Voya Financial Inc (VOYA) 2025 Q1 法說會逐字稿

Good morning. Welcome to Voya Financial's first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the call over to Mei Ni Chu, Head of Investor Relations.

早安.歡迎參加 Voya Financial 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將電話轉交給投資人關係主管 Mei Ni Chu。

Good morning, and thank you for joining us for Voya Financial's first-quarter 2025 earnings conference call. As a reminder, materials for today's call are available on our website at investors.voya.com. We will begin with prepared remarks by Heather Lavallee, our Chief Executive Officer; and Mike Katz, our Chief Financial Officer.

早安，感謝您參加 Voya Financial 2025 年第一季財報電話會議。提醒一下，今天電話會議的資料可在我們的網站 investors.voya.com 取得。我們將首先由執行長 Heather Lavallee 和財務長 Mike Katz 發表準備好的致辭。

Following the prepared remarks, we will take your questions. I'm also joined on this call by the heads of our businesses, specifically Jay Kaduson, CEO of Workplace Solutions; and Matt Toms, CEO of Investment Management.

聽完準備好的發言後，我們將回答您的問題。參加此次電話會議的還有我們各業務部門的負責人，特別是 Workplace Solutions 執行長 Jay Kaduson 和投資管理部門執行長 Matt Toms。

Turning to our earnings presentation materials that are available on our website. On slide 2, some of the comments made during today's discussion may contain forward-looking statements and refer to certain non-GAAP financial measures within the meaning of federal securities law. GAAP reconciliations are available in our press release and financial supplement found on our Investor Relations website.

轉向我們網站上提供的收益簡報資料。在第 2 張投影片上，今天討論中的一些評論可能包含前瞻性陳述，並涉及聯邦證券法含義內的某些非 GAAP 財務指標。您可以在我們的新聞稿和投資者關係網站上的財務補充資料中找到 GAAP 對帳表。

And now I will turn the call over to Heather.

現在我將把電話轉給希瑟。

Thank you, Mei Ni. Good morning, and thank you for joining us today. Let's turn to slide 4. Let me start with what continues to differentiate Voya, especially in today's environment. Our capital light businesses generate diverse revenue streams and have allowed us to consistently generate free cash flow across all market cycles.

謝謝你，梅妮。早安，感謝您今天加入我們。讓我們翻到第 4 張投影片。首先，我要談談 Voya 的與眾不同之處，尤其是在當今環境下。我們的輕資本業務產生了多樣化的收入來源，並使我們能夠在所有市場週期中持續產生自由現金流。

Our strong capital and liquidity positions support our healthy balance sheet, giving us confidence even in adverse markets. And the need for innovative, value-added workplace solutions supported by top-notch asset management continues to grow. For these reasons, Voya offers a resilient and relevant business model with a clear commitment to creating long term value for our stakeholders, making us a compelling investment opportunity.

我們強大的資本和流動性狀況支撐著我們健康的資產負債表，即使在逆境中也能讓我們充滿信心。對於由一流資產管理支援的創新、增值工作場所解決方案的需求持續成長。基於這些原因，Voya 提供了一種有彈性且相關的商業模式，明確致力於為我們的利害關係人創造長期價值，使我們成為一個引人注目的投資機會。

Turning to highlights from the quarter on page 5. I'm encouraged by the results we delivered across our businesses, which were driven by continued execution against our strategic priorities. In Wealth Solutions and Investment Management, we delivered strong commercial results, highlighting continued momentum into 2025.

請翻到第 5 頁查看本季的亮點。我對我們各項業務所取得的成果感到鼓舞，這些成果得益於我們持續執行策略重點。在財富解決方案和投資管理方面，我們取得了強勁的商業業績，突顯了 2025 年持續的成長動能。

In Wealth Solutions, we achieved defined contributions organic net flows of approximately $30 billion. Additionally, we added $60 billion in assets from the OneAmerica acquisition, which closed in January. Together, these results are a clear indicator of our focused execution and competitive differentiation.

在財富解決方案方面，我們實現了約 300 億美元的固定繳款有機淨流量。此外，我們透過一月完成的OneAmerica收購增加了600億美元的資產。總的來說，這些結果清楚地表明了我們的專注執行和競爭差異化。

Momentum is strong in 2025 with a 7% increase in Full-Service known sales in the first quarter as compared to the prior year. We also have robust commitments in the large and mega space, set to fund in 2025 and 2026, particularly in large corporate and tax-exempt markets.

2025 年發展勢頭強勁，第一季全方位服務已知銷售額與前一年相比成長 7%。我們也在大型和超大型領域做出了強有力的承諾，計劃在 2025 年和 2026 年提供資金，特別是在大型企業和免稅市場。

In Investment Management, we generated net cash flows of $7.7 billion representing 2.5% organic growth in the quarter. Our strong net flows were across a breadth of strategies, including both the institutional and retail markets. Additionally, our investment platforms, including fixed income, private assets and multi-asset continue to demonstrate strength.

在投資管理方面，我們產生了 77 億美元的淨現金流，佔本季有機成長 2.5%。我們的強勁淨流量涵蓋了多種策略，包括機構市場和零售市場。此外，我們的投資平台（包括固定收益、私人資產和多元資產）持續展現強勁實力。

Our pipeline remains strong and diverse, supporting our objective of achieving our long term organic growth target of over 2%. We improved margins in Health Solutions in the first quarter. Our goal is to stabilize our Stop Loss experience, and while early, we are off to a good start.

我們的產品線依然強勁且多樣化，支持我們實現超過 2% 的長期有機成長目標。我們在第一季提高了健康解決方案的利潤率。我們的目標是穩定我們的停損經驗，雖然還處於早期階段，但我們已經有了一個好的開始。

Before I turn it over to Mike, I want to take a moment to acknowledge the broader environment in which we are operating. Economic signals have been mixed and market volatility has remained elevated, which leads us to proceed with caution.

在將發言權交給麥克之前，我想花一點時間來了解我們運營的更廣泛的環境。經濟訊號好壞參半，市場波動性持續上升，促使我們謹慎行事。

This is a more complex environment than we've seen in some time, and we remain mindful of this backdrop. But our results this quarter underscore the strength of our business model and our ability to focus on the levers that matter most, commercial momentum, cash generation and maintaining a healthy balance sheet.

這是一個比我們以前見過的更複雜的環境，我們始終牢記這個背景。但我們本季的業績凸顯了我們商業模式的實力，以及我們專注於最重要的槓桿、商業動能、現金創造和維持健康資產負債表的能力。

Finally, I want to recognize our team in a dynamic environment, their focus and execution continue to make a real difference. With that, Mike will now provide more details on our performance and results. Mike?

最後，我想表揚我們的團隊，在充滿活力的環境中，他們的專注和執行力繼續發揮真正的作用。現在，麥克將提供有關我們的表現和結果的更多詳細資訊。麥克風？

Thank you, Heather. Let's turn to our financial results on slide 7. We reported $2.00 of adjusted operating earnings per share in the first quarter, a 13% increase over the prior year. Results reflect the progress we are making on our near term priorities.

謝謝你，希瑟。讓我們來看看第 7 張投影片上的財務結果。我們報告第一季調整後每股營業收益為 2.00 美元，比上年增長 13%。結果反映了我們在近期優先事項上的進展。

This includes favorable performance in Health Solutions, earnings contributions from OneAmerica, and strong commercial momentum across both Wealth Solutions and Investment Management. Offsetting this, alternative income was $0.15 below our long term expectations at an annualized return of approximately 5%.

其中包括健康解決方案的良好表現、OneAmerica 的獲利貢獻以及財富解決方案和投資管理的強勁商業勢頭。與此相抵銷的是，替代收入比我們的長期預期低 0.15 美元，年化報酬率約為 5%。

We expect second quarter alternative returns to be below long term expectations due to the current macro environment. We generated approximately $200 million of cash in the quarter, above our 90% target. GAAP net income was below cash generation due to non-cash items emerging in the quarter.

由於當前的宏觀環境，我們預計第二季的替代回報將低於長期預期。本季我們產生了約 2 億美元的現金，高於我們的 90% 的目標。由於本季出現非現金項目，GAAP 淨收入低於現金產生量。

With that, let me turn to our segment results. Turning to Wealth Solutions on slide 8. We generated $207 million of adjusted operating earnings in the quarter. This represents growth of 11% year-over-year. Our results reflect higher fee-based revenues, as we continue to organically grow both participant and AUM balances.

接下來，讓我來談談我們的分部績效。轉到第 8 張投影片上的財富解決方案。本季我們實現了 2.07 億美元的調整後營業利潤。這意味著同比增長 11%。我們的業績反映了更高的收費收入，因為我們繼續有機地增加參與者和 AUM 餘額。

We added over $60 billion of assets with OneAmerica and retained approximately 90% of plans consistent with our expectations. Additionally, we generated approximately $30 billion of total Defined Contribution net inflows in the first quarter. This included net inflows in Recordkeeping driven by large wins in healthcare and government markets. Full-Service net flows before OneAmerica were also positive, driven by strength in emerging markets.

我們透過 OneAmerica 增加了超過 600 億美元的資產，並保留了約 90% 符合我們預期的計劃。此外，我們在第一季產生了約 300 億美元的固定繳款淨流入。其中包括由醫療保健和政府市場巨額利潤推動的記錄保存行業的淨流入。受新興市場強勁推動，OneAmerica 先前的全方位服務淨流量也為正值。

While we are encouraged by first quarter results, equity markets will affect our second quarter AUM balances and in turn, revenues. Looking forward, our relentless focus remains on driving value through our retirement solutions and the support we bring to our customers, which now exceeds 9 million participant accounts.

雖然我們對第一季的業績感到鼓舞，但股市將影響我們第二季的 AUM 餘額，進而影響營收。展望未來，我們仍將堅持不懈地致力於透過我們的退休解決方案和為客戶提供的支援來創造價值，目前我們的客戶參與帳戶已超過 900 萬。

Turning to Investment Management on slide 9. Adjusted operating earnings were $41 million in the first quarter. Higher management fees across both institutional and retail channels were offset by lower investment capital returns and increased seasonal expenses. In the quarter, we generated $7.7 billion of net inflows across a breadth of clients, strategies and channels.

前往投影片 9 上的投資管理。第一季調整後的營業利潤為 4,100 萬美元。機構和零售通路的管理費用增加被投資資本回報率的降低和季節性費用的增加所抵消。本季度，我們透過廣泛的客戶、策略和管道創造了 77 億美元的淨流入。

We generated $5.2 billion of institutional net inflows. This included the launch of a private equity fund, demand for core fixed income and private credit strategies in the insurance channel, and the launch of three CLOs. First quarter retail net inflows of $2.5 billion included positive flows, both domestically and through international channels.

我們產生了 52 億美元的機構淨流入。其中包括推出私募股權基金、保險管道對核心固定收益和私人信貸策略的需求以及三隻 CLO 的推出。第一季零售淨流入為 25 億美元，包括國內和國際通路的正流入。

Looking ahead, we have a competitive track record of long term investment performance. Our focus is on ensuring we continue to deliver for our clients and remain a trusted partner for their current and future business.

展望未來，我們擁有具競爭力的長期投資績效記錄。我們的重點是確保我們繼續為客戶提供服務並繼續成為他們目前和未來業務值得信賴的合作夥伴。

Turning to Health Solutions on slide 10. Adjusted operating earnings for Health Solutions were $46 million in the quarter. In Stop Loss, positive prior year reserve developments drove the favorable results, as first quarter experience supported lower expected loss ratios.

前往投影片 10 上的「健康解決方案」。本季健康解決方案的調整後營業收入為 4,600 萬美元。在停損方面，上年儲備金的積極發展推動了良好的業績，因為第一季的經驗支持了較低的預期損失率。

The January 2024 cohort is now over 90% complete as of March 31, and will be near-complete early in the third quarter. Our estimated loss ratio for the January 2025 Stop Loss cohort is 87%. It is early in the development of this block, as we expect experience will be more credible in the third and fourth quarter of this year.

截至 3 月 31 日，2024 年 1 月隊列已完成 90% 以上，並將在第三季初接近完成。我們估計 2025 年 1 月止損族群的損失率為 87%。該區塊的開發尚處於早期階段，我們預計今年第三季和第四季的經驗將更加可靠。

Turning to Group Life. Elevated claims were driven by higher claims frequency in January, which normalized in February and March. In Voluntary, while claims experience was in line with expectations, we increased reserves in light of the uncertain environment and the potential impact that may have on utilization. This quarter demonstrates progress in meaningfully improving margins in Health Solutions.

轉向集體生活。1 月份索賠頻率上升導致索賠增加，而 2 月份和 3 月份索賠頻率已恢復正常。在自願索賠方面，雖然索賠經驗符合預期，但鑑於不確定的環境及其可能對利用率的潛在影響，我們增加了準備金。本季顯示健康解決方案的利潤率取得了顯著提高。

Turning to slide 11. Our balance sheet remains strong. We ended the quarter with excess capital of approximately $150 million, and a RBC ratio of 385%. As planned, we repaid approximately $400 million of debt in February, bringing our leverage ratio comfortably within our target range.

翻到第 11 張投影片。我們的資產負債表依然強勁。本季結束時，我們的超額資本約為 1.5 億美元，RBC 比率為 385%。根據計劃，我們在二月償還了約 4 億美元的債務，使我們的槓桿率處於目標範圍內。

Capital generated was strong in the quarter, and fully funded our investment in OneAmerica. We also returned capital to shareholders in the form of common stock dividends. In the second quarter, we expect to further strengthen our excess capital. Looking ahead, we believe companies with healthy balance sheets and high free cash flow businesses are well positioned to navigate volatile environments and drive value for their shareholders.

本季產生的資本強勁，並為我們對 OneAmerica 的投資提供了充足的資金。我們也以普通股股利的形式向股東返還資本。在第二季度，我們預計將進一步加強我們的過剩資本。展望未來，我們相信，擁有健康資產負債表和高自由現金流業務的公司能夠很好地應對動盪的環境並為股東創造價值。

Turning to slide 12. We generate strong free cash flow while delivering an attractive return on equity. Our ability to generate consistent strong free cash flows is driven by how we operate our three businesses, including through challenging macro environments like today.

翻到第 12 張投影片。我們在實現可觀的股本回報率的同時，也產生了強勁的自由現金流。我們產生持續強勁自由現金流的能力取決於我們如何經營我們的三大業務，包括在當今充滿挑戰的宏觀環境中。

Our diversified revenue streams, expense discipline and healthy balance sheet gives us confidence as we continue to execute on our key priorities and deliver for our stakeholders. I'll now turn it back to Heather.

我們多元化的收入來源、嚴格的支出紀律和健康的資產負債表使我們有信心繼續執行我們的關鍵優先事項並為我們的利害關係人提供服務。現在我將話題轉回給 Heather。

Thanks, Mike. We've made progress on our key priorities in the first quarter. These results underscore not only the strength of our complementary capital-light businesses, but also the trust our clients, customers, and distribution partners continue to place in us.

謝謝，麥克。我們在第一季的關鍵優先事項上取得了進展。這些業績不僅凸顯了我們互補的輕資本業務的實力，也反映了我們的客戶、顧客和分銷合作夥伴對我們的持續信任。

The work we do in guiding our customers through market uncertainty highlights our purpose and has never been more important. With that, I'll turn the call over to our operator so that we can take your questions.

我們為引導客戶度過市場不確定性而進行的工作凸顯了我們的宗旨，這一點從未像現在這樣重要。說完這些，我會將電話轉給我們的接線生，以便我們回答您的問題。

(Operator Instructions) Ryan Krueger, KBW.

（操作員指示）Ryan Krueger，KBW。

Hey, thanks. Good morning. My first question is on Wealth earnings. You had guided to 35% to 39% margin coming into the year. You were in the upper half of that in the first quarter despite what is typically higher expenses.

嘿，謝謝。早安.我的第一個問題是關於財富收入。您預計今年的利潤率將達到 35% 至 39%。儘管支出通常較高，但第一季的支出仍處於較高水準。

Can you give us some more color on was there anything unusual that benefited the results this quarter or do you think this is a reasonable run rate going forward, acknowledging that the market is uncertain? But I guess if the market remains, if the market has normal returns for the rest of the year, is there anything unusual that benefitted the quarter? Is this a good starting point?

您能否向我們詳細介紹是否有任何異常情況有利於本季的業績，或者您認為這是未來的合理運行率，承認市場不確定？但我想，如果市場保持現狀，如果市場在今年剩餘時間內獲得正常回報，那麼是否存在一些不尋常的現象對本季有利？這是一個好的起點嗎？

Thanks, Ryan. Mike will take your question.

謝謝，瑞安。麥克將回答您的問題。

Yeah, hey Ryan. So the only piece I'd really call out in the quarter was that the spread-based assets were a little higher than what we would have expected. I think it's reasonable to think that spread-based assets will continue to moderate down.

是的，嘿，瑞安。因此，本季度我唯一要指出的是，基於利差的資產略高於我們的預期。我認為，基於利差的資產將繼續緩和下跌是合理的。

However, we have seen some offsets in April, just given the macro volatility where there's been more variable to fixed transfers than what we've seen in the past. If I think about Wealth just more broadly on the outlook, obviously, OneAmerica plays a role.

然而，我們在四月份看到了一些抵消，因為宏觀波動中固定轉移的變數比過去更多。如果我從更廣泛的角度考慮財富前景，顯然 OneAmerica 發揮了作用。

Ryan, you just talked about the macro piece, we give the sensitivities. So that will play out as it plays out. And then there'll be some expense seasonality in Wealth. You can look at last year as a proxy, I wouldn't go as far as what we saw last year on the drop in expenses because we are making some targeted investments; not a dramatic amount, but when you're looking at expense changes, there's a small offset from there. So that's how I would think about the second quarter.

瑞安，你剛才談到宏觀部分，我們給了敏感度。所以事情會按照它的發展而發生。然後財富方面就會出現一些支出季節性。你可以把去年的情況看作一個替代指標，我不會像去年那樣看到費用下降，因為我們正在進行一些有針對性的投資；雖然數額不是很大，但當你看費用變化時，就會發現有一個小的抵消。這就是我對第二季的看法。

Great. Thanks. And then just a quick one on Voluntary. I think you added some reserves for a potential uptick in utilization. Can you give a little bit more detail on why you did that? And then also, is the high 40s loss ratio still a good expectation there?

偉大的。謝謝。然後簡單談談自願問題。我認為您增加了一些儲備以應對利用率的潛在上升。你能詳細說明一下你為什麼這麼做嗎？那麼，40% 的高損失率仍然是個好的預期嗎？

Hey Ryan, I'll ask Mike to start with your question, and then perhaps Jay can add a broader view of how we're looking at the Voluntary business going forward.

嘿，Ryan，我請 Mike 先回答你的問題，然後 Jay 或許可以從更廣泛的角度談談我們如何看待自願業務的未來。

Yeah, Ryan. So you're thinking about it right, with respect to just strengthening some of the reserves given the economic uncertainty that is just surrounding all of us right now. So we did increase IBNR in the quarter for the potentially higher utilization that may occur later this year.

是的，瑞安。所以你想得對，考慮到目前我們所有人都面臨的經濟不確定性，只需加強一些儲備即可。因此，我們確實在本季度提高了 IBNR，以應對今年稍後可能出現的更高利用率。

We do use IBNR as a way to try to smooth out results. But just as a reminder, a lot of the experience comes in the fourth quarter, that's typically when our clients and customers are looking at open enrollment. They're reminded they have these benefits. And so we won't really know until the end of the year exactly how this lands.

我們確實使用 IBNR 來嘗試平滑結果。但需要提醒的是，許多經驗都來自於第四季度，這通常是我們的客戶和顧客正在考慮開放註冊的時候。提醒他們他們有這些好處。因此，直到今年年底我們才能真正知道事情究竟如何發展。

And so as you mentioned, those high 40s is a way to start to think about where the utilization is. What happened in the first quarter is very consistent with that. And then we added a couple of points to strengthen reserves. You'll see that reveal itself in the second quarter. You'll see it reveal itself in the third quarter, and then we'll update you in the fourth quarter on how things ultimately landed.

正如您所提到的，40 多歲的高齡可以讓我們開始思考利用率在哪裡。第一季發生的事情與此非常一致。然後我們增加了幾點來加強儲備。您將在第二季度看到這一點。您將在第三季度看到它顯現出來，然後我們將在第四季度向您通報事情的最終進展。

And Jay, a little bit of a forward view on how we think about Voluntary?

傑伊，您能不能就我們對自願的看法提出一些前瞻性的看法？

Sure, Ryan, thanks for the question. I appreciate it. Well, if you think about Voluntary, it's important to note that Voya right now is a top three leader in the Voluntary and Supp Health marketplace. It's a marketplace that's rapidly expanding.

當然，Ryan，謝謝你的提問。我很感激。好吧，如果你考慮自願，重要的是要注意 Voya 現在是自願和補充健康市場中的前三大領導者。這是一個正在快速擴張的市場。

Overall, we think about the value that we're bringing to our customers in this space. We understand the customer value journey. Right now, we're continuing to look for ways to improve the member experience. In addition to that, I'd call out that in 01.01.25 open enrollment, we deployed some new guidance tools to support our customers, and this had a direct impact on driving up participation rates by 18%. We like the business, and we think right now we're well positioned.

總的來說，我們考慮的是這個領域為客戶帶來的價值。我們了解客戶價值旅程。目前，我們正在繼續尋找改善會員體驗的方法。除此之外，我想說的是，在 01.01.25 開放註冊期間，我們部署了一些新的指導工具來支援我們的客戶，這直接導致參與率提高了 18%。我們喜歡這項業務，我們認為目前我們處於有利地位。

Tom Gallagher, Evercore ISI.

湯姆·加拉格爾，Evercore ISI。

Good morning. First question is on Stop Loss. So I just wanted to get a better handle on this 87% estimated loss for the 2025 accident year. Can you talk a bit about how you arrive at that estimate? Are there any leading indicators for the underlying book of business you have that you're tracking? Or is it more a general medical loss cost inflation estimate that informs you of that 87% number?

早安.第一個問題是關於停損的。所以我只是想更好地掌握 2025 年事故年預計的 87% 損失。您能談談您是如何得出這個估計的嗎？您所追蹤的基礎業務帳簿是否存在任何領先指標？或者它更像是一個一般醫療損失成本通膨估計，告訴你這個 87% 的數字？

Thanks, Tom. I'll ask Mike to tee that up, but really start, I think, with 2024, which gives you a bit more of a walk to 2025. So Mike?

謝謝，湯姆。我會讓麥克開始準備，但我認為真正的開始時間應該是 2024 年，這樣距離 2025 年就更近了一步。那麼麥克？

Yeah. And Tom, thanks for the question. As Heather mentioned, Stop Loss continues to be a very high priority for Heather, Jay and I. We've taken the difficult lessons that were learned in 2024 and really put them into practice late last year as well as this year. That applies to both how we're reserving for this business, but also how we're pricing it.

是的。湯姆，謝謝你的提問。正如 Heather 所提到的，停損仍然是 Heather、Jay 和我非常重視的事項。我們吸取了 2024 年學到的慘痛教訓，並在去年年底和今年真正付諸實行。這既適用於我們如何為這項業務儲備，也適用於我們如何定價。

And as Heather just mentioned, I'm just going to touch on 2024 briefly, and then I'll get to your question on 2025. We did reduce the expected loss ratio from 95% to 93% for that January 2024 cohort. And that's really due to the fact that, as we're looking at experience in the quarter, that's coming through better than what we reserved for.

正如 Heather 剛才提到的，我將簡單談談 2024 年，然後再回答您關於 2025 年的問題。我們確實將 2024 年 1 月預期損失率從 95% 降低到了 93%。這是因為，從本季的經驗來看，我們的業績比預期的要好。

As I mentioned in the materials that we just covered, we estimate that we're approximately 90% complete coming out of the first quarter, and we expect that book to almost fully complete in late second, early third quarter.

正如我在剛剛介紹的資料中提到的那樣，我們估計第一季我們已經完成了大約 90%，我們預計這本書將在第二季末或第三季初幾乎完全完成。

Now as it relates to that '25 business that you asked about, Tom, I would really think about it more around how is this performing relative to the 2024 cohort and the work that we did both on where we set rates and how we performed our risk selection.

湯姆，現在關於您詢問的 25 項業務，我會更多地考慮它相對於 2024 年群體的表現如何，以及我們在設定利率和如何進行風險選擇方面所做的工作。

As a reminder, we achieved a 21% average net effective increase for that January 2025 business. We believe that's above expected medical trend, and we achieved even higher rates for underperforming cases. We also improved our underwriting, including our approach to known claims, which was a key driver of the elevated loss ratios last year.

提醒一下，我們 2025 年 1 月的業務實現了 21% 的平均淨有效成長。我們認為這超出了預期的醫療趨勢，並且我們在表現不佳的病例中實現了更高的比率。我們還改進了承保流程，包括對已知索賠的處理方式，這是去年損失率上升的一個主要驅動因素。

And so I would think of it more as the leap off from 2024, Tom, than necessarily a lot of leading indicators. But when we step back and think about this business, the annual renewable nature of it allows us to take these type of decisive actions around rates and risk selection. Still early in the completion of the book, and so we'll continue to put these insights gained into practice and keep you and our investors fully posted on how things emerge.

因此，湯姆，我認為這更多的是從 2024 年開始的飛躍，而不一定是許多領先指標。但當我們退一步思考這項業務時，它的年度可再生性質使我們能夠在利率和風險選擇方面採取此類果斷行動。本書仍處於完成的早期階段，因此我們將繼續把所獲得的見解付諸實踐，並讓您和我們的投資者充分了解事態的發展。

And Tom, if I can just emphasize three key points that Mike hit on. Number one, 2025, it is early. We'll know more in the third and fourth quarters. Second is that our teams are maintaining the same level of focus and discipline into 2025 heading into 2026 that we carried into the 01.01.25. And I'll say again, I'm proud of this team. This is a top priority and is a big lever for us to continue to drive cash generation.

湯姆，我可以強調麥克提到的三個重點嗎？第一，2025年，還早。我們將在第三季和第四季了解更多。第二，我們的團隊在2025年和2026年都將保持與2025年1月1日相同的專注和紀律。我再說一遍，我為這支球隊感到驕傲。這是首要任務，也是我們持續推動現金創造的重要槓桿。

That's very helpful. I appreciate it. It makes a lot of sense building off of 2024 and then you believe you're getting rate in excess of loss cost trend, that all makes sense to me. Do you have any surveillance tracking mechanism on the underlying claims experience of the book where you've provided the Stop Loss?

這非常有幫助。我很感激。從 2024 年開始建立是很有意義的，然後你相信你獲得的利率超過了損失成本趨勢，這對我來說都是有意義的。您是否對提供止損的帳簿的底層索賠經驗有任何監控追蹤機制？

So at least, we'll say by 2Q, you might get a sense for certain claims emergence are likely to hit your limit or not? Where your claims would kick in? Or is it more, you don't really have any visibility until the claims hit you, if you know what I mean? Like is there any visibility you even have on the underlying before they get to your attachment point? Or is it more you're informed after you get to attachment?

因此，至少，到第二季度，您可能會感覺到某些索賠的出現是否會達到您的極限？您的索賠將在哪裡生效？或者更確切地說，在索賠發生之前，你實際上並沒有任何可見性，如果你明白我的意思？例如，在它們到達你的附著點之前，你是否能夠看到底層的狀況？還是說，在您獲得依戀後，您才會了解更多？

Yeah, I'll start with that, Tom, it's Heather. So first, as you can imagine, Mike and I continue to stay very close to this with the team, as is Jay. So a couple of things that I would say is, we continue to look at seeing very, very early how our claims are coming in for 2025.

是的，湯姆，我就從那個人開始，她是希瑟。首先，正如你所想像的，麥克和我將繼續與團隊密切關注此事，傑伊也是如此。所以我想說的幾件事是，我們將繼續儘早關注 2025 年的索賠情況。

We do get, let's call, the 50% notice report. So we are getting reports when claims are approaching 50% of the deductible. So there is some early view. We also have some ability to look at first dollar trend through our Benefitfocus business where in that business, we get a view of just seeing how the first dollar trend is coming in.

我們確實收到了，我們稱之為 50% 的通知報告。因此，當索賠金額接近免賠額的 50% 時，我們就會收到報告。因此存在一些早期的觀點。我們還可以透過我們的 Benefitfocus 業務來觀察第一美元趨勢，在該業務中，我們可以了解第一美元趨勢是如何形成的。

It may not necessarily be on the same clients we have Stop Loss, but it does give us some early view. And I think the final thing I would mention is we are certainly continuing to stay close to our advisers to see how our trends are emerging in the broader health sector. Just again, given some of the uncertainty that we've seen over the years. So we're going to continue to be very close to this.

它可能不一定與我們有停損的客戶相同，但它確實為我們提供了一些早期的看法。最後我想說的是，我們肯定會繼續與我們的顧問保持密切聯繫，以了解我們的趨勢在更廣泛的醫療衛生領域是如何出現的。再次強調，考慮到我們多年來看到的一些不確定性。因此我們將繼續密切關注此事。

Joel Hurwitz, Dowling & Partners.

喬爾‧赫爾維茲（Joel Hurwitz），道林及合夥人。

Hey, good morning. I wanted to go back to Voluntary top line. So the top line slowed in the quarter, up a little less than 4% year-over-year. You've had several years of exceptional growth in that business. Is this more just you reaching scale and more difficult comparisons or is there something else driving the lower top line coming out of 01.01.25?

嘿，早安。我想回到自願頂線。因此本季營收成長放緩，年成長略低於 4%。您的業務在過去幾年中取得了顯著的成長。這只是為了達到規模和進行更困難的比較，還是有其他因素導致 2025 年 1 月 1 日的收入較低？

Yeah. Joel, it's Heather, let me start on that. In 2024, we had some very large wins in Voluntary that didn't repeat coming into the 2025 season. But let me turn it to Jay to just give you a view of what we're seeing in the market.

是的。喬爾，我是希瑟，讓我來開始吧。2024 年，我們在 Voluntary 取得了一些非常大的勝利，但到了 2025 年賽季卻沒有重複這樣的勝利。但是，請允許我讓傑伊向您介紹我們在市場上看到的情況。

Yeah, that's right. It's a good question. Thanks, Joel. Listen, the Voluntary business right now, our pipeline is exactly where we want it at this point in the year. There were some lower jumbo cases that came in Q1 versus same period last year.

是的，沒錯。這是個好問題。謝謝，喬爾。聽著，就目前的自願業務而言，我們的管道正處於我們今年這個時候想要達到的水平。與去年同期相比，第一季的巨型案件數量有所減少。

But in terms of the activity in the pipeline and the persistency of the book, we like where the business is. So I think commercial momentum is strong. And again, these large jumbo cases are lumpy. And as they come through, we'll take advantage of them with appropriate pricing, but we like where the business is right now.

但從正在籌備的活動和書籍的持久性來看，我們喜歡目前的業務狀況。所以我認為商業勢頭強勁。而且，這些大型巨型箱子又凹凸不平。當它們出現時，我們會利用它們以適當的價格出售，但我們喜歡目前的業務狀況。

Got it. And then just shifting gears. In the past, you've talked about building out Retail Wealth capabilities. Can you just provide an update on the plans there to try to capture that opportunity? And then should we be thinking about some sort of investments impacting expenses in Wealth over the rest of 2025 and maybe into 2026?

知道了。然後就換擋了。過去，您曾談到打造零售財富能力。您能否提供有關計劃的最新情況，以嘗試抓住這一機會？那麼，我們是否應該考慮在 2025 年剩餘時間甚至 2026 年影響財富支出的某種投資？

Yeah, let me start on that because it's something that I've talked about on prior calls. We've said that we're making very modest investments in building out Retail Wealth Management capabilities that are already baked into the expense forecast for the Wealth business.

是的，讓我從這個開始，因為這是我在之前的電話中談到的事情。我們說過，我們在建立零售財富管理能力方面進行了非常適度的投資，這些投資已經納入了財富業務的支出預測中。

Specifically, what I've talked about is that we are hiring additional field and phone-based advisers. Today, we have over 420 advisers that are dedicated to our tax-exempt business. A very, very strong foundation. We're also making modest investments within our technology capabilities to support our advisers. So we think that's important.

具體來說，我所說的是，我們正在招募更多的現場和電話顧問。如今，我們擁有超過 420 名顧問致力於我們的免稅業務。非常非常堅實的基礎。我們也在技術能力方面進行適度投資以支援我們的顧問。所以我們認為這很重要。

And lastly, and I'm going to turn it over to Jay, but this is one of the reasons I hired Jay. He's got a real extensive background in Retail Wealth Management. And we see this as an important capability in the coming months and years to be able to support our clients and really expand our broader Wealth capability. But Jay?

最後，我要把時間交給傑伊，但這也是我僱用傑伊的原因之一。他在零售財富管理方面擁有豐富的經驗。我們認為這是未來幾個月和幾年內能夠支持我們的客戶並真正擴展我們更廣泛的財富能力的重要能力。但是傑伊？

Thanks for the question. Yeah, we've got a strong foundation. If you think about the existing business today, with 450 advisers, both field-based and sales-based, we've got a great opportunity to provide holistic advice at the workplace, which is exactly what our clients are asking for.

謝謝你的提問。是的，我們有堅實的基礎。如果你考慮一下現有的業務，我們擁有 450 名顧問，包括現場顧問和銷售顧問，我們有很好的機會在工作場所提供全面的建議，這正是我們的客戶所要求的。

In addition to that, as we think about the business that we have, it's great synergies inside our Wealth business. We like where we're at. We like some of the tools that we've been bringing to the team and to the marketplace. And we see this as a tremendous opportunity to kind of capture what is a growing part of the business in the industry. We're well positioned.

除此之外，當我們考慮我們擁有的業務時，我們的財富業務內部具有很大的綜效。我們喜歡我們現在的處境。我們喜歡我們為團隊和市場帶來的一些工具。我們認為這是一個巨大的機會，可以抓住行業中正在成長的業務部分。我們處於有利地位。

Like I said, I also like the team that we have. We're in my early days here at the firm, I've seen some great talent on the field, but we've also had a great chance to recruit some top talent in the marketplace. And so the team we have heading into the second quarter is a really strong one that's got a lot of experience. So overall, really excited about the business and like where we're at.

正如我所說的，我也喜歡我們現有的團隊。我在公司才剛開始工作，我已經看到了該領域的一些優秀人才，但我們也有機會在市場上招募一些頂尖人才。因此，我們進入第二季的團隊是一支非常強大且經驗豐富的團隊。總的來說，我對這項業務以及我們所處的狀況感到非常興奮。

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘。

Hi, thanks. Good morning. Last quarter, you guys were talking about $750 million of free cash flow for the year and 90% conversion. And obviously, there are some investments this year in Leave Management.

你好，謝謝。早安.上個季度，你們談到了今年 7.5 億美元的自由現金流和 90% 的轉換率。顯然，今年我們在休假管理方面進行了一些投資。

I know, Mike, you said that translated into around slightly less than $8 per share of earnings this year. Does anything change relative to that figure with the Q1 results. I would assume there's some upside on Stop Loss, but anything else you would point out and if you want to update thinking relative to the $8 per share?

我知道，麥克，你說這意味著今年每股收益略低於 8 美元。與第一季的結果相比，該數字有什麼變化嗎？我認為停損有一些好處，但您還能指出什麼嗎？您是否想更新相對於每股 8 美元的想法？

Yeah, hi, Elyse. So yeah, we did share some implicit guidance based on normal markets last quarter. And while we're not sharing guidance, you can use that as a place to start with your outlook. You just talked about some of the things that we need to think about.

是的，你好，伊莉絲。是的，上個季度我們確實根據正常市場分享了一些隱性指導。雖然我們沒有分享指導，但您可以將其作為您展望的起點。您剛才談到了一些我們需要思考的事情。

You need to think about macro sensitivities as really the biggest piece and make sure that you're adjusting for that, particularly on the Wealth and Investment Management business.

您需要將宏觀敏感度視為最重要的因素，並確保對其進行調整，尤其是在財富和投資管理業務方面。

As it relates to Health, we did release reserves in the quarter. That certainly will help the calendar year. As you look forward, I would think about the Stop Loss business really being 87% of the premium that we're receiving each quarter as kind of the base case.

就健康而言，我們確實在本季釋放了儲備。這無疑會對日曆年有所幫助。展望未來，我認為止損業務實際上占我們每季收到的溢價的 87%，這是一種基本情況。

For Group Life, we talked about in the prepared remarks, that was elevated in January. It's normalized in February, March, and it has in April. So I would think of that getting back to the normal range in the second quarter. And then Voluntary, we talked about it with some of Ryan's questions.

對於團體生活，我們在準備好的發言中談到了這一點，該問題在一月份得到了提升。二月、三月已經恢復正常，四月也已經恢復正常。所以我認為第二季會恢復到正常範圍。然後是自願的，我們討論了瑞安的一些問題。

The second thing I would think about is the seasonal expenses. We alluded to that on the Wealth side, there'll be some seasonality there, not at the levels that we saw last year, but there will be seasonality with Health. You can look at last year as a good proxy for how much we expect that to drop in the second quarter.

我考慮的第二件事是季節性開支。我們提到，在財富方面，會有一些季節性，但不會達到去年看到的水平，但健康方面會有季節性。你可以將去年的情況作為一個很好的參考，看看我們預計第二季的降幅是多少。

And then for IM, you should actually expect a little more seasonality. We had elevated seasonality this first quarter, given some of the performance that we had in the fourth quarter and the compensation related to that.

對於 IM，你實際上應該期待更多的季節性。考慮到我們第四季度的一些業績以及與之相關的薪酬，第一季的季節性因素有所增加。

And then maybe the last piece I'd call out is just the commercial momentum in the quarter. We had approximately $30 billion of flows in Retirement. We have $7.7 billion of positive flows in Investment Management, so that will certainly help the calendar year results.

然後，也許我要說的最後一點就是本季的商業動能。我們的退休資金流入約 300 億美元。我們的投資管理業務有 77 億美元的正向資金流入，這肯定會對全年業績有所幫助。

Thanks. And then my follow-up. I want to go back to Stop Loss and if you could just provide a little more color on what changed in the quarter that really drove you taking down that loss ratio by considering it was revised up throughout last year?

謝謝。然後是我的後續行動。我想回到停損問題，考慮到去年全年的修正，您能否更詳細地說明本季發生了哪些變化，真正促使您降低損失率？

And then my second, part of that question is just would the expectation still be where you see things today that you expect to get back to target margins within Stop Losses in 2026?

然後我的第二個問題，也就是這個問題的一部分，您是否仍然期望今天看到的情況是，您期望在 2026 年回到停損範圍內的目標利潤率？

Yeah, Elyse, it's just experience. We reserved for a 95% level and coming out of the quarter, the appropriate amount of reserves is the 93% level. So it's just really how the experience is emerging with respect to what we reserved for. So it's just that simple.

是的，伊莉絲，這只是經驗。我們的儲備水準為 95%，而本季結束時，適當的儲備水準是 93%。因此，這實際上就是相對於我們所保留的內容而言的體驗如何出現。就這麼簡單。

As you think about that target range, I would kind of bifurcate it into two elements. First, what are we pricing for? And then second, when do we expect to report our earnings at a loss ratio consistently in that range?

當您考慮該目標範圍時，我會將其分為兩個元素。首先，我們的定價依據是什麼？其次，我們什麼時候預期報告的獲利虧損率會持續處於該範圍內？

On the former, that's how we're pricing today. That's what we did going into January 2025 business, that's what we're doing throughout the year, but we continue to expect a two-step process here. As Heather mentioned earlier, that 2025 business, we'll know a lot more about it at the end of this year. So that will give us a sense of how things are going to ultimately end up. And so I would continue to think two-step process, but we continue to have our hand on the wheel fully with respect to what we're pricing.

對於前者，我們今天的定價就是這樣的。這就是我們在 2025 年 1 月開展業務時所做的事情，也是我們全年所做的事情，但我們仍然期待一個兩步驟流程。正如 Heather 之前提到的，我們將在今年年底對 2025 年的業務有更多了解。這樣我們就能知道事情最終會如何發展。因此，我會繼續考慮兩步驟流程，但我們將繼續全權負責定價。

And I would just reiterate, Elyse, what we shared with Tom is, again, still it's early on Stop Loss. We're going to know more going into the third and fourth quarters. This is our best thinking right now on loss ratio and stay tuned, we'll continue to update you on the results.

我想重申一下，伊莉絲，我們與湯姆分享的是，現在還處於停損階段。我們將在第三季和第四季了解更多。這是我們目前對損失率的最佳想法，請繼續關注，我們將繼續向您更新結果。

Wes Carmichael, Autonomous Research.

韋斯·卡邁克爾，自主研究。

Hey, good morning. A couple of questions on Wealth. On OneAmerica that closed with the $60 billion of assets. But I just wanted to ask on the mix because I think when you had previously talked about it, there were maybe more assets coming into Full-Service, but it appears maybe some of that shifted toward Recordkeeping, if I'm not mistaken. So just curious if that changed relative to your expectations?

嘿，早安。關於財富的幾個問題。OneAmerica 的倒閉帶來了 600 億美元的資產。但我只是想問一下混合情況，因為我認為當您之前談論它時，可能有更多的資產進入全方位服務，但如果我沒記錯的話，其中可能有一些轉向了記錄保存。所以我只是好奇這是否相對於你的預期改變了？

Yeah, it's really just how the reporting is coming in, Wes, during the TSA period. So no real change to how we look at this from earnings and revenue perspective on that Full-Service and Recordkeeping split. It's just the way it's coming over to us. We expect that will get adjusted as we get to the point where that's no longer a TSA and it's fully in our arms.

是的，韋斯，這實際上就是在 TSA 期間報告的進展。因此，從獲利和收入角度來看，全方位服務和記錄保存業務的分割並沒有真正的改變。這只是它向我們走來的方式。我們預計，當我們到達不再由 TSA 負責、完全由我們掌控的階段時，情況將會被調整。

Yeah. And the broader step back, Wes, is just on OneAmerica we continue to feel good about the estimates that we gave on the revenue, the earnings, the retention coming in right in line, again, that was based on the first quarter results, what we saw. But I'd love for Jay to make just a few comments on what he's seeing because he's been out in front of market clients recently.

是的。韋斯，從更廣泛的角度來看，就 OneAmerica 而言，我們繼續對我們給出的收入、收益和保留率的估計感到滿意，這同樣是基於第一季的業績，也是我們所看到的。但我希望傑伊能就他所看到的情況發表一些評論，因為他最近一直在市場客戶面前。

Yeah. Thanks, Heather. Wes, I appreciate the question. Listen, we just recently had a chance to talk to our Client Advisory Board with over 100 of our clients a couple of weeks ago. Many of them came to us through the OneAmerica acquisition.

是的。謝謝，希瑟。韋斯，我很感謝你提出這個問題。聽著，幾週前我們剛剛有機會與我們的客戶顧問委員會的 100 多位客戶進行了交談。他們中的許多人都是透過 OneAmerica 收購加入我們的。

And what we heard from the clients is the incredible talent that we've got on our team right now. We see it. They're consistently talking about the value of our team and the value that they're bringing to the participants.

我們從客戶那裡聽說，我們團隊目前擁有令人難以置信的才華。我們看到了。他們一直在談論我們團隊的價值以及他們為參與者帶來的價值。

But the positive sentiment around the broad set of capabilities that Voya is able to bring to them, that came out loud and clear. It was a really good mix of existing Voya clients as well as new clients that we've brought on from OneAmerica.

但是，對於 Voya 能夠為他們帶來的廣泛功能，人們的正面情緒卻非常明顯。這是一個非常好的組合，既有現有的 Voya 客戶，也有我們從 OneAmerica 引進的新客戶。

Positive sentiment and it's a team at OneAmerica that we really like. We've welcomed that team, and they've been acclimated and are a big part of what we're bringing to the marketplace. Thanks for the question.

正面的情緒，這是我們真正喜歡的 OneAmerica 團隊。我們歡迎這個團隊，他們已經適應了環境，也是我們推向市場的重要組成部分。謝謝你的提問。

No, thank you. Helpful color. And second, on spread income, Mike, I think you talked about a little bit of transition to fixed. But I think the yield came in a little bit better than I was expecting. And perhaps I thought OneAmerica General Account assets might have a lower blended yield. So just wondering if there was any repositioning related to the OneAmerica block? Or what's the outlook on the portfolio there?

不，謝謝。有用的顏色。其次，關於利差收入，麥克，我認為你談到了向固定利差的一點轉變。但我認為收益比我預期的要好一些。也許我認為 OneAmerica 普通帳戶資產的混合收益率可能會較低。所以只是想知道是否有與 OneAmerica 區塊相關的重新定位？或是那裡的投資組合前景如何？

No, it's really just how the insurance transactions work where given that rates were up versus when a lot of that business was brought on for OneAmerica, market values were below book. And so when that comes over to Voya, we bring it over at market.

不，這實際上只是保險交易的運作方式，考慮到費率上漲，而當 OneAmerica 承接大量業務時，市場價值低於帳面價值。因此，當它來到 Voya 時，我們會將其帶到市場上。

And so when you're looking at yields, like the yields are just elevated, but it's not changing the overall income. It's not changing how we're thinking about that $75 million. As it relates to the opportunity to do more around that General Account, we continue to see that, but it will take some time to work through that.

因此，當您查看收益率時，收益率只是提高了，但並沒有改變整體收入。這並沒有改變我們對那 7500 萬美元的看法。由於它與圍繞一般帳戶做更多事情的機會有關，我們繼續看到這一點，但解決這個問題需要一些時間。

Kenneth Lee, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Kenneth Lee。

Hey, good morning and thanks for taking my question. I apologize if it's been asked, but I've been hopping between calls. Just one on Investment Management. The net inflows within the institutional channel granted it's probably a little lumpy, but were there any outsized investment mandates that were funded in the quarter there? Thanks.

嘿，早上好，感謝您回答我的問題。如果有人問到這個問題，我很抱歉，但我一直忙著接電話。僅就投資管理而言。機構通路內的淨流入可能有點不穩定，但本季是否有任何超額投資授權獲得資助？謝謝。

Yeah, thanks Ken. This is Matt. As you referenced, really strong net cash flows for the quarter. The $7.7 billion number is a great start to the year and well above our long term goal of higher than 2% organic growth rate. So as you mentioned, the drivers importantly were quite broad across channels and products.

是的，謝謝肯。這是馬特。正如您所提到的，本季的淨現金流確實強勁。77 億美元的數字對於今年來說是一個良好的開端，並且遠高於我們長期目標即高於 2% 的有機成長率。正如您所提到的，重要的是，驅動因素在各個通路和產品上都非常廣泛。

So I'd say it's not lumpy, and I'd call out a few different areas. First, in private assets, private fixed income continues to be an area where we're a leader in the market as well as in private equity secondaries where you've seen market demand, and we also have a strong value prop there. Mike referenced that in his opening comments as well.

所以我想說它並不粗糙，而且我會指出幾個不同的區域。首先，在私人資產、私人固定收益以及私募股權二級市場中，我們繼續處於市場領先地位，並且我們已經看到了市場需求，我們在該領域也擁有強大的價值支撐。麥克在開場白中也提到了這一點。

I mean broader fixed income, core and core plus an area of strength where there's market demand. And more broadly, there's been more vigor in the CLO market, which we actively participate in. And then lastly, Income & Growth, is a very differentiated strategy that resonates globally.

我指的是更廣泛的固定收益、核心以及核心加上有市場需求的優勢領域。更廣泛地說，我們積極參與的 CLO 市場變得更加活躍。最後，收入與成長是一種在全球範圍內引起共鳴的差異化策略。

So the combination of those three more than offset what we continue to see in active equities, which is a modest headwind, but it's really broad across both channels and in product type, and we think that makes us confident as we look forward. We continue to resonate with clients across products and channels.

因此，這三者的結合足以抵消我們在活躍股票市場中繼續看到的影響，雖然這是一個適度的阻力，但它在通路和產品類型上都非常廣泛，我們認為這讓我們對未來充滿信心。我們繼續透過各種產品和管道與客戶產生共鳴。

Great, very helpful. That's all I had. Thanks again.

非常好，很有幫助。這就是我所擁有的一切。再次感謝。

Suneet Kamath, Jefferies.

蘇尼特‧卡馬斯（Suneet Kamath），傑富瑞集團（Jefferies）。

Hi thanks. I wanted to go back to Voluntary. You talked about the loss ratio creeping up as you make your customers more aware of the benefits that they're purchasing. My question is that something that is solely driven by Voya? Or is there some impetus from the regulators to try to get loss ratios closer to where you guys have filed for?

嗨，謝謝。我想回到 Voluntary。您談到，當您讓客戶更了解他們所購買的利益時，損失率就會逐漸上升。我的問題是，這完全是由 Voya 驅動的嗎？或者監管機構會採取一些措施，試圖讓損失率更接近你們所申請的水平？

Hey, Suneet, it's Mike. Now look, we are taking very deliberate business actions to increase utilization and customer value. We talked about that last year. Nothing has changed there. We do that through a variety of ways on how we make sure that our clients understand that they have these products and know how to notify us. And also work that we're doing with other carriers to have that happen in a more automated way.

嘿，Suneet，我是 Mike。現在看，我們正在採取非常謹慎的商業行動來提高利用率和客戶價值。我們去年討論過這個問題。那裡什麼都沒有改變。我們透過多種方式確保我們的客戶了解他們擁有這些產品並知道如何通知我們。我們也正在與其他營運商合作，以更自動化的方式實現這一目標。

And so the only thing I would make sure that's clear here is despite those actions, there's not any elevated utilization versus expectations happening in the quarter. It's more, again, I want to come back to that strengthening of reserves to the extent that those take hold, and that brings client value, then that will happen later this year. We'll know in the fourth quarter, and then we'll continue to make sure you all are aware.

因此，我唯一要明確的是，儘管採取了這些行動，但本季的利用率並沒有高於預期。更重要的是，我想再次回到加強儲備的話題，使其發揮作用，並為客戶帶來價值，這將在今年稍後實現。我們將在第四季度知道結果，然後我們會繼續確保大家知道。

Okay. And then just sticking with the Voluntary, just on that last point about strengthening reserves. First, what is it about the macro that is causing you to do that? I mean I just think about the lines that you're in, I'm trying to connect weak macro with elevated utilization and there's just something I'm missing there.

好的。然後繼續堅持自願原則，關於加強儲備的最後一點。首先，是什麼宏導致你這樣做？我的意思是，我只是考慮你所處的境況，試圖將弱宏與高利用率聯繫起來，但我忽略了一些東西。

And relatedly, is that IBNR that you booked in the first quarter, is that sort of a one and done? Or are you expecting that you would continue to do that in 2Q and 3Q? You had a comment I didn't quite understand in your answer to an earlier question. Thanks.

與此相關的是，您在第一季預訂的 IBNR 是一次性完成的嗎？或者您預計在第二季和第三季會繼續這樣做嗎？您在回答先前的問題時提出了一條評論，我不太明白。謝謝。

Yeah, Suneet, it's Heather. Let me start, and then I'll let Mike add on. So when we talk about macro or sort of economic impact, it's not relating to equity markets. Really what we're referring to is that when you see economic uncertainty and if there's an impact on unemployment, there are times where you see higher benefit utilization.

是的，Suneet，我是 Heather。讓我先開始，然後讓麥克補充。因此，當我們談論宏觀或某種經濟影響時，它與股票市場無關。我們真正指的是，當你看到經濟不確定性並且對失業產生影響時，有時你會看到更高的福利利用率。

So that's really what we're looking ahead to and just making sure we've got a very cautious view on that would be higher utilization from behavior of end customers, not relating to equity or spread.

所以這確實是我們所期待的，只是確保我們對此有一個非常謹慎的看法，那就是更高的利用率將來自最終客戶的行為，而不是與股權或利差有關。

Yeah. And just to the second part of your question, Suneet, like think about us holding the additional IBNR in the first quarter, the second quarter, the third quarter. And so we'll get to the fourth quarter, we'll see how utilization ultimately plays out.

是的。關於您問題的第二部分，Suneet，請考慮我們在第一季、第二季和第三季持有的額外 IBNR。因此，我們將進入第四季度，看看利用率最終如何發揮作用。

To Heather's point, there could be economic uncertainty that affects that, and so we think it's absolutely the prudent thing to do. But that will reveal itself in the second and third quarter, not just the first.

正如 Heather 所說，經濟不確定性可能會影響這一點，因此我們認為這絕對是謹慎的做法。但這種情況將在第二季和第三季顯現出來，而不僅僅是第一季。

(Operator Instructions) Alex Scott, Barclays.

（操作員指示）巴克萊銀行的亞歷克斯·斯科特。

Hey, good morning. First one I have is on Leave Management. Could you talk about how much is in the run rate right now for the spend that you are planning on there and how that will ramp up the rest of the year? And maybe also just the amount of revenue you ultimately think can come in from those initiatives?

嘿，早安。我的第一個問題是休假管理。您能否談談您目前計劃的支出的運行率是多少，以及今年剩餘時間內的運行率將如何提高？您認為這些措施最終能帶來多少收入？

Yeah, thanks, Alex. We'll let Mike talk about the expenses, and then Jay can give just kind of maybe a broader view of how we think about Leave strategically within our Health business.

是的，謝謝，亞歷克斯。我們會讓麥克談論費用，然後傑伊可以從更廣泛的角度談談我們如何在健康業務中策略性地考慮休假問題。

Yeah, so nothing has changed here, Alex, on the $50 million expected spend on Leave. The one thing I would point out is that part of that is going to come through the admin expense line, part of it is coming through premium tax and other just because we do have an existing service arrangement with our current partner around this.

是的，亞歷克斯，關於脫歐預計花費 5000 萬美元，這裡沒有任何變化。我想指出的一點是，其中一部分將透過管理費用項目來支付，一部分將透過保費稅來支付，其他部分只是因為我們與現有合作夥伴就此已有服務安排。

Ultimately, next year, this will all come through admin, but at least for now, you'll see it through both lines. Next year, we would expect similar levels of spend except that it will come down on some of the vendor and tech spend other than what's getting amortized through the P&L.

最終，明年這一切都將透過管理來實現，但至少現在，您將透過兩條線路看到它。明年，我們預計支出水準將相似，只不過除了透過損益表攤提的支出之外，還將減少部分供應商和技術支出。

But then we'll also be gearing up as we continue to sell more business. More to come before we start talking about how things are going to evolve in 2026. That's something we can update you next year on. But Jay, do you want to talk a little bit about Leave?

但隨著我們繼續銷售更多業務，我們也將做好準備。在我們開始討論 2026 年事態將如何發展之前，我們還會先講更多內容。明年我們可以向你們更新這項資訊。但是傑伊，你想談談脫歐嗎？

Thanks, Mike. Alex, appreciate the question. Maybe just as a reminder, we are in the Leave and Absence business today. Really, what we're excited about is this opportunity to enhance the customer experience by in-sourcing our Disability and Absence business, really with state-of-the-art set of capabilities.

謝謝，麥克。亞歷克斯，感謝您的提問。也許只是為了提醒一下，我們今天從事的是休假和缺勤業務。確實，令我們興奮的是，我們有機會透過內部採購我們的殘疾和缺勤業務來提升客戶體驗，並真正擁有最先進的功能。

I'll talk to you a little bit about the why. Bundling is becoming increasingly more important to our customers, and we think our Leave capabilities will enhance our ability to bundle solutions more efficiently. 100% of our Leave cases today, Alex, have Life and Disability and 72% of our Leave cases also have Supplemental.

我將稍微跟你講一下原因。捆綁對於我們的客戶來說變得越來越重要，我們認為我們的休假功能將增強我們更有效地捆綁解決方案的能力。今天，我們 100％ 的休假案例（亞歷克斯）都涉及人壽和殘障保險，72％ 的休假案例還涉及補充保險。

So we know it's an important investment. Early feedback we're receiving from clients is favorable. The implementation side, our Leave capability is on track for implementing new customers, 01.01.26, and it's early, but we have our first Leave sales.

所以我們知道這是一項重要的投資。我們從客戶收到的早期回饋是正面的。實施方面，我們的休假能力正在按計劃實施新客戶，01.01.26，雖然還早，但我們已經有了第一筆休假銷售。

Really in the RFP activity we're seeing in Leave and Disability is up 11% when compared to this time last year. Overall, commercial momentum in the pipeline is favorable. We'll stay on track, and we'll continue to update you throughout the year.

實際上，與去年同期相比，我們看到的休假和殘疾領域的 RFP 活動成長了 11%。整體而言，商業化進程勢頭良好。我們會繼續保持進度，並將在全年持續向您提供最新資訊。

Thanks for that. My follow-up question is on net flows in the Wealth Solutions business. Can you help us think through OneAmerica and just if there's any shock lapse, we need to consider as this stuff comes off of the TSAs as well as maybe just some views on flows for the core legacy part of the business?

謝謝。我的後續問題是關於財富解決方案業務的淨流量。您能否幫助我們思考一下 OneAmerica，如果出現任何令人震驚的失誤，我們就需要考慮，因為這些東西來自 TSA，也許只是對業務核心遺留部分流程的一些看法？

Yeah, let me start, Alex, and I'll pass it to Jay. So for OneAmerica, if you recall, we talked about a 90% retention rate on the book of business through first quarter. What we're seeing on retention for OneAmerica is very much in line with that.

是的，讓我先開始，亞歷克斯，然後我會把它傳給傑伊。因此，對於 OneAmerica，如果您還記得的話，我們談到了第一季業務帳簿的保留率達到 90%。我們看到的 OneAmerica 的保留情況與此非常一致。

As we've said on the call, we are encouraged by the results that we demonstrated in Wealth, but would expect things to moderate a bit throughout the year, given some of the lumpier nature of large Recordkeeping clients. But Jay, love for you to build.

正如我們在電話會議上所說的那樣，我們對財富方面取得的成果感到鼓舞，但考慮到大型記錄保存客戶的一些不穩定性質，我們預計全年情況會有所緩和。但是傑伊，愛你建造。

Yeah, I appreciate the question. As we expected, the Q1’25 was a strong quarter for flows in DC as we referenced about $30 billion of positive flows. This is really consistent, if you think about some of the large sales implementations that we were expecting this quarter. Ex-OneAmerica, there were over $34 billion in sales versus $1.3 billion this time last year, really driven by two large well-priced plans.

是的，我很感謝你提出這個問題。正如我們預期的那樣，2025 年第一季是華盛頓特區資金流入強勁的一個季度，我們提到正資金流入約 300 億美元。如果您想想我們本季預期的一些大型銷售實施情況，這確實是一致的。除 OneAmerica 外，銷售額超過 340 億美元，而去年同期為 13 億美元，主要得益於兩項價格合理的大型計劃。

If you think about commercial activity, it's weighted towards the first half of 2025. We're not expecting to repeat the same degree in the second half with respect to some of these large Recordkeeping plans, but they're episodic in nature, and we'll take advantage of them, and price them well when we see the opportunity.

如果你考慮商業活動，它主要集中在 2025 年上半年。對於這些大型記錄保存計劃，我們並不期望在下半年重複相同的程度，但它們本質上是偶發性的，我們會利用它們，並在看到機會時為它們定價。

We did see positive momentum in Full-Service in Q1. We saw organic net flows of $382 million before OneAmerica. Full-Service pipeline increased 7% versus same time last year, heavily driven by our Emerging Market segment.

我們確實看到第一季全方位服務業務的積極勢頭。在 OneAmerica 之前，我們看到了 3.82 億美元的有機淨流量。全方位服務管道較去年同期成長 7%，主要得益於新興市場部門的推動。

With higher equity markets, it helped Q1 performance, but the business also benefited from market sentiment, as you referenced around OneAmerica. We also had strong retention in the high 90s and a growing pipeline. We've reached over 9 million participant accounts in the first quarter. To date, we have stayed very close to the market.

隨著股票市場的走高，它有助於第一季的業績，但正如您在 OneAmerica 中提到的那樣，該業務也受益於市場情緒。我們的保留率也高達 90% 以上，通路也不斷成長。第一季我們的參與帳戶已超過 900 萬。到目前為止，我們一直非常貼近市場。

We haven't seen meaningful shifts in the participant behaviors in this volatile market, but we're going to continue to monitor this as the market unfolds. Overall, it's been a good quarter for the Wealth business. I appreciate the question.

我們還沒有看到這個動盪的市場中的參與者行為發生重大轉變，但隨著市場的發展，我們將繼續關注這一點。總體而言，對於財富業務而言，這是一個良好的季度。我很感謝你提出這個問題。

And let me just take a broader step back, Alex. As we think about commercial momentum across Wealth and Asset Management, we're certainly encouraged by the results in the quarter. But just given the murkiness of the outlook and what's going on in the market, we're going to take a cautious view as we think about the rest of the year, and we'll just continue to update you on our progress as we see the year unfold.

讓我再退一步，亞歷克斯。當我們思考財富和資產管理的商業發展動能時，我們無疑對本季的業績感到鼓舞。但鑑於前景不明朗以及市場現狀，我們將對今年剩餘時間持謹慎態度，並將繼續向您通報今年的進展。

John Barnidge, Piper Sandler.

約翰·巴尼奇、派珀·桑德勒。

Good morning. Thank you for the opportunity. Given the dynamic macro environment, I wanted to ask about the $6 million in severance in the quarter. Where was that located business-wise? And how do you think about the need for further severance?

早安.感謝您提供的機會。鑑於動態的宏觀環境，我想詢問本季 600 萬美元的遣散費。從商業角度來說，它位於哪裡？您如何看待進一步遣散的必要性？

Hey John, thanks for your question, a detailed one, but a good one nonetheless. Yeah, look, we continue to manage expenses, John, and you could see that reveal itself in some of the severance in the quarter. Nothing uncommon or unnatural to call out there. It didn't necessarily specifically affect one business versus another.

嘿，約翰，謝謝你的問題，這是一個詳細的問題，但仍然是一個好問題。是的，你看，我們繼續管理費用，約翰，你可以在本季的部分遣散費中看到這一點。沒有什麼不尋常或不自然的事情發生。它不一定會對某個企業產生特定影響。

But this is something, Heather, Jay, Matt, myself, the entire team continue to focus on. But I wouldn't expect big severance numbers necessarily popping out in the second, third or fourth quarter. Stay tuned.

但這是 Heather、Jay、Matt、我自己以及整個團隊持續關注的事情。但我並不認為第二、第三或第四季會出現大量的遣散費。敬請關注。

Thank you. My follow-up question on Investment Management and strong flow performance in the quarter. Was there any capturing of AUM for Sconset Re that showed up in the flow results in the quarter?

謝謝。我的後續問題是關於投資管理和本季強勁的流量表現。本季的流量結果是否顯示了 Sconset Re 的 AUM 記錄？

Yeah, thanks, John. This is Matt. Sconset is a part of it. Very excited about the forward path there. Where we're providing assets in the Sconset is more on the private asset side. So it takes time to originate that. So Sconset is a component.

是的，謝謝，約翰。這是馬特。Sconset 是其中的一部分。對於未來的道路感到非常興奮。我們在 Sconset 提供的資產更多的是私人資產方面。所以這需要時間來實現。所以 Sconset 是一個組件。

It's not one that was outsized in the quarter, and we expect that will build over a couple of years. And we've talked about that being on the magnitude of $1 billion to $2 billion over time. So it's a component. We continue to have strength in the Insurance business.

這並不是本季的超大成長，我們預計這種成長將在未來幾年內持續下去。我們已經討論過，隨著時間的推移，這一數字將達到 10 億至 20 億美元。所以它是一個組件。我們的保險業務持續保持強勁。

Again, the Insurance business more broadly was a component of the quarter, but the real takeaway is that the flows were driven by a breadth of different client types, different client channels across a lot of different products. Sconset and Insurance are a part of it, but the breadth is really the callout there.

再次強調，保險業務從廣義上講是本季度的一個組成部分，但真正的要點是，這些流量是由多種不同客戶類型、多種不同客戶管道以及多種不同產品所驅動的。Sconset 和 Insurance 是其中的一部分，但廣度才是真正的重點。

That is the end of our question-and-answer session. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

我們的問答環節到此結束。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。