大都會人壽保險 (MET) 2025 Q1 法說會逐字稿

Welcome to the MetLife first quarter 2025 earnings conference call. (Operator Instructions) As a re,inder, this conference is being recorded.

歡迎參加大都會人壽 2025 年第一季財報電話會議。（操作員指示）作為補充，本次會議正在被記錄下來。

Before we get started, I refer you to the cautionary note about forward-looking statements in yesterday's earnings release and to risk factors discussed in MetLife's SEC filings.

在我們開始之前，請參閱昨天收益報告中關於前瞻性陳述的警告以及大都會人壽提交給美國證券交易委員會的文件中討論的風險因素。

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

說完這些，我將把電話轉給全球投資者關係主管約翰霍爾 (John Hall)。請繼續。

Thank you, operator. Good morning, everyone. We appreciate you joining us for MetLife's first quarter 2025 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.

謝謝您，接線生。大家早安。感謝您參加大都會人壽 2025 年第一季財報電話會議。在我們開始之前，我想向您指出 metlife.com 的投資者關係部分、我們的收益報告和季度財務補充文件中有關非 GAAP 指標的信息，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 and Head of MetLife Investment Management. Also participating in the discussion are other members of senior management.

參加今天早上電話會議的有總裁兼執行長 Michel Khalaf；以及大都會人壽投資管理公司財務長兼主管 John McCallion。其他高階主管也參與了討論。

Last night, we released a set of supplemental slides, which address the quarter as well as the risk transfer transaction we also announced yesterday. They are available on our website. John McCallion will speak to those supplemental slides in his prepared remarks.

昨晚，我們發布了一組補充幻燈片，其中涉及本季以及我們昨天宣布的風險轉移交易。您可在我們的網站上找到它們。約翰·麥卡利恩 (John McCallion) 將在其準備好的演講稿中談到這些補充幻燈片。

An appendix to the slides features additional disclosures, GAAP reconciliations and other information, which you should also review. After prepared remarks, we will have a Q&A session, which end promptly at the top of the hour. As a reminder, please limit yourself to one question and one follow-up.

幻燈片的附錄包含額外的披露、GAAP 對帳和其他信息，您也應該查看這些信息。準備好的發言結束後，我們將進行問答環節，並在整點時準時結束。提醒一下，請限制自己只問一個問題和一個後續問題。

With that, over to Michel.

接下來交給米歇爾。

Thank you, John, and good morning, everyone. A few months ago, we rolled out our New Frontier strategy to guide MetLife over the course of the next five years. As you will recall, a keystone of our New Frontier strategy is the all-weather nature of our market-leading set of businesses. And once again, after powering through the supply and mortality challenges of COVID, and then bank liquidity concerns, we find our strategic diversification put to the test.

謝謝你，約翰，大家早安。幾個月前，我們推出了「新前沿」策略，為大都會人壽未來五年的發展提供指導。您可能還記得，我們​​新前沿策略的基石是我們市場領先業務的全天候特性。在克服了新冠疫情帶來的供應和死亡率挑戰以及銀行流動性問題之後，我們再次發現我們的策略多元化受到了考驗。

As we move through 2025 with the odds of a recession on the rise, we are seeing unprecedented volatility in the daily trading of the US equity markets. We are also seeing interest rates rise on the long end of the curve, fall in the middle, but set funds still remain high at the short end. Meanwhile, after a historic run of strengthening, the US dollar has started to weaken against many currencies around the world.

隨著我們進入 2025 年，經濟衰退的可能性不斷上升，我們看到美國股票市場的日常交易出現前所未有的波動。我們也看到，長期利率曲線上升，中間利率下降，但短期利率曲線仍維持在高位。同時，在經歷了歷史性的走強之後，美元對世界許多貨幣開始走弱。

Although net life is not immune to the impacts presented by this uncertain backdrop. We are confident we have the right businesses and the right strategy to meet the moment. At our core, MetLife is a recurring revenue business model. In any given year, the vast majority of the revenues and earnings we generate are a function of renewal premium or investment income from assets and liabilities that are already on our books.

儘管網路生活也無法免於這種不確定背景帶來的影響。我們相信，我們擁有正確的業務和正確的策略來應對當前的情況。從本質上講，大都會人壽是一種經常性收入業務模式。在任何一年中，我們所產生的絕大部分收入和收益都來自續保保費或已記入帳目的資產和負債的投資收入。

While the slowing economy can dampen growth for our group benefits business, we've not yet seen cracks in the job market. Further, the primary profit driver mortality for our largest group product line, Group Life, is largely uncorrelated to the economy. For our retirement and income solutions business, and our investment management business, higher long-term interest rates are helpful on the demand side.

雖然經濟放緩可能抑制我們團體福利業務的成長，但我們尚未看到就業市場出現裂痕。此外，我們最大的團體產品線——團體人壽——的主要利潤驅動因素死亡率與經濟基本上無關。對於我們的退休和收入解決方案業務以及投資管理業務而言，更高的長期利率對需求方面是有幫助的。

The underlying growth of our international businesses, which has been partly masked by the strong dollar could start to emerge as a tailwind. And standing behind it all, our investment portfolio has been risk off for several years and is well situated to absorb recessionary stress.

我們的國際業務的潛在成長部分被強勢美元所掩蓋，但可能會開始成為順風。而這一切的背後，是我們的投資組合多年來一直處於風險規避狀態，能夠很好地吸收經濟衰退的壓力。

Our positive track record on this front is well established. Over the course of our 157-year history, we have seen challenging times before and has succeeded in driving long-term value for our shareholders and other stakeholders, and we are well positioned to do so again.

我們在這方面的良好業績記錄已得到充分證實。在我們 157 年的歷史中，我們曾經歷過充滿挑戰的時期，並成功地為我們的股東和其他利害關係人創造了長期價值，我們有能力再次做到這一點。

Let me now turn to our first quarter results, which we reported last night. I believe they reflect the resilience of our business model and underscore many of the points I just made. We reported adjusted earnings of $1.3 billion or $1.96 per share up 7% from the same period a year ago. We saw favorable underwriting, good volume growth and better variable investment income in the quarter which were partially offset by unfavorable foreign currency exchange and recurring interest margins.

現在讓我來談談我們昨晚報告的第一季業績。我相信它們反映了我們商業模式的彈性，並強調了我剛才提出的許多觀點。我們報告的調整後收益為 13 億美元，即每股 1.96 美元，比去年同期增長 7%。本季度，我們看到承保情況良好、交易量成長良好、可變投資收益增加，但外匯匯率和經常性息差的不利影響部分抵消了這些影響。

Variable investment income was aided by the performance of our real estate funds, which continued their steady recovery, private equity funds gained 1.6% in the quarter, which is below our implied quarterly outlook return. Our adjusted return on equity in the first quarter was 14.4% and our 12% direct expense ratio is evidence of our efficiency mindset at work.

可變投資收入得益於我們的房地產基金的表現，房地產基金繼續穩步復甦，私募股權基金本季上漲 1.6%，低於我們隱含的季度展望回報。我們第一季的調整後股本回報率為 14.4%，直接費用率為 12%，證明了我們在工作中秉持的高效思維。

Shifting to business segment results. Our group benefits business reported adjusted earnings of $367 million up 29% from the prior year period on favorable life underwriting margins due to lower mortality. We continue to see favorable mortality for the working age population, which is consistent with CDC data.

轉向業務部門業績。我們的團體福利業務報告調整後收益為 3.67 億美元，較上年同期增長 29%，原因是死亡率降低導致人壽承保利潤率較高。我們繼續看到勞動年齡人口的死亡率處於有利地位，這與疾病預防控制中心的數據一致。

Moving to retirement and income solutions, or RIS, adjusted earnings totaled $401 million in the quarter. Sales of synthetic GICs and UK longevity reinsurance were strong in the quarter and inflows associated with pension risk transfers totaled $1.8 billion, an outstanding start for the year. Our liability exposures are up 8% from a year ago.

轉向退休和收入解決方案（RIS），本季調整後的收益總計 4.01 億美元。本季合成擔保投資證 (GIC) 和英國長壽再保險的銷售表現強勁，與退休金風險轉移相關的流入總額達到 18 億美元，為今年開局良好。我們的責任風險敞口比一年前增加了8%。

Looking to Asia, adjusted earnings were $374 million, down 12% over the same period a year ago on lower underwriting margins and higher taxes. Sales for the region were up 10% on strong volume growth in Korea and China. Sales in Japan have started to turn the corner, and we are seeing very good energy around a new US dollar-denominated product that we introduced in the Banca channel at the end of the first quarter.

放眼亞洲，調整後收益為 3.74 億美元，較去年同期下降 12%，原因是承保利潤率下降和稅率上升。由於韓國和中國的銷量強勁增長，該地區的銷售額增長了 10%。日本的銷售情況已開始好轉，我們在第一季末在 Banca 通路推出的一款新的美元計價產品表現出了非常好的勢頭。

Turning to Latin America. Adjusted earnings were $218 million, down 6% from the year ago period, though foreign exchange rates play a role. On a constant currency basis, our adjusted earnings were up 7% compared to the prior year period. Adjusted PFOs in the region tell a similar story, up 1% on a reported basis but up 14% on a constant currency basis. Overall, we continue to see strong momentum across our leading markets in Latin America.

轉向拉丁美洲。調整後收益為 2.18 億美元，較去年同期下降 6%，但外匯匯率起了一定作用。以固定匯率計算，我們的調整後收益比去年同期成長了 7%。該地區調整後的 PFO 也呈現類似的情況，以報告基礎計算上漲了 1%，但以固定匯率計算上漲了 14%。總體而言，我們繼續看到拉丁美洲主要市場呈現強勁勢頭。

Since launching our New Frontier strategy in December, we have been laser-focused executing on its key pillars, and we are already making meaningful progress. I'd like to expand by providing two related proof points. We were pleased to announce last night another significant risk transfer deal, particularly given the current economic landscape.

自去年 12 月推出新前沿策略以來，我們一直專注於執行其關鍵支柱，並且已經取得了有意義的進展。我想透過提供兩個相關的證明點來擴展。我們很高興昨晚宣布了另一項重要的風險轉移協議，特別是在當前的經濟狀況下。

We have entered into an agreement with Talcott Resolution Life Insurance Company to reinsure approximately $10 billion of US retail variable annuity and rider reserves. Consistent with our long-term objectives, the planned transaction will accelerate the runoff of MetLife's legacy business positively reduced the company's enterprise risk and substantially lower the company's retail variable annuity tail risk.

我們已與 Talcott Resolution 人壽保險公司達成協議，為約 100 億美元的美國零售變額年金和附加險儲備金提供再保險。與我們的長期目標一致，計劃中的交易將加速大都會人壽遺留業務的退出，積極降低公司的企業風險，並大幅降低公司的零售變額年金尾部風險。

For its part, MetLife Investment Management is on an aspirational path to $1 trillion in total assets under management. We have intake the teams from Massaro that we acquired in the quarter, and we are working at pace to close our roughly $100 billion AUM acquisition of PineBridge, a substantial down payment towards achieving our aspiration for men.

大都會人壽投資管理公司的目標是將管理的總資產達到 1 兆美元。我們已經吸收了本季度收購的 Massaro 團隊，並且我們正在努力完成對 PineBridge 約 1000 億美元 AUM 的收購，這是實現我們對男性的願望的一筆可觀的首付款。

Turning to capital and cash. In the first quarter, we accelerated our capital management activity returning around $1.8 billion to shareholders through common stock dividends and share repurchases. We paid common stock dividends of roughly $400 million and repurchased approximately $1.4 billion of our common shares.

轉向資本和現金。第一季度，我們加快了資本管理活動，透過普通股股息和股票回購向股東返還了約 18 億美元。我們支付了約 4 億美元的普通股股息，並回購了約 14 億美元的普通股。

The above-average buyback pace was a function of fuel repurchases in the quarter as we were locked out of the market due to pending announcements. We expect subsequent quarters this year to be at a more measured pace. Following our new $3 billion repurchase authorization that was announced last night our total board authorization is now about $3.4 billion.

高於平均的回購速度是本季燃料回購的結果，因為尚未公佈的消息讓我們被排除在市場之外。我們預計今年後續季度的成長速度將更加穩健。繼昨晚宣布新的 30 億美元回購授權後，我們董事會的總授權金額現在約為 34 億美元。

In recognition of our financial strength and flexibility, our Board of Directors increased our common dividend per share by 4.1% last week. And further adding to our financial flexibility, we were active in the debt capital markets in the first quarter, issuing $1.25 billion of pre-capitalized trust securities as well as $1 billion of subordinated debt. We ended the quarter with $4.5 billion of cash and liquid assets at our holding companies, which is above our target cash buffer of $3 billion to $4 billion.

為了表彰我們的財務實力和靈活性，董事會上週將每股普通股股息提高了 4.1%。為了進一步增強我們的財務靈活性，我們在第一季積極參與債務資本市場，發行了 12.5 億美元的預先資本化的信託證券以及 10 億美元的次級債務。本季末，我們的控股公司擁有 45 億美元的現金和流動資產，高於我們 30 億至 40 億美元的現金緩衝目標。

Shifting to governance. We announced in February that Christian Mumenthaler will be joining our Board of Directors effective May 1. Prior to joining our Board, Christian had a distinguished career at Swiss Re culminating in an eight year term as Group Chief Executive Officer. We are glad to have someone with his skill set and experience on our board as we drive our New Frontier strategy forward.

轉向治理。我們在二月宣布，Christian Mumenthaler 將於 5 月 1 日起加入我們的董事會。在加入我們的董事會之前，克里斯蒂安在瑞士再保險公司有著傑出的職業生涯，並擔任了八年的集團執行長。我們很高興能有一位擁有像他那樣的技能和經驗的人加入我們的董事會，共同推動我們的新前沿戰略向前發展。

In closing, the underlying fundamentals of our portfolio of businesses remain strong, as evidenced by our solid first quarter performance. While the operating environment may present challenges, we have emerged stronger from prior periods of turmoil.

最後，我們業務組合的基本面依然強勁，第一季的穩健業績就是明證。儘管經營環境可能存在挑戰，但我們已經走出了之前的動盪時期，變得更加強大。

We've done this by following a playbook that focuses on the levers we control like discretionary expenses without sacrificing investments in strategic growth initiatives. When we set our New Frontier goals, we were under no delusion that it would be easy. One of the things that gives me confidence in our ability to succeed is the team here at MetLife.

我們透過遵循劇本來實現這一目標，該劇本重點關注我們控制的槓桿，例如可自由支配的開支，同時又不犧牲對策略成長計畫的投資。當我們設定新前沿目標時，我們並沒有幻想這會很容易。大都會人壽的團隊讓我對我們成功的能力充滿信心。

For the third year in a row, we are proud to have been named among the 100 best companies to work for by Fortune. Our team is energized and engaged. That leaves me convinced that our people are up to the task at hand driven and motivated to deliver MetLife's superior value proposition of responsible growth, attractive returns and lower risk.

我們很榮幸連續第三年被《財星》雜誌評選為 100 家最適合工作的公司之一。我們的團隊充滿活力、積極投入。這讓我確信，我們的員工能夠勝任當前的任務，並有動力和動力實現大都會人壽的卓越價值主張：負責任的成長、有吸引力的回報和更低的風險。

Now I'll turn it over to John to cover our quarterly performance in more detail.

現在我將把時間交給約翰，讓他更詳細地介紹我們的季度表現。

Thank you, Michel, and good morning, everyone. I'll refer to the 1Q '25 supplemental slides, which covers highlights of our financial performance and an update on our liquidity and capital position. We have also included a few slides summarizing our variable annuity reinsurance transaction announced yesterday.

謝謝你，米歇爾，大家早安。我將參考 25 年第一季的補充投影片，其中涵蓋了我們財務表現的亮點以及流動性和資本狀況的最新情況。我們還附上了幾張投影片，總結了昨天宣布的變額年金再保險交易。

Starting on page 3, we provide a comparison of net income to adjusted earnings in the first quarter. We had net derivative gains, primarily due to the strengthening of the Japanese yen and the Chilean peso versus the US dollar as well as unfavorable equity markets.

從第 3 頁開始，我們對第一季的淨收入和調整後收益進行了比較。我們獲得了淨衍生性商品收益，主要原因是日圓和智利比索兌美元走強以及股票市場不利。

That said, derivative gains were mostly offset by market risk benefit or MRB remeasurement losses due to lower interest rates and weaker equity markets in 1Q of '25. In addition, net investment losses were largely the result of normal trading activity on the portfolio and credit remained stable.

也就是說，由於 2025 年第一季利率下降和股市疲軟，衍生性商品收益大部分被市場風險收益或 MRB 重估損失所抵消。此外，淨投資損失主要是由於投資組合的正常交易活動，且信貸保持穩定。

On page 4, you can see the first quarter year over year comparison of adjusted earnings by segment and corporate and other. Adjusted earnings were $1.3 billion, up 1% and up 5% on a constant currency basis, while foreign currencies strengthened against the US dollar in the current quarter, most major currencies weakened year over year.

在第 4 頁，您可以看到第一季按部門、企業和其他部門劃分的調整後收益同比變化。調整後收益為 13 億美元，成長 1%，以固定匯率計算成長 5%，而本季外幣兌美元走強，多數主要貨幣較去年同期走弱。

The positive year over year drivers were favorable life underwriting, higher variable investment income and solid volume growth across most business segments. These were partially offset by lower recurring interest margins.

與去年同期相比，積極的驅動因素包括有利的人壽核保、更高的可變投資收入以及大多數業務部門的穩健銷售成長。但這些影響被較低的經常性利息利潤率部分抵銷。

Adjusted earnings per share were $1.96, up 7% and up 11% on a constant currency basis. aided by strong free cash flow and robust capital management over the prior four quarters.

調整後每股收益為 1.96 美元，成長 7%，以固定匯率計算成長 11%。得益於前四季強勁的自由現金流和穩健的資本管理。

Moving to the businesses. Group benefits adjusted earnings were $367 million, up 29% from the prior year quarter. The key driver was favorable life underwriting margins due to working age mortality improvement compared to the prior year period.

轉向企業。集團福利調整後收益為 3.67 億美元，較去年同期成長 29%。關鍵驅動因素是由於勞動年齡死亡率與去年同期相比有所改善，導致人壽承保利潤率較高。

The group life mortality ratio was 84.8% for the quarter which is at the bottom end of our 2025 target range of 84% to 89% and better than the winter flu season expectations. We continue to see post-COVID favorable mortality trends in the working age population, consistent with CDC data. The non-medical health interest-adjusted benefit ratio was 74.1% and slightly above our target range of 69% to 74%. Dental utilization is seasonally highest in the first quarter, and we expect the ratio to be toward the middle of the target range in Q2.

本季團體人壽死亡率為 84.8%，位於我們 2025 年目標範圍 84% 至 89% 的底端，且優於冬季流感季節的預期。我們繼續看到新冠疫情後勞動年齡人口的死亡率呈現良好的趨勢，這與 CDC 的數據一致。非醫療健康利息調整福利率為 74.1%，略高於我們的目標範圍 69% 至 74%。第一季的牙科利用率是季節性最高的，我們預計第二季的比例將接近目標範圍的中間值。

Turning to the top line. Group benefits adjusted PFOs were up 2% year over year. While mortality improvement was favorable to group benefits bottom line, it masks top line growth due to the impact on premiums for participating life contracts, which can fluctuate with claims experience. But has a limited impact to earnings for those contracts.

轉向頂線。集團福利調整後的 PFO 年成長 2%。雖然死亡率的改善有利於團體福利的底線，但它掩蓋了頂線的增長，因為參與人壽合約的保費會隨著索賠經驗而波動。但對這些合約的收益影響有限。

RIS adjusted earnings were $401 million, up 1% year over year. The primary drivers were higher variable investment income and favorable underwriting performance partially offset by unfavorable recurring interest margins.

RIS 調整後收益為 4.01 億美元，年增 1%。主要驅動因素是更高的可變投資收益和良好的承保業績，但被不利的經常性息差部分抵消。

RIS total investment spreads were 114 basis points, up 2 basis points sequentially due to higher VII. RIS continues to achieve strong business momentum. Adjusted PFOs were $2.4 billion, primarily driven by strong US PRT sales in the quarter, which resulted in new inflows of $1.8 billion in Q1 of '25. Excluding PRTs, RIS adjusted PFOs were up 14%, primarily driven by continued growth in UK longevity reinsurance as demonstrated by one jumbo case sold in the quarter with a contract value of $1.7 billion. In addition, total liability exposure grew 8% versus the prior year period, most notably up 7% in general account liabilities.

RIS 總投資利差為 114 個基點，由於 VII 較高，較上季上升 2 個基點。RIS 持續保持強勁的業務動能。調整後的 PFO 為 24 億美元，主要受本季美國 PRT 銷售強勁的推動，導致 25 年第一季新流入 18 億美元。不包括 PRT，RIS 調整後的 PFO 增長了 14%，這主要得益於英國長壽再保險的持續增長，本季度售出的一份巨型案件就證明了這一點，其合同價值為 17 億美元。此外，總負債敞口較上年同期增長了 8%，其中最顯著的是一般帳戶負債增長了 7%。

Moving to Asia. Adjusted earnings were $374 million, down 12% to down 9% on a constant currency basis, primarily due to less favorable underwriting margins and an adjustment of a deferred tax asset to reflect an increase in Japan's effective tax rate. This reduced Asia's adjusted earnings by approximately $15 million in the quarter. This was partially offset by higher VII year over year. Asia's key growth metrics remain healthy.

移居亞洲。調整後收益為 3.74 億美元，按固定匯率計算下降 12% 至 9%，主要原因是承保利潤率較低以及遞延稅務資產調整以反映日本有效稅率的增加。這使得亞洲本季的調整後收益減少了約 1500 萬美元。這被同比上升的 VII 部分抵消。亞洲的主要成長指標依然健康。

General account assets under management at amortized cost was up 5% year over year on a constant currency basis, and sales were up 10% on a constant currency basis. While Japan sales were down 8% as foreign currency products remain under pressure given ongoing yen volatility. Other Asia sales were up 41% on a constant currency basis, most notably with strong growth in Korea and China.

以固定匯率計算，以攤銷成本計算的一般帳戶管理資產年增 5%，以固定匯率計算，銷售額成長 10%。而由於日圓持續波動，外幣產品仍面臨壓力，日本銷售額下降了 8%。以固定匯率計算，其他亞洲地區的銷售額成長了 41%，其中最顯著的是韓國和中國的強勁成長。

Latin America adjusted earnings were $218 million, down 6%, but up 7% on a constant currency basis. primarily due to higher volume growth across the region and favorable tax items in the quarter. This was partially offset by less favorable underwriting margins as well as lower Chilean encaje returns compared to a strong Q1 '24.

拉丁美洲調整後收益為 2.18 億美元，下降 6%，但以固定匯率計算成長 7%。主要是由於本季度該地區銷量增長較快以及稅收優惠。與 2024 年第一季的強勁表現相比，承保利潤率較低以及智利保險回報率較低，部分抵消了這一影響。

Latin America's top line continues to perform well, although reported growth rates are being masked by currency headwinds, most notably due to the weakness in the Mexican peso year over year. Adjusted PFOs were up 1%, but up 14% on a constant currency basis, driven by strong growth and solid persistency across the region.

儘管報告的成長率受到貨幣逆風的影響（最明顯的是墨西哥比索同比走弱），但拉丁美洲的營收仍持續表現良好。調整後的 PFO 上漲 1%，但以固定匯率計算則上漲 14%，這得益於整個地區強勁的成長和穩固的持久性。

EMEA adjusted earnings were $83 million, up 8% and up 14% on a constant currency basis, primarily driven by solid volume growth, partially offset by less favorable expense margins year over year. EMEA adjusted PFOs were up 8% and up 12% on a constant currency basis, reflecting strong sales across the region.

歐洲、中東和非洲地區調整後收益為 8,300 萬美元，成長 8%，以固定匯率計算成長 14%，主要受銷量穩健成長的推動，但部分被年比費用利潤率下降所抵銷。歐洲、中東和非洲地區調整後的 PFO 成長 8%，以固定匯率計算成長 12%，反映出該地區的銷售強勁。

MetLife Holdings adjusted earnings were $154 million, down 3% due to the runoff of the business. And we continue to look for opportunities to optimize this legacy block of business through risk transfers. As announced yesterday, we have entered into an agreement with Talcott Resolution Life Insurance Company to reinsure approximately $10 billion of US retail variable annuity and rider statutory reserves.

大都會人壽控股公司調整後的收益為 1.54 億美元，因業務流失而下降 3%。我們將繼續尋找機會透過風險轉移來優化這項遺留業務。正如昨天宣布的那樣，我們已與 Talcott Resolution 人壽保險公司達成協議，為約 100 億美元的美國零售變額年金和附加法定儲備金提供再保險。

I will provide more details on that transaction shortly. Corporate and other adjusted loss was $248 million versus an adjusted loss of $241 million in the prior year. Lower net investment income was partially offset by lower expenses year over year. The company's effective tax rate on adjusted earnings in the quarter was 23.2%, modestly below our 2025 guidance range of 24% to 26%.

我將很快提供有關該交易的更多詳細資訊。該公司及其他調整後虧損為 2.48 億美元，而去年調整後虧損為 2.41 億美元。淨投資收入的下降被同比支出的下降部分抵消。該公司本季調整後收益的有效稅率為 23.2%，略低於我們 2025 年的指引範圍 24% 至 26%。

On page 5, this chart reflects our pretax variable investment income for the four quarters of 2024 and first quarter of '25, which was $327 million. This result was up sequentially but below our implied quarterly run rate of $425 million. Private equity returns were 1.6% in the quarter, and our real estate and other funds yielded an average return of roughly 2% in the quarter.

第 5 頁的圖表反映了我們 2024 年四個季度和 2025 年第一季的稅前可變投資收入，即 3.27 億美元。這一結果比上一季有所上升，但低於我們預期的 4.25 億美元的季度運行率。本季私募股權回報率為 1.6%，我們的房地產和其他基金本季平均回報率約為 2%。

As a reminder, PE and real estate and other funds are reported on a one quarter lag and accounted for on a mark-to-market basis. Looking ahead to the second quarter, we plan to disclose preliminary information regarding our expectations for the variable investment income in the early part of July. We are doing this for the second quarter given the current environment.

需要提醒的是，PE、房地產等基金的報告落後一個季度，並且以市價計算。展望第二季度，我們計劃在7月初揭露有關可變投資收益預期的初步資訊。鑑於當前環境，我們將在第二季採取此措施。

On page 6, we provide VII post-tax by segment and corporate and other for the four quarters of 2024 and first quarter of '25. As reflected in the chart, RIS, Asia and MetLife Holdings continue to hold the largest proportion of VII assets given their long-dated liability profiles. However, as a reminder, each business has its own discrete portfolio aligned and matched to its liabilities.

在第 6 頁，我們提供了 2024 年四個季度和 2025 年第一季按部門、公司及其他劃分的 VII 稅後數據。如圖所示，鑑於其長期負債狀況，RIS、亞洲和大都會人壽控股繼續持有 VII 資產的最大比例。然而，需要提醒的是，每個企業都有自己獨立的投資組合，與其負債一致。

Moving to expenses on page 7. This chart shows a comparison of direct expense ratio for the full year 2024 of 12.1%, Q1 of '24 of 11.9% and Q1 of '25 of 12%. 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. That said, we believe our results in Q1 position us well to achieve our full year direct expense ratio target of 12.1%, demonstrating our ongoing expense discipline and a sustained efficiency mindset.

轉到第 7 頁的費用。這張圖表顯示了 2024 年全年直接費用率為 12.1%，2024 年第一季為 11.9%，2025 年第一季為 12% 的比較。正如我們之前強調的那樣，我們認為，由於季度業績波動，全年直接費用率是衡量業績的最佳方式。話雖如此，我們相信第一季的業績使我們有望實現全年直接費用率 12.1% 的目標，這體現了我們持續的費用紀律和持續的效率思維。

I will now discuss our cash and capital position on page 8. Overall, MetLife is well capitalized with more than ample liquidity. We opportunistically repurchased about $1.4 billion of our shares in the first quarter and have repurchased approximately $150 million of our shares in April.

我現在將在第 8 頁討論我們的現金和資本狀況。整體而言，大都會人壽資本充足，流動性充足。我們在第一季適時回購了約 14 億美元的股票，並在 4 月回購了約 1.5 億美元的股票。

And as we announced yesterday, our Board has authorized a new $3 billion share repurchase program reflecting the collective confidence in our New Frontier strategy and the strength of our balance sheet as well as management's commitment to return excess capital to our shareholders. Cash and liquid assets at the holding companies were $4.5 billion at March 31, which is above our target cash buffer of $3 billion to $4 billion.

正如我們昨天宣布的那樣，我們的董事會已經批准了一項新的 30 億美元股票回購計劃，這反映了對我們的新前沿戰略和資產負債表實力的集體信心，以及管理層向股東返還多餘資本的承諾。截至 3 月 31 日，控股公司的現金和流動資產為 45 億美元，高於我們 30 億至 40 億美元的目標現金緩衝。

Beyond repurchases cash at the holding companies reflects the net effects of subsidiary dividends, payment of our common stock dividend and holding company expenses and other cash flows. In addition, we had a $1 billion subordinated debt issuance and redeemed $500 million of maturities in the quarter. Regarding our statutory capital, for our US companies, our 2024 combined NAIC RBC ratio was 388%, which is above our target ratio of 360%.

除了控股公司的回購現金外，還反映了子公司股利、普通股股利支付和控股公司費用以及其他現金流的淨效應。此外，我們在本季發行了 10 億美元的次級債務，並贖回了 5 億美元的到期債務。關於我們的法定資本，對於我們的美國公司，我們 2024 年綜合 NAIC RBC 比率為 388%，高於我們的目標比率 360%。

For our US companies, preliminary first quarter 2025 statutory operating earnings were approximately $600 million, while net income was approximately $500 million. We estimate that our total US statutory adjusted capital was approximately $16.4 billion as of March 31, 2025, down 6% from year-end 2024, primarily due to dividends paid, partially offset by operating earnings.

對我們的美國公司而言，2025 年第一季的初步法定營業收入約為 6 億美元，而淨收入約為 5 億美元。我們估計，截至 2025 年 3 月 31 日，我們的美國法定調整資本總額約為 164 億美元，比 2024 年底下降 6%，主要原因是支付了股息，但部分被營業利潤所抵消。

Finally, we expect the Japan solvency margin ratio to be approximately 725% as of March 31, which will be based on statutory statements that will be filed in the next few weeks.

最後，我們預計截至 3 月 31 日，日本償付能力充足率約為 725%，這將基於未來幾週提交的法定聲明。

Before I wrap up, let me comment on the risk transfer transaction that we announced yesterday, highlights shown on page 9. As we have discussed in the past, MetLife Holdings is a well-seasoned and well-diversified legacy block.

在結束之前，讓我先評論一下我們昨天宣布的風險轉移交易，並將重點放在第 9 頁。正如我們過去所討論過的，大都會人壽控股是一家經驗豐富、業務多元化的傳統集團。

We continue to focus on our primary objectives to meet customer obligations, look for efficiencies in how we operate and seek opportunities to further optimize the business. As we have noted, we have continued to take a third-party perspective which helps us better manage the business internally, while also providing us optionality to appropriately accelerate the release of reserves and capital at the right value with the right strategic partner.

我們將繼續專注於我們的主要目標，履行客戶義務，尋求營運效率，並尋找進一步優化業務的機會。正如我們所指出的，我們繼續採取第三方視角，這有助於我們更好地管理內部業務，同時也為我們提供選擇權，以便與合適的戰略合作夥伴以合適的價值適當加速釋放儲備和資本。

This transaction with Talcott Resolution Life Insurance Company covers approximately $10 billion of current US retail variable annuity and rider statutory reserves via funds withheld for the general account reserves and modified coinsurance for the separate account liabilities.

與 Talcott Resolution Life Insurance Company 的此次交易涵蓋了目前美國約 100 億美元的零售變額年金和附加法定儲備金，透過為一般帳戶儲備金預扣的資金和為單獨帳戶負債修改的共同保險進行。

This risk transfer significantly lowers our exposure to retail variable annuity tail risk by reducing account values by approximately 40%, which in turn would positively reduce our enterprise risk associated with capital markets and its related volatility.

這種風險轉移透過將帳戶價值降低約 40% 顯著降低了我們面臨的零售變額年金尾部風險，從而積極降低與資本市場及其相關波動相關的企業風險。

It is expected to deliver approximately $250 million in statutory value, consisting of a ceding commission and release of capital over time. Also, we expect the transaction will result in foregone adjusted earnings in MetLife Holdings of approximately $100 million annually. However, this will be offset by an annual hedge cost savings to the enterprise of roughly $45 million associated with this block of business.

預計它將實現約 2.5 億美元的法定價值，包括轉讓佣金和隨著時間推移的資本釋放。此外，我們預計此交易將導致大都會人壽控股公司每年損失約 1 億美元的調整後收益。然而，這將被企業每年與這塊業務相關的約 4500 萬美元的對沖成本節省所抵消。

In addition, we have secured investment management mandates for MetLife Investment Management to manage roughly $6 billion of assets with Talcott, which supports our strategy to expand third-party fee income.

此外，我們還獲得了大都會人壽投資管理公司的投資管理授權，與 Talcott 一起管理約 60 億美元的資產，這支持了我們擴大第三方費用收入的策略。

Turning to page 10. You can see how our VA balances have declined over time, consistent with our strategy. At our 2024 Investor Day in December, we highlighted the left side of the chart, showing the 26% drop in VA balances over the five year period, from 2019 through 2024.

翻到第 10 頁。您可以看到我們的 VA 餘額隨著時間的推移而下降，這與我們的策略一致。在 12 月的 2024 年投資者日上，我們重點介紹了圖表的左側，顯示從 2019 年到 2024 年五年期間 VA 餘額下降了 26%。

And as shown on the right side of the chart, we expect total VA balances will further decline to $24.5 billion as of March 31, 2025, reflecting the reinsurance transaction with Talcott. Overall, this represents a more than 50% decline in VA balances since 2019, a positive development from MetLife's risk profile.

如圖表右側所示，我們預計截至 2025 年 3 月 31 日，VA 總餘額將進一步下降至 245 億美元，這反映了與 Talcott 的再保險交易。總體而言，這意味著自 2019 年以來 VA 餘額下降了 50% 以上，從大都會人壽的風險狀況來看，這是一個積極的發展。

In addition to lower balances, it is also important to note the remaining product mix which will include a significant portion of traditional group retirement variable annuities of roughly $9 billion. These include 403B and 457B annuities for retirement plans, which have limited guarantees.

除了較低的餘額外，還要注意剩餘的產品組合，其中將包括約 90 億美元的傳統團體退休變額年金的很大一部分。其中包括 403B 和 457B 退休計畫年金，其擔保有限。

Let me conclude by saying that MetLife delivered a solid quarter, reflecting the strong underlying fundamentals across our portfolio of businesses. While the environment remains uncertain, we remain confident in delivering all weather performance achieved through a position of strength of a strong balance sheet, recurring free cash flow generation and a diversified set of market-leading businesses.

最後，我想說，大都會人壽本季業績穩健，反映了我們業務組合強勁的基本面。儘管環境仍然不確定，但我們仍然有信心透過強大的資產負債表、經常性的自由現金流產生和多元化的市場領先業務來實現全天候的業績。

As we embark on the New Frontier, our strategic priorities allow us to accelerate responsible growth and generate attractive returns with lower risk. Our variable annuity reinsurance transaction with Talcott is another proof point of how MetLife has both the tools and commitment to generate long-term value for our stakeholders.

當我們踏入新領域時，我們的策略重點使我們能夠加速負責任的成長並以較低的風險產生可觀的回報。我們與 Talcott 的變額年金再保險交易再次證明了大都會人壽擁有為利害關係人創造長期價值的工具和承諾。

And with that, I'll turn the call back to the operator for your questions.

說完這些，我會把電話轉回給接線員，以便回答您的​​問題。

(Operator Instructions)

（操作員指示）

Jimmy Bhullar, JP Morgan.

摩根大通的吉米·布拉爾 (Jimmy Bhullar)。

Hey, good morning. I had a question first on your spreads in the RIS business. If you look at the base yield, it was down, I think, around 11% -- 11 basis points sequentially, around 13 bps year over year and spreads were down ex VII, almost a similar amount so not sure if that's mix or I know you had interest rate gaps that you might not be benefiting from. But what's driving that? And should we assume a further decline or stabilization in spreads from these levels?

嘿，早安。我首先想問一下你們在 RIS 業務上的利差。如果你看一下基準收益率，我認為它下降了約 11% - 環比下降 11 個基點，同比下降約 13 個基點，利差除 VII 外也下降了，幾乎是類似的幅度，所以不確定這是混合情況還是我知道你存在可能無法從中受益的利率差距。但是什麼原因會導致這現象呢？我們是否應該假設利差會從這些水準進一步下降或穩定下來？

Hey Jimmy, it's John. The answer probably requires a little bit of a holistic view of RIS. I'll give you the punch line upfront is we did have a it declined sequentially in spreads, a function of rates and curve offsetting that as growth. So let me give Ramy a chance to just talk about some, I say, growth exceeding expectations, and then I'll come back and talk about spreads.

嘿，吉米，我是約翰。答案可能需要對 RIS 有一點整體的了解。我首先要告訴你的是，我們的利差確實連續下降，這是利率和曲線抵銷成長的結果。因此，讓我給拉米一個機會來談論一些我認為超出預期的增長，然後我會回來談論利差。

Hey Jimmy. Thank you, John. Just to give you a sense of the growth momentum this quarter, you can see it in our balances year over year and sequentially. But we've got a number of notable wins in the quarter. We've got a very strong Q1 for PRTs with $1.8 billion of inflows. I would not Jimmy, that all of these transactions were with sponsors who are Fortune 500 companies, which is really encouraging for us.

嘿，吉米。謝謝你，約翰。為了讓您了解本季的成長勢頭，您可以從我們的同比和環比餘額中看到這一點。但我們在本季度取得了許多顯著的勝利。PRT 第一季表現非常強勁，流入資金達 18 億美元。我不認為吉米所有這些交易都是與財富 500 強公司的贊助商進行的，這對我們來說真的是令人鼓舞的。

We talked back in December about the very first UK funded redeal that we did with a well-established UK insurer. We continue to see really good momentum for us in that market. Also in the UK market, we have a very robust pipeline in the UK longevity space, and that's coming off the back of the jumbo transaction that we executed in the quarter.

我們在 12 月談到了與一家知名的英國保險公司進行的首次由英國資助的重新交易。我們繼續看到該市場呈現良好的發展勢頭。此外，在英國市場，我們在英國長壽領域擁有非常強大的管道，這得益於我們在本季度執行的巨額交易。

And then last but not least, stable value. We are a leader in that market, and this has been a very strong quarter for us, and we capitalized on some of the market disruption. You put all of these together, we're seeing really strong momentum from an earnings perspective. It's coming from investment spreads, but it's also coming from underwriting and fees over time and you see that in the 8% growth in ability balances.

最後但同樣重要的是，穩定的價值。我們是該市場的領導者，本季對我們來說表現非常強勁，我們利用了一些市場波動。綜合以上這些，我們從獲利角度看到了非常強勁的勢頭。它來自投資利差，但也來自承保和費用，隨著時間的推移，您可以看到能力餘額增加了 8%。

And for the full year, we expect to be at the upper end of that 3% to 5% balance growth that we guided you back in February. So this is a bit of a growth from a liability balances perspective? And maybe, John, going to add it back to you talk about the spreads.

對於全年而言，我們預計平衡成長率將達到我們 2 月預測的 3% 至 5% 的上限。那麼從負債餘額的角度來看，這是一種成長嗎？也許，約翰，你會把它重新加到你關於傳播的討論中。

Yeah. And I just thought that maybe just setting that up to start because as you said, we are down a bit sequentially. We did have, as you mentioned, a 7 basis point decline in the core spread. When we were going through this back in February, we did expect a decline. We had the remaining roll-off of the interest rate caps. We expected that to be a 5 point or 6 point drag but had expected to partially offset that with certain management actions in the quarter.

是的。我只是認為也許只是將其設置為開始，因為正如你所說，我們的進度按順序下降了一點。正如您所提到的，核心利差確實下降了 7 個基點。當我們在二月經歷這一過程時，我們確實預計會出現下降。我們已經取消了剩餘的利率上限。我們預計這將造成 5 個百分點或 6 個百分點的拖累，但預計本季採取某些管理措施將部分抵銷這一拖累。

However, we had some -- rates were different. The path of rates were different. We had lower rates than expected. We had a flatter curve than expected and so it became a bit difficult to reposition the portfolio and leverage some of our tools we had to offset that cap roll-off.

然而，我們的利率有所不同。利率路徑有所不同。我們的利率低於預期。我們的曲線比預期的要平緩，因此重新定位投資組合併利用我們的一些工具來抵消上限的下降變得有點困難。

The second thing we had in the quarter is we had more than expected paydowns in certain structures -- higher yielding structured securities and loans. And when we redeploying that, you ultimately -- you were redeploying that at some lower spreads, and that was in the early part of the quarter.

本季度我們的第二件事是，我們在某些​​結構中的償還額超出了預期——收益更高的結構性證券和貸款。當我們重新部署它時，你最終會以較低的利差重新部署它，那是在本季度初。

So those two things impacted our ability to offset some of the cap roll off in the quarter. And -- but as Ramy said, if you take growth is probably exceeding expectations cap are coming in a little lower here likely going to stabilize from here into the second quarter. And net-net, you're effectively flat relative to earnings expectations. So hopefully, that gives a little color as to how to think about the two.

因此，這兩件事影響了我們抵銷本季部分上限下滑的能力。而且 — — 但正如拉米所說，如果你認為成長可能超出預期，那麼上限就會略低一些，從現在開始可能會穩定到第二季。而淨值方面，相對於獲利預期而言，實際上是持平的。所以希望這能為我們如何看待這兩者提供一些幫助。

Okay. And then on your CRE portfolio, the main metrics are pretty similar with how they've been recently with loan to values and coverage ratios and it seems like things were starting to stabilize, but are you seeing indications that with all this uncertainty that the recovery is going to stall? Or what are you seeing in the crucial mortgage loan book?

好的。然後，就您的 CRE 投資組合而言，主要指標與最近的貸款價值比和覆蓋率非常相似，而且情況似乎開始穩定，但您是否看到跡象表明，在所有這些不確定性之下，復甦將會停滯？或者您在關鍵的抵押貸款帳簿中看到了什麼？

Yeah, it's a good question. As you said, real estate activity and office leasing, it really was continuing to show some late in the year and even into Q1. I think our statistics show that office leasing activity in Q1 was the strongest we've seen since like mid-2019. Investment activity has been up year over year as well, I think, roughly 10%. So generally, there's been some good momentum.

是的，這是個好問題。正如您所說，房地產活動和辦公室租賃確實在今年年底甚至第一季繼續顯現出一些跡象。我認為我們的統計數據顯示，第一季的辦公室租賃活動是自 2019 年中期以來最強勁的。我認為投資活動也比去年同期成長了約 10%。總體而言，目前出現了一些良好的勢頭。

But I would say that we'll have to just monitor the kind of where we are in terms of some of the uncertainty that's out there. So it might slow a little momentum. I don't -- I think our feeling is the sector has found a trough in values, generally, all else equal, and we saw that in some of our LTVs and our debt service coverage ratio.

但我想說，我們必須監控我們所處的位置，以應對一些不確定因素。因此它可能會減緩一點勢頭。我不這麼認為——我認為我們的感覺是，在其他條件相同的情況下，該行業的價值總體上已經觸底，我們在一些 LTV 和債務償還率中看到了這一點。

But I mentioned this maybe last quarter, this year and probably next year, you will resolve a lot of the things that we put up reserves were over the last several years. And so this will be kind of the resolution point, but that tends to happen at the trough.

但我在上個季度、今年甚至明年都可能提到過，你們會解決我們在過去幾年投入儲備的許多問題。因此，這將是一種解決點，但這往往發生在低谷。

And I think -- so we still think we're there. Again, it's a bit all else equal, but we are feeling and we saw look, if you go back to VII, we had a 2% roughly return on the real estate-related funds in the quarter. So there are signs of improvement, but obviously, we'll have to just see how long the uncertainty persists.

我認為——所以我們仍然認為我們已經到達那裡。再說一次，在其他所有條件都相同的情況下，但我們的感覺是，我們看到，如果回到 VII，我們在本季度的房地產相關基金回報率約為 2%。因此，有改善的跡象，但顯然，我們必須看看不確定性會持續多久。

Thank you.

謝謝。

Tom Gallagher, Evercore ISI.

湯姆·加拉格爾，Evercore ISI。

Good Morning. First question is on the risk transfer deal. I guess on its face, the pricing maybe it doesn't look so great in terms of, we'll call it, the earnings multiple of what you're giving up. But as we all know, this is kind of a pretty volatile higher tail risk. So I think that should be considered.

早安.第一個問題是關於風險轉移協議。我想從表面上看，定價可能看起來不太好，就我們所說的你所放棄的收益倍數而言。但眾所周知，這是相當不穩定的高尾風險。所以我認為應該考慮到這一點。

But can you talk a bit about the way you approached it valuation-wise, I guess you're giving up $50 million roughly of net income. How much cash flow do you end up losing and then talk a little bit about how you view the tail risk and overall why this deal made economic sense for you? Thanks.

但是您能否從估值的角度談談您對此的看法，我猜您放棄了大約 5000 萬美元的淨收入。您最終損失了多少現金流，然後談談您如何看待尾部風險，以及總體而言，為什麼這筆交易對您來說具有經濟意義？謝謝。

Sure. So Tom, it's Ramy here. Let me just maybe give you a sense of we got to the deal and then we'll tackle some of the specific questions you had. You should definitely look at this in the context of the New Frontier strategy that we talked about, in particular in the lower-risk pillar of that strategy. We have taken a very disciplined approach here as we looked at potential transactions, especially in the context that have a well-seasoned and well-managed book.

當然。湯姆，我是拉米。讓我先讓您了解我們達成的協議，然後我們再解決您提出的一些具體問題。您絕對應該從我們所討論的新前沿戰略的角度來看待這個問題，特別是該戰略的低風險支柱。我們在研究潛在交易時採取了非常嚴謹的方法，特別是在擁有豐富且管理良好的帳簿的情況下。

But for us, the goal here is to create value for our shareholders and all our other stakeholders. So the reinsurance partner matters, the structure really matters, but so does the price and we do look at the price from a number of lenses including an economic lens when we think about the valuation of the book, and we definitely have a view of that, which the price was very much in line with and we also look at it in terms of the impact, if you will, from a loss of GAAP earnings perspective versus the ceding commission but you should look at that also in the context of the cost of hedging that we're also now are no longer incurring.

但對我們來說，目標是為我們的股東和所有其他利害關係人創造價值。因此，再保險合作夥伴很重要，結構確實很重要，但價格也很重要，當我們考慮賬簿估值時，我們確實會從多個角度來看待價格，包括經濟角度，我們對此肯定有一個看法，價格與此非常一致，我們也會從影響的角度來看待它，如果你願意看待它，從 GAAP 損失的角度來與轉讓佣金的角度來看待它，但你也不再對它承擔的背景。

So net-net-net, when you put that together, the value that we received was very much in line with our expectations. And it also removes a lot of the tail risk, which, as you know, the capital requirements for this business could be significantly higher should we see a downturn in the equity and the interest rate environment. So all of these things were part of our consideration. Maybe I'll let John talk about the cash flow pieces of this.

因此，當你把這些放在一起時，我們得到的價值非常符合我們的期望。而且它還消除了許多尾部風險，如你所知，如果我們看到股票和利率環境下滑，這項業務的資本要求可能會大幅提高。所以所有這些事情都是我們考慮的一部分。也許我應該讓約翰談談這方面的現金流部分。

Yeah. I think you -- your question kind of summarized it, Tom. We would think of the cash flow as kind of the net of the two. That's generally that you're kind of -- you could think of that as almost your change in [TAC] -- so it's probably a good proxy for what we're -- but I think to Ramy's point, it's what you're giving up in like a stable environment, right? And so if things were -- the environment changes, that's the your economics can change.

是的。我認為你的問題已經概括了這一點，湯姆。我們認為現金流是兩者的淨值。這通常就是你有點 - 你可以認為這幾乎是你在 [TAC] 中的變化 - 所以它可能很好地代表了我們所做的事情 - 但我認為對於 Ramy 的觀點，這是你在穩定的環境中放棄的東西，對嗎？所以，如果情況改變──環境發生變化，那麼經濟也會改變。

So equity markets over several years now have been on an upward trajectory. We have higher interest rates and it was really an opportunistic way for us to kind of lock in the exit value here and also finding a really good partner that we've been able to work with and get to know and feel good about the action.

因此，股票市場近幾年一直處於上升趨勢。我們的利率較高，這對我們來說確實是一種機會主義的方式，可以鎖定退出價值，同時找到一個真正好的合作夥伴，我們可以與之合作，了解並對行動感到滿意。

Got you. Thanks. And then just my follow-up, can you comment on what your underwriting experience was like in MetLife Holdings this quarter between let's say, on the mortality side, for life insurance and then also on long-term care. Thanks

明白了。謝謝。然後我的後續問題是，您能否評論一下本季度您在大都會人壽控股的承保經歷，例如在死亡率方面，人壽保險以及長期護理方面。謝謝

It was very much in line this quarter across both the LTC book as well as the retail life book. So nothing to note here in terms of underwriting across MLH.

本季度，長期照護保險帳簿和零售壽險帳簿的表現都非常一致。因此，在 MLH 承保方面沒有什麼需要注意的。

Thanks Ramy.

謝謝拉米。

Ryan Krueger, KBW.

瑞安·克魯格（Ryan Krueger），KBW。

Hey, thanks. Good morning. First question was more high level. Just hoping to get some thoughts on the current environment. To what extent is it influencing changes in how you're managing the company, I guess, for example, are you -- would you anticipate any changes to the capital management strategy or the expense strategy given the uncertainty in this environment? Or do you view things largely as business as usual for now?

嘿，謝謝。早安.第一個問題比較高層次。只是希望對當前環境有一些想法。它在多大程度上影響了您管理公司的方式的變化，例如，考慮到這種環境的不確定性，您是否預期資本管理策略或費用策略會發生任何變化？或者您認為目前一切基本正常？

Yeah. Hi, good morning, Ryan, thanks for the question. It's Michel. So clearly, we're not oblivious to the environment in which we operate. We sort of -- I think it's fair to say that the possibility of a recession has risen. Having said that, I think our strategy, we like to call it all weather because, again, it doesn't assume a rosy picture.

是的。嗨，早上好，Ryan，謝謝你的提問。我是米歇爾。顯然，我們並沒有忽略我們所處的環境。我們有點——我認為可以公平地說，經濟衰退的可能性已經上升。話雖如此，我認為我們的策略，我們喜歡稱之為全天候策略，因為它並沒有呈現出樂觀的前景。

It does not assume a deep recession either so I would say we're very much focused on executing on the pillars of the strategy. So no change whatsoever when it comes to that. I think you can see from sort of our capital management action that, again, there no change in terms of our approach.

它也沒有假設會出現深度衰退，所以我想說我們非常專注於執行該策略的支柱。因此就這一點而言，沒有任何變化。我想您可以從我們的資本管理行動中看到，我們的方法沒有改變。

The $3 billion authorization the 4.1% increase in income and dividends per share, again, sort of evidence in terms of the confidence that our Board and we have and our financial standing. Given the environment, we tend to focus on those levers that we do control expenses as one of them.

30 億美元的授權使每股收入和股息增加 4.1%，這再次證明了我們董事會和我們對我們的信心以及我們的財務狀況。考慮到當前的環境，我們傾向於將重點放在控制費用的那些槓桿上。

We want to continue to invest in strategic growth initiatives, but at the same time, there are discretionary aspects to expenses that we -- that have asked the team to make sure that we're managing really, really well given the environment.

我們希望繼續投資於策略性成長計劃，但同時，我們要求團隊確保在當前環境下能夠妥善管理開支。

So -- but beyond that, I would say, I don't like to use the term BAU, but I would say we're very much sticking to our strategy and really pleased also with the underlying momentum that we're seeing across our businesses.

所以 — — 但除此之外，我想說，我不喜歡使用 BAU 這個詞，但我想說我們非常堅持我們的策略，並且對我們在整個業務中看到的潛在勢頭感到非常高興。

Thank you. And then in group benefits, PFO growth, I think ex participating policies was towards the lower end of your target. Can you give a little bit more color on what you're seeing and also how you think that may progress as the year goes along?

謝謝。然後在團體福利、PFO 成長方面，我認為前參與政策接近目標的低端。您能否更詳細地說明一下您所看到的情況以及您認為隨著時間的推移情況將如何發展？

Thank you, Ryan and good morning. So if you think about our 2% reported number here, there are two drivers driving that kind of headline number. The first and the larger impact, I would say, is the favorable mortality we saw from those participating contracts, which John talked about -- if you compare our life underwriting ratios year over year, we did see more than a 5 point drop in mortality this quarter from Q1 of really great outcome from an underwriting perspective, especially in what is a seasonally high mortality quarter.

謝謝你，瑞安，早安。因此，如果你考慮我們這裡報告的 2% 的數字，你會發現有兩個因素推動了這個總體數字。我想說，第一個也是最大的影響是，我們從這些參與合約中看到了有利的死亡率，正如約翰所說的那樣 - 如果你將我們的人壽承保率與去年同期進行比較，我們確實看到本季度的死亡率與第一季度相比下降了 5 個百分點以上，從承保的角度來看，這是一個非常好的結果，特別是在季節性死亡率高的季度。

As you know, Q1 does tend to be heavier. Now the impact that has on our participating contracts, you get lower death claims, which result in lower premiums. So if you exclude that impact, the underlying PFO growth was about 4%. So you're talking about a 200 basis points growth that is masked in our headline number. The other driver for the quarter does relate to our 1:1 rate actions that we took on our dental block.

如您所知，Q1 確實趨於更重。現在，這對我們的參與合約產生的影響是，死亡索賠金額降低，從而導致保費降低。因此，如果排除這種影響，潛在的 PFO 增長約為 4%。所以，您說的 200 個基點的成長被我們的總體數字掩蓋了。本季的另一個驅動因素確實與我們在牙科領域採取的 1:1 利率行動有關。

As we discussed a few times over the last six months, we did see a faster than expected acceleration in dental utilization. As part of our underwriting discipline, we are very quick to take actions when we see the market utilization numbers move and 1:1 is the most significant renewal date for our dental business.

正如我們在過去六個月中多次討論的那樣，我們確實看到牙科利用率的增長速度快於預期。作為核保紀律的一部分，當我們看到市場利用率數字發生變化時，我們會迅速採取行動，而 1：1 是我們牙科業務最重要的續約日期。

So these actions did have an impact on our persistency in the dental block, but we remain disciplined in the market and we did get the rate increases that we required, and we walked away from some business that didn't meet our target margins. I would say, as you look forward, the dental rate actions are largely behind us at this point.

因此，這些行動確實對我們在牙科領域的堅持產生了影響，但我們在市場中仍然保持紀律，我們確實獲得了所需的價格上漲，並且放棄了一些未達到目標利潤率的業務。我想說，當你展望未來時，牙科費率行動目前已基本成為過去。

And in fact, we're seeing the earnings benefit starting to come through our dental earnings. And as you think about the full year, both of these effects, the par impact as well as the dental impact will moderate. So you should expect us for a full year reported basis to be back in line with our guidance of 4% to 7%.

事實上，我們看到收入收益開始透過牙科收入體現出來。當你考慮全年時，這兩種影響，即平價影響以及牙科影響都會緩和。因此，您應該預期我們的全年報告成長率將恢復到 4% 至 7% 的預期。

And you would have had another 100 basis points or so, if you want to look at the underlying numbers, which exclude the power contracts. And then the last thing I would say is based on our really strong results this quarter, we're also expecting no change to our full year outlook on earnings for the group business.

如果您想查看不包括電力合約的底層數字，那麼您將獲得另外 100 個基點左右。最後我想說的是，基於我們本季強勁的業績，我們預期集團業務全年獲利前景不會改變。

Great. Thank you.

偉大的。謝謝。

Suneet Kamath, Jefferies.

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

Thanks. Good morning. Just wanted to ask on the buyback. It was obviously very strong in the first quarter. And in April, it was pretty modest. And I get your comment about kind of catching up to back activity in the fourth quarter.

謝謝。早安.只是想問一下回購的情況。第一季的表現顯然非常強勁。而四月份，這數字相當溫和。我明白您關於在第四季度追趕上來的活動的評論。

But was there anything in the month of April that was sort of precluding you from maybe leaning in a little bit. I don't know if this VA deal was big enough where you were blacked out. But anything going on with the timing there?

但是四月是否有任何事阻礙您稍微傾斜。我不知道這個 VA 交易是否大到讓你被駭。但是那裡的時間安排有什麼問題嗎？

Yeah. Hi, Suneet, Michel here. No, I think we sort of -- April was sort of in line with -- we did what we set out to do, I would say. So there wasn't any impact from any pending announcements or anything like that. As I mentioned, in the first quarter, we leaned then, given the fact that in the fourth quarter, given some pending announcements there, we were precluded from potentially doing more than we did.

是的。你好，Suneet，我是 Michel。不，我認為我們有點——四月有點符合——我想說，我們做了我們打算做的事情。因此，任何待定公告或類似消息均不會產生影響。正如我所提到的，在第一季度，我們傾向於這樣做，因為在第四季度，由於有一些尚未公佈的公告，我們可能無法做更多的事情。

But clearly, as I said, you can expect a more measured pace from here. So don't use the $1.4 billion in the quarter as a quarterly run rate. And we'll continue to be opportunistic but deliberate as well when it comes to our activity here. What I would also reiterate is that nothing changes in how we think about capital. Our first priority is funding attractive organic growth.

但顯然，正如我所說，你可以期待從現在開始更加平穩的步伐。因此，不要將本季的 14 億美元用作季度運行率。當我們在這裡開展活動時，我們將繼續抓住機會，但也會深思熟慮。我還要重申的是，我們對資本的看法並沒有改變。我們的首要任務是資助有吸引力的有機成長。

Next, we will look for strategic inorganic opportunities that are risk adjusted hurdle rate clearing, and I think PineBridge is a good example of that. And then if we have excess capital, we will return it deliberately over time as we've consistently done.

接下來，我們將尋找風險調整後的最低收益率清算的策略性無機機會，我認為 PineBridge 就是一個很好的例子。如果我們有剩餘資本，我們會像往常一樣，隨著時間的推移有意返還。

Okay. That's fine. That makes sense. And then, I guess, for Ramy. Obviously, the PRT sales in the first quarter were pretty strong. But in markets like this where interest rates are moving around and equity markets are swinging around and maybe the funding status of pension plans or swinging around as well. Does that do anything to kind of activity in the market one way or the other? Just want to get a sense of how we should think about if this environment persists, what PRT could look like as we move through the year? Thanks.

好的。沒關係。這很有道理。然後，我想，對於拉米來說。顯然，第一季的 PRT 銷售相當強勁。但在這樣的市場中，利率正在波動，股票市場在波動，退休金計畫的資金狀況可能也在波動。這會對市場活動產生什麼影響嗎？只是想了解一下，如果這種環境持續下去，我們該如何思考，PRT 在接下來的一年裡會是什麼樣子？謝謝。

Thank you, Suneet. I mean excessive market volatility does have an impact, I would say it's more of a timing impact in terms of from a plan sponsor perspective, it can be a distraction in terms of ensuring how they're kind of thinking about their ALM and in the context of highly volatile markets.

謝謝你，Suneet。我的意思是過度的市場波動確實會產生影響，我想說從計劃發起人的角度來看，這更多的是一種時間影響，它可能會分散他們的注意力，使他們無法確保自己如何思考資產負債管理 (ALM)，以及在高度波動的市場背景下。

But having said that, if you think about the space that we play in, in the PRT space, the jumbo space, these are planned sponsors who have been on a derisking journey for a number of years. And therefore, as part of that derisking journey they are far more hedged, if you will, from a liability-driven perspective, both in terms of their interest rate, exposure of the assets versus the liabilities and would be largely out of the kind of risky bucket of assets, equities, alternatives well before the point that they're ready to transact.

但話雖如此，如果你想想我們所處的領域，在 PRT 領域、巨型領域，這些都是計劃中的贊助商，他們多年來一直在降低風險。因此，作為降低風險過程的一部分，從負債驅動的角度來看，他們的對沖力度要大得多，無論是在利率方面，還是在資產與負債的敞口方面，並且在他們準備交易之前，基本上已經脫離了那些高風險資產、股票和另類投資。

So which -- that tells you the stability of the segment of PRT plan sponsor of DB plan sponsors who would transact well hedged and we wouldn't expect to see much change in their funding ratios. And therefore, we think there may be a temporary impact in terms of a distraction, if you will, but we don't see that having a real change in terms of the pipeline of the transactions that will come through.

所以，這告訴你 PRT 計劃發起人和 DB 計劃發起人的部分的穩定性，他們會進行良好的對沖交易，我們預計他們的資金比率不會發生太大變化。因此，我們認為，就分心而言，可能會產生暫時的影響，但我們認為，就即將進行的交易管道而言，不會發生真正的變化。

That makes sense. Thanks.

這很有道理。謝謝。

Wes Carmichael, Autonomous Research.

韋斯·卡邁克爾，自主研究。

Hey, good morning. First question on variable investment income. I think you have guided for a bit more normal return in 2025 and a pretty decent result in the quarter. But given the market volatility in April and some shelved IPOs in the wake of tariff announcements, are you expecting you can still come in at a more normal level for the year? And if you have any insight into Q2, that would be helpful.

嘿，早安。第一個問題是關於可變投資收益。我認為您預測 2025 年的回報率會更加正常，本季的業績會相當不錯。但考慮到 4 月的市場波動以及關稅公告發布後一些 IPO 被擱置，您是否預計今年的業績仍能達到更正常的水平？如果您對 Q2 有任何見解，那將會很有幫助。

Hey Wes, it's John. Yeah. So VII in this quarter, I mean, private equity, as we mentioned in our opening remarks had a 1.6% return in the quarter. Just as a side note, we also saw over $600 million of distributions come through so well in excess of actually the earnings we saw in the quarter. Again, I would say, a function of our well-diversified seasoned portfolio in the private equity funds.

嘿，韋斯，我是約翰。是的。因此，正如我們在開場白中提到的那樣，本季的 VII，即私募股權，本季的回報率為 1.6%。順便說一句，我們還看到超過 6 億美元的分配額，遠遠超過了我們本季看到的實際收益。我再說一遍，這是我們在私募股權基金中多元化、成熟的投資組合的功能。

We also had real estate funds on average come in and real estate related funds come in around 2%. So lower than kind of the implied run rate from the guidance we gave, but above the fourth quarter, which was in line with the range we gave a quarter ago.

我們也有房地產基金平均進入，房地產相關基金進入約 2%。因此，低於我們給出的指引中隱含的運行率，但高於第四季度，這與我們一個季度前給出的範圍一致。

And to your point around the outlook, look, while these investments have tended to lag public equity markets, public equity markets did very well last year. We saw, obviously, there's a number of factors why PE returns were lag there. But the current environment creates some challenge and an already difficult to project PE probably more challenging to predict in the current environment.

至於您對前景的觀點，雖然這些投資往往落後於公開股票市場，但去年公開股票市場表現非常好。顯然，我們看到，導致 PE 回報滯後的因素有很多。但當前的環境帶來了一些挑戰，在當前環境下，預測本益比可能更具挑戰性。

So one of the things I mentioned in my opening remarks is that in light of this uncertainty, we plan to actually provide some preliminary information in early July on the VII and we should have decent insight. So just again, in light of the kind of the, I'd say, the unusual situation that we have, we'll look to do that as opposed to trying to forecast anything for now. So hopefully, that helps.

因此，我在開場白中提到的一件事是，鑑於這種不確定性，我們計劃在 7 月初提供有關 VII 的一些初步信息，我們應該會有相當的了解。因此，鑑於我們所處的這種不尋常的情況，我們會考慮這樣做，而不是試圖預測任何事情。希望這能有所幫助。

Yeah, it does. Thanks, John. And I guess my second question, I know I've asked a couple of times before, but as we're nearing implementation of the ESR in Japan, I think there are a couple of conversations with the industry and the regulator on some treatment of long duration and FX-denominated products. Are you still feeling pretty good about implementation and any thoughts on how that folds into your expected reinsurance strategy?

是的，確實如此。謝謝，約翰。我的第二個問題是，我知道我之前已經問過幾次了，但是隨著我們即將在日本實施 ESR，我認為我們已經與行業和監管機構就一些長期和外匯計價產品的處理方式進行了幾次對話。您對實施情況是否仍感到滿意？對於如何將其融入您預期的再保險策略，您有何想法？

Yeah. I think you asked it a few times we'll probably give you the same answer we've given a few other times, which is still feeling pretty good. We -- it's an effective April 1, probably three things to think about. One is operational readiness. We feel like we're in a good position.

是的。我想你問過幾次了，我們可能會給你和之前幾次相同的答案，這感覺仍然很好。我們—從 4 月 1 日起生效，可能有三件事需要考慮。一是作戰準備。我們感覺我們處於有利地位。

It wasn't -- there are things that aren't perfect. But all in all, taking the collective weight of items, certainly one we can manage through. And we feel like we've made really good progress with the new framework. Other things to just remind you, we've always kind of priced under an economic framework in the past.

事實並非如此——有些事情並不完美。但總而言之，考慮到所有物品的總重量，我們肯定能夠應付。我們覺得新框架已經取得了很好的進展。另外要提醒您的是，過去我們一直是依照經濟框架來定價的。

So moving to this doesn't -- it really doesn't change how we would operate. We always had a view of economic and in kind of the statutory framework. So that was always under our mentality, making sure good ALM always matched in terms of rates and currency in terms of our products. So -- and then I think we'll -- as we look at it now, there's certainly nothing that would indicate that it would change our dividend policy or factor as it relates to Japan.

因此，轉向這種方式實際上不會改變我們的運作方式。我們始終關注經濟和法定框架。因此，我們始終秉持這一理念，確保良好的 ALM 在利率和貨幣方面與我們的產品始終相符。所以 - 然後我認為我們會 - 正如我們現在所看到的，肯定沒有任何跡象表明它會改變我們的股息政策或與日本相關的因素。

Great. Thank you.

偉大的。謝謝。

Wilma Burdis, Raymond James.

威爾瑪伯迪斯、雷蒙詹姆斯。

Hey, good morning. We just worked on an analysis of portfolio yield. And what we found is that men provides a very attractive risk adjusted return. Could you just talk about your market -- how you market NIM and what the organic growth type look pipeline looks like there? Thanks.

嘿，早安。我們剛剛對投資組合收益率進行了分析。我們發現，男性的風險調整報酬率非常有吸引力。您能否談談您的市場——您如何行銷 NIM 以及那裡的有機成長類型管道是什麼樣的？謝謝。

Hi Wilma, thanks for that. Well, you can feel free to share that announcement or analysis, we'd like to see it, too. But look, I think from a philosophy perspective, we certainly feel the same. And certainly, as it relates to clients that we look to serve. And look, I think pipeline continues to be good coming out. It's -- obviously, there's a variety of different factors over the last different few years, but there's been a steady growth in the client segments that we serve.

嗨，威爾瑪，謝謝你。好吧，您可以隨意分享該公告或分析，我們也想看到。但從哲學角度來看，我認為我們確實有同樣的感受。當然，這與我們希望服務的客戶有關。而且我認為，管道的狀況會持續良好。顯然，過去幾年中存在著各種不同的因素，但我們服務的客戶群一直在穩步成長。

And that's -- we see that continuing. I think to your point, I think the quality of our products and solutions that we offer we believe, is differentiated and certainly provide what we believe is a great long-term value for our clients and our partners. So as of now, I'd say things continue. There's a lot of activity out there. There's a lot of opportunities from a business development perspective, and we're very optimistic of our five year strategy here. So hopefully, that helps.

我們看到這種情況仍在繼續。我認為正如您所說，我們提供的產品和解決方案的品質是獨一無二的，並且肯定會為我們的客戶和合作夥伴帶來巨大的長期價值。所以截至目前，我想說事情還在繼續。那裡有很多活動。從業務發展角度來看，有很多機會，我們對我們的五年策略非常樂觀。希望這能有所幫助。

Great. And could you just talk about the type of assets that you're managing for Talcott? Thank you.

偉大的。您能談談您為 Talcott 管理的資產類型嗎？謝謝。

Yeah. We don't get into too much details, but I'll give you -- generally, there's $6 billion of assets that we were able to kind of obtain through an investment management mandate. Half of it is a function of some of the assets that are part of this transaction. Another half was actually separate.

是的。我們不會談論太多細節，但我可以告訴你——一般來說，我們能夠透過投資管理授權獲得 60 億美元的資產。其中一半是本次交易中部分資產的功能。另一半實際上是分開的。

But as we obviously got to know and built a relationship with Talcott over time and also being able to share some of our capabilities, we're able to kind of work with them and provide additional mandate on top of that. Mostly, I'll just say in some of the public fixed income area, but also some of those were overseas. So maybe that helps.

但隨著時間的推移，我們顯然與 Talcott 建立了聯繫，並且能夠分享我們的一些能力，我們能夠與他們合作並在此基礎上提供額外的授權。我主要說的是一些公共固定收益領域，但也有一些是在海外。所以這也許有幫助。

Thank you.

謝謝。

Joel Hurwitz, Dowling.

喬爾·赫爾維茨，道林。

Hey, good morning. Can you unpack the nonmedical health loss experience in the quarter I get the seasonality, but was surprised to see it up a bit year over year. And I guess how is dental experienced this quarter versus last year period?

嘿，早安。您能否解釋一下本季非醫療健康損失的經驗？我了解季節性，但驚訝地發現它比去年同期有所增加。我想問一下本季牙科的體驗與去年同期相比如何？

Sure. It's Ramy here. So maybe let me start with the dental piece. So the performance of the dental business in this quarter was well in line with our expectations. Recall that Q1 just tends to be a higher utilization quarter as the benefit resets.

當然。我是拉米。那麼就讓我先從牙科部分開始吧。因此本季牙科業務的表現完全符合我們的預期。回想一下，隨著收益重置，第一季往往是利用率較高的季度。

And then I'll also just point you to what I just mentioned earlier with respect to the disciplined underwriting here in terms of the actions that we've been taking on 1:1, and we're certainly pleased with the outcome of those actions. And that will set us up nicely in combination with the heavy Q1 utilization quarter behind us to see a gradual decline for the nonmedical health ratio.

然後，我還要向你們指出我剛才提到的關於我們按照 1:1 採取的嚴格承保行動，我們對這些行動的結果感到非常滿意。這將使我們與第一季的高利用率結合，看到非醫療健康比例逐漸下降。

And think of that for the full year being towards the midpoint of our range. The other parts of the ratio disability, disability continues to perform very much in line with our expectations. STD and LTD incidents came in right on the mark. We continue to see very strong recoveries in terms of the closures. I would say those are coming in slightly ahead of our expectations in the disability block.

想像一下，全年的業績將接近我們預期範圍的中間點。殘疾比率的其他部分，殘疾的表現仍然非常符合我們的預期。STD 和 LTD 事件恰好發生了。我們繼續看到關閉方面的強勁復甦。我想說，這些在殘疾人領域的進展略高於我們的預期。

And the small headwind we did see in disability relates to delays in the social security administration approvals which did have somewhat of an impact this quarter, albeit small. So net-net, I would say, performing in line with our expectations and think of a full year number to be close to the midpoint of our range.

我們在殘疾方面確實看到的小阻力與社會安全管理局批准的延遲有關，這確實對本季度產生了一定影響，儘管影響不大。因此，我想說，淨值表現符合我們的預期，並認為全年數字接近我們範圍的中點。

Yeah. Very helpful. And then switching gears. Other Asia sales were very strong in the quarter. Can you just unpack what you saw there? And then I guess with the increased geopolitical tensions. What are you seeing in April thus far?

是的。非常有幫助。然後換檔。本季其他亞洲地區的銷售表現非常強勁。你能解釋一下你在那裡看到的東西嗎？然後我猜想地緣政治緊張局勢會加劇。到目前為止，您在四月看到了什麼？

Hey Joel, it's Lyndon here. Yeah, so let me give you color on kind of the overall sales in Asia, and we'll cover what happens in Japan as well as what's going on in the rest of Asia. We've had a strong start to the year. First quarter sales were up 10% across the region.

嘿，喬爾，我是林登。是的，那麼讓我向您介紹一下亞洲的整體銷售情況，我們將介紹日本以及亞洲其他地區的情況。今年我們有一個好的開始。第一季該地區的銷售額成長了 10%。

And we're on track to grow full year sales in line with our outlook of mid to high single digits. So let's start with Japan. We've had a good strong start. We've got strong market share across all our distribution channels, including the banca channel. And while we've seen some decline in the FX products in recent quarters, we are seeing momentum pick up. If you look at the sequential growth in the first quarter, it was strong.

我們的全年銷售額預計將按照我們預期的中高個位數成長。那我們就從日本開始吧。我們已經有了一個好的開始。我們在所有分銷管道（包括銀行管道）都擁有強大的市場份額。儘管近幾季外匯產品有所下滑，但我們看到其成長動能正在回升。如果你看一下第一季的連續成長，你會發現成長非常強勁。

Now looking at April, Michel mentioned, we launched a new single premium life product in the bank channel. This has been very well received and we've got other actions planned during the rest of the year. So we expect this momentum to continue.

現在回顧四月份，Michel 提到，我們在銀行通路推出了一款新的單一保費壽險產品。此舉受到了熱烈歡迎，我們計劃在今年剩餘時間採取其他行動。因此我們預計這種勢頭將會持續下去。

Now going to the rest of Asia, outstanding quarter. Sales were up 41% from the prior year. And this is driven primarily by China, where we saw the addition of some new bank partners come on board and that really helped with the sales there. And also in Korea, very strong performance in our face-to-face channels both in career agency as well as in the independent channels. So I hope that helps.

現在去亞洲其他地區，這是一個出色的季度。銷售額比上年增長了41%。這主要得益於中國市場，我們看到一些新的銀行合作夥伴加入，這對中國的銷售確實有幫助。在韓國，我們的面對面管道（無論是職業代理商還是獨立管道）都表現非常強勁。我希望這會有所幫助。

Thank you.

謝謝。

Nick Anito, Wells Fargo.

富國銀行的尼克·阿尼托。

Hey, good morning. Thanks. Just wanted to touch on group life and the expectation for the balance of the year, given it's been coming in pretty strong. Is it something you have confidence in for like a sustained period? Or is it more touch and go for the outer quarters?

嘿，早安。謝謝。只是想談談團體生活和對今年剩餘時間的期望，因為今年的情況相當強勁。您對它有持續一段時間的信心嗎？或者對於外部區域來說更危險？

Thanks for the question. Just maybe to comment on this quarter first. So we did see favorable incidents and really, you can draw almost a straight line between our results and the CDC population data results for the working age population.

謝謝你的提問。也許只是先對本季發表評論。因此，我們確實看到了有利的事件，實際上，你可以將我們的結果與 CDC 的工作年齡人口數據結果之間畫出一條幾乎直線。

And that favorability has been manifesting itself for the last kind of couple of quarters and working its way into our ratios. I would say at this point, I can't speculate and I don't want to speculate if the favorability will continue for the rest of the year. It's too early to tell.

這種有利因素在過去幾個季度中已經顯現，並已影響到我們的比率。我想說，目前我無法推測，也不想推測這種有利情況是否會在今年剩餘時間內持續下去。現在下結論還為時過早。

But what may be useful is just to come back to our outlook guidance ratios. So remember, we guided to be at the midpoint of the lower half of our range. So think of that as kind of an [85.5] number. And that guidance always assumes a heavier Q1 mortality.

但可能有用的只是回到我們的展望指導比率。所以請記住，我們指導的是處於範圍下半部的中點。所以可以把它想像成一個 [85.5] 的數字。而該指導總是假設第一季的死亡率更高。

So with Q1 behind us and Q1 being favorable, just a simple arithmetic here even if we continue not to see any further favorability, the simple arithmetic would have us towards the lower end of our range for the full year. So think about an [84] number for the full year compared to the guidance that we have given you before.

因此，隨著第一季的結束以及第一季的良好表現，即使我們繼續看不到任何進一步的有利因素，透過簡單的算術運算，我們也能得出全年預期範圍的下限。因此，與我們之前給您的指導相比，請考慮全年的 [84] 數字。

Got it. That's really helpful. And then I guess just on Chariot Re, can you guys give any update there? I think you previously said the expectation would be to do initial back book deal out of Met, but any update there would be helpful. Thanks.

知道了。這真的很有幫助。然後我想就 Chariot Re 而言，你們能提供任何更新嗎？我認為您之前說過期望是與大都會博物館達成初步的圖書交易，但任何更新都會有所幫助。謝謝。

Yeah. Hi Nick, it's Michel. So really pleased with our progress, and we're excited about the growth opportunities that Chariot Re will allow us to capture. We're moving at pace with our cosponsor and Atlantic to fully capitalize and operationalize the company.

是的。你好，尼克，我是米歇爾。我們對我們的進展感到非常高興，並且對 Chariot Re 將為我們帶來的成長機會感到非常興奮。我們正與我們的共同贊助商和大西洋資本公司同步前進，以充分利用和經營該公司。

The intention here, I'll just reiterate as to create a long-term partnership between MetLife and Chariot Re. And as we discussed at Investor Day, Chariot Re would enhance our capital flexibility and efficiency and allow us to generate liability growth beyond our balance sheet capacity if need be. And again, our plans are sort of on track, I would say, in terms of expecting to launch around midyear.

我只想重申一下，我們的意圖是建立大都會人壽和 Chariot Re 之間的長期合作關係。正如我們在投資者日所討論的那樣，Chariot Re 將增強我們的資本靈活性和效率，並允許我們在必要時產生超出資產負債表容量的負債成長。我想說的是，我們的計劃基本上進展順利，預計將於年中左右推出。

And that concludes our question-and-answer session. And I will now turn the conference back over to John Hall for closing remarks.

我們的問答環節到此結束。現在我將會議交還給約翰·霍爾，請他致閉幕詞。

Great. Thank you, operator, and thank you, everybody for joining us. Have a great day.

偉大的。謝謝接線生，也謝謝大家的參與。祝你有美好的一天。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。