Chris Swift: Yes, with respect to sort of our prior views, I’m going to sort of hesitate to forecast too much just given how just dynamic things are at least. But what I would share with you two important points. We do expect in the fourth quarter written rate increases in the book about 20%. And again, an early view into 2024 from a written price side is probably in that general range and vicinity. We still see the stickiness in inflationary pressure on physical damage. And we’re still cautious on what the BILLION, particularly the BI trends will be and then now the uninsured motorist trends, given where rates are most likely. So it’s hard to predict. But as we sit here today, we think we need back to back years about 20 points of rate increases in 2023 and 2024 into the book to get us to a place to be in a position to have targeted profitability in early 2025.
Elyse Greenspan: Thanks, Chris. And then within commercial lines, in response to Alex’s question, right, you confirmed right that the year’s kind of trending as expected. You did highlight, right, some unearned rate in the book. So is the right way to think about it that there could be a tailwind on the loss ratio just from that rate earning in, in the back half the year, especially if loss trend is stable, like you said?
Chris Swift: Yes. Yes, I do believe the compounding effect of rate increases will increase. That’s what our math shows particularly in the second half. So, yes, I think you’ve got that right. Plus then the mix change and then the underwriting initiatives, and then we’re still forecasting improved expense ratio in the second half of the year. So those are all the pieces, Elyse.
Elyse Greenspan: Okay. Thank you.
Operator: Our next question comes from Meyer Shields from KBW. Please go ahead. Your line is open.
Meyer Shields: Thanks so much and good morning. Chris, I’m just trying to clarify, is the 0.5 point of non-cat weather, is that the consolidated or commercial loss ratio?
Chris Swift: On commercial.
Meyer Shields: Okay. What about on the personal side?
Chris Swift: That wouldn’t be a fair comparison to talk about commercial losses, how that impacts the personal lines. But I think you could do the math and add both pieces together if you’re looking for a total P&C impact of those higher non-cat losses that you’re looking for Meyer?
Meyer Shields: Yes. Or just the personal lines impact.
Beth Costello: Yes. I guess, what I would say is on personal lines, especially if you look at homeowners, as I said, where we came in was pretty much in line with expectations. So I wouldn’t point to any unusual non-cat activity in that line.
Meyer Shields: Okay. That’s helpful. Second question is also in personal lines. So expense ratio is actually doing well, and I was hoping you could just help us understand how much of that is reduced marketing and how much of it is incentive related?
Chris Swift: So Meyer, you were breaking up a little bit on me. I heard a question regarding expense ratio and what’s driving the expense ratio improvement.
Meyer Shields: Yes, in personal lines.
Chris Swift: In personal lines, yes, marketing.
Meyer Shields: Perfect. Okay.
Chris Swift: Mostly marketing.
Operator: Our next question comes from Greg Peters from Raymond James. Please go ahead. Your line is open.
