保德信金融集團 (PRU) 2025 Q4 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, this conference is being recorded.

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。（操作說明）提醒各位，本次會議正在錄音。

It's now my pleasure to turn the call over to Tina Madon. Please go ahead.

現在我很高興將電話交給蒂娜·馬登。請繼續。

Thank you. Good morning, everyone, and thank you for joining us. Representing Prudential on today's call are Andy Sullivan, Chief Executive Officer; and Yanela Frias, Chief Financial Officer. We'll start with prepared remarks by Andy and Yanela, and then we'll address your questions.

謝謝。各位早安，感謝各位的參與。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，Andy 和 Yanela 將發表準備好的講話，然後我們將回答你們的問題。

Before we begin, I want to remind you that today's discussion may include forward-looking statements. It is possible that our actual results may differ materially from those statements.

在開始之前，我想提醒各位，今天的討論可能包含前瞻性陳述。我們的實際結果可能與這些說法有重大差異。

In addition, remarks made on today's call and in our quarterly earnings press release, earnings presentation and quarterly financial supplement, which can be found on our website at investor.prudential.com. include references to non-GAAP measures.

此外，今天電話會議以及我們在季度收益新聞稿、收益演示文稿和季度財務補充文件中發表的言論（可在我們的網站 investor.prudential.com 上找到）均提及了非公認會計準則 (non-GAAP) 指標。

For a reconciliation of such measures to the most comparable GAAP measures, and a discussion of the factors that could cause actual results to differ materially from those in these forward-looking statements.

為了將這些措施與最可比較的 GAAP 措施進行核對，並討論可能導致實際結果與這些前瞻性聲明中的結果有重大差異的因素。

Please see the slide titled forward-looking statements and non-GAAP measures in the appendices to our earnings presentation and quarterly financial supplement.

請參閱我們獲利報告和季度財務補充報告附錄中題為「前瞻性陳述和非GAAP指標」的幻燈片。

With that, I'll now turn the call over to Andy.

接下來，我會把電話交給安迪。

Good morning, everyone, and welcome to our earnings call. Before turning to our full year results, let me take a moment to address the employee misconduct in our Japan business described in our press release yesterday afternoon.

各位早安，歡迎參加我們的財報電話會議。在介紹全年業績之前，請允許我花一點時間來談談昨天下午我們在新聞稿中提到的日本業務員工不當行為問題。

I want to emphasize that doing right by our customers is a core value of our company, and a cornerstone of what we stand for, and we are taking this issue extremely seriously. For nearly 40 years, Prudential has been a symbol of exceptional customer care in Japan and we are committed to restoring the standing that has long set us apart in that market.

我想強調，善待客戶是我們公司的核心價值觀，也是我們立足的基石，我們非常重視這個問題。近 40 年來，保誠一直是日本卓越客戶服務的象徵，我們致力於恢復我們在日本市場長期以來的領先地位。

In January of this year, Prudential of Japan announced findings of an internal investigation in the instances of misconduct by certain of its employees. This misconduct very clearly does not meet our standards or what our customers expect of us.

今年1月，日本保誠集團公佈了部分員工不當行為的內部調查結果。這種不當行為顯然不符合我們的標準，也不符合我們客戶對我們的期望。

In consultation with the regulators in Japan, we have made the decision to voluntarily halt new sales at POJ for a 90 day period.

經與日本監管機構協商，我們決定自願停止在POJ進行新的銷售，為期90天。

To fully address the root causes of the misconduct, we are implementing a series of actions across the business which includes strengthening oversight of sales practices, governance and risk management. We will also be restructuring employee compensation and enhancing education compliance training and recruiting standards for all POJ employees.

為了徹底解決不當行為的根本原因，我們正在全公司範圍內實施一系列措施，包括加強對銷售行為、公司治理和風險管理的監督。我們還將調整員工薪資結構，並提高所有 POJ 員工的教育合規培訓和招募標準。

While we have set a 90 day suspension of sales, we will not resume distribution through the Life Planner channel, until we are comfortable that our internal compliance and oversight environment supports doing so. This could result in an extension of the 90 day period.

雖然我們已經暫停銷售 90 天，但在我們確信內部合規和監督環境支援之前，我們不會透過 Life Planner 管道恢復分銷。這可能會導致90天期限延長。

These actions are essential to restoring trust in this important market. While there are financial implications to the sales suspension, we believe that this is the prudent path forward in addressing the misconduct and positioning our business in Japan to rebuild customer trust.

這些措施對於恢復這一重要市場的信任至關重要。雖然暫停銷售會帶來經濟影響，但我們認為這是解決不當行為、重塑我們在日本的業務、重建客戶信任的審慎之舉。

We are working with local regulators and other key stakeholders to address these issues thoroughly. Implement the necessary remediation measures and uphold the highest standards of governance and customer care going forward.

我們正與當地監管機構和其他主要利害關係人合作，徹底解決這些問題。落實必要的補救措施，並今後堅持最高的管理標準和客戶服務標準。

We expect an impact on 2026 pretax adjusted operating income of $300 million to $350 million, equivalent to approximately 5% of 2025 PFI earnings. Yanela will cover more details on the financial implications in her remarks.

我們預計這將對 2026 年稅前調整後營業收入產生 3 億美元至 3.5 億美元的影響，相當於 2025 年 PFI 收益的約 5%。雅內拉將在發言中詳細介紹財務方面的影響。

We're also establishing a customer reimbursement program that will be developed and administered by an independent oversight committee. We intend to make this right for these customers, and we remain deeply committed to responding in a manner that places customer trust as our highest priority.

我們還將建立一個客戶賠償計劃，該計劃將由一個獨立的監督委員會制定和管理。我們決心妥善處理此事，並將繼續秉持以客戶信任為最高原則的原則，認真對待每位客戶。

That is who we are, and we are confident we will come out of this as a stronger company. Now moving to our financial results. Last year, I set out three priorities that are essential to delivering stronger performance, more consistent results and sustained long-term value for our shareholders.

這就是我們，我們有信心走出困境，成為更強大的公司。接下來來看我們的財務表現。去年，我提出了三個優先事項，這些事項對於為股東帶來更強勁的業績、更穩定的成果和持續的長期價值至關重要。

These were evolving and delivering on our strategy, improving on our execution and fostering a high-performance culture. Our issues in Japan only reinforce that these are the right priorities and we must continue on the path my team has set.

這些措施不斷發展並落實了我們的策略，提高了我們的執行力，並培養了高績效文化。我們在日本遇到的問題恰恰印證了這些是正確的優先事項，我們必須繼續沿著我的團隊所製定的道路前進。

While we have more work to do across the company, I am encouraged by the tangible progress we have made. Over the last year, we sharpened the focus on our businesses in large and growing addressable markets where we have differentiated capabilities and believe we can earn superior returns.

雖然公司各方面還有很多工作要做，但我對我們的實際進展感到鼓舞。過去一年，我們更加專注於我們在規模龐大且不斷成長的目標市場中的業務，在這些市場中，我們擁有差異化的能力，並且相信我們可以獲得優異的回報。

We executed with greater accountability and discipline as we streamline the organization and strengthened our core franchises. This progress makes clear that our brand, customer value proposition and scale our unique competitive advantages that position us for durable long-term growth as we reposition our company globally.

我們以更高的責任感和紀律執行各項工作，精簡組織架構，並強化核心業務。這項進展清楚地表明，我們的品牌、客戶價值主張和規模是我們獨特的競爭優勢，使我們能夠在全球範圍內重新定位公司，從而實現持久的長期成長。

In 2025, we delivered solid progress in results. For the full year, our pretax adjusted operating income was $6.6 billion or $14.43 per share, and our adjusted operating return on equity was approximately 15%, up nearly 200 basis points from the prior year. We also delivered nearly $3 billion to shareholders in the year through dividends and buybacks.

2025年，我們在各項成果方面取得了顯著進展。全年來看，我們的稅前調整後營業收入為 66 億美元，即每股 14.43 美元；調整後的營業股本回報率約為 15%，比上一年增長了近 200 個基點。今年我們也透過分紅和股票回購向股東發放了近 30 億美元。

Our full year performance displayed improved and more disciplined execution and demonstrated the momentum we believe we are building across our businesses as we continue to meet growing demand for our products fulfilled through our diversified distribution platforms, resulting in higher sales growth.

我們全年的業績表現表明，我們的執行力有所提高，紀律性更強，也展現了我們相信正在各個業務領域建立的良好勢頭。我們不斷滿足市場對我們產品日益增長的需求，並透過我們多元化的分銷平台實現這一目標，從而帶來更高的銷售成長。

Let me now recap the highlights across each of our businesses. In PGIM, we delivered strong investment performance last year with solid traction across our core capabilities, including public fixed income, securities (inaudible) products and asset-backed finance as well as indirect lending.

現在讓我來總結一下我們各個業務部門的亮點。去年，PGIM 憑藉其核心能力（包括公共固定收益、證券產品、資產支持融資以及間接貸款）取得了強勁的投資業績，並取得了穩固的發展勢頭。

We also saw continued progress in newer vehicles, such as ETFs and are beginning to see tangible benefits from our new centralized distribution model. 2025 was a transformative year for PGIM. We moved quickly to integrate our asset management capabilities into one unified platform, enabling deeper client cross-sell engagement and reducing costs over time.

我們也看到，在ETF等新型投資工具方面，我們取得了持續進展，並且開始從新的集中式分銷模式中看到實際的效益。 2025年對PGIM來說是具有變革意義的一年。我們迅速將資產管理能力整合到一個統一的平台中，從而能夠更深入地與客戶進行交叉銷售互動，並隨著時間的推移降低成本。

Additionally, bringing together our public and private fixed income capabilities into a single $1 trillion global credit platform positions us as one of the largest and most differentiated credit managers in the industry.

此外，將我們的公共和私人固定收益能力整合到一個 1 兆美元的全球信貸平台中，使我們成為業內最大、最具差異化的信貸管理公司之一。

Clients value the ability to access the full spectrum of credit from liquid public markets to bespoke private solutions through one integrated platform with consistent underwriting, deeper origination and the scale to source opportunities others cannot.

客戶重視透過一個整合平台獲取從流動性強的公開市場到定制私人解決方案的全方位信貸的能力，該平台具有一致的承銷、更深入的信貸發起以及獲取其他公司無法獲取的機會的規模。

And as I've said many times before, I am a deep believer in being proactive in the marketplace which means we're continuing to be vigilant for the best opportunities to enhance our capabilities, scale our business and better serve our customers around the world.

正如我之前多次說過的那樣，我深信要在市場中保持積極主動，這意味著我們將繼續保持警惕，尋找最佳機會來增強我們的能力，擴大我們的業務規模，更好地服務世界各地的客戶。

Alongside this momentum, it is important to acknowledge areas where we see pressure. As I noted on our last call, our fundamental active equity platform, Jenison, is not immune to broader industry trends and is experiencing systemic outflows with the continued shift from active to passive management.

在保持這種勢頭的同時，我們也必須認識到哪些領域存在壓力。正如我在上次電話會議中提到的，我們的基本面主動型股票平台 Jenison 也無法免受更廣泛的行業趨勢的影響，隨著主動管理向被動管理的持續轉變，它正在經歷系統性的資金外流。

These outflows have weighed on PGIM's organic growth and earnings momentum. In addition, this quarter's net flows were impacted by a single low fee fixed income client withdrawal at the end of 2025, which was unrelated to performance.

這些資金外流對PGIM的內生成長和獲利動能造成了壓力。此外，本季的淨流入受到一位低收費固定收益客戶在 2025 年底的提款的影響，但這與業績無關。

We continue to manage through these headwinds and expect offsetting growth over time as PGIM's diversified offerings across public fixed income, private credit and real estate continue to grow. The bottom line is we generated over $30 billion of total net inflows last year from these three asset classes.

我們繼續應對這些不利因素，並預計隨著 PGIM 在公共固定收益、私募信貸和房地產領域的多元化產品持續增長，隨著時間的推移，這些不利因素將得到抵消。總之，去年我們從這三大資產類別中獲得了超過 300 億美元的淨流入資金。

Additionally, our momentum is building in key growth areas, such as asset-backed finance, direct lending and ETFs. This success will be enhanced going forward as we start to realize the benefits of our newly integrated distribution model.

此外，我們在資產支持融資、直接貸款和 ETF 等關鍵成長領域的勢頭正在增強。隨著我們開始意識到新整合的分銷模式帶來的好處，這項成功將會進一步增強。

The results of our US businesses reflect the actions taken over the last year to sharpen our focus and leverage our competitive strengths. In retirement strategies, we delivered $40 billion of sales across our institutional and individual channels for the year.

我們美國業務的表現反映了過去一年我們為加強專注和發揮競爭優勢所採取的行動。在退休策略領域，我們全年透過機構和個人管道實現了 400 億美元的銷售額。

Reflecting solid demand, diversified distribution and our ongoing leadership in meeting the evolving needs of retirement customers. We continue to strengthen our solutions, improve the mix of products we sell and refine the capital and asset strategies that underpin our business.

這反映了強勁的市場需求、多元化的分銷管道以及我們在滿足退休客戶不斷變化的需求方面持續保持的領先地位。我們將繼續加強我們的解決方案，改善我們銷售的產品組合，並完善支撐我們業務的資本和資產策略。

In Institutional retirement, we remain well positioned to lead the large pension and longevity risk transfer markets in both the United States and Europe. In 2025, we delivered nearly $26 billion of sales, including our second longevity risk transfer transaction in the Netherlands.

在機構退休領域，我們仍然處於有利地位，能夠引領美國和歐洲的大型退休金和長壽風險轉移市場。2025 年，我們實現了近 260 億美元的銷售額，其中包括我們在荷蘭的第二筆長壽風險轉移交易。

In individual retirement, we generated sales of $14 billion in 2025, capping an eighth consecutive quarter of more than $3 billion in sales, reflecting strength in RILA as well as growth in fixed annuities supported by strategic reinsurance partners, including [Prismic].

在個人退休保險領域，我們2025年的銷售額達到140億美元，連續第八個季度銷售額超過30億美元，這反映了RILA業務的強勁表現，以及在戰略再保險合作夥伴（包括）的支持下，固定年金業務的增長。[棱鏡]。

Our diverse product set and distribution strength are driving strong top line growth, a clear proof point of our focus on consistent execution.

我們豐富的產品線和強大的分銷能力正在推動營收強勁成長，這清楚地證明了我們對持續執行的重視。

Group Insurance generated full year sales of over $600 million, up 11% year-over-year, underscoring the benefits of further product diversification and increasing our market presence in our premier segment. These are key areas of strategic focus as we continue to grow and expand the profitability of this business.

團體保險全年銷售額超過 6 億美元，年增 11%，凸顯了進一步產品多元化和提高我們在主要細分市場的市場份額所帶來的好處。隨著我們不斷成長並提高業務獲利能力，這些是我們重點關注的關鍵策略領域。

In Individual Life, full year sales of $955 million increased 5% over the prior year as we continue to pivot our focus towards less capital-intensive accumulation products, including Flex Guard Life. We continue to deliver this new business growth at solid returns on capital.

在個人壽險方面，全年銷售額為 9.55 億美元，比上年增長 5%，因為我們繼續將重點轉向資本密集度較低的積累型產品，包括 Flex Guard Life。我們持續實現這項新的業務成長，並獲得穩健的資本回報。

Now turning to our international businesses. In Japan, we are highly focused on the issue in POJ. That said, we are capturing growing customer demand for retirement and savings products, which now account for a majority of our sales in the country.

現在來談談我們的國際事業。在日本，我們高度關注POJ議題。也就是說，我們正在滿足客戶對退休和儲蓄產品日益增長的需求，這些產品現在占我們該國銷售的大部分。

Over the past three years, we have launched 10 new products in this category which have steadily gained traction and accounted for nearly 1/4 of 2025 sales. Now turning to emerging markets. This business reported record full year sales of $386 million on a constant currency basis, up 6% from the prior year.

過去三年，我們在這個類別中推出了 10 款新產品，這些產品穩步獲得了市場認可，佔 2025 年銷售額的近四分之一。現在轉向新興市場。該公司公佈全年銷售額以固定匯率計算達到創紀錄的 3.86 億美元，比上年增長 6%。

This growth is primarily driven by broader distribution in Brazil. As we turn to 2026, we will continue to evaluate our global footprint to ensure that we are prioritizing markets and geographies that are large and growing and where we believe we are competitively positioned to win and can deliver industry-leading returns on capital.

這一成長主要得益於巴西市場更廣泛的分銷管道。展望 2026 年，我們將繼續評估我們的全球佈局，以確保我們優先考慮規模大、成長迅速的市場和地區，以及我們認為具有競爭優勢、能夠贏得市場並實現行業領先的資本回報的市場和地區。

The decision to exit our PGIM Taiwan business last quarter and our insurance business in Kenya last month are prime examples of us executing on this priority and driving stronger discipline across the company.

上個季度我們決定退出PGIM台灣業務，上個月我們決定退出肯亞保險業務，這些都是我們執行這項優先事項並在公司內部推動更嚴格紀律的典型例子。

As part of our focus on talent and high-performance culture, we continue to refine our management structure to make the organization more results-driven and accountable and to improve the speed of decision-making.

作為我們重視人才和高績效文化的一部分，我們不斷改善管理結構，使組織更加重視結果和責任，並提高決策速度。

The changes we made last year bring me closer to our businesses and their leaders as well as our customers as we execute our growth strategy in 2026.

去年我們所做的改變讓我與我們的業務及其領導者以及我們的客戶更加緊密地聯繫在一起，從而更好地執行我們在 2026 年的成長策略。

To conclude, we believe we've established the foundation for the broader reimagining of Prudential, one that positions us to lead and win in the markets we choose to compete in. While we are still early in this transformation the momentum we're building gives us great confidence in the road ahead.

總而言之，我們相信我們已經為保誠集團的全面重塑奠定了基礎，這將使我們能夠在我們選擇參與競爭的市場中處於領先地位並取得成功。雖然我們仍處於轉型初期，但我們正在累積的勢頭讓我們對未來的道路充滿信心。

With that, I'll hand the call over to Yanela.

這樣，我就把電話交給雅內拉了。

Thank you, Andy, and good morning, everyone. I will begin with covering our fourth quarter financial results before turning to the financial implications related to POJ. Our fourth quarter results reflected continued progress against the three priorities we outlined in early 2025, capping a solid year of financial performance.

謝謝你，安迪，大家早安。我將首先介紹我們第四季度的財務業績，然後再討論與 POJ 相關的財務影響。我們第四季的業績反映了我們在 2025 年初制定的三個優先事項方面取得的持續進展，為穩健的一年財務業績畫上了圓滿的句號。

We reported fourth quarter after-tax adjusted operating income of approximately $1.2 billion or $3.30 per common share. These results include an after-tax onetime charge of $107 million or $0.30 per commenter, primarily related to severance, which I will discuss in more detail later on.

我們公佈的第四季稅後調整後營業收入約為 12 億美元，即每股普通股 3.30 美元。這些結果包括稅後一次性支出 1.07 億美元，即每位評論者 0.30 美元，主要與遣散費有關，我稍後會詳細討論。

Excluding the impact of this charge, after-tax adjusted operating income per share was $3.60, reflecting an increase of 22% over the prior year quarter. Let's now turn to slide 4, which provides a high-level summary of our quarterly operating results by business.

剔除此項費用的影響，稅後調整後每股營業收入為 3.60 美元，比上年同期成長 22%。現在讓我們來看第 4 張投影片，其中提供了我們按業務劃分的季度經營業績的概要。

PGIM reported pretax adjusted operating income of $249 million. down slightly from the prior year quarter. Higher asset management fees driven by market appreciation were more than offset by higher expenses related to ongoing business investments including the continued expansion of our asset-backed finance platform and our technology and data strategy.

PGIM公佈的稅前調整後營業收入為2.49億美元，較上年同期略有下降。市場升值帶來的資產管理費上漲，被持續業務投資相關的更高支出所抵消，這些投資包括我們資產支持融資平台的持續擴張以及我們的技術和數據策略。

Other related revenues were also weaker due to lower seed and co-investment income. Our US businesses delivered pretax adjusted operating income of approximately $1.1 billion, a 22% increase compared to the prior year quarter.

由於種子資金和共同投資收入減少，其他相關收入也隨之下降。我們的美國業務稅前調整後營業收入約為 11 億美元，比去年同期成長 22%。

This result was driven by higher spread income and retirement strategies, coupled with more favorable underwriting results in Individual Life and Group Insurance and lower expenses in Individual Life due to onetime transaction costs that occurred in the prior year quarter.

這一結果主要得益於更高的利差收入和退休策略，以及個人壽險和團體保險更有利的承保結果，以及由於上一季發生的一次性交易成本而導致的個人壽險費用降低。

Partially offsetting these positives was lower fee income resulting from the ongoing runoff of our legacy variable annuity block.

部分抵銷這些正面因素的是，由於我們原有可變年金業務的持續退出，導致費用收入減少。

Our International Businesses generated pretax adjusted operating income of $757 million, modestly higher than the prior year quarter as higher spread income and more favorable underwriting results were partially offset by higher expenses primarily related to timing as we noted last quarter.

我們的國際業務稅前調整後營業收入為 7.57 億美元，略高於上年同期，原因是利差收入增加和承保業績更加有利，但正如我們上個季度所指出的，與時間安排相關的支出增加部分抵消了這一增長。

Now turning to the key highlights on slide 5. PGIM's assets under management of approximately $1.5 trillion increased 7% from the prior year quarter, driven primarily by market appreciation and strong investment performance.

現在就來看看第 5 張投影片上的重點內容。PGIM 的管理資產規模約為 1.5 兆美元，較上年同期成長 7%，主要得益於市場升值和強勁的投資績效。

PGIM experienced net outflows of approximately $10 billion in the quarter across third-party and affiliated channels, reflecting the industry trend away from active equities as well as a single low fee fixed income withdrawal.

PGIM 本季透過第三方和附屬管道經歷了約 100 億美元的淨流出，這反映了行業遠離主動型股票的趨勢，以及一筆低費用固定收益的提款。

Additionally, our VA runoff and the inherently lumpy nature of PRT new business impacted our affiliated net flows. As we noted last quarter, we expect PGIM to deliver over 200 basis points of margin expansion in 2026, accelerating the path towards our 25% to 30% margin target.

此外，我們的 VA 業務下滑以及 PRT 新業務固有的波動性也影響了我們的關聯淨流量。正如我們上個季度所指出的，我們預計 PGIM 將在 2026 年實現超過 200 個基點的利潤率成長，從而加快實現我們 25% 至 30% 的利潤率目標。

Now turning to the key highlights on slide 6. Our US businesses again produced strong quarterly results, reinforcing the benefit of our diversified sources of earnings from fees, spread and underwriting income.

現在就來看看第 6 張投影片上的重點內容。我們的美國業務再次取得了強勁的季度業績，鞏固了我們多元化收入來源（包括手續費、利差和承保收入）的優勢。

Institutional Retirement reported sales of approximately $4 billion, including $1 billion of pension risk transfers across four middle market deals.

機構退休金報告稱，銷售額約為 40 億美元，其中包括透過四筆中端市場交易實現的 10 億美元退休金風險轉移。

While fourth quarter activity was relatively muted, our strong brand and our proven track record in executing large complex transactions position us well to lead in the sizable pension and longevity risk transfer opportunity across our core markets in the US, UK and the Netherlands.

儘管第四季度的業務活動相對平淡，但我們強大的品牌和在執行大型複雜交易方面久經考驗的業績，使我們能夠在美國、英國和荷蘭等核心市場中，在規模龐大的養老金和長壽風險轉移領域佔據領先地位。

Individual Retirement delivered more than $3 billion in sales, driven by fixed and registered index-linked annuities. Our broad product portfolio provides flexibility to deploy capital where returns are most compelling.

個人退休金業務銷售額超過 30 億美元，主要得益於固定年金和註冊指數掛鉤年金的銷售。我們豐富的產品組合可靈活地將資金部署到回報最可觀的領域。

Additionally, we continue to innovate to address evolving customer and adviser needs. However, the runoff in our legacy variable annuity block remains a headwind.

此外，我們不斷創新，以滿足不斷變化的客戶和顧問需求。然而，我們傳統可變年金業務的退出仍然是一個不利因素。

For 2026, we continue to expect $3 billion to $4 billion of quarterly account value runoff which translates into approximately $10 million to $15 million of pretax adjusted operating income runoff per quarter, compounding to $100 million to $150 million annually prior to market impacts on account values.

預計到 2026 年，每季帳戶價值將減少 30 億至 40 億美元，這將導致每季稅前調整後營業收入減少約 1,000 萬至 1,500 萬美元，在市場對帳戶價值產生影響之前，每年累積減少 1 億至 1.5 億美元。

Now turning to Group Insurance. Sales totaled $56 million in the quarter, reflecting continued momentum in our Premier segment in both group life and disability as we execute our product and market segment diversification strategy.

現在來說說團體保險。本季銷售額總計 5,600 萬美元，反映出隨著我們執行產品和市場細分多元化策略，我們在團體人壽和殘障保險領域的 Premier 業務部門持續保持成長勢頭。

The benefit ratio of 82.5% in the quarter came in below our target range reflecting favorable life underwriting results and less favorable disability experience driven by higher new claims, coupled with lower resolution.

本季的福利率為 82.5%，低於我們的目標範圍，這反映了良好的壽險承保結果和不太理想的殘障保險經驗，後者是由於新索賠增加，而解決率降低所致。

In Individual Life, quarterly sales totaled $269 million, down from the prior year record quarter as we continue to pivot towards more capital-efficient products. On a full year basis, we increased sales traction and accumulation-focused variable life products, fueled by our strong brand and distribution footprint.

在個人壽險領域，季度銷售額總計 2.69 億美元，低於去年同期創紀錄的季度，因為我們繼續轉向資本效率更高的產品。全年來看，我們憑藉著強大的品牌和分銷網絡，提高了以累積為重點的可變壽險產品的銷售業績。

Now turning to the key highlights on slide 7. Sales in our International businesses of $525 million were up 4% on a constant currency basis compared to the prior year quarter, driven by growing demand for retirement and savings products in Japan and record sales in Brazil.

現在就來看看第 7 張投影片上的重點內容。國際業務銷售額為 5.25 億美元，以固定匯率計算比上年同期增長 4%，主要得益於日本對退休和儲蓄產品的需求不斷增長以及巴西創紀錄的銷售額。

While surrender activity in Japan moderated in 2025, it remains a headwind that will partially offset new business growth. We continue to closely assess macro indicators, including the value of the yen, which has been extremely volatile.

儘管日本的投降活動在 2025 年有所緩和，但這仍然是一個不利因素，將在一定程度上抵消新的業務成長。我們將繼續密切評估宏觀經濟指標，包括波動劇烈的日圓匯率。

We estimate that the impact to 2026 earnings from the excess surrenders that we experienced in 2025 will be roughly $50 million. Now turning to the key highlights on slide 8. Our capital position and strong regulatory capital ratios support our AA financial strength and our ability to grow our market-leading businesses.

我們估計，2025 年發生的超額退保將對 2026 年的收益造成約 5,000 萬美元的影響。現在就來看看第 8 張投影片的重點內容。我們的資本狀況和強大的監管資本比率支撐著我們AA級的財務實力以及我們發展市場領先業務的能力。

Our cash and liquid assets were $3.8 billion, which is above our minimum liquidity target of $3 billion, and we have substantial off-balance sheet resources. The Board has authorized share repurchases of up to $1 billion in 2026 and increased the common stock dividend for the 18th consecutive year.

我們的現金和流動資產為 38 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。董事會已批准在 2026 年回購高達 10 億美元的股票，並連續第 18 年提高普通股股息。

Consistent with our approach across the enterprise, we remain well capitalized and manage our Japanese entities to levels aligned with our AA objective. ESR results remain well above our 150% operating target outlined last quarter, even with a sharp increase in long-term Japanese interest rates last month.

與整個企業的做法一致，我們保持充足的資本，並將我們的日本實體管理到與我們的AA目標一致的水平。即使上個月日本長期利率大幅上升，ESR 業績仍遠高於我們上季設定的 150% 的營運目標。

Now let me take a moment to outline a few key financial highlights heading into 2026. First, as I mentioned earlier, we recorded a pretax charge of $135 million in our corporate and other operations related to our ongoing efforts to improve our organizational efficiency.

現在讓我花點時間概述2026年的一些關鍵財務亮點。首先，正如我之前提到的，我們在公司和其他營運中提列了 1.35 億美元的稅前費用，這與我們為提高組織效率而持續努力有關。

These changes are expected to deliver approximately $150 million in pretax run rate benefits in 2027. I want to emphasize that the benefits from these actions were already embedded in our intermediate financial targets, including the target for our operating expense ratio.

預計這些變化將在 2027 年帶來約 1.5 億美元的稅前運行率收益。我想強調的是，這些措施帶來的好處已經體現在我們的中期財務目標中，包括我們的營運費用率目標。

Second, on slide 17, we have provided additional earnings considerations specific to 2026. And third, as Andy noted in his remarks, we have made the decision to voluntarily hold new sales in POJ for a 90 day period.

其次，在第 17 頁投影片中，我們提供了針對 2026 年的其他收益考量。第三，正如安迪在他的演講中提到的，我們已決定自願暫停在 POJ 進行新銷售 90 天。

I want to share our preliminary view of the financial implications for both the new sales suspension and the remedial actions we are taking. We currently believe that the impact to our 2026 pretax adjusted operating earnings will be in the range of $300 million to $350 million.

我想和大家分享我們對暫停銷售和我們正在採取的補救措施的財務影響的初步看法。我們目前認為，這將對我們 2026 年稅前調整後營業利潤造成 3 億美元至 3.5 億美元的影響。

There are three components to this estimate. The first is the impact of the 90 day new sales suspension, which we expect will be in the range of $150 million to $180 million.

該估算由三個部分組成。首先是 90 天新銷售暫停的影響，我們預計損失將在 1.5 億美元至 1.8 億美元之間。

This range reflects the anticipated costs associated with sustaining the business and compensating the distribution force during the suspension period. The impact of suspending new sales activity, and anticipated higher surrenders.

此範圍反映了維持業務運作和在暫停期間補償分銷人員的預期成本。暫停新銷售活動的影響，以及預期更高的退保率。

The second component is $70 million of estimated onetime costs, of which roughly 70% relates to customer reimbursement. The third is roughly $80 million in estimated lower earnings attributable to the gradual ramp-up of new sales through the remainder of the year once we resume sales.

第二部分是預計 7,000 萬美元的一次性成本，其中約 70% 與客戶賠償有關。第三，由於今年剩餘時間新銷售額的逐步成長，預計收益將減少約 8,000 萬美元，前提是我們恢復銷售。

The lower sales and higher surrenders we expect this year will also have an impact on 2027 results. However, based on what we know today and assuming the 90 day new sales suspension, we expect the overall impact will be considerably lower in 2027.

我們預計今年銷售額下降和退保率上升也將對 2027 年的業績產生影響。然而，根據我們目前所了解的情況，並假設新銷售暫停90天，我們預計到2027年，整體影響將大大降低。

Now let me tell you what this means for our intermediate EPS growth target of 5% to 8%. Recall that our intermediate targets are for the 2024 through 2027 period.

現在讓我來告訴你們，這對我們5%至8%的中期每股盈餘成長目標意味著什麼。請注意，我們的中期目標是 2024 年至 2027 年。

In 2025, we met our internal expectations for earnings growth, and we are on track with the actions and expense efficiencies that underpin this intermediate term guidance. That said, the financial impact associated with the POJ issue could bring us to the low end of this range by the end of 2027.

2025 年，我們實現了內部獲利成長預期，我們正在按計劃推進支撐這項中期指引的各項行動和成本效率提升措施。也就是說，與 POJ 議題相關的財務影響可能會使我們在 2027 年底達到該範圍的下限。

In addition, to the extent that the magnitude and/or duration of the POJ issue is different than we currently anticipate we may not hit the low end of the EPS range by the end of 2027. We are providing these estimates to help frame the range of potential financial implications.

此外，如果 POJ 問題的規模和/或持續時間與我們目前的預期不同，那麼到 2027 年底，我們可能無法達到 EPS 範圍的下限。我們提供這些估算是為了幫助了解潛在的財務影響範圍。

But as Andy noted, we will not resume new sales until we are satisfied that our internal compliance and oversight environment supports doing so. We are closely monitoring each element of the financial waterfall that I just laid out, and we'll update you as we gain better visibility into the trajectory of POJ sales, surrenders and earnings.

但正如安迪所指出的，在我們確信內部合規和監督環境能夠支持之前，我們不會恢復新的銷售。我們正在密切關注我剛才列出的財務瀑布圖的每一個要素，一旦我們對 POJ 銷售、退稅和收益的軌跡有了更清晰的了解，我們將及時向您報告。

Despite these headwinds, it is important to remember that we are a large, diversified company with multiple sources of earnings and cash flows, and we are confident in the path ahead as we reposition Prudential to deliver strong value to shareholders.

儘管面臨這些不利因素，但重要的是要記住，我們是一家規模龐大、業務多元化的公司，擁有多種盈利和現金流來源，我們對未來的道路充滿信心，我們將重新定位保誠，為股東創造巨大價值。

And with that, we're happy to take your questions.

那麼，我們很樂意回答您的問題。

(Operator Instructions) Suneet Kamath from Jefferies.

（操作說明）來自 Jefferies 的 Suneet Kamath。

I wanted to start with Japan and the 90 day sales suspension. How did you arrive at the 90-day period? And was this done in conjunction with the FSA and other regulators in Japan?

我想先從日本和90天的銷售暫停說起。你是如何得出90天這個期限的？這項工作是否與日本金融廳及其他監管機構合作完成？

As you can imagine, voluntarily suspending sales in such an important channel for us was a very carefully considered decision and something that we didn't take lightly. We have the leadership in POJ right now focused on four major initial actions.

可想而知，主動暫停在對我們如此重要的管道進行銷售，是一個經過深思熟慮的決定，我們對此非常慎重。目前，POJ 的領導層正專注於四個主要的初步行動。

Customer reimbursement, which Yanela spoke to. Life Planner training, which obviously will be a major focus during the shutdown period, enhancing our sales supervision and then redesigning our Life Planner compensation.

Yanela談到了客戶退款事宜。在停工期間，我們將專注於“人生規劃師培訓”，加強銷售監督，並重新設計“人生規劃師薪酬”。

As we looked at those four actions and the time frame it would take to make major progress, we thought that 90 days was a reasonable time frame to make meaningful progress.

當我們審視這四項行動以及取得重大進展所需的時間時，我們認為 90 天是一個合理的期限，可以取得有意義的進展。

But I would reiterate what I said in my opening comments and what Yanela said in hers as well that we're not going to resume distribution in the channel until we're comfortable that the internal compliance and oversight environment really supports us reopening it.

但我要重申我在開場白中所說的，以及雅內拉在她的開場白中所說的，那就是，在我們確信內部合規和監督環境真正支持我們重新開放之前，我們不會恢復渠道分銷。

As far as your question on the FSA, I would reiterate that this was a voluntary decision. But as you would expect, we work closely with our regulators in every market, every single week. So we consulted with the JFSA before announcing this decision.

至於你提出的關於 FSA 的問題，我想重申，這是一個自願的決定。但正如您所料，我們每週都會與各個市場的監管機構密切合作。因此，我們在宣布這項決定之前諮詢了日本金融廳。

Okay, got it. And then have you done a similar review for Gibraltar Life in terms of sales practice issues? And does the suspension have any impact on Gibraltar or any of the channels that you're talking about in Japan?

好的，明白了。那麼，您是否對直布羅陀人壽保險公司在銷售實務方面的問題進行過類似的審查？此次停航是否會對直布羅陀或您提到的日本境內的任何航道造成影響？

Yes. So Suneet, the answer is yes. We are conducting a similar review of Gibraltar. This is underway and in process and will conclude a few months from now.

是的。所以蘇尼特，答案是肯定的。我們正在對直布​​羅陀進行類似的審查。這項工作正在進行中，預計將在幾個月後完成。

You should expect this, right, from a leadership team perspective here at Pru, we take the responsibility for making sure that every one of our operations in every market and every channel is conducted in the right way and that we keep our customers upfront as job number one.

你應該預料到這一點，對吧？從保誠領導團隊的角度來看，我們有責任確保我們在每個市場和每個管道的每項業務都以正確的方式進行，並將客戶放在首位，作為我們的首要任務。

As far as any effects that we've seen so far, the only effect we've seen in Gibraltar is some modest pressure is the way I would frame it on recruiting of life consultants. But we intend to be very assertive in restoring the trust and confidence that people have of us half of us in Japan, and we intend to come out of this stronger.

就我們目前所看到的影響而言，我們在直布羅陀看到的唯一影響是，在招募人生顧問方面出現了一些適度的壓力，我會這樣描述這種壓力。但我們打算非常積極地恢復日本人民對我們（占我們一半的人）的信任和信心，我們打算從中變得更強大。

Tom Gallagher from Evercore ISI.

來自 Evercore ISI 的 Tom Gallagher。

Andy, a few follow-ups on Japan. I guess, will you also suspend hiring new Life Planners while you shut down sales? Or are you going to continue normal course with hiring plans? And is the plan here to pay out special bonuses that vest over a number of years from a retention standpoint?

安迪，關於日本還有一些後續問題。我想，你們在停止銷售的同時，也會暫停招募新的生活規劃師嗎？還是你們打算繼續照原計劃進行招募？公司的計畫是否包括從留住人才的角度出發，發放分幾年逐步兌現的特殊獎金？

Just want to see what you're doing to make, to kind of ensure that you keep your, one of your best assets, which is the Life Planner system intact while you go through this?

我只是想看看你為了確保你最重要的資產之一——人生規劃系統——在經歷這一切的過程中保持完好無損，都做了些什麼？

Yes, Tom. So let me start by just saying thank you for your last comment because we really do believe that this is a special company and an incredible asset. To take your first question, we are not stopping recruiting of new Life Planners in the channel that will continue.

是的，湯姆。首先，我要感謝您上次的評論，因為我們真的相信這是一家特別的公司，也是一筆寶貴的財富。關於你的第一個問題，我們不會停止在該管道招募新的生活規劃師，招募工作將會繼續進行。

But we are taking decisive steps that is every bit intended to preserve the distribution force. Two things I would specifically mention. The first is investing in our Life Planners in their training and development.

但我們正在採取果斷措施，其目的就是為了保住分銷力量。我想特別提兩點。首先，我們要投資我們的人生規劃師的培訓和發展。

So we always do that, but over the next 90 days, it will be at a much enhanced level. And the second is providing financial support to them to retain them over the longer term. I'm not going to get into the exact specifics of what that looks like.

所以我們一直都在這樣做，但在接下來的90天裡，這項工作將會得到極大的加強。第二點是提供他們財政支持，以便長期留住他們。我不會詳細說明它的具體細節。

We do have confidence that these actions are going to help us retain this special asset. But I would mention one other thing, Tom, that I think is really, really critical. Taking these actions also ensures that we have a company that our employees could be incredibly proud of and that they want to work for.

我們相信這些措施將有助於我們留住這項特殊資產。但湯姆，我還有一點要補充，我認為這非常非常關鍵。採取這些措施也能確保我們擁有一家讓員工無比自豪並願意為其工作的公司。

And in particular, in Japan, that is one of the most important elements that goes into retention. So that combination of actions will help us retain the life planners, but we know will also help us with the broader employee population.

尤其是在日本，這是影響員工留存的最重要因素之一。因此，這些措施的組合將幫助我們留住人生規劃師，而且我們知道，它們也將幫助我們留住更廣泛的員工群體。

And for my follow-up, I had read a news report that indicated the FSA was going to conduct an on-site investigation for POJ as well and it said it was going to start in February. Just want to see if you can confirm whether that's begun? Is that going to be going on side by side while Pru does its own due diligence?

另外，我讀到一篇新聞報道，指出FSA也將對POJ進行現場調查，並表示調查將於2月開始。只是想確認一下是否已經開始了？在保誠進行自身盡職調查的同時，這兩項工作是否會並行？

So Tom, what I would say is we don't comment on specific ongoing interactions with the regulators. Obviously, this is something that, as I said earlier, we were in discussed with the FSA before we voluntarily see sales.

所以湯姆，我想說的是，我們不對與監管機構的具體進行中的互動發表評論。顯然，正如我之前所說，這是我們在自願進行銷售之前與 FSA 討論過的事情。

We have regular ongoing interactions with the FSA every single week. But as far as the specifics of ongoing regulatory actions and the actions they take, I'm not going to comment.

我們每週都會與FSA進行定期溝通。但就正在進行的監管行動的具體細節及其採取的行動而言，我不予置評。

Wes Carmichael from Wells Fargo.

來自富國銀行的韋斯·卡邁克爾。

My first one, also on Japan, but maybe a little bit of a different topic. In terms of surrender activity that you're seeing, I mean, I think there's a couple of components. Maybe one is FX with the unit 156, 157 versus your guidance for strengthening to 135.

我的第一篇文章也是關於日本的，但主題可能略有不同。就你看到的投降活動而言，我認為它包含幾個面向。或許其中之一是 FX，單位為 156、157，而您建議加強至 135。

And I just wanted to ask on loan rates being much higher, are you seeing an impact to surrenders there? And then just maybe on POJ with any kind of fallout from this conduct. Is there any way you can dimensionalize those three impacts, please?

我只是想問一下，貸款利率大幅上漲，您是否看到這對退保產生了影響？然後，POJ可能會因為這種行為可能造成的任何後果而受到調查。請問您能否對這三種影響進行維度描述？

Yeah, it's Yanela. So let me start on the surrenders. So in terms of the impact of the yen, the depreciation of the yen since 2022, has driven an elevated level of US dollar product surrenders. We've been talking about this for several quarters.

對，是雅內拉。那麼，就讓我先從投降開始說起吧。因此，就日圓的影響而言，自 2022 年以來日圓貶值，導緻美元產品的退市水準上升。我們已經討論這個問題好幾個季度了。

The surrender rates declined to mid-single digits through third quarter 2025, and in line with the stabilization that we saw at that time. But we did see it pick up this quarter, fourth quarter '25 with the renewed yen weakening. So we have seen the volatility as well.

到 2025 年第三季度，退保率下降到個位數中段，這與我們當時看到的市場趨於穩定相符。但隨著日圓再次走弱，我們看到本季（2025 年第四季）情況有所改善。我們也看到了這種波動。

So to give you a sense, fourth quarter '25 surrender rate increased to 6.3% from 5.6%, so a slight uptick. But we're still below the rates that we've seen earlier in the cycle. And the fact here is that the customers with heightened sensitivity to FX rates have already surrendered.

舉例來說，2025 年第四季退保率從 5.6% 上升至 6.3%，略有上升。但我們目前的利率仍然低於本週期早期的水平。而事實是，對匯率高度敏感的客戶已經放棄了。

And frankly, this kind of leaves us with a block that is less sensitive to FX movement. So that's how I would position that. You did hear in my opening remarks that for the full year 2026, we expect the impact of 2025 surrenders to be in the range of $50 million.

坦白說，這讓我們得到的是一個對 FX 波動不太敏感的模組。這就是我的定位。你們在我的開場白中也聽到了，我們預計 2025 年退保對 2026 年全年的影響將達到 5000 萬美元左右。

With regards to rates, frankly, we view the impact of rates in terms of earnings and sales as a positive. It allows us to offer more attractive yen-denominated products and invest in new money rates that are higher.

坦白說，就利率而言，我們認為利率對收益和銷售的影響是正面的。這使我們能夠提供更具吸引力的日圓計價產品，並投資於利率更高的新貨幣。

Wes, I would just add because I think you also mentioned, given our misconduct issues. We expect sales and surrenders obviously, to be impacted in the short term that's included in the financial estimates that you heard from Yanela at the opening of the call. We're going to continue to do the right things and put our customers first.

韋斯，我還要補充一點，因為我覺得你也提到了，考慮到我們的不當行為問題。我們預計短期內銷售額和退保量顯然會受到影響，這已包含在你在電話會議開始時從 Yanela 那裡聽到的財務預測中。我們將繼續做正確的事，並始終把客戶放在第一位。

What I would say is, remember, we have an exceptional all-weather product portfolio that really protects our customers and helps them in both protection and retirement so while we expect near-term impacts, we gave very thought, a lot of thought and care to the numbers that we provided to you.

我想說的是，請記住，我們擁有卓越的全天候產品組合，能夠真正保護我們的客戶，並在保障和退休方面幫助他們。因此，儘管我們預計短期內會有一些影響，但我們對提供給您的數據進行了非常周全的考慮和謹慎處理。

Obviously, it's early days, but we'll continue to monitor this, but we know that over the longer period of time, will be stronger.

顯然，現在還為時過早，但我們會繼續關注此事，而且我們知道，從長遠來看，情況會越來越好。

That's very helpful. And just my follow-up on ESR, I know that's coming up for publication shortly. But just wondering if you could touch on how that moved in the quarter, higher yen rates. I think Yanela, maybe a couple of quarters ago, you gave a little bit of sensitivity on ESR.

那很有幫助。關於 ESR，我還有後續要補充的信息，我知道它很快就要發表了。但我想問一下，您能否談談本季日圓匯率走高的情況？我想，Yanela，大概兩三個季度前，你對 ESR 表現出了一些敏感度。

But did that pressure the ratio in the quarter, perhaps there's some positive equity market performance. But if there's anything you can help us with, that would be great.

但這是否給該季度的比率帶來了壓力？或許股市表現向好。如果您能幫我們做任何事，那就太好了。

Yeah. No, absolutely. So first of all, I would start with ESR remained well above our 150% operating target that we outlined last quarter. As you know, that's the target that we believe is consistent with AA standards. And this is the case even after the sharp increase in rates that we saw in January so we still remain above that target.

是的。不，絕對的。首先，我要說的是，ESR 仍然遠高於我們上個季度設定的 150% 的營運目標。如您所知，我們認為這個目標符合AA標準。即使在1月利率大幅上漲之後，情況依然如此，我們仍然高於目標水準。

And frankly, as we discussed last quarter, we are managing ESR to a level at normal times that is well in excess of what we believe to be the AA standard and that provides ample cushion following market stresses, and that cushion has absorbed some of the increase in rates that we saw.

坦白說，正如我們上個季度討論的那樣，我們在正常情況下將 ESR 控制在遠高於我們認為的 AA 標準的水平，這為應對市場壓力提供了充足的緩衝，而這種緩衝已經吸收了我們看到的部分利率上漲。

And so the sensitivity I shared a few quarters ago still holds if Japanese rates rise 50 basis points and equity markets decreased by 10%. We do not expect ESR to be binding in terms of Japanese cash flows. I do recognize that there's been a sharp rise in rates.

因此，如果日本利率上升 50 個基點，股市下跌 10%，那麼我幾個季度前分享的敏感度仍然成立。我們預期ESR對日本的現金流不會有約束力。我承認利率確實大幅上漲了。

So I would also add that from where we are today, around above 3.5%, right above 3.5% for the 30 year rates, even if rates worth increase by approximately another 100 basis points, 90 to 100 basis points, we would still be within the operating target range.

因此，我還想補充一點，就我們目前的情況而言，30 年期利率在 3.5% 以上，即使利率再上漲大約 100 個基點，90 到 100 個基點，我們仍然會在營運目標範圍內。

Bob Huang from Morgan Stanley.

來自摩根士丹利的鮑勃黃。

I just have one question circling back on the 90 days sales suspension. If we look at prior other companies miss behaviors when they get caught, it generally felt like the penalty is a lot longer than 90 days.

我還有一個關於90天銷售暫停的問題。如果我們回顧其他公司以往的違規行為被抓到的情況，通常會發現處罰時間遠不止 90 天。

Do you feel that the 90 days is enough to kind of regain the public trust, so to speak, is 90 days enough for you to normalize back to a normal sales environment, I guess, is what I'm trying to get at? Or do you think the public will naturally give you a much longer penalty time frame in this particular situation?

您覺得90天是否足以重新獲得大眾的信任？或者說，90天足以讓您恢復正常的銷售環境？我想問的是這個。還是你認為在這種特殊情況下，公眾自然會給你更長的處罰時間？

Yes. So Bob, thank you for the question. So first, let me start just by reiterating what I've said earlier, which we sized the 90 days based on the set of actions that we felt was necessary to begin that restoration of customer trust.

是的。鮑勃，謝謝你的提問。首先，讓我重申我之前說過的話，我們根據我們認為恢復客戶信任所必需的一系列行動，將這 90 天的時間定為一個期限。

So there's four items I went through earlier. And we believe that 90 days is that right time frame. That said, as you referenced, we won't talk about any specific situation. every situation is unique.

以上就是我之前提到的四件事。我們認為90天是適當的時間範圍。也就是說，正如您所提到的，我們不討論任何具體情況。每種情況都是獨一無二的。

There certainly have been a variety over the last decade or so of other companies that have had cessation periods, some of those not being voluntary.

在過去十年左右的時間裡，確實也出現過各種各樣的停業期，其中一些並非自願停業。

But what you should understand as part of this is this is a collective set of actions that we're taking. The cessation of sales is one of them in order to begin this beginning of the restoration of trust and confidence and we're obviously going to work very closely with the regulators.

但你應該明白，這是我們正在採取的一系列集體行動。停止銷售是恢復信任和信心的第一步，我們顯然會與監管機構密切合作。

But this is much more, as you heard me emphasize, this is about when we feel as a leadership team and as a company, that we can resume sales and feel fully confident in the customers being placed first. We think 90 days is the right estimate for that, but we will share information if that changes in the future.

但正如我剛才強調的，這遠不止於此，這關乎我們作為領導團隊和公司何時才能恢復銷售，並完全有信心將客戶放在首位。我們認為 90 天是比較準確的估計，但如果將來情況有變，我們會及時分享資訊。

Joel Hurwitz from Dowling & Partners.

來自 Dowling & Partners 的 Joel Hurwitz。

Just given the macro with the yen and JGB movements and the lost earnings from the POJ sales issues and remediation, what's the impact to your cash flow from international? And does that drive any impact to your overall capital deployment outlook?

考慮到日圓和日本國債的宏觀走勢，以及因日本國債銷售問題和補救措施造成的收入損失，這對您的國際現金流有何影響？這是否會對您的整體資本部署前景產生任何影響？

Yeah. Joel, so we do not expect a significant impact to cash flows out of our Japan businesses. I would remind you, we generate these cash flows from multiple sources and legal entities. This includes the three legal entities in Japan, POJ, Gibraltar, PGFL.

是的。喬爾，因此我們預計不會對我們在日本的業務現金流產生重大影響。我想提醒各位，我們這些現金流來自多個來源和法律實體。這包括日本的三個法人實體、POJ、直布羅陀和PGFL。

It also includes Prudential Insurance, our US statutory entity, which has historically reinsured a good amount of Japan's US dollar business, and thirdly, Gibraltar (inaudible) Bermuda entity, which also Reinsurance business from Japan.

它還包括我們的美國法定實體保誠保險公司，該公司歷來為日本大量的美元業務提供再保險；第三，直布羅陀（聽不清楚）百慕大實體，該公司也承保來自日本的再保險業務。

So the fact is that we're not overly reliant on any single vehicle to deliver cash flows to PFI either in Japan or across our businesses. Of course, we continue to monitor the Japan situation carefully, but we do not expect an impact to our capital deployment plans or our shareholder distribution.

因此，事實是，無論是在日本還是在我們所有的業務中，我們都不會過度依賴任何單一工具來為 PFI 提供現金流。當然，我們會繼續密切關注日本局勢，但我們預計不會對我們的資本部署計劃或股東分紅產生影響。

Got you, that's helpful. And then just a follow up on Wes question on surrenders in Japan. Any impact from the higher JGB yields on the yen business that you write?

明白了，這很有幫助。然後，我想就韋斯提出的關於日本投降的問題做一個後續提問。日本公債殖利率上升對您撰寫的日圓交易有何影響？

Yeah. No, there's some modest impact but the reality is that 90% of our earnings come from US dollar products. So it's really the yen impact that will drive our earnings sensitivities.

是的。不，雖然有一些輕微的影響，但現實情況是，我們 90% 的收入都來自美元產品。因此，真正影響我們獲利敏感度的，是日圓匯率的影響。

And Joel, the only thing I would add to that, and we've talked about this in previous quarters. I think there's two things to keep top of mind. One is that we have this all-weather portfolio, where we now have a much better blend of yen and US dollar-denominated products.

喬爾，我唯一要補充的是，我們之前幾季也討論過這個問題。我認為有兩件事需要牢記在心。其一是，我們擁有全天候投資組合，其中日圓和美元計價產品的配比更加合理。

And we, over the last couple of years due to the surrender headwinds had actually enhanced our staffing across our distribution teams and across our service teams because even if there is pressure from some of these, I'll call them, economic type things.

過去幾年，由於投降帶來的不利因素，我們實際上增加了分銷團隊和服務團隊的人員配備，因為即使存在一些我稱之為經濟方面的壓力。

At the end of the day, the customers still have needs and generally move from one type of product to another and we make sure that we have the right staffing and the right engagement with the customer to catch those flows.

歸根結底，客戶仍然有需求，而且通常會從一種產品轉向另一種產品，我們確保配備合適的人員並與客戶進行適當的互動，以抓住這些需求變化。

John Barnidge from Piper Sandler.

來自 Piper Sandler 的 John Barnidge。

I wanted my question, the first one is on kind of the exiting the businesses in Taiwan and Kenya over the recent several quarters, are you able to dimension the size of the businesses that are kind of like up for a review in international markets where you don't view yourself as a leader?

我的第一個問題是關於最近幾季逐步退出台灣和肯亞的業務，您能否估算一下在國際市場上，您認為自己並非領導者的那些需要重新評估的業務規模？

So John, maybe what I would do there is just talk more about strategically how we think about the strategy.

所以約翰，也許我會多談談我們在戰略層面上的思考方式。

As you've heard me say before, we are evaluating our global footprint to prioritize markets that are large and growing that are, where we're well positioned to win, given our differentiated capabilities and are spots that we think we can deliver industry-leading returns.

正如我之前所說，我們正在評估我們的全球佈局，優先考慮那些規模大、成長迅速的市場，在這些市場中，憑藉我們差異化的能力，我們能夠佔據有利地位並取得成功，而且我們認為在這些市場中，我們可以帶來行業領先的回報。

The other part of this is we are focusing our capital and our investment dollars because we think that is very, very important in order to be a winner in our chosen spots. For emerging markets, our main focus is twofold. It's Brazil, and Brazil is running very, very well. We had another record sales quarter there.

另一方面，我們正在集中資金和投資，因為我們認為這對於在我們選擇的領域取得成功非常非常重要。對於新興市場，我們的主要關注點有兩個面向。這裡是巴西，而巴西發展得非常好。我們在那裡又創下了銷售紀錄。

And second is our Habitat business where we have a very successful pension business. As far as when you say dimensionalizing, obviously, I'll use the words by far, predominant or Japan and in our international operations and as far as the percentage of earnings. So that's the lion's share.

其次是我們的 Habitat 業務，我們在該領域擁有非常成功的退休金業務。至於你提到的“規模化”，顯然，我會用“遠遠領先”、“主要”或“日本”以及“我們的國際業務”以及“收益百分比”這些詞。所以，這就是絕大部分。

My follow-up question on Japan. If we get an extension of that 90 day suspension, does the impact from less sales volume actually compound and grow similar to how the runoff of the VA block compounds?

我還有一個關於日本的後續問題。如果90天的暫停期延長，銷售量下降的影響是否會像VA模組的遞減效應那樣不斷累積和擴大？

So John, so let me maybe walk through the components of the 150 to 180, which is the impact, the direct impact from the suspension. So we have a couple of components there. The direct impact of the lost sales is roughly 20% of that number.

約翰，那麼讓我來逐一講解一下 150 到 180 的組成部分，也就是衝擊力，來自懸吊的直接衝擊力。所以這裡有幾個組成部分。銷售損失的直接影響約佔該數字的 20%。

We also anticipate higher surrenders. That's also about roughly 20% of that number. And now with regards to surrenders, it is uncertain whether they'll continue at the level that we're expecting and anticipating but that's the number that we built into the three month number.

我們也預計投降人數會增加。那大約是這個數字的20%。至於投降情況，目前還不確定投降人數是否會繼續保持我們預期和預測的水平，但這是我們在三個月預測數字中預留的。

And then the remainder is related to anticipated costs associated with providing financial support to our distribution force. That is not something that carries over. That is a discretionary decision that we've made during that three month period. And so therefore, that is really tied to the period where we have suspended sales.

其餘部分與為我們的分銷隊伍提供財務支援相關的預期成本有關。那不是會延續下去的東西。這是我們在那三個月期間所做的酌情決定。因此，這實際上與我們暫停銷售的時期有關。

Mike Ward from UBS.

瑞銀集團的麥克沃德。

I was just wondering if you guys had any update on in Japan on policyholder behavior in January or year-to-date thus far? And I think the comments sort of largely pertain to '25 activity.

我想問一下，你們有沒有關於日本保單持有人1月份或今年迄今為止的行為方面的最新消息？我覺得這些評論大多與「25」活動有關。

Mike. So yes, it pertains to '25, but I would tell you, there's nothing new or different as far as '26 other than, I would break this into a couple, into the two components, right? There's the impacts on policyholder behavior that are more driven by, I called it earlier, the economic effects, the FX rate, the interest rates.

麥克風。所以，是的，它與 2025 年有關，但我要告訴你，就 2026 年而言，除了將其拆分成兩個部分之外，沒有什麼新的或不同的地方，對吧？對投保人行為的影響更受經濟因素、匯率和利率的影響，正如我之前所說。

And obviously, all of a sudden would change, '25 to '26, they're directionally similar. The thing that is different is the effects of the misconduct and the perception issues and public reaction. The press release was done in January. The press conference was held and was quite prevalent in the media. So two different effects.

顯然，突然之間就會發生變化，從 25 年到 26 年，它們在方向上是相似的。不同之處在於不當行為的影響、公眾認知問題以及公眾反應。新聞稿是在一月份發布的。新聞發布會舉行了，媒體對此進行了廣泛報道。所以這是兩種不同的效果。

But maybe one thing I would tag on is the change in the interest rate environment in Japan is, I think, something to really take note of and is for historical terms, quite dramatic. But the things we're observing, and this is over a longer period of time, not just the beginning of '26.

但我想補充一點，我認為日本利率環境的變化確實值得關注，而且從歷史角度來看，這種變化相當劇烈。但是我們正在觀察的事情，而且這是在較長一段時間內發生的，不僅僅是 2026 年初。

One is demand for yen products is gradually increasing because of that. We think that's a good thing, right? The fact that there is an interest rate there, we could deliver products of greater value.

原因之一是，對日圓產品的需求正在逐漸增加。我們認為這是件好事，對吧？正因為有利率，我們才能提供更有價值的產品。

And the other thing is we've talked about in the past is the government is incentivizing their citizens to take more investment risk and seek higher yield.

還有一點我們之前也討論過，那就是政府正在激勵公民承擔更大的投資風險，追求更高的利益。

And we are seeing customers that have a higher risk profile or a higher risk tolerance and are seeking improved returns. So as those shifts are occurring we feel very good about our all-weather product portfolio, the strength of our distribution to capture the changing nature of this marketplace.

我們發現，有些客戶的風險承受能力較高，並且正在尋求更高的回報。因此，隨著這些轉變的發生，我們對我們的全天候產品組合以及我們強大的分銷能力感到非常滿意，能夠抓住這個市場不斷變化的特性。

And Mike, what I would say is that the assumption or the estimate that we have embedded in the $100 million to $180 million of impact of the sales suspension for surrenders, is informed by what we have seen since the press release and since the results of the internal investigation have been published publicly.

麥克，我想說的是，我們先前估計的因退休而暫停銷售造成的損失在 1 億美元到 1.8 億美元之間，是基於自新聞稿發布以來以及內部調查結果公開公佈以來我們所看到的情況。

Okay, that's helpful. And then one of the things I'm wondering, I don't think we've really touched on this, but just the inflows and outflows.

好的，這很有幫助。然後，我一直在想一件事，我覺得我們還沒有真正談過，那就是流入和流出。

I'm curious if you can quantify at all like the level of outflows that you can absorb thinking about capital and liquidity and the fact that you're basically cutting off new business. I'm just trying to get some comfort in this dynamic.

我很好奇，考慮到資本和流動性，以及你基本上是在切斷新業務，你是否可以量化你能吸收的資金流出水平。我只是想在這種關係中找到一些慰藉。

Yes. So Mike, I'll start, I mean from a capital liquidity perspective, as I mentioned in the answer to the other question, we do not expect this to impact our cash flows out of our Japan operations. Part of it is because we have multiple sources of cash flows, as I mentioned.

是的。那麼，麥克，我先來。我的意思是，從資本流動性的角度來看，正如我在回答另一個問題時提到的，我們預計這不會影響我們在日本業務的現金流。部分原因是，正如我之前提到的，我們有多種現金流來源。

From a liquidity perspective, the majority of the Japan portfolio is in JGBs. We do not expect an impact of this on liquidity. And again, we've sized the impact of surrenders during this three year period, three month period, and it is roughly 20% of the $150 million to $180 million or $30 million.

從流動性角度來看，日本投資組合的大部分是日本國債。我們預計這不會對流動性造成影響。我們再次估算了這三年三個月期間的投降影響，約佔 1.5 億美元至 1.8 億美元（即 3,000 萬美元）的 20%。

Yes. So Mike, all I would add is, obviously, we've been in the market for 40 years. These are very, very large of in-force blocks of business.

是的。所以麥克，我只想補充一點，很顯然，我們已經在這個市場經營了40年。這些都是規模非常非常大的有效業務部門。

So the impact of new sales, I don't want to underplay it because, obviously, this was a difficult decision and very important, and we frame the financial impacts for you compared to the in-force this cessation is, compared to the in force, it's not large. So that's why Yanela just went through the numbers, and we're comfortable with those numbers.

所以，新銷售的影響，我不想低估它，因為很明顯，這是一個艱難且非常重要的決定，我們向您展示，與現有合約相比，此次終止對財務的影響並不大。所以，Yanela 就是把數據過一遍的，我們對這些數字感到滿意。

Jimmy Bhullar from JPMorgan.

摩根大通的吉米·布拉爾。

So first, Yanela just on your comments on cash flow not being impacted based on this. I realize in the short term, there's not exact correlation between income in the businesses and cash flow.

首先，Yanela，我想就你之前關於現金流不會因此受到影響的評論發表一些看法。我意識到，短期內，企業收入和現金流量之間並沒有完全的相關性。

But eventually, there should be an impact to the extent that earnings in the business are depressed either because of fines or just other actions or just spending to remediate what's been going on. Wouldn't there be an eventual impact on cash flows beyond this year or next year if the earnings, in fact, are depressed in the business?

但最終，由於罰款或其他措施，或僅僅是為了補救所發生的事情而支出，企業獲利必然會受到抑制。如果企業獲利確實下滑，那麼是否會對今年乃至明年的現金流產生最終影響？

Yeah. No. So what I've given you is what we expect for 2026, and that is correlated to the $300 million to $350 million impact we expect this year.

是的。不。所以我向你們展示的是我們對 2026 年的預期，這與我們今年預計的 3 億至 3.5 億美元的影響有關。

As I said, if you assume the 90 day sales suspension, the impact to '27 would be less lower than that. If the impact continued, we would see an impact on continue to expand on cash flows but what we're giving you is based on what we know today.

正如我所說，如果假設銷售暫停 90 天，那麼對 2027 年的影響會比這要小一些。如果這種影響持續下去，我們會看到現金流繼續擴張受到影響，但我們目前向您提供的資訊是基於我們今天所了解的情況。

And then just, Andy, the business has fairly high persistency. So obviously, sales don't, or the lack of sales doesn't really affect earnings in the short term that much.

而且，安迪，這個行業的持續性相當高。所以很明顯，銷售額不會，或銷售額不足在短期內並不會真正對收益造成太大影響。

To mean the bigger impact of the lack of sales would be just your ability to retain agents because if people are not able to earn income for much more beyond three months than the sort of distribution channel begins to melt away.

銷售不足的更大影響在於你留住代理商的能力，因為如果人們超過三個月都無法獲得收入，那麼這種分銷管道就會開始瓦解。

But I don't know if you view that as a credible risk and sort of what are your view, what are the sort of things that you could do to ensure that you can retain the agents if, in fact, the suspension period is running longer.

但我不知道您是否認為這是一個可信的風險，以及如果停職期真的延長了，您認為您可以採取哪些措施來確保能夠留住這些經紀人。

Yes. Jimmy. So yes, first of all, that is of paramount importance because this is we consider this to be an incredibly valuable franchise and one of the best operations in Japan. I'll just go back to my earlier comments.

是的。吉米。所以，首先，這一點至關重要，因為我們認為這是一個非常有價值的特許經營權，也是日本最好的營運之一。我還是堅持我之前的評論吧。

We are taking decisive steps to make sure that we preserve the Life Planners, but also the other employees in POJ. And the two predominant actions is investing in our Life Planners, training and development. And second is providing them ongoing financial support so that we do retain them over the longer term.

我們正在採取果斷措施，以確保保住 Life Planners 以及 POJ 的其他員工。兩項主要措施是投資我們的人生規劃師、培訓和發展。其次，我們要為他們提供持續的財務支持，以便我們能長期留住他們。

But I would also reiterate what I said, people work here at Prudential because they're proud of the company. We're a purpose-oriented company and us taking assertive action and my words leading from the front on this issue. We'll make sure that people are proud to work here and that's as important to retain people as the compensation and the training.

但我還要重申我之前說過的話，人們之所以在保誠工作，是因為他們為這家公司感到驕傲。我們是一家目標明確的公司，我們正在採取積極主動的行動，而我本人也以身作則，在這個問題上發揮領導作用。我們將確保員工以在這裡工作為榮，這對於留住人才來說與薪資和培訓同等重要。

Jack Matten from BMO Capital Markets.

來自 BMO 資本市場的 Jack Matten。

Just one follow-up on Japan. Regarding this (inaudible), it sounds like you're in content with them regarding the actions that you're taking voluntarily.

關於日本，還有一個後續問題。關於這一點（聽不清楚），聽起來你對他們對你自願採取的行動感到滿意。

But just wondering if there's a possibility that they could impose either a fine or some other financial or operational impact beyond those voluntary actions? Or are you comfortable that they're satisfied with the proactive steps that you're taking?

但我只是想知道，除了這些自願措施之外，他們是否有可能施加罰款或其他財務或營運方面的限制？或者您確信他們對您採取的積極措施感到滿意？

So Jack, I'll go back to what I said, which is we won't comment or speculate on what the regulators actions are or may be. But we are working in collaboration with them on a weekly basis.

所以傑克，我還是堅持我先前的說法，那就是我們不會對監管機構的行動或可能採取的行動發表評論或猜測。但我們每週都與他們合作。

They were aware of our voluntary decision to cease selling and the most important thing that we could do to make sure that we come out of this as expeditiously as possible and as strong as possible is stay focused on the set of actions that I've already shared.

他們知道我們自願停止銷售的決定，為了確保我們盡快、盡可能強大地走出困境，我們所能做的最重要的事情就是專注於我已經分享過的一系列行動。

Got it, okay. And then can you just follow up on free cash flow generation more broadly. I know you have the target of 65% of net income over time. From a payout standpoint, you're on track to do, I think, around $3 billion again in '26, including dividends and buybacks.

明白了，好的。然後，您能否更廣泛地跟進一下自由現金流的產生？我知道你們的目標是長期達到淨收入的 65%。從派息的角度來看，我認為你們在 2026 年預計將再次實現約 30 億美元的派息，其中包括股息和股票回購。

That $3 billion would apply a pretty high conversion rate relative to where your net income has been running in recent years. Just want to make sure you feel that the level of return sustainable given that net income trend and the potential impacts in Japan that you've talked about?

相對於你近年來的淨收入水準而言，這30億美元的兌換率相當高。我只是想確認一下，考慮到淨收入趨勢以及您提到的在日本可能產生的影響，您是否認為目前的收益水準是可持續的？

Yeah, Jack. So we have not changed our capital deployment priorities. So we are continuing to focus on balancing the preservation of financial strength and flexibility, investing in our businesses and shareholder distributions.

是的，傑克。因此，我們的資本部署優先事項並沒有改變。因此，我們將繼續致力於在維持財務實力和靈活性之間取得平衡，並投資於我們的業務和股東分紅。

The fact is that cash flows and dividends from our operating entities are not linear and throughout the years and across the year so that's why the 65% is an overtime measure. And the 65% correlates to the distributions that we have put out there, the $3 billion.

事實上，我們營運實體的現金流和股息並非線性成長，而是逐年、逐年變化，因此 65% 是一個加時賽的衡量標準。65% 與我們已發放的 30 億美元分配金額相符。

So we are confident in our cash flow generation, again, recognizing that the timing of cash flows can be volatile in that linear, but also that is based on our capital allocation decisions as well.

因此，我們對自身的現金流產生能力充滿信心，當然，我們也意識到現金流的時間可能會波動，但這也要取決於我們的資本配置決策。

So we actively manage capital deployment decisions throughout the year. This is a dynamic process for us. And again, I would just say, I would also highlight that we have strong cash balances at the holding company and strong financial ratios at our operating entities.

因此，我們全年都會積極管理資本部署決策。對我們來說，這是一個動態的過程。我再次強調，控股公司擁有雄厚的現金儲備，其各營運實體的財務比率也十分強勁。

Yaron Kinar from Mizuho.

來自瑞穗銀行的 Yaron Kinar。

Just going back to Japan for a second. The $350 million expected impact to operating income, does that include reimbursements to customers on the civil side? I'm not talking about the regulatory potential fines and whatnot?

再回到日本一會兒。預計對營業收入造成的 3.5 億美元影響是否包括向民用領域的客戶支付的賠償金？我說的不是監管方面的潛在罰款之類的問題吧？

Hi Yaron, yes. So the $300 million to $350 million, if you think about that, the second component I mentioned, the $70 million onetime cost does include and it's about 70% of the total customer reimbursement.

嗨，亞倫，是的。所以，如果你仔細想想，這 3 億到 3.5 億美元，我提到的第二個組成部分，7000 萬美元的一次性成本確實包括其中，而且它大約佔客戶總賠償額的 70%。

Got it. Okay. And then moving away from Japan, I'm sure you'd like to. On the, sorry, RILA sales slowed down '25, fixed annuity sales picked up. Can you talk a little bit about spreads and expected returns in each?

知道了。好的。然後，我想你一定也想離開日本。抱歉，RILA 的銷售在 2025 年放緩，而固定年金的銷售則有所回升。能簡單談談價差以及每種價差的預期收益嗎？

Yeah. So let me take that and let me just more broadly address what's going on in the space. So Obviously, we've talked about the RILA market is becoming more competitive, and that remains to be true. We've gone from five competitors to '25.

是的。那麼，讓我藉此機會更廣泛地談談這個領域正在發生的事情。顯然，我們已經討論過RILA市場競爭日益激烈，這點至今仍然成立。我們的競爭對手從 5 個增加到了 25 個。

And we always look for ways to differentiate ourselves that beyond price. We have a great all-weather product portfolio. We have very strong service and our brand matters.

我們一直在尋找價格以外的差異化優勢。我們擁有豐富的全天候產品組合。我們擁有非常強大的服務能力，我們的品牌也很重要。

So while our RILA sales were down somewhat, our fixed annuity sales were up, in essence, we've done a lot of work to innovate and broaden our product portfolio that enables us to lean into the customer demand across a whole range of market environments.

因此，雖然我們的 RILA 銷售額有所下降，但我們的固定年金銷售額有所上升。從本質上講，我們做了很多工作來創新和擴大我們的產品組合，使我們能夠在各種市場環境下滿足客戶的需求。

As far as the pricing environment, we're always going to be disciplined to ensure that we have profitable sales. And we're not focused on just driving a sales number. So it's more, it's about returns and profitability.

至於定價環境，我們將始終保持嚴謹，以確保獲利銷售。我們關注的不僅僅是銷售額。所以，更重要的是回報和獲利能力。

But this is an area given the longevity needs, the income needs of the US society that is a sizable market that's going to grow for a very long time. and we're really well positioned to take advantage of that secular tailwind.

但考慮到美國社會的長壽需求和收入需求，這是一個規模龐大且將長期成長的市場。我們已做好充分準備，能夠充分利用這一長期成長的有利因素。

So we don't get overly exercised quarter-to-quarter or specific product to specific product. It's more about long term, we know we're going to be a winner.

因此，我們不會因季度或特定產品而過度緊張。著眼於長遠，我們知道我們終將獲勝。

And specifically on the returns there, can you compare the returns in the RILA book versus the FA book as they are today?

具體來說，關於收益方面，您能否比較一下RILA帳簿和FA帳簿目前的收益狀況？

Yeah, Yaron. I'm not going to provide product-specific spreads or returns.

是的，亞倫。我不會提供具體產品的價差或報酬率。

Tracy Benguigui from Wolfe Research.

來自 Wolfe Research 的 Tracy Benguigui。

Staying with Japan, since the value of new business takes a while to materialize, how should we think about the longer-term impact to earnings from pausing new business? Should we look at that $80 million third component of that $300 million to $350 million for '26 and carry that over to '27 and beyond?

繼續以日本為例，由於新業務的價值需要一段時間才能顯現，我們該如何看待暫停新業務對收益的長期影響？我們是否應該考慮將 2026 年 3 億至 3.5 億美元預算中的第三部分 8,000 萬美元，並將其延續到 2027 年及以後？

Tracy, no. I wouldn't no, we wouldn't do that. So the way to think about it is of the $150 million to $180 million component of stopping sales is due to not selling, right? So that's about $30 million. Then the $80 million is really what we think about when we ramp up because we don't assume that we immediately go back up to full sales.

特雷西，不。不，我們不會那樣做。所以，我們可以這樣理解：停止銷售造成的 1.5 億美元到 1.8 億美元的損失，是因為沒有賣出去，對吧？所以大概是3000萬美元。那麼，當我們擴大規模時，我們真正考慮的是 8000 萬美元，因為我們並不認為我們會立即恢復到滿載的銷售水平。

And frankly, so we're ramping up throughout the year, getting up to about 90% sales levels through 2027. So the $300 million to $350 million includes no sales for 90 days and then a slow ramp-up throughout the year that gets to 90% by the end of 2026. So in total, what this results in is that POJ sales will be 50% lower in 2026 from normal levels.

坦白說，所以我們正在全年逐步提高產量，到 2027 年將銷售水準提高到 90% 左右。因此，3 億美元至 3.5 億美元的目標包括 90 天的零銷售額，然後全年緩慢成長，到 2026 年底達到 90%。因此，總體而言，這將導致 2026 年 POJ 的銷量比正常水平下降 50%。

Okay. I just to give you a breather on Japan. I like seeing your private credit disclosure. I'm just curious, in your definition of traditional, are you including private letter ratings and on that? If you could just give a breakout between the large three versus the smaller agencies?

好的。我只是想讓你暫時放下日本的事。我很樂意看到你的個人信用揭露資訊。我只是好奇，在您對“傳統”的定義中，您是否包括私人信件評級等？如果可以的話，請分別分析三大廣告公司和小型廣告公司之間的差異？

Yes. So we primarily rely on the three large agencies. And what I would say in terms of sort of the smaller ones and [Egan Jones] specifically, we virtually have no exposure to Egan Jones.

是的。所以我們主要靠這三大機構。至於規模較小的球員，特別是伊根瓊斯，我們幾乎沒有接觸過伊根瓊斯。

Okay. And just throw another quick one in. I saw announcement that PGIM is expanding $1 billion into private credit secondaries. Will the general count be part of that?

好的。再快速加一個。我看到公告稱，PGIM將向私募信貸二級市場投資10億美元。總人口普查數據會包含在內嗎？

Yeah. I mean, look, the general account is, we're always looking at asset diversification, how that matches up with our liabilities. We are very comfortable with private credit as a long-term asset supporting our liabilities. The reality is we've been investing in underwriting private credit for a long time.

是的。我的意思是，你看，總的來說，我們一直在關注資產多元化，以及它如何與我們的負債相符。我們非常樂意將私人信貸作為長期資產來支撐我們的負債。事實上，我們長期以來一直在投資私人信貸承銷。

We see value in private credit for the general account, and we see opportunities in terms of where we can pick up additional investment yield portfolio diversification and get better downside protection at the end of the day. So we continue to see this as a good asset class.

我們認為私募信貸對一般帳戶有價值，並且我們看到了在哪些方面可以獲得額外的投資收益，實現投資組合多元化，並在最終獲得更好的下行保護的機會。因此，我們仍然認為這是一個優質的資產類別。

85% of our private credit exposure is investment grade. These are largely private placements with strong covenants and downside protections. And historically, we've consistently performed better in these private credit investments than equally rated public during economic downturn. So this is a good asset class for us.

我們85%的私人信貸曝險屬於投資等級。這些大多是私募融資，並設有嚴格的契約和下行風險保護措施。從歷史數據來看，在經濟低迷時期，我們在這些私人信貸投資的表現一直優於同等評級的公共信貸投資。所以這對我們來說是一個很好的資產類別。

Yeah. And Tracy, maybe just let me add in from the PGIM business perspective. We're really excited about the secondary space in general across asset classes. I think you probably recall, we bought Montana Capital Partners, a private equity secondary business back in 2021. That's now fully assimilated into PGIM.

是的。Tracy，或許我可以從PGIM業務的角度補充一點。我們對各資產類別的二級市場整體都感到非常興奮。我想你可能還記得，我們​​在 2021 年收購了 Montana Capital Partners，一家私募股權二級市場公司。現在這部分內容已完全融入PGIM體系中。

And we believe that we could combine our world-class credit prowess with this deep secondary's expertise. And we're already seeing, so we just talked about the general account. We're already seeing strong third party client interest in this capability, and we see this as a really good growth extender PGIM.

我們相信，我們可以將我們世界一流的信貸實力與這家實力雄厚的二級市場機構的專業知識相結合。我們已經看到了這一點，所以我們剛才討論了一般帳戶。我們已經看到第三方客戶對這項功能表現出濃厚的興趣，我們認為這對 PGIM 來說是一個非常好的成長擴展。

Alex Scott from Barclays.

巴克萊銀行的亞歷克斯·斯科特。

Thanks for squeezing here in the end. First, I do have one on Japan. I just wanted to see if you could opine at all about what this does just at a more high level to the trajectory of revenue. And I'm just sensitive to it because I think you guys been talking about maybe some of the life planners beginning to sell more financial products and we'll be interested in does this set that back and by how much?

感謝你最後抽出時間來這裡。首先，我確實有一篇關於日本的文章。我只是想看看您能否從更高的層面談談這對收入走勢的影響。我對此比較敏感，因為我覺得你們一直在討論一些人壽保險規劃師可能會開始銷售更多金融產品，我們很想知道這是否會阻礙這一趨勢，以及會阻礙多少。

Or is it more permanent? Because I think we may have had something for that is an offset in our revenue growth. And I just want to make sure that I get that consistent with what you're expecting?

或者，這是更持久的？因為我認為我們可能有一些因素抵消了我們的收入成長。我只是想確保我得到的結果符合您的預期？

Alex, it's Andy. I'll take that. So I guess the first thing I would say is, this is really early days in navigating the situation. But I would always turn to long-term trends and secular tailwinds. And in reality, what we're seeing in Japan is, it's one of the wealthiest markets in the world where we have incredible distribution despite this near-term challenge.

Alex，我是Andy。我接受。所以我想說的第一點是，現在還處於應對這種情況的早期階段。但我始終會關注長期趨勢和長期利好因素。事實上，我們在日本看到的情況是，儘管面臨短期挑戰，但作為世界上最富裕的市場之一，我們在日本仍然擁有令人難以置信的分銷管道。

If 10,000 captive agents, we have incredible bank access, great independent agent access. We are looking to rotate more towards retirement and savings and investment.

如果擁有 10,000 名專屬代理人，我們將擁有強大的銀行資源和良好的獨立代理人資源。我們正在考慮更多地轉向退休、儲蓄和投資。

If anything, we are seeing very clear evidence that the consumers in Japan want to seek higher yield and want to seek investment type products.

如果有任何跡象顯示日本消費者希望追求更高的收益，希望購買投資型產品，那麼我們已經看到了非常明確的證據。

So while I would expect that we're going to see pressure on the protection side, I think we have everything we need to rotate as the market rotates. And while it's early days to talk about specifically this issue, there's a longer-term secular tailwind that we would expect to be able to grow over the longer term.

因此，雖然我預計保護方面會面臨壓力，但我認為我們擁有隨著市場輪動而輪動所需的一切。雖然現在談論這個問題還為時過早，但我們預計，從長遠來看，存在一種長期的順風，這種順風有望持續增長。

Got it, okay. That's helpful. And then maybe my last one on PGIM flows. They generally been doing pretty well over the last year but a little bit of a setback. I think there's some lumpiness to it this quarter.

明白了，好的。那很有幫助。然後，也許我會在最後寫一篇關於PGIM流程的文章。他們過去一年總體表現相當不錯，但最近遇到了一些小挫折。我認為本季業績有些波動。

Is there any element of that that's sort of some of the yen-based investors that have been investing in USD and maybe higher rates in Japan is causing some lumpiness in terms of accounts being pulled back to just invest in yen?

是否存在這樣一種情況：一些以日元為基礎的投資者一直在投資美元，而日本利率上升可能導致一些帳戶資金被撤回，轉而投資日元？

I mean, is that something you're seeing there? Or is there not that kind of dynamic, and we should see this kind of revert back to positive list?

我的意思是，你在那裡看到了什麼？或者，是否存在這種動態，我們是否應該看到這種趨勢回歸正面榜？

Yeah, Alex, let me start directly and then talk more broadly about flows. So directly, I do not believe that is in any way kind of the factor that you're seeing show up in our flows that may be more of a minor factor or more specific to certain individuals, but it's not really the story when it comes to our flows.

是的，Alex，讓我先直接切入正題，然後再更廣泛地談談流程。所以直接來說，我不認為這是你在我們的流程中看到的因素，它可能是次要因素，或者更具體地適用於某些人，但這並不是我們流程的真正原因。

And as you know, when we talk about flows, we talk about total flows. What we're seeing on the third-party side is consistent with things we've talked about in the past and just be very upfront, we're not pleased with our flows this quarter.

如你所知，當我們談論流量時，我們談論的是總流量。我們在第三方方面看到的情況與我們過去討論過的情況一致，坦白說，我們對本季的資金流動並不滿意。

In retail, we're seeing this very heavy headwind from active to passive management. Jenison is a great platform. and customers expect public equity as part of their portfolio. So it certainly is an important part of our system, but that is quite a headwind to overcome on the retail side.

在零售業，我們看到主動管理向被動管理轉變帶來了巨大的阻力。Jenison是一個很棒的平台，客戶希望他們的投資組合中包含公開股票。所以它當然是我們系統的重要組成部分，但這對零售業來說是一個相當大的阻力。

On the third-party institutional, we have some of the largest clients in the world. And that can inherently make things lumpy on a quarter-to-quarter basis.

在第三方機構客戶方面，我們擁有一些全球最大的客戶。而這必然會導致季度之間的業績出現波動。

And what we saw, as I said in my upfront was a fairly sizable low fee redemption that was one of these lumpy quarter-to-quarter. We've seen that go the other direction in the past as well to our benefit. So I don't think the yen is a driver here. It's more of those other factors I spoke to.

正如我在前面所說，我們看到的是相當可觀的低手續費贖回，這是季度間波動較大的情況之一。過去我們也曾看到相反的情況，而且對我們有利。所以我認為日圓不是影響因素。我提到的那些其他因素才是更重要的。

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

謝謝。我們的問答環節結束了。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. As we outlined, we are moving fast. We're moving with discipline to address the issues in POJ. Our commitment to the highest standards of customer care is absolute.

再次感謝您今天早上收看我們的節目。正如我們之前所述，我們正在快速推進。我們正在以嚴謹的態度解決POJ的問題。我們始終堅持最高標準的客戶服務。

At the same time, we remain focused on executing on our three priorities and driving momentum across our businesses as we lay the foundation for a stronger, more durable growth pattern.

同時，我們將持續專注於執行三大優先事項，推動各項業務發展，為更強勁、更持久的成長模式奠定基礎。

We're moving with speed to deliver the value that our customers and our shareholders expect and deserve from Prudential.

我們正加快步伐，為我們的客戶和股東提供他們期望和應得的保誠價值。

I just want to close, as I always do, by recognizing our employees around the world for the dedication and commitment that they show every single day. Thank you for everything that you're doing for our customers and for each other. And with that, we'll conclude our call.

最後，我想像往常一樣，感謝我們世界各地的員工每天所展現的奉獻精神和敬業精神。感謝你們為我們的客戶以及彼此所做的一切。通話到此結束。

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

謝謝。今天的電話會議和網路直播到此結束。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。