Rob Lewin: Brian, thanks for the question. I think it’s going to be much more focused around taking what we have today and scaling that up. We think there’s more than enough room to have very substantial growth. And as we’ve outlined, our 2026 profitability measure is greater than $4 of FRE per share, $7 of TD per share, that doesn’t rely on adding a lot of new products that we’re doing. That said, we continue the focus on innovation. We are likely to add products over time where we believe there’s large addressable markets and where we can be a top player in the world of what we do. But that list is going to be small because I think we believe that if we go execute on what we have in front of us today take that 50% of our products that aren’t yet at scale and get them to scale that the growth opportunity is going to be much larger than starting something new from scratch.
Operator: Our next question is from Mike Brown with KBW. Please proceed with your question.
Mike Brown: Great. Thanks for taking my question. So I wanted to start with GA. It’s clearly a strong quarter there. And then given the favorable rate backdrop and the good new business trends that you’ve been seeing, any thoughts on how we should think about the next six to 12 months from that business? If you could maybe touch on the net investment income and the net cost of insurance, that would certainly be helpful. Thanks.
Rob Lewin: Yes. Great. Thanks a lot for the question. Clearly, Global Atlantic in the two years of our ownership has had really outstanding performance. And we had targeted 12% to 13% type of ROEs. We’ve out achieved that over the course of 2021 and again in 2022. I do still believe that that’s the right level which to model GA on a go-forward basis. We are benefiting right now on the investment €“ net investment side of the business, we’re certainly benefiting from greater deployment as we’ve rotated on our portfolio, which we took some upfront losses on given where interest rates are and have put that into higher-yielding securities. We’ve also benefited while we are pretty well asset liability matched. We do have a decent size floating rate book.
And so as interest rates have gone up, GA has benefited from that as well. At the same time, though, cost of insurance has, of course, gone up the price at which we price our annuities has gone up. But I think the team has done a really good job on the operating expense side of the business. And overall, you’re seeing that operating leverage flow through. So, we continue to be really encouraged. I think 12% to 13% still the right range to model that business going forward, and hopefully, they’re going to continue to be able to outperform.
Operator: Our next question is from Gerry O’Hara with Jefferies. Please proceed with your question.
Gerry O’Hara: Great, thanks. Good morning folks. Obviously, fund raising remains a topical item. So just sort of hoping you could comment a little bit on how conversations with LPs have been evolving over the past several months. And also to the extent you might be able to sort of address this whole dynamic around LP allocations and their sort of €œbudget€ as we look into 2023 and beyond. Thank you.
