Stephanie Bush: I’ll start. It’s Stephanie, David. From a Small Commercial perspective, I just want to continue on some of the comments that Chris and Beth made in the prepared remarks, but Small Commercial will continue to be a growth in earnings engine. You talked about exposure, but we look at many factors in small. We look at new business starts. Those remain healthy. Unemployment in our sector is healthy. We track small business owner sentiment and the likelihood of them to invest and hire, and that is at a high level. And again, audit premiums, again, still strong. So you take all that in combination with the results that we had, $913 million, all in just in new written premium. We grew every line. We grew policies in force in every line.
And then as the team referenced that we delivered outstanding underlying in the fourth quarter and then our 14th consecutive quarter of 90 or below. So the business model is incredibly strong and powered by exceptional data analytics and an outstanding team. So Chris touched on it. We had an outstanding start to the year, but it’s a long way to go. But I feel really confident in what we’ll be able to continue to deliver. So I look at it broader than just exposure. It’s all of those combinations. And then again, from a personal insurance perspective, I think Chris and Beth laid out our mission very well in the auto line as well as in the home line. Home results are very strong as well, and that contributes to our growth and our aspiration to be a stronger property market.
So I’ll turn it over to Mo.
Mo Tooker: Yes. Many of the same messages. I think the exposure growth we are seeing, and again, across comp, property is holding in well and even into January is holding well. So I think we just – we and think the economy is very supportive there. So David, I don’t have much more to add to Stephanie’s summary there.
David Motemaden: Got it. Understood. I appreciate the answer.
Operator: Your final question comes from the line of Alex Scott from Goldman Sachs. Your line is open.
Alex Scott: Hi, first one I had is on the Group Benefit dividends up to the Holdco took a nice step up. And just looking at the $600 million, I mean, that’s more than the core earnings from 2023 by a bit. It seems to imply that you think some of this strength can continue in 2024. So I just wanted to understand that number a little bit. And we don’t usually for these type of businesses see distributions in excess of earnings. So is there any excess capital drawdown there to consider, those kind of things?
Beth Costello: Yes. I’ll take that, Alex. No, I mean, again, we’re looking at it on a statutory basis. And obviously, dividends out of Group Benefits have been lower over the last couple of years given those results. So as we looked at what the dividend capacity was there for 2024, we felt it was appropriate to increase those dividends.
Alex Scott: Got it. All right. Helpful. Just on the – going back to the environmental and given we got to think about it a little harder with ADC closer to being used up. I know you mentioned the PFAS. Could you give us a sense of what kind of adjustments are made around PFAS? And is that related to any specific developments? Or do we need to think about that as something that could impact things going forward?
Beth Costello: Yes. I mean, again, I think we’ve mentioned PFAS on environmental the last couple of years. And overall, we looked at what the increase was for environmental, not overly significant or a big change from where we’ve been. So I wouldn’t point to anything unusual there. It’s just as we went through our study this year and just looked at all components, saw some increases in some of the remediation costs. And as is our practice, I’m not going to talk about specific accounts and where that came from.
Alex Scott: Okay. Thank you.
Operator: We have reached the end of our question-and-answer session. I will now turn the call back over to Ms. Susan Spivak for some final closing remarks.
Susan Spivak: Thank you so much for all joining us today. And as always, please – oh, thank you for all joining us today. And as always, please reach out with any additional questions. Have a great day.
Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.
