保德信金融集團 (PRU) 2024 Q3 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，並歡迎參加保誠集團的季度財報電話會議。（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 US Businesses; Yanela Frias, Chief Financial Officer; and Rob Axel, Controller and Principal Accounting Officer. We will start with prepared comments by Charlie, Rob, and Yanela, and then we will take your questions.

早安，感謝您加入我們的通話。保誠集團董事長兼執行長查理洛瑞 (Charlie Lowrey) 代表保誠集團出席今天的電話會議。羅布法爾松，副主席；安迪‧沙利文 (Andy Sullivan)，國際業務主管；以及我們的全球投資經理 PGIM； Caroline Feeney，美國業務主管； Yanela Frias，財務長； Rob Axel，財務長兼首席會計官。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 factors that could cause actual results to differ materially from those in the forward-looking statements, please see the slide titled Forward-Looking Statements and Non-GAAP Measures in the appendix of 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，請參閱附錄中標題為前瞻性陳述和非公認會計原則措施的幻燈片今天的簡報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 all of you for joining us today. Our third-quarter performance reflects continued positive momentum in growing our businesses, increasing capital efficiency, and pivoting our product suite to address the investing, insurance, and retirement needs of our customers and clients around the world.

謝謝你，鮑勃，也謝謝大家今天加入我們。我們第三季的業績反映了我們在業務成長、提高資本效率以及利用我們的產品套件來滿足全球客戶和客戶的投資、保險和退休需求方面持續的積極勢頭。

We reported robust sales across our US and international insurance and retirement businesses as well as strong investment performance and private credit originations in PGIM. We also maintained our disciplined approach to capital deployment, while continuing to invest in our businesses and returning excess capital to shareholders. Our strategic progress and performance are backed by our financial strength.

我們報告了美國和國際保險和退休業務的強勁銷售以及 PGIM 的強勁投資業績和私人信貸起源。我們也保持嚴格的資本配置方法，同時繼續投資於我們的業務並將多餘資本回饋給股東。我們的策略進展和績效以我們的財務實力為後盾。

Turning to slide 3. This morning, I will highlight how we continue to become a higher growth, more capital-efficient company. We are growing our market-leading businesses while increasing our capital flexibility. Let's start by taking a closer look at how our retirement strategies business is benefiting from the global retirement opportunity. On the institutional side, our continued leadership in pension risk transfer was reinforced through a second transaction with IBM, this time to reinsure $6 billion of pension liabilities. With this latest transaction, we have now closed 7 out of the 10 largest pension risk transfer deals in the US.

轉到投影片 3。今天早上，我將重點介紹我們如何繼續成為一家成長更快、資本效率更高的公司。我們正在發展市場領先的業務，同時提高資本彈性。讓我們先仔細看看我們的退休策略業務如何從全球退休機會中受益。在機構方面，透過與 IBM 的第二筆交易，我們在退休金風險轉移方面持續保持領先地位，這次為 60 億美元的退休金負債進行再保險。透過這項最新交易，我們現已完成美國 10 筆最大退休金風險轉移交易中的 7 筆。

On the individual side, five of our annuity products have exceeded $1 billion in sales so far this year, validating our product diversification strategy. Our Japan business is another great example of how we are addressing the growing demand for retirement products. While life insurance has traditionally comprised the bulk of our business in Japan, year-to-date sales of retirement and savings products are up 30% compared to the prior year. Meanwhile, PGIM is well positioned to help plan sponsors deliver benefits to millions of retirement beneficiaries through its diversified investment solutions. As a market leader with nearly $0.5 trillion of assets under management supporting defined benefit and defined contribution plans, PGIM serves more than half of the world's 300 largest pension funds.

個人方面，今年以來我們有五款年金產品銷售額突破10億美元，驗證了我們的產品多元化策略。我們的日本業務是我們如何滿足日益增長的退休產品需求的另一個很好的例子。雖然人壽保險傳統上構成了我們在日本業務的大部分，但年初至今退休和儲蓄產品的銷售額比上年增長了 30%。同時，PGIM 處於有利地位，可以透過其多元化的投資解決方案幫助計劃發起人為數百萬退休受益人提供福利。作為市場領導者，PGIM 管理近 0.5 兆美元的資產，支持固定福利和固定繳款計劃，為全球 300 家最大的退休基金中的一半以上提供服務。

Now let's look at how we are further growing our market-leading businesses by diversifying our products and expanding our global distribution networks. In our retirement strategies business, we're increasing the number of individual annuity solutions and adding new workplace partnerships, like the relationship we recently announced with JPMorgan Asset Management. In our group insurance business, we are expanding our disability and supplemental health products and growing our position in the under 5,000 lives and association market segments.

現在讓我們看看我們如何透過產品多元化和擴大全球分銷網絡來進一步發展我們的市場領先業務。在我們的退休策略業務中，我們正在增加個人年金解決方案的數量，並增加新的工作場所合作夥伴關係，例如我們最近宣布與摩根大通資產管理公司的合作關係。在我們的團體保險業務中，我們正在擴大我們的殘疾和補充健康產品，並提高我們在 5,000 人以下的生命和協會細分市場中的地位。

Turning to our individual life business. We continue to launch innovative, more capital-efficient products, and we have positive momentum across our distribution channels. In our international businesses, we're benefiting from recent product launches and our strong multichannel distribution in both Japan and Brazil. And lastly, PGIM continues to benefit from our deeply connected and reinforcing business mix, resulting in strong affiliated flows on a year-to-date basis. In addition, private alternatives capital deployment has increased 24% year to date, underscoring the demand in the market and PGIM's private credit capabilities.

轉向我們的個人生活業務。我們不斷推出創新、資本效率更高的產品，並且我們的分銷管道呈現出積極的勢頭。在我們的國際業務中，我們受益於最近的產品發布以及我們在日本和巴西強大的多通路分銷。最後，PGIM 繼續受益於我們緊密聯繫和強化的業務組合，導致年初至今強勁的附屬流量。此外，今年迄今為止，私人另類資本部署增加了 24%，凸顯了市場需求和 PGIM 的私人信貸能力。

PGIM is also well positioned to continue to capture the growing retail demand for fixed income products. In addition, our investments in technology across our insurance, retirement, and asset management businesses is helping us to deliver exceptional sales, service, and claims experiences supporting our growth strategy. At the same time, we're improving the quality of earnings from the continued shift of our business mix. This quarter, we announced a transaction with Wilton Re to reinsure an $11 billion guaranteed universal life block. Following this transaction, we will have reduced our guaranteed universal life reserves by 60%, advancing our strategic progress to become a higher growth, more capital-efficient company.

PGIM 仍處於有利地位，可以繼續抓住固定收益產品不斷增長的零售需求。此外，我們對保險、退休和資產管理業務的技術投資正在幫助我們提供卓越的銷售、服務和索賠體驗，支持我們的成長策略。同時，我們正在透過業務結構的持續轉變來提高獲利品質。本季度，我們宣布與 Wilton Re 達成一項交易，為價值 110 億美元的保證萬能人壽保險進行再保險。此次交易後，我們將把萬能壽險保證準備金減少 60%，從而推動我們成為一家成長更快、資本效率更高的公司的策略進程。

Turning to slide 4. Our continued investments in our businesses are supported by our disciplined approach to capital deployment, which included returning more than $700 million to shareholders during the third quarter.

轉到投影片 4。我們對業務的持續投資得到了我們嚴格的資本部署方法的支持，其中包括在第三季向股東返還超過 7 億美元。

Turning to slide 5. Our growth strategy is further supported by our financial strength and our risk and capital management framework. We maintain a AA rating, which reflects a healthy capital position, including more than $4 billion in highly liquid assets at the end of the third quarter. We also maintain a well-diversified, high-quality portfolio and disciplined approach to asset liability management.

轉到投影片 5。我們的成長策略得到我們的財務實力以及風險和資本管理框架的進一步支持。我們維持 AA 評級，這反映了健康的資本狀況，包括第三季末超過 40 億美元的高流動性資產。我們也保持多元化、高品質的投資組合和嚴格的資產負債管理方法。

In closing, we're operating from a position of strength with confidence in our strategy, our capabilities, and our path to deliver long-term sustainable value for all our stakeholders.

最後，我們的營運實力雄厚，對我們的策略、能力和為所有利害關係人提供長期可持續價值的道路充滿信心。

And with that, I'll turn it over to Rob.

有了這個，我會把它交給羅布。

Thanks, Charlie. I'll provide an overview of our financial results and business performance for our PGIM, US, and international businesses.

謝謝，查理。我將概述我們的 PGIM、美國和國際業務的財務表現和業務績效。

I'll begin on slide 6 with our financial results. Our pretax adjusted operating income was $1.6 billion or $3.48 per share on an after-tax basis for the third quarter of 2024 and $9.98 on a year-to-date basis, which is up 6%. These results reflect the execution of our strategy to grow our market-leading businesses and were driven by higher spread and fee income due to continued strong sales and the benefit of higher interest rates and equity markets net of increased expenses to support the growth of our businesses.

我將從第 6 張投影片開始介紹我們的財務表現。2024 年第三季度，我們的稅前調整後營業收入為 16 億美元，即稅後每股 3.48 美元，年初至今為 9.98 美元，成長 6%。這些結果反映了我們發展市場領先業務的策略的執行，並受到持續強勁的銷售以及更高的利率和股票市場的好處所帶來的利差和費用收入的增加所推動，扣除了支持我們業務增長的費用增加。

Year-to-date adjusted operating return on equity of 13.7% has improved 0.5 percentage point from the prior year. This reflects the strength of our businesses, the benefits from the deliberate actions we have taken to pivot to more capital-efficient and higher-growth products.

年初至今，調整後的營運股本回報率為 13.7%，比前一年提高了 0.5 個百分點。這反映了我們的業務實力，以及我們為轉向資本效率更高、成長更快的產品所採取的刻意行動所帶來的好處。

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 favorable investment performance, contributions from the Deerpath Capital acquisition, and market appreciation. This was partially offset by higher expenses to support business growth. Earnings growth in our US businesses reflected more favorable underwriting results from better-than-expected mortality experience in individual life and higher spread income driven by business growth and the benefit of higher interest rates.

轉向我們業務與去年同期相比的經營業績。由於良好的投資績效、Deerpath Capital 收購的貢獻以及市場升值，我們的全球投資管理公司 PGIM 的資產管理費用較高。這被支持業務成長的支出增加部分抵消。我們美國業務的獲利成長反映了個人生命中好於預期的死亡率體驗帶來的更有利的承保業績，以及業務成長和利率上升帶來的利差收入增加。

This was partially offset by lower legacy traditional variable annuity fee income as we intentionally pivot to less market-sensitive products as well as higher expenses to support business growth. Results of our international businesses included less favorable underwriting results, primarily reflecting elevated US dollar product surrenders with the weakness in the yen and higher expenses to support business growth, partially offset by higher joint venture earnings driven by encaje performance in Chile and higher spread income due to higher yields from reinvestment of the portfolio.

由於我們有意轉向市場敏感度較低的產品以及支持業務成長的更高費用，因此部分傳統可變年金費用收入減少抵消了這一影響。我們的國際業務業績包括不太理想的承保業績，主要反映了日元疲軟導緻美元產品退保增加以及支持業務增長的費用增加，但部分被智利encaje 業績推動的合資企業盈利增加以及因智利encaje 業績驅動的更高利差收入所抵銷。

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 86% of assets under management exceeding their benchmarks over the past year. This has contributed favorably to strong long-term performance with 79% and 85% of assets under management outperforming their benchmarks over the last 5- and 10-year periods, respectively. PGIM's assets under management increased by 15% and to $1.4 trillion from the year-ago quarter, driven by market appreciation, investment performance, and net flows.

轉到投影片 7。PGIM 是我們的全球投資經理，在固定收益、股票和另類資產領域的公共和私人資產類別中擁有多元化的能力。PGIM 強勁的投資績效持續改善，去年管理的資產中有 86% 超過了基準。這對強勁的長期業績做出了積極貢獻，在過去 5 年和 10 年期間，所管理的資產分別有 79% 和 85% 的表現優於基準。受市場升值、投資績效和淨流量的推動，PGIM 管理的資產較去年同期成長 15%，達到 1.4 兆美元。

Total net flows in the quarter of $3.2 billion included affiliated net flows of $6.4 billion, driven by strong retirement strategy sales, partially offset by $3.2 billion of third-party net outflows. On a year-to-date basis, total net flows were $29 billion, including $15 billion in affiliated flows and $14 billion from third-party clients. These inflows reflect the net benefit from large episodic institutional pension plan activity.

本季的總淨流量為 32 億美元，其中包括 64 億美元的附屬淨流量，這是由強勁的退休策略銷售推動的，部分被 32 億美元的第三方淨流出所抵消。年初至今，淨流量總額為 290 億美元，其中包括 150 億美元的附屬流量和第三方客戶的 140 億美元。這些流入反映了大型間歇性機構退休金計畫活動的淨收益。

As the investment engine of Prudential, PGIM has capability to support the success and growth of our US and international businesses in retirement, asset management, and insurance. PGIM's asset origination capabilities, investment management expertise, and access to institutional and other sources of private capital, including through our sponsored reinsurer, Prismic, are a competitive advantage, helping our businesses bring enhanced solutions and create more value for our customers. 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.

作為保誠集團的投資引擎，PGIM 有能力支持我們的美國和國際退休金、資產管理和保險業務的成功和成長。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（包括透過我們贊助的再保險公司Prismic）的管道是一項競爭優勢，有助於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。我們的保險和退休業務反過來又透過附屬淨流量以及獨特的保險負債管道為 PGIM 提供成長來源。

In addition, our diversified PGIM private alternatives platform, which has assets under management of over $250 billion experienced strong private credit origination activity driven by our direct lending businesses, including the benefit from our recent acquisition of Deerpath Capital.

此外，我們的多元化 PGIM 私人另類平台管理著超過 2500 億美元的資產，在我們的直接貸款業務的推動下，經歷了強勁的私人信貸發放活動，包括我們最近收購 Deerpath Capital 帶來的好處。

Turning to slide 8. Our US businesses produced diversified earnings from fees, net investment spread, and underwriting income and benefit from our complementary mix of longevity and mortality businesses and diversified sources of earnings. We continue to focus on growing our market-leading businesses by expanding our addressable market with new financial solutions delivered through a broader distribution footprint, leveraging capabilities across Prudential, and enhancing those capabilities to improve the experience of our customers and distribution partners while driving operating efficiencies.

轉到投影片 8。我們的美國業務透過費用、淨投資利差和承保收入產生了多元化的收入，並受益於我們的長壽和死亡業務的互補組合以及多元化的收入來源。我們繼續專注於發展我們的市場領先業務，透過透過更廣泛的分銷網絡提供新的金融解決方案來擴大我們的目標市場，利用保誠集團的能力，並增強這些能力以改善我們的客戶和分銷合作夥伴的體驗，同時提高營運效率。

Retirement strategies generated strong sales of nearly $15 billion in the third quarter across its institutional and individual lines of business. Institutional retirement sales totaled $11 billion in the quarter. US funded pension risk transfer transactions of $6.3 billion included the second PRT transaction with IBM. Additionally, longevity risk transfer sales totaled $2.8 billion for the quarter. Year-to-date, Institutional retirement sales were over $26 billion as we have captured about 40% of the PRT market.

退休策略在第三季為機構和個人業務帶來了近 150 億美元的強勁銷售額。本季機構退休金銷售額總計 110 億美元。美國資助的 63 億美元退休金風險轉移交易包括與 IBM 的第二筆 PRT 交易。此外，本季長壽風險轉移銷售額總計 28 億美元。今年迄今為止，機構退休金銷售額超過 260 億美元，我們佔了 PRT 市場約 40% 的份額。

Individual retirement posted $3.6 billion in sales, its best quarter of sales in over a decade. Our product pivots and innovation have resulted in continued strong sales of our registered index-linked annuities, and fixed annuity products have more than doubled from the prior year. Additionally, we continue to reduce market sensitivity by running off our legacy variable annuities.

個人退休金銷售額達 36 億美元，是十多年來最好的季度銷售額。我們的產品樞軸和創新導致我們註冊的指數掛鉤年金的銷售持續強勁，固定年金產品比上一年增長了一倍多。此外，我們繼續透過淘汰傳統的可變年金來降低市場敏感性。

Group insurance sales primarily occur in the first quarter of the year based on annual enrollments. On a year-to-date basis, sales increased 3% compared to the prior year, driven by growth in 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. These actions to improve profitability and performance resulted in a benefits ratio of 83.4%, which is the low end of our target range.

團體保險銷售主要發生在每年第一季，以年度投保人數計算。今年迄今，在補充保健品成長的推動下，銷售額比前一年成長了 3%。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。這些提高獲利能力和績效的行動使效益比率達到 83.4%，這是我們目標範圍的下限。

In individual life, sales increased 13% from the year-ago quarter and 9% year to date. These increases include the benefit from the strength and breadth of our distribution capabilities and expansion of our product offerings, including our pivot towards more capital-efficient products like FlexGuard Life, which reached its highest sales quarter since its launch in 2022.

在個人生活方面，銷售額較去年同期成長 13%，今年迄今成長 9%。這些成長包括受益於我們分銷能力的實力和廣度以及產品供應的擴展，包括我們轉向更具資本效率的產品，例如 FlexGuard Life，該產品達到了自 2022 年推出以來的最高銷售季度。

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. In Japan, we are focused on providing high-quality service and expanding our distribution and product offerings. Our needs-based selling approach and protection and retirement product focus continue to provide important value to our customers as we expand our product offerings to meet their evolving needs.

轉到投影片 9。我們的國際業務包括我們的日本人人壽保險公司，我們在日本人壽險公司擁有差異化的多通路分銷模式，以及旨在擴大我們在目標高成長新興市場的業務的其他業務。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銷售方法以及對保障和退休產品的關注繼續為我們的客戶提供重要的價值。

In emerging markets, we are 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. Sales in our international businesses were up 25% compared to the year-ago quarter. Higher sales in Japan are benefiting from recent product launches as we expand our retirement and savings offerings, which are gaining traction with customers and represented 75% of the current quarter sales.

在新興市場，我們專注於在客戶需求不斷增長、擁有建立市場領先業務的絕佳機會以及保誠企業可以增加價值的地區創建精選的業務組合。我們國際業務的銷售額與去年同期相比成長了 25%。隨著我們擴大退休和儲蓄產品範圍，日本銷售額的成長得益於最近推出的產品，這些產品越來越受到客戶的青睞，佔本季銷售額的 75%。

In addition, emerging market sales were also 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. 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 and client experiences, and creating the next generation of financial solutions to serve the diverse needs of a broad range of customers.

此外，在巴西成長的推動下，新興市場的銷售額也有所成長，因為我們繼續擴大第三方分銷，並受益於我們世界一流的生活規劃師的強勁表現。展望未來，我們的業務處於有利位置，成為擴大投資、保險和退休保障管道的全球領導者。我們繼續專注於投資成長型企業和市場，提供業界領先的客戶和客戶體驗，並創建下一代金融解決方案來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 fourth quarter of 2024 relative to our third-quarter results.

謝謝你，羅布。我將從投影片 10 開始，該投影片提供了 2024 年第四季相對於我們第三季業績的收益洞察。

Pretax adjusted operating income for the third quarter was $1.6 billion and resulted in earnings per share of $3.48 on an after-tax basis. To get a sense of how our fourth-quarter results might develop, we suggest adjustments for the following items: First, variable investment income was below expectations by $50 million in the third quarter, driven by lower private equity returns. Beginning next quarter, we plan to preannounce our estimated variable investment income results.

第三季稅前調整後營業收入為 16 億美元，稅後每股盈餘為 3.48 美元。為了了解我們第四季的業績可能如何發展，我們建議對以下項目進行調整：首先，由於私募股權回報率下降，第三季的可變投資收入比預期低 5000 萬美元。從下個季度開始，我們計劃預先公佈我們預計的可變投資收益結果。

Next, underwriting experience was above expectations by $15 million in the third quarter. And last, we included an adjustment of $100 million for expenses and other items. Higher expenses in the third quarter reflect the timing of investments in enterprise initiatives to support growth. We expect higher initiative investments to continue in the fourth quarter and maintain the full-year 2024 expected loss in corporate and other of $1.8 billion. We also expect seasonally lower annual premiums of $50 million in international in the fourth quarter.

其次，第三季的承保經驗超出預期 1500 萬美元。最後，我們對費用和其他項目進行了 1 億美元的調整。第三季支出的增加反映了為支持成長而對企業舉措進行投資的時機。我們預計第四季將繼續增加主動投資，並維持 2024 年全年公司和其他方面 18 億美元的預期虧損。我們也預計第四季國際業務的年度保費將季節性下降 5,000 萬美元。

These adjustments combined get us to a baseline of $3.34 per share for the fourth quarter. I will note that if you exclude items specific to the fourth quarter, earnings per share would be $3.67.

這些調整綜合起來使我們第四季的基準值為每股 3.34 美元。我要指出的是，如果排除第四季度特定的項目，每股收益將為 3.67 美元。

The key takeaways that our underlying earnings power increased and reflects the improved quality of earnings from intentionally shifting our business mix and continued investment in the growth of our market-leading businesses. While we have provided these items to consider, please note that there may be other factors that affect earnings per share in the future.

關鍵的結論是，我們的基本獲利能力有所提高，反映出我們有意改變業務結構和對市場領先業務成長的持續投資，從而提高了獲利品質。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未來的每股盈餘。

A few items that I would highlight. We continue to benefit from new money rates that were higher than our portfolio yield in the third quarter, and we do not expect a significant impact from the potential decline in short-term rates. We have cash at the holding company, floating rate assets across our businesses, and collateral and individual retirement strategies that earn short-term yields, which is generally offset by interest rate derivatives that manage duration across our businesses, where we pay short-term rates and receive fixed.

我要強調的一些項目。我們繼續受益於第三季高於我們投資組合收益率的新貨幣利率，並且我們預期短期利率的潛在下降不會產生重大影響。我們在控股公司擁有現金，在我們的業務中擁有浮動利率資產，以及賺取短期收益的抵押品和個人退休策略，這些收益通常被管理我們業務久期的利率衍生品所抵消，我們在這些業務中支付短期利率並接收固定。

The earnings benefit from the recent pension risk transfer transactions grows over time as we reposition the investment portfolio and is viewed by in-force runoff. In addition, our legacy variable annuities in-force is running off at $3 billion to $4 billion per quarter. And we have been experiencing an elevated level of surrenders in our businesses in Japan associated with US dollar products as the yen has weakened relative to the US dollar.

隨著我們重新定位投資組合，近期退休金風險轉移交易帶來的收益收益會隨著時間的推移而增長，並透過有效徑流來看待。此外，我們遺留的有效可變年金每季正在流失 30 億至 40 億美元。由於日圓相對於美元走弱，我們在日本的與美元產品相關的業務的退保率一直在上升。

The exchange rate hit a 38-year low in the second quarter. And while we have experienced a reduction in surrender levels as the yen strengthened during the third quarter, we expect some continued near-term pressure on earnings before surrenders normalize.

第二季匯率觸及38年新低。儘管隨著第三季日圓走強，我們的退保水準有所下降，但我們預計在退保正常化之前，短期內獲利將繼續面臨壓力。

Also of note, in order to provide greater insight into our financial outlook and to better align with the longer-term nature of our business, we plan to introduce new intermediate-term financial targets. These targets will replace our quarterly baseline disclosure concurrent with the release of our fourth quarter earnings results.

另外值得注意的是，為了更深入地了解我們的財務前景並更好地符合我們業務的長期性質，我們計劃引入新的中期財務目標。這些目標將取代我們與第四季獲利結果同時發布的季度基準揭露。

Turning to slide 11. Our regulatory capital ratios are strong and above levels that we believe represent AA financial strength as we continue to maintain margins to support strong organic growth prospects, and are prepared for the potential impacts of market-driven volatility. Our cash and liquid assets were $4.3 billion, which is above our minimum liquidity target of $3 billion, and we have substantial off-balance sheet resources. We remain thoughtful in our capital deployment, preserving financial strength and flexibility, investing in our businesses for long-term growth and returning capital to shareholders.

轉到投影片 11。我們的監管資本比率很高，並且高於我們認為代表 AA 財務實力的水平，因為我們繼續保持利潤率以支持強勁的有機成長前景，並為市場驅動的波動的潛在影響做好準備。我們的現金和流動資產為 43 億美元，高於 30 億美元的最低流動性目標，我們擁有大量表外資源。我們在資本配置方面保持深思熟慮，保持財務實力和靈活性，投資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 company. We are maintaining a disciplined approach to capital deployment and our growth is supported by the strength of our balance sheet.

轉向投影片 12，總而言之，我們正在成為一家成長速度更快、資本效率更高的公司。我們在資本配置方面保持嚴格的方法，我們的成長得到了資產負債表實力的支持。

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)

（操作員說明）

Ryan Krueger, KBW.

瑞安·克魯格，KBW。

I guess, one question and kind of a related follow-up would be, one, can you give an update on Prismic and potential activity there? And then the second one was just how you plan to use capital that you free up from both external and internal reinsurance transactions going forward? Because I think you freed up some capital from various transactions, but what are your key priorities for returning that over time?

我想，一個問題和一種相關的後續行動是，一，你能提供有關 Prismic 和那裡潛在活動的最新資訊嗎？第二個問題是您計劃如何使用未來從外部和內部再保險交易中釋放的資金？因為我認為你從各種交易中釋放了一些資金，但隨著時間的推移，你要歸還這些資金的關鍵優先事項是什麼？

Ryan, it's Rob. I'll take the first part of your question, and I think Charlie will probably jump in and handle the second part of that.

瑞安，我是羅布。我將回答你問題的第一部分，我認為查理可能會介入並處理第二部分。

So I guess what I'd start with, Ryan, I would reiterate what we said last quarter, which is we'd be disappointed if we've not entered into an additional transaction that we could announce before year-end. We're continuing our work on a very active pipeline. It's got multiple reinsurance transactions across a spectrum of pipe. So it's ongoing, looking at our own balance sheet optimization.

所以我想我首先要說的是，瑞安，我會重申我們上季度所說的話，如果我們沒有在年底前宣布一項額外的交易，我們會感到失望。我們正在繼續我們在非常活躍的管道上的工作。它在一系列管道中進行了多項再保險交易。因此，我們正在不斷優化我們自己的資產負債表。

It's looking at opportunities for flow or new sales financing as well as third-party blocks. And there, we have a particular focus on Japan. And as you may have seen, we actually made -- Prismic actually made an announcement that we've stood up a dedicated licensed team in Tokyo in order to be able to advance that opportunity.

它正在尋找流量或新的銷售融資以及第三方區塊的機會。在那裡，我們特別關注日本。正如您可能已經看到的，我們實際上 - Prismic 實際上宣布我們已經在東京建立了一個專門的許可團隊，以便能夠推進這一機會。

While they're all in play, I think we would say that the likely next transaction is going to be back book amongst a variety of things that we're working on and potentially in Japan. The interest in that is particularly that it would help establish the plumbing and the precedent for doing third-party transactions from that market, which is, we think, is an interesting market in which we have a competitive advantage.

雖然它們都在發揮作用，但我認為我們會說，下一筆交易可能會在我們正在處理的以及可能在日本發生的各種事情中被重新記錄。對此的興趣尤其在於，它將有助於建立在該市場進行第三方交易的管道和先例，我們認為，這是一個有趣的市場，我們在其中擁有競爭優勢。

Stepping back, Ryan, I would say we have a visible pipeline. We have capital available to us. We've got the right underwriting expertise and the staffing at Prismic. And all of that combines to give us confidence in our ability to scale Prismic in a way that's consistent with our aspirations and the aspirations of our investors.

瑞安，退後一步，我想說我們有一條可見的管道。我們有可用的資本。我們在 Prismic 擁有合適的核保專業知識和人員配置。所有這些結合在一起，讓我們對以符合我們的願望和投資者的願望的方式擴展 Prismic 的能力充滿信心。

And Ryan, this is Charlie. Let me add on to what Rob said in terms of capital deployment. We've always said that we want to be good stewards of capital and that we have a consistent discipline and balanced approach to the redeployment of that capital within our businesses and to our shareholders. And there are really three aspects to our approach on which we focus. The first is just maintaining our rock-solid balance sheet and financial strength, which is fundamental to us in terms of fulfilling our promises, which we've done for almost 150 years.

瑞安，這是查理。讓我補充一下 Rob 在資本配置上所說的話。我們一直說，我們希望成為良好的資本管理者，並且我們在企業內部和股東之間重新部署資本時採用一致的紀律和平衡的方法。我們的方法實際上專注於三個方面。首先是保持堅如磐石的資產負債表和財務實力，這對我們履行近 150 年來的承諾至關重要。

The second is investing, both organically and through programmatic acquisitions to support the sustainable long-term growth of our businesses. And finally, returning excess capital to shareholders as we've done in the past, and in this quarter, we deployed capital to support strong sales across our businesses, including several new products to meet the evolving needs of our customers, and we returned over $700 million to shareholders. So we have a consistent process, and we're going to follow that through.

第二是透過有機投資和程序性收購進行投資，以支持我們業務的可持續長期成長。最後，像我們過去所做的那樣，將多餘的資本返還給股東，在本季度，我們部署了資本來支持我們整個業務的強勁銷售，包括幾種新產品，以滿足客戶不斷變化的需求，我們回報超過向股東支付 7 億美元。因此，我們有一個一致的流程，並且我們將遵循該流程。

Suneet Kamath, Jefferies.

蘇尼特·卡馬斯，杰弗里斯。

I wanted to start with Japan. Can you talk about how the margins or the returns on this -- these retirement products that you're selling compared to the protection products, debt protection products that you used to sell? I mean, my recollection is those debt protection products at very attractive margins. And I just want to get a sense of the new business that you're writing and how that compares?

我想從日本開始。您能否談談您正在銷售的這些退休產品與您過去銷售的保護產品、債務保護產品相比，其利潤或回報如何？我的意思是，我的記憶是那些利潤非常有吸引力的債務保護產品。我只是想了解一下您正在撰寫的新業務以及與之相比如何？

Yeah, Suneet. It's Andy. I'll take the question. So we're pleased with the profitability of the sales that we're seeing in Japan, and we do not expect an impact on the margins given the mix shift between the product types. We're actually quite excited.

是的，蘇妮特。是安迪。我來回答這個問題。因此，我們對在日本看到的銷售獲利能力感到滿意，考慮到產品類型之間的組合轉變，我們預計不會對利潤率產生影響。我們實際上很興奮。

We see a long-term opportunity to help the citizens in Japan prepare for and enjoy their retirement. Given the longevity aspects of Japan and the low bank savings yields, we believe that we're going to see a continued strengthening of demand for a broader set of retirement products. While we already have a broad product portfolio there, we've been methodically diversifying and expanding our capabilities to really lean into this opportunity. And you saw that success of that strategy in third quarter with our retirement investment product sales increasing about 30% year to date versus the prior year, and those sales accounted for the majority of Japan sales in the quarter.

我們看到了幫助日本公民為退休生活做好準備並享受退休生活的長期機會。考慮到日本的長壽問題和銀行儲蓄收益率較低，我們相信，對更廣泛的退休產品的需求將持續增強。雖然我們已經在那裡擁有廣泛的產品組合，但我們一直在有條不紊地多樣化和擴展我們的能力，以真正抓住這一機會。您在第三季度看到了該策略的成功，我們的退休投資產品銷售額今年迄今比上一年增長了約 30%，這些銷售額佔該季度日本銷售額的大部分。

So we don't expect an impact on the margin given that mix shift, and we're very excited as we see this as early days in what should be a very long-term opportunity tailwind.

因此，考慮到這種混合轉變，我們預計不會對利潤率產生影響，而且我們非常興奮，因為我們認為這應該是一個非常長期的機遇順風車的早期階段。

Okay. That makes sense. And then I guess for Caroline. It looks like your prediction that 2024 would be another record year for annuity sales is playing out. Just curious if you can give some color around like where the growth is kind of coming from?

好的。這是有道理的。然後我猜是卡洛琳。您關於 2024 年年金銷售將再創紀錄的一年的預測似乎正在應驗。只是好奇你是否可以給周圍一些顏色，例如生長是從哪裡來的？

Is it coming out of 401(k) plan rollovers or product exchanges? And how sustainable do you think this level of sales is as we think about moving into 2025?

它是來自 401(k) 計畫展期還是產品交換？當我們考慮進入 2025 年時，您認為這種銷售水準的可持續性如何？

Yes, sure. Thanks for your question, Suneet. So first of all, let me say we are extremely pleased with our individual retirement results. And as you saw in the third quarter, we drove over $3.5 billion of sales making our best quarter in over a decade. And this strong performance is the direct result of our efforts over the past few years to diversify our annuity portfolio, allowing us to meet more of the consumer need for protected savings and income. In fact, we now have the broadest individual product portfolio we've ever had.

是的，當然。謝謝你的提問，蘇尼特。首先，我要說的是，我們對個人退休結果非常滿意。正如您在第三季看到的那樣，我們的銷售額超過 35 億美元，是十多年來最好的季度。這種強勁的業績是我們過去幾年努力實現年金投資組合多元化的直接結果，使我們能夠滿足更多消費者對受保護儲蓄和收入的需求。事實上，我們現在擁有有史以來最廣泛的個人化產品組合。

And to put that in perspective, Suneet, as Charlie mentioned in his opening comments, just two years ago, we had only one product that generated over $1 billion in sales. Now we already have five products that have exceeded that mark this year. So in terms of your question on sustainability, the outlook for our individual annuity franchise remains strong. Beyond our diversified portfolio, what we see is a clear tailwind coming from aging demographics. That's over 11,000 Americans turning 65 every day and 30 million Americans turning 65 between now and 2030. So a lot of that gross to net is coming from that tailwind.

從正確的角度來看，Suneet，正如 Charlie 在開場白中提到的那樣，就在兩年前，我們只有一款產品銷售額超過 10 億美元。今年我們已經有五款產品超過了這個標準。因此，就您關於永續性的問題而言，我們個人年金特許經營的前景仍然強勁。除了我們多元化的投資組合之外，我們還看到人口老化帶來的明顯推動力。從現在到 2030 年，每天有超過 11,000 名美國人年滿 65 歲，其中 3,000 萬美國人年滿 65 歲。因此，淨收入的很大一部分來自於這一順風順水。

We're also seeing increased demand in the marketplace, for protected savings and income solutions. So combining those factors, the industry is on pace for a third sequential record-setting sales years, as you say, with year-to-date sales outpacing last year by more than 25%. And will meet that demand head on with our diverse portfolio of solutions and the strength of our brand and our distribution.

我們也看到市場對受保護的儲蓄和收入解決方案的需求不斷增加。因此，綜合這些因素，正如您所說，該行業預計將連續第三年創下銷售記錄，今年迄今的銷售額將比去年增長 25% 以上。並將透過我們多樣化的解決方案組合以及我們的品牌和分銷的實力來滿足這一需求。

Tom Gallagher, Evercore ISI.

湯姆·加拉格爾，Evercore ISI。

First question back on Japan. Can you talk about your sales mix between yen products, foreign currency products? I know foreign currency has been a big part of what's going on, but just given the move higher in rates in Japan -- are you starting to see a pivot back into yen oriented products? And how do you see that going forward?

第一個問題回到日本。您能談談日圓產品、外幣產品的銷售組合嗎？我知道外幣一直是正在發生的事情的一個重要組成部分，但考慮到日本利率的走高——您是否開始看到轉向以日元為導向的產品？您如何看待未來的發展？

Yes, Tom, it's Andy. I'll take the question. So in the third quarter, we saw about 30% of our sales in Japan were yen-based sales. The fact is our level of yen-based sales has nearly doubled over the last 3 years, and this has been based on what have been a series of very intentional actions on our part. We believe in having a broadly diversified product portfolio in every geography that we operate.

是的，湯姆，是安迪。我來回答這個問題。因此，在第三季度，我們在日本的銷售額中約有 30% 是基於日圓的銷售額。事實上，我們以日圓為基礎的銷售額在過去三年中幾乎翻了一番，這是基於我們採取的一系列非常有意識的行動。我們相信在我們經營的每個地區都應該擁有廣泛多元化的產品組合。

So for Japan, that means having good diversification across life insurance, retirement and savings products and having a nice balance between US dollar and yen offerings. So we've been intentionally strengthening the choices of our -- that our customers have for yen-based products over the last year or so. And these new product introductions have been a material contributor to the 29% year-over-year sales increase. So we believe in a broad portfolio, we've been expanding the yen-based offerings, and we're seeing the success of that strategy.

因此，對於日本來說，這意味著在人壽保險、退休和儲蓄產品方面實現良好的多元化，並在美元和日圓產品之間保持良好的平衡。因此，在過去一年左右的時間裡，我們一直在有意加強客戶對日圓產品的選擇。這些新產品的推出為銷售額年增 29% 做出了重大貢獻。因此，我們相信廣泛的投資組合，我們一直在擴大基於日元的產品，並且我們看到了該策略的成功。

Got you. And then my follow-up is, I guess, a broader industry question, but I think Swiss Re Research Institute put out a report recently on how they expect excess mortality to persist for another 5 to 10 years. And hard to know exactly what the degrees they're referring to is, but -- is that -- and particularly, it mentioned the US and Japan, which are obviously two big exposures for Peru. Curious, do you share that view, broadly speaking, if that does come to pass, do you feel like you have enough prudence in our reserves to handle it? And any additional thoughts you would have on that topic?

明白你了。我想我的後續行動是一個更廣泛的行業問題，但我認為瑞士再保險研究所最近發布了一份報告，內容是他們預計過高的死亡率將持續另外 5 到 10 年。很難確切地知道他們所指的學位是什麼，但是——是這樣的——特別是，它提到了美國和日本，這顯然是秘魯面臨的兩大風險敞口。好奇，您是否同意這種觀點，從廣義上講，如果這種情況確實發生，您是否覺得我們的儲備有足夠的謹慎來處理它？您對這個主題還有什麼其他想法嗎？

Tom, it's Yanela. And let me take that question. So yes, the observations and the expectations from the report are consistent with our internal view and with the approach that we have taken our mortality assumptions. So our assumptions reflect some continued excess mortality through 2028 before returning to the pre-pandemic trend line. And obviously, we regularly monitor mortality trends in advances and adjust accordingly every year during our annual assumption process in the second quarter.

湯姆，我是亞內拉。讓我回答這個問題。所以，是的，報告中的觀察結果和預期與我們的內部觀點以及我們對死亡率假設的方法是一致的。因此，我們的假設反映了到 2028 年死亡率會持續過高，然後才會回到大流行前的趨勢線。顯然，我們定期監測預付款的死亡率趨勢，並在第二季的年度假設過程中每年進行相應調整。

I would remind you that we have a diversified mix of businesses providing natural mortality hedges, right? So life insurance and PRT and also throughout -- globally within the US and other significant insurance markets such as Japan and the UK. And so a few data points on what we are seeing. In individual life, we have experienced mortality that is broadly in line with expectations since updating our mortality-based table assumptions in 2022, and this quarter, we saw favorable experience.

我想提醒您，我們擁有提供自然死亡對沖的多元化業務組合，對嗎？因此，人壽保險和 PRT 以及全球範圍內的美國以及日本和英國等其他重要保險市場都是如此。關於我們所看到的一些數據點。在個人生活中，自 2022 年更新基於死亡率的表假設以來，我們的死亡率與預期基本一致，而本季度我們看到了良好的經驗。

Now the individual life insured population is less impacted by COVID than the general population. Our PRT mortality experience has trended heavier in 2023 that is consistent with continued excess mortality. And what I would say is that our PRT population tends to be more closely correlated to the general population.

現在，個人壽險族群受新冠疫情的影響比一般人小。我們的 PRT 死亡率在 2023 年呈上升趨勢，這與死亡率持續過高是一致的。我想說的是，我們的 PRT 族群往往與一般人群的相關性更為密切。

Nick Koh, Wells Fargo.

尼克·科（Nick Koh），富國銀行。

I just wanted to hit on PGIM first. Maybe could you talk about what went on in institutional in the quarter. What drove the outflows and maybe how you're expecting them to come into '25. I mean, I know it's episodic, but any color there would be helpful?

我只是想先談談 PGIM。也許您可以談談本季機構方面發生的事情。是什麼推動了資金外流，以及您對 25 世紀資金外流的預期。我的意思是，我知道這是情節性的，但是任何顏色都會有幫助嗎？

Sure, Nick, it's Andy. And let me actually comment on institutional and retail. So starting on institutional, I'd reiterate what I said last quarter. We expect to continue experiencing more near-term variability in our institutional fixed income flows. We are the sixth largest manager of DB assets globally, and many of these DB plans remain overfunded, and we're seeing these clients derisk.

當然，尼克，是安迪。讓我實際評論一下機構和零售。因此，從機構方面開始，我將重申我上季度所說的內容。我們預期機構固定收益流量近期將持續出現更多波動。我們是全球第六大資料庫資產管理公司，其中許多資料庫計畫仍然資金過剩，我們看到這些客戶正在降低風險。

That is leading to more money in motion creating this near-term variation. But as the rate curve normalizes, money will flow back more consistently into institutional fixed income, and we obviously expect to benefit from that given our world-class business.

這導致更多資金流動，造成這種近期變化。但隨著利率曲線正常化，資金將更一致地回流到機構固定收益中，而鑑於我們的世界級業務，我們顯然希望從中受益。

Stepping back from that dynamic, we believe in analyzing our flows over a longer timeframe and looking inclusively at affiliated flows. Affiliated flows stem from when we win pension risk transfer transactions as well as from flow from asset-intensive annuities and life insurance. In the pension space, often the activity within third-party and affiliate it are linked. So you're really talking about the same universe of DB plans. So the bottom line is you have to look at both third-party and affiliate it to get the full picture on our PGIM assets under management.

從這種動態中退一步，我們相信在更長的時間範圍內分析我們的流量並包容性地審視附屬流量。附屬流量源自於我們贏得退休金風險轉移交易時的流量，以及來自資產密集型年金和人壽保險的流量。在退休金領域，第三方內部的活動及其附屬機構通常是相互連結的。所以你實際上談論的是同一個資料庫計劃領域。因此，底線是您必須查看第三方及其附屬機構，才能全面了解我們管理下的 PGIM 資產。

If you look across 2024 year-to-date, our third-party institutional flows are a positive $14 billion and our affiliated institutional flows are a positive $15 billion. So we like that track record of success.

縱觀 2024 年迄今，我們的第三方機構流量為正 140 億美元，我們的附屬機構流量為正 150 億美元。所以我們喜歡這種成功的紀錄。

Just a minute on retail. On the retail side of the business, we continue to achieve improving results. And in the quarter, we saw a positive $1.3 billion in inflows. We are seeing in retail, the investors return to fixed income strategies, and we would expect that will accelerate given the anticipated Fed direction. So really, if you step back, the strength of our fixed income franchise is very, very strong.

簡單介紹一下零售業。在零售業務方面，我們的業績持續改善。在本季度，我們看到了 13 億美元的正流入。我們在零售領域看到，投資人回歸固定收益策略，考慮到聯準會的預期方向，我們預期這種情況將會加速。所以說真的，如果你退一步看，我們固定收益業務的實力非常非常強大。

And we think over time, we're going to experience significant tailwinds and will be a net winner over the long term.

我們認為，隨著時間的推移，我們將經歷巨大的順風，並且從長遠來看將成為淨贏家。

That's helpful. And then maybe just more of a higher level one. I guess, following the GUL deal that you guys just did and some of the other deals that you guys have done. Is there any block in the business that you guys kind of view noncore that can be shopped?

這很有幫助。然後也許只是更高級別的。我想，在你們剛剛完成的 GUL 交易以及你們已經完成的其他一些交易之後。你們認為該產業中是否存在可以購買的非核心業務區塊？

Nick, it's Charlie. Let me take that one, and I'll take a step back and then directly answer your question. But we feel really good about the considerable progress we've made in shifting our business mix to be more capital efficient, and the fact that we're well positioned to capture market opportunities for higher growth. We've executed on several transactions that have driven 50% reduction in our traditional variable annuities portfolio and also a 60% reduction in the guaranteed universal life reserves, following the transaction we announced in the third quarter with Wilton Re.

尼克，這是查理。讓我來回答這個問題，然後我退後一步，然後直接回答你的問題。但我們對我們在業務組合轉變以提高資本效率方面取得的巨大進展感到非常滿意，而且我們處於有利地位以抓住更高成長的市場機會。繼我們在第三季宣布與 Wilton Re 的交易之後，我們已經執行了幾筆交易，這些交易使我們的傳統可變年金投資組合減少了 50%，並且保證萬用壽險準備金減少了 60%。

And while we've been quite successful in increasing our capital efficiency as part of our strategy, we've been equally focused on investing in our market-leading businesses to drive growth with some of those proceeds. Having said that, and this gets to your question, we will consider additional opportunities as long as they meet our strategic and financial objectives and make sense for all our stakeholders. So we'll continue to review our portfolio, but it needs to meet the strategic and financial objectives that we talked about.

儘管作為我們策略的一部分，我們在提高資本效率方面取得了相當成功，但我們同樣專注於投資於我們市場領先的業務，以利用其中的一些收益來推動成長。話雖如此，這也涉及您的問題，只要它們符合我們的策略和財務目標並對我們所有利害關係人有意義，我們就會考慮其他機會。因此，我們將繼續審查我們的投資組合，但它需要滿足我們談到的策略和財務目標。

John Barnidge, Piper Sandler.

約翰·巴尼奇，派珀·桑德勒。

On the variable investment income pre-announcement that you're going to do for disclosure going forward, will that be a wholly separate preannouncement from the AUM on that comes out as an 8-K?

關於您將要進行的未來揭露的可變投資收益預先公告，這是否是與 AUM 完全獨立的預先公告（以 8-K 形式發布）？

Hey, John. It's Yanela. That will be included in the current disclosure that we provide on AUM. So it will be all inclusive.

嘿，約翰。是亞內拉。這將包含在我們目前提供的資產管理規模揭露中。所以它將是包容一切的。

And then it sounds like you were upbeat about the growth opportunity of workplace solutions. Can you maybe talk about partnerships there that you're working on?

聽起來您對工作場所解決方案的成長機會感到樂觀。您能談談您正在那裡開展的合作夥伴關係嗎？

Yeah. Hi, John, it's Caroline. Thank you for your question. And yes, we are very much upbeat and confident in terms of our group results going forward. And we have a number of strategic partnerships that we've recently executed. And most of these are very much focused on elevating the customer enrollment experience.

是的。嗨，約翰，我是卡洛琳。謝謝你的提問。是的，我們對集團未來的成績非常樂觀和充滿信心。我們最近建立了許多策略合作夥伴關係。其中大多數都非常注重提升客戶註冊體驗。

But they're also going to be a key contributor to our overall focus on things like claims management. And I'll just give you a few examples, John. One of them is a partnership with a leading-edge technology firm that's really transforming the benefits experience for millions of people. And essentially, they're innovative platform, walks employees through the enrollment process, connecting them with credential counselors for one-on-one support.

但他們也將成為我們整體關注索賠管理等事務的關鍵貢獻者。約翰，我只舉幾個例子給你聽。其中之一是與一家領先科技公司的合作，該公司真正改變了數百萬人的福利體驗。從本質上講，它們是創新平台，引導員工完成註冊流程，將他們與證書顧問聯繫起來以獲得一對一的支援。

Another partnership we have is with Evolution IQ. This is an AI-driven platform that leverages data to expedite, claim examine evaluations in short as well as long-term disability claims. And the platform is going to help us eliminate manual work, it's going to help us provide better outcomes for customers overall for disability claims. And I would just say in terms of how we're feeling about our group business overall, John, it is growing nicely, as we've demonstrated another strong quarter driven by solid underlying fundamentals. We're growing at attractive market margins.

我們的另一個合作夥伴是 Evolution IQ。這是一個人工智慧驅動的平台，利用數據來加快短期和長期殘疾索賠的索賠審查評估。該平台將幫助我們消除體力工作，它將幫助我們為整個殘疾索賠客戶提供更好的結果。我只想說，就我們對集團業務整體的感受而言，約翰，它增長得很好，因為我們已經展示了由堅實的基本面驅動的另一個強勁季度。我們正在以極具吸引力的市場利潤不斷增長。

And when I think about our overall diversification strategy, improving claims management capabilities and investments in those strategic partnerships I just mentioned, we're very much positioned to continue to see that profitable growth and solid earnings.

當我想到我們的整體多元化策略、提高索賠管理能力以及對我剛才提到的策略合作夥伴關係的投資時，我們非常有能力繼續看到獲利成長和穩健的收益。

Wes Carmichael, Autonomous.

韋斯‧卡邁克爾，《自治》。

My first question, I guess, was on the comments regarding our going away from the quarterly EPS baseline and moving towards new financial targets. Is there any more color you can provide us on what you're considering for those and realize it's still may be in flux?

我想我的第一個問題是關於我們放棄季度每股收益基準並轉向新的財務目標的評論。您是否可以向我們提供更多關於您正在考慮的內容並意識到它可能仍在不斷變化的顏色？

Wes, it's Yanela. So yes, let me start with just kind of reaffirming what we're doing. So we plan to introduce new intermediate-term financial targets, beginning for 2025. And really, we're making this change to provide greater insight into our financial outlook and to better align with the longer-term nature of our business, where the economics emerge over a longer period of time.

韋斯，這是亞內拉。所以，是的，讓我先重申我們正在做的事情。因此，我們計劃從 2025 年開始引入新的中期財務目標。事實上，我們做出這項改變是為了更深入地了解我們的財務前景，並更好地符合我們業務的長期性質，即經濟在較長時期內出現。

We also think it will help investors better understand our business outlook and earnings power. So that is really what we're doing. We will be replacing the quarterly baseline -- and again, as we shared also, we will be preannouncing VII. We plan to implement these changes beginning with the release of the fourth quarter earnings results. So we will share the targets and the information at that time.

我們也認為這將有助於投資者更好地了解我們的業務前景和盈利能力。這就是我們正在做的事情。我們將更換季度基準——正如我們所分享的，我們將再次預先宣布 VII。我們計劃從發布第四季度收益結果開始實施這些變更。所以我們會分享當時的目標和訊息。

Okay. Got it. My second question, I guess, was on -- sorry, was there something else?

好的。知道了。我想我的第二個問題是──抱歉，還有其他問題嗎？

No, sorry.

不，抱歉。

My second question was on the group business. I saw a press release, I think, last quarter that presenting the stop loss business. I guess, just curious how meaningful that could be over time and kind of what that business brings through?

我的第二個問題是關於集團業務的。我想，上個季度我看到了一份介紹停損業務的新聞稿。我想，只是好奇隨著時間的推移，這會產生多大的意義，以及該業務能帶來什麼？

Yes, of course, Wes, it's Caroline, and I'll take your question. So our entry into the medical stop lots builds upon our strategy to diversify our portfolio across both client segments and products. And this move allows us to better serve the evolving needs of our clients by offering a broader range of solutions, particularly less in the mid-market. As you know, employers frequently purchase medical stop loss in conjunction with other group products, make it attractive from a portfolio perspective and allowing us to leverage our deep customer and our broker relationships.

是的，當然，韋斯，我是卡洛琳，我會回答你的問題。因此，我們進入醫療站的基礎是我們的策略，即在客戶群和產品上實現產品組合多元化。這項措施使我們能夠透過提供更廣泛的解決方案（尤其是中階市場的解決方案）來更好地滿足客戶不斷變化的需求。如您所知，雇主經常將醫療停損與其他集團產品結合購買，從投資組合的角度來看，使其具有吸引力，並使我們能夠利用我們深厚的客戶和經紀人關係。

In the near term, Wes, we plan to take out a thoughtful approach to scaling with a disciplined underwriting process and robust reinsurance program with experienced partners. And given the size of our total book, we expect it to be a small portion of our business mix. Our longer-term success will be guided by a disciplined approach to scale. We're committed to sustainable growth and ensuring that our expansion in this area is both strategic and measured.

Wes，在短期內，我們計劃採取深思熟慮的方法來擴大規模，透過嚴格的承保流程和與經驗豐富的合作夥伴合作的強大的再保險計劃。考慮到我們總帳簿的規模，我們預期它只占我們業務組合的一小部分。我們的長期成功將遵循嚴格的規模化方法。我們致力於永續成長，並確保我們在這一領域的擴張既具有策略性又經過衡量。

(Operator Instructions)

（操作員說明）

Wilma Burdis, Raymond James.

威爾瑪·布爾迪斯，雷蒙德·詹姆斯。

Could you talk a little bit more about the Prismic team -- the Prismic Japan team that you're building out? And maybe give us some examples of the types of deals that could make sense and the size of the market?

您能否多談談 Prismic 團隊——您正在組建的 Prismic Japan 團隊？也許能給我們一些有意義的交易類型和市場規模的例子？

Wilma, it's Rob. Sure. The -- so in order for us to be able to effectively do reinsurance transactions in Japan, we need to have an agency license business on the ground there dedicated to Prismic, and so that's what we've put into place. In response to what we see is a very large opportunity there. If you think about the discussions we've had even on this call, about the foreign -- the US dollar and other foreign currency-denominated products that are sold in Japan and have historically been sold in Japan, with the upcoming ESR, so the new economic solvency regime that's going to be adopted in Japan, there's a -- that solvency regime is really curative with respect to long-duration liabilities and foreign currency-denominated liabilities in very much what we believe to be a noneconomic way.

威瑪，是羅布。當然。因此，為了讓我們能夠在日本有效地進行再保險交易，我們需要在當地擁有專門針對 Prismic 的代理許可業務，這就是我們所採取的做法。我們看到那裡有一個非常大的機會。如果你想想我們在這次電話會議上進行的關於外匯的討論——美元和其他在日本銷售且歷史上一直在日本銷售的外幣計價產品，以及即將推出的 ESR，那麼日本將採用新的經濟償付能力製度，償付能力製度對於長期負債和外幣計價的負債確實具有治療作用，我們認為這是一種非經濟方式。

And we think that that's going to give rise or be a catalyst to ongoing desire by insurers in that marketplace to continue to meet the customer demand for those products because Japanese customers continue to have an interest in dollar-denominated products and the returns that they can get on those. But to be able to square that off with being able to economically finance the reserves and capital against that business in a way that continues to create a compelling economic proposition for the Japanese customers.

我們認為，這將引起或成為該市場中保險公司持續滿足客戶對這些產品需求的願望的催化劑，因為日本客戶仍然對以美元計價的產品及其回報感興趣。但能夠平衡這一點，並能夠以經濟的方式為該業務的儲備和資本提供資金，從而繼續為日本客戶創造令人信服的經濟主張。

So we're actually quite excited about that opportunity. We think the brand and quality and scale of our own business there gives us incredible credibility with the other insurers in that marketplace that would be interested in doing things, as I described before, that would follow a pattern of what we're able to do with our own book from an optimization standpoint.

所以我們實際上對這個機會感到非常興奮。我們認為，我們自己業務的品牌、品質和規模為我們在該市場上的其他保險公司提供了令人難以置信的可信度，這些保險公司有興趣做一些事情，正如我之前所描述的，這將遵循我們能夠做的事情的模式從優化的角度來看我們自己的書。

Okay. And then my understanding is that there are some tailwinds for UK longevity blocks. Is that something you're seeing? And maybe just talk a little bit about why that market is attractive?

好的。我的理解是，英國的長壽族群有一些順風車。這是你看到的嗎？也許只是談談為什麼這個市場有吸引力？

Yes, of course, Wilma, it's Caroline, and I'll take your question. So in the near term, for our longevity reinsurance or overall international reinsurance, we remain focused on the US, the UK and the Netherlands. And -- but what I would say specifically to your question on the UK, we continue to see very strong funding levels there, actually reaching 113%. And when we look at the market size in the UK, we do expect size of around $70 billion in pension risk transfer for the year, most of which will seek reinsurance solutions.

是的，當然，威爾瑪，我是卡羅琳，我會回答你的問題。因此，短期內，對於我們的長壽再保險或整體國際再保險，我們仍然關注美國、英國和荷蘭。而且 - 但我要具體說的是你關於英國的問題，我們繼續看到那裡的資金水平非常強勁，實際上達到了 113%。當我們審視英國的市場規模時，我們確實預計今年退休金風險轉移規模約為 700 億美元，其中大部分將尋求再保險解決方案。

So this is why we are pleased that we're not only a leader in this business in the US, but also in U.K. and obviously, Wilma, you also saw our expansion last year in the Netherlands. And so for the time being, those are very much our three areas of focus and we pleased to remain a leader.

因此，這就是為什麼我們很高興我們不僅是美國這一行業的領導者，而且是英國的領導者，顯然，Wilma，您去年也看到了我們在荷蘭的擴張。因此，目前，這些是我們關注的三個領域，我們很高興繼續保持領先地位。

Alex Scott, Barclays.

亞歷克斯·斯科特，巴克萊銀行。

First one I had a view was on the comments that were made on, I guess, surrenders in foreign currency products being a bit elevated. And it was noted that there was some earnings pressure from that. I wanted to also get a feel for what kind of revenue pressure is that exhibited on the international franchise, particularly life planner?

我的第一個觀點是關於外幣產品退保有點高的評論。值得注意的是，這帶來了一些獲利壓力。我還想了解國際特許經營權（尤其是人生規劃師）所面臨的收入壓力是怎樣的？

So Alex, it's Andy. I'll take your question. And maybe just let's start by explaining the dynamics to make sure everyone has it clear. So the weaker yen is leading to an enhanced level of US dollar policy surrenders.

亞歷克斯，是安迪。我來回答你的問題。也許我們首先要解釋一下動態，以確保每個人都清楚。因此，日圓疲軟導緻美元政策放棄程度提高。

That's really kind of flowing from twop things. First, on US dollar recurring premium products, affordability has become an issue for our customers as it takes more yen to pay the premium. Some -- second, some customers in our US dollar investment products are looking to monetize their gains. So with this, they either reduce their level of coverage or they turn the policy in. That obviously has some influence on our sales.

這確實是從兩件事中流出來的。首先，對於美元經常性溢價產品，支付能力已成為我們客戶的問題，因為需要更多日圓來支付溢價。其次，我們美元投資產品的部分客戶希望將他們的收益貨幣化。因此，他們要么降低承保範圍，要么上交保單。這顯然對我們的銷售產生了一些影響。

But I think the best way to think about this is had it not been for the surrender experience over this recent period, we would have seen instead of being flat, low single-digit earnings growth across our PII business segment. So it's influencing both obviously the premium and the AOI.

但我認為思考這個問題的最佳方式是，如果沒有最近一段時間的退保經歷，我們的 PII 業務部門的獲利成長將不會是持平、低個位數的成長。所以它顯然會影響溢價和 AOI。

Got it. That's helpful. And then I had a follow-up on the potential for reinsurance in Japan and the comments on Prismic. When I think about Pru's business, it very much aligns with what was described in terms of longer duration, a lot of foreign currency denominated in USD, et cetera. If you were to engage in a transaction involving your own business, should we think about that more as like mitigating whatever impact would have been there from the economic solvency regime? Or is -- or does it go further than that?

知道了。這很有幫助。然後我跟進了日本再保險的潛力以及 Prismic 上的評論。當我想到保誠的業務時，它與較長期限、大量以美元計價的外幣等方面的描述非常吻合。如果您要進行涉及您自己企業的交易，我們是否應該將其視為減輕經濟償付能力製度可能產生的任何影響？還是——或者比這更進一步？

I mean, should we think about it as potentially releasing capital that could be redeployed elsewhere in your business?

我的意思是，我們是否應該將其視為可能釋放的資本，這些資本可以重新部署到您業務的其他地方？

So let me answer that question. Sorry, it's Rob. Let me answer that question. Let me say more broadly, when we think about reinsurance and whether that be to Prismic or be to sort of other opportunities that we have for reinsurance withing our portfolio. We really think about reinsurance as an opportunity to, one, derisk and grow our portfolio, so financing for growth and by reinsuring diversifying against risk.

那麼讓我來回答這個問題。抱歉，我是羅布。讓我回答這個問題。讓我更廣泛地說，當我們考慮再保險時，無論是 Prismic 還是我們在投資組合中擁有的其他再保險機會。我們確實將再保險視為一個機會，一方面，可以降低風險並擴大我們的投資組合，從而為成長提供融資，並透過再保險實現風險多元化。

We also think about that as the -- as an opportunity for optimizing our back book, and that will be in response to things like you're alluding to the TSR regime. You can have a solvency regime in -- excuse me, in Japan. And when we look at the benefits from that reinsurance, we then say, okay, from an economic and business strategy standpoint, what is the optimal outcome for us? So as we're thinking about that, there are going to be instances where we're looking to do reinsurance or to be able to deliver products to the marketplace on a compelling -- with a compelling value proposition.

我們也認為這是一個優化我們後台帳簿的機會，這將是對您提到的 TSR 制度之類的事情的回應。對不起，在日本，你可以建立償付能力製度。當我們看到再保險的好處時，我們會說，好吧，從經濟和商業策略的角度來看，對我們來說最佳結果是什麼？因此，當我們考慮這一點時，有時我們會尋求進行再保險或能夠以令人信服的價值主張向市場提供產品。

There are going to be other times when we're looking to ensure that we've got an optimization of our own capital against the regimes as they're being modified. And there are other times when we just see a dislocation between how blocks of business are being valued within our franchise on a public basis versus what we see as the opportunity to transact in the private marketplace where they would be valued differently, obviously, at a higher valuation and provide, therefore, to our investor shareholders a better risk-adjusted return by being able to monetize those.

有時我們會尋求確保我們在製度修改時優化我們自己的資本。還有其他時候，我們只是看到我們的特許經營權內的業務塊在公共基礎上的估值方式與我們所看到的在私人市場上交易的機會之間的錯位，在私人市場上，它們的估值顯然會有所不同。

And Alex, maybe if I could add specifically to Japan and our business and ESR. I did share in the first quarter that we reinsured $3 billion of US dollar-denominated whole life products from Japan to our Bermuda affiliate, Gibraltar Re. And in the second quarter, we executed a transaction for US dollar new business from Gibraltar to Pico. So definitely it's a tool that will help us stabilized capital in all of our operating entities including in Japan.

Alex，也許我可以具體補充日本、我們的業務和 ESR。我確實在第一季分享了我們從日本向我們的百慕達附屬公司直布羅陀再保險提供的 30 億美元計價的終身壽險產品的再保險。第二季度，我們執行了從直布羅陀到Pico的美元新業務交易。因此，這絕對是一個工具，可以幫助我們穩定包括日本在內的所有營運實體的資本。

Wes Carmichael, Autonomous.

韋斯‧卡邁克爾，《自治》。

I guess, I just really wanted to follow up on this particular topic on ESR. And Rob, your comments that this regime is punitive and perhaps uneconomic for long-duration liabilities. Like I guess I think about -- I understand that you have levers for reinsurance for your own book, but is this transition to ESR, like is this ex-reinsurance, like would this be somewhat problematic in terms of Pru needing to capitalize the business to a greater degree or something? I'm just trying to understand kind of the issue maybe you and both Japanese insurers are facing here?

我想，我只是真的想跟進 ESR 的這個特定主題。羅布，您認為這種制度是懲罰性的，而且對於長期負債來說可能不經濟。就像我想的那樣——我知道你有為自己的書提供再保險的槓桿，但是這種向ESR 的過渡嗎？有些問題嗎？我只是想了解您和兩家日本保險公司可能面臨的問題是什麼？

Yes. Wes, it's -- You want to start Yanela, and I will add in.

是的。韋斯，是－－你想讓亞內拉開始，我會補充。

Yeah, Wes. Let me start in terms of the impact to our capital position. So I'll reiterate that we believe our Japan businesses are well capitalized and financially strong, and that strength would be reflected under any reasonable capital standard, including the new ESR framework, like as we mentioned, that we have tools like reinsurance, we have transacted in a couple of blocks of business, but we expect that upon implementation of our capital levels will continue to be above target levels that would support a AA financial strength ratings in Japan.

是的，韋斯。讓我先談談對我們資本狀況的影響。因此，我要重申，我們相信我們的日本業務資本充足且財務實力雄厚，這種實力將在任何合理的資本標準下得到體現，包括新的ESR 框架，就像我們提到的，我們擁有再保險等工具，我們有但我們預計，實施後我們的資本水準將繼續高於支持日本 AA 財務實力評級的目標水準。

Yeah, Wes, and it's Andy. I was just going to add, we've managed changing capital regimes at Prudential over a very long period of time. In Japan, we have a very broad product portfolio that meets the needs of our customers. We've continued to innovate and expand that portfolio, including with ES- friendly type products. So the bottom line is, as a management team between the product capabilities, combined with our strong underwriting, our ALM capabilities, hedging, and reinsurance, we believe we have everything we need to continue to profitably grow in Japan and navigate these changes.

是的，韋斯，這是安迪。我只是想補充一點，在很長一段時間內，我們一直在改變保德信的資本製度。在日本，我們擁有非常廣泛的產品組合，可以滿足客戶的需求。我們不斷創新和擴展該產品組合，包括 ES 友善產品。因此，底線是，作為產品能力的管理團隊，結合我們強大的承保、ALM 能力、對沖和再保險，我們相信我們擁有繼續在日本實現盈利增長並應對這些變化所需的一切。

Got it. That's all very helpful. And I guess my follow-up would be just any help with the outlook for the pension risk transfer market into the fourth quarter. I know the third quarter was a big one with IBM. But as you look to this quarter and maybe even to 2025. Any thoughts there?

知道了。這一切都非常有幫助。我想我的後續行動將對第四季退休金風險轉移市場的前景有所幫助。我知道第三季對 IBM 來說是一個重要的季度。但展望本季度，甚至 2025 年。有什麼想法嗎？

Yeah. Of course, Wes, it's Caroline, and I'll take that one. So with over $16 billion and a 40% market share in PRT sales this year, clearly, we're continuing to demonstrate our strong market leadership. And as we look forward to '25, we continue to view the US PRT market is highly attractive with $3 trillion in outstanding US

是的。當然，韋斯，我是卡洛琳，我就選那個。因此，今年 PRT 銷售額超過 160 億美元，佔 40% 的市場份額，顯然，我們將繼續展示我們強大的市場領導地位。展望 25 年，我們繼續認為美國 PRT 市場極具吸引力，美國流通總額達 3 兆美元

corporate pension liabilities, favorable funding positions and a robust long-term pipeline of opportunities. And while the market remains highly competitive, we believe we are uniquely positioned to execute. Of course, our scale, our depth of underwriting experience as well as our ability to originate attractive assets enable us to price competitively while generating attractive returns for our shareholders.

企業退休金負債、有利的資金狀況和強勁的長期機會管道。儘管市場競爭仍然激烈，但我們相信我們在執行方面具有獨特的優勢。當然，我們的規模、豐富的承保經驗以及我們創造有吸引力資產的能力使我們能夠具有競爭力的定價，同時為股東創造有吸引力的回報。

We also delivered deep expertise, have a demonstrated ability to handle complex deals and provide industry-leading service. And what we believe that combination is evident in our sales this year, where over half of our transactions have been with existing clients. And those trades are exactly why Prudential remains one of the few companies to have successfully executed transactions over $1 billion and why we continue to feel very confident about our go-forward business.

我們還提供深厚的專業知識，具有處理複雜交易和提供行業領先服務的能力。我們相信這種結合在我們今年的銷售中很明顯，我們一半以上的交易都是與現有客戶進行的。這些交易正是保德信仍然是少數成功執行超過 10 億美元交易的公司之一的原因，也是我們繼續對我們的未來業務充滿信心的原因。

(Operator Instructions)

（操作員說明）

Tom Gallagher, Evercore ISI.

湯姆·加拉格爾，Evercore ISI。

Yanela, just would you mind reiterating what you said you're going to change the quarterly disclosure. Did you say you were going to eliminate the quarterly bridge that you typically provide on the next quarter out. And I think I heard you say you were going to start preannouncing alternatives and any other changes you're planning on making?

Yanela，您介意重申您所說的將更改季度披露的內容嗎？您是否說過您將消除通常在下個季度提供的季度橋樑？我想我聽到你說你將開始預先宣布替代方案以及你計劃做出的任何其他改變？

Yes, Tom. So we are eliminating the quarterly baseline disclosure, and we're replacing that with intermediate-term financial targets, starting with '25 and preannouncing variable investment income. Those are the two key changes we're making. We are still going to speak to unique items in the quarter really to help you understand what's happening, but that's the extent of the changes.

是的，湯姆。因此，我們正在取消季度基準披露，並用中期財務目標取而代之，從 25 年開始並預先宣布可變投資收入。這是我們正在做出的兩個關鍵改變。我們仍然會談論本季度的獨特項目，真正幫助您了解正在發生的事情，但這就是變化的程度。

Suneet Kamath, Jefferies.

蘇尼特·卡馬斯，杰弗里斯。

I just wanted to circle back on this concept of doing a back book deal with Prismic. I just want to make sure I'm thinking about it right. So if you were to do a deal with a block of business from Japan, is it fair to say that there might be some initial EPS pressure because you're giving up some of the earnings that you're now -- you own 100% of it, and obviously, you'll give us some of those earnings to your Prismic partners. Presumably, you'll free up some capital, which you can then deploy in new business, but there might be a little bit of a lag between when you lose the earnings on the back book versus when you deploy the capital that's being free. Is that the right way to think about it? Or is there some sort of offset that I'm missing there?

我只是想回顧一下與 Prismic 進行回書交易的概念。我只是想確保我的想法是正確的。因此，如果你要與日本的一大筆業務進行交易，可以公平地說，最初的每股收益可能會受到一些壓力，因為你放棄了你現在擁有的部分收益——你擁有 100% 的股份顯然，您將把其中的一些收入交給我們的Prismic 合作夥伴。據推測，您將釋放一些資本，然後可以將其部署到新業務中，但是在您損失帳面收益與部署免費資本之間可能會有一點滯後。這是正確的思考方式嗎？或者我在那裡缺少某種補償？

No, Suneet, I think -- I'm sorry, it's Rob. I think you've captured it well, which is that's not unique to doing a back book deal in Japan that you could use that same description and apply it to each of the reinsurance transactions that we've done to date, which is that by virtue of reinsuring, we unlock capital and embedded value. And in Japan, in particular, we think that our products there have very high levels of margins in the reserves that we have. And so we're able to release those reserves and capital associated with it. By virtue of reinsuring then the AOI associated with that block will no longer appear on our earnings.

不，Suneet，我想──對不起，是羅布。我認為您已經很好地理解了這一點，這並不是在日本進行回帳交易所獨有的，您可以使用相同的描述並將其應用到我們迄今為止所做的每一項再保險交易中，即透過再保險，我們釋放了資本和內在價值。特別是在日本，我們認為我們的產品在我們的儲備中具有非常高的利潤率。因此我們能夠釋放與之相關的儲備和資本。透過再保險，與該區塊相關的 AOI 將不再出現在我們的收益中。

However, our analysis looks at what the economics of that translate into with the freed up capital and our ability to redeploy that capital.

然而，我們的分析著眼於釋放的資本以及我們重新部署這些資本的能力所帶來的經濟影響。

And does PGIM manage all of the assets that back the Japanese liabilities already? Or is there a portion of assets that they don't manage that if it went into Prismic, it would start to earn fees on?

PGIM 是否已管理所有支持日本債務的資產？或者是否有一部分資產是他們不管理的，如果進入 Prismic，它將開始賺取費用？

No. The assets that we have within our business today are the vast, vast majority of them are managed by PGIM. There's a selective -- a couple of instances where we do have some third-party managers in specific areas that PGIM is not focused on, but I would say, by and large, it would be accurate to characterize that those liabilities -- excuse me, those assets that are backing the liabilities are being managed by PGIM. Today, when they transferred into Prismic, they would be managed -- continue to be managed by PGIM. But on a sort of a third-party set of economics as opposed to the economic arrangement we have with the general account and that generally is accretive to PGIM.

不。我們今天業務中擁有的資產絕大多數是由 PGIM 管理的。有選擇性的——在某些情況下，我們確實在 PGIM 不關注的特定領域有一些第三方管理人員，但我想說，總的來說，準確地描述這些責任——請原諒，那些支持負債的資產由PGIM 管理。今天，當他們轉移到 Prismic 時，他們將繼續由 PGIM 管理。但與我們在一般帳戶上的經濟安排相反，這是一種第三方經濟學，這通常會促進 PGIM 的成長。

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, and thank you again for joining us today. We've entered the last quarter of this year, pleased with the progress we've made to become a higher growth and more capital-efficient company. We are well positioned to address the growing needs of our customers and clients around the world as they seek to protect their life's work and live better lives longer.

好的。謝謝您，再次感謝您今天加入我們。進入今年最後一個季度，我們對成為一家成長更快、資本效率更高的公司所取得的進展感到高興。我們有能力滿足世界各地客戶不斷增長的需求，因為他們尋求保護自己一生的工作並過上更美好的生活。

So thank you again, and enjoy the rest of the day.

再次感謝您，祝您有個愉快的一天。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line 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。