普登 (UNM) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to Unum Group 3Q 2025 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。我叫貝拉，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Unum Group 歡迎各位參加 2025 年第三季業績電話會議。（操作說明）

I would now like to turn the conference over to Matt Royal, Head of Investor Relations. You may begin.

現在我將把會議交給投資者關係主管馬特·羅亞爾。你可以開始了。

Thank you, Bella, and good morning to everyone. Welcome to Unum Group's third quarter 2025 earnings call, which will include a discussion of our annual reserve assumption review. Please note that today's call may include forward-looking statements, and actual results, which are subject to risks and uncertainties, may differ materially and we are not obligated to update any of these statements.

謝謝你，貝拉，大家早安。歡迎參加 Unum Group 2025 年第三季財報電話會議，會議將包括對年度儲備假設審查的討論。請注意，今天的電話會議可能包含前瞻性陳述，但實際結果受風險和不確定性因素的影響，可能與前瞻性陳述有重大差異，我們沒有義務更新任何此類陳述。

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, Unum released our third quarter earnings press release and financial supplement. Those materials, which include an overview of the GAAP reserve assumption update and updates to key sensitivities, 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.

有關可能導致實際結果與預期結果不同的因素的說明，請參閱我們的獲利報告和我們定期向美國證券交易委員會提交的文件。昨天下午，Unum發布了第三季財報和財務補充文件。這些資料包括 GAAP 儲備假設更新概述和關鍵敏感性更新，可以在我們網站的投資者關係部分找到，同時還可以找到最直接可比較的 GAAP 指標的簡報以及今天簡報中包含的任何非 GAAP 財務指標的調整表。

References made today to core operations, sales and premium, including Unum International, 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 Zabel; Tim Arnold, who heads our Colonial Life and Voluntary Benefits Lines; Chris Pyne for Group Benefits; and Mark Till, CEO of Unum International.

現今提及的核心業務、銷售和保費（包括 Unum International）均以固定匯率為基礎列示。參加今天早上電話會議的有：Unum 總裁兼執行長 Rick McKenney；財務長 Steve Zabel；負責 Colonial Life 和自願福利業務的 Tim Arnold；負責團體福利的 Chris Pyne；以及 Unum International 執行長 Mark Till。

Now let me turn it over to Rick for his comments.

現在讓我把麥克風交給瑞克，聽聽他的看法。

Great. Thank you, Matt, and good morning, everyone. We appreciate you joining us today. Our third quarter results underscore the strength of our core businesses, which have delivered consistent performance throughout 2025. Year-to-date solid premium growth, which is up 4%, and disciplined execution continue to drive industry-leading margins and robust capital generation.

偉大的。謝謝你，馬特，大家早安。感謝您今天蒞臨。我們第三季的業績凸顯了我們核心業務的實力，這些業務在 2025 年全年都保持了穩定的業績。今年迄今為止，保費成長穩健（成長 4%），加上嚴格的執行，繼續推動業界領先的利潤率和強勁的資本產生。

We will get to the details of our assumption updates, particularly on the Closed Block, which in aggregate increased reserves and had an after-tax impact of $378 million. The changes there include a series of actions we are taking to continue to manage the block while still affirming our view of no additional capital contributions needed behind this business.

我們將詳細介紹我們的假設更新，特別是關於封閉區塊的更新，該更新總體上增加了儲量，稅後影響為 3.78 億美元。這些變化包括我們正在採取的一系列措施，以繼續管理該業務板塊，同時仍堅持我們認為該業務不需要額外資本投入的觀點。

Turning to the details of the quarter. We delivered another solid performance across the board from top line growth to bottom line profitability. While earnings per share of $2.09 fell below our overall expectations, this is primarily due to volatility in the Closed Block. Importantly, our core businesses have exceeded our most recent expectations and continue to demonstrate healthy margins and strong returns.

接下來我們來看看本季的具體情況。從營收成長到利潤提升，我們各項業績都表現穩健。雖然每股收益 2.09 美元低於我們的整體預期，但這主要是由於封閉交易市場的波動性造成的。重要的是，我們的核心業務已經超出了我們最近的預期，並繼續保持健康的利潤率和強勁的回報。

Our core business profitability trends are underscored by continued discipline in pricing and risk selection as we show continued strength in both group disability and group life. Each have shown very favorable levels of earnings power. And we are particularly pleased with the premium growth across our core segments, which grew nearly 4.5% excluding transactions.

我們在定價和風險選擇方面持續保持嚴謹，這凸顯了我們核心業務盈利能力的持續增長，我們在團體殘障險和團體人壽保險領域均展現出強勁的實力。它們都展現出了非常可觀的獲利能力。我們尤其對核心業務板塊的保費成長感到滿意，不計交易額，保費成長了近 4.5%。

This includes Unum US growth of nearly 4%, Colonial Life up over 3% and International delivering 10% growth. This growth is supported by high levels of persistency and sales growth of 12% in the quarter and reflects the strength of our market position and the value employers place on our offerings. That is true for new customers, but even more so from existing clients that support our very high persistency trends.

其中，Unum US 成長近 4%，Colonial Life 成長超過 3%，International 成長 10%。這一成長得益於較高的客戶留存率和本季 12% 的銷售成長，反映了我們強大的市場地位以及雇主對我們產品和服務的重視。對於新客戶來說確實如此，但對於現有客戶來說更是如此，這印證了我們極高的客戶留存率趨勢。

Our growth is enabled by the success of key technology initiatives like HR Connect and Total Leave, which continue to differentiate us in the market. These platforms create deep connections with employers and employees who value a high-quality digital experience, backed by the expertise and empathy of our team, who are supported by the AI tools we are equipping them with. This combination of technology and human touch is driving stronger engagement and retention, and employers increasingly use as a trusted partner for integrated benefits solutions.

我們的發展得益於HR Connect和Total Leave等關鍵技術舉措的成功，這些舉措不斷使我們在市場上脫穎而出。這些平台與重視高品質數位體驗的雇主和員工建立了深厚的聯繫，這得益於我們團隊的專業知識和同理心，以及我們為他們配備的人工智慧工具的支援。科技與人性化的結合正在推動員工參與度和留存率的提高，雇主也越來越多地將我們視為值得信賴的綜合福利解決方案合作夥伴。

Delivering on our purpose and growing the number of people we protect is highly motivating to our team. It is also deeply rooted that we do so with an eye to profitability and long-term growth. Our disciplined approach to pricing and risk selection, combined with consistent execution, translates into solid product returns. Return on equity for our core operations continues to be near 20% as margins across our lines remain above historical levels.

實現我們的目標並不斷增加我們所保護的人數，對我們的團隊來說是極大的激勵。我們這樣做也根深蒂固地以獲利和長期成長為目標。我們嚴謹的定價和風險選擇方法，加上一致的執行，轉化為穩健的產品回報。由於各產品線的利潤率均高於歷史水平，我們核心業務的股本回報率繼續接近 20%。

These results demonstrate the strength and scale of our core operations and our ability to deliver sustainable margins and maintain expense discipline. Combined with our Closed Block, in aggregate, our return on equity is 11.3%. The stability of our core operations supports our ability to take strategic actions to advance our Closed Block strategy and reduce the associated overhang of this legacy business.

這些結果證明了我們核心業務的實力和規模，以及我們實現永續利潤和維持成本控制的能力。加上我們的封閉式區塊，總而言之，我們的股本回報率為 11.3%。我們核心業務的穩定性支持我們採取策略行動，推動封閉區塊策略，並減少這項傳統業務帶來的相關負擔。

The third quarter began with the successful closing of our milestone long-term care reinsurance transaction with Fortitude Re. We ceded 20% of our LTC reserves. The transaction showcased our ability to execute in the market, and we are actively pursuing additional opportunities with third parties to remove this risk.

第三季開始，我們成功完成了與 Fortitude Re 的里程碑式的長期照護再保險交易。我們捐出了 20% 的長期照護儲備金。這項交易展現了我們在市場上的執行能力，我們正在積極尋求與第三方合作的其他機會，以消除這種風險。

Meanwhile, we continue to actively manage the block from within. We implemented several actions in conjunction with our annual assumption review that derisks the block and strengthen its long-term stability. While Steve will go into more detail on these changes, I'll stress that while our strategic actions necessitate higher GAAP reserves, we are pleased that they position us to reduce the size of our existing group policies, remove an area of modeling uncertainty and supports further risk management through premium rate increases. Altogether, these steps reinforce our confidence that no future capital contributions will be necessary.

同時，我們繼續從內部積極管理該區塊。我們結合年度假設審查實施了幾項措施，以降低該板塊的風險並增強其長期穩定性。史蒂夫將更詳細地介紹這些變化，但我要強調的是，雖然我們的策略行動需要更高的 GAAP 準備金，但我們很高興這些行動使我們能夠減少現有團體保單的規模，消除建模的不確定性，並透過提高保費率來支持進一步的風險管理。總而言之，這些措施增強了我們的信心，未來無需再追加資本投入。

Turning to the balance sheet. Our investment portfolio continues to perform well. We have derisked the portfolio, improved credit quality and positioned ourselves for future market cycles. Our portfolio maintains an A- average rating with historically low exposure to below investment-grade securities.

接下來看一下資產負債表。我們的投資組合持續表現良好。我們降低了投資組合的風險，提高了信貸質量，並為未來的市場週期做好了準備。我們的投資組合保持著 A- 的平均評級，並且歷史上對投資等級以下證券的曝險很低。

Our overall position, combined with strong underlying statutory earnings of approximately $300 million, resulted in holding company liquidity of $2 billion and an RBC ratio of over 450%, both well above targets. This robust level of capital provides tremendous flexibility to pursue our strategy and return capital to shareholders. Through the first nine months of the year, we have returned nearly $1 billion to shareholders, including $750 million in share repurchases and $230 million in dividends.

我們整體的財務狀況，加上約 3 億美元的強勁法定收益，使得控股公司擁有 20 億美元的流動資金，RBC 比率超過 450%，這兩項指標都遠超目標。雄厚的資本實力為我們實施策略和向股東返還資本提供了極大的靈活性。今年前九個月，我們已向股東返還了近 10 億美元，其中包括 7.5 億美元的股票回購和 2.3 億美元的股息。

Our capital priorities have not changed, first, to invest in strategic initiatives that strengthen our core businesses, second, to pursue selective M&A opportunities that complement our capabilities, and third, to execute on shareholder-friendly actions through increasing dividends and share repurchases. These priorities reflect our disciplined approach to building franchise value and delivering long-term returns.

我們的資本優先事項沒有改變，首先是投資於能夠加強我們核心業務的策略性舉措，其次是尋求能夠補充我們能力的選擇性併購機會，第三是透過增加股利和股票回購來執行有利於股東的行動。這些優先事項體現了我們為提升特許經營價值和實現長期回報而採取的嚴謹方法。

Underpinning these strong financial results is our team that is relentlessly focused on protecting more people and exceeding customer expectations in time of need. Our digital-first disciplined approach is driving favorable operating trends as we advance our market-leading positions and prepare for continued growth into 2026.

這些強勁的財務表現離不開我們團隊的不懈努力，他們致力於在客戶需要時保護更多人並超越客戶的期望。我們以數位化為先導的嚴謹方法正在推動良好的營運趨勢，鞏固我們的市場領先地位，並為2026年的持續成長做好準備。

With that, I'll turn it over to Steve for some more details on the quarter. Steve?

接下來，我將把麥克風交給史蒂夫，讓他為大家帶來本季的更多細節。史蒂夫？

Great. Thank you, Rick, and good morning, everyone. As Rick mentioned, we're pleased with the results of our core business, which continues to show strength and sustainability for both top line trends and margins.

偉大的。謝謝你，里克，大家早安。正如里克所提到的，我們對核心業務的業績感到滿意，其營收趨勢和利潤率均持續保持強勁勢頭和可持續性。

In the quarter, core operations premium grew 2.9%, which does include the impact of both the ceded IDI business from our LTC reinsurance transaction and the runoff of our sold stop loss business. When adjusting for these impacts, premium growth exceeded 4% driven by strong persistency that continue to outpace our expectations.

本季核心營運保費成長了 2.9%，其中包括我們長期照護再保險交易中分出的 IDI 業務以及我們已售止損業務的終止。剔除這些影響後，保費成長超過 4%，這主要得益於強勁的保單持續率，而保單持續率又繼續超出我們的預期。

Additionally, while a smaller sales quarter, results were robust with core operation sales growing 12.2%. This provides good momentum as we enter the fourth quarter, our largest sales quarter, and we remain confident in our full year outlook for core operations sales to be relatively consistent with last year.

此外，雖然本季銷售額較小，但業績依然強勁，核心業務銷售額成長了 12.2%。這為我們進入第四季度（我們最大的銷售季度）提供了良好的勢頭，我們仍然對全年核心業務銷售額與去年保持相對一致的前景充滿信心。

Third quarter adjusted after-tax operating income per share was $2.09, down from $2.13 in the same period last year, reflecting strong core business returns of over 20% that did normalize from the historic highs we saw throughout 2024.

第三季調整後稅後每股營業收入為 2.09 美元，低於去年同期的 2.13 美元，反映出核心業務強勁的回報超過 20%，但已從 2024 年的歷史高點回落。

Additionally, the results of our annual reserve assumption review that we completed in the third quarter resulted in an overall net increase in reserves of $478.5 million pretax or $377.8 million after tax across our product lines.

此外，我們在第三季完成的年度準備金假設審查結果顯示，我們所有產品線的準備金稅前淨增加 4.785 億美元，稅後淨增加 3.778 億美元。

In our core businesses, the impact was favorable with reserve releases totaling $162 million pretax. In addition, the review recognized the recent elevated incidence experience in our long-term care business. It also reflected the implementation of several strategic actions within the block, which helped reduce the long-term care risk profile and further advance our Closed Block strategy. As I outline results for each segment, I'll provide additional detail on the impacts of the assumption update in my overview.

在我們的核心業務中，影響是有利的，稅前釋放的儲備金總額達 1.62 億美元。此外，審查也注意到我們長期照護業務近期發病率上升的情況。這也反映了在該區域內實施的幾項策略行動，這些行動有助於降低長期照護風險，並進一步推動我們的封閉式區域策略。在概述每個部分的結果時，我將在概述中提供關於假設更新的影響的更多細節。

So starting with Unum US. The segment produced adjusted operating income of $334.9 million for the third quarter of 2025 compared to $363.3 million a year ago. Not included in adjusted income is the impact of our third quarter assumption update, a $147.7 million reserve release driven primarily by $105.8 million of group disability releases. The group disability release reflects the favorable recovery trends in long-term disability, and we continue to believe recent levels of recoveries are sustainable.

首先從 Unum US 開始。該業務部門 2025 年第三季調整後營業收入為 3.349 億美元，去年同期為 3.633 億美元。調整後的收入不包括我們第三季假設更新的影響，即1.477億美元的準備金釋放，這主要是由於1.058億美元的團體殘障賠償釋放所致。團體殘障保險的發布反映了長期殘障保險的良好恢復趨勢，我們仍然相信近期的恢復水準是可持續的。

Reflecting these positive recovery trends, group disability produced adjusted operating earnings of $133.5 million in the quarter compared to $156.7 million a year ago. While down year-over-year, results this quarter reflect a benefit ratio of 61.3%, in line with our low 60s guidance, driven by continued strong recoveries. This translated to an ROE greater than 25%.

受這些正面復甦趨勢的影響，團體殘障保險業務本季調整後營業利潤為 1.335 億美元，而去年同期為 1.567 億美元。儘管年比有所下降，但本季業績反映出效益率為 61.3%，與我們 60% 左右的預期相符，這主要得益於持續強勁的復甦。這意味著淨資產收益率超過 25%。

Adjusted operating income for group life and AD&D was $88.1 million, which exceeded our expectation but was lower than last year's high watermark of $94 million. The benefit ratio of 66% outperformed our outlook of approximately 70%, driven by lower overall incidents including favorable trends in AD&D. We continue to expect a 70% benefit ratio for this business with normal period-to-period volatility.

經過調整的團體人壽和意外死亡及殘障保險營業收入為 8,810 萬美元，超出了我們的預期，但低於去年 9,400 萬美元的最高紀錄。66% 的收益比率超過了我們約 70% 的預期，這主要得益於整體事故率的降低，包括 AD&D 的有利趨勢。我們仍預期該業務的收益率為 70%，並且存在正常的周期性波動。

Our supplemental and voluntary lines showed a year-over-year increase in operating income driven by growth in our voluntary benefits business. Growth in this segment was despite the impact of our ceded IDI business that was part of our long-term care reinsurance transaction. Adjusted operating income of $113.3 million was above the $112.6 million a year ago and slightly exceeded our expectation of approximately $110 million that we communicated following the transaction.

我們的補充和自願保險業務的營業收入年增，這主要得益於我們自願福利業務的成長。儘管我們分拆的IDI業務（作為我們長期護理再保險交易的一部分）產生了影響，但該業務板塊仍然實現了成長。經過調整後的營業收入為 1.133 億美元，高於去年同期的 1.126 億美元，略高於我們在交易完成後所預期的約 1.1 億美元。

So then wrapping up the discussion on Unum US. Top line trends were healthy, sales grew 16.1% and premium increased 1.9% but was impacted by factors such as the ceded IDI premium for the long-term care reinsurance transaction and the runoff of our stop-loss business. Adjusting for these items, premium increased nearly 4%. Specifically for group disability, adjusted premium growth would have been approximately 3%.

那麼，關於 Unum US 的討論就到此結束。營收趨勢良好，銷售額成長 16.1%，保費成長 1.9%，但受到長期照護再保險交易的分出 IDI 保費和停損業務的終止等因素的影響。剔除這些因素後，保費上漲了近 4%。具體來說，團體殘障保險的調整後保費成長率約為 3%。

While sales were strong in the third quarter, it is a smaller sales quarter for Unum US and therefore persistency was a key driver for premium growth as it has been all year long. Persistency for total group was 89.8% compared to 92.5% a year ago and above our expectations coming into the year.

雖然第三季度銷售額強勁，但對於 Unum US 而言，這是一個銷售額較小的季度，因此保費持續率是保費成長的關鍵驅動因素，就像全年一樣。整個群體的堅持率為 89.8%，而一年前為 92.5%，高於我們年初的預期。

Now shifting to Colonial. Adjusted operating income of $116.6 million was above the $113.4 million from the year ago results, driven by growth in the business as evidenced by a premium that grew 3.3% from prior year. Underlying the premium growth was persistency of 78.7%, which was 70 basis points higher than a year ago.

現在轉向殖民風格。經調整後的營業收入為 1.166 億美元，高於去年同期的 1.134 億美元，主要得益於業務成長，溢價較上年增長了 3.3%。保費成長的根本原因是保單持續率達到 78.7%，比一年前高出 70 個基點。

In addition, sales increased 3.1% in the quarter, further demonstrating continued improvement in momentum. Finally, the results of the reserve assumption update resulted in reserve releases of $8.9 million driven by favorable morbidity trends.

此外，本季銷售額成長了 3.1%，進一步顯示成長動能持續改善。最後，由於有利的發病率趨勢，儲備金假設更新的結果導致釋放了 890 萬美元的儲備金。

Then for the International segment. Adjusted operating income totaled $38.8 million compared to $40.3 million in the prior year period. Unum UK results reported in pounds of GBP26.3 million were slightly below our expectation of the upper GBP20 million range with results primarily driven by higher disability claims in the quarter.

接下來是國際部分。調整後的營業收入總計為 3,880 萬美元，而去年同期為 4,030 萬美元。Unum UK公佈的業績以英鎊計為2630萬英鎊，略低於我們先前預期的2000萬英鎊以上，業績主要受該季度殘疾索賠增加的影響。

Top line results for our International segment continued to trend favorably with premium growth of 9.5%, including 18.7% in Poland and sales growth for the segment of 24.9%. Finally, results of the annual assumption update resulted in $5.4 million of reserve releases.

國際業務部門的營收成長動能良好，高階產品成長9.5%，其中波蘭成長18.7%，該板塊整體銷售額成長24.9%。最後，年度假設更新的結果導致釋放了 540 萬美元的準備金。

Before touching on Closed Block earnings and the related assumption update, I'll briefly cover the Corporate segment, which produced an adjusted operating loss of $47.7 million, slightly improved from the prior year results of $49.4 million driven by higher investment income, which was partially offset by onetime expenses from our recent M&A activity.

在談到封閉式交易收益和相關假設更新之前，我將簡要介紹一下公司業務部門，該部門經調整後的營業虧損為 4770 萬美元，較上年同期的 4940 萬美元略有改善，這主要得益於更高的投資收益，但部分被我們近期併購活動的一次性支出所抵消。

Rounding out the segments, the Closed Block produced adjusted operating income in the quarter of $14.1 million, which was below $34.2 million in the year-ago period driven by a combination of lower alternative investment income and unfavorable average new claim size in the long-term care line of business. Alternative investment income in the quarter was $21.7 million or an annualized yield of 6.5% compared to our outlook of 8%, putting our year-to-date annualized yield at 6.2%.

最後，各業務部門中，封閉式業務板塊本季調整後營業收入為 1,410 萬美元，低於去年同期的 3,420 萬美元，主要原因是另類投資收益下降以及長期照護業務平均新索賠規模不利。本季另類投資收益為 2,170 萬美元，年化收益率為 6.5%，低於我們先前 8% 的預期，年初至今的年化收益率為 6.2%。

Additionally, LTC experience this quarter continued to be impacted by the higher new claim size dynamic that occurred in the second quarter, though to a lesser extent. I will note that claim counts for the quarter were in line with the expectations established under our updated reserve assumptions.

此外，本季長期照護保險業務繼續受到第二季新索賠金額較高動態的影響，儘管程度有所減輕。我要指出的是，本季的索賠數量與我們根據更新後的準備金假設所做出的預期相符。

Turning now to the reserve assumption update impacts for the segment. Closed Block reserves increased $640.5 million, of which $643.1 million was attributable to long-term care. As highlighted in the earnings release, I will distinguish the changes into two categories, those representing regular assumption refinements to our liability cash flows and those that are onetime nonrecurring in nature and help advance our Closed Block strategy over the long term.

現在來看準備金假設更新對該業務板塊的影響。封閉式儲備金增加了 6.405 億美元，其中 6.431 億美元歸因於長期照護。正如收益報告中所強調的，我將把這些變化分為兩類：一類是對我們負債現金流的常規假設改進，另一類是具有一次性非經常性性質的變化，有助於從長遠角度推進我們的封閉式區塊戰略。

In terms of the liability assumption refinements, incidents has rebounded from the significant lows we saw throughout the pandemic and in recent periods have been elevated above our long-term assumptions, leveling out over the past year. While we continue to believe that some of this is delayed incidents that we did not see during the pandemic, we have increased our go-forward incidents assumptions. This resulted in an increase of reserves of approximately $300 million.

就責任假設的改進而言，事故數量已從疫情期間的顯著低點反彈，並且在最近一段時間內高於我們的長期假設，並在過去一年中趨於穩定。雖然我們仍然認為其中一些是疫情期間我們沒有看到的延遲事件，但我們已經提高了對未來事件的假設。這使得儲備金增加了約3億美元。

Importantly, with this update and with the experience seen in the third quarter, we believe that incidents counts are normalizing from the elevated levels we've seen over the past few years. In the same period of time, we have also seen consistently elevated disabled claim mortalities within the same experience set, resulting in a decrease in reserves of approximately $200 million. Taken together, these updates represent a net reserve increase of approximately $100 million.

重要的是，根據此次更新以及第三季的經驗，我們認為事故數量正在從過去幾年的高點回落至正常水平。在同一時期，我們也看到同一經驗集中殘障索賠死亡率持續上升，導致準備金減少了約 2 億美元。綜合來看，這些更新意味著淨儲備金增加了約 1 億美元。

I'll now move to the second category of impact which, as I mentioned, make up the bulk of the reserve increase and reflect onetime non-recurring actions that derisk our long-term assumptions and align with our broader strategic objectives.

現在我將轉向第二類影響，正如我所提到的，這構成了儲備金增加的大部分，反映了一次性非經常性行動，這些行動降低了我們長期假設的風險，並與我們更廣泛的策略目標一致。

First, we fully removed the morbidity and mortality improvement assumption, which added approximately $850 million to reserves. The decision to fully remove this key variable follows actuarial analysis through the post-COVID period. While evidenced through pre-COVID experience, we've elected to remove the assumption as a result of the significant reduction and then rebound of incidents in the most recent periods, which has heightened modeling uncertainty.

首先，我們完全取消了發病率和死亡率改善的假設，這為儲備金增加了約 8.5 億美元。決定完全移除這個關鍵變數是根據新冠疫情後時期的精算分析做出的。雖然新冠疫情前的經驗證明了這一點，但由於最近一段時間事件數量大幅減少後又反彈，導致建模的不確定性增加，我們選擇取消這一假設。

Next, as part of our ongoing efforts to align our portfolio with long-term strategic priorities, we took action to discontinue adding new employee coverage on existing group long-term care cases effective February 1, 2026. As a reminder, we closed our group business to new cases in [2020, 12] and have not written new group cases since that time.

接下來，作為我們持續努力使我們的投資組合與長期策略重點保持一致的一部分，我們採取行動，從 2026 年 2 月 1 日起停止為現有團體長期照護案例增加新的員工保險。提醒一下，我們已於 [2020 年 12 月] 關閉了團體業務的新案件，並且自那時起就沒有再受理過新的團體案件。

However, we historically allowed employers to enroll new employees to those existing cases. New employee pricing has been based on more recent assumptions, therefore, those coverages have been profitable and contributed margin to our business.

然而，我們歷來允許雇主將新員工納入這些現有案例中。新員工的定價是基於最新的假設，因此，這些保險產品獲利豐富，為我們的業務貢獻了利潤。

As a result of our decision, we have fully removed the estimated future margin of new employees from our reserve assumption, which increased our reserves approximately $200 million. We believe this is a sound decision that will benefit our company and stakeholders by minimizing future risks and supporting our strategic priorities.

由於我們的決定，我們已從準備金假設中完全剔除了預計未來新增員工的利潤，這使我們的準備金增加了約 2 億美元。我們相信這是一個明智的決定，它將最大限度地降低未來的風險，並支持我們的策略重點，從而使公司和利害關係人受益。

Finally, after considering all liability assumption changes, we have also reexamined our rate increase plans and assumptions. As a result, we have expanded our program, which reduced reserves by approximately $525 million. We have been very pleased with the success of our premium rate strategy over time and feel confident in achieving this updated target.

最後，在考慮了所有責任承擔變化之後，我們也重新審視了我們的費率上漲計劃和假設。因此，我們擴大了計劃規模，導致儲備金減少了約 5.25 億美元。我們對保費策略的成功感到非常滿意，並有信心實現這項更新後的目標。

In addition to changes I've described to the GAAP reserves, which were reflected in current results below the line, the assumption updates also resulted in an increase of the future lifetime loss ratio or net premium ratio from 94.9% to 97.6% sequentially.

除了我所描述的 GAAP 準備金的變化（已反映在下方的當前結果中）之外，假設更新還導致未來終身損失率或淨保費率從 94.9% 環比增加到 97.6%。

This change decreased Closed Block quarterly earnings by approximately $10 million following the update. This impact will continue in future quarters. Considering this change, combined with the impacts of lower alternative investment income in the quarter, earnings per share in the quarter were impacted by approximately $0.10. We expect a similar effect in the fourth quarter.

此次更新後，Closed Block 的季度收益減少了約 1,000 萬美元。這種影響將在未來幾季持續。考慮到這一變化，再加上本季另類投資收益下降的影響，本季每股收益減少了約 0.10 美元。我們預計第四季也會出現類似情況。

Despite the GAAP reserve impact, the statutory reserve impact, which will be finalized in the fourth quarter, is expected to be minimal, if no capital contributions needed. In addition, our long-term care protections, which consists of statutory reserves above best estimate reserves plus the excess capital at Fairwind, remained robust at approximately $2 billion. While this is a decrease, we see significant value in the trade-offs and substantial benefit of having fully dissolved and removed several assumptions.

儘管 GAAP 準備金會產生影響，但如果不需要資本投入，法定準備金的影響預計會很小，並將在第四季度最終確定。此外，我們的長期照護保障措施（包括法定儲備金高於最佳估計儲備金以及 Fairwind 的超額資本）仍然穩健，約 20 億美元。雖然這是一個減少，但我們認為權衡取捨具有重要價值，並且完全取消和消除幾個假設帶來了實質的好處。

As demonstrated this quarter, the protections not only provide substantial flexibility to manage assumption refinements but also affords us optionality. We remain firmly in a position to proactively manage the block and pursue strategic initiatives, and we are confident that no future capital contributions to support LTC reserves will be necessary.

正如本季所展示的那樣，這些保護措施不僅為管理假設細化提供了相當大的靈活性，而且還賦予了我們選擇權。我們仍有能力積極管理該板塊並推行策略舉措，我們相信未來無需再投入資金來支持長期照護儲備。

Ultimately, these updates do not change our capital outlook. In the quarter, capital metrics across the board remain robust. Holding company liquidity stood at $2 billion and traditional RBC at 455%, both well above our long-term targets and consistent with our expectations. As we approach the end of the year, we remain confident in our outlook of ending the year with greater than 425% RBC and holding company liquidity above $2 billion.

最終，這些更新並不會改變我們的資本前景。本季度，各項資本指標均維持強勁。控股公司流動性為 20 億美元，傳統 RBC 為 455%，均遠高於我們的長期目標，符合我們的預期。隨著年底臨近，我們仍然有信心實現年底 RBC 超過 425% 的目標，並且控股公司流動性將超過 20 億美元。

Through the first nine months of the year, we have returned just under $1 billion to our shareholders, comprised of $750 million in share repurchases and $230 million in common stock dividends. In the third quarter alone, we repurchased $250 million of shares and paid $78.3 million in dividends.

今年前九個月，我們已向股東返還了近 10 億美元，其中包括 7.5 億美元的股票回購和 2.3 億美元的普通股股息。光是在第三季度，我們就回購了價值 2.5 億美元的股票，並支付了 7,830 萬美元的股息。

As we close out the remainder of the year, we remain on track to repurchase shares at the top end of our previously announced range of $500 million to $1 billion. In addition, we expect to return approximately $300 million to shareholders through dividends. These actions position us to deliver a total capital return of approximately $1.3 billion to our shareholders in 2025, underscoring our ongoing commitment to enhancing shareholder value.

在今年剩餘時間裡，我們仍將按計畫回購股票，金額將達到先前宣布的 5 億美元至 10 億美元區間的上限。此外，我們預計將透過分紅向股東返還約 3 億美元。這些舉措使我們能夠在 2025 年為股東帶來約 13 億美元的總資本回報，凸顯了我們持續致力於提升股東價值的承諾。

Our robust capital position is enabled by our strong statutory earnings power, which mirrors the strong GAAP margins we saw in our core businesses. Adjusting for the onetime items related to closing our milestone LTC reinsurance transaction, normalized after-tax statutory income was approximately $300 million, demonstrating continued cash generation of our business model.

我們雄厚的資本實力得益於我們強大的法定獲利能力，這反映了我們在核心業務中取得的強勁的 GAAP 利潤率。在扣除與完成我們具有里程碑意義的長期照護再保險交易相關的一次性項目後，稅後法定收入約為 3 億美元，這表明我們的商業模式持續產生現金流。

So before wrapping up the commentary on the quarter, I'll spend a few minutes on our investment portfolio. Our portfolio's after-tax net investment gain totaled $101.2 million for the quarter and was almost entirely attributable to closing of our long-term care transaction.

在結束本季的評論之前，我將花幾分鐘時間談談我們的投資組合。本季我們投資組合的稅後淨投資收益總計 1.012 億美元，幾乎完全歸功於我們長期照護交易的完成。

As a reminder, in previous quarters, since announcing the deal, we recognized investment losses through a mark-to-market. However, gains are only recognized at closing, driving this quarter's results. The investment portfolio remains well positioned. Our portfolio's average rating is A- and both below investment-grade exposure and watch list securities are at historical lows.

提醒一下，在前幾個季度，自從宣布這項交易以來，我們透過市值計價確認了投資損失。然而，收益只有在收盤時才能確認，從而影響了本季的業績。投資組合仍處於良好狀態。我們投資組合的平均評級為 A-，投資等級以下證券和觀察名單證券的佔比均處於歷史低點。

I already discussed this quarter's alternative portfolio's performance, but we'll reiterate that while recent results have been lower than our long-term expectation, the portfolio provides immense value for our long-term care ALM strategy and has produced returns of 9% since inception.

我已經討論過本季度另類投資組合的表現，但我們要重申，雖然最近的業績低於我們的長期預期，但該投資組合為我們的長期護理資產負債管理策略提供了巨大的價值，並且自成立以來已產生了 9% 的回報。

In summary, this quarter stands as a testament to our strength and strategic focus. Our core business continues to deliver robust margins and healthy top line growth, fueling strong earnings and capital generation. The decisive actions we've taken in the Closed Block demonstrate our commitment to proactive management of this business. Our capital position remains exceptionally strong, enabling us to invest in growth, return value to shareholders and pursue new opportunities as they arise.

總而言之，本季業績證明了我們的實力和策略重點。我們的核心業務持續保持強勁的利潤率和健康的營收成長，從而推動了強勁的獲利和資本產生。我們在封閉區塊中採取的果斷行動，反映了我們對積極管理這項業務的承諾。我們的資本狀況仍然非常強勁，使我們能夠投資於成長，為股東創造價值，並在新機會出現時抓住它們。

As we look ahead to the fourth quarter and into 2026, we are energized by our momentum and confident in our ability to deliver sustainable results for all of our stakeholders. Unum is well positioned for the future and we remain focused on driving innovation, operational excellence and long-term value.

展望第四季和 2026 年，我們充滿動力，並對能夠為所有利害關係人帶來可持續的成果充滿信心。Unum 已為未來做好充分準備，我們將繼續專注於推動創新、卓越營運和長期價值。

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里克，請他做總結發言，期待你們的提問。

Thank you, Steve. As we wrap up our comments, I'd like to shine a light on our core franchise that has continued to lead in the employee benefits space for many years. We have and will steadily invest in the capabilities that will build our future and bring leading solutions to our customers.

謝謝你，史蒂夫。在結束演講之際，我想重點介紹我們的核心業務，該業務多年來一直引領著員工福利領域。我們已經並將繼續穩步投資於建立未來發展能力，並為我們的客戶帶來領先的解決方案。

There will understandably be discussion on the actions we have taken this quarter. Importantly, with our growth trajectory and the capital to back it up, we head toward the end of the year and into 2026 excited about our prospects.

可以理解，大家會對我們本季採取的行動進行討論。重要的是，憑藉我們的成長勢頭和相應的資金支持，我們對今年年底以及 2026 年的前景充滿信心。

We can now turn the call to questions, and I'll turn it over to Bella to take your questions.

現在我們可以進入問答環節，我將把電話交給貝拉，由她來回答大家的問題。

(Operator Instructions)

（操作說明）

Ryan Krueger, KBW.

Ryan Krueger，KBW。

My first question is more on the statutory side of the LTC assumption review. I know the overall impact is limited, but can you give us any more color on some of the moving parts that impacted stat, whether it be how to think about some of the changes that you did make, how it came to stat and kind of the offset from the future premium rate actions?

我的第一個問題更多是關於長期照護承擔審查的法律方面。我知道整體影響有限，但您能否更詳細地介紹一下影響統計數據的一些因素，例如您所做的一些改變是如何產生的，這些改變如何影響統計數據，以及未來保費率調整的抵消作用？

Sure, Ryan. This is Steve. Yes, I'll kind of break it down a little bit because when you think about the reserve charge, it really impacted the entire block of business. And as you know, we have about 80% of the block in Fairwind. And the way to think about it in Fairwind is the adjustments that we made, including the future rate increase adjustment that we made, really just flows through to the protections that we have there really did not impact our reported stat reserving levels within Fairwind. They're well in excess of the best estimate reserve that we would have there.

當然可以，瑞恩。這是史蒂夫。是的，我會稍微詳細解釋一下，因為當你考慮到儲備金時，它確實對整個業務板塊產生了影響。如您所知，我們在費爾溫德擁有大約 80% 的土地。在 Fairwind 中，我們應該這樣理解：我們所做的調整，包括我們所做的未來利率上漲調整，實際上只是體現在我們現有的保護措施中，並沒有真正影響 Fairwind 中報告的法定準備金水準。它們的儲備遠遠超過我們對此的最佳估計。

Then we do have 20% of the block in our Tennessee company. As you recall, we reinsured the New York block over into the Tennessee company, released quite a bit of capital in the process of doing that. We did reflect these updates as well as other updates around interest rates and what we've been doing around hedging. It did have a slight impact to what we would view as our statutory reserving levels as we go into the fourth quarter.

那麼，我們田納西州的公司就擁有該地塊 20% 的股份。如您所知，我們已將紐約的保險業務再保險給了田納西州的公司，並在此過程中釋放了相當多的資金。我們不僅反映了這些更新，還反映了利率方面的其他更新以及我們在對沖方面所做的工作。進入第四季度，這確實對我們視為法定準備金水準的指標產生了輕微影響。

I will remind, we've gone through really the work to understand changes in our best estimate to statutory reserving. We'll report those in the fourth quarter. But we have a really good handle of the impacts, and we do think that those are going to be pretty de minimis and really not impact our capital plans at all.

我再次提醒大家，我們已經做了很多工作來了解我們對法定準備金的最佳估計的變化。我們將在第四季公佈這些數據。但我們對這些影響有很好的把握，我們認為這些影響微乎其微，根本不會對我們的資本計畫產生任何影響。

And then one follow-up. You originally planned to upstream $200 million of capital out of Fairwind following the LTC transaction. I think it sounds like maybe you're going to keep it in there now, but can you give us some thoughts on the rationale there?

然後還有一次後續跟進。你原本計劃在完成 LTC 交易後，從 Fairwind 向上游注入 2 億美元的資金。我覺得你現在可能打算保留它了，但你能跟我們說說你這麼做的理由嗎？

Yes. I'm not sure we ever stated that, that was our intent. But we obviously were going to consider whether that's what we would want to do as we're going into the year-end process. I would say our view right now is we would leave it in Fairwind at this point. We feel really good about the protections we have there at $2 billion.

是的。我不確定我們是否曾經明確說過那樣的話，但那確實是我們的本意。但很顯然，在進入年末結算階段時，我們會考慮這是否是我們想要做的事情。我認為我們目前的看法是，我們會把它留在費爾溫德。我們對目前擁有的20億美元的保障措施感到非常滿意。

And I just think that's probably the prudent thing to do. So that would be our current intent.

我覺得這大概是明智之舉。這就是我們目前的意圖。

Tom Gallagher, Evercore ISI.

Tom Gallagher，Evercore ISI。

First question is just on the $500 million in change of the actuarial justified rate increases. Based on how you've laid it out, it looks like those are directly linked to the removal of the morbidity and mortality improvement assumptions and also the change in group life contracts. Is that a fair way of looking at it, that those are the main drivers of the rate increase requests?

第一個問題是關於經精算證實合理的費率上漲所帶來的 5 億美元變動。根據你的描述，這些似乎與取消發病率和死亡率改善假設以及團體人壽保險合約的變化直接相關。這種看待問題的方式是否公平，即這些是導致提價請求的主要原因？

Yes. We look at all of the assumption changes. And as we've done in the past, when we change our best estimate assumptions, we'll flow that through to how we think about the projection of the blocks and what would be actuarially justified.

是的。我們考察了所有假設的變化。就像我們過去所做的那樣，當我們改變最佳估計假設時，我們會將其應用到我們對區塊預測的思考以及精算上合理的解釋中。

I mean, I think, Tom, the context you can put it in, the normal just experience updates that we made to our assumptions, it was fairly small. And so it's reasonable to say that, that probably hasn't impacted our rate increase program as much, but it's more just because of the magnitude of the adjustments themselves. But those will all flow through to our thinking as far as the rate increase program.

我的意思是，湯姆，我認為，從你所能理解的背景來看，我們對假設所做的正常經驗更新，影響相當小。因此，可以合理地認為，這可能並沒有對我們的費率上漲計畫產生太大影響，但這更多是因為調整幅度本身就比較大。但所有這些因素都會影響我們對升息方案的思考。

Got you. And then can you -- I guess when you see a big change like this, you wonder what's sort of behind it, what's driving it. So was there anything in the experience you've been seeing in your block that would warrant these long-term assumption changes to morbidity and mortality? Or was this more due to future uncertainty and prudence?

抓到你了。然後，當你看到這樣的大變化時，你會想知道它背後是什麼，是什麼在驅動它。那麼，在你所在的區域觀察到的經驗中，是否有任何情況可以證明需要對發病率和死亡率做出這些長期假設性改變？或者，這更多是出於對未來的不確定性和謹慎考量？

Or was this more to get in line with what peers are assuming? Because I guess what I wonder is, if I'm the regulator seeing this request, is this viewed as if a management team is just becoming more prudent, are they still likely to approve it, I guess, is the thing I'm grappling with.

或者，這更多是為了迎合同行們的期待？因為我猜想，如果我是監管機構，看到這個請求，他們會認為這是管理團隊變得更加謹慎的表現，他們是否還會批准這個請求，我想，這就是我正在思考的問題。

Yes. Tom, again, I'd break it down into two pieces. Just the adjustments that we made through just the cash flow assumptions for both morbidity and mortality, that was based on what we've seen over the past several years on -- we've talked about that quite a bit as far as the higher incidents that we've seen coming out of COVID. We've also seen higher mortality in part of the block. And so that's really just reflecting that into our longer-term assumptions.

是的。湯姆，我還是會把它分成兩個部分來處理。我們僅根據過去幾年觀察到的情況，對發病率和死亡率的現金流假設進行了調整——我們已經多次討論過新冠疫情後出現的較高發病率。我們也發現該街區部分地區的死亡率較高。因此，這實際上只是將這一點反映到我們的長期假設中。

I think the key here is coming through COVID, that created a lot of uncertainty in how we view our experience set generally. And so we were comfortable for those basic assumptions that it's been reflected in our experience here long enough. It's time to go ahead and make that change.

我認為關鍵在於經歷了新冠疫情，這給我們看待自身經歷的方式帶來了許多不確定性。因此，我們對這些基本假設感到滿意，因為它們在我們這裡的長期經驗中得到了體現。是時候做出改變了。

I would say specific to morbidity improvement, we're now several years beyond the pandemic. And we have observed morbidity improvement prior to COVID. We felt really good about that assumption. The trend hasn't really fully reemerged, I would say, in recent experience. And so when we just look at that and we look at some of the uncertainty and volatility that we've seen in incidents, and mortality becomes very tough to model it and so it's created some modeling uncertainty.

就發病率改善而言，我認為我們現在已經走出了疫情的陰霾好幾年了。而且我們在新冠疫情之前就觀察到發病率有所改善。我們對這個假設感到非常滿意。就近期的經驗來看，這種趨勢並沒有真正完全重新出現。因此，當我們審視這些事件，並觀察我們所看到的一些不確定性和波動性時，就會發現死亡率很難建模，這就造成了一些建模的不確定性。

And so there's a lot of actuarial judgment around this, but we did think based on the experience that we've seen, this was the right time to go ahead and make this change and derisks our assumption set. It's one of the largest sensitivities that we had to the protections for the, block.

因此，這其中有很多精算判斷，但根據我們所看到的經驗，我們認為現在是進行這項改變並降低我們假設風險的合適時機。這是我們對封鎖措施保護措施最敏感的問題之一。

And so it just felt like the right time to go ahead and make that change. And regulators, they'll take that into account as we're going through the rate increase process. I would say we base all of our assumption changes on the experience that we've seen, and we think it's very supportable in all the moves that we would make. So I don't have any concern about that process.

所以我覺得是時候做出改變了。監管機構在進行費率上調時會考慮到這一點。我認為，我們所有的假設變化都是基於我們所看到的經驗，我們認為這在我們採取的所有行動中都是非常合理的。所以我並不擔心這個過程。

Joel Hurwitz, Dowling.

喬爾·赫維茨，道林。

First, a couple on the Fairwind protection and PDR. On the PDR, I believe there was morbidity improvement included in that. How does this change, impact that? And I guess, what's actually left to the PDR given the reinsurance transaction and movement in interest rates?

首先，關於 Fairwind 保護和 PDR 的幾個問題。我認為，PDR 中包含了發病率改善的因素。這種變化會如何影響那方面？那麼，考慮到再保險交易和利率變動，PDR 實際上還剩下什麼呢？

And then just on the $2 billion of protection, can you now provide color what portion of that is excess reserves versus capital?

那麼，關於這 20 億美元的保護措施，您能否詳細說明其中有多少是超額儲備，又有多少是資本？

Yes. I'll make a couple of points. I'll reiterate the comments I made earlier about how the assumption changes to the best estimate kind of flow through to Fairwind. And just think about it as the pro rata piece of that block, it kind of dollar for dollar affected how we think about the protections. The best estimate reserve went up.

是的。我提幾點。我將重申我先前關於假設如何轉變為最佳估計流程到 Fairwind 的評論。不妨把它看作是那塊拼圖中按比例分攤的部分，它以一比一的方式影響了我們對保護措施的看法。最佳預估儲備金增加。

The reported reserves for statutory purposes really didn't change because those are currently in a locked-in position because that reserve exceeds the premium deficiency reserve calculation. So the PDR has become less of a consideration. We think more about what our stated statutory reserves are versus that best estimate reserve.

法定準備金實際上並沒有改變，因為這些準備金目前處於鎖定狀態，因為該準備金超過了保費不足準備金的計算結果。因此，PDR（無損檢測報告）的重要性降低。我們更關注的是已公佈的法定儲備金，而不是最佳估算儲備金。

You are right. As part of the transaction, that did impact what the calculated PDR would look like because it was older age, and that's where a lot of the margin was built in with the PDR itself. But at this point, when we think about margins to the business, we think more about our best estimate reserve and where our reported locked-in statutory reserves are.

你是對的。作為交易的一部分，這確實影響了計算出的 PDR 的形態，因為它的年齡較大，而 PDR 本身就包含了大量的利潤空間。但就目前而言，當我們考慮業務利潤率時，我們會更多地考慮我們對儲備金的最佳估計以及我們報告的鎖定法定儲備金在哪裡。

Yes, sorry. And the last part of that, none of these changes really impacted excess capital within that protection calculation. The change from the $2.6 billion to the $2.0 billion would all be related to the best estimate reserve.

是的，抱歉。最後一點，這些變化都沒有真正影響到該保護計算中的超額資本。從 26 億美元到 20 億美元的變化完全與最佳估算儲備金有關。

Got it. Okay. And then shifting gears to group disability, can you just provide some more color on what you saw in the quarter in terms of incidents and recoveries? And then on the actuarial assumption review, just, I guess, what gives you comfort for further reserve releases in this business? I think this is the fifth straight year that you've had a positive assumption review in that business. And any statutory benefit from that change?

知道了。好的。接下來，我們來談談群體殘疾問題，您能否更詳細地介紹本季在事故和恢復方面的情況？那麼，在精算假設審查方面，我想問的是，在這個行業中，是什麼讓您對進一步釋放準備金感到放心？我想這應該是你們公司連續第五年獲得該業務的正面評估結果了。這項改變帶來了任何法定利益嗎？

Yes. There's a lot in there. Let me kind of click through them. So first of all, we're very pleased with the group disability benefit ratio within the quarter. Internally, from management's point of view, we've been in the range all the year when it comes to the benefit ratio right around the 62% range.

是的。裡面內容很多。讓我慢慢瀏覽一下。首先，我們對本季的團體殘障福利比率非常滿意。從管理階層的角度來看，公司內部全年福利比率都維持在 62% 左右。

This quarter is a little bit lower. I would say, first half of the year. We had a couple things with incidents that our cost was a little bit inflated, whether it was count or it was average size. That all kind of settled down in the third quarter. I would say recoveries have been very consistent throughout the year and right on our expectations. And we continue to think that operationally, those are very sustainable.

本季略低。我認為是上半年。我們遇到過幾次事故，導致成本略有虛高，無論是事故數量還是事故平均規模。第三節比賽情況就基本穩定下來了。我認為今年的復甦情況一直非常穩定，完全符合我們的預期。我們仍然認為，從營運角度來看，這些都是非常永續的。

When you think about the GAAP reserve assumptions, we do want to see some time pass before we go ahead and adjust the recovery assumptions within that reserve. We've now seen several quarters at a higher level of recoveries. And we went ahead and took the opportunity to adjust that assumption in the current period for GAAP. That's something that we'll consider in the fourth quarter for our statutory reserves, but we'll have to work through that.

在考慮 GAAP 準備金假設時，我們希望在調整該準備金中的回收假設之前，先觀察一段時間。我們已經看到連續幾季經濟復甦水準較高。於是，我們抓住機會，在本期按照 GAAP 對該假設進行了調整。這是我們第四季在計算法定儲備金時會考慮的問題，但我們需要仔細研究一下。

And anything that we would do there, we'd record in the fourth quarter. I would say it might give us a little bit of a tailwind but doesn't really impact how we think about our capital outlook.

我們在那裡所做的任何事情，都會記錄在第四節。我認為這可能會為我們帶來一些助力，但並不會真正影響我們對資本前景的看法。

Elyse Greenspan, Wells Fargo.

伊莉絲‧格林斯潘，富國銀行。

It seems like the actions you guys took with the LTC block this year do position you better for potential future risk transfer deals. So if you could just comment just relative to just discussions in the market and the potential for additional transactions with the block.

看來你們今年在長期照護保險部門採取的行動，確實讓你們在未來潛在的風險轉移交易中處於更有利的地位。所以，如果您能就市場討論以及該區塊可能帶來的額外交易發表一些評論，那就太好了。

Yes. Elyse, it's Rick. Just to talk about the market first in general. I think we've said it's been constructive in terms of dialogues that are out there. People that are interested, as we said, it ebbs and flows in terms of who's interested because it is something that needs some more detailed modeling, some better understanding. But we feel like the market is constructive around that and we're really happy to get our transaction done earlier in the year.

是的。伊莉絲，我是瑞克。先來大致談談市場狀況。我認為我們已經說過，就目前展開的對話而言，這些對話是建設性的。正如我們所說，對此感興趣的人時多時少，因為這需要更詳細的建模和更深入的理解。但我們感覺到市場對此持正面態度，我們很高興能在今年稍早完成交易。

More specifically, when you think about these actions that we've taken, we've said pretty consistently that a counterparty is going to be looking at the details. So they're going to be forming their own views of what things look like. And with all that being said, I think that some of these assumptions that we have changed, sometimes they can garner discussions in those negotiations. And so it's always good to be on a simpler basis, and I think that's what we saw as part of these actions.

更具體地說，當你思考我們採取的這些行動時，我們一直強調，交易對手將會注意細節。所以他們會逐漸形成自己對事物外觀的看法。綜上所述，我認為我們改變的一些假設，有時可以引發談判中的討論。所以，保持簡單總是好的，我認為這正是我們在這些行動中所看到的。

And then the last thing I'd say is we haven't discussed it more in detail in the Q&A, but the removal of new lives also makes it simpler in terms of what somebody -- a counterparty would need to model. So on the margins, it probably is a little bit easier. But I would say that our counterparties that we're talking to and have talked to for a long time know the details, and they form their own views around what these risks look like. And so I think it's all part of the context.

最後我想說的是，我們在問答環節中還沒有更詳細地討論過這個問題，但是移除新生命也簡化了交易對手需要建模的內容。所以從邊緣來看，這可能稍微容易一些。但我認為，我們正在洽談或已經洽談了很長時間的交易對手都了解細節，他們會根據這些風險形成自己的看法。所以我覺得這一切都是背景的一部分。

So it's a good question and I appreciate the question. We're going to stay active on it, as we've said. This is something we want to continue to do, to reduce the size of this block. And we'll stay active in the markets to help us do that.

這是一個很好的問題，我很感謝你的提問。正如我們之前所說，我們會繼續積極跟進此事。我們希望繼續這樣做，以縮小這個區塊的規模。我們將繼續積極參與市場，以幫助我們實現這一目標。

And then my second question was just a follow-up on the group disability side, right? So you guys saw better results in the Q3. I think you had been guiding to around a 62% benefit ratio in the back half. So does it feel like the Q4 could potentially be better relative to that guide also? And then can you just give us some initial thoughts on '26? Does it feel like you'll still be kind of in the low 60s there?

然後我的第二個問題只是關於群體殘疾方面的一個後續問題，對吧？所以你們在第三季取得了更好的成績。我認為你之前一直引導大家將後半段的收益率控制在 62% 左右。那麼，你覺得第四季相對於該指南來說是否有可能做得更好嗎？那麼，您能否就 26 年的比賽談談您的一些初步看法？感覺那裡的氣溫還會維持在華氏60度左右嗎？

Yes. So I would say 62% is good of an estimate as any for the fourth quarter. There will be volatility around that. And so we, again, kind of feel like each quarter this year, we've been in that range of normal volatility around kind of what our expectations were. And it was a little bit better in the third quarter, but we think 62% is still a good planning assumption as we head in the fourth quarter. And then we'll talk more about 2026 as we get into our outlook discussion for next year.

是的。所以我認為 62% 是比較合理的第四季預測值。這方面會出現波動。因此，我們再次感覺，今年每個季度，我們都處於正常的波動範圍內，大致符合我們的預期。第三季度情況略有好轉，但我們認為，進入第四季度，62% 仍然是一個合理的規劃假設。然後，當我們開始討論明年的展望時，我們會更多地談到 2026 年。

Yes. I'd just add to that, too. When you think about these levels, 62%, as we're talking about low 60s, this is a very high-returning business for us. And so making sure we continue to do that, the team is working on that. And I'd just remind, even with that range that Steve talked about in volatility, this is all at very high margins.

是的。我還要補充一點。當你考慮到這些水平，62%，也就是60%出頭，這對我們來說是一項回報非常高的業務。因此，為了確保我們繼續做到這一點，團隊正在努力。我還要提醒大家，即使像史蒂夫所說的那樣存在波動，但這一切都發生在非常高的利潤率下。

And so we're very happy with the results we saw this quarter and actually that we've seen all year.

因此，我們對本季以及全年的業績都非常滿意。

Alex Scott, Barclays.

亞歷克斯·斯科特，巴克萊銀行。

I just had a follow-up on disability. I wanted to get your views on just the pricing environment as we're heading into the enrollment period. And also maybe even just reflecting on the pricing environment over the last couple of years that will be earning in because of the longer duration nature of some of these contracts. I mean, do you have any kind of visibility on just the trajectory of sort of what's already happened over the last couple of years that will be earning in next year?

我剛剛做了殘疾情況的後續複查。我想了解您對當前定價環境的看法，因為我們即將進入報名期。此外，或許還可以反思過去幾年的定價環境，由於其中一些合約的期限較長，這將帶來收益。我的意思是，您是否對過去幾年已經發生的事情以及明年將產生的收益軌跡有任何了解？

Yes, Alex. It's Chris. Thanks for the question. The competition is out there. We've talked about it before. It's still a normal competitive environment. We also -- even the display loss ratio conversation that's been going on, we're operating at these levels because disability is a cornerstone product for what we do getting to the lead management side, it gets you into the connection to HCM platforms.

是的，亞歷克斯。是克里斯。謝謝你的提問。競爭確實存在。我們之前討論過這個問題。競爭環境依然正常。我們甚至在討論顯示損失率問題時也表示，我們之所以能達到這樣的水平，是因為殘疾是我們業務的核心產品，它能幫助我們進行線索管理，並連接到 HCM 平台。

So the conversation isn't all about price. As you step back and you think about how we work with our customers, we're very transparent on price. We renew case by case. But they look for long-term stability. And when you're doing things like solving problems around lead management and you're connected into their HCM platform and you can show them what a fair returning price is, there are some up, some down, but it does present a reasonable and fair pricing environment I think we've seen over the past period and we'd expect to continue.

所以，討論的重點不只是價格。當你冷靜下來思考我們與客戶的合作方式時，你會發現我們在價格方面非常透明。我們逐案審查。但他們追求的是長期穩定。當你處理諸如線索管理方面的問題，並且連接到他們的 HCM 平台，你可以向他們展示合理的回報價格時，雖然價格有漲有跌，但我認為我們在過去一段時間裡看到的定價環境是合理公平的，我們也希望這種情況能夠繼續下去。

Got it. Just listening at some of the peers' earnings calls, I think it sounded like there was some pressure on lead management across the industry this quarter. So I was just interested what you're seeing there, if there's any kind of repricing activity going on. Any kind of way we should think about from that this quarter?

知道了。從一些同業的財報電話會議聽來，我覺得本季整個產業的線索管理都面臨一些壓力。所以我很好奇你那邊的情況，看看是否有任何重新定價的活動。本季我們應該從哪些方面來考慮這個問題？

Again, it's Chris. Lead management is a major topic that we all do talk about quite a bit. I think there, you kind of got us into it in the first part of the question around disability pricing. That's part of it. Then you get some elements of pricing around what are people getting for the fees for services.

又是克里斯。銷售線索管理是我們經常討論的重要議題。我認為，你在關於殘疾人定價問題的第一部分，已經把我們引入這個主題了。這是其中的一部分。然後，價格方面就會牽涉到一些因素，例如人們支付服務費後能獲得什麼。

That's a little bit more granular. And then I think the third part is those states that have incorporated a new paid family medical leave plan where private options exist, and we very much participate in that, that's kind of core a core element of our lead management program. It's part of our Total Leave offering.

這樣就更細緻一些了。我認為第三部分是那些已經納入新的帶薪家庭醫療休假計劃且允許私人保險選擇的州，我們非常積極地參與其中，這可以說是我們主要管理計劃的核心要素。這是我們「全額休假」方案的一部分。

As they come on, you set a price and then you manage it over time. You take a look at the experience. You make adjustments. This is just a very normal thing we do. Obviously, we're equipped to manage that as part of our overall disability block, So it kind of absorbs in.

當它們出現時，你設定價格，然後隨著時間的推移進行管理。你看看這段經歷。你做出調整。這只是我們很平常會做的事情。顯然，我們有能力將此納入我們整體的殘疾管理系統中，所以它自然而然地就被吸收了。

But I think that might be what you're referencing in terms of some of the maturing of the business. It's maybe the new PFML states. And we work through that very normally.

但我認為，你所說的業務成熟可能指的就是這一點。這可能是新的 PFML 狀態。我們通常會很正常地處理這些問題。

Suneet Kamath, Jefferies.

Suneet Kamath，傑富瑞集團。

I wanted to come back to the premium rate increases related to the reserve review, the $523 million. Can you just unpack that a little bit and just provide some color around how this compares to what you've asked for in the past? And sort of over what time frame are you assuming that you would get these increases?

我想再談談與準備金審查相關的保費率上漲問題，即 5.23 億美元。您能否詳細解釋一下，並說明一下這與您過去提出的要求有何不同？你預計這些成長會在多長時間內實現？

And I believe in the past, you kind of had a number and you put a haircut on it for a potential that you wouldn't get what you asked for. Just wondering if there's an element of that baked in here.

我相信在過去，你會設定一個目標，然後給它加上一個「剪髮」的條件，以防你無法得到你想要的東西。我只是想知道這裡面是否包含這方面的因素。

Sure, yes. So I would say our approach is very consistent to the approach we've taken in the past any time we change our estimate assumptions that we look at that, we flow that through our future cash flows, and then we look at the different blocks of business to really understand what's actuarially supported. And then we go state by state. And we really look at past experience that we've had in those states.

當然可以。因此，我認為我們的方法與我們過去採取的方法非常一致，每當我們改變估算假設時，我們都會考慮這一點，將其傳遞到未來的現金流中，然後我們會查看不同的業務板塊，以真正了解哪些內容得到了精算支持。然後我們逐州進行。我們會認真審視過去在這些州的經驗。

Different states approve these differently as far as the pace, the significance. And so we overlay that to that aggregate premium rate request and then we come up with what our best estimate is. And we've gone through the same process. And that affects the timing as well as the magnitude of what we think should be expected. It's very consistent with what we've historically done.

不同州對這些措施的批准速度和重要性各不相同。因此，我們將此與匯總的保費率請求疊加，然後得出我們最佳的估算值。我們也經歷過同樣的過程。這會影響我們對預期結果的時間安排和規模判斷。這與我們歷來的做法非常一致。

I think we're over $5 billion of present value of approvals that we have gotten over time. So in the context of that, this adjustment, I think, is pretty manageable. I think the time frame of getting these approvals will be fairly consistent with what we've seen in the past. It usually takes three to five years anytime we have new request to kind of work its way both through the review process, the administrative process, the implementation process and then, ultimately, the effective date of the premium increase.

我認為我們迄今為止獲得的審批項目，其現值已經超過 50 億美元。所以從這個角度來看，我認為這種調整是完全可以應付的。我認為獲得這些批准所需的時間將與我們過去看到的情況基本一致。通常情況下，每當我們收到新的請求時，都需要三到五年才能完成審核流程、行政流程、實施流程，最終才能確定保費上漲的生效日期。

And so I would view this as very much consistent with the playbook that we've historically run. And I would say, we feel like we've been very successful in the past. And so we'll go through the process like we've done in the past and feel pretty confident of our ability to be able to meet that.

因此，我認為這與我們歷來奉行的策略非常一致。我想說，我們感覺過去我們取得了很大的成功。因此，我們將像過去一樣完成整個流程，並且對我們能夠滿足這一目標充滿信心。

I will say, more recently, there's been times where we've actually overperformed that assumption a little bit. We did that last year with some large states. And so we try to be prudent with the best estimate that we set but also make sure it's a very reasonable estimate. And we feel like we've done that this time around as well.

我想說，最近有些時候，我們的表現其實略微超出了這個預期。去年我們對一些大州也這樣做過。因此，我們力求謹慎地做出最佳估算，同時也要確保這是一個非常合理的估算。我們覺得這次我們也做到了。

Yes, I'd just add to that. This is a very mature process for us. And the team knows exactly how they're going to go about it and then what they're going to do, who they're going to talk to over what time frame. So we feel very confident about achieving these rate increases.

是的，我還要補充一點。對我們來說，這是一個非常成熟的過程。團隊非常清楚他們將如何著手，以及接下來要做什麼，以及在什麼時間內與誰交談。因此，我們對實現這些升息目標非常有信心。

Okay. And then I guess on group disability, one of the things that we've been hearing from other companies is around recoveries and how they're just not as strong as they have been over the past few years. Just kind of want to get a sense of what you're seeing there. Any big changes? And just any color would be helpful.

好的。關於團體殘障保險，我們從其他公司聽到的一個問題是，賠償情況不如過去幾年那麼好。我只是想了解你那邊的狀況。有什麼重大變化嗎？任何顏色都可以。

Yes. Thanks, Suneet. I mean, our team does do an incredibly good job of managing our group disability block, taking care of our customers, getting people back to work. And so when we look at that, we've talked a little bit about we had a really strong recovery year last year, and it's been very stable as we look at over the course of this year. I think what's important is the process hasn't changed when you think of what we do and how we go through that.

是的。謝謝你，蘇尼特。我的意思是，我們的團隊在管理團體殘障保險、照顧客戶、幫助人們重返工作崗位方面做得非常出色。所以當我們回顧過去時，我們已經談到去年我們經歷了非常強勁的復甦，而且從今年的情況來看，經濟一直非常穩定。我認為重要的是，當我們思考我們所做的事情以及我們完成這些事情的方式時，這個過程並沒有改變。

And so I wouldn't highlight those similar things. I think we do see, and you can see on the incident side some volatility as people submit claims. But when it comes to recoveries, our teams just doing a good job of managing this over the longer term. And I'd also caution the read across to other companies and what they see on recoveries particularly in a given quarter because I think that dynamic just isn't going to be consistent across the industry.

所以我不會著重強調那些相似之處。我認為我們確實看到了，而且從事故方面也可以看到，隨著人們提交索賠，出現了一些波動。但就恢復而言，我們的團隊在長期管理方面做得很好。我還要提醒大家，不要將這種情況直接套用到其他公司以及他們在特定季度的復甦情況上，因為我認為這種動態在整個行業中並不會保持一致。

So we feel good about where they are. Team has done a great job. Loss ratio, 61.3%. Incorporating all those things that Chris talked about, and we feel good about it.

所以我們對他們目前的情況感到滿意。團隊做得非常出色。損失率，61.3%。我們採納了克里斯提到的所有建議，感覺很棒。

Jack Madden, BMO Capital Markets.

Jack Madden，BMO資本市場。

Just one on capital management. I guess now that we're through the assumption review, you're still running with a very healthy level of excess capital. I guess, could we see a level of share buybacks potentially ramp up next year? And then maybe other uses of cash that you think could come into play?

一篇關於資本管理的文章。我想，既然我們已經完成了假設審查，你們仍然擁有非常健康的盈餘資本水準。我猜想，明年我們可能會看到股票回購規模擴大？那麼，您認為現金還有其他可能用途嗎？

Yes, sure. Thanks, Jack. And I think when you think about our capital deployment plans, they've been very consistent. We've been increasing our share repurchase over time. So maybe I'll talk a little bit about this year. I think it's probably a little bit early to talk about what we're seeing into next year.

當然可以。謝謝你，傑克。我認為，當我們審視我們的資本部署計劃時，會發現它們一直非常一致。我們一直在逐步增加股票回購。所以，也許我會稍微談談今年的情況。我覺得現在談論明年的發展趨勢可能還太早。

And the first thing I'd highlight is the strong capital generation. And so with that, you can see that building in the balance sheet. And as we redeploy that back to customers, you're starting to look at cash conversion ratio that's close to 100% between share repurchase and dividends. And so we feel good about that there.

首先我要強調的是強大的資本累積能力。因此，你可以在資產負債表中看到這棟大樓。當我們把這些資金重新投入客戶時，你會發現股票回購和分紅之間的現金轉換率接近 100%。所以，我們對此感到很滿意。

But I'll take you back and say, first and foremost, we want to put our money back into growing the core operations, how do we take these good franchises we have and just allow them to grow faster. And so that's where the cash and capital is going to go first.

但我還是要回到正題，首先，我們希望把資金重新投入核心業務的成長中，我們該如何讓現有的這些優秀加盟店發展得更快？所以，資金和資本將首先流向那裡。

Second, on the M&A front, inorganically, how can we grow. We'll certainly pursue items in the market. I think we've been consistent to say these will look more like capability acquisitions as opposed to a big block deal or something like that. So we're going to put money there when we need to.

其次，在併購方面，我們如何才能實現非有機成長？我們一定會積極尋找市場上需要的商品。我認為我們一直堅持認為，這些更像是能力獲取，而不是大宗交易之類的。所以，我們會根據需要投入資金。

And then you get back to what we've done with share repurchase over the last couple of years, and we've seen that ramp up. And I think Steve said in his comments and I've reiterated, we started the year at a range of $500 million to $1 billion. We're at the top end of that range. We feel good about that as we wrap up 2025. And then we'll have to see what we do in the future because we are in a good capital position. We are in a strong capital position, and it gives us ample flexibility to do the things that we want to do.

然後，我們再來看看過去幾年我們在股票回購方面所做的工作，我們已經看到回購規模不斷擴大。我認為史蒂夫在他的評論中說過，我也重申過，我們年初的目標金額是 5 億美元到 10 億美元之間。我們處於該範圍的上限。2025年即將結束，我們對此感到欣慰。接下來我們得看看接下來該怎麼做，因為我們目前的資金狀況良好。我們擁有雄厚的資金實力，這讓我們有充足的彈性去做我們想做的事情。

Got it. A follow-up on the premium growth outlook, especially for Unum US. I think you've been running kind of like in the 3% to 6% range on an underlying basis this year. I guess just wondering how sustainable you see that? And are you seeing any changes in kind of that natural growth rate regarding employment and wage levels given that we've seen some signs of potential labor market softening in recent months?

知道了。對保費成長前景的後續分析，特別是針對 Unum US 的分析。我認為你今年的基本收益率一直在 3% 到 6% 之間波動。我只是想知道你認為這種方式的可持續性如何？鑑於近幾個月來我們已經看到一些勞動力市場可能疲軟的跡象，您是否觀察到就業和薪資水準的自然成長率有任何變化？

Yes. I'll just start at the macro from a premium side and the growth in the company. We'll hear from each of our businesses around that because I think it's very insightful in terms of what they're seeing. I think when you think about our premium growth overall, we feel good at just continuing to engage with customers, taking on -- protecting more people. And you talked about the natural growth.

是的。我先從高端市場的宏觀角度以及公司的成長談起。我們會聽取各業務部門的意見，因為我認為這對於了解他們所看到的情況非常有啟發意義。我認為，從我們整體的優質業務成長來看，我們很高興能夠繼續與客戶互動，並保護更多的人。你談到了自然增長。

We are still seeing natural growth, and we're seeing that somewhere in the range of 3%, plus or minus. So we're still getting good natural growth behind the block. The concerns that you hear about are usually one-off in terms of what you see in the market. So we're just not seeing that in our block today.

我們仍然看到自然增長，而且增長幅度在 3% 左右，上下浮動。所以，我們仍然能從街區後面獲得良好的自然生長。你聽到的那些擔憂通常只是市場上個別現象。所以今天我們這塊街區並沒有出現這種情況。

But it's helpful to hear from each of our business lines. And maybe we'll start off in the U.S. Chris, do you want to talk a little bit about how we're feeling about premium growth and the trajectory?

但聽取各業務部門的意見很有幫助。或許我們可以先從美國開始。克里斯，你想談談我們對高端市場成長及其發展軌蹟的看法嗎？

Yes. Thanks, Rick. Yes, we remain very excited about the premium growth. Sales in the quarter were obviously quite good. There is some volatility, small quarter for -- smallest quarter over the year, as Rick pointed out the outset.

是的。謝謝你，里克。是的，我們對高額利潤的成長仍然感到非常興奮。本季的銷售情況顯然相當不錯。正如里克一開始指出的那樣，市場存在一些波動，本季規模較小——是全年最小的季度。

And we did have a couple of large wins that presented some positive volatility, which we're excited about but wouldn't expect to continue every year. Fourth quarter, rick guided to flattish sales, which makes sense and we're excited about that, but it's coupled with really strong persistency.

我們確實取得了一些大勝，帶來了一些積極的波動，我們對此感到興奮，但並不指望每年都能如此。里克預計第四季度銷售額將持平，這合情合理，我們也對此感到興奮，但這與非常強勁的持續性密切相關。

And persistency has been going up through the course of the year, where we see both close ratio on new and retained customers that are tied to our strategic investments. There's a lot of good logic as to why they're coming to us, why they're staying and also why we'll get a fair price over time. And those things add up to put us in that strong premium growth range that you referenced. And we expect that to continue, and we're really excited about it.

今年以來，客戶的持續購買率一直在上升，我們看到新客戶和留住客戶的成交率都與我們的策略投資密切相關。他們選擇來我們這裡，選擇留下，以及隨著時間的推移我們能獲得合理的價格，這其中有很多合理的邏輯。所有這些因素加起來，使我們進入了您提到的強勁的高端成長區間。我們預計這種情況會持續下去，對此我們感到非常興奮。

That's good. Tim, do you want to talk about Colonial Life and voluntary?

那挺好的。提姆，你想談談殖民地生活和志工服務嗎？

Yes. I'll start with VB on the Unum side. When you think about the industry growth rate, most of the resources we have suggest the industry growth rate in the 4% to 6% range on sales. For the last couple of years, on the Unum side, we've had double-digit sales growth and that's led to some pretty strong premium growth. In the first quarter this year, we had a really strong quarter again.

是的。我先從 Unum 端的 VB 開始講起。當你考慮產業成長率時，我們掌握的大多數資料表明，銷售額的產業成長率在 4% 到 6% 之間。過去幾年，Unum 的銷售額實現了兩位數的成長，也帶來了相當強勁的保費成長。今年第一季度，我們的業績再次非常強勁。

The second quarter was a lot softer. LIMRA indicated midyear that first -- sorry, sales for the first half of the year were a bit sluggish for the entire industry, but we see that rebounding in the third quarter, and we have expectations that 2026 will also rebounded to the range we've provided before.

第二季度比賽輕鬆得多。LIMRA 在年中表示，首先——抱歉，今年上半年整個行業的銷售額有點低迷，但我們預計第三季將出現反彈，並且我們預計 2026 年也將反彈到我們之前給出的範圍內。

Strong persistency on the Unum side led to a 5.6% earnings premium growth in the quarter. So we feel good about that. Also early indications on the 1Q pipeline looked pretty strong, especially in large case for Unum. So we continue to believe that we can perform as we have over the last few years.

Unum 業務的強勁持續性導致該季度獲利溢價成長 5.6%。所以我們對此感到很滿意。此外，第一季產品線的早期跡像也相當強勁，尤其是 Unum 的大宗訂單。因此，我們仍然相信我們能夠像過去幾年一樣取得好成績。

On the Colonial Life side, sales momentum has been improving. Growth rates are better subsequently each quarter of 2025. Our sales organization is now fully staffed and we have a high degree of confidence in their ability to execute. Our value continues to resonate with strong growth in our strategic initiatives, including cross-brand sales and Gather, which as a reminder, our proprietary HR and Benefits platform.

在 Colonial Life 方面，銷售動能一直在改善。2025 年之後每季的成長率都會有所提高。我們的銷售團隊目前人員配備齊全，我們對他們的執行能力充滿信心。我們的價值持續體現在策略性舉措的強勁成長中，包括跨品牌銷售和 Gather（再次提醒，Gather 是我們專有的人力資源和福利平台）。

Fundamentals on the Colonial side are also really, really good with recruiting of 29%. Sales from those new agents, up almost 36%. Offices that were established in 2025, new district offices, we have 20% more of those than we did last year. And sales from those new offices are up 75%. As Steve pointed out in his comments, persistency was also up 70 basis points from last year.

殖民地方面的基本面也非常好，招募率達 29%。這些新代理商的銷售額成長了近 36%。2025 年設立的辦事處，即新的地區辦事處，比去年增加了 20%。這些新辦公室的銷售額成長了 75%。正如史蒂夫在評論中指出的那樣，持股持續率也比去年提高了 70 個基點。

So that led to earnings -- sorry, earned premium growth of 3.3%, and we see that continuing into '26.

因此，這帶來了收益——抱歉，是已賺保費增長 3.3%，我們預計這種情況會持續到 2026 年。

Exciting. Mark?

令人興奮。標記？

Okay. Yes. I mean, just very briefly on International results. We're pleased with the top line growth that we've seen. Poland remains a very buoyant market with strong growth potential. We can see that translating into sales growth in Poland of 17% in quarter, premium growth of 19%.

好的。是的。我的意思是，就國際賽結果簡單說幾句。我們對營收成長感到滿意。波蘭市場依然充滿活力，成長潛力巨大。我們可以看到，這轉化為波蘭本季 17% 的銷售成長，以及 19% 的高端產品成長。

UK market has been steady for new business this year. We've seen good growth in quarter three with sales up 25%, and that's off the back of new business in both core and large case, offset a little bit by slightly lower new lines on existing schemes.

今年英國新業務市場一直保持穩定。第三季我們實現了良好的成長，銷售額成長了 25%，這得益於核心業務和大型業務的新業務成長，但現有方案的新增產品線略有下降，部分抵銷了這一成長。

Persistency in both countries has been good. In the UK, we've hit a record 91.8%, so that's an increase on the prior year. And premium growth overall in the UK for the quarter was 7.6%. And I think sitting behind all of this really is the very strong customer satisfaction that we're seeing, which is at a record high for the business.

兩國都保持了良好的勢頭。英國的感染率達到了創紀錄的 91.8%，比前一年有所增長。本季英國高端市場整體成長7.6%。我認為這一切背後真正重要的是我們所看到的非常高的客戶滿意度，目前已達到公司歷史最高水準。

And I think that's off the back of the investments we've been making in technology, both customer-facing from the employer and the employee perspective as well as the experience we're offering for our brokers. So I think we're feeling pretty buoyant about how the market is playing out in both countries at the moment.

我認為這得益於我們在技術領域的投資，包括雇主和員工的客戶技術，以及我們為經紀人提供的體驗。所以我覺得我們對目前兩國市場的走勢都相當樂觀。

Fair, Mark. And Jack, as I wrap it up, I'd just say like when you think about our premium growth, you represented the ranges. You view 3% to 6% in that range. You get to 5%. You're talking about $0.5 billion of new premiums that we're bringing on.

公平，馬克。最後，傑克，我想說的是，當你思考我們的高級成長時，你代表了各個區間。你認為這個範圍內有 3% 到 6%。你達到了5%。您說的是我們將新增的 5 億美元保費。

These are done at good margins as you've heard about, and you've seen from discipline. And it's really part of our engine. So when you think about the enterprise and the people we have, to your focus, we are focused on premium growth because we think that's all in line with our purpose, do it at a good price. And we'll see the overall enterprise growth. So I appreciate the question.

你已經聽說過，而且從紀律方面也看到了，這些都是在有利可圖的情況下完成的。它確實是我們引擎的一部分。所以，當你想到我們公司和我們的人員時，你會發現我們專注於高端成長，因為我們認為這完全符合我們的宗旨，即以合理的價格做到這一點。我們將看到企業的整體成長。我很感謝你的提問。

Wilma Burdis, Raymond James.

威爾瑪·伯迪斯，雷蒙德·詹姆斯。

One question for you. Why do you guys report earnings on Closed Block and LTC given that the block has lost capital over time?

我有個問題想問你。鑑於封閉區塊隨著時間的推移會損失資金，為什麼你們還要公佈封閉區塊和萊特幣的收益？

I missed the last part of your question.

我錯過了你問題的最後一部分。

Yes, can you repeat that?

是的，你能再說一次嗎？

Given that the block has lost capital over time.

鑑於該板塊隨著時間的推移已經損失了資本。

Yes. Wilma, you keep cutting out. Sorry.

是的。威爾瑪，你老是插隊。對不起。

Okay. Sorry. My question is, why do you guys report earnings on Closed Block and LTC given that the block has lost capital over time?

好的。對不起。我的問題是，鑑於封閉區塊隨著時間的推移會損失資金，為什麼你們還要報告封閉區塊和萊特幣的收益？

Well, I'll try to answer that question. I mean, as part of kind of the overall organization, clearly we have the requirement to report earnings for the entire entity. And so we do that. We have put LTC and Closed Block status. So from a segmentation perspective, we think that's the right thing to do.

好吧，我會試著回答這個問題。我的意思是，作為整個組織的一部分，我們顯然有義務報告整個實體的利益。於是我們就這麼做了。我們已將 LTC 和封閉區塊狀態設為已設定。因此，從市場區隔的角度來看，我們認為這樣做是正確的。

And then I think the key for the long-term care block, obviously, is cash generation or cash deployment. And so we try to be very disclosive just around kind of how we think about the capital needs of that block. And clearly, right now, we're in the position that there really are no capital needs for that block and we don't foresee that going forward. And so that's kind of how we think about the type of information that would be meaningful to investors, and we try to focus on that.

然後我認為，長期照護領域的關鍵顯然在於現金的產生或現金的運用。因此，我們盡量公開透明地說明我們對該地塊資金需求的看法。顯然，目前我們認為該地塊確實不需要任何資金，而且我們預計未來也不會需要。所以，這就是我們思考哪些資訊對投資人有意義的方式，我們也努力專注於此。

Yes. I'd just reiterate that. On the statutory side, we do kind of follow what you're talking about, which is we kind of split it into two and talk about our Closed Block separately and distinct from our core operations. And we think that's a better disclosure. But from a GAAP perspective, it's in the segment and earnings we need to report on.

是的。我只想重申這一點。在法律方面，我們確實遵循了你所說的，也就是將其分為兩部分，將我們的封閉業務板塊與核心業務分開討論。我們認為這樣揭露資訊更充分。但從 GAAP 的角度來看，這屬於我們需要報告的業務板塊和收益範疇。

And then I guess just my takeaways on the assumption review are that it doesn't have any cash impact. Ultimately, it will add cash generation given the rate increases that you're seeking. And then I guess, third, just to remove assumptions that are going to reduce the risk of future charges. Do you think that's fair?

然後，我根據假設審查得出的結論是，它不會對現金流產生任何影響。最終，考慮到您所尋求的利率成長，這將增加現金流。第三，我想，也是為了消除那些會降低未來收費風險的假設。你覺得這樣公平嗎？

I think that's the right way to think about it. And just generally speaking, when you think about the assumptions set itself, we've created less risk around some of the assumptions, which maybe are less controllable around morbidity improvement.

我認為這是正確的思考方式。總的來說，當你考慮這些假設本身時，我們圍繞著一些可能不太可控的、與發病率改善相關的假設，降低了風險。

And we've bolstered some of the assumptions specifically around rate increase, which we think are more controllable and things that we can execute against and generate value and, you're right, generate cash generation directly from those actions that we can take. So I think your model is good, like how you're thinking about it.

我們也加強了一些關於利率上漲的假設，我們認為利率上漲更容易控制，我們可以採取措施來創造價值，而且，你說得對，我們可以直接透過這些措施來產生現金流。所以我認為你的模型很好，我喜歡你的思考方式。

Wes Carmichael, Autonomous Research.

Wes Carmichael，自主研究。

I had a follow-up question on the assumption review. But is there a way to size each of the gross impacts of the removal of morbidity improvement and the removal of mortality improvement? I know there's somewhat offsetting, but I wonder if you could provide the gross impact there.

我還有一個關於假設審查的後續問題。但是，有沒有辦法衡量取消降低發病率和降低死亡率分別帶來的整體影響呢？我知道這其中會有一些抵消作用，但我想知道您能否提供整體影響。

Yes. Wes, we haven't disclosed that. And part of the reason is they're so interchanged with each other, where when you think about the drivers or the cause of both morbidity and mortality improvement, it comes back to fundamental health trends that you would see in the population and specifically in our insured population.

是的。韋斯，我們還沒有透露這件事。部分原因是它們彼此之間相互影響，當你思考發病率和死亡率改善的驅動因素或原因時，你會發現，這最終都歸結於人口，特別是我們的參保人群中的基本健康趨勢。

And so it's kind of tough to pull those apart and think about them independently in our view. And we've historically seen those really move together. And so we did remove both of them as part of this assumption update but really view those as kind of one concept and one assumption that we need to get comfortable with.

因此，在我們看來，很難將它們分開並獨立地考慮它們。從歷史上看，我們看到這些因素確實會同步發展。因此，我們在這次假設更新中移除了它們，但實際上，我們認為它們是同一個概念，也是我們需要適應的同一個假設。

Got it. And maybe just one more follow-up on LTC. But on the net premium ratio, should we think about that increase to the NPRs is expected to increase the volatility in quarterly earnings and the Closed Block segment, I guess, is most of the -- or more of the cohorts become capped under LDTI? I know you gave some insight on 4Q, but just wondering how you're thinking about overall volatility on a quarterly basis.

知道了。或許還可以再跟進一下 LTC 的狀況。但就淨保費比率而言，我們是否應該考慮淨保費比率的增加預計會加劇季度收益的波動，而封閉式投資組合部分，我猜想，大部分（或更多）群體是否會受到 LDTI 的限制？我知道您對第四季度給出了一些見解，但我只是想知道您如何看待季度整體波動性。

Yes. No, it's a good point. And just to kind of step back a little bit, the NPR did increase as part of the assumption review. And so therefore, future margins, expected margins are going to be less with LTC, and we kind of talked about that being one of the drivers in the third quarter as well as going forward.

是的。沒錯，你說得對。稍微回顧一下，作為假設審查的一部分，NPR 確實有所增加。因此，隨著長期照護保險 (LTC) 的推出，未來的利潤率和預期利潤率將會降低，我們也討論過這將是第三季以及未來業績成長的驅動因素之一。

I would say, generally speaking, the more capped cohorts you get, probably the more volatility you're going to see within the results. But that's something that we'll just have to see how it plays out, and it's very dependent on just variations against our expected results and which cohorts those are in.

總的來說，我認為，樣本量限制得越嚴格，結果的波動性可能就越大。但這也需要我們拭目以待，而且很大程度上取決於實際結果與我們預期結果的偏差，以及這些偏差發生在哪些群體中。

Tracy Benguigui, Wolfe Research.

Tracy Benguigui，Wolfe Research。

Most of my questions were asked. Just a few quick follow-ups. When you conduct your fourth quarter statutory reserve review, it will be helpful to understand if you're looking at similar factors both on the experience side and the strategic update. Or are you just looking at a subset of those factors?

我的大部分問題都被問到了。還有一些後續問題。在進行第四季度法定準備金審查時，了解您在經驗方面和策略更新方面是否考慮了類似的因素，將會很有幫助。或者您只是在考慮這些因素中的一部分？

Yes. Tracy, I can answer that right now because we've already really evaluated that, where every change that we have made for GAAP, we have factored into our view of what the results of the statutory work is going to be.

是的。Tracy，我現在就可以回答這個問題，因為我們已經對此進行了評估，我們為 GAAP 所做的每一項改變，都已納入我們對法定工作結果的看法中。

So we kind of already know the results as of 9/30 and understand what the results are going to look like. It's just that from a regulatory basis, we report on any kind of adjustments we make in the fourth quarter. But I would consider the work to pretty much be done as far as understanding the impacts of the changes we made in the third quarter to statutory results. We just won't book them until the fourth quarter.

所以，截至9月30日，我們基本上已經知道結果，也明白結果會是什麼樣子。只是從監管角度來看，我們需要報告我們在第四季度所做的任何調整。但我認為，就了解我們在第三季所做的改變對法定結果的影響而言，這項工作基本上已經完成。我們只是要等到第四季才會安排他們。

Perfect. And just another follow-up on what's driving some of the experience adjustments on the morbidity improvement assumption. Does any of that reflect some of these medical advances we're seeing like GLP-1?

完美的。還有一點後續要說明的是，是什麼因素導致了發病率改善假設的一些經驗調整。這些是否反映了我們目前看到的一些醫學進步，例如 GLP-1？

Yes. I would say we are not able to kind of draw straight line between any causes and how we think about the assumption itself. It more comes down to you go all the way back to pre-COVID, we had really good data that would support the assumption that we made at that point. There's been just a lot of volatility through COVID. And as we kind of come out of that period of time and also seeing some of the elevated incidents, it's harder to really model and there's just more modeling uncertainty around being able to support that assumption. And so we really just made the choice to go ahead and remove that assumption completely.

是的。我認為我們無法在任何原因和我們對假設本身的思考方式之間建立直接聯繫。歸根究底，要追溯到新冠疫情之前，我們當時掌握了非常好的數據，可以支持我們當時所做的假設。新冠疫情期間市場波動很大。隨著我們逐漸走出那段時期，並且看到一些事件增加，就更難進行建模，而且在支持該假設方面也存在更多的建模不確定性。因此，我們決定徹底消除這種假設。

I think it's -- Tracy.

我想是－－特蕾西。

I was talking more about the $200 million improvement, not the drop of the future morbidity or mortality improvements.

我當時更多的是在談論2億美元的改善，而不是未來發病率或死亡率改善的下降。

Around -- yes, I'm sorry, around mortality. Yes. So I would say we haven't probably seen a direct cause and effect there. But we have seen improved mortality in certain segments of that block, and we just went ahead and reflected that. It's hard to attribute it to any one thing. It's just it has built up over time, and we feel confident now that we should go ahead and change our longer-term assumptions.

圍繞著——是的，抱歉，圍繞著死亡。是的。所以我認為我們可能還沒有看到直接的因果關係。但我們發現該區域某些部分的死亡率有所改善，我們也順勢反映了這一點。很難將其歸因於任何單一因素。只是隨著時間的推移，這種情況逐漸累積起來，我們現在有信心改變我們長期的假設。

Yes. I think important to that, Tracy, is GLP-1s or just drugs in general, I mean, that actually lend to better health incomes. We don't factor that in until we've really seen that coming through our block. And so it's early for that. When you think about that, it's hard to project exactly how that will impact.

是的。特蕾西，我認為重要的是 GLP-1 類藥物或更廣泛地說，是那些真正有助於提高健康收入的藥物。只有當我們真正看到這種情況發生在我們街區時，我們才會考慮這個問題。所以現在談論這個還為時過早。仔細想想，很難準確預測這將會產生怎樣的影響。

We think it's probably good that there's better healthier populations across a number of our products. But we really wait until we see it before we factor those type of things in.

我們認為，我們許多產品所涵蓋人群的健康狀況更好，這可能是一件好事。但我們通常會在看到實物之後才會考慮這些因素。

Maxwell Fritscher, Truist.

Maxwell Fritscher，Truist。

I'm on for Mark Hughes. Just one for me on the government shutdown. Any update there? And are you seeing any effect on new disability awards?

我支持馬克·休斯。我只想就政府停擺這件事說一句。那邊有進展嗎？您是否觀察到這對新的殘障補助金有任何影響？

Yes, Maxwell, this is Chris. Right now, we are all systems go and no particular impact. We kind of have a playbook we have ready for government shutdowns. And generally speaking, it doesn't really hit and play out in reality. So I think we're living that right now. But we're ready if anything changes, but all systems go right now.

是的，麥克斯韋，這是克里斯。目前一切正常，沒有造成任何特殊影響。我們有一套應對政府停擺的預案。總的來說，這種情況在現實中並不會真正發生。所以我覺得我們現在就生活在這樣的環境。但如果情況有變，我們已經做好準備，但目前一切運作正常。

Josh Shanker, Bank of America.

喬許‧尚克爾，美國銀行。

In terms of thinking about the review, you made an interesting comment about that you're closing the existing group contracts to new cases, but also the cases that you were adding were actually beneficial and that cost you about $200 million in the review.

關於審查的思考，你發表了一個有趣的評論，即你正在停止承接現有集團合約的新案件，但你新增的案件實際上是有益的，這導致你在審查中損失了大約 2 億美元。

If they were a positive, which just comes to me as a surprise given the cost of capital and whatnot, why take them out? And maybe I can answer my own question, if people are looking at this Closed Block, maybe you need to stop adding cases. What was the motivation of taking off something that was benefiting the trends over time?

如果它們是正面的（考慮到資金成本等等，這讓我很驚訝），為什麼要把它們取出來呢？或許我可以自己回答這個問題，如果大家都在關注這個關閉的案例，或許你應該停止加入案例了。取消一項長期以來對潮流有利的舉措，其動機為何？

Yes. First, Josh, it's Rick. Let me clarify when you talk about cases. We were not writing new cases, and so that's first foremost. We actually closed that down back in 2012. What we're talking about is if you think about an employer, so you have to think about a group construct for any of our products, where when a new employee joins the company, they get added on to the roles of their health care or even our types of products on group disability, group life, et cetera.

是的。首先，喬什，我是里克。讓我解釋一下你提到的案例。我們沒有撰寫新的案件，所以這是首要問題。我們實際上早在 2012 年就關閉了那個部門。我們所談論的是，如果你考慮雇主，那麼你必須考慮我們任何產品的團體結構，當一名新員工加入公司時，他們會被添加到他們的醫療保健角色中，甚至是我們關於團體殘疾、團體人壽等類型的產品中。

And so that was happening as well on the group contracts around LTC. As we've looked at it over time and we think about it, we decided to actually curtail that in terms of allowing new employees onto those contracts. That's the decision that we've made as we work our way through that. And so I think that, that's really the dynamic that you're seeing coming through the reserves. These were profitable business. But understand, we go back to our strategy.

因此，LTC 相關的團體合約也出現了這種情況。隨著時間的推移，我們一直在審視和思考這個問題，最終決定限制新員工加入這些合約。這是我們逐步解決這個問題後所做的決定。所以我認為，這才是你從儲備中真正看到的動態。這些都是有利可圖的生意。但你要明白，我們最終還是會回到我們的策略上。

And our strategy is to reduce the size of our Closed Block. We're doing that through multiple ways, through reinsurance, and then this is another way we will reduce ultimately the size of our Closed Block. So these were profitable customers coming on to the roles given the fact that our new pricing is much different than the pricing a long time ago, but we still made that trade-off decision to stop new lines coming on to these contracts.

我們的策略是縮小封閉區塊的規模。我們正在透過多種方式來實現這一點，例如再保險，而這是我們最終減少封閉式業務規模的另一種方式。鑑於我們新的定價與很久以前的定價大不相同，這些客戶都是盈利的，但我們仍然做出了權衡的決定，停止讓新客戶加入這些合約。

So you're foregoing positive cash flows and business because you simply want to make the book smaller?

所以你僅僅為了縮小帳面規模，就放棄了正現金流和業務？

That is correct. I think if you look at the course of this call today, we spent a lot of time talking about our Closed Block. When you think about our company, we are about protecting people during their working lifetime, and long-term care is not in tune with that. And so that's why reducing that block and having that out of our strategic focus is important to us. And this is one small piece.

沒錯。我認為，如果你回顧一下今天這次電話會議的進程，我們會花很多時間討論我們的封閉式交易。當你想到我們公司時，你會發現我們致力於在人們的職業生涯中保護他們，而長期照護與此並不相符。所以，減少這一障礙並將其從我們的戰略重點中移除對我們來說非常重要。這只是其中一小部分。

It's not actually overly material to the size of the block, but we think this is a good action to take something out. So that is a trade-off that we'll make.

雖然它對方方塊的大小來說並不算太大的實質影響，但我們認為移除一些東西是個好方法。所以這是我們需要權衡的利弊。

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

問答環節到此結束。現在我將把電話交還給里克·麥肯尼，請他作總結發言。

Yes. Thank you, Bella, and I appreciate everybody staying on with us today. Certainly a lot to go through in this quarter, and I'd highlight just the underlying operations and what we've got going forward as we look to the end of the year and into 2026. We're excited about it.

是的。謝謝你，貝拉，也謝謝今天所有留下來陪伴我們的人。本季確實有很多事情需要處理，我只想重點介紹基礎營運以及我們展望年底和 2026 年的計畫。我們對此感到興奮。

And we'll be out talking to a number of investors here over the coming weeks. We look forward to seeing you out there at a number of conferences, both Steve and I. And we'll talk to you soon. Thanks, and this concludes our third quarter call.

接下來幾週，我們將與這裡的許多投資者進行洽談。我和史蒂夫都期待在各種會議上見到你。我們很快會聯絡你。謝謝，我們的第三季電話會議到此結束。

Ladies and gentlemen, thank you all for joining, and you may now disconnect. Everyone, have a great day.

女士們、先生們，感謝各位的參與，現在可以斷開連結了。祝大家今天過得愉快。