Financial Data and Key Metrics Changes - The company reported adjusted earnings of $1,300,000,000 or $1.96 per share, up 7% from the same period a year ago, driven by favorable underwriting and good volume growth [11][24] - Adjusted return on equity in the first quarter was 14.4%, with a direct expense ratio of 12%, indicating efficiency [11][36] - Adjusted earnings were $1,300,000,000, up 1% year over year, and up 5% on a constant currency basis [24] Business Segment Data and Key Metrics Changes - Group Benefits adjusted earnings were $367,000,000, up 29% from the prior year due to favorable life underwriting margins [12][25] - Retirement and Income Solutions (RIS) adjusted earnings totaled $400,000,000, with strong sales in synthetic GICs and UK longevity reinsurance [13][28] - Asia adjusted earnings were $374,000,000, down 12% year over year, primarily due to lower underwriting margins and higher taxes [13][30] - Latin America adjusted earnings were $218,000,000, down 6%, but up 7% on a constant currency basis [14][31] - EMEA adjusted earnings were $83,000,000, up 8% and up 14% on a constant currency basis [32] Market Data and Key Metrics Changes - The company noted that the U.S. dollar has started to weaken against many currencies, which could benefit international business growth [9][10] - The company experienced favorable life underwriting margins due to lower mortality rates in the working-age population, consistent with CDC data [12][26] Company Strategy and Development Direction - The company has rolled out its New Frontier strategy to guide operations over the next five years, focusing on strategic diversification and resilience [7][10] - A significant risk transfer deal was announced, reinsuring approximately $10,000,000,000 of U.S. Retail variable annuity and rider reserves, aimed at reducing enterprise risk [16][40] - The company aims to achieve $1,000,000,000,000 in total assets under management through MetLife Investment Management [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the uncertain economic environment, emphasizing the all-weather nature of its business model [9][20] - The company is focused on executing its strategy without significant changes, despite rising recession risks [73][75] - Management highlighted strong underlying fundamentals and a commitment to responsible growth and attractive returns [43][44] Other Important Information - The company returned approximately $1,800,000,000 to shareholders through dividends and share repurchases in the first quarter [18][19] - The Board of Directors increased the common dividend per share by 4.1% [19] - The company ended the quarter with $4,500,000,000 in cash and liquid assets, above its target cash buffer [37][39] Q&A Session Summary Question: On spreads in the RIS business - Management acknowledged a sequential decline in spreads due to interest rate gaps and lower rates than expected, but noted growth momentum in the business [46][52][54] Question: On the commercial mortgage loan book - Management indicated that while there are signs of stabilization in real estate activity, uncertainty may slow momentum [56][58] Question: On the risk transfer deal valuation - Management explained that the deal was evaluated from multiple perspectives, including economic value and the removal of tail risk, which justified the transaction [62][66] Question: On underwriting experience in MetLife Holdings - Management reported that underwriting experience was in line with expectations across both life insurance and long-term care [68][69] Question: On capital management strategy in the current environment - Management confirmed that there would be no changes to capital management strategy, focusing on executing their existing strategy [72][75] Question: On PRT sales and market volatility - Management noted that while market volatility can be a distraction, it does not significantly impact the pipeline of transactions in the PRT space [87][90] Question: On variable investment income outlook - Management indicated that while the current environment poses challenges, they plan to provide preliminary information on expectations for variable investment income in July [94][96] Question: On the implementation of ESR in Japan - Management expressed confidence in operational readiness and indicated that the new framework would not change their operational approach [99][100]