Jackson Financial Inc (JXN) 2024 Q4 法說會逐字稿

Hello, everyone. And welcome to the Jackson Financial Inc 4Q 24 earnings call. My name is Charlie and I'll be coordinating the call today.

大家好。歡迎參加 Jackson Financial Inc 4Q 24 財報電話會議。我叫查理，今天我將負責協調這場電話會議。

You'll have the opportunity to ask a question at the end of the presentation. (Operator Instructions)

演示結束時您將有機會提出問題。（操作員指示）

I'd now like to hand the call over to our host Liz Werner, head of investor relations, to begin. Liz, please go ahead.

現在，我想將電話交給我們的主持人、投資者關係主管 Liz Werner。莉茲，請繼續。

Good morning, everyone, and welcome to Jackson's 2024 fourth quarter and full year earnings call. Today's remarks may contain forward-looking statements which are subject to risks and uncertainties. These statements are not guarantees the future performance and events and are based upon management's current expectations.

大家早安，歡迎參加傑克遜 2024 年第四季和全年收益電話會議。今天的言論可能包含前瞻性陳述，這些陳述受風險和不確定性的影響。這些聲明並不保證未來的表現和事件，而是基於管理階層目前的預期。

Jackson's filings with the SEC provide details on important factors that may cause actual results or events to differ materially. 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.

傑克森向美國證券交易委員會提交的文件詳細說明了可能導致實際結果或事件發生重大差異的重要因素。除法律要求外，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 U.S. GAAP figures is included in our earnings releases, 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 GAAP 數據的對帳包含在我們的收益報告、財務補充和收益報告中，所有這些內容均可在我們網站 investors.jackson.com 的投資者關係頁面上找到。

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 PBM Craig Smith.

今天與我們一起參加的是我們的首席執行官 Laura Prieskorn；我們的首席財務官唐·卡明斯（Don Cummings）；傑克遜國家人壽分銷商總裁斯科特·羅米尼 (Scott Romine)；以及我們的首席精算師 Steve Binioris；以及 PBM 總裁兼首席投資官 Craig Smith。

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

現在我將把電話轉給我們的執行長 Laura Prieskorn。

Thank you, Liz. Good morning everyone and welcome to our fourth quarter in full year 2024 earnings call.

謝謝你，莉茲。大家早安，歡迎參加我們 2024 年全年第四季財報電話會議。

I'll begin by reviewing our full year results and the success we had in delivering on our 2024 key financial targets. In addition to reviewing our results, I will highlight the great progress we have made since becoming an independent public company. I will also share our outlook for 2025, including new financial targets for the year, and then I'll turn it over to our CFO Don Cummings to discuss our performance in the fourth quarter in past year in more detail.

我將首先回顧我們的全年業績以及我們在實現 2024 年關鍵財務目標方面取得的成功。除了回顧我們的業績之外，我還將強調我們自成為獨立上市公司以來的巨大進步。我還將分享我們對 2025 年的展望，包括今年的新財務目標，然後我將交給我們的首席財務官唐·卡明斯 (Don Cummings) 來更詳細地討論我們去年第四季度的表現。

2024 was a pivotal year for Jackson, marked by significant operational and financial accomplishments. We completed a full year of operating with a more economic hedging approach, realizing the benefits of greater capital stability. We increase transparency into capital generation at Jackson National Life, and now our capital generation is more closely aligned with our adjusted operating earnings.

2024 年對傑克森來說是關鍵的一年，取得了重大的營運和財務成就。我們以更經濟的對沖方式完成了全年的運營，實現了更高資本穩定性的好處。我們提高了傑克遜國民人壽資本產生的透明度，現在我們的資本生成與調整後的營業收入更加緊密地聯繫在一起。

The strong results at Jackson National Life resulted in 2024 distributions to our holding company of $875 million the highest annual level in the company's history. Moving to our full year results on slide 3. Netcom exceeded $900 million in adjusted operating earnings were $1.4 billion largely due to the significant growth in earnings of our retail annuity segment. Retail annuity sales of $18 billion increased 39% year over year with strong sales across our annuity products.

傑克遜國民人壽的強勁業績使得 2024 年我們向控股公司分配的金額達到 8.75 億美元，創下公司歷史上的最高年度水準。轉到幻燈片 3 上的全年業績。網通調整後的營業利潤超過9億美元，達到14億美元，這主要得益於我們零售年金部門利潤的大幅成長。零售年金銷售額達 180 億美元，較去年成長 39%，年金產品銷售強勁。

In 2024 we benefited from more diversified product sales and growing distribution. Our profitability and healthy capital position were evident throughout the year, and Jackson National Life made periodic distributions to our holding company during 2024.

2024年，我們將受益於更多樣化的產品銷售和不斷成長的分銷。我們的獲利能力和健康的資本狀況在全年都很明顯，Jackson National Life 在 2024 年期間定期向我們的控股公司分配資金。

At the same time, our RBC ratio was relatively stable during 2024, and we ended the year at an estimated 572%. This was comfortably above our target, providing us with significant capital to return to shareholders and support new business. The combination of capital distributions to our holding company and level of holding company liquidity provided for free cash flow of $767 million and $631 million of capital return to common shareholders. We are proud of these results and plan to build upon this momentum in the year ahead.

同時，我們的 RBC 比率在 2024 年相對穩定，年底預計達到 572%。這遠高於我們的目標，為我們提供了大量資本來回報股東並支持新業務。我們向控股公司分配的資本和控股公司流動性水準相結合，為普通股股東提供了 7.67 億美元的自由現金流和 6.31 億美元的資本回報。我們對這些成果感到自豪，並計劃在未來一年繼續保持這一勢頭。

As you can see on slide 4, we were near the top of our targeted range for capital return to common shareholders while maintaining more than $700 million of highly liquid assets at our holding company. Our capital return increased 36%, excluding the $700 million distribution from Jackson National Life used to establish Brooke Re, our Michigan-based captive reinsurer.

正如您在投影片 4 中看到的，我們接近普通股股東資本回報目標範圍的上限，同時我們的控股公司維持超過 7 億美元的高流動性資產。我們的資本回報率增加了 36%，不包括 Jackson National Life 用於建立位於密西根州的自保再保險公司 Brooke Re 的 7 億美元分配。

This marks the fourth consecutive achievement of our annual financial targets since becoming an independent company, and we are eager to continue delivering on our targets going forward. Our strong holding company liquidity combined with our remaining share repurchase authorization of more than $600 million at year-end, positions us well for continued capital flexibility, investment in our business, and return to shareholders.

這是我們成為獨立公司以來連續第四次實現年度財務目標，我們渴望在未來繼續實現我們的目標。我們強大的控股公司流動性加上我們年底剩餘的超過 6 億美元的股票回購授權，使我們能夠繼續保持資本靈活性、投資我們的業務並回報股東。

As you can see on slide 5, we take a balanced long-term view of capital management and have steadily increased our common dividend and share buyback program. We also announced the board's approval of our fourth dividend increase to $0.80 per common share, a 14% increase over the prior year's quarterly dividend level. Our healthy and profitable book of business has provided a consistent return of capital to common shareholders while continuing to maintain our financial strength. By the end of 2024, our cumulative return to shareholders was more than $1.8 billion. Product innovation, distribution expansion, and industry leading service continue to be differentiators for us.

正如您在幻燈片 5 上看到的，我們對資本管理採取了平衡的長期觀點，並穩步增加了我們的普通股股息和股票回購計劃。我們也宣布董事會批准第四次將股息提高至每股 0.80 美元，比前一年的季度股息水準增加 14%。我們健康且獲利的業務為普通股股東提供了持續的資本回報，同時繼續保持我們的財務實力。截至 2024 年底，我們累計向股東回報超過 18 億美元。產品創新、分銷擴張和領先業界的服務繼續成為我們的差異化因素。

On slide 6, you can see the positive outcome of our focus on sales diversification. Over the last three years, RILA has grown to contribute more than 30% of our total retail annuity sales. Our success with RILA along with recent growth in fixed annuities and institutional sales has diversified our new business beyond traditional variable annuities with living benefits.

在第 6 張投影片上，您可以看到我們專注於銷售多樣化所帶來的正面成果。在過去三年中，RILA 已發展到占我們零售年金總銷售額的 30% 以上。我們在 RILA 上取得的成功以及近期固定年金和機構銷售的成長使我們的新業務變得多樣化，超越了具有生存福利的傳統變額年金。

Variable annuities remain a valuable product for financial professionals and their clients, and our total traditional variable annuity sales were up 11% in 2024. Our consumer oriented product offerings and service capabilities led to new and diverse distribution relationships. Growth in distribution created increases in new producers, multi-product producers, and the total number of producers and new sales.

變額年金對於金融專業人士及其客戶來說仍然是一種有價值的產品，我們的傳統變額年金總銷售額在 2024 年增長了 11%。我們以消費者為導向的產品供應和服務能力帶來了全新且多樣化的分銷關係。分銷的成長帶來了新生產商、多產品生產商以及生產商總數和新銷售量的增加。

Applications for new business have grown, and in the fast growing advisory market, I'm pleased to share in 2024 Jackson reached $1 billion in advisory sales. As more Americans plan for retirement, we see increasing interest in solutions that offer investment protection and guaranteed lifetime income, allowing for greater certainty for the future.

新業務的申請不斷增長，在快速增長的諮詢市場中，我很高興地分享傑克遜在 2024 年實現 10 億美元的諮詢銷售額。隨著越來越多的美國人計劃退休，我們看到人們對提供投資保護和有保障的終身收入的解決方案的興趣日益濃厚，從而為未來帶來更大的確定性。

Recent LIMRA estimates indicate 2025 industry sales will remain strong, with traditional variable annuity sales holding steady near their recent increased levels, assuming stable markets. LIMRA projects RILA sales to be slightly above 2024 sales, and fixed annuities are estimated to decline, assuming a lower interest rate environment.

LIMRA 最近的估計表明，假設市場穩定，到 2025 年行業銷售將保持強勁，傳統變額年金銷售將穩定在近期增長的水平附近。LIMRA 預計 RILA 的銷售額將略高於 2024 年的銷售額，假設利率環境較低，固定年金的銷售額預計會下降。

Jackson continues to introduce leading product features to meet the needs of financial professionals and their clients. In the fourth quarter alone, we introduced a RILA product in New York, partnered with JP Morgan Chase to offer our RILA product through their network of advisors, and added a guaranteed minimum accumulation benefit to Elite Access, our investment-only variable annuity.

Jackson 不斷推出領先的產品功能，以滿足金融專業人士及其客戶的需求。僅在第四季度，我們就在紐約推出了一款 RILA 產品，與摩根大通合作透過其顧問網絡提供我們的 RILA 產品，並為我們的僅投資變額年金 Elite Access 增加了保證最低累積福利。

Our investments in technology and commitment to service excellence position us well in the market and continue to enhance our distribution relationships. Our annuity modeling tools and suitability support kit help financial professionals see the value our products can have in a client's financial plan and understand the expectations of best interest standards for their business and clients.

我們對技術的投資和對卓越服務的承諾使我們在市場上佔據有利地位，並繼續加強我們的分銷關係。我們的年金建模工具和適用性支援工具包可協助金融專業人士了解我們的產品在客戶財務計畫中的價值，並了解其業務和客戶對最佳利益標準的期望。

We are proud to be one of the first insurers to implement a paperless annuity replacement in collaboration with the Insured Retirement Institute and the Depository Trust and Clearing Corporation, further bridging the GAAP between annuities and other financial instruments.

我們很榮幸成為首批與保險退休金協會和存款信託和清算公司合作實施無紙化年金替代的保險公司之一，進一步在年金和其他金融工具之間建立 GAAP 橋樑。

The outcome for Jackson and the industry is greater efficiency and reduce processing time for financial professionals and their clients. These examples, along with our other corporate initiatives are a continuation of our long history of excellence, execution, and operating discipline, and we look forward to building further on this track record.

對於傑克遜和整個行業來說，其結果是提高了效率，並減少了金融專業人士及其客戶的處理時間。這些例子以及我們的其他企業舉措都是我們長期以來追求卓越、執行力和經營紀律的延續，我們期待在此基礎上取得更大進步。

Turning to slide 7, as we look ahead to 2025, we are pleased that our healthy business enables us to provide sustainable capital return to shareholders.

翻到第 7 張投影片，展望 2025 年，我們很高興看到健康的業務使我們能夠為股東提供可持續的資本回報。

For 2025, we have increased our total capital return target to $700 million to $800 million. Compared to our 2024 capital return of $631 million this represents an increase of more than 10% at the low-end of the range and more than 25% at the high-end of the range. As you can see, our commitment to holding company liquidity and operating company capital has not changed, and we expect to hold a buffer of $250 million at the holding company and maintain an RBC ratio above 425%. Our capital management approach will continue balancing investment in our business, maintaining financial strength, and returning capital to shareholders.

到 2025 年，我們將總資本回報目標提高到 7 億至 8 億美元。與我們 2024 年 6.31 億美元的資本回報率相比，這意味著低端增長超過 10%，高端增長超過 25%。正如您所看到的，我們對控股公司流動性和營運公司資本的承諾沒有改變，我們預計在控股公司持有 2.5 億美元的緩衝，並將 RBC 比率保持在 425% 以上。我們的資本管理方法將繼續平衡業務投資、保持財務實力並向股東返還資本。

Now I'll turn the call over to Don to further discuss our financial results.

現在我將把電話轉給唐，進一步討論我們的財務表現。

Thank you, Laura. I'll begin on slide 8 with our fourth quarter 2024 consolidated financial results. Adjusted operating earnings of $349 million were up 71% over the fourth quarter of last year. This significant growth in our earnings was primarily due to higher fee income from growth in variable annuity assets under management and higher earnings on spread products. The sequential comparable was impacted by our annual assumptions review, which reduced fourth quarter earnings by $23 million after tax or $0.31 per share.

謝謝你，勞拉。我將從第 8 張投影片開始介紹我們的 2024 年第四季綜合財務表現。調整後的營業收入為 3.49 億美元，較去年第四季成長 71%。我們的收益大幅成長主要是由於管理的變額年金資產成長帶來的費用收入增加以及利差產品收益增加。連續可比較數據受到我們年度假設審查的影響，導致第四季度稅後收益減少 2300 萬美元，即每股 0.31 美元。

Outside of the assumptions review, we continue to see positive sequential earnings trends developed for fee and spread income during the 4th quarter. Spread earnings benefited from gains in net investment income, primarily driven by the growth of our RILA and fixed annuity blocks as well as higher yields on our bond portfolio. The investment portfolio supporting our spread products has continued to perform well.

除了假設審查之外，我們繼續看到第四季度費用和利差收入呈現出正面的連續獲利趨勢。利差收益受益於淨投資收益的成長，這主要得益於我們的 RILA 和固定年金區塊的成長以及債券投資組合收益率的提高。支持我們利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 loans which represent less than 2% of the overall investment portfolio. It also includes our exposure to below investment grade securities which represents only 1% of the portfolio.

我們的收益報告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的商業辦公貸款的見解，這些貸款佔整體投資組合的不到 2%。它還包括我們對低於投資等級的證券的投資，這僅佔投資組合的 1%。

Before turning to notable items in the quarter, I want to highlight the growth of our book value in 2024. Our adjusted book value attributable to common shareholders at the end of the fourth quarter was $11.2 billion or $150.11 per diluted share, an increase of 10% from last year, driven by our strong operating performance and common share repurchase activity. Adjusted operating return on equity increased 230 basis points to 12.9% for full year 2024, up from 10.6% last year.

在介紹本季值得注意的項目之前，我想先強調一下我們 2024 年帳面價值的成長。受強勁的經營業績和普通股回購活動的推動，第四季末我們歸屬於普通股股東的調整後帳面價值為 112 億美元，即每股攤薄價值 150.11 美元，較去年同期成長 10%。2024 年全年調整後營業股本報酬率從去年的 10.6% 增加 230 個基點至 12.9%。

Slide 9 outlines the notable items included in adjusted operating earnings. Reported adjusted operating earnings per share were $4.65 for the current quarter. Adjusting for $0.19 of notable items and the difference in tax rates from our 15% guidance, earnings per share were $4.84 for the current quarter, up 55% from $3.13 in the prior year's fourth quarter.

投影片 9 概述了調整後營業收入中包含的值得注意的項目。本季調整後每股營業收益為 4.65 美元。在調整 0.19 美元的顯著項目和與我們 15% 指導稅率的差異後，本季每股收益為 4.84 美元，較去年同期的 3.13 美元增長 55%。

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 common share repurchase activity.

獲利的強勁成長主要歸功於前面提到的資產管理規模的成長和利差收益，以及普通股回購活動導致的稀釋股數減少。

Consistent with prior years, we completed our annual actuarial assumptions review in the fourth quarter. This led to an unfavorable earnings per share impact of $0.31 in the current quarter compared to an unfavorable impact of $0.79 in last year's fourth quarter.

與往年一致，我們在第四季度完成了年度精算假設審查。這導致本季每股收益產生不利影響 0.31 美元，而去年第四季每股收益產生不利影響 0.79 美元。

The 2024 assumption updates were primarily related to higher mortality, which unfavorably impacted the closed block segment as we recorded a reserve increase for life insurance. The same mortality trends led to a benefit on payout annuity reserves positively impacting the retail annuity segment. The other notable item for the current quarter was a $0.04 benefit from limited partnership results coming in above our 10% long-term assumption.

2024 年的假設更新主要與死亡率上升有關，這對封閉式板塊產生了不利影響，因為我們記錄了人壽保險準備金的增加。相同的死亡率趨勢導致支付年金儲備金受益，進而對零售年金領域產生正面影響。本季另一個值得注意的事項是有限合夥企業業績帶來的 0.04 美元收益高於我們 10% 的長期假設。

Slide 10 provides a breakdown of our full year notable items. Earnings per share in 2024 after adjusting for the notable items were up 37% compared to the prior year. This was primarily the result of growing variable annuity AUM, improved spread earnings, and a reduction in the diluted share count.

幻燈片 10 列出了我們全年值得注意的項目的細目。調整重要項目後，2024 年每股盈餘較前一年成長 37%。這主要是由於可變年金 AUM 的增長、利差收益的提高以及稀釋股份數量的減少。

Turning to slide 11, we've included a waterfall comparison of our fourth quarter pre-tax adjusted operating earnings of $405 million to the GAAP pre-tax income attributable to Jackson Financial of $367 million. While there are some largely offsetting items for the quarter, the trend of more stable non-operating results continued throughout 2024.

轉到投影片 11，我們對第四季度稅前調整後營業收入 4.05 億美元與 Jackson Financial 的 GAAP 稅前收入 3.67 億美元進行了瀑布式比較。儘管本季有一些基本抵銷的項目，但非營業業績更穩定的趨勢將持續到 2024 年全年。

Before covering the results of our hedging program, I want to note that non-operating results include $347 million in earnings from business reinsured to third parties. This resulted from fair value gains on a legacy funds withheld reinsurance treaty and the related investment income. Non-operating items related to this reinsurance treaty can be volatile from period to period and have a minimal net impact on our adjusted book value. Furthermore, these items do not impact Jackson's capital generation or free cash flow.

在介紹我們的對沖計劃的結果之前，我想指出，非營業結果包括來自第三方再保險業務的 3.47 億美元收益。這是由於遺留資金預扣再保險合約的公允價值收益和相關投資收益所致。與本再保險條約相關的非經營項目在不同期間可能會有波動，但對我們的調整後帳面價值的淨影響卻很小。此外，這些項目不會影響傑克森的資本產生或自由現金流。

The fourth quarter non-operating results also include an unfavorable impact of $419 million from the annual Actuarial Assumptions Review. This was primarily related to data enhancements and assumption updates to allow for more refined projections of timing and frequency of withdrawal behavior on policies with guaranteed withdrawal benefits. Overall, the impact of our updates in the fourth quarter is quite reasonable given the size of our variable annuity block.

第四季非經營業績還包括年度精算假設審查帶來的 4.19 億美元不利影響。這主要與資料增強和假設更新有關，以便對具有保證提款福利的政策的提款行為的時間和頻率進行更精確的預測。總體而言，考慮到我們的變額年金規模，我們第四季度更新的影響是相當合理的。

Now turning to our hedging program. The net hedge result was a gain of $79 million in the fourth quarter. And a net hedge gain of $285 million for the full year. While we don't expect to report gains in every market environment, our move to a more economic hedging approach in 2024 has clearly provided more stability in our non-operating results and capital generation.

現在轉向我們的對沖計劃。第四季的淨對沖結果為收益 7,900 萬美元。全年淨對沖收益為 2.85 億美元。雖然我們並不期望在每個市場環境中都實現盈利，但我們在 2024 年採取的更經濟的對沖方式顯然為我們的非經營性業績和資本創造提供了更大的穩定性。

Our hedging program is supported by a robust stream of guaranteed benefit fees that are assessed on the benefit base rather than account value. This approach provides stability to the guarantee fees even in periods when markets decline as we experienced in 2022. Guarantee fees for the fourth quarter were $0.8 billion and over $3.1 billion for the full year.

我們的對沖計劃得到了大量保證福利費用的支持，這些費用是根據福利基礎而不是帳戶價值來評估的。即使在市場下滑時期（如我們在 2022 年所經歷的），這種方法也能保證擔保費的穩定性。第四季擔保費為 8 億美元，全年擔保費超過 31 億美元。

During the fourth quarter, our results included a net loss on hedging assets of about $2.8 billion primarily due to losses on interest rate hedges in a quarter where long-term interest rates were up about 70 basis points and a smaller loss on equity hedges reflecting modestly higher equity markets.

在第四季度，我們的業績包括對沖資產淨損失約 28 億美元，這主要是由於當季長期利率上漲約 70 個基點導致的利率對沖損失，以及由於股票市場小幅走高導致的股票對沖損失較小。

Changes in market risk benefits or MRB were driven in part by the same interest rate and equity market movements, leading to a nearly $2.2 billion dollar positive offset to the hedging assets loss. The reserve and embedded derivative loss of $89 million during the fourth quarter primarily reflects increases in RILA reserves resulting from higher equity markets.

市場風險收益或 MRB 的變化部分受到相同利率和股票市場趨勢的影響，導致對沖資產損失產生近 22 億美元的正向抵消。第四季 8,900 萬美元的準備金和嵌入式衍生性商品損失主要反映了股票市場走高導致的 RILA 準備金增加。

The RILA business continues to provide a natural equity risk offset to our guaranteed variable annuity business, which results in hedging efficiencies. We believe this year's results demonstrate that our hedging program continues to be effective in improving the stability of our capital generation and managing the economic risks of our business.

RILA 業務持續為我們的保證變額年金業務提供自然的股權風險抵消，從而提高對沖效率。我們相信，今年的結果表明，我們的對沖計劃在提高資本產生的穩定性和管理業務的經濟風險方面繼續有效。

On slide 12, we focus on the diverse new business profile of our retail annuities segment illustrated by growth of 42% from the fourth quarter. Our RILA product delivered fourth quarter sales of $1.5 billion supporting further diversification in our top line growth. We expect future growth in our RILA business to be supported by our 2024 launch of our plus income living benefit.

在第 12 張投影片上，我們重點介紹了零售年金部門的多樣化新業務概況，該部門較第四季度增長了 42%。我們的 RILA 產品第四季銷售額達到 15 億美元，支持了我們營收成長的進一步多元化。我們預計，2024 年推出的加收入生活福利將支持 RILA 業務的未來成長。

The availability of one of Jackson's RILA products in New York and our expanded distribution opportunities through financial professionals at JP Morgan Wealth Management. Sales of variable annuities remained strong, growing 27% from the fourth quarter of last year and 5% from the third quarter of 2024. Importantly, our sales of variable annuities without lifetime benefits were up 46% from the fourth quarter of last year.

Jackson 的一款 RILA 產品在紐約上市，並且我們透過摩根大通財富管理的金融專業人士擴大了分銷機會。變額年金的銷售依然強勁，較去年第四季成長 27%，較 2024 年第三季成長 5%。重要的是，我們的無終身福利變額年金銷售額較去年第四季成長了 46%。

As Laura mentioned already, we continue to believe there is long-term demand for variable annuity products from the millions of Americans who retire each year seeking additional asset growth and guaranteed income. Jackson's history of product innovation, industry leading service, and prudent risk management positions us well to capitalize on opportunities in the variable annuity marketplace going forward.

正如勞拉已經提到的，我們仍然相信，每年退休的數百萬美國人尋求額外的資產增長和有保障的收入，對變額年金產品有長期需求。Jackson 的產品創新歷史、業界領先的服務和審慎的風險管理使我們能夠充分利用未來可變年金市場中的機會。

During the 4th quarter, we continued to produce healthy volumes of spread product sales and delivered $397 million of fixed and fixed index annuity sales in the quarter. Our overall sales mix during 2024 remains capital efficient, and this stability provides us the opportunity to continue allocating some capital towards bread products as we further diversify our business going forward. As Laura mentioned earlier, we have been pleased with our progress in diversifying our new business mix since becoming an independent public company.

在第四季度，我們的利差產品銷售持續保持健康成長，固定和固定指數年金銷售額達到 3.97 億美元。我們 2024 年的整體銷售組合仍保持資本效率，這種穩定性為我們提供了機會，讓我們在未來進一步實現業務多元化的同時，繼續將部分資金分配給麵包產品。正如勞拉之前提到的，自從成為一家獨立上市公司以來，我們對新業務組合多元化的進展感到滿意。

Turning to net flows, the sales we generated in RILA and other spread products translated to $1.8 billion of non-variable annuity net flows in the fourth quarter. These net flows provide valuable economic diversification and hedging efficiency benefits. While variable annuity net outflows were elevated, our average variable annuity net account value increased by over 9% in 2024, driven by strong equity market performance, which also resulted in higher fee income.

談到淨流量，我們在 RILA 和其他利差產品中產生的銷售額在第四季度轉化為 18 億美元的非可變年金淨流量。這些淨流量提供了寶貴的經濟多樣化和對沖效率效益。雖然變額年金淨流出量有所增加，但受強勁的股票市場表現推動，我們的平均變額年金淨帳戶價值在 2024 年增長了 9% 以上，這也帶來了更高的費用收入。

During times of robust equity market performance as seen in 2024, we often observe heightened variable annuity outflows since guaranteed benefits become less in the money. In 2024, our older policy vintages from years of higher sales are exiting their surrender charge periods, which typically leads to increased surrenders. Additionally, as our policyholders age, there is greater utilization of retirement income and death benefits which positions us to assist in helping customers reach their financial goals.

在 2024 年股市表現強勁的時期，我們經常觀察到變額年金流出量增加，因為保證的收益在實際中會減少。2024 年，我們銷售額較高的年份的舊保單將結束退保費用期，這通常會導致退保金額增加。此外，隨著我們的保單持有人年齡的增長，退休收入和死亡撫卹金的使用率會更高，這使我們能夠幫助客戶實現他們的財務目標。

Jackson's long standing commitment to investment freedom and our rigorous fund selection process have contributed to the growth of our healthy variable annuity book of business. The more recent environment of higher interest rates and attractive annuity alternatives such as RILA combined with Jackson's season out of the money book heightens exchange activity for us and the industry.

傑克森對投資自由的長期承諾以及我們嚴格的基金選擇流程促進了我們健康的變額年金業務的成長。近期利率上升、RILA 等有吸引力的年金替代品以及傑克遜季度的貨幣缺口加劇了我們和行業的交易活動。

Looking at pre-tax adjusted operating earnings for our segments on slide 13, higher equity markets and a continued positive environment for spread products have driven solid growth in our retail annuities segment, up 57% compared to the fourth quarter of last year and 12% from the third quarter of this year. Fourth quarter results for retail annuities also benefited from the assumptions review I noted earlier.

在投影片 13 上查看我們各部門的稅前調整後營業收入，更高的股票市場和持續積極的利差產品環境推動了我們的零售年金部門的穩健增長，與去年第四季度相比增長了 57%，比今年第三季度增長了 12%。零售年金第四季的業績也受益於我之前提到的假設審查。

Jackson's earnings power is supported by the growing level of assets under management as strong separate account returns combined with growing non-variable annuity net flows have built our retail annuity AUM up to $252 billion an increase of 7% from the end of 2023. Importantly, the positive separate account fund performance has more than offset our retail annuity net outflows by nearly $18 billion in 2024.

傑克遜的獲利能力受到不斷增長的管理資產水平的支持，因為強勁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零售年金 AUM 達到 2520 億美元，比 2023 年底增長 7%。重要的是，獨立帳戶基金的正面表現已遠遠抵消了我們 2024 年零售年金淨流出近 180 億美元。

For our institutional segment, pre-tax adjusted operating earnings were broadly in line with the fourth quarter of last year. We believe our higher level of new business activity in 2024 creates positive momentum entering 2025, and we will continue to be opportunistic in the institutional market. Our closed block segment reported pre-tax adjusted operating earnings that were improved from the fourth quarter of 2023 due to higher net investment income. Results were down sequentially due to the assumptions review impacts in the current quarter which I noted earlier.

對於我們的機構部門，稅前調整後的營業收入與去年第四季基本持平。我們相信，2024 年更高水準的新業務活動將為 2025 年創造積極的勢頭，我們將繼續在機構市場上抓住機會。我們的封閉式區塊部門報告的稅前調整後營業收入由於淨投資收入增加而較 2023 年第四季有所改善。由於我之前提到的本季假設審查的影響，結果環比下降。

Slide 14 highlights our capital generation and free cash flow. This quarter we are enhancing our disclosures to bolster transparency regarding these metrics which we believe will offer clearer insights into the robustness of our results and our updated targets. We acknowledge that there are diverse methodologies within the industry. However, as previously discussed in our calls, Jackson adheres to an earn it, then pay it philosophy for capital return.

幻燈片 14 重點介紹了我們的資本產生和自由現金流。本季度，我們正在加強資訊揭露，以增強這些指標的透明度，我們相信這將使我們更清楚地了解我們的業績和更新目標的穩健性。我們承認行業內存在多種方法。然而，正如我們之前在電話會議中所討論的那樣，傑克遜堅持先賺錢，再支付資本回報的理念。

This philosophy is built upon 3 pillars. The generation of free capital where we earn it, the creation of free cash flow where we pay it, and ultimately the return of capital to our common shareholders. Starting with the first pillar, after tax, statutory capital generation was more than $1.7 billion in 2024.

這理念建立在三大支柱之上。在我們賺取自由資本的地方產生自由資本，在我們支付自由資本的地方創造自由現金流，最終將資本回饋給我們的普通股股東。從第一支柱開始，到 2024 年，稅後法定資本產生額將超過 17 億美元。

We believe this metric offers the most insight into the underlying strength of our business and provides the foundation for making capital allocation decisions about future organic growth, pursuing strategic inorganic opportunities, and returning capital to shareholders.

我們相信，這項指標能夠最深入地洞察我們業務的潛在實力，並為制定有關未來有機成長、尋求策略性無機機會和向股東返還資本的資本配置決策奠定基礎。

Free capital generation was more than $1.3 billion in 2024 after reducing gross capital generation by about $400 million reflecting the change in required capital or CAL resulting from our strong and diversified new business results during the year. Free capital generation represents excess capital that is available to support cash distributions to the holding company, which continues to be subject to regulatory considerations and desired RBC levels at the operating company.

在總資本生成量減少約 4 億美元之後，2024 年自由資本生成量超過 13 億美元，這反映了我們當年強勁而多樣化的新業務成果導致的所需資本或 CAL 的變化。自由資本產生代表可用於支援向控股公司進行現金分配的過剩資本，而控股公司仍受監管考慮和運營公司所需的 RBC 水準的約束。

Both after-tax statutory capital generation and free capital generation exceeded $1 billion. Each of these capital generation metrics included a one-time benefit of about $190 million related to the corporate alternative minimum tax in 2024.

稅後法定資本產生和自由資本產生均超過 10 億美元。這些資本產生指標均包括與 2024 年企業替代最低稅相關的約 1.9 億美元的一次性收益。

In 2025, we continue to expect free capital generation in excess of $1 billion under normal market conditions. We believe this leaves us well positioned to continue to deliver on our strategic and operational objectives as well as our updated capital return targets for 2025.

到 2025 年，我們預計在正常市場條件下自由資本產生量仍將超過 10 億美元。我們相信，這將使我們處於有利地位，繼續實現我們的策略和營運目標以及 2025 年更新的資本回報目標。

Moving to the second pillar, our free cash flow grew substantially in 2024, once again illustrating the stability of our capital generation. In 2024, over 2/3 of free capital generation, or $875 million was distributed to JFI, which was up about 46% from $600 million in 2023. After covering expenses and other cash flow items at the holding company, the resulting free cash flow of $498 million in 2023 grew to $767 million in 2024.

轉向第二支柱，我們的自由現金流在 2024 年大幅成長，再次證明了我們資本創造的穩定性。2024 年，超過 2/3 的免費資本產生（即 8.75 億美元）分配給了 JFI，比 2023 年的 6 億美元增長了約 46%。在支付了控股公司的費用和其他現金流項目後，2023 年的自由現金流從 4.98 億美元增加到 2024 年的 7.67 億美元。

Finally, looking at the rightmost pillar, the outcome of strong free capital generation and growing free cash flow allowed us to return $631 million to common shareholders in 2024, up 48% from 2023 on a per diluted share basis.

最後，從最右邊的支柱來看，強勁的自由資本生成和不斷增長的自由現金流使我們在 2024 年向普通股股東返還 6.31 億美元，按每股攤薄收益計算，較 2023 年增長 48%。

Our 2025 total capital return target of $700 million to $800 million represents further growth from the 2024 level. Overall, these results and updated targets highlight Jackson's strong capital generation profile in more stable cash distributions to JFI, which have enhanced value for our shareholders.

我們 2025 年的總資本回報目標是 7 億至 8 億美元，這代表著在 2024 年水準的基礎上進一步成長。總體而言，這些結果和更新的目標凸顯了 Jackson 強大的資本產生能力，為 JFI 提供了更穩定的現金分配，從而為我們的股東提升了價值。

Slide 15 summarizes our formidable capital and liquidity position for 2024.

投影片 15 總結了我們 2024 年強大的資本和流動性狀況。

The profitability of our enforced business driven by fee income from our variable annuity-based contract and the one-time tax benefit I mentioned earlier provided statutory capital generation of $591 million during the fourth quarter. Consistent with our prior guidance for smaller periodic distributions from Jackson National Life. $280 million was distributed during the fourth quarter.

我們的強制業務盈利能力由我們基於變額年金的合約的費用收入和我之前提到的一次性稅收優惠所推動，在第四季度提供了 5.91 億美元的法定資本生成。與我們先前對 Jackson National Life 較小定期分配的指導一致。第四季分配了 2.8 億美元。

After accounting for the impact of this distribution and the related reduction in deferred tax asset, and liability, Jackson's total adjusted capital or TAC increased and ended the quarter at $5.1 billion. Coal at Jackson National Life has continued to remain stable as was apparent in our 4th quarter results with estimated cows slightly higher, reflecting strong and diversified new business activity.

考慮到此次分配的影響以及相關的遞延稅項資產和負債的減少後，傑克遜的總調整資本或 TAC 增加，並在本季末達到 51 億美元。傑克遜國民人壽的煤炭業務持續保持穩定，這從我們第四季的業績中可以看出，預計乳牛數量略有增加，反映出強勁且多樣化的新業務活動。

Our estimated RBC ratio was up from the third quarter to 572% and remains well above our minimum of 425%. We are also pleased with Brooke Re performance during 2024, which continues to operate as expected and remains capitalized well above our minimum operating capital level. While we did see an impact on Brooke Re Capital in the fourth quarter from the actuarial assumption update, capital for the full year increased by about $200 million. Other than the initial formation, there were no capital contributions to or distributions from Brooke Re in 2024.

我們估計的 RBC 比率從第三季上升至 572%，並且仍遠高於我們的最低水準 425%。我們對 Brooke Re 在 2024 年的表現也感到滿意，該公司繼續按預期運營，並且資本化率遠高於我們的最低營運資本水平。雖然我們確實看到精算假設更新對第四季度的 Brooke Re Capital 產生了影響，但全年資本增加了約 2 億美元。除最初成立外，2024 年 Brooke Re 沒有進行任何資本貢獻或分配。

Going forward, we will continue to manage Brooke Re on a self-sustaining basis given the long-term nature of its liabilities. Our holding company cash and highly liquid asset position at the end of the quarter grew to more than $700 million which continues to be above our minimum buffer and provides substantial financial flexibility. The periodic dividends and distributions to JFI throughout 2024 are consistent with the goal of stabilizing RBC compared to our past practice of a sizable annual dividend.

展望未來，鑑於 Brooke Re 負債的長期性，我們將繼續以自給自足的方式管理該公司。我們控股公司的現金和高流動性資產狀況在本季末增長至 7 億多美元，這仍然高於我們的最低緩衝，並提供了相當大的財務靈活性。與我們過去每年派發大量股息的做法相比，2024 年全年定期向 JFI 派發股息和分配符合穩定 RBC 的目標。

We believe our robust capital position provides a strong financial base for future operating company dividends. We returned $148 million to common shareholders during the quarter through share repurchases and dividends, allowing us to finish 2024 near the top of our targeted capital return range of $550 million to $650 million.

我們相信，我們強大的資本狀況為未來營運公司股利提供了強大的財務基礎。我們在本季透過股票回購和股息向普通股股東返還了 1.48 億美元，這使我們在 2024 年結束時能夠接近 5.5 億至 6.5 億美元的目標資本回報範圍的上限。

Overall, I am very pleased with our fourth quarter and full year 2024 results which demonstrate positive momentum in sales, earnings, free capital generation, free cash flow, and capital return. I'll now turned the call back to Laura.

總體而言，我對我們的第四季和 2024 年全年業績感到非常滿意，這表明銷售額、收益、自由資本產生、自由現金流和資本回報均呈現積極勢頭。我現在把電話轉回給勞拉。

Thank you, Don. 2024 was a year of significant progress for Jackson and an important one for demonstrating the consistency of our commitment to all stakeholders. We remain dedicated to serving financial professionals and their clients with the goal of helping Americans grow and protect their retirement savings and income.

謝謝你，唐。 2024 年是傑克森取得重大進步的一年，也是向所有利害關係人展示我們承諾一致性的重要一年。我們始終致力於為金融專業人士及其客戶提供服務，目標是幫助美國人增加和保護他們的退休儲蓄和收入。

As always, I'd like to recognize the efforts of all our associates whose talent and dedication remain our greatest strength. Our award winning culture was recently recognized with Jackson National Asset Management and PPM America named Best Places to Work in Money Management by Pensions and Investments. This further showcases our strong workplace environment, employee engagement, and dedication to supporting each other, our business partners and community.

像往常一樣，我要感謝所有同事的努力，他們的才華和奉獻精神仍然是我們最大的力量。我們的獲獎文化最近得到了傑克遜國家資產管理公司和 PPM America 的認可，並被《退休金和投資》雜誌評為資金管理領域最佳工作場所。這進一步展示了我們強大的工作環境、員工參與度以及對彼此、我們的業務合作夥伴和社區相互支持的奉獻精神。

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

現在我將把問題交給接線員。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Ryan Krueger of KBW.

KBW 的 Ryan Krueger。

Hey, thanks. Good morning. First question was, could you provide a little bit more color on the moving pieces within Brooke Re in 2024 that ultimately produced the $200 million increase in capital?

嘿，謝謝。早安.第一個問題是，您能否詳細介紹 2024 年 Brooke Re 內部的變動情況，最終實現 2 億美元的資本增加？

Hey, Ryan, it's Don. Good morning. Happy to kind of take you through the components of that. So, first of all, I would just maybe remind folks that we've indicated that the consolidated edging results are, a decent directional indicator, but they're not sort of a direct read across for results given that, we follow a modified GAAP approach. The other thing that I would highlight is that on a consolidated basis, the $285 million of net hedge gain for the full year includes both the results of our variable annuity hedging as well as our ride.

嘿，瑞安，我是唐。早安.很高興向您介紹其各個組成部分。因此，首先，我可能只是想提醒大家，我們已經指出合併邊緣結果是一個不錯的方向指標，但鑑於我們遵循修改後的 GAAP 方法，它們並不是對結果的直接解讀。我要強調的另一件事是，從合併數據來看，全年 2.85 億美元的淨對沖收益既包括我們的變額年金對沖的結果，也包括我們的收益。

And under the structure that we've set up with Brooke Re, we are not reinsuring the RILA business to Brooke Re, nor are we reinsuring the variable annuity business in our New York subsidiary. So that's one sort of, scope difference that you need to keep in mind. The second thing. I would just reiterate what we previously disclosed. We have some disclosures around our modified GAAP approach in our 2023 earnings materials. You can look at slide 19.

根據我們與 Brooke Re 建立的架構，我們不會將 RILA 業務再保險給 Brooke Re，也不會將我們紐約子公司的變額年金業務再保險。所以這是您需要記住的一種範圍差異。第二件事。我只是想重申我們之前披露的內容。我們在 2023 年收益資料中揭露了一些有關修改後的 GAAP 方法的資訊。您可以看投影片 19。

There are essentially 4 modifications to the GAAP results that that we implemented in connection with Brooke Re. The first set was really to kind of promote stability in Brooke Re's balance sheet and included, having sort of a fixed long term volatility assumption, and we have discussed that that element on prior calls volatility actually for the full year was fairly muted, and then the other sort of balance sheet stability item was just the way that we handle the non-performance risk spread at Brook Re it's more of a fixed approach compared to GAAP, and then there are two final modifications, both of which are, part of our goal of having Brooke Re be a self-sustaining organization going forward, and that was we apply a haircut to the guarantee fee stream and we also apply an expense provision for administrative costs.

我們對與 Brooke Re 相關的 GAAP 結果進行了 4 項修改。第一組實際上是為了促進 Brooke Re 資產負債表的穩定性，其中包括一種固定的長期波動性假設，我們已經討論過，實際上全年的先前通話波動性因素相當低，然後另一種資產負債表穩定性項目是我們處理 Brook Re 的不履行風險利差的方式，與 GAAP 相比，它更像是一種固定方法，然後還有兩個最後的修改，這兩者都是我們讓 Brooke成為一個自給自足的組織的目標的一部分，那就是我們對擔保費流應用折扣，我們也對管理費用應用費用準備金。

So when you factor in, sort of the difference in the blocks of business that sit at Brooke Re versus in our consolidated results, which is primarily RILA, and then consider these modifications that I just described, those are the items that that sort of, make up the difference between consolidated results and results at Brooke Re on a standalone basis.

因此，當您考慮到 Brooke Re 的業務區塊與我們的合併結果（主要是 RILA）之間的差異，然後考慮我剛才描述的這些修改時，這些就是構成合併結果和 Brooke Re 獨立結果之間差異的項目。

Great thanks and then a question on the assumption review sounds like you, the main main impact was around utilization. I think you've also had actual to expect adverse actual to expected results over the last year or two around higher lapses. I know you also mentioned you know you're seeing more exchange activity in the current environment, so. Just curious, did you, if you considered changing the long term lapse assumption and ultimately what led to keeping the existing lapse assumption?

非常感謝，然後關於假設審查的問題聽起來像您所說的，主要影響是關於利用率。我認為，在過去一兩年中，由於失誤率較高，您實際上也預料到了實際結果與預期結果不符。我知道您也提到過，您知道在當前環境下您看到了更多的交流活動，所以。只是好奇，您是否考慮過改變長期失效假設，最終是什麼導致保留現有的失效假設？

Yeah, and so before I kind of get into the specifics of your questions there, maybe just helpful just to kind of step back and put the overall impact of the assumption updates in perspective.

是的，所以在我深入討論你的問題的具體細節之前，也許先回顧一下並正確看待假設更新的總體影響會有所幫助。

So when you combine both the piece of our assumption updates that impacted our operating earnings. That was about $26 million unfavorable, and that's primarily due to mortality as we described it kind of impacts closed block in a negative way because that's related to some life business where we increase reserves. There's a favorable impact within retail annuities related to a block of payout annuity products, so that sort of offset the the item that we saw in closed block.

因此，當你將我們的假設更新結合起來時，就會影響我們的營業收入。這大約是 2600 萬美元的不利影響，這主要是由於死亡率，正如我們所描述的那樣，它對封閉式區域產生了負面影響，因為這與我們增加儲備的某些人壽業務有關。零售年金與一系列支付年金產品有關，這產生了有利的影響，因此，這在某種程度上抵消了我們在封閉式產品中看到的項目。

So $26 million operating earnings primarily related to mortality for the non-operating earnings impact, which was the $419 million as we mentioned in our prepared remarks, that's primarily related to refining our projections on withdrawal behavior. And so we do look at, all of our various assumptions when we go through our unlocking every year. And this year kind of taking a look at refining the projections around withdrawal behavior for policies that do have GMWBs, we took a look at all the data we have, which is quite substantial given the size of our VA block and essentially we updated the granularity of our models so that we could better more precisely capture elected withdrawal frequencies.

因此，2,600 萬美元的營業收入主要與死亡率有關，而非營業收入的影響為 4.19 億美元，正如我們在準備好的評論中提到的那樣，這主要與完善我們對提款行為的預測有關。因此，我們每年在解鎖時都會考慮各種假設。今年，我們著眼於改進對包含 GMWB 的政策的提款行為的預測，我們查看了我們擁有的所有數據，考慮到我們的 VA 區塊的規模，這些數據相當豐富，並且我們基本上更新了模型的粒度，以便我們能夠更好、更準確地捕捉選舉提款頻率。

So turning to kind of the unexpected policyholder behavior which you mentioned, which is included in our MRB roll forward, I did want to highlight that that unexpected behavior consists of both surrenders, withdrawals, so the item that we changed the assumption for in the fourth quarter, as well as death benefits. So it's really all three of those combined.

因此，談到您提到的意外保單持有人行為（包括在我們的 MRB 滾動中），我確實想強調的是，意外行為包括退保、提款，因此我們在第四季度改變了假設的項目，以及死亡撫卹金。所以這其實是三者的結合。

And then lastly, just on the exchanges. Well, before I go to the exchanges, just one more comment on surrenders. So obviously, given the strong equity market performance that we've seen in 2024 as well as 2023, a lot of the benefits are out of the money in the current environment and so we do tend to see higher levels of outflows when we're in that situation. We also have the dynamic that we've got some older policy vintages that were from years where our sales were much higher, that are coming out of their surrender charge period, so that contributes to the, what we're seeing in terms of the surrender rate.

最後，僅談及交易所。好吧，在我進行交流之前，我再對投降再發表一點評論。因此，顯然，鑑於我們在 2024 年和 2023 年看到的強勁股市表現，在當前環境下，許多收益都是虛增的，因此在這種情況下，我們確實傾向於看到更高水平的資金流出。我們還發現，我們有一些較舊的保單年份，這些保單來自我們銷售額較高的年份，已經過了退保費用期，所以這有助於我們看到的退保率。

And then on, the exchange comment in the prepared remarks. Given that the current environment, there are some more attractive annuity alternatives for customers who have got these products that are, kind of out of the money and which is, driven by the higher rate environment also with RILA products. And so we have seen what we believe is a heightened level of surrender activity.

然後，在準備好的評論中交換評論。鑑於當前的環境，對於已經購買這些產品的客戶來說，有一些更具吸引力的年金替代方案，這些產品有點脫離實際，而且受到 RILA 產品利率上升環境的推動。因此，我們認為我們看到了投降活動的加劇。

When we look back at setting our assumption our assumption for surrenders going forward, we look at that over time. That includes both periods of upmarkets and down markets. And so as we went through that, we didn't believe that it made sense to make any changes to our surrender assumptions at this point and I would just highlight that, if you look back to the last. A down market that we had in 2022, our surrender rate was about 7%, so that's where we landed on the assumption of that.

當我們回顧設定未來投降假設時，我們會隨著時間的推移進行觀察。這包括市場上漲和下跌的時期。因此，當我們經歷這一切時，我們認為此時對我們的投降假設做出任何改變都是沒有意義的，如果你回顧一下上次的情況，我只想強調這一點。2022 年市場低迷，我們的退保率約為 7%，所以我們做了這樣的假設。

Great, thank you.

太好了，謝謝。

Thank you. Suneet Kamath of Jefferies

謝謝。Jefferies 的 Suneet Kamath

Great, thanks. I just want to follow up to Ryan's question on Brooke Re. One of the questions that we get most often from investors is, how do you get comfort that Brooke Re is well capitalized, and I take your comments on the call, but Is there something that you guys could sort of provide us on a more regular basis that we can sort of anchor to just it seems to be some reluctance in terms of providing additional disclosure on Brooke Re and since it's such an important part of your strategy, I'm wondering if there's something that you guys could give us on a more regular basis that we can use to track the performance there.

太好了，謝謝。我只是想跟進 Ryan 關於 Brooke Re 的問題。投資者最常問我們的一個問題是，您如何確信 Brooke Re 資本充足，我接受您在電話會議上的評論，但是，你們能否更定期地向我們提供一些信息，以便我們能夠將其錨定在內，因為在提供有關 Brooke Re 的額外披露方面，我們似乎有些猶豫，因為這是您戰略中非常重要的一部分，我想知道你們能否更定期地向我們提供一些信息

Yeah, thanks for that Suneet. So, we take a look at our disclosures on Brooke Re every quarter, and as I mentioned, in response to Ryan's question, we did provide quite a bit of disclosure around Brooke Re last year. I think we had about a dozen pages in our earnings call materials and we're essentially one year in.

是的，謝謝 Suneet。因此，我們每個季度都會查看有關 Brooke Re 的披露信息，正如我在回答 Ryan 的問題時提到的，我們去年確實對 Brooke Re 進行了相當多的披露。我認為我們的收益電話會議資料大約有十幾頁，基本上已經過去一年了。

With Brooke Re those liabilities are quite long term, probably, 20 years on average, so we're going to continue to manage Brooke Re on a long term self-sustaining basis as we go forward, to the extent we have any need for additional capital in Brooke Re, we would obviously share that. We'll also share. When we take capital out of Brooke Re and then as we've done this year and, we'll kind of give a little bit of, additional disclosure at the end of the year in terms of, how we saw the results play out during the course of the year.

對於 Brooke Re 來說，這些負債都是相當長期的，平均可能長達 20 年，因此，在未來的發展中，我們將繼續以長期自給自足的方式管理 Brooke Re，如果我們需要 Brooke Re 的額外資本，我們顯然會分享。我們也會分享。當我們從 Brooke Re 中抽取資本時，就像我們今年所做的那樣，我們會在年底提供一些額外的披露，說明我們如何看待今年的業績。

Okay, and then second on capital, I mean, I appreciate the increase in the capital return guide for 2025, but if we just sort of think about how much excess capital you have between the RBC level being above your target. And then the whole co cash also being above your target, it's a pretty big number.

好的，其次是關於資本，我的意思是，我很欣賞 2025 年資本回報指南的增加，但如果我們只是考慮一下在 RBC 水平高於目標之間你有多少過剩資本。然後整個公司的現金也都高於你的目標，這是一個相當大的數字。

So, I guess what is keeping you from, bringing down some of that excess capital even more and again I appreciate the increase in capital return, but it still seems like there's a sizable amount of excess on the balance sheet.

所以，我想是什麼阻止了你進一步降低部分過剩資本，我再次讚賞資本回報率的增加，但資產負債表上似乎仍然有相當多的過剩資本。

Sure, so let me share with you some of our thinking, Suneet. So, as we kind of laid out with our new disclosures, we are sort of continue to stay focused on this concept of earning the capital, paying it up to the holding company, and then returning to shareholders at the operating company. We're obviously operating with a significant buffer above our 425 minimum. Some of that reflects the fact that there is a bit of market sensitivity on the base contract that remains at Jackson National. And so we want to be able to have a sustainable level of capital return coming out of the company and so you likely see that.

當然，那麼讓我與你分享我們的一些想法，Suneet。因此，正如我們在新的揭露中所述，我們將繼續專注於賺取資本、支付給控股公司，然後返還給營運公司的股東這一概念。顯然，我們的營運緩衝比最低標準 425 還要高。這在一定程度上反映了市場對傑克遜國家石油公司剩餘的基本合約有一定的敏感度。因此，我們希望公司能夠實現可持續的資本回報水平，您很可能會看到這一點。

Level of RBC come down over time as opposed to sort of one you know kind of major transaction. I would also highlight that, all of those distributions continue to be subject to discussions with our our regulators, but we feel pretty good that, if you look at the capital generation that we had for 2024.

與某種重大交易不同，RBC 水平會隨著時間的推移而下降。我還要強調的是，所有這些分配仍需與我們的監管機構進行討論，但如果您看看我們在 2024 年的資本創造情況，我們感覺相當不錯。

On a reported basis up about or represents about 66% of the, or we sent up to the holding company about 66% of what we generated. If you factor in that we had kind of a one-time item benefiting the capital generation related to the CAMT, we're more like 80%, so we feel good about that. And you know we believe the cash that we have at the holding company provides us with, additional flexibility as we look at continuing to grow going forward, including, organic growth at the operating company as well as any strategic opportunities that might come up.

據報道，我們向控股公司發送了我們所產生收入的約 66%。如果考慮到我們有一個一次性專案有利於與 CAMT 相關的資本生成，那麼我們的佔比就更接近 80%，所以我們對此感到滿意。而且我們相信，控股公司所持有的現金為我們提供了額外的靈活性，因為我們著眼於未來的持續成長，包括營運公司的有機成長以及可能出現的任何策略機會。

Okay, thanks for the answers.

好的，謝謝你的回答。

Thank you. Alex Scott of Barclays.

謝謝。巴克萊銀行的亞歷克斯·斯科特。

Hey, thanks for taking the question. First one is actually on PPM. I know it's a, relatively small business from an earnings standpoint for you all, but you would be interested in, where you see PPM going over over the long-term. Is that something that may become a bigger piece of strategy over time?

嘿，謝謝你回答這個問題。第一個實際上是關於 PPM 的。我知道從獲利角度來看，這對你們來說都是一個相對較小的業務，但你們會感興趣的是，你們認為 PPM 的長期發展前景如何。隨著時間的推移，這是否會成為一項更重要的策略？

Good morning, Alex. Thanks for the question. We do see PPM as a core part of our business at Jackson. They, support us with management of our general account and in other ways with our corporate strategy, from a overall performance perspective, as you can see in our disclosures, they do well for us.

早安，亞歷克斯。謝謝你的提問。我們確實將 PPM 視為 Jackson 業務的核心部分。他們支持我們管理一般帳戶，並以其他方式支持我們的公司策略，從整體績效的角度來看，正如您在我們的揭露中所看到的，他們為我們做得很好。

I think as we continue to move forward, if there is opportunity for PPM to to be viewed as a larger part of our strategy, we, would look for that opportunity to come into play. We'll continue to have them, operate as is and, manage, the general account.

我認為，隨著我們繼續前進，如果有機會將 PPM 視為我們策略的更重要的組成部分，我們就會尋找這個機會來發揮作用。我們將繼續擁有它們，按原樣運作並管理一般帳戶。

I'll invite Craig Smith, who's here with us to share any additional remarks that you may want to in terms of PPM's specific initiatives.

我將邀請克雷格史密斯 (Craig Smith)，他就 PPM 的具體舉措與我們分享您可能想要的任何其他評論。

Sure, thank you, Laura, and thanks for the question. On our business at PPM, as Laura mentioned.

當然，謝謝你，蘿拉，也謝謝你提出這個問題。正如勞拉所提到的，關於我們在 PPM 的業務。

About half, just under half of the assets under management are associated with the Jackson General account. We also have a third party business. We operate our business across 5 verticals, public fixed income, private fixed income, CLO management, with CLO business, Commercial mortgage debt and private equity and all of those verticals, we are not only providing those services to Jackson but also third parties and have a robust effort to increase distribution to institutional investors across the globe.

大約一半，略低於一半的管理資產與 Jackson General 帳戶相關。我們還有第三方業務。我們的業務涉及 5 個垂直領域，即公共固定收益、私人固定收益、CLO 管理、CLO 業務、商業抵押債務和私募股權以及所有這些垂直領域，我們不僅為 Jackson 提供這些服務，還為第三方提供服務，並大力努力增加對全球機構投資者的分銷。

Recently you've probably read. Alex, of our hiring of an experienced emerging market debt team from Western Asset Management 3 or 4 weeks ago and you know it's just an illustration of Jackson's commitment to TPM's business, the growth of our business and the increasing capabilities at our investment management firm.

最近您可能已經讀過。亞歷克斯，我們三四周前從西方資產管理公司聘請了一支經驗豐富的新興市場債務團隊，你知道，這只是傑克遜對 TPM 業務的承諾、我們業務的增長以及我們投資管理公司不斷增強的能力的一個例證。

Got it. That, that's helpful and that Western asset management, hire did, catch my eye. That was one of the reasons I was interested in asking about that. All right, I guess for my follow up.

知道了。這很有幫助，而且西方資產管理的僱用確實引起了我的注意。這就是我感興趣詢問這個問題的原因之一。好的，我想進行後續跟進。

I wanted to ask about the free capital generation. The guide's unchanged in terms of, exceed $1 billion. I'd say 2024 being, 1.7% before funding sort of business growth, 1.3% after you laid out in your deck that that seemed pretty darn strong to me and I guess I just wanted to ask, how much does that, excuse me, a number of benefit from the strong equity markets, higher interest rates, etc.

我想問一下有關自由資本生成的問題。該指南保持不變，仍為超過 10 億美元。我想說的是，2024 年在為業務增長提供資金之前會達到 1.7%，在你在演示文稿中闡述之後會達到 1.3%，這對我來說似乎非常強勁，我想我只是想問一下，這有多少，對不起，受益於強勁的股市、更高的利率等。

I mean, is that something where maybe we shouldn't think about it being quite that strong in the '25 because there were like, sort of 11 time like benefits from the market being strong, or, do you view that as a pretty good run rate at this point?

我的意思是，我們是否不應該認為它在 25 年會那麼強勁，因為市場強勁帶來了 11 倍的收益，或者，您是否認為這在目前是一個相當不錯的運行率？

Yeah, so thanks for that, Alex. It's Don. So the first thing I would just highlight in terms of the $1 billion plus for 2025, as I mentioned earlier, we did have sort of a one-time tax benefit in 2024 that will not repeat going forward. So you back that out, you're essentially kind of $1.1 billion for '24 on a more normalized basis and in terms of going forward. There is some equity market sensitivity, as I mentioned, but we have a fairly, what we believe is reasonable. Level of equity market return built into our plan for 2025 and we feel very comfortable with that billion dollars dollar guidance.

是的，謝謝你，亞歷克斯。是唐。因此，我想強調的第一件事是，關於 2025 年的 10 億美元以上，正如我之前提到的，我們在 2024 年確實享有一次性稅收優惠，以後不會再重複。因此，從更正常的角度來看，從未來發展的角度來看，2024 年的支出基本上是 11 億美元。正如我所提到的，股票市場存在一些敏感性，但我們認為這是相當合理的。股票市場回報率已納入我們的 2025 年計劃，我們對 10 億美元的指導金額感到非常滿意。

Got it. Thank you.

知道了。謝謝。

Thank you. (Operator Instructions) Tom Gallagher of ISI.

謝謝。（操作員指示） ISI 的湯姆·加拉格爾。

Morning. First wanted to come back to the actual review.

早晨。首先想回顧一下實際的評論。

So is it was the charge taken because more customers are utilizing the GMWB features than you had modeled? I guess I've I've sort of looked at your guarantees and thought the vast majority of them are probably out of the money at this point, but I guess there's cohorts that are in the money and is that done? Is that where you're making the adjustment change as you've looked at different cohorts?

那麼，收取費用是不是因為使用 GMWB 功能的客戶數量超出了您所預測的數量？我想我已經看過你們的擔保了，我認為現在絕大多數擔保可能都沒有錢了，但我想有些擔保是有錢的，這樣就完成了嗎？當您觀察了不同的群體之後，您是否做出了調整？

If you can unpack that a little bit, thanks.

如果您能稍微解釋一下，謝謝。

Sure, good morning, Tom. So, yeah, let me try and unpack that for you and make it a bit more clear. So, we, the adjustment that we made, as part of our assumption review was not directly related to utilization. It was more related to kind of making sure that we've got captured in our projections, more precise information around the frequency of withdrawals as opposed to being able to utilize those benefits and even though the overall book is largely out of the money, we still have people who are using these products as they were designed, so they're taking withdrawals on a regular basis and that's really what the focus of our assumption update was in the quarter.

當然，早上好，湯姆。所以，是的，讓我試著為你解釋這個問題，讓它更清楚一些。因此，我們作為假設審查的一部分所做的調整與利用率沒有直接關係。這更多的是為了確保我們在預測中掌握有關提款頻率的更精確信息，而不是能夠利用這些好處，儘管整體賬簿很大程度上是缺錢了，但仍然有人按照設計使用這些產品，所以他們會定期提款，這才是我們本季度假設更新的重點。

Got it. And then just a couple of other quick ones. Did you say your ultimate lapse rate assumption for total annuities was around 7%? Because I'm just looking at this quarter it was around 13%. I just want to make sure I'm looking at apples to apples.

知道了。然後還有幾個其他的簡短的。您是否說過，您對總年金的最終失效率假設約為 7%？因為我只看這個季度，它大約是 13%。我只是想確保我看到的是同類的東西。

Yeah, no, the 7% that I mentioned, Tom, that was the surrender surrender rate that we experienced in 2022. My point in having you look back at that is that was the last down market experience that we had. And so because we do tend to see changes in our surrenders in, equity markets, that tends to result in more surrenders. We have the opposite impact that occurs when we have a down market. And so that's what the 7% relates to.

是的，不，湯姆，我提到的 7% 是我們在 2022 年經歷的退保率。我讓你們回顧一下，那是我們經歷的最後一次市場低迷。因此，由於我們確實傾向於看到股票市場的投降發生變化，這往往會導致更多的投降。我們受到的影響與市場低迷時產生的影響相反。這就是 7% 所涉及的內容。

Okay, and what is your terminal lapse rate assumption? I just want to at least level set where we are now and if rates, if lapses remain elevated, whether you might have to make some adjustments.

好的，您的終端遞減率假設是多少？我只是想至少確定我們現在的水平，如果利率和失誤率仍然居高不下，是否需要做出一些調整。

Yeah, it's probably closer to the 8% to 9% range would be a more typical in the money lapse rate, or I'm sorry, at the money lapse rate.

是的，它可能更接近 8% 到 9% 的範圍，這是更典型的資金流失率，或者對不起，是資金流失率。

Got it. And then just one final one if I could the this is a little more of like a structural question. So I know you have the permitted practice with Brooke Re. Is there within that permitted practice, is there, are there guard rails around you still are beholden somehow to RBC on a statutory basis? And the reason I ask is.

知道了。如果可以的話，我最後再問一個問題，這更像是一個結構性問題。所以我知道您已獲得 Brooke Re 的執業許可。在允許的做法範圍內，是否存在防護欄，您是否仍以某種方式依法受制於 RBC？我問這個問題的原因是。

When I see like there's proposed changes to scenario generator in '26, I wonder how is that even going to affect you if you're using modified GAAP. But anyway, is there any guardrail that's still where there's still a relevance to statutory, or is there, is that not even relevant anymore in terms of the the deal you have with the Michigan regulator?

當我看到 26 年情境產生器中提出的變更時，我想知道如果您使用修改過的 GAAP，這會對您產生什麼影響。但無論如何，是否還有任何與法定相關的護欄，或者，就您與密西根州監管機構達成的協議而言，這是否不再相關？

Yeah, it's a good question, Tom. Thanks for that. So it is largely the go's impact is largely not applicable to the book of business that we've reinsured to Brooke Re. And in terms of guardrails, the primary guardrail that we have there is our minimum operating capital which we had outlined in our disclosures, year end last year. In terms of the framework that we use there, so we do have a minimum level of capital that we've committed to Michigan to maintain Brooke Re and we're well above that given where we ended 2024.

是的，這是個好問題，湯姆。謝謝。因此，在很大程度上，go 的影響基本上不適用於我們向 Brooke Re 再保險的業務帳簿。就護欄而言，我們的主要護欄是最低營運資本，這是我們在去年年底的披露中概述的。就我們在那裡使用的框架而言，我們確實擁有承諾向密西根州提供的最低資本水平，以維持 Brooke Re，考慮到 2024 年結束時的水平，我們的資本水平遠高於這一水平。

Okay. Thank you.

好的。謝謝。

Thank you. At this time we have no further questions registered on today's call, so hand back over to Laura Precor, CEO for any closing remarks.

謝謝。目前，我們在今天的電話會議上沒有其他問題，因此將時間交還給執行長 Laura Precor 進行總結發言。

Thank you. As you've heard this morning, 2024 was a great year of progress for Jackson. We look forward to continuing the discussions and sharing our progress toward our 2025 targets after the first quarter. Thank you all for your continued interest in Jackson.

謝謝。正如大家今天早上所聽到的，2024 年對傑克森來說是個巨大進步的一年。我們期待在第一季之後繼續討論並分享我們實現 2025 年目標的進展。感謝大家對傑克森的持續關注。

Ladies and gentlemen, concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you for joining. You may now disconnect your lines.

感謝您的加入。現在您可以斷開線路了。