The nature of their contracts are ASO with stop loss and then packaged with specialty capabilities. But because their service matched up with stop loss and matched up with specialty they have a very nice earnings pattern. And they match up nicely against guaranteed cost products especially in the select or in the 250 life segment.

John Rex (Bear Sterns): What is going on with the accounts and deficits position?

Mike Bell: We do not have contractual leverage that would force the customer to in fact enable us to recover the deficit. The persistency on this book in first quarter was 83% which was several points lower than what we had been targeting.

We still expect that that there will be a meaningful opportunity as a secure deficit recovery over the balance of the year and certainly that''s baked into our expectations.

David Cordani: In the quarter what we saw were some accounts that were in margin moved to deficit.

Stacy Groll (Citi): What is your capacity to buyback that stock this year and also what your free cash flow is at the parent after the Great-West acquisition?

Mike Bell: We ended with parent company cash and short term investments of $1.63 billion. We paid $1.5 billion for Great-West on April 1st, and then if you add to that subsidiary dividends for the last three quarters of the year of approximately $380 million, you would conclude that if we did no repurchases and no acquisition and no additional debt issuance then we would end the year with $500 million of cash at the parent level.

Comparing to our long term target of $250 million, you can concludes that we had the capacity again with no further debt issuance at this point to do approximately $250 million of either share repurchase or acquisitions beginning in second quarter.

Christine Arnolds (Morgan Stanley): How much do you expect to be able to improve your MLR just with rate actions excluding deficit recoveries and everything else?

Mike Bell: On experience-rated, we do not typically project things on a loss ratio basis because there are other components to earnings besides just the loss ratio. We saw an improvement last year from first quarter 2007 to the full year 2007 of approximately 190 basis points.

In addition, we expect the additional deficit recoveries and we would also get some contribution in terms of earnings from higher revenue. This includes the benefit of higher net investment income or just with the higher revenue we have higher asset balances.

In the case of the voluntary business overall we feel good about the voluntary growth that we saw in first quarter and in fact on an all in basis voluntary earnings were up relative to our expectations and relative to 2007.

Scott Fidel (Deutsche Bank): Can you give us an early glimpse into how the sales pipeline in national accounts is looking at this point for 2008 relative to 2007?

David Cordani: Currently the 2009 pipeline is in line with our 2007 pipeline which was a very strong and very attractive pipeline. In 2008, the pipeline spiked up even further, and that was specific to a meaningful amount of business from one competitor in one geography specifically on the west coast.

Justin Lake (UBS): On Great-West, as far as the book for 2008, how much is already renewed?

Mike Bell: A shade over 60% of the book at this point has renewed for 2008. So, it is just a shade higher than 35%, is the remaining portion of book to renew over the balance of the year.

Justin Lake (UBS): What are you seeing in regards to providers if you try to move Great-West members over to your contracts?

David Cordani: Our approach here is to improve total medical cost and the approach to improve total medical cost is three fundamental components. One is the payment relationship with the hospital or the physician in terms of unit cost.

The second way is the medical management programs that effect both utilization in mix and severity and three is the provider service model. We feel as though its very important to approach the medical cost improvement as a total medical cost improvement path.

Clearly, there are some cases where there is a little bit of concentration where there is an ongoing dialogue and negotiations, but we are building off an environment were both CIGNA and Great-West had a reputation for servicing the physician and hospital community well.