“That being said, rising interest rates improve the overall economic solvency of our Japan business.”

In context

“ncludes the proceeds from the $1 billion senior debt issuance in July. In regard to our statutory capital, for our U.S. companies, our preliminary third quarter year-to-date 2022 statutory operating earnings were approximately $1.6 billion, while net income was approximately $2.1 billion. Statutory operating earnings decreased by approximately $2.4 billion year-over-year, driven by unfavorable VA rider reserves, lower variable investment income and higher expenses. We estimate that our total U.S. statutory adjusted capital was approximately $18.7 billion as of September 30, 2022, down 2% sequentially and year-to-date. Finally, the Japan solvency margin ratio was 617% as of June 30 which is the latest public data. The decline from March 2022 was primarily due to higher U.S. interest rates. That being said, rising interest rates improve the overall economic solvency of our Japan business. Let me conclude by saying the fundamentals of the business remain strong, solid top line growth, favorable underwriting and ongoing expense discipline. While private equity returns were down this quarter, core spreads remain robust. In addition, results in our market-leading franchises, Group Benefits and Latin America continue their strong growth and recovery. Finally, our commitment to deploying capital to achieve responsible growth positions MetLife to build sustainable value for our customers and our shareholders. And with that, I will turn the call back to the operator for your questions. Operator: [Operator Instructions] And our first question is from Jimmy Bhullar with JPMorgan. Jimmy Bhullar: So first, I had a question just on your new money yield. If you could talk about where it”