American International Group, Inc. (NYSE:AIG) Q2 2025 Earnings Conference Call August 7, 2025 8:30 AM ET
Company Participants
Donald John Bailey - Executive VP & CEO of North America Commercial Insurance
Jon Hancock - Executive VP and CEO of International Commercial Insurance & Global Personal Insurance
Keith Francis Walsh - Executive VP & CFO
Peter Salvatore Zaffino - CEO & Chairman
Quentin John McMillan - VP, MD & Head of Investor Relations
Conference Call Participants
Elyse Beth Greenspan - Wells Fargo Securities, LLC, Research Division
Meyer Shields - Keefe, Bruyette, & Woods, Inc., Research Division
Michael David Zaremski - BMO Capital Markets Equity Research
Taylor Alexander Scott - Barclays Bank PLC, Research Division
Operator
Good day. and welcome to AIG's Second Quarter 2025 Financial Results Conference Call. This conference is being recorded. Now at this time, I would like to turn the call over to Quentin McMillan. Please go ahead.
大家好，欢迎参加 AIG 2025 年第二季度财报电话会议。本次会议正在录音。现在我想把电话交给 Quentin McMillan，请开始。
Quentin John McMillan
Thanks very much, Michelle, and good morning. Today's remarks may include forward-looking statements, which are subject to risks and uncertainties. These statements are not guarantees of future performance or events and are based on management's current expectations. AIG's filings with the SEC provide details on important factors that could cause actual results or events to differ materially.
非常感谢你，Michelle，大家早上好。今天的发言可能包含前瞻性声明，这些声明存在风险和不确定性。这些陈述并不保证未来的业绩或事件，而是基于管理层当前的预期。AIG 向 SEC 提交的文件详细说明了可能导致实际结果或事件出现重大差异的重要因素。
Except as required by applicable securities laws, AIG has no obligation to update any forward-looking statements if circumstances or management's estimates or opinions should change. Today's remarks may also refer to non-GAAP financial measures. The reconciliation of such measures to the most comparable GAAP figures is included in our earnings release, financial supplement and earnings presentation, all of which are available on our website at aig.com.
除非适用的证券法律要求，否则即使情况或管理层的估计或观点发生变化，AIG 也没有义务更新任何前瞻性声明。今天的发言还可能涉及非 GAAP 财务指标。这些指标与最可比的 GAAP 数据之间的对照，已包含在我们的财报、财务补充材料和业绩展示文稿中，所有资料均可在我们的网站 aig.com 获取。
Following the deconsolidation of Corebridge Financial on June 9, 2024, the historical results of Corebridge for all periods presented are reflected in AIG's consolidated financial statements as discontinued operations in accordance with U.S. GAAP. Finally, today's remarks related to net premiums written are presented on a comparable basis, which reflects year-over-year comparison on a constant dollar basis and adjusted for the sale of the global personal travel and assistance business as applicable. We believe this presentation provides the most useful view of our results and the go-forward business in light of the substantial changes to the portfolio since 2023. Please refer to Page 25 of the earnings presentation for reconciliations of such metrics reported on a comparable basis.
自 2024 年 6 月 9 日起，Corebridge Financial 已不再并表，其历史业绩在 AIG 的合并财务报表中按照美国 GAAP 列示为终止经营。最后，今天提及的净保费收入是基于可比口径披露的，即在恒定汇率基础上进行同比比较，并根据全球个人旅行与援助业务出售的情况进行调整。我们认为，鉴于自 2023 年以来投资组合发生的重大变化，这种披露方式能为我们的业绩和未来业务提供最有用的视角。有关可比口径下指标的对照，请参阅财报展示文稿第 25 页。
With that, I'd now like to turn the call over to our Chairman and CEO, Peter Zaffino.
接下来，我想把电话交给我们的董事长兼首席执行官 Peter Zaffino。
Peter Salvatore Zaffino
Thank you, Quentin, and good morning, everyone. Thank you for joining us today to review our second quarter 2025 financial results. Following my remarks, Keith will provide more detail on the quarter, and then we will take questions. Jon Hancock and Don Bailey will join us for the Q\&A portion of our call. AIG had an outstanding second quarter. We continue to make meaningful progress on our strategic, operational and financial objectives that we outlined at Investor Day. Our momentum continues to build with strong performance across the board.
谢谢你，Quentin，大家早上好。感谢各位今天参加会议，共同回顾我们 2025 年第二季度的财务业绩。在我发言之后，Keith 将会详细介绍本季度情况，随后我们将进入问答环节。Jon Hancock 和 Don Bailey 也会参与我们的问答部分。AIG 在第二季度表现出色。我们在投资者日上阐述的战略、运营和财务目标继续取得实质性进展。我们的发展势头持续增强，整体业务表现强劲。
We delivered adjusted after-tax income per diluted share of \$1.81, an increase of 56% year-over-year. Adjusted after-tax income for the quarter was \$1 billion an increase of 35% from the prior year quarter, driven by our general insurance business, which had underwriting income of \$626 million, an increase of 46% year-over-year. Net investment income on an adjusted pretax basis was \$955 million, an increase of 9% year-over-year. Accident year combined ratio as adjusted was 88.4%. Calendar year combined ratio was 89.3%, an improvement of 320 basis points from the prior year quarter.
我们实现了每股稀释后调整后税后收益 1.81 美元，同比提升 56%。本季度调整后税后收益为 10 亿美元，同比增长 35%，主要由我们的综合保险业务推动，该业务的承保利润为 6.26 亿美元，同比增长 46%。调整前税净投资收益为 9.55 亿美元，同比增长 9%。事故年度调整后综合赔付率为 88.4%。日历年度综合赔付率为 89.3%，较去年同期改善 320 个基点。
We achieved a core operating ROE of 11.7%. We returned \$2 billion of capital to shareholders, bringing the year-to-date total to \$4.5 billion. We sold \$430 million or 13.4 million shares of Corebridge Financial, reducing our stake to approximately 21%. And finally, both S\&P Global and Moody's upgraded their financial strength ratings of AIG's insurance subsidiaries during the quarter, which was a major milestone. This is our first upgrade from S\&P Global since 2013 and our first upgrade from Moody's since 1990.
我们实现了 11.7% 的核心经营 ROE。我们向股东回馈资本 20 亿美元，使得年初至今的总额达到 45 亿美元。我们出售了价值 4.3 亿美元、1340 万股的 Corebridge Financial 股票，将持股比例降至约 21%。最后，本季度 S\&P Global 和 Moody's 均上调了 AIG 保险子公司的财务实力评级，这一举措具有里程碑意义。这是自 2013 年以来我们首次获得 S\&P Global 的评级上调，也是自 1990 年以来首次获得 Moody's 的评级上调。
For our call this morning, I will share a detailed review of our second quarter results, a few observations on the global property market and specifically our portfolio, highlights from our successful completion of AIG Next, which delivered \$500 million in savings and significant operational improvements, an overview of Russia aviation-related claims, and an update on our Gen AI initiatives.
在今天的电话会议中，我将详细回顾第二季度的业绩，对全球财产险市场以及我们投资组合的情况进行一些观察，介绍我们成功完成的 AIG Next 项目亮点（实现了 5 亿美元的节省和显著的运营改进），并概述俄罗斯航空相关索赔的情况，以及我们的 Gen AI 项目最新进展。
Before I review the quarter in more detail, I'd like to take a moment to welcome John Neal to AIG, who will be joining us as President on December 1. As many of you know, John is one of the most accomplished executives in our industry. He's very well known to our stakeholders, has significant global operating experience and an impressive track record leading underwriting organizations most recently as the CEO of Lloyd's London. John will oversee our General Insurance organization and will partner with me and the business leaders in driving the strategic direction of the business. John's background, experience and global expertise adds depth to our excellent management team, and we look forward to working closely with them in his new role.
在我进一步回顾季度业绩之前，我想花一点时间欢迎 John Neal 加入 AIG，他将于 12 月 1 日起担任总裁。正如许多人所知，John 是我们行业内最具成就的高管之一。他在利益相关方中享有很高声誉，拥有丰富的全球运营经验，并在领导承保组织方面有着令人印象深刻的业绩，最近担任 Lloyd's London 的首席执行官。John 将负责我们的综合保险业务，并与我以及业务领导团队一道推动公司战略方向。John 的背景、经验和全球化专业能力将为我们出色的管理团队增添深度，我们期待与他在新职位上紧密合作。
Now let me provide a more detailed view of our second quarter financial results. Net premiums written were \$6.9 billion, an increase of 1% year-over-year. This included 3% growth in Global Commercial. North America Commercial Insurance net premiums written increased 4% year-over-year. Excluding Property, which I will discuss in more detail, North America Commercial Insurance net premiums written increased 11%. We had growth in businesses that we believe have strong risk-adjusted margins, and we tempered growth in those businesses that had rate pressure. Retail Casualty and Lexington Casualty each increased 19%. Western World increased 15% and our alternative businesses, which consist of Glatfelter and programs, also increased 19%.
现在让我更详细地介绍第二季度的财务业绩。净承保保费为 69 亿美元，同比增长 1%。其中，全球商业险增长 3%。北美商业保险净承保保费同比增长 4%。如果剔除财产险（我稍后会更详细说明），北美商业保险净承保保费同比增长 11%。我们在那些具有强劲风险调整后利润率的业务中实现了增长，而在面临费率压力的业务中适度控制了增长。零售意外险和 Lexington Casualty 各增长 19%；Western World 增长 15%；由 Glatfelter 和项目业务组成的替代业务也增长 19%。
These results were offset by Retail Property and Lexington Property, where net premiums written declined by 8%. International Commercial Insurance net premiums written increased 1% year-over-year, driven by modest growth in Casualty and Global Specialty, which was offset by declines in Property and Financial Lines. In the second quarter, Global Commercial continued to produce strong new business of nearly \$1.4 billion, a 7% increase from the prior year quarter. In 2024, North America Commercial experienced tremendous new business growth. In 2025, we continue to see incremental growth led by Lexington Middle Market, Western World and our alternative businesses. It's worth noting that the submission count in our Lexington business continues to be very strong, increasing 28% year-over-year.
这些业绩被零售财产险和 Lexington Property 的表现所抵消，两者的净承保保费下降了 8%。国际商业保险净承保保费同比增长 1%，受益于意外险和全球特色险的温和增长，但被财产险和金融险的下滑所抵消。在第二季度，全球商业险继续实现强劲的新业务，接近 14 亿美元，同比增长 7%。2024 年，北美商业险经历了显著的新业务增长。2025 年，我们仍在看到渐进式增长，主要由 Lexington 中端市场、Western World 和我们的替代业务推动。值得注意的是，Lexington 业务的提交数量依旧强劲，同比增长 28%。
International Commercial produced very strong new business in Specialty with a 35% increase from the prior year quarter, led by Marine and Energy. In addition, Global Commercial had very strong renewal retention across North America Commercial and International Commercial of 88%. Global Personal net premiums written decreased 3%. As I discussed on previous earnings call, we entered into a high net worth quota share reinsurance treaty with strategic partners that is driving profitability improvement of the portfolio; however, it had a 6-point negative impact to Global Personal net premiums written growth in the quarter.
国际商业险在特色险领域实现了非常强劲的新业务，同比增长 35%，主要由海运险和能源险带动。此外，全球商业险在北美商业险和国际商业险的续保保单保持率均高达 88%。全球个人险的净承保保费下降了 3%。正如我在之前的财报电话会中提到的，我们与战略合作伙伴签订了一份高净值份额分保协议，这正在推动投资组合盈利能力的改善；不过，这在本季度对全球个人险的净承保保费增长产生了 6 个百分点的负面影响。
Turning to expenses. Keith will go into more detail in his remarks, but I wanted to make a few points. Our General Insurance expense ratio was 31%, a 50 basis point improvement year-over-year. For the first half of 2025, the General Insurance expense ratio was 30.8% compared to 31.6% for the prior year period. The General Insurance business has continued to absorb expenses that used to reside in other operations. In addition, we've made meaningful investments in cybersecurity and Gen AI and the costs for both are being absorbed in the businesses. For other operations, general operating expenses were \$90 million in the quarter and \$175 million for the first half of 2025. This is in line with a \$350 million annual run rate for parent expenses for 2025, which is simply an outstanding result.
转向费用部分。Keith 将在稍后的发言中做更详细的说明，但我想强调几点。我们的综合保险费用率为 31%，同比改善 50 个基点。2025 年上半年，综合保险费用率为 30.8%，而去年同期为 31.6%。综合保险业务继续承担原本属于其他运营的费用。此外，我们在网络安全和 Gen AI 上进行了有意义的投资，这两部分的费用也被纳入了业务成本。本季度其他运营的日常运营费用为 9000 万美元，2025 年上半年为 1.75 亿美元。这与 2025 年母公司费用年化 3.5 亿美元的运行水平一致，这一结果可以说非常出色。
Now I'd like to take a moment to cover the Property Insurance market and the competitive nature of the rate environment, particularly in large account property as we enter wind season in the United States. This has been one of the most widely discussed topics in the industry, and I thought it was worth spending a few minutes outlining a technical view of AIG's underwriting approach to our U.S. property portfolio in this environment. My comments will focus on U.S. property because our International Property portfolio is experiencing very different market dynamics. It has terrific results and a rate environment that is currently positive.
接下来，我想花一点时间谈谈财产保险市场和费率环境的竞争格局，特别是在美国进入飓风季时的大额账户财产险。这是业内最广泛讨论的话题之一，我认为值得花几分钟从技术角度概述 AIG 在这一环境下对美国财产险投资组合的承保方法。我的评论将集中在美国财产险上，因为我们的国际财产险投资组合面临着截然不同的市场动态，表现优异，费率环境目前处于正面。
Our U.S. property business has been one of the best stories for AIG during the repositioning of our underwriting portfolio. What used to be a highly unprofitable portfolio with massive limits, combined ratios of 120 or greater and significant volatility accompanied with outside catastrophe losses has now become one of the most profitable lines of business for AIG. Even in the current environment, our portfolio has been performing exceptionally well across Retail Property and Lexington wholesale large account, where on average, pricing decreases have been 11% and Lexington Middle Market property was largely flat. Since 2018, Retail Property and Lexington wholesale large account, cumulative rate increases have been 135% and 120%, respectively, and Lexington Middle Market has had cumulative rate increases of 90%.
在我们重新定位承保组合的过程中，美国财产险业务成为了 AIG 最佳故事之一。过去，这一组合曾是高度亏损的业务，限额庞大，综合赔付率超过 120%，波动巨大且伴随外部灾难损失，如今已成为 AIG 最盈利的业务之一。即使在当前环境下，我们的投资组合在零售财产险和 Lexington 批发大额账户方面表现依然出色，平均价格下降了 11%，而 Lexington 中端市场财产险基本持平。自 2018 年以来，零售财产险和 Lexington 批发大额账户的累计费率涨幅分别为 135% 和 120%，而 Lexington 中端市场的累计费率涨幅为 90%。
Additionally, over the last several years, accident year combined ratios, as adjusted have been below 60% on average for both Retail and Wholesale Property. Further, and an important distinction, approximately 90% of our large account property, Retail and Wholesale, is placed on a shared and layered basis, which means nonconcurrent pricing and nonconcurrent terms on that placement. This allows us to establish differentiated pricing and policy wording coverages and exclusions for the limits we deploy for each risk. And when we report out our rate increases or decreases it is against the pricing that we established for our layer, not the index of the average pricing of the market for that placement.
此外，在过去几年中，事故年度的调整后综合赔付率在零售和批发财产险中平均低于 60%。另外，一个重要的区别是，我们约 90% 的大额账户财产险（零售与批发）采用分层和分摊的方式承保，这意味着每一层的定价和条款并不一致。这使得我们能够针对所承担的每一风险限额制定差异化的定价、保单条款、保障范围和除外责任。当我们报告费率上升或下降时，是基于我们为自身层级设定的定价，而不是基于市场该层的平均定价指数。
Also, with shared and layer placements, most of the business is net of commission. This means it has a very low acquisition expenses. In AIG's case, Retail Property has an acquisition ratio of approximately 1%. Inherently, it therefore has a higher loss ratio as the total premium includes very little expenses to gross up. In contrast, a Middle Market portfolio, which for AIG is 35% of our total property book has different characteristics. Middle Market accounts, have higher acquisition expense ratio and total expense ratio that translates to lower loss ratios because the total premium has grossed up through a higher total expense load.
此外，在分摊和分层承保中，大部分业务是扣除佣金后的净额，这意味着其获取成本极低。以 AIG 为例，零售财产险的获客费用率大约为 1%。因此，其固有的损失率较高，因为总保费中几乎没有费用需要摊入。相比之下，中端市场组合（在 AIG 占我们整个财产险保单的 35%）具有不同的特征。中端市场账户的获客费用率和总费用率较高，这使得其损失率较低，因为总保费因更高的费用负担而被抬升。
When reviewing the quality and profitability of our property portfolio at a high level, in addition to excellent individual risk underwriting, you should also have a technical view of the following components. Let's start with catastrophe. You need a proper analysis of potential CAT layers using extensive modeling, along with an accurate view of exposure and appropriate funding for CAT risks including comprehensive reinsurance at all appropriate return periods and tail risk. Then you should review average annual losses or AAL, which are CAT losses that are within your net retention below your Property CAT Reinsurance program that typically for lower return periods, net retained catastrophe requires an appropriate risk load.
当从整体上审视我们财产险组合的质量和盈利能力时，除了出色的单一风险承保之外，还应从技术角度考量以下几个组成部分。让我们从巨灾风险开始。需要通过广泛建模来正确分析潜在的巨灾分层，同时准确评估暴露情况，并为巨灾风险提供适当的资金支持，包括在所有适当的重现期和尾部风险下的全面再保险。然后，应审查平均年度损失（AAL），即在财产巨灾再保险计划净自留限额以下的巨灾损失，这通常发生在较低的重现期情况下，此时净自留的巨灾需要适当的风险负荷。
Also important are vertical single losses that are typically protected with property per risk reinsurance. And finally, you should consider attritional loss selections with an appropriate risk margin. When you analyze each of these components, I believe our approach has been conservative with respect to each variable. Why do I feel this way? The reason is we have a clear and detailed understanding of our fully loaded reinsurance CAT costs. We've been able to purchase reinsurance at low attachment points and have high exhaust limits. And importantly, these costs are fully embedded into our insurance pricing. This year, our risk-adjusted pricing decreases for reinsurance are at or greater than the pricing decreases on our primary business, limiting the impact of the rate environment on our net loss ratios. This would not be the case if you chose to take these layers net.
另一个重要的部分是单一垂直损失，这类风险通常通过财产逐险再保险加以保护。最后，还应考虑附带损失的选择，并配以适当的风险边际。当分析这些组成部分时，我认为我们在各个变量上的处理方式都相对保守。为什么我会这样认为？原因在于我们对自身全额再保险巨灾成本有清晰且详细的理解。我们能够在较低的起赔点购买再保险，并设置较高的赔付上限。更重要的是，这些成本已经完全嵌入我们的保险定价中。今年，我们在再保险上的风险调整后定价降幅与甚至超过了在主业务上的定价降幅，从而限制了费率环境对我们净损失率的影响。如果选择净自留这些分层，情况就不会是这样。
Even with a significant increase in frequency of CATs, our AALs have been roughly equal to or greater than our actual experience over the past 3 years. On single large losses, we have significant protection on property per risk with reinsurance attaching at \$25 million and exhausting in excess of \$600 million. This is another strategic choice to reduce volatility, and we have fully embedded this cost into our pricing. We've also benefited from risk-adjusted pricing decreases on our property per risk treaties. The outcome of all of these variables is that our attritional loss ratios over the past 3 years have performed better than our expected accident year loss ratio picks.
即便巨灾发生频率显著增加，我们的 AAL 在过去三年中大致与实际经验持平，甚至高于实际水平。在单一大额损失方面，我们通过财产逐险再保险获得了显著保护，起赔点为 2500 万美元，赔付上限超过 6 亿美元。这是我们为降低波动性所做的另一项战略选择，而且该成本已完全嵌入定价中。我们同样受益于财产逐险再保险合同的风险调整后定价下降。所有这些变量的综合结果是，过去三年我们的附带损失率表现优于预期的事故年度损失率选定值。
As I noted, another critical component of the loss projection is how much risk margin you have embedded as part of the ultimate accident year loss ratio. In our case, that market has continued to expand as a result of our exceptional underwriting and cumulative rate increases. When developing our loss picks, we include a risk margin that ranges from 10% to 20% depending on the segment of business. We've structured our portfolio to manage through various cycles. Going forward, we're looking to maintain our U.S. property portfolio, which is evidenced through our strong retention, growing where it makes sense for us based on risk-adjusted returns. And when market conditions warrant, we have the ability to pivot quickly.
正如我提到的，损失预测中的另一个关键组成部分是，在最终事故年度损失率中嵌入了多少风险边际。就我们而言，由于出色的承保能力和累计费率提升，这一部分持续扩大。在制定损失选定值时，我们包含了 10% 至 20% 不等的风险边际，具体取决于业务板块。我们已经构建了能够应对各种周期的投资组合。展望未来，我们希望保持美国财产险投资组合，这一点已通过强劲的续保情况得到证明；并且基于风险调整后的回报，在合适的地方实现增长。而在市场条件需要时，我们也具备快速调整的能力。
When you take into consideration all of these components of our Property portfolio, we expect in the current environment to deliver strong profitability in both Retail and Wholesale property.
综合考虑财产险投资组合中的所有这些因素，我们预计在当前环境下，无论是零售财产险还是批发财产险都将实现强劲的盈利能力。
Now I'd like to provide an update on our operational accomplishments. At the end of 2023, we launched AIG Next to create a leaner, more simplified and more effective organization supported by the right infrastructure and capabilities while achieving at least \$500 million in run rate savings. We embarked on this journey by pursuing a number of key initiatives. First, we created a lean parent company with costs aligned to being a public company, representing 1% to 1.5% of net premiums earned. In 2023, other operations expenses were approximately \$1 billion. In order to achieve our future state parent expenses, we transferred \$300 million as part of the Corebridge Financial divestiture. We either eliminated or reapportioned the remaining \$350 million into our General Insurance businesses.
现在我想介绍一下我们的运营成果。2023 年底，我们启动了 AIG Next，旨在建立一个更加精简、更简单、更高效的组织，以合适的基础设施和能力为支撑，同时实现至少 5 亿美元的年化节省。我们通过一系列关键举措开启了这段历程。首先，我们建立了一个精简的母公司，其成本与上市公司的要求相匹配，占已赚净保费的 1% 至 1.5%。2023 年，其他运营费用约为 10 亿美元。为了实现未来目标母公司费用，我们在 Corebridge Financial 剥离过程中转移了 3 亿美元，其余 3.5 亿美元要么被消除，要么重新分配至我们的综合保险业务。
Second, we drove global consistency and local relevancy across our end-to-end processes including centralizing our treasury and capital activities to create global enterprise standards. Third, we reduced organizational complexity through the creation of 3 distinct business segments: North America Commercial, International Commercial and Global Personal, which has led to better and differentiated experiences for our clients and partners. Fourth, we restructured and simplified our underwriting and claims organizations to accelerate and scale our data, digital and Gen AI strategy. And finally, we advanced our technology transformation and modernized our infrastructure, which included, among other initiatives, the elimination of 1,200 legacy applications.
其次，我们推动了端到端流程的全球一致性与本地相关性，包括将资金管理和资本活动集中化，以建立全球企业标准。第三，我们通过创建三个独立的业务板块——北美商业险、国际商业险和全球个人险——减少了组织复杂性，从而为客户和合作伙伴提供了更好且差异化的体验。第四，我们重组并简化了承保和理赔组织，以加速并扩大我们的数据、数字化和 Gen AI 战略。最后，我们推进了技术转型并实现了基础设施现代化，其中包括淘汰 1200 个遗留应用程序等举措。
As we did with AIG 200 and our underwriting turnaround, I'm very pleased to share that we've achieved our objectives ahead of schedule. We actioned over \$530 million of annual run rate expense savings with over \$500 million realized through the second quarter. I often say that one of the most impressive differentiators of AIG is our colleagues' ability to execute multiple complex strategic initiatives at the highest quality. The accelerated results that we've achieved through AIG Next are a testament to our culture of teamwork and willingness to execute at pace across the company.
就像当年我们实施 AIG 200 和承保业务扭转一样，我很高兴地分享，我们提前实现了目标。我们执行了超过 5.3 亿美元的年化费用节省举措，其中超过 5 亿美元已在第二季度实现。我常说，AIG 最令人印象深刻的差异化优势之一，是我们同事们能够以最高水准执行多个复杂的战略项目。我们通过 AIG Next 所取得的加速成果，正是我们团队合作文化以及公司内部快速执行意愿的有力证明。
We thought it would be helpful to provide perspective on the Russia aviation-related claims, a complex industry topic in the headlines. These aviation insurance exposures are related to aircraft leased to Russian airlines that were kept in Russia after the invasion of Ukraine. As you may recall, airline lessors are seeking compensation under contingent and possessed as well as operator policies covering both all risks and war apparels. On June 11, a judgment was issued in a legal proceeding in the U.K. in which a number of lessors led by AerCap brought claims against insurers that issued contingent and possess policies to them.
我们认为，有必要就俄罗斯航空相关理赔问题提供一些看法，这是近期行业头条中的一个复杂议题。这些航空保险风险与租赁给俄罗斯航空公司的飞机有关，这些飞机在乌克兰被入侵后仍留在俄罗斯。大家可能记得，飞机出租人正在根据或有和拥有险以及运营商保单寻求赔偿，这些保单涵盖一切险和战争险。6 月 11 日，英国的一起法律诉讼中，若干出租人（由 AerCap 牵头）对承保他们或有和拥有险的保险公司提出索赔，法院对此作出了判决。
In that judgment, the U.K. High Court ruled that the lessors suffered a covered war loss as a result of actions that the Russian government took in March of 2022. This decision aligns broadly with several prior rulings in the U.S. As we said at the outset, this was an unusual event for the industry with complicated issues, including whether covered loss occurred and when? Which peril triggered coverage? Did the lessors take appropriate steps to mitigate losses? Should sanctions apply? And which policy should respond? Contingent and possessed or operator? The situation was further complicated by the fact that many policyholders were quick to file coverage litigation, which significantly delayed the loss adjustment process.
在该判决中，英国高等法院裁定，由于俄罗斯政府在 2022 年 3 月采取的行动，出租人遭受了属于承保范围内的战争损失。该裁决与美国此前的几项判决基本一致。正如我们一开始所说，这是行业中的一次异常事件，涉及复杂问题，包括是否发生了承保损失以及何时发生？是何种风险引发了保障？出租人是否采取了适当措施来减轻损失？制裁是否应当适用？以及应由哪类保单承担责任，是或有和拥有险还是运营商险？情况更为复杂的是，许多保单持有人迅速提起了保障诉讼，这显著延缓了损失调整的进程。
Despite these complexities, AIG, along with other insurers, made a concerted effort early to engage with policyholders in a unified manner to resolve the claims consensually reflecting the intent of the policies, which were written on a subscription basis in the London market. Unfortunately, the market participants were not able to agree on a solution, which is often the case in our industry and litigation proceeded in multiple jurisdictions, most notably in the U.K. In the U.K. proceeding, AIG was the lead all-risk representative defendant and as such, advance the position that any losses by AerCap should fall to the war cover, which was eventually adopted by the court.
尽管情况复杂，AIG 与其他保险公司在早期共同努力，以统一方式与保单持有人接洽，试图通过协商解决理赔问题，以体现这些保单在伦敦市场按订阅方式签发时的本意。不幸的是，市场参与方未能就解决方案达成一致，这在我们行业中时有发生，因此诉讼在多个司法管辖区展开，尤其是在英国。在英国的诉讼程序中，AIG 是主要的一切险代表性被告，因此主张 AerCap 的任何损失应归属于战争险范围，最终这一立场被法院采纳。
It's worth noting that AIG sought to and successfully settled all other claims under contingent and possessed policies in the U.K. proceeding prior to the AerCap ruling and, in many instances, obtained releases of our exposure under any applicable operator policies. With regard to the operator policies, there is a separate U.K. proceeding concerning claims that lessors have brought against AIG and several other insurers. We believe these operator claims face significant hurdles given among other factors that the relevant aircraft continue to be used by the Russian operators. Like many in the market, AIG wrote both all-risk and war policies.
值得注意的是，在 AerCap 裁决之前，AIG 已经在英国诉讼中寻求并成功和解了所有其他基于或有和拥有险的索赔，并且在许多情况下，获得了针对任何适用运营商保单下风险敞口的豁免。关于运营商保单，目前在英国有一项单独的诉讼程序，涉及出租人针对 AIG 及其他几家保险公司的索赔。我们认为，这些运营商索赔面临重大障碍，其中一个因素就是相关飞机仍在由俄罗斯运营商使用。与市场上许多公司一样，AIG 同时承保了一切险和战争险。
Early on, we conducted a thorough evaluation of the potential net financial impact of these claims on AIG, factoring in the complex coverage issues and all applicable reinsurance and barrier scenarios. As a result of this analysis, as I have stated previously, we prudently reserved for our expected net loss exposure and the outcome in the AerCap case, along with the settlements in other cases have been in line with our expected net loss estimates.
在早期，我们对这些索赔可能对 AIG 造成的净财务影响进行了全面评估，考虑了复杂的保障问题以及所有适用的再保险和屏障情景。基于这一分析结果，正如我此前所述，我们谨慎地计提了预期净损失敞口的准备金，而 AerCap 案件的结果以及其他案件的和解情况，均与我们的预期净损失估算保持一致。
Now let me take a few minutes to provide an update on our Gen AI work, which continues to accelerate while generating significant interest among our stakeholders. At our Investor Day, we provided an overview of our Gen AI approach and how we're deploying Gen AI end-to-end across the core business to power our underwriting business. Specifically, we talked about how we're leveraging large language models, our Agentic ecosystem of capabilities and our partnerships with AWS, Palantir and Entropic, among others. We laid out our framework, which is built around data ingestion, augmentation and prioritization powered by our Agentic AI ecosystem. We first deployed AIG underwriter assistance to our product non-for-profit business and Financial Lines at the end of the first quarter, and the early results are very promising.
接下来我想花几分钟介绍一下我们 Gen AI 项目的最新进展。该项目正在持续加速，同时在我们的利益相关方中引起了广泛关注。在投资者日，我们概述了我们的 Gen AI 方法，以及如何将 Gen AI 端到端地应用于核心业务来支持承保业务。具体来说，我们谈到了如何利用大型语言模型、我们的 Agentic 能力生态系统，以及与 AWS、Palantir 和 Entropic 等公司的合作。我们提出了一个框架，围绕数据摄取、增强和优先级处理构建，由我们的 Agentic AI 生态系统提供支持。我们首先在第一季度末将 AIG 承保助手部署到非营利产品业务和金融险业务中，早期结果非常令人鼓舞。
Submission ingestion has increased by 4x and the submit-to-find ratio has increased by 20% from the baseline. Looking forward, we remain on track to introduce AIG underwriter assistance for our Lexington Middle Market, Property & Casualty businesses in the third quarter of this year and across all of North America Commercial, U.K., and EMEA Commercial lines in 2026, and we continue to explore opportunities to accelerate our rollout. As we scale Gen AI across underwriting, we've also been building AIG claims assistance. We have successfully configured the core Gen AI capabilities of ingestion, augmentation and prioritization that we built for AIG underwriter assistance to support claims.
提交资料的处理量增加了 4 倍，提交到确认的比率比基准水平提升了 20%。展望未来，我们计划在今年第三季度将 AIG 承保助手引入 Lexington 中端市场、财产与意外险业务，并在 2026 年推广至整个北美商业险、英国和 EMEA 商业险，我们还在持续探索加快推广的机会。在扩展 Gen AI 至承保业务的同时，我们也在构建 AIG 理赔助手。我们已成功将为 AIG 承保助手开发的数据摄取、增强和优先级处理等核心 Gen AI 能力配置到理赔业务中。
With this framework, we can ingest unstructured data to expedite of loss, prioritize claims assignments and augment claims adjusters investigations with relevant, external multimodal data from approved sources. For claims, we've been training large language models to extract and organize key insights automatically to enable claims adjusters to make more informed decisions faster than ever in order to fulfill our promise of helping our clients when they need us most. We've conducted preliminary testing on the first notice of loss process, which is the first report made to an insurer about a potential claim. In our sample, the processing time has decreased from days to hours.
通过这一框架，我们能够摄取非结构化数据，加快损失的处理速度，优化理赔分配的优先级，并利用来自批准来源的相关外部多模态数据增强理赔员的调查。对于理赔业务，我们一直在训练大型语言模型，使其能够自动提取和整理关键信息，从而让理赔员能够更快、更充分地做出决策，以履行我们在客户最需要时提供帮助的承诺。我们已对“出险初报流程”进行了初步测试，这是投保人向保险公司提交潜在理赔的首份报告。在我们的样本中，处理时间已从几天缩短至数小时。
We've also seen cycle time for coverage and endorsement reviews, a key part of a coverage assessment, decreased from hours to minutes. Our objective with these advanced tools is to enable more technical reviews, provide our underwriting and claims experts with more insight and capabilities, reduce cycle time, significantly enhanced decision-making and meaningfully improved service to our clients and partners. Foundational to this work is oncology. You will hear a lot more on this topic in the coming quarters, especially as we make more progress with our rollout. We've been building our AIG Ontology since we began our work in AI. It reflects an intent to create a digital twin of our business, representing all key data, processes, business logic and a map of relationships across businesses and functions.
我们还观察到，承保范围和批单审核的周期时间（这是保障评估中的关键环节）从数小时缩短到了几分钟。我们开发这些先进工具的目标是实现更多技术性审核，为我们的承保和理赔专家提供更多洞察和能力，缩短周期时间，显著提升决策水平，并为客户和合作伙伴带来实质性的服务改进。这项工作的基础是本体（ontology）。在接下来的几个季度，随着我们在推广上取得更多进展，大家会听到更多关于这一主题的内容。自我们开展 AI 项目以来，我们一直在构建 AIG 本体，旨在打造我们业务的数字孪生，涵盖所有关键数据、流程、业务逻辑，以及跨业务和职能的关系映射。
Ontology is critical for deploying large language models. It brings together the relevant data sets that define the components of our insurance business, integrates and sequences them and then models how they relate to one another. Our ontology will create a clear record of any actions taken, which will inform business logic and provide the ability to audit agents activities. We've seen an acceleration since Investor Day as large tech companies have made significant capital expenditure commitments to further advance Gen AI capabilities. I'm very encouraged with the progress that AIG is making.
本体对于大型语言模型的部署至关重要。它汇集了定义我们保险业务组成部分的相关数据集，对其进行整合和排序，并建模它们之间的相互关系。我们的本体将为所有采取的行动建立清晰的记录，这将指导业务逻辑，并提供审计代理活动的能力。自投资者日以来，随着大型科技公司在 Gen AI 能力方面做出重大的资本支出承诺，我们的推进速度进一步加快。我对 AIG 在这一领域取得的进展感到非常鼓舞。
With that overview, I will now turn the call over to Keith.
介绍完这些情况后，我现在将电话交给 Keith。
Keith Francis Walsh
Thank you, Peter, and good morning. I'm going to expand on the financial highlights for the quarter. Overall, total adjusted pretax income, or APTI, was \$1.4 billion, an increase of 37% from the prior year quarter. This was driven by excellent results from the business and focused execution of our investment portfolio strategy. General Insurance gross premiums written were \$10.1 billion in the second quarter, an increase of 4% from the prior year. Net premiums written were \$6.9 billion, an increase of 1%. For the second quarter, General Insurance accident year combined ratio as adjusted was 88.4%, an increase of 80 basis points over the prior year quarter. I'll unpack the loss ratio when I cover the segments.
谢谢你，Peter，大家早上好。我将进一步展开介绍本季度的财务亮点。总体来看，调整后税前利润（APTI）为 14 亿美元，同比增长 37%。这主要得益于业务的出色表现以及我们对投资组合战略的专注执行。第二季度综合保险总承保保费为 101 亿美元，同比增长 4%。净承保保费为 69 亿美元，同比增长 1%。第二季度综合保险的事故年度调整后综合赔付率为 88.4%，较去年同期上升 80 个基点。我将在讲解各板块时进一步分解损失率。
Looking at expenses. In the second quarter, General Insurance expense ratio was 31.0%, a 50 basis point increase year-over-year. General Insurance absorbed \$83 million of additional expenses that were booked in other operations in the second quarter of 2024. We remain on track to reduce our expense ratio below 30% by 2027.
来看费用方面。第二季度综合保险费用率为 31.0%，同比上升 50 个基点。综合保险吸收了 2024 年第二季度在其他运营中计入的额外 8300 万美元费用。我们仍然有望在 2027 年将费用率降至 30% 以下。
Moving to catastrophes. Charges for the quarter totaled \$170 million or 2.9 loss ratio points. Prior year development for the quarter net of reinsurance was \$128 million favorable, which included \$97 million of favorable loss reserve development and \$31 million of ADC amortization. The favorable development primarily stemmed from workers' compensation, largely driven by favorable trends on excess of loss sensitive business. U.S. property and special risks also developed favorably. We strengthened U.S. Casualty by \$106 million, which is driven by mass tort and older accident years, of which the vast majority is in accident years 2015 and prior, which are covered by the ADC.
接下来谈灾难损失。本季度灾难损失总额为 1.7 亿美元，相当于 2.9 个损失率点。本季度再保险后的前期发展带来了 1.28 亿美元的有利影响，其中包括 9700 万美元的有利损失准备金发展以及 3100 万美元的 ADC 摊销。这一有利发展主要来自工伤赔偿，主要得益于超额损失敏感业务的良好趋势。美国财产险和特殊风险险也有利发展。我们将美国意外险准备金增加了 1.06 亿美元，主要由于大规模侵权诉讼和较早事故年度的影响，其中绝大多数为 2015 年及之前的事故年度，这些年度由 ADC 覆盖。
We also reapportioned some of the uncertainty provision in casualty lines into the more recent accident years as we outlined in the fourth quarter. This is a prudent measure given broader litigation and inflationary trends in the industry. This was not related to any observable deterioration in our book. The General Insurance calendar year combined ratio was outstanding at 89.3%, a 320 basis point improvement compared to the prior year quarter.
我们还将意外险中的部分不确定性准备重新分配至近期的事故年度，这一点我们在第四季度已有说明。鉴于行业内更广泛的诉讼和通胀趋势，这是一个审慎的举措。这与我们业务中任何可观察到的恶化无关。本季度综合保险日历年度综合赔付率表现优异，为 89.3%，较去年同期改善 320 个基点。
Now moving to the segments. North America Commercial accident year combined ratio as adjusted was 86.2%, an increase of 150 basis points over the prior year quarter. The accident year loss ratio of 63.1% was up 120 basis points, owing to changes in business mix as our casualty business grew, and we pulled back on property. Increased prudence in our 2025 loss picks predominantly in casualty lines given mass tort and general litigation trends and reapportionment of unallocated loss adjustment expenses into the loss ratio, largely related to lean parent implementation. The expense ratio was up 30 basis points to 23.1%, also driven by lean parent implementation.
现在进入各板块情况。北美商业险事故年度调整后综合赔付率为 86.2%，较去年同期上升 150 个基点。事故年度损失率为 63.1%，上升 120 个基点，原因是业务组合发生变化，我们的意外险业务增长，而财产险有所收缩。鉴于大规模侵权和整体诉讼趋势，我们在 2025 年的损失选定上更为谨慎，主要体现在意外险业务，并将未分配的损失调整费用重新分配至损失率，这在很大程度上与精简母公司实施相关。费用率上升 30 个基点至 23.1%，同样受精简母公司实施影响。
The quarter included 470 basis points of catastrophe losses and 500 basis points of favorable prior year development. North America Commercial calendar year combined ratio was 85.9%, an improvement of 430 basis points from the prior year. Turning to International Commercial. The accident year combined ratio as adjusted was 85.0%, an increase of 290 basis points. The accident year loss ratio was 54.2%, a 160 basis point increase year-over-year, reflecting lean parent implementation, additional conservatism in lines facing macro uncertainties and changes in business mix. The expense ratio rose 130 basis points to 30.8%, driven by lean parent.
本季度包括 470 个基点的灾难损失和 500 个基点的前期有利发展。北美商业险日历年度综合赔付率为 85.9%，较去年同期改善 430 个基点。接下来是国际商业险。事故年度调整后综合赔付率为 85.0%，上升 290 个基点。事故年度损失率为 54.2%，同比上升 160 个基点，反映了精简母公司实施、在宏观不确定性下更为保守的业务线以及业务组合的变化。费用率上升 130 个基点至 30.8%，同样受精简母公司推动。
This quarter included 140 basis points of catastrophe losses and 50 basis points of favorable prior year development. The International Commercial calendar year combined ratio was 85.9%, a 270 basis point improvement year-over-year. This is the ninth consecutive quarter of a sub-90% combined ratio and speaks to the high quality of our portfolio.
本季度包括 140 个基点的灾难损失和 50 个基点的前期有利发展。国际商业险日历年度综合赔付率为 85.9%，同比改善 270 个基点。这是连续第九个季度综合赔付率低于 90%，显示了我们投资组合的高质量。
Turning to Global Personal. The accident year combined ratio as adjusted was 96.1%, a 120 basis point improvement adjusting for the divested travel business. The accident year loss ratio was down 160 basis points to 54.2% driven by lower reinsurance costs, increased earned premiums as well as stronger underlying profitability. The expense ratio was up 40 basis points to 41.9%, also driven by lean parent implementation. This quarter included 240 basis points of catastrophe losses and no prior year development. The Global Personal calendar year combined ratio was 98.5% and an improvement of 170 basis points year-over-year. We continue to make progress increasing the profitability of our Global Personal business, as outlined at Investor Day.
接下来是全球个人险。事故年度调整后综合赔付率为 96.1%，若调整剔除已剥离的旅行险业务，则改善 120 个基点。事故年度损失率下降 160 个基点至 54.2%，得益于再保险成本降低、已赚保费增加以及基础盈利能力增强。费用率上升 40 个基点至 41.9%，同样受到精简母公司实施的影响。本季度包括 240 个基点的灾难损失，没有前期发展。全球个人险日历年度综合赔付率为 98.5%，同比改善 170 个基点。正如在投资者日所强调的，我们在提升全球个人险业务盈利能力方面持续取得进展。
Moving to rates. Peter has already provided a detailed perspective on the property market, so my comments will focus on other lines. Market conditions for pricing have remained largely stable and consistent outside of property. Excluding the property business, our North America commercial pricing increased in the quarter by 6%, which is in line with loss cost trends. In North America Casualty, we continue to see price firming, especially in the excess casualty space with pricing up 17%. Primary Casualty saw 12% pricing increases, which were above loss cost trends. In North America Financial Lines, pricing reductions moderated to down 2%, which is the lowest level of decrease since rates moved negative in the second quarter of 2022 and was 3 points better than the first quarter.
接下来谈费率。Peter 已经详细阐述了财产险市场，因此我将重点放在其他业务线上。除财产险外，整体定价环境基本保持稳定和一致。本季度北美商业险（不含财产险）定价上涨 6%，与损失成本趋势一致。在北美意外险中，我们继续看到价格趋紧，特别是在超额意外险领域，定价上涨 17%。基础意外险上涨 12%，高于损失成本趋势。北美金融险的定价降幅收窄至下降 2%，这是自 2022 年第二季度费率转负以来的最低降幅，比第一季度改善了 3 个百分点。
Moving to International Commercial. Overall pricing was down 3%. Global Specialty pricing was down 6%, Talbot down 3%, and Financial Lines down 4%. The AIG's well-diversified global portfolio allows us to manage across geography and products, prioritizing lines of business that offer the most compelling risk-adjusted returns while navigating a complex and dynamic global insurance market. Moving to other operations. Second quarter adjusted pretax loss was \$106 million versus the prior year quarter of \$163 million. This reflects a significant reduction in general operating expense and lower interest expense, partially offset by lower net investment income.
再来看国际商业险。整体定价下降 3%。其中，全球特殊险下降 6%，Talbot 下降 3%，金融险下降 4%。AIG 拥有多元化的全球投资组合，使我们能够跨地域和产品进行管理，在应对复杂且动态的全球保险市场时，优先发展那些能提供最具吸引力风险调整后回报的业务线。再来看其他运营。第二季度调整后税前亏损为 1.06 亿美元，而去年同期为 1.63 亿美元。这反映了一般运营费用和利息支出的显著减少，但部分被较低的净投资收益所抵消。
Adjusted for travel, the total general operating expenses across both General Insurance and other operations were \$867 million in the second quarter, up 1% from the prior year. This small increase in GOE compares to 6% growth in net premiums earned. For the first half of 2025 total GOE was \$1.7 billion, down 3% year-over-year, while net premiums earned grew by 4%. This is an excellent outcome, especially considering our continual investments in data, digital and Gen AI capabilities and reflects positive operating leverage from our expense discipline.
若剔除旅行险，综合保险与其他运营的总运营费用在第二季度为 8.67 亿美元，同比增长 1%。这一运营费用的小幅增长对比净已赚保费的 6% 增长显得更具优势。2025 年上半年总运营费用为 17 亿美元，同比下降 3%，而净已赚保费增长了 4%。这一结果非常优秀，尤其是在我们持续投资数据、数字化和 Gen AI 能力的背景下，也反映了我们费用纪律带来的正向经营杠杆效应。
The second quarter net investment income on an APTI basis was \$955 million, an increase of \$76 million year-over-year. General Insurance net investment income was \$871 million, growing 17% year-over-year. The increase was driven by fixed maturity securities owing to the optimization of our lower-yielding portfolios, asset growth, higher reinvestment yields and an adjustment of interest income primarily from the first quarter. For the first half of 2025, General Insurance net investment income was \$1.6 billion and grew 7% year-over-year. This is a better indicator of our expected run rate for the full year, subject to market conditions.
第二季度按 APTI 口径的净投资收益为 9.55 亿美元，同比增长 7600 万美元。综合保险净投资收益为 8.71 亿美元，同比增长 17%。增长的主要驱动力是固定收益类证券，得益于低收益投资组合的优化、资产增长、更高的再投资收益率，以及主要来自第一季度的利息收入调整。2025 年上半年综合保险净投资收益为 16 亿美元，同比增长 7%。这更好地反映了我们在市场条件允许下全年预期的运行水平。
During the second quarter, the average new money yield on the fixed maturity and loan portfolio was roughly 110 basis points higher than sales and maturities. Other operations net investment income of \$88 million declined \$48 million over the prior year quarter and reflects income from our parent liquidity portfolio of \$58 million and Corebridge Financial dividend income of \$27 million. Yesterday, we announced the sale of another 30 million shares of Corebridge Financial with proceeds of approximately \$1 billion. This brings our ownership to roughly 15%. Peter already provided some detail on capital management in his remarks. Based on our current liquidity and cash flow profile, we anticipate being at the high end of our 2025 share repurchase guidance range of \$5 billion to \$6 billion, subject to market conditions.
第二季度期间，固定收益和贷款投资组合的新资金平均收益率比出售和到期投资的收益率高出约 110 个基点。其他运营的净投资收益为 8800 万美元，同比下降 4800 万美元，其中包括母公司流动性投资组合的收益 5800 万美元，以及 Corebridge Financial 的股息收入 2700 万美元。昨天我们宣布再出售 3000 万股 Corebridge Financial 股票，收益约 10 亿美元，使我们持股比例降至约 15%。Peter 已在发言中介绍了资本管理的部分细节。基于我们当前的流动性和现金流状况，我们预计将在 2025 年回购指引区间 50 亿至 60 亿美元的上限实现，具体取决于市场情况。
Turning to dividends. We increased our quarterly dividend in the second quarter by 12.5% to \$0.45 per share delivering a third straight year of double-digit growth.
再来看股息。我们在第二季度将季度股息提高了 12.5%，达到每股 0.45 美元，实现了连续第三年双位数增长。
Turning to liability management. We have made significant progress over the last several years improving our financial strength and flexibility. In May, we issued \$1.25 billion of debt, upsizing the offering as a result of significant demand. The proceeds were partially used to retire \$830 million of debt effectively managing our maturity ladder. As a result, we have no material debt maturities in 2025 and 2026. We ended the quarter with approximately \$9 billion of debt outstanding and a debt to total capital ratio of 17.9% amongst the lowest in our peer group.
接下来是负债管理。过去几年我们在提升财务实力和灵活性方面取得了显著进展。5 月，我们发行了 12.5 亿美元的债务，因需求强劲而扩大了发行规模。所得部分用于偿还 8.3 亿美元的债务，有效管理了到期债务结构。因此，我们在 2025 年和 2026 年没有重大债务到期。季度末我们未偿债务约 90 亿美元，债务与总资本比率为 17.9%，在同业中处于最低水平之一。
As Peter already mentioned, but it bears stating again, during the second quarter, AIG's major insurance subsidiaries received financial strength upgrades from S\&P to AA- from A+, and Moody's to A1 from A2. These actions speak to the strength and stability of AIG are a meaningful validation from our key stakeholders and represent the collective hard work of our colleagues over several years. We continue to have strong capital ratios across our major insurance subsidiaries, which supports consistent and growing statutory dividends over time.
正如 Peter 已经提到的，但值得再次强调的是，在第二季度，AIG 的主要保险子公司获得了评级机构的财务实力评级上调：S\&P 从 A+ 提升至 AA-，Moody's 从 A2 提升至 A1。这些举措彰显了 AIG 的实力与稳定性，是关键利益相关方对我们的重要认可，也代表了我们同事多年来共同努力的成果。我们的主要保险子公司仍保持强劲的资本充足率，这为长期稳定且不断增长的法定股息提供了支持。
We are on track to generate approximately \$3 billion of subsidiary dividends in 2025. Book value per share at June 30 was \$74.14 up 8% from June 30, 2024, reflecting strong growth in net income as well as the favorable impact of lower interest rates on investment AOCI. Adjusted tangible book value per share was \$69.81 up 4% from June 30, 2024.
我们有望在 2025 年实现约 30 亿美元的子公司股息。6 月 30 日每股账面价值为 74.14 美元，比 2024 年 6 月 30 日上涨 8%，反映了净利润的强劲增长以及较低利率对投资 AOCI 的有利影响。调整后的每股有形账面价值为 69.81 美元，比 2024 年 6 月 30 日上涨 4%。
In summary, we delivered an excellent second quarter with annualized core operating ROE of 11.7%. While the macro and insurance market remains dynamic, we are well positioned with multiple levers to drive continued strong performance. We remain on track to achieve our 10% plus core operating ROE target in 2025 and continue to make steady progress on the long-term financial targets we outlined at our Investor Day.
总而言之，我们在第二季度交出了一份优秀的成绩单，年化核心经营 ROE 达到 11.7%。尽管宏观经济和保险市场依旧充满变数，但我们具备多种手段推动持续强劲的业绩表现。我们仍有望在 2025 年实现核心经营 ROE 超过 10% 的目标，并在我们投资者日所阐述的长期财务目标上持续稳步推进。
With that, I will turn the call back over to Peter.
说到这里，我将电话交还给 Peter。
Peter Salvatore Zaffino
Thank you, Keith. Michelle, we're ready to take questions.
谢谢你，Keith。Michelle，我们准备好回答问题了。
Question-and-Answer Session
问答环节
Operator
\[Operator Instructions] Our first question comes from Alex Scott with Barclays.
\[操作员提示] 我们的第一个问题来自 Barclays 的 Alex Scott。
Taylor Alexander Scott
First one I had is just on the property pricing implications and some of the comments you made around the impact of reinsurance and so forth. I just wanted to make sure I understood that right. I mean it sounded like that net wasn't really much of a headwind actually in the underwriting. So I just wanted to understand if I'm getting that right, if it's more the mix shift and can you still hit the combined ratio targets you've talked about in the past?
我的第一个问题是关于财产险定价的影响，以及您对再保险影响等方面的一些评论。我想确认我是否理解正确。听起来净额对承保并没有造成实质性的逆风。所以我想弄清楚，我的理解是否正确？是否更多是业务组合的变化？您是否仍能实现过去谈到的综合赔付率目标？
Peter Salvatore Zaffino
Yes. So Alex, what I was trying to outline in my prepared remarks was, we are a big buyer of reinsurance on property. Everybody knows that. We have low attachment points. We have high exhaust. In a market like this, we benefit because if the rates are going down on reinsurance, on CAT as an example, that does benefit the original pricing. If you're funding it net, what I was saying, look, if I look at our own AALs, like if the market gets softer, I don't reduce the AALs, they stay the same.
是的，Alex。我在准备发言中想表达的是，我们在财产险领域是再保险的大买家。这一点大家都知道。我们有较低的起赔点和较高的赔付上限。在这样的市场中，我们受益于再保险价格下降，比如在巨灾再保险方面，这会对原始定价带来利好。如果你是按净额来计算，我想说明的是，即使市场变得更宽松，我自己的 AAL（平均年度损失）也不会下降，它们保持不变。
脑残的商业模式，左手进来的保单右手转出去，保险赚的是平抑风险波动的钱，大部分风险转出去所剩下的是什么？两边讨价还价的钱？不相信能从交易中赚到钱，并且额外增加了再保险的交易对手的风险。
And so what I was trying to say is that when you look at the amount of reinsurance that we would purchase, we're getting risk-adjusted reductions that are at or greater than what we're pricing our original policies, that's a benefit. So there's no headwind there. But if you're funding it net, your AALs are still the same. So you have to take a look at your attritionals a little bit sharper, I believe, because the overall pricing is going down, if you don't have the commensurate rates going down on your catastrophe, that's a headwind. We don't have that. And so that's what I was just trying to unpack in sort of the different components of property.
所以我想说的是，当你看我们购买的再保险数量时，我们获得的风险调整后的降幅与原始保单定价的降幅相当甚至更大，这是一个利好。因此，这里不存在逆风。但如果你按净额来计算，你的 AAL 仍然不变。所以我认为，你需要更仔细地观察日常损失，因为整体定价在下降，如果巨灾险的费率没有相应下降，那就是逆风。但我们没有这种情况。这就是我想要解释的财产险的不同组成部分。
Now look, the combined ratio could go up a bit. We have great combined ratios. I've given some clarity at Investor Day and prior quarters that we posted in many of our businesses in the 70s combined ratio. So if it goes into the low 80s, it's still a great business. We are tempering our growth there because I don't know what happens to the rest of the year with CAT and it's just something we want to be cautious with, but we still want to retain the business. We still want to price it appropriately and believe that we can have very strong returns in the current environment as I look to 2025.
当然，综合赔付率可能会稍微上升。我们目前的综合赔付率表现非常好。我在投资者日和此前几个季度已经明确过，我们的许多业务综合赔付率在 70 多的水平。所以即使升到低 80 区间，依然是很好的业务。我们在那里的增长会有所放缓，因为我无法预测今年剩余时间的巨灾情况，所以我们会保持谨慎。但我们仍然希望保留这些业务，合理定价，并且相信在当前环境下进入 2025 年，我们依旧能够实现非常强劲的回报。
Taylor Alexander Scott
Yes. That's helpful. Second one I had is sort of a follow-up on what I mentioned on growth. I mean, if the growth environment turns out to not be quite as good as expected, what will you do with the capital situation you have? Because I see premium to equity, I think it's a little below like 70%. I think that's the lowest in the peer group I look at, and that sort of not even that heavily influenced by the Corebridge proceeds when you have the holdco. So what will you do in the event that the growth outlook doesn't end up being what you had hoped for what you outlined at the Investor Day. How quickly would you take action to try to get some of that capital redeployed elsewhere?
好的，这很有帮助。我的第二个问题是关于增长的后续提问。如果增长环境并没有如预期那样好，您会如何处理当前的资本状况？因为我看到保费与权益的比例大约在 70% 以下，我认为这是我关注的同业中最低的。而且这个比例并没有受到太多 Corebridge 所带来收益的影响，即使考虑到控股公司的情况也是如此。那么如果增长前景未能达到您在投资者日所描述的预期，您会怎么做？您会多快采取行动，将部分资本重新部署到其他地方？
Peter Salvatore Zaffino
Well, I outlined at Investor Day that over a period of time, undefined, but it would be a medium term that if we can't deploy the capital for growth, we will return it to shareholders. But we do believe -- look, it's a moment in time with the property, the second quarter before CAT season, the property lines run really well. And I'm going to ask Don and Jon to comment on this because we're seeing other opportunities for growth. I think that we're getting mass a little bit with property. We outlined it we've sort of bifurcated it because it's sort of anomalous to what's happening in the rest of our lines of business. But we don't need the capital to execute on our sort of capital management strategy out of the subsidiaries.
在投资者日，我已经明确表示过，在一个未定义但属于中期的时间范围内，如果我们无法将资本用于增长，我们会将其返还给股东。但我们确实相信——看，现在财产险只是一个时点问题。在巨灾季之前的第二季度，财产险运行得很好。我也会请 Don 和 Jon 发表评论，因为我们在其他领域看到了增长机会。我认为财产险有点掩盖了整体情况。我们已经说明过，我们将财产险与其他业务线区分开来，因为它在某种程度上是异常的。但我们并不需要这些资本来执行子公司的资本管理战略。
And we really believe we can grow into it over a period of time. If we can't, and the market stays in a place where we have excess capital, we'll return it to shareholders. But I don't think that's the place we are. It's a moment in time in this particular quarter. I think we got to look out over the next few years. And I believe AIG now has a business that can grow. When we had the market turn last time, AIG wasn't prepared. We were still re-underwriting our portfolio. We still had a bottom 15%, 20%. We were growing in lines, repositioned the portfolio. The market turns this time. We have massive opportunities to have exponential growth, and we will execute on that. But Don, maybe let me start with you about what you're seeing in Casualty and then maybe I can shift to Jon talk a little bit about Specialty.
我们坚信在一段时间内我们能够实现增长。如果最终无法实现，而市场环境依旧使我们持有过剩资本，我们会返还给股东。但我认为目前并不是这种情况。这只是这个季度的一个时点问题。我认为我们需要着眼于未来几年。我相信 AIG 现在已经拥有能够实现增长的业务。上一次市场发生转折时，AIG 并没有做好准备。我们当时仍在重新承保我们的投资组合，仍有 15%-20% 的低质量业务。我们在部分业务线上增长，重新定位投资组合。而这一次市场转折，我们有巨大的机会实现指数式增长，我们也将会执行这一点。不过 Don，让我先请你谈谈你在意外险方面的观察，然后我再请 Jon 谈谈特殊险方面的情况。
Donald John Bailey
Okay. Rates are very strong in the casualty market right now. We've got gaining momentum there, both Lex Casualty and Retail Casualty grew rather substantially 19% in the second quarter, with Lex Casualty submissions are up 39% in the quarter. So gives us a lot of faith in terms of the Casualty opportunities we've got on a go-forward basis. In Financial Lines, Keith talked a little bit about the rate environment there, gaining stability much less of a headwind going forward. We're definitely going to see the rate opportunities as we go forward there and the growth opportunities to follow.
好的。目前意外险市场的费率非常强劲。我们在该领域正不断积累动能，Lex Casualty 和 Retail Casualty 在第二季度均实现了 19% 的大幅增长，其中 Lex Casualty 的投保申请量在本季度增长了 39%。这让我们对未来的意外险发展机会充满信心。在金融险方面，Keith 已经谈到过费率环境正在趋于稳定，未来逆风因素会小得多。我们肯定会看到费率机会的出现，随之而来的还有增长机会。
Glatfelter is a machine for us, highly dependable growth engine for us. And with the work we've done with Glatfelter to kind of rebuild our programs business, that increasingly is a huge driver of our growth as we go forward as well. So that's going to start to deliver even more as we go forward. We covered some of those businesses in Investor Day. And I would just say this about Lex, too, that outside of the Large Account Property segment, every other segment within Lexington is growing quite nicely. And we had 28% increase in our submissions at Lexington in the quarter, which, again, is a strong indicator for future growth opportunities.
对我们来说，Glatfelter 就像一台机器，是一个高度可靠的增长引擎。通过我们与 Glatfelter 合作重建项目业务，这部分业务正日益成为我们未来增长的重要驱动因素。未来它将带来更多贡献。我们在投资者日已经涵盖了一些这类业务。我还要补充一点，关于 Lex，除了大额账户财产险板块外，Lexington 的其他业务板块都在稳健增长。本季度我们在 Lexington 的投保申请量增长了 28%，这同样强有力地预示了未来的增长机会。
Last thing I would just say, our distribution model is highly aligned to drive everything that I just talked about. So we see more and more opportunities ramping up as we go forward, and we continue to be a very strong brand at Lex, Glatfelter and AIG with our distribution partners and our insurers.
最后，我想说的是，我们的分销模式与我刚才提到的一切高度契合。因此，随着未来的发展，我们看到越来越多的机会不断涌现。同时，Lex、Glatfelter 和 AIG 在我们的分销合作伙伴和保险客户中，继续保持着非常强劲的品牌地位。
Peter Salvatore Zaffino
Thanks, Don. That's helpful. Jon, maybe just talk about like Specialty and how we're positioned in the market would be great.
谢谢你，Don。这些信息很有帮助。Jon，你能谈谈特殊险以及我们在市场上的定位情况吗？
Jon Hancock
Yes, certainly. I mean, Specialty, we've highlighted this at Investor Day. We talk about it a lot because it is such a fantastic business for us. We've delivered 5% growth in the quarter, 7% year-to-date. And for sure, there is increasing competition and rate pressure generally. But global specialty as much as anywhere is an area we have real clear differentiated proposition. We're a leader. We're not an index for the market, and we're positioned, I think, better than anyone to achieve superior terms and manage through the cycles, and that's what we've been setting ourselves up over the years.
当然可以。特殊险业务我们在投资者日重点强调过。我们经常谈到它，因为对我们来说，这是一个非常出色的业务。本季度我们实现了 5% 的增长，年初至今增长了 7%。当然，竞争和费率压力确实在不断增加。但全球特殊险依旧是一个我们拥有清晰差异化优势的领域。我们是行业领先者，而不是市场的跟随者。我认为我们在达成更优条件、穿越周期方面的定位比任何人都更好，这也是我们这些年来持续构建的优势。
And I think it's also worth saying on Specialty is, we're still seeing that good growth. The profit is phenomenally good. We're confident that, that maintains. It's a big part -- in the quarter, and I agree with you, Peter. I mean, a quarter is not a good judge of any growth plan. There's a lot of noise in any single quarter, look at the longer term, and that's what we build, certainly a specialty book for. If I stick to the quarter, Specialty is 45% of the International Commercial business on a gross basis. But it's only 28% of net premiums, and that's in part due to those reinsurance protections that you talked about, Peter.
我还想补充一点，关于特殊险，我们依然保持了良好的增长，利润非常强劲，我们有信心继续保持下去。这是业务的重要组成部分——在本季度中也是如此。我同意你的观点，Peter，一个季度并不能很好地判断任何增长计划，因为单季度总会有很多噪音。我们必须着眼长期，这正是我们构建特殊险组合的初衷。如果只看本季度，特殊险在国际商业险的总承保保费中占 45%，但在净保费中仅占 28%，这部分原因是由于你提到的再保险保护，Peter。
And those reinsurance protections do make the results better. It might mean we give up a little bit of margin in a hardening and rising price cycle, and we do that to manage the volatility, but it also significantly mitigate the downside in the market that we're in now. So that's a strong thing and that's part of a long-term sustainable reinsurance strategy, helping us manage across the cycles. Yes, bear in mind as well, we've seen maybe 70% cumulative rate increase in Specialty over the last few years, a 20-odd percent in Energy. So we're really well positioned. We've got long-term strategic partnerships with those reinsurers. That's a big part of our proposition. So the future is really strong for Specialty.
这些再保险保护确实让我们的结果更好。这可能意味着在费率上行和市场趋紧的周期中，我们要放弃一部分利润空间，但这样做可以管理波动性，同时也显著减轻了当前市场环境下的下行风险。这是一项优势，也是长期可持续再保险战略的一部分，帮助我们跨越周期管理风险。同时请记住，过去几年我们在特殊险上累计实现了约 70% 的费率提升，在能源险上提升了 20% 多。所以我们目前的定位非常好。我们还与再保险公司建立了长期战略合作关系，这是我们价值主张的重要组成部分。因此，特殊险的未来非常强劲。
Peter Salvatore Zaffino
Thank you, both, very much. Okay next question?
非常感谢你们二位。好的，下一个问题？
Operator
Our next question comes from Mayer Shields with KBW.
我们的下一个问题来自 KBW 的 Mayer Shields。
Meyer Shields
I wanted to just check in on the reapportionment of reserves to accident years '21 and '22. And I guess I know we're only looking at net numbers, but should we have seen something like that affect '23 and '24 as well?
我想确认一下关于将准备金重新分配到 2021 年和 2022 年事故年度的情况。我知道我们看到的只是净额数据，但这种调整是否也应该对 2023 年和 2024 年产生影响？
Peter Salvatore Zaffino
Thanks, Meyer, I'm going to recap a little bit what I said and that Keith alluded to in the fourth quarter of sort of last year. We had this provisional reserve that we create in 2022, and then we did add to it in subsequent years to add to margin and it was really in response to some of the uncertainty with inflation, other variables sort of post pandemic and then sort of the social inflation environment that we're in. The provision, which included IBNR had been carried in lines that we thought would be most susceptible to the rising inflation. And the uncertainty provision was set above loss picks from our actuarial reviews that didn't have any reflection for any emergence or anything of that nature.
谢谢你，Meyer。我来简单回顾一下我之前说过的内容，以及 Keith 在去年第四季度提到的部分。我们在 2022 年设立了一项临时准备金，之后在随后几年又有所增加，用于提高利润缓冲。这主要是应对通胀、疫情后各种变量，以及我们所处的社会通胀环境带来的不确定性。该准备金（包含 IBNR）被放在我们认为最容易受到通胀上升影响的业务线上。这一不确定性准备金是高于我们精算审查中的损失选定的，而这些选定并没有反映任何实际的损失显现或类似情况。
And so we began the process of completing reserve reviews, apportioning them into lines of business that we thought were appropriate. And I think that's what you had started to see in the fourth quarter of 2024, and it will actually go through the fourth quarter of '25. So the accident year is the most recent ones, it wasn't that much, number one. Number two is a zero-sum game. Those reserves are already set. We just are putting them into lines of business that we think are the most appropriate when we look at the wide range of outcomes of Casualty, we just thought it was prudent to reapportion those accident years. There's nothing in the underlying portfolio that would suggest that those additional reserves are needed, but we have the uncertainty provision, and we're allocating them to lines of business throughout 2025.
因此，我们开始进行准备金审查，并将其分配到我们认为合适的业务线上。我认为你们在 2024 年第四季度已经开始看到这方面的动作，而这一过程会持续到 2025 年第四季度。所以对最近的事故年度来说，调整并不大。其次，这是一个零和游戏，这些准备金已经设立，我们只是把它们放在最合适的业务线上。考虑到意外险可能出现的各种结果范围，我们认为将这些准备金重新分配到不同事故年度是谨慎的做法。在我们的基础投资组合中，没有任何迹象表明需要额外准备金，但我们已经有了这项不确定性准备金，并会在整个 2025 年分配到不同业务线中。
扯淡，损失准备金可以随便调整，等发现问题可能需要很多年，自由必须结合自律和专业，多元化和专业是冲突的。
Meyer Shields
Okay. That's helpful. And then a bigger picture question. When you talk to your insurers, I know there's a lot of concern in the insurance industry about social inflation. Is that translating into increasing demand for liability coverage? Is that manifesting itself in the market yet?
好的，这很有帮助。接下来我有一个更宏观的问题。当你和客户交流时，我知道保险行业对社会通胀存在很多担忧。这是否已经转化为对责任险保障需求的增加？这种现象在市场上是否已经显现？
Peter Salvatore Zaffino
I'll have Don comment a little bit on what we're seeing sort of in the casualty market. What I would say, Meyer, is that there is a strong pull for underwriting companies that have expertise in Casualty lines. So it's not just capacity. If you're going to lead, do you understand the complexities that exist within their business, their industry group, their structures, how do we help them think through the total cost of risk working with our partners. And I think when AIG had a slight pullback in casualty, there was a lot of demand from our clients asking for us to be more involved. And so I think the way in which we react to that is by trying to create solutions for our clients in the environment that we're in.
我会请 Don 来评论一下我们在意外险市场看到的情况。Meyer，我想说的是，客户对具备意外险承保专业能力的公司有很强的需求。这不仅仅是产能问题。如果你要成为主导方，你是否理解他们业务中的复杂性、所属行业群体、组织结构，以及我们如何通过与合作伙伴合作帮助他们思考整体风险成本。我认为，当 AIG 在意外险方面略微收缩时，客户中有大量需求希望我们更多参与其中。所以我们对此的反应方式，就是在当前环境下为客户创造解决方案。
So Don, maybe just quickly just what you're seeing in casualty to Meyer's question around client demand and how we're helping them on an advisory basis.
所以 Don，能否简要谈谈你在意外险方面看到的客户需求情况，以及我们如何在咨询层面帮助他们，以回答 Meyer 的问题。
Donald John Bailey
Yes. Yes. The social inflation and some other factors in the casualty market, add the market appropriately disrupted and generally disciplined, and we expect that to continue. Social inflation, Meyer, it's a long-term issue. And why that matters is that casualty is a long-term relationship as opposed to a property relationship oftentimes. So these are 20-, 30-year relationships. So when we look at the question you're asking, buyers are definitely in a flight-to-quality mode where they see that long-term partner because of social inflation, being even more important and being even more critical. So our brand in this place, our multiline capabilities, our platform, our financial strength become incredibly attractive for brokers and buyers out there. So the flight-to-quality is real, and we'll see that as we go forward.
是的。社会通胀和意外险市场中的其他一些因素，使得市场出现合理的扰动并保持总体纪律性，我们预计这种状况会持续下去。社会通胀，Meyer，这是一个长期问题。其重要性在于，意外险通常是一种长期关系，而不是像财产险那样的短期关系。这些关系往往是 20 年到 30 年的。因此，在你提出的问题背景下，买方显然正处于“追求质量”的模式，他们认为在社会通胀的背景下，拥有一个长期合作伙伴变得更加重要和关键。因此，我们在这个领域的品牌、多险种能力、平台和财务实力，对经纪人和买方来说都极具吸引力。这种“追求质量”的趋势是真实存在的，未来我们会持续看到这种现象。
Operator
Our next question comes from Elyse Greenspan with Wells Fargo.
我们的下一个问题来自 Wells Fargo 的 Elyse Greenspan。
Elyse Beth Greenspan
My first question, I wanted to go to the pricing discussion. You guys said excluding property, North America Commercial is up 6%. And you pegged that as in line with loss trend. I might have assumed just given the casualty makeup of the book that loss trend would have been above 6%. So maybe if you could just help by kind of parsing it out on the loss trends that you're seeing within kind of some number that's less than 6x property in that North America book?
我的第一个问题是关于定价的。你们提到，剔除财产险后，北美商业险的价格上涨了 6%，并称这与损失趋势一致。但考虑到你们保单组合中意外险的构成，我本以为损失趋势会高于 6%。能否帮忙解释一下，在北美业务中，剔除财产险后，你们观察到的损失趋势为何会低于 6%？
Peter Salvatore Zaffino
Thanks, Elyse. Look, we're not going to break it down by line. And if you look at where we're getting strong rate, it would be where there's a bigger loss cost trend. So if you think about Excess Casualty, in particular, some of the Retail Primary Casualty, we are looking at why we took out properties, it's a part of the index, but I think the loss cost trend is where we had outlined it on sort of on an index basis, and I think we are covering loss cost on casualty and other lines, excluding property.
谢谢你，Elyse。我们不会按业务线逐一拆解。如果你看我们获得强劲费率提升的地方，通常就是损失成本趋势更高的地方。例如超额意外险，尤其是一些零售初级意外险。我们剔除财产险，是因为它属于指数的一部分。但我认为，就指数口径而言，损失成本趋势与我们之前说明的基本一致。而且在剔除财产险后，我们在意外险和其他业务线上都覆盖了损失成本。
Elyse Beth Greenspan
Okay. And then my follow-up, has there been any significant change in price that you guys have seen in July relative to the Q2 just because I think, right, property is probably perhaps a bigger makeup of the second quarter. Just trying to get a sense of any kind of pricing change on quarter-to-date in the Q3.
好的。我的后续问题是，你们在 7 月看到的价格，相较于第二季度是否有显著变化？因为我认为财产险在第二季度的比重可能更大。我只是想了解一下，第三季度迄今的价格走势是否有所变化。
Peter Salvatore Zaffino
Look, if we had insight that we could give you, we would give it, but it's just too early, Elyse, I mean, because we're still aggregating July. I don't see -- we haven't seen any trends that are concerning different than what we reported for the first half of the year. And I think we really just need to play out the quarter as we go into the last 2 months of the quarter. So I just think it's too premature to outline anything in July or there's nothing that we've seen that is significantly different than what we reported in the second quarter.
Elyse，如果我们有明确的洞察可以提供，我们会告诉你。但现在说还为时过早，因为我们仍在汇总 7 月的数据。我没有看到、我们也没有看到任何与上半年报告不同的令人担忧的趋势。我认为我们需要让整个季度完整运行下去，尤其是在进入本季度最后两个月的情况下。所以我认为现在就对 7 月的数据作出说明还太早了，目前我们没有看到与第二季度报告内容有显著差异的情况。
Operator
Our next question comes from Mike Zaremski with BMO.
我们的下一个问题来自 BMO 的 Mike Zaremski。
Michael David Zaremski
Question on the meaningful expense ratio improvement. So just kind of on the cadence. Should we be thinking that the improvement is going to be a bit more kind of back-end loaded given the top line being weighted -- weighed down a bit by property rates or is that kind of not that much of a -- this operating leverage is not that much of a factor at this point?
我有一个关于费用率显著改善的问题。就节奏而言，我们是否应该认为改善会更多地集中在后半程，因为营收端受财产险费率拖累而有所压力？或者说，这种经营杠杆因素目前影响并不大？
Peter Salvatore Zaffino
Let me start with this. And I will like just provide a sort of high level than any details you want to add to it, please do. One is, we started this sort of process of apportioning parent expenses into the business in the third quarter of last year. Was it fully lower in the third and fourth quarter? No, but it was mostly there. So I think when you look at the first half of the year, it's kind of a continuation of what we did from other ops GOE into the business. I don't think the second quarter is an accurate run rate. I think it starts to bend the curve a bit in the third and fourth, where there's less going into the business when you compare it to sort of the second quarter. There's some onetime sort of headwinds in the second quarter.
让我先回答一下，然后 Keith 可以补充一些细节。首先，我们从去年第三季度开始将母公司费用分摊到业务中。第三、第四季度是否完全消化了？没有，但基本上已经完成。所以如果你看今年上半年，它其实是去年其他运营费用（GOE）转入业务的延续。我认为第二季度不是一个准确的运行水平。从第三、第四季度开始，费用曲线会有所改善，因为与第二季度相比，进入业务的费用会减少。第二季度还存在一些一次性逆风因素。
But like we're really just focused on getting to future state, which I think we've done an exceptional job in terms of the parent company. The business has done a tremendous job of absorbing those costs? And I thought it would actually be a longer transition it has not been. And then you have to recognize, too, we haven't fully earned in all the AIG Next. While we have completed the \$500 million, we still have more to earn-in in terms of incremental in-year benefits in the third and fourth quarter. So look, this isn't guidance that you ought to like take it way down, but it is guidance saying that I think you got to look at it for the full year, like the first half was a little bit more bumpy than I think the back half will be, and we're going to watch sort of the earned premium and making sure that we don't have any issues on the expense side. But Keith, I mean, a couple of variables you may want to add?
不过我们真正关注的是达到未来的目标状态。在母公司层面，我认为我们已经做得非常出色。各业务单元在消化这些成本方面同样表现优异。我原以为这会是一个更长的过渡期，但实际上并没有那么久。你们也要认识到，我们还没有完全兑现 AIG Next 的全部成果。虽然我们已完成 5 亿美元的目标，但在第三和第四季度仍会有更多年度内的增量收益。因此，这并不是说你们应该把预期大幅调低，而是说我们应该从全年来看情况。上半年可能有些波动，但下半年情况会更平稳。我们也会关注已赚保费，确保费用端没有问题。Keith，你要不要补充几点？
Keith Francis Walsh
Yes. Just 3 quick points, and Peter said it well. The first thing it's not linear, right? Quarter-to-quarter, I think, is a good way of looking at. Looking at it over the course of the full year is a better way. Just a couple of quick points. In my script, we talked about -- I wanted to give you a fully loaded view of expense, looking at GOE plus other operations expenses to get a feel for, are we getting the expenses? And the answer is yes, right? You see minus 3% in the first half of the year when you load fully -- full expenses together and plus 1 in the quarter and that compares to 6% -- 4% and 6% growth on the top line, respectively. So we're getting the operating leverage.
是的，我补充三点，Peter 已经说得很清楚了。第一，这不是一个线性的过程。逐季来看是合理的，但从全年角度来看会更准确。我在讲稿中提到过，我希望给大家一个全费用视角，把 GOE 和其他运营费用合并起来看，看看我们是否真正控制了费用？答案是肯定的。你们看到上半年费用下降了 3%，而单看第二季度则上升了 1%。这对比收入端 4% 和 6% 的增长，显示我们正在获得经营杠杆效应。
Point two, if you look at the expense ratio, it's up 20 bps adjusted for travel in the first half, and that's with more than 100 basis points of parent cost push down. So we're getting -- again, the ratio is underlying improving. And the third thing to Peter's point he made is that the noise from this, the parent pushdown will dissipate over time. This quarter, we had \$90 million of expense. It was \$184 million in the prior year. The third quarter had \$144 million. So you're starting to see -- and once we get to fourth quarter, that will completely dissipate as we get into 2026.
第二，如果看费用率，上半年在剔除旅行业务后上升了 20 个基点，但其中包含了超过 100 个基点的母公司费用下推。也就是说，费用率的基本面其实在改善。第三，正如 Peter 提到的，母公司费用下推带来的噪音会逐步消散。本季度我们有 9,000 万美元的费用，而去年同期是 1.84 亿美元。第三季度是 1.44 亿美元。所以你们已经能看到趋势了，到第四季度，这种影响会完全消散，并进入 2026 年。
Michael David Zaremski
Okay. Perfect. That's helpful. My follow-up questions on the E\&S marketplace. I believe, Peter, you cited submissions in Telex being plus high 20s, which just seem like -- I don't think you disclosed it every quarter, but it seemed like a very high level. Can you maybe just kind of talk about dynamics in that marketplace? I guess some folks ask us that given property is correcting a bit off of very healthy levels, we shouldn't eventually the retailers look to kind of find capacity and move some of that property out of the E\&S market, which could slow the submission rate, at least, I guess. So any comments would be helpful.
好的，非常感谢。这对我很有帮助。我的跟进问题是关于 E\&S（Excess & Surplus）市场的。我记得 Peter 你提到 Telex 的投保提交量增长超过 20% 多，这看起来非常高——我知道你们并不是每个季度都会披露这一数据，但似乎已经达到了很高的水平。能否谈谈这个市场的动态？有人问我们，鉴于财产险价格在健康水平上有所回调，零售商是否最终会寻求更多承保能力，并将部分财产险从 E\&S 市场转移出去，这可能会放缓投保提交的速度？希望能听听你的评论。
Peter Salvatore Zaffino
My first comment is to be careful who you speak to, because this dynamic is very different than any other market where industry executives that have been in the wholesale and retail will expect this to be a market that just transitions back into retail. And that may or may not happen. We're not seeing it. I mean so we keep citing the submission count is because it's not that we're surprised, but we're like unbelievably encouraged because in a market that typically would find Retail Casualty and Retail Property being more in demand, that doesn't seem to be the case. And so when we look at our own growth, Lexington Casualty is growing very strong. Property, to be honest, held up better than the Retail.
我的第一个评论是，要注意你们听取的意见，因为 E\&S 市场的动态和其他市场完全不同。一些同时在批发和零售领域有经验的行业高管会认为，这个市场最终会回流到零售。但这可能发生，也可能不会发生，而我们并没有看到这种趋势。我们之所以不断强调投保提交量，并不是因为我们感到意外，而是因为这一趋势让我们感到非常振奋。在一个通常零售意外险和零售财产险需求更大的市场环境下，现在的情况并非如此。从我们自身的增长来看，Lexington Casualty 增长非常强劲。老实说，财产险的表现甚至比零售更好。
And that's from the Middle Market play that we had in the past. And I think that wholesale brokers have become more than E\&S market placement. They are now a broad range of whether it's through MGAs and MGUs or actually being placement mechanisms for the 40,000 independent agents that exist within the United States. So I think that the market is seeing some pricing pressure, but so is the Retail. And there's no evidence from us that it's slowing down in terms of submission count. And we outlined at Investor Day is that if we can start to harness that submission count and get it to better buying ratios because it's a business that we like, we still see growth opportunities. It's not that we're saturated with the submission count that we're maximizing our own growth potential or the industry is.
这得益于我们过去在中端市场的布局。我认为，批发经纪人的角色已经不仅仅是 E\&S 市场的承保渠道，他们现在覆盖更广，不论是通过 MGAs、MGUs，还是为美国境内 4 万家独立代理提供承保机制。因此，我认为虽然市场上有一定的价格压力，但零售市场同样如此。就我们而言，没有证据显示投保提交量正在放缓。我们在投资者日已经说明，如果我们能够更好地利用投保提交量，提高转化率，这将是一个我们喜欢的业务，我们仍然看到增长机会。目前并不是因为投保提交量饱和，导致我们或行业已经用尽增长潜力。
And there may be new entrants, new participants, but very relevant in terms of the market that we trade in. So we remain encouraged, cautious because we want to watch what's happening within the property, but overall, it's holding up really well.
可能会有新的进入者和新的参与者，但他们在我们所交易的市场中依然具有相关性。所以总体来说，我们依然保持乐观，但也会谨慎关注财产险市场的变化。总体而言，市场表现仍然相当稳健。
Thank you very much. Appreciate everybody participating. I want to thank all of our AIG colleagues for yet another outstanding contribution to this quarter, and I wish everybody a great day.
非常感谢大家的参与。我想感谢所有 AIG 的同事，他们为本季度的优异表现再次做出了杰出贡献。祝大家有美好的一天。
Operator
This does conclude the program. You may now disconnect. Good day.
本次会议到此结束。您现在可以断开连接了。祝您今天愉快。