“That said, our performance year-to-date positions us to beat our full year 2024 direct expense ratio target of 12.3%, demonstrating our consistent execution and a sustained efficiency mindset.”

In context

“t's only directional in nature and not a perfect depiction of spread impacts. At these levels, we continue to see positive impact of higher yields on our in-force and new business growth. Now moving to expenses on Page 9. This chart shows a comparison of our direct expense ratio for the full year of 2023 of 12.2% and the first three quarters to '24 all below 12%, including 11.7% in Q3 of '24. As we have highlighted previously, we believe our full year direct expense ratio is the best way to measure performance due to fluctuations in quarterly results. Our Q3 direct expense ratio benefited from solid top line growth and ongoing expense discipline. Looking ahead, we would expect our direct expense ratio to be higher in the fourth quarter, consistent with the seasonal nature of our business. That said, our performance year-to-date positions us to beat our full year 2024 direct expense ratio target of 12.3%, demonstrating our consistent execution and a sustained efficiency mindset. Now let's turn to Page 10. This chart reflects new business value metrics for MetLife's major segments for the past five years, including an update for 2023. MetLife invested $3.6 billion of capital in 2023 to support new business. This was deployed at an average unlevered IRR of approximately 19% with a payback period of five years, generating roughly $2.6 billion in value. I will now discuss our cash and capital position on Page 11. Cash and liquid assets at the holding companies were $4.5 billion at September 30, which is above our target cash buffer of $3 billion to $4 billion. Cash at the holding companies reflects the net effects of subsidiary dividends, payment of our common stock dividend and share repurchases of roughly $800 million in the third quarter as well as holding company”