The Hanover Insurance Group, Inc. (THG) 2026 Q1 法說會逐字稿

Good day, and welcome to the Hanover Insurance Group's first-quarter earnings conference call. My name is Betsy, 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一季財報電話會議。我是 Betsy，將擔任今天會議的接線員。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給 Oksana Lukashova。請開始。

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 Roach, our President and Chief Executive Officer, and Jeff Farber, our Chief Financial Officer. Available to answer your questions after our prepared remarks are **** Lavey, Chief Operating Officer and President of Agency Markets, and Brian Salvatore, President of Specialty Lines. 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 Hanover.com. After the presentation, we will answer questions in the Q&A session. 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 1,995. These statements can. Relates to, among other things, our outlook, profitability, growth, and strategic initiatives, the impact of recently revised policy terms and conditions and targeted property actions, economic and geopolitical conditions, and related effects, including economic and social inflation, tariffs, as well as other risks and uncertainties, such as severe weather and catastrophes that could impact the company's performance and/or. Cause actual results to differ materially from those anticipated. We caution you with respect to reliance on forward-looking statements and in this respect refer you to the forward-looking statement 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.

謝謝，接線員。各位早安，感謝各位參加我們的季度電話會議。今天的會議將先由我們的總裁兼執行長 Jack Roach，以及財務長 Jeff Farber 發表準備好的談話內容。在我們的準備稿結束後，將由 **** Lavey（營運長兼代理市場總裁）以及 Brian Salvatore（專業線總裁）回答各位的提問。在我把電話交給 Jack 之前，先說明我們的。本次盈餘新聞稿、財務補充資料，以及今天會議的完整簡報投影片，皆可於 Hanover.com 網站的投資人專區取得。簡報結束後，我們將在問答環節回答問題。今天我們的準備稿與對各位提問的回覆（除歷史事實陳述外）包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述可能。涉及（但不限於）我們的展望、獲利能力、成長與策略性計畫、近期修訂之保單條款與條件及針對性財產險措施的影響、經濟與地緣政治情勢及其相關影響（包括經濟與社會通膨、關稅），以及其他風險與不確定性，例如可能影響公司表現的惡劣天候與重大災害，且/或。導致實際結果與預期存在重大差異。我們提醒各位審慎依賴前瞻性陳述；就此請參閱我們新聞稿中的前瞻性陳述章節、簡報投影片以及向美國證券交易委員會（SEC）提交的文件。今天的討論亦將提及若干非 GAAP 財務衡量指標，例如營運收入，以及扣除重大災害等因素後的事故年度損失率與綜合率等。

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

上述非 GAAP 財務衡量指標與最接近之 GAAP 指標的歷史基礎調節表，可於新聞稿、簡報投影片或財務補充資料中查閱，相關資料已張貼於我們網站。以上說明完畢，我將把電話交給 Jack。

Thank you, Oksana, and good morning, everyone. We're off to a very strong start in 2026, posting excellent first-quarter results and setting the stage for continued success.

謝謝你，Oksana，各位早安。我們在 2026 年有一個非常強勁的開局，第一季繳出優異成績，並為持續成功奠定基礎。

Our performance in the quarter highlights consistently tight execution across the enterprise, as well as the durability of a portfolio that has been deliberately shaped for resilience, flexibility, and strong performance across varying market cycles.

本季表現凸顯我們在全公司範圍內一貫嚴謹的執行力，也展現出我們刻意打造之投資組合的耐久性；該組合旨在於不同市場循環下具備韌性、彈性與強勁表現。

Underlying margins across the book continue to trend favorably, due in large measure to recent pricing and targeted underwriting actions.

整體承保組合的基礎利潤率持續朝有利方向發展，主要歸功於近期的定價與針對性的核保措施。

At the same time, we continued to benefit from our strong balance sheet and our high-quality investment portfolio, which once again generated attractive returns through disciplined asset allocation and investment management.

同時，我們也持續受惠於強健的資產負債表與高品質投資組合；透過嚴謹的資產配置與投資管理，再次創造具吸引力的報酬。

We achieved record first-quarter performance, including operating return on equity of 20.3% and operating earnings per share of $5.25.

我們創下第一季的歷史最佳表現，包括營運股東權益報酬率（ROE）20.3%，以及每股營運盈餘 5.25 美元。

Our all-in combined ratio improved nearly 2.5 points to 91.7%, while our ex-CAT combined ratio improved by a similar margin to 85.4% both first-quarter records.

我們的全口徑綜合率改善近 2.5 個百分點至 91.7%，而扣除重大災害（ex-CAT）的綜合率亦以相近幅度改善至 85.4%，兩者皆為第一季新高紀錄。

While weather activity was elevated in our footprint, our results demonstrate that our underlying earnings engine is performing exceptionally well.

儘管我們營運版圖內的天候活動偏高，我們的結果顯示，核心獲利引擎表現極為出色。

Additionally, we are encouraged by the better than expected impact of enhanced terms and conditions and targeted property actions, which we believe the meaningful favorable development on prior year catastrophe losses demonstrates.

此外，我們也對強化條款與條件及針對性財產險措施所帶來、優於預期的影響感到鼓舞；我們認為，前期年度重大災害損失出現顯著的有利發展，正可證明這一點。

We generated balanced net written premium growth of 3.2% in the first quarter. We are executing thoughtfully in areas where property conditions are softening. This approach is enabling us to preserve margin integrity while positioning us for enhanced growth opportunities. Our 2026 plan assumed first quarter growth would represent the low point for the year.

第一季我們的淨簽單保費（NWP）均衡成長 3.2%。在財產險市場條件轉趨寬鬆的領域，我們正審慎執行。此一作法使我們得以維持利潤率的完整性，同時為更佳的成長機會做好布局。我們的 2026 年計畫假設第一季成長將是全年低點。

Turning now to our segment results, beginning with Personaline's.

接著看各事業部門的表現，先從個人保險（Personal Lines）開始。

Our performance in the quarter reflects a business that is tracking well, even as external conditions remain fluid. We increased Personaline's net written premiums by 2.7%.

本季表現反映出，即使外部環境仍然多變，我們的業務仍按計畫穩健推進。我們將個人保險的淨簽單保費提高了 2.7%。

Reflecting the effectiveness of our state-specific growth strategies. We continued to prioritize profitable growth in our under-penetrated states while carefully managing our exposure in the Midwest to align with our strategic diversification priorities. As the quarter progressed, we saw positive new business momentum, reinforcing our confidence in the trajectory of our personal lines business. Importantly. Pricing levels for the total personal lines book continue to exceed loss-cost trends, and we remain confident in our ability to preserve margin integrity.

這反映出我們按州制定之成長策略的有效性。我們持續優先推動在滲透率較低州別的獲利型成長，同時審慎管理在美國中西部的曝險，以符合我們策略性分散化的優先事項。隨著季度推進，我們看到新業務動能轉正，進一步強化我們對個人線業務發展軌跡的信心。重要的是。整體個人線承保組合的定價水準仍高於損失成本趨勢，我們對維持利潤率完整性的能力仍具信心。

Quoting activity, close rates, and conversion metrics also remain healthy, reflecting strong alignment between price, risk selection, and customer value.

報價活動、成交率與轉換指標也維持健康，反映出價格、風險篩選與客戶價值之間的高度一致。

And we maintained excellent profitability in the quarter, as evidenced by a year-over-year improvement of more than one point in our underlying loss ratio.

而且我們在本季維持優異的獲利能力，從基礎損失率年對年改善超過 1 個百分點即可見一斑。

Overall, our personal lines business is well-positioned with our preferred full account strategy, disciplined pricing, and stable customer behavior, despite the increased competitiveness in personal auto in many states.

整體而言，儘管許多州的個人汽車保險競爭加劇，我們的個人線業務仍憑藉偏好的全戶（full account）策略、嚴謹定價與穩定的客戶行為而處於良好位置。

Moving to core commercial.

接著看核心商業保險（Core Commercial）。

We delivered solid growth of 4.3% in the quarter, led by strong premium growth in small commercial and building momentum in middle market. Our results reflect improved execution and are well aligned with our profitability objectives.

本季我們實現 4.3% 的穩健成長，主要由小型商業的強勁保費成長帶動，且中型市場動能持續增強。我們的結果反映出執行力改善，並與我們的獲利目標高度一致。

Small commercial net written premiums accelerated sequentially from the prior quarter, driven by double-digit growth in new business. Transactional flow, digital engagement, and consolidation activity all made positive contributions and are tracking to expectations. And we believe we are extremely well-positioned with our small account customer base and strong agency position, as evidenced by improved retention.

小型商業的淨簽單保費較前一季呈現加速，主要受新業務雙位數成長所驅動。交易量流入、數位互動與整併活動皆帶來正向貢獻，且進度符合預期。我們認為，憑藉小型帳戶客群基礎與強勢的代理通路地位，我們的定位極佳；留存率改善即為明證。

Looking ahead, we expect our growth initiatives will enable us to continue to drive our top-line while maintaining underwriting discipline.

展望未來，我們預期成長計畫將使我們在維持核保紀律的同時，持續推動營收規模（top-line）。

Minimal market growth was positive in the first quarter, reflecting improved momentum, which we expect to build on going forward.

中型市場在第一季呈現正向成長，反映動能改善；我們預期未來將在此基礎上持續推進。

Against the backdrop of softening property conditions, we are maintaining underwriting discipline where pricing pressure is evident, with a continued focus on margin preservation.

在財產險市場條件轉趨寬鬆的背景下，對於定價壓力明顯之處，我們仍維持核保紀律，並持續聚焦於利潤率的維護。

At the same time, we are implementing pricing and underwriting actions across commercial auto and umbrella to address continued industry loss ratio pressure. While segmentation efforts are enabling us to refine our portfolio toward more attractive risk profiles. Overall, we are pleased with the solid growth we delivered in core commercial, supported by strategic positioning of our portfolio and strong momentum in small commercial.

同時，我們正於商業車險與超額責任險（umbrella）推動定價與核保措施，以因應產業損失率壓力的延續。而分群（segmentation）工作也使我們得以將投資組合進一步調整至更具吸引力的風險輪廓。整體而言，我們對核心商業所交出的穩健成長感到滿意；此成長由投資組合的策略性定位與小型商業的強勁動能所支撐。

Turning to specialty, our performance continues to validate the inherent strengths of our specialty business, our clear focus on pricing for risk and returns. And our ability to generate strong profitability ahead of expectations. Growth of 2.3% reflects our measured posture in areas characterized by heightened competition, particularly in property-exposed lines like Hanover Specialty Property. Top-line pressure also reflects our strategy to keep our powder dry, protecting higher-tiered accounts and selectively pulling back from underpriced, lower-quality business. Where returns are less attractive. As an example, net written premiums declined in our programs business during the first quarter. And while profitability in our book of business is quite good today, we are taking a cautious approach relative to the MGA environment and remaining very selective in our distribution relationships. At the same time, we have seen double-digit momentum in management liability, surety, and specialty GL.

再來看專業險（Specialty），我們的表現持續驗證專業險業務的內在優勢、我們對風險與報酬之定價的明確聚焦。以及我們在優於預期的情況下創造強勁獲利的能力。2.3% 的成長反映我們在競爭加劇的領域採取審慎立場，特別是在財產曝險較高的險種，例如 Hanover Specialty Property。營收端壓力亦反映我們「保留火力」的策略：保護更高層級的帳戶，並選擇性地自定價不足、品質較低的業務中退場。在這些業務上，報酬吸引力較低。例如，我們的方案業務（programs business）在第一季的淨簽單保費下滑。儘管目前我們的承保組合獲利能力相當不錯，但相對於 MGA（管理型一般代理）環境，我們採取更為審慎的做法，並在通路合作關係上保持高度選擇性。同時，我們也看到管理責任險、保證保險（surety）以及專業一般責任險（specialty GL）呈現雙位數的動能。

Upper single-digit growth in E&S, and positive growth in professional lines and marine.

E&S呈現高個位數成長，專業險種與海事險亦維持正成長。

Pricing discipline remains a cornerstone of specialty execution.

價格紀律仍是專業險執行的基石。

Loss costs and margin focus continue to guide our pricing decisions, particularly as competition intensifies in a softening property environment.

損失成本與利潤率的重點持續引導我們的定價決策，尤其是在財產險市場走軟、競爭加劇之際。

Looking at specialty sub-segment highlights for the first quarter.

接著看第一季專業險子分部的重點表現。

Professional and executive lines are taking advantage of a new operating model to enhance execution across underwriting, capacity planning, and workflow modernization.

專業與高階主管責任險正運用新的營運模式，強化核保、承保能力規劃與工作流程現代化等面向的執行力。

Cross-selling and pipeline discipline are further improving mix quality, supported by closer coordination with our core commercial lines team.

交叉銷售與商機管線紀律進一步提升組合品質，並在與核心商業險團隊更緊密協作的支持下持續改善。

E&S grew 8.1%, supported by liability-focused offerings, with property growth tempered in response to competitive market conditions.

E&S成長8.1%，主要受惠於以責任險為主的產品方案；在競爭性市場環境下，財產險成長則有所收斂。

Our team remains focused on expanding our presence in the small E&S market, where we continue to see attractive opportunities. In marine, quarterly growth was expected to be a low point for the year, and results actually came in slightly above expectations. We continue to benefit from our leadership in the marine market today. And we expect growth to return to upper single-digits for the rest of the year. Our marine team remains focused on selectively allocating capacity and pursuing opportunities that help maintain margin quality and agency relevancy.

我們的團隊仍聚焦擴大在小型E&S市場的布局，該市場我們持續看到具吸引力的機會。在海事險方面，季度成長原預期為全年低點，而實際結果略優於預期。我們持續受惠於目前在海事險市場的領導地位。並預期今年剩餘期間成長將回到高個位數。海事險團隊仍專注於選擇性配置承保能力，並追求有助於維持利潤率品質與代理通路相關性的機會。

As we think about the year, we expect overall specialty growth to ramp up from here. We remain confident in our ability to drive top-line growth across our highly diversified specialty book. While we continue to deliver very strong profitability through disciplined execution and targeted investments.

展望全年，我們預期整體專業險成長將自此逐步加速。我們仍有信心在高度多元化的專業險業務組合中推動保費收入成長。同時透過有紀律的執行與聚焦式投資，持續交出非常強勁的獲利表現。

Stepping back from the segment results, the impact of our technology investments is increasingly visible across the organization.

跳脫各分部結果來看，我們的科技投資影響正日益在整個組織中顯現。

We are advancing everyday innovation alongside operating model transformation. By accelerating our quoting processes, improving speed to answer, and in strengthening claims execution. We are delivering better outcomes for customers, agents, and employees. We are intentionally building reusable AI capabilities for the most common enterprise tasks to reduce complexity, strengthen execution, and enable scale.

我們在推進日常創新的同時，也推動營運模式轉型。透過加速報價流程、提升回應速度，以及強化理賠執行。我們為客戶、代理人與員工帶來更好的成果。我們正有意識地打造可重複使用的AI能力，用於最常見的企業任務，以降低複雜度、強化執行並實現規模化。

For example, risk scoring and AI-enabled triage are helping underwriters prioritize submissions and streamline intake and decision-making.

例如，風險評分與AI輔助分流正協助核保人員優先處理投保案件，並簡化受理與決策流程。

Built on an enterprise ingestion foundation, now used across many underwriting, customer service, and claims operations, these capabilities continue to scale.

這些能力建立在企業級資料匯入基礎之上，現已廣泛應用於多項核保、客服與理賠作業，並持續擴大規模。

All in, this represents a disciplined transformation across the organization, grounded in robust data, modern technology, and responsible AI, and positions the company to operate more efficiently and scale with confidence.

整體而言，這代表我們在全組織推動一項有紀律的轉型，根基於強健的資料、現代化科技與負責任的AI，使公司能更有效率地營運，並有信心地擴張規模。

We will continue to refine our strategy and business model in ways that enhance the alignment between risk, price, and capital, provide our agents and customers with the most innovative and responsive products and services possible, and drive top-tier results.

我們將持續精進策略與商業模式，以強化風險、價格與資本之間的對齊，為代理人與客戶提供盡可能最具創新性與回應速度的產品與服務，並推動一流的成果。

While volatility, particularly from catastrophe activity, will always be a factor in our industry, our underlying performance continues to demonstrate the effectiveness of our past exposure management actions. And stability across a range of conditions.

雖然波動性（尤其是巨災活動）將始終是本產業的一項因素，但我們的基本面表現持續證明過去曝險管理措施的有效性。以及在各種情境下的穩定性。

We plan to continue emphasizing disciplined underwriting as we pursue selective growth where returns are compelling, deploy capital efficiently, and further invest in the capabilities needed to navigate an evolving P&C market.

我們計畫在追求選擇性成長（在報酬具吸引力之處）時，持續強調有紀律的核保，並有效率地配置資本，進一步投資於因應不斷演變的產險（P&C）市場所需的能力。

Most importantly, we remain confident in our ability to deliver sustainable, profitable growth. And attractive long-term value through a consistent execution-driven approach.

最重要的是，我們仍有信心交付可持續且具獲利性的成長。並透過一貫以執行為驅動的方法，創造具吸引力的長期價值。

Our unique selective distribution partnership model with the best independent agents in the country continues to boost this confidence. In fact, this month we held our annual President's Club Conference, which includes the TOP5% of our agents.

我們與全國最優秀獨立代理人合作的獨特選擇性通路夥伴模式，持續強化這份信心。事實上，本月我們舉辦年度總裁俱樂部大會，參與者包含我們前5%的代理人。

During the conference, we had many excellent conversations with our agent partners about our business strategies. Operational tactics, and ways we could best work together in this complex marketplace.

在會議期間，我們與代理夥伴就公司業務策略進行了許多深入且高品質的交流。包括營運戰術，以及在這個複雜市場中我們如何能以最佳方式協同合作。

Feedback from our agents has been very positive, particularly with respect to our underwriting and claims transformation efforts.

代理人對我們的回饋非常正面，尤其是對於我們在核保與理賠轉型方面的努力。

We have successfully navigated dynamic industry environments before, remaining sharply focused, acting decisively, and executing with discipline. And we are committed to doing so going forward. With agility, alignment, and performance at the core of our strategy, we are confident in our ability to deliver on our goals for 2026 and in years ahead, delivering value for our shareholders and many other stakeholders.

我們過去曾成功因應多變的產業環境，始終保持高度專注、果斷行動並以紀律執行。我們也承諾未來將持續如此。以敏捷、對齊與績效為策略核心，我們有信心達成2026年及未來年度的目標，為股東及其他眾多利害關係人創造價值。

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

接下來，我把電話會議交給Jeff。

Thank you, Jack, and good morning, everyone. We are very pleased with the strong results we delivered in the first quarter. Which are a testament to the outstanding execution of our team and the diversification of our businesses.

謝謝你，Jack，各位早安。我們對第一季交出的強勁成果感到非常滿意。這證明了團隊卓越的執行力以及業務的多元化。

Each part of the business contributed to our impressive results, with personal lines remaining at outstanding margins, specialty profitability outperforming our expectations, and core commercial posting solid, healthy margins, all bolstered by our investment portfolio, which continues to provide very strong returns.

業務的每個部分都對我們亮眼的成果有所貢獻：個人險維持卓越的利潤率，專業險獲利優於預期，核心商業險也繳出穩健健康的利潤率；同時，我們的投資組合持續提供非常強勁的報酬，進一步支撐整體表現。

Catastrophe losses were 6.3 points of the combined ratio.

巨災損失占綜合率6.3個百分點。

We recognize 3.1 points of favorable prior year catastrophe development, largely from lower severity on 2025 events.

我們認列前一年度巨災損失發展有利因素3.1個百分點，主要來自2025年事件的損失嚴重度較低。

We believe this reflects stronger than originally estimated benefits from terms and conditions changes and other property management and risk prevention actions.

我們認為這反映出條款與條件調整，以及其他財產管理與風險預防措施所帶來的效益，較原先估計更強。

As an example, on hail events, we have observed lower severity as a result of increased policy deductibles in both personal and commercial lines. We are very encouraged by what we are seeing, reinforcing our optimism that these actions will drive better stability in our underwriting results going forward.

例如，在冰雹事件方面，我們觀察到由於個人險與商業險皆提高保單自負額，損失嚴重度有所下降。我們對目前所見的趨勢感到非常振奮，進一步強化我們的樂觀預期：這些措施將在未來推動核保結果更佳的穩定性。

Current accident year catastrophe losses were primarily driven by an unusually severe hail and wind event in the beginning of March, with the heaviest impact in Illinois and Michigan and, to a lower extent, Winter Storm Fern in January, which impacted many states across the country.

本年度事故年度的巨災損失主要來自3月初一場異常嚴重的冰雹與強風事件，影響最重的地區為伊利諾伊州與密西根州；此外，1月的冬季風暴Fern亦在較小程度上造成影響，波及全國多個州。

Together, these two events made-up over half of current year cat losses.

合計而言，這兩起事件占本年度巨災損失的一半以上。

As claims develop and mature, we will be in a good position to assess the favorable impact that our underwriting actions achieve.

隨著理賠案件持續發展並逐步成熟，我們將能更好地評估核保措施所帶來的有利影響。

Excluding catastrophes, our combined ratio was extremely strong at 85.4%, reflecting a 2.4 point improvement over the prior year quarter, with loss ratio improvements in each segment. The expense ratio for the quarter was 30.7%, in line with our expectations. We continue to take a diligent approach to expenses, aligning costs with strategic priorities, while making targeted investments to support future profitable growth. For the full year, we continue to expect an expense ratio of 30.3% as the benefit of growth leverage skews towards the latter part of the year.

排除巨災後，我們的綜合率仍極為強勁，為85.4%，較去年同期改善2.4個百分點，各分部的損失率均有所改善。本季費用率為30.7%，符合我們的預期。我們持續以審慎態度管理費用，使成本與策略重點一致，同時進行有針對性的投資，以支持未來具獲利性的成長。就全年而言，我們仍預期費用率為30.3%，因成長槓桿效益將偏向在下半年更為顯著。

First quarter favorable ex-cap prior year reserve development of 25 million included favorability across each segment.

第一季扣除巨災的前一年度準備金發展有利因素為2,500萬美元，且各分部皆有有利表現。

In specialty, favorable prior year reserve development was 14.2 million, or 3.9 points, with widespread favorability across multiple coverages.

在專業險方面，前一年度準備金發展有利因素為1,420萬美元（或3.9個百分點），多項承保範圍均呈現廣泛的有利表現。

In personal lines, favorable prior year reserve development was 9.2 million, or 1.4 points. With favorability in home and to a lesser extent in auto driven by property coverages.

在個人險方面，前一年度準備金發展有利因素為920萬美元（或1.4個百分點）。其中住宅險表現較為有利，汽車險亦有一定程度的有利表現，主要由財產相關承保範圍所帶動。

And in core commercial, favorable prior year reserve development was 1.6 million or 0.3 points with minor adjustments by line.

而在核心商業險方面，前一年度準備金發展有利因素為160萬美元（或0.3個百分點），各險種僅有小幅調整。

Our reserve position remains strong and aligned to the current uncertain environment.

我們的準備金水準仍然強勁，並與當前不確定的環境保持一致。

Now I'll further discuss each segment's current accident year results, starting with personal lines.

接下來我將進一步討論各業務分部目前事故年度的結果，先從個人險開始。

This business generated an excellent current accident year ex-CAT combined ratio of 83.8% for the first quarter, a .7 point improvement from the prior year period.

本業務在第一季的當期事故年度（不含巨災，ex-CAT）綜合率為83.8%，較去年同期改善0.7個百分點，表現優異。

The benefit of earned pricing in both auto and home and favorable frequency helped drive a 1.1 point improvement in the underlying loss ratio driven by homeowners.

汽車與住宅保險的已賺保費定價效益，以及有利的出險頻率，推動基礎損失率改善1.1個百分點，其中主要由住宅險帶動。

In this line, we delivered an outstanding ex-CAT current accident year loss ratio of 46.7%, improving two points from the prior year quarter and favorable to our expectations, helped by the benefit of strong earned pricing.

在此業務線中，我們交出亮眼的當期事故年度（不含巨災）損失率46.7%，較去年同季改善2個百分點，且優於我們的預期，受惠於強勁的已賺保費定價效益。

We also continued to observe lower attritional loss frequency and partially attribute the benefit to deductible changes leading to fewer smaller claims in both CAT and ex-CAT results.

我們也持續觀察到日常損失出險頻率下降，並將部分效益歸因於自負額調整，使巨災與非巨災結果中的小額理賠件數減少。

Our personal auto ex-CAT current accident year loss ratio was 66.7%, an improvement of .2 points compared to the prior year quarter. We are seeing continued stability in collision frequency aside from the impact of severe winter weather.

我們的個人汽車險當期事故年度（不含巨災）損失率為66.7%，較去年同季改善0.2個百分點。除嚴峻冬季天候的影響外，我們看到碰撞出險頻率持續穩定。

Personal lines grew 2.7% in the first quarter, with PIF flat sequentially, which is an improvement from the fourth quarter of 2025. We continued to expect pith growth in 2026.

個人險第一季成長2.7%，在保單數（PIF）方面，較前一季持平，這較2025年第四季有所改善。我們仍預期2026年保單數將成長。

Both auto and home achieved strong pricing increases in the first quarter, with auto up 6.7% and home up 10.8%.

汽車與住宅保險在第一季皆達成強勁的調價幅度，汽車上調6.7%，住宅上調10.8%。

Umbrella pricing increases also continued to be strong at approximately 19%.

超額責任險（Umbrella）的調價幅度也持續強勁，約為19%。

Now turning to our core commercial segment.

接著談我們的核心商業保險分部。

We delivered a current accident year ex-CAT combined ratio of 91.5%.

我們交出當期事故年度（不含巨災）綜合率91.5%。

A 3.6 point improvement from the prior year quarter.

較去年同季改善3.6個百分點。

The current accident year loss ratio, excluding catastrophes, of 58.8% was 2.9 points better than the prior year quarter.

當期事故年度損失率（不含巨災）為58.8%，較去年同季改善2.9個百分點。

The first quarter of 2025 included some elevated property large losses, while large loss performance was within expectations in the first quarter of 2026.

2025年第一季包含一些偏高的財產險大型損失，而2026年第一季的大型損失表現則符合預期。

Core commercial net written premiums grew 4.3% in the quarter. Propelled by increased momentum in both small commercial and middle market.

核心商業保險淨簽單保費本季成長4.3%。主要受小型商業與中型市場兩者動能提升所帶動。

Small commercial grew 6.4%, improving over 1.5 points compared to the fourth quarter of 2025.

小型商業成長6.4%，較2025年第四季提升超過1.5個百分點。

Middle market net written premiums increased 1.5%.

中型市場淨簽單保費增加1.5%。

Price levels remain healthy and elevated, particularly in commercial auto and umbrella.

價格水準仍然健康且維持在高檔，尤其是在商業汽車險與超額責任險。

Moving on to specialty, this business continued to perform very well with a current accident year ex-cat combined ratio of 85.4%. The current accident year loss ratio, excluding catastrophes, was 49% in the quarter, coming in better than our expectations and our low 50s target for this segment, driven by property favorability while liability remained within expectations.

再來看專業險（Specialty），本業務持續表現非常出色，當期事故年度（不含巨災）綜合率為85.4%。本季當期事故年度損失率（不含巨災）為49%，優於我們的預期，也優於我們對該分部設定的低50%區間目標；主要由財產險表現有利所帶動，而責任險則符合預期。

The continued exceptional performance and profitability of this segment highlight the quality and positioning of our specialty business.

該分部持續卓越的表現與獲利能力，凸顯我們專業險業務的品質與市場定位。

While growth was pressured in the quarter, it reflects our prudent approach and focus on protecting the strong profitability of the business.

雖然本季成長受到壓力，但這反映我們審慎的做法，以及專注於維護業務強勁獲利能力。

We are working tirelessly to ramp up premium growth.

我們正不懈努力以加速保費成長。

Turning to our recent investment performance.

接著談我們近期的投資表現。

Net investment income increased an impressive 19.6% in the quarter, driven by growth in our asset base from strong earnings, the benefit of higher reinvestment yields, and improved partnership income.

本季淨投資收益大幅成長19.6%，主要由強勁獲利帶動資產基礎擴大、較高再投資殖利率的效益，以及合夥投資收益改善所驅動。

Our investment portfolio continues to provide steady returns, helped by disciplined positioning and broad diversification.

在紀律性的部位配置與廣泛分散的支持下，我們的投資組合持續提供穩健回報。

Roughly 88% of our total invested assets are in cash and investment-grade fixed income. Highlighting the high-quality composition of our portfolio and the relatively modest size of our other exposures.

我們總投資資產約88%配置於現金與投資等級固定收益。這凸顯我們投資組合的高品質結構，以及其他曝險相對較小的規模。

Our fixed maturity portfolio weighted average rating is AA minus, with 95% of holdings investment grade.

我們固定到期投資組合的加權平均評等為AA-，其中95%的持有部位為投資等級。

Earned yields on the fixed maturity portfolio were 4.42% in the first quarter, up from 4.08% a year ago.

第一季固定到期投資組合的已賺殖利率為4.42%，高於一年前的4.08%。

And we continue to reinvest at higher yields than what is maturing.

而我們持續以高於到期部位的殖利率進行再投資。

Portfolio duration, excluding cash, remained relatively stable at approximately 4.4 years, consistent with our long-term asset liability alignment approach.

投資組合存續期間（不含現金）維持相對穩定，約為4.4年，符合我們長期資產負債匹配的策略。

Moving on to our equity and capital position.

接著談我們的股東權益與資本狀況。

Our book value per share increased 1% sequentially to $101.86, driven by strong earnings in the quarter, partially offset by an increase in the unrealized loss position, share repurchases, and the quarterly dividend.

每股帳面價值較前一季增加1%至101.86美元，主要由本季強勁獲利帶動，但部分被未實現損失部位增加、庫藏股回購以及季度股利所抵銷。

Excluding unrealized, book value per share increased 2.8% sequentially.

若排除未實現損益，每股帳面價值較前一季增加2.8%。

We continued to actively participate in share buybacks, repurchasing approximately 503,000 shares, totaling 87 million in the first quarter.

我們持續積極參與庫藏股回購，第一季回購約503,000股，合計約8,700萬美元。

Additionally, we repurchased approximately 14 million worth of shares through April 28th.

此外，截至4月28日，我們另回購約1,400萬美元的股份。

We remain dedicated to responsible capital management and prioritizing shareholder value.

我們仍致力於負責任的資本管理，並以提升股東價值為優先。

Our second quarter cap load is expected to be 7.9%. To wrap up, we had an exceptionally strong start to 2026 and are confident in our strong market position headed into the rest of the year.

我們預期第二季的巨災損失負擔（CAT load）為7.9%。總結而言，我們在2026年有一個異常強勁的開局，並對今年剩餘時間的強勢市場地位充滿信心。

The company continues to perform well across the board, helped by our diversified business and earnings stream, as well as our extremely talented team.

公司整體持續表現良好，受惠於我們多元化的業務與獲利來源，以及我們極具才華的團隊。

With that, we're ready to open the line for questions. Operator.

接下來，我們準備開放提問。接線員。

(Operator Instructions) Michael Phillips, Oppenheimer.

(接線員指示) Michael Phillips，Oppenheimer。

Thank you. Good morning, everybody. I want to start, Jack, I guess with what I think is admittedly a generic topic, but an important one that I think could separate Hanover. From peers over the next couple of years. That is where the market, specifically commercial market, is headed. Let's start with an answer here, hopefully not the answer, but it's going to sound too familiar. We don't follow the market down, we're laser-focused on margins, says everybody. H1stly, I guess it's a matter of degree, but can Jack, can you talk about any structural things within Hanover that if we are to fast-forward to next year, give us confidence that that commercial renewal rate deceleration for Hanover won't be as dramatic as your peers?

謝謝。各位早安。Jack，我想先從一個我承認相當通用、但很重要的主題開始，我認為這可能在未來幾年讓Hanover與同業拉開差距。那就是市場，特別是商業保險市場，將走向何方。先從這裡的回答開始，希望不要是那種聽起來太熟悉的答案。我們不會跟著市場往下走，我們高度聚焦利潤率——每家公司都這麼說。首先，我想這是程度上的差異；但Jack，你能否談談Hanover內部有哪些結構性的因素，讓我們若快轉到明年，能更有信心：Hanover的商業續保費率放緩不會像同業那麼劇烈？

Yes, Mike, thanks for the question. I would start off with the fact that we have the most diversified business and earnings stream in the history of the company, and that is essential as we face off on a market that is, I think, going to be showcasing many cycles as opposed to one.

是的，Mike，謝謝你的提問。我會先從這點開始：我們擁有公司史上最多元化的業務與獲利來源；當我們面對一個我認為將呈現多重循環、而非單一循環的市場時，這點至關重要。

Total cycle that affects all businesses and all geographies the same way. So to be in a position where all of our major business units and most of our geographies are contributing to our profitable growth, that is powerful in and of itself.

也就是說，不是那種會以相同方式影響所有業務與所有地理區域的單一總循環。因此，當我們所有主要業務單位以及大多數地區都在為我們的獲利性成長做出貢獻時，這本身就非常有力。

Within commercial lines, having a pretty diversified portfolio across small commercial, middle market, nine specialty businesses, again, is an extension of that enterprise. View.

在商業險方面，我們在小型商業、中型市場以及九個專業險業務之間擁有相當多元的投資組合，這同樣是企業整體觀點的延伸。。

And we work, as in the small to lower end of the middle market.

而我們的業務重點在小型到中型市場的較低端。

We have a good balance between property and casualty.

我們在財產險與意外險之間有很好的平衡。

We have a strong alignment with our agency plant.

我們與自有代理通路（agency plant）的契合度很高。

I think we're particularly well served by.

我認為我們在這方面特別受益。

Leveraging those profit margins into appropriate pricing that doesn't generate a lot of remarketing activity in this dynamic marketplace. So I think the secret sauce for us is we've figured out how to make money in a lot of different places, and we can navigate and pull different levers across the way without being kind of stuck in one business segment that's in a down cycle.

把這些利潤率運用到適當的定價上，在這個動態市場中不會引發大量的重新行銷（remarketing）活動。所以我認為我們的祕訣在於：我們已經摸索出如何在很多不同的地方賺錢，而且我們可以一路上靈活調整、拉動不同的槓桿，而不會被卡在某一個正處於下行週期的業務區隔裡。

Yeah, no, thanks, Jack. I think it's a good story. I appreciate the thoughts. I guess thinking just specifically with small commercial, where one could maybe argue that there might be more pressure longer-term from advances in tech, at least from a distribution angle, is that something at all you feel you have to think about?

是的，好的，謝謝你，Jack。我覺得這是一個很好的故事。感謝你的想法。我想更具體地問一下小型商業險：有人可能會認為，從通路的角度看，長期來說科技進步可能帶來更大的壓力，你們是否需要為此做任何思考？

Well, we constantly think about not only how we navigate the contemporary challenges and opportunities, but also where the longer-term view is going to be. I think like some of our better competitors have articulated, small commercial is much more complex than I think people fully appreciate in terms of how fragmented it is across the distribution system and.

我們一直在思考的不只是如何應對當前的挑戰與機會，也包括長期趨勢會走向哪裡。我認為，正如一些表現更好的競爭對手所闡述的，小型商業險的複雜度遠高於多數人充分理解的程度，尤其在於其在通路體系中的高度碎片化，以及……

How you have to both have a kind of point of sale or portfolio approach to some parts of small commercial and how you have to have a separate operating model that gets at the appropriate level of underwriting for kind of the upper end of small commercial. And then furthermore, you look at small specialty and how much business really extends into that more specialized line. So I wouldn't say that. The moat necessarily around it, but you have to have made a lot of investment. You have to have a lot of history and data around where the profitability is by line of business, by geography and by business segment. And if you do that well, I think you can manage through at least the short-term pressures.

你必須同時具備某些小型商業險部分在銷售端（point of sale）或以組合（portfolio）方式經營的做法，並且還要有一套獨立的營運模式，能在小型商業險較高端部分做到適當層級的核保。此外，你再看小型專業險（small specialty），有多少業務其實延伸到更專門的險種線。所以我不會說……它周圍必然有很深的護城河，但你必須投入大量投資。你必須累積大量歷史與數據，了解不同業務線、不同地理區域、不同業務區隔的獲利所在。如果你把這些做好，我認為至少可以管理、度過短期的壓力。

The longer-term view, we are very optimistic about because as **** can share with you.

至於長期展望，我們非常樂觀，因為正如****可以跟你分享的。

We are heavily invested and excited about some of the transformational opportunities that will take what we do today and, frankly, make ourselves more efficient and more competitive into the future.

我們在一些具變革性的機會上投入很深、也很興奮；這些機會將把我們今天所做的事情，坦白說，讓我們在未來變得更有效率、也更具競爭力。

Okay, wonderful. Thank you for the comments, Jack.

好的，太好了。謝謝你的評論，Jack。

Paul Newsome, Piper Sandler.

Paul Newsome，Piper Sandler。

Good afternoon, morning, whatever it is.

下午好、早安，隨便現在算什麼時段。

Thanks for the call.

謝謝這通電話會議。

I was hoping you could touch a little bit more on your comments you made around the program business. It's always kind of hard as an outside of your toe exactly what's in there.

我希望你能再多談一點你剛才對「方案業務」（program business）的評論。作為外部人士，總是有點難確切知道裡面到底包含什麼。

And if there's sort of specific areas within those areas, within programs, market-wise, geography, whatever you think is interesting, where you might see.

如果在那些領域之內、在各個方案裡，無論是市場面、地理區域或任何你覺得有意思的面向，你是否看到……

Unusual, more than what we'd expect pricing concerns as well as terms and condition changes.

一些不尋常的、超出我們預期的定價疑慮，以及條款與條件的變動？

Yes, Paul, this is Jack. I'll make a couple of comments here broadly and then let Brian speak to Hanover Programs. But I'll remind you and others that we write program and programmatic business across many business units in our enterprise. As a matter of fact, I don't think there's a single business that doesn't have at least some programmatic business. With individual distributors across the various lines and businesses. And frankly, our Hanover programs business in total is smaller than the program business that we write across the enterprise in other specialized businesses.

是的，Paul，我是Jack。我先從較宏觀的角度做幾點評論，然後讓Brian談談Hanover Programs。不過我也提醒你和其他人：我們在公司內部的多個業務單位都承作方案與方案化（programmatic）業務。事實上，我想沒有任何一個業務線是完全沒有至少一些方案化業務的。這些是透過各條線、各業務中不同的通路商來進行。坦白說，我們的Hanover Programs整體規模，比起我們在企業內其他專業化業務中承作的方案業務總量還要小。

So what we articulated in our prepared remarks is that programs in the Hanover Programs area that we've been working on to improve its profitability, we've achieved that profitability that we were seeking and have greatly improved it, but on the margin, we're trying to keep our powder dry for what we think is the next round of opportunities.

所以我們在事先準備的講稿中所說的是：在Hanover Programs這個領域，我們一直努力提升獲利能力；我們已達到原先追求的獲利水準，並且大幅改善。但在邊際上，我們正試著保留實力（keep our powder dry），為我們認為下一波機會做準備。

And so I would say we shrunk a little bit following through on that discipline that we have and not taking in any material new programs, but we're quite optimistic about how we can translate that into eventually stronger growth in the future. Brian, you want to build on that?

因此我會說，基於我們一貫的紀律，我們的規模有稍微縮小一些，沒有承接任何重大的新方案；但我們對於如何把這轉化為未來更強的成長，仍然相當樂觀。Brian，你要補充一下嗎？

Yeah, I mean, first of all, I think you said a lot of that quite well, right? So I think what I would add, I'll just call it out, right, the program business that I think you're referring to is a smaller part of. Our total program portfolio, which actually performs very well.

是的，我的意思是，首先，我覺得你已經把很多重點講得很好了，對吧？所以我想我會補充的是，我就直接點出來：我想你指的那塊方案業務，只占……我們整體方案組合（program portfolio）的一小部分，而我們的整體方案組合其實表現非常好。

As Jack pointed out, we have worked very diligently on that Hannover Programs book. It is actually performing well. And frankly, the pricing in that part of the portfolio is actually quite strong. So we feel very good about that. And then I think what I would add is, I really do think it's important, this notion of keeping our powder dry, right? So.

如Jack所指出，我們非常勤勉地處理那本Hanover Programs的業務帳冊（book）。它其實表現得不錯。而且坦白說，那部分組合的定價其實相當強勁。所以我們對此感覺很好。另外我想補充的是，我確實認為「保留實力」這個概念很重要，對吧？所以……

But we finished or finishing up some of that cleanup work.

但我們已經完成或正在完成其中一些清理整頓的工作。

And I would tell you, what we see our agents doing is increasingly leaning towards this area, right, to be able to work their portfolio. And so with all the work that we've done, I would say we feel really well positioned to support them across multiple lines in programs, outside of programs. I think we're well positioned, and this is an important space to our agents.

我會告訴你，我們看到代理人正在愈來愈傾向於往這個領域靠攏，對吧？以便能經營他們的組合。因此，基於我們所做的所有工作，我會說我們覺得自己處於非常有利的位置，能在方案內、方案外的多條業務線上支援他們。我認為我們的定位很好，而這對我們的代理人來說是一個重要的領域。

That's great.

太好了。

And then maybe some thoughts on the comments that you made about commercial auto and some of the other severity hotspots. Some of your peers this quarter and past have really gotten behind the ball here in terms of what's going on. Just from your perspective, are we seeing an acceleration of some of the severity issues? Or is it just continuing at sort of the high levels that we've seen in the recent past?

另外也想請你談談你對商用車險（commercial auto）以及其他一些損失嚴重度（severity）熱點的評論。你的一些同業在本季以及過去幾季，在這方面確實有點措手不及，沒有跟上情勢。就你的觀點來看，我們是否看到某些嚴重度問題正在加速？還是只是延續近來我們看到的那種高檔水準？

Yeah, I think I would kind of echo what I said on the last quarter call was that there is a maturation of the trends in my mind, but at a very high level.

是的，我想我會呼應我在上一季電話會議所說的：在我看來，這些趨勢正在成熟，但仍處於非常高的水準。

So we know that.

所以我們知道……

The severity of liability cases, whether they're commercial auto or slip, trip and fall or other types of liability claims are dramatically higher than they were historically. But as we've gotten further away from the COVID kind of court closures and we've started to see how those litigation trends come through in some of the jury and judge awards, it is clearly starting to mature.

責任案件的損失嚴重度，無論是商用車險、滑倒／絆倒／跌倒（slip, trip and fall），或其他類型的責任理賠，都比歷史水準高出非常多。但隨著我們逐漸遠離COVID期間法院關閉的影響，並開始看到這些訴訟趨勢如何反映在陪審團與法官的裁決金額上，這些趨勢顯然開始走向成熟。

But I wouldn't say that I think what you're going to see is different carriers are in different places with their book mix, with their reserve position, with how they've actuarially addressed the loss trend analysis, and we feel really good about the way we've managed through this.

但我不會說你接下來會看到的是……我認為不同保險公司在其業務組合（book mix）、準備金部位（reserve position）、以及其精算上如何處理損失趨勢分析等方面，所處的位置各不相同；而我們對自己一路以來的管理方式感到非常有信心。

But we get up every single day paying attention to these liability trends because they are elevated.

但我們每天一早起來都會關注這些責任趨勢，因為它們仍然處於偏高水準。

Paul, this particular quarter, our commercial auto results were fairly benign in both the current year and prior year. There's not all that much informational content in that statement because I think that commercial auto in the industry has reached a plateau of a fairly high severity that we're all dealing with in terms of managing through that and making sure we get substantial rate.

Paul，就本季而言，我們的商用車險結果在當年度與前期年度都相對平穩。不過這句話本身其實沒有太多資訊含量，因為我認為整個產業的商用車險已經到達一個平台期：損失嚴重度維持在相當高的水準；我們大家都在面對如何管理並確保取得足夠的費率調升。

Congrats from the quarter, appreciate the help as always.

恭喜本季表現，一如既往感謝你們的協助。

Thanks, Paul.

謝謝你，Paul。

Mike Zaremski, BMO.

BMO 的 Mike Zaremski。

Great. Good morning.

很好。早安。

Switching gears to personal lines, looking at the continued excellent results for you all, especially, but also on the industry basis.

把焦點轉到個人險，看到你們持續非常出色的成果，尤其是相較同業整體也很亮眼。

Should we expect pricing power to moderate more materially kind of towards peers or are you guys since you have a more differentiated portfolio, especially regional as well, do you expect to kind of keep pricing well above the kind of industry average?

我們是否應該預期你們的定價能力會更明顯地趨於溫和、逐步靠近同業？還是因為你們的產品組合更具差異化、尤其也更偏區域性，你們預期定價仍能維持在明顯高於產業平均的水準？

Maybe you could throw in how to think about retention there as well.

也請順便談談該業務的續保率該如何看待。

Mike, I'll let **** obviously, speak to some specifics about the personal lines business. But I think your articulation of our -- where we play and how we're different is an important part of the answer. We are the best account writer in the 20 states we choose to do business in the IA channel, and that gives us some real, I think, staying power.

Mike，我先請 **** 當然針對個人險業務的一些細節做說明。不過我認為，你對我們—我們在哪些領域競爭以及我們如何與眾不同—的描述，是答案中很重要的一部分。在我們選擇透過獨立代理（IA）通路經營的 20 個州，我們是最佳的整體帳戶承保者，這讓我們具備相當強的、我認為可持續的競爭力。

That said, we live in a competitive business.

話雖如此，我們身處的是一個競爭激烈的產業。

I think our account strategy itself is now really paying huge dividends because there's no doubt that in the direct channel and even in the captive channel, there is real pricing pressure coming, particularly on auto. But having home as part of our proposition is a meaningful part of the way in which we differentiate ourselves, but also keep ourselves out of.

我認為我們的整體帳戶策略現在正帶來非常巨大的回報，因為毫無疑問，在直銷通路、甚至在專屬代理通路，確實有實質的定價壓力正在到來，特別是在汽車險。但把住宅險納入我們的主張，是我們差異化的重要方式之一，同時也讓我們能避開。

That pure auto pricing market.

那種純汽車險的定價市場。

So a lot of great points there, Jack.

Jack，你提了很多很棒的觀點。

I just re-emphasize, sticking to our strategy, right, both geography and customer segment is what we believe will help us continue to kind of outperform and I think stands up better in a competitive market. The full account, 90%. The other fact that we have 76% of a common effective date, so that brings efficiencies to having both policies or multiple policies renew on the same date. But I'll just add, we have an amazing state management capability, kind of working as a co-CEO, if you will, with a field leader in each state, driving those agency relationships at the desk level, and the analytic tools and practices that we've built. Over the years has just allowed us to stay on top of the trends and kind of be laser-like in how we outperform in the marketplace, looking at new business through the comparators and adjusting quickly our dials, studying intensely the customer behavior on renewals, specifically price elasticity and making sure that we're doing the right kind of renewal pricing to maintain and keep our best accounts. So.

我再強調一次，堅持我們的策略，對吧，不論是地理布局或客群區隔，我們相信這能幫助我們持續維持相對領先，我也認為在競爭市場中更站得住腳。整體帳戶占比 90%。另外一點是，我們有 76% 採用共同生效日，因此能帶來效率，讓兩張保單或多張保單在同一天續保。但我還要補充，我們有非常出色的州別管理能力；在每個州都有一位現場領導者，某種程度上可說像共同 CEO 一樣，推動與代理人的關係到第一線桌面層級，並運用我們多年建立的分析工具與作法。多年來，這讓我們能緊貼趨勢，並以非常聚焦的方式在市場上勝出：透過同業比較來看新業務並快速調整我們的各項槓桿；深入研究續保時的客戶行為，特別是價格彈性，並確保我們採取正確的續保定價，以維持並留住我們最優質的帳戶。所以。

We just H1d and fine-tuned our capabilities and we just we know who we are, we stick to our strategy and we're not immune, but we think we can outperform, particularly as we continue to push ourselves upmarket with higher coverage A, our Prestige product is having tremendous success and that gives us confidence about the future.

我們只是持續精進並微調我們的能力；我們很清楚自己是誰，也堅持策略。我們並非不受影響，但我們認為可以跑贏同業，特別是當我們持續往更高端市場推進、提高 A 項保額（Coverage A）之際；我們的 Prestige 產品非常成功，這也讓我們對未來更有信心。

Okay, great. Let me just shifting gears to the.

好的，很好。我再把話題轉到。

Also, excellent results in specialty. If we focus on the core loss ratio, it continues to usually track below the low 50s, which is great. Just curious, has there been any items you want to call out that kind of have been better than expected, we should just continue to keep in mind?

另外，專業險的結果也非常出色。如果我們聚焦核心損失率，它通常持續低於 50% 出頭的水準，這很棒。我想請教，有沒有任何項目是你們想特別指出、表現優於預期，讓我們後續持續留意的？

Go ahead, Brian. So, I'm actually quite pleased with the performance of almost all of our portfolio, as I say, pretty much all of our portfolio, right?

Brian，你先說。我其實對我們幾乎所有投資組合的表現都相當滿意；如我所說，基本上是我們整個投資組合，對吧？

The core loss ratios across our lines of business are really strong.

我們各條業務線的核心損失率都非常強勁。

The profitability that we delivered was broad-based.

我們交出的獲利表現是全面性的。

So, I don't know that I would call it a single area.

所以我不確定我會把它歸功於單一領域。

I would probably highlight that property continues to be.

我可能會特別強調，財產險仍然。

Very strong from a profit perspective.

從獲利角度來看非常強勁。

But again, really good profitability across this portfolio. Some of that was some hard work in parts of the portfolio, a lot of discipline in our pricing, in our portfolio management, but beyond that, I wouldn't say it's not an area, I just say really good blood-based profit.

但同樣地，整個投資組合的獲利都很不錯。其中一部分來自我們在投資組合某些區塊所做的辛勤工作，以及在定價與投資組合管理上的高度紀律；除此之外，我不會說是某一個領域，我會說是非常好的全面性獲利。

Mike, I would just add that.

Mike，我再補充一點。

One of the strengths of being able to play primarily in the retail agency side of that business across multiple businesses.

我們的優勢之一，是能在該業務中主要透過零售代理通路、跨多個業務領域來經營。

It gives us the ability to flex based on the way the market cycles are changing. And I think we used the example of management liability last quarter where we faced several quarters of some pricing pressure and we held on to our book of business, but we lowered some of our growth trajectory. And as we finished up 2025 and headed into '26, we were able to re-elevate our growth because we maintain that profitability and the pricing. Discipline started to come back into the business. So I believe that's the secret to being in the more specialized businesses. Do you have that core profitability? Do you have multiple areas that you can bob and weave so that you're not trapped into one business that is going to be too cyclical?

這讓我們能隨著市場循環的變化而彈性調整。我想我們上季以管理責任險為例：我們面對了好幾季的定價壓力，我們守住了既有業務，但降低了部分成長軌跡。而當我們結束 2025 年、進入 2026 年時，我們能再次提高成長，因為我們維持了獲利能力與定價水準。市場的紀律也開始回到這個業務。所以我相信，這就是經營較專精業務的關鍵：你是否有核心獲利能力？你是否有多個領域可以靈活調整，讓你不會被困在單一、過度循環性的業務裡？

And just to really quickly add.

再非常快速補充一下。

Pat, you mentioned before, our focus on that small to middle market space definitely benefits us, especially right now.

Pat，你先前提到，我們聚焦小型到中型市場的策略，確實讓我們受益，尤其是在目前這個時點。

And just a quick follow-up, just for maybe education, you continue to highlight Marine. Maybe you can just -- I think when a lot of us think about Marine, we think of kind of the more syndicated large account marketplace, kind of Lloyd's of London.

再追問一個，算是請教：你們一直強調海事險（Marine）。我們很多人想到 Marine，會想到比較偏聯合承保的大型帳戶市場，有點像倫敦勞合社（Lloyd's of London）。

Type business. Maybe you can just give us a quick flavor of what the typical Marine account looks like.

那類型的業務。你能否簡單讓我們了解一下，典型的 Marine 帳戶大概長什麼樣子？

Yeah, so there is quite a bit to Marine. There's quite a number of lines of products there, right?

好的，Marine 其實涵蓋的內容相當多。那裡面有相當多的產品線，對吧？

I'll go back to what I said before. Even there, we focus on the middle market to smaller space.

我回到我先前說的：即便在這裡，我們也聚焦在中型市場到更小的區間。

The vast proportion of our business in terms of PIP is smaller accounts. And a lot of that is builders' risk. Contractor's equipment, which you would call inland marine.

以保費（PIP）來看，我們業務中絕大多數是較小型的帳戶。其中很大一部分是工程險（builders' risk）。以及承包商設備險（contractor's equipment），也就是你們所稱的內陸海事險（inland marine）。

And then the other thing I would say relative to what people often refer to as ocean marine, our book, I don't think looks like a lot of others that you might be thinking of, right? We do not write a lot of hull coverage.

另外，針對大家常說的遠洋海事險（ocean marine），我認為我們的承保組合，和你可能想到的很多同業不太一樣，對吧？我們不太承作船體險（hull coverage）。

We write marinas, we write brown water stuff, things that are traditionally better performing. So we're very fortunate. Because I think of our agent relationships that we've really built one of the larger marine practices in this inland marine space and what I think of as lower severity ocean marine.

我們承作碼頭（marinas）、內河／近岸水域（brown water）等業務，這些傳統上表現較佳。所以我們非常幸運。我認為因為我們建立起來的代理人關係，我們在這個內陸海事險領域，以及我所認為的低嚴重度遠洋海事險，打造了規模較大的海事專業團隊之一。

Got it. So inland, I think was the clarification that I missed. So I appreciate that. Thanks.

了解。所以關鍵是內陸（inland），我想這就是我先前漏掉的釐清點。很感謝你的說明。謝謝。

Meyer Shields, KBW.

Meyer Shields，KBW。

Good morning. This is Jean Omer.

早安。我是Jean Omer。

Thanks for taking my question.

謝謝讓我提問。

My first question is on specialty. Just a follow-up on that.

我的第一個問題是關於專業險（specialty）。想就此追問一下。

We see that there's a pricing slowdown this quarter. I'm just curious what's driving that. And also, you mentioned that you'll see specialty growth ramp up from here.

我們看到本季定價有所放緩。我想了解是什麼因素在驅動這個情況。另外，你提到接下來專業險的成長會加速。

What areas are you focusing on given the kind of slowdown and the overall specialty pricing? Thanks.

在這種放緩以及整體專業險定價的背景下，你們目前聚焦在哪些領域？謝謝。

Yes, thank you. So, I think the first thing I would call to your attention is that we are very deliberate about our pricing, right? And I think worthwhile to consider, and I think it ties a little bit into your Part B of your question, right? This is a very diversified portfolio.

好的，謝謝。我想首先要請你注意的是，我們在定價上是非常審慎且有意識的，對吧？我也認為值得一提，而且我覺得這也和你問題的第二部分有些關聯，對吧？這是一個非常多元分散的投資組合。

Nine businesses, 19 separate product areas, focused on the small to middle market space, and they're not all traveling on that same path, right? So we did feel some -- we felt pricing pressure in the property space, one of our most profitable areas, and we're managing that in a very disciplined way. I'll go back to something Jack pointed out before about management liability. We have a track record in our businesses of. Appreciating the profit margin, understanding that we have to compete with doing that in a measured and deliberate way, sometimes sacrificing near-term growth so that we're well positioned to grow going forward. And so that's the way we're thinking about the pricing in this environment. And I do see the ability to continue to drive growth in the areas we had success. I think that was the other part of your question, so management liability.

九個業務、19個獨立的產品領域，聚焦於中小型市場，而它們並不是都走在同一條路徑上，對吧？因此我們確實在財產險領域感受到一些——我們在財產險這個我們最賺錢的領域之一感受到定價壓力，而我們正以非常嚴謹的方式來管理。我再回到Jack先前提到的管理責任險（management liability）。我們在各項業務上有一個一貫的紀錄：重視利潤率，理解我們必須競爭，但會以有節制、審慎的方式去做，有時會犧牲短期成長，以便讓我們在未來更有利於成長。所以這就是我們在此環境下對定價的思考方式。而我也確實看到，我們能在那些已經取得成功的領域持續推動成長。我想那是你問題的另一部分，所以是管理責任險。

Maturity, E&S, specialty general liability. And then I would add that we see an increase in growth in areas like marine and professional liability as well.

成熟市場、E&S（超額及剩餘線）、專業一般責任險（specialty general liability）。另外我也要補充，我們也看到像海事險（marine）與專業責任險（professional liability）等領域的成長正在增加。

Jing, we had planned for the first quarter of 2026 to be the lowest growth quarter of the year. And that, combined with the optimism that Brian has for the various areas, gives us confidence that we can ramp up the growth from here in specialty.

Jing，我們原本就規劃2026年第一季會是全年成長最低的一季。再加上Brian對各個領域的樂觀展望，讓我們有信心從這裡開始，專業險的成長可以逐步加速。

Gotcha. Very helpful.

了解。非常有幫助。

Thank you.

謝謝。

My second question, just a quick one. Is there any underlying reserve movement on the casualty lines?

我的第二個問題，很快的一個。意外險（casualty）線別是否有任何潛在的準備金變動？

I'm not exactly sure how to answer that, Jing. We do every single quarter.

Jing，我不太確定該怎麼回答這個問題。我們每一季都會做。

We look at our entire book. And so we're always making adjustments in terms of our overall reserves. If your question is about prior year development, specifically in core casualty, there were essentially no -- almost no movements in individual lines of business.

我們會檢視整個承保組合。因此我們一直都會就整體準備金做調整。如果你的問題是關於以前年度發展（prior year development），特別是在核心意外險（core casualty）方面，各個單一業務線基本上沒有——幾乎沒有變動。

Gotcha.

了解。

Thank you.

謝謝。

Thank you, Jen.

謝謝你，Jen。

Roland Mayer, RBC Capital Markets.

Roland Mayer，RBC Capital Markets。

Hi, good morning. I wanted to quickly ask on the CAAT PYD, was that a result of a specific review of how you had booked that business, or are you continuing to hold some conservatism around kind of the underwriting changes in personal lines?

嗨，早安。我想快速問一下CAAT的PYD（以前年度發展），那是因為你們針對該業務的入帳方式做了特定檢視所致，還是你們仍在個人險承保變更方面保留一些保守性？

So we look at our CAAT reserves every single month, and as we did at the end of March.

我們每個月都會檢視CAAT準備金，就像我們在3月底所做的一樣。

In April, we looked at '24 and '25 reserves. And we certainly don't want to get short, so we look at those in a prudent way. But we were really surprised that the level of severity, and to a lesser extent, frequency on both personal lines and commercial lines, particularly from 2025 events, had rolled off more favorably than we had originally estimated. So it was lower large losses in. Commercial lines, and in personal lines, it was less severity. The terms and conditions are having a very meaningful impact across both personal and commercial lines. With respect to conservatism, we always try to be conservative, but I would not anticipate the level of favorable development that we had this particular quarter to be repeating.

在4月，我們檢視了'24與'25的準備金。我們當然不希望準備金不足，所以我們以審慎的方式來檢視。但我們確實很驚訝，嚴重度（severity）以及在較小程度上、頻率（frequency），在個人險與商業險兩者上，特別是來自2025年事件的部分，回落得比我們原先估計更有利。因此商業險的大額損失更少，而在個人險方面，則是嚴重度較低。條款與條件（terms and conditions）在個人險與商業險兩者上都產生了非常顯著的影響。至於保守性，我們一向努力保持保守，但我不預期本季這種程度的有利發展會重複出現。

Thank you. That's super helpful. And I'm just wondering on that with the terms and conditions coming in better than you had previously thought, does that change how quickly you want to grow the homeowner's business or the personal lines, PIF?

謝謝。這非常有幫助。我也想問，既然條款與條件的表現比你們先前預期更好，這是否會改變你們想要加快住宅險（homeowner's）業務或個人險保單在保件數（PIF）的成長速度？

This is Jack. I hope eventually the answer is yes. We're going to remain cautious, but the silver lining of having some CAD activity, particularly in some of our more penetrated footprint.

我是Jack。我希望最終答案會是肯定的。我們會維持謹慎，但出現一些CAD活動的好處——尤其是在我們滲透率較高的部分據點。

Is that we really get to sharpen our analysis about the effectiveness of the terms and conditions and how we're pricing those and the impact it's having on our property aggregations. So for right now, as we said in our prepared remarks, we're not making major changes, but I would be disappointed if eventually all of that didn't translate into the appropriate level of earnings volatility and the ability to grow the business. More than we've been willing to do over the last couple of years.

是我們能更精準地強化對條款與條件有效性的分析、我們如何為其定價，以及它對我們財產風險聚合（property aggregations）的影響。所以就目前而言，正如我們在事先準備的講稿中所說，我們不會做重大調整；但如果最終這些都沒有轉化為適當程度的獲利波動（earnings volatility）以及成長業務的能力，我會感到失望。比起過去幾年我們願意做的程度更高。

Bob Huang, Morgan Stanley.

Bob Huang，Morgan Stanley。

Hi, good morning.

嗨，早安。

So I think most of my questions are addressed, but one thing I want to unpack a little bit is as we think about the broader innovations in technology. A lot of companies have addressed their willingness and their aspiration for AI and innovation. Just curious, in that increasingly tech-driven environment, where do you think you fit in from a competitive perspective? And how do you think the competitive environment will evolve because of technology?

我想我的大部分問題都已經被回答了，但有一點我想再深入拆解一下：當我們思考更廣泛的科技創新時，很多公司都談到他們對AI與創新的意願與企圖。我好奇的是，在這個越來越由科技驅動的環境中，從競爭角度來看，你們認為自己處於什麼位置？以及你們認為競爭環境會因為科技而如何演變？

Bob, thanks for the question, super important time for us to address that with our investment community.

Bob，謝謝你的問題，這是我們與投資社群溝通時非常重要的議題。

I'm really excited about the way the organization is leaning into the opportunities that technology and AI are presenting.

我對組織正積極投入科技與AI所帶來的機會感到非常振奮。

I think you saw that a few quarters ago, we asked **** Levy to take on some additional responsibility in this area to make sure that we the the innovations were business-led and in conjunction with our technology teams, we're making a ton of progress and we'll look forward to updating you further about the impact that we believe we can make with those.

我想你在幾季前也看到，我們請**** Levy在這個領域承擔更多責任，以確保我們的創新是由業務端主導，並與我們的科技團隊協同推進；我們已取得大量進展，也期待後續向各位更新我們相信能帶來的影響。

Likely, we'll do that later in the year when we update our five-year forecast as our current five-year forecast comes to a conclusion at the end of '26.

很可能我們會在今年稍晚、當我們更新五年期展望時再談，因為我們目前的五年期展望將在'26年底告一段落。

But **** if you want to highlight kind of your view of the momentum that we're building.

不過****，如果你想強調一下你對我們正在建立的動能的看法。

And I thought Jack's prepared remarks did a really nice job highlighting.

我也覺得Jack事先準備的講稿把重點講得很好。

What we're doing. I'll just maybe make a couple of overarching comments and then give you a couple of examples perhaps to make it come alive and then end with I think a specific response to your question about the impact on competitiveness. But yeah, so it's been over a year since I stepped into the role of COO and I took the responsibility of just helping our organization frame our strategy on overall transformation and kind of tackle the highest order of priorities that we believe are going to bring us some benefit realization.

我們正在做的事情。我可能先做幾點整體性的評論，再給你幾個例子讓它更具體，最後我會針對你關於競爭力影響的問題做一個更直接的回應。是的，我擔任營運長（COO）這個角色已經一年多了，我也承擔起協助組織梳理整體轉型策略的責任，並著手處理我們認為能帶來效益落地（benefit realization）的最高優先事項。

Doing that in partnership with Will Lee, our CIO, but with a keen focus on scaling our company, right, to bring more growth and efficiency. And I've been working intensely with the business leaders and functional leaders and also spending time externally, to your question, understanding technology, vendors, competitor actions. And I can say, on balance, as I absorb all of that, is that we. We feel terrific about our progress. We are right in the game with what others are tackling. And as Jack pointed out, and you've heard me say this before too, we're tackling really the common activities across our value chain in underwriting claims and operations. So two very quick examples. This idea of, in the underwriting space, probably the most impactful, that and claims, but this ingestion and triage agent.

這項工作是與我們的 CIO Will Lee 合作推進的，但會非常聚焦在擴大公司規模，對吧，以帶來更多成長與效率。我也一直密集地與事業單位領導與各職能領導合作，並且也花時間對外，回到你的問題，去了解技術、供應商、競爭對手的動向。我可以說，整體而言，當我吸收了所有這些資訊後，我們。我們對我們的進展感到非常振奮。我們在其他人正在處理的事情上，完全跟得上。而且如 Jack 所指出的，你也聽我之前說過，我們正在處理整個價值鏈中承保、理賠與營運的共通活動。所以舉兩個很快的例子。這個想法在承保領域，可能是最具影響力的（以及理賠也是），也就是這個「接收與分流（ingestion and triage）代理」。

That will help us receive, codify and synthesize submissions and get it to the right person with the right skill as fast as possible with a running start on insights, frankly, is going to be the biggest benefits that come out of this transformation effort. E&S is our first business that is going to benefit from that. Ingestion and triage agent, which is really very ripe for this for efficiency. We had 70,000 submissions in E&S last year, a portion of which is, frankly, missed opportunity because of underwriter capacity. So these tools bring us underwriter capacity and effectiveness in helping them sort through the piles of submissions and then triaging them, focusing on the more promising activities. So other businesses also underway, middle market, small commercial, marine.

它將幫助我們接收、編碼並整合投保申請資料，並以最快速度把它交給具備正確技能的合適人員，同時坦白說，還能在洞見上先行起跑，這將是這次轉型工作帶來的最大效益。E&S 是我們第一個將從中受益的業務。接收與分流代理在效率提升方面確實非常適合。我們去年在 E&S 收到 70,000 份投保申請，其中一部分坦白說因承保人力容量限制而成為錯失的機會。因此，這些工具能提升承保人員的容量與效能，協助他們在大量申請中進行篩選與分流，將重點放在更有前景的業務上。其他業務也在推進中，包括中型市場、小型商業、海事。

In the claim side, an AI agent, we have eight agents that are built to help us synthesize really complex contracts, medical records, claims files, kind of searching for and summarizing specific answers to critical questions about. Indemnity clauses, named parties, limits, risk transfer provisions, things like that. And these documents can be 100 to 300 pages long. So what used to take hours now takes minutes. So you can imagine the benefit to the adjusters on that.

在理賠端，我們有一個 AI 代理，我們已建置了八個代理，協助我們彙整非常複雜的合約、病歷、理賠檔案，像是搜尋並摘要對關鍵問題的特定答案。例如賠償條款、具名當事人、限額、風險移轉條款等。而這些文件可能長達 100 到 300 頁。所以過去需要花好幾個小時的工作，現在只要幾分鐘。你可以想像這對理算人員帶來的好處。

Lots of work on medical records, looking for severity, fraud, settlement insights, that kind of thing. So speed, accuracy, effectiveness. So I just, we're so bullish about.

在病歷方面也做了大量工作，用來判斷嚴重程度、詐欺、和解洞見之類的。所以是速度、準確性、有效性。所以我只是，我們對此非常看多。

The benefits that this brings. Really importantly, we're doing all of this in kind of a Lego block modular architecture to make sure that we can reuse these agents as we build them across multiple places. So when you step back on all that, how you frame this question, is it going to increase the competitiveness?

這帶來的效益。非常重要的是，我們以類似樂高積木的模組化架構來做所有這些事，以確保我們在多個場景中建置這些代理時能夠重複使用。所以當你退一步看整體，你如何框定這個問題：這是否會提升競爭力？

I think if you don't -- if you're not investing in these, you're going to miss out. So, yes, those that have invested are going to be more competitive because they're going to be able to. Get after the more promising opportunities more quickly with more precision. And so I think if you're not in that game, you're going to miss out. So we're confident and comfortable that we're right there with it.

我認為如果你不——如果你不投資這些，你就會錯失機會。所以，是的，那些已投資的公司會更具競爭力，因為他們將能夠。以更快速度、更高精準度去掌握更有前景的機會。因此我認為如果你不在這個賽局裡，你就會錯失機會。所以我們有信心也很安心，我們就在同一個水平上。

Mike Zaremski, BMO.

Mike Zaremski，BMO。

Just a quick follow-up on the.

我想就這個做個簡短追問。

Competitive environment, maybe trying to tease out some pricing power trends.

關於競爭環境，或許想更深入了解一些定價能力的趨勢。

I think, Jack, you mentioned the pricing remains healthy and elevated in the social inflation lines. I think we saw a bit of.

我想，Jack，你提到在社會通膨相關的險種中，定價仍然健康且處於較高水準。我想我們看到了一點。

We saw the acceleration stopping in terms of higher increasing pricing in some of those lines late last year and maybe coming down a little bit from healthy levels. And some of your competitors have talked about pricing kind of re-accelerating a tiny bit.

我們看到去年年底在其中一些險種上，價格上調加速的情況停止了，並且可能從健康水準略有回落。而你們的一些競爭對手談到定價似乎又小幅再度加速。

Just curious of what you're seeing in those lines. Is it kind of steady, upwards bias, downwards bias?

想請教你們在這些險種上看到的是什麼情況。是大致持平、偏向上行，還是偏向下行？

Yeah, I would say in general, and I think Jeff addressed this to some degree, that we're having real discipline and success, or we're showing real discipline and having success in the liability lines that are most susceptible and seeing kind of legal system abuse impact. Commercial auto, we continue to be very disciplined.

是的，我會說整體而言，而且我想 Jeff 在某種程度上也提到過，我們在最容易受到影響、也看到某種法律制度濫用衝擊的責任險種上，展現出真正的紀律並取得成效，或者說我們展現出真正的紀律並取得成效。在商用車險方面，我們仍然非常有紀律。

The general liability lines that are most susceptible to slip, trip and fall type of activity.

在一般責任險中，那些最容易受到滑倒、絆倒、跌倒這類事件影響的險種。

And I would say umbrella, not just in commercial lines, but also in personal lines, we're getting really robust pricing. So I think the market is behaving pretty rational.

我也會說在超額責任險（umbrella）方面，不僅在商業險，也在個人險，我們都取得非常強勁的定價。所以我認為市場表現相當理性。

And while some of the pricing pressure that the industry is feeling in property feels like it's intensifying.

而且雖然產險方面產業所感受到的一些定價壓力似乎正在加劇。

Our belief is that that is most susceptible to the larger end of the property cycle. And we're, for the most part, a property -- an account writer in the small and middle market space. So we have the ability to kind of think about account pricing and not get too hung up on pricing by individual line of business. So hopefully, that answers your question.

我們的看法是，那主要更容易出現在產險循環的高端（大型風險端）。而我們在很大程度上是小型與中型市場領域的產險——以帳戶為單位的承保人。因此我們有能力從帳戶定價的角度思考，而不會過度糾結於單一業務線的定價。希望這回答了你的問題。

Thanks, Mike.

謝謝，Mike。

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

問答環節到此結束。我想把會議交回給 Oksana Lukashova，請她做任何結語。

Thank you, everyone, for participating in our call today, and we're looking forward to talking to you next quarter.

謝謝各位今天參與我們的電話會議，我們期待在下個季度再與各位交流。

The conference is now concluded.

本次會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的簡報。您現在可以斷線。