slides, will our Thank you, morning, on liquidity which I financial position. Michel XQ capital update and including of and highlights performance, covers our XX everyone. start an the supplemental with good
we U.S. outlook. full and net year year income dollar. XXXX. the Page losses $X.X . between MRB interest net That full and market will of billion I income our respectively. attributable the interest derivative primarily net the in quarter X, risk of comparison discuss rise and higher a to derivative losses difference addition, adjusted and or adjusted to of quarter the was said, fourth income earnings offset due in In gains The fourth of benefit strengthening remeasurement due rates. rates by partially were and is long-term near-term Net earnings provide to the Starting $X.X 'XX, on for billion to
interest In in largely credit rising normal addition, the activity on net investment losses result rate environment of the stable. remains were portfolio and trading a
page, As litigation $XX quarter. This we offset in X in to earnings a tax notable higher highlighted partially adjusted was current the of to impact on quarter reserves due with refund that a had primarily positive the interest million. net the bottom associated to by of asbestos items the
to Adjusted notable we On in provide periods. quarter X% X% billion, $X.X earnings, fourth both adjusted excluding notable earnings Page segment, excluding by up total X, were favorable year-over-year which constant items driven recurring and items total variable a volume comparison on of by and investment offset income The margins by were compared and primarily higher the previous currency year. growth, basis. increase was less solid expense interest a partially
and XX% Adjusted constant earnings notable items per were currency X% share, on and up a excluding total basis. $X.XX
was nonmedical businesses. compared health prior XX% prior the year. to Group $XXX the driver million, earnings underwriting key the from favorable were Benefits adjusted less margins down year The to quarter. Moving
year, XX% The The within interest-adjusted our was XX%. although and mortality non-medical target prior with ratio annual ratio XX.X%, Life range XX.X% was in for was quarter. the of expectations benefit line Group health to above
our full ratio the to of year, range XXXX the XX%. at XX.X% end target of For the bottom XX% was
on basis the participating Group Benefits up XXX growth taking line, top by full to adjusted were contracts basis year PFOs account, roughly a year-over-year, dampened which points. into X% Turning
approximately adjusted within to XQ down X% recurring higher investment up of The range of margins drivers target interest in were income. X% 'XX, earnings $XXX were underwriting, primary and were offset variable RIS our year-over-year less XXXX X% year-over-year. by million growth lower partially PFOs underlying favorable The X%.
sequentially year-over-year X variable mainly basis also to the investment to RIS points flat in at and investment spread core growth quarter, due basis fourth higher points with the our consistent up income basis were points, results. volume total expectations. XXX remained contributed Solid as XXX spreads
across were including RIS XX%, growth by products, adjusted primarily PRT, notably up most PFOs reinsurance. driven several U.K.-funded
As at transaction funded insurers. successful approximately inaugural Day, Investor relationships demonstrating reinsurance leading our with we have that the $XXX for U.K. we built we completed highlighted million
combined total U.K. brings XXXX. approximately U.S. $X.X This and to billion both our the for PRT inflows for
due primarily Moving higher XX% to which income and basis, $XXX margins, up on reserve by roughly to million, benefited Asia constant Adjusted a earnings positive underwriting $XX earnings favorable included refinements were variable XX% that investment adjusted currency million. and
offset versus key assets partially were and For were due growth China. year-over-year constant basis account an full currency on on down were growth markets, XX%, were XXXX Lower a India X% solid by Korea, sales cost under management constant basis amortized Asia's on other general to year Asia and XXXX. basis, notably a up currency metrics, X% Japan most which in up sales
and $XXX In growth up by higher foreign constant year-over-year, to X% primarily 'XX. strong region, currency earnings primarily to basis, volume returns currency QX Chilean but of were America a offset on on Japan, XX% across partially products. down a million, were lower the sales Latin yen versus impact XX% the due due Caja adjusted volatility down
Latin well, and driven but although basis, up X% recent by PFOs perform reported line region. growth Adjusted rates constant continues on growth by solid down were being are a currency to headwinds. persistency the across masked X%, strong top America's currency
on reflecting This constant currency quarter. earnings a in sales less volume and were strong PFOs the EMEA adjusted offset basis, was across margins charges XX% driven and up XX% a by growth margins EMEA lower XX% by and partially year-over-year. $XX were on primarily favorable basis, expense tax currency million, solid adjusted constant region. underwriting and XX% the up
XXXX were variable as income was that million largely November XX%. and loss modestly tax driven transaction versus prior a closed earnings on by reinsurance a Holdings foregone rate and partial Corporate million, offset. offset of The loss life underwriting of the was in earnings adjusted our XX% XXXX. quarter were adjusted an by effective guidance Favorable $XXX X% result year-over-year. taxes adjusted million $XXX MetLife in of and of down the expenses was earnings year. $XXX adjusted in higher the company's range investment XX.X%, below Higher partially to other
average of XXXX. for the in driven an quarter. income which equity chart portfolio, quarters and full of this million investment investment X.X% income variable X, QX the our $XXX Variable had pretax Page in the On reflects year return X private by was
and in estate an Our return average quarter. real had X other of essentially the funds
real are mark-to-market As on basis. funds and X-quarter a for other a accounted a estate PE and and reminder, reported lag on
the investment income, of approximately largely of VII, ahead target For our XXXX PE estate while $X most returns returns. year. but funds full the expected variable or with well our were of other the XXXX below year, annual shortfall, prior in for $X.X was billion, Real accounted line billion, and
Page for full year X, the Corporate we provide XXXX. and VII On by Other segment X and post-tax quarters and
As their liability RIS to continue and Asia reflected chart, proportion VII the hold assets given Holdings in of largest MetLife the long-dated profiles.
own portfolio its aligned as to reminder, liabilities. its matched and business However, each discrete a has
more generating of VII Asia's total. than in XX% portfolio quarter, the the outperformed
a over direct comparison quarters and our chart year XXXX Turning of X shows to full X. and ratio Page expense This XXXX.
of elevated as benefits initiatives. the from at technology costs costs was and impact employee-related reflecting well expense XX.X%, as seasonal Our XQ direct and enrollment ratio higher 'XX group
in That results. we the said, to as performance full direct to best fluctuations due quarterly measure is ratio year we've way highlighted expense believe our previously,
full year of XX.X%. expense ratio target below was XXXX, XX.X%, For the XXXX our direct our
quarter We a We and million ample cash result January. Page totaling focus shares again with capitalized once Overall, execution position our our on than of $XXX liquidity. capital X. the $XXX believe in demonstrates roughly well more on now repurchased repurchases efficiency share have in will consistent I million mindset. this is had and MetLife discuss and fourth sustained
partially In underwriting. statutory XXXX $X by favorable net decreased was companies, the operating driven $X.X of by XXXX approximately capital lower by earnings U.S. primarily our $XXX of year-over-year impacts statutory and billion, were transaction Statutory million income, approximately while preliminary in net terms of for income operating investment billion. November reinsurance earnings offset approximately
in final On our Page X, tally commitments financial shows under the beating Horizon. this next chart X-year
XX% Our above to commitment original XX% XXXX our was full above to XX% year in XXXX. XXXX XX.X% our for guidance adjusted ROE and of made XX%
years of capacity additional cash For growth $X $X.X we commitment above above created $XX.X the and generated operating billion distributable of XXXX billion, leverage through to commitment. our $XX billion XXXX, accelerate billion our
to embedded outlook, strengthen, turn the XX Now the details Page near-term Based further dollar the to growth further let's earnings which This will with for on creates expected our $XXX million I a segment in to moment. million in outlook $XXX XXXX. non-U.S. the headwind starting currency forward to a curve, overview. U.S. on discuss that adjusted approximately of in impact is is
to yield forward long-term positive The for rates stable steepen XXX. we and X% to projects interest and rate of an assumption the annual curve the interest used return curve a S&P be development
with these we are commitments that announced our targets, For consistent near-term Investor new our Day. at frontier
growth. to expect EPS double-digit We achieve adjusted
range adjusted XX%. in the expect XX% to We ROE be of to
cash adjusted cash of expect free flow. We earnings, our XX% plus to of flow generate to to $XX X-year which free maintain of average our ratio X-year commitment supports billion XX%
discipline, our XX.X% XXXX. XX.X% basis lowering reducing expense XXXX, we expense by are continued our XXX from therefore, XX.X%, direct points given Also, to down guidance to we XXXX. target in for focus ratio down And ratio on our expense
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Our corporate $XXX loss $XXX to is adjusted expected be other million and tax. after million between to
to interest a maintaining XX%. sensitivities appendix our our on over rate range Further earnings page, relatively are are certain case you'll to bottom to the slides. base see rate the of the of we XX% impact expected the these near At tax And adjusted in relative effective term. reflecting sensitivities modest
be XX, Page asset of VII stable the XXXX. chart expectation to in our average On reflects balances
to are and increasing returns also return estate over X% term. expected to X% real annual in near our funds be XX%, increasing are for equity we X% for near-term the be to range our and between a We other private expected of to
real and their trending to XXXX. In end XXXX, we and of be toward other expect ranges the PE funds higher and XXXX lower both in respective estate before
maturities and fees on prepayment include loans we VII. reminder, in a as fixed Finally, mortgage
now our business outlook segments. our I So for discuss will near-term
XX. the with on start U.S. Page Let's
For annually our increasing near X% adjusted to term. over growth Group target to the Benefits, are PFO we X%
XX% Life mind, quarter the adjusted given to to the are skew guidance the end annual Please underwriting of ratio first near-term group typically these health ratios and both the ratio Group our ranges. XX%. XX%. maintaining XX% are And in of interest ranges mortality higher the We benefit nonmedical of seasonality of to keep in business.
half However, of for trend positive of in Group the Life, the have if the into year. we first seen couple persist quarters last the
in be full bottom the expect to range XXXX. half ratio of year in the We the guidance
product income. of our efficiencies Lastly, adjusted from operating investment to and Group greater largely in Benefits change underwriting, benefit we expect mix, factors continued from outside earnings higher
This XX% in earnings adjusted XXXX. to X% will to add an incremental
spread being be For for RIS, earnings. primarily which the total in opportunity end, future see guidance we And used business we've under long-term New provide liabilities, range we are annual To and to light growth our X% fee comprised project to to X%. about total our a Frontier, growth and that balanced talked of we liability spread increasing can fee now balances. of the
total the to before applied projected proxy income general account be spread The get to for guidance a our balances for upcoming range can expenses. pretax year spread our good
to XXX and anticipate our spread total based account for XXXX VII the XXXX. forward XXX interest estimate to now rate that curve caps holds assuming matured. remaining on expect We be stabilize to basis investment all forward from our points, core general have XXXX spread We
earnings, adds an earnings. Beyond underwriting X% income, and total adjusted expenses, RIS of spread incremental fee to net
PFOs Holdings, XXXX. range and we million to in guidance the $XXX to lowering X% are $XXX For to XXXX, decline adjusted expecting in to earnings adjusted we million MetLife are X% approximately
and roughly were as to higher lapses during XXXX X% variable in life adjusted The year. annuity of business runoff the accelerated earnings
Page XX. the segments at on for look the outside near-term guidance let's U.S. our Now
digits to single sales over constant grow For a mid- on to the term. expect Asia, currency near high basis we
to In we expect currency mid-single-digit addition, AUM account general constant a on maintain basis growth.
are adjusted constant assumed a on curve. forward the grow in expected reported currency digits basis in the given basis, mid-single Asia on a and weakness XXXX to yen earnings single digits low
on mid-single adjusted and currency XXXX expected grow XXXX, digits both For to and earnings are constant reported a basis.
we Latin reported the high and XXXX in on assumes and rates, which both Chilean given a expect grow currency in currency single XXXX. constant weakened earnings on adjusted For flat forward a PFOs basis digits pesos basis to adjusted and Mexican America,
expect we constant to a XXXX, For on XXXX basis. currency reported adjusted digits earnings PFOs and high both and adjusted single and grow
adjusted digits we for reported to expecting a mid- PFOs to are Finally EMEA grow basis. high single on
EMEA's For million digits adjusted $XX expect in million we earnings, run new be to and to in XXXX, $XX quarterly then grow rate XXXX XXXX. mid-single
that delivered by Let year. close solid MetLife saying to quarter me a another strong conclude out
fundamentals reflected Our fourth quarter year underlying and across full of the strong portfolio businesses. results our
businesses. to continue strength a cash set of forward from position generation a We strong move of recurring balance with market-leading sheet, a and free flow diversified
the complete the next leg all our of pleased we exceeded made. journey, commitments we we have final As Horizon that to are
way us with lower accelerating our generating proposition Now to to for frontier, the attractive well as priorities of And we forge on and our that, questions. operator the unique risk. growth deliver returns position back our the into your I'll turn new strategic responsible call value with
