大都會人壽保險 (MET) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the MetLife third-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. Before we get started, I refer you to the cautionary note about forward-looking statements in yesterday's earnings release and to risk factors discussed in MetLife's SEC filings.

女士們、先生們，感謝你們的耐心等待。歡迎參加 MetLife 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。在開始之前，請您注意昨天發布的收益報告中關於前瞻性聲明的警示性說明，以及大都會人壽向美國證券交易委員會提交的文件中討論的風險因素。

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

接下來，我將把電話交給全球投資人關係主管約翰‧霍爾。請繼續。

Thank you, operator, and good morning, everyone. We appreciate you being with us today for MetLife's third-quarter 2025 earnings call. 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 supplements, which you should review.

謝謝接線員，大家早安。感謝您今天參加 MetLife 2025 年第三季財報電話會議。在開始之前，請您查閱 metlife.com 網站投資者關係部分、我們的盈利報告以及季度財務補充文件中有關非 GAAP 指標的資訊。

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. Other members of senior management are also available to participate in today's discussion.

今天早上參加電話會議的有：總裁兼執行長 Michel Khalaf；以及財務長兼 MetLife 投資管理主管 John McCallion。其他高階管理人員也可參加今天的討論。

Last night, we released a set of quarterly supplemental slides and they're available on our website. John McCallion will speak to these slides in his prepared remarks. In the appendix to the slides features additional disclosures, GAAP reconciliations, and other information which you should also review. (Event Instructions)

昨晚，我們發布了一套季度補充幻燈片，可以在我們的網站上找到。約翰·麥卡利恩將在他準備好的演講稿中談到這些幻燈片。投影片的附錄包含其他揭露資訊、GAAP 調節表和其他資訊，您也應該查看。（活動須知）

With that, over to Michel.

接下來，請米歇爾發言。

Thank you, John, and welcome, everyone, to this morning's call. Last night, MetLife reported strong third-quarter results, showcasing the earnings power of our diversified set of market-leading businesses and shining a spotlight on the positive impact of our New Frontier strategy.

謝謝約翰，也歡迎各位參加今天上午的電話會議。昨晚，MetLife公佈了強勁的第三季業績，展現了我們多元化市場領先業務的獲利能力，並突顯了我們「新前沿」策略的積極影響。

The expectations we outlined in the second quarter emerged in the third quarter as anticipated. Most notably, underwriting results bounce back in our flagship Group Benefits business on normal disability experience and seasonally better dental profitability. Variable investment income posted its highest recent contribution to adjusted earnings as capital markets activity accelerated, unlocking value in private equity.

我們在第二季提出的預期在第三季得到了驗證。最值得注意的是，由於正常的殘障保險業務和季節性較好的牙科保險盈利能力，我們旗艦團體福利業務的承保業績出現反彈。隨著資本市場活動加速，私募股權價值得以釋放，可變投資收益對調整後收益的貢獻達到了近期最高水準。

Our global retirement liability origination platform is in high gear with growth in the US and the UK as well as in Japan, where our efficient capital structure is supporting stellar sales growth. And in Latin America, our innovative digital platform for embedded insurance accelerator continues to attract and win over new strategic partners.

我們的全球退休負債業務平台發展迅猛，在美國、英國以及日本均實現了成長，我們高效的資本結構支撐了日本市場的強勁銷售成長。在拉丁美洲，我們面向嵌入式保險加速器的創新數位平台不斷吸引並贏得新的策略合作夥伴。

Turning to our quarterly results, we reported adjusted earnings of $1.6 billion or $2.37 per share, up 22% per share from the prior year period. Notable items totaled $18 million or $0.03 per share and included our annual actuarial assumption review and a tax adjustment in Mexico. Excluding notable items, adjusted earnings totaled $1.6 billion or $2.34 per share, a 21% increase from a year ago.

再來看我們的季度業績，我們公佈的調整後收益為 16 億美元，即每股 2.37 美元，比上年同期每股增長 22%。重要項目總計 1800 萬美元，即每股 0.03 美元，其中包括我們的年度精算假設審查和墨西哥的稅務調整。剔除特殊項目後，調整後收益總計 16 億美元，即每股 2.34 美元，較上年同期成長 21%。

The greatest driver of our outperformance in the quarter was strong investment margins led by variable investment income as well as volume growth across several business segments. We reported variable investment income of $483 million, above our implied quarterly outlook of $425 million on higher private equity returns, which reached 3% for the quarter.

本季業績超預期的最大驅動因素是強勁的投資利潤率，這主要得益於可變投資收益以及多個業務部門的銷售成長。我們公佈的可變投資收益為 4.83 億美元，高於我們先前預期的 4.25 億美元季度收益，這主要得益於私募股權回報率的提高，該季度私募股權回報率達到了 3%。

With the rebound in variable investment income, MetLife generated an adjusted return on equity, excluding notables of 16.7%, a level more on par with the company's earnings power and near the top of our target of 15% to 17%. And we delivered a direct expense ratio of 11.6% in the third quarter. We are well ahead of schedule with this ratio relative to our New Frontier commitment with the force multiplier effect of AI and other emerging technologies, accelerating our productivity and efficiency gains.

隨著可變投資收益的反彈，MetLife 的調整後股本回報率（不包括知名股東）為 16.7%，這一水平更符合公司的盈利能力，接近我們 15% 至 17% 的目標上限。第三季度，我們的直接費用率為 11.6%。相對於我們對「新前沿」的承諾，我們目前的進度遠遠超前，人工智慧和其他新興技術的倍增效應加速了我們的生產力和效率提升。

Moving to MetLife businesses, Group Benefits adjusted earnings, excluding notable items, totaled $457 million, up 6% from a year ago, reflecting solid underwriting results. The stability results returned to normal and dental profitability ramped up in the quarter, consistent with its seasonal profit pattern. As a result, we saw a 230 basis point sequential improvement in our nonmedical health loss ratio, providing further confidence in achieving a combined 400 basis points of improvement across the third and fourth quarters.

再來看看 MetLife 的業務，團體福利調整後的收益（不包括重大項目）總計 4.57 億美元，比上年同期增長 6%，反映出穩健的承保業績。本季度，穩定性指標恢復正常，牙科獲利能力提高，符合其季節性獲利模式。因此，我們的非醫療健康損失率較上季改善了 230 個基點，這進一步增強了我們對第三季和第四季合計改善 400 個基點的信心。

In Retirement and Income Solutions, adjusted earnings, excluding notable items, totaled $423 million, up 15% from the prior year quarter reflecting higher variable investment income. Chariot Re officially launched in the third quarter with an initial reinsurance transaction of roughly $10 billion. This strategic partnership helps expand MetLife's retirement liability origination capacity in a capital-efficient manner while also generating institutional assets for MetLife Investment Management.

在退休和收入解決方案方面，經調整後的收益（不包括重大項目）總計 4.23 億美元，比上年同期增長 15%，反映出可變投資收益增加。Chariot Re 於第三季正式成立，首筆再保險交易約 100 億美元。這項策略合作有助於以資本高效的方式擴大 MetLife 的退休負債承保能力，同時為 MetLife 投資管理公司創造機構資產。

Total liability balances in RIS were up 3%. The solid result was driven by strong general account balance growth, including structured settlement production, a record quarter for us, in fact, and volume growth in UK longevity reinsurance.

RIS的總負債餘額上升了3%。這一穩健的業績得益於一般帳戶餘額的強勁增長，包括結構化結算業務的業績（事實上，這是我們創紀錄的一個季度），以及英國長壽再保險業務量的增長。

We did not report any new pension risk transfer deals in the third quarter. However, the fourth quarter is shaping up to be a record quarter as we've already written $12 billion of PRT transactions, demonstrating the trust to marketplaces and MetLife. Our long-term outlook for the PRT business is positive. A few weeks ago, we released the results of our annual poll of pension plan sponsors. The survey found that 94% of those sponsors planning to derisk their portfolios, expect to fully divest in the next 5 years. his is the highest percentage we've recorded since we initiated the survey 10 years ago.

第三季我們沒有報告任何新的退休金風險轉移交易。然而，第四季度有望成為創紀錄的季度，因為我們已經完成了 120 億美元的 PRT 交易，這表明市場和 MetLife 對客戶的信任。我們對個人快速交通 (PRT) 業務的長期前景持樂觀態度。幾週前，我們公佈了年度退休金計劃發起人調查結果。調查發現，在計劃降低投資組合風險的贊助商中，94%的人預計在未來5年內完全撤資。這是我們自10年前開始這項調查以來記錄到的最高比例。

Shifting to Asia, adjusted earnings, excluding notable items, were $473 million a 36% increase on a reported basis from the prior year quarter. Sales surged 34% on a constant currency basis, driven by an outstanding 31% increase in Japan. Our competitive Japanese product portfolio, which includes both foreign currency and yen-denominated retirement products has gained excellent traction across our multipronged distribution in the country. More than keeping pace, constant currency sales in other Asia markets jumped 39%, led by Korea, China and India.

轉而關注亞洲市場，經調整後的收益（不包括重大項目）為 4.73 億美元，按報告基準計算比上年同期增長 36%。以固定匯率計算，銷售額成長了 34%，其中日本市場成長了 31%，增幅顯著。我們極具競爭力的日本產品組合，包括外幣和日圓計價的退休產品，已透過我們在日本的多通路分銷管道獲得了極佳的市場反響。亞洲其他市場以固定匯率計算的銷售額成長了 39%，其中韓國、中國和印度的銷售額成長最為強勁，遠超同期水準。

In Latin America, adjusted earnings, excluding notable items, were $222 million up 2%. Adjusted PFOs for the region totaled $1.7 billion, up 11% on both a reported and constant currency basis, indicative of continued business momentum across the region most notably in Mexico, Chile and Brazil. We recently added e-commerce leader, Mercado Libre as a partner on our accelerator digital platform in Mexico and Brazil. We now have more than 20 partners across Latin America and the accelerator platform has generated more than $340 million of annualized premiums since its launch, another powerful example of New Frontier in action.

在拉丁美洲，經調整後的收益（不包括重大項目）為 2.22 億美元，成長 2%。經過調整後，該地區的 PFO 總額為 17 億美元，按報告匯率和固定匯率計算均成長了 11%，顯示該地區的業務持續成長勢頭，尤其是在墨西哥、智利和巴西。我們最近將電子商務領導者 Mercado Libre 納入我們在墨西哥和巴西的加速器數位平台合作夥伴。目前，我們在拉丁美洲擁有 20 多個合作夥伴，自該加速器平台推出以來，已創造了超過 3.4 億美元的年度保費收入，這是 New Frontier 運作的又一個有力例證。

Finally, EMEA posted another strong quarter with adjusted earnings excluding notable items of $89 million, up 19% on a reported basis primarily due to volume growth. As we do each third quarter, we published our 2024 value of new business, or VNB results. It is hard to overstate VNB's importance as a tool for MetLife and maintaining capital and pricing discipline around the globe. Over time, the principal use of VNB has powered our transformation into a more capital-light business with consistent improvement demonstrated year after year.

最後，EMEA 地區又迎來了一個強勁的季度，經調整後的收益（不包括重大項目）為 8900 萬美元，按報告數據計算增長 19%，主要原因是銷量增長。與往年第三季一樣，我們公佈了 2024 年新業務價值 (VNB) 結果。VNB 作為 MetLife 的工具，對於在全球範圍內維持資本和定價紀律而言，其重要性怎麼強調都不為過。隨著時間的推移，VNB 的主要用途推動了我們向資本更輕型企業的轉型，並且每年都持續改進。

Again, the results for the past year are impressive. In 2024, we deployed $3.4 billion of capital to support new business origination. This is the highest order use of our precious capital. The capital deployed in 2024 was put to use at an average internal rate of return of 19% and a payback period of 5 years. Our success with VNB does not occur in isolation, achieving high internal rates of return on new business with short payback periods, feeds directly into our ability to produce a high return on equity and generate strong free cash flow. To that end, we continue to manage capital discipline, protecting liquidity and balance sheet strength while returning excess capital to shareholders.

再次強調，過去一年的成績令人印象深刻。2024年，我們投入了34億美元的資金來支持新業務的發展。這是對我們寶貴資金的最高運用。2024 年投入的資金平均內部報酬率為 19%，投資回收期為 5 年。我們在 VNB 上的成功並非孤立發生的，新業務的高內部回報率和短的投資回收期直接提升了我們獲得高股本回報率和產生強勁自由現金流的能力。為此，我們持續實施資本紀律管理，在保障流動性和資產負債表穩健性的同時，將多餘的資本回饋給股東。

Our track record is well established. We have returned almost $24 billion to shareholders through buybacks and common dividends in the past 5 years. And the third quarter was no exception. We returned about $875 million to shareholders through common stock dividends and share repurchases. We paid roughly $375 million of common stock dividends and repurchased around $500 million of our common stock. With approximately $150 million of repurchases in October, our total year-to-date share buyback is now roughly $2.6 billion.

我們過往的業績有目共睹。過去 5 年，我們透過股票回購和普通股分紅向股東返還了近 240 億美元。第三季也不例外。我們透過普通股股利和股票回購向股東返還了約 8.75 億美元。我們支付了約 3.75 億美元的普通股股息，並回購了約 5 億美元的普通股。10 月回購了約 1.5 億美元的股票，今年迄今的股票回購總額已達約 26 億美元。

We ended the quarter with cash and liquid assets at our holding companies of roughly $4.9 billion, which includes about $700 million earmarked for near-term debt maturities and is above our target cash buffer of $3 billion to $4 billion. There is no doubt capital deployment and capital management have been integral to our past success and will continue to be as we push forward with the execution of our New Frontier strategy.

本季末，我們控股公司的現金和流動資產約為 49 億美元，其中包括約 7 億美元用於償還近期到期的債務，高於我們 30 億至 40 億美元的現金緩衝目標。毫無疑問，資本部署和資本管理一直是我們過去成功的關鍵因素，隨著我們推動新前沿策略的實施，它們也將繼續發揮重要作用。

We are working hard towards the successful closing of two strategic transactions: the acquisition of PineBridge and the sale of a legacy block of variable annuities to Talcott Resolution Life. In both cases, we are fully engaged and on track to close in the fourth quarter. As we execute across our New Frontier strategic priorities, we are extending our leadership in the places we have the right to win. Underpinning our strategic priorities is our investment portfolio and our time-tested approach to credit and our unwavering commitment to risk management.

我們正在努力完成兩項策略交易：收購 PineBridge 以及將一批遺留的可變年金出售給 Talcott Resolution Life。這兩種情況下，我們都已全力投入，並預計在第四季完成交易。隨著我們推動「新前沿」策略重點的實施，我們正在擴大我們在有實力贏得的領域的領先地位。我們的策略重點以我們的投資組合、久經考驗的信貸方法以及對風險管理的堅定承諾為基礎。

For 157 years, MetLife has navigated complex and evolving credit markets, delivering consistent investment results even through periods of significant volatility. Today, while the credit environment is reasonably stable and credit fundamentals resilient, we recognize spreads are historically tight and in some ways, priced for perfection. We maintain an open quality bias across our portfolio, supported by active surveillance and disciplined underwriting. Our diversified high-quality portfolio and active risk management position us well to navigate a wide range of economic outcomes ensuring we deliver regardless of the market environment.

157年來，MetLife在複雜多變的信貸市場中游刃有餘，即使在市場波動劇烈的時期，也始終保持著穩定的投資回報。雖然目前信貸環境相對穩定，信貸基本面也較為穩健，但我們認識到，利差處於歷史低位，並且在某種程度上，價格已經反映了市場的完美預期。我們始終堅持公開透明的品質導向，並透過積極的監控和嚴格的承保來保障我們的投資組合。我們多元化的高品質投資組合和積極的風險管理使我們能夠很好地應對各種經濟狀況，確保無論市場環境如何，我們都能實現目標。

In closing, our third quarter results illustrate MetLife's ability to create exceptional value for shareholders and stakeholders alike and the power of the New Frontier as a growth engine. As we do each year, we just completed the annual pressure testing of our strategy with our Board of Directors and came away confident we have the right strategy for the right time. Our focus on consistent execution, steady capital management and expense discipline will continue to strengthen and differentiate our market leadership while fueling our superior value proposition comprised of strong growth and attractive returns with lower risk.

總之，我們第三季的業績表明，MetLife 有能力為股東和利害關係人創造非凡的價值，以及新領域作為成長引擎的強大力量。和往年一樣，我們剛剛與董事會完成了年度策略壓力測試，並確信我們擁有在正確時間採取的正確策略。我們將繼續專注於持續執行、穩健的資本管理和嚴格的費用控制，從而鞏固和提升我們的市場領導地位，同時推動我們實現卓越的價值主張，即強勁的成長和可觀的回報，以及較低的風險。

Now, I'll turn it over to John to cover the quarter in more detail.

現在，我將把發言權交給約翰，讓他更詳細地介紹本季的情況。

Thank you, Michel, and good morning, everyone. I'll walk through our third quarter results and refer to the 3Q '25 supplemental slides which covers highlights of our financial performance, including details of our annual global actuarial assumption review. In addition, I'll provide updates on our value of new business metrics and our liquidity and capital position.

謝謝你，米歇爾，大家早安。我將介紹我們第三季的業績，並參考 2025 年第三季補充投影片，其中涵蓋了我們財務業績的亮點，包括我們年度全球精算假設審查的詳細資訊。此外，我還會提供關於我們新業務指標價值以及流動性和資本狀況的最新資訊。

Beginning on page 3, we provide a comparison of net income and adjusted earnings for the third quarter. We have introduced a new line item, net activity attributable to ceded reinsurance arrangements, which captures the net income impact from the growing use of ceded reinsurance following the launch of Chariot Re Q3 of '25. Much of the offsetting amounts are captured in accumulated other comprehensive income or AOCI and primarily represents the change in unrealized gains or losses on the reinsured portfolio ceded to the reinsurer. Therefore, we believe most of the accounting for this item to be asymmetric or noneconomic in nature.

從第 3 頁開始，我們將對第三季的淨收入和調整後收益進行比較。我們新增了一個項目，即歸屬於分出再保險安排的淨活動，它反映了自 Chariot Re 於 2025 年第三季推出以來，分出再保險使用量不斷增長所帶來的淨收入影響。大部分抵銷金額計入其他綜合收益或 AOCI 中，主要代表轉讓給再保險公司的再保險組合的未實現收益或損失的變化。因此，我們認為該項目的大部分會計處理本質上是不對稱的或非經濟性的。

Additionally, the main factors contributing to the difference between net income and adjusted earnings this quarter were net derivative losses resulting from stronger equity markets, rising long-term interest rates and strengthening of the US dollar. The net investment losses were generally in line with recent quarters. Overall, we continue to believe we are operating in a relatively stable credit environment.

此外，導致本季淨收入與調整後收益之間出現差異的主要因素是：由於股票市場走強、長期利率上升和美元走強而導致的淨衍生性商品損失。淨投資虧損與最近幾季的情況基本一致。總體而言，我們仍然認為我們是在相對穩定的信貸環境下運作。

Moving to the bottom of the table, we recorded 2 notable items that mostly offset each other, resulting in a net increase to adjusted earnings of $18 million or $0.03 per share. The first item relates to the resolution of an industry-wide tax matter in Mexico regarding the value-added tax deduction of certain health insurance claims expenses. This resolution and related change in tax law resulted in an after-tax charge of $71 million in 3Q of '25 in Latin America.

來到表格底部，我們記錄了 2 項值得注意的項目，這兩項項目基本上相互抵消，導致調整後收益淨增加 1800 萬美元，即每股 0.03 美元。第一項內容涉及墨西哥一項行業範圍內的稅務問題，即某些健康保險索賠費用的增值稅扣除。該決議及相關稅法變更導致 2025 年第三季拉丁美洲稅後支出 7,100 萬美元。

We anticipate an additional after-tax charge of $20 million to $25 million in 4Q. And for 2026, we estimate a reduction in Latin America adjusted earnings of roughly $50 million to $60 million as we recalibrate our underlying rate assumptions in Mexico with little to no impact in 2027 and beyond. The second item relates to our annual actuarial assumption review, which increased adjusted earnings by $89 million.

我們預計第四季將產生2000萬美元至2500萬美元的稅後額外支出。2026 年，我們預計拉丁美洲調整後的收益將減少約 5,000 萬至 6,000 萬美元，因為我們將重新調整墨西哥的基本利率假設，而 2027 年及以後幾乎沒有影響。第二項與我們的年度精算假設審查有關，該審查使調整後的收益增加了 8,900 萬美元。

Turning to page 4, we provide additional details of these effects on adjusted earnings and net income by segment. The overall impact from the annual review was modest. In Retirement Income Solutions, or RIS, our payout annuity business benefited from higher mortality.

翻到第 4 頁，我們將提供這些影響對各業務部門調整後收益和淨收入的更多詳細資訊。年度審查的整體影響不大。在退休收入解決方案（RIS）領域，我們的支付年金業務受益於較高的死亡率。

Within Asia, we recognized more favorable experience in Japan due to lower morbidity in Accident & Health products and favorable lapse experience in life insurance. And in MetLife Holdings, we had favorable mortality in life insurance and favorable lapse rates and variable annuities.

在亞洲，我們發現日本的經驗較為有利，因為意外和健康險產品的發生率較低，而且人壽保險的失效率也較低。在 MetLife Holdings，我們的人壽保險死亡率、保單失效率和可變年金都比較理想。

Next, let's look at adjusted earnings by segment on page 5. This shows third quarter of year-over-year comparison of adjusted earnings, excluding notable items by segment and Corporate and Other. All my comments related to this slide will be made on an ex notables basis. Adjusted earnings were $1.6 billion, representing a 15% increase year-over-year. This was primarily driven by higher variable investment income and strong volume growth.

接下來，我們來看第 5 頁按業務板塊劃分的調整後收益。此圖表顯示了第三季經調整收益的年比比較，不包括按業務部門和公司及其他部門劃分的重大項目。我所有與此投影片相關的評論都將基於重要細節。經調整後的收益為 16 億美元，年增 15%。這主要得益於更高的可變投資收益和強勁的交易量成長。

These were partially offset by less favorable underwriting and lower recurring interest margins when compared to the prior year. Adjusted earnings per share were $2.34, up 21%. Growth was supported by disciplined capital management.

與前一年相比，承保條件惡化和經常性利息利潤率降低，部分抵銷了上述不利影響。經調整後的每股收益為 2.34 美元，成長 21%。穩健的資本管理支撐了成長。

Moving to the businesses, Group Benefits results showed steady growth and improved margins. Adjusted earnings were $457 million, up 6%. The key drivers were favorable expense margins and volume growth. This was partially offset by less favorable life underwriting.

從業務方面來看，團體福利績效顯示出穩定成長和利潤率提高。經調整後的收益為 4.57 億美元，成長 6%。主要驅動因素是有利的成本利潤率和銷售成長。不太有利的人壽保險承保條件部分抵銷了這一影響。

The Group Life mortality ratio excluding the assumption review was 83.3% for the quarter, which is below the bottom end of our 2025 target range of 84% to 89% but less favorable than the 82.4% on the same basis in the prior year. The nonmedical health interest adjusted benefit ratio was 72.5% modestly above the midpoint of our annual target range of 69% to 74% and essentially flat to Q3 of '24 of 72.4%. This result represented an improvement of 230 basis points sequentially from the second quarter, primarily due to the anticipated dental seasonality and an expected recovery disability. We continue to expect our nonmedical health ratio to improve further in 4Q due to typical lower seasonal utilization in dental.

不考慮假設審查，本季團體人壽死亡率為 83.3%，低於我們 2025 年 84% 至 89% 的目標範圍的下限，但不如去年同期的 82.4%。非醫療保健利益調整後的福利比率為 72.5%，略高於我們年度目標範圍 69% 至 74% 的中點，與 2024 年第三季的 72.4% 基本持平。這一結果較第二季度環比改善了 230 個基點，主要原因是預期的牙科季節性因素和預期的恢復障礙。我們預計，由於牙科診療量通常在季節性下降，第四季度非醫療健康比率將進一步改善。

Turning to the top line, Group Benefits adjusted PFOs were up 3% which was dampened by approximately 1 percentage point due to the impact on premiums from participating life contracts. In addition, sales were up 5% year-to-date due to growth across most products. RIS maintained a strong momentum, coupled with higher investment income. Adjusted earnings were $423 million, up 15% year-over-year. The primary driver was higher variable investment income, or VII. RIS investment spreads were 131 basis points, up 29 basis points sequentially due to higher variable investment income. RIS spreads, excluding VII, were up 1 basis point sequentially at 102 basis points.

從總收入來看，團體福利調整後的 PFO 增加了 3%，但由於分紅人壽保險合約對保費的影響，這一增長被抑制了約 1 個百分點。此外，由於大多數產品銷售成長，今年迄今的銷售額成長了 5%。RIS維持了強勁的成長勢頭，同時投資收益也更高。經調整後的收益為 4.23 億美元，年增 15%。主要驅動因素是更高的可變投資收益，即 VII。RIS投資利差為131個基點，較上季上升29個基點，原因是可變投資收益增加。不包括 VII 的 RIS 利差較上季上漲 1 個基點，至 102 個基點。

In addition, the transfer of approximately $10 billion of RIS liabilities to Chariot Re in 3Q of '25 resulted in a reduction in adjusted earnings, which was in line with our prior guidance of $15 million to $20 million per quarter. RIS continues to achieve strong business momentum. Adjusted PFOs, excluding PRTs, were up 14%, primarily driven by higher structured settlements and UK longevity reinsurance sales. In addition, our spread earnings general account liabilities grew 4% year over year, while total liability exposures grew 3%. And as Michel mentioned, we've already secured a record level of new PRT mandates so far in Q4.

此外，2025 年第三季將約 100 億美元的 RIS 負債轉移至 Chariot Re，導致調整後收益減少，這與我們先前每季 1,500 萬美元至 2,000 萬美元的預期一致。RIS持續維持強勁的業務發展動能。經調整的 PFO（不包括 PRT）增加了 14%，主要原因是結構化結算和英國長壽再保險銷售額增加。此外，我們的利差收益一般帳戶負債年增 4%，而總負債曝險成長 3%。正如米歇爾所提到的，我們在第四季度已經獲得了創紀錄數量的新 PRT 授權。

Turning to Asia, the segment displayed strong performance across all key metrics. Adjusted earnings were $473 million, up 36% and up 37% on a constant currency basis. The primary drivers were higher variable investment income and volume growth. Additionally, results were positively impacted by a $30 million after-tax benefit from a model refinement applied to Accident & Health products in Japan.

從亞洲市場來看，該市場在所有關鍵指標上都表現出色。經調整後的收益為 4.73 億美元，年增 36%，以固定匯率計算成長 37%。主要驅動因素是可變投資收益增加和交易量成長。此外，由於對日本的意外和健康保險產品進行了模型改進，獲得了 3000 萬美元的稅後收益，業績也因此得到了積極影響。

General account assets under management at amortized costs were up 6% year-over-year on a constant currency basis, and sales were up 34% on a constant currency basis. Sales in Japan, our largest market in the region were up 31% on a constant currency basis, driven by product launches and enhancements earlier in the year. And other Asia markets also contributed meaningfully with sales up 39% year-over-year on a constant currency basis, led by Korea and China.

以攤餘成本計算，一般帳戶管理資產年增 6%（以固定匯率計算），銷售額年增 34%（以固定匯率計算）。在日本（我們在該地區最大的市場），銷售額按固定匯率計算增長了 31%，這主要得益於今年稍早推出的產品和產品改進。其他亞洲市場也做出了重要貢獻，以固定匯率計算，銷售額年增 39%，其中韓國和中國市場表現最為強勁。

Latin America had solid top line growth and resilient earnings. Adjusted earnings were $222 million, up 2% on both a reported and constant currency basis, primarily due to volume growth across the region. In addition, a favorable Chilean encaje return of 6% contributed to LatAm's solid performance, although it was below the 8% earned in 3Q of '24. Latin America's top line continues to perform well. Adjusted PFOs are up 11% on both a reported and constant currency basis, and sales were up 15% on a constant currency basis, with strong growth across the region, most notably in Mexico, Chile and Brazil.

拉丁美洲的營收成長穩健，獲利能力也保持良好。經調整後的收益為 2.22 億美元，按報告匯率和固定匯率計算均成長 2%，主要原因是該地區的銷售成長。此外，智利 encaje 6% 的良好回報率也對拉丁美洲的穩健表現做出了貢獻，儘管低於 2024 年第三季獲得的 8% 的回報率。拉丁美洲的營收持續表現良好。經調整的PFO按報告匯率和固定匯率計算均增長了11%，銷售額按固定匯率計算增長了15%，整個地區均實現了強勁增長，尤其是在墨西哥、智利和巴西。

EMEA had broad-based volume growth, driving a double-digit adjusted earnings increase. Adjusted earnings were $89 million, up 19% and 17% on a constant currency basis. EMEA adjusted PFOs were up 11% and up 9% on a constant currency basis, and sales were up 24% on a constant currency basis, reflecting strength across most markets led by Turkey, Gulf and the UK MetLife Holdings delivered adjusted earnings of $190 million, up 12%, primarily reflecting higher variable investment income. Corporate and Other reported an adjusted loss of $288 million for 3Q of '25 compared to a loss of $249 million in the same period last year.

歐洲、中東和非洲地區銷售全面成長，推動調整後收益將達到兩位數成長。調整後的收益為 8,900 萬美元，年增 19%，以固定匯率計算成長 17%。EMEA 調整後的 PFO 成長了 11%，以固定匯率計算成長了 9%，銷售額以固定匯率計算成長了 24%，反映出大多數市場的強勁表現，其中土耳其、海灣地區和英國表現尤為突出。 MetLife Holdings 的調整後收益為 1.9 億美元，成長了 12%，主要反映了可變投資收益的增加。該公司及其他部門報告稱，2025 年第三季經調整後的虧損為 2.88 億美元，去年同期虧損為 2.49 億美元。

This increase was primarily driven by market-related employee costs as well as higher interest payments on outstanding debt. 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%.

這一增長主要是由於市場相關的員工成本以及未償債務利息支出增加所致。該公司本季調整後收益的實際稅率約為 24%，處於我們 2025 年 24%​​ 至 26% 指導範圍的下限。

On page 6, this chart reflects our pretax variable investment income for the past 5 quarters, including the third quarter of 2025 which was $483 million, above our implied quarterly guidance of $425 million. Private equity returns of 3% in the quarter drove the outperformance while our real estate and other funds yielded an average return of approximately 50 basis points. 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.

第 6 頁的圖表反映了我們過去 5 個季度的稅前可變投資收益，包括 2025 年第三季度，該季度收益為 4.83 億美元，高於我們此前預期的 4.25 億美元季度收益。本季私募股權投資回報率為 3%，推動了業績的超額完成，而我們的房地產和其他基金的平均回報率約為 50 個基點。提醒各位，私募股權、房地產及其他基金的報告存在一個季度的滯後，並且按市值計價進行核算。

Page 7 presents post-tax variable investment income by segment and Corporate and Other covering the last 5 quarters. Each business segment maintained a distinct investment portfolio, carefully matching its liability profile. The majority of VII assets are concentrated in Asia, RIS and MetLife Holdings, reflecting the long-term nature of these obligations.

第 7 頁列出了過去 5 個季度的按業務板塊和公司及其他類別劃分的稅後可變投資收益。每個業務部門都維持不同的投資組合，並精心匹配其負債狀況。VII 的大部分資產集中在亞洲、RIS 和 MetLife Holdings，這反映了這些債務的長期性。

As of September 30, 2025, total VII assets stood at approximately $19 billion. Asia represented over 40% of these assets, while RIS and MetLife Holdings accounted for about 30% and 20%, respectively. This distribution underscores our strategic approach to asset allocation ensuring that the investment portfolios are aligned with the duration and risk characteristics of each segment's liabilities.

截至 2025 年 9 月 30 日，VII 的總資產約為 190 億美元。亞洲佔這些資產的 40% 以上，而 RIS 和 MetLife Holdings 分別佔約 30% 和 20%。這種分配方式凸顯了我們在資產配置方面的策略方法，確保投資組合與各業務板塊負債的久期和風險特徵保持一致。

Turning to expenses, page 8 illustrates our direct expense ratio trends over time. For the third quarter of 2025, our direct expense ratio was 11.6%, an improvement from 11.7% in Q3 of '24 and notably below our full year target of 12.1%. We continue to emphasize that the full year direct expense ratio offers the most meaningful measure of our expense management given the inherent variability in quarterly results. However, this quarter's outcome further demonstrates our continued commitment to disciplined expense control and operational efficiency while maintaining responsible growth across our businesses.

關於費用，第 8 頁展示了我們直接費用率隨時間變化的趨勢。2025 年第三季度，我們的直接費用率為 11.6%，較 2024 年第三季度的 11.7% 有所改善，明顯低於我們全年 12.1% 的目標。我們始終強調，鑑於季度業績固有的波動性，全年直接費用率能夠最有效地衡量我們的費用管理水準。然而，本季的業績進一步證明了我們持續致力於嚴格控製成本和提高營運效率，同時保持各業務的穩健成長。

Turning to page 9, the chart highlights MetLife's value of new business, or VNB, metrics across our major segments, which we report annually and highlight the past 5 years. During 2024, we allocated $3.4 billion in capital to support new business initiatives, achieving an average unlevered internal rate of return of approximately 19% and a payback period of 5 years.

翻到第 9 頁，圖表重點介紹了 MetLife 各主要業務部門的新業務價值 (VNB) 指標，我們每年都會發布該指標，並重點介紹過去 5 年的情況。2024 年，我們投入 34 億美元資金支持新的業務計劃，實現了平均約 19% 的無槓桿內部收益率，投資回收期為 5 年。

This disciplined capital deployment generated about $2.6 billion in new business value. The 2024 VNB results underscore our ongoing commitment to investing in opportunities that deliver responsible growth and attractive returns. We view annual VNB as a key indicator of our ability to expand our ROE and accelerate free cash flow generation over time.

這種有條不紊的資本部署創造了約 26 億美元的新業務價值。2024 年 VNB 業績凸顯了我們對投資於能夠帶來負責任成長和可觀回報的機會的持續承諾。我們認為年度淨資產價值是衡量我們提高淨資產收益率和加速自由現金流產生能力的關鍵指標。

Let me now review our cash and capital position as detailed on page 10. MetLife remains strongly capitalized, maintaining robust liquidity well above our internal targets. As of September 30, cash and liquid assets at the holding companies totaled $4.9 billion, exceeding our target cash buffer of $3 billion to $4 billion. We continue to prioritize returning excess capital to our shareholders with total cash returns in the third quarter, reaching approximately $875 million comprised of roughly $500 million in share repurchases and approximately $375 million in common stock dividends. In addition to these returns, holding company cash reflects the net impact of subsidiary dividends, debt issuances, operating expenses and other cash flows.

現在讓我來回顧一下第 10 頁詳細列出的我們的現金和資本狀況。MetLife資本充足，流動性強勁，遠遠超越我們的內部目標。截至 9 月 30 日，控股公司的現金和流動資產總額為 49 億美元，超過了我們設定的 30 億至 40 億美元的現金緩衝目標。我們繼續優先將多餘的資本返還給股東，第三季現金返還總額達到約 8.75 億美元，其中包括約 5 億美元的股票回購和約 3.75 億美元的普通股股息。除了這些收益外，控股公司現金還反映了子公司股息、債務發行、營運費用和其他現金流的淨影響。

For our US entities, preliminary statutory operating earnings for the first 9 months of 2025 were approximately $2.1 billion, with net income of $1.3 billion. Our estimated US statutory adjusted capital on an NAIC basis stood at approximately $17.1 billion as of September 30, essentially unchanged from the prior quarter. We anticipate the Japan solvency margin ratio to be around 740% as of September 30, pending the final statutory filings in the coming weeks.

對於我們的美國實體而言，2025 年前 9 個月的初步法定營業收入約為 21 億美元，淨收入為 13 億美元。截至 9 月 30 日，我們估計的美國法定調整資本（以 NAIC 基準計算）約為 171 億美元，與上一季基本持平。我們預計截至 9 月 30 日，日本償付能力保證金率將達到 740% 左右，具體數值將在未來幾週內根據最終的法定文件確定。

Looking ahead, we are pleased with our progress towards the transition in Japan to ESR, a capital framework that closely aligns to the economic capital model we use to manage our business. Based on our initial work, we expect to report an economic solvency ratio within a range of 170% to 190% from March 2026. This ratio reflects the strong capitalization of MetLife Japan as evidenced by stand-alone AA- rating from S&P as well as our capital management efficiency. We have yielded cash dividends from Japan totaling more than $4 billion over the past 5 years.

展望未來，我們對日本向 ESR 過渡的進展感到滿意，ESR 是一種與我們用於管理業務的經濟資本模型緊密相關的資本框架。根據我們初步的工作，我們預計從 2026 年 3 月起，經濟償付能力比率將在 170% 至 190% 的範圍內。該比率反映了 MetLife Japan 的雄厚資本實力，標普給予其 AA- 的獨立評級也證明了這一點，同時也體現了我們的資本管理效率。過去 5 年，我們從日本獲得的現金股利總額超過 40 億美元。

Before I wrap up, I'd like to note that starting in the fourth quarter, we plan to report MetLife Investment Management or MIM, as a joint business segment. In addition, we plan to eliminate MetLife Holdings as a stand-alone segment by consolidating it into Corporate and Other. This new reporting structure aligns with our New Frontier strategy.

在結束之前，我想指出，從第四季度開始，我們計劃將 MetLife Investment Management（簡稱 MIM）作為聯合業務部門進行報告。此外，我們計劃將 MetLife Holdings 作為一個獨立部門取消，並將其併入公司及其他部門。這種新的匯報結構與我們的「新前沿」策略一致。

As part of this resegmentation, we will disclose recasted historical financial results in early January, which should allow enough time to update your models prior to our fourth quarter earnings call. In summary, MetLife delivered a strong quarter underpinned by sustained momentum and solid fundamentals across our diverse set of market-leading businesses.

作為此次業務重組的一部分，我們將在 1 月初公佈重述後的歷史財務業績，這應該能讓你們有足夠的時間在第四季度財報電話會議之前更新模型。總而言之，在旗下多元化的市場領先業務的持續成長勢頭和穩健基本面的支撐下，MetLife 實現了強勁的季度業績。

We achieved robust top line growth, maintained disciplined underwriting and exercise prudent expense management. All while benefiting from higher private equity returns. And our value of new business metrics highlight our strategic and disciplined approach to allocating capital. Backed by a strong balance sheet and reliable free cash flow generation, we are well positioned to achieve responsible growth and deliver attractive returns with lower risk, creating sustainable value for both our customers and shareholders.

我們實現了強勁的營收成長，維持了嚴格的核保政策，並採取了審慎的費用管理措施。同時也能享受更高的私募股權回報。我們對新業務指標的重視凸顯了我們在資本配置方面採取的策略性和嚴謹性的方法。憑藉強勁的資產負債表和可靠的自由現金流，我們有能力實現負責任的成長，並在較低的風險下提供有吸引力的回報，為我們的客戶和股東創造可持續的價值。

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

那麼，我將把電話轉回給接線員，回答您的問題。

(Operator Instructions) Ryan Krueger, KBW.

（操作說明）Ryan Krueger，KBW。

My first question was on Asia sales. Can you provide some additional color on the strength that you saw? What were the key drivers? And what do you think will -- to what extent can this momentum continue going forward?

我的第一個問題是關於亞洲銷售的。您能否更詳細地描述一下您觀察到的強度？關鍵驅動因素是什麼？那麼你認為這種勢頭能在多大程度上持續下去？

Ryan, it's Lyndon here. Look, we're really pleased with the strong quarter we've had in Asia. We've seen a 34% increase in the overall Asia market. So let me give you some more color here. Let's start with Japan.

瑞安，我是林登。你看，我們對本季在亞洲的強勁業績非常滿意。我們看到亞洲整體市場成長了34%。讓我再補充一些細節。我們先從日本說起。

Sales were up 31% year-over-year. We've launched a couple of new products. We've got a new single premium FX life product that we launched in April. And this product continues to do very well. In addition, we launched a new yen variable life product in August.

銷售額較去年同期成長 31%。我們推出了幾款新產品。我們在四月推出了一款新的單筆保費 FX 人壽保險產品。這款產品一直表現非常出色。此外，我們在8月推出了新的日圓可變壽險產品。

And this too has been received very well by the market. We've also made some product enhancements. We've enhanced our single premium FX annuity product earlier this year. and this continues to do well when we compare to the prior year. So if you take all the product launches we put in place as well as the product enhancements combine it with our distribution strength, that's really what's driving the strong growth that we see in both our channels, bancassurance as well as the face-to-face channel in Japan.

這一點也受到了市場的熱烈歡迎。我們也對產品進行了一些改進。今年早些時候，我們對一次性繳付外匯年金產品進行了升級，與前一年相比，該產品繼續保持良好表現。因此，如果我們把我們推出的所有產品以及產品改進措施，再加上我們強大的分銷能力，這才是真正推動我們在日本銀行保險和麵對面管道實現強勁增長的因素。

Now when we look to the rest of Asia, sales there were up 39% year-over-year. And we're really seeing strong performance in Korea and China here. China sales were higher in the bancassurance channel. And that's really been driven by the fact that we've launched some new key bank partners as well as been able to penetrate existing bank partners. In Korea, we continue to deliver consistently strong performance.

現在我們把目光轉向亞洲其他地區，那裡的銷售額比去年同期成長了 39%。我們看到韓國和中國的表現確實非常強勁。中國銀行保險通路的銷售額更高。這主要得益於我們推出了一些新的重要銀行合作夥伴，並且成功打入了現有銀行合作夥伴的市場。在韓國，我們持續保持強勁的業績。

And here, we are showing strength in our US dollar product sales as well as our 1 variable life product in the face-to-face channels. So good results overall. Now looking ahead, we expect this momentum to continue going into the fourth quarter and we expect to exceed full year sales guidance for '25. I hope that helps.

在這裡，我們展現了美元產品銷售的強勁勢頭，以及在面對面通路銷售的1款可變壽險產品的強勁勢頭。整體結果不錯。展望未來，我們預計這一勢頭將延續到第四季度，並預計將超過 2025 年全年銷售額預期。希望對您有幫助。

Great. And then just a quick one on expense seasonality. Can you -- I think you typically do have some expense seasonality in the fourth quarter. Can you give us any rough magnitude of what to expect there?

偉大的。最後簡單談談費用季節性問題。您可以—我認為第四季度通常會有一些季節性支出。您能大概估算一下那裡的狀況嗎？

Ryan, it's Michel. Look, we are really pleased with the -- our direct expense ratio coming in well below the 12.1%, the target that we had set during the outlook. There is some seasonality, fourth quarter being somewhat higher than the first three quarters. But I would say that our expectation is that we will come in below the 12.1%. I would say, even well below the 12.1% at year-end.

瑞恩，我是米歇爾。你看，我們對直接費用率非常滿意，它遠低於我們在展望期間設定的 12.1% 的目標。存在一定的季節性因素，第四季略高於前三個季度。但我認為，我們預計最終結果會低於 12.1%。我認為，甚至遠低於年底的 12.1%。

And 2 factors contributing to this. I will say. One is early this year, we had asked our teams given the uncertain environment to tighten our belts. And to see how we can manage expenses to a greater extent without sacrificing any of the investments we're making in growth and strategic initiatives. And the reaction has been really great, really pleased with it.

造成這種情況的原因有二。我會說。今年年初，鑑於環境不確定，我們要求團隊成員勒緊褲腰帶過日子。並看看我們如何在不犧牲對成長和策略舉措的任何投資的情況下，更好地控制支出。反應非常好，我非常滿意。

And we've also asked the team to make sure that we carry some of those savings into next year and beyond. And the other factor here is technology related. Over the last 5 years, we've invested over $3 billion to simplify and modernize our technology ecosystem. This really has laid the foundation for us to integrate emerging technologies, including AI into our core processes, products and services. We've also developed a proprietary AI platform, which we call MetIQ.

我們也要求團隊確保將部分節省的資金延續到明年及以後。另一個因素與技術有關。過去 5 年，我們投入了超過 30 億美元用於簡化和現代化我們的技術生態系統。這確實為我們把包括人工智慧在內的新興技術融入我們的核心流程、產品和服務中奠定了基礎。我們也開發了一個專有的AI平台，我們稱之為MetIQ。

This platform blends generative, agentic and classical AI capabilities that support responsible solutioning across business domains. So think about app development and customer service, for example. We've also provided tools for our employees, our associates as well as increased training. So this is all leading to both productivity gains as well as driving further efficiencies. And this is also contributing to the lower direct expense ratio that you're seeing here.

該平台融合了生成式、代理式和傳統人工智慧功能，支援跨業務領域的負責任的解決方案。例如，想想應用程式開發和客戶服務。我們也為員工和合作夥伴提供了工具，並加強了培訓。因此，這一切既能提高生產力，也能進一步提升效率。這也促成了您在這裡看到的較低的直接費用率。

Tom Gallagher, Evercore.

Tom Gallagher，Evercore。

First question, just on the $12 billion of PRTs that you've won so far in Q4. Is that a few large deals, several smaller ones? And can you just comment on what's happening competitively in that market to allow you to have so many wins?

第一個問題，就關於您在第四季度迄今為止贏得的 120 億美元的 PRT 獎金而言。是幾筆大交易，還是幾筆小交易？您能否談談該市場競爭格局中發生了什麼，才讓您能夠取得如此多的成功？

It's Ramy here. We're really pleased with our 2025 performance in PRT. To date, we have written more than $14 billion. And as Michel mentioned, there's $12 billion of that coming in the fourth quarter, which is making it a record for us. It's a few large deals.

我是拉米。我們對2025年PRT的成績非常滿意。截至目前，我們已累計撰寫超過140億美元的法律文件。正如米歇爾所提到的，其中 120 億美元將在第四季度到賬，這將使我們創下紀錄。都是些大交易。

So as you know, we focus on the jumbo end of the market versus the small end of the market. So think of those as jumbos, not small deals. And the other maybe three other points just to think about and put this kind of record quarter in context for us, one is that we have distinct competitive advantages in that jumbo end of the market. It's our balance sheet size, our investment capabilities and look, Tom, at the jumbo end of the market, financial strength, disciplined risk management and established track record are all very important factors for plan sponsors and their advisers and we're extremely pleased that we're winning the trust of the marketplace here and having a record quarter.

如您所知，我們專注於市場的大型端，而不是小型端。所以，請把這些看成是大宗交易，而不是小交易。還有三點要考慮，以便更能理解我們這個創紀錄的季度業績。第一點是，我們在超大型市場擁有明顯的競爭優勢。我們的資產負債表規模、投資能力，還有，湯姆，在市場的高端領域，財務實力、嚴謹的風險管理和良好的業績記錄，對於計劃發起人和他們的顧問來說都是非常重要的因素，我們非常高興能夠贏得市場的信任，並取得創紀錄的季度業績。

The two other points I'd make here as well is to also reiterate our disciplined approach to these deals. We do take an M&A lens to our capital deployment here and evaluate the risk and return of each deal. So the focus on value is very much there, and you see us also disclosing our VNB metrics, which really also encapsulates that. And for PRT, we continue to achieve ROEs in this business, which are supportive of our enterprise ROE targets.

我還要補充兩點，那就是重申我們對這些交易採取的嚴謹態度。我們在這裡的資本部署中確實採用了併購的視角，並評估每筆交易的風險和回報。因此，我們非常注重價值，您也可以看到我們揭露了我們的 VNB 指標，這實際上也反映了這一點。對於 PRT 而言，我們繼續在該業務領域實現 ROE，這符合我們企業 ROE 目標。

And then maybe the last point also just to put this in context. This is also a quarter where this win is a great illustration of us deploying our retirement platform and our capital strategies that we talked about at our Investor Day. So we're bringing the strength of our liability origination, our RIS platform.

最後，或許還有最後一點，只是為了更能理解上下文。本季此次勝利也很好地體現了我們在投資者日上討論的退休平台和資本策略的實施情況。因此，我們將發揮我們在責任險發起和RIS平台方面的優勢。

We're using our own balance sheet, but we're also using third-party capital here to enhance financial flexibility. So think about those deals driving spread earnings for RIS as well as additional growth in fee revenue for MetLife Investment Management. So it really ticks a lot of the boxes that we talked about back Investor Day with respect to our strategy here.

我們利用了自己的資產負債表，但同時也利用了第三方資本來增強財務彈性。因此，請考慮這些交易如何推動 RIS 的利差收益，以及 MetLife Investment Management 的費用收入的進一步成長。所以，它確實符合我們在投資者日上討論的關於我們策略的許多條件。

That's good color. Appreciate it, Ramy. I guess my follow-up would be for you as well. Can you just comment on what's happening underneath nonmedical health on your improvement I guess several peers have seen some volatility in group disability this quarter. Can you comment on the split between dental and disability what you saw in Q3 and then why you're still confident that you can continue to improve into Q4?

顏色真好看。謝謝你，拉米。我想我接下來的問題也應該是問你的。您能否就非醫療健康方面的情況以及您公司業績的改善發表一下看法？我猜想本季一些同業也遇到了團體殘障率波動的情況。您能否就第三季牙科和殘障保險之間的差距發表一下看法？以及您為什麼仍然有信心在第四季度繼續改善這一狀況？

Thanks, Tom. We're also very pleased with our underwriting results here in group. And you saw us print a nonmedical health ratio that's 230 basis points down sequentially which is slightly above of where we indicated last quarter. So just split that out for you in terms of disability in particular and then dental I would say the two drivers behind the sequential improvement. One is the favorable seasonal utilization pattern in dental.

謝謝你，湯姆。我們對集團的承保業績也非常滿意。您也看到了，我們公佈的非醫療保健比率環比下降了 230 個基點，略高於我們上個季度公佈的水平。所以，我先從殘障和牙科兩方面來分析一下，我認為這是導致病情逐步改善的兩個主要因素。一是牙科業有利的季節性利用模式。

We did talk about that in the last quarter, and that's materialized here in the third quarter. We also have the benefits of our pricing actions continuing to flow through our bottom line. And I would remind you that this seasonality also exists in the fourth quarter, which is why we expect to see a further improvement in this ratio come Q4. Disability is performing well for us. It's very much in line with our expectations.

我們在上個季度討論過這個問題，而這個問題在第三季度得到了體現。我們的定價策略也持續為公司獲利帶來益處。我還要提醒各位，這種季節性因素在第四季也存在，因此我們預計到第四季這一比例將進一步改善。殘疾人服務對我們來說表現良好。這完全符合我們的預期。

Incidents and claim severity are in line. We are seeing very strong recoveries. And I would say that's an outcome of investments we've made in various capabilities and disability over a number of years. So this is coming through as well in very strong recoveries. So all in all, consistent with what we talked about in the last quarter.

事故數量和索賠嚴重程度相符。我們看到經濟正在強勁復甦。我認為這是我們多年來在各項能力建構和殘疾人服務領域進行投資的成果。因此，強勁的復甦也體現了這一點。總而言之，這與我們在上個季度討論的內容一致。

And so think about that 400 basis points improvement that we talked about. This 230 gets us more than half way through in that direction of the overall 400. I hope that helps.

所以，想想我們之前提到的那 400 個基點的改進。這 230 使我們朝著總共 400 的目標邁出了一半以上。希望對您有幫助。

Suneet Kamath, Jefferies.

Suneet Kamath，傑富瑞集團。

Just on PRT, is any of the $14 billion that you are planning to write this year going into Chariot Re? And how do we think about the difference in earnings impact if it goes in Chariot Re or if it stays on your balance sheet?

僅就 PRT 而言，您今年計劃進行的 140 億美元融資中，是否有任何一部分會投入 Chariot Re 中？那麼，如果這項投資併入 Chariot Re 集團，還是繼續留在資產負債表上，對收益的影響會有什麼不同呢？我們該如何看待這個問題？

Suneet, it's John. Let's just start with -- we launched Chariot Re on 7/1. We transferred just under $10 billion of liabilities to Chariot Re and did all that launching in less than -- a little less than just over a year. So we're very pleased with the progress we've made. Look, I think this comes back to our strategic approached and something we laid out at Investor Day that Michel kind of articulated around just how we think about complementing our own capital with third-party capital, we see more growth in the retirement business.

Suneet，我是John。就讓我們從——我們於 7 月 1 日推出了 Chariot Re 開始。我們將近 100 億美元的負債轉移到了 Chariot Re，而這一切的啟動時間不到一年多一點。我們對所取得的進展非常滿意。我認為，這要追溯到我們的策略方針，以及我們在投資者日上提出的、米歇爾闡述的關於我們如何考慮用第三方資本補充我們自身資本的內容，我們看到退休業務會有更大的增長。

So it's hard to kind of pinpoint is this Chariot or is it -- Chariot's kind of ongoing. We're always working with them. That's kind of the process. And that will be part of the -- how we accelerate growth on our retirement platforms.

所以很難確定這到底是「戰車」還是──「戰車」還在繼續。我們一直與他們保持合作。大致流程就是這樣。這將是我們加速退休平台發展的一部分。

It's -- but it's not necessarily always so perfectly aligned and things don't always line up. So I'd say yes, but to your answer, I think you could argue that we'll look more holistically at just our total asset growth and then use third-party capital to augment that. And then I think the comments we gave back a quarter ago in terms of like the impact, the temporary impact on earnings is somewhere between $15 billion to $20 billion on a $10 billion deal. That's kind of a rough justice of earnings impact in any one quarter. So just so you have like a sensitivity, but we would expect that to be temporary in nature while we then refund that with other growth.

確實如此——但事情並不總是那麼完美契合，也不總是能一一對應。所以我會說是的，但對於你的回答，我認為你可以說我們會更全面地看待我們的總資產成長，然後利用第三方資本來補充它。然後我認為，我們一個季度前給出的評論，就影響而言，對收益的暫時性影響在 100 億美元的交易中約為 150 億美元至 200 億美元。這大致反映了任何一個季度獲利受到的影響。所以，您可能會出現一些敏感症狀，但我們希望這只是暫時的，之後我們會透過其他成長來彌補這一點。

Okay. That's helpful. And then, I guess, Michel, in your prepared remarks, you referenced this efficient capital structure in Japan. I was hoping you could unpack that a little bit. Is that unique to Met and then relatedly, on the ESR, the $170 million to $190 million, are there any adjustments that you're making to, I guess, the rules that come from the FSA?

好的。那很有幫助。然後，我想，米歇爾，你在事先準備好的演講稿中提到了日本高效的資本結構。我希望你能稍微解釋一下。這是大都會獨有的情況嗎？另外，關於ESR（企業社會責任）的1.7億美元至1.9億美元，你們是否對FSA（金融服務管理局）的規則進行任何調整？

Yes. It's John again. Maybe I'll just touch on that given your collective components of that question. So when we talk about the efficient structure, obviously, we're referencing, we have a pretty big presence in Bermuda. So we've leveraged Bermuda for certain products.

是的。又是約翰。鑑於你提出的問題包含多個方面，或許我可以簡單談談這一點。所以當我們談到高效的結構時，顯然，我們指的是我們在百慕達擁有相當大的影響力。因此，我們利用百慕達市場開發了某些產品。

And that has helped us get to a more economic regime. We've continued to build our presence in size in Bermuda, both our affiliate and as well as, obviously, the launch of Chariot Re. So we've leveraged -- leveraging that framework. And then your question was on ESR. Was it just how that relates to ESR.

這有助於我們走向更經濟化的體制。我們不斷擴大在百慕達的影響力，包括我們的附屬公司以及 Chariot Re 的成立。所以我們利用了──利用了這個框架。然後你的問題是關於ESR的。這和ESR有什麼關係呢？

That was your question? I just want to make sure I got it correct.

這就是你的問題嗎？我只是想確認一下我理解得是否正確。

Yes. No, it's the $170 million to $190 million. Some companies have talked about company-specific adjustments that are made when they report those ratios. That's what I was talking about.

是的。不，是 1.7 億美元到 1.9 億美元。一些公司曾談到，在報告這些比率時，會進行一些公司特有的調整。這就是我說的。

Okay. Yes, this has no adjustments as I just prescribed. We're following the prescribed rules here. So that's the $170 million to $190 million. And look, as we've been -- we have operated under an economic framework.

好的。是的，正如我剛才開的藥方，無需任何調整。我們在這裡遵循既定規則。所以，金額就是 1.7 億美元到 1.9 億美元。而且，正如我們一直以來所做的那樣——我們一直都是在經濟框架下運作的。

We've always used both to kind of think about our products and how we run that business. I referenced in my remarks about we've been consistently dividending including this year out of Japan. We've had $4 billion of distributions up to the holdco over the last 5 years. So this is just the general range that we would expect to run this company.

我們一直以來都用這兩種方法來思考我們的產品以及我們如何經營這項業務。我在演講中提到，我們一直持續派發股息，包括今年在日本的股息。過去 5 年，我們已向控股公司分配了 40 億美元。所以這只是我們預期經營這家公司所需的大致範圍。

Alex Scott, Barclays.

亞歷克斯·斯科特，巴克萊銀行。

First one on going back to Group Benefits. You talk a bit about just what you're seeing in the competitive environment, pricing environment and what you think that could lead to in terms of growth? Do you feel like at this point, you can get back to a more long-term growth outlook for 2026?

首先，我們要回歸團體福利制度。您能否談談您目前在競爭環境和定價環境中觀察到的情況，以及您認為這些因素可能會對成長產生哪些影響？您覺得目前是否可以重新展望2026年的長期成長前景？

Thanks, Alex. I would say we continue to see a market that's competitive, but the market that's rationally priced, which means we kind of always find opportunities to grow and we grow that business while maintaining discipline in terms of underwriting and achieving our target returns. And you hear us talk about that, but I think just keep in mind two specific attributes here that have sustained this competitive yet rational environment. The first is the fact that these are short-term products. So underwriting results emerge fairly quickly.

謝謝你，亞歷克斯。我認為我們仍然看到一個競爭激烈的市場，但市場定價是合理的，這意味著我們總能找到成長的機會，並在保持承保紀律和實現目標回報的同時發展業務。你聽我們談論過這些，但我認為你應該記住這裡有兩個具體的特質，而正是這兩個特質維持了這種競爭激烈但理性的環境。首先，這些都是短期產品。因此，承保結果很快就能顯現出來。

And this acts as a natural check, if you will, on the competitive dynamics. The other is, look, customers here are looking for real solutions to help them deliver their overall talent strategies and drive business outcomes.

這可以看作是對競爭動態的一種自然制約。另一方面，這裡的客戶正在尋求真正的解決方案，以幫助他們實現整體人才策略並推動業務成果。

So yes, price matters, but they're also looking for solutions that give their employees good experiences, enhances their productivity. In many instances, they're looking to transfer administrative burden in terms of leave and absence. They want to do that with a carrier that's tightly integrated with them and is easy to do business with. They want to do more with fewer. So they're looking for bundled solutions across the entire range of products.

所以，價格固然重要，但他們也在尋找能帶給員工良好體驗、提高員工生產力的解決方案。在許多情況下，他們希望轉移休假和缺勤方面的行政負擔。他們希望與一家與他們緊密合作且易於開展業務的營運商合作。他們想用更少的資源做更多的事情。因此，他們正在尋找涵蓋所有產品的捆綁式解決方案。

And look, we are a leader in this industry. And so we bring all of the above and more to the table which allows us to drive good growth, and that comes through good retention, good renewal pricing and also we can do that while maintaining discipline.

而且，我們是這個行業的領導者。因此，我們具備以上所有優勢以及更多優勢，這使我們能夠推動良好的成長，而這來自於良好的客戶留存率、良好的續約定價，而且我們還能在保持紀律的同時做到這一點。

So I would say all of these things are really good attributes that we -- that the market has. And we have a 4% growth rate in this quarter once you kind of net out the impact of the power contracts. 4% on top of $25 billion in absolute terms is a pretty significant number, and we're really pleased with the momentum that we have in this business.

所以我認為這一切都是我們——市場所擁有的非常好的特質。在剔除電力合約的影響後，我們本季實現了4%的成長率。在250億美元的絕對值基礎上再成長4%，這是一個相當可觀的數字，我們對目前業務的發展勢頭非常滿意。

Second one I have for you is just if you could give us your views on some of the comments that have been made around private credit investing in insurance recently and I think some of the comments we're focusing on private letter ratings and this idea that maybe there's ratings inflation out there. So if there's any kind of stats you can give us about your private credit book and the way that you go about a planned ratings and so forth, that would be helpful too.

第二個問題是，您能否談談您對最近圍繞私人信貸投資保險業的一些評論的看法？我認為其中一些評論集中在私人信函評級上，以及可能存在評級膨脹的觀點。所以，如果您能提供一些關於您的私人信用記錄以及您如何進行信用評級等方面的統計數據，那也將對我們有所幫助。

Alex, it's John. I'll start here and maybe I'll ask my partner here to even add some color. So let me just give you some broad theme. So -- and Michel referenced for it. First, let's just -- we are constructive on the credit environment right now.

Alex，我是John。我先從這裡開始，也許還會請我的搭檔來添加一些色彩。那我先簡單概括一下主題。所以——米歇爾也提到了這一點。首先，我們不妨這麼說──我們目前對信貸環境持建設性態度。

There's strong fundamentals, corporate profits are strong, but as you heard from Michel, spreads are tight. So you need to be very mindful and disciplined around value and risk right now. And for us, that generally means up in quality. Even in higher-yielding strategies were up in quality. I did see the same referenced article that you had.

基本面強勁，企業利潤豐厚，但正如你從米歇爾那裡聽到的，價差很窄。所以你現在需要非常謹慎地對待價值和風險。對我們來說，這通常意味著品質的提升。即使是高收益策略，品質也有所提升。我看到了和你提到的那篇文章。

And look, they were pretty generic comments. So hard to kind of unpack that and wouldn't try to even do that here. But I think for us, if I look at just us, we're a top-tier private asset, private credit manager. We've been doing this for decades. Importantly, haven't done this through credit cycles, right?

你看，這些評論都很普通。這件事很難解釋清楚，我在這裡也不打算嘗試解釋。但我認為，就我們本身而言，我們是一家頂尖的私人資產、私人信貸管理公司。我們從事這項工作已經幾十年了。重要的是，我們沒有透過信貸週期進行過這種操作，對吧？

Not everyone has done that. And these assets give us many, many benefits. And I'll ask Chuck. Chuck's our Chief Investment Officer. And he can give us a little color on some of the specifics and how we think about underwriting.

並非每個人都這樣做過。這些資產為我們帶來了許多好處。我還會問問查克。查克是我們的首席投資長。他可以為我們詳細介紹一些具體細節以及我們如何看待核保問題。

I mean, I think John's first point is spot on in that we've been a major investor in this sector for a long period of time. And I think it's important when we hear all the comments out there to understand that MIM does our own underwriting. Our primary source of credit underwriting is the own work we do. It's not a rating agencies, it's not a rating letter. It's our specific underwriting.

我的意思是，我認為約翰的第一點說得完全正確，因為我們長期以來一直是該領域的主要投資者。我認為，當我們聽到外界的各種評論時，重要的是要明白，MIM 是自行進行承保的。我們主要的信貸審批來源是我們自己的工作。它不是評級機構，也不是評級信。這是我們特定的承保方式。

And the vast majority of our corporate bonds are investment grade, 95%. And the exposure that we have to below investment grade is mostly up in quality. So I think all those factors, good underwriting, good experience, focus up in quality puts the portfolio in pretty good position.

我們絕大多數公司債都是投資等級債券，佔比高達 95%。而我們持有的投資等級以下債券，大部分品質都在上升。所以我認為所有這些因素，良好的核保、豐富的經驗、對品質的重視，都讓投資組合處於相當不錯的地位。

Wes Carmichael, Autonomous Research.

Wes Carmichael，自主研究。

The first question I had for you was on RIS and just kind of your outlook for the base spread from here. I think, John, you mentioned it improved 1 basis point. But as we look forward, how are you thinking about the base spread?

我向您提出的第一個問題是關於RIS，以及您對目前基礎利差的展望。約翰，我想你之前提到它提高了1個基點。但展望未來，您對基本價差有何看法？

Wes, as you said, we had 131 basis points in spreads, about 29 basis points of that was VII, and so we came in at 102 and that was actually up 1 basis point from Q2 and better than our guidance we had given. And we had expected some seasonality in some real estate that wasn't as severe as we thought. And there was also a few other smaller favorable items that helped us maintain consistency.

韋斯，正如你所說，我們的利差為 131 個基點，其中約 29 個基點是 VII，所以我們最終的利差為 102 個基點，這實際上比第二季度增加了 1 個基點，並且比我們給出的指導要好。我們之前預料到房地產市場會受到一些季節性因素的影響，但實際情況並沒有我們想像的那麼嚴重。此外，還有一些其他較小的有利因素幫助我們保持了穩定。

As you think about Q4, all else equal, we'd expect kind of a steady spread level from Q3. The one headwind will have to be just think about or be mindful of is with the large amount of PRT mandates that we've won during this quarter, that can cause a quarter -- temporary quarter headwind as you reposition assets, and that could be a couple of basis points, if any. But I think putting it all together, we see relatively flat, I think, would be kind of our viewpoint at this point.

展望第四季度，在其他條件不變的情況下，我們預期價差水準將與第三季保持相對穩定。唯一需要考慮或註意的不利因素是，我們在本季度贏得了大量的 PRT 授權，這可能會造成一個季度的暫時性不利因素，因為需要重新配置資產，這可能會造成幾個基點的不利影響。但我認為綜合所有因素來看，目前來看，情況相對穩定。

John. That's helpful. And second, I guess there's a press release out this morning from Brighthouse. The company is expected to be acquired by [Aquarion], and I believe MIM manages a portion of assets for Brighthouse, but I just wanted to see if there's any other potential impacts to MetLife. I don't think it should the AUM managed, but are there any other impacts that we should be thinking about from here?

約翰。那很有幫助。其次，我猜今天早上 Brighthouse 會發布一份新聞稿。該公司預計將被 [Aquarion] 收購，我相信 MIM 為 Brighthouse 管理一部分資產，但我只是想看看這對 MetLife 是否有其他潛在的影響。我不認為應該由資產管理規模來管理，但從目前的情況來看，我們還應該考慮其他方面的影響嗎？

Yes. No, we saw the reports as well. And I think congratulations to the team and obviously, all this was rumors until it's not. And -- but to the extent that it's not a rumor you know then that there's a lot of hard work that went into something like this. So we're certainly happy and congratulate the team for all the hard work they went through.

是的。不，我們也看到了那些報道。我想祝賀球隊，顯然，這一切在得到證實之前都只是謠言。但如果這不是謠言，那麼你就知道，像這樣的事情背後凝聚著大量的心血。所以，我們當然很高興，並祝賀團隊付出的所有努力。

Look, for us, it's been -- we have a great relationship with Brighthouse. We obviously have a long history with them, and so we have kind of a fun place in our heart for that relationship. But at the same time, we have some very unique asset management capabilities that we think, help them achieve their strategic objectives. So the key relationship right now, to your question, is our asset management relationship, and we look forward to leveraging the partnership and working with them to help them with their strategic outcomes.

對我們來說，我們和 Brighthouse 的關係一直都很好。我們和他們之間顯然有著很深的淵源，所以我們對這段關係有著特殊的感情。但同時，我們擁有一些非常獨特的資產管理能力，我們認為這些能力可以幫助他們實現策略目標。所以，就您的問題而言，目前最重要的關係是我們的資產管理關係，我們期待利用這種合作關係，與他們合作，幫助他們實現策略目標。

Joel Hurwitz, Dowling.

喬爾·赫維茨，道林。

On MIM, any color on the performance of the business this year and how third-party flows have been?

關於MIM，能否透露一下今年的業務表現以及第三方資金流動？

Joel, it's been a good year, to be honest. If we had to kind of unpack the first and second half of the year. The first half, just given the market volatility was a little muted. Also the announcement of PineBridge probably put a little bit of a slowness on things in the beginning of the year. But the teams worked tremendously hard to kind of educate the external environment and we saw -- we had a strong second half.

喬爾，說實話，今年過得還不錯。如果要對今年上半年和下半年進行一番回顧的話。上半場由於市場波動較大，表現略顯平淡。此外，PineBridge 的發布可能在年初造成了一些進展緩慢的情況。但是各隊都非常努力地去影響外部環境，我們看到——我們在下半場表現出色。

I think we're just above on total assets under management of just a little over $630 billion of AUM, above $200 billion on third-party assets. So -- and the flows in the second half of the year have been very strong. So we're very excited about what's ahead for MIM. And obviously, kind of it's one of our strategic initiatives to accelerate the growth of MIM and the team has been working very hard and excited to become our own segment come next year.

我認為我們目前的總資產管理規模略高於 6,300 億美元，第三方資產超過 2,000 億美元。所以——而且下半年的流量非常強勁。所以我們對MIM的未來發展感到非常興奮。顯然，這是我們加速 MIM 成長的策略舉措之一，團隊一直在努力工作，並期待明年成為我們自己的獨立部門。

Got it. And then a couple on LTC, first, any material changes to the assumptions set there? We've seen a couple of players have some adverse incidence trends, not sure how that's trending for you guys? And then just any update on what you're seeing in the risk transfer market for that business.

知道了。然後是幾位長期照護人員，首先，他們設定的假設是否有任何實質變化？我們發現有些玩家出現了一些不良事件發生趨勢，不知道你們的狀況如何？然後，能否提供您在該業務的風險轉移市場中看到的最新情況？

Yes, sure. I'll start, and then I'll hand over to Ramy to give some thoughts on the market. So broadly, you saw our actuarial view, pretty modest, slight positive overall, some slight positive in RIS with some higher mortality benefiting there. And then in Asia, some favorable experience on morbidity and lapse rates. And then in holdings, we actually had some favorable life experience as well as some favorable lapse experience on VII. A very, very modest LTC number of $2 million post-tax change. And so I think the block continues to perform well. The [ADE] is in line with what we would typically expect.

當然可以。我先開始，然後把麥克風交給拉米，讓他談談對市場的看法。總的來說，你們看到了我們的精算觀點，相當保守，總體上略微向好，RIS 也略微向好，因為那裡的死亡率較高。在亞洲，發病率和失訪率方面也取得了一些有利的經驗。而在持股方面，我們在 VII 上確實有一些有利的生活經驗以及一些有利的失效經驗。長期照護基金稅後變動金額非常非常少，僅需 200 萬美元。所以我認為該模組的性能依然良好。[ADE] 符合我們通常的預期。

And I'll turn it over to Ramy to give some color on just what he's seeing in the market.

接下來，我將把麥克風交給拉米，讓他來詳細介紹他目前在市場上觀察到的情況。

Thanks, John. As we've said before, we have and continue to look at risk transfer opportunities here, and clearly, very much seeing the recent risk transfer activity that's taken place so we're engaged and continue to look at that. And having said that, though, we will be very disciplined here as we explore these opportunities. We have a very well-managed book of business. It's well capitalized and well reserved.

謝謝你，約翰。正如我們之前所說，我們一直在關注並將繼續關注這裡的風險轉移機會，而且很明顯，我們非常清楚最近發生的風險轉移活動，所以我們積極參與並將繼續關注這方面的情況。不過話雖如此，我們在探索這些機會時，仍會保持高度的自律。我們的業務管理非常出色。它資金雄厚，儲備充足。

We continue to have a successful rate action program that's allowing us to obtain the necessary premium increases that the book needs. So as we look at any potential transaction, price is going to really matter here. And ultimately, any transaction needs to be accretive from us -- for us from a shareholder value perspective.

我們持續推行成功的費率調整計劃，使我們能夠獲得業務所需的必要保費成長。因此，在考慮任何潛在交易時，價格至關重要。最終，任何交易都必須為我們帶來收益——從股東價值的角度來看。

Wilma Burdis, Raymond James.

威爾瑪·伯迪斯，雷蒙德·詹姆斯。

Could you just discuss the forward timing of the impact of the Mexico tax fall change?

能否請您談談墨西哥稅收政策變化對未來一段時間的影響？

Yes, this is Eric. So as John mentioned, this quarter, we took a notable charge related to the change on in the tax law in Mexico. So first, let me start by giving you a little bit of background on this item. So in the past few years, the Mexican tax authorities have been challenging the VAT deduction of certain insurance claims related expenses. And although the discussions were ongoing for several years, there was really no -- little to no progress until the past few weeks when the government and the industry reached an agreement, making the change effective for 2025 and beyond.

是的，這是埃里克。正如約翰所提到的，本季度，我們因墨西哥稅法的變化而產生了一筆顯著的費用。首先，讓我先簡單介紹一下這個物品的背景。因此，在過去的幾年裡，墨西哥稅務機關一直在質疑某些與保險索賠相關的費用的增值稅扣除額。儘管相關討論已經持續了好幾年，但直到最近幾週，政府和業界才達成協議，使這項變更從 2025 年及以後生效，在此之前，幾乎沒有任何進展。

And this revision to the tax law just passed the legislator last week. So for MetLife, this industry-wide insurance change only affects our health product offering. The change to the VAT deductions results in notable impacts in 2025 with lesser impact in 2026. And as we transition to the new rule, and then there will be little to no impact in earnings by 2027.

這項稅法修正案上週剛獲得立法機構通過。因此，對於大都會人壽而言，這一行業範圍內的保險業變革只會影響我們的健康產品。增值稅扣除政策的改變將在 2025 年產生顯著影響，在 2026 年產生較小影響。隨著我們過渡到新規，到 2027 年，收益將幾乎不會受到影響。

So we're already working to adjust our underlying rate assumptions for this annually renewable products, along with other management actions, which will help mitigate the impact of this transition. So from our experience also this market has been very resilient and rational which gives us confidence that we will work through this quickly.

因此，我們已經在努力調整這些年度再生能源產品的基本費率假設，並採取其他管理措施，這將有助於減輕這種轉型的影響。根據我們的經驗，這個市場一直非常有韌性和理性，這讓我們有信心能夠快速度過難關。

Our business in Mexico is strong. We have a large and very well diversified franchise, and we're confident in our ability to continue to deliver on that strong performance. So in summary, this impact to the VAT change is isolated in nature and it's temporary. And we expect we'll be back to our run rate and growth trajectory for the region by 2027. I hope this helps.

我們在墨西哥的業務發展勢頭強勁。我們擁有規模龐大且業務多元化的特許經營權，我們有信心繼續保持強勁的業績。總而言之，增值稅變更的這一影響是孤立的，而且是暫時的。我們預計到 2027 年，該地區的運行速度和成長軌跡將恢復正常。希望這能幫到你。

Okay. And then you had some positive assumption update in Asia. Is any of that potentially ongoing?

好的。然後，亞洲方面出現了一些正面的預期更新。這些情況目前還有可能嗎？

Wilma, it's John. No, that's -- those are all generally onetime in nature.

威瑪，我是約翰。不，那些通常都是一次性的。

And that concludes our Q&A session. 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。現在我將把會議交還給約翰·霍爾，請他作閉幕致詞。

Great. Thank you, everybody, for joining us this morning, and we look forward to engaging as the quarter goes on.

偉大的。感謝各位今天上午的參與，我們期待在本季與大家繼續交流互動。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。