Operator: Thank you. And our next question comes from the line of Jimmy Bhullar with J.P. Morgan.
Jimmy Bhullar: Hey, good morning. First, just a question on revenues in the RIS business, you’ve grown at a pretty fast rate the last several quarters and I think generally better than some of your larger peers, and part of that might have been just the benefit from the hiring activity that you’ve done over the past couple of years. Is the tailwind from that fully reflected in your results and has it fully ramped up or is there sort of more to go there?
John Q. Doyle: Yes. Thanks, Jimmy. As I said, we’re quite pleased with our growth, pick up one of your words just a benefit from some hiring. As I noted, we’ve been working quite hard at shifting the mix of business, bringing in talent, improving our sales operations, including — investing in client engagement, we made terrific inorganic investments as well. And so, it’s much more than some of the lateral hiring that’s in the market. Having said that, we were quite pleased with the hiring we did, and we’ve gotten good returns from those investments. And, as I pointed out in the past not just — we’ve not just been pleased with the financial outcome. Culturally, we were very thoughtful about, who we brought into the organization and they’re not only helping us grow, but they’re making us better as well. So, we’re quite pleased with those investments.
Jimmy Bhullar: And then just you mentioned — sorry, go ahead.
John Q. Doyle: No, I’m sorry, do you have a follow-up?
Jimmy Bhullar: Yes, I was just going to say you mentioned macro and geopolitical a bunch of times and geopolitical obviously is understandable. Macro, from the outside and it seems like most of the factors are tailwinds more than they’re headwinds, the equity market strong, inflation’s high, GDP growth is held in. So, maybe you could just elaborate a little bit on what is it that on the macro side that you see as a negative and specifically on inflation, if it stays elevated, is that — obviously, it’s a positive on your growth, but is it a positive on your earnings as well overall or is the benefit offset by just higher expenses in your own business?
John Q. Doyle: Yes, it’s a good question. I was trying to thread the needle a bit, right? I mean, again, the economy has been quite resilient, but inflation remains persistent. You’re obviously beginning to see it come down here in the United States, but not at the level that the central bank seems to be targeting, with their mission to reduce inflation, that’s going to have an impact on not just the market here, but in other markets. And so, I think there is still a meaningful risk of recession. And in fact, where we do have exposure in other parts of the world we have economies, in recession currently. So — but I think you had it right, I think nominal GDP is a better indicator of demand for us rather than real GDP and — excuse me and inflation, overall, we do think is beneficial to the company.
We’re not again immune to some of the challenges that we confront from an inflationary environment in our expenses, but overall, it’s a bit of a benefit. And I would say, well, while equity markets, you pointed out equity markets have improved year-over-year, we’ve had some headwinds in our investment business from a growth perspective. Although, we’re pleased with what’s an improving growth profile year-to-date in Mercer investments. Thank you, Jimmy. Operator, next question?
Operator: Thank you. And our next question comes from the line of Michael Zaremski with BMO Capital Markets.
Michael Zaremski: Hey, great. First question, maybe I’ll try to ask the Jimmy’s question differently. So, in the RIS segment specifically, organic growth much stronger than consensus expectations, which is great. Any way you can offer any thoughts on whether a material portion of that kind of excess growth was market share taking versus just the entire maybe overall market conditions for the entire industry were stronger than maybe some expected?
