Jackson Financial Inc (JXN) 2025 Q3 法說會逐字稿

Hello everyone and welcome to the Jackson Financial Inc. third-quarter earnings call. My name is Charlie, and I'll be coordinating the call today. (Operator Instructions)

大家好，歡迎參加傑克森金融公司第三季財報電話會議。我叫查理，今天我將負責協調這通電話。（操作說明）

I'll now hand the call over to our host Liz Werner, Head of Investor Relations, to begin.

現在我將把電話交給我們的主持人、投資者關係主管莉茲·沃納，由她開始。

Liz, please go ahead.

莉茲，請繼續。

Good morning, everyone, and welcome to Jackson's third-quarter 2025 earnings call.

各位早安，歡迎參加傑克遜公司2025年第三季財報電話會議。

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.

今天的發言可能包含前瞻性陳述，這些陳述存在風險和不確定性。這些聲明並非對未來績效或事件的保證，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. Today's remarks also refer to certain non-GAAP financial measures.

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與預期有重大差異的重要因素。除法律另有規定外，如果情況或管理層的估計或意見發生變化，Jackson 沒有義務更新任何前瞻性聲明。今天的演講也涉及某些非GAAP財務指標。

The reconciliation of those measures to the most comparable US GAAP figures is included in our earnings release, financial supplement, and earnings presentation, all of which are available on the investor relations page of our website at investors.jackson.com.

這些措施與最可比較的美國通用會計準則數據的核對結果已包含在我們的盈利報告、財務補充文件和盈利演示文稿中，所有這些文件都可以在我們網站的投資者關係頁面 investors.jackson.com 上找到。

Presenting on today's call are our CEO, Laura Prieskorn; and our CFO, Don Cummings. Joining us in the room are our President of Jackson National Life Insurance Company, Chris Robb; our President of PPM, Craig Smith; and the head of asset liability Management, Brian Walter.

今天出席電話會議的有我們的執行長勞拉·普里斯科恩和我們的財務長唐·卡明斯。與我們一同出席的有傑克遜國民人壽保險公司總裁克里斯·羅布；PPM公司總裁克雷格·史密斯；以及資產負債管理主管布萊恩·沃爾特。

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

現在，我將把電話轉交給我們的執行長勞拉·普里斯科恩。

Thank you, Liz.

謝謝你，莉茲。

Good morning and thank you for joining our third-quarter 2025 earnings call. I'll begin by reviewing the quarter's positive results, including strong sales growth and diversification, robust capital generation, and consistent capital return to shareholders.

早安，感謝各位參加我們2025年第三季財報電話會議。首先，我將回顧本季的正面成果，包括強勁的銷售成長和多元化、穩健的資本創造以及持續的股東資本回報。

Following my remarks, our CFO, Don Cummings will discuss our financial performance in further detail.

在我發言之後，我們的財務長唐‧卡明斯將進一步詳細討論我們的財務表現。

Beginning with slide 3, Jackson's third-quarter performance highlights our strong earnings diversification and healthy book of business. Adjusted operating earnings of $433 million increased over 20% from the year ago quarter, led by our retail annuities business.

從第 3 張投影片開始，傑克森第三季的業績突顯了我們強勁的獲利多元化和健康的業務狀況。調整後的營業利潤為 4.33 億美元，比去年同期成長超過 20%，主要得益於我們的零售年金業務。

Retail annuities continue to see significant growth and diversification from investment spread income, as well as solid fee income from nearly $240 billion of separate account value. Retail annuity sales for the quarter reached their highest level since we became an independent company, exceeding $5 billion for the quarter, driven by growth in RILA and traditional variable annuities.

零售年金繼續從投資收益中獲得顯著增長和多元化，同時，近 2,400 億美元的獨立帳戶價值也帶來了穩健的費用收入。本季零售年金銷售額達到自公司獨立營運以來的最高水平，超過 50 億美元，主要得益於 RILA 和傳統可變年金的成長。

Last quarter we highlighted the launch of Jackson's MarketLink Pro 3 and MarketLink Pro Advisory 3, which we refer to as RILA 3.0. The positive reception to RILA 3.0 combined with a robust RILA market, resulted in record sales of $2 billion in the quarter, accounting for 38% of overall retail annuity sales. We expect RILA to remain a valuable source of growth, providing sustainable investment spread income and earnings diversification.

上個季度，我們重點介紹了傑克遜的 MarketLink Pro 3 和 MarketLink Pro Advisory 3 的推出，我們稱之為 RILA 3.0。 RILA 3.0 的正面反響，加上強勁的 RILA 市場，使得該季度銷售額創下 20 億美元的紀錄，佔零售年金總銷售額的 38%。我們預計 RILA 將繼續成為重要的成長來源，提供可持續的投資收益和收益多元化。

Our RILA account balance approached $18 billion, a 21% increase from the second quarter, and a 74% increase from the prior year. While the RILA market continues to evolve and grow. We believe our RILA 3.0 product offering provides advisors and their clients with a broad range of index and crediting options and a valuable range of protection levels.

我們的RILA帳戶餘額接近180億美元，比第二季度增加了21%，比上年增長了74%。儘管RILA市場仍在不斷發展壯大。我們相信，我們的 RILA 3.0 產品系列為顧問及其客戶提供了廣泛的指數和信用選擇以及一系列有價值的保障等級。

Jackson's long held focus on product innovation and consumer choice has differentiated us and is highly valued by our distribution partners and their clients. Our RILA offerings continue to drive growth in the breadth and depth of our distribution.

Jackson長期以來專注於產品創新和消費者選擇，這使我們脫穎而出，並受到我們的分銷合作夥伴及其客戶的高度重視。我們的RILA產品持續推動我們分銷通路的廣度和深度成長。

Since launching RILA 3.0 in May, we've added over 500 new advisors. Our new RILA relationship with JPMorgan Chase is one example of accelerating RILA's sales through a valued partnership.

自 5 月推出 RILA 3.0 以來，我們新增了 500 多名顧問。我們與摩根大通建立的全新 RILA 合作關係，正是透過有價值的合作夥伴關係加速 RILA 銷售的一個例子。

Traditional variable annuities remained core to our business and accounted for over one-half of our 3rd quarter retail annuity sales. Variable annuity sales increased 13% from the second quarter and 8% from a year ago. The growth of variable annuity sold without a lifetime benefit continued, and sales increased 24% for the first nine months of 2025.

傳統可變年金仍然是我們業務的核心，占我們第三季零售年金銷售額的一半以上。可變年金銷售額較第二季成長 13%，較去年同期成長 8%。不包含終身保障的可變年金的銷售成長勢頭持續強勁，2025 年前九個月的銷售額成長了 24%。

Year-to-date, variable annuity sales without a living benefit accounted for 38% of Jackson's total variable annuity sales.

今年迄今為止，不包含生存給付的可變年金銷售額佔傑克遜可變年金總銷售額的 38%。

Importantly, average variable annuity balances increased by $10 billion from the second quarter, supporting an increase in third quarter fee income of 8% quarter over quarter.

值得注意的是，平均可變年金餘額較第二季增加了 100 億美元，支撐了第三季費用收入較上季增加 8%。

Variable annuity net outflows improved from a year ago and were consistent with strong equity market performance.

可變年金淨流出量較上年同期有所改善，與強勁的股票市場表現相符。

For the 3rd quarter, strong investment performance exceeded the impact of net flows by over $7 billion.

第三季強勁的投資業績超過了淨流入的影響，超出幅度超過 70 億美元。

The diversity of Jackson's variable annuity fund offerings remains a valued feature, and for the first 9 months of 2025, separate account performance exceeded 13%. We continue to believe the asset growth potential, investment flexibility, and guaranteed income provided by Jackson's traditional variable annuities meet a long-term need for millions of Americans retiring each year.

Jackson 可變年金基金產品的多樣性仍然是一項有價值的特點，2025 年前 9 個月，獨立帳戶的表現超過 13%。我們仍然相信，傑克遜傳統可變年金所提供的資產成長潛力、投資彈性和有保障的收入，能夠滿足每年數百萬退休美國人的長期需求。

This profitable book of business exhibits Jackson's thoughtful product design and disciplined risk management capabilities. Fixed and fixed index annuity sales reflect our opportunistic approach to pricing and have contributed to our sales diversification. Looking ahead, we expect our recent fixed index annuity launch will contribute to future sales growth.

這筆獲利豐富的業務展現了傑克森深思熟慮的產品設計和嚴謹的風險管理能力。固定年金和固定指數年金的銷售反映了我們機會主義的定價策略，並有助於我們實現銷售多元化。展望未來，我們預期近期推出的固定指數年金產品將有助於未來的銷售成長。

The Jackson Income Assurance Suite has an embedded guaranteed minimum withdrawal benefit designed to meet consumer demand for income and protected growth. Jackson's fixed index products further expand our portfolio of annuity solutions, meeting a wide range of retirement planning goals for advisors and their clients.

傑克森收入保障計畫包含一項內建的最低提款保證，旨在滿足消費者對收入和保障成長的需求。Jackson 的固定指數產品進一步擴展了我們的年金解決方案組合，滿足了顧問及其客戶的各種退休規劃目標。

Complementing the growth of our business is the investment expertise and asset growth of our investment manager PPM America.

我們業務的成長得益於投資管理公司 PPM America 的投資專業知識和資產成長。

Last quarter, we highlighted PPM's additional investment capabilities which support the competitiveness and profitability of our spread-based products in the market. We believe our disciplined approach to the market, combined with incremental yields provided by PPM investment capabilities, position us well for future growth and profitability across spread-based annuity solutions.

上個季度，我們重點介紹了PPM的額外投資能力，這有助於提高我們基於利差的產品在市場上的競爭力和獲利能力。我們相信，我們嚴謹的市場策略，加上 PPM 投資能力帶來的增量收益，使我們在基於利差的年金解決方案方面，能夠更好地實現未來的成長和獲利。

The profitability of our in-for business and capital generation resulted in continued free cash flow and capital distributions. Through the first three quarters of this year, free capital generation exceeded $1 billion and free cash flow was $719 million. Quarterly distributions to our holding company through the first nine months of this year have totalled $815 million. These strong results lead us to believe we are well positioned to maintain capital flexibility at our holding company and sustain future capital return to our common shareholders.

我們現有業務的獲利能力和資本創造帶來了持續的自由現金流和資本分配。今年前三個季度，自由資本產生超過 10 億美元，自由現金流為 7.19 億美元。今年前九個月，我們向控股公司支付的季度分紅總額為 8.15 億美元。這些強勁的業績使我們相信，我們有能力在控股公司保持資本彈性，並維持未來對普通股股東的資本回報。

We continue to return capital consistently and for the third quarter returned $210 million bringing our year-to-date capital return total to $657 million. Given this pace and our outlook for the fourth quarter, we expect to exceed our 2025 capital return target range of $700 million to $800 million.

我們持續穩定地返還資本，第三季返還了 2.1 億美元，使我們今年迄今的資本返還總額達到 6.57 億美元。鑑於目前的成長速度和我們對第四季的展望，我們預計 2025 年的資本回報目標將超過 7 億美元至 8 億美元。

Since becoming an independent company, we have returned nearly $2.5 billion to common shareholders, exceeding our initial market capitalization.

自成為獨立公司以來，我們已向普通股股東返還了近 25 億美元，超過了我們最初的市值。

We believe that our balanced approach to capital management will continue to support Jackson's financial strength. Ongoing investments in long-term growth and future capital return to shareholders.

我們相信，我們均衡的資本管理方式將繼續支持傑克森的財務實力。持續投資於長期成長和未來為股東帶來資本回報。

Turning to slide four, we began the fourth quarter with great momentum and are approaching the end of 2025 in a very strong position with respect to all our financial targets.

翻到第四張投影片，我們以強勁的勢頭開始了第四季度，並且在實現所有財務目標方面，我們以非常強勁的姿態邁向 2025 年末。

I've already addressed capital return and would add that in September our board of directors approved a $1 billion increase to our common share repurchase authorization.

我已經談到了資本回報，並補充一點，我們的董事會在 9 月批准將普通股回購授權增加 10 億美元。

Yesterday we announced our board also approved a fourth-quarter cash dividend of $0.80 per common share. We believe shareholder dividends underscore our outlook for long-term profitability and combined with share buyback highlight our commitment to shareholder returns.

昨天我們宣布，董事會也批准了第四季每股普通股0.80美元的現金股利。我們相信，股東分紅體現了我們對長期獲利能力的展望，而股票回購則突顯了我們對股東回報的承諾。

Over the course of 2025, our strong capital generation resulted in a risk-based capital ratio that was consistently well above our targeted minimum level of 425%, and we ended the third quarter at an estimated 579%. In addition, at the end of the quarter, the cash and liquid securities position at our holding company was over $750 million.

在 2025 年期間，我們強勁的資本累積使得創投比率持續遠高於我們設定的最低目標水準 425%，第三季末估計達到 579%。此外，截至本季末，我們控股公司的現金和流動證券部位超過 7.5 億美元。

Our strong capital position combined with holding company liquidity provides valuable capital flexibility. Jackson's resilient capital, effective hedging strategy, and disciplined risk management have enabled us to navigate through periods of market uncertainty. In today's environment, we believe this experience is essential to maintaining long-term leadership in the annuity market.

我們雄厚的資本實力加上控股公司的流動性，為我們提供了寶貴的資本彈性。傑克遜公司憑藉其雄厚的資本實力、有效的對沖策略和嚴謹的風險管理，成功度過了市場不確定時期。在當今環境下，我們認為這種經驗對於在年金市場保持長期領先地位至關重要。

At this time I'll turn it over to Don.

現在我把麥克風交給唐。

Thank you, Laura.

謝謝你，勞拉。

I'll begin on slide five with our consolidated financial results for the third quarter. Adjusted operating earnings were $433 million reflecting strong performance from our spread products where earnings were supported by the continued expansion of our RILA fixed index annuities and institutional products. Additionally, strong equity markets in the quarter led to increased variable annuity assets under management, driving stronger fee income.

我將從第五張投影片開始，介紹我們第三季的綜合財務表現。調整後的營業利潤為 4.33 億美元，反映了我們利差產品的強勁表現，其中收益得益於我們 RILA 固定指數年金和機構產品的持續擴張。此外，本季強勁的股票市場導致可變年金資產管理規模增加，從而推動了費用收入的成長。

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.

我們高品質的保守型投資組合為利差產品業務提供了有力支持，該投資組合具有多元化和強大的信用質量，這是整個投資組合的一個特點。在我們的投資組合中，商業辦公貸款和非投資等級證券的曝險分別低於 2% 和 1%。

Given recent headlines on asset quality, it is also important to note that our regional bank exposure is about 1% of our portfolio, and we have no material exposure to first brands or Tricolour.

鑑於最近有關資產品質的新聞，還需指出的是，我們對區域銀行的投資占我們投資組合的約 1%，我們對一流品牌或 Tricolour 沒有實質的投資。

Furthermore, our CLO portfolio remains highly rated and well diversified. Our spread product sales continue to benefit from enhanced asset sourcing capabilities at PPM America, which enabled recent new money allocation to certain higher yielding asset classes, including emerging markets, residential home mortgages, and investment grade structured securities.

此外，我們的CLO投資組合依然保持著很高的評級和良好的多元化程度。我們的利差產品銷售繼續受益於 PPM America 增強的資產來源能力，這使得我們最近能夠將新的資金配置到某些收益更高的資產類別，包括新興市場、住宅抵押貸款和投資級結構化證券。

We believe this modest shift in our new money asset allocation combined with an attractive product line up. Will allow Jackson to maintain a consistent and stable presence in the spread product marketplace.

我們相信，這種對新資金資產配置的適度調整，再加上極具吸引力的產品陣容。這將使傑克森能夠在價差產品市場中保持穩定持續的地位。

Before discussing notable items for the quarter, I want to highlight our strong performance and book value per common share.

在討論本季的重要事項之前，我想重點介紹我們強勁的業績和每股普通股帳面價值。

During the first 9 months of the year, we returned $657 million of capital to shareholders, which has contributed to a modest decrease in adjusted book value since year end.

今年前 9 個月，我們向股東返還了 6.57 億美元的資本，這導致自年底以來調整後的帳面價值略有下降。

Importantly, our share repurchase activity reduced the diluted share count, driving a 6% increase in adjusted book value per share to $158.44.

重要的是，我們的股票回購活動減少了稀釋後的股份數量，推動調整後的每股帳面價值增加了 6%，達到 158.44 美元。

Additionally, our adjusted operating return on common equity for the first 9 months of this year was 14%, up from 13% in the first 9 months of last year.

此外，今年前 9 個月的調整後普通股經營報酬率為 14%，高於去年同期的 13%。

Slide six outlines the notable items included in adjusted operating earnings. Reported adjusted operating earnings per share was $6.16 for the current quarter. Adjusting for $0.04 of notable items and the difference in tax rates from our 15% guidance, adjusted operating earnings per share was $6.15 for the current quarter, up 27% from $4.86 in the prior year's third quarter.

第六張投影片概述了調整後營業利潤中包含的重點項目。本季度報告的調整後每股營運收益為 6.16 美元。在扣除 0.04 美元的重大項目以及稅率與我們 15% 指導價值的差異後，本季調整後的每股營業收益為 6.15 美元，比上年第三季的 4.86 美元增長了 27%。

This improvement was primarily due to the growth in spread income noted earlier, as well as the reduction in diluted share count from share repurchase activity.

這項改善主要歸功於前面提到的利差收入的成長，以及股票回購活動導致的稀釋股份數量的減少。

The only notable item for the current quarter was a $0.04 negative as limited partnership results came in slightly below our 10% long-term assumption.

本季唯一值得注意的項目是虧損 0.04 美元，因為有限合夥企業的業績略低於我們 10% 的長期預期。

The prior year's third quarter included a larger $0.28 negative impact from this item.

上年同期，該項目造成的負面影響更大，為 0.28 美元。

On slide seven, we highlight the diverse and growing new business profile of our retail annuities segment which achieved 2% growth over last year's strong third quarter and 22% growth from the second quarter of this year.

在第七張幻燈片中，我們重點介紹了零售年金業務板塊多元化且不斷增長的新業務概況，該板塊較去年強勁的第三季度增長了 2%，較今年第二季度增長了 22%。

Our RILA product suite delivered record sales of $2.1 billion up 28% from the prior year's third quarter, and 49% compared to the second quarter of this year.

我們的 RILA 產品系列實現了創紀錄的 21 億美元銷售額，比上年第三季成長了 28%，比今年第二季成長了 49%。

Since its launch in 2021, RILA assets under management have grown consistently, reaching a record high of nearly $18 billion at the end of the third quarter.

自 2021 年推出以來，RILA 的管理資產持續成長，在第三季末達到近 180 億美元的歷史新高。

As mentioned earlier, our spread product offerings were further supported by enhanced capabilities at PPM.

如前所述，PPM 的增強能力進一步支持了我們的價差產品供應。

Resulting in $444 million in fixed and fixed index annuity sales for the third quarter.

第三季固定年金和固定指數年金銷售額達 4.44 億美元。

We are confident about the future growth potential of our spread business with strong early momentum from our recently launched fixed index annuity suite of products.

我們對利差業務的未來成長潛力充滿信心，近期推出的固定指數年金系列產品取得了強勁的早期發展勢頭。

Our sales mix continues to be capital efficient, which has provided flexibility to allocate additional capital to spread products as we focus on diversifying our business.

我們的銷售組合依然保持了良好的資本效率，這為我們靈活分配額外資本以拓展產品提供了可能，同時我們也專注於業務多元化。

We are pleased with the progress that we've made in building a well diversified new business mix since becoming an independent public company, and we continue to explore opportunities to write higher levels of spread business on a capital efficient basis.

自從成為獨立的上市公司以來，我們在建立多元化的新業務組合方面取得了令人滿意的進展，我們將繼續探索以資本效率為基礎開展更高水準利差業務的機會。

Turning to net flows, the sales we generated in RILA and other spread products translated to $2.3 billion of non-variable annuity net flows in the third quarter.

從淨流入來看，我們在 RILA 和其他利差產品中產生的銷售額在第三季轉化為 23 億美元的非可變年金淨流入。

Variable annuity net outflows have been elevated in recent quarters, reflecting the moneyness profile of our book, the aging of policyholders, and some larger past sales years coming out of the surrender period.

近幾個季度，可變年金淨流出額有所上升，這反映了我們保單的資金狀況、保單持有人的老齡化以及一些過去銷售較多的年份正處於退保期。

On a year-to-date basis, our surrender rate was flat even though strong equity market returns led to a higher surrender rate in the 3rd quarter.

今年迄今為止，我們的退保率保持穩定，儘管強勁的股票市場回報導致第三季退保率上升。

These strong market returns also resulted in separate account investment performance of nearly $25 billion year-to-date, exceeding variable annuity net outflows by over $11 billion.

強勁的市場回報也使得獨立帳戶投資業績今年迄今達到近 250 億美元，比可變年金淨流出額高出 110 億美元以上。

This has driven variable annuity account value growth year-to-date and supported our strong levels of fee income.

這推動了可變年金帳戶價值今年迄今的成長，並支撐了我們強勁的費用收入水準。

Slide eight highlights pre-tax adjusted operating earnings across our business segments. In retail annuities we benefited from a favourable environment for spread products and higher levels of fee income.

第八張投影片重點介紹了我們各業務部門的稅前調整後營業利潤。在零售年金領域，我們受益於利差產品的有利環境和更高的手續費收入水準。

Like an asset management business, retail annuity earnings are driven by the level of assets under management.

與資產管理業務類似，零售年金的收益取決於管理資產的規模。

Growing non-variable annuity net flows and strong separate account returns have increased our average retail annuity AUM to $263 billion up from year end 2024.

非可變年金淨流入的成長和獨立帳戶的強勁回報使我們的平均零售年金資產管理規模從 2024 年底增加到 2,630 億美元。

For the institutional segment, pre-tax adjusted operating earnings were up from the third quarter of last year, reflecting higher spread income from our growing book of business. Our higher level of new business activity this year reflects strong demand for spread lending and our opportunistic approach in the institutional marketplace.

就機構業務而言，稅前調整後營業利潤較去年第三季有所增長，反映出我們不斷增長的業務組合帶來了更高的利差收入。今年我們較高的新業務活動水準反映了市場對利差貸款的強勁需求，以及我們在機構市場中採取的機會主義策略。

Our closed block segment reported pre-tax adjusted operating earnings that were up from the third quarter of last year, primarily due to higher spread income. Earnings were down modestly on a sequential basis reflecting higher levels of mortality.

我們的封閉式交易業務部門公佈的稅前調整後營業利潤較去年第三季有所增長，主要原因是價差收入增加。受死亡率上升的影響，收益環比略有下降。

Slide nine includes a waterfall comparison of our third quarter pre-tax adjusted operating earnings of $505 million to GAAP pre-tax income attributable to Jackson Financial of $57 million. The stability in our non-operating results has significantly improved after moving to a more economic hedging approach in 2024, which has also contributed to our consistent capital generation.

第九張投影片包含一個瀑布圖，比較了我們第三季稅前調整後營業利潤 5.05 億美元與歸屬於 Jackson Financial 的 GAAP 稅前利潤 5700 萬美元。自 2024 年採用更經濟的避險方法以來，我們的非經營性績效穩定性顯著提高，這也有助於我們持續產生資本。

During the third quarter, our hedge results included a $14 million net loss on hedging instruments supporting our variable annuity and RILA businesses.

第三季度，我們的對沖結果包括對沖工具的淨虧損 1,400 萬美元，這些對沖工具用於支援我們的可變年金和 RILA 業務。

This loss was primarily from equity hedges reflecting S&P returns of about 8% during the quarter and gains on interest rate hedges resulting from lower long-term interest rates.

這項損失主要來自股票對沖，反映了標普500指數在本季約8%的報酬率，以及長期利率下降所帶來的利率對沖收益。

Our RILA business continues to provide a natural offset to the equity risk of our variable annuity guarantees. This enhances our overall hedging efficiency as higher equity markets typically result in losses on our variable annuity hedges while resulting in gains for our RILA hedges.

我們的 RILA 業務繼續為我們的可變年金保證的股權風險提供自然對沖。這提高了我們的整體對沖效率，因為股票市場上漲通常會導致我們的可變年金對沖遭受損失，同時導致我們的 RILA 對沖獲得收益。

Changes in market risk benefits or MRB were driven in part by the same interest rate and equity market movements in the quarter, leading to a $226 million dollar gain that more than offset the loss on our hedges. 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 a modest benefit during the quarter.

市場風險收益或 MRB 的變化部分是由本季利率和股票市場的波動所驅動的，導致 2.26 億美元的收益，足以抵消我們對沖的損失。提醒一下，MRB 的變化主要與我們的可變年金業務有關，包括股票指數隱含波動率的影響，這在本季度帶來了適度的收益。

Changes in implied volatility do not impact our Brook RE MRB measurement since its modified GAAP methodology uses a fixed volatility assumption designed to promote balance sheet stability.

隱含波動率的變化不會影響我們的 Brook RE MRB 計量，因為其修改後的 GAAP 方法採用固定波動率假設，旨在促進資產負債表的穩定性。

The reserve and embedded derivative loss of $1.2 billion during the third quarter reflects increases in RILA reserves resulting from higher equity markets, which was largely offset by a gain on our RILA hedges.

第三季12億美元的準備金和內嵌衍生性商品損失反映了由於股票市場上漲而導致的RILA準備金增加，但這在很大程度上被我們的RILA對沖收益所抵消。

Net hedging results for variable annuities also reflect the highly diversified nature of our separate accounts, which can lead to differing performance relative to the market in periods where the returns of an index are driven by a subset of companies.

可變年金的淨對沖結果也反映了我們獨立帳戶的高度多元化性質，這可能導致在指數回報由部分公司驅動的時期，相對於市場而言，其表現有所不同。

This dynamic was at play in the current quarter with the underperformance of our separate accounts relative to certain hedging indices leading to a modest net hedging loss. It is important to note that this dynamic plays out in both directions, and as a result, these impacts have tended to smooth out over time.

本季也出現了這種動態，我們的獨立帳戶相對於某些對沖指數的表現不佳，導致淨對沖損失略有增加。值得注意的是，這種動態是雙向的，因此，這些影響往往會隨著時間的推移而逐漸減弱。

In fact, this dynamic produced a modest benefit over the first half of this year. We believe these results underscore the effectiveness of our hedging program in supporting capital stability and proactively managing the economic risks of our business.

事實上，這種動態在今年上半年帶來了一定的效益。我們相信，這些結果凸顯了我們的對沖計畫在支持資本穩定和積極管理我們業務的經濟風險方面的有效性。

Slide ten provides a summary of Jackson's high-quality variable annuity business which is differentiated in the marketplace, enabling us to outperform peers.

第十張投影片概述了傑克森的高品質可變年金業務，該業務在市場上具有差異化優勢，使我們能夠超越同行。

In large part, our success can be attributed to our focusing on withdrawal benefits and avoiding more challenging guarantee features. Jackson also has long been a proponent of providing customers with investment freedom without forcing allocations or managed volatility funds.

我們的成功很大程度上歸功於我們專注於提款優惠，並避免更具挑戰性的擔保功能。傑克森長期以來一直倡導為客戶提供投資自由，而不強制進行資產配置或管理波動性基金。

This approach is supported by a rigorous fund manager due diligence and oversight process to ensure a high correlation between separate account assets and the related benchmarks over time. The strong underlying fund performance benefits both our policyholders and Jackson.

這種方法得到了嚴格的基金經理盡職調查和監督流程的支持，以確保獨立帳戶資產與相關基準之間隨著時間的推移保持高度相關性。強勁的基金表現對我們的保單持有人和傑克遜公司都有利。

Prudent pricing and disciplined product design further mitigate risk and enable agile product launches and repricing actions as market conditions evolve.

審慎的定價和嚴謹的產品設計可以進一步降低風險，並隨著市場條件的變化，實現敏捷的產品發布和重新定價。

We believe our variable annuity products are highly valued in the marketplace, and we remain a consistent product provider for our distribution partners and their clients.

我們相信我們的可變年金產品在市場上備受重視，我們將繼續為我們的分銷合作夥伴及其客戶提供穩定的產品。

The substantial cash flows generated by our large enforce block combined with extensive policyholder experience data enhance our risk management capabilities.

我們龐大的強制執行資產組合所產生的巨額現金流，加上豐富的保單持有人經驗數據，增強了我們的風險管理能力。

By utilizing Brook RE, we are able to further protect our book from market volatility and hedge more closely to the economics of our business. We believe our hedging performance has been proven through recent periods of financial market stress.

透過利用 Brook RE，我們可以進一步保護我們的資產組合免受市場波動的影響，並更緊密地根據我們業務的經濟狀況進行對沖。我們相信，近期金融市場承壓時期已經證明了我們的對沖績效。

Slide eleven provides context on how our high-quality variable annuity book and differentiated structure support our economic hedging approach.

第 11 張投影片介紹了我們高品質的可變年金組合和差異化結構如何支持我們的經濟對沖方法。

Brook RE creates a structure for us to manage our profitable variable annuity block without the constraint of the cash surrender value floor, allowing us to align our hedging with the underlying economics of the guarantees.

Brook RE 為我們創建了一個結構，使我們能夠管理我們盈利的可變年金業務，而不受現金退保價值下限的限制，從而使我們能夠將對沖與擔保的基本經濟效益保持一致。

Specifically, we are focused on mitigating the impact of lower equity markets and interest rates on these liabilities.

具體而言，我們致力於減輕股票市場和利率走低對這些負債的影響。

The result is well protected variable annuity guarantees at Brook RE and stable regulatory capital and distributable earnings at Jackson National Life. Which has been evident in our strong free capital generation, free cash flow, and capital return over the last seven quarters.

結果是，Brook RE 的可變年金保證得到了充分保障，而 Jackson National Life 的監管資本和可分配收益則保持穩定。這一點在我們過去七個季度強勁的自由資本創造、自由現金流和資本回報中得到了充分體現。

This structure is beneficial for our management of the RILA business as well.

這種結構對我們管理RILA業務也很有好處。

Under this framework, RILA remains at JNL, separate from the variable annuity guarantees. The RILA business is managed and priced on a standalone basis with capital generation included in JNL's results. RILA and variable annuity guarantees have a natural equity offset. With RILA exposed to upside equity risk, invariable annuity guarantees exposed to downside equity risks.

在此框架下，RILA 仍由 JNL 管理，與可變年金擔保分開。RILA 業務是獨立管理和定價的，其資本產生額計入 JNL 的業績中。RILA 和可變年金保證具有天然的權益抵消作用。由於 RILA 面臨上漲股票風險，而不變年金保證面臨下跌股票風險。

Variable annuity guarantees are reserved and capitalized on a stand-alone basis under our modified GAAP framework at Brook RE, and RILA is reserved and capitalized under the statutory regime at JNL without consideration of a diversification benefit.

在 Brook RE，可變年金保證金根據我們修改的 GAAP 框架，以獨立基礎進行預留和資本化；而在 JNL，RILA 根據法定制度進行預留和資本化，不考慮多元化收益。

While there is no reserving or capital benefit of the offsetting equity risks, we are able to realize a hedging efficiency by netting them off through fully settled internal trades, leaving a reduced need for external equity hedging.

雖然抵銷權益風險不會帶來準備金或資本利得，但我們可以透過完全結算的內部交易來抵銷這些風險，從而實現對沖效率，減少對外部權益對沖的需求。

Importantly, this benefit would continue even if RILA grew to the point of overtaking variable annuities from an equity risk perspective, simply shifting the external equity need from downside protection to upside protection.

重要的是，即使 RILA 的成長到從權益風險角度來看超過可變年金的程度，這種好處仍將持續，只是將外部權益需求從下行保護轉移到上行保護。

We believe this structure is a differentiator that highlights our consistent economic approach and the strong underlying performance of our book. We remain confident in the quality of our annuity business and our risk management capabilities.

我們相信，這種結構能夠凸顯我們一貫的經濟策略和我們業務強勁的潛在表現，從而反映我們的差異化優勢。我們對公司年金業務的品質和風險管理能力依然充滿信心。

Slide twelve highlights our growing capital generation and free cash flow. Jackson adheres to an earn-it, then pay-at 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.

第十二張投影片重點介紹了我們不斷增長的資本產生能力和自由現金流。傑克森奉行先賺後付的資本回報理念。這個理念建立在三大支柱之上：在我們賺取資本的地方創造自由資本，在我們支付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。

After tax statutory capital generation was $579 million in the third quarter. We believe this metric offers helpful insight into the underlying strength of our business and provides the foundation for making capital allocation decisions that balance future growth with the return of capital to shareholders. Free capital generation was $459 million in the quarter, reflecting the estimated change in required capital, or CAL resulting from our strong and diversified new business results during the quarter.

第三季稅後法定資本產生額為 5.79 億美元。我們相信，這項指標能夠幫助我們深入了解業務的內在實力，並為資本配置決策奠定基礎，從而平衡未來的成長與股東的資本回報。本季自由資本產生量為 4.59 億美元，反映了本季強勁且多元化的新業務成果所帶來的所需資本 (CAL) 的估計變化。

Free capital generation totalled $1.1 billion in the first nine months of the year and $1.6 billion on a trailing twelve-month basis. This pace is well above our $1 billion plus expectation for the full year.

今年前九個月的自由資本產生總額為 11 億美元，過去十二個月的自由資本產生總額為 16 億美元。這一速度遠遠超過我們先前對全年超過10億美元的預期。

Free cash flow was strong in the current quarter, once again illustrating the stability of our capital generation.

本季自由現金流強勁，再次證明了我們資本產生的穩定性。

In the third quarter, $250 million were distributed to the holding company. After covering expenses and other cash flow items, the resulting free cash flow at the holding company was $216 million in the quarter.

第三季度，向控股公司分配了 2.5 億美元。在支付費用和其他現金流項目後，控股公司本季的自由現金流為 2.16 億美元。

Over the last twelve-months, we've distributed nearly $1.1 billion to the holding company and generated free cash flow of nearly $1 billion. Based on Jackson's market capitalization at quarter end, we have produced a free cash flow yield of about 14% for the trailing twelve-months.

在過去的十二個月裡，我們向控股公司分配了近 11 億美元，並產生了近 10 億美元的自由現金流。根據傑克森公司季末的市值，我們計算出過去十二個月的自由現金流收益率約為 14%。

Although there are many factors that impact valuation, we believe this metric is a strong indicator of Jackson's value, and we will continue to pursue share repurchases while investing in the growth of our business.

儘管有許多因素會影響估值，但我們認為這項指標能夠有力地反映傑克森的價值，我們將繼續進行股票回購，同時投資於業務成長。

The outcome of our strong free capital generation and growing free cash flow allowed us to return $210 million to common shareholders in the quarter. Up 37% from last year's third quarter on a per diluted share basis. On a trailing twelve-month basis, we have returned $805 million and we are on pace to exceed the top end of our full year capital return range.

強勁的自由資本產生和不斷增長的自由現金流使我們能夠在本季向普通股股東返還 2.1 億美元。以稀釋後每股盈餘計算，較去年第三季成長 37%。過去十二個月，我們已實現 8.05 億美元的回報，並且預計將超過全年資本回報範圍的上限。

Jackson has now returned nearly $2.5 billion to common shareholders, exceeding our initial market capitalization as an independent public company. These results reinforce Jackson's robust capital generation profile and stable growing cash distributions, delivering enhanced value to our shareholders.

傑克遜公司目前已向普通股股東返還了近 25 億美元，超過了我們作為獨立上市公司的初始市值。這些業績鞏固了傑克遜公司強勁的資本創造能力和穩定成長的現金分配，為股東創造了更大的價值。

Slide thirteen summarizes our growing capital and liquidity position.

第十三張投影片總結了我們不斷成長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 growing spread-based earnings provided strong capital generation during the quarter.

本季度，我們強制執行業務的獲利能力主要得益於可變年金合約的費用收入和不斷增長的利差收益，從而帶來了強勁的資本產生。

Our capital position and RBC ratio at Jackson National Life continues to be less sensitive to equity market movements with the Brook restructure.

隨著 Brook 重組，Jackson National Life 的資本狀況和 RBC 比率對股票市場波動的敏感度繼續降低。

The main impact of equity market changes is on AUM and future capital generation rather than immediate changes in capital or RBC.

股票市場變化的主要影響在於資產管理規模和未來資本生成，而不是資本或實際資本的立即變化。

This results in the earnings stream at Jackson National Life being like an asset management business. Consistent with our approach of taking smaller periodic distributions, we distributed $250 million to the holding company during the third quarter. After considering the impact of this distribution on our deferred tax assets, Jackson's total adjusted capital or TAC increased and ended the quarter at $5.6 billion.

這使得傑克森國民人壽的收益流類似於資產管理業務。按照我們採取較小額定期分紅的方式，我們在第三季向控股公司分紅了 2.5 億美元。考慮到此次分配對我們遞延所得稅資產的影響，傑克森的總調整資本或 TAC 增加，本季末達到 56 億美元。

Our estimated RBC ratio ended the quarter at 579% and remains well above our minimum target of 425%.

本季末，我們估計的紅血球比率為 579%，遠高於我們 425% 的最低目標。

We believe Jackson is operating from a position of strength as we head into the end of the year.

我們相信，隨著年底臨近，傑克遜正處於強勢地位。

During the 3rd quarter, Brooky continued to operate as expected.

第三季度，Brooky 的營運一切如預期。

While equity was down modestly from the second quarter, Brook RE's capitalization remains well above our internal risk management target that reflects a variety of detail scenarios and our regulatory minimum operating capital level.

雖然權益較第二季略有下降，但 Brook RE 的資本化水準仍遠高於我們內部的風險管理目標，該目標反映了各種詳細情境和我們的監管最低營運資本水準。

During the quarter, there were no capital contributions to or distributions of capital from Brook Re. Going forward, we will continue to manage Brook Re on a self-sustaining basis given the long-term nature of its liabilities.

本季度，Brook Re 沒有收到任何資本投入或資本分配。展望未來，鑑於 Brook Re 的負債具有長期性，我們將繼續以自給自足的方式進行管理。

Our holding company cash and highly liquid asset position at the end of the quarter was $751 million which continues to be above our minimum buffer and provides substantial financial flexibility.

截至季末，我們控股公司的現金和高流動性資產部位為 7.51 億美元，繼續高於我們的最低緩衝水平，並提供了相當大的財務靈活性。

This was up from $713 million in the second quarter of this year, reflecting operating company dividends and capital return to shareholders.

這一數字高於今年第二季的 7.13 億美元，反映了營運公司分紅和股東資本回報。

Our third quarter results demonstrate strong positive momentum bolstered by a robust balance sheet and rising capital and liquidity levels that firmly position us for continued success.

我們第三季的業績顯示出強勁的積極勢頭，這得益於穩健的資產負債表以及不斷增長的資本和流動性水平，這些都為我們持續取得成功奠定了堅實的基礎。

I'll now turn the call back to Laura.

現在我將把電話轉回給勞拉。

Thanks, Don.

謝謝你，唐。

In September, we hit our four-year milestone as an independent company.

今年九月，我們迎來了作為一家獨立公司成立四週年紀念日。

During this time frame, we've worked hard to capture opportunities to grow profitably while diversifying our sales mix and earnings. Our third quarter results represent another period of excellent operational and financial accomplishments.

在此期間，我們努力抓住機會實現獲利成長，同時實現銷售組合和收入多元化。我們第三季的業績反映了我們在營運和財務方面又一個卓越的時期。

As the end of the year approaches, we'll take time to reflect on our valued relationships with our distribution partners and their clients and continue our shared mission to help hardworking Americans protect and grow their retirement savings and income.

隨著年底臨近，我們將抽出時間反思我們與分銷合作夥伴及其客戶之間寶貴的關係，並繼續履行我們共同的使命，幫助辛勤工作的美國人保護和增加他們的退休儲蓄和收入。

Most importantly, we believe our accomplishments and ability to consistently deliver on our promises are only possible through the dedication and hard work of our associates.

最重要的是，我們相信，我們所取得的成就以及我們始終如一地履行承諾的能力，只有透過員工的奉獻和努力才能實現。

We are truly grateful for all they do at Jackson and in the communities we call home. At this time, I'll turn it over to the operator for your question.

我們衷心感謝他們在傑克遜以及我們稱之為家的社區所做的一切。現在，我將把您的問題轉交給接線員。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Our first question comes from Ryan Krueger of KBW. Ryan, your line is open. Please go ahead.

我們的第一個問題來自 KBW 的 Ryan Krueger。瑞恩，你的路線已接通。請繼續。

Hi, thanks.

您好，謝謝。

Good morning. My first question is on the actual to expected policyholder behaviour, it has improved, year over year, but I guess it increased in the third quarter from the recent run rate. Can you give some perspective on what's causing this? I assume it's still just higher lapses and to what extent, you may consider changing your dynamic lapse assumption given that this has been occurring for, a few years consistently now.

早安.我的第一個問題是關於實際保單持有人行為與預期保單持有人行為的對比，雖然同比有所改善，但我認為第三季度的對比情況比最近的平均水平有所上升。您能否分析一下造成這種情況的原因？我假設目前只是更高的違約率，至於違約率上升的程度，鑑於這種情況已經持續了好幾年，您可能需要考慮改變您的動態違約假設。

Good morning, Ryan. Thanks for the question. I'll turn it to Don to respond.

早安，瑞恩。謝謝你的提問。我會把這個問題轉給唐來回答。

Hey Ryan.

嘿，瑞恩。

Good morning. Yeah, So just to give you a little bit of context on policyholder behaviour and kind of the level of net outflows that we've been seeing on our variable annuity book. First of all, I think it's important to remember that. Our surrender rate is sort of an all-in surrender rate as we've talked about on prior calls. So if you decompose that 12% that we've seen on a year-to-date basis, it breaks down like about 7% of that is, full surrenders, and then there's 4% which are withdrawals, and that's just simply customers using the benefit that they purchase those products for and being able to generate income in retirement.

早安.是的，我只是想向您簡要介紹保單持有人的行為，以及我們在可變年金業務中看到的淨流出水平。首先，我認為記住這一點很重要。正如我們之前在電話會議中討論過的，我們的退賽率是一種全盤退賽率。因此，如果我們把今年迄今為止看到的 12% 分解一下，其中大約 7% 是完全退保，4% 是提款，這僅僅是客戶使用他們購買這些產品所獲得的福利，並在退休後獲得收入。

And then the remaining 1% is, related to death benefits, and, I would highlight that just for the quarter, we did see a bit more a bit of an uptick in the surrender rate, primarily, driven by the fact that equity markets were up and that does tend to influence surrender activity because of the moneys in the contracts. Just overall, the VA performance that we saw in the quarter, which was also driven by the higher equity markets, was about $25 billion and that well offset the level of net outflows that we're seeing.

剩下的 1% 與死亡賠償金有關，我想強調的是，就本季而言，我們確實看到退保率略有上升，這主要是由於股票市場上漲，而股票市場上漲往往會影響退保活動，因為合約中有資金。總體而言，本季VA（虛擬資產）的表現（也得益於股票市場的上漲）約為250億美元，這很好地抵消了我們看到的淨流出水平。

So in terms of, how we think about that from our assumption setting process, first of all, we do take a very comprehensive look at our assumptions every year. We complete that work in the fourth quarter and you know we're setting assumptions with the long-term nature of our liabilities in mind. So, we do look at our recent experience, but we wouldn't take one or two quarters of experience and use that simply use that to set our long-term assumption. We would look at our experience over time.

所以，就我們從假設設定過程的角度來考慮這個問題而言，首先，我們每年都會對我們的假設進行非常全面的審視。我們將在第四季度完成這項工作，您也知道，我們在設定假設時考慮到了我們負債的長期性。所以，我們會參考最近的經驗，但我們不會只根據一兩個季度的經驗來設定長期假設。我們會回顧我們過往的經驗。

Having said that, we'll certainly look at the experience we've been seeing over the last couple of years as we update our assumptions in the fourth quarter, and we're, we'll publish those results along with our overall fourth quarter results as well as our financial targets for 2026, and we look forward to being able to discuss that in February.

話雖如此，我們肯定會參考過去幾年的經驗，在第四季度更新我們的假設，並將這些結果與我們第四季度的整體業績以及2026年的財務目標一起公佈，我們期待在2月份與大家討論這些問題。

Thanks. One follow-up on that.

謝謝。關於這一點，還有一個後續問題。

I've heard some suggest that there have been some targeted efforts by distributors to roll older variable annuity contracts into other products when they've been out of the money. And that may be contributing to the higher lapse rates beyond just the pure markets but also may eventually dissipate once they kind of contacted all of their clients you know is that something you agree with that? Is that something that you've seen at all impact the lapse rate?

我聽說有人暗示，有些經銷商有針對性地將已經虧損的舊可變年金合約轉入其他產品。這或許會導致純粹市場以外的其他市場出現更高的流失率，但一旦他們聯繫了所有客戶，這種情況最終可能會消失，你同意這種說法嗎？你觀察到這種情況會對客戶流失率產生任何影響嗎？

I would say, Ryan, it's primarily more driven by the market environment and specific, activities that might take place.

瑞安，我認為，這主要受市場環境和可能發生的特定活動的影響。

Okay, understood thank you.

好的，明白了，謝謝。

Thank you. Our next question comes from Suneet Kamath of Jefferies.

謝謝。下一個問題來自傑富瑞集團的蘇尼特·卡馬斯。

Suneet, your line is open. Please go ahead.

Suneet，你的線路已接通。請繼續。

Great, thank you.

太好了，謝謝。

Just wanted to ask a couple on capital, so first on the RBC target of 425%, you've been traveling well north of that for a while, my map suggests that if you were to bring that to 425%, it would be maybe $1.5 billion of excess could be released. I guess if 425% is really the target, what needs to happen in order to bring your RBC back down to that level? Thanks.

我只是想問幾個關於資本的問題，首先是關於 RBC 425% 的目標，你們已經遠遠超過這個目標一段時間了，我的地圖顯示，如果你們把目標提高到 425%，也許可以釋放 15 億美元的超額資金。我想，如果 425% 真的是目標值，那麼需要採取什麼措施才能將紅血球數量降到這個水平呢？謝謝。

Yeah, thanks for that question,

謝謝你的提問。

Suneet. So, yeah, you're right at the 425% target, we do have a substantial amount of excess capital at JNL as we've talked about in the past, we expect that will come down over time rather than some sort of, one-time outsized upstreaming of capital to the holding company.

蘇尼特。是的，你說的沒錯，目標值是 425%。正如我們之前討論過的，JNL 的確有大量的過剩資本，我們預計隨著時間的推移，這種情況會有所改善，而不是像以前那樣一次性地向控股公司大量注資。

We believe that we are in a unique position to continue our efforts to diversify our book of business through focusing on more spread product sales, as I mentioned in the prepared remarks, and that obviously will assume a bit more capital than what we've historically been writing over the years, which is variable annuity business, and we've seen some of that over the course of this year.

我們相信，我們處於獨特的地位，可以繼續努力透過專注於更多差價產品的銷售來使我們的業務組合多元化，正如我在準備好的發言稿中提到的那樣，這顯然需要比我們多年來一直在做的可變年金業務更多的資本，而我們在今年已經看到了一些這方面的進展。

So, we believe that we can both continue to grow our business through diversifying into more spread type products. As well as continuing to return significant levels of capital, but you'll see that ratio come down over time as opposed to one, sizable transaction.

因此，我們相信透過多元化發展，推出更多塗抹型產品，我們雙方都能繼續成長。除了繼續帶來可觀的資本回報外，你會發現隨著時間的推移，這個比例會下降，而不是像以前那樣依靠一次大額交易。

Okay, and then I guess my second one is on these closed-block segment that you have. I mean it doesn't get a lot of attention, we never get asked about it I I'm just curious what's the strategic value of of having that I know it's small but also curious about how much capital is supporting those liabilities that are in that segment thanks.

好的，那麼我想我的第二個問題是關於你們的這些封閉式區塊的。我的意思是，它並沒有引起太多關注，我們也從未被問及此事。我只是好奇擁有它的戰略價值是什麼。我知道它很小，但我也很好奇有多少資本在支撐該領域的負債。謝謝。

Yeah, good question.

嗯，問得好。

We obviously look at the closed block, very frequently, and we're comfortable with the liabilities that are there as you mentioned, it's not a huge portion of our balance sheet. However, we believe it does provide some balance to our overall general account structure and because there are, some life liabilities in there along with some annuities and.

我們顯然會經常查看已關閉的板塊，正如您所提到的，我們對那裡的負債感到滿意，它在我們資產負債表中佔比並不大。然而，我們認為這確實為我們的整體一般帳戶結構提供了一定的平衡，因為其中包含一些人壽負債以及一些年金等。

Other blocks of business that came about through some acquisitions that Jackson completed a number of years ago. So, we do monitor the performance of that block closely and to the extent we find opportunities to better leverage our capital, we would be prepared to take advantage of those.

其他一些業務部門是傑克遜幾年前完成的一些收購所帶來的。因此，我們會密切注意該板塊的表現，一旦發現能夠更好地利用我們資本的機會，我們就會做好準備抓住這些機會。

And how much capital is in that segment?

該領域有多少資本？

We don't break out the allocation of our capital across the segments, but the liabilities are roughly about $20 billion.

我們不公佈各業務板塊的資本分配情況，但總負債約 200 億美元。

All right, thank you.

好的，謝謝。

Thank you. Our next question comes from Thomas Gallagher of Evercore.

謝謝。我們的下一個問題來自 Evercore 公司的 Thomas Gallagher。

Tom, your line is open. Please proceed.

湯姆，你的線路已接通。請繼續。

Good morning.

早安.

Just a follow-up question on hedging. I heard the comment about how your RILA naturally hedges part of your VA guarantees, which lowers your need to buy the quantity of derivatives and hedges you need to buy.

關於避險，還有一個後續問題。我聽到有人評論說，你的 RILA 自然對沖你部分 VA 擔保，從而降低了你購買衍生品和對沖產品的數量。

You have a peer out there, BrightHouse, that used to make the similar point. They eventually hit a limit. And the company has struggled since they hit the limit.

你們的同行 BrightHouse 也曾提出類似的觀點。他們最終會達到極限。自達到極限以來，該公司一直舉步維艱。

Now I'm sure there are differences, between your book and their book. Your guarantees look far less risky quite candidly from my perspective, so that might be one of the reasons, but curious why you won't hit a limit and if you've spent any time thinking about what you're doing versus what BrightHouse, is doing just so you can at least clear up any confusion about why your program is fine.

我相信你的書和他們的書之間肯定存在差異。坦白說，從我的角度來看，你的擔保看起來風險要小得多，這可能是原因之一。但我很好奇為什麼你不會達到限額，以及你是否花時間思考過你正在做的事情與 BrightHouse 正在做的事情有何不同，這樣你至少可以澄清一下為什麼你的計劃沒問題。

Thanks.

謝謝。

Yeah, hey Tom, thanks for that question.

是啊，湯姆，謝謝你的提問。

Well, we spent a lot of time thinking about this issue. And we're very comfortable with the structure that we have in place. The new slide that we shared in the materials this quarter is intended to kind of help explain why we're different, and it really comes down to the fact that we have the VA guarantees are housed within Brook RE. The RILA business is at JNL, and we're able to get this efficiency from a hedging perspective.

我們花了很多時間思考這個問題。我們對現有的組織架構非常滿意。本季度我們在資料中分享的新幻燈片旨在幫助解釋我們為何與眾不同，而這實際上歸根結底是因為我們的 VA 擔保業務都由 Brook RE 負責。RILA 業務位於 JNL，我們可以從避險的角度獲得這種效率。

As we sort of offset the internal trades and then, go out to our derivative counterparties to purchase external hedges. The reason we're very comfortable that we won't have the issue that others have run into is because we don't have the guarantees and the RILA business being reserved for and hedged under a statutory framework which I think was primarily the problem that you're referring to, which is, the VM21 construct.

我們先對沖內部交易，然後向衍生性商品交易對手購買外部避險工具。我們之所以非常有信心不會遇到其他人遇到的問題，是因為我們沒有擔保，而且 RILA 業務是在法定框架下預留和對沖的，我認為這主要是您所指的問題，即 VM21 結構。

We're very comfortable that even if the equity risk on RILA were to surpass the equity risk that we have on the VAs, then, all that does is just shift the nature of our external hedging. It doesn't mean that we would have to suddenly put up some, additional level of reserves.

我們非常有信心，即使 RILA 的股權風險超過我們在 VA 上的股權風險，也只會改變我們外部對沖的性質。但這並不意味著我們需要突然增加額外的儲備金。

Got you. That's super helpful and clear.

抓到你了。這非常有幫助，也很清晰。

That is just from a follow-up perspective if there was any impact to the actuarial review to Ryan's question.

這只是從後續角度來看，Ryan 的問題是否會對精算審查產生任何影響。

Would that likely show up in JNL or Brook RE in terms of the any changes that we would see there?

這是否會在 JNL 或 Brook RE 中有所體現，我們會看到哪些變化？

Yeah, well, as I mentioned, we're still working through our actuarial assumption review, but my expectation would be that we would see very minimal impacts at JNL.

是的，正如我所提到的，我們仍在進行精算假設審查，但我預計這對 JNL 的影響將非常小。

Any impact related to our VA business would be, sort of below the line and a component of our MRB.

任何與我們 VA 業務相關的影響都將是線下發生的，並且是我們 MRB 的一部分。

Okay, thanks.

好的，謝謝。

Thank you.

謝謝。

Our final question of today comes from Alex Scott of Barclays Capital Inc.

今天的最後一個問題來自巴克萊資本公司的 Alex Scott。

Alex, your line is open. Please go ahead.

Alex，你的線路已接通。請繼續。

Hey, I just had a follow-up on, same kind of questioning that you just had from, Tom and Ryan.

嘿，我剛剛也收到了一些後續問題，和你剛才收到的問題一樣，是湯姆和瑞恩問的。

On the potential for an impact and brook RE, if there is an impact, do I take the comments that you made earlier in your script on the self-sustaining nature of the capital and broke read to mean that, based on what you're seeing at least as of today.

關於可能產生的影響和布魯克RE，如果確實存在影響，我是否可以理解您之前在腳本中關於資本和布魯克自給自足性質的評論，至少根據您目前所看到的情況來看，這意味著什麼？

Regardless of how that actuarial review hands out, you don't feel like, there's a risk that you would have to fund any capital into there. Is that a correct way of reading in those comments earlier?

無論精算審查結果如何，你都不會覺得有任何風險需要投入任何資金。這樣理解前面那些評論是正確的嗎？

Hey Alex.

嘿，亞歷克斯。

Yeah, so my comments earlier were more, long-term focus in that we do believe with given the nature of the guarantees in Brook RE that over the long-term that Brook RE will actually generate capital and be self-sustaining, I don't want to get ahead of our the completion of our actuarial review work at this point, we'll certainly look at it. And as I said, when we report fourth quarter earnings in our 2026 financial targets, including our capital return targets for next year, we'll update you on the status of the impact of our actuarial review.

是的，我之前的評論更多的是著眼於長遠，因為我們相信，鑑於 Brook RE 的擔保性質，從長遠來看，Brook RE 實際上能夠產生資本並實現自給自足。目前，在我們完成精算審查工作之前，我不想妄下斷言，我們肯定會對此進行研究。正如我所說，當我們公佈 2026 年財務目標中的第四季度收益時，包括我們明年的資本回報目標，我們將向您更新精算審查的影響情況。

Understood, okay, and then I also wanted to ask about, potential reinsurance opportunities out there, I mean.

明白了，好的。然後我還想問一下，目前有哪些潛在的再保險機會。

I think on one hand we're questioning you all about actuarial studies and so forth. I know on the other hand you guys have, expressed a lot of confidence about your ability to manage VAs. I mean, are there opportunities out there that you're still considering and looking at around, reinsurance of other blocks of business to take advantage of what you built there.

我認為一方面，我們是在詢問你們有關精算研究等方面的問題。另一方面，我知道你們對管理虛擬助理的能力表現出了很大的信心。我的意思是，你是否還在考慮和關注其他業務領域的再保險機會，以利用你在那裡建立的成果？

Yeah, so, we talked a little bit about this on last quarter's call, Alex, and we certainly believe that we have a very good expertise in the VA space and with risk management and hedging, and to the extent that there were High-quality variable annuity blocks that were available that we believe would be complementary to what we already have at Brook RE that would be something that we would consider. We do believe that some of the recent VA transactions that you've seen indicate there are some buyers that, see value in high-quality VA blocks, and we would look to participate in that.

是的，Alex，我們在上個季度的電話會議上稍微談到了這一點。我們當然相信我們在可變年金領域以及風險管理和對沖方面擁有非常豐富的專業知識。如果存在高品質的可變年金產品組合，我們認為這些產品組合可以與我們在Brook RE已有的產品形成互補，那麼我們會考慮購買。我們相信，您最近看到的一些 VA 交易表明，有一些買家看到了高品質 VA 地塊的價值，我們也希望參與其中。

That probably wouldn't be the highest priority on our list, I think if we were looking at some sort of transaction, we might want to look at opportunities to further accelerate all of the work that we've done since becoming an independent public company to diversify our book and, that could include reinsurance of potentially some life business or You know something along that line that would be complementary to the businesses that we already have, but we're certainly aware of what's going on in the marketplace and are monitoring those kinds of things closely.

我認為，如果要進行某種交易，那可能不會是我們首要考慮的事情。我們可能會想尋找機會，進一步加快自成為獨立上市公司以來為實現業務多元化所做的所有工作，這可能包括對一些人壽保險業務進行再保險，或者其他類似的、與我們現有業務互補的業務。當然，我們也了解市場動態，並正在密切關注這些情況。

I would just add that, any growth opportunities that we were to explore or evaluate would be done in comparison to the value that we receive from buying back our own shares.

我還要補充一點，任何我們要探索或評估的成長機會，都會與我們回購自身股票所獲得的價值進行比較。

Got it thank you.

明白了，謝謝。

Thank you.

謝謝。

Thank you. We have no further questions registered on today's call, so hand back over to Laura Prieskorn for any closing remarks.

謝謝。今天的電話會議沒有其他問題登記，請把發言權交還給勞拉·普里斯科恩，讓她做最後的總結發言。

Thank you all for your continued interest in Jackson. As you've heard this morning, our latest results represent another period of excellent operational accomplishment.

感謝大家一直以來對傑克森的關注。正如您今天早上所聽到的，我們最新的業績代表著另一個卓越的營運成就時期。

We look forward to continuing this discussion and sharing our continued progress on our 2025 targets after the end of the fourth quarter.

我們期待在第四季度結束後繼續進行討論，並分享我們在實現 2025 年目標方面取得的持續進展。

Thank you and take care.

謝謝，請多保重。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

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

非常感謝您的參與。現在您可以斷開線路了。