“We said we would generate $20 billion over 5 years of free cash flow. We expect to exceed this target.”

In context

“ial flexibility. With our great set of market-leading businesses, good growth prospects around the world and the strength of our balance sheet and our free cash flow generation, I believe MetLife is very well positioned for the future. When we established our Next Horizon strategy at the end of 2019, we made several 5 year commitments against which we measure ourselves and, more importantly, hold ourselves accountable. I am pleased with our success to date in meeting those commitments. Even more, I am confident that we will beat each one. We committed to an adjusted return on equity of 12% to 14%. Today, we are boosting our target adjusted ROE range to 13% to 15%. This reflects, in part, our growth combined with our sustained discipline in pricing our products and in managing our capital. We said we would generate $20 billion over 5 years of free cash flow. We expect to exceed this target. We committed to freeing up an additional $1 billion over a 5 year period to invest in growth and innovation. Again, we are on track to overachieve against this target, and we are reaping the benefit of these investments. When we made these commitments, we did not expect U.S. interest rates to approach the lowest level in history, neither did we contemplate a global pandemic. While the environment may change, our accountability does not. We are also not content to maintain the status quo. We seek to challenge ourselves and push for more to raise the bar. Now let's turn to our fourth quarter 2022 results. Last night, we reported quarterly adjusted earnings of $1.2 billion or $1.55 per share, which compares to $1.8 billion or $2.17 per share a year ago. We generated strong underwriting resul”