“We continue to see a strong pipeline for the balance of the year based on good funding levels and higher long-term interest rates.”

In context

“ss mortality in our current period group benefits results. At the current pace, MetLife is on track to generate close to $25 billion of adjusted group benefit revenue in 2022, a true testament to our product breadth, scale and momentum in this attractive market-leading business. For Retirement and Income Solutions, or RIS, adjusted earnings totaled $388 million, which were down from a year ago due to less variable investment income, but helped by favorable volume growth. Looking past the decline in variable investment income, recurring investment income spreads were strong at 103 basis points as we continue to manage against a shifting yield curve. During the quarter, we booked $2.6 billion of new pension risk transfer business, which brings our year-to-date total to roughly $4 billion. We continue to see a strong pipeline for the balance of the year based on good funding levels and higher long-term interest rates. In Asia, adjusted earnings of $386 million were below a year ago on lower variable investment income and less favorable underwriting. COVID claims in Japan impacted adjusted earnings in the quarter, driven largely by deemed hospitalization, which allows for payment of COVID claims incurred for care outside of the hospital. Other Asia business metrics remained favorable, with sales growing 2% year-over-year on a constant currency basis, while general account AUMs in the region were up 5% on the same basis. In Japan, sales grew 5% on a constant currency basis. MetLife has a history of product innovation in Japan. Most recently, we've built on that legacy with product launches in September, February and April, illustrating both our speed to market for new products and our leading digital d”