旅行家集團 (TRV) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the first quarter results teleconference for Travelers.

早安，女士們，先生們。歡迎參加旅客第一季業績電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded on April 17, 2024. At this time, I would like to turn the conference over to Ms. Abbe Goldstein, Senior Vice President of Investor Relations. Ms. Goldstein, you may begin.

提醒一下，本次會議的錄製時間為 2024 年 4 月 17 日。戈德斯坦女士，您可以開始了。

Thank you. Good morning, and welcome to Travelers' discussion of our first quarter 2024 results. We released our press release, financial supplement and webcast presentation earlier this morning. All of these materials can be found on our website at travelers.com under the Investors section.

謝謝。早安，歡迎參加 Travelers 對我們 2024 年第一季業績的討論。今天早些時候，我們發布了新聞稿、財務補充和網路廣播簡報。所有這些資料都可以在我們的 Travelers.com 網站的「投資者」部分找到。

Speaking today will be Alan Schnitzer, Chairman and CEO; Dan Frey, Chief Financial Officer; and our 3 segment Presidents: Greg Toczydlowski of Business Insurance; Jeff Klenk of Bond & Specialty Insurance; and Michael Klein of Personal Insurance. They will discuss the financial results of our business and the current market environment. They will refer to the webcast presentation as they go through prepared remarks, and then we will take your questions.

今天發言的是董事長兼執行長 Alan Schnitzer；丹‧弗雷，財務長；以及我們的 3 個部門總裁：商業保險部門的 Greg Toczydlowski；債券與專業保險的傑夫·克倫克（Jeff Klenk）；和個人保險的邁克爾克萊因。他們將討論我們業務的財務表現和當前的市場環境。他們將在閱讀準備好的評論時參考網路廣播演示，然後我們將回答您的問題。

Before I turn the call over to Alan, I'd like to draw your attention to the explanatory note included at the end of the webcast presentation. Our presentation today includes forward-looking statements. The company cautions investors that any forward-looking statement involves risks and uncertainties and is not a guarantee of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors.

在我將電話轉給艾倫之前，我想提請您注意網路廣播簡報末尾的解釋性說明。我們今天的演示包括前瞻性陳述。該公司提醒投資者，任何前瞻性陳述都涉及風險和不確定性，並非對未來績效的保證。由於多種因素，實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異。

These factors are described under forward-looking statements in our earnings press release and in our most recent 10-Q and 10-K filed with the SEC. We do not undertake any obligation to update forward-looking statements. Also in our remarks or responses to questions, we may mention some non-GAAP financial measures. Reconciliations are included in our recent earnings press release, financial supplement and other materials available in the Investors section on our website.

這些因素在我們的收益新聞稿以及我們最近向 SEC 提交的 10-Q 和 10-K 報告中的前瞻性陳述中進行了描述。我們不承擔任何更新前瞻性陳述的義務。此外，在我們的評論或對問題的答覆中，我們可能會提到一些非公認會計準則財務指標。調節表包含在我們最近的收益新聞稿、財務補充資料和我們網站投資者部分提供的其他資料中。

And now I'd like to turn the call over to Alan Schnitzer.

現在我想把電話轉給艾倫‧施尼策。

Thank you, Abbe. Good morning, everyone, and thank you for joining us today. We are very pleased to report excellent top and bottom line results for the quarter. Core income was $1.1 billion or $4.69 per diluted share, generating core return on equity of 15.4%. After-tax core income increased by $126 million despite a $211 million onetime tax benefit in the prior year quarter.

謝謝你，阿貝。大家早安，感謝您今天加入我們。我們非常高興地報告本季出色的頂線和底線業績。核心收入為 11 億美元，即稀釋後每股 4.69 美元，核心股本回報率為 15.4%。儘管上一季一次性稅收優惠為 2.11 億美元，但稅後核心收入仍增加了 1.26 億美元。

On a pre-tax basis, this year's core income was $413 million or 45% higher year-over-year. Strong core income was driven by record net earned premiums of $10.1 billion, up 14% compared to the prior year period and an excellent combined ratio of 93.9%. The combined ratio improved 1.5 points, notwithstanding elevated catastrophe activity, primarily in the Central and Eastern regions of the United States. The underlying combined ratio improved 2.9 points to an outstanding 87.7%, driven by strong underlying results in each of our 3 segments.

以稅前計算，今年的核心收入為 4.13 億美元，年增 45%。強勁的核心收入得益於創紀錄的 101 億美元淨已賺保費，較上年同期增長 14%，以及 93.9% 的出色綜合成本率。儘管主要在美國中部和東部地區的災難活動增加，但綜合成本率仍提高了 1.5 個百分點。在我們三個細分市場的強勁基本業績的推動下，基本綜合成本率提高了 2.9 個百分點，達到出色的 87.7%。

Looking at the 2 commercial segments together, the aggregate BI, BSI underlying combined ratio was an excellent 88.8% for the quarter. The underlying combined ratio in Personal Insurance was 86.1% and a 6.8 point improvement over the prior year.

將這兩個商業領域放在一起來看，本季 BI、BSI 基礎綜合比率總計高達 88.8%。人身保險基本綜合成本率為86.1%，較上年提高6.8個百分點。

Turning to investments. Our high-quality investment portfolio continued to perform well, generating after-tax net investment income of $698 million for the quarter, driven by strong and reliable returns from our growing fixed income portfolio and higher returns from our non-fixed income portfolio. Our underwriting and investment results, together with our strong balance sheet, enabled us to grow adjusted book value per share after returning $620 million of excess capital to shareholders through dividends and share repurchases, and making important investments in our business as we notched another quarter of successful execution on a number of important strategic initiatives.

轉向投資。我們的高品質投資組合持續表現良好，在我們不斷增長的固定收益投資組合強勁而可靠的回報以及非固定收益投資組合更高回報的推動下，本季度產生了6.98 億美元的稅後淨投資收入。我們的承銷和投資業績，加上我們強勁的資產負債表，使我們能夠透過股利和股票回購向股東返還6.2 億美元的超額資本，並在我們的業務上進行重要投資，從而實現調整後每股帳面價值的成長，因為我們又取得了一個季度的業績。

In recognition of our strong financial position and confidence in the outlook for our business, I'm pleased to share that our Board of Directors declared a 5% increase in our quarterly cash dividend to $1.05 per share, marking 20 consecutive years of dividend increases, with a compound annual growth rate of 8% over that period.

鑑於我們強勁的財務狀況和對業務前景的信心，我很高興地宣布，我們的董事會宣布將季度現金股息增加 5%，達到每股 1.05 美元，這標誌著股息連續 20 年增加，同期複合年增長率為8%。

Turning to the top line. We grew net written premiums by 8% to $10.2 billion in the quarter. All 3 segments and excellent execution by our colleagues in the field contributed to our top line success. In Business Insurance, we grew net written premiums by 9% to $5.6 billion. Renewal premium change remained very strong at 10.6%, while retention remained high. The combination of strong pricing and retention reflects deliberate execution on our part and a marketplace that continues to be generally disciplined in the face of persistent headwinds. The segment generated a very strong $691 million of new business in the quarter, a reflection of the fact that our customers and distribution partners value the products and services that we offer and the experiences that we provide.

轉向頂行。本季我們的淨承保保費成長了 8%，達到 102 億美元。所有三個部門以及我們在該領域的同事的出色執行為我們的頂線成功做出了貢獻。在商業保險方面，我們的淨承保保費增加了 9%，達到 56 億美元。續保費變化仍然非常強勁，達到 10.6%，而保留率仍然很高。強勁的定價和保留率的結合反映了我們的深思熟慮的執行力以及面對持續的逆風而繼續普遍遵守紀律的市場。該部門在本季度創造了 6.91 億美元的強勁新業務，這反映出我們的客戶和分銷合作夥伴重視我們提供的產品和服務以及我們提供的體驗。

In Bond & Specialty Insurance, we grew net written premiums by 6% to $943 million. That was driven by strong retention of 90% and record new business in our high-quality management liability business, along with excellent production in our market-leading surety business, where net written premiums were up 15%. Given the attractive returns, we are very pleased with the strong production results in both of our commercial business segments.

在債券和專業保險方面，我們的淨承保保費成長了 6%，達到 9.43 億美元。這是由於我們高品質的管理責任業務中 90% 的強勁保留率和創紀錄的新業務，以及我們市場領先的擔保業務的出色生產，其中淨承保保費增長了 15%。鑑於有吸引力的回報，我們對我們兩個商業業務部門的強勁生產業績感到非常滿意。

In Personal Insurance, continued strong pricing drove 9% growth in net written premiums. Renewal premium change was 16.6% in our auto business and 13.4% in Home. We'll hear more shortly from Greg, Jeff and Michael about our segment results.

在個人保險方面，持續強勁的定價推動淨承保保費成長 9%。汽車業務的續保保費變動為 16.6%，家庭業務的續保保費變動為 13.4%。我們很快就會從格雷格、傑夫和邁克爾那裡聽到更多有關我們部門結果的信息。

Before I turn the call over to Dan, I'll share that more than 100 of my Travelers colleagues and I just returned from our Travelers Leadership Conference. TLC as we call it. It's a multi-day event that we host every year for the principals and senior leaders of our most significant distribution partners. Most of our guests have been coming for years, some for decades. We're also pleased every year to host a number of first-timers.

在將電話轉給 Dan 之前，我要告訴我和我的 100 多名旅行者同事剛從旅行者領導力會議上回來。我們稱之為 TLC。這是我們每年為最重要的分銷合作夥伴的負責人和高級領導舉辦的為期多天的活動。我們的大多數客人已經來了好幾年了，有些已經來了幾十年了。我們也很高興每年都會接待一些首次訪客。

The represented firms are industry leaders and collectively account for more than half of our premium volume. We all returned home with the continued confidence that our relationships with these business partners and their firms are strong as ever. We confirmed that they remain very supportive of the strategic initiatives that we have underway, and we took away valuable feedback on how we can accomplish even more together. The independent agent and broker channel remains a robust and growing part of our industry. At Travelers, we proudly partnered with more than 15,000 agent broker firms across their 35,000 locations.

所代表的公司都是行業領導者，合計占我們保費收入的一半以上。我們滿懷信心地回國，相信我們與這些業務夥伴及其公司的關係一如既往地牢固。我們確認，他們仍然非常支持我們正在進行的策略舉措，並且我們聽取了有關我們如何共同完成更多工作的寶貴回饋。獨立代理人和經紀人管道仍然是我們行業中一個強大且不斷成長的部分。在 Travelers，我們很榮幸與遍布 35,000 個地點的 15,000 多家代理經紀公司合作。

We're a top 3 markets for the majority of these firms. That's a critical advantage because distributors place a disproportionate amount of their business with their top few carriers. We don't take these relationships for granted. As we've shared before, the vision for our innovation agenda includes optimizing our value proposition as an indispensable partner to our agents and brokers.

我們是大多數這些公司的前三大市場。這是一個關鍵的優勢，因為分銷商將不成比例的業務交給了前幾名營運商。我們並不認為這些關係是理所當然的。正如我們之前所分享的，我們創新議程的願景包括優化我們的價值主張，作為我們的代理商和經紀人不可或缺的合作夥伴。

We continue to make significant investments to ensure that we realize that vision by offering best-in-class products, services and experiences. Case in point, in our Bond & Specialty business, we recently conducted a blind survey of agents and brokers, ours and others to determine how we ranked on the 10 attributes they identified as most likely to impact their placement decisions.

我們繼續進行重大投資，以確保透過提供一流的產品、服務和體驗來實現這一願景。舉個例子，在我們的債券和專業業務中，我們最近對代理商和經紀人、我們的和其他人進行了一項盲目調查，以確定我們如何對他們認為最有可能影響他們的安置決策的10 個屬性進行排名。

Among our key competitors, we ranked first or tied for first in each of the 10 categories. We are over and over again that Travelers deep specialization across a wide range of modernized, simplified and tailored products, along with a broad and consistent appetite are major differentiators for us in the market. For example, in Business Insurance, we offer a wide variety of coverages and product solutions, admitted and E&S across industries representing more than 85% of domestic GDP. Everything from a bot product for local florist to a package solution for a Main Street middle market account, the loss-sensitive workers' compensation for a large national account.

在我們的主要競爭對手中，我們在 10 個類別中均排名第一或並列第一。我們一次又一次地認識到，旅行者對各種現代化、簡化和客製化產品的深度專業化，以及廣泛而一致的需求是我們在市場上的主要差異化因素。例如，在商業保險方面，我們提供各種保險範圍和產品解決方案，涵蓋佔國內 GDP 85% 以上的行業的承認和 E&S。從當地花店的機器人產品到主街中間市場帳戶的一攬子解決方案，再到大型國民帳戶的損失敏感工人補償，一切應有盡有。

Across our 3 business segments, our distribution partners generally don't need to go to multiple carriers to satisfy customers' insurance needs. And the more lines per account we write, the higher the lifetime value of the customer. The primary focus of ours has been digitizing the value chain in part to create value and provide great experiences for our agents and brokers and in part to create efficiencies for them and for us, share a few examples.

在我們的三個業務部門中，我們的分銷合作夥伴通常不需要去多個承運人來滿足客戶的保險需求。我們為每個帳戶寫入的行數越多，客戶的終身價值就越高。我們的主要重點是價值鏈數位化，部分是為了創造價值並為我們的代理商和經紀人提供良好的體驗，部分是為了為他們和我們創造效率，分享幾個例子。

In Business Insurance, we believe we were the first to offer agents and brokers a comprehensive portfolio loss data exchange, which allows us to digitally transfer to a small commercial or middle market distributor loss information on their entire book with us. This capability enables our distribution partners to efficiently develop important insights into their books of business and supports their marketing efforts. In our middle market business, we believe we were the first carrier to offer multiline digital submission capabilities.

在商業保險領域，我們相信我們是第一家為代理商和經紀人提供全面的投資組合損失數據交換的公司，這使我們能夠以數位方式將其整個賬簿的損失信息傳輸給小型商業或中間市場分銷商。此功能使我們的分銷合作夥伴能夠有效地深入了解他們的業務並支援他們的行銷工作。在我們的中間市場業務中，我們相信我們是第一家提供多行數位提交功能的營運商。

In our Small Commercial business, agents can transact with us through APIs or through our new quote and issue platform, Travis, which has reduced quoting time by 25% for our leading BOT product. Across Business Insurance, nearly all of our largest distributors are currently leveraging one or more of our digital capabilities. In Personal Insurance, earlier this year, we added our proprietary aerial imagery viewer to our agent portal. This advanced capability integrates a high-resolution overtime photo series of a home into agents quoting workflow. This gives our partners a bird's eye view, helping them to better understand that customers or prospects insurance needs and how they may have evolved. We bring our franchise value directly to agents and brokers through distribution, underwriting, sales and claim professionals in more than 80 local offices. Through our expansive and empowered field organization, we fostered deep relationships with our partners and are well positioned to deliver the strength and expertise of travelers at the local level.

在我們的小型商業業務中，代理商可以透過 API 或透過我們新的報價和發行平台 Travis 與我們進行交易，該平台將我們領先的 BOT 產品的報價時間縮短了 25%。在商業保險領域，我們幾乎所有最大的經銷商目前都在利用我們的一項或多項數位能力。在個人保險領域，今年早些時候，我們將專有的航​​空圖像檢視器新增至我們的代理商入口網站。這種先進的功能將高解析度的家庭加班照片系列整合到代理報價工作流程中。這使我們的合作夥伴能夠鳥瞰整個情況，幫助他們更好地了解客戶或潛在客戶的保險需求以及他們的發展。我們透過 80 多個當地辦事處的分銷、承保、銷售和索賠專業人員，將我們的特許經營價值直接帶給代理商和經紀人。透過我們廣泛且授權的現場組織，我們與合作夥伴建立了深厚的關係，並處於有利地位，可以向當地旅行者提供實力和專業知識。

We're also investing in our distribution partners' workforces by providing education and training programs to their up-and-coming producers. Our flagship Travelers Agency Leadership Program and agency producer school provide in-person training to invited participants. We also offer larger virtual programs that have trained thousands of producers, including more than 3,000 just last year. We remain deeply committed to our vision of being the undeniable choice for the customer and an indefensible partner to our agents and brokers. Our pole position with leading distributors is a significant competitive advantage and one that's hard to replicate.

我們也透過向嶄露頭角的製作人提供教育和培訓計劃來投資於分銷合作夥伴的勞動力。我們的旗艦旅行者代理領導力計劃和代理製作人學校為受邀參與者提供現場培訓。我們還提供更大型的虛擬項目，已培訓了數千名製作人，其中去年培訓了 3,000 多名製作人。我們仍然堅定地致力於我們的願景，即成為客戶不可否認的選擇以及我們的代理商和經紀人無可辯駁的合作夥伴。我們與領先經銷商的領先地位是一項顯著的競爭優勢，也是難以複製的。

To sum it up, the year is off to a terrific start with strong profitability and production in all three segments, as well as higher investment income. In short, we're firing on all cylinders. We also continue to invest in important strategic initiatives. We have demonstrated success in executing our innovation strategy, which has contributed to superior returns with industry low volatility growth in our premium base and higher adjusted book value per share.

總而言之，今年開局良好，三個領域的獲利能力和產量均強勁，投資收益也較高。簡而言之，我們正在全力以赴。我們也持續投資於重要的策略舉措。我們在執行創新策略方面取得了成功，這為我們的溢價基數產業低波動性成長和更高的調整後每股帳面價值帶來了卓越的回報。

With this momentum and the best talent in the industry, we remain well positioned for success this year and beyond.

憑藉這一勢頭和業內最優秀的人才，我們將在今年及以後保持成功的有利條件。

And with that, I'm pleased to turn the call over to Dan.

至此，我很高興將電話轉給丹。

Thank you, Alan. Core income for the first quarter increased by 13% to $1.1 billion and core return on equity was 15.4%. The growth in core income was driven by higher net investment income and despite the onetime tax benefit in the prior year that Alan mentioned, higher underlying underwriting income, partially offset by a higher level of catastrophe losses.

謝謝你，艾倫。第一季核心營收成長 13%，達到 11 億美元，核心股本回報率為 15.4%。核心收入的成長是由更高的淨投資收入推動的，儘管艾倫提到了上一年的一次性稅收優惠，但基礎承保收入的增加部分被更高水平的巨災損失所抵消。

Our pretax underlying underwriting gain of $1.2 billion was up 50% from the prior year quarter, reflecting higher levels of earned premium and an underlying combined ratio that improved by 2.9 points to 87.7%. The underlying combined ratio was among our best ever and featured continued strong results in both Business Insurance and Bond & Specialty, complemented by a strong result in personal insurance, reflecting another quarter of significant improvement.

我們的稅前基礎核保收益為 12 億美元，比去年同期成長 50%，反映出已賺取保費水準較高，基礎綜合成本率提高了 2.9 個百分點，達到 87.7%。基本綜合成本率是我們有史以來最好的，商業保險和債券及專業保險均持續強勁，個人保險也取得強勁業績，反映出又一個季度的顯著改善。

We were pleased with the first quarter expense ratio of 28.7%, which was flat year-over-year despite the impact of Corvus for which we had a full quarter of expenses but very little earned premium as there was no unearned premium carried in from the closing of the transaction on January 2. For the full year, we remain comfortable with an expense ratio expectation of 28% to 28.5%. We reported net favorable prior year reserve development of $91 million pretax in the first quarter. There was no net prior year reserve change in business insurance as favorable development in workers' comp of nearly $100 million was largely offset by modest increases for liability coverages in recent accident years, along with modest charges in our runoff book.

我們對第一季 28.7% 的費用率感到滿意，儘管受到 Corvus 的影響，但與去年同期相比持平，我們整個季度都有費用，但賺取的保費很少，因為沒有從交易於1 月2日完成。我們報告第一季稅前淨有利準備金開發為 9,100 萬美元。商業保險上一年的準備金沒有淨變化，因為近 1 億美元的工人補償的有利發展在很大程度上被最近事故年份責任保險範圍的小幅增加以及我們徑流賬簿中的小幅收費所抵消。

In Bond & Specialty, net favorable PYD of $24 million pre-tax was driven by better-than-expected results across multiple lines. Personal Insurance recorded net favorable PYD of $67 million pretax, with improvements in both auto and home. After-tax net investment income increased 25% from the prior year quarter to $698 million. Fixed income NII was higher than in the prior year quarter and in line with our expectations, benefiting from both higher levels, higher yields and a higher level of invested assets. Returns in our non-fixed income portfolio were also up from last year's quarter. Our updated outlook for fixed income NII, including earnings from short-term securities is $640 million after tax in the second quarter growing to approximately $665 million in the third quarter and then to around $690 million in the fourth quarter.

在債券和特種債券領域，稅前淨有利 PYD 為 2,400 萬美元，這是由於多條業務的業績優於預期。個人保險錄得稅前淨有利 PYD 為 6,700 萬美元，其中汽車和住房業務均有所改善。稅後淨投資收益較上年同期成長 25%，達到 6.98 億美元。固定收益NII高於去年同期，符合我們的預期，受益於更高的水平、更高的收益率和更高水準的投資資產。我們的非固定收益投資組合的回報也比去年季度上升。我們更新後的固定收益NII（包括短期證券收益）展望為第二季稅後6.4億美元，第三季增長至約6.65億美元，第四季增長至約6.9億美元。

Regarding income taxes in the first quarter Recall that last year's quarter included a one-time tax benefit of $211 million related to the repeal of Internal Revenue Code Section 847. And that's the main reason you see a higher effective tax rate in this year's quarter.

關於第一季的所得稅 回想一下，去年季度包括與廢除《國稅法》第 847 條相關的一次性稅收優惠 2.11 億美元。

Turning to capital management. Operating cash flows for the quarter of $1.5 billion were again very strong. And we ended the quarter with holding company liquidity of approximately $1.6 billion. As interest rates increased during the quarter, our net unrealized investment loss increased from $3.1 billion after tax at year-end to $3.7 billion after tax at March 31. Remember, the changes in unrealized investment gains and losses do not impact how we manage our investment portfolio. We generally hold fixed income investments to maturity. The quality of our fixed income portfolio remains very high and changes in unrealized gains and losses have little or no impact on our cash flows, statutory surplus or regulatory capital requirements.

轉向資本管理。本季營運現金流再次強勁，達到 15 億美元。本季結束時，我們控股公司的流動性約為 16 億美元。隨著本季利率上升，我們的未實現投資淨損失從年底的稅後31 億美元增加到3 月31 日的稅後37 億美元。我們管理投資的方式資料夾。我們通常持有固定收益投資至到期。我們的固定收益投資組合的品質仍然非常高，未實現損益的變動對我們的現金流量、法定盈餘或監管資本要求影響很小或沒有影響。

Adjusted book value per share, which excludes unrealized investment gains and losses, was $125.53 at quarter end, up 2% from year-end and up 8% from a year ago. Share repurchases this quarter included $250 million of open market repurchases. We had an additional $138 million of buybacks in connection with employee share-based compensation plans. We have approximately $5.8 billion remaining under prior Board authorizations for share repurchases. Dividends were $232 million in the quarter. And as Alan mentioned earlier, our Board authorized a 5% increase in the quarterly dividend to $1.05 per share. In summary, the quarter's strong results once again demonstrate the significant earnings power of our ability to grow premiums across our well-diversified book of business while maintaining very attractive margins, along with steadily increasing net investment income from our growing in the fixed income portfolio.

季末調整後每股帳面價值（不包括未實現的投資收益和損失）為 125.53 美元，比年末成長 2%，比去年同期成長 8%。本季的股票回購包括 2.5 億美元的公開市場回購。我們還額外進行了 1.38 億美元的回購，與員工股權激勵計畫相關。根據董事會先前的授權，我們仍有約 58 億美元用於股票回購。該季度股息為 2.32 億美元。正如艾倫之前提到的，我們的董事會授權將季度股息增加 5%，達到每股 1.05 美元。總而言之，本季的強勁業績再次證明了我們有能力在多元化的業務中增加保費，同時保持極具吸引力的利潤率，同時我們的固定收益投資組合的增長使淨投資收入穩步增加，從而帶來了巨大的獲利能力。

And with that, turn the call over to Greg for a discussion of Business Insurance.

然後，將電話轉給格雷格，討論商業保險。

Thanks, Dan. Business Insurance continues to deliver exceptional results with the strong first quarter of 2024 and in terms of both the top and bottom lines. Segment income of $764 million was up from the first quarter of 2023, driven by higher net investment income and higher pre-tax underlying underwriting income. We're once again particularly pleased with the quarter's exceptionally strong underlying combined ratio of 89.2%, among our best ever.

謝謝，丹。商業保險在 2024 年第一季的營收和利潤方面均表現強勁，並持續取得優異的業績。由於淨投資收入和稅前基礎承保收入增加，該部門收入較 2023 年第一季增加 7.64 億美元。我們再次對本季 89.2% 的異常強勁的基本綜合成本率感到特別滿意，這是我們有史以來最好的水平之一。

Net written premiums increased 9% to an all-time quarterly high of $5.6 billion. Renewal premium change was once again historically high at 10.6% with renewal rate change of 7%, driving most of the strong pricing. Retention remained excellent at 86% and new business of $691 million was an all-time first quarter high. Let me give you a little more texture on the continued strong pricing environment. Renewal rate change remained high, coming in at 7% or higher for the fourth quarter in a row. It was also up almost 2.5 points from the first quarter of 2023. In our select and core middle market businesses, renewal rate remained consistent with the fourth quarter. Renewal rate change in our national property book was strong and in the double digits, but down a couple of points sequentially. That's an appropriate result threading the needle between healthy returns in the business and continued weather volatility. From a line perspective, umbrella, property and auto led the way, all with renewal rate change in or very close to double digits.

淨承保保費成長 9%，達到 56 億美元的季度歷史新高。續保費變動再次創下歷史新高，達到 10.6%，續保費率變動為 7%，推動了大部分強勁定價。保留率仍保持在 86% 的出色水平，新業務 6.91 億美元創第一季歷史新高。讓我為您提供有關持續強勁的定價環境的更多資訊。續訂率變化仍然很高，連續第四季度達到 7% 或更高。也比 2023 年第一季成長了近 2.5 個百分點。我們國家房產的更新率變化強勁，達到兩位數，但連續下降了幾個百分點。這是一個適當的結果，在業務的健康回報和持續的天氣波動之間起到了平衡作用。從產品線的角度來看，雨傘、房地產和汽車行業處於領先地位，其續約率變化均在或非常接近兩位數。

Renewal rate change was higher compared to the preceding and prior year quarters in GL, umbrella, auto and CMP. In Workers' Comp, renewal rate change was about 0.5 point more than negative than the preceding in prior year quarters. With continued healthy exposure, renewal premium change in comp continues to be positive in the low single digits. Again, an appropriate result given the strong results in the line.

GL、雨傘、汽車和 CMP 的續訂率變化高於上一季和去年同期。在工人補償方面，續約率變化比去年同期的負面變化高出約 0.5 個百分點。隨著持續健康的風險敞口，續保費的變化繼續保持在低個位數的正值。再次，考慮到該系列中的強勁結果，這是一個適當的結果。

Retention remained healthy across the board. We're pleased with our production results, the exceptional granular execution by our field organization and the resulting growth in top line and attractive margins. As for the individual businesses, in Select, renewal premium change remained strong at 10.4% with renewal rate change of 4%, consistent with the fourth quarter and up more than 2 points from the first quarter of 2023.

整體保留率保持健康。我們對我們的生產結果、現場組織卓越的精細執行以及由此帶來的收入成長和有吸引力的利潤感到滿意。就個人業務而言，精選業務的續保保費變化依然強勁，為 10.4%，續保費率變動為 4%，與第四季一致，較 2023 年第一季上升超過 2 個百分點。

Retention also remained strong at 84%, while new business increased 22% from the prior year quarter to $156 million driven by the continued success of our BOP 2.0 product. We're also encouraged with the impact we're seeing from Travis, our new front-end rate quote and issue interface platform that Alan mentioned. In middle market, renewal premium change was 10% with renewal rate change of 7%, consistent with the strong fourth quarter result and up close to 3 points from the prior year quarter. Retention remained strong at 87%. To sum up, Business Insurance had a great start to the year. We continue to grow our profitable book while investing in capabilities to enhance our position as the undeniable choice for the customer and an indispensable partner for our agents and brokers.

保留率也保持在 84% 的強勁水平，而在我們的 BOP 2.0 產品持續成功的推動下，新業務較去年同期增長了 22%，達到 1.56 億美元。我們也對 Travis 的影響感到鼓舞，Travis 是艾倫提到的我們新的前端報價和問題介面平台。在中端市場，續保保費變動為 10%，續保費率變動為 7%，與第四季強勁的業績一致，比去年同期上升近 3 個百分點。保留率仍保持在 87% 的強勁水平。綜上所述，商業保險今年開局良好。我們不斷增加獲利能力，同時投資能力以增強我們作為客戶不可否認的選擇以及我們的代理商和經紀人不可或缺的合作夥伴的地位。

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

這樣，我就把電話轉給傑夫。

Thanks, Greg. Bond & Specialty started the year with another quarter of strong returns and our 29th consecutive quarter of profitable net written premium growth. Segment income was $195 million, driven by strong earned premiums and a combined ratio of 84.5%. Underneath the combined ratio, -- the underlying loss ratio improved 2.7 points to an excellent 46.4%. As Dan mentioned, the expense ratio was elevated compared to recent periods, primarily due to the Corvus acquisition. We expect that to continue to be the case for the next several quarters as we integrate and earn in Corvus' business.

謝謝，格雷格。債券與特種業務今年開始又有強勁回報，並且連續第 29 個季度實現盈利的淨承保保費增長。由於強勁的已賺保費和 84.5% 的綜合成本率，該部門收入為 1.95 億美元。在綜合成本率之下，基本損失率改善了 2.7 個百分點，達到 46.4%。正如 Dan 所提到的，費用率與近期相比有所上升，這主要是由於 Corvus 的收購。我們預計，隨著我們整合 Corvus 的業務並從中獲利，這種情況將在未來幾季繼續出現。

Turning to the top line. We grew net written premiums by 6% in the quarter. In our high-quality domestic management liability business, we again delivered excellent retention of 90% with slightly higher sequential renewal premium change. We grew new business by 34% from the prior year quarter to a record $91 million driven by Corvus production. As a reminder, we are in the midst of transitioning Corvus' $200 million profitable book of business on to Travelers paper, which will continue to be reflected in our new business production in the coming quarters.

轉向頂行。本季我們的淨承保保費增加了 6%。在我們高品質的國內管理責任業務中，我們再次實現了 90% 的出色保留率，續保費變化略有上升。在 Corvus 生產的推動下，我們的新業務較去年同期成長了 34%，達到創紀錄的 9,100 萬美元。提醒一下，我們正在將 Corvus 2 億美元的獲利業務轉移到 Travelers 紙上，這將繼續反映在我們未來幾季的新業務生產中。

Net written premiums in our market-leading surety business grew a terrific 15%, reflecting continued strong demand for our surety bonds. So we're pleased to have once again delivered strong top and bottom line results this quarter.

我們市場領先的擔保業務的淨承保保費增長了 15%，反映出對我們擔保債券的持續強勁需求。因此，我們很高興本季再次取得了強勁的營收和利潤業績。

And now I'll turn the call over to Michael.

現在我將把電話轉給麥可。

Thanks, Jeff. Good morning, everyone. I'm pleased to report Personal Insurance generated first quarter segment income of $220 million and a combined ratio of 96.9%, both of which are significantly improved relative to the prior year quarter. The underlying combined ratio of 86.1% reflects a 6.8 point improvement compared to the prior year quarter, driven by higher earned pricing in both automobile and Homeowners and other.

謝謝，傑夫。大家，早安。我很高興地報告，個人保險第一季的分部收入為 2.2 億美元，綜合成本率為 96.9%，這兩項指標均較去年同期顯著改善。基本綜合成本率為 86.1%，與去年同期相比提高了 6.8 個百分點，這得益於汽車和房主及其他行業的盈利定價上漲。

Net written premiums grew 9% as a result of continued price increases in both auto and home. In automobile, the first quarter combined ratio of 94.6% improved 10 points compared to the prior year, primarily reflecting a lower underlying combined ratio as well as favorable prior year development. The underlying combined ratio of 94.9% improved 8.5 points compared to the prior year, driven by the benefit of higher earned pricing. At the same time, vehicle severity trends moderated, and the quarter also included a modest frequency benefit from the mild winter.

由於汽車和房屋價格持續上漲，淨承保保費增加了 9%。汽車領域，第一季綜合成本率為94.6%，比去年同期提高10個百分點，主要反映了較低的基礎綜合成本率以及去年良好的發展。受獲利定價提高的推動，基本綜合成本率為 94.9%，較前一年提高 8.5 個百分點。同時，車輛嚴重性趨勢有所緩和，本季也包括溫和冬季帶來的適度頻率好處。

As a brief reminder, the first quarter underlying combined ratio is typically our seasonally lowest in auto. We are very pleased with the trajectory of auto profitability. In Homeowners and other, the first quarter combined ratio of 99.1% was impacted by higher catastrophe losses, reflecting an active cat quarter with 19 PCS-designated events for the industry more than 50% higher than the long-term average. The underlying combined ratio of 77.6% improved 5 points primarily driven by the impact of earned pricing.

簡單提醒一下，第一季的基本綜合成本率通常是汽車產業的季節性最低水準。我們對汽車獲利的軌跡非常滿意。在房主及其他領域，第一季綜合成本率達到99.1%，受到巨災損失增加的影響，這反映出該行業的貓季度活躍，有19 起PCS 指定事件，比長期平均高出50%以上。基本綜合成本率為 77.6%，提高了 5 個百分點，這主要是由於贏得定價的影響。

Turning to production. Our results demonstrate continued disciplined execution of rate and non-rate measures to balance profitability and growth. In domestic automobile, retention of 82% remains strong, and renewal premium change of 16.6% was consistent with our expectations. Given the improving profitability of our book, we continue to expect renewal premium change to moderate throughout 2024.

轉向生產。我們的結果表明，我們繼續嚴格執行利率和非利率措施，以平衡獲利能力和成長。國內車方面，82%的保有率依然強勁，續保保費變動16.6%符合我們的預期。鑑於我們書籍的獲利能力不斷提高，我們繼續預計 2024 年續保保費變化將放緩。

New business premium was consistent with the prior year quarter. Underneath this headline number, new business volumes grew in states where we have achieved written rate adequacy. In Homeowners and other, retention of 84% remains strong and was consistent with recent quarters. Renewal premium change of 13.4% reflected higher renewal rate change and was consistent with our expectations, as we have largely closed the gap in insurance to value. We expect renewal premium change to remain at these levels throughout 2024 as we continue to see rate in response to elevated loss costs. The declines in Homeowners new business and policies in force reflect our ongoing efforts to thoughtfully deploy capacity as we continue to manage rate adequacy, catastrophe risk and regulatory risk.

新業務溢價與去年同期一致。在這一總體數字之下，我們已實現書面費率充足的州的新業務量有所增長。在房主和其他方面，84% 的保留率依然強勁，與最近幾季的情況一致。續保費變化 13.4% 反映了較高的續保費率變化，與我們的預期一致，因為我們已基本縮小了保險與價值的差距。我們預計續保保費變化將在 2024 年全年保持在這些水平，因為我們將繼續看到保費率因損失成本上升而變化。房主新業務和現行政策的下降反映了我們在繼續管理利率充足性、巨災風險和監管風險的同時，不斷努力深思熟慮地部署產能。

Personal Insurance team has made notable progress on improving the underlying fundamentals of our business, while sustaining investments in key capabilities for the future. We're moving closer to our goal of delivering target returns. Auto profitability continues to improve. We have reached written rate adequacy in all but a few states and are continuing to temper non-rate actions accordingly. For homeowners, we remain focused on managing growth while improving profitability. At the same time, we're delivering key strategic capabilities.

個人保險團隊在改善我們業務的基本面方面取得了顯著進展，同時持續對未來關鍵能力進行投資。我們正在接近實現目標回報的目標。汽車盈利能力持續改善。除少數幾個州外，我們已在所有州都達到了書面利率充足性，並且正在繼續相應地調整非利率行動。對於房主來說，我們仍然專注於管理成長，同時提高獲利能力。同時，我們正在提供關鍵的戰略能力。

In February, we completed 2 noteworthy product launches. One in BOP 2.0 in the U.S. and Optima Home in Canada. Quantum BOP 2.0 delivers a better agent and customer experience with improved segmentation and strengthens our position as a provider of total account solutions, building on the success of Quantum Auto 2.0 and Quantum Home 2.0. Optima Home is an extension of our market-leading Quantum Home 2.0 property product, enabling us to deliver a more robust total account solution in the Canadian market. Both product launches mark further progress on our journey to modernize our products and platforms, making us an even more compelling choice for customers and distributors.

2 月份，我們完成了 2 項值得注意的產品發布。其中之一是美國的 BOP 2.0 和加拿大的 Optima Home。 Quantum BOP 2.0 在 Quantum Auto 2.0 和 Quantum Home 2.0 的成功基礎上，透過改進的細分提供了更好的代理和客戶體驗，並鞏固了我們作為整體帳戶解決方案提供商的地位。 Optima Home 是我們市場領先的 Quantum Home 2.0 房地產產品的延伸，使我們能夠在加拿大市場提供更強大的整體帳戶解決方案。這兩款產品的推出都標誌著我們在產品和平台現代化進程中取得了進一步的進展，使我們成為客戶和分銷商更具吸引力的選擇。

To sum it up, I'm very pleased with the positive start to the year in Personal Insurance and grateful to our team.

總而言之，我對個人保險今年的積極開局感到非常高興，並對我們的團隊表示感謝。

Now I'll turn the call back over to Abbe.

現在我將把電話轉回阿貝。

Thank you. We're ready to open up for questions.

謝謝。我們準備好接受提問。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of David Motemaden of Evercore.

你的第一個問題來自 Evercore 的 David Motemaden。

I had a question just on the more recent accident year reserve increases in business insurance and some of those liability lines that Dan was highlighting, I'm wondering, is there any more detail you can provide here with regards to specific accident years? It sounded like GL and also, I don't think you guys are alone and seeing some adverse on these years, which -- but I think everyone had thought that these were better priced years relative to '19 and prior. So could you just talk about what exactly is the disconnect here and why there are some adverse coming on those years?

我有一個關於商業保險最近事故年度準備金增加的問題，以及丹強調的一些責任線，我想知道，您是否可以在這裡提供有關特定事故年份的更多詳細信息？這聽起來像 GL，而且，我認為你們並不孤單，在這些年中看到了一些不利的情況，但我認為每個人都認為這些年相對於 19 年及之前的價格更好。那麼您能否談談這裡的脫節到底是什麼以及為什麼這些年來會出現一些不利的情況？

David, it's Dan. Sure. So I'll take that. So yes, by more recent accident years, we're not talking about '15 through '19, we're talking about years more recent than that. I guess the thing I'll reiterate from my comments is we're talking about some pretty small movements here. So we had some adverse in those recent accident year liability lines. We also had some modest charges in the run-off book. I think what we're doing here, David, is trying to be reactive to all the information we're seeing those recent accident years in the liability lines, which tend to take longer to develop and be on the books for a while are more leveraged to IBNR. We're just trying to get some more IBNR into those lines to recognize that uncertainty.

大衛，我是丹。當然。所以我會接受的。所以，是的，最近幾年，我們不是在談論 15 到 19 年，我們談論的是比這更近的幾年。我想我要從我的評論中重申的是，我們正在談論一些非常小的變化。因此，我們在最近的事故年度責任險中遇到了一些不利的情況。我們在決選書中也提出了一些適度的指控。大衛，我認為我們在這裡所做的就是試圖對我們在責任線中最近幾年發生的事故中看到的所有信息做出反應，這些信息往往需要更長的時間來開發，並且記錄在案上一段時間的時間更長。我們只是試圖讓更多的 IBNR 進入這些領域，以認識到這種不確定性。

David, it's Alan. The other thing I'd add is there's not any significant new developments here. These are generally the same trends we've been talking about for a long time, a little more of the same. And again, to reiterate Dan's comment, when you look at the overall reserves we have for these lines, these are very small adjustments.

大衛，是艾倫。我要補充的另一件事是這裡沒有任何重大的新進展。這些總體上與我們長期以來一直在談論的趨勢相同，但更多的是相同的。再次重申丹的評論，當你看看我們為這些線路擁有的整體儲備時，這些都是非常小的調整。

Got it. Okay. That's helpful. And then maybe just switching gears to the personal auto business. Michael, I think you had mentioned that there was maybe some benefit just from mild frequency given a warmer than typical first quarter. Is there any way you could size that just to help us think about the sustainability of the improvement in the auto business?

知道了。好的。這很有幫助。然後也許只是轉向個人汽車業務。邁克爾，我想你已經提到過，鑑於第一季比典型情況溫暖，僅僅溫和的頻率可能會帶來一些好處。您有什麼辦法可以確定這一點，以幫助我們思考汽車業務改善的可持續性嗎？

Yes. Sure, David. I think the mild frequency impact on the underlying combined ratio was a little less than a point.

是的。當然，大衛。我認為溫和的頻率對基礎綜合比率的影響略小於一點。

Your next question comes from the line of Gregory Peters with Raymond James.

你的下一個問題來自格雷戈里·彼得斯和雷蒙德·詹姆斯的台詞。

So for the first question, I'll focus on the Business Insurance segment. In the comments and in the stats, I think there's 7% or higher renewal rate change for 4 consecutive quarters, and you -- and retention seems to be holding up, maybe slipping a little bit. Maybe you could step back and give us some context about -- or texture, I think, is a word to use, about the competitive environment curious, given all the rate change that's coming through, why we haven't seen more aggressive actions on behalf of some of the competitors yet or maybe it's -- there's still reconciling previous year's results as well. I don't know. Just some color there would be helpful.

對於第一個問題，我將重點放在商業保險領域。在評論和統計數據中，我認為連續 4 個季度的續約率變化為 7% 或更高，而保留率似乎仍在保持，甚至可能略有下滑。也許你可以退後一步，給我們一些背景資訊——或者我認為，紋理是一個可以使用的詞，關於競爭環境好奇，考慮到正在發生的所有費率變化，為什麼我們沒有看到更激進的行動代表一些競爭對手，或者可能是- 仍然協調了去年的結果。我不知道。只要有一些顏色就會有幫助。

Greg, it's Alan. I'll start and then turn it over to Greg. Hard for us to comment for competitors, but -- but we do think that in the pricing we've been able to achieve with these retentions, you do see a reflection of the competitive environment. And I'd say that everybody is -- well, what we would speculate is that everybody is reacting to the same things that we're reacting to. I mean there's -- returns are in a much better place after years of pricing and improvements in terms and conditions. But there are some headwinds and some uncertainty out there. And it's all the things we've talked about. There's social inflation, economic inflation, a tight labor market, weather, geopolitics, I think, puts a certain lens over the way we all see the world. And so I suspect what you have is a marketplace that's reacting to an overall level of risk and uncertainty.

格雷格，我是艾倫。我先開始，然後把它交給格雷格。我們很難對競爭對手發表評論，但是——但我們確實認為，在我們透過這些保留所實現的定價中，您確實看到了競爭環境的反映。我想說的是，每個人——好吧，我們推測每個人都在對我們正在做出的反應相同的事情做出反應。我的意思是，經過多年的定價以及條款和條件的改進，回報率要好得多。但也存在一些阻力和不確定性。這就是我們討論過的所有事情。我認為，社會通貨膨脹、經濟通貨膨脹、勞動市場緊張、天氣、地緣政治都影響我們看待世界的方式。因此，我懷疑你所擁有的是一個對整體風險和不確定性程度做出反應的市場。

Okay. I guess I'll pivot then if you look at the proxy statement, I know ROE targets a very important metric for you all. I think the target was 12.8% for '23, up from 11.6% from '22. Can you talk about how you're looking at the ROE targets for the company for '24, please?

好的。我想如果你看看代理聲明，我會轉向，我知道 ROE 的目標對你們所有人來說都是一個非常重要的指標。我認為 23 年的目標是 12.8%，高於 22 年的 11.6%。您能否談談您如何看待公司 24 年的 ROE 目標？

Yes, I don't think we're going to share that target. It gets competitively sensitive and close to pricing. But I will say we think about that in terms of the overall outlook for our business. We think about the rate at which the interest rate environment is earning into the fixed income portfolio, which turns over on a lag basis. And we think about really what we want to achieve as a margin over both the 10-year treasury and our cost of equity. So that's -- those are the things we think about as we put the plan together. Dan, any else I'm missing there?

是的，我認為我們不會分享這個目標。它變得競爭敏感並且接近定價。但我想說的是，我們會從我們業務的整體前景角度來考慮這一點。我們考慮利率環境對固定收益投資組合的獲利率，該投資組合的周轉是滯後的。我們真正考慮的是我們想要實現的十年期國庫利潤和股本成本的目標。所以，這就是我們在製定計劃時所考慮的。丹，還有什麼我還想念的嗎？

No, you got it all.

不，你已經得到了一切。

Your next question comes from the line of Elyse Greenspan with Wells Fargo.

你的下一個問題來自艾莉絲‧葛林斯潘與富國銀行的對話。

My first question is on personal auto. I think you guys said that Q1 is seasonally the lowest combined ratio quarter. But you still have a good amount of rate earning in the book. So shouldn't that obscure some of the seasonality? Or would you expect Q1 to be better from a combined ratio perspective on the underlying side relative to the other 3 quarters of the year, even knowing you have rate to earn in.

我的第一個問題是關於個人汽車的。我想你們說過第一季是季節性綜合成本率最低的季度。但你仍然可以在書中獲得大量的利率收益。那麼這不應該掩蓋一些季節性嗎？或者，即使知道您有盈利率，從基礎方面的綜合比率來看，第一季相對於今年其他三個季度會更好。

Sure, Elyse. It's Michael. So just taking a step back and talking about auto, the seasonality comment is a long-term average comment. Typically, Q1 is roughly 3 points lower than the overall combined ratio for the year. But that's, again, a long-term average and largely an all else equal environment. So that 3 points doesn't adjust for earned effective pricing, potentially having impact in the back half of the year and so you have to make an adjustment for that, no question.

當然，愛麗絲。是麥可。因此，退一步談論汽車，季節性評論是長期平均評論。通常情況下，第一季的綜合成本率大約比當年的總體綜合成本率低 3 個百分點。但這又是一個長期平均水平，而且基本上是一個其他條件均等的環境。因此，這 3 個點不會根據獲得的有效定價進行調整，可能會在今年下半年產生影響，因此毫無疑問，您必須對此進行調整。

But again, I would just take a step back and maybe put a little more color around my response to David as well, right? So the mild winter weather benefit we would view as sort of a one-off in the quarter that we wouldn't expect to continue. We don't see any reason to assume adjusted for that. That seasonality is any different today than it was historically -- and at the end of the day, to your -- to the premise of your question, the earn effective pricing is far and away the biggest driver of the improvement in the quarter, and there's more of that to come going forward.

但同樣，我會退一步，也許也會在我對大衛的回應中添加更多色彩，對嗎？因此，我們認為溫和的冬季天氣帶來的好處在本季是一次性的，我們預計不會持續下去。我們認為沒有任何理由假設對此進行調整。今天的季節性與歷史上的情況有很大不同 - 歸根結底，對於你的問題的前提而言，賺取有效定價無疑是本季度改善的最大推動力，並且未來還會有更多這樣的事情發生。

And then my second question, I wanted to go back to the liability reserve increase in the quarter. Can you give us a sense if there were some additions, I know the numbers are modest, like you guys said, an accident year 2023. And then given the additions you see here, are you adjusting your longer trend -- long-term loss trend assumption for the liability lines following this?

然後是我的第二個問題，我想回到本季負債準備金的增加。你能否告訴我們是否有一些增加，我知道數字不大，就像你們說的，2023 年是一個意外的年份。 —長期損失此後負債線的趨勢假設？

Elyse, it's Dan. I'll start with the PYD piece and avoid the temptation of splitting what is a small number to begin with into its individual accident years. So we're not going to do that. I do think if you look at the results in Business Insurance, we talked about the fact that you saw some improvement in the underlying combined ratio, including in the underlying loss ratio. You have the benefit of pricing and a couple of other things like mix, which we talked about last quarter.

伊麗絲，是丹。我將從 PYD 部分開始，避免將一開始的小數字分成單獨的事故年份。所以我們不會那樣做。我確實認為，如果您查看商業保險的結果，我們談到了這樣一個事實，即您看到基礎綜合比率（包括基礎損失率）有所改善。您可以享受定價和其他一些好處，例如我們上季度討論過的混合。

At the same time, like in any quarter, you've got some puts and takes, and one of those puts and takes in this quarter is booking a little bit more IBNR in the current accident year to reflect some of the uncertainty that we're seeing. Not big numbers, but we are reacting to it.

同時，就像在任何季度一樣，你有一些看跌和看跌，本季度的這些看跌和看跌之一是在當前事故年預訂更多一點的 IBNR，以反映我們的一些不確定性。到。雖然數字不大，但我們正在對此做出反應。

Your next question comes from the line of Brian Meredith with UBS.

您的下一個問題來自瑞銀集團 (UBS) 的布萊恩梅雷迪思 (Brian Meredith)。

First one for Michael. Michael, I'm just curious, one of your competitors in the personal auto space is showing some pretty strong growth in policy before really kind of capitalizing on the market. I'm just curious, are you in a position at this point to kind of go after and get some growth given how your results have improved so much?

第一個是給麥可的。邁克爾，我只是很好奇，在真正利用市場之前，您在個人汽車領域的競爭對手之一在政策上表現出了相當強勁的增長。我只是很好奇，考慮到你的業績進步如此之大，你現在是否有能力追求並獲得一些成長？

Sure, Brian. Thanks for the question. Certainly, again, underneath the results in the quarter, if you look at it on a state-by-state basis, states where we have achieved written adequacy, we did achieve new business premium growth. And consistent with our comments last quarter, what I would say to you is we're executing a very granular state-by-state geography-by-geography strategy as we look to temper some of the non-rate actions that we had in place in auto.

當然，布萊恩。謝謝你的提問。當然，同樣，在本季度的業績之下，如果你逐個州地觀察，在我們已經實現書面充分性的州，我們確實實現了新業務溢價增長。與我們上季度的評論一致，我要對你們說的是，我們正在執行一項非常細粒度的逐州地理戰略，因為我們希望緩和我們已經採取的一些非利率行動在汽車中。

And if you take a step back, if you look at it over the last couple of years, we have a small increase in policies in force in auto over the last couple of years or so. We've got a small decrease in property, all the while premiums are up 30-plus percent. So we feel pretty good about the starting point. And directly to your question, our focus in auto is on profitably growing auto on a go-forward basis. Our focus on home remains on improving profitability. And so that's why we talk about sort of balancing profitability and growth across the whole portfolio.

如果你退後一步，看看過去幾年，你會發現，在過去幾年左右的時間裡，我們在汽車領域實施的政策略有增加。我們的財產略有減少，而保費卻上漲了 30% 以上。所以我們對起點感覺很好。直接回答你的問題，我們在汽車領域的重點是在未來的基礎上實現盈利增長的汽車。我們對家居的關注仍然是提高獲利能力。這就是為什麼我們談論在整個投資組合中平衡獲利能力和成長的原因。

Makes sense. And then a follow-up on the business insurance. Alan, Greg, I wonder if you could kind of dissect kind of the competitive landscape kind of large, middle, small, are any of them kind of incrementally more competitive? It feels like small middle seems to be a little more stable right now than maybe the larger from what we're hearing in the marketplace.

說得通。然後是商業保險的後續。艾倫、格雷格，我想知道你們能否剖析一下大、中、小型的競爭格局，其中有哪一個的競爭程度是逐漸增強的嗎？從我們在市場上聽到的情況來看，目前小型中型似乎比大型中型更穩定一些。

Brian, let me just comment, I'll turn it to Greg. I think all of these markets are always competitive all the time, and that's sort of the way we think about it. So I'm not sure. I mean as Greg shared in his prepared remarks, to the extent that you're thinking about renewal price change as a proxy for competition, and I don't think it is, by the way, that did come down a couple of points, but again, still among our highest rate achieved in any line at double digits and a reflection of terrific returns in the line. So I don't think there's been any sea change in -- or any significant shift among those businesses. I'd said competitive business that we have. I don't know, Greg, what's your thought.

布萊恩，讓我評論一下，我會把它轉給格雷格。我認為所有這些市場始終都充滿競爭，這就是我們的思考方式。所以我不確定。我的意思是，正如格雷格在他準備好的演講中所分享的那樣，在某種程度上，你正在考慮將續訂價格變化作為競爭的代表，順便說一句，我認為這確實不會下降幾個點，但同樣，這仍然是我們在所有產品線中實現的最高兩位數利率之一，反映了該產品線的巨大回報。因此，我認為這些業務之間沒有發生任何巨大變化或任何重大轉變。我說過我們擁有有競爭力的業務。我不知道，格雷格，你的想法是什麼。

Yes. Maybe I'll touch on new business since Alan just hit on rate. And you can see on the new business, we had a real strong quarter in small commercial, up 22%. So that we are seeing a little more dislocation in that market than we are in middle market, but the combination of our new segmented products, BOP 2.0 and our new commercial automobile product, we feel terrific about our position there and where we're writing that new business and at what returns we're going to achieve there.

是的。也許我會談談新業務，因為艾倫剛剛談到了利率。你可以看到，在新業務方面，我們在小型商業領域的季度表現非常強勁，成長了 22%。因此，我們看到該市場比中間市場更加混亂，但結合我們的新細分產品 BOP 2.0 和我們新的商用汽車產品，我們對我們在那裡的地位以及我們正在寫的地方感到非常滿意新業務以及我們將在那裡實現的回報。

Middle market still had -- the delta wasn't as big on new business, but we had a record result in the first quarter of the prior year. So really strong new business levels. So -- and not as much dislocation, Brian, in the middle market, but really feeling good about the combination of where the returns are. And our field teams staying really active on the new business front.

中端市場仍然存在——三角洲在新業務方面沒有那麼大，但我們在去年第一季取得了創紀錄的業績。新業務水平確實非常強勁。所以，布萊恩，在中間市場並沒有那麼混亂，但對回報的組合確實感覺很好。我們的現場團隊在新業務方面保持著非常活躍的狀態。

Your next question comes from the line of Ryan Tunis with Autonomous Research.

您的下一個問題來自 Autonomous Research 的 Ryan Tunis。

I just had a couple, I guess, on exposure acting as rate -- so yes, exposure active as rate has clearly been a tailwind in particular, for margins. It's been flagged for the past couple of years, especially in the workers' comp line. But this is the first quarter in a long time, I think I've seen that workers' comp NPW shrink year over year. So curious sort of what dynamic might be going on there.

我想，我剛剛有一些關於作為利率的風險敞口——所以，是的，作為利率的活躍風險敞口顯然對利潤率來說尤其有利。在過去的幾年裡，這一點已經被標記出來，尤其是在工人補償方面。但這是很長一段時間以來的第一個季度，我想我已經看到工人的補償 NPW 同比下降。非常好奇那裡可能發生什麼動態。

Yes. This is Greg. Yes, exposure continues to be strong, down somewhat as you look at the business is not a surprise to us as the Fed has been very active in curtailing inflation. So definitely, we're seeing some of that in workers' comp. But the primary driver of the down in comp is -- we do still have rate reductions, as I shared in my prepared comments relative to the other products. And as we're an account solution, we're going to remain very active and disciplined with our underwriting. And as we invoke both of those dynamics in the business, that's what drove the overall net written premium change in the comp line.

是的。這是格雷格。是的，風險敞口仍然強勁，但從業務角度來看，風險敞口有所下降並不令我們感到意外，因為聯準會在抑制通膨方面一直非常積極。所以肯定的是，我們在工人補償中看到了其中的一些。但價格下降的主要驅動因素是——正如我在相對於其他產品準備的評論中所分享的那樣，我們仍然有利率下調。由於我們是帳戶解決方案，我們將在承保方面保持非常積極和嚴格的態度。當我們在業務中調用這兩種動態時，這就是推動比較線中整體淨保費變化的原因。

Got it. And I guess if I look at the overall -- the exposure is still positive across the book. So clearly something else is picking that up. On the property side, are you guys still getting positive exposure adjustments from like insured value adjustments? Or is that really just kind of a 2023 catch-up thing that's already happened?

知道了。我想如果我看一下整體——整本書的曝光度仍然是正面的。很明顯，還有其他因素正在推動這一點。在房地產方面，你們是否仍從保險價值調整中獲得積極的風險調整？或者這真的只是 2023 年已經發生的事情的追趕嗎？

Yes. As you can imagine, it's somewhat linear with inflation, Ryan. So '23, we had some record results of trying to keep up with the replacement cost and building materials. So it's down somewhat from '23, but still up overall.

是的。正如你可以想像的那樣，它與通貨膨脹有些線性關係，瑞安。因此，23 年，我們在努力跟上重置成本和建築材料方面取得了一些創紀錄的成果。因此，與 23 年相比有所下降，但總體而言仍然有所上升。

Ryan, as a macro comment, if you look at that exposure, it's easy to get very focused on recent periods. But if you look at that number over time, it's a pretty healthy number that I think is consistent with what is today a pretty healthy economy.

瑞安，作為宏觀評論，如果你看看這種曝光，很容易非常關注最近的時期。但如果你看一下這個數字隨著時間的推移，我認為這是一個非常健康的數字，與當今相當健康的經濟是一致的。

Your next question comes from the line of Meyer Shields with KBW.

您的下一個問題來自 Meyer Shields 和 KBW 的線路。

Great. If I can stick with property for effect in the last year when we track renewal pricing changes. It sort of peaked in the second and third quarter. And I'm wondering whether there's a seasonal element to that? Or we should just sort of follow that curve to anticipate smaller rate increases because of the reduced indicated need over the course of 2024.

偉大的。如果我能在去年追蹤續約價格變化時堅持房產的效果。在第二季和第三季達到頂峰。我想知道這是否有季節性因素？或者，我們應該遵循該曲線來預測較小的利率成長，因為 2024 年期間的指示需求會減少。

Meyer, yes, there really isn't a seasonal element of pricing overall. Our field underwriters are going to look at the exposure at hand and the renewal book will change over time as we write incremental new business. And so overall, it's dependent on the exposures that come up for that particular quarter. That's more of the dynamic than any seasonality.

邁耶，是的，整體定價確實不存在季節性因素。我們的現場承銷商將查看手頭上的風險，並且隨著我們編寫增量新業務，續約書將隨著時間的推移而變化。因此總體而言，這取決於該特定季度出現的風險敞口。這比任何季節性都更具活力。

Meyer, it's Dan. I'll just add in case your question is not just seasonality of pure price change, but within the property line, there's some seasonality of its mix on a written premium basis. And to your point, and you could see it in the financial supplement, the second and third quarters tend to be relatively higher levels of commercial property compared to what comes up in Q1 and Q4.

邁耶，我是丹。我只是補充一下，如果您的問題不僅僅是純粹價格變化的季節性，而且在房地產範圍內，其組合在書面溢價的基礎上也存在一些季節性。就您的觀點而言，您可以在財務補充中看到，與第一季和第四季相比，第二季和第三季的商業房地產水平往往相對較高。

Okay. That's very helpful. if I can switch gears, I wanted to talk a little bit about workers' compensation reserve releases. And on the statutory numbers, there were like $900 million of releases in 2023. And I think you said less than $100 million this quarter. So that's slowing down. I was hoping you could maybe break that down either by accident year or the difference between actual claim emergence versus indications?

好的。這非常有幫助。如果我可以換個話題，我想談談工人賠償儲備金的釋放。根據法定數字，2023 年的發行量約為 9 億美元。所以速度正在放緩。我希望您可以透過事故年份或實際索賠出現與適應症之間的差異來細分？

Yes, Meyer, it's Dan. So again, I'm going to resist the temptation to do it by accident year. It's multiple accident years in comp as it normally is. We're really just going through the same robust and disciplined review process every quarter and comp and in every line. We'll go through the latest data. We'll look at how it might have varied from what our actuarial models would have expected. And we'll do our best to determine the reasons why the actual varied from expected and book the necessary adjustments accordingly. And the number is just sort of going to be what it's going to be. And -- if you think about this quarter versus last quarter or this quarter versus next quarter and any particular line prior year reserve development might be more, might be less. We'll wait and see what the data tells us. But it's more of the same in terms of thematically what's coming through.

是的，邁耶，我是丹。所以，今年我會再次抵制住偶然這樣做的誘惑。和往常一樣，今年是比賽中發生多次事故的一年。我們實際上只是在每個季度、每個季度、每個部門都經歷同樣強大且嚴格的審查流程。我們將查看最新數據。我們將看看它與我們精算模型的預期有何不同。我們將盡力確定實際與預期差異的原因，並據此進行必要的調整。這個數字也差不多就是這樣了。而且，如果您考慮本季與上季相比，或本季與下季相比，以及去年任何特定線路的儲備開發可能會更多，也可能會更少。我們將拭目以待，看看數據告訴我們什麼。但就主題而言，它更像是相同的。

We have continued to make assumptions around what long-term severity is going to be. We have assumptions around what frequency is going to be. The net of those things as there's been some more good news in the first part of this year.

我們繼續對長期嚴重程度進行假設。我們對頻率有一些假設。這些事情的網，因為今年上半年有更多好消息。

Meyer, I'll also add that as we -- one part of our consideration process as we go through this is to make sure that we're appropriately reflecting our thoughts about uncertainty. So that's just something to keep in mind.

邁耶，我還要補充一點，當我們經歷這個過程時，我們考慮過程的一部分是確保我們適當地反映了我們對不確定性的想法。所以這只是需要記住的事情。

Your next question comes from the line of Mike Zaremski of BMO.

您的下一個問題來自 BMO 的 Mike Zaremski。

On the -- maybe a question on the Business Insurance segment, when we look at the underlying combined ratio, it's shown a nice trend of, I guess, improvement versus prior years. And that's kind of despite you all kind of topping off IBNR and kind of adding to reserves on recent vintages. And so just curious about that dynamic -- how was it that your view of kind of the underlying has stayed excellent kind of and not kind of I'm drifted a bit higher as you've taken some just small actions. Is it -- and is it just pricing power has been you think, just much higher than loss cost trend? Or just any color there would be helpful.

關於——也許是關於商業保險領域的一個問題，當我們查看基本綜合比率時，我認為它顯示出與前幾年相比有所改善的良好趨勢。儘管你們都在增加 IBNR 並增加了最近年份的儲備，但情況還是如此。所以我只是對這種動態感到好奇——你對基本面的看法是如何保持良好的，而不是因為你採取了一些小行動，我的情緒有點偏高了。是嗎？ 您認為這只是定價能力，遠高於損失成本趨勢嗎？或任何顏色都會有幫助。

Let me start, and I'll turn it over to you, Dan. So -- we understand that sometimes the investment community can get very focused on a couple of metrics as you think about what drives it, but that's really not the way it comes together. It comes together through all the things that impact margins. And so if you look at the excellent result this quarter, earn pricing was a significant benefit. Favorable mix was a little bit of a benefit. And then there were some small items going the other way that partially offset some of that benefit.

讓我開始吧，我會把它交給你，丹。因此，我們知道，有時，當你思考驅動因素時，投資界可能會非常關注幾個指標，但這實際上並不是它們結合在一起的方式。它透過影響利潤率的所有因素結合在一起。因此，如果您看看本季的出色業績，您會發現收益定價是一個顯著的好處。有利的組合是有一點好處的。然後有一些小項目反其道而行之，部分抵消了部分好處。

As Dan mentioned, we booked a little bit more IBNR as a reflection of uncertainty a little bit of non-cat weather, a little bit of discrete large loss activity. None of those things significant. And as you can tell from the fact that it was an excellent and improving number, but every quarter, there are just a bunch of factors that add up and puts and takes.

正如 Dan 所提到的，我們預訂了更多的 IBNR，以反映一些非貓天氣的不確定性，一些離散的大損失活動。這些事情都不重要。正如您從事實中可以看出的那樣，這是一個出色且不斷提高的數字，但每個季度，只有一堆因素相加、投入和拿取。

Yes, that's right. And I think the only thing I'd add to that, and I'd sort of confirm your premise and the question, Mike, is it's really a very strong pricing environment. And if you go back and look at BI commentary over the last year or 2, it's one of the reasons we've been so pleased to see retention remain as strong as it has because we love the profile of the book. And we're trying to -- so we're happy to be retaining it, happy to get pricing on top of it, and that's improving margins. And then in any quarter it's going to be impacted by some of the things that Alan just mentioned.

恩，那就對了。我想我唯一要補充的是，我想確認你的前提和問題，麥克，這確實是一個非常強大的定價環境。如果你回頭看看過去一兩年的 BI 評論，你會發現這就是我們很高興看到保留率保持如此高的原因之一，因為我們喜歡這本書的簡介。我們正在努力——所以我們很高興保留它，很高興在它之上獲得定價，這正在提高利潤率。然後在任何季度它都會受到艾倫剛才提到的一些事情的影響。

Okay. That's helpful. My last follow-up is on maybe more on homeowners, personal lines. given the -- what seems like a continued trend of a higher (inaudible) any changes you're seeing in the industry or the traveler is trying to implement on terms and conditions, such as roof replacement? Or are there any trends there we should be thinking about?

好的。這很有幫助。我的最後一次跟進可能更多是關於房主、個人線路。考慮到——您在行業中看到的任何變化（聽不清楚）似乎是一個持續的趨勢，或者旅行者試圖根據條款和條件實施，例如屋頂更換？或者有什麼趨勢值得我們思考嗎？

Sure, Mike. It's Michael. Absolutely. I think if you dig underneath our comments around non-rate actions, there's a variety of things that we're executing on and many of which we're seeing across the industry. And examples include, first of all, eligibility, right, based on an evaluation of the exposure, also eligibility on age of roof underwriting restrictions around things like roof condition and tree overhang. Our primary approach on sort of risk sharing, if you will, is really to focus on AOP and wind, hail, tornado deductibles. We've implemented higher wind, hail, tornado deductibles in virtually every severe convective storm exposed state across the country.

當然，麥克。是麥可。絕對地。我認為，如果你深入了解我們對非利率行動的評論，你會發現我們正在執行各種各樣的事情，其中​​許多是我們在整個行業中看到的。例子包括，首先，基於對風險的評估的資格，還有屋頂承保年齡的資格，圍繞屋頂狀況和樹木懸垂等問題進行限制。如果你願意的話，我們關於風險分擔的主要方法實際上是專注於 AOP 和風、冰雹、龍捲風免賠額。我們在全國幾乎每個遭受強烈對流風暴影響的州都實施了更高的強風、冰雹、龍捲風免賠額。

I think the last count, we're up to, I think, 21 states where we've increased deductibles to help deal with the exposure. And then managing distribution and managing appetite to manage aggregation of exposure within a local or a state-by-state geography. So really, those are some examples of the variety of actions we're taking from a non-rig perspective, which is really what we're referring to when we talk about managing growth and improving profitability in property.

我認為根據最新統計，我們已經有 21 個州提高了免賠額，以幫助應對風險。然後管理分配和管理偏好，以管理當地或各州地理範圍內的暴露聚合。事實上，這些是我們從非鑽孔機角度採取的各種行動的一些例子，這正是我們在談論管理成長和提高房地產獲利能力時所指的內容。

Your next question comes from the line of Michael Phillips with Oppenheimer.

你的下一個問題來自邁克爾·菲利普斯和奧本海默的對話。

Totally different turn here. Florida homeowners market, obviously, a market you've not been a big player in. I'm wondering if any of the reforms that have been taken place in the past couple of years have given you (inaudible) to maybe revisit there.

這裡完全不同。顯然，佛羅裡達州的房主市場是一個您還沒有扮演重要角色的市場。

Sure. Great question and certainly something that we spend time evaluating. What I would say is certainly, reforms in Florida, some of the depopulation of citizens in Florida are certainly things that make Florida look better than it has in the past, but it is still a highly cat exposed geography. It is still a place where we think the risk reward is not in balance. And one of the things, frankly, in Florida that remains a significant concern is the potential assigned risk obligation in the event of a significant catastrophe.

當然。很好的問題，當然也是我們花時間評估的問題。我想說的是，佛羅裡達州的改革、佛羅裡達州公民的一些減少肯定會讓佛羅裡達州看起來比過去更好，但它仍然是一個高度暴露於貓的地理區域。我們認為這仍然是一個風險回報不平衡的地方。坦白說，在佛羅裡達州，仍然值得關注的一件事是發生重大災難時潛在的指定風險義務。

And so -- and I think Alan's referred to this in the past. We see signs of improvement in the state, but it's going to take more than what we've seen. And one of the things that causes you to think about is whether or not you can compete in for it on a minute basis versus an excess and surplus lines basis. So those are all some of the considerations around Florida. The upshot for us is while we do see those signs of improvement, we haven't seen enough change to cause us to change our perspective on wanting to reopen for new business and property in Florida.

所以——我想艾倫過去曾提到過這一點。我們看到該州有改善的跡象，但這需要比我們所看到的更多的努力。引起您思考的一件事是您是否可以在分鐘基礎上與超額和盈餘線路基礎上競爭。這些都是佛羅裡達州的一些考慮因素。對我們來說，結果是雖然我們確實看到了這些改善的跡象，但我們還沒有看到足夠的變化來改變我們對佛羅裡達州重新開放新業務和房產的看法。

Yes. The total reforms that they enacted. We think we're an excellent start. We certainly love other states to follow suit because we think regulatory reform is important as it relates to affordability, not just insurance, but of homeownership and autos. But there are some other structural things in the state that are -- just make it difficult at the moment. We'll continue to reevaluate it.

是的。他們實施的全面改革。我們認為我們是一個很好的開始。我們當然希望其他州效仿，因為我們認為監管改革很重要，因為它關係到負擔能力，不僅僅是保險，還關係到住房和汽車的負擔能力。但該州還有其他一些結構性問題——只是讓目前的情況變得困難。我們將繼續重新評估它。

Okay. Great, perfect color. Second question, personal auto. Are you seeing any signs there of kind of just higher internal involvement in personal auto that give you (inaudible) for concern.

好的。很棒，完美的顏色。第二個問題，個人汽車。您是否看到任何跡象表明個人汽車內部參與程度更高，這讓您（聽不清楚）感到擔憂。

Sure, Michael. I would say that in Q1, it's -- first of all, bodily injury is where most attorney involvement occurs. And in Q1, it's -- it's the longest tail element of the exposure we see in Personal Insurance. So including anything based on what we saw in the quarter from a bodily injury standpoint is a challenge. But the same sort of social inflation litigation abuse challenges that Greg has talked about a lot in Business Insurance. We're not immune from in personal insurance. We have seen over a longer period of time. increased attorney involvement impact bodily injury. But all that said, if we look at bodily injury results in the quarter, bodily injury loss trends were pretty consistent with what we expected.

當然，邁克爾。我想說，在第一季度，首先，身體傷害是大多數律師參與的地方。在第一季度，它是我們在個人保險領域看到的最長尾部元素。因此，從身體傷害的角度來看，包括我們在本季所看到的一切都是一個挑戰。但格雷格在《商業保險》中多次談到了同樣類型的社會通膨訴訟濫用挑戰。我們也不能倖免於個人保險。我們已經看到了更長的一段時間。律師參與的增加會影響人身傷害。但話雖如此，如果我們查看本季的人身傷害結果，就會發現人身傷害損失趨勢與我們的預期非常一致。

Your next question comes from the line of Michael Ward with Citi.

你的下一個問題來自花旗銀行的麥可沃德 (Michael Ward)。

I was just curious, the growth in commercial auto accelerated pretty meaningfully. Was that mostly price? Or how should we think about the pricing environment in that line?

我只是很好奇，商用車的成長速度相當有意義。這主要是價格嗎？或者我們應該如何考慮該產品線的定價環境？

Michael. Yes, it was most of the growth that happened from a net written premium change was due to RPC. One thing I would point out and I referenced a little bit earlier, we do have our new automobile product that we've rolled out across all business insurance in our Express Select underwriting model and also in our transactional middle market business, our TCAP product. So we feel terrific about that latest segmentation, and that should ultimately improve the return profiles on that business overall. But the biggest change was RPC.

麥可.是的，淨承保保費變動帶來的成長大部分是由於 RPC 造成的。我要指出的一件事是，我之前提到過，我們確實擁有新的汽車產品，我們已經在Express Select 核保模式以及我們的交易型中間市場業務（我們的TCAP 產品）中的所有商業保險中推出了該產品。因此，我們對最新的細分感到非常滿意，這最終應該會改善該業務的整體回報狀況。但最大的變化是RPC。

Great. And maybe just back to GL. You noted the charges were relatively modest. I guess just compared to last year's charges, are they similar last or any other color around that?

偉大的。也許回到 GL。您指出收費相對較低。我想與去年的費用相比，它們最後是否相似或有其他顏色嗎？

Michael, it's Dan. I guess I'll say, if you just look at the comment being that comp was approaching $100 million, the segment was zero, some of it was runoff, you could get to an implication of sort of a box around how much the GL must have been and for whatever it's worth, and I'm not sure how much it's worth, that would tell you that the first quarter number was probably less than some of the magnitude that we saw in last year. But again, we'll do a full evaluation again next quarter, and the number will be more or less favorable or unfavorable depending on what the data tells us.

邁克爾，我是丹。我想我會說，如果你只看評論，即補償接近 1 億美元，該部分為零，其中一些是徑流，你可以得到一個關於 GL 必須多少的框的含義無論它的價值如何，我不確定它的價值是多少，這都會告訴你第一季的數字可能會低於我們去年看到的一些幅度。但同樣，我們將在下個季度再次進行全面評估，根據數據告訴我們的內容，這個數字或多或少會是有利或不利的。

Your next question comes from the line of Robert Cox with Goldman Sachs.

你的下一個問題來自高盛的羅伯特·考克斯。

So we saw some data potentially indicating a slowdown in premium growth in the E&S market. And I know Travelers has about $2.5 billion in E&S and you guys have indicated that margins there are quite attractive. Just curious if you saw any changes in competitive dynamics in E&S or pricing?

因此，我們看到一些數據可能表明 E&S 市場的保費成長放緩。我知道 Travelers 在 E&S 領域的投資額約為 25 億美元，你們已經表示那裡的利潤相當有吸引力。只是好奇您是否看到 E&S 或定價方面的競爭動態發生任何變化？

Robert, this is Greg. Yes, as we've shared with you underneath that $2.5 billion, we have quite a bit of diverse businesses that drive that. And we didn't really see any material slowdown in the segments that we compete in.

羅伯特，這是格雷格。是的，正如我們在這 25 億美元之下與您分享的那樣，我們有相當多的多元化業務來推動這一目標。我們並沒有真正看到我們競爭的細分市場出現任何實質放緩。

Okay. Got it. And maybe secondly, I'm curious as I think you started to go through some of the reunderwriting of the Corvus book, if you've learned anything material and if there's any major takeaways.

好的。知道了。也許其次，我很好奇，因為我認為你開始經歷烏鴉座書的一些重新編寫，如果你學到了任何材料，以及是否有任何重大收穫。

Yes. Thanks, Robert. It's Jeff. We're 3.5 months now into our integration. We're feeling really good about bringing and leveraging the capabilities of both organizations. I would tell you that we feel really good about the quality of the profitability of the Corvus book of business, it's consistent, and we're taking some of those capabilities. We've already completed the scans using their proprietary technology to the existing Travelers book of business, really comfortable with what we're seeing. Thanks for the question.

是的。謝謝，羅伯特。是傑夫。我們的整合已經進行了 3.5 個月。我們對引入和利用兩個組織的能力感到非常滿意。我想告訴你，我們對 Corvus 業務簿的盈利能力品質感覺非常好，它是一致的，我們正在利用其中的一些功能。我們已經使用他們的專有技術完成了對現有旅行者業務簿的掃描，對我們所看到的內容感到非常滿意。謝謝你的提問。

We have time for one more question. It will be from Paul Newsome of Piper Sandler.

我們還有時間再問一個問題。它將由 Piper Sandler 的 Paul Newsome 發送。

Maybe just a couple of quick personal lines questions. Is it fair to say that the renewal premium change for both auto and home, given what you've already filed and the fact that you're getting to closer to -- or you've got more states to adequacy that we should see that decelerate fairly meaningfully in the next couple of quarters? And just any thoughts about that so that we aren't surprised.

也許只是幾個簡短的個人問題。考慮到您已經提交的內容以及您越來越接近的事實，或者您有更多的州達到我們應該看到的充足性，可以公平地說汽車和房屋的續保保費都發生變化嗎？下來的幾季中會相當有意義地減速嗎？以及對此的任何想法，這樣我們就不會感到驚訝。

Sure, Paul. It's Michael. So I would separate auto and home. So for auto, you'll see RPC moderate as we go throughout the year. I wouldn't suggest it's going to be a sharp decline. One of the things that I think is important to think about as you think about RPC over time for us is we write mostly 12-month policies in auto. And so while someone who writes about a 6-month policy is going to see RPC accelerate quickly on the front end, they're going to actually see it decelerate more quickly on the back end.

當然，保羅。是麥可。所以我會把汽車和家庭分開。因此，對於汽車來說，隨著全年的發展，您會看到 RPC 處於中等水平。我不認為它會急劇下降。我認為當你考慮 RPC 隨著時間的推移對我們來說重要的事情之一是，我們主要在 auto 中編寫 12 個月的策略。因此，雖然寫 6 個月保單的人會看到 RPC 在前端快速加速，但他們實際上會看到它在後端減速更快。

Ours is going to be a more gradual increase and then a more gradual decrease because we filed a rate in May of 2023, we're still renewing policies at that same higher rate in April of 2024. So just a little bit of context for why I say it's going to be more of a gradual deceleration in auto RPC.

我們的保單將是一個更漸進的增加，然後是一個更漸進的減少，因為我們在2023 年5 月提交了費率，我們仍在2024 年4 月以同樣較高的費率續保保單。 因此，請簡單介紹一下原因我認為汽車 RPC 將會逐漸減速。

In property RPC, we don't anticipate a deceleration. We're going to continue to drive rate into the property portfolio in response to increased loss costs and I would expect RPC to remain relatively consistent through the balance of 2024 in property.

在財產 RPC 中，我們預計不會減速。我們將繼續提高房地產投資組合的利率，以應對損失成本的增加，我預計 RPC 在 2024 年房地產領域將保持相對穩定。

I do notice that the renewal rate in home did come down quite a bit sequentially. Is that just sort of an anomaly? Or is it something unknown.

我確實注意到家庭的續訂率確實連續下降了很多。這只是一種異常現象嗎？又或者是有什麼不為人知的事。

Sure, Paul. So the RPC drop from Q4 to Q1 in property is what we were referring to last year when we talked about the fact that we've made a lot of progress on insurance to value in home. So when you think about renewal premium change in personal lines property, it's really driven by 2 primary things. One is rate and then the other is increase in the coverage limit on the dwelling. And in 2022 and 2023, we made dramatic increases in property Coverage A limits in home. That drove a decent amount of the property RPC.

當然，保羅。因此，去年當我們談到我們在房屋保險價值方面取得了很大進展時，我們提到了房地產領域的 RPC 從第四季度到第一季的下降。因此，當您考慮個人保險財產的續保保費變化時，它實際上是由兩個主要因素驅動的。一是費率，二是增加住宅的承保限額。 2022 年和 2023 年，我們大幅提高了家庭財產保險 A 限額。這推動了相當數量的財產 RPC。

In my prepared remarks, that's why I mentioned that when you look at that 13.4%, it actually reflects improvement in rate from last quarter to this quarter and the drop is really because we've essentially caught up on insurance to value and property. So that's why I say you're not going to see a further incremental change in RPC due to that Coverage A limit dynamic because that's just going to stay the same. And now what you're looking at is mostly our outlook for rate and property for 2024, which, again, is to keep it pretty consistent.

在我準備好的發言中，這就是為什麼我提到，當你看到13.4% 時，它實際上反映了從上個季度到本季度的利率改善，而下降實際上是因為我們基本上已經趕上了保險的價值和財產。這就是為什麼我說你不會看到 RPC 由於覆蓋範圍 A 限制動態而進一步的增量變化，因為它只會保持不變。現在您看到的主要是我們對 2024 年利率和房地產的展望，這也是為了保持相當一致。

Thank you. I will turn the call to Ms. Goldstein for closing remarks.

謝謝。我將請戈爾茲坦女士致閉幕詞。

Thank you all very much again for joining us this morning. And as usual, if there's any follow-up, please feel free to reach out directly to Investor Relations. Have a great day.

再次非常感謝大家今天早上加入我們。與往常一樣，如果有任何後續行動，請隨時直接聯繫投資者關係部門。祝你有美好的一天。

This concludes today's conference call. We thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。我們感謝您的加入。現在您可以斷開線路。