Jackson Financial Inc (JXN) 2025 Q1 法說會逐字稿

Good morning. Thank you for attending the Jackson Financial Q1 '25 earnings call. My name is Matt, and I'll be the moderator for today's call. (Operator Instructions).

早安.感謝您參加 Jackson Financial 2025 年第一季財報電話會議。我叫馬特，我將擔任今天電話會議的主持人。（操作員指令）。

I'd now like to pass the conference over to our host, Liz Werner, Head of Investor Relations. Liz, please go ahead.

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

Good morning, everyone, and welcome to Jackson's first quarter 2025 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. 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.

大家早安，歡迎參加傑克森 2025 年第一季財報電話會議。今天的言論可能包含前瞻性陳述，這些陳述受風險和不確定性的影響。這些聲明並非對未來業績或事件的保證，而是基於管理層目前的預期。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 US GAAP figures is included in our earnings release, our 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。

Presenting on today's call are our CEO, Laura Prieskorn; our CFO, Don Cummings and joining us in the room are our President of Jackson National Life Distributors, Scott Romine; our President and Chief Investment Officer of PPM, Craig Smith; and Head of Asset Liability Management, Brian Walter.

參加今天電話會議的有我們的執行長 Laura Prieskorn、我們的財務長 Don Cummings，與我們一起參加會議的還有 Jackson National Life Distributors 總裁 Scott Romine、我們的 PPM 總裁兼首席投資長 Craig Smith 以及資產負債管理主管 Brian Walter。

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 first quarter 2025 earnings call. I'll begin by reviewing the quarter's results, including our progress toward achieving our 2025 financial targets, our strong capital position and our ability to manage risk and navigate through periods of market uncertainty. Following my remarks, I'll then turn it over to our CFO, Don Cummings, to discuss our financial performance in further detail.

謝謝你，莉茲。大家早安，歡迎參加我們 2025 年第一季財報電話會議。我將首先回顧本季的業績，包括我們在實現 2025 年財務目標方面取得的進展、我們強大的資本狀況以及我們管理風險和度過市場不確定時期的能力。在我發言之後，我將把時間交給我們的財務長唐‧卡明斯 (Don Cummings)，進一步詳細討論我們的財務表現。

Beginning with Slide 3. Jackson's strong performance during the first quarter reinforces the resilience of our business and value of Jackson's products. We delivered solid results across our business with adjusted operating earnings of $376 million, a growth of 13% over the previous year. Given our consistent approach to share repurchase and overall return to shareholders, our adjusted operating earnings on a per share basis increased over 20% from a year ago.

從投影片 3 開始。傑克遜第一季的強勁表現增強了我們業務的彈性和傑克遜產品的價值。我們的業務取得了穩健的業績，調整後的營業收入為 3.76 億美元，比上一年增長 13%。鑑於我們一貫的股票回購和股東整體回報方式，我們的每股調整後營業收益較去年同期成長了 20% 以上。

Since becoming an independent public company, Jackson has returned over $2 billion in capital to shareholders while expanding our business and maintaining our financial strength. Our net loss this quarter reflects the impact of third-party reinsurance and our modest net hedging results, which Don will discuss shortly. As a reminder, the results of reinsured business do not impact our statutory capital or free cash flow and have a minimal net impact on shareholders' equity.

自成為獨立上市公司以來，傑克森在擴大業務和保持財務實力的同時，已向股東返還了超過 20 億美元的資本。我們本季的淨虧損反映了第三方再保險和適度淨對沖結果的影響，Don 將很快對此進行討論。提醒一下，再保險業務的結果不會影響我們的法定資本或自由現金流，對股東權益的淨影響極小。

Our leading retail annuities business benefited from strong spread income and sales growth across all products compared to the first quarter of 2024. First quarter retail annuity sales were over $4 billion, up more than 9% from a year ago. Jackson's multi-product portfolio positions us well to serve a range of market environments and client needs, which was evident again this quarter. Sales of variable annuities without living benefits were up 40% from the prior year and accounted for nearly 40% of total variable annuity sales. We continue to believe there is a long-term demand for variable annuity products from the millions of Americans who retire each year, seeking both asset growth and guaranteed income.

與 2024 年第一季相比，我們領先的零售年金業務受益於強勁的利差收入和所有產品的銷售成長。第一季零售年金銷售額超過 40 億美元，比去年同期成長 9% 以上。Jackson 的多產品組合使我們能夠很好地滿足各種市場環境和客戶需求，這一點在本季度再次得到體現。不包含生存福利的變額年金銷售額比上年增長了 40%，佔變額年金總銷售額的近 40%。我們仍然相信，每年退休的數百萬美國人對變額年金產品有著長期的需求，他們既尋求資產成長，又尋求有保障的收入。

Jackson's successful diversification of its retail annuity sales, combined with opportunistic institutional sales, resulted in 30% of total first quarter sales coming from traditional variable annuities with lifetime benefits compared to 64% at separation. Jackson's RILA product suite is a consistent source of new sales at $1.2 billion for the quarter, up 3% from a year ago.

傑克森成功實現了零售年金銷售的多元化，加上機會主義的機構銷售，導致第一季總銷售額的 30% 來自具有終身福利的傳統變額年金，而分離時這一比例為 64%。Jackson 的 RILA 產品套件一直是新銷售額的來源，本季銷售額達 12 億美元，比去年同期成長 3%。

We expect future growth in our RILA business to be supported by the 2024 launch of our Plus Income optional benefit, the availability of a Jackson RILA product in New York and our expanded distribution opportunities through financial professionals at J.P. Morgan Wealth Management. RILA has also led to new and reengaged producer relationships as the product provides advisers and their clients with upside growth potential and downside protection. LIMRA estimates industry RILA sales to be $65 billion this year, and as a top five provider, Jackson is well-positioned to meet market demand through our product innovation, strong distribution and industry-leading service.

我們預計，2024 年推出的 Plus Income 可選福利、Jackson RILA 產品在紐約的上市以及透過摩根大通財富管理的金融專業人士擴大的分銷機會將支持我們 RILA 業務的未來成長。RILA 也促成了新的和重新建立的生產者關係，因為該產品為顧問及其客戶提供了上行成長潛力和下行保護。LIMRA 估計今年行業 RILA 銷售額將達到 650 億美元，而作為前五名供應商之一，Jackson 完全有能力透過我們的產品創新、強大的分銷和行業領先的服務來滿足市場需求。

Turning to fixed and fixed-indexed annuity sales. We saw meaningful growth compared to a year ago, though at a more moderated level than in the second half of last year. We continue to maintain a disciplined approach to this market and closely monitor market conditions for profitable growth opportunities, providing even greater diversification to our retail annuity sales mix. Jackson's innovative approach to product, our industry-leading service and prudent risk management allow us to provide a broad range of annuity solutions to our distribution partners.

轉向固定和固定指數年金銷售。與去年同期相比，我們看到了有意義的成長，儘管與去年下半年相比成長幅度較小。我們將繼續對這個市場保持嚴謹的態度，並密切關注市場狀況以尋找獲利成長機會，為我們的零售年金銷售組合提供更大的多樣化。Jackson 的創新產品方法、業界領先的服務和審慎的風險管理使我們能夠為分銷合作夥伴提供廣泛的年金解決方案。

Focusing on emerging distribution channels, we believe fee-based advisory business is expanding the overall market for annuity products. We continue to see sales momentum within this channel, driven by our strong value proposition and beneficial digital experience, which help advisers to include annuities in their clients' comprehensive financial plans. In the first quarter, Jackson's advisory sales increased 28% over the first quarter of 2024. Over the 12 months ending in March 2025, advisory sales are at an annual run rate of more than $1 billion.

著眼於新興分銷管道，我們認為收費諮詢業務正在擴大年金產品的整體市場。我們繼續看到該管道的銷售勢頭，這得益於我們強大的價值主張和有益的數位體驗，這有助於顧問將年金納入客戶的綜合財務計劃中。第一季度，傑克森的諮詢銷售額比2024年第一季成長了28%。截至 2025 年 3 月的 12 個月內，諮詢銷售額的年增長率將超過 10 億美元。

During the first quarter of 2025, our healthy and profitable book of business generated excess capital and resulted in an estimated 585% RBC. Distributions from our operating company, Jackson National Life, provided $240 million in cash to the holding company. Our steady approach to periodic distributions, combined with excess holding company liquidity, highlights our capital strength and reinforces our confidence in achieving our 2025 financial targets.

2025 年第一季度，我們健康且盈利的業務產生了過剩資本，並產生了預計 585% 的 RBC。我們的營運公司 Jackson National Life 的分配為控股公司提供了 2.4 億美元現金。我們採取穩健的定期分配方式，加上控股公司過剩的流動性，凸顯了我們的資本實力，並增強了我們實現 2025 年財務目標的信心。

Turning to Slide 4, you can see we are off to a strong start, having returned over $230 million to common shareholders while maintaining more than $600 million in holding company liquid assets. We look forward to completing our fifth consecutive year of delivering on our financial targets while positioning the company for long-term profitability. Additionally, we continue to view a cash dividend as a valuable stream of sustainable capital return and yesterday announced our Board's approval of a second quarter cash dividend of $0.80 per common share.

翻到投影片 4，您可以看到我們開局強勁，已向普通股股東返還了超過 2.3 億美元，同時維持了超過 6 億美元的控股公司流動資產。我們期待連續第五年實現我們的財務目標，同時為公司的長期獲利做好準備。此外，我們繼續將現金股利視為永續資本回報的寶貴來源，並在昨天宣布董事會批准第二季每股普通股 0.80 美元的現金股利。

Importantly, Jackson's resilient capital, hedging strategy and risk management discipline have allowed us to manage through the recent period of market volatility with confidence. We also believe that the current environment reinforces the importance of providing security to Americans planning for their retirement.

重要的是，傑克遜的彈性資本、對沖策略和風險管理紀律使我們能夠滿懷信心地度過最近的市場波動期。我們也認為，目前的環境強調了為美國人的退休計畫提供保障的重要性。

Advisers are increasingly seeing annuities as a valuable tool in delivering this security for their clients, a powerful illustration of this dynamic. Jackson's focus on the annuity industry and delivering flexible protection and income-oriented solutions is highly valued during times of market uncertainty, and we remain committed to serving our distribution partners and their clients.

顧問們越來越多地將年金視為為客戶提供安全保障的寶貴工具，有力地證明了這種動態。在市場不確定時期，傑克遜專注於年金行業並提供靈活的保護和以收入為導向的解決方案，這一點受到高度重視，我們將繼續致力於為我們的分銷合作夥伴及其客戶提供服務。

With that, I'll turn the call over to Don.

說完這些，我會把電話轉給唐。

Thank you, Laura. I'll begin on Slide 5 with our first quarter 2025 consolidated financial results. Adjusted operating earnings of $376 million were up 13% over the first quarter of last year. This significant increase was primarily due to higher earnings on spread products, which 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.

謝謝你，勞拉。我將從第 5 張投影片開始介紹我們的 2025 年第一季綜合財務表現。調整後的營業利潤為 3.76 億美元，較去年第一季成長 13%。這一大幅成長主要得益於利差產品的收益增加，這得益於淨投資收益的增加，這主要得益於我們的 RILA 和固定年金塊的增長，以及我們的債券投資組合的收益率增加。

Our high-quality conservative investment portfolio supporting the spread product business is well-positioned with diversification and strong credit quality, a theme throughout the portfolio. The exposure of our portfolio to commercial office loans and below investment-grade securities is less than 2% and 1%, respectively. The appendix of our earnings presentation provides additional information on our investment portfolio.

我們支持利差產品業務的高品質保守投資組合具有多樣化和強大的信用質量，這是整個投資組合的主題。我們的投資組合對商業辦公貸款和投資等級以下證券的曝險分別不到 2% 和 1%。我們的收益報告附錄提供了有關我們的投資組合的更多資訊。

Before turning to notable items in the quarter, I want to highlight the strong and growing return on our per common share book value. The $231 million of capital return during the quarter led to a decrease of $132 million in adjusted book value attributable to common shareholders from year-end 2024. However, the corresponding reduction in our diluted share count from buyback activity drove a 2% increase in book value on a diluted share basis to $152.84. Adjusted operating return on common equity for the quarter increased 160 basis points to 13.6% from 12% in the first quarter of 2024. Slide 6 outlines the notable items included in adjusted operating earnings.

在討論本季值得注意的項目之前，我想強調一下我們每股普通股帳面價值的強勁和不斷增長的回報。本季 2.31 億美元的資本回報導致歸屬於普通股股東的調整後帳面價值較 2024 年底減少 1.32 億美元。然而，由於回購活動導致稀釋股數相應減少，稀釋後每股帳面價值增加2%，至152.84美元。本季調整後普通股經營報酬率從2024年第一季的12%上升160個基點至13.6%。投影片 6 概述了調整後營業收入中包含的值得注意的項目。

Reported adjusted operating earnings per share were $5.10 for the current quarter. Adjusting for $0.10 of notable items and the difference in tax rates from our 15% guidance, earnings per share were $5.20 for the current quarter, up 25% from $4.16 in the prior year's first quarter. This strong improvement was primarily due to the growth in spread income noted earlier, as well as a reduction in diluted share count from common share repurchase activity. The only notable item for the quarter was an $0.11 negative from limited partnership results, coming in modestly below our 10% long-term assumption.

本季調整後每股營業收益為 5.10 美元。在調整 0.10 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 5.20 美元，較去年同期的 4.16 美元增長 25%。這一強勁成長主要歸功於先前提到的利差收入的成長，以及普通股回購活動導致的稀釋股數減少。本季唯一值得注意的項目是有限合夥企業業績為負 0.11 美元，略低於我們 10% 的長期假設。

On Slide 7, we focus on the diverse new business profile of our retail annuity segment, illustrated by growth of 9% from the first quarter of 2024. Our RILA product delivered first-quarter sales of $1.2 billion, supporting further diversification in our top-line growth. As Laura mentioned, sales of variable annuities remained strong, growing 9% from the first quarter of last year.

在第 7 張投影片上，我們重點介紹了零售年金部門多樣化的新業務概況，從 2024 年第一季起成長了 9%。我們的 RILA 產品第一季的銷售額達到 12 億美元，支持了我們營收成長的進一步多元化。正如勞拉所提到的，變額年金的銷售依然強勁，較去年第一季成長了 9%。

During the first quarter, we also remained committed to producing spread product sales and delivered $174 million of fixed and fixed index annuity sales in the quarter. Our overall sales mix remained capital efficient during the quarter and this stability provides the opportunity to continue allocating some capital towards spread products as we further diversify our business going forward. We are pleased with the diversity of our new business mix since becoming an independent public company.

在第一季度，我們也繼續致力於生產利差產品銷售，並在本季度實現了 1.74 億美元的固定和固定指數年金銷售額。我們的整體銷售組合在本季度保持了資本效率，這種穩定性為我們在未來進一步實現業務多元化的過程中繼續向利差產品分配部分資本提供了機會。自成為獨立上市公司以來，我們對新業務組合的多樣性感到滿意。

Turning to net flows, the sales we generated in RILA and other spread products translated to $1.3 billion of non-variable annuity net flows in the first quarter. These net flows provide valuable economic diversification and hedging efficiency benefits. As we discussed last quarter, variable annuity net flows have been elevated in recent quarters, reflecting the healthy moneyness profile of our book, the aging of policyholders, and large past sales years coming out of the surrender period.

談到淨流量，我們在第一季在 RILA 和其他利差產品中產生的銷售額轉化為 13 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。正如我們上個季度所討論的那樣，最近幾個季度變額年金淨流量有所上升，這反映了我們賬簿的健康貨幣狀況、保單持有人的老齡化以及退保期後的過去幾年的大量銷售。

In the current quarter, the all-in surrender and benefit rate, including partial withdrawals and death benefits, declined 60 basis points from the fourth quarter of 2024. Our experience indicates that surrenders tend to decline during down equity markets as benefits become more in the money. Looking at pre-tax adjusted operating earnings for our segments on Slide 8, a continued positive environment for spread products was offset by higher general and administrative expenses in our Retail Annuities segment compared to the first quarter of last year, primarily a result of seasonality and compensation expense.

本季度，包括部分提款和死亡撫卹金在內的全退保和福利率較 2024 年第四季下降了 60 個基點。我們的經驗表明，在股市下跌期間，隨著收益的增加，退保金額往往會下降。查看投影片 8 中我們各部門的稅前調整後營業收益，與去年第一季度相比，利差產品的持續積極環境被零售年金部門的一般和行政費用增加所抵消，這主要是由於季節性和薪酬費用造成的。

Results for retail annuities were down from the fourth quarter of last year, primarily because of declines in average variable annuity AUM due to lower equity markets and lower spread income due in part to lower levels of limited partnership income in the current quarter. Jackson's earnings power is supported by the level of assets under management, as growing non-variable annuity net flows and strong separate account returns have built our average retail annuity AUM to $246 billion, up from $242 billion in the first quarter of 2024.

零售年金的業績較去年第四季有所下降，主要原因是由於股票市場走低導致平均變額年金 AUM 下降，以及本季有限合夥收入水準下降導致利差收入減少。傑克遜的獲利能力受到管理資產水準的支持，因為不斷增長的非可變年金淨流量和強勁的獨立帳戶回報使我們的平均零售年金 AUM 從 2024 年第一季的 2,420 億美元增至 2,460 億美元。

For our institutional segment, pre-tax adjusted operating earnings were down from the first quarter of last year, reflecting lower spread income, and were broadly in line with the fourth quarter of last year. Our higher level of new business activity in 2024 has continued into 2025, and we will maintain our opportunistic approach in the institutional marketplace. Our closed block segment reported pre-tax adjusted operating earnings that were improved from the first quarter of last year due to higher net investment income. Results were up sequentially due to the assumptions review impacts on pre-tax adjusted operating earnings in the fourth quarter of last year.

對於我們的機構部門，稅前調整後的營業收入較去年第一季有所下降，反映了利差收入的下降，並且與去年第四季基本持平。我們在 2024 年更高水準的新業務活動將持續到 2025 年，並且我們將在機構市場中保持機會主義的做法。我們的封閉式板塊報告稱，由於淨投資收益增加，稅前調整後的營業利潤較去年第一季有所改善。由於假設審查對去年第四季稅前調整後營業收入的影響，業績環比上升。

Slide 9 includes a waterfall comparison of our first quarter pre-tax adjusted operating earnings of $442 million to the GAAP pre-tax loss attributable to Jackson Financial of $23 million. Our hedging program reported a consolidated net hedge loss of $134 million in the first quarter. Our move to a more economic hedging approach in 2024 has clearly provided more stability in our non-operating results and capital generation, which has continued into 2025. Our hedging program is supported by a stable 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. Guarantee fees for the first quarter were $0.8 billion and totaled $3.1 billion over the trailing 12 months.

投影片 9 包括我們第一季稅前調整後營業收入 4.42 億美元與 Jackson Financial 應佔 GAAP 稅前虧損 2,300 萬美元的瀑布式比較。我們的對沖計畫報告第一季合併淨對沖損失為 1.34 億美元。我們在 2024 年採取了更經濟的對沖方法，這顯然為我們的非經營性績效和資本創造提供了更大的穩定性，這種趨勢一直持續到 2025 年。我們的對沖計劃由穩定的保證福利費用流支持，這些費用是根據福利基礎而不是帳戶價值來評估的。這種方法即使在市場低迷時期也能保證擔保費的穩定。第一季的擔保費為 8 億美元，過去 12 個月總計 31 億美元。

During the first quarter, our hedge results included a net gain of about $1 billion on hedging assets, supporting our variable annuity and RILA business. This gain was primarily from interest rate hedges, as long-term interest rates were down about 30 basis points during the quarter, and a gain on equity hedges reflecting modestly lower equity markets. Changes in market risk benefits or MRB were driven in part by the same interest rate and equity market movements, leading to a $2.2 billion offset to the hedging assets gain.

第一季度，我們的對沖結果包括對沖資產淨收益約 10 億美元，支持了我們的變額年金和 RILA 業務。這項收益主要來自利率對沖，因為本季長期利率下降了約 30 個基點，而股票對沖的收益則反映了股票市場的小幅走低。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，導致對沖資產收益抵消了 22 億美元。

As a reminder, changes in the MRB relate primarily to our variable annuity business and include the impact of equity index implied volatility, which was elevated during the quarter. Changes in implied volatility do not impact our Brooke Re MRB measurement since its modified GAAP methodology uses a fixed volatility assumption designed to promote balance sheet stability.

提醒一下，MRB 的變化主要與我們的變額年金業務有關，包括股票指數隱含波動率的影響，該波動率在本季度有所上升。隱含波動率的變化不會影響我們的 Brooke Re MRB 測量，因為其修改後的 GAAP 方法使用了旨在促進資產負債表穩定性的固定波動率假設。

The reserve and embedded derivative gain of $333 million during the first quarter primarily reflects decreases in RILA reserves resulting from lower equity markets. The RILA business continues to provide an economic equity risk offset to our variable annuity guarantee business, which results in hedging efficiencies. We believe the first quarter 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.

第一季 3.33 億美元的儲備金和嵌入式衍生性商品收益主要反映了股票市場下跌導致 RILA 儲備金的減少。RILA 業務持續為我們的變額年金擔保業務提供經濟股權風險抵消，從而提高對沖效率。我們相信，第一季的結果表明，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。

Slide 10 highlights our capital generation and free cash flow for the quarter. As previously discussed, Jackson adheres to an earn it, then pay it philosophy for capital return. This philosophy is built upon three 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.

投影片 10 重點介紹了本季的資本創造和自由現金流。如同前面所討論的，傑克森堅持先賺後付的資本回報理念。這個理念建立在三大支柱之上：創造自由資本，即我們從哪裡賺取自由資本；創造自由現金流，即我們從哪裡支付自由現金流；最終將資本返還給我們的普通股股東。

After-tax statutory capital generation was $441 million in the first quarter of 2025. We believe this metric offers helpful 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.

2025 年第一季稅後法定資本產生額為 4.41 億美元。我們相信，這項指標有助於深入了解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 $407 million, reflecting the change in required capital or CAL, resulting from our strong and diversified new business results during the quarter. Free capital generation represents excess capital that is available to support cash distributions to the holding company, subject to regulatory considerations and desired RBC ratio levels at the operating company.

自由資本產生量為 4.07 億美元，反映了所需資本或 CAL 的變化，這是由於我們本季新業務表現強勁且多樣化所致。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，但須遵守監管考量和營運公司所需的 RBC 比率水準。

With the strong start to the year, free capital generation is on pace to exceed the $1 billion-plus expectation for full year 2025 we communicated last quarter. We believe this leaves us well-positioned to continue to deliver on our strategic and operational objectives, as well as our capital return targets for 2025, even when considering recent market volatility.

隨著今年開局強勁，自由資本生成預計將超過我們上個季度傳達的 2025 年全年 10 億美元以上的預期。我們相信，即使考慮到最近的市場波動，這也使我們有能力繼續實現我們的策略和營運目標以及 2025 年的資本回報目標。

Free cash flow grew substantially in the current quarter, once again, illustrating the stability of our capital generation. In the first quarter of 2025, approximately 60% of free capital generation, or $240 million was distributed to JFI, which brings our trailing 12-month total to nearly $1.1 billion. After covering expenses and other cash flow items at the holding company, the resulting free cash flow of $213 million in the quarter brought the trailing 12-month total to nearly $1 billion.

本季自由現金流大幅成長，再次證明了我們資本創造的穩定性。2025 年第一季度，約 60% 的自由資本產生（即 2.4 億美元）分配給了 JFI，這使我們過去 12 個月的總額達到近 11 億美元。在支付了控股公司的費用和其他現金流項目後，本季產生的 2.13 億美元自由現金流使過去 12 個月的總額達到近 10 億美元。

Let me just reiterate this. Over the last 12 months, we've distributed $1.1 billion to the holding company and generated free cash flow of $960 million, a very strong result. The outcome of our strong free capital generation and growing free cash flow allowed us to return $231 million to common shareholders in the quarter, up 44% from last year's first quarter on a per diluted share basis. On a trailing 12-month basis, we have returned nearly $700 million and we are highly confident in our ability to meet our full-year 2025 capital return target. Overall, these results highlight Jackson's strong capital generation profile and stable cash distributions to JFI, which have enhanced value for our shareholders.

讓我重申一下這一點。在過去的 12 個月中，我們向控股公司分配了 11 億美元，並產生了 9.6 億美元的自由現金流，這是一個非常強勁的業績。我們強勁的自由資本產生和不斷增長的自由現金流使我們在本季度向普通股股東返還 2.31 億美元，按每股攤薄收益計算，較去年第一季增長 44%。在過去 12 個月中，我們已返還近 7 億美元，我們對實現 2025 年全年資本返還目標的能力充滿信心。總體而言，這些結果凸顯了 Jackson 強大的資本產生能力和對 JFI 的穩定現金分配，這為我們的股東帶來了更高的價值。

Slide 11 summarizes our formidable capital and liquidity position for the quarter. The profitability of our in-force business, driven by fee income from our variable annuity-based contract and growing spread-based earnings provided statutory capital generation of $441 million during the first quarter. The current quarter capital generation includes a tax benefit driven by utilization of net operating losses and additional admitted deferred tax assets.

投影片 11 總結了本季我們強大的資本和流動性狀況。我們的有效業務獲利能力，受基於變額年金合約的費用收入和不斷增長的基於利差的收益的推動，在第一季度提供了 4.41 億美元的法定資本產生。本季的資本創造包括利用淨營業虧損和額外承認的遞延稅務資產所帶來的稅收優惠。

As we have discussed in prior calls, we plan to take smaller periodic distributions from Jackson National Life, and during the first quarter, we distributed $240 million. 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 $5.2 billion. Required capital at Jackson National Life has continued to remain stable, as was apparent in our first quarter results, with estimated CAL slightly higher, reflecting our diversified new business activity. Our estimated RBC ratio was up from the fourth quarter of 2024 to 585% and remains well above our minimum of 425%. We believe Jackson is operating from a position of strength, considering the elevated market volatility and macro environment experienced since the end of the first quarter.

正如我們在之前的電話會議中討論過的，我們計劃從傑克遜國民人壽保險公司獲得較小規模的定期分配，在第一季度，我們分配了 2.4 億美元。考慮到此分配的影響以及遞延稅務資產可接納性的相關減少後，傑克森的總調整資本（TAC）有所增加，並在本季末達到 52 億美元。傑克遜國民人壽的資本要求繼續保持穩定，這從我們第一季的業績中可以看出，預計的 CAL 略高，反映了我們多元化的新業務活動。我們估計的 RBC 比率從 2024 年第四季上升至 585%，並且仍遠高於我們的最低水準 425%。考慮到第一季末以來市場波動性和宏觀環境的加劇，我們認為傑克森的營運處於優勢地位。

During the first quarter of 2025, Brooke Re continued to operate as expected, and we did see a modest increase in equity from our year-end level of $2.1 billion. Brooke Re's capitalization remains well above our minimum operating capital level and our risk management framework, which reflects a variety of deep tail scenarios. During our last earnings call, we committed to sharing any capital contributions to, or distributions of capital from Brooke Re, and we can confirm that we did not take either of those actions with Brooke Re during the quarter. Going forward, we will continue to manage Brooke Re on a self-sustaining basis given the long-term nature of its liabilities.

2025 年第一季度，Brooke Re 繼續按預期運營，我們確實看到股本從年底的 21 億美元水平略有增加。Brooke Re 的資本化仍遠高於我們的最低營運資本水準和風險管理框架，這反映了各種深尾情境。在我們上次的收益電話會議上，我們承諾分享對 Brooke Re 的任何資本貢獻或資本分配，我們可以確認我們在本季度沒有對 Brooke Re 採取任何行動。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。

Our holding company cash and highly liquid asset position at the end of the quarter was more than $600 million, which continues to be above our minimum buffer and provides substantial financial flexibility. The modest decline from the year-end level was the result of capital returned during the quarter. Overall, our first quarter 2025 results demonstrate positive momentum in our business and the strength of our balance sheet and capital position.

截至本季末，我們的控股公司現金和高流動性資產狀況超過 6 億美元，這仍然高於我們的最低緩衝水平，並提供了相當大的財務靈活性。與年底水準相比略有下降，這是本季資本返還的結果。總體而言，我們的 2025 年第一季業績顯示我們的業務呈現正面勢頭，資產負債表和資本狀況強勁。

Before turning the call back to Laura, I want to provide some additional context on the performance of our business since the end of the first quarter, considering the market volatility we've seen. During early April, we experienced historic levels of market volatility and uncertainty comparable to the levels we observed during other times of extreme market stress. Our hedging program performed well during this period, providing substantial payoffs and stabilizing our equity position at Brooke Re. As we previously communicated, periods of heightened volatility combined with major equity market and interest rate shifts can be challenging environments for dynamic hedging programs.

在將電話轉回給勞拉之前，我想結合我們所看到的市場波動，提供一些有關自第一季末以來我們業務表現的額外背景資訊。4 月初，我們經歷了歷史性的市場波動和不確定性，其程度與我們在其他極端市場壓力時期觀察到的程度相當。我們的對沖計劃在此期間表現良好，提供了豐厚的回報並穩定了我們在 Brooke Re 的股權地位。正如我們之前所說，波動性加劇的時期，加上股市和利率的大幅變動，可能會對動態對沖計畫帶來挑戰。

After ending 2024 at $2.1 billion in equity, Brooke Re saw modest growth in the first quarter and experienced some decline during April due to the heightened level of market volatility. Importantly, we remain in a very healthy position relative to our risk management framework and minimum operating capital. Brooke Re was initially structured and capitalized to withstand stressful market environments and we are pleased with the performance of our hedging program during April. Brook Re did not require any capital contributions during April, and the hard assets at Brook Re have increased since its formation.

2024 年底，Brooke Re 的股權價值達到 21 億美元，第一季實現了溫和成長，但由於市場波動加劇，4 月出現了一些下滑。重要的是，我們的風險管理框架和最低營運資本仍然處於非常健康的狀態。Brooke Re 最初的結構和資本化是為了抵禦緊張的市場環境，我們對 4 月對沖計畫的表現感到滿意。Brook Re 在 4 月不需要任何資本投入，而 Brook Re 的硬資產自成立以來有所增加。

Jackson has a long track record of successfully managing through multiple market environments and we will continue to execute on our strong risk management framework going forward. As we discussed on prior calls, following the establishment of Brooke Re, our capital position and RBC ratio at Jackson National Life is much less sensitive to equity market movements. This results in the economics at Jackson National Life being more like an asset management business. As a result of Brook Re, the main impact of lower equity markets is on AUM and future capital generation rather than a large immediate reduction in capital or RBC. While declines in AUM reduce the level of future capital generation at Jackson National Life, it will continue to be materially positive given the size of our in-force book, profits from our growing RILA business, and our efficient operating platform.

傑克森在多種市場環境中擁有成功管理的長期記錄，我們將繼續執行強大的風險管理框架。正如我們在先前的電話會議上所討論的那樣，在 Brooke Re 成立之後，Jackson National Life 的資本狀況和 RBC 比率對股票市場走勢的敏感度大大降低。這使得傑克森國民人壽的經營狀況更像是資產管理業務。由於 Brook Re 的影響，股市下跌的主要影響在於 AUM 和未來資本生成，而不是資本或 RBC 的立即大幅減少。雖然 AUM 的下降降低了 Jackson National Life 未來的資本生成水平，但考慮到我們有效賬簿的規模、不斷增長的 RILA 業務的利潤以及我們高效的運營平台，它仍將具有實質性的積極意義。

From a spread business perspective, our conservative investment portfolio is positioned well for times of volatility with diversification and strong credit quality throughout the portfolio. Lastly, we entered the second quarter of 2025 in a very healthy financial position with significant levels of excess capital, a conservative investment portfolio, and a strong liquidity position at the holding company. We have a consistent history of prudent pricing and product design, a focus on balance sheet strength and a track record of strong risk management across market environments. We are well-positioned to continue delivering on our strategic and operational objectives, as well as our capital return targets for 2025.

從利差業務角度來看，我們的保守投資組合在波動時期表現良好，整個投資組合具有多樣化和強大的信用品質。最後，進入 2025 年第二季度，我們的財務狀況非常健康，擁有大量的過剩資本、保守的投資組合以及控股公司的強勁流動性。我們一貫注重定價和產品設計，注重資產負債表實力，並在各個市場環境中擁有強大的風險管理記錄。我們已做好準備，繼續實現我們的策略和營運目標以及 2025 年的資本回報目標。

I'll now turn the call back to Laura.

我現在將電話轉回給勞拉。

Thank you, Don. Our first quarter results are a solid start to the year, and we look forward to future opportunities to discuss our progress. We remain dedicated to serving financial professionals and their clients with the goal of helping Americans grow and protect their retirement savings and income. As always, I'd like to recognize the efforts of our associates whose talent and dedication remain our greatest strength.

謝謝你，唐。我們第一季的業績為今年開了個好頭，我們期待未來有機會討論我們的進展。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。像往常一樣，我要表彰我們的同事的努力，他們的才華和奉獻精神仍然是我們最大的力量。

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

現在，我將把電話轉給接線員以回答問題。

(Operator Instructions)

（操作員指示）

Suneet Kamath, Jefferies.

蘇尼特‧卡馬斯（Suneet Kamath），傑富瑞集團（Jefferies）。

Thanks. Good morning. So, we've all seen these media reports that have indicated your interest in potentially acquiring in the annuity business. I'm not asking you to comment on that. Of course, you can if you want to. But just more broadly, I was just curious if you could kind of give us your philosophy as it relates to inorganic growth or M&A? Thanks.

謝謝。早安.所以，我們都看到了這些媒體報道，表明您有興趣收購年金業務。我並不是要求你對此發表評論。當然，只要你願意，你就可以。但更廣泛地說，我只是好奇您是否可以向我們介紹與無機成長或併購相關的理念？謝謝。

Good morning, Suneet. Thank you for the question. In terms of growth opportunities for us, I would share that we have completed successful bolt-on acquisitions in the past with Life of Georgia, REALIC, John Hancock. Those were all three different transactions. And going forward, any opportunity that we would evaluate would be done in comparison to the value we would receive from share buybacks or balance sheet strengthening.

早上好，Suneet。謝謝你的提問。就我們的成長機會而言，我想說的是，我們過去曾與 Life of Georgia、REALIC 和 John Hancock 成功完成過附加收購。這是三筆不同的交易。展望未來，我們評估的任何機會都會與我們從股票回購或資產負債表加強中獲得的價值進行比較。

Okay. And then I guess a separate question. You talked about growing the spread-based products, and as we think about the landscape, it seems like most of the companies that are pursuing a similar strategy have an alternative asset management partner in some way, shape, or form.

好的。然後我想問一個單獨的問題。您談到了擴大基於利差的產品，當我們思考情況時，似乎大多數追求類似策略的公司都以某種方式、形式擁有另類資產管理合作夥伴。

I think you stand out as an exception there. So, just wondering if you could provide some thoughts on how you think about that strategy. And do you think it puts you at a competitive disadvantage relative to some of those peers that have already kind of moved in that direction? Thanks.

我認為你是一個例外。所以，我只是想知道您是否可以提供一些關於您對該策略的看法。您是否認為，與那些已經朝這個方向發展的同行相比，這會使您處於競爭劣勢？謝謝。

Yes, thank you for that question. It is a market that we approach with discipline and the competitive landscape certainly has become very active with the growth that you've seen over the last couple of years. We continue to evaluate the competitiveness and reprice our products actively.

是的，謝謝你的提問。我們以紀律嚴明的態度對待這個市場，隨著過去幾年的成長，競爭格局無疑變得非常活躍。我們將繼續評估競爭力並積極重新定價我們的產品。

I think as we continue to move forward, we stay open to ideas and opportunities to change how we compete in that market. But as Don had stated in his prepared remarks, we're continuing to see growth in sales in spread products. And, we'll maintain the discipline that we've had in the past. And if opportunities present itself for us to do something different to compete, we'll be open to what those opportunities are.

我認為，隨著我們不斷前進，我們會對改變我們在該市場競爭方式的想法和機會持開放態度。但正如唐在其準備好的發言中所說，我們繼續看到塗抹醬產品的銷售成長。而且，我們將保持過去的紀律。如果有機會讓我們採取不同的方式參與競爭，我們就會積極掌握這些機會。

And I might just add there, Suneet.

我可能還會補充一點，Suneet。

Sure, go ahead.

當然，請說吧。

Yes, you can have a follow-up. But I might just add there in terms of spread products, we consider RILA a spread product. And so, you've seen that we've had a fair amount of success there without having to have a relationship like you're describing. We do see that more common on the traditional kinds of spread products, in particular with MYGAs and fixed index annuities. But we do think we can be very competitive and remain competitive in the RILA space. We've grown that business from essentially zero over the last few years to about $12 billion in AUM.

是的，你可以進行跟進。但我可能只是想補充一下，就利差產品而言，我們認為 RILA 是利差產品。所以，您已經看到，我們在那裡取得了相當大的成功，而不需要建立像您所描述的那樣的關係。我們確實發現，這種現像在傳統利差產品中更為常見，尤其是 MYGA 和固定指數年金。但我們確實認為，我們在 RILA 領域可以非常有競爭力，並且能夠保持競爭力。在過去幾年裡，我們的業務從幾乎為零發展到資產管理規模約為 120 億美元。

Got it. If I could just sneak one more in. You made an interesting comment in your prepared remarks about fee-based advisors selling more annuities. Just wondering kind of if you can unpack that a little bit, what's driving it? And how do you structure a product for that type of advisor? Thanks.

知道了。如果我能再偷偷溜進去一個就好了。您在準備好的發言中對收費顧問銷售更多年金做出了有趣的評論。只是想知道您是否可以稍微解釋一下，是什麼推動了它？您如何為這類顧問建立產品？謝謝。

Yes. Thank you for that question. And I'll ask Scott to share remarks about how we've approached that market and what we see in terms of the opportunity there.

是的。謝謝你的提問。我將請斯科特分享我們如何進入該市場以及我們在那裡看到了哪些機會。

Yes, thank you. So, the fee-based, for us, it's all about providing choice to advisors and what's ever in the best interest of the client-advisor relationship or agnostic. If they prefer the relationship calls for commission or fee-based, we want to make sure that we provide an adequate solution. A lot of that has been our ability to build out modeling and financial planning tools that fee-based advisors use. It's the ability to use all of our products in either a fee-based or commission wrapper and it's the growth of the RIA space as well.

是的，謝謝。因此，對我們來說，收費完全是為了向顧問提供選擇，以及什麼最符合客戶與顧問關係的利益或不可知論者的利益。如果他們更喜歡以佣金或費用為基礎的關係，我們希望確保提供適當的解決方案。其中很大一部分是我們能夠建立收費顧問使用的建模和財務規劃工具。它能夠以收費或佣金形式使用我們的所有產品，並且也是 RIA 空間的成長。

Okay, thanks for the answers.

好的，謝謝你的回答。

Thomas Gallagher, Evercore ISI.

托馬斯·加拉格爾，Evercore ISI。

Good morning. Question -- first question for Don. When you mentioned, I guess, there was some impact on capital in April in Brooke Re, but it didn't require a capital contribution. I guess we don't know what your target capital level is compared to the $2.1 billion of capital that's there. So, I'm not sure if there's a big buffer. But maybe can you just dimension how big of an impact was the capital -- the impact of capital that you saw from April experience? Was it large, modest, somewhere in between? And I don't know if you're able to provide any sort of sensitivity relative to the $2.1 billion, is there a good buffer there to think about? Thanks.

早安.問題——第一個問題是問唐。正如您所提到的，我猜，4 月 Brooke Re 的資本受到了一些影響，但不需要資本投入。我想我們不知道您的目標資本水準與現有的 21 億美元資本相比是多少。所以，我不確定是否有很大的緩衝。但也許您能否衡量資本的影響有多大——從四月的經驗來看，資本的影響有多大？它是大、中等還是介於兩者之間？我不知道您是否能夠提供相對於 21 億美元的任何敏感性，是否有一個好的緩衝值得考慮？謝謝。

Hey, Tom, thanks for that question. So, in terms of what we saw in April at Brooke Re, I would describe it as a fairly modest impact. And I think maybe it would be helpful just to kind of reiterate some of our prior disclosures related to Brooke Re. In particular, when we capitalized the company in the first quarter of last year, we had a total capital of about $1.9 billion and that included cash and investments, or what we call hard assets of about $700 million. And as I mentioned in the prepared remarks, other than that initial formation, we've not made any capital contributions to or taken any capital out of Brooke Re and that continues up until now. Obviously, we did see some impact in April, as I mentioned in the prepared remarks, but was fairly modest.

嘿，湯姆，謝謝你提問。因此，就我們 4 月在 Brooke Re 看到的情況而言，我認為其影響相當溫和。我認為重申我們之前與 Brooke Re 相關的一些揭露內容可能會有所幫助。具體來說，當我們在去年第一季對公司進行資本化時，我們的總資本約為 19 億美元，其中包括現金和投資，或我們所說的約 7 億美元的硬資產。正如我在準備好的演講中提到的那樣，除了最初的成立之外，我們沒有向 Brooke Re 進行任何資本貢獻或從中提取任何資本，這種情況一直持續到現在。顯然，正如我在準備好的演講中提到的那樣，我們確實在四月看到了一些影響，但影響相當小。

In terms of the level of capitalization and how we think about that and sort of the buffer that we have, there's two components that you need to keep in mind. First of all, there's the minimum operating capital, which you can think about that as sort of the regulatory level of capitalization and it's very similar to an NAIC RBC framework. However, given that we use modified GAAP accounting for Brooke Re, we have translated some of the components related to market risk to a more appropriate metric and it captures something that is similar to the CTE98 framework that exists on a statutory basis.

就資本化程度以及我們如何看待這一點以及我們擁有的緩衝而言，有兩個要素需要牢記。首先，有最低營運資本，你可以將其視為資本化的監管水平，它與 NAIC RBC 框架非常相似。然而，鑑於我們對 Brooke Re 採用了修改後的 GAAP 會計，我們已將一些與市場風險相關的組成部分轉換為更合適的指標，並且它捕捉到了與法定基礎上存在的 CTE98 框架類似的內容。

And then the second component, and this is what we focus on probably more than the regulatory, because it's capital that's above and beyond the minimum operating capital and that's our internal risk framework. And we designed that framework to ensure that we've got sufficient capital above that minimum level following adverse scenarios. And it looks at multiple time frames and it targets maintaining capital, so that we've got excess capital above the minimum in more than 95% of scenarios.

然後是第二個組成部分，這是我們可能比監管更關注的，因為它是超出最低營運資本的資本，這是我們的內部風險框架。我們設計這個框架是為了確保在出現不利情況時，我們擁有高於最低水準的足夠資本。它會考慮多個時間範圍，並以維持資本為目標，這樣在 95% 以上的情況下，我們的資本都會超過最低限額。

And when we initially capitalized Brooke Re, we had disclosed this previously that we were above that level, kind of closer to the 98 percentile. And as of the end of the first quarter, we're in a much stronger position than we were when we originally capitalized Brooke Re. So, that's kind of gives you -- should give you a sense of how we look at capitalization and capital adequacy of Brooke Re. We do feel like we have a buffer given this framework of focusing on the regulatory capital and above and beyond that, our risk framework capital.

當我們最初為 Brooke Re 注入資本時，我們之前曾披露過，我們的水平高於該水平，接近 98 百分位數。截至第一季末，我們的狀況比最初投資 Brooke Re 時要好得多。因此，這應該讓您了解我們如何看待 Brooke Re 的資本化和資本充足率。我們確實覺得，鑑於我們關注監管資本以及除此之外的風險框架資本的框架，我們有一個緩衝。

That is helpful, Don. Appreciate it. The -- my follow-up is just on the -- I think, it was mentioned statutory capital generation and statutory earnings benefited, there was a tax benefit in the current quarter, something about the DTA. How big of an impact was that on capital generation in the quarter?

這很有幫助，唐。非常感謝。我的後續問題是——我認為，有人提到了法定資本產生和法定收益受益，本季度有稅收優惠，以及有關 DTA 的一些事情。這對本季的資本產生有多大影響？

Yes. We haven't quantified that, Tom, but actually, there's two things that impact taxes for us in the first quarter. The first one is fairly straightforward when our pre-tax capital generation increases, that allows us to admit more of our non-admitted DTA. And we have about a $1.3 billion roughly non-admitted DTA at JNL. And so that was about half of the impact. And then the other piece was related to being able to utilize NOLs.

是的。湯姆，我們還沒有量化這一點，但實際上，有兩件事會影響我們第一季的稅收。第一個相當簡單，當我們的稅前資本產生增加時，這使我們能夠承認更多未被承認的 DTA。我們在 JNL 有大約 13 億美元的未承認 DTA。這就是大約一半的影響。另一部分則與能夠利用 NOL 有關。

Thank you for your question.

感謝您的提問。

Ryan Krueger, Keefe, Bruyette & Woods.

瑞安·克魯格、基夫、布魯耶特和伍茲。

Hey, thanks. Good morning. Could you remind us (technical difficulty).

嘿，謝謝。早安.你能提醒我們嗎（技術難度）。

Hey, Ryan, you were kind of breaking up there on that question, but I think maybe if I could just confirm, you're asking about the sensitivities to sort of market levels and interest rates on our capital generation. Did I get that right?

嘿，瑞安，你在這個問題上有點分心，但我想也許我可以確認一下，你問的是市場水平和利率對我們的資本生成的敏感性。我說得對嗎？

(technical difficulty) require you to contribute capital to the degree in the past and I think they're related to market rates and volatility and I was just seeing if you could give us an updated view of that.

（技術難度）要求您在過去投入一定程度的資金，我認為這與市場利率和波動性有關，我只是想知道您是否可以給我們最新的看法。

I think I got it. So, yes, so we did -- in the past, we have described the type of scenario that would potentially require us to inject capital into Brook Re. And I do think that the experience that we saw in April was a good test for us. And we didn't have to put any capital in. But in general, those scenarios that would involve a need for capital at Brook Re would be scenarios where there's a very high level of volatility combined with a deep equity stress and/or a combination of equity and interest rate stresses.

我想我明白了。是的，我們確實這樣做了——過去，我們描述過可能需要我們向 Brook Re 注入資金的情況類型。我確實認為我們在四月的經歷對我們來說是一個很好的考驗。而且我們不需要投入任何資金。但一般來說，Brook Re 需要資本的情況是波動性非常高、股權壓力巨大和/或股權和利率壓力相結合的情況。

And these would generally be environments similar to the global financial crisis or the COVID shock that we experienced in 2020.

這些環境通常類似於我們在 2020 年經歷的全球金融危機或新冠疫情衝擊。

I guess, just as a quick follow-up to that, like, how important is the duration of the elevated volatility? So, obviously, we have -- April was probably a month on a standalone basis that was similar to these stress scenarios, but it was also only one month. Is it -- would it require a scenario where volatility was particularly elevated for a pretty extended period of time, like a year?

我想，作為對此的快速跟進，波動性升高的持續時間有多重要？因此，顯然，四月可能是個與這些壓力情境類似的獨立月份，但也只是一個月。這是否需要一種波動性在相當長的一段時間內（例如一年）特別高的情況？

Yes, I'll start on that, and maybe I'll ask Brian, who runs our ALM and our head program, to chime in. But I think it would be an environment where it's elevated for a longer period of time than we just experienced. And I think, the key thing that we look at with respect to Brooke Re is the internal risk management framework that I described earlier in response to the -- another question. And we do design that, so that it, we're making sure that we've got sufficient capital in kind of those deep tail scenarios. But maybe I'll just let Brian just provide a little bit more color around volatility.

是的，我會從那裡開始，也許我會請負責我們的 ALM 和主要專案的 Brian 來加入。但我認為，這將是一個比我們剛剛經歷的更長時間內保持高位的環境。我認為，關於 Brooke Re，我們要關注的關鍵點是我之前在回答另一個問題時所描述的內部風險管理框架。我們確實設計了這一點，以確保我們在這些深尾情境中擁有足夠的資本。但也許我只是讓布萊恩對波動性提供更多一些說明。

Thanks, Don. Yes, I would agree that the longer the duration, the more problematic it would be. But at the same time, we do have a combination of both features and options, and those options help to protect against realized volatility. And so, to the extent that you are in that regime, you can potentially add more options. And I would note that we did continue to add options during Q1 and during Q2 as well to kind of mitigate that potential realized volatility risk. And from an option standpoint, we also have the ability to be flexible on the types of options we buy, depending on the implied volatility regime to make sure we manage our costs as well.

謝謝，唐。是的，我同意持續時間越長，問題就越嚴重。但同時，我們確實擁有功能和選項的組合，這些選項有助於防止實際波動。因此，只要您處於該制度下，您就有可能添加更多選項。我要指出的是，我們確實在第一季和第二季繼續增加了選擇權，以減輕潛在的已實現波動風險。從選擇權的角度來看，我們也可以根據隱含波動率制度靈活選擇購買的選擇權類型，以確保我們也能管理好成本。

Thank you.

謝謝。

Thank you for your question. There are currently no further questions registered. (Operator Instructions) There are no additional questions waiting at this time, so I'll pass the call back to Laura Prieskorn, CEO, for any closing remarks.

感謝您的提問。目前沒有其他登記的問題。（操作員指示）目前沒有其他問題，因此我將把電話轉回給執行長 Laura Prieskorn，請她做最後發言。

Thank you. We appreciate your continued interest in Jackson and the questions that we received today. As you've heard this morning, Jackson's strong performance during the first quarter reinforces the resilience of our business and the value our products have in the lives of Americans planning for retirement. We look forward to continuing these discussions and sharing our progress toward our 2025 targets after next quarter. Thank you.

謝謝。我們感謝您對傑克遜的持續關注以及我們今天收到的問題。正如您今天早上所聽到的，傑克遜在第一季的強勁表現增強了我們業務的彈性以及我們的產品對計劃退休的美國人的生活的價值。我們期待下個季度後繼續這些討論並分享我們實現 2025 年目標的進展。謝謝。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。現在您可以斷開線路了。