So, again, we’ll plan to discuss that later on in March, early April time frame.
Tom Gallagher: Okay. And then my follow-up is, can you comment on related to the flu mortality in Q4, how much IBNR did you put up dollar wise the range of $13k to $43k is a big range. Did you €“ should we assume you assume middle of that? Where did you come in with your estimate?
Jonathan Porter: Yes. Hi, this is Jonathan. So, rather than give you the sort of the IBNR does that includes changes for things other than the flu, maybe I can give you sort of an estimate of what we’re thinking for the flu itself. So there is a wide range, like you pointed out, around the estimate of the population flu deaths. There is also a basis difference between how that translates into our book of business. But having said that, I think you can think of it sort of using our COVID rule of thumb on CDC population estimates is probably not an unreasonable way to think about the impact of the flu that would be included in the total IBNR change that we put through. So if you do that calculation, it works out to probably be in the range of $30 million to $50 million pretax of additional recognition in Q4 that’s been pulled forward from Q1.
Operator: The next question comes from is Tracy Benguigui with Barclays. Please go ahead.
Tracy Benguigui : Good morning. We usually see lower mortality for the insured population versus the general population. Yet you mentioned that your non-COVID on the frequency side in the fourth quarter were directionally consistent with the U.S. general population. So I am wondering what is driving that.
Jonathan Porter: Yes, and your initial comment is totally correct. We definitely see lower population on €“ in our insured book versus the general population. I guess as a relative percentage difference those, is what I meant when I say directionally. So absolutely, our mortality is better than the general population. But when you see the percentage of general population deaths go up, that increase sort of comes through in our book of business on a relative basis. You can use the rule of thumb that we’ve provided for COVID as a way to sort of estimate that impact.
Tracy Benguigui : All right. Got it. I am also wondering if you share the same view on escalating future mortality losses on U.S. term YRT treaties as European reinsurers that are basically reinsuring the same business. For instance, one of your European reinsurer competitors usually call that out with respect to IFRS17 adoption.
Jonathan Porter: Yes. So to make on that, I mean, just to get €“ go back a little bit in time, as an organization, we’ve actually been on the forefront of research and activity looking at both terms, so we perform the early studies related to this came up with some industry information, which is used I think broadly across the industry. So I think we consider ourselves to be experts in this space. What we’re seeing on our post level term business is that it’s performing as expected after adjusting for COVID. So there is nothing specific I would point out, I guess, at this point.
Operator: The next question comes from Mike Ward with Citi. Please go ahead.
Mike Ward: Thank you, guys. Good morning. I was wondering if you could help us thinking about the underlying annual kind of run rate earnings power for the U.S. traditional business. I think last quarter, you mentioned you might have some incremental quantifications on this.
Todd Larson: No specific update on the run rate. We certainly will be updating, as I mentioned earlier, when we provide the updated LDTI information, we can provide some more expectations under the new financial reporting standard. But we are very comfortable with that business. We do see the continued positives from the higher interest rate environment and good momentum around the new business generation, as well as in the U.S. segment. So, we certainly will provide you better and more updated information in a few weeks here.
