Jackson Financial Inc (JXN) 2024 Q3 法說會逐字稿

Hello, and welcome to the Jackson Financial Inc. three Q '24 Earnings Call. My name is Harry, and I'll be your operator today. (Operator Instructions)

您好，歡迎參加 Jackson Financial Inc. 24 年第三季財報電話會議。我叫哈利，今天我將成為您的接線生。（操作員說明）

I would now like to hand the conference over to Liz Werner, Jackson Head of Investor Relations. Thank you. Please go ahead.

我現在想將會議交給傑克森投資者關係主管莉茲沃納 (Liz Werner)。謝謝。請繼續。

Good morning, everyone, and welcome to Jackson's Third Quarter 2024 Earnings Call. Today's remarks may contain forward-looking statements, which are subject to risks and uncertainties. These statements are not guarantees of future performance or events and are based upon management's current expectations. Jackson's filings with the SEC provide details on important factors that may cause actual results or events to differ materially.

大家早安，歡迎參加 Jackson 的 2024 年第三季財報電話會議。今天的言論可能包含前瞻性陳述，這些陳述存在風險和不確定性。這些陳述不是對未來績效或事件的保證，而是基於管理階層目前的預期。傑克森向美國證券交易委員會提交的文件提供了可能導致實際結果或事件出現重大差異的重要因素的詳細資訊。

Except as required by law, Jackson is under no obligation to update any forward-looking statements if circumstances or management's estimates or opinions should change.

除非法律要求，否則如果情況或管理層的估計或意見發生變化，傑克遜沒有義務更新任何前瞻性聲明。

Today's remarks also refer to certain non-GAAP financial measures. The reconciliation of those measures to the most comparable US GAAP figures is included in our earnings release, financial supplement and earnings presentation, all of which are available on the Investor Relations page of our website at investors.jackson.com.

今天的言論也涉及某些非公認會計準則財務指標。這些指標與最具可比性的美國公認會計準則數據的調節包含在我們的收益發布、財務補充和收益演示中，所有這些都可以在我們網站的投資者關係頁面上找到：investors.jackson.com。

Joining us today are our CEO, Laura Prieskorn, our CFO, Don Cummings; the President of Jackson National Life Distributors, Scott Romine; and our Chief Actuary, Steve Binioris, and the President and Chief Investment Officer of PPM, Craig Smith.

今天加入我們的有我們的執行長 Laura Prieskorn、我們的財務長 Don Cummings；傑克森全國人壽經銷商總裁羅明 (Scott Romine)；以及我們的首席精算師 Steve Binioris 和 PPM 總裁兼首席投資長 Craig Smith。

At this time, I'll turn the call over to our CEO, Laura Prieskorn.

此時，我會將電話轉給我們的執行長 Laura Prieskorn。

Good morning, everyone. Today, we will discuss Jackson's third quarter results and progress through the first nine months of the year. Our results reflect diversified and growing annuity sales, recent product and distribution initiatives and sustainable capital generation with three operating quarters completed with our captive Brook Re, we're realizing the benefits of greater capital stability, which are evident in our third quarter results.

大家早安。今天，我們將討論傑克森第三季的業績以及今年前九個月的進展。我們的業績反映了多元化和不斷增長的年金銷售、最近的產品和分銷計劃以及可持續的資本生成，透過我們自保的布魯克再保險完成了三個營運季度，我們正在實現更大的資本穩定性的好處，這在我們第三季的業績中顯而易見。

Beginning with slide 3, net income was a loss for the third quarter and positive over the full nine months. Importantly, we've experienced less volatility than prior periods with the formation of Brooke Re and achieved greater alignment between adjusted operating earnings, GAAP net income and statutory capital generation.

從投影片 3 開始，第三季淨利為虧損，但在整個九個月內為正。重要的是，隨著布魯克再保險的成立，我們經歷的波動性比之前的時期要小，並且調整後的營業收益、公認會計原則淨利潤和法定資本生成之間實現了更大的一致性。

Adjusted operating earnings were up in the third quarter compared to the same period last year and are also up comparatively on a year-to-date basis. Increased fee income, combined with greater investment spread income, once again supported strong earnings growth in our retail annuity segment.

第三季調整後營業利潤與去年同期相比有所成長，與年初至今相比也有所成長。費用收入的增加，加上投資利差收入的增加，再次支持了我們零售年金部門的強勁獲利成長。

Favorable equity markets and increasing sales resulted in a 9% growth in assets under management through the first nine months to more than $250 billion. The combination of product innovation, risk management, best-in-class service, scale and strong distribution partnerships continue to provide a solid foundation for sustainable growth.

有利的股票市場和不斷增長的銷售額導致前 9 個月管理資產增長 9%，達到 2500 億美元以上。產品創新、風險管理、一流的服務、規模和強大的分銷合作夥伴關係的結合繼續為永續成長提供堅實的基礎。

Total retail annuity sales exceeded $5 billion for the third quarter, up 59% from the third quarter of 2023 and up 25% from the second quarter of 2024, marking our highest and most diversified quarter of sales since becoming an independent company in September of 2021.

第三季零售年金銷售總額超過50 億美元，比2023 年第三季成長59%，比2024 年第二季成長25%，這是我們自2021 年9 月成為獨立公司以來銷售額最高、最多元化的季度。

Our RILA's segment hit record sales with more than $1.6 billion in the third quarter of 2024, bringing us to more than $4 billion over the first nine months of the year. Jackson Market Link Pro continues to grow as a RILA product of choice. And after three years of offering this product, we are a top 5 RILA provider according to LIMRA's Second Quarter 2024 sales ranking.

我們的 RILA 部門在 2024 年第三季創下了超過 16 億美元的銷售額紀錄，使我們在今年前 9 個月的銷售額超過 40 億美元。Jackson Market Link Pro 作為 RILA 的首選產品不斷發展。在提供該產品三年後，根據 LIMRA 2024 年第二季銷售排名，我們已成為排名前 5 的 RILA 供應商。

Over the past six months, we have seen additional sales from our new RILA offering in New York and our RILA with living benefit launched in April of this year. We continue to expand our distribution network announcing earlier this week that Jackson Market Link Pro II is now available to approximately 5,000 financial professionals with JPMorgan Wealth Management.

在過去的六個月裡，我們在紐約推出的新 RILA 產品以及今年 4 月推出的帶有生活福利的 RILA 增加了銷售額。我們繼續擴大我們的分銷網絡，本週早些時候宣布 Jackson Market Link Pro II 現已向摩根財富管理公司的約 5,000 名金融專業人士提供。

We look forward to providing this important partner and its clients' access to Jackson's unique product and industry-leading service as consumer demand for RILA continues to grow.

隨著消費者對 RILA 的需求不斷增長，我們期待為這一重要的合作夥伴及其客戶提供 Jackson 獨特的產品和領先業界的服務。

Our traditional variable annuity sales were $2.6 billion for the third quarter and continue to benefit from a favorable equity market with sales up 6% over the first nine months of the year. Jacking continues to meet the demands of a dynamic market, delivering flexible protection and income-oriented solutions to Americans planning for retirement.

第三季我們的傳統可變年金銷售額為 26 億美元，並繼續受益於有利的股票市場，今年前 9 個月的銷售額成長了 6%。Jacking 繼續滿足動態市場的需求，為計劃退休的美國人提供靈活的保護和以收入為導向的解決方案。

Most recently, we introduced Principal Guard guaranteed minimum accumulation benefit or GMAB, to our Elite Access variable annuity suite. This benefit provides policyholders the option to add valuable principal protection while maintaining investment flexibility. Our user-friendly digital capability also allow advisers and their clients to analyze how our Principal Guard benefit meets the clients' needs under a range of individual planning scenarios.

最近，我們在我們的 Elite Access 可變年金套件中引入了 Primary Guard 保證最低累積福利或 GMAB。這項好處為保單持有人提供了增加寶貴的本金保障的選擇，同時保持投資靈活性。我們用戶友好的數位功能還允許顧問及其客戶分析我們的首席警衛福利如何在一系列個人規劃場景下滿足客戶的需求。

We have a long history with fixed and fixed indexed annuities and have consistently offered a full range of competitive products that provide choice, flexibility and strong consumer value across the annuity spectrum.

我們在固定和固定指數年金方面擁有悠久的歷史，並始終如一地提供全系列的有競爭力的產品，為整個年金領域提供選擇、靈活性和強大的消費者價值。

Our continued monitoring of interest rates supported by our broad retail distribution network and increased capital generation stability with Brook Re in place enabled us to reengage in this market with targeted distribution partners delivering $1 billion in spread sales in the third quarter of 2024.

在我們廣泛的零售分銷網絡的支持下，我們對利率進行持續監控，並透過Brook Re 提高資本產生的穩定性，使我們能夠重新進入這個市場，目標分銷合作夥伴將在2024 年第三季度實現10億美元的利差銷售。

These spread sales further diversify our sales mix contribute to growth in our business improve our ratings profile, bring new advisers to Jackson and bring new money to the annuity space. We expect to remain active in the spread business while maintaining our disciplined and balanced approach to capital management.

這些價差銷售進一步使我們的銷售組合多樣化，有助於我們業務的成長，改善我們的評級狀況，為傑克森帶來新的顧問，並為年金領域帶來新的資金。我們預計將繼續活躍於價差業務，同時保持嚴格和平衡的資本管理方法。

In addition to growth in earnings and sales, we delivered increases in capital generation, holding company cash and capital return to shareholders. After-tax capital generation grew to $462 million for the third quarter of 2024 and more than $1 billion for the first nine months of the year.

除了獲利和銷售額的成長外，我們還增加了資本產生、控股公司現金和股東資本回報。2024 年第三季稅後資本產生增至 4.62 億美元，今年前 9 個月超過 10 億美元。

Holding company cash approached $650 million, including a $300 million distribution during the quarter from Jackson National Life. Our practice of periodic operating company dividends continues to contribute to our more stable RBC while positioning us to meet our financial objectives.

控股公司現金接近 6.5 億美元，其中包括 Jackson National Life 在本季分配的 3 億美元。我們定期經營公司股利的做法繼續有助於我們更穩定的 RBC，同時使我們能夠實現我們的財務目標。

Third quarter capital return rose to $167 million, and we are on track to deliver at the upper half of our $550 million to $650 million target for the year. Yesterday, we announced our Board's approval of a common stock dividend of $0.70 per share for the fourth quarter of 2024. and repurchased an additional $48 million of common shares between the end of the third quarter and Friday, November 1, leaving us with an outstanding share repurchase authorization of approximately $684 million. This provides flexibility and visibility into our 2025 opportunities for capital return.

第三季資本回報升至 1.67 億美元，我們預計將實現今年 5.5 億至 6.5 億美元目標的上半部分。昨天，我們宣布董事會批准2024 年第四季每股0.70 美元的普通股股息。普通股。這為我們 2025 年資本回報機會提供了靈活性和可見性。

As you can see on slide 4, we have consistently returned capital to our shareholders through both common shareholder dividends and share repurchases. The pace accelerated in 2024 with year-to-date per share capital return up 52% from the same period in 2023.

正如您在投影片 4 中看到的，我們一直透過普通股股東股利和股票回購向股東返還資本。2024 年這一步伐加快，年初至今每股資本回報率較 2023 年同期成長 52%。

On a cumulative basis since separation in 2021 we've returned nearly $1.7 billion to shareholders. We've consistently delivered on our capital return commitments while maintaining our financial strength and investing in our business. Our third quarter 2024 sales growth and capital generation were a result of our balanced approach to capital management.

自 2021 年分拆以來，我們已累積向股東返還近 17 億美元。我們始終如一地履行我們的資本回報承諾，同時保持我們的財務實力並投資於我們的業務。我們 2024 年第三季的銷售成長和資本產生得益於我們平衡的資本管理方法。

Turning to slide 5. We are on track to meet our annual financial targets for the fourth year in a row. Our estimated RBC ratio was up slightly from the second quarter and in range of 550% to 570%, well above our minimum of 425% and at a level to support continued growth. We ended the quarter with over $4.8 billion in statutory capital and believe our financial strength and continued capital generation position us well for future growth and capital return.

轉到投影片 5。我們預計連續第四年實現年度財務目標。我們估計的 RBC 比率較第二季度略有上升，範圍為 550% 至 570%，遠高於我們的最低 425%，處於支持持續增長的水平。本季末，我們的法定資本超過 48 億美元，我們相信我們的財務實力和持續的資本生成為我們未來的成長和資本回報奠定了良好的基礎。

At this time, I'd like to turn the call over to our CFO, Don Cummings.

此時，我想將電話轉給我們的財務長唐‧卡明斯 (Don Cummings)。

Thank you, Laura. I'll begin on slide 6 with our third quarter 2024 consolidated financial results. Adjusted operating earnings of $350 million were up 11% over the third quarter of last year. This significant growth in earnings was primarily due to higher fee income from growth in our variable annuity assets under management and higher earnings on spread products.

謝謝你，勞拉。我將從投影片 6 開始介紹我們 2024 年第三季的合併財務表現。調整後營業利潤為 3.5 億美元，比去年第三季成長 11%。收益的顯著成長主要是由於我們管理的可變年金資產成長所帶來的費用收入增加以及利差產品收益的增加。

We had a challenging comparable on a sequential basis with the nonrecurring 0payout annuity reserve release, benefiting second quarter earnings by $24 million after tax or $0.31 per share and the impact of higher market-related operating expenses in the third quarter.

與非經常性0支付年金準備金的發布相比，我們的環比業績具有挑戰性，使第二季度稅後收益增加2400萬美元，即每股收益0.31美元，並且受到第三季度市場相關運營費用增加的影響。

These market-related costs were particularly impactful in the third quarter of this year with Jackson's common share price up nearly 24% and the S&P 500 up over 5%, driving an increase in general and administrative expenses. Spread earnings benefited from gains in net investment income, primarily driven by the growth of our RILA block as well as higher portfolio yields on our bond portfolio. The investment portfolio supporting our spread products has continued to perform well.

這些與市場相關的成本在今年第三季影響尤其大，傑克遜的普通股價格上漲了近 24%，標準普爾 500 指數上漲了 5% 以上，推動了一般和管理費用的增加。利差收益受益於淨投資收入的成長，這主要是由我們的 RILA 區塊的成長以及我們的債券投資組合的更高的投資組合收益率所推動的。支持我們價差產品的投資組合持續表現良好。

The appendix of our earnings presentation provides information on our high-quality, diversified investment portfolio. This information includes insights into our commercial office loan portfolio, which is less than 2% of the investment portfolio. It also includes our exposure to below investment-grade securities which represents only 1% of the portfolio on a statutory basis.

我們收益報告的附錄提供了有關我們高品質、多元化投資組合的資訊。這些資訊包括對我們商業辦公貸款組合的深入了解，該組合佔投資組合的比例不到 2%。它還包括我們對低於投資等級的證券的曝險，以法定比例僅佔投資組合的 1%。

Before turning to notable items in the quarter, I want to highlight the growth in book value since year-end. Our adjusted book value attributable to common shareholders ended the third quarter $11.2 billion or $149.29 per diluted share, an increase of approximately 10% from year-end driven by our strong operating performance and common share repurchase activity.

在討論本季的值得注意的項目之前，我想強調一下自年底以來帳面價值的成長。截至第三季度，我們調整後的歸屬於普通股股東的帳面價值為112 億美元，即稀釋後每股149.29 美元，在我們強勁的經營業績和普通股回購活動的推動下，較年底增長約10%。

Adjusted operating return on equity was 13% for the nine months of this year, up from 11.6% in the comparable period of last year.

今年前 9 個月調整後的營運股本回報率為 13%，高於去年同期的 11.6%。

Slide 7 outlines the notable items included in adjusted operating earnings. Reported adjusted operating earnings per share were $4.60 for the current quarter. Adjusting for $0.28 of notable items and the difference in tax rates from our 15% guidance, earnings per share were $4.86 for the current quarter compared to $3.77 in the prior year's third quarter.

投影片 7 概述了調整後營業收入中包含的值得注意的項目。本季度報告的調整後每股營運收益為 4.60 美元。在調整 0.28 美元的重要項目以及與我們 15% 指導值的稅率差異後，當前季度的每股收益為 4.86 美元，而去年第三季的每股收益為 3.77 美元。

This strong earnings improvement was primarily due to the growth in assets under management and spread income benefits noted earlier as well as a reduction in diluted share count from the common share repurchase activity.

這種強勁的獲利改善主要是由於管理資產的成長和前面提到的利差收入收益，以及普通股回購活動稀釋後股票數量的減少。

The only notable item for the current quarter was a $0.28 negative impact from limited partnership results coming in below our 10% long-term assumption. As a reminder, the same item was a small benefit in both the first and second quarter of this year.

本季唯一值得注意的項目是有限合夥企業業績產生的 0.28 美元負面影響，低於我們 10% 的長期假設。提醒一下，同一個專案在今年第一季和第二季都是一個小福利。

Turning to slide 8. We've included a waterfall comparison of our third quarter pretax adjusted operating earnings of $411 million to the GAAP pretax loss attributable to Jackson Financial of $582 million. Before covering the results of our hedging program, I want to note that nonoperating results include $515 million in losses from business reinsurer to third parties.

轉到投影片 8。我們對第三季稅前調整後營業利潤 4.11 億美元與傑克遜金融公司 GAAP 稅前虧損 5.82 億美元進行了瀑布式比較。在介紹我們的對沖計畫的結果之前，我想指出，非經營績效包括商業再保險公司對第三方造成的 5.15 億美元損失。

This resulted from losses on a legacy funds withheld reinsurance treaty due to the change in the associated embedded derivative, net of the related investment income. Nonoperating items related to this reinsurance treaty can be volatile from period to period and have a minimal net impact on our adjusted book value.

這是由於相關嵌入衍生性商品的變動（扣除相關投資收入）導致遺留基金預扣再保險條約的損失所造成的。與該再保險條約相關的非經營項目可能會隨著時間的推移而波動，並且對我們調整後的帳面價值的淨影響很小。

Furthermore, these items do not impact Jackson's statutory capital generation or free cash flow. Exceeding the impact of this reinsurance treaty, we continue to see less volatility in GAAP income following the establishment of Brook Re at the beginning of this year.

此外，這些項目不會影響傑克森的法定資本產生或自由現金流。除了這項再保險條約的影響之外，自今年年初布魯克再保險成立以來，我們繼續看到 GAAP 收入的波動性較小。

Now turning to our hedging program. The net hedge result before DAC amortization was a loss of $295 million in the third quarter and a net hedge gain of $206 million for the first nine months of the year. As I discussed last quarter, the DAC amortization item is not an element of our hedging program or driven by current period activity. So we evaluate the results of our hedging before this item.

現在轉向我們的對沖計劃。DAC 攤銷前的淨對沖結果是第三季虧損 2.95 億美元，今年前 9 個月的淨對沖收益為 2.06 億美元。正如我上季度所討論的，DAC 攤銷項目不是我們對沖計劃的一部分，也不是由當期活動驅動的。所以我們在這個專案之前評估我們對沖的結果。

Our hedging results include a robust stream of guaranteed benefit fees that are derived from the benefit base rather than the account value which provides stability to the guarantee fees even in periods when markets decline as we experienced in 2022.

我們的對沖結果包括大量來自收益基礎而非帳戶價值的保證收益費用，即使在我們 2022 年經歷的市場下跌時期，這也為保證費用提供了穩定性。

During the third quarter, the net hedge result included a net gain on hedging instruments of about $600 million primarily due to gains on interest rate hedges in a quarter where interest rates were down across the yield curve. The gain on interest rate hedges was partially offset by losses on equity hedges and rising equity market environment.

第三季度，淨對沖結果包括對沖工具的淨收益約 6 億美元，這主要是由於利率在殖利率曲線上下降的季度的利率對沖收益。利率對沖收益部分被股票對沖損失和不斷上漲的股市環境所抵消。

Changes in net market risk benefits or net MRB, were driven in part by the same interest rate and equity market impacts, leading to a nearly $1.2 billion negative offset to the hedging instruments gain. It is important to note that in addition to market and interest rate impacts, there will be an MRB increase in each period as time passes due to the collection of fees.

淨市場風險收益或淨 MRB 的變化部分是由相同的利率和股市影響驅動的，導致對沖工具收益產生近 12 億美元的負抵消。需要注意的是，除了市場和利率的影響外，隨著時間的推移，由於收費，每個時期的MRB也會增加。

Additionally, the MRB change was negatively impacted by higher levels of market implied volatility during the third quarter which does not apply to Brook Re as the modified GAAP approach uses a fixed long-term volatility assumption.

此外，MRB 的變化受到第三季市場隱含波動率較高水準的負面影響，這不適用於布魯克再保險，因為修改後的 GAAP 方法使用固定的長期波動率假設。

The reserve and embedded derivative loss of $493 million during the third quarter, primarily reflects increases in RILA reserves resulting from higher equity markets. The RILA business continues to provide a natural equity risk offset to our guaranteed variable annuity business, which results in hedging efficiencies that increase as the RILA block grows.

第三季準備金和嵌入衍生性商品損失為 4.93 億美元，主要反映了股市上漲導致 RILA 準備金增加。RILA 業務繼續為我們的保證可變年金業務提供自然的股權風險抵消，這導致對沖效率隨著 RILA 區塊的成長而提高。

In summary, the change in the net MRB fees collected during the period as well as the reserve and embedded derivative movements should be viewed collectively when comparing to hedging instrument gains or losses that come through in our results.

總而言之，在與我們的結果中出現的對沖工具收益或損失進行比較時，應將期間收取的淨 MRB 費用的變化以及準備金和嵌入衍生品變動視為整體。

We believe this quarter's result demonstrates that our hedging program continues to be effective in improving the stability of our results and is working as expected with the establishment of Brook Re.

我們相信，本季的業績表明，我們的對沖計劃繼續有效地提高了業績的穩定性，並且隨著布魯克再保險的成立，其效果符合預期。

Our segment results begin on slide 9 and focus on the healthy new business profile of our Retail Annuities segment. Illustrated by growth of 59% from the third quarter of last year and 25% from the second quarter of this year. Our RILA product continues to gain momentum with third quarter sales reaching a record level of $1.6 billion, supporting further diversification in our top line growth.

我們的部門表現從投影片 9 開始，重點是零售年金部門健康的新業務概況。較去年第三季成長 59%，較今年第二季成長 25%。我們的 RILA 產品持續保持強勁勢頭，第三季銷售額達到 16 億美元的創紀錄水平，支持我們營收成長的進一步多元化。

As Laura mentioned, we expect continued growth in our RILA business to be supported by our recent launch of living benefit, the recent availability of one of Jackson's base RILA products in New York and our expanded distribution opportunities through financial professionals at JPMorgan Wealth Management.

正如Laura 所提到的，我們預計RILA 業務的持續成長將得到我們最近推出的生活福利、最近在紐約推出的Jackson 基礎RILA 產品之一以及我們透過摩根大通財富管理公司的金融專業人士擴大的分銷機會的支持。

Sales of variable annuities remained strong, growing from the third quarter of last year and broadly flat compared to the second quarter of this year. We continue to believe there is a long-term underlying demand for lifetime income products.

可變年金的銷售依然強勁，比去年第三季有所成長，與今年第二季相比基本持平。我們仍然相信終身收入產品有長期的潛在需求。

VAs with guarantees are well positioned for the millions of Americans who retire each year and need additional asset growth and income certainty. During the third quarter, we successfully leveraged our broad retail annuity distribution platform to drive growth in fixed annuity sales and delivered $1 billion of fixed and fixed index annuity sales in the quarter.

有擔保的退伍軍人服務非常適合每年退休並需要額外資產增長和收入確定性的數百萬美國人。第三季度，我們成功利用廣泛的零售年金分銷平台推動固定年金銷售成長，並在本季度實現了 10 億美元的固定和固定指數年金銷售。

This was a strong quarter in the fixed annuity market, both for Jackson and the industry as consumers look to lock in crediting rates during a quarter with declining interest rates.

對於傑克遜和整個行業來說，這是固定年金市場的強勁季度，因為消費者希望在利率下降的季度鎖定貸記利率。

While we expect our distribution efforts to continue to deliver higher levels of fixed annuity sales relative to the last few years, we expect near-term volumes will be below third quarter levels. The sales we generated in RILA and other Sprint products translated to $2.5 billion of nonvariable annuity net flows in the third quarter, which has grown materially over time.

雖然我們預計我們的分銷工作將繼續實現比過去幾年更高水準的固定年金銷售，但我們預計近期銷量將低於第三季的水平。我們在 RILA 和其他 Sprint 產品中產生的銷售額在第三季轉化為 25 億美元的非可變年金淨流量，並且隨著時間的推移而大幅成長。

These net flows provide valuable economic diversification and hedging efficiency benefits. Importantly, our overall sales mix remains capital efficient, and the stability in capital following the formation of Brook Re provides us the opportunity to allocate some capital to spread products in support of further diversification of our business going forward.

這些淨流量提供了寶貴的經濟多元化和對沖效率效益。重要的是，我們的整體銷售組合保持了資本效率，布魯克再成立後資本的穩定性使我們有機會分配一些資本來傳播產品，以支持我們未來業務的進一步多元化。

We remain focused on our consistent balanced approach to capital return while maintaining our financial strength and investing in our business.

我們仍然專注於一貫平衡的資本回報方法，同時保持我們的財務實力並投資於我們的業務。

Looking at pretax adjusted operating earnings for our segments on slide 10, higher equity markets in a continued positive environment for spread products have driven solid growth in our Retail Annuity segment compared to the third quarter of last year.

從投影片 10 中各部門的稅前調整後營運收益來看，在利差產品持續積極的環境下，股市上漲推動了我們的零售年金部門與去年第三季相比的穩健成長。

Excluding the impact of a nonrecurring gain from previously disclosed payout annuity reserve releases in the second quarter, earnings for retail annuities were up about 5% on a sequential basis. Jackson's earnings power is supported by the growing level of assets under management as healthy separate account returns, combined with growing nonvariable annuity net flows have built our total retail annuity AUM up to $256 billion, an increase of 18% from the third quarter of last year.

排除先前揭露的第二季支付年金準備金釋放帶來的非經常性收益的影響，零售年金收益環比增長約5%。Jackson 的獲利能力得到了不斷增長的管理資產水平的支持，健康的獨立帳戶回報，加上不斷增長的非可變年金淨流量，使我們的總零售年金AUM 達到2,560 億美元，比去年第三季度增長18% 。

Importantly, the positive separate account performance has offset our retail annuity net outflows by over $21 billion in the first nine months of this year including the impact of elevated surrenders of variable annuities coming out of their surrender charge period.

重要的是，積極的獨立帳戶表現抵消了今年前 9 個月超過 210 億美元的零售年金淨流出，其中包括退保收費期後可變年金退保增加的影響。

For our institutional segment, pretax adjusted operating earnings were down from the third quarter of last year, primarily due to reductions in average AUM from $2.2 billion of maturities year-to-date. We have experienced increased new business activity this year with over $1.5 billion in year-to-date sales and what we believe to be a strong start to the fourth quarter.

對於我們的機構部門，稅前調整後營業利潤較去年第三季有所下降，主要是由於平均資產管理規模較年初至今的 22 億美元到期有所減少。今年我們的新業務活動有所增加，年初至今的銷售額超過 15 億美元，我們相信這是第四季度的強勁開局。

Our Closed Life and Annuity Blocks segment reported pretax adjusted operating earnings that were broadly unchanged from the third quarter of last year and down from the second quarter of this year due to comparatively stronger results from updating future policy cash flow assumptions in the second quarter.

我們的封閉式人壽和年金業務部門報告的稅前調整後營業利潤與去年第三季度基本持平，並且比今年第二季度有所下降，因為第二季度更新未來保單現金流假設的結果相對強勁。

Slide 11 summarizes our strong capital and liquidity position. The profitability of our in-force business, including the variable annuity based contract and a onetime benefit from the corporate alternative minimum tax provided substantial capital generation of $462 million during the third quarter. Consistent with our prior guidance for smaller period distributions from Jackson National Life, $300 million was distributed during the third quarter.

投影片 11 總結了我們強大的資本和流動性狀況。我們有效業務的盈利能力，包括基於可變年金的合約和企業替代最低稅的一次性收益，在第三季度提供了 4.62 億美元的大量資本生成。與我們先前對 Jackson National Life 小額分配的指引一致，第三季分配了 3 億美元。

After accounting for the impact of this distribution and the related reduction in deferred tax asset admissibility, Jackson's total adjusted capital, or TAC, increased and ended the quarter at $4.8 billion. Our statutory capital generation of $1.1 billion through the first nine months of this year has exceeded our original guidance when measured on an after-tax basis before dividends and distributions.

在考慮到這種分配的影響以及遞延稅資產可接受性的相關減少後，傑克森的調整後資本總額（TAC）增加，本季末達到 48 億美元。以股利和分配前的稅後基礎衡量，我們今年前 9 個月的法定資本產生為 11 億美元，超出了我們最初的指導。

We believe this after-tax measure of capital generation provides the most insight into the underlying strength of our business and provides the foundation for making capital allocation decisions about future organic growth, pursuit of strategic opportunities and return of capital to shareholders.

我們相信，這種資本產生的稅後衡量標準可以最深入地了解我們業務的潛在實力，並為制定有關未來有機成長、追求策略機會和向股東資本回報的資本分配決策奠定基礎。

That said, we understand the value of reflecting the change in company action level required capital or CAL when measuring free capital generation. Reflecting the change in CAL, our free capital generation was over $850 million through the first nine months of this year, which we believe puts us on a pace to exceed $1 billion for the full year on this measure as well.

也就是說，我們理解在衡量自由資本生成時反映公司行動水準所需資本或 CAL 變化的價值。今年前 9 個月，我們的自由資本產生超過 8.5 億美元，這反映了 CAL 的變化，我們相信，根據這項指標，我們全年也有望超過 10 億美元。

Regardless of the way you measure capital generation, we have thus far outperformed our guidance provided earlier this year, and we believe we remain well positioned for continuing our balanced approach to capital management heading into 2025.

無論您以何種方式衡量資本生成，迄今為止，我們的表現都超出了今年早些時候提供的指導，並且我們相信，我們仍然處於有利位置，可以在 2025 年繼續採用平衡的資本管理方法。

CAL has continued to remain stable following the formation of Brook Re as was apparent in our third quarter results with estimated CAL slightly higher, reflecting growth in fixed annuity sales partially offset by overall investment portfolio activity.

布魯克再保險成立後，CAL 繼續保持穩定，這在我們第三季度的業績中顯而易見，預計 CAL 略高，反映出固定年金銷售的增長被整體投資組合活動部分抵消。

Our estimated RBC ratio was up slightly from the second quarter and in the range of 550% to 570% and remains well above our minimum of 425%. We are also pleased with Brooke Re's third quarter performance which is operating as expected and remains capitalized well above our minimum operating capital level. Our holding company cash and highly liquid asset position at the end of the quarter grew to nearly $650 million, which continues to be above our minimum buffer.

我們估計的 RBC 比率較第二季略有上升，介於 550% 至 570% 之間，仍遠高於我們的最低值 425%。我們也對布魯克再保險第三季的業績感到滿意，該業績符合預期，且資本仍遠高於我們的最低營運資本水準。截至本季末，我們的控股公司現金和高流動性資產部位成長至近 6.5 億美元，繼續高於我們的最低緩衝水準。

The extraordinary dividend from Jackson National Life this quarter is consistent with the goal of stabilizing RBC compared to our past practice of a sizable annual dividend. We believe our robust capital position provides a strong financial base for future operating company dividends.

與我們過去大量年度股息的做法相比，傑克遜國民人壽本季的非凡股息與穩定加拿大皇家銀行的目標是一致的。我們相信，我們穩健的資本狀況為未來營運公司股利提供了堅實的財務基礎。

We returned $167 million to common shareholders during the quarter through share repurchases and dividends. And year-to-date, we have returned $483 million or $6.24 per share. A strong pace relative to our 2024 target of $550 million to $650 million. Our strong capital generation and growing holding company and liquidity position should allow us to finish 2024 in the upper half of our targeted capital return range.

本季我們透過股票回購和股利向普通股股東返還 1.67 億美元。今年迄今為止，我們已返還 4.83 億美元，即每股 6.24 美元。相對於我們 2024 年 5.5 億至 6.5 億美元的目標，這一速度強勁。我們強大的資本產生能力、不斷成長的控股公司和流動性狀況將使我們能夠在 2024 年完成目標資本回報範圍的上半部。

Overall, I'm very pleased with our third quarter results, which demonstrate positive momentum in sales, earnings, capital generation, holding company liquidity and capital return.

總體而言，我對我們第三季的業績感到非常滿意，這顯示出銷售、獲利、資本產生、控股公司流動性和資本回報方面的積極勢頭。

I'll now turn the call back to Laura.

我現在將電話轉回給勞拉。

Thank you, Don. Our third quarter results and cumulative progress through the first nine months demonstrate Jackson's business strength, market leadership and sustainable capital generation. As we look forward to completing another year as an independent company, our focus on execution and capital discipline is strong. We remain committed to profitable growth serving all stakeholders and enhancing shareholder value over the long term, including our commitment to capital return.

謝謝你，唐。我們第三季的業績和前九個月的累積進展證明了傑克森的業務實力、市場領導地位和可持續的資本生成。當我們期待著作為一家獨立公司完成另一年的工作時，我們非常注重執行力和資本紀律。我們仍然致力於實現獲利成長，為所有利害關係人服務，並長期提高股東價值，包括我們對資本回報的承諾。

As always, I'd like to acknowledge our talented Jackson team. Their dedication to our purpose of helping Americans achieve financial freedom for life is our greatest strength. The opportunity to work alongside our associates is ever rewarding as we continue to deliver against our strategic and operational goals while supporting our clients, our distribution partners, our communities and each other.

一如既往，我要感謝我們才華洋溢的傑克森團隊。他們致力於幫助美國人實現終身財務自由，這是我們最大的優勢。與我們的員工一起工作的機會是非常有益的，因為我們將繼續實現我們的策略和營運目標，同時支持我們的客戶、我們的分銷合作夥伴、我們的社區和彼此。

At this time, I'll turn it over to the operator for questions.

這時候我就把它交給接線生詢問。

(Operator Instructions)

（操作員說明）

Alex Scott with Barclays.

巴克萊銀行的亞歷克斯·斯科特。

Hi, good morning. First question I wanted to ask is just on the strong statutory earnings this quarter, and I think there was part of it that was nonrecurring, and you all have been pretty clear about the expectation there. But I wanted to understand like how much of an offset do you exact from growing the business, just acknowledging the strength in RILA sales and so forth? Like how much sort of net uplift RBC that is more readily available to send to the holding company do you expect to have annually?

嗨，早安。我想問的第一個問題是關於本季強勁的法定收益，我認為其中一部分是非經常性的，你們都非常清楚那裡的預期。但我想知道，僅僅承認 RILA 銷售等方面的實力，您會從業務成長中獲得多少補償？例如您預計每年有多少 RBC 淨增值可以更容易發送給控股公司？

Alex, it's Don. Yes, I'll take your question. So in terms of capital usage for new business, we feel really comfortable with our current capital mix. We do believe that's relatively capital efficient. And that could change obviously as we see opportunities going forward to diversify our mix but we're pretty comfortable.

亞歷克斯，這是唐。是的，我會回答你的問題。因此，就新業務的資本使用而言，我們對目前的資本結構感到非常滿意。我們確實認為這是相對資本效率較高的。隨著我們看到未來有機會使我們的組合多樣化，這種情況可能會明顯改變，但我們對此感到非常滿意。

And I think one example of the flexibility that we have there is with the increased level of fixed annuity sales that we saw in the quarter, we were able to do that. And there obviously was a little bit of a capital impact related to that on the required side, but that was kind of largely offset with some normal portfolio activity.

我認為我們擁有靈活性的一個例子是我們在本季看到的固定年金銷售水準的增加，我們能夠做到這一點。顯然，有一點與所需方面相關的資本影響，但這在很大程度上被一些正常的投資組合活動所抵消。

In terms of RILA's strength, I think there's kind of a minimal impact coming through TAC in the current quarter. But as we bring on more assets, there is obviously, there's a capital they have to put up to support those growing level of assets. But in general, we're pretty comfortable with our product mix and feel that it's quite manageable going forward.

就 RILA 的實力而言，我認為本季 TAC 的影響微乎其微。但隨著我們引入更多資產，顯然他們必須投入資本來支持不斷增長的資產水準。但總的來說，我們對我們的產品組合非常滿意，並認為未來的發展是相當容易管理的。

Okay. Second one I have is on Brooke Re and I know there's a little bit of noise just around the hedging this quarter, but as we think through that structure, I think over time, you guys have said there is positive margin between the fees and the cost of hedging there on these riders, what point would you have the confidence to actually take a common dividend and have that help the overall cash flow of the company. And I appreciate you said it up recently, but I'm just sort of interested in the more medium and long term there.

好的。我的第二個是關於布魯克再保險公司，我知道本季的對沖周圍有一些噪音，但當我們思考這個結構時，我認為隨著時間的推移，你們已經說過費用和利潤之間存在正利潤率。我很感激你最近這麼說，但我只是對中長期的情況感興趣。

Yeah. So in terms of Brooke Re, as you pointed out, it's -- we've got three quarters now of experience operating with Brooke Re in place. And we do expect that over time, it will be capital generative. And if you look at just the results through the first nine months, we have seen some growth in the equity there. We don't have any expectations here in the near term to take any capital out of Brooke Re. We think we've got sufficient capital generation occurring at JNL and continue to see that growing a bit and think that, that will be sufficient to fund our near-term capital return targets.

是的。因此，就布魯克再保險而言，正如您所指出的，我們現在已經擁有四分之三的與布魯克再保險合作的經驗。我們確實預計，隨著時間的推移，它將產生資本。如果你只看前九個月的結果，我們會看到那裡的股本有所成長。我們預計短期內不會從布魯克再保險獲得任何資金。我們認為 JNL 已經產生了足夠的資本，並且繼續看到這一增長，並認為這將足以為我們的近期資本回報目標提供資金。

Suneet Kamath with Jefferies.

蘇尼特·卡馬斯和杰弗里斯。

I just wanted to talk about the capital generation. Your comment that you're running over $1 billion year-to-date. But if we look at the holdco dividends, they're about half that level. And I know 2024 is a little bit of an odd year because of the whole setup of Brooke Re. But is your expectation that in a normal year over a 12-month period, you would send $1 billion to the holding company?

我只是想談談資本的產生。您的評論稱，今年迄今為止您的營運金額已超過 10 億美元。但如果我們看看控股公司的股息，它們大約是這個水準的一半。我知道 2024 年是有點奇怪的一年，因為布魯克再保險公司的整體設置。但您是否預計在正常年份的 12 個月期間內，您會向控股公司匯出 10 億美元？

Yes. Thanks for that, Suneet. So obviously, 2024, as you highlighted, is a little unique. We didn't really have a distribution up to the holding company in the first quarter because we use some of that capital to fund the establishment of Brooke Re. And in terms of future capital generation, it will continue to depend on the performance of our business.

是的。謝謝你，蘇尼特。顯然，正如您所強調的，2024 年有點獨特。第一季我們並沒有真正向控股公司進行分配，因為我們使用其中一些資本來資助布魯克再保險公司的成立。就未來的資本產生而言，它將繼續取決於我們業務的表現。

So we would fully expect to continue with our approach of periodic distribution of capital. And as I said, it's going to depend on the level of performance that we have in terms of generating capital. So I don't want to give you a guide at this point. As you know, we typically publish our capital return targets in connection with our fourth quarter results. So as part of that, we'll be sharing what our plan is.

因此，我們完全期望繼續採用定期分配資本的方法。正如我所說，這將取決於我們在產生資本方面的績效水準。所以我現在不想給你指導。如您所知，我們通常會發布與第四季業績相關的資本回報目標。因此，作為其中的一部分，我們將分享我們的計劃。

If you look back at our track record since we've been a public company, I think you'll see a sort of consistent balanced approach in terms of growing the level of capital return that we have. I'm anticipating if the business continues to perform as expected, that we will see some increase in the level of our capital return for 2025.

如果您回顧我們成為上市公司以來的業績記錄，我認為您會看到在提高我們的資本回報水平方面採取了一致的平衡方法。我預計，如果業務繼續按預期表現，我們將看到 2025 年資本回報水準有所提高。

Okay. Got it. And then I guess my other question was -- and I think you hit on this in your prepared remarks, but when you price and hold capital for RILA, are you holding capital sort of on a stand-alone basis? Or are you embedding that diversification benefit that you get with the traditional VA business?

好的。知道了。然後我想我的另一個問題是——我認為你在準備好的發言中提到了這一點，但是當你為 RILA 定價並持有資本時，你是否是在獨立的基礎上持有資本？或者您將傳統 VA 業務獲得的多元化優勢融入其中？

Yeah. No. When we're pricing, it's done on a stand-alone basis. So we don't take into account the offset that we get with the VA business. That does come through, as we've talked about on prior calls and our hedging results to the extent it allows us to do less -- lower levels of external hedging. We do get a benefit from that. But in terms of pricing, we don't take that into account. It's really done on a stand-alone basis.

是的。不。當我們定價時，它是在獨立的基礎上完成的。因此，我們沒有考慮透過 VA 業務獲得的抵銷額。正如我們在之前的電話會議中所討論的那樣，這確實實現了，我們的對沖結果使我們能夠減少外部對沖的水平。我們確實從中受益。但在定價方面，我們沒有考慮到這一點。它確實是在獨立的基礎上完成的。

Got it. And if I could just sneak one more in. One of your competitors earlier this year has talked about pretty sizable basis risk year-to-date, I guess, just given how skewed the S&T's performance has been from a handful of stocks. Are you seeing any of that in your results?

知道了。如果我能再偷偷溜進去一次就好了。我想，今年早些時候，你的一位競爭對手已經談到了今年迄今為止相當大的基差風險，只是考慮到少數股票的 S&T 業績偏差。您在結果中看到這些內容了嗎？

Yeah. So basis risk for the quarter was fairly muted for us. And the first 2 quarters of the year, we did see a little bit of basis risk. It was kind of positive in first quarter, offset by negative result in the second, I believe. But on a year-to-date basis, it's been fairly modest.

是的。因此，本季的基差風險對我們來說相當溫和。今年前兩個季度，我們確實看到了一些基差風險。我相信，第一季的業績是正面的，但被第二季的負面結果所抵銷。但從今年至今來看，這數字相當溫和。

We do have a very rigorous approach in terms of managing the funds that are available on our platform. And I think that's one of the things that we use to help manage that. We also use a number of different indices in our hedging approach. So based on all of that, we haven't seen a significant impact from basis risk year-to-date.

在管理我們平台上可用的資金方面，我們確實採取了非常嚴格的方法。我認為這是我們用來幫助管理這個問題的方法之一。我們也在對沖方法中使用許多不同的指數。因此，基於所有這些，我們今年迄今尚未看到基差風險產生重大影響。

(Operator Instructions)

（操作員說明）

Ryan Krueger with Keefe, Bruyette, & Woods.

瑞安·克魯格與基夫、布魯耶特和伍茲。

First one was on for Brooke Re. Can you provide us a little more color on or at least quantification on how the capital has moved at Brooke Re on a year-to-date basis at this point?

第一個是布魯克雷（Brooke Re）。您能否為我們提供更多關於布魯克再保險今年迄今為止的資本流動情況的信息，或者至少是量化的信息？

Yeah. So we obviously are not currently disclosing the exact financials of Brooke Re. I think, consistent with other companies that have captive arrangements. As I mentioned, we have seen some growth there. It's not a huge amount, but I don't really want to quantify it at this point.

是的。因此，我們目前顯然沒有披露布魯克再保險的確切財務狀況。我認為，這與其他擁有自保安排的公司是一致的。正如我所提到的，我們在那裡看到了一些增長。這並不是一個很大的數字，但我現在並不想量化它。

I would say that just as a reminder, we did put of $700 million in, in terms of the initial capitalization of Brooke Re. And the other kind of component of equity that exists there is the asset related to the MRB or the variable annuity guarantees. And the combined results of both of those have grown in the first nine months.

我想說的是，作為提醒，我們確實為布魯克再保險公司的初始資本投入了 7 億美元。存在的另一個權益組成部分是與 MRB 或可變年金擔保相關的資產。前九個月，這兩者的綜合業績均有所成長。

Okay. Got it. And then when I look at the market risk benefits roll forward, it looks like there's been a fairly consistent amount of negative impact from actual policyholder behavior versus your expectation at $514 million year-to-date. Can you give some additional info on what is driving that? And how to think about that as we go forward?

好的。知道了。然後，當我查看未來的市場風險收益時，實際投保人行為所產生的負面影響與您年初至今 5.14 億美元的預期相比似乎相當一致。您能否提供一些有關驅動因素的額外資訊？當我們前進時如何思考這個問題？

Sure, Ryan. So what ends up in the sort of the unexpected component of the MRB roll forward is essentially related to lapse activity and withdrawals. And our lapse rate assumptions are set on a kind of a long-term view of what we expect to happen.

當然，瑞安。因此，MRB 前滾的意外部分最終與失效活動和提款有關。我們的失敗率假設是基於對我們期望發生的情況的一種長期看法而設定的。

And from quarter-to-quarter on a short-term basis, you can see some variability in that. But really, assumptions are set more on a long-term basis. And as you know, Jackson goes through a process of updating its actuarial assumptions in the fourth quarter. And I don't want to get ahead of that, but we will -- we will be doing that. We're actually going through the final phases of that now, and we'll be reporting that out along with our fourth quarter results.

從短期來看，你可以看到每季的變化。但實際上，假設更多的是基於長期的基礎而設定的。如您所知，傑克遜在第四季度經歷了更新精算假設的過程。我不想提前，但我們會——我們會這麼做。實際上，我們現在正在經歷最後階段，我們將與第四季度的業績一起報告這一點。

Just one quick follow-up to that. Is this -- is what's happening currently mostly lower-than-expected lapse rate? Has that been the short-term deviation?

只是對此的一個快速跟進。目前發生的情況是不是大多數情況下的失誤率都低於預期？這是短期偏差嗎？

No, it's actually the other way around. As we've talked about when equity markets are really strong, like we've seen this year. We do tend to see a higher level of lapse rates or policyholders withdrawing their money. So it's higher lapse.

不，實際上恰恰相反。正如我們所討論的，股市何時真正強勁，就像我們今年所看到的那樣。我們確實傾向於看到更高水準的失效率或保單持有人撤回資金。所以失誤率比較高。

Tom Gallagher with Evercore ISI.

湯姆·加拉格爾 (Tom Gallagher) 與 Evercore ISI。

A few questions. First, just on the hedging. The -- I guess, excluding the equity vol which you -- it's excluded for purposes of Brooke Re capital. It looks like you had about $130 million of hedging losses in the quarter. Just curious what caused the hedging losses, which factors?

有幾個問題。首先，只是對沖。我想，不包括您的股權卷——出於布魯克再資本的目的，它被排除在外。看來您本季的對沖損失約為 1.3 億美元。只是好奇是什麼導致了對沖損失，哪些因素？

And how big of a loss when we think about hedging in Brooke Re? How big of a loss or how much of breakage would you need to see before there would be some capital implications? It sounds like you have a pretty big buffer there, but just want to get a broad sense for what that would look like.

當我們考慮布魯克再保險的對沖時，損失有多大？在產生一些資本影響之前，您需要看到多大的損失或多少破損？聽起來你在那裡有一個相當大的緩衝區，但只是想大致了解它的樣子。

Yeah. So just in terms of the level of hedging losses and the math you did there with subtracting out the volatility. It sounds like you're on the right track. We don't view volatility as kind of a core risk embedded within our guarantees.

是的。因此，就對沖損失的水平以及您在減去波動性時所做的數學計算而言。聽起來你走在正確的軌道上。我們不認為波動性是我們擔保中嵌入的核心風險。

And so rather than developing a fairly costly hedging approach to cover off volatility, that's what led us to setting the fixed volatility assumption within our modified GAAP approach at Brooke Re. And we do accept that, that's going to create a little bit of variability in the GAAP results that show up in our nonoperating results. So that's the point on volatility.

因此，我們沒有開發一種成本相當高的對沖方法來抵消波動性，而是在布魯克再保險修改後的 GAAP 方法中設定了固定波動性假設。我們確實接受這一點，這將在我們的非經營業績中顯示的 GAAP 結果中產生一點變化。這就是波動性的要點。

And in terms of the level of losses that we would be able to sustain at Brooke Re prior to putting in any capital. If you go back to our original disclosures around the establishment of Brooke Re, we set it up intentionally to be sort of self-sustaining.

就我們在投入任何資本之前布魯克再保險能夠承受的損失水平而言。如果你回顧我們關於布魯克再保險成立的最初披露，我們有意將其設置為一種自我維持的形式。

And so we do feel like we have a pretty strong buffer there and well above the minimum operating capital that's required for a regulatory basis. We also have internal risk levels that we monitor quite regularly, and we feel good about that. And really feel like we're in a strong position in terms of Brooke Re.

因此，我們確實覺得我們在那裡擁有相當強大的緩衝，並且遠高於監管基礎所需的最低營運資本。我們也定期監控內部風險水平，我們對此感覺良好。確實感覺我們在布魯克再保險方面處於有利地位。

It would take a very significant market event cause a capital issue. I think as we've disclosed on prior calls, that would typically be very high levels of volatility combined with really significant equity stresses or equity and interest rate stresses combined. So think of events like the global financial crisis in the '07, '08 period or potentially similar to the COVID shock in 2020, would be the scenario where we could potentially need some additional capital for Brooke Re.

只有非常重大的市場事件才會導致資本問題。我認為，正如我們在先前的電話會議中所揭露的那樣，這通常是非常高的波動性加上真正重大的股票壓力或股票和利率壓力的組合。因此，想想 07 年、08 年期間的全球金融危機或可能類似於 2020 年的新冠疫情衝擊等事件，我們可能需要為布魯克再保險提供一些額外的資金。

That's helpful, Don. So as a bright line test with the $700 million of hard assets that you funded with initially, if that if you went through that, would that be one way to think about it? Because I know you have other equity, but the rest of the equity that's been created there which is essentially an embedded gain from the embedded derivatives doesn't really feel like real equity. I mean, I don't know if the regulator views it that way.

這很有幫助，唐。因此，作為您最初資助的 7 億美元硬資產的明確測試，如果您經歷了這個過程，這會是一種思考方式嗎？因為我知道你還有其他股權，但在那裡創造的其餘股權本質上是嵌入式衍生品的嵌入式收益，但感覺並不像真正的股權。我的意思是，我不知道監管者是否這麼認為。

But just curious like how you -- is that a reasonable initial level to think about if you depleted that $700 million, which obviously you're way away from that because you have year-to-date gains, but just trying to understand like a bright line level.

但就像你一樣好奇——如果你耗盡了這7 億美元，這是否是一個合理的初始水平，顯然你離這個水平還很遠，因為你有今年迄今為止的收益，但只是想像一個人一樣理解亮線水平。

Yeah. We don't have a bright line just related to the $700 million, recall that, that was our initial capital or hard assets, if you will, that we put into the company. Each order, we settle up on the results of the business with Brook Re. And so the hard assets have actually grown as well over the first nine months of the year.

是的。我們沒有與 7 億美元相關的明確界限，請記住，這是我們投入公司的初始資本或硬資產（如果你願意的話）。每一份訂單，我們都會與 Brook Re 結算業務結果。因此，今年前九個月的硬資產實際上也有所成長。

Got you. And then just the.

明白你了。然後就只是。

Sorry, Tom, just to close that out, we don't really have a bright line. We do have with us metrics that we monitor which are kind of scenario based and we look at it very, very closely. But there's no bright line dollar amount that we guide you to.

抱歉，湯姆，最後，我們並沒有真正明確的界線。我們確實有監控的指標，這些指標是基於場景的，我們會非常非常仔細地研究它。但我們並沒有指導您明確的金額。

Got you. And then I just -- my follow-up is just on sales. The big ramp-up in fixed and FIA sales in Q3. I heard your comments about -- I think you said probably not going to stay at that level. But I guess my question is that's probably the most competitive part of the life insurance market. That's where all the alternative managers are operating.

明白你了。然後我只是——我的後續行動只是銷售。第三季固定車和 FIA 銷量大幅成長。我聽到你的評論——我想你說可能不會停留在那個水平。但我想我的問題是這可能是人壽保險市場最具競爭力的部分。這就是所有另類經理人運作的地方。

How do you think about stand-alone ROEs? Like I heard everything you said about diversification. That all makes sense. But I can't imagine these are particularly high return sales like RILA, in my view, probably a much better quality sale for you.

您如何看待獨立的 ROE？就像我聽到了你所說的關於多元化的一切。這一切都是有道理的。但我無法想像這些像 RILA 一樣回報率特別高的銷售，在我看來，對您來說可能是品質更好的銷售。

So why like enter into that market in such a big way if that's, in fact, where most of the competition is intense in pricing, I don't know that's a bit of a rambling question, but what kind of returns do you think you're actually getting on those product sales?

那麼，為什麼要大舉進入這個市場，如果事實上，大多數競爭在定價方面都很激烈，我不知道這是一個有點漫無目的的問題，但你認為你會獲得什麼樣的回報這些產品的銷量真的有增加嗎？

Good morning Tom, and thank you for that question. Yes, I'll have Scott addressed the drivers for the sales and then Don can address the return question. But year-to-date, we've seen very constructive characteristics for annuity sales overall across all different annuity types.

早安，湯姆，謝謝你提出這個問題。是的，我會讓斯科特解決銷售驅動因素，然後唐可以解決退貨問題。但今年迄今為止，我們已經看到所有不同年金類型的年金銷售總體上都具有非常有建設性的特徵。

And we've seen very rational behavior out of our peers as well. So across the entire industry, we're seeing growth in markets for each annuity type. And Scott can share our view on what's driving those increased sales.

我們也看到了同行的非常理性的行為。因此，在整個行業中，我們看到每種年金類型的市場都在成長。斯科特可以分享我們對推動銷售成長的因素的看法。

Yeah. Thanks, Laura, and thanks for the question, Tom. I mean there's similar drop, it starts with demand. I mean you've heard virtually every firm in our industry talk about favorable demographics. And the reason why is because that opportunity is real.

是的。謝謝勞拉，謝謝湯姆的提問。我的意思是，也有類似的下降，這是從需求開始的。我的意思是，您幾乎聽過我們行業中的每家公司都在談論有利的人口統計。原因是因為這個機會是真實的。

It's not just the number of Americans turning 65 to have the need, but the number of Americans that now are responsible for funding their own retirement and the need for protection, for growth, for lifetime income is stronger than ever.

不僅僅是年滿 65 歲的美國人有這種需求，而且現在有責任為自己的退休生活提供資金的美國人數量以及對保護、增長和終身收入的需求比以往任何時候都更加強烈。

It's also another driver is the number of solutions that are available as Laura pointed out, it really highlights the importance of having product solutions that are available that have strong consumer value across the entire risk spectrum, whether it's the growth potential of VA, the protected growth of RILA or the principal guarantee of spread that's important to -- overall to Jackson sales and diversification.

正如Laura 指出的那樣，另一個驅動因素是可用解決方案的數量，這確實凸顯了擁有在整個風險範圍內具有強大消費者價值的可用產品解決方案的重要性，無論是VA 的成長潛力，受保護的RILA 的成長或傳播的主要保證對於傑克遜的整體銷售和多元化非常重要。

Another driver is really the number of advisers that are now using annuity solutions as part of their client diversification and part of their overall financial planning. I mean we've spent a lot of effort over the years to ensure that our products are integrated in the wealth management platforms and then the financial planning tools that advisers use to run their business and to serve their clients. And it's really helped advisers illustrate the positive impact our solutions can have on a client's portfolio, it really helps demonstrate how we can drive potentially better outcomes.

另一個驅動因素實際上是現在使用年金解決方案作為客戶多元化和整體財務規劃的一部分的顧問數量。我的意思是，多年來我們花費了大量的努力來確保我們的產品整合到財富管理平台中，然後整合到顧問用來經營業務和服務客戶的財務規劃工具中。它確實幫助顧問展示了我們的解決方案可以對客戶的投資組合產生的積極影響，它確實有助於展示我們如何能夠推動潛在的更好的結果。

From a spread specific standpoint, we talked about some of the drivers, active repricing, capital stability of Brooke Re, our ability to tap into the strength of distribution and reengage with key distribution partners. But for Jackson, a key reason to be in the spread business is it helps us attract new advisers to our overall suite of products. Much like RILA did, what we've seen with the spread sales, it's brought advisers back to Jackson that hadn't done business with us in a while. So we're very pleased with the results we've seen with our diversified sales.

從具體利差的角度來看，我們討論了布魯克再保險的一些驅動因素、主動重新定價、資本穩定性、我們利用分銷優勢以及與主要分銷合作夥伴重新合作的能力。但對傑克森來說，從事價差業務的一個關鍵原因是它有助於我們為我們的整體產品套件吸引新的顧問。就像 RILA 所做的那樣，我們在價差銷售中看到的情況，它把已經有一段時間沒有與我們做生意的顧問帶回了傑克遜。因此，我們對多元化銷售所取得的成果感到非常滿意。

Yeah, Tom and a couple -- I'll just add a couple of things to that and then address your question on returns. So as you know, Jackson's had a pretty long history of being in the spread business. And so as Scott was mentioning now that we have more stability with Brooke Re in place in terms of our capital position. We made the decision to support the distribution effort.

是的，湯姆和一些人 - 我將添加一些內容，然後解決您關於退貨的問題。如您所知，傑克遜從事傳播業務已有相當長的歷史。正如史考特現在所提到的，布魯克再保險讓我們的資本狀況更加穩定。我們決定支持分發工作。

In terms of returns, we're very comfortable with the profitability of all the products that we're currently selling including the fixed annuities.

就回報而言，我們對目前銷售的所有產品（包括固定年金）的獲利能力感到非常滿意。

And the range of returns really varies by product. So as you pointed out, our VAs is some of our highest return products, fixed annuities are going to be at the lower end of the range and RILA somewhere in the middle there. We don't disclose specific IRR targets, but we're comfortable with the returns we're seeing on that business.

而且退貨範圍確實因產品而異。因此，正如您所指出的，我們的 VA 是我們回報率最高的產品之一，固定年金將處於該範圍的下限，而 RILA 則處於中間位置。我們沒有透露具體的內部報酬率目標，但我們對該業務的回報感到滿意。

With no further questions on the line. I will now hand the call back over to Jackson's CEO, Laura Prieskorn, for any closing remarks.

沒有進一步的問題。現在，我將把電話轉回傑克遜的首席執行官勞拉·普里斯科恩 (Laura Prieskorn)，讓其發表結束語。

Thank you all for joining us this morning, and we look forward to providing you our next update on our full year results in the new year. Take care.

感謝大家今天早上加入我們，我們期待在新的一年向您提供有關我們全年業績的最新資訊。小心。

This will conclude the Jackson Financial Inc. 3Q '24 Earnings Call. Thank you to everyone who is able to join us. You may now disconnect your lines.

Jackson Financial Inc. 24 年第三季財報電話會議到此結束。感謝所有能夠加入我們的人。現在您可以斷開線路。