Voya Financial Inc (VOYA) 2025 Q2 法說會逐字稿

Good morning. Welcome to Voya Financial's Second Quarter 2025 Earnings Call. (Operator Instructions)

早安!歡迎參加Voya Financial 2025年第二季財報電話會議。 （操作員指示）

Please note this event is being recorded. I'd now like to turn the conference over to Mei Ni Chu, Head of Investor Relations. Please go ahead.

請注意，本次活動正在錄製中。現在，我想將會議交給投資者關係主管朱美妮。請繼續。

Good morning and thank you for joining us this morning at Voya Financial's Second Quarter 2025 Earnings Conference Call. As a reminder, materials for today's call are available on our website at investors.voya.com.

早安，感謝您今天上午參加Voya Financial 2025年第二季業績電話會議。小提醒：今天電話會議的資料可在我們的網站 investors.voya.com 取得。

We will begin with prepared remarks by Heather Lavallee, our Chief Executive Officer; and Mike Katz, our Chief Financial Officer. Following their prepared remarks, we will take your questions. I'm also joined on this call by the Heads of our businesses, specifically Jay Kuduson, CEO of Workplace Solutions; and Matt Toms, CEO of Investment Management.

首先，我們的執行長 Heather Lavallee 和財務長 Mike Katz 將發表準備好的演講。在他們發表演說後，我們將回答大家的提問。我們各業務部門的負責人也將參加此次電話會議，特別是 Workplace Solutions 執行長 Jay Kuduson 和投資管理執行長 Matt Toms。

Turning to our earnings presentation materials that are available on our website. Slide 2 will have some comments during today's discussion that 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.

我們現在來看看我們網站上提供的收益簡報資料。幻燈片2將展示今天討論中的一些評論，這些評論可能包含前瞻性陳述，並涉及聯邦證券法所定義的某些非公認會計準則 (GAAP) 財務指標。 GAAP 對帳表可在我們投資者關係網站上的新聞稿和財務補充資料中找到。

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.

謝謝梅妮。早安，感謝您今天加入我們。我們翻到第4張投影片。

In the first half of the year, our business model has proven its strength, driven by disciplined execution and our commitment to helping customers navigate a dynamic macro environment. Our Retirement and Investment Management businesses are delivering attractive returns, reinforcing the value of our integrated approach to serving our clients.

上半年，我們嚴謹的執行力和致力於幫助客戶應對動態宏觀環境的承諾，證明了我們業務模式的優勢。我們的退休和投資管理業務實現了可觀的回報，進一步鞏固了我們為客戶提供一體化服務的價值。

And in Employee Benefits, we continue to make progress on margin improvement, moving toward the levels of performance that have historically defined this business. We are operating from a position of strength with solid capital and liquidity positions to give us the flexibility to invest in growth, while maintaining a healthy balance sheet. This foundation enables us to deliver long-term value positioning Voya not just for today's environment, but for the growth opportunities ahead.

在員工福利方面，我們持續在提高利潤率方面取得進展，朝著歷史上定義該業務的績效水準邁進。我們擁有雄厚的資本和流動性優勢，可以靈活地投資於成長，同時維持健康的資產負債表。這項基礎使我們能夠為 Voya 提供長期價值定位，不僅針對當今環境，也針對未來的成長機會。

Turning to slide 5 for highlights from the quarter. Before commenting on our results, I want to share an important update on how we describe our workplace businesses. We're returning to our prior segment names with Retirement and Employee Benefits replacing Wealth Solutions and Health Solutions, respectively. These industry-aligned names better reflect the services and solutions Voya provides today. Moving to our results.

翻到投影片 5 查看本季的亮點。在評論我們的結果之前，我想分享一個關於我們如何描述我們的工作場所業務的重要更新。我們將恢復先前的部門名稱，並以退休和員工福利分別取代財富解決方案和健康解決方案。這些與行業一致的名稱更好地反映了 Voya 目前提供的服務和解決方案。轉向我們的結果。

We're encouraged by another solid quarter of performance across our businesses with strong contributions from each of our core segments. In the second quarter, we achieved a major milestone surpassing $1 trillion in total assets across our Retirement and Investment Management businesses, and we're now approaching nearly 10 million participant accounts in Retirement alone. This accomplishment reflects the trust we have earned from our customers and the value proposition our integrated model provides.

我們各業務部門在本季再次取得穩健的業績，這令我們感到鼓舞，我們每個核心部門都做出了巨大貢獻。在第二季度，我們實現了一個重要的里程碑，退休和投資管理業務的總資產超過了 1 兆美元，目前僅在退休業務中，我們的參與帳戶就接近 1,000 萬個。這項成就體現了我們贏得客戶的信任以及我們的整合模型所提供的價值主張。

In Retirement, we delivered another strong quarter generating approximately $12 billion in total Defined Contribution net flows. Year-to-date, we have increased overall assets by more than $100 billion, including $40 billion in organic flows and $60 billion in assets onboarded from OneAmerica.

在退休方面，我們又取得了一個強勁的季度，產生了約 120 億美元的固定繳款淨流量。今年迄今為止，我們的總資產增加了 1,000 多億美元，其中包括 400 億美元的有機流動資產和 600 億美元的從 OneAmerica 引入的資產。

Investment Management generated approximately $2 billion in net flows in the second quarter, continuing a trend of positive organic growth. We continue to see momentum across both institutional and retail channels. In particular, strong demand for public and private fixed income solutions reinforces our leadership in insurance asset management, strong investment performance, platform breadth and diversified client base continue to differentiate Voya Investment Management.

投資管理在第二季度產生了約 20 億美元的淨流量，延續了積極的有機成長趨勢。我們繼續看到機構和零售通路的強勁發展勢頭。特別是，對公共和私人固定收益解決方案的強勁需求鞏固了我們在保險資產管理領域的領導地位，強勁的投資表現、平台廣度和多元化的客戶群繼續使 Voya Investment Management 脫穎而出。

Beyond these strong financial results, we continue to advance our strategy this quarter by driving greater value for our customers. We partnered with Blue Owl Capital to meet rising demand for private market access, leveraging complementary capabilities, across our Investment Management and Retirement businesses. This expands our Retirement offering and helps plan sponsors and participants pursue stronger outcomes through broader investment choice.

除了這些強勁的財務表現之外，本季我們還繼續推進我們的策略，為客戶創造更大的價值。我們與 Blue Owl Capital 合作，利用互補的能力，滿足投資管理和退休業務日益增長的私人市場准入需求。這擴大了我們的退休服務範圍，並幫助計劃發起人和參與者透過更廣泛的投資選擇來追求更好的結果。

The OneAmerica integration remains on track. We're delivering on our full year target of $75 million in operating earnings, while deepening relationships with new customers. In addition, we have announced a new selling agreement with Edward Jones. This partnership opens the door to future growth through one of the country's largest adviser networks. It reinforced the strategic value of the OneAmerica acquisition and our ability to meet the needs of our plan sponsors.

OneAmerica 整合仍在進行中。我們正在實現全年 7,500 萬美元營業利潤的目標，同時深化與新客戶的關係。此外，我們也宣布與 Edward Jones 達成新的銷售協議。此次合作將透過該國最大的顧問網絡之一打開未來發展的大門。它增強了 OneAmerica 收購的策略價值以及我們滿足計劃發起人需求的能力。

In Employee Benefits, we're making steady progress with in-sourcing Leave Management. Our expanded Leave capabilities help to solve an increasingly complex issues for employers. This enhancement, combined with the breadth of our benefit offerings, strengthens our competitive position in delivering bundled solutions for employers. In Stop Loss, we saw another quarter of positive claims development, and we remain focused on improving margins.

在員工福利方面，我們在內部休假管理方面取得了穩定進展。我們擴展的休假功能有助於解決雇主日益複雜的問題。這項改進，加上我們福利產品的廣度，增強了我們為雇主提供捆綁解決方案的競爭地位。在停損方面，我們看到了另一個季度的積極索賠發展，我們仍然專注於提高利潤率。

We are encouraged by our performance in the quarter. We will continue to focus on executing our near-term priorities and are optimistic about our growth opportunities ahead.

我們對本季的表現感到鼓舞。我們將繼續專注於執行我們的近期優先事項，並對未來的成長機會持樂觀態度。

With that, I'll turn it over to Mike to walk through the financials in more detail. Mike?

接下來，我將把話題交給麥克，讓他更詳細地介紹財務狀況。麥克風？

Thank you, Heather. Let's turn to our financial results on slide 7.

謝謝你，希瑟。讓我們來看看投影片 7 上的財務結果。

We generated adjusted operating earnings per share of $2.46 in the second quarter, a 13% increase over the prior year. This result reflects the progress we are making on our near-term strategic priorities, including improving margins in Stop Loss, strong commercial momentum and integrating OneAmerica.

我們第二季的調整後每股營業收益為 2.46 美元，比上年增長 13%。這項結果反映了我們在近期策略重點上的進展，包括提高停損利潤率、強勁的商業勢頭和整合OneAmerica。

Net income was impacted by investment losses and severance expenses. However, cash generation is still ahead of plan. We incurred $18 million of severance expenses in the quarter. These actions are an outcome of the reallocation of resources to our strategy.

淨收入受到投資損失和遣散費的影響。然而，現金產生仍超出計劃。本季我們發生了 1800 萬美元的遣散費。這些行動是我們策略資源重新分配的結果。

As we look to the second half of this year, we will balance ensuring we are achieving our financial targets, while accelerating future profitable growth. We added approximately $200 million of excess capital in the quarter and have generated approximately $400 million year-to-date. With that, let me turn to our segment results.

展望今年下半年，我們將在確保實現財務目標的同時，加速未來的獲利成長。我們在本季增加了約 2 億美元的過剩資本，今年迄今已產生約 4 億美元的過剩資本。接下來，讓我來談談我們的分部績效。

Turning to Retirement on slide 8. Second quarter was highlighted by continued commercial momentum, driving further organic growth and higher earnings. We continue to make progress integrating OneAmerica which has us approaching nearly 10 million participant accounts across Retirement. Retirement generated $235 million of adjusted operating earnings in the quarter and over $860 million in the last 12 months. This represents an increase of 10% and 19%, respectively, over the prior year.

轉到第 8 張投影片上的「退休」。第二季的亮點是商業動能持續，推動了進一步的有機成長和更高的收益。我們在整合 OneAmerica 方面繼續取得進展，這使得我們在退休領域的參與帳戶已接近 1000 萬。退休在本季產生了 2.35 億美元的調整後營業收入，在過去 12 個月中產生了超過 8.6 億美元的調整後營業收入。這分別比前一年增長了 10% 和 19%。

Higher net revenues were driven by growth in fee-based margins as our platform continues to attract new flows and gain scale. Spread-based revenues also remained resilient in the quarter due to improved portfolio yields and higher participant fund transfers into the general account. We generated approximately $12 billion of total Defined Contribution net inflows in the second quarter, bringing our total year-to-date net flows to over $40 billion.

隨著我們的平台繼續吸引新的流量並擴大規模，費用利潤率的成長推動了淨收入的增加。由於投資組合收益率提高以及參與者資金轉入一般帳戶的增加，本季利差收入也保持了彈性。我們在第二季產生了約 120 億美元的固定繳款淨流入總額，使我們今年迄今的總淨流入超過 400 億美元。

The strong commercial result includes positive Full Service net flows before OneAmerica and strong success in the large market, including a large Recordkeeping win in the quarter. Looking ahead, we expect outflows in the third quarter driven by a large plan surrender in Recordkeeping.

強勁的商業成果包括 OneAmerica 先前的全服務淨流量為正，以及在大市場中取得的巨大成功，包括本季取得的重大記錄保存勝利。展望未來，我們預計第三季將出現資金流出，原因是記錄保存中的大量計劃被放棄。

Having said that, we are on pace for one of our strongest years, growing our total Defined Contribution assets by more than $100 billion in the first half of 2025 while maintaining strong margins. Turning to Investment Management on slide 9. The second quarter demonstrated strong organic growth and favorable financial performance. Adjusted operating earnings were $51 million for the quarter and $214 million over the last 12 months. This represents an increase of 2% and 15%, respectively, over the prior year. Our diversified platform, scale and breadth of product offerings continue to drive organic growth at strong margins. We generated second quarter net inflows of approximately $2 billion, contributing to year-to-date net flows of nearly $10 billion.

話雖如此，我們正步入最強勁的一年，到 2025 年上半年，我們的固定繳款資產總額將增長 1000 多億美元，同時保持強勁的利潤率。前往第 9 張投影片上的投資管理。第二季度表現出強勁的有機成長和良好的財務表現。本季調整後的營業收入為 5,100 萬美元，過去 12 個月調整後的營業收入為 2.14 億美元。這分別比前一年增長了 2% 和 15%。我們多樣化的平台、規模和廣泛的產品供應持續推動強勁利潤率的有機成長。我們第二季的淨流入約為 20 億美元，為年初至今的淨流入貢獻了近 100 億美元。

Our institutional business generates strong and steady demand for our suite of public and private fixed income solutions. These solutions continue to strengthen our leadership position, including key strategic focus areas such as insurance asset management.

我們的機構業務對我們的一系列公共和私人固定收益解決方案產生了強勁而穩定的需求。這些解決方案持續加強我們的領導地位，包括保險資產管理等關鍵策略重點領域。

Our retail net flows contributed nearly half the net inflows in the quarter, and approximately one-third year-to-date. We are encouraged by the momentum across both domestic and international retail channels. These results are an outcome of the experienced leadership team delivering strong investment outcomes for our clients. Turning to Employee Benefits on slide 10. We continue to improve margins in Employee Benefits. Adjusted operating earnings for the segment were $69 million in the quarter, up 15% over the prior year quarter. We have lowered our expected loss ratio for the January 2024 cohort by 200 basis points to 91%. This was driven by claims experience in the second quarter.

我們的零售淨流量貢獻了本季淨流入量的近一半，以及年初至今的約三分之一。國內和國際零售通路的勢頭令我們感到鼓舞。這些成果是經驗豐富的領導團隊為我們的客戶提供強勁投資成果的結果。前往第 10 張投影片上的「員工福利」。我們持續提高員工福利的利潤率。該部門本季調整後的營業利潤為 6,900 萬美元，較去年同期成長 15%。我們已將 2024 年 1 月預期損失率降低 200 個基點至 91%。這是由第二季度的索賠經驗推動的。

This cohort is now over 95% complete and will be nearing completion in the third quarter. For our more recently priced January 2025 Stop Loss cohort, we continue to hold reserves at an 87% loss ratio, no change from the first quarter. As a reminder, it is early in the development of this cohort. Experience will be more credible later this year.

該批工作目前已完成 95% 以上，並將於第三季接近完成。對於我們最近定價的 2025 年 1 月止損群組，我們繼續以 87% 的損失率持有儲備，與第一季相比沒有變化。需要提醒的是，這個群體的發展還處於早期階段。今年稍後的經驗將會更加可信。

In Group Life and Voluntary, favorable claims experience in the second quarter led to improved loss ratios. As we look forward, continued discipline in underwriting and risk selection remains our top priority. We continue to embed industry data and medical trends into our pricing while delivering a market-leading portfolio of benefit solutions for our customers. Turning to slide 11. Our balance sheet is well positioned and was strengthened by the approximately $200 million of excess capital we generated in the quarter. We returned over $40 million of capital to shareholders via common stock dividends and entered the third quarter with approximately $300 million of excess capital. Turning to slide 12. We've now generated approximately $400 million of capital year-to-date above our 90% target. The first half positions us well to achieve our plan to generate over $700 million of excess capital for the full year. In the third quarter, we will resume share repurchases targeting $200 million in the second half of 2025 as planned.

在團體人壽和自願保險方面，第二季良好的理賠經驗導致損失率改善。展望未來，繼續嚴格承保和風險選擇仍然是我們的首要任務。我們繼續將行業數據和醫療趨勢融入我們的定價中，同時為客戶提供市場領先的福利解決方案組合。翻到第 11 張投影片。我們的資產負債表狀況良好，本季產生的約 2 億美元過剩資本進一步增強了我們的資產負債表。我們透過普通股股息向股東返還了超過 4,000 萬美元的資本，並帶著約 3 億美元的超額資本進入第三季。翻到第 12 張投影片。今年迄今為止，我們已經產生了約 4 億美元的資本，超出了我們的 90% 的目標。上半年我們可望實現全年創造超過 7 億美元超額資本的計畫。第三季度，我們將以計畫恢復股票回購，目標是在2025年下半年實現2億美元的回購。

Looking forward, we are focused on executing our near-term priorities, generating consistent strong free cash flows and executing on our balanced approach to capital deployment, which maximizes shareholder value over the long term.

展望未來，我們專注於執行我們的近期優先事項，產生持續強勁的自由現金流，並執行我們平衡的資本配置方法，從而實現長期股東價值最大化。

I'll now turn it back to Heather.

現在我將話題轉回給希瑟。

Thanks, Mike. Turning to Slide 13. This quarter, we made meaningful progress on our priorities, delivering strong first half results across our businesses. Our priorities for the remainder of the year are unchanged, driving strong organic growth in Retirement and Investment Management, successfully integrating OneAmerica to drive higher earnings and meaningfully improving margins in Employee Benefits.

謝謝，麥克。翻到幻燈片 13。本季度，我們在優先事項上取得了有意義的進展，各項業務上半年業績表現強勁。我們今年剩餘時間的重點保持不變，即推動退休和投資管理業務的強勁有機成長，成功整合 OneAmerica 以推動更高的收益，並大幅提高員工福利的利潤率。

As we look ahead, we're executing with purpose, helping our customers achieve their goals while generating strong cash flow across our businesses. I want to thank our team for their continued focus and hard work.

展望未來，我們將有目的地執行，幫助我們的客戶實現他們的目標，同時為我們的業務創造強勁的現金流。我要感謝我們團隊的持續關注和努力。

And with that, we'll turn the call over to the operator so we can take your questions.

然後，我們會將電話轉給接線員，以便回答您的​​問題。

(Operator Instructions)

（操作員指示）

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘。

Hi. Thanks. Good morning.

你好。謝謝。早安.

I guess my first question is on just the Stop Loss business. I was hoping to get some more color on what led you to bring down the ['24 block] again this quarter. Just how '25 is looking? And then is the expectation still that you would expect to get back to target loss ratios on that business in 2026?

我想我的第一個問題是關於停損業務的。我希望能夠更詳細地了解是什麼原因導致您在本季再次推倒['24 區塊]。'25 看起來怎麼樣？那麼，您是否仍期望到 2026 年該業務的損失率能恢復到目標水準？

Good morning, Elyse. Mike will start and take your question.

早安，伊莉絲。麥克將開始回答您的問題。

Hi, Elyse. First, I'll just start by saying Stop Loss continues to be a high priority for Heather, myself, Jay, the entire management team. We continue to be laser-focused on the prudent actions we've been taking across reserves, pricing, risk selection, underwriting.

你好，伊莉絲。首先，我要說的是，停損仍然是 Heather、我自己、Jay 以及整個管理團隊的首要任務。我們將繼續高度重視在儲備、定價、風險選擇和核保方面採取的審慎行動。

You asked first about the January 2024 business. We did reduce the IBNR in the quarter, the reserve levels from 93% to 91% as a targeted loss ratio. And that's just simply based on the claims experience that came in the quarter. So as we come out of the quarter, we believe 91% is the appropriate amount.

您首先詢問的是 2024 年 1 月的業務。我們確實在本季降低了 IBNR，將儲備水準從 93% 降至 91%，作為目標損失率。這只是基於本季的索賠經驗。因此，當我們走出這個季度時，我們認為 91% 是合適的金額。

You also asked about January 2025. What I would say on that is very, very early in the development of that cohort. We would estimate that it's approximately 15% complete. And so as we step back and we think about reserve levels going forward, it is a very uncertain backdrop in the healthcare industry. And so as we approach the reserving, we're going to continue to take a prudent approach as we see that play out for the balance of this year.

您也詢問了 2025 年 1 月的情況。我想說的是，這群人的發展還處於非常早期的階段。我們估計大約完成了 15%。因此，當我們回顧並思考未來的儲備水平時，我們會發現醫療保健行業的背景非常不確定。因此，當我們接近儲備時，我們將繼續採取謹慎的態度，因為我們將看到今年剩餘時間的進展。

What we like about this business is that it's annually renewable, which allows us to take decisive actions around rates, risk selection, and the way that we're approaching the pricing is to get back to target loss ratios. And the last question you had, Elyse, if we still continue to expect it to be a two-step process. That is our goal. We're coming out and trying to price every piece of business such that we get back to target margins. But again, we have this very cautious mindset heading into the fall. And I would just finish by saying the entire mindset of the entire team is that we're going to prioritize margin over growth.

我們喜歡這項業務的原因是它每年都可以續約，這使我們能夠在利率、風險選擇方面採取果斷行動，而我們制定定價的方式就是回到目標損失率。伊莉絲，你的最後一個問題是，我們是否仍然期望這是一個兩步驟過程。這就是我們的目標。我們正在嘗試對每項業務進行定價，以便回到目標利潤率。但再次強調，我們對秋天的到來抱持著非常謹慎的態度。最後我想說的是，整個團隊的整體思考方式是，我們要優先考慮利潤而不是成長。

Thanks. And then my second question is on capital. I know you reaffirmed the buyback view for the second half of the year. But then for '26, I think there's $160 million that could be due to OneAmerica. It sounds like you are on track with that deal. So I guess, expectations would be that's paid out next year. Is that going to impact '26 capital return or should we think of '26 being more in line with historical levels than 2025 in terms of share repurchase?

謝謝。我的第二個問題是關於資本的。我知道您重申了下半年的回購觀點。但對於 26 年來說，我認為其中 1.6 億美元可能來自 OneAmerica。聽起來你對這筆交易的進展很順利。所以我想，預計明年就會支付。這會影響 26 年的資本回報嗎？或者我們應該認為 26 年的股票回購比 2025 年更符合歷史水準？

Yes. Hi, Elyse. Yes. No, it makes sense. And look, we believe it's prudent to stay on plan for repurchases. We talked about $200 million in the second half. The capital we generated in the second quarter, the capital we generated in the first half puts us in a good position to do just that. And then as you alluded to, we exit 2025 well positioned with sufficient capital to address OneAmerica and the earnout that's expected in the middle of next year.

是的。你好，伊莉絲。是的。不，這是有道理的。而且，我們認為繼續執行回購計畫是明智之舉。我們談到了下半年的 2 億美元。我們在第二季度產生的資本和上半年產生的資本使我們處於有利地位來做到這一點。然後，正如您所提到的，到 2025 年，我們將擁有充足的資本來解決 OneAmerica 問題以及預計在明年年中實現的盈利。

I would say just as a quick aside, OneAmerica is fully on track. We hit that in the prepared remarks. And as it relates to just next year, more to come on how we think about the deployment of capital, we come into it in a position with a balance sheet that's healthy, a balance sheet that's strong, and businesses that continue to generate a lot of capital.

我想順便說一句，OneAmerica 計劃已完全步入正軌。我們在準備好的發言中提到了這一點。就明年而言，我們將更多地考慮如何部署資本，我們的資產負債表是健康的，資產負債表是強勁的，企業將繼續產生大量資本。

And I would just finish by saying 2025 is a good example of balanced capital deployment. When we think about what we deployed and what we're executing both from an organic and inorganic perspective but then also finishing the year with the share repurchases that we signaled on the call.

最後我想說的是，2025年是平衡資本配置的一個很好的例子。當我們從有機和無機的角度考慮我們所部署的內容和我們正在執行的內容時，同時也會在年底完成我們在電話會議上表示的股票回購。

Yes. And Elyse, it's Heather, if I can maybe just build a few points on Mike's comments. I'll reiterate, we're going to continue to take a balanced approach to capital as we think about '26, but we also expect to continue to drive higher cash flow generation heading into '26. A couple of things that I would point you to as you think about the attractive investment options for us heading into '26, I'll point to three things.

是的。伊莉絲，我是希瑟，我能否就麥克的評論提出幾點看法。我重申一下，在考慮 26 年時，我們將繼續採取平衡的資本方法，但我們也期望在 26 年繼續推動更高的現金流產生。當您考慮我們進入 26 年時有哪些有吸引力的投資選擇時，我想指出以下三件事。

First is continued investments in Wealth Management. We have some modest investments that are baked into our '25 targets around growing our field and phone-based advisers and building digital capabilities. We think that this is a really attractive growth area for us, given the growth and success we've had in the workplace business. We like the high-margin, high-growth opportunities within Wealth [Management](added by company after the call) and are well positioned to build on the base.

一是繼續投資財富管理。我們進行了一些適度的投資，這些投資都融入了我們的「25」目標中，旨在擴大我們的現場和電話顧問隊伍並建立數位能力。考慮到我們在工作場所業務方面取得的成長和成功，我們認為這對我們來說是一個非常有吸引力的成長領域。我們看好財富[管理]（電話會議後公司新增）中的高利潤、高成長機會，並且已做好充分準備在此基礎上繼續發展。

Second, I would point to is Retirement roll-ups. We're going to be opportunistic around this. You certainly can't predict inorganic. But we think that the OneAmerica, certainly, has been a terrific addition to growing our Retirement business and very attractive for shareholders.

其次，我想指出的是退休金累積。我們將抓住這一機會。你當然無法預測無機物。但我們認為，OneAmerica 無疑對我們的退休業務發展起到了極大的促進作用，對股東來說也非常有吸引力。

And the third area that I would point to is investing in automation across the organization. We're certainly going to take advantage of AI capabilities and to drive efficiencies that create sleeves of spend that allow us to reinvest in higher growth areas. So I just want to reiterate the fact that we continue to see some really nice catalysts for growth heading into '26.

我要指出的第三個領域是整個組織的自動化投資。我們肯定會利用人工智慧的能力，提高效率，創造資金，讓我們能夠重新投資更高成長的領域。因此，我只想重申一個事實，即我們將繼續看到一些真正有利於 26 年成長的催化劑。

John Barnidge, Piper Sandler.

約翰·巴尼奇、派珀·桑德勒。

Good morning. Thank you for the opportunity. My first question, can you maybe talk about the Blue Owl partnership and opportunity, and what it means for Retirement? Do you anticipate maybe some co-branding of products as options? Thank you.

早安.感謝您給我這個機會。我的第一個問題是，您能否談談 Blue Owl 合作夥伴關係和機會，以及它對退休意味著什麼？您是否預期可能會有一些聯名品牌的產品作為選擇？謝謝。

Yes. Thanks, John. We'll do a combination of Jay, and Matt will add some comments.

是的。謝謝，約翰。我們將與 Jay 進行結合，Matt 會添加一些評論。

Thanks, John, for the question. We're really excited about the Blue Owl partnership, when we think about what Matt and I and the IM team were able to develop through this partnership, really is a lot of mutuality of interest, and we're on our front foot here. This partnership, John, is going to let us expand the access to private investments, as you heard Heather open with.

謝謝約翰提出這個問題。我們對與 Blue Owl 的合作感到非常興奮，當我們想到 Matt 和我以及 IM 團隊透過這次合作所取得的成就時，我們確實在很多方面都有共同的利益，而且我們在這方面處於領先地位。約翰，正如希瑟所說，這種合作關係將使我們擴大私人投資的管道。

With that said, we are paying attention to the regulatory environment and any developments that may impact our business. Specifically, today, we're currently developing CITs that will soon be on the shelf. It's going to start with our adviser managed accounts and it's going to be embedded in our target date funds. So the Blue Owl partnership, it really does better position us to meet what I would say is an expanding need of our customers and plan sponsors. But Matt, anything you'd build on?

話雖如此，我們正在關注監管環境以及任何可能影響我們業務的發展。具體來說，今天，我們目前正在開發即將上架的 CIT。它將從我們的顧問管理帳戶開始，並將嵌入到我們的目標日期基金中。因此，與 Blue Owl 的合作確實讓我們能夠更好地滿足客戶和計劃發起人日益增長的需求。但是馬特，你會以什麼為基礎呢？

Yes. I completely agree, Jay. We look forward to building products together for Retirement plan participants. This will include within target date products where the combination of Voya's areas of the expertise pair very nicely with Blue Owl's broader and complementary private strategies.

是的。我完全同意，傑伊。我們期待共同為退休計畫參與者打造產品。這將包括目標日期產品，其中 Voya 的專業領域與 Blue Owl 更廣泛和互補的私人策略完美結合。

Our focus will be on risk-adjusted returns as well as attractive returns net of fees. That's critical for the outcomes for Retirement plan participants. We think that will be a benefit to the entire space and open up the retirement landscape in a very beneficial manner for active managers.

我們的重點將放在風險調整後的回報以及扣除費用後的有吸引力的回報上。這對於退休計劃參與者的結果至關重要。我們認為這將有利於整個領域，並以非常有利的方式為積極的管理者開闢退休前景。

We also look forward to opportunities within the insurance channel, where the breadth of our complementary capabilities and structuring capabilities really provide a differentiated value prop for our clients. So in sum, the early feedback from our clients is quite positive, and we look forward to building the partnership.

我們也期待保險管道內的機會，我們廣泛的互補能力和結構能力確實為我們的客戶提供了差異化的價值主張。總而言之，我們客戶的早期回饋非常積極，我們期待建立合作關係。

My follow-up question would be on the distribution partnership with Edward Jones. Will those products and the full product suite be available through that?

我的後續問題是關於與愛德華瓊斯的分銷合作關係。這些產品和全套產品可以透過這種方式取得嗎？

Yes. Thanks, John. So I'll just start. And this was one of the other attractive aspects of OneAmerica, right? Not only did we see an opportunity to grow the revenues by $200 million, the earnings by $75 million, but we also talked about the attractive capabilities and the Edward Jones partnership being one of them, but I'll turn it to Jay to elaborate.

是的。謝謝，約翰。那我就開始了。這也是 OneAmerica 的另一個吸引人的方面，對吧？我們不僅看到了將收入增加 2 億美元、將收益增加 7500 萬美元的機會，而且我們還談到了有吸引力的能力，而與 Edward Jones 的合作就是其中之一，但我將請 Jay 來詳細說明。

Great. John, thanks for the question.

偉大的。約翰，謝謝你的提問。

If you think about OneAmerica today, it accounts for about 10% of the Retirement business and the contribution today is pretty consistent with that. And one of the big advantages that we saw with that acquisition was the partnership programs with certain key adviser firms like Edward Jones, we were successful in the second quarter in executing a selling agreement, and we like this relationship.

如果你想想今天的 OneAmerica，它佔退休業務的 10% 左右，而今天的貢獻與此相當一致。我們在此次收購中看到的一大優勢是與愛德華瓊斯 (Edward Jones) 等某些主要顧問公司建立的合作計劃，我們在第二季度成功執行了銷售協議，我們喜歡這種關係。

We think it's going to help us drive more Full Service sales. The partnership programs, you should think about them helping us expand our distribution footprint. And they really are going to be a key driver of growth for the Retirement business.

我們認為這將有助於我們推動更多的全方位服務銷售。您應該考慮合作夥伴計劃來幫助我們擴大分銷範圍。他們確實將成為退休業務成長的關鍵驅動力。

In the second quarter, I spent a lot of time with our intermediaries and plan sponsors that came to Voya through the OneAmerica transaction, and we continue to receive very positive feedback on Voya's products, our services, but more importantly, our people. As part of that transaction, we acquired some great people and relationship managers. And so the consistency and retention of those relationships, as you see in our numbers are starting to show themselves. So again, we'll come back as more of these distribution relationships get executed.

在第二季度，我花了很多時間與透過 OneAmerica 交易加入 Voya 的中介機構和計劃發起人在一起，我們繼續收到對 Voya 的產品、我們的服務，但更重要的是，我們的員工的非常積極的反饋。作為交易的一部分，我們獲得了一些優秀的人才和關係經理。因此，正如您從我們的數據中看到的那樣，這些關係的一致性和保留性開始顯現出來。因此，隨著更多分銷關係的實施，我們將會再次回來。

Tom Gallagher, Evercore ISI.

湯姆·加拉格爾，Evercore ISI。

Good morning. Just wanted to ask a few questions on medical Stop Loss. I know it's early in the 2025 accident year. But there were essentially two components, as I think about it, to improve the outcomes this year and into next year. One was re-underwriting the book and risk selection. And the second was just getting enough rate, broadly speaking, on the medical cost trend. So I guess my question is, what's the broader macro development you're seeing so far? Because I assume you don't have enough seasoning on your own book, but you probably do have some inputs on medical cost trend more broadly, and that's probably informing your pick and why you left it at 87%. So you're still seeing that same level of elevation in cost trend where you reinsure? That's question number one. And number two, how is the risk selection gone so far? And maybe that's early, but I just want to get a sense, does it look like you got it right in terms of the non-renewed business versus that which you retained? Thanks.

早安.只是想問幾個有關醫療停損的問題。我知道現在是 2025 年事故多發之年的初期。但我認為，主要有兩個因素可以改善今年和明年的成果。一是重新承保帳簿和風險選擇。第二，從廣義上講，就是對醫療成本趨勢獲得足夠的重視。所以我想我的問題是，到目前為止您看到的更廣泛的宏觀發展是什麼？因為我認為你對自己的書沒有足夠的經驗，但你可能對更廣泛的醫療成本趨勢有一些投入，這可能是你選擇的原因，也是你將其保持在 87% 的原因。那麼，您在再保險方面仍然看到成本趨勢的相同程度的上升嗎？這是第一個問題。第二，目前風險選擇進展如何？也許現在說這個還為時過早，但我只是想了解一下，在未續約業務和保留業務方面，你們的判斷是否正確？謝謝。

Thanks, Tom. We'll let Mike take your question.

謝謝，湯姆。我們讓麥克來回答您的問題。

Yes. Tom, look, first, I'd say, it is still uncertain out there. I think what you're trying to drive at is how do we see ultimately what we price for materializing in the results. And when you're pricing, you're always taking a forward-looking approach. And maybe the one thing I would say that continues to give us the posture of making sure that we want to see this play out is that we expect first dollar medical inflation to increase in 2026 relative to 2025.

是的。湯姆，你看，首先，我想說，外面的情況仍然不確定。我認為您想要表達的是我們最終如何看到我們為實現結果而定價。當你定價時，你總是採取前瞻性的方法。也許我想說的一件事是，我們預計 2026 年第一美元醫療通膨將比 2025 年有所增加，這讓我們繼續保持希望看到這一局面的態勢。

We continue to feel good about what we did heading into January 2025. You hit the two pieces where we were very prudent around the rate that we went after. We were very prudent around underwriting and risk selection, but it's just too early. I think we'll have a better sense of where 2025 ultimately lands later this year.

我們對於我們在 2025 年 1 月所做的事情仍然感到滿意。你擊中了這兩個點，而我們在追求的速度上非常謹慎。我們在核保和風險選擇方面非常謹慎，但現在還為時過早。我認為今年稍後我們會對 2025 年的最終目標有更好的了解。

You should think the fourth quarter as the first key moment where we're going to be approximately two-thirds, maybe 70% complete. So we'll have a much better sense. But there's a lot of noise, as you know, Tom, in the healthcare arena. And I think right now, it's just too early to signal anything different than what we have up.

您應該認為第四季是第一個關鍵時刻，我們將完成大約三分之二，也許是 70%。這樣我們就會有更好的認識。但是，湯姆，正如你所知，醫療保健領域存在著許多噪音。我認為現在就發出與我們目前情況不同的訊號還為時過早。

Got you. And Mike, anything on the risk selection because I think there that was more unique to Voya, not so much of a broader market issue. Do you feel like the initial indications on the changes in the business you lost is playing out as you thought? Or any color or light you could shed on that?

明白了。麥克，關於風險選擇有什麼問題嗎？因為我認為這是 Voya 獨有的，而不是更廣泛的市場問題。您是否覺得您失去的業務所發生的變化的最初跡象正如您所想的那樣？或者您能對此闡明什麼觀點或見解嗎？

Yes. And Tom, you're alluding to the point that we made around known claims being a piece of what drove the unfavorable experience last year. And just for those not close to this, that's where you ultimately would see a claim from a prior year, maybe younger cancer, where the opportunity for that to continue into the next calendar year is higher. That was absolutely a focus with the underwriting teams going into the year, but they're still when you think about cell and gene therapy drugs, when you think about younger cancer still being kind of an area of higher frequency, we continue to feel that 87% is the appropriate level for January 2025.

是的。湯姆，你指的是我們提出的觀點，即已知的索賠是導致去年不利經歷的部分原因。對於那些還沒有接近這一點的人來說，你最終會看到前一年提出的索賠，也許是較年輕的癌症，這種索賠持續到下一個日曆年的機會更高。這絕對是核保團隊今年關注的重點，但當你想到細胞和基因治療藥物時，當你想到年輕癌症仍然是一個發病率較高的領域時，我們仍然認為 87% 是 2025 年 1 月的適當水平。

Yes. And Tom, if I can add. It's Heather, I think the punchline on Stop Loss is we're making meaningful progress, but we're not taking our eye off the ball. As you think about what's going on in the broader landscape, some of the things we're paying attention to, this is more going into the 1.1.26 pricing season. It's just what's going on with first dollar expenses, what we're seeing in trend on high dollar drugs as well as paying attention to provider billing and just seeing if that has any impact on 1.1.26 pricing.

是的。還有湯姆，如果我可以補充的話。希瑟，我認為《止損》的妙處在於我們正在取得有意義的進展，但我們並沒有分心。當您思考更廣泛的領域正在發生的事情時，我們正在關注的一些事情，更多是進入 1.1.26 定價季節。這只是第一美元費用的情況，我們看到高價藥品的趨勢，以及關注供應商帳單，看看這是否會對 1.1.26 定價產生影響。

And what I would reinforce that Mike talked about earlier is that going into the 1.1.26 pricing season, we are assuming that medical trend is going to be higher than we had assumed it a year prior. And so that's why, Jay, Mike, our entire teams, we're continuing to focus on the discipline of margin improvement over any type of premium growth and really the alignment between our underwriting pricing and sales teams.

我想強調的是，麥克之前談到的進入 1.1.26 定價季，我們假設醫療趨勢將高於我們一年前的假設。這就是為什麼 Jay、Mike 和我們整個團隊都繼續關注利潤率的提高，而不是任何類型的保費成長，以及我們的承保定價和銷售團隊之間的真正協調。

Ryan Krueger, KBW.

瑞安·克魯格，KBW。

Thanks. Good morning. I had two questions on the Voluntary benefits business. First was on the loss ratio. It improved to 47% in the quarter. Are you still expecting more around 50% in the back half of the year at this point?

謝謝。早安.我對自願福利業務有兩個疑問。首先是損失率。本季這一比例上升至 47%。您現在還預計今年下半年的成長率將達到 50% 左右嗎？

Good morning, Ryan. Yes, I think that's the base case at least for the third quarter. As you alluded to, we did have favorable claims experience in the quarter. We talked about last quarter that we're adding additional reserves to the tune of 150 to 200 basis points per quarter in advance of the fourth quarter where we see seasonality for Voluntary. So we're obviously happy with the favorable claims experience in the second quarter, but no change to the outlook in the third quarter and then we'll have a better sense where this ultimately lands at the end of the year.

早安，瑞安。是的，我認為這至少是第三季的基本情況。正如您所提到的，我們在本季確實擁有良好的索賠經驗。我們上個季度談到，我們將在第四季度之前每季增加 150 到 200 個基點的額外儲備，因為第四季度我們會看到自願性的季節性。因此，我們顯然對第二季度良好的索賠體驗感到滿意，但第三季度的前景不會發生變化，然後我們將更好地了解最終在年底會出現什麼結果。

Thanks. And then related to this, could you give a little bit more color on why the Voluntary premiums are declining this year compared to the strong growth you had over a number of prior years?

謝謝。然後與此相關，您能否進一步解釋為什麼與前幾年的強勁增長相比，今年的自願保費有所下降？

Yes. We'll let Jay take your question. Thanks for clarifying.

是的。我們讓傑伊來回答您的問題。謝謝澄清。

Thanks, Ryan. If you think about 2024, Ryan, sales finished really strong. It was due to a few jumbo cases. And you should think about top line is actually trending really well for the full year '25. In addition to that, our ability now to bundle in-sourced Leave solutions sets us up well for 1.1.26. That was always a desire in that Leave investment is our ability to bundle.

謝謝，瑞安。Ryan，如果你考慮一下 2024 年，銷售額將會非常強勁。這是由於幾起重大案件造成的。您應該考慮一下 2025 年全年的營收趨勢實際上非常好。除此之外，我們現在能夠將內部的 Leave 解決方案進行捆綁，這為 1.1.26 版本做好了充分準備。這一直是我們的願望，因為 Leave 的投資就是我們進行捆綁的能力。

With Leave today and other Voluntary products, when you think about Group and Voluntary in Supp Health, 50% of those cases are now getting bundled with Leave. And so as we think about the overall Voluntary business, that Leave solution will help us get access to more RFPs. This has been a deliberate strategy to drive member engagement as you think about this with our members and customer retentions for the long term. So always balancing, Ryan, driving consumer value with the cost of servicing claims, particularly as utilization increases. But we are a market leader. We're a top 3 provider for Voluntary with 10% market share.

有了今天的休假和其他自願產品，當您考慮補充醫療保健中的團體和自願時，其中 50% 的案例現在與休假捆綁在一起。因此，當我們考慮整體自願業務時，休假解決方案將幫助我們獲得更多的 RFP。這是一個深思熟慮的策略，旨在推動會員參與，從長遠來看，這將與我們的會員和客戶保留率有關。因此，Ryan 始終要在推動消費者價值與服務索賠成本之間取得平衡，尤其是在利用率提高的情況下。但我們是市場領導者。我們是自願服務的三大供應商之一，佔有 10% 的市佔率。

And maybe just in closing, we've taken deliberate steps to align the product performance with customer value and market expectations, specifically a couple of areas. We've upgraded in-force blocks. We've enhanced the benefits, and we've improved the admin experiences to actually ensure that the members are using what they buy. When customers see early value, they stay longer. As groups stay longer with 3-plus years, we see participation rates double, so it's going to be a solid '25.

最後，我們採取了謹慎的措施，使產品性能與客戶價值和市場期望保持一致，特別是在幾個領域。我們已經升級了有效的封鎖。我們增強了福利，並改善了管理體驗，以真正確保會員使用他們購買的產品。當客戶看到早期價值時，他們會停留更長時間。隨著團體停留時間延長至 3 年以上，我們看到參與率翻了一番，因此 25 年將會是個穩健的時期。

Thank you.

謝謝。

Wilma Burdis, Raymond James.

威爾瑪伯迪斯、雷蒙詹姆斯。

Hey. Good morning. Some of the other alternative asset managers have cited that the 401(k) landscape is going to change dramatically in the near term. Could you go into a little bit more detail on how your offering with Blue Owl works for the customer and the types of products you hope to develop in the future? And additionally, would you expand yours with other alt managers? Thanks.

嘿。早安.其他一些另類資產管理公司表示，401（k）計畫的格局將在短期內發生巨大變化。您能否更詳細地介紹 Blue Owl 為客戶提供的服務以及您希望未來開發的產品類型？此外，您是否願意與其他替代經理一起擴展您的業務？謝謝。

Yes. Thanks, Wilma. We'll let Matt elaborate. But really, we think this is something that -- everything we do is really intended to drive participant outcomes and breadth of offerings. And so we think this is just yet another example of how we can give access to private markets to our participants who just historically have not had it. But let me let Matt get into a little bit more of the technical.

是的。謝謝，威爾瑪。我們讓馬特來詳細說明。但實際上，我們認為我們所做的一切都是為了推動參與者的成果和產品的廣度。因此，我們認為這只是我們如何向歷史上從未有過機會的參與者提供進入私人市場的機會的另一個例子。但是，讓我讓馬特更深入地了解一些技術問題。

Yes. Thanks, Wilma. There is a regulatory component to this that you see, obviously, in the newspaper every day. So ultimately, plan sponsors have to make choices about what they offer. Our announcement with the Blue Owl is that we're going to work with Blue Owl who is a highly regarded partner to build solutions that we think importantly provide strong risk-adjusted returns for plan participants as well as strong and attractive returns net of fees.

是的。謝謝，威爾瑪。顯然，這其中存在著監管因素，你每天在報紙上都能看到。因此，最終，計劃發起人必須選擇他們所提供的服務。我們與 Blue Owl 共同宣布，我們將與備受推崇的合作夥伴 Blue Owl 合作，共同建立我們認為重要的解決方案，為計劃參與者提供強勁的風險調整回報，以及扣除費用後強勁且有吸引力的回報。

So now those concepts are a little different than what you hear in the Retirement space today, which is lowest fee passive regulatory or legal uncertainty. So this conversation will happen through the industry over the coming quarters and years. I wouldn't anticipate this to be incredibly fast. But as you see that standing up products such as target dates that could include a broader array of active and private solutions makes a lot of sense. We'll provide better outcomes for clients and our complementary capabilities within Voya Investment Management in Blue Owl, I think is a fantastic platform to build from.

因此，這些概念與您今天在退休領域聽到的概念略有不同，後者是最低費用被動監管或法律不確定性。因此，未來幾季和幾年內，整個產業都會出現這樣的對話。我沒想到這會變得如此之快。但如您所見，推出諸如目標日期之類的產品，可以包括更廣泛的主動和私人解決方案，這是非常有意義的。我們將為客戶提供更好的結果，並且我們在 Blue Owl 的 Voya Investment Management 中具有互補的能力，我認為這是一個非常棒的平台。

To your second question, will there be other providers? Naturally, on a platform the size of ours, you're going to have an array of providers, but we look forward to working specifically with Blue Owl to deliver products and design products, co-create products we're excited about.

對於您的第二個問題，還有其他提供者嗎？當然，在我們這樣規模的平台上，您將擁有一系列供應商，但我們期待與 Blue Owl 合作，提供產品和設計產品，共同創造我們興奮的產品。

Okay. And then how are you thinking about the fees and the economic split on these types of products given the sensitivity you just mentioned to a few levels in 401(k)? Thanks.

好的。那麼，考慮到您剛才提到的 401(k) 中幾個層級的敏感性，您如何看待這些類型產品的費用和經濟分割？謝謝。

Ultimately, it's much like any active management. The way I'd frame it is active management needs to provide a value proposition beyond the fees that are embedded. So still much to be determined. I think of CITs as being the cornerstone and the vehicle of choice within the Retirement landscape because of its lower fee access points. So that fee component, the expense component will work closely on.

最終，它很像任何主動管理。我認為主動式管理需要提供超越所含費用的價值主張。因此仍有許多事情有待確定。我認為 CIT 是退休領域的基石和首選工具，因為它的費用較低。因此費用部分和支出部分將緊密相關。

These products aren't in launch yet, but we'll be working towards that. And I would tell you, the entire industry will be looking at making sure that you have these long-term investments oriented towards a net fee return that's attractive. So stay tuned, but really no different than the active investment management more broadly.

這些產品尚未推出，但我們會努力實現這一目標。我想告訴你，整個產業都會專注於確保這些長期投資能帶來有吸引力的淨費用回報。所以請繼續關注，但實際上與更廣泛的主動投資管理沒有什麼不同。

Suneet Kamath, Jefferies.

蘇尼特‧卡馬斯（Suneet Kamath），傑富瑞集團。

Thanks. I wanted to go back to Stop Loss for a second, and I appreciate the color that you gave. On the medical cost trend, I just want to clarify, is what you're seeing in terms of the cost trends year-to-date consistent with what you assumed in your January 2025 pricing, meaning step one? Because it seems to me that a lot of health insurers are seeing an escalation in severity and frequency, which perhaps they did not anticipate, which is surprising investors. So I just wanted to get a sense of how things are playing out versus what you built into pricing.

謝謝。我想回到停損一秒鐘，我很欣賞你給的顏色。關於醫療成本趨勢，我只想澄清一下，您今年迄今為止看到的成本趨勢是否與您在 2025 年 1 月定價中假設的一致，也就是第一步？因為在我看來，許多健康保險公司都看到了疾病嚴重程度和頻率的升級，這也許是他們沒有預料到的，這讓投資者感到驚訝。所以我只是想了解事情的進展以及定價情況。

We'll let Mike take your question.

我們讓麥克來回答您的問題。

Yes. Good morning, Suneet. Now I'm very consistent with what I was sharing with Tom earlier. We continue to approach 2025 with that uncertain and kind of cautious view given everything that's happening with the healthcare industry. As it relates to what we price for, what we underwrote, we came into the year feeling good about that. As I mentioned earlier, we're still only 15% through. So it's way too early for us to get much deeper into how we see claims ultimately playing out for the year, but I would say in the same breath that we put up 87%. That's our best estimate right now. And as we get deeper in the year, we'll continue to update you with respect to how this plays out.

是的。早上好，Suneet。現在我與之前與湯姆分享的內容非常一致。鑑於醫療保健行業正在發生的一切，我們將繼續以不確定和謹慎的態度迎接 2025 年。由於這與我們定價的內容、承保的內容有關，我們今年對此感覺良好。正如我之前提到的，我們仍然只完成了 15%。因此，現在我們深入研究今年的索賠最終結果還為時過早，但我可以肯定地說，我們的索賠率達到了 87%。這是我們目前最好的估計。隨著今年的深入，我們將繼續向您通報事情的進展。

As Heather mentioned just a moment ago and I shared earlier, we continue to think as we move into the fall that first dollar medical moves up. We are working with advisers. We are partnering with everyone that we can to make sure we have the best thinking around that, whether it's cell and gene [therapy](added by company after the call) or what might happen with cancer in younger ages and making sure we have the best thinking around that. But again, this is something that we'll continue to update you on in the fall. And as I said earlier, we'll have a better sense ultimately where this 2025 block is heading in late third quarter, fourth quarter.

正如 Heather 剛才提到的和我之前分享的那樣，我們繼續認為，隨著秋天的到來，第一美元醫療費用將會上升。我們正在與顧問合作。我們正在與所有人合作，以確保我們對此有最好的思考，無論是細胞和基因[療法]（電話會議後由公司添加）還是年輕一代可能發生的癌症，並確保我們對此有最好的思考。但再次強調，我們將在秋季繼續向您通報這一情況。正如我之前所說，我們最終會在第三季末或第四季更了解 2025 年區塊的走向。

Okay, thanks for that. Sorry for the repeat question. And then on Retirement, can you just talk a little bit about what you're seeing at the plan and participant level in terms of withdrawals? I think, on prior calls, you've talked about strategies to retain more assets at Retirement. So just an update there would be helpful as well. Thanks.

好的，謝謝。抱歉，我重複問問題了。然後關於退休，您能否簡單談談您在計劃和參與者層面上看到的提款情況？我認為，在先前的電話會議中，您已經談到了在退休時保留更多資產的策略。因此，僅進行更新也會有所幫助。謝謝。

Yes. We'll let Jay take your question. We have seen some improvement. And as we've talked about on prior calls, have been working on some product development to be able to retain more of those assets. But Jay?

是的。我們讓傑伊來回答您的問題。我們已經看到了一些進步。正如我們在之前的電話會議中討論的那樣，我們一直在致力於一些產品開發，以便能夠保留更多這些資產。但是傑伊？

Yes. Great. Appreciate the question, Suneet. If you think about retention, we feel really good about where we're retaining, whether it be in the OneAmerica at the 90% level that we talked about, Full Service plan retention remained really strong this quarter at 97%. That's in line with expectations. And the results that we see are really demonstrating the clear execution we've had towards the strategic priorities around commercial momentum in OneAmerica.

是的。偉大的。感謝你提出這個問題，Suneet。如果您考慮保留率，我們對保留率感到非常滿意，無論是在 OneAmerica 中我們談到的 90% 水平，還是全服務計劃保留率在本季度仍然保持強勁，達到 97%。這符合預期。我們看到的結果確實證明了我們在 OneAmerica 商業動能策略重點方面的明確執行。

It was a solid first half of the year. You heard Heather reference $100 billion of positive flows with $40 billion being purely organic. Much of that was in the large end of the market in Recordkeeping. The results in Recordkeeping, they are purposeful and in selected growth. We see it as an attractive market. If you think about this as very complementary to our other businesses, including Wealth Management, where we continue to expand our adviser base and capabilities to serve the customers to and through retirement. So we feel really good around where our strategy is around retention.

今年上半年業績表現穩健。您聽到 Heather 提到了 1000 億美元的正向流動，其中 400 億美元是純有機流動。其中大部分屬於記錄保存市場的高端。記錄保存的結果是具有目的性的並且有選擇地增長。我們認為這是一個有吸引力的市場。如果您認為這與我們的其他業務（包括財富管理）非常互補，那麼我們將繼續擴大我們的顧問基礎和能力，為客戶提供退休服務。因此，我們對我們的保留策略感到非常滿意。

Our pipeline right now remains really healthy. We've got 25% more assets year-over-year in the final stages in the key segments. It really does underscore our value proposition. So whether it is where we are in current flows, our retention or our pipeline, it's a really strong business right now in '25.

我們的管道目前仍然非常健康。在關鍵領域的最後階段，我們的資產年增了 25%。它確實強調了我們的價值主張。因此，無論我們目前的流量、保留率或通路情況如何，在 25 年，這都是一項非常強勁的業務。

Sorry, anything on the participant behavior? That was the root of my question as opposed to plan behavior. Thanks.

抱歉，關於參與者的行為有問題嗎？這是我的疑問的根源，而不是計劃行為。謝謝。

Yes, thanks. I'll take that question. I think what you're referring to is in prior years where we saw heightened participant surrenders with a higher interest rate environment. We have seen that begin to normalize a bit in '25. So given some of the market volatility in the second quarter, we did see more transfers from variable into fixed. So that has been a favorable trend.

是的，謝謝。我來回答這個問題。我認為您指的是前幾年在利率較高的情況下參與者退保率上升的情況。我們看到這種情況在 25 年開始有所正常化。因此，考慮到第二季市場的一些波動，我們確實看到更多的資金從浮動利率轉移到固定利率。這是一個有利的趨勢。

But in addition to some of that participant behavior, we are also seeing a greater uptick in some of our target date funds that include the general account and other products. So we see this as a combination around what's going on with the participant behavior as well as making sure we've got a competitive sleeve of products to be able to help us to moderate some of the outflows we have seen in the general account. Hopefully, that answers your question.

但除了部分參與者的行為之外，我們還看到一些目標日期基金（包括一般帳戶和其他產品）出現了更大的上漲。因此，我們認為這是圍繞參與者行為的結合，同時確保我們擁有具有競爭力的產品組合，以幫助我們緩和一般帳戶中出現的一些資金流出。希望這能回答你的問題。

Wes Carmichael, Autonomous Research.

韋斯·卡邁克爾，自主研究。

Hey. Good morning. Thanks for the question.

嘿。早安.謝謝你的提問。

Employee Benefits, you previously flagged, I think, $50 million of strategic spend for 2025. Just wondering how much progress has been made on the $50 million? And should we expect within the income statement those expense lines to be a little bit more pronounced in the back half of this year?

員工福利，我認為您之前提到過，2025 年的策略支出為 5000 萬美元。只是想知道這 5000 萬美元取得了多少進展？我們是否應該預期，今年下半年損益表中的這些費用項目會更加明顯？

Good. Thanks, Wes. Michael will take your question on expenses, and Jay can talk about what we're seeing on some of the commercial momentum around Leave.

好的。謝謝，韋斯。麥可將回答您關於費用的問題，傑伊可以談談我們所看到的脫歐相關的一些商業勢頭。

Good morning, Wes. We continue to expect that approximately $50 million of investments aimed at the Leave capability that we're building. And I would think about that as more back half than first half, not tremendously, but modestly higher in the second half. I would also flag as you're thinking about overall expenses, second quarter to third quarter, I think relatively flat for Retirement and IM, again, modestly up in EB. The other piece to keep in mind for EB is just open enrollment. So on track for what we're trying to accomplish there and Leave. And maybe I'll pass it to Jay to give a bit more of an update on how that's going.

早安，韋斯。我們繼續預計，約有 5000 萬美元的投資將用於我們正在建立的休假能力。我認為後半段會比前半段更高，雖然不是很高，但後半段會略高一些。我還要指出的是，當您考慮第二季到第三季的整體支出時，我認為退休和 IM 相對持平，而 EB 則略有上升。對於 EB 要記住的另一件事就是開放註冊。因此，我們正在按照計劃完成我們想要完成的任務並離開。也許我會把它傳給傑伊，讓他更詳細地介紹事情的進展。

Hey. Great. I appreciate the question. If you think about the Leave administration right now, it's definitely the most important capability in the market that's leading to growth really among carriers. It's increasingly becoming a more complex market. The in-sourcing of the Leave is going to help us drive our bundled solutions around Group and Voluntary. And that is always an intention. We knew the marketplace was going there, and we decided that the in-sourced solution was our best way to create a positive customer experience.

嘿。偉大的。我很感謝你提出這個問題。如果你現在考慮脫歐政府，這絕對是市場上最重要的能力，真正推動了營運商的成長。它正日益成為一個更複雜的市場。休假的內部採購將幫助我們推動圍繞團體和自願的捆綁解決方案。這始終是一個意圖。我們知道市場正在走向那裡，我們決定內部解決方案是我們創造積極客戶體驗的最佳方式。

The early response right now from the market and from our intermediaries has been very, very positive. We are on plan to deliver the technology and the operating model to support a 1.1.26 launch, and we've already sold a number of cases for 1.1. Like I referenced, intermediaries, one of the reasons we see this as a positive development with them is they're already placing us on their panels for sales, and that's a key trigger for us.

目前市場和中介機構的早期反應非常非常正面。我們計劃提供支援 1.1.26 版本發布的技術和營運模式，並且已經售出了不少 1.1 版本的機箱。正如我之前提到的，對於中間商來說，我們認為這是一個積極的進展，因為他們已經將我們列入了銷售小組，這對我們來說是一個關鍵的觸發因素。

So to underscore the importance of Leave, I referenced it earlier, over 50% of the Life and Disability RFPs are being bundled with Leave today. So we're really confident that the Leave, Disability and Supp Health capabilities that we're developing right now for employers are going to help them manage their benefits and for employees to access support when they need it. Maybe the last part of this is bringing these integrated claims platform remains a top priority for our employee benefits business, and we'll continue to come back to you with the progress, but we're on plan for 1.1.26.

因此，為了強調休假的重要性，我之前提到過，如今超過 50% 的人壽和殘障保險 RFP 都與休假捆綁在一起。因此，我們非常有信心，我們現在為雇主開發的休假、殘疾和補充健康功能將幫助他們管理福利，並幫助員工在需要時獲得支持。也許最後一部分是將這些綜合索賠平台作為我們員工福利業務的首要任務，我們將繼續向您報告進展情況，但我們正在按計劃進行 1.1.26。

Great, thank you. And my follow-up, Heather, I think in response to one of the questions on capital uses, you mentioned additional Retirement roll-ups. Could you maybe just give us a little bit of color on the landscape in terms of how many opportunities are out there and what kind of multiple those businesses are demanding?

太好了，謝謝。我的後續問題，希瑟，我想在回答有關資本用途的一個問題時，您提到了額外的退休金累積。您能否向我們簡單介紹一下目前的情況，也就是有多少機會，以及這些企業需要什麼樣的倍數？

Yes. No, it's a good question. And a bit early and always hard to be so specific on inorganic. What I would just say is, we do see that consolidation continues to take place within the retirement industry. I think we're viewed as a good acquirer in terms of how we're going to take good care of those employees and plan sponsors. So I think it is a constructive environment, but this is one that's a little bit more so stay tuned.

是的。不，這是個好問題。現在還為時過早，而且很難對無機物進行如此具體的描述。我想說的是，我們確實看到退休產業正在繼續整合。我認為，就我們如何照顧好這些員工和計畫發起人而言，我們被視為一個好的收購者。所以我認為這是一個建設性的環境，但這是一個更積極的環境，所以請繼續關注。

We're going to be opportunistic. We have a high bar for capital deployment, just given where our share price is trading today. So stay tuned. We are going to be disciplined on any inorganic moves that we would make and make sure it is something that is a highly attractive and accretive investment for us.

我們將抓住機會。考慮到我們目前的股價，我們對資本配置有很高的標準。敬請關注。我們將嚴格遵守任何非內部投資舉措，並確保這對我們來說是一項極具吸引力且能帶來增值的投資。

Alex Scott, Barclays.

巴克萊銀行的亞歷克斯·斯科特。

Hi. I wanted to ask on Investment Management, just the progress with the Alliance partnership on the AGI distribution? And what kind of impact is that having? Is that fully in place at this point or is it still building? Any color there would be helpful.

你好。我想問一下關於投資管理，與 AGI 分銷聯盟的合作進度如何？這會產生什麼樣的影響？目前是否已完全到位，還是仍在建設中？任何顏色都會有幫助。

Yes. Thanks, Alex. I'll start and toss it to Matt. I mean, we're three years in on our partnership with AGI. Continues to be one that is very mutually beneficial for both organizations as well as for the clients and it's really that economic alignment that we have between them. But let me toss it to Matt to provide more details.

是的。謝謝，亞歷克斯。我會開始把它丟給馬特。我的意思是，我們與 AGI 合作已經三年了。這對雙方組織以及客戶來說都是互惠互利的，這也是我們之間真正的經濟聯盟。但請允許我向馬特提供更多細節。

Yes. Thanks, Alex. The fundamentals, of course, as Heather mentioned, are really driven around delivering world-class investment solutions for clients. We call out the Income and Growth franchise, our Thematic Equity, Fundamental Equity franchises. We've seen growth in the private placement component. That's somewhere where we have a strong value prop from the investment team as well as distribution insurance and globally.

是的。謝謝，亞歷克斯。當然，正如 Heather 所提到的，其基本原則是圍繞為客戶提供世界一流的投資解決方案。我們稱之為收入和成長特許經營權、主題股票特許經營權、基本股票特許經營權。我們看到私募部分有所成長。在這方面，我們擁有來自投資團隊以及分銷保險和全球的強大價值主張。

We've referenced growth in the fixed income component. We continue to see green shoots for selling our fixed income components globally. That's somewhere where we have very strong performance numbers and a strong franchise as well. We are seeing growth there, and we'd anticipate we continue to see growth as we move into 2025, 2026. Bottom line, the relationship continues to be very strong, and we look forward to continue to build upon it.

我們提到了固定收益部分的成長。我們繼續看到在全球範圍內銷售固定收益產品的復甦跡象。在這方面，我們擁有非常強勁的業績數據和強大的特許經營權。我們在那裡看到了成長，我們預計在進入 2025 年、2026 年時我們將繼續看到成長。總而言之，雙方關係仍然非常牢固，我們期待繼續在此基礎上進一步發展。

Helpful. Thanks. Maybe in Retirement, just with the average AUM levels and so forth, looking like there will potentially be a lot stronger headed into the back half of the year. How would you think about the additional flexibility that provides you from a top line standpoint? And to what degree would you maybe use that flexibility to invest in the business as opposed to letting to hit the bottom line through margin?

很有幫助。謝謝。也許在退休時，僅從平均 AUM 水平等方面來看，看起來下半年可能會有更強勁的成長勢頭。從營收角度來看，您如何看待它為您提供的額外靈活性？您會在多大程度上利用這種彈性來投資業務，而不是透過利潤來達到獲利目標？

Yes. Maybe I'll start. As we think about our priorities for '25, we've been really clear on what we're trying to accomplish. And so I would just kind of come back to our priorities around executing on the margin improvement in Employee Benefits, continuing to drive the commercial momentum across Retirement and Investment Management and the successful integration of OneAmerica. So our top priority is to continue to execute, drive the cash generation, it maybe ties back to a little bit of what Mike talked about in terms of the severance.

是的。也許我會開始。當我們思考 25 年的優先事項時，我們已經非常清楚我們要實現的目標。因此，我只是想回到我們的優先事項，即提高員工福利的利潤率，繼續推動退休和投資管理的商業勢頭以及 OneAmerica 的成功整合。因此，我們的首要任務是繼續執行，推動現金創造，這可能與麥克談到的遣散費有關。

We are going to continue to be good stewards of how we think about expenses, how we look for opportunities to drive efficiency that creates catalysts for us to be able to invest in the business. So there isn't anything specific that I would point to. I think the final bit that I would mention is what has already been in the targets that I've talked about on prior calls, is the modest investments we're making in Wealth Management this year, which sits inside that Retirement business. And we think that's a great opportunity for us to continue to grow value across that franchise.

我們將持續妥善管理開支，尋找提高效率的機會，為我們投資業務創造催化劑。因此我沒有什麼特別要指出的。我認為最後要提到的是我在之前的電話會議中已經談到的目標，即我們今年在財富管理方面進行的適度投資，該投資屬於退休業務。我們認為這對我們來說是一個繼續提升整個特許經營權價值的絕佳機會。

Josh Shanker, Bank of America.

美國銀行的喬許‧尚克（Josh Shanker）。

Yes. Thank you. Just looking at the sales figures and the medical Stop Loss. Obviously, it's a rebuilding stage. But as we think about 2026, what sort of a partnership do your buyers look for? And do you expect to be a more competitive player in the market with a real value add to your buyers' needs?

是的。謝謝。只查看銷售數據和醫療停損。顯然，這是一個重建階段。但當我們展望 2026 年時，您的買家尋求什麼樣的合作關係？您是否希望成為市場上更具競爭力的參與者，並為買家的需求提供真正的價值？

Yes, Josh, let me start and then I'll toss it to Jay.

是的，喬希，讓我先開始，然後我會把它扔給傑伊。

So I'll reaffirm on Stop Loss, the priority is not about capturing market share in this business. Really, you think about the 50-year track record we have in the business. We've got very strong distribution partners. But our priority remains clear, and it is about that margin over premium growth. But Jay, please add.

因此，我要重申止損，重點不是佔領這個產業的市場佔有率。真的，想想我們在這個行業 50 年的業績記錄。我們擁有非常強大的經銷合作夥伴。但我們的首要任務仍然很明確，那就是利潤率高於保費成長。但是傑伊，請補充一下。

Yes, sure. Josh, appreciate the question.

是的，當然。喬希，感謝您的提問。

Listen, this prioritization of margin over growth has been a cultural transformation for the team. And I really like what I'm seeing right now from the alignment between pricing, underwriting, risk and distribution. We have the ability to renew this business annually. And so we're constantly looking at our relationships in the marketplace, our intermediaries. There are new intermediaries that are joining this marketplace.

聽著，這種將利潤置於成長之上的做法對團隊來說是一種文化轉變。我真的很喜歡現在看到的定價、承保、風險和分銷之間的協調。我們有能力每年更新這項業務。因此，我們不斷關注我們在市場上的關係以及我們的中介機構。有新的中介機構正在加入這個市場。

You're seeing more and more companies on the smaller end of the market, thinking about with the rising cost of health insurance, self-insuring. This marketplace will expand. And as it does, we're going to remain disciplined on our pricing and our improved risk selection. This has been a driver for us to return to profitability.

你會看到，在較小的市場中，越來越多的公司考慮隨著醫療保險成本的上升而自我保險。這個市場將會擴大。同時，我們將繼續嚴格定價並改善風險選擇。這是我們恢復獲利的動力。

When we look at the pricing discipline that I'm seeing in the market right now and the competitive pressures, I'm seeing a natural alignment with our competitors going to the center more around risk capacity, thinking about what each of our competitor’s capacity is, and we're seeing some of that movement in our results, which we see as positive. Again, prioritizing margin over growth is going to be our strategy, and the team is focused on that.

當我們審視目前市場上的定價原則和競爭壓力時，我發現我們與競爭對手的自然一致性，更專注於風險承受能力，思考每個競爭對手的承受能力，並且我們在業績中看到了一些變化，我們認為這是積極的。再次強調，我們的策略是優先考慮利潤而不是成長，團隊也專注於此。

And just one other question. When you think about medical Stop Loss business in the [Employee Benefits business], it's very different from the other things that you're offering. You talk to different places within the organization when you're selling it, and it's a different kind of product. How does the Stop Loss business fit within the goals of the [Employee Benefits]? Is this a business that Voya needs to do the other things that it wants to do in [Employee Benefits?](corrected by company after the call)

還有一個問題。當您考慮[員工福利業務]中的醫療停損業務時，它與您提供的其他業務非常不同。當你銷售產品時，你會與組織內的不同地方進行交流，而且它是一種不同類型的產品。停損業務如何適應[員工福利]？這是 Voya 需要做的其他事情嗎？[員工福利？ ]（公司在通話後更正）

I appreciate the question. I think where the alignment happens, the way we look at this is, it really is around risk transfer. It's another risk transfer product for us. And so the way we think about this and the way we price and underwrite this is really based on 50 years of experience in pricing and underwriting in this market. The data is evolving as Mike referenced earlier, and we are on top of some of the latest data with our advisers. But the linkage between this and our intermediaries and brokers see this very much as a risk transfer business. And so that's going to be our focus.

我很感謝你提出這個問題。我認為，當協調發生時，我們看待這個問題的方式是，它實際上圍繞著風險轉移。對我們來說，這是另一種風險轉移產品。因此，我們對此的思考方式以及我們定價和承保的方式實際上是基於我們在該市場 50 年的定價和承保經驗。正如麥克之前提到的，數據正在不斷發展，我們與我們的顧問一起掌握了一些最新數據。但這與我們的中介機構和經紀人之間的聯繫在很大程度上被視為一種風險轉移業務。所以這將是我們的重點。

Sitting inside the Employee Benefits business, this is another benefit that does help employers to protect them as they're self-insuring. And so we very much see this as complementary to the rest of our business. Now with that said, there's volatility in this business that we're managing. And we have separate Stop Loss teams that are on top of this business, both from a pricing and an underwriting and a distribution and we very much look at this business while complementary, we're disciplined about managing with the volatility that it brings.

在員工福利業務中，這是另一項福利，它確實可以幫助雇主在員工自我保險時保護他們。因此，我們非常看重這對我們其他業務的補充。話雖如此，我們管理的這個業務確實存在波動。我們有單獨的停損團隊負責這項業務，包括定價、承保和分銷，我們非常重視這項業務，雖然它是互補的，但我們嚴格管理它帶來的波動。

(Operator Instructions)

（操作員指示）

Mike Ward, UBS.

瑞銀集團的麥克沃德。

Thank you. Good morning. I just had a question for Matt Toms and curious about the outlook for flows for the remainder of the year in Investment Management. And then if you could help us think about the fee rates. And if your revenues were pressured by the strange equity market diversion in the quarter, if you could help us think about a run rate?

謝謝。早安.我只是想問馬特湯姆斯一個問題，並且好奇今年剩餘時間投資管理的資金流動前景。然後，如果您能幫助我們考慮費率。如果您的收入因本季奇怪的股票市場轉移而受到壓力，您是否可以幫助我們考慮運行率？

Thanks, Mike, for the question. Very happy with flows of $1.8 billion in the quarter in what was a volatile market, I think, a difficult operating environment. The key there is the breadth of these flows, and that's both year-to-date if we think about the $9.5 billion flows year-to-date, that's a 3.1% organic growth number for the first half. And I'd say that the breadth of flows that we look into the second half is what makes us confident. So across channels, still insurance and international are standouts for us.

謝謝邁克提出這個問題。我認為，在市場動盪、經營環境艱困的情況下，本季的資金流入達到 18 億美元，對此我感到非常高興。關鍵在於這些資金流動的廣度，如果我們考慮年初至今的 95 億美元資金流動，那麼上半年的有機成長率為 3.1%。我想說的是，我們對下半年的流量範圍的了解讓我們充滿信心。因此，在各個管道中，保險和國際業務仍然是我們的亮點。

If we think by investment platform, private fixed income, our multi-asset components and incoming growth continue to show strength. So in the first half as well in the second half, that balance and that breadth of flows, is a differentiator for us. So I'd say the components are similar to the second half as we had as far as growth rate, we see no reason to pivot away from that 2% plus longer-term organic growth rate target. And that's where we landed in the second quarter, and we think the second half is likely to be similar down that path.

如果我們從投資平台、私人固定收益的角度來看，我們的多元資產成分和未來成長將持續展現強勁勢頭。因此，無論是在上半年或下半年，這種平衡和流動的廣度都是我們的差異化因素。因此，我認為其組成部分與下半年的成長率相似，我們認為沒有理由放棄 2% 以上的長期有機成長率目標。這就是我們在第二季所取得的成果，我們認為下半年可能也會有類似的情況。

As far as fee rate roughly unchanged quarter-over-quarter at 27 basis points. We think that's something we've been very successful in holding flat versus an industry headwind. But you're right, the equity market drawdown in the quarter does provide a little bit of noise, but I view that as nothing other than noise. And it sets us up quite well heading into the third quarter.

就費率而言，與上一季相比基本保持不變，為 27 個基點。我們認為，面對產業逆風，我們非常成功地保持了這一勢頭。但你說得對，本季股市的下跌確實帶來了一些噪音，但我認為這只不過是噪音而已。這為我們進入第三季做好了充分準備。

Thanks, Matt. And then maybe for Heather or Jay. Appreciate the restoring of the segment names. And it seems like now strategically, and I think you've alluded to this, but you could actually set up an actual wealth advisory business? Maybe a segment at some point? Is that how we should be thinking about that? And could you size at all the contribution to earnings from that platform or is it still earlier innings?

謝謝，馬特。然後也許對 Heather 或 Jay 也是如此。感謝恢復片段名稱。現在從策略上看，我想您已經提到了這一點，但您實際上可以建立真正的財富諮詢業務嗎？也許是某一時刻的片段？我們該這樣思考嗎？您能否估算出該平台對收益的貢獻程度，還是說它仍處於早期階段？

Yes. I will take your question. So when you think about it, we have a Wealth Management business that sits inside of Retirement today. And we have, for a number of years. We are calling out the capability. This has been a very important capability within our Tax-Exempt business. Jay came in, bringing in a lot of Wealth Management expertise. So I wouldn't necessarily think about this as a separate segment. But like others in the space, we see this as an important growth lever inside Retirement when you think about our ability to provide more holistic advice and planning to our clients.

是的。我回答你的問題。所以，當你考慮到這一點時，我們今天就有一個屬於退休金內部的財富管理業務。我們已經這樣做很多年了。我們正在呼籲這種能力。這是我們免稅業務中非常重要的能力。傑伊的加入帶來了許多財富管理專業知識。因此我不一定會將其視為一個單獨的部分。但與該領域的其他公司一樣，當您考慮到我們為客戶提供更全面的建議和規劃的能力時，我們認為這是退休領域的一個重要成長槓桿。

Thank you. We have reached 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.

謝謝。我們的問答環節已經結束。今天的會議到此結束。現在您可以斷開您的線路了，感謝您的參與。