And so I think from a management team and an integration perspective, we’re really focused on not distracting them from what they need to do and what they need to deliver on. As we move forward, though, we see tons of opportunity. Heather alluded to it a little bit in her comments already about Benefitfocus from a solution perspective, what do we deliver in the market, how we deliver it in a more integrated way. We’re really excited about that. Our strength in broker distribution should increase their strength in broker distribution. So I think it’s early days, but the opportunity, I think we’re excited about what we see. We’ll be disciplined about how we pace into it and pick the right time to lean in again, all in the spirit of driving growth and value for the customer and shareholder.
And then on stop-loss, look every year is a little bit different story, a little bit nuanced. I would do the step back and just say, we feel good about where we’re at. Obviously, the results we had for ’22, we feel like we’re pricing the business right. I’m willing to win the right business and walk away from the stuff that we don’t want. And that’s both on the front end as well as the retention side of it. So as we look at where we’ll talk about things in first quarter as the dust settles, again, still come back to our guide in Investor Day targets are still our guide in Investor Day targets. So we’re going to continue to be laser-focused on growing the book of business in a disciplined way.
Operator: Our next questions come from the line of Alex Scott with Goldman Sachs.
Alex Scott: First one I had for you all was on recordkeeping. I think in recent quarters, you’ve talked somewhat optimistically about the pipeline for recordkeeping. And I just wanted to see if there was an update there? I mean we didn’t see a whole lot coming through this quarter, but wanted to understand if that’s something that we should expect as we think through the first half of ’23?
Heather Lavallee: Yes. Thanks, Alex. Rob will take your question.
Rob Grubka: Yes, sure. So look record-keeping, I think the standard answer it’s episodic. It’s lumpy. All those things still apply. I think we’re feeling good about just the activity and the volume of cases that we’re seeing, as Heather and Charlie have talked about M&A and the things that have gone on in the market over the last 24, 36 months, it just inevitably creates opportunities. So I think the story and the consistency of it is intact, right? It’s going to be episodic. We’re seeing things that we want to go after. And again, being disciplined on the stuff that we don’t, recognizing we’re in a position with a really balanced book of business, good strength across the market size segments, and this is a piece of it, but it’s not the only way that we drive growth in the business.
And again, a quarter here where you see assets go down from a net flow perspective doesn’t mean the participants have. And so when you get under the hood of what drives revenue there, we show you what we show you, but the undercurrent is also participant growth, and we’ve been happy with what we’re seeing on that front.
Alex Scott: Got it. Second one I had for you all is on the excess capital generation. I know you talked about a little over $600 million for 2022. When we think through sort of what you’re guiding to on EPS growth in 2023 and the cash conversion that you’re expecting, I think it triangulates to something closer to $800 million. And I just wanted to understand sort of, is that right? And was there anything that maybe held the $600 million back a little bit this year? Like how do we think about bridging that gap year-over-year?
