“This change increased fourth-quarter adjusted earnings by $57 million and is expected to add about $200 million annually, mostly benefiting corporate and other.”

In context

“d in the third quarter, and higher asbestos litigation reserves recorded in corporate and other. Moving to Page four, this slide compares fourth-quarter year-over-year adjusted earnings, excluding notable items, by segment, and corporate and other. All my comments refer to figures excluding notable items. Adjusted earnings rose 18%, 17% in constant currency to $1.7 billion, driven by higher variable investment income, strong volume growth, and favorable expense margins, partially offset by lower recurring interest margins. Also, we have revised our definition of adjusted earnings to exclude the noncash accounting of real estate depreciation. To align the impact of real estate asset value changes and better reflect the recurring cash flow and returns of the investment in adjusted earnings. This change increased fourth-quarter adjusted earnings by $57 million and is expected to add about $200 million annually, mostly benefiting corporate and other. Adjusted earnings per share were $2.58, up 24%, and 23% on a constant currency basis. Growth was supported by disciplined capital management. Moving to the businesses, Group Benefits adjusted earnings were $465 million, up 12% year over year, largely driven by favorable underwriting, primarily in life and dental, partially offset by weaker disability. The group life mortality ratio is 81.1% for the quarter and 83.1% for the full year. Below our 2025 target range of 84% to 89%, reflecting continued improvement in working-age mortality trends. The fourth-quarter nonmedical health interest adjusted benefit ratio of 72.2% was within our annual target range. Seasonally low dental utilization was in line with expectations. However, disability results came in below expectations due to higher ave”