美國信安金融集團 (PFG) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Principal Financial Group third quarter 2024 financial results conference call. (Operator Instructions) I would now like to turn the conference call over to Humphrey Lee, Vice President of Investor Relations.

早安，歡迎參加信安金融集團 2024 年第三季財務績效電話會議。（操作員指示）我現在想將電話會議轉給投資者關係副總裁 Humphrey Lee。

Thank you, and good morning. Welcome to Principal Financial Group's third quarter 2024 earnings conference call. As always, materials related to today's call are available on our website at investors.principal.com. Following a reading of the Safe Harbor provision, CEO, Dan Houston; and President and COO, Deanna Strable, will deliver some prepared remarks.

謝謝你，早安。歡迎參加信安金融集團 2024 年第三季財報電話會議。與往常一樣，與今天電話會議相關的資料可在我們的網站 Investors.principal.com 上取得。在閱讀了安全港條款後，執行長 Dan Houston 表示：總裁兼營運長 Deanna Strable 將發表一些準備好的演講。

We will then open the call for questions. Other members of senior management will also be available for Q&A. Some of the comments made during this conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act.

然後我們將開始提問。其他高階管理層成員也將出席問答環節。本次電話會議期間發表的一些評論可能包含《私人證券訴訟改革法》含義內的前瞻性陳述。

The company does not revise or update them to reflect new information, subsequent events, or changes in strategy. Risks and uncertainties that could cause actual results to differ materially from those expressed or implied are discussed in the company's most recent annual report on Form 10-K filed by the company with the US Securities and Exchange Commission.

公司不會修改或更新它們以反映新資訊、後續事件或策略變化。該公司向美國證券交易委員會提交的最新 10-K 表格年度報告中討論了可能導致實際結果與明示或暗示的結果存在重大差異的風險和不確定性。

Additionally, some of the comments made during this conference call may refer to non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to the most directly comparable US GAAP financial measures may be found in our earnings release, financial supplement, and slide presentation. Dan?

此外，本次電話會議期間發表的一些評論可能涉及非公認會計準則財務指標。非公認會計原則財務指標與最直接可比較的美國公認會計原則財務指標的調節可以在我們的收益發布、財務補充和幻燈片演示中找到。擔？

Thanks, Humphrey, and welcome to everyone on the call. This morning, I will discuss key milestones and highlights from the third quarter, as we execute our strategy with discipline and focus. Deanna will follow with additional details on our results, capital position, and the outcome of our actuarial assumption review.

謝謝漢弗萊，歡迎大家參加電話會議。今天早上，我將討論第三季的關鍵里程碑和亮點，因為我們有紀律和專注地執行我們的策略。迪安娜將隨後提供有關我們的業績、資本狀況和精算假設審查結果的更多詳細資訊。

It continues to be a strong year for Principal as we delivered favorable results for our customers and shareholders, consistent with the commitments outlined in our 2024 outlook, and reiterated last quarter. Starting with the third quarter, we reported $412 million of non-GAAP operating earnings or $1.76 per diluted share.

對於信安來說，今年仍然是強勁的一年，因為我們為客戶和股東帶來了良好的業績，這符合我們在 2024 年展望中概述並在上個季度重申的承諾。從第三季開始，我們報告了 4.12 億美元的非 GAAP 營業利潤，即稀釋後每股收益 1.76 美元。

Excluding significant variances and our actuarial assumption review, our EPS was $2.05, a 12% increase in EPS over third quarter of 2023. The earnings growth on a year-over-year basis was fueled by a 5% increase in net revenue.

排除重大差異和我們的精算假設審查，我們的每股收益為 2.05 美元，比 2023 年第三季增長 12%。淨收入成長 5% 推動了獲利年增。

This was primarily due to growth in the businesses and favorable market conditions compared to the previous year. Earnings also benefited from strong expense management, while reinvesting in our businesses.

這主要是由於與前一年相比業務成長和有利的市場條件。獲利也受惠於強有力的費用管理，同時對我們的業務進行再投資。

We returned $416 million of capital to shareholders in the third quarter, including $251 million of share repurchases. We raised our common stock dividend for the sixth consecutive quarter, aligning with our targeted 40% dividend payout ratio.

第三季度，我們向股東返還了 4.16 億美元的資本，其中包括 2.51 億美元的股票回購。我們連續第六個季度提高了普通股股息，與我們 40% 的股息支付率目標保持一致。

At the end of the quarter, our total company managed AUM reached $741 billion, reflecting a 6% growth from the previous quarter. This increase was mainly driven by robust returns and positive market performance across equity, fixed income, and real estate. Lastly, our net cash flow for total company AUM showed improvement, both sequentially and on a year-over-year basis.

截至本季末，我們公司管理的資產管理規模總額達到 7,410 億美元，較上季成長 6%。這一成長主要得益於股票、固定收益和房地產的強勁回報和積極的市場表現。最後，我們公司總資產管理規模的淨現金流量較上月及年比均有所改善。

Now turning to our businesses. In retirement, we are generating revenue and earnings growth above the high end of our guidance. This momentum is driven by favorable market conditions and the breadth and depth of our integrated suite of retirement solutions, which span recordkeeping, asset management, and retirement income. In addition, the underlying fundamentals across the retirement remain healthy.

現在轉向我們的業務。退休後，我們的收入和獲利成長高於我們的指導上限。這一勢頭是由有利的市場條件以及我們綜合退休解決方案套件的廣度和深度推動的，這些解決方案涵蓋記錄保存、資產管理和退休收入。此外，退休期間的基本面依然健康。

Recurring deposits increased by 10% year-over-year across all segments. The number of individuals deferring and receiving employer matches as well as the dollar amount of those deferrals and matches continues to grow. Contract retention remained strong with lapse rates running lower than a year ago. We are on track to achieve our best full year retention rates over the past five years.

所有部門的經常性存款年增 10%。推遲和接受雇主匹配的人數以及這些延遲和匹配的金額持續增長。合約留任率依然強勁，失效率低於一年前。我們有望實現過去五年來最好的全年保留率。

We are also benefiting from market performance, which drove account value growth in the quarter. While rising markets are a benefit to our business financially, the increased account values also resulted in a corresponding increase in the dollar amount of participant withdrawals.

我們也受惠於市場表現，這推動了本季帳戶價值的成長。雖然不斷上漲的市場在財務上對我們的業務有利，但帳戶價值的增加也導致參與者提款的美元金額相應增加。

With respect to new retirement plan sales, we see a lot of momentum in our business, with our pipeline up significantly across all segments, positioning us well for continued growth in 2025. As further evidence of our momentum, we recently received the second most mentions as a top record keeper from advisers in the 2024 NAPA Advisors' Choice Awards.

就新退休計畫銷售而言，我們看到我們的業務勢頭強勁，所有細分市場的銷售管道均顯著增加，這為我們在 2025 年的持續成長做好了準備。最近，在 2024 年 NAPA 顧問選擇獎中，我們作為頂級記錄保持者獲得了第二名，這進一步證明了我們的發展勢頭。

This is a testament to the high-quality retirement services and solutions we offer to the market. Pension risk transfer sales were nearly $500 million in the third quarter, bringing our year-to date sales to $2.2 billion at attractive returns. We remain on track to achieve our target of $3 billion in full year sales.

這證明了我們向市場提供的高品質退休服務和解決方案。第三季退休金風險轉移銷售額接近 5 億美元，使我們年初至今的銷售額達到 22 億美元，並獲得了誘人的回報。我們仍有望實現全年銷售額 30 億美元的目標。

Turning to Principal Asset Management, strong net cash flows in Principal International were offset by outflows in PGI. The outflows in PGI were driven in part by lower fee and yield products as well as the rebalancing activities taken by institutional clients, following strong appreciation.

至於信安資產管理公司，信安國際強勁的淨現金流被 PGI 的資金流出所抵銷。PGI 資金流出的部分原因是產品費用和收益較低，以及機構客戶在強勁升值後採取的再平衡活動。

Our private real estate strategies generated approximately $400 million of positive net cash flow in the quarter, the 12th consecutive quarter of positive flows. Our unfunded commitments remained strong at approximately $5 billion as we continue to put money to work. We are also generating good underlying momentum with global retail and institutional investors, given the strong ongoing demand for our product offering and specialty capabilities.

我們的私人房地產策略在本季產生了約 4 億美元的正淨現金流，這是連續第 12 季出現正現金流。隨著我們繼續投入資金，我們的無資金承諾仍然強勁，約為 50 億美元。鑑於對我們的產品和專業能力的持續強勁需求，我們也與全球零售和機構投資者產生了良好的潛在動力。

We are seeing notable increases in institutional RFP activities across equity, fixed income, and private assets. The year-to-date volume has already exceeded full year volumes in 2023 and 2022. This increased activity is driven by broad interest in equity and fixed income strategies and very strong interest and commitments for our real estate data center fund.

我們看到股權、固定收益和私人資產領域的機構 RFP 活動顯著增加。今年迄今的銷量已超過 2023 年和 2022 年全年銷售。這種活動的增加是由於對股票和固定收益策略的廣泛興趣以及對我們的房地產數據中心基金的強烈興趣和承諾所推動的。

Lower interest rates and improving liquidity are leading to more conversations, meetings, and searches for our broad range of public and private investment capabilities. These interactions are expected to drive continued business momentum over the next several quarters. Principal International ended the quarter with a record $185 billion of AUM, up 8% from the second quarter.

較低的利率和改善的流動性導致更多的對話、會議和對我們廣泛的公共和私人投資能力的搜尋。這些互動預計將在未來幾季推動持續的業務成長勢頭。信安國際本季末的資產管理規模達到創紀錄的 1,850 億美元，較第二季成長 8%。

This was driven by robust net cash flows, favorable market performance, and FX tailwinds. Positive net cash flows of $2.3 billion were driven by $2.1 billion of investment management flows. These were spurred by institutional mandate wins from new clients in Chile, Mexico, and Southeast Asia.

這是由強勁的淨現金流、良好的市場表現和外匯利好所推動的。21 億美元的投資管理流量推動了 23 億美元的正淨現金流量。這些都是受到智利、墨西哥和東南亞新客戶機構授權的推動。

These flows and current quarter results highlight the success we are having and going to market as a global asset manager across our integrated international franchise and the strong client interest in our local and global investment capabilities. While not included in reported AUM and net cash flow, our combined AUM in China was $268 billion.

這些流量和本季業績突顯了我們作為全球資產管理公司在綜合國際特許經營領域所取得的成功和進入市場的成功，以及客戶對我們本地和全球投資能力的強烈興趣。雖然未包含在報告的資產管理規模和淨現金流中，但我們在中國的資產管理規模合計為 2,680 億美元。

Asset management inflows in the quarter exceeded $18 billion, reflecting the recovering macro environment in the region. Turning now to benefits and protection, we continue to generate above-market premium and fee growth of over 6% in specialty benefits.

本季資產管理資金流入超過 180 億美元，反映出該地區宏觀環境正在復甦。現在轉向福利和保障，我們在專業福利方面繼續創造高於市場水平的保費和費用增長超過 6%。

More than half of our growth is driven by net new business, highlighting our leadership position in the small to midsized market. Our focus remains on high growth, high persistency industries, and we continue to deepen relationships with key distribution partners and customers.

我們一半以上的成長是由淨新業務推動的，凸顯了我們在中小型市場的領導地位。我們的重點仍然是高成長、高持久性產業，並繼續深化與主要分銷合作夥伴和客戶的關係。

The average number of coverages per customer grew 3.5% to over three coverages per customer on a trailing 12-month basis. I'm excited about the opportunities across Principal. We remain well-positioned to capitalize on the immense opportunities that exist in the markets in which we do business today.

在過去 12 個月的基礎上，每位客戶的平均承保次數增加了 3.5%，達到每位客戶超過 3 次承保次數。我對信安的機會感到很興奮。我們仍然處於有利地位，可以充分利用我們當今開展業務的市場中存在的巨大機會。

Our diversified yet integrated portfolio allows us to manage through dynamic macro conditions, while evolving to meet changing customer demands. We are locked in on driving growth, which will continue to come from aligning our businesses with the higher value creation opportunities and maximizing the intersection of our businesses.

我們多元化且整合的產品組合使我們能夠應對動態的宏觀條件，同時不斷發展以滿足不斷變化的客戶需求。我們致力於推動成長，這將繼續來自於使我們的業務與更高的價值創造機會保持一致，並最大限度地發揮我們業務的交叉點。

Our unwavering focus is on providing individuals, businesses, communities and markets with access to financial tools, products, and guidance. We regularly assess global customer trends and sentiment, and we know the demand for our brand of financial security expertise and support is significant. For example, through our proprietary Global Financial Inclusion Index, we track the state of financial inclusion worldwide.

我們堅定不移地致力於為個人、企業、社區和市場提供金融工具、產品和指導。我們定期評估全球客戶趨勢和情緒，我們知道對我們品牌的金融安全專業知識和支援的需求很大。例如，透過我們專有的全球金融普惠指數，我們追蹤全球普惠金融的狀況。

A key finding from this year's study is while financial inclusion has improved globally for the second consecutive year, the perception of feeling financially included has fallen among global consumers. As a financial services leader that tells us there is more work to be done, while I'm encouraged by the increase in access to financial tools and solutions, I can't help but see the opportunity and demand to do more to support, advice, and enable the individual to feel more secure in their financial decision-making.

今年研究的一個重要發現是，雖然全球金融包容性連續第二年有所改善，但全球消費者對金融包容性的看法卻有所下降。作為一名金融服務領導者，他告訴我們還有更多工作要做，雖然我對金融工具和解決方案的增加感到鼓舞，但我不禁看到了提供更多支持和建議的機會和需求，並使個人在財務決策中感到更安全。

Before turning it over to Deanna, I want to acknowledge her promotion in August to President and Chief Operating Officer. Deanna is a remarkable leader with an impeccable track record for the past 35 years, both in our industry and in principal. She has worked internationally, led our US benefits unit, directed our strategy function during pivotal moments in our company's history and most recently, she's done an exemplary job as our Chief Financial Officer.

在將其交給 Deanna 之前，我要感謝她在 8 月晉升為總裁兼營運長。Deanna 是一位傑出的領導者，在過去 35 年裡無論是在我們的行業還是原則上都擁有無可挑剔的記錄。她曾在國際上工作，領導我們的美國福利部門，在我們公司歷史的關鍵時刻指導我們的策略職能，最近，她作為我們的財務長表現出色。

Deanna's diverse roles have given her deep insights in what makes Principal successful and how we can continue to grow. Her passion and intense focus on the customer and creating shareholder value has been instrumental in strengthening our organization. The Board and I have complete confidence in her ability to drive the organization forward today and well into the future. Deanna, congratulations.

Deanna 的多元化角色使她對信安的成功因素以及我們如何持續發展有著深刻的見解。她對客戶和創造股東價值的熱情和高度關注對於加強我們的組織發揮了重要作用。董事會和我對她推動組織今天和未來發展的能力充滿信心。迪安娜，恭喜你。

Thank you, Dan, for all of your support and those kind words. Good morning to everyone on the call. It's truly an honor to step into this new role. Reflecting on my 35 years at Principal, I've seen firsthand how our ability to adapt and innovate has enabled us to consistently deliver value to our customers and shareholders.

丹，謝謝你的支持和善意的話語。各位來電的人早安。能夠擔任這個新角色確實是一種榮幸。回顧我在信安的 35 年，我親眼目睹了我們的適應和創新能力如何使我們能夠持續為客戶和股東創造價值。

I'm incredibly proud of this company, the importance of our mission, our strong culture and core values, and the way we do business. I'm more confident than ever in our ability to continue growing sustainably, especially as we navigate the evolving needs of the markets we serve.

我為這家公司、我們使命的重要性、我們強大的文化和核心價值以及我們開展業務的方式感到無比自豪。我對我們持續可持續成長的能力比以往任何時候都更有信心，特別是當我們滿足我們所服務的市場不斷變化的需求時。

The strength of our team, our commitment to our purpose, and the innovative solutions we're building, all give me great confidence in our future. Before I turn to our results, I would like to acknowledge Joel Pitz, who has stepped in as interim Chief Financial Officer during this transition.

我們團隊的實力、我們對目標的承諾以及我們正在建立的創新解決方案，都讓我對我們的未來充滿信心。在討論我們的業績之前，我要感謝喬爾·皮茨 (Joel Pitz)，他在此次過渡期間擔任臨時財務長。

Joel has been with Principal for nearly three decades, and his extensive experience across our domestic, international, and corporate functions makes him well suited to step in as interim CFO. Turning to our third quarter results, I'll share key contributors to our financial performance for the quarter, including impacts from the actuarial assumption review and an update on our current financial and capital position.

Joel 在信安工作了近三十年，他在國內、國際和公司職能方面的豐富經驗使他非常適合擔任臨時財務長。談到我們的第三季業績，我將分享對我們本季財務表現的主要貢獻者，包括精算假設審查的影響以及我們當前財務和資本狀況的最新情況。

Third quarter reported net loss was $220 million, driven by non-economic impacts from exited businesses. Excluding these impacts, net income was $419 million. Non-GAAP operating ROE in the quarter was 12.9% and 13.5%, excluding actuarial assumption review impacts. We are on track to meet our guidance of 14% to 16% in 2025.

第三季報告淨虧損為 2.2 億美元，這是由於退出業務的非經濟影響造成的。排除這些影響，淨利潤為 4.19 億美元。非公認會計原則本季營運 ROE 分別為 12.9% 和 13.5%，不包括精算假設審查的影響。我們預計在 2025 年實現 14% 至 16% 的目標。

Our significant variances for the quarter detailed on slide 12 include impacts from our actuarial assumption review. These had a net negative impact on non-GAAP operating earnings, but an immaterial impact to free capital flow and run rate earnings. This is the second time we've conducted the review under LDTI, which expanded the actuarial balances subject to assessment. It's important to note that these are primarily non-economic impacts.

我們在投影片 12 中詳述的該季度的重大差異包括我們精算假設審查的影響。這些對非公認會計準則營業利潤產生了淨負面影響，但對自由資本流動和運行率收益影響不大。這是我們第二次根據LDTI進行審查，擴大了精算餘額的評估範圍。值得注意的是，這些主要是非經濟影響。

The primary drivers of the assumption review impact were model refinements in life and experience updates in RIS and benefits and protection largely related to lapse assumptions. As mentioned, the run rate impact on pretax operating earnings is immaterial, with modestly favorable results in RIS and Principal International, offsetting unfavorable results in benefits and protection.

假設審查影響的主要驅動因素是 RIS 中生活和經驗更新的模型改進，以及與失效假設很大程度上相關的福利和保護。如前所述，營運率對稅前營業利潤的影響並不重大，RIS 和信安國際的業績適度良好，抵消了福利和保護方面的不利結果。

The remaining significant variance is largely offset. We had favorable (inaudible) performance and a benefit from reversing the closed block dividend accrual from the first half of the year. These were offset by lower-than-expected variable investment income, primarily driven by negative private equity returns in the quarter.

剩餘的顯著差異很大程度上被抵消。我們取得了良好的（聽不清楚）業績，並從扭轉上半年的封閉式集體股利應計中受益。這些被低於預期的可變投資收入所抵消，主要是由於本季私募股權回報率為負。

Excluding significant variances, third quarter non-GAAP operating earnings were $480 million or $2.05 per diluted share. Adjusted EPS increased 12% compared to the third quarter of 2023. This was driven by growth in the business and strong market performance, which was up over 5% in the third quarter and 16% for the trailing 12 months.

排除重大差異，第三季非 GAAP 營業利潤為 4.8 億美元，即稀釋後每股收益 2.05 美元。調整後每股盈餘較 2023 年第三季成長 12%。這是由業務成長和強勁的市場表現推動的，第三季成長超過 5%，過去 12 個月成長 16%。

These were partially offset by foreign currency translation impacts and difficult year-over-year comparisons for PGI performance fees and specialty benefit loss ratio. The effective tax rate in the quarter was at the lower end of our 17% to 20% guidance, with year-to-date at the midpoint of our guidance range.

這些部分被外幣換算影響以及 PGI 績效費和專業福利損失率難以進行的年比比較所抵銷。本季的有效稅率處於我們 17% 至 20% 指導範圍的下限，而年初至今則處於我們指引範圍的中點。

During the quarter, we had one-time severance and integration costs impacting our results by approximately $0.03 per share. These one-time expenses impacted both RIS and Principal International. Similar to previous quarters, we are not considering these as significant variances.

本季度，我們的一次性遣散費和整合成本對我們的業績產生了每股約 0.03 美元的影響。這些一次性費用對 RIS 和信安國際都產生了影響。與前幾季類似，我們並未將這些視為重大差異。

We are pleased with our results and remain on track to deliver full-year EPS growth aligned with 2024 guidance of 9% to 12%. Turning to the business units. The following comments exclude significant variances. RIS pretax operating earnings increased 12% over the third quarter of 2023, driven by growth in the business, favorable market performance, and expense discipline, while investing in the business.

我們對我們的業績感到滿意，並將繼續按照 2024 年 9% 至 12% 的指導方針實現全年每股收益增長。轉向業務部門。以下評論排除了重大差異。受業務成長、良好的市場表現和費用紀律以及投資業務的推動，RIS 稅前營業利潤比 2023 年第三季增長了 12%。

Compared to third quarter of 2023, net revenue increased by 9% and margin expanded by 120 basis points to 40%. We remain confident we will be above the high end of our guided range for net revenue growth and at the high end for margin for the full year. PGI's pretax operating earnings decreased 2% over the third quarter of 2023, but increased nearly 17% sequentially.

與 2023 年第三季相比，淨收入成長 9%，利潤率擴大 120 個基點，達到 40%。我們仍然有信心，全年淨收入成長和利潤率將高於指導範圍的高端。PGI 的稅前營業利潤較 2023 年第三季下降 2%，但較上季成長近 17%。

The year ago quarter comparison is impacted by $16 million of higher performance fees in the third quarter of 2023. Management fees increased 6% over the third quarter of 2023, driven by positive market performance, partially offset by lower performance fees and transaction and borrower fees in the current quarter. PGI's margin of 38% in the quarter is at the high end of our range.

與去年同期相比，受到 2023 年第三季績效費用增加 1,600 萬美元的影響。受正面的市場表現推動，管理費較 2023 年第三季成長 6%，部分被本季業績費、交易費和借款人費下降所抵銷。PGI 本季的利潤率為 38%，處於我們範圍的高端。

Principal International had a strong quarter. Pretax operating earnings increased by 8% compared to the third quarter of 2023. This was driven by ongoing business growth in Latin America and a continued recovery in Asia despite currency headwinds of $7 million.

信安國際季度表現強勁。稅前營業利潤較 2023 年第三季成長 8%。儘管匯率逆風高達 700 萬美元，但拉丁美洲的持續業務成長和亞洲的持續復甦推動了這一成長。

The underlying growth and disciplined expense management resulted in margin of nearly 34%, an expansion of 230 basis points compared to the third quarter of 2023. Specialty benefits pretax operating earnings in the quarter reflected a more normal loss ratio relative to the year ago quarter.

潛在的成長和嚴格的費用管理導致利潤率接近 34%，與 2023 年第三季相比擴大了 230 個基點。本季的特殊福利稅前營業利潤反映了與去年同期相比更為正常的損失率。

The comparison is impacted by very favorable group disability underwriting results, which led to a loss ratio in the third quarter of 2023 below our guided range. The loss ratio this quarter was 61.5%, below the midpoint of our guidance range of 60% to 65%. In life, improved mortality experience drove an increase in pretax operating earnings of 11% and margin expansion of 135 basis points over the third quarter of 2023.

這項比較受到非常有利的團體傷殘承保結果的影響，導致 2023 年第三季的損失率低於我們的指導範圍。本季的虧損率為 61.5%，低於我們指引範圍 60% 至 65% 的中點。在生命領域，死亡率體驗的改善推動稅前營業利潤比 2023 年第三季成長 11%，利潤率成長 135 個基點。

As we look to the fourth quarter, our enterprise compensation and other expenses are typically higher due to the seasonality of certain expenses. Similar to the last few years, we expect the impact in the fourth quarter to be in the low single-digit range relative to the average of the first three quarters.

展望第四季度，由於某些費用的季節性，我們的企業薪資和其他費用通常較高。與過去幾年類似，我們預計第四季的影響相對於前三個季度的平均值將處於較低的個位數範圍內。

Turning to capital and liquidity, as a reminder, last quarter, we revised our RBC target to a range of 375% to 400%. We are in a strong position with approximately $1.6 billion of excess and available capital, including approximately $900 million at the holding company, $400 million excess above 375% RBC, and $250 million in our subsidiaries.

談到資本和流動性，提醒一下，上個季度，我們將 RBC 目標修改為 375% 至 400% 的範圍。我們處於有利地位，擁有約 16 億美元的剩餘資本和可用資本，其中包括控股公司的約 9 億美元、超過 375% RBC 的 4 億美元的剩餘資本以及我們子公司的 2.5 億美元。

As shown on slide 3, we returned $416 million to shareholders in the second quarter, including $251 million of share repurchases and $165 million of common stock dividends. This brings our year-to-date capital return to nearly $1.2 billion. We expect to deliver on our targeted 75% to 85% free capital flow for the full year, and are on track to return $1.5 billion to $1.8 billion of capital deployments for the full year, including $800 million to $1.1 billion of share repurchases.

如投影片 3 所示，第二季我們向股東返還 4.16 億美元，其中包括 2.51 億美元的股票回購和 1.65 億美元的普通股股利。這使得我們今年迄今的資本回報達到近 12 億美元。我們預計將實現全年 75% 至 85% 自由資本流動的目標，並預計全年返還 15 億至 18 億美元的資本部署，其中包括 8 億至 11 億美元的股票回購。

Last night, we announced a $0.73 common stock dividend payable in the fourth quarter. This is a $0.01 increase from the dividend paid in the third quarter, a 9% increase over a year ago quarter and a 10% increase for the full year.

昨晚，我們宣布第四季支付 0.73 美元的普通股股息。這比第三季支付的股息增加了 0.01 美元，比去年同期增長 9%，全年增長 10%。

We remain focused on maintaining our capital and liquidity targets at both the life company and the holding company, and we'll continue a balanced and disciplined approach to capital deployment. Our investment portfolio remains high quality, aligned with our liability profile and well positioned for different economic conditions.

我們仍然專注於維持人壽公司和控股公司的資本和流動性目標，並且我們將繼續採取平衡和嚴格的資本部署方法。我們的投資組合保持高品質，與我們的負債狀況保持一致，並針對不同的經濟條件做好了準備。

The commercial mortgage loan portfolio remains healthy. We had four office loans pay off in the quarter, resolving all year-to-date office loans. We feel good about the remaining maturities through the end of the year. In closing, we are pleased with the results this quarter, delivering on the growth objectives communicated in our 2024 outlook and reiterated last quarter.

商業抵押貸款組合保持健康。我們在本季還清了四筆辦公大樓貸款，解決了所有年初至今的辦公大樓貸款。我們對今年年底的剩餘期限感到滿意。最後，我們對本季的業績感到滿意，實現了我們在 2024 年展望中傳達並在上個季度重申的成長目標。

We remain confident in delivering on our financial metrics for the full year anchored to our long-term financial targets. Our strong and diversified portfolio of businesses is positioned across attractive growth markets and features competitive advantages, which give us confidence in our ability to sustainably deliver results for our customers, shareholders, and employees today and into the future. This concludes our prepared remarks. Operator, please open the call for questions.

我們仍有信心實現基於長期財務目標的全年財務指標。我們強大且多元化的業務組合遍布有吸引力的成長市場，並具有競爭優勢，這使我們相信我們有能力為當今和未來的客戶、股東和員工可持續地交付成果。我們準備好的演講到此結束。接線員，請打開電話提問。

(Operator Instructions) Joel Hurwitz, Dowling & Partners.

（操作員說明）Joel Hurwitz，Dowling & Partners。

I wanted to start on specialty benefits and top line. So the 6% growth is solid, but below the pace you've been running at in your long-term target. Can you just talk about some of the drivers of the slowdown? Is it competition or along in the small to medium-sized market or something else?

我想從專業福利和收入開始。因此，6% 的成長是穩健的，但低於您長期目標的速度。您能談談造成經濟放緩的一些驅動因素嗎？是競爭還是中小型市場的順應還是其他原因？

I appreciate the question. I just -- just at the top here, I would just mention this is an incredibly well-run business. It's got a long history of disciplined underwriting and risk management, early adopter of technology to become more efficient, focuses on the customer. And again, I couldn't be more pleased with Amy's leadership of this business. And again, we feel very good about the current state of affairs. Amy?

我很欣賞這個問題。我只是——在最上面，我只想提到這是一家經營得非常好的企業。它在嚴格的核保和風險管理方面有著悠久的歷史，早期採用技術以提高效率，以客戶為中心。再說一遍，我對艾米對這項業務的領導感到非常滿意。再說一遍，我們對目前的狀況感覺非常好。艾米？

Yeah. Thanks, Dan, and Joel, for the question. So I guess I'm going to start with on a year-to-date basis, our growth is at 7.5%. And we do expect that premium and fee growth to stay within those, probably the bottom end of the range that we communicated. In the quarter, as you've noted, that growth was 6.2% above third quarter '23, and it really is due in large part to no new PFML sales.

是的。謝謝丹和喬爾提出的問題。因此，我想我將從年初至今的基礎上開始，我們的成長率為 7.5%。我們確實預期保費和費用成長將保持在這些範圍內，可能是我們溝通的範圍的底端。正如您所指出的，本季的成長比 23 年第三季成長了 6.2%，這在很大程度上確實是由於沒有新的 PFML 銷售。

In the third quarter comparison last year, we had a bit of lumpy PFML sales. They were nearly $20 million in the prior year sales quarter. And I would note that there's no new openings, state openings planned for '25, but there are several scheduled for '26. So when we think about this marketplace, it is going to be a little lumpy. And when we think about the competitive environment, the comparisons quarter over quarter are going to be a little bit uneven.

與去年第三季相比，我們的 PFML 銷售額有些波動。去年銷售季度的銷售額接近 2,000 萬美元。我要指出的是，沒有新的職位空缺，州政府計劃在 25 年開設職位，但有幾個計劃在 26 年開設。因此，當我們考慮這個市場時，它會有點不穩定。當我們考慮競爭環境時，季度與季度之間的比較會有點不平衡。

We do see a pretty competitive environment, probably particularly notable for dental, and we continue to make sure we're introducing pricing changes that align with the experience that we're seeing. I think we're going to see some impact on growth for the remainder of '24.

我們確實看到了一個相當競爭的環境，尤其是牙科領域，我們將繼續確保我們引入與我們所看到的體驗一致的定價變化。我認為我們將在 24 年剩餘時間內看到對成長的一些影響。

I think one of the hallmarks of our group benefits business is, Dan noted before, is that for over a decade, we've had discipline and consistency that has yielded us above market growth and above market profit. So we know that discounting new business can and does have an impact on renewal pricing. It has an impact on our customers.

丹之前指出，我認為我們團體福利業務的標誌之一是，十多年來，我們的紀律和一致性使我們實現了高於市場的成長和高於市場的利潤。因此我們知道，對新業務進行折扣可以而且確實會對續訂定價產生影響。它對我們的客戶有影響。

And one of the things we strive to do is make sure we serve that SMB market really well with consistent pricing, consistent renewals, so that they can do things like manage cash flow, which is really important. So our products, capabilities and experiences, I feel really good on how we're positioned on growth.

我們努力做的事情之一是確保我們透過一致的定價和一致的續約真正為中小企業市場提供良好的服務，以便他們能夠做管理現金流等非常重要的事情。因此，我們的產品、能力和經驗，我對我們的成長定位感到非常滿意。

Got it. That makes sense. And then maybe just sticking on dental experience, can you talk about what you're seeing there? It looks like year to date, the loss ratio is elevated. I think Q3 was a bit above what it normally runs us. What are you seeing there? And what are you expecting from a repricing standpoint?

知道了。這是有道理的。然後也許只是堅持牙科經驗，你能談談你在那裡看到的嗎？今年迄今為止，損失率似乎有所上升。我認為第三季的表現略高於我們通常的表現。你在那裡看到什麼？從重新定價的角度來看，您有何期望？

Yeah. So I'd start with -- I'm really pleased that sequentially, our dental loss ratio was nearly 400 basis points better. So I'd start with we kind of communicated that, that is going to go down, and it did, in fact, go down. It was slightly above what I would say our expectations were for this quarter. So it's clearly, dental is an inflationary product. We've been taking actually measured consistent actions to address our pricing, being conscious of both new sales and renewal pricing implications.

是的。所以我首先要說的是——我真的很高興我們的牙齒損失率比以前提高了近 400 個基點。所以我首先要說的是，我們的溝通將會下降，事實上，它確實下降了。這略高於我對本季的預期。很明顯，牙科是通貨膨脹產品。我們一直在採取實際衡量的一致行動來解決我們的定價問題，並意識到新銷售和續約定價的影響。

Over 90% of our dental block can be repriced annually. So this has been an effective tool for us, but it is always a slightly lagging tool. We have been using that tool, though, over the course of the last 18 months to align our experience. In the last 18 to 24 months, I think it's worth noting, we've also continued to invest in AI-based dental claims technologies to assist our claims examiners and improve their claims payment accuracy.

我們 90% 以上的牙塊可以每年重新定價。所以這對我們來說是一個有效的工具，但它總是一個稍微滯後的工具。不過，在過去 18 個月中，我們一直在使用該工具來調整我們的體驗。在過去的 18 到 24 個月裡，我認為值得注意的是，我們也繼續投資基於人工智慧的牙科索賠技術，以協助我們的索賠審查員並提高他們的索賠支付準確性。

So as those begin to come online and they move from more prototypes to kind of online integration for us, I expect that to continue to help the results. My expectation for fourth quarter is the dental loss ratios will continue to decline.

因此，隨著這些開始上線，並且它們從更多原型轉向我們的線上集成，我希望這將繼續有助於結果。我對第四季的預期是牙科損失率將繼續下降。

Suneet Kamath, Jefferies.

蘇尼特·卡馬斯，杰弗里斯。

I want to start with RIS fee and the participant withdrawals. I know we spent some time last quarter talking about the market impact, so we don't need to revisit that. But I guess the question is if we think about the participant withdrawals to say something like beginning of period assets, and we track that over time, which we can't do externally. But what would that sort of look like? Is it in line with history or changing in one way or the other?

我想從 RIS 費用和參與者提款開始。我知道我們上個季度花了一些時間討論市場影響，所以我們不需要重新審視這一點。但我想問題是，我們是否考慮參與者的提款，例如期初資產，並且我們隨著時間的推移對其進行跟踪，而這是我們無法在外部做到的。但那會是什麼樣子呢？它是符合歷史的還是以某種方式改變的？

Thanks, Suneet, for the question. I'll have Chris take that one.

謝謝 Suneet 的提問。我會讓克里斯拿那個。

Yeah, Suneet, thanks for that. Yeah, you noted the impact on market. And certainly, as those markets rise, the average AV is up fairly significantly. If we were to just dial in specifically on participant withdrawals, we definitely see that average AV being up impacting and that market impact is driving about 75% of the overall withdrawals, and the other 25% is a slight uptick in rate. So we're seeing a slight uptick in the rate of withdrawals from older participants. But again, that's probably 25% of the impact. The vast majority of the impact is really coming from the very strong market performance.

是的，Suneet，謝謝你。是的，您注意到了對市場的影響。當然，隨著這些市場的崛起，平均 AV 也會大幅上升。如果我們專門關注參與者的提款，我們肯定會看到平均 AV 正在產生影響，市場影響推動了整體提款的 75% 左右，另外 25% 的比例略有上升。因此，我們看到老年參與者的退出率略有上升。但同樣，這可能是影響的 25%。絕大多數影響實際上來自非常強勁的市場表現。

So when we look at the rest of the flows, I think we feel really good about the other underlying fundamentals of the business. I mean our transfer deposits in SMB were up 11%. We saw a strong recurring deposit growth of 10%. On a same plan, that's also up 10% if you just look at the plans that were in both quarters, we see very high contract retention in the business.

因此，當我們查看其餘的流程時，我認為我們對業務的其他基本面感覺非常好。我的意思是我們的 SMB 轉帳存款增加了 11%。我們看到經常性存款強勁成長 10%。在同一個計劃中，如果你只看兩個季度的計劃，這也增加了 10%，我們發現該業務的合約保留率非常高。

And again, as we've said in prior quarters, we're prioritizing revenue and margin overflows. And when we look at that, our net revenue is up, significantly over the guidance we provided at 9%, and our margin is above the top end in this quarter. So I feel really good overall about the dynamics of our business.

再次，正如我們在前幾個季度所說的那樣，我們優先考慮收入和利潤溢出。當我們看到這一點時，我們的淨收入有所上升，大大超過了我們提供的 9% 的指導，而且我們的利潤率高於本季度的最高水平。因此，我對我們業務的整體動態感覺非常好。

Got it. That makes sense. And then I guess the second follow-up related is -- so when a benefit event occurs in [RASV], what percentage of the assets do you sort of retain in other products? And somewhat relatedly, do you have any plans for in-plan annuity offerings in your [RIC] business?

知道了。這是有道理的。然後我想第二個相關的後續行動是 - 那麼當 [RASV] 中發生福利事件時，您在其他產品中保留的資產百分比是多少？與此相關的是，您的 [RIC] 業務是否有計劃內提供年金產品？

Good question. Yeah, we absolutely have been investing in capabilities to provide implant advice, both that benefit event and thereafter. I think competitively, people generally don't share the overall amount, but we can capture a significant portion, and I think there's still opportunity and room for us to improve that. We do have in-plan annuity options. As you know, in the industry, those haven't gotten a lot of traction yet, and that the real innovation is building retirement income into sort of a QDIA solution like a target date, and you will see us with those sort of solutions as we head into 2025.

好問題。是的，我們絕對一直在投資於提供植入建議的能力，無論是福利活動還是此後。我認為從競爭角度來說，人們通常不會分享總量，但我們可以獲得很大一部分，而且我認為我們仍然有機會和空間來改進這一點。我們確實有計劃內年金選項。如您所知，在行業中，這些還沒有得到很大的關注，真正的創新是將退休收入構建成 QDIA 解決方案（例如目標日期），您會看到我們提供這些解決方案我們即將邁入2025年。

Yeah. So the only thing I might add to that, again, just to finish off your question, we do have a lot of capabilities of capturing economics within those safe accounts within Principal Bank. We see it in our own annuity operations, and when we do retain assets in the mutual fund platform, which again will show up in our -- not in RIS, but it's going to show up within the Kamal's Principal Asset Management business unit. So there is significant economics that are spread across the organization. And again, the source was the retirement platform. Appreciate the questions.

是的。因此，我唯一要補充的是，為了結束你的問題，我們確實有很多能力在主要銀行的安全帳戶中獲取經濟數據。我們在自己的年金業務中看到了這一點，當我們確實在共同基金平台中保留資產時，這將再次出現在我們的——不是RIS 中，但它將出現在Kamal 的主要資產管理業務部門中。因此，整個組織中存在著重要的經濟效益。再說一次，來源是退休平台。感謝您提出的問題。

Ryan Krueger, KBW.

瑞安·克魯格，KBW。

Question on PGI. So it seems like you are seeing improved momentum on gross inflows, but withdrawals have also been increasing and still leading out to net outflows. Can you give some perspective on kind of the end of your play with those two things and how you think that may play out as we move forward here?

關於 PGI 的問題。因此，看起來總流入勢頭有所改善，但取款也在增加，並且仍然導致淨流出。您能否對這兩件事的結局發表一些看法，以及您認為隨著我們的進展，這可能會如何發展？

Kamal, please.

卡邁勒，請。

Sure. Ryan, thank you for your question. So let me start a little bit on your question around net cash flow, and then I'll go deeper into the PGI component of it. First of all, I'd like to highlight this quarter, we are quite pleased. It's a testament to the global diversified operating model. We are building an asset management, particularly how you see the results of our synergies we are putting together between PGI and PI. And you could see that with the excellent results we reported under the PI segment.

當然。瑞安，謝謝你的問題。因此，讓我先談談您關於淨現金流的問題，然後我將更深入地探討其中的 PGI 組成部分。首先，我想強調這個季度，我們非常高興。這是全球多元化營運模式的證明。我們正在建立資產管理，特別是您如何看待我們在 PGI 和 PI 之間協同作用的結果。您可以看到我們在 PI 部分報告的出色結果。

Just to highlight, we reported record $2.3 billion of positive flows under the PI segment. $2.1 billion of that is investment management flows that are coming from clients that we have typically seen on the PGI side. I would even highlight further for you. If you take that $2.1 billion, almost $1 billion of it has come from new client relationships. These are very high-quality global multinational corporations, who are now doing business with us in LATAM and Asia.

需要強調的是，我們報告 PI 部分的正流量達到創紀錄的 23 億美元。其中 21 億美元是來自我們通常在 PGI 方面看到的客戶的投資管理流量。我甚至會為您進一步強調。如果算上這 21 億美元，其中近 10 億美元來自新客戶關係。這些都是非常高品質的全球跨國公司，他們現在在拉丁美洲和亞洲與我們開展業務。

So it shows the power of what asset management is putting together in terms of how we operate and generate positive net cash flow as an asset management segment. One of the things you highlighted is how do we feel about the cash flow within PGI? I would highlight the positive favorable NCF trajectory as the year has gone by.

因此，它顯示了資產管理在我們作為資產管理部門如何運作和產生正淨現金流方面的力量。您強調的一件事是我們對 PGI 內部的現金流量有何看法？我想強調的是，隨著這一年的過去，NCF 呈現出積極有利的發展軌跡。

If I just looked at the PGI and PI sourced efforts this year, we almost have $950 million of positive NCF that has come from the sold efforts of PGI and PI. For PGI this quarter, source flows were roughly breakeven in retail, which have improved as the year has gone by. They were positive in our private institutional market efforts.

如果我只看今年的 PGI 和 PI 來源工作，我們幾乎有 9.5 億美元的正 NCF 來自 PGI 和 PI 的銷售工作。對於本季的 PGI 來說，零售業的客源流量大致達到損益平衡，隨著時間的推移，情況有所改善。他們對我們私人機構市場的努力持正面態度。

And yes, they were offset by higher outflows in public institutional, and so that's why you see that the results you highlighted. And I would highlight that the investment management flows in institutional can be lumpy in nature, and there is some seasonality in international pension flows, but we are quite pleased with the progress we are seeing in our net cash flow, both the direction and how we are thinking about this as a global business.

是的，它們被公共機構更高的資金流出所抵消，所以這就是為什麼你會看到你強調的結果。我想強調的是，機構投資管理流量本質上可能是不穩定的，而且國際退休金流量存在一定的季節性，但我們對我們在淨現金流方面看到的進展感到非常滿意，無論是方向還是我們的方式正在將其視為一項全球業務。

Quick follow-up is, do you have any -- can you give us any insight into potential performance fees for PGI that you expect in the fourth quarter?

快速跟進是，您能告訴我們您預計第四季度 PGI 潛在績效費用的任何資訊嗎？

I'll highlight for you what we did this quarter. As you know, our performance fees are primarily driven by real estate transaction. And as we had noted in our outlook, we are expecting lower real estate-related performance fees this year.

我將向您重點介紹我們本季所做的事情。如您所知，我們的績效費主要由房地產交易驅動。正如我們在展望中所指出的，我們預計今年與房地產相關的績效費用將會降低。

During the third quarter, we recognized roughly $6 million of performance fee from our real estate transactions. This brings the year to date up to $7 million, as I said, the first half was almost de minimis. So we have seen an uptick in that.

第三季度，我們從房地產交易中確認了約 600 萬美元的績效費。這使得今年迄今的收入達到 700 萬美元，正如我所說，上半年幾乎是微不足道的。所以我們看到了這一點的上升。

In a normal year, we would typically see $30 million to $35 million of gross performance fee, which can obviously significantly vary. And as you know, this is a longer and different real estate cycle. So that has historically been the norm. We do expect '25 to improve but not ramp up very quickly, given the nature of this cycle.

在正常年份，我們通常會看到 3,000 萬至 3,500 萬美元的總績效費，這顯然可能有很大差異。如您所知，這是一個更長且不同的房地產週期。所以這在歷史上一直是常態。考慮到這個週期的性質，我們確實預計 25 年會有所改善，但不會很快增加。

One of the things I would highlight for you on performance fee is our -- the business we started building in private credit is slowly ramping up. And over longer term, in addition to real estate, you will see the tremendous power that would create on the performance fee side. Obviously, these things our long-term investing projects, and they will show up in time, but that would be the other piece I would highlight for you.

關於績效費，我要向您強調的一件事是我們在私人信貸方面開始建立的業務正在緩慢增長。從長遠來看，除了房地產之外，您還將看到績效費方面所產生的巨大力量。顯然，這些都是我們的長期投資項目，它們會及時出現，但這將是我要向您強調的另一件事。

John Barnidge, Piper Sandler.

約翰·巴尼奇，派珀·桑德勒。

Congrats on the new role, Deanna. Questions around your comments on a slight uptick in the rate of withdrawal among older cohorts. With the baby boomer generation more and more entering peak retirement years, do you expect that rate of withdrawal uptick to have a more meaningful impact or increase? Thank you.

恭喜你獲得新角色，迪安娜。關於您對老年族群退出率略有上升的評論的問題。隨著嬰兒潮世代越來越多地進入退休高峰期，您預計提款率上升會產生更有意義的影響或增加嗎？謝謝。

Thanks for the question. I think it's hard to project that. What I would say is it's a slight uptick year over year, but it was actually down sequentially, slightly. So we don't expect to see sort of big changes in it. But obviously, to the extent you have very large account values, small ticks can impact those withdrawal rates pretty significantly. So we're not seeing like this very significant increase in the participant withdrawal rate, but -- and we are seeing it bounce around a little bit quarter to quarter.

謝謝你的提問。我認為很難預測這一點。我想說的是，同比略有上升，但實際上是連續略有下降。因此，我們預計不會發生重大變化。但顯然，如果您擁有非常大的帳戶價值，小變動就會對提款率產生相當大的影響。因此，我們沒有看到參與者退出率出現如此顯著的增長，但是 - 我們看到它每個季度都有一點反彈。

And then the question on the severance. I think you said it was $0.03 was in RIS and PI. Another fee-based company had severance in the quarter, and it's continuing for a number of quarters. Do you have any plans for additional severance that will not be called out as a significant variance in near (multiple speakers) --

然後是關於遣散費的問題。我想你說過 RIS 和 PI 是 0.03 美元。另一家收費公司在本季度發放了遣散費，並且這種情況持續了幾個季度。您是否有任何額外遣散費的計劃，這些遣散費不會被視為近期的重大差異？（多位發言者）——

Yeah. I don't see that on the horizon. We -- again, we align our expenses with the revenues that we're able to draw down upon. And I would say each one of the businesses and the support areas are constantly looking at opportunities to be more efficient, but I don't see on the foreseeable horizon to any sort of large severance adjustments that we'd be making.

是的。我看不到這一點。我們再次將我們的支出與我們能夠提取的收入結合。我想說，每個企業和支援領域都在不斷尋找提高效率的機會，但在可預見的範圍內，我認為我們不會做出任何大規模的遣散費調整。

Wilma Burdis, Raymond James.

威爾瑪·布爾迪斯，雷蒙德·詹姆斯。

Congrats to Deanna. Principal International performance was favorable in the quarter. Could you just discuss the drivers, and is it sustainable? I think especially on a constant currency basis, [it was upgraded]? Thanks.

恭喜迪安娜。信安國際本季的業績表現良好。您能談談驅動因素嗎？我認為特別是在貨幣不變的基礎上【升級了】？謝謝。

Yeah. So -- and I'll let Joel take that. But I just want to just recognize Thomas Cheong and Pablo Sprenger. Pablo's new within the last year, the organization really dug into Latin America and making adjustments, and we're seeing traction in our Brazilian, Chilean, and Mexican operations, and couldn't be more proud of what he's doing.

是的。所以——我會讓喬爾接受。但我只想認識托馬斯·張和巴勃羅·斯普倫格。巴勃羅是去年的新人，該公司真正深入拉丁美洲並進行了調整，我們看到巴西、智利和墨西哥業務的牽引力，並且為他所做的事情感到無比自豪。

And then secondly, and you heard the numbers as it related to China and some of the other actions in Southeast Asia, there's some unfreezing, if you will, of a pretty challenging macro environment there. But I'll have Joel add to that.

其次，你聽到了與中國和東南亞其他一些行動有關的數字，如果你願意的話，那裡的宏觀環境相當具有挑戰性，有一些解凍。但我會讓喬爾補充一下。

Yeah. Wilma, thanks for the question. Very strong quarter for Principal International. Record operating earnings of $121 million, record assets under management, $185 million, up 8% from just a quarter ago, and the highest net cash flows at $2.3 billion since the first quarter of 2018.

是的。威爾瑪，謝謝你的提問。信安國際的季度表現非常強勁。營業利潤創紀錄地達到 1.21 億美元，管理資產創紀錄地達到 1.85 億美元，較上季度增長 8%，淨現金流創 2018 年第一季以來最高水平，達到 23 億美元。

So with those results, we're very confident in our ability to deliver on the 2024 outlook, which is a reminder for revenues with low single-digit growth. If you look over the trailing 12-month period, our reported growth is 6% and as you mentioned, a strong constant currency result of 5% year over year.

因此，有了這些結果，我們對實現 2024 年前景的能力非常有信心，這對低個位數成長的收入來說是一個提醒。如果您查看過去 12 個月的數據，我們報告的成長率為 6%，正如您所提到的，按固定匯率計算，年成長率為 5%。

And the margins front, what we committed to coming into the year was a 30% to 34% guidance, and we actually delivered a 50 basis point improvement year over year at 32% comfortably within that margin on a trailing 12 month basis.

在利潤率方面，我們承諾今年的指導值為 30% 至 34%，實際上，在過去 12 個月的基礎上，我們的利潤率同比提高了 50 個基點，達到 32%。

Again, adjusting for those items from significant variances that you saw within the slides on page 12 and 13, we did have a good solid 8% year-over-year increase despite $7 million of FX headwinds. So we continue to see strong underlying fundamentals in our businesses that we expect to lead to solid earnings growth and positive, although tempered from the strong third quarter net cash flows in the fourth quarter of '24.

同樣，根據您在第 12 頁和第 13 頁的幻燈片中看到的重大差異對這些項目進行調整，儘管存在 700 萬美元的外匯逆風，但我們確實實現了 8% 的同比增長。因此，我們繼續看到我們業務強勁的基本面，我們預計這將帶來穩健的獲利成長和積極的收益成長，儘管受到 24 年第四季強勁的第三季淨現金流的影響。

And then can you talk a little bit more about the capital generation outlook for the remainder of the year and also into 2025?

然後您能多談談今年剩餘時間以及 2025 年的資本生成前景嗎？

Deanna?

迪安娜？

Yeah, I'll take that, Wilma. Thank you, and thank you for the congratulations as well. I'm really looking forward to the new role. I think as we came into the year, we committed to our 75% to 85%, and we recognize that, that tends to ramp up throughout the year.

是的，我會接受的，威瑪。謝謝你，也謝謝你的恭喜。我真的很期待這個新角色。我認為，進入這一年，我們承諾實現 75% 到 85%，而且我們認識到，這一比例在全年中往往會上升。

So I'll start with that we were very proud with our free cash flow generation in the third quarter, and we remain confident in our full-year targeted free cash flow as well. And as we go into 2025, we'll give more specifics on that and outlook, but I still feel really good about remaining in that target. If you look at it for the quarter, our excess and available capital remained relatively stable with last quarter despite a very strong capital return of $416 million.

首先，我們對第三季的自由現金流產生感到非常自豪，我們對全年目標自由現金流仍然充滿信心。當我們進入 2025 年時，我們將提供更多關於這一目標和前景的細節，但我仍然對保持該目標感到非常滿意。如果你看看本季度，我們的超額資本和可用資本與上季度相比保持相對穩定，儘管資本回報非常強勁，達到 4.16 億美元。

And so that generates an implied free cash flow actually above our targeted range. And we still feel confident that fourth quarter will have a strong free cash flow component as well, bringing the full year to that 75% to 85% target.

因此，這產生的隱含自由現金流實際上高於我們的目標範圍。我們仍然相信第四季也將擁有強勁的自由現金流部分，使全年達到 75% 至 85% 的目標。

Tom Gallagher, Evercore ISI.

湯姆·加拉格爾，Evercore ISI。

Deanna, just first question on earnings, the $0.03 of elevated severance in RIS and PI. Should we -- on a normalized trendable basis, should we be thinking about adding the $0.03 back to the [$2.05] starting with [$2.08] as kind of a baseline heading into Q4? Or would you offer any other adjustments to thinking about run rate?

Deanna，這是關於收入的第一個問題，RIS 和 PI 中增加的 0.03 美元遣散費。在標準化趨勢基礎上，我們是否應該考慮將 0.03 美元加回 [2.05 美元]，從 [2.08 美元] 開始，作為進入第四季度的基線？或者您會提供任何其他調整來考慮運行率嗎？

Yeah. What I would say is I think [$2.05] is a good one to jump off of. Obviously, in the quarter, we had some pluses and minuses. Obviously, corporate had a very strong earnings quarter. Our tax rate was a little bit lower than expected.

是的。我想說的是，我認為 [2.05 美元] 是一個不錯的選擇。顯然，在本季度，我們有一些優點和缺點。顯然，企業季度獲利非常強勁。我們的稅率比預期低一點。

And as you mentioned, we had severance that we did not identify. And so I think net-net, [$2,05] is a good one to think about. As I mentioned in the prepared remarks, we do have seasonality of expenses in the fourth quarter. I expect those to be similar to what we saw the last couple of years. So think of that as low to low single-digit increase relative to the average of the first three quarters.

正如您所提到的，我們有未透露身分的遣散費。所以我認為 net-net，[2,05 美元] 是一個值得考慮的好選擇。正如我在準備好的發言中提到的，我們在第四季度的支出確實存在季節性。我預計這些情況將與我們過去幾年看到的情況類似。因此，可以將其視為相對於前三個季度的平均水平從低到低的個位數增長。

But on the flip side, we also expect that the underwriting results in specialty benefits will improve in the fourth quarter as well. So I think net-net [$2.05], I think ultimately, when you put some of the puts and takes in the quarter, I feel that's a good run rate for the quarter.

但另一方面，我們也預期第四季特殊福利的承保業績也會有所改善。所以我認為淨淨[2.05 美元]，我認為最終，當你在本季度投入一些看跌期權和期權時，我認為這是本季度的良好運行率。

Got you. And then listening to what some of the alternative managers are saying about the real estate market, there sounds like there's a lot more optimism that commercial real estate has bottomed and is maybe starting to improve.

明白你了。然後聽聽一些另類經理對房地產市場的看法，聽起來人們更樂觀地認為商業房地產已經觸底，並且可能開始改善。

And I know that's pretty important for you guys, both in flows and alternative returns. Any thoughts on if you agree with that, and if you would expect to see improvement in transaction levels because I think that will determine and drive some levers on earnings, both on alternative returns and even transactional fees in PGI. But just curious on that general theme, what you think.

我知道這對你們來說非常重要，無論是在流量還是替代回報方面。如果您同意這一點，以及您是否期望看到交易水平的改善，我有什麼想法，因為我認為這將決定並推動一些收益槓桿，包括替代回報，甚至 PGI 的交易費用。但只是對這個整體主題感到好奇，你的想法是什麼。

Yeah, Tom, really appreciate that question, and we convene our investment committee every week, and we get into the details of each of the asset classes. And as you might expect, real estate gets a lot of our attention. And ironically enough, we just had this discussion yesterday. And again, credit goes to the real estate team for having wean themselves off a big exposure to office years and years ago. It wasn't a new phenomenon.

是的，湯姆，真的很感激這個問題，我們每週都會召開投資委員會會議，我們會詳細討論每個資產類別的細節。正如您所料，房地產引起了我們的廣泛關注。諷刺的是，我們昨天才進行了這樣的討論。再說一遍，房地產團隊在多年前就擺脫了對辦公室的大量接觸，這要歸功於房地產團隊。這並不是什麼新現象。

The portfolio was incredibly diverse by property type, by geography. And again, we would agree with the sentiment that you described, which is there's a recovery going on. And it's an incredibly resilient asset class. It's amazing to me how they repositions itself, and a lot of these properties are reconfigured to do something different, and there's still a lot of building going on. But I'll go to the expert here and have Kamal make some additional comments on real estate specifically.

該投資組合在房地產類型和地理位置上極為多樣化。再次，我們同意您所描述的觀點，即經濟正在復甦。這是一種極具彈性的資產類別。讓我驚訝的是，它們如何重新定位自己，並且許多這些屬性被重新配置以做不同的事情，而且仍然有很多建設正在進行。但我會去找這裡的專家，讓卡邁勒專門針對房地產發表一些補充評論。

Sure. Thank you, Dan. Good morning, Tom. So I think you had a two-part question. One was just how do we see the sentiment in real estate, given the indicators you've heard from others? And then second piece related to transactions. So I'll take both in order. I would agree with the improving sentiment. We do see a little bit more of the bottoming out of the valuations in real estate.

當然。謝謝你，丹。早上好，湯姆。所以我認為你有一個由兩個部分組成的問題。一是根據您從其他人那裡聽到的指標，我們如何看待房地產市場的情緒？然後是與交易相關的第二部分。所以我將按順序處理兩者。我同意情緒的改善。我們確實看到房地產估值進一步觸底。

Just to give you an example, this quarter, we printed the first gross positive portfolio total return in our core real estate fund, which has brought diversified exposure to all real estate, obviously, including office as well. And this is the first one we have seen through this market cycle.

舉個例子，本季度，我們在我們的核心房地產基金中印出了第一個總正投資組合總回報，這為所有房地產帶來了多元化的投資，顯然也包括辦公室。這是我們在這個市場週期中看到的第一個。

So obviously, these things take a while to bottom out before they go upward, but certainly, that first positive print is a good sign for us. And we'll be monitoring that trend more closely. It's quite interesting to see, when you look at the performance of office REITs, as you know, we are a fairly large manager in REITs as well, and we monitor that sector closely. It's almost up 66% from its bottom in October of '23.

顯然，這些事情在上升之前需要一段時間才能觸底，但當然，第一個積極的結果對我們來說是一個好兆頭。我們將更密切地監控這一趨勢。非常有趣的是，當您查看辦公室房地產投資信託基金的表現時，如您所知，我們也是房地產投資信託基金中規模相當大的管理公司，我們密切監控該行業。與 2023 年 10 月的谷底相比，幾乎上漲了 66%。

So clearly, the public markets are anticipating this turn. On going back to your transaction question, I would say, first, the impact of rates on transactional activity and money flow has been slightly slower than we would have anticipated.

顯然，公開市場正在期待這項轉變。回到你的交易問題，我想說，首先，利率對交易活動和資金流動的影響比我們預期的要慢。

Right now, there are a lot of crosscurrents in the marketplace, some due to inconsistent economic data that we, not just us, but you see in the macroeconomic world. There's elements of elections and geopolitics. There's also demographic shifts that are happening, which makes this cycle somewhat unusual compared to prior cycles.

目前，市場上存在著許多逆流，其中一些是由於我們（不僅僅是我們，而是您在宏觀經濟世界中看到的）不一致的經濟數據造成的。其中有選舉和地緣政治的因素。人口結構也正在發生變化，這使得這個週期與之前的週期相比有些不尋常。

So when we look particularly in real estate, core and construction deal flow remains below historical norms, while most activity right now is in more bridge-type short-term financing to extend maturing loans. So there is transactional activity, but it is not of the long-term nature.

因此，當我們特別關注房地產領域時，核心和建築交易流量仍低於歷史正常水平，而目前的大多數活動更多是過渡型短期融資，以延長到期貸款。所以有交易活動，但不是長期的。

So what I would say is we continue to monitor it probably a longer cycle as you try to go related to transactional fees. And then obviously, there is a little bit more clearing you need to see in the multifamily commercial real estate sector as well, which we are quite active in. I hope that answers your question.

所以我想說的是，當你嘗試與交易費用相關時，我們會繼續監控它，可能會持續更長的週期。顯然，在我們非常活躍的多戶型商業房地產領域，您也需要看到更多的清理工作。我希望這能回答你的問題。

Wes Carmichael, Autonomous Research.

韋斯·卡邁克爾，自主研究。

My first question was on the Life Insurance segment. I think with the assumption review, there's a small impact to ongoing GAAP earnings. And I think for that segment in particular, I think the operating margin has been trending a little bit below your guide of the 13% to 15%. So just wondering if we should think about that kind of continuing to be a little bit below that range as we look forward?

我的第一個問題是關於人壽保險領域的。我認為透過假設審查，對持續的 GAAP 效益影響很小。我認為，特別是對於該細分市場，我認為營業利潤率一直略低於您設定的 13% 至 15% 的指導值。所以只是想知道我們是否應該考慮在我們展望未來時繼續略低於該範圍？

Yeah, I'll have Amy take that. Thanks, Wes.

是的，我會讓艾米拿走。謝謝，韋斯。

Yeah. So Wes, appreciate the question. And if some of this does get into the AAR, we can pull Joel in and help with any clarification on that. But what I would say is that, that trend, that amount that you're seeing right there at about $33 million sits in a pretty good range in terms of how I think of run rate.

是的。所以韋斯，感謝這個問題。如果其中一些內容確實進入了 AAR，我們可以讓 Joel 參與並幫助對此進行澄清。但我想說的是，就我對運行率的看法而言，您所看到的大約 3300 萬美元的趨勢處於相當不錯的範圍內。

Of course, we're going to have claims volatility. We think of that in the range of plus or minus $5 million. The point I would clarify on here though is the results that we're posting actually include any of those ongoing impacts. So those are embedded within the results that we put in there for third quarter on the AAR, any impacts on run rate.

當然，我們會遇到索賠波動。我們認為這個數字在正負 500 萬美元的範圍內。不過，我要在這裡澄清的一點是，我們發布的結果實際上包括任何這些持續的影響。因此，這些都包含在我們第三季 AAR 的結果中，也就是對運行率的影響。

Got it. And then just maybe my follow-up. On VII, I know it's a little bit early, Deanna, but is there any kind of look towards the fourth quarter? I guess it kind of follows maybe Tom's question a little bit on transactional activity, but should we expect variable investment income to be below long-term expectations going forward?

知道了。然後也許是我的後續行動。關於第七季，我知道現在有點早，迪安娜，但對第四季有什麼展望嗎？我想這可能是湯姆關於交易活動的問題的一部分，但我們是否應該預期可變投資收益將低於未來的長期預期？

Yeah, Wes, I'll give a little bit of color on the quarter and then talk about kind of expectations for the future, which obviously will refine as we go into outlook in February. We have given you kind of an outline of the basket of assets that comprise our variable investment income, some of which we have more direct line of sight than others.

是的，韋斯，我將對本季度進行一些介紹，然後談談對未來的預期，這顯然會隨著我們 2 月的展望而完善。我們已經向您提供了構成我們可變投資收入的一攬子資產的概要，其中一些資產我們比其他資產有更直接的視野。

We did continue to see pressure in the third quarter with some mixed drivers than what we've seen from previous quarters. On the plus side, we did see slight outperformance from real estate really driven by a transaction in the quarter.

我們確實在第三季度繼續面臨壓力，與前幾季相比，有一些複雜的驅動因素。從好的方面來說，我們確實看到房地產的表現略有好轉，這實際上是由本季的交易推動的。

We also saw very strong totally equity returns in the quarter that run through the corporate segment, but that was more than offset by negative returns from our private equity portfolio and continued minimal prepayments.

我們也看到本季整個企業部門的總股本回報率非常強​​勁，但這被我們的私募股權投資組合的負回報和持續的最低預付款所抵消。

Regarding private equity, this is a smaller percent of our portfolio, but I think the returns that we saw are very similar to what our peers have signaled, and was the driver of the pressure in the quarter. So hopefully, that makes you understand what happened this quarter. If I think of fourth quarter in 2025, I think there's some moving parts that may come into that, partially driven by the trajectory of interest rates.

關於私募股權，這在我們的投資組合中所佔的比例較小，但我認為我們看到的回報與同行所暗示的非常相似，並且是本季壓力的驅動因素。希望這能讓您了解本季發生的情況。如果我想到 2025 年第四季度，我認為可能會出現一些變化，部分是由利率軌跡驅動的。

And if we see prepayments come back to normal levels, I think as I think of the end of '24 and '25, I still think we'll see some pressure in variable investment income. But if I think of fourth quarter, we could have some moving pieces where I don't foresee a real estate transaction, but I'm hopeful that private equity returns come to a more positive light that could offset that a little bit.

如果我們看到預付款恢復到正常水平，我認為正如我想到 24 世紀末和 25 世紀末一樣，我仍然認為我們會看到可變投資收入面臨一些壓力。但如果我想到第四季度，我們可能會出現一些我預計不會發生房地產交易的動態，但我希望私募股權回報能出現更積極的情況，從而可以稍微抵消這一點。

And so I think net-net, we have seen improvement in variable investment income in 2024 relative to what we saw in 2023. And I think we'll continue to see that ramp up to run rate, but we might continue to see some pressure over the next few quarters.

因此，我認為，相對於 2023 年，我們看到 2024 年可變投資收益有所改善。我認為我們將繼續看到運行率上升，但在接下來的幾個季度我們可能會繼續看到一些壓力。

Elyse Greenspan, Wells Fargo.

伊麗絲‧格林斯潘，富國銀行。

My first question just on the PRT side of things, it sounds like you guys expect rate to come in at the high end of your higher guide, like, $3 billion for the year. Does anything kind of new there that you're seeing activity either in the Q3 expectations for the balance of the year? And also just kind of some initial thoughts on 2025?

我的第一個問題是關於 PRT 方面的事情，聽起來你們預計利率會達到較高指南的高端，例如今年 30 億美元。您在今年剩餘時間的第三季預期中看到了什麼新的活動嗎？還有 2025 年的一些初步想法嗎？

Yeah, I'll have Chris take that. We're -- again, it's been a very opportunistic business for us, and the environment has been very favorable, and Chris and his team have done a good job taking advantage of it.

是的，我會讓克里斯拿走。再說一次，這對我們來說是一項非常機會主義的業務，而且環境非常有利，克里斯和他的團隊利用這一優勢做得很好。

Yeah, thanks for the question, Elyse. Yeah, I mean, we saw a nice third quarter, and we maintained our pricing discipline through the third quarter through a very competitive quarter. We expect to see a pretty robust fourth quarter, and so we feel very confident in being able to deliver the $3 billion at attractive returns.

是的，謝謝你的提問，愛麗絲。是的，我的意思是，我們看到了一個不錯的第三季度，並且在競爭非常激烈的第三季度我們保持了定價紀律。我們預計第四季將非常強勁，因此我們非常有信心能夠以有吸引力的回報交付 30 億美元。

Again, as we think about our PRT business, we're constantly balancing the growth versus returns, and making sure that we're getting an appropriate return on the capital we're investing in our PRT business. So we're taking that view toward it.

同樣，當我們考慮 PRT 業務時，我們不斷平衡成長與回報，並確保我們投資於 PRT 業務的資本獲得適當的回報。所以我們對此持這種觀點。

With respect to '25, it's still too early the markets. I mean, the pension funds are still through [9/30], 170% funded according to Mercer. So we continue to see nice opportunities for us on a go-forward basis into 2025, and we'll look to grow that, what we do in '25 over '24, but a little bit too early to give a number at this point.

就 25 年而言，現在進入市場還為時過早。我的意思是，退休基金仍然到[9/30]，根據美世的數據，170% 的資金到位。因此，展望 2025 年，我們繼續看到很好的機會，我們將尋求發展，我們在 25 年所做的事情比 24 年所做的事情，但現在給出一個數字還為時過早。

And then my second question, just any additional color that you can just give on the RIS decompression that you've seen so far this year, just an update on just the drivers and just the outlook there?

然後是我的第二個問題，您可以對今年迄今為止所看到的 RIS 減壓提供任何其他顏色，只是驅動程式的更新和前景嗎？

Yeah, Chris, please.

是的，克里斯，請。

Yeah. I think with respect to fee rate, the one thing I want to start by saying is probably to make sure that we understand that when we think about our retirement business, there's both fee and spread revenue tied to our retirement business. It's not just fully fee.

是的。我認為關於費率，我首先要說的一件事可能是確保我們了解，當我們考慮我們的退休業務時，費用和利差收入都與我們的退休業務相關。這不僅僅是完全收費。

So when we think about the GA product that we sell through our retirement plans, our co-manufactured solutions, those are driving spread revenues too, that's showing up not in fee. And with rising markets, it's a similar story with respect to fee revenue rate as it is with AV net cash flow.

因此，當我們考慮透過退休計畫銷售的通用航空產品、我們共同製造的解決方案時，這些產品也推動了價差收入，但這些收入並未反映在費用中。隨著市場的不斷崛起，費用收入率的情況與 AV 淨現金流量的情況類似。

The rise -- the significant rise in markets, pressures, fee revenue rate because the denominator is more sensitive to those returns than the numerator in the calculation. So all that being said, what I'd say about fee revenue rate is we're down about 2 bps versus a year ago and about 2 bps in the trailing 12 month compare.

上升－市場、壓力、費用收入率的顯著上升，因為在計算中分母比分子對這些回報更敏感。話雖如此，關於費用收入率，我想說的是，與一年前相比，我們下降了約 2 個基點，在過去 12 個月的比較中，下降了約 2 個基點。

And we believe the trailing 12 month compare is the best way to look at fee revenue rate, given the [fluctuations] that can occur from quarter to quarter. And despite all that noise, when we look at sort of the market performance, when we talked historically on our guidance, we've sort of said 2 bps to 3 bps of compression can be expected in normal markets.

我們認為，考慮到每季可能發生的[波動]，過去 12 個月的比較是了解費用收入率的最佳方式。儘管有這些噪音，但當我們審視市場表現時，當我們歷史性地談論我們的指導時，我們曾說過，在正常市場中預計會出現 2 至 3 個基點的壓縮。

These are well above normal markets, and we actually think that those stronger equity markets are pressuring fee revenue rate another 0.5 bp to 1 bp, just given the strong performance. But take all that into account, we think when we get to the end of the year on a trailing 12-month basis, we'll be within our guidance of the two to three compression for the full year.

這些遠高於正常市場，而且我們實際上認為，考慮到強勁的表現，那些走強的股票市場正在將費用收入率再推高 0.5 個基點至 1 個基點。但考慮到所有這些，我們認為，當我們以過去 12 個月為基礎到年底時，我們將在全年 2 到 3 個月的壓縮指導範圍內。

Josh Shanker, Bank of America.

喬許‧尚克，美國銀行。

Yes, I wanted to talk a little bit about the assumption review. I guess two-thirds of the charge, particularly in the Life business was related to refinements in, I guess being better at analyzing the data. Does that mean that going forward, there should be less volatility in the assumption reviews? And can you talk about what those refinements are, so we're more comfortable with the changes?

是的，我想談談假設審查。我想三分之二的費用，特別是在人壽業務中，與改進有關，我想更好地分析數據。這是否意味著未來假設審查的波動性應該較小？您能否談談這些改進是什麼，以便我們對這些變化感到更加滿意？

Yeah. And I'll have Joel take that. And just another one of those reminders, and Joel already mentioned earlier, this post-LDTI environment is going to create a little bit more noise, a little more volatility, but I'll have Joel take this one.

是的。我會讓喬爾拿走。還有一個提醒，喬爾之前已經提到過，這種後 LDTI 環境將產生更多一點噪音，更多一點波動，但我會讓喬爾接受這一點。

Yeah. Josh, thanks for the question. I promise I'll get to your specific question. The Humphrey and team have fielded several questions on our annual assumption review this quarter. So we'd like to take a step back and provide a holistic response. Given how long we and the industry prepared for last year's implementation of LDTI, it's actually hard to believe it's only the second annual assumption under the new guidance.

是的。喬什，謝謝你的提問。我保證我會回答你的具體問題。漢弗萊和團隊在本季的年度假設審查中回答了幾個問題。因此，我們想退一步並提供全面的回應。考慮到我們和業界為去年實施 LDTI 做準備的時間，實際上很難相信這只是新指導下的第二個年度假設。

But as a reminder, and as Dan said, balance is subject to assumption review are much larger under LDTI. For PFG, the balance is subject to review are now $35 billion or 7 times larger than pre-LDTI levels. As such, a slight change in assumption can result in a relevant onetime impact.

但提醒一下，正如 Dan 所說，在 LDTI 下，需要進行假設審查的平衡要大得多。對於 PFG，目前需要審查的餘額為 350 億美元，是 LDTI 之前的 7 倍。因此，假設的微小變化可能會導致相關的一次性影響。

The $82 million one-time impact for all of PFG, you were referenced in the life piece, but all of PFG was $82 million. That equates to 0.2% of our actuarial balances, and largely offsets the positive pretax impact of a year ago. Importantly, the impact of this quarter's assumption review was GAAP only, non-cash, and had an immaterial impact of free capital flow.

一次性為 PFG 帶來 8200 萬美元的影響，生命篇中提到了你，但 PFG 的一次性影響是 8200 萬美元。這相當於我們精算餘額的 0.2%，很大程度上抵消了一年前的正向稅前影響。重要的是，本季假設審查的影響僅限於公認會計原則（GAAP），非現金，並且對自由資本流動產生非實質影響。

As Deanna noted in her remarks earlier, the run rate impact was immaterial, with slight positive in RIS and PI at less than $0.01 a share per quarter, a slight decrease in SBD and life, also less than $0.01 a share per quarter. These run rate impacts are reflected in our 3Q results.

正如 Deanna 在早些時候的演講中指出的那樣，運行率影響並不重大，RIS 和 PI 略有上升，每季度不到 0.01 美元，SBD 和壽命略有下降，每季度也低於 0.01 美元。這些運行率影響反映在我們的第三季業績。

So everything else being equal, serve as a good run rate going forward. So double-clicking on your specific question, as you said, two-thirds does come from experience. It's relatively equal among the following three. There's lapse experience in the VA business within RIS. There's lapse experience in life and then claim termination and incident rates in the individual disability business, which largely offsets the benefit from a year ago.

因此，在其他條件相同的情況下，未來的運行率會很好。因此，雙擊您的具體問題，正如您所說，三分之二確實來自經驗。以下三者之間是比較相等的。RIS 內部的 VA 業務有失敗的經驗。個人殘疾業務中存在生活失誤、索賠終止和事故發生率，這在很大程度上抵消了一年前的收益。

And then the remaining one-third of that one-time impact comes from the model refinements you talked about. So let me address that specific question. It relates to YRT modeling enhancements. We have improved the granularity is modeling and refinement as a product of our more sophisticated modeling capabilities at the treaty level.

然後，一次性影響的剩餘三分之一來自您談到的模型改進。那麼就讓我來回答這個具體問題。它與 YRT 建模增強功能相關。作為我們在條約層面更複雜的建模能力的產物，我們改進了建模和細化的粒度。

Our expected cost of YRT has not changed, but rather, we have refined the pattern by which the cost is amortized. That is why this refinement has no economic or stat impact, but our expectation of YRT cost remains intact.

我們的 YRT 預期成本沒有改變，但我們改進了成本攤銷的模式。這就是為什麼這種改進沒有經濟或統計影響，但我們對 YRT 成本的預期保持不變。

So as it relates to volatility, we can't guarantee there won't be volatility in the future when you deal with balances of that magnitude, but we feel really good about our assumption setting process and feel really good about the enhancements we've made as we prepare the organization for complying with LDTI.

因此，由於它與波動性有關，我們不能保證未來當您處理如此大規模的餘額時不會出現波動，但我們對我們的假設設定過程感到非常滿意，並對我們所做的增強感到非常滿意當我們準備組織遵守LDTI 時制定。

I'm very proud of the work that was done in the finance community, we not only complied with LDTI, but we also modernize our systems to gain better insights that we're going to benefit from greatly going forward. So Josh, I hope that helps.

我對金融界所做的工作感到非常自豪，我們不僅遵守 LDTI，而且還對我們的系統進行現代化改造，以獲得更好的見解，我們將從中受益。所以喬希，我希望這會有所幫助。

It does. Then there was also the issue of lapsation, and Humphrey did talk to me about this, but I'm still trying to understand it. There were some term life contracts we're not lapsing as quickly as anticipated, and there was a change there. But I think about my own term product and I don't think that -- I hope not, but I don't think the life insurer is going to have to pay out a claim on that.

確實如此。然後還有失效的問題，漢弗萊確實和我談過這個問題，但我仍在努力理解它。有些定期壽險契約的失效速度沒有預期的快，但情況卻改變了。但我想到我自己的定期產品，我不認為——我希望不是，但我不認為人壽保險公司必須為此支付索賠。

And I'm only 50 and probably in the next six, seven years, my term product will be no longer active, and you will have gotten payments for me for the next seven years on that. Why does that necessarily create a charge? Isn't that money good business and you would like everybody to serve out the entirety of their term policy?

我只有 50 歲，可能在接下來的六、七年內，我的定期產品將不再有效，而您將獲得我未來七年的付款。為什麼這必然會產生費用？這筆錢不是一筆好生意嗎？

Yeah, that's a good point, Josh. That's why sometimes accounting is subject to interpretation, and it doesn't always state the obvious. And so what I'd say with that is that's a very small part of the life model refinement, actually, the life impacts. It's only about 25% relates to the experience and then the change in lapses. But actually, that's a product of the client, as you said, staying around longer, which is a good thing for us, but it does actually result in the impact of increasing liability within the extra assumption review.

是的，這是一個很好的觀點，喬許。這就是為什麼有時會計會受到解釋，並且它並不總是說顯而易見的事情。所以我想說的是，這只是生活模型細化的一小部分，實際上是生活影響。只有大約 25% 與經驗以及失誤的變化有關。但實際上，正如您所說，這是客戶的產品，停留時間更長，這對我們來說是一件好事，但它實際上會導致額外假設審查中責任增加的影響。

So again, it's not always intuitive, but it is a situation where this is a product of the customer staying with us longer. In the long run, that's good for us. It's good for our customers, but it does have a maybe an illogical account results in this situation.

再說一遍，這並不總是直觀的，但在這種情況下，這是客戶在我們這裡停留更長時間的結果。從長遠來看，這對我們有好處。這對我們的客戶有好處，但確實有一個可能不合邏輯的帳戶導致了這種情況。

Amy, anything you'd like to add to that?

艾米，你還有什麼要補充的嗎？

Yeah. The last thing I would add is, keep in mind, Josh, a lot of the term business we're writing today is with that business market focus. So when we're writing something that's a key person insurance or that's part of a buy-sell agreement and we're using term to do exit planning or succession planning, leaving that in place, as Joel just mentioned, is good for us.

是的。我要補充的最後一件事是，請記住，喬什，我們今天寫的許多術語「業務」都是以業務市場為重點。因此，當我們編寫關鍵人員保險或買賣協議一部分的內容時，並且我們正在使用術語進行退出計劃或繼任計劃，正如喬爾剛才提到的那樣，保留該術語對我們有好處。

So when we get more constancy on that business market product for a term product, we really like the economics and how that helps with our overall strategy. So again, accounting wise, it's a little bit -- it seems a little bit opposite in terms of how we'd have to kind of take that charge. But we like the strategy, and we liked -- I personally like seeing that emerge in our findings for the term business.

因此，當我們對長期產品的商業市場產品更加穩定時，我們真的很喜歡經濟學以及它如何幫助我們的整體策略。再說一遍，從會計角度來看，就我們如何承擔這項費用而言，這似乎有點相反。但我們喜歡這個策略，而且我們喜歡——我個人喜歡看到這一點出現在我們對「商業」一詞的調查結果中。

So to understand the next few years on these counters, you're going to receive the premium income and you're also going to reverse that benefit for like a double, I guess, a double income sort of situation?

因此，要了解這些櫃檯的未來幾年，您將獲得保費收入，並且您還將扭轉這種福利，我猜是雙倍收入之類的情況？

We're going to receive the benefit for sure. You hadn't -- I was with you on that. The double benefit, I'm not sure I would --

我們一定會得到好處。你沒有——我同意你的觀點。雙重好處，我不確定我會不會--

No, I'm going to pay you the premiums for the next few years, right? Is that right?

不，接下來幾年的保費我都會付你，對嗎？是這樣嗎？

The premium is the positive in that equation. Correct.

溢價是該等式中的正值。正確的。

Hey, Josh, I think we can take this offline. Maybe I can try to help this a little bit. So if you think of a 20-year term policy, and we have underwriting that happens before we write that policy, you're always going to have better assumed mortality early in that 20-year period than later.

嘿，喬什，我想我們可以把這個離線。也許我可以嘗試對此提供一點幫助。因此，如果您考慮一份 20 年期的定期保單，並且我們在承保該保單之前就進行了承保，那麼您總是會在該 20 年期間的早期假設死亡率比之後更好。

And so if our historical experience had 80% of those going the whole 20 years and a portion of those lapsing sometimes in the latter half of that -- and now we have a little bit more going towards the whole 20 years, you're just going to see a little bit more claims paid out than what we would had anticipated, which causes that increase in the assumption. Does that make some sense?

因此，如果我們的歷史經驗中有 80% 的人經歷了整個 20 年，而其中一部分有時會在後半段消失——而現在我們有更多的人經歷了整個 20 年，那麼你只是將會看到比我們預期多一點的索賠支付，這導致假設增加。這樣有道理嗎？

That does, too, yes. All right. Well, thank you very much. Well, I'm sorry I'm going too in the [wit], but I appreciate it.

確實如此，是的。好的。嗯，非常感謝。好吧，我很抱歉我也變得[機智]，但我很感激。

No, Josh, you're good. Appreciate it.

不，喬什，你很好。欣賞它。

Alex Scott, Barclays.

亞歷克斯·斯科特，巴克萊銀行。

I wanted to ask you about just sort of your strategy and any initiatives you have going on when I think about flows and just trying to push out towards positive territory. Certainly, there's industry-related things that are going on as you guys have talked about. But what are some of the strategies, and maybe if you could talk about it for PGI and RIS separately?

我想問您的策略以及當我考慮流量並試圖推動積極領域時您正在採取的任何舉措。當然，正如你們所談論的那樣，正在發生一些與行業相關的事情。但是有哪些策略？

Yeah, I can assure you get a lot of attention around here. And I'm glad you broke out the difference in RIS and PGI because those are actually quite different levers between the two respected businesses. But let me have Kamal go first and then Chris, but a lot of time and attention on driving profitable growth, and we know that retaining and acquiring new assets is an important component of that.

是的，我可以保證你在這裡得到了很多關注。我很高興您揭示了 RIS 和 PGI 之間的差異，因為這實際上是兩個受人尊敬的企業之間完全不同的槓桿。但讓我先讓卡邁勒走，然後是克里斯，但我花了很多時間和精力來推動獲利成長，我們知道保留和收購新資產是其中的重要組成部分。

Sure. Thank you, Dan. Hi, Alex, I'll be succinct here. I think you raised a very good question, which is as a management team, are we strategically are leaning in to improve the quality and the quantity of our net cash flow. And I'll give you a couple of examples. I think Dan in his prepared comments, mentioned how we have seen increased RFP activities.

當然。謝謝你，丹。嗨，亞歷克斯，我會在這裡簡潔地說。我認為你提出了一個非常好的問題，作為一個管理團隊，我們是否在策略上傾向於提高淨現金流的品質和數量。我會給你幾個例子。我認為 Dan 在他準備好的評論中提到了我們如何看到 RFP 活動的增加。

One of the things we are doing is to ensure we have a robust pipeline of these activities. Just, I think, as you heard, our RFP activities are roughly up 12%, and they've exceeded '23 and '22. But what we're also ensuring is we are also engaging on early-stage opportunities, so our pipeline remains robust.

我們正在做的事情之一是確保我們擁有強大的這些活動管道。只是，我認為，正如您所聽到的，我們的 RFP 活動大約增長了 12%，並且已經超過了 23 年和 22 年。但我們也確保我們也在參與早期機會，因此我們的管道保持強勁。

One of the things that we have observed is, as we have built out our teams, we have seen more RFPs come through our international equity capabilities. Historically, we've had a strong pipeline with real estate and specialty income, and it's our goal to expand the equity capabilities we offer to the marketplace, roughly 40% of the volume in RFPs is going there.

我們觀察到的一件事是，隨著我們組建團隊，我們看到更多的 RFP 透過我們的國際股權能力獲得。從歷史上看，我們擁有強大的房地產和專業收入管道，我們的目標是擴大我們向市場提供的股權能力，大約 40% 的 RFP 數量流向那裡。

The other capability I would highlight, which is getting a lot of attention and will yield long term results as we are very good in global credit, both on the public and private side. And we are seeing increased interest from many clients globally. I mentioned the synergies we are seeing between PGI and PI, and that's a core part of it.

我要強調的另一種能力正在受到廣泛關注，並將產生長期成果，因為我們在公共和私人方面的全球信貸都非常好。我們看到全球許多客戶的興趣日益濃厚。我提到了我們在 PGI 和 PI 之間看到的協同效應，這是它的核心部分。

And one of the things that's gotten a lot of attention recently, we have been quietly building a very strong private credit business. We have almost deployed $2.5 billion of capital. And just this year, almost $400 million of positive net cash flow. As you can imagine, the earnings stream on these are long term, and they are at a much higher multiple of revenue than we have seen in the past. I'll turn it over to Chris, but those would be my comments.

最近引起廣泛關注的一件事是，我們一直在悄悄建立非常強大的私人信貸業務。我們已經部署了近 25 億美元的資金。光是今年，就有近 4 億美元的正淨現金流。正如你可以想像的那樣，這些收入流是長期的，而且它們的收入倍數比我們過去看到的要高得多。我會把它交給克里斯，但這些是我的評論。

Yeah. Thanks, Alex. With respect to the retirement business, I mean, I think as we've said in prior quarters, not all flows are created equal, and we are really focused on flows where we can drive profitable revenue growth.

是的。謝謝，亞歷克斯。關於退休業務，我的意思是，正如我們在前幾季所說的那樣，並非所有流量都是平等的，我們真正關注的是可以推動獲利收入成長的流量。

And so when we think about the areas we're talking about, we look at the fundamentals of our business, SMB flows are up 11% over a year ago. Our recurring deposits are up 10%. We are looking to drive activity to drive those flows up.

因此，當我們思考我們正在討論的領域時，我們會專注於我們業務的基本面，而中小企業流量比一年前增長了 11%。我們的經常性存款增加了 10%。我們希望透過推動活動來推動這些流量的增加。

And what we're continuing to going to have some pressure on is the lumpiness of large plan sales. You're going to have quarters like last year's third quarter that was very strong from a large market sales. We didn't have that repeat this year. We've talked about the volatile of large.

我們繼續面臨的壓力是大型計劃銷售的不穩定。像去年第三季一樣，由於市場銷售量大，季度表現非常強勁。今年我們沒有再重蹈覆轍。我們已經討論過大的波動性。

So you're going to see some volatility results there. And then earlier, we talked about participant withdrawals. And the participant draws is going to bounce around. It's got a slight uptick in rate. But a lot of that is really just driven by the strong equity market performance currently.

所以你會在那裡看到一些波動結果。早些時候，我們討論了參與者退出的問題。參與者抽獎將會反彈。其利率略有上升。但其中很大一部分其實只是由當前強勁的股市表現所推動的。

And so again, our focus is prioritizing profitable revenue growth, maintaining strong margins. We're not out to solve sort of this flow problem if it's at low or zero fee or low profitability or zero profitability. We're really focused on really value accretion to the shareholders.

因此，我們的重點是優先考慮獲利性收入成長，保持強勁的利潤率。如果費用低或為零，利潤率低或利潤率為零，我們不會解決這種流量問題。我們真正專注於為股東創造真正的價值。

Yeah, it does. And just as a quick follow-up, anything we should think about in terms of exposure to Fed funds and [SOFR] in terms of like floating rate or any cash sweeps or things like that? Could you help us with just making sure we understand the sensitivity?

是的，確實如此。作為一個快速的後續行動，我們應該考慮聯邦基金和[SOFR]的風險敞口，例如浮動利率或任何現金掃蕩或類似的事情？您能幫助我們確保我們了解敏感度嗎？

Yeah, I'll just take that. I think if you go back to our sensitivities that we've talked about, there's very little impact from interest rates, and that sensitivity to interest rates went down significantly after our transaction with the fixed annuity business.

是的，我就接受這個。我認為，如果你回到我們已經討論過的敏感性，利率的影響很小，而且在我們進行固定年金業務交易後，對利率的敏感度顯著下降。

And so again, long term, we like higher rates. But short term, that actually hurts us, both from an earnings perspective because of the impact on fixed income values. Floating rate, net exposure on loading rate is virtually none, so we don't expect any impact there. We do see some impact on the bank and the trust business. But again, I wouldn't expect anything significant relative to drop in rates as we move forward.

因此，從長遠來看，我們喜歡更高的利率。但從短期來看，這實際上對我們造成了傷害，無論是從獲利角度來看，還是因為對固定收益價值的影響。浮動利率、加載率的淨敞口幾乎沒有，因此我們預計不會有任何影響。我們確實看到了對銀行和信託業務的一些影響。但同樣，隨著我們的前進，我預計不會有任何與利率下降相關的重大變化。

We have reached the end of the Q&A. Mr. Houston, your closing comments, please.

我們的問答已經結束。休斯頓先生，請您發表結束語。

So first and foremost, thanks for joining the call today. I know there are a couple of analysts that we did not get to. I'll have Humphrey and his team reach out to make sure that we get any unanswered questions answered.

首先，感謝您參加今天的電話會議。我知道有幾位分析師我們沒有聯絡到。我會讓漢弗萊和他的團隊與我們聯繫，以確保我們得到任何未解答的問題的答案。

Secondly, observation that, from our perspective, whether it's capital deployment, on stock buyback, our dividend policy, our free cash flow, our earnings per share targeted 9% to 12%, we feel very good about where we're at and the progress that's been made and feel very confident in the full year. We look forward to seeing you at our Investor Day on November 18 in New York City.

其次，從我們的角度觀察，無論是資本配置、股票回購、股利政策、自由現金流、每股盈餘9%到12%的目標，我們對自己所處的位置和目標感到非常滿意。進展並對全年充滿信心。我們期待在 11 月 18 日於紐約市舉行的投資者日見到您。

We'll focus our discussion on the strategic opportunities in the retirement ecosystem, the SMB marketplace, and the global reach of our asset management business and how we can leverage that for shareholders. So appreciate the time today. Have a good one.

我們將重點討論退休生態系統、中小企業市場和我們資產管理業務的全球影響力中的策略機遇，以及我們如何為股東利用這些機會。所以珍惜今天的時間。祝你過得愉快。

Thank you. This concludes today's conference call. You may now disconnect your lines at this time, and we thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以斷開線路，我們感謝您的參與。