Chubb Limited (NYSE:CB) Q2 2025 Earnings Conference Call July 23, 2025 8:30 AM ET
Company Participants
Karen Beyer - Senior Vice President of Investor Relations
Evan G. Greenberg - Chairman & CEO
Peter Enns - Executive VP & CFO
Conference Call Participants
Charles Peters - Raymond James
Jian Huang - Morgan Stanley, Research Division
David Motemaden - Evercore ISI Institutional Equities, Research Division
Brian Meredith - UBS Investment Bank, Research Division
Meyer Shields - Keefe, Bruyette, & Woods, Inc., Research Division
Michael Zaremski - BMO Capital Markets Equity Research
Vikram Gandhi - HSBC Global Investment Research
Taylor Scott - Barclays Bank PLC, Research Division
Operator
Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to today's Chubb Limited Second Quarter 2025 Earnings Call. \[Operator Instructions] I would now like to turn the call over to Karen Beyer, Senior Vice President of Investor Relations. Karen, you have the floor.
感谢大家耐心等待。我叫Greg，是今天的电话会议主持人。现在，我欢迎各位参加Chubb Limited 2025年第二季度财报电话会议。\[操作说明] 接下来，我将电话交给投资者关系高级副总裁Karen Beyer。Karen，请开始。
Karen Beyer
Thank you, and welcome to our June 30, 2025 second quarter earnings conference call. Our report today will contain forward-looking statements, including statements relating to company performance, pricing and business mix, growth opportunities and economic and market conditions, which are subject to risks and uncertainities and actual results may differ materially.
谢谢大家，欢迎参加我们截至2025年6月30日的第二季度财报电话会议。今天的报告将包含前瞻性声明，包括与公司业绩、定价和业务结构、增长机会以及经济和市场状况相关的内容，这些声明具有风险和不确定性，实际结果可能与预期存在重大差异。
Please see our recent SEC filings, earnings release and financial supplement, which are available on our website at investors.chubb.com for more information on factors that could affect these matters. We will also refer today to non-GAAP financial measures, reconciliations of which to the most direct comparable GAAP measures and related details are provided in our earnings press release and financial supplement.
请查阅我们近期向美国证监会（SEC）提交的文件、财报新闻稿及财务补充资料，这些都可在我们网站investors.chubb.com上获取，内含可能影响相关事项的更多信息。今天我们还将提及一些非GAAP财务指标，其与最直接可比GAAP指标之间的调节信息及相关细节，已在我们的财报新闻稿及财务补充材料中列明。
Now I'd like to introduce our speakers. First, we have Evan Greenberg, Chairman and Chief Executive Officer; followed by Peter Enns, our Chief Financial Officer, and then we'll take your questions. Also with us to assist with your questions, questions are several members of our management team. And now it's my pleasure to turn the call over to Evan.
现在，我来介绍今天的发言人。首先是董事长兼首席执行官Evan Greenberg，其后是首席财务官Peter Enns，随后我们将进入答问环节。我们还有几位管理团队成员一同出席，协助回答各位的问题。现在，我很高兴将电话交给Evan。
Evan G. Greenberg
Good morning. As you saw from the numbers, we had an excellent quarter. Core operating EPS was a record \$6.14, up 14% from a year ago, supported by record underwriting, strong investment results and good premium revenue growth. All of our businesses and regions of the world contributed to the quarter's growth, particularly in North America, our middle market and small commercial, Personal Lines and E\&S businesses and in international, both commercial and consumer P\&C in all regions and life insurance in Asia and the U.S. Core operating income of \$2.5 billion was a record result, up 13%.
大家早上好。正如你们从财报中看到的，我们度过了一个非常出色的季度。核心运营每股收益创下纪录，达到6.14美元，同比上涨14%，这得益于承保利润创纪录、投资业绩强劲以及保费收入增长良好。我们在全球的所有业务部门和地区都对本季度的增长做出了贡献，尤其是北美的中型和小型商业险、个人保险和E\&S业务，以及国际市场的商业与个人财产险（P\&C）和亚洲与美国的寿险业务。核心运营利润达到创纪录的25亿美元，同比增长13%。
The results demonstrate the broad-based diversified nature of our company geographically by customer segment and product area. Our balance of business and presence provides us a wide range of opportunities, which supports long-term sustainable and profitable growth. In the quarter, we produced record underwriting income on both the published and current accident year ex cat basis, supported by premium growth and underwriting margin improvement. Published underwriting income of \$1.6 billion was up 15% from a year ago, leading to a combined ratio of 85.6%, more than 1 percentage point better than a year earlier.
这一业绩显示出我们公司在地理分布、客户细分和产品领域方面的广泛多元化特征。我们的业务组合和全球布局为我们提供了广泛的发展机会，支持公司实现长期可持续和盈利增长。本季度，在已公布数据和当年灾难因素调整后（ex cat）的基础上，我们的承保利润均创下新高，得益于保费增长和承保利润率的提升。公布的承保利润为16亿美元，同比上升15%，综合赔付率为85.6%，比去年同期改善超过1个百分点。
Current accident year underwriting income, excluding cats, was up almost 11.5%, supported by a combined ratio of 82.3%, again, nearly a full point improvement from prior year. On the invested asset side, for the quarter, adjusted net investment income was nearly \$1.7 billion, up 8%. Our fixed income portfolio yield is 5.1%, and our current new money rate is averaging 5.4%. Our operating cash flow in the quarter, which supports investments was quite strong, \$3.2 billion. Given federal deficits, a weakening dollar and our country's trade policies, I expect the trend is towards higher inflation and a steeper yield curve, which is an issue for our country, but will support our company's continued growth in investment income.
本年度承保利润（不含灾难损失）同比增长近11.5%，综合赔付率为82.3%，同比改善近1个百分点。在投资方面，本季度经调整的净投资收益接近17亿美元，同比增长8%。我们固定收益投资组合的收益率为5.1%，当前新投入资金的平均利率为5.4%。本季度的运营现金流表现强劲，达32亿美元，为投资提供了充足支持。鉴于联邦财政赤字、美元走弱以及美国的贸易政策，我预计未来将面临更高的通胀和更陡峭的收益率曲线，这对国家来说是一个挑战，但有利于公司投资收益的持续增长。
Tangible book value growth, our primary measure of wealth creation was up 23.7% per share from a year ago and 8% from the previous quarter. Our annualized core operating return on tangible equity in the quarter was 21%, very strong result. Peter will have more to say about financial items. Turning to growth, pricing and the rate environment. Global P\&C premiums, which exclude agriculture, grew 5.8% and 6.4% in constant dollars, with commercial up 4.2% and consumer up 11.9%. Premiums in our Life Insurance division grew almost 17.5%.
有形账面价值的增长是我们衡量财富创造的主要指标，同比每股增长23.7%，较上季度增长8%。本季度的年化核心运营有形权益回报率为21%，成绩非常强劲。Peter稍后会进一步介绍财务方面的情况。现在我来讲一下增长、定价和利率环境。全球财产与意外险（P\&C）保费（不含农业保险）同比增长5.8%，按不变汇率计算为6.4%，其中商业险增长4.2%，消费者险增长11.9%。我们的寿险部门保费增长近17.5%。
In terms of the U.S. commercial P\&C underwriting environment, large account-related short-tail business, both admitted and E\&S has grown quite competitive. A lot more capital is chasing the property business and prices are softening, while terms and conditions remain steady. We are, of course, disciplined and we're not going to write business below an adequate price. While others are leaning in, we've begun walking away where necessary.
就美国商业P\&C的承保环境而言，与大客户相关的短尾业务（包括备案险和E\&S）竞争日益激烈。大量资本正在涌入财产险市场，价格趋软，尽管条款和条件仍保持稳定。我们始终保持承保纪律，不会在价格不足的情况下接单。当其他公司仍在积极扩张时，我们已经在必要时选择退出。
On the other hand, middle market and small commercial property remain much more disciplined and orderly. Rates continue to rise, and we're growing property in this area. Casualty continues to firm in all areas that require rate, retail and E\&S, both large account and middle market. And again, we are growing. While financial lines remain soft, we're seeing signs of firming in discrete classes. That is backdrop, I'll give you some more color by division. Beginning with North America, P\&C premiums, excluding agriculture, were up 5.3%, including growth of 9.1% in personal insurance and 4.1% in commercial. P\&C lines up 4.2% and financial lines actually up 3.6%.
另一方面，中型和小型商业财产险市场仍保持相对理性和有序。价格仍在上涨，我们在该领域的财产险业务也在增长。在需要提价的领域，意外险市场持续趋紧，无论是零售还是E\&S，大客户和中型市场均如此，我们的业务也在持续扩展。尽管金融险条线整体仍较疲软，但某些细分领域已有回暖迹象。在这个背景下，我来按部门具体介绍。北美地区（不含农业保险）的P\&C保费增长5.3%，其中个人保险增长9.1%，商业险增长4.1%；P\&C整体增长4.2%，金融险增长3.6%。
In Commercial, we had a good quarter for new business, up 7% versus prior year, driven by middle market across the board and in large account and E\&S casualty lines. Our renewal retention on a policy count basis was 86%. Premiums in our leading middle market division grew 8.4%, another excellent result with P\&C up 10% and financial lines up 2%. Our Small Commercial business grew about 10%. Premiums in our Major Accounts and Specialty division grew 1.5% with our large account business essentially flat and our E\&S business up 5.6%. Both were heavily impacted by premium reductions in property.
在商业保险方面，我们本季度的新业务表现良好，同比增长7%，主要得益于中型市场全面增长，以及大客户和E\&S意外险业务的带动。按保单数量计的续保率为86%。我们领先的中型市场部门保费增长8.4%，再次取得出色成果，其中财产与意外险（P\&C）增长10%，金融险增长2%。小型商业保险业务增长约10%。大型客户和专业保险部门的保费增长1.5%，其中大客户业务基本持平，而E\&S业务增长5.6%。这两个业务部门均受到财产险保费下调的较大影响。
Overall commercial pricing for property and casualty, excluding financial lines and comp was up 4.5%, with rates up 1.6% and exposure change of 2.9%. Property pricing was down 2.5% with rates down about 7%, offset by exposure change of 4.9%. Importantly, going a step further, property pricing was down within 12% in large account business, both admitted in the E\&S and it was up over 8% in middle market and small commercial.
整体商业财产与意外险（不含金融险和工伤险）的价格上涨4.5%，其中费率上升1.6%，风险敞口变化带来2.9%的增幅。财产险价格整体下降2.5%，费率下调约7%，但部分由4.9%的风险敞口增加所抵消。进一步看，大客户业务中的财产险价格（包括备案险和E\&S）下降幅度接近12%，而中型市场和小型商业保险的财产险价格上涨超过8%。
Casualty pricing in North America was up 11.6%, with rates up 10.6% and exposure up 0.9%. Financial lines pricing was down 1.2% and in Workers' Comp, primary comp pricing was essentially flat, while large account risk management pricing was up over 7.5%. In North America Commercial, our selected loss cost trends remained steady across the board. No change from what I gave you last quarter.
北美地区的意外险价格上涨11.6%，其中费率上升10.6%，风险敞口上升0.9%。金融险价格下降1.2%；在工伤险方面，主要保险价格基本持平，而大客户的风险管理型工伤险价格上涨超过7.5%。在北美商业险业务中，我们选定的赔付成本趋势整体保持稳定，与上季度持平。
On the consumer side of North America, our high-net-worth personal lines business had a simply outstanding quarter, with premium growth exceeding 9%. New business growth was more than 17%. Homeowners pricing was up 10.2% in the quarter and ahead of loss costs, which remained steady at 8.9%. I expect the kinds of results we're showing in personal lines to endure and continue.
在北美的个人保险业务方面，我们的高净值人群业务表现极其出色，保费增长超过9%，新业务增长超过17%。本季度住宅险价格上涨10.2%，领先于赔付成本，后者保持在8.9%的稳定水平。我预计我们在个人保险业务中取得的这类成果将持续下去。
Turning to our international general insurance operations. Premiums were up 8.5% or over 10% in constant dollar. Commercial lines grew about 7% and consumer was up more than 15%. From a region of the world perspective, Asia grew over 12.5% in constant dollar. Europe grew over 8% and Latin America grew over 17%. Premiums in our London wholesale business were up over 7%. In our international retail commercial business, P\&C pricing was up just 0.5% and Financial lines pricing was down over 6.5%.
接下来谈谈我们的国际综合保险业务。保费同比增长8.5%，按不变汇率计算增长超过10%。其中商业险增长约7%，个人险增长超过15%。按地区看，亚洲在不变汇率下增长超过12.5%，欧洲增长超过8%，拉美增长超过17%。我们在伦敦的批发业务保费增长超过7%。在国际零售商业险业务中，财产与意外险价格仅上涨0.5%，金融险价格下降超过6.5%。
The loss cost trend in our international retail business remains steady. Like in North America, large account commercial property shared and layered has become much more competitive, particularly in London. While in the rest of the world, property is growing more competitive, conditions remain reasonably orderly, though they vary by market. In our international life insurance business, which is fundamentally Asia, premiums were up 18% in constant dollar. And in North America, combined insurance companies premiums grew over 17%.
我们国际零售业务中的赔付成本趋势依然稳定。与北美一样，大客户商业财产险的共保和分层结构竞争更为激烈，尤其是在伦敦市场。而在其他地区，尽管财产险市场竞争在加剧，但整体状况仍较有序，各市场间略有差异。在我们的国际寿险业务中（主要集中在亚洲），保费在不变汇率下增长18%。而在北美，合众保险公司（Combined Insurance）的保费增长超过17%。
Our Life division produced \$305 million of pretax income in the quarter, up about 10.5% -- as you know, the economic and geopolitical environment is dynamic and evolving. We're in a period of greater uncertainty. The U.S. recently passed tax legislation and efforts towards deregulation should support economic growth. On the other hand, budget deficits, trade and immigration policies and a weaker dollar are potential headwinds that can impact both economic growth and inflation. The picture is complex. With that as context, Chubb's fundamentals and our positioning are simply excellent.
我们的寿险部门本季度税前利润为3.05亿美元，同比增长约10.5%。众所周知，当前经济和地缘政治环境充满动态变化，我们正处于一个不确定性加剧的时期。美国最近通过了税收立法，放松监管的努力应当有助于经济增长。另一方面，预算赤字、贸易与移民政策以及美元走弱都是可能对经济增长和通胀产生不利影响的因素。整体局势复杂。在此背景下，Chubb的基本面和市场定位依然极为出色。
Organizationally, we're performing at a high level, coupled with our broad-based global diversification and a disciplined, energized and talented culture of professionals. As I observed at the beginning of the year, roughly 80% of our businesses have good growth and continued growth prospects. There is a lot of opportunity, and I have confidence in our ability to continue to grow both top and bottom line at a superior rate, tax and FX notwithstanding. To reinforce from all I can see overall, I expect the company's pattern of growth, revenue and earnings to continue. Now I'll turn the call over to Peter, and then we're going to come back and we're going to take some of your questions.
在组织管理方面，我们整体表现处于高水平，并配合我们广泛的全球化布局，以及一支有纪律、充满活力且才华横溢的专业团队。正如我年初所说，我们约80%的业务都有良好的增长基础和持续增长前景。机会众多，我有信心我们能持续实现收入和利润的双向优异增长，尽管存在税收和汇率的不确定性。综合各方面来看，我预计公司收入和利润的增长态势将持续下去。现在我将电话交给Peter，之后我们会回来回答大家的一些提问。
Peter Enns
Good morning. As you've heard from Evan, we had another strong quarter that contributed to quarterly and 6-month records. Our results were supported by exceptional balance sheet strength, including all-time highs in book value of \$69 billion and cash and invested assets of \$160 billion. Additionally, the quarter produced adjusted operating cash flow of \$3.2 billion. There are a few capital-related matters I'd like to touch on.
大家早上好。正如Evan所说，我们又迎来了一个强劲的季度，为季度和上半年的业绩都创下纪录。本季度业绩得益于卓越的资产负债表实力，其中账面价值达到了创纪录的690亿美元，现金及投资资产总额达到1600亿美元。此外，本季度调整后的运营现金流达32亿美元。接下来我想简要谈几个与资本相关的事项。
In May, our Board authorized, a new \$5 billion share repurchase program that took effect on July 1 with no expiration date. In the quarter, we returned \$1.1 billion of capital to shareholders, including \$388 million in dividends and \$676 million in share repurchases. Book and tangible book value per share grew 6.1% and 8%, respectively for the quarter. Book and tangible book value per share, excluding AOCI, grew 3.4% and 4.5%, respectively, for the quarter and 10.3% and 15.3%, respectively, from the prior year. This quarter, we also closed on the acquisition of Liberty Mutual's P\&C business in Thailand, which diluted tangible book value by about \$230 million or about 0.5 percentage point of growth.
今年5月，董事会批准了一项新的50亿美元股票回购计划，自7月1日起生效，无到期日。本季度我们向股东返还资本共计11亿美元，包括3.88亿美元的股息和6.76亿美元的股票回购。每股账面价值和每股有形账面价值本季度分别增长6.1%和8%。扣除其他综合收益（AOCI）后，每股账面价值和有形账面价值本季度分别增长3.4%和4.5%，较去年同期分别增长10.3%和15.3%。本季度我们还完成了对Liberty Mutual泰国P\&C业务的收购，该交易使有形账面价值减少约2.3亿美元，相当于0.5个百分点的增长摊薄。
Our core operating return on tangible equity and core operating ROE were 21% and 13.9%, respectively, for the quarter. Pretax catastrophe losses were \$630 million for the quarter, split 60% U.S. and 40% international from a variety of events. Pretax prior period development in the quarter in our active company was favorable \$319 million, split 87% short tail, primarily commercial property-related lines and personal auto and 13% long tail.
本季度核心运营有形权益回报率为21%，核心运营ROE为13.9%。本季度税前灾难损失为6.3亿美元，其中60%来自美国，40%来自国际市场，涉及多个事件。我们在活跃运营公司中的前期准备金释放表现良好，实现税前净收益3.19亿美元，其中87%来自短尾险种，主要为商业财产险和个人车险，13%来自长尾险种。
Our corporate runoff portfolio had adverse development of \$70 million, mostly from \[indiscernible] related claims development. Turning to investments. Our A-rated portfolio increased over \$6 billion this quarter, reflecting strong operating cash flow as well as positive mark-to-market and favorable FX, partially offset by shareholder distributions.
我们的公司关账（runoff）组合出现了7000万美元的不利准备金发展，主要来自于某些难以识别的索赔发展。接下来谈谈投资方面。本季度我们的A评级投资组合增加超过60亿美元，反映了强劲的运营现金流、积极的市值变动以及有利的汇率因素，这些部分被股东分红所抵消。
Adjusted net investment income was \$1.69 billion, and we now expect adjusted net investment income to be approximately \$1.72 billion to \$1.74 billion next quarter. Our core effective tax rate was within our previously guided range at 19.1% for the quarter, and we continue to expect our annual core operating effective tax rate to be in the range of 19% to 19.5%. I'll now turn the call back over to Karen.
本季度调整后的净投资收益为16.9亿美元，我们预计下季度将达到约17.2亿至17.4亿美元。我们的核心有效税率为19.1%，处于此前指引的区间内，全年核心运营有效税率仍预计在19%至19.5%之间。现在我将电话交还给Karen。
Karen Beyer
And at this point, we're happy to take your questions.
现在我们非常乐意回答大家的问题。
Question-and-Answer Session
问答环节
Operator
\[Operator Instructions] And it looks like our first question today comes from the line of Gregory Peters with Raymond James.
\[操作说明] 看起来我们今天的第一个提问来自Raymond James的Gregory Peters。
Charles Peters
So during the quarter, Evan, you and John put an article, an editorial in the Wall Street Journal about the litigation challenges that the industry faces. And so I wanted to just have you talk a little bit more about this.
本季度期间，Evan，你和John在《华尔街日报》上发表了一篇关于行业所面临诉讼挑战的评论文章。我想请你进一步谈谈这个问题。
Specifically, how is it affecting the coverages for casualty and general liability? Is it making it uninsurable? And I guess, how do you see the tort reform situation playing out because getting some sort of federal resolution seems to be challenging to say the least, and a state-by-state strategy for reform seems like it could take forever.
具体来说，它对意外险和一般责任险的保障范围有什么影响？这是否导致某些风险无法承保？另外，你如何看待侵权改革的前景？因为联邦层面的改革看起来非常困难，而逐州推进改革似乎会耗费非常长的时间。
Evan G. Greenberg
Yes. So you got to separate two things. So let's not conflate. The two of us wrote that article. That was about public policy. And that was to flag an issue that people should be focused on for our country that is a problem. It impacts the cost of everything. It's inflationary. It impacts innovation and growth of business and continuity of businesses, litigation and the movement of cost, inflation around it, which runs at 7% to 9% every year, which is a multiple of what the nation runs as inflation, is roughly -- the total cost is roughly 2.5% of GDP and only a fraction of the \$550 billion goes to the actual agreed party.
是的，你必须区分两件事，不能混为一谈。我们两人写的那篇文章，是关于公共政策的，目的是指出一个应当引起国家关注的问题。这个问题影响到一切的成本，是通胀因素，影响创新、商业增长以及企业的持续运营。诉讼及其衍生的成本通胀，每年增长率在7%到9%之间，是全国平均通胀率的几倍，总体花费大约相当于GDP的2.5%，而其中5500亿美元的诉讼费用，只有一小部分真正流向了受害方。
And while litigation is an important function in a society based around laws, the trial bar and the litigation funding industry together are money-making ventures that are out of control. And we are pointing that out because I started by saying, don't conflate two things because the insurance industry and our job, we don't print money. We intermediate money.
诉讼在一个基于法治的社会中确实具有重要功能，但诉讼律师团体和诉讼融资行业已演变为失控的逐利系统。我们之所以要指出这一点，是因为正如我一开始所说，不要把两个问题混淆。保险行业的职责不是印钞，而是做资金中介。
Operator
And yes, our next question comes from the line of Bob Wong with Morgan Stanley.
好的，我们的下一个问题来自摩根士丹利的Bob Wong。
Jian Huang
My first question is about Latin America. You had a pretty strong Latin America growth in 2024. And this quarter, on a constant currency basis, it was even stronger. Can you maybe help us to get a better understanding of maybe is there like a specific country that's driving this or a specific product? Or can you maybe just help us about the opportunity there going forward and things of that nature?
我的第一个问题是关于拉丁美洲的。你们在2024年在拉美市场的增长非常强劲，而本季度在不变汇率基础上的表现更是出色。你能否帮助我们更好理解一下，是某个特定国家在驱动增长，还是某个产品线在带动？也希望你谈谈你们在拉美市场未来的发展机会和相关前景。
Evan G. Greenberg
Yes. Bob, we're throughout Latin America with a significant presence in Mexico. Number three, P\&C rider. Number three, auto insurer in Mexico, we've got 60 offices, thousands of agents to well over -- do over \$1 billion of premium.
是的，Bob，我们在整个拉丁美洲都有布局，在墨西哥的存在感尤为强大。我们是该国第三大财产与意外险（P\&C）承保商，也是第三大汽车保险公司。我们在当地拥有60个办公室、数千名代理人，保费收入超过10亿美元。
And automobile in Mexico, important business to us, as you've known for, as we've said for years, growing well, small commercial, growing well, A\&H growing well. Our digital business in Latin America, which show -- and our direct marketing, which shows up in Chile and in Brazil, we have important partnerships with the likes of new bank in Brazil and we're the exclusive partner, joint venture partner with Banco de Chile in Chile.
在墨西哥，汽车保险对我们来说是非常重要的业务，多年来我们一直强调这一点，并且它持续表现良好。小型商业险增长良好，意外与健康险（A\&H）也在稳步增长。我们在拉美的数字化业务也在蓬勃发展，在智利和巴西的直销渠道表现突出。例如在巴西，我们与New Bank建立了重要合作关系；而在智利，我们是Banco de Chile的独家合资合作伙伴。
Those businesses and our consumer business there, life and non-life, are growing quickly and doing quite well. Argentina as the country has improved, we've had a presence forever and Argentina in the commercial P\&C business is growing. So our consumer business outpaced our commercial business in the quarter, it's enduring, and it's across -- it's not simply a trade, and it's across franchises that are moving through strength to strength with a lot of opportunity.
这些业务，以及我们在当地的个人险业务（包括寿险和非寿险）增长都很迅速，表现出色。随着阿根廷国家环境的改善，我们在那里长期布局的商业财产与意外险业务也在增长。本季度，我们的个人险业务增长超过商业险业务，这是一种持续性的趋势，而非短期交易行为。我们的多个业务板块正在不断增强，充满机会。
It has a certain volatility signature to it. It's not smooth every quarter and quarter-to-quarter, but you measure it over any period of time. And we expect, depending on how the world goes, double-digit growth in Latin America continues over time.
当然，这一市场具有一定的波动性，不是每个季度都线性增长，但从长期来看趋势明显。根据全球环境变化，我们预计拉丁美洲将持续实现双位数增长。
Jian Huang
Okay. No, that's really -- yes, double-digit growth going forward is pretty strong. Maybe if we can ask about -- this might be a little hypothetical. So administration has talked about potentially phasing out FEMA. And if that were to happen, does that have an impact on your high-net-worth business in the coastal states? Would you consider in partner with other insurers to write flood insurance business to support your high-net-worth book. Just curious if you have any thoughts there.
好的，非常感谢，未来双位数增长确实非常强劲。我再问一个或许有些假设性的问题。拜登政府提到可能逐步取消FEMA（联邦紧急事务管理署）。如果这真的发生，会不会对你们在沿海州的高净值客户业务产生影响？你们会不会考虑与其他保险公司合作，开展洪水保险业务，以支持这部分客户群体？我只是好奇你对此有何看法。
Evan G. Greenberg
No. Look, on FEMA on flood insurance provides a relatively modest limit. It's an important limit to the average consumer, but for high net worth, if you think of the values of their homes that you measure in the millions and FEMA gives you \$0.25 million or so of coverage. While it's not something that you see that, it's not -- it doesn't move the needle.
不会的。FEMA的洪水保险提供的保障额度相对较低。对普通消费者来说，这个保障是重要的，但对于高净值客户来说，他们的房产动辄价值数百万美元，而FEMA只提供约25万美元的保额，这个额度几乎没有实质性影响，不足以产生“拨动天平”的作用。
And the private flood market and Chubb is part of it has been growing. It's on a selective basis. with, frankly, better mapping and underwriting than FEMA's. So I don't see enough -- if FEMA phases out, I think it's bad for the country. I would restructure FEMA and how it provides coverage. I wouldn't provide the same coverage to the same individual to rebuild and rebuild and rebuild in the same flood zone, have multiple claims. On the other hand, as a first loss in flood for people who have no other choice from a social perspective, I would keep it.
私营洪水保险市场，包括Chubb在内，近年来一直在增长，而且承保是选择性的。坦率说，我们在风险地图和核保方面做得比FEMA更好。所以如果FEMA被取消，我认为对国家是不利的。我会主张重构FEMA的运作方式和保障机制。我不会建议继续为那些反复在同一个洪水高风险区建房又多次理赔的个人提供同等保障。但从社会角度来看，FEMA作为无其他选择者的第一道洪水损失保障，我认为应当保留。
Operator
And our next question comes from the line of David Motemaden with Evercore ISI.
接下来是来自Evercore ISI的David Motemaden提问。
David Motemaden
Evan, it was good to see global P\&C growth, excluding FX, is fairly stable again this quarter at around 6% to 7%, same as it's been in the last few quarters despite you guys stepping away from some large account property business. I guess can you -- that would imply that, I guess, growth on the other 80% of the book where conditions are attractive, accelerated a bit.
Evan，很高兴看到本季度全球P\&C保费增长（剔除汇率影响）再次保持在6%到7%的稳定区间，这与过去几个季度的表现一致，尽管你们已经开始退出部分大客户财产险业务。这似乎意味着，在其余80%的业务中，市场条件较为有利，增长可能有所加快。
Maybe you could just touch on that, just the durability of the growth on that 80%, where conditions are a bit more attractive? And then maybe just talk about on the other 20%, your outlook there?
你能否谈谈这80%业务增长的可持续性，特别是在条件较有吸引力的市场？此外，也请你简要说明一下对剩余20%业务的展望？
Evan G. Greenberg
The pattern of growth ex that 20%. First of all, overall, the math is pretty simple. It's double-digit growth. And when you add it all together, commercial and consumer P\&C, the pattern of growth is durable. And the pace of growth, as we can see, look forward is durable to us. The themes are durable. It's around middle market and small commercial.
剔除那20%业务后的增长模式其实很清晰：整体上是双位数增长。综合商业和个人P\&C业务来看，这种增长模式具有很强的可持续性。从我们目前以及未来的发展趋势来看，增长的节奏是稳固的。核心增长点集中在中型市场和小型商业险。
In the United States, we're the second largest middle market writer in the U.S. And between that and small commercial, the opportunity, and I've talked about it before, it's not just cyclical. It's secular to me, it's enduring. Our high-net-worth business, which has been growing rapidly and our margins from repricing and remodeling and all the work we did over about a 6-year period from '16 through '20, '21 quietly, has put us in such a solid position.
在美国，我们是第二大中型市场承保商。在中型和小型商业险之间的市场中，我认为机会不仅仅是周期性的，而是具有结构性和长期性的。我们的高净值客户业务增长迅猛，利润率也因重新定价、产品重构以及我们在2016年至2020、2021年间持续进行的各项深层改革而显著改善，使我们在该领域的竞争地位非常稳固。
And I expect that pattern to continue both growth and the kinds of margin that it has generated. When I look in Asia, and I look at the consumer businesses and the -- like Latin America, the digital distribution-related growth for consumer business on one hand and our growing agency auto business in selected countries on the other and on our direct marketing A\&H and our travel insurance business is more people travel in the region.
我预计这种增长和利润结构会持续下去。看向亚洲，在个人险业务方面，我们一方面在推进数字分销业务（如在拉美一样），另一方面在部分国家的代理人车险业务也在稳步增长。此外，随着地区内出行人数的增加，我们的直销A\&H险和旅行险业务也在持续发展。
That pattern of growth and opportunity continues. And when I look at our middle market and small commercial because we are so deep in those markets, which is what it takes from Australia to Malaysia, Thailand, the Singapore, the Taiwan, I expect it to continue to expand. When I look at our powerhouse business in Korea, which is a direct marketing fundamentally, a direct marketing A\&H business with a life \[indiscernible].
这一增长模式与机会仍将延续。而我们在中型市场和小型商业险的布局非常深入，从澳大利亚到马来西亚、泰国、新加坡和台湾，我预计这些市场将持续扩展。再看我们在韩国的核心业务，主要是直销型的A\&H险和寿险业务，该业务也具备强劲增长潜力。
I expect that growth to not only continue, I expect in time for that to accelerate and to do better. So throughout Asia, the themes of opportunity, commercial and consumer are enduring and they're in front of us like Latin America, the -- it's a region that has it's vast. It's much -- it's multiples the size of Latin America. And it has a certain volatility signature to it. So it isn't every quarter exactly the same or every year exactly the same.
我不仅预计这些业务会持续增长，还预期未来增长速度会加快、表现会更出色。整个亚洲市场的机会主题——无论商业险还是个人险——都是持久的，摆在我们眼前的机会与拉丁美洲类似。亚洲市场非常广阔，是拉美市场的数倍大，虽然也具有一定的波动性，但长期趋势依然向好，季度或年度之间虽有起伏，但方向明确。
But as I look at it, it's where we're leaning in, and we see more opportunity. Our business in Europe, the same. It's not just a large commercial business and specialty. It is a middle market business, and it's expanding and growing more quickly in a variety of markets throughout. So overall, I look at this pattern of growth and I look at earnings, and I look at the stability of margin, and it all is about that diversification of the company.
正因为如此，我们在这些市场持续加码，并且发现了越来越多的机会。我们在欧洲的业务也一样，不仅仅是大型商业险和专业险，我们也在中型市场上发力，而且在多个市场中扩展迅速。因此，综观整个增长模式、盈利表现以及利润率的稳定性，一切都离不开我们公司的多元化战略。
Our E\&S business in the U.S., and I'm going to finish with this. We printed about a 5.6% growth. Property was negative. You look under the covers of that and the balance of lines of business from construction to casualty, both primary and excess, our pet insurance business are growing nicely.
最后我再补充一下我们在美国的E\&S业务，本季度整体增长约5.6%，其中财产险是负增长。但深入分析你会发现，从建筑险到意外险（包括主险和超额险）、再到宠物保险等其他险种，整体表现都在稳步增长。
David Motemaden
And then just a quick follow-up. Just in North America personal lines great to see another quarter of current accident year ex cat loss ratio improvement. Is that purely rate earning in over trend? Or was there anything else in there -- in the result that drove that improvement this quarter?
还有一个简短的追问。关于北美的个人险业务，很高兴看到本季度当前事故年度（不含灾难因素）的赔付率又有改善。这是否完全是费率跑赢趋势的结果？还是本季度还有其他因素推动了这个改善？
Evan G. Greenberg
No, it's a combination. A rate over trend, it's over a period of time. I mean that's been iterative over years that has occurred. And I said it would drop over time into the 70s and that's what it's done. That's what it needs to do, given it's cat exposure. But it's that and it's underwriting shaping of the portfolio. We just grow more insightful. We have more tools available.
不是单一因素，是多方面的结果。费率确实长期跑赢赔付趋势，这个过程是多年积累、逐步实现的。正如我之前说的，我们的赔付率会随着时间推移降到70%多的水平，这也是合理的，因为我们的财产险敞口中包含灾难风险。此外，我们也在通过承保手段优化组合结构。我们对业务理解得更深入，手头可用的工具更多了。
And we have a greater knowledge and ability that's a standout of who we are in the high-net-worth business it's very complex underwriting. And the property exposures are very complicated. And our insight into underwriting and managing that stands out and we focus on that. Rate will never be enough to get you there. Underwriting doesn't equal rate. It equals risk selection and insight into risk engineering and managing the properties.
而且，我们在高净值客户业务中具备卓越的专业知识和能力。这一领域的承保非常复杂，财产风险敞口也非常复杂。我们在承保和风险管理方面的洞察力是我们的核心优势，我们专注于此。仅靠费率是远远不够的。承保不仅仅是调整费率，更在于风险选择、风险工程以及财产管理方面的深度洞察与执行力。
Operator
And our next question comes from the line of Brian Meredith with UBS.
接下来是来自瑞银的Brian Meredith提问。
Brian Meredith
Evan, I'm just curious, looking at the North American commercial, right now, we're seeing written pricing, call it, below loss trend, it looks like -- are we at a period now for that business that we're seeing kind of peak margins, and we should maybe expect margin to deteriorate going forward here, granted from a very attractive level?
Evan，我想请教一下，目前看北美商业险板块，账面费率看起来已经低于损失趋势。你觉得我们是不是已经处在这个业务的利润率峰值阶段？未来是否可能出现利润率下滑的趋势？当然我是指在当前非常有吸引力的利润率基础上。
Evan G. Greenberg
I think that's simplistic. Yes, the headline number, but that's why you peel it back. Casualty is ahead of loss cost trend. On the other hand, property right now is pricing is negative, and there is a more modest loss cost trend, but that loss cost trend is there. So one is going one way, one is going the other way. And on the other hand, we grew professional -- we grew financial lines this quarter, first time in most of our portfolios, not all, but most in quite a while. And in certain areas, we're beginning to get rate.
我认为这个判断有些过于简单。是的，从整体数字看可能如此，但你需要深入分析各个组成部分。比如意外险当前的定价是跑赢损失成本趋势的；而财产险方面，目前确实是负增长定价，虽然其损失成本趋势相对温和，但依然存在。所以不同险种走势不同，不能一概而论。同时，我们本季度在金融险方面实现了增长，这是大多数组合中一段时间以来的首次增长。在某些子领域，我们也开始实现费率回升。
And then I look at comp and comp pricing was better than the prior quarter. So there's puts and takes on it. And then as our mix of business changes. So you look at it, our loss ratio overall across the globe drop, North America loss ratio, commercial was flat. And that's a mix of business change occurring as well, more mid and small versus large and then within E\&S, a shift. So I don't envision, as I look from what I see right now, the deterioration, as your mental model, if you do it too simplistically, I would imagine.
再比如工伤险（comp），其定价本季度比上季度要好。因此，这里有利有弊，同时我们业务组合也在发生变化。整体来看，我们的全球赔付率有所下降，而北美商业险赔付率保持稳定。这也反映出我们从大型账户向中小市场倾斜，以及E\&S内部结构的调整。因此，从目前来看，我并不认为我们会如你简单模型预测的那样出现利润率下滑。
Brian Meredith
And then second question, Evan, I'm just curious, and I think you've chatted about this a little bit in the past, a number of large health care insurance companies have had some issues with medical cost inflation. And I'm wondering how that could potentially affect the P\&C insurance business Workers' Comp. How are you thinking about that in the context of Chubb?
第二个问题，Evan，想请教你关于医疗成本通胀的问题。我知道你以前也提到过这个话题。近期有一些大型医疗保险公司受到医疗成本通胀的冲击。我在想，这是否也可能影响到财产与意外险中的工伤险业务？Chubb在这方面的看法是怎样的？
Evan G. Greenberg
Yes. The medical inflation, remember, there's comp is different that way. And we have been careful, first of all, in our loss cost trend factors we used in reserving for medical, where we use factors that, frankly, are ahead of what we observed because it has a long tail to it.
是的，关于医疗通胀，要注意的是，工伤险（comp）与医疗险的机制不同。首先，在我们医疗相关的准备金中，我们对损失成本趋势的设定是非常审慎的。我们采用的趋势因子实际上是高于我们实际观察到的数据的，因为这一业务具有较长的赔付尾部（long tail）。
And by the idiosyncratic nature, what we see in health insurance companies, what drives the trend there in medical inflation is not the same factors that affect comp. And so we're not seeing it.
另外，医疗险公司所面临的医疗通胀压力，背后的驱动因素与影响工伤险的因素并不相同。因此，我们目前在工伤险中尚未看到受到类似通胀的影响。
Operator
And our next question comes from the line of Meyer Shields with KBW.
下一位提问者是来自KBW的Meyer Shields。
Meyer Shields
Evan, I was hoping you could talk about how sensitive your large domestic accounts are to social inflation in terms of the coverage that they're looking for. Is demand for more coverage, more deeper, broader coverage. Is that changing in response to elevated social inflation?
Evan，我想请你谈谈你们在美国的大型客户对社会通胀的敏感性，特别是在他们所寻求的保障范围方面。是否由于社会通胀上升，他们开始寻求更多、更深层次、更广泛的保险保障？这种需求是否正在发生变化？
Evan G. Greenberg
Well, they always like to buy deeper and broader coverage and have an arbit -- have a positive arbitrage with insurance companies. The trend has gone the other way. Over the last couple of years, last bunch of years on terms and conditions around casualty. It varies by area, obviously, particularly anything with logistics and automobile, trucking related, retail, slip and fall, et cetera.
客户一向喜欢购买更深层次、更广泛的保障，并试图在与保险公司之间实现正向套利。但近年来，趋势正好相反，特别是在意外险方面的条款和条件发生了显著变化。当然，不同行业表现不同，尤其是涉及物流、汽车运输、零售、滑倒摔伤等领域。
And those have been really the areas experiencing social inflation, which is true in middle market as well, separate from class actions around the chemical or something in the stream of commerce that way. Let's separate them out. Terms and conditions have tight retentions.
这些领域正是社会通胀影响最明显的部分，中型市场也不例外。此外，还有一些化工或商品流通领域的集体诉讼，这类要单独看待。总体来说，现在的保险条款设置了较高的客户自留额（retention）。
I mean that's what I talked about for you'll recall for a multiyear period where we were reshaping the book and took a hit to revenue who cares because we were adjusting client retentions, which leaves more with them, no dollar swapping, while prices increased for the layers above the dollar swap because frequency and severity of loss is increasing and has been increasing. I think there's an equilibrium that is being achieved now where the terms and conditions and the pricing reflect and are keeping pace with what is a hostile liability environment.
还记得我们过去几年一直在重塑组合，为此我们甚至愿意牺牲一些收入，因为我们在提高客户的自留额度，把更多的初级损失留给客户自己承担，避免了所谓的“保费对换”（即双方承担相当水平的损失）。而在高于自留额之上的保障层面，价格确实在上涨，因为损失频率和严重程度都在上升。我认为现在正在形成一种新的平衡状态，保险条款和定价正逐步反映出并跟上了这个高风险责任环境。
And so -- and there is that balance between client and carrier. But they make no bones about it. There's been more of a shift of risk. I'm back to client because why would you dollar swap? And then there has been inflation, extreme inflation and liability insurance premiums to reflect the risk that we are, in fact, taking.
所以现在客户和保险公司之间的风险分担达成了某种平衡。但坦率讲，风险确实更多地被转回给了客户。毕竟没有人愿意做“保费对换”的生意。同时，责任险保费也经历了剧烈的通胀，这正是为了匹配我们所承担的真实风险。
To a degree, you can't say that the middle market is immune from that at all. Case in point, I'll just point you to middle market commercial auto as a poster child for the last number of years, a bunch of years and a very difficult line for middle market carriers, and that's all about litigation social inflation. It's a poster child for it.
当然，中型市场并不能免疫这种影响。举个典型例子，中型市场的商用车险在过去几年一直非常艰难，它可以说是诉讼和社会通胀的“典型代表”。
Meyer Shields
Second question, on the international side, is there any way of I guess, breaking down growth between market share gains of current products and adding more sophisticated insurance products to markets where the economy is developing, but where Chubb would presumably have less competition.
第二个问题是关于国际市场的。你们是否能大致拆分一下增长的来源：一方面是现有产品的市场份额提升；另一方面是在经济发展中、竞争相对较小的市场引入更复杂的保险产品，这两方面分别贡献了多少？
Evan G. Greenberg
It's a combination of both. we're driving in and gaining market share. There is, on one hand -- no, there's a third one in there. Number two, new insurance buyers, those economies are growing. So lots of new businesses and not just new businesses, but new industries as those economies develop.
这两方面都有贡献，而且其实还有第三个因素。一方面我们在原有市场中持续推进并赢得市场份额；另一方面是新保险购买者的涌现。这些经济体本身在发展，诞生了大量新企业，而且不仅是新企业，还是新兴产业。
And so it's not -- where middle market may have been Main Street retail and restaurants and shop owners. It now expands as the economies develop. They have more technology-related and services-related businesses, et cetera, that develop with the economy on this people have more money.
因此，中型市场不再仅仅是传统的街边零售、餐厅或商铺经营者。随着经济发展，现在出现了更多科技类和服务类企业。人们的收入增加了，经济结构也在转型，这带来了新需求。
So it's new buyers, new industries and then you're adding product and locals don't happen. It could be from professional liability to cyber insurance to environmental liability to their change to more carbon neutral as those economies shift in new energy related industries, whether it's wind or solar, et cetera. So it's healthy dimensional when you look at it and it varies by market. There's not sort of one theme covering all of them. These are individual countries.
所以这是一种多维度的健康增长：包括新客户、新产业、以及新产品的引入，而这些产品往往是当地保险公司未曾涉足的。例如专业责任险、网络保险、环境责任险，甚至是随着经济体向碳中和转型而出现的新能源相关行业保险，如风电、太阳能等。这种增长模式因市场而异，并不存在一个统一的主题来概括所有国家，因为它们各自具有独立性和差异性。
Operator
And our next question comes from the line of Mike Zaremski with BMO Capital Markets.
接下来是来自BMO资本市场的Mike Zaremski提问。
Michael Zaremski
Going back to the social inflation conversation. On the North America commercial loss trend, which I believe you said is around \$6.5 million. Is there a way to kind of tease out or estimate how much of that is attributed to litigation finance or social inflation more broadly is our way to kind of think about that?
回到社会通胀的话题。关于北美商业险的损失趋势，我记得你们提到大约是650万美元。有没有办法粗略估算一下，其中有多少是由诉讼融资或更广义的社会通胀因素造成的？我们该如何理解这部分的影响？
Evan G. Greenberg
It's not an easy number to break out. But we do our own private work around that and information and our ability to measure where there is litigation, financing or not is growing, but it's still not clear. It's not transparent enough yet.
这个数字很难明确分拆出来。不过我们在内部做了很多分析和研究，对于哪些案件涉及诉讼融资，我们的识别能力正在提升，但仍然不够清晰，目前还缺乏足够透明的数据。
Michael Zaremski
Okay. That's fair. I appreciate, it's...
好的，明白，这确实很合理，我理解……
Evan G. Greenberg
What we can measure that I think, frankly, I want to help you with your question. It varies. What we can see very clearly, it varies by state to a very large degree. And that is the liability laws. We can measure how much comparative negligence as an example, depending on the law around comparative negligence. So I may be the only party in a suit that has money. And yet, I was only 15% liable.
坦率地说，为了更好回答你的问题，我们目前能够量化的一点是：这一问题在州与州之间差异非常大。关键在于各州的责任法（liability laws）不同。比如，在“比较过失”（comparative negligence）制度下，我们可以测量责任比例对经济结果的影响。举例来说，在某个案件中，我可能是唯一有钱的被告方，但只承担15%的责任。
But in that state, I'm required to pay 100% of the loss, if no one else counts. And then comparative negligence between the claimant and the defense and the litigant -- what is comparative fault and how do you put dollar amounts around it. We can measure those things economically and know that this kind of law change in this place will have this kind of impact. And by the way, that's what's driving a Louisiana or a Florida or Georgia to tort reform.
但如果在那个州，没有其他被告能赔付，我就要承担100%的损失。再比如，原告和被告之间的“比较过失”怎么定义，怎么量化其责任比例，我们能对这些因素进行经济上的测算，并据此预测某一法律变化在某州将带来怎样的影响。顺便说一句，正是这些法律责任体系的失衡，推动了路易斯安那、佛罗里达和佐治亚等州推行侵权改革。
Michael Zaremski
Maybe pivoting as my follow-up, the larger account property marketplace, which you gave good commentary on. Is there a way to think, perspectively, given the kind of extent of the pricing declines from a modeling perspective, would it be fair to say that if we have a normal catastrophe or lost year in the remainder of the year that this is kind of -- the worst would be behind us? Or is it just too tough to size up and we'll see what competitive dynamics do next year or later this year?
换一个角度做个追问，关于你刚才详细谈到的大型客户财产险市场。就目前的价格下滑幅度而言，从模型角度出发，如果我们今年余下时间遇到的是一个正常的灾难或损失年份，那么是否可以认为市场最困难的阶段已经过去？还是说目前还很难评估，要看今年稍后或明年市场竞争格局的变化？
Evan G. Greenberg
I'm sorry, Mike. For a moment, I blanked out on you because a colleague was telling me to mention noneconomic damages in the liability \[indiscernible] which is another issue, and we can measure it. Were you talking about property insurance? And if we have the pricing...
抱歉，Mike，我刚刚有点走神，有位同事提醒我提一下责任险中的非经济性损害赔偿问题，这是另一个可以量化的因素。你刚刚是问财产险的部分对吗？关于定价方面……
Michael Zaremski
Yes. I guess just large account property, investors have asked us a lot of questions about just the extent of the price decrease...
对，我是说大型客户财产险，投资者们问了很多关于价格下降幅度的问题……
Evan G. Greenberg
So look, here is the mental model I want to give you, others who are listening about this. Large account buys large limits to the property. They break it up into these layers and it becomes simply a trading business, if you're not the one issuing the paper and managing the claims, and doing the engineering, and issuing policies all over the world for them, which most have no capability to do, Chubb does.
那我给你和所有在听的朋友们一个理解这个市场的思维模型。大型客户购买的是大额的财产保障，他们会把保障拆分成多个层级。这在本质上就变成了一门“交易型生意”——如果你不是那个真正出单的人、不是那个负责理赔、负责全球工程风险评估与出具保单的人，那你基本上就是参与交易的角色。大多数公司做不到这些，但Chubb能。
And therefore, they throw the business in a dog bowl when there's so much capital that's hungry, and they eat layers out of the bowl. So they place it that way. London and a number of other carriers, whether it is E\&S related or it's admitted related come to play and you get this frenzy when there's too much capital, please give me a share because it looks well for us.
因此，当市场上资本非常充裕时，这些业务就像被“扔进狗碗”一样——谁饿谁来抢，各家分食不同的保障层。这种做法很普遍。伦敦市场及其他多家保险公司，无论是E\&S市场还是标准市场，都会加入这场争夺。当资本太多时，市场会陷入狂热状态——大家都在争抢“份额”，因为表面上看起来很划算。
It responds over time to loss cost, both \[indiscernible] underprice it. And we're not -- we're on the edge of that right now. And they -- and so it will respond to major catastrophes, it will respond to frequency of attritional loss that will occur over time. And whether it is in one season will depend on how major the cats are and how many of them are and where are they?
这种市场会随着时间对损失成本做出反应，但往往在初期会被低估价格。目前我们正处在这个阶段的边缘。而这个市场最终会随着重大灾害的发生、常规损失频率的上升而产生反应。至于是否会在某一个季度就出现转变，这取决于灾难的严重程度、数量及发生地点。
So not a simple answer, but ultimately, in the business. You got to get an adequate price to make any money in. Economics don't change, just a timing question.
所以这个问题没有一个简单答案。但归根结底，这门生意必须在合理定价的前提下才能赚钱。经济规律不会改变，只是时间早晚的问题。
Operator
And our next question comes from the line of Vikram Gandhi with HSBC.
接下来是来自汇丰银行的Vikram Gandhi提问。
Vikram Gandhi
I have a question on the investment income, which has a flat line over the past 3 quarters despite a reasonable growth in investment portfolio. I see the duration has been pretty stable. ForEx effect that should have helped the past quarter. So does it all boil down to the pressure on yields outside the U.S.? And then I do hear your comment about positive trajectory of investment income over the next quarter. And I wonder what really changes that.
我想问一下关于投资收益的问题。过去三个季度投资收益基本持平，尽管投资组合本身是增长的。我注意到久期也比较稳定，汇率方面在上季度本应是利好。所以是否可以理解为，这主要是由于美国以外市场收益率承压？另外，我听到你们提到下季度投资收益将呈现正增长趋势，我想知道具体的推动因素是什么？
Peter Enns
Vikram, it's Peter. I think in the prior quarters, we disclosed that in certain quarters, we had lower-than-expected private equity-related income, which can be volatile. And at the same time, what we're signaling with the forward guidance is as the cash flows have come into the portfolio, particularly over the last quarter that we expect investment income to continue to grow quite nicely.
Vikram，我是Peter。此前我们在几个季度中披露过，部分季度的私募股权相关收益低于预期，而这类投资的波动性本身就比较大。与此同时，我们在未来展望中传递的信息是，最近一个季度进入投资组合的现金流非常充沛，因此我们预计投资收益将持续稳健增长。
Vikram Gandhi
Okay. So if I understand correctly, the -- it's really the alternative income coming in, that's going to help in Q3.
好的，那我理解正确的话，第三季度的增长主要是来自另类投资收益的回升，对吗？
Peter Enns
It's a combination of the alternative coming out of which a component can more variable and a component is fairly stable. And then the cash flow is coming in the portfolio, which have been quite significant over the past quarter, which next quarter will have the full benefit of.
是多个因素的共同作用。一方面是来自另类投资的收益，其中一部分波动较大，另一部分相对稳定；另一方面是大量现金流在上一季度已进入我们的投资组合，而这些资金将在下一季度实现全面贡献。
Evan G. Greenberg
Growing invested assets...
投资资产持续增长……
Peter Enns
Which is why I pointed of the \$6 billion increase. Thank you.
这正是我刚才提到投资资产增长了60亿美元的原因。谢谢。
Vikram Gandhi
And a follow-up, just curious on your thoughts around share buybacks since the mix change in the business might probably mean the -- even though there is growth in the business, it might not be as capital intensive. So what's the best way for us to think about share buybacks going forward?
我再追问一下，关于股票回购的问题。由于业务结构发生了变化，即使业务本身在增长，但可能并不那么依赖资本投入。所以你们未来怎么看待股票回购？我们该如何理解这方面的策略？
Peter Enns
Yes. We don't give guidance and nothing's really changed, right? We keep capital for risk and opportunity, and we continue to see significant opportunity. You'll see that we have continued to buy back on a regular basis. We bought back more this quarter than the prior quarter. We're not going to do it on a consistent basis. We'll flex based on what we see happening in the market and what we see the stock market and our stock and what we see happening in the insurance market. And as you see, we just reauthorized \$5 Billion open-ended for share repurchased.
我们不会提供具体指引，但基本策略没有变化。我们保留资本，是为了应对风险和把握机会，而我们确实看到了很多机会。你会注意到，我们仍在有节奏地回购股票，这个季度的回购金额比上个季度还多。我们不会采取固定节奏的回购策略，而是会根据市场的变化、股票市场以及我们自家股价的表现、以及保险市场的情况灵活调整。正如你看到的，我们刚刚批准了一项新的、无到期日的50亿美元股票回购授权。
Operator
And our final question today comes from the line of Alex Scott with Barclays.
我们今天的最后一个问题来自巴克莱银行的Alex Scott。
Taylor Scott
For the first one, I just wanted to ask about reinsurance and see if you could provide more color around just the step down in premiums and how you're finding the market in terms of just relative attractiveness and price adequacy.
第一个问题想请教关于再保险的情况。能否进一步解释一下保费下滑的原因？你们目前怎么看待再保险市场的吸引力和定价的充分性？
Evan G. Greenberg
Yes. The reinsurance business, we wrote a large structured transaction last year that didn't see. Excluding that, growth was rather muted, and that was more property related where we -- it's not a big deal. We just simply didn't like the trades. And so we're disciplined and didn't chase it.
是的。关于再保险业务，我们去年曾承保了一笔大型结构性交易，但今年没有类似的交易。剔除这笔交易，增长其实是相对平淡的，主要是在财产险方面。我们对当时市场上的交易不太感兴趣，所以就没有跟进。这没什么特别的，就是出于承保纪律，我们不愿意追逐不符合标准的业务。
Taylor Scott
Second question I had is on capital and just how you're viewing excess capital? If you could update us on that and just sort of the pecking order of things you're interested in and if there's any heightened interest around M\&A at all?
第二个问题是关于资本的。你们目前如何看待多余资本的管理？能否更新一下相关策略，特别是你们的优先使用顺序？是否对并购方面的兴趣有所增强？
Evan G. Greenberg
We're deploying our capital in ways that are accretive to our ROE, whether it is deployed to support insurance business, it's deployed to support our invested asset and our investment management strategy. So we feel quite good about our management around the capital we hope.
我们在资本使用上非常注重对ROE的正面贡献。无论是用于支持保险业务，还是用于支持投资资产和我们的资产管理策略，都是以提升回报为目标的。所以我们对资本管理的方式感到很满意。
At the same time, it provides us flexibility and opportunity, which is the second derivative for growth in our business, organic or inorganic that may occur from time to time. And finally, we return capital as Peter went through to shareholders in a reasonably steady way through both dividends and share repurchase, which together was over \$1 billion this quarter.
与此同时，这也为我们提供了灵活性和机会，是推动我们业务增长（无论是内生还是外延式）的二阶动力。最后，正如Peter所提到的，我们也持续通过分红和股票回购的方式稳定地向股东返还资本，本季度这两项合计超过10亿美元。
Operator
And again, that does conclude our question-and-answer session today. Thank you all so much. And I would now like to turn the call back over to Karen Beyer for closing remarks. Karen?
再次提醒，这就结束了我们今天的问答环节。非常感谢大家的参与。接下来我将电话交还给Karen Beyer做结束致辞。Karen？
Karen Beyer
Thank you, everyone, for joining us today. And if you have any follow-up questions, we'll be around to take your call. Enjoy the day. Thank you.
感谢各位今天的参与。如果您之后还有任何跟进问题，我们会随时待命接听来电。祝大家今天愉快，谢谢。
Operator
Thanks, Karen. And ladies and gentlemen, again, that concludes today's call. Thank you all for joining, and you may now disconnect.
谢谢你，Karen。各位女士们先生们，今天的电话会议到此结束。感谢大家的参与，您现在可以挂断电话了。