普登 (UNM) 2024 Q3 法說會逐字稿

Good morning. My name is Mark and I will be your conference operator today. At this time, I would like to welcome everyone to the Union Group three. Q2 for earnings power lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session.(Operator Instructions) Thank you. I will now turn the call over to Matt trial, Senior Vice President, Head of Investor Relations and Treasury. Matt, please go ahead.

早安.我叫馬克，今天我將擔任你們的會議操作員。在此，我對大家來到聯盟三組表示歡迎。第二季收益電源線已置於靜音狀態，以防止任何背景噪音。演講者發言後，將進行問答環節。謝謝。我現在將把電話轉給高級副總裁兼投資者關係和財務主管 Matt Trial。馬特，請繼續。

Great. Thank you, Mark, and good morning to everyone. Welcome to Union Group's third quarter of 2024 earnings call. As Mike said today will begin with prepared remarks, followed by Q&A session. Also, today's call may include forward-looking statements and actual results may differ materially, and we are not obligated to update any of these statements. Please refer to our earnings release and our periodic filings with the SEC for a description of factors that could cause actual results to differ from expected results. Yesterday afternoon, we released our third quarter earnings press release and financial supplement. Those materials may be found on the Investors section of our website, along with a presentation of the most directly comparable GAAP measures and reconciliations of any non-GAAP financial measures included in today's presentation.

偉大的。謝謝你，馬克，祝大家早安。歡迎參加 Union Group 2024 年第三季財報電話會議。正如麥克所說，今天將從準備好的演講開始，然後是問答環節。此外，今天的電話會議可能包含前瞻性陳述，實際結果可能存在重大差異，我們沒有義務更新任何這些陳述。請參閱我們的收益發布以及我們向 SEC 定期提交的文件，以了解可能導致實際結果與預期結果不同的因素的描述。昨天下午，我們發布了第三季財報新聞稿和財務補充報告。這些資料可以在我們網站的投資者部分找到，同時還提供了最直接可比較的 GAAP 衡量標準的演示以及今天演示中包含的任何非 GAAP 財務衡量標準的調整表。

As a reminder, references made today to core operations, sales and premium are presented on a constant currency basis. Participating in this morning's conference call are Unum's President and CEO, Rick McKenney, Chief Financial Officer, Steve Sabol, Tim Arnold, who heads our Colonial Life and voluntary benefits lines, Chris Cline for group benefits, and Martell CEO. of Unum International. I will now let me turn it over to Rick McKenney for his comments.

提醒一下，今天提到的核心業務、銷售額和溢價是按固定匯率計算的。參加今天早上的電話會議的有 Unum 總裁兼執行長 Rick McKenney、財務長 Steve Sabol、負責 Colonial Life 和自願福利業務的 Tim Arnold、負責團體福利的 Chris Cline 以及 Martell 執行長。烏納姆國際公司。現在我將把它交給里克·麥肯尼徵求他的意見。

Good morning, everyone, and thank you for joining us. We're excited to discuss our third-quarter results and trends. As we look to the fourth quarter and begin to look towards 2025 for 2020 for growth has been top of mind. As we entered the year and through three quarters, we are in a solid path to achieve our EPS growth expectations of 10% to 15% for the full year, which is higher than our original outlook. Results continued to reflect strong broad-based performance and cash flow generation. Adjusted EPS was $2.13 per share and statutory earnings surpassed $300 million for the quarter, bringing us to over $1 billion of statutory earnings for the year. You'll note that Additionally, our reported EPS was significantly higher as our assumption updates led to an overall reduction in reserves and contributed to growth in book value per share XOCI. of over 10% so far this year. Our top line remains healthy with a 4.6% increase in core operations premium growth, and this is a little bit lower this quarter, but year to date we are up 5.5%. Persistency remains high, but sales were down over prior year. Third quarter is our smallest sales quarter at about 10% of the full year, and we saw some difficult comparisons to last year.

大家早安，感謝您加入我們。我們很高興討論我們第三季的業績和趨勢。當我們展望第四季並開始展望 2025 年時，2020 年的成長一直是首要考慮因素。隨著進入今年和三個季度，我們正在穩步實現全年每股收益成長 10% 至 15% 的預期，這高於我們最初的預期。業績持續反映出強勁的廣泛業績和現金流生成。調整後每股收益為每股 2.13 美元，本季法定收益超過 3 億美元，全年法定收益超過 10 億美元。您會注意到，此外，我們報告的每股盈餘顯著較高，因為我們的假設更新導致儲備金總體減少，並促進了每股帳面價值 XOCI 的成長。今年迄今已超過 10%。我們的營收保持健康，核心營運保費成長 4.6%，本季略有下降，但今年迄今成長了 5.5%。持久性仍然很高，但銷售額較去年下降。第三季度是我們銷售額最小的季度，約佔全年的 10%，與去年相比，我們看到了一些困難。

So it does not have us overly concerned. The important thing is that we are optimistic for the fourth quarter, which is our largest sales quarter and full year outlook. Further, we expect sales in the UK will continue to sustain the growth trajectory achieved so far this year. While Colonial Life will likely be flat for the year. It takes a full team effort and a busy fourth quarter, and we are most appreciative of the resilience of our team. They've done an excellent job navigating the changes in the environment and our market over the last several years. Our focus solely on employee benefits gives us an advantage and concentrating our efforts. Specifically, the investments we've made into our processes have helped solidify the improvements we're delivering for our clients and allowing our highly productive sales teams, a differentiated story to tell spans from our leading enrollment technologies to ensuring a smooth experience for employees on leave to helping employers get back to a more productive and fulfilling work life sooner.

所以我們不必過度擔心。重要的是，我們對第四季度持樂觀態度，這是我們最大的銷售季度和全年展望。此外，我們預計英國的銷售將繼續維持今年迄今所實現的成長軌跡。而殖民地生活今年可能會持平。這需要整個團隊的努力和忙碌的第四季度，我們非常讚賞我們團隊的韌性。過去幾年，他們在應對環境和市場變化方面做得非常出色。我們僅關注員工福利，這為我們帶來了優勢並集中了我們的努力。具體來說，我們對流程的投資有助於鞏固我們為客戶提供的改進，並使我們高生產力的銷售團隊能夠講述一個差異化的故事，從我們領先的註冊技術到確保員工獲得流暢的體驗幫助雇主更快恢復更有效率和更充實的工作生活。

While we have an unwavering customer focus, the macro picture continues to support our resilient business model. Strong employment atmosphere, higher interest rates and benign credit environment are all positives. Looking across the franchise results in Unum US were highlighted by very strong results in Group Insurance business. In the group insurance business. Group disability experienced another strong quarter where recoveries drove lower benefit levels. This line has been a multiyear, strong performer, and we see this continuing in the near term. Our Group Life Insurance business has very, very strong performer in 2024 with benefit ratios under 70%. We expect similar experience trends to persist across both lines as we head into the fourth quarter .

儘管我們堅定不移地以客戶為中心，但宏觀形勢繼續支持我們富有彈性的業務模式。強勁的就業氛圍、較高的利率和良好的信貸環境都是正面因素。縱觀 Unum US 的特許經營業績，團體保險業務的強勁業績凸顯了這一點。在團體保險業務方面。團體殘疾經歷了另一個強勁的季度，復甦導致福利水平下降。該產品線多年來一直表現強勁，我們預計這種情況在短期內會持續下去。我們的團體人壽保險業務在 2024 年表現非常非常強勁，賠付率低於 70%。我們預計，進入第四季後，類似的體驗趨勢將在兩條線上持續存在。

Colonial Life continues to be a valuable franchise with margins continuing to be excellent with our we have nearly 20% premiums grew 2.5% in Q3, with strong persistency and sales close to flat, we would like to see the top line grow faster, and we remain focused on our key strategic initiatives within Colonial Life to do just that together, platform, which transforms benefits. Enrollment and administration continues to gain momentum with over 75% of new sales implementing gather year to date. This has translated to premium sold on the platform of up to close to 100% year over year. Our international business had another quarter operating at full strength with robust premium growth of over 10% and UK underlying earnings consistent the last quarter at around GBP30 million. We continue to see excellent momentum as well in our growing Poland business and in the UK, we continue to redefine the broker experienced, setting a market-leading standard that is distinctly Unum and enhancing our relationship management model.

Colonial Life 仍然是一個有價值的特許經營權，利潤率繼續保持出色，我們的保費在第三季度增長了2.5% 近20%，具有很強的持久性，銷售額接近持平，我們希望看到收入成長更快，我們繼續專注於我們在 Colonial Life 內的關鍵策略舉措，以共同實現這一目標，這個平台將改變利益。註冊和管理繼續保持強勁勢頭，今年迄今為止，超過 75% 的新銷售實現了聚集。這意味著該平台的溢價年增幅接近 100%。我們的國際業務又一個季度全力運營，保費強勁增長超過 10%，英國基本收入與上季度持平，約 3,000 萬英鎊。我們在不斷成長的波蘭業務和英國業務中也繼續看到了良好的勢頭，我們繼續重新定義經驗豐富的經紀人，制定了明顯是 Unum 的市場領先標準，並增強了我們的關係管理模式。

Our business in the U.K. doesn't always get as much attention given its relative size, but we are very pleased with how our team is executing across the enterprise are disciplined in pricing and customer engagement, combined with consistent execution translates to a solid product returns as we continue to see at attractive margins across our lines. Consolidated return on equity was a very healthy 12.5%, and our before-tax operating earnings and return on equity.

考慮到其相對規模，我們在英國的業務並不總是受到那麼多關注，但我們對我們的團隊在整個企業中的執行方式感到非常滿意，他們在定價和客戶參與方面遵守紀律，再加上一致的執行，轉化為可靠的產品回報我們繼續看到我們各條線的利潤率都具有吸引力。綜合股本回報率為 12.5%，非常健康，我們的稅前營業利潤和股本回報率也是如此。

Our core operations were well above the top end of our most recent outlook ranges. In total, after-tax adjusted operating earnings of $398 million increased 4.3% from the same time last year. The positive results are true for both GAAP and stat and this cash flow generation flows and the strength of the balance sheet. We have been active in bolstering our balance sheet over the last couple of years across the board. It is true of our investment portfolio where we've increased its credit quality profile and are well positioned for future market cycles. We have also increased reserves and capital behind our long-term care business where we don't expect to need more capital. With respect to long-term care, we continue to actively pursue risk transfer.

我們的核心業務遠高於我們最近的展望範圍的上限。整體而言，稅後調整後營業利潤為 3.98 億美元，較去年同期成長 4.3%。公認會計準則和統計數據以及現金流產生量和資產負債表的實力都取得了積極的結果。過去幾年，我們一直積極全面強化資產負債表。我們的投資組合也是如此，我們提高了其信用品質狀況，並為未來的市場週期做好了準備。我們也增加了長期照護業務的儲備和資本，我們預計不需要更多資本。在長期照護方面，我們繼續積極尋求風險轉移。

Long Term Care insurance is very different from everything else we do and can at times overshadow the strength of our franchise, whereas Long Term Care is for customers very late in life, the core of our strategy and purpose it taken care of people in there working. Here's why removing this overtime and at the right price is very much a strategic objective following the capital put together with statutory earnings over $300 million are holding company liquidity ended at $1.4 billion, and our RBC was approximately 470%, both at levels well north of our targets for the balance sheet actions taken last year. The substantial free cash flow generation of our core business has been building our capital position of strength and adding to our deployment flexibility.

長期照護保險與我們所做的其他事情有很大不同，有時會掩蓋我們特許經營的實力，而長期照護是為晚年的客戶提供的，我們策略和目的的核心是照顧在那裡工作的人。這就是為什麼以合適的價格消除這種加班在很大程度上是一個戰略目標，因為資本加上法定收益超過3 億美元，公司流動性最終達到14 億美元，我們的RBC 約為470%，兩者都遠高於我們去年採取的資產負債表行動目標。我們核心業務產生的大量自由現金流一直在增強我們的資本實力並增加我們的部署靈活性。

Our capital deployment priorities remain intact. Investing in our business organically and inorganically, and then returning capital to shareholders through dividends and share repurchase. When we look at our overall balance sheet strength, we also have continually examine our capital structure. As a result, we have decided to dissolve our pre capitalized trust facility following me into the third quarter. This was a tranche of contingent capital we no longer deemed necessary.

我們的資本部署優先事項保持不變。對我們的業務進行有機和無機投資，然後透過股息和股票回購將資本返還給股東。當我們審視整體資產負債表實力時，我們仍不斷檢視我們的資本結構。因此，我們決定在第三季解散我們的預資本信託基金。這是我們認為不再需要的部分或有資本。

Given our multiple sources of capital. We've decided to use the proceeds for a one-time additional share repurchase in the fourth quarter and when combined with our normal pace of purchases will bring the total amount of share repurchase to approximately$ 1 billion for 2024, up from $250 million in 2023 and above our $500 million outlook coming into the year. When factoring in this expanded repurchase, we will have reduced our float by over 10% since restarting our share repurchase program in the fourth quarter of 2021. Overall, we are pleased by the many positive trends across our operations. The supportive macro environment. Third quarter marked another period of strength for the Company and served as an important milestone for the year. We were again forward-looking, ensuring we are well positioned to execute our strategy to deliver on our outlook of 10% to 15% EPS growth, which sets up for continued progress into 2025. Once again, we appreciate you joining us this morning, and let me turn it over to Steve for more details and perspectives. Steve Gray.

鑑於我們有多種資金來源。我們決定將所得款項用於第四季的一次性額外股票回購，結合我們正常的購買速度，到 2024 年，股票回購總額將達到約 10 億美元，高於 2019 年的 2.5 億美元。年，以及我們今年5 億美元的展望。如果考慮到此次擴大回購，自 2021 年第四季重啟股票回購計畫以來，我們的流通量將減少 10% 以上。總體而言，我們對我們業務中的許多積極趨勢感到高興。宏觀環境有利。第三季是公司的另一個強勁時期，也是全年的重要里程碑。我們再次具有前瞻性，確保我們處於有利位置來執行我們的策略，實現每股收益成長 10% 至 15% 的前景，這為 2025 年的持續進步奠定了基礎。我們再次感謝您今天早上加入我們，讓我將其交給史蒂夫以獲取更多細節和觀點。史蒂夫·格雷。

Thank you, Rick, and good morning, everyone.

謝謝你，瑞克，大家早安。

On the third quarter was a very good quarter for the Company as we find a continuation of our strong first half operating performance with margins and persistency remain at historically strong levels and above our expectations, helping support year over year premium and earnings growth across core operations. Last quarter, we increased our outlook based on improved mortality trends, and we saw these trends continue in the third quarter with group life and AD&D segment adjusted operating earnings increasing 80% over last year, driven by continued lower incidence. Disability results in the third quarter was highlighted by strong underwriting performance underwriting performance.

第三季度對公司來說是一個非常好的季度，因為我們發現上半年強勁的經營業績得以延續，利潤率和持續性保持在歷史強勁水平並高於我們的預期，有助於支持核心業務的年比溢價和獲利成長。上季度，我們根據死亡率趨勢的改善提高了我們的預期，並且我們看到這些趨勢在第三季度繼續存在，在發病率持續下降的推動下，團體壽險和AD&D 部門調整後的營業利潤比去年增長了80%。強勁的承保業績突顯了第三季的殘障業績。

We benefit ratios of 59.1% for Unum US group disability, 42.8% for Unum US individual disability and 69.5% for Unum U.K. All favorable to our expectations. Sales in Unum US were down in the quarter was most pronounced in group disability. And as Rick mentioned, the fourth quarter is historically the largest sales quarter for this segment with over 40% of annual sales. Based on our results to date and a strong pipeline of new sales, we believe we will achieve our full year here sales growth target of 5% to 10% for Unum US across our other segments. Unum International is also on track to meet its sales target, while Colonial Life is tracking in line with last year's sales levels.

我們對 Unum US 團體殘疾的賠率為 59.1%，對 Unum US 個人殘疾的賠付率為 42.8%，對 Unum U.K. 的賠付率為 69.5%。本季 Unum US 的銷售額下降最明顯的是團體殘疾。正如 Rick 所提到的，第四季度歷來是該細分市場銷售額最大的季度，佔全年銷售額的 40% 以上。根據我們迄今為止的業績和強勁的新銷售管道，我們相信我們將在其他細分市場實現 Unum US 5% 至 10% 的全年銷售成長目標。Unum International 也有望實現其銷售目標，而 Colonial Life 則與去年的銷售水平保持一致。

Given the mix of sales and levels of persistency, we remain confident in the long term outlook for future premium growth as I review our results by some resource and benefit ratios. Excluding the impacts from the annual cap reserve assumption updates in the third quarter of both 2024 and 2023, 2024 assumption update process resulted in a $357.4 million pretax reserve release, driven by a number of different product lines, including long-term care. I will provide additional details into 2024 update Following a discussion of our segment results. So starting with Unum US adjusted operating income increased to $363.3 million or 1.5% in the third quarter of 2024 compared to $357.8 million in the third quarter of 2023. Halts finished above prior year, primarily due to favorable benefits expire variance in Group Life group disability line reported adjusted operating income of $156.7 million compared to $170.1 million in the third quarter of 2023, driven primarily by a benefit ratio of 59.1% compared to 57.5% in the year ago period. While the benefit ratio increased year over year results, more favorable to our outlook reflecting continued favorable claim recoveries have I mentioned results for Unum US.

考慮到銷售額和持續性水準的組合，我們對未來保費成長的長期前景仍然充滿信心，因為我透過一些資源和效益比率審查了我們的結果。排除 2024 年和 2023 年第三季年度上限準備金假設更新的影響，2024 年假設更新過程導致稅前準備金釋放 3.574 億美元，這是由包括長期照護在內的許多不同產品線推動的。在討論我們的細分結果後，我將在 2024 年更新中提供更多詳細資訊。因此，從 Unum US 開始，2024 年第三季調整後營業收入增至 3.633 億美元，增幅為 1.5%，而 2023 年第三季為 3.578 億美元。停止服務的完成時間高於去年同期，主要是由於團體人壽團體殘障保險的有利福利到期差異，報告調整後營業收入為1.567 億美元，而2023 年第三季度為1.701 億美元，這主要是由於福利比率為59.1%，而2023 年第三季為57.5%在一年前的期間。雖然福利比率逐年增加，但我提到了 Unum US 的業績，這反映了持續有利的索賠追償，這對我們的前景更加有利。

Group Life and AD&D improved significantly compared to the third quarter of last year, with adjusted operating income of $94 million for the third quarter of 2024 compared to $52 million in the same period a year ago. The benefit ratio decreased to 65% compared to 73.3% in the third quarter of 2023 due to lower incidents. We still plan for the benefit ratio to be below historical norms and around 70% as we close out the year. Adjusted operating income for the Unum US supplemental and voluntary lines in the third quarter was $112.6 million compared to $135.7 million in the third quarter of 2023. This decrease was driven predominantly by benefits experience. The Voluntary Benefits loss ratio was 45.8% rent compared to 39.1% in the third quarter of 2023, and our expected range of 40% to 43%. The dental and vision benefit ratio of 74.6% was also slightly above our expectation of 70% to 73%. Unum US results included steady year over year premium growth of 4%. Persistency for total group business of 92.5% remains strong and stable in the third quarter with stable results in most of our supplemental and voluntary lines.

Group Life 和 AD&D 與去年第三季相比顯著改善，2024 年第三季調整後營業收入為 9,400 萬美元，而去年同期為 5,200 萬美元。由於事故減少，受益率從 2023 年第三季的 73.3% 下降至 65%。我們仍計劃在年底時將福利比率低於歷史正常水平，即 70% 左右。Unum 美國補充和自願線路第三季調整後營業收入為 1.126 億美元，而 2023 年第三季為 1.357 億美元。這一下降主要是由福利體驗推動的。自願福利損失率為租金的 45.8%，而 2023 年第三季為 39.1%，我們的預期範圍為 40% 至 43%。74.6% 的牙科和視力福利比率也略高於我們 70% 至 73% 的預期。Unum US 業績包括保費年增 4%。第三季集團業務總量的持續性維持在 92.5%，保持強勁和穩定，我們的大部分補充和自願產品線業績穩定。

Moving to Unum International segment continued to show very strong trends in its underlying earnings power with adjusted operating income for the third quarter increasing to$ 40.3 million from $36.8 million in the third quarter of 2023. Adjusted operating income for the Unum UK business improved in the third quarter to GBP29.5 million compared to GBP28.4 million in the third quarter of 2023 for benefit ratio for Unum UK increased to 69.5% in the third quarter compared to 67.4% in US same period a year ago. And as expected, the inherent benefit of high levels of inflation have dissipated and did not enhanced Third Quarter 2024 results. In fact, UK earnings grew approximately 20% when excluding the inflationary benefit experienced in the third quarter of last year. International payment and sales continue to show strong growth. Unum UK generated premium growth of 11.7% on a year-over-year basis in the third quarter, while our Poland operation grew 22.1%. Sales in the UK grew 26.9% compared to the third quarter of 2023.

Unum International 業務的潛在獲利能力持續呈現非常強勁的趨勢，第三季調整後營業收入從 2023 年第三季的 3,680 萬美元增至 4,030 萬美元。Unum 英國業務第三季調整後營業收入增至 2,950 萬英鎊，而 2023 年第三季為 2,840 萬英鎊，原因是 Unum 英國第三季的福利比率增至 69.5%，而美國為 67.4%一年前的同一時期。正如預期的那樣，高通膨的固有好處已經消失，並且沒有提高 2024 年第三季的業績。事實上，如果排除去年第三季的通膨收益，英國的營收成長了約 20%。國際支付和銷售持續呈現強勁成長。Unum UK 第三季保費較去年同期成長 11.7%，而我們的波蘭業務則成長 22.1%。與 2023 年第三季相比，英國銷售額成長 26.9%。

Now while Poland sales were up 8.6%, so they're moving a call annualized adjusted operating income for the segment was $113.4 million in the third quarter compared to $102.9 million in the third quarter of 2023. The increase was driven primarily by a benefit ratio of 47.6%, which was down from 49.1% in the year-ago period. Colonial Life premium income of $441.9 finished 2.5% higher than the premium hair, driven by prior periods, sandals and strong persistency. Top-line growth continues to build and with year-to-date premium growth of 3.4% were positioned to meet our growth outlook for this segment of 2.4% for the full year. Sales in the third quarter of $120.9 million decreased slightly from $121.3 million in the prior year. As I mentioned previously, Colonial Life sales for full year 2024 are now expected to be in line with the 2023 sales of approximately $540 million in the Closed Block segment. Adjusted operating income remained consistent at $34.2 million in the third quarter of 2020 for higher net investment income was offset by lower premium income for long term care. Ltc elevated incidence experienced continuing to dissipate as claims inventories normalize, albeit at a slower rate than net premium ratio as of the third quarter of 2024 was 94.5% compared to 93.7% in the prior quarter.

現在，雖然波蘭銷售額成長了 8.6%，但他們調整了第三季該部門年化調整營業收入為 1.134 億美元，而 2023 年第三季為 1.029 億美元。這一增長主要是由於福利比率為 47.6%，低於去年同期的 49.1%。Colonial Life 保費收入為 441.9 美元，比保費高出 2.5%，這主要是受前期、涼鞋和強持久性的推動。營收成長持續成長，年初至今保費成長 3.4%，滿足我們對該細分市場 2.4% 全年成長的預期。第三季銷售額為 1.209 億美元，較去年同期的 1.213 億美元略有下降。正如我之前提到的，Colonial Life 2024 年全年銷售額預計將與 2023 年封閉式細分市場約 5.4 億美元的銷售額持平。2020 年第三季調整後營業收入維持在 3,420 萬美元，因為淨投資收入的增加被長期照護保費收入的減少所抵銷。隨著理賠庫存正常化，LTC 發生率上升的趨勢持續消散，儘管淨保費比率的增速較慢，截至 2024 年第三季為 94.5%，而上一季為 93.7%。

The increase was primarily due to the impacts of the annual assumption update, which I'll discuss later in my talking points. So wrapping up my commentary on the quarter's financial results. The adjusted operating loss in the corporate segment was $49.4 million compared to $41.5 million loss in the third quarter of 2023, primarily driven by lower allocated net investment income. Then lastly, the tax rate in the quarter was 20.7% compared to our expectation of 21.5% to 22% of favorability was driven mainly by one-time prior tax return adjustments. So moving on from the corporate operating results, I'll now discuss the outcome the outcomes of our annual GAAP assumption review that we completed in the third quarter. The review resulted in a positive impact on financial results with a net decrease in reserves of $357.4 million or approximately $282.6 million after-tax. While this impact was excluded from adjusted operating earnings, it added $1.53 to our book value per share, excluding AOCI, which now stand at $74.15. Most product lines saw favorable changes highlighted by adjustments in our group to submit equity, individual disability and the Colonial Life businesses.

這一增長主要是由於年度假設更新的影響，我將在稍後的談話要點中討論這一點。我對本季財務表現的評論就到此結束。企業部門調整後的營運虧損為 4,940 萬美元，而 2023 年第三季的虧損為 4,150 萬美元，這主要是由於分配的淨投資收入減少所致。最後，本季的稅率為 20.7%，而我們的預期為 21.5% 至 22%，優惠主要是由於先前一次性報稅表調整所致。因此，從公司經營業績開始，我現在將討論我們在第三季完成的年度公認會計原則假設審查的結果。此次審查對財務業績產生了正面影響，準備金淨減少 3.574 億美元，即稅後約 2.826 億美元。雖然這種影響被排除在調整後的營業收益之外，但它使我們的每股帳面價值增加了 1.53 美元，不包括 AOCI，目前每股帳面價值為 74.15 美元。大多數產品線都出現了有利的變化，突顯為我們集團對提交股權、個人殘疾和殖民地人壽業務的調整。

In addition, Long Term Care had a reserve G decrease, which I will discuss in more detail momentarily. Getting into specifics of the various reserve releases similar to the past few years and as is representative of our continued strong operating results. Group disabilities update was driven by continued improvement in our claim recovery assumption and totaled $90 million pretax for IDA incidence and claim terminal nation trends drove a $52.8 million pretax reserve decrease. And lastly, Colonial Life's $46 million release was driven by favorable claims trends that we expect to continue. Then for LTC. The assumption updates resulted in a decrease in reserves of $174.1 million before tax, reflecting incorporation of favorable premium rate increase experience, partially offset by lower expected premium rate approvals have outpaced our assumptions over the past year, and we are currently 25% for our program following the assumption updates, LETI. cohorts dynamics are such that this quarter's reserve assumption update drives a decrease in reserves, partially offset by an increase in the net premium rate ratio similar to last year. Changes in India. Margins Since adopting LVTI. are not reflected nor do they offset changes in liability assumptions for financial reporting purposes. In short, consideration of today's long-term rates would indicate additional margins as we previously described. While interest margin is no longer reflected in our GAAP reserve analysis, we will still see the benefit of higher or in the portfolio yields compared to the locked in discount rates as interest margins in earnings over the life of the block. We consider this dynamic when evaluating our best estimate of reserves following the gap assumption updates, the buffer between our statutory reserves, plus excess capital Fairwind and our best estimate remains at a consistent level of approximately $2.8 billion, providing meaningful levels of protection against adverse events and supporting our position that no additional capital contributions we will be necessary for LTC. So moving now to investments.

此外，長期照護的儲備 G 有所減少，我將立即更詳細地討論這一點。了解與過去幾年類似的各種儲備釋放的具體情況，這代表了我們持續強勁的經營業績。團體殘障更新是由我們的索賠追償假設的持續改進所推動的，IDA 發生率稅前總額為 9,000 萬美元，索賠終端國家趨勢導致稅前準備金減少了 5,280 萬美元。最後，Colonial Life 的 4,600 萬美元發放是由我們預計將持續的有利索賠趨勢推動的。然後是LTC。假設更新導致稅前準備金減少1.741 億美元，反映了有利的保費率上漲經驗，部分被較低的預期保費率批准所抵消，過去一年的批准率超出了我們的假設，目前我們的計劃為25%假設更新後，LETI。群體動態是這樣的，本季的準備金假設更新導致準備金減少，但與去年類似的淨保費率的增加部分抵消了準備金的減少。印度的變化。採用 LVTI 以來的利潤。沒有反映也沒有抵銷出於財務報告目的的負債假設的變化。簡而言之，考慮到今天的長期利率將表明我們之前描述的額外利潤。雖然利差不再反映在我們的公認會計準則準備金分析中，但與鎖定貼現率相比，我們仍然會看到更高的投資組合收益率的好處，因為利差會影響整個區塊的收益。在評估缺口假設更新後的最佳準備金估計時，我們考慮了這一動態，我們的法定準備金之間的緩衝加上超額資本Fairwind 和我們的最佳估計保持在約28 億美元的一致水平，為應對不利事件提供了有意義的保護水平並支持我們的立場，即我們不需要為 LTC 額外出資。所以現在轉向投資。

We continue to see an environment where new money yields are at levels above our own portfolio yield of 4.41%. Miscellaneous investment income was relatively flat in the third quarter at $23.6 million compared to $24 million a year ago. Income from our alternative invested assets was $19.6 million. Year to date, the alternative investment portfolio has generated $72.6 million or approximately 5.4% and annualized returns. So then I'll wrap up my commentary by turning back to our capital and a weighted average risk-based capital ratio for our traditional U.S. insurance companies as approximately 470% and holding company liquidity is robust at $1.4 million in capital metrics, again benefited in third quarter from strong stance, Turner results with statutory after-tax operating income of 315,600,000.0. This now brings year-to-date statutory after-tax operating income to over $1 billion. Our strong cash generation model drives our ability to return capital to shareholders. And in the third quarter, we paid $77.9 million in common stock dividends and repurchased $3.7 million shares at a total cost of $202 million. For the three quarters of 2024, we have repurchased $9.7 million shares at a total cost of just over $500 million. As Rick described earlier, we decided to dissolve our pre capitalized facility established during the pandemic. Dry in that facility was settled this week, slightly raised our leverage ratio and brought approximately $270 million of invested assets on our balance sheet.

我們繼續看到新資金收益率高於我們自己的投資組合收益率 4.41% 的環境。第三季雜項投資收入相對持平，為 2,360 萬美元，去年同期為 2,400 萬美元。我們的另類投資資產收入為 1,960 萬美元。今年迄今為止，另類投資組合已產生 7,260 萬美元或約 5.4% 的年化回報。因此，我將透過回到我們的資本和我們傳統美國保險公司的加權平均基於風險的資本比率來結束我的評論，約為470%，控股公司的流動性強勁，資本指標為140 萬美元，再次受惠於第三季度，特納公司的法定稅後營業收入為315,600,000.0。這使得年初至今的法定稅後營業收入超過 10 億美元。我們強大的現金產生模式推動了我們向股東返還資本的能力。第三季度，我們支付了 7,790 萬美元的普通股股息，並回購了 370 萬美元的股票，總成本為 2.02 億美元。2024 年的三個季度，我們回購了 970 萬美元的股票，總成本略高於 5 億美元。正如里克之前所描述的，我們決定解散在大流行期間建立的預資本設施。該設施的乾貨已於本週結算，略微提高了我們的槓桿率，並為我們的資產負債表帶來了約 2.7 億美元的投資資產。

We plan to use these proceeds for incremental share repurchases in the fourth quarter. When considering this onetime special capital deployment, we expect share repurchases to total approximately $500 million in the fourth quarter or around $1 billion for 2024. So then reflecting on our results for the first nine months of the year have been incredibly strong across many different aspects of our business. Demonstrating our ability to execute against our strategy for top line continues its upward trajectory at historically high levels of persistency and our outlook for Q4 sales bolsters our ability to reach our evolving premium. Our growth target of 5% to 7% for the year. Earnings are robust as our core businesses continued to exhibit exceptional margins, highlighted by the sustainability of disability and life results.

我們計劃將這些收益用於第四季增量股票回購。在考慮這項一次性特殊資本部署時，我們預計第四季度股票回購總額約為 5 億美元，2024 年約為 10 億美元。因此，回顧今年前九個月的業績，我們業務的許多不同方面都非常強勁。展現了我們執行營收策略的能力，繼續以歷史高水準持續上升，我們對第四季度銷售的展望增強了我們達到不斷變化的溢價的能力。我們今年的成長目標是5%到7%。我們的核心業務繼續展現出卓越的利潤率，獲利強勁，殘疾和生活結果的可持續性凸顯了這一點。

Because of this, we are on track to achieve our outlook of 10% to 15% growth for EPS that we raised last quarter. In addition, year-to-date statutory earnings are already over $1.9 billion months into the year, putting us well on pace to generate $1.4 billion to $1.6 billion of holding company cash generation, which we laid out at our outlook meeting. This performance fundamentally contributes to our robust capital outcomes feature and an RBC ratio that surpasses our long-term target by 120 points. It also enhances our capacity for capital deployment, including our anticipation to repurchase around $1 billion worth of stock this year, which significantly exceeds our original goal of $500 million. And then lastly, our balance sheet is strong, reflecting the results of our latest assumption update, including positive developments in LTC. and our continued expectation that no further capital contributions are needed for that block.

因此，我們預計將實現上季上調的每股收益將成長 10% 至 15% 的預期。此外，年初至今的法定收益已超過 19 億美元，這使我們有望為控股公司創造 14 億至 16 億美元的現金，正如我們在展望會議上所闡述的那樣。這一表現從根本上促進了我們強勁的資本成果特徵和 RBC 比率，超出了我們的長期目標 120 個百分點。它還增強了我們的資本部署能力，包括我們預計今年將回購價值約 10 億美元的股票，這大大超出了我們最初 5 億美元的目標。最後，我們的資產負債表強勁，反映了我們最新假設更新的結果，包括 LTC 的積極發展。我們仍然期望該區塊不需要進一步的資本捐助。

Now I'll turn the call back to Rick for his closing comments, and I look forward to your questions.

現在我將把電話轉回給 Rick，聽取他的結束語，並期待您的提問。

Thank you, steve . You can take from our comments at the third quarter was positive across multiple dimensions on how we're running and balanced disciplined customer focused company. Our teams have done an excellent job through the first nine months of the year, which sets up for an all-important fourth quarter. And as we look into 2025, the teams here to respond your questions, so I'll ask the operator to begin the Q&A session

謝謝你，史蒂夫。您可以從我們在第三季的評論中了解到，我們在多個方面對我們如何運作和平衡以客戶為中心的紀律嚴明的公司持積極態度。我們的團隊在今年前九個月表現出色，為至關重要的第四季度做好了準備。當我們展望 2025 年時，這裡的團隊將回答您的問題，因此我將請操作員開始問答環節

We will now begin the question and answer session .(Operator Instructions)

我們現在開始問答環節.（操作員說明）

And your first question comes from the line of Alex Scott with Barclays. Alex, your line is now open.

你的第一個問題來自巴克萊銀行的亞歷克斯·斯科特（Alex Scott）。亞歷克斯，你的線路現已開通。

Good morning. First question I had is just on the actuarial review. And could you help us think about just the way these premium increases relative to your assumption may find their way into statutory results from the fourth quarter ?

早安.我的第一個問題是關於精算審查。您能否幫助我們考慮一下相對於您的假設的這些溢價增加可能會如何進入第四季度的法定業績？

Yes. And just let me kind of recap the actuarial reserve reviews specific to LTC., just so yes, there are some dynamics around LTLTEI. and then I'll get into some of the statutory dynamics. So, um, basically we had two changes that we made to our assumptions in there were treated very difficult differently for GAAP. The first one was around our expectation for rate increases on that book. And those on those increases, we kind of looked at the program that we had in place and that we reset last fall. We didn't really increase the program itself. But based on the success we've had and just the discussion we've had with regulators, since then our expectation of what the ultimate approvals on those submissions are going to be had EBIT increased. And that's that's roughly $175 million of value of kind of a present value of those premiums. Those were pretty much all reflected in earnings in the period.

是的。讓我回顧一下針對 LTC 的精算準備金審查。然後我將介紹一些法定動態。所以，嗯，基本上我們對我們的假設做了兩個改變，對於 GAAP 來說，我們的處理方式非常不同。第一個是我們對該書加價的預期。對於這些增加，我們查看了我們已經制定並在去年秋天重置的計劃。我們並沒有真正增加程序本身。但根據我們所取得的成功以及我們與監管機構進行的討論，從那時起，我們對這些提交的最終批准的期望是息稅前利潤增加。這些保費的現值約為 1.75 億美元。這些幾乎全部反映在該期間的收益中。

That's just because of the cohorts, but those that those impacted them. We also made some adjustments to just the persistency of our group LTC business. Those are mostly in cohorts that are uncapped and they have quite a bit of margin. So you would see those flow through the MPR. And basically we had a slight reduction in margin, which increased the MPR for the periods. So just to kind of size those up and also get the geography of how those flow through. So we feel we feel good about the about both of those other reflected for it from a statutory basis. We did already consider in many of our statutory analysis on the impact of rate increases that we had. And based on kind of where those hit, whether it's the PDR receive reserves, it may create a little bit more margin. But I would say it doesn't massively change our view on the buffers that we have between our on kind of best estimate reserves for LTC and this extra reserves we have plus the excess margin in it. I mentioned that my comments. So I I wouldn't view it as a major change to how we think about statutory reserve margins.

這只是因為這些群體，而是那些影響了他們的人。我們也針對集團 LTC 業務的持續性進行了一些調整。這些人大多屬於沒有上限的群體，並且有相當大的利潤。所以您會看到這些流經 MPR。基本上，我們的保證金略有減少，這增加了該期間的 MPR。因此，只是為了對它們進行評估，並了解它們如何流動的地理位置。因此，我們對從法定基礎上反映的其他兩個方面感到滿意。我們確實已經在許多法定分析中考慮了加息的影響。根據受影響的情況，無論是 PDR 收到的儲備金，它都可能創造更多的利潤。但我想說，這並沒有極大地改變我們對 LTC 的最佳估計準備金與我們擁有的額外準備金加上超額保證金之間的緩衝的看法。我提到了我的評論。因此，我不認為這是我們對法定準備率的看法發生重大變化。

Got it. That's helpful. And maybe for a second one, on your cash flow and holding company liquidity from seems like stat earnings have been pretty strong this year. I think you guys take a bigger dividend in four Q, there's already a substantial buffer built up at the holding company in terms of liquidity you have there are so I'd just be interested in any help you get you can provide and and how we should think about the amount of cash that will come up towards the end of the year. And just the capital deployment priorities and appreciating that you guys have already stepped up to buy back a bit. But just wanted to take more broadly about deployment, feel excited about the deployment.

知道了。這很有幫助。也許第二個，從你的現金流和控股公司的流動性來看，今年的統計收益似乎相當強勁。我認為你們在第四季度獲得了更大的股息，就你們所擁有的流動性而言，控股公司已經建立了相當大的緩衝，所以我只是對你們能提供的任何幫助以及我們如何提供感興趣應該考慮到年底會有多少現金。只是資本部署優先事項，並感謝你們已經加緊回購一點。但只是想更廣泛地了解部署，對部署感到興奮。

Alex, and also below received about the specific dynamics will see in the fourth quarter, which we see most fourth quarters and we'll get to that. But from a deployment perspective,

亞歷克斯（Alex），下面還收到了有關第四季度將看到的具體動態，我們在第四季度看到了大多數情況，我們將對此進行討論。但從部署的角度來看，

you know, you are right. The we've seen very strong cash flow has been generated by the company that's accruing . It's allowed us to do over the last couple of years, as I mentioned, to bolster the balance sheet, he, but now it's also accruing into just our operating metrics that strong statutory generation and what we see gives us a lot of flexibility. So first and foremost, putting into the core growth, investing in what we're doing, we really like the businesses that we're in. And so we'll do that on an organic basis. And if we see the ability to buy something to accelerate that pace on to bring capabilities that some that we'd like to put capital towards as well. And after we've done that and focus on the growth than we look to also returning capital to shareholders on the dividend front, increasing that earlier this year, we did increase our dividend by 15%. And then share repurchase is something that we're always focused on when we've seen that increase over the course of the year in terms of both the pace and relative to last year here. And so we've talked about the multiple times about the pace at which we will increase share repurchase reflected in our very strong share repurchase are very strong capital position.

你知道，你是對的。我們看到公司產生了非常強勁的現金流。正如我所提到的，這使我們能夠在過去幾年中加強資產負債表，但現在它也融入了我們的營運指標，強大的法定發電和我們所看到的給我們帶來了很大的靈活性。因此，首先也是最重要的是，投入核心成長，投資我們正在做的事情，我們真的很喜歡我們所處的業務。因此，我們將在有機的基礎上做到這一點。如果我們看到有能力購買一些東西來加快步伐，帶來一些我們也想投入資金的能力。在我們做到這一點並專注於成長之後，我們還希望在股息方面向股東返還資本，今年早些時候我們增加了股息，我們確實將股息增加了 15%。然後，當我們看到這一年中股票回購的速度和相對於去年的成長速度時，股票回購是我們一直在關注的事情。因此，我們多次討論我們將增加股票回購的速度，這反映在我們非常強勁的股票回購中，這是非常強大的資本狀況。

And so when you think about what happened in the third quarter and really what we're projecting going into the fourth quarter is a pretty steady pace of deployment higher than we had in the first half of the year, certainly more than last year, but a steady pace of that deployment and will be consistent on that. We did have a one-time event that we see around the dissolution of our Greek pre KIP. recaps our pre capitalized trust securities. That's going to enhance at a little bit. But I think about this is a steady pace of redeployment through share repurchase. So that's kind of the picture in terms of what we see deployments. Steve, maybe you could talk a little bit about how those metrics will move.

因此，當您考慮第三季度發生的情況時，我們實際上預計第四季度的部署速度將相當穩定，高於上半年，當然也高於去年，但是部署步伐穩定，並將保持一致。我們確實經歷過一次關於希臘預 KIP 解散的一次性事件。回顧我們的預資本化信託證券。這會稍微增強一點。但我認為這是透過股票回購進行穩定的重新部署。這就是我們所看到的部署情況。史蒂夫，也許你可以談談這些指標將如何改變。

Yes, in the fourth quarter yet. And I think probably the way to think about Alex's at year end where we're still on track back for a lot of the targets that we said at Investor Day. And that would indicate that by year end, our holding company gas cash will increase. We pull quite is quite a bit of our operating dividends out of the operating companies in the fourth quarter. So RBC will probably go down quite a bit, will bolster holding company cash. But I would say those are pretty good indicator. So some of the targets that we set for year end 2024 were back at Investor Day.

是的，第四季還沒有。我認為這可能是在年底考慮亞歷克斯的方式，我們仍然在實現我們在投資者日上所說的許多目標。這意味著到年底，我們的控股公司天然氣現金將會增加。我們在第四季度從營運公司提取了相當多的營運股利。因此，加拿大皇家銀行可能會大幅下跌，這將提振控股公司的現金。但我想說這些都是非常好的指標。因此，我們為 2024 年底設定的一些目標又回到了投資者日。

Got it. Thank you.

知道了。謝謝。

Next question comes from the line of (West car model that we touched on this research question.) Your line is now open.

下一個問題來自（我們在這個研究問題上涉及的西方汽車模型）線路。

Hey, good morning. Thanks, disability, you talked about expecting favorable recoveries to continue, or do you think that to continue looking forward over a few quarters? Could there be an even longer-term tailwind in? And I'm just trying to understand if that could turn at some point we get the pool of people more likely to see recovery is getting smaller.

嘿，早安。謝謝，殘疾，您談到預計良好的復甦會持續下去，還是您認為會在幾個季度內繼續展望？是否會出現更長期的推動力？我只是想了解這種情況是否會在某個時候發生轉變，我們讓更有可能看到復甦的人越來越少。

Yes, Steve, I'll take that one. The comment was really meant to say that the current level of operating performance within group disability and our ability to get people back to work with, we think sustainable. And so you know that this quarter, our benefit ratio was just south of 60%. We do, 60% is achievable going forward based on the level of recoveries we've stayed and don't really see River in a reversion of that. As we talked about the past, the question is just becomes around pricing and the pricing dynamics in the market and how that might adjust benefit ratios going forward. But right now, we think 60% is still we'll get out of a good, a good expectation as we go into the remainder of the year.

是的，史蒂夫，我要那個。該評論的真正意思是說，我們認為目前群體殘疾的營運績效水平以及我們讓人們重返工作崗位的能力是可持續的。所以你知道，本季我們的福利比率剛好超過 60%。我們確實認為，根據我們目前的恢復水平，60% 的目標是可以實現的，而且並沒有真正看到 River 會出現這種情況。正如我們談論過去的那樣，問題只是圍繞著定價和市場的定價動態以及這可能如何調整未來的福利比率。但現在，我們認為 60% 仍然是我們在進入今年剩餘時間時會得到的一個很好的期望。

Total annual TC. and I will begin unmarked your assumption of an incidence in the period, and I imagine that at least partially influenced by explaining this quarter, Baytown. Can you help us with what you see any relief in June? It seems like it slowed down in terms of the patient that differs between the large food.

年度總TC。我將開始不加標記地假設您在此期間發生的事件，我想這至少部分受到解釋本季貝敦的影響。能幫我們看看六月有什麼緩解嗎？就患者而言，大食之間的速度似乎有所不同。

Yes. No, that's good. And I kind of a bio mission. I validated that we really didn't adjust any other assumptions. So we clearly looked at mortality experience, lapse experience, generally incidents experience felt comfortable with what we've seen over the last year that we would not adjust our longer term assumptions in any way material. So we did look at incidence over the last year. You're right, it was really elevated going back close to two years now.

是的。不，那很好。我有點生物使命。我證實我們確實沒有調整任何其他假設。因此，我們清楚地研究了死亡率經驗、失誤經驗、整體事件經驗，對我們去年所看到的情況感到滿意，我們不會以任何實質方式調整我們的長期假設。所以我們確實研究了去年的發生率。你是對的，近兩年前它的水平確實很高。

We have continued does that dissipate, and we saw that trend continue in the third quarter of this year, whereby our inventories continue to diverge closer to what our long-term expectation is that I'd say it's slowed down a little bit, but we just saw kind of the economic some types of incidents. Performance continued to slow down. Obviously, it comes to the cohorts a little bit differently quarter to quarter, and so that has a little bit of impact. But the field good about the trends and those trends continue. And so so that based on that, we felt good with our longer-term assumption around claims incidents.

我們繼續這種情況消散，我們看到這種趨勢在今年第三季度繼續存在，我們的庫存繼續偏離我們的長期預期，我想說它已經放緩了一點，但我們剛剛看到了一些類型的經濟事件。業績繼續放緩。顯然，每季的人群情況略有不同，因此會產生一些影響。但該領域對趨勢很樂觀，而且這些趨勢仍在持續。因此，基於此，我們對索賠事件的長期假設感到滿意。

Thank you.

謝謝。

Your next question comes from the line of Tom Gallagher with Evercore ISI. Tom, your line is now open.

您的下一個問題來自 Evercore ISI 的 Tom Gallagher。湯姆，您的線路現已開通。

Good morning Steve. You were referencing depending on pricing. I think we are thinking about, I guess, the emergency room where margins are going to go here group business. Can you talk about what you're seeing for renewals? Is there pressure on rate what the competitive landscape looks like? You know, clearly, your disability and group life results have been really good, particularly the last few quarters.

早安，史蒂夫。您所引用的內容取決於定價。我想我們正在考慮，我猜，急診室的利潤將流向這裡的集團業務。能談談您對續訂的看法嗎？競爭格局是否有費率壓力？您清楚地知道，您的殘疾和團體生活成績非常好，特別是在過去幾個季度。

Yes, Tom, it's Chris. Thanks the question. And obviously, persistency has been good . We're thrilled that that customers are above that engage with our capabilities, like what we're doing from an execution standpoint. It is competitive out there as we've talked about the past, and we expect to have that nice combination of fair pricing by renewing business case, by case of you know, we're still active with our discipline around yield rate increases when appropriate and rate reduction and if appropriate, for our customers like long-term stability to the more we can do it kind of triangulate around here are the capabilities that that you have here is good pricing for the long term. We do feel like we can get a fair return and continue that way. So that's that is a bit of a new business and our renewal pricing commentary and our team is hard at the task of making sure that competition comes together.

是的，湯姆，是克里斯。謝謝提問。顯然，堅持不懈是好的。我們很高興客戶能夠超越我們的能力，就像我們從執行的角度所做的那樣。正如我們過去所討論的那樣，它具有競爭力，我們希望透過更新業務案例來實現公平定價的良好組合，據你所知，我們仍然積極遵守適當時提高收益率的紀律和費率降低，如果合適的話，對於我們的客戶來說，喜歡長期穩定性，我們可以在這裡做更多的三角測量，從長遠來看，您擁有的能力是很好的定價。我們確實覺得我們可以獲得公平的回報並繼續這樣做。因此，這是一項新業務，我們的續約定價評論和我們的團隊正在努力確保競爭齊頭並進。

Got you. Thanks. And then and I hear what you guys. You're saying about the per caps solution and how that's going to fight. I guess up until now you've been very measured in terms of what you've been willing to do for buybacks. This marks a change. Tom, can you provide a little bit of color for what's what's driving this decision?

明白你了。謝謝。然後我就聽到你們說的話。你說的是按上限解決方案以及它將如何應對。我想到目前為止，您對於回購的意願一直非常謹慎。這標誌著一個變化。湯姆，您能否提供一些資訊來說明是什麼推動了這項決定？

Is it are you more confident in your just after a balance sheet review? You've done a more thorough look at long term care and I don't know maybe you get confidence on or is it potentially because you think risk transfers further away now you're not going to need access to additional sources of capital? Maybe just a little bit of color for what's going on behind the scenes and the thought process here. Thanks.

資產負債表審查後您是否對自己更有信心了？您已經對長期照護進行了更徹底的研究，我不知道您是否有信心，或者是否可能因為您認為風險轉移得更遠，現在您不需要獲得額外的資金來源？也許只是為幕後發生的事情和這裡的思考過程提供一點色彩。謝謝。

Yes, Tom and Bill Stone, Enesco, Steve's to kick in as well. I think what you see is two things going on. one is just a lot of confidence in what we've built up over time, the cash flow generation that we've seen. And so we've looked at share repurchase. And I think we've been very consistent to say we're going to do this at pace. And so we've seen that pace, the increase. And so as you saw in the third quarter, we did 200 million in the third quarter, and you can expect a similar amount of underlying share repurchase in the fourth quarter. And then looking at the peak apps really is a different evaluation team has done a really good job of continuing to optimize the balance sheet.

是的，湯姆和比爾·斯通、埃內斯科、史蒂夫也將參與其中。我認為你看到的是兩件事正在發生。一是對我們隨著時間的推移建立起來的、我們所看到的現金流產生充滿信心。因此，我們研究了股票回購。我認為，我們一直非常一致地表示，我們將按部就班地進行這項工作。所以我們看到了這種速度和成長。正如您在第三季看到的那樣，我們在第三季進行了 2 億股，您可以預期第四季將進行類似數量的基礎股票回購。然後看看高峰應用程式確實是一個不同的評估團隊在繼續優化資產負債表方面做得非常好。

I can look to what we've done with the disease solution, most recently the peak apps, but I'd go back over the last several years, the work they've done to to actually lengthen out the overall debt structure and things like that. So a lot of lot of very positive things that we've done don't read too much into it in terms of what we've what we will or won't do elsewhere that I think this is very much the course that we've been on. We're just now dialing it up a little bit from a share repurchase perspective, just given the strength that we've seen in the ongoing and the outlook that we have in the strength of the business.

我可以看看我們在疾病解決方案方面所做的工作，最近的峰值應用程序，但我會回顧過去幾年，他們為實際延長整體債務結構所做的工作以及諸如此類的事情。因此，我們所做的很多非常積極的事情並沒有過多地解讀我們在其他地方會做什麼或不會做什麼，我認為這很大程度上是我們的方針。考慮到我們在目前業務中看到的實力以及我們對業務實力的展望，我們現在剛從股票回購的角度稍微調高了一點。

Yes, Tom, they are. The only other thing I'd say is just a little bit of history on that peak app. I think it's helpful. We issued that back in 2021. And clearly, we were at a much different environment from an and the uncertainty with the pandemic. We also we're looking at things like strengthening in the LTC balance sheet and kind of working through the PDR. And so we just thought at the time that it was it was smart to get some contingent capital, and we were able to to issue that in a pretty benign environment at that point in time. And so I would say nothing Acutus happen.

是的，湯姆，他們是。我唯一要說的就是那個巔峰應用程式的一點歷史。我認為這很有幫助。我們早在 2021 年就發布了該文件。顯然，我們所處的環境與疫情的不確定性截然不同。我們也正在考慮加強 LTC 資產負債表以及透過 PDR 進行工作等事宜。因此，我們當時認為獲得一些或有資本是明智之舉，而且我們能夠在當時相當良性的環境中發行這些資本。所以我想說 Acutus 不會發生任何事情。

It's just kind of the progression of our thinking about capital strength and what's the most efficient capital structure for the Company. And we just made the decision that this probably wasn't the most efficient use of capital and that we thought the most efficient use would be to go ahead and done to bring those on balance sheet, generate the cash and go ahead and buy back shares and really kind of share with, you know, our capital structure from the equity to debt, which you know, cost of capital there is going to be lower. So it we just thought it was a smart move.

這只是我們對資本實力以及公司最有效的資本結構思考的進展。我們只是做出決定，這可能不是最有效的資本利用方式，我們認為最有效的利用方式是繼續將這些資金納入資產負債表，產生現金，然後繼續回購股票真正分享我們的資本結構，從股權到債務，資本成本將會更低。所以我們認為這是一個明智的舉動。

Got you. Thanks for the color, guys.

明白你了。謝謝你們的顏色。

Yes. Thanks, Tom.

是的。謝謝，湯姆。

Your next question comes from the line of Ryan Krueger with KBW. Rayan your line is now open.

您的下一個問題來自 KBW 的 Ryan Krueger。Rayan 您的線路現已開通。

Hey, thanks. Good morning. Tom, can you talk a little bit about what's causing some of the sales growth challenges that at Colonial? And he has a bit the potential to improve the growth going into 2025.

嘿，謝謝。早安.湯姆，您能談談導致 Colonial 銷售成長面臨挑戰的原因嗎？他有一定潛力提高 2025 年的成長。

So when you look at the details in the sales growth for Colonial Life in the third quarter and really for the year, the headwinds have been in our existing sales sales from existing clients down 3%. As a reminder, those sales represent about two thirds of our annual sales sales. So it's both challenges that persist at all year. I believe largely it's an execution issue. We recently named a new Senior Vice President of Sales. After a five month national search.

因此，當您查看 Colonial Life 第三季和全年銷售成長的詳細資訊時，您會發現我們現有客戶的現有銷售額下降了 3%，這是我們面臨的不利因素。提醒一下，這些銷售額約占我們年銷售額的三分之二。因此，這兩項挑戰全年都持續存在。我認為這很大程度上是一個執行問題。我們最近任命了一位新的銷售資深副總裁。經過五個月的全國搜索。

We identified an internal candidate who is outstanding and executing our strategic priorities and has led the more of our regions to really strong growth. And so we're excited about the impact of she and her team. We will have on that going forward, where we remain encouraged by the value prop. Overall, new sales in the quarter were up 6.7%. We had extremely strong growth in the large case commercial market and with our group product portfolio. So it's really about getting the sales from our existing clients moving in the right direction. And we're confident that actually the new sales SCP. and the team will make it happen in 25.

我們確定了一位出色的內部候選人，他執行我們的戰略重點，並帶領我們更多的地區實現了真正強勁的成長。因此，我們對她和她的團隊的影響感到興奮。我們將繼續前進，我們仍然受到價值支柱的鼓舞。總體而言，本季新銷量成長 6.7%。我們在大型商業市場和集團產品組合方面取得了極其強勁的成長。因此，這實際上是為了讓我們現有客戶的銷售朝著正確的方向發展。我們對新的銷售 SCP 充滿信心。該團隊將在 25 年內實現這一目標。

Thanks. And then you've had somewhat elevated benefit ratios. Any voluntary less I guess the thing to have the last three quarters.

謝謝。然後你的福利比率就會有所提高。任何自願更少的事情我想都會在過去的三個季度發生。

Can you talk about what you're seeing there and what do you view as a good run rate of earnings to the supplemental and voluntary business at this point?

您能談談您在那裡看到的情況以及您認為目前補充和自願業務的良好盈利運行率是多少嗎？

Yes, it is safe. Yes, when you look at our supplemental and voluntary benefits, there's actually three businesses kind of embedded in there. We've got our individual disability income business, our voluntary benefits business and our dental business and even embedded within voluntary benefit sales gain quite a few product lines in there. And what we intended see over time is period to period volatility in all of those lines.

是的，它很安全。是的，當您查看我們的補充和自願福利時，您會發現實際上其中嵌入了三個業務。我們擁有個人殘障收入業務、自願福利業務和牙科業務，甚至嵌入自願福利銷售中，獲得了相當多的產品線。隨著時間的推移，我們希望看到的是所有這些線的周期波動。

We kind of went back and looked last year oh five, six quarters and specifically in voluntary benefits. And um, in our Dental business, they tend to bounce around a little bit. And it just so happens that this quarter, both of those were kind of at the lower end of the range of the results that we've seen. I wouldn't read too much into it. And I think you kind of run rates that we've had historically are probably a pretty good indicator of the business. So like maybe take 120 million range per quarter is probably a pretty good number with, like I said, kind of period to period volatility.

我們回顧了去年的五個、六個季度，特別是自願福利。嗯，在我們的牙科業務中，他們往往會出現一些波動。碰巧的是，本季度，這兩個結果都處於我們所看到的結果範圍的下限。我不會對此進行太多解讀。我認為我們歷史上的運行率可能是很好的業務指標。因此，也許每季 1.2 億的範圍可能是一個相當不錯的數字，就像我說的，隨著時間的推移會出現波動。

Great. Thank you.

偉大的。謝謝。

Your next question comes from the line of Joel Hurwitz with Dowling & Partners. Shallow, your line is now open.

您的下一個問題來自 Dowling & Partners 的 Joel Hurwitz。淺淺，您的路線現已開通。

Hey, good morning. I want to start on Unum US sales. So it sounds like you're confident in achieving the full year of 5% to 10% sales growth. Can you just provide more color on what you're seeing for Q4? Clearly, I think that would imply that you need something like mid 10s growth just to achieve the low end of your target.

嘿，早安。我想從 Unum 美國銷售開始。聽起來您對全年實現 5% 至 10% 的銷售成長充滿信心。您能否提供更多關於您對第四季的看法的資訊？顯然，我認為這意味著您需要 10 年代中期的成長才能實現目標的低端。

Yes, Joel, thanks. two questions for us on. Yes. So again, we're coming off of the small and volatile quarter to quarter. We also have been, of course, watching the pipeline through the course of the year. And when you when you look at both of, you know, a nice uptick, particularly the upper end of the market in terms of number of our RFPs, but also quality we have our fees were really encouraged. So throughout the course of the year, we've been working on more and more cases that match up with the capabilities. We're evolving around leave management and Kip capabilities around ACM connectivity and other platforms that are important to our customers and our brokers.

是的，喬爾，謝謝。有兩個問題想問我們。是的。因此，我們再次擺脫了季度規模較小且波動較大的局面。當然，我們在這一年中也一直在關注管道的進展。當你看到兩者時，你知道，一個很好的上升，特別是在我們的 RFP 數量方面的高端市場，而且我們的費用也受到了很大的鼓舞。所以這一年來，我們一直在做越來越多與能力相符的案例。我們正在圍繞 ACM 連接和其他對我們的客戶和經紀人很重要的平台的休假管理和 Kip 功能進行發展。

This gives us a better chance for high close ratio, and we're seeing that play through. We have a lot of work to do. The fourth quarter is the biggest of the year. And obviously, you know more about more about the larger of the business than you do. The small. Some teams are still hard to work, but we're confident that the the way we are executing and putting together about capabilities and prospects is resonating while the market and we plan on finishing strong in that range. You talked about.

這給了我們更好的機會獲得高成交率，我們正在看到這一點。我們還有很多工作要做。第四季是全年中最重要的季度。顯然，您對更大的業務的了解比您自己更多。小的。有些團隊仍然很難工作，但我們相信，我們執行和整合能力和前景的方式正在引起共鳴，而市場和我們計劃在該範圍內表現強勁。你談到了。

Okay. Great. And then, Chris, maybe just on on persistency. It's also been a very strong in the US, you know, would with renewals or you are you seeing or expecting similar persistency to what you've seen over the past several quarters?

好的。偉大的。然後，克里斯，也許只是堅持不懈。在美國，你知道，續約的情況也非常強勁，或者你是否看到或期望與過去幾季看到的類似的持續性？

Yes. But obviously, we're thrilled that he's just been good. And we do appreciate the fact that a lot of cases, the loyal customers that are a little bit of an increase in activity in 24, there might have been some pent up demand in terms of fewer marketing's in 23 or kind of that post pandemic time. So so there are some companies out there that are in the market testing capabilities, testing price.

是的。但顯然，我們很高興他表現出色。我們確實意識到，在許多情況下，忠誠的客戶在 24 年的活動略有增加，但在 23 年或大流行後的時間裡，由於行銷活動的減少，可能存在一些被壓抑的需求。因此，有些公司正在市場上測試能力、測試價格。

That's going to be good, I think from a new sales perspective, but it does put some pressure on our book out. We're going to work it through and again, feel good that that the overall story is hanging together in a little bit of a different year and 24, though than 23 and 22.

我認為從新的銷售角度來看，這會很好，但它確實給我們的書出版帶來了一些壓力。我們將一遍又一遍地研究它，感覺很好，整個故事在與 23 和 22 年稍有不同的年份和 24 中串聯在一起。

Got it. Thank you.

知道了。謝謝。

Your next question comes from the line of Suneet Kamath with Jefferies. Citi. Your line is now up and

您的下一個問題來自蘇尼特·卡馬斯 (Suneet Kamath) 與傑弗里斯 (Jefferies) 的對話。花旗。您的線路現已接通並且

Great. Thanks, Good morning. And my understanding is that there's industry steady and long-term care that has either come out in the fourth quarter is coming out in the fourth quarter. Just curious if you've seen that and if there any takeaways from that and if it does come out, how would that at all impact your fourth quarter assumption review? Thanks.

偉大的。謝謝，早安。我的理解是，行業穩定和長期的護理要么在第四季度出現，要么在第四季度出現。只是好奇您是否看到了這一點，是否從中得到了任何啟示，如果它確實出現了，這會對您的第四季度假設審查產生什麼影響？謝謝。

Yes, to my knowledge, there hasn't been anything that has come out. We did not use any additional industry data when we were going through our third quarter assumption review. I would say going into our fourth quarter statutory review, we'll be using that same data set that we use for our our GAAP assumption review. If something does come out in the fourth quarter and next year, we won a process that a little bit and just make sure that we understand and any implications that it may have on our book of business.

是的，據我所知，還沒有任何事情發生。在進行第三季假設審查時，我們沒有使用任何其他行業數據。我想說的是，在進入第四季度法定審查時，我們將使用與 GAAP 假設審查相同的資料集。如果某些事情確實在第四季和明年出現，我們就贏得了一個過程，只是確保我們理解它可能對我們的業務產生的任何影響。

But we feel really good about utilizing our experience that we've added more data to date have said over the last year. And that just really can confirm the vast majority of the assumptions we had. So I don't I don't see that driving any sort of change in our view of Q4 if and when it comes out.

但我們對利用我們的經驗感到非常滿意，我們在過去的一年裡添加了迄今為止更多的數據。這確實可以證實我們的絕大多數假設。因此，我認為，如果第四季發布的話，我不認為這會導致我們對第四季的看法發生任何變化。

Got it. Okay, thanks. And then I guess sticking with LPC. mean, you mentioned you're still at it in terms of risk transfer. I'm just curious if the country if there's any change in sort of the conversations that you're having some. And then maybe any commentary that you could give on just sort of how deep is the market in terms of like counterparties that are in?

知道了。好的，謝謝。然後我想還是繼續使用 LPC。意思是，您提到在風險轉移方面仍在努力。我只是好奇這個國家你們正在進行的對話是否有任何變化。然後，也許您可以就類似交易對手的市場深度發表任何評論？

I'm interested in this these types of blocks of business mix, curious any risk transfer as we were very clear on, we are still very much interested in. It makes sense for us to continue to pursue it. In terms of the change, we really haven't seen a dramatic change. We've talked to multiple counterparties looking at multiple ways. They think about the business and how there may be a deal to be done between the two counterparty is that continues to be a very active dialogue. I think you also have interested parties out. There are clearly interested in the assets associated with long-term care and what they see over the horizon. So we're going to we're going to stay at it.

我對這些類型的業務組合感興趣，對任何風險轉移感到好奇，因為我們非常清楚，我們仍然非常感興趣。我們繼續追求它是有意義的。就變化而言，我們確實沒有看到戲劇性的變化。我們已經與多個交易對手進行了交談，尋求多種方式。他們考慮業務以及兩個交易對手之間如何達成交易，這仍然是非常積極的對話。我認為你們也有感興趣的各方。人們顯然對與長期照護相關的資產以及他們所看到的未來​​感興趣。所以我們會堅持下去。

I think we've been very consistent in terms of how we've approached the market and what we continue to see out there and the ability to do something. But we've also said these are these are difficult deals to do. And so making sure we can have buyers and sellers and do so that in a way that the price and structure makes sense to us is something we're is still very active on.

我認為我們在進入市場的方式、我們繼續看到的情況以及做某事的能力方面一直非常一致。但我們也說過，這些都是很難做的交易。因此，我們仍然非常積極地確保我們能夠擁有買家和賣家，並以對我們有意義的價格和結構的方式做到這一點。

Okay. Thanks, Rick.

好的。謝謝，瑞克。

Your next question comes from the line of John Barnidge with Piper Sandler. John, your line is now open.

你的下一個問題來自約翰·巴尼奇和派珀·桑德勒的台詞。約翰，您的線路現已開通。

Good morning. Thanks for the opportunity. If you were not to pursue a restraint for, can you maybe talk about how long it would take for the policy to run off? Thank you.

早安.感謝您提供的機會。如果不追求限制，能否談談政策需要多久才能失效？謝謝。

Yes. So we are very clear. We are pursuing risk transfer. But Steve, maybe just talk about the dynamics of the.

是的。所以我們非常清楚。我們正在尋求風險轉移。但史蒂夫，也許只是談談動態。

Yes, bought duration. Yes. I mean, we I don't know that we've publicly disclosed the duration of our LTC book. I mean it E&O for suffice to say that this is a multi-decade type of runoff for a book of business like this around LTC. So I think probably the sale of point here is that when we're looking at or a risk transfer deal, we feel good about running this book of ourselves.

是的，購買了期限。是的。我的意思是，我們不知道我們是否公開披露了 LTC 書的期限。我的意思是，E&O 足以說明，對於一本圍繞 LTC 的商業書籍來說，這是一場長達數十年的徑流。因此，我認為這裡的賣點可能是，當我們考慮或進行風險轉移交易時，我們對自己經營這本書感覺良好。

We feel good about managing this book ourselves. But as Rich said, is just now strategically aligned with everything else we do. And so all things being equal for the right price, we would like to transfer risk. We know that it impacts our valuation. And so we want to be smart about it but done. We also feel very good about our projections that understanding our book and being able to manage it. So if and when we were able to look though at a price discovery and just think that through, we would definitely still contemplate doing something, but I'd have to be at a price.

我們對自己管理這本書感覺很好。但正如里奇所說，現在與我們所做的其他一切在戰略上保持一致。因此，在價格合適的情況下，我們希望轉移風險。我們知道這會影響我們的估值。因此，我們希望明智地處理這件事，但還是要完成。我們對理解我們的書並能夠管理它的預測也感到非常滿意。因此，如果當我們能夠審視價格發現並思考到底時，我們肯定仍然會考慮做某件事，但我必須付出代價。

That makes sense. So helpful, thank you. And my follow-up question, HR Connect and lead management systems seem to be winning business and others are following suit and building their own platforms. Can you maybe talk how you view the tech connectivity winning in the large case market and how you're positioning for the fourth quarter as well? Thank you.

這是有道理的。很有幫助，謝謝。我的後續問題是，HR Connect 和潛在客戶管理系統似乎正在贏得業務，其他人也正在效仿並建立自己的平台。您能否談談您如何看待在大型機箱市場中獲勝的技術連接以及您對第四季度的定位？謝謝。

Yes. Thanks, John. And Chris again, yes, you've got there's a lot of focus on a big decisions that are larger prospects and customers make around human capital management platform that they choose. And when they make that decision of it's one way that ecosystem becomes, you know, the real cornerstone of how they want to run their company from a people perspective, how we are intentional investments, which are multi-year. And I think that's important. We've been at this for quite some time, our investments of feed into that ecosystem in a very robust way.

是的。謝謝，約翰。克里斯再次強調，是的，您非常關注重大決策，這些決策是更大的前景和客戶圍繞他們選擇的人力資本管理平台做出的。當他們做出決定時，生態系統就成為他們希望如何從人的角度來經營公司的真正基石，我們如何進行有意投資，這是多年期的。我認為這很重要。我們已經在這方面投入了相當長的一段時間，我們的投資以非常穩健的方式融入這個生態系統中。

You attach of not only kind of the administrative elements of benefits, but also the lead element are totally initiative has been designed to build into our HR, Kinect and Kinect very well there. So it's a robust one-two punch that really solves a big problem for employers and places the as I said, the ecosystem that they want so that the runway on that as long and we can continue to add services and capabilities that the that enhance that offering are at the quarter. It's still a bundled insurance approach where we've got wonderful financial protection products that fit really well. And we've got designs on what we can add. We want to continue to execute on its been a wonderful winning proposition and become a bigger and bigger part of our sales each quarter.

您不僅附加了福利的管理要素，而且還附加了主導要素，這些要素完全是主動設計的，旨在很好地融入我們的人力資源、Kinect 和 Kinect 中。因此，這是一個強大的一二拳，真正為雇主解決了一個大問題，並建立了他們想要的生態系統，只要跑道足夠長，我們就可以繼續添加服務和功能，從而增強該生態系統報價是在季度。這仍然是一種捆綁保險方法，我們擁有非常適合的精彩財務保護產品。我們已經對可以添加的內容進行了設計。我們希望繼續執行這項美妙的勝利主張，並成為我們每季銷售中越來越大的一部分。

Thank you.

謝謝。

Next question comes from the line of Mark Hughes with Truist Securities. Mark, your line is now open.

下一個問題來自 Truist Securities 的 Mark Hughes。馬克，您的線路現已開通。

Yes, thanks. Good morning. How will it go natural growth who got influence the overall US growth? And did you see any change in trajectory through the quarter? Any kind of deceleration? Perhaps there was a reasonably stability in 3Q ?

是的，謝謝。早安.自然成長將如何影響美國整體成長？您認為本季的發展軌跡有任何變化嗎？有什麼減速方式嗎？也許第三季相當穩定？

Yes, I would say it was reasonably steady in the third quarter is just over 3%. If you go back, there were periods of time during the pandemic or post pandemic, when that growth have gotten up to 5%, maybe a little bit more. So it was creating quite a bit of tailwind.

是的，我想說第三季的成長率相當穩定，略高於 3%。如果你回顧過去，在疫情期間或疫情後的某些時期，成長率達到了 5%，甚至更高一點。所以它創造了相當大的順風。

A lot of that was during periods of time wage inflation, but also we were seeing very strong employment. I would say it's kind of normalized more our expectation going forward and kind of historically that might have been between 2% and 3% that would impact our growth every year.

其中很大一部分是在薪資上漲時期發生的，但我們也看到了非常強勁的就業情況。我想說的是，我們對未來的預期更加正常化，從歷史上看，這可能會在 2% 到 3% 之間，這會影響我們每年的成長。

Yes. And then the international growth, anything I kind of structural or your competitive positioning within those markets that we should allow you to keep up the rate of growth? Or is that a good period and move see how it next year goes?

是的。然後是國際成長，無論是結構性的還是您在這些市場中的競爭定位，我們應該讓您保持成長速度？或者這是一個好的時期，看看明年會怎麼樣？

I appreciate the question. I will turn it over to Mark. Go ahead.

我很欣賞這個問題。我會把它交給馬克。前進。

The high 10s in the business, fundamentally different about the market in which we will continue to diminish them. So we think there's some during holding the quality of the proposition, strengthened relationships with the brokers, and that's been reflected in the new business that has been routing sitting at the moment are still confident that it is secured we've been making and the market is still remaining maturities.

業務中的前十名與我們將繼續減少它們的市場有著根本的不同。因此，我們認為，在維持主張的品質、加強與經紀人的關係的過程中，這已經反映在目前正在路由的新業務中，我們仍然相信我們一直在做的事情和市場是安全的尚有剩餘期限。

Thank you. As Mark.

謝謝。正如馬克.

Your next question comes from Diane Jimmy Bhullar with JPMorgan. Jamie, your line is now open.

您的下一個問題來自摩根大通的黛安·吉米·布拉爾 (Diane Jimmy Bhullar)。傑米，您的線路現已開通。

Hi, good morning. So most of my questions were answered, but just on the disability business, obviously your margins have been pretty strong the last couple of years, your competitors have been as well. And it seems like you're expecting results do remain better than average the near term. But what gives you the confidence that eventually maybe a year or two years out, we won't revert to veer margins used to be pre pandemic. Like what are the dynamics in the market that might be different now versus before?

嗨，早安。我的大部分問題都得到了解答，但就殘疾人業務而言，顯然過去幾年你們的利潤率相當高，你們的競爭對手也是如此。您似乎預計短期內的結果確實會比平均值好。但是什麼讓你有信心最終可能在一兩年後，我們不會恢復到疫情大流行前的利潤率。例如現在的市場動態與以前相比可能會有所不同？

Yes, Jamie, this is Steve. I would say kind of comes back to fundamentally there's there's two variables when we think about group disability benefit ratio is one is just the performance of claims experience itself. And I would say we have a lot of confidence that the levels of recovery yet people back to work in a productive way that those are sustainable.

是的，傑米，這是史蒂夫。我想說，從根本上來說，當我們考慮團體殘障福利比率時，有兩個變量，一個是索賠體驗本身的表現。我想說的是，我們對復甦水平和人們以富有成效的方式重返工作崗位的水平充滿信心，這是可持續的。

What we know why that's happened and we know what we've done within our business operations to drive those results. So I think we have a lot of confidence that those are sustainable. And then the question becomes what the market will do from a pricing perspective. And then, Chris, I know we've kind of covered this, but just to kind of reiterate,

我們知道為什麼會發生這種情況，也知道我們在業務運作中做了什麼來推動這些結果。所以我認為我們對這些是可持續的充滿信心。然後問題就變成了從定價角度來看市場會做什麼。然後，克里斯，我知道我們已經討論過這一點，但只是重申一下，

Happy to add Jimmy. Again, it gets back to that is when you have a broader relationship with our customers and we're solving challenges around, we lead management, we fit the ecosystem from an HR can another platform connectivity that is important to them.

很高興添加吉米。再說一次，當你與我們的客戶建立更廣泛的關係，我們正在解決周圍的挑戰時，我們領導管理層，我們從人力資源到另一個對他們很重要的平台連接來適應生態系統。

That conversation around price is still very important, but it's a much more long-term stability type of a theme as opposed to, hey, this is a commodity market and you can drive price to the lowest experience level. So in Wilma, recovering pricing in general are challenging times. You've move up slowly. And I think when you're in good times, you kind of balanced more towards the current and you move down more slowly. So we do see a good long-term value prop, balanced approach that will work for the time for the future.

圍繞價格的對話仍然非常重要，但這是一個更長期穩定的主題類型，而不是，嘿，這是一個商品市場，你可以將價格推至最低的體驗水平。因此，在威爾瑪，恢復定價總體上是充滿挑戰的時期。你已經慢慢進步了。我認為，當你處於美好時光時，你會更加平衡當前的情況，並且會更緩慢地下降。因此，我們確實看到了一種良好的長期價值支撐、平衡的方法，將在未來發揮作用。

Okay. And then maybe on long-term care, you obviously had the charge last year. And since then, it seems like than you've been getting price increases. So that's a positive, but the net premium ratio has gotten worse. So what are what is it that someone can monitor from the outside to sort of assess whether or not you're nearing a potential need to raise reserves in the business Again?

好的。然後也許在長期照護方面，你去年顯然有這筆費用。從那時起，價格似乎一直在上漲。所以這是積極的，但淨保費比率變得更糟。那麼，有人可以從外部監控什麼來評估您是否接近再次提高業務準備金的潛在需求呢？

Yes, I would say the thing to think about there and the MBR did go up and I am going to get into details of that, but it did go up this period by 80 basis points. About 50 basis points of that was the adjustment that we made to our group persistency. And just to kind of put that into context, that represents about 25 million of GPB. So pretty small changes in how we think about reserve adequacy can drive some pretty big moves in that MPR. So you definitely have seen the impacts of the higher claims incidence over the last year or so increase in the GPVA., so or increase in the MPR.

是的，我想說的是要考慮的事情，MBR 確實上漲了，我將詳細介紹這一點，但這段時期確實上漲了 80 個基點。其中約 50 個基點是我們對集團持久性所做的調整。簡單來說，這相當於約 2500 萬英鎊。因此，我們對儲備充足性的看法發生很小的變化，就可能推動貨幣政策利率發生一些相當大的變化。因此，您肯定已經看到了過去一年左右較高的索賠發生率對 GPVA 的影響，以及對 MPR 的影響。

So I think that's still kind of a good good thing to monitor. Just the movements of that. I'd also say that the MTR has gone down in periods and it really just depends on what the experiences which cohorts it hits and how that flows through into the financials. Those are the MPR. I'd also say just generally speaking, the closed block business is well within the range of our absolute earnings expectations that we set forth at the beginning of the year. So but by and large, I think it comes back to those base. Are we executing on the rate increase? What's the MP. are doing and what our apps diluted earnings for the line of business during the period.

所以我認為這仍然是一件值得監控的好事情。只是那個動作。我還想說，地鐵已經在一段時間內下降，這實際上只取決於它所影響的群體的經歷以及這些經歷如何流入財務。這些就是 MPR。我還想說，一般來說，封閉的區塊業務完全在我們年初提出的絕對獲利預期範圍內。但總的來說，我認為這又回到了這些基礎。我們正在執行升息嗎？議員是什麼。正在做什麼以及我們的應用程式在此期間稀釋了業務線的收入。

Thank you.

謝謝。

Your next question comes from the line of Elyse Greenspan with Wells Fargo. At least your line is now open.

你的下一個問題來自艾莉絲‧葛林斯潘與富國銀行的對話。至少你的線路現在是開放的。

Hey, good morning. Thank you, Nick on for Louise. Thanks for squeezing me in here. Most of mine have been answered as well. But just wanted to touch on group life and just see what what's driving the confidence there that we should keep seeing robust results? And should the expectation from us speed that we should see this come into 25? Or is this just a purely 24 dynamic?

嘿，早安。謝謝你，尼克替路易絲發言。謝謝你把我擠在這裡。我的大部分問題也都得到了解答。但只是想談談群體生活，看看是什麼推動了我們應該繼續看到強勁結果的信心？我們對這情況的期望是否應該達到 25？或者這只是純粹的24小時動態？

Yes, Steve, I'll cover that. In the group life block. It's a tough one to predict just because of the nature of the product and we actually have a relatively small block. So you can see some Voltaire volatility there period over period. What we've seen over the last several quarters is just really good incidence on that block and that that can be volatile over time. What we're seeing.

是的，史蒂夫，我會介紹這一點。在團體生活區。由於產品的性質，這是一個很難預測的問題，而且我們實際上擁有一個相對較小的區塊。所以你可以看到一段時間內伏爾泰的一些波動。我們在過去幾個季度中看到的情況是，該區塊的發生率非常高，並且隨著時間的推移可能會波動。我們所看到的。

And we still feel like that's 70% benefit ratio is a decent kind of planning metric as we look into the fourth quarter will look at how the fourth quarter is playing through as we get into kind of guidance that we get for Investor Day that 2025. So I don't want to get ahead of that and really give any guidance there. But we think at least in the short term, that 70% is probably a good estimate to use. But again, it can bounce around a little bit. So sometimes it's harder to predict.

我們仍然認為 70% 的福利比率是一個不錯的規劃指標，因為我們在進入第四季度時將了解第四季度的表現，同時我們將獲得 2025 年投資者日的指導。所以我不想提前提供任何指導。但我們認為至少在短期內，70% 可能是一個不錯的估計值。但同樣，它可能會出現一點反彈。所以有時更難預測。

Got it. Okay.

知道了。好的。

Thanks.

謝謝。

That concludes our Q&A session. I will now turn the conference back over to Rick McKenney for closing remarks. Rick.

我們的問答環節到此結束。現在，我將把會議轉回給 Rick McKenney 致閉幕詞。瑞克.

Great. Thank you. I want to appreciate much appreciation for everyone joining us this morning and for your continued interest in Unum third-quarter results. Very good. We are very focused on the fourth quarter as we wrap up here and looking into 2025, we will be around looking forward to connecting with the number of you over the course of the fourth quarter. And once again, this will conclude our third quarter 2024 call.

偉大的。謝謝。我要對今天早上加入我們的每個人以及你們對 Unum 第三季業績的持續關注表示衷心的感謝。非常好。我們非常關注第四季的情況，展望 2025 年，我們將期待在第四季與你們建立聯繫。我們的 2024 年第三季電話會議將再次結束。

Thank you. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。