“we launched a digital platform that seamlessly integrates insurance solutions into the customer journeys of our LatAm business partners, such as banks, financial institutions, retailers and others, which we expect will lead to even more responsible growth in the region over time.”

In context

“n sponsors expressed concern over missing an attractive window to secure an annuity buyout at competitive rates. These findings confirm what I have said before we should continue to see a strong pipeline for our pension risk transfer business. Now shifting over to Asia. Adjusted earnings excluding notable items of $369 million were 23% above a year ago on better variable investment income. Sales in the region on a constant currency basis were up 5% led by life insurance in Japan and Korea. For Latin America, adjusted earnings excluding notable items totaled $199 million. Further Latin America posted healthy 16% gains in both sales and adjusted PFOs on a constant currency basis. Our digital initiatives don't stop at the U.S. border they extend around the world for instance in Latin America we launched a digital platform that seamlessly integrates insurance solutions into the customer journeys of our LatAm business partners, such as banks, financial institutions, retailers and others, which we expect will lead to even more responsible growth in the region over time. Expanding on the subject of responsible growth. In the third quarter, we released our Value of New Business, or VNB statistics for the full year 2022. And the results are powerful. To summarize, MetLife's deployed roughly $3.7 billion of capital to support the origination of new business in 2022. This capital was put to work at an average internal rate of return of 17% with an expected payback period of approximately six years. The value of new business generated in 2022 is around $2.3 billion which represents the net present value of distributable cash flows in excess of the hurdle rate. When we reference terms of MetLife like responsible growth and disciplined capital deployment their application in our business is grounded in the systematic use of VNB. It is hard to overestimate the po”