Brad Dyslin: Wilma, thanks for the question. We are expecting to see a little bit of volatility in rates in first quarter. As you’re probably aware, there is an expected change in the governorship scheduled for February. And there is a lot of expectation that, that could lead to a policy change — we saw a bit of a move in December when they widened the range on the 10-year JGBs by 25 basis points. So the magnitude of the opportunity is really going to depend on how much rates move. Remember, we are still at very low levels. And while a 25- or 50-basis-point move is certainly welcome, it’s unlikely to result in a very big left or right turn on our asset allocation. But of course, yen assets are very important to us for the obvious asset liability management reasons, and we’ll be keeping a close look as well as any opportunities to swap JGBs into higher-yielding yen credit assets.
Max Broden: And Rima, just a reminder in terms of the impact on our capital ratios, our SMR sensitivity to 100 basis points shift in the yen yield curve is 35-point — negative 35 points on our SMR. Our ESR, more importantly, goes the other way. And obviously, higher yen rates are positive to our ESR. So a 100-basis-point shift in the gain yield curve would increase our ESR by 34 points.
Wilma Burdis: And I guess could you give us a more specific examples of the lapses in the U.S. and some of the things you’re doing to address it address those?
Dan Amos: Virgil?
Virgil Miller: I’m sorry — this is Virgil Miller, coming off mute. So Steve talked a little bit about it, let me give a little bit more color though. At the end of the day, when Steve and Fred both mentioned the office of persistency, what we’re really looking at is, how do we drive utilization so that people understand the benefits they even acquired? When we’re looking at selling our products, we do so making sure that our products are benefit-rich and — but also that they’re being utilized, so some of the things you’ll hear us talk about is activity to make sure people have a knowledge and education around the benefits of how do we partner with our brokers, how we partner with our agents out there, and then with the employer to help drive utilization. We know that when they actually use the benefits, they have more of a tendency to keep it. And so you’ll hear us talk a little bit of share more results around activities like that.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to David Young for any closing remarks.
David Young: Thank you all for joining our call this morning. And I just want to say, if you have any questions, please feel free to reach out to the investor and rating agency relations team. We look forward to speaking with you soon, and wish you all continued good health. Thank you.
Operator: The conference has now concluded. Thank you for attending today’s presentation and you may now disconnect.
