Primerica, Inc. (PRI) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Primerica second-quarter 2026 earnings webcast. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎收看 Primerica 2026 年第二季財報網路直播。(接線員指示) 提醒各位，本次會議將被錄音。

I would now like to turn the conference over to your host, Nicole Russell, Senior Vice President, Investor Relations. Thank you. You may begin.

現在我想把會議交給今天的主持人——投資人關係資深副總裁 Nicole Russell。謝謝。您可以開始了。

Thank you, operator, and good morning, everyone. Welcome to Primerica's second-quarter earnings call. A copy of our earnings press release issued last night, along with other materials relevant to today's call, are posted on the Investor Relations section of our website. Joining our call today are our Chief Executive Officer, Glenn Williams; and our Chief Financial Officer, Tracy Tan.

謝謝接線員，大家早安。歡迎參加 Primerica 第二季財報電話會議。我們昨晚發布的財報新聞稿，以及與今日會議相關的其他資料，均已張貼於我們網站的「投資人關係」專區。今天與會的還有我們的執行長 Glenn Williams，以及財務長 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.

我們今天上午的發言可能包含前瞻性陳述，並符合《證券訴訟改革法》安全港條款。我們不承擔更新這些陳述以反映新資訊的義務；關於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清單，請參閱我們最新的 Form 10-K 申報文件（以及其後續 Form 10-Q 可能作出的修訂）。

We also reference certain non-GAAP measures, which we believe provide additional insight into the company's financial results. Reconciliations of non-GAAP measures to their respective GAAP numbers are included in the earnings press release.

我們也會提及若干非 GAAP 指標，我們認為這些指標可為公司財務結果提供額外洞見。非 GAAP 指標與其對應 GAAP 數字之調節表已包含於財報新聞稿中。

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

現在我想把電話會議交給 Glenn。

Thank you, Nicole, and thanks, everyone, for joining us this morning. Our second-quarter results again demonstrate the strength and resilience of Primerica's business model. The balanced and complementary nature of our two key business lines continues to serve us well, with our Insurance segment providing stability and consistent earnings, while our Investments business generated exceptional growth.

謝謝你，Nicole，也謝謝各位今天早上加入我們。我們第二季的業績再次展現 Primerica 商業模式的強勁與韌性。我們兩大核心業務線的均衡且互補特性持續發揮效益：保險事業部提供穩定性與持續獲利，而投資業務則帶來卓越成長。

Each business is an important contributor to cash flow and because they often respond differently to changing economic and market conditions, the combination provides an important source of stability across a variety of operating environments. slides that address our second-quarter results in more detail can be found beginning on page 7 of our investor deck.

兩項業務都是現金流的重要貢獻來源；且由於它們對經濟與市場環境變化的反應往往不同，兩者結合可在多種營運環境下提供重要的穩定來源。更詳細說明我們第二季業績的投影片，請見投資人簡報第 7 頁起。

Year-over-year, we increased adjusted operating revenues by 8% and adjusted net operating income by 11%. The growth was driven primarily by our Investments business, where revenues grew 21% and pretax income grew 31%. Adjusted operating EPS increased 17% to $6.41, which included income tax benefits from a tax equity investment made during the second-quarter that reduced income tax expense by $4.6 million and added roughly $0.15 per diluted share during the quarter.

以年增率來看，我們的調整後營運收入成長 8%，調整後淨營運利益成長 11%。成長主要由投資業務帶動，其中收入成長 21%，稅前利益成長 31%。調整後營運每股盈餘（EPS）成長 17% 至 6.41 美元；其中包含我們於第二季進行的一項稅務股權投資所帶來的所得稅利益，使所得稅費用減少 460 萬美元，並在本季為每股稀釋後盈餘增加約 0.15 美元。

Our business continues to generate significant cash flow, allowing us to support our sales force with initiatives designed to enhance productivity and help them grow their businesses while also providing attractive returns to stockholders. During the second-quarter, we returned $173 million to stockholders through a combination of $135 million of share repurchases and $37 million in dividends.

我們的業務持續產生可觀的現金流，使我們得以透過各項措施支持銷售團隊、提升生產力並協助其擴展業務，同時也為股東提供具吸引力的報酬。在第二季，我們透過 1.35 億美元的庫藏股回購與 3,700 萬美元的股利，合計向股東返還 1.73 億美元。

This brings our total return to stockholders year-to-date to $352 million. Turning to distribution. Our entrepreneurial business opportunity remains very attractive to individuals seeking supplemental income or those looking for an alternative career path. Middle-income families have been largely ignored by the financial services industry, creating substantial opportunities for our sales force.

使得我們今年迄今對股東的返還總額達到 3.52 億美元。接著談通路。我們的創業型商機對於尋求補充收入的人士，或希望轉換職涯跑道的人而言，仍然非常具吸引力。金融服務產業長期忽視中等收入家庭，為我們的銷售團隊創造了龐大機會。

Our powerful distribution model uniquely positions Primerica to address those needs and drive sustainable long-term growth. During the second-quarter, recruiting increased 2% on a year-over-year basis, benefiting in part from a reduced licensing fee incentive during the month of April. Recruiting is the starting point for distribution growth and an important leading indicator of momentum.

我們強大的通路模式使 Primerica 能以獨特方式滿足這些需求，並推動可持續的長期成長。第二季招募人數年增 2%，部分受惠於 4 月份降低執照費用的激勵措施。招募是通路成長的起點，也是衡量動能的重要領先指標。

Success in our business depends on new recruits engaging early in the process and committing themselves to becoming licensed representatives. This drives licensing and over time, growth in the size of our sales force and future production. Supported by licensing coaches and enhanced training programs, our field leadership is focused on helping new recruits navigate the field training and licensing process.

我們業務的成功取決於新招募人員能在早期就投入流程，並承諾成為持照代表。這將帶動取照，並隨時間推進，促進銷售隊伍規模與未來產能的成長。在取照教練與強化訓練計畫的支持下，我們的外勤領導團隊專注於協助新招募人員完成外勤訓練與取照流程。

The number of individuals obtaining a new life license during the second-quarter and the total number of life license representatives at quarter end remained below prior-year levels, reflecting the cumulative impact of lower recruiting over the last few quarters. While we're encouraged by the second-quarter's improvement in recruiting, its impact has not yet been reflected in licensing results due to the natural lag between recruiting and licensing.

第二季取得新壽險執照的人數，以及季末壽險持照代表總數，仍低於去年同期水準，反映過去幾季招募較弱所累積的影響。雖然我們對第二季招募改善感到鼓舞，但由於招募到取照之間存在自然的時間落差，其影響尚未反映在取照結果上。

Excitement is building as we move closer to our 2027 convention. The convention has historically served as a catalyst for momentum and growth. And on July 6 of this year, we officially launched the 365-day countdown to this important event, celebrating the milestone of our 50th anniversary. During this launch, our announcements included a month of discounted licensing fees, targeted promotions and other incentives designed to focus on growth in both sales force size and productivity.

隨著我們逐步接近 2027 年年會，市場與團隊的期待正在升溫。年會在歷史上一直是推動動能與成長的催化劑。而在今年 7 月 6 日，我們正式啟動距離這項重要活動的 365 天倒數，並慶祝公司成立 50 週年這一里程碑。在此次啟動活動中，我們宣布包含一個月的執照費用折扣、定向促銷及其他激勵措施，旨在同時聚焦銷售隊伍規模與生產力的成長。

These initiatives are intended to reinforce activities that have historically generated strong results. Based on current trends, we expect more favorable comparative distribution results in the second half of 2026 with full year sales force size projected to be flat to down 2% compared to 2025. Focusing on production, second-quarter results continue to reflect differing dynamics across our two major product lines. Demand for Investment products remained very strong, while life sales continue to be affected by economic uncertainty.

這些措施旨在強化過往曾帶來強勁成果的活動。根據目前趨勢，我們預期 2026 年下半年通路的比較基期結果將更為有利；全年銷售隊伍規模預估相較 2025 年持平至下降 2%。就產能而言，第二季結果持續反映我們兩大主要產品線之間不同的動態。投資產品需求仍然非常強勁，而壽險銷售則持續受到經濟不確定性的影響。

Starting with our Insurance business, estimated annualized issued premiums, which include additions to existing policies, declined 9%, while issued policies declined 12% compared to the prior-year period, reflecting a continuation of recent trends that have pressured middle-income families. Productivity during the quarter was 0.18 policies per life license rep, which remained below historical levels, but improved from the first-quarter of 2026.

先談保險業務：估計年化核發保費（包含既有保單的加保）下降 9%，核發保單數較去年同期下降 12%，反映近期趨勢延續，且中等收入家庭持續承受壓力。本季生產力為每位壽險持照代表 0.18 張保單，仍低於歷史水準，但較 2026 年第一季有所改善。

While the sales environment remains challenging, the need for life insurance protection is unchanged, making our role in educating families about protecting their financial futures more important than ever. While we believe the year-over-year comparisons in the number of term policies issued during the second half of 2026 will improve, we expect full year 2026 issued policies to decline by mid-single digits. Turning to our Investments business.

儘管銷售環境仍具挑戰，對壽險保障的需求並未改變，因此我們在教育家庭如何保障其財務未來方面的角色比以往任何時候都更為重要。雖然我們認為 2026 年下半年定期壽險核發保單數的年對年比較將有所改善，但我們預期 2026 全年核發保單數將以中個位數百分比下滑。接著談我們的投資業務。

We delivered another outstanding quarter and continued to benefit from favorable industry trends and strong client engagement. Total securities sales increased 23% year-over-year, reflecting broad-based demand for retirement and investment solutions across our portfolio. Managed account sales increased 43%, driven by continued interest in advisory solutions and professional portfolio management.

我們再度交出非常出色的一季，並持續受惠於有利的產業趨勢與強勁的客戶參與度。證券銷售總額年增 23%，反映我們產品組合中，退休與投資解決方案的需求普遍強勁。受託管理帳戶銷售成長 43%，主要由客戶對顧問式解決方案與專業投資組合管理的持續興趣所帶動。

Mutual fund sales increased 20%, supported by strong activity in both the United States and Canada. Variable annuity sales grew 17%, reflecting clients' focus on retirement preparedness and guaranteed income solutions. Assets under management reached a record $140 billion at quarter end, representing a 16% increase compared to June 30, 2025.

共同基金銷售成長 20%，受美國與加拿大兩地強勁活動所支撐。變額年金銷售成長 17%，反映客戶對退休準備與保證收入解決方案的重視。季末資產管理規模（AUM）達到創紀錄的 1,400 億美元，較 2025 年 6 月 30 日成長 16%。

Growth was supported by favorable equity market performance and continued positive client inflows. Importantly, our growth continues to be driven by more than market appreciation alone. During the quarter, we generated approximately $397 million of net inflows, reflecting continued demand for our investment solutions and the ongoing strength of our distribution model. The long-term drivers supporting our Investment business remain firmly in place.

成長受惠於有利的股票市場表現以及客戶持續正向的資金流入。重要的是，我們的成長持續不僅僅由市場升值所驅動。本季我們產生約3.97億美元的淨流入，反映市場對我們投資解決方案的持續需求，以及我們分銷模式的持續強勁。支持我們投資業務的長期驅動因素仍然穩固存在。

Clients continue to prioritize retirement savings, wealth accumulation and access to personalized financial guidance. Our educational approach and powerful distribution model position us to meet those needs. While market conditions will inevitably fluctuate, the underlying demand for retirement planning and long-term investment solutions remains constant.

客戶持續優先考量退休儲蓄、財富累積以及取得個人化財務指導的需求。我們的教育導向方法與強大的分銷模式，使我們能夠滿足這些需求。儘管市場狀況勢必波動，對退休規劃與長期投資解決方案的基本需求仍然不變。

We believe our ability to serve clients' protection and investment needs through a single distribution platform remains a significant competitive advantage. Based on current projections, we expect full year ISP sales to increase 10% to 15% in 2026, reflecting growth compared to the prior year despite more challenging comparisons in the second half.

我們相信，透過單一分銷平台同時滿足客戶的保障與投資需求的能力，仍是重要的競爭優勢。根據目前預測，我們預期2026年全年ISP銷售將成長10%至15%，即使下半年比較基期更具挑戰，仍可反映相較前一年的成長。

Our mortgage business also continued to perform well during the quarter. In the United States, mortgage loan volume increased 13% year-over-year, supported by more than 3,600 licensed mortgage representatives. In Canada, we saw an 11% increase in referral activity as market conditions remain favorable.

我們的房貸業務在本季也持續表現良好。在美國，房貸放款量年增13%，受惠於超過3,600名具執照的房貸代表。在加拿大，隨著市場環境仍然有利，我們看到轉介活動增加11%。

Our mortgage business remains an important way for our representatives to deepen client relationships and address another key financial need for middle-income families. The opportunity to serve middle-income families remains as attractive as ever. These families continue to face a significant need for financial guidance, life insurance protection, debt reduction and retirement preparedness.

我們的房貸業務仍是代表深化客戶關係、並滿足中等收入家庭另一項關鍵財務需求的重要方式。服務中等收入家庭的機會依然一如既往地具吸引力。這些家庭仍面臨對財務指導、人壽保險保障、債務降低與退休準備的重大需求。

Their needs remain largely unmet by the broader financial services industry, creating a substantial long-term growth opportunity for Primerica. Through our unique distribution model, our representatives are well positioned to meet these needs while creating long-term value for our stockholders.

更廣泛的金融服務產業在很大程度上仍未能滿足其需求，為Primerica帶來可觀的長期成長機會。透過我們獨特的分銷模式，我們的代表具備良好條件來滿足這些需求，同時為股東創造長期價值。

Now I'll turn it over to Tracy for the financial results.

現在我把時間交給Tracy說明財務結果。

Thank you, Glenn, and good morning, everyone. Our second-quarter results reflected another quarter of strong growth in our Investment business and stable results in our Term Life Insurance business. Our Investment business remains the primary driver of earnings growth, while our Insurance business continued to provide consistent earnings and predictable cash flow.

謝謝你，Glenn，各位早安。我們第二季的結果反映投資業務再度呈現強勁成長，而定期壽險業務則維持穩定表現。投資業務仍是獲利成長的主要驅動力，而保險業務持續提供穩定的獲利與可預測的現金流。

Combined, these businesses drove return on adjusted equity up 90 basis points year-over-year to 33.1%. Starting with the Term Life segment. Operating revenues were largely unchanged year-over-year at $444 million, while adjusted direct premiums were up 3.4%. Turning to benefits and claims. Mortality experience during the quarter remained favorable relative to our long-term actuarial assumptions, consistent with the trend we have seen over the recent past, while lapse rates were elevated but generally stable.

合計而言，這些業務使調整後股東權益報酬率（return on adjusted equity）年增90個基點至33.1%。先從定期壽險部門開始。營運收入年比大致持平，為4.44億美元，而調整後直接保費成長3.4%。接著看給付與理賠。本季死亡率經驗相較我們長期精算假設仍然有利，與近期趨勢一致；解約率偏高但整體大致穩定。

Benefits and claims included a $4.9 million remeasurement gain in the second-quarter of 2026 compared to a $5.7 million remeasurement gain during the second-quarter of 2025. The benefits and claims ratio was 57.9% compared to 57.5% in the second-quarter of 2025. As a reminder, we are able to meaningfully reduce earnings volatility by ceding a substantial portion of our mortality risk through reinsurance.

給付與理賠包含2026年第二季4.9百萬美元的重新衡量收益，相較之下，2025年第二季為5.7百萬美元的重新衡量收益。給付與理賠比率為57.9%，而2025年第二季為57.5%。提醒一下，透過再保將相當大部分的死亡率風險轉出，我們得以顯著降低獲利波動性。

As a result, the Term Life business continues to exhibit financial characteristics of a fee-based business model. Looking at other key financial ratios. The DAC amortization and insurance commissions ratio remained stable at 12.3%, while the insurance expense ratio was 8.4% compared to 7.6% in the prior-year period. I will provide additional commentary on expenses on a consolidated basis later in my prepared remarks.

因此，定期壽險業務持續展現出以費用為基礎（fee-based）的商業模式之財務特性。再看其他關鍵財務比率。DAC攤銷與保險佣金比率維持穩定在12.3%，而保險費用比率為8.4%，高於前一年同期的7.6%。我稍後在準備稿中會以合併基礎對費用提供更多評論。

The operating margin was 21.3%, in line with the annual guidance we provided during our first-quarter 2026 earnings call. Looking ahead, we continue to expect adjusted direct premiums to grow around 3.5% on a full year basis. We also expect the benefits and claims ratio to be around 58%, the DAC amortization and commissions ratio to be around 12% to 13% and the full-year operating margin to be approximately 21%, excluding any impact from assumption changes associated with our annual assumption review.

營運利潤率為21.3%，符合我們在2026年第一季財報電話會議中提供的全年指引。展望未來，我們仍預期調整後直接保費全年約成長3.5%。我們也預期給付與理賠比率約為58%，DAC攤銷與佣金比率約為12%至13%，以及全年營運利潤率約為21%，不含年度假設檢視所伴隨的假設變更之任何影響。

Turning to ISP segment. The business continued to deliver strong results during the quarter, driven by the same favorable trends that have driven our Investment business in recent years, including strong client demand, broader product offering from recent years and favorable equity market conditions. As our Investment business continues to grow, the segment now accounts for approximately 42% of consolidated revenues compared to 37% in the prior-year period.

接著看ISP部門。本季該業務持續交出強勁成果，主要受近年來推動我們投資業務的相同有利趨勢所帶動，包括強勁的客戶需求、近年擴大的產品供給，以及有利的股票市場環境。隨著投資業務持續成長，該部門目前約占合併營收的42%，高於前一年同期的37%。

This growth translated into strong financial performance and segment revenues increasing 21% and pretax operating income increasing 31% compared to the second-quarter of 2025. On a year-over-year basis, sale-based revenues increased 17%, largely in line with commissionable sales growth, while asset-based revenues increased 28% compared to a 19% increase in the average client asset values.

此成長帶動強勁的財務表現：部門營收較2025年第二季成長21%，稅前營運利益成長31%。以年比來看，銷售型收入成長17%，大致與可收取佣金的銷售成長一致；而資產型收入成長28%，相較之下平均客戶資產價值成長19%。

We continue to see strong demand for US-managed accounts as well as Canadian mutual funds distributed under the principal distributor model, both of which generate higher levels of recurring fee-based revenues. The continued growth of these products contributed to stronger increase in asset-based revenues relative to asset -- average client asset values.

我們持續看到對美國管理型帳戶，以及在主要分銷商（principal distributor）模式下分銷的加拿大共同基金之強勁需求，兩者皆能帶來較高水準的經常性費用型收入。這些產品的持續成長，使資產型收入的增幅相對於資產——平均客戶資產價值的增幅更為強勁。

As our advisory solutions continue to scale, an increasing share of our earnings is being delivered from recurring fees, enhancing the quality and predictability of our revenue stream. Additionally, with approximately 75% of client assets invested for retirement purposes, our asset-based revenue tends to be highly sticky, further supporting the durability of the business.

隨著我們的顧問式解決方案持續擴大規模，我們的獲利中有愈來愈高的比例來自經常性費用，提升我們收入來源的品質與可預測性。此外，約75%的客戶資產係以退休為目的進行投資，使我們的資產型收入通常具有高度黏著性，進一步支持業務的持久性。

In the Corporate and Other Distributed Products segment, we recorded pretax adjusted operating income of $3.8 million for the quarter compared to $2.7 million in the prior-year period. The improvement was primarily driven by higher net investment income, reflecting continued growth in the invested asset portfolio. Finally, consolidated insurance and other operating expenses were $166 million in the quarter, up 8% year-over-year.

在企業及其他分銷產品部門，本季我們錄得稅前調整後營運利益3.8百萬美元，較前一年同期的2.7百萬美元增加。改善主要由較高的淨投資收益所帶動，反映投資資產組合持續成長。最後，本季合併保險及其他營運費用為1.66億美元，年增8%。

This increase was primarily driven by higher variable growth-related costs, compensation and continued investments in technology. Looking ahead, as technology projects ramp up, we expect expense growth to be around 10% to 12% in the third-quarter and 6% to 7% in the fourth-quarter. The increase in spending reflects the timing of project execution and does not change expected full-year expense growth of 7% to 8% in 2026.

此增加主要由較高的與成長相關之變動成本、薪酬，以及對科技的持續投資所驅動。展望未來，隨著科技專案加速推進，我們預期第三季費用成長約10%至12%，第四季約6%至7%。支出增加反映專案執行時點，並不改變我們對2026年全年費用成長7%至8%的預期。

The effective tax rate during the second-quarter was 21.7% and down from prior year, which primarily reflects an income tax credit transaction that allowed us to recognize a tax benefit. We expect an additional tax benefit in both the third and fourth-quarters, resulting in effective tax rate of around 23% and 22%, respectively.

第二季有效稅率為21.7%，較前一年下降，主要反映一項所得稅抵免交易，使我們得以認列稅務利益。我們預期第三季與第四季各自還會有額外的稅務利益，使有效稅率分別約為23%與22%。

Our investment portfolio remains well diversified with an average credit rating of A. The average rate on new investment purchases was 4.9% for the quarter with an average credit rating of A-. The portfolio had a net unrealized loss of $140 million at the end of June compared to $154 million at the end of March. We believe this continues to reflect changes in interest rates rather than underlying credit concerns, and we have both the intent and ability to hold these investments to maturity.

我們的投資組合仍維持良好分散，平均信用評等為 A。本季新購投資的平均利率為 4.9%，平均信用評等為 A-。截至 6 月底，投資組合的淨未實現損失為 1.40 億美元，相較於 3 月底的 1.54 億美元。我們認為這仍反映利率變動，而非基本信用疑慮；且我們具備持有這些投資至到期的意圖與能力。

The growth of our Investment business, combined with the stability of our Insurance business, continues to support predictable earnings and strong cash flow generation. These attributes allow us to operate with relatively low capital requirements while generating attractive return on equity, helping to position Primerica differently than traditional insurance companies.

我們投資業務的成長，加上保險業務的穩定性，持續支撐可預期的獲利與強勁的現金流創造能力。這些特質使我們能在相對較低的資本需求下營運，同時創造具吸引力的股東權益報酬率（ROE），有助於讓 Primerica 與傳統保險公司形成差異化定位。

Our holding company ended the quarter with $587 million in cash and available-for-sale securities and Primerica Life's estimated RBC ratio was 440%, reflecting the strength of our capital position. With a revenue mix that is largely fee-like in its economic characteristics, we can generate more consistent financial results. Our returns and capital generation are similar to or better than distribution-focused peers, such as investments and insurance brokerage firms, and stronger than traditional life insurance companies. We believe this differentiated profile will continue to be a significant long-term strength of the business.

本季末，我們控股公司持有 5.87 億美元的現金及可供出售證券，而 Primerica Life 估計的 RBC 比率為 440%，反映我們資本部位的強勁。由於我們的營收組合在經濟特性上多屬類費用型（fee-like），因此能產生更一致的財務結果。我們的報酬與資本生成能力與以通路為主的同業（例如投資與保險經紀公司）相當或更佳，且優於傳統壽險公司。我們相信這種差異化的輪廓將持續成為本業務重要的長期優勢。

With that, operator, please open the line for questions.

接下來，接線員，請開放提問。

(Operator Instructions) Dan Bergman, TD Cowen.

(接線員指示) Dan Bergman，TD Cowen。

I believe in the prepared remarks, you guided for Term Life policies issued to fall mid-single digits this year, which would imply some growth in the remainder of the year after the weaker first half results. So I was just hoping you could give some more color on that guidance and what gives you confidence in the positive inflection. I mean, is it mainly the easier year-over-year comps or other drivers? And bigger picture, any thoughts on what it will take and the likely drivers to see a sustained positive inflection in those term sales?

我記得在事先準備的發言中，你們指引今年核發的定期壽險保單將下滑中個位數百分比，這意味著在上半年表現較弱之後，下半年其餘期間會有一些成長。因此我想請你們就該指引提供更多說明，以及是什麼讓你們對正向拐點有信心。我的意思是，主要是因為年對年比較基期變得更容易，還是有其他驅動因素？以及從更宏觀的角度來看，你們認為要看到定期險銷售出現可持續的正向拐點，需要什麼條件與可能的驅動因素是什麼？

Yes. You've interpreted that math correctly. We do expect some strengthening in our comparisons to previous years. Some of that is because the comparisons are becoming a little easier. But also, we believe we're finding some firmer footing in the growth of our sales force as well as life insurance sales. We're adapting to the current environment.

是的。你對這個數學推導的理解是正確的。我們確實預期與前幾年的比較將有所轉強。其中一部分原因是比較基期變得稍微容易一些。但同時，我們也認為我們在銷售隊伍的成長以及壽險銷售方面正找到更穩固的立足點。我們正在適應目前的環境。

We mentioned practically every quarter the difficulties that are out there in middle-income families' finances that everybody is aware of. But I think we are adapting to those, and I believe that middle-income families are adapting to those. And perhaps with the exception of gasoline prices, some of that is easing some. So I think all of that is reflected in a little more optimism in what happens in the next two quarters.

我們幾乎每一季都提到，大家都知道中等收入家庭的財務狀況面臨的困難。但我認為我們正在適應這些情況，而中等收入家庭也正在適應。而且或許除了汽油價格之外，其中一些壓力正在有所緩解。因此我認為，這些因素都反映在我們對未來兩季情勢的些許更樂觀的看法上。

Again, it is a piece of the easier comparisons, but it's also some firming up of the front end of our business, where we're seeing some early signs of positivity as well as results from the extreme focus we have on growing our Life Insurance business as well. So I think it's a combination of all of that, Dan.

再說一次，這其中有一部分是因為比較基期變得更容易，但同時也是因為我們業務前端正在更趨穩固；我們看到一些早期的正向跡象，也看到我們對壽險業務成長所投入的高度聚焦所帶來的成果。所以我認為這是上述因素的綜合結果，Dan。

Got it. And then your ratio of capital return to earnings has been around 80%, maybe a little bit below that in recent years. Obviously, a very strong level. But just thinking as the earnings mix has been shifting from Term Life towards ISP of late, is there any potential to see that ratio rise incrementally if this trend continues? I guess, in other words, could free cash flow growth exceed earnings growth over the near medium term?

了解。另外，你們資本回饋占盈餘的比率大約在 80% 左右，近年可能略低一些。顯然這是非常強勁的水準。但考量到近來盈餘組合正從定期壽險轉向 ISP，若這個趨勢持續，是否有可能看到該比率逐步上升？換句話說，在未來中短期內，自由現金流成長是否可能超過盈餘成長？

Dan, the ratio of capital return around 80% is a very, very nice performance when we compare to either traditional life insurance or even compared to the income from mostly fee-based type of businesses like distribution type of businesses such as insurance brokers or the wealth managers. So we really, really like to continue to provide a very strong performance as we have seen.

Dan，資本回饋比率約 80%，無論是與傳統壽險公司相比，或是與主要以費用型收入為主的業務（例如保險經紀或財富管理等通路型業務）相比，都是非常、非常出色的表現。因此，我們非常希望能持續提供我們一直以來所展現的強勁表現。

That being said, we also value the consistency and predictability of the profile that we have. It is definitely a favorable potential trend as the Investment business continue to scale up because as we all know, that business is typically even more capital-light compared to Insurance business. That being said, our Insurance business is a very strong foundation and provide a very, very solid predictable cash performance.

話雖如此，我們也重視我們所具備的穩定性與可預測性的輪廓。隨著投資業務持續擴大規模，這確實是一個有利的潛在趨勢，因為眾所周知，該業務通常比保險業務更「輕資本」。不過，我們的保險業務是非常強健的基礎，並提供非常、非常穩健且可預測的現金表現。

So those combined, we believe that will give us a strong future potential of not only keeping the 80%, but we will see how the performance continue to provide potential upside. But that being said, the opportunity to keep a good portion for organic growth for our business is another show of confidence because we believe that our strong performance and investment into the business organically, whether it's technology investment or investment, as Glenn mentioned, in our growth from the sales force and our marketing and all the training activities, licensing opportunity to enhance our ability to improve our client servicing and attract more clients is another important piece.

因此，兩者結合之下，我們相信未來不僅有很強的潛力維持 80% 的水準，也將視表現而定，持續帶來上行的可能性。但同時，保留相當一部分資本用於業務的有機成長，也是另一種展現信心的方式；因為我們相信，我們的強勁表現以及對業務的有機投資——無論是科技投資，或如 Glenn 所提到的，投入在銷售隊伍成長、行銷以及各項訓練活動、取得執照的機會，以提升我們改善客戶服務與吸引更多客戶的能力——都是另一個重要環節。

Therefore, the consistent ratio reflects not only our desire to give our investors a predictable and consistent performance, but also the confidence in ourselves to invest for long-term organic strong growth.

因此，這個穩定的比率不僅反映我們希望為投資人提供可預測且一致的表現，也反映我們對自身有信心，能為長期的有機強勁成長進行投資。

Joel Hurwitz, Dowling & Partners.

Joel Hurwitz，Dowling & Partners。

Tracy, just one on capital. Cash at the holding company continues to build. I think in your prepared remarks, you said $587 million. I guess any color on where you want holdco cash to be? It seems well above your needs. And any color on potential drawdown and use of that capital?

Tracy，關於資本我有一題。控股公司的現金持續累積。我想你在事先準備的發言中提到是 5.87 億美元。想請問你們希望控股公司現金維持在什麼水位？看起來似乎遠高於你們的需求。另外也請談談可能動用這些資本的情境與用途。

Yes. Certainly, our capital is in a very strong position. There are several reasons that we want our capital to be extremely strong. As we all know that in the long run, economic situation and macroeconomic, there's always uncertainty. So one of the things that we want our capital at the holdco to be strong is to provide resilience and even stronger capital position to absorb any potential downturn.

是的。確實，我們的資本處於非常強勁的狀態。我們希望資本極為強健有幾個原因。如同大家所知，長期而言，經濟情勢與總體經濟始終存在不確定性。因此，我們希望控股公司層級的資本保持強健，其中一個目的就是提供韌性，並以更強的資本部位吸收任何潛在的下行衝擊。

Our capital return program is determined after multi-year stress test. So the number one part of the holding company cash is to be able to withstand any sort of downturn, to absorb that while we can provide organic growth. So that's a big part of consideration. The second part is our ability to really continue to build our fee-based distribution model and deliver strong, solid earnings, and that requires investment into technology, into our marketing programs, into how clients can better access our products as we have rolled out a broader base products as an example for our Investment business.

我們的資本回饋計畫是在多年期壓力測試之後決定的。因此，控股公司現金的首要用途，是能夠承受任何形式的下行衝擊、吸收其影響，同時我們仍能推動有機成長。這是我們考量中的重要部分。第二個部分是，我們有能力持續打造以費用為主的通路分銷模式並交付強勁、穩健的獲利，而這需要投入科技、投入行銷計畫，以及投入讓客戶能更便利取得我們產品的方式；例如在投資業務方面，我們已推出更廣泛的產品基礎。

So that cash that we have at the holdco, so it would be for multiple purposes, for absorbing downturn, for organic growth, for investment in technology. So from that perspective, we also continuously discuss with the Board other meaningful ways to generate a strong return, as you can see from the 33% return on our equity. We believe we have a very good program and good process to make those decisions.

因此，我們在控股公司（holdco）層級持有的現金可用於多種用途，包括吸收景氣下行、支持內生成長，以及投資科技。從這個角度來看，我們也會持續與董事會討論其他有意義、能創造強勁報酬的方式；正如你所看到的，我們的股東權益報酬率達到 33%。我們相信我們有一個非常好的方案與完善的流程來做出這些決策。

Okay. That's helpful. And then, Glenn, can you just provide some more color on what you're seeing in the environment that's driving your outlook for the agent count for the full year to be lowered again? Just trying to understand what's changed since the last call.

好的。這很有幫助。接著，Glenn，你能否再多補充一些背景，說明你在目前環境中看到哪些因素，促使你們再次下調對全年代理人數的展望？我只是想了解，跟上次電話會議相比，有哪些變化。

Yes. I think, Joel, it's simply that the impact of what we're doing came a little slower than we had hoped to create. We are seeing positive impact, as we discussed earlier, but it came a little slower in the year than we had hoped. And so it's just not having an impact before year-end quite as much as we had hoped. Still expect it to have an impact.

是的。我想，Joel，主要只是我們正在做的事情所帶來的影響，比我們原先希望的來得稍微慢一些。如同先前討論的，我們確實看到正面影響，但在今年發生的時間點比我們預期更晚一些。因此，在年底前所能產生的影響就沒有我們原先希望的那麼大。但我們仍然預期它會持續產生影響。

We're still working hard, we believe, on the right things and beginning to see some results from that. It's just that the timing was a little later than we had anticipated. So we notched down our full-year projections as a result of that.

我們仍在努力推進我們認為正確的事情，並開始看到一些成果。只是時點比我們原先預期的稍晚。因此，我們相應地下調了全年預測。

Wilma Burdis, Raymond James.

Wilma Burdis，Raymond James。

We analyzed sales and rep count growth around Primerica's prior conventions, and we noticed that the only other times where life sales and rep count have trended down, similar to where we're at right now, is when there's a larger than two-year gap between events. So do you think the extended three-year gap is part of what's driving the current softness in life sales and rep count? And if so, maybe give a little color.

我們分析了 Primerica 過往年會（conventions）前後的銷售與業務代表人數（rep count）成長情況，並注意到：過去唯一幾次壽險銷售與業務代表人數呈現下滑、與我們目前狀況相似的時候，都是在兩次活動之間的間隔超過兩年。所以你認為這次拉長到三年的間隔，是不是造成目前壽險銷售與業務代表人數偏弱的部分原因？如果是的話，能否請你補充一些說明。

I think, Wilma, it has a timing impact on it. Certainly, our conventions are an important event, and we try to maximize the impact on our business, the positive impact both before and after the event itself. So if you spread the events out, you spread the window out a little bit. But I think what we're dealing with is more fundamentally different than just the timing of the conventions because the middle market went through a number of years of very difficult cost-of-living issues with falling incomes as the prices went up.

我想，Wilma，這確實在時點上會有影響。我們的年會當然是重要活動，我們也會盡力在活動前後最大化對業務的正面影響。因此，如果把活動間隔拉長，等於把那個影響窗口也拉長了一些。但我認為我們目前面對的情況，從根本上來說不只是年會時點的問題；因為中產市場在過去幾年經歷了非常嚴峻的生活成本壓力，物價上升的同時，收入卻在下滑。

Now it appears based on our own survey as well as others that we monitor that, again, other than the gasoline price gyrations we're experiencing, it looks like incomes for most families are outstripping the other cost of living increases right now. But it's been a long time and there's a big hole to fill. So I would say the fundamentals of the middle income financial budgets in families is the key issue that we're dealing with.

現在看起來，根據我們自己的調查以及我們持續追蹤的其他調查結果，除了我們正在經歷的汽油價格波動之外，多數家庭的收入目前似乎正在超過其他生活成本的增幅。但這已經持續很久了，而且缺口很大，需要時間補上。所以我會說，我們正在面對的關鍵問題，是中等收入家庭的財務預算基本面。

And then the fact that we spread because of the World Cup, not allowing us to be able to rent a stadium and also us wanting to have the event during our -- year of our 50th celebration, pushed it out a year. Those two things were convenient coincidences, I would say. It probably has delayed our ability to use that to help in the turnaround. So I would say the issue is more fundamental and the timing of the convention is more coincidental perhaps than described.

另外，因為世界盃的關係，使我們無法租到體育場，再加上我們也希望把活動安排在我們 50 週年慶祝的那一年，這兩件事讓活動往後延了一年。我會說，這兩件事算是剛好湊在一起的巧合。它可能確實延後了我們運用年會來協助扭轉局面的能力。因此我會說，問題更偏向基本面，而年會時點的因素，可能比較像是巧合，未必如你所描述的那樣是主要原因。

Okay. The same analysis, it showed that the activity around life sales and rep count seemed to actually slow as we approach the convention. I don't know if there's some distraction there or something else that was just what we kind of saw in the numbers, although it was loose -- a little bit loose, but we saw that that's usually followed by strong growth after the convention. Does that sound reasonable given what you know and monitor on the sales force and how they respond to the convention?

好的。同樣的分析也顯示，隨著年會接近，壽險銷售與業務代表人數的活動似乎反而放緩。我不確定是否有分心或其他因素；這只是我們在數據上看到的現象，雖然關聯性不是那麼緊密，但我們看到通常在年會之後會出現強勁成長。就你對銷售隊伍以及他們對年會反應的了解與監測來看，這樣的解讀合理嗎？

Absolutely, it does sound reasonable. I mean we always take advantage of the excitement and anticipation leading up to the event. And in my prepared remarks, we marked the exact one-year countdown. We have a huge countdown clock in the lobby of our headquarters here, as well as doing a special broadcast. We announced some special incentives to kick off that final 365 days.

完全合理。我的意思是，我們一向會善用活動前的興奮感與期待感。而在我事先準備的發言中，我們也標記了正式進入倒數一年的時間點。我們在總部大廳設置了一個大型倒數計時鐘，也安排了一場特別的直播。我們也宣布了一些特別激勵措施，來啟動最後 365 天的衝刺。

What that does is it creates a sense of urgency as the clock ticks down and a sense of urgency tends to make us as humans take action. So we don't want to miss that opportunity. Also, we ramped up our recognition of people accomplishing what we need them to accomplish during that period. So you're absolutely right. There is a unique window that we can take advantage of, and we are doing that.

這樣做會在倒數計時的過程中營造一種緊迫感，而緊迫感往往會促使我們人類採取行動。所以我們不想錯過這個機會。此外，我們也加強了對在這段期間達成我們所需目標的人員的表揚與認可。所以你說得完全正確。確實存在一個我們可以善加利用的獨特窗口，而我們也正在這麼做。

And that's a piece of the discussion about the results. And this convention is expected to be our largest ever as we celebrate 50 years of success. Of course, it's also a platform for us to do more fundamental things than just generate excitement as we roll out improvements in products and technology and support. And so that's some of the impact after the convention that you were speaking of.

這也是我們在討論業績結果時的一部分。而這次年會在我們慶祝 50 年成功之際，預期將會是史上規模最大的一次。當然，它也不只是用來帶動熱度的平台；我們也會藉此推出在產品、科技與支援方面的改進，做一些更根本性的事情。因此，這就是你所提到的年會之後所帶來的一些影響。

So absolutely, if you look at the history of our numbers, you'll see a convention impact before and after, but it's a piece of the total dynamics and you have to take the environment and the fundamentals into consideration as well.

所以完全沒錯，如果你回顧我們數據的歷史，你會看到年會在前後都會帶來影響；但那只是整體動態的一部分，你也必須把外部環境與基本面一併納入考量。

Mark Hughes, Truist Securities.

Mark Hughes，Truist Securities。

On the Term Life business, you've laid out kind of your expense expectations, and I appreciate that detail. With a little bit slower growth, is there anything you can do on the expense side to kind of match the top line trends until things perk back up a little bit?

關於定期壽險（Term Life）業務，你們已經說明了費用方面的大致預期，我很感謝這些細節。在成長稍微放緩的情況下，在費用端是否有什麼可以做的，讓費用能更貼合營收端的趨勢，直到情況稍微回溫一些？

Mark, that's a good question. So on the Term Life expenses, I think there are several things to unpack here. First, we would say that the top line growth that you've seen in recent policy issuance is on the lower end. Nevertheless, our overall premium growth is really the larger impact of the in-force block. So it's very -- fairly consistent from that perspective.

Mark，這是個好問題。關於定期壽險的費用，我想這裡有幾個面向需要拆開來看。首先，我們會說，你看到近期保單核發（policy issuance）的營收端成長確實處於較低區間。不過，我們整體保費成長更大的影響來源其實是既有有效保單組合（in-force block）。因此，從這個角度來看，它是非常——相當一致、穩定的。

So that's why the ADP growth, the ranges, it's not a typical huge swing, and it's a consistent block. Now the investment that we make on the expenses piece, and that needs to be called out also, is to consider the long-term growth potential that we have in the business. The expense impact has several elements to it. First part is, as our co-insurance run off, there is a piece of reimbursement that we get as the co-insurance block becoming smaller. So there is some natural reduction of that favorability.

所以這也是為什麼 ADP 的成長區間不會出現典型的大幅波動，因為這是一個穩定的保單組合。另外，我們在費用端所做的投資——這點也需要特別說明——是基於我們在該業務上長期成長潛力的考量。費用的影響包含幾個要素。第一個部分是，隨著我們的共同保險（co-insurance）逐步到期縮減（run off），因共同保險保單組合變小，我們所取得的補償（reimbursement）也會有一部分隨之變化。因此，那部分的有利因素自然會有所減少。

That's one piece. It's not decisively largest amount, but that's an impact. That is not something that we can really change. The other part is we also want to continuously, that's the most important piece, invest in the business. As Glenn has talked about, we are certainly investing in our sales force, technology as well as our ability to underwrite better, smarter and also product improvement.

那是一個部分。它不是決定性最大的一筆金額，但確實有影響。那不是我們真正能改變的事情。另一個部分是，我們也希望持續地——這是最重要的一塊——投資於業務。正如Glenn所談到的，我們確實正在投資於我們的銷售隊伍、科技，以及提升我們承保能力，使其更好、更聰明，同時也進行產品改良。

And we've rolled out even enhancements to our next generation of products in recent -- earlier in the year. So all of those investments is in line with the long-term trend of the demand from the clients that continues to be $14 trillion out there that -- our outlook in the expenses, it really continue to gear up for serving our clients better and supporting the long-term growth.

而且我們在今年稍早——年初——也已推出下一代產品的進一步強化。因此，所有這些投資都符合客戶需求的長期趨勢；外部仍有14兆美元的需求——我們對費用的展望，確實是持續加碼，以便更好地服務客戶並支持長期成長。

Yes, Mark, I would also add to that, that we're always sensitive about our expenses and looking for opportunities to control and reduce them. At the same time, we don't want to manage that so tightly by quarter that we miss the opportunities that we were looking at -- that we were talking about in the previous question.

是的，Mark，我也想補充，我們一向對費用保持敏感，並尋找控制與降低費用的機會。同時，我們也不希望把管理做得按季度過於緊縮，以致錯失我們正在觀察——也就是前一題所談到的——那些機會。

There's some significant opportunities in the timing where we are right now, whether it's the middle-income families beginning to come out of this time of stress or it's our convention, whatever else might be happening. So while we're always sensitive to expenses, we don't want to slash expenses at the opportunity when we can make an investment that could really impact our momentum in a positive way.

就我們目前所處的時點而言，存在一些相當重大的機會，不論是中等收入家庭開始走出這段壓力期，或是我們的年會（convention），以及其他可能發生的事情。因此，雖然我們一向對費用很敏感，但我們不希望在有機會進行投資、且該投資能以正面方式真正影響我們動能的時候，反而大幅削減費用。

Yes. Understood. On the Term Life productivity, it sounds like things are on the upswing. As you reflect on this period, Glenn, where you've seen kind of this unusual drop in productivity, anything that was different this time around or the set of factors that put pressure on that productivity in a way that I think was unusual in the recent experience, if you reflect back on the last 10, 15 years, this was -- struck me as an unusual period, correct me if I'm wrong, but any reflections on that? And again, as you seem to be coming out of it now?

是的。了解。關於定期壽險（Term Life）的生產力，聽起來情況正在回升。Glenn，當你回顧這段期間，看到生產力出現某種不尋常的下滑時，這次有什麼不同之處嗎？或是有哪些因素以我認為在近期經驗中不太常見的方式對生產力造成壓力？如果回看過去10到15年，這段——在我看來是一段不尋常的時期；如果我說錯請糾正，但你有什麼反思嗎？以及，現在看起來你們似乎正在走出來？

Certainly. Always looking for lessons we can learn. And I do think this has been, in some ways, a fairly unique time period over the last few years. The first thing, when we remember the simplicity of the calculation, it's just a simple division calculation. We ramped up the size of our sales force probably at a record rate from 2021 maybe to -- or 2022 through 2024.

當然。我們一直在尋找可以汲取的教訓。我確實認為，過去幾年在某些方面是一段相當獨特的時期。第一點，回到這個計算的簡單性，它其實就是一個簡單的除法。我們在2021年到——或2022年到2024年之間，以可能創紀錄的速度擴大了銷售隊伍的規模。

And that bloated the denominator of the fraction, but that was just the result of our success. I wouldn't change any of that. I'd always like to have that pressure on productivity calculation because our sales force grew extraordinarily fast to a record size. So that's a piece of it that quite frankly, I'd like to keep. I'd like to see that growth return at record levels.

這使得分母膨脹，但那只是我們成功的結果。我不會改變其中任何一點。我反而一直希望生產力計算能承受這樣的壓力，因為我們的銷售隊伍以極快速度成長到創紀錄的規模。所以這是其中一部分，坦白說，我希望能保留。我希望看到那樣的成長以創紀錄的水準回來。

I think you add to that then the pressure on the top part of the fraction, which is the unique cost of living, the economic and government policy uncertainty that went beyond the cost of living. I think we had an extreme dynamic on both sides of the calculation that led to the place where we are. Again, the good news is we think some of that is easing on the top part of the fraction. I'd certainly like to keep applying stress to the bottom part by growing the sales force.

接著你再加上對分子端的壓力，也就是獨特的生活成本、經濟與政府政策不確定性，而且這種不確定性還超出了生活成本本身。我認為在計算的兩端都出現了極端的動態，導致我們走到現在的位置。同樣地，好消息是我們認為分子端的一些壓力正在緩解。我當然也希望透過擴大銷售隊伍，持續對分母端施加壓力。

But we have learned from that, and we don't want to try to manage a number and lose the benefits of fast growth in our sales force. So we're going to balance that. We're always looking for balance. And so I do think we'll return to a more normal dynamic over time, but we did take some valuable lessons away from the unique period we've been through.

但我們也從中學到一些東西，我們不想為了管理某個數字，而失去銷售隊伍快速成長所帶來的好處。所以我們會在其中取得平衡。我們一直在尋求平衡。因此，我確實認為，隨著時間推移，我們會回到較為正常的動態，但我們也從這段獨特時期帶走了寶貴的經驗。

Yes, yes. And then, Tracy, I think you already touched on this, maybe answered the question. But when I look at the asset-based revenue as a percentage of asset value, that's continued to kind of move up progressively. I think you talked about more of a fee-based model. And my takeaway from that is that, that ratio probably steady to up from here.

是的，是的。然後，Tracy，我想你已經提到這點，可能也回答了這個問題。但當我看以資產為基礎的收入占資產價值的比例時，這個比例似乎持續逐步上升。我記得你談到更多採用以費用為基礎（fee-based）的模式。我從中得到的結論是，這個比率從這裡起大概會持平到上升。

And again, this is just looking at the simplistic asset-based revenue as a percentage of average asset values should keep moving up. Is that a good way to think about it?

再說一次，這只是用簡化的方式看：以資產為基礎的收入占平均資產價值的比例應該會持續上升。這樣理解是對的嗎？

Yes, that's a very observing question. I do think that the mix of our business growth on the asset-based is -- part of the impact is because the faster growth of our asset-based business -- advisory business, as an example, is providing stickier revenue composition. There's the fee-based feature in the advisory business and then also the faster growth of it at a faster pace than average investment business provides a positive percentages in terms of the mix in the performance.

是的，這是一個觀察很到位的問題。我確實認為，我們以資產為基礎的業務成長組合——其中一部分影響來自於我們以資產為基礎的業務（例如顧問業務）成長更快，因而帶來更具黏著性的收入結構。顧問業務具有以費用為基礎的特性，而且其成長速度也快於一般投資業務，從組合角度來看，對比例表現帶來正面貢獻。

And we see the -- also the Canadian PD model is in the same boat where it's a faster growth and then it also provides a favorable comparative compared to the asset -- average client asset growth rate. So that mix is very positive. And also the driver of it is something that we have really invested in our business, not just because of the strong equity market performance. In recent years, we have rolled out 56, 57 new products on our advisory business in the US.

我們也看到加拿大的PD模式也有同樣情況：成長更快，同時相較於——客戶平均資產成長率——也提供了更有利的對比。因此，這樣的組合非常正面。而其驅動因素也在於我們確實對業務進行了投資，而不只是因為股市表現強勁。近年來，我們在美國的顧問業務已推出56、57項新產品。

Even just this year, end of second-quarter, we rolled out another three additional new products and PD model continued to also generate a lot of interest in Canada. So all of those impact, and the result of our fruit over recent years is providing that performance that you're observing, Mark.

甚至就在今年，截至第二季末，我們又推出了另外三項新產品，而PD模式在加拿大也持續引發高度興趣。因此，所有這些因素都帶來影響，而我們近年耕耘的成果，正呈現出你所觀察到的表現，Mark。

Suneet Kamath, Jefferies.

Suneet Kamath，Jefferies。

It was good to see the increase in productivity sequentially. I guess for Glenn, what are you incentivizing your sales managers to focus on for the second half? Is it recruiting? Is it productivity? Is it sales? Like that seems to be a pretty big lever that you have. So what's the focus for the second half?

很高興看到生產力較前一季提升。我想問Glenn，你們在下半年希望透過激勵銷售經理去聚焦哪些重點？是招募嗎？是生產力嗎？是銷售嗎？這看起來是你們手上一個相當大的槓桿。那下半年的重點是什麼？

Yes. We are focused -- we're adding a significant recognition of growth between now and convention. So that would last both the second half of this year and first half of next year. And our sales force is multifaceted. We have different parts of the sales force that focus on different product sets. And so some lead with investments and then do insurance, some lead with insurance and then do investments, some lead with building distribution and building a team, and those are generally more insurance leaning organizations.

是的。我們的重點——是在現在到年會（convention）之間，對成長給予顯著的表揚與認可。因此，這會涵蓋今年下半年以及明年上半年。而我們的銷售隊伍是多面向的。我們有不同部分的銷售隊伍，專注於不同的產品組合。因此，有些以投資為主、再做保險；有些以保險為主、再做投資；有些以建立通路與打造團隊為主，而這些通常是更偏向保險的組織。

And so that means we have to put a variety of incentives out there to minister to the needs of each of those groups. And that's a little tricky because it can get very noisy when you're -- you have multiple messages in the communication pipeline. But right now, we're focusing on growth of our Insurance business. We're approaching $1 trillion in face amount in-force, which is a unique milestone.

因此，這表示我們必須提出各式各樣的激勵措施，以滿足每一個群體的需求。這有點棘手，因為當你的溝通管道中同時存在多個訊息時，可能會變得非常嘈雜、雜訊很多。但目前，我們正專注於保險業務的成長。我們的有效保額（in-force face amount）正接近 1 兆美元，這是一個獨特的里程碑。

We're not aware of another company that's done that in the middle market in the time that we've done it using 100% term insurance 100% of the time to do it. So there's a matter of pride as well as quite an accomplishment. And so we're using that lever on the insurance side of our business. We're continuing to see record results, and we recognize those record results on the investment side. So we're moving from one record to another.

我們不知道還有其他公司能在我們達成的這段時間內，於中端市場以 100% 定期壽險、且全程都使用 100% 定期壽險的方式做到這一點。因此，這不僅令人自豪，也是相當了不起的成就。所以我們在保險業務端運用這個槓桿。我們持續看到創紀錄的成果，而我們也在投資端確認並反映這些創紀錄的成果。因此，我們正從一個紀錄邁向另一個紀錄。

Today's record becomes tomorrow's averages in a growing business. And so we have that message in play. And then we have the importance of distribution, which I believe is our most significant competitive advantage. That's -- a broad message goes out across all of those different styles of businesses. So we're using all of that, trying to do it in a way that's fairly surgical, so we don't create confusion with too many messages.

在成長型業務中，今天的紀錄會成為明天的平均值。因此，我們也在傳遞這個訊息。接著是通路的重要性，我相信這是我們最重要的競爭優勢。這是一個廣泛的訊息，會傳達到所有不同類型的業務。所以我們運用上述所有作法，並嘗試以相當精準的方式執行，避免因訊息過多而造成混淆。

But we're putting the challenges out there. We use a combination of recognition, which -- the biggest stage ever to be recognized on at Primerica is at our convention, and this will be our biggest convention ever. That's quite attractive as well as on our product sales compensation, and making sure that we have unique compensation opportunities for those leaders that are generating the results that we need.

但我們也把挑戰擺在檯面上。我們採用表揚與肯定的組合方式——在 Primerica，能被表揚的最大舞台是在我們的年會，而這次將是我們史上最大的一次年會。這點相當有吸引力；同時也體現在我們的產品銷售酬勞上，並確保對於那些能產出我們所需成果的領導者，提供獨特的酬勞機會。

So it's a variety of areas that we focus on, trying to hit the bull's eye on several of them. And we're beginning to see some results. We've got very positive reaction from our sales force on the introduction of the unique incentives back on July 6 broadcast that we did to start the countdown of the final year to convention.

因此，我們聚焦於多個面向，嘗試在其中幾個面向都能精準命中要點。而我們也開始看到一些成果。我們的銷售團隊對於我們在 7 月 6 日的直播中重新推出的獨特激勵措施反應非常正面；那場直播是為了啟動距離年會最後一年的倒數。

Got it. Okay. And then I just wanted to come back to the new life licenses. So that number, I think, was down 15% year-over-year. And I thought that in the past, you talked about maybe having some technology that could help new recruits obtain their licenses. So just want to see if I'm remembering that right and where we are. But have you seen any change in sort of the success rate of recruits becoming licensed?

了解。好的。接著我想再回到新增的人壽保險執照。所以那個數字，我記得年對年下降了 15%。我記得你們過去曾提到，可能會有一些科技工具可以協助新招募的人取得執照。所以我想確認我是否記得沒錯，以及我們目前進展到哪裡。另外，你們是否看到招募人員取得執照的成功率有任何變化？

We have seen some improvement. And again, that's a fraction. So you have to be careful managing to a fraction. We have seen the pull-through rate increase. We continuously have a team working on it every day to look for those points of opportunity where we can improve the process and increase the pull-through rate.

我們確實看到一些改善。不過再次強調，那是一個比例（fraction）。因此，在以比例作為管理目標時必須小心。我們看到轉換率（pull-through rate）有所提升。我們持續有一個團隊每天投入，尋找可以改善流程、提高轉換率的機會點。

And of course, it's very complicated because 50 states, 10 provinces and several territories, all have different licensing processes that we have to be able to lead those people through in their home locations. So it's something we're working on. We have seen some slight improvement. But really, the driver of the numbers is coming out of the previous quarter's recruiting.

當然，這非常複雜，因為 50 個州、10 個省以及數個領地，各自都有不同的執照取得流程；我們必須能在他們所在地引導他們完成流程。所以這是我們正在努力的事情。我們確實看到些微改善。但實際上，數字的主要驅動因素來自前一季的招募情況。

So as we see recruiting pick up, while we'll continue to work on the pull-through rate, we'll see more people being pulled through because there are more people in the pipeline. We need both of those really to move the licensing numbers, and that's what we're working on, on both fronts.

因此，當我們看到招募回升時，即便我們會持續改善轉換率，也會因為管道中有更多人，而有更多人被帶動完成取得執照的流程。我們其實需要兩者同時到位，才能推動執照數字的提升；這也是我們在兩個面向同時努力的原因。

Okay. And then maybe last one for Tracy. Just on the tax rate, I think, 23% and 22% for the next two quarters. Should we expect that level to kind of persist as we get into 2027? Or is this really just a sort of a one-time benefit that you're getting there?

好的。接著可能是最後一題問 Tracy。關於稅率，我想接下來兩季分別是 23% 和 22%。我們是否應該預期這個水準在進入 2027 年後仍大致持續？還是說這其實只是一次性的稅務利益？

Yes. We do not plan to purchase any additional income tax credits in 2026. And right now, I also cannot predict any activities for 2027. As we plan to always observe and consider high-quality investment opportunities that may result in us acquiring income tax credits in future years, we make these decisions very carefully.

是的。我們不打算在 2026 年再購買任何額外的所得稅抵減（income tax credits）。而且目前我也無法預測 2027 年會有任何相關活動。由於我們一向會持續觀察並評估高品質的投資機會，而這些機會可能使我們在未來年度取得所得稅抵減，因此我們在做這些決策時非常謹慎。

We look at the quality of the investments, and we also look at the suitability that does not create any dramatic volatility. Now the third and fourth-quarter, we do expect to see combined similar size of benefit that was recognized in second-quarter. So that is certainly a result of evaluation of the suitable and very strong opportunity that we're willing to take advantage of.

我們會檢視投資的品質，也會評估其適切性，確保不會造成任何劇烈的波動。至於第三季與第四季，我們預期合計將看到與第二季認列的利益規模相近的利益。因此，這確實是我們在評估其適切性與非常強勁的機會後，決定加以把握所帶來的結果。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session and will conclude our call today. We thank you for your interest and participation. You may now disconnect your lines.

謝謝。各位女士、先生，我們的問答環節到此結束，今天的電話會議也將結束。感謝各位的關注與參與。您現在可以掛斷電話線。