“And finally, in Japan, we expect our initial economic solvency ratio, or ESR, to be in the middle of our 170% to 190% target range for fiscal year ending March 2026, following completion of regulatory filings in June.”

In context

“we returned approximately $1.1 billion to shareholders, including approximately $750 million of share repurchases. And we repurchased approximately $200 million of additional shares in April. Our capital actions reflect confidence in both the near-term earnings and long-term free cash flow durability. For our U.S. companies, our 2025 combined NAIC RBC ratio was 379%, well above our target ratio of 360%. Preliminary first quarter 2026 statutory operating earnings were approximately $610 million with net income of approximately $170 million. And our estimated U.S. statutory adjusted capital, on an NAIC basis, was approximately $16.2 billion as of March 31, down 5% from year-end '25, primarily due to seasonally higher U.S. entity dividends paid in Q1, partially offset by operating earnings. And finally, in Japan, we expect our initial economic solvency ratio, or ESR, to be in the middle of our 170% to 190% target range for fiscal year ending March 2026, following completion of regulatory filings in June. In summary, MetLife delivered an excellent first quarter, reflecting disciplined execution across the enterprise, as we enter year 2 of our New Frontier strategy. Broad-based top line growth, strong returns and expense discipline underscores the quality and the durability of earnings, while strong capital, liquidity and free cash flow support disciplined and consistent capital management. Our high-quality, well-diversified investment portfolio, built on decades of private asset experience and risk management, positions us well through market cycles, with limited exposure to areas under the greatest scrutiny. Taken together, these results reinforce our confidence in MetLife's ability to compound value over time and deliver attractive, dependable returns for shareholders. And with that, I w”