美國再保險集團 (RGA) 2023 Q3 法說會逐字稿

Good day, and welcome to the Reinsurance Group of America Third Quarter 2023 Earnings Conference Call. (Operator Instructions).

美好的一天，歡迎參加美國再保險集團 2023 年第三季財報電話會議。 （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財務長 Todd Larson。請繼續。

Thank you. Welcome to RGA's Third 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; and Jonathan Porter, Chief Risk Officer.

謝謝。歡迎參加 RGA 2023 年第三季電話會議。今天早上我與 RGA 執行長 Anna Manning 一起參加了電話會議。鄭東尼，總裁；巴比 (Leslie Barbi)，首席投資長；和首席風險長喬納森·波特。

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 discussion of these terms and reconciliations to GAAP measures.

在我們開始之前快速提醒一下前瞻性資訊和非公認會計準則財務指標。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有重大差異。請參閱我們昨天發布的收益報告，以了解可能導致實際結果與預期結果有重大差異的重要因素清單。此外，在本次電話會議期間，我們提供的資訊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，以討論這些條款以及與 GAAP 措施的對帳。

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

現在我將把電話轉給安娜，徵求她的意見。

Thank you, Todd. Good morning. Thank you for joining our call today. Last night, we reported third quarter adjusted operating earnings of $5.57 per share and the trailing 12-month adjusted operating ROE of 14.7% or 14% excluding notable items. This quarter's results included very good performance in many of our regions and business lines, continuing to show the strength of the large 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.

謝謝你，托德。早安.感謝您今天加入我們的電話會議。昨晚，我們報告第三季調整後營業利潤為每股 5.57 美元，過去 12 個月調整後營業淨資產收益率為 14.7%，不包括顯著項目的情況為 14%。本季的業績包括我們許多地區和業務線的出色表現，繼續展示了我們業務中龐大的潛在盈利引擎的實力，以及我們的成長策略的持續成功，該策略正在為其增加有意義的長期價值引擎。

Let me touch on a few of the many highlights in the quarter, which include a continuation of new business momentum in our organic flow business with a measurable pickup in Asia. Underwriting results were favorable overall and in particular, we saw very favorable mortality experience in our U.S. individual business as well as favorable experience in our U.S. group and individual health businesses. In Asia, the traditional business also delivered favorable underwriting results. Our Global Financial Solutions business had another strong quarter with contributions from both investment spreads and favorable longevity experience. This story is a familiar one as the GFS business has consistently produced excellent results over a number of quarters and years. Investment performance in the quarter was good as new money rates continue to rise and are at levels well above our portfolio yield. Variable investment income was in line with our expectations, while impairments were low.

讓我談談本季眾多亮點中的一些亮點，其中包括我們的有機流動業務新業務勢頭的延續，以及亞洲的顯著回升。核保結果總體良好，特別是，我們在美國個人業務中看到了非常有利的死亡率體驗，在美國團體和個人健康業務中也看到了良好的體驗。在亞洲，傳統業務也取得了良好的核保績效。我們的全球金融解決方案業務在投資利差和良好的長壽經驗的推動下又迎來了一個強勁的季度。這個故事很常見，因為 GFS 業務在多個季度和幾年中始終取得了優異的業績。本季的投資表現良好，新貨幣利率持續上升，且遠高於我們的投資組合收益率。可變投資收益符合我們的預期，減損損失較低。

We believe our investment portfolio is well positioned to withstand ongoing economic uncertainties. We deployed $203 million of capital into in-force and other transactions in the quarter, bringing the year-to-date total to $587 million. This means that in just the first 3 quarters, we have already exceeded the total amount of capital deployed in each of the last 2 years, which were of themselves at impressive levels.

我們相信我們的投資組合能夠抵禦持續的經濟不確定性。我們在本季向有效交易和其他交易部署了 2.03 億美元的資本，使年初至今的資本總額達到 5.87 億美元。這意味著僅在前三個季度，我們就已經超過了過去兩年每年部署的資本總額，而這本身就達到了令人印象深刻的水平。

On the capital management side, we repurchased $50 million of shares, bringing the year-to-date total to $150 million in share repurchases. And our new business pipelines are very healthy and we are expecting a strong finish to the year. Putting it all together, business momentum is strong for both our organic flow and in-force block businesses. Higher interest rates are very good tailwinds for our business, and they are also a contributing driver of new in-force opportunities. Our earnings power and capital levels position us extremely well allowing us to pursue attractive growth opportunities with balancing returning excess capital to shareholders over time.

在資本管理方面，我們回購了 5,000 萬美元的股票，使年初至今的股票回購總額達到 1.5 億美元。我們的新業務管道非常健康，我們預計今年將有強勁的收官。總而言之，我們的自然流量和有效區塊業務的業務勢頭都很強勁。較高的利率對我們的業務來說是非常好的推動力，也是新的有效機會的推動因素。我們的獲利能力和資本水準使我們處於極其有利的地位，使我們能夠追求有吸引力的成長機會，並隨著時間的推移平衡向股東返還多餘資本。

Industry dynamics are favorable. We are well positioned with the capabilities and proven track record to continue to benefit from all those dynamics. We believe many, many things are coming together for us and we are optimistic about our future and our ability to continue to deliver attractive returns for our shareholders.

產業動態良好。我們擁有良好的能力和良好的業績記錄，可以繼續從所有這些動態中受益。我們相信，許多事情正在為我們帶來好處，我們對我們的未來以及我們繼續為股東帶來有吸引力的回報的能力感到樂觀。

As you know, this is my last quarterly earnings call and I have just a few comments to end my prepared remarks. It has been a privilege and an honor to lead RGA for the past 7 years. RGA is a great company. We are a global leader with a proven, resilient and highly valuable franchise. The depth of talent here is second to none. I leave knowing that RGA will be in excellent hands with Tony and the leadership team and with the future that is very bright for RGA.

如你所知，這是我最後一次季度財報電話會議，我只想發表幾點評論來結束我準備好的發言。在過去 7 年裡領導 RGA 是一種榮幸。 RGA 是一家偉大的公司。我們是全球領導者，擁有久經考驗、有彈性且極具價值的特許經營權。這裡的人才深度是首屈一指的。我離開時知道，RGA 將由托尼和領導團隊出色地管理，並且 RGA 的未來非常光明。

And I will close my remarks by thanking our investors for their trust and support over the years. Thank you. With that, I will hand it over to Tony.

最後，我要感謝投資人多年來的信任與支持。謝謝。這樣，我就把它交給東尼了。

Good morning, everyone. Let me start by thanking Anna for her leadership and immense contributions to RGA. There is no question in my mind that Anna leads behind a company that is stronger than ever. Our excitement and optimistic future are very much due to her leadership over the past 7 years.

大家，早安。首先，我要感謝 Anna 對 RGA 的領導和巨大貢獻。在我看來，毫無疑問，安娜領導的公司比以往任何時候都更強大。我們的興奮和樂觀的未來很大程度上歸功於她過去七年的領導。

Turning to this quarter's performance. I am enthusiastic to share these excellent results. Yes, the industry dynamics are very favorable, but this is just part of the picture. RGA has a very strong franchise and an incredibly talented team to capitalize on this environment. We provide innovative solutions that help solve some of the life and health industry's biggest challenges. These challenges become our clients' greatest opportunities, and we have always been very focused on helping them succeed and growing alongside them. Thus, there are many opportunities for RGA to grow our business and support our clients all around the world. This is another excellent -- this is another quarter in which we have demonstrated our ability to execute on the growth strategy, deliver attractive returns for shareholders and built upon our future earnings power. As previously shared, we have highlighted 4 areas of notable growth, global PRT and longevity, Asia traditional, U.S. traditional and the Asia asset-intensive business.

轉向本季的業績。我很高興分享這些出色的成果。是的，產業動態非常有利，但這只是整體情況的一部分。 RGA 擁有非常強大的特許經營權和一支非常有才華的團隊，可以充分利用這個環境。我們提供創新的解決方案，幫助解決生命和健康產業面臨的一些最大挑戰。這些挑戰成為客戶最大的機遇，我們始終致力於幫助他們成功並與他們一起成長。因此，RGA 有很多機會發展我們的業務並為世界各地的客戶提供支援。這是另一個出色的季度——在這個季度中，我們展示了我們執行成長策略、為股東帶來有吸引力的回報以及建立我們未來獲利能力的能力。如同先前分享的，我們重點介紹了四個顯著成長的領域：全球 PRT 和長壽業務、亞洲傳統業務、美國傳統業務和亞洲資產密集型業務。

Based upon another strong quarter of new business wins and the deployment of capital into transaction, there is little doubt that we are firing on all cylinders. Our internal measure of new business and better value shows we are well ahead of our targets in the year ago period. As important as the quantity of new businesses, so is the breadth and the quality. We see the breadth by virtue of the fact that all our businesses across the company are contributing strongly to our success. In terms of the quality, one measure we use is the amount of business coming from exclusive arrangements with clients. On this measure, we are achieving performance well ahead of our goal. In order to obtain exclusive, these transactions usually involve innovative initiatives that create greater value for our clients and RGA.

基於又一個強勁的季度新業務勝利以及交易中的資本部署，毫無疑問我們正在全力以赴。我們對新業務和更高價值的內部衡量表明，我們遠遠領先去年同期的目標。新業務的廣度和品質與數量一樣重要。我們看到了公司的廣度，因為我們整個公司的所有業務都為我們的成功做出了巨大貢獻。在品質方面，我們使用的衡量標準之一是來自與客戶的獨家安排的業務量。以此衡量，我們的績效遠遠超出了我們的目標。為了獲得獨家權，這些交易通常涉及創新舉措，為我們的客戶和 RGA 創造更大的價值。

Let me share a few specific highlights in terms of our new business activity in the quarter. To start, U.S. Traditional had a very strong quarter for new business. This was driven by a number of wins across the platform and the pipelines remain strong. We continue to see strong demand for our broad range of underwriting programs. One transaction to note is an exclusive opportunity where we recently worked as one of the largest term writers in the market.

讓我分享本季新業務活動的一些具體亮點。首先，美國傳統銀行的新業務季度表現非常強勁。這是由整個平台的多項勝利推動的，而且管道仍然強勁。我們繼續看到對我們廣泛的核保計劃的強勁需求。值得注意的一項交易是我們最近作為市場上最大的術語編寫者之一的獨家機會。

We partnered with them to fully understand and help them accomplish their goals and objectives. In return, they rewarded this partnership with a sizable quota share reinsurance transaction. In global PRT longevity, we were very active and successful in Q3. I am happy to report that we completed our second PRT transaction in the U.S. for over $800 million in premium. In line with our previously communicated strategy, we have entered into arrangements with established PRT insurers to jointly bid on certain transactions, and this transaction was won with a second partner.

我們與他們合作，充分了解並幫助他們實現他們的目標和目的。作為回報，他們以相當大的配額份額再保險交易來獎勵這種合作關係。在全球 PRT 壽命方面，我們在第三季非常活躍且成功。我很高興地向大家報告，我們在美國完成了第二筆 PRT 交易，溢價超過 8 億美元。根據我們先前傳達的策略，我們已與成熟的 PRT 保險公司達成協議，共同競標某些交易，並與第二個合作夥伴贏得了交易。

Our U.S. PRT business continues to gain momentum. The market is very active and we remain highly confident of our prospects in this sizable and growing market. In addition, our longevity business remains very strong, and we completed a couple of significant transactions in Europe adding to the very active first half of the year. We continue to see a strong pipeline of business in the region and remain optimistic. In Asia, we continue to see increasing demand for the new products we have launched with our partners, some of the leading life insurers in the region. Successful new products were launched in Japan, Korea, China and Hong Kong during the quarter.

我們的美國 PRT 業務持續保持強勁勢頭。市場非常活躍，我們對這個龐大且不斷增長的市場的前景仍然充滿信心。此外，我們的長壽業務仍然非常強勁，我們在歐洲完成了幾筆重大交易，為今年上半年的非常活躍的交易增添了色彩。我們繼續看到該地區強勁的業務儲備並保持樂觀。在亞洲，我們與合作夥伴（其中一些是該地區領先的人壽保險公司）推出的新產品的需求持續增長。本季度，新產品在日本、韓國、中國和香港成功推出。

In Hong Kong, the industry continues to see strong momentum from the additional tailwinds that have followed the reopening of the Hong Kong China border. As you know, visitors from China are a material source of business for the Hong Kong insurance market. One particular success to note was an exclusive solution we provided to a major client that was a combined product development, underwriting and a capital management solution. As previously mentioned, we are world-class in each of these areas. And when we combine all 3 into 1 transaction, it results in RGA winning exclusive reinsurance.

在香港，隨著中國香港邊境重新開放，該行業繼續看到強勁的勢頭。眾所周知，中國遊客是香港保險市場的重要業務來源。值得一提的一項特別成功是我們向主要客戶提供的獨家解決方案，該解決方案結合了產品開發、核保和資本管理解決方案。如前所述，我們在每個領域都是世界一流的。當我們將所有 3 項交易合併為 1 項交易時，RGA 就會贏得獨家再保險。

As a final recognition of our success, I am pleased to announce RGA has been successful in winning a number of awards in Asia over the past quarter. The most significant wins were the Asia Life Reinsurer of the Year and the Asian Insurance Review Innovation of the Year Award. We are excited with the success that we are having not only in Asia but very much across the globe. Thus, I have a tremendous amount 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. We see many attractive growth opportunities and RGA will pursue these with vigor and creativity, but as always, with strong risk discipline and with the long-term focus that has positioned us so well for future success.

作為對我們成功的最終認可，我很高興地宣布 RGA 在過去的一個季度在亞洲成功贏得了多項獎項。最重要的獎項是亞洲人壽年度再保險公司和亞洲保險評論年度創新獎。我們對我們不僅在亞洲而且在全球範圍內取得的成功感到興奮。因此，我對 RGA 的未來以及我們在未來許多年繼續為股東帶來成長和有吸引力的回報的能力充滿信心。我們看到了許多有吸引力的成長機會，RGA 將以活力和創造力來追求這些機會，但一如既往，具有嚴格的風險紀律和長期關注，這使我們為未來的成功奠定了良好的基礎。

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. RGA reported pretax adjusted operating income of $481 million for the quarter and adjusted operating earnings per share of $5.57, which includes a foreign currency tailwind of $0.01 per share. Trailing 12-month adjusted operating return on equity was 14.7%. Excluding the assumption changes under LDTI, referred to as notable items, trailing 12-month adjusted operating return on equity was 14%. We are pleased with the strong quarterly results as well as new business volumes, capital deployment and investment results.

謝謝，托尼。 RGA 公佈的本季稅前調整後營業收入為 4.81 億美元，調整後每股營業利潤為 5.57 美元，其中包括每股 0.01 美元的外幣利好因素。過去 12 個月調整後的營運股本回報率為 14.7%。不包括 LDTI 下的假設變化（稱為顯著項目），過去 12 個月調整後的營運股本回報率為 14%。我們對強勁的季度業績以及新業務量、資本部署和投資結果感到滿意。

I did want to make a few comments on the assumption changes that occurred in the quarter. Our annual review of reserve assumptions resulted in a net positive financial impact of $3 million pretax to consolidated results. In the specific geographic segments and various business lines, the net impacts were modest with many natural offsets. Thinking about this from a high level, this shouldn't be a surprise given our diversified platform, both geographically and by products, with mortality and longevity the most obvious. The U.K. is a good example, where we reflected our expectation of some level of continued excess mortality that we have been seeing in the population and in our results. This has had an unfavorable impact to the traditional line and a favorable impact on our longevity business.

我確實想就本季發生的假設變化發表一些評論。我們對儲備假設的年度審查對合併業績產生了 300 萬美元的稅前淨正面財務影響。在特定的地理區域和不同的業務領域，淨影響不大，有許多自然抵消。從高層次考慮這一點，考慮到我們的多元化平台（無論是地理上還是產品上），這應該不足為奇，其中死亡率和壽命最為明顯。英國就是一個很好的例子，我們在人口和結果中反映了我們對一定程度的持續超額死亡率的預期。這對傳統產品線產生了不利影響，但對我們的長壽業務產生了有利影響。

Turning to financial results. Reported premiums were up 31% for the quarter. This quarter's increase includes more than $800 million in premium from our second U.S. PRT transaction this year that Tony mentioned earlier. Also, as Tony and Anna mentioned, we have strong momentum in new business activity and expect to continue to see attractive premium growth over time.

轉向財務業績。該季度報告的保費增長了 31%。本季的成長包括托尼之前提到的今年第二筆美國 PRT 交易帶來的超過 8 億美元的溢價。此外，正如托尼和安娜所提到的，我們在新業務活動方面勢頭強勁，並預計隨著時間的推移將繼續看到有吸引力的保費成長。

As we move to the quarterly segment results, starting on Slide 6 of the earnings presentation, I would like to note that we are discussing results that exclude the impact of assumption changes discussed earlier. U.S. and Latin America traditional segment reflected favorable mortality in our individual mortality business and good results in group and individual health. In individual mortality, we saw very favorable experience that was widespread, primarily driven by lower frequency. This experience occurred in both our capped and uncapped cohorts. As we've previously discussed under LDTI, a portion of the underlying mortality experience for uncapped cohorts is reported in the current period earnings and the remaining experience is spread into future periods. And that is what we saw this quarter, where about half of the favorable mortality results were spread into the future.

當我們從收益報告的幻燈片 6 開始討論季度分部業績時，我想指出，我們正在討論的結果排除了前面討論的假設變化的影響。美國和拉丁美洲的傳統細分市場反映了我們個人死亡率業務的良好死亡率以及團體和個人健康的良好表現。在個人死亡率方面，我們看到了普遍存在的非常有利的經驗，這主要是由較低的頻率所驅動的。這種經歷發生在我們有上限和無上限的隊列中。正如我們之前在 LDTI 下討論的那樣，無上限群體的部分潛在死亡率經驗在當前期間的收益中報告，其餘經驗則分攤到未來期間。這就是我們本季看到的情況，大約一半的有利死亡率結果延續到了未來。

The U.S. asset-intensive business results were strong, reflecting improved investment spreads primarily due to higher yields on floating rate securities. And our U.S. Capital Solutions business continues to perform in line with our expectations. Canada traditional results reflected unfavorable group experience while individual mortality experience was favorable, but a large part of this experience will be spread into the future for LDTI.

美國資產密集型業務業績強勁，反映出投資利差改善，主要是由於浮動利率證券收益率上升。我們的美國資本解決方案業務的表現持續符合我們的預期。加拿大的傳統結果反映了不利的群體經驗，而個人死亡率經驗是有利的，但這種經驗的很大一部分將傳播到LDTI的未來。

The Financial Solutions business reflected favorable longevity experience. In the Europe, Middle East and Africa segment, the traditional business results reflected unfavorable mortality experience, most of which was recognized in the current quarter. EMEA's Financial Solutions business results reflected favorable longevity experience.

金融解決方案業務反映了良好的長壽體驗。在歐洲、中東和非洲市場，傳統業務業績反映了不利的死亡率經歷，其中大部分在本季度得到了確認。歐洲、中東和非洲地區的金融解決方案業務表現反映了良好的長壽體驗。

Turning to our Asia Pacific traditional business. Results reflected favorable claims experience, much of which was recognized in the current period. Additionally, we have put a fair amount of attractive new business on the books in recent periods, and that is having a beneficial impact. Finally, there is a modest favorable effect from a onetime item. The Asia Pacific Financial Solutions business results were in line with our expectations. The Corporate and Other segment reported pretax adjusted operating loss of $25 million less than the expected quarterly range, primarily due to higher investment income.

轉向我們亞太地區的傳統業務。結果反映了良好的理賠經驗，其中大部分在本期得到了認可。此外，最近一段時間，我們已經記入了大量有吸引力的新業務，這正在產生有益的影響。最後，一次性物品會產生適度的有利影響。亞太金融解決方案業務績效符合我們的預期。公司及其他部門報告稅前調整後營運虧損比預期季度範圍少 2,500 萬美元，主要是由於投資收入增加。

Moving on to investments on Slides 9 through 12 in our earnings presentation. The Non-Spread portfolio yield for the quarter was 4.72%, reflecting higher yields. For Non-Spread business, our new money rate rose to 6.31%, reflecting higher available market yields with select opportunities in private assets and structured securities. Credit impairments were low, and we believe the portfolio is well positioned as we move to ongoing economic uncertainties.

繼續討論我們收益簡報中投影片 9 至 12 的投資。本季非利差投資組合收益率為 4.72%，反映出較高的收益率。對於非利差業務，我們的新貨幣利率升至 6.31%，反映了私人資產和結構性證券的精選機會帶來了更高的可用市場收益率。信用減損較低，我們相信，隨著我們面臨持續的經濟不確定性，該投資組合處於有利位置。

Related to capital management, as shown on Slides 13 and 14 of our earnings presentation, our capital and liquidity position remains strong and we ended the quarter with excess capital of approximately $1.1 billion. In the quarter, we deployed $203 million of capital in the in-force and other transactions bringing the year-to-date total to $587 million. We also returned a total of $106 million of capital to shareholders through $50 million of share repurchases and $56 million in dividends. We expect to remain active in deploying capital into attractive growth opportunities in our organic flow and in-force block transactions and returning excess capital to shareholders through dividends and share repurchases.

與資本管理相關，如我們收益報告的幻燈片 13 和 14 所示，我們的資本和流動性狀況依然強勁，本季結束時我們擁有約 11 億美元的過剩資本。本季度，我們在有效交易和其他交易中部署了 2.03 億美元的資本，使年初至今的資本總額達到 5.87 億美元。我們也透過 5,000 萬美元的股票回購和 5,600 萬美元的股息，向股東返還了總計 1.06 億美元的資本。我們預計將繼續積極地將資本部署到我們的有機流動和有效大宗交易中有吸引力的成長機會，並透過股息和股票回購將多餘資本返還給股東。

We continued our long track record of increasing book value per share. As shown on Slide 15, our book value per share, excluding AOCI, increased to $142.63, which represents a compounded annual growth rate of 10.8% since the beginning of 2021. The first 3 quarters of 2023 have been particularly strong with each quarter coming in ahead of consensus estimates and expectations. So I thought it would be helpful to go through the main drivers from our perspective. First, very strong organic new business and in-force transactions.

我們繼續保持每股帳面價值成長的長期記錄。如投影片15 所示，我們的每股帳面價值（不包括AOCI）增加至142.63 美元，這意味著自2021 年初以來的複合年增長率為10.8%。2023 年前3 季度的表現尤其強勁，每個季度都在領先於共識估計和預期。因此，我認為從我們的角度了解主要驅動因素會有所幫助。首先，非常強勁的有機新業務和有效交易。

Anna and Tony have already reflected on the fact that both of these drivers have been very strong and above our expectations for the year. In some cases, revenues from these sources have an immediate benefit to current profits, while in other cases, profits initially emerge in an increasing pattern. But in [another] case, we have been building current and future earnings power through capital deployment in the quality new business and in-force transactions over the past 2 years. Second, underwriting results. Across the organization, we have generally had very good underwriting results this year. The particular areas of strength include Asia traditional, U.S. traditional and our longevity business across the various geographies.

安娜和托尼已經反思了這樣一個事實：這兩位車手都非常強大，超出了我們今年的預期。在某些情況下，這些來源的收入對當前利潤有直接的好處，而在其他情況下，利潤最初會以成長的模式出現。但在[另一個]案例中，我們在過去兩年中一直透過在優質新業務和有效交易中的資本部署來建立當前和未來的盈利能力。二是承保結果。在整個組織中，我們今年總體上取得了非常好的承保業績。我們的優勢領域包括亞洲傳統、美國傳統以及我們在不同地區的長壽業務。

Under LDTI, some of this underwriting experience is recognized in the current period whereas the rest is spread out into the future. Third, interest rates. We have been explicit in the past that the low interest rate environment in place for a number of years was a headwind for us. Now that we are in a higher interest rate environment, we have had and should continue to have a nice tailwind to our investment yields and earnings. While we incorporated an expectation of higher rates into our 2023 plans, short-term and long-term rates are higher than we assumed and are providing some incremental benefit.

根據 LDTI，部分承保經驗在當前期間得到認可，而其餘的則分散到未來。第三，利率。我們過去曾明確表示，多年來的低利率環境對我們來說是一個阻力。現在我們處於較高的利率環境中，我們已經並且應該繼續為我們的投資收益率和收益帶來良好的推動力。雖然我們將更高利率的預期納入 2023 年計劃中，但短期和長期利率高於我們的假設，並且正在提供一些增量收益。

Going forward, as long as new money rates stay higher than our portfolio yield, we should pick up additional benefit on a gradual basis. Fourth, in-force management. In-force Management has always been a lever for us. The actions taken have had and will have a positive effect on our results over time. Given these dynamics, we are running ahead of our intermediate-term financial targets and current run rates provided at our June Investor Day.

展望未來，只要新貨幣利率維持高於我們的投資組合收益率，我們就應該逐步獲得額外的收益。四是管理有力。有效的管理一直是我們的槓桿。隨著時間的推移，所採取的行動已經並將對我們的結果產生正面影響。鑑於這些動態，我們正在超前於六月投資者日提供的中期財務目標和當前運行率。

As we look forward with these drivers in mind, we would expect to provide relevant updates. To summarize, we are very pleased with our third quarter performance, which follows a strong first half of the year. Our business is resilient with substantial underlying earnings power. Momentum is strong, and we see good opportunities across our geographies and business lines.

當我們考慮到這些驅動程式時，我們希望提供相關更新。總而言之，我們對第三季的業績非常滿意，這是繼上半年的強勁表現之後。我們的業務具有彈性，具有強大的潛在獲利能力。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。

Looking forward, we are well positioned for the future and expect to deliver attractive returns to shareholders over time. This concludes our prepared remarks.

展望未來，我們已為未來做好準備，並期望隨著時間的推移為股東帶來有吸引力的回報。我們準備好的演講到此結束。

We would now like to open it up for questions.

我們現在想開放提問。

(Operator Instructions) The first question today comes from Ryan Krueger with KBW.

（操作員說明）今天的第一個問題來自 KBW 的 Ryan Krueger。

Todd, in the things you just went over in terms of the drivers of the strong year-to-date results, it seems like the new business growth, interest rates and in-force management would all have ongoing recurring benefits and the one that might not be as recurring would just be the favorable underwriting experience. So I was hoping that you could -- are you able to give us any color on quantification of just how favorable the year-to-date results have been from an underwriting perspective relative to your expectations?

托德，就您剛才談到的年初至今強勁業績的驅動因素而言，似乎新業務增長、利率和有效管理都會帶來持續的經常性收益，並且可能會帶來持續的經常性收益。不再重複出現只會是有利的核保體驗。因此，我希望您能——您能否向我們提供一些關於量化的信息，說明從承保角度來看，今年迄今為止的業績與您的預期相比有多有利？

So I can give you I have it in my hand the current -- I was going to size just from an underwriting perspective, for the current quarter, I'd size it at around what went through the income statement around $60 million roughly. Now remember under LDTI, that's the portion that was recognized currently. Overall, underwriting for the quarter was probably closer to $150 million or so.

所以我可以告訴你，我手上有當前的數據——我只是從承保的角度來調整當前季度的規模，我將其調整為損益表中大約 6000 萬美元左右。現在請記住 LDTI，這是目前已識別的部分。總體而言，本季的承保金額可能接近 1.5 億美元左右。

So $60 million came through the actual income statement, though?

那麼 6000 萬美元是透過實際損益表來的嗎？

In the quarter for...

本季為...

Yes, in the quarter. Okay. Got it. And then separately, you had done the second PRT transaction, I think it's with a different partner than the first one. Are you able to tell us who the partner is? And then, I guess, on a go-forward basis, are there built-in arrangements in terms of jointly bidding? Or is it deal specific?

是的，在本季。好的。知道了。然後，您分別完成了第二筆 PRT 交易，我認為它是與第一筆不同的合作夥伴進行的。您能告訴我們合作夥伴是誰嗎？然後，我想，在未來的基礎上，聯合投標方面是否有內在的安排？還是具體的交易？

Yes, Ryan, let me take that. To start with on the PRT business, as we've shared, look, we think there's great opportunities in this market. And we are very excited with our successes to date. As we've previously shared, we feel we're one of the natural homes for longevity risk, given we have such a big book of mortality business as well as our capabilities and our data that we've built up over many, many years on the mortality side as well as the longevity side in Europe.

是的，瑞安，讓我接受。首先從 PRT 業務開始，正如我們所分享的，我們認為這個市場存在著巨大的機會。我們對迄今為止所取得的成功感到非常興奮。正如我們之前分享的，鑑於我們擁有如此龐大的死亡率業務以及我們多年來積累的能力和數據，我們認為我們是長壽風險的天然家園之一在歐洲，死亡率和壽命方面都有所不同。

To answer your question, yes, I can't share the second partner and that partner is prudential. And to answer your other question, the different partnerships have clear guidelines on the type of pension funds we will consider with each partner. We price the transactions obviously independently but coordinate closely on the presentations of our offer as a combined package.

回答你的問題，是的，我不能分享第二個合作夥伴，而且那個合作夥伴是審慎的。為了回答你的另一個問題，不同的合作夥伴對於我們將與每個合作夥伴考慮的退休基金類型都有明確的指導方針。我們顯然獨立地對交易進行定價，但在我們的報價作為一個組合包的呈現上密切協調。

The next question comes from Wesley Carmichael with Wells Fargo.

下一個問題來自富國銀行的韋斯利·卡邁克爾。

And first, I just wanted to say congrats Anna and best wishes for your retirement. I think, Todd, you mentioned a onetime favorable item in Asia. Would you be able to give us some additional color on that?

首先，我只想祝賀安娜，並祝你退休。托德，我想你提到了一種曾經在亞洲很受歡迎的商品。您能為我們提供一些額外的資訊嗎？

Yes, the size, it was around $10 million in the quarter. And it's $10 million to $12 million, if I remember correctly. And related to just some way we classified as underlying treaty in the way that the financial reporting work for that. So sort of a reserve adjustment true-up [but] then going forward, it will be more of a normal pattern. So it really was sort of an isolated onetime item for the quarter.

是的，這個季度的規模約為 1000 萬美元。如果我沒記錯的話，是 1000 萬到 1200 萬美元。這與我們將財務報告的工作方式歸類為基礎條約的某些方式有關。這是一種儲備調整調整，但展望未來，這將更像是一種正常模式。因此，這確實是本季的一個孤立的一次性項目。

Got it. And maybe a higher-level question. But have you guys given any thought to the advancement of the GLP-1 drug? And could that have an impact on RGA's results over the longer term as the cost issues are dealt with and adoption becomes more widespread?

知道了。也許是一個更高層次的問題。但你們有沒有想過GLP-1藥物的進步？隨著成本問題得到解決並且採用變得更加廣泛，這是否會對 RGA 的長期業績產生影響？

Wes, this is Jonathan. Yes, so you're referring to drugs that are used to manage obesity. I think it's probably too early to tell what the long-term impact is. But certainly, we're encouraged by the potential benefits to both mortality and morbidity and as you mentioned specifically, as the cost comes down and they become more widespread, I think it's something that we're keenly following.

韋斯，這是喬納森。是的，所以你指的是用來控制肥胖的藥物。我認為現在判斷長期影響可能還為時過早。但當然，我們對死亡率和發病率的潛在好處感到鼓舞，正如您具體提到的，隨著成本下降並且它們變得更加普遍，我認為這是我們密切關注的事情。

The next question comes from John Barnidge from Piper Sandler.

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

You had talked about the main drivers of better earnings kind of walk through. When you talk about in-force management, can you maybe talk about how much of that in-force has been repricing actions and the pipeline for more of that prospectively?

您已經談到了提高收入的主要驅動因素。當您談論有效管理時，您能否談談有效管理中有多少是在重新定價行動以及未來更多此類行動的管道？

Thanks, John. Let me take that one. Look, [all] stands on in-force management hasn't changed. I mean we do not hesitate to exercise our rights in the treaty. But we've been very focused as with pretty much everything we do on a partnership approach. So that involves, obviously, being very holistic and considering the whole relationship across the world consider with that client considering future opportunities for partnership in new business and so on and so forth. So I would say -- we've sort of covered a lot of the low-hanging fruit, for lack of a better word. But we continue very focused on this strategy to find any ways where, once again, from a partnership perspective, there's opportunities for win-win situations between ourselves and our partners.

謝謝，約翰。讓我拿走那個。看，[所有人]關於有效管理的立場沒有改變。我的意思是，我們會毫不猶豫地行使我們在條約中的權利。但我們一直非常專注於我們所做的幾乎所有合作夥伴方式。顯然，這涉及到非常全面的考慮，考慮到世界各地的整個關係，考慮到與客戶的未來合作機會，等等。所以我想說——我們已經解決了很多容易實現的目標，因為沒有更好的字眼了。但我們仍然非常關注這項策略，再次從合作夥伴的角度尋找任何方法，在我們和我們的合作夥伴之間創造雙贏的機會。

My follow-up question. You hear more and more carriers talking about automating your underwriting. And you have the data to power that. When you think about from a primary perspective within the U.S. life insurance market, how much of that is automated. And what's the hurdle there and opportunity?

我的後續問題。您會聽到越來越多的運營商談論自動化承保。並且您擁有數據來支持這一點。當你從美國人壽保險市場的主要角度思考時，你會發現其中有多少是自動化的。其中的障礙和機會是什麼？

What's the [hurdle and] opportunity, sorry?

抱歉，[障礙和]機會是什麼？

What's the hurdle for some of these primary carriers from implementing it today and because we've seen a number of them talk about doing more automated underwriting within their portfolio.

對於這些主要運營商中的一些來說，今天實施它的障礙是什麼？因為我們已經看到他們中的一些人談論在他們的投資組合中進行更多自動化承保。

Look, automation of underwriting, obviously, is a theme very big in the U.S. and across the globe. In each of our clients obviously work very closely with us on that. Our focus is a broad range of underwriting capabilities. So we absolutely work very closely with our clients to automate as well as provide the facultative as well as a multitude of services in between. So I'd say the hurdles really depends on client by client, obviously, size and scale, but it's clearly a strong trend that we're very much partnering with our clients and the industry to facilitate them further.

看，承保自動化顯然是美國乃至全球的一個非常大的主題。我們的每個客戶顯然都在這方面與我們密切合作。我們的重點是廣泛的承保能力。因此，我們絕對與客戶密切合作，實現自動化並提供臨時服務以及介於兩者之間的多種服務。所以我想說，障礙實際上取決於客戶，顯然，規模和規模，但顯然這是一個強烈的趨勢，我們正在與客戶和行業合作，以進一步促進他們的發展。

Next question comes from Joel Hurwitz with Dowling & Partners.

下一個問題來自 Dowling & Partners 的 Joel Hurwitz。

I want to start on the interest rate tailwinds. Can you provide some color on the level of incremental benefits versus what's in your guidance if new money yields stay around current levels?

我想從利率順風開始。如果新資金收益率保持在當前水準附近，您能否提供一些關於增量收益水準與您的指導中的收益水準的說明？

Yes. This is Leslie. And I think maybe it's helpful if I just compare this quarter to last quarter. So if you focus in on our Non-Spread business, the incremental difference from higher yield has been about $5 million on the quarter. That is sustainable if we stay at the deal levels that we had at quarter end and they moved up a bit. And there will actually probably be a little additional tailwind in the fourth quarter because as you now the yields really moved up sharply towards the end of the quarter. So saying these levels, the $5 million and maybe a little bit more in the fourth quarter.

是的。這是萊斯利。我認為如果我將本季與上季進行比較也許會有所幫助。因此，如果您關注我們的非利差業務，本季與較高收益率的增量差異約為 500 萬美元。如果我們保持在季度末的交易水平並且交易量有所上升，那麼這種情況是可持續的。實際上，第四季度可能會出現一些額外的推動力，因為就目前而言，收益率在接近季度末時確實大幅上升。所以說，第四季的水準是 500 萬美元，也許還會多一點。

Very helpful. And then just shifting to the in-force activities. Obviously, year-to-date capital deployment is very strong there. I guess, do you see this level persisting over the intermediate time? And then can you just talk about where you see the strongest opportunities? I know much of the activity has been in GFS, but are you seeing more opportunities with the traditional business?

很有幫助。然後就轉向有效的活動。顯然，今年迄今的資本部署非常強勁。我想，你認為這個水準在中間時間持續存在嗎？然後您能談談您認為最有機會的地方嗎？我知道大部分活動都在 GFS 中進行，但您是否在傳統業務中看到了更多機會？

Yes. Let me take that one. The growth in our deployment, as Anna mentioned, the growth in our deployment of capital into the business, we've already surpassed all of last year. And we have obviously very strong momentum, and we have no reason to believe that won't continue across the globe. Obviously, with regards to our 4 major areas of notable growth. Asia, the asset-intensive business. We've already discussed a bit on the PRT in the U.S., which is also asset involves asset intensity and other parts of the world. So the prospects are very strong on both the GFS as well as the traditional business. We do time to time see in-force opportunities arising, particularly in the U.S. And I want to also say, we spoke earlier about in-force management. Our ability to partner with clients when we have to discuss with them in-force actions. And there how can I put it their experience when they work with us on that sort of differentiates us so that when they have other blocks of business, they're more prone to work with us on those opportunities.

是的。讓我拿走那個。正如安娜所提到的，我們部署的成長，我們對業務的資本部署的成長，我們已經超過了去年全年。我們顯然擁有非常強勁的勢頭，我們沒有理由相信這種情況不會在全球範圍內持續下去。顯然，我們有四個顯著成長的主要領域。亞洲，資產密集型企業。我們已經討論過美國的PRT，這也是資產，涉及資產強度和世界其他地區。因此，GFS 和傳統業務的前景都非常看好。我們確實時常看到有效機會的出現，特別是在美國。我還想說，我們之前談到了有效管理。當我們必須與客戶討論有效行動時，我們有能力與客戶合作。當他們與我們合作時，我該如何表達他們的經驗，使我們與眾不同，這樣當他們擁有其他業務領域時，他們就更願意與我們合作抓住這些機會。

The next question comes from Tom Gallagher with Evercore.

下一個問題來自 Evercore 的 Tom Gallagher。

Todd, I just wanted to come back to your response to Ryan's question. The favorable underwriting this quarter. Overall, I think you said was around $150 million, $60 million of which actually came through in the quarter. Do I have that right?

托德，我只想回到你對瑞安問題的回答。本季承保情況良好。總體而言，我認為您所說的金額約為 1.5 億美元，其中本季實際支付了 6000 萬美元。我有這個權利嗎？

Yes. And that's specific to the claim's activity. That's right. And that's on both traditional and GFS.

是的。這是特定於索賠活動的。這是正確的。這在傳統和 GFS 上都是如此。

Got you. And so Todd, the right way to think about this, that the $90 million that is deferred is going to come through very slowly in the future that will get amortized in future periods over, I don't know, 10 years? Is there a way -- how should we think about that $90 million?

明白你了。托德，正確的思考方式是，被推遲的 9000 萬美元在未來將非常緩慢地到位，並將在未來的時期內攤銷，我不知道，10 年？有沒有辦法——我們該如何看待這 9000 萬美元？

Yes, that's right. It'll be amortized in over time in the future. And depending on which cohort [is in] and the underlying product [in order to] depends on the duration of the underlying liability. It probably is 10 years or longer on average.

恩，那就對了。它將在未來一段時間內攤銷。取決於哪個群體[屬於]和基礎產品[為了]取決於基礎責任的持續時間。平均來說可能是10年或更長。

The next question comes from Jamminder Bhullar with JPMorgan.

下一個問題來自摩根大通的 Jamminder Bhullar。

First, maybe for Leslie, on the new money yield, obviously, you're benefiting from the rise in interest rates. I think you highlighted that the yields also benefited from a shift in allocation to private and to structured investments. Did you highlight that you sort of imply that maybe this quarter, the new money yield is trending above what it normally would have trended because you opportunistically increase allocations there? Or -- and should we expect it to maybe not be as high? Or was that just -- were the allocation still normal versus where you expect them to be going forward?

首先，也許對於萊斯利來說，就新的貨幣收益率而言，顯然，您正在從利率上升中受益。我認為您強調了收益率也受益於配置向私人和結構性投資的轉變。您是否強調，您有點暗示，也許本季度，新貨幣收益率的趨勢高於正常趨勢，因為您機會主義地增加了那裡的配置？或者──我們應該期望它不會那麼高？或者只是——分配是否仍然正常，而不是您預期的未來發展？

Thank you. I'm glad you asked that if that wasn't clear. I think the comment really about the select opportunities was to make it clear, I guess, that we have a broad platform and we're actively selecting and not everything is driven by just interest rates that show up on our doorstep. But actually, the allocation of private is a little bit less than the second quarter. In the second quarter, I think I had noted we had a bit higher allocation. So that shift in mix was actually a bit of a negative on the quarter. But generally, we're at very healthy yield levels because of our broad platform.

謝謝。如果不清楚的話我很高興你問這個問題。我認為，關於精選機會的評論真正是為了明確表示，我想，我們擁有廣闊的平台，我們正在積極選擇，而不是一切都由出現在我們家門口的利率驅動。但實際上，私募的配置比第二季少一些。在第二季度，我想我已經注意到我們的分配增加。因此，這種組合的轉變實際上對該季度產生了一些負面影響。但總的來說，由於我們擁有廣泛的平台，我們的收益率水平非常健康。

So nothing to suggest that if rates go up more, your yield shouldn't incrementally improve from even the high levels that it was at in 3Q.

因此，沒有任何跡象表明，如果利率進一步上升，即使是第三季的高水平，您的收益率也不應該逐步提高。

Yes, correct. In fact, as you know, rates went up much more towards the end of the quarter. So if you're going from the 930 level, that would be [supportive] going forward.

是，對的。事實上，如您所知，利率在本季末大幅上漲。因此，如果您從 930 級別開始，這將是[支援]前進。

The next question comes from Tracy Benguigui with Barclays.

下一個問題來自巴克萊銀行的 Tracy Benguigui。

Have a very basic question. So you could do a U.S. PRT transaction jointly with an insurer partner or you could do some type of PRT reinsurance. I'm wondering which path has greater earnings potential?

有一個非常基本的問題。因此，您可以與保險公司合作夥伴共同進行美國 PRT 交易，也可以進行某種類型的 PRT 再保險。我想知道哪條路有更大的收入潛力？

It would be the path that we've pursued. So the side-by-side partnership with PRT insurers.

這將是我們所追求的道路。因此，我們與 PRT 保險公司並肩合作。

And because you also have a presence in Bermuda, I'm wondering if you had any early views on the consultation paper that's out there, particularly on the scenario-based analysis.

因為您也在百慕達設有辦事處，所以我想知道您對現有的諮詢文件是否有任何早期看法，特別是基於情境的分析。

Yes. Tracy, it's Todd. Yes, we have been monitoring that. You're correct, we do have a company or companies in Bermuda. Based on our analysis for RGA, we don't expect a material impact. We actually do not use the scenario-based approach. So that those -- the changes to that will not impact us directly.

是的。特蕾西，這是陶德。是的，我們一直在監測這一點。你是對的，我們在百慕達確實有一家或多家公司。根據我們對 RGA 的分析，我們預計不會產生重大影響。我們實際上並沒有使用基於場景的方法。因此，這些變化不會直接影響我們。

The next question comes from Suneet Kamath with Jefferies.

下一個問題來自 Jefferies 的蘇尼特·卡馬斯 (Suneet Kamath)。

Your interest rate leverage seems like it's coming in much stronger than I think we expected. Is there a way to help us think through how much of that is due to sort of the long end of the curve versus the short end of the curve?

你們的利率槓桿似乎比我們預期的要強得多。有沒有辦法幫助我們思考其中有多少是因為曲線的長端與曲線的短端造成的？

It's Leslie. I would say the beat the numbers I was quoting for the change quarter-over-quarter are really, I would say, half and half, sort of the short end of the curve still and then we have done a nice job over this period of higher interest rates and doing some extension trades and locking [entire yields] for longer. So it's kind of half and half.

這是萊斯利。我想說的是，我所引用的季度環比變化的數字實際上是一半一半，仍然是曲線的短端，然後我們在這段時間內做得很好提高利率並進行一些延期交易並鎖定[全部收益率]更長時間。所以這是一半一半。

And then I guess for Tony, I think you had mentioned in your prepared comments embedded value or value of new business is much higher on the stuff that you've added recently. Is there a way to think about that from an ROE perspective? In other words, what are the returns that you're getting on sort of the new business that you've been adding relative to that, I guess, 11% to 13% ROE target that you always talk about.

然後我想托尼，我認為你在準備好的評論中提到了嵌入價值或新業務的價值比你最近添加的東西要高得多。有沒有辦法從 ROE 的角度來考慮這個問題？換句話說，相對於你經常談論的 11% 到 13% 的 ROE 目標，你所增加的新業務所獲得的回報是多少。

Thanks for the question. Yes. As you mentioned, I mean, the new business is coming in strong, the breadth, the quality and the volume. To add further to that, we're very pleased with the returns on the new business. And that's why we've mentioned a few times the exclusivity is because when you are able to sort of grow the pie for you and your partner, then both partners benefit from that. So 11% to 13%, our pricing targets are higher than that. And once again, we're just very pleased with the returns we're seeing on the new business.

謝謝你的提問。是的。正如您所提到的，我的意思是，新業務的廣度、品質和數量都在強勁增長。除此之外，我們對新業務的回報感到非常滿意。這就是為什麼我們多次提到排他性是因為當你能夠為你和你的合作夥伴做大蛋糕時，那麼合作夥伴雙方都會從中受益。所以11%到13%，我們的定價目標比這個更高。再一次，我們對新業務的回報感到非常滿意。

The next question comes from Mike Ward with UBS.

下一個問題來自瑞銀集團的麥克沃德。

Congratulations, Anna, maybe just to expand on Wes' question on the GLP-1s. A number of years ago, you guys sort of shared this high-level hypothetical type of sensitivity to a 1-year extension of life expectancies. I was just wondering if you could help us think through that hypothetical again, just given your mix and whatnot.

恭喜安娜，也許只是為了擴展韋斯關於 GLP-1 的問題。幾年前，你們對預期壽命延長一年有著高度的假設性敏感度。我只是想知道你是否可以幫助我們再次思考這個假設，只要考慮到你的混音等等。

Yes. Mike, it's Jonathan. Yes, I don't have sort of a number at the top of my head to be able to provide you. But I mean, I guess you can think of it maybe in the context of, again, [this] super high level. If you were to push out everyone's death by one more year, we basically would collect an extra year of premium. So that's maybe some way to give you a very high-level context for that but let me take that away and see if there's kind of a different way to think about it, and maybe we can look to provide some further information at Investor Day next year or something.

是的。麥克，這是喬納森。是的，我腦子裡沒有一個數字可以為您提供。但我的意思是，我想你可能可以在[這個]超高水平的背景下思考它。如果你把每個人的死亡時間都延後一年，我們基本上會多收取一年的保費。因此，這可能是為您提供一個非常高層次的背景的方式，但讓我把它拿走，看看是否有不同的方式來思考它，也許我們可以在接下來的投資者日提供一些進一步的資訊年什麼的。

And then I was just wondering if there's any sort of update on the third-party capital vehicle strategies, specifically the revamped Langhorne.

然後我只是想知道第三方資本工具策略是否有任何更新，特別是改進後的蘭霍恩。

This is Todd. Alternative capital remains important strategically for us. Before I answer your specific Langhorne question. We have been active in alternative capital around things like embedded value securitization, surplus notes and some strategic retro session. So it's not just the third-party capital elements that we include in sort of our alternative capital considerations. But as far as the successor to Langhorne, we did -- we have taken the lessons that we've learned from Langhorne and have been developing sort of the next-generation version of your lower structure. We're pretty far along on execution and hopefully, we'll execute here in the near future as far as closing that one out.

這是托德。另類資本​​對我們來說仍具有重要的策略意義。在我回答你的具體蘭霍恩問題之前。我們一直積極參與另類資本領域，例如內含價值證券化、盈餘票據和一些策略回顧會議。因此，我們在替代資本考量中不僅僅包括第三方資本要素。但就 Langhorne 的繼任者而言，我們做到了——我們吸取了 Langhorne 的經驗教訓，並一直在開發較低結構的下一代版本。我們在執行方面已經取得了很大進展，希望我們能在不久的將來在這裡執行，以完成該任務。

The next question comes from Alex Scott with Goldman Sachs.

下一個問題來自高盛的亞歷克斯·斯科特。

First question for you is just a follow-up on the Bermuda regulatory changes. I wanted to, I guess, ask if you if what you're seeing in some of those regulations and how it's impacting the market there, would actually go as far as to impact the competitive environment. Certainly, you guys aren't necessarily competing directly with the private equity-backed companies on every deal. But where you do overlap with them? Are you seeing any signs of an easing competitive environment related to this?

您的第一個問題只是百慕達監管變化的後續問題。我想，我想問一下，您在其中一些法規中看到的內容以及它如何影響那裡的市場，是否真的會影響競爭環境。當然，你們不一定在每筆交易中都與私募股權支持的公司直接競爭。但你和他們有哪些重疊呢？您是否看到任何與此相關的競爭環境寬鬆的跡象？

Yes. Thank you. No, obviously, it's anecdotal, we look at every deal. But now, we have started seeing some signs in the Bermuda regulator changes or speaks of changes, then the competitive environment does change. And as Todd mentioned, given our practices, that's only favorable for us.

是的。謝謝。不，顯然，這是軼事，我們會關注每筆交易。但現在，我們已經開始看到百慕達監管機構發生變化或談論變化的一些跡象，那麼競爭環境確實發生了變化。正如托德所提到的，考慮到我們的做法，這對我們來說是有利的。

Second question I had is a little more broad for you, Tony. I wanted to ask, as we think through 24' first full year as CEO, what are the -- what's the short list of things that you're most focused on? And I know that's broad, and this has been in the works for a while, but I was just interested in hearing your part on that.

我的第二個問題對你來說有點寬泛，東尼。我想問一下，在我們擔任執行長的第一個完整的 24 年裡，您最關注的事情是什麼？我知道這涉及面很廣，而且這件事已經醞釀了一段時間了，但我只是想聽聽你對此的看法。

Yes. Thanks for the question. Look, our strategy is only 2 years old and really the focus is very much on execution. We feel we've got, obviously, incredibly many, many opportunities across the globe. We're firing on all cylinders right now. The past 12 months has been really the only period post COVID when the world has fully opened up. So it's all about focus and execution and delivery. And teams are energized and excited, strong balance sheet, incredible brand, all the positives there. And it's now up to us to continue to focus and execute and deliver.

是的。謝謝你的提問。看，我們的策略只有兩年的歷史，實際上重點是執行。顯然，我們覺得我們在全球擁有非常多的機會。我們現在正在全力以赴。過去 12 個月實際上是新冠疫情之後世界完全開放的唯一時期。所以這一切都與專注、執行和交付有關。團隊充滿活力和興奮，強大的資產負債表，令人難以置信的品牌，所有的積極因素都在那裡。現在我們需要繼續專注、執行和交付。

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。

I had a question on the U.S. Traditional segment. I think we saw in the financials a remeasurement gain and you said mortality experience, I think, was favorable. So -- are you seeing anything new there? Or is that maybe just more quarterly volatility?

我有一個關於美國傳統部分的問題。我認為我們在財務方面看到了重新衡量的收益，我認為你說死亡率經歷是有利的。那麼——你在那裡看到什麼新東西了嗎？或者這可能只是季度波動更大？

Yes, for the quarter for -- in the U.S. mortality markets, as I mentioned in my comments, we saw some very favorable mortality and primarily due to frequency. I don't think we saw anything unusual is pretty much widespread as far as the favorable experience there.

是的，對於本季的美國死亡率市場，正如我在評論中提到的，我們看到了一些非常有利的死亡率，這主要是由於頻率。就那裡的良好體驗而言，我認為我們沒有看到任何不尋常的現象。

And I guess, Todd, what I'm trying to kind of get at is, are you still kind of expecting excess mortality continues into 2024? Or are you kind of changing your thinking at all from your outlook at Investor Day.

我想，托德，我想了解的是，您是否仍然預計死亡率過高會持續到 2024 年？或者你在投資者日上的看法是否完全改變了你的想法？

Yes. Maybe I'll take that one, Wes. So it's Jonathan. Yes, we do -- our outlook is still pretty much consistent with what we thought at Investor Day. So we're pleased to see some of the trends where excess mortality in the population is coming down. I think now it's around 1% to 2% if you look at the most recent couple of quarters. But we still believe that excess mortality will continue in the intermediate term. And of course, that's reflected in our assumptions that we've got in our business and in our reserves. We haven't, at this point, changed our expectation for long-term mortality improvement.

是的。也許我會選擇那個，韋斯。所以是喬納森。是的，我們確實如此——我們的前景仍然與我們在投資者日的想法非常一致。因此，我們很高興看到人口超額死亡率正在下降的一些趨勢。如果你看看最近幾個季度，我認為現在大約是 1% 到 2%。但我們仍然認為，中期死亡率過高的情況仍將持續。當然，這反映在我們對業務和儲備的假設中。目前，我們還沒有改變對長期死亡率改善的預期。

The next question comes from Tom Gallagher with Evercore.

下一個問題來自 Evercore 的 Tom Gallagher。

Just a question on Asia. What's driving the -- such a good level of favorability in the traditional business, is it life insurance underwriting? Is it critical illness? Is it both? Because I'm guessing if it's critical illness there might be something that's a little more sustainable to that. But just curious if you -- how you're seeing that.

只是關於亞洲的問題。是什麼推動了傳統業務如此高的受歡迎程度，是人壽保險承保嗎？是危重病嗎？兩者都是嗎？因為我猜如果是危重疾病，可能會有一些更永續的東西。但只是好奇你如何看待這一點。

Maybe I'll take that one. Really, there's a number of drivers in Asia that we're very happy with. Part of it is the fact that we feel being a U.S. company with obviously strong Asian presence and strong teams allows us to leverage off a sweet spot we have, which is being able to create new products with liabilities such as critical owners and mortality, but also connect that with the ability to reinsure on the asset side of the balance sheet. So that's a pretty unique attribute out there in Asia. So that's what's driving most of the performance is that ability to gain those exclusives and create more value for ourselves as well as our partners to share in.

也許我會選擇那個。確實，我們對亞洲的許多車手感到非常滿意。部分原因在於，我們認為，作為一家在亞洲擁有明顯強大影響力和強大團隊的美國公司，我們能夠充分利用我們擁有的最佳優勢，即能夠創造出具有關鍵所有者和死亡率等負債的新產品，但也將其與資產負債表資產方面的再保險能力連結起來。所以這在亞洲是一個非常獨特的屬性。因此，推動業績的主要因素是獲得這些獨家產品並為我們自己以及我們的合作夥伴創造更多價值以分享的能力。

Like you mentioned, I mean, critical illness is one of the major risks there, more so than mortality, but it's something that we've been doing in Asia and the rest of the globe for probably about 25 years now.

正如您所提到的，我的意思是，危重疾病是那裡的主要風險之一，比死亡率還要高，但這是我們在亞洲和全球其他地區大約 25 年以來一直在做的事情。

The next question comes from Jamminder Bhullar with JPMorgan.

下一個問題來自摩根大通的 Jamminder Bhullar。

I just wanted to follow up on the Asia business and specifically on Australia on how that's been performing over the last few quarters because I think you've obviously had charges there in the past, but I'm assuming that it's doing better given results in the Asia division overall.

我只是想跟進亞洲業務，特別是澳大利亞業務在過去幾個季度的表現，因為我認為您過去顯然在那裡收取了費用，但我認為考慮到其業績，它的表現會更好整個亞洲分部。

Jimmy, it's Todd. Yes. So for the quarter for Australia, I think excluding notable items, there was a modest profit. And I think year-to-date, we're -- it's profitable. It's still not back to the level that we would like to see it at. But it's moving in the right direction is the best way. We have been cautious there the last several years as far as new business.

吉米，這是托德。是的。因此，對於澳洲本季，我認為排除值得注意的項目，利潤不大。我認為今年迄今為止，我們已經實現盈利。它仍然沒有回到我們希望看到的水平。但朝著正確的方向前進才是最好的方法。過去幾年我們對新業務一直持謹慎態度。

So going forward, things are, I think, heading in the right direction.

因此，我認為，展望未來，事情正在朝著正確的方向發展。

Yes. And Jimmy, just strategically, I mean, it is a strong example of the optionality we have across the world. I mean, we able to assess the risk return of many, many blocks and businesses across the world. And when they meet the market, the market provides a risk/return trade-off that we like and we're able to pursue it. But the discipline we've shown over the number of years as well as the repricing of in-force blocks there has held us in good stead, as Todd said, in terms of the financial.

是的。吉米，我的意思是，從戰略上講，這是我們在世界各地擁有選擇性的一個強有力的例子。我的意思是，我們能夠評估世界各地許多區塊和企業的風險回報。當他們遇到市場時，市場提供了我們喜歡的風險/回報權衡，並且我們能夠追求它。但正如托德所說，我們多年來所表現出的紀律以及對有效區塊的重新定價使我們在財務方面處於有利地位。

And fair to assume that as part of LDTI, you would have looked at reserves and taken experience into sort of account for reserves in Australia as well.

公平地說，作為 LDTI 的一部分，您會研究儲備金並在某種程度上考慮澳洲儲備金的經驗。

Yes. For any of the business subject to LDTI, we had to update all of our best estimate assumptions.

是的。對於任何受 LDTI 約束的業務，我們必須更新所有最佳估計假設。

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

我們的問答環節到此結束。我想將會議轉回托尼·鄭（Tony Cheng）發表閉幕詞。

Well, thank you all for your questions and continued interest in RGA. On behalf of all the employees of RGA, I would love to congratulate Anna on her upcoming retirement. This was a very strong quarter, further demonstrating the substantial earning power in our business. We remain very well positioned to capitalize on the many growth opportunities. We are firing on all cylinders, and we are confident in our ability to continue to deliver attractive returns to our shareholders. So thank you, and this concludes our third quarter call.

好的，感謝大家提出問題以及對 RGA 的持續關注。我謹代表 RGA 全體員工，祝賀安娜即將退休。這是一個非常強勁的季度，進一步證明了我們業務的巨大獲利能力。我們仍然處於有利地位，可以利用許多成長機會。我們正在全力以赴，我們對繼續為股東帶來有吸引力的回報的能力充滿信心。謝謝大家，我們的第三季電話會議到此結束。

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。您現在可以斷開連線。