“As such, we expect the investment spread range for 2024 is 115 to 140 basis points.”

In context

“up life mortality ratio and non-medical health interest adjusted benefit ratio ranges by 1 percentage point to 84% to 89% and 69% to 74%, respectively. Finally, keep in mind these are annual ratios and both typically skew to the higher end of the ranges in the first quarter given the seasonality of the business. For RAS, we are maintaining our 2% to 4% expected annual growth for total liability exposures across our general account spread and fee-based businesses. Regarding investment spread, full year 2023 was 125 basis points and is expected to be relatively flat for the full year of 2024. This incorporates both the impact of the roll off of our interest rate caps with maturities throughout 2024 and the offsetting benefit of VII re-emerging over the year as a more meaningful contributor. As such, we expect the investment spread range for 2024 is 115 to 140 basis points. We have also provided updated RAS sensitivities for interest rate movements in the appendix. Sensitivities reflect the anticipated impact from interest rate cap maturities throughout 2024. As such, our sensitivity to SOFR declines throughout the year. For MetLife Holdings, we are expecting adjusted PFOs to decline by approximately 13% to 15% in 2024 and then declining 4% to 6% annually thereafter. And we are lowering the adjusted earnings guidance range to $700 million to $900 million in 2024 to reflect the foregone earnings from the reinsurance transaction as well as lower expected PE returns and natural runoff of the business. Now, let’s look at the near-term guidance of our businesses outside the U.S. on Page 15. For Asia, we expect the recent sales momentum to continue and generate mi”