Hanover Insurance Group Inc (THG) 2025 Q3 法說會逐字稿

Good day, and welcome to the Hanover Insurance Group's third-quarter earnings conference call. My name is Alan, and I'll be your operator for today's call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加漢諾威保險集團第三季​​財報電話會議。我叫艾倫，我將擔任您今天通話的接線生。（操作說明）請注意，本次活動正在錄影。

And I would now like to turn the conference over to Oksana Lukasheva. Please go ahead.

現在我謹將會議交給奧克薩娜·盧卡舍娃。請繼續。

Thank you, operator. Good morning, and thank you for joining us for our quarterly conference call. We will begin today's call with prepared remarks from Jack Roche, our President and Chief Executive Officer; and Jeff Farber, our Chief Financial Officer. Available to answer your questions after our prepared remarks are Dick Lavey, Chief Operating Officer and President of Agency Markets; and Bryan Salvatore, President of Specialty Lines.

謝謝接線生。早安，感謝各位參加我們的季度電話會議。今天，我們將首先由我們的總裁兼執行長傑克·羅奇和財務長傑夫·法伯發表準備好的演講。在我們的演講結束後，可以回答各位問題的有：營運長兼代理市場總裁迪克·拉維；以及特種保險總裁布萊恩·薩爾瓦托。

Before I turn the call over to Jack, let me note that our earnings press release, financial supplement, and a complete slide presentation for today's call are available in the Investors section of our website at www.hanover.com. After the presentation, we will answer questions in the Q&A session.

在將電話交給傑克之前，我想說明一下，我們的盈利新聞稿、財務補充文件以及今天電話會議的完整幻燈片演示文稿都可以在我們網站www.hanover.com的投資者關係版塊找到。演示結束後，我們將在問答環節回答問題。

Our prepared remarks and responses to your questions today other than statements of historical fact, include forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements can relate to, among other things, our outlook and guidance for 2025, economic conditions and related effects, including economic and social inflation, potential recessionary impacts, tariffs, as well as other risks and uncertainties such as severe weather and catastrophes that could affect the company's performance and/or cause actual results to differ materially from those anticipated.

除了歷史事實陳述外，我們今天準備好的發言和對你們問題的回答包括 1995 年《私人證券訴訟改革法案》定義的前瞻性陳述。這些聲明可能涉及（但不限於）我們對 2025 年的展望和指導、經濟狀況及相關影響，包括經濟和社會通膨、潛在的衰退影響、關稅，以及其他風險和不確定性，例如可能影響公司業績和/或導致實際結果與預期結果存在重大差異的惡劣天氣和災難。

We caution you with respect to reliance on forward-looking statements, and in this respect, refer you to the forward-looking statements section in our press release, the presentation deck, and our filings with the SEC. Today's discussion will also reference certain non-GAAP financial measures such as operating income and accident year loss and combined ratios, excluding catastrophes, among others. A reconciliation of these non-GAAP financial measures to the closest GAAP measure on a historical basis can be found in the press release, the slide presentation or the financial supplement, which are posted on our website, as I mentioned earlier.

我們提醒您謹慎對待前瞻性陳述，並在此方面，請參閱我們的新聞稿、簡報和我們向美國證券交易委員會提交的文件中的前瞻性陳述部分。今天的討論也將提及一些非公認會計準則財務指標，例如營業收入、事故年度損失和綜合比率（不包括災難）等。如我之前所提到的，這些非GAAP財務指標與最接近的GAAP指標的歷史對比情況，可以在新聞稿、幻燈片演示或財務補充文件中找到，這些文件都發佈在我們的網站上。

With those comments, I will turn the call over to Jack.

以上就是我的發言，接下來我將把電話交給傑克。

Thank you, Oksana. Good morning, everyone, and thank you for joining us today. The exceptional results we delivered in the third quarter once again reflect the strong performance across our business, the effectiveness, and the potential of our strategy as well as the momentum we've established across the organization.

謝謝你，奧克薩娜。各位早安，感謝大家今天收看我們的節目。我們在第三季的卓越業績再次反映了我們業務的強勁表現、我們策略的有效性和潛力，以及我們在整個組織中建立的發展勢頭。

In a market defined by continuous change and ever-increasing complexity, we're not simply managing our business in the current quarter. We're carefully studying longer-term market dynamics, anticipating material trends and developments and investing in capabilities as we adjust and refine our strategy. And we're positioning our company to continue to deliver meaningful value to all of our key stakeholders over the long term, leveraging the benefits of innovation, disciplined execution, and the inherent strengths of our independent agency network.

在瞬息萬變、日益複雜的市場環境中，我們不僅僅是管理當季的業務。我們正在認真研究長期市場動態，預測重要的趨勢和發展，並在調整和完善策略的同時，投資自身能力建構。我們正在調整公司策略，以便長期持續地為所有主要利害關係人創造有意義的價值，充分利用創新、嚴謹的執行以及我們獨立代理商網路的固有優勢。

In the quarter, we delivered operating return on equity over 21% due in large measure to robust net investment income, a very strong ex-CAT performance, and a quiet catastrophe quarter. As much as ever, we're proud of our continued solid execution as we navigate very complex and diverging market environments across various P&C segments, and we're even more excited about the competitive advantages we're building for the future.

本季度，我們實現了超過 21% 的經營性股本回報率，這主要歸功於強勁的淨投資收益、非常強勁的非 CAT 業績以及相對平靜的災難季度。一如既往，我們為我們在應對各個財產險細分市場中極其複雜多變的市場環境時所展現出的持續穩健的執行力感到自豪，而且我們對正在為未來構建的競爭優勢感到更加興奮。

What's particularly encouraging is that even as the environment evolves, the markets where we've chosen to compete are relatively rational and healthy. This stability, along with our diversified portfolio, broad-based profitability, and experienced and talented team creates a very solid foundation on which we are building our business, investing in capabilities that are relevant to our agents and customers, and accelerating the continued evolution of our business.

尤其令人鼓舞的是，即使環境不斷變化，我們選擇參與競爭的市場也相對理性健康。這種穩定性，加上我們多元化的投資組合、廣泛的盈利能力以及經驗豐富、才華橫溢的團隊，為我們建立業務、投資於與我們的代理商和客戶相關的能力以及加速業務的持續發展奠定了非常堅實的基礎。

Each of our business segments made important contributions in the quarter. Our Personal Lines team continued to execute exceptionally well, delivering improved profitability and maintaining its focus on geographic diversification. The team achieved steady growth in the low single digits, supported by strong pricing and new business, which is showing positive momentum.

本季度，我們各個業務部門都做出了重要貢獻。我們的個人保險團隊繼續表現出色，實現了更高的盈利能力，並繼續專注於地理多元化。在強勁的定價和新業務的支持下，團隊實現了低個位數的穩定成長，並展現出積極的發展勢頭。

Our new business boasts a high-quality profile, centered on full account relationships with bundled customers now representing approximately 93%. Our account-focused strategy continues to be a real differentiator in today's market, driving improved retention and higher customer lifetime value. This approach further strengthens our resiliency in the competitive monoline auto market as we provide our customers with a whole account solution for their complex insurance needs.

我們的新業務擁有高品質的形象，以與捆綁客戶建立完整的客戶關係為中心，目前捆綁客戶約佔 93%。我們以客戶為中心的策略在當今市場中仍然是一項真正的差異化優勢，能夠提高客戶留存率和客戶終身價值。這種方法進一步增強了我們在競爭激烈的單一險種汽車保險市場的韌性，因為我們為客戶提供了滿足其複雜保險需求的全方位帳戶解決方案。

As most of our property remediation actions are behind us, the rate of PIF decline has slowed significantly. In fact, we're experiencing sequential PIF growth in our diversification states, and we're satisfied with our pricing relative to loss trend, particularly given the successful execution of our goals for the year in terms of repositioning and profitability. The progress we've made has put us in one of the best positions we've ever been in Personal Lines.

由於我們的大部分財產修復行動已經完成，PIF 下降速度已顯著放緩。事實上，我們在多元化經營的州實現了持續的 PIF 成長，並且我們對相對於虧損趨勢的定價感到滿意，特別是考慮到我們在重新定位和盈利能力方面成功實現了今年的目標。我們的進展使我們在個人保險業務領域處於有史以來最好的地位之一。

Moving on to Core Commercial. With two strong businesses, small commercial and middle market, our Core Commercial portfolio offers the flexibility to adapt as market dynamics shift and as we respond to a changing environment while sustaining attractive returns. In the quarter, our Core Commercial business delivered near double-digit pricing while we carefully balance growth with portfolio quality. For its part, our small commercial business is gaining upward momentum with an encouraging growth trajectory.

接下來是核心商業部分。我們的核心商業業務組合擁有兩大優勢：小型商業和中型市場，能夠靈活適應市場動態的變化和不斷變化的環境，同時保持可觀的回報。本季度，我們的核心商業業務實現了接近兩位數的定價成長，同時我們謹慎地平衡了成長與產品組合品質。就我們而言，我們的小型商業業務正以令人鼓舞的成長勢頭穩步上升。

Strong new business in the third quarter, high retention, and underwriting discipline remain key strengths. Our workers' compensation advantage TAP Sales rollout is proving to be highly successful. We're now live in multiple states with more expansion underway, which we expect will help drive additional growth.

第三季強勁的新業務、高客戶留存率和嚴格的核保紀律仍然是關鍵優勢。我們的工傷賠償優勢 TAP 銷售推廣計畫取得了巨大成功。目前，我們的業務已覆蓋多個州，並且正在進行更多擴張，我們預計這將有助於推動進一步成長。

This platform eliminates manual rating and issuance for eligible risks, consolidates policies, and allows agents to generate quotes in just eight key strokes and in under two minutes for many customers. By increasing straight-line issuance with reduced underwriting referrals, it's significantly easier to do business with us while enhancing our efficiency, accuracy, and agent satisfaction.

該平台消除了對符合條件的風險進行人工評級和簽發，整合了保單，並允許代理人只需擊鍵八次，在兩分鐘內即可為許多客戶產生報價。透過增加直接簽發，減少核保轉介，可以顯著簡化與我們開展業務的流程，同時提高我們的效率、準確性和代理商滿意度。

Our small commercial rates remained strong in the quarter. This segment is less susceptible to market cycles, and we have confidence in our portfolio with a focused growth mindset and strong retention of our business. We continue to supplement organic growth with strategic book consolidations and distribution expansion.

本季我們的小額商業費率依然保持強勁。這個領域受市場週期的影響較小，我們憑藉著專注的成長心態和強大的業務保留能力，對我們的投資組合充滿信心。我們將繼續透過策略性的圖書整合和分銷管道擴張來補充有機成長。

In middle market, our growth was impacted by a handful of large account nonrenewals and lost accounts, which underscores the heightened competition in the larger account property space. As a reminder, even within our middle market portfolio, we primarily focus on the small and midsized account sectors where we can differentiate ourselves with specialized coverages and risk management tools, combined with our cost-effective operating model. That said, underlying retention remained healthy, and we continue to focus on accounts that meet our return thresholds, supporting acceptable margin performance and mix quality.

在中端市場，少數大額客戶的未續保和流失影響了我們的成長，這也凸顯了大型財產保險領域競爭的加劇。需要強調的是，即使在我們的中階市場業務組合中，我們也主要專注於中小型客戶群體，因為我們能夠憑藉專業的保險方案和風險管理工具，以及我們高效的營運模式，在該領域脫穎而出。儘管如此，客戶留存率依然保持健康，我們將繼續專注於達到我們回報門檻的客戶，從而維持可接受的利潤率和產品組合品質。

Our differentiated risk solutions capabilities continue to set us apart. Water sensors are now deployed in the vast majority of our targeted buildings and our expanding telematics capabilities in commercial lines auto are designed to provide actionable insights that help customers better understand and manage their risks.

我們差異化的風險解決方案能力使我們始終保持領先地位。目前，我們在絕大多數目標建築物中都部署了水感測器，並且我們在商業汽車領域不斷擴展的遠端資訊處理能力旨在提供可操作的見解，幫助客戶更好地了解和管理他們的風險。

Now turning to Specialty. Top-line momentum accelerated significantly in the third quarter as expected, with net written premiums growing at high single-digit pace, a meaningful step-up from the first and second quarter. This included strong broad-based growth in a number of key lines, with marine and health care delivering solid expansion with sequential acceleration.

現在進入專業領域。如預期，第三季營收成長率顯著加快，淨保費收入以接近兩位數的速度成長，較第一季和第二季有了顯著提升。這其中包括多個關鍵領域的強勁全面成長，其中海洋和醫療保健領域實現了穩健擴張，並逐年加速成長。

Additionally, we posted another quarter of double-digit growth and stable margins in E&S. We're well positioned in E&S with a mix that plays to our strengths in a competitive environment. We focus on smaller, lower limit accounts with a tilt towards casualty. The book delivers stable, attractive margins, supported by strong underwriting and a thoughtfully crafted appetite. Our dual wholesale and retail distribution model allows for broader market access and provides greater agility in navigating a bifurcated landscape.

此外，我們在 E&S 業務中再次實現了兩位數的成長和穩定的利潤率。我們在環境和社會領域佔據有利地位，我們的業務組合能夠發揮我們在競爭環境中的優勢。我們專注於保額較低、金額較小的帳戶，尤其著重於意外險。該業務憑藉強大的承保能力和精心設計的保單需求，帶來穩定且可觀的利潤率。我們採用批發和零售雙重分銷模式，可以更廣泛地進入市場，並在應對分叉的市場格局時更加靈活。

Our Specialty team continued to achieve above-target profitability in the quarter while implementing healthy renewal pricing increases. Our robust profitability provides us with the flexibility to manage pricing strategically where needed. Despite somewhat tighter competition in some lines, in particular, property, the overall environment in our target specialty markets remains fairly rational.

本季度，我們的特藥團隊在實施合理的續保價格上漲的同時，繼續實現了高於預期的獲利目標。強勁的獲利能力使我們能夠在必要時靈活地進行策略性定價。儘管某些領域（尤其是房地產領域）的競爭加劇，但我們目標專業市場的整體環境仍然相當理性。

Lower middle market and small business Specialty segments where we choose to operate are typically associated with lower cycle volatility and more resilient pricing. As a result, our markets continue to present attractive opportunities for profitable growth, and we're gaining meaningful top-line traction.

我們選擇經營的中低端市場和小型企業專業領域通常與較低的週期波動性和更穩定的價格相關。因此，我們的市場繼續為獲利成長提供有吸引力的機會，我們也正在獲得顯著的營收成長。

Before I wrap up my prepared remarks, I want to highlight some significant initiatives that are transforming our specialty operations. In professional and executive lines, we've implemented a new operating model to streamline quoting and to further strengthen agent relationships. Speed has become increasingly important to agents and clients. So we've redesigned workflows to improve turnaround times across quoting, processing, and binding.

在我結束準備好的演講之前，我想重點介紹一些正在改變我們專業營運的重要措施。在專業和高階主管保險領域，我們實施了新的營運模式，以簡化報價流程並進一步加強與代理商的關係。速度對經紀人和客戶來說變得越來越重要。因此，我們重新設計了工作流程，以縮短報價、處理和裝訂的周轉時間。

Smaller, more transactional accounts are handled efficiently, primarily through technology with input from transactional underwriters, while larger, more complex opportunities are directed to our most experienced underwriters who take a more consultative approach. This shift is already driving efficiencies while allowing us to build deeper agent partnerships, particularly as many of the larger distributors are refining their operating models to create more efficiencies and improve their margins.

規模較小、交易性較強的帳戶主要透過技術手段，並由交易承銷商提供協助來高效處理；而規模較大、較為複雜的業務機會則會交給經驗最豐富的承銷商，他們會採取更具諮詢性的方法。這種轉變已經提高了效率，同時使我們能夠與代理商建立更深的合作關係，尤其是許多大型經銷商正在改進其營運模式，以提高效率和利潤率。

At the same time, in E&S, we're fine-tuning and training a new AI-powered underwriting tool that streamlines the intake and triage of submissions from agents and brokers. This tool leverages our existing systems and artificial intelligence to structure submission data and then triages the submission against our risk appetite and other proprietary underwriting criteria.

同時，在 E&S 部門，我們正在對一款新的 AI 驅動的承保工具進行微調和訓練，該工具可以簡化代理人和經紀人提交的申請的接收和分類流程。該工具利用我們現有的系統和人工智慧來建立提交的數據，然後根據我們的風險承受能力和其他專有承保標準對提交的數據進行分類。

The benefits of the tool are substantial. Enhanced operating efficiency and accelerated processing times result in significantly faster submission turnaround and marketed improvement in service levels. Moreover, it creates an enhanced agent experience with faster approvals or declinations and quicker buying times where appropriate.

該工具的優勢非常顯著。營運效率的提高和處理速度的加快，使得提交週轉時間顯著縮短，服務水準也得到了市場認可的提升。此外，它還能提升代理商體驗，加快審核或拒絕速度，並在適當情況下縮短購買時間。

An important aspect of this AI-powered engine is that it is built upon modular architecture, which enables future scalability and therefore, can be extended into middle market, marine and other specialty lines and even claims over time with modification and customization. This scalable approach we're taking ensures that innovation developed in one segment can be adapted and deployed across our enterprise, maximizing our return on investment while accelerating the transformation of our entire business. With a clear strategy and continued investments in capabilities, talent and technology, we're building a specialty business that's agile, scalable, and well positioned to meet evolving market needs, all while setting a high bar for performance and partnership.

這款人工智慧引擎的一個重要方面是它基於模組化架構構建，這使其能夠實現未來的可擴展性，因此，隨著時間的推移，透過修改和定制，它可以擴展到中端市場、船舶和其他專業領域，甚至索賠領域。我們採取的這種可擴展的方法確保了在一個業務領域開發的創新成果可以進行調整併推廣到整個企業，從而最大限度地提高投資回報率，同時加速整個業務的轉型。憑藉著清晰的策略和對能力、人才和技術的持續投入，我們正在打造一個敏捷、可擴展且能夠滿足不斷變化的市場需求的專業業務，同時我們也為績效和合作夥伴關係設定了高標準。

Our third-quarter results further demonstrate that our strategy is delivering. We are achieving target or above target returns across most segments and geographies, positioning us well for growth acceleration into 2026. These results reflect the effectiveness of our portfolio mix, disciplined risk management, and strong execution capabilities.

第三季業績進一步證明，我們的策略正在奏效。我們在大多數細分市場和地區都實現了目標或超額目標回報，這為我們在 2026 年加速成長奠定了良好的基礎。這些結果反映了我們投資組合組合的有效性、嚴謹的風險管理和強大的執行能力。

We're excited about the momentum we're building across the enterprise, delivering with consistency and clarity while investing in our business. These investments, combined with our disciplined approach to underwriting and our strong agent relationships, create a powerful foundation for sustained success.

我們對公司整體的發展動能感到興奮，在持續、清楚地交付成果的同時，我們也不斷投資於自身業務。這些投資，加上我們嚴謹的核保方式和強大的代理商關係，為持續成功奠定了堅實的基礎。

With that, I'll turn the call over to Jeff.

接下來，我會把電話交給傑夫。

Thank you, Jack, and good morning, everyone. We are very pleased with our strong results in the quarter, marked by several third-quarter records, including operating earnings per share of $5.09 and a combined ratio of 91.1%. This excellent performance reflects our continued momentum and underscores the strength of our positioning as we head toward finishing the year and look forward to continued success in 2026.

謝謝你，傑克，大家早安。我們對本季強勁的業績非常滿意，創下了多項第三季紀錄，包括每股營運收益 5.09 美元和綜合比率 91.1%。這一優異的表現反映了我們持續的發展勢頭，也凸顯了我們在今年即將結束之際的強大實力，我們期待在 2026 年繼續取得成功。

Our combined ratio, excluding CATs, improved 0.2 points from the prior-year quarter, primarily driven by improvement in Personal Lines. Catastrophe losses of 3 points came in 3.8 points below our third-quarter assumption and lower than historical averages. Benign weather played an important role, and our property management actions have also contributed positively to our CAT and ex-CAT results.

不計巨災損失，我們的綜合比率比去年同期改善了 0.2 個百分點，主要得益於個人險業務的改善。災難性損失為 3 個百分點，比我們第三季的預期低 3.8 個百分點，也低於歷史平均值。良好的天氣發揮了重要作用，我們的物業管理措施也對我們的 CAT 和 ex-CAT 表現做出了積極貢獻。

Our expense ratio of 31.3% was slightly above expectations, driven primarily by higher variable agency compensation, reflecting better-than-expected year-to-date results, including much lower catastrophe losses. We remain focused on managing expenses carefully while investing strategically in initiatives that drive our long-term success.

我們的費用率為 31.3%，略高於預期，主因是可變代理補償較高，反映出年初至今的業績優於預期，包括巨災損失大幅減少。我們將繼續專注於謹慎控制支出，同時對能夠推動我們長期成功的措施進行策略性投資。

Third quarter favorable ex-CAT prior year reserve development of $12.1 million included modest favorability across each segment. In Specialty, favorable development was $10 million or 2.8 points with widespread favorability, most notably in professional and executive lines claims made business.

第三季有利的（不包括 CAT 影響）上年同期準備金發展為 1,210 萬美元，其中各部分均有小幅利好。在特殊險種中，有利發展為 1000 萬美元或 2.8 個百分點，普遍受到青睞，尤其是在專業和高管險種的索賠業務中。

In Personal Lines, favorable prior-year reserve development was $0.9 million driven by home. And in Core Commercial, favorable prior year reserve development was $1.2 million. Favorability across a few coverages was partially offset by increased reserves in commercial auto as we respond to increased severity.

在個人保險業務方面，去年有利的準備金發展為 90 萬美元，主要得益於房屋保險。在核心商業領域，上一年有利的儲備發展為 120 萬美元。部分保險領域的利好被商業汽車保險準備金的增加部分抵消，因為我們正在應對日益嚴重的災害。

Now I'll further discuss each segment's current accident year results, starting with Personal Lines. This business posted an outstanding third quarter current accident year ex-CAT combined ratio of 85.8%, improving 3.4 points from the prior-year period, primarily driven by strong improvement in our homeowners line.

現在我將進一步討論每個細分市場本年度的事故結果，首先從個人保險開始。該業務第三季本年度非災難綜合比率（不包括 CAT）表現優異，為 85.8%，比去年同期改善了 3.4 個百分點，主要得益於房主業務的強勁改善。

Our personal auto ex-CAT current accident year loss ratio was 69.1%, an improvement of 0.7 points compared to the prior-year quarter, driven by the benefit of earned pricing and continued favorable loss frequency across multiple coverages, most notably in collision.

我們個人汽車（不包括 CAT）本年度事故損失率為 69.1%，比去年同期改善了 0.7 個百分點，這主要得益於已賺定價和多種保險（尤其是碰撞險）持續有利的損失頻率。

Turning to homeowners, our ex-CAT current accident year loss ratio of 47.2% was an 8.5 point improvement from the prior-year period and favorable relative to our expectations, driven by strong earned pricing and lower attritional loss frequency, which, as previously mentioned, we partially attribute to more benign weather.

就房主而言，我們今年（不包括 CAT）事故損失率為 47.2%，比上年同期改善了 8.5 個百分點，並且相對於我們的預期而言是有利的，這主要得益於強勁的已賺保費和較低的自然損失頻率，正如前面提到的，我們部分地將其歸因於較為溫和的天氣。

Personal Lines grew 3.6%, with new business momentum continuing to accelerate. Growth is especially strong in our target diversifying states. We achieved renewal price of 10.5% in the quarter with auto pricing up 8% and home pricing up 13.9%.

個人保險業務成長3.6%，新業務成長動能持續加速。在我們重點拓展業務的州，成長尤為強勁。本季我們實現了 10.5% 的續約價格，其中汽車價格上漲 8%，房屋價格上漲 13.9%。

While price increases were lower sequentially, they remain above our long-term loss trend. Umbrella pricing remains strong, holding above 20% and consistent with the second quarter. We are satisfied with our current Personal Lines rate levels in light of the strong overall profitability we've achieved.

雖然價格漲幅較上月有所下降，但仍高於我們的長期虧損趨勢。雨傘價格依然堅挺，維持在 20% 以上，與第二季持平。鑑於我們已取得強勁的整體獲利能力，我們對目前的個人保險費率水準感到滿意。

Now turning to our Core Commercial segment. We posted a current accident year ex-CAT combined ratio of 94.3%, 2.5 points above the prior-year period driven by the loss ratio. We continue to prudently increase picks in commercial auto in response to increased severity, and we also experienced a couple of larger claims in workers' comp in the quarter.

現在我們來看看核心商業板塊。本年度（不包括 CAT）綜合賠付率為 94.3%，比去年同期高出 2.5 個百分點，主要原因是賠付率上升。鑑於商業汽車事故的嚴重程度不斷增加，我們繼續謹慎地增加汽車保險的索賠數量；此外，本季度我們也處理了幾起較大的工傷賠償案件。

Core Commercial net written premium grew 3.5%, fueled by strong momentum in small commercial, where top-line expansion accelerated on the back of double-digit new business growth and healthy retention. Overall retention in Core continues to be robust at 84.4%, underscoring the quality and stability of the book. Core pricing moderated slightly, reflecting lower exposures from the slowing economy, while underlying rate increases remained stable and continued to outpace loss trends.

核心商業淨保費增長 3.5%，這主要得益於小型商業業務的強勁增長勢頭，其中兩位數的新業務增長和良好的客戶留存率推動了收入的快速擴張。核心用戶整體留存率維持在 84.4% 的強勁水平，凸顯了本書的品質和穩定性。核心定價略有緩和，反映出經濟放緩帶來的風險敞口降低，而基礎利率成長保持穩定，並持續超過損失趨勢。

Moving on to Specialty. The business performed exceptionally well, posting a current accident year combined ratio ex-CAT of 86% and a current accident year loss ratio ex-CAT of 48.8%, slightly above the prior-year quarter, but better than our long-term expectation of low 50s for this business. Property performance continued to be favorable and liability coverages remained within expectations.

接下來是專業部分。該業務表現異常出色，本年度事故綜合比率（不包括巨災）為 86%，本年度事故損失率（不包括巨災）為 48.8%，略高於上年同期，但優於我們對該業務長期預期的 50% 左右。物業表現持續良好，責任險保額也符合預期。

Specialty renewal pricing was 8.3%, up slightly from 2Q, while at the same time, retention improved sequentially to 83.2%, underscoring the continued appetite for our offerings. Pricing remains strong and above loss trend. We are very pleased with the consistent execution in our specialty book, including an accelerating top line and remain confident in our positioning to further capture attractive growth opportunities in our markets.

特殊產品續訂價格上漲了 8.3%，比第二季度略有上漲；同時，客戶留存率環比提高至 83.2%，凸顯了客戶對我們產品的持續需求。定價依然堅挺，高於虧損趨勢線。我們對特種產品業務的持續成長表現非常滿意，包括不斷加速的營收成長，我們對自身的市場定位充滿信心，相信能夠進一步抓住市場中極具吸引力的成長機會。

Moving on to a discussion of our investment portfolio, which continues to provide higher returns and remains a key source of our earnings power. Net investment income was exceptionally strong, increasing 27.5% from the prior-year quarter to $117 million, reflecting growth in our asset base from underwriting and investment activity, improved partnership results, the benefit of higher reinvestment yields, and the success of our portfolio repositioning efforts. During the quarter, the realization of certain tax carrybacks enabled us to further reposition the portfolio.

接下來我們來討論我們的投資組合，它持續提供更高的回報，並且仍然是我們獲利能力的主要來源。淨投資收益異常強勁，較上年同期增長 27.5% 至 1.17 億美元，這反映了承銷和投資活動帶來的資產基礎增長、合作業績改善、再投資收益率提高以及投資組合重新定位工作的成功。本季度，某些稅收抵免的實現使我們能夠進一步調整投資組合。

Third-quarter NII also included a benefit of approximately $2 million from the investment of funds from our recent $500 million debt issuance. We expect a benefit in the fourth quarter of approximately $4 million. However, this benefit is offset by higher interest expense on our debt. The debt level is temporarily elevated following our issuance as we have $375 million of senior notes maturing in April 2026, callable in January at par.

第三季淨利息收入還包括我們近期發行的 5 億美元債務資金投資的約 200 萬美元收益。我們預計第四季將獲得約 400 萬美元的收益。然而，這項好處被我們債務利息支出增加所抵銷。由於我們有 3.75 億美元的優先票據將於 2026 年 4 月到期，可在 1 月以面額贖回，因此發行後債務水準暫時升高。

Our fixed maturity portfolio continues to carry a weighted average rating of A+ with 95% of holdings investment grade. Portfolio duration, excluding cash, remained stable at approximately 4.4 years, consistent with our long-term asset liability alignment approach. We also maintained limited exposure to variable rate instruments, providing stability in our investment income and reducing reinvestment risk as short-term rates decline.

我們的固定期限投資組合繼續保持 A+ 的加權平均評級，其中 95% 的持股為投資等級。不計現金的投資組合久期保持穩定，約 4.4 年，這與我們的長期資產負債匹配策略相符。我們也對浮動利率工具保持了有限的曝險，從而保證了投資收益的穩定性，並降低了短期利率下降時的再投資風險。

Moving on to our equity and capital position. Our book value increased approximately 7% sequentially and 21% year to date. We were active in share repurchases in Q3, demonstrating our ongoing commitment to returning capital to shareholders as a key component of our capital management strategy.

接下來談談我們的權益和資本狀況。我們的帳面價值較上季成長約 7%，年初至今成長約 21%。我們在第三季積極​​進行股票回購，這表明我們始終致力於將資本返還給股東，這是我們資本管理策略的關鍵組成部分。

From the beginning of July through October 27, the company repurchased approximately 323,000 shares of common stock, totaling $55 million, of which approximately 213,000 shares were purchased during the third quarter of 2025 for approximately $36 million, with the remaining balance purchased through a 10b5-1 plan during October. We have approximately $210 million of remaining capacity under our existing share repurchase program.

從 7 月初到 10 月 27 日，該公司回購了約 323,000 股普通股，總計 5500 萬美元，其中約 213,000 股是在 2025 年第三季以約 3600 萬美元的價格購入的，剩餘部分是在 10 月通過 10b5-10 月通過 10b5-10 月通過 10b5-10 月通過 10b5-10 月通過 10b5-10 月通過計劃購入的。根據我們現有的股票回購計劃，我們還有大約 2.1 億美元的剩餘額度。

We're entering the final quarter of the year from a position of real strength, delivering a 19.1% operating return on equity, a 92.6% combined ratio, and operating income per diluted share of $13.31 year to date. These results underscore the power of our diversified earnings engine and disciplined execution across the enterprise.

我們以強勁的勢頭進入今年的最後一個季度，年初至今的經營淨資產收益率為 19.1%，綜合比率為 92.6%，稀釋後每股營業收入為 13.31 美元。這些結果凸顯了我們多元化獲利引擎的強大實力以及整個企業嚴謹的執行力。

Each quarter of this year, we've been slowly ramping up our top-line growth. Looking ahead, we expect premium growth to continue to accelerate given our smaller-sized account focus in Commercial Lines and the momentum we are building in Personal Lines diversification states. Our fourth-quarter CAT load is expected to be 5.2%. With a strong foundation, resilient portfolio and exceptional team, we are well positioned to sustain this performance and to continue creating meaningful value for shareholders.

今年每個季度，我們的營收成長都在穩定提升。展望未來，鑑於我們在商業險領域專注於規模較小的客戶，以及我們在個人險多元化發展方面取得的良好勢頭，我們預計保費增長將繼續加速。我們預計第四季CAT負荷為5.2%。憑藉著堅實的基礎、穩健的投資組合和卓越的團隊，我們完全有能力保持這一業績，並繼續為股東創造有意義的價值。

With that, we are ready to open the line for questions. Operator?

接下來，我們將開放提問環節。操作員？

(Operator Instructions) Michael Phillips, Oppenheimer.

（操作說明）邁克爾·菲利普斯，奧本海默。

I wanted to start with the large account property and the middle market business just because we've had some kind of mixed stories from others. And I guess I'm going to hear your opinion of whether you think we've reached a floor for pricing there, first off. And then any impact specifically on your margins in the near term because of that?

我想先從大客戶物業和中端市場業務入手，因為我們從其他人那裡聽到了一些褒貶不一的回饋。首先，我想聽聽你的意見，你認為我們是否已經達到了價格的底線。那麼，這是否會對貴公司的短期利潤率產生具體影響呢？

Mike, thanks for the question. This is Jack. I'll say a couple of words here and then let Dick obviously respond with a little bit more specificity. But I think overall, you know that we have remained fairly conservative in the upper middle market, whether it be property or casualty driven. That tends to be where the market softens the quickest or decelerates in pricing. And frankly, we differentiate ourselves in a more dramatic way in the low to midsized account particularly with our specialization and niches.

麥克，謝謝你的提問。這是傑克。我在這裡簡單說幾句，然後讓迪克更具體地回答。但我認為整體而言，無論是在財產險還是意外險領域，我們在中高端市場都保持著相當保守的策略。這個市場往往是價格走軟或成長放緩最快的領域。坦白說，我們在中小規模客戶群中，憑藉我們的專業化和細分市場，能夠更顯著地脫穎而出。

So I do think that we are getting to the point where the competition that has increased has to recognize that the property pricing can't continue to go in the wrong direction and the liability trends are gradually going to need to be addressed. So we think there is likely hopefully some bottoming out of that, but that's not where we focus most of our energy.

所以我認為，我們正逐漸意識到，日益激烈的競爭必須認識到，房地產價格不能再繼續朝著錯誤的方向發展，而負債趨勢也需要逐步解決。所以我們認為這種情況可能會有所好轉，但這並不是我們集中精力的地方。

Yes. I don't have too much to add to that, Jack. I mean, I'd say it's -- we take each account one by one, and we look at what we believe to be our -- the technical pricing on those accounts. And we look at the full account, obviously. So we think about pricing property in the context of the other lines as well. So it's hard to say if the floor is here, but we're certainly going to remain disciplined, and we've been really disciplined about our ITVs and making sure those are in good order. So we'll continue to fight the fight account by account.

是的。傑克，我沒什麼要補充的了。我的意思是，我們會逐一分析每個帳戶，並根據我們認為合理的技術定價來評估這些帳戶。當然，我們也要查看全部帳目。因此，我們在考慮房地產定價時，也要結合其他因素。所以很難說底線是否在這裡，但我們肯定會保持自律，而且我們一直對我們的獨立電視設備非常自律，確保它們處於良好狀態。所以我們會繼續逐一擊破對手。

Okay. I guess turning to the Core Commercial and the accident year loss ratio. You said pretty clearly the 2.4 points was the large workers' comp and then the addition to commercial auto. But I guess given comments recently from you guys on pricing and loss trends there, I guess, ex that two things, your core loss ratio, it sounds like it was probably flat. Should we have expected some improvement there? And I guess what's your confidence that we might get some margin expansion in Core Commercial in 2026? Thanks.

好的。我想我們應該關注核心商業保險和事故年度損失率。你很清楚地指出，這 2.4 分是大額工傷賠償金，然後是商業汽車保險的附加費。但考慮到你們最近對定價和虧損趨勢的評論，我想，除了這兩點之外，你們的核心虧損率聽起來可能保持穩定。我們是否應該期待情況會有所改善？那麼，您對2026年核心商業業務利潤率可能有所提升的信心如何？謝謝。

Mike, it's Jeff. We'll give our guidance on our loss ratio and the combined ratio when we get to January. But I think overall, we're very confident and optimistic about the price increases that we've been getting relative to loss trend. And it's hard to talk about individual lines, but I am optimistic about the firm overall, given the 9.9 points of price we're getting in Core Commercial. And I think that bodes well when some of the things that showed themselves in this quarter start to normalize.

麥克，我是傑夫。我們將在1月份公佈我們的賠付率和綜合比率的指導意見。但我認為整體而言，相對於虧損趨勢，我們對目前的價格上漲幅度非常有信心和樂觀。雖然很難具體談論個別產品線，但考慮到我們在核心商業領域獲得了 9.9 個百分點的價格優勢，我對公司的整體前景持樂觀態度。我認為，當本季出現的一些問題開始恢復正常時，這是一個好兆頭。

Matt Carletti, Citizens.

馬特·卡萊蒂，市民。

You guys have done, I think, a really good job in recent years of kind of staying ahead of the eight ball in a really challenging environment. Jack, you made some comments about remaining forward-looking, not just kind of in the past and gave a few concrete examples.

我認為，近年來你們在充滿挑戰的環境中一直保持領先地位，做得非常出色。傑克，你發表了一些關於要保持前瞻性，而不是只專注於過去的看法，並舉了一些具體的例子。

I was hoping maybe you could zoom out kind of 30,000 feet. And as we look forward for Hanover over the next -- you pick your period, one, three, five years, kind of just -- kind of strategically where you want to take the business. I mean, if I'm hearing from some of your examples, I think I'm hearing speed and efficiency and ease of doing business with your agents is kind of a key focus, but what else might be on that list?

我希望你能把視角拉遠到三萬英尺左右。展望漢諾威的未來－你可以選擇一年、三年、五年，從策略角度出發，決定你想把公司帶到哪裡。我的意思是，從你們舉的一些例子來看，我認為速度、效率以及與代理商開展業務的便利性是你們關注的重點，但除此之外，還有哪些方面呢？

Thanks, Matt, for that question. And I can't -- I can tell you that I've never been more optimistic about our future sincerely. It's really hard in our business to build a diversified portfolio that has broad-based profitability. And frankly, we're right where we want to be in that regard. You're never going to get to the point where everything is perfect, but to have four major businesses contributing to our profitability, most of our geographies in relatively good position to grow, that's really the horsepower you need in order to lean into the current marketplace.

謝謝馬特的提問。我不能——我可以真誠地告訴你，我從未像現在這樣對我們的未來充滿樂觀。在我們的行業中，建立一個具有廣泛盈利能力的多元化投資組合真的很難。坦白說，在這方面，我們正處於理想的狀態。你永遠不可能達到完美，但擁有四大主要業務為我們的盈利做出貢獻，而且我們的大部分地區都處於相對良好的增長地位，這才是真正能夠讓我們在當前市場中佔據優勢的強大動力。

We had obviously an opportunity to build on the momentum in small commercial and Specialty. And I really am optimistic that middle market will be able to contribute particularly next year in our profitable growth. And Personal Lines is already where we need it to be. The only restraint that we have is one that we've self-imposed around diversification and making sure that our property aggregations are appropriate relative to earnings volatility.

我們顯然有機會在小型商業和特種領域乘勢發展。我真的非常樂觀地認為，中端市場明年將能夠為我們的獲利成長做出貢獻。個人險業務目前已達到我們預期目標。我們唯一的限制是我們自身設定的多元化目標，即確保我們的財產險投資組合與獲利波動性相符。

So I really believe we're at a point now where our capabilities are -- we're not done in terms of building new things and expanding our appetite where it's appropriate. But I would say that what we're most excited about is that the distribution is starting to come to us.

所以我真的相信，我們現在已經達到了這樣的水平——我們還沒有停止創造新事物，也沒有停止在適當的時候擴大我們的視野。但最讓我們興奮的是，通路開始向我們敞開大門了。

Increasingly, the best agents in the land are looking to improve their margins on the small face value, whether that be Personal Lines, small commercial or even in the small specialty world. So I think we have an opportunity to take our operating model work that we've highlighted and lean into changes in the distribution system that are making -- frankly, creating a higher demand for what we already do. And refining that and improving upon that is going to be a big part of the way in which we improve our own economics, but we help agents improve their economics.

如今，國內最優秀的保險代理人正努力提高小額保單的利潤率，無論是個人保險、小型商業保險，甚至是小型專業保險。所以我認為我們有機會將我們重點關注的營運模式與分銷系統的變化結合起來，坦白說，這些變化正在創造對我們現有業務的更高需求。完善和改善現有業務將是我們提升自身獲利能力的重要途徑，同時我們也能幫助代理商提升他們的獲利能力。

So you should expect us to talk early in '26 about how we're going to elevate our underwriting appetite at the right time. And I think we're positioned to do that, particularly in Specialty and middle market. And look at additional sectors for both growth and relevancy. We have a track record of doing that, and we're ready to kind of use our elevated profitability to help us kind of lean into those opportunities.

所以你們應該會期待我們在 2026 年初討論如何在適當的時機提高我們的核保意願。我認為我們已經做好了充分準備，尤其是在專業領域和中端市場。同時，我們也應該關注其他領域，以尋求成長和保持競爭力。我們在這方面有良好的記錄，我們準備好利用我們不斷提高的盈利能力來幫助我們抓住這些機會。

Mike Zaremski, BMO.

Mike Zaremski，BMO。

I'm switching to Personal Lines. On the home insurance side, and I appreciate the comments about the percent that's bundled now, definitely higher than historical. Just so we can maybe better appreciate the durability of the current profit margins, would you be willing to share how much lower the frequency levels are that you expect kind of under the new kind of terms and conditions and deductibles, et cetera, versus kind of the old portfolio?

我要轉投個人保險業。關於房屋保險方面，我很感謝大家對目前捆綁銷售比例的評論，這個比例肯定比歷史水準要高。為了更了解當前利潤率的持久性，您能否分享一下，在新條款和條件以及免賠額等情況下，您預計交易頻率會比舊投資組合降低多少？

Mike, that's really hard to say. The -- at present, the frequency benefit is substantial. We haven't really shared that, and I don't think we're prepared to do that. But both in terms of auto, particularly around collision and in homeowners, we're seeing it. And as most have talked about, it's really hard to tell in auto, whether it relates to safer driving because of technology, safer driving because people are concerned about premiums going up or just general concern where they don't -- they've actually had a claim and they don't want to make a claim for fear their premium would go up or all of the above.

麥克，這真的很難說。目前來看，頻率優勢非常顯著。我們還沒有真正分享過這件事，而且我認為我們還沒有準備好分享這件事。但無論是在汽車領域（特別是碰撞事故方面）還是在房屋所有者領域，我們都看到了這種情況。正如大多數人所談論的那樣，在汽車領域，很難說這種擔憂究竟是由於技術進步而導致的更安全的駕駛，還是因為擔心保費上漲而導致的更安全的駕駛，又或者僅僅是人們普遍存在的擔憂——他們實際上有過索賠記錄，但因為害怕保費上漲而不願提出索賠，或者以上所有原因都有可能。

Going forward, we're trying to assess right now whether we think that frequency benefit is going to continue in both home and auto as we plan and ultimately as we give our guidance for next year. So stay tuned. When we come back to you in late January, early February on the call, we will do our best to give you that readout.

展望未來，我們正在評估，正如我們計劃的那樣，頻率優勢是否會在家庭和汽車領域繼續保持，並最終在我們給出明年的指導意見時予以考慮。敬請期待。我們將在一月底或二月初的電話會議上再次與您聯繫，屆時我們將盡力向您提供相關結果。

Okay. Great. Pivoting to the Core Commercial segment, the underlying loss ratio, you called out what might be some onetime on work comp, but then commercial auto, I think we'll assume that just given the state of commercial auto for a long time that maybe that's more run ratable, the impact it's having. So I'm assuming the -- in the past, I think you've talked about a 57% to 58% accident year loss ratio target in that overall segment. Is it fair to say that we should be thinking a bit higher?

好的。偉大的。轉向核心商業領域，關於潛在的損失率，您提到了一些一次性的工傷賠償，但就商業汽車而言，我認為鑑於商業汽車長期以來的狀況，我們假設它更適合按運行率來衡量，因為它產生了影響。所以我假設——過去，我想你曾談到該整體細分市場中事故年度損失率目標為 57% 至 58%。我們是不是應該把目光放得更高一些？

That's hard to say. This year, as you know, it's 60%. A year ago, it was in the 58% range, and I think that's a reasonable target. I'm still optimistic about that. Even though we've raised our picks in commercial auto, the team is actively working that book and assessing and trying to obtain some price increases there. So still optimistic that that's the appropriate level going forward.

這很難說。如你所知，今年是 60%。一年前，這個比例在 58% 左右，我認為這是一個合理的目標。我對此仍然持樂觀態度。儘管我們提高了對商用車股票的選擇，但團隊仍在積極研究該股票，評估並試圖獲得一些價格上漲的機會。所以仍然樂觀地認為，這是未來合適的水平。

Okay. Got it. And lastly, just on the overall competitive environment. I know you've touched on this a bit already. But when we -- I think that one of the main questions we've been fielding for a while now from investors is just the rate of change on pricing power in commercial.

好的。知道了。最後，再談談整體競爭環境。我知道你之前已經稍微提到過這一點。但是，我認為我們最近一段時間以來從投資者那裡得到的主要問題之一就是商業定價權的變化速度。

The pricing is decelerating a bit, but it's not decelerating a lot. So maybe you can kind of talk about -- are you guys doing something different in the market with like underlying actions that's keeping pricing propped up? Or is just the market not as competitive as some might think it is when they look at especially the large account space?

價格上漲速度放緩，但放緩幅度不大。所以，你們或許可以談談──你們在市場上採取了哪些不同的策略，例如一些支撐價格的底層措施？或者說，尤其是在大客戶領域，市場競爭並沒有一些人想像的那麼激烈？

Yeah, Mike, this is Jack. Thanks for that question. I think at the highest level, it's where we play and who -- and how we do business with agents. We're focused on the small to lower end of middle-market business, not only in Core Commercial, but in Specialty. And that is, I think, something that is not as easy to kind of address for a lot of carriers because it requires a unique operating model and an ability to underwrite efficiently beyond just point-of-sale systems.

是的，麥克，這是傑克。謝謝你的提問。我認為，在最高層面上，關鍵在於我們在哪裡比賽、和誰比賽，以及我們如何與經紀人合作。我們專注於中小型到中低階市場業務，不僅包括核心商業領域，還包括專業領域。我認為，對於許多保險公司來說，這個問題並不容易解決，因為它需要獨特的營運模式和超越銷售點系統的有效承保能力。

So I think it's not exactly a moat around it, but I think it's much more stable business historically. And I think you're also seeing with some of the volatility in the upper middle market, both in Specialty and middle, that agents have less and less time to worry about saving a few dollars on the middle market, if you will.

所以我覺得它不算完全的護城河，但從歷史數據來看，它的業務穩定得多。而且，我認為你也能看到，中高端市場（包括專業保險和中端保險）的波動性，使得經紀人越來越沒有時間去費心在中端市場省下幾塊錢。

So I think that's part of the influence. But we do work hard in creating some value such that preferred accounts can stay with the preferred market. And I do think that is how agents perceive us. Maybe I could just give Bryan a chance on the Specialty area, in particular, to highlight why we think we're kind of having sustained pricing even in a relatively competitive market.

所以我認為這是影響因素之一。但我們確實努力創造一些價值，以便讓優質客戶能夠留在優質市場。而且我認為經紀人就是這樣看待我們的。或許我可以給布萊恩一個機會，讓他重點談談特種產品領域，說明為什麼我們認為即使在競爭相對激烈的市場中，我們也能保持價格穩定。

Yeah, sure. And I would say, Jack, to start, our play in that small and middle market segment, we see the competitive pressure, but it's definitely not as pronounced as we're seeing in other areas. And I think the work that we've done on our operating model to what I believe really solves a need for our agents, especially the larger agents, the consolidating agents and they're streamlining their placement platforms.

當然可以。傑克，我想說，首先，就我們在中小市場領域的業務而言，我們看到了競爭壓力，但肯定沒有我們在其他領域看到的那麼明顯。我認為，我們對營運模式所做的工作，真正滿足了我們代理商的需求，尤其是大型代理商和整合代理商的需求，他們正在簡化他們的安置平台。

And so our ability to turn the submissions around same day in a lot of instances and really help their economics in this space, it doesn't -- to your point, it doesn't create a moat around the business, but it absolutely provides us the benefit of their appreciation for the work that we do with them. And frankly, also just delivering a breadth of products that are healthy, so we can solve a range of their needs in a really efficient way.

因此，我們能夠在許多情況下當天處理完提交的內容，並真正幫助他們在這一領域的經濟狀況，雖然正如你所說，這不會為企業構築護城河，但它絕對能讓我們獲得他們對我們工作的認可。坦白說，我們也在努力提供各種健康的產品，以便能夠以非常有效的方式滿足他們的各種需求。

The strong growth this quarter, the high retention and also the high price increase that we're getting, I think, is good evidence that Bryan's strategy is clearly working.

我認為，本季強勁的成長、高客戶留存率以及高價格漲幅，都很好地證明了布萊恩的策略顯然是有效的。

(Operator Instructions) Paul Newsome, Piper Sandler.

（操作說明）保羅·紐瑟姆，派珀·桑德勒。

I was hoping you could maybe give us some thoughts -- updated thoughts on the expense ratio goals. At one point, you're kind of looking for about 20 basis points of improvement per year, but that kind of got derailed by some other issues and some mix changes. As we look at '25, are we at kind of a place where you can think about returning to that goal? Or is that something that you just have to revisit entirely?

我希望您能給我們一些建議—關於費用率目標的最新想法。曾經一度希望每年能取得大約 20 個基點的進步，但由於其他一些問題和一些組合變化，這個目標未能實現。展望 2025 年，我們是否已經到了可以考慮重返該目標的地步？或者，這件事需要你完全重新檢視？

Over the long run, we are committed to that goal of 20 basis points per annum improvement, and that was built into our guide of 30.5%, and we'll address that end of January, February when we do our fourth-quarter call. What I've said from time to time on these calls when asked about it, when we have years or periods where the loss ratio is below what we had guided to in the combined ratio and also when CATs are below our guide, there are scenarios where the expense ratio has to increase a bit, but that would be a small offset to the overall decline in the combined ratio.

從長遠來看，我們致力於實現每年 20 個基點的成長目標，這已納入我們 30.5% 的成長預期中，我們將在 1 月底或 2 月的第四季電話會議上討論這個問題。我曾在這些電話會議上被問及此事時說過，當某些年份或時期綜合比率的損失率低於我們預期，巨災損失也低於我們預期時，費用率就必須略有上升，但這只會對綜合比率的整體下降起到很小的抵消作用。

So even if you think about CATs, when we have lower CATs, there are slightly higher agency profit share that has to be paid. So it's a little harder to deal with the expense ratio in and of itself. But overall, Paul, we are committed to that long-term objective.

所以即使考慮到 CAT 值，當 CAT 值較低時，也需要支付略高的代理利潤分成。因此，光就費用比率而言，處理起來就有點困難。但總的來說，保羅，我們致力於實現這個長期目標。

Meyer Shields, KBW.

Meyer Shields，KBW。

Great. I wanted to really get Jack's thoughts on both core and contingent commission rates. In the past, as pricing has softened, I think the brokers' hands have gotten strengthened and they've been able to push for more. And I'm wondering whether you're seeing that and whether consolidation of the smaller account space among the larger brokers is playing a role.

偉大的。我想真正了解傑克對核心佣金率和按結果提成佣金率的看法。過去，隨著價格走軟，我認為經紀人的籌碼增加了，他們能夠爭取更多利益。我想知道您是否也注意到了這一點，以及大型經紀商對小型帳戶市場的整合是否發揮了作用。

Thanks, Meyer. Listen, I can tell you that as recently as the CIAB conference in October, we have had what I think is some of the most strategic dialogue with the biggest and best agents in the land around how we have a unique opportunity to work together to better serve customers in a more efficient way. And frankly, we've been really upfront that we don't get there by exchanging the last nickel that we both earn and move our margins into brokers' margins.

謝謝你，邁耶。聽著，我可以告訴你，就在十月份的CIAB會議上，我們與全國最大、最優秀的代理商進行了我認為最具戰略意義的對話，探討了我們如何擁有獨特的合作機會，以更有效率的方式更好地服務客戶。坦白說，我們一直都很坦誠，我們實現目標的方式並非是把我們賺到的最後一分錢都用來交換，然後把我們的利潤轉移到經紀人的利潤裡。

What we've been successful in doing heretofore, and I think we can continue to do that, is use our capabilities to help agents improve their margins, particularly on the lower face value business and to grow their business in a very strategic way through our partnering approach. And I really believe that the way in which we engage with agents keeps us out of a tug of war for the last nickel.

我們過去一直成功地利用我們的能力來幫助代理商提高利潤率，尤其是在低面值業務方面，並透過我們的合作方式以非常策略性的方式發展他們的業務，我認為我們還可以繼續這樣做。我真心相信，我們與經紀人打交道的方式，能讓我們避免為了最後一分錢而陷入拉鋸戰。

And so we have not seen any major pressure in that regard. In fact, the bigger the agents get, the more they want some stability in their contingencies. So we negotiate a proper balance of guaranteed supplemental type of stuff so that they don't come up dry on a less good year, but we simultaneously negotiate kind of taking some off the top to pay for that over time. So I feel great about the way we're working with those agents in a very strategic way, and we're going to continue to push that as part of our strategy.

因此，我們尚未看到這方面有任何重大壓力。事實上，經紀人的規模越大，就越希望自己的收入來源能穩定下來。所以我們會協商出一個合適的平衡點，既要保證一定的額外收入，避免他們在業績不佳的年份收入銳減；同時，我們也會協商從佣金中扣除一部分，用於長期彌補這部分損失。因此，我對我們與這些代理商的合作方式感到非常滿意，我們將繼續把這種合作方式作為我們策略的一部分來推進。

Okay. Perfect. That's good to hear. Related question, when you see technology that's certainly better to a lot of the competitors that are out there and the business that you win from that perspective, should we think of that as recurring? Or is that like a one renewal cycle and then you've already gotten what you're going to get?

好的。完美的。聽到這個消息真好。相關問題：當您看到某種技術明顯優於許多競爭對手，並且您因此贏得業務時，我們是否應該將其視為重複性業務？或者說，這就像是續訂週期，之後你就已經得到你想要的了？

Maybe you could clarify for us a little bit, Meyer, when you say a onetime benefit, tell me what you're thinking.

邁耶，您能不能再為我們解釋一下，您說的「一次性好處」是什麼意思？

So wondering whether you go through a year and Agent X has technology that gets responses much faster and stuff like that. So you've boosted the new account wins on that basis. Does the accelerated growth, is that something that persists going forward? Or is it just similar growth off of a higher base?

所以我想知道，如果一年後，X特工擁有能夠更快獲得回應的技術，諸如此類的事情。所以，你以此為基礎提高了新帳號的勝場數。這種加速成長的趨勢會持續下去嗎？或者只是在更高的基數上實現了類似的增長？

Let me let Dick kind of respond to that more holistically. But I think we're in a phase where agents are looking at who are their most strategic markets that can help them become more efficient and better serve customers at the right level. And all these things are tools.

讓我聽聽迪克如何更全面地回答這個問題。但我認為我們正處於這樣一個階段：經紀人正在思考哪些市場是他們最具戰略意義的，這些市場可以幫助他們提高效率，並在合適的層面上更好地服務客戶。所有這些都是工具。

So I think embedded in all that is if you're positioned as a top-tier market, whether it be in small commercial or in Specialty, particularly on the small end, you're creating a kind of a strategic position that has some sustainability to it in terms of profitable growth. But Dick, you can update on the technology side.

所以我認為，所有這些都蘊含著一個道理：如果你定位為頂級市場，無論是在小型商業市場還是專業市場，尤其是在小型市場，你都在創造一種具有可持續性的戰略地位，從而實現盈利增長。但是迪克，你可以在技術方面進行更新。

The other color I'd add to that, Meyer, it isn't just about the technology on the way in the front door. Your technology, your system, your operating model needs to wrap around that customer throughout the year through your renewals that persist. How are you at handling endorsements and certificates and calls on billing, right?

梅耶，我還要補充一點，這不僅關乎前門引進的技術。你的技術、系統和營運模式需要貫穿全年，並透過持續的續約來維繫客戶關係。您在處理背書、證書和帳單催繳方面做得如何？

So it's a collection of services that brings forward a terrific experience. So that the customer is happy with the carrier, happy with the agent. And as you know, particularly in the small commercial, the retentions are quite high. We have some of the highest retentions in that market segment in the industry.

所以它是一系列服務的集合，旨在帶來絕佳的體驗。這樣客戶既對承運商滿意，也對代理商滿意。如您所知，尤其是在小型商業領域，留存率相當高。我們在該細分市場擁有業界最高的客戶留存率之一。

So we've been at this for years to obviously have a forward-facing ease of quoting so that comes to us preferentially. But then the stickiness of that business is dependent upon all the other components that you have in your operating model. So I would argue that it sustains the growth model.

所以，我們多年來一直致力於提供便捷的報價方式，因此我們在這方面享有優先權。但是，這種業務的黏性取決於你營運模式中的所有其他組成部分。所以我認為它維持了成長模式。

Yeah. And if I could -- this is Bryan. If I could just add one more thing. We've also worked really diligently in the small space on making the renewal process very low touch on those small simple policies. So I would definitely say it's not just on the new business, but it goes through the process.

是的。如果可以的話──我是布萊恩。如果我還能補充一點的話。我們也一直在努力改善小型保險業務，使這些小型簡單保單的續保流程盡可能簡化。所以我肯定會說，這不僅關乎新業務，而是貫穿整個流程。

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

問答環節到此結束。我謹將會議交還給奧克薩娜·盧卡舍娃，請她作閉幕致詞。

Thank you very much, everybody, for your participation today. We are looking forward to talking to you next quarter.

非常感謝各位今天的參與。我們期待下季與您洽談。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。