Sun Life Financial Inc (SLF) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Sun Life Financial Q1 2026 conference call. My name is Gaylene, and I will be your conference operator today. (Operator Instructions) The conference is being recorded. (Operator Instructions)

各位早安，歡迎參加永明金融（Sun Life Financial）2026 年第一季電話會議。我是 Gaylene，今天將擔任會議接線員。（接線員指示）本次會議將被錄音。（接線員指示）

The host of your call today is Natalie Brady, Senior Vice President, Capital Management and Investor Relations. Please go ahead, Ms. Brady.

今天電話會議的主持人是 Natalie Brady，資深副總裁，資本管理與投資人關係。Brady 女士，請開始。

Thank you, and good morning, everyone. Welcome to Sun Life's earnings call for the first quarter of 2026. Our earnings release and the slides for today's call are available on the Investor Relations section of our website at sunlife.com.

謝謝，各位早安。歡迎參加永明 2026 年第一季業績電話會議。我們的新聞稿以及今天會議的簡報投影片，已公布於 sunlife.com 網站的投資人關係專區。

We will begin today's call with opening remarks from Kevin Strain, President and Chief Executive Officer. Following Kevin, Tom Murphy, President of Sun Life Asset Management, will provide an update on our Asset Management businesses. Following Tom, Tim Deacon, Executive Vice President and Chief Financial Officer, will present the financial results for the quarter. After the prepared remarks, we will move to the question-and-answer portion of the call. Other members of management are also available to answer your questions this morning.

今天的會議將先由總裁兼執行長 Kevin Strain 致開場詞。接著，永明資產管理（Sun Life Asset Management）總裁 Tom Murphy 將就我們的資產管理業務提供最新進展。之後，執行副總裁兼財務長 Tim Deacon 將說明本季財務結果。完成事先準備的發言後，我們將進入問答環節。今天上午亦有其他管理團隊成員在場，隨時回答各位的問題。

Turning to slide 2, I draw your attention to the cautionary language regarding the use of forward-looking statements and non-IFRS financial measures, which form part of today's remarks. As noted in the slides, forward-looking statements may be rendered inaccurate by subsequent events.

請翻到投影片第 2 頁，我提醒各位注意關於前瞻性陳述與非 IFRS 財務衡量指標使用的警示性文字，這些內容構成今天發言的一部分。如投影片所述，後續事件可能使前瞻性陳述變得不準確。

And with that, I'll now turn things over to Kevin.

接下來，我把時間交給 Kevin。

Thanks, Natalie, and good morning, everyone. Turning to slide 5, we delivered solid first quarter top and bottom-line results. Underlying net income was $1.05 billion, with EPS growth of 4% over first quarter last year, and underlying return on equity was 18.6%, on path to achieve our MTO of 20%. Reported net income was impacted by market adjustments, as well as a few one-time items that Tim will discuss in more detail.

謝謝 Natalie，各位早安。請翻到投影片第 5 頁，我們在第一季交出穩健的營收與獲利表現。核心淨利為 10.5 億美元，每股盈餘（EPS）較去年第一季成長 4%，核心股東權益報酬率（ROE）為 18.6%，正朝我們的中期目標（MTO）20% 邁進。公告淨利受到市場調整以及少數一次性項目的影響，Tim 稍後會更詳細說明。

Strong protection income results were driven by growth in Canada, Asia, and U.S. stop-loss. In Sun Life Asset Management, MFS had consistent earnings year-over-year, reflecting market conditions.

強勁的保障型收入表現，主要由加拿大、亞洲以及美國停損（stop-loss）業務的成長所帶動。在永明資產管理方面，MFS 的獲利與去年同期一致，反映市場環境。

SLC management results were below our expectations reflecting the absence of catch-up fees and lower seed income this quarter, which were both strong last year. We expect SLC earnings to rebound solidly over the remainder of 2026.

SLC 的管理業務結果低於我們的預期，原因是本季缺少追補費用（catch-up fees）且種子資金收入（seed income）較低，而這兩項在去年同期都很強勁。我們預期 SLC 的獲利在 2026 年剩餘期間將明顯回升。

For top-line, insurance sales saw significant growth, driven by sales momentum in Asia and continued solid sales in the U.S. Asset Management gross sales remained strong across MFS, SLC, Canada, and Asia. MFS U.S. equity outflows increased in the quarter, amid the broader industry-wide dynamics impacting the U.S. mutual fund market.

在營收端，保險銷售顯著成長，主要受亞洲銷售動能以及美國持續穩健的銷售所帶動。資產管理總銷售在 MFS、SLC、加拿大與亞洲各平台皆維持強勁。受影響美國共同基金市場的整體產業動態所致，MFS 美國股票型資金淨流出在本季增加。

We ended the quarter with a strong LICAT ratio of 143% following the completion of the BGO and Crescent acquisitions. This quarter, we announced a 4% increase to our common share dividend to $0.96 per share And we also announced a renewed normal course issuer bid to repurchase up to 10 million shares, reflecting strong cash flow and a focus on execution across our businesses.

在完成 BGO 與 Crescent 收購後，本季末我們的 LICAT 比率維持強勁，達 143%。本季我們宣布普通股股利上調 4% 至每股 0.96 美元；同時也宣布續行一般正常發行人買回（normal course issuer bid），最多回購 1,000 萬股，反映強勁的現金流，以及我們對各項業務執行力的重視。

Turning to slide 6, we are making significant progress across our key strategic areas. At SLC, we achieved several significant milestones including completing the acquisitions of BGO and Crescent, advancing leadership alignment through the launch of our management equity plan, and announcing our intention to acquire Bell Partners. We are confident in SLC achieving their medium-term growth targets. Later in the call, Tom Murphy will share a few words on the Sun Life Asset Management platform and the growth opportunities ahead.

請翻到投影片第 6 頁，我們在關鍵策略領域取得顯著進展。在 SLC，我們達成多項重要里程碑，包括完成 BGO 與 Crescent 的收購、透過推出管理層股權計畫推進領導團隊一致性，以及宣布我們有意收購 Bell Partners。我們對 SLC 達成其中期成長目標充滿信心。稍後 Tom Murphy 也會就永明資產管理平台與未來成長機會分享幾點看法。

Staying on Asset Management. In Canada, growing our wealth businesses is a key focus. Sun Life Global Investments continues to build its ETF platform with the addition of two MFS powered low-volatility equity strategies.

持續談資產管理。在加拿大，擴大我們的財富管理業務是關鍵重點。永明全球投資（Sun Life Global Investments）持續建置其 ETF 平台，新增兩項由 MFS 提供的低波動股票策略。

Turning to Asia, we are seeing strong momentum, with sales up 49% over last year, exceeding $1 billion in a quarter for the first time ever. Growth was led by Hong Kong, where sales grew 75% driven by double-digit sales growth across all channels.

轉到亞洲，我們看到強勁動能，銷售額較去年成長 49%，並首次在單一季度突破 10 億美元。成長主要由香港帶動，香港銷售成長 75%，各通路皆呈現雙位數成長。

Indonesia also delivered strong performance on the ongoing strength of our expanded CIMB Niaga partnership. Our relationship with CIMB Niaga goes back 20 years. Together, we continue to innovate and partner to deliver exceptional solutions for our Clients in the market.

印尼也在我們擴大與 CIMB Niaga 合作夥伴關係的持續強勁帶動下，交出亮眼表現。我們與 CIMB Niaga 的合作關係已長達 20 年。雙方持續創新並攜手合作，為市場中的客戶提供卓越解決方案。

We also saw good sales momentum in High Net Worth, India, China, and Malaysia. CSM in Asia reached $7 billion, up 12% year-over-year, reflecting the quality of our sales growth.

我們在高淨值客群、印度、中國與馬來西亞也看到良好的銷售動能。亞洲的 CSM 達 70 億美元，年增 12%，反映我們銷售成長的品質。

In the U.S., we delivered strong sales results. The rebuild and refocus of our U.S. Dental business is progressing well. We are focused on executing against a targeted strategy to increase our share of the commercial dental market to deliver stronger margins and improve profitability over time.

在美國，我們交出強勁的銷售成果。我們對美國牙科業務的重建與重新聚焦進展良好。我們專注於執行一項具針對性的策略，以提升我們在商業牙科市場的市占率，進而帶來更佳的利潤率，並隨時間推進改善獲利能力。

Helping members access care and improve health outcomes sits at the core of our U.S. strategy. Guided by this focus, we expanded Sun Life Expert Cancer Review. This service supports members facing a cancer diagnosis with access to objective second opinions, helping them attain the treatment plan best suited for their needs.

協助會員取得醫療照護並改善健康結果，是我們美國策略的核心。在此重點指引下，我們擴大了 Sun Life Expert Cancer Review。此服務為面臨癌症診斷的會員提供客觀的第二意見管道，協助他們取得最符合需求的治療方案。

We continue to advance our digital capabilities across the organization, with a focus on delivering improvements in both Client experience and business efficiency globally. In Asia, our Hong Kong business expanded their data-driven underwriting, increasing straight-through processing and enabling faster Client onboarding. In Malaysia, we deployed an AI-assisted talk bot, expanding servicing capacity and creating more timely and consistent engagement with Clients. In Canada, we are continuing to scale AI across the business, with advisors using AI-enabled tools to support Client conversations. Our operations employees are leveraging AI to access information more quickly, and more than 90% of our developers are using AI to improve efficiency and the speed of delivery.

我們持續在全組織推進數位能力，重點在於於全球範圍同時提升客戶體驗與營運效率。在亞洲，我們的香港業務擴大資料驅動的核保，提高直通式處理（straight-through processing），並加速客戶上線。在馬來西亞，我們部署了 AI 輔助的對話機器人，擴大服務量能，並與客戶建立更即時且一致的互動。在加拿大，我們持續擴大 AI 在業務中的應用，理財顧問使用 AI 賦能工具支援與客戶的對話。我們的營運同仁運用 AI 更快速取得資訊，且超過 90% 的開發人員正使用 AI 以提升效率與交付速度。

Building on this broader adoption, straight-through underwriting increased to 40% for eligible individual life insurance applications, up more than 50% year-over-year. This reduced average issuance time from 25 days to 11, enables faster policy delivery, and improved operational efficiency. These examples demonstrate how digital investments are enhancing Client outcomes while enabling more efficient, scalable growth across the businesses.

在更廣泛採用的基礎上，符合資格的個人人壽保險申請之直通式核保比例提升至 40%，年增超過 50%。這使平均核發時間由 25 天縮短至 11 天，加快保單交付，並提升營運效率。這些例子顯示，數位投資在改善客戶成果的同時，也讓各項業務能以更高效率、可擴展的方式成長。

Turning to slide 7, we delivered solid first quarter results, progressing against our Medium-Term Objectives. Underlying earnings per share growth of 4% reflects our solid businesses. Our underlying ROE of 18.6% and dividend payment ratio of 49% are aligned with our Medium-Term Objectives.

請翻到投影片第 7 頁，我們第一季交出穩健成果，並持續朝中期目標推進。核心每股盈餘成長 4% 反映我們業務的穩健。核心 ROE 18.6% 與股利支付率 49% 皆與我們的中期目標一致。

Our four pillars are well-positioned to deliver our Medium-Term Objectives. Canada continues to anchor Sun Life's performance and reinforces our role as a trusted partner to millions of Canadians. Asia is performing strongly, driven by growth in the high-net-worth and middle-class markets, and solid execution. The U.S. is focused on scaled, capital-light group benefits businesses in a growing and increasingly complex healthcare market. At Sun Life Asset Management, our scale and broad capabilities enable our resilience to manage across cycles and leverage synergies from our protection businesses.

我們的四大支柱具備良好條件以達成中期目標。加拿大持續作為永明表現的基石，並強化我們作為數百萬加拿大人可信賴夥伴的角色。亞洲表現強勁，受高淨值與中產階級市場成長及穩健執行所帶動。美國聚焦於可規模化、資本輕型的團體福利業務，面對成長且日益複雜的醫療照護市場。在永明資產管理方面，我們的規模與廣泛能力使我們能在景氣循環中保持韌性、跨周期管理，並運用保障型業務帶來的綜效。

Our purpose continues to guide how we serve our Clients, while the strength of our diversified business mix and global capabilities positions us to navigate the current market conditions and geopolitical uncertainties with confidence. Across our businesses, we are making clear progress against our strategic priorities, supported by strong fundamentals and disciplined execution. Looking ahead, we're confident in our ability to continue creating value by executing on our strategy with focus and consistency.

我們的使命持續引導我們服務客戶的方式；同時，多元化的業務組合與全球能力，使我們能有信心地因應當前市場環境與地緣政治不確定性。在各項業務中，我們在策略優先事項上取得明確進展，並由強健基本面與紀律執行所支撐。展望未來，我們有信心透過專注且一致地執行策略，持續創造價值。

With that, I'll turn the call over to Tom, who will walk you through Sun Life Asset Management, what the platform looks like today, and where we see opportunities to grow.

接下來我把電話會議交給 Tom，他將帶各位了解永明資產管理、目前的平台樣貌，以及我們看到的成長機會。

Thank you, Kevin. I'm excited to share some updates on the Sun Life Asset Management pillar. As Kevin mentioned, this quarter, we took two major steps forward with SLC. First, we completed the buy-ups of BGO and Crescent Capital. Second, we launched our management equity plan with over 300 of our most senior people investing their personal wealth in the future of the business. We see this as a strong statement of intent, as it creates alignment between our employees, Clients, and shareholders.

謝謝你，Kevin。我很高興分享永明資產管理支柱的最新進展。如 Kevin 所提到，本季我們在 SLC 方面向前邁出兩大步。第一，我們完成對 BGO 與 Crescent Capital 的增持（buy-ups）。第二，我們推出管理層股權計畫，超過 300 位最資深的同仁以個人財富投資於業務的未來。我們認為這是強烈的意向宣示，因為它促成員工、客戶與股東之間的利益一致。

During 2026, SLC will move from a group of related affiliates to a $400-billion singular global asset management platform. As such, this will be a moderate growth year for SLC, and there is significant room for growth in the years ahead. We remain committed to our previously communicated medium-term targets.

在 2026 年期間，SLC 將從一組彼此相關的關係企業，轉型為單一的全球資產管理平台，管理資產規模達 4,000 億美元。因此，2026 年將是 SLC 的溫和成長年度，而未來數年仍有顯著的成長空間。我們仍致力於先前已對外溝通的中期目標。

Sun Life Asset Management was established to accelerate the growth of our asset management businesses, and specifically to unlock opportunities between our asset management, insurance, and wealth businesses. We are starting from a position of real strength, with $1.4 trillion in assets across equities, fixed income, real estate, infrastructure, and alternative credit.

永明資產管理（Sun Life Asset Management）成立的目的，是加速我們資產管理業務的成長，並特別是釋放我們資產管理、保險與財富業務之間的機會。我們以真正強勁的基礎起步，在股票、固定收益、不動產、基礎建設及另類信貸等領域合計管理資產達 1.4 兆美元。

Let me share a few areas that we are working on. For SLC, we are focused on enhancing access to seed capital, the life blood of any alternative asset manager. Seed capital is critical as we incubate and launch new funds. We are also pursuing sources of permanent capital, which will create scale benefits for SLC and boost future revenue and earnings.

我想分享幾個我們正在推動的重點領域。就 SLC 而言，我們聚焦於提升取得種子資本的能力，這是任何另類資產管理人的命脈。當我們孵化並推出新基金時，種子資本至關重要。我們也在尋求永久資本來源，這將為 SLC 帶來規模效益，並提升未來的收入與盈餘。

Bringing our pension risk transfer business into Sun Life Asset Management was a deliberate move to source strategic capital for SLC. In return, this allows our pension risk transfer business to better leverage SLC's investment capabilities, to enhance their Client value proposition, and to grow their market share.

將我們的退休金風險轉移（pension risk transfer）業務納入永明資產管理，是一項有意為之的舉措，旨在為 SLC 引入策略性資本。作為回報，這也讓我們的退休金風險轉移業務能更充分運用 SLC 的投資能力，以強化其客戶價值主張並擴大市占率。

Turning to MFS, we see significant opportunity to grow alongside Sun Life's Wealth businesses. We have room to grow our AUM alongside SLGI and Group Wealth here in Canada, and there are further opportunities to help MFS grow in Asia through our Hong Kong MPF business.

談到 MFS，我們看到與永明的財富業務並肩成長的重大機會。我們在加拿大可與 SLGI 及團體財富（Group Wealth）一同擴大資產管理規模（AUM），並且也可透過我們在香港的強積金（MPF）業務，協助 MFS 在亞洲進一步成長。

Many of the opportunities within our insurance and asset management flywheel can be fueled by both internal and external capital. With this in mind, we are proactively engaging with insurers, reinsurers, pension funds, and sovereign wealth funds to create sources of seed and permanent capital, and with wealth providers for enhanced distribution opportunities.

我們保險與資產管理飛輪中的許多機會，可同時由內部與外部資本驅動。基於此，我們正積極與保險公司、再保險公司、退休基金及主權財富基金接洽，以建立種子資本與永久資本來源，並與財富服務提供者合作以強化分銷機會。

We also continue to add new investment capabilities. During the quarter, we announced our intention to acquire Bell Partners, which will boost our U.S. multifamily capabilities; while at Crescent, we are investing in new adjacent credit capabilities, which we believe will bring value to Clients and boost future earnings.

我們也持續新增投資能力。本季我們宣布有意收購 Bell Partners，將提升我們在美國多戶住宅（multifamily）領域的能力；同時在 Crescent，我們正投資於新的相鄰信貸能力，我們相信這將為客戶帶來價值並提升未來盈餘。

Finally, we are proud of our joint venture with Aditya Birla in India. Today, Aditya Birla Sun Life AMC has $60 billion in AUM. It's growing quickly and has strong margins. We believe the alternatives market in India is at an early stage of development and is primed for future growth. Our combination of global and local resources positions us very well to capture this opportunity.

最後，我們以在印度與 Aditya Birla 的合資企業為榮。如今，Aditya Birla Sun Life AMC 的管理資產（AUM）達 600 億美元，成長迅速且利潤率強勁。我們認為印度的另類投資市場仍處於發展初期，並已具備未來成長動能。我們結合全球與在地資源的優勢，使我們非常有利於把握此一機會。

Our $1.4 trillion asset management pillar covers an enviable range of asset classes and is truly global in nature. We are well positioned and excited by the journey that lies ahead.

我們 1.4 兆美元的資產管理支柱涵蓋令人稱羨的多元資產類別，且真正具備全球性。我們已做好充分準備，並對前方旅程充滿期待。

With that, I'll turn the call over to Tim, who will walk us through the first quarter financial results.

接下來我把電話會議交給 Tim，由他帶領我們回顧第一季的財務結果。

Thanks, Tom, and good morning, everyone. Turning to slide 12, we reported solid underlying net income of $1.05 billion in Q1, consistent with the prior year. Reported net income, before notable items this quarter was $775 million, reflecting $220 million of market impacts, primarily related to yield curve movements and equity market and real estate performance below long-term expectations. Total reported net income was $465 million, which includes two previously disclosed items: $165 million charge related to the completion of the BGO and Crescent acquisitions, and $145 million provision for a previously disclosed proposed legal settlement.

謝謝你，Tom，各位早安。請看第 12 頁投影片，我們在第一季（Q1）錄得穩健的核心淨利（underlying net income）10.5 億美元，與去年同期一致。本季在扣除重大項目（notable items）前的列報淨利（reported net income）為 7.75 億美元，反映 2.2 億美元的市場影響，主要與殖利率曲線變動以及股票市場與不動產表現低於長期預期有關。列報淨利總額為 4.65 億美元，其中包含兩項先前已揭露的事項：與完成 BGO 與 Crescent 收購相關的 1.65 億美元費用，以及針對先前已揭露之擬議法律和解案提列的 1.45 億美元準備。

Turning to slide 13, total insurance sales increased 17% over the prior year to $1.7 billion. Individual insurance sales were very strong, reaching a record $1.2 billion in the quarter, up 32%, with growth largely driven by Asia across multiple markets, led by Hong Kong and Indonesia.

請看第 13 頁投影片，整體保險銷售額較去年同期成長 17% 至 17 億美元。個人保險銷售表現非常強勁，本季達到創紀錄的 12 億美元，成長 32%，成長主要由亞洲多個市場帶動，其中以香港與印尼領先。

Group insurance sales were $552 million, reflecting continued progress in the U.S., with higher sales across all business segments, led by medical stop-loss, commercial dental, and the timing of large case sales in Canada.

團體保險銷售額為 5.52 億美元，反映我們在美國持續取得進展，各業務分部銷售均提升，其中以醫療停損（medical stop-loss）、商業牙科（commercial dental）以及加拿大大型案件銷售時點的影響為主。

New business CSM grew by 6%, driven by the strong sales growth in Asia. Gross flows were up modestly, driven by higher fundraising from SLC, higher MPF sales in Hong Kong, and higher group fund sales in India, tempered by lower volumes in Canada. In Asset Management and Wealth, net flows reflected outflows in the U.S. equity products by retail investors and institutional portfolio rebalancing at MFS.

新業務 CSM 成長 6%，由亞洲強勁的銷售成長所帶動。總流入（gross flows）小幅上升，主要來自 SLC 募資增加、香港 MPF 銷售提升，以及印度團體基金銷售增加，但被加拿大較低的交易量所部分抵銷。在資產管理與財富業務方面，淨流量（net flows）反映美國零售投資人自美國股票產品流出，以及 MFS 的機構投資組合再平衡所致的流出。

Turning to slide 14, Sun Life Asset Management underlying net income of $265 million declined 3% year-over-year, largely reflecting the impact of catch-up fees and seed mark-to-market gains at SLC in the prior year, partially offset by higher fee income at MFS and net investment income in the Solutions and Other segment. Reported net income includes the final costs associated with completing the BGO and Crescent acquisitions at the end of March.

請看第 14 頁投影片，永明資產管理的核心淨利為 2.65 億美元，年減 3%，主要反映去年 SLC 的追補費用（catch-up fees）與種子投資按市價評價收益（seed mark-to-market gains）的影響；部分被 MFS 較高的費用收入，以及「解決方案與其他」（Solutions and Other）分部的淨投資收益所抵銷。列報淨利包含 3 月底完成 BGO 與 Crescent 收購相關的最終成本。

Fundraising and deployment activity across the platform remained solid. Gross inflows were led by Crescent's flagship private credit strategies and BGO's European debt platform, alongside continued institutional engagement in MFS, where gross flows were consistent with last quarter and included 12 new institutional mandates over $100 million. Net outflows were driven primarily by elevated U.S. equity redemptions at MFS. At the same time, ETFs, fixed income, and SMA products continued to see growth, with $2 billion in net inflows in the quarter.

平台整體的募資與資金部署活動仍然穩健。總流入主要由 Crescent 的旗艦私募信貸策略與 BGO 的歐洲債務平台帶動，同時 MFS 的機構客戶參與度持續提升，其總流量與上季一致，並包含 12 個超過 1 億美元的新機構委任案（institutional mandates）。淨流出主要由 MFS 美國股票贖回偏高所致。與此同時，ETF、固定收益與 SMA 產品持續成長，本季淨流入達 20 億美元。

Sun Life Asset Managed Assets increased 7% over the prior year, reflecting strong fundraising and deployment at SLC, demonstrating the continued scale of the platform and growth in AUM from positive public equity market performance at MFS despite outflows.

永明資產管理之受管理資產（Asset Managed Assets）較去年同期增加 7%，反映 SLC 強勁的募資與部署，展現平台規模持續擴大；同時，儘管存在資金流出，MFS 仍受惠於公開股票市場正向表現而帶動 AUM 成長。

Turning to slide 15, Canada underlying net income of $370 million increased 7% from prior year, reflecting higher fee income from higher AUMA and strong net investment results in the Asset Management and Wealth businesses, alongside solid performance in Sun Life Health and Individual Insurance. Reported net income of $87 million reflects the charge from the proposed legal settlement and market impacts from a flattening yield curve and lower equity and real estate performance. Canada's wealth platform reached $261 billion in AUMA, up 12% from last year, with strong retail advisor activity and market appreciation.

請看第 15 頁投影片，加拿大業務核心淨利為 3.70 億美元，較去年增加 7%，反映受管理資產（AUMA）提升帶來較高的費用收入，以及資產管理與財富業務強勁的淨投資成果，並且永明健康（Sun Life Health）與個人保險亦表現穩健。列報淨利為 8,700 萬美元，反映擬議法律和解案的費用，以及殖利率曲線趨平與股票及不動產表現較弱所帶來的市場影響。加拿大的財富平台 AUMA 達 2,610 億美元，較去年成長 12%，受惠於強勁的零售理財顧問活動與市場升值。

Insurance sales declined year-over-year from a record in Q1'25, which included a significant large-case sale in Sun Life Health. Q1'26 Sun Life Health sales remain above our historical quarterly average. In Individual Insurance, sales declined reflecting lower participating life sales as we continue to focus on optimizing our product mix.

保險銷售額較去年同期下滑，去年 Q1'25 創下紀錄，其中包含永明健康的一筆重大大型案件銷售。Q1'26 永明健康的銷售仍高於我們歷史季度平均。在個人保險方面，銷售下滑反映分紅型壽險（participating life）銷售較低，因我們持續聚焦於優化產品組合。

Turning to slide 16, our businesses in the U.S. continue to build momentum. Underlying net income is up 6% from growth in medical stop-loss from strong premiums and cost discipline, as well as solid contributions from In-Force Management, supported by favorable investment results and insurance experience.

請看第 16 頁投影片，我們在美國的業務持續累積動能。核心淨利較去年成長 6%，主要來自醫療停損業務在保費強勁與成本紀律下的成長，以及在有利的投資結果與保險經驗支持下，存量管理（In-Force Management）的穩健貢獻。

Sales were solid across all businesses. Medical stop-loss sales increased 43% year-over-year, building from strong fourth-quarter momentum and continued success in winning high-quality business in a hardening market. This reflects our disciplined approach to pricing and risk selection.

各項業務的銷售表現穩健。醫療停損銷售額年增 43%，延續第四季的強勁動能，並在市場趨於緊縮（hardening）的環境下持續成功取得高品質業務，反映我們在定價與風險篩選上的紀律作法。

In Dental, we continue to execute on our strategy to improve business mix, and we're seeing solid growth in commercial sales. The decline in premiums this quarter reflects the impact of our deliberate actions to reprice and in some cases, exit underperforming Medicaid business. As expected, this is resulting in lower membership, but an improving loss ratio. As part of this repositioning, the U.S. team remains focused on aligning expenses to the lower revenue base to improve profitability in the near term.

在牙科業務方面，我們持續執行改善業務組合的策略，並看到商業銷售穩健成長。本季保費下滑反映我們有意採取重新定價，並在部分情況下退出表現不佳的 Medicaid 業務之影響。如預期，這導致會員數下降，但損失率（loss ratio）正在改善。作為此一重新定位的一部分，美國團隊仍聚焦於使費用與較低的收入基礎相匹配，以在短期內提升獲利能力。

Turning to slide 17, Asia had another excellent quarter, with underlying net income increasing by 23% over the prior year, driven by robust sales growth, lower expenses, and higher investment earnings. Insurance sales exceeded $1 billion in the quarter, with growth across most markets. Hong Kong individual insurance sales increased 75%, with double-digit growth across all distribution channels, and a 25% increase in agent count. Indonesia delivered 40% sales growth, with higher margins generated by the strong momentum from the CIMB Bancassurance Partnership. New business CSM grew by 23%, driven by the strong sales growth we've seen across Asia. CSM margins reflect increasing competition and the impact of regulatory changes.

請看第 17 頁投影片，亞洲再度繳出非常出色的一季，核心淨利較去年同期成長 23%，由強勁的銷售成長、較低的費用以及較高的投資收益所帶動。本季保險銷售額超過 10 億美元，多數市場均呈現成長。香港個人保險銷售成長 75%，所有分銷通路均達雙位數成長，且代理人數增加 25%。印尼銷售成長 40%，受惠於 CIMB 銀行保險合作夥伴關係（CIMB Bancassurance Partnership）的強勁動能而帶來更高利潤率。新業務 CSM 成長 23%，由我們在亞洲各地看到的強勁銷售成長所驅動。CSM 利潤率反映競爭加劇以及監管變更的影響。

Turning to our capital position on slide 18. We ended the quarter with a LICAT ratio of 143%, which decreased 14 percentage points over the prior quarter, with 10% of the decrease driven by the BGO and Crescent acquisitions, and the remainder from the impact of markets and lower reported net income.

接著看第 18 頁投影片的資本狀況。我們在本季末的 LICAT 比率為 143%，較前一季下降 14 個百分點，其中 10% 的降幅由 BGO 與 Crescent 收購所致，其餘則來自市場影響以及列報淨利較低的影響。

We delivered book value per share growth of 2% to $41.10 and maintained a financial leverage ratio of 23.2%. Total CSM of $14.7 billion increased 8% over Q1'25, driven by strong insurance sales through 2025, which continued this quarter. These metrics underscore our continued financial strength and provide resilience in more volatile periods.

我們實現每股帳面價值成長 2%，達到 41.10 美元，並維持 23.2% 的財務槓桿比率。CSM 總額 147 億美元較 2025 年第一季增加 8%，主要受 2025 年以來強勁的保險銷售帶動，且本季延續。這些指標凸顯我們持續的財務實力，並在更波動的期間提供韌性。

Turning to slide 19, in the quarter, we returned $0.5 billion to shareholders through common shareholder dividends, delivering a dividend yield of 4.2%. We also announced our intention to renew our NCIB, subject to regulatory and TSX approvals, enabling the repurchase of up to 10 million common shares, returning capital as market conditions permit. In addition, our Board approved a $0.04 increase to the quarterly common shareholder dividend.

接著看第 19 頁投影片，本季我們透過普通股股東股利向股東返還 5 億美元，股利殖利率為 4.2%。我們也宣布擬續辦 NCIB（須經監管機關及多倫多證交所核准），使我們得以在市場狀況允許時回購最多 1,000 萬股普通股，以返還資本。此外，我們董事會核准將普通股股東季度股利提高 0.04 美元。

In closing, our first quarter results reflect the resilience of our diversified business model and the discipline we apply in the execution of our strategy in capital management. We delivered solid underlying earnings, continued progress against key businesses, and maintained strong capital and balance sheet strength, while returning $500 million to shareholders and preserving flexibility to invest for growth. These fundamentals provide a strong foundation for navigating ongoing market volatility, supporting our strategic priorities, and delivering consistent progress toward our Medium-Term Objectives.

最後，我們第一季的結果反映出多元化商業模式的韌性，以及我們在資本管理策略執行上的紀律。我們交出穩健的核心獲利，關鍵業務持續取得進展，並維持強勁的資本與資產負債表實力，同時向股東返還 5 億美元並保留投資成長的彈性。這些基本面為我們因應持續的市場波動、支持策略重點，以及朝中期目標穩健推進提供了堅實基礎。

With that, I will now turn the call back to Natalie to begin the Q&A.

接下來，我把電話交回給 Natalie，開始問答環節。

Thank you, Tim. To help ensure that all participants have an opportunity to ask questions this morning, please limit yourselves to one or two questions, and then re-queue with any additional questions. I will now ask the operator to poll the participants.

謝謝你，Tim。為了確保今天上午所有與會者都有機會提問，請各位將問題限制在一到兩題，若有其他問題請重新排隊。我現在請接線員輪詢與會者。

(Operator Instructions) Doug Young, Desjardins.

（接線員指示）Doug Young，Desjardins。

Just want to kind of go through the decline in the LICAT from 157% to 143%, because it was a bit of a surprise to me. And maybe you can just walk through, Tim, just the moving pieces, because I thought the SLC buy-in was about seven points, maybe it's now 10, I don't know what's the difference, maybe you can talk a bit about that. And I guess the markets had about one-point impact. Legal provision, probably one impact, and I guess that there wasn't much organic capital generation. But I'm just trying to bridge between the 157% and 143%. Maybe we can kind of start there.

我想大致梳理一下 LICAT 從 157% 降到 143% 的原因，因為這對我來說有點意外。Tim，你能否帶我們走一遍各個變動因素？我原本以為 SLC 的 buy-in 大概影響 7 個百分點，也許現在是 10 個，我不確定差異在哪裡，能否談談這部分。另外我猜市場大概影響 1 個百分點；法律準備金可能影響 1 個百分點；而且看起來有機資本生成不多。我只是想把 157% 到 143% 之間的橋接做清楚，我們可以先從這裡開始。

This is Tim. Happy to touch on that. So as you noted, the LICAT ratio did reduce by 14% this quarter. We did finish the quarter with a very strong LICAT ratio overall at 143%, but 10% of that was really coming from the SLC acquisitions. That was $2.4 billion in deployment. And just as a reminder, about every $250 million in capital deployment equals about 1% on the LICAT ratio. And for the last two quarters, our LICAT was obviously high, as we had pre-funded the acquisitions through the debt. So that accounts for the bulk of the change.

我是 Tim。很樂意說明。如你所述，本季 LICAT 比率確實下降了 14%。我們季末的 LICAT 整體仍非常強勁，為 143%，但其中有 10% 主要來自 SLC 的收購。那是 24 億美元的資本投入。再提醒一下，大約每投入 2.5 億美元資本，LICAT 比率就會變動約 1%。而在過去兩季，我們的 LICAT 顯然偏高，因為我們透過舉債預先為收購案提供資金。因此，這解釋了變動的大部分。

The remainder really is coming from markets, as you noted. That was actually a 2% impact. About 1% was coming from the MetLife legal settlement, and the remaining 1% effectively from dividends and other items. And so overall, that accounts for the 14-point decline, and as I said, finished strong at 143%, and I think we're quite pleased with that being a leading LICAT ratio.

其餘部分主要如你所說來自市場因素，實際影響為 2%。約 1% 來自 MetLife 的法律和解，剩下 1% 基本上來自股利及其他項目。整體而言，這就構成了 14 個百分點的下降；如我所說，季末仍強勁地維持在 143%，我們對此相當滿意，並認為這是領先同業的 LICAT 比率。

Maybe just a follow-up. Okay, so I appreciate that. Can you quantify, because I'm increasingly becoming challenged in doing this, but can you maybe quantify what you view as excess capital and walk through the buckets between like what's in the holdco, excess of what you would want to hold there, what's in the opco? And maybe on the opco side, what do you think is the minimum LICAT and the binding constraints on that side?

我再追問一下。好的，我理解。你能否量化一下你們認為的超額資本？我現在越來越難自己拆解了。能否帶我們看一下各個桶子：例如控股公司（holdco）有多少、超出你們希望持有的部分是多少；營運公司（opco）又是多少？另外在 opco 端，你們認為最低的 LICAT 應該是多少，以及那邊的約束條件是什麼？

Yeah, sure. So again, very, very strong capital position. This quarter, we finished at 143%. We have a low leverage ratio of 23.2%, and a holdco cash of $1.3 billion.

可以。再次強調，我們的資本狀況非常、非常強。本季我們以 143% 作收；槓桿比率偏低，為 23.2%；控股公司現金為 13 億美元。

And when you look at the composition of capital, the move to IFRS 17 really changed the overall composition for the industry. And so in our case, 60% of the LICAT ratio is comprised of the contractual service margin and the risk adjustment, which LICAT refers to as a surplus allowance. And both of these are really high-quality capital items as they represent future earnings for us. They also act as a shock absorber for market volatility and economic downturns. And this quarter, we finished with a CSM balance of $14.7 billion, and that has grown 8% year-over-year. And it's not currently liquid, but it converts to earnings over time at about 8% to 10%.

當你看資本的組成時，轉換到 IFRS 17 確實改變了整個產業的整體組成。在我們的情況下，LICAT 比率的 60% 由合約服務邊際（CSM）與風險調整所構成，LICAT 將其稱為盈餘準備（surplus allowance）。這兩者都是高品質的資本項目，因為它們代表我們未來的獲利；同時也能在市場波動與經濟下行時充當緩衝。本季我們的 CSM 餘額為 147 億美元，年增 8%。它目前不具流動性，但會隨時間以約 8% 到 10% 的速度轉為獲利。

So on your comment, to get a sense of our deployable capital, really I think you should think about that as our holdco cash balance as well as our surplus balances, and that broadly reflects our deployable capital. The remaining part of our capital has been deployed in our business, and that's generating a great return, as you can see in our results. This quarter, we had an ROE of 18.7%, and we're making solid and consistent progress toward our medium-term objective of 20%. So hopefully, that gives you a good flavour of how to think about our capital, and also the proportion that's deployable.

因此，針對你提到要掌握我們可部署資本的概念，我認為你應該把它視為控股公司現金餘額加上我們的盈餘（surplus）餘額，這大致反映了我們可部署的資本。其餘資本已部署在業務中，並如你從我們的結果所見，正在產生很好的報酬。本季我們的 ROE 為 18.7%，並正穩健且持續地朝中期目標 20% 推進。希望這能讓你更清楚如何看待我們的資本，以及其中可部署的比例。

Yeah, let me just follow-up, for the sake of time, on that. And lastly, you're planning to put an NCIB in for 1. -- I think it's 1.7% of shares outstanding. And Kevin, I guess my question is, if you go through this, let's say, by mid-year, would you reload on this? Because you didn't reload last time, and I get it, because you have the SLC buy-ins come in, but I'm just curious, it doesn't -- it seems like you generate a lot of excess capital, 1.7% of the shares outstanding doesn't seem high. I don't think you're interested in big acquisitions. So if you do get through that faster than you expect, would you reload?

我就時間關係再追問最後一題。你們計畫申請一個 NCIB，規模是——我想大約是流通股數的 1.7%。Kevin，我的問題是：如果你們在例如年中就把這個額度用完，會不會再加碼（reload）？因為上次你們沒有加碼，我也理解，因為你們有 SLC 的 buy-in 進來；但我只是好奇，你們看起來會產生很多超額資本，1.7% 的流通股數似乎不算高。我也不覺得你們對大型收購有興趣。所以如果你們比預期更快用完，會再加碼嗎？

I think Tim described it well, right? If you look at the cash at the holdco, that's what we're looking at as being deployable capital and cash, and that's what's formulating the amount of the buyback we're doing. We continue to optimize inside of SLA and moving capital up, and you've seen us do that quite effectively. And we continue to require cash flow out of the businesses and out of the acquisitions we do. So tracking what we've got at the holdco will give you a good indication of what's deployable. And our priorities remain the same. And Tim talked about this, funding our organic growth, funding the dividend, and then we look at M&A where we need scale and where we're looking for capabilities, and we've deployed capital into that.

我認為 Tim 已經說得很清楚了。若你看控股公司的現金，那就是我們認為可部署的資本與現金，而這也決定了我們這次回購的規模。我們持續在 SLA 內部進行最佳化並把資本上移，你也看到我們做得相當有效。我們也持續要求各項業務以及我們所做的收購能帶來現金流。因此，追蹤控股公司層級的資金狀況，會讓你對可部署資本有很好的判斷。我們的優先順序不變。Tim 也提到：資助有機成長、資助股利，然後在需要規模、以及我們尋求能力的領域評估併購，而我們也已將資本部署在這些方面。

At this point in time, the pipeline in M&A is quite small, and the execution that we're focused on across the business is quite important to us. So I think you are seeing that deployment of cash and excess cash into the buybacks, but we always keep the flexibility to do different things.

就目前而言，併購（M&A）管線相當小，而我們在全公司範圍內專注於執行也對我們非常重要。所以你確實看到我們把現金與超額現金部署到回購上，但我們始終保留彈性，以便做不同的事情。

Okay. Appreciate that -- (multiple speakers)

好的。感謝——（多位發言者）

I'm just going to step back and say, really, if you look at it, the last 10 years, we've deployed a lot of cash and capital into M&A. We've taken SLC from $0 in third-party assets to $260 billion, and we think we've built great capabilities across the alternative asset management platform that we didn't have. We've deployed capital into scale and distribution capabilities in Asia, which are serving us really well, and you saw the results in Manjit's business. And we've deployed capital into the U.S., and we think that long term, that's going to be important deployment of capital to us that we've built out into the dental business, which is one of the core benefits in the United States, and David's working hard on executing on that.

我退一步來說，如果你回顧過去 10 年，我們已將大量現金與資本部署在併購上。我們把 SLC 的第三方資產從 0 做到 2,600 億美元，並且我們認為已在另類資產管理平台上建立了過去所沒有的優秀能力。我們也把資本投入到亞洲的規模與通路能力，這些對我們非常有幫助，你也在 Manjit 的業務結果中看到了。我們也把資本投入到美國，我們認為長期而言，這對我們會是重要的資本部署；我們已將其拓展到牙科業務，這是美國核心員工福利之一，而 David 正努力推動執行。

So we've had good results from the deployment of our capital. And at this time, the focus for the businesses is on executing on that. And so when you look at the cash of the holdco, you get a sense of us using that to buy back shares. And I keep monitoring that, and we keep pushing on getting more and more cash up to the holdco, and we intend to deploy it back to shareholders when we can.

因此，我們在資本部署方面取得了良好成果。而在目前這個時間點，各項業務的重點就是把這些工作落實執行。所以當你看控股公司（holdco）的現金時，你會感受到我們正用它來回購股份。我也會持續監控這件事，我們也會持續推動把越來越多的現金上繳到控股公司，並且在可行時，我們打算把它回饋給股東。

Appreciate the colour. Thank you.

感謝補充說明。謝謝。

Gabriel Dechaine, National Bank.

Gabriel Dechaine，加拿大國家銀行（National Bank）。

Just a numbers one, if you'll indulge me here. The morbidity experience in the stop-loss business was improved. Can we get a more specific number around that? Because I want to get a sense of how much of that stop-loss repricing and other actions we've been taking has actually had an impact, because it was offset by the Employee Benefits of LTD morbidity, which went the other direction.

我問一個純數字的問題，請你包涵一下。停損（stop-loss）業務的罹病率（morbidity）經驗有所改善。能否提供更具體的數字？因為我想了解我們一直在做的停損重新定價以及其他措施，實際上帶來了多大影響；畢竟這被員工福利（Employee Benefits）的長期失能（LTD）罹病率往相反方向的變化所抵銷。

Hi, Gabriel. This is David. Thanks for the question. Yes, the stop-loss business continues to perform very well, and reflecting the quality of the business and the franchise we have. We continue to have a disciplined approach to pricing and risk selection, and our Q1 experience reinforces really the quality of our business and the confidence we have in our current pricing.

嗨，Gabriel。我是David。謝謝你的問題。是的，停損業務持續表現非常好，這也反映了我們所擁有的業務與通路（franchise）的品質。我們持續採取嚴謹的定價與風險篩選方法，而我們第一季（Q1）的經驗也再次強化了我們業務的品質，以及我們對目前定價的信心。

So we did see material improvements in that business. It was offset somewhat by more unfavourable disability experience in Employee Benefits business compared to Q1 of last year. Disability in Q4 was actually worse than Q1, but it did improve, but year-over-year, it was down and less favourable. And that's partially because we had a very favourable quarter in Q1 of '25. So consistent with what we're seeing in broader and in the rest of the industry, the disability businesses refer as sort of -- is moving back to more normalized levels, and we expect it to be similar to this in the future.

因此，我們確實看到該業務有顯著改善。不過，與去年第一季相比，員工福利業務的失能（disability）經驗較不利，部分抵銷了改善。第四季（Q4）的失能其實比第一季更差，但確實有改善；然而以年對年來看，仍是下降且較不利。這部分原因是因為我們在2025年第一季有一個非常有利的季度。因此，與我們在更廣泛市場以及產業其他同業所看到的情況一致，失能業務正回到較正常化的水準，我們預期未來也會與目前類似。

Yes, that's very descriptive, but you're not sharing any numbers, though. I think the issue in that particular business line over the past year was the negative experience, and we saw that in the first three quarters. You took some actions, and to get confidence in the effectiveness of those actions, it would be helpful to get some numbers. Could you give me that, please?

是的，描述很清楚，但你們仍未提供任何數字。我認為過去一年該業務線的問題在於不利的經驗，我們在前三個季度都看到了。你們採取了一些行動；若要對這些行動的有效性建立信心，提供一些數字會很有幫助。可以請你給我嗎？

Hey, Gabe, it's Brennan Kennedy. So the experience in the quarter for that business, the morbidity experience, was $8 million, in Canadian dollars, so that's the specific number.

嗨，Gabe，我是Brennan Kennedy。該業務在本季度的經驗，也就是罹病率（morbidity）經驗，為800萬加幣，這就是具體數字。

That's for the stop-loss? That's the stop-loss?

那是針對停損（stop-loss）嗎？是停損？

That's right. That's correct.

沒錯。正確。

Okay. And do you -- okay, well, we could take more of that offline. I guess the dental business, the strategy makes sense. You're exiting some relationships, I guess, more intermediated ones as opposed to direct ones in the Medicaid business. I just want to get a better understanding of how much of that business could be affected so that -- does this quarter's Medicaid revenue represent a new run rate, you've done your pruning, or could we see a dip further? What sort of offset could there be from, you alluded to cost containment and to the improved benefits ratio of the business you're retaining. So I just want to get a sense of if we hit a bottom here or what.

好的。那你們——好吧，我想我們可以私下再深入談一些。我想牙科業務方面，策略是合理的。你們正在退出一些合作關係，我猜是較多透過中介的，而不是在Medicaid業務中直接合作的那些。我只是想更清楚了解有多少業務可能會受到影響——也就是說，本季度的Medicaid收入是否代表新的運行水準（run rate），你們已經完成修剪（pruning）了？還是我們可能會看到進一步下滑？另外可能有哪些抵銷因素？你提到成本控管，以及你們保留的業務其給付比率（benefits ratio）有所改善。我只是想了解我們是否已經觸底，或是情況如何。

Yes, it's David again. Thanks for the question. As Tim and Kevin noted, we continue to execute on our strategy and are very much focused on improving the mix of our business. We have been taking pricing actions, and you can see some of that in the change in revenue that we've seen this quarter. And also, of course, growing our commercial business.

是的，我又是David。謝謝你的問題。正如Tim和Kevin提到的，我們持續執行策略，並且非常專注於改善業務組合。我們已採取定價措施，你可以在本季度收入變動中看到其中一部分影響。同時，當然也在擴大我們的商業（commercial）業務。

Over time, we expect to continue to improve this. Of course, we have a path forward on improving the business and we remain focused on that path. We do expect the business mix to change as we continue to improve our sales and momentum in our commercial business. And of course, we're staying very focused on maintaining relationships where we can have a line of sight to more reasonable margins over the long-term for that business. So we remain very focused on that path, and we're working with our partners to do that. So I expect certainly in the second-half of the year, we'll see continued improvements in this business.

隨著時間推進，我們預期會持續改善。當然，我們有一條改善業務的前進路徑，並且會持續專注於這條路徑。隨著我們在商業業務的銷售與動能持續提升，我們確實預期業務組合會改變。同時，我們也會非常專注於維持那些我們能看得到、在長期可帶來較合理利潤率的合作關係。因此我們仍然非常專注於這條路徑，並且正與合作夥伴一起推進。我預期在今年下半年，我們肯定會看到這項業務持續改善。

In the second-half. So I just want a sense of timing here. I get the strategy. We see this from the banks from time to time. They optimize their balance sheet, and that means shrinking the loan book for a certain amount of time, but you get a sense of, okay, we'll be done by then. Is that something you can -- is that what you're telling me? Like the second-half is when you'll be kind of through most of this selective pruning of the customer base?

在下半年。所以我想掌握一下時間點。我理解策略；我們也不時看到銀行這麼做——他們優化資產負債表，這意味著在一段時間內縮減放款規模，但你大概會有個概念：到那時就會完成。你能——你是在告訴我這件事嗎？也就是說，下半年你們就會大致完成這種對客戶基礎的選擇性修剪？

Like I said, we continue to execute on that. The external environment is something we're staying very much focused on. So you can see some of the improvement in the loss ratio coming through this quarter as a result of terminations. That's somewhat offset by experience, which continues to change quarter-to-quarter, and something that we'll continue to pay attention to. And then the membership, of course, of existing plans is something that we'll still adjust as well. So all of that is happening while we are focused on expenses and working our way through our plan. So it will be a continued pressured environment in 2026. We know that, but we're focused on the actions to improve.

如我所說，我們會持續執行這些工作。我們也非常關注外部環境。因此，你可以看到本季度損失率（loss ratio）的部分改善，是終止（terminations）所帶來的結果。這又被一些經驗因素部分抵銷，而這些經驗會在每季之間變動，我們也會持續關注。另外，既有方案的會員數（membership）當然也是我們仍會調整的部分。在我們專注於費用並推進計畫的同時，這些事情都在進行。因此，2026年仍將是持續承壓的環境。我們知道這點，但我們會專注於改善的行動。

Mike Ward, UBS.

Mike Ward，瑞銀（UBS）。

I was just wondering if we could run through the drivers of some of the Asia strength, and I guess the sustainability of the earnings strength, but also the growth in sales. I think it was a little bit better than expected. And it's good to see, but I guess we just kind of thought that markets like Hong Kong might slow down a little bit. So just wondering if you could just help us understand what's driving that on the ground.

我想請你們說明一下亞洲強勁表現的一些驅動因素，以及我想也包括獲利強勁的可持續性，還有銷售成長。我認為表現比預期稍好。看到這樣很好，但我們原本以為像香港這樣的市場可能會稍微放緩一些。所以想請你們幫我們理解一下，當地究竟是什麼在推動這些表現。

It's Manjit. So as you mentioned, we had a great start to the year in Asia in 2026, and that builds on the really strong performance we've had over the last two years. And we've seen strength across all of our financial metrics, not only sales, but also CSM, net income, and ROE.

我是Manjit。正如你提到的，我們在2026年於亞洲有一個非常好的開局，而這也建立在過去兩年非常強勁的表現之上。我們在所有財務指標上都看到強勁表現，不僅是銷售，還包括CSM、淨利以及ROE。

And in terms of what some of the key factors are that are driving some of the performance, I think it's a number of things. So one is really, the investments that we've made in distribution are paying off. So we've seen growth across all of our distribution channels. Our agency force is stronger, not just in numbers, but also more productive. We've invested in new bancassurance arrangements over the last two years, both in Hong Kong and in Indonesia, and we're deepening our broker relationships as well.

至於推動表現的一些關鍵因素，我認為有好幾項。第一，我們在通路（distribution）上的投資正在見效，因此我們在所有通路渠道都看到成長。我們的代理人隊伍（agency force）不僅人數更強，生產力也更高。過去兩年我們在香港與印尼都投資了新的銀保（bancassurance）合作安排，同時也在深化我們與經紀通路（broker）的關係。

We're also making investments in brand, and our brand strength is at record levels, and that's a really important competitive factor in Asia. We're also really focused on meeting the needs of our Clients, we put a sharper focus on that, and our Clients' CSAT scores are also at record highs. And then really looking at our end-to-end business processes and making sure that we're strengthening those and delivering really strong client experiences.

我們也在品牌上持續投資，我們的品牌強度達到歷史新高，而這在亞洲是一個非常重要的競爭因素。我們也非常專注於滿足客戶（Clients）的需求，對此我們加強了聚焦，而客戶的CSAT分數也創下新高。接著，我們也從端到端檢視業務流程，確保強化這些流程，並提供非常優質的客戶體驗。

And of course, all of that's underpinned by our team, and we've made some investments in our team and really brought in strong talent. So I think all of those things are driving the performance you see.

當然，所有這些都以我們的團隊為基礎支撐；我們也在團隊上做了一些投資，並且引進了優秀人才。所以我認為這些因素共同推動了你所看到的表現。

And then I had kind of a strategic one just on the U.S. for you guys. Where do you see the kind of business mix, or where would you like to see your business mix trend over many years?

另外我有一個偏策略面的問題，關於你們在美國（U.S.）。你們如何看待未來多年你們的業務組合走向，或你們希望業務組合長期趨勢是什麼？

And what I'm wondering is, you mentioned not really seeing a whole lot of potential M&A targets. Just wondering if there's areas where you might consider inorganic growth in the U.S.

我想問的是，你提到似乎沒有看到太多潛在的併購（M&A）標的。想請問在美國是否有一些領域，你們可能會考慮透過非有機（inorganic）的方式成長？

I can start, and then David can jump in. Our focus in the U.S. protection side and the insurance side in the employee benefits space, which is a capital-light business, is really important to us, and we see that as being aligned to our purpose and aligned to what we're trying to achieve. And we've had that focus since the end of the global financial crisis, and it's served us well. So I think continuing to build out on the benefits side and building scale there, which is why we did the dental acquisition and why we did the Assurant acquisition was building scale in that employee benefits space.

我先開始，然後David可以補充。我們在美國的保障（protection）端，以及在員工福利領域的保險端——這是一個資本較輕（capital-light）的業務——對我們非常重要，我們認為這與我們的使命一致，也與我們想達成的目標一致。自全球金融危機結束以來，我們就一直聚焦於此，而且這對我們很有幫助。因此，我認為持續在福利端擴展並建立規模是方向，這也是我們進行牙科收購以及Assurant收購的原因：就是要在員工福利領域建立規模。

We have scale now in stop-loss -- or scale now, we've had scale, we're a leader in the stop-loss side. And we're pretty happy with how that performs and the capabilities we have. We've added certain capabilities around it to make that business stickier, like the Pinnacle Care, and we've talked about that in the past. But that focus on the benefits space and building that out, because it is capital-light and it has been one of our key focuses.

我們現在在停損險方面已具備規模——或者說我們一直都有規模，我們在停損險領域是領導者。我們對其表現以及我們所具備的能力感到相當滿意。我們也在其周邊新增了一些能力，讓這項業務更具黏著度，例如 Pinnacle Care，我們過去也談過。但我們聚焦在福利領域並持續建置，因為這是輕資本業務，而且一直是我們的重點之一。

So I don't know, David, if you want to add some colour to that.

所以我不知道，David，你是否想補充一些說明。

The only thing I would add is, obviously, we really have a strong portfolio of businesses in the US that we're very focused on how we execute on. As Kevin noted, we are the largest independent writer in the stop-loss business. And the additional capabilities we've added over the last number of years around cost containment, around healthcare navigation are really very important to Clients in this space, especially in a very disruptive healthcare environment.

我唯一想補充的是，很明顯地，我們在美國擁有一個非常強的業務組合，我們非常專注於如何把執行做好。如 Kevin 所提，我們是停損險業務中最大的獨立承保人。而我們在過去幾年新增的額外能力——包括成本控管、醫療照護導航——對這個領域的客戶非常重要，尤其是在一個高度顛覆的醫療環境中。

And then our employee benefits franchise is really strong, and it's now bolstered by the strength of our Dental business, which brings a new element to that business. So we see opportunities to both cross-sell with existing Clients and also get into new segments of the market that we haven't been in historically, on the strength of the platform and the scale of our business now. So it's something we're very focused on. And of course, improving the quality of our business in dental is a key part of that as well.

此外，我們的員工福利特許經營（franchise）非常強，而現在又因我們牙科業務的實力而更為鞏固，為該業務帶來新的元素。因此，我們看到機會一方面對既有客戶進行交叉銷售，另一方面也能憑藉平台的優勢與我們目前的業務規模，切入我們過去未曾涉足的新市場區隔。所以這是我們非常聚焦的方向。當然，提升牙科業務的品質也是其中的關鍵一環。

Paul Holden, CIBC.

Paul Holden，CIBC。

I want to ask a question related to the U.S. business and what we should be expecting in sort of Q1 and Q2 in terms of that improved profitability in stop-loss, because typically, those aren't big experience quarters. So I think when you're talking about the experience in Q1 '26, that would probably be the improvement in 2025 cohort over 2024, and correct me if I'm wrong on that. But really, where I would have expected to see improved profitability is in expected PA or short-term insurance earnings, and we didn't see any growth there. So just curious on those two points, particularly the last one, like with 21% premium growth and I guess an anticipated better margin, why isn't expected short-term insurance earnings growth more than zero?

我想問一個與美國業務相關的問題：就停損險改善的獲利能力而言，我們在第一季和第二季應該期待看到什麼？因為通常這兩季不是經驗（experience）很大的季度。所以我想，當你們談到 2026 年第一季的經驗時，那大概是 2025 年承保批次（cohort）相較於 2024 年的改善——如果我理解有誤請指正。但我真正原本預期會看到獲利改善的地方，是預期的 PA 或短期保險的保險收益（insurance earnings），但我們沒有看到那裡有任何成長。所以想就這兩點請教，特別是最後一點：在保費成長 21% 且我猜測利潤率應該更好之下，為什麼預期短期保險的保險收益成長仍然是零？

It's Brennan Kennedy. So we do review that expected level at the beginning of each year for each of the group PA businesses, so for the group business in Canada and the stop-loss, employee benefits, and dental business in the U.S. So we reviewed that this quarter.

我是 Brennan Kennedy。我們確實會在每年年初檢視各個團體 PA 業務的預期水準，包括加拿大的團體業務，以及美國的停損險、員工福利與牙科業務。我們在本季也做了這項檢視。

Specifically to the U.S., we did see increases in the expected or the earnings on short-term business in the stop-loss business, driven by the higher volumes. We saw increases driven by higher margins in the Employee Benefits business, and decreases in the Dental business from both volume and lower margins, so implicit or in the current numbers, there is an increase for the stop-loss business.

就美國而言，我們確實看到停損險業務中短期業務的預期（或保險收益）增加，主要由較高的業務量所帶動。我們也看到員工福利業務因較高利潤率而帶動的增加；而牙科業務則因業務量與較低利潤率而下降。所以在目前的數字中，停損險業務是有增加的。

And Paul, it's David, just to add to that, you're right on in terms of our Q1 performance is largely reflecting experience from the 1/1/25 cohort that has been playing out. So this was the fifth quarter of that. That cohort is now 92% complete, and the experience was very much consistent with our experience in Q4 and gives us quite a lot of confidence in our current pricing and the trajectory for that business.

Paul，我是 David，補充一下：你說得沒錯，我們第一季的表現主要反映的是 2025/1/1 承保批次（cohort）所呈現的經驗表現。這是該批次的第五個季度。該批次目前已完成 92%，其經驗表現與我們第四季非常一致，這讓我們對目前的定價以及該業務的發展軌跡很有信心。

Okay, that's helpful. So the key message there is stop-loss expected insurance earnings is up, but it's being offset by dental, right? So I think that was the message. Okay.

好的，這很有幫助。所以關鍵訊息是：停損險的預期保險收益是上升的，但被牙科所抵銷，對嗎？我想這就是訊息。好的。

That's correct. Thank you.

沒錯。謝謝。

Yeah, okay. And then second question for me. Maybe get a better understanding -- sticking with the U.S., maybe getting a better understanding of what drove the growth in earnings on surplus there. It was up $6 million year-over-year, but then also up $5 million q-over-q. So it seems like a step function improvement this quarter, so what drove that? And really, what I'm getting to is, is it a sustainable step function improvement?

好，明白。那我第二個問題：同樣聚焦在美國，想更了解那邊盈餘（surplus）收益成長是由什麼驅動的。年增 600 萬美元，同時季增也有 500 萬美元。看起來本季像是出現一個階梯式（step function）的改善，是什麼造成的？以及我真正想問的是：這種階梯式改善是否可持續？

Hey, Paul, it's Brennan Kennedy again. That's primarily trading gains, so I wouldn't call that recurring, but it is -- periodically, we do see trading gains, and in this quarter, we experienced some. So that's driving the majority of the variance that you highlighted.

嗨，Paul，我又是 Brennan Kennedy。那主要是交易收益（trading gains），所以我不會把它稱為經常性（recurring），但我們確實會在某些時點看到交易收益，而本季我們就出現了一些。因此，你提到的差異大多是由此所驅動。

Okay. That's perfect. Thanks for the time.

好的。非常好。謝謝你們的時間。

Tom MacKinnon, BMO Capital.

Tom MacKinnon，BMO Capital。

Kevin, you mentioned in your prepared remarks you expect SLC to rebound solidly over the remainder of 2026. If we look at SLC, we kind of see there's flat fee-related expenses, and for some time now, and down year-over-year. But we don't see much growth in fee-related revenue. So can you elaborate on how much this solid rebound is going to be and what's going to drive it for the remainder of 2026, and then perhaps what to expect for 2027?

Kevin，你在事先準備的發言中提到，你預期 SLC 在 2026 年剩餘期間會有穩健反彈。如果我們看 SLC，我們看到與費用相關的支出（fee-related expenses）一段時間以來大致持平，且年減。但我們沒有看到與費用相關的收入（fee-related revenue）有太多成長。所以你能否進一步說明，這個「穩健反彈」會有多大、在 2026 年剩餘期間會由什麼驅動，然後也許再談談 2027 年可以期待什麼？

I'm going to turn it over to Steve, but you will have heard us say last year that we expected SLC to outperform what it did last year, and we still expect that to happen over the next three quarters, but Steve can provide some more colour on how the business is doing and how it's all come together.

我把這題交給 Steve，不過你們去年也聽我們說過，我們預期 SLC 的表現會優於去年實際呈現的結果，而我們仍然預期在接下來三個季度會發生。Steve 可以再補充一些業務進展以及整體如何整合到一起的說明。

Yes. Thanks, Kevin. Tom, thanks for the question. Let me comment on a couple of things, because there are a number of aspects to your question.

是的，謝謝 Kevin。Tom，謝謝你的問題。我先針對幾點做評論，因為你的問題包含好幾個面向。

The first is, let me comment on the quarter. You mentioned fee-related revenue. Well, there are a couple of things, both on the revenue line, and the fee-related earnings underlying net income were weaker than they have been for the quarter, so let me comment on that. And there were a few things that kind of conspired for the -- to lead -- that led to that this quarter.

第一，我先談本季。你提到與費用相關的收入。嗯，有幾件事：不論在收入端，或是在淨利之下的與費用相關的收益（fee-related earnings），本季都比以往季度更弱一些，所以我來說明一下。而本季有幾個因素「湊在一起」導致了這樣的結果。

First, in terms of revenue, we had a couple of items that I would put under the headline of timing, where revenues came down in the quarter, but we'll be getting them in subsequent quarters as we invest money. And I can give you some examples of that, but that really hit the management fee line for the quarter.

首先，就收入而言，我們有幾個我會歸類為「時點（timing）」的項目，使得本季收入下降，但隨著我們投入資金，後續季度會把這些收入補回來。我可以舉一些例子，但這些主要影響了本季的管理費（management fee）項目。

And that was at the same time that we had some seasonality factors. Our property management fees are almost always down in the first quarter versus the fourth quarter because they're based on leasing activity, which is back-end loaded. And on the expense side, we see higher expenses in the first quarter related to employment items tied to bonus payments.

同時我們也遇到一些季節性因素。我們的物業管理費（property management fees）幾乎總是在第一季低於第四季，因為它們是以租賃活動為基礎，而租賃活動通常在後段較集中。在費用端，我們在第一季會看到較高的費用，與員工相關的項目（例如獎金支付）有關。

And then the third thing is we often have some other items moving the other way, like catch-up fees, performance fees, and we really didn't have any of those this quarter. So when you put all that together, it led to a weaker quarter.

第三，我們通常也會有一些其他項目往相反方向變動，例如追補費（catch-up fees）、績效費（performance fees），但本季我們幾乎沒有這些。把這些因素加總起來，就導致本季表現偏弱。

One of the things you referred to is that if you look in the supplement, you look at the management fee line item, it looks flat over the last number of quarters. It's a bit misleading because in that line item, there are catch-up fees, and catch-up fees move around. So if -- and you can't see this, but if you went back to, say, Q2 of '24 and went through, say, Q3 of this year, management fees, excluding catch-up fees, are up about 10%, and you're seeing that grow with fee-related AUM, and you'll continue to see that.

你提到的一點是：如果你看補充資料（supplement）中的管理費項目，過去幾季看起來是持平的。這其實有點誤導，因為該項目包含追補費，而追補費會波動。所以如果——你們看不到這個拆分——但如果你回頭看例如 2024 年第二季一路到今年第三季，扣除追補費後的管理費大約成長了 10%，你會看到它隨著可收費 AUM（fee-related AUM）成長而成長，而且你們也會持續看到這個趨勢。

So I would -- if you look at it quarter-to-quarter, we raised another USD4.4 billion this quarter. Net flows for both fee-earning AUM and AUM were positive USD4 billion. We've basically had a decade of uninterrupted quarterly positive net flows, and we expect that to continue.

所以我會說——如果你以季度來看，本季我們又募得 44 億美元。可收費 AUM 與整體 AUM 的淨流入（net flows）為正，達 40 億美元。我們基本上已經連續十年每一季都是正的淨流入，我們也預期這會持續。

And I actually think, depends on some timing of closes, I think you'll see an acceleration of fundraising in the next quarter. And we would expect to see management fees on a quarterly basis start to increase over the course of this year as well.

而且我其實認為，取決於一些結案（closes）的時點，你會在下一季看到募資加速。我們也預期今年之內，管理費在季度基礎上會開始逐步上升。

I think if you think long-term, where the acceleration in growth is going to come from in this platform, and this is a point that may be underappreciated: to date, we've reported SLC as a business, it's actually been four or five distinct, separate businesses. And that's been very intentional because as we bought BGO, when we bought Crescent, we intentionally wanted to leave them alone to manage their businesses. We provided seed capital, but we really did little to try to coordinate that, given the structure of the deals.

我認為如果你從長期來看，這個平台的成長加速將來自哪裡——這點可能被低估了：截至目前，我們把 SLC 作為一個業務來報告，但它其實是四到五個不同且彼此獨立的業務。這是非常刻意的，因為當我們收購 BGO、收購 Crescent 時，我們刻意希望讓他們維持原狀去經營各自的業務。我們提供了種子資本（seed capital），但基於交易結構，我們其實很少嘗試去協調整合。

With the put calls behind us, really starting at the end of March, we can now manage this business as a consolidated, holistic business. That means two things. First of all, we can present ourselves to the market more as a platform. That's really important as we try to face off with the biggest institutions out there in the marketplace. They want to deal with fewer managers. And then internally, we can take advantage of efficiencies and synergies that we've never pursued, and I can give you examples of that. So that's really where you're going to see the acceleration of growth over the coming years.

隨著賣權（put）行權通知（put calls）已告一段落，實際上從三月底開始，我們現在可以把這項業務作為一個整合且全方位的業務來管理。這代表兩件事。首先，我們可以更以平台的方式向市場呈現自己。當我們試圖在市場上與最大的機構正面競爭時，這一點非常重要。他們希望與更少的管理人合作。其次在內部，我們可以利用我們過去從未追求過的效率與協同效應，我也可以舉例說明。因此，未來幾年你將會在這裡看到成長加速。

(multiple speakers) It's Kevin again. I'm just going to say -- sorry, Tom, I'm just going to say we put together a really strong collection of businesses. And as we bring them together, and Steve mentioned about management buying in, and there's great alignment to us growing the earnings. So I would take the 30 as being an outlier in terms of the quarter, and you're going to see some volatility in that business because there's seed capital and catch-up fees and those types of things. But we expect that earnings per quarter to grow over the next three quarters and into the future. We've talked about a 20% CAGR for SLC, and that's still what we see being the target there.

（多位發言者）我是 Kevin。我只是想說——抱歉，Tom，我只是想說我們組合出了一套非常強的業務群。當我們把它們整合在一起時，Steve 也提到管理層入股，這讓我們在提升獲利成長方面有很好的利益一致性。所以我會把 30 視為本季的異常值，而你會在那項業務看到一些波動，因為其中包含種子資本、追補費（catch-up fees）以及這類項目。但我們預期每季的獲利在接下來三個季度以及未來都會成長。我們談過 SLC 20% 的年複合成長率（CAGR），這仍然是我們看到的目標。

It would be a mistake to look at this quarter and think that that has in some ways changed the momentum of the business. It's just not the right view.

如果只看這一季就認為它在某種程度上改變了業務動能，那會是個錯誤。那不是正確的看法。

Okay. Thanks for the colour there. Appreciate it.

好的。謝謝你提供的補充說明。很感謝。

Darko Mihelic, RBC Capital Markets.

Darko Mihelic，RBC Capital Markets。

Hi, thank you for taking my question. I have so many that I'll probably take some of these offline, including the ones on private credit. So I just wanted to focus real quick on the Canadian business, recognizing that your sales mix isn't quite where you want it to be.

嗨，謝謝讓我提問。我有很多問題，可能有些我會私下再請教，包括關於私募信貸（private credit）的問題。所以我想先很快聚焦在加拿大業務，並且理解你們的銷售組合還沒有完全達到你們想要的狀態。

So there's two parts to my question. When you -- first of all, what is your appropriate mix, like what do you want to be selling more of? And more to the point for my model, I'm just interested in CSM growth, and noticing that last two quarters, CSM is actually down. It's not a big deal, I get it, but I want to understand better where you can take this to and what I should be thinking about for CSM growth in the Canada business.

所以我的問題有兩個部分。第一，你們認為合適的組合是什麼——也就是你們希望多賣哪一類產品？更重要的是，針對我的模型，我主要關心 CSM 成長，並注意到過去兩季 CSM 其實是下降的。這不是什麼大問題，我理解，但我想更清楚你們能把它帶到什麼程度，以及我在加拿大業務的 CSM 成長上應該如何思考。

Hi, Darko, this is Jessica. I think you're probably referring to our mix of business for individual insurance, which then would be the par and the non-par mix. And I think, as we said last year, it was a deliberate kind of balanced portfolio so that we are much more in tune, both par and non-par.

嗨，Darko，我是 Jessica。我想你指的應該是我們個人保險（individual insurance）的業務組合，也就是分紅保單（par）與非分紅保單（non-par）的組合。我想，正如我們去年所說，這是一個刻意採取的均衡投資組合，讓我們在分紅與非分紅兩方面都更貼近市場與需求。

I think where we want to get to is that I think for the non-par, as you see from last year, we invested a lot both in underwriting, in the way we do our product, distribution, so it has a 10% growth and we intend to continue a 10% non-par growth for the medium-term objectives, so you see a natural rebalancing there.

我認為我們想達到的狀態是：在非分紅方面，從去年你也看到，我們在核保、產品作法與通路上投入很多，因此實現了 10% 的成長，而我們也打算在中期目標中持續維持非分紅 10% 的成長，所以你會看到一個自然的再平衡。

I think for the CSM growth, you will see that you don't see the split between the total and the shareholder, but total, I think you should expect a positive number. I think if you look at our insurance earnings, from the release of the CSM and the risk adjustment, it should be around 5%, 6%, in line with our MTO. And hopefully, that's helpful.

至於 CSM 成長，你會看到你們看不到總額與股東口徑之間的拆分，但就總額而言，我認為你應該預期會是正數。我想如果你看我們的保險獲利，來自 CSM 的釋放以及風險調整（risk adjustment），應該大約在 5%、6%，與我們的中期目標（MTO）一致。希望這有幫助。

Sorry, the 5% and 6%, do you mean the growth of that in the income statement or the actual CSM?

抱歉，5% 到 6% 的意思是指損益表上的成長，還是指實際的 CSM？

That's correct, the growth in the income statement. The growth in income statement, which you can infer a bit because we do have, for example, CSM depreciation is about 8%, 9% every year and stuff, so that should be roughly translating to the growth of the pool of the CSM.

沒錯，是指損益表上的成長。損益表上的成長你也可以推估一些，因為例如我們的 CSM 攤銷（depreciation）每年大約是 8%、9% 等等，所以這大致會轉化為 CSM 池（pool）的成長。

Okay.

好的。

And then the other thing that maybe I'll note while we're on this, because I hardly get a question, is then on the other parts of the business, I think we've been really growing our wealth and asset management business, as Kevin and Tim were saying, and you can see the other fee income had a huge increase, I think from $55 million to $88 million, which is a 60% increase. It's become now 25% of our earnings, which is, I think, due to, I think, both one, AUMA of $261 billion going up by 12%, so it's a much larger size. And then I think we're also getting some synergies because now our wealth business is actually scaled, so actually it's much more efficient. So I think that will continue to be another strong business earnings growth engine.

另外，趁這個話題我也補充一下，因為我很少被問到：在業務的其他部分，我認為我們的財富與資產管理業務一直在強勁成長，正如 Kevin 和 Tim 所說，你可以看到其他手續費收入大幅增加，我想是從 5,500 萬美元到 8,800 萬美元，增幅 60%。它現在已占我們獲利的 25%，我認為原因在於：第一，管理資產（AUMA）達 2,610 億美元，成長 12%，規模更大；第二，我們也獲得一些協同效應，因為現在我們的財富業務已經具備規模，因此效率更高。所以我認為這將持續成為另一個強勁的獲利成長引擎。

Darko, it's Kevin. I was running Individual when we reintroduced par into the Individual business, and we never expected it to be such a big component of our sales. We knew it was a good component for Clients, but the profitability is 2.6% of the dividend versus the profitability in the non-par sales. So I think Jessica is bringing that sort of back in line, where we're getting a better balance between par and non-par sales, and more in line with what our expectations would have been a long time ago when we did the strategy.

Darko，我是 Kevin。當我們把分紅保單重新引入個人業務時，我當時負責個人業務，我們從未預期它會成為我們銷售中這麼大的組成。我們知道它對客戶而言是個好的組成，但其獲利性是股利（dividend）的 2.6%，相較於非分紅銷售的獲利性。我想 Jessica 正在把這個拉回到更合理的水平，讓分紅與非分紅的銷售取得更好的平衡，也更符合我們很久以前制定該策略時的預期。

Okay, understood. Thank you for that. I appreciate that. And just a quick question on the U.S. We can see in this quarter the step function in the premiums for medical stop-loss, which is great. Is there a lag, or is that more or less now the run rate we should think about for this year? And at some point, I'd love to talk about the return on your premiums, but I think you're still maybe, for the whole business, targeting 7%, or should we think about that as maybe modestly being higher, now that the stop-loss is repriced in a hard market and your net premiums are higher?

好的，了解。謝謝你的說明，我很感謝。再快速問一個關於美國的問題：我們看到本季醫療止損（medical stop-loss）保費出現階梯式上升，這很好。這之間是否有滯後效應，還是說這大致就是我們今年應該採用的運行水準（run rate）？另外，某個時候我也想談談你們保費的報酬率，但我想你們對整體業務可能仍以 7% 為目標，或者我們應該把它視為可能會略高一些，因為止損在硬市場（hard market）中已重新定價，而你們的淨保費也更高？

Yes, Darko, it's David, thanks for the question. We obviously continue to see good strong momentum with that business, and we have had an external target of 7% after tax margin for the combined group benefits businesses. And obviously, as this becomes a larger component, that's something that we'll stay focused on and make sure we're above that target over time. At the same time, it is a business that we continue to see a lot of progress with, and I expect that this is what you should expect going forward.

是的，Darko，我是 David，謝謝你的問題。我們顯然持續看到該業務良好且強勁的動能，我們對合併的團體福利（group benefits）業務群有一個對外的目標：稅後利潤率 7%。顯然，隨著這項業務成為更大的組成部分，這也是我們會持續聚焦的重點，並確保隨時間推移我們能高於該目標。同時，這也是一項我們持續看到很多進展的業務，我預期未來你應該就以這樣的表現作為預期。

We have no further questions at this time, and I will turn the call back over to Ms. Brady for closing remarks.

目前沒有其他問題，我將把電話交回 Brady 女士作結語。

Thanks, operator. That will be the end of the call.

謝謝，接線員。本次電話會議到此結束。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以掛斷電話線。感謝您的參與，祝您有美好的一天。