美國再保險集團 (RGA) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Reinsurance Group of America second quarter 2025 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 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Jeff Hopson, Senior Vice President, Investor Relations. Please go ahead.

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 second quarter 2025 conference call. I'm joined on the call this morning with Tony Cheng, RGA's President and CEO; Axel Andre, Chief Financial Officer; Leslie Barbi, Chief Investment Officer; and Jonathan Porter, Chief Risk Officer.

謝謝。歡迎參加 RGA 2025 年第二季電話會議。今天上午，我與 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 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 may contain forward-looking statements. Actual results could differ materially from expected results. Please refer to the earnings release we issued yesterday for a list of important factors that could cause actual results to differ from the expected results.

在我們開始之前，請快速提醒一下有關前瞻性資訊和非公認會計準則財務指標的資訊。我們的一些評論或回答可能包含前瞻性陳述。實際結果可能與預期結果有重大差異。請參閱我們昨天發布的收益報告，其中列出了可能導致實際結果與預期結果不同的重要因素。

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報告（兩者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 operating EPS of $4.72 per share. Our adjusted operating return on equity for the trailing 12 months, excluding notable items, was 14.3%, which is in line with our intermediate-term targets.

大家早安，感謝你們參加我們的電話會議。昨晚，我們報告每股營業收益為 4.72 美元。過去 12 個月，我們調整後的營業股本回報率（不包括重大項目）為 14.3%，符合我們的中期目標。

The operating results were below expectations due to large claims volatility in US individual life and unfavorable claims in our Healthcare Excess business, which is one of our four business lines within US Group. The US individual experience reflected a higher level of large claims that offset the favorable experience in Q1. For the year, we are in line with expectations, and our forward-looking views have not changed.

由於美國個人壽險的索賠波動較大，以及我們的醫療超額業務（美國集團的四大業務線之一）的索賠不利，經營業績低於預期。美國個人經驗反映出大額索賠水準較高，抵銷了第一季的良好經驗。對今年來說，我們的業績符合預期，我們的前瞻性觀點並沒有改變。

On the US Group Healthcare Excess business, claims were unfavorable, consistent with the trends in the market as seen by the experience of other health companies. This is short-term business, the vast majority of which will be repriced by January 2026.

就美國團體醫療保健超額業務而言，索賠情況不利，這與其他醫療保健公司的經驗所見的市場趨勢一致。這是短期業務，其中絕大多數將在2026年1月之前重新定價。

At a more strategic level, RGA has achieved one of our best quarters yet in terms of delivering tangible successes. Firstly, during the quarter, there was a significant increase in our excess and deployable capital measures. This will give us considerably more flexibility going forward to fund not only our strong growth but also return capital to shareholders in the form of dividends and share repurchases.

從更具策略性的層面來看，RGA 在取得實際成功方面取得了迄今為止最好的季度之一。首先，本季我們的超額和可部署資本措施大幅增加。這將為我們未來提供更大的靈活性，不僅可以為我們的強勁成長提供資金，還可以以股息和股票回購的形式向股東返還資本。

Secondly, our business momentum remains very strong in both our financial solutions and traditional businesses. I am delighted with the closing of the Equitable transaction, as we announced yesterday. This transaction has an effective date of April 1. This start date was mutually agreed with Equitable as the experience on the block in Q2 was in line with our expectations.

其次，我們的金融解決方案和傳統業務的業務勢頭依然強勁。正如我們昨天宣布的那樣，我很高興 Equitable 交易的完成。該交易的生效日期為4月1日。這個開始日期是與 Equitable 雙方同意的，因為第二季的體驗符合我們的預期。

It is not just in the US that we continue to be a market leader in the asset-intensive business. We are having tremendous success in this business line across the globe. I believe this quarter was the first time in our history, we have won asset intensive transactions in five different countries across three continents. This shows the power of RGA's global platform.

我們不僅在美國繼續保持資產密集型業務的市場領先地位。我們在全球範圍內的這一業務領域取得了巨大的成功。我相信本季是我們史上第一次在三大洲五個不同國家贏得資產密集型交易。這體現了RGA全球平台的強大力量。

In the traditional space, for the first six months of the year, our premiums rose by a strong 11% on a constant currency basis while maintaining our robust margins by delivering unique and customized solutions.

在傳統領域，今年前六個月，我們的保費按固定匯率計算強勁上漲了 11%，同時透過提供獨特的客製化解決方案保持了強勁的利潤率。

Whether in the traditional or financial solutions space, the nature of our solutions do vary around the world. But what is consistent throughout and what drives this business momentum is our focus on creation Re. This focus allows us to continue to exceed our targets in terms of the percentage of business coming from exclusive arrangements. This increases our pricing returns as we create greater value for RGA and our clients.

無論是在傳統解決方案領域還是金融解決方案領域，我們的解決方案的性質在世界各地都有所不同。但始終如一、推動這項業務發展勢頭的是我們對創造 Re 的關注。這種專注使我們能夠在來自獨家安排的業務比例方面繼續超越我們的目標。由於我們為 RGA 和客戶創造了更大的價值，因此這增加了我們的定價回報。

As you know, Creation Re is about our ability to create innovative solutions. It is also about our ability to maintain our strong risk discipline. We speak a fair amount about the business we do win, but as instructive is information about the blocks we do not pursue.

如您所知，Creation Re 體現的是我們創造創新解決方案的能力。這也與我們維持嚴格風險紀律的能力有關。我們談論了很多我們確實贏得的業務，但有關我們沒有追求的障礙的資訊也同樣具有啟發性。

This quarter, there were several high-profile brokered transactions in the US that we chose not to participate in. These transactions did not fit within our sweet spot and risk appetite. Our global platform allows us the flexibility to selectively pursue the business we like around the world.

本季，美國有幾筆備受矚目的經紀交易，但我們選擇不參與。這些交易並不符合我們的最佳點和風險偏好。我們的全球平台使我們能夠靈活地選擇性地在世界各地開展我們喜歡的業務。

Thirdly, another area of strategic success is the continued build-out of our comprehensive asset management platform both in terms of the breadth and depth of capabilities. Our investment results were strong this quarter. The earned rate on the portfolio increased due to the strong variable investment income and higher new money rate. Our efforts over the past year to identify and act on repositioning some existing investments also supported these results.

第三，另一個策略成功的領域是我們在能力廣度和深度方面不斷建構全面的資產管理平台。本季我們的投資業績強勁。由於強勁的可變投資收益和更高的新資金利率，投資組合的收益率增加。我們在過去一年中為確定和重新定位一些現有投資所做的努力也支持了這些結果。

Our success is due to our prudent long-term approach to asset management. We build portfolios to whether the entirety of the investment cycle and have delivered strong returns while remaining well matched to our liability profile.

我們的成功歸功於我們審慎的長期資產管理方法。我們所建構的投資組合涵蓋整個投資週期，並且已經實現了強勁的回報，同時與我們的負債狀況保持良好的匹配。

I will now provide more specific details on some of our new business activities in the quarter focused on our four areas of notable growth. In Asia Traditional, we had a robust quarter in terms of new treaties with all markets performing well. Our Hong Kong operations continue to shine in a market that showed a 43% increase in life insurance sales for the first quarter to a record high. In Taiwan, which is one of our strongest markets, we have been active in the senior market. Currently, there are six clients in the market offering 14 senior products all supported by RGA.

我現在將重點介紹我們本季的一些新業務活動，並專注於四個顯著成長的領域。在亞洲傳統市場，本季我們的新條約簽訂情況十分強勁，所有市場均表現良好。我們的香港業務持續在市場上大放異彩，第一季人壽保險銷售額成長 43%，創歷史新高。台灣是我們最強大的市場之一，我們一直活躍於老年市場。目前，市場上有 6 家客戶提供 14 種高級產品，均由 RGA 支援。

Finally, in Korea, we continue to have success in the upgrade cycle relating to the next generation of critical illness products. As you can see, each new product development not only leads to greater business within that market but also adds to our library of solutions that we then redeploy across Asia and across the globe.

最後，在韓國，我們在下一代重大疾病產品的升級週期中繼續取得成功。如您所見，每項新產品的開發不僅會為該市場帶來更大的業務，而且還會豐富我們的解決方案庫，然後我們將這些解決方案重新部署到亞洲和全球。

Moving to Asia Financial Solutions, our second area of notable growth. We closed several transactions in Japan, Korea and Hong Kong. We continue to see regulatory changes as a key tailwind in these and other markets.

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、韓國和香港完成了幾筆交易。我們繼續將監管變化視為這些市場和其他市場的關鍵推動力。

While the large marquee transactions get the headlines, we also value these more frequent modest-sized flow or block transactions that are often completed without an intense bidding process. RGA with it's many touch points and long-standing relationships is best positioned to provide these differentiated and more tailored solutions to our clients.

雖然大型交易佔據了頭條新聞，但我們也重視這些更頻繁的中等規模的流動或大宗交易，這些交易通常在沒有激烈競標過程的情況下完成。RGA 擁有眾多接觸點和長期合作關係，最適合為我們的客戶提供這些差異化和更有針對性的解決方案。

Our third area of notable growth is the longevity in the PRT market. In the UK, we had a very active quarter as we closed a number of attractive transactions. We are on pace to meet our targets for new business and believe we are the clear market leader. The highlight of the quarter in the UK was an asset-intensive transaction with a new client. We partnered to develop a tailored solution made possible because of RGA's strong ratings, reputation and execution certainty.

我們的第三個顯著成長領域是 PRT 市場的長壽。在英國，我們度過了一個非常活躍的季度，因為我們完成了許多有吸引力的交易。我們正在穩步實現新業務目標，並相信我們是明顯的市場領導者。本季英國的亮點是與新客戶進行的資產密集型交易。我們合作開發了客製化解決方案，這得益於 RGA 的強大評級、聲譽和執行確定性。

In the US PRT market, we are encouraged by the increase in activity at the jumbo end of the market. Given our business pipeline, we expect a pickup in activity in the second half of the year.

在美國 PRT 市場，巨型市場活動的增加令我們感到鼓舞。考慮到我們的業務管道，我們預計今年下半年的業務活動將會回升。

In the US Traditional area, our fourth area of notable growth, we had strong new business, most of which was related to our underwriting initiatives. It was a record quarter for individual underwriting cases and we made inroads towards four underwriting outsourcing with a few important clients.

在美國傳統領域，也就是我們的第四個顯著成長的領域，我們擁有強勁的新業務，其中大部分與我們的核保計劃有關。本季個人承保案件創歷史新高，我們與幾位重要客戶達成了四項承保外包協議。

Additionally, our broad array of underwriting services was the primary driver of us winning a leading share in many transactions. This included one in-force transaction where the client increased our share due to the services we provide.

此外，我們廣泛的核保服務是我們在許多交易中贏得領先份額的主要驅動力。其中包括一項有效交易，客戶由於我們提供的服務而增加了我們的份額。

When you combine our underwriting and product development services with our partners that provide distribution technology and other services, further coupled with our ability to reinsure both sides of the balance sheet, you can see why we continue to bring holistic solutions generating exclusive business for RGA.

當您將我們的核保和產品開發服務與提供分銷技術和其他服務的合作夥伴結合起來，再加上我們為資產負債表的兩邊進行再保險的能力時，您就會明白為什麼我們繼續提供整體解決方案，為 RGA 創造獨家業務。

Putting it all together, I am very pleased with our continued success in providing significant value to RGA and our clients through our Creation Re efforts. When combined with our balance sheet optimization on the capital side, in-force actions, investment portfolio repositioning and other management levers, we expect to be successful in driving improved returns for shareholders and therefore, a tailwind to our current ROE.

總而言之，我很高興我們透過 Creation Re 的努力繼續成功地為 RGA 和我們的客戶提供巨大的價值。當與我們在資本方面的資產負債表優化、有效行動、投資組合重新定位和其他管理槓桿相結合時，我們預計將成功推動股東回報的提高，從而對我們當前的 ROE 產生順風作用。

We remain confident about the future of our business prospects as RGA is well positioned in its markets, and we have a proven successful strategy that has stood the test of time. I will now turn it over to our CFO, Axel Andre, to discuss the financial results in more detail.

由於 RGA 在其市場中佔據有利地位，並且我們擁有經過時間考驗的成功策略，因此我們對未來的業務前景充滿信心。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。

Thanks, Tony. RGA reported pretax adjusted operating income of $421 million for the quarter or $4.72 per share after tax. For the trailing 12 months, adjusted operating return on equity, excluding notable items, was 14.3%. After a strong first quarter, this quarter's results were below expectations, driven primarily by claims volatility in US individual life and unfavorable claims in one of the businesses within US Group, which I'll expand on shortly.

謝謝，托尼。RGA 報告本季稅前調整後營業收入為 4.21 億美元，即稅後每股 4.72 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 14.3%。在第一季表現強勁之後，本季的業績低於預期，主要原因是美國個人壽險的索賠波動以及美國集團旗下某項業務的不利索賠，我將在稍後詳細說明。

Aside from the financial results, we have made good progress on several strategic initiatives in the quarter, including materially improving our capital position. As a result of further balance sheet optimization and the recognition of the additional value of in-force business in certain capital models, our excess capital increased to $3.8 billion at the end of Q2. Pro forma for the Equitable transaction, which I'll discuss in more detail, excess capital was $2.3 billion.

除了財務表現之外，本季我們在幾項策略措施上也取得了良好進展，包括大幅改善我們的資本狀況。由於進一步優化資產負債表和在某些資本模型中確認有效業務的附加價值，我們的超額資本在第二季末增加至 38 億美元。我將更詳細地討論公平交易的預測，超額資本為 23 億美元。

Similarly, our deployable capital increased to $3.4 billion at the end of the quarter. During the period, we deployed $276 million into in-force transactions. Our non-spread portfolio yield, excluding variable investment income, was 4.98% in Q2, up 8 basis points from the first quarter. Total variable investment income was strong at $105 million, significantly higher than last quarter and now favorable for the year. The results were primarily due to realizations in our limited partnerships and real estate joint venture sales.

同樣，我們的可部署資本在本季末增加到 34 億美元。在此期間，我們向有效交易投入了 2.76 億美元。我們第二季的非利差投資組合收益率（不包括可變投資收益）為 4.98%，較第一季上升 8 個基點。總可變投資收益強勁，達到 1.05 億美元，大幅高於上一季度，對今年而言是利好。這項結果主要歸功於我們有限合夥企業和房地產合資企業銷售的實現。

The effective tax rate for the quarter was 25.2% on adjusted operating income before taxes, above the expected range of 23% to 24%, primarily due to the establishment of valuation allowances on foreign tax credits. We are still expecting a tax rate of 23% to 24% for the full year.

本季調整後稅前營業收入的有效稅率為 25.2%，高於預期的 23% 至 24%，主要原因是設立了外國稅收抵免的估價準備。我們仍預計全年稅率為23%至24%。

Yesterday, we announced the closing of the previously discussed transaction with Equitable. I would like to provide additional details regarding certain closing terms. The transaction is effective April 1, which was mutually agreed versus an alternative of July 1. When reviewing the Q2 claims experience and overall results on the assumed block, we found it to be in line with our expectations and thus found it beneficial to accept an earlier effective date.

昨天，我們宣布與 Equitable 之前討論的交易已經完成。我想提供有關某些成交條款的更多詳細資訊。該交易將於 4 月 1 日生效，這是雙方同意的，而不是 7 月 1 日的替代方案。在審查第二季度的索賠經驗和假設區塊的整體結果時，我們發現它符合我們的預期，因此發現接受更早的生效日期是有益的。

Our review of the experience also helped affirm the reasonableness of our actuarial and pricing assumptions. Although it's effective April 1, we will only report six months of earnings in our 2025 GAAP results. The Q2 earnings on the block are estimated to be $30 million, in line with our expectations and these will be deferred and amortized into earnings over the life of the transaction.

我們對經驗的回顧也有助於確認我們的精算和定價假設的合理性。儘管該政策於 4 月 1 日生效，但我們在 2025 年 GAAP 業績中僅報告六個月的收益。該區塊的第二季收益預計為 3000 萬美元，符合我們的預期，這些收益將在交易期間遞延並攤銷為收益。

For the second half of 2025, we still expect pretax operating income contributions of approximately $70 million, increasing to $160 million to $170 million in 2026 and approximately $200 million per year by 2027.

對於 2025 年下半年，我們仍預期稅前營業收入貢獻約為 7,000 萬美元，到 2026 年將增至 1.6 億至 1.7 億美元，到 2027 年將增至每年約 2 億美元。

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 impacts on a quarterly basis. As mentioned earlier, claims experience was unfavorable in the quarter, primarily driven by the US Traditional segment.

談到我們的收益報告第 8 張投影片中概述的生物辨識索賠經驗。這顯示了公司索賠總經驗以及相關財務報表按季度產生的影響。如前所述，本季的索賠情況不佳，主要受美國傳統保險部門的影響。

For the company, economic claims experience was lower than expected by $256 million with a corresponding $158 million unfavorable current period financial impact. Claims experience was unfavorable in US individual life primarily due to higher large claims offsetting the favorable experience from Q1.

對於該公司而言，經濟索賠經驗比預期低 2.56 億美元，相應造成 1.58 億美元的不利當期財務影響。美國個人壽險的索賠情況不佳，主要是因為大額索賠增加抵消了第一季的良好經驗。

For the year, the economic claims experience for US individual life is broadly in line with expectations. The current period financial impact was significant due to the proportion of claims in [capt] cohorts. Claims in US Group were also higher than expected, driven by our Healthcare Excess business, consistent with recent industry trends. Other lines within US Group performed in line with expectations.

今年，美國個人壽險的經濟索賠經歷基本符合預期。由於 [capt] 群組中的索賠比例較高，因此本期財務影響較大。受醫療保健超額業務的推動，美國集團的索賠也高於預期，這與最近的行業趨勢一致。美國集團旗下其他業務的表現符合預期。

We think that the current challenges within the Healthcare Excess block can be remediated in a reasonable time frame given its short tail and our ability to reprice quickly and modify underwriting. We have already begun taking pricing action and expect that the majority of the block will be repriced by January 2026.

我們認為，考慮到醫療保健超額區塊的短期效應以及我們快速重新定價和修改承保的能力，該區塊中當前的挑戰可以在合理的時間範圍內解決。我們已經開始採取定價行動，預計到 2026 年 1 月大部分區塊將重新定價。

Looking at the second half of the year, our assumption is that the group business overall will be approximately breakeven versus an expectation of $20 million to $30 million for the remainder of the year. We expect to see improvement in the results as we move through 2026.

展望下半年，我們假設集團整體業務將大致達到收支平衡，而今年剩餘時間的預期收入為 2,000 萬至 3,000 萬美元。我們預計到 2026 年業績將會有所改善。

Claims in Canada and EMEA were modestly unfavorable, while APAC experience was favorable. As we've seen in the first two quarters, volatility on a quarterly basis, both positive and negative, is normal and does not necessarily include a material trend.

加拿大和歐洲、中東和非洲地區的索賠情況略有不利，而亞太地區的索賠情況則較為有利。正如我們在前兩個季度所看到的那樣，季度波動（無論是正向的還是負向的）都是正常的，並不一定包含實質的趨勢。

As shown on page 8 of our presentation, on a longer-term basis, economic claims experience for the total company has been favorable by $272 million since the beginning of 2023 when we fully emerge -- more fully emerged from COVID. US Individual Life represents approximately $75 million of this favorable experience.

正如我們簡報第 8 頁所示，從長期來看，自 2023 年初我們完全擺脫 COVID 以來，整個公司的經濟索賠經驗一直保持良好，增加了 2.72 億美元。美國個人壽險公司 (US Individual Life) 代表了這一良好經驗中的約 7,500 萬美元。

As a reminder, the favorable economic experience that has not been recognized through the accounting results will be recognized over the remaining life of the business. As a result of our substantial new business activity year-to-date, the value of in-force business margins totaled $41 billion at the end of the quarter, an increase of approximately $4 billion year-to-date, with approximately $2 billion coming from new business. This excludes the impact of the Equitable transaction, which will be included in our Q3 results. We will provide a more detailed update on the value of in-force business margins with our Q3 results.

提醒一下，尚未透過會計結果確認的良好經濟經驗將在企業的剩餘壽命內得到確認。由於我們今年迄今開展了大量新業務，本季末有效業務利潤總額達到 410 億美元，比年初迄今增加了約 40 億美元，其中約 20 億美元來自新業務。這不包括公平交易的影響，該交易將計入我們的第三季業績。我們將在第三季業績中提供有關有效業務利潤率價值的更詳細更新。

For the year, consolidated net premiums were up 14% year-over-year when adjusted for the impact from US PRT transactions, which can cause premiums to fluctuate. Our traditional business premium growth was 11% year-to-date on a constant currency basis, which has benefited from strong growth in the US, EMEA 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.

全年來看，經美國 PRT 交易影響調整後，合併淨保費較去年同期成長 14%，可能導致保費波動。以固定匯率計算，今年迄今為止，我們的傳統業務保費成長率為 11%，這得益於美國、歐洲、中東和非洲地區以及亞洲的強勁成長。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 now to capital. Our excess capital increased to an estimated $3.8 billion at the end of Q2 or $2.3 billion pro forma for the Equitable transaction. The increase is primarily due to the recognition within certain capital frameworks of additional value of in-force credits related to business already on our books.

現在轉向資本。截至第二季末，我們的超額資本增加至預計的 38 億美元，或公平交易的預計金額為 23 億美元。成長的主要原因是在某些資本框架內確認了與我們帳簿上已有業務相關的有效信貸的額外價值。

We recently satisfied the strict external requirements needed to include these balances in our capital metrics. Note that 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.

我們最近滿足了將這些餘額納入資本指標所需的嚴格外部要求。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 Q2 increased to an estimated $3.4 billion due to similar reasons I just highlighted. As a quick reminder, this measure represents management's estimates of the capital available to be deployed in two 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.

由於我剛才強調的類似原因，我們第二季的可部署資本增加至估計 34 億美元。簡單提醒一下，該指標代表管理層對未來 12 個月內可在兩筆交易中部署或返還給股東的資本的估計，同時考慮到未來 12 個月期間的預計資本來源和承諾用途，包括公平交易的影響。

Our strong balance sheet, capital management toolkit and current levels of excess and deployable capital position us well to continue to support an attractive new business pipeline with existing capital. We will balance the deployment into the business with returning capital to shareholders through quarterly dividends, which we just increased 4.5% to $0.93 per share and share repurchases.

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利用現有資本來支持有吸引力的新業務管道。我們將透過季度股息（我們剛剛將股息提高 4.5% 至每股 0.93 美元）和股票回購來平衡業務部署和股東返還資本。

Regarding share repurchases, our intention in the short to intermediate term is to be active but opportunistic quarter-by-quarter, depending on our capital position, a forward view of our transaction pipeline, as well as valuation metrics. Over the longer term, we would expect total shareholder return of capital through dividends and share repurchases to range between 20% to 30% of after-tax operating earnings on average, consistent with our long-term history.

關於股票回購，我們短期至中期的目標是積極但把握機會，逐季進行，這取決於我們的資本狀況、對交易管道的前瞻性看法以及估值指標。從長遠來看，我們預計透過股利和股票回購實現的股東總資本回報率平均將達到稅後營業利潤的 20% 至 30%，這與我們的長期歷史保持一致。

Moving to the quarterly segment results on slide 6. The US and Latin America traditional results reflected unfavorable claims experienced as previously discussed. For the year, the economic claims experience in US Individual Life is broadly in line with expectations. The US Financial Solutions results were higher than expected due to higher variable investment income and higher investment yields. As a reminder, the equitable transaction will be recorded within this segment.

轉到投影片 6 上的季度分部業績。美國和拉丁美洲的傳統結果反映了先前討論過的不利的索賠情況。今年，美國個人壽險的經濟索賠經歷基本符合預期。由於浮動投資收益和投資收益率較高，美國金融解決方案的表現高於預期。提醒一下，公平交易將記錄在此部分內。

Canada traditional results reflected modestly unfavorable group results in individual life claims experience. The Financial Solutions results reflected favorable longevity experience. In the Europe, Middle East and Africa region, the traditional results reflected unfavorable claims experience, partially offset by favorable other experience. EMEA's Financial Solutions results were above expectations, reflecting favorable longevity experience, higher variable investment income and higher investment margins due to ongoing growth.

加拿大的傳統結果反映出個人壽險索賠經歷中群體結果略微不利。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，傳統的業績反映了不利的索賠經驗，但被有利的其他經驗部分抵消。EMEA 的金融解決方案表現超出預期，反映了良好的長壽經驗、更高的可變投資收入以及由於持續增長而更高的投資利潤率。

Turning to our Asia Pacific region. The traditional results were good, reflecting favorable claims experience across the region. Financial Solutions results were favorable, primarily due to higher variable investment income and ongoing growth of the business.

轉向我們的亞太地區。傳統結果是良好的，反映了整個地區良好的索賠經驗。金融解決方案的表現表現良好，主要得益於更高的可變投資收益和業務的持續成長。

Finally, the Corporate and other segment reported an adjusted operating loss before tax of $32 million, favorable compared to the expected quarterly average run rate. This was primarily due to higher variable investment income.

最後，企業及其他部門報告調整後的稅前營業虧損為 3,200 萬美元，與預期的季度平均運作率相比有所改善。這主要是由於可變投資收益增加。

Moving to investments on slides 9 through 12. The non-spread book yield, excluding variable investment income rose to 4.98% primarily due to higher new money rates, which increased to 6.53% and remain well above the portfolio yield. The total non-spread portfolio yield for the quarter was 5.31%, up from last quarter, reflecting higher variable investment income and higher new money rates.

前往投影片 9 至 12 上的投資。不包括浮動投資收益的非利差帳面收益率上升至 4.98%，這主要歸因於新資金利率上升，新資金利率上升至 6.53%，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 5.31%，高於上一季度，反映出更高的可變投資收益和更高的新資金利率。

Variable investment income was strong for the period, driven by increased realizations in limited partnerships and real estate joint venture sales. 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 are in line with expectations for the year. And we believe the portfolio remains well positioned.

受有限合夥企業和房地產合資企業銷售變現增加的推動，本期間可變投資收入強勁。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，信貸減損符合今年的預期。我們相信，投資組合仍處於有利地位。

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 impact from B36 embedded derivatives, increased to $156.63 which represents a compounded annual growth rate of 9.7% 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）增至 156.63 美元，自 2021 年初以來的複合年增長率為 9.7%。

To summarize, following a strong first quarter, this quarter's results were impacted by claims experienced in our US Traditional segment. Importantly, we continue to advance many strategic objectives. Our long-term strategy remains well on track and we are confident in our ability to deliver on our intermediate-term financial targets.

總而言之，繼第一季表現強勁之後，本季的業績受到了美國傳統保險部門的索賠影響。重要的是，我們繼續推進許多戰略目標。我們的長期策略仍在順利進行中，我們有信心實現中期財務目標。

We continue to see good opportunities across our geographies and business lines and remain well capitalized to execute on our strategic plan. We also believe we are in a position to return excess capital to shareholders through dividends and share repurchases. With that, I would like to thank everyone for your continued interest in RGA.

我們繼續看到各個地區和業務線上的良好機遇，並擁有充足的資本來執行我們的策略計劃。我們也相信，我們能夠透過股利和股票回購將多餘的資本回饋給股東。最後，我要感謝大家對 RGA 的持續關注。

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

我們的準備好的演講到此結束。我們現在願意開始提問。

(Operator Instructions)

（操作員指示）

John Barnidge, Piper Sandler.

約翰·巴尼奇、派珀·桑德勒。

Can you talk a little bit more about the additional credit you got on the life block? I know it was a bit -- probably a very thorough analysis across markets and products. What changes were made? And did you -- are you making an assumption for an improvement in obesity epidemic because of GLP-1 drug?

您能否再多談談您在生活板塊上獲得的額外學分？我知道這有點——可能是對市場和產品的非常徹底的分析。做了哪些改變？您是否認為 GLP-1 藥物會改善肥胖症的流行？

John, thank you for the question. We're very pleased, obviously, with the value of in-force credits that we've received in our capital model. As you correctly pointed out, this was the result of a lot of work over a long period of time. And this really represents capturing within available capital models, some portion of the larger embedded value in our business, given the long-term nature of our cash flows and the long-term embedded underwriting margins in our business.

約翰，謝謝你的提問。顯然，我們對資本模型中獲得的有效信貸價值感到非常滿意。正如您正確指出的那樣，這是長期大量工作的成果。考慮到我們現金流量的長期性和業務中長期嵌入的承保利潤率，這實際上代表著在可用的資本模型中獲取我們業務中較大嵌入價值的一部分。

This is really a reflection of the current book of business with current assumptions and does not reflect any change in our actuarial assumptions at this point.

這實際上反映了當前的業務帳簿和當前的假設，並不反映我們目前的精算假設的任何變化。

Are you considering incorporating that with the third quarter actuarial assumption review, as my follow-up?

您是否考慮將其與第三季精算假設審查結合起來，作為我的後續行動？

So it is too early to be talking about the third quarter actual assumptions work. This work is still ongoing, and we will be discussing that on the next quarter's earnings call.

因此，現在談論第三季的實際假設還為時過早。這項工作仍在進行中，我們將在下個季度的收益電話會議上討論這個問題。

Joel Hurwitz, Dowling & Partners.

喬爾‧赫爾維茲（Joel Hurwitz），道林及合夥人。

Can you just unpack the individual life experience in the quarter? Was there some significant lag effect from Q1? And was there any impact from you guys increasing retentions at the beginning of the year?

您能否簡單介紹一下本季的個人生活經驗？第一季是否有明顯的滯後效應？你們在年初提高留存率有什麼影響嗎？

Joel, thanks for the question. This is Jonathan. When we review claims experience, we focus on longer time periods before drawing conclusions on trends, positive or negative, because underlying results can be more variable when you look at any one quarter, any one market. So in that context, we're very pleased with our overall biometric experience as Axel talked about in his remarks.

喬爾，謝謝你的提問。這是喬納森。當我們回顧索賠經驗時，我們會專注於較長的時間段，然後再得出正面或負面趨勢的結論，因為當你看任何一個季度、任何一個市場時，潛在的結果可能會更加多變。因此，從這個角度來看，正如 Axel 在演講中談到的，我們對我們的整體生物辨識體驗非常滿意。

Q1 of this year, we had very positive results in our US individual line of business due to large claims volatility being favorable. Q2, we saw the same thing, but in the opposite direction. So on a year-to-date basis, results for US individual are broadly in line with our expectations.

今年第一季度，由於索賠波動較大，我們在美國個人業務領域取得了非常積極的業績。Q2，我們看到了同樣的事情，但方向相反。因此，從年初至今來看，美國個人的績效基本上符合我們的預期。

The total number of large claims we get in any one quarter is less than $200. So a small change in count or average size can create fluctuations in experience, and that's really what we saw in Q2. We had a slightly elevated frequency of large claims, so more or less in line with expectations, a little bit higher. But it was really the materiality or the severity of the claims or the average claim size that was higher.

我們在任何一個季度收到的大額索賠總額都不足 200 美元。因此，數量或平均規模的微小變化都可能導致經驗波動，這正是我們在第二季度看到的情況。我們的大額索賠頻率略有上升，因此或多或少符合預期，略高一些。但實際上，索賠的重要性或嚴重性或平均索賠金額更高。

I'd characterize the magnitude of the large claims volatility that we've seen in Q1 and Q2 as unusual. I wouldn't expect it to continue at that level on a regular basis. And again, given things are broadly in line on a year-to-date basis, there's nothing from a trend perspective that we're concerned about at this point.

我認為我們在第一季和第二季看到的索賠波動幅度之大是不尋常的。我不希望它一直保持這種水平。而且，鑑於今年迄今為止的情況大致一致，從趨勢角度來看，我們目前沒有什麼好擔心的。

Okay. Got it. And then, Axel, going back to the $2 billion value of in-force credit, can you just unpack that process a little more for me? And sort of what rating agency and regulators were involved and -- and I guess just in your deck, right, you talk about the binding capital framework can change. Was there a change? And then just what would cause that to change?

好的。知道了。然後，阿克塞爾，回到價值 20 億美元的有效信貸問題，您能否為我進一步解釋這個過程？以及涉及哪些評級機構和監管機構——我想就像您在演講中談到的，約束性資本框架可能會改變。有變化嗎？那麼究竟是什麼原因導致了這種改變呢？

Yes. Thank you for the question. So you're correct to point out that our capital metrics, whether it's excess capital or deployable capital, consider the three main capital lenses that we evaluate capital on. And that's, of course, RGA's internal economic capital model. It's the local regulatory capital across legal entities and rating agency capital models. You're correct to point out that at times, we've talked about how the binding constraint between these three frameworks is what determines for us the excess or the deployable capital.

是的。謝謝你的提問。因此，您正確地指出，我們的資本指標（無論是過剩資本還是可部署資本）都考慮了我們評估資本的三個主要資本視角。當然，這就是 RGA 的內部經濟資本模型。這是跨法人實體和評級機構的當地監管資本模型。您正確地指出，有時我們會討論這三個框架之間的限制如何決定我們的過剩資本或可部署資本。

In this case, value of in-force is a process that we pursued with rating agencies. So it says that the rating agency capital framework was all biting constraints, and that through this work, which is thorough, which requires third-party review and in a thorough process from the rating agency perspective, we now see this value of in-force reflected in our model. We are now in a position where rating agency and regulatory capital are relatively comparable.

在這種情況下，有效價值是我們與評等機構共同推行的過程。因此，這表明評級機構的資本框架全是嚴格的限制，透過這項徹底的工作，需要第三方審查，並從評級機構的角度進行徹底的流程，我們現在看到這種有效價值反映在我們的模型中。我們現在處於評級機構和監管資本相對可比的狀態。

And then lastly, I just want to point out that this value of in-force recognition is the recognition for only a portion of our in-force block and that there are further opportunities for further recognition down the line.

最後，我只想指出，這種有效確認的價值只是對我們有效區塊的一部分的確認，並且未來還有進一步確認的機會。

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘。

I was hoping you guys could talk more just about the health experience in the quarter and just thinking about future performance of the block? And then, I know you guys touched on rate increases in the prepared remarks. Can you just give us a sense of just the magnitude and the expected impact there as well?

我希望你們能多談談本季的健康體驗，並思考該板塊的未來表現？然後，我知道你們在準備好的發言中談到了升息問題。您能否向我們簡單介紹一下該事件的規模以及預期的影響？

Elyse, this is Jonathan. I'll take that question. So this is a line of business that we've been in for a significant period of time, and we have quite a bit of expertise. It has also performed well over time and has been profitable even including the results that we're seeing in this quarter.

伊莉絲，這是喬納森。我來回答這個問題。我們已經在這個行業中耕耘了很長一段時間，並且擁有相當多的專業知識。它的長期表現也很好，甚至包括我們在本季看到的結果，它已經實現了盈利。

Our US Group business is comprised of four major lines, three of those are performing as expected. The negative experience we're seeing this quarter is in our Healthcare Excess line. And just to size that for you, it's about 30% of our expected US Group earnings, which is about 3% of our US Traditional earnings.

我們的美國集團業務由四條主要線路組成，其中三條線路表現符合預期。本季我們看到的負面經驗是在我們的醫療保健超額線上。為了給您估算一下，這大約占我們預期美國集團收益的 30%，也就是我們美國傳統收益的 3%。

The results this quarter are really driven by higher claims costs stemming from a variety of more expensive treatments. So things like specialty drugs, transplants, premature births and some cancer therapies. As Axel mentioned, the business is short-term and annually repriceable, which means we're able to quickly address the experience variances in the business and we do expect margins to improve going into 2026.

本季的業績實際上是由各種更昂貴的治療導致的索賠成本上升所致。例如特種藥物、移植、早產和一些癌症治療。正如阿克塞爾所提到的，該業務是短期的，並且每年可重新定價，這意味著我們能夠快速解決業務中的經驗差異，並且我們確實預計利潤率將在 2026 年有所提高。

The rate increases we have, as you mentioned in your question, we have already implemented rate increases so far this year on blocks that have already been renewed. Those amount of increases are significant. I don't have an exact figure to give you, but they are material in what we've seen so far and expect that to continue.

正如您在問題中提到的那樣，今年到目前為止，我們已經對已經續訂的區塊實施了費率上調。這些成長幅度十分顯著。我沒有確切的數字可以給你，但就我們目前所看到的情況來看，這些影響是實質性的，而且預計這種情況還會持續下去。

And then my second question, I guess, is also just on the excess capital figure. You were talking about getting credit for part of the value in-force. As we think about future deals that get done in the future, how should we think about you guys getting incremental credit there?

那麼我想我的第二個問題也只是關於超額資本數字。您剛才談到了獲得部分有效價值的信貸。當我們考慮未來完成的交易時，我們應該如何考慮你們在那裡獲得增量信貸？

Is it certain types of deals that would qualify for credit? Do you talk to the rating agencies on a case-by-case basis? Could you just give us a sense for just future transactions and deployable capital credit that you could get?

某些類型的交易是否有資格獲得信貸？您是否會根據具體情況與評級機構進行溝通？您能否向我們介紹一下您可以獲得的未來交易和可部署資本信貸？

Yes. Thank you for the question, Elyse. Yes. So we have a long-term track record of working with the rating agencies to obtain credit for value of in-force. At times in the past, it's been in the context of the securitization of a block of business. But also at times, it doesn't necessarily require that securitization.

是的。謝謝你的提問，伊莉絲。是的。因此，我們擁有與評級機構長期合作以獲得有效價值信用的記錄。過去，有時它是在企業集團證券化的背景下進行的。但有時，它不一定需要證券化。

We have a process where there are certain portions of our business where we are receiving value of in-force credit as we write new business because we have a well-established process and understanding of the nature of the business.

我們有一個流程，其中我們業務的某些部分在我們開展新業務時會獲得有效信貸的價值，因為我們有一個完善的流程並且了解業務的性質。

And then for other portions of our in-force business, we address it block by block, if you will. So we do expect that over time, we will be constantly looking at our balance sheet and looking for opportunities to create more value of in-force recognition through the rating agency process.

然後，對於我們現行業務的其他部分，如果您願意的話，我們會逐塊解決。因此，我們確實預計，隨著時間的推移，我們將持續關注我們的資產負債表，並尋找機會透過評級機構流程創造更多有效確認價值。

Jimmy Bhullar, JPMorgan.

摩根大通的 Jimmy Bhullar。

I had a couple of questions. One is on the Health Insurance business. Can you talk about the lag in your results versus what your clients are seeing? And the point to the question is that given that health insurance results have generally gotten worse in 2Q, should we assume that, that flows through your results in the third quarter or the fourth quarter. So even though you'll reprice part of the block that things might actually get worse in the near term in terms of your results and then maybe not improve until 2026?

我有幾個問題。一個是健康保險業務。您能談談您的結果與客戶所見結果之間的延遲嗎？問題的關鍵在於，鑑於第二季健康保險業績普遍變差，我們是否應該假設，這會影響到第三季或第四季的業績。因此，即使你對部分區塊重新定價，但就業績而言，短期內情況實際上可能會變得更糟，然後可能要到 2026 年才會好轉？

And then secondly, on capital. I think you're -- based on what you're saying in terms of your excess or deployable capital, that number is close to 20%, 30% of your market cap. Yet if we look at most of the traditional metrics like debt-to-cap or RBC, they really don't imply that much excess capital.

其次，關於資本。我認為——根據您所說的過剩資本或可部署資本，這個數字接近您市值的 20% 到 30%。然而，如果我們看一下大多數傳統指標，例如債務與資本比率或RBC，它們實際上並不意味著那麼多的過剩資本。

And similarly, if we look at your actions, despite a fairly low multiple, you guys haven't really been buying back stock. Obviously, you have deployed capital into deals. So just -- and excess capital, in my view, more is -- more of an opinion than a fact anyway. But what are your priorities in terms of using that excess capital over the next year or two years or so? And are you more open to buying back stock than you've been in the past year or two years?

同樣，如果我們看看你們的行為，儘管市盈率相當低，但你們實際上並沒有回購股票。顯然，您已經將資金投入交易中。所以，在我看來，過剩資本更多的是一種觀點，而不是事實。但是在未來一兩年內，您在使用這些過剩資本方面的優先事項是什麼？與過去一兩年相比，您是否更願意回購股票？

Yes. Thanks, Jimmy. This is Jonathan. I'll take the first question. So with respect to the Healthcare Excess and the claims lag, I mean as a reinsurer, it's possible we might see a little bit longer of a lag in reporting, but a couple of things on that. So we work very closely with our clients, obviously. In fact, we provide services to our clients that help them better manage their claims expectations, and we have a successful track record of demonstrating that value historically as well.

是的。謝謝，吉米。這是喬納森。我來回答第一個問題。因此，關於醫療保健超額和索賠滯後，我的意思是，作為再保險公司，我們可能會看到報告滯後時間稍長一些，但這方面有幾點需要注意。因此，我們顯然與客戶密切合作。事實上，我們為客戶提供的服務可以幫助他們更好地管理索賠預期，並且我們在歷史上也擁有成功證明這一價值的記錄。

Also, these claims because of the nature of them and them being large, they tend to be very known very quickly. So that also helps in addressing any potential lag situation. And then from the perspective of our actuarial liabilities, obviously, we've established reserves from a case perspective as well as IBNR to using our best estimate of what we believe the experience has been. So from that perspective, we feel we're appropriately reserved at the end of the quarter.

此外，由於這些索賠的性質和規模，它們往往很快就會被人知曉。這也有助於解決任何潛在的滯後情況。然後從我們的精算負債的角度來看，顯然，我們已經從案例角度以及 IBNR 建立了儲備，以使用我們對經驗的最佳估計。因此從這個角度來看，我們認為我們在本季末是適當保留的。

And Jimmy, let me start off on the question around the capital. Look, as I shared in my opening remarks, our business remains incredibly strong. And the business where the returns we're seeing on the new business are a tailwind to the ROE guidance we've given of the 13% to 15%. Actually, it ticked up this quarter just from an internal management report. So the business is as strong as ever.

吉米，讓我先來談談有關首都的問題。正如我在開場白中所說的那樣，我們的業務仍然非常強勁。我們在新業務中看到的回報對我們給出的 13% 至 15% 的 ROE 指導起到了順風作用。實際上，僅從內部管理報告來看，本季該數字就有所上升。因此業務一如既往地強勁。

But make no mistake, our job from an investor perspective is to raise the ROE, keep pushing towards raising ROE and keep pushing towards EPS growth. So -- yes -- and we obviously know that share repurchases is a very, very effective tool that can obviously cement essentially EPS growth and at the right price, ROE accretion.

但請不要誤會，從投資人的角度來看，我們的工作是提高 ROE，不斷努力提升 ROE，不斷推動 EPS 成長。所以——是的——我們顯然知道股票回購是一種非常非常有效的工具，它顯然可以鞏固每股收益成長，並且在合適的價格下可以提高淨資產收益率。

So we're really trying to balance those two strong forces. I absolutely, as RGA traditionally and will continue to do is have a very balanced approach and we are saying at this point in time, that balance is 20% to 30% of our earnings as a returning to shareholders.

所以我們確實在努力平衡這兩股強大的力量。我絕對會像 RGA 傳統上那樣，並將繼續採取非常平衡的方法，我們目前所說的平衡是將我們的收益的 20% 到 30% 返還給股東。

As I'm sure you're fully aware, we have not bought back stock for the past six quarters. So it is important communication that we will commence considering buying back stock from this point forward. Axel, I don't know if there's anything further to add, but I'll pass it on to you if there is.

我相信您已經完全清楚，過去六個季度我們都沒有回購股票。因此，重要的溝通是，我們將從現在開始考慮回購股票。阿克塞爾，我不知道是否還有什麼要補充的，但如果有的話，我會轉達給你。

Yes. No, I mean. Adding to that point. So we're very pleased to be in the capital position that we're in. We have the flexibility with the capital that we have to deploy into the business, to return capital to shareholders. As I mentioned, we expect to be -- with share buyback to be opportunistic quarter-by-quarter, but over the long term, think of a 20% to 30% payout ratio in terms of the total return through dividends and buyback to shareholders, again, varying quarter-by-quarter, but over the long term, consistent with that, which is consistent with our long-term history.

是的。不，我是說。補充這一點。因此，我們很高興能夠處於目前的資本地位。我們可以靈活地將資本投入業務中，並向股東返還資本。正如我所提到的，我們預計——股票回購將逐季度進行，但從長遠來看，透過股息和回購向股東支付的總回報的派息率將達到 20% 至 30%，同樣，每個季度都會有所不同，但從長期來看，與此一致，這與我們的長期歷史是一致的。

On the capital point, I would remind you that we have multiple balance sheet, multiple legal entities across both US RBC framework, but also Bermuda framework, in particular. So all of our capital metrics consider are really on a consolidated basis, looking at the totality of our balance sheet, they consider all of the frameworks and they capture the binding constraint. So whatever is going to be most binding, including regulatory is going to determine that number.

關於資本點，我想提醒大家，我們擁有多個資產負債表，多個法律實體，不僅涵蓋美國 RBC 框架，還涵蓋百慕達框架。因此，我們考慮的所有資本指標實際上都是在合併的基礎上，查看我們的整個資產負債表，它們考慮了所有的框架並捕捉了約束條件。因此，最具約束力的措施（包括監管措施）將決定這個數字。

Wilma Burdis, Raymond James.

威爾瑪伯迪斯、雷蒙詹姆斯。

Do you think any of the higher costs you're seeing in excess health care are more expensive but more effective treatments could eventually be offset by savings on claims and life down the line?

您是否認為，您所看到的過度醫療保健費用較高，但更有效的治療最終可以透過節省索賠和生活費用來抵消？

Yes. Thanks, Wilma. This is Jonathan. I think that's a very valid point. And that's one of the things that excites us about the potential opportunities in the mortality space, right? And that's also another reason why we want -- we pursued a diversification from a risk perspective position from the enterprise.

是的。謝謝，威爾瑪。這是喬納森。我認為這是一個非常正確的觀點。這就是死亡率領域的潛在機會令我們興奮的事情之一，對嗎？這也是我們想要從企業風險角度追求多元化的另一個原因。

So when we see potentially some stress or volatility going in a negative direction in one line of business, that can support positivity either in the current period or down the road in another line of business, and that's part of how we think about our mix of risks at the enterprise level.

因此，當我們看到某個業務線可能出現壓力或波動並朝著負面方向發展時，這可以支持當前時期或未來另一個業務線的積極性，而這正是我們在企業層面思考風險組合的一部分。

Yes. Wilma, let me just add. No, thank you for asking that question. We internally observe that. And we obviously, as an investment community gets focused on short-term earnings, but the long-term impact from the medical advances, as Jonathan mentioned, whether it's GLP-1 or other medical advances, we expect to see in the future way -- the short-term earnings impact quite tremendously. So thank you for the question.

是的。威爾瑪，讓我補充一下。不，謝謝你問這個問題。我們內部觀察到了這一點。顯然，作為投資界，我們關注的是短期收益，但正如喬納森所提到的，醫學進步的長期影響，無論是 GLP-1 還是其他醫學進步，我們都希望在未來看到——短期收益影響相當巨大。謝謝你的提問。

Second question, is RGA anywhere near its retention on the Excess Healthcare business? Just trying to assess -- I know a lot of those claims come in towards year-end. So just trying to assess how confident you are in the remaining weakness there?

第二個問題，RGA 在超額醫療保健業務上的保留率是否接近？只是想評估一下——我知道很多索賠都是在年底提出的。那麼只是想評估一下您對剩下的弱點有多大信心？

Wilma, this is Jonathan again. As I mentioned before, I think the reserves we've established this quarter, which is driving the negative result is our best estimate of where we expect the claims to come out for business that we -- or for premium we've already recognized and earned to the income statement.

威爾瑪，我又是喬納森。正如我之前提到的，我認為我們本季建立的準備金是造成負面結果的原因，這是我們對業務索賠額或已經確認併計入損益表的保費的最佳估計。

The drag effect that Axel mentioned in his remarks is really additional reserves that we expect to establish as the premium is earned over the balance of the year. But at this point, we believe our reserves are appropriate for the business.

阿克塞爾在演講中提到的拖累效應實際上是我們預計在全年賺取溢價時建立的額外儲備。但目前，我們相信我們的儲備對業務來說是合適的。

Yes. I mean -- and just -- it's Tony here. Look, as we said, this is a very short-term business. In our comments, we've said the majority of which will be repriced by January 1. I think all of it gets repriced by the quarter after. So it's just that January 1 is the main renewal period. So it is a very self-contained. We've got actions in place, which Axel has already shared with commenced for the July renewals, and we're comfortable with the position.

是的。我的意思是——而且——我是東尼。瞧，正如我們所說，這是一項非常短期的業務。在我們的評論中，我們表示其中大部分將在 1 月 1 日之前重新定價。我認為所有這些都會在下個季度重新定價。因此，1 月 1 日是主要的續約期。所以它是非常獨立的。我們已經採取了行動，Axel 已經與我們分享了 7 月續約的開始，我們對這一立場感到滿意。

Ryan Krueger, KBW.

瑞安·克魯格（Ryan Krueger），KBW。

Just one more follow-up on the value in-force credit. Did you actually have to do anything in regards to -- like borrowing against future in-force value or anything like that? Or is this just more about getting the credit from the rating agencies through the process that you have to go through with them? So I wanted to make sure I understood that.

關於有效信用價值還有一次後續行動。您實際上是否必須採取任何措施—例如借用未來有效價值或類似措施？或者這僅僅是透過與評級機構合作的過程來獲得信用？所以我想確保我理解了這一點。

Yes. Ryan, thank you for the question. It's Axel. In this case, this is really a recognition of the value of in-force that did not require or was not associated with an actual securitization or borrowing. Now we have that, of course, which means we have that still available to us should we find value in doing that in the future. But this is -- this was strictly from a rating agency process perspective.

是的。Ryan，謝謝你的提問。是阿克塞爾。在這種情況下，這實際上是對有效價值的承認，而這種價值並不需要或與實際的證券化或借貸無關。當然，現在我們已經擁有了它，這意味著如果我們將來發現這樣做有價值的話，我們仍然可以使用它。但這是——這完全是從評級機構流程的角度來看的。

Yes, Ryan, maybe -- if you don't mind me adding strategically. I mean, we talk a lot about our long-term value or what we call the value of in-force business margins, which is now at $41 billion. That generates these opportunities, right? If you don't have the embedded value in the company, you can't do these things.

是的，瑞安，也許吧——如果你不介意我從策略上補充的話。我的意思是，我們談論了很多我們的長期價值或我們所說的有效業務利潤價值，目前價值為 410 億美元。這會產生這些機會，對嗎？如果公司沒有內在價值，你就無法做這些事。

So as Axel said, the question of us doing the work, focusing on doing the work, getting the satisfactory resources or necessary resources. In the past, that has not been a constraint to our business growth. It became a constraint, which we spent a lot of energy to rectify. And yes, it takes external consultants to verify. Yes, it takes the ratings agency also to agree and kick it off and it's not uncommon.

正如阿克塞爾所說，我們的問題在於開展工作、專注於開展工作、獲取令人滿意的資源或必要的資源。過去，這並沒有成為我們業務成長的限制因素。這成為了一個限制因素，我們花費了大量精力來糾正它。是的，這需要外部顧問來驗證。是的，這也需要評級機構的同意並啟動，這並不罕見。

I mean, other regulatory environments, I believe IFRS already allow for this. We've credit in capital. So we're really excited by what we've achieved, and we believe there's further blocks to come.

我的意思是，其他監管環境，我相信 IFRS 已經允許這樣做。我們有資本信譽。因此，我們對所取得的成就感到非常興奮，並相信未來還會有更大的進步。

And then, Tony, you had mentioned some higher profile blocks in the market that you chose not to bid on during the quarter. Just curious, were those -- are you referring to deals that have already been announced? Are you referring to deals that are in the market that where there haven't been transactions yet?

然後，托尼，您提到了市場上一些備受矚目的區塊，但您在本季度選擇不對其進行競標。只是好奇，那些——您指的是已經宣布的交易嗎？您指的是市場上尚未成交的交易嗎？

Yes. Thanks, Ryan. Look, that does refer to transactions that have occurred. I know there's been some questions around our -- the businesses that were taken, whether LTC or ULSG type businesses. I just want to assure everyone there's no intention whatsoever to increase the proportion of the company in that direction.

是的。謝謝，瑞安。看，這確實是指已經發生的交易。我知道人們對我們所接手的業務有一些疑問，無論是 LTC 還是 ULSG 類型的業務。我只是想向大家保證，我們絕對沒有增加公司在這方面的持股比例的意圖。

So -- and the only way besides me continually saying that is look at the actions we take. So in the first quarter, there was a very material LTC block that came to market, we were not involved whatsoever. It just did not fit into our criteria of what we set for LTC, which is very strict and tight.

所以——除了我不斷地說這句話之外，唯一的方法就是看看我們採取的行動。因此，在第一季度，有一個非常重要的 LTC 區塊進入市場，我們根本沒有參與其中。它只是不符合我們為 LTC 設定的標準，該標準非常嚴格且緊縮。

And second quarter, there was a multitude of, I think, some variable annuities in ULSG. Once again, not interested. We've got our global platform, right? We've got all these businesses around the world that we can do on an exclusive basis. And that's where we obviously want to allocate the capital. That's why we're able to have a tailwind to our ROE through the pricing process through the business we win.

而第二季度，我認為 ULSG 中存在大量可變年金。再次強調，不感興趣。我們有全球平台，對嗎？我們在世界各地都有這些業務，我們可以以獨家方式開展這些業務。這顯然是我們想要分配資本的地方。這就是為什麼我們能夠透過贏得的業務的定價過程來推動我們的 ROE 成長。

So some balance of business, but absolutely, our eyes are focused on just creating long-term value and then as I said earlier, growth in EPS and ROE.

因此，業務上有一些平衡，但絕對地，我們的目光只集中在創造長期價值上，然後正如我之前所說的那樣，每股收益和淨資產收益率的增長。

Suneet Kamath, Jefferies.

蘇尼特‧卡馬斯（Suneet Kamath），傑富瑞集團（Jefferies）。

I did want to come back to the $2 billion of value in-force credit. Can you just talk to the conservatism that's built into that? Because to me, it sounds like this is another sort of assumption-driven sort of number and if those assumptions end up being too aggressive, then maybe the $2 billion is in $2 billion. And I just want to make sure we don't run into an issue like that down the road as you continue to pursue this source of capital.

我確實想回到價值 20 億美元的有效信貸問題上。能談談其中蘊含的保守主義嗎？因為對我來說，這聽起來像是另一個由假設驅動的數字，如果這些假設最終過於激進，那麼 20 億美元可能就只是 20 億美元。我只是想確保我們在繼續尋求這一資金來源時不會遇到類似的問題。

Yes. Thank you, Suneet, for the question. Well, as I mentioned, it's a very strict review process for reflecting value of in-force in the frameworks. So first of all, of course, it starts with our actuarial assumptions that are conservative and that are backed by long history and long term of data and short term information.

是的。謝謝 Suneet 提出的問題。嗯，正如我所提到的，這是一個非常嚴格的審查過程，以反映框架中有效的價值。因此，首先，當然是從我們的精算假設開始的，這些假設是保守的，並且有長期歷史和長期數據和短期資訊的支持。

But also, there's -- you only get partial credit for the value of in-force. You only get a, frankly, less than 50% credit for it. So we feel very confident in the amount that is recognized through that framework. As I mentioned, again, it has reviewed by third party as well as the rating agency process.

但同時，您只能獲得有效價值的部分信用。坦白說，你只能獲得不到 50% 的信用。因此，我們對透過該框架識別的數量非常有信心。正如我再次提到的，它已經經過第三方和評級機構的審查。

Okay. And then I guess for Tony, if we just take a step back, you've raised the ROE target, you've raised the EPS growth target, you're very bullish about the opportunity, but the stock's multiple is lower than when the ROE target was lower and the growth was lower. And we can debate the reasons why.

好的。然後我想對於托尼來說，如果我們退一步來看，你已經提高了 ROE 目標，你已經提高了 EPS 成長目標，你對這個機會非常看好，但股票的倍數低於 ROE 目標較低和成長率較低的時候。我們可以討論一下其中的原因。

But I think one of them is there is a view in the market that maybe this new strategy is going to add a lot of risk to the story relative to kind of the RGA of old. And so I just wanted to give you an opportunity to comment on that because I think that's perhaps a change in the way that people are thinking about your company and about your stock?

但我認為其中之一是，市場上有一種觀點認為，相對於舊的 RGA，這種新策略可能會為故事增加很多風險。所以我只是想給你一個機會對此發表評論，因為我認為這也許是人們對你的公司和股票的看法改變了？

Yes. No, thanks, Suneet, for the question. The RGA of old, all I could really point to is Asia. That's where I was instrumental in running that business for 20 years, and this is exactly the approach we took, right? And what is that approach? It is approach of being proactive, innovative, finding things that can help our clients grow and succeed. And therefore, you create greater value and you get to share it.

是的。不，謝謝 Suneet 提出這個問題。舊時代的 RGA，我真正能指出的只有亞洲。這就是我在經營這家公司 20 年中所發揮的關鍵作用，而這正是我們採取的方法，對嗎？那麼這種方法是什麼呢？這是一種積極主動、創新的方法，尋找能夠幫助我們的客戶成長和成功的事物。因此，您可以創造更大的價值並與他人分享。

So are we more aggressive? We're absolutely more aggressive in that approach, which I think is a more proactive approach. I would argue a less risky approach in a sense because commoditized business is really long run, not conducive or probably will not allow us to meet our long-term goals. So -- and that's not just Asia.

那我們是否更具攻擊性？我們在這種方法上絕對更加積極，我認為這是一種更主動的方法。從某種意義上說，我認為這是一種風險較小的方法，因為商品化業務確實是長期的，不利於我們實現長期目標，或者可能不會讓我們實現長期目標。所以——這不僅僅是亞洲。

I mean, look, we've had tremendous leadership throughout the organization. And this is a culture that essentially has been established from day one where we were all around innovation, all around our proactivity and solutions, providing our solutions and it plays to our absolute sweet spot because we only do life and health risk.

我的意思是，你看，我們整個組織都有著卓越的領導力。這種文化基本上從第一天起就已建立，我們全心全意地圍繞創新、積極主動性和解決方案，提供我們的解決方案，它發揮了我們的最佳作用，因為我們只處理生命和健康風險。

So sort of shame on us if we can't be the best in doing that because we only focus on one thing, which is life and health risk, and we've made the investments around the world to have the talent out there. We're obviously very proud of our team, and this continues. So the market's going to do what the market's going to do. Our job is to continue to grow the EPS and continue to raise the ROE, and we have faced that the market will be right in the medium- to long term.

所以，如果我們不能做到最好，那我們就太丟臉了，因為我們只專注於一件事，那就是生命和健康風險，而且我們在世界各地進行了投資，以吸引人才。我們顯然對我們的團隊感到非常自豪，而且這種情況還會持續下去。因此，市場將會按照市場的方式運作。我們的工作是繼續增加每股收益並繼續提高淨資產收益率，並且我們已經看到市場在中長期內將處於正確的狀態。

Tom Gallagher, Evercore ISI.

湯姆·加拉格爾，Evercore ISI。

One on -- just a follow-up on the $2 billion capital benefit from the value of in-force. Is there a practical limitation to how much you could do like the maximum? I assume you can't go to 100% of equity capital or something like that. But when we think about two, I don't know, would the limit be half of total actual equity from a credit profile, sorry, from a credit you would get on capital? Can you just give kind of the framework and turn to maybe the max you could go to theoretically? That's the first question.

首先——這只是對有效價值帶來的 20 億美元資本利得的後續關注。您能做到的最大程度是否有實際限制？我認為你不能達到 100% 的股本或類似水準。但是當我們考慮兩個時，我不知道，限制是否是來自信用檔案的總實際股權的一半，對不起，來自您從資本中獲得的信用？您能否給出一個框架並說明理論上可以達到的最大值？這是第一個問題。

Yes. Thank you for the question, Tom. So right. So first, let's start with -- as we discussed, we have a substantial embedded value of in-force in our business. One of the lenses through which we look at that is the value of in-force business margin. As I said, what is that? It's the reflection of the long-term embedded underwriting margins that are embedded in our business.

是的。謝謝你的提問，湯姆。太對了。首先，正如我們所討論的，我們的業務中蘊含著大量的有效價值。我們看待這個問題的視角之一是有效業務利潤率的價值。正如我所說，那是什麼？這是我們業務中長期嵌入承保利潤的體現。

Now you're correct. From a rating agency perspective, there is a limit to the amount of value of in-force credit that can be recognized. But another important thing to remember, -- first of all, even relative to that limit, we think we still have upside opportunities to capture more value of in-force with further in-force blocks that we have on today's balance sheet.

現在你是對的。從評等機構的角度來看，能夠確認的有效信用價值量是有限的。但還有一件重要的事情要記住——首先，即使相對於這個限制，我們認為我們仍然有上行機會，可以透過今天資產負債表上的進一步生效區塊來獲取更多的生效價值。

But also, as I reminded you earlier, we have all three capital frameworks: economic capital, regulatory and rating agency. We're now at a point where the rating agency and regulatory are roughly equivalent. So further work from here would benefit from both getting further value of in-force recognition, but also improving on the regulatory side, which we have been able to do in the past through retrocession of business, for example, and other capital management tools that enable us to free up capital to redeploy into the business.

但正如我之前提醒您的那樣，我們有三個資本框架：經濟資本、監管和評級機構。我們現在處於評級機構和監管機構大致相當的階段。因此，今後的進一步工作不僅有利於獲得進一步的有效確認價值，而且有利於改善監管方面，例如，我們過去已經能夠透過業務迴轉和其他資本管理工具來做到這一點，這些工具使我們能夠釋放資本重新部署到業務中。

And then my follow-up is, Tony, really, it's a question about, do you think something needs to change here? And the reason I ask you is because had very favorable experience in Q1. The market didn't reward you for the favorability. Then you fully reverse it in 2Q and your stock gets pounded. So you seem to be getting only the downside of volatility, not the upside, unfortunately. The reason I sort of set it up that way, is there anything you can do structurally here to improve the situation from a shareholder standpoint by limiting volatility somewhat?

然後我的後續問題是，東尼，這真的是一個問題，你認為這裡需要改變什麼嗎？我之所以問你，是因為我們在第一季有非常好的經驗。市場並沒有因為你的好感而獎勵你。然後你在第二季完全逆轉了這個局面，你的股票就會遭受重創。因此，不幸的是，你似乎只得到了波動性的下行趨勢，而沒有得到上行趨勢。我這樣安排的原因是，從股東的角度來看，您是否可以從結構上採取一些措施來改善這種情況，從而在一定程度上限制波動性？

I'll throw out one idea. Would you entertain something like doing a retro cover with Ruby Re which could limit the level of volatility for RGA shareholders but still give you skin in the game for the economics of that business because of your stake in Ruby Re. I'm just trying to understand, I'm getting a lot of frustrated shareholders saying to me what can be done here because they like your story, they really don't like the level of volatility.

我拋出一個想法。您是否會考慮與 Ruby Re 合作進行復古封面之類的活動，這可以限制 RGA 股東的波動水平，但由於您在 Ruby Re 的股份，您仍然可以從該業務的經濟效益中獲益。我只是想知道，很多沮喪的股東對我說，這裡可以做些什麼，因為他們喜歡你的故事，他們真的不喜歡波動程度。

Yes. Thanks, Tom, for the clarity of the question. There is -- there are things we can do. So where the volatility usually happens is around the cap cohorts under LDTI, right? Obviously, the other cohorts get smoothed out over the life. So yes, we could, in theory, retrocede those blocks of business, give up economic value as you suggest, whether it's Ruby or some third party on an arms-length.

是的。謝謝湯姆，你清楚地提出了這個問題。我們可以做一些事情。那麼波動通常發生在 LDTI 下的上限群組周圍，對嗎？顯然，其他群體在一生中都會得到平滑。所以是的，理論上，我們可以放棄這些業務模組，像你建議的那樣放棄經濟價值，無論是 Ruby 還是某個第三方。

So we balance all of those considerations, but we've got finite resource. So the alternative to that could be price and create more business or other balance sheet optimization opportunities and so on. So like I said, all we can share is the facts, right? We're running the business for the medium-, long term.

因此，我們平衡了所有這些考慮因素，但我們的資源是有限的。因此，替代方案可能是價格並創造更多業務或其他資產負債表優化機會等等。所以就像我說的，我們能分享的只是事實，對嗎？我們經營這項業務是為了中長期目標。

Year-to-date, experience has been pretty spot on for the US individual life over the last six quarters, I believe, or 10 quarters, I can't recall exactly. Since 2003, the experience has been strong. And the market is going to do what the market's going to do, as you know, as well as I. So we'll keep running at for the right economics, for the right EPS and ROE growth, but very mindful of your comments.

年初至今，我認為過去六個季度或十個季度（我記不清具體時間了）美國個人生活的情況相當準確。自 2003 年以來，經驗一直很豐富。正如你和我所知，市場將會按照市場的方式運作。因此，我們將繼續努力實現正確的經濟效益、正確的 EPS 和 ROE 成長，但也會非常注意你的評論。

Wes Carmichael, Autonomous Research.

韋斯·卡邁克爾，自主研究。

Tony, in your prepared remarks, you mentioned an expected pickup in jumbo PRT activity in the second half of the year in the US. I guess my question is when I look at the carriers that transacted with plan sponsors where there's a class action lawsuit that's been filed, those carriers have effectively not written any new business over the past few quarters at least. So are those lawsuits not a hurdle that needs to be overcome before you see a meaningful increase in volume to those carriers?

東尼，在您準備好的發言中，您提到預計今年下半年美國巨型 PRT 活動將會增加。我的問題是，當我看到與計劃發起人進行交易的運營商已經提起集體訴訟時，這些運營商至少在過去幾個季度實際上沒有開展任何新業務。那麼，在這些承運商的業務量顯著增加之前，這些訴訟是否不是需要克服的障礙？

Yes. No, thank you for the question. Just to reiterate, look, obviously, long term, the PRT market fits well in our sweet spot, with the biometric, the size of the business, US and the market dynamics. So we're very excited, medium, long term about the business.

是的。不，謝謝你的提問。再次重申一下，從長遠來看，PRT 市場顯然非常適合我們，包括生物辨識技術、業務規模、美國和市場動態。因此，我們對中長期業務感到非常興奮。

And as I shared, there has been, as you pointed out, a lull in the market, let's say, and for various reasons. But I was encouraged and optimistic to at least start hearing there is green shoots at least in our pipeline, whether that continues, I'm encouraged and optimistic.

正如我所說，正如您所指出的，由於各種原因，市場出現了低迷。但我感到鼓舞和樂觀，至少開始聽到我們的管道中出現了綠芽，無論這種情況是否持續下去，我都感到鼓舞和樂觀。

It is lumpy business. We are in the jumbo end of the market. So -- but it's positive sign that I didn't necessarily expect. But let's see if those green shoots continue into going forward.

這是一件棘手的事。我們處於市場的巨型端。所以——但這是我未必預料到的正面訊號。但讓我們看看這些綠芽是否會繼續向前發展。

Got you. And then I guess a similar question to some that have been asked, but maybe slightly different. But on the recognition of the value of in-force, just theoretically, like should a large transaction come down the road and you want to deploy a big amount of capital and more than what you have that I'd call liquid or hard capital that you could buy back stock with? Are there steps that you need to take to be able to deploy that into a big deal like securitizations or any other measures?

明白了。然後我猜想這個問題與一些被問到的問題類似，但可能略有不同。但是，關於有效價值的確認，僅從理論上講，例如，是否應該進行大規模交易，並且您想要部署大量資本，並且比您擁有的更多，我稱之為流動資本或硬資本，您可以用這些資本回購股票？您是否需要採取一些措施才能將其部署到證券化或任何其他措施等大交易中？

Thanks for the question. So look, this deployable capital is deployable, right? So it is real capital available to be put to work in transactions. The capital sits -- frankly, most of it sits in the legal entities as excess capital relative to the respective regulatory frameworks in each entity. And so it's there and available to be put to work. In addition, of course, we manage holding company cash flows, and that's what feeds the ability to then pay holding company expenses, interest, debt expense as well as share repurchases.

謝謝你的提問。那你看，這個可部署資本是可部署的，對嗎？因此它是可以投入交易的真正資本。坦白說，大部分資本都存放在法人實體中，作為相對於每個實體各自監管框架的超額資本。所以它就在那裡並且可以投入使用。此外，當然，我們還管理控股公司的現金流，這為支付控股公司費用、利息、債務費用以及股票回購提供了能力。

Michael Ward, UBS.

瑞銀集團的麥可沃德。

I was just hoping you could help us kind of frame this -- the variability in the result this quarter. And I guess just thinking about -- if it may change in the earnings power, right, or even just 2026 to calendar year because we have the equitable accretion, organic and inorganic growth, maybe some buyback and then there's maybe a little bit of a risk from some stop-loss losses in a worst-case scenario, but is there anything else that should be changing how we think about 2026?

我只是希望您能幫助我們解決這個問題——本季結果的變化。我想只是在思考 - 如果盈利能力可能會發生變化，或者甚至只是 2026 年到日曆年，因為我們有公平的增長、有機和無機增長，也許有一些回購，然後在最壞的情況下可能會有一些止損損失的風險，但還有什麼其他事情應該改變我們對 2026 年的看法嗎？

Mike, it's Axel. Thanks for the question. I mean, first, let me start off by saying we remain confident in our intermediate-term financial targets that we laid out. The -- we're very pleased with the capital that we've deployed into attractive transactions.

麥克，我是阿克塞爾。謝謝你的提問。首先，我要說的是，我們對我們所設定的中期財務目標仍然充滿信心。我們對投入到有吸引力的交易中的資本感到非常高興。

So last year 2024, we deployed $1.7 billion. This year, year-to-date, if I take into account the Equitable transaction, we've deployed $2.2 billion. So that adds significantly to the earnings power over time. We did communicate previously the earnings expectation for the Equitable transaction into 2026. I mentioned earlier today, $160 million to $170 million a year of pretax income which is a significant down payment on our target EPS growth.

因此，去年（2024年），我們部署了17億美元。今年迄今為止，如果考慮到 Equitable 交易，我們已經部署了 22 億美元。因此，隨著時間的推移，這將顯著增強獲利能力。我們之前確實傳達過對 2026 年 Equitable 交易的獲利預期。我今天早些時候提到過，每年 1.6 億至 1.7 億美元的稅前收入是我們目標每股收益成長的一大筆首付。

In addition to that, like Tony said, we have a lot of tailwinds. The Creation Re strategy is producing really well. It's enabling us to attract deals that produce returns that are above our targets. Investment portfolio as we invest new money at significantly higher yield in current book yield, we're picking up investment income.

除此之外，正如托尼所說，我們有很多順風。Creation Re 策略的效果確實很好。它使我們能夠吸引產生超出我們目標回報的交易。投資組合隨著我們以遠高於當前帳面收益率的收益率投入新資金，我們正在獲得投資收益。

And lastly, balance sheet optimization, an example of which is the significant value of in-force credit that we receive enables us to do more things with the resources that we have. So in short, we're very confident about our targets, and we would not be changing our run rate or our expectations based on one or two quarters' worth of volatility.

最後，資產負債表優化，其中一個例子是我們獲得的有效信貸的大量價值使我們能夠利用現有的資源做更多的事情。簡而言之，我們對我們的目標非常有信心，我們不會根據一兩個季度的波動來改變我們的運行率或預期。

Okay. That's helpful. And then just on the kind of the biometric or deal pipeline. Curious how you see that today versus financial solutions. And just curious how the regulatory regime changes in Asia maybe are impacting demand?

好的。這很有幫助。然後僅討論生物辨識或交易管道。好奇您今天如何看待這一點與金融解決方案。我只是好奇亞洲監管制度的變化可能會如何影響需求？

Yes. Let me take that one, Mike. Look, on the business front, it's strong throughout. I mean it really is whether it's across the globe, whether it's with strategic clients, repeat business and obviously, the nature of deals within the pipeline is really focused on the Creation Re and the exclusivity.

是的。讓我來接手這個，麥克。瞧，從業務方面來看，它始終表現強勁。我的意思是，無論是在全球範圍內，無論是與策略客戶，回頭客，還是顯然，通路內交易的性質實際上都集中在 Creation Re 和排他性上。

You mentioned our favorite word in the company, which is biometric for two reasons. One is it is obviously the driver of our traditional business, which, as we shared, is incredibly robust at this point, with 11% premium growth rate and still very strong robust margins.

您提到了我們公司最喜歡的詞，即生物識別，原因有二。一是它顯然是我們傳統業務的驅動力，正如我們所分享的，目前我們的傳統業務非常強勁，保費增長率達到 11%，利潤率仍然非常強勁。

But two -- the second reason is even our asset intensive, which is our main second line of business is really the sweet spot is when there is material biometric risk within that and hence, we can go ahead and try and win the exclusive along with the creation philosophy. So that's growth all over the place, but I wanted to make sure the audience is clear.

但第二個原因是，即使我們的資產密集型業務，也就是我們的主要第二條業務線，真正的最佳點是當其中存在重大生物識別風險時，因此，我們可以繼續嘗試贏得獨家經營權以及創造理念。這就是各方面的成長，但我想確保觀眾清楚這一點。

When we look at the asset transactions, it is absolutely -- first question is how much biometric risk is in that block of business because we know that's our way to differentiate. That's our way to get Creation Re. That's our way to build a long-term, not only sustainable financial results, but obviously, further strengthen our strategic platform.

當我們審視資產交易時，第一個問題是，這部分業務中存在多少生物辨識風險，因為我們知道這是我們區分的方式。這就是我們獲得 Creation Re 的方式。這是我們建立長期、不僅可持續的財務業績，而且顯然進一步加強我們的策略平台的方式。

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

我們的問答環節到此結束。我想將會議交還給 Tony Cheng 做最後發言。

Well, thank you all for the questions and your continued interest in RGA. It was a great quarter in terms of our strategic successes, which we believe will continue to fuel our future growth and returns. So with this, I want to end today's call. Thank you very much.

好吧，感謝大家的提問以及對 RGA 的持續關注。就我們的策略成功而言，這是一個偉大的季度，我們相信這將繼續推動我們未來的成長和回報。今天的電話會議到此結束。非常感謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。