Root Inc (ROOT) 2025 Q3 法說會逐字稿

Greetings. Welcome to Root's third quarter 2025 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Root 公司 2025 年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to Matt LaMalva, Head of Investor Relations and Corporate Development. Thank you, and you may begin.

現在我將把會議交給投資者關係和企業發展主管馬特·拉馬爾瓦。謝謝，你可以開始了。

Thank you for joining us. Root is hosting this call to discuss its third quarter 2025 earnings results. Participating on today's call is Alex Timm, Co-Founder and Chief Executive Officer. Megan Binkley, our Chief Financial Officer, will be unable to join us this afternoon due to a family medical matter. In her absence, I will be providing our financial results and will also be available for Q&A.

感謝您的參與。Root公司召開此次電話會議，討論其2025年第三季財報。參加今天電話會議的是共同創辦人兼執行長 Alex Timm。由於家庭醫療事務，我們的財務長梅根·賓克利今天下午將無法出席會議。在她缺席期間，我將提供我們的財務表現報告，並回答問題。

Earlier today, Root issued a shareholder letter announcing its financial results. While this call will reflect items discussed within that document, for more complete information about our financial performance, we also encourage you to read our third quarter 2025 Form 10-Q, which was filed with the Securities and Exchange Commission earlier today.

今天早些時候，Root公司發布了一封致股東信，公佈了其財務表現。雖然本次電話會議將反映該文件中討論的內容，但為了更全面地了解我們的財務業績，我們也鼓勵您閱讀我們今天早些時候向美國證券交易委員會提交的 2025 年第三季度 10-Q 表格。

Before we begin, I want to remind you that matters discussed on today's call will include forward-looking statements related to our operating performance, financial goals and business outlook, which are based on management's current beliefs and assumptions. Please note that these forward-looking statements reflect our opinions as of the date of this call, and we are not obligated to revise this information as a result of new developments that may occur.

在開始之前，我想提醒各位，今天電話會議討論的事項將包括與我們的經營業績、財務目標和業務前景相關的前瞻性陳述，這些陳述是基於管理層目前的信念和假設。請注意，這些前瞻性陳述反映了我們截至本次電話會議之日的觀點，我們沒有義務因可能發生的新情況而修改這些資訊。

Forward-looking statements are subject to various risks, uncertainties and other factors that could cause our actual results to differ materially from those expected and described today. For a more detailed description of our risk factors, please review our most recent 10-K, 10-Q and shareholder letter.

前瞻性陳述受各種風險、不確定性和其他因素的影響，這些因素可能導致我們的實際結果與今天預期和描述的結果有重大差異。有關我們風險因素的更詳細描述，請查看我們最新的 10-K、10-Q 和股東信。

A replay of this conference call will be available on our website under the Investor Relations section.

本次電話會議的錄音回放將在我們網站的「投資者關係」欄位下提供。

I would also like to remind you that during the call, we will discuss some non-GAAP measures while talking about Root's performance. You can find reconciliations of these historical measures to the nearest comparable GAAP measures in our financial disclosures, all of which are posted on our website at ir.joinroot.com.

我還想提醒各位，在電話會議中，我們將討論 Root 的業績，同時也會討論一些非 GAAP 指標。您可以在我們的財務揭露文件中找到這些歷史指標與最接近的可比較 GAAP 指標的調整表，所有這些文件都發佈在我們的網站 ir.joinroot.com 上。

I will now turn the call over to Alex Timm, Root's Co-Founder and CEO.

現在我將把電話交給 Root 的共同創辦人兼執行長 Alex Timm。

Thanks, Matt. The third quarter was another very strong quarter for Root, and we're excited by the momentum we are building. It was a record quarter for policies in force and revenue, driven by accelerating growth in both direct and partnership distribution channels. We achieved this growth while maintaining our exceptional loss ratio performance.

謝謝你，馬特。第三季度對 Root 來說又是一個非常強勁的季度，我們對目前的發展勢頭感到非常興奮。受直接和合作分銷管道加速成長的推動，本季保單生效數量和收入均創歷史新高。我們在維持優異的賠付率表現的同時，也實現了這一成長。

As a technology company, we believe we have a structural and durable competitive advantage. This DNA is evident in everything we do, from our customer obsession, to our pricing technology, to the people we hire. It is what makes us special. And you saw that come through in the quarter across our pricing algorithm innovations, our partnership platform expansion and our direct marketing machine, all combining to generate exceptional performance.

作為一家科技公司，我們相信我們擁有結構性和持久性的競爭優勢。這種基因體現在我們所做的每一件事中，從我們對客戶的執著，到我們的定價技術，再到我們招募的人員。正是這一點讓我們與眾不同。在本季度，我們透過定價演算法創新、合作夥伴平台擴展和直接行銷機制，全面實現了卓越的業績。

As one example, we deployed our newest pricing algorithm in the quarter, which is improving customer LTVs by 20% on average. This model allowed us to accelerate growth across all channels. And we aren't stopping there. In the quarter, we also launched our new UBI model, which, we estimate, has improved predictive power by 10%. We believe this speed of innovation is unmatched in the industry, and we have no plans of slowing down.

例如，我們在本季部署了最新的定價演算法，平均可將客戶終身價值提高 20%。這種模式使我們能夠加速所有管道的成長。但我們不會就此止步。本季度，我們也推出了新的 UBI 模型，據我們估計，該模型的預測能力提高了 10%。我們相信這種創新速度在業界是無與倫比的，而且我們沒有放慢腳步的計畫。

Also in the quarter, you saw our growth strategy at work, more than doubling new writings in our partnership channel, launching Washington State and launching several experiments in new marketing channels. In our partnerships channel, we are extending our competitive advantage that provides seamless, easy purchase experiences with great prices to customers no matter how or where they shop. This represents a vast growth opportunity. Today, Root is only active in a very small fraction of distribution points in the insurance shopping ecosystem. This opportunity was on display in the quarter as we more than tripled our new writings year-over-year from independent agents, which now represents 50% of our partnership distribution. This channel alone is over $100 billion in premium nationally. And although we have made great strides, we are still active in less than 10% of agents, giving us a long and natural runway to rapidly expand our presence in this space.

此外，本季度您還看到了我們的成長策略的實施，我們在合作夥伴管道的新文章數量增加了一倍多，推出了華盛頓州，並在新的行銷管道中啟動了幾個實驗。在我們的合作夥伴管道中，我們正在擴展我們的競爭優勢，無論客戶以何種方式或在哪裡購物，我們都能為他們提供便利、輕鬆的購物體驗和優惠的價格。這代表著巨大的成長機會。目前，Root 僅在保險購物生態系統中極小一部分分銷點開展業務。本季度，我們透過獨立代理商獲得的新作品數量同比增長了三倍多，充分展現了這一機遇，目前這部分作品占我們合作夥伴分銷的 50%。光是這一個頻道在全國的付費收入就超過1000億美元。儘管我們已經取得了長足的進步，但我們目前在不到 10% 的代理商中仍然保持活躍，這給了我們很長一段時間和自然的擴張空間，可以迅速擴大我們在該領域的影響力。

In our direct channel, new writings increased sequentially by high single digits despite increased competition. Combined with our new pricing model, we continue to invest in new real-time bidding algorithms that allow us to optimize for anticipated long-term economics. This machine continues to detect trends and changes in the marketplace and dynamically deploys our investments.

在我們的直接管道中，儘管競爭加劇，但新文章的數量仍以接近兩位數的比例逐週增長。結合我們新的定價模式，我們將繼續投資新的即時競價演算法，以便優化預期的長期經濟效益。這台機器能夠持續偵測市場趨勢和變化，並動態地部署我們的投資。

We have also begun to see green shoots in a handful of new marketing channels, the focus of our R&D efforts. We plan to continue to accelerate our investments in these channels given our recent successes and react appropriately as the data emerges. Our success makes us excited and confident to invest further into the business to accelerate our pricing advantage, increase our distribution presence across channels and geographies and continue to create experiences customers love through product innovation.

我們也開始看到一些新的行銷管道出現好轉的跡象，這也是我們研發工作的重點。鑑於我們最近的成功，我們計劃繼續加快對這些管道的投資，並根據出現的數據做出適當的反應。我們的成功讓我們感到興奮和自信，我們將進一步投資於業務，以加速我們的定價優勢，擴大我們在各個管道和地區的銷售覆蓋範圍，並透過產品創新繼續創造客戶喜愛的體驗。

With a healthy capital position, excellent underwriting results and a culture of discipline and excellence, we are ideally positioned to accelerate our growth trajectory. Our goal remains to build the largest, most profitable personal lines insurance carrier in the United States, and this quarter represents marked progress toward that goal.

憑藉著健康的資本狀況、出色的承保業績以及嚴謹自律、追求卓越的企業文化，我們已做好充分準備，加速實現成長。我們的目標仍然是打造美國規模最大、獲利能力最強的個人保險公司，而本季我們朝著這個目標取得了顯著進展。

I'll now turn the call back over to Matt for more details on the quarter.

現在我將把電話轉回給馬特，讓他詳細介紹本季的情況。

Thanks, Alex. For the third quarter, we recorded a net loss of $5 million, operating income of $300,000 and adjusted EBITDA of $34 million. As previously communicated, our net loss in the quarter was primarily driven by a $17 million noncash expense related to our warrant structure with Carvana. Of the $17 million, $15.5 million reflects a cumulative expense catch-up. This expense ultimately reflects the success of our partnership as the vesting of warrants depends on achieving policy origination milestones. Even with this expense taken into account, we have generated $35 million of net income on a year-to-date basis.

謝謝你，亞歷克斯。第三季度，我們錄得淨虧損 500 萬美元，營業收入 30 萬美元，調整後 EBITDA 為 3,400 萬美元。如同先前所溝通的，本季我們的淨虧損主要是由於與 Carvana 的認股權證結構相關的 1,700 萬美元非現金支出造成的。在 1700 萬美元中，1550 萬美元反映了累計費用追討。這項支出最終反映了我們合作的成功，因為認股權證的歸屬取決於保單發行里程碑的實現。即使將這筆費用考慮在內，我們今年迄今的淨收入也達到了 3500 萬美元。

In the third quarter, we accelerated growth while continuing to achieve our target unit economics. Year-over-year, we delivered double-digit percentage increases in policies in force, written premium and earned premium while achieving a 59% gross accident period loss ratio. These strong results were driven by the deployment of our latest pricing model, advancements in our real-time bidding algorithm and expanded partner integrations.

第三季度，我們在繼續實現目標單位經濟效益的同時，加快了成長步伐。與前一年相比，我們的保單數量、已收保費和已賺保費均實現了兩位數百分比的增長，同時毛事故期損失率達到了 59%。這些強勁的成績得益於我們最新定價模式的部署、即時競價演算法的進步以及合作夥伴整合的擴展。

Our capital position remains strong with unencumbered capital of $309 million at the end of the third quarter. Given our exceptional underwriting performance, we also continue to be in a position of excess capital across our insurance subsidiaries. This allows us to optimize our operating structure and deploy growth capital to the highest profit-yielding opportunities. We continue to take a disciplined and opportunistic approach to direct marketing investment, adjusting quarter-by-quarter based on prevailing competitive dynamics.

截至第三季末，我們的資本狀況依然穩健，未受限制的資本為 3.09 億美元。鑑於我們卓越的承保業績，我們的保險子公司也持續保持著充裕的資本。這使我們能夠優化營運結構，並將成長資本部署到利潤最高的投資機會。我們繼續採取審慎且靈活的方式來進行直接行銷投資，並根據當前的競爭態勢逐季度進行調整。

On the partnership side, we are still early in scaling this channel, and we expect it to continue to increase as a percentage of our overall book over the long term.

在合作方面，我們仍處於拓展該管道的早期階段，我們預計從長遠來看，它在我們整體業務中所佔的比例將繼續增長。

Looking ahead, we expect continued acceleration of policies in force growth and are excited to support that growth by increasing our investment in direct R&D marketing by roughly $5 million in the fourth quarter. Further, we anticipate a headwind to our loss ratio from typical seasonality in the fourth quarter, which is driven by elevated animal collisions and bad weather. Last year, the impact of the seasonality was roughly 5 percentage points of the accident period loss ratio, and we expect a similar impact this year.

展望未來，我們預計保單數量將繼續加速成長，並很高興透過在第四季度增加約 500 萬美元的直接研發行銷投資來支持這一增長。此外，我們預期第四季受季節性因素影響，動物碰撞事故增加和惡劣天氣等因素將對我們的損失率構成不利影響。去年，季節性因素對事故期間損失率的影響約為 5 個百分點，我們預期今年的影響也類似。

As we close out 2025 with exceptional underwriting performance, a healthy capital position and a strong culture, we are now focused on accelerating growth at our target unit economics. Put simply, we are optimistic that our superior technology will drive growth despite an increasingly competitive environment. We are just getting started.

2025 年即將結束，我們擁有卓越的承保業績、健康的資本狀況和強大的企業文化，現在我們專注於以目標單位經濟效益加速成長。簡而言之，我們樂觀地認為，儘管競爭環境日益激烈，但我們的先進技術仍將推動成長。我們才剛起步。

With that, Alex and I look forward to your questions.

那麼，我和Alex期待著你們的提問。

(Operator Instructions)

（操作說明）

Andrew Andersen, Jefferies LLC.

Andrew Andersen，Jefferies LLC。

Good afternoon. Sounds like some opportunities in the direct channel this quarter with some new writings increasing sequentially, high single digits. Maybe you could just talk about how that opportunity came to be and just the overall level of competitiveness you're seeing on the direct channel?

午安.聽起來本季直銷通路有一些機會，一些新書的銷量環比增長，達到了接近兩位數的水平。或許您可以談談這個機會是如何出現的，以及您在直銷管道上看到的整體競爭程度？

Yes. Thanks for the question. We are still seeing competition up in the quarter and in the channel. But really, what has happened, and we've continued actually to see that even this quarter to date, a continued acceleration of new writings and growth in our direct channel and our partnerships channel and really every channel overall. And a big thing that's driving that is our price. Last quarter, we detailed that we shipped a new pricing algorithm that improved customer LTVs by 20%. That unlocks a lot of opportunity for us to continue to grow. And as we do that and we continue to refine pricing, continue to collect more data and continue to get better at it, you're going to continue to see us be able to grow despite increased competitive pressures. And that's exactly what you saw this quarter, and we're still seeing that quarter-to-date as well.

是的。謝謝你的提問。我們仍然看到季度和通路競爭加劇。但實際上，我們已經看到，即使從本季至今，我們的直接管道、合作夥伴管道以及所有管道的新文章和成長都在持續加速。而推動這趨勢的一個重要因素就是我們的價格。上個季度，我們詳細介紹了我們推出的新定價演算法，該演算法將客戶終身價值提高了 20%。這為我們持續發展提供了許多機會。隨著我們不斷改進定價策略、收集更多數據並不斷提升自身能力，即使面臨日益激烈的競爭壓力，我們仍然能夠維持成長。而這正是你們本季所看到的，而且到目前為止，我們仍然看到這種情況。

And then on the severity number, plus 9%. It seems to have ticked up a little bit after kind of some 6s and 7s in recent periods. Can you maybe just talk about the change that you saw in severity this quarter, and if it requires any change to rate here?

然後，在嚴重程度數值上，再加上 9%。最近一段時間，匯率一直在6、7之間波動，之後似乎略有回升。您能否談談本季嚴重程度的變化，以及這是否需要對評級進行任何調整？

We're not anticipating any major changes to rate. It's going to be -- we're broadly rate adequate. There will be some maintenance rate that we take here and there. I think the increase that you saw in the quarter is well within sort of natural variation for those numbers. We did see a little bit more in our property damage line, so in vehicle collisions versus our medical coverages. But again, I think that it was well within the normal range of variation.

我們預計利率不會有任何重大變化。情況將會是——我們總體上是足夠好的。我們會收取一些維護費。我認為本季出現的成長完全在這類數字的自然波動範圍內。我們發現，財產損失險（即車輛碰撞險）的賠償額比醫療保險險要多一些。但我認為，這完全在正常波動範圍內。

Tommy McJoynt with KBW.

Tommy McJoynt 與 KBW。

Hey guys, Can you hear me?

嘿，夥計們，你們聽得到我說話嗎？

Yes, we can hear you.

是的，我們能聽到你們的聲音。

Awesome. You mentioned being active with less than 10% of independent agents. Can you just give us some color on how that figure has trended over the last couple of years so we can get a sense of the trajectory of your penetration? And then what's the process to go live with more agents?

驚人的。你提到你只與不到 10% 的獨立代理商保持活躍關係。能否簡單介紹一下過去幾年該數據的變化趨勢，以便我們了解貴公司市場滲透率的發展軌跡？那麼，如何才能上線更多代理商呢？

Absolutely. Independent agents has been one of the most attractive near-term growth levers we've actually seen in the business, and we just are getting started. We really just launched a couple of years ago significantly into independent agents. And last quarter, I believe we had disclosed that we were in less than 4% of all agents nationally. And so it represents -- it's 1/3 of the market still. It was 1/3 of the market a decade ago, it was 1/3 of the market 100 years ago. So we don't think the independent agents channel is going anywhere. And we're -- again, we're just barely dipping our toe in.

絕對地。獨立代理商是我們目前在業務中看到的最具吸引力的近期成長動力之一，而我們才剛起步。我們真正大規模進軍獨立代理商領域也只是幾年前的事了。上個季度，我記得我們曾透露，我們在全國所有代理商的佔比不到 4%。所以它仍然佔市場份額的三分之一。十年前它佔市場份額的三分之一，一百年前它也佔市場份額的三分之一。所以我們認為獨立代理通路不會消失。我們——再說一遍，我們只是淺嚐輒止而已。

And so as we continue to grow that, we grew at 3x year-over-year this quarter, and we're not seeing that slow down. So we are marketing to agents. We're actively onboarding more agents. We are continuing to improve the product for agents so that they have more service capabilities, better prices for their customers as well. So we're seeing that as a really attractive growth channel, and we don't have any plans to slow down on appointing agents.

因此，隨著我們繼續發展壯大，本季度我們實現了同比增長 3 倍，而且我們還沒有看到這種增長勢頭放緩的跡象。所以我們的目標客戶是代理商。我們正在積極招募更多代理商。我們將持續改善代理商產品，讓他們擁有更強的服務能力，同時也能為客戶提供更優惠的價格。所以我們認為這是一個非常有吸引力的成長管道，我們沒有任何放慢任命代理商速度的計畫。

And then my second question is just that you gave us the partnership as a percentage of new writings in the quarter. But if we wanted to think about partnership as a percentage of earned premium, could we take a trailing 12-month average?

我的第二個問題是，你們給的合作比例是本季新作品數量的百分比。但如果我們想把合夥關係看作是已賺保費的百分比，我們能否採用過去 12 個月的平均值？

So this quarter, you saw roughly flat partnership percentage of overall new writings, and that's because both of our channels grew very strongly. We're still continuing, as Alex mentioned, to see very strong growth in partnership driven by IIA, but we have the pricing model that we launched last quarter, which tends to be the tide that lifts all ships. So we are seeing very strong growth there. But when we look over sort of the medium to longer term, we do expect partnership to continue to grow and to continue to be an increasing proportion of our book over time.

因此，本季合作推廣佔新文章總數的比例大致持平，這是因為我們的兩個管道都實現了強勁增長。正如 Alex 所提到的，我們仍然看到 IIA 推動的合作夥伴關係持續強勁增長，但我們上個季度推出的定價模式往往會帶動所有船隻的共同發展。所以我們看到那裡的成長非常強勁。但從中長期來看，我們預計合夥制業務將繼續成長，並且隨著時間的推移，其在我們業務中所佔的比例將繼續增加。

And as a matter of earned premium, you're probably going to see -- you see higher average premiums in the partnership channel. They're just larger policies that come through because there's more vehicles per household in that channel, particularly in the independent agency channel where a lot of preferred business shops. And so I think you're going to see a little bit more -- it will be a little bit more skewed towards earned premium than sort of a trailing 12-month average.

就已獲得的保費而言，你可能會看到——你會看到合作管道的平均保費更高。這些保單金額較大，因為該管道中每戶擁有的車輛較多，尤其是在獨立代理管道，許多優選商家選擇在該管道投保。所以我認為你會看到更多——它會更側重於已賺取的保費，而不是過去 12 個月的平均值。

Great, thank you.

太好了，謝謝。

Hristian Getsov, Wells Fargo.

克里斯蒂安‧格佐夫，富國銀行。

Hi, good afternoon. My first question is on the average premium per policy. It actually went down quarter-over-quarter. And I was trying to get a sense of how much was that driven by that new pricing model? And then given you continue to trend well below the 60% to 65% target loss ratio, do you have more flexibility to maybe give up a little bit more on price to continue to win in this environment?

您好，下午好。我的第一個問題是關於每份保單的平均保費。實際上，它環比下降了。我當時想了解一下，這種新的定價模式在多大程度上推動了這種改變？鑑於你的虧損率持續遠低於 60% 到 65% 的目標虧損率，你是否還有更大的靈活性，可以在價格上做出一些讓步，以在這種環境下繼續盈利？

First, on average premium, you saw us, I believe it was in June, take a fairly sizable rate decrease at the order of like -- it was double-digit rate decrease in Florida. And Florida is a very big market. I think you saw that some folks had to do some refunds in Florida. We really wanted to make sure that we were giving the right prices to customers upfront. And so we took that rate decrease proactively. And that's why you've seen sort of those average premiums come down, which has actually put us in a really good position for the end of the year.

首先，平均保費方面，你們可以看到，我記得是在六月，我們大幅降低了保費，佛羅裡達州的保費降幅達到了兩位數。佛羅裡達州是一個非常大的市場。我想你們也看到了，佛羅裡達州有些人不得不退款。我們非常希望確保提前向客戶提供正確的價格。因此，我們主動採取了降息措施。這就是為什麼你會看到平均保費下降，這實際上讓我們在年底處於非常有利的地位。

In terms of the ability to give more price back or to potentially lower prices, we're not in a position right now where we're broadly lowering rates, believing that we're overpriced. But we really do see a continued very healthy loss ratio. And what that's allowing us to do is to just continue to grow faster. And that's what we saw in this quarter. And again, we've seen that quarter-to-date as well.

就降低價格或進一步降低價格的能力而言，我們目前還沒有全面降低利率的打算，因為我們認為我們的價格過高。但我們確實看到損失率持續保持在非常健康的水平。這使得我們能夠持續快速成長。這就是我們本季看到的情況。而且，我們本季至今也看到了這種情況。

Got it. And then for my follow-up, any changes in the competitive landscape? Obviously, it remains elevated, but have you noticed anything, I guess, any recent changes? And then, do you have any color on how October PIF has trended versus the Q3?

知道了。那麼，我的後續問題是，競爭格局是否有任何改變？顯然，它仍然很高，但我想說的是，你有沒有註意到什麼，最近有什麼變化嗎？那麼，您能否提供一些關於10月份PIF趨勢與第三季相比情況的資訊？

Yes. October PIF growth has definitely accelerated versus what you saw in Q3. And again, we're not seeing that slow down. And so we feel good there. The competitive environment, it's still very competitive. You are seeing lower rate -- the lower pace of rate increases in the market right now. You're also seeing continued high levels of marketing advertising. And so on the direct channel, specifically, you are seeing high degrees of competition. But again, we saw that in Q3. And I think now we've been able to show that we can even grow, and we can execute through that cycle. And that's really driven by our technology and our new pricing models that are continuing to allow us to grow despite the fact that competition is about as hot as we've ever seen it.

是的。與第三季相比，10 月的 PIF 成長速度明顯加快。而且，我們並沒有看到這種趨勢放緩。所以我們在那裡感覺很好。競爭環境依然非常激烈。現在您看到的是較低的利率——目前市場上的利率上漲速度較慢。你還會看到行銷廣告持續高漲。因此，尤其是在直銷通路方面，競爭非常激烈。但我們在第三季又看到了這種情況。我認為現在我們已經證明我們能夠發展壯大，並且能夠順利完成這個週期。這主要歸功於我們的技術和新的定價模式，儘管競爭空前激烈，但這些技術和模式仍然使我們能夠持續發展。

Got it. And if I could sneak one more in. Obviously, tariffs were a topic of discussion at the start of the year, and now it's kind of dwindled down, and I think people are maybe expecting less of an impact than they originally thought. I guess, have you guys seen any meaningful change in your data? And has your expectation for those impacts changed?

知道了。如果我能再偷偷加一個就好了。顯然，關稅是年初的一個討論主題，但現在討論熱度有所下降，我認為人們可能預期其影響比最初想像的要小。我想問大家，你們的數據有發生什麼實質的改變嗎？你對這些影響的預期是否有改變？

We have not -- we have not seen that come through yet. Right now, it still looks like our expectations are basically right in line with what we'd expect just from natural trend. And so we don't think that we're seeing any sort of impact to inflation in the data or in the numbers right now from tariffs. We do expect to see loss ratios generally increase in Q4. There's seasonality, and that's usually -- if you look at 2024, you can see that's usually 3 to 5 points. So we might see some temporary increases in loss ratios in the fourth quarter, but we don't think that's going to be driven by tariffs.

我們還沒有——我們還沒有看到這種情況發生。目前看來，我們的預期基本上與自然趨勢所預期的一致。因此，我們認為目前的數據或數字中還沒有看到關稅對通膨產生任何影響。我們預計第四季賠付率總體上會上升。存在季節性因素，通常情況下——如果你看看 2024 年的數據，你會發現通常是 3 到 5 個百分點。因此，我們可能會看到第四季度損失率出現一些暫時性上升，但我們認為這不會是由關稅造成的。

Ladies and gentlemen, this now concludes our question-and-answer session and does conclude today's teleconference as well. Thank you for your participation. Please disconnect your lines, and have a wonderful day.

女士們、先生們，我們的問答環節到此結束，今天的電話會議也到此結束。感謝您的參與。請斷開您的線路，祝您有美好的一天。