Primerica Inc (PRI) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Primerica's Third Quarter 2023 Earnings Webcast. (Operator Instructions) And as a reminder, this conference is being recorded.

您好，歡迎收看 Primerica 2023 年第三季財報網路廣播。 （操作員說明）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce to you, Nicole Russell, Head of Investor Relations. Thank you, Nicole. You may begin.

現在我很高興向您介紹投資者關係主管 Nicole Russell。謝謝你，妮可。你可以開始了。

Thank you, John. Good morning, everyone. Welcome to Primerica's Third Quarter Earnings Call. A copy of our earnings press release, along with other materials relevant to today's call are posted on the Investor Relations section of our website. Joining our call today are Chief Executive Officer, Glenn Williams; our Chief Financial Officer, Alison Rand; and our EVP of Finance and Future CFO, Tracy Tan.

謝謝你，約翰。大家，早安。歡迎參加 Primerica 第三季財報電話會議。我們的收益新聞稿以及與今天電話會議相關的其他資料均發佈在我們網站的投資者關係部分。今天加入我們電話會議的還有執行長格倫威廉斯 (Glenn Williams)；我們的財務長艾莉森·蘭德；以及我們的財務執行副總裁兼未來財務長 Tracy Tan。

Our comments this morning may contain forward-looking statements in accordance with the safe harbor provisions of the Securities Litigation Reform Act. We assume no obligation to update these statements to reflect new information and refer you to our most recent Form 10-K filing, as may be modified by subsequent Form 10-Q for a list of risks and uncertainties that could cause actual results to materially differ from those expressed or implied.

根據《證券訴訟改革法》的安全港條款，我們今天上午的評論可能包含前瞻性聲明。我們沒有義務更新這些聲明以反映新信息，並請您參閱我們最新的10-K 表格文件，後續的10-Q 表格可能會對其進行修改，以獲取可能導致實際結果產生重大差異的風險和不確定性清單來自明示或暗示的內容。

We will also reference certain non-GAAP measures, which we believe provide additional insight into the company's operations. Reconciliations of non-GAAP measures to their respective GAAP numbers are included at the end of our earnings press release and are available on our Investor Relations website.

我們也將參考某些非公認會計準則衡量標準，我們認為這些衡量標準可以提供對公司營運的更多了解。非公認會計原則衡量指標與其各自公認會計原則數據的對帳包含在我們的收益新聞稿末尾，並且可以在我們的投資者關係網站上找到。

I would now like to turn the call over to Glenn.

我現在想把電話轉給格倫。

Thank you, Nicole, and thanks, everyone, for joining us today. Our third quarter results underscore the fundamental strength of our distribution capabilities and the value of our complementary insurance and investment businesses. Term Life pretax income is up 7% year-over-year, while ISP pretax income grew 9%, representing the segment's first year-over-year increase since the first quarter of 2022. We also continue to drive growth in the size of the sales force with a 4% increase since September 30, 2022.

謝謝妮可，也謝謝大家今天加入我們。我們第三季的業績凸顯了我們分銷能力的基本實力以及我們互補的保險和投資業務的價值。定期壽險稅前收入年增 7%，而 ISP 稅前收入增長 9%，這是該細分市場自 2022 年第一季以來首次同比增長。我們也繼續推動壽險規模的增長自2022 年9 月30日起，銷售隊伍增加了4%。

Starting with a quick recap of our financial results. Adjusted operating revenues of $713 million during the quarter rose 5% year-over-year while adjusted net operating income of $154 million increased 9% and diluted adjusted operating earnings per share of $4.28 increased 14%. These results reflect the steady contribution from our large in-force book of term life insurance, strong term life sales, growth in client asset values and the benefit of higher interest rates on our investment portfolio.

首先快速回顧一下我們的財務表現。本季調整後營業收入為 7.13 億美元，年增 5%，調整後淨營業收入為 1.54 億美元，成長 9%，稀釋後調整後每股營業收益為 4.28 美元，成長 14%。這些結果反映了我們大量有效的定期壽險帳簿、強勁的定期壽險銷售、客戶資產價值的成長以及更高的利率對我們的投資組合的好處的穩定貢獻。

The Senior Health segment recorded a modest loss as we position the business for the start of the annual enrollment period. On the capital deployment front, we repurchased $106 million of our common stock during the quarter for a total of $302 million in the first 9 months of 2023. We also paid $23 million in stockholder dividends during the third quarter. Given the strength of our capital and liquidity positions, we believe we will meet our targeted repurchases of $375 million for the year.

由於我們將業務定位於年度註冊期間的開始，高級健康部門錄得小幅虧損。在資本部署方面，我們在本季回購了 1.06 億美元的普通股，2023 年前 9 個月的回購總額為 3.02 億美元。我們還在第三季支付了 2,300 萬美元的股東股息。鑑於我們的資本和流動性狀況強勁，我們相信我們將實現今年 3.75 億美元的回購目標。

Turning now to distribution. Both home office and field leadership remain focused on our common goal of growing the sales force. The attractiveness of our entrepreneurial business opportunity continues to fuel recruiting. During the quarter, we welcomed more than 92,000 individuals as new recruits to Primerica.

現在轉向分發。總部和現場領導層仍然專注於我們發展銷售團隊的共同目標。我們創業商業機會的吸引力持續推動招募。本季度，我們迎來了超過 92,000 名新員工加入 Primerica。

We also -- are also seeing solid progress in licensing with a total of 12,311 individuals obtaining a new life license during the quarter, pushing the size of the life licensed sales force to over 139,000. We remain confident in our ability to expand the size of our sales force and project around 3% year-over-year growth in the fourth quarter.

我們也看到在許可方面取得了堅實的進展，本季度共有 12,311 人獲得了新的生命許可，將生命許可銷售團隊的規模推至超過 139,000 人。我們對擴大銷售隊伍規模的能力仍然充滿信心，預計第四季將年增 3% 左右。

Turning next to the Term Life business. We issued approximately 88,500 new term life policies during the quarter, up 9% compared to the adjusted policy count in the prior year. We issued $29.5 billion in new term life protection for our clients, a 13% increase compared to the face amount issued in the prior year period. The productivity of our sales force remains solid at 0.21 policies per life license rep per month compared to 0.20 in the prior year period. Looking ahead, we expect fourth quarter policies issued to grow approximately 6% to 7% year-over-year or around 6% on a full year basis.

接下來轉向定期人壽業務。本季我們發行了約 88,500 份新定期壽險保單，與前一年調整後的保單數量相比增加了 9%。我們為客戶發行了 295 億美元的新定期人壽保障，與去年同期發行的面額相比增加了 13%。我們銷售團隊的生產力保持穩定，每個生命許可代表每月 0.21 份保單，而去年同期為 0.20 份。展望未來，我們預計第四季保單發放量將年增約 6% 至 7%，全年將成長約 6%。

Let's look now at our Investment and Savings Products business. Total sales of $2.2 billion during the quarter remained largely unchanged compared to the third quarter of 2022. Sales of annuity products rose 17% compared to the prior year period as annuity providers continue to enhance products, leading to higher investor demand for variable annuities and the guarantee features they offer.

現在讓我們來看看我們的投資和儲蓄產品業務。本季總銷售額為22 億美元，與2022 年第三季相比基本維持不變。年金產品銷售額較上年同期成長17%，因為年金供應商不斷增強產品，導致投資者對可變年金的需求增加，保證他們提供的功能。

During the quarter, we also transitioned our managed accounts business from TD to Pershing as our custodian. This conversion caused a temporary disruption in sales, which is now behind us. Changes of this magnitude generally require a period of adjustment as advisers familiarize themselves with new technology and help their clients log in and navigate the new platform. With the conversion complete, we were able to retain 98% of client assets. Advisers are adjusting and sales levels normalized in October.

在本季度，我們還將管理帳戶業務從道明銀行轉移到潘星作為我們的託管人。這種轉變造成了銷售的暫時中斷，但現在這種情況已經過去了。這種規模的變化通常需要一段時間的調整，因為顧問要熟悉新技術並幫助客戶登入和瀏覽新平台。轉換完成後，我們能夠保留 98% 的客戶資產。顧問正在調整，十月的銷售水準已恢復正常。

Finally, sales of Canadian segregated funds are down substantially after Canadian insurance regulators followed the lead of securities regulators and banned deferred sales charges on new product sales. We are actively looking at alternate segregated fund solutions for our clients in Canada.

最後，在加拿大保險監理機構效法證券監理機構並禁止對新產品銷售徵收遞延銷售費用後，加拿大獨立基金的銷售大幅下降。我們正在積極為加拿大客戶尋找替代的獨立基金解決方案。

Ending client asset values were $88.4 billion on September 30 or 12% above the prior year period and down approximately 3.5% versus June 30, 2023, as market volatility during the quarter pressured equity values.

截至9 月30 日，期末客戶資產價值為884 億美元，比上年同期增長12%，與2023 年6 月30 日相比下降約3.5%，原因是該季度的市場波動給股票價值帶來壓力。

Net client inflows of $192 million during the quarter reflected approximately $150 million in redemptions from the 2% applied assets that did not convert to the new managed account custodial platform. Based on October trends, we expect fourth quarter ISP sales to grow around 5% year-over-year.

本季客戶淨流入 1.92 億美元，反映出未轉換至新管理帳戶託管平台的 2% 應用資產的贖回額約為 1.5 億美元。根據 10 月的趨勢，我們預計第四季度 ISP 銷售額將年增 5% 左右。

We've received questions about the DOL's recent fiduciary proposal that came out on October 31, that proposed rule is subject to a comment period and potential challenges that make it hard to draw any firm conclusions at this time. However, due to the nature of our ISP business, and process changes we previously adopted, we believe we will be well positioned to deal with any final DOL rule.

我們收到了有關勞工部 10 月 31 日發布的最新信託提案的問題，該提案的規則需要一段評論期和潛在的挑戰，因此目前很難得出任何明確的結論。然而，由於我們 ISP 業務的性質以及我們先前採用的流程變更，我們相信我們將能夠很好地應對任何最終的 DOL 規則。

Turning next to senior health. During the third quarter, which is seasonally the most challenging period of the year, we saw stable LTVs for the fourth consecutive quarter. However, contract acquisition costs per approved policy of $1,263 as well as sales volumes were pressured by a higher mix of newer, less productive agents. While our agent count has grown, we've had higher-than-expected attrition of experienced agents and new hires were onboarded and trained later in the year than we planned.

接下來轉向高級健康。第三季是一年中季節性最具挑戰性的時期，我們連續第四個季度看到穩定的生命週期價值。然而，每項核准保單的合約取得成本為 1,263 美元，而且銷售量也受到更多較新、生產力較低的代理商的壓力。雖然我們的代理數量有所增加，但經驗豐富的代理的流失率高於預期，而且新員工入職和培訓的時間比我們計劃的要晚。

We also identified an inefficiency in our use of leads, which has now been corrected. As we make course corrections to further improve our agent recruiting and onboarding, we are moderating our expectations for fourth quarter and AEP and expect approved applications to be down over 10% from last year. We believe that Primerica representatives will continue to be a valuable source of quality leads for e-TeleQuote and estimate their referral activity will contribute more than 20% of submitted applications during this year's AEP.

我們也發現了潛在客戶使用效率低下的問題，現已修正。隨著我們進行路線修正以進一步改善我們的代理招聘和入職，我們正在調整對第四季度和 AEP 的預期，並預計批准的申請將比去年下降 10% 以上。我們相信，Primerica 代表將繼續成為 e-TeleQuote 優質線索的寶貴來源，並估計他們的推薦活動將佔今年 AEP 期間提交申請的 20% 以上。

We remain committed to our senior health business and believe there is room for more improvement. Our new leadership team established since our acquisition is fully in place, creating a strong foundation for the future. We will not need to provide capital to the subsidiary in 2023 and we do not anticipate the need to provide capital in 2024.

我們仍然致力於我們的老年健康業務，並相信還有進一步改進的空間。自收購以來我們成立的新領導團隊已完全到位，為未來奠定了堅實的基礎。我們不需要在 2023 年向該子公司提供資本，我們預計也不需要在 2024 年提供資本。

Before turning to Alison to review of our financial results, I'd like to comment on our CFO succession process. As you know, Alison has announced her retirement effective April 1, 2024, after nearly 23 years as CFO. Her leadership has provided tremendous financial discipline and performance, which we'll continue to build upon.

在請艾莉森審查我們的財務表現之前，我想先談談我們的財務長繼任流程。如你所知，艾莉森 (Alison) 在擔任財務長近 23 年後宣布將於 2024 年 4 月 1 日退休。她的領導力提供了出色的財務紀律和績效，我們將繼續以此為基礎。

Alison's successor, Tracy Tan, has recently joined Primerica. Tracy is an accomplished business leader with 20 years of experience as CFO across multiple industries, including financial services. The depth and breadth of her experience and business acumen will enable her to guide Primerica to continued growth. Tracy is working closely with Alison on the transition. Tracy, welcome to the Primerica team.

Alison 的繼任者 Tracy Tan 最近加入了 Primerica。 Tracy 是一位卓有成就的商業領袖，擁有 20 年在金融服務等多個行業擔任財務長的經驗。她豐富的經驗和商業頭腦將使她能夠帶領 Primerica 實現持續成長。特雷西正在與艾莉森密切合作進行過渡。 Tracy，歡迎來到 Primerica 團隊。

Thank you, Glenn. I appreciate the vote of confidence, and I'm excited to join Primerica. The company's mission to help middle-income families is well aligned with my own personal values. It is an honor to succeed Alison, who leaves behind a great legacy. I'm committed to leveraging my experiences to drive Primerica's continued growth and value to our stockholders.

謝謝你，格倫。我感謝大家的信任投票，我很高興加入 Primerica。該公司幫助中等收入家庭的使命與我個人的價值觀非常一致。接替艾莉森是我的榮幸，她留下了偉大的遺產。我致力於利用我的經驗來推動 Primerica 的持續成長並為我們的股東創造價值。

Thank you, Tracy. It's great to have you on board. Alison, I also want to thank you for your extraordinary leadership, tireless dedication and wise counsel throughout the years. You've been an integral part of Primerica's success, and you'll be missed after your retirement next April.

謝謝你，特雷西。很高興您加入。艾莉森，我還要感謝你多年來非凡的領導、不懈的奉獻和明智的建議。您是 Primerica 成功不可或缺的一部分，明年四月退休後我們將懷念您。

Thank you, Glenn. Thank you, Tracy. So really -- those really kind words, I do appreciate it. And good morning, everyone. Let me expand on our third quarter financial results by taking a closer look at the financial contribution of each segment.

謝謝你，格倫。謝謝你，特雷西。所以真的——那些非常友善的話語，我真的很感激。大家早安。讓我透過仔細研究每個部門的財務貢獻來擴展我們第三季的財務表現。

Starting with Term Life, we continue to benefit from the strong profits generated by this segment. Pretax operating income of $141 million increased 7% year-over-year, driven by 6% growth in adjusted direct premiums. Based on current sales and persistency expectations, we expect ADP to continue to grow by approximately 6% year-over-year in the fourth quarter. We also expect the Term Life segment to continue to be a strong source of free cash flow for the company.

從定期人壽開始，我們繼續受益於該部門產生的強勁利潤。稅前營業收入為 1.41 億美元，年增 7%，這得益於調整後直接保費成長 6%。根據目前的銷售額和持續性預期，我們預計第四季度 ADP 將繼續同比增長約 6%。我們也預期定期壽險部門將繼續成為公司自由現金流的強大來源。

The Term Life pretax operating margin was 23% in the third quarter versus 22.8% in the prior year period. We express our Term Life margin and financial ratios as a percentage of adjusted direct premiums as we believe this is the best revenue basis to evaluate performance. In doing so, we view other ceded premiums, which are the amounts paid to our YRT reinsured through lock-in mortality costs as a component of our benefit cost rather than a contra revenue as presented on a GAAP basis.

第三季定期人壽稅前營業利益率為 23%，而去年同期為 22.8%。我們將定期壽險利潤率和財務比率表示為調整後直接保費的百分比，因為我們相信這是評估業績的最佳收入基礎。在此過程中，我們將其他分出保費（即透過鎖定死亡率成本支付給我們再保險的 YRT 的金額）視為我們福利成本的一部分，而不是以 GAAP 基礎呈現的對銷收入。

Under LDTI, Term Life margins are expected to be stable and predictable. They are not highly sensitive to changes in persistency and mortality experience variances are highly mitigated by reinsurance and partially spread to future periods.

根據 LDTI，定期壽險利潤率預計將穩定且可預測。他們對持久性的變化並不高度敏感，並且透過再保險可以極大地緩解死亡率經歷差異，並部分擴展到未來時期。

Benefits and claims, DAC amortization and insurance expense ratios in the third quarter were all consistent with the prior year period at 57.9%, 11.7% and 7.3%, respectively. We expect margins and financial ratios to remain stable in the fourth quarter.

第三季的福利和理賠、DAC 攤提和保險費用率均與去年同期持平，分別為 57.9%、11.7% 和 7.3%。我們預計第四季度的利潤率和財務比率將保持穩定。

Turning to persistency. We continue to see elevated lapses most notably on policies sold near the onset of or during the pandemic when various financial aid programs were widely available to middle income marketplace. The combination of our ongoing cost of living pressures and the elimination of financial aid programs are likely contributors to the timing of these lapses.

轉向堅持。我們繼續看到失誤增多，最明顯的是大流行爆發前後或期間出售的保單，當時中等收入市場廣泛使用各種財政援助計劃。我們持續的生活成本壓力和財政援助計劃的取消可能是造成這些失誤的原因。

Persistency for both policies issued over the last year as well as older policies are generally in line with historical trends underlying our LDTI assumptions. While economic headwinds are likely to continue in the near term, we believe that persistency experience across all durations will revert to historical levels over time.

去年發布的政策以及舊政策的持續性總體上符合我們 LDTI 假設的歷史趨勢。雖然短期內經濟逆風可能會持續，但我們相信，隨著時間的推移，所有持續時間的持久性體驗將恢復到歷史水平。

During the third quarter, we performed our annual assumption review. We did not identify any trends or experience that we believe require us to change our long-term assumptions for lapses or aggregate benefits including both mortality and disability rates for our waiver of premium rider. As noted, we believe the elevated lapses seen in some policy durations will revert to historical levels over time.

在第三季度，我們進行了年度假設審查。我們沒有發現任何我們認為需要我們改變對失誤或整體福祉（包括死亡率和殘疾率）的長期假設的趨勢或經驗，以放棄高級附加險。如前所述，我們認為，隨著時間的推移，某些保單期限內出現的較高的失誤率將恢復到歷史水準。

In regard to mortality, variances are inherently limited by our extensive YRT reinsurance program. Claims have been modestly favorable to assumptions in 2023 what we believe this is near-term experience volatility in their existing LDTI mortality assumptions continue to reflect the long-term best estimate for benefit reserve. We've also seen some variability in disability rates underlying our waiver premium benefit, which we will continue to monitor.

就死亡率而言，差異本質上受到我們廣泛的 YRT 再保險計劃的限制。索賠對 2023 年的假設較為有利，我們認為這是其現有 LDTI 死亡率假設的近期經歷波動，繼續反映了福利儲備的長期最佳估計。我們還發現我們的豁免保費福利背後的傷殘率存在一些變化，我們將繼續監控這種情況。

Turning next to the Investment and Savings Products segment. Third quarter operating revenues of $219 million and pretax operating income of $64 million were both up 9% year-over-year. Sales-based revenues and commission expense both rose 7%, in line with revenue-generating sales. Asset-based revenues increased 11%, consistent with 10% growth in average client asset value.

接下來轉向投資和儲蓄產品部分。第三季營業收入為 2.19 億美元，稅前營業收入為 6,400 萬美元，較去年同期成長 9%。基於銷售的收入和佣金支出均成長 7%，與創收銷售一致。基於資產的收入成長了 11%，與平均客戶資產價值 10% 的成長一致。

Total expenses on asset-based products, including commission expenses and for segregated funds, both DAC amortization and insurance commissions increased in line with asset-based revenue. With regard to seg fund, we have seen a drop off in sales due to new regulations. But given we earned commissions based on client assets, which were only down 3% year-over-year, the impact to earnings will emerge slowly over time.

資產型產品的總支出（包括佣金支出和獨立基金支出、DAC 攤提和保險佣金）隨著資產型收入的成長而增加。至於seg基金，我​​們發現由於新規定，銷售額有所下降。但考慮到我們根據客戶資產賺取佣金，年比僅下降 3%，隨著時間的推移，對獲利的影響將慢慢顯現。

In our Senior House segment, we continue -- excuse me, in our Senior Health segment, we recognized a $7.6 million loss for the quarter. LTV per approved policy was $911, a 5% increase over the prior year period. We recorded a $2.3 million positive tail adjustment in the quarter to reflect the impact of stabilizing persistency on import policies and annual rate increases.

在我們的高級住宅部門，我們繼續——對不起，在我們的高級健康部門，我們確認本季虧損 760 萬美元。每份核准保單的 LTV 為 911 美元，比去年同期增加 5%。我們在本季記錄了 230 萬美元的正尾部調整，以反映穩定持續性對進口政策和年度利率上漲的影響。

Marketing development revenues of $2 million were down slightly year-over-year. Beginning in the fourth quarter, most marketing development revenues will shift from other net revenues to the commissions and fees revenue line due to a change in our contracts with certain health insurance carriers. Though generally neutral to total revenues, the change will result in higher LTVs and link most marketing development revenue opportunities directly to approved policies.

行銷開發收入為 200 萬美元，年比略有下降。從第四季度開始，由於我們與某些健康保險公司的合約發生變化，大部分行銷開發收入將從其他淨收入轉向佣金和費用收入。雖然總體上對總收入是中性的，但這一變化將導致更高的生命週期價值，並將大多數行銷開發收入機會直接與批准的政策聯繫起來。

CAC per approved policy of $1,263 was up significantly year-over-year based on factors Glenn described earlier. We expect to recognize a small loss in the fourth quarter, but will not need to provide capital to the segment in 2023 nor do we anticipate a need to do so in 2024.

根據格倫先前描述的因素，每份批准保單的 CAC 為 1,263 美元，比去年同期大幅增長。我們預期第四季會出現小額虧損，但 2023 年不需要向該部門提供資本，預計 2024 年也不需要這樣做。

The Corporate and Other Distributed Products segment recorded a pretax operating income of $3 million during the quarter. A key driver of segment results was adjusted net investment income, which at $35 million for the quarter, up $11 million year-over-year. Our average yield on new investment purchases for the quarter was about 6% with an average rating of AA- and an average duration of about 5 years. In comparison, the average book yield on maturities for the period was under 4%. We expect to continue benefiting from higher yields and growth in their portfolio in the fourth quarter.

企業及其他分銷產品部門本季稅前營業收入為 300 萬美元。部門績效的一個關鍵驅動因素是調整後的淨投資收入，該季度淨投資收入為 3,500 萬美元，年增 1,100 萬美元。我們本季新投資購買的平均收益率約為 6%，平均評級為 AA-，平均期限約為 5 年。相比之下，該期間的平均到期帳面收益率低於4%。我們預計第四季度將繼續受益於更高的收益率和投資組合的成長。

Our invested asset portfolio ended the period at an unrealized loss of $343 million, which continues to reflect a steep rise in interest rates since the beginning of last year. We regularly evaluate the portfolio for possible credit impairment and do not believe the large unrealized loss is due to significant credit concerns with our holdings. We continue to have the intent and ability to hold these investments until maturity.

我們的投資資產組合截至本期未實現損失為 3.43 億美元，這繼續反映出自去年初以來利率的急劇上升。我們定期評估投資組合是否存在可能的信用減值，並且不認為巨額未實現損失是由於我們持有的重大信用問題造成的。我們仍有意願和能力持有這些投資直至到期。

Third quarter consolidated insurance and other operating expenses were $137 million, up $6 million or 4% compared to the third quarter of 2022. The increase is mainly attributable to higher employee-related costs and normal growth in our business. Costs increased less than anticipated in August due to the timing of certain technology projects and pullback in equity markets that led to lower ISP asset-based operating expenses than expected.

第三季綜合保險和其他營運費用為 1.37 億美元，比 2022 年第三季增加 600 萬美元，即 4%。這一增長主要歸因於員工相關成本上升以及我們業務的正常成長。由於某些技術項目的時間表和股市回落導致 ISP 資產營運費用低於預期，8 月成本增幅低於預期。

Looking ahead, we expect fourth quarter insurance and other operating expenses to increase around $4 million or 3% year-over-year with increases coming mainly from higher employee-related costs and continued growth in the business. This would result in full year expense growth of about 3% year-over-year which is lower than typical due to heightened expense levels in 2022 from holding an additional sales force leadership event post COVID.

展望未來，我們預計第四季度保險和其他營運支出將年增約 400 萬美元或 3%，成長主要來自員工相關成本的上升和業務的持續成長。這將導致全年費用同比增長約 3%，低於典型水平，因為 2022 年因在新冠疫情後舉辦額外的銷售隊伍領導力活動而導致費用水平上升。

With that, operator, let's open the line up for questions.

那麼，接線員，讓我們開始提問。

(Operator Instructions) And the first question comes from the line of Ryan Krueger with KBW.

（操作員說明）第一個問題來自 KBW 的 Ryan Krueger 線路。

My first question was just on expenses. So I think, Alison, you talked about 3% growth for the year. I think the guidance last quarter was 5% growth. I guess, first -- one question is just what led to the lower expenses than you were previously anticipating? And then what would you view as a more normal growth rate in expenses over time for the company?

我的第一個問題只是關於費用。所以我想，艾莉森，你談到了今年 3% 的成長。我認為上季的指導是 5% 的成長。我想，第一個問題是，是什麼導致費用低於您先前的預期？那麼，隨著時間的推移，您認為公司費用的更正常成長率是多少？

Yes. Great question, Ryan. Yes, we did anticipate, and I mentioned in my prepared comments, we had anticipated in the third quarter, 2 things. One is sort of to kick in on certain technology projects that at this point, we don't think will happen until more so at the beginning of next year.

是的。好問題，瑞安。是的，我們確實預期了，我在準備好的評論中提到，我們在第三季預期了兩件事。其中之一是啟動某些技術項目，目前我們認為這些項目要到明年初才會發生。

And second of all, we did see pullback in equity markets during the third quarter, as Glenn described, and that does correlate with lower operating expenses in that segment as well because quite a bit of our expenses come from fees we pay to providers to do record keeping and the like. So -- and a lot of those are asset based.

其次，正如格倫所描述的那樣，我們確實看到第三季度股市回落，這也確實與該領域運營費用的降低有關，因為我們的很大一部分費用來自我們向提供商支付的費用記錄保存等。所以——其中很多都是基於資產的。

So anyway, those are sort of the 2 big pieces that caused us to have lower expenses than we expected this quarter. And we don't see a lot of that turning around or timing wise in the fourth quarter.

無論如何，這兩大因素導致我們本季的支出低於預期。我們在第四季並沒有看到太多的轉變或時間安排。

I do -- I think your point about next year, our normalized type of growth rate is important. I did highlight, and I will continue to highlight that the 3% growth we saw this year is atypical. A lot of it really had to do with things that we incurred outside of the normal course in 2022. Big chunk of that came from doing 2 leadership events and a convention all in 1 year, which is very atypical for us, but we got backed up because of COVID.

我確實 - 我認為你關於明年的觀點，我們的正常化增長率很重要。我確實強調了，而且我將繼續強調，我們今年看到的 3% 的成長是非典型的。其中很大一部分確實與我們在2022 年正常進程之外發生的事情有關。其中很大一部分來自於在一年內舉辦了2 場領導力活動和一次大會，這對我們來說非常不典型，但我們得到了支持因為新冠病毒而上漲。

So I do look at the future, and I think I've said this in the past, I think you should look at this business more in, let's say, the 5% to 7% growth rate in expenses, unless -- unless there's something very specific that we have to do to drive the business. So we make some kind of substantial commitment to an endeavor.

所以我確實展望了未來，我想我過去已經說過了，我認為你應該更多地關注這個業務，比如說，5%到7%的費用增長率，除非——除非有為了推動業務發展，我們必須做一些非常具體的事情。因此，我們對一項努力做出了某種實質的承諾。

The caveat around that is a lot of our expenses are really tied directly to our revenue sources. So to the extent we see any kind of extreme fluctuation in our revenue sources, say, because of changes in the stock market, that could change that perspective. But in a normal situation, I would expect anywhere from 5% to 7% be the general range.

需要注意的是，我們的許多支出實際上與我們的收入來源直接相關。因此，如果我們看到我們的收入來源出現任何極端波動，例如，由於股票市場的變化，這可能會改變這種觀點。但在正常情況下，我預期 5% 到 7% 是一般範圍。

Great. That's really helpful. And then, Glenn, I just wanted to follow up on the DOL proposal. Maybe one thing -- I think that might be helpful. Could you provide some comments on kind of things that you already changed to prepare for the 2016 rule as we think about the current proposal? And then just -- just general thoughts on kind of how this proposal looks to you relative to what had been -- had occurred last time around?

偉大的。這真的很有幫助。然後，格倫，我只想跟進勞工部的提案。也許有一件事——我認為這可能會有所幫助。當我們考慮當前提案時，您能否對您為準備 2016 年規則而已經更改的事項提供一些評論？然後只是——只是關於這個提案相對於上次的提案在你看來如何的一般性想法？

Right. Well, it is very early, Ryan, as I stated in my prepared comments and lots of time for commentary from the industry and even push back after the fact. So it's a little hard to draw an exact beat on. But I do think 2 things going in our favor is that our business is fairly simple compared to other models as far as our product set goes, it's a little narrower product set, a little simpler product set than some that are more sophisticated.

正確的。好吧，瑞安，現在還為時過早，正如我在準備好的評論中所說的那樣，還有很多時間讓業界發表評論，甚至在事後進行反駁。所以要畫出準確的節拍有點困難。但我確實認為對我們有利的兩件事是，就我們的產品系列而言，與其他模型相比，我們的業務相當簡單，與一些更複雜的產品系列相比，它的產品系列更窄一些，產品系列更簡單一些。

And as we went through this process and the last go round, we recognized and are building our business around the fact that we are acting as fiduciaries and a number of the recommendations we're making, particularly around retirement accounts. And so we took action at that point that we believe, based on what we know today that could change will help us be already in line with some of the proposed changes for the future.

當我們經歷這個過程和最後一輪時，我們認識到並圍繞我們作為受託人的事實以及我們提出的一些建議（特別是圍繞退休帳戶的建議）建立我們的業務。因此，我們在那時採取了行動，我們相信，根據我們今天所知道的情況，可能的改變將幫助我們與未來提出的一些改變保持一致。

So our business model works in our favor to a certain extent in some areas, our product set at least. And then also, we did make changes last time around our advice around retirement accounts and rollovers in anticipation of these types of ongoing changes in the future. And we think that positions us for less disruption based on the way that this version of the rule might come out.

因此，我們的商業模式在某些領域（至少是我們的產品系列）在一定程度上對我們有利。此外，我們上次確實根據有關退休帳戶和展期的建議進行了更改，以應對未來此類持續變化。我們認為，根據此版本規則可能出現的方式，這將使我們能夠減少干擾。

And the next question comes from the line of Jeff Schmitt with William Blair.

下一個問題來自傑夫·施密特和威廉·布萊爾的對話。

The pretax margin term life was fairly high at 23% again, and it seems to be driven by, I guess, insurance expenses are kind of below historical levels, but is there anything else in that? And how sustainable, I guess, would you think that is?

定期壽險的稅前利潤率再次達到 23%，相當高，我猜這似乎是由保險費用低於歷史水準所推動的，但這還有其他原因嗎？我想，您認為這有多可持續？

Yes. And to your point about expenses, it's really not that far out of historical levels. It does fluctuate from quarter-to-quarter. It was a little bit lower this quarter, but not something I would say was completely atypical of what you might see in any quarter going forward when you look at it in terms of as a percentage of adjusted direct premiums because remember, as I said earlier, a lot of the expenses do really move directly with premium growth.

是的。就您對支出的觀點而言，它確實與歷史水平相去不遠。它確實每個季度都有波動。本季度略有下降，但我想說的是，當您以調整後直接保費的百分比來看待未來任何季度可能出現的情況時，這並不是完全不典型的，因為請記住，正如我之前所說的那樣，很多費用確實直接隨著保費增長而變化。

The margins, especially with LDTI are expected to remain very, very stable. The only thing that would truly disrupt that would be is if we had an assumption change or significant assumption change. And, quite frankly, given the nature of our business, the fact that we're so much reinsurance to mitigate exposure on mortality, the fact that we only sell term life, and we have a very large homogenous book of business that we know how to predict.

利潤率，尤其是 LDTI 的利潤率預計將保持非常非常穩定。唯一真正會破壞這種情況的是假設發生變化或重大假設發生變化。而且，坦白說，考慮到我們業務的性質，我們提供大量再保險來減輕死亡率風險，我們只出售定期壽險，而且我們擁有大量同質業務，我們知道如何來預測。

And given how DAC works these days with a straight-line basis that it's not nearly as volatile based on persistency, we really do expect our margins to stay in this relative range. You might see some creep over time, but it will be very modest, which I think highlights as I think -- I believe Glenn opened in his remarks the predictability of this particular business. And you combine that with the generous cash flows it creates, and it really becomes just a key component of our business model and our financial business model.

考慮到目前 DAC 的工作原理是直線基礎，基於持久性，它的波動性幾乎沒有那麼大，我們確實預計我們的利潤率將保持在這個相對範圍內。隨著時間的推移，你可能會看到一些蠕變，但這將是非常溫和的，我認為這突出了我的想法——我相信格倫在他的講話中談到了這一特定業務的可預測性。你將其與它創造的慷慨現金流結合起來，它真的成為我們商業模式和金融商業模式的關鍵組成部分。

Okay. And then on the proposed DOL rule, I mean do you see your main exposure being on fixed index annuities or will variable annuities be affected too? I mean, obviously, you probably may change that in the past with the regulation with the Reg BI. But I'm just curious, is that exposure really on the fixed index annuities at this stage? And how much of flows today are really from 401(k) rollovers? I mean, I know you do a fair amount.

好的。然後，關於擬議的勞工部規則，我的意思是，您認為您的主要風險敞口是固定指數年金還是可變年金也會受到影響？我的意思是，顯然，您可能可以透過 Reg BI 的規定來改變過去的情況。但我只是好奇，現階段的風險敞口真的是固定指數年金嗎？如今有多少流量真正來自 401(k) 展期？我的意思是，我知道你做了很多工作。

Yes, Jeff, the -- it's a good add-on to the question Ryan asked earlier because our business -- our fixed index and fixed annuity business is very small. It's about 5% of total sales in the quarter, and that's on the pretty high end of the range. It fluctuates from between 2% and 5% of our total sales, and that's a combination of both fixed annuities and fixed index annuities.

是的，傑夫，這是瑞安之前提出的問題的一個很好的補充，因為我們的業務——我們的固定指數和固定年金業務非常小。它約佔本季總銷售額的 5%，處於該範圍的相當高端。它在我們總銷售額的 2% 到 5% 之間波動，這是固定年金和固定指數年金的組合。

In the fixed indexed annuities were called out in some of the discussion around the rule. So I think there's some feeling that they may be an area of focus in this edition of the rule. So our variable annuity business, which generally runs from about 22% to 26% of sales as the mix shifts over time, obviously, in volatile times, mix shifts toward VAs and their guarantees and less volatile, more predictable times it shifts back away from to non-guaranteed products like mutual funds, and we've seen that for years. And so that's very common. And it has -- it's moved in a fairly narrow range.

在一些圍繞該規則的討論中，人們提出了固定指數年金。因此，我認為有人認為它們可能是本版規則的重點領域。因此，我們的可變年金業務通常佔銷售額的22% 至26% 左右，隨著時間的推移，組合會發生變化，顯然，在動盪時期，組合會轉向VA 及其擔保，而在波動較小、可預測的時期，它會從到共同基金等非擔保產品，我們已經看到這種情況很多年了。所以很常見。它已經在相當窄的範圍內移動了。

So I think if there's an annuity focus for us, it's a variable annuity focus which is a lot of the discussion from last time. And I think it's a lot of what we've prepared for in advance around the product mix question. We do a significant amount of rollover business where we can get you an exact number after the call. But that is an area where we recognized in advising on 401(k) and other retirement plan rollovers. That was the whole crux of the fiduciary question.

所以我認為，如果我們有一個年金焦點，那就是可變年金焦點，這是上次討論的很多內容。我認為這是我們圍繞產品組合問題提前準備的很多內容。我們開展了大量的展期業務，我們可以在致電後為您提供準確的數字。但這是我們在為 401(k) 和其他退休計畫展期提供諮詢時認識到的一個領域。這就是信託問題的全部癥結所在。

And that's where we went ahead at the last edition of the rule and made changes to make sure we were in line with fiduciary advice around those rollovers. So that's where we believe we -- as we understand it today, again, with a lot of room for change, we may be in a good position already on the rollable front.

這就是我們在最新版本的規則中繼續進行的地方，並進行了更改，以確保我們符合有關這些展期的信託建議。因此，這就是我們相信的地方——正如我們今天所理解的那樣，再次，由於有很大的改變空間，我們可能已經在可滾動方面處於有利位置。

And the next question comes from the line of Suneet Kamath with Jefferies.

下一個問題來自蘇尼特·卡馬斯 (Suneet Kamath) 和傑弗里斯 (Jefferies) 的對話。

Just wanted to start with the term lapse rate. Alison, I think on the second quarter call, you gave us some good data in terms of what you saw in the first quarter, I think, 3% to 5%. And what you saw in the second quarter, I think you said 5% to 7%, if those numbers are right, do you have a comparable number for the third quarter? And maybe some color around how lapses trended through the quarter?

只是想從術語流失率開始。艾莉森，我認為在第二季的電話會議上，您向我們提供了一些關於您在第一季看到的良好數據，我認為是 3% 到 5%。你在第二季度看到的情況，我想你說的是 5% 到 7%，如果這些數字是正確的，你有第三季的可比較數字嗎？也許還有一些關於本季失誤趨勢的資訊？

Yes. And it's interesting. One of the reasons I didn't put those exact figures, first of all, the numbers have I don't want to say overly improved, but we have seen where the variances are have shrunk in the number of durations we're seeing it. So earlier in the year, we really were seeing things vary across the board which really was sort of the economic hit, what was going on in the marketplace.

是的。這很有趣。我沒有給出這些確切數字的原因之一是，首先，我不想說這些數字有過度改善，但我們已經看到差異在我們看到的持續時間數量上有所縮小。 。因此，今年早些時候，我們確實看到了全面的變化，這確實是對經濟的打擊，市場上發生的事情。

It's interesting as we've analyzed that now, we're seeing it very specifically in a small number of durations. As I mentioned in my comments, not seeing it on the new business, the new business is really moving in line with our LDTI assumptions. And then on the outer year, say, duration 5 and later, it's very much in line with the assumptions.

有趣的是，正如我們現在分析的那樣，我們在少數持續時間內非常具體地看到了它。正如我在評論中提到的，新業務的發展確實符合我們的 LDTI 假設。然後在外部年份，例如持續時間 5 及之後，它非常符合假設。

It's really years 2 to 4. When you look -- when you look at those years, what jumps out at me is what I highlighted in the call that these were policies that people bought either right before or during the pandemic -- these were people think we're real -- we saw after the pandemic, as we expected, a lot of policies fall off the books pretty quickly. A lot of people did need jerk purposes during the pandemic, and then decided not to keep it post pandemic when they felt fears were gone.

這確實是第二年到第四年。當你看那些年時，我突然想到的是我在電話會議中強調的，這些是人們在大流行之前或期間購買的政策 - 這些人認為我們是真實的——正如我們所預期的那樣，在大流行之後，我們看到許多政策很快就消失了。很多人在大流行期間確實需要一些混蛋的目標，然後當他們覺得恐懼消失後決定不再保留它。

I believe these are people, and this is my belief. I believe these are people that really did want to keep their policies and have held on to those COVID acquired policies for as long as they could. But as you're well aware, all the stimulus packages that were out for a long period of time are now gone, all the aid programs on bloom repayments are gone and just the economy for a lot of people in our marketplace has been challenging. Cost of living has been challenging.

我相信這些都是人，這也是我的信念。我相信這些人確實想保留他們的政策，並且盡可能長時間地保留那些因新冠肺炎而獲得的政策。但如您所知，長期實施的所有刺激方案現在都消失了，所有有關布魯姆還款的援助計劃都消失了，對於我們市場上的許多人來說，經濟一直面臨著挑戰​​。生活成本一直充滿挑戰。

So I see those being the driving factor as to why these particular durations or buckets of policyholders are being atypically impacted. So it's one of the reasons why I didn't go ahead and give something overall because unlike the earlier period, where it was really pervasive amongst durations, to me, this is a very specific thing we're seeing, which we do expect to run off and again, which is why we did not go ahead and change any long-term assumptions under LDTI.

因此，我認為這些是為什麼這些特定期限或保單持有人受到非典型影響的驅動因素。因此，這就是為什麼我沒有繼續給出整體情況的原因之一，因為與早期時期不同，它在持續時間中非常普遍，對我來說，這是我們看到的一個非常具體的事情，我們確實希望一次又一次地逃跑，這就是為什麼我們沒有繼續改變 LDTI 下的任何長期假設。

Okay. That makes sense. And then I guess maybe on senior health, it sounds like there's some incremental challenges, I think, based on reading the press release, some hiring delays. And then I think, Glenn, you had mentioned some higher attrition.

好的。這就說得通了。然後我想，在高級健康方面，聽起來似乎存在一些漸進的挑戰，我認為，根據閱讀的新聞稿，一些招聘延遲。然後我想，格倫，你提到了更高的流失率。

And then lastly, I normally think about this business as being sort of profitable in the fourth quarter, but I think you're guiding to a loss. So maybe just some color around what you're seeing there. It just feels like maybe it's not getting kind of back on track like we had kind of hoped it would.

最後，我通常認為這項業務在第四季度會獲利，但我認為你正在引導虧損。所以也許只是你所看到的周圍有一些顏色。只是感覺也許它並沒有像我們希望的那樣回到正軌。

Yes. It's -- you're right about the normal cadence of the business. The fourth quarter is normally the -- during AEP, the most significant quarter. And so what we've seen is it's not mysterious in hindsight now that we see it and of course, it was something we were trying to control as we go, but we weren't able to totally control it is we wanted to grow the size of our sales force by hiring new and also retaining experienced reps.

是的。您對業務正常節奏的看法是正確的。第四季通常是 AEP 期間最重要的季度。所以我們所看到的是，現在我們看到它，事後看來並不神秘，當然，這是我們在前進過程中試圖控制的事情，但我們無法完全控制它，因為我們想要發展通過僱用新的並保留經驗豐富的銷售代表來擴大我們的銷售團隊規模。

We've got -- we feel like a good pool of talent out there to hire new but we didn't retain as many of our experienced salespeople as we wanted to. And so what that's led to is a larger sales force, but with a newer mix of reps. And the reality is the newer mix of reps are not as efficient. Their number of sales per leads are not as high. And so that leads to the increase in CAC that we saw in the third quarter.

我們感覺有一個很好的人才庫可以僱用新人，但我們沒有保留我們想要的那麼多經驗豐富的銷售人員。因此，這導致了銷售團隊規模的擴大，但銷售代表的組合也更新了。現實情況是，新的代表組合效率並不高。他們的每條銷售線索的銷售額沒有那麼高。這導致了我們在第三季看到的 CAC 的增加。

And we're just anticipating that we'll see some -- see that again in the fourth quarter and lead to a loss in the fourth quarter, a small loss in the fourth quarter rather than a small gain. So it's a fairly focused issue. We've taken all the actions or begun to take all the actions to deal with that.

我們只是預計我們會在第四季度再次看到這種情況，並導致第四季度出現虧損，第四季度出現小幅虧損，而不是小幅盈利。所以這是一個相當集中的問題。我們已經採取了所有行動或開始採取所有行動來解決這個問題。

As I mentioned in my prepared remarks, we feel very good about our leadership team that's in place now, having built or rebuilt that since the acquisition. And so we do have a lot of positives going on. The stability in LTV, we count as an environmental positive that we're gaining from.

正如我在準備好的發言中提到的，我們對現在就職的領導團隊感到非常滿意，自收購以來已經建立或重建了該團隊。所以我們確實有很多正面的事情發生。我們將 LTV 的穩定性視為我們從中獲益的環境積極因素。

It looks like the shopping and churn challenge that we had a couple of years ago that the industry had a couple of years ago has begun to normalize. So that gives us a much better environment to build the business in. It's just going to take some more work and take a little longer than we anticipated.

看起來幾年前我們所面臨的購物和客戶流失挑戰已經開始正常化。因此，這為我們提供了一個更好的環境來開展業務。只是需要做更多的工作，並且比我們預期的時間要長一些。

Got it. Maybe just one quick follow-up. What do you think is driving the attrition of the experienced senior health folks?

知道了。也許只是一個快速跟進。您認為是什麼導致了經驗豐富的高階衛生人員的流失？

I think it's a number of factors. I think that it's a general disruption that Alison talked about in the marketplace and in the economy. I think people are struggling financially and therefore, more likely to look for alternative employment that might give them more upside and a bigger opportunity. And we've been -- weren't able to put our finger on any one particular item.

我認為這是有很多因素的。我認為這是艾莉森談到的市場和經濟中的普遍破壞。我認為人們在經濟上陷入困境，因此更有可能尋找替代工作，這可能會為他們帶來更多的好處和更大的機會。我們一直無法確定任何一項特定的項目。

Obviously, as we look at all of the retention aspects of our opportunity and compensation and other types of benefits. We're looking at all of that to make sure that we're competitive. It wasn't any particular one item that we could lay our finger on and have a quick fix. It's just a disruptive environment that we're operating in.

顯然，當我們審視我們的機會、薪酬以及其他類型的福利的所有保留方面時。我們正在考慮所有這些，以確保我們具有競爭力。這並不是我們可以直接找到並快速修復的任何特定項目。這只是我們所處的顛覆性環境。

And the next question comes from the line of Maxwell Fritscher with Truist Securities.

下一個問題來自 Truist Securities 的 Maxwell Fritscher。

I'm calling in for Mark Hughes. As kind of a broad question about the recruiting environment. It seems as though there is some opportunity for growth considering the payroll numbers from the labor department came in a little cooler than expected, seems like it should be maybe a catalyst, any thoughts there?

我要找馬克·休斯。這是一個關於招募環境的廣泛問題。考慮到勞工部的工資數據比預期要冷一些，似乎有一些增長的機會，似乎它應該是一個催化劑，有什麼想法嗎？

Yes. Maxwell, it's interesting. The response I was giving to Suneet about senior health was about our employed sales force at e-TeleQuote, which -- where there is -- there's quite a lot of competition for employees.

是的。麥克斯韋，這很有趣。我向 Suneet 提供的有關老年人健康的答案是關於我們在 e-TeleQuote 僱用的銷售人員，在有銷售人員的地方，對員工的競爭非常激烈。

Interestingly enough, the economic disruption actually leads toward more people looking for alternatives. The people that maybe are looking for an alternative to their senior health sales position -- that's true, people looking for alternatives everywhere, which actually helps drive Primerica's overall independent salesperson recruiting.

有趣的是，經濟混亂實際上導致更多的人尋找替代方案。那些可能正在尋找高級健康銷售職位替代品的人——確實如此，人們到處都在尋找替代品，這實際上有助於推動 Primerica 整體獨立銷售人員的招聘。

So the dissatisfaction that's a headwind for our ETQ business actually is a tailwind for our recruiting of our overall sales force, which is kind of an interesting contradiction. And so our recruiting is not directly tied to employment. Remember, people are not looking for a job when they come to Primerica that has a paycheck next Friday. They're looking for an opportunity that they can build over several years.

因此，對我們的 ETQ 業務來說，不滿實際上是我們招募整體銷售人員的順風，這是一個有趣的矛盾。因此，我們的招聘與就業並不直接相關。請記住，人們來到 Primerica 時並不是在尋找下週五領取薪水的工作。他們正在尋找可以在幾年內建立的機會。

And so we don't see direct competition generally based on the tightness of the labor market, particularly when that tightness is created by jobs maybe that are not high-quality jobs that are often lower paying where people are employed, but they're underemployed, that's the perfect environment for Primerica to recruit to our larger sales force because people are frustrated, they're unhappy and they're looking for an alternative that they control. And that's the attractiveness I mentioned of our entrepreneurial opportunity.

因此，我們通常不會看到基於勞動力市場緊張程度的直接競爭，特別是當這種緊張是由工作造成的時，這些工作可能不是高品質的工作，在人們就業的地方往往工資較低，但他們就業不足，這是 Primerica 招募更多銷售人員的完美環境，因為人們感到沮喪、不高興，並且正在尋找他們可以控制的替代方案。這就是我提到的我們創業機會的吸引力。

So we're seeing a very high attractiveness in this environment even as the employment market tends to tighten in some months and then ease in other months as long as there are a lot of frustrated employees, that's what we need to be able to recruit large numbers at Primerica, and there's a lot of those out there. So we're not -- our recruiting of our Primerica sales force is not subject to the changes in the labor market quite as directly as it might appear.

因此，我們在這種環境下看到了非常高的吸引力，即使就業市場在某些月份趨於收緊，然後在其他月份趨於緩和，只要有很多沮喪的員工，這就是我們需要能夠招聘大量員工的原因。 Primerica 上的數字，而且那裡有很多這樣的數字。因此，我們對 Primerica 銷售人員的招募並不像表面上看起來那樣直接受到勞動市場變化的影響。

Yes, that's very helpful. And that's all I have.

是的，這非常有幫助。這就是我所擁有的一切。

Good. And if I could circle back around to the questions about rollovers, about 1/3 of our U.S. mutual fund sales volume comes from 401(k) rollovers. And I believe Ryan had asked that question. So Ryan, if that's helpful, I thought I'd give you that stat about 1/3 of mutual fund volume is 401(k) rollovers.

好的。如果我能回到關於展期的問題，我們美國共同基金銷售的大約 1/3 來自 401(k) 展期。我相信瑞安問過這個問題。 Ryan，如果這有幫助的話，我想我應該向您提供大約 1/3 的共同基金交易量是 401(k) 展期的統計數據。

And ladies and gentlemen, at this time, there are no further questions. And that concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士們先生們，現在沒有其他問題了。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。