“We are on track to generate group benefits PFOs of roughly $24 billion in 2023, representing $5 billion of growth at a CAGR of more than 5%.”

In context

“market was on full display in the quarter. Sales on a constant currency basis were up 34% in the region, led by Japan, where sales jumped 42% year-over-year, led by the introduction of a foreign currency life insurance product. Turning to Latin America, which put up another strong quarter, adjusted earnings totaled $219 million. Further, Latin America posted gains in both sales and adjusted PFOs of 13% and 14% respectively on a constant currency basis. Taking a wider lens on the momentum in our business, we managed through the pandemic expecting to emerge from the turmoil stronger than we entered. With the fullness of time, we can now see that is true. Some numbers can help. In full year 2019, our group benefits business generated premiums, fees, and other revenues of roughly $19 billion. We are on track to generate group benefits PFOs of roughly $24 billion in 2023, representing $5 billion of growth at a CAGR of more than 5%. In 2019, our retirement income solutions business generated average quarterly adjusted earnings of $310 million, with variable investment income matching outlook expectations. So far in 2023, RIS has averaged about $410 million of adjusted earnings per quarter, without the benefit of normal VII. Similarly, our Latin America business averaged roughly $150 million of adjusted earnings per quarter in 2019, which has grown to an average of more than $200 million per quarter in 2023. To me, the message is clear. The fundamentals associated with our market leading businesses continue to gather steam. Moving to capital and cash, MetLife remained active with capital management during the second quarter. Following the increase to our common stock dividend, we paid roughly $400 million of common st”