Rick McKenney: Great. Thanks Erik. It’s Rick. Just an overview and we’ll kick it over to Mike. I think you highlight an important part of our franchise and our group disability line. And so we saw very good results over the course of the year. And as we’ve talked about today, and we see some of those factors certainly can persisting into 2023 as well. And Mike, maybe you can give a broader perspective of that line of business.
Mike Simonds: Sure. Thanks. Good morning Erik. Just to maybe go one quick down the incidence that we saw elevate a bit around those environmentally sensitive claims through the COVID period have just continued to abate. And where we see them today is really where they were pre-COVID on a pretty sustained basis. So that gives us a little bit of confidence that that’s a good point estimate for us going forward on new claims coming in. And then recoveries have been really strong, third straight quarter that those have outperformed our expectations. And at this point, we really feel like it has stabilized at the levels that we’re currently achieving and believe that that’s something that is likely to recur in the coming quarters.
So the combination of those two things lands us in the mid-60s. We think that’s good point estimate as we can come up with for the next several quarters. And you said a little bit in your question, Erik, but over time our target for the group disability segment would be kind of in that high-60s to low-70s range. And as experience comes through at the client level at renewal time, we would expect that to moderate to that kind of a level over the next two, three years or so. We do find ourselves like in a good spot from a growth point of view. It’s a healthy book of business. So sort of where we are relative to competition in market, we think we’re in a good spot to be able to tell our story about some of those capabilities that Rick highlighted at the outset.
Erik Bass: Great. Thank you. And then maybe switching to the LTC hedging; I was just hoping you could talk a little bit more about the tangible benefits for the company. And is this just protecting NII in the event that rates decline in the future? Do you also get some benefits in your reserve calculations and sort of how you think about the level of capital you might need in a stress scenario, i.e., this give you more confidence to deploy some of the current excess capital that you have?
Steve Zabel: Erik, this is Steve. I can take that one. If you pull it down to the real purpose of a hedging program like this, it’s risk management. We want to reduce uncertainty with the new money yields that we’re able to get in the future, specifically around long-term care. So it’s a risk management tool that we think is very important. Now if you think about how that’s been placed through to some of our reserving constructs for First Unum, it was more clear that, that did have benefit upfront because we were able to incorporate that into some of the scenarios that they have with pop down rates and those types of things. So that was kind of an immediate benefit to how we thought about our asset adequacy testing reserve there.
