“Finally, we expect the Japan solvency margin ratio to be approximately 745% as of September 30, which will be based on statutory statements that will be filed in the next few weeks.”

In context

“llion 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 expenses and other cash flows. In addition, we have repurchased shares totaling approximately $130 million in October. For our U.S. companies, preliminary third quarter year-to-date 2024 statutory operating earnings were approximately $2.8 billion, essentially flat year-over-year, while net income was approximately $2 billion. We estimate that our total U.S. statutory adjusted capital was approximately $17.6 billion as of September 30, 2024, down 2% from June 30, 2024 primarily due to dividends paid and derivative losses, partially offset by operating earnings. Finally, we expect the Japan solvency margin ratio to be approximately 745% as of September 30, which will be based on statutory statements that will be filed in the next few weeks. Before I wrap up, I would just like to highlight that we have an updated commercial mortgage loan slide as of September 30 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. In summary, while adjusted earnings were below our expectations primarily due to lower VII, the underlying strength of our business fundamentals was evident with strong top line growth, disciplined underwriting and prudent expense management. In addition, our strong value of new business metrics demonstrates our disciplined approach to deploying capital to its highest and best use, consistent with our all-weather strategy. MetLife remains in a position of strength given our balance shee”