But we will do it when we sort of need it, and we will hold capital where we think it makes the most sense. There are times when it makes more sense to hold the capital centrally at the holding company, and other times when it makes more sense to holding at the subsidiary level. And we will, over time, optimize that.
Alex Scott: Got it. And then the second question I had, I think it was mentioned earlier that Fred was going to be in Japan for some time. And I’d just be interested in sort of what the focus is for you, Fred, as you’re over there? It sounded like maybe a year or something. What is your focus? What are your key objectives as you spent some time over there?
Fred Crawford: Sure. Yes, this is the result of Dan and I sitting down in the few months or so leading up to the year-end, and why Dan signaled that fab that I’d be shifting a bit of my weight to focus a bit on Japan. To be clear, I’m spending effectively 2023 in Japan. It started mid-January and will run through mid-December. There’ll be times where I’ll be back in the States for critical activities and other Board-related activities, et cetera, in the U.S. So I won’t be here entirely. And very importantly, I haven’t changed any of my job description. And so a s Dan mentioned, I remain actively involved in driving U.S. activities. But the main reason I’m here in Japan is that it’s a recognition that, at Aflac, this is very different in how we operate Japan is not a subsidiary in what you would consider to be a normal global corporate company.
Japan is intertwined in the fabric of the entirety of Aflac. There’s extremely coordinated and close activities shared governance committees, shared intellectual capital around technology, digitization, product development techniques of going to market. We’re really, in many respects, one company despite being 13, now 14 time zones away from each other. And so in order for me to do my job effectively, that is being President and Chief Operating Officer of this company, you’ve got to immerse yourself in understanding the Japan marketplace, our business model and the unique dynamics that drive this business. And you really — you can do some of that making four to six trips a year for one week at a time or two weeks at a time, which I’ve done for seven years, eight years — coming on eight years now.
But it’s entirely different when you immerse yourself in living here and working day-to-day with the groups. And where my focus is, is real simple. It’s where you would expect when you look at our results. Number one, it’s partnering with Koide-san and Yoshizumi-san to help revitalize the distribution platform of this company. We need to make a leg up. We need to address certain parts of the distribution, and we’re going to have to execute and deliver to bring back that path to Â¥80 billion. I think we have a wonderful opportunity to leverage the brand, our scale, being in one in four households where we can drive some of the new products and capabilities that we have been incubating in recent years. And so, I’ll be focused on that. And then this move to digital, realize this is a significant effort.
