It’s based on exactly what you’re talking about, like, well, what do you seem in claims? And how does this compare to what you would have assumed you were going to be seeing in claims? So, all those things are getting triangulated around to tell us at this point in time, 77% to 80% is how we feel about that business moving forward. And then again, reminder, we get a underwrite — re-underwrite this business on an annual basis. We’ve got a really strong track record of running this in a disciplined way at the same time that we’re growing the business, and we’ll keep both hands on the wheel and continue to do that as best we can.
Christine Hurtsellers: And I would just add that between Rob and I, we have a collective 12 years of running this business successfully with the team, and I feel very confident to continue to do that going forward.
Tom Gallagher: Thanks. and just one more if I could sneak it in. Is there more of a recency bias if I think about the way pricing and renewals are going to work heading into year-end on the stop-loss business? Just given that, I completely agree that trailing results have been great. This quarter was more elevated. Would you take a little bit of a recency bias in terms of the way that gets repriced, or what would you expect from a pricing dynamic?
Donald Templin: Yes, so a great question. So, as we think about what we turn underwriters’ list to do is assess the risk and put fresh eyes on each case every year. And so, whether it’s new business coming in the door or its existing business, we’ve got good line of sight, and the drivers of claims activity and experience. Sometimes that’s over shorter periods of time, but when we think about the manual and what we sort of calibrate to, those are at least a three-year view of what’s been going on in market, what have we experienced, what are we seeing as the drivers of claims and therefore ultimately loss ratio. So, look as best we can, we don’t sort of get fallen in love with the last 12 months. but at the same point, it’s a piece of how we assess things and what we look at. but there’s a balance as you would expect between sort of near-term results, but a long-term view as best we can.
Tom Gallagher: Okay. thanks.
Rob Grubka: Yes.
Operator: Our next question comes from Kenneth Lee with RBC Capital Markets. Please proceed with your question.
Kenneth Lee: Hi. good morning. Thanks for taking my question. Just one follow-up on the $10 billion investment measurement pipeline there. What’s been the historical experience in terms of timeframes for funding those kind of mandates? And would you expect a similar timeframe for funding the mandates over the near term? Thanks.
Christine Hurtsellers: Yes. sure, Ken. This is Christine. So, as far as, the pipeline that we see or sharing with you, we have great confidence social fund in the calendar year. Now, obviously, there — there’s some things that we don’t include in there. What we would call, from our insurance clients committed, but unfunded wins. A portion is in there, but why aren’t we including all of it? Well, insurance companies specifically have been a little slower to deploy capital this year getting the macro environment and everything. And so, how to think about that is what we’re putting in the pipeline is stuff that we see as a calendar year. Again, the opportunity, holistically when you think about beyond that number, we see it as big for all the reasons we talked about.
So, again, we feel very confident about delivering that. And also, I would say just a couple more positives real quick. We’re seeing — we flipped positive in U.S. retail flows. We’re seeing redemption rates go down markedly, which we kind of faced really in the beginning of this year. It was a tough, a tough market, I think for all my competitors as well. And we’re actually seeing real green shoots in terms of retail interest starting to move into our high-performing fixed income strategy. So, I think they’re — I’m feeling really excited. There are a lot of things, a lot of energy, a lot of good things. Just want to get 2023, the transitional year over and stay focused on growing this business.
