And we’ll do that in three ways. We’ll continue to invest in our growth businesses and markets as we go forward, we’ll deliver industry leading customer experiencing, leveraging our broad capabilities and scope of diversified businesses, and which we’ll continue to invest as well, and we’ll create the next generation of financial solutions to better serve the diverse needs of a broad range of customers. So what I’d say in summary is that we’re definitely committed to becoming a higher growth, less market sensitive company. And our progress will obviously be dependent upon opportunities that arise and the macroeconomic conditions we face, but we’re laser focused on what we need to do, and we’ll accomplish that.
Michael Ward: Okay, great. Thank you. And most of my questions were asked, but I was curious, just sort of nail in the coffin, making sure you’re not liable for the earn-out with Assurance IQ?
Ken Tanji: Yeah, I’ll cover that. Actually, one of the things that we disclosed for GAAP is the fair value of that earn-out, and we’ve been disclosing that as zero. So I think that would give you a good indication.
Michael Ward: Okay, great. Thank you.
Operator: Thank you. Next question is a follow-up from Suneet Kamath from Jefferies. Your line is now live.
Suneet Kamath: Great. Thanks for the follow-up. Maybe just two quick ones. Just for Ken, I was curious about your comment about no change to AAT reserves even with the move up in rates. Can you just talk about why that would be the case?
Ken Tanji: Yeah, because AAT, I mean it looks at a number of scenarios and it also looks at not just the level of ending surplus but also interim periods. And with derivatives, we have some interim periods that offset the impact of higher rates on the ultimate period. So it’s a little technical question. But overall, little changes there.
Suneet Kamath: Got it. And then just curious on LDTI. I know you said that the AO impacts offset across businesses. But can you just give us a sense of maybe, which businesses benefits, and which businesses saw some pressure?
Ken Tanji: Yeah. Sure. So yeah, again, overall, we don’t expect an overall change to the run rate level of the earnings. And actually, some of the businesses will have no or little impact, which would be, as you would expect, PGIM, Assurance and Group Insurance. The earnings from our International and Institutional Retirement businesses, are expected to increase on a run rate basis, and that’s really due to the earlier recognition of the unrealized insurance margins, which are quite sizable. On the other hand, earnings from individual retirement and life insurance in the US are expected to be lower, and that’s primarily due to the slower recognition of revenue for those businesses. Again, kind of some pluses and minuses that offset but that’s sort of the segment level information. We, like others, will be providing a lot more information prior to our first quarter earnings when we restate under the new standard. So, you can expect to get a lot more.
Suneet Kamath: Okay. Thank you.
Operator: Thank you. We reached the end of our question-and-answer session. I’d like to turn the floor back over to Mr. Lowrey for any further or closing comments.
