Chris Swift: Greg, I’ll start and then I’ll ask Jonathan to add his commentary. Yeah, you’re right to point out the 13.8% ROE. Very proud of that. Obviously, mortality is trending back to normal, which is providing a tailwind. I would say, though, mortality on a year-to-date basis is still maybe slightly ahead of our expectations but again trending in the right way. And we’ve talked about it for a while that we’re trying to put additional rate into that life insurance book. And the team, I think, is executing well in the marketplace. The other thing I just always like to convert is that 13.8 GAAP ROE probably translates into a 17% tangible ROE on a tangible basis just given some of the goodwill that we’ve added with acquisitions over the years.
So on a tangible basis, it is a meaningful contributor. Earnings power is getting back to what I think would be somewhat normal. The investment performance will contribute. So I think it’s a stellar business for us. It’s one of the industry leaders. It’s growing nicely in conjunction generally with economic conditions, whether it be employment, payroll gains. The disability claims function that we have is, I think, world class. We’ve added new capabilities with our voluntary product suite and the number of paid family leave components. I could go on and on because I think it’s a valuable business that people should look at maybe a little differently than it’s valued today. But Jonathan, what would you add from an overall performance side and a trend?
Jonathan Bennett : That is a terrific overview, Chris. So a lot of agreement with all of that. I think, Greg, you asked a bit about some of the economic drivers, and that often gets ascribed to the LTD line linked with employment levels. Obviously, right now, unemployment at very low levels. Certainly, that is contributing, we think, to some of the performance of the business. The outlook right now around unemployment, not something that we see as being a real negative drag into the future. Even if levels were to increase, there’s always a bit of a delay between when we see that and if there is going to be any effect on LTD. But even that effect, we would say, is pretty loose in terms of its linkage. It’s not a hard connection.
And we think that even if unemployment levels were to increase moderately, we’re probably still operating at attractive levels. So things seem to be in good shape on the LTD side. Your other point about in the third quarter, as Chris outlined, solid net investment income, pleased with that result. The mortality is probably one of the more notable things for us. We’ve had sequential improvement over the last four quarters, that’s been terrific on mortality. But this quarter, we got down to a level that we think of as being more in line with endemic state post pandemic. And so we’re pleased to see that. We’ll watch that one again in the fourth quarter, but that bodes well for the business moving forward. And then on the disability side LTD, again, incidence levels pretty attractive at this moment and our claims team is doing a phenomenal job around recovery.
So we think our expertise there is really coming through. One of the things about The Hartford is we understand medical management whether that’s comp or LTD, and we think that comes through in our execution on both sides of the organization. So really pleased with that outcome. Where that trends in the future, I think we’ll continue to monitor and obviously adapt ourselves quickly as necessary, but we’re pretty pleased with the performance of the business year-to-date.
Greg Peters : That makes sense. Thanks for the detail on that. I guess as my follow-up, I’ll pivot to the Personal Lines business. And what I was interested in is that if I look at your prior accident year development table, where we’re seeing other companies report adverse development inside Personal Lines, we’re not really seeing it at The Hartford. So maybe you could spend a minute and just talk to us about why your trends are maybe a little bit different from some of the others that are reporting problems in terms of reserve development, that is?
