美國再保險集團 (RGA) 2025 Q1 法說會逐字稿

Good day, and welcome to Reinsurance Group of America first quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Jeff Hopson, Senior Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加美國再保險集團 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係高級副總裁傑夫霍普森 (Jeff Hopson)。請繼續。

Thank you. Welcome to RGA's first quarter 2025 conference call. I'm joined on the call this morning by Tony Cheng, RGA's President and CEO; Axel Andre, Chief Financial Officer; Leslie Barbi, Chief Investment Officer; and Jonathan Porter, Chief Risk Officer. A quick reminder before we get going regarding forward-looking information and non-GAAP financial measures. Some of our comments today may contain forward-looking statements.

謝謝。歡迎參加 RGA 2025 年第一季電話會議。今天上午參加電話會議的還有 RGA 總裁兼執行長 Tony Cheng、財務長 Axel Andre、首席投資長 Leslie Barbi 和首席風險長 Jonathan Porter。在我們開始討論前瞻性資訊和非公認會計準則財務指標之前，請先快速提醒一下。我們今天的一些評論可能包含前瞻性陳述。

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

實際結果可能與預期結果有重大差異。請參閱我們昨天發布的收益報告，以了解可能導致實際結果與預期結果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. Please see our earnings release, earnings presentation and quarterly financial supplement, all of which are posted on our website for a discussion of these terms and reconciliations to GAAP measures. Throughout the call, we will be referencing slides from the earnings presentation, which again is posted on our website.

此外，在本次電話會議過程中，我們提供的資訊可能包括非公認會計準則財務指標。請參閱我們的收益報告、收益介紹和季度財務補充，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 指標的對帳。在整個通話過程中，我們將參考收益簡報中的投影片，該投影片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，請他發表評論。

Good morning, everyone, and thank you for joining our call. Last night, we reported adjusted operating earnings of $5.66 per share. Our adjusted operating return on equity, excluding notable items, was 15%. I consider this to be a very good quarter, and it provides a strong start to the year. We achieved these results through a balance of strong performances across many of our geographic regions and products.

大家早安，感謝你們參加我們的電話會議。昨晚，我們報告調整後的每股營業收益為 5.66 美元。扣除重大項目後，我們的調整後經營股本報酬率為 15%。我認為這是一個非常好的季度，為今年開了個好頭。我們透過在許多地理區域和產品上保持強勁表現取得了這些成果。

The most significant driver of the results was the favorable claims experience, which is a continuation of our strong underwriting results over the past couple of years. Despite ongoing macroeconomic uncertainties, we are not seeing a significant impact on our business. Our asset portfolio remains well positioned, and our capital position remains strong.

這項業績最重要的推動因素是良好的理賠體驗，這是我們過去幾年強勁承保業績的延續。儘管宏觀經濟不確定性持續存在，但我們的業務並未受到重大影響。我們的資產組合依然保持良好狀態，資本狀況依然強勁。

Therefore, we are highly confident we can successfully navigate the current environment without losing any of our strong momentum. I am very proud to announce that for the fourteenth year in a row, RGA was number one in terms of the NMG Consulting's Business Capability Index with particular strength in underwriting, actuarial, product innovation and relationship management. We believe that backbone to our success is our biometric expertise.

因此，我們非常有信心能夠成功應對當前環境，而不會失去任何強勁勢頭。我很自豪地宣布，RGA 連續十四年在 NMG 諮詢業務能力指數中名列第一，尤其在核保、精算、產品創新和關係管理方面實力雄厚。我們相信，我們成功的支柱是我們的生物辨識專業知識。

In other words, we are second to none in terms of pricing, underwriting and ongoing risk management of mortality, morbidity and longevity risk. As you know, this expertise either directly leads to more biometric reinsurance or indirectly is our key differentiator in the asset-intensive blocks that we pursue. Our biometric expertise has also led to strong claims experience over RGA's history.

換句話說，我們在死亡率、發病率和長壽風險的定價、核保和持續風險管理方面是首屈一指的。如您所知，這種專業知識要么直接帶來更多的生物識別再保險，要么間接成為我們在所追求的資產密集領域的關鍵差異化因素。我們的生物辨識專業知識也為 RGA 的歷史上帶來了豐富的索賠經驗。

Since the end of 2022, our cumulative underwriting claims experience has been highly favorable compared to expectations. And finally, with regards to this quarter, all of our key geographic regions reported favorable claims experience on both an economic and income statement basis.

自 2022 年底以來，我們的累計承保理賠經驗與預期相比非常有利。最後，就本季而言，我們所有主要地理區域均在經濟和損益表基礎上報告了良好的索賠經驗。

In terms of in-force transactions, we had a strong quarter with $418 million of capital deployed. This includes the previously announced Manulife deal that closed at the beginning of the quarter as well as two more modest-sized strategic transactions in Asia. Additionally, in February, we announced the strategic transaction with Equitable. The actual capital deployment for this deal will be recorded when it closes, which is expected midyear.

就有效交易而言，我們本季表現強勁，已部署 4.18 億美元資本。其中包括本季初宣布的宏利交易以及亞洲另外兩筆規模適中的策略交易。此外，我們在二月宣布與 Equitable 達成策略交易。此交易的實際資本配置將在交易完成時記錄，預計將在年中完成。

As a reminder, this transaction is in our wheelhouse of mortality risk, and we expect the financial returns to be within our targeted range. I will now provide details on some of our new business activities in the quarter focused on our four areas of notable growth.

提醒一下，這筆交易屬於我們的死亡風險範圍，我們預期財務回報將在我們的目標範圍內。我現在將詳細介紹本季我們圍繞著四個顯著成長領域的一些新業務活動。

In Asia traditional, we had a strong quarter in terms of new treaties with all markets performing well. Importantly, nearly all this success is related to creation re product development initiatives. Creation Re refers to our ability to partner with clients on a more exclusive basis to deliver new products and create greater value for both our clients and RGA.

在亞洲傳統市場，本季我們的新條約簽訂情況強勁，所有市場均表現良好。重要的是，幾乎所有這些成功都與產品開發計劃的創造有關。Creation Re 指的是我們能夠以更獨家的方式與客戶合作，以提供新產品並為我們的客戶和 RGA 創造更大的價值。

These partnerships have allowed RGA to grow together with our clients and, in many cases, help them win industry awards and gain market leadership. For RGA, this leads to quality repeat business and also larger transactions as our clients grow in scale. This is best illustrated by the fact that since 2021, the new business embedded value per transaction for Asia has tripled in size.

這些合作關係使 RGA 能夠與我們的客戶共同成長，並在許多情況下幫助他們贏得行業獎項並獲得市場領導地位。對於 RGA 而言，隨著客戶規模的擴大，這會帶來高品質的重複業務以及更大的交易。最好的例證是，自 2021 年以來，亞洲每筆交易的新業務內含價值增加了兩倍。

This is due not only to larger sized transactions but also due to higher expected underwriting profitability as we create new products with little competition. More strategically, each new product not only leads to more business, more data and a stronger brand, but also deepens our library of solutions.

這不僅是因為交易規模較大，還因為我們在競爭較少的情況下推出新產品，預期承保獲利能力較高。從策略角度來看，每款新產品不僅能帶來更多業務、更多數據和更強大的品牌，還能豐富我們的解決方案庫。

These solutions are then adapted and replicated across different markets, creating further new products and the Creation Re flywheel continues. Let me highlight this with our largest traditional business in Asia.

然後，這些解決方案會在不同的市場中進行調整和複製，從而創造出更多新產品，Creation Re 飛輪也將繼續運作。讓我以我們在亞洲最大的傳統業務來強調這一點。

The Hong Kong underlying life insurance market remains very strong, achieving record sales in 2024, increasing over 21% from 2023. This is due to the rapid growth in Mainland Chinese visitors buying insurance the aging population and Hong Kong being a major high net wealth management center. In response to these trends, we recently launched three new initiatives.

香港基礎人壽保險市場依然強勁，2024 年銷售額創歷史新高，較 2023 年成長 21% 以上。這是由於購買保險的中國大陸遊客數量快速增長、人口老化以及香港成為主要的高淨財富管理中心。為了因應這些趨勢，我們最近推出了三項新措施。

The first is our simplified issue critical illness product catered to the senior market. Second, we continue to be highly successful in delivering the more complex underwriting services needed for the high-net-worth segment.

首先是我們針對老年市場推出的簡化型重疾險產品。其次，我們繼續在提供高淨值人群所需的更複雜的核保服務方面取得巨大成功。

And third, we developed the Midstream Plus underwriting system, which simplifies the process for mainland Chinese visitors coming to Hong Kong. This underwriting system won its second award during the quarter and is fast being recognized as a competitive advantage for our clients.

第三，我們開發了Midstream Plus承保系統，簡化了中國大陸遊客來港的流程。該承保系統在本季度贏得了第二個獎項，並很快被認可為我們客戶的競爭優勢。

These innovations drive the Creation Re business in Hong Kong, lead to deeper market penetration and further creates our library of solutions that we tailor for other markets with similar needs across Asia.

這些創新推動了 Creation Re 在香港的業務，帶來了更深層的市場滲透，並進一步創建了我們為亞洲其他具有類似需求的市場量身定制的解決方案庫。

Moving to Asia Financial Solutions, our second area of notable growth. We closed two block transactions in Japan. For both these transactions, RGA has had a long-standing relationship for more than a decade. Japan is one of our most exciting business opportunities as a result of the new ESR capital framework. Our local teams not only provide quotes on a timely manner but also provide the after sales service in the local language and adhering to local cultures.

轉向亞洲金融解決方案，這是我們的第二個顯著成長的領域。我們在日本完成了兩筆大宗交易。對於這兩筆交易，RGA 都維持了十多年的長期合作關係。由於新的 ESR 資本框架，日本是我們最令人興奮的商業機會之一。我們的本地團隊不僅及時提供報價，還以當地語言提供符合當地文化的售後服務。

We feel this gives RGA a distinct edge in this market segment. We are (technical difficulty) tremendously valued the large marquee transactions, but as important are these more frequent modest-sized blocks that play towards our sweet spot of biometric expertise and strong local teams.

我們認為這為 RGA 在這一領域帶來了明顯的優勢。我們（技術難度）非常重視大型的招牌交易，但同樣重要的是這些更頻繁的中等規模的區塊，它們發揮了我們生物識別專業知識和強大的本地團隊的最佳作用。

These more modest-sized transactions are often completed without an intense bidding process, and RGA with its many touch points and long-standing relationships is best positioned to benefit. Our third area of notable growth is the longevity and PRT market. Starting with the UK, we expect strong levels of PRT sales once again during the year.

這些規模較小的交易通常在沒有激烈競標過程的情況下完成，而 RGA 憑藉其眾多接觸點和長期關係最有可能從中受益。我們的第三個顯著成長領域是長壽和 PRT 市場。從英國開始，我們預計今年 PRT 的銷售將再次保持強勁。

Similar to Japan, our local UK team has, in my view, a comparable combination of expertise, data, relationships and experience in the longevity market, which is why they have long been the market leader. Similar to Hong Kong, we have a market-leading underwriting system for the individual retail annuity segment that ensures we win more than our fair share of business. Our pipeline remains very strong, and we expect another successful year.

與日本類似，我認為我們當地的英國團隊在長壽市場擁有相當的專業知識、數據、關係和經驗，這就是他們長期以來成為市場領導者的原因。與香港類似，我們在個人零售年金領域擁有市場領先的承保系統，確保我們贏得超過公平份額的業務。我們的產品線仍然非常強大，我們期待另一個成功的一年。

The US PRT market has been less vibrant recently, which may be reflecting the effects of market uncertainty, resulting in less bill activity at the upper end of the market. We do expect this to be temporary and for the market to recover, and we remain very bullish on this business line.

美國PRT市場近期活動較不活躍，這可能反映了市場不確定性的影響，導致高端市場的票據活動減少。我們確實預期這只是暫時的，市場將會復甦，我們仍然對這條業務線非常看好。

Finally, in the US traditional area, our fourth area of notable growth, we had another active quarter as we added a number of new treaties, most of them related to our underwriting initiatives. As demonstrated with the Equitable transaction, we not only do large block transactions, but we also provide product development and underwriting outsourcing services to support new business.

最後，在美國傳統領域，也就是我們的第四個顯著成長的領域，我們又度過了一個活躍的季度，因為我們增加了許多新的條約，其中大多數與我們的承保計劃有關。正如 Equitable 交易所所表明的那樣，我們不僅進行大宗交易，而且還提供產品開發和承銷外包服務來支援新業務。

When you couple this with our partners that provide distribution, technology and other services, it is clear that together, we bring holistic solutions generating exclusive business for RGA. I trust you can see our business playbook of creating and perpetuating the Creation Re flywheel is very consistent across the world.

當您將此與我們提供分銷、技術和其他服務的合作夥伴結合時，很明顯，我們共同帶來了整體解決方案，為 RGA 創造了獨家業務。我相信您可以看到，我們創建和延續 Creation Re 飛輪的商業策略在世界各地非常一致。

Strong local teams that learn from each other and are empowered to partner and deliver unique solutions for our clients such that we can grow together and become market leaders. Through our global network and often with the same global client, we then spread and adapt these new solutions to different markets, creating more new solutions and the virtuous cycle continues. This business generates greater value for our clients and higher returns for RGA.

強大的本地團隊相互學習，並有權合作並為我們的客戶提供獨特的解決方案，以便我們可以共同成長並成為市場領導者。透過我們的全球網絡，並且通常與同一個全球客戶合作，我們將這些新的解決方案傳播並適應不同的市場，創造更多的新解決方案，並繼續形成良性循環。這項業務為我們的客戶創造了更大的價值，並為 RGA 帶來了更高的回報。

We have executed this strategy ahead of schedule over the past 2 years, resulting in greater than 50% of our new business coming from Creation Re over this period of time. Continuing this success will provide a tailwind to our current ROE levels once the earnings power from this new business fully materializes.

在過去的兩年裡，我們提前執行了這項策略，使得我們在此期間超過 50% 的新業務來自 Creation Re。一旦這項新業務的獲利能力完全實現，繼續保持這一成功將為我們目前的 ROE 水準提供助力。

With regards to in-force management actions, as we have discussed previously, in addition to attractive new business, we are able to enhance ROE and earnings through our balance sheet optimization strategy and other management actions and levers. This is very much part of our business but is lumpy in nature. The impact of in-force actions was modest in Q1, but we continue to move forward on a number of initiatives that we expect to help drive higher returns over time.

關於現行管理措施，正如我們之前所討論的，除了有吸引力的新業務外，我們還可以透過資產負債表優化策略和其他管理措施和槓桿來提高 ROE 和收益。這是我們業務的重要組成部分，但本質上並不統一。第一季有效措施的影響不大，但我們將繼續推動一系列舉措，預計這些舉措將有助於隨著時間的推移帶來更高的回報。

Looking forward, we continue to be very optimistic about our business due to our strong focus on being disciplined. We have strong strategic discipline of sticking to what we know and what we are great at. Just as important is our risk taking and being patient for the right risk return trade-off to emerge. And the third important area of discipline is in capital management and finding efficient new sources of capital.

展望未來，由於我們高度重視紀律，我們對我們的業務繼續非常樂觀。我們擁有強大的策略紀律，堅持我們所知道的和我們所擅長的。同樣重要的是我們承擔風險並耐心等待正確的風險報酬權衡出現。第三個重要的學科領域是資本管理和尋找有效的新資本來源。

As we know, building a sustainably successful business takes a total company effort. And by applying this disciplined approach with our culture of collaboration and innovation, we are very optimistic that we will continue to deliver on both growth and attractive ROEs.

眾所周知，打造一個可持續成功的企業需要整個公司的努力。透過將這種嚴謹的方法與我們的協作和創新文化相結合，我們非常樂觀地認為我們將繼續實現成長和有吸引力的 ROE。

This is even more important during the current period of heightened uncertainties in the macro environment. Our disciplined, proactive business approach and acceleration of the Creation Re flywheel means RGA continues to be nimble, and we are well positioned to take advantage of the new opportunities that often arise during uncertain times. Thus, it is without doubt that I remain fully confident that the best is yet to come.

在當前宏觀環境不確定性加大的背景下，這一點更為重要。我們嚴謹、積極主動的經營方式和 Creation Re 飛輪的加速意味著 RGA 繼續保持靈活，並且我們有能力利用不確定時期經常出現的新機會。因此，毫無疑問，我仍然充滿信心，最好的事情尚未到來。

I will now turn it over to our CFO, Axel Andre, to discuss the financial results in more detail.

現在我將把時間交給我們的財務長 Axel Andre，更詳細地討論財務結果。

Thank you, Tony. RGA reported pretax adjusted operating income of $485 million for the quarter or $5.66 per share after tax. For the trailing 12 months, adjusted operating return on equity, excluding notable items, was 15%. We delivered strong overall results for the quarter. We deployed $418 million into in-force transactions, have excess capital of $1.9 billion before the equitable transaction and our deployable capital is an estimated $1.3 billion at the end of the quarter.

謝謝你，托尼。RGA 報告本季稅前調整後營業收入為 4.85 億美元，即稅後每股 5.66 美元。過去 12 個月，不包括重大專案的調整後營業股本回報率為 15%。本季我們取得了強勁的整體業績。我們已向有效交易部署了 4.18 億美元，在公平交易之前擁有 19 億美元的超額資本，而我們在本季末的可部署資本估計為 13 億美元。

The economic impact in our biometric claims experience was favorable by $196 million and positive across all regions and the financial impact was favorable by $58 million. Our nonspread portfolio yield, excluding variable investment income, was 4.9% in Q1, up 10 basis points from the fourth quarter. Variable investment income was below our expectation by approximately $30 million, primarily due to lower mark-to-market adjustments on our limited partnerships and timing of real estate joint venture sales. The effective tax rate for the quarter was 21.9% on adjusted operating income before taxes, below the expected range of 23% to 24%, primarily due to U.S. tax benefits received from taxes paid in foreign jurisdictions.

我們的生物辨識索賠經驗對經濟產生了 1.96 億美元的積極影響，並且對所有地區都產生了積極影響，對財務產生了 5800 萬美元的積極影響。我們第一季的非利差投資組合報酬率（不包括可變投資收益）為 4.9%，較第四季上升 10 個基點。可變投資收入比我們的預期低約 3000 萬美元，主要原因是我們的有限合夥企業的市價調整較低以及房地產合資企業銷售的時間安排。本季度調整後稅前營業收入的有效稅率為 21.9%，低於預期的 23% 至 24% 的範圍，主要原因是從外國司法管轄區繳納的稅款中獲得了美國稅收優惠。

We are still expecting a tax rate of 23% to 24% for the remainder of the year. New business was strong and contributed around $1.1 billion to the value of in-force business margins. Consolidated net premiums were up 13% year-over-year when adjusted for the impact from U.S. PRT transactions, which can cause premiums to fluctuate.

我們仍然預計今年剩餘時間的稅率將在 23% 至 24% 之間。新業務表現強勁，為有效業務利潤貢獻了約 11 億美元。經調整美國 PRT 交易的影響後，合併淨保費年增 13%，可能導致保費波動。

Our traditional business premium growth was 11.2% for the quarter on a constant currency basis, which benefited from strong growth in the US and Asia. Premiums are a good indicator of the ongoing strength of our traditional business, and we continue to have strong momentum across our regions.

以固定匯率計算，本季我們的傳統業務保費成長率為 11.2%，這得益於美國和亞洲的強勁成長。保費是我們傳統業務持續強勁的良好指標，我們在各個地區繼續保持強勁發展勢頭。

Turning to biometric claims experience. As outlined on slide 8 of our earnings presentation, this displays the total company claims experience and the related financial statement impact on a quarterly basis. As mentioned earlier, claims experience was favorable in the quarterly results. Economic claims experience was favorable by $196 million, with a corresponding $58 million favorable current period financial impact.

轉向生物辨識索賠經驗。正如我們的收益報告第 8 張投影片所述，這顯示了公司每季的索賠總額和相關財務報表影響。如前所述，季度業績中的索賠經驗良好。經濟理賠經驗有利，金額為 1.96 億美元，相應當期財務影響有利，金額為 5,800 萬美元。

The remaining favorable experience will be recognized in income over the life of the underlying business. Claims experience was particularly strong in the US, primarily due to lower-than-expected large claims. It is also noteworthy that there was favorable economic experience in every geographic region.

剩餘的良好經驗將在基礎業務的整個生命週期中確認為收入。美國的理賠情況尤其強勁，主要原因是大額理賠低於預期。值得注意的是，每個地理區域都出現了良好的經濟發展。

I'll point out that some volatility on a quarterly basis, both positive and negative, is normal and does not necessarily indicate a material trend. Turning now to capital. Our excess capital is estimated to be approximately $1.9 billion at the end of Q1 2025. Based on rolling forward our year-end excess capital of $1.3 billion, as previously disclosed, and considering capital generation, capital deployed and debt financing activities during the quarter. As a reminder, this is before taking into account the announced transaction with Equitable, which is expected to close midyear 2025.

我要指出的是，季度內的一些波動，無論是正的還是負的，都是正常的，並不一定表示有實質的趨勢。現在轉向資本。預計到 2025 年第一季末，我們的超額資本約為 19 億美元。基於我們先前揭露的 13 億美元年末超額資本的滾動，並考慮到本季的資本產生、資本部署和債務融資活動。提醒一下，這還沒有考慮到與 Equitable 宣布的交易，該交易預計將於 2025 年中期完成。

Note that the excess capital considers our three main capital lenses corresponding to RGA's internal economic capital model, local regulatory capital across our main legal entities and rating agency capital methodologies.

請注意，超額資本考慮了我們的三個主要資本視角，分別對應於 RGA 的內部經濟資本模型、我們主要法人實體的當地監管資本以及評級機構資本方法。

Our deployable capital at Q1 2025 is estimated to be $1.3 billion and represents management's estimates of the capital available to be deployed into transactions or returned to shareholders over the next 12 months, taking into account estimated capital sources and committed uses over that forward-looking 12-month period, including the impact of the Equitable transaction.

我們在 2025 年第一季的可部署資本估計為 13 億美元，代表管理層對未來 12 個月內可部署到交易中或返還給股東的資本的估計，同時考慮到預計的資本來源和未來 12 個月內的承諾用途，包括公平交易的影響。

We are always looking to efficiently manage risks and capital across our different frameworks. This includes utilizing tools such as third-party capital, strategic retrocession, internal retrocession and recognition of the significance of our in-force business.

我們始終致力於在不同的框架內有效管理風險和資本。這包括利用第三方資本、策略性轉分保、內部轉分保和認識到我們現有業務的重要性等工具。

As demonstrated during the first quarter, this enabled us to efficiently fund the capital expected to be deployed into the Equitable transaction with a mix of excess capital and hybrid debt financing. Our strong balance sheet, capital management toolkit and current levels of excess and deployable capital positions us well to continue to support an attractive new business pipeline across the various business segments.

正如第一季所證明的那樣，這使我們能夠透過超額資本和混合債務融資的組合來有效地為預計部署到 Equitable 交易中的資本提供資金。我們強大的資產負債表、資本管理工具包以及當前的過剩和可部署資本水準使我們能夠繼續支援各個業務部門中有吸引力的新業務管道。

Turning to the quarterly segment results on slide 6. The US and Latin America traditional results reflected favorable individual life claims experience, driven by a lower-than-expected number of large claims. Other experience in the segment was in line with expectations.

轉到投影片 6 上的季度分部業績。美國和拉丁美洲的傳統業績反映了良好的個人壽險索賠體驗，這得益於低於預期的大額索賠數量。該部門的其他經驗符合預期。

The US Financial Solutions results were at the low end of the expected range due to lower variable investment income of roughly $7 million. As a reminder, the Equitable transaction is expected to be recorded within this segment once closed. Assuming a midyear close, we expect pretax operating income contributions of approximately $70 million in 2025 and $160 million to $170 million in 2026 as previously disclosed.

由於可變投資收益較低（約 700 萬美元），美國金融解決方案的表現處於預期範圍的低端。提醒一下，公平交易一旦結束，預計將記錄在此部分內。假設年中收盤，我們預計 2025 年稅前營業收入貢獻約為 7,000 萬美元，2026 年稅前營業收入貢獻約為 1.6 億至 1.7 億美元，如先前所揭露的。

Canada, traditional results reflected modestly unfavorable lapse experience, partially offset by favorable claims experience. The Financial Solutions results reflected favorable longevity experience. In the Europe, Middle East and Africa region, the traditional results reflected modestly favorable claims experience as well as favorable timing impact from the earnings recognition of an annual premium treaty. EMEA's Financial Solutions results were above expectations, reflecting favorable overall experience.

加拿大，傳統的結果反映了略微不利的失效經驗，但被有利的索賠經驗部分抵消。金融解決方案的結果反映了良好的長壽體驗。在歐洲、中東和非洲地區，傳統的業績反映了適度有利的索賠經驗以及年度保費合約收益確認帶來的有利的時間影響。EMEA 的金融解決方案表現超乎預期，反映出良好的整體體驗。

Turning to our Asia Pacific region. The traditional results were good, reflecting favorable overall experience and contributions from new business. Underlying claims experience was again favorable in the quarter. Financial Solutions results were slightly lower than expected, primarily due to lower variable investment income of around $6 million.

轉向我們的亞太地區。傳統的業績表現良好，反映了良好的整體經驗和新業務的貢獻。本季基本索賠情況再次良好。金融解決方案的業績略低於預期，主要原因是可變投資收入減少了約 600 萬美元。

We expect the segment results to increase over the course of the year, reflecting the earnings emergence from recent transactions and planned timing of new business. Finally, the Corporate and Other segments reported an adjusted operating loss before tax of $70 million, unfavorable compared to the expected quarterly average run rate.

我們預期該部門的業績將在年內成長，反映出近期交易產生的收益和新業務的計畫時間。最後，企業及其他部門報告調整後的稅前營業虧損為 7,000 萬美元，與預期的季度平均運作率相比不利。

This was primarily due to lower-than-expected variable investment income of around $15 million and a few other smaller onetime items. Overall, we are pleased with the results this quarter, and we remain confident in our ability to deliver on our intermediate-term financial targets.

這主要是由於低於預期的約 1500 萬美元的可變投資收入以及其他一些較小的一次性項目。整體而言，我們對本季的業績感到滿意，並且我們對實現中期財務目標的能力充滿信心。

Moving to investments on slides 9 through 12. The nonspread book yield, excluding variable investment income, rose to 4.9%, primarily due to higher new money rates, which increased to 6.39% and remains well above the portfolio yield. The total nonspread portfolio yield for the quarter was 4.64%, down slightly from last quarter, reflecting lower variable investment income and a higher balance of cash and cash equivalents, partially offset by higher new money rates.

前往投影片 9 至 12 上的投資。不包括可變投資收益的非利差帳面收益率上升至 4.9%，這主要歸因於新資金利率上升，新資金利率上升至 6.39%，並且仍遠高於投資組合收益率。本季非利差投資組合總收益率為 4.64%，較上一季略有下降，反映出可變投資收益下降、現金及現金等價物餘額增加，但新資金利率上升部分抵消了這一影響。

Variable investment income was modestly negative for the period and approximately $30 million below expectations, driven by lower valuations on limited partnerships and timing of real estate joint venture sales.

由於有限合夥企業估值較低以及房地產合資銷售時機不佳，本期間可變投資收益略為負值，比預期低約 3,000 萬美元。

I'll note that we still hold an above-average level of cash that we look to deploy opportunistically over the coming quarters. Importantly, portfolio quality remains high and credit impairments were again minimal, and we believe the portfolio remains well positioned.

我要指出的是，我們仍然持有高於平均水平的現金，我們希望在未來幾季內適時部署這些現金。重要的是，投資組合品質仍然很高，信用減損再次很小，我們相信投資組合仍然處於有利地位。

During the quarter, we continued our long track record of increasing book value per share. As shown on slide 16, our book value per share, excluding AOCI and impacts from B36 embedded derivatives, increased to $154.6, which represents a compounded annual growth rate of 9.8% since the beginning of 2021.

本季度，我們延續了長期以來每股帳面價值不斷增加的記錄。如投影片 16 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 154.6 美元，自 2021 年初以來的複合年增長率為 9.8%。

To summarize, a strong first quarter is a good start for the year following a record 2024. We continue to see very good opportunities across our geographies and business lines. We are well positioned and remain appropriately capitalized to execute on our strategic plan. With that, I would like to thank everyone for your continued interest in RGA. This concludes our prepared remarks.

總而言之，繼創紀錄的 2024 年之後，第一季的強勁表現為新的一年開了個好頭。我們繼續看到各個地區和業務線上的非常好的機會。我們已做好充分準備並擁有充足的資本來執行我們的策略計劃。最後，我要感謝大家對 RGA 的持續關注。我們的準備好的演講到此結束。

We would now like to open it up for questions.

我們現在願意開始提問。

(Operator Instructions) Suneet Kamath, Jefferies.

（操作員指示）Suneet Kamath，Jefferies。

I was hoping you could help us understand the mortality experience, particularly in the US. Obviously, we've seen the flu season data. We know that there was a single large case in the first quarter. We're seeing it at other companies, yet you're showing very strong underwriting experience. And then there's a disconnect there that I'd like to try to understand, if you can comment.

我希望您能幫助我們了解死亡率，特別是在美國。顯然，我們已經看到了流感季節的數據。我們知道第一季有一個大型案件。我們在其他公司也看到過這種情況，但你們卻表現出非常豐富的核保經驗。然後，如果你們能評論一下的話，我想嘗試去理解一下其中的脫節。

Sure. I can get started on that. So we saw a large positive experience, in particular, driven by lower-than-expected large claims in the US. I want to remind you that some volatility on claims experience is expected, both to the positive and the negative. Excluding large claims experience so far for smaller claims experience.

當然。我可以開始做這件事。因此，我們看到了巨大的積極經驗，特別是受到美國低於預期的大額索賠的推動。我想提醒您，索賠經驗預計會出現一些波動，無論是正面的還是負面的。不包括迄今為止的大額索賠經驗，只包括小額索賠經驗。

Our overall US mortality claims were slightly higher than expected, consistent with a flu season -- an elevated flu season. In terms of, obviously, our process, we are, of course, very confident in our claims process. In fact, this quarter, we performed extra due diligence to ensure that all claims are collected. As you can imagine, for large claims, there's an extra incentive for cedents to notify us.

美國整體死亡率略高於預期，與流感季節一致－流感季節的死亡率較高。顯然，就我們的流程而言，我們當然對我們的索賠流程非常有信心。事實上，本季度我們進行了額外的盡職調查，以確保所有索賠都得到收集。你可以想像，對於大額索賠，債權人有額外的動機通知我們。

And of course, we hear from companies, from cedents whenever they experience large claims and ensure that we verify whether we see the similar data in our data.

當然，每當公司和出保人遇到大額索賠時，我們都會聽取他們的意見，並確保我們驗證是否在我們的數據中看到了類似的數據。

Yeah. And this is Jonathan, Suneet. Maybe just to add specifically on that large case, you referenced that's been mentioned on other calls, that experience is reflected in our Q1 results.

是的。這是喬納森，蘇妮特。也許只是為了特別補充一下那個大案例，您提到在其他電話會議上提到過，那次經驗反映在我們的第一季業績中。

Got it. Okay. All right. And then I guess the other question I've been struggling with this since you announced the Equitable deal. For those of us that cover Equitable, we look at that business and I think a fair way to describe it would be challenged.

知道了。好的。好的。然後我想，自從您宣布 Equitable 交易以來，我一直在努力解決這個問題。對於我們這些報道 Equitable 的人來說，我們關注的是這項業務，我認為要用一種公平的方式來描述它會受到挑戰。

Then all of a sudden you take it over and you're able to turn it into a 13% to 15% ROE business per your comments about it being in line with your target. So I'm just trying to understand how does that happen? Is there an expense piece or a capital piece or something because the earnings should be the same, I would think, other than what you do on the investment portfolio. So how do you take this challenged business and make it a good return business.

然後你突然接手它，並根據你的評論將其轉變為 13% 到 15% 的 ROE 業務，這符合你的目標。所以我只是想了解這是怎麼發生的？是否存在費用部分或資本部分或其他東西，因為我認為，除了投資組合之外，收益應該是相同的。那麼，您如何應對這個充滿挑戰的業務，並使其成為一個回報良好的業務？

Let me, Suneet, let me just kick it off strategically. I'm sure others have areas to involve. I mean, obviously, like I said in my comments or previous comments, I mean, the big block obviously, is a big part of the transaction. And we feel that's totally priced appropriately. And then there are other components that made the transaction so strategically valuable for both parties and then adds to the value we create. But let me hand it over to Axel and Jonathan to provide any further comments on your question.

讓我，Suneet，讓我從策略上開始。我確信其他領域也需要參與。我的意思是，顯然，就像我在評論或先前的評論中所說的那樣，大區塊顯然是交易的重要組成部分。我們認為這個價格是完全合理的。還有其他因素使得這筆交易對雙方都具有戰略價值，並增加了我們創造的價值。但是，請允許我將問題交給 Axel 和 Jonathan，讓他們對您的問題做出進一步的評論。

Yes. So I think a few things just to remind you, when we announced the transaction, obviously, this is a large block of business, mortality business. However, we've been in business for over 50 years. And so when we look at our total mortality exposure across the globe, the impact of the transaction is to increase that exposure by about 5%. That's point number one.

是的。所以我想提醒你幾件事，當我們宣布交易時，顯然這是一筆大生意，死亡率業務。然而，我們已經營業50多年了。因此，當我們查看全球總體死亡率風險敞口時，該交易的影響是使風險敞口增加約 5%。這是第一點。

Point number two, like Tony said, we, of course, when we execute the transaction, get to reprice the business. Fundamentally, we benefit from all of our experience, sort of the treasure of data that we have available on that, and also the specific experience for that block of business that is part of the due diligence that we perform when we underwrite the block. We expect some volatility of claims on the business but that is -- we believe that is very manageable given our balance sheet and our expertise.

第二點，就像東尼說的，我們當然在執行交易時要重新定價業務。從根本上說，我們受益於我們的所有經驗，我們擁有的大量數據，以及針對該業務板塊的具體經驗，這是我們在承保該業務板塊時進行的盡職調查的一部分。我們預計業務索賠會出現一些波動，但我們認為，考慮到我們的資產負債表和專業知識，這是非常可控的。

And I think just to add further, I think the synergies you do highlight, I mean, whether it's capital or whether it's expense or whether it's the asset side, I think they all play a part of it. It's very hard for us to opine given -- we obviously don't know exactly what Equitable used to do with this business. But for us, once again, it fits very well within our wheelhouse. It's all risk and operations that we have established already to manage going forward, very comfortable with the pricing as we look through it all.

我想進一步補充的是，我認為您強調的協同效應，無論是資本、費用還是資產方面，我認為它們都發揮了作用。我們很難發表意見——因為我們顯然不知道 Equitable 過去究竟是如何經營這項業務的。但對我們來說，它再次非常適合我們的職責。我們已經建立了所有風險和營運來管理未來的發展，當我們審視這一切時，我們對定價感到非常滿意。

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘。

My first question, I was hoping that you guys could just talk about just the current pipeline of transactions and where you guys are seeing the most opportunity?

我的第一個問題是，我希望你們可以談談目前的交易管道以及你們認為最多的機會在哪裡？

Sure. Happy to do that. Thank you for the question. Look, I think in our comments, we've described it as attractive. And when -- I think it's the appropriate word because we look at -- when we think of attractive, the quantity is nice.

當然。很高興這樣做。謝謝你的提問。看，我認為在我們的評論中我們已經將其描述為具有吸引力。而且當——我認為這是恰當的詞，因為我們看——當我們想到有吸引力時，數量是好的。

But really, our word is trying to characterize more the quality of the pipeline. So obviously, since the recently announced transactions in RGA's brand and history, we've been in the enviable position to work with many, many great companies. So the way we describe the quality of the pipeline is really around who are the partners? Are they long-term partners? Are they ideally sizable. But as long as they're really long-term partnership mentality.

但實際上，我們的詞彙試圖更多地描述管道的品質。顯然，自從最近宣布 RGA 品牌和歷史交易以來，我們一直處於令人羨慕的地位，可以與許多優秀的公司合作。那麼，我們描述管道品質的方式實際上是圍繞合作夥伴是誰？他們是長期合作夥伴嗎？它們的尺寸是否理想？但只要他們真的有長期合作的心態。

To answer your question on the breadth, I mean, we run our business with a heavy focus in all the three major regions of EMEA, Asia and North America. And it's each of those pipelines are very robust and strong. So it's across the board, breadth is great.

為了回答您關於廣度的問題，我的意思是，我們的業務主要集中在歐洲、中東和非洲、亞洲和北美這三大主要地區。每條管道都非常堅固和強勁。所以它是全面的，廣度很好。

And then the third element as I've alluded to is, does it fit within our strategy? And our strategy is very simple. I mean we call it Creation Re, but really, it's a focus on getting not only repeat business but repeat exclusive business because if we're able to solve the client's opportunity or problem or hopefully even an industry opportunity or problem, then others will come to us to solve that same issue.

然後，正如我所提到的，第三個要素是，它是否符合我們的策略？我們的策略非常簡單。我的意思是，我們稱之為 Creation Re，但實際上，它不僅注重獲得重複業務，還注重獲得重複獨家業務，因為如果我們能夠解決客戶的機會或問題，或者希望甚至是行業機會或問題，那麼其他人就會來找我們解決同樣的問題。

And then we can use our global network to just spread that around the world because life insurance markets around the world seem different. But to be honest, the underlying drivers are very, very similar, the underlying needs. So our global platform allows us to really solve these across the board.

然後我們可以利用我們的全球網路將其傳播到世界各地，因為世界各地的人壽保險市場似乎有所不同。但說實話，其根本驅動力和根本需求非常非常相似。因此，我們的全球平台使我們能夠真正全面地解決這些問題。

And then my follow-up, in your prepared remarks, you were talking about PRT and just there being an impact of some of the market uncertainty there. How do you expect -- do you expect that -- and I know you said it would be temporary. Do you see this as becoming a greater opportunity later this year? Or just how do you see things playing out on the PRT side just given the volatility we're dealing with right now?

然後我的後續問題是，在您準備好的演講中，您談到了 PRT，以及那裡的一些市場不確定性的影響。您如何預期——您預期會怎樣——我知道您說過這只是暫時的。您是否認為這會在今年稍後帶來更大的機會？或者，考慮到我們目前面臨的波動性，您認為 PRT 方面的情況會如何發展？

Yeah, absolutely. This is -- as you suggested, a longer-term story that's already started. So absolutely, do we believe that this is a temporary pause, let's say, there's uncertainty in the macro environment in general. A lot of these the biggest schemes would have been down this journey of derisking for many years already. So it's not a question of stopping.

是的，絕對是如此。正如您所說，這是一個已經開始的長期故事。那麼，我們是否絕對認為這只是暫時的停頓，也就是說，整體宏觀環境存在不確定性。許多最大的計劃可能已經經歷了多年的去風險化過程。所以這不是停止的問題。

It's a question of really pausing it perhaps. But we're very bullish on this. Look, we're looking at some other strategies. -- also to highlight our strength in other segments of the market that really have not paused at all. That was part of our broader strategic direction anyway. So we're very bullish about this market in the medium term and the longer term. And we do expect it to pick up in the second half of the year.

這或許是一個真正暫停的問題。但我們對此非常樂觀。你看，我們正在研究一些其他的策略。 ——也是為了強調我們在其他市場領域的實力，而這些領域其實並沒有停下來。無論如何，這是我們更廣泛的策略方向的一部分。因此，我們對這個市場的中期和長期前景非常看好。我們確實預計今年下半年情況會好轉。

John Barnidge, Piper Sandler.

約翰·巴尼奇、派珀·桑德勒。

With portfolio investing ahead for that elevated cash balance, can you talk about how those new money rates maybe have trended so far in the second quarter for you?

隨著投資組合對現金餘額增加的需求，您能否談談第二季迄今為止這些新貨幣利率的趨勢如何？

John, this is Leslie Barbi. Thanks for the question. Yeah. So as you know, there's been a lot of movement up and down, but really, the rates currently are similar to the first quarter. I guess the only time will tell if that plays out, but yields came down, but spreads widened. So there's still a good opportunity set to put that cash to work.

約翰，這是萊斯利·巴比。謝謝你的提問。是的。如你所知，利率出現了很大的波動，但實際上，目前的利率與第一季的利率相似。我想只有時間才能證明這是否會發生，但收益率下降了，利差卻擴大了。因此，現在仍有很好的機會讓這些現金發揮作用。

My follow-up question sticking with the portfolio. You talked about increased private asset sourcing. Has that also continued to be favorable as well. Thanks.

我的後續問題仍然與投資組合有關。您談到了增加私人資產採購。這是否也繼續是有利的？謝謝。

Yeah. So we have a very broad platform across many public and private asset types, and we've been building that private asset capability for over 20 years, and we had attractive opportunities in the first quarter. And I'll just note that those are also a good match for our stable liabilities. And given the portfolio growth overall, we had some room to invest.

是的。因此，我們擁有涵蓋多種公共和私人資產類型的非常廣泛的平台，並且我們已經建立私人資產能力超過 20 年，並且我們在第一季度獲得了頗具吸引力的機會。我只想指出，這些也與我們的穩定負債非常吻合。考慮到整體投資組合的成長，我們還有一定的投資空間。

I think your question also got to the fact that with market volatility, issuance had paused in public markets and maybe slower in private. It's certainly coming back in public, and we still had a good pipeline in place for private. So I still think there'll be a good set of opportunities, although if volatility continues, it may be somewhat slower.

我認為您的問題也涉及到這樣一個事實：由於市場波動，公開市場的發行已經暫停，而私人市場的發行速度可能會放緩。它肯定會重新回到公眾視野，而且我們仍然為私人領域建立了良好的管道。因此我仍然認為將會有一系列好的機會，儘管如果波動持續下去，速度可能會稍微慢一些。

We're not hearing any questions. Operator, we're ready for the next question. I apologize, everybody. Please hang tight. We are finding the operator.

我們沒有聽到任何問題。接線員，我們準備好回答下一個問題了。我向各位道歉。請稍等。我們正在尋找操作員。

Thank you for your patience. We should be getting there shortly.

感謝您的耐心。我們很快就能到達那裡。

The next question comes from the line of Jimmy Bhullar.

下一個問題來自 Jimmy Bhullar。

So first, I had a question for Tony, just on -- if you could just talk about competition across your various businesses. Many of your competitors are P&C companies, which -- or have P&C reinsurance businesses as well. And it seems like the market is a little softer there.

首先，我有一個問題想問托尼——您能否談談各個業務之間的競爭情況。您的許多競爭對手都是財產和意外傷害保險公司，或也擁有財產和意外傷害再保險業務。那裡的市場似乎有點疲軟。

When it was hardening a lot, there were comments from RGA that, that might actually improve things in life reinsurance as well as some of those companies would be focusing more on the P&C side of their business. Are you seeing the reverse of that now and how our competitive conditions across various markets, given that dynamic and also the fact that in some of the product lines, you're seeing a lot more activity by some of the PE-backed companies.

當它變得更加強硬時，RGA 表示，這實際上可能會改善人壽再保險的情況，其中一些公司將更專注於其業務的 P&C 方面。您現在是否看到了相反的情況？考慮到這種動態以及在某些產品線中您看到一些 PE 支持的公司活動增多這一事實，我們在各個市場的競爭條件如何？

Sure. Thanks, Jimmy, for the question. I guess I'll kick it off with the obvious, which is our focus and strategy is this Creation Re. So honestly, look at our competition, observe what they do and any great things they're doing that are successful, we obviously consider. But our focus is really not to compete.

當然。謝謝吉米提出這個問題。我想我會從顯而易見的事情開始，這就是我們的重點和策略，即 Creation Re。所以說實話，看看我們的競爭對手，觀察他們在做什麼，他們所做的任何成功的偉大事情，我們顯然都會考慮。但我們的重點其實不是競爭。

But I've sort of shared with you that view in the past.

但我過去曾與你們分享過這種觀點。

To answer your question more directly, I think around the fringes, you could say, it's always hard. And I think the different property and casualty companies may act differently depending on a softening and hardening market. So I don't think it's particularly conclusive as to how the P&C market's hardness or softness impacts their attitudes necessarily to life and health. What I would say is that what it does show is we are consistently in the market, right?

為了更直接地回答你的問題，我認為從邊緣來說，你可以說這總是很困難的。我認為，不同的財產和意外傷害保險公司可能會根據市場的疲軟和強硬採取不同的行動。因此，我認為，財產和意外傷害保險市場的軟硬度如何影響人們對生命和健康的態度，還不能得出特別明確的結論。我想說的是，這確實表明我們一直在市場上，對嗎？

We're not in and out or even having any view towards that or any consideration because that's all we do is life and health. So -- and that means we can just consistently build our platform, right? And such that right at this point, the competition intensity, whether it's with the traditional business, which is more the P&C (technical difficulty) before, we don't feel it's particularly overwhelming level of competition.

我們對此既不進也不出，甚至不對此有任何看法或考慮，因為我們所做的一切都是為了生活和健康。那麼——這意味著我們可以持續建立我們的平台，對嗎？就目前而言，無論是與傳統業務，還是與先前的 P&C（技術難度）業務的競爭強度，我們都沒有感受到特別激烈的競爭。

Okay. Just wanted to let you know. I think there's some issue with the call because your comments were paused for a few minutes. I don't know. Can you hear me okay?

好的。只是想讓你知道。我認為通話存在一些問題，因為您的評論暫停了幾分鐘。我不知道。你聽見我說話嗎？

We can hear you.

我們能聽到你的聲音。

Yeah. So there might be some issue. You could address that later as well. I don't know, but maybe go on with your answer if you're going to --?

是的。所以可能存在一些問題。您也可以稍後再解決這個問題。我不知道，但如果你打算繼續回答的話--？

(technical difficulty) Now.

（技術難題）現在。

Just the word now.

現在就說這句話。

Okay. Can I try it now?

好的。現在我可以嘗試一下嗎？

Sure, go ahead.

當然，請說吧。

All right. Okay. So, I mean, Jimmy, to answer your question, like I said, look, our focus really is not to compete. That's the Creation Re focus the fact that we can continually stay in the life and health market given that's all we do in reinsurance. We don't believe the level of intensity of competition has increased materially or noticeably with regards to the blocks or the traditional business that we see from the more pens orientated reinsurers, the hardness or the softness of the market, if it impacts their attitude towards Life and Health, it really is around the fringes. We continue to just strengthen our platform. We believe that we're in a very, very strong position, and that's why we're so optimistic about our future.

好的。好的。所以，吉米，回答你的問題，就像我說的，看，我們的重點真的不是競爭。這就是 Creation Re 的重點，因為這就是我們在再保險領域所做的一切，所以我們可以繼續留在人壽和健康市場。我們認為，就我們從更注重筆的再保險公司看到的區塊或傳統業務而言，競爭強度沒有實質性或顯著增加，市場的硬度或柔軟度，如果它影響到他們對人壽和健康的態度，那真的只是邊緣問題。我們將繼續加強我們的平台。我們相信我們處於非常非常強大的地位，這就是我們對未來如此樂觀的原因。

Okay. And then just another one on the Equitable transaction along the lines of the question previously. They're basically losing around $100 million of income per year. And you've said that you could pick up close to $200 million eventually from that block. And I think a big chunk of that is just you guys repositioning the portfolio.

好的。然後，我們再問一個有關公平交易的問題，與之前的問題類似。他們每年基本上損失約 1 億美元的收入。您說過，您最終可以從該區塊獲得近 2 億美元的收益。我認為其中很大一部分只是你們重新定位投資組合。

So since Leslie is on the call, what is it actually that you're doing with the portfolio that's different than how they've invested it because I think there's a lot of confusion in the market about how one company is losing a lot less business than the other one is picking up from the same block.

所以，既然萊斯利正在通話中，那麼你對投資組合的實際操作與他們的投資方式有什麼不同呢？因為我認為市場上有很多困惑，關於一家公司損失的業務比另一家公司從同一區塊中獲得的業務要少得多。

Well, I know others will want to jump in. It's not all asset portfolio, and we're sticking to our discipline. It will be a reasonable amount of risk, and there will also be some of the assets still managed by Alliance Bernstein. But at the crux of it, where we will be adding value. We do have quite a broad platform, including a broad private asset platform.

好吧，我知道其他人也會想加入。這並非全是資產組合，我們堅持自己的紀律。這將是一個合理的風險，而且部分資產仍將由聯博管理。但關鍵在於，我們將在哪裡增加價值。我們確實擁有相當廣泛的平台，包括廣泛的私人資產平台。

So that is where some of the value is coming in, but it's not the entire value for the transaction.

這就是部分價值的來源，但這並不是交易的全部價值。

And Leslie, I would just add. I mean, of course, the expense footprint is, of course, going to be very different for equitable versus us that, of course, could explain that difference. And then the very last piece would be the accounting, the underlying accounting for that block of business as a reinsurer also looks different to the way that the -- it's more of an earnings emergence point rather than the, of course, underlying economics. But all of these factors probably play in.

還有萊斯利，我只想補充一下。我的意思是，當然，公平和我們的費用足跡當然會非常不同，這當然可以解釋這種差異。然後，最後一步是會計，作為再保險公司，這部分業務的根本會計也看起來不同 - 它更多的是一個盈利出現點，而不是當然的根本經濟學。但所有這些因素可能都會發揮作用。

Wes Carmichael, Autonomous Research.

韋斯·卡邁克爾，自主研究。

I wanted to follow up on the point on Equitable in the accounting. I think there's probably a good reason to think that, that might be bit less volatility. Is that because when you reprice the business and it changes hands, I think the way I understand it is with LDTI accounting, the net premium ratio may be reset and then you have less of the cap cohort volatility coming through. Is that basically the dynamic do have that right?

我想跟進會計中公平的問題。我認為可能有充分的理由認為，波動性可能會小一些。這是因為當您重新定價業務並且業務易手時，我認為我的理解是使用 LDTI 會計，淨保費比率可能會重置，然後您受到的資本群體波動就會減少。基本上，動態確實有這個權利嗎？

Wes, so just to clarify, there's some part of the business may be subject to LDTI, but a big part of it will not be subject to LDTI. So that's not necessarily the driver. I think there could be some smoothing of claims experience through reinsurance accounting. So it's not directly related to LDTI, but it's kind of something like that, essentially something along those lines.

韋斯，需要澄清的是，部分業務可能要遵守 LDTI，但很大一部分業務不會遵守 LDTI。所以這不一定是驅動因素。我認為透過再保險會計可以在一定程度上平滑索賠過程。所以它與 LDTI 沒有直接關係，但有點像，本質上是類似的東西。

Okay. And I guess we saw a pretty material long-term care reinsurance transaction since the last call. And I believe our European reinsurer took the morbidity risk with a [knault] back reinsurer taking the assets. Does RGA have appetite for structures like that because LTC is obviously a gigantic liability set for the industry and the potential opportunity.

好的。我想，自從上次通話以來，我們看到了一筆相當重要的長期照護再保險交易。我相信我們的歐洲再保險公司承擔了發病率風險，而 [knault] 再保險公司則承擔了資產。RGA 是否對這樣的結構感興趣，因為 LTC 顯然對產業和潛在機會來說是一個巨大的負擔。

Wes, let me take that. Look, our attitude to long-term care is very clear. Number one, obviously, given our market position, we do see, I would believe, every opportunity that arises in the market. So that's point number one. But point number two, as I emphasized, real critical, one of the, if not the most important reasons for our success is our discipline.

韋斯，讓我來接手。看，我們對長期照護的態度非常明確。首先，顯然，鑑於我們的市場地位，我相信我們確實看到了市場上出現的每一個機會。這是第一點。但第二點，如我所強調的，真正關鍵的，我們成功的原因之一，如果不是最重要的原因，就是我們的紀律。

So I think I've shared sort of by criteria, at least that we look at with regards to long-term care blocks. The first one would be, is it a strategically important or value or long-term partner. So that's point number one. Point number two would be the risk return trade-off within the block but also being paid appropriately for any risk that we take, obviously. Point number three, does any other blocks of business, non-long-term care come along with the transaction.

所以我認為我已經分享了一些標準，至少是我們關於長期照護區塊的標準。第一個問題是，它是否是一個具有戰略重要性、價值或長期性的合作夥伴。這是第一點。第二點是區塊內的風險回報權衡，但顯然我們承擔的任何風險也會得到適當的回報。第三點，交易是否涉及其他非長期照護業務？

Point number four is really critical is, look, we have done long-term capital for a number of years. We've got a very modest-sized block. But it's within -- it's the newer type of business because that's the business that we have the risk tolerance for. We stayed out of the market for many years until the products moved that way, and that's the only time that we started entering the market many years ago. So the fourth element of it is the risk tolerance.

第四點非常關鍵，你看，我們做了多年的長期資本。我們的街區面積適中。但它是內部的——它是一種較新的業務類型，因為我們對這種業務有風險承受能力。我們多年來一直沒有進入該市場，直到產品朝著那個方向發展，而那是我們多年前唯一一次開始進入該市場。第四個要素是風險承受能力。

And then the final is the site. Yes, we like diversification, but the size of the long-term care block characterize it as new blocks that if and when we do potentially take it with those other criteria, would be modest in size. So hopefully, that gives you a bit of clarity. The one that across the wires recently, we obviously did not have a share of that block of business.

最後是網站。是的，我們喜歡多樣化，但長期照護區塊的規模將其描述為新的區塊，如果我們確實有可能將其與其他標準一起採用，其規模將是適中的。希望這能讓你更清楚。對於最近透過電報傳來的消息，我們顯然沒有參與其中。

Ryan Krueger, KBW.

瑞安·克魯格（Ryan Krueger），KBW。

In the deployable capital disclosures, it looks like the capital sources increased at least a few hundred million from what you had laid out in the Equitable transaction slides. Can you give some more color on what drove that higher?

在可部署資本揭露中，看起來資本來源比您在公平交易幻燈片中列出的至少增加了數億美元。您能否進一步解釋一下推動這一數字上漲的原因？

Ryan, thanks for the question. So just -- I mean, just first to take a step back, we updated both metrics this quarter, excess capital and deployable capital. I want to give some clarity why we're doing that. We think really of those two metrics as kind of serving two different purposes. Excess capital is kind of the defensive metric, point in time, strength of the balance sheet, resilience and destress, et cetera.

Ryan，謝謝你的提問。所以只是——我的意思是，首先退一步來說，我們本季更新了兩個指標，即超額資本和可部署資本。我想解釋一下我們為什麼要這樣做。我們確實認為這兩個指標服務於兩個不同的目的。過剩資本是一種防禦性指標，時間點、資產負債表的強度、彈性和減壓等等。

deployable capital and looks forward, of course, starting from excess capital and taking into account how much capital are we organically generating over the next 12 months sources of third-party capital and in what committed uses do we have against that, that gives us the idea of, okay, how much can we deploy over the next 12 months into a pipeline of opportunities.

可部署資本，當然，展望未來，從過剩資本開始，考慮到我們在未來 12 個月內有機產生多少資本、第三方資本來源，以及我們對此的承諾用途，這讓我們知道，好吧，我們可以在未來 12 個月內將多少資本部署到機會管道中。

So on slide 15, we have a reconciliation. You're correct to pick up that the capital sources and uses is a little bit bigger than what we had in the Equitable disclosure. That's really a reflection of 2 things. As you roll forward, we're now picking up over the next 12 months, we're picking up Q1 '26, and we dropped off Q1 '25.

因此，在第 15 張投影片上，我們進行了和解。您正確地指出，資本來源和用途比公平揭露中的要大一些。這實際上反映了兩件事。隨著時間的流逝，我們在未來 12 個月內將會回升，26 年第一季我們將有所回升，而 25 年第一季我們則有所下降。

So given our momentum, business momentum and our earnings growth, we're picking up that incremental earnings. And then the rest is really kind of model update, if you will, refinement of our projections, which will be part of our updates on this.

因此，考慮到我們的勢頭、業務動能和獲利成長，我們正在獲得增量獲利。然後剩下的實際上是一種模型更新，如果你願意的話，對我們的預測進行改進，這將是我們對此更新的一部分。

And then I think the value of in-force is one thing you've been working to get included with rating agencies for capital sources in the future. Is there a material amount that is currently included for that? Or -- and how has the progress been with talking to -- with the rating agencies?

然後我認為有效價值是你一直努力納入評級機構以獲得未來資本來源的一件事。目前是否包含相關材料金額？或者──與評級機構的談判進度如何？

Yes. So thanks for that. Yes, so the value of in-force is an important concept, right? Because as you know, depending on the framework, it is recognized or it's not recognized, and we have a substantial value of in-force as measured, for example, by our value of in-force business margins. We have a track record of actually execution of securitization of value of in-force block.

是的。所以謝謝你。是的，所以有效價值是一個重要的概念，對嗎？因為如您所知，根據框架，它被認可或不被認可，並且我們擁有相當大的有效價值，例如，可以透過有效業務利潤率的價值來衡量。我們有實際執行有效區塊價值證券化的記錄。

So we can really demonstrate that -- it's -- there's actual analysis that backs it, but ultimately, we can get a third party to lend us money against it, for example, or take a piece of it. So that's very important because that's really a validator of what we see.

因此，我們可以真正證明這一點——有實際的分析來支持這一點，但最終，我們可以讓第三方以此為抵押借錢給我們，或從中分一杯羹。這非常重要，因為這確實驗證了我們所看到的情況。

And from a rating agency perspective, that enables rating agencies to use that. So we actually have that already on the portion of our business. And then what we're doing is really just maintaining our dialogue with rating agencies to continue to increase that portion that is recognized within the framework.

從評級機構的角度來看，這使得評級機構能夠利用這一點。因此，我們的業務實際上已經涵蓋了這一部分。然後，我們所做的實際上只是與評級機構保持對話，以繼續增加框架內認可的部分。

And so we're working on that. It's part of the actions that we're constantly pursuing in terms of improving our capital position. And so at the appropriate time, we'll update you if there's a significant change there.

所以我們正在努力。這是我們為改善資本狀況而不斷採取的行動之一。因此，如果有重大變化，我們會在適當的時候通知您。

Tom Gallagher, Evercore.

湯姆·加拉格爾，Evercore。

Just a couple of quick ones. First on that -- you said you booked part of that industry syndicated contract, the $200 million large claim. How much was your share of that? And then secondly, can you unpack some of the underlying experience in U.S. trade between mortality, long-term care, any other risks like medical stop loss, just a little bit behind the scenes, how things trended.

僅舉幾例。首先，您說您已經簽訂了部分行業聯合合同，即 2 億美元的巨額索賠。你佔了多少份額？其次，您能否揭示美國貿易中死亡率、長期照護、醫療停損等其他風險的一些基本經驗，以及幕後情況如何發展。

Jonathan, you want to take that?

喬納森，你想接受這個嗎？

Yes. Thanks, Axel. Tom, we're not going to give out specifics on the claim. Again, I'll just reiterate that the full impact of that syndicated claim that you talked about was recognized in our Q1 statement, so it's already been recorded. With respect to the experience within the traditional business, as Axel has already mentioned, really, the key driver is the large claims favorability in the US individual line. There were some other pluses and minuses across Latin America Group and US or individual health, but they're all relatively small.

是的。謝謝，阿克塞爾。湯姆，我們不會透露索賠的具體細節。再次重申，您談到的聯合索賠的全部影響已在我們的第一季聲明中得到承認，因此已被記錄下來。關於傳統業務的經驗，正如 Axel 已經提到的，實際上，關鍵驅動因素是美國個人險種的索賠偏好較高。拉丁美洲集團和美國或個人健康狀況也存在一些其他優點和缺點，但都相對較小。

Okay. And then --

好的。進而--

Sorry, Tom, on the long term, I mean broadly, yeah, we didn't see anything. I mean, that was just normal on track experience.

抱歉，湯姆，從長遠來看，我的意思是從廣義上來說，是的，我們沒有看到任何東西。我的意思是，那隻是正常的賽道體驗。

Got you. One other one for you on the equitable transaction. And Axel, you had mentioned the majority of that book is not captured under LDTI and the majority of your business is. So I presume that means on a proportionate basis that's going to increase your earnings volatility somewhat. And I know Equitable had a pretty high level of earnings volatility in that block. How much of a consideration was that for you? Or did you kind of ignore the earnings volatility and just focused more on the economic returns?

明白了。另外再給大家講公平交易。阿克塞爾，您提到那本書的大部分內容不屬於 LDTI 範疇，而您的大部分業務卻屬於。所以我認為這意味著從比例上來說這會在某種程度上增加你的收益波動。我知道 Equitable 在那個時期的獲利波動性相當高。您對此考慮了多少？或者您忽略了收益波動而僅僅更加關注經濟回報？

Let me get started on that. So look, Tom, of course, we said, we repriced the transaction, right? So that's absolutely critical repricing means, of course, we assess the underlying economic risks -- but of course, the earnings signature and the accounting impact, including not just base case but stress analysis and evaluation of the potential volatility.

讓我開始吧。所以，湯姆，你看，當然，我們說過，我們重新定價了交易，對吧？因此，重新定價絕對是至關重要的，這意味著，我們當然要評估潛在的經濟風險——當然，還要評估獲利特徵和會計影響，不僅包括基本情況，還包括壓力分析和潛在波動的評估。

Ultimately, like I said, the overall mortality risk was increased by about 5%, even if the accounting may be more volatile, for example, our balance sheet is very large or sources of earnings perfectly can accommodate that level of volatility. So not really a concern, something that we entered into with open eyes and not particularly worried about it.

最終，就像我說的，整體死亡風險增加了約 5%，即使會計可能更加不穩定，例如，我們的資產負債表非常大，或者收益來源完全可以適應這種程度的波動。所以這並不是什麼大問題，我們是睜著眼睛看這件事的，並不是特別擔心。

I don't know if you've got -- go ahead.

我不知道你是否有--請說。

Yes. Sorry, maybe just one more thing to add on to that. When you think about the Equitable block being added into our existing book of mortality business, we do get a diversification -- a broader diversification benefit across the whole book, which will help from a relative volatility perspective.

是的。抱歉，也許我還需要補充一點。當您考慮將公平區塊添加到我們現有的死亡率業務中時，我們確實獲得了多樣化 - 整個業務的更廣泛的多樣化收益，這將從相對波動性的角度有所幫助。

Joel Hurwitz, Dowling Partners.

道林合夥公司的喬爾‧赫爾維茨 (Joel Hurwitz)。

So first one to touch on variable investment income. And can you just walk through what's sort of embedded in your operating earnings targets? And did the earnings targets outlined last quarter assume 6% returns or your long term 10% to 12%. And then just I think some of your alternative income flows through operating and some flows through in that. Can you just provide some color on what pieces flow to operating versus net income?

首先要談的是可變投資收益。您能否簡單介紹一下您的營業利潤目標包含哪些內容？上個季度概述的獲利目標是否假設回報率為 6% 或長期回報率為 10% 至 12%。然後我認為您的一些替代收入是透過營運流入的，而有些是透過營運流入的。您能否詳細說明哪些部分流入了營業收入，哪些部分流入了淨收入？

Sure. Thank you for the question, Joel. To start with in the targets that we put out recently that start from the 2025 run rate, the VII expectation that's built in there is a 6% return. So that is, of course -- it reflected what we understood of the market environment, our expectation about realizations on LPs and, of course, the real estate joint venture sales and that 6% relative to what our long-term return of 10% to 12% would be. Like we said, when we look forward from here for the next 12 months and looking forward, a 6% return for that VII is our expectation, continues to be our expectation.

當然。謝謝你的提問，喬爾。首先，我們最近提出的目標從 2025 年的運行率開始，其中內建的 VII 預期是 6% 的回報率。當然，這反映了我們對市場環境的理解、我們對 LP 實現情況的預期，當然還有房地產合資企業銷售，以及相對於我們 10% 至 12% 的長期回報率而言的 6%。就像我們所說的那樣，當我們展望未來 12 個月時，我們預期 VII 的回報率為 6%，並且將繼續是我們的預期。

And then lastly, in terms of the accounting, it's really to do with a portion of the limited partnerships. I accounted such that the unrealized portion of it would be would be below the line, nonoperating. But I want to make it clear that when there's a realization or realization flow through operating income. So ultimately, all of the ultimate return will flow through operating income.

最後，就會計而言，這實際上與有限合夥企業的部分有關。我認為其中未實現的部分將低於該線，不具有經營性。但我想明確一點，當有實現或實現流向營業收入時。因此最終，所有的最終回報都將透過營業收入流出。

Okay. Very helpful. And then, Tony, I know you said in your prepared remarks that in-force actions were modest in the quarter, but you sounded pretty positive on a number of initiatives. Could you just elaborate on some of these initiatives and how much of a potential benefit there could be?

好的。非常有幫助。然後，托尼，我知道您在準備好的發言中說過，本季度實施的行動規模不大，但您對許多舉措的態度聽起來相當積極。您能否詳細說明這些舉措以及它們可能帶來多少潛在利益？

Yes. No, I mean, it is just part of our business. So and it's an area, anything we explore, then we're interested and excited by. So the team works on that, and we've got teams dedicated on that, and purely to enforce our rights in the treaty in a win-win fashion. So I just want to highlight, as I've said previously, it is lumpy in nature. But we continue to explore it and would be hopeful some falls through by the end of the year, but it's business as usual for us on that.

是的。不，我的意思是，這只是我們業務的一部分。所以這是一個我們探索的領域，我們對任何事物都感興趣並且感到興奮。因此，團隊致力於此，我們有一個專門的團隊負責此事，純粹是為了以雙贏的方式行使我們在條約中的權利。因此我只想強調，正如我之前所說的，它的本質是塊狀的。但我們會繼續探索，並希望在今年年底前取得一些進展，但在這方面我們一切照常。

Wilma Burdis, Raymond James.

威爾瑪伯迪斯、雷蒙詹姆斯。

Could you just give us an update on your outlook for mortality now? It seems like one thing I've been hearing is that it's a little bit better. At younger ages below 9 years so and then at older ages a little bit worse than pre-COVID. And then are you seeing any changes with GLP-1s or others now that we have a little bit more experience.

您能否向我們介紹一下您對死亡率的最新看法？我聽到的一件事似乎是情況有所改善。對於 9 歲以下的兒童來說，情況是如此；而對於年齡較大的兒童來說，情況比疫情之前要差一些。那麼，現在我們有了更多的經驗，您是否看到 GLP-1 或其他藥物有任何變化？

This is Jonathan. Yes, certainly, we're encouraged by what we're seeing in the general population. So if you look at 2024 experience as reported by the CDC, excess mortality was down to about 1% in the U.S. relative to about 3.5% excess in 2023. That's across all ages.

這是喬納森。是的，當然，我們對一般民眾的所見所聞感到鼓舞。因此，如果你看看美國疾病管制與預防中心報告的 2024 年經驗，你會發現美國的超額死亡率已下降至約 1%，而 2023 年的超額死亡率約為 3.5%。這適用於所有年齡層。

So that's a positive trend that's good to see coming out of COVID. Specifically on GLP-1s, I think we continue to be very encouraged by the potential benefits given data that is emerging in anticipation of improvements in both effectiveness and accessibility.

所以，這是擺脫 COVID 的積極趨勢，值得高興。具體來說，對於 GLP-1 而言，我認為，鑑於預期有效性和可及性都會得到改善的數據，我們繼續對其潛在益處感到非常鼓舞。

So recently, there was just a news article about an oral version of GLP-1 drugs that could further enhance that accessibility and take-up rates as an example. We continue to devote significant resources for ongoing analysis and looking at data in clinical literature. And our expectation would be to incorporate any of those impacts into our assumptions when appropriate. But at this point, we have not explicitly reflected those impacts.

例如，最近有一篇新聞文章介紹了一種口服 GLP-1 藥物，可以進一步提高藥物的可近性和服用率。我們將繼續投入大量資源進行持續分析並查看臨床文獻中的數據。我們的期望是在適當的時候將這些影響納入我們的假設中。但目前我們還沒有明確反映這些影響。

And could you just give a little bit more detail on the ability to price and how that changes the way as you think about --?

您能否更詳細地介紹定價能力以及它如何改變您思考的方式？--？

I'm really sorry to interrupt. Wilma, we are not getting audio correctly from your end. It was breaking. your line was breaking. If you can repeat the question.

我真的很抱歉打擾您。威爾瑪，我們無法從你那邊正確取得音訊。它斷了。你的線斷了。如果你可以重複這個問題。

Yeah, sure. On the Equitable block, could you give us more detail on the ability to reprice and how that changes post acquisition?

是的，當然。關於公平區塊，您能否向我們詳細介紹重新定價的能力以及收購後重新定價的能力如何變化？

Yeah. I mean, well -- I mean, definitely, on the reprices, what we're referring to there is predominantly the initial reprice. So obviously, these blocks of business was written by equitable in the past, we get to do a fresh look and use our pricing assumptions as we price the transaction.

是的。我的意思是，嗯 - 我的意思是，關於重新定價，我們主要指的是初始重新定價。因此很明顯，這些業務模組是公平的，在過去，我們需要重新審視，並在對交易進行定價時使用我們的定價假設。

Obviously, when we do that, we look at their data, we also look at our data and there's many actuarial techniques to co-mingle the data and work out what we think is the right price, not only in the short term, but don't forget these are longer-term businesses that we have to make assumptions for the future, but that's really the bread and butter business that we've been doing for over 50 years now and doing very well.

顯然，當我們這樣做時，我們會查看他們的數據，我們也會查看我們的數據，並且使用許多精算技術來混合數據併計算出我們認為的正確價格，不僅是在短期內，而且不要忘記這些是我們必須對未來做出假設的長期業務，但這確實是我們 50 多年來一直在做並且做得很好的衣食父母業務。

Mike Ward, UBS.

瑞銀集團的麥克沃德。

I was just wondering on the new business pipeline that you guys do see. Is there any areas where you see more or less opportunity? And did the -- does the equitable deal sort of like ratchet you up on the US side, so we should expect more deals on the international side? Or is that -- do you not sort of set that framework?

我只是想知道你們看到的新業務管道。您認為哪些領域機會較多或較少？公平交易是否在某種程度上對美國方面產生了影響，所以我們應該期待在國際方面達成更多交易？或者是—您沒有設定這個框架嗎？

Thanks for the question, Mike. Yes. sort of repeating a bit, I mean, it really is across the board, the three regions are just each and every one of them is strong. So different size type transactions, as I mentioned, in Asia, and even in EMEA, there's probably more regular flow of not only the new business sort of traditional business, but even the blocks more modest in size, but we just leverage off the fact that we have these incredibly strong local partnerships.

謝謝你的提問，麥克。是的，有點重複，我的意思是，這確實是全面的，這三個地區每一個都很強大。因此，正如我所提到的，在亞洲，甚至在歐洲、中東和非洲地區，不同規模的交易可能不僅有新業務和傳統業務的更頻繁的流動，甚至還有規模較小的業務，但我們只是利用了我們擁有這些非常強大的本地合作夥伴關係這一事實。

In the US, obviously, the Equitable transaction is strategically significant for the market. So obviously, we've had a lot of inquiries and talking to clients potentially about how we can also assist them strategically fulfilling those endeavors. These things take time. The equitable transaction was a particularly sizable one. So once again, in the US, we're very excited also about the the pipeline there. And all three very strong and all three learn from each other.

在美國，Equitable 交易顯然對市場具有戰略意義。顯然，我們收到了很多詢問，並與客戶進行了交談，討論如何幫助他們策略性地實現這些努力。這些事情需要時間。這筆公平交易的規模特別大。因此，再一次，在美國，我們也對那裡的管道感到非常興奮。這三個人都非常強大，而且互相學習。

So there's no reason why some of the things we've done in the US or in Asia are not absolutely being transplanted into the other regions because that's what we do is make sure our global platform is very well connected strategically and find those new solutions that work for those different markets.

因此，我們在美國或亞洲所做的一些事情沒有被移植到其他地區，因為我們所做的就是確保我們的全球平台在策略上緊密相連，並找到適合不同市場的新解決方案。

And then just back to the sources of capital. I'm curious how active is the third-party capital, I guess, pipeline and your ability to establish more Ruby Res. And then just confirming there is a slide deck mentioned potential capital markets issuances, but just wanted to confirm that common equity is low on the totem pole in terms of capital sources.

然後回到資本來源問題。我很好奇第三方資本的活躍程度，我猜，管道和你建立更多 Ruby Res 的能力。然後只是確認幻燈片中提到了潛在的資本市場發行，但只是想確認普通股在資本來源方面處於較低水平。

Great. Thank you for the question. So let me start with Ruby Re, we're, of course, very focused on fulfilling our commitment to those investors. We didn't see business in the first quarter, that's really waiting for year-end statutory financials to be available, but we're constantly working on that and we expect -- again, we continue to be optimistic that the majority of that capital will be deployed by the end of the year. And so that enables us to really build upon that.

偉大的。謝謝你的提問。那麼，讓我從 Ruby Re 開始吧，我們當然非常注重履行對那些投資者的承諾。我們在第一季沒有看到業務，這實際上是在等待年底法定財務數據的出爐，但我們正在不斷努力，我們預計——再次，我們繼續樂觀地認為，大部分資本將在年底前部署完畢。這使我們能夠真正在此基礎上繼續發展。

It's a nice track record. It's a nice supplement to our own capital in enabling us to access the global pipeline of opportunities that we have -- and so we certainly were interested in continuing to build on that track record. In terms of the footnote that kind of describes sources of capital, potential capital issuance, that's a catch all is not kind of signaling anything specific and imminent. And to your point on common equity. It's one of the things that we look at.

這是一份很好的記錄。這是對我們自身資本的良好補充，使我們能夠獲得我們擁有的全球機會——因此，我們當然有興趣繼續鞏固這一業績記錄。就描述資本來源、潛在資本發行的腳註而言，這是一種包羅萬象的做法，並不預示任何具體和迫在眉睫的事情。關於您關於普通股權益的觀點。這是我們關注的事情之一。

And of course, it requires a high hurdle rate for it to make sense.

當然，這需要很高的報酬率才有意義。

Bob Huang, Morgan Stanley.

摩根士丹利的 Bob Huang。

I know we're out of time, so I'll keep it to one question. Maybe if you can give us a little bit more color on the Japan reinsurance opportunities. I know you touched on it in your prepared remarks. It feels not just like a new opportunity for you, but a broader set of opportunity for the industry and the addressable market seems to be very large. Can you maybe, one, talk about that opportunity, but also to talk about just the competitive environment from that area.

我知道時間不夠了，所以我只問一個問題。也許您能給我們詳細介紹一下日本再保險的機會。我知道您在準備好的發言中提到了這一點。這對您來說不僅僅是一個新的機會，而且對整個行業來說也是一個更廣泛的機會，而且潛在市場似乎非常大。您能否先談談這個機會，同時也談談該地區的競爭環境。

Sure, happy to. The way things work in Japan is -- number one, yeah, it's a very exciting. Number two, I think we believe we're still relatively early in the cycle. I mean, they don't -- the Japanese clients don't tend to do everything at once, right? They'll do many, many tranches business. One client, we've done numerous tranches with over numerous years. So every year, it's sort of one more tranche. So that's point number one.

當然，我很樂意。日本的運作方式是——首先，是的，非常令人興奮。第二，我認為我們仍處於週期的早期階段。我的意思是，他們不會——日本客戶不會一次做完所有事情，對吧？他們會做很多很多批的業務。有一位客戶，我們在過去幾年已經完成了多期專案。因此，每年都像是另一個批次。這是第一點。

Point number two, in terms of competitiveness, we don't go after everything. I mean there is a particularly material asset-only type market there with very little what we call biometric risk. And we don't particularly pursue that. We don't think we would be particularly competitive in that. So where we really focus is our sweet spot, which is those asset transactions with very long-term loyal clients. That may be more modest in size, right? But they're more bilateral in nature.

第二點，就競爭力而言，我們並不追求一切。我的意思是，那裡有一個特別重要的資產類型的市場，我們所說的生物辨識風險非常小。我們並不特別追求這一點。我們認為我們在這方面不會特別有競爭力。因此，我們真正關注的是我們的最佳點，即與長期忠誠客戶進行的資產交易。尺寸可能比較適中，對嗎？但它們的性質更加雙邊。

And they have that biometric risk that helps us distinguish ourselves. So -- they're in a very exciting market. It does take time to play out. And it also takes some after sales service. There's one thing doing the transaction, we all get excited by that.

而且它們具有幫助我們區分自己的生物辨識風險。所以——他們處在一個非常令人興奮的市場。這確實需要時間才能實現。而且還需要一些售後服務。有一件事正在進行交易，我們都對此感到興奮。

But we've got over, I believe, over 100 people based in Tokyo now that would also assist in the aftersales service in the local language with long-term relationships there. So we really do believe that's a critical edge medium, longer term as these transactions firstly get consummated and then secondly, get [pushed] over decades. That's what it's going to take to be sustainably successful in this business.

但我相信，我們現在在東京有超過 100 名員工，他們也可以用當地語言協助提供售後服務，並在那裡建立了長期的合作關係。因此，我們確實相信，從中長期來看，這是一個關鍵的優勢，因為這些交易首先要完成，其次要在未來幾十年內得到推進。這就是在這個行業中取得持續成功所需要的。

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

我們的問答環節到此結束。現在我想將會議交還給 Tony Cheng 作閉幕發言。

Well, thank you all very much for your questions and your very strong interest and continued interest in RGA. This was a very good quarter and the start of what we believe will be a great year. further demonstrating our very strong and continued momentum and substantial earnings power. So have a great day, and we look forward to talking to you next time. Bye-bye.

好吧，非常感謝大家的提問以及對 RGA 的濃厚興趣和持續關注。這是一個非常好的季度，我們相信這將是一個偉大的一年的開始。進一步展示了我們非常強勁和持續的發展勢頭和可觀的盈利能力。祝您有愉快的一天，我們期待下次與您交談。再見。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。