“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.”

In context

“tems, 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 operating margin of approximately 32%. In addition, we expect MIM's Q1 adjusted earnings to be approximately $50 million lower than the implied quarterly run rate due to higher seasonal expenses in the first quarter. In total, MetLife delivered a strong quarter to close out another strong year. We successfully executed key strategic initiatives to support New Frontier while”