保德信金融集團 (PRU) 2026 Q2 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.

各位女士、先生，感謝您稍候，歡迎參加保德信（Prudential）季度財報電話會議。（接線員指示）提醒您，本次會議將被錄音。

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

現在我很高興把電話會議交給 Tina Madden。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. Before we begin, please note that today's call has been extended to 90 minutes.

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。在開始之前，請注意今天的電話會議已延長至 90 分鐘。

Andy and Yanela will begin with a discussion of Prudential's refreshed strategy and long-term vision, followed by a review of our second-quarter earnings results. We will then open the call for Q&A. We have also posted slides on our website at investor.prudential.com, which provide context for today's strategy discussion.

Andy 與 Yanela 將先討論保德信更新後的策略與長期願景，接著回顧我們第二季的盈餘結果。之後我們將開放問答。我們也已在 investor.prudential.com 網站上張貼投影片，為今天的策略討論提供背景資訊。

I want to remind you that today's discussion may include forward-looking statements. It's possible that our actual results may differ materially from those statements. This includes, among other things, any statements regarding the company's strategy, objectives, goals, priorities, expectations, plans, initiatives, or anticipated future performance, all of which should be considered forward-looking statements and are subject to risks and uncertainties.

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。其中包括但不限於任何關於公司策略、目標、宗旨、優先事項、預期、計畫、倡議或預期未來表現的陳述；上述皆應視為前瞻性陳述，並受風險與不確定性影響。

In addition, remarks made on today's call and in our quarterly earnings press release, earnings presentation, quarterly financial supplement, and strategy update presentation, which can be found on our website, include references to non-GAAP measures. For reconciliation of these measures to the most comparable GAAP measures and a discussion of the factors that could cause actual results to differ materially from those in our forward-looking statements.

此外，今天電話會議以及我們的季度財報新聞稿、盈餘簡報、季度財務補充資料與策略更新簡報（可於我們網站查閱）中的發言，包含對非 GAAP 指標的引用。關於這些指標與最可比 GAAP 指標之間的調節，以及可能導致實際結果與我們前瞻性陳述中所述結果出現重大差異的因素之討論。

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

請參閱我們策略更新簡報、盈餘簡報與季度財務補充資料附錄中的「前瞻性陳述」與「非 GAAP 指標」投影片。

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

接下來，我把電話會議交給 Andy。

Good morning, everyone, and thank you for joining our call. I'd like to start by outlining our refreshed strategy and vision for Prudential's future, which is grounded in a clear view of where we can win and how we create value. Since stepping into the CEO role, I've said that delivering the performance our shareholders expect requires a simpler company, fewer priorities and execution excellence. That remains the standard and the status quo is not an option.

各位早安，感謝各位加入我們的電話會議。我想先概述我們更新後的策略與對保德信未來的願景；這建立在我們對「我們能在哪裡勝出」以及「我們如何創造價值」的清晰判斷之上。自我接任執行長以來，我一直強調，要交付股東所期待的績效，需要一家更精簡的公司、更少的優先事項，以及卓越的執行力。這仍是我們的標準，而維持現狀不是選項。

Prudential is a uniquely integrated financial services company, differentiated by a formidable global brand and trust earned over more than a century. At its core is a powerful ecosystem, industry-leading liability generation, and a world-class asset management platform that reinforce one another.

保德信是一家獨特且高度整合的金融服務公司，憑藉強大的全球品牌，以及逾百年累積的信任而具差異化。其核心是一個強大的生態系、業界領先的負債創造能力，以及世界級的資產管理平台，彼此相互強化。

Few companies have the customer relationships and distribution reach to originate liabilities across retirement and protection products globally. Even fewer compare those liabilities with an investment platform capable of sourcing and allocating capital across public and private markets.

很少有公司能擁有如此深厚的客戶關係與通路觸及範圍，得以在全球退休與保障產品領域創造負債。更少有公司能將這些負債與一個能在公開與私募市場中尋找並配置資本的投資平台相結合。

These advantages create a powerful competitive moat. Our insurance businesses generate a steady flow of liabilities, while PGIM's investment expertise, particularly in credit and real assets, enables us to deliver differentiated solutions, and attractive risk-adjusted returns for our asset management clients across market cycles.

這些優勢形成強大的競爭護城河。我們的保險業務帶來穩定的負債流入，而 PGIM 的投資專長，特別是在信貸與實體資產方面，使我們能在各種市場循環中，為資產管理客戶提供具差異化的解決方案與具吸引力的風險調整後報酬。

We have a strong foundation in businesses and markets with favorable structural growth. And we will drive performance by leaning into our advantages. Our strategy is about building on those advantages to produce leading outcomes, exceeding our potential, anchored by four priorities designed to deliver top quartile earnings growth, excluding the earnings from our Legacy Variable Annuities business, increased cash flow conversion, and sustained strong returns on capital over time.

我們在具備有利結構性成長的業務與市場中擁有堅實基礎。我們將善用自身優勢以推動績效。我們的策略是建立在這些優勢之上，以產出領先成果、超越我們的潛力；並以四項優先事項為核心，旨在實現（不含我們傳統變額年金業務的盈餘）前四分位的盈餘成長、更高的現金流轉換率，以及長期維持強勁的資本報酬。

The first priority is narrowing our geographic footprint. We are operating in a fragmented global environment where capital moves less freely across borders. Success requires more than market presence. It demands scale and leadership. Our strategy is clear, concentrate our capital, talent and management attention on large developed markets where we have the clear ability to win.

第一項優先事項是縮小我們的地理版圖。我們正處於一個分裂的全球環境中，資本跨境流動的自由度降低。成功不僅需要市場存在。更需要規模與領導地位。我們的策略很清楚：將資本、人才與管理注意力集中在我們明確有能力勝出的大型已開發市場。

With that in mind, we are making deliberate geographic choices. Today, our Retirement and Insurance businesses operate in more than a dozen countries. We plan to reduce that footprint by roughly half and concentrate liability generation in the US, Japan, and select European countries. Large markets with attractive retirement and protected growth. This means exiting emerging markets while managing those exits to maximize value.

基於此，我們正在做出審慎的地理選擇。目前，我們的退休與保險業務在十多個國家營運。我們計畫將版圖縮減約一半，並把負債創造集中在美國、日本以及部分歐洲國家。這些都是擁有具吸引力的退休與保障成長的大型市場。這也意味著退出新興市場，同時以最大化價值為目標來管理這些退出。

We will rotate the supporting capital, expected to be well north of $3 billion, to these geographies and to our asset management business, which we expect to be a larger, more strategic driver of enterprise value. It also means increasing the proportion of earnings from our businesses in the US and Europe relative to Japan.

我們將把支撐性資本（預計遠高於 30 億美元）輪動至上述地區，以及我們的資產管理業務；我們預期資產管理將成為更大且更具策略性的企業價值驅動因素。這也意味著，相較於日本，我們將提高來自美國與歐洲業務的盈餘占比。

But a smaller footprint is not the objective. It is the enabler. It creates the capacity to invest in our highest conviction opportunities and to advance our second priority, scaling our chosen businesses to lead. We are concentrating on Global Retirement, asset management, and select protection businesses, areas with long-term structural demand where our capabilities are most differentiated.

但縮小版圖並非目的。它是促成因素。它讓我們有能力投資於最具信心的機會，並推進第二項優先事項：擴大我們所選定的業務規模以取得領導地位。我們將聚焦全球退休、資產管理，以及特定保障型業務；這些領域具備長期結構性需求，且我們的能力最具差異化。

We intend to lead in these businesses as the strongest returns accrue to the top-tier market leaders. We are targeting both organic and inorganic sources of growth to strengthen our asset management platform, expand our retirement footprint in the US, Europe, and Japan and enhance our Group Insurance product diversification in the US.

我們的目標是在這些業務中成為領導者，因為最強的報酬往往歸於頂尖的市場領導者。我們將同時鎖定有機與無機的成長來源，以強化資產管理平台、擴大我們在美國、歐洲與日本的退休版圖，並提升我們在美國團體保險產品的多元化。

We will evolve from a portfolio of good businesses to a company built around category leaders, powered by an integrated model that drives compounding value over time. To do this, we must also optimize capital deployment, our third priority. As we execute the strategy, we will intentionally increase the earnings contribution from capital-light businesses, including asset management and Group Insurance, while continuing to pursue disciplined growth in Retirement.

我們將從一個由多個良好業務組成的投資組合，進化為一家以類別領導者為核心的公司，並以整合式模式驅動價值隨時間複利成長。為此，我們也必須優化資本配置，這是第三項優先事項。在執行策略的過程中，我們將有意提高資本輕型業務（包括資產管理與團體保險）的盈餘貢獻，同時持續在退休業務中追求有紀律的成長。

Our objective is for PGIM to become 25% of PFI's AOI. More than double its current contribution to the portfolio. In addition to the overall portfolio mix, we will actively manage product mix within each business to improve capital efficiency and drive stronger growth. This leads to our fourth priority, leveraging our global scale to become more efficient.

我們的目標是讓 PGIM 成為 PFI AOI 的 25%。較目前在投資組合中的貢獻增加一倍以上。除了整體投資組合的配置之外，我們也將在各業務內主動管理產品組合，以提升資本效率並推動更強勁的成長。這引出第四項優先事項：運用我們的全球規模提升效率。

As we further integrate our businesses, simplify structures and processes, and use technology to raise productivity, we will not only reduce costs but improve operating efficiency and speed of execution. This work is expected to result in approximately $750 million in pre-tax run rate benefits by year-end 2028, up from our original target of $150 million in 2027 and drive sustainable improvement in earnings and free cash flow growth.

隨著我們進一步整合各項業務、簡化組織架構與流程，並運用科技提升生產力，我們不僅會降低成本，也將改善營運效率與執行速度。預期這項工作將在 2028 年底前帶來約 7.5 億美元的稅前年度化效益，高於我們原先設定的 2027 年 1.5 億美元目標，並推動盈餘與自由現金流成長的可持續改善。

Taken together, these four priorities, focusing our geographic footprint, leading in chosen businesses, optimizing capital deployment, and enhancing enterprise efficiency, will position Prudential to scale, perform, and win. For shareholders, these priorities translate into three objectives.

綜合而言，這四項優先事項——聚焦地理版圖、在所選業務中取得領導地位、優化資本配置，以及提升企業效率——將使保德信具備擴張、表現並勝出的定位。對股東而言，這些優先事項可轉化為三項目標。

First, we expect to deliver top quartile earnings growth, excluding VA, through a deliberate, sequenced capital rotation strategy. Second, we intend to increase free cash flow conversion through a greater contribution from fee-based earnings and highly cash generative businesses. And third, we will continue delivering strong returns on capital by concentrating investment where we have a clear edge.

第一，我們預期透過審慎且循序的資本輪動策略，在不含 VA 的情況下，實現前四分位的盈餘成長。第二，我們計畫透過提高以費用為基礎的盈餘與高現金創造型業務的貢獻，提升自由現金流轉換率。第三，我們將持續透過把投資集中在我們具明確優勢的領域，交付強勁的資本報酬。

That is the destination. Let me walk through how we get there, starting with Global Retirement. This is a large and durable growth market. Retirement assets in OECD countries are expected to grow to roughly $75 trillion by 2029, with more than 75% concentrated in the US, Japan, and key parts of Europe, our priority markets.

那就是我們要達成的目標。我先從全球退休業務開始，說明我們如何走到那裡。這是一個規模龐大且具持久成長性的市場。預計到2029年，OECD國家的退休資產將成長至約75兆美元，其中超過75%集中於美國、日本以及歐洲的關鍵地區——這些都是我們的優先市場。

We intend to enhance our capabilities, increase market share and expand operating leverage across our Retirement businesses. In the US, we are building a leading position in retail annuities, where we see a clear opportunity to materially strengthen our position while meeting the growing need for protected income and retirement solutions.

我們打算強化能力、提升市占率，並在退休業務中擴大營運槓桿。在美國，我們正於零售年金領域建立領先地位；我們看到明確機會，能在滿足受保障收入與退休解決方案日益成長需求的同時，實質強化我們的市場地位。

Our brand, product breadth, distribution and differentiated service model have more than tripled our addressable market in the past three years and our expansion into the IMO channel has meaningfully increased our reach. We will continue expanding products and distribution to capture the most attractive opportunities. PGIM fuels this growth by enhancing pricing power while we improve returns through asset mix, scale, and efficiency.

我們的品牌、產品廣度、通路以及差異化服務模式，在過去三年使我們可觸及的市場規模擴大逾三倍，而我們拓展至IMO通路也顯著提升了觸及範圍。我們將持續擴充產品與通路，以掌握最具吸引力的機會。PGIM透過提升定價能力來推動此成長，同時我們也藉由資產組合、規模與效率改善報酬。

On the Institutional Retirement side, pension risk transfer remains a significant opportunity as defined benefit plans de-risk and outsource asset liability management. We have a premier market position in PRT, driven by our brand, underwriting and execution. We will remain a market leader in PRT transactions in the approximately $3 trillion US corporate pension market, which is expected to continue transacting over the next two decades. We will also leverage this leadership to build our European capabilities.

在機構退休業務方面，隨著確定給付（DB）計畫去風險化並外包資產負債管理，退休金風險移轉（PRT）仍是一項重大機會。憑藉我們的品牌、核保與執行能力，我們在PRT擁有頂尖的市場地位。在約3兆美元的美國企業退休金市場中，預期未來二十年仍將持續進行交易，我們將維持PRT交易的市場領導地位。我們也將運用這項領導優勢來建立我們在歐洲的能力。

Our retirement expertise extends well beyond the US, Japan is a core element of our Global Retirement strategy, where we serve nearly 6 million customers through businesses with leading market positions. Japan is one of the world's largest retirement markets, shaped by aging demographics, new government initiatives, and rising demand for products that help customers save and convert assets into secure income.

我們的退休專業不僅限於美國；日本是我們全球退休策略的核心要素，我們透過具領先市場地位的業務為近600萬名客戶提供服務。日本是全球最大的退休市場之一，受高齡化人口結構、新的政府倡議，以及對協助客戶儲蓄並將資產轉換為安全收入之產品需求上升所塑造。

Retirement and investment products now comprise roughly 75% of our new business production, reflecting this structural shift, although we will also continue to meet the protection needs of Japan society.

退休與投資產品目前約占我們新業務產能的75%，反映出這項結構性轉變；不過，我們也將持續滿足日本社會的保障需求。

We are moving our captive distribution force of over 10,000 financial professionals to a stronger relationship-based model focused on long-term customer value. Additionally, we are broadening how we go to market, including strengthening third-party distribution in banks and independent agencies.

我們正將超過10,000名金融專業人士的自有通路團隊，轉型為更強的關係導向模式，聚焦於長期客戶價值。此外，我們也在拓寬市場進入方式，包括強化銀行與獨立代理機構的第三方通路。

Prudential of Japan will be an important driver of this outcome. While the sales recovery will take time as we reset the operating model, the business should emerge better positioned for the long-term. Combined with Gibraltar and PGFL, we have a well-established franchise in Japan with broad capabilities and a strong competitive position.

日本保誠（Prudential of Japan）將是推動此成果的重要動能。由於我們正在重設營運模式，銷售復甦需要時間，但該業務長期而言應會以更佳定位再出發。結合Gibraltar與PGFL，我們在日本擁有根基穩固的特許經營，具備廣泛能力與強勁的競爭地位。

In Europe, we are deepening our presence in large, mature retirement markets, such as the UK and the Netherlands. These markets have strong demand for de-risking and retirement income solutions, and our capabilities, particularly in longevity and asset management, are well aligned with these needs.

在歐洲，我們正加深在英國、荷蘭等大型且成熟的退休市場的布局。這些市場對去風險化與退休收入解決方案需求強勁，而我們的能力——特別是在長壽風險與資產管理方面——與這些需求高度契合。

Now, turning to PGIM. PGIM's scaled, highly integrated global asset management platform, anchored by a $1.2 trillion in credit assets, is central to our strategy and foundational to how we win. Our objective is to further advance our market-leading franchise by leveraging strength in areas where we have led for decades, including credit, infrastructure debt, and real assets.

接著談PGIM。PGIM具規模且高度整合的全球資產管理平台，以1.2兆美元的信用資產為核心，是我們策略的中樞，也是我們致勝方式的基礎。我們的目標是進一步推進我們的市場領先特許經營，運用我們數十年來領先的領域優勢，包括信用、基礎建設債務與實體資產。

At the same time, we will expand in priority areas, including Asset-Backed Finance and direct lending. These asset classes support stronger returns, competitive pricing in our Retirement businesses and improved enterprise performance. We will also look to enter adjacent areas increasingly important to our third-party clients, including infrastructure equity and primary private equity, building on our deep client relationships.

同時，我們將在優先領域擴張，包括資產擔保融資（Asset-Backed Finance）與直接放貸。這些資產類別可支撐更高報酬、提升我們退休業務的具競爭力定價，並改善整體企業表現。我們也將尋求進入對第三方客戶愈發重要的相鄰領域，包括基礎建設股權與一級私募股權，並以我們深厚的客戶關係為基礎。

Growth in higher fee asset classes combined with expansion into new geographies and client segments will further improve asset management performance. We see significant opportunity outside North America, which makes up roughly half of the $147 trillion global asset pool. Only about a quarter of our third-party assets under management are sourced internationally today.

較高手續費資產類別的成長，加上拓展至新地理區域與客戶分群，將進一步提升資產管理表現。我們看到北美以外存在顯著機會；北美約占147兆美元全球資產池的一半。目前我們第三方受託管理資產中，僅約四分之一來自國際市場。

We also have substantial runway to diversify our client base by expanding in retail and institutional segments where demand for private market solutions is accelerating, including insurance, sovereign wealth, and family office channels. Serving these clients with our highest value products will gradually shift PGIM's business mix and help drive margins above our current 30% multi-year target.

我們也有相當大的空間，透過在零售與機構分群擴張來分散客戶基礎；在這些分群中，對私募市場解決方案的需求正加速成長，包括保險、主權財富基金與家族辦公室通路。以我們最高價值的產品服務這些客戶，將逐步改變PGIM的業務組合，並有助於將利潤率推升至高於我們目前30%的多年目標。

As we expand, PGIM's origination expertise will remain a key differentiator, allowing us to syndicate more of what we originate, deepen client relationships and increase the scalability of our platform. PGIM is among a small group of managers that can address borrowers' needs at scale across the liquidity spectrum. This advantage will help broaden our investor base, increase third-party capital and generate additional earnings.

隨著我們擴張，PGIM的案源開發（origination）專長仍將是關鍵差異化優勢，使我們能將更多自創案源進行聯貸/分銷（syndicate）、深化客戶關係，並提升平台的可擴展性。PGIM是少數能在流動性光譜上、以規模滿足借款人需求的管理機構之一。這項優勢將有助於擴大我們的投資人基礎、增加第三方資本並創造額外盈餘。

Alongside retirement and PGIM, our US protection businesses, Group Insurance, and Individual Life generate strong earnings and cash flow, and provide important diversification benefits to the enterprise. That diversification enhances resiliency, supports more consistent profitability, and helps fund our strategy.

除退休業務與PGIM之外，我們的美國保障型業務——團體保險與個人壽險——也帶來強勁的盈餘與現金流，並為企業提供重要的分散效益。這種分散可提升韌性、支持更一致的獲利能力，並協助資助我們的策略。

We are allocating capital to the most attractive opportunities and growing where we could generate compelling returns. We will achieve this by expanding our reach, broadening our solutions, and leveraging Prudential's differentiated capabilities and relationships.

我們正將資本配置到最具吸引力的機會，並在能創造具吸引力報酬的領域成長。我們將透過擴大觸及範圍、拓寬解決方案，並運用保誠差異化的能力與關係來達成。

In Group, we see a meaningful opportunity to increase its earnings contribution given the large addressable market and the capital efficiency of this business. Our strategy is anchored in product and segment diversification, maintaining our leadership position in the national account market while expanding in the middle market, where selective inorganic opportunities could accelerate growth and in disability, absence management, and supplemental health.

在團體保險方面，鑑於可觸及市場龐大以及此業務的資本效率，我們看到提升其盈餘貢獻的重大機會。我們的策略以產品與分群多元化為核心：在維持全國性大型客戶（national account）市場領導地位的同時，擴展至中型市場；在中型市場中，選擇性的非有機機會可加速成長；並在失能、缺勤管理與補充健康保險方面擴張。

In Individual Life, we are building on a leading market position and a portfolio of differentiated products and solutions. We will grow where we can achieve attractive returns, supported by disciplined pricing, targeted product innovation and prudent capital allocation. This business generates important strategic synergies across Prudential, and we expect it to continue generating resilient earnings and meaningful value.

在個人壽險方面，我們正以領先的市場地位以及一系列差異化產品與解決方案為基礎持續發展。我們將在能達成具吸引力報酬的領域成長，並以嚴謹定價、聚焦的產品創新與審慎的資本配置作為支撐。此業務在保誠各單位之間創造重要的策略協同效益，我們預期它將持續產生具韌性的盈餘與可觀的價值。

We will also evaluate the risking opportunities where the economics are compelling, and the long-term value creation is clear.

我們也將評估在經濟效益具吸引力、且長期價值創造清晰的去風險（de-risking）機會。

Let me close by saying that driving sustained improvement across an organization of this scale takes time and will not be easy, but our strategic direction is clear and our momentum is building. My Leadership Team and I have firm conviction in the path ahead.

最後我想說，推動如此規模的組織持續改善需要時間，也不會容易；但我們的策略方向清晰，動能正在累積。我與我的領導團隊對前方道路抱持堅定信念。

With that, let me turn it over to Yanela, who will walk through the financial implications of this strategy.

接下來，我把時間交給Yanela，她將說明此策略的財務影響。

Thank you, Andy, and good morning. Let me build on Andy's remarks by providing perspective on what our strategy means for Prudential's financial profile.

謝謝你，Andy，各位早安。我將延續Andy的談話，提供我們的策略對保誠財務輪廓意味著什麼的觀點。

At its core, it is designed to deliver a stronger, more predictable stream of earnings, supported by a balanced mix of capital-intensive and capital-light businesses. It will also enhance our ability to grow free cash flow over time, reflecting a targeted business mix, lower capital intensity, and improved flexibility, further strengthening our financial profile and reinforcing the AA ratings position that we maintain today.

其核心設計在於，透過資本密集與資本輕型業務的均衡組合，提供更強健、且更可預測的盈餘來源。它也將提升我們隨時間成長自由現金流的能力，反映出聚焦的業務組合、更低的資本密度與更佳的彈性，進一步強化我們的財務輪廓，並鞏固我們目前維持的AA評級地位。

Executing this strategy will take time, and we do not expect progress to be linear or measured in quarters. Realizing our ambitions will require consistent execution and disciplined capital allocation. While the full financial benefits will take time to emerge. Including the execution of the portfolio actions Andy outlined and the resumption of sales at Prudential of Japan, we have clear objectives.

執行這項策略需要時間，我們不預期進展會是線性的，也不會以季度來衡量。實現我們的抱負需要持續的執行力與嚴謹的資本配置。雖然完整的財務效益需要時間才會顯現。包括執行Andy所概述的投資組合行動，以及日本保誠恢復銷售，我們有明確的目標。

We are reshaping Prudential around category-leading businesses that generate durable earnings, strong cash flow, and attractive returns, while redesigning the enterprise to operate more efficiently. There are three drivers that anchor this outcome.

我們正圍繞具備類別領先地位的業務重塑保誠，這些業務可帶來持久的盈餘、強勁的現金流與具吸引力的報酬，同時重新設計企業以更高效率運作。支撐此成果的三項驅動因素如下。

The first is stronger earnings growth and a higher quality mix. Retirement will remain our largest contributor to earnings, with multiple levers to support future expansion. We expect results to benefit from steady growth in account values, improved pricing, and increasing operating leverage as the business scales.

第一項是更強勁的盈餘成長與更高品質的組合。退休業務仍將是我們最大的盈餘貢獻來源，並具備多項槓桿以支持未來擴張。我們預期，帳戶價值的穩健成長、定價改善，以及隨著業務規模擴大而提升的營運槓桿，將帶動業績受益。

Importantly, we will build on PGIM's growing capabilities in higher-yielding private alternatives to enhance both pricing power and investment returns. At the same time, access to the third-party capital solutions will increase capital efficiency. These actions position Retirement to remain a core driver of enterprise results while supporting attractive returns on capital.

重要的是，我們將在 PGIM 於較高收益的私募另類資產領域日益增強的能力基礎上再接再厲，以提升定價能力與投資報酬。同時，取得第三方資本解決方案將提高資本效率。這些行動使退休業務得以持續作為企業業績的核心驅動因素，同時支持具吸引力的資本報酬。

Japan will also remain an important contributor to Prudential's earnings and cash flow profile. We have a diversified franchise in Japan that provides exposure to both retirement and protection growth opportunities. As Prudential of Japan recovers and customer demand continues to shift toward retirement and investment products, we expect Japan to remain a meaningful source of long-term value creation.

日本也將持續是保誠盈餘與現金流結構的重要貢獻者。我們在日本擁有多元化的特許經營，能同時掌握退休與保障的成長機會。隨著日本保誠逐步復甦，且客戶需求持續轉向退休與投資型產品，我們預期日本將持續成為長期價值創造的重要來源。

PGIM represents about 12% of our annual AOI today. And as Andy noted, we expect that contribution to increase to roughly 25%. That is an important outcome of our strategy, not only because it drives growth, but because it improves the overall quality of Prudential's financial profile. Asset management businesses generate stable fee-based earnings that are highly scalable and relatively capital efficient, making them attractive contributors to long-term value creation.

PGIM 目前約占我們年度 AOI 的 12%。正如 Andy 所提到的，我們預期該貢獻將提升至約 25%。這是我們策略的重要成果，不僅因其帶動成長，也因其提升保誠整體財務結構的品質。資產管理業務可產生穩定的費用型盈餘，具高度可擴展性且相對資本效率高，因此是長期價值創造的具吸引力貢獻者。

Beyond revenue growth, we see substantial opportunity to improve profitability. As assets under management and average fees increase and we continue to realize the synergies from our consolidated platform in PGIM, operating leverage should improve meaningfully. Combined with ongoing efficiency initiatives within the business and the impact of the client diversification that Andy highlighted, we see the opportunity to expand margins above 30% overtime.

除營收成長外，我們也看到提升獲利能力的重大機會。隨著管理資產規模與平均費率提升，且我們持續實現 PGIM 整合平台帶來的綜效，營運槓桿應可顯著改善。再加上業務內持續推動的效率措施，以及 Andy 所強調的客戶多元化所帶來的影響，我們看到長期將利潤率擴大至 30% 以上的機會。

Our US protection businesses are also contributors to our evolving earnings mix. Group Insurance combines attractive growth characteristics with strong cash generation and relatively low capital intensity, making it one of the highest quality sources of growth within our portfolio.

我們的美國保障型業務也是我們持續演進的盈餘組合之貢獻者。團體保險兼具具吸引力的成長特性、強勁的現金創造能力與相對較低的資本密集度，使其成為我們投資組合中品質最高的成長來源之一。

We also expect to benefit from operating leverage as investments in claims management, underwriting, and customer experience continue to mature. In addition, we plan to grow Individual Life thoughtfully. This business generates attractive earnings and cash flow and supports enterprise diversification.

我們也預期將受益於營運槓桿，因為在理賠管理、核保與客戶體驗方面的投資持續成熟。此外，我們計畫審慎地擴展個人壽險業務。該業務可帶來具吸引力的盈餘與現金流，並支持企業多元化。

Taken together. PGIM, Group Insurance, and Individual Life are expected to account for a larger share of enterprise earnings overtime, improving both growth and quality while creating a better balance of risk and return through the cycle.

綜合而言。PGIM、團體保險與個人壽險預期將隨時間推移占企業盈餘更大比重，在提升成長與品質的同時，於景氣循環中創造更佳的風險與報酬平衡。

The second driver is structural efficiency. Our prior expense and efficiency programs have delivered meaningful benefits and contributed to a stronger operating model. Prudential remains a complex company in how we are organized, how work gets done, and how resources are allocated. As we focus on a more targeted set of priorities, we see additional opportunities to simplify the organization, improve execution, and enhance structural efficiency.

第二項驅動因素是結構性效率。我們先前的費用與效率計畫已帶來顯著效益，並促成更強健的營運模式。保誠在組織架構、工作執行方式與資源配置上仍屬複雜的公司。隨著我們聚焦於更精準的一組優先事項，我們看到進一步簡化組織、改善執行力並提升結構性效率的機會。

To realize those benefits, we are taking a comprehensive approach that combines organizational simplification with a more efficient workforce model, greater use of technology, and a streamlined operating infrastructure. These actions will help us operate more effectively, improve productivity, and better align resources with our highest conviction opportunities.

為實現這些效益，我們採取全面性作法，結合組織簡化、更有效率的人力模式、更廣泛運用科技，以及精簡的營運基礎設施。這些行動將協助我們更有效運作、提升生產力，並使資源更好地對準我們最具信心的機會。

An important component of this effort is optimizing where work gets done across the enterprise. We see a significant opportunity to expand the use of captive talent hubs in global locations with highly skilled workforces and structurally lower costs than the United States. Bringing our utilization closer to industry norms will lower our cost base while increasing flexibility and scalability.

此項努力的重要組成部分，是優化全企業各項工作的執行地點。我們看到一項重大機會，可在具備高技能勞動力且結構性成本低於美國的全球據點，擴大自有的人才樞紐（captive talent hubs）的使用。將我們的使用程度拉近至產業常態，將在提升彈性與可擴展性的同時，降低我們的成本基礎。

We are also simplifying our organizational structure by continuing to reduce management layers, recalibrating our workforce footprint, and aligning resources more directly to the businesses and capabilities that will drive our future growth.

我們也將持續減少管理層級、重新校準人力配置版圖，並使資源更直接對準將驅動未來成長的業務與能力，以簡化組織結構。

Technology will be another important enabler. We are consolidating and simplifying applications, streamlining workflows, and using data and analytics more effectively to improve productivity throughout the enterprise.

科技將是另一項重要推動力。我們正整併並簡化應用系統、精簡工作流程，並更有效運用數據與分析，以提升全企業的生產力。

As Andy noted, these actions are expected to result in approximately $750 million in pre-tax run rate benefits by year-end 2028, up from our original target of $150 million in 2027, with the full benefit reflected in our 2029 operating results. More importantly, these actions structurally lower our fixed cost base. They improve operating leverage, increase organizational flexibility, and allow us to reinvest in the areas that matter most to our future growth.

如 Andy 所述，這些行動預期將在 2028 年底前帶來約 7.5 億美元的稅前年度化（run rate）效益，高於我們原先設定的 2027 年 1.5 億美元目標，且完整效益將反映於 2029 年的營運結果中。更重要的是，這些行動將在結構上降低我們的固定成本基礎。它們將改善營運槓桿、提升組織彈性，並使我們得以在對未來成長最關鍵的領域再投資。

Our adjusted operating expense ratio improved approximately 100 basis points year over year in 2025 to about the midpoint of our current target of 8.5% to 10.5%. We expect to improve that ratio by an additional 150 basis points over the next three years. Please recall that we exclude PGIM from the ratio because we measure this business based on adjusted operating margin. That improvement reflects not only disciplined expense management, but a fundamentally more efficient operating model.

我們的調整後營運費用率在 2025 年較去年改善約 100 個基點，達到目前 8.5% 至 10.5% 目標區間的約中點水準。我們預期未來三年將再改善 150 個基點。請注意，我們將 PGIM 排除在該比率之外，因為我們以調整後營運利潤率來衡量此業務。該改善不僅反映嚴謹的費用管理，也反映一個根本上更有效率的營運模式。

The third driver is creating a better balance between capital intensive and capital light businesses. The first two drivers, higher quality earnings and greater structural efficiency, naturally lead to the third, a better balance between capital-intensive and capital-light businesses. As we execute our strategy, we expect a greater proportion of our earnings to come from fee-based and capital-light businesses. At the same time, Retirement in Japan will remain important sources of growth and long-term value creation.

第三項驅動因素是打造資本密集型與資本輕型業務之間更佳的平衡。前兩項驅動因素——更高品質的盈餘與更高的結構性效率——自然導向第三項：在資本密集型與資本輕型業務之間取得更佳平衡。隨著我們執行策略，我們預期更大比例的盈餘將來自費用型與資本輕型業務。同時，日本的退休業務仍將是成長與長期價值創造的重要來源。

We will also continue to use access to third-party capital and balance sheet optimization as strategic tools to improve capital efficiency across the enterprise. This evolving mix and improved capital efficiency should improve free cash flow conversion by increasing earnings generated by highly cash generative businesses.

我們也將持續把取得第三方資本與資產負債表最佳化作為策略工具，以提升全企業的資本效率。此一持續演進的組合與更高的資本效率，應可透過提高由高現金創造業務所產生的盈餘，改善自由現金流轉換率。

In addition, we will further optimize efficient capital deployment across PRT, annuities, and our retirement and protection businesses in Japan to support growth. We expect these actions, together with an ongoing focus on expense efficiency, will enable us to support growth while requiring less capital, creating greater financial flexibility and continued strong returns over time.

此外，我們將進一步在 PRT、年金，以及日本的退休與保障業務之間，優化高效率的資本配置以支持成長。我們預期這些行動，加上持續聚焦費用效率，將使我們在需要更少資本的情況下支持成長，創造更大的財務彈性，並隨時間推移維持強勁的報酬。

Before I turn the call back over to Andy to begin the review of our second-quarter results, let me highlight three key takeaways.

在我把電話交回 Andy、開始回顧我們第二季業績之前，先強調三項關鍵重點。

First, this is a multi-year plan. Execution will be sequenced and the benefits will build progressively as we reshape the portfolio and improve operating efficiency. Second, the repositioned Prudential will be a more focused and resilient company across market cycles. A simpler, better-balanced business mix should enhance the consistency and durability of our financial profile over time. Third, we expect these actions to translate into strong financial outcomes, including top quartile earnings growth excluding VA and improving free cash flow conversion and to drive compounding benefits over time.

第一，這是一項多年期計畫。執行將分階段推進，隨著我們重塑投資組合並提升營運效率，效益將逐步累積。第二，重新定位後的保誠將在各種市場循環中成為更聚焦且更具韌性的公司。更簡化、且更平衡的業務組合，應可隨時間推移提升我們財務結構的一致性與持久性。第三，我們預期這些行動將轉化為強勁的財務成果，包括在排除 VA 的情況下達到同業前四分位的盈餘成長、提升自由現金流轉換率，並隨時間推移帶動複利式效益。

In closing, this is not about any one quarter or initiative. The choices we're making today, how we deploy capital, allocate resources, and operate the business, are designed to strengthen our financial profile over time and position Prudential to drive strong value creation for shareholders.

最後，這並非關於任何單一季度或單一措施。我們今天所做的選擇——我們如何配置資本、分配資源並經營業務——旨在隨時間推移強化我們的財務結構，並使保誠得以為股東創造強勁的價值。

Let me now turn the call back over to Andy to review our second-quarter results.

現在讓我把電話交回給 Andy，請他回顧我們第二季的業績。

Our second-quarter results were strong as we continued to execute with discipline and build momentum. The quarter reflected greater focus across the enterprise. While there's more work ahead as we advance the strategy outlined today, we are building on a strong foundation and making solid progress against our priorities.

我們第二季業績表現強勁，因為我們持續以紀律執行並累積動能。本季反映出全企業更聚焦的投入。儘管在推進今天所概述的策略時仍有更多工作要做，但我們正建立在堅實的基礎之上，並在各項優先事項上取得扎實進展。

After-tax adjusted operating income was $1.4 billion or $4.08 per share, 14% higher year over year, while year-to-date operating return on average equity increased 110 basis points to 15.5%. These results reflect the strength and resiliency of our businesses and the progress we're making to operate more effectively and consistently.

稅後調整後營運收益為 14 億美元，或每股 4.08 美元，年增 14%；而年初至今平均股東權益營運報酬率提高 110 個基點至 15.5%。這些結果反映出我們業務的強勁與韌性，以及我們在提升營運效率與一致性方面所取得的進展。

Let me now turn to our business-level results, beginning with PGIM. PGIM generated another quarter of strong investment performance and made steady progress in integrating its operating platform, resulting in a solid year-over-year increase in margins and earnings. We continue to see strong momentum in private capital deployment, which grew by nearly 60% on a sequential quarter basis.

接下來我將說明各業務層級的表現，先從 PGIM 開始。PGIM 再度交出一季強勁的投資績效，並在整合其營運平台方面穩步推進，使得利潤率與獲利年增表現穩健。我們持續看到私募資本投放的強勁動能，按季成長近 60%。

The increase was driven primarily by Asset-Backed Finance origination, which comprised roughly $7 billion of the nearly $21 billion deployed in the second quarter, driven by affiliated demand for this asset class. Investment-grade private credit assets were another driver of the increase, as was real estate debt, driven by third-party and affiliated demand.

此增長主要由資產擔保融資（Asset-Backed Finance）承作所帶動；第二季近 210 億美元的投放中，約 70 億美元來自該項目，主要受關係企業對此資產類別的需求推動。投資級私募信貸資產亦是增長動因之一；不動產債務也帶動增長，主要受第三方與關係企業需求推動。

Direct lending origination remained solid during the quarter and our positioning in this asset class will be enhanced by PGIM's recently announced acquisition of the remaining interest in Deerpath Capital. With the addition of Deerpath's lower middle market platform, PGIM is among a select group of asset managers with capabilities across the direct lending spectrum, which better positions us to serve sponsors, borrowers, and investors.

本季直接放款承作仍然穩健，而 PGIM 近期宣布收購 Deerpath Capital 剩餘股權，將進一步強化我們在此資產類別的布局。隨著納入 Deerpath 的中小型市場（lower middle market）平台，PGIM 成為少數具備涵蓋直接放款全光譜能力的資產管理機構之一，使我們更能服務贊助方、借款人與投資人。

PGIM's active ETF retail offering continued to grow extremely well, with AUM increasing nearly 21% on a sequential quarter basis. Approaching $35 billion as of quarter end. We have seen meaningful improvement in our ETF market share over the last two years, and we're in the top 10 in quarter-to-date and year-to-date net flows. PGIM's suite of fixed income funds drove the majority of active ETF inflows, with four ETFs now exceeding $1 billion in assets under management.

PGIM 的主動式 ETF 零售產品持續快速成長，資產管理規模（AUM）按季增加近 21%。截至季末接近 350 億美元。過去兩年我們的 ETF 市占率明顯提升，且在本季迄今與年初至今的淨流入排名均位居前 10。PGIM 的固定收益基金組合貢獻了大部分主動式 ETF 淨流入，目前已有 4 檔 ETF 的管理資產規模超過 10 億美元。

PGIM's total flows were strong in the quarter. Institutional and retail third-party net flows totaled $4.6 billion, driven primarily by strong public credit inflows. This result was achieved despite having to overcome equity outflows of approximately $5 billion in the quarter as the broader industry rotation from active to passive equity management continues.

PGIM 本季總資金流向表現強勁。機構與零售第三方淨流入合計 46 億美元，主要由公開信貸的強勁流入帶動。儘管本季需克服約 50 億美元的股票資金流出（因整體產業持續由主動式股票管理轉向被動式），仍達成此成果。

Affiliated net outflows were $3 billion, driven by our variable annuities runoff. In our US businesses, we saw additional benefits from the actions we've taken to broaden our reach and deepen our capabilities. Our investments in distribution and product diversification are helping us meet evolving customer needs while supporting growth and improving the quality of our Retirement and Insurance franchises.

關係企業淨流出為 30 億美元，主要由我們的變額年金存量縮減（runoff）所致。在美國業務方面，我們也持續受惠於擴大觸及範圍與深化能力所採取的各項行動。我們在通路投資與產品多元化方面的投入，正協助我們滿足不斷演變的客戶需求，同時支持成長並提升退休與保險事業的品質。

In retirement, second-quarter results were solid year over year. Retail annuity sales reached $3.6 billion in the quarter, a 14% increase driven by ongoing strength in RILA as our FlexGuard 2.0 product continued to be well received in the market.

在退休業務方面，第二季業績年比表現穩健。本季零售年金銷售達 36 億美元，年增 14%，主要受 RILA 持續強勁帶動，且我們的 FlexGuard 2.0 產品持續獲市場良好反應。

This result also reflected strong sales in fixed annuities, such as our fixed rate products with income. Our distribution reach and innovative product design Are differentiated competitive advantages, enabling us to target areas of the market that prioritize customer solutions, overprice.

此結果亦反映固定年金（例如我們具收入功能的固定利率產品）銷售強勁。我們的通路覆蓋與創新產品設計是差異化的競爭優勢，使我們能鎖定以客戶解決方案為優先、而非以價格為優先的市場區隔。

On the institutional side, we completed $1 billion of longevity reinsurance sales, but PRT sales remained muted in the quarter with a notable absence of jumbo transactions in the US Market in the first half of this year. While we expect industry activity to accelerate in the second half, as is typical, we anticipate that transaction volumes this year will remain below the record levels seen in recent years.

在機構端，我們完成 10 億美元的長壽再保險銷售，但本季 PRT 銷售仍偏淡，因今年上半年美國市場明顯缺乏超大型（jumbo）交易。雖然我們預期下半年產業活動將如往常般加速，但我們也預估今年交易量仍將低於近年所見的創紀錄水準。

Although activity remains episodic, this market represents a significant forward opportunity, both here in the US and in Europe, as I noted in my strategy remarks. And these transactions should drive strong earnings growth over time. Our brand, underwriting expertise, and execution capabilities will enable us to maintain our leadership position as these markets continue to transact.

儘管活動仍呈間歇性，正如我在策略說明中提到的，該市場在美國與歐洲都代表著重要的長期機會。而這些交易將隨時間推進帶動強勁的獲利成長。我們的品牌、核保專業與執行能力，將使我們在這些市場持續交易的過程中維持領導地位。

Our Group Insurance business delivered record quarterly earnings as initiatives to strengthen the business and diversify its growth profile translated into results. Performance was led by our National Account Life business, where we continue to benefit from our market-leading position. We also saw increasing contributions from a broader mix of products and customer segments, demonstrating the benefits of our diversification strategy.

我們的團體保險業務本季創下單季獲利新高，強化業務與多元化成長輪廓的各項措施已轉化為具體成果。表現主要由我們的全國型大客戶團體壽險（National Account Life）業務帶動，我們持續受惠於市場領先地位。我們也看到來自更廣泛產品組合與客群的貢獻提升，展現多元化策略的效益。

Sales remained strong, driven by growth in our premier middle market segment and demand for supplemental health solutions. Our brand strength and deep distribution relationships remain key competitive advantages in supporting growth across the business.

銷售維持強勁，主要由我們旗艦中型市場（premier middle market）區隔的成長，以及對補充型健康解決方案的需求所帶動。我們的品牌優勢與深厚的通路關係，仍是支持全業務成長的關鍵競爭優勢。

Individual Life generated strong sales and earnings in the quarter, building on its momentum in the variable accumulation market. Over the last several years, we have transformed this business by diversifying our product portfolio, building a deep distribution bench and targeting strong profitable growth. Our progress has resulted in increased earnings power, improved cash flow generation, and greater capital efficiency.

個人壽險本季銷售與獲利表現強勁，延續其在變額累積型市場的動能。過去數年，我們透過多元化產品組合、建立深厚的通路團隊並鎖定高品質獲利成長，完成了此業務的轉型。我們的進展帶來更強的獲利能力、更佳的現金流創造，以及更高的資本效率。

The life insurance market is showing durable tailwinds, with application submissions at record levels and premium growth above historical norms. Agent demographics and increased interest in accumulation-oriented solutions are reinforcing demand, and digital integration, automated underwriting, and faster decision-making are further supporting growth. We expect Individual Life will have healthy and durable core earnings growth that is driven by a strong combination of underwriting, fee and spread income.

壽險市場展現持久的順風因素，投保申請量創新高，保費成長亦高於歷史常態。業務員人口結構變化與對累積導向解決方案的興趣提升，進一步強化需求；而數位整合、自動化核保與更快速的決策流程，也持續支持成長。我們預期個人壽險將維持健康且具持續性的核心獲利成長，動能來自核保、費用收入與利差收入的強勁組合。

Now, turning to International. Earnings this quarter were strong, despite the impact of the voluntary sales suspension in Prudential of Japan, reflecting the resilience of the underlying business and continued growth in Brazil. Sales increased in Brazil resulting from growth in our Life Planner channel and strengthened performance in the third-party channel.

接著談國際業務。本季獲利表現強勁，儘管日本保德信（Prudential of Japan）的自願性暫停銷售帶來影響，仍反映出基礎業務的韌性以及巴西業務的持續成長。巴西銷售成長來自我們 Life Planner 通路的擴張，以及第三方通路表現的改善。

Our Japan businesses continue to demonstrate the benefits of our diverse platform and the economic tailwinds in Japan, delivering a strong earnings quarter despite the impact on sales of the POJ sales suspension. Third-party channel sales remained resilient, driven by robust independent agent channel performance, supported by expanded retirement and savings products offerings, which comprise more than 75% of sales in the quarter, including our recently launched single-pay products.

我們在日本的業務持續展現多元平台與日本經濟順風的效益；儘管 POJ 暫停銷售對銷售造成影響，本季仍繳出強勁獲利。第三方通路銷售仍具韌性，主要由獨立代理人通路的強勁表現帶動，並受惠於退休與儲蓄產品供給的擴充；該類產品占本季銷售逾 75%，其中包含我們近期推出的一次繳（single-pay）產品。

Our yen-denominated products are also experiencing strong momentum. Within POJ, we made solid progress during the quarter on the actions needed to resume sales and are on plan, including advancement of governance and agency redesign measures that will begin a phased rollout in the fall.

我們的日圓計價產品也正展現強勁動能。在 POJ 方面，我們本季在恢復銷售所需的各項行動上取得扎實進展，並按計畫推進，包括公司治理與通路（agency）重整措施的進展，將於秋季開始分階段推出。

We are also making good progress on the design of a new compensation structure to be launched once we go back into the market, and retention of life planners has been strong. We remain committed to ensuring that the changes needed to resume sales in POJ are implemented by November 5.

我們也在設計新的薪酬結構方面取得良好進展，將在重返市場後推出，而 Life Planner 的留任情況一直很強勁。我們仍致力於確保在 11 月 5 日前完成並落實 POJ 恢復銷售所需的變更。

This quarter demonstrates the progress we are making across Prudential and highlights the durability of our business model in a dynamic environment. Our results reflect both the underlying strength of our franchise and our ability to capitalize on emerging opportunities. We will continue to execute with discipline, deliver for our customers, and build on the momentum we've established across the business.

本季展現我們在保德信各方面持續推進的成果，並凸顯我們的商業模式在動態環境中的持久性。我們的業績同時反映出特許經營的內在實力，以及把握新興機會的能力。我們將持續以紀律執行、為客戶交付成果，並在全業務已建立的動能之上再接再厲。

We are pleased with our performance, confident in our trajectory, and focused on delivering sustainable growth and value creation over time.

我們對自身表現感到滿意，對發展軌跡充滿信心，並專注於隨時間推進可持續成長與價值創造。

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

接下來，我把電話交回給 Yanela。

Thank you, Andy. Our results this quarter demonstrated that our actions to strengthen Prudential's financial performance are translating into results. We reported after-tax adjusted operating income of approximately $1.4 billion or $4.08 per common share, up 14% year over year, driven primarily by higher spread income, a net favorable assumption update and higher asset management fees.

謝謝你，Andy。本季的業績顯示，我們為強化保德信（Prudential）財務表現所採取的行動正在轉化為成果。我們報告稅後調整後營運收入（AOI）約 14 億美元，或每股普通股 4.08 美元，年增 14%，主要受較高的利差收入、有利的假設更新淨影響，以及較高的資產管理費所帶動。

These increases were partially offset by higher operating expenses mainly related to the Prudential of Japan sales suspension and variable costs in support of sales. Underlying expenses were essentially unchanged year over year as we improved efficiency and created capacity to invest in enhanced distribution and service capabilities. We remain on track to realize our previously communicated $150 million in pre-tax run rate benefits in 2027.

上述增幅部分被較高的營運費用所抵銷，主要與日本保德信（Prudential of Japan）暫停銷售以及支援銷售的變動成本相關。在我們提升效率並創造投資於強化通路與服務能力的資源之下，基礎費用與去年同期相比基本持平。我們仍按計畫在 2027 年實現先前溝通的 1.5 億美元稅前年度化效益（run rate benefits）。

Before turning to our segment results, let me touch on our annual assumption update. We recorded a one-time pre-tax net benefit of $65 million to AOI at the enterprise level and we do not anticipate material ongoing impacts to AOI. The total pre-tax GAAP impact was a $379 million loss, primarily related to unfavorable lapse and mortality assumption updates in retirement and unfavorable mortality and claims incidence updates in long-term care within divested businesses.

在談到各事業部門業績之前，我先說明我們的年度假設更新。在企業層級，我們對 AOI 記錄了一次性稅前淨收益 6,500 萬美元，且我們不預期對 AOI 產生重大持續性影響。稅前 GAAP 的總影響為 3.79 億美元損失，主要與退休業務中不利的解約與死亡率假設更新，以及已剝離業務中的長期照護（long-term care）不利的死亡率與理賠發生率假設更新有關。

Now, turning to second-quarter segment results. Except for PGIM, comparisons include the impact of our annual assumption updates in the current and prior year periods. PGIM reported pre-tax adjusted operating income of $294 million, up 28% year over year, driven by higher asset management fees from equity market appreciation and strong investment performance as well as higher net service, distribution, and other revenues. These benefits were partially offset by affiliated net outflows, primarily from variable annuity runoffs and the impact of higher interest rates in the year-over-year period on asset management fees.

接著看第二季各事業部門業績。除 PGIM 外，比較數據包含本期與去年同期的年度假設更新影響。PGIM 的稅前調整後營運收入為 2.94 億美元，年增 28%，主要受惠於股市上漲與強勁投資績效帶動的較高資產管理費，以及較高的淨服務、通路與其他收入。上述利多部分被關聯方淨流出所抵銷，主要來自變額年金存量自然流失（runoff），以及與去年同期相比利率上升對資產管理費的影響。

PGIM delivered a 28.2% adjusted operating margin, up 470 basis points year-over-year, primarily from asset management fee growth and strong equity markets. Also contributing to this result were strong other related revenues, agency production and higher incentive fees in the quarter. PGIM remains on track for more than 200 basis points of margin expansion in 2026 as it moves towards its 25% to 30% target.

PGIM 的調整後營運利潤率為 28.2%，年增 470 個基點，主要來自資產管理費成長與強勁的股市表現。本季強勁的其他相關收入、代理通路產能以及較高的績效費（incentive fees）亦對此結果有所貢獻。PGIM 仍按計畫在 2026 年實現超過 200 個基點的利潤率擴張，並朝其 25% 至 30% 的目標邁進。

Now, turning to our US businesses, which generated pre-tax adjusted operating income of approximately $1 billion, essentially unchanged versus the prior year quarter. Excluding the favorable impact of our annual assumption update, these results reflected increased spread income, which was more than offset by higher distribution expenses, less favorable underwriting results, and lower fee income.

接著看我們的美國業務，其稅前調整後營運收入約 10 億美元，與去年同期基本持平。若排除年度假設更新帶來的有利影響，這些結果反映利差收入增加，但被較高的通路費用、較不利的核保結果以及較低的費用收入所抵銷。

Our Retirement business delivered pre-tax adjusted operating income of $392 million, essentially unchanged year over year. Higher spread income from retail annuity growth was offset by less favorable underwriting, PRT runoff, and increased distribution expenses. Longevity reinsurance sales were roughly $1 billion across three UK middle market transactions. We had no material PRT activity during the quarter. As we've noted before, this market is episodic in both the US and Europe.

我們的退休（Retirement）業務本季稅前調整後營運收入為 3.92 億美元，年比基本持平。零售年金成長帶來的較高利差收入，被較不利的核保、PRT 存量自然流失（runoff）以及通路費用增加所抵銷。長壽再保險（Longevity reinsurance）銷售約 10 億美元，涵蓋英國中型市場的三筆交易。本季我們沒有重大 PRT 活動。如同我們先前所提，該市場在美國與歐洲皆呈現間歇性（episodic）。

Net account values were $363 billion at quarter end, up 4% year over year, reflecting favorable markets and growth across our diverse product portfolio. Retail annuity account values rose more than 30% to $66 billion, supported by nearly $14 billion in sales over the last 12 months.

季末淨帳戶價值為 3,630 億美元，年增 4%，反映市場走勢有利以及我們多元產品組合的成長。零售年金帳戶價值上升逾 30% 至 660 億美元，主要受過去 12 個月近 140 億美元銷售額的支撐。

Now turning to Group Insurance. Group delivered a record quarter with pre-tax adjusted operating income of $155 million, up 24% versus the prior year period. Excluding the favorable impact of our annual assumption update, the quarter was also a record. The year-over-year increase, excluding the benefit from the assumption update, reflected favorable life underwriting and higher spread income, partially offset by expenses related to new business growth and less favorable disability underwriting amid macroeconomic uncertainty.

接著看團體保險（Group Insurance）。團體業務創下單季新高，稅前調整後營運收入為 1.55 億美元，較去年同期成長 24%。若排除年度假設更新的有利影響，本季同樣創下新高。在排除假設更新效益後，年比增幅反映團體壽險核保表現有利與利差收入增加，但部分被新業務成長相關費用，以及在宏觀經濟不確定性下較不利的失能險核保所抵銷。

Targeted investments continued to improve claims and service efficiency. The Group total benefits ratio improved to 80.4% in the quarter, below our 83% to 87% target range, driven by favorable working age mortality in group life and higher long-term disability resolutions as our investments in claims management delivered positive results.

有針對性的投資持續提升理賠與服務效率。本季團體業務總給付比率改善至 80.4%，低於我們 83% 至 87% 的目標區間，主要受團體壽險工作年齡人口死亡率有利，以及我們在理賠管理上的投資帶來正面成果、使長期失能結案（resolutions）增加所帶動。

Year-to-date sales totaled $599 million, increasing 26% from the prior-year period. This result was driven by continued momentum in our Premier segment as we executed on our market segment and product diversification strategy.

年初至今銷售額合計 5.99 億美元，較去年同期增加 26%。此結果主要由我們在 Premier 細分市場的持續動能所驅動，反映我們落實市場區隔與產品多元化策略的執行成果。

Individual Life delivered pre-tax adjusted operating income of $176 million in the quarter, more than doubling year over year. Excluding the favorable year-over-year impact of our annual assumption update, the increase primarily reflected favorable underwriting results and higher spread income, which benefited from attractive new money rates.

個人壽險（Individual Life）本季稅前調整後營運收入為 1.76 億美元，年比增逾一倍。若排除年度假設更新帶來的年比有利影響，增幅主要反映核保結果有利與利差收入增加，而利差收入受惠於具吸引力的新資金利率（new money rates）。

Sales of $237 million set a second quarter record, reflecting sustained demand for variable accumulation products, where our distribution reach and service model differentiate us in the market. Our flagship product, Custom Premier II, achieved record sales, demonstrating our success serving clients seeking cash value accumulation and retirement protection. This capital-efficient product produces strong returns.

銷售額 2.37 億美元創下第二季新高，反映市場對變額累積型產品（variable accumulation products）的持續需求；我們的通路觸及與服務模式使我們在市場上具差異化優勢。我們的旗艦產品 Custom Premier II 亦創下銷售新高，展現我們成功服務追求現金價值累積與退休保障的客戶。此資本效率高的產品帶來強勁報酬。

The US Legacy Products segment generated pre-tax adjusted operating income of $234 million, down 33% year over year. Excluding the unfavorable year-over-year impact of our annual assumption update, results primarily reflected less favorable underwriting related to the GOL block, lower variable annuity fee income from runoff, and lower spread results, partially offset by market appreciation.

美國存量產品（US Legacy Products）部門本季稅前調整後營運收入為 2.34 億美元，年減 33%。若排除年度假設更新帶來的不利年比影響，結果主要反映與 GOL 保單組合（block）相關的較不利核保、因存量自然流失（runoff）導致的較低變額年金費用收入，以及較低的利差表現；部分被市場上漲所抵銷。

Our International Businesses generated pre-tax adjusted operating income of $855 million, up 12% year over year. Excluding the favorable year-over-year impact of our annual assumption update, the increase primarily reflected higher spread income and stronger emerging markets results, including growth in Brazil, partially offset by expenses and less favorable underwriting related to the Prudential of Japan sales suspension.

我們的國際業務本季稅前調整後營運收入為 8.55 億美元，年增 12%。若排除年度假設更新帶來的年比有利影響，增幅主要反映較高的利差收入與新興市場表現更強勁（包括巴西成長），但部分被費用增加以及與日本保德信暫停銷售相關的較不利核保所抵銷。

The impact of the sales suspension totaled $105 million, coming in below expectations, primarily due to lower Life Planner compensation and better-than-expected surrender activity. Roughly $70 million related to the Life Planner compensation, the remainder reflected lost sales and surrenders.

暫停銷售的影響合計 1.05 億美元，低於預期，主要因 Life Planner 薪酬較低以及解約活動優於預期。約 7,000 萬美元與 Life Planner 薪酬相關，其餘則反映流失的銷售與解約。

We continue to expect that the aggregate impact on our full-year 2026 pre-tax adjusted operating income will be approximately $525 million to $575 million.

我們仍預期，對 2026 全年稅前調整後營運收入的合計影響約為 5.25 億至 5.75 億美元。

Now turning to capital, ESR, and cash flows. Our strong capital position and regulatory capital ratios support our AA financial strength ratings and provide flexibility to invest in our core businesses. Cash and liquid assets were $4.2 billion at quarter end, well above our $3 billion minimum liquidity target, and we have substantial off-balance sheet resources.

接著談資本、ESR 與現金流。我們強勁的資本部位與監理資本比率支撐我們 AA 級財務實力評等，並提供投資核心業務的彈性。季末現金與流動資產為 42 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。

Our Japanese entities remain well capitalized and are managed to levels aligned with our AA objective. Under Japan's ESR regime, Prudential Holdings of Japan reported a 192% consolidated ESR ratio as of March 31, Japan's fiscal year end. We estimate that Prudential Holdings of Japan's consolidated ESR ratio as of June 30 was in the range of 170% to 190%, well above our 150% operating target. As previously communicated, we do not anticipate any material impact to capital, ESR, or cash flows over 2026 and 2027 from the sales suspension.

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。在日本 ESR 制度下，截至 3 月 31 日（日本會計年度年末），日本保德信控股（Prudential Holdings of Japan）報告合併 ESR 比率為 192%。我們估計截至 6 月 30 日，日本保德信控股的合併 ESR 比率約在 170% 至 190% 區間，明顯高於我們 150% 的營運目標。如先前所溝通，我們不預期暫停銷售在 2026 與 2027 年對資本、ESR 或現金流造成任何重大影響。

Before closing, an update to our corporate and other guidance. We are lowering our expected 2026 loss from $1.65 billion to $1.55 billion, primarily reflecting the benefit of one-time items.

在結束之前，先更新我們的公司層面及其他指引。我們將預期的 2026 年虧損由 16.5 億美元下調至 15.5 億美元，主要反映一次性項目的效益。

In closing, we delivered a strong quarter and outlined a clear strategy for Prudential's future. As we look ahead, we remain focused on disciplined execution, sustainable growth, and long-term value creation for our shareholders.

總結來說，我們交出了一個強勁的季度表現，並清楚闡述了保德信未來的策略。展望未來，我們仍將專注於嚴謹執行、可持續成長，以及為股東創造長期價值。

And with that, I will now turn the call back to the operator to begin Q&A.

接下來，我把電話交回給主持人，開始問答環節。

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。(接線員指示)

Tom Gallagher, Evercore ISI.

Tom Gallagher，Evercore ISI。

I just wanted to focus my questions there. So Andy, the exit of the emerging markets that you had indicated, I think there should be five or six of them following. What you said correctly and $3 billion of related capital, how would you expect the capital freeing up to occur over what period of time? Would they mainly be sales or would some of these be shutdowns of existing businesses?

我想把問題聚焦在這裡。所以 Andy，關於你提到退出新興市場的部分，我想後續應該有五到六個市場。你說得沒錯，相關資本約 30 億美元；你預期釋放資本會在多長時間內發生？主要會透過出售，還是其中一些會是關閉既有業務？

Yeah, Tom, thanks for the question. So when we look at our emerging market exits, and you're right, I'm not going to do the quick math; it's about six or seven. Our priority is maximizing the value on the exit of these properties. \We're not going to comment on any specific market around sales process timing or sequence. This will take us some time in each process.

是的，Tom，謝謝你的提問。當我們看新興市場退出時，你說得對，我就不快速心算了；大概是六到七個。我們的優先事項是在退出這些資產時將價值最大化。\我們不會就任何特定市場的出售流程時點或順序作出評論。每一個流程都需要一些時間。

We are going to focus on making sure that we're taking care to get the best outcome for our customers, our employees and the shareholder. That means it will take time to find the right buyers, but you should be thinking of it that this is in general and for the most part sales of businesses versus shutting down, businesses because our emerging markets across every one of them are valuable platforms and businesses that we believe the value maximization strategy will be through sale.

我們會專注於確保謹慎處理，為客戶、員工以及股東取得最佳結果。這代表需要時間去找到合適的買家；但你可以這樣理解：整體而言、在大多數情況下，這些會是出售業務而非關閉業務，因為我們在每一個新興市場的布局都是有價值的平台與業務，我們相信價值最大化策略將透過出售來實現。

Thanks for that. And then I guess my follow up is, and you mentioned, I think repositioning or repurposing the $3 billion into your going concern businesses or your areas of focus. So should we expect that to be kind of the level that you would probably deploy into inorganic M&A, or would you consider going with anything bigger, more strategic when you think about inorganic opportunities?

謝謝。那我接著追問，你也提到，我想是把這 30 億美元重新配置或再利用到你們的持續經營業務或重點領域。所以我們是否應該預期，這大概就是你們可能用於非有機併購（M&A）部署的規模？還是你們在思考非有機機會時，會考慮更大、更具策略性的交易？

Tom, so two-parter there, let me take it. But let me start rotating back to one point on your first question. And I just want to emphasize that we expect the amount to be freed up to be well north of $3 billion. So you shouldn't have that $3 billion number in your mind. As we're looking at deploying that, where we would highlight would be first and foremost PGIM.

Tom，這是兩個部分，我來回答。但我先回到你第一個問題的一點。我想強調的是，我們預期釋放出的金額會遠高於 30 億美元。所以你不應該把 30 億美元這個數字放在腦中當作上限。至於如何部署，我們首先會強調的是 PGIM。

Obviously, we're looking to expand our private alternatives capability, as you heard on the script, grow in retail and globalize. Second would be in Group Insurance, looking to accelerate the product and segment diversification that we've been executing against. And third, for Retirement. Really selectively building out our retirement capabilities further in Europe.

很明顯地，我們希望擴大私募另類投資能力，正如你在講稿中聽到的，同時在零售端成長並推動全球化。第二是團體保險（Group Insurance），我們希望加速我們正在推進的產品與客群/區隔多元化。第三是退休業務（Retirement）。我們會非常有選擇性地在歐洲進一步建構我們的退休能力。

I also would not directly tie the $3 billion to the exact amount that we're going to be investing in these three areas. We obviously have other ways of generating and raising capital overtime. But importantly, as you think about this strategy and this capital rotation, and I would say the strategy in total, this is a longer-term aspirational strategy, so you should be thinking about the period of five years to execute a process.

我也不會把 30 億美元直接對應到我們將在這三個領域投資的確切金額。我們顯然還有其他方式能隨時間產生並籌措資本。但重要的是，當你思考這個策略與資本輪動（capital rotation），以及我會說整體策略時，這是一個較長期、具願景的策略，因此你應該以五年的期間來看待執行這個流程。

Ryan Krueger, KBW.

Ryan Krueger，KBW。

First question is on in terms of shifting business mix. I get the emerging markets and some of the inorganic things you're looking to do. Are there any other areas that you're looking to pull back from that in terms of businesses you're currently in or should we just think about the emerging market exit and business mix mostly shifting due to different sources of organic and inorganic growth?

第一個問題是關於業務組合的調整。我理解新興市場退出以及你們想做的一些非有機事項。除了這些之外，還有沒有其他你們打算收縮的領域（就目前正在經營的業務而言）？還是我們只需要把重點放在新興市場退出，並認為業務組合主要會因不同來源的有機與非有機成長而改變？

Yeah, Ryan, so it's Andy. I think we were quite detailed and thorough in the strategic update. Obviously, we focused on the emerging market exits as the predominant source of capital raising. But as we've said, our go-forward chosen businesses that we intend to lead in are Global Retirement, global asset management, and select insurance businesses in the US, and in particular, that means Group Insurance and Individual Life insurance.

是的，Ryan，我是 Andy。我認為我們在策略更新中已經相當詳細且完整。很明顯地，我們把新興市場退出作為籌集資本的主要來源。但如同我們所說，我們未來選定、希望成為領導者的業務是全球退休、全球資產管理，以及美國的特定保險業務；特別是團體保險與個人壽險（Individual Life）。

So that is the footprint, obviously, you also heard as part of that Japan is a very important part of our future, but we see that market more and more rotating to retirement orientation, which we think plays directly into our strength. So that really is the footprint. And as we look at those businesses, we feel very much that we have a leading position and have the credible opportunity to be a long-term leader and winner in those markets, and that's why we use the words category leader.

這就是我們的版圖；當然你也聽到，日本是我們未來非常重要的一部分，但我們看到該市場愈來愈轉向以退休為導向，而我們認為這正好直接契合我們的強項。所以這確實就是我們的版圖。而當我們看這些業務時，我們非常相信自己具備領先地位，並且有可信的機會在這些市場成為長期的領導者與贏家，這也是我們使用「類別領導者（category leader）」一詞的原因。

And then, anything you can help us with to think about free cash flow uplift, I know that's one of the key priorities you're targeting. But I don't know if there's any way you can frame either whether it be free cash flow conversion or some metric we can think about in terms of how you think that could progress over time?

另外，關於自由現金流提升，你們能否協助我們思考？我知道這是你們鎖定的關鍵優先事項之一。但我不確定你們是否能用某種方式框架化，例如自由現金流轉換率或某個我們可以參考的指標，來說明你們認為它隨時間可能如何推進？

Yeah, Ryan, I mean, look, as we said, we expect that our strategy will result in improved balance between capital-light and capital-intensive businesses, right, that's one of the key objectives. And we do see a great opportunity to scale our capital-light and fee-based businesses.

是的，Ryan，我的意思是，如同我們所說，我們預期策略將帶來資本輕型（capital-light）與資本密集型（capital-intensive）業務之間更好的平衡，對吧，這是關鍵目標之一。而我們確實看到一個很大的機會去擴大我們的資本輕型與以費用為基礎（fee-based）的業務規模。

Specifically in areas like PGIM, as we grow PGIM, that is a high-cash generated business and also growing our fee-based earnings in our other businesses. That will support free cash flow generation and enterprise capital efficiency as well. So we do -- that is how we expect to increase free cash flow generation overtime.

具體而言，在像 PGIM 這樣的領域，隨著我們擴大 PGIM，那是一個高現金產生的業務，同時也會在其他業務中提升我們以費用為基礎的獲利。這也將支持自由現金流的產生以及企業資本效率。因此，我們預期就是透過這種方式，隨時間提升自由現金流的產生。

Suneet Kamath, Jefferies.

Suneet Kamath，Jefferies。

I wanted to start with the $750 million of cost savings, should we expect that those savings will fall to the bottom line as we get to '28 and '29? Or is that freed up capacity going to go going to be part of the reinvestment into the growth businesses?

我想先從 7.5 億美元的成本節省談起；我們是否應該預期，當到 2028 年與 2029 年時，這些節省會直接反映到淨利（bottom line）？還是說，釋放出的產能會作為再投資到成長型業務的一部分？

So what we're doing here with the $750 million is we're taking a comprehensive approach really to simplify and optimize the organization. I highlighted a number of levers in my prepared remarks that we expect to utilize. But this is really about the what, the where, and the how of our work. So it is really comprehensive. This isn't just about expense reduction. So we do view it as a source of capacity and capital that will allow us to invest in growth over time.

我們針對這 7.5 億美元所做的，是採取一個全面性的做法，真正去簡化並優化組織。我在事先準備的發言中提到多個我們預期會運用的槓桿。但這其實是關於我們工作的「做什麼、在哪裡做、以及怎麼做」。所以它是非常全面的。這不只是費用削減。因此，我們確實把它視為一個產能與資本的來源，讓我們能隨時間投資於成長。

So I would encourage you to focus on our operating expense ratio and the POJ margin. Ultimately, that is how we measure success here. It is the best way to measure our progress and how the saves are flowing through the bottom-line net of cost to growth. So we don't have a specific ratio of what falls to the bottom line and what will we reinvest.

所以我會建議你把焦點放在我們的營運費用率以及 POJ 利潤率。最終，這就是我們衡量成功的方式。這是衡量我們進展、以及在扣除成長成本後節省如何流向淨利的最佳方式。因此，我們沒有一個明確的比例來界定多少會落到淨利、多少會再投資。

As I said in my prepared remarks, we expect a 150-basis point improvement to our operating expense ratio over the next three years, that is from the 12/31.25 ratio, which was already in the midpoint of our target of 8.5 to 10.5.

如同我在事先準備的發言中所說，我們預期未來三年營業費用率將改善150個基點，也就是從12/31.25的比率開始；該比率本就位於我們8.5至10.5目標區間的中點。

And then sorry, for the nitpicking question, but I just want to understand the growth outlook here because the EPS growth target was 5% to 8% all in. And now, you're saying top quartile ex VA, which and VA was in that 5% to 8%. So I guess I'm just trying to get a better sense of like what range are you talking about in terms of EPS growth? Are you saying 10% to 12%? Is that the top quartile? Just any I just want to get a better sense of what you're aiming for.

另外抱歉，這個問題有點吹毛求疵，但我想更了解這裡的成長展望，因為整體EPS成長目標是5%到8%。而現在你們說的是不含VA的前四分位數（top quartile），但VA原本也包含在那個5%到8%裡。所以我想更清楚你們所談的EPS成長大概會落在哪個區間？你們是指10%到12%嗎？那就是前四分位數嗎？我只是想更清楚你們的目標是什麼。

So a couple of things, Suneet. The 5% to 8% was EPS growth rate, just to be clear. What we're talking here about is top quartile earnings growth. Obviously, EPS is impacted by share buybacks and capital deployments, so we didn't want to get into that level of detail in today's terms. Top quartile earnings growth is around high-single digit. That's how we think about it.

Suneet，有幾點說明。先釐清一下，5%到8%指的是EPS成長率。我們這裡談的是前四分位數的盈餘成長。顯然，EPS會受到庫藏股回購與資本配置的影響，所以我們不想在今天的場合深入到那個層級的細節。前四分位數的盈餘成長大約是高個位數（high-single digit）。我們是這樣看待的。

But I do want to be clear, a couple of things. We're not setting a new earnings growth target today because obviously, the strategy will build progressively. It does take time to execute, and we need to resume sales in POJ. So we don't necessarily are not putting a target in place, but we talk about the top quartile being an objective of the strategy, not to anchor to a specific target, but to communicate our ambition to perform alongside leading companies in the industry over time.

但我也想再澄清幾點。我們今天並沒有設定新的盈餘成長目標，因為策略會逐步建立。執行需要時間，而且我們需要恢復POJ的銷售。因此我們不一定會先訂出一個目標；我們提到前四分位數是策略的目標之一，不是要錨定在某個特定數字，而是要傳達我們的企圖心：隨時間推進，與產業中的領先公司並肩表現。

Joel Hurwitz, Dowling & Partners.

Joel Hurwitz，Dowling & Partners。

First one, I wanted to touch on the results in the quarter and hit on the POJ sales impacts. Can you just unpack the drivers of the better-than-expected impact in the quarter, both from LP compensation and then the impact from sales and surrenders? And I guess why wouldn't that translate to something below your full year range of $525 million to $575 million?

第一個問題，我想先談本季的結果，並聚焦POJ銷售的影響。你能否拆解一下本季影響優於預期的驅動因素，包括LP補償，以及銷售與解約（surrenders）的影響？另外，為什麼這不會反映為低於你們全年5.25億到5.75億美元區間的數字？

Hi, Joel. So the total costs this quarter were $105 million, as I mentioned. They were down from $130 million in the first quarter. The majority of the decline was due to the customer reimbursement accrual that we booked last quarter, which was $45 million. Approximately $70 million of the impact this quarter related to LP compensation. And we did have surrenders moderate in the quarter below our expected heightened surrender levels. But it would be premature to lower the guidance of $525 million to $575 million.

嗨，Joel。如我提到的，本季總成本為1.05億美元。相較第一季的1.30億美元有所下降。下降的主要原因是我們上季入帳的客戶補償應計（accrual）為4,500萬美元。本季約7,000萬美元的影響與LP補償相關。此外，本季解約低於我們原先預期的較高解約水準，呈現趨緩。但現在就下調5.25億到5.75億美元的指引仍為時過早。

And I'll remind you what I mentioned last quarter, which is that these impacts are not linear, and there's really two drivers of that. The impact of the lost sales and surrenders will compound through the year. And second, LP compensation grows through the year because the LPs are paid based on a percentage of new business and the longer they don't sell, the higher the payments we make to them.

我也提醒一下我上季提到的：這些影響並非線性。主要有兩個驅動因素：第一，銷售流失與解約的影響會在全年逐步累積、並產生複利效應。第二，LP補償會隨年度推進而增加，因為LP是按新業務的一定比例領取報酬；他們越久無法銷售，我們支付給他們的款項就越高。

So this is not linear and the expectation is that it grows over time. We did have better surrenders than we anticipated, but it is premature to update that guidance.

因此這不是線性的，預期會隨時間增加。雖然解約表現確實優於我們的預期，但現在更新該指引仍嫌過早。

And Joel, it's Andy, you had also asked about sales in the quarter. So obviously, sales were down year over year predominantly due to the POJ suspension. But we've been very impressed with the resiliency and the strength of our product portfolio and our distribution system overall in Japan.

Joel，我是Andy，你也問到了本季的銷售。很明顯，銷售年減主要是因為POJ暫停銷售。但我們對日本整體產品組合與通路系統的韌性與強度印象非常深刻。

Obviously, we highlighted the significant uplift we saw in the independent agent channel, and that was really driven by a lot of the new product introductions that we did from a Retirement and savings perspective. But we're also liking the strength we're seeing in other areas like the bank channel.

我們特別提到獨立代理人通路出現顯著提升，這主要是由我們在退休與儲蓄方面推出多項新產品所帶動。同時，我們也看好其他領域的強勁表現，例如銀行通路。

Now, I recognize sales were down. Sales were down double-digits though industry-wide in the bank channel due to the change the FSA made with or the industry made with working with the FSA around second ease. But we've actually gone up in our number of bank partnerships and depth of our bank partnerships over the last 12 months.

我知道銷售確實下滑。不過，由於金管廳（FSA）就「第二緩和」（second ease）相關調整（或產業與FSA合作所做的調整），銀行通路在全產業範圍內的銷售也呈現雙位數下滑。但在過去12個月，我們的銀行合作夥伴數量與合作深度其實都有提升。

So we have a really strong franchise when it comes to Japan that is broad and deep, and you're seeing that show up in how the results are holding up.

因此，我們在日本擁有廣度與深度兼具的強大事業基礎，你也看到這反映在我們業績的穩健表現上。

Got it. That's helpful. And then just back to the strategy and on-group benefits, I get the attractiveness of the business, but it's been a very small part of your overall business. So I guess how big of an earnings contributor do you think this business can become for Pru? And I guess, as you look to grow down market, I mean, what do you think gives you the right to win down market? We've heard others try to move down market. It's usually pretty challenging.

了解。這很有幫助。接著回到策略與小型團體福利（on-group benefits），我理解這個業務的吸引力，但它在你們整體業務中占比一直很小。所以你們認為這項業務未來能為Pru貢獻多大的盈餘？另外，當你們想往中小型市場（down market）擴張時，你們認為自己憑什麼能在那裡勝出？我們聽過其他公司嘗試往下沉市場走，通常都相當具挑戰。

So Joel, thank you for the question. So first and foremost, let me just reinforce why we're focused on Group Insurance. It is a highly cash-generative business and a source of capital-like growth. And yes, we recognize that the market is mature, but we see a market that is going to continue to grow in the low-single digits. I mean, employers are very committed to providing robust benefits offerings to their employees.

Joel，謝謝你的問題。首先，我先再次強調我們為何聚焦團體保險（Group Insurance）。這是一項高度產生現金的業務，也是類似資本驅動的成長來源。是的，我們知道市場已相對成熟，但我們看到市場仍將以低個位數持續成長。雇主非常致力於為員工提供完善的福利方案。

And we're very confident that we can expand both our product capabilities but also diversify down market overtime time. That confidence comes from this is a strategy that we've already been executing against, and we see positive indications in our sales and in our growth over the last 12 to 18 months, where we are obviously retaining leadership in national accounts.

我們也非常有信心，能擴充產品能力，並隨時間推進將業務多元化、向下沉市場拓展。這份信心來自於：這是一項我們已在執行的策略，而且在過去12到18個月，我們在銷售與成長上看到正向跡象；同時我們也持續在全國型大客戶（national accounts）維持領先地位。

But we are seeing an accelerated growth rate in the Premier segment, and we are seeing accelerated growth in diversifying into disability absence and supplemental health. So that is a key reason. It is a very good market and while it's lower growth, we believe that we will grow in our market share.

同時，我們看到Premier區隔的成長率加速，也看到在傷病失能缺勤（disability absence）與補充健康（supplemental health）等領域的多元化成長加速。這是關鍵原因之一。這是一個很好的市場；雖然成長較低，但我們相信我們的市占率會提升。

Last thing I would say, it's an important diversifier in the mix overall. It clearly enhances the resiliency of our business mix. It helps funds the strategy over time. So this is a business that we've been in for a century. We know how to operate it, and we're confident in the trajectory.

最後我想說的是，這在整體組合中是重要的分散來源。它明顯提升我們業務組合的韌性。也有助於隨時間為策略提供資金。我們在這個業務已經耕耘一個世紀。我們知道如何營運，也對其發展軌跡充滿信心。

Wes Carmichael, Wells Fargo.

Wes Carmichael，Wells Fargo。

Just on the strategy, I know, Yanel, you said you didn't want to really get into buybacks, but maybe a question just a bit more broadly. But when you think you step back, like is there any other change to your philosophy around capital management, whether that's buybacks, common dividends, I mean even issuing some equity to fund a bigger deal, Just wanted to get your thoughts on that.

關於策略，我知道Yanel你說不想深入談回購，但我想更廣泛地問一下。當你們退一步思考時，你們在資本管理理念上是否有任何其他改變？不論是庫藏股回購、普通股股利，甚至是為了更大型的交易而發行一些股權融資；想聽聽你們對此的看法。

I think in terms of our capital deployment philosophy and priorities, we've been very consistent, right, so maintaining financial strength, investing in the growth of our businesses and then redeploying capital back to investors. As you've heard from the strategy, we are committed to growing our businesses through both a combination of organic and inorganic means.

我認為就我們的資本配置理念與優先順序而言，我們一直都非常一致，對吧，也就是維持財務實力、投資於各項業務的成長，然後再把資本重新回饋給投資人。如同你從策略中聽到的，我們致力於透過有機與非有機方式的組合來推動業務成長。

So as we execute the strategy, we will rotate capital to our chosen businesses in our focus markets to build and sustain leadership positions. So we do not expect to change our capital deployment philosophy or priorities.

因此在執行策略的過程中，我們會把資本輪動配置到我們在重點市場中所選定的業務，以建立並維持領導地位。所以我們不預期會改變我們的資本配置理念或優先順序。

In terms of bigger deals and capital raises, the bar is really high on issuing equity or adjusting the buyback strategy, so I just want to be really clear about that. It would require a clear and credible path to value creation. And we need to generate a return that would justify dilution. So we're very mindful about that. And obviously, we have clear objectives to deliver top quartile earnings growth, [XBA], and increase free cash flow. So all that has to really come together.

就較大型交易與增資而言，發行股權或調整庫藏股回購策略的門檻非常高，所以我想把這點講得很清楚。這需要一條清晰且可信的價值創造路徑。而且我們必須產生足以合理化稀釋效應的報酬。所以我們對此非常審慎。而且很明顯地，我們有明確目標要交付同業前四分位的盈餘成長、[XBA]，並提升自由現金流。因此這些都必須真正整合到位。

And then the last thing I would say, and Andy alluded to this a bit, but we have other ways to source capital beyond the access, right? So balance sheet optimization as we realign the portfolio could be a source. The better balance between capital-light and capital-intensive businesses over time generates higher cash flow. And we have the ability to leverage reinsurance to enhance capital efficiency and source capital as well. So we have multiple tools at our disposal.

最後我想說的是，Andy 也稍微提到這點，但除了外部融資管道之外，我們還有其他取得資本的方式，對吧？因此，當我們重新調整投資組合時，資產負債表最佳化也可能成為資本來源。隨著時間推進，在輕資本與重資本業務之間取得更好的平衡，會帶來更高的現金流。而且我們也能運用再保險來提升資本效率並取得資本。所以我們手上有多種工具可用。

Thank you, that's very clear. And then maybe a more micro question. On the assumption review, I think, Yanela, you mentioned there was a charge for guaranteed universal life that I think was offset by a couple of other items. I'm just wondering what drove the negative impact in GUL in the quarter? How big was that? And are you expecting any statutory impact as you look toward your end?

謝謝，這非常清楚。接著也許問一個更微觀的問題。關於假設檢視，我想 Yanela 你提到本季對保證型萬能壽險（GUL）有一筆費用，且似乎被其他幾個項目所抵銷。我想了解本季 GUL 的負面影響是由什麼驅動的？規模有多大？以及在你們年底評估時，是否預期會有任何法定（statutory）層面的影響？

So a couple of things there. So on the assumption update related to. So we had a small update related to surrenders, so policyholder activity in GUL that was reflected in AOI. And in terms of the stat impact, so obviously that comes through at the end of the year. It's a regular process. The impacts on stat and GAAP frameworks can vary based on the difference in methodologies.

這裡有幾點。就與假設更新相關的部分。我們針對解約率做了一個小幅更新，也就是 GUL 的保戶行為，並反映在 AOI 中。至於法定影響，顯然會在年底反映出來。這是一個例行流程。由於方法論差異，對法定與 GAAP 架構的影響可能會有所不同。

And so, what we can tell you today, based on what we see through the second quarter, we do not expect a material stat impact from the changes in the assumptions that we've made. Now, the stat impact will vary through the year based on equities and rates, for example, some market conditions. But again, as of what we see today, we do not expect a material stat impact.

因此，根據我們目前看到的第二季狀況，我們不預期我們所做的假設變更會帶來重大的法定影響。當然，法定影響在一年當中會因股市與利率等市場條件而有所變動。但同樣地，就我們今天所見，我們不預期會有重大的法定影響。

Operator?

接線員？

Sorry folks, we're checking on the operator.

各位抱歉，我們正在確認接線員的狀況。

Tracy Benguigui, Wolfe Research.

Tracy Benguigui，Wolfe Research。

Going back to your free cash flow aspirations, if conversion is one of your objectives, can you help me understand how much of a drag on free cash flow conversion is at north of $3 billion of emerging markets capital that you want to redeploy?

回到你們對自由現金流的目標，如果提升轉換率是你們的目標之一，你能否協助我理解：你們希望重新配置的逾 30 億美元新興市場資本，對自由現金流轉換率造成了多大的拖累？

So Tracy, the north of $3 billion of emerging markets obviously comes from dispositions of emerging markets. What I could say is emerging markets is not a major contributor to our cash flow generation today because they've been growing businesses and they've been actually consuming capital.

Tracy，逾 30 億美元的新興市場資本，顯然是來自新興市場的處分。我可以說的是，新興市場目前並不是我們現金流產生的主要貢獻者，因為那邊一直在發展業務，實際上也一直在消耗資本。

I heard what you said earlier that it would be a high bar to change your capital return strategy, but I guess how do you address the concern that capital that's unlocked from emerging market exits could sit idle for a while, potentially over five years as you search for the right targets? I'm assuming you'll be disciplined on M&A.

我聽到你先前說改變資本回饋策略的門檻很高，但我想問你如何回應這個疑慮：從退出新興市場所釋放出的資本，可能會閒置一段時間，甚至可能超過五年，因為你們在尋找合適標的？我假設你們在併購上會保持紀律。

So maybe Tracy, let me start and I'll start where you ended, yes, we will be disciplined, that is very important to us. That said, my earlier comment was not to imply that it will be five years before we do anything. I want to be very intentional here. We're going to be patient and persistent, but we are very active in the marketplace. You've heard these words from me before, in the know and in the flow.

Tracy，也許我先回答，從你最後一句開始，是的，我們會保持紀律，這對我們非常重要。不過，我先前的評論並不是要暗示我們要五年後才會採取任何行動。我想在這裡非常明確。我們會有耐心並持續推進，但我們在市場上非常積極。你以前也聽我說過這些話：掌握資訊、保持交易流（in the know and in the flow）。

So we will be looking to deploy capital over this period of time. It's not backended in any way. So I just wanted to be specific about that. And Yanela, I didn't know if you wanted to add anything.

因此在這段期間，我們會尋求部署資本。這並不是在時間上偏向後段才做。所以我只是想把這點說清楚。Yanela，我不確定你是否想補充。

No, the only thing is, I think we've said multiple times, it will be a thoughtful, intentional rotation of capital. So we will just be very thoughtful, careful about it. It will take time, but that is how we will approach it.

沒有，我唯一想補充的是，我想我們已經多次說過，這會是一個深思熟慮、刻意為之的資本輪動配置。所以我們會非常審慎、小心地進行。這會需要時間，但我們會以這樣的方式來推進。

And maybe just one final comment, Tracy. A difference here that I think you're also hearing is, I'll use the words, we've opened the aperture of areas that we're looking to grow in from an inorganic perspective. So in the past, what you would have heard is all about asset management, and not about the two other areas, Group Insurance or institutional retirement. So that obviously is a broader aperture that we're looking at, and that's a key difference as well.

最後再補充一句，Tracy。我認為你也聽到的一個差異是，我會用一句話來說：從非有機成長的角度，我們擴大了我們尋求成長的範圍。過去你聽到的會全部聚焦在資產管理，而不會談到另外兩個領域：團體保險或機構退休。所以我們現在看的範圍更廣，這也是一個關鍵差異。

Josh Sanker, Bank of America.

Josh Sanker，美國銀行。

And when we talk about the $750 million, how much of that is coming from streamlining operations where you are dedicated to continuing and growing, and how much is from areas where you think more prudent to exit?

當我們談到 7.5 億美元時，其中有多少來自於你們承諾會持續經營並成長的領域之營運精簡？又有多少來自於你們認為更審慎、應該退出的領域？

Josh, obviously, as I mentioned, we are looking at the entire organization, right, looking to simplify, remove complexity, et cetera. So I'm not going to get into how much is coming from each business. We will obviously invest in the growth of our chosen businesses. That's a key part of the strategy.

Josh，顯然如我提到的，我們正在檢視整個組織，對吧，尋求簡化、移除複雜性等等。所以我不會細談每個業務各自貢獻多少。我們當然會投資於我們所選定業務的成長。那是策略的關鍵部分。

And the other thing I would say, is we're looking very hard at our corporate functions and that level of fixed costs and making sure that we're as streamlined and efficient as possible.

另外我想說的是，我們也在非常仔細地檢視公司的企業職能，以及那一層級的固定成本，確保我們盡可能精簡且有效率。

And then look, it's hard to execute, but easy to cut in terms of making those plans, but it's much harder to grow. What is the timeline do you think before you're comfortable giving us timelines about what this all means for revenues?

再者，坦白說，制定計畫時「砍成本」很容易，但真正執行很難；而要成長則更難。你認為在什麼時間點，你們會比較有把握向我們提供時間表，說明這一切對營收意味著什麼？

I'm sorry, Josh, are you referring to just the general strategy or the expense?

抱歉，Josh，你指的是整體策略，還是費用方面？

Yes, the strategy. So we are knee deep in the strategy and we can now talk about what plant growth looks like going forward? How are we two years away from being able to make those comments? Is that a six-month out a trajectory? When will you sort of know when your feet are solid on the ground and you're able to make some sort of guidance about the future?

是的，策略。我們已經深入推進策略了，那我們何時能開始談未來的（有機）成長會是什麼樣子？我們是否還要兩年後才有辦法做這些評論？是六個月後就能看到軌跡嗎？你們什麼時候會覺得已經站穩腳步，能對未來提供某種指引？

Yes, so Josh, it's Andy. I'll start and obviously, if Yanela wants to jump in, she can. What I would say is, we're already seeing evidence, but we have milestones that we're looking to achieve. The clearest evidence is going to flow from the four priorities that we talked about, and we know that's going to result in a consistent improvement in the financial results over time.

是的，Josh，我是 Andy。我先回答，當然 Yanela 若想補充也可以。我想說的是，我們已經看到一些證據，但我們也有希望達成的里程碑。最明確的證據將會來自我們談到的四項優先事項，而我們知道這會隨時間推進，帶來財務結果的持續改善。

So we need to be looking at milestones. So like the first priority, seeing continued execution in reducing the footprint. So as investors, as analysts, you should be looking for tangible evidence of sales and maximization of value in those sales. Obviously, this is a path that we've already been on as we've sold Kenya and Indonesia.

所以我們需要關注里程碑。例如第一個優先事項，是持續執行以縮減版圖。因此，作為投資人、作為分析師，你們應該尋找在出售以及在這些出售中價值最大化的具體證據。顯然，這是一條我們已經在走的路，因為我們已經出售了肯亞和印尼。

Second, as we're looking to advance leadership and grow more quickly in their chosen businesses, you should look for capability expansions and continued growth over time, and this is never a quarter-to-quarter thing, but growth in sales, margins, and earnings. Clearly, the milestone in Japan is resumption of sales in POJ.

第二，當我們希望推進領導地位並在其選定的業務中更快成長時，你們應該關注能力擴張以及隨時間推進的持續成長；這從來不是逐季的事情，而是銷售、利潤率與獲利的成長。很明確，日本的里程碑是 POJ 恢復銷售。

On the final priority around the expense work, it's all about improving OpEx ratio. We've already seen 100-basis point improvement in that OpEx ratio. We've given you that we're going to see another 150 basis points. So you need to look for milestones as we go. We're highly confident though that the actions we're taking will turn into those results over this multi-year journey.

至於最後一個關於費用工作的優先事項，重點在於改善營業費用（OpEx）比率。我們已經看到該 OpEx 比率改善了 100 個基點。我們也告訴各位，還會再改善 150 個基點。因此你們需要在我們推進的過程中關注里程碑。不過我們非常有信心，我們正在採取的行動會在這段多年期的旅程中轉化為那些成果。

Yes, sorry, a couple more things. So obviously, this OpEx, the 150 basis points will happen over the next three years, as I've mentioned. And I said earlier, we're not setting a new earnings growth target for two reasons. It will take time to execute the strategy, and we need to resume sales in POJ.

是的，抱歉，還有幾點。很明顯，這個 OpEx 的 150 個基點將在未來三年內實現，如我先前提到的。而我之前也說過，我們不會設定新的盈餘成長目標，原因有二：執行策略需要時間，而且我們需要 POJ 恢復銷售。

But I would remind you that we're still managing to the other financial targets that we have out there through 2027. So ROE, OpEx of 8.5 to 10.5, we just spoke about further improvement and free cash flow conversion as well.

但我想提醒各位，我們仍然在管理並朝向我們對外所提出、到 2027 年為止的其他財務目標。例如股東權益報酬率（ROE）、OpEx 8.5 到 10.5（我們剛談到還會進一步改善），以及自由現金流轉換率。

Wilma Burdis, Raymond James.

Wilma Burdis，Raymond James。

How would you describe the strategy as different from your prior strategies, and I guess what gives you confidence that you can execute on it?

你會如何描述這個策略與你們先前策略的不同？另外，我想問是什麼讓你有信心能夠執行？

So Wilma, thanks, it's Andy. I would tell you that we think it's there there are significant differences between the stated strategy and execution of the past and the way that my Leadership Team has made decisions and is operating today. And I would summarize it really in two words, focus and execution. The most important differences candidly are showing up in what we choose not to do.

Wilma，謝謝，是 Andy。我會告訴你，我們認為，與過去所宣示的策略及其執行相比，以及相較於我領導團隊過去的決策方式與今天的運作方式，存在顯著差異。我可以用兩個字來總結：聚焦與執行。坦白說，最重要的差異其實體現在我們選擇「不做」什麼。

In the past, the organization sought to continue expanding our footprint at Prudential across a wide range of markets. What you're seeing us do today is we're making the difficult decisions to narrow our focus, to concentrate our capital, our talent, our investment where we know that we can scale and win. I would not underestimate the degree of capital investment dollars and management attention that wider range of markets took, this is a major shift.

過去，組織試圖在保誠（Prudential）於廣泛市場中持續擴張版圖。你們今天看到的是，我們正在做出艱難的決定來縮小焦點，把資本、人才與投資集中在我們知道能夠擴大規模並取勝的地方。我不會低估更廣泛市場範圍所需要投入的資本投資金額與管理層關注度，這是一個重大轉變。

Second difference is in the quality and consistency of our execution, and this is directly tied to our talent and our culture. We have raised the bar on capital deployment and we're managing it much more top down. We've changed our performance and compensation systems to drive a higher degree of accountability in the organization.

第二個差異在於我們執行的品質與一致性，而這與我們的人才與文化直接相關。我們提高了資本配置的門檻，並以更自上而下的方式來管理。我們也改變了績效與薪酬制度，以推動組織更高程度的問責。

And I would point to the evidence of already producing greater consistency in our quarterly results. We've met or exceeded five of the last six quarters. That's not victory, but it's showing the progression of more consistent delivery. So it's about focus and it's about execution. And the bottom line is we see it quite differently, and that we will produce a simpler company with stronger results for the shareholder.

我也想指出，證據顯示我們的季度結果已經更具一致性。在過去六個季度中，我們有五個季度達到或超過預期。這不是勝利，但顯示我們正朝更一致的交付方向前進。所以重點在於聚焦，也在於執行。歸根結底，我們的看法確實不同，而且我們將為股東打造一家更簡單、結果更強的公司。

And then, I guess this is a broader question, but you've beat pretty significantly the last couple of quarters. I realize there's probably a lot moving with POJ, but if there's anything specific you can point us to that helps with whether it's just run rate earnings, especially in International, we really appreciate it.

接著，我想這是一個更廣泛的問題：你們在最近幾個季度大幅超預期。我知道 POJ 可能有很多變動因素，但如果你們能指出任何具體因素，幫助我們判斷未來是否只是常態化（run rate）的獲利，特別是在國際業務方面，我們會非常感謝。

I'm sorry, Wilma, we had trouble hearing that. Could you repeat that?

抱歉，Wilma，我們聽得不太清楚。你可以再說一次嗎？

Yes, you beat the last couple of quarters. I think part of it is just POJ has a lot of moving pieces, but can you just help us think in a more simple way about the EPS and the International earnings going forward? Thank you.

好的，你們在最近幾個季度都超預期。我認為其中一部分是因為 POJ 有很多變動因素，但你們能否用更簡單的方式，幫助我們思考未來的 EPS 與國際業務獲利走勢？謝謝。

Yes, so I mean a couple of thoughts. On International, yes, I think in terms of the beat, I think generally there was an assumption that the impact was a run rate equally by quarter. And as I've mentioned, it's not linear and it will grow. So we still believe it's $525 to $575, but how that's been modeled may vary.

好的，我有幾點想法。就國際業務而言，是的，我認為關於超預期，市場普遍假設其影響會按季度等比例、以常態化方式反映。但如我提到的，它不是線性的，而且會成長。因此我們仍然相信是 5.25 億到 5.75 億美元，但外界模型如何拆分可能有所不同。

We had a significant beat due to earnings growth and business growth this quarter, year over year. So the earnings in international are based on business growth and the tailwind of interest rates. Retirement had growth in earnings due to business growth, Individual Life as well. So some of it is business growth and the fact that we're executing on our strategy as well.

本季我們因獲利成長與業務成長而出現顯著超預期，且為年對年成長。因此，國際業務的獲利是建立在業務成長以及利率上升的順風之上。退休業務因業務成長而帶動獲利成長，個人壽險亦然。所以其中一部分來自業務成長，以及我們也在執行策略。

There were also some one-time items we talked about, the corporate and other had some one-time items. We adjusted the loss estimate for that. So that's the driver as well. But I think it's a business growth and fundamentals, a difference in how the international impacts have been modeled, and then third, some one-time items.

另外也有一些我們提過的一次性項目，公司及其他部門有一些一次性項目。我們也調整了相關的損失估計。因此這也是驅動因素之一。但我認為主要是：業務成長與基本面、國際影響在模型中的建模方式差異，第三則是一些一次性項目。

Yes, and I would add a benefit of having a simpler company is being able to more clearly show in the results the fundamental sales growth and revenue growth and expense reduction. We've been candidly, I think over the last 10 years, I'll go for a broader period, guilty as charged of we're a big, complex company. And sometimes the really important fundamental growth stories and fundamental execution gets lost with that complexity.

是的，我還想補充，擁有一家更簡單的公司的一個好處，是能在結果中更清楚地呈現基本面的銷售成長、營收成長與費用下降。坦白說，我認為在過去 10 年——甚至更長一段時間——我們確實有責無旁貸之處：我們是一家龐大且複雜的公司。而有時真正重要的基本面成長故事與基本面執行，會在這種複雜性中被掩蓋。

So we clearly didn't make the decisions because of that, but it will be a benefit as we go forward of having a simpler, more focused company.

所以我們顯然不是因為這個原因才做出那些決策，但隨著我們往前走，擁有一家更簡單、更聚焦的公司將會是一項好處。

And sorry, one more thing that I missed, PGIM had significant growth as well year over year, and that's just investment performance, market performance and asset management fees for the business.

另外抱歉，還有一點我漏掉了：PGIM 年對年也有顯著成長，這主要來自投資表現、市場表現，以及該業務的資產管理費收入。

Pablo Singzon, JPMorgan.

Pablo Singzon，摩根大通（JPMorgan）。

So first question is a follow up to Wilma's question. So as I think back to the strategy several years ago, right? When you're trying to remix the liability profile, I think the disposals that at the time were mostly capital-intensive insurance businesses, right? And I think one criticism that you received was that you were selling low multiple businesses to potentially acquire more expensive businesses and perhaps because of that capital is better just to buy back stock, right?

第一個問題是延續 Wilma 的問題。當我回想幾年前的策略，對吧？當你們試圖重新調整負債結構時，我認為當時的處分多半是資本密集型的保險業務，對吧？我想你們當時受到的一個批評是，你們在出售低倍數（低估值倍數）的業務，卻可能去收購更昂貴的業務；也許因此，資本更好的用途其實是回購股票，對吧？

So the question is how are you thinking about the calculus now, right? It seems like you're expecting good value for your exits? It seems to me, if I were to guess that some of the assets you're looking to acquire might be more expensive than your own equity.

所以問題是，你們現在如何思考這個取捨（calculus），對吧？看起來你們預期退出資產能取得不錯的價值？在我看來，如果要我猜，你們可能想收購的一些資產，其價格可能會比你們自己的股權還要昂貴。

Pablo, I think we said this will be a thoughtful intentional capital rotation. We do expect fall north of $3 billion from the exits and we do expect to grow businesses like PGIM. I would remind you that the PGIM growth is not just due to inorganic, there is a component that is organic. PGIM is a higher growth business than our other businesses that will accelerate as we build out PGIM's capabilities and private assets, as we highlighted in our remarks. So that's part of it.

Pablo，我想我們說過，這將是一個經過深思熟慮、刻意為之的資本輪動。我們確實預期透過退出交易帶來超過30億美元的資金流入，並且也預期會成長像PGIM這樣的業務。我想提醒你，PGIM的成長不僅來自外延式併購，其中也有一部分是內生成長。PGIM相較於我們其他業務是更高成長的業務；正如我們在發言中所強調的，隨著我們擴建PGIM的能力與私募資產平台，這種成長將會加速。所以這是其中一部分。

And as I mentioned, to the extent that we're looking at acquiring higher multiple businesses, the bar will be high with regards to dilution and how those economics pencil out at the end of the day.

另外如我提到的，若我們考慮收購估值倍數較高的業務，我們對於稀釋程度以及最終這些經濟效益是否算得過來的門檻會非常高。

What I would add to that, Pablo, and that bar is directly tied to how strategic is the acquisition, it has to be very strategic and synergistic and really produce the right outcomes for the shareholder over the long term. So that's how you should think about the bar.

Pablo，我再補充一點：那個門檻與收購的策略性直接相關——它必須非常具有策略性並且具備協同效應，並且在長期真正為股東帶來正確的結果。所以你可以用這樣的方式來理解我們的門檻。

Thank you for that. And then the second question, maybe a simpler one. Are you able to size the incremental investments or costs you need to basically put up to generate the higher expense savings you're targeting by 2027?

謝謝你的說明。第二個問題，可能比較簡單。你們是否能估算，為了在2027年前達成你們目標的更高費用節省，你們需要投入的新增投資或成本規模大概是多少？

Yeah, Pablo, good question. So we are in the process of doing that now. And the goal is to have a view of that by the end of the year. So we're not quoting a number today, but we will have that by the end of the year.

是的，Pablo，問題問得很好。我們目前正在進行這項評估。目標是在年底前對此有一個看法。所以我們今天不會報出一個數字，但我們會在年底前給出。

Mike Ward, UBS.

UBS 的 Mike Ward。

I was wondering if you guys could dig in specifically a little bit more into the capabilities or types of assets in asset management or for PGIM that you might be particularly interested in?

我想請問你們是否可以更具體地深入談談，在資產管理或PGIM方面，你們可能特別感興趣的能力或資產類型是哪些？

Yeah, Mike, thanks for the question. Let me start with, obviously, we already have a significantly scaled platform in PGIM. We're a trillion and a half asset manager and we've been a market leader, particularly in public fixed income, real estate, and private placements for decades. But clearly, there are high growth areas that we've, as we've described. We're either underrepresented or we're not in those asset classes today at all.

好的，Mike，謝謝你的問題。我先從一點開始：很明顯，我們在PGIM已經擁有相當具規模的平台。我們是管理資產達1.5兆美元的資產管理公司，且數十年來一直是市場領導者，特別是在公開市場固定收益、不動產以及私募安置（private placements）方面。但很清楚地，如同我們所描述的，仍有一些高成長領域——我們在那些資產類別中要麼佔比不足，要麼目前根本尚未涉足。

So as we think about what we're going to lean into, obviously, job one comes on building on our established strength in credit. That is the most important area writ large because that obviously has very synergistic characteristics with growing and strengthening our insurance businesses. But we also mentioned, there are other areas like infrastructure equity, like private equity from an asset class perspective.

因此，當我們思考要加大投入的方向時，首要任務當然是建立在我們既有的信用（credit）優勢之上。從整體來看，這是最重要的領域，因為它與我們保險業務的成長與強化具有非常強的協同特性。但我們也提到，從資產類別角度來看，還有其他領域，例如基礎建設股權（infrastructure equity）、以及私募股權（private equity）。

We also intend to globalize the business. And when we talk about that, you should be thinking about fundraising and clients and where we manage from and for as the globalization of the business. Today, only a quarter of our business really coming from outside of the US. We think that's a really large opportunity. And then if you look industrywide, retail is and continues to be one of the higher growth areas. That's why we focus so much on our organically growing out our ETF platform.

我們也打算將業務全球化。當我們談到這點時，你應該想到的是募資、客戶，以及我們在哪裡管理資產、為哪些市場管理資產——這些都屬於業務全球化的一部分。目前，我們的業務只有四分之一真正來自美國以外。我們認為這是一個非常大的機會。另外，如果你看整個產業，零售端一直是、並且仍然是成長較快的領域之一。這也是為什麼我們如此聚焦於以內生方式擴大我們的ETF平台。

But as we look at acquisitions, we're looking at both. I'll call them bolt-ons that add single capabilities to more holistic type things, but anything more holistic has to hit multiple buckets and work well for the business and the shareholder long-term.

但當我們看併購時，我們兩種都會看。我稱之為「加掛式」（bolt-ons）的交易——增加單一能力；以及更偏整體性的交易，但任何更整體性的交易都必須同時符合多個面向，並且在長期對業務與股東都能良好運作。

Thanks, Andy. And then on Japan, I'm just curious for you guys, like as you've dealt with the challenges there and learned more through the situation. Can you expand on anything that gives you confidence in your ability to resume and continue growth and new business production in the same way that you historically had there?

謝謝，Andy。接著關於日本，我只是好奇：在你們處理那邊的挑戰、並從這次情況中學到更多之後，你們能否談談有哪些因素讓你們有信心，能夠恢復並延續成長與新業務產能，回到你們過去在那裡一貫的表現？

Yes, so I'll take that. First and foremost, job one is executing on getting back to selling in POJ. We know what we need to do to resume sales on November 6. We know the four major areas of work that we outlined in our remarks, and we've been very intentionally focused in controlling what we can control, so that we get to the place that we can resume sales.

好的，我來回答。首先也是最重要的，首要任務是把在POJ恢復銷售這件事執行到位。我們知道要做什麼才能在11月6日恢復銷售。我們知道在發言中所概述的四大工作領域，而且我們一直非常有意識地專注於掌控我們能掌控的部分，讓我們能達到可以恢復銷售的狀態。

Your question is longer term what gives us confidence in Japan. I would tell you that that is a market that we've been in for 40 years. We have a leading franchise and we're seeing clear evidence. When you look at the business and you look at the fact that POJ sales generally, I'll give an average number, used to be about 40% of the overall sales of Japan. And we have a significant operation like that not selling.

你的問題是更長期來看，什麼讓我們對日本有信心。我會告訴你，那是一個我們已經深耕40年的市場。我們擁有領先的特許經營（franchise），而且我們看到明確的證據。當你看這項業務，並且考量到POJ的銷售一般而言——我給一個平均數——過去大約占日本整體銷售的40%。而我們有這麼大的一個營運單位目前卻無法銷售。

The fact that we're producing in the other areas of the business, the fact that the earnings are so resilient. Shows how strong and how resilient that franchise is. So we feel we are very well positioned from the broad product portfolio that we have, recognize all the work that we've done to expand our offerings in Retirement, all the work that we've done to expand our yen-based offerings, and how well those products are currently selling in the other channels.

但我們在業務的其他領域仍持續產出，且獲利表現非常具韌性。這顯示出那個特許經營有多強、韌性有多高。因此，我們認為自己處於非常有利的位置：我們擁有廣泛的產品組合；也要看到我們為擴大退休（Retirement）產品所做的所有工作、為擴大日圓計價產品所做的所有工作，以及這些產品目前在其他通路的銷售表現有多好。

We've continued to work and expand our distribution. And we see clear evidence that the society wants us in the market and wants us to succeed in the market. So we see the evidence that we need that this is a great market, first and foremost, large addressable with great tailwinds and we have all the right capabilities and we're going to come through this even stronger and show very good growth.

我們也持續努力並擴大我們的通路布局。而且我們看到明確的證據顯示，社會希望我們留在市場、也希望我們在市場中成功。因此，我們看到所需的證據：這首先是一個很棒的市場——可觸及的市場規模大、且有很強的順風因素；我們也具備所有正確的能力。我們會度過這段期間，變得更強，並展現非常良好的成長。

Thank you. We have reached the end of our question-and-answer session. And ladies and gentlemen, 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。我們的問答環節到此結束。各位女士、先生，今天的電話會議與網路直播也到此結束。您現在可以掛斷電話，祝您有美好的一天。感謝各位今天的參與。