大都會人壽保險 (MET) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the MetLife Second Quarter 2022 Earnings Release Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. Before we get started, I refer you to the cautionary note about forward-looking statements in yesterday's earnings release and to the risk factors discussed in MetLife's SEC filings.

女士們，先生們，謝謝你們的支持。歡迎參加大都會人壽 2022 年第二季度收益發布電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。在我們開始之前，我建議您參考昨天收益發布中有關前瞻性陳述的警告說明以及大都會人壽向美國證券交易委員會提交的文件中討論的風險因素。

With that, I will now turn the call over to John Hall, Global Head of Investor Relations.

有了這個，我現在將把電話轉給投資者關係全球主管 John Hall。

Thank you, operator. Good morning, everyone. We appreciate you joining us for MetLife's Second Quarter 2022 Earnings Call. Before we begin, I'd point you to the information on non-GAAP measures on the Investor Relations portion of metlife.com in our earnings release and in our quarterly financial supplements, which you should review.

謝謝你，接線員。大家，早安。感謝您參加大都會人壽 2022 年第二季度財報電話會議。在我們開始之前，我會在我們的收益發布和我們的季度財務補充中向您指出關於metlife.com 投資者關係部分的非公認會計原則措施的信息，您應該查看這些信息。

On the call this morning are Michel Khalaf, President and Chief Executive Officer; and John McCallion, Chief Financial Officer. Also participating in the discussion are other members of senior management. Last night, we released a set of supplemental slides, which address the quarter. They are available on our website. John McCallion will speak to those supplemental slides in his prepared remarks if you wish to follow along.

今天上午的電話會議是總裁兼首席執行官 Michel Khalaf；和首席財務官 John McCallion。參與討論的還有其他高級管理人員。昨晚，我們發布了一組補充幻燈片，介紹了本季度。它們可在我們的網站上找到。如果您希望跟進，John McCallion 將在他準備好的評論中對這些補充幻燈片發表講話。

An appendix to these slides feature incremental disclosures, GAAP reconciliations and other information which you should also review. After prepared remarks, we will have a Q&A session, which will end no later than the top of the hour. In fairness to all, please limit yourself to one question and one follow-up. Now over to Michel.

這些幻燈片的附錄包含增量披露、GAAP 調節和其他信息，您還應該查看這些信息。準備好發言後，我們將進行問答環節，不遲於整點結束。為了公平起見，請將自己限制在一個問題和一個後續行動上。現在交給米歇爾。

Thank you, John, and good morning, everyone. Over time, I have referred to our Next Horizon strategy as being all-weather designed to guide MetLife through a variety of economic environments. And the environment has shifted with equity markets falling from historic highs, interest rates trending up from historic lows, further strengthening of the dollar and the odds of a U.S. recession on the rise.

謝謝你，約翰，大家早上好。隨著時間的推移，我將我們的 Next Horizon 戰略稱為全天候設計，旨在引導大都會人壽應對各種經濟環境。隨著股市從歷史高位回落、利率從歷史低位上升、美元進一步走強以及美國經濟衰退的可能性增加，環境已經發生了變化。

The resilience of Next Horizon, combined with our clarity of purpose, positioned MetLife to meet these challenges in the second quarter of 2022. While certain things may be outside our control, we continue to execute with urgency across those things we do control. Let's turn to some numbers. MetLife reported strong financial results for the second quarter. Adjusted earnings were $1.6 billion or $2 per share compared to $2.37 per share a year ago. Excluding one notable item, adjusted earnings were $1.90 per share.

Next Horizon 的彈性加上我們明確的目標，使大都會人壽能夠在 2022 年第二季度應對這些挑戰。雖然某些事情可能超出我們的控制範圍，但我們會繼續緊急執行我們控制的那些事情。讓我們來看一些數字。大都會人壽公佈了第二季度強勁的財務業績。調整後的收益為 16 億美元或每股 2 美元，而一年前為每股 2.37 美元。不包括一項值得注意的項目，調整後的收益為每股 1.90 美元。

The combination of strong underwriting margins and good volume growth drove solid adjusted earnings results while variable investment income fell below our quarterly outlook expectations. Net income in the second quarter was $103 million compared to $3.4 billion a year ago. Current period net income was driven by adjusted earnings, offset by interest rate and foreign currency derivative losses from securities held to protect our balance sheet.

強勁的承保利潤率和良好的銷量增長共同推動了穩健的調整後盈利結果，而可變投資收益則低於我們的季度展望預期。第二季度的淨收入為 1.03 億美元，而一年前為 34 億美元。本期淨收入由調整後的收益驅動，被利率和為保護我們的資產負債表而持有的證券的外匯衍生品損失所抵消。

Also, standard investment activity resulted in realized losses as interest rates rose during the quarter. Year ago net income includes the gain we booked on the successful sale of our Auto & Home business. Now moving to variable investment income, which returned to a more typical level following 7 consecutive quarters of truly outstanding results. During the 7-quarter period, MetLife generated more than $8 billion of cumulative pretax variable investment income. This type of investment performance serves to validate MetLife's long-term prudent exposure to this value-added asset class.

此外，隨著本季度利率上升，標準投資活動導致已實現虧損。一年前的淨收入包括我們因成功出售汽車和家居業務而獲得的收益。現在轉向可變投資收益，在連續 7 個季度取得真正出色的業績後，它又回到了更典型的水平。在 7 個季度期間，大都會人壽產生了超過 80 億美元的累計稅前可變投資收入。這種類型的投資業績證明了大都會人壽對這一增值資產類別的長期審慎敞口。

In the second quarter, variable investment income of $389 million was aided by private equity investments and real estate funds, which generated returns of 1.5% and 7.9%, respectively. Our private equity returns are reported on a 1-quarter lag and the weak second quarter equity market should negatively impact our variable investment income in the third quarter.

第二季度，私募股權投資和房地產基金帶來了 3.89 億美元的可變投資收益，分別產生了 1.5% 和 7.9% 的回報。我們報告的私募股權回報滯後 1 個季度，第二季度疲軟的股市應該會對我們第三季度的可變投資收益產生負面影響。

Throughout the pandemic, the broad diversity of MetLife's businesses across product lines and geographies has clearly been a great strength. Initially, underwriting gains in one business offset underwriting losses elsewhere. When COVID claims seem to reach their peak, our private equity gains then filled the gap. And the current quarter continues to illustrate this point as variable investment income has returned to more normal levels in the second quarter, so too have our underwriting margins.

在整個大流行期間，大都會人壽跨產品線和地域的廣泛業務顯然是一大優勢。最初，一項業務的承保收益抵消了其他業務的承保損失。當 COVID 索賠似乎達到頂峰時，我們的私募股權收益填補了這一空白。本季度繼續說明這一點，因為可變投資收入在第二季度恢復到更正常的水平，我們的承保利潤率也是如此。

Turning to MetLife's business performance. I'll start with our U.S. Group Benefits results. Adjusted earnings of $400 million, were up 61% year-over-year. This represents the highest quarterly result ever posted by this flagship business, primarily driven by favorable underwriting. Historically, the second quarter tends to be a low mortality quarter, something that was also evident this year.

轉向大都會人壽的業務表現。我將從我們的美國團體福利結果開始。調整後的收益為 4 億美元，同比增長 61%。這是該旗艦業務有史以來最高的季度業績，主要受有利承保的推動。從歷史上看，第二季度往往是死亡率較低的季度，這一點在今年也很明顯。

Group Life mortality, including COVID-19 losses, registered a benefit ratio of 85.8%, which is at the low end of our target range of 85% to 90%. A significant contraction in U.S. COVID-related deaths and a further shift upward in the age of death contributed to the improvement in the second quarter benefit ratio. Having witnessed prior falls down during this 2.5-year long pandemic, we are cautiously optimistic and note the absence of much, if any, excess mortality in our current period group benefits results.

包括 COVID-19 損失在內的團體人壽死亡率的受益率為 85.8%，處於我們目標範圍 85% 至 90% 的低端。美國與 COVID 相關的死亡人數顯著減少以及死亡年齡的進一步上升，促成了第二季度福利比率的改善。在經歷了長達 2.5 年的大流行期間，我們目睹了先前的跌幅，我們對此持謹慎樂觀的態度，並註意到我們當前期間的團體福利結果中沒有太多（如果有的話）死亡率過高。

At the current pace, MetLife is on track to generate close to $25 billion of adjusted group benefit revenue in 2022, a true testament to our product breadth, scale and momentum in this attractive market-leading business. For Retirement and Income Solutions, or RIS, adjusted earnings totaled $388 million, which were down from a year ago due to less variable investment income, but helped by favorable volume growth. Looking past, the decline in variable investment income, recurring investment income spreads were strong at 103 basis points as we continue to manage against a shifting yield curve.

按照目前的速度，大都會人壽有望在 2022 年產生近 250 億美元的調整後團體福利收入，這真實證明了我們在這一具有吸引力的市場領先業務中的產品廣度、規模和發展勢頭。對於退休和收入解決方案，或 RIS，調整後的收益總計 3.88 億美元，由於投資收入的可變性減少，這比一年前有所下降，但得益於有利的銷量增長。回顧過去，隨著我們繼續應對不斷變化的收益率曲線，可變投資收入和經常性投資收入利差大幅下降 103 個基點。

During the quarter, we booked $2.6 billion of new pension risk transfer business, which brings our year-to-date total to roughly $4 billion. We continue to see a strong pipeline for the balance of the year based on good funding levels and higher long-term interest rates. In Asia, adjusted earnings of $386 million were below a year ago on lower variable investment income and less favorable underwriting.

在本季度，我們預訂了 26 億美元的新養老金風險轉移業務，使我們年初至今的總額達到約 40 億美元。基於良好的資金水平和更高的長期利率，我們繼續看到今年餘下的強勁渠道。在亞洲，由於可變投資收入下降和承保不利，調整後收益為 3.86 億美元，低於一年前。

COVID claims in Japan impacted adjusted earnings in the quarter, driven largely by deemed hospitalization, which allows for payment of COVID claims incurred for care outside of the hospital. Other Asia business metrics remained favorable, with sales growing 2% year-over-year on a constant currency basis, while general account AUMs in the region were up 5% on the same basis.

日本的 COVID 索賠影響了本季度的調整後收益，主要是由於被視為住院治療，這允許支付因醫院外護理而產生的 COVID 索賠。其他亞洲業務指標仍然有利，按固定匯率計算，銷售額同比增長 2%，而該地區的一般賬戶資產管理規模同比增長 5%。

In Japan, sales grew 5% on a constant currency basis. MetLife has a history of product innovation in Japan. Most recently, we've built on that legacy with product launches in September, February and April, illustrating both our speed to market for new products and our leading digital distribution capabilities. We continue to have good sales momentum in Japan, supported by a resilient business model and we remain on track to achieve our Asia region sales outlook for the year.

在日本，按固定匯率計算，銷售額增長了 5%。大都會人壽在日本擁有產品創新的歷史。最近，我們在 9 月、2 月和 4 月推出了產品，以鞏固這一傳統，展示了我們新產品的上市速度和我們領先的數字分銷能力。在具有彈性的商業模式的支持下，我們在日本繼續保持良好的銷售勢頭，我們仍有望實現今年亞洲地區的銷售前景。

Looking to Latin America, adjusted earnings totaled $267 million, well above $97 million a year ago. Lower COVID claims, a favorable impact from inflation, a strong encaje and continued volume growth, all combined to generate substantial outperformance in the second quarter. Fundamental drivers in Latin America also remains strong with sales and PFOs up from a year ago on a constant currency basis by 19% and 26%, respectively.

展望拉丁美洲，調整後的收益總額為 2.67 億美元，遠高於一年前的 9700 萬美元。較低的 COVID 索賠、通脹的有利影響、強勁的 encaje 和持續的銷量增長，所有這些都在第二季度產生了顯著的優異表現。拉丁美洲的基本面驅動因素也依然強勁，按固定匯率計算，銷售額和 PFO 分別比一年前增長 19% 和 26%。

Moving to capital and cash. MetLife was active with capital management during the second quarter, and we returned more than $1.5 billion to shareholders through $408 million of common dividends and $1.1 billion of share repurchase. In the first half of 2022, MetLife repurchased approximately $2 billion of common stock. Given the accelerated pace of buyback activity in the first half of the year, we anticipate a modestly slower pace in the back half.

轉向資本和現金。大都會人壽在第二季度積極進行資本管理，我們通過 4.08 億美元的普通股息和 11 億美元的股票回購向股東返還了超過 15 億美元。 2022 年上半年，大都會人壽回購了約 20 億美元的普通股。鑑於今年上半年回購活動的步伐加快，我們預計下半年的步伐將適度放緩。

There remains $2.5 billion outstanding on our current $3 billion authorization. MetLife continues to be well capitalized and highly liquid. At the end of the quarter, we had $4.5 billion of cash and liquid assets at our holding companies, which includes the proceeds from the sale of our Poland business, and we remain comfortably above our target cash buffer of $3 billion to $4 billion.

我們目前 30 億美元的授權仍有 25 億美元未償付。大都會人壽繼續資本充足且流動性高。在本季度末，我們的控股公司擁有 45 億美元的現金和流動資產，其中包括出售我們波蘭業務的收益，我們仍然輕鬆高於 30 億至 40 億美元的目標現金緩衝。

Financial flexibility was further enhanced after the second quarter's end when we tapped the debt market raising $1 billion of 30-year paper and a well oversubscribed offering, another example of the value the market attributes to MetLife's financial strength. Turning to sustainability. At the end of last quarter, MetLife announced a broad set of DEI commitments designed to address the needs of the underserved and underrepresented by 2030.

第二季度末，當我們利用債務市場籌集 10 億美元的 30 年期票據和超額認購的發行時，財務靈活性進一步增強，這是市場對大都會人壽財務實力的價值的另一個例子。轉向可持續性。在上個季度末，大都會人壽宣布了一系列廣泛的 DEI 承諾，旨在到 2030 年滿足服務不足和代表性不足的人群的需求。

The MetLife Foundation recently announced an updated strategy aimed at driving inclusive economic mobility by addressing the needs of underserved and underrepresented communities around the globe. The foundation's grant-making and impact investments will be aligned across 3 core portfolios: Economic inclusion, financial health and resilient communities and will advance the broad set of diversity, equity and inclusion commitment MetLife announced at the end of last quarter.

大都會人壽基金會最近宣布了一項更新戰略，旨在通過滿足全球服務不足和代表性不足的社區的需求來推動包容性經濟流動。該基金會的贈款和影響力投資將在 3 個核心投資組合中保持一致：經濟包容性、金融健康和彈性社區，並將推進大都會人壽在上個季度末宣布的廣泛的多元化、公平和包容性承諾。

In closing, when we introduced our Next Horizon strategy, little did we know that it would be put to the test so quickly and so severely. Our results this quarter clearly demonstrate its resilience. We saw solid underlying business performance, supported by a strong capital base, which reinforces our confidence that Next Horizon is the right strategy for MetLife. With our purpose as our North Star and with our strategic pillars to guide us along the way, MetLife is well positioned to rise to the challenges ahead and deliver significant long-term value to our shareholders and other stakeholders.

最後，當我們推出 Next Horizon 戰略時，我們幾乎不知道它會受到如此迅速和如此嚴峻的考驗。我們本季度的業績清楚地表明了它的彈性。在強大的資本基礎支持下，我們看到了堅實的基礎業務表現，這增強了我們對 Next Horizon 是大都會人壽正確戰略的信心。憑藉我們作為北極星的宗旨和指導我們前進的戰略支柱，大都會人壽已做好準備迎接未來的挑戰，並為我們的股東和其他利益相關者帶來重大的長期價值。

With that, I will turn things over to John.

有了這個，我會把事情交給約翰。

Thank you, Michel, and good morning. I will start with the 2Q '22 supplemental slides, which provide highlights of our financial performance, an update on our cash and capital positions as well as commentary on the new U.S. GAAP accounting, known as Long Duration Targeted Improvements or LDTI, effective 1/1/23.

謝謝你，米歇爾，早上好。我將從 2Q '22 補充幻燈片開始，其中提供了我們財務業績的亮點、我們的現金和資本頭寸的更新以及對新的美國公認會計原則會計（稱為長期目標改進或 LDTI）的評論，生效 1/ 1/23。

Starting on Page 3, we provide a comparison of net income to adjusted earnings in the second quarter. Higher interest rates and the strengthening of the U.S. dollar in the quarter drove net derivative losses. As a reminder, MetLife uses derivatives as part of our broader asset liability management strategy to hedge certain risks. This hedging activity often generates derivative gains or losses and creates fluctuations in net income because the risk being hedged may not have the same GAAP accounting treatment.

從第 3 頁開始，我們提供了第二季度淨收入與調整後收益的比較。本季度利率上升和美元走強導致衍生品淨虧損。提醒一下，大都會人壽將衍生品作為我們更廣泛的資產負債管理策略的一部分來對沖某些風險。這種對沖活動通常會產生衍生收益或損失，並造成淨收入波動，因為被對沖的風險可能沒有相同的 GAAP 會計處理。

In addition, we had net investment losses from our normal trading activity in the portfolio given the rising interest rate environment. We had one favorable notable item this quarter of $77 million or $0.09 per share related to a reinsurance settlement, which was accounted for in MetLife Holdings.

此外，鑑於利率上升的環境，我們在投資組合中的正常交易活動產生了淨投資損失。本季度我們有一個有利的值得注意的項目，即 7700 萬美元或每股 0.09 美元，與再保險和解有關，這在大都會人壽控股中進行了會計處理。

On Page 4, you can see the second quarter year-over-year comparison of adjusted earnings by segment, which excludes notable items in both periods. Adjusted earnings in the second quarter of 2022, excluding the notable item were $1.5 billion, down 23% and down 21% on a constant currency basis. Lower variable investment income drove the year-over-year decline, while favorable underwriting and solid volume growth were partial offsets.

在第 4 頁，您可以看到第二季度按部門劃分的調整後收益的同比比較，其中不包括兩個時期的顯著項目。 2022 年第二季度調整後的收益（不包括值得注意的項目）為 15 億美元，按固定匯率計算下降 23% 和 21%。較低的可變投資收入推動了同比下降，而有利的承保和穩健的交易量增長被部分抵消。

Adjusted earnings per share, excluding the notable item, was $1.90, down 17% year-over-year on a reported basis and down 15% on a constant currency basis. Moving to the businesses, starting with the U.S. business. Group Benefits adjusted earnings were up 61% year-over-year, primarily due to significant improvement in underwriting margins aided by lower COVID-19 Life claims as well as higher volume growth.

調整後的每股收益（不包括值得注意的項目）為 1.90 美元，在報告基礎上同比下降 17%，在固定貨幣基礎上下降 15%。轉向業務，從美國業務開始。集團福利調整後的收益同比增長 61%，主要是由於較低的 COVID-19 人壽索賠以及較高的銷量增長導致承保利潤率顯著提高。

The Group Life mortality ratio was 85.8% in the second quarter of '22 towards the bottom end of our annual target range of 85% to 90%. The business benefited from lower U.S. COVID deaths in the quarter and a continued favorable shift in the percentage of death under age 65, declining from approximately 23% in the first quarter to roughly 17% in the second quarter.

22 年第二季度的團體人壽死亡率為 85.8%，接近我們年度目標範圍 85% 至 90% 的下限。該業務受益於本季度美國 COVID 死亡人數的減少以及 65 歲以下死亡百分比的持續有利轉變，從第一季度的約 23% 下降至第二季度的約 17%。

The adjusted earnings impact of Group Life COVID-19 reported claims was approximately $35 million offset in part by an IBNR release related to 1Q '22 COVID-19 claims of approximately $25 million. Therefore, the net COVID impact was roughly $10 million or one percentage point on the Group Life mortality ratio. More detail on the Group Life mortality results over the past 5 quarters can be found on Page 11 in the appendix.

Group Life COVID-19 報告索賠的調整後收益影響約為 3500 萬美元，部分被 IBNR 發布的與 22 年第一季度 COVID-19 索賠相關的約 2500 萬美元抵消。因此，新冠病毒的淨影響約為 1000 萬美元，或對團體人壽死亡率的 1 個百分點。有關過去 5 個季度的團體人壽死亡率結果的更多詳細信息，請參見附錄的第 11 頁。

Regarding non-medical health, the interest-adjusted benefit ratio was 73.1% in Q2 of '22 within its annual target range of 70% to 75% and favorable to the prior year quarter of 73.8%. Turning to the top line, Group Benefits adjusted PFOs were up 3% year-over-year. As we discussed in the prior quarters, excess mortality can result in higher premiums from participating contracts in the period.

在非醫療健康方面，22 年第二季度的利息調整後福利率為 73.1%，在其 70% 至 75% 的年度目標範圍內，優於去年同期的 73.8%。談到收入，調整後的集團福利 PFO 同比增長 3%。正如我們在前幾個季度所討論的，超額死亡率可能導致該期間參與合同的保費增加。

The higher excess mortality in Q2 of '21 versus Q2 of '22 resulted in a year-over-year decline in premiums from participating contracts, which dampened growth by roughly 1.5 percentage points. The underlying PFO increase of approximately 4.5% was due to solid growth across most products, including continued strong momentum in voluntary. Retirement and Income Solutions, or RIS, adjusted earnings were down 41% year-over-year. The primary driver was less favorable private equity returns versus a very strong Q2 of '21.

'21 年第二季度與 22 年第二季度相比，較高的超額死亡率導致分紅合同的保費同比下降，從而抑制了大約 1.5 個百分點的增長。基本 PFO 增長約 4.5% 是由於大多數產品的穩健增長，包括自願性的持續強勁勢頭。退休和收入解決方案（RIS）調整後的收益同比下降 41%。與 21 年第二季度非常強勁的相比，主要驅動因素是不太有利的私募股權回報。

Favorable volume growth was a partial offset. RIS investment spreads were 116 basis points within our full year 2022 guidance of 95 to 120 basis points, but well below the prior year quarter of 224 basis points due to the significant decline in variable investment income. Spreads, excluding VII, were 103 basis points, up 5 basis points versus Q2 of '21 and up 14 basis points sequentially due to higher interest rates, wider credit spreads and favorable real estate performance.

有利的銷量增長被部分抵消。 RIS 投資利差在我們 2022 年全年 95 至 120 個基點的指導範圍內為 116 個基點，但由於可變投資收入大幅下降，遠低於去年同期的 224 個基點。由於利率上升、信貸利差擴大和房地產表現良好，利差（不包括 VII）為 103 個基點，比 21 年第二季度上升 5 個基點，環比上升 14 個基點。

RIS liability exposures were down 3% year-over-year despite strong top line growth. The key drivers of this decrease came from reductions in accounting adjustments that impact our liabilities, but do not impact fees or spread income and thus have no impact on adjusted earnings. RIS sales were up 30% year-to-date, primarily driven by pension risk transfers and stable value products.

儘管收入增長強勁，RIS 負債敞口同比下降 3%。這種下降的主要驅動因素來自會計調整的減少，這會影響我們的負債，但不會影響費用或利差收入，因此對調整後的收益沒有影響。 RIS 銷售額今年迄今增長了 30%，主要受養老金風險轉移和穩定價值產品的推動。

With regards to PRT, we completed 3 transactions worth $2.6 billion in the quarter, a strong first half of 2022, and we continue to see an active market. Moving to Asia, adjusted earnings were down 26% and 22% on a constant currency basis, primarily due to lower variable investment income and unfavorable underwriting. This was partially offset by solid volume growth as assets under management on an amortized cost basis grew 5% on a constant currency basis.

關於 PRT，我們在本季度完成了 3 筆交易，價值 26 億美元，是 2022 年上半年的強勁表現，我們繼續看到活躍的市場。移至亞洲，按固定匯率計算，調整後收益分別下降 26% 和 22%，主要是由於可變投資收入下降和承保不利。這部分被穩健的銷量增長所抵消，因為按攤銷成本計算的管理資產按固定匯率計算增長了 5%。

In addition, Asia sales were up 2% year-over-year on a constant currency basis, primarily driven by another solid performance in Japan. Overall, Japan sales were up 5% driven by FX annuities and accident and health products sold through face-to-face channels. Latin America adjusted earnings were $267 million versus $97 million in the prior year quarter. This strong performance were driven by several positive factors, primarily favorable underwriting and investment margins as well as solid volume growth.

此外，按固定匯率計算，亞洲銷售額同比增長 2%，主要受日本另一個穩健表現的推動。總體而言，在通過面對面渠道銷售的外匯年金以及意外和健康產品的推動下，日本的銷售額增長了 5%。拉丁美洲調整後收益為 2.67 億美元，而去年同期為 9700 萬美元。這種強勁的表現是由幾個積極因素推動的，主要是有利的承保和投資利潤率以及穩健的銷量增長。

Overall, COVID-19 related deaths in Mexico were down significantly in Q2. This positive trend, coupled with the emergence of even more favorable mortality experience in our own block, resulted in a reduction to the IBNR reserve that was established in prior periods. This benefited LATAM's adjusted earnings by roughly $40 million after tax in 2Q '22. LATAM's adjusted earnings in the quarter also benefited from strong investment margins, primarily due to the net impact from inflation-linked assets and liabilities in Chile that increased with higher inflation rates as well as the Chilean encaje, which had a 4.8% return in 2Q '22 versus a negative 1.5% in the prior year quarter.

總體而言，墨西哥與 COVID-19 相關的死亡人數在第二季度顯著下降。這種積極的趨勢，加上我們自己的區塊出現了更有利的死亡率經驗，導致前期建立的 IBNR 儲備減少。這使 LATAM 在 22 年第二季度的稅後收益增加了約 4000 萬美元。 LATAM 在本季度的調整後收益也受益於強勁的投資利潤率，這主要是由於智利與通脹掛鉤的資產和負債的淨影響隨著通脹率的上升以及智利 encaje 的增長而增加，後者在第二季度的回報率為 4.8%。 22，而去年同期為負 1.5%。

LATAM's top line continues to perform well as adjusted PFOs were up 26% year-over-year on a constant currency basis, and sales were up 19% on a constant currency basis, driven by growth across the region, primarily from higher single premium immediate annuity sales in Chile and group cases in Mexico. EMEA adjusted earnings were down 32% and 16% on a constant currency basis compared to a strong Q2 of '21, which benefited from a favorable refinement of an unearned premium reserve in the prior year period, totaling approximately $15 million after tax.

LATAM 的收入繼續表現良好，調整後的 PFO 按固定匯率計算同比增長 26%，銷售額按固定匯率計算增長 19%，這主要得益於整個地區的增長，主要來自更高的單期保費智利的年金銷售和墨西哥的集體案例。與 21 年第二季度的強勁表現相比，歐洲、中東和非洲地區調整後的收益按固定匯率計算分別下降了 32% 和 16%，這得益於去年同期未到期保費準備金的有利改進，稅後總額約為 1500 萬美元。

In addition, adverse equity market impacts in the current year period were partially offset by favorable underwriting margins. MetLife Holdings adjusted earnings were down 46%, excluding the favorable notable item of $77 million after tax as discussed earlier. This decline was primarily driven by lower variable investment income, adverse equity market impacts and less favorable underwriting also were contributors to the year-over-year decline.

此外，有利的承銷利潤率部分抵消了本年度不利的股票市場影響。大都會人壽控股公司調整後的收益下降了 46%，不包括前面討論的 7700 萬美元的稅後收益。這一下降主要是由於可變投資收入下降、不利的股票市場影響和不利的承保也是導致同比下降的原因。

MetLife Holdings separate account return was negative 14% in the quarter versus a positive 6% in Q2 of '21. Corporate and other adjusted loss was $243 million versus an adjusted loss of $126 million, excluding notables in the prior year quarter. The year-over-year variance was primarily due to higher expenses from corporate-related costs associated with less favorable equity markets and higher interest rates. Higher taxes and lower variable investment income were also contributors.

大都會人壽控股的獨立賬戶回報在本季度為負 14%，而 21 年第二季度為正 6%。公司和其他調整後虧損為 2.43 億美元，而調整後虧損為 1.26 億美元，不包括上一季度的知名人士。同比差異主要是由於與不利的股票市場和更高的利率相關的企業相關成本的支出增加。較高的稅收和較低的可變投資收入也是促成因素。

The company's effective tax rate on adjusted earnings in the quarter was 22.3% and within our 2022 guidance range of 21% to 23%. On Page 5, this chart reflects our pretax variable investment income for the past 5 quarters, including $389 million in the second quarter of '22. The majority of VII was attributable to the private equity portfolio of roughly $14 billion, which had an overall return of 1.5% in the quarter.

該公司本季度調整後收益的有效稅率為 22.3%，在我們 2022 年 21% 至 23% 的指導範圍內。在第 5 頁，這張圖表反映了我們過去 5 個季度的稅前可變投資收入，包括 22 年第二季度的 3.89 億美元。 VII 的大部分歸功於約 140 億美元的私募股權投資組合，該季度的總體回報率為 1.5%。

As we have previously discussed, private equity is generally accounted for on a 1-quarter lag. In addition, real estate equity funds were also a strong contributor to VII with nearly an 8% return in the quarter while hedge funds, which are reported on a 1-month lag, had a loss.

正如我們之前所討論的，私募股權通常滯後 1 個季度。此外，房地產股票基金也是 VII 的重要貢獻者，該季度的回報率接近 8%，而據報導滯後 1 個月的對沖基金則出現虧損。

While VII in 2Q '22 was below expectation and recent trends, our new money rate was 3.92% and above our roll-off yield of 3.71%. This marks the first time in over a decade in which we did not experience quarterly spread compression in the investment portfolio. On Page 6, we provide VII post-tax by segment for the prior 5 quarters, including $307 million in Q2 of '22.

雖然 22 年第二季度的 VII 低於預期和近期趨勢，但我們的新貨幣利率為 3.92%，高於我們 3.71% 的滾降收益率。這標誌著十多年來我們第一次沒有在投資組合中經歷季度利差壓縮。在第 6 頁，我們提供了前 5 個季度的分部稅後 VII，包括 22 年第二季度的 3.07 億美元。

Asia, MetLife Holdings and RIS continue to earn the vast majority of variable investment income consistent with the higher VII assets in their respective investment portfolios. VII assets are primarily owned to match longer-date liabilities, which are mostly in these 3 businesses.

亞洲、MetLife Holdings 和 RIS 繼續賺取與各自投資組合中較高的 VII 資產一致的絕大多數可變投資收益。 VII 資產主要用於匹配較長期負債，這些負債主要存在於這 3 個業務中。

Turning to Page 7. This chart shows a comparison of our direct expense ratio over the prior 5 quarters, including 11.9% in Q2 of '22. As we have highlighted previously, we believe our full year direct expense ratio is the best way to measure performance due to fluctuations in quarterly results. Our second quarter direct expense ratio benefited from solid top line growth and ongoing expense discipline.

轉到第 7 頁。此圖表顯示了我們與前 5 個季度的直接費用比率的比較，包括 22 年第二季度的 11.9%。正如我們之前強調的那樣，由於季度業績的波動，我們認為我們的全年直接費用率是衡量業績的最佳方式。我們第二季度的直接費用率受益於穩健的收入增長和持續的費用紀律。

While we would expect our direct expense ratio to be higher in the second half of the year, consistent with the seasonality of our business, we remain committed to achieving a full year direct expense ratio below 12.3% in 2022 despite the challenging inflationary environment. We believe this demonstrates our consistent execution and focus on an efficiency mindset.

儘管我們預計下半年的直接費用率會更高，與我們業務的季節性因素一致，但儘管通脹環境充滿挑戰，我們仍致力於在 2022 年實現全年直接費用率低於 12.3%。我們相信這表明了我們一貫的執行力和對效率思維的關注。

I will now discuss our cash and capital position on Page 8. Cash and liquid assets at the holding companies were approximately $4.5 billion at June 30, which is up from $4.2 billion at March 31 and remains above our target cash buffer of $3 billion to $4 billion. The sequential increase in cash at the holding companies reflects the net effects of subsidiary dividends, payment of our common stock dividend, share repurchases of $1.1 billion in the second quarter as well as holding company expenses and other cash flows.

我現在將在第 8 頁討論我們的現金和資本狀況。截至 6 月 30 日，控股公司的現金和流動資產約為 45 億美元，高於 3 月 31 日的 42 億美元，仍高於我們 30 億至 4 美元的目標現金緩衝十億。控股公司現金的連續增加反映了子公司股息、普通股股息支付、第二季度 11 億美元的股票回購以及控股公司費用和其他現金流的淨影響。

In addition, HoldCo cash includes the proceeds from the sale of our Poland business, which closed in April. In regard to our statutory capital for our U.S. companies, our preliminary second quarter year-to-date 2022 statutory operating earnings were approximately $700 million, while net income was approximately $1.3 billion. Statutory operating earnings decreased by approximately $2 billion year-over-year, driven by unfavorable VA rider reserves, underwriting results and lower variable investment income.

此外，HoldCo 現金包括出售我們在 4 月關閉的波蘭業務的收益。關於我們美國公司的法定資本，我們 2022 年年初至今的第二季度初步法定營業收入約為 7 億美元，而淨收入約為 13 億美元。受不利的 VA 附加險準備金、承保業績和可變投資收入下降的推動，法定營業收入同比減少約 20 億美元。

We estimate that our total U.S. statutory adjusted capital was approximately $19.1 billion as of June 30, 2022, up 2% sequentially. Finally, the Japan solvency margin ratio was 764% as of March 31, which is the latest public data. The decline from December 2021 was primarily due to higher U.S. interest rates.

我們估計，截至 2022 年 6 月 30 日，我們的美國法定調整資本總額約為 191 億美元，環比增長 2%。最後，截至3月31日，日本償付能力充足率為764%，這是最新的公開數據。自 2021 年 12 月以來的下降主要是由於美國利率上升。

Now shifting to LDTI on Page 9. While there is quite a bit of work still to be done prior to implementation on January 1, let me take a moment to recognize the great work of our MetLife associates and our partners in getting us to this point. This slide provides an update on our expected transition balances as of January 1, 2021, under LDTI. The column on the left was our actual balances at 12/31/20, and the middle column contains the estimated range of our restated balances under LDTI.

現在轉到第 9 頁的 LDTI。雖然在 1 月 1 日實施之前還有很多工作要做，但讓我花一點時間來表彰我們的大都會人壽員工和合作夥伴在使我們達到這一點方面所做的出色工作.這張幻燈片提供了我們在 LDTI 下截至 2021 年 1 月 1 日的預期過渡餘額的最新信息。左邊一欄是我們在 2020 年 12 月 31 日的實際餘額，中間一欄包含我們在 LDTI 下重述餘額的估計範圍。

The changes under LDTI that account for the bulk of the book value adjustment at transition include the market risk benefit adjustment associated with variable annuities, not presently accounted for at market, the impact of disaggregation, the revaluation of in-scope long-duration insurance contracts using a single [rate] equivalent discount rate and the elimination of relevant shadow account balances.

佔過渡期賬面價值調整大部分的 LDTI 的變化包括與可變年金相關的市場風險收益調整，目前未在市場上核算，分解的影響，範圍內長期保險合同的重估使用單一 [rate] 等值貼現率並消除相關影子賬戶餘額。

As you can see from MetLife at the end of 2020, there is a greater convergence between book value and book value excluding AOCI under LDTI. However, this may not always be the case as certain assets are not mark-to-market and not all liabilities are in scope under LDTI. While LDTI will provide additional information and transparency and improve consistency around accounting for certain aspects of the life insurance industry, it does not impact cumulative product profitability, cash flow generation, our strategy or how we manage the business.

從 2020 年底的大都會人壽可以看出，LDTI 下的賬面價值和不包括 AOCI 的賬面價值之間存在更大的趨同。然而，情況可能並非總是如此，因為某些資產不是按市值計價的，而且並非所有負債都在 LDTI 的範圍內。雖然 LDTI 將提供額外的信息和透明度，並提高人壽保險行業某些方面會計的一致性，但它不會影響累積產品盈利能力、現金流生成、我們的戰略或我們管理業務的方式。

Let me conclude by saying MetLife delivered another strong quarter, highlighted by solid top line growth, ongoing expense discipline and the benefits of our diverse set of market-leading businesses and capabilities that allow us to navigate successfully through uncertain environments. While private equity returns were lower this quarter, it was offset by favorable underwriting, most notably in our market-leading franchises in Group Benefits and Mexico, which saw a return to more normal mortality as COVID-19 deaths significantly declined.

最後，讓我說大都會人壽再創一個強勁的季度，突出表現在穩健的收入增長、持續的費用紀律以及我們多樣化的市場領先業務和能力的好處，這些業務和能力使我們能夠成功地度過不確定的環境。雖然本季度私募股權回報率較低，但被有利的承保所抵消，最明顯的是我們在集團福利和墨西哥市場領先的特許經營權，隨著 COVID-19 死亡人數顯著下降，死亡率恢復到更正常的水平。

Finally, our capital, liquidity and investment portfolio remains strong and position us for further success. And we are confident that the actions we are taking to be a simpler and more focused, company will continue to create long-term sustainable value for our customers and our shareholders. And with that, I will turn the call back to the operator for your questions.

最後，我們的資本、流動性和投資組合依然強勁，為我們進一步取得成功做好了準備。我們相信，我們正在採取的行動是更簡單、更專注的公司，將繼續為我們的客戶和股東創造長期可持續的價值。有了這個，我會把電話轉給接線員來回答你的問題。

(Operator Instructions) And our first question is from Ryan Krueger with KBW.

（操作員說明）我們的第一個問題來自 KBW 的 Ryan Krueger。

First question was, thanks for the LDTI disclosure on the balance sheet. I guess at this point, are you able to give any sense, I guess, directionally on the potential impact to ongoing earnings?

第一個問題是，感謝資產負債表上的 LDTI 披露。我想在這一點上，您能否就對持續收益的潛在影響有方向性地給出任何意義？

Ryan, it's John. We're still working through that. And I think our plan would be to discuss more details at a later date. But I think the general point, I would probably leave you with is that we don't expect major differences in the core underlying earnings, but there are sources of differences when actuals emerge, right?

瑞恩，是約翰。我們仍在努力解決這個問題。我認為我們的計劃是稍後討論更多細節。但我認為一般的觀點，我可能會留給你的是，我們預計核心基礎收益不會有重大差異，但是當實際出現時，會有差異的來源，對吧？

So how actual experience may deviate from expectation, gets treated one way in current GAAP versus under LDTI, and then there's a number of different aspects. But I think all in all, we would expect kind of core earnings. Maybe I'll just give you a little color, too. I think this is probably a good perspective as to why that would be the case.

因此，實際經驗如何偏離預期，在當前 GAAP 與 LDTI 下以一種方式對待，然後有許多不同的方面。但我認為總而言之，我們會期待某種核心收益。也許我也會給你一點顏色。我認為這可能是一個很好的視角來解釋為什麼會這樣。

So it does not affect all of our segments, right? If you think about group minimal impact, vast majority not subject to it given it's a short duration product. We go through RIS and it's mainly a spread business. We would expect spread calcs to look similar.

所以它不會影響我們所有的細分市場，對吧？如果您考慮群體最小影響，那麼絕大多數人不會受到它的影響，因為它是一種短期產品。我們通過RIS，它主要是一個傳播業務。我們希望價差計算看起來相似。

As you move into MLH, not all products are impacted, right? We have a number of FAS 97, (inaudible) FAS 97 products, universal life, fixed annuities. Also the participating business is not subject to LDTI. And if we took kind of an early look at that and kind of assume that we would implement this the beginning of this year, we probably would have given you the same range of guidance that we would have otherwise given back in February.

當您進入 MLH 時，並非所有產品都會受到影響，對吧？我們有許多 FAS 97、（聽不清）FAS 97 產品、萬能壽險、固定年金。此外，參與業務不受 LDTI 約束。如果我們對此進行早期研究並假設我們將在今年年初實施，我們可能會為您提供與我們在 2 月份提供的相同範圍的指導。

And then Asia is probably other one that's somewhat sizable. Again, there's a lot of FAS 97 products there. Japan, if you think about our flagship products in FX, they're all under FAS 97 versus FAS 60. And then EMEA and LATAM are much more modest. So hopefully, that kind of just gives you color as to why kind of I gave you that general statement.

然後亞洲可能是另一個相當大的國家。同樣，那裡有很多 FAS 97 產品。日本，如果你想想我們在外匯領域的旗艦產品，它們都低於 FAS 97 與 FAS 60。然後 EMEA 和 LATAM 則要溫和得多。所以希望，那種只是讓你了解我為什麼給你這個一般性陳述。

Yes. No, that's very helpful. And then on VII, obviously, acknowledging how strong it's been over the last couple of years. But can you give any sense of what it could look like in the third quarter?

是的。不，這很有幫助。然後在 VII 上，顯然，承認過去幾年它的強大程度。但是你能對第三季度的情況有所了解嗎？

Ryan, it's Steve Goulart. I think -- I guess I'd start with just reminding everybody sort of the slide that John used, which is what's our guidance. Our guidance is really just a generic assumption of 12% a year, 3% a quarter. We all know, of course, there's a one quarter lag in it too. And when we look at broad market returns in the second quarter, we know that they were basically negative in the teens.

瑞恩，是史蒂夫·古拉特。我想——我想我會首先提醒大家約翰使用的幻燈片，這是我們的指導。我們的指導實際上只是一個一般假設，即每年 12%，每季度 3%。我們都知道，當然，它也有四分之一的滯後。當我們查看第二季度的廣泛市場回報時，我們知道它們在青少年時期基本上是負數。

But I think what we've proven over time through the diversification in our portfolio across strategies and geographies is we would expect that directionally but likely not to the same degree as a market overall. So I think that's probably all we'd really say at this point.

但我認為，隨著時間的推移，我們通過跨戰略和地域的投資組合多樣化證明了我們會在方向上預期這一點，但可能與整個市場的程度不同。所以我認為這可能就是我們此時真正要說的。

And our next question is from Jimmy Bhullar with JPMorgan.

我們的下一個問題來自摩根大通的 Jimmy Bhullar。

So first, I had a question on the retirement business in terms of spreads. I think they expanded about 14 basis points sequentially. And I think you had been cautioning that they might actually decline or certainly weren't expecting much of an improvement. So wondering how much of the improvement has to do with this interest rate caps or other types of sort of hedging activities and do you expect this to be a good base for spread going forward? Or should we think about the 1Q level and adjust off of that looking forward?

首先，我有一個關於利差方面的退休業務的問題。我認為它們依次擴大了約 14 個基點。而且我認為您一直在警告他們實際上可能會下降，或者肯定不會期望有太大的改善。所以想知道這種利率上限或其他類型的對沖活動在多大程度上與改善有關，您是否認為這會成為未來利差的良好基礎？還是我們應該考慮 1Q 水平並調整前瞻？

Jimmy, it's John. As you point out, we had a pretty resilient level of spreads this quarter, up 14 basis points sequentially. And as you point out, we did not quite expect that back in the Q1 call. But that was -- we were basing our commentary based on forward rate curve, right? And if you think about what has happened since 10-year treasury ends up about 65 basis points above that. And the other thing that happened is spreads widened. So our reinvestments were strong. And then the third thing is 3-month LIBOR jumped to a much greater level than we had expected and actually the forward curve expected, ended the quarter at roughly 2.3%.

吉米，我是約翰。正如您所指出的，我們本季度的利差水平相當有彈性，連續上升 14 個基點。正如你所指出的，我們在第一季度的電話會議中並沒有預料到這一點。但那是 - 我們的評論基於遠期利率曲線，對嗎？如果你考慮一下自 10 年期國債最終高出約 65 個基點以來發生的事情。發生的另一件事是價差擴大。所以我們的再投資很強勁。然後第三件事是 3 個月 LIBOR 躍升至遠高於我們預期的水平，實際上遠期曲線預期在本季度結束時約為 2.3%。

If I think about just during the course of the quarter, it was kind of hovering around 150 and then all of a sudden, there was a huge spike kind of at the end of May into June. And bypassing that number, I reference this 2% marker. As LIBOR started to grow, get towards that 2% and then beyond, it could create a little bit of a tailwind. We have a number of caps that start to become in the money. That we have in place today.

如果我想想在本季度的過程中，它有點徘徊在 150 左右，然後突然之間，在 5 月底到 6 月出現了巨大的飆升。繞過這個數字，我引用了這個 2% 的標記。隨著 LIBOR 開始增長，接近 2% 甚至更高，它可能會產生一點順風。我們有許多上限開始成為貨幣。我們今天已經到位。

And so that was really the main driver moving us from a headwind of LIBOR rising to a, if you call it, I guess, a benefit of having the caps be in the money. So that was the real driver. The other thing I'd point out is real estate equity outperformed. So within our core investment income, real estate equity was stronger than expected. We'd expect that to moderate.

因此，這確實是主要推動力，將我們從 LIBOR 上升的逆風推向了一個，如果你稱之為，我猜，讓上限成為貨幣的好處。所以這才是真正的司機。我要指出的另一件事是房地產股票表現出色。因此，在我們的核心投資收入中，房地產股權強於預期。我們預計這種情況會緩和。

But if we look forward, and I guess, assuming today's current forward rates, which we know can be different, we'd expect ex-VII spreads to remain pretty close to where we are today, I mean, give or take, plus or minus, and even assuming some moderation of the real estate returns.

但如果我們向前看，我猜，假設今天的遠期利率（我們知道這可能會有所不同），我們預計 ex-VII 利差將保持在非常接近我們今天的水平，我的意思是，給予或接受，加上或減，甚至假設房地產回報有所緩和。

Okay. And then sales...

好的。然後銷售...

And sorry, Jimmy. I'd just -- let me just add. I would just tell you that, that's probably for the next couple of quarters, right? I mean we'll give guidance for next year when we get towards the latter part of the year.

對不起，吉米。我只是 - 讓我補充一下。我只想告訴你，這可能是接下來幾個季度，對吧？我的意思是，當我們接近今年下半年時，我們將為明年提供指導。

And then obviously, the changes in new money yields and those affect that as well, obviously, modestly, but they do have an effect.

然後很明顯，新貨幣收益率的變化以及那些影響，顯然，適度，但它們確實有影響。

Yes, you're right. Yes.

你是對的。是的。

And on sales in the Asia business outside of Japan were down. And I think you had mentioned previously that in Korea, it was because of a lot of your salespeople getting COVID and COVID cases still being high. And then I think in China, with the mobility restrictions, that's hurting sales, is it more -- are the sales down more because of those types of factors in 2Q as well? Or is there anything else going on in the underlying market that could sustain even beyond COVID?

日本以外的亞洲業務的銷售額下降。我想你之前提到過，在韓國，這是因為你的很多銷售人員都感染了新冠病毒，而且新冠病毒病例仍然很高。然後我認為在中國，由於流動性限制，這會損害銷售，是不是更多 - 銷售下降更多是因為第二季度的這些類型的因素嗎？或者，在新冠病毒之後，潛在市場中是否還有其他可以持續的事情？

Jimmy, it's [Lyndon] here. So let me give you the color on total Asia sales, and then I'll get into the other markets as well. We have good diversification across all the markets, products and channels, and that really drives very consistent execution through this market conditions.

吉米，這裡是[林登]。所以讓我告訴你亞洲總銷售額的顏色，然後我也會進入其他市場。我們在所有市場、產品和渠道上都有很好的多元化，這確實推動了在這種市場條件下非常一致的執行。

So overall, we've had positive growth in the second quarter, led by strong performance in Japan. If we look a little bit at Japan sales, we're up 5%. And that's actually driven by 3 factors. First, the execution on the ground of the team has been very strong. We have a very diversified distribution channels, and the products and capabilities we've launched in the past year has really helped us drive the growth over there.

因此，總體而言，在日本強勁表現的帶動下，我們在第二季度實現了正增長。如果我們稍微看一下日本的銷售額，我們就增長了 5%。這實際上是由三個因素驅動的。首先，球隊的實地執行力非常強。我們擁有非常多元化的分銷渠道，我們在過去一年推出的產品和能力確實幫助我們推動了那裡的增長。

But as you pointed out in Other Asia, we've faced a couple of headwinds. We've got COVID restrictions going on in China right now, and the stronger U.S. dollar has really impacted sales for the FX products in Korea. But despite these channels, we actually have other markets that are compensating for these and help drive -- offset some of these headwinds.

但正如您在其他亞洲所指出的那樣，我們面臨著一些不利因素。我們現在在中國實施了 COVID 限制，美元走強確實影響了韓國外匯產品的銷售。但儘管有這些渠道，我們實際上還有其他市場正在補償這些並幫助推動 - 抵消其中一些不利因素。

Looking forward, we expect strong momentum going into the third quarter. We're introducing new products in Korea. And also, we expect some relief in the lockdown conditions in China. So full year basis, we are comfortable with the guidance of mid-single year digit growth that we gave at the outlook call.

展望未來，我們預計第三季度將出現強勁勢頭。我們正在韓國推出新產品。此外，我們預計中國的封鎖條件會有所緩解。因此，以全年為基礎，我們對我們在展望電話會議上給出的年中數字增長指導感到滿意。

And next, we go to Tom Gallagher with Evercore ISI.

接下來，我們將介紹 Evercore ISI 的 Tom Gallagher。

I had 2 capital questions. The first is the new C2 factor change that's coming year-end for mortality, morbidity. My understanding is it positively impacts Group Life, negatively affects Individual Life. If so, is that a positive for Met? And if so, could you quantify it?

我有兩個大寫問題。第一個是新的 C2 因素變化，即將在年底到來，死亡率、發病率。我的理解是它對團體生活產生積極影響，對個人生活產生負面影響。如果是這樣，這對 Met 有利嗎？如果是這樣，你能量化它嗎？

Tom, it's Ramy here. I would say it's overall neutral. I mean we have been looking our business and pricing it in anticipation of changes to the C2 factors, and there's a fair bit of diversification calculation in that number. So I would say very small and neutral in terms of its impact.

湯姆，這裡是拉米。我會說它總體上是中性的。我的意思是，我們一直在關注我們的業務並對其進行定價，以預期 C2 因素的變化，並且在這個數字中有相當多的多元化計算。所以我會說它的影響非常小和中立。

Okay. And the SMR change in Japan dropped a lot in March, I assume that's going to go down a lot more in June just based on where rates went. How are you thinking about managing through that? Or are you contemplating hedging this at all? And also, is there a risk that, that can impact the dividend remittances out of Japan.

好的。日本的 SMR 變化在 3 月份下降了很多，我認為僅根據利率的走勢，6 月份的下降幅度會更大。你是如何考慮管理的？或者您是否正在考慮對沖這個？此外，是否存在可能影響日本股息匯出的風險。

Tom, it's John. As you point out, the higher U.S. rates really for us is what's driving that decline. And as you point out, they've continued to rise throughout 2Q. Just a couple of reminders. One, rising rates is an improving economic value situation for that business. But the reality is, right now, we have a solvency regime that has some asymmetrical accounting, so it creates some unintuitive results, if you will.

湯姆，是約翰。正如您所指出的，對我們而言，美國的較高利率確實是推動這種下降的原因。正如您所指出的，它們在整個第二季度繼續上升。只是幾個提醒。第一，利率上升是該企業經濟價值狀況的改善。但現實是，目前，我們的償付能力製度存在一些不對稱的會計核算，因此如果你願意的話，它會產生一些不直觀的結果。

So that's kind of one. Two, I'd say, remember in a few years, there -- it's likely this moves to this new economic solvency regime, which would kind of better align the solvency accounting with the economic reality. And so we really -- we don't have concerns over dividends or dividend capacity at this time. The reality is that this is a good economic situation, and we have plenty of tools to be able to manage the overall situation. So at this time, we're fine.

所以這是一種。第二，我想說的是，幾年後記得，這很可能會轉向這種新的經濟償付能力製度，這會更好地使償付能力會計與經濟現實保持一致。所以我們真的 - 我們目前並不擔心股息或股息能力。現實情況是，這是一個良好的經濟形勢，我們有很多工具可以管理全局。所以在這個時候，我們很好。

And next, we move to Elyse Greenspan with Wells Fargo.

接下來，我們與富國銀行一起搬到 Elyse Greenspan。

You guys had strong results in LATAM in the quarter, and I know you called out around $40 million from favorable mortality. Can you just expand on the other underlying drivers of the results this quarter and just the sustainability of results there?

你們在本季度在拉丁美洲取得了強勁的業績，我知道你們從有利的死亡率中籌集了大約 4000 萬美元。您能否僅擴展本季度業績的其他潛在驅動因素以及業績的可持續性？

Elyse, this is Eric. So yes, as you pointed out. So overall, this was a strong quarter for the region, supported by solid business fundamentals and several positive items that we really put into 2 buckets, right, the market factors and underwriting. So starting with market factors, we had very strong net investment margins this quarter, which include the net positive impact of inflation in Chile as well as the above-average encaje results. And the quarter also benefited from strong variable investment income.

愛麗絲，這是埃里克。所以是的，正如你所指出的。因此，總體而言，這是該地區一個強勁的季度，受到穩固的業務基本面和我們真正放入兩個桶中的幾個積極項目的支持，對，市場因素和承保。因此，從市場因素開始，我們本季度的淨投資利潤率非常強勁，其中包括智利通貨膨脹的淨積極影響以及高於平均水平的 encaje 業績。本季度還受益於強勁的可變投資收入。

So these items combined contributed to roughly $60 million in adjusted earnings. Then the second bucket, underwriting, and John mentioned that earlier, this quarter was really recorded a $40 million after-tax benefit from a favorable prior year developments related mainly to COVID mortality experience. So these are the 2 main items. Now putting these items aside, we're also very pleased to see our business continues to deliver. As you may recall, last quarter, I mentioned that our earnings growth continued to be supported by strong and resilient business fundamentals, which are driving solid top line growth.

因此，這些項目加起來貢獻了大約 6000 萬美元的調整後收益。然後第二個桶，承保，約翰早些時候提到，本季度確實記錄了 4000 萬美元的稅後收益，這得益於主要與 COVID 死亡率經驗相關的上一年的有利發展。所以這是兩個主要項目。現在把這些項目放在一邊，我們也很高興看到我們的業務繼續交付。您可能還記得，上個季度，我提到我們的盈利增長繼續受到強勁而有彈性的業務基本面的支持，這些基本面推動了穩健的收入增長。

And that sales momentum that began last year has continued this quarter as well. And this reflects really the strengths, the resiliency and the diversity of our distribution franchise across the region, combined with a noticeable flight to quality. And then this emphasis on quality is also evidenced by a very solid persistency across the region, which combined with the strong sales momentum that I mentioned has resulted in a 26% growth year-over-year in PFOs on a constant rate basis. Now about half of that growth came from the SPIA business in Chile, where our market share has increased, but the market as well has grown over the past quarter. So that's in a nutshell, the story for LATAM this quarter. I hope this helps.

去年開始的銷售勢頭在本季度也得到了延續。這確實反映了我們在該地區的分銷專營權的優勢、彈性和多樣性，以及對質量的明顯追求。然後，這種對質量的重視也體現在整個地區非常穩固的持續性上，再加上我提到的強勁銷售勢頭，導致 PFO 在恆定速率基礎上同比增長 26%。現在，大約一半的增長來自智利的 SPIA 業務，我們在智利的市場份額有所增加，但市場在過去一個季度也有所增長。簡而言之，就是本季度 LATAM 的故事。我希望這有幫助。

Yes. And then my second question, you guys bought back $1.1 billion in the quarter, a pretty strong number. Was there any acceleration in buybacks, just given the market weakness and an opportunity to buy your shares at a more attractive price? And can you just give us a sense of the outlook for future levels of share repurchase for the balance of the year?

是的。然後我的第二個問題，你們在本季度回購了 11 億美元，這是一個相當強勁的數字。考慮到市場疲軟和以更具吸引力的價格購買股票的機會，回購是否有任何加速？您能否讓我們了解一下今年餘下時間股票回購的未來水平？

Elyse, this is Michel. So yes, as I noted in my opening comments, we had our foot on the gas pedal a little bit in the second quarter, in particular. So expect a modestly slower pace, I would say, in the second half. Our overall view has not changed. Our philosophy, our approach have not changed. We're still comfortable with the $3 billion to $4 billion cash buffer over time. We'll get back to that. So no change in approach here. It's just that we had an acceleration in the first half, so it will be modestly slower in the second.

愛麗絲，這是米歇爾。所以，是的，正如我在開場評論中指出的那樣，特別是在第二季度，我們的腳踩了一點油門。因此，我會說，下半年的步伐會適度放緩。我們的總體看法沒有改變。我們的理念，我們的方法沒有改變。隨著時間的推移，我們仍然對 30 億至 40 億美元的現金緩衝感到滿意。我們會回到那個。所以這裡的方法沒有改變。只是上半場我們有加速，所以下半場會稍微慢一些。

And our next question is from Erik Bass with Autonomous Research.

我們的下一個問題來自 Autonomous Research 的 Erik Bass。

Can you provide some more color on the expected adjustment to retained earnings from adopting LDTI? And is this all being driven by the impact of bringing market risk benefits to fair value? Or are there any meaningful reserve adjustments? And I guess given the rise in interest rates since year-end '20, should we expect the adjustment to be smaller today than what you're showing on the slide?

您能否就採用 LDTI 對留存收益的預期調整提供更多信息？而這一切都是由將市場風險收益帶入公允價值的影響所驅動的嗎？或者是否有任何有意義的儲備調整？而且我猜考慮到自 20 年底以來利率的上升，我們是否應該期望今天的調整比你在幻燈片上顯示的要小？

Erik, it's John. So the impact to retained earnings, it affects both market risk benefits and a function of disaggregation. Disaggregation is about, I'd say, 20% to 25% of the number. So it's mainly a function of the fact that our -- under our -- for our VAs and primarily the GMIBs, also, by the way, GMDBs get now mark-to-market, which is a different debate. But GMIBs, they're all kind of accrual accounting, if you will, and now they're moving to mark-to-market. So that's the biggest driver.

埃里克，是約翰。因此，對留存收益的影響，既影響市場風險收益，又影響分解功能。我想說，分解大約佔總數的 20% 到 25%。因此，這主要是因為我們的 - 在我們的 - 我們的 VA 和主要 GMIB 下，順便說一下，GMDB 現在按市值計價，這是一個不同的爭論。但是 GMIB，如果你願意的話，它們都是一種權責發生製會計，現在它們正在轉向按市值計價。所以這是最大的驅動力。

As we think about relative to initial impact that we disclosed, it's a little better as you get into kind of year-end '21 in terms of less of a change. I think interest rates moved maybe 60 basis points on the 10-year. And then it will continue to decline, if you will, as you move into 2022, just given the -- a function of the rising rate environment. So that's the -- those are the main drivers.

當我們考慮相對於我們披露的初始影響時，當您進入 21 年年底時，就變化較小而言，情況會好一些。我認為 10 年期利率可能變動 60 個基點。然後它會繼續下降，如果你願意的話，隨著你進入 2022 年，只是考慮到利率上升環境的一個函數。這就是 - 這些是主要驅動因素。

Perfect. And then maybe if you could touch on your U.S. mortality experience this quarter across both Group and Holdings. And it looks like even ex COVID margins were favorable versus your targets. So have you seen some of the elevated non-COVID mortality that have been a factor in recent quarters? Has that started to come down as well?

完美的。然後，如果您可以談談本季度集團和控股公司在美國的死亡率經驗。看起來即使是前 COVID 利潤率也比您的目標有利。那麼，您是否看到最近幾個季度的一些非 COVID 死亡率上升是一個因素？這也開始下降了嗎？

Erik, it's Ramy here. I'll start off with group and Michel and John will comment on Holdings. So for the quarter, if you look at our ratio sequentially, I would say the decline can be broken down into 4 pieces. So the first one is just the lower frequency in terms of overall population death. The second piece is the material decrease in the percentage of deaths under 65, which clearly reduced the impact on the working age population. The third piece is the Q1 reserves, which [competed] favorably, which John spoke about, and that was a less than a point or so.

埃里克，這裡是拉米。我將從 group 開始，Michel 和 John 將對 Holdings 發表評論。因此，對於本季度，如果您按順序查看我們的比率，我會說下降可以分為 4 個部分。所以第一個只是總體人口死亡的頻率較低。第二個是65歲以下死亡百分比的實質性下降，這明顯減少了對勞動年齡人口的影響。第三部分是 Q1 儲備，[競爭] 有利，約翰談到了這一點，這還不到一個點左右。

And then the final piece is we did see little by way of non-COVID excess mortality in the quarter. And as Michel pointed out, the second quarter tends to be a bit lighter in general in terms of mortality. As we look at the rest of the year, on the Group business side, we're cautiously optimistic given the results here. But clearly, you know the trajectory of the pandemic is uncertain. At this point, I would say, if you exclude COVID, we anticipate that our mortality ratio to be comfortably inside our range for the second half of the year for the group business.

最後一點是，我們確實在本季度幾乎沒有看到非 COVID 超額死亡率。正如米歇爾指出的那樣，就死亡率而言，第二季度總體上往往要輕一些。展望今年餘下的時間，在集團業務方面，鑑於這裡的結果，我們持謹慎樂觀的態度。但很明顯，你知道大流行的軌跡是不確定的。在這一點上，我想說，如果你排除 COVID，我們預計我們的死亡率將在下半年的集團業務範圍內舒適地處於我們的範圍內。

Yes. And just on -- just touching on Holdings. I mean we certainly saw kind of a reduction in claims in the quarter. We didn't really see a big impact at all for COVID. And then on the -- if you just look at the life interest adjusted benefit ratio, you have to adjust for the reinsurance settlement. But excluding that, it comes in at 43.8. And that's -- we just saw a favorable non-COVID claim experience in the quarter.

是的。就在——剛剛談到控股。我的意思是，我們當然看到本季度的索賠有所減少。我們並沒有真正看到對 COVID 的重大影響。然後——如果你只看人壽利息調整後的福利比率，你必須調整再保險結算。但除此之外，它的值為 43.8。那就是——我們剛剛在本季度看到了有利的非 COVID 索賠經驗。

And our next question is from Suneet Kamath with Jefferies.

我們的下一個問題來自 Jefferies 的 Suneet Kamath。

Maybe just for Steve to start out with. Can you just maybe talk a little bit about your outlook for credit and the potential for credit losses if we move into a recession? Is there any asset classes or sectors that you're paying particular attention to these days?

也許只是讓史蒂夫開始。如果我們陷入衰退，您能否談談您的信貸前景以及信貸損失的可能性？這些天您是否特別關注任何資產類別或行業？

Sure. Thanks, Suneet. I think obviously, there's still a lot of uncertainty and clearly, volatility in the markets about where we're headed from a macro perspective. What I do is really sort of rewind the clock a little bit. And remember, in a way, we sound like a broken record, but we go back to really even pre-COVID where we were actually starting to get concerned about a recession occurring sometime in 2020 and started preparing the portfolio then.

當然。謝謝，蘇尼特。我認為顯然，從宏觀角度來看，市場仍然存在很多不確定性，而且很明顯，市場的波動性是關於我們前進的方向。我所做的實際上是讓時鐘倒帶一點。請記住，在某種程度上，我們聽起來像是一個破紀錄，但我們實際上甚至回到了 COVID 之前，我們實際上開始擔心 2020 年某個時候發生的經濟衰退，然後開始準備投資組合。

Our derisking efforts started in a pretty big way. And I think then, of course, was accelerated during COVID, and we went through over $8 billion of derisking in that time period. And that really sort of set the portfolio in a position that we're very comfortable with.

我們的去風險化工作以相當大的方式開始。我認為，當然，在 COVID 期間加速了，我們在那段時間經歷了超過 80 億美元的風險。這確實將投資組合置於我們非常滿意的位置。

Obviously, we continue to watch as we go through this period now, expectations of recessions, again, of course, depend how one defines a recession, I guess, these days are clearly picking up. But we're very comfortable with the derisking we've done over the last couple of years and think the portfolio is in very good shape.

顯然，我們現在繼續觀察這段時期，對衰退的預期當然再次取決於人們如何定義衰退，我猜，這些日子顯然正在回升。但我們對過去幾年所做的去風險感到非常滿意，並認為投資組合的狀況非常好。

Obviously, we continue to have a cautious attitude, but opportunistic at the same time because we do see some attractive investments, and we have the opportunity to do that. One metric that might be of interest too is just in looking at the portfolio, during the course of this year, we've actually had twice as many upgrades as downgrades. And I think that says a lot about how we've been positioning the portfolio and our overall outlook. So we're very comfortable with where we are today.

顯然，我們繼續保持謹慎的態度，但同時也是機會主義的，因為我們確實看到了一些有吸引力的投資，我們有機會這樣做。一個可能也令人感興趣的指標就是查看投資組合，在今年的過程中，我們實際上升級的次數是降級的兩倍。我認為這很好地說明了我們如何定位投資組合和我們的整體前景。所以我們對我們今天所處的位置非常滿意。

Okay. And then I guess for Ramy, on the Group Benefit side, I know Q2 is a low quarter for sales. But just curious on any color from the conversations you're having with your clients around pricing just given I'm assuming most of them are facing pressures across the board on cost from inflation. So just any color on how those conversations are going as we think about 1/1 next year?

好的。然後我猜對拉米來說，在集團福利方面，我知道第二季度是銷售額低的季度。但是，我只是對您與客戶圍繞定價進行的對話中的任何顏色感到好奇，因為我假設他們中的大多數人都面臨著通脹成本的全面壓力。那麼，當我們考慮明年的 1/1 時，這些對話的進展如何？

Sure. Just with respect to your comment on sales, as we've kind of discussed earlier, the year-to-date drop in sales is very much a function of the record year we had last year where we had a record number of jumbos. And as you know, these jumbos can be pretty lumpy. So this is something we expected in terms of the sales coming down. And I would just also point you to the fact that really the better measure to think about the overall growth of this business is the PFO number, and we're certainly very pleased with the PFO growth number that we're seeing this quarter.

當然。就您對銷售的評論而言，正如我們之前討論的那樣，今年迄今為止的銷售額下降很大程度上是我們去年創紀錄的年份的函數，當時我們擁有創紀錄的巨型數量。如您所知，這些巨型飛機可能非常粗糙。因此，就銷售額下降而言，這是我們所預期的。我還要指出一個事實，即考慮這項業務整體增長的更好衡量標準是 PFO 數字，我們當然對本季度看到的 PFO 增長數字感到非常滿意。

In terms of the pricing environment, I would say, the market is competitive, but remains rational. In aggregate, we have put in place price increases, both on the life and the disability side to reflect our expectation of the coming environment to reflect also a load with respect to the COVID deaths. And in aggregate, we are getting our target price increases, and we're also continuing to see very strong persistency in the book.

就定價環境而言，我想說，市場是競爭的，但仍然是理性的。總的來說，我們已經在生命和殘疾方面實施了價格上漲，以反映我們對即將到來的環境的期望，以反映與 COVID 死亡相關的負擔。總的來說，我們的目標價格正在上漲，而且我們也繼續看到這本書的持久性非常強。

And our next question is from Alex Scott with Goldman Sachs.

我們的下一個問題來自高盛的 Alex Scott。

First one I had for you was just to get your latest thoughts on MetLife Holdings and the potential for risk transfer. And also any commentary you have around if doing something -- taking action on something in holdings could influence the way that these impacts look from LDTI?

我為您準備的第一個只是想了解您對大都會人壽控股公司的最新想法以及風險轉移的可能性。如果做某事，您還有任何評論——對持股採取行動可能會影響這些影響從 LDTI 看的方式？

Alex, it's John. I think overall, on the risk transfer, I'd say nothing new really to update. I mean we've probably given a consistent message every quarter for quite some time now. And I think it's the same, and I think we're being very transparent. Our goal here is continuously optimize. And we're trying to do that both in the form of internal actions but also looking at opportunities to leverage the growing risk transfer market. And as a result, we continue to converse with third parties.

亞歷克斯，是約翰。我認為總體而言，在風險轉移方面，我不會說任何要更新的新內容。我的意思是，在相當長的一段時間內，我們可能每個季度都給出了一致的信息。我認為這是一樣的，我認為我們非常透明。我們的目標是不斷優化。我們正試圖以內部行動的形式做到這一點，同時也在尋找利用不斷增長的風險轉移市場的機會。因此，我們繼續與第三方進行交流。

Our philosophy is there's no burning platform. We're happy to maintain our approach and continue to optimize internally, but we want the optionality to see if we can accelerate the appropriate release of capital and reserves. I think the one thing that we continue to just look at here, this is a reinsurance transaction for us if we were to do something.

我們的理念是沒有燃燒的平台。我們很高興保持我們的方法並繼續進行內部優化，但我們希望有選擇性，看看我們是否可以加速資本和儲備的適當釋放。我認為我們在這裡繼續關注的一件事是，如果我們要做某事，這對我們來說是一項再保險交易。

So as we think about our philosophy, when we look at this is, we view this as a long-term relationship. So it's -- this is one of those things that would take time. It takes time to make sure that we feel grounded with a strong counterparty and structure and kind of the approach.

因此，當我們思考我們的理念時，當我們看到它時，我們認為這是一種長期的關係。所以它 - 這是需要時間的事情之一。需要時間來確保我們對強大的交易對手、結構和方法有信心。

But I think we're continuing to evaluate that and that's been the case now for some time. In terms of the impact to LDTI, I don't know how to exactly answer that. I think one thing we have to be careful about is under LDTI, one of the things that probably did not come out as perfect was just the -- there is some asymmetrical accounting when you do enter into reinsurance. So you have to be mindful of that under GAAP. So it doesn't perfectly line up. So I don't know how to perfectly answer your question that way because we'd have -- it would -- I guess the answer is it depends. So I'm sure that (inaudible).

但我認為我們正在繼續評估這一點，現在情況已經有一段時間了。關於對 LDTI 的影響，我不知道如何準確回答。我認為我們必須小心的一件事是在 LDTI 下，其中一件事可能並不完美，當你進入再保險時，會有一些不對稱的會計處理。因此，您必須在 GAAP 下注意這一點。所以它並沒有完全對齊。所以我不知道如何以這種方式完美地回答你的問題，因為我們會——它會——我想答案是視情況而定。所以我確定（聽不清）。

It's helpful color. And then the follow-up I had was maybe just a question on sort of the broader economy. I mean you guys get such an interesting look at the labor market, given your presence in the Group Benefits. I mean anything that you can give us color on, even maybe thinking through like beyond the end of the quarter that you're seeing in labor markets and potential implications just more broadly for your business?

這是有用的顏色。然後我的後續行動可能只是一個關於更廣泛經濟的問題。我的意思是，鑑於你們在團體福利中的存在，你們對勞動力市場的看法非常有趣。我的意思是您可以為我們提供色彩的任何內容，甚至可能在本季度末之後考慮您在勞動力市場中看到的以及對您的業務更廣泛的潛在影響？

Alex, I would say, the numbers we're continuing to track clearly is just overall eligibility in our book, and we have a highly diversified book of business. And with the low unemployment levels, clearly, those numbers continue to kind of increase and remain very solid.

亞歷克斯，我想說，我們繼續清楚地跟踪的數字只是我們書中的整體資格，我們有一本高度多樣化的商業書籍。顯然，隨著失業率的降低，這些數字會繼續增加並保持非常穩定。

And we're seeing some kind of form of wage inflation come through as well, and both of these have been kind of tailwinds to the business. So we're kind of seeing in the book what you're seeing probably in the broader economy. And maybe that's kind of as much color as I can give you in terms of what we're seeing.

而且我們也看到了某種形式的工資上漲，這兩種方式都對業務產生了不利影響。所以我們在書中看到了你在更廣泛的經濟中可能看到的東西。就我們所看到的而言，也許這就是我能給你的盡可能多的顏色。

And our next question is from John Barnidge with Piper Sandler.

我們的下一個問題來自 John Barnidge 和 Piper Sandler。

So you had an IBNR reserve release in both Group and Latin America. Is there any tail that we should be thinking about for subsequent quarters from that?

所以你在集團和拉丁美洲都有一個 IBNR 儲備版本。從那以後的幾個季度中，我們是否應該考慮任何尾巴？

John, it's John. Just when you say tail, you're referencing just more releases. Is that what you mean?

約翰，是約翰。就在你說尾巴的時候，你只是在引用更多的版本。你是這個意思嗎？

Yes, correct.

是，對的。

Yes. Look, I think our -- this is a reserve. It's -- the reserve was put up at the point in time based on best estimates. I think in both cases, the facts are that actuals have emerged different than expected. And so that's just kind of the simple answer to why there was a release. I wouldn't assume there is a tail because if we had a -- if we assume there was more, we would have taken it.

是的。看，我認為我們的 - 這是一個儲備。這是 - 儲備金是根據最佳估計在某個時間點建立的。我認為在這兩種情況下，事實是實際情況與預期不同。所以這只是為什麼會有一個版本的簡單答案。我不會假設有尾巴，因為如果我們有 - 如果我們假設有更多，我們會接受它。

So right now, our best estimates are what we have up on our balance sheet. But I think just like we do every quarter, we'll continue to evaluate and review the emergence of actuals. And if there are refinements needed, we'll make them.

所以現在，我們最好的估計是我們資產負債表上的數據。但我認為就像我們每個季度所做的那樣，我們將繼續評估和審查實際情況的出現。如果需要改進，我們將進行改進。

Okay. And then my follow-up to that, if we're talking about emergence versus expected, could -- the LDTI disclosure, can you maybe talk about is there any unrealized insurance margin that's something we've seen from other companies that have large operations in Japan?

好的。然後我的後續行動，如果我們談論的是出現與預期，可能 - LDTI 披露，您是否可以談論是否有任何未實現的保險保證金，這是我們從其他擁有大型業務的公司看到的在日本？

Yes. Sure, John. It's John again. Look, I think the reality on that one is it's really a function of mix of business. And I think that's -- if you had listened to my earlier response to earnings and how some things are in scope and others are not, that's a major driver to kind of that outcome.

是的。當然，約翰。又是約翰。看，我認為它的實際情況是它實際上是業務組合的功能。我認為那是——如果你聽過我之前對收益的回應，以及一些事情是如何在範圍內而其他事情不在範圍內的，那是產生這種結果的主要驅動力。

Many of our segments are not materially impacted by LDTI and many of the products we sell are not as well. And that includes like Asia, where some of those products are out there that show that unrealized in Asia. You think about in Japan, our flagship products are not subject to this. If you think about some of the -- I wouldn't say all products, but some of the FX products that we sell, they're all under FAS 97. So it's a little bit of a different probably situation for us. And so like I said, it really depends on mix of business to answer that question.

我們的許多細分市場都沒有受到 LDTI 的重大影響，我們銷售的許多產品也沒有受到太大影響。這包括像亞洲一樣，其中一些產品在那裡表明在亞洲尚未實現。你想想在日本，我們的旗艦產品不受此約束。如果你考慮一些——我不會說所有產品，但我們銷售的一些外匯產品，它們都在 FAS 97 之下。所以對我們來說，情況可能有點不同。所以就像我說的，回答這個問題真的取決於業務組合。

Next, we go to Andrew Kligerman with Credit Crédit Suisse.

接下來，我們去瑞士信貸的 Andrew Kligerman。

I guess a lot of -- most of the questions have been asked. But I'm wondering, as we look at another excellent quarter at MetLife, if there's anything transformative that you need to do from an M&A perspective, anything that you think in your business lines that could change kind of or improve MetLife?

我想很多——大多數問題都被問到了。但我想知道，當我們看到大都會人壽的另一個出色季度時，從併購的角度來看，您是否需要做任何變革性的事情，您認為您的業務線有什麼可以改變或改善大都會人壽的嗎？

Andrew. So I don't think -- if we look at our portfolio, I think we don't see any major gaps when it comes to that portfolio. We're really well pleased. As you know, we've gone through a major transformation that got us to this point. We believe we have the right strategy. Having said that, M&A is a strategic capability, and if we see opportunities to accelerate revenue growth in certain businesses that we -- where we believe, potentially doing something organically might make sense or bring in a capability that can help drive our competitive advantage, we'd certainly be open to doing so.

安德魯。所以我不認為 - 如果我們查看我們的投資組合，我認為我們在該投資組合方面看不到任何重大差距。我們真的很高興。如您所知，我們經歷了一次重大轉變，使我們走到了這一步。我們相信我們有正確的策略。話雖如此，併購是一種戰略能力，如果我們在某些業務中看到加速收入增長的機會——我們認為，在我們認為的情況下，潛在地做一些有機的事情可能是有意義的，或者帶來有助於推動我們競爭優勢的能力，我們當然願意這樣做。

And look -- we look at a lot of deals and the -- maybe the sort of lack of deal should not suggest to you that there's a lack of activity here. We increased our shareholding in our India JV in the first quarter to 47%. So we continue to be active, but we're also very disciplined and whatever we do has to make strategic sense for us as well.

看 - 我們看了很多交易 - 也許缺乏交易不應該向你暗示這裡缺乏活動。我們在第一季度將我們在印度合資企業的股權增加到 47%。所以我們繼續保持活躍，但我們也非常自律，無論我們做什麼都必須對我們具有戰略意義。

Thanks, Michel. And then with regard to pension risk transfer, I think you said you did 3 deals of $2-plus billion. Maybe a little color around the pipeline. It seems like there are a lot of new players in pension risk transfer that we didn't see 3 years ago. So do you think that pipeline will continue to be robust and that we'll have quarters like this one.

謝謝，米歇爾。然後關於養老金風險轉移，我想你說你做了 3 筆超過 2 億美元的交易。管道周圍可能有點顏色。似乎在養老金風險轉移中出現了很多我們 3 年前沒有看到的新參與者。那麼您是否認為管道將繼續強勁，並且我們將擁有像這樣的季度。

Andrew, it's Ramy here. I mean as you know, the activity in the first half of the year was pretty substantial in the PRT space. Year-to-date, we've written $3.8 billion worth of deals, and that comes after a successful fourth quarter where we roll $3.6 billion worth of deals. So that's cumulatively about $7.5 billion year-over-year. The pipeline continues to be pretty active and pretty robust, as Michel mentioned.

安德魯，這裡是拉米。我的意思是，如您所知，今年上半年在 PRT 領域的活動相當可觀。年初至今，我們已經完成了價值 38 億美元的交易，而這是在第四季度成功完成價值 36 億美元的交易之後發生的。因此，累計同比增長約 75 億美元。正如 Michel 所說，該管道繼續非常活躍且非常強大。

And we are focused on a specific part of that pipeline where we enjoy our own kind of set of competitive advantages, namely the jumbo end of the plans, and there are fewer competitors there. When you go downsize, clearly, there are more competition and more providers, but where we play, it's another set of competitors because of the size of the transactions that we bid for.

我們專注於該管道的特定部分，我們享有自己的一系列競爭優勢，即計劃的巨大末端，那裡的競爭對手較少。當你縮小規模時，顯然會有更多的競爭和更多的供應商，但在我們玩的地方，由於我們競標的交易規模，它是另一組競爭對手。

And ladies and gentlemen, we will now turn the conference back to the CEO, Michel Khalaf.

女士們先生們，我們現在將會議轉回給首席執行官 Michel Khalaf。

Thank you all for joining us this morning. I know it's a busy morning. Our second quarter results add to MetLife's track record of consistent, strong performance and provide further evidence of the strength and momentum of our well-diversified, market-leading businesses.

感謝大家今天早上加入我們。我知道這是一個忙碌的早晨。我們第二季度的業績增加了大都會人壽一貫強勁的業績記錄，並進一步證明了我們多元化、市場領先的業務的實力和勢頭。

With our clarity of purpose, a compelling all-weather strategy and a relentless focus on execution, we are well positioned to deliver superior value to all our stakeholders. Thank you, and have a great day.

憑藉我們明確的目標、令人信服的全天候戰略和對執行的不懈關注，我們有能力為所有利益相關者提供卓越的價值。謝謝你，祝你有美好的一天。

Ladies and gentlemen, this conference is available for digitized replay after 11:00 a.m. Eastern Time today through August 12 at midnight. You may access the replay service at any time by dialing (866) 207-1041 and enter the access code of 2495088. Again, that dial-in number is (866) 207-1041 or international (402) 970-0847. And that does conclude your conference for today. Thank you for your participation. You may now disconnect.

女士們先生們，本次會議可在東部時間今天上午 11:00 至 8 月 12 日午夜之後進行數字化回放。您可以隨時撥打 (866) 207-1041 並輸入訪問代碼 2495088 訪問重播服務。同樣，該撥入號碼是 (866) 207-1041 或國際 (402) 970-0847。這確實結束了您今天的會議。感謝您的參與。您現在可以斷開連接。