Leslie Barbi: And Todd, the only thing I’ll add, I know the print for new money grade is particularly high this quarter. That isn’t what is assumed for the full year, the assumptions about how much money will have put to work and where it will go is more consistent with current market conditions than that particular print in the fourth quarter.
Mike Ward: And then maybe on just on capital return. Does the 8% to 10% kind of assume an ongoing, call it, $200 million of annual buybacks going forward?
Todd Larson: Yes. I would say it really considers our continued sort of active and balanced capital management between as we’ve been very consistent over the years, we really like deploying the capital into the transactions that make good returns for the risk return profile, keeping healthy dividend and then balancing out with the share repurchases. So it’s really the continued assumption of that active and balanced approach to the capital management.
Mike Ward: Okay. Thank you.
Operator: Our next question comes from Jimmy Bhullar with JPMorgan. Please go ahead.
Jimmy Bhullar: Hey, I just wanted to follow-up to see if you could give us some color on what’s going on in the Australia business. And just how the block performed this quarter? And how much of the problematic vintages are already on your books and just your overall comfort level with the reserves for that book?
Todd Larson: Yes. So for the quarter, we had a modest loss in Australia, continuing to monitor the business. And overall, market conditions seem to be okay, but continue to keep a close eye on the overall block. But overall, our reserves for most of that business are under LDTI, so we’re required to be holding best estimate reserves on the balance sheet.
Tony Cheng: Yes, Jimmy, as we’ve probably shared previously, Australia is somewhere we pay very close attention to. I guess it was my first time. Really, as you would expect, the regulatory environment and the market has improved over time. We, as you’d expect from RGA, retain our incredibly strong discipline. Like I mentioned, it’s really that combination of the risk management along with the entrepreneurial spirit that’s absolutely the discipline in Australia is part of our Asian business, a relatively minor part of the Asian business.
Jimmy Bhullar: Thank you.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Tony Cheng for any closing remarks.
Tony Cheng: Thank you, everyone, for your questions and sincere thanks for your continued interest in RGA. This was a very strong quarter, but really completing a very, very strong year. Further demonstrates our substantial earning powers in our business. I think you’ve seen all the time the incredibly diverse platform we have, whether it’s experience, whether it’s geography, whether it’s our business strategy, and that’s really fueling, we feel, a very strong pipeline that we obviously have visibility on. So we really remain very well positioned to capitalize on the many growth opportunities ahead. We’re absolutely confident in our ability to continue to deliver attractive returns to our shareholders and benefit all our stakeholders. So thank you once again.
Operator: Thanks. The conference has now concluded. Thank you for attending today’s call. You may now disconnect.
