保德信金融集團 (PRU) 2025 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. I will now turn the call over to Mr. Bob McLaughlin. Please go ahead.

女士們、先生們，感謝各位的耐心等待，歡迎參加保德信季度收益電話會議。（操作員說明）提醒您，今天的通話將會被錄音。現在我將把電話交給鮑伯‧麥克勞克林先生。請繼續。

Good morning, and thank you for joining our call. Representing Prudential on today's call are Andy Sullivan, CEO; and Yanela Frias, CFO. We will start with comments by Andy and Yanela, and then we will address your questions.

早安，感謝各位參加我們的電話會議。代表保誠集團參加今天電話會議的是執行長安迪·沙利文和財務長亞內拉·弗里亞斯。首先，我們將聽取 Andy 和 Yanela 的發言，然後再回答大家的問題。

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, which can be found on our website at investor.prudential.com.

今天的討論可能包含前瞻性陳述。實際結果可能與我們今天的預測有重大差異。此外，我們的簡報中也包含對非GAAP指標的引用。為了將這些措施與可比較的 GAAP 措施進行核對，並討論可能導致實際結果與前瞻性陳述中的結果有重大差異的因素。請參閱今天簡報附錄中題為「前瞻性聲明和非GAAP指標」的幻燈片，該簡報可在我們的網站 investor.prudential.com 上找到。

And now I'll turn it over to Andy.

現在我把麥克風交給安迪。

Good morning, everyone, and welcome to the call. We had a strong third quarter. Our pretax adjusted operating income was $1.9 billion or $4.26 per share, a record high, up 28% from the prior year quarter, reflecting earnings growth in every business. And our year-to-date adjusted operating return on equity was over 15%. These results reflect higher spread income and more favorable underwriting experience across our Global Retirement and Insurance businesses as well as higher fee income in PGIM.

各位早安，歡迎參加本次電話會議。我們第三季表現強勁。我們的稅前調整後營業收入為 19 億美元，即每股 4.26 美元，創歷史新高，比去年同期成長 28%，反映出所有業務的獲利成長。今年迄今為止，我們調整後的經營性股本回報率超過 15%。這些結果反映了我們全球退休和保險業務更高的利差收入和更有利的核保經驗，以及PGIM更高的手續費收入。

Current quarter results benefited from alternative investment income that was above our expectations, as well as other favorable onetime items. Higher alternative investment income was driven by stronger private equity and hedge fund returns, partially offset by lower real estate returns. Our third quarter performance reflects sustained momentum across our businesses. Let me highlight a few examples.

本季業績受益於超出預期的另類投資收益以及其他有利的一次性項目。另類投資收益的提高主要得益於私募股權和對沖基金收益的強勁增長，但部分被房地產收益的下降所抵消。我們第三季的業績反映了我們各項業務持續成長動能。讓我舉幾個例子。

PGIM remains focused on delivering strong investment performance and strengthening core capabilities, while continuing to invest in the business to drive future growth. This quarter, we achieved positive net inflows across both third-party and affiliated channels. In Institutional Retirement we closed a Jumbo Pension Risk Transfer transaction, reinforcing our market leadership and complementing the robust Longevity Risk Transfer activity so far this year.

PGIM 將繼續專注於實現強勁的投資績效和加強核心能力，同時繼續投資業務以推動未來成長。本季度，我們在第三方通路和附屬通路均實現了正淨流入。在機構退休領域，我們完成了一筆巨額退休金風險轉移交易，鞏固了我們的市場領導地位，並補充了今年迄今為止強勁的長壽風險轉移業務。

Our Individual Retirement, Individual Life and Group Insurance businesses are benefiting from our differentiated distribution and the actions we've taken to broaden our product portfolios and diversify our market segments. Individual Retirement delivered over $3 billion in sales for the seventh consecutive quarter, and Individual Life and Group Insurance, we delivered double-digit year-to-date sales growth.

我們的個人退休、個人壽險和團體保險業務受益於我們差異化的分銷管道以及我們為擴大產品組合和多元化市場領域所採取的措施。個人退休金業務連續第七個季度實現超過 30 億美元的銷售額，個人人壽保險和團體保險業務今年迄今實現了兩位數的銷售額增長。

Turning to our International Insurance businesses. In Japan, where our business has been traditionally focused on protection products, we continue to expand our Retirement and Saving Solutions, leaning into the changing nature of this marketplace. And in Brazil, we set a new sales record in the Life Planner channel. In addition, we continue to expand our third-party distribution network and deepen our strategic partnerships. While business performance was strong for the quarter overall, let me bring one area of pressure to your attention.

接下來談談我們的國際保險業務。在日本，我們的業務傳統上一直專注於保障產品，我們不斷拓展退休和儲蓄解決方案，以適應這個市場不斷變化的性質。在巴西，我們在生活規劃管道創下了新的銷售記錄。此外，我們將持續擴大第三方分銷網絡，並深化策略夥伴關係。雖然本季整體業務表現強勁，但我想提請您注意一個壓力領域。

Jennison, our active equity manager continued to experience outflows consistent with broader industry trends. These outflows are dampening our organic growth and earnings momentum in PGIM. We are encouraged by the third quarter results and remain committed to delivering stronger and more consistent earnings growth that creates long-term value for our shareholders.

我們的主動型股票基金經理 Jennison 繼續經歷資金流出，這與更廣泛的行業趨勢一致。這些資金外流正在削弱PGIM的內生成長和獲利動能。我們對第三季的業績感到鼓舞，並將繼續致力於實現更強勁、更穩定的獲利成長，為股東創造長期價值。

Moving to slide 3. I've been clear on my three priorities as CEO. First, we are evolving our strategy to focus on opportunities that will deliver the most profitable growth over time and are allocating our capital accordingly. Specifically, we're looking to focus on areas with large and growing addressable markets in which we have highly differentiated capabilities and can earn attractive returns. Accordingly, in the third quarter, we completed the sale of our PGIM Taiwan business to focus resources on higher growth opportunities.

切換到第3張投影片。作為首席執行官，我已經明確了我的三個優先事項。首先，我們正在調整策略，專注於那些能夠帶來長期獲利成長的機會，並據此分配我們的資本。具體來說，我們希望專注於那些擁有龐大且不斷成長的潛在市場，並且我們在這些領域擁有高度差異化的能力，能夠獲得可觀回報的領域。因此，在第三季度，我們完成了 PGIM 台灣業務的出售，以便將資源集中在成長潛力更大的機會。

Second, we are determined to execute with more consistency and discipline. We are quickly evolving to a unified asset manager model in PGIM and have taken actions to deliver run rate savings that will drive margin expansion in 2026. Client response to our new organizational structure which includes a centralized distribution capability for institutional investors has been overwhelmingly positive. In fact, we now expect to double the percentage of clients engaging with two or more of our Asset Management businesses, which will drive additional margin growth over time.

其次，我們決心以更一致和嚴謹的態度執行任務。PGIM正迅速發展成為統一的資產管理模式，並已採取措施實現年度節約，這將推動2026年利潤率的擴大。客戶對我們新的組織架構（包括面向機構投資者的集中分銷能力）的反應非常積極。事實上，我們現在預計與我們的兩項或兩項以上資產管理業務有業務往來的客戶比例將翻一番，這將隨著時間的推移推動利潤率的進一步增長。

The sales momentum in our Global Retirement businesses underscores how we're meeting evolving customer needs around the world. In US Retirement Strategies, year-to-date sales of over $30 billion demonstrate our leadership in the growing retirement market and contributed our highest earnings in the last 5 quarters. Additionally, over the past 3 years in Japan, we've launched 7 new products, reflecting our commitment to meeting the evolving needs of our customers through a comprehensive suite of Protection and Retirement Solutions. As a result, sales in Japan have increased by about 35% over this period with yen-denominated sales increasing by over 50%.

全球退休業務的銷售動能凸顯了我們如何滿足世界各地不斷變化的客戶需求。在美國退休策略領域，今年迄今的銷售額超過 300 億美元，這表明我們在不斷增長的退休市場中處於領先地位，並在過去 5 個季度中貢獻了我們最高的收益。此外，在過去 3 年裡，我們在日本推出了 7 款新產品，體現了我們致力於透過一套全面的保障和退休解決方案來滿足客戶不斷變化的需求。因此，在此期間，日本的銷售額成長了約 35%，以日圓計價的銷售額成長了 50% 以上。

And third, we are enhancing our culture with a focus on speed and accountability. As an example, we accelerated our succession plan in Japan, appointing Brad Hern as CEO reporting directly to me. This move ensures we have the right leadership in place to drive our growth strategy in Japan. Brad, brings a strong track record of driving results and scaling distribution networks from his time leading our Domestic Prudential Advisors business. His experience is directly relevant given the shifting nature of Japan's market towards retirement.

第三，我們正在加強企業文化建設，注重速度和責任感。例如，我們加快了在日本的繼任計劃，任命 Brad Hern 為首席執行官，直接向我報告。此舉確保我們擁有合適的領導團隊來推動我們在日本的成長策略。Brad 在領導我們國內保誠顧問業務期間，取得了卓越的業績，並擴大了分銷網絡。鑑於日本市場向退休市場轉變的趨勢，他的經驗具有直接參考價值。

He will continue working closely with Caroline, Jacques and the entire leadership team to share best practices and collaborate across businesses, ultimately helping us better serve customers and capture opportunities in this rapidly evolving market.

他將繼續與 Caroline、Jacques 和整個領導團隊密切合作，分享最佳實踐，並在各個業務部門之間開展合作，最終幫助我們更好地服務客戶，並在這個快速變化的市場中抓住機會。

We extend our thanks to Hamada-san for his 33 years of service in Japan. Before I turn it over to Yanela, I want to emphasize that across the enterprise, we're taking clear and decisive action to address these priorities. I look forward to sharing more in the quarters ahead as we continue to build on our momentum. With that, I'll hand it over to Yanela.

我們向濱田先生表達衷心的感謝，感謝他在日本服務了33年。在將發言權交給亞內拉之前，我想強調，在整個企業範圍內，我們正在採取明確而果斷的行動來解決這些優先事項。我期待在接下來的幾個季度與大家分享更多信息，我們將繼續保持目前的成長勢頭。這樣，我就把它交給雅內拉了。

Thank you, Andy. I will provide an overview of the performance for our PGIM, US, and International businesses. I will begin on slide 4 with the quarterly operating results from our businesses compared to the year ago quarter.

謝謝你，安迪。我將概述我們PGIM、美國和國際業務的表現。我將從第 4 張投影片開始，介紹我們各業務的季度經營業績與去年同期相比的情況。

PGIM delivered higher asset management fees, driven by market appreciation, positive net flows and strong investment performance. Higher other related revenues from strong Fannie Mae, and Freddie Mac originations and gains on seed and co-investment. Third quarter results also included $40 million in reorganization charges from integrating PGIM's multi-manager model, partially offset by a $25 million gain from the sale of our Taiwan business.

PGIM 的資產管理費上漲，這得益於市場升值、正淨流入和強勁的投資表現。來自房利美和房地美強勁的貸款發放以及種子輪和聯合投資的收益帶來的其他相關收入增加。第三季業績還包括因整合 PGIM 的多經理模式而產生的 4,000 萬美元重組費用，部分被出售台灣業務獲得的 2,500 萬美元收益所抵銷。

Results of our US businesses reflected higher net investment spread income in Retirement Strategies, including the benefit from stronger alternative investment income, coupled with more favorable underwriting results from Individual Life and Group Insurance. This was partially offset by lower fee income resulting from the runoff of our legacy variable annuity block and higher expenses to support business growth. In our International businesses, we also experienced higher net investment spread results including the benefit from stronger alternative investment income and more favorable underwriting, partially offset by higher expenses to support business growth.

美國業務的業績反映了退休策略淨投資收益增加，包括來自更強勁的另類投資收益的收益，以及個人人壽和團體保險更有利的承保結果。由於我們原有可變年金業務的終止，導致費用收入減少，以及為支持業務成長而增加的支出，部分抵銷了上述損失。在我們的國際業務中，我們也獲得了更高的淨投資利差結果，包括來自更強勁的另類投資收入和更有利的承銷的收益，但部分被支持業務成長的更高支出所抵消。

Turning to slide 5. PGIM has diversified capabilities in both public and private asset classes across fixed income, equities and alternatives. PGIM's long-term investment performance remains strong, with over 70% of assets under management outperforming their benchmarks over the 5- and 10-year periods. In addition, the 3-year track record, which is an important metric for the retail channel has 80% of assets outperforming benchmarks. PGIM's assets under management of $1.5 trillion increased 5% from the prior year quarter, driven by market appreciation, positive net flows and strong investment performance.

翻到第5張投影片。PGIM在公共和私人資產類別（包括固定收益、股票和另類投資）方面擁有多元化的能力。PGIM的長期投資表現依然強勁，其管理的資產中有超過70%在5年和10年期間的表現優於基準。此外，過去三年的業績記錄（這是零售通路的一項重要指標）顯示，80% 的資產表現優於基準。受市場升值、淨流入和強勁投資績效的推動，PGIM 的管理資產規模達到 1.5 兆美元，較上年同期成長 5%。

Total net inflows in the quarter of $2.4 billion included affiliated net inflows of $1.8 billion and third-party net inflows of $600 million. Third-party institutional and retail inflows were both $300 million, mainly driven by fixed income inflows, partially offset by Jennison equity outflows as previously noted.

本季淨流入總額為 24 億美元，其中包括關聯方淨流入 18 億美元和第三方淨流入 6 億美元。第三方機構和零售資金流入均為 3 億美元，主要由固定收益資金流入推動，部分由 Jennison 股票資金流出所抵消，如前所述。

Before I move on from PGIM, I want to expand on Andy's commentary regarding the rapid progress we have made reorganizing, including early financial impacts. The actions taken thus far will drive operating efficiencies and create reinvestment capacity, enabling us to continue expanding capabilities, enhancing client experience and strengthening our competitive position to support future growth.

在結束關於 PGIM 的發言之前，我想進一步闡述 Andy 對我們在重組方面取得的快速進展（包括早期財務影響）的評論。迄今為止的行動將提高營運效率並創造再投資能力，使我們能夠繼續擴大能力、提升客戶體驗並加強我們的競爭地位，從而支持未來的成長。

We expect to realize approximately $100 million in annual run rate savings by the end of 2026 and plan to reinvest about 1/3 of these savings to bolster sales and distribution. Compared to 2025, we now anticipate over 200 basis points of margin expansion in 2026 from these actions and are well positioned to reach our 25% to 30% margin target.

我們預計到 2026 年底，每年可節省約 1 億美元，並計劃將其中約 1/3 的節省額再投資於銷售和分銷。與 2025 年相比，我們現在預計，這些措施將在 2026 年帶來超過 200 個基點的利潤率成長，並有望實現 25% 至 30% 的利潤率目標。

Turning to slide 6. Our US businesses produced diversified sources of earnings from fees, net investment spread and underwriting income and benefit from our complementary mix of Longevity and Mortality businesses. Retirement Strategies continue to have strong momentum, generating $10 billion of sales in the third quarter across its Institutional and Individual lines of business. Institutional Retirement sales of over $6 billion included a $2.3 billion Jumbo Pension Risk Transfer and was complemented by $1.5 billion of Longevity Risk Transfer transactions.

翻到第6張投影片。我們的美國業務透過手續費、淨投資利差和承保收入產生了多元化的收入來源，並受益於我們長壽和死亡率業務的互補組合。退休策略業務持續保持強勁成長勢頭，第三季機構和個人業務銷售額達 100 億美元。機構退休金銷售額超過 60 億美元，其中包括 23 億美元的巨額退休金風險轉移，以及 15 億美元的長壽風險轉移交易。

Individual Retirement posted over $3 billion in sales, driven by continued momentum in fixed annuities as well as solid sales of registered index-linked annuities reflecting the actions we have taken to broaden our product portfolio. Group Insurance sales totaled almost $80 million in the third quarter, with year-to-date sales of $555 million, up 14% from 1 year ago, driven by growth in both Group Life and Disability. We are executing our strategy of both product and market segment diversification while leveraging technology to increase operating efficiency and enhanced customer experience. The benefit ratio of approximately 83% remains at the low end of our target range, reflecting favorable life underwriting results and less favorable disability experience, driven by an uptick in severity and lower claim resolutions, which can vary quarter-to-quarter.

個人退休業務銷售額超過 30 億美元，這主要得益於固定年金的持續增長勢頭以及註冊指數掛鉤年金的穩健銷售，反映了我們為擴大產品組合而採取的措施。第三季團體保險銷售額接近 8,000 萬美元，今年迄今的銷售額為 5.55 億美元，比 1 年前增長 14%，這主要得益於團體人壽保險和殘障保險的增長。我們正在執行產品和市場細分多元化策略，同時利用技術提高營運效率和增強客戶體驗。約 83% 的福利比率仍處於我們目標範圍的低端，反映出良好的壽險承保結果和不太理想的殘障保險經驗，這是由於殘疾程度加重和理賠解決率下降所致，而這些因素可能會逐季度變化。

In Individual Life, sales of $253 million in the third quarter were up 20% from the prior year quarter. This growth was driven by higher accumulation-focused variable life, including record sales in our differentiated FlexGuard Life product suite. Turning to slide 7.

在個人壽險領域，第三季銷售額為 2.53 億美元，比上年同期成長 20%。這一成長主要得益於以累積型保險為主的可變壽險業務的增加，其中包括我們差異化的 FlexGuard Life 產品系列創紀錄的銷售額。翻到第7張投影片。

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. Sales in our International businesses were down 6% compared to the prior year quarter. This was primarily due to strong US dollar-denominated single-pay sales in Japan that benefited from the yen appreciating sharply in the prior year quarter. Year-to-date, International sales remained solid and are up 4% versus prior year, driven by growth in both Japan and Brazil.

我們的國際業務包括我們的日本人人壽保險公司（我們在日本擁有差異化的多通路分銷模式）以及其他旨在擴大我們在目標高成長新興市場的業務。與去年同期相比，我們國際業務的銷售額下降了 6%。這主要是由於日本以美元計價的單次支付銷售額強勁成長，而這得益於日圓在上一季的大幅升值。今年迄今為止，國際銷售額保持穩健，比去年同期成長 4%，主要得益於日本和巴西市場的成長。

As we previously stated, while surrender activity in Japan continued to show signs of stabilization, it remains a near-term headwind that will partially offset new business growth. We also anticipate approximately $30 million of higher expenses in the fourth quarter, primarily due to timing consistent with what we've observed in prior years. Turning to slide 8.

正如我們之前所說，雖然日本的投降活動繼續顯示出穩定的跡象，但這仍然是一個短期不利因素，將在一定程度上抵消新業務的成長。我們也預計第四季度支出將增加約 3,000 萬美元，這主要是由於時間安排與我們往年觀察到的情況一致。翻到第8張幻燈片。

Our capital position and strong regulatory capital ratios continue to support our AA financial strength and our ability to grow our market-leading businesses. Our cash and liquid assets were $3.9 billion, which is above our minimum liquidity target of $3 billion, and we have substantial off-balance sheet resources.

我們的資本狀況和強勁的監管資本比率繼續支撐著我們AA級的財務實力以及我們發展市場領先業務的能力。我們的現金和流動資產為 39 億美元，高於我們 30 億美元的最低流動性目標，並且我們擁有大量的表外資源。

Also of note, our Board approved an economic solvency ratio operating target of 150% as part of our annual capital planning process. Prudential of Japan and Gibraltar Life remained well above this level. 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. And with that, happy to take your questions.

另外值得一提的是，作為年度資本規劃流程的一部分，我們的董事會批准了 150% 的經濟償付能力比率營運目標。日本保誠保險公司和直布羅陀人壽保險公司的保理水準遠高於這個水準。展望未來，我們已做好充分準備，在各個業務領域成為擴大投資、保險和退休保障管道的全球領導者。那麼，我很樂意回答你們的問題。

(Operator Instructions) Wilma Burdis, Raymond James.

（操作說明）威爾瑪·伯迪斯，雷蒙德·詹姆斯。

Just first question on the PRT. We saw you -- large Jumbo Pension Risk Transfer this quarter, which has been a slow market this year. Maybe just give a little bit of commentary on that. And then also the Longevity market in the UK, we've seen a couple of entrants there. So just if you can give us an idea of what you're seeing?

PRT上的第一個問題。我們看到了——本季出現了大額巨額退休金風險轉移，而今年的市場一直比較低迷。或許可以就此稍作評論。此外，英國的長壽市場也出現了一些新進者。所以，您能不能為我們描述一下您所看到的情況？

Sure. So we still believe that the Pension Risk Transfer market will be softer in '25 versus '24. But we've seen an uptick in the pipeline for the second half of the year is proving to be more robust than what we saw earlier. Remember that especially in the PRT market, it's an episodic market, particularly in the Jumbo space.

當然。因此，我們仍然認為 2025 年的退休金風險轉移市場將比 2024 年疲軟。但我們看到，下半年專案儲備增加，而且比上半年更加強勁。請記住，尤其是在 PRT 市場，這是一個階段性市場，尤其是在巨型電影領域。

That said, this is going to be a big market for years to come with $3 trillion in un-transacted liabilities, funding levels sitting at 105%. We're very well positioned to win and to remain a leader given the strength of our brand, our underwriting, our asset management and service. So we're happy to see that the market is strengthening here in the back half of the year.

也就是說，未來幾年這將是一個龐大的市場，未交易負債高達 3 兆美元，融資水準達到 105%。憑藉我們強大的品牌、承保能力、資產管理和服務，我們完全有能力贏得市場並保持領先地位。所以我們很高興看到，今年下半年市場正在走強。

When it comes to the LRT market, this is a very good opportunity as well. Globally, pension plans are even more well-funded than they are here in the US. We focus on two core markets, the UK, and Netherlands. In the UK, we're seeing about $50 billion to $55 billion of pension risk transfers per year, with about 80% of that volume seeking longevity reinsurance. In the Netherlands, there's about $330 billion in defined benefit pension money that's -- given the reform looking to transition to defined contribution, much of that will seek pension risk transfer and reinsurance.

對於輕軌市場而言，這也是一個非常好的機會。在全球範圍內，退休金計畫的資金狀況甚至比美國還要好。我們專注於兩個核心市場：英國和荷蘭。在英國，我們看到每年約有 500 億至 550 億美元的退休金風險轉移，其中約 80% 的金額尋求長壽再保險。在荷蘭，大約有 3,300 億美元的固定收益退休金——鑑於改革旨在過渡到固定繳款退休金制度，其中大部分將尋求退休金風險轉移和再保險。

Similar story to PRT. We're a leader in the space. We did two deals this quarter for $1.5 billion. That puts our year-to-date sales over $11 billion. So this is also just a very good market with healthy returns and plenty of room to grow. So we like the dynamics we're seeing in both of these spaces.

與PRT的情況類似。我們是該領域的領導者。本季我們完成了兩筆交易，總額達15億美元。今年迄今為止，我們的銷售額已超過 110 億美元。所以這也是一個非常好的市場，收益可觀，而且還有很大的成長空間。所以我們對這兩個領域目前的發展動態感到滿意。

Sounds great. And then PGIM flows have been improving. Could you just talk a little bit more about the drivers? And do you think this is an inflection point? Or what are you kind of seeing? Do you think this is an improvement that's going to continue?

聽起來不錯。而且PGIM流程也一直在改善。能再多談談司機的狀況嗎？你認為這是一個轉捩點嗎？或是你看到的是什麼？你認為這種改善會持續下去嗎？

Yes, certainly. And we've discussed this before. As it comes to flows, we assess success by looking at total flows, both affiliated and third-party and we look at it over longer time frames. So if you look at it from that lens, over the last 12 months, we did over $20 billion in total inflows. This quarter, we did $2.4 billion in total inflows, and in the third party in particular, we were positive and split evenly between retail and institutional.

當然可以。我們之前討論過這個問題。就流量而言，我們透過查看總流量（包括聯盟流量和第三方流量）來評估成功，我們會觀察較長時間範圍內的流量。所以從這個角度來看，在過去的 12 個月裡，我們總共獲得了超過 200 億美元的資金流入。本季度，我們實現了 24 億美元的資金流入，其中第三方資金尤其為正，零售和機構資金各佔一半。

What we saw this quarter was very strong inflows across public fixed income, privates and alternatives, that was offset by Jennison equity outflows. This is systemic in the industry, and we're not immune given what's happened with the active to passive pressure. That said, active equity plays a very important role in our clients' portfolio and is important in the mix.

本季我們看到公共固定收益、私募和另類投資領域資金流入非常強勁，但被 Jennison 股票的資金流出所抵消。這是業界的普遍現象，鑑於主動壓力轉變為被動壓力的情況，我們也無法倖免。也就是說，主動型股票投資在我們客戶的投資組合中扮演著非常重要的角色，是投資組合中不可或缺的一部分。

As we look forward as far as an outlook perspective, given the consistent strength we've been showing in Institutional, we're optimistic. We're more cautious on the retail side as that is more volatile and clients tend to react quicker to changes in the environment. And we are working to lessen and overcome those equity outflows.

展望未來，鑑於我們在機構業務方面一直表現出的強勁勢頭，我們持樂觀態度。我們在零售方面更謹慎，因為零售市場波動性更大，客戶對環境變化的反應也往往更快。我們正在努力減少和克服這些股權外流。

Sunnet Kamath, Jefferies.

Sunnet Kamath，Jefferies。

I guess, Yanela, in the past, you've talked about this 3- to 4-point drag on EPS growth from the legacy VA and the surrenders. Can you maybe just give us some color on how that you expect that to play out over the next few years? And then somewhat relatedly, you've been putting on all this new business growth, but is there a lag between when you write this business and when it actually shows up in the EPS results?

我想，Yanela，你以前也談過，遺留的退伍軍人事務部（VA）和退保會拖累每股收益（EPS）增長 3 到 4 個百分點。您能否簡要介紹一下您預計未來幾年事態將如何發展？另外，雖然你們一直在推進新的業務成長，但是從你們制定這項業務計劃到它實際反映在每股收益結果中是否存在滯後，這之間是否存在滯後？

Yes. Suneet. Yes, so let me start. Recall when we provided the intermediate target of 5% to 8%, I did speak about these near-term headwinds being incorporated in the target, and therefore, the growth not being linear. As these headwinds dissipate, we will see the earnings power of the new annuity sales and the Japan business continue to emerge.

是的。蘇尼特。好的，那我就先開始了。回想一下，當我們提出 5% 到 8% 的中期目標時，我確實說過，這些近期不利因素已經納入目標之中，因此，成長並非線性成長。隨著這些不利因素的消散，我們將看到新年金銷售和日本業務的獲利能力持續顯現。

Specific to the two items. With regards to the VA runoff, we expect to continue to see the $3 billion to $4 billion quarterly runoff which, as I said, has about $10 million to $15 million AOI impact per quarter compounding, hence, the $100 million to $150 million that we've talked about before. As that block continues to run off and the account values of the new products grow, we will have a crossover point and the earnings headwind will be reduced.

僅適用於這兩件物品。關於退伍軍人事務部資金的流失，我們預計將繼續看到每季 30 億至 40 億美元的資金流失，正如我所說，每季對 AOI 的影響約為 1,000 萬至 1,500 萬美元，因此，就是我們之前談到的 1 億至 1.5 億美元。隨著該階段的持續推進和新產品帳戶價值的成長，我們將迎來一個轉折點，獲利阻力將會減少。

With regard to the higher-than-expected surrenders in Japan, we do continue to see stabilization. Given the stabilization as we look forward beyond 2025, we would expect a more moderate impact of surrenders.

關於日本高於預期的投降人數，我們確實看到局勢持續趨於穩定。鑑於 2025 年以後局勢趨於穩定，我們預期投降的影響會更加溫和。

With regards to the second point of the question, I would say we are seeing the benefit in EPS when we look at the core earnings growth in both Individual and Institutional Retirement this quarter. And as I said, over time as the headwinds dissipate, that earnings growth will continue to grow.

關於問題的第二點，我認為，當我們觀察本季個人和機構退休業務的核心獲利成長時，我們已經看到了每股盈餘的提升。正如我所說，隨著時間的推移，隨著不利因素的消散，獲利成長將會繼續成長。

And then just shifting gears, I wanted to ask about the private credit asset class, just given some of the headlines that we've seen over the past couple of weeks. Given your strength in fixed income asset management in general, I figured you'd have a good read on what you're seeing in the market? And maybe more specifically what you're seeing at Pru?

然後，我想換個話題，問關於私募信貸資產類別的問題，因為過去幾週我們看到了一些相關的新聞報導。鑑於您在固定收益資產管理方面的整體實力，我認為您應該能夠很好地判斷市場狀況吧？更具體地說，你在保誠公司看到了什麼？

So let me talk about the general account for sure. Obviously, we're monitoring this very closely as we do with all markets. With regards to private credit and our portfolio, we've been in the private credit space for decades. Our private credit portfolio is largely private placements with strong covenants and other downside protections. And this portfolio has consistently performed better than equally rated public during economic downturns, and we've seen this consistently.

那麼，我來談談一般帳戶方面的問題。顯然，我們會像關注所有市場一樣密切關注這種情況。就私人信貸和我們的投資組合而言，我們已經在私人信貸領域耕耘了幾十年。我們的私募信貸組合主要由具有嚴格契約和其他下行保護措施的私募配售組成。而且，在經濟低迷時期，該投資組合的表現一直優於同等評級的公開市場投資組合，我們已經持續看到這一點。

Approximately 90% of our corporate private credit securities are investment grade. Roughly half of the below investment grade private placements are in the BB category and are very well underwritten. And lastly, our growth in private credit has been modest. So we've been doing this a long time, and we are very comfortable with the portfolio.

我們約有 90% 的企業私募信貸證券達到投資等級。大約一半低於投資等級的私募配售屬於 BB 級，並且承銷情況非常好。最後，我們的私人信貸成長較為溫和。我們從事這項業務已經很長時間了，我們對目前的投資組合非常滿意。

Tom Gallagher, Evercore ISI.

Tom Gallagher，Evercore ISI。

A couple of questions about Japan. The 150% ESR target. Can you guys kind of get into why you think that's the appropriate level? I think there's some confusion around what Pure targets are, how they're higher than Pru's. And generally, the domestic insurers in Japan are running at around 200% plus and why 150% is like a fine number for you? And is that something you've gotten blessed by the rating agencies and regulators?

關於日本，我有幾個問題。150% ESR 目標。你們能不能解釋為什麼你們認為這個水準是適當的？我認為大家對 Pure 的目標是什麼，以及為什麼它們的收益高於 Pru 的目標收益有些誤解。而且，日本國內保險公司的營運成本普遍在 200% 以上，為什麼 150% 對你來說還是個不錯的數字呢？而這是否得到了評級機構和監管機構的認可？

Yes, Tom. Let me explain what the 150% ESR target is and what it isn't, because I agree with you, there may be some confusion. In terms of what it is, it is the level that we would hold after a market stress occurs. So this is the level we would not want to go below. And this type of stress that includes shock to market rates and credit.

是的，湯姆。讓我解釋一下 150% ESR 目標是什麼，以及它不是什麼，因為我同意你的看法，這可能會有些困惑。就其本質而言，它是我們在市場承壓後會維持的水平。所以這是我們不想低於的水平。這種壓力包括市場利率和信貸的衝擊。

This is how we set our targets across all our legal entities. And as you've heard me say before, we have capital resources to manage these stresses as well as to manage more severe stresses, including our contingent capital sources. So that's what it is.

我們就是這樣為旗下所有法人實體設定目標的。正如我之前所說，我們擁有足夠的資金來應對這些壓力以及更嚴重的壓力，包括我們的緊急資金來源。原來如此。

In terms of what it isn't, it is not what we would aspire to hold in normal time. So in normal times, we would hold higher levels as you saw at the March 31 date where our ESR level was between 180% and 200%. So we plan to hold a level of capital above our target to provide a cushion that can withstand a market stress. And that is very consistent with how we manage our other businesses. And further, and to some of your questions, these ratios are a result of considerable thought, considerable modeling outcomes and does include dialogue with key constituents, including the rating agencies.

就它不是什麼而言，它不是我們在正常情況下所渴望擁有的。因此，在正常情況下，我們會保持更高的水平，正如您在 3 月 31 日看到的那樣，當時我們的 ESR 水平在 180% 到 200% 之間。因此，我們計劃保持高於目標水平的資本，以提供緩衝，抵禦市場壓力。這與我們管理其他業務的方式非常一致。此外，對於您的一些問題，這些比率是經過深思熟慮、大量建模結果得出的，並且確實包括與主要利益相關者（包括評級機構）的對話。

As far as regulators, they're more focused on the threshold level for them, which is 100%. And relative to peers, different companies do have different business mix, and we believe that is a big driver of the difference in the levels. So I would just close by saying that our operations in Japan remain well capitalized. Our June results were well above our 150% target just like our March 31 results were, as we discussed last quarter, and our ESR is not a binding constraint when it comes to cash flows from Japan.

至於監管機構，他們更關注的是他們的閾值水平，即 100%。相對於同業而言，不同公司的業務組合確實有所不同，我們認為這是造成水平差異的重要因素。最後我想說的是，我們在日本的業務資金依然充足。正如我們上個季度討論的那樣，我們 6 月份的業績遠超 150% 的目標，就像 3 月 31 日的業績一樣，而且就來自日本的現金流而言，我們的 ESR 並非一個約束性限制。

That's all helpful. I appreciate it. And just my follow-up is, so you had the recent abrupt departure of your CEO in Japan. I guess my perception is it's somewhat related to some regulatory issues that have occurred in the market that have impacted Prudential of Japan. Can you elaborate what's happening there? And I just want to make sure you don't think there's going to be any impacts to sales revenues when we think about things going forward in that business?

這些都很有幫助。謝謝。我還有一個後續問題，你們日本的執行長最近突然離職了。我認為這與市場上發生的一些監管問題有關，這些問題對日本保誠集團造成了影響。能詳細說明一下那裡發生了什麼事嗎？我只是想確認一下，您是否認為在考慮該業務未來的發展時，銷售收入會受到任何影響？

Yes. So succession planning is something that we take really seriously here at Pru and do very well. So this change from Hamada-san to Brad was planned. So when you use the words: abrupt departure. This was a planned succession change. We did accelerate it, and Hamada-san stepped down given some operational and compliance considerations, as you mentioned.

是的。因此，在保誠，我們非常重視繼任計劃，並且做得非常好。所以，從濱田先生到布萊德的更名是計畫好的。所以當你使用「突然離開」這個詞時。這是一次計劃好的繼任變更。我們確實加快了進程，正如您所提到的，由於一些營運和合規方面的考慮，濱田先生也辭職了。

Hamada-san felt, and I felt as well it was a good time to give Brad Hern, what I would call the driver seat. I want to -- as I did in my opening remarks to thank Hamada-san for all he's done for the company. But Japan is in great hands.

濱田先生覺得，我也覺得，現在是時候讓布拉德·赫恩擔任我所謂的「駕駛員」位置了。我想——就像我在開場白中所做的那樣——感謝濱田先生為公司所做的一切。但日本後繼有人。

Brad Hern is a 30-plus year veteran of the industry. Brad oversaw our Prudential adviser capability here in the US. He was the architect and key driver of the strategic relationship with LPL. He's saw the US market go from independent insurance agent over time to financial planners which is a very similar trend to which we're beginning to see in Japan. So he is the right leader to lead for capitalizing on this changing nature of the market.

布拉德·赫恩是業界超過30年的資深人士。Brad負責監督我們在美國的保誠顧問業務。他是與 LPL 建立策略關係的架構師和關鍵推動者。他見證了美國市場從獨立保險代理人逐漸轉變為財務規劃師，這與我們在日本開始看到的趨勢非常相似。因此，他是能夠掌握市場這種變化趨勢的合適人選。

As far as like what this might mean from a go-forward perspective. From a revenue perspective, looking forward, I'd just say, keep in mind two things. One, the market is changing. It is rotating towards retirement and savings, and then recognize in our results, you're still seeing the surrender headwinds. We're pleased with sales year-to-date in Japan.

至於從未來發展的角度來看，這可能意味著什麼。從收入角度來看，展望未來，我只想說，請記住兩件事。第一，市場正在改變。它正轉向退休和儲蓄，但從我們的業績來看，你仍然會看到退市帶來的不利影響。我們對今年迄今在日本的銷售業績感到滿意。

They're up 4%. And we've seen our new product introductions are really taking hold. About 20% of our sales are from products that we've introduced in the last 24 months, and a majority of the sales are from Retirement and Savings.

他們上漲了4%。我們已經看到，我們的新產品推出後確實取得了成功。我們約 20% 的銷售額來自過去 24 個月推出的產品，而大部分銷售額來自退休和儲蓄業務。

So this was a planned change that we accelerated. If you look at the -- Brad is the leader, the breadth of our product portfolio, the depth of our multichannel distribution, we know that all of that will help us overcome these headwinds over time and will help our growth.

所以這是一項我們加速推進的既定變革。如果你看看——布拉德是領導者，我們產品組合的廣度，我們多通路分銷的深度，我們知道所有這些都將幫助我們克服這些不利因素，並有助於我們的成長。

Jimmy Bhullar, JPMorgan.

吉米·布拉爾，摩根大通。

I had a couple of questions. First, if you could just talk about what you're seeing in terms of claims trends and price competition in the disability market? And then I had one another product line.

我有幾個問題。首先，您能否談談您在殘障保險市場中觀察到的理賠趨勢和價格競爭？然後我又推出了另一條產品線。

Yes. So thanks, Jimmy, and maybe I'll take this overall from both perspectives. So first, we are pleased with the quarter that we had in Group, and we're very pleased with our results year-to-date. As you saw in the quarter, we saw very strong Life performance. So very, very happy about that.

是的。所以謝謝你，吉米，也許我會從這兩個角度來看這件事。首先，我們對集團本季的業績感到滿意，對今年迄今的業績也非常滿意。正如您在本季所看到的，我們的人壽保險業務表現非常強勁。對此我感到非常非常高興。

We did see headwinds on the disability side. There's really three things that I would talk about when it comes to the higher disability ratio that we saw in the quarter. First, we saw an increase in the average size of new claims, for both short term and long term. As you know, that will naturally vary quarter-to-quarter. Second, we saw lower LTV resolutions.

我們在殘障權益方面確實遇到了一些阻力。關於本季出現的較高殘障率，我主要想談三點。首先，我們看到短期和長期新索賠的平均金額都有所增加。如您所知，這種情況自然會逐季度變化。其次，我們看到 LTV 解析度降低。

Remember, last quarter for us was an exceptionally strong quarter, and it was exceptionally strong as a resolution quarter as well. So it's quite natural for that to step down after such a strong quarter. And then third, we had unfavorable experience in our New York Paid Family Leave book. That's very consistent with the industry. And I would note that New York recently raised pricing in Paid Family Leave, which is going to help offset that headwind.

請記住，上個季度對我們來說是一個非常強勁的季度，而且作為業績結算季度，它的業績也異常出色。所以，在經歷瞭如此強勁的季度之後，他的業績下滑也是很自然的。第三，我們在紐約有薪家庭假方面遇到了一些不愉快的經驗。這與行業慣例非常一致。我還要指出，紐約最近提高了帶薪家庭假的收費標準，這將有助於抵消這一不利因素。

Pricing remains rational. We obviously closely monitor new business pricing, and we're not seeing anything different than we would expect to see. We also obviously spend a lot of time monitoring our book experience at the block and case level, and we've been quite successful at placing renewal increases where they've been warranted. So our group business is very well led. We have a very experienced team that stays on top of changes in the outside environment, and we have a good deal of confidence in the path forward.

定價依然合理。我們當然會密切關注新業務定價，目前為止，我們沒有發現任何與預期不同的情況。我們顯然也花了大量時間監控我們在各個業務單位和案例層面的圖書銷售情況，並且在適當的時候成功地提高了續約價格。因此，我們集團的業務管理非常出色。我們擁有一支經驗豐富的團隊，能夠密切關注外在環境的變化，我們對未來的道路充滿信心。

Okay. And then just on competition in the RILA market. Your sales, I think, sequentially were up. But they have slowed from what they were last year, and you've been citing competition as one of the reasons. And I just wanted to ask you for more details on what type of -- are you seeing competitors? Or are you just seeing a more crowded market? Or is it that companies are offering terms and conditions which you feel you don't want to match?

好的。然後就是RILA市場的競爭。我認為，你們的銷售額是環比成長。但與去年相比，他們的成長速度有所放緩，而你一直把競爭列為原因之一。我只是想問一下，您認為您遇到的競爭對手是哪種類型的？還是你只是看到了一個更擁擠的市場？或者，是因為公司提供的條款和條件您覺得您不想接受？

Yes. This is consistent with what we've discussed about -- discussed last quarter. It has become more competitive and you can use the word more crowded. I think that's a great way to frame it. We went from 5 competitors a few years back to 25 today.

是的。這與我們上個季度討論的內容一致。競爭變得更加激烈，可以用「更加擁擠」來形容。我覺得這個說法很好。幾年前我們只有 5 個競爭對手，現在有 25 個。

That includes some broader annuity players that have entered more recently. When you only had 5, the share was very concentrated. So it's quite natural for new players to work very hard to fragment that concentration. We expect it and have seen that there will be some aggressive pricing in the marketplace. What you should expect from us is disciplined growth, right?

這其中也包括一些近期進入市場的更廣泛的年金產品提供者。當只有 5 個人的時候，股份非常集中。所以，對於新玩家來說，努力分散對方的注意力是很自然的。我們預料到了，並且已經看到市場上會出現一些激烈的定價競爭。你們應該期待我們能實現穩健成長，對嗎？

Capitalizing on the strength of our brand, the strength of the product portfolio and our wide distribution. We're going to always make sure we're growing, but we're also achieving the right level of profitability. And that's what you're seeing show up in the sales. If you look at that business in general, we've done greater than $1 billion of sales per month every single month of 2025. That is very consistent success, and that's what we would expect going forward.

充分利用我們的品牌實力、產品組合優勢和廣泛的分銷管道。我們將始終確保公司發展，同時也要達到適當的獲利水準。這就是你在銷售數據中看到的現象。從整體來看，我們在 2025 年的每個月銷售額都超過了 10 億美元。這是非常穩定的成功，也是我們對未來發展的期待。

John Barnidge, Piper Sandler.

約翰·巴尼奇，派珀·桑德勒。

My question is about the Partner's Group partnership. How meaningful do you envision it? And are there other partnerships that could be added beyond Partners Group as we've seen Life Insurance, not just stop at one for product creation?

我的問題是關於合夥人集團的合作關係。你認為它有多大意義？除了我們已經看到的與人壽保險的合作之外，是否還可以增加其他合作夥伴關係，而不僅限於一家公司來開發產品？

Yes, we're very excited about the partnership with the Partners Group. PGIM and the Partners Group are highly complementary and obviously bring to the table best-in-class capabilities from both sides. Really, this partnership is about working together to bring forth multi-asset solutions to wealth, retirement and insurance clients, particularly in the retail space.

是的，我們對與合作夥伴集團的合作感到非常興奮。PGIM 和 Partners Group 具有高度互補性，顯然雙方都具備一流的實力。實際上，此次合作旨在共同為財富、退休和保險客戶，特別是零售客戶，提供多元資產解決方案。

If you think about it, Partners brings capabilities that we don't have, like primary private equity and we bring credit and real estate capabilities that are very additive to their strengths. So you should expect that one of the ways we'll look to grow our asset management capability and success is using partnerships. It's additive to help us grow. But it's not new. You saw us do this as we launch Prismic as well.

仔細想想，合作夥伴擁有我們所不具備的能力，例如私募股權投資，而我們則擁有信貸和房地產方面的能力，這些能力與他們的優勢相輔相成。因此，您應該預料到，我們將尋求提升資產管理能力和取得成功的方式之一就是透過建立合作夥伴關係。它有助於我們成長。但這並非新鮮事。你們也看到我們在發布 Prismic 時也這樣做過。

Okay. And then with the Board approving the ESR, what is the opportunity for Prismic as you see it in the coming year?

好的。那麼，在董事會批准了ESR之後，您認為Prismic在未來一年有哪些機會？

John, with regards to Prismic, I would say Prismic continues to be an important tool in our tool kit. Reinsurance is key to our business. It allows us to manage products in the most capital-efficient manner by matching capital and reserving regimes with economics, and to accomplish this, we use reinsurance with wholly owned entities, Prismic and third parties, and you've seen us do that in order to manage ESR volatility as we've talked about in the past.

John，關於 Prismic，我想說 Prismic 仍然是我們工具箱中的重要工具。再保險對我們的業務至關重要。它使我們能夠以最有資本效率的方式管理產品，將資本和準備金制度與經濟效益相匹配。為了實現這一目標，我們利用全資實體、Prismic 和第三方進行再保險，正如我們過去所討論的，您已經看到我們這樣做是為了管理 ESR 波動。

And we continue to work on an active pipeline with Prismic, that includes ongoing balance sheet optimization, financing new business growth as well as working on third-party capital -- third-party block. So the one thing I would say that is new about Prismic is that we did recently launch our first forward flow transaction with Prismic covering US retail fixed annuities. It's in small quantities because we just began that, but it is our first forward flow transaction.

我們繼續與 Prismic 合作，積極推進各項計劃，包括持續優化資產負債表、為新業務成長提供融資以及爭取第三方資本——第三方區塊。所以，關於 Prismic，我想說的一點新變化是，我們最近與 Prismic 合作推出了第一筆遠期交易，涵蓋美國零售固定年金。雖然數量不多，因為我們才剛開始做這件事，但這是我們的第一筆正向流動交易。

[Jack Matson], BMO Capital Markets.

[傑克馬特森]，BMO資本市場。

My first question is on Individual Retirement. Your core earnings growth there took a nice step up this quarter. At least part of that was on kind of better spread earnings. I'm just wondering if you could discuss further the earnings growth outlook for that business? Are the ways you can keep offsetting the headwinds from VA runoff and any impacts from Fed rate cut we should be thinking about in the coming quarters?

我的第一個問題是關於個人退休計畫的。本季貴公司的核心獲利成長取得了顯著提升。至少部分原因是收益分配更合理。我想請您進一步談談該公司的獲利成長前景？在接下來的幾個季度裡，我們應該考慮哪些方法來抵消退伍軍人事務部資金減少和聯準會降息的不利影響？

Yes, Jack. So a couple of things. Yes, to your point, we did have nice core earnings growth there. So there were two things. We did have higher spread income as well as higher fee income in the business, and that is a result of both business growth and favorable markets.

是的，傑克。有兩件事。是的，你說得對，我們的核心獲利成長確實不錯。所以有兩件事。我們的業務收益（包括點差收入和手續費收入）確實有所提高，這是業務成長和市場行情好的結果。

With the Canadian strong sales that we have seen, we did have an increase in spread earnings. There was also some reinvestment benefit as reinvestment yields continue to be above portfolio yield. So that's the first driver. And in addition to that, the benefit from market appreciation did more than offset the runoff of our legacy variable annuities, increasing fee income. So that is definitely a driver that we're seeing.

由於加拿大市場的強勁銷售，我們的利潤率有所提高。此外，由於再投資收益率持續高於投資組合收益率，因此也存在一定的再投資收益。這是第一個驅動因素。除此之外，市場升值帶來的收益也足以抵銷我們遺留可變年金的損失，從而增加了費用收入。所以這絕對是我們看到的一個驅動因素。

With regards to offsetting the runoff, obviously, the earnings here are going to be driven by both markets and spread. In terms of rate cuts and the impact on spreads, there is no material impact of changes on short-term rates for us. As I mentioned, our reinvestment yields continue to be higher than our portfolio yields, and so from a long-term perspective, we do have our sensitivities that we shared in interest rates. And so I would remind you if we had a onetime 50 basis point decline in long-term interest rates with no recovery after 12 months, we estimate an annual AOI impact of approximately $0.20 per share.

至於如何抵銷徑流，顯然，這裡的收益將由市場和價差共同決定。就降息及其對利差的影響而言，短期利率的變化對我們來說沒有實質影響。正如我之前提到的，我們的再投資收益率持續高於我們的投資組合收益率，因此從長遠來看，我們確實對利率存在一些敏感度。因此，我要提醒各位，如果長期利率一次下降 50 個基點，且 12 個月後仍未恢復，我們估計每年 AOI 的影響約為每股 0.20 美元。

Jack, I would just add that this is a market with a lot of tailwinds. It's a market that's now consistently over $110 billion per quarter. If you think about the aging society and aging society's need for protected income, the fact that there's $7 trillion in money markets on the side and $40 trillion in unprotected retirement assets sitting in retirement accounts. There's just a lot of tailwind, and we're well positioned to capture share in the market given the strength of our capability. So we like what we see and we expect to see growth here.

傑克，我還要補充一點，這是一個有很多好因素的市場。如今，這個市場每季的規模持續超過 1100 億美元。考慮到人口老化以及老齡化社會對受保護收入的需求，以及貨幣市場中有 7 兆美元的資金和退休帳戶中 40 兆美元的未受保護退休資產，我們就會明白這一點。目前情況一片大好，憑藉我們強大的實力，我們完全有能力搶佔市場份額。所以我們對目前的情況感到滿意，並期待這裡能夠發展壯大。

Got it. And follow-up is on expenses. I think we're lower this quarter across the company, I think both in corporate and other and the operating segments. I guess could you just talk about any kind of expense efficiencies that are driving across the organization. And looking forward, should we think about whether it's a certain expense ratio or level of savings next year and whether that maybe some incorporate or the operating segments?

知道了。後續工作是關於費用的。我認為本季公司整體業績有所下滑，無論是公司業務部門、其他業務部門或營運部門都是如此。我想請您談談公司內部正在推行的各種成本效率提升措施。展望未來，我們是否應該考慮明年是否需要達到一定的費用率或節約水平，以及這是否可能涉及某些企業或營運部門？

Yes, definitely. And I would start by saying that for us, expense discipline is a lifestyle, not necessarily a diet. So we don't think about specific initiatives. We are constantly looking for continuous improvement, and that provides resources to continue to invest in the business as well as potentially fall to the bottom line.

是的，當然。首先我想說的是，對我們來說，節約開支是一種生活方式，而不是一種節食方法。所以我們不會考慮具體的措施。我們不斷尋求持續改進，這為我們繼續投資業務提供了資源，但也可能最終影響利潤。

We do have an intermediate target for operating expense expenses of 10.5% to 8.5%. And when we did set the target at the end of last year, we were already at the top end of the range, and we do expect to continue to make progress with regards to that target.

我們設定了一個營運費用中期目標，即 8.5% 至 10.5%。去年年底我們設定目標時，我們已經達到了目標範圍的上限，我們預計在實現該目標方面將繼續取得進展。

Alex Scott, Barclays.

亞歷克斯·斯科特，巴克萊銀行。

I wanted to come back to PGIM and just some of the comments you made about the margin improvement over time. I'd be interested in the restructuring reorganization charge that you had this year and how much of that directly translates into more immediate savings on expenses? And will you have any more of those kind of reorganization charges as we think about going into year-end and early next year?

我想回到PGIM的話題，以及您之前提到的關於利潤率隨時間推移而提高的一些評論。我對貴公司今年的重組費用很感興趣，想了解其中有多少能直接轉化為更直接的開支節省？展望年底和明年初，您是否還會面臨類似的重組費用？

Yes. Thanks, Alex. Maybe let me take that in two different steps. Let me talk a little bit about the integration and then talk about the margin. Just to keep front and center, the integration, the reason we did that was really driven by customer behavior and the way that we see customers buying.

是的。謝謝你，亞歷克斯。或許我可以分兩步驟來解釋。讓我先簡單談談整合，然後再談談利潤率。再次強調，整合的真正原因在於客戶行為以及我們觀察到的客戶購買方式。

They absolutely want to work with fewer asset managers that have more breadth, that's why we decided to go to market as One PGIM. I'm very proud of Jacques and the leadership team and the rapid progress they made that they already fully changed and leaned into this new model. And the change is being well received in the marketplace by our clients.

他們絕對希望與規模較小但業務範圍更廣的資產管理公司合作，這就是我們決定以 One PGIM 的名義進入市場的原因。我為雅克和他的領導團隊感到非常自豪，他們取得了快速進展，已經完全改變並適應了這種新模式。市場上的客戶對這項變化反應良好。

We're already seeing early signs of cross-sell momentum. And as Yanela talked about in the opening, this will lead to real bottom line savings and strong efficiencies. That absolutely is going to be helped from a margin perspective.

我們已經看到交叉銷售動能初現端倪。正如雅內拉在開場白中所說，這將帶來實質的成本節約和效率提升。從利潤率的角度來看，這肯定會有所幫助。

Our margins in the quarter were 23.7%. That was impacted by really two different, I'll call them, one-timers, the $40 million of severance, but also the Taiwan sale. Without those, the margin in the quarter would have been 25.9%. So in our 25% to 30% range. The path to getting towards the high end of that range at 30% is very clear.

本季我們的利潤率為 23.7%。這主要受到兩件不同的、我稱之為一次性事件的影響，一是 4000 萬美元的遣散費，二是台灣的出售。除去這些因素，該季度的利潤率將為 25.9%。所以，在我們 25% 到 30% 的範圍內。達到 30% 這個上限的路徑非常清晰。

We are starting to see the beginning of the improvement in the fixed income and real estate market. That certainly will be helpful. We are seeing traction in our major growth initiatives, with real progress across ETFs, asset-backed finance and direct lending.

我們開始看到固定收益和房地產市場出現好轉的跡象。那肯定會很有幫助。我們在主要成長計劃中看到了成效，在 ETF、資產支持融資和直接貸款方面都取得了實質進展。

And to your point, we will maintain a laser focus on expenses. And that means both looking for lower priority areas that we can shift investment out of as well as just across the entire company. We have a fantastic opportunity with AI and new technology to become more productive. So we are confident in our ability to achieve the high end of 25% to 30% and the changes that we're starting to make more rapidly are giving us good momentum.

正如您所說，我們會繼續嚴格控制開支。這意味著既要尋找優先順序較低的領域，以便將投資轉移出去，也要在整個公司範圍內尋找合適的投資方向。人工智慧和新技術為我們提供了提高生產力的絕佳機會。因此，我們有信心實現 25% 到 30% 的高端目標，而且我們正在加快做出的改變也為我們帶來了良好的勢頭。

That's really helpful. Next one I had is on capital management. Just in light of you've some better growth coming through. Could you update us on just capital management priorities overall? And mix between sort of growth capital versus redeployment and bolt-on M&A outlook?

這真的很有幫助。接下來我考的是關於資本管理的。鑑於你未來會有更好的發展前景。能否簡單介紹一下整體的資本管理重點？那麼，成長資本與再部署以及補充性併購前景之間該如何平衡呢？

Sure, Alex. So I would start by saying that our capital deployment priorities have not changed. We remain focused on achieving our growth objectives and take a very disciplined approach towards capital deployment to support this. Our top priority has and continues to be to invest in our businesses at attractive returns while continuing to pay a healthy dividend along with share buybacks.

當然可以，亞歷克斯。首先我想說的是，我們的資本部署重點並沒有改變。我們始終專注於實現成長目標，並採取非常嚴謹的資本部署方式來支持這一目標。我們的首要任務一直是並將繼續是以具有吸引力的回報投資於我們的業務，同時繼續支付可觀的股息並進行股票回購。

And we are comfortable with our current level of capital deployed to shareholders, which was over $700 million in the quarter. And we feel that we maintain a balanced mix. And as you know, our guidance and our intermediate target is a 65% free cash flow ratio after investing in the business.

我們對目前分配給股東的資本水準感到滿意，本季超過 7 億美元。我們認為我們保持了均衡的組合。如您所知，我們的指導目標和中期目標是在投資業務後實現 65% 的自由現金流比率。

And I would just jump in on the M&A side. We've talked about we're evolving our strategy to recognize the changing world around us and leaning into the best areas for growth and return. As we do that, obviously, as I've always said, organic growth is always job one, and we think we have some very good organic growth opportunities.

我會直接參與併購方面的工作。我們已經討論過，我們將不斷調整策略，以適應周圍不斷變化的世界，並專注於成長和回報最佳的領域。顯然，正如我一直所說，有機成長始終是第一要務，我們認為我們有一些非常好的有機成長機會。

But we do view M&A as an important tool to be utilized over time. You've heard me on many calls now. I'm a deep believer in being very proactive in the marketplace. I've used the words: in the now and in the flow. That means across our very best growth opportunities, so things like asset management, being very active and always being aware. As always, though, we're going to be very intentional, methodical and disciplined in what we do in the M&A space.

但我們確實認為併購是隨著時間的推移而需要利用的重要工具。你現在已經在很多電話裡聽到我的聲音了。我深信在市場競爭中應該積極主動。我用了「活在當下」和「順其自然」這兩個字。這意味著要抓住我們最好的成長機會，例如資產管理，積極主動，時刻保持警覺。不過，和以往一樣，我們在併購領域所做的一切都將非常謹慎、有條不紊、嚴謹自律。

Ryan Krueger, KBW.

Ryan Krueger，KBW。

In regards to the headwind from variable annuity runoff, I guess, one alternative that to limit that would be pursuing more variable annuity risk transfer. I know you've already, of course, done a couple of transactions already, but I was hoping to get an update on if that's something that you'd be -- maybe consider pursuing again?

關於可變年金資金流失的不利影響，我認為，限制這種影響的替代方案是尋求更多可變的年金風險轉移。我知道您當然已經完成了一些交易，但我希望能了解您是否會考慮再次進行此類交易？

I'm going to raise this up and not just focus it on variable annuities because there's other areas that this would apply to. Recognize we've made very good progress on our product pivots, and on the reinsurance transactions, we're pleased that we have those behind us. And we have reduced the exposure to traditional variable annuities and guaranteed universal life substantially, by greater than 60%.

我打算提出這個問題，而且不僅限於可變年金，因為它也適用於其他領域。我們認識到我們在產品轉型方面取得了非常好的進展，而且在再保險交易方面，我們很高興這些都已經完成了。我們已大幅減少了對傳統可變年金和保證型萬能壽險的投資，降幅超過 60%。

As I said last quarter, we don't view this as a start or a stop. We're always seeking to optimize our balance sheet, our capital, our cash flows. And as we sit here, there is a healthy market available for transactions. There's plenty of capital available. There are plenty of counterparties that are seeing value in these legacy books of business. So we are and we will continue to assess those opportunities. Obviously, we will keep you informed when we do something.

正如我上個季度所說，我們並不認為這是一個開始，也不認為這是一個結束。我們始終致力於優化資產負債表、資本和現金流。而就在我們坐在這裡的時候，市場上存在著健康的交易機會。資金充足。很多交易對手都看到了這些遺留業務的價值。所以我們現在正在評估這些機會，將來也會繼續評估。當然，我們採取任何行動時都會及時通知您。

Great. And then in January, you had announced that you were pursuing a strategic partnership with Dai-ichi. Is there anything you can provide in terms of an update on that and what that could potentially include?

偉大的。然後，在1月份，您宣布將與第一三共株式會社尋求策略夥伴關係。您能否提供一些關於這方面的最新信息，以及可能包含哪些內容？

Yes, absolutely. The partnership is off to a very good start. And I would just say, recall from what we announced, there are two major aspects to Phase I.

是的，絕對的。雙方的合作開局非常順利。我只想說，回顧一下我們宣布的內容，第一階段有兩個主要面向。

First, we will distribute Dai-ichi's Neo First cancer product through our Life Planner system. That demonstrates the strength and the value of that Life Planner system and others recognize that strength. The second part of it is we will manage material assets over time for Dai-ichi and in particular, including private credit. The assets that we have begun to manage assets for Dai-ichi. It's steadily growing and will soon reach $1 billion in assets under management.

首先，我們將透過我們的 Life Planner 系統分銷第一三共株式會社的 Neo First 癌症產品。這體現了 Life Planner 系統的強大功能和價值，其他人也認可了這種強大功能。第二部分是我們將長期管理第一製藥的物質資產，特別是包括私人信貸在內的物質資產。我們已開始為第一個製藥管理資產。該公司正穩步成長，管理資產規模很快將達到 10 億美元。

This is a very important partnership for us. And the Dai-ichi CEO, Kikuta-san, and I meet with regularity. And we do have a menu of looking at things of how we might expand this relationship. But we're also both very clear that job one is doing these current things very, very well to earn the right to the next set of things.

這對我們來說是一項非常重要的合作。我和第一石油公司的CEO菊田先生定期會面。我們確實有一系列方案可以探討如何拓展這種關係。但我們倆也都非常清楚，首要任務是把現在這些事情做得非常出色，從而贏得做下一件事的權利。

Cave Montazeri, Deutsche Bank.

蒙塔澤里洞，德意志銀行。

First question is on tech and AI. You've been investing in technology and big data analysis for a long time now. Do you think that a new generation of AI tools or adding your urgency to invest even more in tech right now than, let's say, 3 years ago? Or do you view that as being just business as usual in terms of technology investments?

第一個問題是關於科技和人工智慧的。您長期以來一直在投資技術和大數據分析。您是否認為新一代人工智慧工具的出現，或是讓您現在比三年前更迫切地需要增加對科技的投資？或者您認為這只是技術投資的正常業務？

Yes. Cave, we do believe that AI is going to have a profound impact on Prudential over time. And to your point, we have been investing in this for quite some time, and we're obviously going to keep doing that. Investments are ramping up -- and they're ramping up because we see the value of that enhanced level of investment, I think, as many do. They're also ramping up though because the quality of tools available to use are much better than they have -- than they were even a year ago.

是的。凱夫，我們確實相信，隨著時間的推移，人工智慧將對保誠產生深遠的影響。正如您所說，我們已經在這方面投入了相當長一段時間，而且我們顯然會繼續這樣做。投資正在加速成長——我認為，投資加速成長是因為我們看到了這種更高水準投資的價值，就像許多人看到的那樣。不過，他們也在加緊生產，因為現在可用的工具品質比以前好得多——甚至比一年前還要好得多。

Where we're focused is two core areas. First is improving our customer and adviser experience and using AI to personalize the process and to have faster decision-making, and then second, there's just a very strong opportunity to improve the efficiency of the organization, both accelerating employee productivity at the individual level as well as simplifying processes across the company. So this is an area where investments are ramping up, and it will enable and inflect our performance over time.

我們關注的重點領域有兩個核心領域。首先，我們要改善客戶和顧問的體驗，利用人工智慧實現流程個人化，加快決策速度；其次，我們有非常好的機會提高組織的效率，既可以提高員工個人的生產力，也可以簡化整個公司的流程。因此，這一領域的投資正在加大，隨著時間的推移，這將對我們的業績產生積極影響。

My follow-up question, maybe just a bit of a competitive sensitivity around it, so feel free to not answer it. But how much do you spend on any given year on these investment in AI and growth initiatives from a technology standpoint?

我的後續問題可能有點關乎競爭，所以您可以選擇不回答。但從技術角度來看，你們每年在人工智慧和成長計畫方面的投資支出是多少？

Well, Cave you nailed it. We're not going to provide that figure, but maybe I'll just kind of frame it that we believe technology is intertwined and is core. There's no difference between business and technology today. So the level of investment is significant, and we feel it's appropriate and provides great return to the shareholder.

凱夫，你說得太對了。我們不會提供具體數字，但我可以這樣概括：我們認為科技是相互交織的核心。如今商業和科技之間沒有差別。因此，投資規模相當可觀，我們認為這是合適的，並且能為股東帶來豐厚的回報。

Elyse Greenspan, Wells Fargo.

伊莉絲‧格林斯潘，富國銀行。

My first question, I know you guys provided a little bit of forward guidance for next year, right, just within PGIM and margin improvement. And then is based on how you see other things sitting today, do you guys expect to get back or to get within that 5% to 8% EPS target that you guys laid out next year?

我的第一個問題是，我知道你們對明年給了一些前瞻性指引，對吧，主要是關於 PGIM 和利潤率提升方面。那麼，根據你們目前對其他因素的看法，你們預計明年能否​​恢復到或達到你們設定的 5% 到 8% 的 EPS 目標？

Elyse, again, if you recall, when we talked about the targets, we said it wouldn't be linear. We talked about the near-term headwinds. And over time, as those dissipate, we would have growth. The actions we've taken in PGIM, obviously, will produce operating efficiencies and create investment capacity and drive growth. We are not, at this point, updating the targets, and it is too early to provide an update. So I would just say we still are targeting the 3-year growth to be between 5% to 8%.

伊莉絲，如果你還記得的話，當我們討論目標時，我們說過這不會是線性的。我們討論了近期面臨的不利因素。隨著時間的推移，當這些因素消散後，我們就會有成長。顯然，我們在PGIM採取的行動將提高營運效率，創造投資能力，並推動成長。目前我們暫不更新目標，現在提供最新進展還為時過早。所以我想說，我們仍然將未來三年的成長目標設定在 5% 到 8% 之間。

And then my second question, I guess, goes back to the ESR right? I know you guys are now laying out this 150% target, right? And last quarter, you guys had given us the range that 180% to 200%, where you were at the end of the fiscal year. And I believe you said that you're well above the 150%. So could you give us a sense like, are you still within the 180% to 200%?

那我的第二個問題，我想，應該還是跟ESR有關吧？我知道你們現在的目標是實現150%的收益，對吧？上個季度，你們給出的預期範圍是 180% 到 200%，這是你們在財年結束時的表現。我相信你說過你的分數遠高於 150%。那麼，您能否大致說明一下，您是否仍然在 180% 到 200% 的範圍內？

And I know the disclosure will start to come next year, but would you, I guess, disclose if you fall outside of that 180% to 200% range? Or if you could just give us a sense of just what the disclosure is going to be from now into next year?

我知道披露工作將於明年開始，但我想，如果你不在 180% 到 200% 的範圍內，你會披露嗎？或者，您能否大致介紹一下從現在到明年，資訊揭露的具體內容？

Yes. So between now and to next year, you could think about our disclosure being very consistent with how we talk about RBC for PICA, RBC for PICA is published on an annual basis. And in the interim quarters, we talk about our level relative to that target.

是的。因此，從現在到明年，您可以認為我們的揭露方式與我們談論 PICA 的 RBC 的方式非常一致，PICA 的 RBC 是每年發布的。在季度中期，我們會討論我們相對於該目標的水平。

It will be the same for the rest of the year until we are publishing in Japan the quarterly RBC. And so what we said at March 31 is that at the fiscal year-end, we were at 180% to 200% as well in excess of the 150% target. What we said this quarter is as of June 30, we are well in excess of that target.

今年剩餘時間情況都將如此，直到我們在日本出版季度 RBC 報告為止。因此，我們在 3 月 31 日表示，在財政年度結束時，我們的完成率達到了 180% 至 200%，超過了 150% 的目標。正如我們本季所說，截至6月30日，我們已經遠遠超過了目標。

Tracy Benguigui, Wolfe Research.

Tracy Benguigui，Wolfe Research。

I have a follow-up on private credit. I get that the traditional place life insurers like to be is private placements, and you have a long track record in space and many of the private placements are rated. But the market is evolving and new private credit asset classes have emerged in recent years. So my question is on allocation perspective. What is your appetite for some of these newer type of private credit assets like residential mortgage loans, asset-backed lending, middle market loans and infrastructure?

我還有關於私人信貸的後續問題。我明白傳統人壽保險公司喜歡涉足私募領域，而且你們在這個領域有著悠久的歷史，許多私募計畫都獲得了評級。但市場正在不斷發展，近年來出現了新的私人信貸資產類別。所以我的問題是關於資源分配的。您對房屋抵押貸款、資產抵押貸款、中端市場貸款和基礎設施等新型私人信貸資產有何興趣？

Yes. Tracy, what I would say is -- we have a strong portfolio constructed to be resilient and perform well. We always evaluate new asset classes. So absolutely, there are new asset classes in private credit, and we're looking to evaluate the asset classes that offer attractive relative returns and diversification opportunity. But this is always done in the context of our robust risk and capital frameworks, and we will continue to do that.

是的。Tracy，我想說的是——我們建立了一個強大的投資組合，使其具有韌性並表現良好。我們始終會對新的資產類別進行評估。所以，私募信貸領域確實存在新的資產類別，我們正在評估那些能夠提供有吸引力的相對回報和多元化機會的資產類別。但這始終是在我們健全的風險和資本框架內進行的，我們將繼續這樣做。

Tracy, I would just add in, obviously, that's from a general account perspective, but these are important businesses in PGIM, and we've been expanding our capabilities from an asset class perspective in the credit space. And you'll recall, we just brought together public and private credit together into a $1.1 trillion manager because that's how customers are buying. But we have leaned in and really strengthened.

Tracy，我還要補充一點，顯然，這是從一般帳戶的角度來看的，但這些是 PGIM 的重要業務，我們一直在從資產類別的角度擴展我們在信貸領域的能力。您應該還記得，我們​​剛剛將公共信貸和私人信貸合併到一個 1.1 兆美元的管理機構中，因為這就是客戶的購買方式。但我們已經全力以赴，實力也真正增強了。

I'll give two examples. Direct lending. You'll recall a couple of years back, we bought Deer Path Capital, in between our organic growth in direct lending and Deer Path, we're now over $14 billion in assets under management. We're also leaned into asset-backed finance, which is part of our $145 billion securitized product business. We're one of the leading players out there in public and private ABF.

我舉兩個例子。直接貸款。您可能還記得幾年前，我們收購了 Deer Path Capital，憑藉我們自身在直接貸款領域的成長以及 Deer Path 的收購，我們現在管理的資產超過 140 億美元。我們也大力發展資產支持融資，這是我們1,450億美元證券化產品業務的一部分。我們是公共和私營 ABF 領域的領導企業之一。

These are capabilities that grew out of the general account. But it's important both to have the right capabilities for RGA but also to get real commercial success out of them as well.

這些功能是從通用帳戶發展而來的。但對 RGA 而言，擁有合適的能力固然重要，但從中獲得真正的商業成功也同樣重要。

My next question is on the VUL growth. It was nearly 20% this quarter. It is a more market-sensitive product and you're a market leader in the space. I was looking at Wink Data, looks like you're number one and you have nearly 30% market share. So it seems like you like the product more than others. And I'm wondering, what is it about the product that you like? And what's the earnings profile of VUL that maybe others are missing?

我的下一個問題是關於VUL的成長。本季接近20%。這是一個對市場變化更敏感的產品，而你們是該領域的市場領導者。我查看了 Wink 的數據，看來你們排名第一，市佔率接近 30%。看來你比其他產品更喜歡這款產品。我想知道，您喜歡這款產品的哪一點？VUL的收益狀況有哪些是其他人可能忽略的？

So thanks, Tracy. Maybe let me start by saying VUL is less market-sensitive than the product set that we moved away from. You'll recall that we pivoted away from Guaranteed Universal Life to Variable Universal Life, in particular Variable Universal Life accumulation products. As far as why we're seeing such great success in the marketplace, I'd just say a couple of things. First is the strength of our distribution.

謝謝你，特蕾西。或許我可以先說，VUL 對市場的敏感度低於我們之前放棄的產品組合。您可能還記得，我們​​已經從保證型萬能壽險轉向可變型萬能壽險，特別是可變型萬能壽險累積產品。至於為什麼我們在市場上取得瞭如此巨大的成功，我只想說幾點。首先是我們分銷管道的實力。

We have one of the strongest distribution capabilities in the marketplace between our Prudential Adviser capability and our third-party relationships. We also have a relatively new product in the marketplace, FlexGuard Life, and that product is a VUL product and had a record quarter.

憑藉保誠顧問的能力和與第三方建立的關係，我們在市場上擁有最強大的分銷能力之一。我們還有一款相對較新的產品 FlexGuard Life，這是一款 VUL 產品，並且創下了季度銷售紀錄。

To be clear, though, others are entering the space. They do see the attractiveness, and it is becoming more competitive. We feel we have everything that we need to remain a leader, but we would expect to see more pressure as more of our competitors are getting into this part of the market.

不過要先明確的是，其他人也正在進入這個領域。他們看到了其中的吸引力，競爭也變得越來越激烈。我們認為我們擁有保持領先所需的一切，但隨著越來越多的競爭對手進入這個市場領域，我們預計會面臨更大的壓力。

Wes Carmichael, Autonomous Research.

Wes Carmichael，自主研究。

I had a broad question on Longevity. If I think back a number of years, I remember Prudential had a slide in the deck that showed call it, the balance between Mortality and Longevity Risk. Seems to me with some of the divestitures on the Life side and growth in PRT, Retail Annuities, Longevity.

我有一個關於長壽的比較寬泛的問題。如果我回想幾年前，我記得保誠集團的簡報中有一張投影片，展示了所謂的死亡率風險和長壽風險之間的平衡。在我看來，透過剝離人壽保險業務以及在個人退休金、零售年金和長壽保險領域的成長，情況似乎有所改善。

I'm just trying to wonder how you're thinking about the balance of Longevity? And I guess I ask in the context of Swiss-Re is calling for a significant improvement, mortality and morbidity from GLP-1 drugs. So I wonder if that's a risk if you're shifting more towards Longevity products?

我只是想了解一下您是如何看待長壽這一平衡問題的？我想問這個問題，是因為瑞士再保險公司呼籲大幅改善 GLP-1 藥物的死亡率和發生率。所以我想知道，如果更多地轉向長壽產品，這是否會存在風險？

Yes, Wes. So a couple of thoughts there. I would say, number one, LDTI had significant changes to how that risk emerges in our balance sheet and our earnings. So that's one of the reasons we don't provide that anymore. We do obviously look at Longevity and Mortality.

是的，韋斯。我有幾點想法。首先，LDTI 對我們的資產負債表和收益中風險的出現方式產生了重大影響。所以，這也是我們不再提供這項服務的原因之一。我們當然會關注壽命和死亡率。

We track all drivers of Mortality improvement and not just GLP-1. So it's something we look at very carefully. We feel we're well balanced and we have a significant capacity actually to take on more Longevity. So we're very comfortable with where we are today.

我們追蹤所有影響死亡率改善的因素，而不僅僅是 GLP-1。所以這是我們非常仔細研究的事情。我們感覺自身狀況良好，而且實際上我們有很大的能力來承擔更多的長壽業務。所以，我們對目前的狀況非常滿意。

All right. That's helpful. And a question on Individual Life, maybe it's a little bit specific. But last year, you guys announced the transaction with Wilton. But in that press release, you also announced some restructuring of the Life captives, and I think that improved run rate earnings power.

好的。那很有幫助。關於個人生活的問題，可能有點具體。但去年，你們宣布了與威爾頓的交易。但在那份新聞稿中，您也宣布對人壽保險公司進行一些重組，我認為這提高了其營運獲利能力。

Are there any additional opportunities for captive restructuring? And we've heard that financing charges for some of those older captives have kind of increased substantially. So just wondering if that's still an opportunity.

還有其他針對自保公司的重組機會嗎？我們聽說，一些老牌自保公司的融資費用已經大幅上漲。所以我想知道這是否仍然是一個機會。

Yes. I mean -- so obviously, last year, we had what I would call a big project where we restructured those. We -- it was very helpful, and it improved our profile. What I would say is we're constantly looking at how we optimize our balance sheet, and ultimately, how we match the economics of our products to the reserving and capital standards. So we will continue to do that, whether it's with captives or other areas of our balance sheet, but we're not actively looking to do anything else at this point.

是的。我的意思是——很顯然，去年我們開展了一個大項目，對這些項目進行了重組。對我們非常有幫助，也提升了我們的形象。我想說的是，我們一直在研究如何優化資產負債表，最終是如何使我們產品的經濟效益與準備金和資本標準相符。因此，我們將繼續這樣做，無論是在自保公司還是資產負債表的其他領域，但目前我們並沒有積極尋求做其他任何事情。

[James Coney], Morgan Stanley.

[詹姆斯·科尼]，摩根士丹利。

This is James Coney on for Bob. On Group Insurance, how should we think about the total benefits ratio going forward given that it's been trending at the low end below the target range for the last couple of quarters?

這裡是詹姆斯‧科尼，替鮑伯報道。關於團體保險，鑑於過去幾季總賠付率一直處於目標範圍以下的低位，我們應該如何看待未來的總賠付率？

So James, it's Andy. So first, I will say we look at that annually. So we will, at the end of this year, be looking at our benefit ratio range because we obviously recognize what you're saying. I made comments earlier in the call, we're very pleased with the performance of the business. Really benefit ratio comes from discipline in pricing, really strong underwriting and then on the disability side, having top-notch claims management.

詹姆斯，我是安迪。首先，我要說的是，我們每年都會進行這方面的評估。所以，今年年底我們會檢視一下我們的福利比率範圍，因為我們顯然明白你的意思。我在之前的電話會議中已經說過，我們對公司的表現非常滿意。真正的收益比率來自於定價的嚴格把控、強大的承保能力，以及在殘障方面一流的理賠管理。

We feel we have all three of those and the business has really been operating well in both the life and the disability side. We have a very experienced team there. They're obviously watching the environment. If unemployment were to tick up, we'd expect not just for us, but for others, the benefit ratio to increase. But at this point in time, we like where the business is running. We'll reevaluate at the end of the year what the right range should be.

我們認為我們擁有這三點，而且公司在人壽保險和殘障保險方面都運作良好。我們在那裡擁有一支經驗豐富的團隊。他們顯然在關注環境議題。如果失業率上升，我們不只會預期自己的福利金比例上升，其他人的福利金比例也會上升。但就目前而言，我們對公司的營運狀況感到滿意。我們將在年底重新評估合適的範圍。

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

我們的問答環節到此結束。我想把發言權交還給各位，請大家再做總結發言。

So thank you again for joining us this morning. Before we close out the call, as I often like to do, I want to take a moment to recognize the Prudential team. Our employees are doing the hard, essential work of serving our customers as we sharpen our strategy to deliver the long-term growth that we expect. I look forward to updating you on our progress in February. Thanks, and have a great day.

再次感謝您今天早上收看我們的節目。在結束本次電話會議之前，我想像往常一樣，花一點時間感謝保誠團隊。我們的員工正在努力從事服務客戶的艱苦而重要的工作，同時我們也不斷完善策略，以實現我們所期望的長期成長。我期待在二月向您報告我們的進展。謝謝，祝您今天過得愉快。

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

謝謝。今天的電話會議和網路直播到此結束。現在您可以斷開線路了。祝您有美好的一天。感謝您今天的參與。