Manulife Financial Corp (MFC) 2024 Q3 法說會逐字稿

Please stand by. Your meeting is about to begin. Please be advised that this conference call is being recorded.

請稍候。你們的會議即將開始。請注意，本次電話會議正在錄音中。

Good morning, ladies and gentlemen, and welcome to the Manulife Financial third-quarter 2024 financial results conference call. I would now like to turn the meeting over to Mr. Ko. Please go ahead, sir.

女士們先生們早安，歡迎參加宏利金融 2024 年第三季財務業績電話會議。我現在請柯先生主持會議。請繼續，先生。

Thank you. Welcome to Manulife's earnings conference call to discuss our third-quarter and year-to-date 2024 financial and operating results. Our earnings materials, including the webcast live for today's call, are available on the Investor Relations section of our website at manulife.com.

謝謝。歡迎參加宏利的財報電話會議，討論我們第三季和 2024 年年初至今的財務和營運業績。我們的獲利資料，包括今天電話會議的網路直播，可在我們網站 manulife.com 的投資者關係部分取得。

Before we start, please refer to slide 2 for a caution on forward-looking statements and slide 34 where notes on the non-GAAP and other financial measures used in this presentation. Note that certain material factors or assumptions apply in making forward-looking statements, and actual results may differ materially from what is stated.

在我們開始之前，請參閱投影片 2 以了解前瞻性陳述的注意事項，並參閱投影片 34，其中有關本簡報中使用的非公認會計準則和其他財務指標的註釋。請注意，某些重大因素或假設適用於做出前瞻性陳述，實際結果可能與所述內容有重大差異。

Turning to Slide 4, Roy Gori, our President & Chief Executive Officer, will begin today’s presentation with a highlight of our third-quarter and year-to-date 2024's results and a strategic update. Following Roy's remarks, Colin Simpson, our Chief Financial Officer, will discuss the company's financial and operating results in more detail. After their prepared remarks, we'll move to the live Q&A portion of the call.

轉向幻燈片 4，我們的總裁兼首席執行官 Roy Gori 將在今天的演示開始時重點介紹我們第三季度和 2024 年迄今的業績以及戰略更新。在羅伊發表演說後，我們的財務長柯林辛普森將更詳細地討論公司的財務和營運表現。在他們準備好的演講之後，我們將進入電話會議的現場問答部分。

With that, I'd like to turn the call over to Roy Gori, our President & Chief Executive Officer. Roy?

說到這裡，我想將電話轉給我們的總裁兼執行長 Roy Gori。羅伊？

Thanks, Hung, and thank you everyone for joining us today.

謝謝洪，也謝謝大家今天加入我們。

Yesterday, we announced our third-quarter 2024 financial results. These strong results are a testament to the benefits of our unique business mix and geographic footprint and the tremendous momentum that we have in the franchise. We are executing on our strategy and delivering strong financial performance while making great progress towards our goal of being the Digital, Customer Leader in our industry.

昨天，我們公佈了 2024 年第三季財務業績。這些強勁的業績證明了我們獨特的業務組合和地理足跡的優勢以及我們在特許經營中擁有的巨大動力。我們正在執行我們的策略並提供強勁的財務業績，同時在成為產業數位化客戶領導者的目標方面取得了巨大進展。

In the third quarter of 2024, we delivered record financial and operating results, including core earnings, APE sales, new business CSM, new business value, our customer Net Promoter Score or NPS, and Straight Through Processing or STP. We generated significant topline growth, including 40% growth in APE sales, led by broad-based growth in Asia, which delivered record levels of APE sales, new business CSM and new business value.

2024 年第三季度，我們實現了創紀錄的財務和營運業績，包括核心收益、APE 銷售額、新業務 CSM、新業務價值、客戶淨推薦值 (NPS) 以及直通處理 (STP)。我們實現了顯著的營收成長，其中 APE 銷售額成長了 40%，這主要得益於亞洲的廣泛成長，這帶來了創紀錄的 APE 銷售額、新業務 CSM 和新業務價值水準。

I'm also very pleased with the contributions from our businesses in North America. Global WAM also delivered another strong quarter with over $5 billion of net flows and positive contributions from each business line and geography. We've now generated positive net flows in 13 of the past 14 calendar years, and on a year-to-date basis we've delivered over $12 billion of net flows in 2024. We generated solid core earnings growth of 4%, which was led by 17% growth in Asia and 37% growth in Global WAM. Excluding the impact of Global Minimum Taxes or GMT, core earnings growth would have been 7%. On a per-share basis, core EPS grew 7% year over year, or 11% if adjusted for the impact of GMT.

我也對我們北美業務的貢獻感到非常高興。Global WAM 還實現了另一個強勁的季度，淨流量超過 50 億美元，每個業務線和地區都做出了積極貢獻。現在，在過去 14 個日曆年中，我們有 13 年產生了正淨流量，而從年初至今來看，我們在 2024 年已交付了超過 120 億美元的淨流量。我們的核心獲利實現了 4% 的穩定成長，其中亞洲成長 17%，全球 WAM 成長 37%。排除全球最低稅（GMT）的影響，核心獲利成長將為 7%。以每股計算，核心每股收益同比增長 7%，如果根據 GMT 的影響進行調整，則增長 11%。

We delivered an attractive core ROE of 16.6%, demonstrating that we're on our path towards our 18%+ goal. Finally, we maintained a strong balance sheet and ample financial flexibility with a strong LICAT ratio of 137% and leverage ratio of 23.5%.

我們實現了 16.6% 的有吸引力的核心 ROE，這表明我們正在朝著 18% 以上的目標邁進。最後，我們維持了強勁的資產負債表和充足的財務彈性，LICAT 比率高達 137%，槓桿率為 23.5%。

As we made clear at our Investor Day in June, Manulife is well positioned to continue delivering strong results like these and outperform peers, thanks to our unique geographic footprint and attractive business mix, our scale and ability to capture global megatrends and a clear path to deliver against our strategic priorities.

正如我們在6 月的投資者日上明確表示的那樣，宏利有能力繼續取得如此強勁的業績，並超越同行，這要歸功於我們獨特的地理足跡和有吸引力的業務組合、我們捕捉全球大趨勢的規模和能力以及明確的發展道路。

Moving to slide 7. As you can see, our disciplined execution continued to drive strong growth in key metrics on a year-to-date basis. Asia and Global WAM continue to demonstrate strong contributions to our year-to-date growth. In Asia, we have a diversified, high-quality distribution platform, and our ambition is to be the number one choice for customers. We’ve generated strong sales throughout the year, driven by growth across distribution channels. In Global WAM, our scale, unique footprint, and business mix, along with expense discipline is driving operating leverage, with our year-to-date core EBITDA margin up 190 basis points.

轉到投影片 7。正如您所看到的，我們嚴格的執行力繼續推動年初至今關鍵指標的強勁成長。亞洲和全球 WAM 繼續為我們今年迄今的成長做出巨大貢獻。在亞洲，我們擁有多元化、高品質的分銷平台，我們的目標是成為客戶的第一選擇。在分銷通路成長的推動下，我們全年銷售額強勁。在全球 WAM 中，我們的規模、獨特的足跡和業務組合以及費用紀律正在推動營運槓桿，我們年初至今的核心 EBITDA 利潤率增長了 190 個基點。

We delivered 12% core EPS growth on a year-to-date basis at the top end of our medium-term target range, driven by sustained strong performance in our high-growth segments, coupled with share buybacks. This is an excellent result as year-to-date core EPS would have grown 14% without the impact of GMT. Similarly, our core ROE continue to expand and improved 0.6 points year over year.

在高成長細分市場持續強勁的業績以及股票回購的推動下，我們今年迄今的核心每股收益成長了 12%，達到了中期目標範圍的上限。這是一個非常好的結果，因為如果沒有 GMT 的影響，今年迄今的核心每股盈餘將成長 14%。同樣，我們的核心ROE繼續擴大，較去年同期提高0.6個百分點。

We've also delivered robust book value growth over this period with 14% growth in adjusted book value per share, a 9% growth in book value per share. It's worth noting that we've delivered this growth net of returning close to $5 billion of capital to shareholders over the past year. We have repurchased 58 million common shares so far this year. And as a reminder, we're committed to fully executing the remaining 32 million shares of our current NCIB program, which expires in February 2025.

在此期間，我們的帳面價值也實現了強勁成長，調整後每股帳面價值成長了 14%，每股帳面價值成長了 9%。值得注意的是，我們在過去一年中向股東返還了近 50 億美元的淨資本，從而實現了這一成長。今年到目前為止，我們已經回購了 5,800 萬股普通股。謹此提醒，我們致力於全面執行目前 NCIB 計劃中剩餘的 3,200 萬股股票，該計劃將於 2025 年 2 月到期。

Based on our current share price our share buybacks have generated a benefit of more than $2.5 billion since 2021, and we continue to view these as a good tool to generate value for shareholders.

根據我們目前的股價，自 2021 年以來，我們的股票回購已產生超過 25 億美元的收益，我們繼續將其視為為股東創造價值的良好工具。

Turning to slide 8. In addition to capitalizing on our strong operating momentum, we remain focused on execution and on investing for the future. And we continue to make progress towards our goal of being the Digital, Customer Leader in our industry. To that end, we're leveraging our advanced GenAI capabilities across the franchise. We've already launched 11 use cases into production with another 13 to be launched before year-end, and additional 16 in development.

轉到投影片 8。除了利用我們強勁的營運動能之外，我們仍然專注於執行和對未來的投資。我們將繼續朝著成為產業數位化客戶領導者的目標取得進展。為此，我們在整個系列中利用先進的 GenAI 功能。我們已經將 11 個用例投入生產，另外 13 個用例將在年底前推出，另外 16 個用例正在開發中。

These encompass all areas of our business and are being ambitiously scaled to maximize business value. For example, the Singapore GenAI Sales Tool that we showcased at Investor Day has achieved a successful pilot result of more than 5% higher repurchase rate. And we've since extended the tool to all agents in Singapore. We plan to further expand the tool to other markets before year-end.

這些涵蓋了我們業務的所有領域，並且正在雄心勃勃地擴大規模，以最大限度地提高業務價值。例如，我們在投資者日展示的新加坡GenAI銷售工具已經取得了成功的試點結果，回購率提高了5%以上。此後，我們已將該工具擴展到新加坡的所有代理商。我們計劃在年底前將該工具進一步擴展到其他市場。

We've also extended AI-powered call summarization and contract look-up tools to 15% of our North American contact center agents in the past six months. These are two significant drivers of efficiency and have already delivered a 12% reduction in average handle time so far this year. We plan to continue rapidly rolling this out globally and enhancing these capabilities to drive even greater efficiencies.

在過去的六個月裡，我們也將人工智慧驅動的呼叫匯總和合約查找工具擴展到了 15% 的北美聯絡中心座席。這是提高效率的兩個重要推動因素，今年迄今為止，平均處理時間已減少 12%。我們計劃繼續在全球快速推廣並增強這些能力，以提高效率。

Our mission is Decisions Made Easier, Lives Made Better, and our digital priorities are all about optimizing the customer experience. Our relationship NPS score is now at an all-time high of 25, and our STP has now exceeded our 2025 target of 88%.

我們的使命是讓決策更輕鬆，讓生活更美好，而我們的數位化優先事項就是優化客戶體驗。我們的關係 NPS 得分現已達到 25 的歷史最高水平，我們的 STP 現已超過 2025 年 88% 的目標。

We also continue to invest in helping our customers' health and well-being. We held our second Longevity Symposium in Boston in October, where we gathered over 500 industry leaders, distribution partners, academics, and government officials to discuss the latest developments to help our customers live longer, healthier, better lives. This event generated overwhelming positive feedback from the participants, and preliminary results of our post-event survey saw an NPS of over 92. Our digital efforts have not only enhanced customer experience but also drove improved financial outcomes. To that end, we are well positioned to extract maximum value from our digital investments, and we're on track to exceed the $500 million in benefits we expected to generate in 2024, representing more than 2.5 times growth from 2023.

我們也繼續投資於幫助客戶的健康和福祉。我們於10 月在波士頓舉辦了第二屆長壽研討會，聚集了500 多名行業領導者、分銷合作夥伴、學者和政府官員，討論幫助我們的客戶活得更長久、更健康、更美好生活的最新進展。這項活動得到了參與者壓倒性的正面回饋，我們的活動後調查的初步結果顯示 NPS 超過 92。我們的數位化努力不僅增強了客戶體驗，也推動了財務成果的改善。為此，我們處於有利位置，可以從數位投資中獲取最大價值，我們預計在 2024 年創造超過 5 億美元的收益，相當於 2023 年成長的 2.5 倍以上。

We have a clear line of sight to generating additional value and look forward to updating you on our progress going forward. In summary, our strong execution this year is driving quality growth in new business, earnings and generating significant value for shareholders. We're delivering strong operating and customer satisfaction metrics, and we are well positioned to deliver on the ambitious, but achievable, new targets that we announced at Investor Day.

我們對創造額外價值有著清晰的目標，並期待向您通報我們的最新進展。總而言之，我們今年強勁的執行力正在推動新業務、獲利的高品質成長，並為股東創造巨大的價值。我們正在提供強大的營運和客戶滿意度指標，並且我們有能力實現我們在投資者日宣布的雄心勃勃但可實現的新目標。

With that, I'll hand it over to Colin to review the highlights of our financial results. Colin?

接下來，我將把它交給科林來回顧我們財務表現的亮點。科林？

Thanks, Roy. It has been another strong quarter for Manulife. Let me dive into a little more detail on the results before the Q&A.

謝謝，羅伊。對於宏利來說，這是另一個強勁的季度。讓我在問答之前更詳細地介紹一下結果。

I'll start with our topline on slide 10, where we delivered record levels of APE sales, new business CSM, and new business value. Our APE sales increased 40% from the prior year, reflecting very strong growth in Asia, and despite the prior year results including a large affinity market sale in Canada. Asia generated high volume across multiple markets, most notably in Hong Kong, supported by our high-quality, diversified distribution capabilities and our differentiated product offerings.

我將從幻燈片 10 上的頂線開始，其中我們實現了創紀錄的 APE 銷售水平、新業務 CSM 和新業務價值。我們的 APE 銷售額比前一年增長了 40%，反映出亞洲的強勁增長，儘管上一年的業績包括加拿大的大量親和市場銷售。由於我們高品質、多元化的分銷能力和差異化的產品供應，亞洲在多個市場（尤其是香港）產生了高銷售量。

Our strong sales contributed to substantial increases in new business CSM of 47% and new business value of 39%. Global WAM saw solid net inflows of $5.2 billion with contributions from all business lines and real strength in our Retail business. The continued strength in our topline is encouraging, particularly in our Asia and Global WAM segments, as we reshape our earnings profile towards higher return businesses.

我們強勁的銷售推動新業務 CSM 大幅成長 47%，新業務價值大幅成長 39%。全球 WAM 實現了 52 億美元的穩定淨流入，這得益於所有業務線的貢獻以及我們零售業務的真正實力。隨著我們重塑獲利狀況以實現更高回報的業務，我們的營收持續強勁令人鼓舞，尤其是在亞洲和全球 WAM 領域。

On our core earnings results on slide 11, I'd like to call out some of the highlights of the drivers of earnings analysis presented relative to the prior year quarter. The first point to highlight is that we continued to see the benefits of growth in our insurance businesses as well as an improved change in the ECL. This was partially offset by lower investment spreads. The core net insurance service results has once again grown faster than the core net investment results and made up 48% of pre-tax core earnings in the quarter. In the bottom half of the table, you'll see that Global WAM significantly increased its contribution to pretax earnings, supported by average AUMA growth and margin expansion.

在投影片 11 上的核心獲利結果中，我想指出與去年同期相比獲利分析驅動因素的一些亮點。首先要強調的是，我們持續看到保險業務成長的好處以及預期信用損失的改善。這被較低的投資利差部分抵消。核心淨保險服務業績再次超過核心淨投資業績成長，佔本季稅前核心獲利的48%。在表格的下半部分，您將看到 Global WAM 對稅前收益的貢獻顯著增加，這得益於平均 AUMA 增長和利潤率擴張。

The impact of GMT on our core earnings was a $61 million charge for the quarter, and as Roy mentioned, this reduced our core earnings growth by approximately 3 percentage points. In addition, the reinsurance transactions with Global Atlantic and RGA that closed earlier this year, reduced core earnings by $23 million across multiple lines of the DOE.

GMT 對我們本季核心收益的影響是 6,100 萬美元的費用，正如 Roy 所提到的，這使我們的核心收益成長降低了約 3 個百分點。此外，今年稍早完成的與 Global Atlantic 和 RGA 的再保險交易使 DOE 多個業務線的核心收益減少了 2,300 萬美元。

On to slide 12, core EPS increased 7% as we grew core earnings and continued buying back shares. If you normalize for the impact of GMT, core EPS would have grown 11% in line with our medium-term target of 10% to 12%.

在投影片 12 上，隨著我們核心獲利的成長和繼續回購股票，核心每股盈餘成長了 7%。如果將 GMT 的影響標準化，核心每股盈餘將成長 11%，符合我們 10% 至 12% 的中期目標。

Net income was higher than core earnings this quarter, with a few largely offsetting non-core items driving a modest net positive impact. Let me expand on the notable items. We reported an approximate $100 million realized gain from the disposal of fixed income assets this quarter, which included trading activity in Mainland China, where we have seen interest rates decreasing as well as call premiums on bond pre-payments.

本季淨利潤高於核心收益，一些很大程度上抵消了非核心項目帶來的適度的淨正面影響。讓我詳細介紹一下值得注意的項目。我們報告本季透過處置固定收益資產實現了約 1 億美元的收益，其中包括中國大陸的交易活動，我們發現中國大陸的利率下降以及債券預付款的贖回溢價。

Our ALDA portfolio resulted in a $167 million non-core charge. Our portfolio remains well diversified and reflects current valuations, and our experience this quarter marked a significant improvement from recent quarters with commercial real estate contributing to the majority of this charge. During the quarter, we also completed our annual review of actuarial models and assumptions or basis change, which resulted an overall reduction of $174 million in pre-tax fulfillment cash flows, which comprised of a net $816 million increase in OCI, partially offset by decreases in CSM and a $199 million post-tax adverse impact to net income shown here.

我們的 ALDA 投資組合產生了 1.67 億美元的非核心成本。我們的投資組合仍然高度多元化，並反映了當前的估值，本季的經驗標誌著最近幾季的顯著改善，其中商業房地產貢獻了大部分費用。在本季度，我們還完成了對精算模型和假設或基礎變化的年度審查，導致稅前履行現金流總體減少 1.74 億美元，其中 OCI 淨增加 8.16 億美元，部分被減少所抵消CSM 以及對淨利潤的1.99 億美元稅後不利影響如圖所示。

Overall, the net impact from the basis change was modest and further illustrates the stability of our reserve development. More information on the actuarial review is available in the appendix of this presentation.

整體而言，基差變化的淨影響不大，進一步說明了我們儲備發展的穩定性。有關精算審查的更多資訊請參閱本簡報的附錄。

Bringing you to our book value on slide 13. You can see we grew our adjusted book value per share by 14% from the prior year quarter to $34.97, even after returning nearly $5 billion of capital to shareholders via dividends and our NCIB program over the past year. It's worth reiterating that we expected a much steadier growth in adjusted book value under IFRS 17, and you can see from this chart that this is playing out.

帶您了解投影片 13 上的帳面價值。您可以看到，即使在過去一年透過股息和我們的 NCIB 計劃向股東返還了近 50 億美元的資本之後，我們調整後的每股帳面價值仍較去年同期增長了 14%，達到 34.97 美元。值得重申的是，我們預計 IFRS 17 下調整後的帳面價值將出現更加穩定的成長，從這張圖表中您可以看到這種情況正在發生。

Now we'll cover the segment view of our results in the next few slides, starting with Asia on slide 14. Our Asia segment generated strong growth in both top- and bottom-line metrics. APE sales increased by 64% from the prior-year quarter, driven by growth across most markets, led by Hong Kong, which saw growth across all sales channels, including from both MCV and domestic customers. The overall increase in sales contributed to 45% and 55% growth in our value metrics, new business CSM and NBV, respectively.

現在，我們將在接下來的幾張投影片中介紹我們結果的細分視圖，從投影片 14 上的亞洲開始。我們的亞洲部門在營收和利潤指標上均實現了強勁成長。在大多數市場（以香港為首）成長的推動下，APE 銷售額較上年同期成長 64%，所有銷售管道（包括 MCV 和國內客戶）均實現成長。銷售額的整體成長推動了我們的價值指標、新業務 CSM 和 NBV 分別成長 45% 和 55%。

Our three topline metrics highlighted here reached record levels for the quarter. We delivered 17% core earnings growth in Asia as we benefited from higher expected earnings on insurance contracts and higher expected investment earnings, with notable growth from our largest in-force business, Hong Kong. These results demonstrate why we showcased Asia at our Investor Day in June.

我們此處強調的三個主要指標達到了本季的創紀錄水準。我們在亞洲的核心獲利成長了 17%，這得益於保險合約預期收益的提高和預期投資收益的提高，其中我們最大的有效業務——香港的成長顯著。這些結果說明了我們為何在六月的投資者日展示亞洲。

Moving over to Global WAM's results on slide 15. It really was a fantastic quarter for Global WAM, delivering record core earnings for the quarter with growth of 37% supported by higher average AUMA along with favourable tax true-ups and tax benefits of approximately $70 million.

前往投影片 15 上的 Global WAM 結果。對於 Global WAM 來說，這確實是一個出色的季度，在較高的平均 AUMA 以及優惠的稅收調整和約 7000 萬美元的稅收優惠的支持下，本季度核心收益增長了 37%，創歷史新高。

Even excluding the impact of these tax items, the segment still generated record core earnings for the third quarter. We reported $5.2 billion of net inflows for the quarter with positive flows across all business lines and regions. Notably, we generated strong net inflows in our Retail business, benefiting from strong equity markets, which helped drive investor demand. And we saw advisor growth in our Canada wealth business. We continued to generate positive operating leverage, driving another quarter of core EBITDA margin expansion, which increased 90 basis points from the prior year to 27.8%.

即使排除這些稅項的影響，該部門第三季的核心獲利仍創歷史新高。我們報告本季淨流入 52 億美元，所有業務線和地區均出現正向流入。值得注意的是，受益於強勁的股市，我們的零售業務產生了強勁的淨流入，這有助於推動投資者需求。我們看到了加拿大財富業務顧問的成長。我們持續產生積極的營運槓桿，推動核心 EBITDA 利潤率再成長一個季度，比上年增長 90 個基點，達到 27.8%。

Bringing you over to Canada on slide 16, we delivered solid results across our insurance businesses during the quarter. APE sales decreased 20% from the prior year quarter, but this was attributable to the non-recurrence of the large affinity markets sale in the same quarter last year. Excluding this, we generated strong sales growth of 27%, driven by higher retail sales in Individual Insurance, mid- and large-case sales in Group Insurance, and segregated fund sales in our Annuities business.

在投影片 16 中帶您了解加拿大，我們在本季的保險業務中取得了穩健的業績。APE 銷售額較上年同期下降 20%，但這是由於去年同季度大型親和市場銷售不再出現。排除此因素，在個人保險零售額成長、團體保險大中型保險銷售以及年金業務獨立基金銷售的推動下，我們的銷售額實現了 27% 的強勁成長。

Core earnings grew modestly in Canada, primarily driven by business growth in Group Insurance, neutral ECL experience compared with the charge in the prior year, but this was mostly offset by positive, though less favourable claims experience in our Group Insurance business.

加拿大的核心盈利小幅增長，主要受到團體保險業務增長的推動，與上一年的費用相比，ECL 經驗中性，但這大部分被我們團體保險業務積極但不太有利的索賠經驗所抵消。

On to slide 17, which shows our US segment's results. In the US, we saw a rebound in demand for our accumulation insurance products from affluent customers, which drove up APE sales and contributed to the growth in new business CSM and new business value. Core earnings decreased 8% from the prior year quarter as a lower charge in the ECL and more favourable claims experience in our US life business was more than offset by lower investment spreads, lower earnings from the Global Atlantic reinsurance transaction that closed earlier this year, as well as the net impact of the basis change.

轉到幻燈片 17，其中顯示了我們美國部門的結果。在美國，富裕客戶對累積保險產品的需求反彈，帶動了APE銷售，並促進了新業務CSM和新業務價值的成長。核心獲利較上年同期下降8%，原因是預期信用損失(ECL) 費用降低，以及我們美國壽業務的理賠體驗改善，但投資利差下降、今年稍早結束的全球大西洋再保險交易收益下降，足以抵消此影響。

Let's now move to our balance sheet on slide 18. In the third quarter, our LICAT ratio remained strong at 137%, which was $23 billion above the Supervisory Target Ratio. Our financial leverage ratio reduced further and continues to provide ample financial flexibility at 23.5% or 23%, including the impact of the announced redemption of subordinated debentures. This puts us comfortably below our target ratio of 25%. During the third quarter, we accelerated the pace of our share buybacks, and together with dividends, we returned close to $1.7 billion of capital to shareholders. Our accelerated share buyback pace is reflective of our intention to fully execute our current NCIB program of 90 million shares as we announced last quarter. And as Roy mentioned, as at October 31, there remained approximately 32 million shares capacity until the expiry of the program in February 2025.

現在讓我們來看看投影片 18 上的資產負債表。第三季度，我們的 LICAT 比率保持在 137% 的強勁水平，比監管目標比率高出 230 億美元。我們的財務槓桿率進一步降低，繼續提供充足的財務彈性，達到23.5%或23%，其中包括宣布贖回次級債券的影響。這使我們遠低於 25% 的目標比率。第三季度，我們加快了股票回購的步伐，加上股息，我們向股東返還了近17億美元的資本。我們加快股票回購步伐反映了我們全面執行上季宣布的 9,000 萬股 NCIB 計畫的意圖。正如羅伊所提到的，截至 10 月 31 日，在該計劃於 2025 年 2 月到期之前，仍有約 3,200 萬股的產能。

And finally, moving to slide 19, which summarizes how we're tracking against our 2027 and medium-term targets. As you can see from our year-to-date results, we are showing momentum towards our new core ROE target with an attractive 16.3% reflecting strong business performance and disciplined capital allocation. The discrete quarter's ROE was 16.6%.

最後，轉到投影片 19，其中總結了我們如何追蹤 2027 年和中期目標。從我們今年迄今的業績中可以看出，我們正在朝著新的核心 ROE 目標邁進，達到 16.3% 的吸引力，反映出強勁的業務業績和嚴格的資本配置。獨立季度的 ROE 為 16.6%。

And we are continuing to deliver on our remaining medium-term targets, which includes expense efficiency, where our disciplined expense management, together with core earnings growth has brought our year-to-date ratio down to 45%, in line with our target.

我們將繼續實現剩餘的中期目標，其中包括費用效率，我們嚴格的費用管理以及核心盈利增長使我們的年初至今比率降至 45%，與我們的目標一致。

This concludes our prepared remarks. (Event Instructions) Operator, we will now open the call to questions.

我們準備好的演講到此結束。（活動說明）接線員，我們現在開始提問。

(Operator instructions) Meny Grauman, Scotiabank.

（操作員指示）Meny Grauman，豐業銀行。

Hi, good morning. A question on ALDA, whether this is an inflection point for your PE portfolio. Obviously, you mentioned the moderating impact from commercial real estate, but you didn't talk about PE, so just wondering what the outlook is there based on what you saw in Q3.

嗨，早安。關於 ALDA 的問題，這是否是你的 PE 投資組合的轉捩點。顯然，您提到了商業房地產的緩和影響，但您沒有談論 PE，所以只是想知道根據您在第三季度看到的情況，前景如何。

Hi, Meny. Thanks for the question. It’s Trevor. So obviously, very happy to see the strong ALDA performance in the quarter. Still a little bit below target but as you know, that I think substantially better than we've seen recently and actually the best over the last nine quarters. The main driver of the loss, as Colin mentioned, was real estate. The experience was actually similar to Q2 and just really reflected a flat performance for the asset class.

嗨，梅尼。謝謝你的提問。這是特雷弗。顯然，我們很高興看到 ALDA 在本季的強勁表現。仍略低於目標，但如您所知，我認為這比我們最近看到的要好得多，實際上是過去九個季度中最好的。正如科林所說，造成損失的主要因素是房地產。這次經驗其實與第二季相似，只是真正反映了該資產類別的平淡表現。

In terms of the remaining classes which I think was your question, it was really a mix of gains and losses. Infrastructure was substantially better than it had been in Q2, and private equity as well was also materially better than in the second quarter. In terms of the outlook, it's obviously difficult to say, we do expect, I think, a continued improvement in, I think, the overall portfolio and private equity as well. We do still think that we will get back to our long-term assumptions around the middle of 2025. And so I remain confident in the long-term performance of the strategy and the portfolio.

至於剩下的課程，我認為這是你的問題，這確實是一個得與失的混合體。基礎建設明顯優於第二季度，私募股權也明顯優於第二季度。就前景而言，顯然很難說，我認為我們確實預期整體投資組合和私募股權也會持續改善。我們仍然認為我們將在 2025 年中期左右恢復到我們的長期假設。因此，我對該策略和投資組合的長期表現仍然充滿信心。

Thanks. And then maybe, just another question, maybe for Roy. We saw the stock react quite favourably to the US election yesterday. Just wondering from your perspective how you see the impact of -- from the US election across your business. Sometimes we get questions about, people trying to think through the impact for your Asia business specifically, but more broadly, if you have any thoughts on that.

謝謝。然後也許，只是另一個問題，也許是問羅伊的。昨天我們看到該股對美國大選的反應相當有利。只是想知道從您的角度來看，您如何看待美國大選對您業務的影響。有時我們會收到這樣的問題，人們試圖具體思考對您的亞洲業務的影響，但更廣泛地說，如果您對此有任何想法。

Yeah. Morning, Meny. Look, at a very macro level, I would say that we don't really see that the US election would be a major factor on our performance or our business and as really a large function of the fact that we are very diversified business across three broad geographies, which has really helped us weather a whole lot of different weathers and storms.

是的。早上好，梅尼。看，從宏觀層面來看，我想說，我們並沒有真正看到美國大選將成為我們業績或業務的主要因素，而且實際上是我們在三個領域的業務非常多元化這一事實的一個重要因素。

If you look at yesterday's market reaction, obviously, the US dollar reacted very positively and we saw equities rally. They are positives. But we wouldn't be banking those as big wins that we should be celebrating.

如果你看看昨天的市場反應，顯然，美元反應非常積極，我們看到股市上漲。它們是積極的。但我們不會將這些視為我們應該慶祝的重大勝利。

We think that we're going to see a little bit of volatility off the back of the announcement but that will normalize. And really, the underlying performance of the business that you see come through in our Q3 results, we expect to show the resilience of our business for not only the rest of the year but for the following year.

我們認為，公告發布後我們將會看到一些波動，但這將會正常化。事實上，您在我們第三季的業績中看到了業務的基本表現，我們希望不僅在今年剩餘時間而且在下一年展現出我們業務的彈性。

Tom Gallagher, Evercore ISI.

湯姆·加拉格爾，Evercore ISI。

Morning. I had a few questions on the actuarial review. Given the SGUL charge, would you expect a related US statutory impact and would you expect this to impact your remittance plans for 2025?

早晨。我對精算審查有幾個問題。鑑於 SGUL 收費，您是否預計會產生相關的美國法定影響？

And I guess the same question in reverse for Asia, does the positive release of any cash flow impact when you think about Asian cash flows?

我想同樣的問題也適用於亞洲，當您考慮亞洲現金流時，現金流的積極釋放是否會產生影響？

Sure, Tom. Thanks. It's Steve here. So, with respect to the review, the impact in the US, we do not expect any negative impact -- immediate impact on remittances. There's no impact on the RBC ratio. It remains very strong and does not impact our remittance for 2025.

當然，湯姆。謝謝。史蒂夫在這裡。因此，就審查對美國的影響而言，我們預計不會產生任何負面影響——即對匯款的直接影響。對紅血球比率沒有影響。它仍然非常強勁，不會影響我們 2025 年的匯款。

I'd say, overall, the results of the review don't have an impact in terms of our commitment to the new target remittances that we set out at Investor Day. So yeah, no significant impact there at all.

我想說，總體而言，審查結果不會對我們對投資者日制定的新目標匯款的承諾產生影響。所以是的，根本沒有重大影響。

Great. And then, I guess, my follow-up is does taking this sizable reserve addition on SGUL make it more affordable when you think about considering potential risk transfers? Is that a risk in a block that you are considering?

偉大的。然後，我想，我的後續行動是，當您考慮潛在的風險轉移時，在 SGUL 上增加大量準備金是否會使其更實惠？這是您正在考慮的區塊中的風險嗎？

Hey. Good morning, Tom. It's Marc Costantini here. Thanks for the question. I guess, I'll start by saying that if you look at our track record of execution on our legacy businesses and optimizing, I think you will see a very strong track record of execution there in delivering value to our shareholders. And I think, last time we took a look at it, it was over $11 billion over the last number of years. And most notably, obviously, the last couple of transactions over the last 12 months, which were very favourable in solidifying our balance sheet.

嘿。早上好，湯姆。我是馬克·科斯坦蒂尼。謝謝你的提問。我想，我首先要說的是，如果您查看我們對遺留業務和優化的執行記錄，我認為您會看到在為股東創造價值方面的非常強大的執行記錄。我認為，上次我們查看它時，過去幾年的價值超過 110 億美元。最值得注意的是，過去 12 個月的最後幾筆交易對於鞏固我們的資產負債表非常有利。

So having said that, we'll never talk about ongoing transactions until they take place but we will look to continue to manage and actively manage the legacy portfolio as we move forward. Obviously, we have a focus on some of these US liabilities you mentioned, including LTC as well, so more to come as we work through all those files. But I would say the basis change itself does not necessarily impact because any buy or counterpart would factor in some of the current experience. So, what Steve alluded to earlier does not necessarily impact how we would approach transacting on a block like this. So thanks.

因此，話雖如此，在正在進行的交易發生之前，我們永遠不會談論它們，但我們將在前進的過程中繼續管理並積極管理遺留投資組合。顯然，我們專注於您提到的一些美國負債，包括 LTC，因此在我們處理所有這些文件時還會有更多負債。但我想說，基差變化本身不一定會產生影響，因為任何購買或對應都會考慮到當前的一些經驗。因此，史蒂夫之前提到的內容並不一定會影響我們如何在這樣的區塊上進行交易。所以謝謝。

Gabriel Dechaine, National Bank Financial.

加布里埃爾‧德鏈 (Gabriel Dechaine)，國家銀行金融部門。

Hi. Good morning. Similar line of questioning, I guess, but more on the Asia business. I saw there were some negative experiences there, insurance experience. I assume that's lapse related. And when I read the actuarial review details, it says you did strengthen reserves for lapse in the US and in Asia, but not like the Vietnam stuff, that's been a problem in the past. A, is that kind of dealt with now? And B, do you think that the actions you took this quarter will simmer down those lapse trends in the P&L?

你好。早安.我想，類似的提問方式，但更多的是關於亞洲業務。我看到那裡有一些負面的經歷，保險經歷。我認為這與失誤有關。當我閱讀精算審查細節時，它說你們確實加強了美國和亞洲的失效準備金，但不像越南那樣，這在過去一直是一個問題。A、現在處理了嗎？B，您認為本季採取的行動會緩和損益表中的那些失效趨勢嗎？

Thanks, Gabriel. This is Phil. Maybe I'll make a start on that Asia question and hand over to Steve to supplement. What you see in the drivers of earnings analysis in terms of experience, an 18 US dollar charge, I would say that's within the range of normal variability quarter to quarter in policyholder experience. When you look at it on a year-to-date basis, it's a negative $6 million. So, there are positives, there are negatives, and it will move around from quarter to quarter. There were a couple of larger claims this quarter relating to some of the high-net-worth business across our high-net-worth markets. But nothing beyond that that I would particularly highlight.

謝謝，加布里埃爾。這是菲爾.也許我會先討論亞洲問題，然後交給史蒂夫補充。你在盈利分析的驅動因素中看到的經驗方面，18 美元的費用，我想說，這在投保人經驗每季度的正常波動範圍內。從年初至今來看，這是負 600 萬美元。因此，有積極的一面，也有消極的一面，而且它會隨著季度的變化而變化。本季度出現了幾起較大的索賠，涉及我們高淨值市場中的一些高淨值業務。但除此之外我沒有什麼要特別強調的。

You referenced Vietnam. I think it's important to note that some of the headwinds that we had seen from an experience perspective in Vietnam flowing through the CSM in prior quarters, that's now normalized substantially less and you can see an approximately neutral experience in the CSM for Asia.

你提到了越南。我認為值得注意的是，我們在前幾個季度從越南的經驗角度看到了 CSM 中存在的一些不利因素，現在已經正常化了很多，您可以在亞洲的 CSM 中看到大致中性的經驗。

Steve, is there anything you'd like to supplement?

史蒂夫，你還有什麼要補充的嗎？

Yeah. I would just add a little bit, Phil, that, particularly the point on Vietnam, if you look at prior year, that was driving the negative experience. And as we said, we expected normalization there, and that's what we've seen in the quarter, which Phil highlighted.

是的。菲爾，我想補充一點，特別是關於越南的問題，如果你看看前一年，你會發現這是造成負面體驗的原因。正如我們所說，我們預計那裡會實現正常化，這就是我們在本季看到的情況，菲爾強調了這一點。

Okay. Thanks. And my next question also -- connecting dots here, but just so I understand that the reinsurance assumption, you're assuming higher costs for old age mortality reinsurance in the future, and that's where there was a reserve strengthening? That's the gist of it?

好的。謝謝。我的下一個問題也是——在這裡連接點，但只是為了讓我理解再保險假設，你假設未來老年死亡率再保險的成本更高，而這就是準備金加強的地方？這就是它的要點嗎？

Yeah. Thanks, Gabe. And maybe I'll start with reminding people that the point at Colin said. And so overall, the assumption review was a release of reserves of about $174 million. Moving on to the item that you're asking about specifically, yeah, so as part of our review, the reinsurance and risk adjustment review, we recalibrated our risk adjustment in North America to a similar approach to what we did in Asia the prior year. And we also updated our reinsurance reserves. It was a regular review that we did and really updated to reflect -- true up our current views on current market conditions. And it was -- as you know, it's on older mortality reinsurance.

是的。謝謝，加布。也許我會先提醒人們科林所說的觀點。總體而言，假設審查釋放了約 1.74 億美元的儲備金。轉到您具體詢問的項目，是的，作為我們審查（再保險和風險調整審查）的一部分，我們重新調整了北美的風險調整，採用與前一年我們在亞洲所做的類似方法。我們也更新了再保險準備金。這是我們進行的定期審查，並進行了真正的更新，以反映我們對當前市場狀況的當前看法。如您所知，這是老年死亡再保險。

I guess, my point on this is not to belabour the details of the actuarial review. There's a lot of moving pieces but if reinsurers are charging more for old age mortality risk, does that maybe suggest that there is more demand for products that benefit from higher mortality in legacy business like long-term care? Does that make any sense at all that because that trend’s happening, it might actually enhance the appeal of your long-term care legacy block and make them easier to transact?

我想，我的觀點並不是要過度闡述精算審查的細節。有許多變化，但如果再保險公司對老年死亡風險收取更高的費用，這是否表明對受益於長期照護等傳統業務更高死亡率的產品有更多需求？這有什麼意義嗎？

I'll start, and I'll hand it over to Marc and that just sort of re-emphasize what you said is we have seen -- and you saw through the pandemic that we had fantastic offsets between mortality and longevity. So, when mortality is really low, we see gains in life, we see losses in LTC and vice versa, but Marc, you can add.

我將開始，我將把它交給馬克，再次強調你所說的是我們所看到的——你透過疫情看到我們在死亡率和壽命之間取得了驚人的平衡。因此，當死亡率非常低時，我們會看到生命的增長，我們會看到長期照護的損失，反之亦然，但馬克，你可以補充一下。

Steve, you alluded to the strong point I was going to make is that we have a natural balance in our portfolio. And as we look to transact on any type of business, the counterparties obviously factor that in as well. And it's -- we try to aim and have achieved win-win outcomes for both ourselves and the counterparties, which is the strength of the execution of this team and our counterparts.

史蒂夫，你提到了我要強調的重點，那就是我們的投資組合有自然的平衡。當我們希望進行任何類型的業務交易時，交易對手顯然也會考慮到這一點。我們努力爭取自己和對手方的雙贏，這就是我們團隊和對手方的執行力。

Alex Scott, Barclays Capital.

亞歷克斯·斯科特，巴克萊資本。

Hi. Good morning. First of all, I'll ask on the sales in Hong Kong. I was just hoping you could unpack some of the success you're having in both the domestic market and elsewhere. Thank you.

你好。早安.首先我想問一下香港的銷售狀況。我只是希望您能夠展示您在國內市場和其他地方取得的一些成功。謝謝。

Great. Thank you, Alex. Good morning. This is Phil. It has been a fantastic quarter in many respects across Asia, including sales, as you highlighted. And Hong Kong has been an important part of that, as have other markets, and I'll comment on that in a moment.

偉大的。謝謝你，亞歷克斯。早安.這是菲爾.正如您所強調的那樣，整個亞洲在許多方面（包括銷售）都是一個出色的季度。與其他市場一樣，香港一直是其中的重要組成部分，我稍後會對此發表評論。

But in Hong Kong, we're seeing an 83% increase in new business value. That is a record level of NBV in Hong Kong. And we're seeing strong growth, as Colin said in his remarks, across all of our distribution channels, agency, bank, and broker, but notably as well, strong demand from both the domestic customer segment in Hong Kong, which is our core business in Hong Kong, the majority of our business, as well as the Mainland Chinese visitors customer segment, which is growing and reflecting the investments that we have made in MCV -- the MCV segment in order to, deliberate actions in order to increase our market share there. Although, it does remain the -- it's not the majority of our business, the domestic segment is.

但在香港，我們看到新業務價值成長了 83%。這是香港新業務價值的創紀錄水平。正如科林在演講中所說，我們所有的分銷管道、代理商、銀行和經紀商都看到了強勁的增長，但值得注意的是，香港國內客戶群的強勁需求，這是我們的核心香港業務是我們的大部分業務，以及中國大陸遊客客戶群，該客戶群正在不斷增長，這反映了我們對MCV 的投資——MCV 細分市場旨在採取刻意行動，以增加我們的業務那裡的市場份額。儘管如此，它仍然不是我們業務的大部分，國內業務才是。

Now what's driving the demand in Hong Kong is a combination of things. One is we are seeing favourable macro conditions and that is, in particular, driving customer interest and demand in saving solutions. And that's coincided with the fact that in the quarter across Asia and in Hong Kong, we have taken certain management actions that include -- earlier this year, we launched a new competitive participating savings product, so the timing of that has worked well with the favourable macro conditions. We've also held a brand campaign across the region. And in Hong Kong, it's been -- the third quarter is when we hold our annual sales campaign within our agency channel.

現在推動香港需求的因素是多方面的。一是我們看到了有利的宏觀條件，特別是推動了客戶對節能解決方案的興趣和需求。同時，在本季度，我們在亞洲和香港採取了某些管理行動，其中包括——今年早些時候，我們推出了一款新的有競爭力的分紅儲蓄產品，因此這一時機與有利的宏觀條件。我們還在整個地區舉辦了一場品牌活動。在香港，第三季是我們在代理通路內舉辦年度銷售活動的時候。

So a lot of good things have happened at the same time. Now of course, there can be variability quarter to quarter in sales levels. but I think the direction of travel is clear that we are growing and fulfilling a greater share of customer needs. And I think that's consistent with the thesis that we had articulated at our Investor Day in June.

所以很多好事同時發生了。當然，現在銷售水平可能會出現季度與季度的變化。但我認為前進的方向很明確，我們正在成長並滿足更多的客戶需求。我認為這與我們在六月投資者日闡述的論點是一致的。

And just to emphasize, we're not only seeing growth in Hong Kong. We've seen similar levels of growth in NBV across Japan, Singapore, strong growth in the Philippines, Indonesia, and other markets across Asia, including Mainland China.

需要強調的是，我們不僅看到香港的成長。我們看到日本、新加坡的新業務價值成長水準相似，菲律賓、印尼以及包括中國大陸在內的亞洲其他市場成長強勁。

That's really helpful. And the follow-up, I wanted to come back to the conversation around the actuarial impacts, and I know it's overall net favourable. I guess, on the CSM margin, specifically, was a bit unfavourable overall, and I think it was noted in the presentation that it was a net neutral impact on earnings. I would think the US segment probably has a headwind, and I just wanted to see if you could help us out with how to think through the impact on go-forward earnings in US and sort of where there's offset in Asia, if there's a little in Canada, and just how to think about the mix and how it's changing here?

這真的很有幫助。接下來，我想回到關於精算影響的對話，我知道整體淨值是有利的。我想，具體而言，CSM 利潤率總體上有點不利，而且我認為簡報中指出，這對收益產生淨中性影響。我認為美國市場可能面臨逆風，我只是想看看您是否可以幫助我們思考對美國未來收益的影響以及亞洲的抵消情況（如果有一點）在加拿大，如何思考這種組合以及它在這裡如何變化？

Sure, Alex. It's Steve. Yeah, so the way the basis change works under IFRS 17 is we calculate the change in reserves, and then, we have to record it in different places in our financial statements. And as you note, there was a reduction in the CSM, a reduction in the US, and that was partially offset by an increase in Asia.

當然，亞歷克斯。是史蒂夫。是的，所以 IFRS 17 下的基礎變化的工作方式是我們計算準備金的變化，然後，我們必須將其記錄在財務報表的不同位置。正如您所指出的，CSM 有所減少，美國的減少，部分被亞洲的增加所抵消。

So you're right in terms of -- we expect a neutral impact overall in run-rate core earnings. And you're absolutely right, we'll see a reduction in the US, offset by an increase in Asia. So overall, roughly neutral.

所以你的說法是對的——我們預期核心收益的整體影響是中性的。你是完全正確的，我們會看到美國的減少，被亞洲的增加所抵消。整體而言，大致中性。

Got it. But any way to think about like how much US comes down, I guess, is the crux of what I was wondering.

知道了。但我想，無論以何種方式思考美國的下跌程度，都是我想知道的問題的關鍵。

Yeah, broadly speaking, think of CAD15 million a quarter, roughly, post-tax.

是的，從廣義上講，稅後大約是每季 1500 萬加元。

Paul Holden, CIBC Capital Markets.

Paul Holden，CIBC 資本市場。

Thanks. Good morning. Another question related to the ACMA update. I guess on the lapse assumption change, you highlighted that you changed sort of, let's call it, near- to medium-term assumptions only and left the terminal lapse assumption unchanged.

謝謝。早安.另一個問題與 ACMA 更新有關。我想關於失效假設的變化，你強調你改變了某種程度，我們稱之為，僅近中期假設，而最終失效假設保持不變。

So I guess first part of the question, like why not change the terminal assumptions? Maybe you can explain that. And then two, if you had changed the terminal assumption by a similar magnitude to the change in near- to medium-term lapse, how big would that impact be relative to the $620 million charge you took? Thank you.

所以我想問題的第一部分，例如為什麼不改變終端假設？也許你可以解釋一下。第二，如果您將終端假設的改變幅度與近中期失效的變化幅度相似，相對於您收取的 6.2 億美元費用，這種影響會有多大？謝謝。

Yeah. Thanks, Paul. And just a bit of context, so our US lapse rates, and all of our assumptions get trued up regularly. We were fully up to date heading into COVID. And then, we -- you'll recall, we saw disconnects in lapse rates as we got into COVID across multiple product lines. In most of those product lines, including Canada UL, seg funds, lapse rates have reverted back to pre-pandemic levels. But in the US, we've seen some trend back but not in all products. So, part of this review was prudently, we reflected the experience that we're seeing post-COVID, including those trends. And we looked closely at -- we've got additional data in the ultimate. And the simple answer is the data confirm that we're comfortable. We do not need to change the ultimate lapse rates. We had already strengthened those materially in prior reviews.

是的。謝謝，保羅。只需一點背景信息，我們的美國失敗率以及我們所有的假設就會定期得到驗證。我們完全了解了新冠疫情的最新情況。然後，你會記得，當我們跨多個產品線進入新冠疫情時，我們看到了失效率的脫節。在大多數產品線中，包括加拿大 UL、seg 基金，失效率已恢復到疫情前的水平。但在美國，我們看到了一些趨勢的回歸，但並非所有產品都有這種趨勢。因此，本次審查的一部分是謹慎的，我們反映了新冠疫情後我們所看到的經驗，包括這些趨勢。我們仔細觀察了——最終我們得到了額外的數據。簡單的答案是數據證實我們感到舒適。我們不需要改變最終的失敗率。我們已經在先前的審查中實質地加強了這些內容。

Your question about a little bit theoretical in terms, I don't have that handy in terms of what an assumption change would have done. In our annual disclosures, there are sensitivities provided on lapse rates. But I would tell you the data confirmed we don't need to change those assumptions.

你的問題有點理論性，我沒有那麼方便地了解假設改變會做什麼。在我們的年度揭露中，提供了對失效率的敏感度。但我會告訴你，數據證實我們不需要改變這些假設。

Okay. I'm assuming based on the duration of the product though, there are probably a little bit more sensitivity to the terminal lapse assumption. Is that fair?

好的。不過，我假設根據產品的持續時間，對最終失效假設可能更加敏感。這樣公平嗎？

There is but a little bit. But remember, we -- about half the changes on guaranteed UL. We stopped writing that business well over 10 years ago. So we're into that -- getting into that ultimate period.

但也只有一點點。但請記住，我們對保證 UL 進行了大約一半的更改。十多年前我們就不再寫這件事了。所以我們正在進入那個最終階段。

Okay. Got it. Thank you. That's helpful.

好的。知道了。謝謝。這很有幫助。

And then for Phil, I want to circle back to you to Hong Kong sales. A little bit of a challenge here, just given how strong it was in the quarter, like I looked historically going back a long way and this quarter really stands out. So, I guess the question is how sustainable or not, sort of, is this as a run rate number? I don't expect you to quantify it for me. But maybe any kind of guidance on what we should expect going forward relative to the really strong Q3 result in Hong Kong?

然後菲爾，我想向您介紹香港的銷售情況。考慮到本季的表現有多強勁，這裡有點挑戰，就像我從歷史上看很長一段時間以來，這個季度確實很突出。所以，我想問題是，這是否是一個運行率數字，可持續程度如何？我不指望你為我量化它。但是，相對於香港真正強勁的第三季業績，我們是否應該對未來的預期有任何指導？

Thanks, Paul. This is Phil. You're right. It's been a really strong quarter, and a lot of things have gone well, as I referenced earlier. The timing of the management actions we had taken with, I suppose, a favourable macro conditions. And specifically, there, I'm thinking about the fact that interest rates, short-term interest rates turned over the course of the last few months and that has prompted customers to think more long term rather than short term in terms of our strategy.

謝謝，保羅。這是菲爾.你說得對。正如我之前提到的，這是一個非常強勁的季度，很多事情都進展順利。我認為，我們採取的管理行動的時機是在有利的宏觀條件下進行的。具體來說，我正在考慮利率、短期利率在過去幾個月中發生變化的事實，這促使客戶在我們的策略方面考慮更多的長期而不是短期。

So while we are in that interest rates downward cycle, I think that is a tailwind in terms of consumer sentiment. I think it's really important to note that while there can be variability in sales from quarter to quarter, what's very clear from our results is that we're generating value and the CSM accretion that we're seeing and when you look at the CSM balance year on year, it's up 10%. That supports stable earnings growth in the quarters and years to come. And that really is our focus.

因此，雖然我們正處於利率下行週期，但我認為這對消費者信心而言是有利的。我認為值得注意的是，雖然每個季度的銷售額可能存在差異，但從我們的結果中可以清楚地看出，我們正在創造價值，當您查看 CSM 餘額時，我們看到了 CSM 的增加同比增長10%。這支持未來幾個季度和幾年的穩定盈利增長。這確實是我們的重點。

In terms of sustainability, I do expect stable growth in new business from our exclusive channels, agency, and bank. For our third-party channels and notably, broker, that can vary from quarter to quarter, and we'll call that out as and when it happens.

在永續性方面，我確實預計我們的獨家管道、代理商和銀行的新業務將穩定成長。對於我們的第三方管道，尤其是經紀商，這可能會因季度而異，我們會在發生這種情況時指出。

Paul, I just wanted to add a couple of comments to Phil's, which I think were excellent summaries. The quarter was really solid for sales in Asia -- quite frankly, across the entire business. But our year-to-date results are also really very strong. And that's what gives me a lot of confidence the momentum that we've got across our franchise. And I think that's particularly exciting for me about our Asia momentum is that it's not any one particular market in isolation or any one particular channel. So we're seeing, as I think Phil noted, good broad-based growth across our channels, whether that's banker, agency, broker, and affiliated. But we're also seeing our markets across Asia also performing really well. So that momentum, I think, bodes well.

保羅，我只是想在菲爾的評論中添加一些評論，我認為這是很好的總結。坦白說，整個業務在亞洲的銷售確實表現強勁。但我們今年迄今的業績也非常強勁。這讓我對我們整個系列的發展勢頭充滿信心。我認為對我來說特別令人興奮的是我們的亞洲勢頭是它不是任何一個孤立的特定市場或任何一個特定的管道。因此，正如我認為菲爾所指出的那樣，我們看到我們的各個管道都取得了良好的廣泛增長，無論是銀行家、代理商、經紀人還是附屬機構。但我們也看到亞洲市場的表現也非常好。因此，我認為這種勢頭是個好兆頭。

But again, I'd caution folks to not expect in our 30% to 40% growth in sales across all of those metrics on an ongoing basis. We've got a good baseline here. We think that momentum is our friend, but obviously, we wouldn't expect 30% growth every quarter.

但我再次提醒大家，不要期望所有這些指標的銷售額都能持續成長 30% 到 40%。我們在這裡有一個很好的基線。我們認為勢頭是我們的朋友，但顯然，我們不會期望每季成長 30%。

Got it. I agree, the diversification is a positive, Phil. Thank you.

知道了。我同意，多元化是積極的，菲爾。謝謝。

Mario Mendonca, TD Securities.

馬裡奧門東卡，道明證券。

Good morning. Roy, can I take you back a few years. It was November 2007, so 17 years ago almost to the day, that Manulife was a $43 stock. So, it's back there today, and when I look at how you got there is a great combination of growth and wealth in Asia, but also the company has been shrinking for some time now as you reinsure books and buy back stock.

早安.羅伊，我可以帶你回到幾年前嗎？那是 2007 年 11 月，也就是 17 年前的今天，宏利的股票價值為 43 美元。所以，今天又回到了那裡，當我看看你是如何實現亞洲成長和財富的完美結合時，但隨著你對帳簿進行再保險和回購股票，公司已經萎縮了一段時間。

So when you meet your Board and you speak to your executive team, how do you think about the next five years or so? Is it more of the same, like focused on what you're good at wealth, Asia, buy back stock when you can? Or is the company going to become a little more ambitious in its growth outlook? How would you describe that?

因此，當您與董事會會面並與執行團隊交談時，您如何看待未來五年左右的時間？是不是更像是專注於你擅長的財富、亞洲、盡可能回購股票？或者公司的成長前景會變得更有野心？你會如何描述這一點？

Yeah. Good morning, Mario. Thanks for the question.

是的。早安，馬裡奧。謝謝你的提問。

I think you're absolutely right. When we looked at our performance over a number of years and certainly looking back to where we were pre-global financial crisis, we really had to appreciate that for us to succeed in the long run, we needed sustainable growth but also quality growth.

我認為你是完全正確的。當我們審視我們多年來的業績，當然也回顧一下全球金融危機前的情況時，我們確實必須認識到，為了長期取得成功，我們需要可持續增長，但也需要高品質成長。

So in 2018, when we established our transformation agenda, we said that we clearly want to improve our returns, reduce our risk and volatility, and then also focus much more on customer and digital. And the progress that we've made is something that we're very proud of, but we think that we've really transformed the company in terms of fixing some of the things that were less strong. But at the same time, we feel like we've built a platform for sustainable future growth.

因此，在 2018 年，當我們制定轉型議程時，我們明確表示希望提高回報，降低風險和波動性，然後更加關注客戶和數位化。我們所取得的進步是我們非常自豪的，但我們認為，我們在解決一些不太強大的問題方面確實改變了公司。但同時，我們覺得我們已經為未來的永續成長建立了一個平台。

And whilst Asia and GWAM are tremendous platforms -- and I think quite frankly, if you stack up our businesses, both Asia and GWAM across many of our competitors, we would be quite enviable. But it's not just Asia and GWAM that really drives our success. I think we've got a really solid business in the US that provides great remittances, great returns on our new businesses we highlighted at our Investor Day, and our Canada business, where we are a strong leader across individual insurance as well as group benefits really positions us well.

雖然亞洲和 GWAM 是巨大的平台，但坦白說，如果你將我們的業務（亞洲和 GWAM）與我們的許多競爭對手疊加起來，我們會非常令人羨慕。但真正推動我們成功的不僅僅是亞洲和 GWAM。我認為我們在美國擁有非常穩固的業務，可以提供大量匯款，我們在投資者日強調的新業務以及加拿大業務都帶來了豐厚的回報，在加拿大業務中，我們是個人保險和團體福利方面的強大領導者我們確實處於有利位置。

So to get to the crux of your question, in terms of ambition, at our Investor Day, we declared quite an ambitious agenda for where we want to go. And our 10% to 12% earnings per share growth target is what we reaffirmed. We believe we got the footprint to continue to deliver that. Our 18% plus ROE, we think, is quite ambitious but very achievable.

因此，為了解決你問題的關鍵，就雄心壯志而言，在我們的投資者日，我們宣布了一個關於我們想去的地方的雄心勃勃的議程。我們重申了10%至12%的每股盈餘成長目標。我們相信我們有能力繼續實現這一目標。我們認為，我們 18% 以上的 ROE 是相當雄心勃勃的，但也是可以實現的。

So, I think with a lot of the hard yards to basically fix our platform and transform our business, we think that we've largely completed that chapter. And now the next chapter is all about building on that platform and accelerating our growth momentum, so that it can be sustainable and continuous.

因此，我認為透過大量的努力來基本上修復我們的平台並轉變我們的業務，我們認為我們基本上已經完成了這一章。現在，下一章的重點是在該平台上進行建造並加速我們的成長勢頭，使其能夠可持續和持續。

So that's helpful. Let me push this a little further. What I'm getting at is, does this company -- like are you content with everything you've got now and there's no need to add the capabilities and distribution through consolidation, through acquisitions, through M&A? You just don't see a need for that because the business got so much runway anyway. Is that right?

所以這很有幫助。讓我進一步推動這一點。我的意思是，這家公司是否對現在擁有的一切感到滿意，並且不需要透過整合、收購、併購來增加功能和分銷？你只是覺得沒有必要這樣做，因為無論如何，這項業務有太多的發展空間。是這樣嗎？

What I would say is that we are very pleased with our platform. We don't think that we’re lacking any key components that are going to allow us to deliver on the ambition that we have -- certainly, the ambition that we established at our Investor Day.

我想說的是，我們對我們的平台非常滿意。我們認為我們不缺乏任何關鍵要素來幫助我們實現我們的雄心壯志——當然，我們在投資者日確立的雄心壯志。

However, and I think this is the crux of where you're getting to in your question, we're in a very, very strong capital position. We've got $10 billion of capital in excess of our upper operating range. our leverage ratio now is that an all-time -- well, almost an all-time low, certainly, for many, many years at 23%+.

然而，我認為這是你問題的關鍵所在，我們的資本狀況非常非常強勁。我們有 100 億美元的資本，超出了我們的營運上限。我們現在的槓桿率是歷史最低點——嗯，幾乎是多年來的最低點，23%以上。

So, we have at our disposal the opportunity to look at M&A. And clearly, we will transact if we see opportunities that allow us to continue to expand our capabilities, but at the same time, give us further scale. But we're going to be very disciplined there, Mario. You've seen as much as I have, a whole lot of not-so-great M&A in our industry, and we certainly don't want to do that.

因此，我們有機會考慮併購。顯然，如果我們看到機會讓我們繼續擴大我們的能力，但同時又進一步擴大規模，我們就會進行交易。但我們會非常遵守紀律，馬裡奧。你和我一樣看到了我們行業中大量不太好的併購，我們當然不想這樣做。

So yes, we are well capitalized, we believe that we can execute on M&A. We think that there are some key areas that would certainly be complementary to our business, but we're certainly not desperate, and we're going to be very disciplined.

所以，是的，我們資本充足，我們相信我們可以執行併購。我們認為，有些關鍵領域肯定會與我們的業務互補，但我們當然不會絕望，而且我們會非常自律。

Lemar Persaud, Cormark Securities Inc.

Lemar Persaud，Cormark 證券公司

Well, hopefully, two relatively quick modeling questions for me. Just there's a sharp drop in the impact of new business on the consolidated DOE. It looks like this is related to a lower charge from Asia. Is this really because of the change in sales mix in the quarter? I guess lower sales of onerous contract products. Is this something we can expect going forward?

好吧，希望對我來說有兩個相對快速的建模問題。只是新業務對合併後的能源部的影響急劇下降。看來這與亞洲的收費較低有關。這真的是因為本季銷售組合的變化嗎？我猜想繁瑣的合約產品的銷售會下降。這是我們未來可以期待的事嗎？

Lemar, this is Phil. Thanks for the question. Given that it's driven by Asia, let me take that and ask Steve whether he would like to supplement.

勒馬爾，這是菲爾。謝謝你的提問。鑑於它是由亞洲推動的，讓我以此詢問史蒂夫是否願意補充。

So, you have seen a lowering of the impact of new business in the drivers of earnings analysis. And a reminder that this reflects a couple of things. It reflects what we call onerous losses as well as any acquisition expense variance. And so in the third quarter, that's fallen to $7 million, and it's been at a run rate of around $20 million negative in prior quarters. And a couple of things happening there, one is that as part of the basis change, the expense loadings were updated and that's had a favourable impact on this line, as well as it's been a particularly strong new business quarter. And when we have strong volumes, that reduces the expense per unit and has a favourable impact on this line item.

因此，您已經看到新業務對獲利分析驅動因素的影響有所下降。並提醒您，這反映了一些事情。它反映了我們所說的巨額損失以及任何購置費用差異。因此，在第三季度，這一數字下降至 700 萬美元，而前幾季度的運行率一直為負值 2000 萬美元左右。那裡發生了一些事情，其中​​之一是，作為基礎變化的一部分，費用負擔進行了更新，這對該產品線產生了有利的影響，並且這是一個特別強勁的新業務季度。當我們擁有強勁的銷售量時，就會降低單位費用，並對這一行項目產生有利的影響。

At $7 million, this is USD7 million, I think that's at the low end of the range of what you would typically expect. And it will vary from quarter to quarter, but Steve, is there anything that you'd like to supplement there?

以 700 萬美元計算，這就是 700 萬美元，我認為這處於您通常期望的範圍的低端。每個季度都會有所不同，但是史蒂夫，您有什麼想要補充的嗎？

I'd just add that this has been an area of focus since we started reporting under IFRS 17. It's an opportunity we directly see improvement in margins coming through this line. So, it has been an area of focus.

我想補充一點，自從我們開始根據 IFRS 17 進行報告以來，這一直是我們關注的領域。這是我們直接看到這條線利潤率改善的機會。因此，它一直是一個重點領域。

Okay. That's helpful. And then just my next question here, I'm looking at the negative impact of the reinsurance transactions, so RGA and Global. Looks like those are lower again this quarter. Can you guys talk about what's driving that? and should we think of the negative impact of that being less than originally anticipated?

好的。這很有幫助。接下來是我的下一個問題，我正在研究再保險交易（RGA 和 Global）的負面影響。看起來本季這些數字又下降。你們能談談是什麼推動了這一點嗎？我們是否應該考慮到低於最初預期的負面影響？

Yeah. Thanks, Lemar. It's Colin here. So, when you look at the $23 million negative impact, there's a couple of things factoring in here. Not completely sold on the ALDA -- completed the sale of the ALDA associated with the transactions, but almost there. There's a few things associated with experience that come into play on a one-off basis. But when you strip those out, the run rate, the quarterly run rate is bang in line with the annual guidance that we gave, which was $130 million for Global Atlantic and $50 million for the RGA transaction in Canada.

是的。謝謝，勒馬爾。這是科林。因此，當您考慮 2300 萬美元的負面影響時，您會發現有幾個因素需要考慮。未完全出售 ALDA——已完成與交易相關的 ALDA 出售，但已接近完成。有一些與經驗相關的事情是一次性發揮作用的。但當你剔除這些因素時，營運率、季度運作率與我們給出的年度指引非常一致，其中 Global Atlantic 為 1.3 億美元，加拿大 RGA 交易為 5,000 萬美元。

Doug Young, Desjardins Capital Markets.

楊（Doug Young），加鼎資本市場部。

Hi. Good morning. Steve, maybe just back to you. US long-term care insurance, I think, there was negative experience this quarter in both the P&L and the CSM. Can you talk a bit about what drove this? Because not too long ago, they were kind of offset neutral, and I think the last two quarters, it's been net negative and just wondering if it's the same as last quarter. How material is this? Is this a trend that's developing that we should keep an eye on?

你好。早安.史蒂夫，也許只是回到你身邊。我認為，美國長期照護保險本季的損益表和 CSM 都出現了負面經驗。您能談談是什麼推動了這一點嗎？因為不久前，他們是抵消中性的，我認為過去兩個季度，它是淨負值，只是想知道是否與上季度相同。這是什麼材料？這是我們應該關注的正在發展的趨勢嗎？

Sure, Doug. Thanks. Yeah, maybe I'll take a step back and just sort of remind people that if we look at the LTC experience over the last many years. So, if we go back to even 2017, the LTC experience has been slightly positive, even if you include the gains that we booked through COVID.

當然，道格。謝謝。是的，也許我會退後一步，只是提醒人們，如果我們看看過去多年的 LTC 經驗。因此，如果我們回到 2017 年，即使您將我們透過新冠疫情預訂的收益也算在內，LTC 的經驗還是略有積極的。

So in this quarter, the LTC did generate a loss. It was really driven by -- we saw very low mortality and that impacted the life business in terms of claims gains going through the P&L, and LTC, we saw losses. It was at a very low level of mortality, and as I noted earlier we saw that during the pandemic this kind of dynamic. We also saw, as we had in previous quarters, higher costs for those on claim. We don't see this one quarter of experience as a trend. It's what I would say is normal variability.

所以在這個季度，LTC確實產生了虧損。這實際上是由——我們看到死亡率非常低，這影響了壽險業務的損益表索賠收益，而LTC，我們看到了損失。死亡率非常低，正如我之前指出的，我們在大流行期間看到了這種動態。正如前幾季一樣，我們也發現索賠費用更高。我們並不認為這一季度的經驗是一種趨勢。我想說的是正常的變異性。

Was it the same last quarter or is this a new mortality?

與上個季度相同還是新的死亡率？

No, the mortality was a very noticeable difference just this quarter.

不，就在這個季度，死亡率的差異非常明顯。

Okay. And then maybe, Phil, just on Asia, on Hong Kong. In particular, I mean, new business value, CSM -- new business CSM growth was strong but new business value margins are down over the last year and it's been a steady decline. And just is this mix that's going through? Is this not just product mix but distribution mix? Is the goal really just to drive sales and drive earnings growth and focus maybe less on the margins going forward? Just trying to get a sense of how to think about that.

好的。菲爾，也許就亞洲、香港而言。特別是，我的意思是，新業務價值，CSM——新業務CSM成長強勁，但新業務價值利潤率比去年有所下降，而且一直在穩步下降。這種混合正在經歷嗎？這不只是產品組合，還是分銷組合？目標真的只是為了推動銷售和推動獲利成長，而不太關注未來的利潤率嗎？只是想了解如何思考這個問題。

Doug, thanks for the questions. It's a good question. This is Phil.

道格，謝謝你的提問。這是一個好問題。這是菲爾.

Our overall margin for Asia in the third quarter was 39%, and that's down 3 percentage points year on year and down 5 percentage points quarter on quarter. As you highlight in your question, Hong Kong is the driver of that. We've seen a margin in Hong Kong, 42% in Q3, and we would typically see in Hong Kong a margin of about 60%.

第三季我們亞洲的整體利潤率為 39%，較去年同期下降 3 個百分點，較上季下降 5 個百分點。正如你在問題中強調的那樣，香港是其中的推動者。我們看到香港的利潤率在第三季為 42%，我們通常會看到香港的利潤率約為 60%。

So what's going on there is that, as I referenced earlier, we are seeing consumer demand for savings solutions. And while we're seeing growth in both savings and health and protection solutions, the growth in savings has outpaced health and protection in the quarter. And that has given rise to an overall margin decline. However, the absolute value that's generated has been strongly accretive, and you see the 80% increase in -- 83% increase in NBV in Hong Kong.

因此，正如我之前提到的，我們看到消費者對儲蓄解決方案的需求。雖然我們看到儲蓄以及健康和保護解決方案都在成長，但本季儲蓄的成長超過了健康和保護。這導致整體利潤率下降。然而，所產生的絕對價值一直在強勁增長，您會看到香港的新業務價值增長了 80% 至 83%。

Now to your point on whether we're just driving sales or whether we are managing to value, we are absolutely managing to value. And that will be achieved through a combination of sales volume growth as well as margin. And one thing we spoke about at our recent Investor Day was our ambition for margins, on average across Asia, and we spoke to a 50% ambition. That remains valid now as it did back in June. So, it will vary from quarter to quarter, but overall, it's been a very strong NBV generation in the third quarter.

現在就你的觀點來說，我們是否只是在推動銷售，或者我們是否正在設法實現價值，我們絕對正在設法實現價值。這將透過銷量成長和利潤率的結合來實現。我們在最近的投資者日談到的一件事是我們對亞洲平均利潤率的雄心，我們談到了 50% 的雄心壯志。與六月一樣，這一點現在仍然有效。因此，每季都會有所不同，但總體而言，第三季的新業務價值非常強勁。

Thanks for the question, Doug.

謝謝你的提問，道格。

And then, just maybe a follow-up, while I have you, Phil. Asia other core earnings dropped versus Q2 and Q1. What region drove that? And is there anything in particular to note in Asia other?

然後，也許只是一個後續行動，當我有你的時候，菲爾。亞洲其他核心獲利較第二季和第一季下降。哪個地區推動了這股趨勢？亞洲其他地區有什麼特別需要注意的嗎？

So Asia other -- so year on year, Asia other is up 9% core earnings, but there is some variability quarter on quarter. What I would highlight with Asia other, this is a collection of smaller markets with less mature in-force portfolio. So, you will see some variation between quarters. Nothing in particular that I would like to call out on that, but just expect in those smaller markets variability quarter to quarter.

亞洲其他地區—與去年同期相比，亞洲其他地區的核心獲利成長了 9%，但季度環比存在一些變化。我想在亞洲其他地區強調的是，這是一個較小市場的集合，其有效投資組合不太成熟。因此，您會看到季度之間存在一些差異。我不想特別指出這一點，但預計在這些較小的市場中，每季都會出現變化。

Tom MacKinnon, BMO Capital Markets.

湯姆麥金農 (Tom MacKinnon)，BMO 資本市場部。

Yeah, thanks and good morning. First question just on the CSM hit in the US. Was any of that -- was it primarily SGUL? Was any of that related to any new business that you're writing? Was any related to Vitality or any other kind of new business that you actually are still writing in the US?

是的，謝謝，早安。第一個問題是關於美國的 CSM。主要是 SGUL 嗎？這些內容與您正在撰寫的任何新業務有關嗎？是否有任何與 Vitality 或您實際上仍在美國撰寫的任何其他類型的新業務相關的內容？

Yeah. Thanks, Tom. It's Steve and just a reminder for people of where we book the basis change is in the financial statements because I'll come back to your CSM. So, the financial-related items or discount rates go through OCI. Then the rest of our non-economic assumptions go through CSM. And if the CSM is depleted, it goes through P&L.

是的。謝謝，湯姆。我是 Steve，只是提醒人們我們在財務報表中登記基本變更的位置，因為我會回到您的 CSM。因此，與金融相關的項目或折扣率透過 OCI。然後我們其餘的非經濟假設通過 CSM。如果 CSM 耗盡，則會進入損益表。

So in terms of the US, the CSM move, that was really driven in part by the update to the lapse assumptions and the net impact of the risk adjustment and reinsurance reviews. It primarily related to older business, not on new business, not on Vitality.

因此，就美國而言，CSM 的舉措實際上部分是由失效假設的更新以及風險調整和再保險審查的淨影響所推動的。它主要與舊業務有關，與新業務無關，與活力無關。

Okay. Good, and follow-up questions with respect to the line that you have expected investment earnings. I kind of think of that as being the yield on your invested asset portfolio, including the ALDA, less the impact of the discount rate movements as well. So, you think that thing has been generally kind of stable and would grow to some extent as your assets -- as your invested assets grow. That was certainly the case we saw in 2023, but in 2024, we haven't seen this number really grow. I assume some of is due to the fact that you transacted and that business has left the company through some of those reinsurance transactions. But how should we be looking at that number when we go forward now? Should that kind of just not grow at the same level as the expected insurance earnings?

好的。好的，關於您預期投資收益的後續問題。我認為這是您投資的資產組合（包括 ALDA）的收益率，減去折現率變動的影響。所以，你認為事情總體上是穩定的，並且會隨著你的資產——隨著你的投資資產的增長而在某種程度上增長。這確實是我們在 2023 年看到的情況，但到了 2024 年，我們還沒有看到這個數字真正成長。我認為部分原因是您進行了交易，並且該業務已通過其中一些再保險交易離開了公司。但現在我們該如何看待這個數字呢？這種增長是否應該與預期的保險收益維持在同一水平？

Hey, Tom. It's Colin here. I'll give Steve a break and answer this one.

嘿，湯姆。這是科林。我會讓史蒂夫休息一下並回答這個問題。

When you look at the year-on-year growth and -- well, reduction in expected investment spreads, it's $43 million. And you're right, we would expect this line to grow with the growth in our business, and you can actually see this in the Asia number. Asia is up $29 million, but really when you start looking at the US and Canada, you see declines, and the declines are for the reasons you mentioned.

如果你看看年成長，以及預期投資利差的減少，那就是 4,300 萬美元。你是對的，我們預計這條產品線會隨著我們業務的成長而成長，你實際上可以在亞洲的數字中看到這一點。亞洲成長了 2900 萬美元，但實際上當你開始關注美國和加拿大時，你會看到下降，而下降的原因就是你提到的。

Canada is clearly with the RGA transaction. So, when you look at the US, that's where we've seen the biggest decline, USD54 million year on year and USD24 million quarter on quarter. The two obvious ones are: the transaction with Global Atlantic, and actually the basis change has impacted this number going forward.

加拿大顯然支持 RGA 交易。因此，當你看看美國時，我們發現美國是降幅最大的地區，年減 5,400 萬美元，季減 2,400 萬美元。兩個明顯的問題是：與環球大西洋的交易，實際上基差的變化影響了這個數字的未來。

The other item relates to a collection of small items that add up, but one of the examples of that is just the composition of assets backing our guaranteed fund. The important point and this is really getting to the crux of your question is I would use the third-quarter number as a good basis from which to go from here, but you would expect this to grow with growth in our earnings.

另一個項目涉及加起來的小項目的集合，但其中一個例子是支持我們擔保基金的資產的組成。重要的一點，這確實是你問題的癥結所在，我會使用第三季的數字作為下一步的良好基礎，但你會期望這一數字會隨著我們收入的增長而增長。

Okay. So, once we lap the impact of that -- of the reinsurance transactions you did, we would -- in Canada, we should expect that number to sort of start to grow almost consistent with what we would see growth in earnings or expected insurance earnings for those segments. Is that right?

好的。因此，一旦我們在加拿大接受了再保險交易的影響，我們應該預期這個數字將開始成長，幾乎與我們看到的收益或預期保險收益的成長一致於這些細分市場。是這樣嗎？

Yeah, I wouldn't consider it too much of a lapping impact. As soon as the assets leave the organization as they do with the transaction, then you should see lower expected investment earnings from those assets backing, that used to back, the reinsurance liabilities.

是的，我不認為它有太大的研磨影響。一旦資產像交易一樣離開組織，那麼您應該會看到那些支持再保險負債的資產的預期投資收益較低。

Thank you. We have no further questions registered at this time. I would now like to turn the meeting back over to Mr. Ko.

謝謝。目前我們沒有進一步的問題。我現在想將會議轉回給柯先生。

Thank you, Operator. We'll be available after the call, if there are any follow-up questions. Have a good day, everyone.

謝謝你，接線生。如果有任何後續問題，我們將在通話後為您解答。祝大家有美好的一天。

Thank you. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.

謝謝。會議現已結束。此時請斷開您的線路，我們感謝您的參與。