Suneet Kamath: Got it. Okay. And then I guess for Don, as we think about capital deployment going forward, maybe a follow-up to Elyse’s question, should we think about the capital deployment really being a function of the free cash flow you generate? Or would you be contemplating drawing down some of that $400 million of excess capital that you have at the end of the quarter?
Donald Templin: Yes. Yes. Suneet, a great question there. So, we’ve been particularly, I think, thoughtful and prudent this year, given some of the uncertainty around, around the macro environment. So, we’ve been very intentional about basically deploying in the current quarter, the capital that we generated in the prior quarter. I would expect that, that will continue for some period of time till we get a little bit more clarity on the macro. But we define that as excess and it’s called excess for a reason, and our goal over the long term will be to return excess to our shareholders. So, there’s going to be some period of time, where we’re probably having a bit of excess. So, we’re right now in the $400 million-ish range, but you should expect that as things crystallize a little bit more, some of the uncertainty goes away, that, that excess will be trimmed down.
Heather Lavallee: And my only build on Don’s point is the fact that we’ve got a long-term track record of returning capital to shareholders. When you think about what we’ve done in the last year alone. we talked about resuming share repurchases in the second quarter. We did that. We talked about increasing the dividend. We doubled the dividend. We brought down our leverage ratio. So, you can certainly expect us to have that focus to continue on returning capital to shareholders into ’24 and our confidence in that 90%-plus of free cash flow.
Suneet Kamath: Got it. That’s helpful. Thanks.
Operator: Our next question comes from John Barnidge with Piper Sandler. Please proceed with your question.
John Barnidge: Good morning. Thanks for the opportunity. You’ve talked about Voya India and talked about expense in admin — admin expense specifically discipline. Maybe, as we think about the fee-based business, investment management and wealth solutions, can you talk about leveraging Voya India within that and human capital, is there some dynamic you can talk about like hiring X% for new positions in that business or some framing would be helpful for that look there? Thank you.
Heather Lavallee: Yes, John. I’ll take the question. Thank you. So first, as we think about expense discipline, we’ve talked about this is not a new muscle. This is something that we have done for a decade and you think about what we talked about earlier this year. Very proud of our teams that we brought down expenses sequentially, particularly within asset management and within the wealth businesses. And much of those are just really reflecting some opportunities we had within integrations, within AGI and Benefitfocus. As we think about our expense actions, we can take going forward, our focus is really around maintaining our operating margins within wealth and health, and that 1% margin improvement in investment management that Christine mentioned.
So, maybe John, to dimensionalize and feel a little bit, think about the opportunities we have within Voya India, specifically within investment management, as well as Benefitfocus. And then across the organization that has been a tremendous asset for us. Also, think about a year ago, we purposely brought together our workplace teams and Benefitfocus. and so, we continue to see some opportunities there to continue to optimize that organization to best serve our clients, as well as just levers we have around discretionary spend. and then finally, we see continued opportunities that will emerge in savings in automation, in AI, and in continuing to simplify our IT footprint. So hopefully, that gives you some color.
John Barnidge: That is very helpful. Thank you very much. And then the follow-up question around the new disclosure around alternative or variable investment income performance. Can you provide a look forward and given the one quarter lag there, and maybe, talk about performance specifically in the third quarter? Thank you.
