Voya Financial, Inc. (VOYA) 2026 Q1 法說會逐字稿

Good morning. Welcome to Voya's first-quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the call over to Mei Ni Chu, Head of Investor Relations. Please go ahead.

早安。歡迎參加 Voya 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把電話會議交給投資人關係主管 Mei Ni Chu。請開始。

Good morning, and thank you for joining today's call. 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. Also joining the call are Jay Kaduson, CEO of Workplace Solutions; and Matt Toms, CEO of Investment Management.

早安，感謝各位參加今天的電話會議。我們將先由執行長 Heather Lavallee 與財務長 Mike Katz 發表事先準備的談話。在他們的談話之後，我們將回答各位的提問。同時在線的還有職場解決方案（Workplace Solutions）執行長 Jay Kaduson，以及投資管理（Investment Management）執行長 Matt Toms。

As a reminder, materials for today's call are available on our website at investors.voya.com. As noted on slide 2 of our analyst presentation, 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.

提醒各位，今天電話會議的相關資料可於我們網站 investors.voya.com 取得。如同分析師簡報第 2 頁所述，今天討論中的部分評論可能包含前瞻性陳述，並在聯邦證券法的意義下提及某些非 GAAP 財務衡量指標。GAAP 對帳表可於我們的新聞稿與財務補充資料中取得，皆可在投資人關係網站上找到。

And now, I will turn the call over to Heather.

現在，我把電話會議交給 Heather。

Good morning and thank you for joining us today. Let's turn to slide 4. Building on our 2025 performance, we are off to a strong start in 2026. In the first quarter, we delivered significant growth in revenues, earnings and cash flows. We grew adjusted operating EPS by 13% year-over-year through strong execution across the enterprise, while continuing to deliver a return on equity above 18%, and we generated approximately $200 million of excess capital, returning that same amount to shareholders through repurchases and dividends.

早安，感謝各位今天加入我們。請看第 4 頁投影片。在 2025 年表現的基礎上，我們在 2026 年有一個強勁的開局。第一季，我們在營收、獲利與現金流方面都實現了顯著成長。透過全企業的強力執行，我們的調整後營運 EPS 年增 13%，同時持續維持超過 18% 的股東權益報酬率，並產生約 2 億美元的超額資本，並透過庫藏股回購與股利將同等金額回饋給股東。

Executing on our priorities, we are building on our strong commercial momentum, maintaining robust margins in Retirement and Investment Management and continuing to drive margin and earnings improvement in Employee Benefits. Our momentum is clear, and our advantage comes from our diversified, resilient business model built to perform across markets and business cycles.

在落實我們的優先事項方面，我們正延續強勁的商業動能，在退休（Retirement）與投資管理維持穩健的利潤率，並持續推動員工福利（Employee Benefits）的利潤率與獲利改善。我們的動能十分明確，而我們的優勢來自多元化且具韌性的商業模式，能在不同市場與景氣循環中保持表現。

I'd like to touch on a few highlights from the quarter. In Retirement, we generated over $200 million in adjusted operating earnings, delivering trailing 12-month margins of 39%, while continuing to invest in future growth. We continue to expect positive net flows for the full year, more than offsetting the exit of a large record-keeping plan in the first quarter, which was expected.

我想談談本季的幾項重點。在退休業務方面，我們創造超過 2 億美元的調整後營運獲利，過去 12 個月的利潤率達 39%，同時持續投資於未來成長。我們仍預期全年淨流量為正，足以抵銷第一季如預期退出的一個大型記錄保存（record-keeping）方案所帶來的影響。

Revenues grew year-over-year, supported by more than $50 billion in annual recurring deposits, giving the business a resilient foundation across market conditions. Our acquisition of OneAmerica has been a strategic and operational success. It has meaningfully strengthened both the scale and earnings power of our Retirement business, which now serves nearly 10 million Retirement accounts. We expect to complete the integration in the second quarter.

在每年超過 500 億美元的經常性存入（annual recurring deposits）支持下，營收年增，為該業務在各種市場環境下提供具韌性的基礎。我們對 OneAmerica 的收購在策略與營運上都相當成功。此舉大幅強化了我們退休業務的規模與獲利能力，目前服務近 1,000 萬個退休帳戶。我們預期將在第二季完成整合。

And we're building on that strong foundation by expanding the advice, guidance, and planning we provide through our Wealth Management business, helping customers better meet their financial needs. In Wealth Management, expansion remains on track. With first-quarter revenues up more than 12% year-over-year.

我們也在此堅實基礎上，透過財富管理（Wealth Management）業務擴大我們提供的建議、指引與規劃，協助客戶更好地滿足其財務需求。在財富管理方面，擴張仍按計畫推進。第一季營收年增超過 12%。

In Investment Management, we entered 2026 with strong momentum, driven by continued demand from clients across both institutional and retail markets. We remain confident in our ability to deliver 2%-plus organic growth this year. We've drove margin expansion by continuing to scale key strategies across insurance, private and alternative assets, and international retail markets.

在投資管理方面，我們以強勁動能進入 2026 年，動能來自機構與零售市場客戶持續的需求。我們仍有信心今年可達成 2% 以上的有機成長。我們透過持續擴大保險、私募與另類資產，以及國際零售市場等關鍵策略的規模，推動利潤率擴張。

These are the channels where we have clear competitive advantages and are seeing strong commercial momentum. Our investment performance shows we are delivering for our clients, with 78% of assets outperforming peers or benchmarks over three years, and 82% outperforming over 10 years.

這些通路是我們具備明確競爭優勢、且正看到強勁商業動能的領域。我們的投資績效顯示我們正為客戶創造價值：78% 的資產在三年期間優於同業或基準，且 82% 在十年期間優於同業或基準。

In Employee Benefits, we generated significantly higher operating earnings through disciplined execution across the portfolio. Across all lines within the business, decisive underwriting and pricing is resulting in higher margins.

在員工福利方面，我們透過在整體產品組合上的嚴謹執行，創造顯著更高的營運獲利。在該業務的所有產品線中，果斷的核保與定價正帶來更高的利潤率。

In Stop Loss, the pricing, underwriting and reserving action we took last year had us firmly on the path to full margin recovery in this business. Our near-term focus on restoring the profitability and earnings power of this business is the most value-accretive we can take for shareholders. And this value is already emerging in the results we delivered this quarter. Mike will provide additional detail in a moment.

在停損保險（Stop Loss）方面，我們去年採取的定價、核保與準備金提列措施，使我們穩步走在該業務全面恢復利潤率的道路上。我們短期內聚焦於恢復該業務的獲利能力與盈餘動能，這是我們能為股東採取的最具增值效果的行動。而這項價值已在本季交出的成果中開始顯現。Mike 稍後將提供更多細節。

Our strong results this quarter reflect the durability of our cash generation, our strong earnings power and our continued commitment to disciplined execution. With that, I'll turn it over to Mike to walk through the financials in more detail. Mike.

本季的強勁成果反映了我們現金創造能力的持久性、強大的獲利能力，以及我們對嚴謹執行的持續承諾。接下來我把時間交給 Mike，請他更詳細說明財務表現。Mike。

Thank you, Heather. Our financial results this quarter were strong, providing a solid start to the year. In the quarter, adjusted operating EPS was $2.26 per share. On a trailing 12-month basis, adjusted operating EPS totaled $9.11 per share, representing a growth of over 20%.

謝謝你，Heather。我們本季的財務結果表現強勁，為全年奠定了穩固的開局。本季調整後營運 EPS 為每股 2.26 美元。以過去 12 個月計，調整後營運 EPS 合計每股 9.11 美元，成長超過 20%。

EPS growth highlights our consistent execution and capital discipline. We generated higher revenues across all segments and our continued expense discipline is sustaining our robust margins in Retirement and Investment Management, while expanding margins meaningfully in Employee Benefits.

EPS 的成長凸顯我們一貫的執行力與資本紀律。我們在所有事業部門都實現更高的營收，而持續的費用紀律使我們在退休與投資管理維持穩健的利潤率，同時在員工福利方面顯著擴大利潤率。

In the quarter, GAAP net income was lower than adjusted operating earnings, primarily due to non-cash items. Overall, our results highlight the durability of our business mix and the resiliency of our capital generation.

本季 GAAP 淨利低於調整後營運獲利，主要是受到非現金項目的影響。整體而言，我們的結果凸顯了業務組合的持久性以及資本創造的韌性。

With that, let me turn to our segment results. Turning to Retirement on slide 7. Retirement continues to demonstrate the strength of our scaled franchise. We generated $209 million of adjusted operating earnings in the quarter and $960 million over the trailing 12 months, representing a 14% year-over-year increase. Higher net revenues were primarily driven by an 8% increase in fee-based revenues.

接下來我將說明各事業部門的表現。請看第 7 頁投影片的退休業務。退休業務持續展現我們規模化平台的實力。本季我們創造 2.09 億美元的調整後營運獲利，過去 12 個月合計 9.60 億美元，年增 14%。淨營收增加主要來自手續費型收入（fee-based revenues）成長 8%。

Fee-based revenues have grown meaningfully over the last several years and now represent close to 60% of total net revenues for the segment. Spread income remained resilient, reflecting disciplined portfolio management and continued focus on risk-adjusted returns. Margins remained strong at over 39%.

手續費型收入在過去數年顯著成長，目前已接近該部門總淨營收的 60%。利差收入（spread income）維持韌性，反映出嚴謹的投資組合管理以及對風險調整後報酬的持續聚焦。利潤率仍維持強勁，超過 39%。

Looking ahead, we expect expenses to step down in the second quarter due to normal seasonality. And as the year progresses, we anticipate further reduction in spend as the OneAmerica integration work concludes and the organization transitions to steady-state operations.

展望未來，由於正常的季節性因素，我們預期第二季費用將下降。隨著年度推進，當 OneAmerica 整合工作告一段落、組織轉入穩態營運後，我們預期支出將進一步降低。

Turning to flows, our outlook for flows remains unchanged. We expect strong net inflows in the second quarter and full year, supported by healthy retention and a robust pipeline. The first-quarter commercial result was primarily timing-driven and as expected. Reinforced by disciplined execution, Retirement is delivering strong profitability and is well positioned for continued growth.

再談資金流向（flows），我們對流量的展望維持不變。在良好的留存率與強勁的案源管道支持下，我們預期第二季及全年將有強勁的淨流入。第一季的商業成果主要受時點因素影響，且符合預期。在嚴謹執行的支撐下，退休業務正交出強勁的獲利表現，並具備持續成長的良好定位。

Turning to Investment Management on slide 8. The business's differentiated client-focused solutions continue to deliver investment performance and financial results, generated $46 million of adjusted operating earnings in the first quarter, up 12% year-over-year and up 8% on a trailing 12-month basis.

接著看第 8 頁投影片的投資管理。該業務以客戶為中心的差異化解決方案持續帶來投資績效與財務成果：第一季調整後營運獲利為 4,600 萬美元，年增 12%，以過去 12 個月計則成長 8%。

Overall net revenues drove the result, supported by higher institutional and retail fees. Our trailing margin of 28.6% reflects the benefit of these higher revenues and expense discipline. Net flows were positive in the first quarter, and the pipeline remains healthy.

整體淨營收帶動了本次成果，並受惠於更高的機構與零售費用收入。我們過去 12 個月的利潤率為 28.6%，反映了較高營收與費用紀律所帶來的效益。第一季淨流量為正，且案源管道仍維持健康。

In institutional, we continue to see strong demand for private market strategies, including private fixed income, commercial mortgage loans. Clients continue to value high-quality, investment-grade private credit solutions. Where we have a long track record and we see structural demand for the asset class.

在機構端，我們持續看到對私募市場策略的強勁需求，包括私募固定收益、商業抵押貸款。客戶持續重視高品質、投資級的私募信貸解決方案。在這些領域，我們擁有長期的實績紀錄，且我們看到該資產類別存在結構性需求。

In retail, international demand for our differentiated income and growth strategy remained resilient, which helped to offset industry-wide headwinds in the US Market that affected domestic flows. Over the past year, we generated approximately $7 billion of net inflows. And with a healthy pipeline in place, we remain confident in building on that success and driving strong organic growth at attractive margins in 2026.

在零售端，國際市場對我們具差異化的收益與成長策略之需求仍具韌性，這有助於抵銷美國市場影響國內資金流向的全產業逆風。過去一年，我們產生約70億美元的淨流入。在具備健康的業務管線之下，我們仍有信心在此成功基礎上再接再厲，並於2026年以具吸引力的利潤率推動強勁的有機成長。

Turning to Employee Benefits on slide 9. We continue to execute a deliberate strategy to expand margins, which has meaningfully improved run rate earnings in Employee Benefits. Our progress is clear in both the $63 million of adjusted operating earnings we generated in the first quarter and the $169 million we reported over the last 12 months. A key driver of the year-over-year improvement was strong net underwriting results.

接著看投影片9的員工福利（Employee Benefits）。我們持續執行一項審慎的策略以擴大利潤率，這已顯著改善員工福利的常態化（run rate）獲利。我們的進展在第一季所創造的6,300萬美元調整後營業利益，以及過去12個月所報告的1.69億美元中都清楚可見。年對年改善的一項關鍵驅動因素是強勁的淨核保結果。

In Group Life, claims experience was favorable in the quarter, driven by lower frequency and severity, and in Voluntary, results are tracking in line with our expectations. In Stop Loss, the actions we've taken with underwriting and risk selection have us well positioned to return margins back to target levels.

在團體壽險（Group Life）方面，本季理賠經驗良好，主要受較低的發生頻率與嚴重度所帶動；在自願性保險（Voluntary）方面，結果與我們的預期一致。在停損險（Stop Loss）方面，我們在核保與風險篩選上採取的行動，使我們具備良好條件將利潤率恢復至目標水準。

In the quarter, we released $25 million in reserves. 2024 is now behind us, which drove the majority of the reserve release. We also released a portion of the reserves for the 2025 block as experience improved in the first quarter. We are now over 90% complete with the 2025 business and are well-reserved heading into the second quarter.

本季我們釋放了2,500萬美元的準備金。2024年已成過去，這是推動大部分準備金釋放的原因。隨著第一季經驗改善，我們也釋放了2025年承保組合（block）的一部分準備金。目前我們已完成超過90%的2025年業務，並在進入第二季時具備充足準備金。

The work we did last year has positioned the 2026 business for meaningful improvements. We strengthened the team with new leadership and specialized resources, improving risk selection through more selective quoting and deeper clinical reviews. That discipline, combined with an industry-wide repricing environment and increase in our volumes, helped drive approximately 24% rate increases while keeping in-force premium flat.

我們去年所做的工作，已使2026年業務具備顯著改善的基礎。我們以新領導團隊與專業資源強化團隊，透過更具選擇性的報價與更深入的臨床審查來改善風險篩選。這項紀律，加上全產業的重新定價環境以及我們業務量的增加，在使在保保費（in-force premium）維持持平的同時，推動費率上調約24%。

With pricing and underwriting actions now firmly embedded, we are on a clear path to restore Stop Loss margins back to long-term targets. Looking ahead, our first quarter results reflect continued progress in improving earnings power, and we remain confident in the path to further margin expansion in Employee Benefits.

隨著定價與核保行動如今已穩固落實，我們正走在明確的路徑上，將停損險利潤率恢復至長期目標。展望未來，我們第一季的結果反映出提升獲利能力的持續進展，我們仍對員工福利進一步擴大利潤率的路徑充滿信心。

Turning to slide 10. This was another strong cash flow quarter as excess capital generation was approximately $200 million. We continue to convert cash at 90%-plus levels. In the quarter, we returned approximately $200 million of capital to shareholders through a combination of share repurchases and dividends. And we are executing an additional $150 million of share repurchases in the second quarter, underscoring the durability of our cash generation.

接著看投影片10。本季再次呈現強勁的現金流，超額資本產生約2億美元。我們持續以90%以上的水準進行現金轉換。本季我們透過股票回購與股利的組合，向股東返還約2億美元資本。而我們也在第二季執行額外1.5億美元的股票回購，凸顯我們現金產生能力的持久性。

Our business mix and earnings growth are driving a return on equity of over 18%. In summary. Our balance sheet remains a strength, supported by durable free cash flow generation that positions us well to drive long-term shareholder value across a range of market conditions.

我們的業務組合與獲利成長正推動股東權益報酬率（ROE）超過18%。總結而言。我們的資產負債表仍是優勢，並由穩健的自由現金流產生所支撐，使我們在各種市場環境下都能良好地推動長期股東價值。

Turning to slide 11. This view looks beyond any single quarter and reflects how execution supports capital deployment over time. We've steadily grown dividends over the past five years. And at the same time, we've returned significant capital through share repurchases. This has reduced diluted shares outstanding by roughly 14% since 2022.

接著看投影片11。這個觀點超越單一季度，反映我們的執行如何隨時間支持資本配置。過去五年，我們穩步提高股利。同時，我們也透過股票回購返還大量資本。自2022年以來，這已使稀釋後流通股數約減少14%。

Our ability to consistently repurchase shares allows us to increase dividends each year while maintaining a payout ratio of approximately 20%. Importantly, these returns have been balanced with ongoing investment in our business to enhance customer and client outcomes and support future business growth.

我們持續回購股票的能力，使我們能在維持約20%配息率的同時，每年提高股利。重要的是，這些回饋與我們對業務的持續投資取得平衡，以提升客戶與委託人（client）的成果，並支持未來業務成長。

In closing, we delivered a strong quarter, driven by custom execution, high free cash flow and disciplined capital deployment to create long-term shareholder value. We're executing on our strategy and our priorities are unchanged: grow the franchise, maintain balance sheet strength, and return excess capital to shareholders.

最後，我們交出一個強勁的季度表現，主要由精準執行、高自由現金流以及有紀律的資本配置所驅動，以創造長期股東價值。我們正落實既定策略，且我們的優先事項不變：擴大事業版圖、維持資產負債表強度，並將超額資本返還給股東。

With that, I'll turn it back to Heather.

接下來我把時間交回給Heather。

Thanks, Mike. Turning to slide 12. Looking ahead, our priorities are clear and compelling and are driving tangible financial results. We're growing excess cash generation while maintaining balance sheet strength and flexibility.

謝謝，Mike。接著看投影片12。展望未來，我們的優先事項清晰且具吸引力，並正推動具體的財務成果。我們在維持資產負債表強度與彈性的同時，提升超額現金產生。

We're advancing commercial momentum across Retirement and Investment Management, and we're laser-focused on realizing additional margin improvement in Employee Benefits. Together, these priorities define how we run the company with unwavering focus on creating long-term shareholder value.

我們正推進退休（Retirement）與投資管理（Investment Management）業務的商業動能，並高度聚焦於在員工福利實現額外的利潤率改善。綜合而言，這些優先事項定義了我們如何經營公司，並以堅定不移的專注創造長期股東價值。

Before we close, I want to share that we are encouraged by the recent legislative and regulatory momentum that is expanding access to retirement savings for Americans who have historically been underserved, especially workers at small- and mid-size employers who have lacked a clear path to workplace savings.

在結束之前，我想分享的是：我們對近期立法與監管動能感到鼓舞，這些動能正在擴大美國民眾的退休儲蓄可近性，特別是過去長期被服務不足的族群，尤其是小型與中型雇主的員工，他們過去缺乏明確的職場儲蓄途徑。

These policy initiatives include coverage mandates, mandatory auto-enrollment, and protections for caregivers and non-traditional workers. These important measures will help address the overwhelming need for additional retirement savings, particularly among the most vulnerable segments of our workforce.

這些政策倡議包括覆蓋要求（coverage mandates）、強制自動加入（mandatory auto-enrollment），以及對照護者與非傳統工作者的保障。這些重要措施將有助於回應對額外退休儲蓄的迫切需求，尤其是在我們勞動力中最脆弱的族群。

Voya is a leader in providing retirement security to the American worker and their families. We welcome these policy developments and are among those companies best positioned to serve the growing demand for financial solutions that will allow more Americans to retire securely.

Voya是為美國勞工及其家庭提供退休保障的領導者。我們歡迎這些政策發展，並且是最具條件服務日益成長之金融解決方案需求的公司之一，這些解決方案將讓更多美國人得以安心退休。

I want to thank our employees who relentlessly work to create better financial outcomes for the customers and clients we serve, which is always our number one priority. We remain focused on executing our strategic priorities, returning capital to shareholders and driving outcomes for our customers over the long-term and across market cycles.

我要感謝我們的員工，他們不懈努力，為我們所服務的客戶與委託人創造更好的財務成果，而這始終是我們的第一優先。我們仍專注於執行策略優先事項、向股東返還資本，並在長期與各種市場循環中為客戶推動成果。

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

接下來，我把時間交給接線員，我們開始回答各位的提問。

(Operator Instructions) Bob Huang, Morgan Stanley.

(接線員指示) Bob Huang，摩根士丹利。

My first question is actually on the Group Life business. Group Life loss ratio was very favorable, 70.6% versus a long-term target of 77% to 80%. It's been trending fairly favorable over the past four quarters and the industry does look like that's where things are going.

我的第一個問題其實是關於團體壽險業務。團體壽險的損失率非常有利，為70.6%，相較於長期目標77%到80%。過去四個季度的趨勢相當有利，而整體產業看起來也朝這個方向發展。

Can you maybe give us a little bit more detail about what you're seeing there? Generally, first quarter tends to be the worst quarter for the loss ratio for Group Life. Are we thinking the 77% to 80% maybe isn't where we're going to land this year? Can you maybe give us a little bit of color on that?

你們能否多提供一些細節，說明你們在那裡看到的情況？一般而言，第一季往往是團體壽險損失率最差的季度。我們是否應該認為今年可能不會落在77%到80%？你們能否再補充一些看法？

Hey, Bob. It's Mike. Yeah, look, I think you're thinking about it right. And we do typically see Group Life as running a little higher than the 77% to 80%. Q1 usually is the worst mortality quarter for Group Life. So we're certainly very encouraged by what we're seeing in the quarter and has been a good trend for us. We talk a lot about Employee Benefits and the margin expansion there.

嗨，Bob。我是Mike。是的，我想你的理解方向是對的。而且我們通常看到團體壽險的表現會略高於77%到80%。第一季通常是團體壽險死亡率最差的季度。因此，我們對本季所看到的情況感到非常鼓舞，對我們而言也是一個良好的趨勢。我們經常談到員工福利以及那裡的利潤率擴張。

Group Life is another area we're focused on. I think it's a little early right now for us to suggest, hey, we think there's going to be a lower loss ratio for the balance of the year. If you factor in the first quarter, from a calendar year perspective, certainly, we would expect to be better than 77% to 80% given the result in the first quarter. But right now, the base case is back to range in the second and third, fourth quarter.

團體壽險是我們另一個聚焦的領域。我認為目前對我們來說還有點早就下結論說，嘿，我們認為今年剩餘期間會有更低的損失率。若把第一季納入，以曆年角度來看，考量第一季的結果，我們當然預期會優於77%到80%。但目前的基本情境仍是第二、第三與第四季回到該區間。

My second question is on the net flow. You gave some decent colors in terms of where things are going. But when you think about the Investment Management, right, net inflow is about $65 million for the quarter.

我的第二個問題是關於淨流量。你們對資金流向提供了一些不錯的說明。但當你想到投資管理業務時，對吧，本季的淨流入大約是6,500萬美元。

If we're thinking about a positive flow, we're looking at probably $6 billion or $7 billion of net inflows in the rest of the year. Is that ballpark sound about right? Like can you maybe give us a little bit more color as how we think about the Investment Management flows going forward into the rest of the year?

如果我們假設是正向流量，那麼今年剩餘時間的淨流入可能會是約60億或70億美元。這個大致區間聽起來合理嗎？你們能否再多提供一些說明，讓我們理解投資管理的資金流在今年剩餘時間的走勢？

Sure, Bob. Yeah. This is Matt. I'll unpack that a little bit for you. So looking back, the trailing 12-month number is right in that ballpark that you referenced, that's a $7 billion number, and that's a roughly 2% organic growth rate for the trailing 12 months.

當然，Bob。是的。我是Matt。我來為你稍微拆解一下。回頭看，過去12個月的數字就在你提到的那個區間，也就是約70億美元，對應過去12個月約2%的有機成長率。

So as you acknowledged, as we mentioned, the flows in the individual quarter this quarter were a little light. But as we look forward, our confidence around maintaining that growth level is driven by, in the institutional space, our continued strength in insurance.

所以如你所說、也如我們提到的，本季單季的資金流稍微偏弱。但往前看，我們對維持該成長水準的信心，主要來自機構端我們在保險領域持續的強勢表現。

We saw actually a good first quarter in insurance, and we have good visibility into the second quarter and the rest of the year in insurance. And again, that's a channel that's demonstrated really nice growth over recent years, differentiated value prop, and one where you can see volatility quarter-to-quarter, but feel very good on the forward look.

我們其實在保險方面看到第一季表現不錯，而且對第二季以及今年剩餘時間在保險方面也有很好的能見度。再者，這個通路近年來展現了非常好的成長、差異化的價值主張；雖然你可能會看到季度間的波動，但對前景展望仍然非常有信心。

More broadly, on the institutional side, we see opportunities we've been working on for some time internationally on the fixed income side. And then domestically, CLO creation is likely to improve into the second quarter and the rest of the year.

更廣泛來看，在機構端，我們在國際固定收益方面看到一些我們已經耕耘一段時間的機會。而在國內方面，CLO的發行/組成（creation）很可能在第二季以及今年剩餘時間有所改善。

On the retail side, a little bit more detail there, the income and growth franchise internationally, we've called out, Mike called out in his remarks as well, that continues to be a stalwart for us; nice performance first quarter. We think that continues for the year.

在零售端，再補充一些細節：我們在國際市場的收益與成長（income and growth）產品線——我們已經點出來，Mike在他的發言中也提到——仍然是我們的中流砥柱；第一季表現不錯。我們認為這樣的態勢會延續到今年。

Where there is some volatility in broader equity markets where we had market volatility was in thematic equities internationally. We're already seeing, with stronger markets in the second quarter, some bounce back there. We'll see where that ends.

至於在更廣泛的股票市場出現一些波動、我們也遇到市場波動的部分，是國際的主題型股票（thematic equities）。我們已經看到，隨著第二季市場轉強，那邊出現一些反彈。接下來就看反彈能持續到什麼程度。

Obviously, a lot of dynamism in the broader markets. But broader strength in retail, including US fixed income, makes us feel pretty good about the forward look. Bottom line, the organic growth expectation of 2%-plus for the remainder of the year remains intact.

顯然，整體市場仍然非常動態。但零售端的整體強勁表現（包括美國固定收益）讓我們對前景感到相當樂觀。總結來說，今年剩餘時間維持2%以上有機成長的預期仍然不變。

Andrew Kligerman, TD Cowen.

Andrew Kligerman，TD Cowen。

With regard to the group Stop Loss business, if I'm reading slide 43 of the supplement correctly, it appears that the 2026 loss pick is 87%. And my sense is, given all the rate increases you've attained, that it's a pretty conservative loss pick and perhaps we could see releases as we're seeing for the '24 and '25 years. Am I thinking about that right? Do I have the number for the loss pick right?

關於團體Stop Loss業務，如果我對補充資料第43頁的解讀正確，看起來2026年的損失率假設（loss pick）是87%。而我的感覺是，考量你們已取得的所有費率調升，這是一個相當保守的損失率假設，或許我們可能會像2024年與2025年那樣看到準備金釋放。我這樣想對嗎？我對損失率假設的數字有看對嗎？

Hey, Andrew. It's Mike. So just maybe first on the reserving part of this. We continue to set reserves on the high end of reasonable outcomes. And so I think you're thinking about it right from that perspective. And what gives us a lot of confidence around how the '26 business is really going to perform are some of the things I mentioned in my remarks.

嗨，Andrew。我是Mike。先談一下準備金提列這一塊。我們持續在合理結果區間的高端來設定準備金。所以從這個角度來看，我認為你的理解是對的。而讓我們對2026年業務實際表現很有信心的原因，來自我在發言中提到的一些事項。

When you look at this from a price perspective, getting 24% on that book of business, we feel really good about that. But more importantly, the work we did last year around just strengthening the teams, ensuring we got the best risk selection, and frankly, getting to do that with even more RFPs.

從定價角度來看，這本業務能拿到24%的調價幅度，我們對此感覺非常好。但更重要的是，我們去年所做的工作，包括強化團隊、確保最佳的風險篩選；坦白說，也因為有更多RFP（投標/提案邀請）讓我們能做到這些。

RFPs continue to build in Stop Loss, so we're getting a look at a lot of different things. So this is really the best we felt around Stop Loss in quite some time. We feel good about the '26 business. Stepping back, we're seeing improvement now. That's encouraging, but we think there's more to come.

Stop Loss的RFP持續增加，所以我們能看到很多不同的案子。因此，這是我們相當長一段時間以來對Stop Loss最有信心的一次。我們對2026年的業務感到樂觀。拉遠一點看，我們現在看到改善，這令人鼓舞，但我們認為後面還會有更多改善。

Got it, thank you for that, Mike. And then, it's pretty clear in the media, we've been hearing about an activist and the talk has been around their interest in you either divesting of group Stop Loss and/or putting the company up for sale. So it's been out there. Hate to ask about it, but maybe you could comment a little bit about that.

了解，謝謝你，Mike。另外，媒體上很清楚，我們一直聽到有激進投資人（activist），而討論焦點在於他們對你們可能剝離團體Stop Loss和/或將公司出售的興趣。所以這件事已經在外面傳開了。雖然不太想問，但你們是否可以對此稍微評論一下？

Yeah. Good morning, Andrew. It's Heather, and certainly appreciate the question. So we're regularly engaging with our shareholders. And at the end of the day, our actions and how we deploy capital are guided by what is in the best long-term interest of our shareholders, frankly, as well as our customers. And as part of our normal governance with our Board, we're constantly evaluating different strategic options that we can do, frankly, across the whole portfolio to drive shareholder value.

是的。早安，Andrew。我是Heather，也非常感謝你的提問。我們會定期與股東溝通。歸根結底，我們的行動以及資本配置方式，是以股東的長期最佳利益為指引，坦白說，也包括我們客戶的利益。而作為董事會正常治理的一部分，我們也會持續評估各種策略選項，坦白說，涵蓋整個投資組合，以推動股東價值。

But where we have aligned very, very clearly is that the path we laid out 18 months ago in terms of continuing to grow Retirement and Investment Management, where we had a terrific 2025 and are off to a great start, and importantly, the earnings improvement in Stop Loss where we demonstrated real value in '25 and again are off to a great start, that's where we have full alignment and full conviction.

但我們非常、非常清楚一致的是：我們在18個月前所擘劃的路徑——持續成長退休（Retirement）與投資管理（Investment Management），我們在2025年表現非常出色且目前也有很好的開局；以及更重要的，Stop Loss的獲利改善，我們在2025年已展現實質價值、而且同樣有很好的開局——在這些方面我們完全一致、也完全有信念。

And maybe the last thing I'd say, Andrew, on this one is there is no daylight between the Board and management on the strategic path forward. And what we've laid out very clearly in the presentation and what you heard Mike and I talk about in our prepared remarks, we've got tremendous conviction in our ability to deliver on that and drive further shareholder value.

最後我想補充的是，Andrew，在未來的策略路徑上，董事會與管理團隊之間沒有任何分歧。我們在簡報中已非常清楚地說明，而你也聽到Mike和我在事先準備的發言中談到：我們對自己能夠落實這些目標、並進一步創造股東價值，抱持極大的信心。

Ryan Krueger, KBW.

Ryan Krueger，KBW。

I guess I wanted to come back on Stop Loss. Last quarter, you said you expected calendar year improvement, the Stop Loss loss ratio, which was 84% last year. I think just mathematically, if I take your loss pick of 87% and your 1Q loss ratio, it would imply it would be higher than 84%. So the only way to get that is more reserve releases. Am I looking at that right? Are you still confident that you'll get calendar year improvements this year?

我想再回到Stop Loss。上季你們說預期Stop Loss的曆年損失率會改善，去年是84%。我想從數學上看，如果我用你們的損失率假設87%以及你們第一季的損失率來推算，似乎意味著會高於84%。所以要達到改善的唯一方式就是更多準備金釋放。我這樣看對嗎？你們是否仍有信心今年能達成曆年改善？

Hey, Ryan. It's Mike. Yeah, that's the base case. And maybe just first, like when you think about claims experience and the emergence of claims that we saw in '24 into '25 or what we're seeing now from '25 to '26, claims are coming in faster.

嗨，Ryan。我是Mike。是的，那是基本情境（base case）。先說第一點：當你思考理賠經驗以及我們在2024到2025看到的理賠顯現（emergence），或是我們現在從2025到2026看到的情況，理賠進來的速度更快了。

When we were in the fourth quarter, we were only two-thirds compete. Now, as you look at the '25 business, we're about 90% complete. As Andrew was asking, we still are on a high end of reasonable outcomes from a best estimate reserving perspective. So the base case, if that gets to more middle, low end of the range, absolutely, we would expect the calendar year loss ratio to perform better than 84%.

在第四季時，我們只完成了約三分之二。現在看2025年的業務，我們大約完成了90%。如同Andrew剛才問的，從最佳估計的準備金角度來看，我們仍然是在合理結果區間的高端。所以基本情境是：如果結果落在區間更中間、偏低端，那麼毫無疑問，我們預期曆年損失率會優於84%。

One way you can look at that is just seeing where the reserves were set a year ago on the '24 business versus where we have '25 right now, it's a couple of points better. So that's what we're seeing. We're seeing that through April, frankly. If we continue to see that in May and June and in the third quarter, that's exactly what's going to happen.

你可以用一種方式來看，就是比較一年前在「24 年業務」上設定的準備金水準，與我們目前在「25 年」的水準相比，表現大概好個幾個百分點。所以這就是我們看到的情況。坦白說，我們一路看到四月都是如此。如果我們在五月、六月以及第三季仍持續看到這樣的趨勢，那結果就會完全如你所說地發生。

And Ryan, it's Heather. The only add that I would have is, I quite honestly have not been this confident on Stop Loss for 18 months. And for all the reasons that Mike laid out, we've got real conviction in our ability to drive continued margin improvement and get this business back to the full earnings potential we know it can generate.

Ryan，我是 Heather。我唯一想補充的是，老實說，我在過去 18 個月裡從未對停損險（Stop Loss）這麼有信心。基於 Mike 所列出的所有原因，我們對於持續推動利潤率改善、並讓這項業務回到我們知道它能創造的完整獲利潛力，具有非常強的信念。

And then this is slightly different, but also on Stop Loss a little bit. Just how intertwined is your Stop Loss business with Voluntary and other group products in Employee Benefits? In other words, as you've been pulling back on Stop Loss to reprice the business and improve profitability, like to what extent is this having a negative impact on the growth of the other product lines in that business or are they not that interrelated at this point?

接著這個問題稍微不同，但也仍與停損險有點相關。你們的停損險業務與員工福利中的自願性（Voluntary）及其他團體產品之間，彼此的連動程度有多高？換句話說，當你們為了重新訂價並提升獲利能力而縮減停損險承作時，這在多大程度上會對該業務中其他產品線的成長造成負面影響？還是說目前它們其實沒有那麼高度相關？

Hi, Ryan. It's Jay. I'll take this one. We see Stop Loss right now as another important risk transfer solution. It is rising in demand from our employers. And while we're not seeing Stop Loss and maybe broader Employee Benefits in a bundled sale today, it is another important solution for our employers. And even more importantly for brokers who are actively looking to grow their Stop Loss books, given the heightened demand in the market.

嗨，Ryan。我是 Jay。這題我來回答。我們目前將停損險視為另一項重要的風險移轉解決方案。雇主對它的需求正在上升。雖然我們今天並沒有看到停損險與更廣泛的員工福利以「打包銷售」的方式一起出售，但它仍是我們提供給雇主的另一項重要解決方案。而且對於積極想擴大其停損險業務量的經紀人而言，在市場需求升溫之下，這點更為重要。

So Stop Loss, we see it as a door opener for new brokers who are entering the space as the demand is increasing, but it's also driving tighter alignment and value with the existing employee benefit broker relationships. Since I joined 16 months ago, we've been focused on the workplace strategy structure and the people, and I couldn't be here with the new workplace leadership team, specifically for Stop Loss.

因此，我們認為停損險在需求增加之際，是吸引新經紀人進入這個領域的「敲門磚」，同時也能與既有的員工福利經紀人合作關係形成更緊密的對齊並創造更高價值。自從我在 16 個月前加入以來，我們一直聚焦於職場策略的架構與人才配置；而我之所以能站在這裡，也要歸功於新的職場領導團隊，特別是在停損險方面。

We focused on bringing in strong leaders with deep expertise, and what you're seeing today is a really tight-flying formation with our leaders in risk, pricing, underwriting, and distribution. And as you can see in our results, the new team is already driving meaningful change. Our commercial momentum and results, as you referenced and talked about the impact it's having in our Employee Benefits business. Employee Benefits sales are up 8% year-over-year with persistency remaining strong.

我們著重引進具備深厚專業的強力領導者；而你今天看到的是，我們在風險、定價、核保與通路等領域的領導團隊正以非常緊密的隊形協同運作。而且從我們的結果你也看得到，新團隊已經在推動具實質意義的改變。我們的商業動能與成果——如你所提到的——也反映出它對我們員工福利業務所帶來的影響。員工福利銷售額年增 8%，續保留存率（persistency）仍維持強勁。

In our Supplemental Health and Voluntary business where we continue to grow from a top three provider position, we're really pleased with the results to start '26. Our pipeline is up 10%, sales are up 13% over prior year, and that's resulted in a block growth of 4%.

在我們的補充健康與自願性（Voluntary）業務方面，我們持續以前三大供應商的地位成長，對於「26 年」開局的表現我們非常滿意。我們的商機管線（pipeline）年增 10%，銷售額較去年增加 13%，並帶動保單組合（block）成長 4%。

So overall. The positive commercial momentum is emerging in Employee Benefits. And what we're seeing is this connection point on additional risk transfer and Stop Loss is deepening our relationships with our intermediaries and our customers.

所以整體而言。員工福利的正向商業動能正在浮現。而我們看到的是，在額外風險移轉的連結點上，停損險正在加深我們與中介通路以及客戶之間的關係。

And Ryan, if I can just add. It's Heather again. Maybe three additional points on Stop Loss and why it's so important: first, we're seeing increasing demand from employers for Stop Loss. RFP volumes are up 200% year over year, and it just goes to there's a need in the market.

Ryan，如果我可以再補充一下。我又是 Heather。關於停損險以及它為何如此重要，我想再補充三點：第一，我們看到雇主對停損險的需求正在增加。RFP（徵求建議書）量年增 200%，這正好說明市場上確實存在需求。

But there's also limited supply and why that's so important is, if you think about that increased RFP activity, we can continue to be selective when we're doing our underwriting. But that limited supply also holds up on the hardening market and our ability to get pricing for this business.

但同時供給也有限；而這之所以重要，是因為當你想到 RFP 活動增加，我們在核保時仍能持續保持選擇性。此外，供給有限也支撐了市場趨於緊縮（hardening）的態勢，以及我們為這項業務取得定價的能力。

Pablo Singzon, JP Morgan.

Pablo Singzon，摩根大通（JP Morgan）。

First question is for Mike on Stop Loss. You had mentioned that Stop Loss claims are coming in faster. Is there something you changed in your operations that's driving that or is it claim amounts just being larger and therefore hitting retentions faster? I think one of the difficulties with Stop Loss is your excess position, but I was wondering if you're getting a better line of sight into the claims even before they break retention levels?

第一個問題想請教 Mike，關於停損險。你提到停損險理賠進來得更快。這是你們在營運上做了什麼改變所驅動的嗎？還是理賠金額變大，因此更快觸及自留額（retentions）？我認為停損險的一個難點在於你們的超額（excess）部位，但我想問的是，你們是否能在理賠尚未突破自留額之前，就更清楚掌握理賠狀況？

Hey, Pablo. I think it depends if you look at it from a reported or paid perspective. If you're looking from a paid perspective, absolutely, the operation effects matter and we are churning through claims faster. We've got more people. Jay just talked about the talent we brought in. We're excited about that.

嗨，Pablo。我想這取決於你是從已報案（reported）或已支付（paid）的角度來看。如果從已支付的角度來看，確實，營運面的影響很重要，我們處理理賠的速度更快了。我們增加了人力。Jay 剛才也談到我們引進的人才。我們對此感到很振奮。

It's really what we're trying to get at more is around the reported side and what we're seeing from '24 to '25 and now again '25 to '26 where the claims experience has come in faster. We've talked a lot about cell and gene therapies. We've talked a lot about the severity of claims coming in and, frankly, some of the healthcare providers trying to move that through the system because they're thinking about their P&L faster.

但我們更想聚焦的是已報案端，以及我們從「24 到 25」再到「25 到 26」所看到的——理賠經驗值進來得更快。我們談過很多細胞與基因療法。我們也談過理賠嚴重度上升；坦白說，一些醫療服務提供者也試圖更快地把這些案件推進系統，因為他們更快地在考量自己的損益表（P&L）。

Stop Loss is a tail product. We would typically see that more on the later side. '24 to '25 was the first time we saw that. And so now -- and we were sitting here in the fourth quarter only two-thirds complete with experience. We weren't sure if that was necessarily going to be a trend once again. So you're certainly going to want to be on the higher end of the best estimate range being put in that position.

停損險是一種尾端（tail）產品。通常我們會在較後期才看到這些情況。「24 到 25」是我們第一次看到這種現象。因此現在——而且當時我們在第四季坐在這裡時，經驗資料只完成了約三分之二。我們不確定這是否會再次成為趨勢。所以在那種情況下，你當然會希望在最佳估計區間（best estimate range）中採取較高端的水準來設定。

I think the good thing now that we're 90% through, we're seeing that again. We think this is the new normal coming out of COVID and post-COVID. And so I think that's a good thing again. We're running a couple of points better. When we look at it from a reported perspective, year over year, you can see that through the reserves and the disclosure. I think that has us feeling really good.

我認為現在的好消息是，我們已經走到約 90% 的進度，又再次看到同樣的情況。我們認為這是 COVID 之後、後疫情時代的新常態。所以我覺得這同樣是一件好事。我們的表現大概好個幾個百分點。若從已報案的角度、以年對年來看，你可以從準備金與揭露中看到這點。我想這讓我們感覺非常好。

And again, April has us feeling really good. And this is, as Heather was mentioning, it's a big part of the cash generation expansion story for us in '26 and beyond. So we're really looking forward to letting the experience speak for itself and we expect it to be in the balance year.

而且同樣地，四月的表現也讓我們感覺非常好。如 Heather 所提到的，這是我們在「26 年」及之後現金創造擴張故事中的一個重要部分。因此我們非常期待讓經驗數據自己說話，我們預期它會在今年剩餘期間反映出來。

Thanks for that. And my follow-up is also on Stop Loss. So taking that back, I think if you look at that result for example, the other insurers who compete within the market have historically reported loss ratios in the low-70s, they've run high-70s, low-80s, which is fine in a more normal environment and then you have the health insurers that run much higher. I was just wondering that just given the experience in the past couple of years, if you think that entails a change in your approach to pricing, just given the fact that maybe there's more volatility in this business than you had previously appreciated, right, and maybe running at an 80% loss ratio is not the right level considering the volatility?

謝謝你的說明。我的追問也與停損險有關。回到這點，我想如果你看例如那樣的結果，市場上其他競爭的保險公司過去通常回報的損失率在 70% 出頭；他們也曾跑在 70% 後段、80% 初段——在較正常的環境下這是可以的——而健康保險公司則會跑得更高。我只是想問，鑑於過去幾年的經驗，你是否認為這意味著你們在定價方法上需要做出改變？因為也許這項業務的波動性比你們先前所認知的更高，對吧？而且考量到波動性，將損失率維持在 80% 可能不是合適的水準？

Hey, Pablo. No, look, I think you're thinking about it very similar that we do. I think maybe just the only caveat, too, is that sometimes when you're looking at other companies, they do have captive businesses. That's different than more the fully insured Stop Loss. So sometimes that can conflate what you're looking at. But as far as just where's the end state on this, I think we're thinking about it exactly like you are.

嗨，Pablo。不，你看，我覺得你想的方式跟我們非常相近。我想也許唯一需要注意的是，有時候你在看其他公司時，他們確實有自留（captive）業務。那跟較偏向完全承保的停損（Stop Loss）是不一樣的。所以有時候那會把你看到的東西混在一起、造成解讀上的混淆。但就這件事的最終狀態而言，我想我們的想法跟你完全一致。

Wilma Burdis, Raymond James.

Wilma Burdis，Raymond James。

From some of the healthcare insurers' 1Q '26 reporting, it sounds like medical trend is moderating somewhat, still high, and of course, it's been unprecedentedly high over the last couple of years, but maybe rising in a more modest pace. Are you seeing any of that? And just talk about what you're planning for this year. Thanks.

從一些醫療保險公司的2026年第一季（1Q '26）財報來看，醫療趨勢（medical trend）似乎正在某種程度上趨緩，仍然偏高；當然，過去幾年一直是前所未見地高，但也許上升速度變得比較溫和。你們有看到這樣的情況嗎？也請談談你們今年的規劃。謝謝。

Yeah. Well, we're definitely seeing a bit of that. I think it's really early. I think it's a good sign. Yeah, if you look peripherally at some of the healthcare companies out there, you're definitely seeing some of the turnaround there. That's very encouraging for us. It's really early, though, for us to just, in any way, declare that that's going to come through results in a big way.

是的。我們確實有看到一些這樣的跡象。我覺得現在還很早。我認為這是個好訊號。是的，如果你從周邊去看一些醫療健康公司，你確實會看到那邊有一些回轉的跡象。這對我們來說非常令人鼓舞。但對我們而言，現在還真的很早，還不足以用任何方式宣告這會在結果上大幅反映出來。

But as we've been talking about, the fact that we got. 24% on this '26 business, everything Jay talked about on the team, the risk selection we're getting, as Heather mentioned, the number of RFPs we're getting a look at, I think these are all very, very good signs around the trajectory of where this business is headed. And so we're encouraged by that, but we're going to let the results kind of play out, and that will illustrate the progress.

但正如我們一直在談的，我們在這筆2026年（'26）業務上拿到24%，以及Jay提到的團隊各項作為、我們取得的風險篩選（risk selection），再加上Heather提到我們能看到的RFP數量，我認為這些都是關於這項業務走向的非常、非常好的訊號。因此我們對此感到鼓舞，但我們會讓結果自然展開，而結果會說明進展。

Okay. Thank you. And then this kind of goes back to Andrew's question on the activists a little bit. But we think Voya's management team is strong, and we think you guys are doing a great overall job of running the company. But results were a bit soft across a few important metrics this quarter. And of course, there's a lot of volatility in the market and also medical inflation. But could you give us some visibility into the coming quarters and some of the areas where you plan to show progress on growth?

好的。謝謝。接著這有點回到Andrew關於行動派股東（activists）的問題。我們認為Voya的管理團隊很強，你們整體經營公司做得很好。但本季在幾個重要指標上的結果有點偏弱。當然，市場波動很大，還有醫療通膨。不過你們能否讓我們更清楚接下來幾季的情況，以及你們計畫在哪些領域展現成長方面的進展？

Yeah. Well, let me start. And first, appreciate the support. And as we think about it, we don't necessarily look at progress on a quarter-by-quarter basis, but really on a full-year basis. We are pleased with the results in the quarter with earnings up.

好的。我先開始回答。首先，感謝支持。我們在思考時，不一定以逐季來看進展，而是以全年為基礎來看。我們對本季的結果感到滿意，因為盈餘是成長的。

But let me toss it to Jay to talk a little bit about the commercial momentum, specifically what we're seeing in Retirement. And I think Matt answered the commercial momentum question, but if not, we could certainly circle back to that. Jay?

不過我把問題交給Jay，請他談談商業動能（commercial momentum），特別是我們在退休（Retirement）業務看到的情況。我想Matt已經回答了商業動能的問題，但如果沒有，我們當然也可以再回來補充。Jay？

Yeah. Thanks, Wilma. I'll highlight a little bit of what we're seeing in Retirement and Wealth. I think I talked just briefly about Employee Benefits, and we were seeing the growth. I'm happy to answer any follow-up questions on that.

好的。謝謝你，Wilma。我先重點說明一下我們在退休與財富管理（Retirement and Wealth）看到的情況。我想我剛才也簡短提到員工福利（Employee Benefits），我們確實看到成長。如果有任何追問，我也很樂意回答。

As it relates to Retirement, as I referenced last quarter, we expected strong flows in '26 with most of that growth back-half weighted. So as we've had visibility into the planned first-quarter outflows, which are largely climbing-driven in OneAmerica, and due to a known single-large plan outflow, we equally have visibility into the known plan implementation in '26.

就退休業務而言，如同我上季提到的，我們預期2026年（'26）會有強勁的資金流入（flows），而其中大部分成長會集中在下半年。因此，當我們已經能掌握第一季計畫中的資金流出（outflows）—主要是OneAmerica的climbing-driven因素，以及一筆已知的單一大型計畫流出—我們同樣也能掌握2026年已知的計畫導入（plan implementation）。

And that's going to result in positive net flows, not only in quarter two, but for the full year. So our full-year '26 outlook is unchanged. We're on track for a fifth consecutive year of positive organic DC net flows.

而這將帶來正向的淨流量（net flows），不僅在第二季，全年也會如此。因此我們對2026年全年的展望不變。我們正朝向連續第五年達成正向的有機DC淨流量（organic DC net flows）。

Now it's worth noting, our sales will remain solid across our key segments. So in large record-keeping, our wins are scheduled to begin funding in Q2 and Q3. And additionally, in Q1, we saw full-service sales in emerging markets, which is an important market for us, up 13% year-over-year. And in government, where we are a leader, we were up 200% year over year.

另外值得注意的是，我們在關鍵區隔的銷售仍會維持穩健。因此在大型記錄保存（large record-keeping）方面，我們贏得的案子預計會在第二季與第三季開始入金（funding）。此外，在第一季，我們在新興市場（emerging markets）的全方位服務（full-service）銷售年增13%，這對我們而言是重要市場。而在我們具領導地位的政府市場（government），年增達200%。

So in addition to all that, I also look at planned retention and seeing that our planned retention was over 95%. And a reminder, this includes the expected impact of OneAmerica surrenders, all of that speaks to the strength we have right now with our sponsors and intermediary relationships. So overall, in Retirement, I'm seeing really strong commercial momentum for the business in '26.

除了上述之外，我也會看計畫中的留存（planned retention），我們的planned retention超過95%。提醒一下，這已包含OneAmerica解約（surrenders）的預期影響；這些都反映出我們目前與贊助方（sponsors）及中介通路（intermediary）關係的強度。所以整體而言，在退休業務上，我看到2026年（'26）這項業務有非常強的商業動能。

And if I kind of translate that over to Wealth Management where we're starting to see early days in the build, but I'm starting to see success. And what I mean success is I'm pleased with the team, and they've achieved some meaningful growth year-over-year of 12%. That's both on a revenue and an asset view.

如果把這樣的情況延伸到財富管理（Wealth Management），我們正處於建置的早期階段，但我開始看到成果。我所謂的成果是，我對團隊很滿意，而且他們已達成年增12%的有意義成長。這不論從營收或資產角度來看都是如此。

In addition, we've seen really strong advisor productivity, particularly those that we've onboarded in '25 and '26 as we've been stepping up our recruitment of advisors. The step back here on the Wealth Management build is that it is embedded in the Retirement business's strong 39% margin. This is a really solid result.

此外，我們也看到顧問生產力（advisor productivity）非常強，特別是我們在2025年與2026年（'25與'26）所引進（onboarded）的顧問，因為我們正在加大顧問招募力度。從更宏觀的角度看，財富管理的建置是嵌在退休業務強勁的39%利潤率（margin）之中。這是非常扎實的成果。

Now our clients are increasingly asking for more advice and guidance at the workplace. We're really well positioned to fill this demand. And overall, I'm pleased with Wealth Management builds and the overall growth, particularly in the alignment with our Retirement business.

目前我們的客戶愈來愈多地在職場端要求更多建議與指引。我們的定位非常好，能夠滿足這項需求。整體而言，我對財富管理的建置與整體成長感到滿意，特別是它與我們退休業務的協同一致性。

And Wilma, if I can just add one other perspective from the enterprise. If you kind of think about the collection of points that have been made today about commercial momentum in Investment Management, the confidence we have in the Employee Benefits earnings outlook, the Retirement that Jay just talked about, all of those collectively give us the confidence in us further growing cash generation, which is one of our number one priorities and our commitment to returning that capital to shareholders.

Wilma，如果我可以再從企業整體補充另一個觀點。如果你把今天提到的幾點—投資管理（Investment Management）的商業動能、我們對員工福利（Employee Benefits）盈餘展望的信心、以及Jay剛談到的退休業務—綜合起來看，這些共同讓我們更有信心進一步提升現金創造（cash generation），而這是我們最優先的目標之一，也符合我們把資本回饋給股東的承諾。

Tom Gallagher, Evercore ISI.

Tom Gallagher，Evercore ISI。

Just a few follow-ups on Stop Loss. So Heather, if I listen to your comments about everything, including the activist and the way you're thinking about things, is it fair to say that you think Stop Loss is a core part of the long-term Voya franchise? Or is that something you would consider divesting if the situation was attractive enough?

關於停損（Stop Loss）有幾個追問。Heather，如果我聽你對所有事情的評論，包括行動派股東以及你們的思考方式，是否可以說你認為停損是Voya長期版圖（franchise）的核心組成？或者，如果情況足夠有吸引力，這會是你們會考慮剝離（divesting）的項目？

Yeah. So first, good morning, Tom. Thanks for the question. What we have talked about is that we see the earnings improvement in Stop Loss as most immediate source of value creation for shareholders. We've already made great progress with $100 million earnings improvement in '25 on a year-over-year basis, and the $140 million earnings improvement on a trailing 12-month basis if you just look at the first quarter. So it is very valuable for us in terms of that earnings and the cash generation.

是的。首先，早安，Tom。謝謝你的問題。我們一直在談的是，我們把停損（Stop Loss）的盈餘改善視為為股東創造價值最即時的來源。我們已經取得很大進展：2025年（'25）相較前一年盈餘改善1億美元；如果只看第一季，過去12個月（trailing 12-month basis）的盈餘改善為1.4億美元。因此，就盈餘與現金創造而言，這對我們非常有價值。

Now, if you think about it more broadly across the portfolio, what I would say is we see this as a real valuable part of our portfolio. And it goes to some of the points we've made earlier is, first, there's a lot of growing client demand, limited supply, hardening of the market and the ability to get the price. And we see this as continuing to be an earnings grower for the firm. So at the end of the day, Stop Loss is one where it's going to be value creation for shareholders as well as a strategic asset for Voya at the enterprise.

現在，如果你從整體投資組合更宏觀地來看，我會說我們把這視為投資組合中非常有價值的一部分。而這也呼應我們先前提到的一些重點：首先，客戶需求正在快速成長、供給有限、市場趨於緊縮，以及我們具備取得合理定價的能力。我們也認為這將持續成為公司獲利成長的動能。因此，歸根結底，停損險（Stop Loss）不僅會為股東創造價值，也會成為 Voya 在企業層面的策略性資產。

And then just based on your description of what you're seeing, it sounds like you're more constructive on where this business is headed. And I know you're approaching the '26 renewals and certainly '25 renewals is very cautious and more focused on risk selection. As you think about mid-year '26 renewals, are you thinking about leaning into growth now? Or are we still at the part of your process where you need to further risk select and you may not grow yet?

接著，根據你對目前所見情況的描述，聽起來你對這項業務的發展方向更偏正面。我知道你在處理 2026 年的續保，當然 2025 年的續保也非常謹慎，且更聚焦於風險篩選。當你思考 2026 年年中續保時，你是否在考慮現在就更積極投入成長？還是說，我們仍處於你們流程中的階段，需要進一步做風險篩選，因此可能還不會成長？

Yeah, Tom, I didn't want to jump in and cut you off, but the quick answer on that is, no, we're not pivoting to growth. We continue with our focus on margin improvement and Stop Loss and being very disciplined with pricing. And frankly, we're focused on margin improvement across overall Employee Benefits. So right now, it's continued steady as she goes on that margin improvement plan and delivering on the earnings that we know we can deliver with this business.

是的，Tom，我不想插話打斷你，但對此的簡短答案是：不，我們不會轉向追求成長。我們會持續聚焦於利潤率改善與停損險（Stop Loss），並在定價上保持高度紀律。坦白說，我們也聚焦於整體員工福利（Employee Benefits）的利潤率改善。所以目前就是按部就班地推進這個利潤率改善計畫，並交付我們知道這項業務能夠交付的獲利。

Wes Carmichael, Wells Fargo.

Wes Carmichael，富國銀行（Wells Fargo）。

A couple of follow-ups as well. So just one question on Stop Loss and loss trend. I'm just curious if there's any update on how that's tracking relative to your 24% rate increase. And I know you mentioned that claims are coming in faster. Are you seeing any change in trends and the type of claims that are inflicting inflation? And Mike, I think you made the comment that maybe the range of outcomes for the business have kind of doubled, maybe that was last quarter or the quarter before, just curious if you still have that view?

我也有幾個追問。先問一個關於停損險（Stop Loss）與損失趨勢（loss trend）的问题。我想了解相較於你們 24% 的費率調升，目前追蹤情況是否有任何更新。我知道你提到理賠進來得更快。你們是否看到趨勢或造成通膨的理賠類型有任何變化？另外，Mike，我記得你曾評論過這項業務的結果區間可能已經「翻倍」，也許是上季或前一季；想確認你現在是否仍持相同看法？

Hey, Wes. It's Mike. Yeah, no, look, I think, first off, we're pricing everything to get back to target. I think, as you just alluded to at the end, we stood here in the fourth quarter with two-thirds complete. There definitely was a wider range of outcomes. That has narrowed for the '25 block as we get into the first quarter, now 90% complete.

嗨，Wes。我是 Mike。是的，沒有錯，我想首先，我們對所有項目定價都是為了回到目標水準。我想如你最後提到的，我們在第四季站在這裡時，進度完成了三分之二。當時確實存在更寬的結果區間。但對於 2025 年的業務區塊（'25 block），隨著我們進入第一季、目前完成度達到 90%，這個區間已經收斂。

As I mentioned, we're running a couple points better than where we were a year ago relative to the '24 business. That's a good sign. And again, I think what we're seeing in April is a good sign. So if this continues, then we'll see some reserve release in 2025. And I think similarly, we feel well reserved on the '26 business given all the actions we've taken. So we're heads down on it.

如我提到的，相較於一年前的 2024 年業務，我們目前表現大約好上幾個點。這是個好跡象。同樣地，我認為我們在 4 月看到的情況也是好跡象。如果這樣的趨勢持續下去，那麼我們在 2025 年會看到部分準備金釋放（reserve release）。同樣地，考量我們採取的所有行動，我們也認為在 2026 年業務上準備金提列相當充足。所以我們正全力以赴處理這件事。

And as Heather was just referring to, we're going to take the same approach in the middle of the year and just let the results speak for themselves. And we believe this is going to be a big part of that cash generation expansion story for the franchise at the Voya level that we've been talking about. We're the second year of the journey, and we like where we're at right now.

而如 Heather 剛才提到的，我們會在年中採取同樣的方法，讓結果自己說話。我們相信，這將成為我們一直在談的、在 Voya 層級推動特許經營（franchise）現金創造擴張故事中的重要一環。我們正處於這段旅程的第二年，而我們很喜歡目前所處的位置。

And just switching to Retirement during the quarter, it looks like there was some elevated outflows there. I know you spoke to the net inflows for 2Q in the full year, but just curious what you're seeing in terms of shock lapses from OneAmerica in the quarter and how long that should kind of continue?

另外切換到退休金（Retirement）業務，本季看起來有一些較高的資金流出。我知道你談到第二季以及全年會有淨流入，但我想了解本季來自 OneAmerica 的「衝擊性解約」（shock lapses）情況，以及這種狀況大概會持續多久？

Thanks. I appreciate that question. On the OneAmerica integration, if you think about where we are, it's near complete. We're really pleased with where the retention is landing. So I'd highlight that OneAmerica's retention is embedded into the comments around positive net flows in Q2 and for full-year '26.

謝謝。我很感謝這個問題。關於 OneAmerica 的整合，如果你看我們目前的進度，已接近完成。我們對保留率（retention）的落點非常滿意。因此我會強調，OneAmerica 的保留率已反映在我們對第二季及 2026 全年淨流量為正的評論之中。

So this transaction has enhanced our scale. It's also enhanced our distribution. So when you look at the Retirement franchise, talk a little bit about distribution. Last quarter, we've onboarded the Edward Jones' relationship, fully engaged in this new distribution relationship.

因此，這筆交易提升了我們的規模。也提升了我們的通路（distribution）。所以當你看退休金特許經營時，談到通路方面，上季我們已完成導入 Edward Jones 的合作關係，並已全面投入這個新的通路合作。

And then, maybe on a completion basis, the team is nearing completion of the final migration wave later this month, which is going to include approximately 3,000 plans. So I'm focused on the team's execution on this integration. The value we're giving for our customers and our intermediaries that we've onboarded through this integration has been really strong. And I think you're seeing the results of that. I'm really pleased with where we are overall in retention and OneAmerica is embedded in that.

另外，就完成進度而言，團隊在本月稍晚將接近完成最後一波移轉（migration wave），其中將包含約 3,000 個計畫（plans）。所以我目前聚焦在團隊對這次整合的執行。透過這次整合，我們為客戶與已導入的中介通路（intermediaries）所提供的價值非常強。我認為你也看到了這些成果。我對整體保留率的表現非常滿意，而 OneAmerica 也已包含在其中。

And Wes, let me just hit the final point. Specific to OneAmerica, we had always expected to see higher surrenders than our normal book, the shock surrenders through the migration period, which ends at the end of the second quarter of this year. So after that point is when we should certainly expect things to moderate, but you are seeing those in the first quarter.

Wes，我再補充最後一點。就 OneAmerica 而言，我們一直預期在移轉期間會看到比我們一般業務組合更高的解約（surrenders），也就是移轉期間的衝擊性解約（shock surrenders）；而這段移轉期會在今年第二季末結束。因此，在那之後我們當然應該預期情況會趨於緩和，但你在第一季確實看到了這些解約。

Joel Hurwitz, Dowling & Partners.

Joel Hurwitz，Dowling & Partners。

Another one on Stop Loss. So, Mike, you mentioned you're running a couple of points better on '25 at this point, but I think you might have pointed to the loss ratio on that. Can you just talk about pay trends or pay trends at this point running a couple of points better year-over-year?

再問一題關於停損險（Stop Loss）。Mike，你提到目前 2025 年的表現大約好上幾個點，我想你可能是在指損失率（loss ratio）。你能否談談目前的已付（paid）趨勢，或是已付趨勢是否也呈現年對年好上幾個點？

Yeah, paid is actually maybe roughly 1 point better. It gets to the question earlier around just operational. Year-to-year, it's one of the things you always have to be careful with on paid. Staffing levels are much higher in '25 than they were in prior year.

是的，已付（paid）其實大概只好約 1 個點。這也回到先前關於營運面的問題。就年對年比較而言，已付數據有一點你必須一直很小心。2025 年的人力配置水準比前一年高很多。

And so that certainly is going to have effect on paid. So that's why I would point you to reported and why we're trying to anchor you to more of like think of us about approximately 2 points better at this point in the journey.

因此這肯定會影響已付（paid）。所以我才會建議你看已報告（reported）的數字，也就是我們希望你更以「在這段進程的此刻，我們大約好上 2 個點」作為錨定。

Got it. And then just back to Retirement, how much of the full service redemption pressure is OneAmerica? Can you just comment on sort how the legacy Voya full service book has been performing from a retention standpoint? And then it sounds like the pipeline is very strong for the back half. Any color on the mix between record keeping and full service there?

了解。再回到退休金（Retirement），全服務（full service）的贖回壓力有多少是來自 OneAmerica？你能否評論一下，傳統 Voya 的全服務業務組合在保留率方面的表現如何？另外聽起來下半年案源（pipeline）非常強。在那之中，記錄保存（record keeping）與全服務（full service）的組合占比大概如何？

Yeah, I appreciate the question, Joel. I think what we're seeing right now is with the OneAmerica kind of plans surrenders that we've seen in outflows, we're still sitting at over 95% retention, which is a really strong number. I think you referenced back half, and I talked a little bit about where we see flows coming in.

是的，Joel，謝謝你的問題。我想我們目前看到的是，儘管 OneAmerica 的部分計畫解約（plans surrenders）帶來了一些資金流出，我們的保留率仍超過 95%，這是非常強的數字。我想你提到下半年，而我也稍早談到我們看到資金流入的來源。

I talked about it being back half weighted last quarter, positive development. We're seeing some early funding. In Q2, we'll be seeing positive flows. And so that's in the mix of business that sits today. I don't think you're going to see a materially different mix of business between full service and recordkeeping.

我上季談到這項業務在下半年權重較高，這是正向的進展。我們看到一些早期的資金挹注。在第二季，我們將會看到正向的資金流入。因此，這些都已納入目前的業務組合之中。我不認為你會看到全方位服務與紀錄保存之間的業務組合出現實質性的差異。

Now, as a reminder, as we think through this business and providing advice and guidance in Wealth Management, those record keeping plans provide tremendous value to us as we're bringing advice and guidance. And those plan sponsors are looking for that advice and guidance. So there's value through the ecosystem in those record-keeping plans.

另外提醒一下，當我們思考這項業務，以及在財富管理中提供建議與指引時，這些紀錄保存計畫在我們提供建議與指引的過程中，對我們具有極大的價值。而這些計畫贊助方也在尋求那樣的建議與指引。因此，在這些紀錄保存計畫的生態系中是有價值的。

But you should see a very similar mix as we complete through the year with a high retention rate. So pleased with where that is and clearly a fifth year consecutive of positive flows, you should see that through the end of the year.

但隨著我們完成今年的進程，在高留存率的支撐下，你應該會看到非常相近的業務組合。因此我們對目前的狀況感到滿意，而且很明顯地，連續第五年出現正向資金流，你應該會在年底前都看到這樣的表現。

Josh Shanker, Bank of America Securities.

Josh Shanker，美國銀行證券。

Much of it has been answered. I guess, one more Stop Loss question. Given that you're marking the new book at 87% combined with double-digit rate increases and 2% premium decline, I'm trying to just better understand unit volume. And as Mike said that it's being booked for the hope that it's conservative, so it might later use a favorable development, how should I think about that 200-, 300-basis-point reduction in the benefit ratio against the backdrop of double-digit price increases?

大部分都已經回答了。我想再問一個關於停損（Stop Loss）的问题。鑑於你們把新承保業務的合併率標在87%，再加上兩位數的費率上調以及保費下滑2%，我想更好地理解單位量（unit volume）。另外，Mike提到這樣承作是希望偏保守，之後可能會出現有利發展；那麼在兩位數價格上調的背景下，我該如何看待給付率（benefit ratio）下降200到300個基點？

Yeah, Josh, I would just think of it as what Heather was talking about. We're just being really, really careful about what we let into our block, and that includes what already exists in our block and then new business that could potentially be in our block. So we're just being very, very careful with risk selection coming out of this healthcare cycle.

是的，Josh，我會把它理解為Heather剛才所說的。我們對於納入我們承保組合（block）的業務非常、非常謹慎，這包括目前已在我們承保組合中的業務，以及可能成為我們承保組合的新業務。因此，在這一輪醫療週期之後，我們在風險篩選上非常、非常謹慎。

I think we understand that the relative value of 1 point of margin is meaningfully better than 1 point of growth. And so to the point around even the middle of the year, it's the same philosophy. And so we just want to make sure the block is as clean as possible. We think that's the most productive and fastest way to the earnings expansion that we've been talking about and the progress in the second year of this two-year journey.

我想我們理解，相較於成長1個百分點，增加1個百分點的利潤率（margin）的相對價值明顯更高。因此，即便談到年中也是同樣的理念。所以我們只是想確保這個承保組合盡可能乾淨。我們認為，這是達成我們一直在談的盈餘擴張，以及在這段兩年旅程第二年取得進展的最有效率、最快速的方法。

Yeah. And Josh, this is Heather, I would just reiterate that the parts and pieces. The 24 % rate increase, the reserving on the high end of the range and the strengthening of the underwriting, those are all the components of why we feel so confident in our ability to get continued margin improvement within the '26 year.

是的。Josh，我是Heather，我再重申一下各個部分。24%的費率上調、在區間高端提列準備金，以及強化核保，這些都是我們之所以對在2026年內持續改善利潤率充滿信心的原因。

Is there any relationship between policy, renewal persistency, and the potential for adverse selection in you putting up such a conservative mark? I mean, with this amount of rate increases, presumably, the year-over-year improvement in the margins should be much, much better, but maybe you're somewhat worried that you have a book of business that is at greater risk?

在你們採取如此保守的標記（mark）時，保單、續保持續率（renewal persistency）與逆選擇（adverse selection）的可能性之間是否有任何關聯？我的意思是，在這樣幅度的費率上調下，按理說利潤率的年對年改善應該會好很多，但也許你們有點擔心你們的業務組合風險更高？

Not really, Josh. Not to get too deep into this on the earnings call, but happy to get into it deeper with you afterwards. But we look at the block under just different risk dimensions. So there's parts of the block that are going to get rate increases much higher than 24%. And there's parts of the block that are getting rate increases that are much lower than 24% because we like that risk and we want to keep it on the books.

其實不太是，Josh。我不想在法說會上把這個議題講得太深入，但很樂意在會後再跟你更深入討論。不過我們會從不同的風險維度來檢視這個承保組合。因此，組合中有些部分的費率上調會遠高於24%。也有些部分的費率上調會遠低於24%，因為我們喜歡那樣的風險，並希望把它留在帳上。

So think of the 24% as an aggregate. Think of us just being very selective around what we like and what we think requires much, much higher rate increases. So it's the right question thinking about it on aggregate, but we really dive into this to make sure that, again, the block is as healthy as possible.

所以把24%視為整體加總的數字。把我們理解為：對於我們喜歡的風險，以及我們認為需要大幅更高費率上調的風險，我們都非常有選擇性。因此，從整體角度來問是個正確的問題，但我們確實會深入拆解，以再次確保這個承保組合盡可能健康。

Suneet Kamath, Jefferies.

Suneet Kamath，Jefferies。

I wanted to go to Stop Loss again and specifically to comment about the most value-accretive path is to return it to full margins. Does that imply that you tested the market in terms of interest from external parties when you make that statement or I guess what's behind that?

我想再回到停損（Stop Loss），特別是你提到「最能增值的路徑是把它恢復到完整利潤率」。這是否意味著你們在做出這個說法時，已經就外部買方的興趣測試過市場？或者說，這句話背後的依據是什麼？

Yeah, Suneet, so if you think about it, as I mentioned, our Board, we're always looking at different options across all of our portfolios. We're laser-focused on the earnings improvement as the most immediate and value accretive action that we can take for this book of business.

是的，Suneet，如果你這樣想，正如我提到的，我們的董事會一直都在檢視我們所有投資組合中的不同選項。我們非常聚焦於盈餘改善，因為這是我們針對這本業務能採取的最即時、也最能增值的行動。

Okay. And then maybe just sticking with the Board, and I appreciate the comments about line of sight or alignment, excuse me, between management and the Board and all the commercial momentum you've shown over the past couple of years, including the first quarter here.

了解。那也許就延續董事會的話題；我也感謝你提到管理層與董事會之間的可見度或一致性（alignment），以及你們過去幾年展現的商業動能，包括今年第一季。

But if I look at the stock's P/E, it's at a pretty significant discount to what I would consider to be your peers. That occurred or that has come despite the fact that you've exited some risky businesses like CBVA and Individual Life and that was the case even before Stop Loss had issues. So I guess when you think about these conversations you're having with the Board, I mean how do you explain that and what's the path to try to get a better valuation here?

但如果我看你們股票的本益比（P/E），相對於我認為的同業，折價幅度相當大。即便你們已退出一些高風險業務，例如CBVA與個人壽險（Individual Life），而且在停損出問題之前就已經是這樣。所以我想問的是，當你們與董事會進行這些對話時，你們如何解釋這件事？以及要如何走出一條路徑，讓估值能更好？

Yeah, Suneet, it all comes down to execution, right? You go back and look at the priorities that we've laid out, our focus is on executing every quarter, every year, and delivering that shareholder value. And what I would look to the proof points is, first, it starts with how we're delivering for our customers. And our customers are voting with their feet.

是的，Suneet，歸根結底就是執行力，對吧？回頭看我們所列出的優先事項，我們的重點是每一季、每一年都把執行做好，並交付股東價值。而我會看的佐證點是：第一，從我們如何為客戶交付成果開始。而我們的客戶正在用腳投票。

You look at the commercial momentum, we're coming off two record years in Investment Management, strong margins, great investment performance, and the confidence we have in continuing to drive that growth. As Jay mentioned, five years of positive flows in Retirement and margins that are industry-leading. We've got a lot of confidence in continuing to grow and the proof points that we've delivered already on the Employee Benefit improvement of $100 million earnings improvement in '25 and $140 million on a trailing 12-month basis.

你看看商業動能，我們投資管理（Investment Management）剛結束兩個創紀錄的年度，利潤率強勁、投資績效優異，而且我們對持續推動成長很有信心。如Jay所提，退休（Retirement）業務已連續五年正向資金流入，且利潤率為業界領先。我們也很有信心能持續成長；此外，我們在員工福利（Employee Benefit）改善方面已交出的佐證點，包括在2025年盈餘改善1億美元，以及以過去12個月（trailing 12-month）計算的1.4億美元。

And I think the last thing I would kind of leave you with, Suneet, is that the collection of those businesses, I'm going to go back to our focus, which has been on continuing to drive growth in our free cash flow generation, and then making sure we are returning that and deploying that into the most accretive opportunities, and that's in returning that capital to shareholders. So we think the collection of doing all of that, Suneet, is going to continue to further to drive our share price and the value of the franchise.

我想最後我想留給你的一點，Suneet，是這些業務的組合；我會回到我們的重點，也就是持續推動自由現金流（free cash flow）產生的成長，並確保把這些資本回饋並配置到最具增值效果的機會上，而那就是把資本回饋給股東。因此我們認為，把這些事情都做好，Suneet，將會持續進一步推動我們的股價與這個特許經營（franchise）的價值。

Mike Ward, UBS.

Mike Ward，瑞銀（UBS）。

I was just wondering, in Retirement, if you guys could give us an update on the inorganic pipeline potential?

我想請問，在退休（Retirement）業務方面，你們是否可以提供一下外生成長（inorganic）管線潛力的最新進度？

Yeah, good morning, Mike. Thanks so much for your question. We've been active. We've been vocal on how pleased we are with OneAmerica, the integration and adding new clients in and delivering over a 30% return on that acquisition. So we're active.

好的，早安，Mike。非常感謝你的提問。我們一直很積極。我們也一直公開表示，我們對OneAmerica的併購整合、導入新客戶，以及該併購帶來超過30%的報酬率感到非常滿意。所以我們是積極在做的。

We're looking for Retirement roll-ups, but we don't see anything imminent, which goes to what Mike and I have been talking about of the cash that we generate, the excess cash, it's the expectation that we're going to deploy that into the highest value. And that's in buying the company, we know, which is Voya through share repurchases.

我們在尋找退休業務的併購整合機會，但目前看不到任何迫在眉睫的案子；這也呼應了我和 Mike 一直在談的：我們所產生的現金、也就是超額現金，我們預期會把它部署到價值最高的用途上。而那就是回購股份買回公司本身——也就是透過股票回購買回 Voya。

Thanks, Heather. And then on the Wealth business, you guys said revenues up 12%, I think. Just kind of wondering like how that is going so far and how much of that is driven by organic conversion versus markets? And just kind of overall curious like how the reception is in terms of kind of turning on the advice switch?

謝謝你，Heather。接著談到財富業務，你們提到營收成長 12%，我想是這樣。我只是想了解目前進展如何，以及其中有多少是由有機轉換帶動、又有多少是市場因素帶動？另外也想整體了解一下，在「開啟理財建議（advice）開關」方面，市場的接受度如何？

Yeah. And, Mike, I'll let Jay cover it, but you're absolutely right. And our focus there is on the revenue growth. And that's kind of the metric that we're looking at for success. But it's been just 10 months since we stood up this office, and we're really, really pleased with what we're seeing so I'll turn it to Jay to elaborate.

是的。Mike，我先請 Jay 來說明，不過你說得完全正確。我們在那邊的重點是營收成長。這也是我們用來衡量成功的指標。不過自從我們成立這個辦公室到現在才 10 個月，我們對目前看到的成果非常、非常滿意，所以我把時間交給 Jay 進一步說明。

Yeah. If we look at the Wealth business and you look at where we have a right to win, I mean, between the roughly 10 million customers we have to our Retirement business and equal that through our Employee Benefits and benefit-focused business, and looking at the request for advice, in my career, this is probably the loudest employers have been in seeking advice at the workplace.

好的。如果我們看財富業務，以及我們在哪些地方具備勝出的條件，我是說，光是退休業務大約就有 1,000 萬名客戶，再加上員工福利以及以福利為核心的業務也有相當規模；再看客戶對理財建議的需求，就我職涯所見，雇主在職場上尋求理財建議的呼聲，可能是我聽過最大的一次。

And so when you look at our business, we really are well positioned. When we service our customers the right way through Retirement and Employee Benefits, we build their trust, and that trust translates to the ability to bring that advice to the workplace. And because that advice is being sponsored by employers and plan sponsors, and we have an existing relationship and an existing solution with that client, we think we have a unique advantage to continue to build that lifetime value for our customers.

因此，從我們的業務來看，我們確實處於非常有利的位置。當我們透過退休與員工福利以正確的方式服務客戶時，我們建立起他們的信任，而這份信任會轉化為把理財建議帶進職場的能力。而且由於這些建議是由雇主與計畫贊助方所支持，我們又與該客戶已有既有關係與既有解決方案，我們認為自己具備獨特優勢，能持續提升客戶的終身價值。

And that also allows us to connect in Matt's business, where he is helping us build some unique solutions in the marketplace. And so I think when you look at the overall Wealth Management business and how we've been building it, we've been building it through recruitment of our advisors; really happy with the early development and the productivity of those advisors; the tools that we have onboarded have helped us create efficiencies; and overall, there's more and more demand for digital self-service, which is a future component of our build.

這也讓我們能與 Matt 的業務串接，他正在協助我們在市場上打造一些獨特的解決方案。所以我認為，從整體財富管理業務以及我們的建置方式來看，我們是透過招募理財顧問來建立；對顧問早期的發展與生產力非常滿意；我們導入的工具也幫助我們提升效率；而整體而言，市場對數位自助服務的需求愈來愈高，這也是我們未來建置的一個重要組成。

So I like where we're at. I also love the fact that that build is sitting inside our 39% margin in our Retirement business. So overall, a really productive build for us and in alignment with where our employers and plan sponsors are looking for on the advice and guidance.

所以我很喜歡我們目前的進展。我也很喜歡的一點是，這項建置是在我們退休業務 39% 利潤率的架構內進行。因此整體而言，這對我們是非常有生產力的建置，也與雇主與計畫贊助方在建議與指引方面的需求方向一致。

Alex Scott, Barclays.

Alex Scott，Barclays。

I do have one follow-up on Stop Loss, so apologies for this ahead of time. I just heard a comment that we're two years into a two-year journey, and I thought that was interesting. I mean, that sounds like next year, you'd be back at targeted margins. And I just want to understand if I'm hearing that correctly and the timing associated with that kind of comment. And maybe if you could help us understand like how we get there? Because even if we give you the benefit of the doubt on some of the reserve development, it still seems like we're a decent amount above where you'd be targeting right now. So, yeah. I mean, do I have that right? And anything you can tell us about the IBNR or something you're seeing to help us put numbers behind your optimism?

我對停損（Stop Loss）還有一個追問，先跟各位致歉。我剛剛聽到一句評論說「我們已經走到兩年旅程的第二年」，我覺得很有意思。這聽起來像是明年你們就會回到目標利潤率。我想確認我是否理解正確，以及這句話所對應的時間點。也許你們可以幫我們理解一下：我們要如何走到那裡？因為即便我們對部分準備金發展給你們一些寬容，現在看起來仍然比你們目前的目標水準高出不少。所以，是的。我理解得對嗎？以及你們能否談談 IBNR（已發生但未通報）或你們看到的其他訊號，讓我們能把你們的樂觀轉化成具體數字？

Yeah, Alex, thanks for the question. I'll start with the thematics and then toss it over to Mike. So you're absolutely right. When all of this started coming out of COVID and we saw the impact on the broader industry, we've always said we expect this to be a two-year journey and not something that was done in one year.

好的，Alex，謝謝你的問題。我先從整體脈絡談起，然後再交給 Mike。你說得完全正確。當這一切在 COVID 之後開始浮現、我們看到對整體產業的影響時，我們一直都說，我們預期這會是一段為期兩年的旅程，而不是一年就能完成的事情。

We really, really like the progress. And as Mike mentioned, we're pricing the business to be back within the target loss ratio. So that is certainly the goal we have laid out and we're going to see how things progress through the year, but we've got confident in seeing that improvement.

我們非常、非常喜歡目前的進展。而如同 Mike 提到的，我們正在為這項業務定價，以回到目標損失率區間。這確實是我們所設定的目標；我們會觀察今年的進展，但我們對看到改善很有信心。

Okay. Follow-up question is just related to a couple of peers engaged in a merger of equals. I know both of them I think were much smaller peers in terms of their group retirement businesses specifically, but it does sort of indicate an increase in importance on scale.

好的。追問是關於幾家同業正在進行對等合併（merger of equals）。我知道他們兩家在團體退休業務方面應該都小得多，但這似乎也顯示規模的重要性正在提升。

And just thought I'd get your take on where Voya is situated to do that competitive positioning? And as a result of some of the peers scaling up, do you see any more feed compression in the competitive environment or are you expecting to see that?

我想聽聽你對 Voya 在競爭定位上、就規模而言處於什麼位置的看法？另外，隨著部分同業擴大規模，你是否看到競爭環境中費率（fee）進一步被壓縮，或你是否預期會出現這種情況？

Yeah. First, Alex, frankly, I really love the question because it gives me an opportunity to highlight how our businesses are firing on all cylinders and really the scale that we have across. So as I hit on some of these things earlier, Retirement, we're a top five provider in the space. The acquisition that we did last year with OneAmerica now serving close to 10 million participants, we would not be a scaled provider if we could not operate at a 39% margin for 10 years.

是的。首先，Alex，坦白說我很喜歡這個問題，因為它讓我有機會強調我們各項業務都在全速運轉，以及我們整體所具備的規模。如同我先前提到的，退休業務方面，我們是該領域前五大供應商。我們去年完成的 OneAmerica 收購案，讓我們目前服務接近 1,000 萬名參與者；如果我們無法在 10 年間以 39% 的利潤率運作，我們就不可能成為具規模的供應商。

So in Retirement, really, really like our position. The expansion into Wealth Management is absolutely the right strategy where we're building on a core foundation. In Investment Management, you think about the two years of outpacing the industry in terms of organic growth, delivering strong investment performance. Our fees are holding up really well. We're improving margins. So all of those, to me, are signs of scale.

因此在退休業務方面，我們非常、非常喜歡我們的定位。向財富管理的擴張絕對是正確策略，因為我們是在既有核心基礎上建構。在投資管理方面，你可以看到我們連續兩年在有機成長上超越產業，並交出強勁的投資績效。我們的費率維持得很好。我們也在改善利潤率。所以對我而言，這些都是規模的跡象。

And it's really about the client demand in the market and the fact that we are winning and we are retaining the business and we're delivering for them. Even in Employee Benefits, right, you're still seeing sales growth in the core business while we're on this margin improvement plan across.

而這真正關乎市場端的客戶需求，以及我們正在贏得、並留住業務，且為客戶交付成果。即便在員工福利方面也是如此，對吧？你仍然看到核心業務的銷售成長，同時我們也在推動整體的利潤率改善計畫。

So we frankly really like our position in the market and maybe I'd close with it is also buoyed and strengthened by a solid balance sheet, right? We're one where we don't have a lot of noise in our balance sheet. We generate a lot of free cash flow, and we've got scale where we play.

所以我們坦白說非常喜歡我們在市場中的位置；最後我也想補充，這也受到穩健資產負債表的支撐與強化，對吧？我們的資產負債表沒有太多雜音。我們產生大量自由現金流，而且在我們參與競爭的領域具備規模。

You 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.

我們的問答環節到此結束。今天的電話會議也將告一段落。您現在可以掛斷電話線，感謝各位的參與。