保德信金融集團 (PRU) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Prudential's quarterly earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Tina Madon. Please go ahead.

各位女士、先生，感謝您耐心等候，歡迎參加保德信（Prudential）季度財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。現在我很高興把電話交給 Tina Madon。請開始。

Thank you. Good morning, everyone, and thank you for joining us. Representing Prudential on today's call are Andy Sullivan, Chairman and 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，感謝各位加入我們。今天代表保德信出席電話會議的有：董事長兼執行長 Andy Sullivan，以及財務長 Yanela Frias。我們將先由 Andy 與 Yanela 發表準備好的談話，接著回答各位的提問。

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. 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.

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陳述存在重大差異。此外，今天電話會議中的發言，以及我們的季度財報新聞稿、財報簡報與季度財務補充資料（可於 investor.prudential.com 查閱）包含對非 GAAP 指標的引用。

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, please see the slides titled Forward-Looking Statements and Non-GAAP Measures in the appendices to our earnings presentation and quarterly financial supplement.

如需將該等指標與最可比的 GAAP 指標進行調節（reconciliation），以及了解可能導致實際結果與這些前瞻性陳述所述結果出現重大差異的因素，請參閱我們財報簡報與季度財務補充資料附錄中題為「前瞻性陳述」與「非 GAAP 指標」的投影片。

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

接下來，我把電話交給 Andy。

Good morning, everyone, and thank you for joining our call. Before turning to our first-quarter results, I want to take a moment to step back. This is my fifth earnings call as CEO and the first of my second year in the role, an important point to take stock of where we are as a company and where we are headed.

各位早安，感謝各位參加我們的電話會議。在談到第一季業績之前，我想先退一步做個回顧。這是我擔任執行長以來的第五次財報電話會議，也是我在此職務第二年的第一通電話會議；這是一個重要的時點，讓我們盤點公司目前的位置以及未來的方向。

Over the past 12 months, we've made meaningful progress against the priorities I established at the onset and we're seeing tangible evidence of stronger execution across the business.

過去 12 個月，我們在我上任之初所訂定的優先事項上取得了實質進展，並且看到全公司在執行力方面更強的具體證據。

The issue we encountered in Japan was unexpected, but we are navigating through it, and it does not change our assessment of the path forward. Results across the organization reinforce my confidence in our direction and in the operating discipline we are building.

我們在日本遇到的問題出乎意料，但我們正在應對處理，且這不會改變我們對前進路徑的判斷。全組織的成果強化了我對我們方向以及我們正在建立的營運紀律的信心。

Last year, I laid out three priorities: evolving and delivering on our strategy, improving on our execution and fostering a high-performance culture aimed at delivering stronger performance, more consistent results and sustained long-term value creation. Since then, we have sharpened our focus, raised the bar on accountability and made foundational changes to our leadership and operating structure to support that agenda.

去年，我提出三項優先事項：推進並落實我們的策略、提升執行力，以及培養高績效文化，以實現更強的表現、更一致的成果與長期且可持續的價值創造。自那時起，我們更加聚焦、提高問責標準，並對領導與營運架構做出基礎性調整，以支持這項議程。

Prudential is at a defining moment. We have a strong foundation, distinctive businesses and significant capabilities. We compete in large, attractive but highly competitive markets and that puts a premium on accountability and strong operating discipline.

保德信正處於關鍵時刻。我們擁有堅實的基礎、具差異化的業務以及重要的能力。我們在規模龐大、具吸引力但競爭激烈的市場中競爭，這使得問責與強健的營運紀律更為重要。

Since that first call last year, I've been clear, delivering the level of performance our shareholders expect requires a simpler company, clearer priorities and a relentless focus on execution. The status quo is not an option. Our business is anchored in real strengths. We have a trusted brand, deep distribution and long-standing customer relationships in markets where demand is durable and growing.

自去年第一次電話會議以來，我一直很明確：要交付股東所期待的績效，需要一個更精簡的公司、更清晰的優先事項，以及對執行的持續且不懈的專注。維持現狀不是選項。我們的業務建立在真實的優勢之上。我們擁有值得信賴的品牌、深厚的通路，以及在需求穩健且成長的市場中長期建立的客戶關係。

Nowhere is that more evident than in retirement and asset management, where powerful secular trends are creating significant opportunity. Institutions with the scale and capabilities to manage long-duration liabilities, deliver reliable income solutions, and generate strong investment outcomes will win.

在退休與資產管理領域，這一點最為明顯；強勁的長期結構性趨勢正在創造重大機會。具備規模與能力、能管理長久期負債、提供可靠收益解決方案並創造強勁投資成果的機構將勝出。

A defining strength of Prudential is the integration between our retirement capabilities and our asset management platform. That connectivity enables us to source and manage assets in ways that support our retirement and protection liabilities, while positioning PGIM as a sustainable capital-efficient growth engine for the enterprise.

保德信的一項關鍵優勢，是我們的退休能力與資產管理平台之間的整合。這種連結使我們能以支持退休與保障負債的方式來取得並管理資產，同時將 PGIM 定位為企業可持續、資本效率高的成長引擎。

These differentiated competitive advantages matter, but positioning alone is not enough. Success requires clear choices. It means concentrating on the businesses and capabilities where our advantages are real and sustainable and stepping back where they are not. You've seen us act on this conviction with our recent portfolio actions. Specifically, the sales of our PGIM operations in Taiwan and India as well as our insurance businesses in Kenya and Indonesia.

這些差異化的競爭優勢很重要，但僅有定位仍不足夠。成功需要明確的取捨。這意味著把資源集中在我們優勢真實且可持續的業務與能力上，並在優勢不具備之處選擇退場。各位已看到我們近期的投資組合調整行動，正是基於這項信念。具體而言，包括出售我們在台灣與印度的 PGIM 業務，以及我們在肯亞與印尼的保險業務。

The decision to exit markets where we do not see a scale opportunity or a path to market leadership, reinforces our commitment to redeploy capital toward areas where we could generate high cash flows and attractive returns over the long term. It also means building an operating model, supported by a culture that is grounded in accountability, candor and consistently delivering at the highest level for customers, shareholders and our employees.

退出我們看不到規模機會或無法通往市場領導地位的市場之決策，強化了我們將資本重新配置至可在長期創造高現金流與具吸引力報酬領域的承諾。這也意味著建立一套營運模式，並以問責、坦誠，以及持續以最高水準為客戶、股東與員工交付成果的文化作為支撐。

Our work towards these goals is well underway. While there's more to do, the direction is clear, and our momentum is building. We will share more details on Prudential's long-term vision and strategy on our second-quarter call in August.

我們朝這些目標推進的工作已在進行中。雖然仍有更多工作要做，但方向清晰，我們的動能正在累積。我們將在 8 月的第二季電話會議上，分享更多關於保德信長期願景與策略的細節。

With that, let me turn to the quarter. Pretax adjusted operating income was $1.6 billion or $3.61 per share, up 10% from the year ago quarter, with an adjusted operating return on equity of approximately 15%. These results reflect solid underlying performance, improved consistency and discipline in how we operate, and early benefits from the actions we have taken to sharpen focus and strengthen execution across the company.

接下來談本季表現。稅前調整後營運收益為 16 億美元，或每股 3.61 美元，較去年同期成長 10%，調整後營運股東權益報酬率約為 15%。這些結果反映了穩健的基本面表現、更佳的一致性，以及我們在營運方式上的紀律提升，並且展現我們為聚焦重點與強化全公司執行力所採取行動的初步效益。

Let me now briefly highlight progress across the businesses, starting with PGIM. PGIM delivered strong investment performance and continue to advance the simplification and integration of its organizational platform. This momentum translated into strong year-over-year earnings growth. And the business is on track to deliver the run rate savings and margin expansion we previously committed to, both in magnitude and timeline.

接著我簡要說明各業務的進展，先從 PGIM 開始。PGIM 交出強勁的投資績效，並持續推進其組織平台的簡化與整合。這股動能帶動了強勁的年對年獲利成長。此外，該業務正按我們先前承諾的幅度與時程，達成經常性節省（run rate savings）與利潤率擴張。

PGIM's earnings profile is steadily improving. Even as the rate environment and market uncertainty have weighed on certain asset classes and challenged flows, particularly fixed income and real estate, which comprise over 70% of PGIM's assets under management.

PGIM 的獲利結構正穩步改善。即便利率環境與市場不確定性對部分資產類別造成壓力並使資金流向承壓，尤其是固定收益與不動產（合計占 PGIM 管理資產規模的 70% 以上）。

That said, we are pleased with the momentum in our expanding private assets business, both at capital deployment and fundraising, which have continued to increase since 2023. Our efforts, specifically in direct lending and asset-backed finance are yielding strong results, driving approximately $5 billion of the $13 billion we deployed in private assets this quarter. These businesses are higher fee, higher margin and vital to the competitiveness of our retirement business.

儘管如此，我們對私募資產業務擴張的動能感到滿意，無論在資本投放或募資方面，自 2023 年以來都持續增加。我們在直接放貸與資產擔保融資方面的努力正產生強勁成果，推動本季私募資產投放的 130 億美元中約 50 億美元來自這些業務。這些業務費率更高、利潤率更高，且對我們退休業務的競爭力至關重要。

We're also seeing good momentum in our active ETF retail offering, another important growth area for us. This platform reached nearly $30 billion in assets under management at quarter end, almost doubling over the last year.

我們也看到主動式 ETF 零售產品的良好動能，這也是我們另一個重要的成長領域。截至季末，該平台管理資產規模接近 300 億美元，較去年幾乎翻倍。

Additionally, PGIM's total flow picture improved meaningfully on a sequential basis. Third-party net inflows from institutional and retail sources totaled nearly $2 billion in the quarter, despite ongoing pressure from active equity outflows consistent with industry trends. Affiliated net outflows were $1.9 billion, primarily driven by annuity runoff.

此外，PGIM 的整體資金流向情況在環比上明顯改善。本季來自機構與零售來源的第三方淨流入合計接近 20 億美元，儘管主動式股票仍持續淨流出，與產業趨勢一致。關聯方淨流出為 19 億美元，主要由年金自然到期縮減（runoff）所致。

Across our US businesses, results reflect the actions we've taken to strengthen our competitive positioning. We have been very intentional and methodical in broadening our distribution and diversifying our product offerings. This is enabling us to capture demand and improve the underlying fundamentals of our retirement and insurance businesses.

在我們美國業務方面，結果反映了我們為強化競爭定位所採取的行動。我們非常有意識且有系統地擴大通路並多元化產品組合。這使我們能夠掌握需求，並改善我們退休與保險業務的基本面。

In retirement, momentum remains strong. Retail annuities delivered more than $3 billion in sales in the quarter, supported by continued strength in RILA and fixed products. Our new FlexGuard 2.0 product delivered the highest quarterly RILA sales in over a year.

在退休業務方面，動能依然強勁。本季零售年金銷售額超過30億美元，主要受益於RILA與固定型產品持續走強。我們的新產品FlexGuard 2.0創下逾一年來最高的單季RILA銷售額。

Additionally, we completed $1.4 billion in PRT transactions across multiple middle market cases. These results underscore the depth and breadth of our franchise across both the retail and institutional markets. On the retail side, our broad product set is a key competitive strength, enabling us to meet customer preferences across various market environments.

此外，我們在多個中型市場案件中完成了總計14億美元的PRT交易。這些成果凸顯我們在零售與機構市場兩端的特許經營深度與廣度。在零售端，我們廣泛的產品組合是關鍵競爭優勢，使我們能在不同市場環境下滿足客戶偏好。

On the institutional side, our leadership spans from executing large complex transactions to growing opportunities in the core middle market as our scale, asset capabilities and customer-centric expertise differentiate us. In Group Insurance, we continue to strengthen the foundational capabilities of this business and position it for improved outcomes.

在機構端，我們的領導力涵蓋從執行大型複雜交易，到在核心中型市場拓展成長機會；我們的規模、資產能力與以客戶為中心的專業能力使我們脫穎而出。在團體保險方面，我們持續強化該業務的基礎能力，並使其具備更佳成果的定位。

Our focus on product diversification, including supplemental health, and a pivot toward broader market representation through our premier middle market segment are driving momentum in this business. However, results this quarter reflect increased macroeconomic uncertainty, which impacted disability underwriting as experience continued to normalize from unusually favorable prior year levels.

我們聚焦產品多元化（包括補充健康險），並透過我們首屈一指的中型市場分部，轉向更廣泛的市場覆蓋，正推動該業務動能。然而，本季結果反映宏觀經濟不確定性上升，影響失能險承保；同時，經驗值也持續自前一年異常有利的水準回歸常態。

This was partially offset by improved life underwriting due to favorable mortality experience, resulting in a total benefits ratio that increased year over year but was within our targeted range. Yanela will provide more details on these dynamics in her remarks. But it's important to keep in mind that our diversified portfolio of group life, group disability and supplemental health products, supported by our disciplined pricing approach, positions us to navigate effectively as conditions evolve. We remain confident in the long-term fundamentals of our group business and our ability to perform through the cycle.

部分影響被壽險承保改善所抵銷，主因死亡率經驗有利，使得總給付率雖年增但仍落在我們的目標區間內。Yanela將在她的發言中提供更多關於這些動態的細節。但重要的是要記住，我們多元化的團體壽險、團體失能險與補充健康險產品組合，加上嚴謹的定價方法，使我們能在環境演變時有效因應。我們仍對團體業務的長期基本面，以及我們穿越景氣循環的表現能力充滿信心。

In individual life, our focus on portfolio diversification, disciplined pricing and expanded distribution has resulted in a more resilient earnings profile and enhanced capital efficiency, with the resegmentation of guaranteed universal life, both the strength and quality of our ongoing individual life business is more visible, with this segment generating $139 million in AOI this quarter.

在個人壽險方面，我們聚焦投資組合多元化、嚴謹定價與擴大通路，帶來更具韌性的獲利結構並提升資本效率；隨著保證型萬能壽險（GUL）的重新分群，我們持續經營的個人壽險業務之強度與品質更為清晰可見，本季該分部貢獻1.39億美元AOI。

Now turning to International. Sales and earnings this quarter reflected the financial impact of the sales suspension in Prudential of Japan. As we discussed on our April 21 call, voluntarily extending the POJ sales suspension through November 5, reflects our current judgment of the time required to make the operational, governance, organization and related changes necessary for POJ to resume sales.

接著談國際業務。本季銷售與獲利反映日本保德信（Prudential of Japan）的停售所帶來的財務影響。如同我們在4月21日電話會議中所討論，將POJ的停售自願延長至11月5日，反映我們目前對於完成POJ恢復銷售所需之營運、治理、組織及相關變革所需時間的判斷。

We are confident in the underlying fundamentals of the franchise and in our ability to return POJ to the market as a stronger, more resilient business. Importantly, when looking more broadly across our Japan businesses, we have a sustainable and increasingly diversified platform.

我們對該特許經營的基本面，以及讓POJ以更強健、更具韌性的業務重返市場的能力充滿信心。更重要的是，從更宏觀的角度看我們在日本的整體業務，我們擁有一個可持續且日益多元化的平台。

On the product side, our work to diversify into more yen offerings and build on our retirement offerings is paying off. This quarter, over 35% of our sales came from products launched in the last 36 months. On the distribution side, we are continuing to broaden and specifically strengthen our third-party distribution through banks and independent agents.

在產品端，我們致力於多元化更多日圓計價產品並強化退休產品布局，正逐步見效。本季超過35%的銷售來自過去36個月內推出的產品。在通路端，我們持續擴大，並特別強化透過銀行與獨立代理人的第三方通路。

Our independent agency sales were up 7% year over year, and third party or approximately 1/3 of our total sales, demonstrating reduced reliance on our captive channels. Together, these factors reinforce the underlying strength and durability of our franchise in Japan.

我們的獨立代理通路銷售年增7%，而第三方通路約占我們總銷售的三分之一，顯示對自有（專屬）通路的依賴降低。綜合而言，這些因素強化了我們在日本特許經營的內在實力與持久性。

Outside of Japan, emerging markets delivered a very strong first quarter. Led by a record earnings quarter in Brazil, where a broader distribution, including agency and third-party expansion and high productivity continue to support profitable new business growth. I'd also like to note that we have now exceeded 1.2 million policies through our Mercado Libre relationship, demonstrating our ability to grow through digital platforms.

日本以外的新興市場在第一季表現非常強勁。其中以巴西創下獲利季度新高為首，受惠於更廣泛的通路（包括代理與第三方擴張）以及高生產力，持續支持具獲利性的新業務成長。我也想指出，透過我們與Mercado Libre的合作關係，我們的保單數已超過120萬張，展現我們透過數位平台成長的能力。

With that, let me close with some final thoughts. What you are beginning to see across Prudential is a higher standard for how we are managing the business and positioning it for future success. We are simplifying the organization, allocating capital with greater discipline, raising the bar on execution and increasingly leveraging technology and AI to become more productive and efficient.

接下來，讓我以幾點最後的想法作結。你們開始在保德信各處看到的是：我們在經營管理與為未來成功布局方面，採取了更高的標準。我們正在簡化組織、以更嚴謹的紀律配置資本、提高執行標準，並日益運用科技與AI以提升生產力與效率。

As I said at the beginning of my remarks, we operate in attractive but competitive markets, and we have a clear understanding of the opportunities and challenges ahead. We are building a stronger prudential, one that is positioned to meet those challenges and deliver durable value to all stakeholders across cycles.

如同我在開場時所說，我們身處具吸引力但競爭激烈的市場，並清楚理解前方的機會與挑戰。我們正在打造更強大的保德信，使其能迎接這些挑戰，並在不同景氣循環中為所有利害關係人創造持久價值。

This work is well underway. While changing the performance trajectory of a company of this size, is a multiyear endeavor, our direction of travel is clear, and our momentum is real. I have firm conviction in our path forward.

這項工作已在積極推進中。雖然改變如此規模公司的績效軌跡是一項多年工程，但我們前進的方向很清楚，動能也是真實存在的。我對我們前行的道路抱持堅定信念。

With that, let me turn it over to Yanela.

接下來，我把時間交給Yanela。

Thank you, Andy, and good morning, everyone. Our first-quarter results reflected continued momentum entering the year. We reported after-tax adjusted operating income of approximately $1.3 billion or $3.61 per common share, reflecting a 10% increase from the prior year quarter.

謝謝你，Andy，各位早安。我們第一季的結果反映出進入新年度後動能持續。我們公布稅後調整後營運收益約13億美元，或每股普通股3.61美元，較去年同期成長10%。

This performance was primarily driven by higher spread income in our US and International Insurance businesses as well as more favorable life underwriting results. These increases were partially offset by higher operating expenses, including costs related to the sales suspension at Prudential of Japan.

這項表現主要由美國與國際保險業務較高的利差收益，以及更有利的壽險承保結果所帶動。上述增幅部分被較高的營運費用所抵銷，其中包括與日本保德信停售相關的成本。

As I have highlighted previously, optimizing our expense base is a key area of focus. Excluding the impact of onetime items, our operating expenses were flat year over year. We are taking targeted actions to reduce costs across the enterprise to support investments in critical areas, including enhancing our service and distribution and elevating our customer and adviser experience. We anticipate that the benefits of these actions will be evident in 2027.

如我先前強調，最佳化我們的費用基礎是關注重點之一。排除一次性項目的影響後，我們的營運費用年比持平。我們正採取具針對性的行動，在全企業範圍內降低成本，以支持對關鍵領域的投資，包括強化服務與通路，並提升客戶與顧問體驗。我們預期這些行動的效益將在2027年顯現。

Let me now review the key performance highlights for each of our businesses. PGIM reported pretax adjusted operating income of $190 million, up 22% from the prior year quarter. These results reflected higher asset management fees, driven by market appreciation and higher other related revenues from agency earnings. These increases were partially offset by increased expenses related to growth initiatives, including the expansion of our direct lending and private asset-backed finance platform.

接下來我將回顧各項業務的關鍵績效亮點。PGIM稅前調整後營運收益為1.90億美元，較去年同期成長22%。這些結果反映資產管理費提高，主要由市場上漲，以及代理業務收益帶動的其他相關收入增加所驅動。上述增幅部分被與成長計畫相關的費用增加所抵銷，包括擴大我們的直接放貸與私募資產擔保融資平台。

PGIM is on track to deliver approximately $100 million of gross annual run rate savings and more than 200 basis points of margin expansion in 2026, accelerating progress towards its 25% to 30% margin target. In the first quarter, PGIM delivered a 19.1% margin, reflecting a 260 basis point increase year over year, which demonstrates meaningful progress towards that goal. Recall that first-quarter margins are seasonally the lowest of the four quarters due to the timing of annual long-term incentive awards.

PGIM正按計畫在2026年實現約1億美元的年度總（gross）經常性節省，並帶來超過200個基點的利潤率擴張，加速朝25%至30%的利潤率目標邁進。第一季PGIM利潤率為19.1%，年增260個基點，顯示朝該目標取得實質進展。請記得，第一季利潤率在四個季度中通常季節性最低，原因在於年度長期激勵獎酬的發放時點。

Assets under management totaled $1.4 trillion, increasing 3% from the prior year quarter, driven primarily by market appreciation and strong broad-based investment performance across public and private fixed income. Total flows across third-party and affiliated sources were essentially flat representing a substantial sequential improvement in all channels. Importantly, third-party net inflows totaled $1.8 billion as strong fixed income inflows more than offset equity outflows and which, as Andy noted, remained pressured consistent with broader industry trends away from active equities.

管理資產規模（AUM）合計1.4兆美元，較去年同期增加3%，主要由市場上漲以及公募與私募固定收益的強勁且廣泛的投資表現所帶動。第三方與關係企業來源的總資金流量基本持平，但相較前一季在各通路均有顯著改善。重要的是，第三方淨流入合計18億美元；強勁的固定收益流入不僅抵銷了股票流出，而且如Andy所提，股票仍承壓，與整體產業從主動式股票策略轉移的趨勢一致。

Net outflows in PGIM's affiliated channel totaled $1.9 billion, primarily driven by runoff in traditional variable annuities. Our US businesses generated pretax adjusted operating income of approximately $1 billion, a 3% increase compared to the prior year quarter. Higher spread income in Retirement and Individual Life was partially offset by higher expenses across all the businesses related to the investments I mentioned earlier. Lower fee income associated with the runoff of our traditional variable annuity block now reported in the US legacy products segment was also an offset.

PGIM 關聯通路的淨流出合計 19 億美元，主要由傳統變額年金的自然到期（runoff）所致。我們的美國業務在本季產生約 10 億美元的稅前調整後營運收益，較去年同期成長 3%。退休與個人壽險較高的利差收入，部分被我先前提到的各項投資所帶動、遍及所有業務的較高費用所抵銷。此外，與傳統變額年金存量（現改列於美國傳統產品部門）自然到期相關的較低手續費收入，也構成抵銷因素。

As disclosed in April, we established a new US legacy products reporting segment in the first quarter. This segment includes certain traditional variable annuity and guaranteed universal life products that we no longer sell. The resegmentation improves transparency and better aligns our financial reporting with how we manage the business while providing improved visibility into the underlying growth and earnings profiles of retirement and individual life. We also believe that the combination of institutional and individual retirement will provide a clearer view of the growth trends in the predominantly spread-based earnings of this business.

如同我們在 4 月所揭露，我們於第一季建立了新的「美國傳統產品」報導部門。此部門包含若干我們已不再銷售的傳統變額年金與保證型萬能壽險（GUL）產品。此一重新分部可提升透明度，並使財務報導更貼近我們管理業務的方式，同時也能更清楚呈現退休與個人壽險的基礎成長與獲利輪廓。我們也相信，將機構退休與個人退休合併呈現，將能更清楚反映此業務以利差為主的獲利之成長趨勢。

Now turning to the details of our Retirement segment. Retirement delivered pretax adjusted operating income of over $570 million in the first quarter, 9% higher year over year. These results primarily reflected higher spread income related to new business growth as well as approximately $25 million of prepayment income, which is episodic. These increases were partially offset by higher distribution expenses associated with business growth, along with the investments I mentioned earlier.

接著說明退休（Retirement）部門的細節。退休部門第一季稅前調整後營運收益超過 5.7 億美元，年增 9%。這些結果主要反映新業務成長帶動的較高利差收入，以及約 2,500 萬美元的提前償付收入（屬於偶發性）。上述增加部分被與業務成長相關的較高通路費用，以及我先前提到的投資所帶動的費用所部分抵銷。

Less favorable underwriting results were also an offset. Total sales in the quarter were $7.4 billion, including $3.3 billion of retail annuity sales, reflecting strong momentum following the December 2025 launch of FlexGuard 2.0, our newest RILA product.

承保結果較不理想亦構成抵銷因素。本季總銷售額為 74 億美元，其中零售年金銷售 33 億美元；這反映我們於 2025 年 12 月推出最新的 RILA 產品 FlexGuard 2.0 後的強勁動能。

Pension risk transfer sales totaled $1.4 billion and more across four middle market transactions. Net account values were $356 billion at the end of the quarter, increasing 8% year over year, reflecting market appreciation and broad-based growth across our diversified retirement product set. Of note, Retail Annuities grew to $58 billion in account values, representing a 34% increase from the prior year, driven by over $13 billion in sales over the last year.

退休金風險移轉（PRT）銷售額合計 14 億美元以上，來自四筆中型市場交易。季末淨帳戶價值為 3,560 億美元，年增 8%，反映市場上漲，以及我們多元化退休產品組合的全面性成長。值得一提的是，零售年金帳戶價值成長至 580 億美元，較去年增加 34%，主要由過去一年超過 130 億美元的銷售所帶動。

Now turning to group insurance. Group reported pretax adjusted operating income of $38 million compared to $89 million in the prior year quarter. Excluding the impact of a favorable reserve refinement of approximately $30 million last year, the decline primarily reflected less favorable disability underwriting driven by higher incidents and severity amid increased macroeconomic uncertainty. This impact was partially offset by improved life underwriting results, driven by favorable mortality experience in the working age population.

接著談團體保險（Group）。團體保險本季稅前調整後營運收益為 3,800 萬美元，去年同期為 8,900 萬美元。若排除去年約 3,000 萬美元的有利準備金精算調整影響，本次下滑主要反映在宏觀經濟不確定性升高下，失能險承保較不利，原因為出險件數與嚴重度上升。此影響部分被壽險承保結果改善所抵銷，改善主因為工作年齡人口的死亡率經驗較為有利。

This result also reflected higher expenses, primarily related to investments supporting business growth and operational efficiency in both our claims and service organization. The total benefits ratio increased to 83.7% in the quarter as less favorable disability experience was partially offset by more favorable life experience. The benefits ratio remains within our target range of 83% to 87%.

本結果亦反映費用上升，主要與我們在理賠與服務組織中，支持業務成長與營運效率的投資相關。本季總給付率上升至 83.7%，因失能經驗較不利，部分被壽險經驗較有利所抵銷。給付率仍落在我們 83% 至 87% 的目標區間內。

As a reminder, our total group benefit ratio reached a first-quarter record low of 81.3% last year, driven by the favorable reserve refinement I mentioned earlier and very favorable disability experience. Sales totaled $526 million in the quarter, up 32% year over year, driven by continued momentum in our Premier segment across our diversified product set as we continue to execute on our market segment and product diversification strategy. This outcome also reflects strong supplemental health sales, which nearly doubled year over year.

提醒一下，我們去年的團體總給付率在第一季創下 81.3% 的歷史低點，主要受我先前提到的有利準備金精算調整，以及非常有利的失能經驗所帶動。本季銷售額為 5.26 億美元，年增 32%，主要由我們多元化產品組合中 Premier 區隔的持續動能所帶動，反映我們持續執行市場區隔與產品多元化策略。此結果亦反映補充型健康險銷售強勁，年增近一倍。

Individual Life generated pretax adjusted operating income of $139 million in the quarter, more than doubling year over year. This increase primarily reflected improved underwriting results due to more favorable mortality experience from lower severity of claims. Higher spread income also contributed to this result. Sales of $251 million marked a record first quarter driven by strong momentum in variable accumulation products where we continue to lead given our robust distribution and service capabilities.

個人壽險（Individual Life）本季稅前調整後營運收益為 1.39 億美元，較去年同期增加逾一倍。此增幅主要反映承保結果改善，因理賠嚴重度下降帶來較有利的死亡率經驗。較高的利差收入亦對本結果有所貢獻。銷售額 2.51 億美元創第一季新高，主要由變額累積型產品的強勁動能所帶動；憑藉我們強健的通路與服務能力，我們持續保持領先。

Our new US legacy products segment generated pretax adjusted operating income of $207 million in the first quarter, a 22% decrease compared to the prior year quarter. This decrease primarily reflects lower net fee income, driven by the continued runoff of the traditional variable annuity block, partially offset by market appreciation. Also contributing to the decline were less favorable underwriting results related to the GUL block.

我們新設立的美國傳統產品部門第一季稅前調整後營運收益為 2.07 億美元，較去年同期下降 22%。此下降主要反映淨手續費收入降低，原因為傳統變額年金存量持續自然到期，部分被市場上漲所抵銷。與 GUL 存量相關的承保結果較不利亦加劇了下滑。

Our international businesses generated pretax adjusted operating income of $810 million in the first quarter, down 4% year over year. This result was driven by higher spread income along with more favorable underwriting results, primarily due to new business growth in Brazil, which had a record earnings quarter. These increases were more than offset by expenses related to the Prudential of Japan sales suspension.

我們的國際業務第一季稅前調整後營運收益為 8.10 億美元，年減 4%。此結果受較高利差收入及較有利的承保結果所帶動，主要來自巴西新業務成長；巴西本季獲利創下紀錄。然而，上述增加被日本保德信（Prudential of Japan）暫停銷售相關費用所完全抵銷且有餘。

The financial impact of the suspension totaled $130 million in the quarter, in line with our expectations. Approximately $50 million of this amount related to customer reimbursement and $50 million related to Life Planner compensation. The remainder was attributable to lost sales and higher surrenders.

本季暫停銷售的財務影響合計 1.30 億美元，符合我們的預期。其中約 5,000 萬美元與客戶補償相關，另有 5,000 萬美元與 Life Planner（壽險規劃師）酬金相關。其餘則歸因於銷售流失與解約增加。

As a reminder, and consistent with our comments on April 21, we continue to expect the aggregate impact to our 2026 pretax adjusted operating income will be approximately $525 million to $575 million.

提醒一下，並與我們 4 月 21 日的說明一致，我們仍預期對 2026 年稅前調整後營運收益的累計影響約為 5.25 億至 5.75 億美元。

Sales in our international businesses of $424 million were down 27% on a constant currency basis compared to the prior year quarter, primarily driven by the sales suspension in Prudential of Japan.

國際業務本季銷售額為 4.24 億美元，若以固定匯率計，較去年同期下降 27%，主要由日本保德信暫停銷售所致。

Now turning to capital, ESR and cash flows. Our capital position and strong regulatory capital ratios reinforce our AA financial strength and provide the flexibility to grow our core businesses. Our cash and liquid assets were $3.7 billion at the end of the quarter, which is well above our minimum liquidity target of $3 billion, and we have substantial off-balance sheet resources. Our Japan entities remain well capitalized and are managed to levels aligned with our AA objective.

接著談資本、ESR 與現金流。我們的資本部位與強健的監理資本比率，強化了我們 AA 級的財務實力，並提供成長核心業務的彈性。季末現金與流動資產為 37 億美元，明顯高於我們 30 億美元的最低流動性目標，且我們擁有可觀的表外資源。我們在日本的實體仍維持良好資本水準，並以符合 AA 目標的水準進行管理。

We estimate that our ESR results as of March 31 were in the range of 170% to 190%, well above our 150% operating target. As I mentioned on our April 21 call, we do not anticipate any material impact to our capital, ESR or cash flows over 2026 and 2027 as a result of the voluntary sales suspension at Prudential of Japan.

我們估計截至 3 月 31 日的 ESR 結果落在 170% 至 190% 的區間，顯著高於我們 150% 的營運目標。如同我在 4 月 21 日電話會議中提到的，因日本保德信自願暫停銷售，我們預期在 2026 與 2027 年對資本、ESR 或現金流不會有任何重大影響。

Before closing, I want to take a moment to update you on a revision to our tax rate guidance. We are lowering the range for full year 2026 from 23% to 24%, to 21% to 22%, there were several factors which drove this, including lower expected earnings in our Japan business and asset allocation changes we made in our Japan portfolio during the first quarter to optimize the after-tax investment return.

在結束前，我想花一點時間向各位更新我們對稅率指引的修正。我們將 2026 全年稅率區間由 23% 至 24% 下調至 21% 至 22%；造成此變動的因素有數項，包括我們日本業務的預期獲利較低，以及我們在第一季對日本投資組合所做的資產配置調整，以優化稅後投資報酬。

To close, let me again reiterate that we are a large, diversified company with multiple sources of earnings and cash flow, and we remain confident in our broader trajectory. We look forward to discussing our strategic direction in more detail on our second-quarter call in August.

最後，我再次重申：我們是一家大型、多元化的公司，擁有多元的獲利與現金流來源，並且我們對整體發展軌跡仍具信心。我們期待在 8 月的第二季電話會議上，更深入討論我們的策略方向。

And with that, we are happy to take your questions.

接下來，我們很樂意回答各位的提問。

(Operator Instructions) Tom Gallagher, Evercore ISI.

（接線員指示）Tom Gallagher，Evercore ISI。

A couple of questions about Japan. If I could start with Gibraltar. Can you shed a little light on what's happening with that part of the business? I think there's the [secondment] issue that [Peru] has, but several other Japanese insurers are also dealing with that?

有幾個關於日本的問題。我想先從 Gibraltar 開始。你能否稍微說明一下那部分業務目前的情況？我想那裡有 [secondment]（借調）這個 [Peru]（秘魯）也有的問題，但其他幾家日本保險公司也在處理這件事？

And also, Andy, I think in the update call you did recently, I think you made the comment that you felt good that Gibraltar didn't have the same systemic problems that occurred at POJ. So just want to understand maybe a little further elaboration on that? And also how you feel about sales and persistency outlook at Gibraltar?

另外，Andy，我記得你最近在更新電話會議中提到，你覺得 Gibraltar 並沒有出現 POJ 所發生的那種系統性問題。所以想再多了解一下你對此的進一步說明？以及你對 Gibraltar 的銷售與保單持續率（persistency）展望有何看法？

Yes, and thanks for giving me the opportunity to build on what we shared on the 21st. Remember, our Gibraltar segment consists of really two components. Our 7,000-person strong captive life consultants and our independent agent business. On top of that, we have a very strong bank channel business, and you mentioned [secondment], secondment is what happens in the bank channel. But the changes that are going on there, we're navigating just fine. So there's nothing really to report around that.

是的，謝謝你給我機會延伸我們在 21 日分享的內容。請記得，我們的 Gibraltar 事業部其實由兩個部分組成。我們約 7,000 人規模的專屬壽險顧問團隊，以及我們的獨立代理人業務。此外，我們還有非常強的銀行通路業務，而你提到的 [secondment]（借調）就是發生在銀行通路。但那裡正在進行的變動，我們應對得很好。所以這方面其實沒有什麼特別需要報告的。

But we have these multiple components that provides a great deal of diversification well beyond just Prudential of Japan and our Life Planner business. And that can help understand the resilience that we're seeing in the overall platform.

但我們有這些多元組成，帶來了高度分散化，遠不僅僅是日本保誠（Prudential of Japan）與我們的 Life Planner 業務。這也有助於理解我們在整體平台上所看到的韌性。

As far as sales go in Gibraltar, for our life consultants, we saw lower sales year over year. That was unrelated to our compliance issues in POJ. There's really nothing to focus in on there. That was counteracted that life consultant sales was counteracted by stronger independent agent sales. So we have been very methodically adding independent agencies and deepening the number of agents in those agencies, and we're seeing that strengthen our overall independent agent sales.

就 Gibraltar 的銷售而言，在壽險顧問（life consultants）方面，我們看到銷售年減。這與 POJ 的合規問題無關。這部分其實沒有什麼特別需要聚焦的。而壽險顧問銷售的下滑，被更強勁的獨立代理人銷售所抵銷。因此我們一直非常有系統地新增獨立代理機構，並加深這些機構內的代理人人數，我們也看到這正在強化整體獨立代理人銷售。

And as I referenced in my remarks, we're really seeing a strengthening of third-party overall, which is beginning to balance our captive channels. As far as [surrenders] go in Gibraltar, the only effects that we believe that we've seen relate to the weaker yen in the FX rate. And at the quarter end, surrenders were at normal levels in our Gibraltar platform.

而如我在發言中提到的，我們確實看到第三方通路整體在增強，開始平衡我們的專屬通路。至於 Gibraltar 的 [surrenders]（解約）方面，我們認為目前看到的影響僅與匯率中日圓走弱有關。在季末時，Gibraltar 平台的解約水準處於正常水準。

Appreciate that. And I guess my follow-up is just on POJ. I know you gave the guidance of in-force earnings being down 10% year one, 15% in year two. Can you shed a little light on what kind of sales and lapse expectations are embedded in those numbers? Maybe just if we focus on the sales number.

感謝說明。我想追問的是關於 POJ。我知道你們給的指引是：有效保單（in-force）收益第一年下滑 10%，第二年下滑 15%。你能否稍微說明一下，這些數字中隱含了什麼樣的銷售與失效率（lapse）假設？也許我們先聚焦在銷售的假設。

Are you assuming kind of very gradual recovery, like our sales levels are going to be half of the normal levels 1 year out and then gradually recovering. Any kind of directional help on how we think about the sales recovery and how that builds back over time.

你們是否假設非常逐步的復甦，例如一年後銷售水準大概只有正常的一半，然後再逐步回升？能否提供一些方向性的說明，讓我們理解你們如何看待銷售復甦，以及隨時間推移如何回到原本水準。

Tom, let me give you some details there. So in terms of sales, the assumption is that there are no sales through November 5 during the suspension period. And then there is a gradual ramp-up through 2027. And the '27 average LP production assumption is 50%. So through '27, we're ramping up and we get to an average of 50% LP productivity.

Tom，我來提供一些細節。就銷售而言，我們的假設是在停業期間（suspension period）直到 11 月 5 日都沒有銷售。之後一路到 2027 年逐步爬升。而 2027 年的平均 LP 產能假設為 50%。也就是說到 2027 年為止我們持續爬升，並達到平均 50% 的 LP 生產力。

On surrenders, we are assuming that they remain at elevated levels above baseline and FX-related activity throughout the suspension period.

在解約方面，我們假設在整個停業期間，解約將維持在高於基準的偏高水準，且包含與匯率（FX）相關的活動。

Ryan Krueger, KBW.

Ryan Krueger，KBW。

Thanks. Good morning. First question is just on the earnings power of the international business at this point. I think if I look at the earnings, excluding variances, they were up 6% year over year, despite, I think, about a 4% drag from the POJ sales suspension and lapses. Can you give us some more color on just what factors led to this in the current quarter? And I guess, to what extent some of these things you wouldn't expect to recur or if we should view this as a pretty good run rate from here?

謝謝。早安。第一個問題是關於目前國際業務的獲利能力。我想如果我看排除變動（variances）後的獲利，年增 6%，儘管我認為 POJ 的銷售停擺與失效率大約帶來 4% 的拖累。你能否多補充一些本季有哪些因素導致這樣的結果？以及其中哪些因素你們不預期會再發生，或我們是否應把這視為未來相當不錯的常態運行水準（run rate）？

Yes. Ryan, I think there's a few things that you need to consider here. So if you let me walk through them. First is the timing of the costs and the impact of the POJ misconduct. As you heard in the prepared remarks, in the first quarter, we had $50 million of customer reimbursement that's nonrecurring, $50 million of LP comp and then about $30 million of impact of sales and surrenders have each of those is worth half.

是的。Ryan，我認為你需要考量幾件事。我來逐一說明。第一是成本的時點，以及 POJ 不當行為的影響。如你在事先準備的發言中聽到的，第一季我們有 5,000 萬美元的一次性客戶補償（customer reimbursement）、5,000 萬美元的 LP 薪酬（LP comp），以及約 3,000 萬美元來自銷售與解約影響；其中每一項的影響在第一季大約只反映了一半。

A few things to keep in mind. There were only two months of impact in the first quarter. that the suspension began in February. Second is that the impact is not linear. The impact of lost sales and surrenders builds as the year progresses.

有幾點要記住。第一季只有兩個月受到影響，因為停業是從 2 月開始。第二是影響並非線性。銷售流失與解約的影響會隨著年度推進而逐步累積。

Similarly, the LP compensation grows through the year as well because the payments are based on new business production and the longer they are not selling the higher that our payments will be. So that's what impacts the timing. So it's not linear, and we expect the impact to grow throughout the year.

同樣地，LP 薪酬也會在年度中逐步增加，因為支付是以新契約產能為基礎，而他們越久無法銷售，我們的支付金額就會越高。這就是影響時點的原因。因此它不是線性的，我們預期影響會在全年逐步擴大。

Second, what you're seeing is the resilience of the Japan business coming through as 90% of the earnings in POJ are driven by the in-force. So that's definitely contributing. And of course, you have strong earnings from Brazil. Brazil has been steadily growing. Typically, it's been contributing in the high single digits in terms of earnings in international, a bit higher this quarter as Japan earnings were lower. And again, Brazil has grown steadily. So you see the resilience in Japan earnings and the strength in Brazil.

第二，你看到的是日本業務的韌性，因為 POJ 的獲利有 90% 是由有效保單（in-force）所驅動。所以這確實有所貢獻。當然，你也看到巴西的強勁獲利。巴西一直穩定成長。通常在國際業務獲利貢獻上是高個位數（high single digits），本季因日本獲利較低而略高一些。而且巴西確實是穩定成長。所以你同時看到日本獲利的韌性與巴西的強勢。

And then third, we did have prepays that impacted international. In total, we had about $50 million in prepays in the quarter. These are episodic. And generally, they impacted several businesses, but mainly retirement and international.

第三，我們確實有提前償付（prepays）影響了國際業務。本季合計約有 5,000 萬美元的提前償付。這些屬於偶發性（episodic）。一般而言，它們影響了多個業務，但主要是退休（retirement）與國際業務。

Sorry, actually, just one quick follow-up. The $50 million of prepays that was total for the company? Or is that all in Japan? And is that what -- sorry, go ahead.

抱歉，再快速追問一下。那 5,000 萬美元的提前償付是全公司合計嗎？還是全部都在日本？以及那是否就是——抱歉，你先說。

All right. That was total for the company across several businesses, mainly impacting retirement and international.

好的。那是全公司合計，分布在多個業務，主要影響退休與國際業務。

Got it. And then I know you updated the tax rate. Any change to your corporate guidance that you had given last quarter given the favorable expenses this quarter?

了解。另外我知道你們更新了稅率。鑑於本季費用表現有利，你們對上季給出的公司層級指引有任何調整嗎？

Yeah. No. So we're not updating the corporate guidance. We did have some one-timers and also some expense timing. So if you look at our kind of our normalization, there's about $70 million of one-timers.

是的。沒有。所以我們不會更新公司層級指引。本季確實有一些一次性項目，也有一些費用時點因素。所以如果你看我們的常態化調整，大約有 7,000 萬美元的一次性項目。

Half of that is timing, half of that is real one-timers. And at this time, we don't expect to update. The first half will be lighter, but the second half will be heavier getting us to the $1.65 billion.

其中一半是時點因素，另一半是真正的一次性項目。而在目前這個時間點，我們預期不會更新。上半年會較輕，但下半年會較重，推動我們達到16.5億美元。

Suneet Kamath, Jefferies.

Suneet Kamath，Jefferies。

Starting with Andy, I appreciate the business exits that you mentioned in your prepared remarks, but it strikes me that they're not particularly needle moving. You can correct me if I'm wrong there, but they didn't seem to be that big. So I guess the question is, are you open to something bigger in terms of shifting the business mix?

先從Andy開始，我很感謝你在事先準備的發言中提到的業務退出，但我的感覺是它們對整體影響並不特別大。如果我說錯你可以糾正我，但看起來規模並沒有那麼大。所以我的問題是，就調整業務組合而言，你們是否願意做更大規模的動作？

And in terms of setting the stage for this August call, should we think about that as sort of the conclusion of a strategic review or is this sort of just updating guidance based on everything that's happened since the last time you gave it to us.

另外，就為這次8月電話會議鋪陳而言，我們應該把它視為策略檢討的某種結論，還是只是根據自上次你們給出指引以來所發生的一切來更新指引？

Yes, Suneet, thank you for the question. I appreciate the broader question. I've been very candid that the performance of the organization has not been good enough, we believe that a key contributor to that underperformance is a lack of focus. Both capital and investment dollars are spread too thinly. We have too many businesses in too many markets where we're either subscale or we're not competitive and that's not a great use of the company's capital.

是的，Suneet，謝謝你的提問。我很感謝這個更宏觀的問題。我一直很坦率地說，組織的表現還不夠好；我們認為造成這種落後表現的一個關鍵因素是缺乏聚焦。資本與投資資金分散得太薄。我們在太多市場經營太多業務，而在其中一些地方我們不是規模不足，就是缺乏競爭力，這並不是對公司資本的良好運用。

So you -- our team did do work over the last year or so, and it's been a continual process. Strategy is always ongoing. It's not a start-and-stop type thing, but we have done a broader review as we did the step back and looked in the mirror. Our team is very committed to leaving the next generation of [prove] leadership with a stronger performing company, a much more valuable company that is materially better focused and clearly winning in the spot that we compete.

所以你——我們團隊在過去一年左右確實做了相關工作，而且這是一個持續的過程。策略永遠是持續進行的。它不是那種開始—停止式的事情，但我們確實做了更廣泛的檢視，因為我們退一步、照照鏡子。我們團隊非常致力於為下一代的[prove]領導層留下表現更強的公司、一家更有價值的公司——在聚焦上有實質改善，並且在我們競爭的領域清楚地取得勝利。

That means that we're a top player in a more focused set of businesses. We will focus our capital and investment dollars more than you've seen, and we're going to focus those on big markets with tailwinds, where we clearly have the product and distribution capabilities and brand to win and where we know that we could deliver a differentiated value prop to drive strong shareholder returns.

這意味著我們會在更聚焦的一組業務中成為領先者。我們將比你們過去看到的更集中地配置資本與投資資金，並把它們投入到具備順風的大型市場——在那裡我們明確具備產品、通路能力與品牌來取勝，且我們知道能提供差異化的價值主張，以帶動強勁的股東報酬。

So you mentioned, you've already seen, I would call it, early evidence of where we're getting out of. And obviously, we mentioned those on the prepared remarks. And you've already seen areas we're leaning into like retirement and asset management. But I would frame it that it's early in our business mix shift. Yanela and I are looking forward to providing you greater detail on the August call about that shift and about our change in focus as an organization.

所以你提到，你們已經看到——我會稱之為——我們正在退出哪些領域的早期跡象。而且很明顯，我們在事先準備的發言中也提到了那些。你們也已經看到我們正在加碼的領域，例如退休與資產管理。但我會這樣界定：我們的業務組合轉移仍處於早期階段。Yanela和我期待在8月的電話會議上，向你們提供更多關於這項轉移以及我們作為一個組織如何改變聚焦的細節。

The fact is that this is an iconic company with just incredible capabilities, and we want to make sure that we do everything that we need to, to put the company on a strong growth trajectory.

事實是，這是一家具代表性的公司，擁有令人難以置信的能力；我們希望確保我們做足一切必要的事情，讓公司走上強勁的成長軌道。

Okay. And then I just wanted to drill into the group disability business. I know it's not a huge business for you, but if I think about the loss ratio, let's call it, in the high 70s, and I think about some of the other players that we cover probably being in the mid-60s, there's a pretty sizable gap there. And I'm just wondering, is that a structural -- is there a structural reason why your loss ratio is so much higher? And at the end of the day, is this a business that's producing adequate returns relative to the mid-teens ROE target that the company has overall?

好的。接著我想深入問一下團體失能（group disability）業務。我知道這對你們來說不是很大的業務，但如果我看損失率（loss ratio），假設在70%後段，而我想到我們覆蓋的其他一些同業可能在60%中段，這之間差距相當大。我想問的是，你們的損失率高這麼多，是否有結構性的——是否存在結構性原因？而最終，這項業務相對於公司整體中段十幾%的ROE目標，是否能產生足夠的報酬？

Yes, Suneet, thanks for the question. So I would say it's very important as you look at group businesses across the industry to really look closely at both the size segment that they're in, as well as the product mix that they're in between life, disability and voluntary product supplemental health. All of those have different benefit ratio and admin ratio characteristics.

是的，Suneet，謝謝你的提問。我會說，當你檢視全產業的團體業務時，非常重要的是要仔細看它們所處的規模分層，以及其產品組合——在人壽、失能與自願性產品/補充健康之間的配置。這些產品在給付比率與管理費用比率的特性上都不同。

The fact is a lot of the competitors across the space have business mixes that are more down market than ours. I think as you're well aware, we are our strongest asset in our business is national accounts and higher end of the middle market. Industry-wide, that segment has higher benefit ratios but lower admin ratio. So when you look you got to be very careful comparing benefit ratios and admin ratios across.

事實上，這個領域許多競爭對手的業務組合，比我們更偏向下沉市場。我想你也很清楚，我們業務中最強的資產是全國型大客戶（national accounts）以及中型市場的高端。就全產業而言，那個分層的給付比率較高，但管理費用比率較低。所以在比較給付比率與管理費用比率時，你必須非常小心。

As we look at the performance of our business, to your question, this is a business that has cycles. We're coming off a year in 2025, a very low disability benefit ratios at very low benefit ratios in general. This quarter, we saw underwriting pressure in the disability block, almost entirely related to LTD incidence and severity.

就我們看待自身業務表現而言，回到你的問題，這是一個有循環性的業務。我們剛走過2025年，那一年失能給付比率非常低，整體給付比率也普遍偏低。本季我們在失能保單組合看到核保壓力，幾乎完全與長期失能（LTD）的發生率與嚴重度相關。

That was offset by good performance in the Life block from working age populations this is a business that's producing returns in excess of our cost of capital. We're happy with the deployment of capital to this business, and it is a focused area of growth for us as we look forward. We fully expect to see performance to be in the guidance range of [83% to 87%].

這部分被人壽保單組合的良好表現所抵銷，主要來自工作年齡人口。這項業務所產生的報酬高於我們的資本成本。我們對投入到這項業務的資本配置感到滿意，而且展望未來，這也是我們聚焦的成長領域。我們完全預期表現會落在指引區間

Wes Carmichael, Wells Fargo.

Wes Carmichael，Wells Fargo。

Just wanted to talk about the Retirement segment for a second. It was good earnings in the quarter. I just -- I'm just trying to get an idea for run rate. And I think, Yanela, you mentioned $25 million of prepay income. There was also some unfavorable alts and positive underwriting.

我想花點時間談談退休（Retirement）部門。本季獲利表現不錯。我只是——我想了解一下常態化的運行水準（run rate）。我記得Yanela你提到有2,500萬美元的提前償付（prepay）收入。另外還有一些不利的另類投資（alts）以及正面的核保表現。

So I guess if we net all that together, I get somewhere in the neighborhood of, call it, $600 million on a run rate basis. So I'm just wondering if I'm thinking about that correctly, if that's the kind of the math you're doing.

所以我想，如果把這些加總抵銷後，我算出來常態化大概在6億美元左右。我想確認我這樣想是否正確，這是不是你們在做的那種計算。

Yes, was. I think that's right. So I mentioned total prepays of $50 million, mainly in international and Retirement. In my prepared remarks, I did mention [$25 million] in retirement.

是的，Wes。我認為你說得對。所以我提到提前償付合計5,000萬美元，主要在國際與退休業務。在我事先準備的發言中，我確實提到退休業務是[2,500萬美元]。

I mean what you're seeing in retirement -- and it's probably easier to look year over year because you have the full impact of sales for the past year, is a strong growth, and that's due to the sales that we're seeing in retail annuities and in our institutional markets. So if you adjust for the prepays and some other noise that you have, you have seen -- you're seeing the growth in the business, coming through.

我的意思是，你在退休業務看到的——而且可能用年對年來看會更容易，因為你能看到過去一年銷售的完整影響——是強勁成長，這來自我們在零售年金以及機構市場看到的銷售。所以如果你把提前償付以及其他一些雜訊調整掉，你就會看到——你正在看到——業務成長正在反映出來。

We also did have some higher operating expenses, as I mentioned, we're investing in service and technology and driving enhanced customer experience. but we're funding that at a total company level with efficiencies throughout the company. So net-net, year over year, at the total enterprise expenses are flat.

我們也確實有一些較高的營運費用；如我提到的，我們正在投資服務與科技，並推動更佳的客戶體驗。但我們在整體公司層級透過全公司各處的效率提升來支應這些投資。

Got it. That's helpful. And just a different subject. But when going through the resegmentation, you can kind of pull out the income statement for Guaranteed Universal Life. And so I think that business generated something like a $200 million loss in 2025, and I think $500 million in 2024 on a reported basis.

了解。這很有幫助。再換個主題。不過在進行重新分部（resegmentation）時，你可以把保證型終身壽險（Guaranteed Universal Life）的損益表單獨拉出來。所以我認為該業務在2025年產生了大約2億美元的虧損，而在2024年按報表口徑大約是5億美元。

So just given that, that business seems to be generating a loss, how do you think about reserves there? You've already taken some charges, but do you need to do more to increase the reserves in that business?

所以就這點來看，那項業務似乎正在產生虧損，你如何看待那裡的準備金？你們已經提列了一些費用，但是否還需要進一步增加該業務的準備金？

Yeah. So I think the way to think about that is that the GUL losses are mainly driven by the reserve accruals, right? So when you think about this, we've reinsured a portion of the block, but the retained portion still includes to the underlying economics and is still in that stage where GAAP reserves are building up.

是的。我認為應該這樣看：GUL 的虧損主要是由準備金提存（reserve accruals）所驅動，對吧？因此當你思考這件事時，我們已將該保單組合的一部分做了再保，但保留的部分仍然反映其底層經濟性，且仍處於 GAAP 準備金持續累積的階段。

And the way gap works is that it dictates that reserves be accrued at a higher pace then the best estimate liability would require as you're building the reserve. And this is what leads to the GAAP losses that we're seeing earlier in the life of the block. And these losses will reverse over the long term as the expected benefits are paid and the reserves are released. So you're seeing that dynamic because we're still building the reserve and over the long term, that will reverse.

而 GAAP 的運作方式是：在準備金建立的過程中，它要求準備金的提列速度高於最佳估計負債所需的速度。這就是我們在該保單組合生命週期較早期看到 GAAP 虧損的原因。而從長期來看，隨著預期給付的支付以及準備金的釋放，這些虧損會回轉。所以你看到的就是這種動態，因為我們仍在建立準備金；長期而言，這會回轉。

So Wes, I would just add in a real positive of the resegmentation. You're seeing the strength and the quality of the go-forward individual life business. It's much more evident. We have been very methodical about executing the strategy to diversify the portfolio to reduce expenses and to write new business at attractive margins.

Wes，我再補充一點：重新分段（resegmentation）有一個非常正面的效果。你會看到未來個人壽險業務的強度與品質。這變得更為明顯。我們一直非常有系統地執行策略：透過分散投資組合來降低費用，並以具吸引力的利潤率承作新業務。

This was a record sales quarter for us, in individual life and those sales are coming in well in excess of the cost of capital. So we're pleased that you're now able to see the quality and growth of that individual life business now that we've segmented out GUL.

這一季對我們而言是個人壽險的創紀錄銷售季度，而且這些銷售帶來的回報遠高於資本成本。因此我們很高興，現在在我們把 GUL 分拆出去之後，你能看見這個人壽險業務的品質與成長。

Joel Hurwitz, Dowling Partners.

Joel Hurwitz，Dowling Partners。

Just on expenses. You mentioned in the prepared remarks that you expect some of the actions you've taken to be evident in '27. Just any more color on the expected benefits that you expect to emerge next year? And where would we see that show up in the financials?

想請教費用方面。你在事先準備的談話中提到，你預期你們採取的一些行動會在 27 年顯現。能否再多說明一下你預期明年會開始浮現的效益？以及我們會在財報的哪裡看到？

Yes, Joel. I mean, in terms of expenses to just take it up a level, you've heard me speak a lot about our focus on continuous improvement and gaining efficiencies to be able to reinvest in the business. That's what's really funding these investments. We do expect these to have benefits in '27. We're not necessarily quantifying that, but it will come through in our results.

好的，Joel。就費用而言，先拉高一個層次來看，你也聽我多次談到我們聚焦於持續改善與提升效率，以便能把資源再投資到業務中。這些投資的資金來源，主要就是靠這些效率提升所釋放出來的空間。我們確實預期這些會在 27 年帶來效益。我們不一定會量化它，但它會反映在我們的業績表現中。

And these are investments in things like modernizing and driving efficiencies, and onboarding and claims management and group, and investments in service delivery throughout all our US businesses, so these do lead to efficiencies.

而這些投資包括：現代化與提升效率、團險的承保導入與理賠管理，以及在我們所有美國業務中對服務交付的投資，因此確實會帶來效率提升。

The one thing I would highlight and remind you of is that last quarter, we did talk about the fact we took $135 million restructuring charge that will result in run rate savings of $150 million in 2027. Those are separate from these -- the benefits of these investments.

我想強調並提醒你的是：上一季我們確實提到，我們認列了 1.35 億美元的重整費用，這將在 2027 年帶來每年（run rate）1.5 億美元的節省。那部分與這些投資所帶來的效益是分開的。

Got it. And then, Andy, just going back to Gibraltar sales, I heard you say no issues on any of the POJ issues like carrying over to life consultants. But any color on why Life Consultant sales have been a little subdued in the past two quarters?

了解。另外，Andy，回到 Gibraltar 的銷售，我聽到你說 POJ 的問題沒有延伸到 Life Consultant（壽險顧問）通路。但能否談談為什麼過去兩季 Life Consultant 的銷售有點偏弱？

Yeah, Joel, just to add to my response. We actually changed some of the incentive programs and rewards programs in our life consultant channel. It's part of our ongoing work around making sure that the business is as efficient as it needs to be. And that had an influence on the level of sales.

好的，Joel，我補充一下我的回覆。我們其實調整了壽險顧問通路的一些獎勵與激勵方案。這是我們持續確保業務達到所需效率的一部分工作。而這確實影響了銷售水準。

We don't expect that, though, to inhibit us in any way over the longer term in our ability to grow those -- that life consultant channel. And that is a channel that we consider pretty darn unique in that it has specialized access to teachers and the service defense forces across Japan and literally is in every geography across Japan with 7,000 agents.

不過我們不預期這會在長期上以任何方式抑制我們成長該壽險顧問通路的能力。而且我們認為這個通路相當獨特：它能專門接觸日本的教師以及自衛隊，並且在日本全國各地都有布局，擁有 7,000 名業務員。

Mike Ward, UBS.

Mike Ward，UBS。

I just wanted to dig in on the group disability real quick. And I get that it's a small business, but just curious about conceptually like for the industry, I think you specifically mentioned macro-driven uncertainty driving claim incidents and severity. I just was curious what specifically you meant by that?

我想快速深入問一下團體失能險（group disability）。我知道這是個小型業務，但就概念上、以整個產業來看，我記得你特別提到由總體因素驅動的不確定性，正在推升理賠發生率與嚴重度。我想請問你具體指的是什麼？

Yeah. So Mike, let me take the question overall, and then I'll hit your specific about the macroeconomic environment. And again, it gets down to really specifics that you have to look at across the books of business and the mix of products, et cetera. We experienced a weakening in our disability benefit ratio as you saw this quarter versus last year. but it did improve pretty materially sequentially over 4Q. So we're seeing that recover.

好的。Mike，我先整體回答這個問題，然後再回到你問的總體經濟環境的具體部分。同樣地，這會回到一些你必須檢視的細節，例如不同業務帳冊與產品組合等。如你本季所見，相較去年我們的失能給付率（disability benefit ratio）走弱，但相較 4Q 其實有相當明顯的季比改善。所以我們看到它正在回升。

That said, there were three main drivers. All of these were LTD related, not STD or paid leave, and we sometimes get that question. On LTD, we saw an increase in the new claims incidence. The comment about the macro environment is when there's greater uncertainty around job loss. And you've seen the announcements around tens of thousands of jobs being eliminated from a variety of big names.

話雖如此，主要有三個驅動因素。這些都與長期失能（LTD）相關，而非短期失能（STD）或帶薪休假；我們有時也會被問到這點。在 LTD 方面，我們看到新案理賠發生率上升。我提到總體環境的意思是：當市場對失業的疑慮更高時。你也看到一些大型企業宣布裁撤數以萬計的職位。

Remember that we have -- we tend to have a book of business that's up market and we cover and service a lot of larger employers. That leads to higher incidents and higher severity. You also have to look at the segmentation of industry mix. We have many blue-collar -- or excuse me, many white-collar type cases, and you sometimes see greater impacts in those cases than blue-collar.

請記得，我們的業務組合通常偏向中高端市場，我們承保並服務許多大型雇主。這會導致更高的發生率與更高的嚴重度。你也必須看產業組合的分段。我們有許多藍領——抱歉，是許多白領類型的案件，而你有時會看到白領案件受到的影響比藍領更大。

So increase in claims incidence and severity. But the other thing is we had somewhat lower resolutions in the quarter, but that's going to vary quarter to quarter. That's something that we're completely comfortable with our capabilities and the way we're managing that and know that will be where it needs to be over the long term.

所以是理賠發生率與嚴重度上升。但另外一點是，本季我們的結案／解決（resolutions）略低，不過這會隨季度波動。我們對自身能力與管理方式完全有信心，也知道長期而言會回到應有水準。

So we take it just a giant step back. We've been in the group business over 100 years. we've seen cycle after cycle. We're very comfortable with our capabilities, and this is an important area of focus for us.

再把視角拉遠一點。我們經營團險業務已超過 100 年，經歷過一個又一個景氣循環。我們對自身能力非常有信心，而這也是我們的重要聚焦領域。

Andy. And then on Japan. So I think you guys have said no anticipated free cash flow impact over '26 and '27. But I guess, longer term, the sales suspension at POJ, should we expect some free cash flow and ESR impact?

Andy。那再談日本。我想你們曾說過在 26 年與 27 年不預期會有自由現金流影響。但我想問更長期來看，POJ 的停售，是否會對自由現金流與 ESR 造成一些影響？

Yes. Mike. So we did talk about when you think about the earnings of POJ, right, 90% come from the in-force and the impact of the sales and surrenders will result and 10% earnings power reduction in '26 and another 5% in '27. So getting to 15%.

會的。Mike。所以我們確實談過：當你看 POJ 的獲利時，約 90% 來自既有保單（in-force），而銷售與解約的影響將在 26 年造成 10% 的獲利能力下降，並在 27 年再下降 5%。也就是合計 15%。

That is a small portion of the earnings in POJ. Obviously, the earnings will decline and then we will be ramping up. And I did talk on the April 21 call about the fact that cash flows from Japan are driven by Japanese stat versus GAAP, and that's a big piece of the difference in terms of we have a $1 billion impact on GAAP earnings, but that doesn't come through in stat. So that is also dampening the impact on cash flows.

那只占 POJ 獲利的一小部分。顯然獲利會先下滑，之後我們會再逐步拉升。我也在 4 月 21 日的電話會議中提到，日本的現金流是由日本法定會計（Japanese stat）而非 GAAP 所驅動；這是差異的一大來源：我們在 GAAP 獲利上有 10 億美元的影響，但在法定會計下不會反映出來。因此這也在一定程度上降低了對現金流的影響。

And over the long term, as we begin sales again, we will have earnings. And we also will not have the subsidy that we're paying the Life Planners. So that's an offset to the capital that we're putting in for the new sales. So net-net, we don't expect a longer-term significant impact, assuming what we're seeing today.

從長期來看，當我們重新開始銷售時，我們將會有獲利。而且我們也不會再有目前支付給 Life Planners 的補貼。因此，這可抵銷我們為新銷售投入的資本。所以整體而言，在假設目前所見情況成立下，我們預期長期不會有顯著影響。

Pablo Singzon, JPMorgan.

Pablo Singzon，摩根大通。

First question, can you talk about what was new with the RILA product you launched in December? And maybe stepping to discuss the broader competitive environment for RILA. Are you still able to innovate on features or distribution? Or are you having to give up economics to remain competitive?

第一個問題，能否談談你們在 12 月推出的 RILA 產品有哪些新內容？以及也請順帶談談 RILA 更廣泛的競爭環境。你們是否仍能在功能或通路上持續創新？或者為了保持競爭力，你們必須犧牲經濟性（利潤/條件）？

Yes. So thanks. Let me start with the competitive piece, and then I'll talk about the innovation in FlexGuard. As I've said before on these calls, the RILA market is competitive. You don't go from 5 competitors to 25 without it having a competitive effect. And we've seen some well-established players enter the space, and we've seen some level of aggressive pricing.

是的。謝謝。我先從競爭面談起，接著再談 FlexGuard 的創新。如同我之前在這些電話會議中提過的，RILA 市場競爭激烈。競爭者不可能從 5 家增加到 25 家而不產生競爭效應。我們看到一些根基深厚的業者進入這個領域，也看到一定程度的積極定價。

We are, and we always will take a very consistent, disciplined approach to ensure that we generate profitable sales not about revenue, it's about profit. But I would draw that pricing is only one element of winning in this market. There are clear ways that we are differentiated other than pricing.

我們會、也一直會採取非常一致且嚴謹自律的方法，確保我們創造的是有利可圖的銷售——重點不是營收，而是利潤。但我也要指出，定價只是贏得這個市場的其中一個要素。除了定價之外，我們還有明確的差異化方式。

Our product features, which I'll talk about in a minute, our distribution, which continues to deepen and expand our world-class service and our brand. All of that matters. We're strong on all those facets and that produces success.

我們的產品功能（我等一下會談）、我們的通路（持續深化並擴張）、我們世界級的服務以及我們的品牌。這些都很重要。我們在這些面向都很強，因此能帶來成功。

The innovation on FlexGuard, and I would ask you to recall when we launched FlexGuard 1.0, it was one of the fastest-growing buffered annuity launches in the history of the industry. We're expecting very strong success from 2.0. In essence, we've tweaked the design, so it offers more upside opportunity for growth with also more downside protection in the way that the product is designed, all link to market performance.

至於 FlexGuard 的創新，我想請你回想我們推出 FlexGuard 1.0 時，它是業界史上成長最快的緩衝型年金（buffered annuity）上市之一。我們預期 2.0 也會非常成功。本質上，我們調整了設計，使其在與市場表現連動的產品架構下，提供更高的上行成長機會，同時也提供更多下行保護。

So I think taking a giant step back, we're now reporting total sales in our individual annuities market because these are all spread-based products. And there given market conditions and competitive conditions, you need to lean in and lean out of different spots, and it literally is a pretty dynamic market week to week.

所以我想退一步看，我們現在在個人年金市場中報告的是總銷售額，因為這些都是利差型產品（spread-based products）。在既有的市場與競爭條件下，你必須在不同區段適時加碼或減碼，而這確實是一個每週都相當動態的市場。

What we know is we have an all-weather portfolio. We're disciplined in our pricing. We have a lot of differentiation, and we will grow this overall in total from that set of capabilities.

我們知道的是，我們擁有一個全氣候（all-weather）的產品組合。我們在定價上保持自律。我們有很多差異化優勢，而我們將憑藉這些能力，推動整體總量的成長。

And then for my follow-up about POJ. I was wondering if you'd want to give a more current update on the Life (inaudible) or most recent trends in the persistency I think if you look at the reported 1Q '26 metrics, there were some slight deterioration, and I was wondering how the trend has developed through May.

接著我想追問關於 POJ。我想知道你是否願意就 Life（聽不清）或是更近期的保單持續率（persistency）趨勢提供更新？我想如果看你們公布的 26 年第一季指標，似乎有些微惡化，我想了解這個趨勢到 5 月為止的發展如何。

Yes, Pablo, so just to reiterate what we shared on the April 21 call, what we saw in the first quarter is the Life Planner head count was down less than 1%, since the start of the year, the rate of LP resignations has been at a similar level compared to what we saw last year. And everything we've seen since announcing the 180-day extension of the suspension has been consistent with the expectations and financials that we've put out to the Street.

是的，Pablo，我再重申我們在 4 月 21 日電話會議上分享的內容：第一季我們看到 Life Planner 人數自年初以來下降不到 1%；自年初以來，LP 離職率與去年同期大致相當。而且自我們宣布將暫停延長 180 天以來，我們看到的一切都與我們對外（對市場）提出的預期與財務數字一致。

We think the reason we're seeing such success is really due to a couple of reasons. First, we are providing, and this is why the impacts are, what the impacts are, material financial support. It goes beyond the money that we're providing to the life planners. What they see us is stepping forward and being very committed to this business and being very committed to them, and they're very appreciative of that.

我們認為之所以能看到這樣的成效，主要有幾個原因。第一，我們提供了實質的財務支持——這也是為什麼影響會是目前這樣的原因。而且這不僅僅是我們提供給 life planners 的金錢。他們看到的是我們挺身而出，對這項業務以及對他們都非常投入與承諾，他們也非常感激。

We've also done a lot of work on improved and delivered training. And we're clearly painting a picture of where this business is going for those life planners. That's all being done so that we -- so that life planners can see a sustainable career path. And we believe that's why we're seeing such -- still early in the suspension period, but such good results from a life plan or retention perspective.

我們也在改善並落實訓練方面做了大量工作。而且我們清楚描繪這項業務未來的走向，讓這些 life planners 看得見。這些都是為了讓我們——讓 life planners 能看到一條可持續的職涯道路。我們相信這就是為什麼我們從留任角度看到這麼好的結果——雖然仍在暫停期間的早期階段，但結果確實相當不錯。

Jack Matten, BMO Capital Markets.

Jack Matten，BMO 資本市場。

Just a question on Pension Risk Transfer. I'm wondering how you view the outlook both for you and for the industry regarding volumes this year? And specifically, do you think we can see more jumbo cases come to market?

我有一個關於退休金風險移轉（Pension Risk Transfer）的問題。我想了解你如何看待今年你們以及整個產業的承作量（volumes）展望？特別是，你認為市場上會出現更多超大型（jumbo）案件嗎？

So thanks, Jack. As you know well, PRT is a transaction-oriented business. It's not a flow business. So it will be episodic, especially in the jumbo space. We have seen reduced activity in the market, given the economic uncertainty and the geopolitics that are being experienced. The bottom line is volatility and uncertainty make business leaders slower in decision-making. We've absolutely seen that in the marketplace.

謝謝，Jack。如你所知，PRT 是以交易為導向的業務。它不是一個穩定流量型（flow）的業務。因此它會呈現間歇性，尤其是在超大型（jumbo）領域。鑑於目前的經濟不確定性與地緣政治情勢，我們確實看到市場活動減少。歸根結底，波動與不確定性會讓企業領導人在決策上更為遲緩。我們在市場上確實明顯感受到這一點。

We expect that '26 will mirror '25 in that demand should get stronger in the second half. That's generally what happens in particular in the jumbo space. It's hard to say exactly how much that will strengthen, but we believe that will be the pattern.

我們預期 26 年會與 25 年相似，也就是需求在下半年應會轉強。一般而言，尤其在超大型（jumbo）領域，通常就是如此。很難精確說明會強到什麼程度，但我們相信會是這樣的型態。

But importantly, what you've now seen two quarters in a row is we are writing more middle market deals as a firm. While we're clearly a leader in jumbo, we have a very good and growing presence in the middle market. And what that will do is it will help balance out our success in the jumbo space. We are very well positioned. We're one of the best at this business.

但重要的是，你現在已經連續兩季看到，我們公司承作了更多中型市場（middle market）的交易。雖然我們顯然是超大型（jumbo）領域的領導者，但我們在中型市場也有非常良好且持續成長的布局。而這將有助於平衡我們在超大型領域的成果。我們的定位非常好。我們是這門生意中最頂尖的公司之一。

And now that we're participating more broadly across segments, we believe we'll be even more successful going forward.

而且現在我們更廣泛地參與各個細分市場，我們相信未來將會更加成功。

And then maybe on PGIM. Can you talk about the outlook for the private markets business and some of the investments that you referenced earlier? I guess where do you feel that business is differentiated versus its competitors? And then maybe any impacts you're seeing related to some of the recent headlines around private credit.

另外也想問 PGIM。你能談談私募市場（private markets）業務的展望，以及你先前提到的一些投資嗎？我想了解你認為該業務相較競爭對手的差異化在哪裡？以及，近期一些關於私募信貸（private credit）的新聞標題，是否對你們造成任何影響？

Yeah. Sure. So we're very proud of our private business. And obviously, for us, the biggest part of our private business is credit. We're one of the largest and most successful credit managers in the industry.

好的。當然。我們對私募業務感到非常自豪。而且很明顯，對我們而言，私募業務中最大的一塊是信貸。我們是業界規模最大、也最成功的信貸管理機構之一。

We have about $1 trillion of credit assets under management. About $750 million or so of that is public and $250 million is private, that's in addition to our $150 billion or so in real estate. This is a focused business for us and in particular, in the private credit space, we've had a fast-growing direct lending and asset-backed finance capability.

我們管理的信貸資產約 1 兆美元。其中約 7,500 億美元左右是公開市場，2,500 億美元是私募；此外我們在不動產方面還有約 1,500 億美元左右。這對我們而言是一項聚焦的業務，特別是在私募信貸領域，我們建立了成長快速的直接放款（direct lending）與資產擔保融資（asset-backed finance）能力。

The strength that we have really comes from the fact that since we have the public side and the private side, we can serve customers with a range of risk and collateral types and across the liquidity spectrum. So that's a differentiator. On the private side, we have this vast origination network where we have direct access to companies around the globe. That enables us to source a significant share of nonsponsored deals.

我們真正的優勢來自於這一點：由於我們同時具備公開市場與私募市場兩個面向，我們能在流動性光譜的各個區段，為客戶提供涵蓋不同風險與擔保品類型的服務。因此，這是一項差異化優勢。在私募端，我們擁有龐大的起源（origination）網路，能直接接觸全球各地的企業。這使我們能取得相當比例的非贊助型交易來源。

So as far as the strength of the business, our focus on it, it's a really strong business. We're focused on growing it. It has great synergies with our insurance platform. So we have strong growth aspirations for it.

因此，就業務的實力與我們對它的投入而言，這確實是一項非常強勁的業務。我們專注於推動其成長。它與我們的保險平台具有很好的協同效應。因此，我們對其成長有很高的企圖心。

I think the other part of your question was just some of what's going on in the space around private credit and the stress. Most of what's happening there, candidly, what's in the headlines is around the retail side of the business. And what we've seen on the institutional side, is strength.

我想你問題的另一部分，是關於私募信貸領域目前的一些情況以及壓力。坦白說，目前那邊大多數正在發生、且出現在新聞標題上的，主要是在零售端的業務。而我們在機構端看到的是強勁表現。

While institutions are slowing down a bit in their decision-making, they're still leaning into private credit. They're still leaning into the highest quality managers that have track records over decades of underwriting and that's what we're seeing. And that's why we're producing very good levels of private capital deployment as well as fundraising.

雖然機構在決策上稍微放慢了一點，但他們仍然持續加碼私募信貸。他們仍然偏好最高品質、且在承保方面擁有數十年紀錄的管理人，這也是我們所看到的情況。也因此，我們在私募資本投放以及募資方面，都能達成非常好的水準。

Tracy Benguigui, Wolfe Research.

Tracy Benguigui，Wolfe Research。

Just a quick follow-up on the GUL retained reserves. I appreciate the GAAP commentary. But if I could ask, how do you think of the adequacy of those reserves on a statutory basis?

關於GUL留存準備金，我想快速追問一下。我理解你對GAAP的說明。但如果我可以請教，你們如何看待在法定會計基礎下，這些準備金的充足性？

Yeah. So Tracy, so first of all, on a GAAP basis, I spoke about the reserving the trend. I would also speak to the fact that another data point in terms of adequately being reserved on a GAAP basis is the fact that we have to undertake loss recognition testing that is performed every quarter, and that is required to ensure that the GAAP reserves are sufficient. As of 3/31, the GUL reserves held on their balance sheet exceed what is required under loss recognition.

好的。Tracy，首先，在GAAP基礎下，我已談到準備金提列的趨勢。我也想補充另一個關於GAAP基礎下準備金是否充足的佐證：我們必須進行損失認列測試（loss recognition testing），該測試每季執行一次，且其要求是為了確保GAAP準備金足夠。截至3/31，資產負債表上所持有的GUL準備金高於損失認列測試所要求的水準。

And on the stat, the Chief Actuary, the Head Actuary signs off on those statutory reserves every year, and they're signing off of they are sufficient as well. So we go through all the process. We have our assumption updates that we track and bulk and the actuary sign-off and the statutory reserves as well.

至於法定（stat）方面，首席精算師／精算主管每年都會對這些法定準備金簽核，且他們也簽核其為充足。因此我們會走完所有流程。我們也會追蹤並彙整假設更新，並取得精算師簽核，以及法定準備金的簽核。

Okay. Switching gears a little bit. I'm wondering, could BM 22, the principal-based reserving reduced incentives to seed a (inaudible) your Bermudian affiliates? And how does BM 22 stack up against the BMA rules, which are also principle based?

了解。稍微換個話題。我想請問，BM 22（以原則為基礎的準備金制度）是否會降低將（聽不清）注入你們百慕達關係企業的誘因？另外，BM 22與同樣以原則為基礎的BMA規則相比，表現如何？

Yes. Look, the current proposed version of BM 22 is definitely a helpful step toward a more economic base standard. That is definitely the case. So the relative benefits of Bermuda would be lower based on the current proposal, but our current view is that Bermuda continues to be an attractive option for us. So we'll continue to assess that over time as the BM 22 rules are finalized.

是的。你看，目前提出的BM 22版本，確實是朝向更具經濟基礎標準邁進的一個有益步驟。這點確實如此。因此，依照目前提案，百慕達的相對優勢會降低一些，但我們目前的看法是，百慕達對我們而言仍然是一個具吸引力的選項。所以，隨著BM 22規則定案，我們會持續隨時間評估。

Wilma Burdis, Raymond James.

Wilma Burdis，Raymond James。

This is Chris on for Wilma. There's a lot of growth opportunity in Japan reinsurance right now, and is Prismic the largest payer, can you discuss that market opportunity?

我是代Wilma提問的Chris。目前日本再保險有很多成長機會，而Prismic是最大的付款方嗎？你能談談那個市場機會嗎？

Chris, so we don't participate in the reinsurance business as a business line, but obviously, we could participate in that opportunity through Prismic, our sponsored entity. So let me just give you an update on Prismic.

Chris，我們並未將再保險業務作為一條業務線來參與，但顯然，我們可以透過Prismic（我們的贊助型實體）參與該機會。我先向你更新一下Prismic的情況。

We continue to work on an active pipeline for Prismic. And that pipeline includes ongoing balance sheet optimization, financing new business growth and working on third-party blocks, Prismic specifically.

我們持續推進Prismic的活躍案源管線。該管線包含持續進行的資產負債表最佳化、為新業務成長提供融資，以及就第三方保單組合（blocks）展開工作，特別是Prismic這邊。

And Prismic has made really good progress over the past two quarters. So in the fourth quarter, we entered into our first flow reinsurance transaction with Prismic reinsuring [MYGAs] out of our retirement business. In the first quarter, we executed a second flow reinsurance transaction with Prismic covering US dollar-denominated Japan liabilities.

而Prismic在過去兩個季度取得了非常好的進展。因此，在第四季，我們與Prismic達成第一筆流量再保險（flow reinsurance）交易，由Prismic對我們退休業務中的[MYGAs]進行再保險。在第一季，我們執行了第二筆流量再保險交易，由Prismic承保以美元計價的日本負債。

And then also in the first quarter, more relevant to your point in your question, Prismic did reach an agreement with [Dai-ichi] to reinsure yen-denominated in-force block of whole life and annuity policies, and that is Prism's first third-party transaction.

另外在第一季，與你問題更相關的是，Prismic確實與[Dai-ichi]達成協議，對以日圓計價的既有整體保單組合（in-force block）的終身壽險與年金保單進行再保險，而這是Prism的第一筆第三方交易。

Chris, maybe just one add. We're very pleased and happy with how Prismic has continued to move forward. Just as a reminder, as Prismic succeeds in third-party reinsurance. PGIM is able to manage the lion's share of the assets that go into that relationship. So that's a good growth engine for PGIM as well.

Chris，我再補充一點。我們對Prismic持續推進的進展感到非常滿意與高興。提醒一下，當Prismic在第三方再保險方面取得成功時，PGIM能夠管理投入該合作關係中的大部分資產。因此，這對PGIM而言也是一個良好的成長引擎。

Great. And then could we expect the POJ positive any effect on pace of capital return to shareholders for the remainder of the year or through 2027?

很好。另外，我們是否可以預期POJ的正面影響，會對今年剩餘期間或到2027年為止的股東資本回饋節奏產生任何影響？

Yeah. Chris, as we said on the April 21, we do not expect the impact of the POJ sales this conduct to materially impact our cash flows or our capital position. So we do not expect any changes to our capital deployment or shareholder distribution.

是的。Chris，正如我們在4月21日所說，我們預期POJ出售的影響不會對我們的現金流或資本狀況造成重大影響。因此，我們不預期會對我們的資本運用或股東分配做出任何改變。

We've reset of our question-and-answer session. And ladies and gentlemen, that does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

我們已重設問答環節。各位女士、先生，今天的電話會議與網路直播到此結束。您現在可以掛斷電話，祝您有美好的一天。感謝您今天的參與。