“Life mortality continues to trend favorably, which we expect to persist in 2026.”

In context

“wth, and capital management drove the growth in earnings per share. As we do each fourth quarter, we included our outlook for certain near-term targets and other elements of guidance in our earnings call presentation. This year, in view of our resegmentation, we have taken a more prescriptive approach. In a moment, John will delve into our near-term outlook in greater detail. But on a high level, it should be evident we are on track to achieve our five-year commitments for adjusted EPS, adjusted ROE, direct expense ratio, and free cash flow, among others established under New Frontier. Turning to MetLife's businesses. Group benefits adjusted earnings excluding notable items totaled $465 million in the fourth quarter, contributing to full-year adjusted earnings ex notables of $1.7 billion. Life mortality continues to trend favorably, which we expect to persist in 2026. Repricing has returned dental to target profitability, while disability experience trailed our expectations in the quarter. This year anticipates 7% to 9% growth in adjusted earnings year over year, driven by PFO growth and supported by underwriting. In retirement and income solutions, adjusted earnings excluding notable items were $454 million for the quarter, up 18%, bringing full-year adjusted earnings ex notables to $1.7 billion. For the year, RIS benefited from record origination in both PRT and UK longevity reinsurance. For Asia, adjusted earnings ex notable totaled $444 million for the quarter, and $1.6 billion for the year. Strong annual sales growth from new products, in particular, foreign currency-denominated products, in Japan and Korea, pushed general account assets under man”