美國再保險集團 (RGA) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Reinsurance Group of America third-quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加美國再保險集團 2024 年第三季財報電話會議。 （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, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係部門的傑夫霍普森 (Jeff Hopson)。請繼續。

Thank you.

謝謝。

Welcome to RGA's Third Quarter 2024 conference call.

歡迎參加 RGA 2024 年第三季電話會議。

I'm joined on the call this morning with Tony Chang, RGA's President and Chief Executive Officer, axle Andre, Chief Financial Officer, bluntly Barbie, Chief Investment Officer, and Jonathan Porter, Chief Risk Officer.

今天早上，我與 RGA 總裁兼首席執行官托尼·張 (Tony Chang)、首席財務官axle Andre、首席投資官芭比 (Barbie) 和首席風險官喬納森·波特 (Jonathan Porter) 一起參加了電話會議。

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.

在我們開始了解前瞻性資訊和非公認會計準則財務指標之前，請快速提醒一下，我們對您問題的一些評論或回答可能包含前瞻性陳述。

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 it important factors that could cause actual results to differ from 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.

請參閱我們的收益發布、收益演示和季度財務補充資料，所有這些都發佈在我們的網站上。

For 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.

為了在整個電話會議中討論這些條款以及與 GAAP 衡量標準的協調，我們將參考收益簡報中的幻燈片，該簡報也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, excluding notable items of $6.13 per share, yet another record quarter for R.J.

昨晚，我們報告了調整後的營運收益（不包括值得注意的項目），每股收益為 6.13 美元，這是 R.J. 的另一個創紀錄季度。

Our adjusted operating return on equity, excluding notable items for the past year was 15.5%, both the profit figure and the arrow.

我們調整後的經營股本回報率（不包括去年的顯著項目）為 15.5%，無論是利潤數字或箭頭。

We continues to exceed the intermediate term targets.

我們繼續超越中期目標。

We have previously shared the result of RJ strong focus to create long-term shareholder value.

我們之前曾分享過 RJ 強烈關注創造長期股東價值的成果。

We do this by optimizing both our new business activities as well as our balance sheet management, and we're excited about the future opportunities as we continue in this fashion.

我們透過優化新的業務活動以及資產負債表管理來實現這一目標，並且我們對繼續這種方式的未來機會感到興奮。

It was another quarter where we showed continued strong business momentum with excellent capital deployment and strong premium growth.

這是另一個季度，我們表現出持續強勁的業務勢頭、出色的資本部署和強勁的保費成長。

For 2024, we have deployed into transaction 1.4 billion of capital, which is more than 50% higher than in 2023 with one quarter remaining to go.

到了2024年，我們已經在交易中部署14億美元的資金，比2023年增加50%以上，距離2023年還有四分之一的時間。

Our internal measure, new business embedded value for for this year already exceeds what we achieved during all of last year.

我們的內部衡量標準是，今年的新業務內含價值已經超過了我們去年全年所取得的成績。

This is the result of both the quantity as well as the quality of the new business won as we continue to execute a material number of exclusive transaction around the world exclusive and at a higher value business, which we call creation business has for the past, wants to use being the majority of our new business embedded value.

這是我們贏得的新業務數量和質量的結果，因為我們繼續在全球範圍內執行大量獨家交易，獨家且具有更高價值的業務，我們過去稱之為創造業務，希望利用我們大部分新業務的內在價值。

Let me provide more details on our business and some of these exclusive wins focused on our four areas of notable growth commencing with our Asian traditional business.

讓我提供有關我們業務的更多詳細信息，以及其中一些獨家勝利，重點關注我們從亞洲傳統業務開始的四個顯著增長領域。

We see conditions that data as favorable as I have seen over the past 15 years.

我們看到的數據條件與我過去 15 年所看到的一樣有利。

This is due to our teams to unique RJ platform and the successful execution of the product development strategy.

這得益於我們團隊獨特的 RJ 平台和產品開發策略的成功執行。

We have biometric capabilities.

我們擁有生物辨識能力。

Second to none, we can reinsure both sides to the balance sheet, and we will always to exercise discipline to transact early when the risk reward trade-off is favorable.

首屈一指的是，我們可以對資產負債表雙方進行再保險，並且我們將始終遵守紀律，在風險回報權衡有利時儘早進行交易。

I want to highlight three examples of exclusive transaction where we have broken new ground strategically during the quarter.

我想強調三個獨家交易的例子，我們在本季策略性地開闢了新天地。

In Korea, we continue to successfully execute the product development strategy that we launched nearly 20 years ago.

在韓國，我們持續成功執行近 20 年前推出的產品開發策略。

We created a new cancer treatment and product earlier this year and have completed 19 agreements with clients to sell this product.

今年早些時候，我們開發了一種新的癌症治療方法和產品，並已與客戶簽署了 19 份銷售該產品的協議。

This product has already sold over 2 million policies in 2024 and will increase in 2025.

該產品到 2024 年已售出超過 200 萬份保單，並將於 2025 年增加。

Secondly, in Mainland China, we take our product development strategy.

其次，在中國大陸，我們採取我們的產品發展策略。

one step further, we can provide a solution for the biometric liability and asset sides of that balance sheet.

更進一步，我們可以為該資產負債表的生物辨識負債和資產方面提供解決方案。

We believe this capability is unique to RJ generates material value for our clients not only supports their sales, but also helps manage that new business capital strengths.

我們相信，這種能力是 RJ 所獨有的，它可以為我們的客戶創造物質價值，不僅支持他們的銷售，還有助於管理新的業務資本優勢。

Finally, in Hong Kong, this strategy has taken another step further by combining our underwriting technologies, so about product development capabilities and our ability to reinsure both sides of the balance sheet.

最後，在香港，這項策略又向前邁進了一步，結合了我們的承保技術、產品開發能力以及我們為資產負債表雙方提供再保險的能力。

one of the market leader in Hong Kong announced their use of our net screen tough digital underwriting system with a major differentiator as streamlines the underwriting process for the main that Chinese buying policies in Hong Kong.

香港市場領導者之一宣布，他們使用我們的網路螢幕強大的數位承保系統，該系統具有重大差異化優勢，可以簡化中國在香港購買保單的主要承保流程。

These three examples in three markets show that each element of this product development strategy can lead to quality business when the elements that combined together, you can see why, but we are able to generate a high proportion of our business through explicit transactions.

三個市場的三個例子表明，當這些要素組合在一起時，該產品開發策略的每個要素都可以帶來優質業務，您可以明白為什麼，但我們能夠透過顯式交易產生很高比例的業務。

Clearly, you can see in Asia, we think our strategy and capabilities and Dana across the region and then tailor and anticipate in each of these pockets for our transit clients as of the markets in Asia and Paul Chang will export and tailor these initiatives to help our clients grow in our second area of notable growth.

顯然，您可以在亞洲看到，我們認為我們的策略和能力以及整個地區的Dana，然後為我們的運輸客戶量身定制和預測亞洲市場，Paul Chang將輸出和定制這些舉措，以幫助我們的客戶在我們第二個顯著成長的領域中成長。

U.s. Traditional.

我們。傳統的。

The third quarter was one of our strongest for new business in recent memory.

第三季是我們最近記憶中新業務最強勁的季度之一。

As announced, an important win during the quarter was with American National.

正如所宣布的，本季度的一項重要勝利是美國國民航空。

This transaction includes a balanced mix of assets and biometric risk.

該交易包括資產和生物識別風險的平衡組合。

As mentioned previously, RJ prides itself on our strong pricing discipline and prudent capital deployment.

如前所述，RJ 以其嚴格的定價紀律和審慎的資本部署而自豪。

We believe the US market is presenting increasingly attractive opportunities that align with our Jade sweet spot.

我們相信美國市場正在提供越來越有吸引力的機會，這與我們的翡翠最佳位置一致。

We had over 20 other new business wins with considerable activity in terms of both organic and in-force block transactions.

我們還贏得了 20 多項新業務，在有機交易和有效大宗交易方面均表現活躍。

These wins can take months if not used to cultivate this quarter.

如果不用於本季的培育，這些勝利可能需要幾個月的時間。

It's one where many things successfully came together.

這是許多事情成功結合在一起的地方。

Our third area of notable growth is the payout pain and the longevity market in the U.S. PRT market.

我們顯著成長的第三個領域是美國 PRT 市場的支付痛點和長壽市場。

We completed another transaction this quarter.

我們本季完成了另一筆交易。

The pipeline remains very strong, but it's going forward.

管道仍然非常強大，但仍在向前發展。

In the UK, we continue to have a very strong you like in Hong Kong.

在英國，我們繼續擁有像香港一樣非常強大的實力。

We have another market-leading digital underwriting system, which allows us to win explicit business reinsuring individual retail annuities.

我們還有另一個市場領先的數位核保系統，這使我們能夠贏得個人零售年金再保險的明確業務。

In addition, we continue to win more than our fair share of business in the U.K. cannot pay reinsurance market.

此外，我們繼續在英國無法支付的再保險市場上贏得超過我們公平份額的業務。

We are on track to surpass last year's new business performance, which was a record year for project.

我們有望超越去年的新業務業績，這是該項目創紀錄的一年。

Finally, in our Asia asset intensive business, we further expanded our presence in the Korean market where we completed two additional coinsurance transactions.

最後，在亞洲資產密集型業務中，我們進一步擴大了在韓國市場的業務，並完成了另外兩筆共同保險交易。

This included one with a market leader for our asset size equivalent to approximately USD500 million.

其中包括我們的資產規模約為 5 億美元的市場領導者。

These landmark transactions have created a strong pipeline for future growth project.

這些具有里程碑意義的交易為未來的成長項目創造了強大的管道。

The Korean market shares many characteristics for coinsurance business.

韓國市場的共同保險業務具有許多特性。

As we have seen in Japan over the past decade, our teams are best in class and we have already cultivated many client relationships over the past 20 years.

正如我們過去十年在日本看到的那樣，我們的團隊是一流的，並且在過去 20 年裡我們已經培養了許多客戶關係。

On the traditional reinsurance side, record earnings, strong business wins at major reasons why 2024 has been successful.

在傳統再保險方面，創紀錄的獲利、強勁的業務獲勝是 2024 年成功的主要原因。

A third reason that is just as important is our strong for progress in the optimization of our balance sheet.

同樣重要的第三個原因是我們在優化資產負債表方面取得的強勁進展。

I have previously mentioned that we have other management that has been on winning new business to enhance our ROA and enhanced growth.

我之前提到過，我們的其他管理層一直致力於贏得新業務，以提高我們的 ROA 並促進成長。

This quarter, we initiated a transaction to recapture retroceded business, which we expect to generate 1.5 billion in long-term value and will be accretive to ROE PTAOI. in 2025.

本季度，我們啟動了一項交易以重新奪回的業務，我們預計該交易將產生 15 億美元的長期價值，並將增加 ROE PTAOI。 2025年。

And go Axel will expand on this topic shortly.

Go Axel 很快就會詳細討論這個主題。

This example of balance sheet management followed other initiatives we have completed this year, such as asset repositioning and in-force management actions.

這個資產負債表管理的例子是我們今年完成的其他措施的一部分，例如資產重新定位和有效的管理行動。

Collectively, balance sheet management actions have raised our expected value of in-force business margins by 2 billion, and we believe there are continued opportunities in the future.

總的來說，資產負債表管理行動已將我們有效業務利潤率的預期值提高了 20 億，我們相信未來還會有持續的機會。

With our strong business growth and exciting pipelines, we continue to be focused on capital management, again continues to actively explore alternative capital sources on multiple fronts.

憑藉我們強勁的業務成長和令人興奮的管道，我們繼續專注於資本管理，並繼續在多個領域積極探索替代資本來源。

We will imminently complete the capital raise for review rate at the upper end of our pocket.

我們將立即完成資金籌集，以提高我們口袋裡的上限。

In addition, we placed another transaction with Remy raise during the third quarter.

此外，我們在第三季與 Remy 進行了另一筆交易。

Finally, I am very pleased to see the value of our in-force business.

最後，我很高興看到我們有效業務的價值。

Margins increased 13.9% or $4.6 billion over the past three quarters.

過去三個季度的利潤率成長了 13.9%，即 46 億美元。

Long-term economics remain our key focus and this measure clearly aligned to that.

長期經濟仍然是我們的重點關注點，這項措施顯然與之相符。

As our earnings presentation shows, there are both material contributions from the new business placed and the balance sheet management actions, examples of which I shared earlier on the call.

正如我們的收益報告所示，新業務和資產負債表管理行動都做出了重大貢獻，我之前在電話會議上分享了這些例子。

We believe this financial information provides another lens into the intrinsic growth in value.

我們相信這些財務資訊為了解內在價值成長提供了另一個視角。

two of our enterprise.

我們企業的兩個。

So in conclusion, we entered Q4 with accelerating momentum and firing on all cylinders.

總而言之，我們進入第四季時動力強勁，全力以赴。

I could not be more pleased with our team, our strategy and our execution, and this shows up in results for the quarter and year to date allocation will be to continue.

我對我們的團隊、我們的策略和我們的執行感到非常滿意，這體現在本季和年初至今的結果中，分配將繼續進行。

This momentum build to sustain our future growth and a short capital sources are diverse and best to fund this growth.

這種勢頭的建立是為了維持我們未來的成長，而短期資本來源是多樣化的，最好為這種成長提供資金。

Clearly, we have had great results year to date, and I am fully confident that the best is yet to come.

顯然，今年迄今為止我們已經取得了很好的成果，而且我完全相信最好的成果還在後頭。

I will now turn it over to our new CFO, Axel, and you're able to discuss the financial results in more detail.

我現在將把它交給我們的新任財務長阿克塞爾，您可以更詳細地討論財務結果。

Thanks, Tony.

謝謝，托尼。

Oga reported pretax adjusted operating income of 314 million for the quarter were $3.62 per share.

Oga 報告稱，該季度稅前調整後營業收入為 3.14 億美元，每股收益 3.62 美元。

After-tax pretax adjusted operating income, excluding notable items, was $508 million for the quarter was $6.13 per share after-tax for the trailing 12 months, adjusted operating return on equity, excluding notable items, was 15.5%.

本季稅後調整後營業收入（不包括重要項目）為 5.08 億美元，過去 12 個月稅後每股收益為 6.13 美元，調整後營運股本回報率（不包括重要項目）為 15.5%。

This was a busy and productive quarter.

這是一個忙碌而富有成效的季度。

We delivered excellent overall results above our targeted run rate for the quarter, which included two material in-force actions.

我們取得了超越本季目標運行率的出色整體業績，其中包括兩項重大的有效行動。

We added significantly to the long term value of our business, which adds recurring earnings, and we continued to execute on our strategic initiatives.

我們顯著增加了業務的長期價值，從而增加了經常性收益，並且我們繼續執行我們的策略性舉措。

We're strong new business momentum.

我們的新業務勢頭強勁。

We deployed $382 million into in-force block transactions in the quarter.

本季我們在有效大宗交易中部署了 3.82 億美元。

For the first nine months of the year, the value of in-force business margins increased by 4.6 billion of 13.9%, reflecting strong new business as well as balance sheet management actions designed to increase long-term value.

今年前 9 個月，有效業務利潤增加了 46 億美元，增幅為 13.9%，反映出強勁的新業務以及旨在增加長期價值的資產負債表管理行動。

I will provide further detail shortly.

我將很快提供更多細節。

Additionally, we had another quarter of in-force management actions in the U.S. that had positive impact on results and will have an ongoing impact to future earnings.

此外，我們在美國採取了四分之一的有效管理行動，這些行動對業績產生了正面影響，並將對未來收益產生持續影響。

Lastly, we are closing on the final capital raised for Ruby Re, as Tony mentioned, and executed an additional retrocession of AUSPRT. deal in the third quarter.

最後，正如托尼所提到的，我們即將完成為 Ruby Re 籌集的最終資金，並執行了 AUSPRT 的額外轉交。第三季的交易。

Reported premiums were up 3.2% for the quarter over a strong third quarter of 2023.

該季度報告的保費比 2023 年第三季的強勁表現增長了 3.2%。

This quarter included approximately EUR600 million from a single premium USBRT. transaction financial solutions business compared to approximately EUR800 million in the prior year quarter.

本季包括來自單一優質 USBRT 的約 6 億歐元。交易金融解決方案業務相比去年同期約為 8 億歐元。

Our traditional business premium growth was a healthy 8.5% for the quarter and 7.9% year to date on a constant currency basis.

以固定匯率計算，我們的傳統業務保費本季健康成長 8.5%，今年迄今成長 7.9%。

Premiums are a good indicator of the ongoing strength in our traditional business, and we continue to have good momentum across our regions.

保費是我們傳統業務持續實力的良好指標，我們在各地區持續保持良好勢頭。

In this regard, I would note that the US premiums were up 6.7%, reflecting both in-force block transactions and strong new business.

在這方面，我要指出的是，美國保費上漲了 6.7%，反映了有效的大宗交易和強勁的新業務。

The effective tax rate for the quarter was 23% on a pretax adjusted operating income below the expected range, primarily related to income earned in non-US jurisdictions.

本季的實際稅率為 23%，稅前調整後營業收入低於預期範圍，主要與在非美國司法管轄區賺取的收入有關。

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

就全年而言，我們預計有效稅率將處於 24% 至 25% 範圍的下限。

I now want to make a few comments on notable items reported in the period as presented on Slide 7 of our earnings presentation, there were two key drivers impacting notable items.

我現在想對我們收益報告幻燈片 7 中所報告的這段時期的值得注意的項目發表一些評論，有兩個影響值得注意的項目的關鍵驅動因素。

The first was the completion of the annual actuarial assumption review the impact to current period.

一是完成年度精算假設審查對本期的影響。

The pretax adjusted operating income is an unfavorable $58 million.

稅前調整後營業收入為不利的 5,800 萬美元。

However, the impact to expected future cash flows from the assumption updates is a positive $100 million contribution to the value of in-force business margins.

然而，假設更新對預期未來現金流量的影響將為有效業務利潤率價值帶來 1 億美元的正貢獻。

The words, the net economic long-term impact of the actuarial assumption review is a positive 42 million.

換言之，精算假設審查的淨經濟長期影響為正4,200萬。

As a reminder, the economic impacts that are not recognized in the current period will be recognized over the remaining life of the business.

需要提醒的是，當期未確認的經濟影響將在企業的剩餘壽命中確認。

The primary drivers of the current period charge were updated lapse rate assumptions on term life products in India, partially offset by favorable mortality updates in the US and Canada, the expected future recapture of retroceded business starting in 2025.

本期費用的主要驅動因素是印度定期壽險產品的失效率假設更新，部分被美國和加拿大有利的死亡率更新以及預期從 2025 年開始收回的業務所抵消。

This is the result of our decision to increase our retention limit, which was effective January first, 2025 under US GAAP accounting.

這是我們決定提高保留限額的結果，該限額根據美國公認會計準則會計原則於 2025 年 1 月 1 日生效。

The impacts of the expected future recapture are recognized in the current period.

預期未來收回的影響將在本期確認。

As noted in the presentation, this notable item resulted in a $136 million unfavorable impact to pretax adjusted operating income in the third quarter.

正如簡報中所指出的，這項值得注意的項目對第三季稅前調整後營業收入造成了 1.36 億美元的不利影響。

However, we expect a favorable impact of approximately $20 million to 2025 run rates increasing to 40 million per year by 2030 and since 60 million per year by 2040.

然而，我們預計到 2025 年運行率將產生約 2000 萬美元的有利影響，到 2030 年將增加到每年 4000 萬，到 2040 年將增加到每年 6000 萬。

In total, this action is expected to have a favorable 1.5 billion impact to the value of in-force business margins that will be recognized over the remaining life of the business.

總的來說，這項行動預計將對有效業務利潤率產生 15 億美元的有利影響，這些影響將在企業的剩餘生命週期內得到確認。

This is a good example of us managing our business to unlock long-term value for shareholders.

這是我們管理業務為股東釋放長期價值的一個很好的例子。

Finally, before turning to the quarterly segment results, I would like to speak to slide 8 in our earnings presentation.

最後，在討論季度業績之前，我想談談我們收益報告中的幻燈片 8。

This displays, the dominant company claims experience and the related financial statement impacts.

這顯示，主導公司的索賠經驗和相關財務報表的影響。

Biometric experience, which includes mortality, morbidity and longevity, has been positive over the next the last six quarters.

包括死亡率、發病率和壽命在內的生物辨識經驗在過去六個季度中一直呈現正面趨勢。

In the current period, underlying volumetric experience was favorable relative to expectations with the U.S., Asia and India all favorable.

當前時期，基本成交量的經驗相對於預期有利，其中美國、亞洲和印度均有利。

The financial statement impact recognized in the current quarter, on the other hand was minimal difference between actual experience and the financial statement impact is a function of LDTI. quoting and duration of the business.

另一方面，本季確認的財務報表影響與實際經驗之間的差異很小，財務報表影響是 LDTI 的函數。報價和業務期限。

Turning to the quarterly segment results, starting on slide 6, the U.S. and Latin America.

轉向季度業績，從幻燈片 6 開始，美國和拉丁美洲。

Traditional segments results reflected favorable in-force management actions and benefits from other rate increases.

傳統部門的表現反映了有利的有效管理行動以及其他利率上漲的好處。

In these cases, there's a catch-up effect and then ongoing benefits in the future.

在這些情況下，會產生追趕效應，並在未來帶來持續的好處。

Overall claims experience was slightly favorable, while the financial impact was slightly unfavorable due to where the experience occurred by LDGI. cohorts, the US. Financial Solutions segment results were below expectations due to lower contributions from new business.

整體理賠經驗稍微有利，但由於 LDGI 的經驗發生地點，財務影響略顯不利。隊列，美國。由於新業務貢獻減少，金融解決方案部門業績低於預期。

Canada.

加拿大。

Traditional segment results reflected modestly unfavorable experience.

傳統部門的業績反映了適度不利的經驗。

However, year to date, underlying mortality experience was favorable.

然而，今年迄今為止，潛在的死亡率情況是有利的。

The Financial Solutions segments in Canada reflected the negative impact will be modest.

加拿大的金融解決方案部門反映負面影響不大。

One-time item in the Europe, Middle East and Africa region.

歐洲、中東和非洲地區的一次性商品。

The traditional segment results were modestly above expectations and reflected favorable experience both in the UK and on the continent and was consistent across profitable and capped cohorts.

傳統細分市場的表現略高於預期，反映了英國和歐洲大陸的良好經驗，並且在盈利和上限群體中保持一致。

Emea's Financial Solutions segment results were above expectations, reflecting the impact of strong new business in recent periods.

歐洲、中東和非洲地區的金融解決方案部門業績超乎預期，反映了近期強勁新業務的影響。

Turning to our Asia Pacific region, the traditional segment results were above expectations, reflecting some one-time items as well as favorable claims experience.

就亞太地區而言，傳統分部業績超出預期，反映出一些一次性專案以及良好的理賠經驗。

Underwriting experience was favorable on an economic basis, but the bottom line impact was in line as the favorable experience in profitable cohorts was deferred into the future.

從經濟角度來看，承保經驗是有利的，但由於獲利群體的有利經驗被推遲到了未來，因此對底線的影響是一致的。

Financial Solutions segment results were solid, reflecting favorable overall experience, partially offset by a delayed impact from recent transactions due to planned portfolio repositioning.

金融解決方案部門的業績穩健，反映出良好的整體經驗，但由於計劃的投資組合重新定位而導致近期交易的延遲影響部分抵消。

The corporate and other segments reported a pretax adjusted operating loss of $18 million favorable compared to the expected quarterly average run rate, primarily due to higher investment income.

公司和其他部門公佈的稅前調整後營業虧損為 1800 萬美元，與預期的季度平均運行率相比有利，這主要是由於投資收入增加。

Moving to investments on slides 10 through 13.

轉向投影片 10 至 13 的投資。

The non-spread portfolio yields for the quarter was 5.08% as compared to 4.72% a year ago, reflecting the impact of new money rates benefits from previous portfolio repositioning as part of our balance sheet management and variable investment income that was in line versus expectations for non-spread business or new money rate was 5.68%, which was down from the second quarter, but still well above the portfolio yield.

本季非利差投資組合收益率為5.08%，而去年同期為4.72%，反映了作為我們資產負債表管理一部分的先前投資組合重新定位帶來的新貨幣利率的影響，以及與預期相符的可變投資收益非利差業務或新貨幣利率為5.68%，較第二季下降，但仍遠高於投資組合收益率。

Credit impairments were minimal, and we believe the portfolio remains well positioned related to capital management, as shown on slides 14 and 15 or capital and liquidity positions remain strong.

信用減損很小，我們認為投資組合在資本管理方面仍然處於有利地位，如投影片 14 和 15 所示，或資本和流動性部位仍然強勁。

And we ended the quarter with excess capital of approximately 700 million.

截至本季末，我們的剩餘資本約為 7 億美元。

We had another strong quarter of capital deployed into in-force block transactions across multiple geographies.

我們再將強勁的季度資本部署到多個地區的有效大宗交易。

We expect to remain active in deploying capital into opportunities to achieve attractive returns as our pipeline remains healthy.

由於我們的管道保持健康，我們預計將繼續積極地將資本配置到機會中，以實現有吸引力的回報。

As part of our planning for continued growth in the fourth quarter, we will be evaluating how we view excess capital across the multiple frameworks we manage.

作為我們第四季持續成長計畫的一部分，我們將評估如何看待我們管理的多個框架中的過剩資本。

We believe our excess of current excess capital estimate is conservative.

我們認為我們對當前超額資本的估計是保守的。

Additionally, we continue to be active in speaking various forms of capital to effectively and efficiently from these opportunities.

此外，我們繼續積極利用各種形式的資本，以有效和有效率地利用這些機會。

This is demonstrated by will be ready where we are closing on the final capital raise, bringing the total capital raise to the higher end of the 400 to 500 million-dollar range previously disclosed.

我們即將完成最終融資，使融資總額達到先前披露的 4 億至 5 億美元範圍的高端，證明了這一點。

We're very happy with the level of intro just expressed by investors.

我們對投資者剛剛表達的介紹程度感到非常滿意。

And this gives us confidence that there will be interest in future vehicles that we pursue.

這讓我們相信人們會對我們追求的未來車輛產生興趣。

We successfully completed a retrocession of 350 million of liabilities to will be read in the third quarter, including the additional capital raised.

我們成功完成了 3.5 億負債的轉轉，將在第三季讀取，其中包括額外籌集的資金。

We have roughly two thirds of the capital capacity left available to be deployed during the quarter.

本季我們還有大約三分之二的資本能力可供部署。

We continued our long track record of increasing book value per share, as shown on Slide 16.

我們持續保持每股帳面價值成長的長期記錄，如投影片 16 所示。

Of book value per share, excluding AOCI and impacts from the 36 embedded derivatives increased to $151.79, which represents a compounded annual growth rate of 10.4% since the beginning of 2021.

排除 AOCI 和 36 種嵌入衍生品的影響，每股帳面價值增至 151.79 美元，自 2021 年初以來複合年增長率為 10.4%。

Turning to the value of in-force business margins on Slide 17.

轉向投影片 17 上有效業務利潤率的價值。

As mentioned, the metric has grown by over 4.6 billion of 13.9% during the first nine months of 2024 and ended the quarter at 37.6 billion.

如前所述，該指標在 2024 年前 9 個月增長了 46 億以上，增長了 13.9%，本季末達到 376 億。

That is split roughly evenly between traditional and financial solutions business.

傳統解決方案業務和金融解決方案業務大致各佔一半。

The increase was primarily driven by strong new business, which contributed 3.8 billion and 2 billion from balance sheet management actions.

這一成長主要是由強勁的新業務推動的，其中 38 億美元和 20 億美元來自資產負債表管理行動。

This includes 1.5 billion from the expected retrocession recapture and around $500 million from management actions executed in 2024 and previously discussed.

這包括預計收回的 15 億美元，以及 2024 年執行的和先前討論的管理行動的約 5 億美元。

These increases were partially offset by the unwind of in-force margins that contributed to earnings during the year.

這些成長部分被有效利潤率的下降所抵消，而有效利潤率對當年的盈利做出了貢獻。

Overall, the growth of this metric is a testament to our ongoing success in delivering long-term value to the enterprise.

總體而言，該指標的成長證明了我們在為企業提供長期價值方面不斷取得成功。

Intercell.

細胞間。

To summarize, we had a great first nine months of the year.

總而言之，今年前九個月我們過得很好。

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

我們繼續在所有地區和業務領域看到非常好的機會，並且我們處於有利位置來執行我們的策略計劃。

With that, I would like to take a moment to thank everyone for your continued interest in RGA, discontinued or prepared.

在此，我想花一點時間感謝大家對 RGA 的持續關注，無論是已停產還是已準備就緒。

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) John Barnidge, Piper Sandler.

（操作員說明）John Barnidge、Piper Sandler。

Good morning.

早安.

Congrats as well.

也恭喜你。

Most of your voice again, question around the excess capital redefinition.

大多數聲音再次圍繞著過剩資本的重新定義提出質疑。

Could you talk about organic?

能談談有機嗎？

Could you see at optimizing the investment portfolio through stakes and asset managers similar to Velocity Partners back in 2022 bank you?

您能否像 2022 年的 Velocity Partners 一樣透過股權和資產管理公司來優化投資組合？

So John, thanks for the question.

約翰，謝謝你的提問。

Yes.

是的。

Look, as you know, we are for use of capital, right will oversee the prime primary uses towards growth of the business going going into, um, into transactions.

瞧，如您所知，我們負責資本的使用，我們將監督業務成長的主要用途，進入交易。

We have, of course, also our long-term track record of paying a dividend to shareholders.

當然，我們也有向股東支付股利的長期記錄。

And then at times from buying back stock, obviously, in the current environment, we're just so excited by the opportunities in front of us as we are redeploying capital into opportunities that would include a potential opportunities on the asset side that gives us access to private asset origination.

然後，有時，在當前的環境下，顯然，在回購股票時，我們對擺在我們面前的機會感到非常興奮，因為我們正在將資本重新部署到機會中，其中包括資產方面的潛在機會，使我們能夠獲得機會私人資產的起源。

Again, we have a we have a long-term track record of doing so and that can absolutely be the bulk of the of the foreseeable of use of capital.

再說一次，我們有這樣做的長期記錄，這絕對是可預見的資本使用的大部分。

Thank you.

謝謝。

And my follow-up question, the growth opportunity in Asia sounds really exciting.

我的後續問題是，亞洲的成長機會聽起來確實令人興奮。

Arguably the demographic trends around an aging population, maybe more advanced there than here right now, but we'll get there eventually.

可以說，人口老化的趨勢可能比現在更先進，但我們最終會到達那裡。

Can you maybe talk about how you can take that country to country path for Bill, the success in Asia and products to maybe other global market?

您能否談談如何為比爾從一個國家走向另一個國家，在亞洲取得成功，並將產品推向其他全球市場？

Thank you.

謝謝。

Sure.

當然。

Thanks, Chuck.

謝謝，查克。

Um, you know, look throughout Asia, we're already doing that in in already quite a lot.

嗯，你知道，放眼整個亞洲，我們已經在很多地方這樣做了。

If you can recall back to Investor Day, where we had a very successful mainland Chinese success last year with IA. and subsequently many other clients, which was essentially as a function of aging population, has simplified underwriting, which is something we saw in Korea, I think about five to 10 years earlier.

如果您還記得投資者日，去年我們在 IA 的幫助下在中國大陸取得了非常成功的成功。隨後，許多其他客戶（這本質上是人口老化的結果）簡化了承保，這就是我們在韓國看到的情況，我想大約是五到十年前。

So really out our hallmark.

所以真的不符合我們的標誌。

And the reason we're able to do these things is the strength of the local teams, whether the populations are aging or getting younger or whatever happens in each of these markets.

我們能夠做這些事情的原因是當地團隊的實力，無論人口是老化還是年輕化，或是每個市場發生什麼情況。

Our local teams are so strong with a biometric capabilities that our understanding of the consumer and so on so far that they're able to adapt and create new products, which is obviously the basis of a lot of our creation business that I mentioned earlier today and how we exploit that around the world.

我們的本地團隊擁有強大的生物識別能力，我們對消費者的了解等等，到目前為止，他們能夠適應和創造新產品，這顯然是我今天早些時候提到的許多創造業務的基礎以及我們如何在世界各地利用這一點。

Absolutely.

絕對地。

I mean, one example which is not necessary from Asia was an initiative we did in South Africa.

我的意思是，亞洲沒有必要的一個例子是我們在南非採取的一項措施。

I believe it or not, you know, when Noven and a lot of I guess, final expense product for that.

不管你信不信，你知道，當諾文和我猜想的很多人，最終的費用產品。

And it may be that the middle class and lo and behold, the next guy absolute from South Africa to the US, and it was also a major initiative in the US.

可能是中產階級，你瞧，下一個絕對是從南非到美國的人，這也是美國的重大舉措。

Our stake in the US may be found at a lower income segment.

我們在美國的股份可能來自較低收入群體。

So our ability to understand the drivers commercially and leverage off the data and tech net technical elements and export that around the company is as strong as strengthen that we have done within the Company.

因此，我們了解商業驅動因素、利用數據和技術網路技術元素並將其輸出到公司周圍的能力與我們在公司內部所做的加強一樣強大。

Suneet Kamath, Jefferies.

蘇尼特·卡馬斯，杰弗里斯。

Yes, thanks and good morning.

是的，謝謝，早安。

I just wanted to start with some quick clarification.

我只想先快速澄清一下。

I think there might have been some confusion overnight.

我想一夜之間可能會出現一些混亂。

So just wanted to confirm that the decision to recapture this this block was 100 and your decision and not because for whatever reason the counterparties that you have been using had some issues with the business or didn't want it.

因此，我只是想確認重新奪回此區塊的決定是 100，並且是您的決定，而不是因為無論出於何種原因，您一直使用的交易對手對業務存在一些問題或不想要它。

I just want to clarify that.

我只是想澄清這一點。

Yes, the CNA, thank you for the question.

是的，中央通訊社，謝謝你的提問。

If I could be more than 100%, it would be, you know, this was our decision that make no mistake about it on a precondition for us to recapture the in-force block is authorizing the retention and the block being seasoned and a certain amount of time.

如果我能超過 100%，那就是，你知道，這是我們的決定，毫無疑問，我們重新奪回有效區塊的前提是授權保留，並且該區塊正在經歷一定的風乾。

Well, none this block.

好吧，這個街區沒有。

Obviously, it's our business fourfold over 10 years, and it's been very, very highly profitable on chart over that period of time.

顯然，我們的業務在過去 10 年裡翻了四倍，而且在這段時間裡，我們的利潤非常非常高。

And when the treaty China, obviously, trading conditions allowed, we can kind of wait till COVID was over.

顯然，當中國條約、貿易條件允許時，我們可以等到新冠疫情結束。

We considered the risk elements.

我們考慮了風險因素。

And absolutely we executed as quickly as we go.

當然，我們是盡快執行的。

Okay.

好的。

Thanks for that, Tony.

謝謝你，托尼。

And then I guess, relatedly, how should we think about the capital that should be backing this business?

然後我想，相關地，我們應該如何考慮應該支持這項業務的資本？

Is that 700 million of excess capital sort of already pro forma for the capital that this that you'll need to back this business?

這 7 億超額資本是否已經是您支持這項業務所需的資金？

And are you looking at other sizable recapture opportunities?

您是否正在尋找其他相當大的重新奪回機會？

Or should we think about business as most the kind of a big step?

或者我們應該將商業視為最重要的一步嗎？

And then maybe maybe not as much of this kind of going forward?

然後也許未來不會有那麼多這樣的進展？

Thanks.

謝謝。

Yes, hopefully needed.

是的，希望需要。

Saxo looks like from an overall mortality risk perspective, the recapture increases the mortality exposure by 1% to 2%.

從整體死亡風險的角度來看，盛寶銀行的奪回行動使死亡風險增加了 1% 至 2%。

So it's really it's very marginal.

所以這確實是非常邊緣化的。

So from a from a capital perspective, think of it as it's yes, the excess capital figure already includes that, that slight increase in risk capital from modality.

因此，從資本的角度來看，是的，過剩資本數字已經包括了風險資本的輕微增加。

from Elyse Greenspan, Wells Fargo.

來自富國銀行的愛麗絲‧格林斯潘。

Hi, thanks.

你好，謝謝。

I wanted to know stick on capital as well.

我也想知道堅持資本。

As I said that, you know, you're evaluating late this quarter.

正如我所說，您知道，您正在本季末進行評估。

How you view excess capital, I guess, appreciating that that's ongoing.

我猜你如何看待過剩資本，並欣賞這種情況正在發生。

But can you just give us a sense of, you know, some things that you're not going to consider as you go through kind of this methodology change on no during the fourth quarter relative to your excess capital position?

但是，您能否讓我們了解一下，您知道，在第四季度相對於您的超額資本頭寸經歷這種方法論變化時，您不會考慮一些事情？

Yes, absolutely.

是的，絕對是。

Thanks.

謝謝。

That is for the question, um.

這是為了這個問題，嗯。

Yes, so look, we took a lot about value of in-force business margins on this call.

是的，所以看，我們在這次電話會議中考慮了很多有關有效業務利潤率的價值。

So really that's a major driver, right from at the end of the value of that business.

所以這確實是一個主要的驅動因素，從該業務價值的最終開始。

The value of the in-force is a source of available capital.

有效價值是可用資本的來源。

In fact, you know, we've got we get third-party validation on that.

事實上，你知道，我們已經得到了第三方的驗證。

For example, we can we can borrow against the value of in-force block.

例如，我們可以藉用有效區塊的價值。

We have a track record of doing value of in-force securitizations or surplus note issuance, um, so it's a real source of capital.

我們擁有有效證券化或盈餘票據發行價值的記錄，嗯，所以它是真正的資本來源。

So it's really kind of making sure that our models are catching up the substantial generation of some of value that we've had over the over this year.

因此，這實際上是為了確保我們的模型能夠趕上今年我們所擁有的大量價值。

That's number one.

這是第一名。

And in the second is really again, with the pace of change of the business, the new business that we're adding, making sure we've got the diversification impact recalibrated on a more frequent and regular base system.

第二個確實是，隨著業務變化的步伐，我們添加了新業務，確保我們在更頻繁和定期的基礎系統上重新調整了多元化的影響。

Perhaps we've had historically.

或許歷史上我們也有這樣的經驗。

So those are really the kind of the two main drivers of that that are running into that.

所以這些確實是遇到這種情況的兩個主要驅動因素。

Thanks.

謝謝。

And then my second question, can you just add update us just on the on your LTC. exposure, just in terms of on the US and international exposure, how the experience has been there?

然後是我的第二個問題，您能否在您的 LTC 上添加更新我們的資訊。曝光度，就美國和國際曝光度而言，經驗如何？

And I know I mean, of course, some content earnings, we've heard, you know, some companies have said that like in terms of potential transactions for that business that we've seen kind of the bid ask now.

我知道我的意思是，當然，一些內容收入，我們聽說，你知道，一些公司已經說過，就像我們現在看到的那種出價要求的業務潛在交易一樣。

What are you seeing just in terms of on on the LTC side, I mean, you guys consider on in doing additional things there?

我的意思是，你們在 LTC 方面看到了什麼，你們考慮在那裡做更多的事情？

Perfect setup of the question.

問題的完美設定。

Let me kick it off and I'll then actually got some of the numbers.

讓我開始吧，然後我會真正得到一些數字。

But our overall our liabilities, a bonus, if you can recollect, we actually stayed out of the Long Term Care business for us many, many years and was only at the point in time what we felt and the new products coming on board, our Alberta, say at the right risk return trade-off that we entered the market, as you know strategically.

但我們的整體負債，獎金，如果你還記得的話，我們實際上已經遠離長期護理業務很多很多年了，只是在我們感覺到和新產品推出的那個時間點，我們的艾伯塔省，說我們以正確的風險回報權衡進入市場，正如您從策略上知道的那樣。

And as we've said many times, we truly believe and that we are the biometric experts of the world high, including and to answer your question of the risk, aligns with our risk thresholds.

正如我們多次說過的那樣，我們真正相信並且我們是世界上最高的生物識別專家，包括並回答您的風險問題，與我們的風險閾值一致。

Obviously, once again the right return profile, then we will consider at this time, transactions are more so in line with what we've done historically on the books.

顯然，再次獲得正確的回報率，那麼我們此時將考慮，交易更符合我們歷史上在帳面上所做的事情。

So maybe a thought on the amount of in-force, how much have we got here, just to add to that or so.

因此，也許要考慮一下有效的數量，我們現在有多少，只是為了補充這一點。

Our current in-force block good about 4 billion of reserves come on the books currently.

我們目前的有效儲備金約為 40 億美元。

And again, we're very pleased with the performance that we've had historically on the drug.

再說一次，我們對該藥物的歷史表現感到非常滿意。

Joel Horwitz, Dowling & Partners.

喬爾‧霍維茲 (Joel Horwitz)，道林合夥人事務所。

Hey, good morning.

嘿，早安。

So you know, report as part of the assumption update, there was a favorable mortality updates in the US.

所以你知道，作為假設更新的一部分報告，美國的死亡率更新是有利的。

Can you just provide some more color on the changes there in any way to help us think about what you baked into assumptions for excess mortality over the next few years at this point?

您能否以任何方式提供更多關於那裡的變化的信息，以幫助我們思考您目前對未來幾年死亡率過高的假設？

Yes, hi, this is Jonathan.

是的，嗨，這是喬納森。

I can take that question.

我可以回答這個問題。

And so we do, as you can expect, we do a pretty comprehensive review of our mortality assumptions on annual basis.

因此，正如您所期望的那樣，我們每年都會對死亡率假設進行相當全面的審查。

The drivers of the update this period is really both considering our view on the immediate access or excess mortality that we expect to continue as well as considering potential long-term patient.

這段時期更新的驅動因素實際上既考慮了我們對立即獲得或預期持續的超額死亡率的看法，也考慮了潛在的長期患者。

So the changes as was that a modest release of reserve that's consistent with the experience that we've had to date.

因此，變化是適度釋放儲備，這與我們迄今為止的經驗是一致的。

We still have an expense station for excess mortality built into our reserve assumptions within the U.S. and in other markets, I'm thinking about more in the sort of for four to five year timeframe is when we expect excess mortality to continues to be no.

我們在美國和其他市場的儲備假設中仍然有一個超額死亡率的支出站，我正在考慮在四到五年的時間範圍內，我們預計超額死亡率將繼續為零。

Good mobile.

好手機。

And then just one on the recapture.

然後再奪回時就只有一個。

Can you help me understand what exactly drove the $136 million impact that accounting noise or is that some upfront capital cost if the hydraulics Exel?

您能否幫助我了解到底是什麼導致了會計噪音造成 1.36 億美元的影響，或是液壓 Exel 的一些前期資本成本？

Um, yeah, I think of the $136 million, basically this was kind of a reinsurance recoverable we had embedded in our reserves against potential potential future claims and direct the retro, the retro agreements.

嗯，是的，我想到了 1.36 億美元，基本上這是一種可收回的再保險，我們已將其嵌入儲備金中，以應對未來潛在的潛在索賠，並指導復古、復古協議。

So with the decision to recapture who basically write off that, that contract liability or that asset, if you want to think about it that way.

因此，如果你想這樣考慮的話，決定重新奪回誰基本上註銷了該合約負債或該資產。

So that's kind of VNS.

這就是 VNS。

That's the accounting impact today.

這就是今天的會計影響。

But of course, what happens in the future that we get to not be those premiums.

但當然，未來會發生什麼，我們就不再是那些溢價了。

And so the as I mentioned, the impact of that to the run rates of pretax operating income is EUR20 million a year in 2025, ramping up to $40 million by 2030, further ramping up to EUR60 million by 2040.

因此，正如我所提到的，這對 2025 年稅前營業收入運行率的影響為每年 2000 萬歐元，到 2030 年將增至 4000 萬美元，到 2040 年將進一步增至 6000 萬歐元。

So all of that basically resulting in the present value impact to the value of in-force business margins of $1.5 billion.

因此，所有這些基本上都會對有效業務利潤率的現值產生 15 億美元的影響。

Tom Gallagher, Evercore.

湯姆‧加拉格爾，《Evercore》。

Good morning.

早安.

Good morning.

早安.

Our first first question, actually, I just wanted to come back to the capital question and how you're reevaluating the model for defining access.

實際上，我們的第一個問題，我只是想回到資本問題以及如何重新評估定義存取權的模型。

The so the covariance benefit and value the in-force sounds like those are the two changes.

因此，協方差收益和有效價值聽起來像是兩個變化。

I guess I'm not soon enough arrested and how that's going to change your definition of access.

我想我還沒有很快被捕，這將如何改變你對訪問的定義。

But to me, the biggest overhang on your stock has been in the fear that at some point you may have to raise common equity to fund your what's been the exceptional growth.

但對我來說，你的股票最大的懸念是擔心在某個時候你可能不得不籌集普通股來為你的超常增長提供資金。

So I guess my main question is, would you given the model changes that your car contemplating, would you do you think you'll be able to organically financial your organic growth plans with those changes?

所以我想我的主要問題是，考慮到您的汽車正在考慮的車型變化，您認為您能夠透過這些變化為您的有機增長計劃提供有機融資嗎？

Or do you think you'd still need to look at additional either sidecar capital or even common equity to fund your future growth plans?

或者您認為您仍然需要考慮額外的邊車資本甚至普通股來為您未來的成長計劃提供資金？

Thanks, Tom.

謝謝，湯姆。

Thanks for the question.

謝謝你的提問。

So you have to coming back to the first both what So yes, absolutely.

所以你必須回到第一個問題所以是的，絕對是。

It's the value of in-force and basically marginal diversification impact.

這是有效的和基本邊際多元化影響的價值。

So that's that goes into our excess capital.

這就是我們的過剩資本。

I view it so taken together.

我把它綜合起來看。

So both what's what that where that will lend us versus in addition to that, taking into account, I mean, we're administering the two thirds of capital for Ruby that's left and deployed in or that's relative to our pipeline.

因此，無論是藉給我們的還是除此之外，考慮到我們正在管理 Ruby 剩餘的三分之二的資本，這些資本被留在我們的管道中或與我們的管道相關。

We feel really good about being able to on that, you put the money to work with transactions that we have in front of us and further related to value of in-force with, as I said, we have a track record of basically being able to monetize that and to build to either borrow against data to actually turn it turn into capital.

我們對能夠做到這一點感到非常高興，您將資金用於我們面前的交易，並進一步與有效價值相關，正如我所說，我們有基本上能夠做到的記錄將其貨幣化，並以數據為抵押進行借貸，將其真正轉化為資本。

So I understand very clearly the really strong hurdle against raising equity in the public markets.

因此，我非常清楚地了解在公開市場上籌集股權的真正強大障礙。

That's clear.

很清楚。

We understand very much to our shareholders don't like the dilution, et cetera.

我們非常理解我們的股東不喜歡稀釋等。

So we would, of course, always look for our resources, our capital on balance sheets, third party, Cabot's all before ever coming to equity in two public investors for foreign equity raise.

因此，當然，我們總是會尋找我們的資源、資產負債表上的資本、第三方、卡博特，然後再購買兩個公共投資者的股權以進行外國股權融資。

Okay, thanks for that.

好的，謝謝。

And then my second question is when I look at the biometric table and I see how the experiences look versus the cap versus the uncapped cohort bomb and think about how this has been playing out on underlying capital generation.

然後我的第二個問題是，當我查看生物識別表時，我會看到與上限和無上限隊列炸彈相比的體驗如何，並思考這對潛在資本產生的影響。

And I guess I just had two questions related to that.

我想我只有兩個與此相關的問題。

one is I know it gets smoothed for GAAP because all of the most of your favorability is coming from on the part that gets deferred.

一是我知道按照公認會計原則（GAAP）它會變得平滑，因為你的大部分好感度都來自於被推遲的部分。

But how does that work on a statutory basis?

但這如何在法定基礎上發揮作用？

Is that jacket recognized immediately?

那件夾克立刻就能被認出來嗎？

And then I guess my related question is, I know under the new GAAP reserve assumptions from reset to embed some conservatism.

然後我想我的相關問題是，我知道根據新的公認會計準則儲備金假設，從重置到嵌入一些保守主義。

So I guess somewhat wondering if this statutory and cash flows getting recognized immediately for the uncapped versus capped cohort, but then there are no maybe there's less conservatism in them because I don't think you reset statutory reserves like again under GAAP saw any new.

因此，我想有點想知道，對於無上限和有上限的群體來說，法定和現金流量是否會立即得到認可，但他們的保守性可能會有所降低，因為我認為你不會像在公認會計準則下所看到的重新設定法定準備金。

I know it's a long-winded question, but just curious like what all this mean for ongoing cash flows that you've been saying.

我知道這是一個冗長的問題，但只是好奇這對您所說的持續現金流意味著什麼。

Thanks.

謝謝。

Okay.

好的。

Thanks, Tom.

謝謝，湯姆。

That this would exit.

這會退出。

That's a lower.

那是一個較低的。

I'm not sure that we get to a crisp answer to that.

我不確定我們是否能得到明確的答案。

But yes, look, first at the experience, the experience comes in, right?

但是，是的，看，首先是體驗，體驗進來了，對嗎？

If it comes through basically immediately, the reserves are based on generally speaking on formulaic on tables, rightfully so we do we don't reserves are what they are.

如果它基本上立即通過，那麼儲備金通常是基於表格上的公式，理所當然，所以我們這樣做，我們不保留儲備金。

We don't get to reflect that in the future.

我們將來不會反映這一點。

Um.

嗯。

So so I guess, yes, potentially creates kind of a disconnect where the stat has seen the impacts, whereas the gap on the GAAP side, you have you have the default.

所以我想，是的，可能會造成某種脫節，統計數據已經看到了影響，而公認會計原則的差距，你有預設值。

So it's going to come in over time.

所以隨著時間的推移它會出現。

I don't know that it's material enough at this point for voice to lead to are truly a material shift, for example, in how we view free cash flow generation.

我不知道目前的情況是否足以讓聲音真正帶來重大轉變，例如，我們如何看待自由現金流的產生。

That is still when you look at $1 of GAAP operating income, how much of that results in truly distributable earnings are?

這仍然是，當你考慮 1 美元的 GAAP 營業收入時，其中真正可分配的收益有多少？

It's a good question, but I don't think that it's that it's been material and sustained enough that it has led to a two material change.

這是一個很好的問題，但我不認為它已經足夠實質和持續性，以至於它導致了兩個實質的變化。

And I think historically, we've talked in the past about roughly a 60% freaking free cash conversion ratio at this point.

我認為從歷史上看，我們過去談論過大約 60% 的自由現金轉換率。

I'm not I'm not prepared to change that.

我不是，我不准備改變這一點。

That guidance.

那個指導。

Ryan Krueger, KBW.

瑞安·克魯格，KBW。

Thanks, good morning.

謝謝，早安。

My first question was on balance sheet optimization.

我的第一個問題是關於資產負債表優化。

We've clearly done a number of things so far, but I wanted to I was hoping to get a sense of how far through the different the federal court actions or investment portfolio portfolio repositioning or other things.

到目前為止，我們顯然已經做了很多事情，但我希望了解聯邦法院的不同行動或投資組合重新定位或其他事情的進展程度。

We'll do we'll have a fair amount left to do or have you have you done a lot of what you're aiming to do at this point?

我們會做，我們還有相當多的事情要做，或者你已經完成了很多你目前打算做的事情了嗎？

Hey, Ryan, thanks.

嘿，瑞安，謝謝。

Thanks for the question.

謝謝你的提問。

Obviously, the third recapture is a one off a bit of it might not do that all the time, but that's an opportunity that arose.

顯然，第三次奪回是一次性的，可能不會一直如此，但這是一個出現的機會。

But with regards to your question on our portfolio optimization and in-force management actions on the I'd say we're in the first few innings of that, that I mean then that will continue to add.

但關於你關於我們的投資組合優化和有效管理行動的問題，我想說我們正處於最初的幾局，我的意思是，這將繼續增加。

We continue to see opportunities there.

我們繼續在那裡看到機會。

As I said during Investor Day, they can be material side.

正如我在投資者日期間所說，它們可以是物質方面。

You can protect them from quarter to quarter.

您可以按季度保護它們。

Obviously this year, we've had great success, some in those areas and we anticipate continuing into the future.

顯然，今年我們取得了巨大的成功，其中一些領域是在這些領域，我們預計未來將繼續取得成功。

Great, thanks.

太好了，謝謝。

And then just one quick one on the the mortality assumptions of the comment on four to five years of kind of endemic mortality.

然後簡單介紹一下對四到五年的地方性死亡率的評論中的死亡率假設。

Is that four to five years from where we are today or from or I guess I guess from when we would have considered independent segmented?

這是距離我們今天的位置四到五年的時間，還是距離我們考慮獨立細分的時間距今的四到五年？

Yes, Ryan, this is Jonathan.

是的，瑞安，這是喬納森。

It's four years from today.

距離今天已經四年了。

Roughly speaking, there is a bit by market that you can think of it that way.

粗略地說，有些市場你可以這樣想。

Okay, great.

好的，太好了。

Thank you.

謝謝。

And right now, I mean, obviously, any favorable relative to that or concern around profitability.

現在，我的意思顯然是與此相關的任何有利因素或對盈利能力的擔憂。

Alex Scott, Barclays.

亞歷克斯·斯科特，巴克萊銀行。

Hey, good morning.

嘿，早安。

Now the Ruby rate is starting to put more meaningful amount of capital to work.

現在，紅寶石匯率開始投入更多有意義的資金。

I was hoping maybe you could give us a sense of how the economics work and what we should expect in terms of where and how it impacts your P&L.

我希望您能讓我們了解經濟學是如何運作的，以及我們應該期望它在哪裡以及如何影響您的損益。

Sure.

當然。

Yes, I can start NetIQ.

是的，我可以啟動 NetIQ。

So for Ruby, um, we basically as we see business into Ruby, we've got a very strong gross fee streams.

因此，對於 Ruby，嗯，基本上，當我們看到 Ruby 業務時，我們擁有非常強勁的總費用流。

We've got origination fees.

我們有起始費。

We've got ongoing admin fee servicing fees, if you will.

如果您願意的話，我們會收取持續的管理費和服務費。

And then, of course, asset management fees because where the asset manager for the vehicle from all of that out of that adds up.

當然，還有資產管理費，因為車輛的資產管理人將所有這些費用加起來。

I don't know that is material enough for us to start talking about fee related earnings and and are pretending that it needs to be a whole new business segment.

我不知道這是否足以讓我們開始談論與費用相關的收入，並假裝它需要成為一個全新的業務部門。

But it is it is meaningful is materials, and we're looking to build up overage over time and maybe it makes just flat on the strategic side of it.

但這是有意義的材料，我們希望隨著時間的推移累積過剩的資源，也許它在戰略方面會持平。

We think verbiage, obviously, it's a meaningful source of capital that sits relative to open up that channel as another form of capital down the road for other vehicles as actual has shared previously.

我們認為，顯然，廢話是一種有意義的資本來源，相對於打開該管道，作為其他車輛的另一種形式的資本，正如之前實際共享的那樣。

So that was the most strategic direction as to why we pursue.

因此，這是我們追求的最具戰略意義的方向。

Got it.

知道了。

Second question I have is on Japan.

我的第二個問題是關於日本的。

In the regulatory environment there.

在監管環境那裡。

one of the primaries in the past, we commented on just how disruptive in this new.

在過去的一次初選中，我們評論了這項新的破壞性。

Yes, our regime is for longer duration life products.

是的，我們的製度是針對使用壽命較長的產品。

And yes, I was interested in how how big could that opportunity be?

是的，我感興趣的是這個機會有多大？

I mean, is it truly disruptive enough that a large portion of the bigger life underwriters in Japan have to look at these deals?

我的意思是，這是否真的具有足夠的破壞性，以至於日本很大一部分較大的壽險承銷商必須考慮這些交易？

And how big do you expect to go in that opportunity?

您希望在這個機會中獲得多大的回報？

With regards to the reinsurance, all of the car insurance of the box down the road?

關於再保險，所有的汽車保險都在路上嗎？

Yes, correct.

是的，正確。

Yes.

是的。

Reengineering to help them take care of the regulatory.

重新設計以幫助他們處理監管問題。

Yes, that would impact from.

是的，這會產生影響。

Yes.

是的。

No, I'd say a few areas, your comments on.

不，我想說幾個方面，大家評論一下。

Firstly, that's your question.

首先，這是你的問題。

I think we're very early stage.

我認為我們還處於早期階段。

And the reason why is Yes, firstly, in terms of a major change in how the Japanese life insurance company doesn't start, in essence, that's capital management and really recognizing some of the negative spread elements that have been embedded in the older financial regime.

原因是，首先，日本人人壽保險公司的啟動方式發生了重大變化，本質上是資本管理，並真正認識到舊金融中嵌入的一些負利差因素。

So I'd say the companies are we're only getting comfortable with it and and we're starting to see obviously accelerated deal flow.

所以我想說的是，我們只是對這些公司感到滿意，我們開始看到交易流明顯加速。

There are the other element is clients tend to not want to do it all in one go.

還有另一個因素是客戶往往不想一次完成所有事情。

So once that made the decision to go ahead and do it all in one, go and say, you know, spread it out over a number of years.

因此，一旦決定繼續進行所有工作，然後說，你知道，將其分散到幾年內。

So for example, the client that went tons from our first transaction with, I think we're on trench six or 700 essentially every year if that opportunity arises up as companies get more comfortable with the approach.

舉例來說，我們的第一筆交易中獲得大量客戶的客戶，我認為，如果隨著公司對這種方法更加適應，機會出現，我們基本上每年都會處於第 6 或 700 個戰壕中。

So hopefully that answers the question.

希望這能回答這個問題。

Wes Carmichael, Autonomous Research.

韋斯·卡邁克爾，自主研究。

Thanks.

謝謝。

Good morning.

早安.

Question on U.S. financial solutions.

關於美國金融解決方案的問題。

I think you mentioned that there was a lower contribution from new business, but I think it was only $6 million purity deal in the period.

我想你提到新業務的貢獻較低，但我認為這段期間的純度交易僅為 600 萬美元。

Can you maybe just elaborate on what drove a little bit of weakness in that segment this quarter?

您能否詳細說明一下是什麼導致了本季該領域的一些疲軟？

Yes, sure, highways, um, yes, I think look on the U. S financial solutions business, I think probably what's what's been slightly lower than what we expected when we put the run rates together is really the rate of origination of the more kind of classic asset intensive side of the business.

是的，當然，高速公路，嗯，是的，我認為看看美國的金融解決方案業務，我認為當我們將運行率放在一起時，可能略低於我們預期的實際上是更多的起源率一種典型的資產密集型業務。

The PRT. side has actually been quite quite nice and on track, although, of course, it's episodic suite of big chunky transaction in one quarter and not in the other.

PRT。方面實際上相當不錯並且步入正軌，儘管，當然，它是一個季度而不是另一個季度的大筆交易的偶發性套件。

But overall, that's that's on track.

但整體而言，一切都步入正軌。

And the further to that, I mean, as Axel said, the asset to asset, it's not necessarily our sweet spot.

更進一步，我的意思是，正如阿克塞爾所說，從資產到資產，這不一定是我們的最佳點。

We obviously not the transactions that have both the biometric and the asset risk within a given that's a unique.

顯然，我們的交易在特定的情況下既具有生物辨識風險又具有資產風險。

I feel one of our key unique differentiators such as you know, American National transaction that happens to be put in our traditional segment and which was part of the great growth we saw there.

我覺得我們的關鍵獨特優勢之一，例如你知道的，美國國民交易恰好屬於我們的傳統細分市場，這是我們在那裡看到的巨大成長的一部分。

But just the pure asset risk, we will do it time to time, but we don't feel we've got a huge advantage in that area.

但就純粹的資產風險而言，我們會時不時地這樣做，但我們並不認為我們在該領域擁有巨大的優勢。

Nevertheless leads us to close it up on the financial solutions.

儘管如此，我們還是結束了金融解決方案。

It just to bring it to the global perspective.

只是為了將其帶入全球視野。

I do think that's important in order to find USUS. is slightly behind or in terms of the run rate.

我確實認為這對於找到 USUS 很重要。或在運行率方面略有落後。

But remember that a bank anemia substantially running above the run rates on a global basis were ultimately very pleased with the performance of the fee financial suite solutions business.

但請記住，銀行貧血症在全球範圍內大幅高於運作率，最終對收費金融套件解決方案業務的表現感到非常滿意。

Yes.

是的。

Understood.

明白了。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

My second question was on the retrocession recapture.

我的第二個問題是關於光復收復。

Can you maybe just talk about how much of that businesses within capped an uncapped cohorts grill DTI.?

您能否談談有多少業務在有上限的無上限隊列燒烤 DTI 中？

And what I'm really curious about is, as you think about we've taken the business only, how much potential volatility are you kind of and the income statement if we get kind of quarterly mortality experience fluctuations?

我真正好奇的是，當您考慮我們只接受業務時，如果我們的季度死亡率經歷波動，那麼您的潛在波動性以及損益表有多大？

Yes.

是的。

So I can get there, Jonathan, probably on the liability side, um, so I believe on the cap side, a relatively small, very small proportion of that wavering, Jeff Gordon coded around 10% from So 90% of GAAP to 10% in capped.

所以我可以做到這一點，喬納森，可能是在負債方面，嗯，所以我相信在上限方面，搖擺不定的比例相對較小，非常小，傑夫·戈登編碼為10% 左右，從90%的GAAP 到10%在上限。

And so when you think of the financial statement, the impact you can kind of apply that same logic logic of GAAP to non-GAAP cohorts in terms of that 100,000 sequentially, Jonathan, go ahead.

因此，當您考慮財務報表時，您可以將 GAAP 的相同邏輯應用到非 GAAP 群體（按順序計算 100,000 人）的影響，喬納森，繼續吧。

Yes.

是的。

So I think one thing to keep in mind is that volatility is to directional as well, right?

所以我認為要記住的一件事是波動性也是方向性的，對嗎？

So we will have the opportunity to actually see favorable results from volatility.

因此，我們將有機會實際看到波動帶來的有利結果。

We've done some as you would expect in our modeling.

我們在建模中做了一些您所期望的事情。

We've looked at some stochastic simulations and for the business to understand the volatility, and we didn't think it is quite modest.

我們研究了一些隨機模擬，並讓企業了解波動性，我們認為波動性並不小。

So just looking at our US business specifically, we're talking low double digit millions of volatility and the 90th percentile over and have a full calendar year, something in that range.

因此，只要具體看看我們的美國業務，我們談論的是低兩位數的波動性和第 90 個百分位數，整個日曆年都在這個範圍內。

And just to add them put a perspective as Expo Center that I've brought a 10% in the cap cohorts are the actual block.

只是為了添加他們，從世博中心的角度來看，我帶來了 10% 的上限群體是實際的街區。

It's not that inside has just highlighted profit help us, hence the big long-term value number that pops out.

這並不是說內部剛剛強調了利潤對我們的幫助，因此出現了巨大的長期價值數字。

I just want to add commentary there.

我只想在那裡添加評論。

Jimmy Bhullar, JPMorgan.

吉米·布拉爾，摩根大通。

Hey, good morning.

嘿，早安。

I had a couple of questions.

我有幾個問題。

First, if you could just discuss the financial implications of the reinsurance recapture on.

首先，您是否可以討論一下再保險收回的財務影響。

Should we assume a higher earnings volatility given the increase in the single life like retention?

鑑於單一生活類保留率的增加，我們是否應該假設收益波動性較高？

Or do you think it will just get absorbed in your results given and the growth in the business over the last several years and the smoothing mechanism of the LDT accounting changes?

或者您認為它只會被您給出的結果和過去幾年的業務成長以及LDT會計變化的平滑機制所吸收？

So yes, like Jonathan said, you took the full year of the volatility to the additional volatility that we would expect going forward is really minimal, right?

所以，是的，就像喬納森說的那樣，您將全年的波動性計算為我們預計未來的額外波動確實很小，對嗎？

Because clearly, like we said, the whole motivation was down.

因為很明顯，正如我們所說，整個動力都下降了。

We wanted to increase the retention limits because we were able to work.

我們希望提高保留限制，因為我們能夠工作。

The Company were more diversified and the LEGO accounting change helps because really the noise ultimately mostly gets smoothed over time.

該公司更加多元化，樂高會計的變化有所幫助，因為隨著時間的推移，噪音最終大部分都會被消除。

So from that from the new, let's say, from the motivation perspective of wanting to manage their earnings volatility that that basically wasn't there anymore.

因此，從新的角度來看，從想要管理獲利波動的動機角度來看，這種情況基本上已經不存在了。

So nothing really not a material contribution to volatility going forward.

因此，沒有什麼會對未來的波動產生實質貢獻。

Okay.

好的。

Just to add to give you a sense.

只是為了給你一個感覺。

Firstly, we had not raised our retention for 15 years in a way, and it's been a catch-up and to earn an appropriate level.

首先，我們已經有 15 年沒有以某種方式提高留存率了，我們一直在追趕並達到適當的水平。

The second is even Jason.

第二個甚至是傑森。

I guess some of the biggest scenario has never add on mortality volatility, just COVID.

我想一些最大的情況從來沒有增加死亡率波動，只有新冠病毒。

And during that period of time, this block remain profitable at that period of time.

並且在這段時間裡，這個區塊在這段時間裡仍然是獲利的。

Okay.

好的。

And then secondly, on your excess capital, you gave out a fairly high number and I think you're implying that the actual level of might even be higher than that as you do your additional analysis.

其次，關於你的過剩資本，你給出了一個相當高的數字，我認為你暗示實際水平甚至可能比你進行額外分析時的水平還要高。

So just wondering to what extent are these numbers have added to by third parties or rating agencies?

那麼只是想知道第三方或評級機構在多大程度上增加了這些數字？

Because if I if I think about your I'm reading your triple B overall, which is good, but it's lower than many of your peers who are single-A, despite the fact that your liability profiles actually probably more conservative than many of the other guys.

因為如果我考慮一下你的情況，我總體上會讀到你的三B，這很好，但它比你的許多單A同行要低，儘管事實上你的責任概況實際上可能比許多人更保守。

And then on the then it would sort of come down the capital.

然後它就會從首都下來。

This was just wondering like if you have any external affirmation of your excess capital numbers and and whether you've got aspiration to be higher rated, or are you comfortable waiting being rated at these levels and then you'd push the excess capital to work elsewhere?

這只是想知道您是否對自己的超額資本數字有任何外部確認，以及您是否渴望獲得更高的評級，或者您是否願意等待在這些水平上獲得評級，然後您會推動超額資本發揮作用別處？

Yes, absolutely.

是的，絕對是。

Thanks, Jami, for the question.

謝謝賈米提出的問題。

So firstly, let me clarify, would double A. minus financial strength rating from S&P.

首先，讓我澄清一下，標準普爾的 A. 減去財務實力評級將加倍。

I just want to just want to clarify that because we take great pride in that second.

我只是想澄清這一點，因為我們對那一刻感到非常自豪。

Absolutely.

絕對地。

So we look at our this is our view of excess capital.

所以我們來看看我們對過剩資本的看法。

It incorporates.

它包含了。

So this is the RG is viewed as management's view.

這就是 RG 被視為管理階層的觀點。

It incorporates, of course, our internal economic capital framework and incorporates our regulatory capital view bottom up for multiple legal entities, jurisdictions that they're in, et cetera.

當然，它包含了我們的內部經濟資本框架，並包含了我們自下而上對多個法人實體、其所在司法管轄區等的監管資本觀點。

It includes, of course, rating agency capital perspective.

當然，它包括評級機構的資本視角。

Yes.

是的。

When I talk about the the changes I mentioned, the recognizing the value of in-force, yes, absolutely this third-party validation of that, as I mentioned, we've been able in the past to securitize books of business and to borrow against that, that value.

當我談到我提到的變化時，認識到有效的價值，是的，絕對是第三方驗證，正如我所提到的，我們過去已經能夠將商業賬簿證券化並藉入反對那個，那個價值。

So it's not just a theoretical number.

所以這不僅僅是一個理論數字。

It's actually something that we can borrow against.

這其實是我們可以藉用的東西。

And for rating agency perspective there, again, the our rating agency that provides credits for a value of in-force on the change in the accounting to LDTI. positions, U.S. companies with cash flow models that enable the calculation of such value of in-force.

從評等機構的角度來看，我們的評等機構為 LDTI 會計變更的有效價值提供了信用。頭寸，美國公司擁有可以計算此類有效價值的現金流模型。

So my understanding is that a lot of companies that are that are putting that asked to two rating agencies to come to incorporate that as part of the frameworks.

所以我的理解是，很多公司都要求兩家評級機構將其納入框架的一部分。

Let me just add from a business a competitive perspective, Tom, as Axel mentioned, double A. minus some that's been that way, gosh, I should note that as long as I remember and I've been at the Company at 27 years and from a competitive position where we're definitely on the stronger side relative to our competitors, so there's absolutely no commercial reason we would need to strengthen that rating level.

讓我從企業競爭的角度補充一下，湯姆，正如阿克塞爾提到的，雙A 減去一些一直以來的情況，天哪，我應該指出，只要我記得，我已經在公司工作了27 年，從競爭地位來看，我們相對於我們的競爭對手絕對處於更強的一方，因此我們絕對沒有商業理由需要加強該評級水平。

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 Chang for any closing remarks.

我想將會議轉回托尼·張 (Tony Chang) 發表閉幕詞。

As always, thank you very much for your questions and your continued interest in R.J.

一如既往，非常感謝您提出問題以及您對 R.J. 的持續關注。

This was a strong quarter, continuing a very strong year, further demonstrating our continued momentum in a sustainable earnings power.

這是一個強勁的季度，延續了非常強勁的一年，進一步證明了我們在可持續盈利能力方面的持續勢頭。

I'd like to once again, thank you all.

我想再次感謝大家。

And this concludes our third quarter call.

我們的第三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。