旅行家集團 (TRV) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the first quarter results teleconference for Travelers. We ask that you hold all questions until the completion of formal remarks, at which time you will be given instructions for the question-and-answer session. As a reminder, this conference is being recorded on April 16, 2025.

女士們、先生們，早安。歡迎參加旅客第一季業績電話會議。我們要求您將所有問題保留到正式發言結束後，屆時您將獲得問答環節的指示。提醒一下，本次會議將於 2025 年 4 月 16 日錄製。

At this time, I'd like to turn the conference over to Ms. Abbe Goldstein, Senior Vice President of Investor relations. Ms. Goldstein, you may begin.

現在，我想將會議交給投資者關係資深副總裁 Abbe Goldstein 女士。戈德斯坦女士，你可以開始了。

Thank you. Good morning and welcome to Traveler's discussion of our first quarter 2025 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，歡迎參加旅客對我們 2025 年第一季業績的討論。我們今天早上發布了新聞稿、財務補充和網路廣播簡報。所有這些資料都可以在我們的網站 travelers.com 的投資者部分找到。

Speaking today will be Alan Schnitzer, Chairman and CEO; Dan Frey, Chief Financial Officer, and our three 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.

今天發言的將是董事長兼執行長 Alan Schnitzer；財務長 Dan Frey，以及我們的三位部門總裁，商業保險部門的 Greg Toczydlowski、Bond & Specialty Insurance 部門的 Jeff Klenk 和個人保險部門的 Michael Klein。他們將討論我們業務的財務表現和當前的市場環境。他們將在準備發言時參考網路直播演示，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.

在我將電話轉給艾倫之前，我想提請您注意網路廣播演示結束時附帶的解釋性說明。我們今天的演示包含前瞻性陳述。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，並不能保證未來的表現。

Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. 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.

由於各種因素，實際結果可能與前瞻性陳述中表達或暗示的結果有重大差異。這些因素在我們的收益新聞稿以及我們向美國證券交易委員會提交的最新 10-Q 和 10-K 中的前瞻性陳述中有描述。我們不承擔更新前瞻性陳述的任何義務。

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.

此外，在我們的評論或回答問題時，我們可能會提到一些非公認會計準則財務指標。對帳內容包含在我們最近的收益新聞稿、財務補充以及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 pleased to report a substantial profit for the quarter, despite the devastating January California wildfires. We delivered core income of $443 million or $1.91 per diluted share as outstanding underlying results, strong net favorable prior year reserve development, and higher investment income more than offset catastrophe losses.

謝謝你，阿貝。大家早安，感謝大家今天加入我們。儘管加州一月份發生了毀滅性的野火，我們仍然很高興地報告本季取得了可觀的利潤。我們實現了 4.43 億美元的核心收入或每股 1.91 美元的攤薄收益，這得益於出色的基本業績、強勁的上年淨儲備金增長以及更高的投資收益，這些都足以抵消災難損失。

Over the last four quarters, thanks to strong underlying fundamentals, we generated a core return on equity of 14.5%. That demonstrates our ability to deliver healthy returns over time, notwithstanding elevated industry-wide catastrophe losses.

在過去四個季度中，得益於強勁的基本面，我們實現了 14.5% 的核心股本回報率。這表明，儘管整個行業的災難損失不斷增加，但我們仍然有能力隨著時間的推移帶來豐厚的回報。

Underlying underwriting income of $1.6 billion pre-tax was up more than 30% over the prior year quarter. That was driven by strong net earned premiums of $10.7 billion and a consolidated underlying combined ratio that improved 2.9 points to an excellent 84.8%. All three segments contributed to these underlying results with strong and higher net premiums and excellent underlying profitability.

稅前承保收入為 16 億美元，較去年同期成長 30% 以上。這是由 107 億美元的強勁淨保費收入和綜合基礎成本率改善 2.9 個百分點至出色的 84.8% 所推動的。所有三個部門都以強勁且更高的淨保費和出色的基本盈利能力為這些基本業績做出了貢獻。

The underlying combined ratio in business insurance improved to an excellent 88.2%. The underlying combined ratio in urban and specialty business was a very strong 87.3%, and the underlying combined ratio in personal insurance improved by more than 6 points to a terrific 79.9%.

商業保險基本綜合成本率改善至88.2%的優異水準。城市和專業業務的基本綜合成本率達到非常強勁的 87.3%，個人保險的基本綜合成本率提高了 6 個百分點以上，達到了出色的 79.9%。

Consistent with the announcement we made in February, our catastrophe losses from the California wildfires were $1.7 billion pre-tax. I'm grateful to our claim team for their continued excellent work taking care of our customers and supporting the community's recovery.

與我們 2 月宣布的消息一致，加州野火對我們造成的災難損失為稅前 17 億美元。我感謝我們的理賠團隊持續出色的工作，照顧我們的客戶並支持社區的恢復。

We've already paid out nearly three quarters of $1 billion, including substantial advance payments to our customers who suffered total losses. Even after that, operating cash flows for the quarter were a very strong $1.4 billion. Turning to investments, our high-quality investment portfolio continued to perform well.

我們已經支付了近75億美元的賠償金，其中包括向遭受全部損失的客戶支付的大量預付款。即使在此之後，本季的經營現金流仍然非常強勁，達到 14 億美元。在投資方面，我們的優質投資組合持續表現良好。

After tax net investment income of $763 million for the quarter was driven by strong and reliable returns from our growing fixed income portfolio and positive returns from our thoughtfully managed alternative investment portfolio.

本季稅後淨投資收入為 7.63 億美元，這得益於我們不斷增長的固定收益投資組合的強勁可靠回報，以及我們精心管理的另類投資組合的正回報。

Our underwriting and investment results together with our strong balance sheet, enabled us to return nearly $600 million of excess capital to shareholders, including $358 million of share repurchases. At the same time, we continue to make important investments in our business as we completed another quarter of successful execution on a number of important strategic initiatives.

我們的承銷和投資業績，加上我們強勁的資產負債表，使我們能夠向股東返還近 6 億美元的超額資本，其中包括 3.58 億美元的股票回購。同時，我們繼續對我們的業務進行重要投資，因為我們又成功執行了一些重要的策略舉措。

Even after this deployment of capital, adjusted book value per share increased by 11% as compared to a year ago. 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 dividends to $1.10 per share, marking 21 consecutive years of dividend increases with a compound annual growth rate of 8% over that period.

即使在此次資本部署之後，調整後的每股帳面價值仍比一年前增加了 11%。為了表彰我們強大的財務狀況和對業務前景的信心，我很高興地告訴大家，我們的董事會宣布將季度現金股息提高 5% 至每股 1.10 美元，這標誌著股息連續 21 年增加，在此期間的複合年增長率為 8%。

Turning to production. Excellent execution by our field organization drove our topline growth with all three of our segments contributing. During the quarter, we net written premiums to $10.5 billion. In business insurance, we can net written premiums by 2% to a record $5.7 billion after the ceded premium impact of the enhanced casualty reinsurance program that we announced last quarter.

轉向生產。我們現場組織的出色執行推動了我們的營業額成長，我們的三個部門都做出了貢獻。本季度，我們的淨承保保費達到 105 億美元。在商業保險方面，考慮到我們上個季度宣布的增強型意外險再保險計劃的保費影響，我們的淨承保保費增長 2%，達到創紀錄的 57 億美元。

As we previewed with you, that reduced the segment's net written premium growth in the quarter by 4 percentage points as a full year's worth of ceded premium was booked in the first quarter. We know premium change in the segment was double-digits or high single-digits in every line other than workers' comp.

正如我們與您預覽的那樣，由於第一季已記入全年的保費，因此該部門本季的淨承保保費增長率降低了 4 個百分點。我們知道，除工傷賠償外，該領域的其他每項保險的保費變化都是兩位數或高個位數。

Even with strong pricing pretty much across the board, retention improved nearly 2 points in the fourth quarter to 86% and was higher in every line. That dynamic of strong pricing and retention speaks to continued discipline in the marketplace.

儘管全線產品定價都很強勁，但第四季度的留存率仍提高了近 2 個百分點，達到 86%，並且每條產品線的留存率都有所提高。強勁的定價和保留的動態表明市場持續保持紀律。

The business for this segment was a record $735 million, 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.

該部門的業務達到創紀錄的 7.35 億美元，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 and specialty insurance, we grew net rate and premiums by 6% to $1 billion with excellent retention of 89% in our high-quality management liability business. In our industry leading surety business, we could net written premiums by 13%. Given the attractive returns, we are very pleased with the strong production results in both of our commercial business segement.

在債券和特殊保險方面，我們的淨費率和保費增長了 6%，達到 10 億美元，而我們高品質的管理責任業務的留存率高達 89%。在我們行業領先的保證業務中，我們可以實現 13% 的淨承保保費成長。鑑於可觀的回報，我們對兩個商業業務部門的強勁生產業績感到非常滿意。

In personal insurance, net written premiums grew 5% to $3.8 billion, driven by strong renewal premium change, particularly in our Homeowners business. You'll hear more shortly from Greg, Jeff and Michael about our segment results.

在個人保險方面，淨承保保費成長 5%，達到 38 億美元，這得益於續保保費的強勁變化，尤其是我們的房屋所有權人業務。您很快就會從 Greg、Jeff 和 Michael 那裡聽到更多關於我們部門績效的消息。

Before I turn the call over to Dan, I'd like to comment on how Travelers' position for what feels like an uncertain macroeconomic road ahead. In short, we are entering 2025 in a position of strength. We are a market leader in a diversified portfolio of businesses, each with a strong value proposition to offer to our customers and distribution partners.

在我將電話轉給丹之前，我想先評論一下旅行者對未來不確定的宏觀經濟道路的立場。簡而言之，我們將以強勁的勢頭邁入 2025 年。我們是多元化業務組合的市場領導者，每項業務都為我們的客戶和分銷合作夥伴提供強大的價值主張。

Our underlying margins are in great shape, and in each segment, we have attractive loss ratios and expense ratios that reflect years of strategic focus on optimizing operating leverage. Our cash flow is strong and resilient. Our investment portfolio was thoughtfully managed to deliver highly reliable returns, including through periods of market stress.

我們的基礎利潤率狀況良好，並且在每個部門，我們都擁有具有吸引力的損失率和費用率，這反映了我們多年來對優化經營槓桿的策略重點。我們的現金流強勁且有彈性。我們精心管理投資組合，即使在市場壓力時期也能提供高度可靠的回報。

And we have a fortress balance sheet, featuring a strong capital base and almost no debt coming due in the next eight years. On top of all that, we have the resources and financial strength to continue making strategic investments in our business without interruption.

我們擁有穩健的資產負債表，資本基礎雄厚，未來八年內幾乎沒有債務到期。最重要的是，我們擁有資源和財務實力，可以繼續不間斷地對我們的業務進行策略性投資。

All of which is to say, just as we have successfully served our customers and distribution partners and created shareholder value over time, including through periods of economic disruption, we are very well positioned to continue doing so now.

所有這些都表明，正如我們成功地服務了我們的客戶和分銷合作夥伴，並隨著時間的推移創造了股東價值，包括在經濟動盪時期，我們現在完全有能力繼續這樣做。

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

說完這些，我很高興將電話轉給丹。

Thank you, Alan. Travelers delivered $443 million of core income in the first quarter, despite significant losses from the California wildfires. The higher level of cat losses was partially offset by a significant increase in underlying underwriting income, higher level of net favorable prior year reserve development and higher net investment income.

謝謝你，艾倫。儘管加州山火造成重大損失，但旅行者航空第一季仍實現核心收入 4.43 億美元。巨災損失的增加被承保收入的大幅增加、上年淨有利準備金增長的增加以及淨投資收入的增加部分抵消。

And as you heard from Alan, trailing 12 month core return on equity was 14.5%. Our pre-tax underlying underwriting gain of $1.6 billion was up 32% from the prior year quarter, reflecting higher levels of earned premium and an underlying combined ratio that improved by 2.9 points to 84.8%.

正如艾倫所說，過去 12 個月的核心股本回報率為 14.5%。我們的稅前承保收益為 16 億美元，較去年同期增長 32%，這反映了已賺保費水準的提高以及綜合成本率提高 2.9 個百分點至 84.8%。

The underlying combined ratio was our second-best result ever and once again featured very strong results in all three business segments. We were pleased with the first quarter expense ratio of 28.3%, and improvement of 40 basis points from the prior year quarter.

基礎綜合比率是我們有史以來第二好的成績，並且三個業務部門再次取得了非常強勁的成績。我們對第一季 28.3% 的費用率感到滿意，比去年同期改善了 40 個基點。

For the full year, we remain comfortable with an expense ratio expectation of 28% to 28.5%. Our continued focus on operating leverage enables us to maintain this level of expense ratio, even as we increase the amount of strategic technology spend to further strengthen our competitive advantages, positioning us for continued success well into the future.

對於全年而言，我們仍然對 28% 至 28.5% 的費用率預期感到滿意。我們持續專注於經營槓桿，這使我們能夠維持這一費用率水平，即使我們增加了策略性技術支出以進一步增強我們的競爭優勢，也為我們在未來繼續取得成功奠定了基礎。

We reported net favorable prior year reserve development of $378 million pre-tax in the first quarter with all three segments contributing. In business insurance, net favorable development of $74 million pre-tax was driven by workers' comp. In bond and specialty net favorable PYD of $67 million pre-tax was driven by better-than-expected results in management liability and surety.

我們報告稱，第一季度，上年淨利潤儲備為 3.78 億美元（稅前），這三個部門都做出了貢獻。在商業保險方面，工傷賠償推動了稅前淨利 7,400 萬美元。債券和專業業務的稅前淨利潤為 6,700 萬美元，這得益於管理責任和擔保業務的表現優於預期。

Personal insurance recorded net favorable PYD of $237 million pre-tax with significant improvements in both auto and home. Catastrophe losses for the quarter totaled $2.3 billion pre-tax, driven by the California wildfires in January, for which our estimate of $1.7 billion is unchanged from the estimate we pre-announced in February.

個人保險錄得稅前淨利好 PYD 2.37 億美元，汽車和家庭保險均有顯著改善。本季巨災損失總計 23 億美元（稅前），主要原因是 1 月的加州野火，我們對此的估計為 17 億美元，與 2 月預先宣布的估計相同。

After tax net investment income increased 9% from the prior year quarter to $763 million. Fixed income NII was higher than in the prior year quarter and in line with our expectations, benefiting from both higher yields and a higher level of invested assets.

稅後淨投資收入較去年同期成長 9%，達到 7.63 億美元。固定收益 NII 高於去年同期，符合我們的預期，受益於更高的收益率和更高的投資資產水準。

Our outlook for fixed income NII by quarter, including earnings from short-term securities is $725 million after tax in the second quarter, growing to approximately $755 million in the third quarter and then to around $790 million in the fourth quarter.

我們對按季度計算的固定收益 NII（包括短期證券收益）的預期是，第二季度稅後為 7.25 億美元，第三季度增長至約 7.55 億美元，第四季度增長至約 7.9 億美元。

NII from our alternative investment portfolio was also positive in the quarter. Given recent movement in the equity markets, this is a good time to remind you that results for our private equities, hedge funds and real estate partnerships are generally reported to us on a one quarter lag. And while not perfectly correlated, our non-fixed income returns tend to directionally follow the broader equity markets.

本季，我們另類投資組合的 NII 也呈現正值。鑑於近期股市的走勢，現在是時候提醒您，我們的私募股權、對沖基金和房地產合夥企業的業績通常會落後一個季度報告給我們。儘管相關性並不完全，但我們的非固定收益回報往往跟隨更廣泛的股票市場。

In other words, the impact of the decline in financial markets that occurred in the first quarter will be reflected in our quarter results.

換句話說，第一季金融市場下滑的影響將會反映在我們的季度業績中。

Turning to capital management, operating cash flows for the quarter of $1.4 billion were again very strong, despite the elevated payout related to the California wildfires, and we ended the quarter with holding company liquidity of approximately $1.6 billion.

談到資本管理，儘管與加州野火相關的支出增加，但本季 14 億美元的營運現金流再次非常強勁，本季末我們的控股公司流動資金約為 16 億美元。

As interest rates decreased during the quarter, our net unrealized investment loss decreased from $3.6 billion after tax at year end to $3.3 billion after tax on March 31. Adjusted book value per share, which excludes unrealized investment gains and losses was $138.99 at quarter end, basically unchanged from year-end and up 11% from a year ago.

由於本季利率下降，我們的淨未實現投資損失從年底的稅後 36 億美元減少到 3 月 31 日的稅後 33 億美元。季度末調整後的每股帳面價值（不包括未實現的投資收益和損失）為 138.99 美元，與年底基本持平，比去年同期增長 11%。

Share repurchases this quarter included $250 million of open market repurchases. We had an additional $108 million of buybacks in connection with employee share-based compensation plans. We have approximately $4.8 billion remaining under prior Board authorizations for share repurchases.

本季的股票回購包括 2.5 億美元的公開市場回購。我們根據員工股權激勵計畫額外回購了 1.08 億美元。根據董事會先前的授權，我們還剩下約 48 億美元的股票回購資金。

Dividends were $241 million in the quarter, and as Alan mentioned earlier, our Board authorized a 5% increase in the quarterly dividend to $1.10 per share.

本季股息為 2.41 億美元，正如艾倫之前提到的，我們的董事會批准將季度股息增加 5% 至每股 1.10 美元。

In summary, our first quarter results once again demonstrate the significant earnings power that results from our ability to leverage our competitive advantages 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 investment portfolio.

綜上所述，我們的第一季業績再次證明了我們強大的獲利能力，這種能力源於我們能夠利用競爭優勢，在我們多元化的業務中增加保費，同時保持非常有吸引力的利潤率，同時不斷增長的投資組合帶來的淨投資收益也穩步增加。

And with that, I'll turn the call over to Greg for a discussion of business insurance.

說完這些，我將把電話轉給格雷格，討論商業保險。

Thanks, Dan. Business insurance had a strong start to 2025 with segment income for the first quarter of $683 million. Underlying underwriting income, net prior year reserve development, and net investment income all improved from the first quarter of 2024.

謝謝，丹。商業保險在 2025 年開局強勁，第一季分部收入達 6.83 億美元。從 2024 年第一季開始，基礎核保收入、上年淨儲備金發展和淨投資收入均有所改善。

The underlying combined ratio of 88.2% was an excellent result and 1 point better than the prior year quarter driven by the benefit of earned pricing.

88.2% 的基礎綜合比率是一個出色的結果，比去年同期高出 1 個百分點，這得益於已賺取定價的好處。

Turning to the topline, we grew net written premiums by 2% to a record quarterly high of $5.7 billion inclusive of the 4 point ceded premium impact that Alan referenced. As we indicated in our comments previously, we expect the change in our reinsurance program to be neutral in terms of underwriting income.

談到營業收入，我們的淨承保保費增加了 2%，達到創紀錄的季度新高 57 億美元，其中包括艾倫提到的 4 個百分點的保費轉讓影響。正如我們先前的評論中所指出的，我們預計再保險計劃的變化對承保收入的影響是中性的。

Pricing remains strong with renewal premium change of 9.2%, driven by renewal rate change of 6.4%. Retention increased to an excellent 86% and new business of $735 million was an all-time quarterly high. We're pleased with these production results in our ability to sustain strong levels of pricing and retention.

定價仍維持強勁，續保費變動 9.2%，受續保率變動 6.4% 的推動。保留率上升至出色的 86%，新業務額達 7.35 億美元，創下季度歷史新高。我們對這些生產成果感到滿意，因為我們能夠維持強勁的定價和保留水準。

That combination is a reflection of market-wide discipline in response to ongoing environmental trends and uncertainty. Renewal rate change remained high, coming in at well over 6% for the eighth quarter in a row. The small tick down from Q4 was driven by our national property book, where returns are very strong after several years of compounding rate and improvements in terms and conditions.

這種結合反映了整個市場對持續的環境趨勢和不確定性的反應。續約率變化仍然很高，連續第八個季度超過 6%。與第四季度相比，全國房地產帳簿略有下降，經過幾年的複合成長率和條款條件的改善，回報率非常強​​勁。

In our selecting core middle market businesses, renewal rate change remains strong and in line with fourth quarter levels. From a line perspective, renewal rate change was highest in umbrella and auto, while CMP reached an all-time high and GL remained strong.

在我們選擇的核心中端市場業務中，續約率變化依然強勁，與第四季的水準一致。從險種來看，傘險和車險的續保率變化最大，CMP險種創歷史新高，GL險種維持強勁。

The execution by our field organization was exceptional, achieving the highest retention levels in our best performing business and the highest levels in our other accounts. The granular execution contributes to optimizing the portfolio's returns.

我們的現場組織的執行非常出色，在我們表現最好的業務中實現了最高的保留水平，在我們的其他帳戶中也實現了最高水平。精細的執行有助於優化投資組合的回報。

This success is possible based on the robust data that we have, the advanced analytics and sophisticated tools we put in the hands of our frontline underwriters, as well as the strength of the talent that we have in the field.

這項成功得益於我們擁有的可靠數據、我們為前線承保人提供的先進分析和精密工具，以及我們在該領域的人才實力。

As for the individual businesses, in Select renewal premium change remains strong at 11.6% up 1.5 point from the first quarter of last year, while renewal rate change of 5.8% was up nearly 2 points from a year ago. As we expected, retention was stable at 80%, driven based on our targeted CMP risk return optimization efforts, which will begin to wind down in the third quarter.

就個別業務而言，精選續保保費變化依然強勁，為 11.6%，較去年第一季上漲 1.5 個百分點，而續保率變化為 5.8%，較去年同期上漲近 2 個百分點。正如我們預期的那樣，保留率穩定在 80%，這得益於我們有針對性的 CMP 風險回報優化工作，該工作將在第三季開始逐漸減少。

New business of $159 million was a quarterly record. Overall, we feel terrific about how we're strategically managing the mix of business to drive long-term profitable growth in Select. Our distribution partners have embraced the industry leading experience and segmentation benefits we're getting from our [BOP 2.0] in new commercial auto products.

1.59億美元的新業務創下了季度紀錄。總體而言，我們對如何策略性地管理業務組合以推動 Select 的長期獲利成長感到非常滿意。我們的分銷合作夥伴已經接受了我們從新商用汽車產品 [BOP 2.0] 中獲得的行業領先經驗和細分優勢。

In middle market, renewal premium change was in line with the fourth quarter at close to 10% with strong renewal rate change of 7.5%. The rate increases remain broad-based as we achieve positive rate change on more than three quarters of our middle market accounts.

在中端市場，續保保費變動與第四季持平，接近 10%，續保率變化強勁，達到 7.5%。由於我們四分之三以上的中端市場帳戶實現了正利率變化，因此利率的上漲仍然具有廣泛的基礎。

Retention of our high-quality book remained historically high at 89% and increased a point from the fourth quarter, while new business of $434 million was an all-time quarterly high. To sum up, business insurance had a great start to the year. We continue to grow our high-quality book while investing in capabilities that position us well for long term success.

我們的優質帳簿保留率仍保持在 89% 的歷史高位，較第四季度上升了一個百分點，而 4.34 億美元的新業務創下了季度歷史新高。總而言之，商業保險今年開局良好。我們將繼續增加我們的高品質書籍，同時投資那些能夠讓我們獲得長期成功的能力。

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

說完這些，我會把電話轉給傑夫。

Thanks, Greg. Bond and specialty start of the year with another strong quarter on both the top and bottom lines. We generated segment income of $220 million, an excellent combined ratio of 82.5% and a strong 87.3% underlying combined ratio in the quarter.

謝謝，格雷格。債券和特殊業務在年初又迎來了一個強勁的季度，營收和利潤均表現優異。本季度，我們實現了 2.2 億美元的分部收入、82.5% 的優異綜合成本率以及 87.3% 的強勁基礎綜合成本率。

Turning to the topline, we're pleased that we grew net written premiums by 6% in the quarter. In our high-quality domestic management liability business, we delivered excellent retention of 89%. Renewal premium change remained positive and generally consistent with the fourth quarter.

談到營業收入，我們很高興看到本季淨承保保費成長了 6%。在我們高品質的國內管理責任業務中，我們實現了 89% 的優異留存率。續保保費變動維持正值，與第四季基本一致。

As expected, new business was lower than the first quarter of 2024. As a reminder, Corvus production was reflected as new business in the prior year quarter and now is mostly renewal premium. Comparison to prior year, new business levels will be similarly impacted for the next few quarters.

正如預期的那樣，新業務低於 2024 年第一季。提醒一下，Corvus 的生產在去年同期被反映為新業務，現在主要是續保費。與去年相比，未來幾季的新業務水準也將受到類似的影響。

Turning to our market leading surety business, we grew net written premiums by an excellent 13% from the prior year quarter. This growth reflects a robust construction environment, continued growing demand for our surety products and services, and outstanding execution by our team and growing our high credit quality portfolio.

談到我們市場領先的保證業務，我們的淨承保保費較去年同期成長了 13%。這一成長反映了強勁的建築環境、對我們的擔保產品和服務的持續成長的需求、我們團隊的出色執行以及不斷增長的高信用品質組合。

So we're pleased to have once again delivered strong top and bottom line results this quarter while continuing to make significant strategic investments in our business with some notable achievements. To name just a few, we released our first product on our new management liability technology platform, a modernized accountant's professional liability product and rate plan with enhanced digital capabilities and a significantly streamlined workflow.

因此，我們很高興本季再次取得了強勁的營收和利潤業績，同時繼續對我們的業務進行重大策略投資並取得了一些顯著的成就。僅舉幾例，我們在新的管理責任技術平台上發布了第一款產品，這是一款現代化的會計師專業責任產品和費率計劃，具有增強的數位功能和顯著簡化的工作流程。

Capitalizing on the Corvus acquisition for the benefit of our admitted cyber customers, we launched an improved cyber risk policyholder portal with enhanced value-added services. And we're leveraging our industry leading data advantage and deploying multiple artificial intelligence models to drive underwriting enhancements, including as just one example, automating the process for certain employment practices liability renewals.

為了使我們的認可網路客戶受益，我們利用收購 Corvus 的機會，推出了一個改進的網路風險保單持有人門戶，並提供增強的增值服務。我們正在利用我們行業領先的數據優勢並部署多種人工智慧模型來推動承保改進，其中一個例子就是自動化某些僱用實踐責任續保的流程。

Looking ahead, we're planning additional capability and product releases during the year that will further extend our competitive advantages.

展望未來，我們計劃在今年推出更多功能和產品，以進一步擴大我們的競爭優勢。

And with that, I'll turn the call over to Michael.

說完這些，我會把電話轉給麥可。

Thanks, Jeff. Good morning, everyone. In personal insurance, the first quarter segment loss of $374 million in combined ratio of 115.2% reflect the impact of the California wildfires, a significant event for us and the industry. Strong underlying underwriting income in favorable prior year development partially offset catastrophe losses in the quarter.

謝謝，傑夫。大家早安。在個人保險方面，第一季分部虧損 3.74 億美元，綜合成本率為 115.2%，反映了加州野火的影響，這對我們和整個產業來說都是一件重大事件。上年有利發展帶來的強勁承保收入部分抵銷了本季的巨災損失。

The underlying combined ratio of 79.9%, a record quarterly result for the segment, continues to reflect the actions we've taken to improve the underlying fundamentals of our business in both automobile and homeowners and other.

基礎綜合比率為 79.9%，創下該部門季度業績的新高，這繼續反映了我們為改善汽車、房主和其他業務的基本面而採取的行動。

Net written premiums grew 5% in the quarter, driven by higher renewal premium change. In automobile, the first quarter combined ratio was 83.4% and included a 6 point benefit from favorable prior year development. The underlying combined ratio of 87.5% improved 7.4 points compared to the first quarter of the prior year.

受續保費變動增加的推動，本季淨承保保費增加了 5%。在汽車領域，第一季綜合成本率為 83.4%，其中去年同期的良好發展帶來了 6 個百分點的收益。基本綜合成本率為 87.5%，較去年同期第一季改善了 7.4 個百分點。

This improvement was driven by lower losses resulting from both favorable frequency across all coverages and sustained moderation of severity trends, as well as the benefit of higher end pricing. As a brief reminder, the first quarter is historically our seasonally lowest combined ratio of the year in auto.

這一改善是由於所有保險範圍的有利頻率和嚴重程度趨勢的持續緩和導致的損失減少，以及高端定價的好處。簡單提醒一下，從歷史上看，第一季是我們汽車產業今年季節性最低的綜合比率。

In homeowners and other, the first quarter combined ratio of 145.5% includes the impact of the California wildfires. The underlying combined ratio of 72.6% improved 5 points compared to the first quarter of 2024, driven by the continued benefit of earned pricing and lower non-weather losses compared to the prior year.

在房主和其他方面，第一季綜合比率為 145.5%，其中包括加州野火的影響。基礎綜合成本率為 72.6%，較 2024 年第一季提高了 5 個百分點，這得益於已賺定價的持續收益以及非天氣損失較上年有所下降。

Our production results reflect our efforts to position our portfolio for long-term profitable growth. In domestic automobile, retention of 82% remained consistent with recent periods. Renewal premium change continues to moderate as intended, reflecting improved profitability and our focus on returning to profitable growth in auto.

我們的生產結果反映了我們為實現產品組合的長期獲利成長所做的努力。在國產汽車中，82%的保有率與近期持平。續保保費變化繼續按預期放緩，反映出盈利能力的提高以及我們對恢復汽車盈利增長的關注。

We're pleased to note that auto new business premium increased relative to the prior year quarter, driven by states that are not constrained by our property actions.

我們很高興地註意到，由於不受我們的財產行動限制的州的推動，汽車新業務保費相對於去年同期有所增加。

In domestic homeowners and other, renewal premium change increased to 19.6% as a result of our actions to align insured values with rising replacement costs while we continued to achieve strong rate increases. The decline in homeowners' policies in force continues to be driven by our deliberate efforts to improve profitability and reduce exposures in high cat risk geographies.

在國內房主和其他方面，由於我們採取行動使保險價值與不斷上漲的重置成本保持一致，同時我們繼續實現強勁的費率成長，續保保費變化率上升至 19.6%。我們刻意努力提高獲利能力並減少高巨災風險地區的風險敞口，繼續推動有效的房屋保單數量下降。

While those same actions continue to constrain our ability to grow auto pi in the near term, we believe the trade-off makes sense for the long-term performance of our diversified personal alliance portfolio.

儘管這些相同的行動繼續限制我們在短期內增加自動 PI 的能力，但我們相信，這種權衡對於我們多元化個人聯盟投資組合的長期表現是有意義的。

Before I wrap up, I'd like to thank our team and our distribution partners for their hard work and dedication in serving our customers. With their partnership and support, we remain confident in our ability to deliver value to our clients and to build a larger and more profitable business over time.

在結束之前，我想感謝我們的團隊和分銷合作夥伴為服務客戶所付出的辛勤工作和奉獻精神。在他們的合作和支持下，我們堅信我們有能力為客戶提供價值，並隨著時間的推移建立更大、更有利可圖的業務。

And with that, I'll turn the call back over to Abbe.

說完這些，我將把電話轉回給 Abbe。

Thanks, Michael. We're ready to open up for Q&A.

謝謝，麥可。我們已準備好開始問答環節。

(Operator Instructions) David Motemaden, Evercore.

（操作員指示）David Motemaden，Evercore。

Thanks. Good morning. Alan, you made some comments just on the macro environment at the end of your prepared remarks. I'm wondering if you could just talk about how you're thinking through the impacts of the tariffs across your businesses, both personal and commercial lines? And more importantly, how you're thinking about responding in the marketplace?

謝謝。早安.艾倫，您在準備好的發言結束時僅對宏觀環境發表了一些評論。我想知道您是否可以談談您如何看待關稅對您的個人和商業業務的影響？更重要的是，您考慮如何在市場上回應？

Sure, David. Good morning. Thanks for the question. Just in terms of background, and at a high level, I'd say as far as the direct impacts go, we think it's pretty manageable for us. It's just a fraction of auto and property losses that are physical damage related, and only a fraction of those are for materials that would be impacted by the tariffs.

當然，大衛。早安.謝謝你的提問。僅從背景和高層次來看，就直接影響而言，我們認為這是我們可以控制的。與物理損壞有關的汽車和財產損失只是其中的一小部分，而且其中只有一小部分是受關稅影響的材料損失。

The most significant impact for us is likely to be a onetime impact to physical damage repair costs. For us, that most notably impacts private passenger auto. From there, the impacts diminish pretty significantly. And just to give you a sense of the magnitude, David, assuming the tariffs as they've been announced remain in place and are largely passed through, and I think there's a question about that, we'd expect somewhere around a mid single-digit increase to PI auto severity. Again, that's a onetime impact, not a slope impact.

對我們來說，最重大的影響可能是對物理損壞修復成本的一次性影響。對我們來說，最顯著的影響是私人乘用車。從那時起，影響就顯著減弱了。只是為了讓你了解其規模，大衛，假設已經宣布的關稅仍然有效並且大部分被轉嫁出去，我認為對此有一個疑問，我們預計 PI 汽車嚴重程度將出現大約個位數的增長。再次強調，這是一次性影響，而不是斜坡影響。

Having said that, we would actually expect the actual impact to be somewhat less. So first, we think participants in the value chain will likely seek to mitigate the impact through some combination of advanced inventory buildups, substitution of goods, reorganization, supply chain, lower tariff pass-through rates, things like that.

話雖如此，我們實際上預計實際影響會小一些。因此，首先，我們認為價值鏈參與者可能會尋求透過提前增加庫存、替代商品、重組、供應鏈、降低關稅轉嫁率等方式來減輕影響。

And second, the actual impact could be mitigated by other factors, for example, extended lives of cars on the road. Also, just looking at our PI auto margins now, the auto margins as you can see are in a pretty good place. And if the recent favorable loss trends persist -- and we'll see whether they do or not. But if recent favorable trends persist, we may be able to absorb whatever the impact is inside our loss pick.

其次，其他因素可以減輕實際影響，例如延長道路上汽車的使用壽命。另外，現在只需查看我們的 PI 自動邊距，您就可以看到自動邊距處於相當不錯的位置。如果近期有利的虧損趨勢持續下去——我們將拭目以待。但如果最近的有利趨勢持續下去，我們可能能夠吸收損失選擇中的任何影響。

So I would say for now, we're prepared to watch and react to the extent that we need to. And however the loss trends evolve, we've got the tools and the capabilities to see it pretty quickly and we'll reflect it in our pricing levels.

所以我想說，就目前而言，我們已準備好觀察並做出必要的反應。無論損失趨勢如何變化，我們都有工具和能力快速發現它，並將其反映在我們的定價水平中。

Understood. Thanks for that. And maybe just switching gears to the growth in the quarter within business insurance. Sorry to be super short term here, but when I think about the 2%, is it right to think about just adding back that 4 points of reinsurance drag? And that's like a run rate level before I think about different moving pieces as we head into the second quarter, such as mix and price?

明白了。謝謝。也許只是轉向本季商業保險的成長。抱歉，我的回答非常短淺，但是當我考慮 2% 時，我是否應該考慮只添加 4 個點的再保險拖累？這就像是進入第二季之前我考慮的不同變動因素（例如組合和價格）的運行率水準？

David, let me start, and I'll turn it over to you, Greg. So as for a starting point, we would definitely would add back the 4 to get to a level. There's always other things in the quarter that are going to impact premium from one period to another. There's production booking, for example, there's endorsements, cancellations, all those sorts of things.

大衛，讓我先開始，然後我會把它交給你，格雷格。因此，作為起點，我們肯定會添加 4 以達到某個水平。每季總會有其他因素對不同時期的保費產生影響。例如，有製作預訂，有代言，有取消，諸如此類的事情。

So that would have an impact. I would tell you to look at the strength of the production in the quarter. I mean you can look at retention prices, all very strong levels.

所以這會產生影響。我想告訴你看看本季的生產實力。我的意思是，你可以看看保留價格，都是非常強勁的水平。

Nothing else to add. Thank you.

沒什麼好補充的。謝謝。

Gregory Peters, Raymond James.

格雷戈里彼得斯、雷蒙德詹姆斯。

Good morning, everyone. I think it was Dan in the comments around the expense ratio, you mentioned increased tech spend. One of your peers had an Investor Day and spoke at length about what they're doing on the tech side of the business. I went back to your fourth quarter presentation where you gave a slide on your technology investments, it would be routine and necessary versus the strategic.

大家早安。我認為丹在有關費用率的評論中提到了增加技術支出。您的一位同事舉辦了投資者日，並詳細講述了他們在業務技術方面所做的工作。我回顧了您第四季度的演示文稿，您在幻燈片中介紹了您的技術投資，這是常規的、必要的，而不是策略性的。

I'm under the impression that a portion of your tech spend is just maintenance on legacy systems. So can you talk about what you're doing on the tech spend area in response to this? And is the strategic just all new initiatives? Or is that partly rehab of legacy systems?

我的印像是，您的技術支出的一部分只是對遺留系統的維護。那麼，您能談談針對這一問題您在技術支出方面採取了哪些措施嗎？這項策略是否只是全新的舉措？還是這部分是遺留系統的修復？

Yeah. Well, first of all, Greg, thank you. I love that you're focusing on that slide as we think it tells a great story. I mean, you can see over the period in that slide, we've done a great job of maintaining the routine but necessary expenditures. And yes, that is everything from licensing fees to patching systems, all the things you have to do whether you like it or not, routine and necessary, I think, sums it up.

是的。好吧，首先，格雷格，謝謝你。我很高興你關注這張投影片，因為我們認為它講述了一個精彩的故事。我的意思是，你可以在那張投影片中看到，在這段時間裡，我們在維持常規但必要的支出方面做得很好。是的，從許可證費用到修補系統，所有你必須做的事情，無論你喜不喜歡，都是例行公事和必要之事，我想，總結一下。

And if you look over that period, we have increased the mix of our strategic spend from I think at the beginning of the first year in that period, I think it's something like a third and I think last year, it was approaching half.

如果你回顧那段時期，你會發現從第一年開始，我們的策略支出結構就增加了，大概是三分之一，而去年，則接近一半。

And so, I mean, that certainly would be new expenses, but it would also be the carryover expenses of things that we've started in prior years that we continue to invest in. So all in all, we are spending considerably more, over $1.5 billion a year.

所以，我的意思是，這肯定會是新的支出，但這也將是我們前幾年開始繼續投資的項目的結轉支出。總而言之，我們的支出要多得多，每年超過 15 億美元。

Our strategic mix is much more favorable now, and we've done all that inside an expense ratio that we've reduced meaningfully over the period. So we think we're investing in the right things and doing it pretty effectively.

我們的策略組合現在更加有利，而且我們已經在費用率內完成了所有這些工作，並且在此期間費用率已大幅降低。因此我們認為我們的投資是正確的，而且做得相當有效。

All right. Thanks for the color. And my follow-up question. And I don't get too hung up on a quarterly number, but the PYD for the first quarter seemed a little bit better than expected. And I know you already addressed the tariff component inside your loss costs.

好的。謝謝你的顏色。還有我的後續問題。我不太在意季度數字，但第一季的 PYD 似乎比預期要好一些。我知道您已經解決了損失成本中的關稅部分。

But I'm just curious, had there been any change in your perspectives on what your underlying loss cost trends are across your book? And then maybe speak specifically to the development again in the Auto business, which clearly was a little stronger than I expected, at least?

但我只是好奇，您對整本書中潛在的損失成本趨勢的看法有任何改變嗎？然後也許可以具體談談汽車業務的發展，它顯然至少比我預期的要強勁一些？

Greg, it's Dan. So I'll start with the PYD auto piece, just to give you a little bit of color there. So better than we had allowed for. And in auto, you're really talking about better-than-expected frequency and severity in both the physical damage coverage and bodily injury. So good across the board.

格雷格，我是丹。因此我將從 PYD 自動部件開始，只是為了給你一點顏色。比我們預期的要好。在汽車領域，您真正談論的是物理損壞範圍和人身傷害的頻率和嚴重程度都比預期好。整體來說非常好。

Just to go back to the last trend question, we've tried to get away from giving a specific trend number, but I think it's fair to say that trend in the quarter at least behaved pretty much as we would have expected it to. And so, that's why you hear both Michael and Greg talking about the benefit of earned price and how that shows through in improved margins because the loss trend really was about as expected.

回到上一個趨勢問題，我們試圖避免給出具體的趨勢數字，但我認為可以公平地說，本季的趨勢至少表現得與我們預期的差不多。因此，這就是為什麼你會聽到麥可和格雷格談論賺取價格的好處，以及它如何體現在利潤率的提高上，因為虧損趨勢確實與預期一致。

Brian Meredith, UBS.

瑞銀的布萊恩·梅雷迪斯。

Yeah. Thanks. A couple of them here quickly. Dan, I'm just curious, when we think about the deductible on your cat program, is it fair to just assume whatever the cat losses were in the quarter and the remainder to $4 billion is what you've got less new deductible? Or should we think about it a different way?

是的。謝謝。他們中的一些人很快就到了這裡。丹，我只是好奇，當我們考慮你的巨災保險計劃的免賠額時，是否公平地假設本季度的巨災損失是多少，而剩餘的 40 億美元就是你減去新的免賠額之後的金額？或者我們應該換個方式來思考這個問題？

Yeah. Brian, so the one thing to keep in mind is as we said in describing that program at the end of the year, which is not a change from the way it had worked in previous years, the first $100 million of any event is for our account.

是的。布萊恩，所以要記住的一件事是，正如我們在年底描述該計劃時所說的那樣，這與前幾年的工作方式沒有什麼不同，任何活動的第一個 1 億美元都屬於我們的帳戶。

So you really would look at the items that we put in the 10-Q table of significant cats because that's anything over $100 million, take $100 million off of those, and that's what goes towards the $4 billion. That's basically -- that's directionally how it works.

因此，您確實需要查看我們在 10-Q 表中列出的重大貓科項目，因為任何超過 1 億美元的項目，都應從中扣除 1 億美元，這樣才能達到 40 億美元的目標。這基本上就是它的工作方式。

Perfect. Thanks for that clarification. And then my second question, I'm just curious, maybe this is for Jeff. Surety bond growth, given what we're seeing potential for economic activity as well as some of the reductions in government spending, do you think that will have any impact on surety business here going forward? Or is this just not a big government component to it?

完美的。感謝您的澄清。然後是我的第二個問題，我只是好奇，也許這是給傑夫的。鑑於我們看到的經濟活動潛力以及政府支出的一些削減，保證金的成長是否會對未來的保證業務產生影響？或者這只是政府的一個不大組成部分？

No. There's definitely a government component to a lot of the large projects, Brian. So that's a fair question. We're watching that closely. We're working with our contractors. There's a lot of planning that they do, long-term planning that they're focused on. So we're definitely hearing that from them.

不。布萊恩，許多大型計畫肯定都涉及政府因素。所以這是一個合理的問題。我們正在密切關注此事。我們正在與承包商合作。他們做了很多規劃，並且專注於長期規劃。所以我們肯定是從他們那裡聽到這個消息的。

All of that said, we've had some nice, strong growth. We expect the infrastructure investments and bond demand to continue. And as I've mentioned to you before, we have a really high credit quality book of contractors on the surety side. And so, we feel good about our position as we move forward.

綜上所述，我們實現了良好、強勁的成長。我們預計基礎設施投資和債券需求將持續下去。正如我之前提到的，我們在擔保方面擁有一批信用品質非常高的承包商。因此，我們對自己在前進道路上的立場感到滿意。

Meyer Shields, KBW.

邁耶希爾茲，KBW。

Thanks. I don't know if it's too early to ask this question, but do you have a sense as to how your insureds are responding to potential uncertainty in the economy?

謝謝。我不知道現在問這個問題是否為時過早，但您是否了解您的被保險人如何應對經濟中潛在的不確定性？

Good morning, Meyer. We're also looking at it. I'm not sure if you mean too early in the morning or too early in the -- I do think it's too early for us to see that. And as I really think about that question, I think it's too early to really know what it is we're all responding to. I mean, there's obviously a lot of change back and forth. So I'm not sure people really know what they're responding to yet.

早上好，邁耶。我們也在關注此事。我不確定你是指早上太早還是太早——我確實認為現在看到這一點還太早。當我認真思考這個問題時，我認為現在還無法真正知道我們都在回應什麼。我的意思是，顯然這裡發生了很多變化。所以我不確定人們是否真的知道他們在回應什麼。

I was asking whether that level of uncertainty itself produces a result maybe just because of caution, but I completely take your point on the timing. I think, listen, I guess for Michael, two-pronged question. How quickly do you think Travelers can respond if there is an inflection in loss costs compared to maybe the most recent interruption?

我問的是，這種程度的不確定性本身是否會產生結果，可能只是因為謹慎，但我完全接受你關於時機的觀點。我認為，聽著，對麥可來說，這是一個雙管齊下的問題。如果與最近的中斷相比，損失成本出現變化，您認為旅客能多快做出反應？

And is there any reason to switch the book more towards six-month policies because we keep on seeing these fluctuations or these inflections in loss trend.

由於我們不斷看到損失趨勢的波動或轉折點，是否有理由將保單更多地轉向六個月的保單？

Yeah. Thanks, Meyer. I think as Alan mentioned, we see the changes in our loss costs relatively quickly. We incorporate those into our experience relatively quickly. As a little bit of a technical point, what you're doing as you factor those increased costs into your experience is including them in the historical experience that you had.

是的。謝謝，邁耶。我認為正如艾倫所提到的，我們相對較快地看到了損失成本的變化。我們相對較快地將這些融入我們的經驗中。從技術角度來說，當您將這些增加的成本納入您的經驗中時，您所做的就是將它們納入您的歷史經驗中。

So one of the things that impacts how quickly you can respond is how good your experience was as you factor those things in. But I don't see a challenge with our ability to recognize and factor those costs into our outlook as quickly as we see them.

因此，影響您反應速度的因素之一是，考慮到這些因素後，您的體驗是否良好。但我認為，我們能夠盡快識別這些成本並將其納入我們的展望中，這並不困難。

To the second part of your question in terms of six-month policies, we did make a change in the last year or two in terms of mono-line auto policies being predominantly written on a six-month basis at new business. So that is working its way into the portfolio.

對於您問題的第二部分，即六個月保單，我們在過去一兩年內確實對單一險種汽車保單做出了一些改變，新業務的保單主要以六個月為期限。因此，這正在進入投資組合。

I wouldn't say it's dramatically changed the makeup of the portfolio between six-months and annual. But directionally, we are moving a little bit towards a higher percentage of six month policies in the portfolio as a result.

我不會說它在六個月和一年之間顯著改變了投資組合的組成。但從方向上看，我們正朝著提高投資組合中六個月保單的比例的方向發展。

Alex Scott, Barclays.

巴克萊銀行的亞歷克斯·斯科特。

Hi. Good morning. First one I have is on the international insurance business. I noticed your net premium written continues to be up more significantly year-over-year. I'm just interested in where you're seeing the growth opportunities there?

你好。早安.我首先要談的是國際保險業務。我注意到，您的淨保費收入較去年同期持續大幅成長。我只是想知道您認為那裡有哪些成長機會？

Hey, Alex, this is Greg. What you're seeing there, if you're looking at the international within the BI segment, there's two primary drivers of that. One is the Fidelis relationship continues to be very strong. That's one of them. And the other one is Lloyd's can bounce around and be a little bit lumpy from quarter-to-quarter, and we had a strong quarter this month. So that's what's driving those items.

嘿，亞歷克斯，我是格雷格。如果您關注 BI 領域的國際情況，您會發現有兩個主要驅動因素。一是與 Fidelis 的關係依然非常牢固。這是其中之一。另一個是勞合社的業績可能會在各個季度之間波動，並且有些不穩定，但我們本月的業績表現強勁。這就是推動這些項目的原因。

Okay. That's helpful. And then maybe along the same lines, just trying to understand premiums. I noticed middle market was down a little bit year-over-year. I had been thinking that that's an area where pricing staying pretty attractive relative to loss cost trend.

好的。這很有幫助。然後也許沿著同樣的思路，只是想了解保費。我注意到中端市場同比略有下滑。我一直認為，相對於損失成本趨勢而言，這個領域的定價仍然相當有吸引力。

I mean, hard to tell whether that's just the casualty reinsurance impact in the allocation of middle market, but could you help me think through that and just relative attractiveness of that market?

我的意思是，很難說這是否只是意外險再保險對中間市場分配的影響，但你能幫我思考一下這個問題以及該市場的相對吸引力嗎？

Yeah. Alex, and you nailed it. We feel terrific about the returns we're producing across the portfolio and specifically in middle market and the growth we're getting there. What you just mentioned is the primary driver of the casualty ag treaty that we called out.

是的。亞歷克斯，你成功了。我們對整個投資組合，特別是中端市場產生的回報以及我們在那裡實現的成長感到非常高興。您剛才提到的正是我們所呼籲的傷亡農業條約的主要動力。

If you think about middle market, it has a much higher amount of umbrella and excess casualty products, much more casualty-based than you would see, particularly relative to Select. So it's going to feel disproportionately. That impact in that business.

如果你考慮一下中端市場，你會發現它擁有比你想像的更多的傘式和超額傷亡產品，而且更多的是以傷亡為基礎的，特別是相對於 Select 而言。所以這會讓人感覺不成比例。這對該業務產生了影響。

Alex, I don't mean just for a second that we're immune from what's going on in the economy and economic activity. But again, I would point you back to the production statistics. I mean, middle market had very strong retention pricing and new business. I would just point you back there just for a sense of the health of the growth.

亞歷克斯，我的意思並不是說我們對經濟和經濟活動的變動免疫。但我還是想再提醒大家看一下生產統計。我的意思是，中端市場擁有非常強勁的保留定價和新業務。我只是想讓你回顧一下那裡的情況，了解一下成長的健康狀況。

Wes Carmichael, Autonomous Research.

韋斯·卡邁克爾，自主研究。

Hey. Good morning. My first question on business insurance with the $74 million of favorable development. You called out workers' comp as a primary driver, but could you share any color on the gross development from comp and if there are any netting offsets to that?

嘿。早安.我的第一個問題是關於 7400 萬美元有利發展的商業保險。您稱工人補償為主要驅動因素，但您能否分享一下工人補償的整體發展以及是否有任何淨額抵銷？

Yeah. So it's Dan. So really, we try to do a pretty good job of calling out the things that moved in and were noteworthy in any way in this quarter. So usually, that means we're talking about more than one or two things.

是的。原來是丹啊。因此，我們確實盡力指出本季發生的、值得注意的事情。所以通常，這意味著我們談論的不僅僅是一兩件事。

But this quarter, it really did happen to be driven by comp. It's not to say that there weren't other lines that moved. There are always other puts and takes in any given line in any given quarter, just nothing that moved big enough to call out one way or the other.

但本季度，它確實是由公司推動的。這並不是說沒有其他線路發生移動。在任何一個季度、任何一個行情中，總會有其他的看跌和看漲走勢，只是沒有一個走勢大到足以引起人們的注意。

No. That's helpful, Dan. And maybe just back on the macro and capital management, but curious how management is thinking about buybacks from here and perhaps some heightened macro uncertainty?

不。這很有幫助，丹。也許只是回到宏觀和資本管理，但好奇管理層如何考慮從現在開始的回購以及一些加劇的宏觀不確定性？

And maybe if there's a bit of pressure on the stock just from broader stock market pressure generally, is that an opportunity to lean in to buybacks? Or might you want to be more measured in a period of heightened uncertainty?

也許，如果股票市場整體壓力對股價造成一定壓力，那麼這是否是一個進行回購的機會？或者您希望在高度不確定的時期更加謹慎？

Yeah. So we have the same philosophy of capital management, first of all. So no change in the way we think about that. Remember, we entered 2025 in a pretty strong capital position given how strong the finish to the 2024 year was. We talked about buyback activity in the first quarter.

是的。首先，我們擁有相同的資本管理理念。所以我們對此的看法並沒有改變。請記住，考慮到 2024 年的強勁表現，我們在進入 2025 年時資本狀況相當強勁。我們討論了第一季的回購活動。

I'd say that was probably dialed back a little bit from what we might have otherwise have done given the significance of the California wildfires and the fact that they occurred so early in the quarter. I feel like we're going to maintain a very healthy capital position. Our history is we're going to continue to generate more capital than we need to run the business and can deploy at attractive returns.

我想說，考慮到加州野火的嚴重性以及它們在本季初發生的事實，我們可能已經採取了比原先略微減少的措施。我覺得我們將保持非常健康的資本狀況。我們的歷史表明，我們將繼續產生比經營業務所需的更多的資本，並能夠獲得可觀的回報。

And so, I'd expect us not in any particular month or any particular quarter, but I'd expect us to continue to be doing buybacks. And we don't really try to sort of lean in or lean out depending on short-term fluctuations in the stock price. We're really just rightsizing capital over time.

因此，我預計我們不會在任何特定月份或特定季度繼續進行回購。我們實際上並不會根據股價的短期波動來採取適當的措施。我們實際上只是隨著時間的推移調整資本規模。

Robert Cox, Goldman Sachs.

高盛的羅伯特·考克斯。

Hey. Thanks for taking my question. First question, I appreciate the thoughts on the impacts of tariffs. I was curious if you also see tariffs eventually impacting the liability costs within your claims over time?

嘿。感謝您回答我的問題。第一個問題，我很欣賞您對關稅影響的看法。我很好奇，您是否也認為關稅最終會影響您索賠中的責任成本？

Yeah. Good morning. I would say that for now, we see that it's pretty negligible. I mean, you just look at the mix of the cost drivers in the liability lines, and just not a lot of it is subject to tariffs. And I don't mean to suggest that it's a zero impact, but we think the likely outcome is it's pretty negligible.

是的。早安.我想說，就目前而言，我們認為這是相當微不足道的。我的意思是，你只要看一下責任線中的成本驅動因素組合，你會發現其中很多都不受關稅影響。我並不是說它的影響為零，但我們認為可能的結果是它的影響微乎其微。

Okay. Thank you. And then as a follow-up, I just wanted to ask on the business insurance underlying loss ratio. How the pressure that you guys have kind of been seeing and the industry has been seeing for the last couple of years in casualty is trending there?

好的。謝謝。然後作為後續問題，我只想問一下商業保險的潛在損失率。你們以及整個產業在過去幾年的傷亡事故中看到的壓力趨勢如何？

Maybe more specifically, the other liability occurrence loss ratio that is still kind of going up year-over-year. I know you guys added to the conservatism in those picks last year. And also, is there any kind of onetime items like non-cat weather this quarter?

也許更具體地說，其他責任發生損失率仍然在逐年上升。我知道你們去年在選擇上更保守了。另外，本季是否有非貓天氣之類的一次性事件？

Sure. Rob, it's Dan. So no onetime callouts. Again, that's something we try to be pretty careful on if there is one and really didn't hear anything from Greg, Michael or Jeff about reasons to adjust the sort of jump off point for this quarter.

當然。羅布，我是丹。因此無需一次性呼叫。再次強調，如果有的話，我們會非常小心，而且確實沒有聽到 Greg、Michael 或 Jeff 提出任何關於調整本季起點的理由。

In terms of the casualty lines and the way we're thinking about those loss picks, yeah, you're right to remember that last year, we talked about adding a bit more in the IBNR for those lines given the uncertainty in the line.

就傷亡線和我們對這些損失選擇的看法而言，是的，您記得得對，去年，考慮到該線的不確定性，我們討論了在 IBNR 中為這些線增加一些內容。

We've carried that into 2025. So I wouldn't put a fine point and quantify it, but we've carried that sort of philosophy into the way we're thinking about making our loss picks this year.

我們已經將這一目標延續到 2025 年了。因此，我不會提出一個明確的觀點並對其進行量化，但我們已經將這種理念融入到我們今年考慮虧損選擇的方式中。

Michael Zaremski, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Michael Zaremski。

Hey. Thanks. Good morning. First question on home insurance. Just wanted to unpack more, and Michael, I appreciate your comments in the prepared remarks but unpack kind of the reacceleration we've seen in pricing.

嘿。謝謝。早安.關於家庭保險的第一個問題。只是想解開更多謎團，邁克爾，我很感謝你在準備好的評論中發表的評論，但請解開我們在定價中看到的重新加速的謎團。

Do you feel this is more Travelers specific as you continue to kind of reshape your geographic footprint? Or is this more of an industry, why do you feel in terms of reacting to what you said was also higher replacement costs and what we can see as persistently higher catastrophe levels? And just also curious, does your pricing power, does that include changes in deductibles or terms and conditions?

當您繼續重塑您的地理足跡時，您是否覺得這更適合旅行者？或者這更像是一個行業，為什麼您覺得在對您所說的更高的更換成本以及我們所看到的持續更高的災難水平做出反應方面？並且同樣好奇，您的定價權是否包括免賠額或條款和條件的變更？

Sure. Thanks, Michael. So I would say the change from Q4 to Q1 really is about increasing insured limits to keep up with replacement costs. And we think that's really in response to broad industry trends, continued increases in labor and materials, particularly things like roofing cost, roofing labor are big drivers of that.

當然。謝謝，麥可。因此，我認為從第四季度到第一季的變化實際上是為了提高保險限額以跟上更換成本。我們認為這實際上是對廣泛行業趨勢的回應，勞動力和材料價格的持續上漲，特別是屋頂成本、屋頂勞動力等是主要驅動因素。

So we think that's really sort of a broad-based industry and economic trends that we're responding to. And again, the delta from the mid to low-teens to the high-teens from Q4 to Q1 really is driven by that limit change. As I mentioned, we continue to seek and obtain significant rate in property underneath that, and those two come together to perform that RPC number.

因此我們認為這實際上是我們正在響應的一種廣泛的行業和經濟趨勢。再次，第四季到第一季從中低點到高位的差異確實是由該極限變化所驅動的。正如我所提到的，我們繼續尋求並獲得低於該水平的房地產的顯著利率，而這兩者結合起來就實現了 RPC 數字。

Got it. And my follow-up is switching gears to social inflation. When we look at statutory data on an industry-wide basis, which I appreciate is a bit backward looking, it appears that social inflation levels are arising. Would you agree with that viewpoint? Or are you all seeing that maybe the trend line has stabilized?

知道了。我的後續關注點是轉向社會通膨。當我們從整個行業的角度來看待法定數據時，我知道這有點回顧過去，但似乎社會通膨水平正在上升。您同意這個觀點嗎？或者你們都看到趨勢線可能已經穩定下來了？

And obviously, we appreciate that Travelers has been very proactive and taking more conservative views on your reserves and et cetera. But just curious on an industry-wide basis, if Travelers has a view whether social inflation continues to gear a bit higher? Thanks.

顯然，我們很欣賞旅行者的積極主動性，並在儲備等方面採取更保守的觀點。但我只是好奇，從整個行業的角度來看，旅行者是否認為社會通膨是否會繼續走高？謝謝。

I would say social inflation is unfortunately alive and well and continues to impact the industry, including us. We see that. I would also say we've anticipated that. So the levels of social inflation we're seeing are generally consistent with our expectations. Thank you for the question.

我想說的是，不幸的是，社會通膨依然存在，並且繼續影響著包括我們在內的整個產業。我們看到了。我還想說我們已經預料到了這一點。因此，我們看到的社會通膨水準與我們的預期基本一致。謝謝你的提問。

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘。

Hi. Thanks. Good morning. My first question within personal lines, are there any kind of -- I think you called out lower non-weather losses in kome. Any kind of one-off items that you would put numbers on within the underlying combined ratios in auto and home in the quarter?

你好。謝謝。早安.就我個人而言，我的第一個問題是，是否有任何——我認為您提到了 kome 的非天氣損失較低。您會將任何一次性項目的數字計入本季汽車和房屋的基本綜合比率中嗎？

Thanks, Elyse. It's Michael. I don't think really beyond what I called out. Again, just to reiterate, on auto, we said improved frequency across multiple coverages, and we talked about sustained moderation in severity trends. The one thing I would say in auto, again, just to reiterate is Q1 is typically our lowest combined ratio quarter in that line. So if you think of that as a one-off, that's just, I think, an important reminder.

謝謝，伊莉絲。我是麥可。我認為並沒有超出我所說的範圍。再次重申，在汽車方面，我們談到了跨多個覆蓋範圍的頻率提高，並且我們討論了嚴重程度趨勢的持續緩和。在汽車領域，我想再次重申的是，第一季通常是我們該領域綜合成本率最低的季度。因此，如果你認為這只是一次性事件，我認為這只是一個重要的提醒。

Other than that, I think we had another mild winter in 2025. We had a mild winter in 2024. So that's again just something to keep in mind as you look forward. The last thing I would point out on auto is renewal premium change has been declining on a written basis.

除此之外，我認為 2025 年我們將迎來另一個溫和的冬天。2024 年的冬天氣候溫和。因此，這只是您在展望未來時需要牢記的事情。關於汽車，我要指出的最後一件事是續保保費的變化在書面基礎上一直在下降。

That will drive lower earned impact from lower earned favorable impact from pricing as we look forward, which again, you can just see as you look in the rearview mirror at those RPC numbers, there won't be as much favorable earned effective pricing in the go-forward quarters.

展望未來，這將導致定價帶來的有利影響降低，同樣，當您回顧 RPC 數字時，您會發現，未來幾季不會有那麼多有利的有效定價。

As respect to property, again, I pointed to favorable non-weather experience. That's something we've been talking about. It's something we continue to see, particularly favorable frequency in non-weather water and fire loss experience.

至於財產，我再次指出了有利的非天氣體驗。這是我們一直在談論的事情。這是我們不斷看到的現象，特別是在非天氣水災和火災損失經驗中出現的有利頻率。

Thanks. And then my follow-up, sticking, I guess, with personal auto on the impact of tariffs. I know in response to an earlier question, right, you guys mentioned one of the offsets as an advanced buildup in advance of these tariffs. And you guys, I think, said mid-single-digit impact on trend.

謝謝。然後我的後續問題是堅持個人汽車關稅的影響。我知道在回答之前的問題時，你們提到其中一個抵銷措施是在這些關稅之前的提前累積。我認為，你們說的對趨勢的影響是中等個位數。

So as you think about timing, just given that there is obviously going to be a buildup of parts and it takes time for there to be an impact, do you think you'll start to see the impact of the tariffs and that higher loss trend in May and June? So like in the Q2? Or how do you think about just like the quarterly cadence of the impact on your personal auto margin from the tariffs?

因此，當您考慮時間時，考慮到零件的明顯積累，並且需要時間才能產生影響，您是否認為您會在 5 月和 6 月開始看到關稅的影響以及更高的損失趨勢？那麼就像第二季嗎？或者您如何看待關稅對您的個人汽車利潤率的季度影響？

Yeah. Elyse, two things. One, I just want to be really clear on this. It's not a change in trend. It's a onetime change in the severity. So I think it's just an important clarification.

是的。伊莉絲，有兩件事。首先，我只是想清楚地說明這一點。這並不是趨勢的改變。這是嚴重程度的一次性變化。所以我認為這只是一次重要的澄清。

And two, it's hard for us to really know when this would take effect, but May, June timeframe seems a little short. So probably a little later in the year, sometime in the back half of the year, but I'm not sure I'd call it more finally than that.

其次，我們很難真正知道這將在何時生效，但五月、六月的時間似乎有點短。所以可能是在今年晚些時候，下半年的某個時候，但我不確定我是否會稱之為最終。

Andrew Andersen, Jefferies.

安德魯·安德森（Andrew Andersen），傑富瑞集團（Jefferies）。

Hey. Good morning. Just on the auto business. I think you mentioned it was constrained a little bit by some actions on the property side. Could you maybe level set for us how much of the Auto book is open for new business and how much of the Homeowners book is open for new business?

嘿。早安.僅談汽車業務。我認為您提到它受到了房地產方面一些行動的一定限制。您能否為我們設定汽車帳簿中有多少可以開展新業務，以及房主帳簿中有多少可以開展新業務？

Sure. Maybe I'll just step back and give a little broader context in addition. So I would say that we are open for new business in most geographies across the country. And then within that, we have some very specific constraints.

當然。也許我應該退一步並提供一些更廣泛的背景資訊。所以我想說，我們在全國大多數地區都對新業務持開放態度。然後在其中，我們有一些非常具體的限制。

On the auto side, we're open for new business in virtually every state. Again, we have a more limited appetite in a couple of key geographies there related to whether or not we think we have rate adequacy. But at this point, we're talking less than a handful of states where we have those challenges.

在汽車方面，我們幾乎在每個州都開展新業務。再次，我們對幾個關鍵地區的利率是否充足不太感興趣。但目前，我們談論的面臨這些挑戰的州還不到少數。

The property answer is a little more complicated because in property, we've really got three primary issues that we're working through in terms of managing and thoughtfully deploying our property capacity. First is overall profitability.

關於房地產的答案稍微複雜一些，因為在房地產方面，我們在管理和周到部署房地產能力方面確實面臨三個主要問題需要解決。首先是整體獲利能力。

And as we've talked about, property is a little bit behind auto in terms of reaching target margins on a state-by-state basis. And so, we're managing that. Second is catastrophe exposure. And then third is local market concentration of exposure.

正如我們所討論的，從各州的目標利潤率來看，房地產行業略微落後於汽車行業。所以，我們正在管理這個。第二是巨災風險敞口。第三是當地市場集中度。

And so, predominantly in property, the places that we are not open for new business fall into those last two categories. We have some specific local geographies where we've got outsized market share that we're working to manage down.

因此，主要在房地產領域，我們尚未開展新業務的領域屬於最後兩類。在一些特定的地區，我們擁有過大的市場份額，但我們正在努力降低這些份額。

And then we've got our continued optimization of risk and reward as respect to catastrophe losses. So that's the color behind it. But I would say the places that were literally closed for new business are pretty limited. But that more broadly, it's a matter of monitoring and thoughtfully deploying the property capacity in many of those markets.

然後，我們繼續優化與災難損失有關的風險和回報。這就是它背後的顏色。但我想說，實際上因新業務而關閉的地方非常有限。但從更廣泛的角度來看，這是一個監控和深思熟慮地部署許多市場中的房地產容量的問題。

Thank you. And then just on workers' comp, it looks like it was down 7% year over year. I wouldn't think that's impacted by the casualty reinsurance program. But could you maybe just talk about the pricing that you're seeing there and maybe growth in that market?

謝謝。僅就工人補償而言，似乎比去年同期下降了 7%。我認為這不會受到意外再保險計劃的影響。但是您能否談談您在那裡看到的定價以及該市場的成長？

Yeah. Andrew, this is Greg. We continue to see pricing that's down in the workers' comp side of the business. So that's what's driving that. We'll have fluctuations from quarter-to-quarter, of course, like audit premium.

是的。安德魯，這是格雷格。我們持續看到工傷賠償業務的價格下降。這就是推動這項進程的原因。當然，我們每季都會有波動，例如審計溢價。

And audit premium, I just want to comment on audit premium that goes into net written premium is the change in audit premium. And we had historically high levels last year, while we still have strong levels of audit premium. That change also factored into that.

至於審計保費，我只想評論一下計入淨承保保費的審計保費是審計保費的變動。去年我們的審計溢價水準達到了歷史最高水平，而且我們的審計溢價水準仍然很高。這項變化也是其中一個因素。

Cave Montazeri, Deutsche Bank.

蒙塔澤里洞，德意志銀行。

Good morning. A follow-up on personal insurance policies in force. Situation in California, I guess, a bit of a headwind when it comes to growth. Are you seeing any other geographies for the homeowners that maybe could help you offset that, maybe a geography where you're not really big, thinking maybe we're seeing Florida is improving a bit, albeit from a low base. Are you seeing any offsets that could maybe allow you to grow (inaudible) in Homeowners?

早安.對現行個人保險政策進行追蹤。我想，就成長而言，加州的情況有點不利。您是否看到其他房主所在的地區可能可以幫助您抵消這一影響，也許是您規模不是很大的地區，我們認為也許我們看到佛羅裡達州的情況有所改善，儘管基數較低。您是否看到任何可能讓您在房主方面成長（聽不清楚）的抵消？

Yeah. Thanks for the question. I would say to take that question and link it back to my response to the previous one. California certainly is a distinct example of where we are constraining property capacity, but it's not the only one. We have a number of states, particularly in the South and in the Midwest, where we're constraining property capacity for the reasons that I mentioned.

是的。謝謝你的提問。我想說的是，提出這個問題並將其與我對上一個問題的回答聯繫起來。加州確實是我們限制房地產容量的一個明顯例子，但它並不是唯一的例子。我們有許多州，特別是南部和中西部，由於我提到的原因，我們正在限制房地產容量。

And again, most of the time, that's limiting growth. But in some of those cases, it's nonrenewing business in areas where we've got too much concentration. That said, to your point, there are places where we're open for business in both property and auto. And I think that you see that contributing to the new business growth in auto this quarter because we are seeing new business growth in those places.

而且，大多數時候，這都會限製成長。但在某些情況下，我們過於集中精力的領域中的業務卻沒有得到續約。話雖如此，正如您所說，我們在房地產和汽車領域都有業務開展。我認為您會看到這有助於本季汽車行業的新業務成長，因為我們看到這些地方出現了新業務成長。

It is important to remember, I think, when you think about our line of business growth and production that we're essentially 50:50 property and auto. And so, we're different from most participants in the industry, our actions in property, given that mix of business and given our tendency to package auto and property does mean that our property actions are going to have an impact on our ability to grow auto.

我認為，當你考慮我們的業務成長和生產時，重要的是要記住，我們的房地產和汽車業務基本上是 50:50。因此，我們與行業中的大多數參與者不同，我們在房地產領域的行動，考慮到業務組合以及我們將汽車和房地產打包的傾向，確實意味著我們的房地產行動將對我們發展汽車的能力產生影響。

But really, at the end of the day, we focus on each state individually, looking at the auto and property opportunities and the opportunity to best manage the portfolio. And we are working to take advantage of those places where we don't have the constraints to help support auto and overall portfolio growth.

但實際上，最終我們會關注每個州的具體情況，尋找汽車和房地產機會以及最佳管理投資組合的機會。我們正在努力利用那些沒有限制的地方來幫助支持汽車和整體投資組合的成長。

Thank you. And my follow-up is on the reserve releases in workers' comp. Could you guys give us an update on what you're seeing in terms of medical claims inflation versus your own assumptions?

謝謝。我的後續工作是關於工人補償中的儲備金釋放。你們能否向我們介紹一下你們所看到的醫療索賠通膨情況以及你們自己的假設？

Sure. So that's continued to behave pretty well for us. And we've made the comment a bunch of times, but it's worth reiterating. The long-tail nature of comp just means you can't afford to get behind on the assumptions that you're making.

當然。因此，這對我們來說仍然表現得相當不錯。我們已經多次評論過這一點，但值得重申。計算機的長尾特性意味著你不能承受落後於你所做的假設。

So even though we've seen medical cost inflation come in benign to what we had allowed for, we've been pretty reluctant to make a fundamental change to our longer-term view that we're baking into our pricing assumptions and our reserving actions.

因此，儘管我們已經看到醫療成本通膨處於我們允許的範圍內，但我們仍然不願意從根本上改變我們的長期觀點，並將其納入我們的定價假設和準備金行動中。

So another quarter where you saw some good news in medical severity. And again, our view is we continue to assume that that is going to return to some higher normal by historical standard level of inflation on a go-forward basis.

因此，在另一個季度中，您會看到醫療嚴重程度的一些好消息。我們的觀點是，我們繼續假設通膨水準在未來將恢復到歷史標準水準的更高正常水準。

Bob Huang, Morgan Stanley.

摩根士丹利的 Bob Huang。

Good morning. I think a lot of the questions I have were asked, but maybe one on commercial auto. I know that you talked about auto PYD as a whole. But if we look at statutory disclosures on commercial auto as well as your -- like a variety of other data, for example, your 10-Q claims and claims adjusted expenses data and things of that nature.

早安.我想我有很多問題都被問到了，但也許有一個問題是關於商用汽車的。我知道您討論了整個自動 PYD。但是，如果我們查看商業汽車的法定披露以及您的各種其他數據，例如您的 10-Q 索賠和索賠調整費用數據以及諸如此類的數據。

Industry seems to be facing continued headwind from litigation costs and reserve challenges, but it seems like you're holding up fairly okay. Just curious, how you think about commercial auto for the industry, but also as well as for yourselves going forward? Yeah. Maybe some commentaries around that?

產業似乎面臨著訴訟成本和儲備挑戰的持續阻力，但看起來你們的情況還不錯。只是好奇，您如何看待商用汽車對整個產業以及您自己未來的發展？是的。也許有一些關於此的評論？

Yeah. Bob, it's Dan. So I'll focus on us rather than the industry. Commercial auto was a challenge when we started talking about social inflation back in 2018, 2019. We really haven't had much mention of commercial auto in the last couple of years really because I think we've reached a point where we started to make sure that we were reviewing and assessing the data as it came in, informed by what we went through in 2018 and 2019.

是的。鮑勃，我是丹。因此我將關注我們自己而不是行業。當我們在 2018 年、2019 年開始談論社會通膨時，商用汽車是一個挑戰。過去幾年我們確實很少提及商用汽車，因為我認為我們已經到了一個階段，開始確保根據 2018 年和 2019 年的經驗審查和評估收到的數據。

And as a result to your observation, we really haven't had to do much in the way of changing those estimates in the last couple of years. As to whether or not the industry is in a good place from a reserving perspective, I'm not sure.

根據您的觀察，過去幾年我們確實沒有對那些估計做出太多改變。至於從儲備角度來看該行業是否處於良好狀態，我並不確定。

One thing that we are sure about the industry in commercial auto is it continues to need price because returns on that line still aren't where we'd like them to be. But as you heard Greg say again today, we continue to get price there. But feel good about where we are on the balance sheet.

關於商用汽車產業，有一件事我們確信，那就是它仍然需要定價，因為該行業的回報率仍然沒有達到我們所希望的水平。但正如你今天聽到格雷格再次說的那樣，我們繼續在那裡獲得價格。但對我們的資產負債表狀況感到滿意。

Just to add, we have a new commercial auto product that is out in the market, and we feel terrific about it.

補充一下，我們有一款新的商用汽車產品已經上市，我們對此感到非常高興。

Excellent. Thanks. I got a long-winded tech question. So if you think about the capabilities you've mentioned, enhanced digital capabilities, streamline workflow, cyber risk policies. How much of the capabilities are contingent on in-house software development? How much of it is based on third-party capabilities?

出色的。謝謝。我有一個冗長的技術問題。因此，如果您考慮您提到的功能、增強的數位功能、簡化的工作流程、網路風險政策。有多少功能取決於內部軟體開發？其中有多少是基於第三方能力的？

I guess the way I'm thinking about it is that if we go back to how much we think about maintenance tech versus new technology spend, like does that ratio eventually change to the point where you don't have to spend as much on maintenance technology going forward? Just curious on your tech strategy thoughts there, if that makes sense at all?

我想我的想法是，如果我們回顧一下我們對維護技術與新技術支出的考慮程度，那麼這個比例最終是否會發生變化，以至於你以後不必在維護技術上花費太多？只是好奇您那裡的技術戰略想法，如果有意義的話？

Yeah. Bob, I think your premise is right. I'm not going to quantify how much is in which bucket. I will say that anytime we're investing in a capability, we analyze whether there's a proprietary benefit to us developing it and owning it.

是的。鮑勃，我認為你的前提是正確的。我不會量化每個桶子裡有多少。我想說的是，每當我們投資一項能力時，我們都會分析開發和擁有它是否能為我們帶來專有利益。

And when there is a proprietary benefit, we do that. When there's not a proprietary benefit, we're happy to source it from third parties. So I do think the trend you're describing probably is a fair one, and we'll continue to drive the favorable mix of our investment spending.

當有專有利益時，我們就會這樣做。當沒有專有利益時，我們很樂意從第三方取得。因此我確實認為您所描述的趨勢可能是合理的，我們將繼續推動投資支出的有利組合。

Mark Hughes, Truist.

馬克·休斯，Truist。

Yeah. Thank you very much. The change in reinsurance, is it possible to break that out by the line of business? Was that all in GL?

是的。非常感謝。再保險的變化，能否依業務線細分？這些都在 GL 裡嗎？

Mark, it's Dan. It's mostly GL, but we described it sort of broadly as the casualty lines. And so, I think we're going to not probably get more specific. But it would help us with things like your core GL, umbrella claims, things like that.

馬克，我是丹。它主要是 GL，但我們將其廣泛地描述為傷亡線。所以，我認為我們可能不會說得更具體。但它可以幫助我們處理諸如核心 GL、綜合索賠等事宜。

And that does conclude the Q&A session. I'll turn the conference back over to Abbe Goldstein for closing remarks.

問答環節到此結束。我將把會議交還給 Abbe Goldstein 並請他作結語。

Thanks, everyone, for joining us today. And as always, if there's any follow-up, please get in touch with Investor Relations. Have a good day.

感謝大家今天加入我們。與往常一樣，如果有任何後續事宜，請聯絡投資者關係部門。祝你有美好的一天。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。