美國再保險集團 (RGA) 2024 Q1 法說會逐字稿

Good day, and welcome to the Reinsurance Group of America Q1 Conference Call. (Operator Instructions) 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.

美好的一天，歡迎參加美國再保險集團第一季電話會議。 （操作員說明）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 First Quarter 2024 Conference Call. I'm joined on the call this morning with Tony Cheng, RGA's President and Chief Executive Officer; Leslie Barbi, Chief Investment Officer; and Jonathan Porter, Chief Risk Officer.

謝謝。歡迎參加 RGA 2024 年第一季電話會議。今天早上我與 RGA 總裁兼執行長 Tony Cheng 一起參加了電話會議。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.

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。

Additionally, during the course of this call, the information we provide may include non-GAAP financial measures. Please see our earnings release, earnings presentation and quarterly financial supplement, all of which are posted on our website for a discussion of these terms and reconciliations to GAAP measures. Throughout the call, we will be referencing slides from the earnings presentation which, again, is posted on our website.

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。在整個電話會議中，我們將參考收益簡報中的投影片，該投影片同樣發佈在我們的網站上。

And now I'll turn the call over to Tony for his comments.

現在我將把電話轉給托尼徵求他的意見。

Good morning, everyone, and thank you for joining our call. Last night, we reported adjusted operating earnings of $6.02 per share, which is our highest ever quarterly result. Our adjusted operating return on equity for the past 12 months was 14.8%, exceeding the intermediate targets we previously shared. The record earnings and attractive ROE is not solely from one or two areas of the company. All four geographic regions and both the Traditional and GFS businesses met or exceeded our run rates. In particular, our Traditional results stood out driven by strong underlying experience notably in the U.S.

大家早安，感謝您加入我們的通話。昨晚，我們報告調整後營業利潤為每股 6.02 美元，這是我們有史以來最高的季度業績。過去 12 個月我們調整後的營運股本回報率為 14.8%，超過了我們先前設定的中期目標。創紀錄的獲利和有吸引力的股本回報率不僅僅來自公司的一兩個領域。所有四個地理區域以及傳統業務和 GFS 業務均達到或超過了我們的運作率。特別是，我們的傳統業績在強大的基礎經驗（尤其是在美國）的推動下脫穎而出。

It was a quarter where many things came together and follows an excellent 2023 for RGA. I am very pleased that we just learned that RGA was rated #1 for the 13th consecutive year on NMG Consulting's Global all respondents Business Capability Index. This is based on 2023 feedback from the life and health insurance companies around the world.

這是一個發生了很多事情的季度，緊隨 RGA 出色的 2023 年之後。我很高興我們剛剛獲悉 RGA 連續 13 年在 NMG Consulting 的全球所有受訪者業務能力指數中排名第一。這是根據全球人壽和健康保險公司 2023 年的回饋得出的。

In addition to the outstanding earnings and external recognition, our new business activity was very strong. We deployed a record amount of capital into in-force transactions of $737 million. We have always shared a preference to redeploy our excess capital back into the business for both financial and strategic reasons. Successful transactions lead to favorable economics over the long run and can create repeat opportunities from these clients.

除了出色的獲利和外部認可之外，我們的新業務活動也非常強勁。我們在有效交易中投入的資金達到創紀錄的 7.37 億美元。出於財務和策略原因，我們始終傾向於將多餘資本重新部署回業務中。從長遠來看，成功的交易會帶來有利的經濟效益，並能為這些客戶創造回頭客的機會。

In addition to the record quantity of new business, we are delighted with the quality of the new business as we continue to see a high percentage of transactions centered around exclusive arrangements with some of the leading life insurers in the world. These transactions are more innovative in nature and create greater value for RGA and its partners.

除了創紀錄的新業務數量外，我們對新業務的品質也感到滿意，因為我們繼續看到很高比例的交易集中在與世界上一些領先的人壽保險公司的獨家安排上。這些交易本質上更具創新性，為 RGA 及其合作夥伴創造了更大的價值。

When we see excellent earnings, ROE, new business performance across many parts of the enterprise and external recognition of our capabilities, we know our strategy is working. We know our brand and capabilities are strong, and I know our people and culture are second to none. Combining this incredibly strong foundation with macro tailwinds, we are highly confident in delivering long-term attractive results and shareholder returns.

當我們看到企業許多部門的出色獲利、股本回報率、新業務績效以及外部對我們能力的認可時，我們知道我們的策略正在發揮作用。我們知道我們的品牌和能力很強，我也知道我們的員工和文化是首屈一指的。將這令人難以置信的堅實基礎與宏觀順風相結合，我們對實現長期有吸引力的業績和股東回報充滿信心。

I have previously outlined four areas of notable growth in the company. Let me discuss some of the activities and successes in each of these areas, starting with our longevity and PRT business. Longevity not only diversifies our mortality exposure, but also provides favorable opportunities given the increased funding levels of pension funds around the world. In the U.S. PRT market, we announced deals with both of our partners, including our largest PRT transaction to date, and we remain optimistic about our prospects going forward. In the U.K. longevity space, where RGA is a market leader, we built on a very successful 2023 with additional transactions this quarter. The pipeline remains active in both the U.S. and the U.K., and we expect 2024 to be another exciting year.

我之前概述了公司顯著成長的四個領域。讓我從我們的長壽和 PRT 業務開始討論每個領域的一些活動和成功。長壽不僅使我們的死亡風險多樣化，而且鑑於世界各地退休基金資金水準的增加，也提供了有利的機會。在美國 PRT 市場，我們宣布了與兩家合作夥伴的交易，包括迄今為止最大的 PRT 交易，我們對未來的前景保持樂觀。在英國長壽領域，RGA 是市場領導者，我們在 2023 年非常成功的基礎上，在本季度增加了交易。該管道在美國和英國仍然活躍，我們預計 2024 年將是另一個令人興奮的一年。

Our second area of notable growth is the asset-intensive business in Asia. During the quarter, we executed a number of reported transactions in the region. As announced, we closed an approximately $4.7 billion deal in Japan. Our success shows the powerful position RGA has in many of our markets around the world.

我們第二個顯著成長的領域是亞洲的資產密集型業務。本季度，我們在該地區執行了一些報告的交易。正如所宣布的，我們在日本完成了一筆價值約 47 億美元的交易。我們的成功顯示了 RGA 在全球許多市場中的強大地位。

This is a client that we have shared a strong business relationship with for over a decade. This is an innovative solution being the first sizable longevity transaction in Japan, leveraging our strengths in the U.K. and the U.S. This transaction demonstrates our integrated approach with our investment and business teams working hand-in-hand to arrive at the right asset solution tailored for these liabilities. Strong local relationships, coupled with worldwide expertise further enhanced by the collaboration amongst our teams is how we win at RGA.

我們與該客戶十多年來一直保持著牢固的業務關係。這是一個創新的解決方案，是日本首個規模較大的長壽交易，利用了我們在英國和美國的優勢。正確的資產解決方案。強大的當地關係，加上我們團隊之間的合作進一步增強的全球專業知識，是我們在 RGA 取得成功的秘訣。

In our third area of notable growth, which is our Asia Traditional segment, we continue to see very positive results. Our focus is to package product development with capital and underwriting solutions to fuel our clients' growth and success. In January, we adopted a product from Japan and launched with a major insurer in Korea. Given the success of this product launch, we expect multiple clients to launch with RGA in 2024. In China, we closed an in-force transaction, and we expect this success to lead to further opportunities in this space in the near future.

在我們顯著成長的第三個領域，即我們的亞洲傳統領域，我們繼續看到非常積極的成果。我們的重點是將產品開發與資本和核保解決方案結合起來，以推動客戶的成長和成功。一月份，我們採用了日本的產品，並與韓國的一家大型保險公司合作推出。鑑於該產品發布的成功，我們預計多個客戶將在 2024 年推出 RGA。

Finally, in Hong Kong, which is our largest Asian market, we continue to be excited by the increased volume of Mainland Chinese visitors buying life insurance. Throughout the past few years, we have increased our share of key products and therefore, well positioned to benefit.

最後，在我們最大的亞洲市場香港，我們繼續對中國大陸遊客購買人壽保險的數量增加感到興奮。在過去的幾年裡，我們增加了關鍵產品的份額，因此處於有利地位。

And finally, in our U.S. Traditional segment, which is our home market and the largest reinsurance market in the world, we continue to strategically build our offerings in the underwriting space to act as our key differentiator. In the quarter, we launched a partnership to extend our digital underwriting offerings. This complements our full-service facultative and supplemental underwriting programs. It is this ability to offer the full breadth of the underwriting spectrum that positions RGA so well in this market. In addition, we see strong momentum and in-force activity as clients continue derisking their balance sheets which we believe is a leading indicator for future new business for RGA.

最後，在我們的美國傳統市場，即我們的本土市場和世界上最大的再保險市場，我們繼續策略性地在承保領域建立我們的產品，以成為我們的關鍵差異化因素。本季度，我們啟動了合作夥伴關係，以擴展我們的數位核保產品。這補充了我們全方位服務的臨時和補充承保計劃。正是這種提供全方位承保範圍的能力使 RGA 在這個市場中佔據瞭如此有利的地位。此外，隨著客戶繼續降低資產負債表風險，我們看到強勁的勢頭和有效的活動，我們認為這是 RGA 未來新業務的領先指標。

Beyond these four areas of growth, we also continue to have tremendous success in other markets. You will have seen our announcements on the USD 4.4 billion transaction in Canada as well as our EUR 900 million asset transaction in Belgium. Both of these transactions create long-term value for the organization and is due to the tremendous work and effort of our local and global teams.

除了這四個成長領域之外，我們還在其他市場繼續取得巨大成功。您將會看到我們關於加拿大 44 億美元交易以及比利時 9 億歐元資產交易的公告。這兩項交易都為組織創造了長期價值，這要歸功於我們本地和全球團隊的巨大工作和努力。

You can see that we have won a lot of meaningful transactions this quarter. But what you have not seen are the transactions we have looked at and have chosen not to pursue. We remain disciplined and execute only when the risk return trade-off meets our requirements. This risk management focus is as important as any other part of our culture in delivering long-term sustainable performance.

您可以看到本季我們贏得了很多有意義的交易。但你沒有看到的是我們已經研究過但選擇不進行的交易。我們保持紀律，只有在風險回報權衡滿足我們的要求時才執行。在實現長期永續績效方面，風險管理重點與我們文化的其他部分一樣重要。

As proud as I am about all these accomplishments, I am even more excited about the future. My job as CEO is to make sure that we continue to execute today, but also make sure we are in an even better position tomorrow. It's a true privilege to lead this organization and I am clearly confident in our ability to continue to deliver growth at attractive returns to our shareholders for many years to come.

我對所有這些成就感到自豪，但對未來更加興奮。身為首席執行官，我的工作是確保我們繼續執行今天的任務，同時也確保我們明天處於更好的位置。領導這個組織是一種真正的榮幸，我對我們在未來許多年繼續實現成長並為股東帶來有吸引力的回報的能力充滿信心。

I will now turn it over to Todd to discuss the financial results in more detail.

我現在將把它交給托德，更詳細地討論財務結果。

Thanks, Tony. RGA reported pretax adjusted operating income of $516 million for the quarter and adjusted operating earnings per share of $6.02. For the trailing 12 months, adjusted operating return on equity was 14.8%. We are very pleased with the strong results as well as momentum in new business activity and in-force transactions.

謝謝，托尼。 RGA 報告本季稅前調整後營業收入為 5.16 億美元，調整後每股營業收益為 6.02 美元。過去 12 個月，調整後的營運股本回報率為 14.8%。我們對強勁的業績以及新業務活動和有效交易的勢頭感到非常滿意。

Reported premiums were up 58.8% for the quarter. This increase includes $1.9 million -- or $1.9 billion from a single premium U.S. PRT transaction in our Financial Solutions business. Our Traditional business premium growth was a healthy 8.2% for the quarter on a constant currency basis. We are pleased with the premium growth that there are good results across all regions. The effective tax rate for the quarter was 22.4% on pretax adjusted operating income, slightly below the expected range, primarily due to tax benefits received in foreign jurisdictions.

該季度報告的保費增長了 58.8%。這一成長包括 190 萬美元，即我們金融解決方案業務中單筆優質美國 PRT 交易的 19 億美元。以固定匯率計算，本季我們的傳統業務保費成長了 8.2%。我們對保費成長感到高興，因為所有地區都取得了良好的業績。本季度稅前調整後營業收入的實際稅率為 22.4%，略低於預期範圍，主要是由於在外國司法管轄區獲得的稅收優惠。

Before turning to the quarterly segment results, I would like to point out the addition of Slide 7 in our earnings presentation that displays the current period claims experience and the related financial statement impacts. For the period, underlying biometric experience, which includes experience on our mortality, morbidity and longevity risks was favorable by $138 million, of which $58 million was recognized in current quarter income. The remaining favorable claims experience will be recognized in income over the life of the underlying business. As we've discussed, under LDTI, the financial impacts from experience can vary based on the product, duration of the business and whether experience occurs in capped, uncapped or forward contracts.

在轉向季度業績之前，我想指出我們的收益簡報中新增了投影片 7，該投影片顯示了當前期間的索賠經驗和相關的財務報表影響。在此期間，基礎生物辨識經驗（包括死亡率、發病率和長壽風險的經驗）有利 1.38 億美元，其中 5,800 萬美元已在本季度收入中確認。剩餘的有利索賠經驗將在相關業務的整個生命週期內計入收入。正如我們所討論的，在 LDTI 下，經驗對財務的影響可能會因產品、業務持續時間以及經驗是否出現在有上限、無上限或遠期合約中而有所不同。

The U.S. and Latin America Traditional segment results reflected favorable individual life experience as well as favorable health and group results. The individual life favorable experience was broad-based and reflected a lower frequency of large claims. The U.S. Financial Solutions results were slightly below expectations due to lower variable investment income. As you'll notice, starting this quarter, we have combined the U.S. Asset Intensive and U.S. Capital Solutions results into a single segment. This is consistent with our management of these businesses and the presentation for other regions.

美國和拉丁美洲傳統部門的表現反映了良好的個人生活體驗以及良好的健康和團體表現。個人生活良好體驗基礎廣泛，反映出大額索賠的頻率較低。由於可變投資收入下降，美國金融解決方案公司的業績略低於預期。您會注意到，從本季度開始，我們已將美國資產密集和美國資本解決方案的結果合併為一個部分。這與我們對這些業務的管理以及其他地區的介紹是一致的。

Canada Traditional results reflected favorable experience in both group and individual life businesses. The Financial Solutions business reflects longevity experience that was in line with expectations. In the Europe, Middle East and Africa segment, the Traditional business results reflected favorable timing impacts due to the earnings recognition on an annual premium treaty and positive contributions from new business. EMEA's Financial Solutions business results were in line with expectations.

加拿大傳統的結果反映了團體和個人壽險業務的良好經驗。金融解決方案業務反映了符合預期的長壽體驗。在歐洲、中東和非洲部分，傳統業務績效反映了由於年度保費協議的收益確認和新業務的積極貢獻而產生的有利時機影響。歐洲、中東和非洲地區的金融解決方案業務表現符合預期。

Turning to our Asia Pacific Traditional business. Results reflected favorable experience across the region. The Asia Pacific Financial Solutions business results reflected favorable overall experience. The Corporate and Other segment reported a pretax adjusted operating loss of $38 million, in line with the expected quarterly average run rate.

轉向我們的亞太傳統業務。結果反映了整個地區的良好經驗。亞太金融解決方案業務業績反映了良好的整體體驗。企業及其他部門報告稅前調整後營運虧損為 3,800 萬美元，與預期的季度平均運行率一致。

Moving on to investments on Slides 9 through 12. The nonspread portfolio yield for the quarter was 4.7%, including the impact of lower variable investment income. For nonspread business, our new money rate was 6.12%, still well above the portfolio yield, but lower than the prior quarter, primarily reflecting lower average yields available in the market. Credit impairments were modest, and we believe the portfolio is well positioned for the current environment.

繼續討論投影片 9 至 12 上的投資。對於非利差業務，我們的新貨幣利率為 6.12%，仍遠高於投資組合收益率，但低於上一季度，主要反映了市場平均收益率較低。信用減損幅度不大，我們相信該投資組合適合當前環境。

Related to capital management, as shown on Slides 13 and 14, our capital and liquidity positions remained strong, and we ended the quarter with excess capital of approximately $600 million. We have an active and balanced approach to capital management over time, and as we have communicated in the past, we are comfortable bringing down excess capital given the right opportunities. This was the case in the first quarter as we deployed a record $737 million of capital into in-force transactions.

與資本管理相關，如投影片 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 6 億美元的過剩資本。隨著時間的推移，我們對資本管理採取積極和平衡的方法，正如我們過去所傳達的那樣，只要有合適的機會，我們就可以輕鬆地減少多餘的資本。第一季的情況就是如此，我們在有效交易中投入了創紀錄的 7.37 億美元資金。

I will note that we do expect to retrocede a share of this to Ruby Re, which is expected to increase available capital by approximately $150 million. We remain well capitalized with access to multiple forms of capital, including debt capacity, retrocessions to Ruby Re and other forms of alternative capital. We expect to remain active in deploying capital into attractive growth opportunities while balancing returning excess capital to shareholders through dividends and share repurchases over time.

我要指出的是，我們確實希望將其中的一部分退還給 Ruby Re，預計這將使可用資本增加約 1.5 億美元。我們的資本充足，能夠獲得多種形式的資本，包括債務能力、紅寶石再保險的轉分和其他形式的替代資本。我們預計將繼續積極地將資本部署到有吸引力的成長機會，同時透過股利和股票回購平衡向股東返還多餘資本。

During the quarter, we continued on track record of increasing book value per share. As shown on Slide 15, our book value per share, excluding AOCI and impacts from B36 embedded derivatives, increased to $146.96, which represents a compounded annual growth rate of 10.6% since the beginning of 2021.

本季度，我們繼續保持每股帳面價值成長的記錄。如投影片 15 所示，我們的每股帳面價值（不包括 AOCI 和 B36 嵌入式衍生性商品的影響）增加至 146.96 美元，這意味著自 2021 年初以來的複合年增長率為 10.6%。

As we've discussed, the first quarter was a very strong start to the year for RGA. The primary drivers of the results were favorable experience across the globe, strong premium growth, emerging earnings power from active capital deployment in prior periods and the impact of higher interest rates. Overall, we continue to see very good opportunities across our geographies and business lines and are well positioned to execute on our strategic plan.

正如我們所討論的，第一季對 RGA 來說是今年非常強勁的開局。業績的主要驅動因素是全球範圍內的良好經驗、強勁的保費成長、前期積極資本配置帶來的新興獲利能力以及利率上升的影響。總體而言，我們繼續在各個地區和業務領域看到非常好的機會，並且處於執行我們的策略計劃的有利位置。

Our business continues to demonstrate its resilience and underlying earnings power. We are very excited about the future and expect to deliver attractive returns to our shareholders.

我們的業務繼續展示其彈性和潛在的盈利能力。我們對未來感到非常興奮，並期望為股東帶來可觀的回報。

This concludes our prepared remarks. We would now like to open it up for questions.

我們準備好的演講到此結束。我們現在想開放提問。

(Operator Instructions) The first question comes from John Barnidge with Piper Sandler.

（操作員說明）第一個問題來自 John Barnidge 和 Piper Sandler。

In your comments, you talked about transactions not considered and talked about exclusive transactions. Can you maybe expound on that a little bit? How much of growth is coming from exclusive? And with others talking about a more competitive environment for certain parts of the institutional market, should exclusive continue to grow as I know you like creation REIT?

在您的評論中，您談到了未考慮的交易並談到了排他性交易。能稍微解釋一下嗎？有多少增長來自獨家？當其他人談論機構市場某些部分更具競爭性的環境時，排他性是否應該繼續增長，因為我知道您喜歡創世房地產投資信託基金？

Thanks, John. Exclusives have been part of our DNA really since the start of the organization. We used to call it entrepreneurial spirit, which is very much flowing through our veins right now.

謝謝，約翰。自公司成立以來，獨家經營一直是我們 DNA 的一部分。我們過去稱之為企業家精神，現在這種精神正流淌在我們的血管裡。

To answer your question, we've set higher goals on the exclusive proportion of business relative to last year and were definitely -- there are internal metrics that we're definitely performing extremely well against.

為了回答你的問題，與去年相比，我們對獨家業務比例設定了更高的目標，而且肯定有一些內部指標，我們的表現肯定非常好。

And just to give you a bit more flavor, exclusives sound difficult, right? But that's the power of RGA. That's the power of our platform, is our ability to have that global team, to have that ability to take risks around the world and assess the right risk. So oftentimes, exclusives will come from either a new type of risk that we add to a product, or a new underwriting type of underwriting, or a new reinsurance structure.

只是為了給你更多的味道，獨家聽起來很困難，對吧？但這就是 RGA 的力量。這就是我們平台的力量，是我們擁有全球團隊的能力，是我們在世界各地承擔風險並評估正確風險的能力。通常，排他性可能來自我們添加到產品中的新型風險，或新的承保類型，或新的再保險結構。

Exclusives can -- RGA is quite uniquely positioned because we take both the asset and the biometric risk. A lot of reinsurers and competitors focus on the asset side, some focus on the biometric. Us being really the only U.S.-based global life and health reinsurer allows us to take both the asset and the biometric side. And that's what we call our sweet spot.

獨家代理商可以－RGA 的定位非常獨特，因為我們同時承擔資產風險和生物辨識風險。許多再保險公司和競爭對手都專注於資產方面，有些則專注於生物辨識。我們是唯一一家總部位於美國的全球人壽和健康再保險公司，這使我們能夠同時獲得資產和生物識別方面的優勢。這就是我們所說的最佳點。

So we remain as bullish as ever in terms of the proportion of exclusives that we're getting. It's very much a North Star for us and an aspirational culture for us. And to me, that flywheel effect is starting to permeate throughout the whole organization and we're relatively early stages of seeing the impact of that change.

因此，就我們獲得的獨家內容的比例而言，我們仍然一如既往地樂觀。這對我們來說是一顆北極星，也是一種令人嚮往的文化。對我來說，飛輪效應開始滲透到整個組織，我們還處於看到這項變化影響的相對早期階段。

My follow-up question, I know there was record deployment of capital into in-force, and I think you said $150 million improvement in excess capital as that ceded. But how should we be thinking about buybacks within the framework of the capital allocation? Is it more of a timing with that ceding? Or can you talk about that a little bit?

我的後續問題是，我知道有效資本的配置創下了紀錄，我認為您說過，在放棄資本後，超額資本改善了 1.5 億美元。但我們該如何在資本配置的架構下考慮回購呢？放棄的時機是否更適合？或者你能談談這個嗎？

John, it's Todd. Yes. No, we -- as you know, we manage capital over time. And as Tony mentioned, we do like to deploy capital back into the business where we like the transaction, the risk return profile. We've maintained a pretty steady dividend over time. And we've always balanced it out with share repurchases when we didn't see an active pipeline.

約翰，這是托德。是的。不，如您所知，我們隨著時間的推移管理資本。正如東尼所提到的，我們確實喜歡將資本重新部署到我們喜歡交易、風險回報狀況的業務中。隨著時間的推移，我們一直保持著相當穩定的股息。當我們沒有看到活躍的管道時，我們總是透過股票回購來平衡它。

As we've already discussed, we had a record deployment of capital in the transaction in the first quarter. And the pipeline continues to look pretty healthy in the transactions that we really like.

正如我們已經討論過的，我們在第一季的交易中部署了創紀錄的資本。在我們真正喜歡的交易中，管道看起來仍然非常健康。

The next question comes from Bob Huang with Morgan Stanley.

下一個問題來自摩根士丹利的 Bob Huang。

First is on your B36 derivative, and actually, not -- so first one is really just the difference between net income and operating income, just to broadly think about the below the line overall. I understand that a lot of that came from central risk transfer deals this quarter because of the onetime impact. But as you think about future PRT deals, as you think about becoming more optimistic in that area, are there ways to further minimize the impact of the below the line from that particular line or no?

第一個是 B36 衍生品，實際上不是 - 所以第一個實際上只是淨收入和營業收入之間的差異，只是為了廣泛地考慮總體線下的情況。據我了解，由於一次性影響，其中很大一部分來自本季的中央風險轉移交易。但是，當您考慮未來的 PRT 交易時，當您考慮在該領域變得更加樂觀時，是否有辦法進一步最小化該特定離線的影響？

Yes. So specific to the PRT, it's -- that upfront loss, if you want to call it that, is -- it's really as a result of LDTI adoption and accounting because we have to discount the liabilities at a lower rate than what the investment yield is just the way the accounting standard is written.

是的。具體到 PRT，前期損失，如果你想這樣稱呼的話，實際上是 LDTI 採用和會計的結果，因為我們必須以低於投資收益率的利率來折現負債這就是會計準則的編寫方式。

We certainly are looking at ways to see if we can address that somehow. But unfortunately, right now, we do see that upfront loss in net income. But from an operating income perspective, we'll amortize it in over time with how the earnings emerge.

我們當然正在尋找方法，看看是否能以某種方式解決這個問題。但不幸的是，目前我們確實看到了淨利潤的前期損失。但從營業收入的角度來看，我們將隨著收益的出現而將其攤銷。

Second one is really on your biometrics. Obviously, definitely a lot of tailwind and even potentially more tailwind coming up from biometrics. But can you maybe give us a little bit more details in terms of how you think about the potentials of the biometrics going forward and other potential risks there as well, either a specific geography where you think you can take more advantage of the biometrics? Or are there any regulatory risks that we should be aware of going forward?

第二個是關於你的生物特徵辨識。顯然，生物辨識技術肯定會帶來許多推動力，甚至可能帶來更多推動力。但是，您能否向我們提供更多詳細信息，說明您如何看待生物識別技術未來的潛力以及其他潛在風險，或者您認為可以更多地利用生物識別技術的特定地理位置？或者說未來我們應該注意哪些監理風險？

Yes. Maybe I'll start, and then I'll hand it over to Jonathan to get into more specifics. I mentioned in my comments the many tailwinds we have. And I'll sort of just share with you at a company level, just some of them. One is the interest rates that are higher than historic. One is some of the changing capital regulations that are creating opportunities around the world.

是的。也許我會開始，然後我會把它交給喬納森來了解更多細節。我在評論中提到我們有很多順風車。我將在公司層面與大家分享其中的一些。一是利率高於歷史水準。其中之一是一些不斷變化的資本法規正在世界各地創造機會。

But to answer your question on the biometric, the fact that there is still major underinsurance of the population around the world, which gets filled up over time as GDP and incomes grow as well as continued medical technology advances. So I'll hand it over to Jonathan to -- elaborating more on the biometric side.

但要回答你關於生物辨識的問題，事實是，世界各地的人口仍然存在嚴重的保險不足的情況，隨著時間的推移，隨著國內生產總值和收入的增長以及醫療技術的不斷進步，這種情況會被填補。因此，我將把它交給喬納森——在生物識別方面進行更多闡述。

Yes. Thanks, Tony. And I agree with you. I think we are seeing widespread opportunities around the world. So being specialists in all of the biometric risks really, so mortality, morbidity and longevity, gives us the flexibility to pursue the best opportunities globally.

是的。謝謝，托尼。我同意你的觀點。我認為我們在世界各地看到了廣泛的機會。因此，作為所有生物識別風險（例如死亡率、發病率和壽命）的專家，使我們能夠靈活地在全球範圍內尋求最佳機會。

And then just to pick up on what Tony mentioned about technological advances and things. I think we remain encouraged by what we're seeing in emerging data relative to weight loss drugs, as an example, GLP-1 type drugs. We think that, that could lead to measurable improvements in both mortality and morbidity over time. And it's not just limited to that from a technology perspective. So diagnostic tools like liquid biopsies for cancer, AI genetic editing and advances in protein activity as well in medical science.

然後我們來了解托尼提到的有關技術進步和事物的內容。我認為我們仍然對減肥藥物相關的新興數據感到鼓舞，例如 GLP-1 類藥物。我們認為，隨著時間的推移，這可能會導致死亡率和發病率顯著改善。而且這不僅限於技術角度。因此，癌症液體活檢等診斷工具、人工智慧基因編輯以及蛋白質活性以及醫學科學的進步。

I think they're all things that are just examples of things that we see that could be a tailwind for mortality going forward. And given our risk exposure and our weight to mortality overall, I think that would -- that bodes well for the organization.

我認為它們只是我們所看到的可能成為未來死亡率的推動因素的例子。考慮到我們的風險暴露和整體死亡率的權重，我認為這對組織來說是個好兆頭。

The next question comes from Jimmy Bhullar with JPMorgan.

下一個問題來自摩根大通的吉米·布拉爾 (Jimmy Bhullar)。

So first, just a question for Jonathan. If we look at industry or population that's -- it seems like based on CDC data that they're still fairly elevated -- improved from COVID times, but still elevated versus pre-COVID, but it seems like your results have actually been pretty good. So what is it that you're seeing in your business that's different than the general population trends?

首先，問喬納森一個問題。如果我們看一下產業或人口——根據疾病預防控制中心的數據，它們似乎仍然相當高——比新冠疫情時期有所改善，但與新冠疫情之前相比仍然較高，但看起來你們的結果實際上相當不錯。那麼，您在您的企業中看到的與一般人口趨勢有何不同的地方？

Yes. Thanks for the question, Jimmy. And you're right. I mean, what we see in the CDC data is that excess mortality is still elevated. I think it's a single -- mid-single-digit percentages in 2023 when you look at the actual experience in the population. I mean, as the excess mortality starts to come down, which is the trend definitely over the last couple of years, it starts to get more difficult to map that directly to between population and an insured book of business, so the differences are the absolute level of excess mortality is lower.

是的。謝謝你的提問，吉米。你是對的。我的意思是，我們從疾病預防控制中心的數據中看到的是，超額死亡率仍然很高。我認為，當你看到人口的實際經驗時，到 2023 年，這一比例將是個位數。我的意思是，隨著超額死亡率開始下降（這肯定是過去幾年的趨勢），將其直接映射到人口和受保業務之間開始變得更加困難，因此差異是絕對的超額死亡率水平較低。

What we saw this quarter, in particular, in the U.S. was favorable large claims experience, which, as you know, from prior quarters can be volatile period-over-period. So we run the -- we benefited from favorable large claims experience this quarter.

我們在本季尤其是在美國看到了良好的大額索賠經驗，正如您所知，從前幾季來看，這種情況可能會隨著時間的推移而波動。因此，我們從本季有利的大額索賠經驗中受益。

I'd say our expectations have not changed from when we reviewed our assumptions in Q3 of last year. We still expect some level of excess mortality for the intermediate term, which is reflected in our reserve assumptions, but we do expect that to decline over the next several years.

我想說，與我們回顧去年第三季的假設時相比，我們的預期沒有改變。我們仍然預期中期會有一定程度的超額死亡率，這反映在我們的準備金假設中，但我們確實預期未來幾年死亡率會下降。

And then maybe for Tony. If there are improvements in life expectancy and mortality, you obviously would be a big beneficiary given that you've got a lot more exposure to mortality versus longevity. But it doesn't seem like companies are pricing the longevity business and pension business based on expected improvements in mortality. And obviously, they're not -- it's not a given that, that would happen as well. But how are you pricing your longevity business? Are you baking in the cushion for potential better life expectancy because if you were, then you'd have a hard time being competitive in the market? Or are you okay pricing based on the actual data given that you've got more exposure to mortality anyway?

然後也許是托尼。如果預期壽命和死亡率有所提高，那麼您顯然將是一個很大的受益者，因為與長壽相比，您面臨的死亡率要高得多。但公司似乎並沒有根據死亡率的預期改善來定價長壽業務和退休金業務。顯然，他們不是——這也不是一定會發生的。但你如何為你的長壽業務定價呢？您是否正在為潛在的更長預期壽命做好準備，因為如果您是這樣，那麼您將很難在市場上具有競爭力？或者考慮到您面臨的死亡率更高，您是否可以根據實際數據定價？

Thank you, Jimmy, very much for the question. Look, first key point is the way we set our mortality and longevity assumptions are very consistent, right? I mean at the end of the day, they're two sides of the same coin. They both form a mortality. So whatever we do on the mortality side, we'll do on the longevity side.

吉米，非常感謝你提出這個問題。看，第一個關鍵點是我們設定死亡率和壽命假設的方式非常一致，對吧？我的意思是，歸根結底，它們是同一枚硬幣的兩面。它們都形成了死亡。因此，無論我們在死亡方面做什麼，我們都會在長壽方面做。

I would say we're spending a lot of energy, as Jonathan shared, analyzing the data, but also doing a lot of medical R&D to get a stronger sense of appreciation of what could happen due to the medical advances. So -- and obviously, any medical advances that we believe will occur and practical, once again, as you shared, would be net very good for RGA, given we are still way more materially longer on mortality and longevity.

我想說，正如喬納森分享的那樣，我們花費了大量的精力來分析數據，同時也進行了大量的醫學研發，以便對醫學進步可能發生的事情有更強烈的認識。因此，很明顯，正如您所分享的那樣，我們相信將會出現和實用的任何醫學進步都會對 RGA 產生巨大的好處，因為我們在死亡率和壽命方面仍然有更長的時間。

One point maybe I would add on, Jimmy, is that our mortality average age -- or mortality block average age is lower or younger than the longevity business. So the longevity block is -- average age is higher or older. So there's less room for the improvement to take effect, if you will.

吉米，我也許想補充一點，那就是我們的死亡率平均年齡——或者死亡率組的平均年齡比長壽行業更低或更年輕。所以長壽的障礙是──平均年齡較高或更大。因此，如果您願意的話，改進生效的空間就會更小。

Yes. Maybe further to add to that. To Todd's point, there's also some socioeconomic differences. So the mortality block tends to be higher socioeconomics, obviously, the first to be able to afford these new medical advances in the drugs.

是的。也許還需要補充一點。托德認為，還存在一些社會經濟差異。因此，死亡率塊往往是更高的社會經濟，顯然，第一個能夠負擔得起這些新的醫學進步的藥物。

The next question comes from Joel Hurwitz with Dowling & Partners.

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

So last quarter, you guys provided updated financial targets and earnings outlook, and you since followed it up with this record quarter of in-force transactions. I guess how much deployment did you factor into those targets? And was most of this actively known and factored into those earnings and growth outlooks? Are we looking at some solid upside to what you provided?

因此，上個季度，你們提供了更新的財務目標和獲利前景，此後你們又跟進了這項創紀錄的有效交易季度。我想您在這些目標中考慮了多少部署？其中大部分是否已被積極了解並納入這些收益和成長前景中？我們是否正在尋找您所提供的一些堅實的優勢？

Yes, this is Todd. Yes, we did factor in deployment in the transactions into the intermediate financial targets that we provided back last quarter. I would say we're off to a little bit faster start than we had anticipated. A lot of transactions that we had been working on came our way this quarter. So there is definitely some built into those projections, but we're running a little bit -- or intermediate targets, but we're -- I said, we got a fast start on to that.

是的，這是托德。是的，我們確實將交易部署納入了上季提供的中間財務目標。我想說的是，我們的起步比我們預期的還要快。本季我們一直在進行的許多交易都完成了。因此，這些預測中肯定有一些內建內容，但我們正在運行一點點——或者說中間目標，但我們——我說，我們在這方面有了一個快速的開始。

Okay. And then, Todd, can you just talk about how to think about the earnings emergence from all these transactions? Like how long does it typically take for you guys to redeploy the assets and whatnot?

好的。然後，托德，您能談談如何看待所有這些交易帶來的收益嗎？例如你們重新部署資產通常需要多久等等？

Yes. So overall, in the aggregate, we're pricing to our targeted returns. So we'll see that -- those margins come in over time at our expected levels. But probably, depending on the transaction, it can take a year, maybe 2 years to ramp up to get to that -- the level of overall return, as you mentioned, we do some asset repositioning early on, and there can be some other financial reporting impacts as well. But overall, we should be reaching a good level within a couple of years.

是的。因此，總的來說，我們正在根據目標回報進行定價。所以我們會看到——隨著時間的推移，這些利潤將達到我們的預期水準。但可能，根據交易的不同，可能需要一年，也許兩年的時間才能達到這一目標——總體回報水平，正如你提到的，我們早期進行了一些資產重新定位，並且可能還有其他一些財務報告也會產生影響。但總體而言，我們應該在幾年內達到良好的水平。

The next question comes from Wes Carmichael with Autonomous Research.

下一個問題來自自主研究中心的韋斯·卡邁克爾。

You talked about some of the capital relief from the Ruby Re retro session that's planned. Should we continue to think about Ruby Re being effectively kind of a quota share for 50% of U.S. asset intensive? I know now that's I think within U.S. Financial Solutions, but is there any change to the thinking there?

您談到了計劃中的 Ruby Re 復古會議帶來的一些資本減免。我們是否應該繼續考慮 Ruby Re 實際上是美國 50% 資產密集型資產的配額份額？我現在知道這就是我在美國金融解決方案內部的想法，但是那裡的想法有什麼變化嗎？

No. Yes. So for qualifying business, which is the U.S. Asset Intensive business, yes, I would think about it as a quota share of 50% or even up to 70% of new transactions that come in that are U.S. Asset Intensive, up to the capacity that Ruby Re has, which will probably be from an equity capital perspective, $450 million to $500 million or so.

不，是的。因此，對於符合資格的業務，即美國資產密集型業務，是的，我將其視為美國資產密集型新交易的 50% 甚至高達 70% 的配額份額，最多可達從股權資本的角度來看，Ruby Re 的資產可能為4.5 億至5 億美元左右。

Got it. And then thanks for Slide 7, and I just had a question to clarify that. The favorable claim experience that wasn't recognized in the period, is that recognized on a straight-line basis, basically evenly every quarter? Or is it more closer to the period, which declines over time?

知道了。然後感謝投影片 7，我只是有一個問題需要澄清。期間未確認的有利索賠體驗是否以直線法確認，基本上每季均勻確認？還是更接近這個時期，隨著時間的推移而下降？

It will come in over time of the underlying duration of the business, if you will. It will all depend on the net premium ratio and how that impacts the release of (inaudible) over time.

如果您願意的話，它將隨著業務的基本持續時間的推移而出現。這完全取決於淨保費比率以及隨著時間的推移它如何影響（聽不清楚）的釋放。

Yes. And just maybe Todd, to add on to when we look at the weighted average duration of our business, our traditional business, in our GFS business, it's probably in that 10- to 15-year range on average, just to give you a sense of the period over which those earnings would emerge.

是的。也許托德補充說，當我們查看我們的業務、傳統業務、GFS 業務的加權平均持續時間時，平均可能在 10 到 15 年的範圍內，只是為了讓您有一個感覺這些收益出現的時期。

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)。

Tony, I wanted to circle back to something you talked about in terms of the deals that you were looking at, but that you didn't end up doing. I don't expect you to give specifics, but just some color around what caused you guys to kind of walk away? Was it the liability profile or the pricing? And to the extent you can comment, were those deals eventually executed in the market?

東尼，我想回到你談到的關於你正在考慮但最終沒有做的交易的事情。我不希望你提供具體細節，但只是告訴你一些導致你們離開的原因？是責任概況還是定價？您可以評論一下，這些交易最終是否在市場上執行了？

Thanks for the question. Yes. Look, really, it's more a general statement that we -- it's one thing that's so embedded in our culture to have that discipline of making sure the risk return trade-off is right. So at times, there could be a liability is not perfectly fine. It's just a question of -- we pride ourselves on the ability to be able to price most liability types. And then the question is, is it the right thing to do for our shareholders.

謝謝你的提問。是的。聽著，實際上，這更多的是我們的一般性聲明——確保風險回報權衡正確的紀律是我們文化中根深蒂固的一件事。因此，有時，可能存在的責任並不完全正確。這只是一個問題——我們為能夠為大多數責任類型定價的能力感到自豪。那麼問題是，這對我們的股東來說是正確的事嗎？

But I want to add on top, often these -- transactions transact or oftentimes they don't or oftentimes, clients have to change the way they do things. So if I point you towards just a few years ago, we had a spate of large longevity wins in the Netherlands, which sort of seemed like an overnight success, but that was an area where we had been pricing transactions probably for a number of years until once again, the risk return trade-off played out. And there's other numerous examples of that.

但我想補充一點，通常是這些——交易進行，或者經常不進行，或者經常，客戶必須改變他們做事的方式。因此，如果我向您指出幾年前，我們在荷蘭取得了一系列重大的長期勝利，這似乎是一夜之間的成功，但這是我們可能多年來一直在為交易定價的領域直到風險回報權衡再次上演。還有很多其他的例子。

Got it. And then just relatedly, long-term care is an area that I think historically you've been reluctant to pursue. Just wanted to get your current thoughts. Obviously, we saw a transaction late last year. Rates are higher. Does that change your appetite for that line of business?

知道了。與此相關的是，長期照護是我認為歷史上人們一直不願意追求的領域。只是想了解您目前的想法。顯然，我們在去年年底就看到了一筆交易。利率較高。這會改變您對該業務的興趣嗎？

Yes. I think definitely, firstly, our current book of business is the newer generations of long-term care. We believe it's performed very, very well and continues to do so. However, once again, we pride ourselves on being the liability experts of the world in the life and space, which long-term care is one type of risk. And we will look at that type of risk and we will be selective and we will apply discipline.

是的。我認為，首先，我們目前的業務肯定是新一代的長期照護。我們相信它的表現非常非常好，並將繼續如此。然而，我們再次為成為世界生命和空間領域的責任專家而感到自豪，長期照護是一種風險。我們將審視這種類型的風險，我們將有選擇性地採取紀律。

And I wouldn't say it's the top of our priority list. There's just so many opportunities for us to apply ourselves [capital] given the numerous headwinds that I -- numerous tailwinds that I communicated earlier.

我不會說這是我們的首要任務。鑑於我先前傳達的眾多不利因素，我們有很多機會運用自己的[資本]。

The next question comes from Ryan Krueger with KBW.

下一個問題來自 KBW 的 Ryan Krueger。

The -- so recognizing that you just raised your ROE target to 12% to 14%. But I think if I take the results for the last few quarters and adjust for the actual to expected biometric results that you've provided, it looks like you're running closer to a 14% to 15% ROE. So just is -- I guess just wanted to give some more perspective on do you think you're kind of running more towards the higher end of that 12% to 14% or above at this point?

- 因此認識到您剛剛將 ROE 目標提高到 12% 至 14%。但我認為，如果我獲得過去幾季的結果，並根據您提供的實際生物辨識結果進行調整，您的 ROE 看起來會更接近 14% 到 15%。所以，我想只是想提供一些更多的觀點，您認為您目前是否正在朝著 12% 至 14% 或更高的高端邁進？

Ryan, it's Todd. I'll start off with that. Yes. Yes, we have been performing quite well. Things -- the work -- quality and the biometric experience has been performing well. We've had some other positive impacts as well. We just recently put out 12% to 14%. Clearly, we're not ready to adjust that at this point, but we're glad to see that we are hitting that high end of the range.

瑞安，我是托德。我將從這個開始。是的。是的，我們一直表現得很好。事物——工作——品質和生物辨識體驗一直表現良好。我們也產生了一些其他正面影響。我們最近剛推出了 12% 至 14%。顯然，我們目前還沒有準備好對此進行調整，但我們很高興看到我們正在達到該範圍的高端。

Got it. And then Tony, could you talk more about the Japan opportunity? It seems like things are really starting to open up there, both for you and some of your competitors in terms of in-force transactions in Japan.

知道了。然後托尼，你能多談談日本的機會嗎？對於您和您的一些競爭對手來說，在日本的有效交易方面，事情似乎真的開始開放了。

Yes. No, thanks for the question. We love Japan as a market, both on the Traditional and the GFS side. You'll -- probably, your question centers more around the GFS side. We believe we were one of the pioneers in that market on the Asset Intensive side probably, the first transaction, just off the top of my head, probably 7, 8 years ago, and incredibly well positioned, given our local brand there, right? And the transaction we won was completed, and we were very delighted to win that transaction given the relationship we have with them given the size of the transaction.

是的。不，謝謝你的提問。我們喜歡日本這個市場，無論是傳統市場還是 GFS 市場。你可能會——你的問題更集中在 GFS 方面。我們相信，我們可能是資產密集型市場的先驅之一，第一筆交易，就在我的腦海中，可能是七、八年前，考慮到我們在那裡的本地品牌，我們的定位非常好，對嗎？我們贏得的交易已經完成，考慮到我們與他們的關係以及交易的規模，我們非常高興贏得該交易。

I raised the comment about being the -- one of the pioneers and in many of the Asian markets, this is a case where if you look back 10 years, maybe even 20 years ago, we were the only one saying these things. And when competition comes in, it often validates or verifies to the whole market that these things are effective and efficient ways of managing capital or asset risk and so on.

我提出了關於成為先驅者之一的評論，在許多亞洲市場，如果你回顧 10 年前，甚至 20 年前，我們是唯一說這些話的人。當競爭出現時，它通常會向整個市場驗證或驗證這些東西是管理資本或資產風險等的有效且有效率的方式。

So there is increased competition there. We feel very much, obviously, given Q1 that we're doing very well. We can appreciate some of the reasons given our -- gosh, we started there in 1996, so nearly 30-year experience there. There were other transactions, which I won't go into detail in Japan that we executed in Q1 that were strategic in nature also. So we're very positive about that area of our business.

所以那裡的競爭加劇了。顯然，考慮到第一季我們做得很好，我們感覺非常好。考慮到我們的天哪，我們從 1996 年開始在那裡，已經有近 30 年的經驗了，我們可以理解其中的一些原因。我們在第一季在日本執行的其他交易本質上也是策略性的，我不會詳細介紹這些交易。所以我們對我們的業務領域非常樂觀。

The next question comes from Nick Annitto with Wells Fargo.

下一個問題來自富國銀行的尼克安尼托。

I'm on for Elyse. Both of my questions center more towards Ruby Re. The first being, I guess, should we think of Ruby Re and any subsequent sidecars raised as replacing any growth capital that RGA would have to raise on its own?

我要去愛麗絲了我的兩個問題都更集中在 Ruby Re 上。我想，第一個問題是，我們是否應該將 Ruby Re 和任何後續籌集的 sidecar 視為取代 RGA 必須自行籌集的任何成長資本？

That's right. I think you sort of stop -- we look at overall opportunities in the market from a business perspective, and something like the alternative capital or committed capital provided by vehicle like Ruby Re helps us with the overall capital need for the growth of that business as well as hopefully leverage up the capital that we apply to the transactions, leverage those returns up over time and also give us confidence that we've got the capital to go after some of these larger transactions.

這是正確的。我認為你有點停下來了——我們從業務角度看待市場上的整體機會，像 Ruby Re 這樣的工具提供的替代資本或承諾資本之類的東西可以幫助我們滿足該業務增長的整體資本需求，因為希望能夠提高我們應用於交易的資本，隨著時間的推移提高這些回報，並讓我們相信我們有資本來進行一些較大的交易。

Got it. That's helpful. And then I guess as a follow-up, I think you guys had said that the PRT in the quarter didn't go into Ruby Re. What was the reason for that? And should we be thinking about any sort of like impacts or reasons why there should be Asset-Intensive business that doesn't go into Ruby Re in the future?

知道了。這很有幫助。然後我想作為後續行動，我想你們已經說過本季的 PRT 沒有進入 Ruby Re。到底是什麼原因呢？我們是否應該考慮任何類似的影響或原因，為什麼資產密集型業務將來不會進入 Ruby Re？

Let's just bring it back to -- when we set up Ruby Re, we define what subject business would go into Ruby Re automatically subject to certain conditions. And the subject business is the U.S. asset and intensive business at this point.

讓我們回到——當我們設定 Ruby Re 時，我們定義了在某些條件下哪些主題業務將自動進入 Ruby Re。此時的主體業務是美國資產和密集型業務。

The next question comes from Tom Gallagher with Evercore.

下一個問題來自 Evercore 的 Tom Gallagher。

A few follow-ups on that similar theme. The -- just want to understand what -- of the deals that were publicly announced, there were several in Q1, how many of those showed up this quarter in that $737 million of in-force transactions have deployed capital into that? Are there a bunch more that -- of those that didn't close that will show up in the deployed capital in 2Q? Can you just give a sense for what the expectation should be based on what you've announced, but maybe not yet closed heading into 2Q?

關於類似主題的一些後續行動。只是想了解公開宣布的交易中，第一季有幾筆，本季有多少筆交易出現在 7.37 億美元的有效交易中，並已將資金投入其中？是否還有更多未關閉的項目將出現在第二季的部署資本中？您能否根據您所宣布的但可能尚未結束的進入第二季度的內容來說明預期應該是什麼？

Yes, so all the announced transactions, except for the Canadian transaction, were in the $737 million capital deployment number in the first quarter.

是的，所以除了加拿大交易之外，所有宣布的交易都在第一季的 7.37 億美元資本部署數字中。

And Tom, to add to your second comment on deals, we haven't closed. All I could say there is the pipeline is incredibly active across the globe in all our businesses. So we don't sort of speculate on which deals we'll be able to close.

湯姆，補充你對交易的第二條評論，我們還沒結束。我只能說，我們在全球所有業務中的管道都非常活躍。因此，我們不會猜測我們將能夠完成哪些交易。

But as Todd mentioned, we spent so much energy obviously on the front end of our business, but absolutely on the capital management side and finding alternate sources of capital. So we're very happy with our capital levels and believe we have plenty of capital to fund future growth.

但正如托德所提到的，我們顯然在業務的前端花費瞭如此多的精力，但絕對是在資本管理方面和尋找替代資本來源方面。因此，我們對我們的資本水準非常滿意，並相信我們有足夠的資本來為未來的成長提供資金。

Got you. And then, Tony, suffice to say, the 933 you did last year, you probably end up exceeding that, I'm guessing, just based on the Canadian deal plus the -- if you book a few more that are in the pipeline, is that -- would you say that's a fair assessment?

明白你了。然後，托尼，我只想說，你去年做的 933，你可能最終會超過這個數字，我猜，僅基於加拿大的交易加上——如果你再預訂一些正在醞釀中的交易，你認為這是一個公平的評估嗎？

I think, yes, that would be the expectation.

我想，是的，這就是期望。

And just from a -- I just want to understand, I have your thought process behind funding all of that, potentially funding the growth. The -- you have Ruby Re, obviously, and it sounds like not much has gone into that or there's a lot of capacity there potentially to -- as a source of capital. But then is there anything else we should be thinking about? Are you looking to do other fundraising other sidecar capital on international or otherwise?

我只是想了解，我有你為所有這些提供資金背後的思考過程，可能為成長提供資金。顯然，你有 Ruby Re，聽起來好像沒有太多投入，或者有很大的潛力作為資本來源。但除此之外，還有什麼是我們該思考的嗎？您是否希望透過國際或其他方式籌集其他附屬資金？

Yes. So for Ruby Re, so far, as we announced, I guess it was in December last year, we put what we call seed blocks in there, some existing blocks in the retro into Ruby Re late last year. Just due to the timing process and so on, nothing so far this year, but we will be retroing some more business in there as the year goes on.

是的。因此，對於 Ruby Re，到目前為止，正如我們宣布的那樣，我想是在去年 12 月，我們將所謂的種子塊放在那裡，一些現有的塊在去年年底進入了 Ruby Re。只是由於時間安排等原因，今年到目前為止還沒有什麼，但隨著時間的推移，我們將在那裡恢復更多的業務。

And then as far as other fundraising, as I mentioned in my comments, we do have some debt capacity at the HoldCo at some of the operating company levels. As you've seen in the past, we've issued some other alternative forms of capital. We did some surplus notes back in 2021 and 2023. We've done some embedded value securitization over the years. The most recent one in 2003, which is pretty nice. It helps us get bring forward some capital and also demonstrates the value of the business that we have on our books. And we can -- as we've done in the past, we can also look at some strategic retro sessions where it makes sense as well.

至於其他籌款，正如我在評論中提到的，我們在一些營運公司層面的控股公司確實有一定的債務能力。正如您過去所見，我們發行了一些其他替代形式的資本。我們在 2021 年和 2023 年做了一些盈餘票據。最近的一張是2003年的，相當不錯。它幫助我們籌集一些資金，也顯示了我們帳面上業務的價值。我們可以——正如我們過去所做的那樣，我們也可以考慮一些有意義的策略回顧會議。

Yes. And Tom, I mean, yes, just to add to all of that, I mean, that's why it takes the energy and the passion to find the right source of capital that meets the underlying risk return trade-off of the deal and just maximize capital efficiency for our shareholders. So -- but we're very active in it. And as Todd said, there's multiple opportunities and sources that over the years, we've built up those options, and we will obviously not hesitate to deploy those options as needed.

是的。湯姆，我的意思是，是的，只是為了補充所有這些，我的意思是，這就是為什麼需要精力和熱情來找到合適的資本來源，以滿足交易的潛在風險回報權衡，並最大化股東的資本效率。所以——但我們對此非常積極。正如托德所說，多年來，我們已經建立了這些選項，我們顯然會毫不猶豫地根據需要部署這些選項。

The next question comes from Mike Ward with Citi.

下一個問題來自花旗銀行的麥克沃德。

Just hoping you could discuss the sort of the competitive landscape for whether it's new business in PRT or Financial Solutions? Just kind of thinking how are you competing when you're sitting down with potential partners and there's competitors out there that might have things like bigger sort of Bermuda subsidiaries or more aggressive investment strategies. Clearly, you're winning new business and doing very well. Just curious if you can help us think through this.

只是希望您能討論一下 PRT 或 Financial Solutions 領域的新業務的競爭格局如何？只是想一下，當您與潛在合作夥伴坐下來時，您如何競爭，而那裡的競爭對手可能擁有更大的百慕達子公司或更激進的投資策略。顯然，您正在贏得新業務並且做得非常好。只是好奇你是否能幫助我們思考這個問題。

Yes. No. Thanks for the question. And once again, it just comes down to the breadth of our platform, the geography, the number of different types of risk types we can - we have available to take. The client base, the probably hundreds of clients we have over the globe where we have very close and intimate partnerships. So we're really -- the way we compete and as you mentioned, obviously, we're doing okay given the first quarter and last year, but we compete by not competing, right?

是的。不，謝謝你的提問。再說一次，這取決於我們平台的廣度、地理位置、我們可以承擔的不同類型風險類型的數量。客戶群，我們在全球可能有數百個客戶，我們在這些客戶中擁有非常密切和親密的合作關係。所以我們真的是——我們競爭的方式，正如你提到的，顯然，考慮到第一季和去年，我們做得還不錯，但我們通過不競爭來競爭，對吧？

We're really -- as I mentioned earlier, and I won't go into all that detail again, we're really seeking those exclusivities. And we find when you do seek those exclusivities, you either, one, get the exclusivities. At times, maybe they have to call another reinsurer in to be part of it, but you're going to be in good shape. So it's really leveraging off all those capabilities.

正如我之前提到的，我們真的在尋求這些排他性，我不會再詳細討論這些細節。我們發現，當您確實尋求這些排他性時，您要么獲得排他性。有時，也許他們必須召集另一家再保險公司來參與其中，但你會處於良好的狀態。所以它確實利用了所有這些功能。

You may wonder, gee, why the huge deal flow over the last year and a bit. I would say there's probably multiple reasons. But really, RGA's edge has always been around customer focus around serving our clients, and innovating. And those things are kind of harder to do over Zoom. But once -- obviously, the environment changed and we were out there being able to leverage off one of our core strengths, you'll start to see some of the success that comes from that.

您可能想知道，天哪，為什麼去年有大量交易湧入。我想說可能有多種原因。但實際上，RGA 的優勢始終圍繞著以客戶為中心，為客戶提供服務並進行創新。而這些事情在 Zoom 上更難做到。但是，顯然，一旦環境發生變化，我們能夠利用我們的核心優勢之一，您就會開始看到由此帶來的一些成功。

The next question comes from Wes Carmichael with Autonomous Research.

下一個問題來自自主研究中心的韋斯·卡邁克爾。

Just one quick one on Ruby Re. Is there a good rule of thumb to think about the leverage there? I think, Todd, you said that there's $450 million or $500 million of equity capacity there. Is there -- can you lever that 15x? I'm just trying to get a sense for the size of liabilities that might fit there? Is it $6 billion, $7.5 billion or is it something north of that?

簡單介紹一下 Ruby Re。是否有一個好的經驗法則來考慮那裡的槓桿作用？托德，我想你說過那裡有 4.5 億或 5 億美元的股權容量。有沒有──你能槓桿15倍嗎？我只是想了解一下可能適合那裡的負債規模？是 60 億美元、75 億美元還是更高？

To end on the underlying business and so on. I'm not clear if you're asking from a liability perspective or...

結束對底層業務等等。我不清楚你是從責任角度問還是...

I guess where I'm going is I just wanted to figure out, if you do a bunch of big PRT deals, how much do you think you could possibly use that sidecar for?

我想我要去的地方是我只是想弄清楚，如果你做了一堆大的 PRT 交易，你認為你可以用那個邊車賺多少錢？

Yes. I think for the current capacity, I'm trying to think in my head, probably 15x is not far off.

是的。我想就目前的容量而言，我試著在腦中思考，可能 15 倍已經不遠了。

The next question comes from Tom Gallagher with Evercore.

下一個問題來自 Evercore 的 Tom Gallagher。

Just a follow-up on the biometric slide. The -- so the extra profit of $80 million for 1Q '24 that are getting deferred, when I think about GAAP versus your statutory cash flow, would you say most of that would be coming through in statutory, meaning not getting deferred the way it is under the new GAAP? And if so, are we potentially going to see a period where your GAAP earnings or your free cash flow, I should say, end up being like a very high percentage of your GAAP earnings as a result of that?

只是生物辨識投影片的後續。 - 因此，24 年第一季 8000 萬美元的額外利潤將被推遲，當我考慮 GAAP 與法定現金流量時，您會說其中大部分將通過法定方式實現，這意味著不會像以前那樣被推遲是根據新的公認會計原則嗎？如果是這樣，我應該說，我們是否可能會看到一段時間內，您的 GAAP 收益或自由現金流最終佔您的 GAAP 收益的比例非常高？

Yes. So yes, depending on the -- I guess, the experience is favorable or unfavorable and what type of cohorts that falls under for LDTI, some of it -- for GAAP basis will be deferred, where for regulatory purposes or statutory, most of that would come through like a down old GAAP would come through currently.

是的。所以，是的，這取決於——我想，經驗是有利還是不利，以及 LDTI 屬於什麼類型的群體，其中一些——GAAP 基礎將被推遲，出於監管目的或法定目的，其中大部分將會像現在的舊公認會計準則一樣通過。

Yes. And just to add on, Todd, to, I mean, maybe it's obvious, but clearly, there is also other material differences between GAAP and statutory accounting. So there would be other drivers other than just the claims experience.

是的。托德補充一下，我的意思是，也許這是顯而易見的，但顯然，公認會計原則和法定會計之間還有其他重大差異。因此，除了索賠經驗之外，還會有其他驅動因素。

Yes. That was another thing I was wondering because you strengthened reserves under LDTI. You did not strengthen reserves under statutory. So there's a different basis to measure the A to A, I guess, is the way I've thought about it. So that might be an offset. Is that a fair way to think about it?

是的。這是我想知道的另一件事，因為你們加強了 LDTI 下的儲備。你們沒有依照法定規定加強準備金。因此，我想，衡量 A 到 A 的基礎是不同的，這就是我的思考方式。所以這可能是個抵消。這是一個公平的思考方式嗎？

Yes. I mean, I guess when you think about the reserves that would be released on death or claim, you're right, there could be a difference there, both plus or minus, right? I mean it depends on the -- as Todd mentioned, there's -- the basis is quite different. So I don't have a rule of thumb or a number I can point you to, but there would definitely be differences between the two.

是的。我的意思是，我想當您考慮死亡或索賠時將釋放的準備金時，您是對的，那裡可能存在差異，無論是正數還是負數，對吧？我的意思是，這取決於——正如托德所提到的——基礎是完全不同的。因此，我沒有經驗法則或可以向您指出的數字，但兩者之間肯定存在差異。

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。

Thank you for your questions and your continued interest in RGA. This was a very strong quarter to start the year and a record in many ways, further demonstrating the substantial earning power in our business. We remain very well positioned to capitalize on the many growth opportunities ahead, and we are confident in our ability to continue to deliver attractive returns to our shareholders. I look forward to seeing you all once again in June during our Investor Day in New York City. This concludes our first quarter call. Thank you very much.

感謝您提出問題以及您對 RGA 的持續關注。這是一個非常強勁的開年季度，在許多方面都創下了記錄，進一步證明了我們業務的巨大盈利能力。我們仍然處於有利地位，可以利用未來的許多成長機會，並且我們對繼續為股東提供有吸引力的回報的能力充滿信心。我期待六月在紐約市舉行的投資者日再次見到大家。我們第一季的電話會議到此結束。非常感謝。

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。