Christine Hurtsellers: Yes. Thanks, Tom. So, as far as, what we’re seeing in the international flows from Allianz since closing the deal, they’ve delivered a $6.5 billion. And that’s predominantly our income and growth franchise, as well as some of our thematic equity. So, pointing out that income and growth, that’s a $70 billion platform. It has brand recognition and scale and credibility in Asia, where a lot of the flows are coming, as well as Europe. So, pivoting to the path forward, we have launched some funds specifically, the source of the outflows, the largest outflows with NNIP was investment-grade credit. And we launched that uses with Allianz. So, as you know, we’re having conversations, some really important things are happening with that fund.
It looks and it’s performance, it’s a top-decile performer for five years, so very competitive. We’re also, early in this year, it’ll be something called Title VIII for ESG. So, we’re upgrading that. And as you know in Europe, that designation for ESG is very important in order to compete. So again, and finally, last quarter, we were able to port our long-term track record over to the new fund. So, there are a lot of things, lots of great conversations happening. That’s just one fund. And then broadly, I would say, we’re definitely seeing opportunities, not only in credit, but in a number of strategies, securitized is another example in institutional mandates through Allianz. And not to go on and on, but I just want to make one final point here around this, what I’m really excited about.
this is a transitional year and when you think about our partnership with NNIP, they only represented three products of ours globally, two credit and our mortgage hedge fund. Allianz sits a fulsome big funnel distribution relationship. They own a little over 24% of them. They are leaning in, I mean, they are a long run strategic partner. And so, I’m really excited about the opportunities with them as we move into 2024 and beyond.
Donald Templin: And maybe, just a quick build is the reminder of the 24% ownership stake, we have spent an immense amount of time together between teams and are incredibly aligned in terms of the growth of this business. And that’s including even at the top of the house, I spent time with Oliver over in Germany. The teams are constantly back and forth. And we just couldn’t be more excited about what this joint franchise can deliver going forward.
Tom Gallagher: I appreciate the color on all of that. Just want to shift gears to medical stop loss, the volatility there. Can you peel back the onion a little bit? Was it several large claims? Was it more concentrated? Maybe, the cause of claims? Any sign of that continuing? Obviously, your guide has improved longer term, but just want to understand near-term, what’s going on with that business.
Donald Templin: Yes, sure. Tom, I’ll — this is Rob, again, look the way to think about stop loss, I know it’s a little bit hard and maybe, lost on us the last few years have been extremely good results. Look, it’s a volatile business. It’s a tail-based sort of risk business and I know you understand that. So, it’s a big part of why we focus in on the trailing 12-month view. And so, I just redirect you and make sure that we understand where we had tremendously strong results. We’ve got a 72% loss ratio in that business over the trailing 12 months. If you go back another year, it’s 77%, which is at the very bottom edge of our 77% to 80% view. As we said, 77% to 80% is how we feel about that business looking forward, which is really important.
