“In total, year-to-date sales are up 13% while year-to-date adjusted PFOs are up 5%, reflecting the impact of par firmly within our 4% to 6% outlook range, which we expect to achieve for the full year 2023.”

In context

“. We generated a minus 1.9% return on real estate equity funds, an asset class that remains under some cyclical pressure. Nonetheless, we believe we've reached the trough relative to VIIs contribution to our quarterly adjusted earnings. In total, net income for the second quarter was $370 million, which reflects certain required accounting adjustments following the announcement of our pending re-insurance transaction with Global Atlantic. We did not incur material credit losses in our real estate portfolio or elsewhere during the second quarter. Shifting to MetLife's business performance in the quarter, I will start with our US group benefits results. Adjusted earnings totaled $372 million with underwriting results in line with our expectations after reflecting certain unfavorable items. In total, year-to-date sales are up 13% while year-to-date adjusted PFOs are up 5%, reflecting the impact of par firmly within our 4% to 6% outlook range, which we expect to achieve for the full year 2023. Looking ahead, we are confident in our ability to sustain our growth trajectory in this attractive capital-light business for many reasons. The strength of our relationships with our largest national accounts, where our average customer has been with us for more than 20 years, is well-known. The power behind this strength is apparent when you consider that 75% of new sales are made to existing customers through product additions and enrollment growth. Our efforts to accelerate growth in regional business is evident in our market share gains. A key element of this success is driven by our expansive product portfolio, the broadest across the benefits universe. As a proof point, more than half of our new regional business customers purchase multiple products. And again, this can also be seen”