我们不妨做一个简单的推算：如果奖金池中的一半人去世，幸存者拿到的名义票息率就会翻倍，从7%上升到14%。如果只剩四分之一人，则升到 28%； 若只剩十分之一，年息理论上会达到 70%。你越长寿，越到后面，回报就越像火箭一样往上飙。 问题在于，能活过别人的概率有多高呢？按照1693年的寿命表显示，一个30岁的人平均能再活30年，到60岁左右去世。但那只是"平均值"，并非一半人 能活到60岁。事实上，到60岁 时，大约有三分之一的人仍在世，而三分之二的人已不在人间。 1693 年的伦敦，街头空气里混着煤烟、马粪味，还有战争的焦灼气息。当时的英国正与法国打得不可开交，国王威廉三世为了筹措战争经费，可谓绞尽 脑汁。为了应对日益恶化的财政赤字，英国议会一边加税，一边费尽心思想出各种奇奇怪怪的融资办法。 就在这样的背景下，一个新奇的金融发明登上舞台： 唐蒂（ tontine）。它的名字来自一个意大利银行家洛伦佐·唐蒂（Lorenzo Tonti），他发明了一种 听起来像是"投资+游戏+寿命赌局"的产品。听上去有点复杂，但其实逻辑很简单：参与者每人出一笔钱组成资金池，政府承诺每年支付利息。起初大家都 分红，但每当一个参与者 ...

Financial Data and Key Metrics Changes - Adjusted operating earnings for the second quarter were $350 million, supported by strong performance from spread products and higher yields in the bond portfolio [17][19] - Total adjusted capital exceeded $5.3 billion, reflecting a 5% increase since year-end 2024 [12][34] - Adjusted operating earnings per share was $4.87, with an adjusted figure of $5.12, up 5% from the prior year's second quarter [19][20] Business Line Data and Key Metrics Changes - Retail annuity sales reached $4.4 billion, a 9% increase over the first quarter and a 4% increase year-over-year [7][10] - RILA account balances increased by nearly 80% from the second quarter last year, with sales approaching $1.4 billion, up 16% from the previous quarter [6][7] - Variable annuity net outflows improved for the second consecutive quarter, totaling $2.2 billion, down 27% from a year ago [10][22] Market Data and Key Metrics Changes - Average retail annuity AUM increased to $249 billion, up from year-end 2024 [24] - The company experienced a 9.4% return on separate account assets, contributing approximately $19 billion to AUM [45] Company Strategy and Development Direction - The company remains committed to a balanced capital management strategy, focusing on disciplined investments, maintaining a strong balance sheet, and consistent capital return to shareholders [15][14] - Jackson is exploring opportunities for strategic partnerships and risk transfer transactions to enhance shareholder value [50][53] - The company aims to leverage Brook Re for potential M&A opportunities, enhancing capital generation and free cash flow [72][80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong and sustainable capital generation supporting future growth initiatives and ongoing capital return to shareholders [12][13] - The need for financial security in retirement is increasingly recognized, positioning annuities as essential tools for clients [15][16] Other Important Information - The company returned $216 million to common shareholders in the quarter, a 60% increase from the previous year [32] - A cash dividend of $0.80 per common share was approved for the third quarter [14] Q&A Session Summary Question: Excess capital position and potential uses - Management reiterated the philosophy of generating excess capital, paying it as free cash flow, and returning capital to shareholders [40][42] Question: AUM levels and equity market impact - Strong equity market performance contributed to AUM growth, with solid margins expected despite some variable expense offsets [44][46] Question: Strategic considerations for business remixing - Management is open to strategic partnerships and risk transfer opportunities that enhance shareholder value [50][53] Question: RILA product features and competition - RILA sales increased 16% sequentially, with a competitive product offering that includes income options [60] Question: Risk management of RILA and legacy VA - The company manages RILA and legacy VA products separately, leveraging natural offsets in equity risk [70] Question: Potential for inorganic growth using Brook Re - Management confirmed that Brook Re could be leveraged for M&A opportunities, particularly in acquiring complementary blocks of business [72][80]

Financial Data and Key Metrics Changes - Adjusted operating earnings for the second quarter were $350 million, supported by strong performance from spread products and higher yields in the bond portfolio [17][19] - Adjusted operating earnings per share was $4.87, with an adjusted figure of $5.12 after accounting for notable items, reflecting a 5% increase from the previous year [20] - Total adjusted capital exceeded $5.3 billion, a 5% increase since year-end 2024, with risk-based capital estimated at 566% [13][34] Business Line Data and Key Metrics Changes - Retail annuity sales reached $4.4 billion, a 9% increase from the first quarter and a 4% increase year-over-year, driven by RILA and fixed annuity sales [7][19] - RILA account balances increased by nearly 80% year-over-year, with sales approaching $1.4 billion, up 16% from the previous quarter [6][20] - Variable annuity net outflows improved, totaling $2.2 billion, down 27% year-over-year and 39% from the first quarter [11][19] Market Data and Key Metrics Changes - Average retail annuity AUM grew to $249 billion, up from year-end 2024, supported by strong separate account returns [22] - The company experienced a 9.4% return on separate account assets, contributing approximately $19 billion to AUM [45] Company Strategy and Development Direction - The company remains committed to a balanced capital management strategy, focusing on disciplined investments, maintaining a strong balance sheet, and consistent capital returns to shareholders [15][32] - Jackson is exploring opportunities for risk transfer and potential M&A to create new streams of capital generation [55][74] - The company aims to enhance its product offerings and distribution capabilities to meet diverse market needs [62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong capital generation and ability to support future growth initiatives while returning capital to shareholders [14][29] - The need for financial security in retirement is emphasized, with a focus on providing flexible protection and income-oriented solutions [15][37] Other Important Information - The company launched a new digital experience for financial professionals to enhance service and support [11][12] - Jackson was recognized in Barron's annual 100 Best Annuities Guide, highlighting its commitment to product innovation [12] Q&A Session Summary Question: Excess capital position and potential uses of capital - Management reiterated the philosophy of generating excess capital first, then returning it to shareholders while maintaining a strong balance sheet [41][43] Question: AUM levels and equity market impact on earnings - Strong equity market performance contributed to AUM growth, with expectations of solid margins despite some variable expense components [45][46] Question: Strategic considerations for business remixing and risk transfer - Management is open to strategic partnerships and risk transfer opportunities that enhance shareholder value while maintaining a diversified product mix [50][55] Question: RILA product features and competition - RILA sales momentum is strong, with competitive offerings including income options, positioning the company well in the market [61][62] Question: Managing RILA and legacy VA risk - The company manages RILA and legacy VA business separately, leveraging natural offsets in equity risk for efficiency [72] Question: Potential for inorganic growth using Brook Re - Management sees opportunities to leverage Brook Re for M&A transactions, enhancing capital generation and free cash flow [74][83]