Brian Haendiges: Yes. I don’t have the details on that, Ryan, because it’s different by nursing home, assisted living facility or home care. But what I will say is we’ve been tracking how we’re doing against the long-term objective of reaching economic breakeven. And we’ve been looking for a good durable measure of that that’s independent of where we are with assumptions in any given year. And if you look back to the end of 2020, we were about 64% of the way there using the assumptions we had at the time. At the end of 2021, we were about 69% of the way done. And at the end of 2022, we’re about 78% of the way done. So we’re kind of closing in on that end game where we’re at or near economic breakeven. And so I think, yes, there are individual components, that if you look at the details and only look at that component, they may move around a little bit.
But when you look at it in aggregate and how they interact with each other, we’ve been making constant progress over time.
Thomas McInerney: Yes. I would — lastly, I would say, Ryan, as both Dan and I talked about today, we had an outstanding year of — in LTC premium annual approvals this year, $549 million. That was a very strong year, a record year for us. We’ve been averaging more over time in the $300 million, $350 million range. Last year was a record at a little over $400 million. Obviously, the $549 million is a significant addition on top of that. As I mentioned, I think, Dan, we — there are — in counting that, there are — we haven’t finished in all of those cases. As you know, there’s an electronic system that is the ultimate filing. And so we do have some mechanics that we have to do on those. But its a very strong year. And as a big part of the reason that you see the percentage accomplished against the total we need being between 75% and 80% now is because of the very strong increases we’ve received from regulators in the last couple of years.
And I would comment, there are regulators on the call that listen to this. And as you can imagine, Ryan, it’s very challenging to ask for increases and continue to as increases on some of the older product forms. You can see this on Slide 14, we’re up to over 400% cumulative increases, and that’s over a series of increases. So I would say we’re feeling very good about beginning to get near the end of what we had needed to do to accomplish, and we’re not there yet. And we’ll likely make some assumption changes going forward. That seems to be inedible as more claims come in. But we just feel very good about where we are. And I think the regulators are encouraged. I would say, 10 years ago, there were some regulators who thought, well, why bother because Genworth has so many challenges.
But — and credit to all of them, and I want to thank them because I think they really have stepped up. It’s hard to grant these large increases. This is probably more premium increases done in LTC than any other industry. And I think they’ve — that’s been very helpful for us. It’s the key way we manage the legacy book. So we feel just very good about where we are.
Operator: . And we do have a follow-up from Ryan Krueger.
Ryan Krueger: I guess I’ll ask 1 more. Can I just — I had 1 more question on long-term care. So I believe last year, you had a $28.7 billion cumulative premium rate increased assumption in LTC and now it’s $30.3 billion, but the active life reserve margin remained unchanged. So it seems like there must have been some other offset. Can you help walk through that?
Thomas McInerney: Brian, do you want to handle that one?
