Anna Manning: Yes, yes. Yes, we have seen more demand on products like Universal Life with USLG €“ ULSG. And I would say that on that risk, in particular, we have, in the past, looked at it on both the flow new business basis and on an in-force block basis. Haven’t completed any deals in large part, because we were too far apart from what our clients were looking for. Their expectations and our expectations just weren’t compatible. But we are starting to see, so I would say our participation on products like that has been limited to providing reinsurance on just the mortality risk elements and we’ve been successful as part of our business and it’s performing. I would say that what we are seeing in addition to higher demand, higher interest is we’re starting to see some clients adjust their expectations.
So we are taking another look. We are not changing our strategy. We’re not going to change our risk return approach or our targets. So not sure yet if we’re close enough. But I would say the demand is there. We have all of the knowledge and capabilities to do it. We’d love to be able to support our clients for the right opportunity.
Operator: The next question comes from Ryan Krueger with KBW. Please go ahead.
Ryan Krueger: Hey, thanks for the follow-up. I guess, I just had one more question. I know we have thought that you’re going to give us more LDTI info later. But just if we just remain in an endemic state and you kind of have some level of ongoing excess mortality for a period of time, I guess under LDTI, would that have a material impact on your reported results? Or is the smoothing aspect a meaningful that it would have really €“ we wouldn’t see that come through as much anymore?
Todd Larson: No, Ryan. So, we would expect, again, the way the underlying new reporting works, we would expect both any adverse mortality or positive mortality, as well to be smoothed out over time. And again, we always do mention as well though, some of it may come through currently depending on the underlying cohort where the claim activity or experience is. But the point of the new accounting is, given it’s a long-term business to smooth out some of the shorter-term experience.
Anna Manning: And Ryan, I do like to point out, we have other business. Yes, we have a substantial book of mortality business. But we also have a sizable book of longevity business. We’re at a stage now where we cover roughly two million pensioners and have present value of future benefits in the order of $70-plus billion. So, with the environment that you’ve sort of sketched out, there are offsets in other parts of our business and then when we consider that yields have turned €“ available yields have turned from a multi-decade headwind for us to this tailwind, we are really confident in the power of the earnings in this global business.
Ryan Krueger: Okay. Thank you.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Anna Manning for any closing remarks.
Anna Manning: Thank you for your questions and your continued interest in RGA. As we stated throughout this call, this was a solid quarter and 2022 was a very strong year. It demonstrates the continued resilience and earnings power of our business. We’re well positioned in our markets to capitalize on the growth opportunities we see right across our global platform. And I remain confident that we will continue to deliver substantial long-term value for our investors. Thank you. And that concludes our fourth quarter call.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
