美國再保險集團 (RGA) 2023 Q2 法說會逐字稿

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

美好的一天，歡迎參加美國再保險集團 2023 年第二季度收益電話會議。

(Operator Instructions)

（操作員說明）

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

請注意，此事件正在被記錄。我現在想將會議交給高級執行副總裁兼首席財務官托德·拉爾森 (Todd Larson)。請繼續。

Thank you. Welcome to RGA's Second Quarter 2023 Conference Call. I'm joined on the call this morning with Anna Manning, RGA's Chief Executive Officer; Tony Cheng, President; Leslie Barbi, Chief Investment Officer; Jonathan Porter, Chief Risk Officer.

謝謝。歡迎參加 RGA 2023 年第二季度電話會議。今天早上我與 RGA 首席執行官安娜·曼寧 (Anna Manning) 一起參加了電話會議。鄭東尼，總裁；萊斯利·巴比 (Leslie Barbi)，首席投資官；喬納森·波特，首席風險官。

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. 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 further discussion of these terms and reconciliations to GAAP measures. And now I'll turn the call over to Anna for her comments.

在我們開始了解前瞻性信息和非公認會計準則財務指標之前，先快速提醒一下。我們對您問題的一些評論或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。此外，在本次電話會議期間，我們提供的信息可能包括非公認會計準則財務指標。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，以進一步討論這些條款以及與 GAAP 措施的調節。現在我將把電話轉給安娜，徵求她的意見。

Thank you, Todd. Good morning, and thank you for joining our call today.

謝謝你，托德。早上好，感謝您今天加入我們的電話會議。

Last night, we reported second quarter adjusted operating earnings of $4.40 per share. This was a strong quarter with many regions and business lines performing very well. There was also another quarter demonstrating the power of the underlying earnings engine in our business as well as the ongoing success of our growth strategy that is adding meaningful long-term value to that engine.

昨晚，我們報告第二季度調整後運營收益為每股 4.40 美元。這是一個強勁的季度，許多地區和業務線都表現出色。還有一個季度展示了我們業務中潛在盈利引擎的力量，以及我們的增長戰略的持續成功，該戰略為該引擎增加了有意義的長期價值。

Let me turn to a few of the highlights in the quarter, which include favorable mortality experience in our U.S. individual business as well as favorable performance in our U.S. group and individual health businesses. Our Asia traditional business also benefited from favorable claims experience as well as higher yields. Our Global Financial Solutions business had another strong quarter with contributions from both spreads and favorable longevity experience, continuing the trend of excellent performance over a number of years. Investment performance in the quarter was good as new money rates remained attractive and impairments were minimal.

讓我談談本季度的一些亮點，其中包括我們美國個人業務的良好死亡率以及我們美國團體和個人健康業務的良好業績。我們的亞洲傳統業務也受益於良好的理賠經驗以及更高的收益率。我們的全球金融解決方案業務在利差和良好的長期經驗的推動下又迎來了一個強勁的季度，延續了多年來的優異業績趨勢。本季度的投資表現良好，因為新貨幣利率仍然有吸引力且減值損失很小。

We believe our investment portfolio is well positioned to withstand any ongoing economic uncertainties. And strong new business momentum in our organic business continued through the quarter and notably picked up in Asia. In a few minutes, Tony will expand on the quarter's activities and on our future growth opportunities. We added another very successful quarter on the capital management front, deploying $190 million into in-force and other transactions, bringing the year-to-date total to $384 million of capital put to work.

我們相信我們的投資組合能夠抵禦任何持續的經濟不確定性。我們的有機業務強勁的新業務勢頭在整個季度持續存在，尤其是在亞洲。幾分鐘後，托尼將詳細介紹本季度的活動以及我們未來的增長機會。我們在資本管理方面又迎來了一個非常成功的季度，將 1.9 億美元部署到有效交易和其他交易中，使年初至今投入使用的資本總額達到 3.84 億美元。

I am pleased with the start of the year and with the state of our transactions pipelines, which are at very healthy levels with opportunities across many geographies and risks. In the quarter, we also repurchased $50 million of shares, bringing the year-to-date total to $100 million in share repurchases, and we increased our quarterly dividend to $0.85 per share, representing a 6.3% increase to our shareholder dividends. This has been a very busy 6 months of active capital management. At our recent Investor Day, we highlighted the earnings power in our business and the reasons for the excitement we have about our growth opportunities.

我對今年年初以及我們的交易渠道狀況感到滿意，交易渠道處於非常健康的水平，在許多地區和風險中都存在機遇。本季度，我們還回購了 5000 萬美元的股票，使年初至今的股票回購總額達到 1 億美元，並將季度股息提高至每股 0.85 美元，相當於股東股息增加了 6.3%。這是積極資本管理非常忙碌的六個月。在最近的投資者日上，我們強調了我們業務的盈利能力以及我們對增長機會感到興奮的原因。

We talked about favorable industry dynamics driving stronger demand for what we do so well whether that is to help clients find new ways or better ways to reach consumers or to underwrite products in a more efficient and effective manner. We also see strong demand for new products to better meet the changing needs of consumers and increasing demand to help our clients better manage their risk and capital needs. We are very well positioned to benefit from all of those opportunities. We have the breadth and depth of capabilities, technical expertise, and crucially, the risk discipline necessary to thrive in this highly complex industry.

我們談到了有利的行業動態推動了對我們擅長的業務的更強勁需求，無論是幫助客戶找到新的方式或更好的方式來接觸消費者，還是以更高效和更有效的方式承保產品。我們還看到對新產品的強勁需求，以更好地滿足消費者不斷變化的需求，以及幫助客戶更好地管理風險和資本需求的需求不斷增加。我們處於有利位置，可以從所有這些機會中受益。我們擁有廣度和深度的能力、技術專長，最重要的是，我們擁有在這個高度複雜的行業中蓬勃發展所必需的風險紀律。

We have the collaborative culture, strong client partnerships, global scale and a proven and successful strategy that is delivering substantial long-term value to our clients and for our shareholders, which gives me a great deal of confidence in RGA's future and in our ability to continue to deliver growth and attractive returns to our shareholders over many years to come. Thank you for your continued support and interest in RGA, and I will now hand it over to Tony to provide additional thoughts on our business momentum.

我們擁有協作文化、強大的客戶合作夥伴關係、全球規模以及經過驗證的成功戰略，為我們的客戶和股東帶來巨大的長期價值，這讓我對 RGA 的未來以及我們的能力充滿信心。在未來的許多年裡繼續為我們的股東帶來增長和有吸引力的回報。感謝您對 RGA 的持續支持和興趣，我現在將把它交給托尼，以提供有關我們業務勢頭的更多想法。

Thank you. As Anna mentioned, we see favorable industry dynamics, and we are well positioned to benefit from these many opportunities. During our recent Investor Day, we highlighted 4 areas with particularly good growth opportunities. These 4 areas are longevity and PRT, Asia traditional, Asia asset-intensive and our U.S. traditional business. We are seeing strong success across all 4 in 2023. Our longevity business is experiencing strong volumes in Europe, and we are delighted with the announcement earlier this week of the GBP 5 billion longevity swaps transaction. We continue to see a strong pipeline of business in the region. Our U.S. PRT business continues to gain momentum, and we are increasingly confident of our prospects in this sizable and growing market. In Asia, there is a strong recovery in economic activity driving the demand for new products we have launched with our partners. We see strong momentum in all our businesses with particular success this quarter in South Korea.

謝謝。正如安娜提到的，我們看到了有利的行業動態，並且我們處於有利地位，可以從這些眾多機會中受益。在最近的投資者日期間，我們重點介紹了具有特別良好增長機會的 4 個領域。這4個領域是長壽和PRT、亞洲傳統、亞洲資產密集型和我們的美國傳統業務。到 2023 年，我們將在所有 4 個領域都取得巨大成功。我們的長壽業務在歐洲的交易量強勁，我們對本週早些時候宣布的 50 億英鎊長壽掉期交易感到高興。我們繼續看到該地區有強大的業務渠道。我們的美國 PRT 業務持續增長，我們對這個龐大且不斷增長的市場的前景越來越有信心。在亞洲，經濟活動強勁復甦，推動了對我們與合作夥伴推出的新產品的需求。我們看到我們所有業務的強勁勢頭，本季度在韓國取得了特別成功。

During Investor Day, we spoke of a new product we launched in China in late 2022. We are pleased with the reception of this product in the market and are actively working with other market-leading insurers on similar product ideas. And our Hong Kong business has the additional tailwind in of the rebound of mainland Chinese visitors to closer to pre-pandemic levels. These visitors are a material source of business for the Hong Kong insurance market.

在投資者日期間，我們談到了 2022 年底在中國推出的一款新產品。我們對該產品在市場上的反響感到滿意，並正在積極與其他市場領先的保險公司合作開發類似的產品理念。我們的香港業務還受到中國大陸游客反彈至接近大流行前水平的額外推動力。這些訪客是香港保險市場的重要業務來源。

These new product initiatives are very much examples of how we grow by partnering with clients to help grow the underlying insurance market. For the Asia asset-intensive business, we are partnering with multiple clients to optimize their risk and capital management. This is best exhibited by another important transaction this quarter in Japan with a new client.

這些新產品計劃很好地說明了我們如何通過與客戶合作來幫助發展基礎保險市場來實現增長。對於亞洲資產密集型業務，我們正在與多個客戶合作，以​​優化他們的風險和資本管理。本季度在日本與新客戶進行的另一筆重要交易最能體現這一點。

A number of our previous coinsurance transactions were with the international companies with Japanese operations. This new transaction was sizable in nature and was one of the largest domestic companies. It's an example of how we grow by expanding the use of reinsurance within a market, which is an important element of our strategy as we expressed during Investor Day. As Asia regulators adopt new capital standards, our teams are providing first-to-market capital solution that lead to exclusive transactions around the region.

我們之前的許多共同保險交易都是與在日本開展業務的國際公司進行的。這項新交易規模相當大，是國內最大的公司之一。這是我們如何通過擴大市場內再保險的使用來實現增長的一個例子，正如我們在投資者日期間所表達的那樣，這是我們戰略的重要組成部分。隨著亞洲監管機構採用新的資本標準，我們的團隊正在提供率先上市的資本解決方案，從而在該地區實現獨家交易。

Finally, in our U.S. traditional business, we continue to see strong demand for our broad range of underwriting programs. These programs not only directly generate reinsurance business, but also strengthen our value proposition. Combining this value proposition with our relentless client focus has led to RGA being chosen for significant shares in many major reinsurance pools over the past 12 months.

最後，在我們的美國傳統業務中，我們繼續看到對我們廣泛的承保計劃的強勁需求。這些計劃不僅直接產生再保險業務，還強化了我們的價值主張。將這一價值主張與我們對客戶的不懈關注相結合，使得 RGA 在過去 12 個月中被選擇在許多主要再保險池中獲得重要份額。

As you can see, we are pleased with the volume and the breadth of our business wins. What is just as pleasing is how we are winning a large part of this new business. We communicated previously that RGA's business model is to provide risk and capital solutions to address the complex business needs of our clients. The examples I have just cited show the power of our underwriting, product development and capital management expertise. When they are all combined with proactive business development, we increase the chance of winning exclusive business. We are particularly pleased with the positive results from exclusive transactions this year and are confident this can continue going forward.

正如您所看到的，我們對業務的數量和廣度感到滿意。同樣令人高興的是我們如何贏得了這一新業務的大部分。我們之前曾表示，RGA 的業務模式是提供風險和資本解決方案，以滿足客戶複雜的業務需求。我剛才引用的例子顯示了我們承保、產品開發和資本管理專業知識的力量。當它們與積極的業務發展相結合時，我們贏得獨家業務的機會就會增加。我們對今年獨家交易的積極成果感到特別滿意，並相信這種情況可以繼續下去。

These transactions generate greater value for RGA and our partners and ultimately benefit the insurance industry and consumers through innovation. In addition, we can replicate these successes in other markets through our strong teams worldwide.

這些交易為 RGA 和我們的合作夥伴創造了更大的價值，並最終通過創新使保險業和消費者受益。此外，我們可以通過我們強大的全球團隊在其他市場複製這些成功。

Thank you for your interest in RGA. I will now turn it over to Todd to discuss the financial results.

感謝您對 RGA 的興趣。我現在將把它交給托德討論財務結果。

Thanks, Tony. Turning to the quarter's results. RGA reported pretax adjusted operating income of $376 million for the quarter, and adjusted operating earnings per share of $4.40, which includes a foreign currency headwind of $0.07 per share. The trailing 12 months adjusted operating return on equity was 10.9%. Excluding the 2022 assumption changes referred to as notable items, the trailing 12-month adjusted operating return on equity was 13%.

謝謝，托尼。轉向本季度的業績。 RGA 報告本季度稅前調整後營業收入為 3.76 億美元，調整後每股營業收益為 4.40 美元，其中包括每股 0.07 美元的外匯不利因素。過去 12 個月調整後的運營股本回報率為 10.9%。不包括被稱為顯著項目的 2022 年假設變化，過去 12 個月調整後的運營股本回報率為 13%。

We are pleased with the strong quarterly results as well as new business production, capital deployment into in-force and other transactions and investment results. Reported premiums were up 3.3% for the quarter. After adjusting for adverse foreign currency impacts, premiums were up 4.7% in the quarter and 7.7% year-to-date, both on a constant currency basis. As Tony and Anna mentioned, we have strong momentum in the business activity, and we expect this to continue to contribute to premium growth over time.

我們對強勁的季度業績以及新業務生產、有效資本部署以及其他交易和投資結果感到滿意。該季度報告保費上漲 3.3%。調整不利的外匯影響後，按固定匯率計算，本季度保費上漲 4.7%，年初至今上漲 7.7%。正如托尼和安娜提到的，我們的業務活動勢頭強勁，我們預計這將隨著時間的推移繼續促進保費增長。

Turning to the quarterly segment results 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 mortality experience in our individual mortality business. Good results in group and individual health, partially offset by some onetime items of approximately $12 million. The favorable individual mortality experience is widespread and driven by lower large claims and better-than-expected older age mortality. This experience occurred in both our capped and uncapped cohorts.

轉向我們收益演示中幻燈片 6 中的季度分部業績，您可以在 RGA 的投資者關係網站上找到該業績。美國和拉丁美洲傳統部門反映了我們個人死亡率業務的良好死亡率經驗。團體和個人健康狀況良好，但被一些價值約 1200 萬美元的一次性項目部分抵消。有利的個人死亡率體驗普遍存在，這是由大額索賠下降和老年死亡率好於預期推動的。這種經歷發生在我們有上限和無上限的隊列中。

As we previously discussed, under LDTI, current period mortality experience has a modest impact on the bottom line on the uncapped cohorts as part of the results are spread into the future. And that is what we saw in this quarter.

正如我們之前所討論的，在 LDTI 下，當期死亡率經歷對無上限隊列的底線影響不大，因為部分結果會傳播到未來。這就是我們在本季度看到的情況。

Where favorable mortality results were spread into the future periods. The onetime items reflect certain actions that together had an adverse impact in the second quarter, but are expected to be favorable to long-term future cash flows. The U.S. asset-intensive business results were strong, reflecting improved investment spreads, including higher yields on floating rate securities.

有利的死亡率結果被傳播到未來的時期。這些一次性項目反映了某些行動，這些行動共同對第二季度產生了不利影響，但預計將有利於未來的長期現金流。美國資產密集型業務業績強勁，反映出投資利差改善，包括浮動利率證券收益率上升。

Our U.S. Capital Solutions business continues to perform in line with our expectations. Canada traditional results reflected slightly favorable mortality experience and the Financial Solutions business reflected favorable longevity experience. In the Europe, Middle East and Africa segment, the traditional business results reflected moderately unfavorable mortality experience in the U.K. consistent with excess mortality general population trends. EMEA's Financial Solutions business results reflected favorable longevity experience.

我們的美國資本解決方案業務的表現繼續符合我們的預期。加拿大傳統業績反映了略微有利的死亡率體驗，而金融解決方案業務則反映了有利的長壽體驗。在歐洲、中東和非洲市場，傳統業務業績反映了英國適度不利的死亡率經歷，與死亡率過高的總體人口趨勢一致。歐洲、中東和非洲地區的金融解決方案業務業績反映了良好的長壽體驗。

Turning to our Asia Pacific traditional business. Results reflected favorable claims experience, most of which came through in the second quarter due to the LDTI cohorts impacted. The Asia Pacific Financial Solutions business performed well, reflecting favorable investment spreads and claims experience. The corporate and Other segment reported pretax adjusted operating loss of $55 million more than the expected quarterly range primarily due to higher financing costs and the timing of some general expenses. Year-to-date results are in line with the expected run rate.

轉向我們亞太地區的傳統業務。結果反映了良好的索賠體驗，其中大部分在第二季度完成，因為 LDTI 群體受到了影響。亞太金融解決方案業務表現良好，反映出良好的投資利差和理賠經驗。公司及其他部門報告的稅前調整後運營虧損比預期季度範圍高出 5500 萬美元，這主要是由於融資成本上升和一些一般費用的時間安排。年初至今的業績與預期運行率相符。

Moving on to investments on Slide 8 to 11. The non-spread portfolio yield for the quarter was 4.42%, reflecting a lower contribution from variable investment income, primarily in limited partnerships. Our non-spread business, our new money rate rose to 6.09% reflecting higher available market pools with select opportunities in structured securities and private assets.

接下來討論幻燈片 8 至 11 上的投資。本季度的非利差投資組合收益率為 4.42%，反映出可變投資收入（主要是有限合夥企業）的貢獻較低。我們的非利差業務，我們的新貨幣利率上升至 6.09%，反映出可用市場池的增加以及結構性證券和私人資產的精選機會。

Credit impairments were minimal, and we believe the portfolio is well positioned as we move through any ongoing economic uncertainties.

信用減值很小，我們相信，在我們應對任何持續的經濟不確定性時，該投資組合處於有利位置。

Moving on to capital management. As shown on Slides 12 and 13, our capital and liquidity position remains strong, and we ended the quarter with excess capital of approximately $1.2 billion. In the quarter, we deployed $190 million of capital into in-force and other transactions bringing the year-to-date total to $384 million. We also returned a total of $104 million of capital to shareholders with $50 million of share repurchases and $54 million in dividends.

轉向資本管理。如幻燈片 12 和 13 所示，我們的資本和流動性狀況依然強勁，本季度末我們的過剩資本約為 12 億美元。本季度，我們將 1.9 億美元的資本投入到有效交易和其他交易中，使年初至今的資本總額達到 3.84 億美元。我們還向股東返還了總計 1.04 億美元的資本，其中包括 5,000 萬美元的股票回購和 5,400 萬美元的股息。

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. As shown on Slide 14, we have a long track record of increasing book value per share over many periods, including at a compounded annual growth rate of 10.5% since the beginning of 2021. To summarize, we are very pleased with our second quarter performance, which follows the strong first quarter. Our business is resilient with substantial underlying earnings power.

我們預計將繼續積極地將資本配置到有效交易和其他交易中，並通過股息和股票回購將多餘資本返還給股東。如幻燈片 14 所示，我們在許多時期都有每股賬面價值增長的長期記錄，包括自 2021 年初以來的複合年增長率為 10.5%。總而言之，我們對第二季度的業績非常滿意，繼第一季度表現強勁之後。我們的業務具有彈性，具有強大的潛在盈利能力。

Momentum is strong, and we see good opportunities across our geographies and business lines. Looking forward, we are well positioned for the future and expected to deliver attractive returns to shareholders over time. This concludes our prepared remarks. We would now like to open it up for questions.

勢頭強勁，我們在各個地區和業務領域都看到了良好的機會。展望未來，我們已為未來做好了充分準備，並有望隨著時間的推移為股東帶來有吸引力的回報。我們準備好的發言到此結束。我們現在想開放提問。

(Operator Instructions)

（操作員說明）

Our first question comes from Jimmy Bhullar with JPMorgan.

我們的第一個問題來自摩根大通的吉米·布拉爾。

I had a couple of questions. First, on your new money yield. It went up a lot faster than it's gone up in the past several quarters at slightly over 50 basis points. And by a greater magnitude that I think what lies in interest rates would suggest. So just wondering if you think that this is a normal level to think about as we think about your investment income? Or was it mostly allocations into certain securities that lifted it beyond what it would have normally been this quarter? And then -- Why don't you go ahead, and then I'll ask the other question later.

我有幾個問題。首先，關於你的新資金收益率。它的上漲速度比過去幾個季度快得多，略高於 50 個基點。我認為利率所暗示的幅度更大。所以想知道，當我們考慮您的投資收入時，您是否認為這是一個正常水平？還是主要是對某些證券的配置使其超出了本季度的正常水平？然後——你為什麼不繼續，然後我稍後再問另一個問題。

Then I don't have to remember both. Okay. Yes. Thanks for the question, Jimmy. It's Leslie Barbi. Yes. So the new money rate did go up quite a bit. As you know, market yields went up. I think the investment grade index is up 31 basis points. We did have some mix shift because we had some very attractive opportunities in select private assets and structured securities. So there's a sum of both. But I think that, that 6% ballpark is not a bad expectation. So it will come off a little bit, but it's going back to the normal mix, will send it down tremendously.

那我就不用兩個都記住了。好的。是的。謝謝你的提問，吉米。我是萊斯利·芭比。是的。所以新的貨幣利率確實上漲了很多。如您所知，市場收益率上升。我認為投資級指數上漲了 31 個基點。我們確實進行了一些組合轉變，因為我們在精選私人資產和結構性證券方面有一些非常有吸引力的機會。所以兩者相加。但我認為，6% 的預期並不是一個糟糕的期望。所以它會下降一點，但它會回到正常的混合狀態，會大大降低。

Okay. And then just on the tax rate, it was lower than it normally has been and what we had expected. What was -- were there any one-timers there? And what's your expectation for the tax rate going forward?

好的。然後就稅率而言，它低於正常水平和我們的預期。那裡有一次性的人嗎？您對未來的稅率有何預期？

No, the tax rate will move around a little bit quarter-to-quarter. But what we saw this quarter was one where the mix of earnings emanated from, from around the world and how that translated in the taxes. And also, this is the time of the year when we have filed various tax returns and we true up provisions to the tax return filing and that resulted in a positive to the reduction to the tax rate, I should say.

不會，稅率每季度都會略有變動。但我們本季度看到的是來自世界各地的收入組合以及如何轉化為稅收。而且，我應該說，在一年中的這個時候，我們提交了各種納稅申報表，並且我們調整了納稅申報表提交的規定，這對稅率的降低產生了積極的影響。

The next question comes from John Barnidge with Piper Sandler.

下一個問題來自約翰·巴尼奇和派珀·桑德勒。

Can you talk about the investment yield ex VII? I know it's a gross figure, so there may be some expenses, but maybe talk about the roll-off to portfolio yield gap a little bit.

您能談談七號投資收益率嗎？我知道這是一個總數字，所以可能會有一些費用，但也許可以談談投資組合收益率差距的滾降。

Sure. This is Leslie again. So on the portfolio yield, you're right, the -- it came off a little bit ex VII, and that was really due to some expense timing in the quarter that tends to vary. So all things equal, we expect the portfolio yield to continue to rise and versus things that are rolling off we're probably picking up about 150 basis points right now. So the new money rates will continue to be additive to the portfolio yield.

當然。這又是萊斯利。因此，就投資組合收益率而言，你是對的，它在第七季度有所下降，這實際上是由於本季度的一些費用時間往往會有所不同。因此，在所有條件相同的情況下，我們預計投資組合收益率將繼續上升，與正在下降的收益率相比，我們現在可能會上升約 150 個基點。因此，新的貨幣利率將繼續增加投資組合收益率。

And my follow-up question. EMEA mortality has had a bit of an unfavorable tail. I know that NHS is challenged in that country. Is that a repricing opportunity? Or is that something that need some structural addressing to improve profitability.

還有我的後續問題。歐洲、中東和非洲地區的死亡率有一些不利的影響。我知道 NHS 在那個國家受到了挑戰。這是一個重新定價的機會嗎？或者是需要一些結構性解決方案來提高盈利能力。

Yes. John, it's Jonathan here. Yes, certainly, we are reflecting our current expectations for the tightened mortality environment in the U.K. and our pricing. So I think we have taken appropriate action there from a new business perspective. Just a reminder that we do have a very sizable longevity book of business as well in the U.K. So the higher general population mortality, although it's providing a headwind to the mortality business, which we've accounted for. It's also providing a tailwind to the longevity business, and we saw that come through our results in the current period, too, where our longevity gains in our Financial Solutions line, actually a little bit more than offset the mortality drags in the traditional business.

是的。約翰，我是喬納森。是的，當然，我們正在反映我們目前對英國死亡率收緊環境的預期以及我們的定價。所以我認為我們從新的商業角度採取了適當的行動。只是提醒一下，我們在英國也有一個非常大的長壽業務，因此總體人口死亡率較高，儘管它給我們已經考慮到的死亡率業務帶來了阻力。它還為長壽業務提供了推動力，我們也通過當前時期的業績看到了這一點，我們在金融解決方案系列中的長壽收益實際上略高於抵消傳統業務中死亡率的拖累。

The next question comes from Wes Carmichael with Wells Fargo.

下一個問題來自富國銀行的韋斯·卡邁克爾。

Just hoping you guys could provide some color on the pipeline and the outlook for pension risk transfer transactions in the U.S. I was just kind of wondering what's kind of your sweet spot in terms of size and maybe timing of the risk of 2023, what that's looking like?

只是希望你們能夠提供一些關於美國養老金風險轉移交易的進展和前景的信息。我只是想知道你們的最佳點是什麼，可能是 2023 年風險的規模以及時間安排，看起來是什麼樣的喜歡？

This is Tony. As we've shared previously, look, we're very pleased with the progress that we're making in the PRT of the market. And we're actively quoting and there is a very strong pipeline of opportunities. We strategically know that we are the natural home for longevity given our very, very sizable block of mortality and we've got the expertise now in the U.S. that we've exported from other parts of the world.

這是托尼.正如我們之前分享的那樣，我們對市場 PRT 所取得的進展感到非常滿意。我們正在積極報價，並且有非常強大的機會。我們從戰略上知道，鑑於我們的死亡率非常高，我們是長壽的天然家園，而且我們現在在美國擁有從世界其他地區出口的專業知識。

In terms of size, we tend to focus on the upper end of the market in partnership because we feel there is less competition in that area. So unfortunately, we haven't closed the transaction this quarter with -- closed the transaction earlier this year and we're eagerly anticipating our future transactions in the future.

就規模而言，我們傾向於合作關注高端市場，因為我們認為該領域的競爭較少。不幸的是，我們本季度尚未完成交易，今年早些時候已完成交易，我們熱切期待未來的交易。

And I'm just wondering, did you have any impact in the quarter from in-force pricing and actions. I think there was a little bit of maybe benefit in the first quarter results. So just wondering if there was any of that came through in the second quarter results.

我只是想知道，有效的定價和行動對本季度有任何影響嗎？我認為第一季度的業績可能有一些好處。所以只是想知道第二季度的業績是否有這些結果。

Wes, this is Todd. As far as actual repricing activity, not really anything in this quarter. We had talked about the activity in the first quarter, but nothing this quarter.

韋斯，這是托德。就實際的重新定價活動而言，本季度並沒有發生任何事情。我們討論過第一季度的活動，但本季度沒有討論過。

The next question comes from Tracy Benguigui with Barclays.

下一個問題來自巴克萊銀行的 Tracy Benguigui。

I realize that you've seen favorable mortality. I'm wondering on the margin, are you seeing any adverse for VUL any pull forward, at least that's a comment made by [CML] who gather that information from reinsurance.

我知道你已經看到了有利的死亡率。我想知道，您是否認為 VUL 的任何推進都會產生不利影響，至少這是從再保險收集信息的 [CML] 發表的評論。

Yes. Tracy, it's Jonathan. I won't comment specifically at the product level, like once you start to really drill down and parse the in-force book of business. The credibility falls quite a bit. But in total, as was mentioned sort of in our prepared remarks, we have seen favorable experience this quarter for sure. It's mostly driven by fewer large claims in the current period. and it is concentrated more in the older ages, where it's been more favorable for us. And most of our business (inaudible) get a reminder for VUL, specifically, we reinsure the mortality risk on that book of business, again, just to (inaudible).

是的。特蕾西，這是喬納森。我不會在產品層面進行具體評論，就像你開始真正深入研究並解析有效的業務手冊一樣。可信度下降不少。但總的來說，正如我們在準備好的發言中提到的那樣，我們肯定在本季度看到了良好的經驗。這主要是由於當前時期大額索賠減少所致。它更多地集中在老年時期，對我們來說更有利。我們的大部分業務（聽不清）都收到了 VUL 提醒，具體來說，我們再保險該業務賬簿上的死亡風險，再次，只是為了（聽不清）。

Yes, I totally got it. I was just asking about the margin. Last quarter, you shared that you've done some repricing efforts. Was that done this quarter as well?

是的，我完全明白了。我只是想問一下margin。上個季度，您表示您已經做了一些重新定價的工作。這個季度也是這樣做的嗎？

Todd, do you want to take that?

托德，你想接受這個嗎？

Tracy, it's Todd. Yes. so, we did do some repricing activity in the first quarter. But as I mentioned a little while ago during the second quarter, there was not any specific new repricing activity.

特蕾西，這是托德。是的。因此，我們在第一季度確實做了一些重新定價活動。但正如我剛才提到的第二季度，沒有任何具體的新的重新定價活動。

The next question comes from Erik Bass with Autonomous Research.

下一個問題來自自治研究中心的埃里克·巴斯 (Erik Bass)。

Relative to the guidance you provided at Investor Day, Asia earnings this quarter came in well above expectations. Was this just favorable experience this quarter whereas the earnings power improved given the business growth in the macro environment you're seeing?

相對於您在投資者日提供的指導，本季度亞洲收益遠高於預期。鑑於您所看到的宏觀環境中的業務增長，盈利能力有所提高，這是否只是本季度的有利經歷？

Erik, it's Todd. Yes, we've provided the updated financial targets and run rates back at Investor Day mid-June. So we're not updating any of that at this point. It's great to see the results that we've seen in the segment, especially in the second quarter, and a lot of that was favorable experience that came through in the current quarter.

埃里克，這是托德。是的，我們已在 6 月中旬的投資者日提供了更新的財務目標和運行利率。所以我們目前不會更新任何內容。很高興看到我們在該領域看到的結果，特別是在第二季度，其中很多都是本季度取得的良好經驗。

Got it. And then maybe can you provide some more color on -- sorry?

知道了。然後也許你可以提供更多的顏色——抱歉？

I was going to just add, I mean, just strategically, in Asia, we're obviously very bullish about both the traditional and the asset-intensive type business, the pipelines are very, very full. And as I mentioned earlier, is not just the volume of business we're seeing, but just the breadth across the region and to be honest, across the globe, as well as the number of exclusives. So they are all very good signs that our strategy is working in many, many places, and then that obviously makes us more -- more and more positive about the future.

我想補充一點，我的意思是，從戰略上講，在亞洲，我們顯然非常看好傳統業務和資產密集型業務，管道非常非常滿。正如我之前提到的，這不僅僅是我們看到的業務量，而是整個地區乃至全球的廣度，以及獨家產品的數量。因此，它們都是非常好的跡象，表明我們的戰略正在很多很多地方發揮作用，這顯然會讓我們對未來越來越積極。

And maybe just a follow-up on that. Can you provide a little bit more color on the premium growth drivers in Asia and sort of how much is coming from new business versus block deals.

也許只是後續行動。您能否提供更多關於亞洲優質增長驅動因素的信息，以及新業務與大宗交易的收入比例。

I'd say our focus, I mean, the best measure for growth in -- when we look at growth in Asia, and it's really the traditional business or the organic business when we look at premium growth that we focus more on. So for block transactions, sometimes premium is not the best indicator. I would say just in general, we're seeing great growth opportunities across both lines of businesses for different reasons. But the driver of the premium we focus on is mainly on the organic side on the traditional business.

我想說，當我們考慮亞洲的增長時，我們的重點是增長的最佳衡量標準，當我們考慮我們更關注的溢價增長時，這實際上是傳統業務或有機業務。所以對於大宗交易來說，有時候溢價並不是最好的指標。我想說的是，總的來說，由於不同的原因，我們在這兩個業務領域都看到了巨大的增長機會。但我們關注的溢價驅動因素主要是傳統業務的有機方面。

Our next question comes from Suneet Kamath with Jefferies.

我們的下一個問題來自 Jefferies 的 Suneet Kamath。

Tony, you mentioned a deal that you did with a traditional Japanese insurance company, and it sounds like this is the first of that type of transaction. Just any color in terms of what the motivation was for the (inaudible) there? And are you expecting that ESR, I know it's a couple of years away. Is that going to create some additional opportunities for you guys?

托尼，你提到了你與一家傳統日本保險公司達成的一筆交易，聽起來這是此類交易中的第一筆。就那裡（聽不清）的動機而言，只是任何顏色嗎？你是否期待 ESR，我知道這還需要幾年的時間。這會為你們創造一些額外的機會嗎？

Yes. Let me take -- answer that. I mean, yes, absolutely. This was a very important transaction, as I mentioned in the prepared remarks. Japan as many markets once you sort of get a breakthrough of sorts then others follow. So this one is -- I can't go into too much detail, but it is important because there was with the domestic, and we would anticipate other domestics are watching very carefully and hopefully following suit. ESR is a very big driver of the opportunities we're seeing in Japan. So absolutely on the capital management side, companies even though it's out to 2025, companies are obviously very much preparing for it.

是的。讓我來回答一下。我的意思是，是的，絕對是。正如我在準備好的發言中提到的，這是一筆非常重要的交易。日本和許多市場一樣，一旦你取得某種突破，其他市場就會跟進。所以這個是——我不能透露太多細節，但這很重要，因為國內的情況如此，我們預計其他國內的人正在非常仔細地觀察，並希望效仿。 ESR 是我們在日本看到的機遇的重要推動力。因此，絕對在資本管理方面，即使到了 2025 年，公司顯然也已經做好了充分的準備。

And just listening to some of the other calls that you've all been part of in the last few days, you can see the intersection that say, of new products and the growth in Japan, but maybe is potentially having an adverse effect on the capital side of that. So we're perfectly positioned to solve both problems, which is obviously new product development and combining that with capital solutions, and that's absolutely why we are very focused on that intersection of those 2 strong capabilities that we have.

只要聽聽過去幾天你們都參加過的其他一些電話會議，您就可以看到新產品和日本增長的交叉點，但也許可能會對日本市場產生不利影響。資本方面。因此，我們完全有能力解決這兩個問題，這顯然是新產品開發並將其與資本解決方案相結合，這絕對是我們非常關注我們擁有的這兩種強大能力的交集的原因。

Got it. Makes sense. And then I guess for Todd, is the 50 million pace of share repurchases that we saw in the quarter, should we sort of think about that as a run rate going forward? Or are you expecting that to change?

知道了。說得通。然後我想對托德來說，我們在本季度看到的 5000 萬股股票回購速度，我們是否應該將其視為未來的運行率？或者你期待這種情況發生改變嗎？

So we'll continue to manage capital over time. I think as we've talked about, we sort of have the 3 levers. One is we like deploying the capital back into the business and the transactions where we get a good return for the risk that we're taking, maintaining our dividend, and then we -- over time, we've balanced it out with share repurchases. And so I think you'll see us continue to be active in managing the capital levels, and we like our current position because I think we're in a [good] position to capitalize on opportunities that we see in a very healthy pipeline. And if those don't develop, then we'll certainly continue to manage with the other levers. So I think we don't have an actual a stated program for share repurchase in place, but I think you'll see us continue to use that as one of the levers of how we effectively manage the capital level.

因此，隨著時間的推移，我們將繼續管理資本。我認為正如我們所討論的，我們有 3 個槓桿。一是我們喜歡將資本重新部署到業務和交易中，從而為我們所承擔的風險獲得良好的回報，維持股息，然後隨著時間的推移，我們通過股票回購來平衡它。因此，我認為您會看到我們繼續積極管理資本水平，我們喜歡我們目前的狀況，因為我認為我們處於有利的位置，可以利用我們在非常健康的渠道中看到的機會。如果這些沒有發展，那麼我們肯定會繼續使用其他槓桿進行管理。因此，我認為我們沒有實際明確的股票回購計劃，但我認為您會看到我們繼續使用它作為我們有效管理資本水平的槓桿之一。

The next question comes from Ryan Krueger with KBW.

下一個問題來自 KBW 的 Ryan Krueger。

Could you provide some more quantification on the stable U.S. mortality experience in the quarter or perhaps the actual to expected results because I think under LDTI, it's a little bit more challenging to kind of quantify, how favorable mortality is given this [moving] impact.

您能否提供更多關於本季度美國穩定死亡率經歷的量化數據，或者可能是實際與預期結果的量化數據，因為我認為在LDTI 下，量化這種[移動]影響對死亡率的有利程度更具挑戰性。

Ryan, it's Todd. Yes, LDTI, I guess it has made it a little bit more difficult to see the actual underlying experience. As a reminder, for the capped and [forward] contracts under LDTI, the experience flows through in the current quarter and for uncapped cohorts some comes through currently and some is spread out into the future. Specifically for U.S. mortality in the quarter and a good way to think of it is that the underlying experience was favorable by around $25 million based on our expectation and about $5 million of that came through in the second quarter and then the remaining $20 million will be spread going into future periods.

瑞安，我是托德。是的，LDTI，我想這使得了解實際的底層體驗變得更加困難。提醒一下，對於 LDTI 下的有上限和[遠期]合同，經驗會在當前季度流動，而對於無上限的合同，有些是當前流動的，有些則分散到未來。特別是對於美國本季度的死亡率，一個好的思考方式是，根據我們的預期，基本體驗有利約2500 萬美元，其中約500 萬美元是在第二季度實現的，然後剩餘的2000 萬美元將是傳播到未來時期。

Great. That's very helpful. And then on the large European longevity transaction, can you give a reference of how much capital that will deploy in the quarter?

偉大的。這非常有幫助。那麼關於歐洲大型長壽交易，您能否提供一個參考，本季度將部署多少資金？

We normally don't provide specific transaction capital numbers.

我們通常不提供具體的交易資本數字。

Our next question comes from Tom Gallagher with Evercore.

我們的下一個問題來自 Evercore 的 Tom Gallagher。

Can you square the $24 million remeasurement loss in the quarter for U.S. traditional with the comments of favorable mortality. What drove the remeasurement loss.

您能否將美國傳統航空本季度 2400 萬美元的重新計量損失與有利死亡率的評論相結合？是什麼導致了重新測量損失。

This is Todd again. Yes. So the numbers I provided were related to claims experience. In the remeasurement gain or loss, that includes more than just claims activity. It can be adjustments to expected premium. It could be anything that impacts future cash flows. And usually, a lot of the impact that comes through in that remeasurement gain or loss relates to lost on [forward] contract, and it relates -- and it doesn't -- it mainly relates to the impact of any changes in experience or cash flows, premiums, that type of thing from the transition date or the treaty inception date to the current period, it's not including sort of all the future impacts that you would take into account.

這又是托德。是的。所以我提供的數字與理賠經驗有關。在重新計量損益中，不僅僅包括索賠活動。它可以是對預期保費的調整。它可能是影響未來現金流的任何事物。通常情況下，重新計量收益或損失所產生的許多影響都與[遠期]合同的損失有關，它與（但並非）相關——它主要與經驗或經驗的任何變化的影響有關。現金流、溢價、從過渡日期或條約生效日期到當前期間的此類事物，它不包括您要考慮的所有未來影響。

Okay. And how was the underlying within the U.S. traditional business, how is long-term care performing. I think some peers had experienced some elevated claims. Did you see the same.

好的。美國傳統業務的基礎如何，長期護理的表現如何。我認為一些同行已經經歷過一些更高的要求。你看到的是不是一樣的。

Sure. This is Todd again. Just maybe take a step back, as a reminder, our long-term care block is relatively recent block it's not in the era that's, I guess, considered some of the legacy blocks, a lot of ours was issued like 2009 onward. So it's the underlying product terms, I think, are much more fair the way I always describe it -- it's fair between the policyholder and the insurance company versus some of the older type long-term care, you might hear a little bit more about the elevated claims or reserve strengthening and that type of thing. But we're seeing continued performance within our expectations on our block. I'd say no concerns at this point based on the experience that we've been seeing. So we're happy with our specific block.

當然。這又是托德。也許退後一步，提醒一下，我們的長期護理塊是相對較新的塊，我猜，它不屬於被認為是一些遺留塊的時代，我們的很多塊是在 2009 年以後發行的。因此，我認為，基本產品條款比我一直描述的方式更加公平——與一些舊類型的長期護理相比，保單持有人和保險公司之間是公平的，您可能會聽到更多關於提高索賠額或加強儲備金之類的事情。但我們看到我們街區的表現持續符合我們的預期。根據我們所看到的經驗，我認為目前無需擔心。所以我們對我們的特定塊感到滿意。

Got you. And then just final one. The $12 million of onetime items in U.S. Tread that you mentioned were negatively affecting earnings this quarter. Can you elaborate a little bit on that? What were those? And why is it going to improve future cash flows or earnings?

明白你了。然後就是最後一件事。您提到的 U.S. Tread 價值 1200 萬美元的一次性產品對本季度的收益產生了負面影響。您能詳細說明一下嗎？那些是什麼？為什麼它會改善未來的現金流或收益？

Sure, sure. Yes. So we had some recapture of some retro sessions on that -- where we had retroceded business. We added some recaptures and then we had a recapture on from our client perspective. And so when we recaptured the retro treaties, we had to reestablish some reserves on that business. So that primarily created the loss of the adverse impact in the current quarter. But we would expect that to produce positive impacts going forward. And I would size it about positive impact of around $4 million on an annual basis, amortizing down over time. So economically, it was a good decision to make. And [it looked] like everything we're constantly managing our overall in-force book, and this was what we viewed as a good decision to make from an overall economic perspective.

一定一定。是的。因此，我們重新回顧了一些關於這一點的回顧會議——我們已經回顧了這些業務。我們添加了一些重新捕獲，然後從客戶的角度重新捕獲。因此，當我們重新獲得複古條約時，我們必須重新建立該業務的一些儲備。因此，這主要造成了本季度不利影響的損失。但我們預計這將在未來產生積極影響。我預計每年的積極影響約為 400 萬美元，隨著時間的推移攤銷。所以從經濟上來說，這是一個很好的決定。 [看起來]我們一直在管理我們的整體有效賬簿，我們認為從整體經濟角度來看這是一個很好的決定。

Got you. So that $4 million should be additive, I presume to the segment's guidance when we think about -- I mean, it's small, but it's a modest upward adjustment. Is that fair?

明白你了。因此，當我們考慮時，我認為 400 萬美元應該是附加的，我的意思是，它很小，但這是一個適度的向上調整。這公平嗎？

That's fair. There's always things that go both ways. But yes, it should be positive over time.

這還算公平。事情總是雙向的。但是，是的，隨著時間的推移，它應該是積極的。

Our next question comes from Alex Scott with Goldman Sachs.

我們的下一個問題來自高盛的亞歷克斯·斯科特。

I guess a lot of my questions have been answered, but I thought I'd ask about the transaction volume we've seen in the U.S. year-to-date and just what you take is on the competitive environment. So we didn't see RGA participate in some of those bigger deals that were announced some of the counterparties involved, not quite as well known as RGA. So what was your perspective on that? And how do you see that pipeline through the end of the year?

我想我的很多問題已經得到解答，但我想我應該問一下我們今年迄今為止在美國看到的交易量，以及您所關注的競爭環境。因此，我們沒有看到 RGA 參與一些已宣布的較大交易，其中一些交易對手不像 RGA 那樣出名。那麼您對此有何看法？您如何看待年底前的管道建設？

Yes. Alex. We absolutely are still very active in this market, and we pick our spots and the transactions that we feel we can add the most value to. So that pipeline that's probably the area of our company that gain the most attention with regard to competition. But we are very confident we've got all the capabilities to assess the blocks in an appropriate manner and then be ready to pounce when the opportunity arises. So there are meaningful opportunities in the pipeline in that area and we're optimistic of the closing transactions. I want to say when these big transactions get announced, we do participate at times around the edges that are still very meaningful. At times, it could be a YRT mortality transaction, at times, there could be a capital financing part of a transaction, and they are very meaningful transactions for us. So I just want to share that color also.

是的。亞歷克斯.我們在這個市場上仍然非常活躍，我們選擇我們認為可以增加最大價值的地點和交易。因此，該管道可能是我們公司在競爭方面最受關注的領域。但我們非常有信心，我們有能力以適當的方式評估這些區塊，然後準備好在機會出現時出擊。因此，該領域正在醞釀著有意義的機會，我們對完成交易持樂觀態度。我想說的是，當這些大交易宣佈時，我們有時確實會參與，但仍然非常有意義。有時，它可能是 YRT 死亡交易，有時，可能是交易的資本融資部分，它們對我們來說是非常有意義的交易。所以我也想分享這種顏色。

Got it. Very helpful. And then maybe just going back to net investment income. I mean, can you talk at all about how much you all benefited from -- the floating rate portfolio you do have. I guess, I'm just thinking through the lift in NII yield that's probably been had there, but that may slow down is rates potentially are not raised as much the Fed [fund level].

知道了。很有幫助。然後也許只是回到淨投資收入。我的意思是，您能談談你們從浮動利率投資組合中受益了多少嗎？我想，我只是在考慮 NII 收益率可能已經出現的提升，但由於利率可能沒有像美聯儲[基金水平]那樣提高，因此這種提升可能會放緩。

Alex, it's Leslie. Yes. So on the benefit to NII, the benefit we had in the quarter was really a combination of things, extension trades and other relative value transactions and there has still been a little bit of boost from cash and floating. But when you look at the nonspread in total of the assets that are net of floating liabilities, we've actually hedged some of that risk out from floating to fixed. So there's really not much impact left there. There's still a little bit more in the spread business. So we keep an eye on that, whether it's -- if we thought rates were going to fall more than the forwards, we may hedge some more. But certainly, the total sensitivity has been coming down. as we've done extension trades and some hedging.

亞歷克斯，這是萊斯利。是的。因此，就 NII 的收益而言，我們在本季度獲得的收益實際上是延期交易和其他相對價值交易的結合，而且現金和浮動仍然有一點提振。但是，當您查看扣除浮動負債後的非利差資產總額時，我們實際上已將部分風險從浮動風險對沖為固定風險。所以實際上已經沒有太大的影響了。點差業務還有一點點。因此，我們會密切關注這一點，如果我們認為利率下降幅度會超過遠期利率，我們可能會進行更多對沖。但可以肯定的是，總體敏感性已經下降。因為我們已經進行了延期交易和一些對沖。

Our next question comes from Mike Ward with Citi.

我們的下一個問題來自花旗銀行的邁克·沃德。

I don't know if you quantify this, but wondering if you could help us kind of size the favorability in Asia in a similar way as you did for the U.S.

我不知道你是否對此進行了量化，但想知道你是否可以幫助我們以類似於你對美國所做的方式來衡量亞洲的好感度。

Mike, this is Todd. I guess the best way to respond to that right now is that as you look in the aggregate across the rest of our business segments, most of the favorable experience in the quarter did come through in the second quarter, very little of it was deferred into the future or spread into the future.

邁克，這是托德。我想現在對此做出回應的最佳方式是，當你從我們其他業務部門的總體情況來看，本季度的大部分有利經驗確實在第二季度實現了，其中很少有被推遲到未來或傳播到未來。

Okay. So I think -- so the U.S. traditional, you mentioned it was like $25 million favorable. Do you have that for Asia?

好的。所以我認為——所以美國傳統，你提到它有 2500 萬美元的優惠。你們有亞洲的嗎？

No. Maybe one way to put it is if you look at Asia, the entire Asia Pacific segment, most of the, I would say, the favorable variance to the range of run rates. A lot of that was due to some experience and some other treaty true-ups.

不。也許一種說法是，如果你看看亞洲，整個亞太地區，我想說的是，大部分運行率範圍都有有利的變化。這很大程度上是由於一些經驗和其他一些條約的調整。

Okay. And then back on the recapture activity. Just wondering if you can sort of help us understand what's driving that and if we should expect more impact going forward.

好的。然後回到奪回活動。只是想知道您是否可以幫助我們了解推動這一趨勢的因素以及我們是否應該期待未來產生更多影響。

No, it's just part of our ongoing overall management of our business and where we see there is some appropriate opportunities to take some actions. We will do that. So there's really no way for me to sort of quantify any future activity.

不，這只是我們正在進行的業務整體管理的一部分，我們認為有一些適當的機會可以採取一些行動。我們會這麼做的。所以我真的沒有辦法量化任何未來的活動。

Okay. Our next question is a follow-up from Wes Carmichael with Wells Fargo.

好的。我們的下一個問題是韋斯·卡邁克爾 (Wes Carmichael) 與富國銀行 (Wells Fargo) 的後續報導。

I have one housekeeping item. I think on corporate, you guys mentioned that there might be some expense timing. So I just wanted to kind of confirm, like do you think corporate, the loss there should tick back to kind of that $30 million to $35 million or $35 million to $40 million loss range from the $55 million in the second quarter.

我有一件家務用品。我認為在公司方面，你們提到可能會有一些費用時間安排。所以我只是想確認一下，就像你認為企業一樣，那裡的損失應該從第二季度的 5500 萬美元回落到 3000 萬美元到 3500 萬美元或 3500 萬美元到 4000 萬美元的損失範圍。

Yes. So what we saw in the second quarter was some higher financing costs and some timing of some general expenses. If you look year-to-date for corporate, we're pretty much on the run rate. What I would probably maybe suggest or point to that as we go forward, or probably might be towards the higher end of the run rate for corporate. Hopefully, we can manage that as tightly as possible, but maybe that's the best guidance or information I can give for that.

是的。因此，我們在第二季度看到的是融資成本上升以及一些一般費用的出現。如果你看看今年迄今為止的企業，我們幾乎處於運行狀態。隨著我們的前進，我可能會建議或指出這一點，或者可能會朝著企業運行率的較高端發展。希望我們能夠盡可能嚴格地管理它，但這也許是我能提供的最好的指導或信息。

And just on excess capital, it did tick down a bit to $1.2 billion. I just wanted to get your view on should we expect you to kind of manage that lower? And it seems like transaction volume has been pretty healthy, and it seems like it will continue into the second half of the year. So just kind of any view on where we should think about excess capital going forward.

僅就過剩資本而言，它確實略有下降，至 12 億美元。我只是想听聽您的看法，我們是否應該期望您能夠控制得更低？交易量似乎相當健康，並且似乎將持續到今年下半年。那麼關於我們應該在哪裡考慮未來過剩資本的任何看法。

Sure. Yes. No. As we mentioned earlier, we like our position currently because I think we're in a good position to take advantage of some of the healthy pipeline transactions that we're seeing across the various geographies. And we're very comfortable bringing that excess capital level down, again, through transactional activity or other ways to return capital to shareholders. So yes, $1.2 billion at the end of the quarter, comfortable bringing it down and look forward to deploying it into some good transactions.

當然。是的。不會。正如我們之前提到的，我們喜歡目前的狀況，因為我認為我們處於有利位置，可以利用我們在不同地區看到的一些健康的管道交易。我們非常願意通過交易活動或其他方式將資本返還給股東，從而降低過剩的資本水平。所以，是的，本季度末有 12 億美元，可以輕鬆地將其降低，並期待將其部署到一些好的交易中。

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

我們的問答環節到此結束。我想將會議轉回安娜·曼寧（Anna Manning）發表閉幕詞。

Thank you. Thank you for your questions and for your continued interest in RGA. This was another strong quarter, further demonstrating the substantial earnings power in our business, we're a global leader. We're very well positioned to capitalize on the many growth opportunities ahead and that you've heard about through the course of the last hour, and we are confident in our ability to continue to deliver attractive returns to our investors. So thank you, everyone. And that concludes our second quarter call.

謝謝。感謝您提出問題以及您對 RGA 的持續關注。這是又一個強勁的季度，進一步證明了我們業務的巨大盈利能力，我們是全球領先者。我們處於非常有利的位置，可以利用未來的許多增長機會，並且您在過去一小時中已經聽說過這些機會，並且我們對繼續為投資者提供有吸引力的回報的能力充滿信心。謝謝大家。我們的第二季度電話會議到此結束。

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

會議現已結束。感謝您參加今天的演講。你們現在可以斷開連接了。