UNM
#That was the only one.
There is not another group policyholder in our portfolio that has that feature.
No.
It's <UNK>.
I appreciate the question, and you are correct.
We're trying to price forward for where we believe we need to be from an interest rate perspective.
So when <UNK> talks about being very comfortable about maintaining that target loss ratio of 80% to 82%, it's because we put the price and [ruminal] actions in place and feel good about the health of the business.
I think the reason you don't want the margin to erode is because that's earnings.
And so I don't think you ---+ you don't want to see your earnings erode.
You want to be able to maintain that margin, and the way to do that is to price business based on the current environment you are selling it in.
Yes, and what I'd add real quick ---+ it's <UNK> ---+ is this pricing strategy links to the value proposition in the market, and so for us it is about keeping clients for the long-term and growing those relationships.
So sustainability of pricing is really, really important to us.
We always want to be on balance, conservative, so that we don't end up in a situation where we're trying to play catch-up and disrupting relationships.
Yes, I think it's a fair question.
And what we have seen over the last couple years actually is good management across the board by our teams on the expense side, and we think about it as relative to our overall base.
So the team has done a really nice job, and that expense ratio has come down.
I don't see that as a major driver in terms of how we take profits forward or how we are running the company.
I think it's something we've been doing very consistently, and it's nice to see some of that come through over different periods.
But make no mistake, we are investing in our business, as well.
And so when you think about the acquisition that we did, what we are putting into our systems to connect better with our customers, we're making a lot of investments in our business today.
So don't think of us as an expense story.
It's much more a balanced efficiency, and investment back in the business.
No, I think actually it will stay pretty consistent, might even come down a little bit lower.
One of the things we benefit by, as well, is scale.
So as our premium line is growing and the business continues to grow, we can do so a little bit more efficiently.
So it's flat to slightly down.
You won't see it tick back up.
And I'm talking about longer-term trends, not necessarily what's going to happen fourth-quarter or any particular quarter.
<UNK>, you want to start.
We have got a lot of runway, is the quick answer.
We average three benefits per client, and we feel like certainly we've got five, six, seven relevant products dependent on the client.
So there's good opportunity there.
And you actually highlighted one of the other big opportunities.
So the long-term trend in the market is from employer-funded to more employee choice, and so deepening penetration into the employee base is really important.
And I'd say a big chunk of our product and marketing efforts has been around increasing participation in employee-elected plans, and we see today on a 100% voluntary plan, you may have one in five employees fully participating.
And so we see a lot of runway there to find good sustainable and profitable growth, as well.
So that's on the US side.
I think I would add as well, you've heard from Peter on the UK side.
Now with their dental business, they will be expanding their portfolio.
But I also want to give <UNK> <UNK> a chance on the Colonial Life side, which has seen tremendous sales growth, to talk a little bit about his efforts to expand the portfolio.
<UNK>.
Thank you, <UNK>.
And I think the question's around growth from existing customers.
At Colonial Life, about two-thirds of our sales each year come from existing customers.
We have a national footprint, benefits counselors who can go out and re-enroll existing customers each year, which is a major competitive advantage for us.
We are also seeing very strong growth in new customers, which bodes well for the future as we go back out and re-enroll those customers, as well.
We feel great about the sales success we are having overall.
It is very broad balanced, as <UNK> said in his comments.
We have leading indicators that suggest that the strength we've seen recently in sales will continue.
A lot of new people on the ground having good success, a lot of new offices with good success and also making investments in our existing offices.
A lot going well currently and encouraged about the future.
Great thank you, <UNK>.
Operator, any other questions.
Great.
Thank you, Karina.
Thank you all for taking the time to join us this morning.
We look forward to seeing you at our outlook meeting to be held the morning of December 15.
Until then we will talk to you soon.
Thanks.
Good-bye.
