“Finally, we expect the Japan solvency margin ratio to be approximately 725% as of March 31, which will be based on statutory statements that will be filed in the next few weeks.”

In context

“k dividend and share repurchases of roughly $1.2 billion in the first quarter as well as holding company expenses and other cash flows. In addition, we have repurchased shares totaling approximately $330 million in April. Regarding our statutory capital for our U.S. companies, our 2023 combined NAIC RBC ratio was 407% which is above our target ratio of 360%. For our U.S. companies, preliminary first quarter 2024 statutory operating earnings were approximately $1 billion, essentially flat year-over-year, while net income was approximately $570 million. We estimate that our total U.S. statutory adjusted capital was approximately $18.3 billion as of March 31, 2024, down 6% from year-end 2023, primarily due to dividends paid and surplus notes repaid, partially offset by operating earnings. Finally, we expect the Japan solvency margin ratio to be approximately 725% as of March 31, which will be based on statutory statements that will be filed in the next few weeks. Before I wrap up, I would just highlight that we have an updated commercial mortgage loan slide as of March 31 in the appendix. Overall, the CML portfolio continues to perform as expected with attractive loan-to-value and debt service coverage ratios as well as the expectation of modest losses. Let me conclude by saying that MetLife delivered another solid quarter to begin the new year. The underlying strength of our business fundamentals was evident with strong top line growth, coupled with disciplined underwriting and expense management. In addition, our core spreads remain robust and sustainable given the higher yield environment. Also, we saw a nice rebound in our private equity returns. While the current environment remains uncertain, we are excited about the outlook and growth pr”