保德信金融集團 (PRU) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Prudential's Quarterly Earnings Conference Call. (Operator Instructions) As a reminder, today's call is being recorded.

女士們先生們，感謝你們的支持並歡迎參加保德信季度收益電話會議。 （操作員說明）謹此提醒，今天的通話正在錄音。

I will now turn the call over to Mr. Bob McLaughlin. Please go ahead.

我現在將把電話轉給鮑伯·麥克勞林先生。請繼續。

Good morning, and thank you for joining our call. Representing Prudential on today's call are Charlie Lowrey, Chairman and CEO; Rob Falzon, Vice Chairman; Andy Sullivan, Head of International Businesses and PGIM, our global investment manager; Caroline Feeney, Head of U.S. Businesses; Yanela Frias, Chief Financial Officer; and Rob Axel, Controller and Principal Accounting Officer.

早安，感謝您加入我們的通話。代表保德信出席今天的電話會議的是董事長兼執行長查理‧洛瑞 (Charlie Lowrey)；羅布法爾松，副主席；安迪·沙利文 (Andy Sullivan)，國際業務主管和我們的全球投資經理 PGIM；卡洛琳‧菲尼 (Caroline Feeney)，美國業務主管； Yanela Frias，財務長； Rob Axel，財務長兼首席會計官。

We will start with prepared comments by Charlie, Rob and Yanela, and then we will take your questions.

我們將從 Charlie、Rob 和 Yanela 準備好的評論開始，然後我們將回答您的問題。

Today's discussion may include forward-looking statements. It is possible that actual results may differ materially from the predictions we make today. In addition, our presentation includes references to non-GAAP measures. For a reconciliation of such measures to the comparable GAAP measures and a discussion of the factors that could cause actual results to differ materially from those in the forward-looking statements, please see the slides titled Forward-Looking Statements and non-GAAP Measures in the appendix to today's presentation and the quarterly financial supplement, both of which can be found on our website at investor.prudential.com.

今天的討論可能包括前瞻性陳述。實際結果可能與我們今天所做的預測有重大差異。此外，我們的簡報也引用了非公認會計準則衡量標準。有關這些措施與可比較的公認會計原則措施的協調以及可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素的討論，請參閱標題為“前瞻性陳述和非公認會計原則措施”的幻燈片今天簡報的附錄和季度財務補充資料均可在我們的網站 Investor.prudential.com 上找到。

And now I'll turn it over to Charlie.

現在我會把它交給查理。

Thank you, Bob, and thanks to everyone for joining us today. Our results for the quarter reflect accelerating momentum across all our businesses, including significant positive net flows in PGIM, our global asset manager and strong sales in our U.S. and International Insurance businesses.

謝謝你，鮑勃，也謝謝大家今天加入我們。我們本季的業績反映了我們所有業務的加速成長勢頭，包括我們的全球資產管理公司 PGIM 的顯著正淨流量以及我們美國和國際保險業務的強勁銷售。

During the quarter, we made substantial progress in shifting our business mix and growing our market-leading businesses to become a higher growth, more capital efficient and nimble company. We also maintained our disciplined approach to capital management by making further investments in our businesses and returning additional capital to shareholders. Our rock-solid balance sheet, business mix and distinct strategy position us to deliver long-term growth for our stakeholders.

本季度，我們在轉變業務結構和發展市場領先業務方面取得了實質進展，成為一家成長速度更快、資本效率更高、更靈活的公司。我們也透過對我們的業務進行進一步投資並向股東返還額外資本來維持嚴格的資本管理方法。我們堅如磐石的資產負債表、業務組合和獨特的策略使我們能夠為利害關係人實現長期成長。

Turning to Slide 3. I'll now begin this morning with a few recent examples that demonstrate how we are growing our market-leading businesses. PGIM achieved robust third-party and affiliated net flows in the quarter, notably in our fixed-income business, underpinned by continued strong investment performance. These flows reinforce the benefits of our large and strategic global client relationships and the power of our mutually reinforcing business system to grow our asset management fees.

轉向投影片 3。 PGIM 在本季度實現了強勁的第三方和附屬淨流量，特別是在我們的固定收益業務中，這得益於持續強勁的投資業績。這些流量增強了我們龐大的策略性全球客戶關係的優勢，以及我們相輔相成的業務系統增加資產管理費用的力量。

Our Institutional Retirement Strategies business reported strong sales and record account values, including the benefits of 2 large pension risk transfer transactions in the quarter. As a result, we delivered a record first quarter of PRT sales. Meanwhile, our Individual Retirement Strategies business recorded its best sales quarter in more than a decade. This reflects the continued diversification and expansion of our product offerings as well as strong demand in the market.

我們的機構退休策略業務報告了強勁的銷售和創紀錄的帳戶價值，包括本季兩筆大型退休金風險轉移交易的好處。結果，我們第一季的 PRT 銷售額創下了紀錄。同時，我們的個人退休策略業務創下了十多年來最好的銷售季度。這反映了我們產品供應的持續多元化和擴展以及市場的強勁需求。

Strong growth in our group insurance elected our product and segment diversification strategy leading to increased sales across life, disability and supplemental health. Meanwhile, our individual life insurance business continues to shift towards more capital-efficient products and broaden solutions through newer offerings like FlexGuard Life, which had its highest sales quarter since launching in 2022.

我們的團體保險的強勁成長選擇了我們的產品和細分市場多元化策略，從而增加了人壽保險、殘障保險和補充健康保險的銷售。同時，我們的個人人壽保險業務繼續轉向資本效率更高的產品，並透過 FlexGuard Life 等新產品擴大解決方案，該產品創下了自 2022 年推出以來最高的季度銷售額。

Internationally, we continue to benefit from our broadening product portfolio in Japan and from our actions to expand our distribution to new customers in emerging markets. Prudential in Brazil saw strong momentum across all distribution channels, most notably in our Life Planner channel, which reported record sales for the quarter.

在國際上，我們繼續受益於我們在日本不斷擴大的產品組合以及我們為新興市場的新客戶擴大分銷的行動。保德信在巴西的所有分銷管道都呈現強勁勢頭，尤其是我們的 Life Planner 管道，該管道報告了本季度創紀錄的銷售額。

We achieved these milestones while continuing to pivot away from more capital-intensive and lower-growth businesses. We successfully closed a reinsurance transaction for a portion of our guaranteed universal life block further advancing our strategy to reduce market sensitivity and increase capital efficiency. We also announced an agreement to sell Prudential of Argentina, a move aligned with our strategy of focusing on fewer high-growth emerging markets where we have an opportunity to achieve scale.

我們實現了這些里程碑，同時繼續擺脫資本密集和低成長業務。我們成功完成了部分保證萬能壽險的再保險交易，進一步推進了我們降低市場敏感度和提高資本效率的策略。我們也宣布了出售阿根廷保誠集團的協議，此舉符合我們的策略，即專注於少數高成長新興市場，我們有機會在這些市場實現規模化。

And finally, we initiated the process to exit our Assurance business so that we can focus our efforts and resources on core businesses and capabilities. We also continue to strengthen our operating model through technology and strategic partnerships to generate efficiencies that can be reinvested to fuel growth and deliver exceptional sales, service and claims experiences. This ongoing focus on improving the ways we work and supporting our customers continues to be recognized outside the company.

最後，我們啟動了退出保證業務的流程，以便我們可以將精力和資源集中在核心業務和能力上。我們也繼續透過技術和策略合作夥伴關係來加強我們的營運模式，以提高效率，然後再投資以推動成長並提供卓越的銷售、服務和理賠體驗。這種對改進工作方式和支援客戶的持續關注繼續得到公司外部的認可。

As just one example, Prudential of Japan recently ranked #1 for life insurance service in a J.D. Power customer satisfaction survey for the ninth year in a row. We are proud to be recognized for the value we provide to our customers.

舉一個例子，日本保誠集團最近在 J.D. Power 客戶滿意度調查中連續第九年在人壽保險服務方面排名第一。我們很自豪能夠為客戶提供的價值得到認可。

Turning now to Slide 4. Our disciplined approach to capital deployment enables us to invest in our market-leading businesses to support long-term growth and return capital to shareholders. In the first quarter, we returned over $700 million to shareholders and increased the quarterly dividend by 4%, our 16th consecutive annual dividend increase. We will continue to focus on creating sustainable, profitable growth that will benefit all stakeholders.

現在轉向投影片 4。第一季度，我們向股東返還超過 7 億美元，並將季度股息增加了 4%，這是我們連續第 16 次增加年度股息。我們將繼續專注於創造可持續的獲利成長，使所有利害關係人受益。

Moving to Slide 5. Our growth strategy is supported by Prudential's rock-solid balance sheet and robust risk and capital management framework. Our AA-rated financial strength represents a strong capital position, including approximately $48 billion of unrealized insurance margins over $4 billion in highly liquid assets at the end of the first quarter, a high-quality, well-diversified investment portfolio and a disciplined approach to asset liability management.

轉向投影片 5。我們的AA 級財務實力代表著強大的資本狀況，包括第一季末約480 億美元的未實現保險利潤，超過40 億美元的高流動性資產、高品質、多元化的投資組合以及嚴格的投資方法。

We've entered the second quarter with confidence in our strategy to be a global leader in expanding access to investing insurance and retirement security for people around the world.

進入第二季度，我們對自己的策略充滿信心，即成為擴大世界各地人們獲得投資保險和退休保障的機會的全球領導者。

And with that, I'll turn it over to Rob to provide more details on our first quarter business performance.

接下來，我將把它交給 Rob，以提供有關我們第一季業務業績的更多詳細資訊。

Thanks, Charlie. I will provide an overview of our financial results and business performance for our PGIM U.S. and international businesses I'll begin on Slide 6 with our financial results for the first quarter of 2024.

謝謝，查理。我將概述我們 PGIM 美國和國際業務的財務表現和業務績效。

Our pretax adjusted operating income was $1.5 billion or $3.12 per share on an after-tax basis, up 16% from the year-ago quarter. These results reflect the continued execution of our strategy to grow our market-leading businesses. Strong sales and robust net inflows and the benefit of higher interest rates and equity markets have resulted in higher spread income, fee income and underwriting results.

我們的稅前調整後營業收入為 15 億美元，稅後每股收益為 3.12 美元，比去年同期成長 16%。這些結果反映了我們持續執行發展市場領先業務的策略。強勁的銷售和強勁的淨流入以及較高的利率和股市的好處導致了利差收入、費用收入和承保業績的提高。

These diversified sources of earnings were partially offset by higher expenses to support business growth and onetime costs of closing the Guaranteed Universal Life reinsurance transaction.

這些多元化的收入來源部分被支持業務成長的較高費用以及完成保證萬用壽險再保險交易的一次性成本所抵銷。

Turning to the operating results from our businesses compared to the year-ago quarter. PGIM, our global investment manager had higher asset management fees driven by equity market appreciation, positive third-party net inflows and contributions from the Deerpath Capital acquisition. Additionally, higher incentive fees and seed and co-investment income resulted in an increase in other related revenues. This was partially offset by higher expenses to support business growth.

轉向我們業務與去年同期相比的經營業績。由於股市升值、第三方淨流入以及 Deerpath Capital 收購的貢獻，我們的全球投資管理公司 PGIM 的資產管理費用較高。此外，較高的激勵費以及種子和共同投資收入導致其他相關收入增加。這被支持業務成長的支出增加部分抵消。

Earnings growth in our U.S. businesses reflected higher spread income driven by business growth and the benefit of higher interest rates and variable investment income as well as more favorable underwriting results. This was partially offset by higher expenses, including the onetime charges associated with the closing of the Guaranteed Universal Life reinsurance transaction and by lower legacy traditional variable annuity fee income as we intentionally continue our pivot to less market-sensitive products.

我們美國業務的獲利成長反映了業務成長推動的利差收入增加、利率上升和可變投資收入以及更有利的承保業績的好處。這部分被較高的費用所抵消，包括與完成保證萬能壽險再保險交易相關的一次性費用，以及由於我們有意繼續轉向市場敏感度較低的產品而導致傳統可變年金費用收入減少。

Earnings growth in our International businesses was primarily driven by higher spread income, including the benefit of higher interest rates and more favorable variable investment income and higher joint venture earnings due to the favorable encaje performance in Chile. This was partially offset by less favorable underwriting results, primarily reflecting policyholder behavior.

我們國際業務的獲利成長主要是由更高的利差收入推動的，包括更高的利率和更有利的可變投資收入以及由於智利的 encaje 業績良好而帶來的更高的合資企業盈利。這被不太有利的承保結果部分抵消，主要反映了保單持有人的行為。

Turning to Slide 7. PGIM, our global investment manager, has diversified capabilities in both public and private asset classes across fixed income, equities and alternatives. PGIM's strong investment performance continues to improve with 80% of assets under management exceeding their benchmarks over the past year. This has contributed favorably to attractive long-term performance with over 80% of assets under management outperforming their benchmarks over the last 5- and 10-year periods.

轉向幻燈片 7。 PGIM 強勁的投資績效持續改善，去年管理的資產中有 80% 超過了基準。這對具有吸引力的長期業績做出了積極貢獻，在過去 5 年和 10 年期間，超過 80% 的管理資產表現優於基準。

PGIM's assets under management increased by 6% to $1.3 trillion from the year-ago quarter, driven by market appreciation and positive third-party net flows. Robust third-party net inflows in the quarter totaled $26.6 billion. Institutional inflows of $26 billion included a large fixed-income client mandate. And retail flows also turned positive, reflecting building momentum in public fixed income.

在市場升值和積極的第三方淨流量的推動下，PGIM 管理的資產較去年同期成長 6%，達到 1.3 兆美元。本季強勁的第三方淨流入總計 266 億美元。 260 億美元的機構資金流入包括大量固定收益客戶委託。零售流量也轉為正值，反映出公共固定收益的動能正在增強。

Additionally, strong affiliated flows were driven by retirement strategy sales during the quarter as the investment engine of Prudential, the success and growth of PGIM and of our U.S. and International insurance and retirement businesses are mutually reinforcing. PGIM's asset origination capabilities, investment management expertise and access to institutional and other sources of private capital, including through the recently launched reinsurer Prismic, our competitive advantage helping our businesses bring enhanced solutions and create more value for our customers.

此外，作為保德信的投資引擎，本季退休策略銷售推動了強勁的附屬流量，PGIM 以及我們的美國和國際保險和退休業務的成功和成長是相輔相成的。 PGIM 的資產發起能力、投資管理專業知識以及獲得機構和其他私人資本來源的管道（包括透過最近推出的再保險公司Prismic），我們的競爭優勢幫助我們的企業帶來增強的解決方案並為我們的客戶創造更多價值。

Our insurance and retirement businesses, in turn, provide a source of growth for PGIM through affiliated net flows as well as unique access to insurance liabilities. In addition, our diversified PGIM private alternatives platform, which has assets under management of approximately $240 billion experienced strong private credit activity driven by our organic growth and the first full quarter benefit from acquiring Deerpath Capital.

反過來，我們的保險和退休業務透過附屬淨流量以及獨特的保險負債管道為 PGIM 提供了成長來源。此外，我們的多元化 PGIM 私人另類投資平台管理著約 2,400 億美元的資產，在我們的有機成長和收購 Deerpath Capital 帶來的第一個完整季度的推動下，經歷了強勁的私人信貸活動。

Turning to Slide 8. Our U.S. businesses produced diversified earnings from fees, net investment spread and underwriting income and benefit from our complementary mix of longevity and mortality businesses. We continue to focus on growing our market-leading businesses by transforming our capabilities to improve customer experiences and expanding our addressable market with new financial solutions leveraging the capabilities across Prudential.

轉向幻燈片 8。我們繼續專注於發展我們的市場領先業務，透過轉變我們的能力來改善客戶體驗，並利用保誠集團的能力，透過新的金融解決方案擴大我們的目標市場。

Retirement strategies generated strong sales of $14.3 billion in the first quarter across its institutional and individual lines of business. Institutional Retirement sales of $11 billion in the first quarter included 2 large U.S. funded pension risk transfer transactions of nearly $9 billion, driving the strongest first quarter in market history.

退休策略第一季在機構和個人業務領域創造了 143 億美元的強勁銷售額。第一季機構退休金銷售額達 110 億美元，其中包括兩筆大型美國資助的退休金風險轉移交易，金額近 90 億美元，推動第一季創下市場史上最強勁的表現。

We have now completed 6 of the 10 largest transactions on record. Individual Retirement posted $3.3 billion in sales, our best quarter in sales in over a decade. Our product pivots have resulted in continued strong sales of FlexGuard and FlexCard Income, which increased nearly 60% from the year-ago quarter and fixed annuity sales have nearly tripled, while we continue to reduce market sensitivity by running off our legacy variable annuities.

目前，我們已經完成了有史以來 10 筆最大交易中的 6 筆。個人退休產品銷售額達 33 億美元，這是我們十多年來最好的季度銷售額。我們的產品樞軸導致 FlexGuard 和 FlexCard Income 的銷售持續強勁，比去年同期成長了近 60%，固定年金銷售額幾乎增加了兩倍，同時我們繼續透過淘汰傳統的可變年金來降低市場敏感度。

Group Insurance sales increased 18% compared to the prior year, driven by growth in life, disability and supplemental health. We are executing our strategy of both product and client segment diversification while leveraging technology to increase operating efficiency and enhance the customer experience.

受人壽保險、殘障保險和補充健康保險業務成長的推動，團體保險銷售額較上年增長 18%。我們正在執行產品和客戶群多元化的策略，同時利用技術來提高營運效率並增強客戶體驗。

In Individual Life, we continue to execute our strategic pivot to more capital-efficient products with the closing of the guaranteed Universal Life reinsurance transaction. Total sales in Individual Life increased 12% from the year-ago quarter, including the benefit from the recently launched FlexGuard Life product. Variable Life products represented approximately 70% of sales for the quarter.

在個人壽險方面，隨著有保證的萬能壽險交易的完成，我們繼續執行策略轉向更具資本效率的產品。個人壽險的總銷售額比去年同期成長了 12%，其中包括最近推出的 FlexGuard Life 產品的收益。可變壽命產品約佔該季度銷售額的 70%。

Turning to Slide 9. Our International businesses include our Japanese life insurance companies, where we have a differentiated multichannel distribution model as well as other businesses aimed at expanding our presence in targeted high-growth emerging markets.

轉向幻燈片 9。

In Japan, we're focused on providing high-quality service and expanding our distribution and product offerings. Our needs-based approach and protection product focus continue to provide important value to our customers as we expand our product offerings to meet their evolving needs. In emerging markets, we're focused on creating a selective portfolio of businesses in regions where customer needs are growing, where there are compelling opportunities to build market-leading businesses and where the Prudential enterprise can add value.

在日本，我們專注於提供高品質的服務並擴大我們的分銷和產品範圍。隨著我們擴大產品範圍以滿足客戶不斷變化的需求，我們以需求為基礎的方法和保護產品重點繼續為客戶提供重要的價值。在新興市場，我們專注於在客戶需求不斷增長的地區創建選擇性的業務組合，這些地區有建立市場領先業務的絕佳機會，並且保誠企業可以增加價值。

Sales in our International businesses were up 5% compared to the year-ago quarter. Higher sales in Japan are benefiting from the recent product launches, including a new yen-denominated variable life product offered through our Life Consultant and independent agency channels beginning in the first quarter. In addition, emerging market sales were higher, driven by growth in Brazil as we continue to expand third-party distribution and benefit from the strong performance of our world-class life planners.

我們國際業務的銷售額與去年同期相比成長了 5%。日本銷售額的成長得益於最近推出的產品，包括從第一季開始透過我們的壽險顧問和獨立代理商管道提供的新的以日圓計價的可變壽險產品。此外，由於我們持續擴大第三方分銷並受益於我們世界級生活規劃師的強勁表現，在巴西成長的推動下，新興市場銷售額有所成長。

As we look ahead, we are well-positioned across our businesses to be a global leader in expanding access to investing, insurance and retirement security. We continue to focus on investing in growth businesses and markets, delivering industry-leading customer experiences and creating the next generation of financial solutions to serve the diverse needs of a broad range of customers.

展望未來，我們在各業務領域處於有利地位，將成為擴大投資、保險和退休保障管道的全球領導者。我們持續專注於投資成長型業務和市場，提供業界領先的客戶體驗並創建下一代金融解決方案，以滿足廣大客戶的多樣化需求。

And with that, I'll now hand it over to Yanela.

現在，我將把它交給 Yanela。

Thank you, Rob. I will begin on Slide 10, which provides insight into earnings for the second quarter of 2024 relative to our first-quarter results. As noted, pretax adjusted operating income for the first quarter was $1.5 billion and resulted in earnings per share of $3.12 on an after-tax basis.

謝謝你，羅布。我將從投影片 10 開始，該投影片提供了 2024 年第二季相對於第一季業績的收益洞察。如前所述，第一季稅前調整後營業收入為 15 億美元，稅後每股收益為 3.12 美元。

To get a sense of how our second quarter results might develop, we suggest adjustments for the following items: Underwriting experience was below expectations by $85 million in the first quarter, and we expect $10 million of favorable seasonality in the second quarter. We also included an adjustment of $50 million for expenses and other items. This includes adjustments for typical seasonality of expenses and premiums as well as the onetime expenses related to our guaranteed universal life reinsurance transaction.

為了了解我們第二季的業績可能如何發展，我們建議對以下項目進行調整：第一季的承保經驗比預期低 8,500 萬美元，我們預計第二季的有利季節性因素為 1,000 萬美元。我們還對費用和其他項目進行了 5000 萬美元的調整。這包括對費用和保費的典型季節性以及與我們保證萬能人壽再保險交易相關的一次性費用的調整。

These adjustments combined get us to a baseline of $3.43 per share for the second quarter. I will note that if you exclude items specific to the second quarter, earnings per share would be $3.50. The key takeaway is that we continue to drive underlying earnings power momentum as we invest in the growth of our market-leading businesses and pivot away from capital-intensive and lower-growth businesses.

這些調整綜合起來使我們第二季的基準值為每股 3.43 美元。我要指出的是，如果排除第二季特定的項目，每股收益將為 3.50 美元。關鍵的一點是，當我們投資於市場領先業務的成長並遠離資本密集和低成長業務時，我們將繼續推動潛在的獲利動力。

While we have provided these items to consider, please note that there may be other factors that affect earnings per share in the second quarter.

雖然我們提供了這些需要考慮的項目，但請注意，可能還有其他因素影響第二季的每股盈餘。

Turning to Slide 11. Our capital position continues to support our AA financial strength rating. Our regulatory capital ratios are in excess of our AA objectives. Our cash and liquid assets were $4.2 billion within our liquidity target range of $3 billion to $5 billion, and we have substantial off-balance sheet resources. We remain thoughtful in our capital deployment, investing in our businesses for long-term growth and returning capital to shareholders.

轉向投影片 11。我們的監理資本比率超出了 AA 目標。我們的現金和流動資產為 42 億美元，處於 30 億至 50 億美元的流動性目標範圍內，我們擁有大量表外資源。我們在資本配置上保持深思熟慮，投資於我們的業務以實現長期成長，並向股東返還資本。

Turning to Slide 12. And in summary, we are becoming a higher growth, more capital efficient and nimble company. We are maintaining a disciplined approach to capital deployment and our growth is supported by our rock-solid balance sheet.

轉向投影片 12。我們在資本部署方面保持嚴格的方法，我們的成長得到了堅如磐石的資產負債表的支持。

And with that, we will be happy to take your questions.

因此，我們將很樂意回答您的問題。

(Operator Instructions) Our first question is coming from Ryan Krueger from KBW.

（操作員說明）我們的第一個問題來自 KBW 的 Ryan Krueger。

My first question was on Prismic. Can you talk about the outlook for reinsuring in-force blocks, additional in-force blocks to Prismic and do you expect more activity on this in 2024?

我的第一個問題是關於 Prismic 的。您能否談談對有效區塊進行再保險、為 Prismic 提供額外有效區塊的前景？

Ryan, it's Rob. I'll take your question. As we've shared before, we and our Prismic investors who are a group of very large global institutional investors that operate and scale have aspirations that go well beyond the initial $10 billion transaction that we completed last year. We're continuing work on an active pipeline. That pipeline includes ongoing balance sheet optimization. It includes flow or new sales that are solutions across our businesses and working on third-party blocks where we believe we can provide our reinsurance and asset management capabilities to other insurers.

瑞安，我是羅布。我來回答你的問題。正如我們之前所分享的，我們和我們的 Prismic 投資者是一群營運和規模非常大的全球機構投資者，他們的願望遠遠超出我們去年完成的 100 億美元初始交易。我們正在繼續開發活躍的管道。此管道包括持續的資產負債表優化。它包括流量或新銷售，這是我們整個業務的解決方案，並致力於第三方區塊，我們相信我們可以向其他保險公司提供我們的再保險和資產管理能力。

To maybe state the obvious, these transactions are complex. They're bespoke to each situation and they require regulatory coordination and all of that takes time. Our decision to use Prismic for this pipeline has contrasted to the opportunity to also use our own balance sheet or to partner or reinsure with other third parties is unique to each of the opportunities. And it's driven by looking through a lens of commercial priorities, statutory considerations, GAAP outcomes and economic considerations.

顯而易見的是，這些交易很複雜。它們是針對每種情況量身定制的，並且需要監管協調，而所有這些都需要時間。我們在這條管道中使用 Prismic 的決定與使用我們自己的資產負債表或與其他第三方合作或再保險的機會形成鮮明對比，每個機會都是獨一無二的。它是透過商業優先事項、法定考慮因素、公認會計準則結果和經濟考慮因素的視角來推動的。

And that includes implications to earnings ROE, capital and liquidity. If I could step back and sort of more broadly, address it. We see extraordinarily interesting growth opportunities at the intersection of what we're calling the intersection of asset management and insurance. Private institutional capital is coming into the insurance space, insurance and retirement sector. It helps to finance the growth and to meet customer needs -- customer and client needs.

這包括對獲利淨資產收益率、資本和流動性的影響。如果我可以退後一步，更廣泛地解決這個問題。我們在資產管理和保險的交叉點上看到了非常有趣的成長機會。私人機構資本正進入保險領域、保險和退休領域。它有助於為成長提供資金並滿足客戶需求—客戶和客戶的需求。

And in addition, the investment options that are available to the industry are expanding, and they're providing opportunities to grow investment capabilities while enhancing portfolio diversification and generating greater output from our portfolio as well. We're excited about what this implies for our ability to create avenues of growth across our insurance, retirement and asset management businesses. And we believe that our brand, scale, and the quality across our businesses gives us a highly competitive platform to execute against the opportunity and Prismic is an important expansion of that platform.

此外，該行業可用的投資選擇正在擴大，它們提供了增強投資能力的機會，同時增強了投資組合的多元化，並從我們的投資組合中產生了更大的產出。我們對這意味著我們有能力在保險、退休和資產管理業務中創造成長途徑感到興奮。我們相信，我們的品牌、規模和業務品質為我們提供了一個極具競爭力的平台，可以抓住機遇，而 Prismic 是該平台的重要擴展。

Great. And then separately on -- I had a question on G&A expenses. I think they were up around 7% year-over-year on a consolidated basis. And previously, you had talked about taking expense actions that could keep G&A relatively flat in the near term. So I was hoping for an update on that.

偉大的。然後分別 - 我有一個關於一般行政費用的問題。我認為綜合來看，它們比去年同期增長了 7% 左右。此前，您曾談到採取費用行動，可以在短期內保持一般費用相對穩定。所以我希望能得到更新。

Ryan, this is Yanela. And I will take your question. We are committed to keeping expenses flat while investing in our businesses. And as you noted, we did see an increase in G&A this quarter, but keep in mind that G&A includes expenses to support growth, including nondeferrable sales expenses in support of our very strong sales this quarter as well as onetime expenses like the cost-related to the GUL transaction.

瑞安，這是亞內拉。我會回答你的問題。我們致力於在投資業務的同時保持支出不變。正如您所指出的，我們確實看到本季度的一般管理費用有所增加，但請記住，一般管理費用包括支持增長的費用，包括支持我們本季度強勁銷售的不可延期銷售費用，以及與成本相關的一次性費用到 GUL 交易。

So that's what you're seeing in terms of the increase. With regards to the strong sales, especially in retirement strategies, please note that the incremental earnings from those sales are not all fully reflected in the quarter. And there's 2 reasons, the timing of those sales as well as the fact that we leg into the final asset portfolio supporting the PRT sales over a period of time. So as a result, we expect that the full incremental earnings benefit to emerge in subsequent quarters. And Caroline, I don't know if you wanted to spend a minute on retirement strategies, fundamentals.

這就是您所看到的增長情況。關於強勁的銷售，尤其是退休策略，請注意，這些銷售帶來的增量收益並未全部反映在本季。原因有兩個，一是這些銷售的時機，二是我們在一段時間內進入支持 PRT 銷售的最終資產組合。因此，我們預計增量收益將在接下來的幾季出現。卡羅琳，我不知道你是否願意花一點時間討論退休策略和基本原理。

Yes, sure. Of course, Yanela, thanks. And Ryan, clearly, Yanela just went through some of the earnings drivers. So now let me share with you how we're thinking about the fundamentals in our growth story. So overall, we're very pleased with the strong sales growth across our Retirement Strategies business. with over $14 billion in sales this past quarter.

是的，當然。當然，亞內拉，謝謝。瑞安（Ryan），顯然，亞內拉（Yanela）剛剛經歷了一些獲利驅動因素。現在讓我與您分享我們如何思考我們的成長故事的基本原理。總的來說，我們對退休策略業務的強勁銷售成長感到非常滿意。上個季度的銷售額超過 140 億美元。

In Institutional, we achieved $11 billion in sales led by nearly $9 billion of pension risk transfer, not only our best first quarter, Ryan, but also the best first quarter in market history, further demonstrating our leadership in the market. And then on the individual side, we had our best quarter in over a decade with almost $3.5 billion in sales nearly doubling our volume from the year-ago quarter. And that success comes from our work over the past few years to diversify our annuity portfolio and broaden our distribution which allows us to meet more of the consumer needs for protected savings and for income than ever before.

在機構方面，我們在近90 億美元的退休金風險轉移的帶動下實現了110 億美元的銷售額，這不僅是我們最好的第一季度，Ryan，也是市場歷史上最好的第一季度，進一步證明了我們在市場上的領導地位。然後在個人方面，我們迎來了十多年來最好的季度，銷售額近 35 億美元，幾乎是去年同期的兩倍。這項成功來自於我們過去幾年的努力，使我們的年金投資組合多樣化並擴大了我們的分配範圍，這使我們能夠比以往任何時候都滿足更多消費者對受保護儲蓄和收入的需求。

And as Yanela mentioned, these strong sales will continue to increase core earnings over time as we realize the full impact of these sales.

正如 Yanela 所提到的，隨著我們意識到這些銷售的全面影響，這些強勁的銷售將隨著時間的推移繼續增加核心收益。

Our next question today is coming from Tom Gallagher from Evercore ISI.

今天我們的下一個問題來自 Evercore ISI 的 Tom Gallagher。

First question is just on the I think, what was a jumbo PGIM inflow that you got from a single client this quarter? I think that might have been $25 billion or $26 billion. And if that's not right, can you please sort of clarify what that amount was? And then what was the mandate in? Was that public fixed income? And any kind of sense for what kind of fee rate you would have had on that?

第一個問題是，我想，本季您從單一客戶獲得的巨額 PGIM 流入是多少？我認為這可能是 250 億美元或 260 億美元。如果這不正確，您能否澄清一下這個金額是多少？那麼授權是什麼？那是公共固定收入嗎？您是否知道您對此的收費率是多少？

Tom, it's Andy. So this mandate was a significant portion of the $26 billion that we saw in institutional positive net flows. Obviously, we don't disclose fee rate on individual mandates. That said, this is a large mandate from a key pension client for a high-quality fixed-income portfolio.

湯姆，這是安迪。因此，這項授權是我們在機構正淨流量 260 億美元中看到的很大一部分。顯然，我們不會透露個別委託的費率。也就是說，這是主要退休金客戶對高品質固定收益投資組合的重大委託。

So the fee rate is lower than our overall average fee rate across our asset classes. We were very pleased with our flows overall this quarter, and we're obviously very proud that we have so many large clients that place their trust in us.

因此，費率低於我們所有資產類別的總體平均費率。我們對本季的整體流程感到非常滿意，而且我們顯然非常自豪我們有這麼多信任我們的大客戶。

And Andy, just as a follow-up, any -- how does the pipeline look? Any other sizable large mandates you think might get funded this year?

安迪，作為後續行動，任何 - 管道看起來怎麼樣？您認為今年還有其他規模較大的任務可能會獲得資助嗎？

Yes. So maybe, Tom, let me just bring it up and I'll end with the outcome. So overall, on the institutional side, we're obviously very pleased given that large mandate, we feel that reinforces our position as a leading partner in the marketplace. And I'd also add that we've been consistently adding new clients to our roster on the institutional side every quarter, every year.

是的。湯姆，也許讓我提出來，然後我會給出結果。因此，總體而言，在機構方面，我們顯然非常高興獲得如此大的授權，我們認為這鞏固了我們作為市場領先合作夥伴的地位。我還要補充一點，我們每季、每年都在機構方面不斷增加新客戶。

On the retail side, we saw positive flows of about $0.5 billion. We're beginning to see early momentum in the retail fixed-income space, consistent with industry trends and improving client sentiment. I would reiterate what Rob said at the top of the script as well that we had significant positive affiliated flows this quarter driven by pension risk transfer, showing the strength and importance of the synergies in the business system.

在零售方面，我們看到約 5 億美元的正資金流。我們開始看到零售固定收益領域的早期勢頭，這與行業趨勢一致並改善了客戶情緒。我還要重申羅伯在劇本開頭所說的話，即在退休金風險轉移的推動下，本季我們有顯著的正附屬流量，這顯示了業務系統協同效應的強度和重要性。

As far as specific to your question, the outlook looking forward, we like the fundamentals that we're seeing as the environment is clearly improving, and our investment performance is very, very strong. But we also know that a sticky inflationary environment will keep money on the sidelines a little while longer and that our large client flows can remain episodic. But the key punchline is, over time, we are very confident that will be a net winner and a net grower.

至於你的具體問題，即未來的前景，我們喜歡我們所看到的基本面，因為環境正在明顯改善，而且我們的投資業績非常非常強勁。但我們也知道，黏性通膨環境將使資金處於觀望狀態的時間更長，而我們的大客戶流量可能仍然是間歇性的。但最重要的是，隨著時間的推移，我們非常有信心它將成為淨贏家和淨成長者。

Great. Rob, just if I could slip one more in about a follow-up to what Ryan asked about Prismic. Have you guys done any additional fundraising beyond the first $1 billion for Prismic? And if you haven't, any thoughts on how much you would be looking to raise in a potential next fundraising?

偉大的。 Rob，如果我可以再補充一下 Ryan 關於 Prismic 問題的後續情況就好了。除了 Prismic 的首個 10 億美元之外，你們還進行過其他募款活動嗎？如果您還沒有，您對在下一次潛在籌款中希望籌集多少資金有何想法？

Yes, Tom, the investors that we have in Prismic and our conversations with them have indicated their desire to put a significant amount of capital to work and the strategy that we've outlined to them. And so expectations are that these are firms that deal on the billions, not the millions or hundreds of millions.

是的，湯姆，我們在 Prismic 的投資者以及我們與他們的對話表明他們希望投入大量資金以及我們向他們概述的策略。因此，人們期望這些公司的業務規模達數十億美元，而不是數百萬或數億美元。

And they've indicated that their desire is to scale the initial investment that they've made, which is, frankly, small by their standards and would be uneconomic if it were not for their anticipation that it was going to be followed by investments that would be multiples of what they've contributed upfront. That having been said, this is not a fund. It is a collaborative of investors that have committed to working with us in this strategy and they will fund as we develop and execute against pipeline.

他們表示，他們的願望是擴大他們所做的初始投資，坦白說，按照他們的標準，這是很小的，如果不是因為他們預期隨後會進行投資，那麼這將是不經濟的。他們預先貢獻的數倍。話雖如此，這不是基金。這是投資者的合作，他們致力於與我們合作實施這項策略，他們將在我們開發和執行管道時提供資金。

Next question today is coming from Joel Hurwitz from Dowling & Partners.

今天的下一個問題來自 Dowling & Partners 的 Joel Hurwitz。

So I want to go back to the individual retirement sales. So a very strong quarter, including sizable growth in fixed annuity sales. Can you just talk about the pivot to fixed annuities? And I guess, what's your plan to grow in this product line?

所以我想回到個人退休銷售。這是一個非常強勁的季度，包括固定年金銷售的大幅成長。能談談固定年金的轉向嗎？我想，您在該產品線上的發展計畫是什麼？

Yes. Of course, Joel. It's Caroline, and I'll take your question. So first of all, the individual annuities market had a record year last year with about $380 billion of sales, and fixed annuities were a key piece of that given the rapid rises that we did see in interest rates. We're seeing continued momentum for fixed annuities this year as the value proposition remains strong, driving industry sales of over $100 billion in the first quarter, putting the industry on track for another record year.

是的。當然，喬爾.我是卡羅琳，我來回答你的問題。首先，去年個人年金市場的銷售額創下了約 3,800 億美元的紀錄，鑑於我們確實看到利率迅速上升，固定年金是其中的關鍵部分。我們看到今年固定年金的持續成長勢頭，因為其價值主張仍然強勁，推動第一季產業銷售額超過 1,000 億美元，使該產業有望再創歷史新高。

In terms of our own growth, Joel, fixed annuities, represented almost half of our sales last quarter mirroring the broader market shift we've seen over the past few years -- past year, excuse me, our sales growth is a testament to 3 things: first, our successful expansion of our product portfolio to include more fixed annuity solutions such as our Westgard, MIGA allowing us to meet more customer needs across a broader set of channels.

就我們自己的成長而言，Joel，固定年金，幾乎占我們上個季度銷售額的一半，反映了我們在過去幾年中看到的更廣泛的市場轉變- 過去一年，對不起，我們的銷售增長證明了 3事情：首先，我們成功擴展了我們的產品組合，包括更多固定年金解決方案，例如我們的 Westgard、MIGA，使我們能夠透過更廣泛的管道滿足更多客戶需求。

Second, our brand and our distribution strength, which enables us to scale quickly to meet increasing market demand. We continue to expand our partnerships across multiple channels and platforms which also had a significant impact on our business this past quarter. And finally, our dynamic and proactive pricing process, which allows us to react quickly to changing market conditions, to maintain competitive pricing while maximizing shareholder value. So overall, Joe, we're pleased with our ability to meet the increased demand while maintaining favorable returns.

其次，我們的品牌和分銷實力使我們能夠快速擴展以滿足不斷增長的市場需求。我們繼續擴大跨多個管道和平台的合作夥伴關係，這也對我們上個季度的業務產生了重大影響。最後，我們動態且主動的定價流程使我們能夠對不斷變化的市場條件做出快速反應，保持有競爭力的定價，同時最大化股東價值。總的來說，喬，我們對我們在保持良好回報的同時滿足不斷增長的需求的能力感到滿意。

We like the diversification, these products bring to our business mix and the role they can play as a strong complement to our FlexGuard suite of solutions.

我們喜歡多元化，這些產品為我們的業務組合帶來了好處，並且它們可以作為我們 FlexGuard 解決方案套件的有力補充發揮作用。

Okay. So it sounds like this will be a core product in your line of filing forward then?

好的。那麼聽起來這會是您未來申請系列中的核心產品？

Absolutely, Joe. Yes, we see it as a core product as we broaden our portfolio.

絕對可以，喬。是的，我們將其視為我們擴大產品組合的核心產品。

Okay. And then just moving over to pension risk transfer. Just any update on your outlook and Obviously, a very strong start to the year, I guess, how should we think about your desire to grow this business year-on-year out?

好的。然後轉向退休金風險轉移。只是關於您的展望的任何更新，顯然，今年的開局非常強勁，我想，我們應該如何考慮您逐年發展這項業務的願望？

Yes. So as you said, Joel, and rightly so, we had a very strong start here. We finished actually the strongest first quarter ever in PRT, leading the market, including 2 transactions with Shell and Verizon totaling nearly $9 billion. In terms of our outlook on growth, last year's market volume was roughly $45 billion, and we expect to see that healthy pipeline continue this year supported by favorable funding positions of over 100%.

是的。正如你所說，喬爾，這是正確的，我們在這裡有一個非常強勁的開端。事實上，我們完成了 PRT 有史以來最強勁的第一季度，引領市場，其中包括與殼牌和 Verizon 的兩筆交易，總額近 90 億美元。就我們的成長前景而言，去年的市場規模約為 450 億美元，我們預計今年將在超過 100% 的有利融資頭寸的支持下繼續保持健康的發展勢頭。

And although the market is highly competitive, very few carriers have actually executed transactions exceeding $1 billion. And I should call out that our expertise and our ability to handle large complex transactions along with our financial strength, position us to continue to be a leader in the space.

儘管市場競爭激烈，但真正執行超過 10 億美元交易的營運商卻很少。我應該指出，我們的專業知識和處理大型複雜交易的能力以及我們的財務實力使我們能夠繼續成為該領域的領導者。

Okay. I guess, just how do you balance the capital strain from growing that business? Just how should we think about your appetite for overall growth this year after doing $9 billion in Q1.

好的。我想，您如何平衡發展該業務所帶來的資本壓力？在第一季實現 90 億美元的營收之後，我們應該如何看待今年整體成長的需求。

Yes. So I'd say, in general, Joel, obviously, each large transaction naturally consumes its appropriate share of capital. We believe these deals are a very effective way of deploying capital. and we like the returns that we're generating.

是的。所以我想說，總的來說，喬爾，顯然，每筆大交易自然會消耗其適當份額的資本。我們相信這些交易是一種非常有效的資本配置方式。我們喜歡我們所產生的回報。

First, PRT remains a great source for organic growth. It represents one of the few products that can allow us to originate billions of insurance liabilities in a single transaction. And as a market leader in the space, we continue to see, as I mentioned, a strong pipeline of those large-sized opportunities.

首先，PRT 仍然是有機成長的重要來源。它是少數能夠讓我們在一次交易中產生數十億保險負債的產品之一。正如我所提到的，作為該領域的市場領導者，我們繼續看到這些大型機會的強大管道。

I'll also add that the success of our PRT business benefits PGIM as we continue to originate these deals PGIM can match our insurance liabilities with a high-quality portfolio of assets. So with all that being said, Joel, we do expect to continue to opportunistically deploy capital in the space and we feel good about the returns as well as the benefits PRT brings to Prudential.

我還要補充一點，我們 PRT 業務的成功有利於 PGIM，因為我們繼續發起這些交易，PGIM 可以將我們的保險負債與高品質的資產組合相匹配。因此，喬爾，話雖如此，我們確實希望繼續在該領域機會主義地部署資本，我們對 PRT 為保德信帶來的回報和好處感到滿意。

Your next question today is coming from Wes Carmichael from Autonomous.

今天你們的下一個問題來自 Autonomous 的 Wes Carmichael。

Rob, on your answer on Prismic, you mentioned the transactions require regulatory coordination is one of the considerations here. I'm just wondering if you can give us an update on the regulatory environment in Bermuda and how that's changed, if at all, over the past year if the CMA is more involved in improving potential deals or influencing the structure of transactions.

Rob，在您對 Prismic 的回答中，您提到交易需要監管協調是這裡的考慮因素之一。我只是想知道您能否向我們介紹百慕達監管環境的最新情況，以及過去一年中百慕達監管環境發生了怎樣的變化（如果有的話），CMA 是否更多地參與改善潛在交易或影響交易結構。

Yes, Wes, happy to do so. We've actually been highly engaged with the BMA throughout the consultation process that it recently went through and provided feedback on the proposed enhancements to their regime directly with the BMA as well as in coordination with the broader industry.

是的，韋斯，很高興這樣做。實際上，在 BMA 最近經歷的整個諮詢過程中，我們一直與 BMA 保持高度互動，並直接與 BMA 以及與更廣泛的行業協調，就其製度的擬議增強提供反饋。

I think what I would characterize is that while the BMA's updates to regulatory regime are generally going to result in a more conservative level of capital required and reserving than what they had prior to their consultation process. That's going to vary significantly by product type. And the BMA is committed to continuing to maintain a principles-based economically driven regime.

我認為我的特點是，儘管 BMA 對監管制度的更新通常會導致所需資本和儲備水平比諮詢過程之前更為保守。根據產品類型的不同，情況會有很大差異。 BMA 致力於繼續維持以原則為基礎的經濟驅動體制。

And we believe that the combination of that approach to managing insurance assets and liabilities along with its status with reciprocal jurisdiction in the U.S. and equivalency in Europe is going to continue to make it a very attractive jurisdiction to do business for insurers.

我們相信，這種管理保險資產和負債的方法及其在美國的互惠管轄權和在歐洲的同等管轄權的地位將繼續使其成為對保險公司開展業務非常有吸引力的管轄區。

And maybe just a quick follow-up on that. But do you think PRT is a good liability for Prismic? Does that make sense there?

也許只是對此進行快速跟進。但您認為 PRT 對 Prismic 來說是一個很好的負債嗎？這樣有道理嗎？

PRT can be done economically, both within the U.S. statutory regime and within the Bermuda statutory regime. We've advanced, adopted a set of principles that are under consideration for pension risk transfer type liabilities in coordination with our New Jersey supervisor.

PRT 可以在美國法定制度和百慕達法定制度內經濟地進行。我們已經提出並採用了一套原則，正在與新澤西州主管協調考慮退休金風險轉移類型負債。

And so our ability or desire to use Bermuda versus the U.S. statutory regime is less driven by differences in the regimes per se and more driven by the source of investors coming into it. So obviously, for our own balance sheet, operating within the U.S. statutory regime works well for us. But to the extent we want to bring third-party capital into that capital has a desire for a number of reasons.

因此，我們使用百慕達與美國法定制度的能力或願望較少受到製度本身差異的驅動，而更多地受到進入百慕達的投資者來源的驅動。顯然，對於我們自己的資產負債表來說，在美國法定制度內運作對我們來說效果很好。但在某種程度上，我們希望將第三方資本引入該資本，原因有很多。

Those institutions providing that capital to come into jurisdictions like Barbuda, and that would be more of the primary driver as to why we would be funding some of PRT through our Bermuda framework as contrasted to a U.S. framework.

那些提供資金進入巴布達等司法管轄區的機構，這將是我們為什麼透過百慕達框架（而不是美國框架）為部分 PRT 提供資金的主要驅動力。

That's really helpful. And then maybe just one more on the regulatory front. But can you give us just an update on the transition to ESR in Japan, we're getting closer to the implementation date here. So has there been any movement, particularly on how long-duration FX products are treated or anything else? Any other color might be helpful.

這真的很有幫助。然後也許只是監管方面的一個問題。但您能否向我們介紹日本向 ESR 過渡的最新情況，我們距離實施日期越來越近了。那麼是否有任何變化，特別是在長期外匯產品的處理方式或其他方面？任何其他顏色可能會有幫助。

This is Yanela. Let me give you an update on where we are with ESR. On ESR, we believe our Japan businesses are well capitalized and financially strong, and that would be evident under any reasonable capital standard. We have been working with regulators and advocating for reasonable and responsible standards. And we have strategies to adapt to the potential new regime and to better match the economics of our business.

這是亞內拉。讓我向您介紹我們在 ESR 方面的最新進展。在ESR方面，我們相信我們的日本業務資本充足且財務實力雄厚，這在任何合理的資本標準下都是顯而易見的。我們一直與監管機構合作，倡導合理、負責任的標準。我們有策略來適應潛在的新制度並更好地匹配我們業務的經濟狀況。

And these strategies include reinsurance business internally in the U.S. or Bermuda or reassuring externally. And as an example of these strategies, during the first quarter, we reinsured $3 billion of U.S. dollar-denominated whole life products from Japan to our Bermuda affiliate, Gibraltar, which allows us to manage capital for that block on a more economic basis.

這些策略包括美國或百慕達的內部再保險業務或外部的放心業務。作為這些策略的一個例子，在第一季度，我們從日本向我們的百慕達附屬公司直布羅陀提供了30 億美元的以美元計價的終身壽險產品的再保險，這使我們能夠在更經濟的基礎上管理該地區的資本。

So we're looking at this very carefully. The proposed regulations are still subject to change. but are expected to be finalized later this quarter ahead of being effective on April 1, 2025.

所以我們正在非常仔細地研究這個問題。擬議的法規仍有可能發生變化。但預計將於本季稍後最終確定，並於 2025 年 4 月 1 日生效。

(Operator Instructions) Our next question today is coming from Elyse Greenspan from Wells Fargo.

（操作員說明）今天我們的下一個問題來自富國銀行的 Elyse Greenspan。

My first question, I guess, is on the M&A side, right? Can you just give us an update on the pipeline and things that you're looking at? And given the action to exit Assurance IQ, how is that going to impact future M&A decisions?

我想我的第一個問題是在併購方面，對吧？您能為我們介紹一下管道的最新情況以及您正在關注的事情嗎？鑑於退出 Assurance IQ 的行動，這將如何影響未來的併購決策？

Sure, Elyse. This is Charlie. Thanks for the question. We've executed on many transactions over time that have significantly grown the company. And we have pursued these transactions or acquisitions for a variety of reasons such as expanding our capabilities, broadening our distribution, increasing scale and/or adding key talent.

當然，愛麗絲。這是查理。謝謝你的提問。隨著時間的推移，我們執行了許多交易，這些交易極大地促進了公司的發展。我們出於多種原因進行這些交易或收購，例如擴大我們的能力、擴大我們的分銷、擴大規模和/或增加關鍵人才。

In every acquisition, there are things that have gone right as well as lessons we have learned. And certainly, we anticipated a different outcome when we purchased Assurance, and we've incorporated these lessons into our M&A approach, which gets to your question. As we look forward, we will focus on acquisitions of more established businesses that present opportunities to expand our capabilities and scale in our existing market-leading businesses.

在每一次收購中，都有一些進展順利的事情，也有我們學到的教訓。當然，當我們購買 Assurance 時，我們預期會出現不同的結果，並且我們已將這些經驗教訓納入我們的併購方法中，這解決了您的問題。展望未來，我們將專注於收購更成熟的業務，這些業務為擴大我們現有市場領先業務的能力和規模提供了機會。

And you've seen that -- we've seen us do that with Deerpath Capital, Montana Capital Partners and Green Harvest as 3 examples. And we're going to continue to be really thoughtful and very disciplined about how we execute with the goal of creating value for our shareholders.

您已經看到了——我們已經看到我們以 Deerpath Capital、Montana Capital Partners 和 Green Harvest 為例來做到這一點。我們將繼續深思熟慮並嚴格遵守我們的執行方式，以期為股東創造價值。

And then my second question, within group, good results in the quarter, you guys were towards the lower end of the target range for that business for the year. Just anything you want to point out, especially in the disability side, results seem good in the quarter? And how you expect the benefits ratio in that business to trend over the other 3 quarters of the year.

然後我的第二個問題，在集團內部，本季取得了良好的業績，你們已經接近今年該業務目標範圍的下限。您想指出的是，特別是在殘疾方面，本季的業績似乎不錯？以及您預計該業務的福利比率在今年其他三個季度的趨勢如何。

Sure. Of course, Elyse, it's Caroline, and I'll take your question. So first of all, we're very pleased with our first quarter sales for group overall, which are influenced by the momentum we've seen in executing on our strategy to maintain our core product leadership while growing in the under 5,000 lives and association markets and further diversifying in disability and supplemental health.

當然。當然，伊麗絲，我是卡洛琳，我會回答你的問題。首先，我們對集團整體第一季的銷售額感到非常滿意，這受到我們在執行策略時看到的勢頭的影響，以保持我們的核心產品領先地位，同時在5,000 名以下的生活和協會市場中實現成長殘疾和補充健康進一步多樣化。

Our capabilities continue to resonate in the disability marketplace where our earned premiums were up nearly 15% and compared to the prior year quarter. In terms of drivers of our success, we're continuing to expand our value proposition by enhancing our customer experience, including streamlining our claims process with simplified language, with more efficient technology. That outcome is enabling customers to better understand their benefits.

我們的能力繼續在殘疾市場引起共鳴，與去年同期相比，我們賺取的保費增長了近 15%。就我們成功的驅動因素而言，我們將繼續透過增強客戶體驗來擴展我們的價值主張，包括使用簡化的語言和更有效率的技術來簡化我們的索賠流程。這一結果使客戶能夠更好地了解他們的好處。

And then beyond these investments, at least in our core capabilities, we also remain highly focused on maintaining strong pricing discipline, only accepting those cases that make economic sense. So looking ahead at this year, as you know, most of our new business premiums are effective in the first quarter. So in general, the first quarter is when you will see the majority of the impact from new sales, renewals and enrollment on existing business.

除了這些投資之外，至少在我們的核心能力方面，我們也高度關注維持嚴格的定價紀律，只接受那些具有經濟意義的案例。所以展望今年，大家知道，我們大部分新業務保費都是在第一季生效的。因此，總的來說，第一季您將看到新銷售、續約和註冊對現有業務的大部分影響。

However, as we continue to grow in the under 5,000 lives in association market. We will see that sales season extend more into the second half of the year with business growth consistent with what we saw last year. So overall, we're very excited about the growth trajectory that we're seeing, not just in disability but across the board in our group business. And you asked about benefits ratio, Elyse. And so I'll just finally add that our overall -- our group underwriting results as has quarter were strong.

然而，隨著我們在 5,000 人以下的生活協會市場中不斷發展。我們將看到銷售旺季將延長至下半年，業務成長將與去年一致。因此，總的來說，我們對所看到的成長軌跡感到非常興奮，不僅是在殘疾方面，而且是我們集團業務的全面成長。你問過福利比率，Elyse。因此，我最後要補充一點，我們整個集團的承保業績本季表現強勁。

We've recorded a total benefit ratio of just under 85%, which is our best first quarter benefit ratio ever and is within our recently lowered target range of 83 to 87. Specifically with regards to the disability underwriting results, it does reflect our focus on effective claims management and the continued tailwinds of strong employment as well as a high interest rate environment.

我們的總賠付率略低於85%，這是我們有史以來最好的第一季賠付率，並且在我們最近降低的83 至87 的目標範圍內。了我們的重點有效的索賠管理以及強勁就業和高利率環境的持續推動。

Our next question is coming from Suneet Kamath from Jefferies.

我們的下一個問題來自 Jefferies 的 Suneet Kamath。

To start with Individual Retirement. Caroline, you had mentioned the strong sales, and I think you're expecting that will persist going forward for you in the industry. Just wanted to get a sense of where that money is coming from. Is this new money coming to the industry, maybe from the qualified market? Or are we seeing 1035 exchanges from existing annuities? Just wanted to get a sense of where that demand is coming from.

首先從個人退休開始。卡羅琳，您提到了強勁的銷售，我認為您預計這種情況將在該行業中持續發展。只是想了解這筆錢從哪裡來。這些新資金是否來自合格市場？或者我們看到現有年金的 1035 次交換？只是想了解這種需求來自哪裡。

Yes, Suneet, it's a great question. Thanks so much. I don't think it's really one thing. I think it's the dynamic of individuals thinking more clearly as we have over 11,000 individuals turning 65 every single year over the next several years and 30 million Americans going to be turning 65 between now and 2030.

是的，Suneet，這是一個很好的問題。非常感謝。我不認為這真的是一回事。我認為這是個人思維更清晰的動力，因為在接下來的幾年裡，每年都有超過 11,000 人年滿 65 歲，從現在到 2030 年，將有 3,000 萬美國人年滿 65 歲。

And I think, unfortunately, many realizing that they have more work to do on retirement and understanding that protected income and protected savings is now increasingly more important to them and a priority. We're seeing that. And I think that is why we have seen 2 consecutive record years in the annuities market. It's also why, as I mentioned earlier, we very much see that we're on track for now a third consecutive record year of sales.

不幸的是，我認為許多人意識到他們在退休方面還有更多的工作要做，並且認識到受保護的收入和受保護的儲蓄現在對他們來說越來越重要，並且是優先事項。我們正在看到這一點。我認為這就是年金市場連續兩年創紀錄的原因。正如我之前提到的，這也是為什麼我們非常清楚地看到我們現在正連續第三年創下銷售記錄。

And so I think it's really customer needs and broader solutions that we as an industry are able to offer. And certainly, we're very proud of the work that we have done in terms of expanding our portfolio the strength of our distribution and our brand that continues to resonate very well and positions us to be able to help many of these consumers with this growing need.

因此，我認為我們作為一個行業能夠提供真正的客戶需求和更廣泛的解決方案。當然，我們對我們在擴大我們的產品組合、我們的分銷實力和我們的品牌方面所做的工作感到非常自豪，這些工作繼續引起很好的共鳴，並使我們能夠幫助許多這些消費者應對這一不斷增長的需求。

Got it. Okay. That makes sense. And then I guess, one for Rob, if I could. I think in your, Rob, you keep referencing this $48 billion of insurance margins, I don't know what that means. Like how was that calculated? And if that's such a big number, is there a way that you can start to monetize that rather than just wait for it to flow through the income statement?

知道了。好的。這就說得通了。然後我想，如果可以的話，給羅布一份。我想，羅布，你在你的文章中一直提到這 480 億美元的保險利潤，我不知道這代表什麼。比如這個是怎麼計算出來的？如果這個數字這麼大，有沒有一種方法可以開始將其貨幣化，而不是只等待它流入損益表？

I'll take a first stab at that, Suneet, and then I'll answer and then I'll ask Yanela to jump in if she wants to clarify anything I'm about to say. So with the change in accounting for long duration under LDTI, we now have the ability to actually calculate and share those margins. And that's what we've been doing since the adoption of those updated GAAP standards.

我會先嘗試一下，Suneet，然後我會回答，然後如果 Yanela 想澄清我要說的任何事情，我會請她插話。因此，隨著 LDTI 下長期會計的變化，我們現在有能力實際計算和分享這些利潤。這就是我們自採用更新後的 GAAP 標準以來一直在做的事情。

Think about that as the present value of profits in the individual products that we have over the remaining life of those products on a gross basis. It doesn't include sort of net of expenses. So think of that as sort of just on a product basis before corporate expenses that might be associated with continuing to maintain and administer those blocks.

將其視為我們在這些產品的剩餘壽命內所擁有的單一產品的總利潤現值。它不包括扣除費用後的淨額。因此，可以將其視為在產品基礎上，而不考慮可能與繼續維護和管理這些區塊相關的公司費用。

As we think about that, that will naturally manifest over the life of the product as our experience then those margins become realized net income over the remaining period of time. There are opportunities to accelerate that. Reinsurance generally is a tool which we can use to do that, a large percentage of that -- those margins and reserves that we have exist within our Japan businesses.

當我們思考這一點時，這自然會在產品的生命週期中反映為我們的經驗，然後這些利潤將在剩餘時間內變成已實現的淨利潤。有機會加速這一進程。再保險通常是我們可以用來做到這一點的工具，其中很大一部分是我們日本業務中存在的利潤和準備金。

And within those Japan businesses, as we look to do reinsure some of that business out of Japan and into either the U.S. or Bermuda as we regularly do, that gives us opportunities to accelerate the realization of some of that margin. But Yanela, I don't know if you would like to add anything to that.

在這些日本業務中，當我們像往常一樣，希望將部分業務從日本再保險到美國或百慕達時，這為我們提供了加速部分利潤的機會。但 Yanela，我不知道你是否願意補充任何內容。

No, Rob, that was a great explanation, nothing to add.

不，羅布，這是一個很好的解釋，沒有什麼好補充的。

Got it. If I could just sneak one more in for Yanela. On HoldCo cash, are there any big movements that you're expecting as we move through the year in terms of capital structure, either issuances or repayments? Or are we kind of at a steady state at this point?

知道了。如果我能為亞內拉再偷一次就好了。關於 HoldCo 現金，您預計今年在資本結構（發行或償還）方面會有什麼重大變動嗎？或者我們目前處於穩定狀態嗎？

No. We had the hybrid issuance in the first quarter. That was a prefunding of a 2025 maturity. So we issued $1 billion, and we also did redeem $500 million of previously issued hybrids. So from an issuance perspective, nothing more is expected. Our HLA balance did increase modestly during the quarter. As you saw, we did have net positive cash flows from our businesses after funding very strong growth, as you noted and as we've talked about, and the net proceeds of this hybrid issuance.

不，我們在第一季進行了混合發行。這是 2025 年到期的預融資。因此，我們發行了 10 億美元，也贖回了先前發行的 5 億美元的混合動力車。因此，從發行的角度來看，沒有更多的預期。我們的 HLA 餘額在本季確實略有增加。正如您所看到的，正如您所指出的和我們所討論的，在為非常強勁的增長提供資金之後，我們的業務確實獲得了淨正現金流，以及本次混合發行的淨收益。

These inflows were offset by shareholder distributions and net interest expense. Also important to note is that due to the timing of the closing of the GUL reinsurance transaction, those proceeds are in PICA and they have been factored into our capital plans for the year and that's worth about 8 RBC points.

這些資金流入被股東分配和淨利息支出所抵銷。另外值得注意的是，由於 GUL 再保險交易的結束時間，這些收益都存入 PICA，並且已計入我們今年的資本計劃中，價值約為 8 個 RBC 點。

So again, from an HLA perspective in a HoldCo cash perspective, we had strong inflows. We had the expected outflows, and we are at $4.2 billion, well within our liquidity objective of $3 billion to $5 billion.

因此，從 HLA 角度和控股公司現金角度來看，我們有強勁的資金流入。我們的資金流出符合預期，資金流出量為 42 億美元，完全符合 30 億至 50 億美元的流動性目標。

Next question today is coming from Jimmy Bhullar from JPMorgan.

今天的下一個問題來自摩根大通的吉米·布拉爾 (Jimmy Bhullar)。

First question, just on the Assurance IQ business. Should we just assume that you're shutting down the business? Or is it reasonable to assume that you'll be able to sell it for like a decent consideration?

第一個問題，關於 Assurance IQ 業務。我們是否應該假設您要關閉該業務？或者假設您能夠以合理的價格出售它是否合理？

Jimmy, it's Yanela. I'll take your question. And as we say that we've begun a wind-down process for Assurance and have moved the results to divested businesses. First of all, let me acknowledge that these decisions are always difficult and our utmost focus is caring for the people involved. That said, this winddown will not have a material impact on earnings.

吉米，我是亞內拉。我來回答你的問題。正如我們所說，我們已經開始了保證業務的逐步結束流程，並將結果轉移到剝離的業務。首先，我承認這些決定總是很困難，我們最關注的是關心相關人員。也就是說，這次停工不會對獲利產生重大影響。

Assurance has not been material to our results. We have accrued all wind-down costs this quarter in divested businesses. And we do have assets on the balance sheet, such as commission receivables, which will convert to cash over time. And beyond that, as we go through the wind-down process, we certainly will assess whether there is any incremental value to the assets and to the extent that there is, we will seek to monetize that value.

保證對我們的結果並不重要。我們已經在本季提列了剝離業務的所有逐步削減成本。我們的資產負債表上確實有資產，例如應收佣金，隨著時間的推移，這些資產將轉換為現金。除此之外，當我們經歷結束過程時，我們當然會評估資產是否有任何增量價值，如果有的話，我們將尋求將該價值貨幣化。

And I would have thought that it would be -- the exit would be slightly accretive to earnings given that Assurance IQ wasn't really making much money. And in most of the years when you were reporting it stand-alone, it was actually losing money. But is that not correct?

我原以為，鑑於 Assurance IQ 並沒有真正賺到多少錢，退出會對盈利略有增加。在大多數年份裡，當你單獨報告它時，它實際上是在虧損。但這是不正確的嗎？

Well, that's the point. We had moved it to corporate other because it was not material. Now it's in divested, and it's just not material to the bottom line.

嗯，這就是重點。我們已將其移至公司其他部門，因為它並不重要。現在它被剝離了，而且它對盈利來說並不重要。

And then on the [CRE] portfolio, it seems like on commercial mortgage loans, most of the credit metrics are fairly stable with what they had been recently. But if you just talk about what's going on there and give us some insight into the percentage of loans or the number of loans that are maturing this year and what's happened with loans that have matured -- like are you having to extend more of them? Or are they just paying down? Or just anything to give us more color on how the portfolio has been performing.

然後在[CRE]投資組合上，似乎在商業抵押貸款方面，大多數信貸指標與最近的情況相當穩定。但如果你只是談論那裡發生的事情，並讓我們深入了解今年到期的貸款百分比或數量，以及已到期的貸款發生了什麼，例如你是否必須延長更多貸款？或者他們只是付錢？或只是讓我們對投資組合的表現有更多了解的任何事情。

Okay. Jimmy, let me start at a high level and then end with your specific question on maturity. So actually, there has not been a material change from year-end. We've got a $51 billion portfolio. It's about 14% of our investments.

好的。吉米，讓我從高層次開始，然後以你關於成熟度的具體問題結束。所以實際上，與年底相比並沒有重大變化。我們擁有 510 億美元的投資組合。這大約是我們投資的 14%。

The portfolio remains resilient. It's high quality. It's broadly diversified, looking at both geography and underlying property types. And as we pointed out before, we benefit significantly from PGIM's direct origination of these loans, their deep knowledge of local markets and the proven track record they've had through prior cycles.

投資組合仍保持彈性。它的品質很高。它廣泛多元化，既考慮地理位置又考慮基礎財產類型。正如我們之前指出的，我們從 PGIM 直接發放這些貸款、他們對當地市場的深入了解以及他們在先前週期中擁有的良好業績記錄中受益匪淺。

It's a management team with over 25 years of average industry experience. LTVs and debt service coverage ratios really did not change for the entire -- on a portfolio-wide basis from the end of year to the -- through the first quarter, we're at 58% on a loan-to-value basis and almost 2.5x on a debt service coverage ratio.

這是一支平均產業經驗超過25年的管理團隊。從年底到第一季度，整個投資組合的貸款價值和償債覆蓋率實際上沒有變化，以貸款價值比計算，我們的比率為 58%，償債覆蓋率幾乎是 2.5 倍。

The office, as you might expect, Jimmy, had some negative trends. It's just pointing out that's about $7 billion of our portfolio or about 14% of the mortgage portfolio. LTVs there were up, it gets lost in the rounding and the overall. So our -- while our LTV for the overall portfolio didn't rise within the office sector, we went up from 71% at year-end to 74%, but our coverage ratios remained the same at just over 2.5x. So feel good about where we are in the overall portfolio.

吉米，正如你所料，辦公室裡出現了一些負面趨勢。它只是指出，這大約占我們投資組合的 70 億美元，即抵押貸款投資組合的 14% 左右。那裡的生命週期價值上升了，但它在四捨五入和整體中消失了。因此，雖然我們的整體投資組合的生命週期價值在辦公領域內沒有上升，但我們從年底的 71% 上升到了 74%，但我們的覆蓋率保持在略高於 2.5 倍的水平。因此，我們對我們在整體投資組合中所處的位置感到滿意。

From an outlook standpoint -- and I'm sorry, I'm not sure if you asked the question but reserves in the real estate portfolio, we added modestly to those from the first quarter experience. So they're up, they're at $414 million, up from about $370-plus million as of year-end. So a modest increase there. As we're looking forward, expectation across the -- sort of across industry is that there'll be another 5% to 10% valuation decline across the industry.

從前景的角度來看，很抱歉，我不確定您是否問過這個問題，但我們在第一季的經驗基礎上適度增加了房地產投資組合的儲備。因此，它們的價格上漲了，從年底的 3.7 億多美元增至 4.14 億美元。所以那裡有適度的成長。正如我們展望的那樣，整個行業的預期是整個行業的估值將再下降 5% 到 10%。

Office is a subsector of that will probably be more like around 15% decline. And while our portfolio won't be immune to further declines in value, we do expect it to continue to be resilient, given its construction, the institutional quality of our underlying properties and the conservative loan underwriting that we've got in those LTVs and debt service coverage ratios that I shared with you.

辦公大樓是其中一個次的子行業，其跌幅可能會在 15% 左右。雖然我們的投資組合無法免受價值進一步下跌的影響，但考慮到其結構、我們基礎資產的機構質量以及我們在這些 LTV 和 LTV 中獲得的保守貸款承銷，我們確實預計其將繼續保持彈性。與您分享的償債覆蓋率。

With respect to loan maturities, during 2023, we had about $2 billion worth of maturities. There were 4 modifications under $400 million of that with long-term extensions. The remainder were resolved favorably through refinancings, payoffs or short-term extensions, which were then subsequently paid off.

就貸款到期日而言，2023 年，我們的到期貸款價值約為 20 億美元。其中有 4 項修改金額低於 4 億美元，並具有長期延期。其餘問題透過再融資、償還或短期延期得到了順利解決，隨後得到了償還。

For the remainder of 2024, we've got $2 billion or about 4% of the portfolio that's maturing. And then years after that, think of it as about being plus or minus 10% per year, so around $5.5 billion a year through 2028. We expect that there'll be episodic issues that we'll need to deal with in the way of ongoing loan modifications and extensions.

在 2024 年剩下的時間裡，我們有 20 億美元，約佔投資組合的 4% 即將到期。幾年後，將其視為每年正負 10%，即到 2028 年每年約為 55 億美元。

But overall, we are quite comfortable with the quality and resilience of the portfolio.

但總體而言，我們對投資組合的品質和彈性感到非常滿意。

Your next question is coming from Wilma Burdis from Raymond James.

您的下一個問題來自雷蒙德詹姆斯的威爾瑪布爾迪斯。

Given the high level of retail sales, could you talk about the competition levels in annuity and life products? We would expect pricing to rationalize somewhat this year given regulatory changes in Bermuda. So have you seen any evidence of this? And maybe give us some broader color.

鑑於零售額的高水平，您能談談年金和壽險產品的競爭程度嗎？鑑於百慕達的監管變化，我們預計今年定價將合理化。那你有看到這方面的證據嗎？也許還可以給我們一些更廣泛的色彩。

Yes. So Wilma, it's Caroline. So I'll take your question. if I think about life for a moment and our sales results and our outlook going forward, I'll take that first. We are very pleased, Wilma, with our first quarter results with over $165 million in sales an increase of more than 10% from the prior year quarter. That's driven by our term and variable products, and we continue to write that new business at healthy returns continuing the trend we saw throughout the year in spite of competition.

是的。威瑪，是卡洛琳。所以我會回答你的問題。如果我思考一下生活、我們的銷售業績和未來的前景，我會先考慮這一點。 Wilma，我們對第一季的業績感到非常高興，銷售額超過 1.65 億美元，比去年同期成長了 10% 以上。這是由我們的期限和可變產品推動的，儘管競爭激烈，但我們繼續以健康的回報編寫新業務，延續了我們全年看到的趨勢。

As we look to this year, we continue to see positive momentum for our portfolio. That does include core products like variable universal life and term where we are already a market leader. In addition, Wilma, and I think this is part of how we're staying ahead and continuing our market leadership position with competition as we've rolled out new solutions. Like our FlexGuard Life indexed variable universal life product to further penetrate the accumulation market and be able to reach new customers. And we achieved our highest quarterly sales of FlexGuard life this past quarter. So that we're very confident that with these products, our pricing disability, discipline, excuse me, and our distribution strength we will remain and continue to be a leader in the life market.

展望今年，我們繼續看到我們的投資組合呈現積極勢頭。這確實包括可變萬能壽險和期限等核心產品，我們已經是市場領導者。此外，威爾瑪和我認為，這是我們在推出新解決方案時保持領先地位並在競爭中繼續保持市場領先地位的一部分。就像我們的 FlexGuard Life 指數可變萬能壽險產品一樣，可以進一步滲透累積市場並且能夠接觸新客戶。上個季度我們實現了 FlexGuard life 的最高季度銷售額。因此，我們非常有信心，憑藉這些產品、我們的定價能力、紀律（請原諒）以及我們的分銷實力，我們將繼續成為壽險市場的領導者。

In terms of the annuities market, yes, certainly, there is significant growth across the annuity space and increasing competition. with the record industry sales that we've seen in each of the past 2 years. But as I shared earlier, and I think this is important to reiterate, we've been able to achieve the strong results, thanks to our brand and our industry-leading execution and distribution.

就年金市場而言，是的，當然，年金領域出現了顯著成長，競爭也日益激烈。與過去兩年我們所看到的唱片業銷售額一樣。但正如我之前分享的那樣，我認為重申這一點很重要，這要歸功於我們的品牌以及業界領先的執行和分銷。

We've maintained a distinct focus on our end-to-end customer and adviser experiences using automation and process enhancement to make it easier than ever to buy a Prudential policy. We also have deep and expanding partnerships across multiple distribution channels. And this enables us to scale quickly to meet increased market demand and allows us to expand distribution.

我們一直非常關注我們的端到端客戶和顧問體驗，利用自動化和流程增強，使購買保德信保單變得比以往更容易。我們也在多個分銷管道上建立了深入且不斷擴大的合作夥伴關係。這使我們能夠快速擴展以滿足不斷增長的市場需求，並擴大分銷範圍。

And finally, we combine all of that with our world-class asset management capabilities through PGIM. So we believe we're in a very strong position to continue to build on our growth and meet the market demand even with rising competition in the space.

最後，我們透過 PGIM 將所有這些與我們世界一流的資產管理能力相結合。因此，我們相信，即使該領域的競爭日益激烈，我們仍處於非常有利的地位，可以繼續發展我們的成長並滿足市場需求。

And given the exit in Argentina, could you discuss which regions you're thinking about scaling? And more broadly, could you give us an update on the market for bolt-on opportunities?

鑑於阿根廷的退出，您能否討論一下您正在考慮擴大哪些地區？更廣泛地說，您能為我們介紹一下市場上補強機會的最新情況嗎？

So Wilma, it's Andy. So our emerging market strategy is to focus on a few select high-growth geographies that offer us the opportunity for significant scale. So at this point, what I would tell you is we're in the countries that we want to be in. So there really are no direct implications from the sale of Argentina for the rest of our portfolio. And we remain highly committed to Latin America as part of our emerging market growth strategy.

威瑪，是安迪。因此，我們的新興市場策略是專注於一些精選的高成長地區，這些地區為我們提供了實現大規模擴張的機會。因此，在這一點上，我要告訴你的是，我們已經進入了我們想要進入的國家。作為我們新興市場成長策略的一部分，我們仍然高度致力於拉丁美洲。

I think the second part of your question was around programmatic bolt-on acquisitions. Job 1 is always organic growth for us. So that's where the majority of our focus is. But we will always be in the know and in the flow of potential acquisition opportunities. But as always, we'll be patient and we'll be disciplined.

我認為你問題的第二部分是關於程式化的補強收購。對我們來說，工作 1 始終是有機成長。這就是我們主要關注的地方。但我們將始終了解並不斷發現潛在的收購機會。但一如既往，我們將保持耐心並遵守紀律。

We reached the end of our question-and-answer session. I'd like to turn the floor back over to Mr. Lowrey for any further closing comments.

我們的問答環節結束了。我想將發言權交還給勞裡先生，以徵求進一步的結論。

Okay. Thank you again for joining us today. We are pleased by the progress we've made in growing our market-leading businesses, including leveraging our mutually reinforcing business system and optimizing capital to deliver sustainable long-term growth. We will continue to lead the way in expanding access to investing insurance and retirement security across the globe as we help current and future generations live better lives longer. Thank you again for joining us, and have a good day.

好的。再次感謝您今天加入我們。我們對我們在發展市場領先業務方面取得的進展感到高興，包括利用我們相輔相成的業務系統和優化資本來實現可持續的長期成長。我們將繼續引領全球擴大投資保險和退休保障的範圍，幫助當代和子孫後代過上更好的生活，壽命更長。再次感謝您加入我們，祝您有美好的一天。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路廣播到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。