大都會人壽保險 (MET) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the MetLife fourth quarter and full year 2025 earnings and outlook 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 年第四季及全年財報及展望電話會議。（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 joining us for MetLife fourth quarter 2025 earnings and near-term outlook call. Before we begin, I'd point you to the information on non-GAAP measures on the Investor Relations portion of metlife.com, in our earnings release, and in our quarterly financial supplements, which you should review.

謝謝接線員，大家早安。感謝您參加 MetLife 2025 年第四季財報及近期展望電話會議。在開始之前，我想提醒您查看 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 指標的信息，您應該仔細閱讀。

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. Last night, we released an earnings call presentation, which addresses the quarter as well as our near-term outlook. It is available on our website. John McCallion will speak to this presentation in his prepared remarks.

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。其他高階主管也可參與討論。昨晚，我們發布了財報電話會議演示文稿，其中涵蓋了本季業績以及我們的近期展望。您可以在我們的網站上找到它。約翰·麥卡利恩將在事先準備好的演講稿中談到這次演講。

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

簡報的附錄包含展望敏感性分析、揭露 GAAP 調節表以及其他信息，您也應該查看這些內容。在演講結束後，我們將進行問答環節，問答環節將於整點準時結束。再次提醒，請您只提一個問題，並可提出一個後續問題。

With that, over to Michel.

接下來，請米歇爾發言。

Thank you, John, and good morning, everyone. When we launched New Frontier a year ago, we introduced four strategic priorities with a greater emphasis on growth. Over the past 12 months, we have advanced these strategic priorities, growing our business responsibly, deploying capital soundly, and operating with speed and discipline, all while navigating a dynamic market and economic environment.

謝謝你，約翰，大家早安。一年前我們推出「新前沿」計畫時，提出了四個策略重點，更加重視成長。在過去的 12 個月裡，我們推進了這些戰略重點，負責任地發展業務，穩健地部署資本，並以速度和紀律開展運營，同時應對瞬息萬變的市場和經濟環境。

Reinforcing our market leadership, our best-in-class Group Benefits business added approximately $600 million of new adjusted premiums, fees, and other revenues in 2025, with higher-margin voluntary PFOs rising 10% year over year.

為了鞏固我們的市場領導地位，我們一流的團體福利業務在 2025 年新增了約 6 億美元的調整後保費、費用和其他收入，其中利潤率更高的自願性 PFO 同比增長 10%。

Scale, technology, and discipline continue to drive this attractive business forward. We capitalized on our unique retirement platform by ceding a sidecar, Chariot Re, tapping the US retail retirement space via flow reinsurance and originating more than $14 billion of pension risk transfer sales, MetLife's highest-ever annual PRT total.

規模、技術和紀律繼續推動這項極具吸引力的業務向前發展。我們利用自身獨特的退休平台，透過轉讓附屬公司 Chariot Re，進軍美國零售退休市場，透過流動再保險，實現了超過 140 億美元的退休金風險轉移銷售，這是 MetLife 有史以來最高的年度 PRT 總額。

To accelerate growth in asset management, we closed on the acquisition of PineBridge Investments and established a new business segment, MetLife Investment Management. At year-end, MIM had $742 billion of assets under management, up from roughly $600 billion a year ago.

為了加速資產管理業務的成長，我們完成了對 PineBridge Investments 的收購，並成立了一個新的業務部門—MetLife Investment Management。截至年底，MIM 管理的資產規模為 7,420 億美元，高於一年前的約 6,000 億美元。

And our high-growth international markets demonstrated their strategic importance with impressive growth rates. In 2025, Asia saw constant currency sales jumped 18%, aided by a strong contribution from Japan, while Latin America saw constant currency sales rise by 12%, with Mexico leading the charge. Our business growth has been fueled by sound capital deployment and capital management, and 2025 was a seminal year for MetLife on this front.

我們高成長的國際市場以令人矚目的成長率證明了其戰略重要性。2025年，亞洲以固定匯率計算的銷售額成長了18%，這主要得益於日本的強勁貢獻；而拉丁美洲以固定匯率計算的銷售額成長了12%，其中墨西哥表現最為突出。我們的業務成長得益於合理的資本部署和資本管理，而 2025 年是 MetLife 在這方面具有里程碑意義的一年。

We expect to have deployed close to $4 billion to support organic new business in 2025 and driven in part by the PRT origination and the Asia and LatAm sales production that I just mentioned. We returned roughly $2.9 billion to shareholders via common stock repurchase and another $1.5 billion through common stock dividends, bringing the total to approximately $4.4 billion. We did this while funding about $1.2 billion of acquisitions and business investments, including PineBridge and Mesirow, making two investments in Chariot Re, as well as boosting our investment in PNB MetLife, our India joint venture.

我們預計在 2025 年將投入近 40 億美元來支持有機新業務，部分原因是 PRT 業務拓展以及我剛才提到的亞洲和拉丁美洲銷售業績。我們透過普通股回購向股東返還了約 29 億美元，並透過普通股股息返還了 15 億美元，總計約 44 億美元。我們這樣做的同時，也為約 12 億美元的收購和商業投資提供了資金，其中包括 PineBridge 和 Mesirow，對 Chariot Re 進行了兩項投資，並增加了對我們在印度的合資企業 PNB MetLife 的投資。

And we executed several strategic reinsurance transactions. Among these were two separate deals with Chariot Re totaling about $11 billion of liabilities and a risk transfer agreement with Talcott totaling $10 billion of liabilities.

我們也執行了幾項策略性再保險交易。其中包括與 Chariot Re 達成的兩項獨立協議，負債總額約為 110 億美元；以及與 Talcott 達成的一項風險轉移協議，負債總額為 100 億美元。

When we introduced our New Frontier strategic priorities last year, we also established a fresh set of five-year financial commitments that underscore MetLife's superior value proposition. These commitments not only serve to challenge us, but more importantly, to hold us accountable. We committed to achieving double-digit adjusted EPS growth over the time frame, recognizing this will not always be a linear path.

去年我們推出「新前沿」策略重點時，也制定了一系列新的五年財務承諾，以彰顯大都會人壽卓越的價值主張。這些承諾不僅對我們是一種挑戰，更重要的是，它們讓我們承擔起相應的責任。我們承諾在預期時間內實現兩位數的調整後每股收益成長，但我們也意​​識到這並非總是一條直線。

And in 2025, we delivered roughly 10% adjusted EPS growth, excluding notable items. We committed to achieving a 15% to 17% adjusted return on equity. For the full year, ex notable items, we delivered 16%. We committed to saving 100 basis points over five years to achieve a direct expense ratio of 11.3%.

2025 年，我們實現了約 10% 的調整後每股收益成長（不包括重大項目）。我們承諾實現 15% 至 17% 的調整後股本回報率。全年（不包括重要項目）我們完成了 16%。我們承諾在五年內節省 100 個基點，以實現 11.3% 的直接費用率。

In 2025 alone, aided by AI and other emerging technologies, we lowered our direct expense ratio to 11.7%, putting us well ahead of schedule. And where it all comes together, free cash flow, we committed to generate $25 billion over the course of five years.

光是 2025 年，在人工智慧和其他新興技術的幫助下，我們就將直接費用率降低到 11.7%，遠遠提前完成了計畫。而這一切最終匯聚成自由現金流，我們承諾在五年內創造 250 億美元。

In 2025, we made a $4.9 billion down payment towards that cumulative target. Throughout Next Horizon, and now through New Frontier, the prevailing constant has been changed. The all-weather nature of our market-leading businesses position MetLife to adapt and succeed in a variety of economic environments. One year into New Frontier, it is clear we have the right strategy at the right time, focused on the right growth opportunities and measuring ourselves against the right metrics.

到 2025 年，我們已為實現該累計目標支付了 49 億美元的首付款。從《下一個地平線》到現在的《新前沿》，貫穿始終的不變因素已經改變了。我們市場領先的業務具有全天候的特性，這使得 MetLife 能夠在各種經濟環境中適應並取得成功。新前沿計畫實施一年後，很明顯，我們在正確的時間採取了正確的策略，專注於正確的成長機會，並用正確的指標來衡量自身。

Turning to fourth-quarter results. We reported strong quarterly adjusted earnings of $1.6 billion or $2.49 per share. Excluding notable items, we reported $2.58 per share, up 24% compared to $2.08 per share a year ago. On an ex notable basis, this represents MetLife highest single EPS quarter. Contributing to the outperformance in the quarter was robust underlying business momentum across most segments, aided by another consecutive quarter of improved variable investment income, which totaled $497 million.

接下來來看看第四季業績。我們公佈了強勁的季度調整後收益，達到 16 億美元，即每股 2.49 美元。在剔除特殊項目後，我們公佈的每股收益為 2.58 美元，比一年前的每股 2.08 美元增加了 24%。值得注意的是，這是 MetLife 單季每股收益最高的一次。本季業績優異得益於大多數業務部門強勁的潛在業務成長勢頭，以及連續第二季可變投資收益的改善，該收益總額達到 4.97 億美元。

Our private equity portfolio returned 2.8% in the quarter, and we also saw a modest rebound in returns on our real estate and other funds as well. Adjusted premium fees and other revenues, or PFOs, rose 8% to $12.8 billion and rose 29% to $18.6 billion when retained pension risk transfer deals are included. For the full year 2025, we reported adjusted earnings, excluding notable items of $6 billion or $8.89 per share, up roughly 10%.

本季我們的私募股權投資組合回報率為 2.8%，我們的房地產和其他基金的回報率也出現了小幅反彈。經調整的保費和其他收入（即 PFO）成長 8% 至 128 億美元，如果計入保留的退休金風險轉移交易，則成長 29% 至 186 億美元。2025 年全年，我們公佈了經調整後的收益（不包括重大項目），為 60 億美元，即每股 8.89 美元，增長約 10%。

Higher variable investment income, volume growth, and capital management drove the growth in earnings per share. As we do each fourth quarter, we included our outlook for certain near-term targets and other elements of guidance in our earnings call presentation. This year, in view of our resegmentation, we have taken a more prescriptive approach

可變投資收益增加、交易量成長和資本管理推動了每股收益的成長。與往年第四季一樣，我們在財報電話會議上公佈了我們對某些近期目標的展望以及其他一些指導性資訊。今年，鑑於我們重新劃分了市場區域，我們採取了更具指導性的方法。

In a moment, John will delve into our near-term outlook in greater detail. But on a high level, it should be evident we are on track to achieve our five-year commitments for adjusted EPS, adjusted ROE, direct expense ratio, and free cash flow, among others, established under New Frontier.

稍後，約翰將更詳細地探討我們的近期展望。但從宏觀層面來看，我們顯然有望實現我們在「新前沿」計劃下制定的五年內調整後每股收益、調整後淨資產收益率、直接費用率和自由現金流等方面的承諾。

Turning to MetLife businesses. Group Benefits adjusted earnings, excluding notable items, totaled $465 million in the fourth quarter, contributing to full-year adjusted earnings ex notables of $1.7 billion. Life mortality continues to trend favorably, which we expect to persist in 2026.

轉向大都會人壽旗下業務。第四季度，團體福利調整後收益（不包括重大項目）總計 4.65 億美元，使全年調整後收益（不包括重大項目）達到 17 億美元。預期壽命死亡率持續呈現良好趨勢，我們預計這一趨勢將持續到 2026 年。

Repricing has returned dental to target profitability, while disability experience trailed our expectations in the quarter. This year anticipates 7% to 9% growth in adjusted earnings year over year driven by PFO growth and supported by underwriting.

重新定價使牙科業務恢復到預期盈利水平，而殘障保險業務在本季度未達到我們的預期。今年，在 PFO 成長的推動下，經調整後的收益預計將年增 7% 至 9%，承保業務也為其提供了支持。

In Retirement and Income Solutions, adjusted earnings, excluding notable items, were $454 million for the quarter, up 18%, bringing full-year adjusted earnings ex notables to $1.7 billion. For the year, RIS benefited from record origination in both PRT and UK longevity reinsurance.

在退休和收入解決方案業務中，經調整後的收益（不包括重大項目）為 4.54 億美元，成長 18%，使全年經調整後的收益（不包括重大項目）達到 17 億美元。今年，RIS受惠於PRT和英國長壽再保險業務的創紀錄成長。

For Asia, adjusted earnings ex notables totaled $444 million for the quarter and $1.6 billion for the year. Strong annual sales growth from new products, in particular, foreign currency-denominated products in Japan and Korea pushed general account assets under management to advance 7% on a constant currency basis in 2025.

亞洲地區經調整後的收益（不包括特殊項目）本季總計 4.44 億美元，全年總計 16 億美元。新產品的強勁年銷售額成長，尤其是日本和韓國以外幣計價的產品的強勁銷售成長，推動一般帳戶管理資產按固定匯率計算在 2025 年增長 7%。

Looking to Latin America, adjusted earnings, excluding notable items, came to $227 million, up 13% in the quarter. Business momentum in the region has been outstanding over the past several years, supplemented by the expansion of digital platforms such as Accelerator and growing strategic partnerships. Given the segment's strength in the quarter, it is not hard to see a pathway to $1 billion in annual adjusted earnings over the near term.

從拉丁美洲來看，經調整後的收益（不包括重大項目）為 2.27 億美元，比上一季成長 13%。過去幾年，該地區的商業發展勢頭強勁，這得益於 Accelerator 等數位平台的擴張和戰略合作夥伴關係的不斷發展。鑑於該業務部門本季的強勁表現，不難看出，短期內實現年度調整後收益達到 10 億美元並非難事。

With EMEA, the segment continues to punch above its weight plus relative to last year's outlook. The segment reported adjusted earnings ex notables of $97 million in the quarter, which is close to the run rate implied by our 2026 outlook.

在歐洲、中東和非洲地區，該業務板塊繼續表現出色，而且與去年的預期相比還有所提升。該部門本季經調整後的收益（不含重要項目）為 9,700 萬美元，接近我們 2026 年展望中隱含的運行速度。

And to close out business highlights, in the fourth quarter, we transitioned to new segmentation with the introduction of MetLife Investment Management as a business segment. This aligns with our New Frontier strategic priorities, reflects the critical mass we've gained with the acquisition of PineBridge, and underscores our intent to grow and further capitalize on the increasing conversions of life insurance and asset management.

最後總結一下業務亮點，在第四季度，我們引入了 MetLife 投資管理作為業務部門，實現了新的業務細分。這符合我們的新前沿策略重點，反映了我們透過收購 PineBridge 所獲得的規模，並強調了我們發展壯大並進一步利用人壽保險和資產管理日益增長的轉型需求的意圖。

Moving to cash and capital. The fourth quarter serves as an excellent reminder of MetLife's capital strength and flexibility. After retiring $0.5 billion of debt, buying back around $430 million of common stock, paying roughly $370 million of common stock dividends, and funding close to $1 billion of acquisitions and other investments, we ended the year with $3.6 billion of cash and cash equivalents. This falls firmly within our target liquidity buffer of $3 billion to $4 billion.

轉向現金和資本。第四季充分展現了MetLife雄厚的資本實力和靈活的營運彈性。在償還了 5 億美元的債務、回購了約 4.3 億美元的普通股、支付了約 3.7 億美元的普通股股息，並為近 10 億美元的收購和其他投資提供資金後，我們年底擁有 36 億美元的現金和現金等價物。這完全在我們設定的30億至40億美元的流動性緩衝目標範圍內。

A final note on capital, in the month of January, we repurchased another $200 million of our common stock. We expect 2026 repurchases to be in line with 2025.

最後補充一點關於資本方面的情況，1月我們又回購了價值2億美元的普通股。我們預計 2026 年的回購量將與 2025 年持平。

To wrap up, the strategic actions we took in 2025 set the table for the coming years of New Frontier and position MetLife to deliver on our financial commitments and our superior value proposition of responsible growth and attractive returns with less risk. We are entering 2026 as a stronger company with sustained business momentum and expanding market leadership. While the macro and market environments continue to evolve, we remain laser focused on the levers we control and on relentless execution to generate responsible growth to deploy capital with rigor and further drive operating efficiency.

總而言之，我們在 2025 年採取的策略行動為未來幾年的新前沿發展奠定了基礎，並使 MetLife 能夠履行我們的財務承諾，以及我們以負責任的成長和可觀的回報、更低的風險實現卓越價值主張。進入 2026 年，我們將成為一家實力更強、業務持續成長、市場領導地位不斷擴大的公司。儘管宏觀和市場環境不斷變化，但我們始終專注於我們能夠掌控的因素，並堅持不懈地執行，以實現負責任的成長，以嚴謹的方式部署資本，並進一步提高營運效率。

MetLife's financial strength feeds our ability to deliver for our shareholders as well as other stakeholders, including our customers, employees, and communities.

MetLife 的雄厚財力使我們能夠為股東以及其他利害關係人（包括我們的客戶、員工和社區）創造價值。

In 2025, MetLife paid roughly $50 billion in policyholder benefits and claims and invested more than $90 billion to support our liabilities. The sheer scale of these numbers highlights the dedication of our people MetLife purpose, always with you, building a more confident future. I am energized by our team's commitment and look forward to the future as there is still much for us to achieve.

2025 年，MetLife 支付了約 500 億美元的保單持有人福利和索賠，並投資了超過 900 億美元來支持我們的負債。這些數字的龐大規模凸顯了我們員工的奉獻精神，MetLife 的宗旨是：始終與您同在，共創更充滿信心的未來。團隊的奉獻精神令我深受鼓舞，我對未來充滿期待，因為我們還有很多目標需要實現。

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

現在我將把發言權交給約翰，讓他更詳細地介紹我們的業績和前景。

Thank you, Michel, and good morning, everyone. I'll review our fourth-quarter results and refer to the fourth-quarter earnings call presentation for financial highlights, including our near-term outlook. Starting on page 3, we made significant progress in 2025 toward our five-year financial goals. We achieved 10% adjusted EPS growth; an adjusted ROE of 16%, within our target range; a two-year average free cash flow ratio of 81%, surpassing our target; and a full-year direct expense ratio of 11.7%, also beating our target. Overall, an excellent first year, which establishes a strong foundation for our New Frontier strategy.

謝謝你，米歇爾，大家早安。我將回顧我們第四季的業績，並參考第四季財報電話會議簡報以了解財務亮點，包括我們的近期展望。從第 3 頁開始，我們在 2025 年朝著五年財務目標取得了重大進展。我們實現了 10% 的調整後每股收益成長；調整後淨資產收益率達到 16%，符合我們的目標範圍；兩年平均自由現金流比率達到 81%，超過了我們的目標；全年直接費用率為 11.7%，也超過了我們的目標。總體而言，第一年非常出色，為我們的「新前沿」策略奠定了堅實的基礎。

Net income was approximately $800 million and $3.2 billion for the fourth quarter and full year of 2025, respectively. The difference between net income and adjusted earnings was mostly attributable to net derivative losses, primarily due to rising long-term interest rates, favorable markets, and stronger US dollar. We use derivatives to hedge economic exposures where these offsets are either reported elsewhere in the financial statements or where the offsetting economics emerge over time.

2025 年第四季淨收入約 8 億美元，全年淨收入約 32 億美元。淨收入與調整後收益之間的差異主要歸因於衍生性商品淨損失，這主要是由於長期利率上升、市場有利以及美元走強所致。我們使用衍生性商品來對沖經濟風險，這些抵銷要么在財務報表的其他地方報告，要么隨著時間的推移，抵消的經濟因素會顯現出來。

In addition, net investment losses were largely the result of normal trading activity on the portfolio, and credit remains stable. We had two notable items in the fourth quarter that reduced adjusted earnings by $61 million in the aggregate or $0.09 per share. The notable items were the Mexico VAT impact we discussed in the third quarter and higher asbestos litigation reserves recorded in corporate and other.

此外，淨投資損失主要是由於投資組合的正常交易活動造成的，信貸狀況保持穩定。第四季有兩個值得注意的項目，導致調整後收益合計減少 6,100 萬美元，即每股減少 0.09 美元。值得注意的項目包括我們在第三季討論過的墨西哥增值稅的影響，以及公司和其他部門記錄的更高的石棉訴訟準備金。

Moving to page 4. This slide compares fourth-quarter year-over-year adjusted earnings, excluding notable items by segment and Corporate and Other. All my comments refer to figures excluding notable items. Adjusted earnings rose 18%, 17% in constant currency, to $1.7 billion, driven by higher variable investment income, strong volume growth, and favorable expense margins partially offset by lower recurring interest margins.

翻到第4頁。此投影片比較了第四季按業務部門和公司及其他部門扣除重大專案後的同比調整收益。我的所有評論均指不包括重要項目的資料。調整後的收益成長了 18%，以固定匯率計算成長了 17%，達到 17 億美元，這主要得益於可變投資收益的增加、銷量的強勁增長以及有利的費用利潤率，但部分被較低的經常性利息利潤率所抵消。

Also, we have revised our definition of adjusted earnings to exclude the non-cash accounting of real estate depreciation to align the impact of real estate asset value changes and better reflect the recurring cash flow and returns of the investment in adjusted earnings. This change increased fourth-quarter adjusted earnings by $57 million and is expected to add about $200 million annually, mostly benefiting Corporate and Other.

此外，我們修改了調整後收益的定義，排除了房地產折舊的非現金會計處理，以使房地產資產價值變化的影響更加一致，並更好地反映調整後收益中經常性現金流和投資回報。這一變化使第四季度調整後收益增加了 5,700 萬美元，預計每年將增加約 2 億美元，主要惠及公司及其他方面。

Adjusted earnings per share were $2.58, up 24%, and 23% on a constant currency basis. Growth was supported by disciplined capital management.

調整後的每股盈餘為 2.58 美元，成長 24%，以固定匯率計算成長 23%。穩健的資本管理支撐了成長。

Moving to the businesses. Group Benefits adjusted earnings were $465 million, up 12% year over year, largely driven by favorable underwriting, primarily in life and dental partially offset by weaker disability. The Group life mortality ratio was 81.1% for the quarter and 83.1% for the full year, below our 2025 target range of 84% to 89%, reflecting continued improvement in working age mortality trends.

前往企業區。團體福利調整後收益為 4.65 億美元，年增 12%，主要得益於有利的承保情況，主要集中在人壽和牙科保險領域，但部分被殘障保險業務的疲軟所抵消。該季度集團人壽死亡率為 81.1%，全年為 83.1%，低於我們 2025 年 84% 至 89% 的目標範圍，反映出勞動年齡人口死亡率趨勢的持續改善。

The fourth-quarter non-medical health interest-adjusted benefit ratio of 72.2% was within our annual target range. Seasonally low dental utilization was in line with expectations. However, disability results came in below expectations due to higher average severity and higher incidents in the quarter, albeit within pricing expectations.

第四季非醫療健康利益調整後的收益率為 72.2%，在我們年度目標範圍內。季節性牙科就診率較低，符合預期。然而，由於本季平均嚴重程度較高且事故發生率較高，殘疾結果低於預期，儘管價格符合預期。

Group Benefits adjusted PFOs for the fourth quarter and full year 2025 was up 2% year over year. Excluding the impact of roughly 2 percentage points from participating life contracts, the growth would be 4%.

2025 年第四季和全年團體福利調整後 PFO 年比成長 2%。如果排除分紅人壽保險合約帶來的約 2 個百分點的影響，成長率將達到 4%。

RIS adjusted earnings were $454 million, up 18% year over year, primarily driven by higher variable investment income. Investment spreads, excluding VII, remained relatively stable at 99 basis points, up 1 basis point sequentially. RIS delivered substantial inflows in 2025 driven by record sales of $42 billion in the year. Pension risk transfers were more than $14 billion, and UK longevity transactions were $11 billion, including $7 billion in the fourth quarter. The strength of this origination platform and growth throughout 2025 underscores the global demand for life and retirement solutions as well as our focus on leveraging strategic reinsurance to enhance our capital flexibility to support this trend.

RIS 調整後收益為 4.54 億美元，年增 18%，主要得益於可變投資收益的增加。除 VII 外，投資利差保持相對穩定在 99 個基點，較上季上升 1 個基點。2025 年，RIS 實現了可觀的資金流入，當年銷售額創下 420 億美元的紀錄。退休金風險轉移額超過 140 億美元，英國長壽交易額為 110 億美元，其中第四季為 70 億美元。該業務發起平台的實力以及到 2025 年的成長，凸顯了全球對人壽和退休解決方案的需求，以及我們利用策略再保險來增強資本靈活性以支持這一趨勢的重點。

Asia adjusted earnings were $444 million, essentially flat year over year, up 1% on a constant currency basis. The primary drivers were volume growth and favorable expense margins. These were partially offset by less favorable underwriting margins versus the prior year quarter, which had positive reserve refinements that benefited adjusted earnings by roughly $30 million.

亞洲調整後收益為 4.44 億美元，與上年基本持平，以固定匯率計算成長 1%。主要驅動因素是銷售成長和有利的成本利潤率。這些不利因素部分被承保利潤率較上年同期有所下降所抵消，去年同期由於準備金調整，調整後收益增加了約 3,000 萬美元。

Asia's key top-line growth metrics were robust in the fourth quarter and full year of 2025. The general account assets under management at amortized costs were up 7% on a constant currency basis. Sales were up 18% on a constant currency basis on both a quarterly and a full-year basis, primarily driven by Japan and Korea, our two largest markets in the region.

2025年第四季和全年，亞洲主要營收成長指標表現強勁。以攤餘成本計算，一般帳戶管理資產以固定匯率計算成長了 7%。以固定匯率計算，季度和全年銷售額均成長了 18%，主要得益於日本和韓國這兩個我們在該地區最大的市場。

Latin America adjusted earnings were $227 million, up 13% and up 4% on a constant currency basis, driven by volume growth across the region. Latin America's adjusted PFOs were up 25% and 16% on a constant currency basis, while sales were up 26% on a constant currency basis due to strong growth across the region, most notably in Mexico and Brazil.

拉丁美洲經調整後的收益為 2.27 億美元，年增 13%，以固定匯率計算成長 4%，主要得益於該地區銷量的成長。拉丁美洲經調整後的PFO以固定匯率計算增長了25%和16%，而銷售額以固定匯率計算增長了26%，這主要得益於該地區的強勁增長，尤其是墨西哥和巴西的增長。

EMEA adjusted earnings were $97 million, up 64% on both a reported and constant currency basis. The primary drivers were robust volume growth as well as favorable underwriting margins. EMEA adjusted PFOs were up 21% and up 17% on a constant currency basis. Sales were up 24% on a constant currency basis, reflecting strong strength across most markets, led by Turkey in the UK.

歐洲、中東和非洲地區調整後收益為 9,700 萬美元，按報告匯率和固定匯率計算均成長 64%。主要驅動因素是強勁的業務量成長以及有利的承保利潤率。EMEA 調整後的 PFO 上漲了 21%，以固定匯率計算上漲了 17%。以固定匯率計算，銷售額成長了 24%，反映出大多數市場的強勁表現，其中土耳其市場在英國市場表現突出。

Turning to MetLife Investment Management, or MIM, which we are reporting as a stand-alone business segment for the first time. MIM delivered adjusted earnings of $60 million in Q4 of '25 versus $16 million in Q4 of '24. The primary driver year over year was the transition to general account market fees as part of becoming a business segment.

接下來我們來看看 MetLife Investment Management（簡稱 MIM），這是我們首次將其作為一個獨立的業務部門進行報告。MIM 2025 年第四季調整後收益為 6,000 萬美元，而 2024 年第四季為 1,600 萬美元。與前一年相比，主要驅動因素是轉型為業務部門後，轉向一般帳戶市場收費模式。

Looking ahead, we would point you toward MIM's key financial metrics as shown in our quarterly financial supplement. In addition to the statement of adjusted earnings, we provided AUM and revenue information for both institutional clients and the general account.

展望未來，我們建議您參考季度財務補充文件中列出的 MIM 的關鍵財務指標。除了調整後的損益表外，我們還提供了機構客戶和一般帳戶的資產管理規模和收入資訊。

Corporate and Other, which now includes MetLife Holdings, our legacy runoff business, reported an adjusted loss of $38 million for Q4 of '25 compared to an adjusted loss of $72 million in the same period last year. The primary drivers were favorable investment margins and expense margins. These were partially offset by less favorable life underwriting margins.

公司及其他業務（現已包括我們遺留的已終止業務 MetLife Holdings）報告稱，2025 年第四季經調整虧損 3,800 萬美元，而去年同期經調整虧損為 7,200 萬美元。主要驅動因素是有利的投資利潤率和費用利潤率。這些不利因素部分被不太理想的人壽保險承保利潤所抵銷。

Page 5 shows our pretax variable investment income, or VII, for the four quarters and full year 2025 as well as full year 2024. Variable investment income was $497 million in Q4, driven by private equities, which had an average return of 2.8%, while real estate and other funds had an average return of 1.1%.

第 5 頁顯示了我們 2025 年四個季度和全年以及 2024 年全年的稅前可變投資收益（VII）。第四季可變投資收益為 4.97 億美元，主要得益於私募股權投資，其平均回報率為 2.8%，而房地產和其他基金的平均回報率為 1.1%。

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. For the full year, VII was $1.5 billion, below our 2025 target of $1.7 billion, but well ahead of the prior year. Real estate and other funds accounted for much of the shortfall while PE returns, which generated a full year 2025 return of 8.2% were modestly below our annual expected return of 9%.

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。全年來看，VII 為 15 億美元，低於我們 2025 年 17 億美元的目標，但遠超過一年。房地產和其他基金彌補了大部分缺口，而私募股權投資的回報（2025 年全年回報率為 8.2%）略低於我們 9% 的年度預期回報率。

On page 6, we provide VII post-tax by segment and Corporate and Other for the four quarters and full year 2025. Most of the VII assets are concentrated in Asia, RIS, and our legacy runoff business now in Corporate and Other, consistent with the long-term nature of these obligations. As of December 31, 2025, total VII assets stood at approximately $19 billion. Asia represented nearly 45% of the assets, while RIS and Corporate and Other accounted for about 30% and 25%, respectively.

在第 6 頁，我們提供了 2025 年四個季度和全年按業務部門和公司及其他部門劃分的稅後 VII 資料。VII 的大部分資產集中在亞洲、RIS 以及我們目前在公司和其他領域的遺留清算業務中，這與這些債務的長期性質相符。截至 2025 年 12 月 31 日，VII 的總資產約為 190 億美元。亞洲資產佔近 45%，而 RIS 和企業及其他資產分別佔比約 30% 和 25%。

Turning to page 7. This chart shows a comparison of our direct expense ratio for the fourth quarter and full year 2024 and 2025. As you can see, we continue to benefit from our efficiency mindset in driving down our cost curve, with our direct expense ratio falling to 11.7% for the year, which is well ahead of target. This includes seeing the benefits from the adoption of AI tools and other emerging technology broadly across our company. As we've seen the opportunities to reengineer processes while also injecting AI tools to enhance the speed and accuracy of our delivery, all of which improves the lives of our customers and our employees.

翻到第7頁。這張圖表顯示了我們 2024 年和 2025 年第四季和全年直接費用率的比較。正如你所看到的，我們繼續受益於我們的效率理念，降低了成本曲線，今年的直接費用率降至 11.7%，遠遠超過了目標。這包括了解在我們公司範圍內廣泛採用人工智慧工具和其他新興技術所帶來的好處。我們已經看到了重新設計流程並引入人工智慧工具來提高交付速度和準確性的機會，所有這些都改善了我們的客戶和員工的生活。

Let me now review our cash and capital position as detailed on page 8. MetLife remains strongly capitalized with robust liquidity. As of December 31, cash and liquid assets at the holding companies totaled $3.6 billion, in line with our target cash buffer of $3 billion to $4 billion.

現在讓我來回顧一下我們第 8 頁詳細列出的現金和資本狀況。大都會人壽資本雄厚，流動性充裕。截至 12 月 31 日，控股公司的現金和流動資產總額為 36 億美元，符合我們 30 億至 40 億美元的現金緩衝目標。

The acquisition of PineBridge, which closed in the quarter was the main driver of the reduction in holdco cash sequentially. In addition, total cash returned to shareholders in the fourth quarter was about $800 million, including approximately $430 million of share repurchases, and additional roughly $200 million of shares were repurchased in January.

本季完成的對 PineBridge 的收購是導致控股公司現金環比減少的主要原因。此外，第四季返還給股東的現金總額約為 8 億美元，其中包括約 4.3 億美元的股票回購，1 月回購了約 2 億美元的股票。

For the two-year period, 2024 and 2025, our average free cash flow ratio, excluding total notable items, was 81%, exceeding our 65% to 75% target range. In terms of statutory capital for our US companies, our combined 2025 NAIC RBC ratio is expected to be above our 360% target. Our estimated US statutory adjusted capital on an NAIC basis stood at approximately $17.2 billion as of December 31, up 1% from the third quarter.

在 2024 年和 2025 年這兩個年期間，我們的平均自由現金流比率（不包括所有重大項目）為 81%，超過了我們 65% 至 75% 的目標範圍。就我們美國公司的法定資本而言，我們 2025 年的 NAIC RBC 綜合比率預計將高於我們 360% 的目標。截至 12 月 31 日，我們估計的美國法定調整資本（以 NAIC 基準計算）約為 172 億美元，比第三季成長 1%。

We anticipate the Japan solvency margin ratio to be around 770% as of December 31, pending the final statutory filings in the coming weeks. As a reminder, this will be the last stat filing in Japan based on the SMR, which will be transitioning to an economic solvency ratio, or ESR. As we have previously disclosed, we expect to report an initial ESR within a range of 170% to 190% from March 2026.

我們預計截至 12 月 31 日，日本償付能力保證金率將達到 770% 左右，具體數值將在未來幾週內根據最終的法定文件確定。提醒一下，這將是日本最後一次基於SMR的統計申報，SMR將過渡到經濟償付能力比率（ESR）。正如我們之前所揭露的那樣，我們預計從 2026 年 3 月起，初始 ESR 將在 170% 至 190% 的範圍內。

Now let's discuss our outlook starting with the overview on page 10. Based on the forward currency curve, we expect the US dollar to be stable in 2026 relative to 2025. The forward interest rate curve projects long-term interest rates to be modestly higher and the yield curve expected to steepen a positive development, and we use an assumption of 5% annual return for the S&P 500.

現在讓我們從第 10 頁的概述開始，討論一下我們的展望。根據遠期匯率曲線，我們預期美元在 2026 年相對於 2025 年將保持穩定。遠期利率曲線預測長期利率將小幅走高，殖利率曲線預計將趨於陡峭，這是一個積極的發展趨勢，我們假設標普 500 指數的年回報率為 5%。

For our near-term targets, we expect to achieve double-digit adjusted EPS growth. We expect adjusted ROE to be in the range of 15% to 17%. We expect to maintain our two-year average free cash flow ratio of 65% to 75% of adjusted earnings, which supports our five-year commitment to generate $25 billion plus of free cash flow.

對於我們的近期目標，我們預計實現兩位數的調整後每股盈餘成長。我們預計調整後的淨資產收益率將在 15% 至 17% 之間。我們預計將維持兩年平均自由現金流佔調整後收益 65% 至 75% 的比率，這支持了我們五年內產生 250 億美元以上自由現金流的承諾。

Specifically for 2026, given asset management businesses tend to have higher expense ratios, the acquisition of PineBridge will add 50 basis points to our direct expense ratio in 2026, with our 2026 target being 12.1%. However, with the considerable progress we've made in the first year on the New Frontier towards achieving 100 basis point improvement over the five years, we intend to maintain our 2029 target of 11.3% despite the higher expense ratios associated with accelerating growth in our asset management business.

具體到 2026 年，鑑於資產管理業務的費用率往往較高，收購 PineBridge 將使我們 2026 年的直接費用率增加 50 個基點，我們 2026 年的目標是 12.1%。然而，鑑於我們在新領域第一年取得了相當大的進展，朝著五年內實現 100 個基點的改進目標邁進，儘管資產管理業務加速增長帶來的費用率較高，我們仍打算維持 2029 年 11.3% 的目標。

Favorable investment income is expected to be approximately $1.6 billion pretax. Our Corporate and Other adjusted loss is expected to be between $500 million and $700 million after tax. We are maintaining our expected effective tax rate range of 24% to 26%, and we expect our 2026 share repurchases to be in line with 2025. At the bottom of the page, you will see certain interest rate sensitivities relative to our base case, reflecting a relatively modest impact on adjusted earnings over the near term.

預計有利的投資收益稅前約為16億美元。經稅後，我們的公司及其他調整後虧損預計在 5 億美元至 7 億美元之間。我們將維持預期有效稅率在 24% 至 26% 的範圍內，並預計 2026 年的股票回購將與 2025 年保持一致。在頁面底部，您將看到相對於我們基本情況的某些利率敏感性，這反映出短期內對調整後收益的影響相對較小。

Page 11 provides our outlook for VII. We expect the average asset balances for private equities to decline in 2026 and over the near term as we continue to strategically reposition the portfolio to higher-yielding fixed income securities, consistent with the higher interest rate environment. We are assuming annual returns for private equity be 9% and real estate and other funds to be 7% over the near term. Finally, as a reminder, we include prepayment fees on fixed maturities and mortgage loans in VII.

第 11 頁闡述了我們對第七屆大會的展望。我們預計，隨著我們繼續根據較高的利率環境，將投資組合策略性地調整為收益更高的固定收益證券，私募股權的平均資產餘額將在 2026 年及近期內下降。我們假設近期內私募股權的年回報率為 9%，房地產和其他基金的年回報率為 7%。最後提醒一下，我們在第七條中包括了固定期限貸款和抵押貸款的提前還款費用。

Moving to our business segments on page 12, starting with Group Benefits. We are maintaining our adjusted PFO growth target of 4% to 7% over the near term as we continue to strengthen our market leadership. We are reducing our group life mortality ratio target range by 1 point to 83% to 88% as we expect favorable mortality trends will continue in 2026. For group non-medical health, we are increasing our interest adjusted benefit ratio target range by 1 point to 70% to 75%.

接下來，我們將從第 12 頁開始介紹我們的業務板塊，首先是團體福利。我們將持續鞏固市場領先地位，並維持近期調整後的PFO成長目標介於4%至7%之間。由於我們預計2026年有利的死亡率趨勢將持續，我們將團體人壽保險死亡率目標範圍下調1個百分點至83%至88%。對於團體非醫療健康，我們將利息調整後的福利比率目標範圍提高 1 個百分點，達到 70% 至 75%。

We are seeing the benefits of our leave and absence capability and technology investments take hold in the market, and therefore, this range is reflective of our updated view of product mix over the near term. Taking all these factors into account, we expect Group Benefits adjusted earnings ex notables to grow 7% to 9% in 2026. Please keep in mind, Q1 tends to be seasonally low quarter with both life and non-medical health results skewing to the higher end of the target ratio ranges.

我們看到，我們在休假和缺勤能力以及技術投資方面的優勢正在市場上顯現，因此，該系列產品反映了我們對近期產品組合的最新看法。考慮到所有這些因素，我們預計 2026 年集團福利調整後收益（不包括特殊項目）將成長 7% 至 9%。請注意，第一季通常是季節性淡季，人壽保險和非醫療健康保險的表現都會偏向目標比率範圍的較高水準。

RIS near-term outlook is on page 13. As part of New Frontier, we are strategically leveraging reinsurance to augment our organic capital with third-party capital to support the building demand for retirement solutions. This further supplements our liability growth while allowing us to maintain capital discipline. The common theme is capital flexibility.

RIS 近期展望見第 13 頁。作為新前沿計劃的一部分，我們正在策略性地利用再保險，以第三方資本補充我們的自有資本，從而支持不斷增長的退休解決方案需求。這進一步補充了我們的負債成長，同時使我們能夠保持資本紀律。共同的主題是資本靈活性。

With our expanded toolkit, we're able to support liability growth and at the same time, generate additional investable assets to be managed by MetLife Investment Management. As a result, we've enhanced the statistical pages in the QFS to more clearly reflect the impact of our growing use of reinsurance. As such, RIS segment earnings will be driven by retained liability exposures net of reinsurance, more specifically, the average retained liability exposures, which we expect to grow 3% to 5% in 2026, with growth weighted towards the second half of the year.

憑藉我們擴展的工具包，我們能夠支持負債成長，同時也創造更多可投資資產，供 MetLife 投資管理公司管理。因此，我們改進了 QFS 中的統計頁面，以便更清晰地反映我們不斷增加的再保險使用所帶來的影響。因此，RIS 業務部門的收益將取決於扣除再保險後的留存負債敞口，更具體地說，取決於平均留存負債敞口，我們預計該敞口在 2026 年將增長 3% 至 5%，且增長主要集中在下半年。

We expect RIS adjusted earnings in 2026 to be between $1.6 billion and $1.8 billion. Given growth is weighted to the second half of 2026, Q1 adjusted earnings is expected to be relatively flat year over year. Finally, we expect total general account investment spread to range from 100 to 120 basis points in 2026.

我們預計 RIS 在 2026 年的調整後收益將在 16 億美元至 18 億美元之間。鑑於成長主要集中在 2026 年下半年，預計第一季調整後收益將與去年同期基本持平。最後，我們預期 2026 年一般帳戶投資利差將在 100 至 120 個基點之間。

For Asia, on page 14, we expect annual sales growth to be mid- to high single digits on a constant currency basis over the near term and general account AUM growth in the mid-single digits. Asia adjusted earnings, excluding notable items, are expected to grow mid-single digits over the near term.

對於亞洲市場，我們預期在短期內，以固定匯率計算，年銷售額將實現中高個位數成長，一般帳戶資產管理規模將實現中個位數成長（詳見第 14 頁）。預計近期內，經亞洲市場調整後的收益（不計重大項目）將實現中等個位數成長。

Regarding the Japan ESR, assuming 100 basis point change, up or down, in either or both the 10-year US Treasury and/or the 30-year JGB rates, we expect to remain within 170% to 190% target range.

關於日本的ESR，假設10年期美國公債利率和/或30年期日本國債利率中的任何一個或兩個變動100個基點，我們預期ESR將維持在170%至190%的目標範圍內。

On page 15, for Latin America, we expect adjusted PFOs to grow high single digits over the near term. We expect the Latin America adjusted earnings, excluding notable items, to increase 6% to 8% in 2026, including a roughly $50 million impact from the Mexico VAT change, which we expect to be mostly in the first half of the year. We expect adjusted earnings to return to high single-digit growth in 2027 and '28.

第 15 頁，對於拉丁美洲，我們預計調整後的 PFO 在短期內將實現高個位數成長。我們預計，2026 年拉丁美洲經調整後的收益（不包括重大項目）將增長 6% 至 8%，其中包括墨西哥增值稅變化帶來的約 5000 萬美元的影響，我們預計這主要將在今年上半年產生影響。我們預計 2027 年和 2028 年調整後收益將恢復到高個位數成長。

Moving to EMEA. We expect adjusted PFOs to continue to grow high single digits, given the strong momentum in the business. For adjusted earnings, we expect EMEA's new quarterly run rate to increase to $90 million to $100 million in 2026 and then grow mid- to high single digits in 2027 and 2028.

遷往歐洲、中東和非洲地區。鑑於業務的強勁成長勢頭，我們預計調整後的PFO將繼續保持高個位數成長。對於調整後的收益，我們預計 EMEA 的新季度運行率將在 2026 年增至 9,000 萬美元至 1 億美元，然後在 2027 年和 2028 年實現中高個位數成長。

Finally, for MIM, we expect revenues to grow roughly 30% in 2026, largely driven by the combination of PineBridge and then increased by mid-single digits thereafter. For MIM adjusted earnings, we expect to be between $240 million and $280 million in 2026 then grow 15% to 20% per year in 2027 and 2028 from a combination of revenue and expense synergies as well as greater operating leverage.

最後，對於 MIM，我們預計 2026 年營收將成長約 30%，這主要得益於 PineBridge 的併購，此後將以中等個位數的速度成長。對於 MIM 的調整後收益，我們預計 2026 年將在 2.4 億美元至 2.8 億美元之間，然後在 2027 年和 2028 年透過收入和支出協同效應以及更大的營運槓桿作用，每年增長 15% 至 20%。

By 2028, we are targeting an operating margin of approximately 32%. In addition, we expect MIM's Q1 adjusted earnings to be approximately $50 million, lower than the implied quarterly run rate due to higher seasonal expenses in the first quarter.

到 2028 年，我們的目標是實現約 32% 的營業利潤率。此外，我們預計 MIM 第一季調整後收益約為 5,000 萬美元，低於預期季度運行率，原因是第一季季節性支出較高。

In total, MetLife delivered a strong quarter to close out another strong year we successfully executed key strategic initiatives to support New Frontier while achieving our financial commitments. Building on our clear momentum and solid fundamentals across our diverse set of market-leading businesses, we achieved robust top-line growth, maintained disciplined underwriting, and exercised prudent expense management. With 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 our shareholders.

總體而言，MetLife 在本季度表現強勁，為又一個強勁的年份畫上了圓滿的句號。我們成功執行了支持「新前沿」的關鍵策略舉措，同時實現了我們的財務承諾。憑藉我們在多元化市場領先業務中取得的明顯發展勢頭和堅實基本面，我們實現了強勁的營收成長，保持了嚴格的承保，並採取了審慎的費用管理。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，並在風險較低的情況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'll turn the call back to the operator for your questions.

那麼，我就把電話轉回給接線生，回答您的問題。

(Operator Instructions) Jimmy Bhullar, JPMorgan.

（操作員說明）Jimmy Bhullar，摩根大通。

So first, I just had a question on Group Benefits for Ramy. Just comment on what you've seen through renewal season and various product lines. I know you've been pricing up dental over the past year, how you're seeing your -- like what you've done in terms of pricing in various product lines and whether you're seeing competition pick up or ease in any of the products in Group Benefits.

首先，我有一個關於 Ramy 的團體福利的問題。請就您在續訂季和各種產品線中所看到的發表評論。我知道過去一年你一直在對牙科產品進行定價，你如何看待你的產品——比如你在各種產品線的定價方面做了什麼，以及你是否看到團體福利產品方面的競爭加劇或緩解。

Thanks for the question, Jimmy. I would say if we look at our 1/1 results, in particular, with respect to persistency and renewals, we're seeing pretty robust results. I would say, increase in persistency, in particular, in dental. As we've talked about, we did take actions in 1/1 of '25 with respect to the dental business and responded quickly to kind of get back to our target margins. And I would say at this point, persistency is improving and is pretty robust.

謝謝你的提問，吉米。我想說，如果我們看一下 1/1 的結果，特別是就續訂率和持續性而言，我們看到了相當穩健的結果。我認為，尤其是在牙科領域，堅持性會提高。正如我們之前討論過的，我們在 2025 年 1 月 1 日針對牙科業務採取了行動，並迅速做出反應，以期恢復到我們的目標利潤率。我認為目前來看，持久性正在提高，而且相當穩定。

And although we'll come back and talk to you about our full Q1 results, at this point, we also have good sales growth across our book of business. And in particular, I would highlight disability here as an area of strength that we're starting to see based on our 1/1 results.

雖然我們稍後會再回來和大家詳細討論第一季的業績，但目前來看，我們所有業務的銷售成長情況良好。尤其值得一提的是，根據我們 1/1 的結果，身心障礙領域正逐漸成為我們的優勢領域。

And then just another topic for Lyndon or maybe Michel. In Japan, you've seen pretty dramatic moves in some of the macro variables, whether it's currency or interest rates. How is that affecting your business in terms of persistency, maybe the sales mix? And any comments on the competitive environment in that market as well?

然後，這又是一個可以和林登或米歇爾討論的話題了。在日本，無論是貨幣還是利率，一些宏觀變數都出現了相當劇烈的波動。這會對您的業務產生怎樣的影響，例如客戶留存率、銷售組合等方面？您對該市場的競爭環境有何看法？

Jimmy, it's Lyndon here. So yeah, we have seen some macroeconomic volatility recently, both in the FX as well as the rates. But just if you think about it, the short-term impact on sales could be due to rates. We see a short-term impact during periods when we see significant macroeconomic fluctuations. And what happens here, our customers tend to wait for the markets to stabilize before going out and buying foreign currency products.

吉米，我是林登。是的，我們最近確實看到了一些宏觀經濟波動，包括外匯市場和利率市場。但仔細想想，短期內對銷售額的影響可能是由於利率造成的。在宏觀經濟出現顯著波動的時期，我們會看到短期影響。因此，我們的客戶往往會等到市場穩定下來後再購買外匯產品。

So we see these temporary fluctuations. But for the most part, our value proposition continues to remain solid with the customers. And given the breadth of our product portfolio and our distribution strength here, it really gives us -- puts us in a good position to meet the demand through these periods, whether it's yen or dollar products.

所以我們看到了這些暫時的波動。但總的來說，我們的價值主張在客戶心中依然穩固。鑑於我們豐富的產品組合和強大的分銷能力，這確實使我們處於有利地位，能夠滿足這些時期的需求，無論是日圓產品還是美元產品。

And just with the issues at Prudential, obviously, they're more company-specific and don't have anything to do with you guys. But do you see any impact on your business just because of Pru and you both being American company in terms of sales persistency and recruiting?

至於保誠集團的問題，很顯然，這些問題更像是公司本身的問題，與你們無關。但是，您認為由於 Pru 和您都是美國公司，這對您的業務在銷售堅持性和招聘方面會有任何影響嗎？

Yeah. Look, thanks for the question. We really don't have much to say about it. I mean, we're aware of the situation. We're very optimistic about our position in Japan. As you heard during Investor Day, we think it's a very attractive market, given the higher rate environment as well as all these positive macroeconomic trends.

是的。謝謝你的提問。我們對此沒什麼好說的。我的意思是，我們了解情況。我們對我們在日本的地位非常樂觀。正如您在投資者日上聽到的那樣，鑑於較高的利率環境以及所有這些積極的宏觀經濟趨勢，我們認為這是一個非常有吸引力的市場。

There's a lot of capital coming into the market, and it continues to be a competitive market. But as I said, we've got a really good platform, strong multichannel distribution, a very diversified product portfolio. You can see our sales results have been very strong this year. They've been up 17%. So we're very optimistic about our position in Japan and optimistic about our potential going into '26.

大量資金湧入市場，市場競爭仍激烈。但正如我所說，我們擁有一個非常好的平台、強大的多通路通路和非常多元化的產品組合。您可以看到，我們今年的銷售業績非常強勁。它們上漲了17%。因此，我們對我們在日本的地位以及我們進入 2026 年的潛力都非常樂觀。

Tom Gallagher, Evercore ISI.

Tom Gallagher，Evercore ISI。

First question, John, just a question on this change in GAAP earnings for real estate accounting. I think the $200 million benefit that you flagged. Is this a GAAP-only impact? Any expected change in statutory? Or did statutory already have that adjustment? And why change this? Is this -- were you more conservative than peers? Or is that more reflective of what you think the economics are? Thanks.

約翰，第一個問題，關於房地產會計中GAAP收益的變化，我有個疑問。我認為你提到的那2億美元的收益。這是否僅對GAAP產生影響？法規方面預計會有任何變化嗎？或者，法定條款中是否已經包含了這種調整？為什麼要改變這一點？也就是說──你比同齡人更保守嗎？或者，這更能反映你對經濟的看法？謝謝。

Yeah, it's something we've thought about for some time. And I think just the resegmentation and change kind of gave us an opportunity to rethink just the reporting in adjusted earnings. And I think relative to peers, we probably had a higher allocation to real estate because of our expertise in the area, and so we tend to lean into this asset class.

是的，我們已經考慮這個問題一段時間了。我認為，重新劃分業務板塊和進行業務調整，給了我們一個重新思考調整後收益報告方式的機會。我認為相對於同行而言，由於我們在該領域的專業知識，我們對房地產的投資比例可能更高，因此我們傾向於投資這一資產類別。

So we did a review as we thought about it. Quite honestly, the non-cash cost accounting construct really is not ideal for representing kind of the annual cash flows and annual returns of this product. It also doesn't really align with the changes in the book value and then you have a sale that goes below it. So we tried to make this this change created a little more alignment in kind of the overall economics of the asset class and just more reflective of our operating cash flow.

所以，我們邊思考邊進行了回顧。坦白說，非現金成本會計結構並不適合用來表示該產品的年度現金流量和年度收益。它也與帳面價值的變化不太吻合，而且最終的售價還低於帳面價值。因此，我們嘗試做出這項改變，使該資產類別的整體經濟效益更加協調一致，也更能反映我們的經營現金流。

That makes sense. I thought I'd throw out a MIM question since it's the new bright shiny object this quarter. And it's a question that we've been getting recently. So I'm curious to what extent you can comment on Brighthouse, obviously going to be acquired by Aquarian. I know that they're a partner of yours. You have an investment management agreement with them.

這很有道理。我想就 MIM 提出一個問題，因為它是本季最熱門的新話題。這是我們最近常被問到的問題。所以我很想知道您對 Brighthouse 能發表多少評論，顯然它將被 Aquarian 收購。我知道他們是你的合作夥伴。你與他們簽訂了投資管理協議。

Any way you can sort of frame how meaningful that could be if that contract changes with the acquisition? And is that -- is anything for that baked into your '26 guide? Or would that more likely be a '27 issue?

你能不能大致說明一下，如果收購導致合約發生變化，這會產生多大的影響？那麼，你們的 26 年指南裡有沒有包含這方面的內容呢？或者這更有可能是 2027 年的問題？

Yeah. Let me start with, first, we're very excited about just closing PineBridge at the end of the year. I think there's just been an excellent momentum hitting the ground 1/1 as one team. And just to kind of highlight, we have historically in MIM been kind of a one MIM platform. We really haven't built this boutique style. So there's a natural process for how these complementary businesses can come together and integrate. And we're really excited about what's ahead.

是的。首先，我們非常高興能在年底關閉 PineBridge。我認為球隊目前勢頭良好，以1/1的比分作為一個整體取得了開門紅。需要特別指出的是，從歷史上看，MIM 領域一直是一個單一的 MIM 平台。我們其實還沒有真正打造出這種精品風格。因此，這些互補型企業可以透過一個自然的過程走到一起並進行整合。我們對未來充滿期待。

Even looking at things from between sign and close, you saw kind of our flows in MIM were very strong and PineBridge did great. And that's just a testament to why this makes sense and how it's resonated in the market. And so we're really excited about what's ahead. And it just gives us a bigger -- even further expansion of our solutions that we can provide to clients and particularly insurance clients. We can be a full-service provider to insurance clients, not a product pusher, but just really kind of focusing on what's best for them.

即使從簽約到收尾這段時間來看，你會發現我們在 MIM 中的流程非常強勁，PineBridge 的表現也很出色。這正好證明了這種做法的合理性以及它在市場上的迴響。所以我們對未來充滿期待。這讓我們能夠為客戶，特別是保險客戶提供更大範圍的解決方案。我們可以成為保險客戶的全方位服務提供者，而不是產品推銷者，而是真正專注於為他們提供最佳服務。

We serve their needs. And as you mentioned, Brighthouse, Brighthouse is a great relationship for us. We have a long history. We take pride in that. We're excited to have the opportunity to work with the new combined firm that they have, and I know they're going through a process right now. So we're here to help them.

我們滿足他們的需求。正如您所提到的，Brighthouse 對我們來說是一個非常好的合作夥伴。我們有著悠久的歷史。我們為此感到自豪。我們很高興有機會與他們合併後的新公司合作，我知道他們目前正在經歷一個過程。所以我們來這裡是為了幫助他們。

Look, at the end of the day, we have a diversified set of clients across our MIM platform. We have close to $150 billion of AUM in insurance. And it's -- we have a diversified set. And to the -- I think when it comes to exposure, while we are excited about keeping and growing our relationship with Brighthouse, that's kind of our expectations. At the end of the day, to the overall firm, this would be a worst-case scenario would -- at the end of the day, would be a very modest impact to EPS.

歸根究底，我們的MIM平台擁有多元化的客戶群。我們管理的保險資產規模接近1500億美元。而且—我們擁有多樣化的產品系列。至於曝光度方面，雖然我們很高興能夠與 Brighthouse 保持並發展合作關係，但這大概就是我們的預期。歸根結底，對整個公司而言，這將是最糟糕的情況——歸根結底，對每股盈餘的影響將非常有限。

Joel Hurwitz, Dowling.

喬爾·赫維茨，道林。

Michel, in your prepared remarks, you mentioned that you guys have tapped the US retail retirement space with flow reinsurance. Can you just provide an update on what you've done to date and your outlook for that opportunity at this point?

米歇爾，你在事先準備好的演講稿中提到，你們已經透過流動再保險進入了美國零售退休市場。能否簡要介紹一下您迄今為止所做的工作以及您目前對該機會的看法？

Hey, Joel. It's Ramy here. I'll take this one. I would say, first, you just need to put this in the broader context of our retirement strategy in the US that we talked about as part of our New Frontier strategy. And at the highest level, look, our approach here is to compete in the retirement space in areas which play to our strength and leverage our competitive advantage. And we looked at that, and as part of that, looked at a fast-growing US retail annuity market and identified an opportunity to participate in that market in a way that does leverage our competitive advantages.

嘿，喬爾。我是拉米。我選這個。首先，我想說，你需要把這件事放在我們在美國制定的退休策略的更廣泛背景下看待，這是我們在「新前沿」策略中討論的內容。從最高層級來看，我們的做法是在退休領域中發揮我們的優勢，並利用我們的競爭優勢競爭。我們對此進行了研究，並在此過程中關注到快速成長的美國零售年金市場，發現了一個利用我們的競爭優勢參與該市場的機會。

And in this case, the path that we have chosen is to participate in that market on an institutional basis as a reinsurer. And look, testament to the discipline of execution here, in under a year, we executed against that strategy. We now have two partners with flow reinsurance deals in place that have kicked off over the past couple of months. We value these partnerships, and our partners value what we bring to the table, in particular, in terms of financial strength, investment capability, capital flexibility.

在這種情況下，我們選擇的道路是以再保險公司的身份，以機構身份參與該市場。你看，這就是執行力的最佳證明，不到一年時間，我們就成功地執行了這項策略。我們現在有兩家合作夥伴，在過去的幾個月裡已經啟動了流動再保險交易。我們重視這些合作關係，我們的合作夥伴也重視我們所帶來的價值，尤其是在財務實力、投資能力和資本靈活性方面。

So this is exactly what we mean when we say we're looking for opportunities that play to our strength. And at the end of the day, this is going to add to our ability to grow liability origination and capture the momentum that we're seeing in the retirement market in a way that works well for our economics and plays to what we can bring to the table here.

所以，這就是我們所說的，我們正在尋找能夠發揮我們優勢的機會。歸根究底，這將增強我們拓展負債業務的能力，並抓住我們在退休市場看到的成長勢頭，這有利於我們的經濟效益，並能發揮我們在這裡所能帶來的優勢。

Got it. That makes sense. And then just wanted to follow up on Jimmy's question on Japan and the macro and on persistency. Did you guys see any increased surrender activity in Q4 thus far in Q1? And I guess, is there anything baked into your outlook for potentially higher surrenders just given the FX and rates?

知道了。這很有道理。然後，我想就吉米提出的關於日本、宏觀經濟和持續性的問題做個後續說明。你們在第一季至今有沒有觀察到第四季投降活動增加？我想，考慮到匯率和利率，您是否已經將可能出現的更高退稅額納入了您的預期？

Yeah. Hey, Joel. It's Lyndon here. So yeah, we did see the surrender trend in the fourth quarter was a little bit higher than it had been sequentially in the third quarter, and that was primarily because we saw the yen has depreciated relative to US dollar.

是的。嘿，喬爾。我是林登。是的，我們確實看到第四季的投降趨勢比第三季略高，這主要是因為我們看到日圓對美元貶值了。

For the full year, in '25, our surrenders have come down relative to where they were in '24. And for '26, we're assuming that surrenders come back to our long-term assumption over there, and that is baked into our 2026 guidance.

2025 年全年，我們的投降數量相對於 2024 年有所下降。對於 2026 年，我們假設退稅額將恢復到我們先前的長期預期，這一點已納入我們的 2026 年業績指引中。

Suneet Kamath, Jefferies.

Suneet Kamath，傑富瑞集團。

I wanted to start with group. One of the questions we always get is AI is coming in, it's going to take out X percent of the workforce. That's going to negatively impact group benefits companies. And if I look at your guidance, it looks like growth on top of pretty good growth this year. So it doesn't feel like you're building anything in related to that. So can you just talk about what you're seeing maybe at the customer level in terms of either hiring or layoffs, just so we can kind of see what the scope is in terms of where we are?

我想先從小組開始。我們經常被問到的一個問題是，人工智慧即將到來，它將取代 X% 的勞動力。這將對團體福利公司產生負面影響。如果我看一下你們的業績指引，今年的成長動能似乎比去年同期還要強勁。所以感覺你並沒有在建立任何與此相關的內容。那麼，您能否談談您在客戶層面上看到的招募或裁員情況，以便我們了解一下我們目前所處的情況？

Thank you, Suneet. It's Ramy here. So look, when we construct our PFO outlook, we look at a number of factors. We have certainly incorporated what we have been seeing in our book with respect to employment actions that some of our clients have taken, be they AI-driven or otherwise. And the outlook assumes that this trend would continue in 2026.

謝謝你，蘇尼特。我是拉米。所以你看，當我們建立 PFO 展望時，我們會考慮許多因素。我們當然已將我們所觀察到的一些客戶在就業方面採取的行動（無論是人工智慧驅動的還是其他方面的）納入我們的書中。展望報告假設這一趨勢將在 2026 年繼續。

So we are taking a very grounded view of where that picture is heading. But look, at the same time, in our outlook, we also incorporate what we're seeing in terms of growth, be it in terms of adding coverages to existing employers and new sales, increase in participation rates via our enrollment effort. And a piece of that is the very strong start to 1/1, which I've talked about earlier, and that's been a strong start, both in terms of persistency in sales and really sales across the entire book, inclusive of disability.

所以我們對這幅圖景的發展方向持非常務實的態度。但同時，在我們的展望中，我們也考慮到了成長方面的情況，無論是現有雇主增加保險範圍、新銷售，或是透過我們的註冊工作提高投保率。其中一部分原因是 1/1 的開局非常強勁，我之前也提到過，無論是銷售的持續性，還是整本書的銷售情況（包括殘疾人書籍），都開局強勁。

So when you put all of this thing together, we feel comfortable with the outlook range. The diversified nature of our book across industry, size of employers and geography are all helpful factors for us here if we were to see more ebbs and flows in terms of the employment levels across economies as well as across sectors. So net-net, we feel comfortable with the outlook, and we are incorporating what we're actually seeing by way of employment actions in our book as well.

綜合所有因素來看，我們對前景範圍感到滿意。我們書籍涵蓋的產業、雇主規模和地理範圍的多樣性，對於我們應對各經濟體和各行業的就業水準波動而言，都是很有幫助的因素。綜上所述，我們對前景感到滿意，我們也把我們實際看到的就業行動納入了我們的預測中。

Okay. That's helpful. And then, I guess, for John, on capital, I wanted to ask about Japan because one of the things that we're hearing is that unrealized losses in Japan can influence the sort of dividend formulas in terms of getting capital out. So I just wanted to maybe address that and kind of how you think that could play out in 2026. Thanks.

好的。那很有幫助。然後，我想問約翰關於資本的問題，我想問日本的情況，因為我們聽到的一種說法是，日本的未實現虧損可能會影響資本提取方面的股息計算公式。所以我想談談這個問題，以及你認為這在 2026 年可能會如何發展。謝謝。

Yeah, like you said there, in Japan and elsewhere, quite honestly, there's multiple factors when you think about dividend capacity, right? You have your solvency ratios. You also need to look at kind of the retained earnings, and that is true. But there's other factors that go into that from the balance sheet as well.

是的，就像你剛才說的，在日本和其他地方，說實話，在考慮分紅能力時，有很多因素需要考慮，對吧？你們有償付能力比率。你還需要專注於留存收益，這是事實。但資產負債表上還有其他因素也會影響這一點。

So there's multiple things that get in there. I think at the end of the day, for us, we're not seeing any constraints on our dividend capacity in Japan. So there's really no change. And that includes as it relates to transition to the ESR, and we feel like we're in a healthy position when it comes to retained earnings as well.

所以有很多因素會影響它。我認為歸根結底，對我們來說，我們在日本的分紅能力沒有任何限制。所以實際上沒有任何變化。這其中也包括向 ESR 過渡的情況，而且我們感覺在留存收益方面，我們也處於一個健康的狀況。

Can you just size what percentage of the Japan book has been reinsured out of Japan?

你能估算一下日本保險業務中有多少比例的保單在日本境外進行了再保險嗎？

I don't have that off the top of my head. We've done -- but we've done reinsurance for quite some time over the course of the last probably decade, and we've utilized mostly our Bermuda entity when it comes to that. But it's a portion, but it's not -- it's certainly not a majority.

我一時想不起來。我們已經從事再保險業務一段時間了，大概在過去十年裡，我們主要利用了我們在百慕達的實體進行再保險業務。但這只是一部分，但肯定不是——絕對不是大多數。

Wes Carmichael, Wells Fargo.

韋斯·卡邁克爾，富國銀行。

First question on group disability. I think you had a little bit less favorable experience in the quarter. I think the non-medical health loss ratio was kind of flattish sequentially. We've heard similar comments I think, from peers. Just wondering if you could unpack a little bit what you saw in disability and if you expect that to kind of continue into 2026.

關於群體殘疾的第一個問題。我認為你這季度的經歷不太順利。我認為非醫療健康損失率在連續變化中基本上保持穩定。我想我們從同行那裡也聽過類似的評論。我想知道您能否稍微談談您在殘疾方面觀察到的情況，以及您是否認為這種情況會持續到 2026 年。

Yes, it's Ramy here. So we did have some pressure in the quarter with respect to disability. Think about it as just slightly over 1 point in our non-medical health ratio. There are a few moving parts here. So one, we did see a slightly higher average severity across our long-term disability book. We did see social security decisions come a bit down this quarter. Those tend to kind of fluctuate quarter-to-quarter.

是的，我是拉米。所以，本季我們在殘疾人方面確實面臨一些壓力。你可以把它看作是我們非醫療健康比率中略高於 1 分的指標。這裡涉及幾個環節。首先，我們發現長期殘障保險的平均嚴重程度略高一些。本季我們看到社會保障決策數量有所下降。這些數值往往會按季度波動。

Recoveries and incidents, I would say recoveries were slightly down in the quarter. But for the full year, they were strong and above expectations. Incidents slightly ticked up in the quarter. But again, for the full year, they were also largely in line with expectations. So if you think about how we were to trend this, while this has been an unfavorable quarter, it certainly does not make a trend, and I wouldn't extrapolate from the outcomes in this quarter into 2026.

就康復情況和事故數量而言，我認為本季康復情況略有下降。但就全年而言，他們表現強勁，超乎預期。本季度事件數量略有上升。但總的來說，全年來看，他們的表現也基本上符合預期。所以，如果我們思考如何判斷這一趨勢，雖然本季不利，但這肯定不能說明什麼趨勢，我不會根據本季的結果推斷到 2026 年。

That's very helpful. And maybe, Ramy, just sticking with you. But in terms of mandatory paid family leave and related products, I think a few states are rolling out new mandatory programs. But as I kind of look across the map of the US with mandatory leave, it looks like there's a lot of white space. There's no Texas, no Florida, a lot of central US states don't have the programs yet.

那很有幫助。或許，拉米，只是跟著你而已。但就強制性帶薪家庭假及相關產品而言，我認為一些州正在推出新的強制性計劃。但是，當我縱觀美國強制休假地區的地圖時，發現有許多空白區域。德克薩斯州、佛羅裡達州以及美國中部許多州還沒有這些項目。

So I know the offerings maybe aren't as profitable as some of the other products in group, but do you see that as a big opportunity to take more market share from MetLife as more states come online?

我知道這些產品可能不如集團內其他一些產品那樣盈利，但隨著更多州加入該計劃，您是否認為這是一個從 MetLife 手中奪取更多市場份額的巨大機會？

Yes. Thank you for the question. So maybe I'll just step back and talk about disability in general and then come back to paid family leave and really also bring you back to the context that we talked about at our Investor Day. We identified the disability space in general as an attractive growth opportunity. A lot of secular trends are driving that growth, inclusive of the state-based regulations that are coming through.

是的。謝謝你的提問。所以，我或許應該先退一步，談談殘障問題，然後再回到帶薪家庭假的話題，真正地把大家帶回我們在投資者日上討論的背景中。我們認為殘疾人領域總體上是一個有吸引力的成長機會。推動這一成長的因素有許多長期趨勢，包括各州推出的法規。

We made investments in this space, both to provide best-in-class capabilities to employers and employees. We talked about some of our digital capabilities as well. And that value proposition is resonating well in market.

我們在這個領域進行了投資，旨在為雇主和員工提供一流的能力。我們也討論了一些我們的數位化能力。這種價值主張在市場上引起了良好的迴響。

And look, as part of that strategy, we also talked about employers wanting to do more with fewer and talked about absence and disability as an anchor product for us. And the proof point in here is that the vast majority of our absence and disability sales are actually bundled with our overall suite of products. So that's kind of the broader context around disability and absence in general.

而且，作為該策略的一部分，我們也談到了雇主希望用更少的人力做更多的事，並將缺勤和殘疾問題作為我們的核心產品。而這裡最能證明這一點的是，我們絕大多數的缺勤和殘障保險銷售實際上都與我們的整體產品組合捆綁在一起。所以，以上就是關於殘疾和缺勤的更廣泛的背景。

When you think about paid family medical leave, this has been a piece of that puzzle and one that has given us some nice tailwinds as more states have rolled out programs, including Minnesota and others. And we talked about the picture of that continuing because of the white space you've just mentioned. And our approach in this space leverages all the capabilities that I've talked about, but it also leverages the breadth of our product portfolio.

談到帶薪家庭醫療假，這（指帶薪家庭醫療假）一直是其中的一部分，並且隨著包括明尼蘇達州在內的更多州推出相關計劃，這給我們帶來了一些不錯的順風。我們討論了由於你剛才提到的留白而產生的畫面延續性問題。我們在這一領域的做法不僅充分利用了我剛才提到的所有能力，還充分利用了我們廣泛的產品組合。

And just to give you another data point here, when I look at our 101 sales for PFML, on average, they came with four or five additional coverages that were bundled with those sales. So this is a really classic example of us identifying an opportunity, formulating a strategy, and just executing really well against it, and we're very pleased with the outcome.

再補充一點數據，我查看了我們 101 份 PFML 銷售記錄，平均每份銷售記錄都附帶了四到五份額外的保險。所以這是一個非常經典的例子，我們抓住了機會，制定了策略，並出色地執行了它，我們對結果非常滿意。

Alex Scott, Barclays.

亞歷克斯·斯科特，巴克萊銀行。

First one is on corporate. I just wanted to understand the $500 million and $700 million. I mean, there's some different moving pieces there with the resegmentation. So is there any -- I guess, in particular, is there anything that's more specific to '26 in that number? It just felt a little higher than I was expecting when I was sort of going back and understanding holdings and corporate and what the combination and MIM would mean.

第一個是關於企業方面的。我只是想弄清楚這 5 億美元和 7 億美元是怎麼回事。我的意思是，重新劃分涉及一些不同的環節。那麼，特別是，這個數字中是否有任何與「26」更具體相關的意義呢？當我回顧並了解控股公司、企業以及合併和 MIM 的意義時，感覺比我預期的要高一些。

You're saying you were assuming a higher --

你的意思是說你假設了一個更高的值--

No, I was thinking it wouldn't be quite that high -- or I wouldn't expect it as big a loss, I guess. So I just wanted to understand if there was something more onetime in nature for '26 in the numbers, sorry.

不，我以為損失不會那麼大——或者說，我沒想到損失會這麼大。所以我想了解一下，數字 '26' 是否具有某種特殊意義，抱歉。

Yeah. I mean, maybe I'll use Q4 to maybe try to get you there, right? So on an ex notable basis, our loss was $38 million. And you have to take into account there was some, I'd say, non-recurring items in taxes, expenses. We had some reserve releases, and we had some excess quarterly NII in C&O.

是的。我的意思是，或許我會利用第四季的時間來嘗試帶你到達那裡，對吧？因此，剔除顯著因素後，我們的損失為 3,800 萬美元。而且你還得考慮到，我認為稅收和支出中有一些非經常性項目。我們釋放了一些儲備金，並且C&O有一些超額季度淨利息收入。

That probably gets you up to a run rate of around $100 million. And then when you translate that into the next year, you have to take into account, and I think this is important, so I appreciate the question. We did some reinsurance transactions in the fourth quarter. So the Talcott transaction we announced, that's about $100 million of lost earnings. We did the Chariot one. So I think close to $30 million of additional lower earnings from MLH, which is now in Corporate and Other.

這樣一來，你的年收入大概可以達到 1 億美元左右。然後，當你把這個預測應用到下一年時，你必須考慮到這一點，我認為這很重要，所以我感謝你的提問。我們在第四季進行了一些再保險交易。因此，我們宣布的 Talcott 交易，將導致約 1 億美元的收益損失。我們玩的是戰車主題。所以我認為 MLH 的額外收益減少了近 3000 萬美元，現在 MLH 被歸類在「公司及其他」類別。

And then the other thing you have to take into account just for seasonality is remember, every first and third quarter, we have about $15 million more of cost for preferred dividends. So that should help you with your quarterly modeling, but that's a little bit of what you're missing.

此外，還要考慮到季節性因素，記住，每個季度第一季和第三季度，我們都會額外支出約 1,500 萬美元用於優先股股息。這應該對你的季度建模有所幫助，但你還有一些遺漏之處。

Got it. Very helpful. Next one for you is just on the artificial intelligence topic. And I think you touched some on just employment sensitivity in group. But is there any other opportunities or risks that you point out? And can you talk about even in just your investment portfolio, exposure to software, et cetera, is just a topic that we're beginning to get a lot more questions on, and it's very theoretical, hard to answer, but would be interested in your take.

知道了。很有幫助。接下來這個問題是關於人工智慧的。我認為你剛才也談到了群體中的就業敏感性問題。但您認為還有哪些機會或風險嗎？您能否談談您的投資組合，例如軟體等方面的投資？我們最近收到了很多關於這個主題的問題，這非常理論化，很難回答，但我很想聽聽您的看法。

Maybe I'll just start. I mean, look, I think one of the things that we pride ourselves in and not just in the investment portfolio, but across our firm is -- and we referenced this quite a bit at Investor Day is diversification. And whether that's diversification geographically, we have diversification and types of businesses, so we have healthy balance sheet businesses, and then we have very healthy capital-light businesses across the globe. On top of that, we have different risk profiles.

或許我應該開始。我的意思是，你看，我認為我們引以為豪的事情之一，不僅在投資組合方面，而且在整個公司都是如此——我們在投資者日上也多次提到這一點——就是多元化。無論是地理上的多元化，或是業務類型的多元化，我們都擁有資產負債表健康的業務，以及遍布全球的資本輕型業務。除此之外，我們的風險承受能力也各不相同。

And then if you go to the investment portfolio, I think it's fair to say, and we've seen other numbers of internal analysis that kind of prove -- we're probably the most diversified across the industry in terms of our approach. We're able to do that because we have a fully scaled global asset manager, where we are -- because some people, if you say diversified, you'd say, well, how do you stay close? We're able to stay close to every credit that we underwrite and monitor because we have scale. So we're able to do this because of our scale and our competitive advantages.

然後，如果你看看我們的投資組合，我認為可以公平地說，而且我們也看到其他一些內部分析數據證明了這一點——就我們的投資方法而言，我們可能是整個行業中最多元化的。我們之所以能夠做到這一點，是因為我們擁有一個規模完整的全球資產管理公司，而我們身處在這樣的環境中——因為有些人，如果你說多元化，你會說，那麼，你如何保持密切聯繫？由於我們擁有規模優勢，因此能夠密切關注並監控我們承銷的每一筆信貸。我們之所以能夠做到這一點，是因為我們的規模和競爭優勢。

And when it comes to the software point that you referenced, at the end of the day, there are a variety of different cycles out there. This is probably in places where I think in the industry, we're probably not that exposed, just given our approach to kind of investment-grade oriented investing. So I -- we've seen it. I'm not so sure it -- we really weigh in too much here because we don't think it's that much of an exposure to the industry or us.

至於你提到的軟體方面，歸根究底，市面上存在著各種不同的週期。這可能是我們在業界風險敞口較小的領域，這主要是因為我們採取的是投資等級導向投資策略。所以——我們都看到了。我不太確定——我們在這裡真的插手太多了，因為我們認為這對產業或我們自己來說並沒有太大的影響。

And that is all the time we have for questions today. I will now turn the conference back over to John Hall for closing remarks.

今天提問環節就到此結束了。現在我將把會議交還給約翰·霍爾，請他作閉幕致詞。

Thanks, everybody, for joining us today, and have a good day.

感謝各位今天收看，祝大家今天過得愉快。

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。