美國再保險集團 (RGA) 2023 Q1 法說會逐字稿

Good day, and welcome to the Reinsurance Group of America, Inc. First Quarter 2023 Earnings Conference Call.

美好的一天，歡迎來到美國再保險集團公司 2023 年第一季度收益電話會議。

(Operator Instructions)

（操作員說明）

Please note, this event is being recorded.

請注意，正在記錄此事件。

I would now like to turn the conference over to Todd Larson, Senior Executive Vice President and Chief Financial Officer. Please go ahead.

我現在想將會議轉交給高級執行副總裁兼首席財務官 Todd Larson。請繼續。

Thank you. Welcome to RGA's First Quarter 2023 Conference Call.

謝謝。歡迎參加 RGA 2023 年第一季度電話會議。

I'm joined on the call this morning with Anna Manning, RGA's Chief Executive Officer; Tony Cheng, President; Leslie Barbi, Chief Investment Officer; and Jonathan Porter, Chief Risk Officer.

今天早上我和 RGA 的首席執行官 Anna Manning 一起參加了電話會議； Tony Cheng，總裁； Leslie Barbi，首席投資官；和首席風險官 Jonathan Porter。

As a quick reminder before we get started regarding forward-looking information and non-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 a list of important factors that could cause actual results to differ materially from expected results.

在我們開始有關前瞻性信息和非 GAAP 財務措施之前，請快速提醒一下。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存在重大差異。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存在重大差異的重要因素列表。

Additionally, during the course of this call, the information we provide may include non-GAAP financial measures. Please see our earnings release, earnings presentation and quarterly financial supplement, all of which are posted on our website, for a 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、收益演示和季度財務補充，所有這些都發佈在我們的網站上，以討論這些條款和與 GAAP 措施的對賬。

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

現在我會把電話轉給安娜徵求她的意見。

Thank you, Todd. Good morning, and thank you for joining our call this morning. Last night, we reported first quarter adjusted operating earnings of $5.16 per share, a strong quarter that included very good performance in many regions and product lines, some nice in-force block wins and good momentum on organic new business across our markets. I am very pleased with this quarter and with the start to the year.

謝謝你，托德。早上好，感謝您今天早上加入我們的電話會議。昨晚，我們報告了第一季度調整後的每股收益 5.16 美元，這是一個強勁的季度，其中包括在許多地區和產品線的出色表現、一些不錯的有效區塊獲勝以及我們市場有機新業務的良好勢頭。我對這個季度和今年的開始感到非常滿意。

On the capital management front, we had another active and successful quarter, deploying $194 million into in-force and other transactions, and that success was across many of our geographies and products. To provide a little more perspective on the breadth of our wins, we completed deals in Canada, the U.K., Europe, Asia and our first U.S. PRT transactions.

在資本管理方面，我們又迎來了一個活躍而成功的季度，將 1.94 億美元用於有效交易和其他交易，這一成功遍及我們的許多地區和產品。為了更全面地了解我們的勝利，我們在加拿大、英國、歐洲、亞洲完成了交易，並在美國完成了第一筆 PRT 交易。

We have been in the longevity reinsurance business for close to 15 years. And over those years, have built a sizable and valuable global longevity business. We are an active reinsurer in all the major longevity markets. And in 2023, we expanded our approach and solutions in the U.S. PRT market to include a side-by-side partnership model to capitalize on our strength and expertise on both sides of the balance sheet.

我們從事長壽再保險業務已近 15 年。在那些年裡，已經建立了規模龐大且有價值的全球長壽業務。我們是所有主要長壽市場的活躍再保險公司。在 2023 年，我們擴展了我們在美國 PRT 市場的方法和解決方案，以包括並肩合作模式，以利用我們在資產負債表兩側的實力和專業知識。

We are partnering with a couple of well-established, visible and high-quality insurance partners with broad access to PRT opportunities including at the very large end of the market. We are active on a number of opportunities in the pipeline, and we are excited and confident that the U.S. PRT market will be an attractive growth segment for RGA going forward.

我們正在與一些知名的、知名的、高質量的保險合作夥伴合作，這些合作夥伴可以廣泛獲得 PRT 機會，包括在非常大的市場終端。我們正積極把握籌備中的許多機會，我們很高興並相信美國 PRT 市場將成為 RGA 未來有吸引力的增長部分。

Beyond U.S. PRT opportunities, our pipelines are very healthy and include opportunities in many markets and different products. In our organic reinsurance business, we see opportunities across the globe. In Asia, we are the leader in combining product development, underwriting and capital solutions and as a result, win many treaties on an exclusive basis. This is timely as we see early signs of a strong rebound in business activity in Hong Kong and throughout Asia as travel fully resumed.

除了美國 PRT 機會外，我們的管道非常健康，包括許多市場和不同產品的機會。在我們的有機再保險業務中，我們看到了全球的機會。在亞洲，我們是結合產品開發、承銷和資本解決方案的領導者，因此贏得了許多獨家協議。這是及時的，因為隨著旅行的全面恢復，我們看到了香港和整個亞洲商業活動強勁反彈的早期跡象。

In North America, we continue to win new business by leveraging our signature underwriting strength, including facultative services and other targeted underwriting programs and expertise. I believe this breadth of opportunities provides us an advantage as our risk expertise enables us to assess and engage in the more complex risks and structures.

在北美，我們通過利用我們標誌性的承保實力，包括兼職服務和其他有針對性的承保計劃和專業知識，繼續贏得新業務。我相信這種廣泛的機會為我們提供了優勢，因為我們的風險專業知識使我們能夠評估和參與更複雜的風險和結構。

I also believe our global footprint and strong client relationships provide additional advantages as we can allocate resources to the most attractive opportunities, regardless of geography or product. We have an established long history of not only winning transactions, but equally important, a long track record of performance from those transactions.

我還相信我們的全球足跡和強大的客戶關係提供了額外的優勢，因為我們可以將資源分配給最具吸引力的機會，無論地理位置或產品如何。我們不僅在贏得交易方面有著悠久的歷史，而且同樣重要的是，我們在這些交易的業績方面有著悠久的歷史記錄。

On the asset side, overall investment performance in the quarter was good. Variable investment income was solid, new money rates remained attractive and impairments were modest. We believe that our investment portfolio is well positioned to withstand a more uncertain period going forward. This was a strong quarter across the board and a very good start for our milestone year as we celebrate RGA's 50th anniversary in 2023.

資產方面，本季度整體投資表現良好。可變投資收入穩健，新貨幣利率仍然具有吸引力且減值幅度適中。我們相信，我們的投資組合處於有利地位，可以承受未來更加不確定的時期。這是一個全面強勁的季度，也是我們在 2023 年慶祝 RGA 成立 50 週年的里程碑年的良好開端。

We are well positioned, our business is resilient and the need for financial protection is clear. Our strategy of creating innovative new solutions is a win for consumers, a win for our clients and a win for RGA. Our clients recognize and respect all that RGA can do to help navigate increasing economic uncertainty, evolving regulatory and accounting changes and shifting consumer needs and competitive dynamics. Partnerships with RGA provide trusted expertise to succeed in these environments.

我們處於有利地位，我們的業務具有彈性，並且對財務保護的需求是明確的。我們創造創新解決方案的戰略是對消費者的勝利，對我們的客戶的勝利，對 RGA 的勝利。我們的客戶認可並尊重 RGA 在幫助應對日益增加的經濟不確定性、不斷變化的監管和會計變化以及不斷變化的消費者需求和競爭動態方面所做的一切。與 RGA 的合作夥伴關係提供值得信賴的專業知識，以在這些環境中取得成功。

Throughout my time at RGA, I can't recall another period when we saw this level of opportunity and momentum. And when you add to that, the underlying earnings power in the business and the talented global team, it gives me a great deal of confidence in RGA's ability to continue to deliver growth and attractive returns to our shareholders. Thank you for your continued support and interest in RGA.

在我在 RGA 的整個時間裡，我不記得還有什麼時候我們看到過這種水平的機會和勢頭。當你再加上業務的潛在盈利能力和才華橫溢的全球團隊時，它讓我對 RGA 繼續為我們的股東帶來增長和有吸引力的回報的能力充滿信心。感謝您一直以來對 RGA 的支持和興趣。

And I will now hand it over to Todd to go over the financial results.

我現在將把它交給托德來檢查財務結果。

Thanks, Anna. Before commenting on results, there are a couple of items I would like to mention. First, effective January 1, we adopted the new Long-Duration Targeted Improvement accounting standard, or LDTI. In April, we provided a re-casted 2022 quarterly financial supplement and a presentation that reflected the adoption of LDTI. We believe that overtime, the new accounting standard will provide better insight into RGA's long-term business performance and along with the new disclosures, provide additional transparency to investors.

謝謝，安娜。在評論結果之前，我想提幾個項目。首先，自 1 月 1 日起，我們採用了新的長期目標改進會計標準，即 LDTI。 4 月，我們提供了一份重新編制的 2022 年季度財務補充報告和一份反映 LDTI 採納情況的演示文稿。我們相信，隨著時間的推移，新的會計準則將讓人們更好地了解 RGA 的長期經營業績，並與新的披露一起為投資者提供更高的透明度。

Second, you may have noticed that we did not make specific reference to COVID in our quarterly materials. COVID impacts have diminished and the reliability of COVID reporting continues to decline. Going forward, we will address our quarterly results without breaking COVID out, separately.

其次，您可能已經註意到我們沒有在季度材料中具體提及 COVID。 COVID 的影響已經減弱，COVID 報告的可靠性繼續下降。展望未來，我們將在不打破 COVID 的情況下單獨處理我們的季度業績。

Turning to the quarter's results. RGA reported pretax adjusted operating income of $456 million for the quarter, and adjusted operating earnings per share of $5.16, which includes a foreign currency headwind of $0.18 per share. The trailing 12-month adjusted operating return on equity was 11.2%. Excluding the 2022 assumption changes referred to as notable items, the trailing 12-month adjusted operating return on equity was 13.1%.

轉向本季度的結果。 RGA 報告本季度稅前調整後營業收入為 4.56 億美元，調整後每股營業收入為 5.16 美元，其中包括每股 0.18 美元的外匯逆風。過去 12 個月的調整後經營股本回報率為 11.2%。不包括稱為顯著項目的 2022 年假設變化，過去 12 個月的調整後經營股本回報率為 13.1%。

We are pleased with the strong quarterly results and in other key metrics, such as new business production, constant currency premium growth, the capital deployed into in-force and other transactions and investment results.

我們對強勁的季度業績和其他關鍵指標感到滿意，例如新業務生產、持續的貨幣溢價增長、部署到有效的資本以及其他交易和投資結果。

Reported premiums were up 7.3% for the quarter. After adjusting for adverse foreign currency impacts, premiums were up 10.8% on a constant currency basis. We continue to see good momentum across our business segments.

本季度報告的保費增長了 7.3%。在針對不利的外匯影響進行調整後，按固定匯率計算，保費增長了 10.8%。我們繼續看到我們業務部門的良好勢頭。

Turning to the quarterly segment results, starting on Slide 6, in our earnings presentation that can be found on RGA's Investor Relations website. The U.S. and Latin America Traditional segment reflected favorable overall results in our individual mortality business, primarily due to in-force management actions and higher investment income.

從幻燈片 6 開始，轉向季度分部結果，在我們的收益演示中可以在 RGA 的投資者關係網站上找到。美國和拉丁美洲傳統部門反映出我們個人死亡率業務的總體業績良好，這主要是由於有效的管理措施和更高的投資收入。

Our individual mortality claims frequency was favorable, consistent with the general population data that showed a declining impact of COVID-19 and negative non-COVID-19 excess mortality, likely due to an early peak of the flu season in the fourth quarter of last year. These positives were partially offset by unfavorable large claims volatility in certain cohorts with a net premium ratio over 100%.

我們的個人死亡索賠頻率是有利的，與顯示 COVID-19 的影響下降和非 COVID-19 超額死亡率為負的一般人口數據一致，這可能是由於去年第四季度流感季節的早期高峰.這些積極因素部分被某些隊列中不利的大額索賠波動所抵消，淨保費率超過 100%。

Noting experience on these cohorts is reflected currently in income. Individual health and group business both had favorable experience, including favorable mortality in our group business. The U.S. asset-intensive business results were strong, reflecting favorable investment spreads, including higher yields on floating rate securities. And our U.S. Capital Solutions business continues to perform in line with our expectations.

注意到這些群體的經驗目前反映在收入中。個人健康和集團業務都有良好的經驗，包括我們集團業務的死亡率。美國資產密集型業務業績強勁，反映出有利的投資利差，包括浮動利率證券的較高收益率。我們的 U.S. Capital Solutions 業務的表現繼續符合我們的預期。

The Canada Traditional results were in line with expectations and the Financial Solutions business reflected favorable longevity experience. In Europe, Middle East and Africa segment, the Traditional business results reflected moderately unfavorable experience, primarily due to the estimated mortality and morbidity claims of $8 million related to the earthquake in Turkey. EMEA's Financial Solutions business reflected favorable longevity experience.

Canada Traditional 的業績符合預期，金融解決方案業務反映了良好的長壽體驗。在歐洲、中東和非洲分部，傳統業務業績反映出中度不利的經歷，這主要是由於與土耳其地震相關的估計死亡率和發病率索賠 800 萬美元。 EMEA 的金融解決方案業務反映了良好的長壽經驗。

Turning to our Asia Pacific Traditional business. Results reflected favorable overall experience across the region. The Asia Pacific Financial Solutions business performed well reflecting contributions from recent strong new business activity.

轉向我們的亞太傳統業務。結果反映了整個地區良好的整體經驗。亞太金融解決方案業務表現良好，反映了近期強勁的新業務活動的貢獻。

The Corporate and Other segment reported a pretax adjusted operating loss of $25 million less than the expected quarterly range, primarily due to higher investment income.

公司和其他部門報告的稅前調整後經營虧損比預期的季度範圍少 2500 萬美元，這主要是由於投資收益增加。

Moving on to Capital Management. As shown on Slides 12 and 13 of our earnings presentation, our capital and liquidity positions remained strong, and we ended the quarter with excess capital of approximately $1.4 billion. In the quarter, we deployed $194 million of capital into in-force and other transactions and continue to see a very healthy pipeline.

轉向資本管理。如我們收益報告的幻燈片 12 和 13 所示，我們的資本和流動性狀況依然強勁，本季度末我們的資本過剩約為 14 億美元。在本季度，我們將 1.94 億美元的資金投入到有效交易和其他交易中，並繼續看到非常健康的渠道。

We also returned a total of $103 million of capital to shareholders through $50 million of share repurchases and $53 million in dividends. We expect to remain active in deploying capital into in-force and other transactions and returning excess capital to shareholders through dividends and share repurchases.

我們還通過 5000 萬美元的股票回購和 5300 萬美元的股息向股東返還了總計 1.03 億美元的資本。我們預計將繼續積極地將資本部署到有效交易和其他交易中，並通過股息和股票回購將多餘的資本返還給股東。

I will now turn the call over to Leslie Barbi, our Chief Investment Officer, and she will discuss current market conditions and our investment results.

我現在將把電話轉給我們的首席投資官 Leslie Barbi，她將討論當前的市場狀況和我們的投資結果。

Thanks, Todd. We had favorable investment results in the first quarter across investment income, new money rates and credit performance. On Slide 8 in the presentation, we show that the non-spread portfolio yield for the quarter was 4.71%, reflecting solid variable investment income and higher yield.

謝謝，托德。我們在第一季度的投資收益、新貨幣利率和信貸表現方面取得了良好的投資成果。在演示文稿的幻燈片 8 中，我們顯示本季度的非利差投資組合收益率為 4.71%，反映出穩定的可變投資收入和更高的收益率。

Looking at the base yield meaning before variable investment income, the non-spread portfolio increased to 4.45%, up from 3.8% in the first quarter of last year. Our new money rate in the first quarter was 5.56%, well above the portfolio base yield, so new money and reinvestments at current levels continue to support a higher portfolio yield.

從可變投資收益前的基礎收益率來看，非利差投資組合從去年第一季度的 3.8% 上升至 4.45%。我們第一季度的新貨幣利率為 5.56%，遠高於投資組合基礎收益率，因此當前水平的新資金和再投資繼續支持更高的投資組合收益率。

VII was modestly above our expectations coming from real estate joint ventures. We continue to benefit from higher yields on floating rate securities and cash. Also, we have taken advantage of the environment over the last year with actions, such as extension trades and more recently swapping some of our floating rate assets to fixed rates in order to lock in attractive yields for a longer period of time. We believe the portfolio is well positioned to withstand a more uncertain period going forward.

VII 略高於我們對房地產合資企業的預期。我們繼續受益於浮動利率證券和現金的更高收益率。此外，我們利用去年的環境採取了一些行動，例如擴展交易以及最近將我們的一些浮動利率資產轉換為固定利率，以便在更長的時間內鎖定有吸引力的收益率。我們相信該投資組合處於有利地位，可以承受未來更加不確定的時期。

Slide 9 of the earnings presentation covers the investment portfolio. Our investment strategy balances risk and return to build a portfolio to weather cycles and produce long-term value. Our overall portfolio credit quality was steady to slightly improving and has an average rating of A. Over 94% of the portfolio is investment grade rated and our high-yield holdings are primarily in the BB category. Credit performance was strong in the first quarter. Ratings upgrades outpaced ratings downgrades and impairments were modest at $41 million.

收益報告的幻燈片 9 涵蓋了投資組合。我們的投資策略平衡了風險和回報，以建立一個投資組合來應對周期並產生長期價值。我們的整體投資組合信用質量穩定至略有改善，平均評級為 A。超過 94% 的投資組合為投資級評級，我們的高收益資產主要屬於 BB 類。第一季度的信貸表現強勁。評級上調速度超過評級下調速度，減值幅度適中，為 4100 萬美元。

Moving to Slide 10 and 11. We've added additional information to our earnings presentation on commercial real estate and on office exposure in particular. Our portfolio is structured to provide us with solid returns and a lot of protection. We have an experienced team that has managed well through cycles and they originate the loans that we put in our portfolio, with 8 regional offices that give us boots on the ground intelligence and surveillance. We hold $6.9 billion of commercial mortgage loans for CML. The portfolio is high quality. The 56% average LTV means there's generally a lot of equity ahead of our loans that would absorb property price declines before our loan amounts would be at risk.

轉到幻燈片 10 和 11。我們在收益演示中添加了更多信息，尤其是關於商業房地產和辦公室曝光的信息。我們的投資組合旨在為我們提供可觀的回報和大量保護。我們擁有一支經驗豐富的團隊，他們在各個週期都管理得很好，他們發起了我們放入投資組合的貸款，並設有 8 個區域辦事處，為我們提供實地情報和監控。我們為 CML 持有 69 億美元的商業抵押貸款。投資組合是高質量的。 56% 的平均 LTV 意味著在我們的貸款金額面臨風險之前，我們的貸款之前通常有很多資產可以吸收房地產價格的下跌。

Valuations are reviewed at least annually. We further mitigate risk with a well-laddered maturity profile. Only 2% of the CMLs matured in the balance of this year and 6% mature in 2024. Another strong sign is that there's just one delinquent loan in the portfolio as of March 31. That's 1 loan out of about 700 and represents less than 0.3% of the commercial mortgage loan portfolio.

估值至少每年審查一次。我們通過分級良好的成熟度概況進一步降低風險。今年餘額中只有 2% 的 CML 到期，2024 年到期的為 6%。另一個明顯的跡像是，截至 3 月 31 日，投資組合中只有一筆拖欠貸款。大約 700 筆貸款中有 1 筆拖欠，不到 0.3佔商業抵押貸款組合的百分比。

The office portion of the CML portfolio is $1.7 billion. Our strategy focuses on suburban office properties, not skyscrapers and major city central business district. The office portfolio has an average LTV of 57% and is diversified across more than 150 loans with an average loan size of about $11 million. Our investments are located across more than 50 metropolitan statistical areas, providing strong geographical diversification as well.

CML 投資組合的辦公室部分為 17 億美元。我們的戰略重點是郊區寫字樓，而不是摩天大樓和主要城市的中央商務區。寫字樓組合的平均 LTV 為 57%，並且在 150 多筆貸款中多元化，平均貸款規模約為 1100 萬美元。我們的投資遍布 50 多個大都市統計區，也提供了強大的地域多元化。

We are realistic about the environment. And as you would expect from RGA, we are actively monitoring our office portfolio and our process includes proactive engagement with borrowers as maturities or lease expirations approach or where we see changing portfolio metrics. While this environment of transition in office use presents the market challenges, I'm confident that we have the portfolio, people and process to navigate through this period of adjustment.

我們對環境持現實態度。正如您對 RGA 的期望，我們正在積極監控我們的辦公室投資組合，我們的流程包括在到期或租約到期時或我們看到投資組合指標發生變化時與借款人積極接觸。雖然這種辦公室使用的過渡環境帶來了市場挑戰，但我相信我們有足夠的產品組合、人員和流程來度過這段調整期。

In summary, our overall investment results have continued to be strong. Our strategic approach to investments, the quality of the portfolio, our diligent underwriting and our proactive surveillance and actions give me confidence that we are well prepared to manage through changing market conditions.

總而言之，我們的整體投資業績繼續保持強勁。我們的投資戰略方法、投資組合的質量、我們勤奮的承銷以及我們主動的監督和行動使我相信我們已做好充分準備應對不斷變化的市場條件。

And now I will pass it back to Todd.

現在我會把它傳回給托德。

Thanks, Leslie. To summarize, we are pleased with the strong start to the year, the strength of our business and underlying earnings power.

謝謝，萊斯利。總而言之，我們對今年的強勁開局、我們的業務實力和潛在盈利能力感到滿意。

And now we'd be happy to open it up for your questions.

現在我們很樂意打開它來回答您的問題。

(Operator Instructions)

（操作員說明）

The first question comes from Jimmy Bhullar with JPMorgan.

第一個問題來自摩根大通的 Jimmy Bhullar。

So first, I just had a question on your margins in the traditional U.S. business. They were higher than they've been under LDTI in any of the quarters. So wondering if you could talk about what are some of the sort of -- what were the contributors to the strong margins? And what do you view as sort of sustainable contributors versus maybe one-off type things that might have lifted results this quarter?

所以首先，我只是想問一下你們在美國傳統業務中的利潤率。在任何一個季度中，它們都高於 LDTI 下的水平。所以想知道你是否可以談談什麼是 - 高利潤率的貢獻者是什麼？你認為什麼是可持續的貢獻者，而不是可能在本季度提升業績的一次性事件？

Jimmy, it's Todd. Maybe it'll be helpful, but maybe I'll talk about some of the pieces within the U.S. Traditional line. Had a very strong quarter. Overall performance experience is very good. And let me break it down a little bit to give you the moving pieces for a better understanding of the quarter. I think it would be helpful.

吉米，是托德。也許它會有所幫助，但也許我會談談美國傳統系列中的一些作品。有一個非常強勁的季度。整體性能體驗非常好。讓我稍微分解一下，為您提供移動部分，以便更好地了解本季度。我認為這會有所幫助。

One is we did have some in-force management actions during the quarter. And as we talked about, and over the past few years, we're constantly monitoring the performance of the underlying business and where we see some imbalances, we will work with our clients to sort of get the balance back in order through various in-force actions, which could include the rate actions and other activities.

一是我們在本季度確實採取了一些有效的管理措施。正如我們所說，在過去的幾年裡，我們一直在監控基礎業務的績效，在我們發現一些不平衡的地方，我們將與我們的客戶合作，通過各種 in-強制行動，其中可能包括利率行動和其他活動。

So we did have some execution of some in-force management actions in the quarter, which did flow through the bottom line because of the way the LDTI accounting works, where historically, these rate actions would have been spread out overtime of the underlying treaty, given that the rate actions, a lot of them, were on the cohort that had the net premium ratio above 100%.

因此，我們確實在本季度執行了一些有效的管理行動，由於 LDTI 會計的運作方式，這些行動確實流經了底線，從歷史上看，這些利率行動本應在基礎條約的加班時間裡展開，考慮到利率行動，其中很多都是針對淨保費率超過 100% 的人群。

The economic value of those rate actions came through currently in the quarter. And I want to highlight -- really a positive because it brings an increase to book value right away and the realization of that value that we created through those actions. Offsetting that a little bit was, we have normal large claim volatility from quarter-to-quarter, as you've seen and heard us talk about, again, historically.

這些利率行動的經濟價值目前在本季度體現出來。我想強調——這真的是積極的，因為它會立即增加賬面價值，並實現我們通過這些行動創造的價值。正如您在歷史上再次看到和聽到我們談論的那樣，我們每個季度都有正常的大幅索賠波動。

We'll have some good experience on large claims and also some unfavorable experience on larger claims. But overtime, all that evens out. And we did have some negative of large claim experience in the quarter. And I would say, overall, the in-force actions in the large claim volatility really canceled each other out for the most part. And then our -- as I commented in my remarks, we did have some favorable group and individual health experience in the quarter.

我們在大額索賠方面會有一些好的經驗，也會在大額索賠方面有一些不利的經驗。但是加班，這一切都平息了。我們在本季度確實有一些負面的大額索賠經驗。我要說的是，總體而言，大額索賠波動中的有效行動在很大程度上確實相互抵消了。然後我們——正如我在發言中評論的那樣，我們在本季度確實有一些有利的團體和個人健康經驗。

And I would size that as about a $25 million positive variance. Then we had some miscellaneous other items, including some higher investment income and some other items that were overall positive in the quarter.

我會將其確定為大約 2500 萬美元的正方差。然後我們還有一些雜項，包括一些更高的投資收入和一些在本季度總體上積極的其他項目。

Okay. And then what -- if you could give us some insight into what went into your thinking and doing more in buybacks this quarter than you had done in the last several quarters? And should we assume that this is sort of more of a run rate going forward?

好的。然後呢 - 如果你能讓我們深入了解你的想法以及本季度在回購方面所做的比你在過去幾個季度所做的更多？我們是否應該假設這更像是未來的運行率？

Well, for the quarter, as we're exiting the pandemic, we're feeling very good about our earnings power and capital generation. We're still also looking at a very healthy pipeline as we deal pipeline, as we mentioned as well. So we -- I think we just opportunistically took advantage of, one, the share price was off a little bit. But two, again, we're confident with our capital generation and I want to make sure we're actively managing the overall capital base. And as we've mentioned more recently, we're very comfortable managing the excess capital level down below its current level.

好吧，在本季度，隨著我們擺脫大流行，我們對我們的盈利能力和資本生成感覺非常好。正如我們提到的那樣，我們在處理管道時仍在尋找非常健康的管道。所以我們 - 我認為我們只是機會主義地利用了，一個，股價下跌了一點。但是，第二，我們對我們的資本產生充滿信心，我想確保我們正在積極管理整體資本基礎。正如我們最近提到的那樣，我們很樂意將過剩資本水平控制在當前水平以下。

The next question comes from John Barnidge with Piper Sandler.

下一個問題來自 John Barnidge 和 Piper Sandler。

Looks like you racked up some frequent flyer miles all over the world with those in-force transactions in the first quarter. Can you maybe talk a little bit more about the pipeline, that side-by-side expertise and partnerships on the PRT side with insurance carriers?

看起來您在第一季度通過這些有效交易在世界各地積累了一些飛行常客里程。您能否多談談管道，即 PRT 方面與保險公司的並排專業知識和合作夥伴關係？

Thank you for the question. It's Anna. Yes, frequent flyer miles are racking up. Let me take a step back. I'll address your PRT question, first. Let me take a step back, if I may. We've been in the longevity reinsurance business for many years and across many markets. And we completed a nice size longevity deal in the first quarter in the U.K. market.

感謝你的提問。是安娜。是的，飛行常客里程正在累積。讓我退後一步。首先，我將解決您的 PRT 問題。如果可以的話，讓我退後一步。我們從事長壽再保險業務多年，業務遍及多個市場。我們在第一季度在英國市場完成了一筆不錯的長壽交易。

So over those years, this business has grown quite nicely. And it's consistently performed well. Recall, I mentioned in the fourth quarter call that we're now at a stage where we cover roughly 2 million pensioners and have in excess of $70 billion worth of expected lifetime benefits. There's strong demand, continuing strong demand for those longevity solutions. And we have, over the last 15 years, been providing both pure longevity solutions as well as full asset solutions.

所以在那些年裡，這項業務發展得非常好。而且它一直表現良好。回想一下，我在第四季度的電話會議上提到，我們現在正處於一個階段，我們覆蓋了大約 200 萬養老金領取者，並且擁有超過 700 億美元的預期終生福利。需求強勁，對這些長壽解決方案的需求持續強勁。在過去的 15 年裡，我們一直在提供純粹的長壽解決方案和完整的資產解決方案。

Now we've added another leg to our strategy, and that's this side-by-side model in the U.S. where we no longer sit behind the client, but rather we sit side-by-side with them as their PRT partners, the market is very sizable. There's a lot of demand we see extending out for many years, and we expect to grow this business.

現在我們在我們的戰略中增加了另一條腿，這就是美國的這種並排模式，我們不再坐在客戶後面，而是作為他們的 PRT 合作夥伴與他們並排坐在一起，市場非常可觀。我們看到很多需求會持續多年，我們希望發展這項業務。

And what we like about this partnership model is that it really leverages some of our core strengths. We have access to data and insights, especially regarding the older age mortality. Remember, we are the older age mortality experts. We know that very well. That's a knowledge advantage. And then when you consider the diversification advantage that we have because of the large mortality business, that's something that all players in the PRT market can bring.

我們喜歡這種合作模式的地方在於它確實利用了我們的一些核心優勢。我們可以獲得數據和見解，尤其是關於老年人死亡率的數據和見解。請記住，我們是老年死亡率專家。我們非常清楚這一點。這就是知識優勢。然後，當你考慮到我們因大型死亡率業務而擁有的多元化優勢時，這是 PRT 市場上所有參與者都可以帶來的。

And so that -- the combination of those 2 plus our financial strength, our reputation for delivering on commitments. We just think this additional leg to our stool is very, very attractive, and we expect that it will, overtime, be successful and help us grow into and from the PRT market.

因此 - 這兩者的結合加上我們的財務實力，我們履行承諾的聲譽。我們只是認為我們凳子上的這條額外的腿非常非常有吸引力，我們希望它會加班成功並幫助我們進出 PRT 市場。

Now the rest of the pipeline, I think I said in my prepared remarks, I can't recall a time that I've seen this much in terms of opportunity and momentum. And it's not just in the transactions, it's also in our organic reinsurance business across the globe. We're really coming out of the pandemic, very strong and very well positioned.

現在剩下的管道，我想我在準備好的發言中說過，我不記得有一次我在機會和勢頭方面看到了這麼多。這不僅體現在交易中，還體現在我們全球的有機再保險業務中。我們真的從大流行中走出來，非常強大，定位非常好。

And then here's my final comment. With the capital level, following up on the question that Todd addressed, with the capital levels and with potentially increasing market dislocations look, we have the flexibility, and we're set up to benefit from these growth opportunities. We're in really good shape to add to our long track record.

然後這是我的最後評論。在資本水平上，跟進托德提出的問題，在資本水平和潛在增加的市場錯位的情況下，我們有靈活性，我們已經準備好從這些增長機會中受益。我們的狀態非常好，可以添加到我們的長期記錄中。

And my follow-up goes back to maybe Jimmy's question. How much of 1Q's performance do you view as run ratable versus some over-earning? I mean, obviously, mortality results have improved, some cash received in the bank on real estate transactions, but also more capital being deployed in the topline. I mean, just trying to help dimension that a little bit. It seems like it's closer to 5, quarterly, than it is 4, would love some help there.

我的後續行動可以追溯到吉米的問題。您認為 1Q 的表現中有多少是可以運行的，而不是一些超額收益？我的意思是，很明顯，死亡率結果有所改善，銀行在房地產交易中收到了一些現金，但也有更多的資金被部署在收入中。我的意思是，只是想幫助確定一點。似乎每季度更接近 5，而不是 4，希望在那裡得到一些幫助。

Yes. I'd like to -- John, I'd like to -- this is Todd. I'd like to maybe kick that a little bit to as far as a more in-depth detailed discussion around forward-looking guidance, that kind of thing to our Investor Day that's coming up next month. It was a strong quarter, a lot of good things that happened in the quarter, and we're very optimistic with our underlying business and underlying earnings power going forward. But really would prefer not to get into the details on this call and get more in depth, next month.

是的。我想——約翰，我想——這是托德。我想就前瞻性指導進行更深入的詳細討論，討論下個月即將到來的投資者日。這是一個強勁的季度，本季度發生了很多好事，我們對我們的基礎業務和未來的潛在盈利能力非常樂觀。但真的不想深入了解這次電話會議的細節，而是在下個月進行更深入的討論。

The next question comes from Ryan Krueger with KBW.

下一個問題來自 KBW 的 Ryan Krueger。

I think you mentioned some favorable results in both Asia and EMEA in the quarter. I was hoping you could give some sort of perspective on the size of those.

我想你提到了本季度在亞洲和 EMEA 的一些有利結果。我希望你能對這些的規模給出某種看法。

Ryan, it's Todd. Yes, no -- yes, so Asia, I think we commented very good, very strong performance. And that -- it was underlying good experience with some higher investment income as well. And I would say it's pretty much across the region. As well, Australia had a positive result. It was a positive about $8 million pretax for the quarter. So it's good to see Australia have a good quarter. So Asia was strong. And hopefully, we'll continue to sustain that level. And again, we'll provide more meaningful guidance for everybody in a few weeks here.

瑞安，是托德。是的，不——是的，所以亞洲，我認為我們評論了非常好、非常強勁的表現。而且——這也是一些更高投資收入的潛在良好經驗。我會說它幾乎遍及整個地區。同樣，澳大利亞也取得了積極的成果。該季度的稅前收益約為 800 萬美元。所以很高興看到澳大利亞有一個好的季度。所以亞洲很強大。希望我們能繼續保持這一水平。再一次，我們將在幾週後在這里為每個人提供更有意義的指導。

Got it. And I guess on interest rates. In the past, you had talked about the benefit you were getting from reinvesting new money above portfolio yield. Now that we're in the new year, can you help us think about the ongoing tailwind maybe over the next year from potentially higher investment income?

知道了。我猜是關於利率。過去，您曾談到將新資金進行高於投資組合收益率的再投資所帶來的好處。既然我們進入了新的一年，您能否幫助我們考慮一下可能在明年從潛在更高的投資收入中獲得的持續順風？

Thanks, Ryan. This is Leslie. Yes, we had -- you're right, we had talked in the last couple of quarters about the amount rates have moved and that would point to this $25 million-ish per quarter, what's the ballpark, I had been giving. And that's really what the first quarter did look like that cumulative benefit of all the changes last year.

謝謝，瑞安。這是萊斯利。是的，我們有——你是對的，我們在過去幾個季度談到了利率的變動，這將指向每季度 2500 萬美元，我一直在給出的大概數字是多少。這確實是第一季度去年所有變化的累積收益。

What I would think going forward is that if all rates move in parallel, our sensitivity is around $15 million for 50 basis points. But I will note, as we've said, we had been taking actions to extend maturities and lock in moving some of those floating rate to fixed. So the entire yields are good for us, and we want to make sure we take advantage of them.

我認為未來的情況是，如果所有利率同時變動，我們對 50 個基點的敏感度約為 1500 萬美元。但我要指出，正如我們所說，我們一直在採取行動延長期限，並鎖定將其中一些浮動利率轉為固定利率。所以整個收益對我們都有好處，我們想確保我們利用它們。

Next question comes from Andrew Kligerman with Crédit Suisse.

下一個問題來自 Crédit Suisse 的 Andrew Kligerman。

A few follow-ups. Very curious about your mention of pension risk transfer partners. Is that your primary clients that are interested, are they outside private capital? I'm not quite clear on that. So would love to hear you elaborate a bit.

一些跟進。很好奇你提到的養老金風險轉移夥伴。是您感興趣的主要客戶，他們是否在私人資本之外？我對此不是很清楚。所以很想听聽你詳細說明一下。

Andrew, it's Anna. Yes. The partners are life insurance companies. They are not private equity or other alternative organizations, they are long-standing clients.

安德魯，是安娜。是的。合作夥伴是人壽保險公司。他們不是私募股權或其他替代組織，他們是長期客戶。

And Anna, so it's kind of a setup program where you know if you see something that came kind of partners will be involved in each transaction. Is that the right way to think about it? So sort of a structured approach to the pension risk transfers.

安娜，所以這是一個設置程序，你知道如果你看到一些合作夥伴會參與每筆交易。這是正確的思考方式嗎？這是一種結構化的養老金風險轉移方法。

I think that's a good description, a structured approach, and I would also ask that we defer this for our Investor Day where we will be providing additional information on the partnership.

我認為這是一個很好的描述，一種結構化的方法，我還要求我們將其推遲到我們的投資者日，屆時我們將提供有關合作夥伴關係的更多信息。

Got it. Deferred it is. And then the in-force actions, I kind of -- I'm not kind of clear on that either. Like what types of in-force transactions occurred in the quarter? Maybe just a little color -- a little picture of what that might have been and the actual earnings benefit?

知道了。推遲了。然後是有效行動，我有點——我也不太清楚。比如本季度發生了哪些類型的有效交易？也許只是一點顏色 - 可能是什麼以及實際收益的小圖片？

Yes, Andrew, it's Todd. Again, as we've talked about, historically, the variety of things that we can do and we work with our clients to make sure that the relationship is in balance, that can include rate actions, maybe winning shares of treaties in other parts of the world, potential recaptures, there's a variety of things.

是的，安德魯，是托德。同樣，正如我們所討論的那樣，從歷史上看，我們可以做各種各樣的事情，我們與客戶合作以確保這種關係處於平衡狀態，這可能包括利率行動，可能包括在其他地區贏得條約份額世界，潛在的奪回，有各種各樣的事情。

In the quarter, there was the impact of some rate action activity that we executed on, along with some other things. And that -- the overall impact of the in-force actions for the quarter was about $50 million, and that was relatively offset, as I mentioned earlier by the additional large claims in the quarter. So some positives and negatives. But again, overall business performance was good. And I think our ongoing in-force actions contributed quite a bit of value to the organization.

在本季度，我們執行的一些利率行動活動以及其他一些事情產生了影響。而且 - 本季度有效行動的總體影響約為 5000 萬美元，而且正如我之前提到的本季度額外的大額索賠所抵消的那樣。所以一些積極的和消極的。但同樣，整體業務表現良好。而且我認為我們正在進行的有效行動為組織貢獻了相當多的價值。

I see. And just to kind of clarify that, that will be my final. So the -- you had some unfavorable mortality that offset it, but isn't that smoothed out in the underlying experience under the new accounting. So I just kind of wanted to make sure that I was clear on that. So there was some actual mortality that took away from the benefit of the rate actions, even though it's smoother under LDTI now?

我懂了。澄清一下，那將是我的決賽。所以 - 你有一些不利的死亡率抵消了它，但在新會計製度下的基本經驗中並沒有消除這種影響。所以我只是想確保我清楚這一點。因此，儘管現在在 LDTI 下更平穩，但有一些實際死亡率從利率行動中受益？

Yes, Andrew, thanks for asking that. Yes, for the large claim volatility that we saw in the quarter, was primarily from the cohorts that have net premium ratio greater than 100%. So under LDTI, that variance goes through currently in income. If it would have been on cohorts less than 100% of the net premium ratio less than 100%, it would have been spread out.

是的，安德魯，謝謝你提出這個問題。是的，對於我們在本季度看到的較大索賠波動，主要來自淨保費率大於 100% 的人群。因此，在 LDTI 下，這種差異目前在收入中存在。如果它在低於 100% 的淨保費率低於 100% 的隊列中，它就會被分散。

Sorry, Andrew, this is Jonathan, too. Maybe just one more point to add is that some of the favorable frequency variance that we had actually was on cohorts that were with an -- net premium ratio less than 100%. So some of that positive benefit was spread out in the future periods, just as Todd mentioned.

抱歉，安德魯，我也是喬納森。也許再補充一點是，我們實際上擁有的一些有利的頻率差異是在淨保費率低於 100% 的隊列中。因此，正如托德提到的那樣，一些積極的好處會在未來時期傳播開來。

The next question comes from Dan Bergman with Jefferies.

下一個問題來自 Dan Bergman 和 Jefferies。

I guess to start, well, premium growth was quite strong in the quarter. It seems like some of this was driven by outsized growth in U.S. as an intensive. So just given that and all the deal activity you saw in the quarter. I wanted to see if you can give an estimate on where the core organic premium growth rate shook out in the first quarter?

我想首先，本季度的保費增長相當強勁。似乎其中一些是由美國作為一個集約化市場的超大規模增長推動的。因此，鑑於此以及您在本季度看到的所有交易活動。我想看看您是否可以估計第一季度核心有機保費增長率在哪裡？

And just given what you're seeing in all the business momentum that you discussed earlier, are there any further thoughts you can give on how you'd expect that to trend, as we move through the rest of the year?

鑑於您在之前討論的所有業務勢頭中所看到的情況，在我們度過今年剩餘時間的過程中，您是否可以進一步考慮如何預測這種趨勢？

Dan, it's Todd. Yes. No, again, overall premium growth, very happy with, very strong. I think your question is absent, maybe the PRT transaction, what's the normal growth or expected growth. But we still expect, overall, that we have -- our underlying business, we have the ability to continue to grow premiums at mid- to high single digits with contributions around the globe.

丹，是托德。是的。不，再次，整體保費增長，非常滿意，非常強勁。我覺得你的問題不存在，可能是PRT交易，什麼是正常增長或預期增長。但總的來說，我們仍然期望我們擁有 - 我們的基礎業務，我們有能力繼續以中高個位數增長保費，並在全球範圍內做出貢獻。

Dan, this is Tony. Let me just add to that. As Anna mentioned, look, we're optimistic about pretty much across the whole globe, both on the transactional and the flow business. We -- as mentioned, we're incredibly broad in what we do geographically, but also both on the asset and liability sides of the balance sheet. So whether it's -- in Asia, we see a lot of tailwinds behind the growth that we're experiencing. That could be the reopening of the travel, the discipline we've exhibited dealing with any blocks that were not performing favorably. We deal with them very quickly.

丹，這是托尼。讓我補充一點。正如安娜提到的那樣，看，我們對整個全球的交易和流量業務都持樂觀態度。我們 - 如前所述，我們在地理上所做的事情非常廣泛，而且在資產負債表的資產和負債方面也是如此。因此，無論是 - 在亞洲，我們看到我們正在經歷的增長背後有很多順風。這可能是旅行的重新開放，我們在處理任何表現不佳的街區時表現出的紀律。我們處理它們的速度非常快。

And the change in capital framework throughout all of Asia, that's a huge tailwind behind all our growth. And then you see in the U.S., our home market, where our brand is just so incredibly strong, and I'll call it signature strength of underwriting, we've been able to essentially amplify that core strength in numerous ways that, number one, we win business directly through that. And then number two is just improves -- it continues to improve our incredibly strong brand. And therefore, we win our more than fair share of just the traditional flow business there.

整個亞洲的資本框架發生變化，這是我們所有增長背後的巨大推動力。然後你會看到在美國，我們的本土市場，我們的品牌在那裡非常強大，我稱之為承保的標誌性實力，我們已經能夠通過多種方式從根本上擴大核心實力，第一，我們直接通過它贏得業務。然後第二個只是改進——它繼續改進我們令人難以置信的強大品牌。因此，我們在那裡贏得了傳統流量業務的公平份額。

Got it. That's really helpful. And then maybe if I could just one more, maybe moving directions a little bit. But just before LDTI, pre-LDTI, there seem to be a clear seasonality to your claims with lower earnings in the first quarter and then higher profitability as we move through the year, particularly in North America, all else equal.

知道了。這真的很有幫助。然後也許如果我可以再做一次，也許可以稍微移動一下方向。但就在 LDTI 之前，在 LDTI 之前，您的索賠似乎有明顯的季節性，第一季度收入較低，然後隨著我們全年的推移，盈利能力更高，特別是在北美，其他條件相同。

So I just wanted to see if there's any guidance you can give on how you'd expect the seasonal pattern to look, post-LDTI. Should we expect the same typical seasonal cadence to earnings? Or is there any change to the magnitude of that seasonality, given some of the smoothing that you discussed earlier? Any color there would be very helpful.

所以我只是想看看您是否可以就 LDTI 後的季節性模式的外觀提供任何指導。我們是否應該期望收益具有相同的典型季節性節奏？或者考慮到您之前討論的一些平滑，季節性的幅度是否有任何變化？那裡的任何顏色都會非常有幫助。

Dan, it's Jonathan. Let me take that one. So I think, big picture, we would expect to see some dampening of the seasonality effects, given the mechanisms under LDTI that you talked about. As Todd already mentioned for this quarter, it is dependent though on what cohorts have positive or negative variances in the period. So it's not fully predictable. So just keep that in mind as well. But I think, big picture, we would expect that seasonality would be a little bit less going forward.

丹，是喬納森。讓我拿那個。所以我認為，從大局來看，鑑於您談到的 LDTI 下的機制，我們預計會看到季節性影響有所減弱。正如托德在本季度已經提到的那樣，這取決於在此期間哪些群組具有正方差或負方差。所以這不是完全可以預測的。所以請記住這一點。但我認為，從大局來看，我們預計未來的季節性會有所減弱。

The next question comes from Tracy Benguigui with Barclays.

下一個問題來自巴克萊銀行的 Tracy Benguigui。

We'd like to touch upon your Chesterfield Re $500 million surplus note issuance where Apollo was the sole investor behind that. This is an embedded value deal. So that means there were reserve redundancies and this structure allows you to unlock part of that. What were the key drivers of your third-party actual opinion that determines an embedded value on this subject term life block?

我們想談談您的 Chesterfield Re 5 億美元盈餘票據發行，阿波羅是其背後的唯一投資者。這是一項內含價值交易。所以這意味著存在儲備冗餘，這種結構允許你解鎖其中的一部分。您的第三方實際意見的主要驅動因素是什麼，該意見決定了該主題術語生命週期的內含價值？

Tracy, it's Todd. Yes, yes, we executed the surplus note in the first quarter, collateralized by the embedded value of a portion of our business. Actual appraisal, I'm not sure we can talk about the details, but it would -- it'll be done based on normal actuarial appraisal of a traditional block of mortality business. We like the transaction quite a bit because it's down at the operating company level provides regulatory capital on a very efficient basis.

特蕾西，是托德。是的，是的，我們在第一季度執行了盈餘票據，以我們部分業務的內含價值作為抵押。實際評估，我不確定我們是否可以談論細節，但它會——它將根據對傳統死亡率業務塊的正常精算評估來完成。我們非常喜歡這筆交易，因為它在運營公司層面提供了非常有效的監管資本。

Okay. Could you see yourself doing more of these type of transactions?

好的。您能看到自己做更多此類交易嗎？

Yes. It's part of our alternative capital strategy. If you recall, I think, I get my years wrong. But I think 2014, we did an embedded value security -- securitization that we ultimately have paid off fairly recently. So we have done one in the past. And so yes, we think it's a good way to help finance our growth as well as it demonstrates the value that's in our book of business that's on our books.

是的。這是我們另類資本戰略的一部分。如果你還記得的話，我想，我弄錯了年齡。但我認為 2014 年，我們進行了內含價值證券化——我們最近終於獲得回報的證券化。所以我們過去做過一個。因此，是的，我們認為這是幫助為我們的增長提供資金的好方法，同時它也展示了我們賬簿上的業務價值。

And you talked about repricing in your in-force action. Can you just share what products in vintage years you're able to reprice? I'm assuming it was under a YRT.

你談到了在你的生效行動中重新定價。你能分享一下你可以重新定價的複古年份的哪些產品嗎？我假設它在 YRT 下。

Tracy, it's Todd. I don't think we're prepared to go down into the level of detail as far as which individual blocks and errors and that type of thing.

特蕾西，是托德。我認為我們不准備深入到具體的塊和錯誤以及那種類型的細節級別。

Our next question comes from Tom Gallagher with Evercore.

我們的下一個問題來自 Evercore 的 Tom Gallagher。

Just want to be clear on some of these accounting differences. So the experience on the U.S. Trad business that gets smoothed, it sounds like that was favorable in the quarter. And if so, will we continue to see a little bit of the tail benefit of that flow through in future periods.

只是想弄清楚其中一些會計差異。因此，美國貿易業務的經驗變得順暢，聽起來這在本季度是有利的。如果是這樣，我們是否會在未來期間繼續看到這種流動的一點尾部收益。

And the part of the book that's in, I guess, above 100% or in loss would -- had adverse experience of around $50 million on large claims. So that came during the current quarter. I just want to make sure I'm understanding those 2 pieces correctly.

我猜這本書中超過 100% 或損失的部分將有大約 5000 萬美元的大額索賠的不利經歷。所以這是在本季度出現的。我只是想確保我正確理解了這兩部分。

And then also, if you can comment on what percentage of your book is in the immediate recognition part that's in more of a loss position versus what percent of your book is assumed to be at a profit that's getting smoothed?

然後，如果你能評論一下你的賬簿中有多少百分比是處於更多虧損頭寸的即時識別部分，而你的賬簿中有多少百分比被認為是盈利的，並且正在變得平滑？

Yes, I'll start out. This is Todd. Yes, on the contracts that are in a less than 100% net premium ratio, that is where we saw the favorable mortality experience, primarily from the lower frequency of claims, and that does get spread out. So that will come back in, in the future.

是的，我會開始的。這是托德。是的，在淨保費率低於 100% 的合同中，我們看到了有利的死亡率體驗，主要是索賠頻率較低，而且確實分散了。所以將來會回來。

And then on the greater than 100%, again, to clarify what happened in the quarter is we did have some higher large claims in the quarter, and those were primarily in the cohorts with the net premium ratio above 100%. So those did flow through currently, but as well as, yes, we talked about during the call and in the remarks, we had some in-force rate actions that took place that were on -- actually also on cohorts greater than 100%. So that came through currently. And the impact of the in-force rate actions and the claims pretty much offset each other.

然後在大於 100% 的情況下，再次澄清本季度發生的事情是我們在本季度確實有一些更高的大額索賠，這些索賠主要是在淨保費率超過 100% 的人群中。所以這些確實在當前流過，但是，是的，我們在電話會議期間和評論中談到，我們有一些有效的利率行動正在發生——實際上也是在大於 100% 的人群中。所以目前通過了。生效的利率行動和索賠的影響幾乎相互抵消。

Got you. And Todd, how much of your book is in the above 100% net premium level that would be coming through immediately, just like ballpark, what percentage of your book?

明白了托德，你的書有多少處於 100% 以上的淨溢價水平，將立即通過，就像球場一樣，你的書的百分比是多少？

I would say -- this is Todd, again. Probably it's hard to exactly quantify it. It's certainly in the minority, less a minority part of the overall book or in-force. If I had to quantify it, say, in the 15 to 20 percentage points, but I don't have the exact figure with me right now.

我會說——這又是托德。可能很難準確量化它。它肯定是少數，更不用說整本書或有效的少數部分。如果我必須量化它，比如說，在 15 到 20 個百分點，但我現在沒有確切的數字。

And if I can add to that for a minute. Yes, the adverse mortality in the quarter was large claim volatility. And so we expect large claim volatility to go up and to go down, but to smooth out overtime. And in those cohorts, if we have and when we have positive quarters, you will see it also go directly down into earnings.

如果我可以添加一分鐘。是的，本季度的不利死亡率是索賠波動較大。因此，我們預計大額索賠的波動性會上升和下降，但會平穩加班。在這些群體中，如果我們有並且當我們有積極的季度時，你會看到它也直接進入收益。

So in those cohorts where the net premium ratio is over 100%, it's essentially similar to the old GAAP accounting where you saw that experience in the quarter just go directly down? If that's helpful.

因此，在那些淨保費率超過 100% 的隊列中，它與舊的 GAAP 會計基本相似，您看到該季度的經驗直接下降？如果那有幫助。

That is, Anna. And then my follow-up was, what about the experience in the quarter for the majority of your block that is below 100%, how favorable is that? I mean, I know we're not seeing it flow through now, based on the new accounting, but was that greater than $50 million? Like any way of quantifying that?

也就是安娜。然後我的後續行動是，本季度大多數低於 100% 的街區的體驗如何，這有多好？我的意思是，我知道我們現在沒有看到它流過，基於新的會計，但它是否超過 5000 萬美元？喜歡任何量化的方式嗎？

No, it wasn't greater than $50 million. It was measurable, I would say, maybe in the $20 million range.

不，它不超過 5000 萬美元。這是可衡量的，我想說，可能在 2000 萬美元的範圍內。

The next question comes from Alex Scott with Goldman Sachs.

下一個問題來自高盛的 Alex Scott。

My first one, I just had an accounting follow-up. When you all do in-force actions on product that's over 100% net premium ratio, I assume that would probably be enough pricing to potentially take it down below 100%. If that's the case, I get there's an immediate benefit. But is there also still an improvement to the run rate of earnings looking forward from those kind of actions? Because you'd have an NPR below 100% kind of going forward.

我的第一個，我剛剛進行了會計跟進。當你們都對淨保費率超過 100% 的產品採取有效行動時，我認為這可能足以將其降到 100% 以下。如果是這樣的話，我得到了立竿見影的好處。但是，從這些行動中預期的收益運行率是否還會有所改善？因為你的 NPR 會低於 100%。

Yes. Alex, this is Jonathan. It really depends on how material the subset of the cohort is where the adjustments are occurring. So I would say, generally speaking, changes wouldn't be probably large enough to affect the whole cohort over the course of time as you do if there's multiple adjustments that could compound to be enough to bring it under 100%. But because this would be a portion of a cohort, it's unlikely that it would move in a period below.

是的。亞歷克斯，這是喬納森。這實際上取決於發生調整的群組子集的重要性。所以我想說，一般來說，如果有多種調整可能會復合到足以使其低於 100%，那麼隨著時間的推移，變化可能不會大到足以影響整個隊列。但是因為這將是隊列的一部分，所以它不太可能在下面的時間段內移動。

Got it. Okay. And then when I think about these in-force management actions going forward, where are we with that? I mean, is there still a pipeline of things that you have to take care of there. What portion of this stuff over 100% NPR would you be looking to try to improve profitability on?

知道了。好的。然後，當我想到未來這些有效的管理行動時，我們在哪裡？我的意思是，是否還有一系列事情需要您處理。您希望嘗試提高盈利能力的這些東西的哪一部分超過 100% NPR？

This is Tony. Look, this is not a new strategy for us. This is something we've been doing for quite some time. And obviously, the key part of RGA is risk management, and we're always monitoring these blocks, always refining our views towards these blocks and then making judgments and assessments.

這是托尼。看，這對我們來說不是新戰略。這是我們已經做了很長一段時間的事情。顯然，RGA的關鍵部分是風險管理，我們一直在監控這些塊，一直在提煉我們對這些塊的看法，然後做出判斷和評估。

As Todd mentioned, we will always work in a partnership manner, and we've got the luxury of working across the globe and probably more levers than others in terms of dealing with these situations.

正如托德提到的，我們將始終以夥伴關係的方式開展工作，而且我們有幸在全球範圍內開展工作，並且在處理這些情況方面可能比其他人有更多的槓桿。

So it's hard to quantify where we are in the innings, given the environment continues to change. But we will continually and consistently implement this strategy. And I think we've done a great job in balancing our partnership as well as our ability to enforce our rights in the treaty.

因此，鑑於環境不斷變化，很難量化我們在局中的位置。但我們將持續不斷地實施這一戰略。而且我認為我們在平衡我們的伙伴關係以及我們在條約中執行我們權利的能力方面做得很好。

The next question comes from Erik Bass with Autonomous Research.

下一個問題來自 Autonomous Research 的 Erik Bass。

I wanted to ask you a bit about the variable investment income drivers. I think you stood out versus peers as being a little better than expected this quarter. I think you said it's coming from real estate partnerships. So just hoping to get more detail on kind of what's driving those and if it is from real estate and we start to go into a period where valuations are under pressure, is that a potential headwind for VII going forward?

我想問你一些關於可變投資收入驅動因素的問題。我認為與同行相比，您在本季度比預期要好一些。我想你說過它來自房地產合作夥伴關係。因此，只是希望獲得有關推動這些因素的更多細節，如果它來自房地產，並且我們開始進入估值承受壓力的時期，這是否是 VII 前進的潛在逆風？

Erik, this is Leslie. Thanks for that question. So the -- when I referred to real estate, that was the variance, but it's not just real estate driving VII. So we have a couple of different components. And I guess, our -- did stand out a bit. I would say, yes, there was real estate activity, but our private equity strategy. I think we focus more on middle market, which may be a little different from some, and we also have other types of funds in there. So a little more diversification.

埃里克，這是萊斯利。謝謝你的問題。所以——當我提到房地產時，這就是差異，但這不僅僅是推動 VII 的房地產。所以我們有幾個不同的組件。而且我想，我們的 - 確實有點突出。我會說，是的，有房地產活動，但我們的私募股權戰略。我認為我們更關注中間市場，這可能與某些市場略有不同，我們也有其他類型的基金。所以多樣化一點。

So I think that in our base case, we're thinking we're at a solid level going forward. But obviously, there could be some dampening of valuations, given the cumulative impact of rising rates and tightening liquidity and so forth. So that's possible, but I don't think it would be -- it's not as if it's all dependent on real estate. It is diversified, and that was just activity above the expectations, not as if that was the whole driver.

因此，我認為在我們的基本案例中，我們認為我們正處於穩固的前進水平。但顯然，考慮到利率上升和流動性收緊等因素的累積影響，估值可能會受到一定程度的抑制。所以這是可能的，但我不認為它會——它並不完全依賴於房地產。它是多元化的，那隻是超出預期的活動，而不是好像那是整個驅動程序。

Got it. And then, Anna, maybe going back to your comments about being very bullish on the outlook for growth, and you talked about the inorganic. But on the organic side, is that just more growth in the primary market you're seeing post-COVID, or changes in session rates and demand from your insurance counterparts?

知道了。然後，安娜，也許回到你關於非常看好增長前景的評論，你談到了無機物。但在有機方面，您看到的是 COVID 後主要市場的更多增長，還是保險同行的會話率和需求的變化？

Thanks for that question, Erik. I think I'm going to turn that question over to Tony.

謝謝你提出這個問題，埃里克。我想我要把這個問題交給托尼。

Great. Look, the short answer, we are very excited about the prospects on the organic business around the world. And to answer your question, it's both. I've mentioned in past Investor Days, at least in Asia, we saw post-SARS, just a strong underpinning of insurance awareness and the importance of insurance, which is obviously wonderful for our industry.

偉大的。簡而言之，我們對全球有機業務的前景感到非常興奮。為了回答你的問題，兩者都是。我在過去的投資者日提到過，至少在亞洲，我們看到了非典之後，保險意識和保險重要性的強大支撐，這對我們的行業來說顯然是一件好事。

But then I would say the reinsurance penetration, obviously, these numbers come out regularly, but strategically over the longer term, the importance of reinsurance clearly has been seen throughout the pandemic.

但我要說的是再保險滲透率，顯然，這些數字經常出現，但從長遠來看，從戰略上講，在整個大流行期間，再保險的重要性顯而易見。

So I would expect as reinsurers, like RGA, continue to find creative ways in which we can help grow the underlying market, help our clients use reinsurance in more modern fashion as well as the fact that RGA is obviously one of the leading life and health reinsurers in the world.

因此，我希望像 RGA 這樣的再保險公司繼續尋找創造性的方法來幫助發展基礎市場，幫助我們的客戶以更現代的方式使用再保險，以及 RGA 顯然是領先的人壽和健康保險之一這一事實世界上的再保險公司。

And if the pandemic shows anything, it's really you need a very strong partner in times of challenge. So I think we would expect to see over the medium and long run, a flight towards the high-quality reinsurers also. So everything is pointing in the right direction towards that strong organic growth.

如果大流行表明了什麼，那就是在挑戰時期你真的需要一個非常強大的合作夥伴。因此，我認為我們預計從中長期來看，也會出現轉向高質量再保險公司的情況。因此，一切都指向正確的方向，朝著強勁的有機增長方向發展。

The next question comes from Mark Dwelle with RBC.

下一個問題來自 RBC 的 Mark Dwelle。

Just a couple of really quick ones. Was all of the U.S. PRT transaction within the asset-intensive segment? Or was any of it recorded within Traditional?

只是幾個非常快的。美國的所有 PRT 交易是否都屬於資產密集型部分？或者其中任何一個被記錄在傳統中？

Mark, it's Todd. It was in the U.S. Financial Solutions, asset-intensive area.

馬克，是托德。它位於美國金融解決方案資產密集型領域。

Got it. And then it was mentioned in the investment discussion that there was $41 million of impairment, what asset class was that related to?

知道了。然後在投資討論中提到有4100萬美元的減值，這與什麼資產類別有關？

Mark, this is Leslie. So the -- that was primarily driven by exposures to the 2 banks that sales in March in the U.S. So our exposure there was modest. Our portfolio strategy just because that highlights a question in the news. So our strategy really in U.S. banks is to focus on global systemically important banks, that's 2/3 of the portfolio.

馬克，這是萊斯利。所以 - 這主要是由 3 月份在美國銷售的 2 家銀行的敞口驅動的，所以我們在那裡的敞口不大。我們的投資組合策略只是因為它突出了新聞中的一個問題。因此，我們在美國銀行的戰略是專注於全球具有系統重要性的銀行，佔投資組合的 2/3。

And if you look at all the other types of exposure in there, the average of the rest of the portfolio is about $25 million per credit. So very manageable amount, and I'll note that there's been a handful of names in the news last week or so and across 3 of those, we have $10 million total book value exposure, so very manageable.

如果你看看那裡所有其他類型的風險敞口，其餘投資組合的平均每筆信貸約為 2500 萬美元。金額非常可控，我會注意到上週左右的新聞中出現了一些名字，其中 3 個，我們的賬面價值總額為 1000 萬美元，非常易於管理。

Next question comes from Mike Ward with Citi.

下一個問題來自花旗的 Mike Ward。

I was just wondering on PRT, trying to think about it strategically because this has been a pretty decent market for the industry, post-crisis, I'd say. So just kind of wondering what might have changed economics or the structure of the market that brought you guys in because I would have thought that there's been pretty good demand for a while.

我只是想知道 PRT，試圖從戰略上考慮它，因為我想說，在危機後，這對這個行業來說是一個相當不錯的市場。所以只是想知道是什麼改變了經濟或市場結構，讓你們進入，因為我認為一段時間以來需求量很大。

It's Anna, again. I would say the -- it wasn't a result of a change. It was an expansion in our strategy. We have been very successful as reinsurers, longevity reinsurers, as I said, for close to 15 years. It just was a natural extension. And the structure, this third leg of our stool, we think, is a very attractive proposition and opportunity for both RGA and our partners.

又是安娜。我會說——這不是變化的結果。這是我們戰略的擴展。正如我所說，近 15 年來，我們作為再保險公司、長壽再保險公司一直非常成功。這只是一個自然的延伸。我們認為，這種結構，即我們凳子的第三條腿，對 RGA 和我們的合作夥伴來說都是一個非常有吸引力的提議和機會。

And then tangential question on the office CRE, maybe for Leslie. Just wondering if you could discuss the strategy on favoring suburban offices over sky scrappers in major cities. We've got some insurance companies that are highlighting the fact that, that's where they are. So things kind of are debated, just curious of your perspective.

然後是關於辦公室 CRE 的切線問題，可能是針對 Leslie 的。只是想知道您是否可以討論在主要城市的摩天大樓中優先考慮郊區辦公室的策略。我們有一些保險公司強調了一個事實，那就是他們所在的位置。所以有些事情是有爭議的，只是對你的觀點感到好奇。

Sure. Thanks for that question. I mean you have to have a strategy and an expertise. I think that we see a lot of value in suburban locations. And right now, I guess, another advantage of that is just that they tend to be more types of businesses that can't work remote. And -- because I guess, if you want to work at home, you wouldn't get an office nearby.

當然。謝謝你的問題。我的意思是你必須有策略和專業知識。我認為我們在郊區看到了很多價值。而現在，我想，這樣做的另一個好處是它們往往是更多類型的企業，不能遠程工作。而且——因為我想，如果你想在家工作，你就不會在附近找到辦公室。

So we've always had this strategy that there's an opportunity there to focus on office and other types of things near these suburban population densities and just making sure it's a good location and very usable and there tend to be manageable sizes, so it's not hard to replace tenants if something does turn over. So I think different -- I guess, different firms can have different strategies, but right now, there's certainly a lot of -- the uncertainty is really around the work from home. So I think it's our strategy, putting us in a good position right now.

所以我們一直有這樣的策略，那就是有機會將重點放在這些郊區人口密度附近的辦公室和其他類型的東西上，只要確保它的位置很好，非常實用，而且規模往往是可管理的，所以這並不難如果確實發生了變化，可以更換租戶。所以我認為不同——我想，不同的公司可以有不同的策略，但現在，肯定有很多——不確定性實際上是圍繞在家工作。所以我認為這是我們的戰略，讓我們現在處於有利地位。

This concludes our question-and-answer session. I would like to turn the conference over to Anna Manning, Chief Executive Officer, for any closing remarks.

我們的問答環節到此結束。我想將會議轉交給首席執行官 Anna Manning 作閉幕詞。

And your continued interest in RGA. This was a strong quarter, demonstrating the substantial earnings power in our business. We are a global leader. We're well positioned in our market to capitalize on the growth opportunities that we've highlighted through the course of this call. And I remain confident that RGA will continue to deliver substantial long-term value for our shareholders. So thank you, and that concludes our first quarter call.

以及您對 RGA 的持續興趣。這是一個強勁的季度，展示了我們業務的強大盈利能力。我們是全球領導者。我們在我們的市場中處於有利地位，可以利用我們在本次電話會議中強調的增長機會。我仍然相信 RGA 將繼續為我們的股東帶來可觀的長期價值。所以謝謝你，我們的第一季度電話會議就此結束。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。