“Asia adjusted earnings in 2025 are expected to grow mid-single digits on a constant currency basis and low single digits on a reported basis given the yen weakness assumed in the forward curve.”

In context

“25 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 currency basis to maintain mid-single-digit growth. Asia adjusted earnings in 2025 are expected to grow mid-single digits on a constant currency basis and low single digits on a reported basis given the yen weakness assumed in the forward curve. For 2026 and 2027, adjusted earnings are expected to grow mid-single digits on both a reported and constant currency basis. For Latin America, we expect both adjusted PFOs and adjusted earnings in 2025 to grow high single digits on a constant currency basis and flat on a reported basis given the forward currency rates, which assumes Mexican and Chilean pesos weaken in 2025. For 2026 and 2027, we expect adjusted PFOs and adjusted earnings to grow high single digits on both a reported and constant currency basis. Finally, for EMEA, we are expecting adjusted PFOs to grow mid to high single digits on a reported basis. For adjusted earnings, we expect EMEA's new quarterly run rate to be $70 to $75 million in 2025, and then grow mid-single digits in 2026 and 2027. Let me conclude by saying that”