美國再保險集團 (RGA) 2025 Q4 法說會逐字稿

Welcome to the Reinsurance Group of America fourth-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

歡迎參加美國再保險集團2025年第四季財報電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係主管傑夫霍普森。請繼續。

Thank you. Welcome to RGA's fourth-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.

謝謝。歡迎參加RGA 2025年第四季電話會議。今天早上與我一起參加電話會議的有：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。

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 expected results.

在開始之前，我們先快速提醒一下關於前瞻性資訊和非GAAP財務指標的問題。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。請參考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，在本次電話會議期間，我們提供的資訊可能包括非GAAP財務指標。有關這些條款的討論以及與 GAAP 指標的調節，請參閱我們的收益報告、收益簡報和季度財務補充文件，這些文件均發佈在我們的網站上。在整個電話會議過程中，我們將參考收益報告中的投影片，這些投影片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 our call. Last night, we reported Q4 operating EPS of $7.75 per share which is our second consecutive record quarter in terms of earnings. Our adjusted operating return on equity for the trailing 12 months, excluding notable items, was 15.7% which exceeded our intermediate-term target range of 13% to 15%.

各位早安，感謝各位參加我們的電話會議。昨晚，我們公佈了第四季度營運每股收益為 7.75 美元，這是我們連續第二季創下獲利紀錄。過去 12 個月，我們調整後的經營性股本回報率（不包括重大項目）為 15.7%，超過了我們 13% 至 15% 的中期目標範圍。

The quarter capped off another year of excellent financial results with strength across our businesses and geographies. These results underscore the value and diversity of our global platform and the exceptional work of our local teams.

本季業績為另一年優異的財務業績畫上了圓滿的句號，我們各個業務部門和地區的業績均表現強勁。這些結果凸顯了我們全球平台的價值和多樣性，以及我們在本地團隊的出色工作。

Looking back at the full year 2025 results, we delivered record operating EPS generated 15.7% ROE and increase the value of in-force business margins by 18%. From a capital perspective, we deployed $2.5 billion of capital into in-force transactions at attractive risk-adjusted returns, reinstated share buybacks, and maintained a strong balance sheet with $2.7 billion of excess capital. These are clear indicators that we are successfully delivering on our strategy and are on track to continue meeting or exceeding our intermediate-term financial targets.

回顧 2025 年全年業績，我們實現了創紀錄的營運每股收益，淨資產收益率達到 15.7%，有效業務利潤率提高了 18%。從資本角度來看，我們向現有交易投入了 25 億美元的資本，獲得了具有吸引力的風險調整後收益，恢復了股票回購，並保持了強勁的資產負債表，擁有 27 億美元的超額資本。這些都清楚地表明，我們正在成功地實施我們的策略，並有望繼續達到或超越我們的中期財務目標。

Now let me highlight a few specifics from the fourth quarter. Beginning by region. The US was particularly favorable driven by management actions and variable investment income with individual life mortality in line with expectations. EMEA results reflect strong volume growth and favorable experience, and APAC continues to see growth momentum along within false actions.

現在讓我重點介紹一下第四季的一些具體情況。首先按地區劃分。美國尤其受到管理措施和可變投資收益的推動，個人死亡率符合預期。歐洲、中東和非洲地區的業績反映了強勁的銷售成長和良好的客戶體驗，而亞太地區的業績在採取錯誤行動後繼續保持成長勢頭。

In the quarter, we benefited from the continued contributions of our balance sheet optimization strategy. We saw the positive effects of various management actions in terms of current earnings and ROE, an increase in future value and an improvement in our liability risk profile. These actions are a regular part of our daily operations, but the timing and size can be difficult to predict.

本季度，我們受益於資產負債表優化策略的持續貢獻。我們看到了各項管理措施在當前收益和淨資產收益率、未來價值成長以及負債風險狀況改善方面產生的正面影響。這些行動是我們日常營運的常規組成部分，但行動的時間和規模可能難以預測。

Additionally, we continue to see contributions from new business that we have added over recent years, including the Equitable block. We are confident that our most recent vintages of new business will generate risk-adjusted returns that meet or exceed our targets.

此外，我們繼續看到近年來新增業務的貢獻，包括 Equitable 板塊。我們有信心，我們最近一批新業務將產生經風險調整後的收益，達到或超過我們的目標。

Moving to investments. Our team and platform delivered strong results boosted by variable investment income coming from our alternative investment portfolio. Our team continued their efforts to reposition certain acquired portfolios and we are on track to see these benefits in the periods ahead.

接下來談談投資。我們的團隊和平台取得了強勁的業績，這得益於我們另類投資組合帶來的可變投資收益。我們的團隊繼續努力重新調整某些已收購的投資組合，我們預計在未來一段時間內看到這些收益。

To be clear, our portfolio repositioning leverages our expertise on both sides of the balance sheet with strong asset liability management to incrementally enhance our risk-adjusted returns. Additionally, we continue to expand our capabilities, including external partnerships to enable us to offer superior client solutions.

需要明確的是，我們的投資組合重新定位利用了我們在資產負債表兩端的專業知識，透過強大的資產負債管理，逐步提高我們經風險調整後的收益。此外，我們不斷拓展自身能力，包括建立外部合作夥伴關係，以便為客戶提供更優質的解決方案。

On the capital front, we again repurchased shares, allocating $50 million this quarter at attractive prices. A balanced use of excess capital is an important part of our plan to generate long-term shareholder value.

在資本方面，我們再次回購了股票，本季以優惠的價格分配了 5,000 萬美元。合理利用盈餘資本是我們創造長期股東價值計畫的重要組成部分。

Shifting to full year 2025 performance. Our diversified global platform continues to deliver strong long-term results. Our operations in North America, Asia, and EMEA have all been successful in executing on our strategy and delivering attractive financial results. Our APAC region produced excellent bottom-line results for the year.

轉向2025年全年業績。我們多元化的全球平台持續帶來強勁的長期績效。我們在北美、亞洲和歐洲、中東及非洲地區的業務都成功執行了我們的策略，並取得了令人滿意的財務表現。我們亞太地區今年的獲利業績非常出色。

Pretax operating income, excluding notable items, was up 18%, reflecting strong underlying growth and favorable underwriting experience. This business continues to grow at a nice rate given our success in delivering product development across the region as well as some of the favorable market and regulatory dynamics in places like Japan and Korea that lead to a high level of opportunities to solve client issues through in-force transactions.

不計重大項目，稅前營業收入成長 18%，反映出強勁的潛在成長和良好的核保經驗。鑑於我們在整個地區成功交付產品開發，以及日本和韓國等地有利的市場和監管動態，為透過現有交易解決客戶問題提供了大量機會，因此這項業務繼續以良好的速度成長。

In EMEA, our full year pretax earnings, excluding notable items, were up 35% and reflecting continued strong new business growth, along with favorable experience. North America North American results reflected the contribution from the Equitable block, which continues to perform in line with expectations and strong contributions from in-force management actions.

在歐洲、中東和非洲地區，我們全年稅前利潤（不包括重大項目）成長了 35%，反映了新業務的持續強勁成長以及良好的業績。北美地區的業績反映了 Equitable 板塊的貢獻，該板塊繼續按照預期表現，有效管理措施也做出了強勁貢獻。

These positives helped overcome the challenging results from US Group specifically the excess medical business. We fully repriced this business for 2026 and expect a significant improvement in results over the next year.

這些積極因素幫助克服了美國集團（特別是醫療業務）帶來的挑戰性結果。我們對這項業務在 2026 年進行了全面重新定價，並預計明年的業績將有顯著改善。

Looking beyond the recent renewal cycle, we completed a broader strategic review and have decided to exit the group of care lines of business. Over the year, both organic low and in-force transactions were very strong, with in-force transactions particularly robust from the Equitable bill and a wide range of other opportunities that we executed on.

著眼於近期的續約週期之外，我們完成了更廣泛的策略審查，並決定退出醫療保健業務集團。在過去一年中，無論是自然低收入交易還是有效交易都非常強勁，其中有效交易尤其強勁，這得益於公平法案以及我們執行的各種其他機會。

Focusing on organic new business, we continue to have very good success and momentum built on our long-established biometric expertise and innovative mindset. We continue to see ongoing strength in Asia driven by our product development and range of innovative solutions. Similarly, in the US, our value-added underwriting solutions and underwriting outsourcing efforts have given us strong momentum in a market that is generally considered mature.

我們專注於有機新業務，憑藉我們長期累積的生物辨識專業知識和創新思維，持續取得非常好的成功和發展勢頭。我們在亞洲市場持續保持強勁成長勢頭，這得益於我們的產品開發和一系列創新解決方案。同樣，在美國，我們的增值承保解決方案和承保外包舉措為我們在一個普遍被認為已經成熟的市場中帶來了強勁的發展勢頭。

The 2025 successes I've highlighted are visible in the increased value of in-force business margins. We introduced this concept in 2024 to convey the underlying value and future earnings power of our in-force business. It is a measure of how much value is being created by a range of means, most importantly new business but also management actions and experience.

我所強調的 2025 年的成功之處在於，現有業務利潤率的提高。我們在 2024 年引入了這個概念，旨在傳達我們現有業務的潛在價值和未來獲利能力。它是衡量透過各種方式創造價值的指標，其中最重要的是新業務，但也包括管理措施和經驗。

In 2025, the value increased by $6.6 billion or 18%, with meaningful contributions from both new business and management actions. Over the past two years, the future expected value has increased by over $11 billion or approximately 16% per annum.

到 2025 年，公司價值成長了 66 億美元，增幅達 18%，主要得益於新業務和管理措施的顯著貢獻。過去兩年，未來預期價值增加了超過 110 億美元，每年約成長 16%。

Stepping back, let me provide some perspective on how we are positioned today and for the future and why we expect to deliver on our strategic and financial objectives. RGA has several unique strengths, including strong biometric expertise, asset management capabilities, a global platform, market-leading brand, and flexibility to partner across the industry. We leverage these strengths as we execute across four key areas of focus.

退一步講，讓我從另一個角度談談我們目前的處境以及未來的發展前景，以及我們為什麼期望實現我們的策略和財務目標。RGA 擁有多項獨特的優勢，包括強大的生物辨識技術、資產管理能力、全球平台、市場領先的品牌以及與業內各方合作的靈活性。我們在執行四個重點領域的工作時，我們會充分發揮這些優勢。

First, we use a proactive business approach to create win-win transactions generating higher returns for RGA and greater value for our clients. Second, we optimize our balance sheet, including in-force liability management, improved risk-adjusted investment returns, and leveraging third-party and internal sources of capital.

首先，我們採用積極主動的商業策略，創造雙贏的交易，為 RGA 帶來更高的回報，為我們的客戶創造更大的價值。其次，我們優化資產負債表，包括有效負債管理、提高風險調整後的投資回報，以及利用第三方和內部資本來源。

Third, we operationally scale the platform and ensure that our portfolio of businesses aligns with the opportunities in the market.

第三，我們在營運上擴大平台規模，並確保我們的業務組合與市場機會保持一致。

And lastly, we maintain a sharp focus on capital stewardship, ensuring we achieve the right balance between allocating capital to attractive business opportunities and returning capital to shareholders, which is critical to us.

最後，我們始終高度重視資本管理，確保在將資本分配給有吸引力的商業機會和向股東返還資本之間取得適當的平衡，這對我們來說至關重要。

Whether it is the record 2025 results over the past three years where we have met or exceeded our ROE and EPS targets, RGA is delivering successfully on our strategy. We have strong momentum, a clear focus, and the right strategy, and we remain confident in our ability to generate attractive shareholder value going forward.

無論是過去三年中我們達到或超過 ROE 和 EPS 目標的創紀錄的 2025 年業績，RGA 都在成功地實現我們的戰略目標。我們擁有強勁的發展動能、明確的目標和正確的策略，我們對未來創造可觀股東價值的能力充滿信心。

With that, I will turn the call over to Axel.

接下來，我將把電話交給阿克塞爾。

Thanks, Tony. RGA reported record pretax adjusted operating income of $515 million for the quarter or $7.75 per share after tax. For the trailing 12 months, adjusted operating return on equity, excluding notable items, was 15.7%.

謝謝你，托尼。RGA公佈的季度稅前調整後營業收入創歷史新高，達到5.15億美元，稅後每股收益為7.75美元。過去 12 個月，經調整後的經營性股本回報率（不包括重大項目）為 15.7%。

During the quarter, we achieved strong results across our global businesses. This was generally driven by the continued emergence of earnings from recent new business, including the Equitable block, favorable in-force management actions, and strong investment performance.

本季度，我們在全球業務方面均取得了強勁的業績。這主要得益於近期新業務（包括 Equitable 集團）持續獲利、有利的現有資產管理措施以及強勁的投資績效。

As Tony mentioned earlier, we continue to execute on our strategic initiatives, which positions us well for 2026 and beyond. I'll speak a bit more about 2026 expectations shortly. We deployed $98 million into in-force transactions in the quarter and $2.5 billion for the full year. We remained selective in the quarter, but overall, had a very successful year across multiple geographies and products.

正如托尼之前提到的，我們將繼續執行我們的戰略舉措，這將使我們為 2026 年及以後的發展奠定良好的基礎。我稍後會再詳細談談對 2026 年的預期。本季我們向現有交易投入了 9,800 萬美元，全年投入了 25 億美元。本季我們依然保持謹慎的態度，但總體而言，我們在多個地區和產品領域都取得了非常成功的一年。

The traditional side, our premium growth was 7.4% year-to-date on a constant currency basis, which has benefited from strong growth across North America, 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.

傳統業務方面，以固定匯率計算，我們今年迄今的保費成長了 7.4%，這得益於北美、歐洲、中東和非洲以及亞太地區的強勁成長。保費是衡量我們傳統業務持續活力的良好指標，我們在各個地區都保持著強勁的發展勢頭。

We also completed $50 million of share repurchases in the quarter at an average price of $187.40 and bringing total repurchases to $125 million since we reinstated buybacks in the third quarter. Our capital position remained strong, and we ended the quarter with estimated excess capital of $2.7 billion, and estimated the next 12 months deployable capital of $3.4 billion.

本季我們也完成了 5,000 萬美元的股票回購，平均價格為每股 187.40 美元，自第三季恢復股票回購以來，回購總額已達 1.25 億美元。我們的資本狀況依然強勁，本季末估計超額資本為 27 億美元，預計未來 12 個月可部署資本為 34 億美元。

The effective tax rate for the quarter was 23.8% on adjusted operating income before taxes and 22.8% for the full year 2025. Looking ahead to 2026, we expect a tax rate in the range of 22% to 23%.

本季調整後稅前營業收入的實際稅率為 23.8%，2025 年全年實際稅率為 22.8%。展望 2026 年，我們預計稅率將在 22% 至 23% 之間。

We continued our balance sheet optimization strategy in the quarter with additional in-force management actions. For Q4, these actions had a $95 million favorable financial impact. Managing our in-force block remains a core part of our strategy and has significantly contributed to results over the past few years. As a reminder, these actions come in various forms, ranging from large upfront actions such as strategic recapture to more recurring items like rate increases on specific blocks of business.

本季我們持續推行資產負債表優化策略，並採取了更多有效的管理措施。第四季度，這些措施帶來了 9,500 萬美元的有利財務影響。有效保單管理仍然是我們策略的核心部分，並在過去幾年中為業績做出了重大貢獻。需要提醒的是，這些措施的形式多種多樣，從策略性回收等大型前期措施到特定業務板塊的費率提高等更頻繁的措施，不一而足。

Turning to biometric claims experience, as outlined on slide 11 of our earnings presentation. Economic claims experience was unfavorable by $51 million in the quarter with a corresponding unfavorable current period financial impact of $53 million, approximately half of this result was driven by the US group business. consistent with the updated expectations that we communicated earlier in the year. Claims experience in US Individual Life was in line with expectations.

接下來，我們來看看生物辨識索賠方面的經驗，正如我們在收益報告第 11 頁中概述的那樣。本季經濟索賠損失為不利的 5,100 萬美元，相應的當期財務影響為不利的 5,300 萬美元，其中約一半的損失是由美國集團業務造成的。這與我們年初公佈的最新預期一致。美國個人壽險的理賠體驗符合預期。

Taking a step back, since the beginning of 2023, when we more fully emerge from COVID, economic claims experience for the total company has been favorable by $226 million. 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.

回顧過去，自 2023 年初我們更徹底地擺脫 COVID 疫情以來，公司整體的經濟索賠經驗已改善 2.26 億美元。需要提醒的是，尚未透過會計結果確認的有利經濟成果將在企業剩餘的經營期間內確認。

Before getting into the segment results, I'd like to discuss a new slide, highlighting certain considerations for the quarter and the year. On slide 9, we've included details on the financial impact of certain items, including actual to expected biometric claims experience, variable investment income, and in-force management actions. After considering these impacts, we view run rate EPS for 2025 at approximately $24.75 per share which we believe provides a reasonable basis to apply future EPS growth expectations.

在介紹各業務板塊的業績結果之前，我想先討論一下新的一張投影片，其中重點介紹了本季度和本年度的一些注意事項。在第 9 張投影片中，我們列出了某些項目的財務影響詳情，包括實際與預期生物辨識索賠經驗、可變投資收益和有效管理措施。考慮到這些影響，我們認為 2025 年的每股盈餘 (EPS) 預計約為 24.75 美元，我們認為這為應用未來的 EPS 成長預期提供了合理的基礎。

We are also reiterating our intermediate-term targets of 8% to 10% annual EPS growth and a 13% to 15% return on equity. Regarding ROE, we acknowledge that we are running at or above the high end of the range, and we'll continue to evaluate this target.

我們也重申了其中期目標，即年每股收益成長 8% 至 10%，股本回報率 13% 至 15%。關於淨資產收益率，我們承認我們目前的淨資產收益率已經達到或超過了預期範圍的上限，我們將繼續評估這一目標。

For 2026 specifically, we are assuming a 7% variable investment income return. This is above the 6% in 2025, though below our long-term expectations of 10% to 12%, primarily due to a still muted environment for real estate sales, which is when income from real estate assets is recognized.

具體到 2026 年，我們假設可變投資收益報酬率為 7%。雖然高於 2025 年的 6%，但低於我們 10% 至 12% 的長期預期，這主要是由於房地產銷售環境仍然低迷，而房地產資產的收入正是在此時確認的。

Regarding in-force management actions, our activity has been elevated in recent years. generating earnings of about $75 million in 2023, $225 million in 2024, and $135 million in 2025. We will remain active going forward, but the timing and size of these actions is highly unpredictable. Thus, we are projecting a more limited financial impact compared to recent experience.

關於現有資產管理措施，我們近年來加大了力度，預計2023年將產生約7,500萬美元的收益，2024年將產生約2.25億美元的收益，2025年將產生約1.35億美元的收益。我們將繼續積極行動，但這些行動的時機和規模都難以預測。因此，我們預期此事件造成的財務影響將比近期的經驗更為有限。

Additionally, we will continue to balance capital deployed into the business with returning capital to shareholders through quarterly dividends and share repurchases. Our base case expectation for capital deployed into in-force transactions is around $1.5 billion in 2026. And we also expect to allocate $400 million of excess capital to reduce financial leverage during 2026.

此外，我們將繼續平衡投入業務的資本與透過季度分紅和股票回購向股東返還資本之間的關係。我們對 2026 年投入現有交易的資本的基本預期約為 15 億美元。我們也預計在 2026 年撥出 4 億美元的超額資本，以降低財務槓桿。

We intend to remain opportunistic with share repurchases and expect total shareholder return of capital to range between 20% to 30% of after-tax operating earnings over the intermediate term.

我們打算繼續抓住機會進行股票回購，預計中期內股東資本總回報將佔稅後營業利潤的 20% 至 30%。

Moving to the quarterly segment results on slide 7. The US and Latin America traditional results reflected the favorable impacts from in-force management actions and strong variable investment income. These were partially offset by the expected unfavorable group claims experience noted earlier in the year.

接下來是第 7 頁的季度分部業績報告。美國和拉丁美洲的傳統表現反映了有效管理措施的有利影響和強勁的可變投資收益。這些不利因素被年初預期的不利團體索賠經驗部分抵銷。

A quick note on the group business. The block is now fully repriced, and we expect significant improvement in 2026 results back towards our historical run rates. The US Financial Solutions results reflected the contribution from the Equitable transaction, which continues to perform in line with our expectations.

關於集團業務的簡要說明。該板塊現已完全重新定價，我們預計 2026 年的業績將顯著改善，並恢復到我們歷史的運作水平。美國金融解決方案業務的表現反映了Equitable交易的貢獻，該交易的表現繼續符合我們的預期。

The Equitable business generated earnings consistent with our $60 million to $70 million guidance for the second half of 2025, and we continue to expect $160 million to $170 million of earnings from the transaction in 2026.

Equitable 業務產生的收益與我們對 2025 年下半年 6,000 萬至 7,000 萬美元的預期一致，我們繼續預期該交易將在 2026 年帶來 1.6 億至 1.7 億美元的收益。

Canada traditional results reflected favorable impacts from group and individual life businesses. The Financial Solutions results were in line with expectations. In the Europe, Middle East, and Africa region, the traditional results were largely in line with expectations with favorable other experience, offset by modestly unfavorable claims experience.

加拿大傳統保險績效反映了團體和個人壽險業務的有利影響。金融解決方案部門的表現符合預期。在歐洲、中東和非洲地區，傳統業績基本上符合預期，其他方面的經驗較為有利，但理賠的經驗略顯不利。

EMEA's Financial Solutions results reflected favorable longevity experience and strong growth in the segment. We continue to see high-quality opportunities, and the longevity business remains an area of notable growth for us.

EMEA 金融解決方案業務的表現反映了良好的長期經營經驗和該領域的強勁成長。我們持續看到高品質的投資機會，而長壽保險業務仍然是我們顯著成長的領域。

Turning to our Asia Pacific region. Traditional had another good quarter, reflecting favorable underwriting margin and the benefit of ongoing growth. The segment performed very well this year, which is a reflection of our excellent competitive position and our execution of value-added solutions to clients. The Financial Solutions results were in line with expectations.

接下來，我們來看看亞太地區。傳統保險公司迎來了一個表現良好的季度，這反映了其良好的承保利潤率和持續成長帶來的利多。該業務板塊今年表現非常出色，這反映了我們卓越的競爭地位以及我們為客戶提供的增值解決方案。金融解決方案部門的表現符合預期。

Finally, the Corporate and Other segment reported an adjusted operating loss before tax of $54 million, impacted by higher financing costs and general expenses. For 2026, we expect a corporate and other loss of approximately $50 million to $55 million per quarter.

最後，受融資成本和一般費用增加的影響，公司及其他業務部門報告稅前調整後營業虧損 5,400 萬美元。我們預計 2026 年公司及其他方面的虧損將達到每季約 5,000 萬美元至 5,500 萬美元。

Moving to investments on slides 12 through 14. The nonspread book yield, excluding variable investment income, was slightly higher than Q3 primarily due to new money rates in excess of portfolio yields. While the new money rate was lower in the quarter, primarily due to lower market yields and a lower allocation to private assets, it remains above our portfolio yield, providing a tailwind to our overall book yield.

接下來，我們將討論第 12 至 14 頁的投資相關內容。不包括可變投資收益的非利差帳面收益率略高於第三季度，主要是由於新資金利率高於投資組合收益率。雖然本季新貨幣利率有所下降，主要是由於市場收益率下降和對私人資產的配置減少，但它仍然高於我們的投資組合收益率，從而對我們的整體帳面收益率起到了推動作用。

Total company variable investment income was above expectations by around $48 million, driven by higher limited partnership income. Overall, our portfolio quality remains high and credit impairments were in line with expectations for the year.

公司總可變投資收益超出預期約 4,800 萬美元，主要得益於有限合夥企業收益增加。整體而言，我們的投資組合品質依然很高，信貸減損符合年度預期。

Turning now to capital. Our excess capital ended the quarter at an estimated $2.7 billion and our next 12-month deployable capital was an estimated $3.4 billion. 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.

現在來談談資本。本季末，我們的超額資本估計為 27 億美元，未來 12 個月的可部署資本估計為 34 億美元。值得注意的是，我們透過多種框架管理資本，包括我們的內部經濟資本、監管資本和評級機構資本。從監管角度來看，我們在營運所在司法管轄區維持著充足的監管資本。

Also, our strong ratings are important to our counterparty strength. And thus, we manage our rating agency capital to support those ratings. On a holistic basis, considering all capital frameworks, we remain very well capitalized.

此外，我們良好的信用評級對我們的交易對手實力也至關重要。因此，我們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，我們的資本狀況仍然非常好。

In the quarter, we successfully retroceded another block of US PRT business to Ruby Re, and we are actively working on additional retro sessions. We still expect the vehicle to be fully deployed by the middle of 2026, and third-party capital remains a key component of our capital management strategy.

本季度，我們成功地將另一批美國 PRT 業務轉讓給了 Ruby Re，並且我們正在積極開展其他轉讓業務。我們仍預期該車輛將在 2026 年年中全面投入使用，第三方資本仍是我們資本管理策略的關鍵組成部分。

During the quarter, we continued our long track record of increasing book value per share. As shown on slide 19, our book value per share, excluding AOCI and impacts from B36 embedded derivatives, increased to $165.50, which represents a compounded annual growth rate of 10% 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長的良好勢頭。如投影片 19 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 165.50 美元，自 2021 年初以來複合年增長率為 10%。

To summarize, this was another great quarter to close a very successful and rewarding 2025. We continue to execute on our strategic objectives, and we are confident in our ability to deliver on our intermediate-term financial targets.

總而言之，這是另一個精彩的季度，為非常成功且收穫豐富的 2025 年畫上了圓滿的句號。我們將繼續推進策略目標的實現，並對實現中期財務目標充滿信心。

Specifically, our adjusted operating EPS, excluding notable items, has grown at a compound annual growth rate of more than 10% since the beginning of 2023. And our adjusted operating ROE, excluding AOCI and notable items, has averaged around 15%, which is at the high end of the targeted range.

具體而言，自 2023 年初以來，我們經調整後的營業每股收益（不包括重大項目）的複合年增長率超過 10%。調整後的營業淨資產收益率（不包括其他綜合收益和重大項目）平均約為 15%，處於目標範圍的高端。

With that, I would like to thank everyone for your continued interest in RGA. This concludes our prepared remarks. We would now like to open it up for questions.

在此，我要感謝大家一直以來對RGA的關注。我們的發言稿到此結束。現在我們來接受提問。

(Operator Instructions) Wes Carmichael, Wells Fargo.

（操作說明）韋斯·卡邁克爾，富國銀行。

Hey. Good morning. I wanted to start on capital allocation. So you had a strong deployment year in 2025 with Equitable and another $1 billion on top of that, bought back some stock. I guess my question is, a couple of quarters ago, you spoke to a 20% to 30% payout ratio in terms of buybacks and dividends. As you look at the opportunities in front of you and excess capital you have and will generate, is that 20% to 30% payout ratio still the right level? And what might change your view there?

嘿。早安.我想先從資本配置著手。所以，2025 年你們在 Equitable 的投資部署方面取得了強勁的進展，此外還額外投入了 10 億美元，回購了一些股票。我想問的是，幾個季度前，您曾提到股票回購和分紅的股息率在 20% 到 30% 之間。當你審視眼前的機會以及你擁有和將要產生的剩餘資本時，20% 到 30% 的派息率是否仍然是合適的水平？那麼，什麼因素可能會改變你的看法呢？

Yeah. Thanks for the question, Wes. Look, as we stated earlier, we reinstated share buybacks in the second half of 2025, and we repurchased $125 million of stock in 2025. We're taking a balanced approach to capital deployment. Maintaining financial flexibility is very important to us. We continue to see attractive opportunities to deploy capital into new business at strong risk-adjusted returns, which also aligns with our strategy and leverages our unique strengths.

是的。謝謝你的提問，韋斯。正如我們之前所說，我們在 2025 年下半年恢復了股票回購，並在 2025 年回購了價值 1.25 億美元的股票。我們在資本部署方面採取了平衡的方法。保持財務靈活性對我們非常重要。我們持續看到將資本投入新業務並獲得強勁風險調整後回報的誘人機會，這也符合我們的策略並能發揮我們獨特的優勢。

But we also recognize the importance of returning capital to shareholders. We're targeting 20% to 30% total payout ratio going forward, but we also have the flexibility to be opportunistic as the year goes on.

但我們也體認到向股東返還資本的重要性。我們的目標是未來總派息率達到 20% 至 30%，但我們也可以根據情況靈活調整派息率。

Okay. And my follow-up, if you continue to grow the asset-intensive business, and I think you may have had this question before, but curious if anything's changed in your mind, but would you be open to additional partnerships with asset managers or alternative asset managers. And I know you do a lot of this yourself in-house, but just wondering if you gain access to any additional capabilities or perhaps even some outside capital.

好的。我的後續問題是，如果您繼續發展資產密集型業務，我想您以前可能問過這個問題，但我很好奇您的想法是否有所改變，您是否願意與資產管理公司或另類資產管理公司建立更多合作關係。我知道你們很多工作都是自己內部完成的，但我只是想知道你們是否獲得了其他能力，或者是否有一些外部資金。

Hey, Wes. It's Leslie Barbi. Thanks for that question. You might be interested to know that we have been using external partners for decades, and we definitely continue to plan to do that. Really, when we look out in the market, we're constantly talking to potential partners. We want to make sure we don't miss any additive capabilities or expertise anything that can add value for RGA and our shareholders.

嘿，韋斯。她是萊斯利·芭比。謝謝你的提問。您或許會感興趣的是，我們幾十年來一直在與外部合作夥伴合作，而我們肯定會繼續這樣做。實際上，當我們放眼市場時，我們一直在與潛在合作夥伴洽談。我們希望確保不會錯過任何增值能力或專業知識，任何能夠為 RGA 和我們的股東增加價值的東西。

I think this flexible approach and our ability to partner is a real strength because what we're trying to do is really get the right capabilities and the right expertise into the total opportunity set. So to reinforce that, we're absolutely already using external partners, and we're very open to continuing to do that if it adds value for RGA.

我認為這種靈活的方法和我們的合作能力是我們的一大優勢，因為我們正在努力將合適的能力和專業知識融入所有機會中。為了強調這一點，我們已經在使用外部合作夥伴，如果這能為 RGA 增加價值，我們非常願意繼續這樣做。

Joel Hurwitz, Dowling & Partners.

Joel Hurwitz，Dowling & Partners。

Hey. Good morning. I wanted to touch on group health first. Can you just let us know what rate actions you took in '26? And then Tony, I think you said you'll be exiting the business, I guess, after '26. What drove that decision and any color on the size -- the overall size of the business that you're exiting and what run rate earnings were expected to be?

嘿。早安.我想先談談團體健康問題。能否告知我們您在 2026 年採取了哪些利率措施？東尼，我想你說過你會在 2026 年之後退出這個行業。是什麼促使您做出這個決定？能否透露一下規模方面的情況—您要退出的業務整體規模如何？預期年化收益是多少？

Yeah. Hi, Joel. This is Axel. We've taken significant actions to fully address the US health care excess book. We raised rates by 40% on average, beginning mid to '25 through January 2026 which gives us confidence that 2026 will improve over 2025 results.

是的。你好，喬爾。這是阿克塞爾。我們已採取重大措施，徹底解決美國醫療保健超支問題。從 2025 年中到 2026 年 1 月，我們平均提高了利率 40%，這讓我們有信心 2026 年的表現將比 2025 年更好。

As mentioned in the prepared remarks, following a strategic review, we have decided to stop writing new business effective immediately and also to not renew existing business at the end of the current one-year term across our group health care lines of business. So for some context, the US Healthcare business has approximately $400 million of annual premium and generates approximately $25 million of pretax run rate earnings in a typical year.

正如事先準備好的發言稿中所述，經過策略審查，我們決定立即停止承保新業務，並且不再續簽集團醫療保健業務線現有的一年期合約。為了讓大家更能理解，美國醫療保健業務每年的保費收入約為 4 億美元，在典型的一年中，稅前年化收入約為 2,500 萬美元。

So this decision will have limited impact in 2026 will primarily emerge in 2027 results. We remain focused on best positioning RGA for the future by ensuring that we're deploying capital in businesses that are strategically aligned, and we also believe that the rate actions taken will result in significant improvement to the US health care results as the business winds down.

因此，這項決定對 2026 年的影響有限，主要體現在 2027 年的結果中。我們將繼續專注於為 RGA 的未來做好最佳準備，確保我們將資本投入到策略上相符的業務中。我們也相信，隨著業務的逐步結束，所採取的費率調整措施將顯著改善美國醫療保健業務的表現。

Got it. Very helpful. There continues to be activity in the market and optimism from primary writers on further derisking of legacy blocks like long-term care and universal life with secondary guarantees. I know you've done a little in this space, but just wanted to get an update on your appetite for these types of businesses.

知道了。很有幫助。市場活動仍然活躍，一級承銷商對進一步降低長期照護和具有二級擔保的萬能壽險等傳統保險產品的風險持樂觀態度。我知道你在這個領域已經做了一些工作，但只是想了解你對這類業務的興趣。

Yeah. Let me take that one. Thank you very much for the question. Look, we remain very selective and disciplined on ULSG and LTC long-term care risk. As you know, we have significant biometric risk capabilities but we also keenly recognize the need for higher hurdle rates on these lines of businesses, especially within our public company balance sheet.

是的。讓我來做吧。非常感謝您的提問。你看，我們對ULSG和LTC長期照護風險仍然保持非常謹慎和嚴格的選擇和紀律。如您所知，我們擁有強大的生物辨識風險控制能力，但我們也深刻意識到，這些業務線，尤其是我們上市公司的資產負債表，需要更高的門檻收益率。

Now it's important to note that all of our ULSG and LTC businesses has been priced with updated assumptions and has performed well over time. And then the final point is that our ULSG and LTC liabilities are less than 10% of our balance sheet today, and we expect it to remain this way going forward.

需要指出的是，我們所有的 ULSG 和 LTC 業務都已根據更新後的假設進行定價，並且隨著時間的推移表現良好。最後一點是，我們目前的ULSG和LTC負債佔資產負債表的比例不到10%，我們預期未來也會維持這種情況。

Jimmy Bhullar, JPMorgan.

吉米·布拉爾，摩根大通。

Hi. I had a couple of questions. One was on the Equitable block, you're reinsuring three-fourths of the block, but your results -- there's not a long history, but results this quarter were not correlated between the two companies because they basically had weaker mortality than normal, you guys had better. So I'm just wondering if you could just give us some color on what parts of the book you're not covering either by vintage or by type of product or any other factor?

你好。我有幾個問題。其中一家是 Equitable 集團，你們為該集團四分之三的資產提供再保險，但你們的業績——雖然歷史數據不長，但本季兩家公司的業績並不相關，因為他們的死亡率基本上低於正常水平，而你們的死亡率更高。所以我想知道您能否簡單介紹一下，您沒有按年份、產品類型或其他因素，說明一下本書中哪些部分您沒有涵蓋？

Yeah. Thanks for the question, Jimmy. This is Axel. Maybe let me start with the high level. The Equitable transaction, first of all, generated earnings consistent with our $60 million to $70 million guidance for the second half of 2025. We also continue to expect $160 million to $170 million of earnings from the transaction in 2026.

是的。謝謝你的提問，吉米。這是阿克塞爾。或許我應該先從宏觀層面談起。首先，Equitable 的交易產生的收益符合我們對 2025 年下半年 6,000 萬至 7,000 萬美元的預期。我們也繼續預計，該交易將在 2026 年帶來 1.6 億美元至 1.7 億美元的收益。

Now there are four key drivers of economic upside for RGA relative to the original performance of this block. Number one, we repriced the business, which allowed us to reflect updated mortality and policyholder behavior experience. This means our reserving assumptions differ from Equitables, and therefore, will produce different actual to expected mortality experience on the same block.

現在，相對於該模組的原始表現，RGA 的經濟成長主要有四個驅動因素。第一，我們重新調整了業務定價，以便反映最新的死亡率和保單持有人行為經驗。這意味著我們的準備金假設與 Equitables 不同，因此，在同一地塊上會產生不同的實際死亡率與預期死亡率。

Number two, we benefit from uplift from higher asset yields. We're repositioning the transferred assets into a higher-yielding environment and in a manner that is consistent with our overall portfolio asset allocation targets and ratings.

第二，我們受益於更高的資產收益率所帶來的收益。我們將轉移的資產重新配置到收益較高的環境中，並以符合我們整體投資組合資產配置目標和評級的方式進行配置。

Number three, we operate with lower expenses as we've absorbed the business into our existing infrastructure and did not bring over their expenses.

第三，由於我們將該業務整合到我們現有的基礎設施中，而沒有將他們的費用轉移過來，因此我們的營運成本更低。

Lastly, number four, we were able to benefit from capital efficiency given our legal entity structure. So also, please keep in mind that there are meaningful ongoing benefits to our strategic relationship with Equitable, including underwriting new flow reinsurance business and participation from Allianz Bernstein in our sidecar strategy.

最後，第四點，由於我們的法律實體結構，我們能夠從資本效率中受益。此外，請記住，我們與 Equitable 的策略關係會帶來持續的實質好處，包括承保新的再保險業務以及 Allianz Bernstein 參與我們的側車策略。

Altogether, we remain confident that the Equitable transaction will generate strong risk-adjusted return for RGA. And then lastly, you're correct that our share of this business does not represent a 75% quota share of the entirety of Equitable's Life business, but it is only a portion of that business.

總而言之，我們仍然相信 Equitable 的交易將為 RGA 帶來強勁的風險調整後收益。最後，您說得對，我們在這項業務中所佔的份額並不代表 Equitable 人壽業務的 75% 份額，而只是該業務的一部分。

And are you able to share what it is that you don't cover, whether it's older business like UL like anything in that regard?

您能否說明一下您不承保哪些內容，例如像UL這樣的老牌企業，或是其他相關業務？

So I'm not going to get into the specifics, but suffice it to say that, of course, we monitor very closely the claims reporting from Equitable and that the performance has been in line with our expectations. We would also note that Equitable under call cited less reinsurance coverage on these particular claims that impacted them.

所以我不打算深入探討細節，但總而言之，我們當然會密切關注 Equitable 的理賠報告，而且表現符合我們的預期。我們也要指出，Equitable Under Call 指出，對這些影響到他們的特定索賠，再保險保障範圍較小。

Suneet Kamath, Jefferies.

Suneet Kamath，傑富瑞集團。

Thanks. First question just on the capital deployment. If I look back to 2023, it looks like you've deployed about $5 billion of capital. And I guess the question is, if we think about the earnings power of that deployment, how much of that would you think is that full earnings power? Like I know Equitable is not there yet, so that's $1.5 billion out of the $5 billion. But of the $3.5 billion left, are you getting your full expected returns at this point? Or is there still more in front of us? Thanks.

謝謝。第一個問題僅關於資金部署。回顧 2023 年，你們似乎已經投入了約 50 億美元的資金。我想問的是，如果我們考慮這種部署的獲利能力，你認為其中有多少是全部獲利能力？我知道Equitable還沒達到目標，所以50億美元還有15億美元。但在剩下的 35 億美元中，你現在能獲得全部預期回報嗎？或者，我們面前還有更多挑戰？謝謝。

Yeah. Great. Thanks for the question. Well, it is an important question. Look, at a high level, we still view our 8% to 10% EPS growth target as a good intermediate-term target.

是的。偉大的。謝謝你的提問。嗯，這的確是個重要的問題。從宏觀層面來看，我們仍然認為 8% 到 10% 的每股盈餘成長目標是一個良好的中期目標。

As we've said before, we can achieve this with approximately $1.5 billion of capital deployed into in-force transactions, together with the ongoing growth of our traditional flow business and with the level of share repurchases consistent with our stated target total 20% to 30% payout ratio.

正如我們之前所說，我們可以透過將約 15 億美元的資本投入到現有交易中，加上我們傳統流動業務的持續成長，以及與我們既定的 20% 至 30% 的總派息率目標一致的股票回購水平，來實現這一目標。

So when thinking of recent capital deployment, in particular, the Equitable transaction, keep in mind that it occurred in the middle of 2025. So it did contribute to the 2025 earnings with some further ramp-up expected in 2026.

因此，在考慮最近的資本部署，特別是 Equitable 的交易時，請記住它發生在 2025 年年中。因此，它確實對 2025 年的收益做出了貢獻，預計 2026 年將進一步成長。

The 8% to 10% is an intermediate-term target, higher levels of capital deployment may allow us to come in at the higher end of the range. However, over the intermediate term, we're comfortable with the 8% to 10%, which we have met and exceeded at times in recent years.

8% 到 10% 是一個中期目標，更高的資本部署水準可能會讓我們達到該範圍的較高水準。不過，從中長期來看，我們對 8% 到 10% 的目標感到滿意，近年來我們已經達到甚至超過了這個目標。

But should we think about the non-Equitable business is fully earning at this point? Or is there still more on that piece? I'm talking about the $3.5 billion of related deployment?

但是我們是否應該考慮非股權業務目前是否已完全獲利？或是關於那篇文章還有更多內容嗎？我指的是相關的35億美元部署費用？

So like we've discussed before on any capital deployment, there's a period of repositioning of the asset portfolio and as a result, a ramp-up in earnings. And our results reflect a blend of capital deployment and the trajectory of that earnings ramp up. All of that is being factored into our intermediate term EPS growth target.

正如我們之前討論過的任何資本部署一樣，都會有一個資產組合重新調整的時期，因此，收益也會隨之增長。我們的業績反映了資本部署和獲利成長軌跡的綜合影響。所有這些因素都已納入我們的中期每股盈餘成長目標。

Tom Gallagher, Evercore ISI.

Tom Gallagher，Evercore ISI。

Hi. Good morning. Just shifting gears to away from mortality to morbidity. Can you comment on both the Manulife long-term care risk transfer deal and your broader exposure to long-term care, how has that been performing? If you just look at it on a 2025 basis? Is that in line? Is that in line with your ROE? Has that been a lot higher? Any clarity there?

你好。早安.只是把話題從死亡率轉向發病率。您能否就宏利長期照護風險轉移交易以及您在長期照護領域的更廣泛投資發表一下看法，這些投資的表現如何？如果只從2025年的角度來看呢？這樣對嗎？這符合你的淨值報酬率嗎？那個數字比現在高很多嗎？有什麼解釋嗎？

Yeah. Hi, Tom, this is Jonathan. We don't talk about experience on a block-by-block level. But what I can say is that we're very happy with our LTC business, and it has performed well over time. And as you know, we have focused on a subset of available LTC business that's in the market that aligns with our risk appetite and return expectations. And we continue to manage our overall exposure to the product relative to the size of our balance sheet. So we expect this to continue to be our approach going forward.

是的。嗨，湯姆，我是喬納森。我們不談論逐個街區層面的經驗。但我可以肯定的是，我們對我們的長期照護業務非常滿意，而且它一直以來都表現良好。如您所知，我們一直專注於市場上符合我們風險承受能力和回報預期的長期照護業務子集。我們將繼續控制我們對該產品的整體敞口，使其與我們的資產負債表規模相符。因此，我們預計這將成為我們今後繼續採取的方式。

And Jonathan, would you say the performance of that any broad range ROE that's been trending at?

喬納森，您認為目前這種大範圍的淨資產收益率（ROE）表現如何？

No, Tom. We don't break down the performance at that level to discuss externally. But again, just to reiterate, we're very happy with the performance of that LTC business over time.

不，湯姆。我們不會將那個級別的表現進行細分，以便對外討論。但再次重申一下，我們對長期照護業務的長期表現非常滿意。

John Barnidge, Piper Sandler.

約翰·巴尼奇，派珀·桑德勒。

Good morning. Thanks for the opportunity. My first question, can you talk about your exposure in the investment portfolio to software-related companies and how you're thinking about disruption from AI within the portfolio? Thank you.

早安.謝謝您給我這個機會。我的第一個問題是，您能否談談您的投資組合中對軟體相關公司的投資比例，以及您如何看待人工智慧對投資組合帶來的顛覆性影響？謝謝。

Thanks, John. This is Leslie. So in terms of your first question on the software, we look closely at that exposure. I'll note that software lending is typically done against enterprise value or revenue. It's become more popular in the market, but we've not been a big participant in that.

謝謝你，約翰。這是萊斯利。所以，關於你提出的第一個關於軟體的問題，我們會密切注意這方面的曝光情況。需要指出的是，軟體貸款通常是以企業價值或收入為抵押進行的。它在市場上越來越受歡迎，但我們並沒有成為該領域的積極參與者。

So when we drill down on our exposure within direct lending, it's very modest, less than 30 basis points of our total investment portfolio. So we're very comfortable with where we're positioned. In terms of AI, that's something among many other factors that we continue to look at across the portfolio. So analysts by analysts, and we discussed it in our portfolio management meetings.

因此，當我們深入分析我們在直接貸款領域的風險敞口時，會發現它非常有限，僅占我們總投資組合的不到 30 個基點。所以我們對目前的處境非常滿意。就人工智慧而言，這是我們在整個投資組合中持續關注的眾多因素之一。所以，分析師們逐一進行了討論，我們在投資組合管理會議上也討論了這個問題。

And like our approach to anything that's changing in the market, we look at trends that are coming, assess where they could impact. We make decisions where we need to and take actions at those times. And as we get more information because this will definitely be evolving. So we'll continue to do that in actively managing the portfolio. Thanks.

就像我們對待市場中任何變化一樣，我們會專注於即將到來的趨勢，評估它們可能產生的影響。我們在需要的時候做出決定，並在需要的時候採取行動。隨著我們獲得更多信息，情況肯定會不斷發展。因此，我們將繼續積極管理投資組合。謝謝。

Thank you for those comments. And sticking with the portfolio, if I can. Leslie, you talked about using external partners for decades that have specialized capabilities. You saw a transaction earlier this year in January with cross ownership between alternative asset managers, which resembled the transaction from a number of years prior in some ways. And so curious about maybe the evolution of the relationships that you've already had for decades with the new environment. Thank you.

感謝您的評論。如果可以的話，我會堅持持有投資組合。萊斯利，你幾十年來一直在談論與擁有專業能力的外部合作夥伴合作。今年一月，您看到了一筆另類資產管理公司之間的交叉持股交易，這筆交易在某些方面與幾年前的交易類似。所以，我很好奇，在新的環境中，你與過去幾十年來建立的關係會發生怎樣的變化。謝謝。

Okay. Thanks for that question. I'm not sure I was completely clear on what you were referring to, but let me just comment generally about our partnerships or use of external managers. So we certainly -- we look at what capabilities we want on the platform.

好的。謝謝你的提問。我不太確定我是否完全明白您指的是什麼，但我想就我們的合作關係或使用外部管理人員的情況發表一些看法。所以我們當然會考慮我們希望平台具備哪些功能。

And then who is best suited to do that. So often, it's our strong internal teams. Other times, you want to use an outside partner that has different or more scaled expertise than we have. We've also engaged in partnerships where when we have a lot of alignment, it's win-win, we can see that our alignment, our culture, our needs are all going to align for a long time. We will engage in partnerships.

那麼，誰最適合做這件事呢？很多時候，關鍵在於我們強大的內部團隊。有時，您可能希望與擁有與我們不同或規模更大的專業知識的外部合作夥伴合作。我們也參與了一些合作項目，在這些項目中，當我們有很多共同點時，就是雙贏的局面。我們可以看到，我們的共同點、文化和需求都將在很長一段時間內保持一致。我們將積極尋求合作關係。

And so we've done that a number of times in the past. There are a few smaller ones we've announced. There's aspects of larger ones. You may have lean from some of our other transactions. But it's really engaging in this more wholesome approach and make sure all the value is considered. Thanks.

所以過去我們曾經多次這樣做過。我們也公佈了一些規模較小的項目。它具有一些更宏大的特徵。您可能從我們其他的一些交易中有所了解。但這種更全面、更健康的方式確實很有吸引力，而且確保所有價值都得到考慮。謝謝。

Alex Scott, Barclays.

亞歷克斯·斯科特，巴克萊銀行。

Hey. Thanks. Good morning. First one is on I guess, regulatory regime in Europe. And my understanding is Solvency II is going to have some changes that beneficial to investing in things like alternatives and some of the privates that are out there, et cetera. Are you seeing any increased competition in pricing related to that? Do you anticipate that, that will happen at all? I'm just trying to understand how to think about those changes.

嘿。謝謝。早安.第一個問題我想是關於歐洲的監管體系。據我了解，償付能力 II 將會帶來一些有利於投資另類投資和一些私募股權投資等的改變。您是否注意到與此相關的價格競爭加劇？你認為這種情況會發生嗎？我只是想弄清楚該如何看待這些變化。

Yeah. Look, let me start here, and if Tony wants to add something. So we have multiple legal entities. We're a global company. We have presence in Europe, in APAC, in America, in Bermuda with multiple jurisdictions and regulatory regimes that we operate in.

是的。好吧，我就從這裡開始，如果東尼想補充什麼的話。所以我們有多個法律實體。我們是一家全球性公司。我們在歐洲、亞太地區、美洲和百慕達均設有分支機構，並在多個司法管轄區和監管體系下開展業務。

So we're obviously well aware of the benefits of the virus regimes and the ability to pull risks and achieve efficiencies and we're engaged with our regulators in terms of monitoring the evolution of the regulatory regimes. We've been active in EMEA for a long time, with our longevity business, with our asset-intensive business, and our traditional business.

因此，我們顯然非常清楚病毒防治機制的好處，以及降低風險和提高效率的能力，我們也與監管機構合作，密切關注監管機制的演變。我們在 EMEA 地區已經活躍了很長時間，我們的長壽業務、資產密集型業務和傳統業務都得到了發展。

Yeah. And Alex, let me add to it. And actually absolutely alluded to it at the end. In EMEA, the large majority of our profits in our business is longevity swaps, which have no asset risk and really rely on, gosh, I guess, 52 years of phenomenal experience in mortality and longevity. So really, the change your sharing has less of an impact, obviously, to that business.

是的。亞歷克斯，我也來補充一點。而最後確實也暗示了這一點。在歐洲、中東和非洲地區，我們業務的大部分利潤來自長壽互換，這種互換沒有資產風險，真正依靠的是，哎呀，我想，52 年來在死亡率和長壽方面積累的非凡經驗。所以，很顯然，你分享的這些變化對那家企業的影響較小。

What I would add is we obviously are very focused on blocks of business that have both asset and biometric risk in it as leverages off one of our strongest strengths, which is able -- ability to reinsure both sides of the balance sheet. So even for the plain vanilla types of blocks, it really is not in our sweet spot. And the a lot of opportunities around the world we can pursue that have both the asset and biometric risk, which is where we focus.

我想補充的是，我們顯然非常關注那些同時包含資產風險和生物識別風險的業務板塊，因為這些業務板塊可以利用我們最強大的優勢之一——對資產負債表兩端進行再保險的能力。所以即使是最普通的香草口味的方塊，也真的不在我們的考慮範圍之內。世界各地有許多機會可以讓我們去追求，這些機會既包含資產風險也包含生物辨識風險，而這正是我們關注的重點。

Yeah. Understood. Yeah, I was thinking more along the lines of your biggest competitors being the multiline reinsurer. I think they generally manage the Solvency II. So even outside of EMEA, one could theoretically think that those companies may be able to get more aggressive on pricing. But it sounds like you're not seeing that at all right now, at least, right?

是的。明白了。是的，我當時想的是，你最大的競爭對手應該是那家綜合再保險公司。我認為他們總體上能夠應付償付能力II。因此，即使在 EMEA 以外的地區，理論上也可以認為這些公司能夠在定價方面採取更激進的策略。但聽起來你現在完全沒有看到這一點，至少對吧？

Yeah. Look, I confirm we -- that -- that has not bubbled up to the surface of being even a threat or risk going forward.

是的。聽著，我可以確認，我們——那件事——還沒有發展成任何威脅或風險。

Mike Ward, UBS.

瑞銀集團的麥克沃德。

Thanks. A good segue there. Just wondering, Tony, if you could elaborate on any specific regions or product lines that you think might be looking incrementally attractive this year so far?

謝謝。這過渡得真好。東尼，我想問你，你覺得今年到目前為止，有哪些具體的地區或產品線看起來越來越有吸引力？

Yeah. Thanks, Mike. Maybe I'll just go around the regions around the hall and talk a bit about our pipeline and answer your question there. Look, say our pipeline is both rich and diverse. And as you know, we always focus on the quality of the pipeline as much as the quantity of business opportunities.

是的。謝謝你，麥克。或許我會繞著大廳走一圈，跟大家聊聊我們的生產線，順便回答你的問題。假設我們的人才儲備既豐富又多樣化。如您所知，我們始終將業務機會的品質與數量同等重視。

So firstly, in Asia, we continue to see a strong pipeline, both in product development area as we continue to serve the emerging middle at as well as the financial solutions as clients adjust to the new capital framework in markets like Japan and Korea.

首先，在亞洲，我們繼續看到強勁的發展勢頭，無論是在產品開發領域（我們繼續服務新興的中端市場），還是在金融解決方案領域（客戶正在調整以適應日本和韓國等市場的新資本框架）。

I've already mentioned the UK longevity market, that continues to be strong as a market, and we continue to be the market leader, and that momentum continues into 2026. And then in the US, we continue to benefit obviously from the industry realignment as we saw with the equitable deal.

我已經提到了英國的長壽市場，該市場仍然強勁，我們繼續保持市場領先地位，而且這種勢頭將持續到 2026 年。然後在美國，我們顯然繼續從行業重組中受益，正如我們在公平交易中看到的那樣。

But let me -- it's really important to note that there are many more modest-sized wins due to our biometric and underwriting strength that collectively are very meaningful in terms of returns and positioning us strategically in the future. So all in all, the pipeline is rich and diverse. It's across the board. And as a result, that's one of the reasons why we're so optimistic about delivering attractive returns from the business.

但我想強調一點——非常重要的一點是，由於我們在生物辨識和承保方面的優勢，我們取得了許多規模較小的成功，這些成功加起來對回報和我們未來的策略定位都意義重大。總而言之，這條人才儲備庫豐富多元。普遍如此。因此，這也是我們對公司業務能帶來可觀回報充滿信心的原因之一。

Great. Thanks. Thank you, Tony. And then just in the US on traditional mortality, a pretty solid result. I think considering the severe flu season, just wondering if you have any insight if it's ticked up in January at all? Just wondering if you have any view there.

偉大的。謝謝。謝謝你，托尼。然後，僅就美國傳統死亡率而言，結果就相當不錯。考慮到流感季節的嚴重性，我想知道您是否了解一月份流感病例是否增加？想知道你對那裡有什麼看法。

Yeah. Hi, Mike. This is Jonathan. It's still too early to predict the final outcome of the current flu season, but the latest declining trends in population flu activity in the US, Canada, and the UK are encouraging. So influenza hospitalizations look to a peak at year-end, and that peak was at the higher end of a normal flu season range. But since that time, those hospitalization rates are down substantially.

是的。嗨，麥克。這是喬納森。現在預測本流感季的最終結果還為時過早，但美國、加拿大和英國人群流感活動的最新下降趨勢令人鼓舞。因此，流感住院人數似乎在年底達到高峰，而該高峰處於正常流感季節範圍的較高水平。但自那時以來，住院率已大幅下降。

This year, the northern hemisphere flu season is driven by Influenza A and there's no evidence at this point of increased severance compared to other seasonal strains. And when we look at our Q4 results, we didn't see any material evidence of seasonality in that experience. And as we noted in the prepared remarks, our mortality experience was in line overall.

今年北半球流感季主要由甲型流感病毒引起，目前尚無證據顯示與其他季節性流感病毒株相比，致病性更強。當我們查看第四季度業績時，我們沒有發現任何明顯的季節性因素。正如我們在準備好的演講稿中所提到的，我們的死亡率總體上符合預期。

Tom Gallagher, Evercore ISI.

Tom Gallagher，Evercore ISI。

Hey. Thanks for the follow up. Axel, I just wanted to make sure I understand all the components of earnings. I followed everything you said in terms of the 8% to 10% intermediate-term EPS growth expectation. And it sounded to me because of the $1.5 billion of capital that you expect to deploy in in-force deals in 2026 that you -- all things equal, should be running at that 8% to 10% intermediate-term growth rate in 2026, would be my best guess.

嘿。謝謝你的跟進。Axel，我只是想確保我理解收益的所有組成部分。關於中期每股收益成長預期為 8% 至 10%，我完全按照您所說的去做。在我看來，鑑於您預計在 2026 年將投入 15 億美元的資金用於現有交易，如果一切順利，您在 2026 年的中期增長率應該能達到 8% 到 10%，這是我的最佳猜測。

But I guess, based on how you're thinking about things for '26, are there any other adjustments you would make to that. The two that I could think of would be your ultra return assumption is a little better, so that could provide upside. And then to the extent that you do any more in-force transactions, I don't think you've included those, but any further color you could give?

但我想，根據你對 2026 年的設想，你還會做出其他調整嗎？我能想到的兩點是，你的超高回報假設稍微好一些，所以可能會有上漲空間。至於您之後是否還有其他有效的交易，我想您還沒有把這些交易包括進來，您還能提供更多細節嗎？

Yeah. Tom. Thanks for the question. So I would point you to slide 9 in the deck, where we show our key assumptions, right, for 2026. Number one, we, of course, are assuming much improved US group experience, which was the largest contributor to the unfavorable biometric experience in 2025.

是的。湯姆。謝謝你的提問。因此，我建議您查看簡報中的第 9 頁，其中展示了我們對 2026 年的關鍵假設，對吧。首先，我們當然假設美國群體體驗會大大改善，因為這是導致 2025 年生物辨識體驗不佳的最大因素。

Number two, we are assuming a smaller contribution from in-force management actions since it has had outsized positive impact in recent years. And lastly, we are also assuming a variable investment income return of 7% for 2026.

第二，我們假設現行管理措施的貢獻較小，因為近年來它產生了巨大的正面影響。最後，我們也假設 2026 年的可變投資收益報酬率為 7%。

So the key takeaway is that we view $24.75 as a reasonable starting point for 2025 run rate EPS. And we are reiterating our intermediate term 8% to 10% EPS growth target, which, as I said, assumes approximately $1.5 billion of annual capital deployed into in-force transactions. That applies to the intermediate term. We don't comment specifically on a year-by-year forecast.

因此，關鍵在於我們認為 24.75 美元是 2025 年每股盈餘 (EPS) 的合理起點。我們重申其中期每股盈餘成長目標為 8% 至 10%，正如我所說，這假設每年有約 15 億美元的資本投入現有交易。這適用於中期情況。我們不就逐年預測發表具體評論。

Axel, sorry, just a follow-up. The baseline, the $24.75, does that have any of the in-force management rate actions in it?

Axel，不好意思，再問一個後續問題。基準價格 24.75 美元中​​是否包含任何有效的管理費率措施？

Yeah. Look, I appreciate the question. So like I said, right, it's important to remember, we manage the in-force business, and it's a core part of our strategy. It will continue to be. We take a partnership and holistic approach to these situations, balancing the clients' relationship with our long-term business.

是的。我很感謝你的提問。所以就像我剛才說的，對，重要的是要記住，我們管理的是現有保單業務，這是我們策略的核心部分。情況還會繼續如此。我們採取合作和整體的方法來處理這些情況，在客戶關係和我們的長期業務之間取得平衡。

We feel this approach is a means of differentiation leading to other business opportunities. We've had very good success over the past three years. I'll remind you, we've generated approximately $425 million of cumulative pretax income and significant long-term future value.

我們認為這種方法是一種差異化手段，能夠帶來其他商業機會。過去三年我們取得了非常好的成功。我提醒各位，我們已經創造了約 4.25 億美元的累積稅前收入和巨大的長期未來價值。

Like we said, in-force actions are unpredictable in terms of size and timing. Looking towards 2026, we feel there's less opportunity compared to recent periods. And thus, we expect a more limited impact on earnings going forward.

正如我們所說，執法行動的規模和時間都是無法預測的。展望2026年，我們認為與近幾個時期相比，機會減少。因此，我們預期未來對獲利的影響將較為有限。

So like I said, as a reminder, the $24.75 of 2025 run rate earnings implied from slide 9, removed all in-force actions from 2025 results., therefore, actual in-force actions in 2026 could provide upside to these targets.

正如我之前所說，提醒一下，第 9 頁所示的 2025 年 24.75 美元的運行率收益隱含了 2025 年業績中的所有有效行動，因此，2026 年的實際有效行動可能會使這些目標有所提升。

Alex Scott, Barclays.

亞歷克斯·斯科特，巴克萊銀行。

Hey. Thanks for taking the follow up. I wanted to ask on Japan, just around the macro volatility associated with interest rates and FX. Does that have any impact on your business? And I guess connected to that, does it create new opportunities or reduce the opportunity set? How should I think about how it affects in-force and go-forward deployment there?

嘿。感謝您跟進。我想問關於日本的問題，主要是關於利率和外匯相關的宏觀波動。這會對你的業務產生影響嗎？我想，與此相關的問題是，它是否創造了新的機會，還是減少了機會？我應該如何考慮這會對當地現有的和未來的部署產生怎樣的影響？

Yeah. Thanks, Alex, for the question. It's Tony here. Look, as you've shared, look, Japan has strong tailwinds from the recent regulatory changes. And like you mentioned, the macroeconomic changes.

是的。謝謝Alex的提問。我是托尼。正如你所分享的，日本近期監管政策的調整帶來了強勁的利多因素。正如您所提到的，還有宏觀經濟變化。

And clients are taking actions to adjust balance sheets which results in considerable opportunities for risk transfer in RGA. And we are incredibly well positioned with our strong local presence, obviously, our trusted client relationships and our world-class expertise on both sides of the balance sheet. And this is why it's one of our key markets.

客戶正在採取措施調整資產負債表，這為 RGA 中的風險轉移帶來了相當大的機會。我們憑藉著強大的本地影響力、值得信賴的客戶關係以及在資產負債表兩端的世界一流專業知識，佔據了非常有利的地位。正因如此，它是我們最重要的市場之一。

Now the impacts you've referred to Look, when we look at the competition that entered the Japanese market, many of which are alternative asset managers, they've had some success in the more vanilla asset-intensive business.

現在，你提到的影響，讓我們來看看進入日本市場的競爭對手，其中許多是另類資產管理公司，它們在更傳統的資產密集型業務中取得了一些成功。

But let me reiterate, our focus is on the sweet spot, which are transactions which have both asset and biometric risks and leveraging of that key strength. So we remain very optimistic about our position in Japan and the ongoing momentum in the market overall, and RGA are winning a very good share of that.

但我要重申，我們的重點是最佳切入點，即同時具有資產風險和生物辨識風險的交易，並利用這一關鍵優勢。因此，我們對自身在日本的地位以及整個市場的持續發展勢頭仍然非常樂觀，而RGA正在贏得相當大的市場份額。

Yeah. And Alex, this is Jonathan. Maybe just on the in-force part of your question. So just as an overarching comment, higher interest rates are good for us from an overall earnings perspective, given our positive reinvestment cash flows and illiquid liability profile.

是的。亞歷克斯，這位是喬納森。或許只是針對你問題中關於現行法律的部分。總的來說，考慮到我們積極的再投資現金流和非流動性負債狀況，從整體獲利角度來看，較高的利率對我們有利。

With regards to the Japanese asset-intensive business, our exposure to disintermediation risk from higher rates is modest, and we wouldn't expect to be -- have a significant impact at the current rate levels. And then specifically, on blocks -- on our older blocks and in-force business, we have high minimum guaranteed interest rates, and they're protection-oriented, making them less likely to have higher lapses. And on our newer vintage products, we have protections from surrender charges and market value adjustments.

就日本資產密集型業務而言，我們面臨的利率上升導致的脫媒風險並不大，我們預計在目前的利率水準下不會產生重大影響。具體來說，對於我們較老的貸款組合和有效貸款業務，我們有較高的最低保證利率，而且它們是以保障為導向的，因此不太可能出現較高的違約率。對於我們較新的復古產品，我們提供退保費用和市場價值調整的保護。

Got it. Really helpful. Thank you.

知道了。真的很有幫助。謝謝。

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。我謹將會議交還給鄭東尼，請他作總結發言。

Thank you for your continued interest in RGA. We've had a great quarter to cap off a great year, and we look forward to continue to deliver in the future. This ends our Q4 conference call. Thank you.

感謝您一直以來對RGA的關注。我們剛剛度過了一個非常棒的季度，為精彩的一年畫上了圓滿的句號，我們期待在未來繼續取得佳績。我們的第四季電話會議到此結束。謝謝。

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

會議已經結束。感謝您參加今天的電話會議。您現在可以斷開連線了。