“Expect the Latin America adjusted earnings excluding notable items to increase 6% to 8% in 2026, including a roughly $50 million impact from the Mexico VAT change, which we expect to be mostly in the first half of the year.”

In context

“nd half of 2026, Q1 adjusted earnings are expected to be relatively flat year over year. Finally, we expect total general account investment spread to range from 100 to 120 basis points in 2026. For Asia, on Page 14, we expect annual sales growth to be mid to high single digits on a constant currency basis over the near term. And general account AUM growth in the mid-single digits. Asia adjusted earnings, excluding notable items, are expected to grow mid-single digits over the near term. Regarding the Japan ESR, assuming a 100 basis point change up or down in either or both the ten-year US Treasury and or the thirty-year JGB rates, we expect to remain within the 170% to 190% target range. On page 15, for Latin America, we expect adjusted PFOs to grow high single digits over the near term. Expect the Latin America adjusted earnings excluding notable items to increase 6% to 8% in 2026, including a roughly $50 million impact from the Mexico VAT change, which we expect to be mostly in the first half of the year. Expect adjusted earnings to return to high single digits growth in 2027 and 2028. Moving to EMEA, we expect adjusted PFOs to continue to grow high single digits given the strong momentum in the business. For adjusted earnings, we expect EMEA's new quarterly run rate to increase to $90 million to $100 million in 2026, and then grow mid to high single digits in 2027 and 2028. Finally, for MIM, we expect revenues to grow roughly 30% in 2026, largely driven by the combination of PineBridge and then increase by mid-single digits thereafter. For MIM adjusted earnings, we expect to be between $240 million and $280 million in 2026, then grow 15% to 20% per year in 2027 and 2028 from a combination of revenue and expense synergies as well as greater operating leverage. By 2028, we are targeting an”