Deanna Strable: Yes, a couple things that I’ll say there, we did say in our prepared remarks that we had about $15 million of severance and restructuring cost in the quarter. We did not identify that as a significant variance, partially because we saw, again as you mentioned, our normal fourth quarter seasonality of expenses did not materialize. And so even with those severance cost in there, our overall fourth quarter expenses actually were very aligned with what we wanted them to be. We have severance in every quarter, but obviously it was a little bit more elevated as we go in we went into the fourth quarter. As I think about 2023, you have a lot of moving parts, right? One moving part is some of our incentive compensation kind of resets and ultimately that could have an increase in some of our expenses as we go into 2023.
But having said that, we’re going to continue to focus on all of our expense experts across the enterprise. You have highlighted kind of the alignment with revenue given macro, but as you’re also aware, we continue to make very good progress on the realization of our synergies in the RIS business as well as trying to manage through the stranded costs that came out of us exiting our retail fixed annuity and our ULSG lines of business. On both of those, we’re actually in line to slightly ahead of where we thought we would be at this point. And then we again have added in the efforts to also make sure, we’re aligning with the macro pressures while continuing to make the right investments to drive long-term growth. And so, it’s really hard to say where macro’s going to be as we go in.
We’ve obviously had a really good start to January. I think all we know is that we think there’ll be continued volatility and we’re going to continue to do what we’ve done in any period of volatility and pressure is to make sure we align that expenses with revenue. Whereas if you look at both fourth quarter and full year, you can see our change in comp and other is very aligned with our change in net revenue, which I think is testament to that alignment.
Dan Houston: Hopefully that helps. Ryan.
Ryan Krueger: Thanks. Follow-up was on the investment portfolio. I appreciate all the detailed updates that you provided in the slides. I guess €“ just on commercial mortgage loans that the LTV looks, continues to look very favorable. Can you give any color just on to what extent you’ve attempted to, I guess, reappraise the portfolio and reflect potential downside, the property value maybe particularly in office?
Dan Houston: Yes, we look at that constantly and again, credit goes to Pat and his team, Todd Everett, for having really put together a very competitive and high quality commercial portfolio. Pat, additional color?
Pat Halter: Yes, Ryan. Great. Sort of follow-up question, I think from a bottom up perspective, we are absolutely always interrogating our commercial mortgage portfolio and in our fixed income portfolio to make sure that we really understand what the macroeconomic environment is doing to each one of our investments. So, we have a very disciplined bottom up perspective to both our fixed income and our commercial mortgage portfolio relative to its position and resilience to what we believe would be a recession environment for 2023. But we also do a top down sort of model sort of stress analysis of our portfolio and on both sides of the analysis, both the bottom up and the top down, our commercial mortgage portfolio continues to hold up very, very well Ryan, and you highlighted some of the material that we already provided, but we continue to see very strong resilience in terms of the income durability of the investments we have in commercial mortgages.
