“While EMEA adjusted earnings were above trend this quarter, we still view the run rate to be $60 million to $65 million per quarter for the remainder of the year.”

In context

“-year on a constant currency basis. Sales were down 8% on a constant currency basis versus a strong prior year quarter. Latin America adjusted earnings were $233 million, up 8% and 5% on a constant currency basis, primarily due to volume growth and favorable underwriting margins. In addition solid Chilean encaje returns of 4.8% in Q1 of '24 compared to a negative 0.9% in Q1 of the prior year. Latin America's top line continues to perform well as adjusted PFOs were up 9% and 8% on a constant currency basis, driven by growth across the region. EMEA adjusted earnings were $77 million, up 28% and 35% on a constant currency basis, driven by favorable underwriting, volume growth and higher recurring interest margins. This was partially offset by less favorable expense margins year-over-year. While EMEA adjusted earnings were above trend this quarter, we still view the run rate to be $60 million to $65 million per quarter for the remainder of the year. EMEA adjusted PFOs were up 7% and 9% on a constant currency basis, and sales were up 16% on a constant currency basis, reflecting strong growth in Turkey and the U.K. MetLife Holdings adjusted earnings were $159 million versus $158 million in the prior year quarter. Higher private equity returns were offset by roughly $50 million in foregone earnings as a result of the reinsurance transaction that closed in November, in line with expectations. Adjusted earnings in the quarter were also pressured by a true-up associated with the reinsurance transaction. Corporate and other adjusted loss was $241 million versus an adjusted loss of $236 million in the prior year. The company's effective tax rate on adjusted earnings in the quarter was approximately 23%, below our 2024 guidance range of 2”