美國再保險集團 (RGA) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Reinsurance Group of America third 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年第三季財報電話會議。 （操作說明）請注意，本次會議正在錄音。

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

現在我將會議交給投資人關係資深副總裁傑夫‧霍普森先生。請您發言。

Thank you. Welcome to RGA's third 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.

謝謝。歡迎參加RGA 2025年第三季業績電話會議。今天早上與我一同參加會議的有RGA總裁兼執行長Tony Cheng、財務長Axel Andre、首席投資長Leslie Barbi以及首席風險長Jonathan Porter。在會議開始之前，請允許我簡要提醒一下關於前瞻性資訊和非GAAP財務指標的相關事宜。

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

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獲利報告，其中列出了可能導致實際結果與預期結果差異的重要因素。此外，在本次電話會議中，我們提供的資訊可能包含非公認會計準則（非GAAP）財務指標。

Please see our earnings release, earnings presentation and quarterly financial supplement, all of which are posted on our website for a discussion of these terms and reconciliations to GAAP measures. Throughout the call, we will be referencing slides from the earnings presentation, which again is posted on our website.

請參閱我們的獲利報告、獲利簡報和季度財務補充文件，這些文件均已發佈在我們的網站上，其中包含對這些術語的解釋以及與公認會計準則 (GAAP) 指標的調節。在電話會議期間，我們將引用獲利簡報中的幻燈片，該簡報也已發佈在我們的網站上。

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

現在我將把電話交給托尼，請他發表評論。

Good morning, everyone, and thank you for joining us. I am delighted to share that we have had a very strong third quarter, as demonstrated by the continued successful execution of our strategy as well as the record financial performance we delivered. Let me open with a few key highlights. Firstly, we reported record operating EPS, excluding notable items, of $6.37 per share.

各位早安，感謝各位的參與。我很高興地告訴大家，我們第三季業績非常強勁，這體現在我們策略的持續成功執行以及創紀錄的財務業績上。首先，讓我介紹幾個關鍵亮點。首先，我們公佈了創紀錄的營運每股收益（不計重大項目），達到每股 6.37 美元。

These results were strong and above expectations. We had excellent performance overall with particularly good results in Asia Traditional and EMEA and US Financial Solutions. Our diversified global platform continues to deliver significant long-term value. Secondly, we are seeing a positive contribution from the Equitable transaction, which closed this quarter.

這些業績表現強勁，超乎預期。我們整體業績優異，尤其在亞洲傳統業務、歐洲、中東和非洲地區以及美國金融解決方案業務方面表現尤為出色。我們多元化的全球平台持續創造顯著的長期價值。其次，本季完成的Equitable收購交易也帶來了正面貢獻。

Thirdly, new business momentum remains strong, as evidenced by our premium growth and capital deployment into in-force transactions. We are seeing good year-to-date contributions from across our geographies. Our competitive advantages continue to differentiate RGA, leading to good new business results, a robust pipeline and the ability to be selective on the opportunities we pursue.

第三，新業務成長動能依然強勁，保費成長和現有保單的資本投入均印證了這一點。我們各個業務區域今年迄今的業績表現良好。 RGA的競爭優勢持續凸顯，帶來良好的新業務績效、穩健的業務儲備以及對潛在機會的精準把控能力。

Next, during the quarter, we repurchased $75 million of common shares. We will continue to balance investing our excess capital into the business and returning it to shareholders in a manner that allows us to execute our strategy and meet our financial targets over time. Finally, we continue to make progress on other strategic initiatives, including the utilization of Ruby Re and the successful execution of in-force management actions.

其次，本季我們回購了價值7,500萬美元的普通股。我們將繼續平衡盈餘資本的投資和回報股東的方式，以確保我們能夠執行策略並最終實現財務目標。最後，我們在其他策略性措施方面也持續取得進展，包括Ruby Re的運用以及現有管理措施的成功實施。

All of these position us for continued long-term success. Let me now provide a few more details on the quarter, including highlights from across our regions, starting with North America. We continue to exceed our new business targets for the traditional business, driven by our strong underwriting capabilities. We closed a significant number of new deals in the quarter and reached a record number of underwriting applications.

所有這些都為我們持續的長期成功奠定了基礎。接下來，我將詳細介紹本季的業績，包括我們各地區的亮點，首先是北美地區。憑藉我們強大的核保能力，我們繼續超額完成傳統業務的新業務目標。本季我們完成了大量新交易，核保申請數量也創下歷史新高。

One of these deals was an enhancement of our strategic underwriting program with a digital solution that enabled us to partner exclusively with a key client that has a strong brand and a large distribution footprint. These initiatives differentiate RGA and represent an increasing portion of our US business. This is yet another example of what RGA has done for over 50-years and continues to do its best, which is to be innovative and the leader in underwriting.

其中一項合作是利用數位化解決方案來增強我們的策略性核保項目，使我們能夠與一家擁有強大品牌和龐大分銷網絡的重要客戶建立獨家合作關係。這些舉措使RGA脫穎而出，並佔據我們美國業務日益增長的份額。這再次印證了RGA五十多年來始終秉持的理念，即不斷創新，引領核保業。

Also, as indicated, the Equitable transaction closed in the quarter, and we recorded a full quarter of earnings in this period. Results were in line with our expectations. The asset portfolio repositioning is progressing as planned, and our previous guidance on the expected future earnings remains unchanged. Along with the financial gains, the partnership is yielding strategic benefits through increased underwriting services, product development, asset management and participation in our Ruby Re sidecar.

此外，如前文所述，Equitable 的交易已於本季完成，我們本季也錄得了完整的利潤。業績符合預期。資產組合重組正按計劃進行，我們先前對未來獲利的預期保持不變。除了財務收益外，此次合作還透過增加承保服務、產品開發、資產管理以及參與我們的 Ruby Re 附屬公司等方式，帶來了策略優勢。

The depth and breadth of this partnership is one example of the win-win opportunities for the benefit of both RGA and our clients. Moving to Asia Pacific. The region continues to perform very well. Traditional results were particularly strong this quarter, continuing its trend of excellent growth and bottom line results. We continue to delight our clients by staying at the forefront of innovation and helping them navigate evolving strategic needs.

此次合作的深度與廣度充分體現了RGA與客戶雙贏的機會。接下來，我們展望亞太地區。該地區業績持續表現優異。本季傳統業務表現尤為強勁，延續了其卓越的成長動能和獲利成長。我們始終走在創新前沿，協助客戶應對不斷變化的策略需求，從而不斷提升客戶滿意度。

Our strategy in Hong Kong is to deliver holistic solutions combining product development, capital solutions and technology-enabled underwriting capabilities. We recently won the prestigious Hong Kong Federation of Insurers' Outstanding Reinsurance Scheme Award. Recognizing one of these holistic solutions. We expect this to lead to repeat transactions of this nature in Hong Kong.

我們在香港的策略是提供整合產品開發、資本解決方案和科技賦能的承保能力的整體解決方案。我們近期榮獲香港保險業聯會頒發的傑出再保險計畫獎，這正是對我們整體解決方案的認可。我們期望此舉能促成在香港進行更多類似的合作。

In addition, we've been able to leverage these strengths across the region. This was best demonstrated in Mainland China where recent regulatory changes allow participating critical illness products like the ones in Hong Kong to be sold. RGA co-developed a first of its kind critical illness combination product, and early sales performance has been strong.

此外，我們已成功將這些優勢推廣至整個區域。這點在中國大陸體現得尤為明顯，近期監管政策的調整使得類似香港的重疾險產品得以在中國大陸銷售。 RGA參與研發了首款此類重疾險組合產品，且早期銷售業績表現強勁。

In Korea, RGA remains the market leader in product innovation. Building on the success of last year's cancer treatment product, which launched with 19 clients, we introduced the second-generation version of this product, and our clients have already sold over 1 million policies, demonstrating the strong market demand. Finally, in the EMEA region, RGA remains a clear market leader, and Q3 results reflect that.

在韓國，RGA依然是產品創新領域的市場領導者。去年，我們推出了癌症治療產品，首批客戶達19家，並取得了成功。在此基礎上，我們推出了該產品的第二代版本，目前客戶已售出超過100萬份保單，充分證明了市場需求的強勁。此外，在歐洲、中東和非洲地區，RGA依然保持著市場領先地位，第三季的業績也印證了這一點。

We successfully closed multiple transactions across the region and across a range of product lines. The strong client satisfaction from RGA executing on our promises will lead to repeat opportunities. In addition, we closed a market-first transaction in Switzerland. This follows our success in Belgium last year in a similar market first and shows Continental Europe is opening up to asset-intensive reinsurance.

我們已成功在該地區及多個產品線完成多筆交易。 RGA 履行承諾後，客戶的高度滿意將為我們帶來更多合作機會。此外，我們也在瑞士完成了一項市場首創的交易。繼去年在比利時成功完成類似市場首創交易後，這表明歐洲大陸正在向資產密集型再保險市場開放。

I firmly believe we are best positioned in this market, and our innovation will continue to drive growth in the region. Reflecting on the activity from across the globe, I am very pleased with our Traditional business results. Traditional business premiums are up 8.5% year-to-date on a constant currency basis, with good growth across regions and we can rely on this business year in, year out, giving us a strong foundation for continued earnings growth.

我堅信我們在這個市場中佔有最佳地位，我們的創新將繼續推動該地區的成長。縱觀全球業務，我對傳統業務的業績非常滿意。以固定匯率計算，今年迄今為止傳統業務的保費增長了8.5%，各地區均實現了良好增長，我們可以依靠這項業務年復一年地保持增長，這為我們持續的盈利增長奠定了堅實的基礎。

Now with regards to transactions, we have deployed $2.4 billion of capital year-to-date. This comprised of $1.5 billion into the Equitable transaction and $900 million of capital into over 20 other transactions spread around the globe. These are high-quality transactions that don't always make headlines due to their more modest size, but are equally important as they form a regular base of business that we can also rely on year in, year out.

就交易而言，我們今年迄今已投入24億美元資金。其中包括15億美元用於收購Equitable，以及9億美元用於遍布全球的20多項其他交易。這些都是高品質的交易，由於規模相對較小，它們並不總是成為新聞頭條，但同樣重要，因為它們構成了我們可以年復一年依賴的穩定業務基礎。

They leverage our long-standing client relationships, our strength in biometric risk and often our repeat transactions that are well within our sweet spot. As you can see from these examples, the new business success in all three regions are the result of our now well entrenched Creation Re business approach. This approach proactively provides holistic and innovative solution, leveraging our competitive advantages and often leads to exclusive and repeat business.

他們充分利用我們長期建立的客戶關係、我們在生物辨識風險方面的優勢，以及我們經常獲得的、完全符合我們業務核心的重複交易。正如您從這些案例中所看到的，這三個地區新業務的成功都源自於我們如今已根深蒂固的Creation Re業務模式。這種模式積極主動地提供全面且創新的解決方案，充分發揮我們的競爭優勢，並經常帶來獨家業務和重複交易。

Over the past two years, this approach has driven expected lifetime returns of all new business across the company above our target range. Looking forward, our new business pipeline is strong across all three regions, and we will continue to select the best opportunities based on our expected returns, risk appetite and other strategic considerations.

過去兩年，這項策略使公司所有新業務的預期終身回報率均超過了我們的目標範圍。展望未來，我們在三大區域的新業務儲備依然強勁，我們將繼續根據預期回報率、風險承受能力和其他策略考量，選擇最佳的投資機會。

Another highlight is that the value of in-force business margins increased by 16% over the past three quarters. This is a measure of our efforts to create long-term value through new business and other management actions and indicates our success in building a sustainable and successful future. Finally, it is very gratifying that we can provide an attractive combination of organic growth and are in a strong capital position that enables us to fulfill our healthy pipeline and return a meaningful amount of capital to shareholders.

另一個亮點是，過去三個季度現有業務利潤率成長了16%。這體現了我們透過新業務和其他管理措施創造長期價值的努力，也顯示我們在建立永續發展的未來方面取得了成功。最後，令人欣慰的是，我們能夠實現內生成長和雄厚資本的完美結合，這使我們能夠滿足穩健的業務發展需求，並為股東帶來可觀的回報。

So to sum up, we have had an excellent third quarter with many highlights. We are well positioned in the right markets with the right teams executing with the right strategies and have full confidence that the best is yet to come.

總而言之，我們第三季表現出色，亮點頻傳。我們已在合適的市場佔據有利位置，擁有合適的團隊，並正在執行正確的策略，我們完全有信心，未來會更好。

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

現在我將把發言權交給我們的財務長阿克塞爾·安德烈，讓他更詳細地討論財務表現。

Thanks, Tony. RGA reported pretax adjusted operating income, excluding notable items, of $534 million for the quarter or $6.37 per share after tax. For the trailing 12-months, adjusted operating return on equity, excluding notable items, was 14.2%. Results were strong this quarter and above expectations. Momentum across our business remains good, and we saw notable strength in Asia Traditional and EMEA and US Financial Solutions.

謝謝，托尼。 RGA公佈的季度稅前調整後營業收入（不計重大項目）為5.34億美元，即稅後每股收益6.37美元。過去12個月的調整後營業淨資產收益率（不計重大項目）為14.2%。本季業績強勁，超乎預期。公司整體業務發展勢頭良好，尤其在亞洲傳統業務、歐洲、中東和非洲地區以及美國金融解決方案業務方面表現突出。

As Tony mentioned earlier, we closed the Equitable transaction and recognized a full quarter of income. Results for the block continue to be in line with expectations. As a reminder, this block is expected to have a highly diversified sources of earnings, split roughly between fee income, underwriting margin and investment spread.

正如托尼之前提到的，我們已完成Equitable的收購交易，並確認了完整的季度收入。該板塊的業績繼續符合預期。需要提醒的是，該板塊的收益來源預計將高度多元化，大致分為手續費收入、承銷利潤和投資收益三部分。

This is one of the reasons the transaction was so attractive to us. Given the diversified sources of earnings, this is immediate earnings impact as well as incremental ramp-up as some of the assets are repositioned. The portfolio repositioning is on track and was approximately 75% complete at the end of the quarter. The remainder will occur over the next six-to nine-months.

這正是我們認為這筆交易極具吸引力的原因之一。鑑於其多元化的獲利來源，這筆交易不僅能立即帶來獲利成長，還能隨著部分資產的重新配置逐步提升獲利能力。投資組合的重新配置工作進展順利，截至本季末已完成約75%。剩餘部分將在未來六至九個月內完成。

During the quarter, we deployed $233 million of capital into in-force transactions in addition to the previously announced $1.5 billion into the Equitable transaction. We also completed $75 million of share repurchases at an average price of $184.58. Our capital position remained strong, and we ended the quarter with estimated excess capital of $2.3 billion and estimated deployable capital of $3.4 billion.

本季度，除先前宣布的向Equitable交易投入15億美元外，我們還向現有交易投入了2.33億美元資金。此外，我們以平均每股184.58美元的價格完成了7,500萬美元的股票回購。我們的資本狀況依然穩健，季末預計超額資本為23億美元，可部署資本為34億美元。

The effective tax rate for the quarter was 19.6% on adjusted operating income before taxes, below the expected range of 23% to 24%, primarily due to the jurisdictional mix of earnings. We still expect a tax rate of 23% to 24% for the full year.

本季經調整後的稅前營業收入實際​​稅率為19.6%，低於預期的23%至24%，主要原因是收益來源分佈較為分散。我們仍預計全年稅率在23%至24%之間。

Our Traditional business premium growth was 8.5% year-to-date on a constant currency basis, which has benefited from strong growth in the US, EMEA and APAC. Premiums are a good indicator of the ongoing vitality of our Traditional business, and we continue to have strong momentum across our regions.

以固定匯率計算，我們傳統業務的保費收入今年迄今成長了8.5%，這主要得益於美國、歐洲、中東和非洲地區以及亞太地區的強勁成長。保費收入是衡量我們傳統業務持續活力的重要指標，我們在各個地區都保持著強勁的成長勢頭。

Turning to biometric claims experience, as outlined on slide 9 of our earnings presentation, Economic claims experience was favorable by $5 million in the quarter, primarily driven by APAC and Canada, partially offset by the US Traditional segment. The corresponding current period financial impact was unfavorable by $50 million.

關於生物辨識理賠的情況，正如我們在獲利報告第9頁幻燈片中所述，本季度經濟理賠方面實現了500萬美元的有利增長，主要得益於亞太地區和加​​拿大市場的貢獻，但部分被美國傳統理賠業務所抵消。相應的，本期財務影響為5000萬美元的不利影響。

Claims experience in US individual life and group were modestly unfavorable. As discussed last quarter, our expectation was that the group business overall will be approximately breakeven for the second half of the year, and that remains true. Over the longer term, economic claims experience for the total company has been favorable by $277 million since the beginning of 2023 when we more fully emerged from COVID.

美國個人壽險和團體險的理賠情況略為不利。如上季所述，我們預期團體險業務整體將在下半年基本達到損益平衡，這項預期依然成立。長期來看，自2023年初我們基本上擺脫新冠疫情影響以來，公司整體的經濟理賠狀況已改善2.77億美元。

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. I'll now make a few comments on the notable items reported in the period, which relates to the results of our annual actuarial assumptions review. The overall economic impact of the assumptions update is positive from a long-term value perspective and future run rates.

再次提醒，尚未在會計結果中確認的有利經濟效益將在企業剩餘存續期內確認。接下來，我將就本期報告中涉及的幾個重要事項做一些說明，這些事項與我們年度精算假設審查的結果有關。從長期價值和未來運作率的角度來看，此次假設更新的總體經濟影響是正面的。

As presented on slide 7, the impact is split into two components. A negative $149 million current period impact due to LDTI cohorting and a positive $600 million impact to long-term value. Said another way, if LDTI did not exist, the total impact is a benefit of $450 million. These updates will increase annual run rates by $15 million, gradually increasing to $25 million annually by 2040.

如幻燈片7所示，其影響分為兩部分：一是LDTI分組帶來的1.49億美元的當期負面影響；二是6億美元的長期價值正面影響。換言之，如果LDTI不存在，總收益將達到4.5億美元。這些更新將使年度運行率增加1500萬美元，並逐步增加至2040年的每年2500萬美元。

Moving to the quarterly segment results on slide 6. The US and Latin America traditional results reflected modestly unfavorable claims experience, partially offset by the favorable impact from in-force management actions. In our group business, as mentioned, results were approximately breakeven and in line with our updated 2025 expectations, and the block will be fully repriced by January 2026.

接下來是投影片6的季度分部業績。美國和拉丁美洲的傳統業務績效反映了略微不利的理賠情況，但部分被保單管理措施帶來的正面影響所抵消。如前所述，我們的團體業務績效基本上達到損益平衡，符合我們更新後的2025年預期，該股將於2026年1月完成重新定價。

The US Financial Solutions results reflected the contribution from the Equitable transaction, partially offset by lower variable investment income. The results from the Equitable block were in line with expectations. For the full year, we still expect this transaction to contribute around $70 million of pretax income, increasing to $160 million to $170 million in 2026 and approximately $200 million per year by 2027.

美國金融解決方案業務的表現反映了Equitable交易的貢獻，但部分被較低的可變投資收益所抵銷。 Equitable交易的表現符合預期。我們仍預計，該交易將全年貢獻約7,000萬美元的稅前收入，到2026年將增至1.6億至1.7億美元，到2027年將達到每年約2億美元。

Canada traditional results reflected unfavorable group experience, partially offset by favorable individual life claims experience. The financial solutions results in Canada were in line with expectations. In the Europe, Middle East and Africa region, the traditional results reflected favorable underwriting margins. EMEA's financial solutions results reflected favorable longevity experience and continued growth in the segment.

加拿大傳統業務業績反映了不利的團體業務表現，但部分被有利的個人壽險理賠業績所抵銷。加拿大金融解決方案業務業績符合預期。在歐洲、中東和非洲地區，傳統業務表現反映了良好的承保利潤率。該地區的金融解決方案業務業績反映了良好的長壽業務表現以及該業務板塊的持續成長。

This segment continues to be a bright spot for us. Turning to our Asia Pacific region. Traditional had another good quarter, reflecting favorable claims experience and the benefit of ongoing growth. This segment continues to perform at a high level, a reflection of our excellent competitive position and our execution of value-added solutions to clients.

這項業務板塊依然是我們業績的亮點。再來看亞太地區。傳統保險業務又迎來了一個表現良好的季度，這得益於良好的理賠情況和持續成長帶來的收益。此業務部門持續保持高水準的業績表現，體現了我們卓越的競爭優勢以及我們為客戶提供的增值解決方案。

Financial solutions results were in line with expectations with a modest unfavorable impact from lower variable investment income. Finally, the Corporate and Other segment reported an adjusted operating loss before tax of $58 million, unfavorable compared to the expected quarterly average run rate. This was primarily due to lower variable investment income and higher general expenses.

金融解決方案業務的業績符合預期，但可變投資收益下降對其造成了輕微不利影響。此外，公司及其他業務部門公佈的稅前調整後營業虧損為5,800萬美元，低於預期季度平均虧損率。這主要是由於可變投資收益下降和一般費用增加所致。

Moving to investments on slides 10 through 13. The non-spread book yield, excluding variable investment income was slightly lower than Q2, primarily due to higher levels of cash for part of the quarter. The new money rate remains well above the portfolio yield, providing a tailwind to our overall book yield. Total variable investment income was below expectations by around $40 million, primarily due to lower real estate joint venture activity.

接下來是第10至13頁的投資部分。不計入浮動投資收益的非利差帳面收益率略低於第二季度，主要原因是本季部分時間現金水準較高。新貨幣利率仍遠高於投資組合收益率，這對我們的整體帳面收益率構成利好。總浮動投資收益比預期低約4,000萬美元，主要原因是房地產合資減少。

Overall, our portfolio quality remains high and credit impairments are better than expectations for the year. Notably, we have zero direct exposure to the recent auto sector bankruptcies. Turning now to capital. Our excess capital ended the quarter at an estimated $2.3 billion and our deployable capital was an estimated $3.4 billion.

整體而言，我們的投資組合品質依然很高，信貸減損情況優於年度預期。值得注意的是，我們對近期汽車產業的破產事件沒有直接風險敞口。接下來談談資本狀況。截至本季末，我們的超額資本約為23億美元，可部署資本約為34億美元。

It's important to note that we manage capital through multiple frameworks, including our internal economic capital, regulatory capital and rating agency capital. From a regulatory lens, we maintain ample levels of regulatory capital in the jurisdictions where we operate. Also, our strong ratings are important to our counterparty strength.

值得注意的是，我們透過多種框架管理資本，包括內部經濟資本、監管資本和評級機構資本。從監理角度來看，我們在營運所在司法管轄區均維持充足的監理資本。此外，我們良好的評級對交易對手實力至關重要。

Thus, we manage our rating agency capital to support these ratings. On a holistic basis, considering all capital frameworks, we are well capitalized. In the quarter, we successfully retroceded a midsized block of US PRT business to Ruby Re and we are actively working on additional retrocessions. We still expect the vehicle to be fully deployed by the middle of 2026.

因此，我們合理管理評級機構資本以支持這些評級。從整體來看，考慮到所有資本框架，我們的資本充足。本季度，我們已成功將一筆中等規模的美國PRT業務轉讓給Ruby Re，並且正在積極推進其他轉讓事宜。我們仍預期該機制將於2026年中期全面投入使用。

Looking ahead, we will balance capital deployment into the business with returning capital to shareholders through quarterly dividends and share repurchases. Our intention remains to be opportunistic with share repurchases quarter-by-quarter, depending on our capital position, a forward view of our transaction pipeline and valuation metrics.

展望未來，我們將平衡業務資本投入與透過季度分紅和股票回購向股東返還資本之間的關係。我們將繼續根據資本狀況、未來交易計畫和估值指標，靈活把握每季的股票回購機會。

Over the longer term, we 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 history. During the quarter, we continued our long track record of increasing book value per share. As shown on slide 17, our book value per share, excluding AOCI and impacts from B36 embedded derivatives increased to $159.83, which represents a compounded annual growth rate of 9.7% since the beginning of 2021.

從長遠來看，我們預計透過股利和股票回購實現的股東資本總回報將平均佔稅後營業利潤的20%至30%，這與我們長期以來的業績一致。本季度，我們延續了每股帳面價值持續成長的良好動能。如第17頁投影片所示，剔除其他綜合收益（AOCI）和B36嵌入式衍生性商品的影響後，我們的每股帳面價值增加至159.83美元，自2021年初以來，複合年增長率為9.7%。

Moving to slide 18. We provided an update on the value of in-force business margins, which significantly increased since the end of 2024, reflecting the very strong new business momentum. Overall, we believe this is an additional lens through which to assess the long-term earnings power of our business that will emerge over time, and we are pleased with the results.

接下來是第18張投影片。我們更新了現有保單業務利潤率的價值，該利潤率自2024年底以來顯著增長，反映了強勁的新業務成長動能。總體而言，我們認為這為我們評估業務的長期獲利能力提供了一個新的視角，我們對評估結果感到滿意。

All in all, this was a great quarter with strong operating results. In addition, 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. We continue to see very good opportunities across our geographies and business lines and remain well capitalized to execute on our strategic plan.

總而言之，本季業績表現優異，營運表現強勁。此外，我們持續推動多項策略目標。我們的長期策略進展順利，我們有信心實現中期財務目標。我們持續看到各個地區和業務領域都存在著非常好的發展機遇，並且擁有充足的資金來執行我們的策略計劃。

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. This concludes our prepared remarks.

我們相信，我們有能力透過分紅和股票回購將盈餘資本返還給股東。在此，我謹感謝各位一直以來對RGA的關注。我的發言到此結束。

We would now like to open it up for questions.

現在我們來接受提問。

(Operator Instructions) Wes Carmichael, Autonomous Research.

（操作說明）韋斯·卡邁克爾，自主研究。

First one was just on the US claims activity in traditional in the quarter. Just wanted to see if you would unpack current experience, if that's just normal volatility in your view, if there's any onetime-ish kind of items in there.

第一個問題是關於本季美國傳統保險索賠活動的。我想看看您能否分析一下目前的情況，您認為這是否只是正常的波動，或者其中是否存在任何一次性因素。

Yes, Wes. Thanks for the question. On the US Trad side, so we had about $30 million of claims experienced from -- of negative claims experience on the individual life side, that's really kind of normal volatility. If you look at it on a historical basis, it's well below a standard deviation. So frankly, modest noise there. And then on the group side, as indicated last quarter, and consistent with the expectations that we had set, we had about a $20 million negative experience.

是的，韋斯。謝謝你的提問。就美國傳統保險業務而言，個人壽險方面出現了約3000萬美元的負面理賠，這屬於正常的波動範圍。從歷史數據來看，這個數字遠低於一個標準差。所以坦白說，這只是輕微的波動。至於團體保險方面，正如上個季度所示，也與我們先前的預期一致，我們出現了約2000萬美元的負面理賠。

Got it. And maybe sticking with that segment, US traditional in the current quarter. Were there any onetime items that impacted premiums? It looks like premium growth was a little bit softer there than the rest of the enterprise. And if so, what was kind of the underlying growth rate there?

明白了。或許可以繼續關注這個板塊，例如本季的美國傳統保險市場。是否有任何一次性項目影響了保費？看起來該板塊的保費增長比其他板塊略顯疲軟。如果是這樣，其潛在成長率大概是多少？

Yes. So on the US premium side. So in the quarter, we had an in-force action, so a recapture of a treaty, which resulted in a positive impact to the results of about $20 million. And so the flip side of that is that we didn't record the premiums that we would have got from that treaty. And so that's really the main driver for the reduction in premiums.

是的。就美國保費方面而言，本季度我們採取了一項生效行動，即收回一項條約，這給業績帶來了約2000萬美元的積極影響。但另一方面，我們並未確認本應從該條約中獲得的保費。因此，這才是保費下降的主要原因。

John Barnidge, Piper Sandler.

約翰·巴尼奇，派珀·桑德勒。

There was a recent report in September from Swiss Re suggesting a mortality reduction from GLP-1 drugs of up to 6.4% in the US and 5.1% in the UK. How soon would it make sense to maybe recognize that benefit either on pricing or in your assumptions?

瑞士再保險公司9月發布的報告顯示，GLP-1類藥物在美國可使死亡率降低高達6.4%，在英國可將死亡率降低5.1%。那麼，何時才能在定價或假設中體現出這種益處呢？

John, thanks for the question. This is Jonathan. So we haven't made any material changes to our assumptions due to anti-obesity medication, but the benefits from these medications have increased our confidence that our existing mortality improvement assumptions will be realized in the future. We've done some significant modeling and analysis, and we continue to believe that anti-obesity medications, including GLP-1s, will have a meaningful benefit on population-level mortality.

約翰，謝謝你的提問。我是喬納森。由於抗肥胖藥物的出現，我們並沒有對先前的假設做出任何實質的改變，但這些藥物帶來的益處增強了我們對未來死亡率改善假設的信心。我們已經進行了一些重要的建模和分析，並且仍然相信，包括GLP-1在內的抗肥胖藥物將對降低人群死亡率產生顯著的積極作用。

And going forward, we'll continue to regularly assess the data and our model and expectations as to how this population improvement translates through to our insured book of business. Specifically for the study that you referenced, our analysis is generally aligned with a central estimate that Swiss Re has as well. So our numbers are consistent with their central estimate. I think the numbers you quoted were on the high end of their estimate.

展望未來，我們將繼續定期評估數據、模型以及預期，以了解人口成長如何轉化為我們承保業務的改善。具體到您提到的研究，我們的分析結果與瑞士再保險公司（Swiss Re）的中心估計值基本一致。因此，我們的數據與他們的中心估計值相符。我認為您引用的數據處於他們估計值的上限。

Yes, those were the bull case outcomes. My follow-up, I believe the lift to annual run rate is $15 million over the intermediate term and would be expected to grow. To what level would it be expected to grow in the max year?

是的，這些都是樂觀情況下的結果。我的後續問題是，我認為中期內年化收入成長將達到1500萬美元，並且預計還會成長。那麼，在預期成長最快的年份，預計會達到多少呢？

Yes. So thank you, John. So just to clarify, I think you referred to the impact of the actual assumptions update. As I mentioned, there's the accounting impact and there's the kind of long-term value impact, the $600 million, which will be recognized over time. That $600 million essentially will increase our run rates by $15 million next year. So annual increase of $15 million which then gradually ramps up to a $25 million increase to the annual run rate by 2040.

是的，謝謝你，約翰。為了澄清一下，我想你指的是實際假設更新的影響。正如我所提到的，這其中既有會計上的影響，也有長期價值的影響，也就是這6億美元，它會隨著時間的推移而逐步確認。這6億美元實際上會使我們明年的營運成本增加1500萬美元。也就是說，每年增加1,500萬美元，然後到2040年，年營運成本將逐步增加到2,500萬美元。

Jimmy Bhullar, JPMorgan.

吉米·布拉爾，摩根大通。

I had a couple of questions. First, just on your expectation for Ruby Re, you mentioned you expect it to be the pipeline to be filled or your -- whatever your intentions were in terms of business activity. What type of liabilities are you considering for the structure. And obviously, there's a lot of demand for reinsurance or deals on some of these legacy liabilities. To what extent do those fit in your plans as well? And then I have a follow-up.

我有幾個問題。首先，關於您對Ruby Re的預期，您提到您希望它能填補業務空缺，或者說，無論您在業務活動方面有何計劃。您考慮的負債類型有哪些？顯然，目前對某些遺留負債的再保險或交易需求很大。這些需求在您的計畫中佔多大比重？然後我還有一個後續問題。

Sure. Thanks for the question. Yes, so Ruby Re, so we were pleased to see another transaction seeded into the vehicle this quarter. As you may recall, the vehicle was set up to really take in US asset-intensive type transactions. In terms of -- we have a pipeline of transactions that we already have on our books that we're working through the process of seeding into the vehicle, which is why we're saying we have the confidence that we will be fully deployed by the middle of 2026.

當然。謝謝你的提問。是的，Ruby Re，我們很高興看到本季又有一筆交易注入到該基金中。你可能還記得，該基金的設立初衷是為了吸收美國資產密集類型的交易。目前，我們已經有一些待處理的交易項目正在逐步注入到該基金中，因此我們有信心在2026年年中之前完成全部投資。

I think just taking a step back, we've mentioned that sidecars, third-party capital is a core component of our strategy. We expect in the future to be pursuing other sidecars and for that to be a nice supplement to our ability to deploy capital over time.

我認為，回顧一下，我們之前提到過，第三方資本（即附屬基金）是我們策略的核心組成部分。我們預計未來會尋求其他附屬基金，這將有效地補充我們長期部署資本的能力。

And then the type of liabilities include just annuities or like LTC VAs with living benefits as well?

那麼，負債類型只包括年金，還是也包括像長期照護退伍軍人事務部提供的包含生存福利的退休金？

So Ruby Re is really focused on relatively simple liabilities, what we call asset intensive. Those are things such as pension risk transfer. Other types of liabilities that have some biometric risks but that are relatively vanilla. As we explore new vehicles, further vehicles, we will also potentially open the aperture of liabilities. But I want to make clear that we focus on what -- where our expertise is.

所以，Ruby Re 真正專注於相對簡單的負債，也就是我們所說的資產密集型負債。例如退休金風險轉移，以及其他一些有生物辨識風險但相對簡單的負債類型。隨著我們探索新的投資工具，未來也可能擴大負債業務範圍。但我想明確一點，我們專注於我們擅長的領域。

Our expertise is in combining the two sides of the balance sheet, the biometric risk and the asset side in the types of transactions that we have a track record of executing. So the intent is not to open new avenues that we have no expertise or track record in.

我們的專長在於將資產負債表的兩端──生物辨識風險和資產端──結合起來，並應用於我們過往成功執行過的各類交易中。因此，我們的目的並非開闢我們不具備專業知識或經驗的新領域。

Ryan Krueger, KBW.

Ryan Krueger，KBW。

I had a question on in-force actions. You've done a number of things over the last few years. I was just hoping to get an update on how far along you think you are at this point? And in the kind of opportunities that you still have going forward to do more actions on the in-force.

我有一個關於現行法律改革措施的問題。過去幾年你們做了很多工作。我只是想了解一下，你們目前的工作進展如何？以及未來還有哪些機會可以繼續推動現行法律改革措施？

So maybe I can get started just in terms of the numbers and pass it on to Tony. So in-force actions, we've talked about it on a number of calls. We had significant contribution to earnings in 2023, 2024. If you recall, at the beginning of the year, when we talked about our intermediate-term financial targets, we said that we were expecting about $50 million a year of in-force actions. Of course, it's -- as we said, those can be lumpy.

所以，或許我可以先從數字方面入手，然後把內容轉交給東尼。關於保單生效期間的收益，我們已經在多次電話會議上討論過。 2023年及2024年，保單生效期間的收益對公司獲利貢獻顯著。如果您還記得，年初我們談到中期財務目標時，曾提到預計每年保單生效期間的收益約為5000萬美元。當然，正如我們所說，保單生效期間的收益可能會出現波動。

And so we -- at times, you can have a year where you are well above the $50 million, potentially below. This year, 2025, year-to-date, we're at about $45 million of cumulative in-force actions. So it's nice and on track and consistent with that run rate. And then we have a number of opportunities to continue to execute on in-force management actions throughout the book.

因此，有時，某一年的保單執行額可能會遠遠超過5,000萬美元，也可能低於這個數字。今年，也就是2025年，截至目前，我們的累計保單執行額約4,500萬美元。所以，目前的情況良好，符合預期，與之前的進度一致。此外，我們還有許多機會可以繼續在整個保單管理週期內執行保單管理措施。

Yes, Ryan, maybe just to add, this is a discipline that I would argue, started in the US before, but it's very much around the globe. So even this quarter, we're seeing those actions, it's not just the US, it's across the globe. So that's the first point. And then the second point is, I want to emphasize, that's why risk management is so critical for us.

是的，瑞恩，或許我還要補充一點，我認為這門學科雖然起源於美國，但如今已遍及全球。即使是本季度，我們也看到了這些行動，而且不僅限於美國，而是遍及全球。這是第一點。第二點，我想強調的是，這就是為什麼風險管理對我們如此重要。

We're all over the risk. And then it's a question of, okay, how do we -- once we fully -- as we fully understand the blocks of business, we then leverage off our strong partnerships with our clients to come up with true win-win solutions, oftentimes as we go through these conversations with our clients. It really hasn't impacted our ability to write new business with them.

我們已經充分了解了風險。接下來的問題是，一旦我們完全了解業務的各個環節，我們該如何利用與客戶之間的牢固合作關係，找到真正雙贏的解決方案？通常情況下，這些方案都是在與客戶的溝通中產生的。這並沒有影響我們與他們拓展新業務的能力。

Sometimes it actually strengthens it because you're getting through potentially tough conversations in the right manner. So we're very delighted with our approach. And as Axel said, we continue to deliver on it. We don't -- it's not drawing up in any way. It's just an ongoing part of our business that we expect to continue to do going forward.

有時候，這種方式實際上會增強溝通效果，因為它能幫助你以正確的方式應對可能棘手的對話。所以我們對目前的做法非常滿意。正如Axel所說，我們會繼續堅持下去。這並非什麼計劃，而是我們業務中持續進行的一部分，我們希望未來也能繼續這樣做。

And then I had a follow-up. I guess going back to last quarter on the value in-force benefit to excess capital. It seems like there's been some skepticism from -- that this is not from you, but from others about if this is fully -- if that benefit is fully able to be deployed into growth going forward. So I guess I just wanted to just come back to that and confirm that like there's no restrictions on that. You have the full blessing from rating agencies, and that's a part of your capital that you can deploy now going forward?

然後我還有一個後續問題。我想回顧一下上個季度關於超額資本中有效保單價值收益的問題。似乎有人對此持懷疑態度——這並非來自您，而是來自其他人——他們質疑這部分收益是否能夠完全用於未來的成長。所以我想再次確認一下，這方面是否有任何限制？您是否已獲得評級機構的完全認可？這部分資本是否可以用於未來的成長？

Yes. So thanks, Ryan, for the question. So let me -- first, let me say that, yes, we -- this capital represents real capital that is available to be deployed into transactions. But let me take a step back and remind you, our excess capital is really across all three frameworks. Economic capital, regulatory and rating agency. And we really look at what is the binding constraint.

是的。謝謝瑞恩的提問。首先，我想說明的是，這筆資金代表的是可用於交易的真實資本。但我想先回顧一下，提醒各位，我們的超額資本實際上涵蓋了所有三個框架：經濟資本、監管資本和評級機構資本。我們真正關注的是約束性因素。

So we have at least that amount of excess capital from each of the following lenses since we take the binding constraints. I think everybody would recognize that from a regulatory capital perspective, that is capital that is there in the legal entities available to be deployed. Obviously, there's different regulatory frameworks and different legal entities, but real capital available to be deployed.

因此，考慮到約束條件，從以下各個角度來看，我們至少擁有這麼多的超額資本。我認為大家都會認同，從監管資本的角度來看，這指的是法律實體中存在的、可部署的資本。當然，不同的監管架構和不同的法律實體各有不同，但確實存在可供部署的實實在在的資本。

So the recognition of this value of in-force to your point is from a rating agency perspective. I want to remind you that we recognize only a portion -- the value in-force for only a portion of our block. And even when we do, there's a significant haircut that is applied to that value of in-force within the rating agency frameworks. That value of in-force does amortize over the life of the business.

所以，您提到的「有效保單價值」的認可，是從評級機構的角度出發的。我想提醒您，我們只認可其中一部分——僅認可我們保單組合中的一部分的有效保單價值。即便如此，在評級機構的框架內，這部分有效保單價值也會大幅折舊。這部分有效保單價值會在保單的整個存續期間攤提。

But over time, we expect to add further to our store of value of in-force by looking at our in-force, the blocks that have not been evaluated by the rating agencies as well as new business. And just to point to one item, if you look at our value of in-force business margin exhibits in the presentation, the growth of that by 16% since -- over the first nine-months of the year, shows that there's a robust growth in our store of value of in-force and the potential to recognize that capital from a rating agency perspective.

但隨著時間的推移，我們預計透過審視現有保單（包括尚未經過評級機構評估的保單）以及新業務，將進一步提升現有保單的價值儲備。舉例來說，如果您查看簡報中關於現有保單業務價值利潤率的圖表，就會發現，自今年前九個月以來，該利潤率增長了16%，這表明我們的現有保單價值儲備實現了強勁增長，並且從評級機構的角度來看，這部分資本具有實現價值的潛力。

Ryan, let me just add one other point. I know you were referring to deployment into the business. With regards to, let's say, potential buybacks, we've indicated how much we're going to -- we're planning to return to shareholders. But just to answer your question, there is -- the only criteria we would look at beyond the strategic ones with regards to buyback would be, do we have sufficient liquidity and our leverage ratios? Otherwise, this capital is fully available to buyback. So I just want to add to Axel's comments.

瑞恩，我再補充一點。我知道你指的是業務部署。關於潛在的股票回購，我們已經表明了計劃返還給股東的金額。但為了回答你的問題，除了策略因素之外，我們在股票回購方面唯一會考慮的標準是：我們是否有足夠的流動資金以及槓桿率是否達標。否則，這筆資金完全可以用於股票回購。所以我想補充一下阿克塞爾的觀點。

Wilma Burdis, Raymond James.

威爾瑪·伯迪斯，雷蒙德·詹姆斯。

Regarding the UK mortality assumption review impact, are those claims that you're seeing today? Or is it more of a long-term expectation for higher mortality? And could you also just provide some color on what you're seeing in terms of UK mortality trends?

關於英國死亡率假設審查的影響，您目前看到的是這些說法嗎？還是說這更反映了對更高死亡率的長期預期？您能否也簡單介紹一下您觀察到的英國死亡率趨勢？

Wilma, this is Jonathan. Thanks for the question. So part of the assumption review this quarter, we've increased our expectation for future UK mortality, and that's resulted in an increase in future mortality claims and an offsetting decrease to future longevity claims. So this change in assumptions reflects ongoing excess mortality we're seeing in the UK population, which likely reflects challenges with the National Health System as well as a thorough review of recent experience in our own book of business.

威爾瑪，我是喬納森。謝謝你的提問。本季度，作為假設調整的一部分，我們提高了對英國未來死亡率的預期，這導致未來死亡索賠增加，而未來長壽索賠相應減少。因此，這項假設調整反映了我們目前在英國人口中觀察到的超額死亡率，這可能反映了英國國家醫療服務體系面臨的挑戰，以及我們對自身業務近期經驗的全面評估。

Under LDTI, as Axel mentioned, most of this UK mortality impact is recognized in the current period as the strengthening of reserves on capped cohorts and the benefits of the longevity business are deferred and amortized into future periods. So on a net economic basis, looking at both mortality and longevity combined and just looking at the UK specifically, it's actually pretty neutral. So that's given our balanced book of business. There's not much net economic effect of the changes.

正如Axel所提到的，根據LDTI，英國死亡率上升的大部分影響已在當前期間確認，因為對上限人群的儲備金增加以及長壽業務的收益被遞延並攤銷至未來期間。因此，從淨經濟角度來看，綜合考慮死亡率和長壽因素，並僅就英國而言，實際上影響相當中性。鑑於我們業務的平衡性，這些變化對淨經濟的影響並不大。

Okay. Now that the -- second question, now that the Equitable block is closed, could you provide a little bit more color on your expectation for accounting smoothing on the mortality on that block?

好的。現在－第二個問題，既然Equitable板塊已經關閉，您能否更詳細說明一下您對該板塊死亡率會計平滑的預期？

Sure. Yes, sure. Thanks, Wilma. Yes, for the Equitable block, there will be accounting smoothing of volatility. We expect roughly about 50% of that block to be to -- to benefit from that smoothing of results over time.

當然。好的，謝謝，威爾瑪。是的，對於Equitable板塊，我們會進行會計處理以平滑波動性。我們預計該板塊約50%的份額將受益於這種長期的業績平滑。

Taylor Scott, Barclays.

泰勒·斯科特，巴克萊銀行。

First one I had is just on the group headwind that you guys have had from the medical piece of things. Can you talk about what you're seeing there, the kind of repricing you're taking? And just any further commentary on the trajectory there?

我的第一個問題是關於你們在醫療方面遇到的不利因素。您能談談您目前觀察到的情況，以及您們正在採取的重新定價措施嗎？還有，您對這方面的未來發展趨勢有進一步的看法嗎？

Sure. I can start here. Look, on the group side, like we mentioned last quarter, it's short-term business, right? So it all gets repriced over the course of the year. And as we mentioned, we had started to take repricing actions by Jan 1, 2026. By Jan 2026, all of the block will be repriced. And so from there on, we have expectations of profitability for all segments of the group business.

當然可以。我可以從這裡開始。你看，就集團業務而言，就像我們上個季度提到的，這是短期業務，對吧？所以所有產品都會在一年內重新定價。正如我們之前提到的，我們已經開始在2026年1月1日之前採取重新定價措施。到2026年1月，所有產品都將重新定價。因此，從那時起，我們對集團業務所有板塊的獲利能力都有所預期。

Got it. The second one I have is maybe a little bit more of a pointed question, so apologies in advance. But as we kind of go around and talk to industry participants and go to some of the conferences and so forth, one of the things that comes off, and I think -- look, I think some of the investors are hearing these kind of things, too, is that RGA is getting more competitive, getting more aggressive, maybe accepting lower IRRs to win business.

明白了。我的第二個問題可能有點尖銳，所以先道個歉。我們和業內人士交流，參加一些會議等等，其中一個共同點是——我想一些投資者也聽到了類似的說法——RGA的競爭力越來越強，越來越激進，為了贏得業務，他們可能接受更低的內部收益率（IRR）。

And I think it's important to kind of hear your retort on it just because it does seem to be something that impacts your stock. And so I'd love to just kind of get your point of view on, is that just sort of sour grades because you guys are winning? Or is there more to it? I just want to see what your response is to those kind of comments that we're hearing.

我覺得有必要聽聽你對此的回應，因為這似乎確實會影響到你們的股價。所以我很想了解你的看法，這些負面評價只是因為你們業績好嗎？還是另有隱情？我想聽聽你對我們聽到的這些評論的回應。

Yes, Alex, let me take that. Look, there's a lot there. Firstly, with regards to risk -- taking risk, there's been no change in our risk tolerance, our risk appetite, our processes, our leaders, our culture and we probably couldn't change it if we want it and why would we change it? It has been a huge competitive advantage for us in over 52-years.

是的，Alex，讓我來回答。你看，這裡面有很多內容。首先，關於風險－承擔風險，我們的風險承受能力、風險偏好、流程、領導階層、企業文化都沒有改變，即使我們想改變，可能也改變不了，而且我們為什麼要改變呢？在過去的52年裡，這一直是我們巨大的競爭優勢。

So -- and you can see it throughout the whole organization like even our business approach is all around discipline. Why do we just choose and select the business that we want, ie, the business that is exclusive and plays to our strengths of local offices, our strengths of ability to do biometric and asset risk, our incredibly strong client relationships.

所以——你可以在整個組織中看到這一點，甚至我們的業務方法也完全圍繞著紀律。為什麼我們只選擇我們想要的業務，也就是那些獨特且能發揮我們本地辦事處優勢、生物識別和資產風險管理能力以及我們極其牢固的客戶關係的業務呢？

It's purely because it is better quality business and in my mind, less risky than tendered business. And you see that not only in what we pursue, but also what we don't pursue. I mean, our name does not come up because we're not participating in many of the recent US tenders for risks that are just not in our sweet spot. Number one, they're tenders. Like I said, we very much pursue exclusive transactions.

這完全是因為我們的業務品質更高，而且在我看來，風險也比招標業務低。這一點不僅體現在我們追求的業務上，也體現在我們放棄的業務上。我的意思是，我們的名字很少出現在招標名單上，因為我們沒有參與近期美國許多風險超出我們承受範圍的招標項目。首先，它們是招標項目。就像我說的，我們非常注重獨家交易。

And number two, they're not in our sweet spot. They're not the risks we like. So look, this has always been our approach. It will continue to be our approach. When I heard commentary like you suggested, it just took me back to the Asian days where when we started success 20-years ago. Of course, you're going to hear these things. That's what one would expect.

第二，它們不在我們的最佳投資範圍內。我們不願承擔這些風險。所以，你看，這始終是我們的方法，也將繼續是我們的方法。當我聽到像你這樣的評論時，我不禁回想起20年前我們在亞洲開始成功的日子。當然，你會聽到這些話，這也在意料之中。

We just follow our strategy, follow our culture. It hasn't changed and we're so excited about our future growth and our future returns that we can provide to shareholders.

我們只是堅持我們的策略，堅持我們的文化。這一點從未改變，我們對未來的成長以及能為股東帶來的回報感到非常興奮。

Suneet Kamath, Jefferies.

Suneet Kamath，傑富瑞集團。

So if I think back to when we started talking about LDTI, I think the commentary was this was supposed to be a benefit to RGA because of the smoothing and if I just look at recent results, it just doesn't seem like that's playing out. You're getting more of the bad than the good. And I was just curious, is this just because there's a larger portion of your block that's in capped cohorts, and that's what's causing it?

回想我們剛開始討論LDTI的時候，當時的評論是，由於它能平滑數據，所以對RGA應該是有利的。但如果我看看最近的結果，似乎並非如此。壞的結果比好的結果多。我很好奇，這是否是因為你們的樣本中很大一部分屬於上限隊列，所以才導致了這種情況？

Or can you give us a sense of what percentage of your business is capped versus uncapped. Because I just don't think we're seeing the smoothing that we expected when we first started to talk about this.

或者您能否大致說明一下，貴公司有多少比例的業務受到限制，又有多少比例的業務不受限制？因為我覺得我們並沒有看到當初討論這個問題時所預期的那種平穩效果。

Sure. Thanks for the question. Look, I think we still believe that LDTI is a benefit in terms of smoothing results over time. Now that may not play out quarter-by-quarter exactly. I think if you look at the presentation in the recent quarters or if you look at older presentations that have a longer track record, you'll see that in general, the impact that comes through on an accounting basis is less than the economic.

當然。謝謝你的提問。你看，我們仍然認為LDTI在平滑長期業績方面是有益的。當然，這一點可能不會在每季都完全體現出來。我認為，如果你看一下最近幾季的業績報告，或看一些歷史較長的早期報告，你會發現，總體而言，它在會計層面上的影響小於其經濟影響。

So there's some level of smoothing and some reduction of the noise there. Nonetheless, you're correct that when -- for those capped cohorts, the results flow through immediately and in capped cohorts over time, you would expect that over time, there will be some portion of cohorts that are capped. And that will result, therefore, in a bit more volatility on the negative side.

所以，這裡進行了一些平滑處理，也降低了一些雜訊。不過，您說得對，對於那些設有上限的群體，結果會立即顯現；而隨著時間的推移，我們預期會有一部分群體最終被限制在上限範圍內。因此，這會導致負面波動略微增加。

Yes. And then Suneet, just to give you a number to size it for you, for our traditional business and total across the world, about 15% of our business is in capped cohorts.

是的。然後，Suneet，為了給你一個具體數字，就我們傳統的全球業務而言，大約 15% 的業務是限流小組。

Suneet, just let me add one more point. I mean, look, these capped cohorts to us, like I said earlier, look, risk management is our DNA, our critical part. And therefore, these capped cohorts are obviously blocks we monitor very closely and a fertile ground for the in-force actions that you see us doing. And that's, as I said earlier, an integral part of our way of generating further profit and ROE.

Suneet，我再補充一點。我的意思是，你看，這些限額投資群體對我們來說，就像我之前說的，風險管理是我們的基因，也是我們業務的核心。因此，這些限額投資群體顯然是我們密切監控的重點，也是我們採取有效措施的切入點。正如我之前所說，這是我們創造更多利潤和提高淨資產收益率的重要組成部分。

Yes, No, that makes sense. And then I guess my second question is on the economic solvency in Japan. As I think about over the past couple of quarters, I think you guys have talked about that as an opportunity. But we're, I guess, a couple of quarters away from it actually being implemented. And I guess -- has it turned out to be the opportunity that you thought it was? Or were companies able to figure out solutions that didn't require RGA's capabilities? Just curious kind of where we sit there.

是的，沒錯，這很有道理。那麼我的第二個問題是關於日本的經濟償付能力。回顧過去幾個季度，你們似乎都把這看作是一個機會。但我想，距離真正落實還有幾季的時間。我想問的是——它是否真的像你們預期的那樣是一個機會？或者說，企業是否已經找到了不需要RGA能力的解決方案？我只是好奇我們目前的情況如何。

Yes. No. Thanks, Suneet. Look, I would say the first inklings of it driving opportunities was probably about five or six-years ago. So it's not just switched the light on, and it becomes relevant. I mean, the companies have been preparing for this for a number of years. And as a result, we've been able to win good business. And I'd say it's been the essential part of why you're seeing increased activity in Japan on coinsurance of blocks.

是的。不。謝謝，蘇尼特。你看，我覺得它帶來機會的最初跡像大概是在五、六年前。所以它不是突然變得重要的。我的意思是，各公司為此已經準備好幾年了。因此，我們才能贏得不錯的事業。而且我認為，這正是日本板塊共同保險業務日益活躍的關鍵原因之一。

I mean, we -- our partners in the market are both obviously the local companies as well as some of the multinationals or global companies. So there could be other tools available for some of the global companies, they may have internal reinsurers and so on. But for us, it has been a driver of opportunity. It continues to be.

我的意思是，我們在市場上的合作夥伴既包括本地公司，也包括一些跨國公司或全球性公司。因此，一些全球性公司可能還有其他工具可用，例如他們可能擁有內部再保險公司等等。但對我們而言，這始終是個機會的驅動力。

We're very selective once again on what we pursue, which will predominantly be those blocks of businesses that have both biometric as well as asset risk as well as usually, it's going to be with long-standing clients that we may have had decades-long relationships with on the biometric risk side.

我們再次非常謹慎地選擇目標，主要目標是那些既有生物辨識風險又有資產風險的企業，而且通常情況下，我們會選擇那些在生物辨識風險方面與我們建立了長達數十年合作關係的長期客戶。

Tom Gallagher, Evercore.

Tom Gallagher，Evercore。

If I look at the earnings power in the quarter, and I adjust for, we'll call it, the accounting noise in the capped versus uncapped cohort, I sort of unwind that, you get about $7 of earnings power in the quarter. Now that seems well above the kind of levels that you guys have guided to if I think about glide path.

如果我查看本季度的獲利能力，並調整一下我們姑且稱之為「會計誤差」（即上限收益組和非上限收益組之間的差異），我就能得出本季度大約7美元的盈利能力。考慮到你們之前給出的預期目標，這個數字似乎遠高於預期。

Now I'm assuming there was like significant over-earnings in some of the segments versus what you think is trendable, but can you help kind of unpack $7 and maybe getting us back to a more reasonable trend line because that does seem quite high?

現在我假設某些業務板塊的利潤與你認為的正常趨勢相比存在顯著的超額收益，但你能幫我們分析一下 7 美元這個數字，並讓我們回到一個更合理的趨勢線嗎？因為這看起來確實很高？

Sure. Thanks for the question, Tom. Yes. So when we think of kind of what are the pieces in the earnings this quarter, so I think we talked -- we mentioned the claims experience. So overall, about $50 million and then the offsetting impact of in-force actions, which across the globe in the quarter is about $40 million. So $40 million of positive to offset some of that $50 million negative.

當然。謝謝你的提問，湯姆。是的。當我們考慮本季收益的組成時，我想我們之前討論過——我們提到了理賠方面。總體而言，理賠支出約為 5,000 萬美元，而有效保單的影響則與之相反，本季全球範圍內的有效保單支出約為 4,000 萬美元。因此，4000 萬美元的正面影響可以抵消部分 5000 萬美元的負面影響。

We mentioned the VII, which is a headwind of about $40 million this quarter. And then on the tax side, we had a benefit. So yes, look, this was a really good quarter. We're very, very pleased. I think a lot of the result of capital deployment of earnings coming up, coming online. We've talked about kind of the ramp-up of earnings with -- as we do the portfolio repositioning.

我們之前提到過VII，它在本季度給我們帶來了大約4000萬美元的不利影響。不過，在稅務方面，我們獲得了一些好處。所以，是的，總的來說，這是一個非常好的季度。我們非常非常滿意。我認為這很大程度上得益於資本部署以及即將上線的盈利。我們之前也討論過，隨著我們進行投資組合調整，獲利也逐漸成長。

Obviously, we had Equitable, the transaction, which is one example of that capital deployment, but it's a lumpy one, and it came in this quarter. It's very tangible. So yes, look, things are clicking well. And so we're very excited about the earnings growth trajectory from here on.

顯然，我們完成了對Equitable的收購，這是資本部署的一個例子，但這筆交易規模較大，而且是在本季完成的。它非常具體。所以，是的，你看，一切都很順利。因此，我們對未來的獲利成長前景感到非常興奮。

Yes. And Tom, let me just add a couple of points. As we always say, and as you know, one quarter's results is just one quarter's results. So if you do a similar analysis for the year, we've had an excellent quarter. That's why we describe it that way. And for the year-to-date, we're having a very strong year-to-date relative to expectations. So I'd encourage you to just maybe look back over the three quarters. It's probably a better gauge of where we're at in terms of sustainable earnings power for '25.

是的。湯姆，我再補充幾點。正如我們常說的，你也知道，一個季度的業績只代表一個季度的業績。所以，如果你對全年業績進行類似的分析，我們會發現我們這個季度表現非常出色。這就是我們這樣評價的原因。而且，就年初至今而言，我們的業績也遠超預期。因此，我建議你回顧過去三個季度的業績。這或許更能反映出我們2025年可持續獲利能力的現況。

Good point, Tony. My follow-up is on -- have you considered any partnerships with alternative managers. We've seen multiple primary life companies enter into these partnerships. And I guess what I wonder is, with the asset-intensive business, kind of a critical part of your growth. I wonder -- and with a lot of the competitors for those types of deals seemingly having, we'll call it, pretty enhanced alternative strategies, whether it's private credit or other things. Is that something that you'd consider?

托尼，你說得對。我的後續問題是──你們是否考慮過與另類投資管理人建立合作關係？我們看到許多主要壽險公司都進行了這類合作。我想問的是，對於你們這種資產密集型業務而言，這可以說是你們成長的關鍵部分。而且，許多競爭對手似乎都擁有相當先進的另類投資策略，無論是私募信貸或其他方面。你們會考慮這些嗎？

Yes. Thanks for the question, Tom. Look, I'd say a few things. One is with regards to private assets, obviously, we do the bulk of it still internally, but we do have a number of external relationships where we feel it doesn't make sense for us to build the capabilities, or they've got scale that we would not be able to achieve. So that's the fundamental principle in which we've been operating.

是的，謝謝你的提問，湯姆。我想說幾點。首先，關於私有資產，顯然，我們大部分工作仍然是內部完成的，但我們也有一些外部合作關係，我們覺得沒有必要為這些合作建立相應的能力，或者他們的規模是我們無法企及的。這就是我們一直以來奉行的基本原則。

But I really want to send you towards -- we don't compete on pure asset transactions. That is not our sweet spot. And to be honest, there's no point us really bidding too much on those types of blocks because we know our price probably will not be competitive. So that's why we always turn back to what have we -- does that asset transaction have material biometric risk, which obviously is our -- very much our sweet spot, is a leverage of relationships that we've maybe had for decades. So I really want to center that thought.

但我真正想強調的是──我們不參與純粹的資產交易競爭。那不是我們的優勢。說實話，我們沒必要在這類交易上出價太高，因為我們知道我們的價格可能沒有競爭力。所以，我們總是會回到我們擁有的資產——該資產交易是否存在重大生物識別風險——這顯然才是我們的優勢所在，那就是利用我們可能已經建立幾十年的關係網絡。所以我真的想重點強調這一點。

Yes, we do a material asset reinsurance or asset-intensive reinsurance, but it always comes with biometrics. And a lot of the blocks, as I shared in my comments, are smaller in nature. They're not -- or more modest in nature. They're not always the headline grabbing ones, because the ones that rely on those relationships and those partnerships, we're just servicing that client, that's asked us to help them for many, many, many years, and we continue to do that.

是的，我們提供實質資產再保險或資產密集再保險，但這些都離不開生物辨識技術。正如我在評論中提到的，很多業務規模較小，或者說比更低調。它們並不總是引人注目，因為那些依賴客戶關係和合作夥伴關係的業務，我們只是在服務那些多年來一直尋求我們幫助的客戶，而我們也將繼續這樣做。

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

問答環節到此結束。現在我把會議交還給鄭東尼先生，請他作總結發言。

Well, thank you for your questions and your continued interest in RGA. Our strong quarter and continued growth in long-term value continues to fuel future growth and returns for RGA. And this ends today's call. Thank you.

感謝各位的提問以及對RGA的持續關注。我們強勁的季度業績和長期價值的持續成長將繼續推動RGA未來的成長和回報。今天的電話會議到此結束，謝謝。

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

會議已結束。感謝您參加今天的報告。您可以斷開連線了。