The Hartford Insurance Group, Inc. (HIG) 2026 Q3 法說會逐字稿

Hello everyone. Thank you for joining us and welcome to the Hartford third-quarter 2026 financial results webcast. (Operator Instructions)

各位好。感謝各位加入，歡迎收看哈特福德（The Hartford）2026 年第三季財務業績網路直播。（接線員指示）

I will now hand the conference over to Kate Jorens, Senior Vice President, Treasurer and Head of Investor Relations. Kate, please go ahead.

現在我將把會議交給資深副總裁、財務長兼投資人關係主管 Kate Jorens。Kate，請開始。

Good morning, and thank you for joining us today for the Hartford's third-quarter 2026 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.

各位早安，感謝各位今天參加哈特福德 2026 年第三季財報電話會議與網路直播。昨天，我們已公布業績，並將所有與財報相關的資料發布於我們的網站。在開始之前，請注意我們的簡報包含前瞻性陳述，該等陳述不保證未來表現，且實際結果可能與之有重大差異。

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陳述的任何義務。投資人應考量我們近期向 SEC 提交文件、新聞稿及財務補充資料中所詳述的風險與不確定性；上述資料可於 thehartford.com 的投資人關係專區取得。我們的評論包含非 GAAP 財務衡量指標，其說明與 GAAP 調節表可於我們近期的 SEC 申報文件、新聞稿及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講者：董事長兼執行長 Chris Swift，以及財務長 Beth Costello。在他們致詞後，我們將在管理團隊多位成員的協助下回答各位的提問。

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

接下來我把電話交給 Chris。

Good morning, and thank you for joining us today. The Hartford delivered another quarter of strong results, reflecting disciplined execution across the enterprise. Before turning to results, I'd like to say a few words about the leadership transition we announced last month. It has been an honor to serve this iconic company, first as CFO and then as CEO for nearly 13 years. Over that time, what the team has accomplished together reflects the talent and commitment of our employees and the trust that we have built with our agents, brokers and customers.

各位早安，感謝各位今天加入我們。哈特福德本季再度交出強勁成果，反映我們在全公司範圍內有紀律的執行力。在談到業績之前，我想先就我們上個月宣布的領導階層交接說幾句。能為這家具代表性的公司服務是我的榮幸——先擔任財務長，之後擔任執行長，合計將近 13 年。在這段期間，團隊共同完成的成果，展現了員工的才華與投入，以及我們與代理人、經紀人與客戶之間建立的信任。

I have tremendous confidence in Mo's leadership. Since joining The Hartford in 2015, he has strengthened our underwriting and has expanded our products and risk appetite. More recently, as President, he has successfully led business performance, strategy and enterprise-wide execution. Mo is the right leader for The Hartford's next chapter. This was a thoughtful planned succession, and The Hartford strategy, priorities and commitment to disciplined execution are unchanged. I remain fully engaged as CEO and look forward to supporting Mo and the entire team to ensure a seamless transition.

我對 Mo 的領導能力充滿信心。自 2015 年加入哈特福德以來，他強化了我們的核保能力，並擴大了產品與風險承擔範圍。近期在擔任總裁期間，他成功帶領業務表現、策略與全企業的執行。Mo 是帶領哈特福德邁向下一階段的最佳人選。這是一項經過深思熟慮、事先規劃的接班安排，哈特福德的策略、優先事項以及對有紀律執行的承諾都不會改變。我仍將以執行長身分全力投入，並期待支持 Mo 與整個團隊，確保交接順利無縫。

As I reflect on the last 13 years, The Hartford broadened its capabilities by investing in transformative technology while expanding product offerings and geographic footprint. Growth and innovation have been central to The Hartford's transformation. Over this time, we modernized core platforms, moved applications and data to the cloud and built the foundation that now allows us to embed AI in underwriting, claims and service across the businesses. It is no coincidence that over the same period, The Hartford has become a company that consistently delivers outstanding returns.

回顧過去 13 年，哈特福德透過投資具變革性的科技，同時擴大產品供給與地理版圖，進一步拓展了自身能力。成長與創新一直是哈特福德轉型的核心。在此期間，我們現代化了核心平台，將應用程式與資料遷移至雲端，並建立了如今可在各業務中把 AI 嵌入核保、理賠與服務的基礎。同一期間哈特福德成為一家能持續交出卓越報酬的公司，這絕非偶然。

We have the scale to keep investing with a significant share of our spend directed to strategic initiatives. Small Business is where that work is most visible. Agents and customers want speed and simplicity, and our digital capabilities continue to outpace competitors by a wide margin. Today, 78% of Small Business submissions are bindable straight through. In addition, Keynova recently shared with us that The Hartford ranked first for Small Business digital experience for the eighth year in a row with a 20-point lead over the next carrier. This is translating into performance with Small Business growth at twice industry levels, combined with excellent margins.

我們具備規模優勢，得以持續投資，且相當大比例的支出用於策略性計畫。小型企業（Small Business）是這項成果最明顯的領域。代理人與客戶追求速度與簡便，而我們的數位能力持續大幅領先競爭對手。目前，小型企業投保申請中有 78% 可直接完成承保（straight through bindable）。此外，Keynova 最近與我們分享，哈特福德連續第八年在小型企業數位體驗排名第一，且領先下一家保險公司 20 分。這正轉化為業績：小型企業成長率為產業的兩倍，同時維持優異的利潤率。

We have extended those same strengths across the enterprise, making it easier for agents, brokers and employers to do business with us. Customers' buying habits will continue to evolve, and we are ready, combining the speed of technology with the underwriting expertise and advice customers value. We are well positioned to compete, grow and deliver attractive returns as the market changes.

我們也將同樣的優勢延伸至全公司，讓代理人、經紀人與雇主更容易與我們往來。客戶的購買習慣將持續演變，而我們已做好準備，結合科技速度與客戶重視的核保專業與建議。隨著市場變化，我們具備良好競爭力，可持續成長並帶來具吸引力的報酬。

With that, let me share a few details from the quarter. Business Insurance delivered strong written premium growth of 6% with an underlying combined ratio of 90.1%. In Personal Insurance, the underlying combined ratio improved 2.9 points year-over-year with growth impacted by a competitive market. Employee Benefits had another quarter of strong premium growth with a core earnings margin of 6.4%. The investment portfolio generated excellent net investment income and earnings and capital generation supported a 12% increase in the common quarterly dividend effective January 2027. All these factors contributed to core earnings of $956 million and an outstanding core earnings ROE of 17.9% over the trailing 12 months.

接下來我分享本季幾項重點。商業保險（Business Insurance）簽單保費強勁成長 6%，基礎綜合比率為 90.1%。在個人保險（Personal Insurance）方面，受競爭市場影響成長承壓，但基礎綜合比率年對年改善 2.9 個百分點。員工福利（Employee Benefits）本季保費再度強勁成長，核心盈餘利潤率為 6.4%。投資組合帶來優異的淨投資收益，盈餘與資本生成支持我們自 2027 年 1 月起將普通股季度股利提高 12%。上述因素共同促成核心盈餘 9.56 億美元，且過去 12 個月核心盈餘股東權益報酬率（ROE）達到出色的 17.9%。

Let's take a closer look at third quarter performance. Business Insurance delivered a solid quarter. In Small Business, written premium grew 7% with an exceptional underlying combined ratio of 85.2%, which outperformed our long-term average. Growth was led by package, our largest product line, and E&S binding, which is on pace to reach $500 million by year-end, up from less than $100 million 5 years ago. Deep underwriting expertise, combined with market-leading service capabilities positioned Small Business to continue generating profitable growth.

讓我們更深入看看第三季表現。商業保險交出穩健的一季。在小型企業方面，簽單保費成長 7%，基礎綜合比率達到卓越的 85.2%，優於我們的長期平均。成長主要由我們最大的產品線「套裝保單（package）」以及 E&S 承保（binding）帶動；E&S 承保有望在年底前達到 5 億美元，較 5 年前不到 1 億美元大幅提升。深厚的核保專業結合市場領先的服務能力，使小型企業得以持續創造具獲利性的成長。

Moving to Middle & Large. Written premium growth was 3%, driven by solid growth in Middle Market, partially offset by lower written premium in national accounts. The underlying combined ratio of 99.5% reflected higher non-CAT property and workers' compensation loss ratios. The team is actively managing the book in a competitive market with thoughtful risk selection and pricing.

接著看中型與大型（Middle & Large）。簽單保費成長 3%，主要由中型市場（Middle Market）的穩健成長帶動，但部分被全國性帳戶（national accounts）簽單保費較低所抵銷。基礎綜合比率 99.5% 反映非巨災（non-CAT）財產險與勞工補償險的損失率較高。在競爭激烈的市場中，團隊正透過審慎的風險篩選與定價，積極管理業務組合。

Turning to Global Specialty. Results remained strong with written premium growth of 7%, driven by Global Re and an underlying combined ratio in the mid-80s. The diversity of the Global Specialty products and underwriting capabilities enables us to capitalize on business opportunities and pursue profitable growth across the portfolio in changing market conditions.

再看全球專業險（Global Specialty）。業績維持強勁，簽單保費成長 7%，主要由全球再保（Global Re）帶動，且基礎綜合比率落在 80% 中段。全球專業險產品與核保能力的多元性，使我們能在市場環境變動下把握商機，並在整體投資組合中追求具獲利性的成長。

Turning to pricing. Business Insurance renewal written pricing, excluding workers' compensation, declined by 40 basis points to 5.3% in the quarter. Pricing in commercial auto remained strong and above loss trend. General liability, including primary, umbrella and excess, continue to generate some of the highest price increases across the portfolio, although down from the prior quarter and slightly below loss trend.

接著談定價。本季商業保險續保簽單定價（不含勞工補償險）下降 40 個基點至 5.3%。商用車險（commercial auto）定價仍然強勁，且高於損失趨勢。一般責任險（general liability），包含主險、超額傘式（umbrella）與超額責任（excess），仍是整體組合中漲價幅度最高的類別之一，但較前一季下降，且略低於損失趨勢。

In property, aggregate pricing in Small Business package and Middle Market general industries remained relatively stable in the mid-single-digit range and price decreases in large property and E&S binding eased modestly.

在財產險方面，小型企業套裝保單與中型市場一般產業的整體定價大致維持在中個位數區間；大型財產險與 E&S 承保的降價幅度則小幅趨緩。

All in, Business Insurance renewal written pricing declined 40 basis points to 4%, with workers' compensation pricing improving slightly and remaining positive. Shifting to Personal Insurance, the underlying combined ratio was excellent at 87.1%, reflecting earned pricing that continues to exceed loss trend in both auto and homeowners. The team remains focused on matching price with risk and maintaining target margins. Competition for new business in auto remained intense and impacted overall premium growth. In homeowners, new business growth of 20% reflects the positive reaction to the rollout of our new product to the agency channel.

整體而言，商業保險續保簽單定價下降 40 個基點至 4%，其中勞工補償險定價略有改善且仍為正值。轉到個人保險，基礎綜合比率優異，為 87.1%，反映車險與住宅險（homeowners）的已賺保費定價持續高於損失趨勢。團隊仍專注於使價格與風險相匹配，並維持目標利潤率。車險新業務競爭依然激烈，並影響整體保費成長。在住宅險方面，新業務成長 20%，反映代理通路對我們新產品推出的正面回應。

Agency is an important lever for profitable growth, and we are building on deep relationships developed over many years across the enterprise. Before moving on to Employee Benefits, I'd like to briefly touch upon The Council of Insurance Agents & Brokers Insurance Leadership Forum earlier this month. Overall, feedback continued to emphasize the importance of our investments in digital and AI-enabled capabilities and highlighted the strength of The Hartford's position as the market continues to evolve. In addition, conversations increasingly expanded beyond P&C to include employee benefits and broader enterprise capabilities, reinforcing the value of a more connected enterprise approach.

代理通路是實現獲利成長的重要槓桿，我們正建立在多年來於全企業範圍內所培養的深厚關係之上。在轉到員工福利之前，我想先簡要提及本月稍早舉行的「保險代理人與經紀人協會（The Council of Insurance Agents & Brokers）」保險領導力論壇。整體而言，回饋持續強調我們在數位與 AI 賦能能力上的投資重要性，並凸顯隨著市場持續演進，The Hartford 所處地位的優勢。此外，對話也愈來愈多地從產險（P&C）延伸至員工福利及更廣泛的企業能力，進一步強化更緊密連結的企業化作法之價值。

Turning to Employee Benefits. The core earnings margin was 6.4%, within our long-term range of 6% to 7% as underlying business trends revert to historical levels. Fully insured premiums grew 4%, supported by strong year-to-date sales growth and book persistency in excess of 90%, all while maintaining pricing and underwriting discipline.

接著談員工福利。核心盈餘利潤率為 6.4%，落在我們 6% 至 7% 的長期區間內，因為基礎業務趨勢回歸至歷史水準。全額承保保費成長 4%，在維持定價與核保紀律的同時，受惠於今年迄今強勁的銷售成長以及超過 90% 的保單續保率。

At the same time, continued investments in technology and service are strengthening the business, allowing us to meet evolving customer needs. Earlier this month, we closed the acquisition of Equitable's Employee Benefits business, which complements our already leading franchise and accelerates growth in the small and midsized employer segment, which represents a significant portion of the overall employee benefits market.

同時，持續在科技與服務上的投資正強化業務，使我們能滿足不斷演變的客戶需求。本月稍早，我們完成收購 Equitable 的員工福利業務；該業務與我們既有的領先特許經營相輔相成，並加速我們在小型與中型雇主客群的成長，而該客群占整體員工福利市場相當大的比重。

The acquired business brings approximately $500 million in annual premium and expands the product portfolio to include dental and vision. We are excited about the modern integrated technology that we are acquiring, making it easier for employers and brokers to do business with us in the small and midsized employer market. Over time, we see opportunities to bring more of The Hartford to these customers. In terms of capital management, yesterday, we announced a 12% increase in the common quarterly dividend, continuing a track record of annual dividend increases, supported by earnings power and strong capital generation.

此次收購的業務帶來約 5 億美元的年度保費，並擴充產品組合，納入牙科與視力保險。我們對所取得的現代化整合式科技感到振奮，這將讓雇主與經紀人在小型與中型雇主市場中更容易與我們往來合作。隨著時間推進，我們也看到機會把更多 The Hartford 的服務帶給這些客戶。在資本管理方面，我們昨日宣布普通股季度股利提高 12%，延續每年提高股利的紀錄，並由獲利能力與強勁的資本創造所支撐。

In closing, third quarter results demonstrate the continued momentum and execution of our strategy. In Business Insurance, a diversified portfolio, strong distribution relationships, disciplined underwriting and technology-enabled execution continue to drive profitable growth at attractive returns. In Personal Insurance, the focus remains on thoughtful expansion in the mature market, supported by the continued rollout of our modern platform in the agency channel.

最後，第三季的結果展現我們策略持續推進的動能與執行力。在商業保險方面，多元化的投資組合、強健的通路關係、嚴謹的核保以及科技賦能的執行，持續以具吸引力的報酬推動獲利成長。在個人保險方面，我們仍聚焦於在成熟市場中審慎擴張，並由我們在代理通路持續推動現代化平台的上線所支持。

Employee Benefits remains a high-quality, accretive business enabled by differentiated technology and a leadership position in the absence and leave marketplace. These strengths position us well at the large end of the market, while the recent acquisition expands our ability to serve small and midsized customers.

員工福利仍是一項高品質、具增益性的業務，並由差異化科技與在缺勤與請假（absence and leave）市場的領導地位所驅動。這些優勢使我們在市場高端具備良好定位，而近期的收購也擴大了我們服務小型與中型客戶的能力。

Investment income continues to be supported by a diversified and durable portfolio and higher reinvestment rates will benefit net investment income going forward. With another strong quarter, I am confident in The Hartford's ability to continue delivering outstanding ROEs and attractive returns for shareholders.

投資收益持續受惠於多元且具韌性的投資組合，而較高的再投資利率將在未來推升淨投資收益。在又一個強勁季度之後，我對 The Hartford 持續為股東帶來卓越股東權益報酬率（ROE）與具吸引力的回報充滿信心。

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

接下來我把電話會議交給 Beth，請她就本季提供更詳細的說明。

Thank you, Chris. Before I begin, I want to thank Chris for his leadership and partnership. The company we are today reflects his vision and discipline, and I look forward to continuing our work together through the transition and supporting Mo as we begin our next chapter. Third quarter core earnings were $956 million or $3.50 per diluted share with a trailing 12-month core earnings ROE of 17.9%. Book value per share, excluding AOCI, of $82.47 increased 12% from year-end and 16% from a year ago, reflecting the earnings power of our businesses and disciplined approach to capital management.

謝謝你，Chris。在我開始之前，我想感謝 Chris 的領導與合作夥伴關係。我們今天的公司樣貌反映了他的願景與紀律；我期待在交接期間持續與他合作，並在我們開啟下一篇章之際支持 Mo。第三季核心盈餘為 9.56 億美元，或每股稀釋後 3.50 美元；過去 12 個月核心盈餘 ROE 為 17.9%。每股帳面價值（不含 AOCI）為 82.47 美元，較年末增加 12%，較一年前增加 16%，反映我們各項業務的獲利能力以及嚴謹的資本管理作法。

In addition, the trailing 12-month net income ROE was 25%, which includes earnings from Hartford Funds. As it relates to the sale of Hartford Funds, we are progressing towards closing, which could occur as early as December 1, subject to standard regulatory and fund approvals. And as a reminder, once we close, distributions from Hartford Funds will occur quarterly and will be recorded in realized gains within net income.

此外，過去 12 個月淨利 ROE 為 25%，其中包含 Hartford Funds 的獲利。就 Hartford Funds 的出售而言，我們正朝完成交割推進；在符合一般監管與基金核准的前提下，最早可能於 12 月 1 日完成。並提醒各位，一旦完成交割，Hartford Funds 的分配將按季發放，並在淨利中的已實現收益（realized gains）項下入帳。

Moving to results. In Business Insurance, core earnings were $731 million with written premium growth of 6% and an underlying combined ratio of 90.1%. Small Business continues to deliver excellent results with written premium growth of 7% and an underlying combined ratio of 85.2%. The underlying combined ratio improved 4.6 points from the prior year, primarily due to lower non-CAT property losses and a lower expense ratio.

接著看營運結果。在商業保險方面，核心盈餘為 7.31 億美元，簽單保費成長 6%，基礎綜合比率為 90.1%。小型企業持續交出優異成果，簽單保費成長 7%，基礎綜合比率為 85.2%。基礎綜合比率較去年改善 4.6 個點，主要因非巨災（non-CAT）財產損失較低以及費用率下降。

Middle & Large business delivered written premium growth of 3%, including 5% in Middle Market with an underlying combined ratio of 99.5%. The underlying combined ratio increased from prior year, equally impacted by higher loss ratios from non-CAT property and workers' compensation.

中型與大型業務的簽單保費成長 3%，其中中型市場成長 5%，基礎綜合比率為 99.5%。基礎綜合比率較去年上升，主要同等受到非巨災財產與勞工補償較高損失率的影響。

Non-CAT property losses reflect normal volatility with a few large fire and non-weather water losses this quarter. The increase in workers' compensation relates to a broad-based uptick in claim frequency, which we have been observing and reacting to throughout the course of the year.

非巨災財產損失反映正常波動，本季出現少數大型火災以及非天候因素的水損。勞工補償的上升與理賠頻率全面性回升有關；我們在今年以來一直觀察並據此採取因應措施。

Global Specialty's third quarter was strong with written premium growth of 7% and an underlying combined ratio of 86.1%, which was relatively consistent with the prior year. The Business Insurance expense ratio of 30% improved 1.1 points from the prior year, driven by the impact of earned premium growth and lower staffing costs, partially offset by higher technology costs.

全球專業險（Global Specialty）第三季表現強勁，簽單保費成長 7%，基礎綜合比率為 86.1%，與去年相對一致。商業保險費用率為 30%，較去年改善 1.1 個點，主要受已賺保費成長與人力成本下降所帶動，但部分被較高的科技成本所抵銷。

In Personal Insurance, core earnings were $105 million with an underlying combined ratio of 87.1%. Written premium declined 4% with a 9% decline in auto and 6% growth in home. The underlying combined ratio improved 2.9 points in the quarter, driven by earned pricing increases outpacing loss cost trends in both auto and home. The Personal Insurance expense ratio of 26% was relatively flat compared with 25.8% in third quarter 2025.

在個人保險方面，核心盈餘為 1.05 億美元，基礎綜合比率為 87.1%。簽單保費下滑 4%，其中汽車保險下滑 9%，住宅保險成長 6%。本季基礎綜合比率改善 2.9 個點，主要因汽車與住宅兩者的已賺保費定價調升幅度均超過損失成本趨勢。個人保險費用率為 26%，與 2025 年第三季的 25.8% 相比大致持平。

Turning to reserves. Favorable prior year development of $594 million before tax included a $497 million benefit from the impact of commuting the A&E adverse development cover. This benefit is not included in core earnings. Core favorable prior year development was $97 million, driven by reserve reductions in workers' compensation, commercial property and personal insurance. With respect to catastrophes, P&C current accident year losses were $198 million before tax or 4.2 points, primarily from tornado, wind and hail events. This compares to $70 million or 1.6 points in the third quarter of 2025, which was a historically light catastrophe quarter.

接著談準備金。稅前有利的前期年度發展（prior year development）為 5.94 億美元，其中包含因終止（commuting）A&E 不利發展承保（adverse development cover）所帶來的 4.97 億美元利益。此項利益不計入核心盈餘。核心口徑下有利的前期年度發展為 9,700 萬美元，主要來自勞工補償、商業財產及個人保險的準備金下調。就巨災而言，產險（P&C）當期事故年度損失稅前為 1.98 億美元，或 4.2 個點，主要來自龍捲風、強風與冰雹事件。相較之下，2025 年第三季為 7,000 萬美元或 1.6 個點，當時屬於歷史上巨災相對偏輕的季度。

Moving to Employee Benefits. Core earnings of $120 million and a core earnings margin of 6.4% reflect higher group life and disability loss ratios, partially offset by an improved expense ratio and higher net investment income. Fully insured ongoing premium grew 4%, reflecting strong new business sales, increased exposure on existing accounts and book persistency above 90%. The group life loss ratio of 77.8% increased 3.6 points as compared to an unusually favorable prior year period. The group disability loss ratio of 76.3% increased 5.7 points, driven by higher claim incidence across short- and long-term disability and less favorable long-term disability recoveries.

接著看員工福利。核心盈餘為 1.20 億美元，核心盈餘利潤率為 6.4%，反映團體壽險與失能險損失率較高；部分被費用率改善與淨投資收益增加所抵銷。全額承保的持續性保費成長 4%，反映強勁的新業務銷售、既有帳戶曝險增加，以及超過 90% 的保單續保率。團體壽險損失率為 77.8%，較去年同期上升 3.6 個點，主要因去年同期異常有利。團體失能險損失率為 76.3%，上升 5.7 個點，主要由短期與長期失能的理賠發生率上升，以及長期失能追償（recoveries）較不利所致。

Long-term disability loss ratios, while elevated on a year-over-year basis, remained within expectations, while short-term disability loss ratios were slightly above expectations. The employee benefits expense ratio of 25.4% improved 1.3 points, driven by lower staffing costs and the impact of earned premium growth, partially offset by higher technology costs. As Chris mentioned, we closed the acquisition of Equitable's employee benefits business earlier this month and expect $500 million in annual premium across group life, disability and other supplemental products, including dental and vision.

長期失能損失率雖然以年增基礎來看仍偏高，但仍符合預期；短期失能損失率則略高於預期。員工福利費用率為25.4%，改善1.3個百分點，主要受惠於人力配置成本下降及已賺保費成長的影響，部分被較高的科技成本所抵銷。如Chris所提到，我們於本月稍早完成收購Equitable的員工福利業務，預期在團體壽險、失能及其他補充性產品（包含牙科與視力）合計可帶來每年5億美元的保費。

Consistent with the smaller end of employee benefits, we expect loss ratios for this business to be lower than our existing book, though offset by a higher expense ratio due in part to approximately $30 million of annual intangible asset amortization. Excluding the amortization, we expect the core earnings impact of the acquisition to be modestly dilutive in 2027 and to improve each year as the business integrates and scales.

由於該員工福利業務規模較小，我們預期其損失率將低於我們現有業務組合，但部分將被較高的費用率所抵銷，其中一部分原因是每年約3,000萬美元的無形資產攤銷。若排除攤銷，我們預期該收購對核心盈餘的影響在2027年將呈現小幅稀釋，並將隨著業務整合與規模擴大而逐年改善。

Turning to investments. Our diversified portfolio delivered strong results in the third quarter. Net investment income was $850 million, up $95 million or 13% from the third quarter of 2025, driven by higher income from limited partnerships and other alternative investments and a higher level of invested assets. Excluding limited partnerships, the annualized portfolio yield was 4.6% before tax. Annualized limited partnership returns were 10.2% before tax and 7.8% year-to-date. Results benefited from particularly strong performance in infrastructure and energy transition funds.

接著談投資。我們多元化的投資組合在第三季繳出強勁成果。淨投資收益為8.5億美元，較2025年第三季增加9,500萬美元或13%，主要受限合夥企業及其他另類投資收益增加，以及投資資產水位提高所帶動。若排除限合夥企業，投資組合年化殖利率（稅前）為4.6%。限合夥企業年化報酬率（稅前）為10.2%，年初至今為7.8%。成果受惠於基礎建設與能源轉型基金表現特別強勁。

Turning to capital management. Holding company resources totaled $1.5 billion at quarter end. As Chris mentioned, we increased our common quarterly dividend by 12% to $0.67 per share payable on January 5, 2027. Over the past decade, our annual dividend increases have averaged approximately 11%, demonstrating our confidence in the sustained earnings power and capital generation of the organization.

接著談資本管理。截至季末，控股公司可用資源合計15億美元。如Chris所提到，我們將普通股季度股利提高12%至每股0.67美元，將於2027年1月5日支付。過去十年，我們年度股利增幅平均約11%，展現我們對本公司持續獲利能力與資本生成能力的信心。

During the quarter, we repurchased 3.4 million shares under our share repurchase program for $475 million. As of September 30, we had $4.37 billion remaining on our share repurchase authorization. In summary, we are very pleased with our strong performance for the third quarter and believe we are well positioned to continue to enhance value for our stakeholders.

本季我們依據庫藏股回購計畫回購340萬股，金額為4.75億美元。截至9月30日，我們在股票回購授權額度下尚餘43.7億美元。總結而言，我們對第三季的強勁表現感到非常滿意，並相信我們已具備良好條件，能持續為利害關係人提升價值。

I will now turn the call back to Kate.

我現在把電話交回給Kate。

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

謝謝你，Beth。接下來我們將開始回答各位的提問。接線員，請再說明一次提問的操作方式。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。(接線員指示)

Brian Meredith, UBS.

UBS的Brian Meredith。

I guess first question, I was hoping to unpack the underlying combined ratio a little bit on the Middle Market. And particularly, what was the impact of the, call it, unusual losses on the underlying loss ratio in the quarter for the total Business Insurance? And then maybe talk a little bit about what you're doing with comp in order to kind of fix some of this increased frequency and underwriting that you're doing there?

我想先問第一個問題：我希望能更深入拆解一下中型市場（Middle Market）部分的基礎綜合率。特別是，本季整體商業保險（Business Insurance）中，所謂「非典型損失」對基礎損失率的影響是多少？另外，也想請你們談談在工傷險（comp）方面你們正在做哪些調整，以便改善這些頻率上升的情況，以及你們在那裡所做的核保措施？

Brian, thanks for joining us. I'm going to ask Beth to sort of break down and give an attribution of the combined ratios for the two items that we called out, right? I mean non-CAT weather was a little elevated. I can give you the quarterly impacts and the year-to-date impacts after she's done. But I think the comp, we've been watching very closely here in '26 as far as the emerging trend of higher frequency. So Beth, would you break down those components?

Brian，謝謝你加入我們。我會請Beth把我們點出的兩個項目，針對綜合率做拆解並說明歸因，好嗎？我的意思是，非CAT天氣相關損失確實略偏高。在她說明完之後，我可以補充本季的影響以及年初至今的影響。至於工傷險（comp），在2026年我們一直非常密切地觀察頻率走高的新興趨勢。所以Beth，請你拆解一下這些構成因素？

Yes, I will. And Brian, I'm going to take some time and just go through the various components as it relates to MLC and then the impact just when we think of total BI. But as I said in my prepared remarks, when we look at the underlying combined ratio for MLC for the quarter, we definitely saw a little bit of improvement in expense. So think of that about 1 point kind of consistent with what we're seeing in Small Commercial. And then the rest relates to loss ratio movements. And so the two items that we called out, comp and non-CAT property, I would say both contributed a little less than 4 points to the change from the prior year. And again, all my comments are related to the prior year.

好的，我會。Brian，我會花點時間逐一說明與MLC相關的各項構成，以及當我們看整體BI時的影響。不過如我在事先準備的發言中所說，當我們看本季MLC的基礎綜合率時，費用端確實看到一些改善。大約可視為改善約1個百分點，與我們在小型商業（Small Commercial）看到的情況一致。其餘則與損失率變動有關。我們點出的兩個項目——工傷險（comp）與非CAT財產險——我會說兩者合計對相較去年變動的貢獻都略低於4個百分點。再次強調，我的所有評論都是相對於去年同期。

In addition, similar to what we've seen during the course of the year, although we didn't call it out because it was not as large as those two items, we continue to see a little less than 1 point related to mix. And I think we've talked about that before as some of the growth that we saw in national accounts has earned into the book. And then like a lot of other things that make up the difference there.

此外，與我們今年以來所看到的情況類似，雖然我們沒有特別點出，因為其幅度不如前述兩項那麼大，但我們仍持續看到與組合（mix）相關的影響略低於1個百分點。我想我們之前也談過，這與我們在全國性客戶（national accounts）看到的部分成長已逐步在帳面上轉為已賺保費有關。以及其他許多造成差異的因素。

Going back to the 2 items, comp and non-CAT property. On non-CAT property, what I would say, and I said this in my remarks, is as we look at the results there, we see this as normal volatility. It is another quarter of seeing an uptick there. But if you go back and look over several quarters, we've had more quarters where non-CAT property has been favorable in ML than unfavorable.

回到這兩個項目：工傷險（comp）與非CAT財產險。就非CAT財產險而言，我會說——我在發言中也提到——當我們看那裡的結果時，我們將其視為正常波動。這是又一個季度看到該項上升。但如果回頭看過去幾個季度，在ML中非CAT財產險呈現有利的季度其實多於不利的季度。

So we do see that as normal volatility. And then on the comp side, as I said, we've been seeing an increase in frequency during the course of the year. Increases in frequency quarter-to-quarter can happen, so you don't necessarily react to that. But as we evaluated where we were year-to-date, felt that was appropriate to increase the loss ratio there.

因此我們確實將其視為正常波動。至於工傷險（comp），如我所說，我們在今年過程中一直看到頻率上升。頻率在季度之間出現上升是可能發生的，因此你不一定會立刻對此反應。但當我們評估年初至今的情況後，認為適度上調該項的損失率是合理的。

So a component of just under 4 points of underlying combined loss ratio points this quarter, a little bit of that does relate to prior quarters, just to put that in context. So then when you go to the all-in Business Insurance and what the impact of all of that is, I would say on non-CAT property, it's really not a driver. We had favorability in small and that offset some of the unfavorability that we saw in Middle. And then the comp piece pulling that through to the all-in BI loss ratio is a little over 1 point. And then again, we have some small sort of items as it relates to mix and other things.

因此，本季基礎綜合損失率約略低於4個百分點的構成中，其中有一小部分其實與前幾季有關，這裡提供一些背景脈絡。接著看整體商業保險（all-in BI）以及上述因素的影響，我會說在非CAT財產險方面，它其實不是主要驅動因素。我們在小型業務端有利的表現，抵銷了我們在中型業務端看到的一些不利。而工傷險（comp）這一項往整體BI損失率傳導的影響略高於1個百分點。另外，還有一些與組合（mix）及其他因素相關的小項目。

And then more importantly, if I look at things on a year-to-date basis, we're probably a little under 1 point off to where we were year-to-date last year for all-in BI. The comp piece that I referenced is a little less than 0.5 point. And then the remainder of the items are things like mix and some of the other things that I discussed. So when I step back from all of it, looking at where Middle came out, how small performed, the contribution to the total, where we are year-to-date, I feel really good about the overall performance in Business Insurance as we continue to perform, I think, in a competitive marketplace.

更重要的是，如果我以年初至今的角度來看，整體BI相較去年同期大概差不到1個百分點。工傷險（comp）這一項我剛提到的影響略低於0.5個百分點。其餘差異則來自像是組合（mix）以及我所討論的其他因素。因此，當我把所有因素拉回來看——中型業務的結果、小型業務的表現、對整體的貢獻，以及年初至今的位置——我對商業保險整體表現感到非常滿意；我們在我認為相當具競爭性的市場環境中，仍持續維持良好表現。

But I can stop there, Brian, if you have any questions, but I was going to turn it to Mo to talk about some of the actions that we've been taking.

不過我可以先停在這裡，Brian，如果你有任何問題；不然我本來打算把時間交給 Mo，談談我們正在採取的一些行動。

Yeah, Brian, just to build on where Beth was. I think as we've looked at the frequency throughout the year, I think it's really important to understand, we see it across the book in all segments. It's not specific to any industry. It's not specific to any geography. It's not specific to size of risk, not specific to injury type. So really, what we're seeing, we think, is a broad-based move in frequency that's not unique to our book.

是的，Brian，我想在 Beth 的基礎上再補充一下。我認為，當我們檢視全年出險頻率時，非常重要的是要理解：我們在整個承保組合、所有分部都看得到。這不是特定產業的問題。也不是特定地理區域的問題。也不是特定風險規模、也不是特定傷害類型。所以我們看到的，我們認為，是出險頻率出現一個廣泛性的上移，並非我們承保組合所獨有。

And we really -- when we look at the contributing factors, we are looking at the increase in healthcare costs in this country, the expiration of the ACA subsidies, and broadly, just thinking about the affordability challenge for many workers across this country, and we feel like the -- some of those losses that might have been in the healthcare costs are coming back into the workers' compensation system, which is why we feel it's so broad-based.

而且當我們檢視造成的因素時，我們在看的是：這個國家醫療保健成本的上升、《平價醫療法案》(ACA) 補貼到期，以及更廣泛地來看，許多勞工面臨的可負擔性挑戰；我們覺得——一些原本可能由醫療保健成本吸收的損失，正在回流到勞工補償（工傷保險）體系中，這也是為什麼我們覺得它如此廣泛。

And to your point on underwriting, as Beth talked about on the property side, we really don't think there's anything going on in our book. As Beth said, 8 of the past 10 quarters, we've been better than expected on property losses in Middle & Large. So we really feel like this is just a second quarter of adverse results relative to expectations.

至於你提到的核保，正如 Beth 在財產險那邊談到的，我們真的不認為我們的承保組合本身有什麼問題。如 Beth 所說，在過去 10 個季度中的 8 個季度，我們在中型與大型（Middle & Large）的財產損失表現都優於預期。所以我們確實覺得，這只是相對於預期而言，連續第二季出現不利結果。

And on the workers' compensation side, we've been working on it all year. We're making sure the quality of the new business is strong, the new business pricing. We're pulling the levers that we can in terms of segmentation. And certainly, we're working to get price increases into our filings in for '27. So just think about broad-based underwriting reaction to all that we just described.

而在勞工補償（工傷保險）方面，我們整年都在處理這件事。我們確保新業務的品質很強、新業務定價也到位。在分群（segmentation）方面，我們也在拉動我們能拉動的槓桿。當然，我們也在努力把漲價納入我們針對 '27 的申報（filings）中。所以請把它理解為：針對我們剛才描述的一切，所做出的廣泛性核保反應。

Great. That's really helpful, very thorough. I appreciate it. And then maybe just my next question, switching over to the disability loss ratio. Thanks for some description. But I know Mike last quarter mentioned a couple of things going on with long and short-term disability. I wonder if those are continuing, i.e., maybe the Family and Medical Leave Act, maybe some mental health claims you're seeing coming through.

很好。這真的很有幫助，也非常完整。謝謝。那接下來我想換個問題，轉到失能險損失率。謝謝你們的說明。不過我記得 Mike 上一季提到長期與短期失能險有幾件事情在發生。我想知道那些是否仍在持續，也就是說，可能是《家庭與醫療休假法》(Family and Medical Leave Act)，或是你們看到的一些心理健康理賠。

Yeah, I'll ask Mike to add his color.

是的，我請 Mike 補充他的看法。

Yes. So Brian, I think similar to what I discussed last quarter, both those items you pointed out, we're seeing a bit of elevation in behavioral health. We're seeing that both in short- and long-term disability products. In addition to sort of that from a diagnosis perspective, we're also seeing some higher claims with higher wage earners. So I think the individuals who are going out on claim, we're seeing in terms of a little bit on the higher end of the salary level. So I'd say those are a couple of underlying trends within the short- and long-term disability lines.

好的。Brian，我想跟我上季討論的類似，你指出的那兩項，我們確實看到行為健康（behavioral health）有些上升。我們在短期與長期失能險產品上都看得到。除了從診斷面向來看之外，我們也看到一些較高薪資族群的理賠金額較高。也就是說，就申請理賠的人來看，我們看到薪資水準略偏高端。所以我會說，這是短期與長期失能險線別中的幾個底層趨勢。

Paid family leave in the quarter was modestly improved -- I should say, modestly improved relative to 3Q of '25. But on a year-to-date basis, still elevated. And I'd say -- I'd just end with saying we continue to put rate into the paid family and medical leave product line. We've been successful through the year. So think mid-double-digit rate increases we're putting into that book. We are seeing utilization continue to trend up. So again, as long as that utilization level continues to rise, we'll put rate increases in that product line.

本季的帶薪家庭假（paid family leave）有小幅改善——我應該說，相較於 '25 年第 3 季是小幅改善。但以年初至今來看，仍然偏高。我想——最後補充的是，我們持續在帶薪家庭與醫療假產品線中導入費率。我們今年推動得很成功。所以請把它想成我們在那個承保組合中導入中雙位數的費率調升。我們也看到使用率（utilization）持續走升。因此，同樣地，只要使用率水準持續上升，我們就會在那條產品線中持續調升費率。

Andrew Kligerman, TD Cowen.

Andrew Kligerman，TD Cowen。

Thanks a lot. Mo, congratulations on the well-deserved new role. And Chris, bear with me for 30 seconds. I've covered this company throughout your tenure. So before my question, I just want to say congratulations on an exceptional run. You made some bold, unpopular calls from acquiring Aetna Benefits and Navigators to reportedly rejecting a $65 offer in 2021 and your conviction proved right. Underwriting has excelled.

非常感謝。Mo，恭喜你獲得這個實至名歸的新職務。Chris，請容我用 30 秒。在你任期期間，我一直追蹤這家公司。所以在提問之前，我想先恭喜你有一段卓越的表現。你做出了一些大膽、當時並不受歡迎的決策，從收購 Aetna Benefits 與 Navigators，到據報導在 2021 年拒絕每股 65 美元的出價，而你的信念證明是正確的。核保表現非常出色。

The stock has nearly quadrupled since you became CEO. And most importantly, you restored The Hartford to its place as an iconic industry leader, only better. That's an incredible legacy, Chris, and I just want to congratulate you on that.

自你成為 CEO 以來，股價幾乎翻了四倍。而且最重要的是，你讓 The Hartford 恢復到作為具代表性的產業領導者的地位，而且做得更好。這是一個令人難以置信的傳承，Chris，我想就此向你致上恭喜。

And now I'll shift into my questions. First one, Beth, you didn't call out anything on general liability and commercial auto in the reserve adjustment. So I just -- I went through the Q, I didn't see anything in there. Just want to make sure I understand that right or if there were some big moves in prior accident years. And generally, just how are you thinking about the reserves going forward for commercial auto and GL?

接著我切換到我的問題。第一個，Beth，你在準備金調整（reserve adjustment）中沒有特別提到一般責任險（general liability）與商業車險（commercial auto）。所以我——我看了這一季的資料，裡面沒有看到相關內容。我只是想確認我理解得沒錯，或是先前事故年度是否有一些較大的變動。以及更一般地，你們未來對商業車險與一般責任險的準備金是怎麼思考的？

Yeah, Andrew. So your review is correct. We did conduct our reserve review during the quarter, and we did not adjust our booked reserves as we looked at the activity. It was consistent with the actions that we had previously taken. So we did not make any adjustments there.

是的，Andrew。你的檢視是正確的。我們在本季進行了準備金檢視，而在檢視相關活動後，我們沒有調整已入帳的準備金。這與我們先前採取的行動一致。所以我們沒有在那裡做任何調整。

And you're feeling good going forward.

那你們對未來的狀況感覺良好。

Yeah. We are feeling good going forward. Obviously, we do our reserve review every quarter. And if we felt that we needed to increase our reserves, we would have. Again, our reserve review substantiated where we stood relative to our book reserves.

是的，我們對未來感覺良好。當然，我們每一季都會做準備金檢視。如果我們覺得需要增加準備金，我們就會這麼做。再次強調，我們的準備金檢視證實了我們目前相對於承保組合準備金的水位。

Yeah. And on Small Business, the 85.2% underlying was quite exceptional and certainly materially stronger than your other Business Insurance segment. So I just want to get a sense, historically, have you always done much better in Small Business? And how do you feel about the sustainability of that combined ratio amidst pricing pressures?

好的。那在小型企業（Small Business）方面，85.2% 的基礎（underlying）表現相當出色，而且顯然比你們其他商業保險分部強很多。所以我想了解一下，從歷史上看，你們在小型企業一直都表現得更好嗎？以及在定價壓力之下，你們對這個綜合率（combined ratio）的可持續性有何看法？

I'll start, and if Mo or Chris want to add anything. I think we've consistently talked about the strong performance in Small Business, which has been there quarter after quarter and year after year. Obviously, this quarter, printing the combined ratio that we did was impacted by favorable non-CAT property as we called out. And so obviously, that can move around from period to period. But when we look at the underlying performance, feel very good. So the question may be where would we expect fourth quarter to be. It's a little bit of kind of what happens with non-CAT property. But again, I think the performance of Small Business stands on its own.

我先回答，如果 Mo 或 Chris 想補充也可以。我想我們一直都有談到小型企業的強勁表現，這是季度接著季度、年度接著年度都存在的。當然，本季我們呈現的綜合率受到我們提到的非巨災（non-CAT）財產險有利因素影響。因此，這部分確實可能會隨期間而波動。但當我們看基礎表現時，我們感覺非常好。所以問題可能是：我們預期第四季會是什麼樣子。這有點取決於非巨災財產險的表現如何。但再次強調，我認為小型企業的表現本身就站得住腳。

Andrew, I would just add, we're very proud, obviously, as I called out in our prepared commentary that Keynova is recognized as, again, for the eighth consecutive year of leading with digital capabilities. And I think that just reflects our mindset of continuing to invest in Small Commercial to be easier to interface with faster, make lives easier for our agents and brokers and customers. So yes, we're going to continue investing in this franchise to differentiate it as the world changes going forward. But Mo, what would you add?

Andrew，我只想補充一下，正如我在事先準備的評論中提到的，我們當然非常自豪，Keynova 再次被認可為連續第八年在數位能力方面領先。我認為這正反映了我們持續投資小型商業保險（Small Commercial）的心態，讓互動介面更容易、速度更快，讓我們的代理人、經紀人以及客戶的生活更便利。所以是的，隨著未來世界持續變化，我們會繼續投資這個特許經營業務，以強化差異化。不過 Mo，你會補充什麼？

Maybe just one more anecdote, Andrew. The 78% straight through on the entire portfolio that Chris called out, that's an all-time high for us, and we think it's probably 5 to 10 points better than our leading competitor, let alone our average competitor. So we expect that 78% with all the technology investments we're making, including AI, to continue to improve, and that just creates a better experience for our agents and brokers.

Andrew，我再分享一個小故事。Chris 提到整體投資組合 78% 的直通處理率（straight through），這是我們的歷史新高，我們認為這可能比我們的領先競爭對手還高 5 到 10 個百分點，更不用說一般競爭對手了。因此，我們預期在我們所做的所有科技投資（包含 AI）推動下，這個 78% 還會持續改善，而這也會為我們的代理人與經紀人帶來更好的體驗。

Thanks a lot.

非常感謝。

Elyse Greenspan, Wells Fargo.

Elyse Greenspan，富國銀行（Wells Fargo）。

Hi, thanks. Good morning. My first question is going back to the discussion on workers' comp. So I think you said you guys gave a lot of color on the impact of Middle & Large, but then said, right, it was around 1 point, right, on overall BI in the quarter. So just given it sounds like you expect perhaps this elevated frequency to persist, should we continue to think about like an ongoing 1 point drag from comp on BI for -- at least in the near term?

嗨，謝謝。早安。我的第一個問題是回到勞工補償險（workers' comp）的討論。我想你們說過，你們對中型與大型（Middle & Large）的影響提供了很多細節，但接著也提到，對本季整體 BI 的影響大約是 1 個百分點，對吧。所以考量到聽起來你們預期這種偏高的出險頻率可能會持續，我們是否應該繼續把勞工補償險對 BI 的拖累視為大約持續 1 個百分點——至少在短期內？

I would say not necessarily, and Beth can add her point of view. Obviously, we're focused on 2026 trends and finishing the year strong. Obviously, we'll talk about 2027 at the right time and give you any additional color. But again, I think this is a step change given some of the activities Mo talked about, particularly healthcare. And we'll see how it's going to play out beyond this year-end. But I think this is a year of sort of, as I said, a step change. And hopefully, then things at least calm down a little bit. But Beth, what would you say?

我會說不一定，Beth 也可以補充她的看法。很明顯，我們聚焦在 2026 年的趨勢，並把今年收尾做強。當然，我們會在適當的時點談 2027 年，並提供任何額外的說明。但再說一次，我認為這是一個結構性變化（step change），源於 Mo 提到的一些活動，特別是醫療保健。我們會觀察它在今年年底之後會如何發展。但我認為今年算是——如我所說——一個結構性變化的一年。希望之後情況至少能稍微緩和一些。不過 Beth，你怎麼看？

Yes. The only thing I would point out, Elyse, is when we talked about the impact on comp for the quarter being a little over 1 point, that is for the quarter, which included a bit of a true-up for first and second quarter. So when I think more of the run rate and I kind of look at the 9 months kind of where we are year-to-date, the impact on comp from that perspective is about 0.5 point. So again, just I don't want you to lose sight of the fact that there is a bit of a true-up that happens in the quarter if you just look at the quarterly number.

是的。Elyse，我唯一想指出的是，當我們談到本季勞工補償險對影響略高於 1 個百分點時，那是針對「本季」而言，而其中包含了對第一季與第二季的一些追溯調整（true-up）。所以當我更從常態化的運行水準（run rate）來看，並觀察前 9 個月截至目前的年初至今表現，從那個角度看，勞工補償險的影響大約是 0.5 個百分點。所以我只是想提醒你，不要忽略如果只看單季數字，會因為本季有一些追溯調整而被放大。

Thanks. And then my second question is on Employee Benefits. You guys gave some guidance on just bringing on the Equitable deal. Also, it sounds like maybe some normalization, right, in disability should persist. So as we think about those 2 forces, right, bringing on Equitable, which at least, right, you said will be dilutive, right, in '27. Can you guys -- do you still expect to be within the 6% to 7% margin guide for benefits with all those factors taken into consideration?

謝謝。那我的第二個問題是關於員工福利（Employee Benefits）。你們提供了一些指引，談到併入 Equitable 這筆交易。另外，聽起來傷病失能（disability）方面可能也會持續出現某種程度的常態化。所以當我們思考這兩股力量——併入 Equitable（至少你們說 2027 年會有稀釋效應）——在把這些因素都納入考量後，你們是否仍預期福利業務的利潤率能落在 6% 到 7% 的指引區間內？

Yeah, it's a great question. I would say, yes. We still think in terms of this business as 6% to 7%. But I would point out there's 3 moving parts here that you inherently know. One, obviously, we got to integrate, and we're going to spend some money on integrating probably in the $30 million-ish range, maybe $40 million. That -- those costs will be sort of below the line on core. So it's excluded from core like we've done all our deals. We also called out that there's probably $30 million of annual intangible amortization that will be part of core earnings.

是的，這是個很好的問題。我會說，是的。我們仍然認為這項業務的利潤率是 6% 到 7%。但我想指出，這裡有三個你本來就知道的變動因素。第一，顯然我們必須進行整合，而我們會在整合上花一些錢，大概在 3,000 萬美元左右，可能到 4,000 萬美元。這些成本在核心（core）口徑下會列在「線下」（below the line）。因此它會像我們過去所有交易一樣，被排除在核心之外。我們也提到，可能每年約有 3,000 萬美元的無形資產攤銷會納入核心盈餘的一部分。

So -- and then we're going to obviously continue to be as efficient as possible and continue to invest in the business. But when you put it all together, we still see this business as the 6% to 7%. We called out that there's going to be a modest dilution in '27, particularly as we scale. I mean, the technology we're acquiring is really actually very, very good and industry-leading in our judgment, but it's going to take some time to sort of scale and get all the things moving forward. But when we get to that point, and if you really think about the moving parts, 6% to 7% is still our long-term view.

另外，我們當然會持續盡可能提高效率，並持續投資這項業務。但把所有因素加總起來，我們仍然把這項業務視為 6% 到 7%。我們也提到，2027 年會有溫和的稀釋，特別是在我們擴大規模的過程中。我的意思是，我們正在取得的技術其實非常、非常好，以我們的判斷是業界領先，但要把規模做起來、讓各項事情推進，仍需要一些時間。但當我們到達那個階段，而且如果你仔細思考這些變動因素，6% 到 7% 仍是我們的長期看法。

Thank you.

謝謝你。

Alex Scott, Barclays.

Alex Scott，巴克萊（Barclays）。

Hey, good morning. I wanted to see if you could give us a better sense of what to expect out of the core margin in Group Benefits. I know you probably don't want to give guidance for '27 and that kind of thing. But just given there's more moving parts there around the acquisition and disability and maybe even paid family and medical leave. I just wanted to see if you'd help us out with thinking through that.

嗨，早安。我想看看你們能否讓我們更清楚了解團體福利（Group Benefits）的核心利潤率（core margin）可以期待什麼。我知道你們可能不想提供 2027 年之類的指引。但考量到那邊有更多變動因素，包括併購、失能（disability），甚至可能還有帶薪家庭與醫療假（paid family and medical leave）。我想請你們協助我們梳理一下該如何思考。

Yes, you're right. We're not going to give you guidance on '27. That's what I tried to do a little bit just on the prior question of just the acquisition impacts. I still think this is a 6% to 7% business for us. It's going to take maybe just a little bit of time to scale and sort of earn into the activities that we expect. But $500 million of premium and if we could grow that at a healthy rate, we'll get to where we want to be.

是的，你說得對。我們不會提供 2027 年的指引。我在前一個問題中已經嘗試就併購影響稍微說明。我仍然認為對我們而言，這是一個 6% 到 7% 利潤率的業務。可能需要一點時間來擴大規模，並逐步實現我們預期的各項作為所帶來的效益。但如果有 5 億美元的保費規模，且我們能以健康的速度成長，我們就能達到我們想要的位置。

But -- and that's why I said in my prepared remarks, Alex, that this is still a highly accretive business for us, particularly when you look at it on a tangible return on equity basis. It's in the 15%, 16% return on tangible. If you look at margin on a nine-month basis, I think it's 6.9% compared to the 6.4% for the quarter. So it's contributing meaningfully. And as we alluded to, particularly with their technology, bringing more of The Hartford to that small to midsized customer base in benefits would be a strategic objective. I know Mo and the team have.

不過——這也是為什麼我在事先準備的發言中說，Alex，這對我們仍是一項高度增值（highly accretive）的業務，特別是當你以有形股東權益報酬率（tangible return on equity）來看。有形報酬率大約在 15%、16%。如果你看前九個月的利潤率，我想是 6.9%，相較之下本季是 6.4%。所以它正在做出顯著貢獻。而且如我們所暗示的，特別是透過他們的技術，把更多 The Hartford 的資源帶到福利領域的小型到中型客戶基礎，會是一個策略目標。我知道 Mo 和團隊已經……

That's all helpful. Second question I had is on growth in BI. As we look at Small Commercial, could you talk a bit about the competitive landscape you're seeing there? Do you expect to be able to sustain these levels of growth even as the market continues to get more competitive? And are you seeing any of your competitors that are maybe more geared towards the larger market influencing things in the small market.

這些都很有幫助。我第二個問題是關於商業保險（BI）的成長。當我們看小型商業（Small Commercial）時，能否談談你們在那裡看到的競爭態勢？即使市場持續變得更具競爭性，你們是否預期仍能維持這樣的成長水準？另外，你們是否看到一些可能更偏向大型市場的競爭對手，正在影響小型市場的情況？

I'm going to let Mo -- Sorry, Alex, I stepped on you. I'm going to let Mo add. But again, I think all our businesses fit together well. We've constructed the portfolio here of Small, Middle, Large, Specialty, International, EB, Personal Lines. So it's actually a diversified portfolio that is -- all the businesses are contributing to our overall results, both from a growth side and the profitability side. But Mo, what would you add?

我先讓 Mo——抱歉，Alex，我打斷你了。我先讓 Mo 補充。但再說一次，我認為我們所有業務彼此之間的契合度很高。我們在這裡建立了小型、中型、大型、專業、國際、員工福利（EB）、個人險等組合。所以這其實是一個多元化的投資組合——所有業務都在為我們的整體成果做出貢獻，無論是成長面或獲利面。不過 Mo，你會補充什麼？

Yes, Alex, let me just maybe go a layer below that for you. So I think the messaging is going to be fairly consistent with what we've talked about in prior quarters. In small, we're very confident about our abilities to grow at a similar pace. I think what we're bringing to the marketplace, the digital and technology capabilities continue to make a real impact for our agents and brokers. I think I cited the 78% straight through, which is nowhere near our competitors. And obviously, Chris talked about Keynova. That being said, there was an incremental step change in the competitiveness in Small in the quarter.

好的，Alex，我就再往下多講一層。我想我們的訊息會與前幾季談到的內容相當一致。在小型市場，我們對於以類似速度成長的能力非常有信心。我們帶到市場上的數位與科技能力，持續為我們的代理人與經紀人帶來實質影響。我想我提過 78% 的直通處理率（straight through），這遠遠領先競爭對手。而且很明顯，Chris 也談到了 Keynova。話雖如此，本季小型市場的競爭程度確實出現了額外的階段性提升。

You'll see our new business went negative or nonpositive for the first time probably in 20-something quarters. It's the first time we didn't grow our new business. So there is a competitiveness. That team is staying very disciplined and making good choices. In Middle and Global, again, we've talked about it, that is incrementally more competitive as well, and we're really trying to pick our spots. And I talked about it last quarter about having an increasingly divergent view from some of our competitors who are talking about stability.

你會看到我們的新業務首次出現負成長或不成長，這可能是二十幾個季度以來的第一次。這是我們第一次新業務沒有成長。所以競爭確實存在。那個團隊仍然非常自律，並做出良好的選擇。在中型與全球（Global）業務方面，我們也談過，競爭同樣是逐步加劇，我們正努力選擇合適的切入點。我上季也提到，我們與一些談論「穩定」的競爭對手之間，對市場的看法正變得愈來愈分歧。

We're not necessarily feeling stability. We're feeling it incrementally more competitive, and that's coming through in the new business numbers that we show in the supplement in both Middle and Global. So on those businesses, we are going to continue to make choices that are really dependent on what the market is doing from a rate perspective. We are protecting our renewals. You can see that in the retention numbers. So our growth in Middle and Global, as we talked about last quarter, will be very dependent on how market conditions evolve, especially in the general liability and workers' compensation space.

我們不一定感受到所謂的穩定。我們感受到的是競爭逐步加劇，這也反映在我們於補充資料中揭露的中型與全球業務新業務數字上。因此，在這些業務上，我們會持續做出選擇，而這些選擇將高度取決於市場在費率（rate）面的變化。我們正在保護續保業務。你可以從留存率（retention）數字看出來。所以我們在中型與全球業務的成長，如同上季所談，將非常取決於市場狀況如何演變，特別是在一般責任險與勞工補償險領域。

Thank you.

謝謝。

Gregory Peters, Raymond James.

Gregory Peters，Raymond James。

Well, good morning, everyone, and congrats, Chris, and congrats to you, Mo, as well. Can we -- considering the strong levels of profitability inside Business Insurance, can you speak for a second on the impact of contingent commissions on your expense ratio? Just curious, as we look forward, it seems like the outlook for your business remains really strong. So it seems like there could be the potential for some elevated pressure there going forward just on contingents alone, but maybe you could talk a little bit about policy acquisition costs.

各位早安，恭喜你，Chris，也恭喜你，Mo。考量到商業保險內部強勁的獲利水準，你能否簡要談談或有佣金（contingent commissions）對你們費用率（expense ratio）的影響？我只是好奇，往前看，你們業務的展望似乎仍然非常強勁。因此，僅就或有佣金而言，未來可能會有一些較高的壓力；但也許你可以談談保單取得成本（policy acquisition costs）。

Yeah, Greg, it's Mo. We expect a lot of stability there. We've worked really hard with our partners to make sure that we've got equitable deals, deals that are equitable on both the benefits and the P&C side. We -- as we look forward, we don't anticipate any significant change there.

好的，Greg，我是 Mo。我們預期那方面會相當穩定。我們與合作夥伴非常努力，確保我們有公平的合作條件——在福利（Benefits）以及產險與意外險（P&C）兩端，對利益分配都公平。我們——往前看，我們不預期那裡會有任何重大變化。

Okay. I guess since it hasn't come up yet, at least in the Q&A, I'll pivot to the Personal Insurance business, where your results have recovered quite nicely, but growth is becoming an issue. So I'm just curious how you think about your price competitiveness, both in auto and home and then both in agency and direct as we think about the potential for growth going forward?

好的。我想既然在問答中還沒提到，我就轉到個人保險業務。你們的結果已經相當不錯地回升，但成長正在成為一個問題。所以我想了解，你們如何看待你們在汽車險與住宅險的價格競爭力，以及在代理通路與直銷通路兩方面；當我們思考未來成長的可能性時，你們怎麼看？

Yeah. I would ask Melinda to add her color. But I'm overall pleased where we're at. Obviously, in this business, we've worked hard to restore margins and profitability, both in auto and home. We're keeping up with the trend. We're growing home, particularly in our agency. But yes, the auto market is, as I said in my prepared comments, intense. And I think it will continue to be that way with still elevated shopping. But Melinda, what would you add?

好的。我會請 Melinda 補充她的看法。但整體而言，我對我們目前的狀況感到滿意。很明顯，在這項業務中，我們已努力恢復利潤率與獲利能力，涵蓋汽車險與住宅險。我們有跟上趨勢。我們的住宅險在成長，特別是在代理通路。但沒錯，汽車險市場如同我在事先準備的發言中所說，非常激烈。而且我認為在比價行為（shopping）仍然偏高的情況下，這種態勢會持續。不過 Melinda，你會補充什麼？

Yes, I would say our growth trajectory has been improving as retention benefits from lower rate and through the customer experience efforts that we have been deploying in market. You can see that clearly in our retention up year-over-year and sequentially. Agency, as Chris mentioned, is scaling, which is also supporting top line. And other than that, I would just say, Greg, we're going to be disciplined. We're not trying to manufacture a growth crossover as much as we are trying to be thoughtful about making sure that we are in the market growing in a disciplined and appropriate way.

是的，我會說我們的成長軌跡正在改善，因為留存率受惠於較低的費率，以及我們在市場上推動的客戶體驗措施。你可以很清楚看到，我們的留存率不論年對年或季對季都在提升。如 Chris 提到的，代理通路正在擴張規模，這也在支撐營收成長。除此之外，我只想說，Greg，我們會保持自律。我們並不是要刻意「製造」成長的交叉點；我們更重視審慎，確保我們以自律且適當的方式在市場中成長。

Got it. Thanks for the detail.

了解。謝謝你提供的細節。

Rob Cox, Goldman Sachs.

Rob Cox，Goldman Sachs。

Hey, thanks. Good morning. Yeah. Thanks for the comments on small commercial, noting that you said it's getting a little bit more competitive there. But we just noticed there continues to be strong policy additions in Small Commercial. And just curious if there's any particular parts of the economy or geographically where you're seeing the growth there? Or is it pretty broad-based?

嗨，謝謝。早安。是的，謝謝你對小型商業的評論，並提到你說那裡的競爭變得更激烈一些。但我們注意到，小型商業仍持續有強勁的保單新增。想請教是否有任何特定的經濟領域或地理區域，你們在那裡看到成長？還是其實相當廣泛？

Rob, it's Mo. I would say very broad-based. When we look across industries, the Small Business formations, when you look at the government data is still very strong. We're actually really optimistic as in a world of AI-enabled businesses that actually it's going to be a Small Business revival in some ways, and we think that more and more entrepreneurs will be equipped and able to start up companies with AI than more of those in the past.

Rob，我是 Mo。我會說相當廣泛。當我們跨產業來看，從政府數據來看，小型企業的成立數量仍然非常強勁。我們其實非常樂觀：在 AI 賦能（AI-enabled）企業的世界裡，某種程度上會出現小型企業的復興；我們認為相較過去，會有愈來愈多創業者因為 AI 而具備能力並能夠成立公司。

So we actually think the capabilities in the technology perspective are coming towards us in the Small Business. And it's one of the reasons we're so excited about the Equitable transaction because we're going to bring the same speed, ease of transaction that we've got on the P&C side to the benefits side. And we just feel like we are the full-service firm for every Small Business in this country.

所以我們其實認為，從科技能力的角度來看，這些能力正在往小型企業端匯聚，對我們是有利的。這也是我們對 Equitable 這筆交易如此興奮的原因之一，因為我們將把在產險與意外險（P&C）端所具備的同樣速度與交易便利性，帶到福利（Benefits）端。而且我們確實覺得，我們是這個國家每一家小型企業的全方位服務公司。

Thank you. Just a follow-up on the expense ratio. You guys highlighted a decrease in staffing costs across the business. Maybe you could just help us unpack really what's going on there and where you're driving some of those efficiencies.

謝謝。我想就費用率再追問一下。你們提到全公司的人員配置成本有所下降。或許你們可以幫我們拆解一下，實際上那裡發生了什麼，以及你們是如何推動其中一些效率提升的。

Yeah. I would say, Rob, it's sort of broad-based. I mean, obviously, we're continuing to invest in our franchise, but we do have expectations on returns and efficiency gains there and continuous improvement. So it's just not one thing. I think it's everything sort of working in concert.

是的。我會說，Rob，這算是相當全面性的。我的意思是，很明顯我們仍在持續投資我們的事業版圖，但我們也對投資回報與效率提升有期待，並且持續改善。所以這不只是單一因素。我認為是各個面向共同發揮作用。

And as we talked about at the beginning of the year, we thought the back half of '26 here, we would start to demonstrate the efficiencies. And yes, we called out, in essence, salaries and overall total compensation, but that's what it means. It's just our overall, I'll call it, cost per head is coming down.

而且如同我們在年初談到的，我們認為在這裡的 26 年下半年，我們會開始展現效率成果。是的，我們點出了本質上是薪資與整體總酬勞，但那就是其含義。也就是說，我們整體上，我會稱之為，人均成本正在下降。

Thank you.

謝謝。

David Motemaden, Evercore.

David Motemaden，Evercore。

Hey, thanks. Good morning. I was hoping, Chris and Mo, you guys can maybe elaborate a little bit more on pricing in the workers' comp book. I heard you guys say that it improved a little bit this quarter and remained positive. But I'm wondering how you're thinking about putting price through the book now just given the frequency increase that you guys are now assuming in your loss picks?

嗨，謝謝。早安。我想請 Chris 和 Mo 你們能否再多談一點勞工補償（workers' comp）業務組合的定價。我聽到你們說本季略有改善且仍為正向。但我想知道，考量到你們現在在損失預估（loss picks）中假設出險頻率上升，你們目前是如何思考把價格調整反映到整個業務組合中的？

Yeah. I know Mo will add his color. I would say there is a California dynamic and then another 49-state dynamic where the other 49 as much as we're saying, it's positive, it's slightly positive. So I wouldn't say there's a step change in the economics that's emerging yet in our book. And then California has its own ecosystem, Mo, so maybe you add the overall point of view.

是的。我知道 Mo 會補充他的看法。我會說這裡有加州的動態，另外還有其他 49 州的動態；在其他 49 州，即使我們說是正向，也只是略為正向。所以我不會說我們的業務組合中，經濟性（economics）已經出現明顯的結構性變化。而加州有它自己的生態系，Mo，你或許可以補充整體觀點。

Yeah. David, I would say a couple of things. One, we are constrained by the marketplace. That comes through more in the Small Business space where we just see the filings as a more important part of the pricing process. But just know that in the Small Business, we feel like the frequency improvement -- the frequency change we've seen is within our loss pick, and we feel like we can cater for what we're seeing within the pricing parameters we have today in Small Business.

是的。David，我會說有幾點。第一，我們受到市場環境的限制。這在小型企業（Small Business）領域更為明顯，因為我們看到費率申報（filings）在定價流程中是更重要的一環。但請理解，在小型企業方面，我們認為我們看到的頻率改善——我們觀察到的頻率變化——仍在我們的損失預估範圍內，而且我們覺得在小型企業現有的定價參數下，就能涵蓋我們所看到的情況。

When you get to Middle & Large, we have much more flexibility in terms of the day-to-day decisions from our underwriters. So think about segmentation, think about book mix shifts, and we've been working on that all year. So the team is working really hard to pull all the levers from an underwriting perspective, I think less about pricing and more in underwriting to make sure that we can shape the book in response to the frequency changes we're seeing in Middle & Large.

當你談到中型與大型（Middle & Large）時，我們在核保人員的日常決策上有更大的彈性。所以可以從分群（segmentation）、業務組合結構（book mix）調整來思考，而我們今年一直在做這些工作。因此團隊正非常努力，從核保角度去拉動所有槓桿；我認為與其說是定價，不如說更偏向核保，確保我們能因應在中型與大型業務看到的頻率變化來塑造業務組合。

Got it. Okay. Thanks. That makes sense. And then maybe just for Beth. So just on the underlying loss ratio in Business Insurance, the roughly 200 basis points deterioration year-on-year. 100 basis points of that coming from the workers' comp changes, but then 100 basis points from mix and a few other small items. I guess, could you sort of unpack those mix and other small items that contributed to, I guess, 100 basis points of the 200 basis points deterioration? And should we think about those? I would think that the mix dynamic would just continue as written premium earns in, but interested in how we should think about that going forward.

了解。好，謝謝。這很合理。接著可能想問 Beth：關於商業保險（Business Insurance）的基礎損失率（underlying loss ratio），年對年大約惡化了 200 個基點。其中 100 個基點來自勞工補償的變動，但另外 100 個基點來自組合（mix）以及一些其他小項目。我想請你拆解一下，這些組合與其他小項目是如何貢獻了那 200 個基點惡化中的 100 個基點？以及我們應該如何看待這些因素？我原本以為組合的動態會隨著已簽保費（written premium）逐步賺入（earns in）而持續，但也想了解你對未來走勢的看法。

Yes. So one thing just to correct in what you said is that if we're talking about total Business Insurance, the mix piece would be less than 0.5 point. The point -- roughly less than 1 point was what I meant with Middle & Large. So again, if you are in the total BI piece, I'd say it's more in the 0.3, 0.4 range.

好的。有一點先更正你剛才的說法：如果我們談的是整體商業保險（total Business Insurance），組合（mix）那一塊會少於 0.5 個百分點。我所指的大約少於 1 個百分點，是針對中型與大型（Middle & Large）。所以如果你看的是整體 BI，我會說大概在 0.3、0.4 的區間。

And then the other items that make up the difference really is just a lot of little tenths of points here and there kind of across the various lines, which I think is more just reflective of a little bit of the pricing environment. So you feel a little bit in financial lines, as we've talked about in the past and some of the other things. So not any one large item that I would point to.

至於其他構成差異的項目，基本上就是各條線上零零碎碎的幾個十分之一個百分點加總起來，分散在不同險種之間。我認為這更多反映了定價環境的一些影響。所以你會在金融險種（financial lines）上感受到一點，如同我們過去談過的，以及其他一些因素；但沒有任何單一的大項目是我會特別指出的。

And sorry, the last question you had on mix. I would expect some of that mix to continue as we continue to see that the higher written premiums that we saw in national accounts continue to earn into the book.

另外，關於你最後問到的組合（mix）。我預期其中一部分組合效應會持續，因為我們在全國性帳戶（national accounts）看到的較高已簽保費，會持續賺入到業務組合中。

Got it. And that's a 30 basis points to 40 basis points just on all-in underlying loss ratio in BI?

了解。所以那是針對 BI 的整體基礎損失率（all-in underlying loss ratio）大約 30 到 40 個基點？

All-in, yes.

整體來看，是的。

Great. Thank you.

很好。謝謝。

Katie Sakys, Autonomous Research.

Katie Sakys，Autonomous Research。

I wanted to ask one more question on the workers' comp book. We talked a lot about the change you have observed in claims frequency. I wanted to sort of ask about claims severity. I think earlier this year, you guys described that as trending around 3%, 3.5% and still within your 5% pricing and reserving assumption. Has that changed as the year has progressed? And is there any impact from a shift in claims severity embedded in your changed loss picks this quarter?

我想再就勞工補償（workers' comp）業務組合問一個問題。我們談了很多你們觀察到的理賠頻率變化。我想問一下理賠嚴重度（claims severity）。我記得今年稍早你們形容嚴重度趨勢大約在 3%、3.5%，而且仍在你們 5% 的定價與準備金假設之內。隨著今年進展，這有改變嗎？以及你們本季調整損失預估（loss picks）時，是否有把理賠嚴重度的變化納入影響？

Yeah. So our starting point still as we think about severity, and I think you're referring to the medical severity, still starts with that 5% and that still continues to be our starting point. And no real change I would highlight relative to kind of what we've been observing. Obviously, as frequency changes, that obviously can have some impact on how it pulls through. But the starting point of the 5% has not changed.

是的。所以我們在思考嚴重度時的起點——我想你指的是醫療嚴重度（medical severity）——仍然是 5%，而且這仍然是我們的起始假設。相較於我們一直以來的觀察，沒有什麼我會特別強調的重大變化。當然，頻率變動時，確實可能會影響其傳導方式。但 5% 這個起點並沒有改變。

Okay. Thank you, Beth. And then perhaps shifting over to the Small Commercial business. We saw a lot of hubbub from the launch of Meta's Muse product in September. I guess more broadly, how are you guys thinking about the impact of Agentic AI on your Small Commercial business? And wondering if you could update us on your views about the way that you source risks there as Agentic AI becomes more commonplace.

好的。謝謝你，Beth。接著或許轉到小型商業（Small Commercial）業務。我們看到 9 月 Meta 推出 Muse 產品引發了不少討論。更廣泛地說，你們如何看待代理式 AI（Agentic AI）對你們小型商業業務的影響？

Yeah, Katie, it's Mo. I would say it's very early days. We're monitoring adoption, privacy, security. I mean there's lots of issues that go on with this technology that we're monitoring closely. And we haven't seen any real changes of real note. And we see continued strong customer engagement through our existing channels. So we're just not seeing the shift at the moment. That being said, our technology agenda, we're prepared for wherever the market goes.

是的，Katie，我是 Mo。我會說目前還在非常早期的階段。我們正在監測採用情況、隱私與資安。我的意思是，這項技術有很多議題，我們都在密切關注。而我們尚未看到任何真正值得注意的重大變化。我們也看到客戶透過既有通路仍維持強勁的互動。所以目前我們沒有看到轉移的跡象。

As a reminder, we've talked about it publicly, 3% of our Small Business book is direct today. That number has been fairly static for years now. And again, we don't see a change there. We still find that our Small Business customers really value an agent in the transaction that they don't spend a lot of time on throughout the course of the year. So the advice and trusted adviser continues to be a really important feedback when we go to small business owners and ask them for their feedback.

提醒一下，我們之前已在公開場合談過，目前我們小型企業業務組合中有 3% 是直接通路。這個數字多年來一直相當穩定。而且再說一次，我們不認為那裡會有變化。我們仍然發現，小型企業客戶非常重視在一年當中不需要花太多時間處理的交易中，有一位代理人協助。因此，當我們拜訪小型企業主並徵詢他們的回饋時，「建議」與「值得信賴的顧問」仍然是非常重要的回饋。

So we're ready. The technology is on the shelf. We're ready to go, but we just haven't seen any real adoption coming through today.

所以我們已經準備好了。技術都已就緒。我們隨時可以上線，但截至目前我們還沒有看到任何實質的採用情況。

Thanks for the color, Mo.

謝謝補充說明，Mo。

Ryan Tunis, Cantor.

Ryan Tunis，Cantor。

Thanks. So you guys shared your assessment, I guess, your early assessment on the incidence tick as kind of a step function. I guess my concern is -- so coming from the perspective, and correct me if I'm wrong, we're at pretty low absolute frequency levels in both group disability and workers' comp. I guess my concern would be just from an absolute perspective, there could be quite a bit harder for that to mean revert. So just, I guess, just interested in your thoughts on that and where we are in absolute terms on that frequency variable in both businesses.

謝謝。所以你們分享了你們的評估，我想是你們對發生率上升的初步評估，認為它像是一個階梯式的變化。我想我的擔憂是——從這個角度來看，如果我說錯請糾正——在團體失能與勞工補償這兩個業務上，我們目前的絕對發生頻率水準都相當低。我想我的擔憂是，從絕對值的角度來看，這可能會讓它更難回歸均值。所以我想聽聽你們對此的看法，以及在這兩個業務中，這個頻率變數的絕對水準目前大概處於什麼位置。

Yeah. I would say on both comp and disability, we've -- particularly in disability, we've enjoyed some strong results going back four or five years. So I think it's -- in my language, it's mean reverting now. Our customer base is very sophisticated. So they know how their book has performed. We've basically kept pricing flat to maybe slightly negative over the last couple of years.

是的。我會說在勞工補償和失能兩者上——尤其是失能——我們在過去四、五年享有一些強勁的結果。所以我認為——用我的說法——現在是在回歸均值。我們的客戶群非常成熟。所以他們知道自己的業務組合表現如何。過去幾年我們基本上維持保費定價持平，甚至略為負成長。

So I still think it is a profitable book. There are some dynamics, particularly related to mental health, related to paid family leave, where utilization tends to be higher. So all those are the things that we could eventually price for and get back to profitability.

所以我仍然認為這是一個有利可圖的業務組合。有一些動態因素，特別是與心理健康、帶薪家庭假相關的因素，會使得使用率傾向更高。因此，這些都是我們最終可以納入定價考量、並讓獲利能力回升的因素。

I think on the comp side, it's a little different, right? It's less mental health, maybe more, as we said, the environment related to healthcare, ACA, that's driving. I do think it is right now, our belief is it's a one-time step change here in 2026, and we'll have to see how things play out in 2027, but we're not expecting sort of another year of elevated frequency in '27 as we sit here today. But that's what I would say, Ryan. So hopefully, I scratched your itch.

我認為在勞工補償這邊就有點不同，對吧？心理健康的因素較少，可能更多是——如我們所說——與醫療保健環境、ACA（平價醫療法案）相關的因素在驅動。我確實認為，就目前而言，我們的看法是，這在 2026 年是一個一次性的階梯式變化；至於 2027 年會如何發展還要再觀察，但以我們目前的判斷，我們不預期在 2027 年還會再出現另一年偏高的頻率。Ryan，我大概就是這樣看。希望有回答到你的疑問。

Yeah, that's helpful. And then I'm just curious, obviously, when we've had incidence or frequency increases in the past, it could be somewhat economically correlated. It sounds like there might have been a little bit of that. I think Mo mentioned more white-collar knowledge economy type claims. Are you seeing anything rhyming between the increase in incidence in disability and frequency in workers' comp? Is there anything rhyming in terms of the type of claims that are coming in?

是的，這很有幫助。另外我也好奇，顯然過去當發生率或頻率上升時，有時會與經濟狀況有一定相關性。聽起來可能也有一點這樣的因素。我想 Mo 提到比較多是白領、知識經濟類型的理賠。你們是否看到失能的發生率上升與勞工補償的頻率上升之間，有任何相似之處？就進來的理賠類型而言，有沒有任何相似的地方？

No. And I don't think Mo said -- mentioned white collar at all. So maybe there was another call you're multitasking on. But yes, I think the only thing we'll say it again is there is a premise on healthcare-related activities, the cost, high deductible plans. And you've seen -- when we've seen spikes in frequency in the past, it tended to be an economic shock more than anything.

沒有。而且我不認為 Mo 有——完全沒有提到白領。所以也許你同時在聽另一通電話、在多工處理。不過是的，我想我們唯一要再說一次的是：有一個前提是與醫療保健相關的活動、成本，以及高自付額保險計畫。而且你也看到——過去當我們看到頻率出現尖峰時，往往更多是經濟衝擊所致，而不是其他因素。

Maybe you could say that the healthcare system is a minor adjustment or a minor disruptor that's creating some of the frequency issues. Time will tell, but we'll continue to use all our data and analytics and AI power to really try to uncover what is exactly happening in our 50 states.

也許你可以說，醫療體系是一個小幅調整或小幅干擾因素，正在造成部分頻率問題。時間會給出答案，但我們會持續運用我們所有的數據、分析與 AI 能力，努力釐清在我們 50 個州究竟發生了什麼。

We have reached the end of the question-and-answer session. I will now turn the call back to Kate Jorens for closing remarks.

問答環節到此結束。我現在把電話交回給 Kate Jorens 作結語。

Thanks for joining us today. As always, feel free to follow-up with any additional questions and have a nice day.

感謝各位今天加入我們。一如往常，如有任何其他問題，歡迎後續再與我們聯繫，祝各位有美好的一天。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。