美國信安金融集團 (PFG) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Principal Financial Group first quarter 2026 financial results conference call. (Operator Instructions)

早安，歡迎參加 Principal Financial Group 2026 年第一季財務業績電話會議。(接線員指示)

I would now like to turn the conference call over to Humphrey Lee, Vice President of Investor Relations.

現在我想將電話會議交給投資人關係副總裁 Humphrey Lee。

Thank you, and good morning. Welcome to Principal Financial Group's first quarter 2026 earnings conference call. As always, material related to today's call are available on our website at investors.principal.com. Following a reading of the safe harbor provision, CEO, Deanna Strable; and CFO, Joel Pitz, will deliver prepared remarks. We will then open the call for questions.

謝謝，各位早安。歡迎參加 Principal Financial Group 2026 年第一季財報電話會議。一如往常，與今日電話會議相關的重要資料可於我們網站 investors.principal.com 取得。在宣讀安全港條款後，執行長 Deanna Strable 與財務長 Joel Pitz 將發表事先準備的談話。接著我們將開放提問。

Members of senior management are also 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. The company does not revise or update them to reflect new information, subsequent events or changes in strategy.

高階管理團隊成員亦將出席問答環節。本次電話會議中的部分評論可能包含《私人證券訴訟改革法》所定義的前瞻性陳述。本公司不會修訂或更新該等陳述，以反映新資訊、後續事件或策略變更。

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.

可能導致實際結果與明示或暗示內容出現重大差異的風險與不確定性，已於本公司最近一期向美國證券交易委員會提交的 Form 10-K 年度報告中討論。

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. Deanna?

此外，本次電話會議中的部分評論可能提及非 GAAP 財務衡量指標。非 GAAP 財務衡量指標與最直接可比的美國 GAAP 財務衡量指標之調節表，可於我們的財報新聞稿、財務補充資料與簡報投影片中查閱。Deanna？

Thanks, Humphrey, and good morning to everyone on the call. This morning, I'll discuss our strong first quarter performance and the steady execution of our strategy focused on delivering sustained growth across our diversified businesses.

謝謝你，Humphrey，也向所有參與電話會議的各位道早安。今天早上，我將說明我們第一季的強勁表現，以及我們聚焦於在多元化業務中實現持續成長之策略的穩健執行。

Joel will then provide additional details on our financial results and capital position. Starting with Slide 2, we delivered 13% adjusted non-GAAP earnings per share growth in the first quarter, above the high end of our target range. This performance was primarily driven by favorable underwriting results and improved mortality within our Benefits and Protection business as well as positive market conditions for our fee based businesses.

接著 Joel 將就我們的財務結果與資本狀況提供更多細節。從投影片 2 開始，我們第一季調整後非 GAAP 每股盈餘成長 13%，高於目標區間上緣。此表現主要受惠於我們「福利與保障」業務中有利的核保結果與死亡率改善，以及費基型業務的正向市場環境。

This contributed to strong revenue growth and margin expansion. Strong performance and capital generation enabled us to return approximately $375 million of capital to shareholders in the quarter, including $200 million of share repurchases. We also raised our common stock dividend for the 12th consecutive quarter, an 8% increase on both a quarterly and trailing 12-month basis. Taken together, these results underscore the value of our diversified business model. Moving to Slide 3.

這帶動了強勁的營收成長與利潤率擴張。強勁表現與資本創造能力，使我們在本季向股東返還約 3.75 億美元資本，其中包含 2 億美元的庫藏股回購。我們也連續第 12 季調升普通股股利，無論以季為基礎或以過去 12 個月為基礎，均增加 8%。綜合而言，這些結果凸顯我們多元化商業模式的價值。接著看投影片 3。

We continue to make progress across our strategic growth drivers, the broad retirement ecosystem, small and midsized businesses and global asset management. Within the retirement ecosystem, we're starting the year with broad-based momentum. Total retirement transfer deposits of $12 billion in the quarter grew 35% year-over-year, and recurring deposits grew 7% over the same time period.

我們在策略性成長驅動因素上持續取得進展，包括廣泛的退休生態系、小型與中型企業，以及全球資產管理。在退休生態系方面，我們以全面性的動能展開新的一年。本季退休轉入存款總額達 120 億美元，年增 35%；經常性存款在同一期間成長 7%。

This growth reflects our ability to win new business as well as retain and grow existing clients with a comprehensive suite of capabilities across recordkeeping, asset management, investment advice and income solutions. We're growing our participant base and helping them save more for retirement.

此成長反映我們不僅能贏得新業務，也能透過涵蓋紀錄管理、資產管理、投資建議與收入解決方案的完整能力組合，留住並擴大既有客戶。我們持續擴大參與者基礎，並協助他們為退休儲蓄更多。

This is evidenced by a 3% increase in the number of participants deferring into their retirement plans compared to the year ago quarter with average deferrals up over 3% as well. Participants continue to consolidate retirement savings onto our platform with $1.7 billion of roll-ins in the quarter.

這可從參與者延後提撥至其退休計畫的人數較去年同期增加 3% 看出，平均提撥率也上升超過 3%。參與者持續將退休儲蓄整合至我們的平台，本季轉入（roll-ins）金額達 17 億美元。

When participants consolidate their retirement savings with us, this further reinforces our confidence in the strength of our platform and our ability to provide customized advice and solutions to meet their needs. Our retirement investment expertise, an important growth driver within the retirement ecosystem, is further gaining traction with third-party retirement platforms. This is evidenced by DCIO sales of $2 billion in the quarter and nearly $8 billion over the trailing 12 months.

當參與者將退休儲蓄整合到我們這裡時，進一步強化我們對平台實力的信心，以及我們提供客製化建議與解決方案以滿足其需求的能力。我們的退休投資專業（為退休生態系中的重要成長驅動因素）也在第三方退休平台上持續取得進展。這可由本季 DCIO 銷售額達 20 億美元，以及過去 12 個月累計近 80 億美元看出。

For the small and midsized business segment, our differentiated capabilities and deep expertise are driving results. In Retirement, the SMB market continues to perform well. Recurring deposits grew 6% over the year ago quarter and 7% on a trailing 12-month basis. Strong new business activity and favorable retention resulted in positive account value net cash flow of $600 million for the quarter. In Benefits and Protection, our broad and meaningful value proposition to the SMB segment continues to drive growth and deepen customer relationships.

在小型與中型企業（SMB）領域，我們差異化的能力與深厚專業正帶動成果。在退休業務方面，SMB 市場持續表現良好。經常性存款較去年同期成長 6%，以過去 12 個月為基礎則成長 7%。強勁的新業務活動與良好的留存率，使本季帳戶價值淨現金流為正，達 6 億美元。在福利與保障方面，我們對 SMB 客群廣泛且具實質意義的價值主張，持續推動成長並深化客戶關係。

Specialty Benefits delivered record sales, up 24% over the year ago quarter. Additionally, business market Life premium and fees grew 15% year-over-year, demonstrating robust demand for specialized solutions, which help business owners protect key employees and fund critical succession strategies.

專業福利（Specialty Benefits）創下銷售新高，較去年同期成長 24%。此外，商業市場的人壽保費與費用年增 15%，顯示對專業化解決方案的需求強勁；這些方案可協助企業主保障關鍵員工並為重要的接班策略提供資金。

Our latest well-being index fielded in late March confirmed steady employment trends with 90% of small and midsized business owners, indicating they are maintaining or increasing staff. When we look at our own block across 180,000 diverse businesses in Group Benefits and Retirement, both employment and wage growth have remained positive and are contributing to growth. In Global Asset Management, we're generating momentum with record gross sales in Investment Management of $37 billion, up 21% year-over-year.

我們於 3 月下旬進行的最新幸福感指數調查確認就業趨勢穩健，90% 的小型與中型企業主表示其人力維持不變或增加。就我們自身在團體福利與退休業務涵蓋的 18 萬家多元企業組合而言，就業與薪資成長皆維持正向，並持續貢獻成長。在全球資產管理方面，我們在投資管理業務創下 370 億美元的總銷售新高，年增 21%，動能持續增強。

This growth is directly related to in-demand product offerings and our strengthened distribution relationships across global markets. Our private markets capabilities remain attractive to clients globally, generating net inflows of $400 million in the quarter and $3 billion on a trailing 12-month basis.

此成長與市場需求旺盛的產品供給，以及我們在全球市場強化的通路合作關係直接相關。我們的私募市場能力對全球客戶仍具吸引力，本季帶來 4 億美元淨流入，過去 12 個月累計淨流入達 30 億美元。

Private markets AUM grew 11% year-over-year due to ongoing demand for our real estate, infrastructure and private credit strategies. Our active ETF business continues to gain traction and delivered net inflows of $400 million in the quarter and $1.8 billion on a trailing 12-month basis. Additionally, we generated strong net cash flow of $1.5 billion in the quarter from clients outside the US.

由於對我們不動產、基礎建設與私募信貸策略的需求持續，私募市場管理資產（AUM）年增 11%。我們的主動式 ETF 業務持續獲得市場認可，本季淨流入 4 億美元，過去 12 個月累計淨流入 18 億美元。此外，本季我們自美國以外客戶取得強勁淨現金流入 15 億美元。

Looking across these three growth drivers, I'm encouraged by this momentum, the breadth of our retirement solutions, our leadership position in serving small and midsize businesses and our expanding global asset management capabilities create multiple avenues for sustained growth.

綜觀這三項成長驅動因素，我對這股動能感到振奮；我們退休解決方案的廣度、服務小型與中型企業的領導地位，以及持續擴張的全球資產管理能力，為持續成長創造多元途徑。

We also continue to innovate in how we serve and engage customers across the enterprise, leveraging data and emerging technologies, including AI. We're deploying these capabilities across the organization to improve productivity, deepen customer relationships and continuously improve the experience we deliver every day. Before I turn this over to Joel, I want to share some of the important recognitions we've received. For the 15th time, Principal has been named one of the world's most ethical companies.

我們也持續在全企業範圍內創新客戶服務與互動方式，運用數據與新興科技，包括 AI。我們正將這些能力部署於整個組織，以提升生產力、深化客戶關係，並持續改善我們每天所提供的體驗。在交棒給 Joel 之前，我想分享我們獲得的一些重要肯定。Principal 第 15 次獲選為全球最具商業道德的公司之一。

This recognition from Ethisphere, which I am incredibly proud of, underscores our long-standing commitment to integrity, transparency and responsible business practices. Principal Asset Management was also recognized as the winner of the Data Center Firm of the Year in North America by PERE, a leading private markets publication.

這項來自 Ethisphere 的肯定令我深感自豪，凸顯我們長期以來對誠信、透明與負責任商業實務的承諾。Principal Asset Management 亦獲 PERE（領先的私募市場刊物）評選為北美年度資料中心公司（Data Center Firm of the Year）得主。

This award highlights our decades-long expertise, growing capabilities and track record in this sector. Together, these recognitions reinforce the strength of our culture and competitive advantages that differentiate Principal in the marketplace. In closing, the momentum we're seeing across our businesses gives us confidence in our ability to deliver our financial targets.

此獎項彰顯我們在該領域數十年的專業、日益增長的能力與長期績效紀錄。綜合而言，這些肯定強化了我們文化的力量，以及使 Principal 在市場上脫穎而出的競爭優勢。最後，我們在各項業務上所見到的動能，使我們對達成財務目標的能力更具信心。

As we expand our customer base to 82 million people worldwide, we remain focused on disciplined execution, sustainable growth and creating long-term value for our customers and shareholders. Our strong performance this quarter reflects the dedication of our 19,000 employees around the world. Their focus on serving customers and executing with discipline allowed us to capitalize on opportunities early in the year and positions us well for continued growth as we move through 2026.

隨著我們將全球客戶基礎擴大至8,200萬人，我們仍專注於嚴謹執行、永續成長，並為客戶與股東創造長期價值。本季的強勁表現反映了我們遍布全球的19,000名員工的投入與奉獻。他們專注於服務客戶並以紀律執行，使我們得以在年初即把握機會，並在邁向2026年的過程中為持續成長奠定良好基礎。

Joel?

Joel？

Thanks, Deanna. Good morning to everyone on the call. I'll walk through our financial performance for the first quarter and provide updates on our capital position. As you can see on Slide 4, the first quarter was a strong start to the year, and we are well positioned to deliver on our 2026 financial targets. We reported non-GAAP operating earnings of $456 million, up 10% compared to the year ago quarter or $2.07 per share, an increase of 14%.

謝謝你，Deanna。各位與會者早安。我將說明第一季的財務表現，並更新我們的資本狀況。如投影片4所示，第一季為今年帶來強勁開局，我們也已做好準備以達成2026年的財務目標。我們公布的非GAAP營運盈餘為4.56億美元，較去年同期成長10%，或每股2.07美元，增加14%。

Excluding significant variances, non-GAAP operating earnings were $479 million, up 9% compared to the year ago quarter or $2.17 per share, a 13% increase. Additionally, non-GAAP operating ROE was 16.1%, an improvement of 140 basis points compared to the year ago period and at the midpoint of our 15% to 17% target range.

排除重大差異項目後，非GAAP營運盈餘為4.79億美元，較去年同期成長9%，或每股2.17美元，增加13%。此外，非GAAP營運股東權益報酬率（ROE）為16.1%，較去年同期提升140個基點，並位於我們15%至17%目標區間的中點。

Significant variances found on Slide 11, had an after-tax impact of $23 million in the first quarter. Lower variable investment income was primarily driven by timing of real estate transactions and slightly lower returns in our other alternatives portfolio. We shared in our February outlook call that we were evaluating the presentation and depreciation for core real estate in our alternatives portfolio.

投影片11所列的重大差異項目在第一季稅後影響為2,300萬美元。較低的變動性投資收益主要受不動產交易時點影響，以及我們其他另類投資組合報酬略低所致。我們在2月的展望電話會議中提到，正在評估另類投資組合中核心不動產的呈列方式與折舊處理。

Beginning first quarter, we reclassified this non-cash expense through realized gains and losses. This better reflects total returns by aligning depreciation with where gains are recognized upon sale. We still expect full year 2026 variable investment income to improve relative to 2025 with or without this change. This impacts reported results only, and there is no impact to our adjusted results. Margin expanded by 190 basis points to 30% in the first quarter.

自第一季起，我們將此項非現金費用重新分類至已實現損益中。此舉可透過將折舊與出售時確認收益的位置對齊，更能反映總報酬。無論是否進行此變更，我們仍預期2026全年變動性投資收益相較2025年將有所改善。此變更僅影響申報結果，對我們的調整後結果不造成影響。第一季利潤率擴大190個基點至30%。

This improvement reflects our strong business fundamentals with 6% year-over-year net revenue growth and disciplined expense management while investing in the business. Turning to capital and liquidity. We ended the quarter in a strong position with over $1.4 billion of excess and available capital.

此改善反映我們穩健的業務基本面：淨營收年增6%，並在投資業務的同時維持嚴謹的費用管理。接著談資本與流動性。本季末我們維持強勁部位，超額及可用資本合計超過14億美元。

This includes $800 million at the holding company at our targeted level, $300 million in our subsidiaries and $350 million in excess of our targeted 375% risk-based capital ratio, which was approximately 400% at quarter end. We returned $374 million to shareholders in the first quarter, including $200 million of share repurchases and $174 million of common stock dividends.

其中包括控股公司8億美元（符合我們的目標水準）、子公司3億美元，以及超出我們目標375%風險資本比率的3.5億美元；季末風險資本比率約為400%。第一季我們向股東回饋3.74億美元，包括2億美元的庫藏股回購與1.74億美元的普通股股利。

Last night, we announced an $0.82 common stock dividend payable in the second quarter. This is a $0.02 increase from the dividend paid in the first quarter and an 8% increase year-over-year. This remains in line with our targeted 40% dividend payout ratio and demonstrates our confidence in continued earnings growth and capital generation. Moving to AUM and net cash flow. Total company managed AUM ended the quarter at $770 billion, modestly lower sequentially due to market performance and up 7% year-over-year.

昨晚，我們宣布第二季將發放每股0.82美元的普通股股利。較第一季發放的股利增加0.02美元，年增8%。此仍符合我們目標40%的股利發放率，並展現我們對持續獲利成長與資本創造能力的信心。接著談AUM與淨現金流。公司整體管理資產（AUM）季末為7,700億美元，因市場表現影響而較前一季略降，但年增7%。

Total company net cash flow was negative $1.5 billion in the quarter, a meaningful improvement on both the sequential and year-over-year basis. The improvement was driven by positive net cash flow in International Pension in the quarter and improved year-over-year results in Investment Management.

公司整體淨現金流本季為負15億美元，無論較前一季或較去年同期均有顯著改善。改善主要來自本季國際退休金業務的正向淨現金流，以及投資管理業務較去年同期的改善。

Moving to the businesses. The following commentary excludes significant variances. Starting with RIS and as shown on Slide 5, pre-tax operating earnings of $318 million increased 4% year-over-year, driven by 3% net revenue growth and margin expansion.

接著談各項業務。以下說明不包含重大差異項目。先從RIS開始，如投影片5所示，稅前營運盈餘為3.18億美元，年增4%，主要受3%淨營收成長與利潤率擴大帶動。

Operating margin of 41.5% expanded 60 basis points compared to the year ago quarter and is slightly above the high end of our target range. This reflects our disciplined focus on profitable revenue growth and expense management as well as some favorable seasonality and timing impacts in the current quarter. Fundamentals across the business remain healthy.

營運利潤率為41.5%，較去年同期擴大60個基點，且略高於我們目標區間的上緣。這反映我們對獲利性營收成長與費用管理的嚴謹聚焦，以及本季部分有利的季節性與時點因素。整體業務基本面仍維持健康。

As Deanna noted, we delivered strong transfer in recurring deposits as well as favorable retention. This drove $1.8 billion of RIS account value net cash flow in the quarter, supported by fee-based net cash flow across both large and SMB market segments.

如Deanna所提，我們在經常性存款的轉入方面表現強勁，且留存率表現良好。這帶動本季RIS帳戶價值淨現金流達18億美元，並由大型與中小企業（SMB）兩個市場區隔的費基淨現金流共同支撐。

Turning to Slide 6. Principal Asset Management delivered earnings growth of 10% year-over-year on 5% revenue growth and margin expansion. Within Investment Management, pretax operating earnings increased 8% from the prior year quarter. Adjusted revenue increased over 2% year-over-year despite the impact of our recent divestiture. Higher revenue, along with expense discipline contributed to a 100 basis point improvement in Investment Management's quarterly operating margin.

接著看投影片6。Principal Asset Management在營收成長5%與利潤率擴大帶動下，盈餘年增10%。在投資管理業務中，稅前營運盈餘較去年同期增加8%。儘管近期處分（divestiture）帶來影響，調整後營收仍年增逾2%。營收提升加上費用紀律，使投資管理的季度營運利潤率改善100個基點。

Gross sales in the quarter were a record, up 21% from the year ago quarter. This highlights the attractiveness of our solutions and the global reach of our distribution. Importantly, demand remains in several key areas, including $1.2 billion of net cash flow spread equally across private markets, ETFs and UCITS. Moving to International Pension. AUM increased 4% sequentially and 20% year-over-year to a record $160 billion.

本季總銷售額創下新高，較去年同期成長21%。這凸顯我們解決方案的吸引力以及通路的全球觸及能力。更重要的是，多個關鍵領域需求仍然強勁，包括私募市場、ETF與UCITS三者合計12億美元的淨現金流，且分布大致平均。接著談國際退休金。AUM較前一季成長4%，年增20%至創紀錄的1,600億美元。

The increase was primarily due to positive market performance and net cash flow as well as foreign currency tailwinds. Net cash flow was positive $500 million in the quarter with $700 million of net inflows in Brazil. Pretax operating earnings increased 14% year-over-year, driven by the benefit of higher performance fees, favorable foreign currency impacts and growth in the business. Operating margin of 48.5% remains comfortably within our target range.

成長主要來自正向市場表現與淨現金流，以及外幣走勢帶來的順風。本季淨現金流為正5億美元，其中巴西淨流入7億美元。稅前營運盈餘年增14%，主要受較高的績效費、外幣有利影響以及業務成長所帶動。營運利潤率48.5%仍穩健落在我們的目標區間內。

Turning to Slide 7. Benefits and Protection delivered a very strong quarter. Pre-tax operating earnings were $177 million, an increase of 41% year-over-year. This was driven by more favorable Specialty Benefits underwriting, improved life mortality and business growth. Starting with Specialty Benefits, premium fees increased 4% year-over-year, in part supported by record sales in the first quarter.

接著看投影片7。福利與保障（Benefits and Protection）本季表現非常強勁。稅前營運盈餘為1.77億美元，年增41%。主要受專業福利（Specialty Benefits）核保表現更為有利、壽險死亡率改善以及業務成長所帶動。先從專業福利來看，保費費用年增4%，部分受第一季創紀錄銷售額支撐。

As we indicated in our outlook call, we continue to expect premium fees growth to trend higher throughout the year, most notably in the second half. Pretax operating earnings of $140 million increased 26% year-over-year, reflecting strong underwriting experience and growth in the business.

如我們在展望電話會議中所述，我們仍預期保費費用成長將在全年逐步走高，尤其在下半年最為明顯。稅前營運盈餘為1.40億美元，年增26%，反映強勁的核保經驗與業務成長。

Total loss ratio improved 220 basis points compared to the year ago quarter due to improved Group Life and Group Dental results, along with continued strong results and group disability. This translated into margin expansion, improving to 16.2% and up 290 basis points year-over-year.

總損失率較去年同期改善220個基點，主要因團體壽險與團體牙科結果改善，以及團體失能保險持續維持強勁表現。這帶動利潤率擴大，提升至16.2%，年增290個基點。

In Life Insurance, pretax operating earnings of $37 million, increased $23 million year-over-year, driven by improved mortality experience due to lower frequency and severity. This contributed to a 15.6% operating margin in the quarter at the high end of our target range.

在壽險業務方面，稅前營運盈餘為3,700萬美元，較去年同期增加2,300萬美元，主要受死亡率經驗改善所帶動，原因在於發生頻率與嚴重程度降低。這使本季營運利潤率達15.6%，位於我們目標區間的上緣。

Moving to Corporate. First quarter losses were elevated due to timing of expenses. On a full year basis, we expect segment results to be within our target range. Before closing, I'd like to make a few comments regarding our investment portfolio. There has been heightened attention recently on the insurance industry's exposure to private credit.

接著談企業業務。第一季虧損因費用認列時點而偏高。以全年基礎來看，我們預期該分部的結果將落在我們的目標區間內。在結束之前，我想就我們的投資組合做幾點說明。近期市場對保險業在私募信貸方面的曝險關注度升高。

First and foremost, we have over 60 years of experience underwriting and managing private assets for our general account and clients. As we shared with you last quarter, the vast majority of our private fixed income securities are investment grade with minimal exposure to direct lending.

首先，我們在一般帳戶及客戶的私募資產承保與管理方面，擁有超過60年的經驗。如同我們上季與各位分享的，我們絕大多數的私募固定收益證券為投資等級，且對直接放款的曝險極低。

Importantly, our portfolio continues to perform well with experience better than our long-term expectations. I remain confident in our well-constructed and diversified portfolio, which is appropriately aligned with the liquidity profile of our liabilities.

重要的是，我們的投資組合持續表現良好，實際經驗優於我們的長期預期。我仍對我們建構完善且多元分散的投資組合充滿信心，且其配置與我們負債的流動性特性適切匹配。

In closing, our first quarter results reflect disciplined execution across the enterprise with strong earnings growth, margin expansion and healthy underlying fundamentals. These results reinforce the strength of our diversified business mix and position us well to deliver on our financial targets in 2026 and beyond.

總結而言，我們第一季的結果反映出全企業範圍內的紀律執行，展現強勁的獲利成長、利潤率擴張以及健康的基本面。這些結果再次印證我們多元化業務組合的優勢，並使我們有利於在2026年及其後達成財務目標。

This concludes our prepared remarks.

以上為我們預先準備的發言。

Operator, please open the call for questions.

接線員，請開放提問。

(Operator Instructions) Ryan Krueger, KBW.

(接線員指示) Ryan Krueger，KBW。

Hey, thanks. Good morning. My first question was on Specialty Benefits. Can you provide some more color on the favorable underwriting experience you had across Dental Life and Disability and also just how you're thinking about the outlook from here?

嗨，謝謝。早安。我的第一個問題是關於專業福利（Specialty Benefits）。能否請你們多談一些在牙科、壽險與失能方面較佳的核保經驗？以及你們如何看待接下來的展望？

Yeah, Ryan, good morning, and welcome back. Obviously, it was a really strong quarter for Specialty Benefits. And I'll pass it over to Amy to talk about the drivers.

好的，Ryan，早安，歡迎回來。顯然，這一季對專業福利而言非常強勁。我把時間交給Amy，請她談談驅動因素。

Yeah. Thanks. Yes, Ryan, the underwriting performance was really strong this quarter. As you noted, with that 58.5% loss ratio. When I look through that, it really is primarily Group Life and Dental that are driving that. So when I look at Group Life, it's going to be driven by that low frequency that we saw in this quarter.

好的。謝謝。是的，Ryan，本季核保表現非常強勁。如你所提到，損失率為58.5%。我拆解來看，主要是團體壽險與牙科在帶動。就團體壽險而言，主要是本季我們看到的低發生頻率所驅動。

And when I look at Dental, I think we've talked in prior calls about some of the work we've been doing, certainly about past pricing actions which are now well into the experience and then also some of the Dental network optimization efforts we've been doing, which are also moving into that performance as well.

至於牙科，我想我們在先前的電話會議中談過一些我們正在做的工作，包含先前的調價措施，目前已充分反映在經驗中；另外也包括我們進行的牙科網絡優化工作，這些也開始反映在表現上。

I should mention too that Group Disability performance remains strong. It was consistent with prior year quarters, and it was tracking to what we expected. As a reminder, you asked about looking ahead. When we look ahead, second quarter does tend to be the seasonally highest for Dental.

我也要提到，團體失能的表現仍然強勁。它與去年同期季度一致，且符合我們的預期。提醒一下，你問到往前看。往前看，第二季通常是牙科季節性最高的一季。

So that means that the overall SBD loss ratio does rise a bit in second quarter. But when I look at full year outlook, I look at it very favorably with loss ratios expected to emerge at the low end or even slightly below the low end of the range we communicated at outlook.

這表示整體SBD損失率在第二季會略為上升。但就全年展望而言，我看法非常正面，預期損失率將落在我們在展望中所溝通區間的低端，甚至略低於低端。

Thank you. Ryan, do you have a follow-up question?

謝謝。Ryan，你有追問嗎？

Yeah. On Investment Management, you've seen this good momentum in gross sales, but then redemptions have also largely ticked up and so the flows haven't improved as much. So I was just hoping to get a little more color on, I mean, maybe both sides of it, what's driving the gross sales momentum, but also why do you -- have you been seeing higher redemptions? And how do you think that may play out from here?

有的。關於投資管理，你們總銷售額的動能很好，但贖回也大致上升，因此資金流入流出（flows）改善幅度沒有那麼大。我希望能多了解一些細節：一方面是什麼在推動總銷售額的動能；另一方面為什麼你們——你們是否看到較高的贖回？以及你們認為接下來會如何發展？

Yeah. Thanks, Ryan, for that. I'll ask Kamal to add color regarding that.

好的。謝謝你，Ryan。我請Kamal補充說明。

Good morning. Sure. Ryan, thanks for the question. It's a good one. So let me break down a little bit of the net flow question you asked. First, I'll just reiterate. I think Deanna and Joel highlighted this in their remarks and you mentioned it as well. We did generate record gross sales in Investment Management in the first quarter, 21% year-over-year.

早安。當然。Ryan，謝謝你的問題。這是個好問題。我先把你問的淨流量（net flow）問題拆解一下。首先我再重申一次。我想Deanna和Joel在他們的發言中也有強調，你也提到了。我們第一季在投資管理業務創下總銷售額新高，年增21%。

You would also acknowledge is an impressive number. And I would say it's directly related to our new product focus, new strategies that we are introducing into the marketplace. But more importantly, we are continuing to grow the number of distribution relationships across the globe.

你也會認同這是個令人印象深刻的數字。我會說這與我們聚焦新產品、將新策略導入市場直接相關。但更重要的是，我們持續在全球擴大分銷合作關係的數量。

I would highlight for you that Asia had a standout quarter. They had $1.1 billion of positive NCF and with our international clients delivering over $1.5 billion of positive NCF. So the key for us is to grow sales across the globe, which would be key to changing the NCF profile given our legacy book.

我特別要指出，亞洲本季表現突出。他們帶來了11億美元的正向非關聯淨現金流（NCF），而我們的國際客戶合計帶來超過15億美元的正向NCF。因此，我們的關鍵在於擴大全球銷售，這將有助於在既有存量（legacy book）的背景下，改變NCF的輪廓。

Now to your question on what caused the NCF pattern this quarter, we did see some redemption activity that was concentrated among a very small number of US equity -- active equity mutual funds in the US wealth channel, primarily driven by changes in asset allocation and advisory business models.

至於你問本季造成NCF走勢的原因，我們確實看到一些贖回活動，集中在美國財富通路中極少數的美國股票——主動式股票共同基金，主要是由資產配置調整以及投顧業務模式變化所驅動。

So our goal continues to be to deliver higher gross sales and gathering commitments to a broader product set. As redemption activity normalizes, I would expect our nonaffiliated NCF profile to improve for the balance of the year. And I would just end with that the future pipeline is very strong.

因此，我們的目標仍是提高總銷售額，並為更廣泛的產品組合募集承諾資金。隨著贖回活動回歸常態，我預期我們的非關聯NCF輪廓在今年剩餘期間會改善。最後補充一句，未來的案源管線非常強勁。

I hope that answers your question, Ryan.

希望這回答了你的問題，Ryan。

It does.

有的。

Wes Carmichael, Wells Fargo.

Wes Carmichael，Wells Fargo。

First question was on the Individual Life segment. I think just looking at results, I think it's the best quarter that, that segment has produced in a long time, and I typically think about the first quarter as being seasonally weak from a mortality perspective. So just wondering if you think anything in the earnings power has changed for that segment? Or is this just a little bit more onetime-ish in nature?

第一個問題是關於個人壽險（Individual Life）分部。我看結果，這似乎是該分部很長一段時間以來最好的季度表現，而我通常認為第一季在死亡率方面是季節性偏弱的。所以想請教，你們是否認為該分部的獲利能力有任何改變？還是這比較偏一次性因素？

Yeah. Thanks, Wes, for that question. Obviously, Life did have a very strong earnings quarter, really driven by mortality. So I'll ask Amy to give some color around that.

是的。謝謝你這個問題，Wes。顯然，壽險本季獲利非常強勁，主要由死亡率所驅動。我請Amy就此補充一些說明。

Yeah, thanks for noting that. I do think we definitely feel like we saw some positive volatility in mortality this quarter. And so we've had other quarters though, where we talked about it going in the opposite direction. So I definitely see some positive mortality sitting in this. But what I would also say is that when we think about our full year results for this segment, we did communicate guidance range in terms of our margin from that 12% to 16%.

好的，謝謝你提到這點。我確實認為本季我們在死亡率上看到一些正向波動。不過我們也有其他季度曾談到波動往相反方向走。所以我確實看到其中包含一些正向的死亡率因素。但我也想說的是，當我們思考該分部的全年結果時，我們已就利潤率提供了指引區間，約在12%到16%。

And even though this was kind of pointing us towards that mid- to higher end of that range, I would say something that is in the -- towards the lower end of that range for a full year expectation for the earnings power and margin power of this business is what I would be thinking about for the health of the business.

儘管本季表現似乎指向該區間的中段到高端，但若以全年來看，從業務健康度角度，我會以區間較低端作為對這項業務獲利能力與利潤率能力的預期。

The other thing I would just say on that, if you did look at claims, it was great to see that the positive came both from incidence and severity. And a lot of times, volatility tends to come from the severity piece, but we did see some better-than-expected results on both incidence as well as severity. So

另外我還想補充，如果你看理賠，令人欣慰的是，正向表現同時來自發生率與嚴重度。很多時候波動往往來自嚴重度，但我們在發生率與嚴重度兩者上都看到優於預期的結果。所以

And when I parse those out, incidence and severity, it is about 50-50 for each of them.

而當我把這些拆開來看——發生率與嚴重度——兩者大約各占一半，約50/50。

Wes, do you have a follow-up?

Wes，你有追問嗎？

Thanks so much. Yes, I do. And so just switching to RIS, pretty strong transfer deposits. Just curious if you could maybe just touch on the flow outlook for that segment for the rest of the year?

非常感謝。是的，我有。那我切換到RIS來問，轉入存款相當強勁。想請教你們是否可以談談該業務板塊在今年剩餘時間的資金流向展望？

Yeah, I'll turn it over to Chris. As you know, we focus on revenue growth and ultimately really drove strong. We did have very strong fundamentals across RIS. Large case tend to be lumpy when you look at transfer deposits, and this was a quarter we benefited from that, but I'll ask Chris to give some more color.

好的，我把問題交給Chris。如你所知，我們聚焦於營收成長，最終也確實推動了強勁表現。RIS整體基本面非常扎實。就轉入存款而言，大型案件通常會比較不均勻、呈現波動性；本季我們受惠於此，但我請Chris再補充一些細節。

Thanks, Deanna, and thanks, Wes. So again, I think as you noted, we did have a really good quarter from a net cash flow perspective, driven primarily by strong transfer deposits and also experienced very strong contract retention. And those two things were also supported by healthy recurring deposits and stable participant withdrawal rates. And all of this is despite the ongoing market performance.

謝謝你，Deanna，也謝謝你，Wes。再說一次，正如你提到的，從淨現金流角度來看，我們這一季表現非常好，主要由強勁的轉入存款所帶動，同時合約續留率也非常強勁。而這兩項也受到健康的經常性存款以及穩定的參與者提領率所支撐。即便市場表現仍在持續變動，整體仍是如此。

So really feel good about our net cash flow. As we look forward, as Deanna said, as we like to remind you, we really focus on driving profitable revenue growth, but as we look forward to flows in 2026, we do expect it to follow the historical pattern where Q1 is our strongest for the sales and transfer deposits and the remaining quarters are likely going to be impacted by strong markets, which increases withdrawal dollars as well as the lumpiness that we see in large from time to time in the quarterly results.

因此我們對淨現金流的表現感到很有信心。往前看，如Deanna所說，也如我們常提醒各位的，我們真正聚焦的是推動具獲利性的營收成長；但就2026年的資金流向而言，我們預期會遵循歷史型態：第一季通常是銷售與轉入存款最強的季度，其餘季度則可能受到強勁市場影響——這會提高提領金額——以及我們不時在大型案件上於季度結果中看到的波動性影響。

Suneet Kamath, Jefferies.

Suneet Kamath，Jefferies。

I wanted to start with RIS also on the advice model that you guys have. And correct me if I'm wrong, but my understanding is that you use more of a sort of a call center model as opposed to sort of feet on the street or building out wealth management offices. And I know one of your competitors is taking that latter approach. Just wondering if that's something that you guys have looked at or if it's something that you might consider?

我想先從RIS開始，談談你們的建議（advice）模式。如果我理解沒錯，你們比較採用類似客服中心（call center）的模式，而不是所謂的「走上街頭」或建立理財管理辦公室的模式。我知道你們有一家競爭對手正在採取後者做法。想請問這是否是你們曾經評估過、或未來可能會考慮的方向？

Thanks.

謝謝。

Yeah. Thanks, Suneet. Thanks for being there and for the question. As we've talked about, our focus is really on the majority of our participants and want to be able to broad -- provide broad based support to those that don't have as much access or to the adviser community. And so I think our approach is different. But I'll ask Chris to continue to give a little bit more insight into that.

是的。謝謝你，Suneet。謝謝你出席並提出這個問題。如我們先前談過的，我們的重點其實是我們大多數的參與者，希望能夠更廣泛地——為那些較難取得資源或較難接觸到顧問社群的人——提供普及性的支援。所以我認為我們的做法是不同的。不過我請Chris再進一步提供一些看法。

Yeah. Thanks, Suneet, for the question. Again, we really, as Deanna mentioned, focused on those participants that we serve already. And we're not really looking at building a number of storefront physical presence locations. We do have a few hundred salary-based advisers covering about 90% of our participant base to be able to offer them advisory services, and we're seeing nice results.

好的。謝謝你，Suneet，這個問題。再說一次，如Deanna提到的，我們確實聚焦在我們已經服務的那些參與者。我們並沒有打算建立大量的門市型實體據點。我們確實有數百位領薪制顧問，覆蓋約90%的參與者基礎，能夠向他們提供諮詢服務，而且我們看到不錯的成果。

As we mentioned, we're seeing great in-force dynamics, whether it's from participant roll-ins, increasing deferral rates, increasing participants who are deferring. All of that is coming from the advice model that we're offering. We're seeing an increase in our retail individual customers that are both IRA and advisory services customers, up about 11% on the year.

如我們提到的，我們看到很好的存量（in-force）動能，不論是參與者資金轉入（roll-ins）、提高遞延提撥率、或是增加選擇遞延提撥的參與者人數。這些都來自我們所提供的建議（advice）模式。我們的零售個人客戶（同時包含IRA與諮詢服務客戶）也在年增約11%。

And so our model is really focused on -- focusing on our participants, focusing on those more mainstream than the high net worth and really focusing where Americans need to help. And we believe that we have a model that will be successful over time.

因此，我們的模式真正聚焦在——聚焦於我們的參與者，聚焦於較主流族群而非高淨值客群，並把重點放在美國民眾最需要協助的地方。我們相信這是一個能夠長期成功的模式。

Yeah. And the other thing I'd mention there is we are supplementing that with enhanced technology that will continue to build up as we try to best meet the needs of those clients and how they want to be served. So Suneet, do you have a follow-up question?

是的。另外我也想補充的是，我們正以更強化的科技來加以補足，並會持續建置，以便在我們努力最佳化滿足客戶需求的同時，也符合他們希望被服務的方式。所以，Suneet，你有追問嗎？

I do, thanks. And I wanted to come back to the SMB market. It sounds like last quarter, if I remember correctly, you guys were pretty confident in the employment outlook. It sounds like in your prepared remarks, you talked about being confident so far this year.

有的，謝謝。我想回到SMB市場。如果我沒記錯，上季你們對就業展望相當有信心。而在你們的事先準備發言中，你們也提到今年截至目前仍然有信心。

But as we think about the economy and sort of the volatility that we're just seeing in the markets given its kind of global issues, is there typically a lag that you would see that maybe you're not seeing it show up in your results now, but down the road, there could be some impacts from this uncertainty that we're seeing?

但當我們思考經濟，以及因全球議題導致市場出現的波動時，通常是否會有一個滯後效應：也就是你們現在的結果還看不出來，但未來可能會因我們看到的這些不確定性而受到一些影響？

Yeah, Suneet, a couple of things. And then I'm going to ask Amy to give some additional color. I have asked Amy to spearhead a group really focused on monitoring this real time across the enterprise. I think a couple of things I'll say there is we have a broad-based employer base. So if you think about it, we have 180,000 employers just across RIS and Group Benefits, ranging from different size, different industries, different geographies.

好的，Suneet，有幾點。然後我會請Amy再補充一些細節。我已請Amy帶頭成立一個小組，專注於在全公司範圍內即時監測這些狀況。我想我先說幾點：我們的雇主客群非常多元。如果你這樣想，我們僅在RIS與團體福利（Group Benefits）就有18萬家雇主，涵蓋不同規模、不同產業、不同地理區域。

And I think that diversity is really going to serve us well. As mentioned, we're looking at it from our block perspective. We also have very regular surveys with SMB employers as well. And just sitting here today, we're not seeing anything that is impactful. But we also understand that some of this is going to be dynamic, and we want to stay close to it. But I do come back to that. I think that diversity is really going to serve us well.

我認為這種多元性將會對我們非常有利。如前所述，我們也從我們的存量（block）角度來觀察。此外，我們也會對SMB雇主進行非常定期的調查。就目前此刻而言，我們沒有看到任何具實質影響的跡象。但我們也理解其中一些情況會是動態變化的，我們希望能緊密追蹤。不過我還是回到那一點：我認為這種多元性將會對我們非常有利。

But I'll turn it over to Amy.

但我把問題交給Amy。

Yeah. I agree with how Deanna set this up. And I do want to reiterate, as we're seeing in our results, both employment and wage growth are really holding steady in our block. So I'd say wage growth is looking really healthy and similar to what we saw last year. And employment growth has moderated just a bit, but it's really aligned with what we expected to see this year.

好的。我同意Deanna的鋪陳方式。我也想再次強調，正如我們在結果中所看到的，我們存量（block）中的就業與薪資成長都相當穩定。所以我會說薪資成長看起來很健康，與去年看到的情況相近。而就業成長略有放緩，但基本上符合我們對今年的預期。

So your question, though, about could there be a little bit of a lag? I do think that uncertainty of which there is definitely the presence of some uncertainty for both employers and employees tends to have an effect on the marketplace in a couple of ways.

不過你問到是否可能存在一些滯後效應？我確實認為，不確定性——而且確實存在一些不確定性，對雇主與員工皆然——往往會以幾種方式影響市場。

One way is that people tend to kind of settle back into, I'm not necessarily going to make some big expansions in terms of growth, but they also settle back into, I'm not necessarily going to retract back or do something differently. So it has a little bit of a static effect, that uncertainty in the marketplace. What that means for employees is many of them are staying where they are. And what that means for employers is that many of them are holding true to the plans that they had for the year.

其中一種方式是，人們往往會稍微保守一些：我不一定會在成長方面做出很大的擴張，但同時也會傾向於：我也不一定會縮回去或做出不同的改變。因此，市場中的不確定性會帶來一點「靜態」效果。對員工而言，這代表很多人會留在原本的工作崗位。對雇主而言，這代表很多人會維持他們年初所訂的年度計畫。

So I'm not seeing that big lag. I am seeing some uncertainty in the sentiment, but small and midsized business owners tend to be and our data proves this out, more optimistic in terms of how aggressively they can take advantage of the market situation when uncertainty does clear. And so I don't -- I'm not seeing a big lag effect, but we will continue to watch that every month.

所以我沒有看到很明顯的滯後效應。我確實看到情緒面存在一些不確定性，但中小企業主往往——而我們的數據也證實——在不確定性消除後，對於能多積極把握市場情勢反而更為樂觀。因此我不——我沒有看到很大的滯後效應，但我們會持續每個月監測。

Jack Matten, BMO Capital Markets.

Jack Matten，BMO 資本市場。

Hey, good morning. My first one is on International Pension. The earnings run rate took a nice step-up this quarter, even kind of backing out the significant variances that you call out. I guess can you just unpack some of the drivers there and which do you think are kind of more repeatable, more sustainable versus some of the more transitory factors like FX or elevated performance fees?

嗨，早安。我第一個問題是關於國際退休金（International Pension）。本季的獲利運行率有相當不錯的提升，即使把你們提到的重大差異因素扣除後也是如此。我想請你們拆解一下背後的一些驅動因素，以及你們認為哪些比較可重複、較具持續性，相較於像外匯或偏高的績效費等較短暫的因素？

Yeah, I'll ask Joel to talk through that. And again, thanks, Jack, for being here and for your questions. Obviously, it was a strong earnings growth for International Pension, and that segment continues to provide some great diversification to our overall results and really focused on where we feel that we can drive growth.

好的，我請 Joel 來說明。另外也再次感謝你，Jack，今天出席並提出問題。顯然，國際退休金的獲利成長很強勁，而該分部也持續為我們整體業績提供很好的分散效果，並且真正聚焦在我們認為能夠推動成長的領域。

So I'll ask Joel to give some specifics on the quarter.

所以我請 Joel 提供一些本季的具體細節。

Yeah, good morning, Jack, as we indicated last quarter, they were in the mid-60s. We did expect improvement within the IP results, and that certainly did manifest itself in first quarter with about $80 million of adjusted earnings for the quarter.

好的，早安，Jack。如同我們上季所提到的，當時大約在 6,000 多萬的中段水準。我們確實預期 IP 的業績會改善，而這點在第一季也確實反映出來，本季調整後盈餘約 8,000 萬美元。

I'd say, from a run rate perspective to your question, it was a little bit outsized this quarter because of a performance fee within China Construction Bank, our pension business. There was about a $7 million performance fee that was paid within that market. That is one way that we're compensated for providing the services that we do within the pension space in China.

就你問到的運行率角度來看，本季稍微偏高，原因是我們在中國建設銀行（China Construction Bank）的退休金業務中收取了一筆績效費。該市場支付了約 700 萬美元的績效費。這是我們在中國退休金領域提供服務所獲得報酬的其中一種方式。

So it was outsized this quarter, but it's something that's going to be volatile and we can expect into the future. So everything else being equal, I'd say a good run rate. It's going to be more in the mid-70s, a good source to build off. But importantly, we are getting some FX tailwinds finally. I've been in this business a long time, and it's nice to say FX tailwinds as opposed to headwinds.

所以本季偏高，但這類收入未來會有波動，我們也預期之後仍會出現。因此在其他條件不變下，我會說一個合理的運行率大概會落在 7,000 多萬的中段，是一個很好的基礎。

And it's really nice to see the underlying results of these businesses manifest themselves in the US dollars in a meaningful way.

而且很高興看到這些業務的基本面成果，以有意義的方式在美元口徑下呈現出來。

Jack, I hope that helps. And do you have a follow-up question?

Jack，希望這有幫助。你還有追問嗎？

Yes. Maybe just one on the kind of the outlook for VII and performance fees in the Investment Management business this year. I guess do you have any visibility at this point in kind of the cadence of realizations? And I guess, to what extent do you think market conditions need to change or improve in order to kind of unlock a more normal level of real estate monetization?

有。我想再問一個關於今年投資管理業務中 VII 與績效費的展望。你們目前對於實現（realizations）的節奏是否有任何能見度？另外，市場狀況需要在多大程度上改變或改善，才能解鎖更正常水準的不動產變現？

I'll have Joel address that.

我請 Joel 回答。

Yes. So as communicated, we continue to expect 2026 to improve relative to 2025. One of the reasons why we did have the results we did this first quarter was because there was no real estate transaction activity. As a reminder, we have about 50% of our alts portfolio within the real estate. And so it is dependent upon transaction activity, again, which there was none in the first quarter.

好的。如同我們所傳達的，我們仍預期 2026 年會較 2025 年改善。第一季之所以出現目前的結果，其中一個原因是完全沒有不動產交易活動。提醒一下，我們的另類投資組合約有 50% 配置在不動產。因此它會依賴交易活動，而第一季確實沒有任何交易。

We do see some pickup in activity for the second, third and fourth quarter. And therefore, that's -- we do see some improvement year-over-year. But underlying performance of the alts portfolio in its entirety is performing well as expected. And to your question, we don't need to see anything change within the macro environment in order for us to deliver on that improvement that we communicated in outlook.

我們確實看到第二、第三與第四季的活動會有所回升。因此，我們也確實看到年對年會有一些改善。但就另類投資組合整體而言，其基本面表現如預期般良好。而就你的問題而言，我們不需要宏觀環境出現任何變化，就能達成我們在展望中所溝通的改善。

Yeah. I think the other part you weaved in there was performance fees from an Investment Management perspective. And I think we said on outlook that we expected '26 to be similar to '25, but those are going to be lumpy by quarter, and they were a little lower in the current quarter. Next question.

是的。我想你剛才也把投資管理角度的績效費一起帶進來了。我想我們在展望中提到，我們預期 2026 年會與 2025 年相近，但這些會在季度間呈現不均勻的波動，而本季相對偏低一些。下一題。

Wilma Burdis, Raymond James.

Wilma Burdis，Raymond James。

Hey, good morning. What drove the lower PRT sales in the quarter? And is there a little bit more competition flowing into the SMB PRT market?

嗨，早安。本季 PRT 銷售較低的原因是什麼？另外，是否有更多競爭者進入中小企業（SMB）PRT 市場？

Thanks.

謝謝。

Yeah. Thanks, Wilma, for the question. I'll ask Chris to address that.

好的。謝謝你，Wilma，這個問題。我請 Chris 回答。

Wilma, thanks for the question. Again, if you remember, our fourth quarter was a very strong PRT quarter, fourth quarter of 2025, not just for us, with over $1 billion of PRT sales, but for the industry at about $28 billion. And I think what that had an impact of doing was really reducing the pipelines in the first quarter. So I think we haven't seen the industry-wide data yet. But anecdotally, it sounds like the industry is pretty light in the first quarter, and we reflect those trends.

Wilma，謝謝你的問題。再次提醒，如果你記得的話，我們 2025 年第四季是非常強勁的 PRT 季度，不只是我們，PRT 銷售超過 10 億美元；整個產業也達到約 280 億美元。我認為這樣的結果確實影響了第一季的案源管線，讓它大幅下降。所以我們還沒看到全產業第一季的數據。但從一些非正式的訊息來看，第一季整體產業似乎都相當清淡，而我們也反映了這些趨勢。

So that would be how we're thinking about the PRT business. The pipeline remains a little light in the second quarter. But if you remember, last year also sort of developed this way as well, sort of lighter in the first half, more accelerated PRT sales in the second half. And we kind of expect this year to be fairly similar to 2025 when it comes to PRT.

所以這就是我們看待 PRT 業務的方式。第二季的案源管線仍然稍微偏淡。但如果你記得，去年也大致是這樣發展：上半年較淡、下半年 PRT 銷售加速。而就 PRT 而言，我們也預期今年會與 2025 年相當類似。

Yeah, Wilma, and I think as we've discussed, we're not going to chase sales for the sake of sales. We're going to make sure we're disciplined on the capital that we deploy and the returns that we can get from that. And if it is lower, we're looking for other opportunities to ensure that we're driving profitable growth across the enterprise. So thanks for that question. Do you have a follow-up?

是的，Wilma，而且我想如同我們討論過的，我們不會為了銷售而追逐銷售。我們會確保在資本部署與可取得的報酬上保持紀律。如果銷售較低，我們也會尋找其他機會，確保在整個企業範圍內推動獲利性成長。所以謝謝你的問題。你有追問嗎？

Yeah. Are you seeing any competition actually improving or decreasing in Group Dental, given you guys have implemented price increases, but you're still seeing healthy sales growth?

有。在團體牙科（Group Dental）方面，你們已經調漲價格，但銷售成長仍然健康；你們看到競爭是變得更激烈還是減弱？

Thanks.

謝謝。

Yeah. I think that question, you cut out just a little bit, but I think it was really regarding the competitiveness in the Group Dental market and how that might be impacting the sales volumes. And again, I feel very proud of the results that we delivered both on the profitability side as well as the growth perspective for Specialty Benefits, but I'll have Amy address the market from a Dental perspective.

好的。我想你剛才的問題有一點斷訊，但我理解主要是在問團體牙科市場的競爭程度，以及這可能如何影響銷售量。再次強調，我對我們在專項福利（Specialty Benefits）於獲利能力與成長面所交出的成果都感到非常自豪；不過我會請 Amy 從牙科市場的角度來說明。

Yeah. Thanks, Wilma. We do tend to be a very significant player nationally in the Dental marketplace. And so one of the things that we saw emerging probably 18 months to 24 months ago was some things around cost trend and some other things related to impacts on Dental pricing that we did then move into our pricing. So we had seen some utilization changes, some cost trend changes that we moved into pricing.

好的。謝謝你，Wilma。我們在全國牙科市場中通常是非常重要的參與者。因此，我們大約在 18 到 24 個月前看到一些趨勢浮現，包含成本趨勢以及其他與牙科定價影響相關的因素，之後我們也把這些反映到定價中。我們確實看到一些使用率變化、成本趨勢變化，並將其納入定價。

As we look at last year's results, I do feel like we were one of the first in the market with some of those pricing changes, and it did mute a little bit of some of the Dental sales that we had for prior year. So I see this year's production, this quarter's production as a good indication about the power of our Dental production for the year in comparison to last year.

回顧去年的結果，我確實覺得我們是市場上較早採取部分定價調整的業者之一，而這也確實讓我們前一年度的部分牙科銷售稍微受到抑制。因此，我把今年的產出、以及本季的產出，視為一個良好指標，顯示我們今年相較去年在牙科業務產出方面的實力。

I do think we are comfortable with the rate we're putting out there in the marketplace. And we're the recipient of some market movement in the marketplace of some of our competitors putting in some rate increases that has brought some things back out to market. So we like the profitability that we're seeing in the Dental business that we're writing.

我確實認為，我們對於目前在市場上提供的費率水準感到滿意。而且我們也受惠於市場上的一些變化——部分競爭對手調升費率，使得一些案子重新回到市場上。因此，我們喜歡我們所承作的牙科業務所呈現的獲利能力。

And we think it's a good indication for the type of power that Dental business will have for us throughout 2026.

我們認為，這對牙科業務在整個2026年期間能為我們帶來的議價能力，是一個很好的指標。

Tom Gallagher, Evercore ISI.

Tom Gallagher，Evercore ISI。

Good morning. First question just on RIS fee flows. 1Q '25, I think you had a jumbo case that you lost. How were the jumbo case call-outs for this quarter? Did you have any wins, losses? How did that influence RIS fee flows this quarter?

早安。第一個問題是關於RIS費用流入（fee flows）。2025年第一季，我記得你們有一個大型（jumbo）案子流失。那這一季大型案子的揭露情況如何？有任何贏單或流失嗎？這對本季RIS費用流入有什麼影響？

Yeah, I'll have Chris address that. You're right. Last first quarter, we had a more significant on the lapse side. This quarter, we're seeing it more positive on the transfer deposit side, but I'll have Chris give some more color.

是的，我請Chris來回答。你說得沒錯。去年第一季，我們在失效（lapse）方面的影響比較顯著。這一季我們看到在轉入存款（transfer deposit）方面更偏正向，但我請Chris再補充一些細節。

Yeah. I think we had really good wins in the first quarter coming off what was a really strong fourth quarter as well. So I think I'd take you back, and we had strong wins. It was a really strong fourth quarter, and that momentum continued in the first quarter. You're right.

好的。我認為我們第一季有非常不錯的贏單，而且是在第四季也非常強勁的基礎上延續下來。所以我會帶你回顧一下：我們有強勁的贏單。第四季非常強，而這股動能延續到第一季。你說得沒錯。

Last year, we did have a large case loss that we called out. This year, we had broad strength, but we also had a couple of large case wins in the quarter. And so you did see that very significant difference in growth in our transfer deposits. And as you know, the large segments tend to be a little bit lumpy and the SMB market tends to be sort of more steady and strong.

去年我們確實有一個大型案子流失，當時也特別點出。今年我們整體表現廣泛強勁，同時本季也拿下了幾個大型案子的贏單。因此你確實看到我們轉入存款成長出現非常顯著的差異。而如你所知，大型客群通常會比較不均勻（lumpy），而中小企業（SMB）市場則相對更穩定且強勁。

Thanks, Tom. Do you have a follow-up?

謝謝你，Tom。你有追問嗎？

Yeah, Deanna. So my follow-up, I guess, is for Kamal, the -- on performance. It looks like your 1-year numbers for equities and asset allocation got better. Fixed income slipped a little bit. 3-year numbers fell across the board, though, in all three categories. Are you seeing any impact from the performance issues? And why do you think the performance has slipped a bit here?

有的，Deanna。那我的追問，我想是給Kamal，關於績效表現。看起來你們股票與資產配置的一年期數據變好了。固定收益稍微下滑了一點。不過三年期數據在三個類別上都全面下滑。你們有看到績效問題帶來任何影響嗎？以及你認為績效為什麼在這裡有些走弱？

Yes, I'll have Kamal address that. Obviously, investment performance is something we spend a lot of time focused on. There is some duplication across some of those, especially when you get into asset allocation. But I'll ask Kamal to follow up on that.

好的，我請Kamal來回答。很明顯，投資績效是我們投入大量時間關注的事情。其中有些項目之間會有重疊，尤其是談到資產配置時。不過我請Kamal接著說明。

Absolutely. So I'll start with your question on investment performance and break it down by the segments. As you highlighted, improvement on the 1-year number in certain pieces and then 3 years, slightly weaker. One thing I'll highlight for you, these numbers do not include our very strong private market performance. In fact, our marquee real estate strategy is number 1, in this category.

當然。我先從你關於投資績效的問題開始，並按不同區塊拆解。如你所指出，某些部分的一年期數據有所改善，而三年期則略為偏弱。我想先提醒你一點：這些數字並未納入我們非常強勁的私募市場（private market）績效。事實上，我們的旗艦不動產策略在此類別中排名第1。

And as you know, that drives a significant flow for us. I think in Deanna's comment, we also highlighted for you that we grew our private market business 11% year-over-year. I would highlight for you, only 1% of that was from macro. So it shows that we have the engine when investment performance kicks in. But specifically to your question, the area of our core weakness right now is around US equities, particularly active US equities, is an area of weakness, particularly in the short term.

而如你所知，這為我們帶來了相當可觀的資金流入。我想在Deanna的評論中，我們也提到我們的私募市場業務年增11%。我也要強調，其中只有1%是來自總體環境（macro）。這顯示當投資績效發揮時，我們具備推動成長的引擎。但就你具體的問題而言，我們目前核心的弱點在於美國股票，特別是主動式美國股票，短期表現尤其偏弱。

The long-term numbers are very, very good. As you said, our fixed income performance has improved, particularly non-US fixed income performance is very, very strong. We see that in our flows, particularly around emerging market debt, which continues to attract a lot of client attention. Asset allocation is very important.

長期數據其實非常、非常好。如你所說，我們的固定收益績效已有改善，尤其是非美固定收益的表現非常、非常強。我們也在資金流向中看到這點，特別是在新興市場債務方面，持續吸引大量客戶關注。資產配置也非常重要。

As you know, we offer our portfolio in multiple flavors. One of our strategies on the hybrid side continues to do well, but you have highlighted some of our challenges in the active book that comes from the US side. And then the last thing I would highlight for you just this quarter is by design, we do run many of these strategies to complement as the passive business has grown across the industry, we, by design, design our products to be different than the index.

如你所知，我們以多種不同「風味」提供投資組合。我們在混合型（hybrid）的一項策略持續表現良好，但你也指出我們在主動管理產品線上的一些挑戰，主要來自美國端。另外我想就本季再補充最後一點：我們刻意讓許多策略用來互補——隨著被動式（passive）業務在全產業成長，我們在產品設計上刻意讓產品與指數不同。

That does lead to, in periods of high volatility, significant deviation in market performance, sometimes positive, sometimes negative. But that's what the clients ask from us. They don't want index-like products from us. And in periods where we deliver, it creates a tailwind as well. And it also supports our stable fee rate, which you have always highlighted as a strength for Principal Asset Management.

這確實會在高波動期間導致與市場表現出現顯著偏離，有時是正面、有時是負面。但這正是客戶對我們的期待。他們不希望我們提供類似指數的產品。而在我們交出好成績的期間，也會形成順風（tailwind）。同時也支撐了我們穩定的費率水準，而你一直強調這是Principal Asset Management的一項優勢。

Michael Ward, UBS.

Michael Ward，瑞銀（UBS）。

Hi, thanks. Good morning. I was wondering on the Specialty Benefits. Did the M&A that you did in the quarter, like did that contribute at all to the new business growth? And then are there other targets out there that you guys could look to transact on?

嗨，謝謝。早安。我想問一下Specialty Benefits（專項福利）。你們本季做的併購（M&A），是否對新業務成長有任何貢獻？另外，外面是否還有其他標的，是你們可能會考慮交易的？

Yeah. Thanks, Mike, for that question. We did do a small dental network acquisition with a company that we had a relationship with. I'll have Amy talk to that. And obviously, as I've said on prior calls, it's great to be leaning into some areas that can help drive growth as we continue to think about our portfolio. So Amy?

好的。謝謝你，Mike，這個問題。我們確實做了一筆小型的牙科網絡收購，對方是我們原本就有合作關係的公司。我請Amy來說明。而且如我在先前的電話會議中提過，隨著我們持續思考投資組合配置，能在一些有助於推動成長的領域加大投入是很好的。所以，Amy？

Yeah. Thanks for the question. So we did -- as Deanna noted, we did a small dental network acquisition that happened to be in Alabama. It was both a dental network and then some renewal rights for a block of Group Benefits business. We feel really good about that transaction.

好的。謝謝你的提問。如Deanna所說，我們做了一筆小型牙科網絡收購，地點剛好在阿拉巴馬州。內容包含牙科網絡，以及一個團體福利（Group Benefits）業務組合（block）的部分續約權（renewal rights）。我們對這筆交易感覺非常好。

Your question, though, I think, was specifically was that into first quarter results? And the answer is no. Those were not yet present in first quarter results. Any benefit we get from that in terms of new business or cross sales or power of our dental network will start showing up in second quarter and beyond. I do like being able to lean into this piece of the business.

不過我想你的問題是更具體地問：這是否已反映在第一季結果中？答案是否定的。這些尚未出現在第一季結果裡。我們從這筆交易在新業務、交叉銷售或牙科網絡影響力方面所獲得的任何效益，將從第二季及之後開始顯現。我確實喜歡能在這塊業務上加大投入。

We've got some really nice engines running for us in the Specialty Benefits business. And I like being able to add to it a bit inorganically to help us with future growth.

我們在Specialty Benefits業務上有幾個非常不錯的成長引擎正在運轉。我也喜歡能透過一些非有機（inorganic）的方式稍微加碼，來協助我們未來的成長。

Thanks, Mike. Do you have a follow-up question?

謝謝你，Mike。你有追問嗎？

Yeah. On RIS, I guess, you guys, I would say, have been a little bit quieter just in terms of the inclusion of privates for retirement funds -- in retirement funds. I'm just curious your sort of stance on that issue and how you see that heading going forward for the industry?

有的。關於RIS，我想你們在把私募資產納入退休基金——納入退休基金這件事上，最近相對比較低調。我只是好奇你們對這個議題的立場是什麼，以及你們如何看待未來整個產業的發展方向？

Yeah, I'll have Chris talk through that. Obviously, we applaud and support thoughtful efforts to expand investment options within retirement plans. The recent DOL guidance is an important step, but I think our stance is it's going to take time. It's going to be slow. And ultimately, as we talk to our customers, they're intrigued but are not pushing to move at a fast rate for inclusion.

是的，我會請 Chris 來說明。顯然，我們肯定並支持在退休計畫中擴大投資選項的審慎努力。近期勞工部（DOL）的指引是重要的一步，但我認為我們的立場是，這需要時間。進展會很慢。而且最終，當我們與客戶交流時，他們很感興趣，但並沒有推動要以很快的速度納入。

But I'll see if Chris has some additional flavor.

不過我看看 Chris 是否能補充一些看法。

Yeah. Thanks, Michael. Thanks, Deanna. Yeah. I mean, I agree. I mean we do support the evaluation of privates to be included in retirement plans. And obviously, we've been offering privates and retirement plans for a long time with our real estate strategies.

是的。謝謝你，Michael。謝謝你，Deanna。是的。我的意思是，我同意。我們確實支持評估將私募資產納入退休計畫。而且顯然，我們透過不動產策略，在退休計畫中提供私募投資已經很長一段時間了。

So we do believe that they play a proper role. But they are complex, and they come with new challenges. And I think the DOL has proposed safe harbor that you need to evaluate the performance and the fees and the liquidity and the valuation and the benchmarking and the complexity.

因此我們確實相信它們能扮演適當的角色。但它們很複雜，也帶來新的挑戰。我認為 DOL 提出的安全港要求你評估績效、費用、流動性、估值、基準比較以及複雜性。

That causes plan sponsors and fiduciaries to sort of step back and really be thoughtful about what works for them, what risks are we exposing participants to. And so I think we see a very measured approach to people considering the inclusion of privates in the retirement plans.

這會讓計畫贊助者與受託人稍微退一步，真正審慎思考什麼適合他們、我們讓參與者承擔了哪些風險。因此我認為，我們看到大家在考慮將私募資產納入退休計畫時採取非常審慎、循序漸進的做法。

We just had a significant client conference with 50 or so of our largest and important clients and there wasn't tremendous -- there were a lot of questions and a lot of wanting to understand. But I'm not sensing a tremendous like movement toward everyone, including privates quickly into their plans. I think it's going to take some time.

我們剛舉辦了一場重要的客戶會議，約有 50 位我們最大且最重要的客戶參與，並沒有出現非常強烈的——大家提出很多問題、也很想了解。但我沒有感受到大家都想快速把私募資產納入其計畫的強烈動能。我認為這需要一些時間。

And I think as we've said in the past, it's probably going to be introduced first through advice solutions, whether that's a target date solution vehicle or a managed account vehicle because they are complex, they need a little bit more explanation and the plan sponsor fiduciaries and the fiduciary committees are going to just take some time understanding how do we include this, how do we monitor the performance, how do we think about the valuation issues and then how do we deal with the liquidity.

而且我想如同我們過去所說，這可能會先透過建議型解決方案導入，無論是目標日期（target date）解決方案載體或是受管理帳戶（managed account）載體，因為它們很複雜，需要更多說明；而計畫贊助者受託人與受託委員會也需要時間去理解：我們要如何納入、如何監控績效、如何看待估值議題，以及如何處理流動性。

So again, we support it. We're working with a lot of investment partners on including their solutions into various vehicles. But I think it is going to be a bit more measured progress as opposed to a big wave of inclusion here in the short term.

所以再次強調，我們支持。我們正與許多投資夥伴合作，把他們的解決方案納入各種載體。但我認為，相較於短期內出現一大波納入潮，進展會更為審慎、循序漸進。

Pablo Singzon JPMorgan.

Pablo Singzon，摩根大通（JPMorgan）。

Hi, good morning. So just to start off, maybe a question for RIS. I wanted to ask about your efforts to grow spread earnings, whether from institutional flows or AUM sitting in retirement plans. How do you see the fee versus spread mix evolving over time?

嗨，早安。那先從一個可能給 RIS 的問題開始。我想請教你們擴大利差收益（spread earnings）的努力，無論是來自機構資金流入或是退休計畫中留存的 AUM。你們如何看待費用（fee）與利差（spread）的組合隨時間演變？

Yeah. Thanks, Pablo, and great to have you on the call. I'll have Chris really address that. As we've talked about, we really do think about our fees -- how we think about fee and spread is holistically because those are ways that we drive revenue across our retirement ecosystem. So we think less about one versus the other and really think about how they can contribute to overall retirement as well as Principal growth.

是的。謝謝你，Pablo，也很高興你加入這通電話。我會請 Chris 來回應。如同我們談過的，我們對費用——我們看待費用與利差是以整體角度來看，因為它們都是我們在退休生態系中推動營收的方式。所以我們較少把它視為二選一，而是思考它們如何共同貢獻整體退休業務以及 Principal 的成長。

But I'll have Chris offer some additional color.

不過我會請 Chris 補充一些細節。

Yeah. Thanks, Pablo. We have, over the last several years, really put some emphasis into looking at how do we continue to grow our spread-based earnings. Obviously, PRT and the annuities businesses provide some nice spread-based earnings. But as importantly, we've really focused on growing capital preservation options within our retirement plans, which we call sort of WS or SGA solutions.

是的。謝謝你，Pablo。過去幾年，我們確實更著重於思考如何持續成長我們以利差為基礎的收益。顯然，PRT 與年金業務提供了不錯的利差型收益。但同樣重要的是，我們也非常專注於在退休計畫內擴大資本保全（capital preservation）選項，我們稱之為 WS 或 SGA 解決方案。

And those, we've driven very significant flows in those over the last several years and including over $400 million of flows in the quarter just on WS or SGA. We do think there is an appetite for capital preservation products that can serve the needs of the participant and continue to think that there's opportunities to drive that. But we're not targeting any particular mix.

而這些方案在過去幾年帶來了非常顯著的資金流入，包括本季僅 WS 或 SGA 就超過 4 億美元的流入。我們確實認為市場對能滿足參與者需求的資本保全產品有需求，並持續認為仍有機會推動這方面的成長。但我們並沒有鎖定任何特定的組合比例。

Flow -- fee based flows are really important for us, and we continue to focus on driving profitable fee revenue and at the same time, supplementing and complementing that with the right mix of more capital-consumptive spread-based products to make sure that we're getting the returns on the capital that we're doing, while also at the same time, meeting the needs for our retirement plan participants for capital preservation.

資金流——以費用為基礎的資金流對我們非常重要，我們會持續專注於推動具獲利性的費用收入；同時，以適當的、較耗用資本的利差型產品組合來補充與搭配，確保我們在投入資本上取得應有的報酬；並且同時滿足退休計畫參與者對資本保全的需求。

Thanks, Pablo. Hope that helps. Do you have a follow-up?

謝謝你，Pablo。希望這有幫助。你有追問嗎？

Yeah, I do. And then secondly, maybe for Kamal. I was hoping you could elaborate on your comment about the asset management pipeline being very strong. Is it better than it was a year ago? Are you seeing new opportunities? Anything you can comment on there?

有的。第二個問題可能給 Kamal。我希望你能進一步說明你提到資產管理的案源（pipeline）非常強勁。這是否比一年前更好？你們是否看到新的機會？有什麼可以評論的嗎？

Yeah. That's a great final question. We do have a strong pipeline as we sit here today. I think volatility in the market could impact the timing of when that flows in, but I'll have Kamal give some additional color.

是的。這是個很好的最後一題。以我們目前的狀況來看，確實有很強的案源。我認為市場波動可能會影響資金流入的時點，但我會請 Kamal 補充一些細節。

Sure. Pablo, thank you for the question. So just to follow up to Deanna's comments, I feel very good about our pipeline. Our commitment pipeline has now grown to over $9 billion. Just to help you understand, these are mandates that we have actually won that have not funded.

好的。Pablo，謝謝你的問題。延續 Deanna 的評論，我對我們的案源感到非常有信心。我們的承諾案源（commitment pipeline）現在已成長到超過 90 億美元。為了幫助你理解，這些是我們實際已贏得、但尚未撥款（funded）的委任案（mandates）。

And they have diversified across both public and private markets largely from our growth in our global client base. And that's key because the demand is more diversified. Historically, we have highlighted for you a pipeline of around $6 billion around real estate. So you can see how this has scaled up. And it also shows that we are continuing to bring new products to the marketplace as well.

而且它們在公開與私募市場之間都有分散配置，主要來自我們全球客戶基礎的成長。這點很關鍵，因為需求更為多元分散。過去我們曾向各位強調約 60 億美元、以不動產為主的案源。所以你可以看到規模如何擴大。這也顯示我們持續把新產品帶到市場上。

So I believe the setup for 2026 is very constructive on that front.

因此我認為，在這方面，2026 年的布局非常正向、具建設性。

We have reached the end of our Q&A. Ms. Strable, your closing comments, please.

我們的問答環節到此結束。Strable 女士，請做結語。

Thank you. As we close, I want to thank all of you for joining the call. Our first quarter results underscore the strength of our diversified business model, our focus on execution and growth and our long-term discipline.

謝謝。在結束之前，我想感謝各位加入本次電話會議。我們第一季的結果凸顯了我們多元化商業模式的強韌性、我們對執行與成長的專注，以及我們長期的紀律。

As mentioned, we are confident in our ability to deliver on our 2026 financial targets, and we're well positioned to navigate the current environment, grow and deepen customer relationships and deliver long-term value for shareholders. We appreciate all of your continued interest in Principal and look forward to our ongoing dialogue.

如前所述，我們有信心達成 2026 年的財務目標；我們也已做好準備以因應目前環境、成長並深化客戶關係，並為股東創造長期價值。我們感謝各位持續關注 Principal，並期待持續與各位對話。

Thank you again for your time, and have a great day.

再次感謝各位撥冗參與，祝各位有美好的一天。

Thank you. This concludes today's conference call. You may 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。您現在可以掛線，並感謝您的參與。