“However, outflows have stabilized the latter part of Q1 and so far in April, and we're seeing a solid pipeline ahead.”

In context

“he region. The strong top line growth over the last several years is translating into a stronger, more consistent earnings power. Turning to MetLife Investment Management, or MIM. Adjusted earnings were $47 million in the first quarter, up from $28 million a year ago and in line with the outlook we provided in February. The primary drivers were business growth, including the acquisition of PineBridge and favorable expense margins. With the first quarter reflecting seasonally higher expenses, we expect adjusted earnings to improve as the year progresses, aided by the continued progress integrating the PineBridge business. Institutional client outflows were approximately $2 billion during the quarter, reflecting elevated market volatility and the impact of bringing the 2 platforms together. However, outflows have stabilized the latter part of Q1 and so far in April, and we're seeing a solid pipeline ahead. Corporate and Other reported an adjusted loss of $177 million in the first quarter compared to a loss of $129 million a year ago. The year-over-year change was driven by foregone earnings from the prior year strategic reinsurance transactions, lower recurring interest margins and less favorable expense margins. This was partially offset by higher variable investment income. And the company's effective tax rate on adjusted earnings in the quarter was 24% at the bottom end of our 2026 guidance range of 24% to 26%. Now we'll move to Page 5. This chart reflects our pretax variable investment income for the 4 quarters of 2025 and the first quarter of 2026, which was $518 million. The higher than implied quarterly run rate in Q1 was driven by private equities, which had an average return of 2.9”