美國再保險集團 (RGA) 2024 Q2 法說會逐字稿

Good day, and welcome to the Reinsurance Group of America, Incorporated Second Quarter 2024 Conference Call.

美好的一天，歡迎參加美國再保險集團公司 2024 年第二季電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Jeff Hopson, Head of Investor Relations.

我現在想將會議交給投資者關係主管 Jeff Hopson。

Please go ahead.

請繼續。

Thank you.

謝謝。

Welcome to RGA's Second Quarter 2024 Conference Call.

歡迎參加 RGA 2024 年第二季電話會議。

I'm joined on the call this morning by Tony Cheng, RGA's Chief Executive Officer; Todd Larson, Chief Financial Officer; Leslie Barbi, Chief Investment Officer; and Jonathan Porter, Chief Risk Officer.

今天早上，RGA 執行長 Tony Cheng 也加入了我的電話會議。托德·拉爾森，財務長；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.

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。

Some of our comments or answers to your questions may contain forward-looking statements.

我們對您問題的一些評論或回答可能包含前瞻性陳述。

Actual results could differ materially from expected results.

實際結果可能與預期結果有重大差異。

Please refer to the earnings release we issued yesterday for a list of important factors that could cause actual results to differ from the expected results.

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不同的重要因素清單。

Additionally, during the course of this call, the information we provide may include non-GAAP financial measures.

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。

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.

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。

Throughout the call, we will be referencing slides from the earnings presentation, which again is posted on our website.

在整個電話會議中，我們將參考收益簡報中的投影片，該簡報再次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.

大家早安，感謝您加入我們的通話。

Last night, we reported adjusted operating earnings of $5.48 per share continuing our trend of strong bottom line results.

昨晚，我們報告調整後營業利潤為每股 5.48 美元，延續了我們強勁的獲利趨勢。

In addition, we continue to have strong momentum across all our business lines and geographies worldwide.

此外，我們在全球所有業務線和地區繼續保持強勁勢頭。

The pipeline remains robust, reflecting RGA's unique positioning in the market and the dedication of our teams.

產品線仍然強勁，反映了 RGA 在市場中的獨特定位和我們團隊的奉獻精神。

Our adjusted operating return on equity for the past 12 months was 15.3%, exceeding the intermediate term targets we previously shared.

過去 12 個月我們調整後的營運股本回報率為 15.3%，超過了我們先前設定的中期目標。

Underwriting results on an economic basis were in line with our expectations across the company.

經濟基礎上的承保績效符合我們對整個公司的預期。

This is also generally the case across each of our business segments.

我們每個業務部門的情況也普遍如此。

It is pleasing to note that we have now had five straight quarters of positive underwriting results.

令人高興的是，我們現已連續五個季度取得積極的承保業績。

We have a world-class investment platform that is integral to our business and strategy.

我們擁有世界一流的投資平台，它是我們業務和策略不可或缺的一部分。

We continue to put new money to work at returns well above the current portfolio yield benefiting from our broad asset completion platform.

受益於我們廣泛的資產完成平台，我們繼續將新資金投入遠高於當前投資組合收益率的回報。

In terms of new business activity, our recent momentum continued this quarter and our internal measure, new business embedded value, strongly exceeded our goals for both the quarter and the year-to-date.

在新業務活動方面，我們最近的勢頭在本季度得到了延續，我們的內部衡量標準——新業務內含價值——大大超出了我們本季和年初至今的目標。

This was driven by both the number of transactions and the expected returns on these transactions.

這是由交易數量和這些交易的預期回報所驅動的。

At our Investor Day, we shared many recent examples of innovative forms of new business.

在投資者日，我們分享了許多新業務創新形式的最新例子。

These transactions do generate a higher expected return for RGA given the greater value created for all parties.

鑑於為各方創造了更大的價值，這些交易確實為 RGA 帶來了更高的預期回報。

We continue to see the percentage of these transactions well ahead of our internal goals, leading to greater long-term value for RGA.

我們繼續看到這些交易的百分比遠遠超出我們的內部目標，從而為 RGA 帶來更大的長期價值。

In relation to this, we deployed a material amount of capital into in-force transactions at $307 million, which was a solid follow-up to an especially strong first quarter.

與此相關的是，我們在有效交易中投入了 3.07 億美元的大量資金，這是第一季特別強勁的後續行動。

We have always shared a preference to redeploy our excess capital back into the business for both financial and strategic reasons.

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。

As we know, successful transactions lead to favorable economics and repeat transactions over time.

眾所周知，成功的交易會帶來有利的經濟效益並隨著時間的推移重複交易。

Let's now share some more specifics from our four areas of notable growth, starting with our longevity and PRT business.

現在讓我們分享我們四個顯著成長領域的更多細節，首先是我們的長壽和 PRT 業務。

In the US PRT market, we completed another transaction this quarter, and we remain optimistic about our prospects going forward.

在美國PRT市場，我們本季完成了另一筆交易，我們對未來的前景保持樂觀。

In the UK longevity space, where RGA is a market leader we continue to be highly successful on longevity swaps of all sizes as well as funded reinsurance transactions.

在英國長壽領域，RGA 是市場領導者，我們在各種規模的長壽互換以及融資再保險交易方面繼續取得巨大成功。

The pipeline remains active in both the US and UK, and we expect the rest of the year to be productive.

該管道在美國和英國仍然活躍，我們預計今年剩餘時間將富有成效。

This follows a strong Q1 where we closed the first material longevity deal in Japan and our largest US PRT transaction to date.

在此之前，我們在第一季表現強勁，完成了日本首筆實質長壽交易以及迄今為止最大的美國 PRT 交易。

Our second area of notable growth is the asset-intensive business in Asia.

我們第二個顯著成長的領域是亞洲的資產密集型業務。

RGA's multifaceted client partnership means we have deep relationships with our clients in many ways.

RGA 的多方面客戶合作夥伴關係意味著我們在許多方面與客戶建立了深厚的關係。

With a large Japanese client, we closed their first asset-intensive transaction after enjoying a long-standing relationship on the biometric side over many years.

在與一家大型日本客戶在生物辨識方面建立了多年的長期合作關係後，我們完成了他們的第一筆資產密集型交易。

The client highlighted the numerous positives from this transaction, including risk reduction and the increase of their long-term value.

客戶強調了此次交易的眾多積極因素，包括降低風險和增加長期價值。

This further strengthens the view that reinsurance is a key tool for capital management, reinforcing our positive view towards future opportunities.

這進一步強化了再保險是資本管理的關鍵工具的觀點，增強了我們對未來機會的正面看法。

In addition, in Korea, we closed one of the first asset intensive transactions in the market, and we are optimistic about further opportunities.

此外，在韓國，我們完成了市場上首批資產密集型交易之一，我們對進一步的機會持樂觀態度。

This transaction continues RGA's long track record of being a pioneer in asset-intensive reinsurance around the world.

此交易延續了 RGA 作為全球資產密集型再保險先驅的長期記錄。

In our third area of notable growth, which is our Asia traditional business, we continue to see very positive results.

在我們顯著成長的第三個領域，即我們的亞洲傳統業務，我們繼續看到非常積極的成果。

Our focus has long been to package product development with capital and underwriting solutions to fuel our clients' growth and success.

長期以來，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。

This quarter, we have added a technology solution to this package.

本季度，我們在此包中添加了一項技術解決方案。

This is a market-first digital underwriting solution to address the lengthy onboarding process for mainland Chinese visitors buying insurance in Hong Kong.

這是市場首創的數位承保解決方案，旨在解決中國大陸遊客在香港購買保險的漫長的入職流程。

We have successfully launched this with a key client, and it is generating strong interest in the market.

我們已經成功地向一位重要客戶推出了該產品，並引起了市場的強烈興趣。

Finally, our fourth area of notable growth is the US traditional business.

最後，我們第四個顯著成長的領域是美國傳統業務。

Here, RGA has worked in partnership with one of our clients, one of the largest distributors in the US and another insurer to develop a new proprietary life product.

在這裡，RGA 與我們的一位客戶、美國最大的經銷商之一和另一家保險公司合作開發新的專有壽險產品。

Each partner brought their own strengths to the table with RGA providing mortality expertise as well as performing all the case underwriting for the business.

每個合作夥伴都發揮了自己的優勢，RGA 提供死亡專業知識並為企業執行所有案例承保。

We expect this will stimulate future growth for RGA in these exclusive transactions.

我們預計這將刺激 RGA 在這些獨家交易中的未來成長。

Outside our four areas, we continue to have strong success.

在我們的四個領域之外，我們繼續取得巨大成功。

In South Africa, we launched a new effort with a large growing bank assurer to offer simplified issue policies to the mass market.

在南非，我們與一家成長中的大型銀行擔保機構進行了一項新的努力，向大眾市場提供簡化的發行政策。

This uses RGA's proprietary model and technology to enhance the underwriting journey for customers.

這使用 RGA 的專有模型和技術來增強客戶的核保旅程。

This is an important transaction with strategic significance as we can leverage this solution elsewhere around the world.

這是一項具有戰略意義的重要交易，因為我們可以在世界其他地方利用這項解決方案。

Finally, as I expressed at Investor Day, in addition to new business activities, we also have other levers to help grow ROE and PTAOI.

最後，正如我在投資者日所表達的，除了新的業務活動之外，我們還有其他槓桿來幫助提高 ROE 和 PTAOI。

This quarter, we executed in-force actions across multiple regions as well as asset repositioning into higher-yielding investments.

本季度，我們在多個地區執行了有效行動，並將資產重新定位為更高收益的投資。

These actions in aggregate generated positive PTAOI this quarter and also on an ongoing basis.

這些行動總的來說在本季度產生了積極的 PTAOI，並且持續產生。

All in all, I am delighted with yet another quarter where we are firing on all cylinders.

總而言之，我很高興又一個季度我們全力以赴。

Strong financial results in terms of PTAOI and ROE strong success in the four areas of notable growth continues and other areas are also contributing with strategic transactions.

就 PTAOI 和 ROE 而言，強勁的財務業績在四個顯著成長領域繼續取得巨大成功，其他領域也為策略交易做出了貢獻。

We are increasingly using technology to deploy our intellectual property as we saw in South Africa and Hong Kong.

正如我們在南非和香港看到的那樣，我們越來越多地利用科技來部署我們的智慧財產權。

Finally, we saw the successful use of the other levers RGA has available to unlock value in our balance sheet and positively impact profit and ROE.

最後，我們看到 RGA 成功利用其他槓桿來釋放我們資產負債表中的價值，並對利潤和股本回報率產生積極影響。

We are the only global reinsurer exclusively focused on life and health business, and thus, our platform is unique.

我們是全球唯一專注於生命健康業務的再保險公司，因此我們的平台是獨一無二的。

In my view, our capabilities are second to none.

在我看來，我們的能力是首屈一指的。

Success breeds success as the virtuous innovation cycle continues.

隨著良性創新循環的持續，成功孕育成功。

I am fully confident in our ability to continue to deliver growth at attractive returns to our shareholders for many years to come.

我對我們有能力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.

謝謝，托尼。

RGA reported pretax adjusted operating income of $491 million for the quarter and adjusted operating earnings per share of $5.48. For the trailing 12 months, adjusted operating return on equity was 15.3%.

RGA 報告本季稅前調整後營業收入為 4.91 億美元，調整後每股營業收益為 5.48 美元。過去 12 個月，調整後的營運股本回報率為 15.3%。

We are pleased with these results and with the continued positive momentum in new business activity and in-force transactions.

我們對這些結果以及新業務活動和有效交易的持續積極勢頭感到滿意。

Reported premiums were up 17.5% for the quarter.

該季度報告保費上漲 17.5%。

This increase includes $282 million from a single premium US PRT transaction in our Financial Solutions business.

這一成長包括來自我們金融解決方案業務的單筆優質美國 PRT 交易的 2.82 億美元。

Our traditional business premium growth was a healthy 7% for the quarter, and 7.6% year-to-date on a constant currency basis.

我們的傳統業務保費本季健康成長 7%，以固定匯率計算，今年迄今成長 7.6%。

We are pleased with the premium growth reflecting good results across all regions.

我們對保費成長感到高興，反映出所有地區的良好業績。

The effective tax rate for the quarter was 25.5% on pretax adjusted operating income, above the expected range primarily related to income earned in foreign jurisdictions.

本季度稅前調整後營業收入的有效稅率為 25.5%，高於主要與外國司法管轄區收入相關的預期範圍。

For the full year, we expect the effective tax rate to be in the range of 24% to 25%.

我們預計全年有效稅率在24%至25%之間。

Before turning to the quarterly segment results, I would like to speak to slide 7 in our earnings presentation that displays the total company claims experience and the related financial statement impacts.

在討論季度業績之前，我想先談談我們收益報告中的投影片 7，該投影片顯示了公司的整體索賠經驗和相關的財務報表影響。

We have seen positive biometric experience over the last five quarters.

在過去的五個季度中，我們看到了積極的生物辨識經驗。

In the current period, underlying biometric experience, which includes mortality, morbidity and longevity, was in line with overall expectations.

在目前階段，包括死亡率、發病率和壽命在內的基本生物辨識經驗符合整體預期。

However, the financial statement impact recognized in the current quarter was a $14 million loss.

然而，本季確認的財務報表影響為 1,400 萬美元的損失。

The difference between the actual experience and the financial statement impact is a function of LDTI cohorting and the duration of the business.

實際經驗與財務報表影響之間的差異是 LDTI 佇列和業務持續時間的函數。

The US and Latin America Traditional segment results reflected favorable in-force management actions primarily related to a client recapture of a block of business.

美國和拉丁美洲傳統部門的表現反映了主要與客戶重新奪回部分業務相關的有利的有效管理行動。

The financial impacts were recognized in the current period due to the business being a capped cohort.

由於該業務屬於上限群組，因此財務影響已在本期得到確認。

Not only did this lead to favorable current period results, we expect this to reduce some claims volatility going forward.

這不僅帶來了良好的當期業績，我們預計這將減少未來的一些索賠波動。

Separately, this favorable impact was partially offset by client reporting adjustments.

另外，這種有利影響被客戶報告調整部分抵銷。

Overall, claims experience was in line with expectations with nothing notable in terms of frequency or severity of claims.

總體而言，索賠經歷符合預期，在索賠頻率或嚴重程度方面沒有任何值得注意的地方。

The US Financial Solutions results were below expectations due to the timing of recent new business not yet at a full earnings rate, as well as some onetime items.

美國金融解決方案公司的業績低於預期，原因是近期新業務的時間尚未達到完整的盈利率，以及一些一次性項目。

Canada traditional results reflected modestly unfavorable mortality experience.

加拿大的傳統結果反映了適度不利的死亡率經驗。

However, year-to-date, underlying mortality experience is favorable.

然而，今年迄今為止，潛在的死亡率情況是有利的。

The Financial Solutions business results were in line with expectations.

金融解決方案業務績效符合預期。

In the Europe, Middle East and Africa segment, the traditional business results reflected unfavorable experience, primarily in the UK EMEA's Financial Solutions business results were favorable, reflecting the impact of strong new business in recent periods and favorable longevity experience.

在歐洲、中東和非洲部分，傳統業務業績反映了不利的經驗，主要是英國EMEA的金融解決方案業務業績良好，反映了近期強勁的新業務和有利的長期經驗的影響。

Turning to our Asia Pacific results.

轉向我們的亞太地區業績。

Both our Asia Traditional and Financial Solutions businesses performed very well.

我們的亞洲傳統業務和金融解決方案業務均表現出色。

The traditional business reflected the benefit of in-force management actions as well as the impact of recent new business in Asia, while Financial Solutions business reflected favorable overall experience.

傳統業務反映了有效管理行動的好處以及亞洲最近新業務的影響，而金融解決方案業務則反映了良好的整體經驗。

The Corporate and Other segment reported a pretax adjusted operating loss of $44 million slightly worse than expected quarterly average run rate due to some variable expenses, including higher incentive compensation accruals.

企業及其他部門報告稱，由於一些可變費用（包括應計激勵薪酬增加），稅前調整後營運虧損為 4,400 萬美元，略低於預期的季度平均運行率。

For the first half of the year, results were in line with the expected average run rate.

上半年，業績與預期平均運行率相符。

Moving on to investments on slides 9 through 12.

繼續投影片 9 至 12 的投資。

The non-spread portfolio yield for the quarter was 4.65%, including the impact of lower variable investment income.

本季非利差投資組合收益率為 4.65%，其中包括可變投資收入下降的影響。

For non-spread business, our new money rate was 6.22%.

對於非利差業務，我們的新貨幣利率為6.22%。

This is still well above the portfolio yield and higher than the prior quarter.

這仍然遠高於投資組合收益率，並且高於上一季。

Credit impairments were minimal, and we believe the portfolio remains well positioned.

信用減損很小，我們相信投資組合仍處於有利位置。

Related to capital management, as shown on slides 13 and 14, our capital and liquidity position remained strong, and we ended the quarter with excess capital of approximately $1 billion.

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 10 億美元的過剩資本。

This includes the impact from the $650 million senior debt issued in the second quarter.

這包括第二季發行的 6.5 億美元優先債務的影響。

We have an active and balanced approach to capital management over time we had another solid quarter of $307 million of capital deployed in the in-force transactions across multiple geographies.

我們採用積極、平衡的資本管理方法，隨著時間的推移，我們在多個地區的有效交易中部署了 3.07 億美元的穩定資本。

We also raised our quarterly dividend by 4.7% to $0.89 per share.

我們還將季度股息提高了 4.7% 至每股 0.89 美元。

We remain well capitalized and access to multiple forms of capital.

我們的資本充足，並能獲得多種形式的資本。

We expect to remain active in deploying capital into attractive growth opportunities while balancing returning excess capital to shareholders over time.

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，同時平衡隨著時間的推移向股東返還多餘資本。

During the quarter, we continued our long track record of increasing book value per share.

本季度，我們持續保持每股帳面價值成長的長期記錄。

As shown on slide 15, our book value per share, excluding AOCI and the impacts of B36 embedded derivatives increased to $149, which represents a compounded annual growth rate of 10.4% since the beginning of 2021.

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 149 美元，這意味著自 2021 年初以來的複合年增長率為 10.4%。

As we've discussed, we've had a great first half of the year.

正如我們所討論的，我們今年上半年過得很好。

We continue to see very good opportunities across our geographies and business lines, and we are well positioned to execute on our strategic plan.

我們繼續在各個地區和業務領域看到非常好的機會，並且我們有能力執行我們的策略計劃。

Our business continues to demonstrate its resilience and underlying earnings power.

我們的業務繼續展示其彈性和潛在的盈利能力。

We are very excited about the future and expect to deliver attractive returns to our shareholders.

我們對未來感到非常興奮，並期望為股東帶來可觀的回報。

With that, I'd like to take a moment to thank everyone for your continued interest in RGA.

在此，我想花點時間感謝大家對 RGA 的持續關注。

As many of you know, I have announced my planned retirement for the end of this year, and this will be my last earnings call as CFO before turning it over to Axle Andre on August 5.

正如你們許多人所知，我已宣布計劃於今年年底退休，這將是我作為財務長的最後一次財報電話會議，然後在 8 月 5 日將其移交給 Axle Andre。

The I have enjoyed my nearly 30 years here at RGA and look forward to staying on through the end of the year, special adviser.

特別顧問，我在 RGA 度過了近 30 年的時光，並期待留任到今年年底。

And I will reiterate what I said at Investor Day, I believe that RGA's future is as bright as ever.

我會重申我在投資者日所說的話，我相信 RGA 的未來一如既往的光明。

This concludes our prepared remarks.

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) Joel Hurwitz, Dowling & Partners.

（操作員說明）Joel Hurwitz，Dowling & Partners。

First, Todd, congratulations and best wishes in retirement.

首先，托德，祝賀您退休並祝您退休。

My first question is just on the in-force management actions.

我的第一個問題是關於有效的管理措施。

What was the earnings benefit in the quarter?

該季度的獲利收益是多少？

And then has there been an increase in sort of in-force actions?

那麼，有效行動的種類是否有增加呢？

Or is this sort of a one-off?

或者說這是一次性的？

Well, this is Todd.

嗯，這是托德。

The in-force management is an ongoing part of our daily activities, right?

有效的管理是我們日常活動的持續組成部分，對吧？

We were constantly managing the in-force.

我們不斷地管理現有人員。

That's part of what we do.

這是我們工作的一部分。

But again, as we've talked about in the past, we do it in very much a partnership approach with our clients.

但正如我們過去所討論的那樣，我們在很大程度上是透過與客戶的合作夥伴關係來做到這一點的。

If I take a step back in the quarter, we had both positives and negatives across certain areas.

如果我在本季退後一步，我們在某些​​領域既有積極的一面，也有消極的一面。

I would say if you looked at on a consolidated basis, the impact of the in-force actions, which was positive, offset by some of these client reporting items and data catch-ups that kind of thing.

我想說的是，如果你綜合考慮，有效行動的影響是正面的，但被一些客戶報告專案和數據追趕之類的事情所抵消。

On a consolidated basis, the impact was a positive of about $100 million.

綜合來看，其正面影響約為 1 億美元。

Okay.

好的。

That's helpful.

這很有幫助。

And then looking at the Asia Pacific Financial Solutions business, it's a favorable experience again this quarter. it feels like a pretty consistent trend.

再看看亞太金融解決方案業務，本季再次獲得了良好的體驗。感覺這是一個非常一致的趨勢。

What's been driving the continued favorable experience in that business?

是什麼推動了該行業持續良好的體驗？

And I guess at what point may you start to think that some of the experience could be sustainable?

我猜你什麼時候開始認為某些體驗可以持續？

I'm sorry, which business that you asked about?

抱歉，您問的是哪一項業務​​？

No.

不。

Asia Financial Solutions.

亞洲金融解決方案。

Asia Financial Solutions, that business continues to ramp up over the last few years.

亞洲金融解決方案公司的業務在過去幾年中持續成長。

So we've been very successful bringing on new treaties and new business.

因此，我們在簽訂新條約和新業務方面非常成功。

So we just continue to see continued strong momentum on that business.

因此，我們繼續看到該業務持續強勁的勢頭。

Our clients are reacting well with the solutions that we're bringing those to them, and those are very much value-added type transactions so we can generally get some nice margins on those.

我們的客戶對我們提供給他們的解決方案反應良好，這些都是增值型交易，因此我們通常可以在這些交易中獲得不錯的利潤。

Wes Carmichael, Autonomous Research.

韋斯·卡邁克爾，自主研究。

Congrats, Todd, on retirement.

恭喜托德退休。

First, I just wanted to clarify on Joel's question, the in-force action of $100 million, is that a pretax number?

首先，我只是想澄清喬爾的問題，1億美元的有效訴訟，是稅前數字嗎？

Is that after tax?

是稅後的嗎？

That's pretax, and that's the consolidated number.

這是稅前的數字，也是合併後的數字。

And that's net of some of the other client reporting adjustments and some other things that we did.

這還不包括其他一些客戶報告調整和我們所做的其他一些事情。

Got it.

知道了。

Yes, that's helpful.

是的，這很有幫助。

That makes sense.

這就說得通了。

And then just on US Financial Solutions, I think you had a retro session to Ruby Re in the quarter.

然後就美國金融解決方案而言，我認為您在本季度對 Ruby Re 進行了回顧。

Is there any help you can give us with how that impacted the income statement in that segment for the quarter?

您能為我們提供任何協助來了解這對本季該部門損益表的影響嗎？

Yes.

是的。

This is Todd again.

這又是托德。

Let me clarify.

讓我澄清一下。

For Ruby Re, we had the initial C block retro session back in December.

對於 Ruby Re，我們在 12 月舉行了最初的 C 塊回顧會議。

And we're in the process of doing some additional retro sessions, but we do not have a specific retro session in the second quarter, but we will have some as we go forward.

我們正在進行一些額外的回顧會議，但我們在第二季度沒有具體的回顧會議，但隨著我們的進展，我們將會有一些。

Right.

正確的。

I guess the slide also mentioned, I guess, an earnings impact for timing.

我猜這張投影片也提到了時機對獲利的影響。

Is there something that will change in the third quarter in Financial Solutions?

金融解決方案第三季會有什麼變化嗎？

So for Financial Solutions, we had a couple sort of onetime items in the quarter.

因此，對於金融解決方案，我們在本季有一些一次性項目。

We had some data catch up from a client on a treaty that was a negative impact.

我們從客戶那裡獲得了一些關於產生負面影響的條約的數據。

And then we did have some timing of some fee recognition, which we would expect to be just the timing issue that we'll be able to come back in the future.

然後我們確實有一些費用確認的時機，我們希望這只是我們將來能夠回來的時機問題。

Jimmy Bhullar, JPMorgan.

吉米·布拉爾，摩根大通。

Todd, good luck in the future.

托德，祝你未來一切順利。

I just had a question on Financial Solutions.

我剛剛有一個關於財務解決方案的問題。

I think you mentioned that the depressed level of earnings was -- or the earnings were affected a little bit by just the timing of new business being put on.

我想你提到了收入水平的低迷——或者說收入受到了新業務推出時間的一點影響。

Is this something that should correct itself beginning next quarter?

從下個季度開始，這種情況應該得到糾正嗎？

Or is it more of a longer-term issue where the full earnings power will emerge maybe into next year?

或者這更像是長期問題，全面的獲利能力可能會在明年出現？

Yes.

是的。

As we talked about in the past, it depends on the underlying transaction and structure.

正如我們過去談到的，這取決於基礎交易和結構。

But generally, it charts out a little bit below our ultimate run rate, if you will.

但總的來說，如果你願意的話，它的圖表會略低於我們的最終運行率。

We still price the transactions to hit our overall returns.

我們仍然對交易進行定價，以達到我們的整體回報。

But generally, as we go through and reposition the investments and that type of thing, it generally takes, say, a year to 18 months to ramp up.

但一般來說，當我們進行並重新定位投資之類的事情時，通常需要一年到 18 個月的時間才能加速。

Okay.

好的。

And then if I go by the sort of unusual benefit you mentioned from the client transaction recaptures, offset by some of the other onetime, you get about $1.20 per share.

然後，如果我按照您提到的從客戶交易收回中獲得的那種不尋常的收益（被其他一些一次性收益所抵消）計算，您將獲得每股約 1.20 美元的收益。

Is that -- $1.20 per share is a lower number from what you reported, is that a good number to use in terms of looking at your earnings going forward?

每股 1.20 美元是否比您報告的數字要低，這個數字適合用來衡量您未來的收益嗎？

Or were there other things that might have depressed your earnings in the second quarter that you didn't incur in that?

或者有其他因素可能會導致您第二季的收入下降，但您沒有承擔這些因素？

Yes.

是的。

So the way I would look at it, if I take a step back at a high level, and these are pretax numbers.

因此，如果我退一步看，這些都是稅前數字。

We talked about the in-force actions primarily in US trad and Asia trad, and then offset by some of the financial reporting type items.

我們主要討論了美國貿易和亞洲貿易中的有效行動，然後由一些財務報告類型的項目抵消。

And then we had, from a financial reporting perspective, we had some negative claims of about $15 million or so, but the underlying claims experience was still fine.

然後，從財務報告的角度來看，我們有一些大約 1500 萬美元左右的負面索賠，但基本索賠體驗仍然很好。

That was just the LDTI reporting impact.

這只是 LDTI 報告的影響。

And then we had some additional expense accruals that I mentioned, primarily related to incentive comp, that was probably another to $20 million or so and then some small miscellaneous items.

然後我們有一些我提到的額外應計費用，主要與激勵補償有關，可能是另外 2000 萬美元左右，然後是一些小雜項。

So to me, those items add up to, say, $65 million or $70 million pretax, but I would add that things like the in-force actions that we took really created a lot of value to the enterprise, not only in the current area, but go forward, as well.

所以對我來說，這些項目加起來相當於稅前 6500 萬或 7000 萬美元，但我想補充一點，我們採取的有效行動確實為企業創造了很多價值，而不僅僅是在當前領域，但也要向前邁進。

Okay.

好的。

Yes.

是的。

And then

進而

--

--

I mean, just to reiterate that point.

我的意思是，只是重申這一點。

I mean, look, during Investor Day, we shared in-force actions is just one of our other levers for growth in PTAOI and ROE.

我的意思是，在投資者日期間，我們分享的有效行動只是我們促進 PTAOI 和 ROE 成長的其他槓桿之一。

We always do it on a holistic basis.

我們總是在整體的基礎上做這件事。

We feel that's stood us in good stead over the medium and long term.

我們認為，從中長期來看，這對我們有利。

And these are lumpy transactions.

這些都是不穩定的交易。

So at times, we could be working on them for one or two years.

所以有時，我們可能會花一兩年的時間來研究它們。

But we are very active in sort of making sure we execute on our rights in the treaty, but also very much in a partnership fashion to continue to partner with these clients on new business in-force.

但我們非常積極地確保我們履行條約中的權利，而且也非常以合作夥伴的方式繼續與這些客戶合作開展新的有效業務。

Elyse Greenspan, Wells Fargo.

伊麗絲‧格林斯潘，富國銀行。

My first question is on Ruby Re.

我的第一個問題是關於 Ruby Re 的。

You guys obviously seated business when the entity was set up, but you haven't been seeing ongoing business yet.

顯然，你們在實體成立時就已經開展了業務，但還沒有看到正在進行的業務。

When would you expect that to change?

您預計這種情況什麼時候會改變？

And I guess, what are you waiting on just for you guys to be able to see current business into the platform?

我想，你們還在等什麼才能看到平台上目前的業務呢？

Yes.

是的。

This is Todd.

這是托德。

No, we're actually working on putting together the going through the process, I guess, is the best way to do it to retrocede some business to -- we've identified some blocks and we're just going through the process of doing the modeling and getting the appropriate approvals and that type of thing.

不，我們實際上正在努力將整個流程整合在一起，我想，這是將某些業務退回到的最佳方式——我們已經確定了一些障礙，我們正在經歷執行的流程建模並獲得適當的批准之類的事情。

So I would expect that you'll see some retro sessions or sessions out to rule the remainder of this year.

因此，我預計您會看到一些回顧會議或會議來統治今年剩餘的時間。

And then my second question, you guys did issue some debt in the quarter.

然後是我的第二個問題，你們在本季確實發行了一些債務。

How do we think about target debt to capital, including hybrids, just when we think about the capacity away from Ruby for additional transactions?

當我們考慮 Ruby 以外的額外交易能力時，我們如何考慮目標債務資本（包括混合債務）？

Yes.

是的。

So generally, we target around 20% or so senior debt to equity and then all in, combined with the hybrid, say, 35%, but there's some flexibility around that.

因此，一般來說，我們的目標是優先債務與股權的比例約為 20% 左右，然後再加上混合比例，例如 35%，但也有一定的靈活性。

And in addition, again, to the traditional debt markets, we all just spend quite a bit of time looking at we call alternative forms of capital, of which Ruby Re and for third-party capital is part of that.

此外，對於傳統的債務市場，我們都花了相當多的時間來研究所謂的替代資本形式，其中 Ruby Re 和第三方資本就是其中的一部分。

Historically, we've also done some embedded value securitization as well as did some strategic retro sessions as well where it makes sense.

從歷史上看，我們也做過一些內含價值證券化，並在有意義的地方進行了一些策略回顧。

Ryan Krueger, KBW.

瑞安·克魯格，KBW。

I'm sorry to harp on this, but I'm going to come back one more time on the underlying earnings power, make it for an interesting call for Todd.

我很抱歉在這一點上喋喋不休，但我將再次討論潛在的盈利能力，為托德打一個有趣的電話。

I mean, it's his last one.

我的意思是，這是他的最後一次。

So you mentioned the $100 million positive, there was a $15 million GAAP claims, $20 million of higher expenses.

所以你提到了 1 億美元的正數，有 1500 萬美元的 GAAP 索賠，2000 萬美元的更高費用。

I think beyond that, I believe VII was also weaker and the tax rate was higher.

我認為除此之外，我認為 VII 也更弱，稅率更高。

Are those the other things you would consider when trying to kind of come up with more of a run rate power?

當你試著想出更多的運行率能力時，這些是你會考慮的其他事情嗎？

And if so, how would you quantify those two other items?

如果是這樣，您將如何量化另外兩項？

I think variable income what our best estimate was about a $15 million negative pretax negative impact in the quarter.

我認為我們對可變收入的最佳估計是本季稅前負面影響約為 1500 萬美元。

And then the tax rate was previous range was at 23% to 24%.

然後稅率之前的範圍是23%到24%。

So the impact of another, say, 1.5 to 2 points on the tax rate on the pretax income of $491 million.

因此，稅率上調 1.5 到 2 個百分點會對稅前收入 4.91 億美元產生影響。

But we're still, reiterate, comfortable with the run rates that we provided earlier in the year, and we continue to plan to deliver the intermediate growth targets that we've provided.

但重申，我們仍然對今年早些時候提供的運行率感到滿意，並且我們繼續計劃實現我們提供的中期成長目標。

Okay.

好的。

Great.

偉大的。

And then just given the challenges at one of your main competitors, I guess, I just wanted to give you guys a chance to kind of comment on your confidence in your own reserve assumptions at this point?

然後，考慮到你們主要競爭對手之一面臨的挑戰，我想，我只是想讓你們有機會評論一下你們對自己的儲備金假設的信心？

Yes.

是的。

Ryan, this is Jonathan.

瑞安，這是喬納森。

Let me take that one.

讓我拿走那個。

So obviously, we're not in a position to comment directly on other companies' actions, but just a few points from our perspective.

顯然，我們無法直接評論其他公司的行為，而只是從我們的角度提出幾點看法。

The first one, I think we need to keep in mind that there are differences in the business that each company has, right?

第一個，我認為我們需要記住，每個公司的業務都有差異，對吧？

So the underlying business, the premiums that are being charged, the assumptions that are being used from an expectation perspective.

因此，基礎業務、收取的保費以及從預期角度使用的假設。

So it's not really possible to read through things in that way.

所以實際上不可能以這種方式閱讀事物。

Second, I would say we feel that risk management is one of our core strengths at RGA.

其次，我想說的是，我們認為風險管理是 RGA 的核心優勢之一。

We've got a very rigorous approach to pricing.

我們有非常嚴格的定價方法。

And I think we've demonstrated our discipline across multiple markets and product lines and where we don't see the risk-reward trade-off making sense to us, we don't pursue the business.

我認為我們已經在多個市場和產品線中展示了我們的紀律，如果我們認為風險回報權衡對我們沒有意義，我們就不會從事這項業務。

And then the last point I'll mention is we do regular monitoring and reporting of our experience.

我要提到的最後一點是我們定期監控和報告我們的經驗。

Things can move up and down quarter-to-quarter, but we have been pleased that our underlying biometric experience has been favorable as Todd and Tony both pointed it for the last five quarters.

情況可能會按季度上下波動，但我們很高興我們的基本生物識別經驗一直是有利的，正如托德和托尼在過去五個季度中都指出的那樣。

Tony here.

托尼在這裡。

I mean let me just add, I mean, these actions or these activities happen from time to time.

我的意思是讓我補充一下，我的意思是，這些行動或這些活動時常發生。

As Jonathan said, our discipline, our risk management, our focus on life and health is critical for us.

正如喬納森所說，我們的紀律、風險管理、對生命和健康的關注對我們至關重要。

And at times, this can create opportunities for us.

有時，這可以為我們創造機會。

But we remain incredibly disciplined, focused on life and health and the risk management principles we have will obviously continue well into the future.

但我們仍然保持著令人難以置信的紀律，專注於生命和健康，我們所擁有的風險管理原則顯然將在未來繼續下去。

Suneet Kamath, Jefferies.

蘇尼特·卡馬斯，杰弗里斯。

I guess on capital deployment, it looks like you deployed about $1 billion year-to-date, a very healthy number.

我想在資本部署方面，今年迄今您已部署了約 10 億美元，這是一個非常健康的數字。

Should we sort of think about the second half as maybe you guys needing some time to so to digest what you've deployed?

我們是否應該考慮下半場，因為也許你們需要一些時間來消化你們所部署的內容？

Or is it sort of still in doors wide open to do more deployment?

或者是否仍然敞開大門進行更多部署？

Yes.

是的。

Maybe I'll take that one, Suneet.

也許我會選擇那個，Suneet。

I'd answer it by saying our pipelines are absolutely full.

我的回答是我們的管道絕對滿了。

So obviously, Q1 was unique or unusually strong.

顯然，第一季是獨一無二的或異常強大的。

But there's no reason we're slowing down in Q3, Q4.

但我們沒有理由在第三季、第四季放緩。

So hopefully, that gives you a good sense.

希望這能帶給您良好的感覺。

Very excited by the pipeline, very excited by how we're positioned strategically.

對管道非常興奮，對我們的策略定位非常興奮。

We've got plenty of capital to use to execute on transactions.

我們有充足的資金可用於執行交易。

And that momentum is only growing stronger.

而且這種勢頭只會越來越強勁。

Got it.

知道了。

And then just maybe shifting gears to the PRT market.

然後也許會轉向 PRT 市場。

Obviously, we've been seeing some headlines related to some of the deals that were done with the private equity-backed players.

顯然，我們已經看到了一些與私募股權支持的參與者達成的一些交易相關的頭條新聞。

Just wondering if that's having an impact on either competition for PRT business or pricing in that business?

只是想知道這是否會影響 PRT 業務的競爭或該業務的定價？

Yes.

是的。

Thank you.

謝謝。

Yes.

是的。

I mean, I don't really want to comment on the issues relating to some of our competitors or indirectly.

我的意思是，我真的不想評論與我們的一些競爭對手有關的問題或間接評論。

But for us, once again, same thing, pipeline is strong, particularly in the jumbo side, where we do spend a lot of our focus pricing in my mind there.

但對我們來說，同樣的事情，管道很強大，特別是在巨型方面，我們確實在那裡花了很多我們的焦點定價。

So a key part of our strategy is the longevity risk broadly, the PRT market in the US, excited by the rest of the year and no reason to think that, that's not the case going forward.

因此，我們策略的關鍵部分是廣泛的長壽風險，即美國的 PRT 市場，今年剩餘時間令人興奮，沒有理由認為未來的情況並非如此。

Tom Gallagher, Evercore.

湯姆‧加拉格爾，《Evercore》。

Todd, just back on the $100 million of in-force rate actions benefit, is it all one-time benefit?

托德，剛剛回到 1 億美元的有效利率訴訟福利，這都是一次性福利嗎？

Or would you where would you expect any go-forward earnings impact as well?

或者您預計未來的獲利會受到哪些影響？

Yes.

是的。

And again, just that's on a consolidated basis, again, and it's net of some of those client reporting adjustments.

再說一遍，這只是在綜合基礎上進行的，而且還扣除了一些客戶報告的調整。

So I would maybe break it up into two, Tom.

所以我可能會把它分成兩個部分，湯姆。

The US in-force action had a current year benefit.

美國的有效行動對當年有好處。

As I mentioned in my comments, that was on a what we call capped cohort under LDTI and a net premium ratio above 100%.

正如我在評論中提到的，這是我們所說的 LDTI 上限隊列，淨保費率高於 100%。

So the impact of that came through the current period.

因此，其影響貫穿當前時期。

And there really won't be much from an income statement plus or minus going forward, but we do believe it will decrease from the claims volatility with that treat no longer on our books.

未來的損益表確實不會有太多的正負，但我們確實相信，隨著這種待遇不再出現在我們的帳簿上，索賠波動性將會減少。

And then switching over to Asia, that was a rate adjustment that the way it works that had a net premium ratio less than 100% was an untapped cohort.

然後轉向亞洲，這是一個費率調整，淨保費率低於 100% 的工作方式是一個尚未開發的群體。

So the way we look at whatever the change in cash flows based on the new rate structure, you recalculate the net premium ratio actually apply it back to the inception of the adoption of LDTI.

因此，我們根據新的費率結構看待現金流量的變化，重新計算淨保費率，實際上將其應用於採用 LDTI 之初。

So you get a little bit of a catch-up or catch-up in the current period and then some positive impacts going forward.

因此，你會在當前時期得到一些追趕或追趕，然後對未來產生一些正面的影響。

Got you.

明白你了。

That's helpful.

這很有幫助。

And then just to put a bow on this run rate of earnings.

然後就是對這個運行收益率表示敬意。

So $100 million of favorable and if I added up all the unfavorables, I think it's $60 million to $70 million, so a net of $30 million to $40 million pretax.

因此，1 億美元的有利條件，如果我把所有不利因素加起來，我認為這是 6000 萬至 7000 萬美元，所以稅前淨額為 3000 萬至 4000 萬美元。

Does that sound about right?

那個聽起來是對的嗎？

I guess when I look at the positives and negatives, I get about, call it, $55 million to $70 million pretax of positive impact in the quarter.

我想，當我審視正面和負面的因素時，我會發現，本季稅前產生的正面影響約為 5,500 萬至 7,000 萬美元。

But I would reiterate again a lot of that related to the in-force actions that we took that created quite a bit of value to the enterprise.

但我想再次重申許多與我們採取的有效行動相關的內容，這些行動為企業創造了相當多的價值。

So I would view that as part of our business, if you will.

因此，如果您願意的話，我會將其視為我們業務的一部分。

Got it.

知道了。

So $65 million to $70 million would be the net benefit in the quarter and then you tax effect that, that would be the way you would adjust?

因此，本季的淨收益將是 6500 萬至 7000 萬美元，然後您對其徵稅，這就是您調整的方式？

Yes. looking at also some of the whatever you want to call them onetime items or a little bit of those types of items.

是的。也要看看一些你想稱之為一次性物品的東西，或是其中一些類型的物品。

But again, every quarter, we're going to have some of these costs as an negatives, right?

但同樣，每個季度我們都會產生一些負面成本，對吧？

And again, a lot of the positive this quarter was related to some good things that we did from an in-force management perspective.

同樣，本季的許多正面因素都與我們從有效管理角度所做的一些好事有關。

John Barnidge, Piper Sandler.

約翰·巴尼奇，派珀·桑德勒。

Todd, congrats on reaching this stage.

托德，恭喜你達到了這個階段。

Another quarter above the ROE guided range.

比 ROE 指導範圍高出四分之一。

I know there's some one-timers that have been discussed.

我知道已經討論過一些一次性的事情。

Are we trending from the high end towards above it sustainably in your opinion?

您認為我們的趨勢是否可持續地從高端走向高端？

Yes.

是的。

Thanks, John.

謝謝，約翰。

Yes, we're happy with our strong performance over the last period of time. we did recently set the intermediate financial targets, and those are meant to be sort of intermediate, which is over a three-year period.

是的，我們對過去一段時間的強勁表現感到滿意。我們最近確實設定了中期財務目標，這些目標應該是中期的，為期三年。

At this point, we're not updating the targets, but we do feel good about coming in at the higher end of the targeted range, and we'll monitor and consider updating as appropriate going forward.

目前，我們不會更新目標，但我們確實對達到目標範圍的高端感到滿意，並且我們將監控並考慮在未來適當更新。

John, maybe just to add, as we said during Investor Day, we've got all these tailwinds, whether that's the returns on the new business as we focus more and more on innovative exclusive transactions.

約翰，也許只是補充一下，正如我們在投資者日期間所說的那樣，我們擁有所有這些順風車，無論是隨著我們越來越關注創新的獨家交易而帶來的新業務的回報。

Another tailwind obviously, is new money rate is still higher than portfolio yields.

另一個明顯的推動因素是新貨幣利率仍然高於投資組合收益率。

So over time, you'd hope we drift up.

所以隨著時間的推移，你會希望我們能夠進步。

But at this point, we're happy with where we've signaled our ROE.

但目前，我們對我們所表明的交戰規則感到滿意。

And we look forward to continually beating and really working hard and creating value for ourselves and our clients.

我們期待不斷超越，真正努力工作，為我們自己和我們的客戶創造價值。

My follow-up question, interestingly enough, it looks like your office portfolio LTV actually improved 2 basis points in the quarter.

我的後續問題，有趣的是，看起來您的辦公室投資組合 LTV 在本季度實際上提高了 2 個基點。

As you think of -- what is that stability in commercial real estate portfolio portend for your outlook for gain harvesting and maybe the balance of the year on portions where you have an equity position for BII?

如您所想，商業房地產投資組合的穩定性對您的收益收穫前景以及您持有 BII 股權部分的年度餘額有何預示？

John, this is Leslie Barbi.

約翰，這是萊斯利·芭比。

Yes.

是的。

So our the portfolio overall, the credit quality has been quite stable.

所以我們的投資組合整體而言，信貸品質一直相當穩定。

We have a very experienced team that is managing that related specifically to your comment on the office LTV.

我們擁有一支經驗豐富的團隊，專門負責管理與您對辦公室 LTV 的評論相關的事宜。

It came down about 2 points.

下跌了約2分。

That is primarily due to some new loans closed in the quarter with quite low LTVs and stability on the rest of the portfolio there.

這主要是由於本季完成的一些新貸款的貸款價值比相當低，而且投資組合的其餘部分也很穩定。

And we did have a small amount, $13 million in-office that we took into REO that helped contribute a little but more so the new very low LTV loans.

我們確實向 REO 投入了一小筆 1300 萬美元的資金，這有助於貢獻一點，但更多的是新的非常低 LTV 貸款。

So we are always -- while there's a lot of things go out of the market, certainly, there's also been less lending available to the market in general, so we can pick and choose.

所以我們總是——雖然有很多東西退出市場，但總的來說，市場上可用的貸款也減少了，所以我們可以挑選。

We're very disciplined.

我們非常有紀律。

And so as we're doing this transition, we can both walk through any individual issues but also from market opportunities.

因此，當我們進行這項轉變時，我們既可以解決任何個別問題，也可以解決市場機會。

Mike Ward, Citi.

麥克沃德，花旗銀行。

Congratulations, Todd, and all the best I was just wondering how this talk about all the dynamics from the in-force actions and whatnot.

恭喜托德，祝一切順利，我只是想知道這如何談論有效行動等的所有動態。

Is there any change in sort of the run rate dollar earnings for the segments like US trad or Asia?

美國貿易或亞洲等細分市場的美元收益運行率是否有任何變化？

Or it sounds like not but just want to make sure.

或者聽起來好像不是，只是想確定一下。

Yes.

是的。

No, this is Todd.

不，這是托德。

I'd say nothing material.

我不會說任何實質的事情。

Okay.

好的。

And then most of my other questions are asked, but I'm just curious if there's been any sort of underlying changes in US mortality experience that you've been observing over the last five quarters, call it, post pandemic, any sort of themes that you've seen?

然後我的大多數其他問題都被問到了，但我只是好奇你在過去五個季度中觀察到的美國死亡率經歷是否有任何潛在的變化，稱之為大流行後，任何類型的主題你見過嗎？

Thanks, Mike.

謝謝，麥克。

This is Jonathan.

這是喬納森。

So I'd say nothing really new to report relative to what our expectations have been.

因此，相對於我們的期望，我想說沒有什麼真正值得報告的新內容。

We continue to be pleased with our underlying economic performance within the business, which has been positive over the last five quarters.

我們仍然對我們業務的基本經濟表現感到滿意，在過去的五個季度中一直保持積極的勢頭。

No real significant trends to note in Q1 or Q2 of this year at a sub level when you start to drill in to the block of business.

當您開始深入研究業務領域時，今年第一季或第二季在子層級上沒有真正值得注意的趨勢。

We do have an expectation, as I've mentioned before, built into our go-forward mortality expectations for excess mortality, and we continue to see that in the population.

正如我之前提到的，我們確實對超額死亡率建立了預期，並且我們繼續在人口中看到這種情況。

It is reducing.

它正在減少。

So trending down.

所以呈下降趨勢。

I think we're about 3% to 4% excess relative to pre-pandemic levels for the first half of this year.

我認為今年上半年的產量比大流行前的水平高出約 3% 至 4%。

So that's nice to see that trend continue, but we have built that into our expectation.

因此很高興看到這種趨勢繼續下去，但我們已將其納入我們的預期中。

And as I mentioned, our results have been favorable versus that.

正如我所提到的，我們的結果與此相比是有利的。

There's a follow-up question from Jimmy Bhullar.

吉米·布拉爾提出了一個後續問題。

I just wanted to see if you could just give us an update on what's going on with your Australia business.

我只是想看看您能否向我們介紹一下您的澳洲業務的最新情況。

And I think results have fluctuated over the past several quarters.

我認為過去幾季的業績有所波動。

And just trying to get an idea on the legacy block that's had recurring losses, how big of a part of the business that is?

只是想了解經常性虧損的遺留業務，它佔業務的一部分有多大？

And how do you expect it to run off over time?

隨著時間的推移，你預計它會如何消失？

Yes, Jimmy, it's Todd.

是的，吉米，我是托德。

Year-to-date, Australia has seen a slight pretax profit.

今年迄今為止，澳洲實現了小幅稅前利潤。

That's a little bit under where we would like them to be.

這有點低於我們希望的水平。

But for year-to-date, that's where they are.

但今年迄今為止，他們的處境就是這樣。

We continuously keep a close eye on the in-force, there and have not been pushing the team to grow at any great extent.

我們一直密切關注那裡的現有人員，並沒有推動團隊大幅成長。

And so for that older legacy block.

對於那個較舊的遺留區塊也是如此。

We see some claims here and there, but nothing material at this point.

我們到處看到一些說法，但目前還沒有實質內容。

And is the new business environment in the market still tough?

新的市場經營環境是否依然嚴峻？

Or is it just the older business that's actually had issues?

還是只是老企業確實有問題？

Yes.

是的。

No, thanks.

不，謝謝。

I'll take that one.

我會接受那個。

I mean, look, as Todd mentioned, we're very selective on the new business we chose, and it wouldn't surprise you that the new business areas we play in.

我的意思是，正如托德所提到的，我們對我們選擇的新業務非常有選擇性，我們參與的新業務領域不會讓您感到驚訝。

And it wouldn't surprise you that we're comfortable with the environment in those areas.

我們對這些地區的環境感到滿意，這並不會讓您感到驚訝。

And once again, our discipline of choosing the right areas to play and be part of.

再一次，我們選擇正確的領域進行遊戲並參與其中的紀律。

And sometimes you see others leave the market, which create a better pricing environment for those areas.

有時你會看到其他人離開市場，這為這些領域創造了更好的定價環境。

And we patiently wait for those situations, and we're comfortable with the new business pricing in the areas we focus on.

我們耐心地等待這些情況，並且我們對我們關注的領域的新業務定價感到滿意。

There's a follow-up question from Wes Carmichael.

韋斯·卡邁克爾提出了一個後續問題。

I had a higher-level question maybe, Tony.

也許我有一個更高層次的問題，東尼。

In Asia and asset intensive, just hoping you could give us some perspective, especially in the Japanese market, how that market's embracing asset-intensive reinsurance, maybe you have that changed over the past couple of years and how you're thinking about that dynamic going forward?

在亞洲和資產密集型領域，希望您能給我們一些看法，特別是在日本市場，該市場如何接受資產密集型再保險，也許您在過去幾年中發生了變化，以及您如何看待這種動態向前走？

Yes.

是的。

Thanks for the question.

謝謝你的提問。

It's fully embracing it.

它完全擁抱它。

I mean, Asia, we did our first transaction top of my head in Japan, probably seven or eight years ago on this sort of blocks asset.

我的意思是，在亞洲，我們在日本進行了第一筆交易，大概是七、八年前，關於這種區塊資產。

One repeatable company does it, others are studying it, we get phone calls often, I'm trying to understand it.

一家可重複的公司做到了這一點，其他公司正在研究它，我們經常接到電話，我正在努力理解它。

I think a few quarters ago, we said we did a first transaction with more domestic-type life insurer.

我想幾個季度前，我們說過我們與更多國內類型的人壽保險公司進行了第一筆交易。

And that, once again, will set off a trend amongst that group of clients.

這將再次在這群客戶中掀起一股潮流。

We did a transaction, as I mentioned earlier, with a client that had never done it before.

正如我之前提到的，我們與一位以前從未做過的客戶進行了一筆交易。

One would think that could stimulate further transactions with them.

人們可能認為這可能會刺激與他們的進一步交易。

And once again, they're a very strong, reputable company, which others will look upon and follow I would say our strength there is the fact that we've been there since 1998.

再說一遍，他們是一家非常強大、信譽良好的公司，其他人都會關注並效仿。

And we've worked with the regulator, gosh, since the early 2000s on some of these rules.

天啊，自 2000 年代初以來，我們就一直與監管機構合作制定其中一些規則。

And as I mentioned during Investor Day and earlier today, just how multifaceted relationships, the transaction we did this quarter was a client we've been with I think, on the cancer risk or the mortality risk for 15 years.

正如我在投資者日和今天早些時候提到的，我們本季所做的交易是多麼多方面的關係，我認為我們在癌症風險或死亡風險方面已經與客戶合作了 15 年。

So obviously, that trust is built those relationships are built.

顯然，信任是建立的，關係是建立起來的。

When they're looking at improving their capital efficiency, it's not surprising that they turn towards us.

當他們尋求提高資本效率時，他們轉向我們也就不足為奇了。

There's a follow-up question from Tom Gallagher.

湯姆·加拉格爾 (Tom Gallagher) 提出了一個後續問題。

Just had a question about the process of these in-force management actions.

只是對這些有效管理措施的流程有疑問。

Is it something that you react to as experience emerges the wrong way?

當經驗以錯誤的方式出現時，你是否會做出反應？

And then you evaluate each treaty.

然後你評估每個條約。

And then if it creates enough pressure, you then go into action?

然後如果它產生了足夠的壓力，你就會採取行動？

Or do you have a pretty good sense for what treaties you've been seeing pressure on for several years, and so you kind of have a pipeline and you have visibility into it.

或者你對哪些條約多年來一直受到壓力有很好的了解，所以你有一個管道並且可以了解它。

Like how does that really work?

比如說這到底是如何運作的？

Do you have a big pipeline?

你有大管道嗎？

Or is it something you're really just reacting and responding to more real time?

或者你真的只是在更即時地做出反應和回應？

Yes.

是的。

Maybe I'll take that, and Jonathan add if I miss out on anything.

也許我會接受，如果我錯過了什麼，喬納森會補充。

You've got to look at the treaty.

你必須看看條約。

I mean, is there actions that can be taken is, one, obviously, you can always try and negotiate extra out-of-the-treaty type arrangements.

我的意思是，是否可以採取行動，一，顯然，你可以隨時嘗試和談判額外的條​​約外類型的安排。

So firstly, that would be one.

首先，那就是一個。

But like you said, there's a pipeline in which we focus on, and these transactions are lumpy, can be material and take time.

但就像你說的，有一個我們關注的管道，這些交易是不穩定的，可能是實質的並且需要時間。

And if you think about what we do, right, we're obviously a very technical company in nature.

如果你想想我們所做的事情，對吧，我們本質上顯然是一家技術含量很高的公司。

So in great detail, we've got phenomenal relationships with our clients even during these types of discussions.

因此，從細節上講，即使在這些類型的討論中，我們也與客戶建立了非凡的關係。

So we can be very creative in coming up with win-wins with the clients to best manage these situations.

因此，我們可以非常有創意地與客戶實現雙贏，以最好地管理這些情況。

So that's broadly the process.

這就是大致的過程。

Obviously, if experience is not as strong as we like.

顯然，如果經驗沒有我們希望的那麼強大。

That's another area that you'd look but hopefully, it gives you a sense that a lot of energy has to be put into it.

這是您需要關注的另一個領域，但希望它能讓您感覺到必須投入大量精力。

It's very hard to predict.

這很難預測。

It's very lumpy, but it absolutely can allow us to exercise all our strengths of relationship, technical ability partnership mentality.

它很坎坷，但它絕對可以讓我們鍛鍊我們所有的關係、技術能力、夥伴心態的優勢。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Tony Cheng for any closing remarks.

我想將會議轉回托尼·鄭（Tony Cheng）發表閉幕詞。

Thank you all for your questions and your continued interest in RGA.

感謝大家提出問題以及對 RGA 的持續關注。

This was a good quarter following a very strong first quarter, further demonstrating our continued momentum and substantial earning power.

在第一季表現強勁之後，這是一個良好的季度，進一步證明了我們持續的發展勢頭和巨大的盈利能力。

Before we go, I want to congratulate Todd on his retirement and thank him for his nearly 30 years at RGA.

在我們離開之前，我要祝賀托德退休，並感謝他在 RGA 工作了近 30 年。

There is no doubt his contributions over that time has helped shaped RGA into the world-class organization it is today, and we will miss him both professionally and personally.

毫無疑問，他在那段時間的貢獻幫助 RGA 成為了今天的世界級組織，我們會在職業和個人方面懷念他。

Thank you.

謝謝。

And this concludes our second quarter call.

我們的第二季電話會議到此結束。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。