Daniel Fishbein: Yes. I would suggest you look at our growth specifically. But there’s lots of good tailwinds going on there. There’s a very robust pipeline that DentaQuest is working on right now. I think it’s we view it as just about the strongest that they’ve ever had. There are states continuing to move their programs from regular fee for service to manage care. And we’re certainly participating in all of those RFPs. There are health plans, as we noted in the fourth quarter, who continue to outsource their dental business in the Medicaid and Medicare programs to us. And we also have quite a bit of momentum on the commercial side. So we’re optimistic about the growth trajectory here. The pipeline is very strong.
Operator: Our next question comes from Gabriel Dechaine with National Bank Financial. Your line is open.
Gabriel Dechaine: I got a couple of questions. First here. I know, the group results have been both in Canada and the U.S. really strong. And I’m wondering if that’s the claims costs have been inflated all because of interest rates. I guess my question is, despite the impact of interest rates are still generating these strong results, or has that not been a material thing?
Kevin Strain: We let Dan, maybe start in Jacque may want to jump in on the Canadian experience.
Daniel Fishbein: Yes. The group results are strong. I think, as you noted, improving morbidity and mortality, of course, are the primary reasons for that and kind of overwhelm all other factors. In the U.S. our mortality moderated significantly, still elevated, but moderated significantly, throughout the year, and especially in certainly in the fourth quarter. Disability morbidity has improved and stabilize. You are right there is a little bit of an impact around interest rates on long term disability liabilities, but it’s relatively small compared to the morbidity and mortality incidents.
Jacques Goulet: In the case of, can you hear me in the case of Canada, and then you would know that there’s essentially three things we’re looking at here. And a few years ago, we started re-pricing the business in line with the higher volume of claims that we were seeing and then Martin disability group sign. And that’s obviously now contributing nicely to our results. The other two things that we watch very closely are the volume of claims. This past quarter, I would say those were a little bit better than we are expecting but not materially. And the other area is the duration of the claims and there we have better experience than expected. On that one Gabriel I would be a little bit careful because as we’ve said in the past, one of the drivers experience in duration is access to care.
And it’s not clear in my mind that this has changed materially in Canada. We still see some challenges in the healthcare system. So we had a great quarter. We’re pleased with that, of course. But you can imagine, this is an area that we’ve always continued to watch very closely. And we’ll do that. And one of the levers we look at very carefully is the pricing. We think we’re pricing in the right place.
Gabriel Dechaine: My second question is on the real estate experience losses. I get why it’s happening. Just wondering what sectors, what geographies may have yielded that results? And two, could we be in another phase, like the one we saw on most of the 2020, where real estate experience losses were, we had them for like three or four quarters in a row.
