旅行家集團 (TRV) 2025 Q4 法說會逐字稿

Presentation earlier this morning. All of these materials can be found on our website at travelers.com under the Investors section. Speaking today will be Alan Schnitzer, Chairman and CEO; Dan Frey, CFO; and our three segment Presidents: Greg Toczydlowski of Business Insurance, Jeff Klenk of Bond and Specialty Insurance, and Michael Klein of Personal Insurance.

今天早上早些時候做了報告。所有這些資料都可以在我們的網站 travels.com 的「投資者」欄位下找到。今天發言的有董事長兼首席執行官艾倫·施尼策；首席財務官丹·弗雷；以及我們的三個部門總裁：商業保險總裁格雷格·托奇德洛夫斯基、債券和特殊保險總裁傑夫·克倫克和個人保險總裁邁克爾·克萊因。

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. 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.

他們將討論我們公司的財務表現和當前的市場環境。他們將參考網路直播簡報進行發言，之後我們將回答您的問題。在將電話交給艾倫之前，我想提請大家注意網路直播示範結尾處的說明文字。

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.

我們今天的報告包含前瞻性陳述。公司提醒投資者，任何前瞻性聲明都涉及風險和不確定性，並不能保證未來的績效。由於各種因素，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.

這些因素在我們的獲利新聞稿以及我們最近向美國證券交易委員會提交的 10-Q 和 10-k 文件中的前瞻性聲明中均有描述。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 Investor section on our website. And now I'd like to turn the call over to Alan Schnitzer.

此外，在我們的發言或對問題的回答中，我們可能會提及一些非公認會計準則的財務指標。財務報表調整資訊已包含在我們最近的獲利新聞稿、財務補充資料以及我們網站投資者關係部分提供的其他資料中。現在我想把電話交給艾倫‧施尼策爾。

Thank you, Abby. Good morning, everyone, and thank you for joining us today. We're pleased to report excellent fourth quarter and full year results, with strong and broad-based performance across both underwriting and investments. For both periods, the bottom-line results were driven by very strong underlying underwriting income.

謝謝你，艾比。各位早安，感謝大家今天收看我們的節目。我們很高興地宣布第四季度和全年業績表現出色，承保和投資業務均取得了強勁而全面的業績。這兩個時期，最終的獲利都得益於非常強勁的基礎承保收入。

Particularly given the written margins remain attractive, this is a durable dynamic. For the quarter, we earn core income of $2.5 billion or $0.1113 per diluted share, generating core return on equity of 29.6%. Underwriting income of $2.2 billion pre-tax increased 21% compared to the prior year quarter.

尤其考慮到留白仍然很有吸引力，這是一種持久的動態。本季度，我們獲得核心收入 25 億美元，即每股攤薄收益 0.1113 美元，核心股本回報率為 29.6%。稅前承保收入為 22 億美元，比去年同期成長 21%。

Benefiting from higher underlying underwriting income, higher favorable prior year reserve development, and a lower level of catastrophe losses. The underlying result was driven by strong net earned premiums and excellent margins. The underlying combined ratio improved nearly 2 points to 82.2%. Underwriting results were strong in all three segments.

受益於更高的基礎承保收入、更有利的上一年準備金發展以及更低的巨災損失水準。強勁的淨已賺保費和優異的利潤率是推動業績成長的主要因素。基礎綜合比率改善近 2 個百分點，至 82.2%。三個業務板塊的核保業績均表現強勁。

Our high-quality investment portfolio also continued to perform well, generating after-tax net investment income of $867 million for the quarter, up 10%, driven by strong and reliable returns from our growing fixed income portfolio. Our terrific underwriting and investment results, together with our strong balance sheet, enabled us to return $1.9 billion of capital to shareholders during the quarter, including $1.7 billion of share repurchases.

我們的高品質投資組合也持續表現良好，本季稅後淨投資收益為 8.67 億美元，成長 10%，這主要得益於我們不斷增長的固定收益投資組合帶來的強勁可靠的回報。我們出色的承銷和投資業績，加上我們強勁的資產負債表，使我們能夠在本季度向股東返還 19 億美元的資本，其中包括 17 億美元的股票回購。

Importantly, at the same time, we continue to make significant strategic investments in our business. Even after this deployment of capital, adjusted book value per share was up 14% compared to a year ago. Turning to the topline, to discipline marketplace execution across all three segments, we grew net written premiums to $10.9 billion in the quarter.

同時，我們也持續對業務進行重大戰略投資。即使在投入這筆資金之後，調整後的每股帳面價值仍比一年前增加了 14%。從營收方面來看，為了規範所有三個業務部門的市場執行，我們本季淨保費收入成長至 109 億美元。

In business insurance, we grew net written premiums to $5.5 billion. Excluding the property line, we grew domestic net written premiums in the segment by 4%. As I shared last quarter, the declining property premium is a large account dynamic. We'll continue to be disciplined in terms of risk selection, pricing, in terms of conditions.

在商業保險領域，我們的淨保費收入成長至 55 億美元。剔除財產險業務後，該業務領域的國內淨保費收入成長了 4%。正如我上個季度所分享的，財產保險費的下降是一個大帳戶動態。我們將繼續在風險選擇、定價和條件方面保持嚴謹的態度。

Renewal premium change in business insurance was 6.1%. Renewal premium change in auto, CMP, and umbrella remained in the double-digits. Excluding the property line, renewal premium change came in strong at just over 8%. Including workers' comp, which continues to be low single-digits positive.

商業保險續保保費變化率為 6.1%。汽車險、綜合責任險和傘險的續保保費變動仍維持在兩位數。除財產險外，續保保費變動強勁，略高於 8%。其中包括工傷賠償，該項賠償仍維持個位數正成長。

Given the attractive returns, we were pleased that retention in the segment remained strong at 85%. In bonded specialty insurance, we were net written premiums to $1.1 billion with excellent retention of 87% and positive renewal premium change in our high-quality management liability business.

鑑於回報可觀，我們很高興該細分市場的客戶留存率保持在 85% 的強勁水平。在擔保專業保險領域，我們的淨保費收入達到 11 億美元，續保率高達 87%，而且我們高品質的管理責任險業務的續保保費也出現了積極的增長。

In our industry leading surety business, we grew net written premiums from a very strong level in the prior year quarter. In personal insurance, net written premiums of $4.2 billion reflected continued strong renewal premium change in homeowners and higher new business and auto.

在我們行業領先的擔保業務中，淨保費收入在上一季非常強勁的基礎上實現了成長。在個人保險方面，淨保費收入為 42 億美元，反映出房屋保險續保保費持續強勁成長，以及新業務和汽車保險業務的成長。

You'll hear more shortly from Greg, Jeff, and Michael about our segment results. Before I turn the call over to Dan, I'd like to take a step back and talk about what's driving this performance and what's ahead.

稍後您將從 Greg、Jeff 和 Michael 那裡聽到更多關於我們業務板塊業績的消息。在把電話交給丹之前，我想先回顧一下，談談是什麼推動了這種表現，以及未來的發展方向。

About 10 years ago we embarked on an innovation strategy designed to position our business to grow at industry leading returns with low volatility. As you can see on slide 18 of our webcast presentation, over the past decade, we've grown our topline at a compound annual rate of 7% while improving our underlying profitability by almost 8 points.

大約 10 年前，我們啟動了一項創新策略，旨在使我們的業務能夠以行業領先的回報和較低的波動性實現成長。正如您在我們網路直播簡報的第 18 張投影片中所看到的那樣，在過去的十年裡，我們的營收以 7% 的複合年增長率增長，同時我們的基本獲利能力提高了近 8 個百分點。

Notwithstanding a significant increase in our technology spending, that improvement in underlying profitability includes a 3 points or 10% improvement in our expense ratio. As a consequence of all that, compared to 10 years ago, our underlying underwriting income is more than 4 times what it had been.

儘管我們在技術支出方面大幅增加，但基本獲利能力的改善包括費用率下降了 3 個百分點或 10%。因此，與 10 年前相比，我們的基礎核保收入已經成長了 4 倍以上。

Our cash flow from operations has more than doubled, and our investment portfolio has grown by 50% to more than $100 billion. As you can see on slide 19, over that same period, core return on equity has averaged more than 1,000 basis points over the 10-year treasury at industry low volatility, and we've grown earnings per share on average by 12%.

我們的經營活動現金流增加了一倍多，投資組合成長了 50%，超過 1,000 億美元。正如您在幻燈片 19 中看到的那樣，在同一時期，核心權益回報率在 10 年期國債的基礎上平均提高了 1000 多個基點，行業波動性較低，而且我們的每股收益平均增長了 12%。

In short, the execution of our strategy has been exceptional. We think about all, we think about that chapter as innovation 1.0. our success with Innovation 1.0 is the result of having done three difficult things very well. Identifying the initiatives that really matter and passing on the merely good ideas that don't.

總之，我們的策略執行非常出色。我們認為，我們將這一章視為創新 1.0。我們在創新 1.0 上取得成功，是因為我們把三件困難的事情做得非常好。找出真正重要的舉措，摒棄那些僅僅不錯但無關緊要的想法。

Executing effectively and capturing the value of what we build. Over the decade, we developed the competitive advantage of an innovation skill set. Now we're bringing all that hard-won know-how to innovation 2.0 at Travelers, powered by AI and not too far off quantum computing.

有效執行並實現我們所創造的價值。十年來，我們培養了創新技能方面的競爭優勢。現在，我們將所有這些來之不易的專業知識運用到 Travelers 的創新 2.0 中，以人工智慧為動力，距離量子計算也不遠了。

The PNC industry is well positioned to benefit from AI across the entire value chain. This generation of AI can understand and execute on the complex stakeholder interactions, well-defined processes, data intensive workflows, and massive amounts of unstructured data that characterize our industry.

PNC 產業已做好充分準備，可以從人工智慧的整個價值鏈中受益。這一代人工智慧能夠理解並執行我們行業特有的複雜利益相關者互動、定義明確的流程、數據密集型工作流程以及海量非結構化數據。

It gains compound over many interactions. In that context, Travelers is particularly well positioned. As an industry leader, we bring differentiating domain expertise. Because AI amplifies existing strength, leaders in the domain are best positioned to use it to drive improvement.

它在多次相互作用中不斷累積。在這種背景下，旅行者保險公司處於非常有利的地位。作為行業領導者，我們擁有差異化的領域專業知識。由於人工智慧能夠增強現有優勢，因此該領域的領導者最能利用人工智慧來推動改進。

In addition, we have decades of high-quality data for millions of transactions and interactions, and the scale to invest at significant levels as AI and technology continue to segment the market. We have thousands of engineers, data scientists, and analysts building AI and other sophisticated technologies and solutions.

此外，我們擁有數十年來數百萬筆交易和互動的高品質數據，並且隨著人工智慧和技術不斷細分市場，我們有足夠的規模進行大規模投資。我們擁有數千名工程師、資料科學家和分析師，致力於建構人工智慧和其他尖端技術及解決方案。

Dozens of scale generative AI tools are already in production. Millions of transactions are now automated. More than 20,000 of our colleagues use AI tools on a regular basis. And agentic AI isn't a future aspiration. It's embedded in our business operations today. Last week we in Anthropic announced a partnership to empower 10,000 of our engineers, data scientists, analysts, and product owners with personalized, context-aware, and integrated AI assistance.

目前已有數十種大規模生成式人工智慧工具投入生產使用。數百萬筆交易現已自動化。我們有超過 20,000 名同事經常使用人工智慧工具。而智能體人工智慧並非未來的願景。它已經融入我們今天的業務運作中。上週，Anthropic 宣布了一項合作計劃，旨在透過個人化、情境感知和整合式 AI 輔助，賦予我們 10,000 名工程師、資料科學家、分析師和產品負責人。

This initiative will enhance and accelerate the development of software analytics and predictive models. In extensive testing, we achieved significantly improved engineering output and meaningful productivity gains. We expect that this will result in faster and more cost-effective delivery of new capabilities across Travelers.

這項措施將加強和加速軟體分析和預測模型的開發。經過廣泛的測試，我們取得了顯著提高的工程產出和顯著的生產力提升。我們預計這將使 Travelers 能夠更快、更有經濟地交付新功能。

Everything from product development, the new business prospecting to underwriting speed and quality, the agent and customer service, and more benefiting our business, our customers, and our distribution partners. In our claim organization, more than half of all claims are now eligible for straight due processing.

從產品開發、新業務拓展到承保速度和品質、代理商和客戶服務等等，所有這些都使我們的業務、我們的客戶和我們的分銷合作夥伴受益。在我們公司的理賠部門，超過一半的理賠申請現在都符合直接處理條件。

With customers adopting straight through processing about two third of the time. Another 15% of all claims are processed with advanced digital tools. All of those percentages are growing. To accommodate customers who still prefer to call in to report a claim, just last week we launched a natural language generative AI voice agent that takes first notice of loss by phone.

客戶採用直通式處理方式的情況約佔三分之二。另有 15% 的索賠案件透過先進的數位工具進行處理。所有這些百分比都在增長。為了方便那些仍然喜歡打電話報案的客戶，就在上週，我們推出了一款自然語言生成式人工智慧語音代理，它首先會透過電話了解損失情況。

Early customer adoption is exceeding our expectations. The results are tangible. In our claim organization, investments we've made, including an automation, straight through processing and analytics, refine indemnity payouts, and drive operational efficiencies.

早期客戶的接受度超出了我們的預期。結果顯而易見。在我們的理賠機構中，我們進行了投資，包括自動化、直通式處理和分析，以改善賠償金支付，並提高營運效率。

It's worth pointing out that the efficiency gains in our claim organization come through loss adjustment expense benefiting the loss ratio. As just one example, our claimed call center population is down by third and this year we'll be consolidating four claim call centers down to two. And of course we're deploying AI broadly across the business.

值得指出的是，我們理賠機構效率的提高是透過降低損失調整費用來降低賠付率來實現的。僅舉一例，我們的索賠呼叫中心人員減少了三分之一，今年我們將把四個索賠呼叫中心合併為兩個。當然，我們正在整個企業範圍內廣泛部署人工智慧。

Other use cases enhance underwriting decision quality and efficiency and improve the experience for customers, agents, brokers, and employees. So here's some examples from Greg, Jeff, and Michael.

其他用例提高了承保決策的品質和效率，並改善了客戶、代理人、經紀人和員工的體驗。以下是 Greg、Jeff 和 Michael 的一些例子。

We're so early in this transformation, which means the benefits more effective underwriting, improved operating leverage, and profitable growth will continue to build. To sum it up, our results this year and over time reflect the power of our earnings engine fueled by the disciplined execution of our strategy.

我們正處於這場變革的早期階段，這意味著更有效的核保、更高的營運槓桿和獲利成長等好處將會持續累積。總而言之，我們今年的業績以及長期以來的業績都體現了我們獲利引擎的強大動力，而這動力源自於我們策略的嚴格執行。

For the full year, core income was up 26% to $6.3 billion or $0.2759 per diluted share, generating core return on equity of 19.4%. And during the year, we grew adjusted book value per share by 14% after returning $4.2 billion of excess capital to shareholders and investing more than $1.5 billion in cutting-edge AI and other technology initiatives.

全年核心營收成長 26% 至 63 億美元，即每股攤薄收益 0.2759 美元，核心股本回報率為 19.4%。年內，我們向股東返還了 42 億美元的超額資本，並投資超過 15 億美元用於尖端人工智慧和其他技術項目，調整後的每股帳面價值增加了 14%。

Our operational and financial success in the face of another year of elevated catastrophe losses for the industry supports our ability to be there for our customers. In 2025 we handled 1.5 million claims. That's about one every 20 seconds and paid out more than $23 billion in claim payments.

面對業界又一年不斷攀升的災害損失，我們依然取得了營運和財務上的成功，證明了我們有能力為客戶提供服務。2025年，我們處理了150萬起索賠案件。平均每 20 秒就會發生一起事故，賠償金額超過 230 億美元。

We also met our objective of closing 90% of claims arising out of catastrophes within 30 days. 2026 and in future years we'll be there to help our customers and communities recover and to enable individuals and businesses to thrive. Looking ahead, we're also very well positioned to continue generating substantial shareholder value. The durability of our strong underlying business performance provides a powerful foundation for continued strong bottom-line results, leading returns, and strong cash flows.

我們也實現了在30天內結案90%的災害索賠的目標。 2026年及以後，我們將繼續幫助客戶和社區恢復，並協助個人和企業蓬勃發展。展望未來，我們也處於非常有利的位置，能夠持續為股東創造可觀的價值。我們強勁的基礎業務表現具有持久性，為持續強勁的獲利、領先的回報和強勁的現金流提供了堅實的基礎。

Operating from this position of strength, we remain highly confident in the outlook for Travelers in 2026 and beyond. And with that, pleased to turn the call over to Dan.

憑藉這一優勢，我們對 Travelers 在 2026 年及以後的發展前景仍然充滿信心。隨後，我很高興地將電話轉交給丹。

Thank you, Alan. The core income for the fourth quarter was $2.5 billion and core return on equity was 29.6%. As we once again delivered excellent financial results on a consolidated, the full year underwriting results were also excellent on both an underlying and as reported basis. And net investment income was once again higher than a year ago.

謝謝你，艾倫。第四季核心收入為 25 億美元，核心股本回報率為 29.6%。由於我們再次取得了優異的合併財務業績，全年承保業績無論從實際業績或報告業績來看，也都非常出色。投資淨收益再次高於去年同期。

The strong fourth quarter finish brings full year core income to $6.3 billion in full year core ROE to 19.4%. In Q4 we generated higher levels of written and earned premiums compared to a year ago while delivering excellent combined ratios on both the reported and underlying basis.

強勁的第四季業績使全年核心收入達到 63 億美元，全年核心 ROE 達到 19.4%。在第四季度，我們實現了比去年同期更高的保費收入和已賺保費，同時在報告和實際基礎上都取得了優異的綜合比率。

At 82.2%, the underlying combined ratio marked its fifth consecutive quarter below 85%. The combination of higher premiums and the improved underlying combined ratio led to a 15% increase in after-tax underlying underwriting income. That brings the full year after tax underlying underwriting results to $5.5 billion up 23% from the prior year. The growth in underlying underwriting income in recent years is worth an extra minute of commentary.

綜合比率為 82.2%，連續第五個季度低於 85%。保費上漲和綜合比率改善，使得稅後承保收入增加了 15%。這使得全年稅後基本核保績效達到 55 億美元，比上年成長 23%。近年來基礎承保收入的成長值得我們花一分鐘時間進行探討。

In 2022, we reported a very strong $2.1 billion after tax. Through the successful and disciplined execution of our strategy, we grew that figure to $3.2 billion in 2023, then to $4.5 billion in 2024, and now to $5.5 billion for 2025. Those earnings are what drive strong cash flow from operations which after averaging about $4 billion for the 10 years from 2011 through 2020 surpassed $9 billion in 2024 and reached $10.6 billion in 2025.

2022年，我們實現了非常強勁的稅後收入21億美元。透過成功且有條不紊地執行我們的策略，我們在 2023 年將這一數字增長到 32 億美元，然後在 2024 年增長到 45 億美元，現在 2025 年將增長到 55 億美元。這些收益推動了強勁的營運現金流，從 2011 年到 2020 年的 10 年平均約為 40 億美元，到 2024 年超過 90 億美元，到 2025 年達到 106 億美元。

The expense ratio for the fourth quarter was 28.4%, bringing the full year expense ratio to 28.5% as expected. Continue to expect the expense ratio for 2026 to be right around 28.5%. Catastrophe losses in the quarter were $95 million pre-tax.

第四季費用率為 28.4%，全年費用率如預期為 28.5%。預計 2026 年的費用率將維持在 28.5% 左右。本季災害損失稅前為 9,500 萬美元。

Turning to prior year reserve development, we had total net favorable development of $321 million pre-tax in the quarter, with all three segments contributing. Business insurance, net favorable PYD of $205 million was driven by favorability in workers' comp.

回顧上一年度的儲備發展情況，本季稅前淨有利發展總額為 3.21 億美元，三個業務部門均有貢獻。商業保險方面，淨有利的去年收入為 2.05 億美元，主要得益於工傷賠償的有利因素。

In bond and Specialty net favorable PYD of $30 million was driven by better-than-expected results and fidelity and surety. Personal insurance had $86 million of net favorable PYD with favorability in both auto and home.

債券和特種險業務淨收益為 3,000 萬美元，主要得益於業績優於預期以及保誠和擔保業務。個人保險業務淨有利 PYD 為 8,600 萬美元，汽車和房屋保險業務均有利。

After tax net investment income of $867 million increased by 10% from the prior year quarter. Fixed maturity NII was again the driver of the increase, reflecting both the benefit of higher invested assets and higher average yields.

稅後淨投資收益為 8.67 億美元，比上年同期成長 10%。固定期限淨利息收入再次成為成長的驅動力，這不僅反映了投資資產增加的好處，也反映了平均收益率提高帶來的好處。

Driven by the strong cash flows I referenced earlier, during 2025, we grew our investment portfolio by approximately $7.5 billion to $106 billion. As of December 31, new money rates were about 70 basis points above the yield embedded in the portfolio.

在我前面提到的強勁現金流的推動下，2025 年，我們的投資組合成長了約 75 億美元，達到 1,060 億美元。截至 12 月 31 日，新增資金利率比投資組合中嵌入的收益率高出約 70 個基點。

In terms of our outlook for fixed income NII for 2026, including earnings from short-term securities, we expect approximately $3.3 billion after tax, beginning with about $800 million in the first quarter and growing to about $870 million in the fourth quarter.

就我們對 2026 年固定收益淨利息收入（包括短期證券收益）的展望而言，我們預計稅後約為 33 億美元，第一季約為 8 億美元，第四季度增長至約 8.7 億美元。

As with underwriting income, the growth in investment income over the past several years has been significant. Our 2026 outlook represents nearly twice as much fixed income NII as we delivered in 2021, just five years ago. Page 22 of the webcast presentation provides information about our January 1, catastrophe reinsurance renewal.

與承保收入一樣，過去幾年投資收入的成長也十分顯著。我們預計 2026 年的固定收益淨利息收入將比五年前的 2021 年增加近一倍。網路直播簡報第 22 頁提供了有關我們 1 月 1 日巨災再保險續保的資訊。

And we're very pleased with the changes for 2026. Our longstanding CAT XOL treaty continues to provide coverage for both single CAT events and the aggregation of losses for multiple CAT events. The per occurrence loss deductible is unchanged at $100 million and for 2026 we dropped the attachment point to $3 billion compared to the $4 billion attachment point we had in 2025.

我們對 2026 年的這些變化非常滿意。我們長期有效的 CAT XOL 條約繼續為單次 CAT 事件和多次 CAT 事件的累積損失提供保障。每次事故損失免賠額保持不變，仍為 1 億美元；2026 年，我們將起賠額降至 30 億美元，而 2025 年的起賠點為 40 億美元。

We believe in all perils CAT aggregate is the most efficient way to protect the balance sheet. And the combination of our industry outperformance, refined reinsurance structures, and more favorable reinsurance pricing have allowed us to meaningfully improve our coverage with only a modest increase to our total seated premium costs.

我們相信，無論面臨何種風險，CAT 綜合險都​​是保護資產負債表最有效的方式。憑藉我們優異的行業表現、完善的再保險結構以及更優惠的再保險定價，我們得以在總保費成本僅略微增加的情況下，顯著改善我們的保險範圍。

We also renewed the enhanced casualty reinsurance program first introduced for 2025. We were once again able to purchase working layer coverage on a roughly margin neutral basis. On page 23 of the webcast presentation, we've again provided both a summary of the seasonality of our CAT losses over the prior decade and a view of our CAT plan by quarter for 2026.

我們也續簽了最初於 2025 年推出的增強型意外傷害再保險計畫。我們再次得以以大致中性的利潤率購買工作層保險。在網路直播演示的第 23 頁，我們再次提供了過去十年巨災損失季節性的總結，以及 2026 年按季度劃分的巨災計劃概覽。

As you can see, the 2026 CAT plan in terms of combined ratio points is higher than both the five year and 10-year averages. As a reminder for your modeling in terms of seasonality. As you can see from the data, the second quarter has historically been our largest CAT quarter.

如您所見，2026 年 CAT 計劃的綜合比率點數高於五年和十年平均。提醒您在建模時注意季節性因素。從數據中可以看出，第二季歷來是我們 CAT 業績最大的季度。

Also of interest for 2026, we continue to value our relationship with Fidelis and are very pleased to have once again renewed our 20% quota share with them. The renewal includes the same loss ratio cap we've had in place since the quota share began in 2023.

值得一提的是，在 2026 年，我們繼續重視與 Fidelis 的關係，並非常高興再次與他們續簽了 20% 的股份份額。續約條款包括自 2023 年實施份額制以來一直沿用的相同賠付率上限。

Interest rates decreased during the quarter and as a result our net unrealized investment loss decreased from $2 billion after tax at September 30, to $1.5 billion after tax at December 31. Adjusted book value per share, which excludes net unrealized investment gains and losses, was $1.5801 at year end, up 14% from a year ago.

本季利率下降，因此，我們的稅後未實現淨投資損失從 9 月 30 日的 20 億美元減少到 12 月 31 日的 15 億美元。截至年底，經調整後的每股帳面價值（不包括未實現的投資淨收益和損失）為 1.5801 美元，比上年同期增長 14%。

Turning to capital management, we returned $1.9 billion of capital to our shareholders this quarter, comprising share repurchases of $1.65 billion and dividends of $244 million.

談到資本管理，本季我們向股東返還了 19 億美元的資本，其中包括 16.5 億美元的股票回購和 2.44 億美元的股息。

In our prepared remarks last quarter, we indicated that we expected to execute roughly $1.6 billion of share repurchases in the first quarter of 2026, including the use of about $700 million from the sale of our Canadian operations, which did close as planned on January 2.

我們在上個季度的準備發言稿中表示，我們預計將在 2026 年第一季執行約 16 億美元的股票回購，其中包括使用出售加拿大業務所得的約 7 億美元，該交易已於 1 月 2 日按計劃完成。

Even with the increased level of share repurchases we just executed in Q4, given the strong finish to the 2025 year, we now expect repurchases of around $1.8 billion in Q1 of course, the actual amount and timing of repurchases will depend on a number of factors including CAT events and other quarterly earnings impacts, as well as other factors we disclose in our SEC filings.

即使我們在第四季增加了股票回購規模，鑑於 2025 年的強勁收官，我們現在預計第一季的回購規模約為 18 億美元。當然，實際的回購金額和時間將取決於多種因素，包括重大災害事件和其他季度收益影響，以及我們在提交給美國證券交易委員會的文件中披露的其他因素。

I'd like to make one other comment on capital management to help with your models. Given the growth we've generated over the past several years and the outlook for continued growth, we're now more likely to issue debt every year, assuming we're comfortable with market conditions. Our recent history has been to issue debt every other year.

關於資本管理，我還想補充一點意見，希望對你們的模型有幫助。鑑於過去幾年我們取得的成長以及未來持續成長的前景，如果我們對市場狀況感到滿意，我們現在更有可能每年發行債券。我們近年的做法是每隔一年發行一次債券。

Annual debt issuance allows us to maintain a more consistent debt to capital ratio. Recapping our results for 2025, we're very pleased to have delivered net and core income of $6.3 billion and core return on equity of 19.4%. We ended the year with our all-time high and adjusted book value per share and with our largest investment portfolio ever. In short, we're extremely well positioned for 2026 and beyond.

年度債務發行使我們能夠維持較穩定的債務資本比率。回顧我們 2025 年的業績，我們非常高興地宣布，淨收入和核心收入達到 63 億美元，核心股本回報率達到 19.4%。我們以有史以來最高的每股調整後帳面價值和有史以來最大的投資組合結束了這一年。簡而言之，我們為2026年及以後的發展做好了極為充分的準備。

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

接下來，我會把電話交給格雷格，讓他來討論商業保險問題。

Thanks, Dan. Business insurance had another very strong quarter, rounding out another terrific year in terms of financial results, execution in the marketplace, and progress in our strategic initiatives. Segment income for the quarter was nearly $1.3 billion and up more than $100 million from the prior year quarter.

謝謝你，丹。商業保險業務又迎來了一個非常強勁的季度，在財務業績、市場執行力和策略舉措進展方面，又一個輝煌的年份圓滿結束。該季度部門營收接近 13 億美元，比上年同期成長超過 1 億美元。

Improvement from the prior year was driven by higher net investment income, higher favorable prior year reserve development, and lower catastrophes. The all-in combined ratio of 84.4% was a great result and about a point better than the prior year quarter.

與前一年相比，業績改善主要得益於投資淨收益增加、上一年有利的準備金發展以及災害減少。綜合比率為 84.4%，這是一個非常好的結果，比去年同期好大約 1 個百分點。

We're once again particularly pleased with our exceptional underlying combined ratio of 87%. The underlying loss ratio was the second-best quarterly result ever, trailing only last year's fourth quarter record.

我們再次對我們優異的綜合比率（87%）感到非常滿意。基本損失率是史上第二好的季度業績，僅次於去年第四季的紀錄。

The expense ratio remained excellent at 29.3%. Turning to the topline, net written premiums reached an all-time fourth quarter high of more than $5.5 billion. We grew our leading select and middle market businesses by 4% and 3% respectively.

費用率維持在29.3%的優異水準。從營收來看，淨保費收入在第四季創下歷史新高，超過 55 億美元。我們的領先精選業務和中端市場業務分別成長了 4% 和 3%。

These two markets make up almost three quarters of our net rent premiums for business insurance in the quarter. We saw a decline in national property premiums reflecting our disciplined execution in terms of risk selection, pricing, and terms and conditions.

這兩個市場佔本季商業保險淨租金保費的近四分之三。我們看到全國財產保險保費下降，這反映了我們在風險選擇、定價以及條款和條件方面的嚴格執行。

Excluding the property line, domestic net written premiums were up 4%. As always, our focus is on writing business that meets our risk profile and underwriting standards and where we can get an appropriate price with terms that reflect the exposure's perils.

剔除財產險業務後，國內淨承保保費增加了 4%。一如既往，我們的重點是承保符合我們風險狀況和承保標準的業務，並且能夠以反映風險敞口的條款獲得合適的價格。

As for production across the segment, pricing remained attractive with renewal premium change of just over 6%. Excluding the property line, RPC was strong at 8%. Renewal premium change was positive in all lines, including property in double-digits and CMP umbrella and auto.

就整個細分市場的產量而言，定價依然具有吸引力，續保保費變化略高於 6%。剔除房產線後，RPC 表現強勁，達到 8%。所有險種的續保保費變動均為正值，其中財產險的續保保費變動達到兩位數，CMP傘險和汽車險的續保保費變動也達到正值。

Retention remained excellent at 85%, and new business of $675 million was up 6% from the prior quarter. We're pleased with these production results in our fields execution of our proven segmentation strategy. Across the book, pricing and retention results this quarter reflect excellent execution, aligning price, terms and conditions with environmental trends for each line.

客戶留存率維持在 85% 的優異水平，新業務額為 6.75 億美元，比上一季成長了 6%。我們對田間試驗中採用我們成熟的細分策略所取得的生產成果感到滿意。本季度，整本圖書的定價和續約結果都反映了出色的執行力，使每條產品線的價格、條款和條件與環境趨勢保持一致。

As for the individual businesses, in select, renewal premium change and renewal rate change both remain strong for the quarter and about flat with third quarter levels. Retention was up 2 points from the fourth quarter of last year as we continue to wind down our CMP risk return optimization efforts.

至於個別企業，部分企業的續保保費變動和續保費率變動在本季均保持強勁，與第三季水準基本持平。由於我們持續逐步結束 CMP 風險回報優化工作，客戶留存率比去年第四季提高了 2 個百分點。

Lastly, new business was up 6% from the fourth quarter of last year to a healthy $139 million. In our core middle market business, renewal premium change remained attractive at 6.6%. Price increases remain broad-based as we achieved higher prices on about three quarters of our middle market accounts.

最後，新業務額比去年第四季成長了 6%，達到健康的 1.39 億美元。在我們核心的中端市場業務中，續保費變化保持了6.6%的吸引力。價格上漲依然普遍，我們在大約四分之三的中端市場客戶中實現了價格上漲。

And at the same time, the granular execution was excellent with meaningful spread from our best performing accounts to our lower performing accounts. To a large degree, the sequential decline in RPC was impacted by the property line, where RPC remains positive, healthy, and reflective of attractive returns.

同時，精細化的執行也非常出色，從表現最佳的帳戶到表現較差的帳戶，都實現了有意義的覆蓋範圍。在很大程度上，RPC 的連續下降受到房地產線的影響，在該房地產線中，RPC 保持正值，健康，並反映了有吸引力的回報。

We're pleased that middle market retention remained exceptional at 87%, and new business of $395 million was up 11% to an all-time fourth quarter high. As we close out 2025, let me provide a little color on full year results before turning the call over to Jeff.

我們很高興中端市場客戶留存率維持在 87% 的優異水平，新業務額達到 3.95 億美元，成長 11%，創下第四季歷史新高。2025 年即將結束，在將電話會議交給 Jeff 之前，讓我先簡單介紹一下全年業績。

We're very pleased to report segment income of nearly $3.7 billion. An underlying combined ratio of 88% and top line of $22.7 billion. This was the third year in a row where we delivered and both remained historically high, while new business premiums approaching $3 billion reached an all-time best.

我們非常高興地宣布，該部門的收入接近 37 億美元。綜合比率為 88%，營收為 227 億美元。這已經是我們連續第三年達成業績目標，兩項指標都維持歷史高位，而新業務保費接近 30 億美元，創歷史新高。

These sustained exceptional results are a direct reflection of our strong value proposition, as well as the successful execution of our thoughtful and deliberate strategies. Beyond our execution excellence, we're pleased with the contributions we're getting from our ongoing strategic initiatives.

這些持續取得的卓越成果直接反映了我們強大的價值主張，以及我們深思熟慮的策略的成功執行。除了卓越的執行力之外，我們對正在進行的策略性措施所取得的成果也感到滿意。

The decision support tools we're putting in the hands of our underwriters at the point of sale, including models that derive risk characteristics, refined technical pricing, and summarize historical model loss experience results in better risk selection, pricing, and terms and conditions.

我們在銷售點提供給承保人的決策支援工具，包括推導風險特徵的模型、改進的技術定價以及總結歷史模型損失經驗，可以更好地進行風險選擇、定價以及條款和條件。

In addition, we're encouraged by the impact we're seeing from our product and user experience initiatives, including how well they've been received in the market. Our new BOP product is now fully rolled out, and our new auto product is live in 46 states.

此外，我們對產品和使用者體驗措施所取得的成效感到鼓舞，包括它們在市場上的良好反響。我們的新 BOP 產品現已全面推出，我們的新汽車產品已在 46 個州上線。

Both products contain industry leading segmentation, which contributes to profitable growth. We also continue to enhance the insights around our submissions, based on quality and appetite that allow our underwriters to focus on those new business opportunities that we most want to add to the portfolio.

這兩款產品都採用了業界領先的細分策略，這有助於實現獲利成長。我們也會不斷提升對投保申請的洞察力，根據品質和需求，使我們的承銷商能夠專注於我們最希望添加到投資組合中的新業務機會。

We're pleased with our progress with Gen AI. We're building and executing a robust portfolio of Gen AI initiatives that will enable enhanced risk assessment and selection, ultimately improving loss experience, as well as drive gains in productivity and efficiency, and improve our industry leading experience for our agents and brokers.

我們對 Gen AI 的進展感到滿意。我們正在建立和執行一套強大的 Gen AI 計劃組合，這將增強風險評估和選擇能力，最終改善損失體驗，提高生產力和效率，並改善我們為代理商和經紀人提供的行業領先的體驗。

As just one example, we've recently rolled out Gen AI agents to efficiently mine both internal and external data sources to better understand and synthesize the risk characteristics and ensure appropriate business classification.

舉例來說，我們最近推出了 Gen AI 代理，以有效地挖掘內部和外部資料來源，從而更好地理解和綜合風險特徵，並確保適當的業務分類。

This capability both accelerates the underwriting process and results in improved risk classification and segmented pricing. To sum up, we feel terrific about our performance and financial results in 2025.

這項功能既加快了核保流程，也提高了風險分類和分段定價的準確性。總而言之，我們對2025年的業績和財務結果感到非常滿意。

We're excited about what we're investing in for the future, and we have the best people in the business, and they're not only executing with excellence in the market today, but they're also helping to shape the transformation of our industry.

我們對未來的投資感到非常興奮，我們擁有業內最優秀的人才，他們不僅在當今市場上表現出色，而且還在幫助塑造我們行業的轉型。

In short, we're well positioned for continued profitable growth. With that, I'll turn the call over to Jeff.

簡而言之，我們已做好充分準備，以實現持續獲利成長。接下來，我會把電話交給傑夫。

Thank you, Greg, and good morning, everyone. Bond and specialty ended the year with another strong quarter on both the top and bottom lines. In the fourth quarter, we generated segment income of $236 million and an excellent combined ratio of 83%.

謝謝你，格雷格，大家早安。債券和特種債券業務在營收和利潤方面均實現了強勁的季度收官。第四季度，我們實現了 2.36 億美元的部門收入，綜合比率達到了 83%，表現非常出色。

A strong underlying combined ratio of 85.7% was a little more than a point better than the prior year quarter. Turning to the topline, we grew net written premiums by 4% in the quarter to $1.1 billion. In our high-quality domestic management liability business, renewal premium change was 2.8%. While retention remains strong at 87%.

強勁的綜合比率為 85.7%，比去年同期略好一個百分點。從營收方面來看，本季淨保費收入成長了 4%，達到 11 億美元。在我們高品質的國內管理責任險業務中，續保保費變動為 2.8%。留存率仍維持在 87% 的高點。

We're very pleased with the progress we've achieved to improve pricing through our purposeful and segmented initiatives while continuing to deliver strong retention. As we expected, new business was lower than the fourth quarter of 2024.

我們非常高興透過有目的、分階段的舉措，在提高定價的同時，繼續保持強勁的客戶留存率，並取得了顯著的進展。正如我們預期的那樣，新業務量低於 2024 年第四季。

As a reminder, this is the final quarter of year over year new business impact from our Corvus acquisition, with the most Corvus production now reported as renewal premium. Turning to our market leading surety business. Net written premiums increased from the very strong prior year quarter, reflecting strong demand for our products and unparalleled value-added services.

提醒一下，這是我們收購 Corvus 後，對年度新增業務影響的最後一個季度，目前 Corvus 的大部分產出已計入續約溢價。接下來，讓我們來看看我們市場領先的擔保業務。淨保費收入較上年同期大幅成長，反映出市場對我們產品和無與倫比的加值服務的強勁需求。

So we're pleased to have once again delivered strong results in bond and specialty this quarter. Reflecting on the full year, we're also very pleased with the performance of our business in 2025. In our management liability business, we successfully navigated ongoing soft market conditions and we're among the first carriers to drive higher pricing to improve product returns where needed.

因此，我們很高興本季債券和特種產品業務再次取得了強勁的業績。回顧過去一年，我們對2025年的業務表現也感到非常滿意。在我們的管理責任險業務中，我們成功應對了持續疲軟的市場環境，並且我們是第一批在必要時提高價格以改善產品回報的保險公司之一。

Despite market headwinds, we drove profitable account and premium growth by leveraging our investments in advanced analytics, including the automated delivery of next generation sophisticated pricing models. Our AI investments to automate submission intake for new business reduced our time to ingest submissions from hours to just minutes.

儘管面臨市場逆風，我們仍透過利用在先進分析方面的投資（包括下一代複雜定價模型的自動化交付），推動了獲利帳戶和保費的成長。我們透過人工智慧技術實現了新業務申請的自動化接收，將接收申請的時間從數小時縮短到了幾分鐘。

And we recently extended automation capabilities to renewal workflows. We've also made important investments in sales effectiveness and enhancements to our product offerings. And capitalizing on our Corvus acquisition, we've successfully extended cyber risk services to customers across our portfolio.

最近，我們將自動化功能擴展到了續約流程。我們也對銷售效率和產品供應的改進進行了重要投資。憑藉對 Corvus 的收購，我們已成功將網路風險服務擴展到我們投資組合中的所有客戶。

This includes always on threat monitoring with same day alerts, continuous dark web surveillance, 24/7 access to a tailored policyholder dashboard. And personalized security consultations from our in-house cyber experts. As we've expected, these capabilities are helping our customers to more effectively manage cyber risks and are mitigating our exposure to evolving cyber vulnerabilities.

這包括全天候威脅監控（當天發出警報）、持續暗網監控、全天候存取客製化的保單持有人儀表板。我們公司內部的網路安全專家也會提供個人化的安全諮詢服務。正如我們所預期的，這些功能正在幫助我們的客戶更有效地管理網路風險，並降低我們面臨不斷演變的網路漏洞的風險。

In our surety business, we drove solid growth by capitalizing on our industry leading expertise and premier value-added service offerings. We've entered into new and expanded distribution arrangements, domestically and internationally, that position us for continued growth.

在擔保業務方面，我們憑藉著業界領先的專業知識和一流的增值服務，實現了穩健成長。我們已在國內和國際上達成新的和擴大的分銷協議，這將使我們處於持續成長的地位。

We've more closely aligned and integrated our outstanding Canadian surety operation, which contributes to our position as the leading surety in North America. And in our commercial surety flow business, we've leveraged AI to enhance distribution, submission, and fulfillment experiences, improving efficiency and fueling growth.

我們更緊密地整合了我們優秀的加拿大擔保業務，這有助於我們鞏固在北美領先的擔保公司地位。在我們的商業擔保業務中，我們利用人工智慧來增強分銷、提交和履行體驗，從而提高效率並推動成長。

All of these investments and initiatives and the terrific execution by our outstanding team drove another strong year of profitable growth in bond and specialty, and we're excited about the opportunities that lie ahead. And with that, I'll turn the call over to Mike.

所有這些投資和舉措，以及我們傑出團隊的出色執行，推動了債券和特種債券業務又一個強勁的盈利增長年，我們對未來的機會感到興奮。接下來，我將把電話交給麥克。

Thanks, Jeff. I'm very pleased to share that personal insurance generated segment income of more than a billion dollars in the quarter, and a combined ratio of 74%. Both results reflect the strong underlying fundamentals of our business.

謝謝你，傑夫。我很高興地宣布，本季個人保險業務的收入超過十億美元，綜合比率為 74%。這兩項業績均反映了我們業務強勁的基本面。

For the full year, personal insurance generated over $2 billion of segment income and a combined ratio of 89.5%. These results improved compared to the prior year, notwithstanding significant losses from the California wildfires, reflecting the strength of our diversified book of business and our disciplined approach to selecting, pricing, and managing risk.

全年來看，個人保險業務創造了超過 20 億美元的部門收入，綜合比率為 89.5%。儘管加州山火造成了重大損失，但與前一年相比，這些業績有所改善，這反映了我們多元化業務的實力以及我們在選擇、定價和管理風險方面採取的嚴謹方法。

Net written premiums in the fourth quarter were comparable to the prior year reflecting strong renewal premium change in homeowners and other and higher auto new business premiums. Full year net written premium increased 2% to a record $17.4 billion.

第四季淨保費收入與上年同期持平，反映出房屋保險和其他保險的續保保費大幅成長，以及汽車新業務保費上漲。全年淨保費收入成長2%，達到創紀錄的174億美元。

In auto, the fourth quarter combined ratio was 89.4%, reflecting a strong underlying combined ratio and favorable net prior year development.

汽車產業第四季綜合比率為 89.4%，反映出強勁的綜合比率基礎和去年同期良好的淨成長。

The underlying combined ratio of 92.2% improved just over 4 points compared to the prior quarter, driven by continued frequency, continued favorable frequency across coverages with sustained moderation and severity, partially offset by the impact of continued moderation in earned pricing.

基礎綜合比率為 92.2%，較上一季度改善了 4 個百分點多，這主要得益於持續的保險頻率，以及各保險範圍持續的有利保險頻率和持續的緩解和嚴重程度，但部分被持續緩解的保險定價的影響所抵消。

This quarter's underlying combined ratio included a 3 point benefit related to the re-estimation of prior quarters in the current year. The full year auto combined ratio of 85.7% represents improvement of over 9 points compared to the prior year, as we experience favorability in both frequency and severity.

本季基礎綜合比率包含因重新估算本年度前幾季所帶來的 3 個百分點的收益。全年汽車綜合比率為 85.7%，比前一年改善了 9 個百分點以上，這顯示事故發生的頻率和嚴重程度都有所改善。

In homeowners and other, the fourth quarter combined ratio of 60.3%, improved by 7.5 points compared to the prior year quarter, primarily as a result of improvement in the underlying combined ratio and lower catastrophe losses.

在房主和其他方面，第四季度綜合比率為 60.3%，比去年同期改善了 7.5 個百分點，這主要是由於基礎綜合比率的改善和巨災損失的減少。

The underlying combined ratio of 59.9% improved by 5.5 points compared to the prior year quarter, reflecting the impact of our actions to achieve target returns. The year over year favorability was primarily related to the benefit of property earned pricing, as well as favorability and non-catastrophe weather and non-weather losses.

基礎綜合比率為 59.9%，較上年同期改善 5.5 個百分點，反映了我們為實現目標回報而採取的行動的影響。年比有利因素主要與財產收益定價的益處、有利因素以及非災害性天氣和非天氣損失有關。

Stepping back, the 2025 full year property combined ratio of 93% was a notable improvement compared to the prior year. This reflects our actions to manage exposures in high catastrophe risk geographies, along with favorable non-catastrophe weather losses.

回顧過去，2025 年全年房地產綜合比率為 93%，與前一年相比有了顯著改善。這反映了我們為管理高災害風險地區的風險敞口而採取的行動，以及有利的非災害性天氣損失。

Turning to production, our results reflect continued disciplined execution to position our diversified portfolio to deliver long-term profitable growth. In domestic auto, retention of 82% increased slightly from recent quarters.

就生產而言，我們的業績反映了我們持續嚴謹的執行力，使我們多元化的產品組合能夠實現長期獲利成長。國內汽車市場，客戶留存率從最近幾季的 82% 略有上升。

Renewal premium change of 2.2% continued to moderate as expected and will continue to do so in 2026, reflecting our sustained profitability and our focus on generating growth. Auto new business premium was up year over year as new business momentum continued in states less impacted by our property actions.

續保費變動 2.2% 繼續如預期般趨於緩和，並將於 2026 年繼續保持這一趨勢，這反映了我們持續的盈利能力和我們對實現增長的關注。由於受我們財產保險行動影響較小的州的新業務成長勢頭持續，汽車新業務保費較去年同期上漲。

In domestic homeowners and other retention of 84% remained relatively consistent with recent quarters. Renewal premium change remains strong at 16.7%, as we concluded our efforts to align replacement costs with insured values.

國內房主和其他客戶的留存率 84% 與最近幾季基本保持一致。由於我們完成了使重置成本與保險價值一致的工作，續保保費變化仍然強勁，達到 16.7%。

We continue to expect RPC to drop into the single-digits beginning in early reflecting improved profitability and values that have now largely aligned with replacement costs. Quarterly new business premium and policies enforced declined compared to the prior year.

我們繼續預計 RPC 將從年初開始降至個位數，這反映了盈利能力的提高以及價值現在基本上與重置成本相符。本季新業務保費和保單生效數量較上年同期下降。

These production results reflected the deliberate choices we've made to improve profitability and manage volatility in property. Over the past few years, we've executed a granular strategy to reposition our portfolio to optimize our risk return profile.

這些生產結果反映了我們為提高獲利能力和管理房地產波動性而做出的深思熟慮的選擇。過去幾年，我們執行了一項細緻的策略，重新調整了我們的投資組合，以優化我們的風險回報狀況。

The results have been meaningful. We reduced property policies enforced by 10%, with most of that decrease coming from high cat geographies, reflecting disciplined risk selection and concentrated actions to manage volatility and reduce local market aggregations of exposure.

結果很有意義。我們將財產保險的執行力度降低了 10%，其中大部分降幅來自高災害風險地區，這反映了我們採取了嚴格的風險選擇策略，並集中採取措施來管理波動性，減少局部市場風險敞口的集中化。

While these actions impacted auto policies in force, the impact was muted. As we grew auto in many of the markets less affected by our property actions. Demonstrating our ability to sustain a competitive position where portfolio economics remain favorable.

雖然這些措施對現行的汽車保險政策產生了影響，但影響並不顯著。隨著我們在許多受房地產行動影響較小的市場中發展汽車業務。證明我們有能力在投資組合經濟效益仍有利的情況下維持競爭地位。

Overall, the net impact of our actions is shifting the portfolio back toward a better balance between auto and property. Looking ahead to 2026 as we wind down many of our actions in property, we're focused on maintaining this progress by deploying property capacity in support of writing package business.

總體而言，我們行動的淨影響是使投資組合重新朝著汽車和房地產之間更好的平衡方向發展。展望 2026 年，隨著我們逐步結束在房地產領域的許多行動，我們將專注於透過部署房地產產能來支持綜合業務，從而保持這一進展。

The strength of our 2025 results reflects years of disciplined execution and strategic investment. Since the year in 2020, net written premiums grew $6 billion to $17.4 billion while we generated an average combined ratio of 98%.

我們2025年的強勁業績反映了多年來嚴謹的執行和策略投資。自 2020 年以來，淨保費收入成長了 60 億美元，達到 174 億美元，而我們的平均綜合比率為 98%。

Over that same period, our domestic auto book grew both in terms of [PIF] and premium. And in our homeowner's portfolio, our actions to address profitability, geographic distribution, and terms and conditions have meaningfully improved risk adjusted returns.

同期，我們的國內汽車保險業務在 [PIF] 和保費方面均實現了成長。在我們的房主投資組合中，我們為改善盈利能力、地理分佈以及條款和條件而採取的措施，已顯著提高了風險調整後的收益。

In addition, we continue to invest in and deploy strategic capabilities. As just one example, we're leveraging artificial intelligence to make our renewal underwriting process more effective and efficient. We start with a proprietary AI enabled predictive model that scores every account in the property portfolio.

此外，我們將繼續投資和部署戰略能力。舉個例子，我們正在利用人工智慧來提高續保核保流程的效率和效力。我們首先使用自主研發的人工智慧預測模型，對房地產投資組合中的每個帳戶進行評分。

Based on this score, accounts with the highest probable risk of loss are presented to underwriters for review. From there, our renewal underwriting platform leverages generative AI to consolidate data into summaries of relevant actionable information for our underwriters to evaluate.

根據該評分，將損失風險最高的帳戶提交給承保人進行審核。在此基礎上，我們的續保核保平台利用生成式人工智慧將資料整合為相關可操作資訊的摘要，供我們的核保人進行評估。

With early results showing more than a 30% reduction in average handle time. The net result is that our underwriters focus their efforts on decisions most likely to improve profitability and do so more efficiently. To sum up, thanks to the continued diligent efforts of our team and with support from our distribution partners, personal insurance continues to deliver on a long track record of profitably growing our business over time.

初步結果顯示，平均處理時間減少了 30% 以上。最終結果是，我們的核保人將精力集中在最有可能提高獲利能力的決策上，並且更有效率。總而言之，由於我們團隊的持續努力和分銷合作夥伴的支持，個人保險業務繼續保持著長期以來盈利增長的良好記錄。

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

現在我把電話轉回給艾比。

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

謝謝你，麥可。我們現在準備進入問答環節。

(Operator Instructions).

（操作說明）

Gregory Peters, Raymond James.

格雷戈里彼得斯，雷蒙德詹姆斯。

Good morning, everyone, and as you said in your comments, you did have a great year, so congratulations. I wanted to-- I thank you for the commentary around the technology. You know I've been asking you about this off and on like others have, for a couple years now. In Dan's guidance for, the expense ratio, I think he said it's going to be flat in '26, 28.5% versus what it was in '25 versus the same in '24.

大家早安，正如你們在評論中所說，你們度過了非常棒的一年，恭喜你們！我想說——感謝您對這項技術的評論。你知道，就像其他人一樣，這兩年來我斷斷續續地問過你這個問題。在丹對費用率的指導意見中，我認為他說 2026 年費用率將保持不變，為 28.5%，與 2025 年和 2024 年的費用率相同。

So I guess what I'm trying to reconcile is the emphasis on growing your strategic investments, you're harvesting efficiencies with these technology investments, just wondering when the structural shift in the expense ratio might materialize and maybe, I was looking at the responsible artificial intelligence framework section of your website.

所以我想弄清楚的是，你們強調發展策略性投資，並透過這些技術投資提高效率，我只是想知道費用比率的結構性轉變何時才能實現，也許，我正在查看你們網站上負責任的人工智慧框架部分。

Maybe you could talk about some of the regulatory and other considerations that might delay some of the expected benefits from your technology fund.

或許您可以談談一些監管和其他方面的因素，這些因素可能會延遲您的技術基金預期收益的實現。

Greg, thanks for the question. I appreciate it. In terms of the expense, I mean, we give you a sort of a year outlook of where we'd like it to be, and that's not something that happens to us. That's something we manage, and we talk a lot about, trying to optimize operating leverage. So, in other words, we want the gains from the efficiencies that we're generating, and that just gives us a lot of flexibility in the way we run the business.

格雷格，謝謝你的提問。謝謝。至於費用方面，我的意思是，我們會給你一個大致的年度展望，告訴你我們希望它達到什麼水平，但這並非我們實際上能夠實現的。這是我們管理的事情，也是我們經常討論的事情，目的是優化經營槓桿。換句話說，我們希望從我們創造的效率中獲得收益，這讓我們在經營業務方面擁有很大的靈活性。

We can let it fall to the bottom line if we want through lower expense ratio. We can continue to invest it in other capabilities. Just gives us the flexibility to manage the business. And as I shared in my remarks, the extent that some of these productivity and efficiency benefits are in the claim organization, those come through loss adjustment expense in the loss ratio. Again, we've got the flexibility there to think about that as an operating leverage component, but just in terms of where those benefits are or where they might arise in the future.

我們可以透過降低費用率，讓利潤下降到最終收益。我們可以繼續將其投資於其他能力建設。這給了我們管理業務的彈性。正如我在演講中提到的，這些生產力和效率方面的一些好處體現在理賠機構中，這些好處是透過損失率中的損失調整費用來實現的。同樣，我們可以靈活地將其視為經營槓桿因素，但只是從這些收益在哪裡或未來可能在哪裡產生的角度來看待。

In terms of the regulatory environment, we it's, from our perspective, it's constructive. We try to make sure that we're using the technology in ways that are thoughtful and careful and, frankly, we as a company and we through our trade association are on a regular basis working with policymakers to make sure that we're achieving, smart public policy and regulations as it comes to the development and implementation of technology.

就監管環境而言，從我們的角度來看，它是建設性的。我們努力確保以深思熟慮和謹慎的方式使用這項技術，坦白說，我們公司以及我們的行業協會經常與政策制定者合作，以確保我們在技術開發和實施方面製定明智的公共政策和法規。

I guess and thanks for the answer, I guess related on the regulatory front, there are an increased example or more examples of regulators becoming more focused on the profitability of the insurance business and particularly the personalized business and. I'm just curious if you have a view on any regulatory pushback, you might be getting on the profit levels in your business and if you think there's anything, bigger issues at play that's going to spread throughout the country as it relates to that.

我想，謝謝你的回答。我想，在監管方面，越來越多的例子表明，監管機構越來越關注保險業務，特別是個人保險業務的獲利能力。我只是好奇您對監管方面的阻力有何看法，這可能會影響您企業的利潤水平；如果您認為存在任何更大的問題，並且這些問題可能會蔓延到全國，那麼請告訴我。

Yeah, Greg, we certainly understand the affordability issue and think it's an important one for all of us to be focused on and we are focused on it. Let me just put the profitability of our personal insurance business into some perspective. We had a good year in '25, we had a good year in 2024, but the two years prior to that, our combined ratio was over 100, and if you look at the last five years it was a 98, I think.

是的，格雷格，我們當然理解價格承受能力的問題，也認為這是我們所有人都應該關注的重要問題，我們正在努力解決這個問題。讓我來客觀地分析我們個人保險業務的獲利能力。我們在 2025 年和 2024 年都取得了不錯的成績，但在那之前的兩年裡，我們的綜合比率超過了 100%，如果你看看過去五年，我認為是 98。

So that would be below our target returns. And so this really is a business that you need to look at and manage over a period of time. And I think when you think about personal insurance results over a period of time, I mean, certainly in our case you wouldn't say that we're over earning. So we are trying to get the right price on the risk and earn a fair return for helping customers manage their risk.

所以這將低於我們的目標回報。所以，這確實是一項需要你長期關注和管理的業務。我認為，當你從一段時間考慮個人保險的收益時，我的意思是，至少就我們而言，你不會說我們賺太多了。因此，我們努力為風險定價，並透過幫助客戶管理風險來獲得合理的回報。

Ryan Tunis, Cantor Fitzgerald.

Ryan Tunis，Cantor Fitzgerald。

Hey, thanks, good morning. Alan, in your prepared remarks, I think you mentioned that in business insurance. Renewal premium change ex property was a little over 8%. I think that number was 9% last quarter. Just curious how much of that 1 point of deceleration is attributable to rate versus exposure.

嘿，謝謝，早安。艾倫，我想你在事先準備好的演講稿中提到了商業保險。續保保費（不含財產險）變動略高於 8%。我認為上個季度這個數字是9%。我只是好奇這1個百分點的減速有多少是因為速度而非暴露量造成的。

Yeah, it's what we're looking for the exact breakout, Ryan. It's a little bit of both. Yeah, I mean, Ryan, if you look at the middle market webcast, you can see exposure was down. You can do the math between rate and RPC. It's not perfect math. So to Alan's point, a little bit of an exposure and a little bit of rate.

是的，瑞恩，這正是我們正在尋找的突破點。兩者兼而有之。是的，我的意思是，瑞安，如果你看一下中端市場網路直播，你會發現曝光率下降了。你可以計算速率和 RPC 之間的關係。這並非完美的數學計算。所以，正如艾倫所說，需要一點曝光度和一點速度。

Got it. And then, I guess just on the property side. Clearly was a bit of a challenging year in in the large account space just from a trading standpoint just curious how you guys are thinking about. Overall rate adequacy of national property headed into 2026.

知道了。然後，我想，就房產方面而言吧。從交易的角度來看，對於大帳戶交易而言，今年顯然是充滿挑戰的一年，我很好奇你們對此有何看法。2026 年國家財產總體費率充足性。

Yeah, Ryan, it's a challenging year. I mean, the pricing dynamic is what the pricing dynamic is, but to a very large degree, that's reflective of the profitability of that business. I mean, that business has been achieving, rate gains over a very long period of time, and it's gotten to a point where the profitability was strong. So we don't. Really look at a macro level and look at it and say it was challenging and appropriate.

是的，瑞恩，今年確實是充滿挑戰的一年。我的意思是，定價動態就是定價動態，但在很大程度上，這反映了該企業的獲利能力。我的意思是，這家企業在很長一段時間內都取得了成長，並且已經達到了盈利能力強勁的程度。所以我們不這樣做。從宏觀層面來看，要認真審視這件事，並認為它既具有挑戰性又恰當。

It's not, you can certainly find examples of accounts, and we'll scratch our head and say, gee, we're surprised that got priced that way and honestly more than price, we're surprised sometimes with the terms and conditions that that we see given away in the marketplace that we're not willing to do. But, sort of writ large, we look at it and we say, it's not so, not so crazy when you think about where the returns are.

當然不是，你肯定能找到一些帳戶的例子，我們會搔頭說，哎呀，我們很驚訝價格會是這樣。老實說，比起價格，我們有時更驚訝的是市場上那些我們不願意接受的條款和條件。但從更宏觀的角度來看，我們看看這件事，就會發現，考慮到回報情況，這其實並沒有那麼瘋狂。

David Motemaden, Evercore.

David Motemaden，Evercore。

Hey, thanks. Good morning, Dan. Just had a follow-up just on the capital return. So hear you loud and clear on the $1.8 billion that's expected in the first quarter, but just given what sounds like a change in terms of the just how you guys are managing the debt load, and what looks like, a billion dollars of excess at the holding company now before the Canada proceeds and think about the buybacks throughout the rest of this year outside of 1Q '27 just given the current growth environment.

嘿，謝謝。早上好，丹。剛剛跟進了一下本金回報的情況。我已經清楚地聽到了你們關於第一季度預計收入 18 億美元的說法，但是考慮到你們在債務管理方面似乎有所改變，而且在加拿大方面之前，控股公司目前似乎有 10 億美元的盈餘，考慮到目前的增長環境，請考慮今年剩餘時間（2027 年第一季度除外）的股票回購計劃。

Hey David, so I'd say not really. I mean we can't really sit here, at the very beginning of the year and give much guidance on what we think buybacks are going to look like in, the second, third, and fourth quarters of this year. So there's no change in our capital management strategy, and we made these comments, last quarter when we alerted you to the fact that we did expect in Q1 because we had, as you recognize, reached a point where we're probably carrying a little more.

嘿，大衛，所以我覺得不太像。我的意思是，在年初的時候，我們很難對今年第二、第三和第四季的股票回購情況做出太多預測。因此，我們的資本管理策略並沒有改變。上個季度，我們曾向你們發出警告，我們預計第一季會出現這種情況，因為正如你們所知，我們已經達到了一個我們可能持有更多資金的地步。

No change in the overall capital management strategy and the rest of the year is going to be impacted by all the usual things that would impact buybacks. We do CAT losses with the growth environment.

整體資本管理策略不會發生變化，今年剩餘時間也不會受到所有通常影響股票回購的因素的影響。我們在成長環境下承受巨災損失。

And we're going to responsibly manage the capital, right? We're not looking to hoard capital. We're looking to hold the right amount, and when we have excess, it's not ours, and we're going to give it back to the shareholders.

我們會負責任地管理這筆資金，對吧？我們並不打算囤積資金。我們希望持有適量的股份，如果有多餘的股份，那將不屬於我們，我們會將其退還給股東。

The only thing I'm going to add to that, David, is our first objective for every dollar of capital that we generate is to invest it back into the business.

大衛，我唯一要補充的是，我們創造的每一美元資本的首要目標都是將其重新投資到企業中。

Got it. No thanks. That makes sense, and then at slide 23 and the 7.8%, is in 2026, if I just sort of do rough math on the 2025 premium levels that implies, a little bit above $3.4 billion, $3.5 billion which is above. Where you guys have the retention at your, aggregate XOL. So could you help me understand a little better the moving pieces there, how much of a drag that might be on BI.

知道了。不，謝謝。這很有道理，然後，在第 23 頁幻燈片中，7.8% 指的是 2026 年，如果我粗略地計算一下 2025 年的保費水平，這意味著略高於 34 億美元，35 億美元，高於這個數字。你們的留存率是多少？總XOL是多少？所以，您能否幫我更能理解一下其中的各個環節，以及這可能會對 BI 造成多大的阻礙？

Sure, David, thanks for the question. So I guess I'll start with the second part of it and say, we don't expect no improvements in pricing in the reinsurance environment and a couple other things we're doing around the edges that, we don't think the year over year impact of season premium is going to be really importantly though, what you were getting to in terms of CAT load on a the thing you got to remember when you think about the attachment point of the treaty is the first $100 million of every event.

當然，大衛，謝謝你的提問。所以我想我會先從第二部分開始，我們預計再保險環境的定價不會有任何改善，而且我們正在做一些其他的小調整，我們認為季節性保費的年度影響不會非常重要，但是你剛才提到的巨災負擔，你需要記住的是，在考慮條約的起算點時，每個事件的前 1 億美元。

If we thought we were going to have 3.x million dollars billion dollars of CAT losses next quarter or anything over 3 hours, we said with this treaty historically this is really we're buying tail protection for the balance.

如果我們認為下個季度會有 30 億美元或超過 3 小時的巨災損失，我們就會說，根據這項條約的歷史經驗，這實際上是在為剩餘的時間購買尾部保護。

That's still true. Clearly with the $3 billion retention compared to a $4 billion retention, we're a lot closer in on the tail of possibly being able to hit that book. But if we looked at, if you look, for example, at if we had that treaty in 2025, we would not have attached that treaty.

這一點至今仍然成立。顯然，與 40 億美元的客戶留存率相比，30 億美元的客戶留存率讓我們離目標更近了一步。但如果我們看看，例如，如果我們在 2025 年擁有該條約，我們就不會簽署該條約。

Mike Zarinsky, BMO.

Mike Zarinsky，BMO。

Hi, good morning, a caller you gave on, technology initiatives to share what you, maybe roughly exposed or shrinkage to be on a percentage basis, this year versus maybe last year or so.

您好，早安，一位來電者，您談到了技術舉措，想和大家分享一下，您今年可能大致暴露或縮減了多少百分比，與去年相比。

Yeah Mikey, we gave you an example of a narrow view of that in our claim organization in our call centers. We're not going to get into projecting headcount beyond that, but what I would say is premium per employee is up thanks to some productivity and efficiency initiatives, and we expect premium per employee to continue to go up.

是的，麥克，我們之前在呼叫中心的理賠機構中舉過一個狹隘的例子。我們不會就此對員工人數進行預測，但我想說的是，由於一些提高生產力和效率的舉措，每位員工的保費有所上漲，我們預計每位員工的保費將繼續上漲。

Okay. Switching gears for my follow-up to, commercial lines, I think we can tease it out based on, the com tell us, and cap, what was the change in their thanks.

好的。接下來，我想談談商業線路，我認為我們可以根據公司告訴我們的資訊以及他們的感謝方式的變化來分析這個問題。

Yeah Mike, good morning. But you know that would predominantly be the GL line and the umbrella, and in my prepared comments I shared with the umbrella head. What I didn't include was GL. GL Bank has been running in the mid-single-digits in terms of the renewal premium change. Those would be the two components outside of the comp.

是的，麥克，早安。但你知道，這主要指的是 GL 系列和繖形產品線，我在準備好的評論中也和繖形產品負責人分享了這一點。我沒有提到的是 GL。GL銀行的續期保費變動一直維持在個位數中段水準。那是合成器以外的兩個組件。

[Katie Stocky, Autonomous Research].

[凱蒂·斯託基，自主研究]

Yeah, thank you. Good morning, Alan. You mentioned in your prepared remarks that the strength seen in underlying underwriting this quarter is the momentum seeming to continue to slow down here. Keep those underlying results hold in 2026.

是啊，謝謝。早安，艾倫。您在事先準備好的發言稿中提到，本季基礎承保業務的強勁勢頭似乎正在放緩。2026年保持這些基本結果。

Yeah, good morning, Katie. So, Dan's underwriting income, in our prepared remarks, and you can see it in the slides in the webcast. We are a larger and more profitable company today than we have been historically, and thanks to investments that we've made and so on.

早上好，凱蒂。所以，丹的承銷收入，我們在準備好的演講稿中提到了，你們也可以在網路直播的幻燈片中看到。如今，我們公司規模更大，獲利能力也更強，這要歸功於我們進行的投資等等。

We are very confident in our initial levels, and we're very happy with the business that we're putting on the books. So when you combine those premium levels with, an underwriting income, and if you look at the, trajectory, you get a sense of we're confident it'll continue to be a strong foundation for strong results, in the years to come.

我們對目前的業績水準非常有信心，並且對目前的業務成果非常滿意。因此，當您將這些保費水平與承保收入結合起來，並且如果您觀察其發展軌跡，您就會感受到我們有信心它將繼續為未來幾年取得強勁的業績奠定堅實的基礎。

And then as Follow-up, I think last year in the fourth quarter, the business insurance underlying loss specialty lines, I guess with the net this year that probably seems to be holding in fairly and let us know if there was any similar additions.

然後作為後續跟進，我認為去年第四季度，商業保險基礎損失專業險種，我想今年的淨額可能保持得相當不錯，如果有任何類似的新增情況，請告知我們。

Katie it's Dan. So you know we did say, as you recall from last year, that we were including in. The a year loss pick for 2024, what we called sort of a load for uncertainty related to the casualty lines '25, and we did do that again in 2020 to get the question out of the way as we head into 2026. Our planned loss ratio for 2026 once again includes an uncertainty provision in the casual and the generally performed about as we expected. The business insurance workers' comp favorability has really been driven by driven by workers' comp, but long tail line still in the casualty space, a little bit of uncertainty, so we're going to stay prudent and stick with that low.

凱蒂，我是丹。所以你知道，正如你去年所記得的，我們確實說過我們會將其納入其中。2024 年的年度損失預測，我們稱之為與 2025 年意外險相關的不確定性負荷，我們在 2020 年再次這樣做，以便在進入 2026 年之前解決這個問題。我們 2026 年的計畫損失率再次包含了意外損失的不確定性準備金，整體而言，其表現基本上符合我們的預期。商業保險工傷賠償的利多確實主要受工傷賠償的推動，但意外傷害領域的長期風險依然存在，存在一些不確定性，所以我們將保持謹慎，維持低位。

Meyer Shields, KBW.

Meyer Shields，KBW。

Much and good morning. I think it was probably for Dan. I know you talked about not having much of an overall margin impact from lowering the capacity reinsurance attachment point. Should there be any impact on a seasonal basis? In other words, is there any pressure on.

早安.我覺得那可能是給丹的。我知道你曾說過降低再保險承保能力起算點對整體利潤率影響不大。從季節角度來看，這是否會造成影響？換句話說，是否存在任何壓力？

Yeah, I don't think so Meyer, again, because when we look at our terms of, what we're going to pay out for seated premium, given the pricing dynamic in the reinsurance space and again some other changes we made around the margins have much of an impact.

是的，我也不這麼認為，邁耶，因為當我們審視我們的條款，以及我們將要支付的固定保費時，考慮到再保險領域的定價動態，以及我們圍繞利潤率做出的一些其他改變，這些都不會產生太大影響。

Okay perfect thanks and just a question, are you comfortable growing the more CAT prone states policy counts in line with the overall book or are we still constraining growth?

好的，非常感謝。還有一個問題，您是否願意按照整體情況增加受 CAT 影響較大的州的保單數量，還是我們仍然要限製成長？

My prepared remarks about deploying property capacity attaining the progress that we've made, implies that certainly at most we would grow CAT prone states in line with the rest of the portfolio, but we do still have some spots where we'll be constrained. So I'd expect an aggregate the property PIF growth will continue to trail off, the growth trajectories of both lines should improve.

我準備好的關於部署房地產產能以取得我們所取得的進展的發言表明，我們最多只會按照投資組合的其他部分的增長速度來發展易受災害影響的州，但我們仍然有一些地方會受到限制。因此，我預計總體而言，房地產PIF成長將繼續放緩，兩條線路的成長軌跡應該會有所改善。

Alex Scott, Barclays.

亞歷克斯·斯科特，巴克萊銀行。

Hi, thanks for taking the question. First one is on, just earlier, how are you viewing the prospects for M&A relative to organic growth at this point? And I mean, the profitability seems fairly attractive, but the growth obviously a bit lower. So I'm just trying to gauge if your organic growth isn't quite as attractive to you. Could M&A be a way that you go.

您好，感謝您回答這個問題。第一個問題已經解決了，就在剛才，您如何看待目前併購相對於內生成長的前景？我的意思是，獲利能力似乎相當有吸引力，但成長速度顯然要慢一些。所以，我只是想了解一下，你是否覺得自然成長不太有吸引力。併購或許是你的發展方向之一。

Alex, I'm going to give you the same answer I've given probably for 10 years. I'm sorry for, probably not going to be the satisfying answer you're looking for. But the answer to our, that question for us is we're always looking for M&A opportunities and you know we've got the capital and we've got the expertise to diligence the deals and find the deals and execute the deal, he's looking for attractive inorganic opportunities and, but I would have answered that question the same way, at any point in the last decade.

Alex，我的回答可能已經持續了10年，我給的答案也是一樣。很抱歉，這可能無法成為您想要的滿意答案。但對於這個問題，我們的答案是，我們一直在尋找併購機會，你知道，我們有資金，也有專業知識來盡職調查、尋找交易並執行交易，他正在尋找有吸引力的非有機增長機會，但在過去十年中的任何時候，我的回答都是一樣的。

Understood. I guess second one for you on error to be a wider range of outcomes again how that affects, the way that you go about pricing maybe across all your businesses, but I'd be particularly interested in personal auto.

明白了。我想第二個問題是關於錯誤可能導致更廣泛的結果，以及這會如何影響你所有業務的定價方式，但我特別對個人汽車保險感興趣。

A couple of quarters ago when my view that we thought that the impact was going to be back and look at the transcripts and we shared a fair amount of commentary about how we got there. And at the time for lines that are potentially impacted, we did provide a little bit of, a little so far, hasn't even been the relative that we expected. Now, as the world changes, certainly that dynamic could change, but we feel like the provisions that we've made in the loss picks for potentially impacted lines are there to cover it.

幾個季度前，我認為我們當時的想法是，影響將會回歸，看看記錄，我們分享了很多關於我們如何得出這個結論的評論。而對於可能受到影響的線路，我們當時確實提供了一些幫助，但到目前為止，提供的幫助甚至還沒有達到我們預期的程度。如今，隨著世界的變化，這種動態當然可能會改變，但我們認為，我們在損失選擇中為可能受影響的險種所做的準備足以應對這種情況。

Your next question comes from the line.

你的下一個問題來自這句話。

Of go ahead.

繼續。

Yeah, thanks. First one for Michael I'm just curious, Michael, the personal auto insurance space is getting increasingly more competitive, some new entrants in the agency space. Maybe you could talk a little enable, Travelers to actually maybe recoup some of the market share you've lost over the last couple of years in personal auto, given the competitive dynamics in that market.

嗯，謝謝。首先問麥可一個問題。我只是好奇，邁克爾，個人汽車保險市場競爭越來越激烈，一些新的代理商也加入了競爭。鑑於個人汽車保險市場的競爭格局，或許你可以和 Travelers 談談，看看能否挽回過去幾年在個人汽車保險領域失去的一些市場份額。

Yeah, thanks, Brian. I would start with, the marketplace is always competitive, and certainly is around competition in the IA space. The first thing I'd say about that is I think it's a great validation of our strategy to be largely an independent agent carrier for personal lines, and the value of choice and advice, in this type of a marketplace.

謝謝你，布萊恩。首先，市場競爭總是很激烈的，人工智慧領域的競爭更是如此。首先我想說的是，我認為這很好地驗證了我們作為一家獨立的個人保險代理公司的策略，以及在這種類型的市場中，選擇和建議的價值。

The second thing I would say is we've competed successfully in the independent agent channel for years. We remain confident in our ability to compete successfully in that channel, and I think, a handful of competitive advantages in the space, certain agents, our investments in digitization, again, I've been talking about this for the last several quarters, the value of our package value and our ability to deliver a balance sheet protect that we have in that space, and again, we're confident in our ability to compete going forward.

第二點我想說的是，多年來我們在獨立代理商通路中一直保持著良好的競爭力。我們仍然有信心在該管道成功競爭，我認為，我們在該領域擁有一些競爭優勢，例如某些代理商、我們在數位化方面的投資（我在過去幾個季度一直在談論這一點）、我們的套餐價值以及我們在該領域提供資產負債表保護的能力，再次強調，我們對未來繼續競爭的能力充滿信心。

Yeah Brian, it's Dan. I just add one more comment in there on the auto space in particular. So but if you looked at the business now compared to what it was, say, five years ago, we're up. We're one of only a very small number of carriers. It's actually got a higher PIF count. Now than we did five years ago, and our view always again on growth is how do you think about growth over time, right? We're not really looking to influence a growth number in the next quarter or even necessarily the next year. What's the right balance of returns and are you sure that you're growing over time?

是的，布萊恩，我是丹。我只想補充一點關於自動空格的評論。但是，如果你把現在的業務與五年前相比，你會發現我們已經成長壯大了。我們是極少數的營運商之一。實際上它的 PIF 計數更高。現在的情況比五年前好得多，我們對成長的看法始終是：你如何看待隨著時間的推移而成長？我們並不真正希望影響下一季甚至下一年的成長數據。如何才能獲得合適的收益平衡？你確定你的收益會隨著時間而成長嗎？

Always welcome your thoughts on the tort environment and casualty trend and what you see here, going forward. Anything positive that's developing here that maybe, curves that kind of lost.

歡迎您就侵權行為環境和意外傷害趨勢以及您在此領域看到的未來​​發展發表意見。這裡正在發展的任何正面因素，或許可以改變一些已經失去的趨勢。

It continues to be a very challenging environment, and I wish I could say that we saw improvement. It can a little bit. A little bit of a difficult tort environment and, certainly the impact of tort costs is in fact is impacting affordability for businesses and consumers and I think we're seeing that in some states. And so that's, potential positive. The other thing we are seeing more of is discussing, and that's also a very good thing. So, we are continuing to put our shoulder into it, and there's more work to do.

目前的環境仍然充滿挑戰，我希望可以說我們已經看到了進步。可能會有一點點。侵權訴訟環境有些艱難，而且侵權訴訟成本的影響確實影響了企業和消費者的承受能力，我認為我們在某些​​州已經看到了這種情況。所以，這或許是正面的方面。我們看到越來越多的人開始討論這個問題，這也是一件非常好的事情。所以，我們會繼續全力以赴，還有更多的工作要做。

Thank you. That's all the time that we have for questions. I would now like to turn the conference back over to Ms. Abbe Goldstein for closing comments.

謝謝。我們提問時間到此為止。現在我謹將會議交還給艾比·戈德斯坦女士，請她作總結發言。

Thanks everyone for as always, please feel free to follow-up with Investor Relations. Thanks everyone and have a good day.

感謝大家一如既往的支持，如有任何疑問，請隨時聯絡投資者關係部門。謝謝大家，祝大家今天過得愉快。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接了。