“Finally, we expect the Japan solvency margin ratio to be approximately 710% as of June 30, which will be based on statutory statements that will be filed in the next few weeks.”

In context

“cash return was approximately $900 million, roughly $500 million in share repurchases and about another $400 million in common stock dividends. Beyond share repurchases and common stock dividends, cash at holding companies reflects the net effects of subsidiary dividends, net debt issuances and holding company expenses and other cash flows. Regarding our statutory capital for our U.S. companies, preliminary second quarter year-to-date 2025 statutory operating earnings were approximately $1.3 billion, while net income was approximately $1 billion. We estimate that our total U.S. Statutory Adjusted Capital on an NAIC basis was approximately $17.1 billion as of June 30, 2025, down 3% from March 31, primarily due to derivative losses and dividends paid, partially offset by operating earnings. Finally, we expect the Japan solvency margin ratio to be approximately 710% as of June 30, which will be based on statutory statements that will be filed in the next few weeks. Let me conclude by saying that MetLife delivered a solid quarter, highlighted by strong momentum and underlying fundamentals across our portfolio of businesses. While our earnings power was not fully evident this quarter given the lower-than-expected variable investment income, we remain confident in delivering all weather performance achieved through a position of strength with a strong balance sheet and recurring free cash flow generation. And as we embark on the New Frontier, our strategic priorities allow us to achieve responsible growth and generate attractive returns with lower risk. And with that, I will turn the call back to the operator for your questions. Operator: [Operator Instructions] Our first question comes from the line of Suneet Kamath from Jefferies. Suneet Laxman L. Ka”