“We committed to shaving 100 basis points over five years to achieve a direct expense ratio of 11.3%.”

In context

“tions. Among these were two separate deals with Chariot totaling about $11 billion of liabilities, and a risk transfer agreement with Talcott, totaling $10 billion of liabilities. When we introduced our New Frontier strategic priorities last year, we also established a fresh set of five-year financial commitments that underscore MetLife's superior value proposition. These commitments not only serve to challenge us but, more importantly, to hold us accountable. We committed to achieving double-digit adjusted EPS growth over the time frame, recognizing this will not always be a linear path. And in 2025, we delivered roughly 10% adjusted EPS growth excluding notable items. We committed to achieving a 15% to 17% adjusted return on equity. For the full year, ex notable items, we delivered 16%. We committed to shaving 100 basis points over five years to achieve a direct expense ratio of 11.3%. In 2025 alone, aided by AI and other emerging technologies, we lowered our direct expense ratio to 11.7%, putting us well ahead of schedule. And where it all comes together, free cash flow—we committed to generate $25 billion over the course of five years. In 2025, we made a $4.9 billion down payment toward that cumulative target. Throughout Next Horizon, now through New Frontier, the prevailing constant has been change. The all-weather nature of our market-leading businesses positions MetLife to adapt and succeed in a variety of economic environments. One year into New Frontier, it is clear we have the right strategy at the right time, focused on the right growth opportunities, and measuring ourselves against the right metrics. Turning to fourth-quarter results. We reported strong quarte”