殘疾恢復率假設更新，帶來了 2.2 個百分點的收益，而今年的長期殘疾趨勢如預期般略高。我們的帶薪家庭和醫療休假產品價格上漲，部分抵消了這種影響。

The Employee Benefits expense ratio of 26.7% increased 1.4 points, primarily driven by higher staffing costs, including increased incentive compensation and benefits, increased investments in technology and a higher commission ratio due to premium mix.

員工福利費用率為 26.7%，增加了 1.4 個百分點，主要原因是人員配備成本增加（包括激勵性薪資和福利增加）、技術投資增加以及保費組合導致佣金率提高。

Turning to investments. Our diversified portfolio continues to produce solid results. Net investment income of $759 million increased $100 million from third quarter 2024 due to income from limited partnerships and other alternative investments, a higher level of invested assets and reinvesting at higher interest rates, partially offset by a lower yield on variable rate securities.

轉向投資。我們多元化的投資組合持續產生穩健的績效。淨投資收益為 7.59 億美元，比 2024 年第三季增加了 1 億美元，這主要得益於有限合夥企業和其他另類投資的收入、更高的投資資產水平以及以更高的利率進行再投資，但部分被浮動利率證券收益率的下降所抵消。

The total annualized portfolio yield, excluding limited partnerships, was 4.6% before tax, consistent with the second quarter. We continue to strategically manage the portfolio, balancing risk while pursuing accretive trading opportunities. In the quarter, we reinvested at 50 basis points above the sales and maturity yield, reflecting increased call and paydown activity on higher-yielding corporate bonds and certain structured securities.

不包括有限合夥企業在內，總年化投資組合收益率稅前為 4.6%，與第二季持平。我們將繼續對投資組合進行策略性管理，在平衡風險的同時，尋求增值交易機會。本季度，我們以高於銷售和到期收益率 50 個基點的價格進行再投資，這反映了高收益公司債和某些結構性證券的贖回和償還活動增加。

We remain focused on our ability to reinvest above the current portfolio yield. As expected, our third quarter annualized LP returns of 6.7% before tax were higher than the first half of the year, reflecting increased returns from our private equity portfolio. While still early, we anticipate fourth quarter results to be in a similar range to third quarter.

我們將繼續專注於實現高於當前投資組合收益率的再投資能力。正如預期的那樣，我們第三季稅前年化有限合夥殖利率為 6.7%，高於上半年，反映出我們私募股權投資組合的收益增加。雖然現在下結論還為時過早，但我們預計第四季度業績將與第三季業績處於相似水平。

Turning to capital management. As Chris mentioned, we increased our common quarterly dividend by 15% to $0.60 per share, payable on January 5, 2026. Over the past decade, we have delivered dividend increases averaging approximately 11% per year. The step-up in our dividend demonstrates our confidence in the sustained earnings power and capital generation of the organization. Holding company resources totaled $1.3 billion at quarter end.

轉向資本管理。正如克里斯所提到的，我們將普通股季度股息提高了 15%，達到每股 0.60 美元，將於 2026 年 1 月 5 日支付。過去十年，我們的股息平均每年增長約 11%。我們提高股息，顯示我們對公司持續獲利能力和資本創造能力充滿信心。截至季末，控股公司資源總額為13億美元。

During the quarter, we repurchased 3.1 million shares under our share repurchase program for $400 million, and we expect to remain at that level of repurchases in the fourth quarter. As of September 30, we had $1.95 billion remaining on our share repurchase authorization through December 31, 2026.

本季度，我們根據股票回購計畫回購了 310 萬股股票，總額為 4 億美元，我們預計第四季將維持這一回購水準。截至 9 月 30 日，我們的股票回購授權額度還剩 19.5 億美元，有效期至 2026 年 12 月 31 日。

In summary, we are pleased with our outstanding performance for the third quarter and first nine months of the year. We believe we are well positioned to continue to deliver industry-leading returns and enhance value for all stakeholders.

總而言之，我們對第三季和今年前九個月的出色表現感到滿意。我們相信，我們已做好充分準備，繼續為所有利害關係人帶來行業領先的回報並提升價值。

I will now turn the call back to Kate.

現在我將把電話轉回給凱特。

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

謝謝你，貝絲。現在開始回答各位的問題。操作員，請重複提問步驟。

(Operator Instructions)

（操作說明）

Brian Meredith, UBS.

Brian Meredith，瑞銀集團。

Yeah, thanks, Chris, I wonder if you could talk a little bit about workers' comp. It looks like we're starting to see some price increases there, which is great. Do you expect that trend to continue here? And do you think there'll be at a point here in the next, call it, 12 to 18 months where maybe rate there is in line with trend. And where are we right now rate versus trend?

好的，謝謝，克里斯。我想請你談談工傷賠償方面的問題。看來我們開始看到那裡的價格上漲了，這很好。你認為這種趨勢會在這裡持續下去嗎？你認為在接下來的 12 到 18 個月內，利率是否會達到與趨勢相符的水平？目前利率與趨勢的關係如何？

Yes. Thanks for the question and joining us. I would say the workers' comp market remains consistent. When we talked about pricing this quarter, it was really up 4 times from a slight negative to a slight positive. So that's really not a meaningful move.

是的。感謝您的提問與參與。我認為工傷賠償市場保持穩定。本季我們討論定價時，價格實際上上漲了 4 倍，從略微下跌轉為略微上漲。所以這其實不算是什麼有意義的舉動。

And if you look at sort of state filings and regulatory activity across all the states, I don't see much rate increases set up for 2026 at this point in time, primarily because as you know, Brian, I mean, it's a highly profitable line is still behaving pretty well.

如果你查看各州的備案文件和監管活動，目前來看，2026 年並沒有太多提價的計劃，主要是因為，正如你所知，布萊恩，我的意思是，這是一條利潤豐厚的線路，目前運行狀況仍然相當不錯。

Loss trends are stable and predictable, and it doesn't set itself up for meaningful rate increases. I think you're aware of one state had a fairly meaningful rate increase in California because their loss trends were a little outsized compared to others.

損失趨勢穩定且可預測，因此不會導致費率大幅上漲。我想您應該知道，加州的保險費率上漲幅度相當大，因為與其他州相比，他們的損失趨勢略微異常。

So I would say it's steady as she goes. And we feel good about the profitability -- the overall profitability of the book, whether it be on an accident year basis or calendar year, particularly when you look at our reserve releases, over the last three years have been pretty steady and predictable.

所以我覺得她目前的狀態很穩定。我們對獲利能力感到滿意——無論是按事故年度還是按日曆年度計算，該保險的整體盈利能力，特別是從我們過去三年的準備金釋放情況來看，都相當穩定和可預測。

Makes sense. And then I wonder if we could just dig in a little bit more into the underlying loss ratio in business insurance and commercial insurance. So I understand that most of the year-over-year deterioration is due to the workers' comp. But if I think about the other lines of business, you talk about rate has been in excess of trend and pricing has been excess trend for a long time.

有道理。然後我想知道我們是否可以更深入地研究商業保險和企業保險的潛在損失率。因此，我了解到，同比下降的主要原因是工傷賠償。但如果我考慮其他業務線，我會發現利率長期以來一直高於趨勢水平，定價也長期高於趨勢水平。

Are you holding those picks kind of constant right now, given where we are with port inflation and maybe potential impacts of tariffs, or are we actually seeing improvement there, and they're just being more than offset by comp?

鑑於港口通膨現狀以及關稅可能帶來的影響，您目前是否維持這些選股不變？或者我們實際上看到了一些改善，只是這些改善被同業競爭所抵消？

Yes. I think what I'd like to do, and I know you've studied our data, but let's look at the nine-month year-over-year underlying combined ratio. Currently, it's running 88.6% versus 88.1%. And I would say within those numbers, comp is performing as we expected. So there is no change in sort of anything that we've done with comp in this accident year.

是的。我想做的是，我知道您已經研究過我們的數據，但讓我們來看看前九個月同比基礎綜合比率。目前運行率為 88.6%，而先前的運行率為 88.1%。而我認為，在這些數據範圍內，同業的表現符合我們的預期。所以，在今年的事故賠償方面，我們所做的一切都沒有改變。

And obviously, prior accident years continued to develop favorably. I think what -- if I really attribute the difference in run rates through nine months is really incentive compensation, so an expense component, not a loss component is higher than we planned, just given overall strong ROEs that we're generating and overall profitability. So if you sort of back that out, we're within a few tenths of what we think would be sort of a consistent -- generally consistent expectation at that 88.1%.

顯然，先前的事故年份繼續朝著有利的方向發展。我認為——如果我真的要把前九個月的運行率差異歸因於激勵性薪酬，那麼支出部分（而不是虧損部分）高於我們的計劃，這僅僅是因為我們創造了強勁的淨資產收益率和整體盈利能力。所以，如果你把這個因素考慮進去，我們得到的數值與我們認為比較一致的預期值（88.1%）只相差十分之幾。

And then I would even add further attribution, if we really look at the book. We mixed in property at a good level. You saw the 10% growth. But we did mix in more national account business, which tends to have a higher underlying combined ratio, both for comp and GL, that obviously impacted another few tenths. And then if I really want to quibble and look at it even more on a refined basis, we probably had a slightly more favorable non-CAT property experience last year compared to this year.

如果仔細研讀這本書，我還會補充一些歸屬資訊。我們以良好的比例混合了房產。你看到了10%的成長。但我們確實納入了更多全國性客戶業務，這類業務的綜合比率往往較高，無論是公司帳面比率還是總帳比率，這顯然又影響了零點幾個百分點。如果我真的要吹毛求疵，從更精細的角度來看待這個問題，那麼去年的非巨災財產損失經驗可能比今年略好一些。

So you put that all together, and you're dealing with sort of 0.5 point. And I would even share with you, as I think about the fourth quarter and the full year, I think we'll come in slightly below 88.6%, and call it a very productive, high-quality year and feel very good.

所以把所有這些加起來，你得到的大概是 0.5 分。我甚至可以和你們分享，當我思考第四季和全年時，我認為我們的完成率會略低於 88.6%，我會稱之為非常高效、高品質的一年，感覺非常好。

Great. Thank you.

偉大的。謝謝。

Andrew Kligerman, TD Cowen.

Andrew Kligerman，TD Cowen。

Good morning. So I'd like to start out with the terrific new business growth of 11% and 20% in small and then mid and large, respectively. I mean, those are phenomenal numbers in this environment. I know you touched on property a little bit, but maybe you could talk to the lines that were most strong in each of those two segments. And why you're able to see that kind of growth in a somewhat softening market?

早安.因此，我想先談談小型企業、中型企業和大型企業分別實現了 11% 和 20% 的驚人新業務成長。我的意思是，在這種環境下，這些數字簡直太驚人了。我知道您稍微談到了房產問題，但也許您可以談談這兩個部分中最有力的論點。為什麼在市場略顯疲軟的情況下還能看到這樣的成長？

Thank you, Andrew, for the question. I'll give some highlights, but I'd let Mo to cover his point of view as too. But besides the major segments, you can see those growth numbers. If you pull back our Spectrum product in small commercial, it was up 13% in the quarter. Global Re was up 14%, Business Insurance, auto, was up 10%.

謝謝你的提問，安德魯。我會重點介紹一下，但也會讓 Mo 來闡述他的觀點。除了主要細分市場之外，您還可以看到這些成長數據。如果把我們的 Spectrum 產品在小型商業領域的表現也考慮進去，那麼本季它的成長率為 13%。全球再保險上漲 14%，商業保險（汽車）上漲 10%。

I referenced national accounts before, which was up 17% in the quarter, really pleased with how that book is performing and or more importantly, our reputation in the marketplace in that national account area. So I would say it was broad-based. I would even say our excess liability line was up 20%. And workers' comp, I think, grew 3% year-over-year. So I would say it was just broad-based strong performance by the team.

我之前提到過全國客戶，該季度增長了 17%，我對該業務的表現以及更重要的是，我們在全國客戶領域的市場聲譽感到非常滿意。所以我認為它影響範圍很廣。我甚至可以說我們的超額責任險額度增加了 20%。我認為，工傷賠償金比去年同期增加了 3%。所以我認為這完全是團隊整體的優秀表現。

And Andrew, you've heard us, myself and Mo talk, I mean, we've asked the team to focus on margins and maintain those margins as we head into -- as we executed here in 2025. And I really feel like the team is executing flawlessly. They know how to draw lines in the sand and say no, and move on, but also our capabilities, our digital capabilities, all the investments that we've made across all our business segments, Mo, I think, are performing well.

安德魯，你也聽過我和莫談過，我的意思是，我們要求團隊專注於利潤率，並在進入 2025 年之際保持這些利潤率——就像我們在這裡執行的那樣。我感覺團隊的執行力堪稱完美。他們知道如何劃清界限，說“不”，然後繼續前進，但同時，我們的能力，我們的數位化能力，我們在所有業務領域所做的所有投資，我認為，都表現良好。

Maybe I'll just add a couple of pieces, Chris. Yes, I think flow, Andrew, remains really good in both businesses, both in small and middle. In small, that's admitted and non-admitted, so the flow we're seeing -- you saw that Chris quoted a plus 47% growth in the E&S lines binding in Small business. The flow in admitted and non-admitted channels remain really strong in small. And I think that's just a sign of how well the technology we're creating efficiency for our agents, and we see further opportunity for consolidation in the Small business space.

克里斯，或許我再加幾件就好了。是的，安德魯，我認為無論是小型企業還是中型企業，業務流程都保持得非常好。在小型企業中，既有已承認的，也有未承認的，所以我們看到的流動情況——正如克里斯所說，小型企業的 E&S 保險保單保費增長了 47%。在小規模市場中，已接納和未接納通道的流量仍然非常強勁。我認為這恰恰顯示我們的技術為代理商創造了多大的效率，我們也看到了在小型企業領域進一步整合的機會。

And then in the middle space, I think Chris referenced it. But again, we've got real specialization we've built. The technology we have in Small is -- we're taking it into middle to make that process more efficient for agents. However, I think the Middle results will be more lumpy. We showed a plus 5% in Q2.

然後，在中間部分，我想克里斯提到了它。但是，我們已經建立了真正的專業化優勢。我們在 Small 領域擁有的技術——我們正在將其應用到中端領域，以提高代理商的效率。但我認為中間結果會更有波動。第二季我們實現了 5% 的成長。

We're showing, as you saw, plus 10% in Q3. I think we're really making decisions there that we just add them up at the end of the quarter and sometimes it's going to be a great number, sometimes it's going to be an okay number. So we feel really confident about the Small and the consistency of the growth there. I just feel like the Middle may be a little bit more choppy and more dependent on market conditions.

正如你所看到的，我們第三季的業績成長了 10%。我認為我們實際上是在做決定，然後在季度末把它們加起來，有時結果會很好，有時結果會一般。因此，我們對小規模業務及其持續成長感到非常有信心。我感覺中端市場可能會波動更大一些，也更容易受到市場狀況的影響。

That was super helpful. Shifting over to Personal lines. The auto line came in at a 97.9%, and I know there's a lot of seasonality there. But maybe you could talk about where you'd like that to kind of center? Like what would be the kind of range where you'd be very comfortable, and now that you've got the prevailed chassis kind of rolling out, do you see the policy count starting to pick up in the near future?

那真是太有幫助了。轉向個人保險業務。汽車產品的銷售率為 97.9%，我知道這其中有很大的季節性因素。但或許你可以談談你希望它以哪裡為中心？例如，什麼樣的範圍才能讓你感到非常舒適？現在主流的底盤已經開始推廣，你認為保單數量會在不久的將來開始增加嗎？

Andrew, what I would say, as I said in my prepared remarks, we're at target margins today and feel good with what Melinda and the team have done to sort of restore our margins. As you know, we have a 12-month policy. So there's a little bit of a lag that we have to manage.

安德魯，正如我在準備好的演講稿中所說，我們今天的利潤率達到了目標，我對梅琳達和她的團隊為恢復利潤率所做的工作感到滿意。如您所知，我們實行的是12個月的政策。所以我們需要克服一些延遲問題。

So -- and I would say -- and I think we've talked about it in the past, if -- for an auto book, if we can run an underlying combined at 95% with 2 points of CAT, I feel good, and we're then in go mode to grow, which we are now. We are pivoting to growth, particularly in '26.

所以——而且我想說——而且我認為我們過去也討論過，如果——對於汽車保險業務，如果我們能夠以 95% 的基礎資產組合和 2 個百分點的 CAT 風險實現盈利，我感覺很好，然後我們就可以進入增長模式，而我們現在正是如此。我們正在轉向成長，尤其是在 2026 年。

The real opportunity, I think, for growth will be our new agency offering, which is, as I said, we're in six states now and 40 by early '27, which will add to incremental growth, particularly in addition to our AARP response. But a lot of our good competition is also pivoting to growth.

我認為真正的成長機會將來自我們新的代理服務，正如我所說，我們目前已在六個州開展業務，到 2027 年初將達到 40 個州，這將帶來增量增長，尤其是在我們響應 AARP 的舉措之後。但我們許多優秀的競爭對手也在成長轉型。

So it's not going to be a layup. We're going to have to break a sweat and differentiate ourselves. But when we think about growing, we think about bundling, auto and home. And we still need to maintain sort of the loss cost environment that -- where we see loss costs going. So all I would say is I think it's balanced. I'm pleased where we're at. Melinda, I don't know if you would add any additional color.

所以這不會是一次輕鬆的得分機會。我們必須付出艱辛的努力，讓自己脫穎而出。但當我們想到成長時，我們想到的是捆綁銷售、汽車和房屋。我們仍然需要維持某種損失成本環境——我們看到的損失成本走向。所以我只能說，我認為這很平衡。我對我們目前的狀況很滿意。梅琳達，我不知道你是否願意添加其他顏色。

Chris, I think that's all accurate. And I would just add that in addition to the new business efforts and the competitive environment we're experiencing there, retention certainly is another dynamic influencing growth, and we still have double-digit renewal price change being felt by our customers.

克里斯，我覺得你說的都對。我還要補充一點，除了新的業務拓展和我們正在經歷的競爭環境之外，客戶留存率無疑是影響成長的另一個因素，我們的客戶仍然感受到兩位數的續約價格變化。

So as that drops into single digits in the fourth quarter and continues to moderate in '26, that will help alleviate pressure on the retention and top line dynamics.

因此，隨著第四季度降至個位數，並在 2026 年繼續保持溫和成長，這將有助於緩解留存率和營收成長的壓力。

And then Andrew, it's Beth. The only other thing that I would just add is, when we talk about being at an underlying combined ratio in auto of 95%, that would be for the full year. And I just want to remind you, again, that we see seasonality in our auto results under normal conditions where it increases roughly 2 points to 3 points over the course of the year.

然後是安德魯，是貝絲。我唯一要補充的是，當我們談到汽車保險的綜合比率達到 95% 時，那是指全年的比率。我再次提醒各位，在正常情況下，我們的汽車保險表現有季節性波動，一年中大約會增加 2 到 3 個百分點。

So it's not as if every quarter would be at 95%, we'd expect the first half of the year to be lower in the second half of the year to be higher when we think about that in total.

所以並不是每季都會達到 95%，我們預期上半年會較低，下半年會較高，從整體來看就是如此。

Gregory Peters, Raymond James.

格雷戈里彼得斯，雷蒙德詹姆斯。

Good morning, everyone. So the first question on pricing, you mentioned in your press release and your comments, the 7.3% benefit in the quarter. And I guess there's been a lot of growing chatter around increasing price competition.

各位早安。關於定價的第一個問題，您在新聞稿和評論中提到了本季7.3%的收益。我想，關於價格競爭加劇的討論也越來越多了。

Maybe it's not as relevant in the small market, but maybe you can talk about some pressure points you're seeing on price, maybe from your distribution partners as it relates to the Middle & Large business or maybe it's even sitting inside the Global Specialty.

也許這在小市場中不太相關，但也許你可以談談你在價格方面看到的一些壓力點，也許是來自你的分銷合作夥伴，這與中大型企業有關，或者甚至是與全球特種產品有關。

Yes, Greg, thanks for joining us. You're right. The 7.3% we called out this quarter is ex workers' comp in our, I'll call it, standard insurance businesses. If you're interested, I would say, in Small business, ex comp, it's 9.3%, Middle & Large ex comp, 7.3%, and roughly, that's down 1 point or so from prior quarters sequentially.

是的，格雷格，謝謝你加入我們。你說得對。本季我們提到的 7.3% 是我們所謂的標準保險業務中的前工傷賠償。如果你有興趣的話，我想說，小企業（不計同店銷售額）的成長率為 9.3%，中大型企業（不計同店銷售額）的成長率為 7.3%，大致比前幾個季度下降了 1 個百分點左右。

And some of that is to be expected, just given the overall performance of certain lines, particularly led by property. But I would say, and I'm going to ask Mo to add his color, is that the real discipline that we have, and it is still needed, is there anything liability related. You could think in commercial auto. You could think of primary GL excess umbrella. And I think I gave you some of those rates. But overall, from a GL basis, we're in high single digits.

考慮到某些業務線（尤其是房地產業務線）的整體表現，其中一些表現也在意料之中。但我想說，我還要請 Mo 補充他的看法，我們真正需要的紀律，以及它是否涉及任何責任問題。你可以從商用汽車的角度來思考。你可以把它看作是主要的GL超額保險傘。我想我之前已經跟你說過其中一些利率了。但整體而言，從總帳來看，我們的降幅在個位數以上。

Excess in umbrellas low double digits, a little bit of a sequential drop, but still double digits and commercial auto is holding up in that 10% range. So I think those are the highlights that I would just point out to you and ask Mo to add his color.

雨傘超支率保持在兩位數低位，環比略有下降，但仍為兩位數，而商業汽車保險的超支率則維持在 10% 左右。所以，我想指出的就是這些重點，然後請 Mo 補充他的看法。

Greg, I'd just say that we still feel like the market is pretty fairly priced really and especially in the smaller end of our -- of each of our books, and that will be small, middle and the global books. And I think it's also really important to make sure that you understand our starting point. We have not been fixing anything here for two or three years. And we know that -- again, when we look at some of our peers, there's some higher rate action coming through, but I think that's relative to their starting point over the past couple of years.

格雷格，我只想說，我們仍然覺得市場定價相當合理，尤其是在我們每本書的較小規模部分——包括小型、中型和全球書籍。我認為確保你理解我們的出發點也非常重要。這裡兩三年都沒進行過任何維修工作。我們知道——再說一遍，當我們看看我們的一些同行時，會發現一些利率上升的舉措，但我認為這是相對於他們過去幾年的起點而言的。

And so I just -- I feel confident in our ability to grow. We've given tools to the underwriters that I think are market leading, the data science, the actuarial tools. So -- and I think the underwriters are really executing well in each of the BI segments. And we've given leaders, I think, booked management tools that, again, I think are second to none in the industry.

所以，我對我們發展的能力充滿信心。我們為核保人提供了我認為是市場領先的工具，包括數據科學工具和精算工具。所以——而且我認為承銷商在商業智慧的各個細分市場都表現得非常出色。我認為，我們為領導者提供了業界首屈一指的管理工具。

So I think all in all, we're executing really well. Just to your point on where we've seen competition. I think we've talked to you before about the public D&O market. I think we've proven that when the margins aren't there, we'll pull back. I think we've been patient on workers' comp just trying to pick our spots there, knowing that market has been competitive, but the returns are good.

所以總的來說，我認為我們執行得非常好。就像你剛才提到的，我們看到了競爭。我想我們之前已經和您談過公開的董事及高階主管責任險市場了。我認為我們已經證明，當利潤空間不足時，我們會撤退。我認為我們在工傷賠償領域一直很有耐心，只是在尋找合適的時機，因為我們知道這個市場競爭很激烈，但回報也很好。

And the most recent example, Greg, that I'll point to is our large property book in Middle & Large that segment. We've been pulling back just especially on some of the larger accounts in that segment, we've seen the market really get hungry for the large premium in that segment.

格雷格，我最近要舉的例子就是我們在中大型房地產領域的龐大投資組合。我們一直在縮減投入，尤其是在該細分市場的一些大客戶，我們看到市場對該細分市場的高額溢價非常渴望。

And then the only other thing I'll call out for you is we are watching the London market closely. The rate movement in the quarter was something that we kept our eye on. And I think we'll pick our spots internationally as well.

最後我還要提醒大家的是，我們正在密切關注倫敦市場。本季利率走勢是我們密切關注的重點。我認為我們在國際市場上也會謹慎選擇目標地點。

Thanks for that additional color, Mo. I'm going to pivot to my favorite topic that I'd like to ask you guys about from time to time, which is technology. During the third quarter, a couple of your peers came out with statements about the potential benefits of technology whether it's in production or in cost savings through headcount reduction. And it's certainly consuming a lot of oxygen in the industry.

謝謝你增添了這抹色彩，Mo。接下來我要轉到我最喜歡的話題，也是我時不時想問大家的話題，那就是科技。第三季度，你的幾位同行發表了關於技術潛在益處的聲明，無論是在生產方面還是透過減少人員編制來節省成本方面。它無疑消耗了業內大量的資源。

So I'd like to go back and maybe -- can you give us a sense of how your tech budget looks for the upcoming year? And maybe how you're allocating it to sustaining legacy systems versus new initiatives to sort of give us a state of the union on your tech outlook?

所以我想再問一下—您能否大致介紹一下您明年的技術預算狀況？或許你們可以談談如何分配資金，用於維護現有系統還是用於新項目，從而大致了解一下你們的技術前景？

Yes. Happy to provide that, Greg. I would say to your first point on sort of the impacts here. I think we're early on in this baseball game. I don't know if it will be an 18-inning baseball game for those of you that watched it last night.

是的。樂意效勞，格雷格。關於你提到的第一點，也就是這裡的影響，我想說的是…我認為我們現在還處於棒球比賽的早期階段。我不知道昨晚觀看比賽的各位是否還記得這場比賽是否會打滿18局。

But it's early. And I think for us, our guiding principles on any technology, whether you want to call it a data science or artificial intelligence or general intelligence is really to sort of augment our human talent, not necessarily to replace it. And ultimately, what the objective is, is to create a more frictionless experience for our customers, for our agents and brokers where we can be fast, accurate and really differentiate ourselves on a just the ease of business. I think when that happens, I think we'll -- retention will go up. I think we'll attract more business, capture more market share as we've been saying.

但現在還為時過早。我認為，對我們來說，我們對任何技術的指導原則，無論你稱之為數據科學、人工智慧還是通用智能，都是為了增強人類的才能，而不是為了取代人類的才能。最終，我們的目標是為我們的客戶、代理商和經紀人創造更順暢的體驗，讓我們能夠快速、準確地完成工作，並在業務便利性方面真正脫穎而出。我認為當這種情況發生時，用戶留存率將會上升。我認為我們會吸引更多企業，並像我們一直所說的那樣，獲得更大的市場份額。

So that's the first premise. And the premise of where we ought to go from a process side is generally three major areas: claims, underwriting and operations. And so that's what we're focused on. It's -- we're trying to go as fast as we can. We've allocated substantial resources to looking at our processes and fundamentally improving them, redesigning them with sort of a tech AI focus from the get-go.

這是第一個前提。從流程角度來看，我們應該著手的方向大致可以分為三個主要領域：理賠、核保和營運。所以這就是我們關注的重點。我們正在盡最大努力加快速度。我們投入了大量資源來審視我們的流程並從根本上改進它們，從一開始就以技術人工智慧為重點重新設計它們。

So that's what I would say from an outlook side, what we're trying to do, just to give you numbers, we run basically $1.3 billion all-in IT run in an invest budget. And I would say a little over $500 million is sort of the invest side of that.

所以，從展望的角度來看，這就是我想說的，我們正在努力做的事情，為了給你一些數字，我們基本上在投資預算中運行著13億美元的全部IT項目。我認為其中的投資部分略高於 5 億美元。

And its various projects, some that you might be interested in. We're still taking all our data and applications to the cloud, which we're in our fourth year of a six-year journey to get that done. We are rolling out some pretty cool stuff, particularly in the call center activity. We're rolling out AWS Connect, which everyone in the organization, all product lines, all service centers will use. We expect that to be completed in the first half of '26.

以及它的各種項目，其中一些你可能感興趣。我們仍在將所有資料和應用程式遷移到雲端，這是我們為期六年完成這項工作的第四年。我們正在推出一些非常棒的東西，尤其是在呼叫中心業務方面。我們正在推廣 AWS Connect，組織內的所有人員、所有產品線、所有服務中心都將使用它。我們預計這項工程將於 2026 年上半年完成。

And the list can go on. But I do want to try to refrain from giving too much detail because some of this is proprietary. It's competitive. We're trying to get a first-mover advantage. And I know you'll respect that philosophy that I have.

這樣的例子不勝枚舉。但我盡量避免透露太多細節，因為其中一些內容屬於專有資訊。競爭很激烈。我們正在努力爭取先發優勢。我知道你會尊重我的這種理念。

But Beth, what would you add from.

但是貝絲，你覺得應該要加些什麼呢？

Yes. The only thing I would add, and maybe just to point out the language that you used, Greg, when you said, how much do you spend on legacy business -- legacy systems versus invest. And Chris gave you the breakout between run and invest. But I wouldn't have you think that, that run is all about legacy systems. We've been on a path for several years now of modernizing our core platforms.

是的。我唯一想補充的是，格雷格，你剛才說，你在遺留業務上花費了多少——遺留系統與投資相比。克里斯為你講解了跑步和投資的差異。但我不想讓你們這麼認為，那次的運作完全是關於遺留系統。多年來，我們一直在致力於核心平台的現代化改造。

So those run costs are related to more modern systems, which really sets us up very well to be able to spend the dollars that we're talking about from the invest side to make the strides that Chris talked about. So I just wanted to just clarify that a little bit when you think about our platforms and what we've been doing over the last 10 years.

所以這些運作成本與更現代化的系統有關，這確實讓我們能夠善用投資方面的資金，並取得克里斯所說的進步。所以，我想稍微澄清一下，當你思考我們的平台以及我們在過去 10 年裡所做的工作。

You gave us some new information. So appreciate it. Thank you.

你給我們提供了一些新的資訊。非常感謝。謝謝。

Alex Scott, Barclays.

亞歷克斯·斯科特，巴克萊銀行。

Hey, good morning. I wanted to go back to Personal lines and just some of the comments you made about retention. And as you're kind of getting into 4Q and you're starting to lap some of the bigger rate increases, are you seeing shopping rates come down at all for the policies where you're not taking as much price.

嘿，早安。我想回到個人保險業務，以及您之前關於客戶留存的一些評論。隨著第四季度臨近，一些較大的費率上漲即將結束，您是否發現那些價格上漲幅度較小的保單的議價能力有所下降？

I'm just trying to get a sense of how much is that being driven by the rate you're taking versus maybe the environment also still kind of just getting competitive with price decreases in some pockets and particularly direct-to-consumer and so forth.

我只是想了解一下，這在多大程度上是由你採取的策略驅動的，還是也可能是由環境因素驅動的，例如某些領域的價格下降，特別是直接面向消費者的領域等等。

Yes. Alex, I'll let Melinda add her color, but I would say shopping is still elevated across -- just across the business, whether it be auto or home. I think people have been somewhat conditioned to shop, and obviously, digital makes it a lot easier.

是的。Alex，我讓 Melinda 補充她的看法，但我認為購物體驗仍然全面提升——無論是汽車還是家居行業，整個行業都是如此。我認為人們已經逐漸習慣了網上購物，而數位化顯然讓購物變得更加容易。

You saw our price increases in auto this quarter. I would say, as we -- you get into the fourth quarter and early '26, I think by the fourth quarter, those loss -- or those pricing numbers will probably drop into the high single -- single digits, and we'll continue then to moderate in early '26 and throughout which gives us, again, the opportunity to be competitive and try to grow our PIF count.

您已經看到了我們本季汽車產品的漲價。我認為，到了第四季度和 2026 年初，到第四季度，這些損失——或者說這些價格數字可能會降至個位數高位，然後我們將在 2026 年初及之後繼續保持溫和，這將再次給我們帶來競爭機會，並努力增加我們的 PIF 數量。

But Melinda, what would you add?

但是梅琳達，你還會補充什麼呢？

Thank you, Chris. No, I don't think that shopping behavior in our book is any different than the broader industry. And I would say switching behavior has been higher driven by the multiple cycles of rate that, again, the industry has put in not anything specific to the Hartford. But I would point out, our retention is stable, and we're certainly reflective of the environment.

謝謝你，克里斯。不，我認為我們書中的購物行為與整個產業的購物行為並無不同。我認為，轉換行為的增加是由多次利率週期推動的，而利率週期是整個產業推出的，並非哈特福德特有的。但我想指出的是，我們的員工留存率很穩定，而且我們確實反映了環境的變化。

And we implemented a number of initiatives to really focus on policyholder education and experiences, things to help them think about coverage counseling adjustments that they can make, billing reminders and other assistance. So we do a lot to try to create seamless experiences and a lot of connection with our customer as we navigate this period of time with more accelerated switching behavior.

我們實施了多項舉措，真正專注於保單持有人的教育和體驗，幫助他們思考可以進行的保險範圍諮詢調整、帳單提醒和其他幫助。因此，在這個客戶轉換行為加速的時期，我們做了很多努力來創造無縫體驗，並與客戶建立緊密的聯繫。

Helpful. Next thing I wanted to touch on was the capital position of the company. And I was just interested in the bigger increase in the common dividend in particular. And I wanted to get your thinking around what gives you the confidence on that. What are you seeing in the business?

很有幫助。接下來我想談談公司的資本狀況。我尤其對普通股股息的大幅成長感興趣。我想了解你的想法，是什麼讓你對此充滿信心。你對這個行業有什麼看法？

Is it the growth environment is slowing, or do you feel like kind of the capital position is strong enough that you can sort of do both in terms of increasing your capital distributions while still continuing to get kind of growth to get this quarter?

是成長環境放緩，還是您覺得目前的資本狀況足夠強勁，可以同時增加資本分配並繼續實現本季的成長？

Yes, Alex, I'll take that. And it really is about the fundamentals we see in our businesses and the earnings power that we have. We've been very focused through the years and looking to maintain a competitive dividend. And when we look at where our earnings growth has been, we felt very comfortable increasing it by the 15%. And I -- again, I think it just speaks to the strength of our underlying businesses.

是的，亞歷克斯，我接受。這其實關乎我們業務的基本面以及我們所擁有的獲利能力。多年來，我們一直非常專注於維持具有競爭力的股息。當我們審視公司獲利成長情況時，我們覺得完全有信心提高 15%。而且我——再次強調，我認為這正好說明了我們基礎業務的實力。

It still provides us plenty of opportunity to continue to invest for growth. So I wouldn't look at the change as any sort of signal and change in focus, and how we think about the prospects for our underlying businesses.

它仍然為我們提供了許多繼續投資以實現成長的機會。因此，我不會將這種變化視為任何訊號或關注點的變化，也不會改變我們對基礎業務前景的看法。

Got it. Thank you.

知道了。謝謝。

Elyse Greenspan, Wells Fargo.

伊莉絲‧格林斯潘，富國銀行。

Hi, thanks. Good morning. My first question, I want to start on Personal, auto again. I just curious if you guys saw any impact of tariffs on results in the quarter? And then is there any expectation that you'll see an impact going forward, right, when you point -- is that embedded within your expectation that you guys are now back at target margins?

您好，謝謝。早安.我的第一個問題是，我想再次從個人版自動模式開始。我只是好奇你們是否觀察到關稅對本季業績有任何影響？那麼，您是否預期未來會看到一些影響？您剛才提到的情況—這是否包含在您認為您現在已經恢復到目標利潤率的預期之中？

I would say a very negligible this quarter and really for the whole year, I think as we discussed in prior calls, Elyse, and then as we turn the clock into 2026, we'll make the appropriate trend picks for our loss costs, giving due credence to any tariff pressure, particularly in property or physical damage coverages. But at this point, I don't think they'll be significant.

我認為本季乃至全年損失都非常微不足道，正如我們在之前的電話會議中討論的那樣，Elyse，然後當我們展望 2026 年時，我們將根據損失成本的趨勢做出適當的選擇，充分考慮任何關稅壓力，尤其是在財產或物理損壞保險方面。但就目前而言，我認為它們不會產生重大影響。

And I think we will know how to make the appropriate estimates and judgments. So I don't think there's anything unusual here. Just another factor that we'll have to consider in our loss trends.

我認為我們會知道如何做出適當的估計和判斷。所以我覺得這裡沒有什麼不尋常的地方。這是我們在分析虧損趨勢時需要考慮的另一個因素。

Thanks. And then my follow-up was also on capital, but I guess on the different side. Buyback, right, has been kind of within this $400 million quarterly level, right, for more than a year. As you know, earnings growth are strong and the capital levels are strong at the company, what would you need to see, I guess, to increase from that $400 million baseline?

謝謝。然後我的後續研究也是關於資本的，但我想是在不同的方面。對吧，股票回購金額在過去一年多的時間裡一直維持在每季 4 億美元的水平，對吧。如您所知，公司獲利成長強勁，資本水準也很高，我想，要從 4 億美元的基準線成長，您需要看到什麼？

And would that be, I guess, when do you think through that? Is that with the capital plan when you'll update us next quarter for next year potentially just coming off the $400 million?

那麼，我想，你會什麼時候考慮這個問題呢？是指你們下個季度更新的資本計劃，以及明年可能剛完成的 4 億美元撥款嗎？

Yes. Elyse, I'll let Beth add her perspective. And you've heard us talk before, we like to be steady, predictable, and yes, any changes, we would have to contemplate. But I feel good about really what we're doing with our excess capital that we're generating, our companies are well capitalized, obviously, recognized by Moody's and S&P. We're funding meaningful growth, which we want to continue to do.

是的。伊莉絲，我請貝絲來補充她的看法。你們之前也聽我們說過，我們喜歡穩定、可預測，是的，任何改變，我們都必須認真考慮。但我對我們正在利用產生的剩餘資本所做的事情感到非常滿意，我們的公司資本充足，這一點顯而易見，也得到了穆迪和標普的認可。我們正在為有意義的成長提供資金，我們也希望繼續這樣做。

Again, with the right margins, with the right mindset on profitable growth and then you see our healthy dividend that Beth commented upon. And you put it all together, it's still a good use of excess capital. And if we change the numbers or amounts, we'll let you know when we make those decisions. But we haven't made any of those decisions.

再次強調，只要利潤率合適，只要擁有正確的獲利成長概念，就能實現貝絲所說的健康分紅。綜合來看，這仍然是對剩餘資金的合理利用。如果我們更改數字或金額，我們會在做出決定時通知您。但我們還沒有做出任何此類決定。

Thank you.

謝謝。

Ryan Tunis, Cantor Fitzgerald

瑞安·圖尼斯，坎托·菲茨杰拉德

Hey, thanks, good morning. I guess just taking a look at the supplement, case value sort of looks like any type of underlying combined ratio pressure we had in Business Insurance this quarter was in middle markets. Not sure if I'm thinking about that right, but just some commentary, I guess, on the underlying combined ratio deterioration there.

嘿，謝謝，早安。我猜，從補充數據來看，案例價值似乎表明，本季商業保險領域任何潛在的綜合比率壓力都集中在中端市場。我不確定我的想法是否正確，但我想就此發表一些評論，關於綜合比率惡化的問題。

Ryan, if you're looking at sort of sequential, I would just call out, we had a strong national accounts quarter that put some pressure on the booking ratio there tends to be a little higher just given it's a long duration. And I don't know if it was any favorable or is there any property impact, no, I'm looking at you. But yes, I would just call out the national account mix that we had a strong quarter in national accounts.

Ryan，如果你要看的是連續數據，我想指出的是，我們有一個強勁的全國性客戶季度，這給預訂率帶來了一些壓力，由於持續時間較長，預訂率往往會略高一些。我不知道這是否有利，或者是否會對房產造成任何影響，不，我說的就是你。是的，我只想指出，我們在國民帳戶方面取得了強勁的季度業績。

Yes, there's some slight favorability in property, but it was pretty minor overall non-CAT property.

是的，房產方面確實有一些輕微的優惠，但總體而言，非巨災房產的優惠幅度非常小。

Okay. And then I guess just in group disability, sound like there's some paid family comp stuff. But I'm just curious if any new trends worth pointing out there?

好的。然後我猜想，在團體殘障保險中，似乎有一些帶薪家屬補償之類的東西。但我只是好奇，有沒有什麼值得一提的新趨勢？

Well, the trends in sort of just the lead product in totality, paid family or medical, I think, are encouraging. People want these products I think it's a fairly straightforward product to sort of price and understand. We've -- after we've seen people use them just a little bit more, and that's why we're making some of the profit actions and pricing actions that we're taking there. But it's a fast-cycling business, generally one- or two-year rate guarantee. So we think we could be reactive.

嗯，就整體而言，無論是付費家庭保險還是醫療保險，主要產品的趨勢都令人鼓舞。人們想要這些產品，我認為這是一個定價和理解都相當簡單的產品。我們看到人們對它們的使用量稍微增加了一些，所以我們才採取了一些利潤調整和價格調整措施。但這是一個快速週期性的行業，通常只有一到兩年的利率保證期。所以我們認為我們可以採取應對措施。

And that book is a little over $500 million for us today, Mike Fish. And so I don't know if you would call anything out on leave, but I think the main difference was what we talked about in the quarter for LTD was the basis study that we did last year that didn't reoccur. And generally, LTD is behaving. Maybe we saw a little tick up in severity this quarter. So the people that went out on LTD tend to be a little more higher salaried folks.

麥克·菲什，這本書今天對我們來說價值略高於 5 億美元。所以我不知道你是否會在休假期間提出任何問題，但我認為主要區別在於，我們本季度討論的 LTD 問題是我們去年進行的基礎研究，而該研究並沒有再次發生。總的來說，LTD 的表現還不錯。或許我們本季看到了病例嚴重程度略有上升。因此，選擇長期殘障保險的人往往是收入較高的人。

But that can bounce around from quarter-to-quarter, so -- but Mike, what would you add?

但這個數字每季都會有所波動，所以——麥克，你還有什麼要補充的嗎？

Yes, Chris, I think I'd just maybe add a couple of points. I think on the leave side, as you noted, we're seeing some increase in utilization of those benefits. So we're pricing that in both when cases come up for renewal as well as our new business price pick. So again, we'll continue to do that. And we do expect utilization to level out probably in the next couple of years. But again, as employees see the value of those benefits, we're making sure we're including that increased utilization in our premium rates.

是的，克里斯，我想我還可以補充幾點。我認為，正如您所指出的，在休假方面，我們看到這些福利的使用率上升。因此，我們在續約時以及新業務定價中都會採用這種定價方式。所以，我們還會繼續這樣做。我們預計未來幾年內利用率可能會趨於穩定。但是，隨著員工逐漸認識到這些福利的價值，我們正在確保將這種更高的使用率納入我們的保費中。

And then, Chris, as you noted on the overall long-term disability book of business, we're very pleased with the performance there. So again, even though loss ratio up a bit quarter-over-quarter. I'd say, in total, we're still performing well within pricing expectations. Just we saw some very -- and we've talked about this in past quarters, some very favorable incidence trends back last year and prior in '23. So I'd almost characterize it as a bit more of a normalization as we expected to see in the loss ratio this year.

克里斯，正如你所指出的，在長期殘障保險業務方面，我們對整體表現非常滿意。所以，儘管虧損率較上季略有上升。總的來說，我認為我們的定價表現仍然很好，符合預期。我們看到了一些非常——而且我們在過去幾季也討論過這個問題——去年和 2023 年的一些非常有利的發病率趨勢。因此，我幾乎可以將其描述為一種更正常的趨勢，正如我們預期今年損失率所顯示的那樣。

Understood. Thanks.

明白了。謝謝。

Mike Zaremski, BMO Capital Markets.

Mike Zaremski，BMO資本市場。

Hey, thanks. Good morning. Focusing on the smaller commercial end. Mo made some comments about further opportunity for consolidation in that space. If you could elaborate, that would be great. And just related, I'm curious is there -- if you look at the last three- four- five-year trend, I think it's fair to assume that some players, maybe just you all, you can correct me, have taken a lot of market share there.

嘿，謝謝。早安.專注於規模較小的商業領域。Mo 就該領域進一步整合的機會發表了一些評論。如果您能詳細說明一下，那就太好了。另外，我很好奇——如果你看看過去三到五年的趨勢，我認為可以合理地假設，一些玩家，也許只是你們，如果我說錯了，請糾正我，已經在那裡佔據了大量的市場份額。

Is there a level of market share in small commercial where you start to see some kind of friction where you just have a good issue just too much market share with some of your agency partners.

在小型商業廣告市場，是否存在這樣一個市場份額水平，當市場份額達到一定程度時，就會開始出現一些摩擦，導致你與某些代理商合作夥伴之間出現市場份額過大的問題？

Thanks.

謝謝。

Yes, our market share today, Mike, is less than 5% in the Small business space. So I don't think we felt that in any way so far. But to give you a little bit more context on what we're feeling, the -- I think coming out of CIAB, that Chris referenced in October, earlier this month, there was some really terrific feedback just about -- again, the continued themes of how good our technology is. How much time it saves relative to our competitors. Also once a small business placement is with us, our appetite has been consistent for years.

是的，麥克，我們目前在小型企業領域的市佔率不到 5%。所以我覺得到目前為止，我們還沒有感受到任何這方面的影響。但為了讓大家更了解我們的感受，我認為——克里斯在十月份提到的 CIAB 大會上，也就是本月初，收到了一些非常棒的回饋——再次強調了我們的技術有多麼出色。與競爭對手相比，我們節省了多少時間。此外，一旦小型企業與我們建立了合作關係，我們對它們的需求就會持續多年。

So we're not pushing it back into the market. As there's been some disruption in that space, so there's a consistency of appetite that again keeps an agent from having to touch that policy again. I think we get feedback on the service capabilities that we built. We actually take time out of the agency's office, and we do that servicing for them so that we're saving them a couple of dollars on every policy. So I can keep going here.

所以我們不會把它重新投放到市場上。由於該領域出現了一些混亂，因此市場需求保持穩定，這使得代理人無需再次觸碰該保單。我認為我們會收到關於我們所建立的服務能力的回饋。我們實際上會抽出時間離開代理商的辦公室，為他們提供這些服務，這樣我們就能為他們每份保單節省幾美元。所以我可以繼續在這裡。

But I think broadly, our digital, our service, our placement capabilities in Small and the feedback that we get, just -- it's a better experience all around. So we expect to be able to continue to grow at a reasonable pace in that small business space and to take market share.

但我認為總體而言，我們的數位化、我們的服務、我們在小型企業中的安置能力以及我們獲得的回饋，都帶來了更好的整體體驗。因此，我們預計能夠在小型企業領域繼續以合理的速度成長，並搶佔市場份額。

Got it. And my follow-up is more high level on the pricing power levels in small to mid-commercial. I guess the increasing questions we get, I'm sure you get to is where will pricing go? It seems to be a consensus that pricing will continue to decelerate. Would you say folks in our seat might be focusing a bit too much on the ROE of the industry being healthy, whereas loss cost trend appears to be much more elevated than it has historically.

知道了。我的後續問題將更從中小型商業領域的定價權層面來探討。我想我們收到的越來越多的問題，相信你也一樣，就是價格會如何改變？市場普遍認為價格成長將持續放緩。您認為我們這些坐在這個位置的人是否過於關注行業的淨資產收益率是否健康，而忽略了損失成本趨勢似乎比歷史水平要高得多？

Any kind of insights you'd want to add into how we should think about kind of the forward trajectory, what's impacting pricing? Thanks.

關於未來的發展趨勢，以及影響定價的因素，您有什麼見解想要補充嗎？謝謝。

Yes. I would say, Mike, again, honestly, selfishly, I mean I think the industry ROEs are good, are healthy. But if you look at other financial services companies, I mean, they generate really, really high ROEs compared to us. You look at banks or others that participate in that side of the business. I mean, our business is one of taking risk.

是的。麥克，我再說一遍，老實說，從我個人角度來說，我認為這個行業的股本回報率很好，很健康。但如果你看看其他金融服務公司，我的意思是，與我們相比，它們的淨資產收益率真的非常非常高。你可以看看參與這部分業務的銀行或其他機構。我的意思是，我們這個產業本身就是承擔風險的。

We're taking long-term risk. We have a lot of variability in our loss cost trends. So there's margins and prudence that we try to price into our products. So you put it all together, I think we're earning a fair return and as you've heard us, Mo and I talk along with Beth, I mean, we're trying to maintain these margins and keep up with loss cost trends. And that sounds simple.

我們承擔的是長期風險。我們的損失成本趨勢波動很大。因此，我們在產品定價中會考慮利潤空間和謹慎因素。綜上所述，我認為我們獲得了合理的回報，而且正如你所聽到的，我和莫以及貝絲一直在討論，我們正在努力維持這些利潤率，並跟上損失成本的趨勢。聽起來很簡單。

I know it's hard to do in a competitive environment. But if we could do that and compound that over a longer period of time, that's a win for our shareholders. So do I feel like you're focused on the wrong things? No, I think you're focused on the right question on trend and growth and sort of that balancing equation. But as Mo just said, it all depends where you start, right?

我知道在競爭激烈的環境中這很難做到。但如果我們能夠做到這一點，並且隨著時間的推移不斷累積這種成果，那對我們的股東來說就是雙贏。所以我覺得你關注的事情不對嗎？不，我認為你關注的是正確的問題，即趨勢和成長以及這種平衡方程式。但正如 Mo 剛才所說，這一切都取決於你從哪裡開始，對吧？

And if you have lines like workers' comp, where -- are producing good returns and results just because you're getting a lower price increase there. That's not necessarily a bad thing because that's a product that everyone needs. It's a lead product that we use then to account round and sell other products. So it's all part of the equation of pricing your products individually, but also keeping an eye on accounts, and what you're trying to do for agents, brokers and customers.

如果你有像工傷賠償這樣的險種，僅僅因為你獲得了較低的價格漲幅，就能產生良好的回報和效果。這未必是件壞事，因為這是每個人都需要的產品。這是一個主打產品，我們用它來週轉客戶，並銷售其他產品。所以，這一切都是為你的產品單獨定價的一部分，同時也要專注於帳戶，以及你為代理商、經紀人和客戶所做的一切。

Thank you.

謝謝。

Rob Cox, Goldman Sachs.

羅布·考克斯，高盛。

Hey, thanks for taking my questions. Yes, I was just hoping you guys could remind us where you're trending some of the bigger lines of business to the extent you could share and I appreciate the comments on the national accounts, but also just curious if you touched up any of the loss trend assumptions across Business Insurance this quarter.

嘿，謝謝你回答我的問題。是的，我只是希望你們能提醒我們你們在一些主要業務領域的趨勢，如果可以的話，請分享一下。我很感謝你們對全國性客戶的評論，但我也很好奇你們本季是否調整了商業保險方面的任何損失趨勢假設。

I think -- I mean, I think the trends that we talked about, Rob, that are worth repeating is the liability trends are still elevated, you could judge by what we're doing from a pricing there. I think the overall point though, I'll just emphasize it again, particularly ex comp. We feel like we're on top of loss cost trends as we sit here today, and we'll try to maintain that on top position going forward. There's nothing really new in comp. Particularly on severity trends are behaving at least compared to our assumptions.

我認為——我的意思是，羅布，我認為我們討論過的趨勢值得重申，那就是負債趨勢仍然居高不下，你可以從我們目前的定價策略中看出這一點。不過，我認為最重要的是，我再強調一遍，特別是前競爭對手。就目前而言，我們感覺我們掌握了損失成本趨勢的主動權，我們將努力保持這種領先地位。電腦領域並沒有什麼真正的新東西。尤其是在嚴重程度方面，趨勢表現至少與我們的假設相符。

So I don't think there's a new piece of data that we could share with you that we haven't already talked about. But Mo or Beth, would you add anything?

所以我覺得沒有什麼新的數據我們可以跟你們分享，因為我們之前已經討論過了。莫和貝絲，你們還有什麼要補充的嗎？

No, I would just say the trends are relatively stable. And I think what we're -- especially on the liability line, so think anything GL, anything auto, the teams are keeping rates above loss cost, and I think that's going to be continue for some time. We are really pushing hard to make sure that we don't fall behind on those lines, knowing how the trend has been elevated over the past couple of years, and we intend to stay ahead of that.

不，我只能說趨勢相對穩定。我認為我們現在的情況——尤其是在責任險方面，例如一般責任險、汽車險等等，保險公司都在將費率維持在損失成本之上，我認為這種情況還會持續一段時間。我們正在努力確保我們不會在這方面落後，因為我們知道這一趨勢在過去幾年裡已經發展得很快，我們打算保持領先地位。

Okay. Perfect. And just as a follow-up, I was just curious on the component of your 5.2% all-in pricing or 7.3% ex comp, the exposure-related portion of that. How has that been trending versus the pure renewal rate? Are you guys still getting a solid contribution there from the exposure component?

好的。完美的。另外，我還想問一下，您給出的 5.2% 的綜合定價或 7.3% 的扣除比較成本後的定價中，與風險敞口相關的部分是什麼？與純粹的續約率相比，這一趨勢如何？你們那邊曝光環節的收益還穩定嗎？

Yes. The quarter, I would call it at 1.8%, and it's been sort of consistent of 75% rate and 25% exposure as we break that down. So just to be clear, that's at the 7.3% ex comp rate that I quoted before.

是的。本季度，我認為收益率為 1.8%，而且正如我們細分的那樣，收益率一直保持在 75% 到 25% 的水平。所以說清楚一點，這是按我之前提到的 7.3% 的無補償利率計算的。

Thank you.

謝謝。

We are out of time for questions today. I would like to turn the call back over to Kate Jorens for closing remarks.

今天提問時間已到。我謹將電話交還給凱特·喬倫斯，請她作總結發言。

Thank you for joining us today. Please reach out with any additional questions and have a great day.

感謝您今天蒞臨。如有任何其他疑問，請隨時聯繫，祝您有美好的一天。

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了。