美國再保險集團 (RGA) 2022 Q2 法說會逐字稿

Good day, and welcome to the Reinsurance Group of America's Second Quarter 2022 Results Conference Call. Today's call is being recorded. At this time, I'd like to introduce Mr. Todd Larson, Senior Executive Vice President and Chief Financial Officer; and Ms. Anna Manning, President and Chief Executive Officer. Please go ahead, Mr. Larson.

美好的一天，歡迎參加美國再保險集團 2022 年第二季度業績電話會議。今天的電話正在錄音。在此，我想介紹一下高級執行副總裁兼首席財務官Todd Larson先生；和總裁兼首席執行官 Anna Manning 女士。請繼續，拉森先生。

Thank you. Good morning, and welcome to RGA's Second Quarter 2022 Conference Call. I'm joined on the call this morning with Anna Manning, RGA's President and Chief Executive Officer; Leslie Barbi, Chief Investment Officer; Jonathan Porter, Chief Risk Officer; and Jeff Hopson, Head of Investor Relations.

謝謝你。早上好，歡迎參加 RGA 2022 年第二季度電話會議。今天早上，我與 RGA 總裁兼首席執行官 Anna Manning 一起參加了電話會議； Leslie Barbi，首席投資官；喬納森·波特，首席風險官；和投資者關係主管 Jeff Hopson。

Now a quick reminder about forward-looking information and GAAP financial measures. Some of our comments or answers to your questions may contain forward-looking statements. Actual results could differ materially from expected results. Please refer to the earnings release we issued yesterday for important factors that could cause actual results to differ materially from expected results.

現在快速提醒一下前瞻性信息和 GAAP 財務指標。我們的一些評論或對您問題的回答可能包含前瞻性陳述。實際結果可能與預期結果大相徑庭。請參閱我們昨天發布的收益報告，了解可能導致實際結果與預期結果大不相同的重要因素。

Additionally, during the course of this call, information we provide may include non-GAAP financial measures. Please see our earnings release, earnings presentation, quarterly financial supplement and website for discussion of these terms and reconciliations to GAAP measures.

此外，在本次電話會議期間，我們提供的信息可能包括非 GAAP 財務指標。請參閱我們的收益發布、收益介紹、季度財務補充和網站，以討論這些條款以及與 GAAP 措施的對賬。

And now I'll turn the call over to Anna for her comments.

現在我將把電話轉給 Anna 徵求她的意見。

Good morning, and thank you for joining our call this morning. Last night, we reported adjusted operating earnings per share of $5.78. This was a record level of earnings for us. And importantly, it included strong contributions from many of our business segments. In addition, growth in organic new business was good, and we had another active quarter for capital deployment into in-force and other transactions.

早上好，感謝您今天早上加入我們的電話會議。昨晚，我們報告了調整後的每股收益為 5.78 美元。這對我們來說是創紀錄的收入水平。重要的是，它包括來自我們許多業務部門的強大貢獻。此外，有機新業務的增長良好，我們在有效的資本部署和其他交易方面又迎來了一個活躍的季度。

We also saw COVID claims come down substantially, and our underlying non-COVID mortality was favorable in most markets. And while uncertainty remains, we expect future COVID impacts to continue to be more limited given the protection provided by vaccinations and prior infection and by the continued development of new vaccines and treatments.

我們還看到 COVID 索賠大幅下降，我們的潛在非 COVID 死亡率在大多數市場上都是有利的。儘管不確定性仍然存在，但鑑於疫苗接種和先前感染以及新疫苗和治療方法的持續開發所提供的保護，我們預計未來 COVID 的影響將繼續受到限制。

I think this quarter points to many positive signs of the strength of our underlying business, the momentum on new business and the continuing attractive pipeline of growth opportunities.

我認為本季度顯示了許多積極跡象，表明我們基礎業務的實力、新業務的勢頭以及持續具有吸引力的增長機會管道。

Turning to some further highlights in the quarter. The U.S. and Latin America Traditional business had an excellent quarter as individual mortality experience was very favorable with both claim frequency and severity better than expected and premium growth reflected solid underlying demand.

轉向本季度的一些進一步亮點。美國和拉丁美洲傳統業務的季度表現出色，因為個人死亡率經驗非常好，索賠頻率和嚴重程度都好於預期，保費增長反映了堅實的潛在需求。

The Asia Traditional business also had an excellent quarter with favorable underwriting experience across the region, and I'm very pleased with the range of new business activities, notably product development and other client partnership initiatives that will allow us to continue to deliver profitable growth into the future.

亞洲傳統業務也有一個出色的季度，在整個地區擁有良好的承保經驗，我對新業務活動的範圍感到非常滿意，特別是產品開發和其他客戶合作計劃，這將使我們能夠繼續實現盈利增長未來。

Our Global Financial Solutions business also delivered another strong quarter across all their business segments and geographies. The Asia business saw a measurable GFS earnings growth, reflecting our success over the past couple of years in deploying meaningful amounts of capital into in-force block transactions.

我們的全球金融解決方案業務也在其所有業務部門和地區實現了另一個強勁的季度。亞洲業務實現了可衡量的 GFS 收益增長，反映了我們在過去幾年中成功地將大量資本部署到有效的大宗交易中。

Further, our capital deployment of $121 million into in-force and other transactions puts us roughly on pace to match last year's record capital deployment levels. Our pipelines remain active and broad-based across risks and geographies and momentum is good as we stand here halfway through the year.

此外，我們在有效和其他交易中的 1.21 億美元資本部署使我們大體上趕上了去年創紀錄的資本部署水平。我們的管道在風險和地域上保持活躍且基礎廣泛，而且勢頭良好，因為我們在今年中途站在這裡。

Our reported premium growth was 4.3% and 8.1% on a constant FX basis, and we continue to see favorable dynamics for insurance products in many of our traditional markets and strong demand from clients for our insurance risk and capital reinsurance solutions.

我們報告的保費增長率分別為 4.3% 和 8.1%（按固定匯率計算），我們繼續看到我們許多傳統市場的保險產品的良好動態以及客戶對我們的保險風險和資本再保險解決方案的強勁需求。

Our investment results were favorable overall, reflecting the benefit of higher new money yields, and if sustained higher yields would become a meaningful benefit going forward. I'm also pleased to report that we increased our quarterly dividend by nearly 10%, reflecting our confidence in the strength and sustainability of RGA's underlying earnings.

我們的投資結果總體上是有利的，反映了更高的新貨幣收益率的好處，如果持續的更高的收益率將成為未來的有意義的好處。我也很高興地報告，我們將季度股息提高了近 10%，這反映了我們對 RGA 基本收益的實力和可持續性的信心。

We have a great franchise and are very well positioned around the world. We've demonstrated that we can successfully manage through periods of elevated uncertainty and change, which makes the confidence in our ability to continue to create substantial long-term value for our investors.

我們擁有出色的特許經營權，並且在世界各地都處於非常有利的地位。我們已經證明，我們可以成功地度過不確定性和變化加劇的時期，這使我們對繼續為投資者創造大量長期價值的能力充滿信心。

Thank you for your interest in RGA, and I'll hand it over to Todd to review the financial results.

感謝您對 RGA 的關注，我將把它交給 Todd 來查看財務結果。

Thanks, Anna. RGA reported pretax adjusted operating income of $505 million for the quarter and adjusted operating earnings per share of $5.78, which includes a negative COVID-19 impact of $0.12 per share and a foreign currency headwind of $0.16 per share. We consider this to be a very strong quarter, a record one, as Anna has already mentioned. The effective tax rate for the quarter was 22.5%, just below the expected range of 23% to 24%.

謝謝，安娜。 RGA 報告本季度稅前調整後營業收入為 5.05 億美元，調整後每股營業收入為 5.78 美元，其中包括每股 0.12 美元的 COVID-19 負面影響和每股 0.16 美元的外匯逆風。正如安娜已經提到的，我們認為這是一個非常強勁的季度，創紀錄的一個季度。本季度的有效稅率為 22.5%，略低於 23% 至 24% 的預期範圍。

Turning to the segment results listed on Slide 6 and 7 of our earnings presentation. Reported premiums were up 4.3%. After adjusting for the adverse foreign currency impact of $119 million, premiums were up 8.1%. Because of the significant currency fluctuations in the quarter, I wanted to give you a region-by-region summary.

轉到我們收益報告的幻燈片 6 和 7 中列出的細分市場結果。報告的保費上漲了 4.3%。在調整了 1.19 億美元的不利外匯影響後，保費上漲了 8.1%。由於本季度的貨幣波動很大，我想給你一個按地區的總結。

Canada Traditional reported a premium increase of 4.3% and in constant currency increased 8.7%. EMEA Traditional reported a decrease of 1.4% in premiums. However, in constant currency premiums increased 9%. Asia Pacific Traditional reported a 3.9% increase in premiums and in constant currency were up 10.2%. We are pleased to see the good momentum in our business.

Canada Traditional 報告保費增長 4.3%，按固定匯率計算增長 8.7%。 EMEA 傳統報告保費下降 1.4%。然而，按固定匯率計算，保費增加了 9%。亞太地區傳統報告保費增長 3.9%，按固定匯率計算增長 10.2%。我們很高興看到我們業務的良好勢頭。

Now turning to the segment earnings results. The U.S. and Latin America Traditional segment results were very strong, reflecting both favorable non-COVID and COVID individual mortality experience. Jonathan will provide further details in a few minutes. Variable investment income was in line with expectations, although below the recent run rate.

現在轉向部門收益結果。美國和拉丁美洲傳統部門的結果非常強勁，反映了有利的非 COVID 和 COVID 個人死亡率經驗。 Jonathan 將在幾分鐘內提供更多詳細信息。可變投資收益符合預期，但低於近期運行率。

The U.S. individual health business had favorable experience overall. Our group business result was slightly below our expectations, reflecting unfavorable morbidity claim experience offset by positive development on the COVID IBNR. The U.S. Asset-Intensive business results reflected favorable overall experience. The U.S. Capital Solutions business reported very strong results due to a treaty recapture fee of approximately $49 million.

美國個人健康業務總體上表現良好。我們的集團業務業績略低於我們的預期，反映出不利的發病率索賠經歷被 COVID IBNR 的積極發展所抵消。美國資產密集型業務的業績反映了良好的整體經驗。由於約 4900 萬美元的條約收回費用，美國資本解決方案業務報告了非常強勁的業績。

The Canada Traditional segment results reflected unfavorable individual life mortality experience due to the quarterly volatility from an above-average level of large claims and the impact of COVID-19 claim cost of $1 billion. The Canada Financial Solutions segment results were in line with expectations.

加拿大傳統部分的結果反映了不利的個人生命死亡率經歷，原因是大額索賠高於平均水平的季度波動以及 10 億美元的 COVID-19 索賠成本的影響。加拿大金融解決方案部門的業績符合預期。

In the Europe, Middle East and Africa, EMEA Traditional business results reflected unfavorable U.K. mortality experience, partially offset by favorable results in other markets. COVID-19 claim costs were $5 million for the quarter. EMEA's Financial Solutions had a good quarter, reflecting favorable longevity experience.

在歐洲、中東和非洲，EMEA 傳統業務業績反映了英國不利的死亡經歷，部分被其他市場的有利業績所抵消。本季度的 COVID-19 索賠成本為 500 萬美元。 EMEA 的金融解決方案季度表現良好，反映了良好的長壽經驗。

Turning to our Asia Pacific Traditional business. Asia results reflected favorable underwriting experience across the region and absorbed COVID-19 claim cost of $3 million. Australia reported a small loss for the quarter due to $4 million of COVID-19 claim costs. The Asia Pacific Financial Solutions business results were very strong, primarily reflecting business growth and favorable investment yields, partially offset by $4 million of COVID-19 claim costs.

轉向我們的亞太傳統業務。亞洲的業績反映了該地區良好的承保經驗，並吸收了 300 萬美元的 COVID-19 索賠成本。由於 400 萬美元的 COVID-19 索賠費用，澳大利亞報告本季度出現小額虧損。亞太金融解決方案業務業績非常強勁，主要反映了業務增長和良好的投資收益，部分被 400 萬美元的 COVID-19 索賠成本所抵消。

The Corporate & Other segment reported pretax adjusted operating loss of $5 million, better than our quarterly average run rate due to higher net investment income including a positive impact from limited partnership investments.

企業和其他部門報告的稅前調整後經營虧損為 500 萬美元，高於我們的季度平均運行率，原因是淨投資收入增加，包括有限合夥投資的積極影響。

Moving on to investments on Slides 8 through 10 in our earnings presentation. The non-spread portfolio yield for the quarter was 4.63%, reflecting variable investment income that was in line with expectations as well as a positive impact from higher interest rates that we have achieved in the first 2 quarters and then some benefit to existing floating rate securities.

在我們的收益演示中繼續投資幻燈片 8 至 10。本季度的非利差投資組合收益率為 4.63%，反映了符合預期的可變投資收益以及我們在前兩個季度實現的更高利率的積極影響以及對現有浮動利率的一些好處證券。

For non-spread business, our new money rate rose to 5.06% in the quarter compared to 3.81% in the first quarter. The new money rate benefited from an increase in both risk-free rates and public credit spreads as well as private investment origination activity. Additionally, in the quarter, credit impairments were modest and totaled $16 million. We believe the portfolio is well positioned as we move through uncertain economic environment.

對於非點差業務，本季度我們的新貨幣利率從第一季度的 3.81% 上升至 5.06%。新的貨幣利率受益於無風險利率和公共信用利差以及私人投資發起活動的增加。此外，在本季度，信貸減值規模不大，總計 1600 萬美元。我們相信，在我們度過不確定的經濟環境時，該投資組合處於有利位置。

As shown on Slides 11 and 12 of our earnings presentation, our capital position remained strong, and we ended the quarter with excess capital of approximately $1 billion. We deployed $121 million into in-force and other transactions and $49 million to shareholders through dividends. And as Anna mentioned, we increased the quarterly dividend by nearly 10%.

如我們收益報告的幻燈片 11 和 12 所示，我們的資本狀況依然強勁，我們在本季度結束時擁有約 10 億美元的超額資本。我們將 1.21 億美元用於有效交易和其他交易，並通過股息向股東分配 4900 萬美元。正如安娜所說，我們將季度股息提高了近 10%。

I will now turn the call over to Jonathan Porter, our Chief Risk Officer, to provide some additional comments.

我現在將把電話轉給我們的首席風險官 Jonathan Porter，以提供一些額外的意見。

Thanks, Todd. COVID-19 general population deaths were down this quarter in all of our key markets. Compared to the first quarter, reported general population deaths were down almost 80% in the U.S., 40% in Canada and 10% in the U.K.

謝謝，托德。本季度我們所有主要市場的 COVID-19 總人口死亡人數均有所下降。與第一季度相比，報告的美國總人口死亡人數下降了近 80%，加拿大下降了 40%，英國下降了 10%。

Our claims experience was consistent with these population trends as our estimated COVID-19 claim costs were at their lowest level of the pandemic. As shown on Slide 13, U.S. COVID-19 general population deaths were approximately 32,000 in the quarter, the lowest quarterly level since the start of the pandemic. And although CDC reporting isn't yet complete, there was a negligible level of excess non-COVID-19 mortality in the U.S. general population in Q2. Finally, we have now seen 3 consecutive quarters of a declining proportion of general population deaths at ages below 65, ages where there is more life insurance exposure.

我們的索賠經驗與這些人口趨勢一致，因為我們估計的 COVID-19 索賠成本處於大流行的最低水平。如幻燈片 13 所示，本季度美國 COVID-19 總人口死亡人數約為 32,000，這是自大流行開始以來的最低季度水平。儘管 CDC 報告尚未完成，但在第二季度，美國普通人群中非 COVID-19 的超額死亡率可以忽略不計。最後，我們現在已經連續 3 個季度看到 65 歲以下的普通人口死亡比例下降，而這些年齡的人壽保險風險更高。

Turning to our U.S. individual mortality results. Non-COVID-19 experience was favorable due to both a lower frequency of claims and a lower average claim size. And COVID-19 mortality experience was a net positive in the quarter due to $40 million of favorable development of prior period IBNR. Excluding the benefit of this IBNR adjustment, COVID-19 claim costs were approximately $9 million per 10,000 general population deaths, below the low end of our expected range. We have now seen a decline in our COVID-19 claim cost per 10,000 general population deaths in the U.S. for 3 consecutive quarters, reflective of the trend in the lower proportion of general population deaths in working ages.

轉向我們的美國個人死亡率結果。由於較低的索賠頻率和較低的平均索賠規模，非 COVID-19 的經驗是有利的。由於前期 IBNR 取得了 4000 萬美元的有利發展，本季度 COVID-19 死亡率為淨正值。排除此次 IBNR 調整的好處，COVID-19 索賠成本約為每 10,000 名普通人群死亡 900 萬美元，低於我們預期範圍的低端。我們現在已經看到美國每 10,000 名普通人口死亡的 COVID-19 索賠成本連續 3 個季度下降，這反映了工作年齡普通人口死亡比例較低的趨勢。

To the extent that this trend continues, we would expect to be at the lower end of our range in future quarters. Total COVID-19 claim costs on all other business outside of U.S. individual mortality was modest and is broken out by reporting segment on Slide 6.

如果這種趨勢繼續下去，我們預計未來幾個季度將處於我們範圍的低端。除美國個人死亡率外，所有其他業務的 COVID-19 索賠總成本適中，並在幻燈片 6 的報告部分中細分。

We are very encouraged by the favorable trends in COVID-19 claim costs that we have seen over the past several quarters. Although there is still uncertainty on how the pandemic will evolve, we believe that future impacts will continue to be manageable. Evidence suggests that COVID-19 has moved into an endemic phase and will continue to impact future mortality, although to a much lesser extent than seen over the past 2.5 years. Population immunity is higher due to vaccinations and significant levels of prior infection and new vaccines and treatments will continue to improve over time.

我們對過去幾個季度看到的 COVID-19 索賠成本的有利趨勢感到非常鼓舞。儘管大流行將如何演變仍存在不確定性，但我們相信未來的影響將繼續可控。有證據表明，COVID-19 已進入流行階段，並將繼續影響未來的死亡率，儘管程度比過去 2.5 年要小得多。由於接種疫苗和先前感染的顯著水平，人群免疫力更高，隨著時間的推移，新的疫苗和治療方法將繼續改善。

I'll now hand it back to Todd.

我現在把它還給托德。

Thanks, Jonathan. I'd like to pivot the discussion to long-duration targeted improvements or LDTI. As we move closer to the January 1, 2023, effective date, I want to discuss some of the high-level impacts of the new financial reporting standard. Please note that the information we've disclosed are estimates and could differ upon final adoption.

謝謝，喬納森。我想將討論轉向長期有針對性的改進或 LDTI。隨著我們距離 2023 年 1 月 1 日生效日期越來越近，我想討論新財務報告準則的一些高層次影響。請注意，我們披露的信息是估計值，最終採用時可能會有所不同。

LDTI has many positive features relative to current U.S. GAAP, and we believe the financial community will come to appreciate the new standard over time. We also believe and will provide further insight into the performance and value of RGA's long-term business. There are 5 key points that are important to emphasize.

相對於當前的美國公認會計原則，LDTI 有許多積極的特點，我們相信隨著時間的推移，金融界會逐漸欣賞新標準。我們還相信並將進一步深入了解 RGA 長期業務的績效和價值。有5個重點需要強調。

First, the economics of RGA's business remain unchanged. Second, reserves will reflect best estimate assumptions, which will be updated on a regular basis. Third, at transition, reserves can only be increased. Fourth, the transition adjustment to retained earnings will lead to higher future income. And finally, earnings volatility from quarterly claims fluctuations will be reduced.

首先，RGA 業務的經濟性保持不變。其次，儲量將反映最佳估計假設，並定期更新。第三，轉型期只能增加儲備。第四，向留存收益的過渡調整將導致未來收益更高。最後，季度索賠波動帶來的收益波動將減少。

Now moving to some of the specific impacts to the balance sheet. As shown on Slide 18 of our earnings presentation, we estimate a decrease to retained earnings at December 31, 2021, of $500 million to $800 million. There are a few elements in this adjustment. First, LDTI requires an assessment of profitability at a lower level of granularity and requires the recognition of loss cohorts while not recognizing the gain position in other cohorts.

現在轉向對資產負債表的一些具體影響。如我們收益報告的幻燈片 18 所示，我們估計到 2021 年 12 月 31 日留存收益將減少 5 億美元至 8 億美元。這次調整有幾個要素。首先，LDTI 需要在較低粒度級別上評估盈利能力，並要求確認虧損群組，而不承認其他群組中的收益位置。

It is important to note that we have a limited number of loss recognition cohorts and have substantial margins in the rest of our business that we expect will produce material future earnings. A second component to this adjustment is the elimination of negative reserves on cohorts which have had very strong performance. This primarily relates to our longevity business, and it is required that these reserves be adjusted to 0 at transition. The decrease in retained earnings from eliminating the negative reserves at transition will flow into future earnings. And third, a small portion of the adjustment relates to market risk benefits.

重要的是要注意，我們的損失確認群組數量有限，並且在我們預計將產生重大未來收益的其他業務中具有可觀的利潤率。這種調整的第二個組成部分是消除了表現非常強勁的同伙的負儲備。這主要與我們的長壽業務有關，需要在過渡時將這些儲備調整為0。消除過渡期負準備金導致的留存收益減少將流入未來收益。第三，小部分調整與市場風險收益有關。

Additionally, there are also adjustments to AOCI from unlocking reserve discount rates. Currently, reserve discount rates are generally locked in at issue, whereas under LDTI, the reserve discount rates will be reflective of current interest rates and AOCI will be adjusted accordingly. We estimate that this adjustment will decrease AOCI $3.2 billion to $5.2 billion as of December 31, 2021. The new reserve liability component of AOCI when combined with the existing unrealized gain or loss investment component will result in AOCI that is both smaller and less volatile.

此外，AOCI 也因解鎖準備金貼現率而進行了調整。目前，準備金貼現率通常被鎖定，而在 LDTI 下，準備金貼現率將反映當前利率，AOCI 將相應調整。我們估計，截至 2021 年 12 月 31 日，這一調整將使 AOCI 減少 32 億美元至 52 億美元。AOCI 的新儲備負債部分與現有未實現損益投資部分相結合，將導致 AOCI 更小且波動性更小。

Moving to earnings emergence. Under U.S. GAAP, claims are the main driver of our operating income volatility. However, under LDTI, earnings volatility from claims variability will be significantly muted compared to current financial reporting. Thus, we expect our income under LDTI to be less volatile, absent any reserve assumption changes. Additionally, we expect to recognize slightly more earnings in early years on new business due to the removal of the provision for adverse deviation and reserves.

轉向盈利出現。根據美國公認會計原則，索賠是我們營業收入波動的主要驅動力。然而，在 LDTI 下，與當前的財務報告相比，索賠變化帶來的收益波動將顯著減弱。因此，在沒有任何儲備假設變化的情況下，我們預計 LDTI 下的收入波動性較小。此外，由於取消了對不利偏差和準備金的撥備，我們預計在新業務早期確認的收益會略有增加。

To conclude, we feel the new standard will provide better insight into RGA's long-term performance and along with the new disclosures, provide additional transparency to investors. Thank you for your interest in RGA, and we'll now open the call for questions.

總而言之，我們認為新標準將更好地了解 RGA 的長期業績，並與新的披露一起為投資者提供額外的透明度。感謝您對 RGA 的關注，我們現在將開始提問。

(Operator Instructions) We'll take our first question from Jimmy Bhullar with JPMorgan.

（操作員說明）我們將向摩根大通的 Jimmy Bhullar 提出第一個問題。

I had a couple of questions. The first one is for Todd on buybacks. So you had bought back stock in the last quarter, but nothing this quarter. And I'm wondering if it has to do with just the uncertainty about COVID still lingering in certain parts of the world? Or is there something else like in terms of new business opportunities or otherwise? And how are you thinking about buybacks and under what conditions could you not do any buybacks for the rest of the year versus maybe do or accelerate versus what you've done in the last few quarters?

我有幾個問題。第一個是針對托德的回購。所以你在上個季度回購了股票，但本季度沒有。我想知道這是否與 COVID 在世界某些地區仍然揮之不去的不確定性有關？或者在新的商業機會或其他方面是否有其他類似的東西？您如何考慮回購以及在什麼情況下您不能在今年餘下的時間進行任何回購，而不是可能進行或加速與您在過去幾個季度所做的事情？

Yes. Jimmy, shown on Slide 12 in our presentation and as we've discussed in the past, we follow what we view as a very balanced approach to capital management over time looking at deployment in the business opportunities and the transactions that we really like the shareholder dividend and also share buybacks. And we'll continue that approach in the future, which will include share repurchases.

是的。 Jimmy，在我們的演示文稿中顯示在幻燈片 12 中，正如我們過去所討論的那樣，隨著時間的推移，我們遵循我們認為非常平衡的資本管理方法，著眼於商業機會的部署和我們真正喜歡股東的交易股息和股票回購。我們將在未來繼續這種方法，其中包括股票回購。

Anna mentioned, we've got an active pipeline of transactions across various geographies and having some dry powder and today's tight environment will allow us to take advantage of potential opportunities that are out there. But also, again, we'll continue to view share repurchases as part of our overall balanced approach to capital management.

安娜提到，我們在各個地區都有活躍的交易渠道，並且有一些乾粉，今天的緊張環境將使我們能夠利用那裡的潛在機會。但同樣，我們將繼續將股票回購視為我們整體平衡資本管理方法的一部分。

Okay. And then maybe for Jonathan or for Anna. There's been a lot of discussion on sort of the whole dynamic of pull forward of claims and whether that benefits your results in the next few years versus maybe lingering effects of COVID and long COVID and people may be ignoring screenings and stuff, which could cause worse mortality once the pandemic ends in the next few years. Do you have any strong views on like whether there's going to be a tailwind or a headwind to your margins over the next few years because of the pandemic?

好的。然後也許是喬納森或安娜。關於推動索賠的整個動態以及這是否有利於您在未來幾年的結果而不是 COVID 和長期 COVID 的揮之不去的影響以及人們可能會忽略篩查和其他東西，這可能會導致更糟的情況，已經進行了很多討論一旦大流行在未來幾年結束，死亡率。您對未來幾年是否會因為大流行而對您的利潤產生順風或逆風有任何強烈的看法？

Yes. Thanks for the question, Jimmy. This is Jonathan. I'll talk specifically maybe about the couple of items that you mentioned. So as far as pull forward goes, we've talked about this in prior quarters, and we do expect to see some. It is difficult to directly identify, though, and hard to draw conclusions based on 1 quarter of results like we've seen, favorable results this quarter.

是的。謝謝你的問題，吉米。這是喬納森。我可能會具體談談你提到的幾項。因此，就向前推進而言，我們在前幾個季度已經討論過這個問題，我們確實希望看到一些。但是，很難直接確定，也很難根據我們所看到的四分之一的結果得出結論，本季度的結果是有利的。

One thing I will say is though that we did see that our experience in the U.S. was notably favorable in the older ages, older attained ages, which is consistent with where we've seen higher pandemic deaths in the past.

我要說的一件事是，儘管我們確實看到我們在美國的經歷在老年人、達到年齡的人中特別有利，這與我們過去看到的大流行病死亡人數較高的情況是一致的。

With respect to screening and that potential impact and delayed diagnosis, we're monitoring that. Nothing material in our cause of death or in CDC data yet indicates that, that's going to change materially. As we get further away from the period of the delay, which is really back in the first year of the pandemic in 2020, I think it's also logical to assume that the screening process will be catching up, and there'll be the further you are from that time period, the less likely that there will be a material impact as well.

關於篩查以及潛在影響和延遲診斷，我們正在對其進行監控。我們的死因或 CDC 數據中沒有任何實質性內容表明，這將發生重大變化。隨著我們離延遲期越來越遠，這實際上是在 2020 年大流行的第一年，我認為假設篩選過程將迎頭趕上也是合乎邏輯的，而且你會走得越遠從那個時間段開始，也不太可能產生重大影響。

So on balance, I think it's -- there's going to be pluses and minuses like you say, but specifically to the items that you noted, we're not seeing anything material at this point.

所以總的來說，我認為它是——就像你說的那樣，會有優點和缺點，但特別是你提到的項目，我們目前沒有看到任何實質性的東西。

Okay. And maybe just for Todd on the buyback point, I understand your comments on the pipeline. But is the pipeline stronger now than it was maybe 2, 3 quarters ago? Because you did buy back a little bit of stock earlier this year.

好的。也許只是為了托德的回購點，我理解你對管道的評論。但現在的管道是否比 2、3 個季度前更強大？因為你確實在今年早些時候回購了一點股票。

Once again share buybacks will continue to be part of our overall capital management team, but we are seeing these potential opportunities, as I mentioned, really across various geographies.

股票回購將再次成為我們整體資本管理團隊的一部分，但正如我所提到的，我們確實在各個地區看到了這些潛在機會。

We'll take our next question from Erik Bass with Autonomous Research.

我們將回答 Erik Bass with Autonomous Research 的下一個問題。

In your LDTI disclosure, you showed a decline in the hit retained earnings from the transition date to year-end '20. Can you just talk about what's driving this? Is it restating 2021 earnings higher or movements in interest rates and capital markets or something else? And should we expect the retained earnings impact to be smaller by the time of adoption at the end of 2022?

在您的 LDTI 披露中，您顯示從過渡日期到 20 年底的留存收益下降。你能談談是什麼推動了這一切嗎？是重申 2021 年的收益更高，還是利率和資本市場的變動或其他什麼？我們是否應該預計到 2022 年底採用時留存收益影響會更小？

Yes. Part of the reason for the decrease in the transition adjustment, if you look at January 1, 2021, compared to the end of the year in 2021, that decrease in the retained earnings adjustment that is -- part of that is due to higher earnings under LDTI than under current GAAP. And that's the way the LDTI works, it smooths out some of the elevated claims related to COVID.

是的。過渡調整減少的部分原因，如果你看一下 2021 年 1 月 1 日，與 2021 年年底相比，留存收益調整減少是 - 部分原因是收益增加在 LDTI 下比在當前 GAAP 下。這就是 LDTI 的工作方式，它消除了一些與 COVID 相關的高額索賠。

Got it. So just 2 quick follow-ups there. So one, if that were to be the case again, and then I guess it would go down by the end of 2022. But then also, I think based on your LDTI comments, saying DAC amortization is not changing materially. And the earnings for blocks with negative reserves should go up, respectively. I guess should we conclude that overall, your earnings are likely to be higher under the new framework?

知道了。所以那裡只有2個快速跟進。因此，如果再次出現這種情況，那麼我想它會在 2022 年底之前下降。但是，根據你的 LDTI 評論，我認為 DAC 攤銷並沒有發生重大變化。負準備金區塊的收益應該會分別上升。我想我們是否應該得出結論，總體而言，在新框架下，您的收入可能會更高？

Yes, we'll see how the year plays out and how the calculations work and also we'll be looking at the year-end 2022 balance sheet and looking at the various assumptions that go into the reserve calculations.

是的，我們將看到這一年如何進行以及計算如何進行，我們還將查看 2022 年年底的資產負債表並查看準備金計算中的各種假設。

We'll take our next question from John Barnidge with Piper Sandler.

我們將回答 John Barnidge 和 Piper Sandler 的下一個問題。

If we think back maybe last quarter or a quarter ago, you talked about as you got more comfortable with the health landscape, possibly bringing in excess capital below $1 billion. Given the results are meaningfully better, health landscape remains improved, how should we be thinking about excess capital coming down further? And maybe within the framework, how do you view annual internal excess capital generation?

如果我們回想上個季度或上個季度之前，當您對健康狀況感到更加滿意時，您談到了可能會帶來低於 10 億美元的超額資本。鑑於結果明顯更好，健康狀況仍在改善，我們應該如何考慮過剩資本進一步下降？也許在這個框架內，您如何看待年度內部超額資本產生？

Yes. So we would be comfortable going down below the current level of excess capital. And as we've talked about in the past as well, we also continue to look at alternative forms of capital to make sure we can remain as flexible as possible as well. We did the retro session in the middle part of last year, we did a surplus note towards the end of the year, and we continue to look at other forms of efficient alternative capital. So yes, we would be willing to go down below the billion level. And given our comfort that we are able to generate capital ongoing through our global platform ex the impacts of COVID.

是的。因此，我們可以放心地低於當前的過剩資本水平。正如我們過去所討論的那樣，我們還將繼續研究替代形式的資本，以確保我們也可以盡可能保持靈活性。我們在去年年中進行了回顧會議，我們在年底進行了盈餘記錄，我們繼續研究其他形式的有效替代資本。所以是的，我們願意低於十億水平。考慮到我們能夠通過我們的全球平台持續產生資本，這讓我們感到欣慰，除了 COVID 的影響。

And then my follow-up on the investment income. Can you maybe size the lift from floaters in the quarter and where you maybe see that projecting? And then do you have an early look maybe into how you think variable investment income may perform in the third quarter?

然後是我對投資收益的跟進。您能否確定該季度的漂浮物的升力以及您可能在哪裡看到該突出物？然後，您是否提前了解了您認為可變投資收益在第三季度的表現？

Leslie, would you like to take that one?

萊斯利，你想拿那個嗎？

Sure. Let me jump in on that. So on the first part of your question, so the floating rate additional impact in the quarter on the non-spread portion was roughly $3.5 million on consolidated, it was more in the ballpark of $7.5 million.

當然。讓我跳進去。因此，在您問題的第一部分，本季度浮動利率對非利差部分的額外影響約為合併後的 350 萬美元，更多的是 750 萬美元。

With respect to your variable investment income question and the go forward, so as you know, we've been in a robust period, this quarter was closer to our expectations, but we've just come out of a very robust real estate environment. So we expect some less activity in that going forward. And also, as you know, there's been downward pressure on the equity markets year-to-date, although a couple of bounce back, particularly in the things like Russell 2000 this quarter. But nonetheless, I would expect some downward pressure on unrealized. So I think that the platform long term should continue to deliver at the current levels, but I do expect some downward pressure in the second half of the year from the factors I mentioned.

關於您的可變投資收益問題和未來，如您所知，我們一直處於穩健時期，本季度更接近我們的預期，但我們剛剛走出了非常穩健的房地產環境。因此，我們預計未來的活動會減少。而且，如您所知，今年迄今為止，股市一直存在下行壓力，儘管有幾次反彈，尤其是本季度的羅素 2000 指數。但儘管如此，我預計未實現的一些下行壓力。所以我認為平台長期應該會繼續在目前的水平上交付，但我確實預計下半年會受到我提到的因素的一些下行壓力。

And we move on to our next question from Ryan Krueger with KBW.

我們繼續討論 Ryan Krueger 和 KBW 的下一個問題。

First, a follow-up on the last question. Can you talk about interest rates in general? Maybe give us a sense of how much of a drag the low interest rate environment had been on the annual earnings and maybe how to think about the potential upside in total in the current environment?

首先，對最後一個問題的跟進。你能談談一般的利率嗎？也許讓我們了解低利率環境對年度收益的拖累程度，以及如何考慮當前環境下的總體潛在上行空間？

It's Leslie, if you'd like, I'll take the go forward. So the -- if you look at what we might have expected from net investment income coming into this year, the kind of levels that we had at year-end, broadly short rates, investment-grade yields, all of that are about 200 higher. So if you think about that kind of magnitude, the next 12 months, I would expect something on the order of $70 million additional net investment income versus what we might have expected coming into the year.

我是萊斯利，如果你願意，我會帶你上前。所以 - 如果你看看我們對今年淨投資收入的預期，我們在年底的那種水平，廣泛的短期利率，投資級收益率，所有這些都高出大約 200 .因此，如果您考慮這種規模，那麼在接下來的 12 個月中，我預計與我們今年可能預期的相比，會有大約 7000 萬美元的額外淨投資收入。

That's helpful. Is there any -- would that all drop to the bottom line? Or is there any offset in other areas?

這很有幫助。有沒有——這一切都會下降到底線嗎？還是在其他領域有任何抵消？

That was a net. So if there's floating rate liabilities and other things that was factored into that estimate.

那是一張網。因此，如果該估計中考慮了浮動利率負債和其他因素。

Got it. And then back to LDTI, can you -- I guess, if you look at the retained earnings impact at year-end '21, can you give us a sense of the pieces, the magnitude within that, the impacts of the underperforming cohorts compared to negative reserves?

知道了。然後回到 LDTI，你能不能 - 我想，如果你看看 21 年年底的留存收益影響，你能不能讓我們了解一下這些部分，其中的幅度，比較表現不佳的同類群組的影響負準備金？

Yes. At the end of 2021, these are in rough order of magnitude. The market risk benefits is fairly small, I'd say it's maybe around 10% of the total. The negative reserves are in the -- roughly in the neighborhood of maybe 40-ish percent and then the remainder would be the underperforming cohorts.

是的。到 2021 年底，這些數據大致處於數量級。市場風險收益相當小，我想說它可能佔總數的 10% 左右。負儲備在 - 大約在 40% 左右，然後其餘的將是表現不佳的群體。

We'll now move on to our next question from Tracy Benguigui with Barclays.

我們現在將繼續討論來自巴克萊銀行的 Tracy Benguigui 的下一個問題。

I want to go back to the discussion of the dampening effect from claims under LDTI reserve methodology. So I understand, and I believe you alluded to it for the dampening effect to work there'll need to be some margin following retrospective unlocking. And without getting too specific on margin adequacy by line or by cohort, if you could share any high-level thoughts on where you're seeing a margin with respect to your assumptions versus your more recent emerging experience?

我想回到 LDTI 儲備方法下索賠的抑制效應的討論。所以我理解，並且我相信你提到了它，以使抑制效果在追溯解鎖後需要有一些餘量。在不按行或按隊列對利潤率充分性進行過於具體的情況下，您是否可以就您的假設與您最近的新興經驗在哪裡看到利潤率分享任何高層次的想法？

So maybe one way to -- I'll start by answering that. Maybe we can then maybe clarify the question is that the way the new financial reporting and reserving works if you're -- what's called your net premium ratio is above 100%, and that's the -- we can refer to those as the underperforming blocks, the claim volatility will flow through to the bottom line. It's the cohorts with less premium ratios below 100% where the elevated claims or the claims volatility will get muted and spread out over the longer period of time of the life of the underlying policy and treaties.

所以也許是一種方法-- 我將從回答這個問題開始。也許我們可以澄清問題是，如果你是新的財務報告和準備金的運作方式——所謂的淨溢價率高於 100%，那就是——我們可以將這些稱為表現不佳的板塊，索賠波動將流向底線。保費比率低於 100% 的群體，高索賠或索賠波動性將減弱並在基礎保單和條約的較長期限內分散。

Okay. That's helpful. You've also mentioned that COVID losses should become more limited. I'm wondering if you're considering a new threshold to call out unfavorable or favorable mortality in any given quarter as the $0.12 EPS impact from COVID pales in comparison of your favorable mortality experience. So I guess my question for this quarter would be when you think your mortality would have been in the quarter, backing out that favorable experience?

好的。這很有幫助。您還提到，COVID 損失應該變得更加有限。我想知道您是否正在考慮一個新的閾值來指出任何給定季度的不利或有利死亡率，因為與您有利的死亡率經驗相比，COVID 帶來的 0.12 美元每股收益影響相形見絀。所以我想我對本季度的問題是，當你認為你的死亡率會在本季度出現時，會否決這種有利的經歷？

Are you talking specifically about our U.S. business, just to clarify?

您是在專門談論我們的美國業務，只是為了澄清一下嗎？

I mean, U.S. is the big one. That would be helpful.

我的意思是，美國是最大的。那會很有幫助。

Okay. Yes, yes. So I can give you some details. So for our U.S. individual business, our estimate is that excluding the impacts of COVID that our favorable experience in the quarter would have been about $70 million, favorable and that's split roughly 50-50 between large claims and non-large claims experience. Basically, we saw across-the-board improvements whether you look by hand age or by us or from the prior quarter. So it's all quite favorable.

好的。是的是的。所以我可以給你一些細節。因此，對於我們的美國個人業務，我們的估計是，排除 COVID 的影響，我們在本季度的有利經驗約為 7,000 萬美元，有利的情況下，大額索賠和非大額索賠經驗的比例約為 50-50。基本上，我們看到了全面的改進，無論您是按手年齡、我們還是從上一季度來看。所以這一切都很有利。

We'll take our next question from Tom Gallagher with Evercore ISI.

我們將向 Evercore ISI 的 Tom Gallagher 提出我們的下一個問題。

I'm just -- I assume you don't have very much SGL exposure just in light of the Prudential charge the other day, but just want to confirm that. How should we think about whether you do have any exposure to that type of product structure?

我只是 - 我假設你沒有太多的 SGL 曝光，只是考慮到前幾天保誠的收費，但只是想確認一下。我們應該如何考慮您是否確實接觸過這種類型的產品結構？

This is Todd. We historically have not reinsured the lapse guarantee component of those products, which is something that we've never gotten comfortable with from a risk perspective. We do reinsure the mortality component on some of those products, but it's just the mortality component only and change in lapses really don't have a material impact on that performance of that risk. So no, we don't have that exposure.

這是托德。從歷史上看，我們沒有對這些產品的失效保證部分進行再保險，從風險的角度來看，這是我們從未接受過的。我們確實對其中一些產品的死亡率部分進行了再保險，但這只是死亡率部分，而且失誤的變化實際上不會對該風險的表現產生重大影響。所以不，我們沒有那種曝光率。

Okay. Okay. Along with that change in lapsation, PRU mentioned they also changed their ultimate mortality assumptions as part of the charge. Just curious how you're thinking about ultimate mortality. Is that something you're considering changing or overall thoughts on that.

好的。好的。隨著失效的變化，PRU 提到他們還改變了最終死亡率假設作為收費的一部分。只是好奇你是如何考慮最終死亡率的。這是您正在考慮改變的事情還是對此的總體想法。

Yes. I guess as far as long-term mortality goes, we're quite bullish on long-term mortality improvement for a number of reasons related to medical advancements, genomics, other technology changes. So at this point, we haven't made a change to our long-term expectation. Just like all our business, we regularly review mortality and look at assumptions and emergence, but nothing right now.

是的。我想就長期死亡率而言，由於與醫學進步、基因組學和其他技術變革相關的許多原因，我們非常看好長期死亡率的改善。所以在這一點上，我們還沒有改變我們的長期預期。就像我們所有的業務一樣，我們定期審查死亡率並查看假設和出現，但現在什麼都沒有。

We'll take our next question from Alex Scott with Goldman Sachs.

我們將向高盛的亞歷克斯斯科特提出下一個問題。

The first one I had was just on the PFO growth. I mean on a local currency basis, looked pretty good. Can you help us think through the different dynamics that are driving the top line and what you foresee for the next year or 2 on top line growth across the geographies?

我的第一個只是關於 PFO 的增長。我的意思是按當地貨幣計算，看起來還不錯。您能否幫助我們思考推動收入增長的不同動力，以及您對明年或 2 年各地區收入增長的預測？

Yes. So...

是的。所以...

Go ahead, Todd. I'll provide additional comments once you commented on the growth.

來吧，托德。一旦您對增長發表評論，我將提供其他評論。

Okay, Anna, thanks. We're still comfortable -- very comfortable with our -- what we've been talking about in the past that mid- to high single-digit growth on the premium side, we think it continues to be achievable. We're really seeing good opportunities in all of our different regions on new business opportunities, product development in Asia, some higher production in the U.S. So really, it's really across the board that we're very pleased with the opportunities that we're seeing.

好的，安娜，謝謝。我們仍然對我們過去一直在談論的中高個位數增長感到滿意 - 我們認為它繼續是可以實現的。我們確實在我們所有不同地區看到了新商機、亞洲產品開發、美國更高產量方面的良好機會。所以說真的，我們對所擁有的機會感到非常高興。看到。

Okay. If I could add some comments to that. Thank you for the question. Let me start, and I think we've had this conversation in prior quarters, but there are large life insurance or maybe more broadly protection gaps in all our markets, and they're sizable. And our life insurance clients, they want to offer protection to not only their existing consumers, but new customers.

好的。如果我可以對此添加一些評論。感謝你的提問。讓我開始吧，我認為我們在前幾個季度已經進行過這樣的對話，但是在我們所有的市場中，人壽保險或者更廣泛的保護缺口都很大，而且相當大。我們的人壽保險客戶不僅希望為現有消費者提供保障，還希望為新客戶提供保障。

And they want to offer good, simple, affordable products. And many of our clients are also leaning towards these capital-light models. So there, we can play and are playing a big role because of, as Todd already mentioned, our product development, our risk transfer, capital-efficient solutions. We're already doing that. We have many of the tools and capabilities that the clients need and I see that continuing.

他們希望提供優質、簡單、負擔得起的產品。我們的許多客戶也傾向於這些輕資本模式。因此，正如托德已經提到的，我們可以發揮並且正在發揮重要作用，因為我們的產品開發、風險轉移、資本效率解決方案。我們已經在這樣做了。我們擁有客戶需要的許多工具和功能，我認為這種情況還在繼續。

And so for example, I've spoken about our underwriting expertise, about the depth of it. And our facultative business is a big differentiator. It -- fewer reinsurers can and do provide that service, and it also has high barriers to entry. So when I look at that, and then I layer on our global footprint, where we have very strong local teams. They have extensive local market knowledge.

例如，我談到了我們的承保專業知識，以及它的深度。我們的兼職業務是一個很大的差異化因素。它 - 更少的再保險公司可以並且確實提供該服務，並且它也有很高的進入門檻。因此，當我看到這一點時，然後我將我們的全球足跡分層，我們擁有非常強大的本地團隊。他們擁有廣泛的當地市場知識。

They have strong local client relationships. That -- what that does is it enables us to quickly leverage good ideas between markets. And I've shared in the past, it's the new ideas or being early to new market opportunities that generally come with stronger margins or they come with exclusive arrangements where you're not competing against others.

他們擁有強大的本地客戶關係。那——它的作用是使我們能夠在市場之間快速利用好的想法。而且我過去曾分享過，新想法或新市場機會的早期通常會帶來更高的利潤，或者它們帶有排他性安排，您不會與其他人競爭。

And then further add on the very large longevity and pension risk opportunities around the globe as well as other in-force block opportunities, again, good growth opportunities. And I would add, because we're talking about some framework changes, there's a lot happening in capital models around the world and financial reporting models around the world just about every country is in the midst of revising their frameworks.

然後進一步增加全球範圍內非常大的長壽和養老金風險機會以及其他有效的塊機會，再次是良好的增長機會。我還要補充一點，因為我們正在談論一些框架變化，世界各地的資本模型和世界各地的財務報告模型發生了很多事情，幾乎每個國家都在修改他們的框架。

Now we think that, that will drive further interest in reinsurance, both as a risk and efficient capital management tool, perhaps not immediately, as you would expect the focus right now is on implementation. So people are busy bedding down all these changes. But once that gets completed, then we would expect clients to turn to look for opportunities to optimize portfolios or rebalance. That's clearly what we saw through Solvency I and Solvency II.

現在我們認為，這將進一步推動人們對再保險的興趣，將其作為一種風險和有效的資本管理工具，也許不會立即發生，因為您現在的重點是實施。因此，人們忙於應對所有這些變化。但一旦完成，我們預計客戶會轉向尋找優化投資組合或重新平衡的機會。這顯然是我們通過 Solvency I 和 Solvency II 看到的。

And RGA, we have a long history of creating new solutions that respond to the new environment. So you can expect us to continue to do that. So really, all of that to say we see attractive growth opportunities in all parts of our business. And I'm confident that we'll continue to deliver on growth in this organization.

和 RGA，我們在創造新的解決方案以應對新環境方面有著悠久的歷史。因此，您可以期望我們繼續這樣做。所以真的，所有這一切都表明我們在業務的各個方面都看到了有吸引力的增長機會。我相信我們將繼續在這個組織中實現增長。

And I had a sort of a high-level question on margins. I mean if I sort of look at just PFO growth and where it's come in through the pandemic and how much higher PFOs are today, and I look back at the kind of PFO margins you were generating before the pandemic, I mean, is that the right way to think about the potential earnings power here? Can we get back to sort of a full PFO margin the way that you were earning before? I mean, is there anything structurally different about the business? Certainly, we don't know what's got to happen to COVID. We're off to divestments around that. But in terms of like if we set COVID aside for a minute, can you return back to those levels? And if so, is a good amount of this earnings be here sustainable?

我有一個關於利潤的高級問題。我的意思是，如果我只看一下 PFO 的增長，以及它在大流行中的表現以及今天的 PFO 高了多少，我回顧一下在大流行之前產生的 PFO 利潤率，我的意思是，在這裡思考潛在的盈利能力的正確方法？我們能否以您之前的收入方式恢復到完整的 PFO 利潤？我的意思是，業務在結構上有什麼不同嗎？當然，我們不知道 COVID 會發生什麼。我們將圍繞這一點進行撤資。但是，如果我們將 COVID 擱置一分鐘，你能回到那些水平嗎？如果是這樣，那麼大量的這種收入是否可持續？

Yes. I think -- I apologize, Todd, why don't you start again.

是的。我想——我很抱歉，托德，你為什麼不重新開始。

I was just going to comment. If you look back to pre-pandemic levels, I think our pretax operating income was about $1.2 billion or so. And throughout the last couple of years throughout the pandemic, we've continued to layer on a profitable new business, deployed record levels of capital into the business. So we feel, and as you mentioned, excluding any potential impact of COVID, we still have that earnings power and more going forward. And then also, given the increasing rate environment, that should also be a tailwind as well.

我只是想發表評論。如果您回顧大流行前的水平，我認為我們的稅前營業收入約為 12 億美元左右。在整個大流行期間的過去幾年中，我們繼續在一項有利可圖的新業務上進行分層，將創紀錄的資本水平部署到該業務中。因此，我們認為，正如您所提到的，排除 COVID 的任何潛在影響，我們仍然擁有這種盈利能力，而且未來還會有更多。然後，考慮到利率上升的環境，這也應該是順風。

We'll take our next question from Andrew Kligerman with Credit Suisse.

我們將向瑞士信貸的 Andrew Kligerman 提出我們的下一個問題。

I would like to follow up on a few earlier questions. With the LDTI, $1 billion to $1.3 billion impact at transition on retained earnings. Could you possibly give a little color on what types of cohorts were impacted there by product and vintage?

我想跟進幾個之前的問題。使用 LDTI，10 億至 13 億美元的過渡影響留存收益。您能否就產品和年份對哪些類型的同類群組進行一些說明？

As you know, it's the loss cohorts where the net premium ratio is above 100%. We're not giving a lot of detail at this point, we'll provide more over time, but there's a few select pockets around the globe. Clearly, the -- in the U.S., the '99 to '04 block that we've talked about and been pretty transparent about over the last several years as a component of that adjustment.

如您所知，淨保費率高於 100% 的是虧損組。在這一點上我們沒有提供很多細節，隨著時間的推移我們會提供更多，但全球有一些精選的口袋。顯然，在美國，作為調整的一個組成部分，我們在過去幾年中已經討論過並且非常透明的 99 年到 04 年的區塊。

Got it. Thank you for that Todd. And then Jonathan, there were some discussion a little earlier about non-COVID-19 mortality. And certainly, this quarter, it looked like the frequency and severity was quite favorable. COVID-19, I think, has been influencing non-COVID-19 mortality. The question is assuming COVID-19 dissipates and hopefully, it dissipates, what might be the lag period in which we could still see this sort of COVID-19 influenced indirect mortality. How long do you think like a year from now, you'll be in the clear and we won't expect any more claims given lack of medical checkups and so forth?

知道了。謝謝你的托德。然後是喬納森，早些時候有一些關於非 COVID-19 死亡率的討論。當然，本季度，頻率和嚴重性看起來非常有利。我認為，COVID-19 一直在影響非 COVID-19 的死亡率。問題是假設 COVID-19 消散，並希望它消散，我們仍然可以看到這種 COVID-19 影響間接死亡率的滯後期可能是多長。您認為一年後多久，您會清楚並且由於缺乏體檢等等，我們不會期望更多的索賠？

Yes. Thanks for the question, Andrew. It's -- to put a precise time line is very challenging, as I'm sure you can appreciate. One thing that which is encouraging is when we saw negative excess mortality in the U.S. this quarter. So again, the CDC data isn't complete yet, but it looks like after backing out the impact of COVID that mortality is actually slightly more favorable than what has been sort of the historic run rate based on the CDC reporting.

是的。謝謝你的問題，安德魯。這是 - 設定一個精確的時間線是非常具有挑戰性的，我相信你會理解的。令人鼓舞的一件事是，當我們看到本季度美國出現負超額死亡率時。再說一次，CDC 的數據還不完整，但在排除 COVID 的影響之後，死亡率實際上比基於 CDC 報告的歷史運行率略好一些。

So that helps, I think, support our belief that most of the general population excess mortality that we've been seeing over the course of the pandemic is directly or indirectly related to COVID-19. And therefore, we would expect a significant normalization as COVID-19 deaths come down. We did talk earlier about the potential for impacts of delayed diagnosis and things. And as I said before, I think the further we get away from that delayed period, the less of an impact that they'll be. And of course, there's other pluses and minuses as well in the mix that are not directly COVID related. But I'd say on balance, again, we haven't seen anything sort of materially emerging yet on the delayed diagnosis item.

因此，我認為，這有助於支持我們的信念，即我們在大流行過程中看到的大多數普通人口超額死亡率與 COVID-19 直接或間接相關。因此，隨著 COVID-19 死亡人數的下降，我們預計會顯著正常化。我們之前確實談到了延遲診斷和事情的潛在影響。正如我之前所說，我認為我們離那個延遲期越遠，它們的影響就越小。當然，還有其他與 COVID 沒有直接關係的優點和缺點。但總的來說，我想說的是，在延遲診斷項目上，我們還沒有看到任何實質性的出現。

And then, Andrew, if I could maybe circle back to your question on the LDTI. I commented in my opening comments that on day 1, reserves can only be increased. I just want to emphasize that the majority of our businesses do have very significant positive margins in those that significantly in excess of any of the retained earnings reserve adjustments we made at the transition date. We've got a very long-term business, a very large block, and we have substantial margins on the balance sheet that will be realized going forward.

然後，安德魯，我可以再回到你關於 LDTI 的問題。我在開場白中評論說，在第一天，儲備金只能增加。我只想強調，我們的大多數業務確實有非常顯著的正利潤率，這些利潤率大大超過了我們在過渡日期所做的任何留存收益準備金調整。我們有一個非常長期的業務，一個非常大的塊，我們在資產負債表上擁有可觀的利潤，這些利潤將在未來實現。

We'll take our next question from Mike Ward with Citi.

我們將向花旗的 Mike Ward 提出下一個問題。

I'm just thinking about the potential for COVID to morph into an endemic idea. And I guess I'm just wondering if you guys have like a set number of years of experience or an idea of how long you might -- it might take you to form the view that you should adjust mortality assumptions and incorporate those in new business or existing business?

我只是在考慮將 COVID 轉變為流行思想的潛力。而且我想我只是想知道你們是否有固定的經驗或對可能持續多長時間的想法——這可能會讓你形成一種觀點，即你應該調整死亡率假設並將其納入新業務還是現有業務？

Yes. Thanks for the question. This is Jonathan. Again, let me just start by reiterating that we're encouraged by the favorable trends we've seen over the last few quarters. And I think consistent with expert views, we do expect to see future variants and waves of infections and hospitalizations. But we also expect that mortality impacts will be much lower than what we've seen in the past for the reasons I mentioned in my prepared remarks. We look at a range of scenarios into the future.

是的。謝謝你的問題。這是喬納森。再次，讓我首先重申，我們對過去幾個季度看到的有利趨勢感到鼓舞。而且我認為與專家的觀點一致，我們確實希望看到未來的變異以及感染和住院的浪潮。但我們也預計，由於我在準備好的評論中提到的原因，死亡率的影響將比我們過去看到的要低得多。我們著眼於未來的一系列情景。

We are, we have been and we will continue to reflect kind of the uncertainty and the expectation in our pricing. So we definitely have made adjustments to prices for new business. We made adjustments to our approach to underwriting to ensure that we're avoiding anti-selection risk relative to COVID and updating based on the newest medical information. So we definitely have been managing the business proactively over the last few years, and we'll continue to do so as new data emerges that we need to take into account.

我們是，我們一直是，我們將繼續反映我們定價中的不確定性和預期。所以我們肯定對新業務的價格進行了調整。我們對承保方法進行了調整，以確保我們避免與 COVID 相關的反選擇風險，並根據最新的醫療信息進行更新。因此，在過去的幾年裡，我們肯定一直在積極地管理業務，隨著新數據的出現，我們將繼續這樣做，我們需要考慮到這一點。

Okay. Maybe just following up on existing business, have you been adjusting any pricing? Or is there a certain level of mortality or number of years that you might need to see before you do that?

好的。也許只是跟進現有業務，您是否調整過任何定價？或者在你這樣做之前你可能需要看到一定程度的死亡率或年數？

Yes. I mean, I think, thinking of just broadly changes in mortality, any change that causes an impact to mortality. I mean to the extent that we see that it is material and longer lasting, we'll review those impacts on a client-by-client basis and take action using the options we have available in our in-force treaties. So this is a regular process that we go through quarterly or at least probably to take an assessment of that. And again, we have taken some actions in the past for various reasons, and we will continue to use that as an option in the future.

是的。我的意思是，我認為，只是考慮死亡率的廣泛變化，任何對死亡率產生影響的變化。我的意思是，如果我們認為它是實質性的和更持久的，我們將逐個客戶審查這些影響，並使用我們在有效條約中提供的選項採取行動。因此，這是我們每季度或至少可能對其進行評估的常規流程。同樣，我們過去出於各種原因採取了一些行動，我們將在未來繼續將其用作選項。

We'll move on to our next question from Dan Bergman with Jefferies.

我們將繼續討論 Dan Bergman 和 Jefferies 提出的下一個問題。

I guess with the block deal activity pre elevated for a few quarters now, I wanted to see if there's any more color you can provide on the types of blocks you're acquiring, whether by sizes, types of risk, geography, and also any update or change in the competitive environment among acquirers and any differences there between what you're seeing on the asset-intensive side versus more kind of core mortality block.

我想隨著大宗交易活動的提前幾個季度，我想看看你是否可以提供更多關於你獲得的區塊類型的顏色，無論是按大小、風險類型、地理位置還是任何收購方之間競爭環境的更新或變化，以及您在資產密集型方面與更多類型的核心死亡率塊之間所看到的任何差異。

Yes. Thanks for the question, Dan. Let me start with the deals in the second quarter. So we won deals in Asia on some savings products and the deals there were in part driven by statutory relief needs of our clients. We also completed a U.S. asset-intensive deal on a deferred annuity block.

是的。謝謝你的問題，丹。讓我從第二季度的交易開始。因此，我們在亞洲贏得了一些儲蓄產品的交易，而這些交易的部分原因是我們客戶的法定救濟需求。我們還就遞延年金區塊完成了一項美國資產密集型交易。

What's worth noting here in the quarter is that some of these deals were done on an exclusive basis right from the start. And we're working on follow-on transactions with some of the clients and potentially other clients. So working on similar deals. Now no guarantees but we are active, and I believe we're in good shape to continue to win deals. And as mentioned in my prepared remarks, we've gotten off to a good start so far this year, pretty much on pace with last year, which was a record year for us.

本季度值得注意的是，其中一些交易從一開始就以獨家方式完成。我們正在與一些客戶和潛在的其他客戶進行後續交易。所以在做類似的交易。現在不能保證，但我們很活躍，我相信我們處於良好狀態，可以繼續贏得交易。正如我在準備好的講話中所提到的，今年到目前為止，我們已經有了一個良好的開端，與去年的步伐相當，這對我們來說是創紀錄的一年。

In terms of competition, specifically on deals, remains very competitive. I would say, particularly on the U.S. asset-intensive deals, competition, our experiences, competition varies depending on the size of the deal and the underlying risks. So typically, we would have less competition on the larger and more complex risks.

在競爭方面，特別是在交易方面，仍然非常具有競爭力。我想說，特別是在美國資產密集型交易中，競爭、我們的經驗、競爭因交易規模和潛在風險而異。因此，通常情況下，我們在更大、更複雜的風險上的競爭會更少。

And then less competition, the more there's insurance and biometric risks that are in a deal relative to same market risks. Demand remains overall very good. We feel we're a good competitor. We're in good -- we have a good competitive position. You've seen us continue to win deals. And I would say that we win deals for some of the factors and many of the factors I've spoken about in the past.

然後競爭越少，交易中相對於相同市場風險的保險和生物識別風險就越多。需求總體上仍然非常好。我們覺得我們是一個很好的競爭對手。我們的情況很好——我們有很好的競爭地位。您已經看到我們繼續贏得交易。我會說我們贏得了一些因素以及我過去談到的許多因素的交易。

So it's not just about price. It's that expertise that we've spoken about at all levels, local, regional, global. It's around relationships and deal certainty and our structuring ability and the strength of our counterparty, long-term commitments to this business.

所以這不僅僅是價格問題。這就是我們在本地、區域和全球各個層面談到的專業知識。它圍繞關係和交易確定性以及我們的結構能力和交易對手的實力以及對該業務的長期承諾。

And I think if you were to ask our clients why they select us, why they choose to partner with RGA, I'm confident that what you'll hear are exactly the same things that I've just said, great partner, deep risk experts, creative and innovative, solution-oriented and we deliver on our promises. We execute when we say that we're going to execute. So pipelines are very good right across. We're very active, and we continue to win deals.

而且我認為，如果您要問我們的客戶為什麼選擇我們，為什麼選擇與 RGA 合作，我相信您所聽到的與我剛才所說的完全一樣，偉大的合作夥伴，深層次的風險專家、創意和創新、以解決方案為導向，我們兌現我們的承諾。當我們說我們將要執行時，我們就會執行。所以管道非常好。我們非常活躍，我們繼續贏得交易。

Got it. That's really helpful. I guess maybe then switching gears a little bit. Just to follow up on your commentary regarding Alex's question on premium growth. Now that we're further into the pandemic, are you seeing any increased demand from primary life insurance companies raising their reinsurance coverage given all the recent volatility and pressure on mortality results due to COVID. I guess in other words, are you seeing or would you expect any uptick in session rates relative to recent historical levels? Just any commentary on what you're seeing there would be helpful.

知道了。這真的很有幫助。我想也許然後換檔一點。只是為了跟進您對亞歷克斯關於保費增長的問題的評論。既然我們已經進一步進入大流行，您是否看到初級人壽保險公司的需求增加了，考慮到最近由於 COVID 導致的所有波動和死亡率結果的壓力，他們提高了再保險覆蓋率。我想換句話說，您是否看到或預計會話率相對於近期歷史水平會有所上升？對您在那裡看到的內容進行任何評論都會有所幫助。

Yes. Yes. So specifically with respect to session rates, we haven't seen a lot of movement in session rates. They've been relatively flat, a little up maybe. But remember, session is not -- session rates are not the only levers of growth for us. So in addition to reinsurance session rates, the underlying market growth is a growth lever for us if you hold session rates flat.

是的。是的。因此，特別是在會話率方面，我們還沒有看到會話率有很大的變化。它們相對平坦，也許有點高。但請記住，會話不是——會話率不是我們增長的唯一槓桿。因此，除了再保險期費率之外，如果您保持期費率持平，基礎市場增長對我們來說也是一個增長槓桿。

And then the third lever for us is really market share. Our ability to gain more of the reinsurance that's taken to market. And I'll tie this back to earlier comments around exclusives and bringing ideas to clients. Our history and our success about being early in leveraging new ideas, that translates into exclusive arrangements, where all the reinsurance comes to us. So we're not competing for that business on a pool basis. So my caution really is around session rates are something to pay attention to, but they're not the only things that drive our growth.

然後我們的第三個槓桿實際上是市場份額。我們有能力獲得更多進入市場的再保險。我將把它與之前關於獨家產品和為客戶帶來想法的評論聯繫起來。我們的歷史和我們在早期利用新想法方面取得的成功，這轉化為獨家安排，所有再保險都交給我們。因此，我們不會在池的基礎上競爭該業務。因此，我確實要注意會話率是需要注意的事情，但它們並不是推動我們增長的唯一因素。

We'll now take a follow-up from Ryan Krueger with KBW.

現在，我們將接受 Ryan Krueger 對 KBW 的跟進。

I just had -- just wanted to clarify one thing. So I guess on earnings post LDTI, the removal of pads, combined with not much of a change in the pattern for DAC amortization and the adjustments you made to retained earnings, it seems like they virtually have to make future gap earnings higher for some period of time post LDTI. I just wanted to confirm that I was speaking about that right.

我剛剛——只是想澄清一件事。所以我猜在 LDTI 後的收益上，移除墊子，再加上 DAC 攤銷模式的變化不大以及您對留存收益所做的調整，似乎它們實際上必須在一段時間內使未來的差距收益更高LDTI 後的時間。我只是想確認我說的是正確的。

Yes. I think certainly in the early duration, I think that's right because some of the existing pads will start being released. And then as I mentioned on new business, we won't be setting up a provision for adverse deviation. So the margins should be a little bit higher early on.

是的。我認為肯定在早期階段，我認為這是正確的，因為一些現有的打擊墊將開始發布。然後正如我在新業務中提到的那樣，我們不會為不利偏差設置條款。所以早期的利潤應該會高一點。

And we'll take another follow-up from Mike Ward with Citi.

我們將與花旗一起從邁克沃德那裡獲得另一個後續行動。

Thanks for the follow-up guys. Just quickly, Prudential had a slide and don't worry, this isn't going to be about their mortality charge. In that slide that they'd like to point to showing the longevity offset that they have that balances off mortality earnings. I was just thinking -- I think this has been -- at least since I've covered you guys kind of like a characteristic that you've discussed at Investor Days in terms of your business model. And so we didn't really see it offset mortality during COVID. I think longevity was in U.K. pension area, but didn't really help as much and maybe it's the age delta between your mortality and longevity in the U.S. and such. But just wondering if you've thought about or discussed making some sort of shift to improve that hedge aspect in the future?

感謝大佬們的關注。很快，保誠就出現了下滑，別擔心，這與他們的死亡費用無關。在這張幻燈片中，他們想指出他們擁有的長壽補償，以平衡死亡率收入。我只是在想——我認為這是——至少自從我向你們介紹過你們在投資者日討論過的商業模式的一個特徵之後。因此，我們並沒有真正看到它抵消了 COVID 期間的死亡率。我認為長壽在英國的養老金領域，但並沒有太大幫助，也許這是你在美國的死亡率和壽命之間的年齡差等。但只是想知道您是否考慮過或討論過做出某種轉變以在未來改善該對沖方面？

It's Jonathan, maybe I'll start, Mike. Yes, so I think if you go back to our Investor Day presentation in December, one of the areas that we see quite a bit of growth opportunity in. Well, sorry, first of all, we see growth opportunities everywhere, but we see particularly strong growth opportunities in the U.S. PRT space, which will be longevity risk. And I think we included a slide in there that showed our distribution of core biometric risks between mortality and morbidity and longevity. And we do expect over the course of our 5-year strategy to grow that portion of longevity.

是喬納森，也許我會開始，邁克。是的，所以我認為，如果您回到 12 月的投資者日演講，這是我們看到相當多的增長機會的領域之一。好吧，對不起，首先，我們到處都看到增長機會，但我們特別看到美國 PRT 領域的強勁增長機會，這將是長壽風險。我認為我們在其中包含了一張幻燈片，顯示了我們在死亡率、發病率和壽命之間的核心生物特徵風險分佈。我們確實希望在我們的 5 年戰略過程中增加這部分的壽命。

Now again, the reason for the growth is that there's a lot of good margin there. There's a lot of good growth opportunity. But as an added benefit, like you pointed out, we will see better diversification, both from an earnings perspective and also a capital perspective.

再說一次，增長的原因是那裡有很多可觀的利潤。有很多好的成長機會。但正如您所指出的，作為一個額外的好處，我們將看到更好的多元化，無論是從收益角度還是從資本角度。

Okay. So it's sort of gradual over 5 years?

好的。所以這5年是漸進的？

Yes, yes, I think so. So I can't -- off the top of my head, I can't remember the exact number, it's in the slide, but I think our longevity, our proportion of those biometric risks of longevity is, I think, is roughly doubling, give or take, over the next 5 years as it grows at a faster rate than our other businesses are growing.

是的，是的，我想是的。所以我不能——我的腦海裡，我記不起確切的數字，它在幻燈片中，但我認為我們的壽命，我們的長壽生物識別風險的比例，我認為，大約翻了一番，給予或接受，在接下來的 5 年中，它的增長速度比我們其他業務的增長速度更快。

And that does conclude today's question-and-answer session. I'd like to turn the conference back over to Mr. Larson for any additional or closing remarks.

這確實結束了今天的問答環節。我想將會議轉回給拉森先生，以獲取任何補充或結束語。

Well, everyone, thank you for your continued interest and support in RGA, and that concludes our second quarter call. Thank you very much.

大家好，感謝您對 RGA 的持續關注和支持，我們的第二季度電話會議到此結束。非常感謝。

Thank you. And that does conclude today's conference. We thank you all for your participation. You may now disconnect.

謝謝你。這確實結束了今天的會議。我們感謝大家的參與。您現在可以斷開連接。