Good afternoon, and welcome to the 2025 Annual Meeting of MetLife Inc. Shareholders on June 17, 2025. I'm Glenn Hubbard, Chairman of the Board of MetLife, Inc., and the time is 2:30 P.M. Eastern Time. I hereby call the meeting to order. During this meeting, or the general question period that follows, we may discuss potential MetLife actions or future results. Of course, what actually happens could turn out differently, due in part to the risks and uncertainties described in the risk factors included in MetLife's SEC filings. MetLife does not undertake any obligation to publicly correct or update any such forward-looking statements. Joining the meeting today are members of the Board of Directors, members of the company's executive leadership team, and Taran Lynch and Julie Sandoval, each a partner and representative from Deloitte & Touche LLP, the company's independent auditors.
The Board has appointed an Agent of American Election Services LLC, Christopher Woods, to serve as the Inspector of Election for this meeting. Mr. Woods is attending the meeting today and has previously taken his oath as the Inspector of Election. Before we proceed, I would like to recognize Cheryl W. Grise and Ned Kelly, both retiring from the Board today. I'd like to thank them for their absolutely outstanding leadership and service as members of the Board of Directors. Each of MetLife's current directors, other than Cheryl and Ned, is standing for election for a one-year term that ends at the 2026 Annual Meeting. The rules of conduct for today's meeting are accessible at the lower right section of your screen under the Meeting Materials section. I'll ask Tim Ring, Senior Vice President and Secretary, to confirm that we have a quorum for the meeting.
Yes. Mr. Woods has certified that a quorum is present for the transaction of business of this meeting.
Thank you, Tim. I declare the polls open as of 2:32 P.M. Eastern Time on June 17, 2025. Shareholders, as of the April 21, 2025 record date, who have registered for this meeting with their control number may vote their shares online at any time until the closing of the polls by clicking the "Vote Here" button on your screen. Now, if you've previously submitted a proxy and do not wish to change or revoke your vote, your vote will be cast as you previously instructed, and no further action is required. Shareholders who registered for this meeting with their control number may ask questions or submit comments via the "Ask a Question" section on the lower left of your screen, and members of executive management and the Board will be available to respond. Those attending the meeting as guests and logged in without a control number may listen only.
Now, we'll begin by attending to the formal business of the meeting. Tim, can you confirm the mailing of the meeting notice to the company's shareholders?
Thank you, Glenn. I confirm that we received an affidavit from Broadridge, the company's agent for the proxy mailing, attesting that the mailing of the notice of this meeting to shareholders commenced on April 29, 2025. That affidavit has been filed with the records of the company.
Thank you. We now turn to the three proposals to be presented for a vote. Each of the proposals is described in detail in the proxy materials, which are included also in the Meeting Materials section at the lower right section of your screen. The first item of business is Proposal 1, the election of directors. Each of the following nominees is currently serving as a director of the company and, if elected, will serve a term of one year ending at the company's Annual Meeting next year: Carlos M. Gutierrez, Karla A. Harris, Laura J. Hay, R. Glenn Hubbard, J. Caridad Johnson, William E. Kennard, Michele A. Peluso, Diana L. McKenzie, Denise M. Morrison, Christian Momenthauer, and Mark A. Weinberger. The next item of business is Proposal 2, the ratification of the appointment of Deloitte & Touche LLP as the company's independent auditor for 2025.
The third item of business is proposal 3, a non-binding advisory vote to approve the compensation paid to the company's named executive officers. The compensation committee will review the outcome of the vote and will take it into account when considering future compensation arrangements. The Board of Directors recommends a vote for the election of all of the director nominees listed in proposal 1 and for proposals 2 and 3. At this time, we will respond to questions and comments regarding any of the proposals. As a reminder, shareholders who logged in with a control number may submit questions or comments. Tim, are there any questions or comments related to the proposals?
Glenn, we have received no shareholder questions or comments related to the three proposals being presented at the meeting today.
Thank you. The polls are about to close, so if you have not yet voted, please do so. Remember, if you previously submitted a proxy and do not want to change or revoke your voting instructions, you do not need to do anything. I now declare the polls closed on June 17, 2025, at 2:36 P.M. Eastern Time. Tim, at this time, would you please present the preliminary report of the proxy vote?
According to the preliminary report of the proxy vote that was provided to me by the Inspector of Election, each director nominee listed in proposal 1 has been elected. Proposal 2, the appointment of Deloitte & Touche LLP as the company's independent auditor for 2025, has been ratified. Proposal 3, the non-binding advisory vote on the compensation paid to the company's named executive officers, has been approved. The final vote totals will be included in a Form 8-K that will be filed with the U.S. Securities and Exchange Commission within four business days following today's meeting.
Thank you, Tim. This concludes the formal business to be conducted at today's meeting. The formal portion of the Annual Meeting is now adjourned. Now, before opening the remaining time to general questions and comments from shareholders, I would like to introduce Michel Khalaf, a director and President and Chief Executive Officer of the company who will provide the report of the company. I must say, on behalf of the Board of Directors, we value highly Michel's leadership, his work on culture, and strategy and execution. Michel.
Thank you, Glenn. On behalf of the management team and the 45,000 associates at MetLife, I'd like to welcome and thank you for joining our meeting. Today, I want to offer perspective on how MetLife continues to create enduring value for our shareholders and other stakeholders. 2024 was a momentous year. Amid dynamic market conditions, we demonstrated the strength and resilience of our business model and the all-weather nature of our strategy. We generated adjusted earnings per share, excluding total notable items, of $8.11, an 11% increase. Our adjusted return on equity, excluding total notable items, increased to 15.2% from 13.8% in 2023. We returned $4.7 billion to you, our shareholders, through $3.2 billion in common stock repurchases and $1.5 billion in common stock dividends. We also successfully completed our five-year Next Horizon strategy in 2024.
Through a period of unprecedented change, we exceeded every financial commitment we set at our 2019 investor day. Building on the success of Next Horizon, this year, we launched New Frontier, a bold evolution of our strategy that leverages the strength of our diversified set of businesses while capitalizing on attractive opportunities in the markets where we operate. In New Frontier, we are raising the bar further with new five-year commitments to generate responsible growth and attractive returns with lower risk. These new commitments include double-digit adjusted EPS growth, 15%-17% adjusted ROE, a 100 basis point reduction from our prior direct expense ratio target, and over $25 billion of free cash flow generation over the period. Despite the uncertainty in the external environment, we are executing with speed and discipline against New Frontier.
We are confident in our ability to drive long-term value for our shareholders and other stakeholders. As we embark on this next era, we remain guided by our purpose, our North Star, always with you, building a more confident future. Our emphasis on purpose is a cornerstone of our inclusive culture and long-term success. Notably, MetLife was recognized as number 13 on Fortune's list of the world's 25 best workplaces in 2024. By delivering for our employees, customers, and communities, we are better positioned to deliver for our shareholders. Our track record of success in Next Horizon, and indeed our 157-year history, forms the foundation of our bright vision for the future. To close, we recognize and appreciate the trust you place in us to meet our commitments and generate value.
We are confident that New Frontier is the right strategy to guide MetLife to new heights and deliver for you and our other stakeholders in a changing environment. Thank you for continuing this journey with us. I'll now turn it back over to you, Glenn.
Thank you, Michele, and thank you for your leadership. I now open the remaining time for shareholder questions and comments. Tim, are there any general questions or comments from shareholders?
Glenn, we have not received any comments or questions from shareholders to raise during this meeting.
Thank you, Tim. I now conclude the meeting. Thanks to all of you for your time and your continued interest in and support of the company.
This now concludes the meeting. Thank you for joining, and have a pleasant day.