大都會人壽保險 (MET) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the MetLife Second-Quarter 2025 Earnings Conference Call.

女士們、先生們，感謝你們的支持。歡迎參加大都會人壽 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

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有關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. Sir, you may begin.

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)。先生，您可以開始了。

Thank you, operator. Good morning, everyone. We appreciate your participation today on MetLife's Second-Quarter 2025 Earnings Call.

謝謝您，接線生。大家早安。感謝您今天參加大都會人壽 2025 年第二季財報電話會議。

Before we begin, I direct 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 supplement, which you should review.

在我們開始之前，我建議您參閱我們收益報告和季度財務補充報告中 metlife.com 投資者關係部分中有關非 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 available to participate in the discussion are other members of senior management.

今天早上參加電話會議的有總裁兼執行長 Michel Khalaf 和大都會人壽投資管理公司財務長兼主管 John McCallion。其他高階主管也可以參與討論。

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. 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 will end at the top of the hour.

昨晚，我們發布了一組補充幻燈片，介紹本季的情況。它們可以在我們的網站上找到。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。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，並在整點時結束。

As a reminder, please limit yourself to one question and one follow-up.

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 welcome, everyone, to this morning's call.

謝謝你，約翰，歡迎大家參加今天早上的電話會議。

During the second quarter, we continued to navigate an evolving and dynamic economic environment, while executing against our New Frontier growth strategy. We demonstrated all weather performance and clear momentum across business segments posting strong sales in many markets, executing strategic transactions, maintaining a laser focus on managing expenses, and returning capital to shareholders. Although the second quarter does not demonstrate the full earnings power of MetLife, we're confident in our ability to deliver on the commitments of our New Frontier strategy. Looking ahead, we are encouraged by the underlying momentum across our businesses as we head into the back half of the year.

在第二季度，我們繼續應對不斷變化和充滿活力的經濟環境，同時執行我們的新前沿成長策略。我們在各個業務部門都表現出了全天候的表現和明顯的發展勢頭，在許多市場實現了強勁的銷售，執行了戰略交易，保持了對管理費用的高度關注，並向股東返還了資本。儘管第二季並未展現出大都會人壽的全部獲利能力，但我們有信心能夠履行新前沿戰略的承諾。展望未來，隨著下半年的到來，我們對各項業務的潛在發展動能感到鼓舞。

Turning to the results. We reported adjusted earnings of $1.4 billion or $2.02 per share for the second quarter. This reflects less favorable underwriting, albeit within normal fluctuations and less favorable investment margins versus a year ago. Variable investment income, which we report on a one-quarter lag, was in line with our June disclosure. Our private equity portfolio generated a positive 0.9% return in contrast to a negative 4.6% return for the comparable time frame for the S&P 500.

轉向結果。我們報告第二季調整後的收益為 14 億美元，即每股 2.02 美元。這反映出承保情況不太有利，儘管在正常波動範圍內，並且與一年前相比投資利潤率較低。我們報告的可變投資收益落後一個季度，與我們 6 月揭露的數據一致。我們的私募股權投資組合產生了正 0.9% 的回報，而標準普爾 500 指數同期的回報為負 4.6%。

We anticipate a better result in the third quarter and will continue with our advanced disclosure protocol. Among key performance metrics aligned to our New Frontier commitments, we generated a quarterly adjusted return on equity of 14.6%, well above our cost of capital and very near our mid-teenth target range while also absorbing below par variable investment income.

我們預計第三季的業績會更好，並將繼續執行我們先進的揭露協議。在與我們的新前沿承諾一致的關鍵績效指標中，我們實現了 14.6% 的季度調整後股本回報率，遠高於我們的資本成本，非常接近我們的十五分之一目標範圍，同時還吸收了低於票面價值的可變投資收益。

We continue to focus on what we can control, actively managing our expenses while still investing for growth and achieving a quarterly direct expense ratio of 11.7%, beating our annual target of 12.1%, and we generated strong free cash flow, enabling us to return roughly $900 million to shareholders in the form of common dividends and share repurchases in the quarter.

我們繼續專注於我們能夠控制的事情，積極管理我們的費用，同時仍然投資於增長，實現季度直接費用率 11.7%，超過 12.1% 的年度目標，並且我們產生了強勁的自由現金流，使我們能夠在本季度以普通股股息和股票回購的形式向股東返還約 9 億美元。

Moving to business segment highlights. Group Benefits adjusted earnings of $400 million were down from a record quarter in the prior year, largely due to less favorable life and non-medical health underwriting in the quarter. Although group life underwriting was less favorable than a year ago, we outperformed relative to our 2025 outlook range, which we expect to continue for this year.

轉向業務部門亮點。團體福利調整後收益為 4 億美元，低於去年同期的創紀錄水平，主要原因是本季人壽和非醫療健康承保情況不佳。儘管團體人壽承保不如一年前那麼有利，但相對於 2025 年的展望範圍，我們的表現仍然優異，我們預計今年這種表現將持續下去。

For non-medical health, while still within a normal range, we saw some elevated experience in several products, which we do not expect to continue in the balance of the year. We also saw a small number of large disability claims during the quarter that can occur from time to time, which we do not believe to be a trend.

對於非醫療健康領域，雖然仍在正常範圍內，但我們發現一些產品的體驗有所提升，我們預計這種情況不會在今年餘下時間繼續下去。我們也發現本季偶爾會出現少量大額殘障索賠，但我們認為這不是一種趨勢。

Year to date, group benefit sales are up 9%, driven by growth in regional business. Adjusted premiums, fees, and other revenues grew 4% from a year ago. We continue to find new ways to grow and capitalize on market trends, including investing in tools that simplify and enable the benefits experience while creating a distribution advantage.

今年迄今為止，受區域業務成長的推動，團體福利銷售額成長了 9%。調整後的保費、費用和其他收入比去年同期增加了 4%。我們不斷尋找新的方式來發展和利用市場趨勢，包括投資於簡化和實現福利體驗同時創造分銷優勢的工具。

We signed an additional strategic partnership with Workday in June to reach more employers and better serve their employees with our benefits experience platform applies. In fact, two-thirds of employees surveyed have shared that Upwise makes the process of choosing benefits easier, leading to greater participation and voluntary products.

我們在 6 月與 Workday 簽署了額外的策略合作夥伴關係，以便接觸更多雇主並透過我們的福利體驗平台更好地為他們的員工提供服務。事實上，受訪的三分之二的員工表示，Upwise 讓選擇福利的過程變得更容易，從而帶來了更多的參與和自願產品。

In our Retirement and Income Solutions or RIS, segment, we reported adjusted earnings of $368 million, mainly due to lower recurring interest margins. Total liability exposures were up 6% from a year ago and above our 2025 outlook range of 3% to 5%. This was driven by outstanding growth in UK longevity reinsurance and a strong contribution from general account products.

在我們的退休和收入解決方案或 RIS 部門，我們報告的調整後收益為 3.68 億美元，主要原因是經常性利息利潤率較低。總負債曝險較上年同期成長了 6%，高於我們對 2025 年 3% 至 5% 的預期範圍。這是由英國長壽再保險的出色成長和一般帳戶產品的強勁貢獻所推動的。

Another product line within RIS is our Funding Agreement Back Note or FABN business. As a pioneer in this stack of spread lending, our ability to originate this business is well established. We originate at a favorable cost of funding due to the quality of our balance sheet and the breadth and liquidity of our market presence. We match our low-cost origination with our topflight asset and liability management. We do all this while minimizing funding and maturity risks, satisfying two principal tenets of our New Frontier strategy, attractive returns with lower risk.

RIS 的另一條產品線是我們的融資協議回單或 FABN 業務。作為此類利差借貸的先驅，我們開展此項業務的能力已得到充分證實。由於我們的資產負債表品質以及我們市場影響力的廣度和流動性，我們以優惠的融資成本開始。我們將低成本的發起與一流的資產和負債管理相結合。我們在做到這一切的同時，最大限度地降低融資和到期風險，滿足我們的新前沿策略的兩個主要原則，即較低的風險帶來可觀的回報。

Shifting to Asia, adjusted earnings were $350 million on less favorable investment and underwriting margins. Business momentum was particularly strong as sales rose 9% on a constant currency basis, propelled by our two largest markets in the region. On a constant currency basis, sales jumped 29% and 36% in Japan and Korea, respectively, following successful new product launches.

轉向亞洲，由於投資和承保利潤率較低，調整後的收益為 3.5 億美元。業務動能尤為強勁，在該地區兩個最大市場的推動下，銷售額以固定匯率計算成長了 9%。以固定匯率計算，隨著新產品的成功推出，日本和韓國的銷售額分別成長了 29% 和 36%。

Strong sales growth also translated into growth in general account assets under management, which rose 6% year over year on a constant currency basis. Tied to this momentum, I recently visited Japan and Korea where I had the opportunity to witness firsthand the team's energy and focus on achieving our New Frontier commitments.

強勁的銷售額成長也轉化為管理的一般帳戶資產的成長，以固定匯率計算年增 6%。藉此良機，我最近訪問了日本和韓國，在那裡我有機會親眼目睹團隊的活力以及對實現新前沿承諾的專注。

For Latin America, adjusted earnings totaled $233 million matching the segment's all-time quarterly high results. Adjusted earnings were up 3% and 15% on a constant currency basis from the same period a year ago. Contributors included volume growth across the region, a consistent theme for Latin America, along with favorable Chilean encaje returns in the quarter. Rounding out our international markets, EMEA posted near-record adjusted earnings of $100 million, up 30% on both a reported and constant currency basis, primarily due to volume and sales growth across the region.

拉丁美洲的調整後收益總計 2.33 億美元，與該部門的歷史季度最高業績持平。調整後收益較去年同期成長 3%（以固定匯率計算成長 15%）。貢獻因素包括整個地區的銷售成長（這是拉丁美洲的一貫主題）以及本季智利 encaje 的良好回報。在我們的國際市場中，歐洲、中東和非洲地區的調整後收益接近創紀錄的 1 億美元，按報告和固定匯率計算均增長 30%，這主要歸功於該地區的銷量和銷售額的增長。

In addition to driving organic growth across our portfolio of businesses, we are adding value through strategic transactions, including three we've announced since December, the acquisition of PineBridge Investments, the formation of Chariot Re, and the risk transfer deal with Talcott Financial Group.

除了推動我們業務組合的有機成長之外，我們還透過策略交易增加價值，包括自 12 月以來宣布的三項交易：收購 PineBridge Investments、成立 Chariot Re 以及與 Talcott Financial Group 達成的風險轉移協議。

We are excited about the growth prospects for our expanded investment management platform with PineBridge. The acquisition has been well received by both firms' clients, and we're on track to close in the second half of this year. On July 1, we successfully launched Chariot Re alongside our cosponsor, General Atlantic, with an initial $10-billion reinsurance deal and more to come. Our strategic partnership with Chariot Re will support growth in our diversified retirement platform and generate institutional client assets under management for MetLife Investment Management.

我們對與 PineBridge 合作擴展的投資管理平台的成長前景感到非常興奮。這項收購得到了兩家公司客戶的一致好評，我們預計在今年下半年完成收購。7 月 1 日，我們與共同發起人泛大西洋資本集團 (General Atlantic) 成功推出了 Chariot Re，並達成了 100 億美元的初始再保險交易，未來還將達成更多交易。我們與 Chariot Re 的策略合作夥伴關係將支持我們多元化退休平台的成長，並為大都會人壽投資管理公司創造管理的機構客戶資產。

And our variable annuity risk transfer deal with Talcott is moving forward, and we're on schedule for our second-half close. This transaction will positively reduce MetLife's enterprise risk associated with the capital markets. These three initiatives showcased New Frontier in action. They are closely linked and illustrate how we are already delivering on our New Frontier priorities. Significantly, they place us at the conversions of insurance and asset management and position us to leverage the full power of MetLife.

我們與 Talcott 的變額年金風險轉移協議正在進行，下半年的收尾工作正在按計劃進行。此次交易將積極降低大都會人壽與資本市場相關的企業風險。這三項舉措展示了 New Frontier 的實際行動。它們緊密相連，並說明了我們如何實現我們的新前沿優先事項。重要的是，它們將我們置於保險和資產管理的轉換之中，並使我們能夠充分利用大都會人壽的全部力量。

Turning to capital and cash. MetLife was active with capital management in the second quarter. We paid roughly $400 million of common stock dividends to shareholders and repurchased approximately $500 million of our common stock. In July, we repurchased around $140 million of our common stock which brings our total year to date to over $2 billion. Since 2021, we've repurchased nearly $16 billion of our shares. We've done so consistently and evenly over that time frame, reducing our share count by more than 240 million shares. At the same time, we continue to invest for growth, funding acquisitions like PineBridge, which is in addition to the capital, we will return to shareholders in 2025.

轉向資本和現金。大都會人壽在第二季積極進行資本管理。我們向股東支付了約 4 億美元的普通股股息，並回購了約 5 億美元的普通股。7 月份，我們回購了約 1.4 億美元的普通股，這使得今年迄今的總回購額超過 20 億美元。自 2021 年以來，我們已回購了近 160 億美元的股票。我們在這段時間內持續平均減少了股票數量，減少了超過 2.4 億股。同時，我們繼續投資以實現成長，為 PineBridge 等收購提供資金，這是除資本之外的額外收入，我們將在 2025 年向股東返還。

At the end of the quarter, we had $5.2 billion of cash and liquid assets at our holding companies which is above the high end of our $3-billion to $4-billion target buffer range. We have prefunded second half preferred stock redemptions and debt maturities totaling $1.5 billion, which are included in our second-quarter cash balance.

截至本季末，我們的控股公司擁有 52 億美元的現金和流動資產，高於我們 30 億至 40 億美元的目標緩衝範圍的高端。我們已預付了下半年優先股贖回和債務到期款項，總額為 15 億美元，這些款項已計入我們的第二季度現金餘額。

In closing, this quarter showed how MetLife's diversified portfolio of market-leading businesses can deliver across economic cycles while providing a strong foundation for future financial outperformance. Our focus is unchanged, generating responsible growth and attractive returns with lower risk for our shareholders as well as value for our customers as we execute on the strategic priorities outlined by our New Frontier strategy.

最後，本季展示了大都會人壽多元化的市場領先業務組合如何能夠在整個經濟週期中發揮作用，同時為未來的財務優異表現奠定堅實的基礎。我們的重點沒有改變，即在執行「新前沿」策略概述的策略重點的同時，為股東創造負責任的成長和有吸引力的回報，降低風險，並為客戶創造價值。

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

現在我將把時間交給約翰來更詳細地介紹我們的表現。

Thank you, Michel, and good morning, everyone. I'll refer to the 2Q '25 supplemental slides, which covers highlights of our financial performance and an update on our liquidity and capital position.

謝謝你，米歇爾，大家早安。我將參考 25 年第二季的補充幻燈片，其中涵蓋了我們的財務業績亮點以及流動性和資本狀況的最新情況。

Starting on page 3, we provide a comparison of net income to adjusted earnings in the second quarter. Net derivative losses driven by stronger equity markets and an increase in long-term interest rates were the primary drivers of the variance between net income and adjusted earnings in the quarter. In addition, net investment losses reflect normal trading activity on the portfolio and a stable credit environment.

從第 3 頁開始，我們提供了第二季淨收入與調整後收益的比較。受股市走強和長期利率上升影響的淨衍生性商品損失是本季淨收入與調整後收益之間差異的主要驅動因素。此外，淨投資損失反映了投資組合的正常交易活動和穩定的信貸環境。

On page 4, you can see the second-quarter year-over-year comparison of adjusted earnings by segment and Corporate & Other. Adjusted earnings were $1.4 billion, down 16% -- and down 15% on a constant currency basis. The primary drivers were less favorable underwriting and lower investment margins. These were partially offset by volume growth and favorable expense margins year over year. Adjusted earnings per share were $2.02, down 11% and down 10% on a constant currency basis.

在第 4 頁，您可以看到第二季按部門和企業及其他部門劃分的調整後收益同比對比。調整後收益為 14 億美元，下降 16%，以固定匯率計算則下降 15%。主要驅動因素是承保條件較差和投資利潤率較低。但這些影響被銷售成長和年比有利的費用利潤率部分抵銷。調整後每股收益為 2.02 美元，下降 11%，以固定匯率計算下降 10%。

Moving to the businesses. Group Benefits adjusted earnings were $400 million, down 25% from the record quarter in the prior year. The key driver was less favorable underwriting margins across life and non-medical health products compared to Q2 of '24. The Group Life mortality ratio was 83% for the quarter, which is below the bottom end of our 2025 target range of 84% to 89% but less favorable than the record low mortality ratio of 79.1% in the prior year.

轉向企業。團體福利調整後收益為 4 億美元，較上年同期的創紀錄水準下降 25%。與 2024 年第二季相比，主要驅動因素是人壽和非醫療保健產品的承保利潤率較低。本季團體人壽死亡率為 83%，低於我們 2025 年目標範圍 84% 至 89% 的底線，但不如上一年創紀錄的 79.1% 的最低死亡率。

The non-medical health interest-adjusted benefit ratio was 74.8%, modestly above our annual target range of 69% to 74% and less favorable to the prior-year quarter of 70.8%, which also benefited from a positive disability reserve adjustment of approximately $30 million after tax. While individual product experiences were elevated, they generally fell within a normal quarterly fluctuation. However, collectively, they had a larger impact this quarter.

非醫療健康利息調整福利比率為 74.8%，略高於我們 69% 至 74% 的年度目標範圍，但低於去年同期的 70.8%，這也得益於稅後約 3000 萬美元的正殘障儲備金調整。雖然個別產品體驗有所提升，但整體而言仍處於正常的季度波動範圍內。然而，總體而言，它們對本季的影響更大。

Looking ahead to Q3, we expect the Group Life mortality ratio to continue its positive trend and be at or slightly below the bottom end of its annual target range. For the nonmedical health interest adjusted benefit ratio, we expect the Q3 ratio show an approximate 200-basis-point improvement from Q2 levels.

展望第三季度，我們預期團體人壽死亡率將持續維持正向趨勢，並達到或略低於其年度目標範圍的底端。對於非醫療健康利益調整後的福利比率，我們預計第三季比率將比第二季水準提高約 200 個基點。

Turning to the top line, Group Benefits adjusted PFOs were up 4% and driven by growth in core and voluntary products, while sales were up 9% year to date, led by growth in regional business and strong re-enrollment across products. RIS adjusted earnings were $368 million, down 10% year over year. The primary driver was less favorable recurring interest margins compared to Q2 of '24, which benefited from income from interest rate caps that have since matured.

談到營業收入，團體福利調整後的 PFO 增長了 4%，這得益於核心產品和自願產品的增長，而今年迄今為止的銷售額增長了 9%，這主要得益於區域業務的增長和各產品強勁的重新註冊。RIS 調整後收益為 3.68 億美元，年減 10%。主要驅動因素是與 24 年第二季相比，經常性利息利潤率較低，這得益於已經到期的利率上限所帶來的收入。

RIS investment spreads were 102 basis points, down 12 basis points sequentially due to lower variable investment income. RIS spreads, excluding VII were flat sequentially at 101 basis points. RIS continues to achieve strong business momentum. While adjusted PFOs declined year over year due to strong US pension risk transfer sales in Q2 of '24. Adjusted PFOs, excluding PRTs were up 24%, primarily driven by continued robust growth in UK longevity reinsurance. In addition, total liability exposures grew 6% versus the prior-year period, including 5% in our spread earning general account liabilities.

RIS 投資利差為 102 個基點，由於可變投資收益下降，季減 12 個基點。不包括 VII 的 RIS 利差環比持平，為 101 個基點。RIS 持續保持強勁的業務動能。而由於 2024 年第二季美國退休金風險轉移銷售強勁，調整後的 PFO 年比有所下降。調整後的 PFO（不包括 PRT）上漲了 24%，主要得益於英國長壽再保險的持續強勁增長。此外，總負債曝險較去年同期成長了 6%，其中利差收益一般帳戶負債增加了 5%。

Moving to Asia. Adjusted earnings were $350 million, down 22% on both a reported and constant currency basis. The primary drivers were less favorable investment in underwriting margins. Higher volume growth was a partial offset. Asia's key growth metrics remain healthy. General account assets under management at amortized costs were up 6% year over year on a constant currency basis and sales were up 9% on a constant currency basis.

移居亞洲。調整後收益為 3.5 億美元，按報告和固定匯率計算均下降 22%。主要驅動因素是承保利潤率的投資減少。銷量成長較高在一定程度上抵消了這一影響。亞洲的主要成長指標依然健康。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 6%，以固定匯率計算的銷售額年增 9%。

Japan sales were up 29% on a constant currency basis with growth across all product categories, but mainly in life and annuities following product launches and enhancements in the first quarter. Other Asia sales were also strong, but year-over-year growth was dampened by a large group case sale in Australia in Q2 of '24.

日本銷售額以固定匯率計算成長了 29%，所有產品類別均實現成長，但主要成長集中在人壽和年金產品上，因為第一季度推出了新產品並進行了改進。其他亞洲地區的銷售也表現強勁，但 2024 年第二季澳洲的大型組箱銷售抑制了年成長。

In Korea, sales were up 36% year over year on a constant currency basis, driven by the launch of a new single premium foreign currency annuity product in the first quarter and from continued momentum in face-to-face channels. Latin America adjusted earnings were $233 million, up 3% and up 15% on a constant currency basis, primarily due to volume growth across the region.

在韓國，銷售額以固定匯率計算年增 36%，這得益於第一季推出的新型單一保費外幣年金產品以及面對面通路的持續成長動能。拉丁美洲調整後收益為 2.33 億美元，成長 3%，以固定匯率計算成長 15%，主要得益於該地區銷量的成長。

In addition, a favorable Chilean encaje return of approximately 5% contributed to LatAm's strong performance. Latin America's top line continues to perform well. adjusted PFOs were up 8% and up 18% on a constant currency basis, driven by strong growth and solid persistency across the region.

此外，智利約 5% 的良好 encaje 回報率也為 LatAm 的強勁表​​現做出了貢獻。拉丁美洲的營收持續表現良好。受整個地區強勁成長和穩固持續性的推動，調整後的 PFO 成長了 8%，以固定匯率計算成長了 18%。

EMEA adjusted earnings were $100 million, up 30% on both a reported and constant currency basis, primarily driven by strong volume growth across the region. Given EMEA's growth in the first half of the year, coupled with improved foreign currency and interest rates, we expect EMEA's quarterly run rate to continue to run above its 2025 quarterly guidance of $70 million to $75 million and for the remainder of the year. EMEA adjusted PFOs were up 16% and up 14% on a constant currency basis and sales were up 13% on a constant currency basis, reflecting strength across the region.

歐洲、中東和非洲地區調整後的收益為 1 億美元，按報告和固定匯率計算均增長 30%，主要得益於該地區銷量的強勁增長。鑑於歐洲、中東和非洲地區今年上半年的成長，加上外匯和利率的改善，我們預計歐洲、中東和非洲地區的季度運行率將繼續高於其 2025 年季度指導價值 7,000 萬至 7,500 萬美元，並且在今年剩餘時間內也將如此。歐洲、中東和非洲地區調整後的 PFO 成長了 16%，以固定匯率計算成長了 14%，銷售額以固定匯率計算成長了 13%，反映了整個地區的強勁表現。

MetLife Holdings adjusted earnings were $144 million, down 6%, reflecting lower variable investment income as well as the continued runoff of the business. Favorable underwriting was a partial offset. Corporate and other adjusted loss was $233 million versus an adjusted loss of $220 million in the prior-year period. Lower variable investment income was partially offset by favorable expense margins year over year. The company's effective tax rate on adjusted earnings in the quarter was approximately 24%, which is at the bottom end of our 2025 guidance range of 24% to 26%.

大都會人壽控股調整後的收益為 1.44 億美元，下降 6%，反映了可變投資收入的下降以及業務的持續流失。有利的承保在一定程度上抵消了這一影響。公司及其他調整後虧損為 2.33 億美元，去年同期調整後虧損為 2.2 億美元。較低的可變投資收入被同比有利的費用利潤率部分抵消。該公司本季調整後收益的有效稅率約為 24%，位於我們 2025 年指導範圍 24% 至 26% 的底端。

On page 5, this chart reflects our pre-tax variable investment income for the past five quarters, including the second quarter of 2025, which was $195 million. Private equity returns were 0.9% and our real estate and other funds yielded an average return of roughly 1% in the quarter. 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. While VII and 2Q '25 was below its quarterly guidance of $425 million, it was within the range of $175 million to $225 million that we disclosed in a Form 8-K at the end of June. Given the continued difficulty in forecasting VII, we plan to once again disclose preliminary information regarding our Q3 expectations for VII toward the end of September.

第 5 頁的圖表反映了我們過去五個季度的稅前可變投資收入，包括 2025 年第二季的 1.95 億美元。私募股權回報率為 0.9%，我們的房地產和其他基金本季平均回報率約為 1%。需要提醒的是，PE、房地產和其他基金的報告落後一個季度，並以市價計算。雖然 VII 和 2025 年第二季的銷售額低於季度指引 4.25 億美元，但它仍在我們在 6 月底的 8-K 表中披露的 1.75 億美元至 2.25 億美元的範圍內。鑑於預測 VII 的持續困難，我們計劃在 9 月底再次揭露有關 VII 第三季預期的初步資訊。

On page 6, we provide VII post-tax by segment and Corporate & Other for the past five quarters. As a reminder, each business has its own discrete portfolio aligned and matched with its liabilities. Asia RIS and MetLife Holdings continue to hold the larger proportion of VII assets, given their long-dated liability profiles. Of the total VII asset balances of nearly $19 billion as of June 30, 2025, Asia accounted for more than 40% of the total while RIS and MetLife Holdings accounted for roughly 30% and 20%, respectively.

第 6 頁，我們提供了過去五個季度按部門和企業及其他劃分的 VII 稅後資料。提醒一下，每個企業都有與其負債一致且匹配的獨立投資組合。鑑於其長期負債狀況，亞洲 RIS 和大都會人壽控股繼續持有較大比例的 VII 資產。截至 2025 年 6 月 30 日，VII 資產餘額總額接近 190 億美元，其中亞洲佔比超過 40%，RIS 和大都會人壽控股分別佔比約 30% 和 20%。

Moving to expenses on page 7. This chart shows a comparison of our direct expense ratio for the full-year '24 of 12.1%, Q2 of '24 of 11.9%, and Q2 of '25 of [11.7%] (technical difficulty). As we have highlighted previously, we believe our full-year direct expense ratio is the best way to measure performance due to fluctuation in quarterly results.

轉到第 7 頁的費用。這張圖表顯示了我們 2024 年全年直接費用率（12.1%）、2024 年第二季直接費用率（11.9%）和 2025 年第二季直接費用率的比較。[11.7%]（技術難度）。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。

That said, our direct expense ratio in the second quarter was well below our full-year target of 12.1%. This strong performance provides another proof point of our ongoing expense discipline and the sustained efficiency mindset that is supported by our top-line growing responsibly.

儘管如此，我們第二季的直接費用率遠低於全年目標 12.1%。這一強勁表現再次證明了我們持續的費用紀律和持續的效率思維，這得到了我們負責任的營收成長的支持。

I will now discuss our cash and capital position on page 8. Overall, MetLife is well capitalized with more than ample liquidity. Cash and liquid assets at the holding companies were $5.2 billion, as of June 30, which is above our target cash buffer of $3 billion to $4 billion. And we continue to consistently return excess capital to our shareholders.

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。截至 6 月 30 日，控股公司的現金和流動資產為 52 億美元，高於我們 30 億至 40 億美元的目標現金緩衝。我們將繼續持續向股東返還多餘的資本。

In Q2, our total cash return was approximately $900 million, roughly $500 million in share repurchases and about another $400 million in common stock dividends. Beyond share repurchases and common stock dividends, cash at holding companies reflects the net effects of subsidiary dividends, net debt issuances and holding company expenses and other cash flows.

在第二季度，我們的總現金回報約為 9 億美元，其中約 5 億美元來自股票回購，約 4 億美元來自普通股股息。除了股票回購和普通股股息外，控股公司的現金還反映了子公司股息、淨債務發行和控股公司費用以及其他現金流的淨效應。

Regarding our statutory capital for our US companies, preliminary second quarter year to date 2025 statutory operating earnings were approximately $1.3 billion, while net income was approximately $1 billion. We estimate that our total US statutory adjusted capital on an NAIC basis was approximately $17.1 billion as of June 30, 2025, down 3% from March 31, primarily due to derivative losses and dividends paid, partially offset by operating earnings. Finally, we expect the Japan solvency margin ratio to be approximately 710% as of June 30, which will be based on statutory statements that will be filed in the next few weeks.

關於我們美國公司的法定資本，2025 年第二季迄今的初步法定營業收入約為 13 億美元，而淨收入約為 10 億美元。我們估計，截至 2025 年 6 月 30 日，我們根據 NAIC 基礎計算的美國法定調整資本總額約為 171 億美元，較 3 月 31 日下降 3%，主要原因是衍生性商品損失和支付的股息，但部分被營業利潤所抵消。最後，我們預計截至 6 月 30 日日本償付能力充足率約為 710%，這將基於未來幾週提交的法定聲明。

Let me conclude by saying that MetLife delivered a solid quarter, highlighted by strong momentum and underlying fundamentals across our portfolio of businesses. While our earnings power was not fully evident this quarter given the lower-than-expected variable investment income, we remain confident in delivering all weather performance achieved through a position of strength with a strong balance sheet and recurring free cash flow generation. And as we embark on the New Frontier, our strategic priorities allow us to achieve responsible growth and generate attractive returns with lower risk.

最後，我想說，大都會人壽本季業績穩健，亮點在於我們各業務組合的強勁發展勢頭和基本面。雖然由於本季可變的投資收益低於預期，我們的獲利能力並未完全顯現，但我們仍然有信心憑藉強大的資產負債表和經常性的自由現金流，實現全天候的業績。當我們踏上新前沿時，我們的策略重點使我們能夠實現負責任的成長並以較低的風險產生可觀的回報。

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

說完這些，我會把電話轉回給接線生，回答您的問題。

(Operator Instructions)

（操作員指示）

Suneet Kamath, Jefferies.

蘇尼特‧卡馬斯（Suneet Kamath），傑富瑞集團。

(technical difficulty) benefits -- as we think about second quarter results across the sector, it seems like performance has been pretty mixed this quarter. So just curious if you're seeing anything that's surprising to you in terms of the elevated claims or is this just sort of random volatility?

（技術難度）效益－當我們思考整個產業第二季的業績時，似乎本季的表現好壞參半。所以我只是好奇，在索賠金額增加方面，您是否看到任何令您感到驚訝的事情，或者這只是一種隨機波動？

Suneet, it's Ramy here.

Suneet，我是 Ramy。

I mean I would say we're not seeing anything that is surprising per se. So let me just give you some context on the nonmedical health ratio specifically for us and what we're actually seeing. So as we stated, the ratio was pressured this quarter and as we also stated, we expect improvements in our earnings in the third and further improvements in the fourth quarter. Just to give you a sense of the magnitude of the improvements, we expect to see about a 2 points' improvement in this ratio in the third quarter, as John stated, and we expect to see a further 2 points' improvement in the fourth quarter.

我的意思是，我們並沒有看到任何令人驚訝的事情。因此，讓我向您介紹我們的非醫療健康比例以及我們實際看到的情況。因此，正如我們所說，本季該比率面臨壓力，正如我們所說，我們預計第三季的收益將有所改善，第四季度的收益將進一步改善。為了讓您了解改進的程度，正如約翰所說，我們預計第三季這一比率將提高約 2 個百分點，並且我們預計第四季度將進一步提高 2 個百分點。

And just to get to your question, the clearest way to really think about the dynamics and what we're seeing in our own book -- for our Dental business, the results are very much running in line with our expectations, we are seeing the continued benefits from our rate actions here.

回答你的問題，最清晰的方法是真正思考動態以及我們在自己的書中看到的情況——對於我們的牙科業務，結果非常符合我們的預期，我們看到我們的利率行動持續帶來的好處。

The other thing I would note is the Dental business is returning to its well-established seasonal patterns and with favorability coming through in the second half of the year, and in particular, in the fourth quarter and we're starting to see that come through even in July and therefore, expect to see sequential improvements in earnings.

我要指出的另一件事是，牙科業務正在恢復其既定的季節性模式，並且在下半年，特別是第四季度，市場表現良好，我們甚至在 7 月份就已經開始看到這種良好勢頭，因此，預計盈利將出現連續改善。

In disability incidents and recoveries, continue to be very much in line with our expectations. We continue to monitor this very carefully and continue to see both of these metrics be in line with our pricing and expectations. And similar to dental, that also continues to be the case in July, so we don't see any macro impacts here. Where you've seen, if you will, the pressure, and it is a bit of I would say part of the normal fluctuation in some of the other products in the nonmedical health ratio, so I think accident, hospital, critical illness.

在殘疾事件和恢復方面，繼續非常符合我們的預期。我們將繼續密切監控這一情況，並繼續觀察這兩個指標是否符合我們的定價和預期。與牙科類似，7 月的情況也依然如此，因此我們看不到任何宏觀影響。如果你願意的話，你會看到壓力，我想說這是非醫療健康比率中其他一些產品的正常波動的一部分，所以我認為是事故、醫院、重大疾病。

When you look at the claims pattern here, we did experience a number of fairly small increases across each of these products, each of which was in line with our normal range that we typically see. What's different about this quarter is normally our results benefits from diversification across these products called them puts and takes that we see each quarter.

當您查看此處的索賠模式時，我們確實經歷了每種產品的相當小幅增長，每種產品都符合我們通常看到的正常範圍。本季的不同之處在於，我們的業績通常受益於我們每季都會看到的這些產品的多樣化，這些產品被稱為看跌期權和看漲期權。

What is unusual here is that these products all moved in one direction for us. And again, very different set of products, very different set of drivers. So nothing macro here that we expect to trend over time and therefore, we think all of these are going to effectively normalize in the outer quarters.

不同尋常的是，這些產品對我們來說都朝著一個方向發展。再次強調，產品系列非常不同，驅動程式也非常不同。因此，我們預計這裡不會出現隨時間推移而出現的宏觀趨勢，因此，我們認為所有這些都將在外部季度有效地正常化。

Okay. That's very helpful. Thank you for that.

好的。這非常有幫助。謝謝你。

And then I guess on Chariot Re and (inaudible) in general, we've seen a number of companies announce these things, but we haven't really seen any major deals with sort of third-party liabilities. So just wondering, I think, Michel, in your prepared remarks, you said more to come. Can you just give us a sense of what your outlook is there maybe over the next couple of quarters? And if anything kind of needs to happen in order to accelerate this growth opportunity.

然後我想在 Chariot Re 和（聽不清楚）總體上，我們已經看到許多公司宣布了這些事情，但我們還沒有真正看到任何涉及第三方責任的重大交易。所以我只是想知道，米歇爾，在你準備好的演講中，你還說了更多內容。您能否向我們介紹一下您對未來幾季的展望？如果需要發生任何事情來加速這個成長機會。

Hi, Suneet, thanks for the question.

你好，Suneet，謝謝你的提問。

Yes. I mean as we had mentioned, really sort of Chariot Re, we see it as a vehicle to enable our growth basically, especially sort of as we see growth opportunities beyond our capital generation capabilities. If that were to happen, that's where we see the partnership with Chariot Re being helpful to us.

是的。我的意思是，正如我們所提到的，Chariot Re 實際上是我們實現成長的工具，特別是當我們看到超出我們資本生成能力的成長機會時。如果這種情況發生，我們認為與 Chariot Re 的合作將對我們有所幫助。

As we said, especially in the sort of early years, the intention is not to sort of look for third-party liabilities for Chariot Re. That will be liabilities that are originated by MetLife. And we continue to see really good sort of opportunities ahead. So as we had said before, we completed the $10-billion transaction with Chariot within the time frame that we had discussed and we think there will be more to come but those would be MetLife liabilities basically.

正如我們所說，特別是在早期，我們的意圖並不是為 Chariot Re 尋找第三方責任。這些將是大都會人壽所產生的負債。我們繼續看到未來確實存在著良好的機會。因此，正如我們之前所說，我們在討論的時間範圍內完成了與 Chariot 的 100 億美元交易，我們認為還會有更多交易，但這些基本上是大都會人壽的負債。

Ryan Krueger, KBW.

瑞安·克魯格，KBW。

Could you give a little bit more color on the strong sales in both Japan and Korea and your thoughts on that if that can continue going forward.

您能否詳細介紹日本和韓國的強勁銷售情況，並談談您認為這種銷售情況能否持續下去。

Ryan, it's Lyndon here.

瑞安，我是林登。

So look, we're really pleased with the strong sales performance we've had in Asia, both when you look at the second quarter as well as when you look at the whole first half of the year. Asia's year-to-date sales through the first half have increased 10% when you look year over year. When we look at Japan, in the first half, we were up 10% compared to the prior year, and that's been driven primarily by the foreign currency products.

所以，我們對亞洲強勁的銷售業績感到非常滿意，無論是第二季還是整個上半年。與去年同期相比，亞洲今年上半年的銷售額成長了 10%。當我們看日本時，上半年我們的銷售額比去年同期成長了 10%，這主要得益於外匯產品。

So as I mentioned in the first quarter earnings call, we launched a new single premium FX product in April and this has been really well received by the market. We continue to enhance our single premium annuity product and we're starting to see some benefit from the [yen] (technical difficulty) strengthening, and this has really been a tailwind for sales.

正如我在第一季財報電話會議上提到的，我們在四月推出了一款新的單一優質外匯產品，並且受到了市場的熱烈歡迎。我們繼續增強我們的單一保費年金產品，並且我們開始看到日元（技術難度）走強帶來的一些好處，這對銷售來說確實是一個順風。

So when you look at all these product actions, combined with our distribution strength, this is really driving strong growth against all our channels when you look at Japan. When you get to the rest of Asia, sales there when you look at the first half have increased 9% year over year and this is driven primarily by Korea as well as China.

因此，當您查看所有這些產品活動，結合我們的分銷實力時，這確實推動了我們在日本所有通路的強勁成長。至於亞洲其他地區，上半年銷售額年增 9%，主要得益於韓國和中國。

In Korea, now here, we're really being able to leverage what we've done in Japan. We've taken our US dollar-denominated products and taken that expertise and we actually launched products in Korea. And we're actually seeing a lot of strength in our US dollar products in Korea, and the Korea sales have grown 41% when you look at the first half year-over-year sales.

現在，在韓國，我們確實能夠利用我們在日本所取得的成就。我們採用了以美元計價的產品並利用了專業知識，實際上我們在韓國推出了這些產品。事實上，我們看到我們的美元產品在韓國表現強勁，從上半年的年銷售額來看，韓國的銷售額成長了 41%。

When you look at China, here, the sales growth is driven by the expansion in the bancassurance channel, and we've achieved this through getting deeper penetration within our existing bank partners as well as with the addition of some new bank partners.

放眼中國，銷售成長是由銀保通路的擴張所推動的，我們透過深入現有銀行合作夥伴以及增加一些新的銀行合作夥伴實現了這一目標。

Now when you look at the prior-your quarter for the rest of Asia, we actually had a large group pace in Australia in the prior quarter. So if you actually take out that large group case quarterly sales for the rest of Asia, we're up 25% when you look year over year. Now looking ahead through the rest of the year, we kind of expect our (technical difficulty) to be at the top end of our guidance range when it comes to overall sales for Asia, so we hope that helps.

現在，當您查看亞洲其他地區上一季的表現時，我們實際上在上一季在澳洲取得了很大的進步。因此，如果你真的把這個大型集團的季度銷售額算進去，那麼與去年同期相比，我們的銷售額成長了 25%。現在展望今年剩餘時間，我們預計我們的（技術難度）在亞洲整體銷售方面將達到我們指導範圍的最高水平，所以我們希望這會有所幫助。

I appreciate it. And then a quick one probably for John. Just on retirement spread. Would you expect them to continue to be stable with the first half of the year and the second half of the year?

我很感激。然後可能還有一個快速的問題要問約翰。剛退休。您預計上半年和下半年它們會繼續保持穩定嗎？

Yeah, Ryan, it's John.

是的，瑞安，我是約翰。

Yes, I think as you're kind of alluding to spreads ex-VII, they largely played out as we expected and as we discussed in the first-quarter earnings call. As we head into Q3, based on the forward curve, we do expect core spreads to remain stable, although we do see a few bps of seasonality in Q3. It's interesting, RIS holds a small portion of wholly owned and joint venture real estate investments. And just kind of the nature of the asset class, which includes some hotels, they tend to have some third quarter seasonality, although in the past, I'm not so sure we saw it as much because there are other things like the caps and things like that, that we're masking it. So we do see a few points of headwind, but we would revert back to the kind of low 100s come 4Q.

是的，我認為正如您所提到的除 VII 之外的利差，它們基本上按照我們的預期以及我們在第一季財報電話會議上討論的那樣發揮作用。隨著我們進入第三季度，根據遠期曲線，我們確實預計核心利差將保持穩定，儘管我們確實看到第三季度有幾個基點的季節性變化。有趣的是，RIS 持有一小部分獨資和合資房地產投資。就資產類別的性質而言，包括一些酒店，它們往往具有一些第三季的季節性，儘管在過去，我不太確定我們是否看到過這種情況，因為還有其他因素，例如上限和諸如此類，我們掩蓋了它。因此，我們確實看到了一些逆風，但到第四季度，我們將回到 100 以下的水平。

While we're on RIS margins, I would just call out and just kind of referencing the Chariot point. We -- [71], we launched Chariot. We reinsured just under $10 billion and so this -- as a 71 technically lowers our liability exposures, although we think, given the current pipeline, we expect to be within the 3% to 5% growth rate by the end of the year but I should point out a couple of things.

當我們處於 RIS 邊緣時，我只是想呼籲並參考 Chariot 點。我們——[71]，我們發射了戰車。我們再保險的金額略低於 100 億美元，因此 — — 71 從技術上降低了我們的責任風險，儘管我們認為，考慮到目前的狀況，我們預計到今年年底的增長率將在 3% 到 5% 之間，但我應該指出幾件事。

One, initially, enterprise earnings will have a few pennies of impact until that excess capital is redeployed. Once that's redeployed, do you think of it as being accretive to earnings. And then within RIS itself because it's a mix of RIS, the MIM fees, also our investment in Chariot -- so that all nets to a few pennies. But within RIS itself, we could think of like another $15-million to $20-million short-term headwind there considering the loss of earnings from the reinsurance. So just wanted to kind of wrap that in there from an outlook perspective.

首先，最初，企業收益將受到幾分錢的影響，直到過剩資本重新部署為止。一旦重新部署，您是否認為它會增加收益？然後在 RIS 本身中，因為它是 RIS、MIM 費用以及我們對 Chariot 的投資的混合 - 所以所有的淨收入只有幾美分。但在 RIS 內部，考慮到再保險收益的損失，我們可以想像另一個 1500 萬至 2000 萬美元的短期逆風。所以只是想從展望的角度來總結這一點。

Tom Gallagher, Evercore.

湯姆·加拉格爾，Evercore。

First, Ramy, just a follow-up on non-medical Health. So I think the disability pressure you saw this quarter came from high net worth. Unum seemed to see something similar. Have you done any more analysis on what's going on there? Whether something could be structural like mental nervous claims, employment related, or that's mainly permanent disability. Just want to get a better sense for -- like is that something you've even really looked into? And then just remind us how big disability is as a percent of total earned premium versus dental just to size the two of them.

首先，拉米，我來跟進一下非醫療健康問題。所以我認為本季看到的殘疾壓力來自高淨值。Unum 似乎也看到了類似的東西。您對那裡發生的事情做過進一步的分析嗎？是否某些事情可能是結構性的，例如精神神經索賠、與就業相關的索賠，或主要是永久性殘疾。只是想更好地了解——這是您真正研究過的東西嗎？然後提醒我們一下，殘障保險佔總保費的百分比與牙科保險佔總保費的百分比，以便比較兩者。

Sure, Tom. So we definitely did look into it and we are really talking here about two clients, which are specialty clients. These are clients that have been with us for a very long time, and the economics of these have been accretive to us. They're really related to injuries, which have very high claim amounts and has nothing to do with any of the other macro factors or any of the other potential causes that you've mentioned there, so that's kind of as far as the specific kind of elevation for the quarter. In terms of the PFO ratios, think about give or take you've got about 10 low digit in terms of the disability premiums as a percentage of the total and Dentals give or take about a $5-billion premium line for us.

當然，湯姆。所以我們確實對此進行了調查，我們在這裡談論的是兩個客戶，他們是專業客戶。這些客戶已經與我們合作了很長時間，並且為我們帶來了豐厚的經濟效益。它們確實與傷害有關，傷害的索賠金額非常高，並且與您提到的任何其他宏觀因素或任何其他潛在原因無關，所以這在某種程度上與本季度的具體增長有關。就 PFO 比率而言，考慮殘障保險費佔總額的百分比約為 10 個低位數，而牙科保險費約為 50 億美元。

And sorry, Ramy, the disability you said was -- is that 10% or below?

抱歉，拉米，您說的殘疾率是 10% 或更低嗎？

It's about just above 10% of the total PFOs.

它約佔 PFO 總量的 10% 以上。

Got you. Okay. Thanks for that.

明白了。好的。謝謝。

And then my follow-up is just on credit, which I guess, hasn't really been a focus for a while, but I noticed you did take CECL reserves for I think it was commercial mortgage loans of around $235 million this quarter. Were those office foreclosures? Is there an impact -- is there going -- was there or will there be an impact on statutory risk-based capital as a result of that?

然後我的後續工作只是關於信貸，我想，這在一段時間內並不是真正的重點，但我注意到你確實採取了 CECL 儲備，我認為本季度的商業抵押貸款約為 2.35 億美元。這些辦公室是否被取消贖回權了？這是否會產生影響？是否會對法定創投產生影響？

Tom, it's John.

湯姆，我是約翰。

Yes, we did see an uptick in reserves a little over $200 million in commercial mortgages and we've anticipated some charge-offs and some losses would emerge in 2025. I think I've referenced this before that as you start to get into the ongoing orderly resolution of loans, this typically occurs and we believe is actually a good sign. It's usually kind of indicative that there's some stabilization in getting to the price clearing levels and that's usually a sign where you've kind of hit the trough.

是的，我們確實看到商業抵押貸款的儲備金增加了 2 億多美元，我們預計 2025 年會出現一些沖銷和損失。我想我之前提到過，當你開始有序地解決貸款問題時，這種情況通常會發生，我們認為這實際上是一個好兆頭。這通常表明價格在達到清算水平時已經趨於穩定，並且通常表明價格已經觸底。

And just to your point, so we would expect the resolution of loans to pick up this year, probably peak a little bit this year but the reality is a lot of this is already in our capital, maybe it's a couple to 5 points of extra impact but all within the normal levels of our excess capital and would not impact any capital management or dividend activity.

正如您所說，我們預計今年貸款的解決速度會加快，可能會在今年達到峰值，但實際情況是，其中許多已經在我們的資本中，也許會產生 2 到 5 個點的額外影響，但都在我們過剩資本的正常水平之內，不會影響任何資本管理或股息活動。

Jimmy Bhullar, JPMorgan.

摩根大通的 Jimmy Bhullar。

So first I just had a question for Ramy. Along the same lines on non-medical. Your optimism on results getting better in the third quarter, is it based on just the fact that many of these things move around quarter to quarter and this quarter was just bad, especially on the voluntary side. Or is it -- or have you seen an improvement already in 3Q, I guess, we're almost halfway through it.

首先我只想問拉米一個問題。非醫療方面也是如此。您對第三季業績好轉的樂觀態度是否僅僅基於這樣一個事實：許多因素都會逐季度變化，而本季度的情況很糟糕，尤其是在自願方面。或者是——或者你已經看到第三季度有所改善，我想，我們已經完成了一半了。

I mean it is both. It's based on one, the seasonal patterns in Dental, which I've talked about. So you expect seasonality to kick in, in both of the subsequent quarters for dental. So Q3 will get better, Q4 gets better, so that's a big driver.

我的意思是兩者都有。它基於我之前談到的牙科的季節性模式。因此，您預計牙科行業接下來的兩個季度都會出現季節性變化。因此第三季會變得更好，第四季也會變得更好，所以這是一個很大的驅動力。

The other one is lack of any macro impacts on disability. It's running right in line with our expectations, incidents, and recoveries as I've talked about before, inclusive of July. The specialty claims that we had this quarter, we're really talking about a single-digit number of claims that are high value that had a disproportionate impact, happen from time to time. We certainly don't expect them to happen each quarter.

另一個是缺乏對殘疾的任何宏觀影響。正如我之前談到的，它的運作完全符合我們的預期、事件和恢復情況，包括 7 月的情況。我們本季遇到的特殊索賠，實際上是指個位數的高價值索賠，這些索賠具有不成比例的影響，並且時有發生。我們當然不希望它們每季都發生。

So none of these things, I would say, are in the optimistic bucket. They are in well-established trends and based on what we're -- what we're seeing into July. I think this notion that those puts and takes across the rest of the portfolio are going to normalize. That kind of would be our expectation.

所以我想說，這些事情都不是樂觀的。它們處於成熟的趨勢中，並且基於我們在七月所看到的情況。我認為投資組合中其他部分的看跌期權和看漲期權將會正常化。這正是我們的期望。

And that's based on the fact, Jimmy, that there is no single driver. I mean these are all different products with different dynamics in them and we looked at them one by one and they all happened just to move in the wrong direction for us, and we would just expect that to normalize. So you bake it all in, and as of now, we feel pretty good about the 200 basis points improvement in each of the subsequent quarters.

吉米，這是基於這樣一個事實，那就是沒有單一的驅動因素。我的意思是，這些都是不同的產品，具有不同的動態，我們逐一研究了它們，它們都恰好朝著錯誤的方向發展，我們只是希望這種情況能夠正常化。所以，把所有因素都考慮進去，截至目前，我們對隨後每季 200 個基點的改善感到非常滿意。

Okay.

好的。

And then I had a question for Lyndon on Asia earnings. So obviously, your sales in Asia were pretty strong. The earnings seemed a little weaker. I think the second lowest quarter you've had in the past -- and some of that might have been lower variable investment income, but earnings are lower than other quarters even adjusted for that. So is this more of a normal quarter and representative of the division's earnings power? Or were earnings depressed for whatever reason? Just trying to get a sense of is this normal. Or are you overearning in the past?

然後我向林登詢問了有關亞洲收益的問題。顯然，你們在亞洲的銷售業績相當強勁。收益似乎有點弱。我認為這是過去第二低的季度——其中一部分可能是較低的可變投資收入，但即使經過調整，收益也低於其他季度。那麼這是否更像一個正常的季度並代表該部門的盈利能力？或者收入是否因某些原因而下降？只是想了解一下這是否正常。還是你過去收入過高？

Jimmy, Lyndon here. So thanks for the question.

吉米，我是林登。感謝您的提問。

So yes, you're right. Asia earnings were lower year over year and there were a couple of drivers here. First, as you pointed out, lower variable investment income due to the fact we have lower PE returns and John pointed out right at the beginning that Asia accounts now for over 40% of the VII assets in the company.

是的，你是對的。亞洲的獲利年減，這其中有幾個因素。首先，正如您所指出的，由於我們的 PE 回報率較低，導致可變投資收益較低，而且 John 一開始就指出，亞洲目前占公司 VII 資產的 40% 以上。

Next, when you look at the underwriting margin, it was less favorable compared to the prior year and this is because we've got a strengthening yen, which is driving lower surrenders right now. So it's creating a short-term headwind for earnings due to the overall lower surrender income. But it does drive higher sales. It does drive higher AUM and this will kind of support us as we get higher future earnings here.

其次，當您查看承保利潤率時，會發現與前一年相比，情況不太樂觀，這是因為日圓走強，導致目前的退保金額較低。因此，由於整體退保收入較低，這將對獲利造成短期阻力。但它確實推動了更高的銷量。它確實推動了更高的 AUM，這將在某種程度上支持我們在這裡獲得更高的未來收益。

So relative to expectations, earnings were lower due primarily to the variable investment income. But when you look at the outlook, we expect full-year underlying earnings to remain strong and in line with guidance. VII performance will continue to be a factor that will impact our overall reported earnings.

因此，相對於預期，收益較低主要是由於可變投資收入。但從前景來看，我們預計全年基本獲利將保持強勁並符合預期。VII 的表現將繼續成為影響我們整體報告收益的因素。

Wes Carmichael, Autonomous Research.

韋斯·卡邁克爾，自主研究。

I actually wanted to follow up on the last question on Japan. Just hoping maybe, Lyndon, can you unpack the surrender activity? How pronounced is that as we've seen a bit again strengthening. And I guess relatedly, how do we think about higher long [JBB] yields impacting your savings product offering there?

我實際上想繼續回答關於日本的最後一個問題。只是希望，林登，你能解開投降活動的謎團嗎？我們再次看到這種現象加強，這有多明顯？我想，與此相關的是，我們如何看待更高的長期 [JBB] 收益率對您在那裡提供的儲蓄產品的影響？

Yes. All right. So Wes, just first on surrenders. So we've seen surrenders come down relative to the prior year but persistency is back in line with our expectation right now. So the underwrite -- unfavorable underwriting margin compared to the prior year's really because we've got the strengthening yen, which is driving these lower surrenders. So this is creating a short-term headwind when we look at our overall surrender income. But as I pointed out, it is a good benefit when it comes to sales and AUM growth to get our future earnings. But we are seeing surrenders kind of come back down to our expectations now.

是的。好的。那麼韋斯，先來談談投降。因此，我們看到退保率相對於前一年有所下降，但堅持率現在又回到了我們預期的水平。因此，與前一年相比，承保利潤率不利，實際上是因為日圓走強，導致退保率下降。因此，當我們考慮我們的整體退保收入時，這會造成短期阻力。但正如我所指出的，當涉及銷售和 AUM 成長以獲得未來收益時，這是一個很好的好處。但我們現在看到投降人數已經回落到我們的預期水準。

Now when it comes to higher yen interest rates for the Japan business, look, when you look at the overall environment in Japan, things are improving. It's a favorable macroeconomic environment and we are seeing higher interest rates in the end. So overall, it's a positive for our business and we've been anticipating these higher rates and been planning for it.

現在談到日本企業面臨的日圓利率上升問題，看看日本的整體環境，情況正在改善。這是一個有利的宏觀經濟環境，我們最終會看到更高的利率。因此，總體而言，這對我們的業務來說是有利的，我們一直在預期這些更高的利率並為此做好了準備。

We've got a good yen-denominated products. We've got ANH. We've got variable life segments, and these address needs when you're looking at protection as well as accumulation and we're working on adding other product offerings and the product economics now for yen products have really improved with these higher rates. So it gives us a lot of options when it comes to adding to the yen products.

我們有優質的日圓計價產品。我們有 ANH。我們擁有可變壽命部分，這些部分解決了您在尋求保護和累積時的需求，我們正在努力增加其他產品，現在日圓產品的產品經濟性隨著這些更高的利率而真正得到改善。因此，在增加日元產品時，它為我們提供了許多選擇。

When you look at the US denominated products there, it continues to be a differential between US dollar and Japanese yen rates despite the fact that the end rates are rising. So the FX products will continue to be attractive for our customers. So when you look at the overall product portfolio, you look at the strength of our distribution, you look at our ability to product launches, we're really in a good position to meet customer demand whether it comes to yen or dollar FX products there.

當你查看那裡的以美元計價的產品時，儘管最終利率正在上升，但美元和日元之間的利率仍然存在差異。因此外匯產品將繼續對我們的客戶具有吸引力。因此，當您查看整體產品組合、查看我們的分銷實力、查看我們的產品發布能力時，我們確實處於良好的位置來滿足客戶的需求，無論是日圓還是美元外匯產品。

I would just add, Wes, just Linden's comments, it's probably roughly $15 million to $20 million relative to expectation in terms of underwriting and kind of the impact of the lower surrender fees.

我只想補充一點，韋斯，就像林登的評論一樣，就承保和較低退保費的影響而言，相對於預期，這可能大約是 1500 萬至 2000 萬美元。

That's helpful. Thank you, John.

這很有幫助。謝謝你，約翰。

And maybe just switching to a topic, I guess, we haven't talked about much on these earnings calls. But FABN and Michel, I think you mentioned the program in your prepared remarks, and I think you're the largest player in the market in terms of at least outstanding programs. But maybe you could touch on the outlook for that business. It looks like the industry is probably going to have its largest issuance here ever for 2025.

也許只是轉換一下話題，我想，我們在這些財報電話會議上還沒有談論太多。但是 FABN 和 Michel，我想你們在準備好的發言中提到了這個項目，而且我認為就至少優秀的項目而言，你們是市場上最大的參與者。但也許您可以談談該業務的前景。看起來，2025 年該行業可能會迎來有史以來最大規模的發行。

Wes, it's Ramy here. I would say, as far as our program, we've been -- we've had a very well-established program. It's about 10% of our overall general account liabilities. And we consistently issue somewhere between $6 billion to $8 billion a year in the market. And as Michel mentioned, we do benefit from favorable funding costs here in terms of the financial strength of our balance sheet and therefore, earned relatively higher spreads compared to the rest of RIS.

韋斯，我是拉米。我想說，就我們的計劃而言，我們已經有一個非常完善的計劃。這約占我們整體一般帳戶負債的 10%。我們每年持續向市場發行 60 億至 80 億美元的債券。正如米歇爾所提到的，就我們資產負債表的財務實力而言，我們確實受益於有利的融資成本，因此與 RIS 的其他部分相比，我們獲得了相對較高的利差。

I think with respect to the overall growth in issuance, I would say this is a really good thing for us. We welcome new entrants into the market. We think it's a net positive. As the issuing grows, it also attracts more investors and establish funding agreement-backed notes as an asset class that has wider appeal and so we're actually pleased by the overall growth in the market here.

我認為，就發行量的整體成長而言，這對我們來說確實是一件好事。我們歡迎新進入者進入市場。我們認為這是一件好事。隨著發行量的增加，它也吸引了更多的投資者，並將融資協議支持票據確立為具有更廣泛吸引力的資產類別，因此我們對這里市場的整體成長感到高興。

Cave Montazeri, Deutsche Bank.

蒙塔澤里洞，德意志銀行。

My first question is on the state of the PRT market. So it wasn't your best quarter for PRT, but I appreciate that's a lumpy business, especially at the jumbo land. Just love to get some -- what are your thoughts, expectations into the second half? And also, how do you think about the attractiveness of the US versus the UK PRT market?

我的第一個問題是關於 PRT 市場的現狀。所以這不是 PRT 最好的一個季度，但我知道這是一個不穩定的業務，特別是在巨型土地方面。只是想了解一些——您對下半年有什麼想法和期望？另外，您認為美國和英國 PRT 市場的吸引力如何？

Thank you. It's Ramy here.

謝謝。我是拉米。

I would say, look, second quarter was a bit lighter. But year to date, we wrote $2.2 billion of PRT. So we had a really good first quarter. And I would say those were deals with well-established firms that you would recognize in terms of their prominence.

我想說，第二季的情況稍微輕鬆一點。但今年迄今為止，我們已寫入 22 億美元的 PRT。因此，我們的第一季表現非常好。我想說的是，這些都是與知名公司達成的交易，從它們的知名度來看，你就會知道。

And as we look forward to the second half of the year, we see a number of jumbo cases, which are expected to transact in the third and the fourth quarter. Our approach here is to continue to be disciplined in terms of how we price and how we think about value versus volume. That's an approach that has served us well and we expect to earn our fair share of the market going forward.

展望下半年，我們看到了許多大型案件，預計這些案件將在第三季和第四季完成交易。我們的方法是繼續嚴格控制定價以及如何考慮價值與數量。這種方法對我們很有幫助，我們期望在未來贏得公平的市場份額。

And then the last thing I would say on the US market over the medium term, all the fundamental drivers that we've spoken about in terms of funding levels, the desire of plan sponsors to derisk, frozen plans all continue to give us a high sense of expectation that this is a market that's going to continue to be growing for the foreseeable future and as you mentioned, it's always going to be lumpy.

最後我想說的是，從中期來看，關於美國市場，我們談到的所有基本驅動因素，包括融資水平、計劃發起人降低風險的願望、凍結計劃，都讓我們對這個市場抱有很高的期望，這個市場在可預見的未來將繼續增長，正如你提到的，它總是會不穩定。

In the UK, we do participate in that market as a reinsurer, not as a primary insurer and we do it in two ways. We do it by being -- issuing longevity swaps, so think of that as really a fee business. And as we've been very successful at that, from a starting start, we've got $30 billion of balances. And as we've talked about late last year, we're now also participating in that business on a funded basis. As and when we're providing, think of a reinsurance on a fully funded basis. So think of it as US PRT but on a reinsurance basis.

在英國，我們確實以再保險公司而非主要保險公司的身份參與該市場，我們透過兩種方式來實現這一點。我們透過發行長壽掉期來實現這一目標，因此可以將其視為一種收費業務。由於我們在這方面非常成功，從一開始，我們就擁有 300 億美元的餘額。正如我們去年年底談到的，我們現在也以資金方式參與這項業務。當我們提供服務時，請考慮以全額資助的方式提供再保險。因此，可以將其視為基於再保險的美國 PRT。

And the same dynamics in the UK market are playing -- in the US market rather are playing in the UK market, so well-funded plans, they look to exit, I would say, more limited capacity in terms of insurance capital there and hence, the need for reinsurers like us with strong balance sheet, strong counterparty credit risk protections, and we expect to see nice growth there as well.

英國市場也呈現同樣的動態——美國市場也是如此，資金充足的計劃，他們希望退出，我想說，那裡的保險資本能力更有限，因此需要像我們這樣擁有強大資產負債表、強大交易對手信用風險保護的再保險公司，我們預計那裡也會有良好的增長。

Thank you. My follow-up is on GenAI.

謝謝。我的後續工作是關於 GenAI 的。

Could you give us an update on your implementation of GenAI in your processes? Which parts of your business do you think can benefit most from GenAI not just to improve efficiencies but also to drive growth?

您能否向我們介紹一下您在流程中實施 GenAI 的最新情況？您認為您的業務的哪些部分可以從 GenAI 中受益最多，不僅可以提高效率，還可以推動成長？

Yes. Cave, it's Michel. Thank you for the question.

是的。凱夫，我是米歇爾。謝謝你的提問。

Yes, I think we're sort of really excited about the potential of emerging technologies, broadly speaking, AI in particular. And as we discussed at Investor Day, we view technology as a key enabler of our New Frontier strategy. I would say scale is important and matters here, and our scale has enabled us over a number of years of making important investments in this space. Those investments have been helpful to us from a efficiency perspective as well as in terms of enabling our growth.

是的，我認為我們對新興技術的潛力感到非常興奮，廣義上講，尤其是人工智慧。正如我們在投資者日所討論的那樣，我們將技術視為新前沿策略的關鍵推動因素。我想說規模很重要，而且我們的規模使我們能夠多年來在這個領域進行重要投資。這些投資從效率角度以及促進我們的成長對我們很有幫助。

A few things that I think position us really well in terms of taking advantage of AI and of emerging technologies is one, that we've been on a multi-year journey to modernize our legacy systems here, also in improving and enhancing the quality and the governance of our data. Also, we've been on a multi-year journey to reengineer and in some cases, reimagine a lot of our key processes here. Those are important because for AI and emerging technologies to really be [for multipliers], you have to inject them into contemporary processes and a sort of a modern infrastructure and systems.

我認為，在利用人工智慧和新興技術方面，我們處於非常有利的地位，其中之一是，我們多年來一直在努力實現遺留系統的現代化，同時也在改善和加強我們資料的品質和治理。此外，我們經過多年的努力，重新設計甚至在某些情況下重新構想了許多關鍵流程。這些很重要，因為要讓人工智慧和新興技術真正發揮乘數作用，就必須將它們注入當代流程和某種現代基礎設施和系統中。

And I would say also the continued evolution of our culture here is important because we've been promoting a culture of experimentation of challenging the status quo at all levels of the organization. So all these things taken together, along with a mindset that views AI as a disruptor to many industries, including our own in a positive sense, have allowed us to be early adopters and we've implemented a number of not only experiments, I would say, a lot of these are now in full production mode both on the -- from a productivity and efficiency perspective as well as in terms of the customer experience and enabling growth as well.

我想說，我們這裡的文化的持續發展也很重要，因為我們一直在組織的各個層面提倡挑戰現狀的實驗文化。因此，所有這些因素，加上將人工智慧視為許多行業（包括我們自己的行業）的顛覆者的心態，使我們成為早期採用者，並且我們不僅實施了許多實驗，我想說，其中很多現在都已完全投入生產模式，無論是從生產力和效率的角度，還是從客戶體驗和促進增長的角度來看。

And we're seeing really good results and traction here. I think we're still in the early days of what this technology is really going to deliver for us. But we certainly feel really good about how we're positioned, including sort of the partnerships that we've established. Some are well-established partnerships with key players in the space, but also a lot of partnerships with more specialized players that provide us with plug-and-play type solutions as well.

我們在這裡看到了非常好的結果和吸引力。我認為我們仍處於這項技術真正能為我們帶來什麼的早期階段。但我們對我們的定位感到非常滿意，包括我們建立的合作關係。有些是與該領域的關鍵參與者建立的成熟合作夥伴關係，但也有很多與更專業的參與者建立的合作夥伴關係，這些參與者也為我們提供即插即用的解決方案。

The areas where we are seeing a big impact, I would say, already are in the programming space, application development, if you like, call centers, claims as well but many others, and it's a good balance between productivity and efficiency as well as growth-oriented initiatives. I hope this helps.

我想說，我們看到巨大影響的領域已經是在程式設計領域、應用程式開發，如果你願意的話，還有呼叫中心、索賠以及許多其他領域，並且在生產力和效率以及以成長為導向的舉措之間取得了良好的平衡。我希望這有幫助。

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘。

My first question, just on holdings, we've seen some recent deals transacted within the long-term care space. Just wanted to get some updated thoughts on whether Met would potentially consider transacting with its block? And then are there other blocks that you're kind of looking to dispose within holdings?

我的第一個問題是，僅就持股而言，我們看到最近在長期照護領域發生了一些交易。只是想了解 Met 是否有可能考慮利用其區塊進行交易的最新想法？那麼，您是否還想在持有的資產中處置其他區塊？

Thanks, Elyse. It's Ramy here.

謝謝，伊莉絲。我是拉米。

I would say with respect to LTC, we are clearly seeing the same activity that you're seeing and the fact that you're seeing more activity tells you there's more a convergence, if you will, between cedents and reinsurers which is encouraging.

我想說的是，就長期保險而言，我們清楚地看到了與您看到的相同的活動，而且您看到更多的活動這一事實告訴您，如果您願意的話，分出公司和再保險公司之間存在更多的融合，這是令人鼓舞的。

I would say, as you know, these are complex transactions to execute and we continue to be looking at them and an active dialogue in terms of price discovery as well as structured discovery but these are complex; they take time. And our objective is always going to be the same. We want to maximize shareholder value and continue to serve our customers. And so for us, price as well as structure matters.

我想說，正如你所知，這些都是複雜的交易，我們會繼續關注它們，並在價格發現和結構化發現方面進行積極的對話，但這些都很複雜；它們需要時間。我們的目標永遠是一樣的。我們希望最大化股東價值並繼續為客戶服務。因此對我們來說，價格和結構都很重要。

In the interim, when we look to our book, it's well capitalized, well reserved. It continues to perform in line with our expectations. We have a really successful rate action program that's allowing us to obtain the necessary premium increases as well in the marketplace so that's kind of where we stand today. And with respect to other holdings transactions, we are expecting to close the telco transaction in the second half of the year and we're going to be continuing to explore other risk transfer opportunities there going forward.

在此期間，當我們回顧我們的書時，它資本充足，內容豐富。它的表現持續符合我們的預期。我們有一個非常成功的利率行動計劃，它使我們能夠在市場上獲得必要的保費成長，這就是我們今天的立場。至於其他控股交易，我們預計將在今年下半年完成電信交易，並且我們將繼續探索未來的其他風險轉移機會。

And then my second question, just in regards to recent health insurer adverse performance, some companies have said that if it's an incidence versus severity issues could start to see impacts to supplemental health businesses. Is this something we're beginning to see here with your business?

我的第二個問題是，關於最近健康保險公司的不良表現，一些公司表示，如果是發病率與嚴重程度的問題，可能會開始對補充健康業務產生影響。我們在您的業務中是否開始看到這種情況？

These are really distinct patents here. So we're not in the major medical business. There is no real-trend impact on us. All the claims that we have in our voluntary suite of products are fixed dollar claims. And then with respect to kind of the incidents, I would say what we've seen is very much in line with normal deviations that we would see -- fluctuations that we would see in any given quarter.

這些確實是不同的專利。所以我們不從事大型醫療業務。這對我們沒有任何實際趨勢影響。我們自願產品套件中的所有索賠都是固定金額的索賠。然後就此類事件而言，我想說，我們所看到的與我們在任何特定季度都會看到的正常偏差非常一致——波動。

And if I was to give you just a bit more color on that -- the one that you may have heard in the medical space is cancer and our critical illness product is actually running in line with expectations, so we're not even seeing any adverse incidents there. So I wouldn't try to extrapolate from what's going on in the medical world, into the voluntary world from what we can see in our book at the moment.

如果我要給你更多細節的話——你可能聽說過醫療領域的癌症，我們的重大疾病產品實際上運行符合預期，所以我們甚至沒有看到任何不良事件。因此，我不會試圖根據我們目前在書中看到的情況，推斷醫學界正在發生的事情以及志願世界的情況。

Joel Hurwitz, Dowling.

喬爾·赫爾維茨，道林。

Ramy, one more for you on group. You had really strong sales in the quarter and you guys had highlighted regional business growth. Can you just provide some more color on the growth you're seeing in that regional market and maybe provide some color on the competitive landscape there?

Ramy，小組裡還有一件事要告訴你。本季你們的銷售業績非常強勁，區域業務成長也十分突出。您能否進一步介紹一下該地區市場的成長以及競爭格局？

Sure. So look, from a competitive perspective, we operate in a competitive but I would still say rational market. And therefore, we compete based on a whole set of factors beyond price in terms of our capabilities, employer, employee experience, connectivity into the overall ecosystem, relationships with the brokers that are very well established. So we really like the basis of competition in this business and that's true up market and it's also true in regional markets.

當然。所以，從競爭的角度來看，我們在一個競爭激烈但我仍然認為理性的市場中運作。因此，除了價格之外，我們還基於一系列因素展開競爭，包括我們的能力、雇主、員工體驗、與整個生態系統的連結性、與經紀人的良好關係。因此，我們真的很喜歡這個行業的競爭基礎，這在高端市場和區域市場都是如此。

I would say from an overall growth perspective, you saw a 9% increase year to date from a sales perspective. Regional is a very important contributor of that in particular because we had a slower jumbo year this year versus last year. So regional continues to be a significant contributor when you think about our year-to-date sales growth.

我想說，從整體成長角度來看，今年迄今的銷售額成長了 9%。區域因素是其中非常重要的因素，因為與去年相比，今年的巨型貨運量有所放緩。因此，當您考慮我們今年迄今為止的銷售成長時，區域仍然是一個重要的貢獻者。

Okay. Thank you, and then just going to LatAm. The top line is running well ahead of your guidance. I guess, just what's fueling the better-than-expected growth again in '25.

好的。謝謝，然後就去拉丁美洲。營業額遠遠超出了您的預期。我想，這正是推動 2025 年經濟成長再次優於預期的因素。

Joel, this is Eric.

喬爾，這是艾瑞克。

Yes, so as we outlined at Investor Day, LatAm is a growth engine for the enterprise, and we've been delivering high single-digit growth in both top and bottom line in the past few years, double digit, if you look at it from a constant rate perspective. And that solid performance so far this year with premiums growing at a healthy double digit as well on a constant currency base. And as we discussed, the business fundamentals of our franchises across the region are very strong and we're well positioned to extend our growth trajectory into this year and beyond.

是的，正如我們在投資者日所概述的那樣，拉丁美洲是企業的成長引擎，過去幾年，我們的營收和利潤都實現了高個位數成長，如果從恆定利率的角度來看，則是兩位數成長。今年迄今為止，保費表現穩健，以固定匯率計算，保費也實現了健康的兩位數成長。正如我們所討論的，我們在該地區特許經營的業務基礎非常強勁，我們已做好準備，將我們的成長軌跡延續到今年及以後。

Just to give you a little context about Lat Am. We're the largest life insurance company in the region. We have a strong franchise. We serve close to 30 million customers. We operate in six markets, which are the most relevant ones; Mexico, Chile, where we are number one leaders. In Brazil, where we are the fastest growing company there and we are very well diversified in terms of products as well as distribution channels. We have a network of above 10,000 agents across the region in our face-to-face business. We're also the leading employee benefits provider to large employers as well as SMEs, offering a wide variety of life and health products.

只是想介紹拉丁美洲的一些背景給你聽。我們是該地區最大的人壽保險公司。我們擁有強大的特許經營權。我們為近3000萬客戶提供服務。我們在六個最相關的市場開展業務：墨西哥、智利，我們是這些市場的領導者。在巴西，我們是當地發展最快的公司，我們的產品和分銷管道都非常多樣化。我們的面對面業務網絡遍佈整個地區，擁有超過 10,000 名代理商。我們也是大型雇主和中小企業的領先員工福利提供者，提供各種各樣的人壽和健康產品。

But our fastest-growing channel in the past few years has been our third-party distribution channel where we distribute products through a variety of over 100 partners such as banks, retailers, clinics, utility companies, among others. And in the past few years, we've witnessed significant growth through the rapid emergence of these digital ecosystem, whether that be digital banks, digital retailers, and a wide variety of e-commerce ecosystems.

但過去幾年我們成長最快的通路是第三方分銷管道，我們透過銀行、零售商、診所、公用事業公司等 100 多個合作夥伴分銷產品。在過去的幾年裡，我們見證了這些數位生態系統的快速崛起帶來的顯著增長，無論是數位銀行、數位零售商還是各種各樣的電子商務生態系統。

And to harness this opportunity, we launched Accelerator a couple of years ago. And this is really our regional embedded insurance, fully end-to-end digital, and we've already integrated 21 partners. We've issued about $300 million in PFO since the launch, we are serving 5 million customers on that platform. So this is growing really fast, and we're partnering with important players across markets and continue to scale that business to capitalize our competitive advantage.

為了抓住這個機會，我們幾年前推出了加速器。這確實是我們區域嵌入式保險，完全端到端數位化，我們已經整合了 21 個合作夥伴。自推出以來，我們已經發行了約 3 億美元的 PFO，我們在該平台上為 500 萬客戶提供服務。因此，我們的業務成長非常快，我們正在與各個市場的重要參與者合作，並繼續擴大業務規模，以充分利用我們的競爭優勢。

So it is a long summary about LatAm, but I think it was important to put things in context that this doesn't come from a specific country growth doesn't come from a specific line of business, but all lines are contributing to the growth and today and moving forward.

這是關於拉丁美洲的長篇總結，但我認為重要的是把事情放在大背景下來看，這不是來自特定國家的增長，也不是來自特定的業務線，而是所有業務線都在為增長做出貢獻，並且今天和未來都在向前發展。

Hope this helps.

希望有幫助。

Thank you (technical difficulty) unfortunately, we don't have time for questions. I will now turn the call over to Mr. John Hall for closing remarks.

謝謝（技術困難）不幸的是，我們沒有時間回答問題。現在我將把發言時間交給約翰‧霍爾先生，請他致閉幕詞。

Great. Thank you, everybody, for joining us this morning, and we look forward to engaging throughout the quarter. Have a great day.

偉大的。感謝大家今天上午加入我們，我們期待在整個季度中繼續合作。祝你有美好的一天。

Thank you for joining the call today. You may now disconnect.

感謝您今天參加電話會議。您現在可以斷開連線。