“However, I would expect those margins in the exchange business for 2026. To be in about the 1% range. Plus or minus 1% for that business.”

In context

“tinue to expect meaningful decline between now and the end of the year. Beyond the exchange business, general market decline of risk based customers, our pricing posture supporting margin recovery, and continued deliberate migration to our self self funded, level funded small employer offerings. All contributing to a decline in risk based membership. So to parse that out specifically, 500,000 plus attributable to the exchange business, the remainder to those three factors. Moving to margins and first addressing, the exchange business, Over the course of the decade plus in which we have operated, in that market. It has never been a significant contributor of earnings for us. Our pricing posture for 2026 coming out of 2025 is going to return that market to a positive margin business for us. However, I would expect those margins in the exchange business for 2026. To be in about the 1% range. Plus or minus 1% for that business. Related to margin for the group business, in 2026. I'm encouraged by our January performance and how that has set us up for our full year plan. Specifically, for January, we found the market to be firm and competitive. And that supported us yielding the required renewal rates and membership persistency to deliver on the 2026 margin improvement that Tim alluded to in his opening remarks. Specifically, I expect us to close more than half of the gap between our 2025 margin performance and our historical margin range. Which we expect to achieve in 2027. Thanks for the question, Scott. Thanks, Dan. Next question, please. Operator: We'll go next to AJ Rice with UBS. AJ Rice: Hi, everybody. Thanks for the question. I think as as you guys came back on board and got your arms around the business.”