Alex Scott: Hi, good morning. First one, I had is a little nuance. I was looking at your interest maintenance reserve and the statutory filings, and it looked like you guys have one of the larger balances. And I was interested just because I think that would potentially give you more flexibility in a higher rate environment to reallocate. And I know you’ve already sort of talked about these plans to some degree with Blackstone. But just interested in timing and just thinking through the interest maintenance reserve balance, I mean, does that allow you to be a little more aggressive with reallocating more near term?
Elias Habayeb: So hey, Alex, it’s Elias. So when we look at our investments plan, we look at totality. IMR is just one element from how we look at balance sheet capacity. But to us, that’s not necessarily a determining factor for how we decide what to do with the investment portfolio. As Kevin said, our strategy around investments is really driven by the liabilities and where we see opportunities in the market. And we consider also capital in totality and not just looking at the IMR. We do continue to have a positive IMR balance, but to note, as you’ve seen in our stat supplement.
Alex Scott: Understood. Okay, thanks. Second question I had is just a follow-up on some of the commentary on the crediting rate decisions you’re making. Could you talk about the benefit of higher net investment income from yields? And how is your decision making around crediting rates evolving? And has that changed at all, the sensitivity that is?
Kevin Hogan : Sure. So let’s look at the fourth quarter. So new money rates in the fourth quarter were about 400 basis points higher than what they were at the beginning of the year. And the margins on the new business are extremely attractive, also supported by some of the asset origination through our partner, Blackstone, which are high credit quality as well as higher returning assets in the current market. And so the margin opportunity is really reflected in what’s going on with our net spreads. If you look at the total portfolio on a sequential basis, the net spreads are up 27 basis points and year-over-year, up 54 basis points. That’s a reflection of the improving earnings capacity of the business. And in terms of our strategy for managing crediting rates, we understand what the implications of potentially increasing crediting rates could be on preservation of the business.
But much of that business would be preserved irrespective of what we do with the crediting rate. So economically, the new business capital and the margins on the new business capital are more valuable than the capital supporting that in-force business. And it is a dynamic kind of trade, a surrender in fixed annuity and return for new business and indexed annuity. And our team has a great deal of experience in managing the cycle of the fixed annuity and indexed annuity portfolios, and I think we’re benefiting from that insight.
Alex Scott: Thank you.
Operator: The next question comes from John Barnidge with Piper Sandler. John, please go ahead.
John Barnidge : Thank you very much. Favorable mortality experience was called out. I know UK is a sizable market there and has seen stubbornly elevated mortality. Sequential growth in underwriting margin in that business, was UK mortality improvement, a driver or any additional color on underlying mortality trends, as some noted in early peaking of flu? Thank you.
