Mark Dwelle: Got it. That’s what I was really looking for. Okay. The second question that I had is with respect to the various real estate loans and private assets that you have, is there anything that you are doing from kind of a hedging standpoint? And is that a different cost or run rate than like what we are normally used to?
Jim Hamalainen: Hi. This is Jim again. In terms of private assets, if your question is, are we putting them on the books and then hedging those assets. So, the answer to that is we are not doing that. And so from a private assets perspective, we are looking for long-term returns on these assets over time, both in terms of loans and in terms of equity investments. So, I think that answers what your question was, but let me know if it doesn’t.
Mark Dwelle: No, it does. It’s €“ I mean I am sure the quality of these are very high and you mentioned the liquidity, but historically, that’s always been the case until it isn’t, and that’s why I was asking the question.
Jim Hamalainen: I see. When we think about liquidity, too, just a little stepping back just a bit on liquidity. Our entire investment plan is focused around the liabilities, the characteristics including projections of liability outflows. That’s all built into what we are doing and liquidity is part of the considerations that we make. And so we are very much focused on thinking about liquidity and what our needs could be beyond our expectations even. So, we don’t put assets on the books assuming that we are going to have to liquefy those assets and draw liquidity. They are €“ it is available in some cases, but we certainly don’t buy private assets, assuming that that’s part of the base case assumption.
Mark Dwelle: Okay. Thanks for your input. Thanks.
Operator: And one moment for our next question. And our next question comes from Pablo Singzon from JPMorgan. Your line is now open.
Pablo Singzon: Hi. Thank you. Axel, just given your comments about interest rates stabilizing, do you think the competitive environment has stabilized as well, or are insurers trying to pass on higher rates to customers at this point? And I realize it’s not a one-for-one, right? I think in terms of we are making excess spread, but just want to get a sense of how rates are filtering into the competitive environment?
Axel Andre: Hi, Pablo. Good morning. Thanks for your question. Yes, I think we are starting to see that, starting to see some stabilization in the competitive environment as well. Even we saw some competitors take the rates down. So, I think yes, there is stabilization and rationalization. I think as enough mentioned, looking at all fourth quarter sales, looking at the trajectory and the momentum of first quarter to-date sales, I think that all points to the €“ that points to that essentially stabilization and rationalization of good positioning within that.
Anant Bhalla: Yes. Pablo, I will just add to one thing is that look, historically, AEL is led with service and an okay product. What we sort of done with the product changes, we have done because we have the juice, if I may use that expression on the asset side. There is no reason we can’t have a top five products or a top three products in terms of rating features. So, it’s a combination of service, ease of doing business and compelling, not the hottest but a top five product. If you are not top five, we are not going to sell. That’s the market reality, and easy to meet top five in our investment use.
