“And then on the disability side, our outlook in terms of the ratios does include an expectation that the profitability of our disability line of business will moderate over time.”

In context

“nd voluntary strategy in particular and in voluntary we've seen double-digit growth over many years and we expect that to persist in the future given customer needs and the opportunity to drive penetration in the workplace. And the loss ratio here tends to be also more favorable to the overall portfolio. So between that customer segment and that product view, if you think about this over time, we feel kind of a shift to the outlook is warranted. Let me tell you what it's not been driven by. On the Life ratio, this quarter was very favorable and it's really driven, as John pointed out, to the population mortality experience. So this is not one quarter makes a trend, this is one quarter here that was favorable. And we do expect the Q1 numbers to tick up given the seasonality of Life claims. And then on the disability side, our outlook in terms of the ratios does include an expectation that the profitability of our disability line of business will moderate over time. But that is outweighed by the other factors that I've just mentioned. And back to Q1 as well, there – just remember, there's also seasonality in that ratio in Q1 given the seasonality of the dental business. So net-net, think about it as business mix, customer and product mix. That's really driving this shift downwards in the ranges. Tom Gallagher: That's helpful. Thanks. Operator: Next, we go to the line of Jimmy Bhullar with JPMorgan. Please go ahead. Jimmy Bhullar: So the first question on retirement spreads. Can you discuss the driver of the sequential decline in spreads each of the last two quarters? And how much of this is being driven by mix of business versus maybe competition, because what we're seeing is your yields have gone up, but crediting rates seem to be rising even faster”