Operator: Your next question comes from the line of Mike Ward from Citi. Your line is open.
Mike Ward: Thanks guys. Good morning. Just quickly, I was wondering if you had any kind of similar commentary on the benefit ratio guidance quantification type range for AD&D or supplemental and voluntary like you gave for group disability?
Steve Zabel: Yes, this is Steve. I can cover that. Maybe I’ll go across all the businesses. We’ve talked about group disability quite a bit. I might just touch on Group Life. Group Life had a very good quarter in the fourth quarter, which we do not believe is sustainable. So I think a good planning assumption there would be more in that 73% to 75% range. And then for really all of our other lines, including the ones that you mentioned, I would just go back to the guidance that we gave last year, and where those businesses have historically performed. I think that’s probably a pretty good indicator of our view of how they’re going to perform going forward.
Mike Ward: Okay. Thanks, Steve. And then maybe for capital return for ’24. It sounds like there is some excess there or capital left over. Just curious, like, let’s say, you don’t come across any acquisition opportunities or bolt-ons, what have you? Should we think about potential upside to that? Or should we think of that as like a realistic like straight-line guidance for the year?
Rick McKenney: Yes. I think, Mike, the way I’d look at it is kind of how Steve, it will be dynamic. So we don’t just set a plan and set it and forget it. We actually will be back at it all the time. So building up that excess throughout the course of the year, we’re going to be making decisions constantly about what we want to do with that. And as we get closer to those decisions, we’ll certainly give the market some heads up around that.
Mike Ward: Thanks, Rick.
Operator: Your next question comes from the line of Tom Gallagher from Evercore ISI. Your line is open.
Tom Gallagher: Hey, thanks for the follow-up. Just a question on sales. Long-term disability sales were down 12%. Group Life and AD&D were up 61%. Can you comment on the mix? Should we take that to mean more price competition and long-term disability and less on group life? Is that why there was a shift or something else happening there?
Chris Pyne: Yes. Thanks for the question, Tom, it’s Chris. Actually, it’s a good call. We saw some great opportunity in group life package with — a lot of it was packaged with current customers. So I always like to add life insurance in that environment. We actually did have more strength in the disability sales line than it would appear. Full-year sales were up 14% and in the quarter for pure disability, pure LTD up high single digit, 8% or so. What you don’t see at the surface is we did have soft stop-loss sales in the quarter, and that had an impact on the overall disability sales line as we report them together. But in general, any given quarter, it can be a little bit volatile, but we did see very good sales growth in Group LTD and Group STD for both the quarter and the full-year. Extra good in group life this quarter and the mix will move around over time.
Tom Gallagher: And so that — and sorry, that the stop loss, is that medical stop loss? Or is that disability stop loss? What type of product is that?
Chris Pyne: Medical stop loss.
Rick McKenney: Yes, Tom, it’s a line that we launched several years ago. Just to clear, this is the line we launched several years ago opportunistically, and so you’ll see that be a little bit more volatile, but I think it’s a good call out within the results. LTD was actually quite strong from a sales perspective.
Tom Gallagher: Got it, thanks guys.
Rick McKenney: Thanks, Tom.
Operator: There are no further questions at this time. Mr. Rick McKenney, I turn the call back over to you for some final closing remarks.
Rick McKenney: Great. Thank you, Rob. I appreciate everybody sticking with us for a little bit more time today as we put together both the results of 2023 and our outlook for 2024. We’ll be out there working at different conferences, talking to different investors. We look forward to meeting up with you here in the next several months. And I appreciate you spending the time on today’s call. With that, we’ll end the call, Rob. Thank you.
Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.
