Amy Friedrich: Yes. So, you’ve done a nice job, Dan, talking about kind of the broad macro conditions. When we look at our block, and again, there’s going to be no surprise in this, our block is performing really well from an employment growth perspective. So, what we’re seeing and what we would extrapolate to kind of the larger small business is that the sector, and Dan pointed it out, that really is holding up very strongly in terms of employment growth is that under 200 employees, under 250 employees. We’re still seeing 4.8% growth in that employment growth in that marketplace. So, I think our message has been small employers will keep hiring and the facts have been small, employers are keeping hiring. So, when we look at that, what I’d consider sort of heading into the mid-size, it does begin to taper back just a little bit.
So instead of that 4.8%, we’d see something that’s closer to that 4%, 4.3% in that, let’s call it mid-size 200 to 1,000 employees. Once you pop above that 1,000 employees, that is definitely where you’re seeing some of the noticeable employment deterioration. Now, I would note that does skew a little bit even towards jumbo. Again, our block begins to tell us less, because we just don’t have as much in that segment, particularly for group benefits. But what we’re seeing is, is you hover around still those mid- sizes of having 1,000 and 2,000 employees, the impacts on employment still are not as pronounced as the ones we’re seeing happening in that really larger jumbo marketplace.
Dan Houston: Very helpful. Chris, anything to add on the SMB space?
Chris Littlefield: Well, I mean, I Think the trends are very, very similar. So, we see good growth and momentum in the small-to-mid, and we’re watching for the large and jumbo markets as we head into 2023.
Dan Houston: Very good. Erik, follow-up?
Erik Bass: Dan, thank you for the caller there. It’s just one follow-up on capital. Your excess capital increased about a $100 million quarter-over-quarter despite deploying $600 million, that implies you generated about $700 million in the quarter, which I think is more than a 100% of earnings. It’s a good, just hoping you could talk a little bit about the drivers of the capital growth this quarter. Deanna?
Deanna Strable: Yes, just a couple of comments. We do tend to see a little bit better free cash flow towards the end of the year. Some of that is just more due to movement in some of our unregulated businesses, and when we actually dividend up some of that capital. But again, we saw a continuation of just really good trends with all of our businesses really focused on holding the right amount of capital and only deploying capital when we could get the returns that we did. And so again, obviously that the fourth quarter deployment did include that approximately $200 million toward M&A. We had obviously earmarked that coming into the year and then made that we’re very pleased to make that deployment in fourth quarter, but there is some seasonality that makes fourth quarter a little bit higher relative to free cash flow.
Dan Houston: Is that helpful, Erik?
Erik Bass: Got it. Yes. Thank you.
Operator: Thank you. Our next comes from Alex Scott with Goldman Sachs. Please proceed with your question.
