声明：本系列文章基于原期刊目录和摘要内容整理而得，仅限于读者交流学习。如有侵权，请联系 删除。 本文基于以下论文整理而得： 美国精算学会-The State of Long-Term Care Insurance—2025 原文链接： https://www.actuary.org/wp-content/uploads/2025/03/health-brief-2025-stateofltc.pdf 【本期看点】 ● 保障内容与目的： 长期护理保险用于支付长期护理服务与支持（LTSS）的费用，涵 盖专业护理、辅助生活设施护理及家庭护理等。尽管不是传统健康保险，LTCI既可覆 盖护理成本，也能保护受益人的资产。 ● 市场需求与不确定性： 老年人口迅速增长将大幅推高对LTSS的需求。LTCI市场面临 诸多不确定性，包括：公共计划及其对未来市场的影响、利率波动、新冠疫情影响以及 痴呆症研究进展。 ● 产品创新： 除了传统的独立LTCI产品，结合了寿险或年金产品的"混合型"产品已在 市场扮演重要角色，并能解决"付费却从未使用保障"的顾虑。另一种较新的选择——提 供最长12个月保障的短期护理保险，也呈上升趋势。 ● 成 ...

Financial Data and Key Metrics Changes - Year-to-date premium growth increased by 4%, with earnings per share at $2.09, slightly below expectations due to volatility in the closed block [5][6][16] - Return on equity for core operations remains near 20%, while the overall return on equity is 11.3% [10][12] Business Line Data and Key Metrics Changes - Core business profitability trends show strong performance, with group disability and group life demonstrating favorable earnings power [7][10] - Unum US segment adjusted operating income was $334.9 million, down from $363.3 million year-over-year, with group disability adjusted operating earnings at $133.5 million [19][21] - Colonial Life adjusted operating income increased to $116.6 million, driven by a 3.3% premium growth [22] - International segment adjusted operating income totaled $38.8 million, with premium growth of 9.5% [23] Market Data and Key Metrics Changes - Persistency for total group was 89.8%, compared to 92.5% a year ago, indicating strong retention [21] - Sales growth across core segments was robust, with a 12% increase in sales for the quarter [7] Company Strategy and Development Direction - The company is focused on strategic actions to advance its closed block strategy and reduce associated risks, including a successful long-term care reinsurance transaction [11][12] - Investment priorities include strengthening core businesses, pursuing selective M&A opportunities, and returning capital to shareholders [13][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustainable results and emphasized the importance of digital initiatives in driving growth [14][36] - The company remains committed to proactive management of the closed block and believes no future capital contributions will be necessary [31][36] Other Important Information - The annual reserve assumption review resulted in a net increase in reserves of $478.5 million pretax, with strategic actions taken to derisk the long-term care block [17][25] - The investment portfolio maintains an A-minus average rating, with strong underlying statutory earnings of approximately $300 million [12][34] Q&A Session Summary Question: Can you provide more color on the statutory side of VLCC assumption review? - Management explained that the reserve charge impacted the entire block of business, with adjustments made flowing through to protections without significantly affecting statutory reserving levels [41][42] Question: What is the rationale behind keeping capital in Fairwind? - Management indicated that retaining capital in Fairwind is prudent given the strong protections available [46] Question: How do the recent changes impact the actuarial justified rate increases? - Management confirmed that the changes are linked to the removal of morbidity and mortality improvement assumptions, which will flow through to the rate increase requests [51][52] Question: What are the expectations for group disability recoveries? - Management expressed confidence in the stability of recoveries, noting that the team has effectively managed the group disability block [66][100] Question: What is the outlook for share buybacks and other uses of cash? - Management stated that capital deployment plans remain consistent, with a focus on growing core operations and pursuing selective M&A opportunities [108]