“We expect 2025 total general account investment spread to be 110 to 135 basis points, assuming the forward curve holds and based on our VII estimate for 2025.”

In context

“adjusted earnings to benefit from factors outside of underwriting, largely from continued change in our product mix, greater operating efficiencies, and higher investment income, which will add an incremental 5% to 10% to adjusted earnings in 2025. For RIS, we've talked about the business being comprised primarily of spread and fee earnings. To that end, we provide a long-term balance growth range for total liabilities, which can be used to project our future spread and fee balances. In light of the opportunity we see under New Frontier, we are now increasing our total liability annual growth guidance to 3% to 5%. The total spread guidance range for the upcoming year can be applied to our projected general account balances to get a good proxy for our pretax spread income before expenses. We expect 2025 total general account investment spread to be 110 to 135 basis points, assuming the forward curve holds and based on our VII estimate for 2025. We anticipate our core spread to stabilize from 2025 forward now that all remaining interest rate caps have matured. Beyond spread earnings, total fee and underwriting income, net of expenses, adds an incremental 5% to RIS adjusted earnings. For MetLife Holdings, we are expecting adjusted PFOs to decline approximately 4% to 6% in 2025, and we are lowering the adjusted earnings guidance range to $650 to $800 million in 2025. The business run-off accelerated in 2024 to roughly 9%, and variable annuity lapses were higher during the year. Now let's look at the near-term guidance for our segments outside the US on page fourteen. For Asia, we expect sales to grow mid to high single digits on a constant currency basis over the near term. In addition, we expect general account AUM on a constant c”