Voya Financial Inc (VOYA) 2025 Q3 法說會逐字稿

Good morning. Welcome to Voya Financial's third quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

早安.歡迎參加 Voya Financial 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the call over to Mei Ni Chu, Head of Investor Relations. Please go ahead.

現在我將把電話交給投資者關係主管梅妮·楚女士。請繼續。

Good morning, and thank you for joining us this morning for Voya Financial's third 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. Following their remarks, we will take your questions. I am 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.

早安，感謝各位今天上午參加 Voya Financial 2025 年第三季財報電話會議。提醒各位，本次電話會議的資料可在我們的網站 investors.voya.com 上查閱。會議將首先由我們的執行長 Heather Lavallee 和財務長 Mike Katz 致辭。他們的發言結束後，我們將回答你們的問題。本次電話會議還有我們各業務部門的負責人參加，特別是工作場所解決方案執行長傑伊·卡杜森和投資管理執行長馬特·湯姆斯。

Turning to our earnings presentation materials that are available on our website. On slide 2, some of the comments 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.

接下來請參閱我們網站上提供的獲利報告簡報資料。在投影片 2 中，今天討論中的一些評論可能包含前瞻性陳述，並涉及聯邦證券法意義上的某些非 GAAP 財務指標。GAAP 調整表可在我們的新聞稿和財務補充文件中查閱，這些文件可在我們投資者關係網站上找到。

And now I will turn the call over to Heather.

現在我將把電話交給希瑟。

Thank you, Mei Ni. Good morning, and thank you for joining us today. Let's turn to slide 4. We're pleased to report strong third quarter results that reflect meaningful progress in delivering on our investor value proposition. Our results build on the success we've seen year-to-date, with adjusted operating EPS in the quarter, up nearly 30%. This performance is a clear reflection of our focus on profitable growth across our diverse and complementary businesses.

謝謝你，梅妮。早安，感謝各位今天收看我們的節目。讓我們翻到第4張投影片。我們很高興地宣布第三季業績強勁，這反映出我們在實現投資者價值主張方面取得了實質進展。我們的業績建立在今年迄今的成功之上，本季調整後的營運每股收益成長了近 30%。這項業績清楚地反映了我們致力於在多元化且互補的業務領域實現獲利成長的策略。

Equally important, we generated robust free cash flow in the quarter and remain on track to exceed our $700 million full year target. We've continued to take a balanced approach to capital deployment across the enterprise, and Mike will share more on that in a few moments. I'll also talk about how we're deploying capital in support of our enterprise strategy – our core markets, expanding into adjacencies such as Wealth Management and strengthening the connections across our businesses. While we continue to invest in our businesses, we remain committed to returning excess capital to shareholders. As planned, we resumed our share repurchases during the quarter.

同樣重要的是，我們本季產生了強勁的自由現金流，並有望超過全年 7 億美元的目標。我們一直堅持在整個企業範圍內採取平衡的資本部署方式，Mike 稍後會詳細介紹這一點。我也會談談我們如何部署資本來支持我們的企業策略—我們的核心市場，擴展到財富管理等鄰近領域，並加強我們各項業務之間的連結。在持續投資業務的同時，我們始終致力於將盈餘資本返還給股東。按計劃，我們在本季恢復了股票回購。

Turning to page 5. Let's look at how we executed on our near-term priorities this quarter. In Retirement, we delivered strong earnings and revenue growth with full year results trending above expectations. This performance was driven by $30 billion in year-to-date organic Defined Contribution net flows, putting us on track for our strongest DC net flow year since 2020 and further strengthening our market-leading Retirement franchise.

翻到第5頁。讓我們來看看本季我們是如何完成近期的重點工作。在退休業務方面，我們實現了強勁的獲利和收入成長，全年業績超乎預期。這項業績主要得益於今年迄今300億美元的有機固定繳款淨流入，使我們有望實現自2020年以來最強勁的固定繳款淨流入年度，並進一步鞏固我們市場領先的退休業務。

Investment Management continues to show strong commercial momentum. The business delivered strong earnings in the third quarter with positive net flows and continued organic growth, putting us on track to exceed our organic long-term growth target of 2%. Voya's performance remains a key differentiator with 74% of our public assets outperforming peers and benchmarks over five years and 84% over 10 years. Later this year, we'll launch our first actively managed ETFs further expanding our product lineup and building on our multi-sector fixed income expertise. This launch supports modernizing our intermediary platform with high-growth vehicles, and expanding distribution, creating new opportunities that connect Wealth Management and Investment Management.

投資管理業務持續展現強勁的商業發展動能。第三季度，公司獲利強勁，淨流入為正，並持續實現內生成長，使我們有望超過 2% 的長期內生成長目標。Voya 的表現仍然是一項關鍵的差異化優勢，我們 74% 的公共資產在過去五年中跑贏了同業和基準，84% 的公共資產在過去十年中跑贏了同業和基準。今年晚些時候，我們將推出首批主動式管理 ETF，進一步擴展我們的產品線，並鞏固我們在多領域固定收益方面的專業知識。此次發布旨在透過高成長工具實現中介平台的現代化，並擴大分銷管道，創造連接財富管理和投資管理的新機會。

Within Employee Benefits, we continue to execute our disciplined pricing strategy in Stop Loss with a focus on margin over growth as we head into 2026. In October, we launched our integrated claims system to support Leave Management, a key milestone as we prepare for a full rollout of our end-to-end solution on January 1. This will strengthen our bundled offering across Group and Voluntary, allowing us to deliver greater flexibility and value to our clients. Taken together, these results reflect strong execution across the enterprise and position us to carry meaningful momentum into 2026.

在員工福利方面，我們將繼續執行嚴格的定價策略，在停損產品方面注重利潤率而非成長，邁向 2026 年。10 月，我們推出了整合索賠系統，以支援休假管理，這是我們為 1 月 1 日全面推出端到端解決方案做準備的一個重要里程碑。這將加強我們在集團和自願保險方面的捆綁式服務，使我們能夠為客戶提供更大的靈活性和價值。綜合來看，這些結果反映了整個企業的強勁執行力，並使我們能夠將這種強勁勢頭延續到 2026 年。

Turning to slide 6. I'd like to spend a moment discussing our strategic approach to growing Wealth Management, where we're making key investments that strengthen our core offerings and create value across the Voya enterprise. Today's customers are looking for support with a wide range of financial decisions and employers increasingly see financial guidance as a way to strengthen employees' financial readiness. Voya is uniquely positioned to meet those needs, building on an already solid foundation with solutions that address the growing demand for advice and planning. This is already a significant business for us with 20% year-over-year sales growth in 2025 and total client assets reaching approximately $35 billion through the third quarter.

翻到第6張投影片。我想花點時間討論我們發展財富管理業務的策略方法，我們正在進行關鍵投資，以加強我們的核心產品，並為整個 Voya 企業創造價值。如今的客戶在各種財務決策方面都尋求支持，而雇主也越來越將財務指導視為增強員工財務能力的一種方式。Voya 憑藉其獨特的優勢，在堅實的基礎上，提供能夠滿足日益增長的諮詢和規劃需求的解決方案，從而更好地滿足這些需求。這對我們來說已經是一項重要的業務，預計到 2025 年銷售額將年增 20%，到第三季客戶總資產將達到約 350 億美元。

We believe now is the time to scale this business and accelerate growth. For example, our field and phone-based advisor network includes nearly 500 advisors, and we're on track to add more than 100 by year-end at our new Boston Wealth Management Hub. We launched WealthPath, our integrated technology platform that will enable advisors to deliver comprehensive guidance and solutions at scale. And we're investing in enhanced digital self-service capabilities which will give clients more flexibility and control. As we expand our advisor base, we will continue to partner with independent advisors to complement our in-house distribution team.

我們認為現在是時候擴大業務規模，加速成長了。例如，我們的現場和電話顧問網路包括近 500 名顧問，我們預計在年底前在新的波士頓財富管理中心增加 100 多名顧問。我們推出了 WealthPath，這是一個整合技術平台，它將使顧問能夠大規模地提供全面的指導和解決方案。我們正在投資提升數位自助服務能力，這將為客戶帶來更大的靈活性和控制權。隨著我們顧問團隊的壯大，我們將繼續與獨立顧問合作，以補充我們的內部分銷團隊。

In summary, we're well positioned to serve our nearly 20 million Workplace customers, both to and through retirement, in a fast-growing market that plays to our enterprise strength. Our performance and momentum this quarter and throughout the year, reinforce our confidence in delivering on our full year targets and advancing our long-term strategy.

總而言之，我們已做好充分準備，在一個快速成長的市場中，為我們近 2,000 萬 Workplace 客戶提供服務，幫助他們從退休到退休後都能獲得支持，這充分發揮了我們在企業領域的實力。本季及全年的業績和發展勢頭，增強了我們實現全年目標和推進長期策略的信心。

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

接下來，我將把發言權交給麥克，讓他更詳細地講解一下財務狀況。麥克風？

Thank you, Heather. We delivered another quarter of strong results, building on our successes throughout this year. We generated adjusted operating earnings of $2.45 per share, a nearly 30% increase year-over-year. This was driven by earnings growth across all business segments and highlights the continued progress we are making on our near-term strategic priorities. Earnings growth also drove excess capital generation of over $200 million in the quarter. Items reducing net income were primarily noncash and largely related to business exited.

謝謝你，希瑟。我們又取得了一季強勁的業績，延續了今年以來的成功動能。我們實現了每股2.45美元的調整後營業利潤，較去年同期成長近30%。這主要得益於所有業務部門的獲利成長，也凸顯了我們在近期策略重點方面的持續進展。獲利成長也推動了本季超過 2 億美元的超額資本產生。減少淨收入的項目主要是非現金項目，而且大多與退出業務有關。

Turning to Retirement. We generated $261 million in adjusted operating earnings. This is a 24% increase year-over-year and a 20% increase on a trailing 12-month basis. Notably, we are ahead of the expected revenue and earnings contribution from OneAmerica. Margins remain above our long-term targets given continued commercial momentum, driving higher fee income, strong spread income supported by active management of our general account and prudent management of our spend.

邁向退休。我們實現了2.61億美元的調整後營業利潤。這比去年同期成長了 24%，比過去 12 個月成長了 20%。值得注意的是，OneAmerica 的營收和獲利貢獻都超過了預期。鑑於持續的商業勢頭，利潤率仍高於我們的長期目標，推動了更高的手續費收入和強勁的價差收入，這得益於我們對一般賬戶的積極管理以及對支出的審慎管理。

Turning to net flows. In addition to the $60 billion of assets acquired from OneAmerica, we have generated approximately $30 billion of organic Defined Contribution net inflows year-to-date. Third quarter outflows primarily reflected one large Recordkeeping plan which we signaled last quarter. Full Service outflows were impacted by the anticipated lapses from OneAmerica and the effect of strong equity markets. Importantly, surrender rates were in line with our expectations and are consistent with prior year.

接下來討論淨流量。除了從 OneAmerica 收購的 600 億美元資產外，我們今年迄今已產生了約 300 億美元的有機固定繳款淨流入。第三季資金流出主要反映了我們在上個季度提出的一項大型記錄保存計畫。全方位服務資金流出受到 OneAmerica 預期資金流失和強勁的股票市場的影響。重要的是，退保率符合我們的預期，並且與前一年保持一致。

Looking ahead to 2026, we expect margins to return to the midpoint of our 35% to 39% target range. This is intentional as we increase our strategic investments in Wealth Management, which we expect will power long-term profitable growth. As Heather mentioned, our targeted investments in Wealth Management have supported a 20% increase in sales year-over-year. Investments next year will help further scale the business by adding talented advisors, expanding our product line and enhancing our technology capabilities.

展望 2026 年，我們預期利潤率將回到我們 35% 至 39% 目標範圍的中點。這是有意為之，因為我們正在加大對財富管理領域的策略性投資，我們預計這將推動長期獲利成長。正如 Heather 所提到的，我們在財富管理方面的有針對性投資，使銷售額年增了 20%。明年的投資將透過增加優秀顧問、擴大產品線和增強技術能力，幫助公司進一步擴大規模。

Turning to Investment Management. We continue to deliver strong investment performance and drive robust flows across an increasingly diversified platform. We generated $62 million in adjusted operating earnings in the quarter. This is a 13% increase year-over-year and a 15% increase on a trailing 12-month basis. Organic growth at attractive margins and disciplined expense management drove the result.

轉向投資管理。我們持續取得強勁的投資業績，並在日益多元化的平台上推動穩健的資金流動。本季我們實現了6,200萬美元的調整後營業利潤。這比去年同期成長了 13%，比過去 12 個月成長了 15%。有機成長、可觀的利潤率和嚴格的成本控制是取得這一成果的主要原因。

We generated nearly $4 billion in net flows, bringing year-to-date net flows to over $13 billion. This represents organic growth of over 4%, well above our long-term target of 2%. Our successes are broad-based with positive Retail and Institutional flows, both in the US and internationally. Within Institutional, several large insurance mandates drove positive flows in the quarter. We now serve over 80 insurance clients and manage approximately $100 billion in assets in the Insurance channel. And our capabilities in core fixed income, multi-sector and investment-grade credit remain in high demand.

我們創造了近 40 億美元的淨流入，使今年迄今的淨流入超過 130 億美元。這代表著超過 4% 的有機成長，遠高於我們 2% 的長期目標。我們在零售和機構投資方面都取得了廣泛的成功，無論是在美國還是國際上，都實現了積極的投資回報。在機構業務方面，幾筆大筆保險委託交易推動了本季資金的積極流入。我們現在為超過 80 家保險客戶提供服務，並在保險管道管理約 1000 億美元的資產。我們在核心固定收益、多產業和投資等級信貸方面的能力仍然備受青睞。

Within Retail, we generated $300 million of positive flows resulting in year-to-date net inflows of over $3 billion. Looking ahead, we remain laser-focused on delivering long-term value for our clients through excellent investment performance.

在零售領域，我們創造了 3 億美元的正向資金流動，使得今年迄今的淨流入超過 30 億美元。展望未來，我們將繼續專注於透過卓越的投資績效為客戶創造長期價值。

Turning to Employee Benefits. We generated $47 million in adjusted operating earnings in the quarter. This was primarily driven by favorable Group Life claims and prudent management of spend. In Stop Loss, a reinsurance recoverable drove the favorable result as we maintain reserve levels across all cohorts. As a reminder, the fourth quarter will bring significant credibility to our claims experience. We expect the credibility of our January 2025 cohort to double in the fourth quarter from approximately one-third complete to two-third complete. That experience will better inform ultimate loss ratios.

接下來談談員工福利。本季我們實現了4700萬美元的調整後營業利潤。這主要得益於團體人壽保險理賠的有利結果和審慎的支出管理。在停損策略中，再保險可收回款項推動了有利的結果，因為我們維持了所有類別的準備金水準。再次提醒大家，第四季將顯著提升我們理賠經驗的可信度。我們預計 2025 年 1 月入學學生的可信度將在第四季度翻一番，從大約三分之一完成增加到三分之二完成。這些經驗將有助於更好地了解最終的損失率。

In addition to our prudent approach to setting reserves, we are actively re-pricing and underwriting January 2026 business. Our strategy for that business is unchanged. We are prioritizing margin improvement over in-force premium growth. In Group Life, experience was favorable, driven by better-than-expected frequency of claims. In voluntary, paid claims experience was as expected. The loss ratio includes IBNR in anticipation of higher seasonal claims in the fourth quarter as planned. Finally, we are on plan and ready to deliver our end-to-end Leave Management capability on January 1. Looking ahead, we will continue to achieve margin improvement while delivering strong value to our customers.

除了謹慎地設定準備金外，我們還在積極地對 2026 年 1 月的業務進行重新定價和核保。我們對這項業務的策略沒有改變。我們優先考慮提高利潤率，而不是增加有效保費收入。在團體人壽保險方面，由於理賠頻率優於預期，因此經驗較為有利。自願付費索賠的經驗與預期相符。損失率包括因預期第四季季節性索賠增加而導致的未決賠款。最後，我們已按計劃準備就緒，將於 1 月 1 日交付我們的端到端休假管理功能。展望未來，我們將持續提高利潤率，同時為客戶創造巨大價值。

Turning to slide 12. Third quarter marked another quarter of consistent cash flow generation where we generated over $200 million of excess capital and our return on equity improved to 18%. Year-to-date capital generation is now approximately $600 million, and we are well positioned to exceed our $700 million goal. We returned approximately $150 million of capital in the third quarter across share repurchases and dividends. This includes $100 million of share repurchases, and we expect to repurchase another $100 million in the fourth quarter.

翻到第12張投影片。第三季我們再次實現了穩定的現金流，產生了超過 2 億美元的超額資本，股本回報率提高到 18%。今年迄今為止，我們已籌集到約 6 億美元的資金，我們完全有能力超過 7 億美元的目標。第三季度，我們透過股票回購和分紅返還了約 1.5 億美元的資本。這其中包括1億美元的股票回購，我們預計第四季也將回購1億美元。

We ended the third quarter with a healthy balance sheet and approximately $350 million of excess capital. Notably, the fourth quarter will also include higher dividends as we raised dividends per share by over 4%. This builds on our track record of growing our dividend each year as we remain confident in the sustainability of our excess capital generation.

第三季末，我們的資產負債表狀況良好，並擁有約 3.5 億美元的超額資本。值得注意的是，第四季還將包括更高的股息，因為我們將每股股息提高了 4% 以上。這鞏固了我們每年提高股息的良好記錄，我們對自身超額資本產生的可持續性充滿信心。

Turning to slide 13. Year-to-date, our approach to capital allocation has been well balanced between investments in the business, returning capital to shareholders and building up our excess capital position. Our healthy balance sheet positions us well for capital deployment in 2026, where we will continue to prioritize as follows: First, we will continue investing in our business in order to drive long-term profitable growth. Wealth Management stands out as another area where we see a clear strategic advantage to expand our capabilities. Second, we will be opportunistic with strategic M&A, such as retirement roll-ups. The bar is higher given how attractive share repurchases are at our current valuation. Finally, we are committed to measured and consistent capital return. We expect to return between $100 million and $150 million in quarterly dividends and share repurchases throughout 2026, subject to market conditions. Importantly, use of capital will be disciplined and evaluated relative to our weighted average cost of capital. Opportunities with longer breakeven or more execution risk will be assessed with a higher bar.

翻到第13張幻燈片。今年以來，我們在資本配置方面一直保持著良好的平衡，既投資於業務發展，又向股東返還資本，同時也累積了超額資本。我們健康的資產負債表使我們在 2026 年的資本部署方面處於有利地位，我們將繼續按以下方式優先考慮：首先，我們將繼續投資於我們的業務，以推動長期盈利增長。財富管理是我們看到能夠拓展自身能力並擁有明顯策略優勢的另一個領域。其次，我們將抓住機會進行策略性併購，例如退休金整合。鑑於我們目前的估值水平，股票回購極具吸引力，因此門檻也更高。最後，我們致力於實現可衡量且持續的資本回報。我們預計在 2026 年全年，將透過季度分紅和股票回購返還 1 億美元至 1.5 億美元，具體金額視市場情況而定。重要的是，我們將嚴格控制資金的使用，並根據我們的加權平均資本成本進行評估。損益平衡時間較長或執行風險較大的投資機會，將以更高的標準進行評估。

Our 2025 results established a disciplined framework for how we deploy capital. We'll carry that same approach into 2026 focused on driving long-term value for our stakeholders.

我們2025年的業績為我們如何部署資本建立了一個嚴謹的架構。我們將把這種做法延續到 2026 年，專注於為我們的利害關係人創造長期價值。

I'll now turn it back to Heather before taking your questions.

現在我把麥克風交還給希瑟，然後再回答你們的問題。

Thanks, Mike. Turning to slide 14. This quarter, we continued to make progress, delivering solid results across all of our business segments. Our near-term priorities remain consistent, driving strong profitable growth in Retirement and Investment Management, successfully integrating OneAmerica to drive higher earnings, and continuing to improve margins in Employee Benefits. Looking ahead, we have commercial momentum, financial strength and strategic focus to drive long-term profitable growth.

謝謝你，麥克。翻到第14張投影片。本季度，我們繼續取得進展，在所有業務領域都取得了穩健的業績。我們近期的優先事項仍然不變，即推動退休和投資管理業務實現強勁的獲利成長，成功整合 OneAmerica 以推動更高的收益，並繼續提高員工福利業務的利潤率。展望未來，我們擁有商業發展動能、財務實力和策略重點，能夠推動長期獲利成長。

Thank you to the Voya team for your dedication and hard work in supporting our strategy and delivering for our customers.

感謝 Voya 團隊的奉獻和辛勤工作，你們支持我們的策略並為我們的客戶提供了優質服務。

With that, I'll turn it over to the operator so we can take your questions.

接下來，我將把電話交給接線員，以便我們回答您的問題。

(Operator Instructions)

（操作說明）

Elyse Greenspan, Wells Fargo.

伊莉絲‧格林斯潘，富國銀行。

My first question, I was hoping just to get some color on the size of the Wealth Management investment that you're pegging for 2026?

我的第一個問題是，我希望能了解您預計在 2026 年實現的財富管理投資規模是多少？

Elyse, it's Mike. So as we look into next year, what we're expecting to use is up to $75 million of our excess capital on Wealth Management. I would think roughly two-third of that from a GAAP perspective. We are making some investments in technology, so we'll be capitalizing some of those investments and those will amortize over time. Now I would expect us to be a little more back half weighted because a large part of those investments is in adding advisors who we expect overtime to drive additional revenue. And what's important about that is that it really shortens the breakeven point of these investments.

伊莉絲，我是麥克。展望明年，我們預計將把高達 7,500 萬美元的超額資本用於財富管理。從公認會計準則的角度來看，我認為大約是其中的三分之二。我們正在對科技進行一些投資，因此我們將把其中一些投資資本化，這些資本會隨著時間的推移而攤提。現在我預計我們的投資重​​點會稍微偏向後半部分，因為這些投資的大部分都用於增加顧問，我們期望他們隨著時間的推移能夠帶來額外的收入。而更重要的是，它確實縮短了這些投資的損益平衡點。

We really like the return profile of Wealth Management and not only from a return perspective, but also what it does for our customers. Finally, what I'd say, Elyse, is we do this from a position of strength. We're ahead of plan this year. We've been disciplined with our spend, and this really gives us an opportunity to lean into an area of strategic advantage for Voya.

我們非常喜歡財富管理的收益狀況，不僅是從收益的角度來看，更是因為它能為我們的客戶帶來什麼。最後，我想說的是，伊莉絲，我們是從優勢地位出發來做這件事的。我們今年的進度超前計畫。我們在支出方面一直很自律，這確實給了我們一個機會，讓我們能夠深入發揮 Voya 的策略優勢。

And Elyse, it's Heather. Maybe two other points I would add to be very specific. Our Wealth Management strategy is organic. We're not looking to do any type of roll-ups in the Wealth Management space, just given the high cost of inorganic options. And we think, as Mike mentioned, we've got a really clear path to be able to execute against that strategy.

伊莉絲，是希瑟。我可能還要補充兩點，使之更具體。我們的財富管理策略是有機成長的。鑑於非有機成長方式成本高昂，我們不打算在財富管理領域進行任何類型的整合。正如麥克提到的那樣，我們認為我們已經找到了一條非常清晰的路徑來執行這項策略。

And then my second question is just on Stop Loss. Going into 2026, would you expect, just given pricing, et cetera, that cohort to get be back to target margins?

我的第二個問題是關於停損的。展望2026年，考慮到定價等因素，您認為該群體能否使我們恢復到目標利潤率？

So Elyse, let me just step back on Stop Loss, and I'll answer your question around just how we see 2026. So first, I'll mention that the reserve levels are firming up for the 2024 cohorts. That's especially true for January 2024, which we view as very close to complete. For the January 2025 cohort, we are now beginning to leverage claims experience to help inform reserve levels. Now this is different than the first and second quarters when we were really fully relying on the pricing and the risk selection to inform that 87% pick.

伊莉絲，讓我先退後一步，談談止損，然後再回答你關於我們如何看待 2026 年的問題。首先，我要提一下，2024 屆學生的儲備水準正在穩步提高。這一點尤其適用於 2024 年 1 月，我們認為屆時專案將非常接近完成。對於 2025 年 1 月的批次，我們現在開始利用理賠經驗來幫助確定準備金等級。這與第一季和第二季的情況不同，當時我們完全依靠定價和風險選擇來做出 87% 的選擇。

With respect to what we're seeing in the claims experience, very consistent themes to last year, with respect to higher frequency related to cancer in younger ages. We continue to see that. Higher severity with cell and gene therapy drugs. We continue to see those elements as key drivers of claims. Now I would note, and this affects your question that we are actively leveraging the experience this year to inform underwriting in 2026. It's still very early in the claims cycle. I mentioned that in my remarks. Claims experience is consistent with our reserve levels. And again, the fourth quarter is really important as our credibility doubles heading into next year. And like the industry is seeing, we are continuing to see healthcare costs change at a rapid pace.

就我們在理賠經驗中看到的情況而言，與去年相比，主題非常一致，即年輕人患癌症的頻率更高。我們持續看到這種情況。細胞和基因治療藥物可導致病情加重。我們仍然認為這些因素是索賠的關鍵驅動因素。現在我想指出，這與你的問題有關，我們正在積極利用今年的經驗來指導 2026 年的核保工作。現在還處於理賠週期的早期階段。我在發言中提到了這一點。理賠情況與我們的準備金水準相符。再次強調，第四季非常重要，因為我們的信譽將在明年翻倍。正如業界所看到的，醫療保健成本正以驚人的速度持續變化。

But we also give you sensitivities to current reserve levels for the January 2025 cohort. 1% change in loss ratio is approximately $12 million. So at least as we get deeper into the year, fourth quarter, we'll have a better sense of where we think things are for January 2026 cohort. But importantly, while the healthcare backdrop is not different this year, perhaps even more challenged, what is different is the actions we have taken on pricing, the actions we've taken on risk selection and how we are reserving for this product line throughout 2025, and you should expect the same in the foreseeable future.

但我們也提供了針對2025年1月到期的保險人群，目前準備金水準的敏感度分析。損失率每變化1%，損失約1200萬美元。所以，至少隨著今年進入第四季度，我們會對 2026 年 1 月入學的新生群體的情況有更清晰的認識。但重要的是，雖然今年的醫療保健背景與往年並無不同，甚至可能面臨更大的挑戰，但不同之處在於我們在定價方面採取的行動、我們在風險選擇方面採取的行動，以及我們在 2025 年為該產品線所做的準備，而且在可預見的未來，您應該會看到同樣的情況。

Joel Hurwitz, Dowling & Partners.

Joel Hurwitz，Dowling & Partners。

I wanted to follow up on Stop Loss there, Mike. Any way you could quantify how much reserves are left on the 2024 block? And then in terms of the January 2025 block, any way you could actually quantify the incurred claims experience through the first nine months relative to where the January '24 block was running at the same period of time?

麥克，我想就停損問題再問一下。有什麼辦法可以量化2024年區塊還剩下多少儲量嗎？那麼，就 2025 年 1 月的階段而言，您能否量化前九個月的已發生索賠情況，並與 2024 年 1 月的階段同期情況進行比較？

Joel, yeah. And just like I was saying, we're pretty close to complete in January 2024. Possible, obviously, the claims can be reported late in the cycle. So we'll be patient around that. With respect to just how we're seeing experience in 2025 relative to 2024, we are seeing modestly better claims experience in January 2025 versus where we were in January 2024 through October.

喬爾，是的。正如我剛才所說，我們距離 2024 年 1 月完工已經非常接近了。當然，這些索賠也可能在周期後期才被提出。所以我們會對此保持耐心。就 2025 年與 2024 年的經驗相比，我們看到 2025 年 1 月的理賠經驗比 2024 年 1 月至 10 月的情況略有改善。

But I would just be incredibly clear that we really need to see the fourth quarter. We've only got about one-third of the experience coming in at this point. And while we are encouraged by that, we really want to see the next one-third of that experience come in. And frankly, we'll want to see the first quarter as well to get a sense of where this is ultimately going to land.

但我必須非常明確地指出，我們真的需要看看第四季的情況。目前我們只累積了大約三分之一的經驗。雖然這讓我們感到鼓舞，但我們更希望看到接下來三分之一的經驗能夠到來。坦白說，我們也想看看第一季的情況，以便了解最終結果會如何。

All right. Got you. That's helpful. And then back to Wealth Management. I appreciate the color on the expected investment spend and the 2026 Retirement margin outlook. But I guess any more color you can provide on the expected revenue contributions from that business and how you're projecting that to emerge over time?

好的。抓到你了。那很有幫助。然後回到財富管理話題。我非常欣賞對預期投資支出和 2026 年退休保障金前景的分析。但我想請您提供更多關於該業務預期收入貢獻以及您預測其未來發展趨勢的資訊吧？

Joel, it's Heather. Let me start and then I'll toss it to Jay. We think that 2026 is going to be a bit more of a build as we're hiring the advisors and investing in technology. And I would think about the revenue emerging, growing in 2027 and beyond. Again, we're going to come back and give more specifics as we look into 2026. But let me turn it to Jay to give you a little more color about exactly what we're doing in Wealth Management.

喬爾，我是希瑟。我先開始，然後我把球傳給傑伊。我們認為 2026 年將是一個發展壯大的過程，因為我們將聘請顧問並投資於技術。我會考慮2027年及以後收入的成長情況。我們之後會再詳細討論 2026 年的情況。但讓我把麥克風交給傑伊，讓他更詳細地介紹一下我們在財富管理領域具體所做的工作。

It's great. Joel, thanks for the question. Just as a step back, if you think about our Wealth Management business today, it's focused on the Workplace, very much aligned to our Workplace strategy, where we're serving close to 20 million customers today. But we're scaling from a strong foundation, as you heard in some of the earlier comments, we currently have 500 advisors. Most of those advisors, Joel, are focused on the strong tax-exempt business we have, but we see an additional opportunity to serve our growing large corporate customers.

這很棒。喬爾，謝謝你的提問。退一步講，如果你看看我們今天的財富管理業務，它專注於職場，與我們的職場策略非常契合，我們目前為近 2000 萬客戶提供服務。但正如你在之前的評論中聽到的那樣，我們正從一個強大的基礎開始擴大規模，我們目前有 500 名顧問。喬爾，大多數顧問都專注於我們強大的免稅業務，但我們也看到了為我們不斷增長的大型企業客戶提供服務的另一個機會。

The demand right now that we're seeing with financial planning advice in the Workplace is outpacing supply. So we see that our approach is very much complementary to the advice that our intermediaries are providing today. There is a gap in between the supply and the demand. And so the focus for us remains on hiring additional field and phone-based advisors. We're currently enhancing our technology capabilities, specifically to support our advisor platform.

目前職場對財務規劃諮詢的需求超過了供應。因此，我們可以看到，我們的方法與我們的中介機構目前提供的建議非常互補。供需之間存在缺口。因此，我們的重點仍然是招募更多的現場和電話顧問。我們目前正在提升我們的技術能力，特別是為了支援我們的顧問平台。

We are working on a customer digital self-service platform and the needs to support our growing segment of customers that are looking to self-direct. And we're partnering with Matt's Investment Management business to deliver a comprehensive suite of retail products. But over the last nine months, we’ve recruited a really highly experienced leadership team. And right now, they're modernizing the operating environment to ensure that we're built for scale.

我們正在開發一個客戶數位自助服務平台，以滿足我們不斷成長的、希望自主決策的客戶群的需求。我們正與 Matt 的投資管理公司合作，提供一套全面的零售產品。但在過去九個月裡，我們招募了一支經驗豐富的領導團隊。目前，他們正在對營運環境進行現代化改造，以確保我們能夠適應規模化發展。

Heather mentioned the Wealth Management hub in Boston, we're finding a lot of count rich Wealth Management resources in that area, and we're recruiting advisors specifically given our leading position as a Workplace provider of Retirement and Employee Benefit solutions. But Heather mentioned in the opening remarks, we're already seeing 20% growth year-over-year in sales. Our retail AUM numbers at $35 billion are up from $31 billion last year.

Heather提到了波士頓的財富管理中心，我們發現該地區有許多財富管理資源豐富的機構，鑑於我們作為退休和員工福利解決方案的領先工作場所提供者的地位，我們正在專門招募顧問。但正如 Heather 在開場白中提到的，我們已經看到銷售額比去年同期成長了 20%。我們的零售資產管理規模為 350 億美元，高於去年的 310 億美元。

But we're going to remain focused on accelerating growth in this Wealth Management business. There is tight alignment with Amy's Retirement business, Andrew's Employee Benefits business and working with Matt and Voya Investment Management, more to come on where we're seeing growth in terms of specific numbers for next year, but really happy with the development so far.

但我們會繼續專注於加速財富管理業務的成長。我們與 Amy 的退休業務、Andrew 的員工福利業務以及與 Matt 和 Voya 投資管理公司的合作緊密一致，關於明年具體數字的增長情況，我們稍後會詳細說明，但目前為止，我們對發展情況非常滿意。

Ryan Krueger, KBW.

Ryan Krueger，KBW。

Can you give some more color on the higher corporate expenses in both the third quarter and the fourth quarter? I know you cited performance-related compensation for the fourth quarter, but I guess I was a bit surprised by the magnitude of that for the size of your company. So just related to that, is the prior run rate corporate loss that you had talked about still a good expectation beyond this year? And is this really more of a one-time impact?

您能否詳細說明一下第三季和第四季企業支出增加的情況？我知道您提到了第四季度的績效獎金，但考慮到貴公司的規模，獎金數量之大還是讓我有些驚訝。那麼，關於這一點，您之前提到的企業虧損率預期在今年以後是否仍然合理？這真的只是一次性的影響嗎？

Ryan, it's Mike. So maybe first, I would say that we are having a strong year. You can see that in the results in the first, second and third quarters. And frankly, that is the key driver when you look at third to fourth quarter, we are expecting that incentive compensation accruals will be higher in the fourth quarter due to that strong performance. The only other piece I would call out is that in the second half of this year, you're seeing a little bit more interest expense related to P-CAPs.

瑞恩，我是麥克。所以首先，我想說我們今年表現非常好。從第一季、第二季和第三季的業績可以看出這一點。坦白說，這就是第三季到第四季的關鍵驅動因素，我們預期由於強勁的業績，第四季的激勵性薪資計提將會更高。我唯一要指出的另一點是，今年下半年，與 P-CAP 相關的利息支出略有增加。

And I think, Ryan, you're pretty familiar with preferred stock dividends that go up and down each quarter. So beyond that, nothing different to call out from Corporate. Obviously, next year, we'll reset targets, and we'll get back to a normal run rate on corporate and we'll see how the performance plays out.

瑞安，我想你對每季波動的優先股股息應該很熟悉吧。除此之外，公司方面沒有特別需要指出的地方。顯然，明年我們會重新設定目標，恢復公司正常的營運速度，看看業績會如何發展。

Okay. And then on inorganic, are you mostly interested in things that would be similar in nature to the OneAmerica deal? Or is your interest broader and would span across all of your businesses potentially?

好的。那麼在非有機成長方面，您是否主要對與 OneAmerica 交易性質相似的項目感興趣？或者您的興趣範圍更廣，可能涵蓋您的所有業務？

Yeah, Ryan, it's Heather. Thanks for the question. Yeah, for inorganic, we're really targeting additional roll-up Retirement opportunities. We think that OneAmerica has turned out very, very well, highly accretive for us. And as you heard us talk about in our comments, exceeding the revenue and earnings expectations for the year.

是的，瑞恩，我是希瑟。謝謝你的提問。是的，對於非有機成長，我們真正關注的是額外的退休金整合機會。我們認為 OneAmerica 的發展非常非常順利，對我們來說收益豐富。正如我們在評論中提到的，我們今年的收入和利潤都超過了預期。

So we are most attracted to additional Retirement rollouts that we can integrate. It also links very nicely to the Wealth Management opportunity that Jay talked about. As we continue to grow our participant base and AUM in Retirement, it creates a larger base of customers from which we can expand Wealth Management. And we are also looking for Retirement books to potentially have a General Account or more Full Service profile that also allow us to leverage the complementary nature of our business. Where if we can grow with General Account assets, it allows us to leverage mass investment management capabilities. And so just really takes advantage of the complementary nature of our businesses.

因此，我們最感興趣的是能夠整合的額外退休計畫。這也與傑伊提到的財富管理機會非常契合。隨著退休金業務參與者人數和資產管理規模的不斷增長，我們擁有了更大的客戶群，可以從中擴展財富管理業務。我們也在尋找退休金業務，希望能夠提供一般帳戶或更全面的服務，讓我們能夠利用我們業務的互補性。如果我們能夠利用一般帳戶資產成長，就能充分發揮大規模投資管理能力。因此，我們真正利用了我們業務的互補性。

Tom Gallagher, Evercore ISI.

Tom Gallagher，Evercore ISI。

A couple of questions on the Wealth business. So for the additional spend in 2026, is the hiring there? I heard the comment about hiring advisors. Is that advisors to support your DC plans more like customer service orientation? Or are we talking about hiring advisors to capture rollovers? So is this like a servicing question? Or is it capturing of rollovers? How should we think about that? That's my first question.

關於財富管理業務，我有幾個問題。那麼，2026 年的額外支出是否用於招募呢？我聽到了關於聘請顧問的評論。這些顧問為貴公司的退休金計畫提供支持，他們的服務理念更偏向客戶服務嗎？還是我們在討論聘請顧問來獲取展期資金？所以這算是維修方面的問題嗎？或者，它是在捕捉翻車事故？我們該如何看待這個問題？這是我的第一個問題。

Sure, Tom. Thanks for the question. I think the way you should think about this is both our Retirement and our Employee Benefits business, the plan sponsors and employers today, they see a gap in terms of the financial advice that their employees and participants are able to save for retirement, whether it be their financial or health-related needs. And so there's a gap right now. And we have been in active conversations with those plan sponsors and those employers.

當然可以，湯姆。謝謝你的提問。我認為你應該這樣看待這個問題：無論是我們的退休金業務還是員工福利業務，如今的計劃發起人和雇主都意識到，在員工和參與者能夠為退休儲蓄的財務建議方面存在差距，無論這些儲蓄是出於財務方面的需求還是健康方面的需求。所以目前存在一個差距。我們一直在與這些計劃發起人和雇主進行積極的對話。

And so you should think about this in two ways. One, we're going to bring field-based advisors to the Workplace. We're going to provide financial advice seminars. Those seminars are going to produce interest from our active participants and employees. And from there, our segmentation strategy continues. There's going to be a portion of our customer base, who doesn't have a sophisticated financial plan that's going to result in a need to talk to a face-to-face advisor. Our sales desk is going to be there to support them – credentialed licensed, team-based advisors.

所以你應該從兩個方面來考慮這個問題。第一，我們將把現場顧問引入工作場所。我們將舉辦理財諮詢講座。這些研討會將會引起我們活躍參與者和員工的興趣。由此，我們的細分策略持續展開。我們的客戶群中有一部分人沒有完善的財務計劃，因此他們需要與理財顧問面對面交流。我們的銷售團隊將為他們提供支援——持有資質證書、持證上崗的團隊顧問。

We're also building a digital cell service engine. There's a segment of our customer base that wants a self-direct brokerage, move cash. So you should think about this in terms of proactively covering our customer base and reactively covering the calls that are going to be generated from our continued advancement in our product suite and our distribution breadth. Again, very complementary to the intermediary relationships that are in market today, providing that support. There's just a big gap.

我們還在建造一個數位蜂窩服務引擎。我們的客戶群中有一部分希望擁有自主經紀服務，自行轉移資金。因此，你應該從積極主動地覆蓋我們的客戶群，以及被動地應對因我們產品組合的不斷完善和分銷渠道的拓展而產生的諮詢電話的角度來考慮這個問題。再次強調，這與目前市場上的中介關係非常互補，能夠提供支持。差距太大了。

More to come as we build, but you should think about this very much in heavy recruiting. We're not going out and buying teams of advisors. We're having and finding a lot of success organically recruiting advisors in the field, and we're finding a tremendous amount of success in Boston and recruiting a sales desk.

隨著我們不斷完善，未來還會推出更多內容，但在大規模招募時，您應該認真考慮這一點。我們不會去收購顧問團隊。我們在實地招募顧問方面取得了很大的成功，而且在波士頓招募銷售人員方面也取得了巨大的成功。

Yeah. And Tom, maybe just to explicitly answer your questions, we do see rollovers as an important opportunity for this strategy. We've talked about today within our tax-exempt business, where we have close to 500 advisors. We have a very successful rollover recapture rate in that business of between 15% and 20%. So really this build-out is to be able to serve the broader clients across both Retirement and Employee Benefits. But we do see improvements in rollovers as a key metric.

是的。湯姆，或許我只是想明確地回答你的問題，我們確實認為展期是這個策略的重要機會。今天我們討論的是在我們免稅業務領域內的情況，我們擁有近 500 名顧問。我們在該業務領域擁有非常成功的展期回收率，介於 15% 到 20% 之間。因此，此次擴建的真正目的是為了能夠為更廣泛的客戶群提供服務，涵蓋退休和員工福利兩方面。但我們確實看到翻車率這項關鍵指標有所改善。

And then just a follow-up. So the shock lapses from OneAmerica, I saw the guide for Q4’25. How do you think about that heading into 2026? Are we going to see some continued spill over, maybe somewhat higher surrender activity? Or how do you see that trending?

然後還有一個後續問題。所以，OneAmerica 的震驚失誤，我看到了第四季度指南——25。您如何看待2026年的狀況？我們是否會看到一些持續的外溢效應，或許還會出現略微加劇的投降活動？或者，您如何看待這種趨勢？

Yeah, sure. Again, I appreciate the question. OneAmerica right now is delivering a higher revenue and earnings and it's contributing overall to our cash generation. The integration you think about for OneAmerica will be complete in the first half of 2026. So to answer your direct question on OneAmerica. Today, our flows reflect anticipated lapses from the OneAmerica book, as well as we're seeing strong equity markets, and that tends to lead to an increase in account values, which then leads to elevated surrenders.

當然可以。再次感謝您的提問。OneAmerica 目前帶來了更高的收入和利潤，並為我們整體的現金流做出了貢獻。您所設想的 OneAmerica 整合將於 2026 年上半年完成。所以，為了回答你關於OneAmerica的直接問題。今天，我們的資金流動反映了 OneAmerica 帳戶的預期到期，以及強勁的股票市場，這往往會導致帳戶價值增加，進而導致退保量上升。

Importantly, if you think about the total DC book, Full Service and overall retention really sits into high 90s for Full Service and in the 90s for the overall book. So the activity remains constructive for the remainder of the year and just getting back to OneAmerica really reflecting in line what our anticipated lapses would be through the integration.

重要的是，如果你考慮整個 DC 預訂情況，全方位服務和整體保留率實際上都達到了 90% 以上，而整體預訂情況也達到了 90% 以上。因此，今年剩餘時間裡，各項活動仍將保持建設性，而回到 OneAmerica 也真正反映了我們預期的整合過程中可能出現的偏差。

Suneet Kamath, Jefferies.

Suneet Kamath，傑富瑞集團。

I wanted to start on the capital return in the $100 million to $150 million guide per quarter for 2026. Should we view that as sort of 2026 stand-alone and then we kind of bump up in 2027 as you don't have the Wealth Management investment anymore, and then you don't have the OneAmerica $160 [million] (added by company after the call) payment? Or are you signaling that this is more of a run rate that we should expect going forward?

我想先從2026年每季1億至1.5億美元的資本回報目標開始談起。我們是否應該將其視為 2026 年的獨立事件，然後在 2027 年將其向上調整，因為屆時您將不再擁有財富管理投資，而且您也將不再擁有 OneAmerica 的 1.6 億美元（公司在電話會議後追加的）付款？或者，您的意思是說，這才是我們未來應該預期的正常水平？

Suneet, it's Mike. No, we're not trying to signal that's a run rate beyond 2026. This is really how we're thinking about 2026. And it's considering a handful of things. We come out of the third quarter with $350 million of excess capital.

Suneet，我是Mike。不，我們並不是想暗示這是 2026 年以後的運行率。這就是我們對2026年的真實想像。它考慮了很多因素。第三季末，我們擁有 3.5 億美元的盈餘資本。

As a reminder, we do have an earnout for OneAmerica and we entered the fourth quarter well positioned to handle that in the middle of next year. As Heather talked about, we have an opportunity now where we are with the integration of OneAmerica to kind of lift our heads up and say, hey, are there other roll-ups out there that meet our return thresholds? But we have flexibility. We're guiding to consistent and measured share repurchases this year. We think that's the right outcome. And when we look at 2025, we see that as a great example of when we're using excess capital in a balanced way.

再次提醒大家，我們對 OneAmerica 有一筆獲利支付款項，我們在第四季開始時已做好充分準備，以便在明年年中處理這筆款項。正如 Heather 所說，隨著 OneAmerica 的整合，我們現在有機會抬起頭來，看看是否有其他符合我們回報門檻的整合項目？但我們有彈性。我們預計今年將採取持續、穩健的股票回購策略。我們認為這是正確的結果。當我們展望 2025 年時，我們會發現那將是我們以平衡的方式使用過剩資本的絕佳例子。

It enhances shareholder returns that we see the same opportunity in 2026. We just talked about Wealth Management. You should expect us to be very disciplined in how we approach that. Investments must meet our return thresholds. And frankly, we have a higher bar based on where we're trading right now.

我們認為2026年也將有同樣的機遇，這將提升股東回報。我們剛剛討論了財富管理。你應該預料到我們會以非常嚴謹的態度來處理這件事。投資必須達到我們的報酬門檻。坦白說，根據我們目前的交易情況，我們的標準更高了。

Yeah. And Suneet, maybe two points I would add to Mike's comments is, we think we've got a very clear enterprise growth strategy that's going to allow us to drive profitable long-term growth across our businesses in the coming years as well as ongoing growth in cash generation, which gives us flexibility in terms of how we think about deploying it. But we do believe it's important to be able to provide consistency shareholders in terms of what to expect for '26.

是的。Suneet，我可能要補充Mike的兩點評論：我們認為我們已經制定了非常清晰的企業成長策略，這將使我們能夠在未來幾年推動我們各項業務的長期盈利增長，以及持續的現金流增長，這讓我們在如何部署戰略方面擁有更大的靈活性。但我們認為，對於股東而言，能夠讓他們對 2026 年的預期保持穩定非常重要。

Okay. Got it. And my second question, I guess, is maybe more of an observation than a question. But when I hear you talk about a Wealth Management strategy that's built around seminars at companies, it takes me back to one of your competitors a couple of years ago that talked about this from a financial wellness perspective and spent like half an Investor Day on it. And it they don't really talk about it anymore. It didn't really turn into much of anything. So I guess it's important that we get metrics at some point, and I'm sure you'll give them to us, but just wanted to highlight this that you show the progress that you're making against this, especially if the spend is $75 million a year and potentially higher going forward. So I just wanted to put that out there.

好的。知道了。我的第二個問題，與其說是問題，不如說更像是觀察。但是，當我聽到你談到以公司研討會為核心的財富管理策略時，我不禁想起幾年前你的一個競爭對手，他們從財務健康的角度談論過這個策略，並在投資者日上花了半個星期的時間來討論它。他們現在基本上不再談論這件事了。它並沒有真正發展成什麼大事。所以我覺得在某個時候獲得一些指標是很重要的，我相信你們會給我們這些指標，但我只是想強調一點，你們要展示一下你們在這方面取得的進展，特別是如果每年的支出是 7500 萬美元，而且未來可能會更高。所以我只是想把這件事說出來。

Yeah, Suneet, thank you. We appreciate the feedback. And that certainly is our intention. We want to be able to provide clear progress on how we're measuring success. That's why we wanted to point to some of the revenue growth we're seeing year over year just in terms of the sales. But we hear you loud and clear. And I think maybe what's different for us is, this is from an established base. When we talk about the $35 billion of assets under management today, it is contributing roughly 10% of our Retirement revenues and growing. And so again, hear you loud and clear, and you can certainly expect to see some proof points from us.

是的，蘇尼特，謝謝你。我們感謝您的回饋。這當然是我們的初衷。我們希望能夠清楚地說明我們如何衡量成功。這就是為什麼我們想重點介紹我們每年在銷售額方面看到的營收成長。但我們完全聽到了你們的聲音。我認為對我們來說，不同之處在於，我們擁有一個成熟的基礎。如今，我們管理的資產規模已達 350 億美元，約占我們退休收入的 10%，並且還在持續成長中。所以，我們再次清楚地聽到了你們的聲音，你們當然可以期待看到我們提供的一些證據。

Alex Scott, Barclays.

亞歷克斯·斯科特，巴克萊銀行。

I wanted to follow up on some of the investments. I know you're talking about some of the wealth advisors you're bringing on, but I think you also mentioned that there's some investment in technology. I just wanted to understand how we should think about the impact of these things on the operating margin in Retirement business or elsewhere if it goes in other segments?

我想跟進一下一些投資項目。我知道你指的是你正在引進的一些財富顧問，但我想你也提到在技術方面進行了一些投資。我只是想了解，如果這些因素擴展到其他業務領域，我們應該如何看待它們對退休業務或其他業務領域的營業利潤率的影響？

Yeah. I'll let Mike take the impact on operating margin and Jay can talk a little bit more explicitly about the investments.

是的。我會讓麥克來談談對營業利潤率的影響，而傑伊可以更具體地談談投資方面的問題。

Yeah, Alex, we're giving a sense right now. And I just would emphasize that we see this as an opportunity where we're doing that from a position of strength given the results, not only just in Retirement, but across the board at Voya. We did mention that we expect this to be approximately a 200 basis points implication on margins next year. However, we're right in the middle of our budget season. And so we'll be more precise with that as we get into next year. But that's high-level thinking and very consistent with what I shared earlier in the Q&A with respect to how much we expect to deploy both from a capital perspective, but also from a GAAP perspective.

是的，Alex，我們現在正在給人一種感覺。我只想強調，我們認為這是一個機會，鑑於我們在退休領域以及 Voya 各個領域取得的成果，我們正處於優勢地位。我們之前提到過，預計這將對明年的利潤率產生約 200 個基點的影響。然而，我們正處於預算編制季的關鍵時期。因此，到了明年，我們將在這方面更加精確。但這只是高層次的思考，與我之前在問答環節中分享的內容非常一致，即我們預計從資本角度以及 GAAP 角度部署多少資金。

Sure, Alex. Maybe just as a follow-up on the strategic nature of where those investments are going. We've upgraded our advisory platform, our WealthPath, which we've rolled out in October. And that's really to help our advisors from the perspective of account openings all the way through the financial planning tools that they're using. It's really helping to modernize that environment to connect to more customers and do it in a more automated basis.

當然可以，亞歷克斯。或許只是想就這些投資的策略方向做個後續探討。我們對諮詢平台 WealthPath 進行了升級，該平台已於 10 月推出。這確實有助於我們的顧問從開戶到使用各種財務規劃工具等各個方面進行指導。它確實有助於實現環境現代化，從而連接更多客戶，並以更自動化的方式進行工作。

Secondly, reference to digital self-service. We've got a growing portion of our customer base that wants to self-direct. And so we're going to meet that growing need, particularly with wealth transfer. There's a segment of our population, our customer base that's going to inherit a tremendous amount of wealth over the next decade, and we want to be positioned to ensure that they can direct and have a financial planning environment that works for them. So these tools are going to be helpful as we grow into that customer base as well, but very targeted.

其次，參考數位自助服務。在我們的客戶群中，有越來越多的人希望自主管理。因此，我們將滿足這種日益增長的需求，尤其是在財富轉移方面。在未來十年裡，我們的一部分人口，也就是我們的客戶群體，將會繼承大量的財富，我們希望做好準備，確保他們能夠掌控並擁有一個適合他們的財務規劃環境。因此，隨著我們客戶群的成長，這些工具也將非常有用，而且具有很強的針對性。

Got it. And then maybe if I could pivot over to employee benefits. Could you talk about top line implications from just the Leave Management rollout. And maybe anything on Benefitfocus, I think just around open enrollment period, would be interested if that's going to have any influence on top line?

知道了。然後，也許我可以轉而從事員工福利方面的工作。能否談談僅推出休假管理系統就會帶來哪些主要影響？還有，關於 Benefitfocus 的任何消息，我想在開放註冊期前後，看看這會不會對總收入產生任何影響？

Sure. Maybe I'll start on Leave for your first question. So appreciate the question. We're on plan right now to deliver the Leave technology as well as a fit-for-purpose operating model supporting a January 2026 launch. What we're developing right now is a full-service lead product suite.

當然。或許我會先回答你的第一個問題。非常感謝您的提問。我們目前正按計畫交付 Leave 技術以及支援 2026 年 1 月發布的適用營運模式。我們目前正在開發的是一套全方位的潛在客戶開發產品套件。

It's going to help build a moat around our other Employee Benefits business. As you think about this today, this is a critically important capability in the market, and it's leading to a ton of growth. In last quarter, Q3, over 50% of all of our RFPs that came in were requiring a Leave Management bundled solution. So we're really encouraged with the commercial momentum.

這將有助於為我們的其他員工福利業務建構護城河。如今，你若仔細想想，這在市場上是一項至關重要的能力，它正在帶來巨大的成長。上個季度（第三季），我們收到的所有 RFP 中，超過 50% 都要求提供休假管理捆綁解決方案。因此，我們對目前的商業發展動能感到非常鼓舞。

In fact, one of the key metrics that we look at is getting on the panels of our brokers, and we've been successful in getting on most of our broker panels, and it's led to sales that have already occurred for 2026. So today, if you think in terms of where we are in Leave, happy with where the build is on the technology side, our operating model is in place, and we're getting commercial momentum in terms of our sales.

事實上，我們關注的關鍵指標之一是進入經紀人的名單，我們已經成功地進入了大多數經紀人的名單，並且已經促成了 2026 年的銷售。所以今天，如果你從我們目前在 Leave 的位置來看，我們對技術方面的建設成果感到滿意，我們的營運模式已經到位，而且我們在銷售方面也獲得了商業動力。

Maybe on Benefitfocus, we like the strategic capability of Benefitfocus. I mean, it fits really well into the broader Employee Benefits business. Specifically, as we deliver on our capability road map, Andrew and team are driving efficiencies and are focusing on margin expansion while they do that. Two areas of growth you should think about for Benefitfocus. One is in ICHRA.

或許在 Benefitfocus 上，我們欣賞的是 Benefitfocus 的戰略能力。我的意思是，它與更廣泛的員工福利業務非常契合。具體來說，在我們推進能力路線圖的過程中，Andrew 和他的團隊正在提高效率，並在過程中專注於擴大利潤率。Benefitfocus 應該考慮的兩個成長領域。一個在 ICHRA。

The health plan business side of our Benefitfocus is going to benefit from some of the healthcare legislative environment that's changing, particularly around ICHRA. We've got a plan to go after that market. We're set up well. And in 2026, we should be executing against that.

我們 Benefitfocus 的健康計劃業務方面將受益於醫療保健立法環境的一些變化，特別是圍繞 ICHRA 的變化。我們已經制定了進軍該市場的計劃。我們準備得很充分。到 2026 年，我們應該朝著這個方向努力。

We also see direct synergies with our Benefits Administration business. So if you think about that tied to Wealth Management, we've got a growing customer demand for retail financial advice, and this is going to be another area of synergy for our Wealth Management business. So ICHRA and Wealth Management on the top line with efficiencies that we've been building over the course of the last couple of years in Benefitfocus.

我們也看到了與福利管理業務的直接綜效。因此，如果你把這一點與財富管理連結起來考慮，你會發現客戶對零售金融諮詢的需求不斷增長，這將是我們財富管理業務的另一個協同領域。因此，ICHRA 和財富管理在營收方面取得了顯著成效，這得益於我們在過去幾年中透過 Benefitfocus 不斷提升的效率。

Wes Carmichael, Autonomous Research.

Wes Carmichael，自主研究。

First question on Investment Management. And just looking at institutional. I think flows were pretty strong in the quarter and maybe a little bit of elevation on the outflow side, but just hoping you could unpack what you saw in the quarter? And maybe any help on the outlook for flows going forward would be helpful?

關於投資管理的第一個問題。僅從制度層面來看。我認為該區域水流相當強勁，出水口一側可能略有水位上升，但我只是希望你能詳細分析一下你在該區域觀察到的情況？或許，關於未來資金流動的前景，任何幫助都將不勝感激？

Yeah, Wes, this is Matt. Thanks for the question. Overarching, we like the breadth of flows we've seen across the channels and products for the year. The year-to-date flows, as Mike referenced, $13.4 billion, roughly 4% organic growth rate. Within institutional, $9.7 billion of that on the year, and that's driven by the Insurance business, CLOs, public and private fixed income doing well, also private equity secondaries. So we like the breadth within Institutional. Year-to-date $3.7 [billion] (added by company after the call) in Retail. And again, Income and Growth franchise and Multi-Asset in the US. So we like the breadth.

是的，韋斯，這是馬特。謝謝你的提問。總體而言，我們很喜歡今年在各個管道和產品中看到的廣泛流量。正如麥克所提到的，今年迄今的資金流動額為 134 億美元，有機成長率約為 4%。今年機構投資者的增幅為 97 億美元，主要得益於保險業務、CLO、公共和私人固定收益市場的良好表現，以及私募股權二級市場的交易。所以我們喜歡機構業務的廣度。今年迄今為止，零售業務收入為 37 億美元（公司在電話會議後補充）。還有，美國的收入和成長特許經營權以及多元資產。所以我們喜歡這種廣度。

Within the quarter specifically and more to your direct question, the $3.9 billion number in the third quarter, very happy with another strong quarter. In Institutional, the majority of that $3.6 million, driven by a few large insurance wins. So it's a bit more concentrated in the quarter, but I think important to hear that within the construct of the broader year flows.

具體到本季度，更直接回答你的問題，第三季度營收達到 39 億美元，我對又一個強勁的季度感到非常滿意。在機構業務方面，這 360 萬美元的大部分是由幾筆大筆保險賠償金推動的。所以，雖然這部分內容更集中在本季度，但我認為，在全年整體趨勢的框架下理解這一點很重要。

You're right. It's a good call out the higher level of activity in Institutional, you see in the supplement. We're very happy with the $3.6 billion net. You've got more wins, and you've had some more outflows. Some of those outflows are tied to natural maturities in our CLO business, bank loan mandates as well as end of life in private funds.

你說得對。補充報告很好地指出了機構業務的較高活躍度。我們對36億美元的淨收入非常滿意。你贏的場次更多了，但支出也更多了。其中一些資金流出與我們的 CLO 業務的自然到期、銀行貸款授權以及私人基金的存續期有關。

And there's also some rotation in international equities out of one style into another. So you do see that higher amount of in and out. But again, the net, very happy with the $3.6 billion in the quarter. And then looking forward, in the fourth quarter, we expect those to be more muted than the strong third quarter after some strong realizations in the third quarter.

國際股票市場也存在一些風格輪動，即從一種風格轉向另一種風格。所以你會看到進出量明顯增加。但總的來說，我對本季 36 億美元的營收非常滿意。展望未來，我們預計第四季的情況會比第三季更加溫和，因為第三季出現了一些強勁的成長。

Longer term, we see no reason to pivot away from that 2% plus longer-term organic growth rate assumption, and we like the commercial momentum we have in the business. And I view it as a testament to the strong investment performance that we've called out 74% outperformance over public strategies over five and a really strong 84% over 10. We're delivering for our clients and growth is the outcome of that.

從長遠來看，我們認為沒有理由放棄 2% 以上的長期有機成長率假設，而且我們對目前業務的商業發展勢頭感到滿意。我認為，我們過去五年的業績比公開策略高出 74%，十年更是高達 84%，這充分證明了我們強勁的投資績效。我們為客戶提供優質服務，而成長正是由此產生的。

Wilma Burdis, Raymond James.

威爾瑪·伯迪斯，雷蒙德·詹姆斯。

Could you quantify Voya's floating rate exposure? I know that's something that could impact earnings a little bit in 4Q’25 with the rate cuts. So if you could just help us with that?

您能否量化一下 Voya 的浮動利率風險敞口？我知道這可能會對第四季度的收益產生一些影響——由於降息，2025 年的收益可能會受到影響。所以，如果您能幫我們做這件事就好了？

It's Mike. So just when we think about floaters, a little less than $1.5 billion of floaters. That's embedded in the overall sensitivity that we share in the investor presentation. So maybe a modest impact we would expect from the effect of the short end coming down. When we do think about our sensitivities, I would call out that the net effect for Voya is smaller to a shot down in the yield curve as we have offsets in the investment management business related to fixed income asset levels.

是麥克。所以，當我們想到漂浮物時，漂浮物的價值略低於 15 億美元。這體現在我們向投資者展示的整體敏感度之中。因此，短期價格下跌的影響可能不大。當我們考慮自身敏感度時，我想指出，殖利率曲線的急劇下降對 Voya 的淨影響較小，因為我們在與固定收益資產水準相關的投資管理業務中有相應的抵銷措施。

And I'd also say like this, sensitivities went up a little bit this year. We talked about that in Q1 with the acquisition of OneAmerica, but the team is doing a nice job of actively managing the General Account. And I think that's helped us to stabilize what is the raw effect of what's happening with rates.

而且我還想說，今年人們的敏感度似乎有所提升。我們在第一季度收購 OneAmerica 時就討論過這個問題，但團隊在積極管理總帳戶方面做得很好。我認為這有助於我們穩定利率變動帶來的直接影響。

Okay. And then do you expect any additional reinsurance recoverables on Stop Loss to flow through over the coming quarters? And maybe just talk about the likelihood and timing of that?

好的。那麼，您預計在接下來的幾個季度裡，停損險的額外再保險賠償金會到位嗎？或許可以談談這種可能性和時間？

Wilma, it's Mike again. Yeah, so this is a bit of an idiosyncratic quarter with respect to us calling that out. It's a natural part of the Stop Loss business. We've talked about the fact that from a deductible perspective, we usually kick in the $200,000 to $300,000 range. We'll cover our clients. And then we have excess loss reinsurance above $5 million. And that's where we saw a kick in from our reinsurer that really was the only effect in the quarter. And so I wouldn't expect that if you're looking at necessarily forward-looking expectations on loss ratios, if there's something significant in a quarter, we're going to call it out, but I wouldn't use that as anything that would be sustainable per se and the outlook for Stop Loss.

威瑪，又是麥克。是的，就我們指出這一點而言，本季有點特別。這是停損業務的自然組成部分。我們已經討論過，從免賠額的角度來看，我們通常會支付 20 萬至 30 萬美元。我們會保障客戶的利益。此外，還有超過 500 萬美元的超額損失再保險。而這正是我們從再保險公司獲得推動的地方，也是本季唯一的影響因素。因此，如果你要對損失率做出前瞻性預期，我並不認為如果某個季度出現重大變化，我們會特別指出，但我不會將其作為任何可持續的指標，也不會以此作為止損的展望。

Kenneth Lee, RBC Capital Markets.

Kenneth Lee，加拿大皇家銀行資本市場。

Just one for me. Within the General Account portfolio, I wonder if you could just remind us again what's within the private credit allocation sleeve there?

我只留一個。在一般帳戶組合中，您能否再次提醒我們一下，私人信貸分配部分包含哪些內容？

Ken, yeah, it's Matt. Let me unpack that a little bit for you. So overall, the portfolio continues to be very high quality. And we continue to include a slide in the deck, it's page 27, breaking down the quality of the portfolio. Importantly, 96% of the General Account is investment grade. And private credit as 23% of that, of course, has a heavy bias towards investment grade as well, that's 94%. We provided a footnote on that page to give you some further detail there. So NAIC-1s and 2s, 94% of portfolio. Think about those as driving that 50 to 100 basis point yield advantage versus public. So over a long period of time with roughly double recoveries driven by stronger covenants should there be any credit issues.

肯，是的，我是馬特。讓我來為你詳細解釋。所以整體而言，該投資組合的品質依然非常高。我們繼續在簡報中加入一張投影片，在第 27 頁，詳細分析了作品集的品質。值得注意的是，一般帳戶中 96% 的資產屬於投資等級。當然，私募信貸佔其中的 23%，也嚴重偏向投資等級，高達 94%。我們在那一頁添加了腳註，為您提供更多詳細資訊。因此，NAIC-1 和 2 類資產佔投資組合的 94%。可以把這些因素看成是造成相對於公部門50到100個基點收益率優勢的原因。因此，從長遠來看，如果出現任何信用問題，更強的契約將推動大致兩倍的回收率。

I mean overall, I think credit markets are performing quite well. As you can see, credit markets are near all-time highs. The term private credit has gotten a lot of attention, as you referenced, but that covers a broad array. And our portfolio is heavily focused on the investment-grade lending area. And this area is, of course, not new to the insurance industry, not new to us.

總的來說，我認為信貸市場表現相當不錯。正如你所看到的，信貸市場接近歷史最高水準。正如你所提到的，「私人信貸」一詞受到了廣泛關注，但它涵蓋的範圍很廣。我們的投資組合主要集中在投資等級貸款領域。當然，這個領域對保險業來說並不陌生，對我們來說也不陌生。

And one that has generated very attractive yields with less downside risk over multiple decades. And so very different than some of the headline news you'll see around bank lending, syndicated loans or middle market lending. It's a different market segment, and we feel very well positioned with how the portfolio is performing.

而且在過去幾十年裡，這種股票產生了非常誘人的收益，同時下行風險較小。因此，這與你看到的有關銀行貸款、銀團貸款或中端市場貸款的一些頭條新聞截然不同。這是一個不同的細分市場，我們對目前的投資組合表現感到非常滿意。

John Barnidg, Piper Sandler.

約翰·巴尼格，派珀·桑德勒。

And my first question, could you talk about the Edward Jones partnership that was mentioned earlier this year? Success so far and plans for ahead?

我的第一個問題是，您能否談談今年早些時候提到的與 Edward Jones 的合作關係？目前為止所取得的成就以及未來的計畫？

Yeah, we'll have Jay take that, and it continues to be one of the other important attributes of OneAmerica, which as we've talked about, John, has been just a great integration and opportunity for us to generate value. But Jay?

是的，我們會讓傑伊來負責，這仍然是 OneAmerica 的另一個重要特性，正如我們之前討論過的，約翰，它為我們創造了巨大的整合和價值機會。但是傑伊呢？

Great. Appreciate the question, John. If you think about that OneAmerica acquisition, as Heather said, it's not only producing strong earnings and revenue, but the distribution relationships that came along with that business, it really is a key value-creating lever for our team. And so Edward Jones is an example of that. Right now, we remain on track for the Edward Jones relationship as we head into 2026.

偉大的。感謝你的提問，約翰。正如 Heather 所說，想想 OneAmerica 的收購，它不僅帶來了強勁的盈利和收入，而且隨之而來的分銷關係，對於我們的團隊來說，確實是一個關鍵的價值創造槓桿。愛德華瓊斯就是一個例子。目前，我們與 Edward Jones 的合作關係仍按計劃推進，並將持續到 2026 年。

So specifically, we're working with Edward Jones right now on the migration of the OneAmerica book of business. Our distribution agreement was executed earlier this year, and we're finalizing key technology connections in order to support the full integration.

具體來說，我們目前正在與 Edward Jones 合作，進行 OneAmerica 業務的遷移。我們今年稍早簽署了分銷協議，目前正在敲定關鍵技術連接，以支援全面整合。

Our teams from a distribution perspective are actively engaging with each other on market opportunities. Edward Jones sent a press release out on the partnership a few weeks ago. And their advisors are going to be able to offer our full suite of retirement plan tools and services to their clients starting in early fiscal year 2026. So if you think about where we are, we're on plan with that. Again, one of the positives we see in these opportunities in Retirement roll-ups isn't just the earnings and revenue associated to the existing book, but it's the new distribution opportunities that we acquire as part of that relationship. And this is a great example of that.

從分銷角度來看，我們的團隊正在積極地相互交流，尋找市場機會。幾週前，愛德華瓊斯公司發布了關於此次合作的新聞稿。從 2026 財年初期開始，他們的顧問將能夠向他們的客戶提供我們全套的退休規劃工具和服務。所以，如果你看看我們目前的情況，我們正按計劃進行。再次強調，我們在退休金整合中看到的正面因素之一，不僅是現有資產組合帶來的收益和收入，還有我們透過這種合作關係獲得的新分銷機會。這就是一個很好的例子。

My next question you talk about the Blue Owl partnership plans for product launch and if there are additional alternative asset managers with which you could partner?

我的下一個問題是，您談到了 Blue Owl 的產品發布合作計劃，以及您是否可以與其他另類資產管理公司合作？

Yeah, John, maybe just a quick frame before I toss it to both Jay and Matt. But we think this Bull Owl partnership is just one of the many examples of where we can really unlock the synergistic opportunities that exist across our businesses, specifically when we think about Retirement, Wealth Management and Investment Management. But Jay?

是的，約翰，也許在我把球傳給傑伊和馬特之前，就快速拍一幀。但我們認為，與 Bull Owl 的合作只是眾多例子之一，它真正展現了我們各項業務之間存在的協同效應，尤其是在退休、財富管理和投資管理方面。但是傑伊呢？

Sure. Again, thanks for the question, John. Maybe just to continue with what Heather was saying. Matt and I, we're going to be leveraging partnerships going forward as we think about our growth strategy. This Blue Owl partnership is going to be a key contributor to that growth. Specifically, our teams are trying to access private investments and innovative solutions to drive retirement outcomes.

當然。再次感謝你的提問，約翰。或許只是想接著希瑟剛才說的話繼續說下去。我和馬特將在未來的發展策略中充分利用合作關係。與 Blue Owl 的此次合作將成為推動這一成長的關鍵因素。具體來說，我們的團隊正在努力獲取私人投資和創新解決方案，以改善退休保障。

That's going to be in the DC space. So that's the focus right now on the private investments in innovative solutions. Specifically, we're going to be in market with private credit, alternative credit and non-traded REIT CITs by the end of this year. We're going to start with our AMA business, and we're seeing a ton of interest right now from RIA firms in different pockets, specifically many of them are waiting for where the DOL rule making has happened. And if you know, John, the two areas, the two gates we've got to get through right now. One is on the DOL side, on their rulemaking. And the second is the safe harbor protections that are going to help accelerate the adoption by plan sponsors as the fiduciary. I'm going to turn it over to Matt to give a little bit more color on how his Investment Management business is partnering with Blue Owl. But right now, the partnership is on plan for end-of-year rollout.

那將位於華盛頓特區。所以，目前關注的重點是私人投資對創新解決方案的運用。具體來說，到今年年底，我們將進入私募信貸、另類信貸和非上市 REIT CIT 市場。我們將從我們的 AMA 業務開始，目前我們看到來自不同地區的 RIA 公司對此表現出濃厚的興趣，特別是許多公司都在等待美國勞工部 (DOL) 的規則制定結果。約翰，如果你知道的話，我們現在必須通過的兩個區域，兩個大門。一個是勞工部方面，關於他們的規則制定。第二點是安全港保護措施，這將有助於加快計劃發起人作為受託人採納這些措施。接下來我將把麥克風交給 Matt，讓他更詳細地介紹他的投資管理公司是如何與 Blue Owl 合作的。但目前來看，該合作項目正按計畫進行，並將於年底前推出。

Yeah, John, thanks for the question. Just to build on that a bit, we continue within Investment Management to work on target date products built from our leading multi-asset team with long and strong track records have been driving our model portfolio growth that we've seen over recent years. And we believe our capabilities pair very nicely with Blue Owl capabilities in their broad array of complementary private strategies.

是的，約翰，謝謝你的提問。為了進一步說明這一點，我們在投資管理方面繼續致力於目標日期產品，這些產品由我們領先的多資產團隊打造，該團隊擁有長期而強勁的業績記錄，並推動了我們近年來所看到的模型投資組合的增長。我們相信，我們的能力與 Blue Owl 的能力非常契合，因為他們擁有廣泛的互補型私人投資策略。

Importantly, as we build these target date products, the focus is on risk-adjusted returns for our clients as well as attractive returns, net fees. And so we build that product out in partnership with Blue Owl for the second quarter of 2026 time frame for those to come to market, still looking for some clarity on the regulatory side. We do think this is an attractive path forward. And just to expand a bit, you mentioned other private components. We're working with Blue Owl. There will be other providers within the structure as well to round out the complete need.

重要的是，我們在建構這些目標日期產品時，重點是為客戶實現經風險調整後的收益以及扣除費用後的可觀收益。因此，我們與 Blue Owl 合作開發該產品，並計劃於 2026 年第二季將其推向市場，目前仍在尋求監管方面的一些明確訊息。我們認為這是一條很有吸引力的前進道路。另外，您也提到了其他私有元件。我們正在與Blue Owl合作。該機構內部還會有其他供應商，以滿足所有需求。

We're very excited about Voya and Blue Owl capabilities. We'll supplement that as needed, as we always do in multi-manager products with other partners. And beyond the DC space, we're very excited about how this ties to our insurance business where we bring our own capabilities as well as those partners like Blue Owl to our broad institutional customer base. So that's a way to think about the growth as well.

我們對 Voya 和 Blue Owl 的功能感到非常興奮。我們會根據需要進行補充，就像我們在與其他合作夥伴的多管理產品中一貫的做法一樣。除了華盛頓特區以外，我們也對它如何與我們的保險業務聯繫起來感到非常興奮，我們將我們自己的能力以及像 Blue Owl 這樣的合作夥伴的能力帶給我們廣泛的機構客戶群。所以這也是思考成長的一種方式。

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。我們的問答環節到此結束。今天的會議到此結束。現在您可以斷開線路了，感謝您的參與。