Thank you very much for coming to this conference call. Today we disclose our FY 2025 earnings result, I'd like to give you summary of the earnings results.

Please go to page 3. First I'd like to begin with the highlights.

The first, on the group consolidated results, adjusted profit is 551 billion yen, way over the estimate announced in February, which was 500 billion yen. Due to favorable economic conditions such as interest rate hikes and stock performance, particularly in Dai-ichi Life, we saw yield improvement in alternative and EM bonds, resulting in better than estimated number, and also that for international business, PLC's earnings was stable.

For whole business, we renewed record profit for three consecutive years. Adjusted ROE is 12.7%, and we achieved the goal of fiscal year 2026, which is 12%, earlier than plan.

Now, the second highlight is outlook for fiscal year 2026. For full year estimate of group, the adjusted profit that is 560 billion yen, the record high for four consecutive years.

Domestic business is expected to be flat including Dai-ichi Life, higher positive spread offsets lower insurance profit and loss. For international business, profit recovery in TAL and Vietnam will contribute to substantial profit improvement.

Last year's upside wanes off, and non-personnel expenditure will rise due to inflation, but still, we are confident enough to exceed the profit of this fiscal year, which is record high. Now, on return to shareholders: in response to increasing group adjusted profit, dividend per share for fiscal year 2025 is 54.5 yen, which is an increase by 2.5 yen from estimate in February.

Regarding DPS for fiscal year 2026, as we planned, payout ratio will be raised to 50%. From fiscal year 2026 interim dividend, the dividend will be 72 yen, which is a 32% increase.

This is about the situation since the estimate revision in February. As you can see, all segment exceeded full year estimate.

For domestic business, Dai-ichi Life's yen bond and risk assets contributed to increase in positive spread, and insurance profit and loss was higher than expectation, resulting in better than revised estimate in February. For international business, for TAL in Australia, as of February, we priced in deterioration in claims.

However, after reflecting fourth quarter actual number, claims situation improved from the third quarter, resulting in higher profit than estimate in February. For non-insurance business, real estate asset management business contributed.

For Canyon Partners, earnings recovered in Q4. Achievement ratio in non-insurance business including Benefit One was higher than expected.

Please go to the next page. This is about group adjusted profit compared to the previous year.

Profit rose 25%, mainly driven by Dai-ichi Life and Protective's higher profits and higher contribution from asset management business. At Dai-ichi Life, positive spread increased, and we saw increase in gain from domestic share sale as well.

For Protective, cost reduction and investment yield improvement led to organic growth of profit, more than 20 billion yen increase. For asset management business, Capula and real estate asset management started to contribute to the profit.

Non-insurance business as a whole generated more than 20 billion yen profit. Domestic, international, non-insurance, all of those business, we saw increase in profit.

With stable domestic business as a foundation, international and non-insurance businesses will drive growth, the group's results as a gross driver. This is a little bit technical, but well, I'd like to explain about net income decline.

On the left hand side, you can actually see the difference between net income and adjusted profit. For adjusted profit, MVA and temporary evaluation profit and loss was excluded.

Particularly, PLC Protective's net income is incurred based on new accounting standard. However, adjusted profit is calculated under old standard.

Impact of new standard application, which is about 30 billion yen, was removed from adjusted profit. Due to accounting standard change, fiscal year 2024 net income was revised.

As a result, fiscal year 2024 net income increased 28.8 billion yen. Consequently, net income declined by 21.8 billion yen.

However, well, the 7 billion increase actually from pre-revision number. Fiscal year 2024 net income increased and fiscal year 2025 net income declined.

However, excluding impact from accounting standard change, Protective's sustained growth trend is intact. Please move to the next page.

This is the impact of higher interest rate. In Japan, interest rate is still increasing.

Higher rate is positive for our business, particularly on mid- to long-term. When rates are rising, we can flexibly rebalance yen bond portfolio to expand spread.

In fiscal year 2025, impact from positive spread improvement was 30 billion yen. Out of that, 21 billion yen will contribute to the profit of fiscal year 2026.

Matching ratio by flexible operation on asset side remained below 100%. For lapse, the details are described in other pages, please refer to that at your leisure, but it remains at low level including lump-sum saving products.

Please move to the next page. This is our plan for sale of domestic shares.

Fiscal year 2025 saw substantial rally of Japanese equities. We sold 800 billion yen, which is double the expectation.

We steadily reducing equity risk amount. Japanese equity continue to rally, and our goal of equity balance in the end of March 2027 is 2.8 trillion yen, and we plan to sell 800 billion yen in this fiscal year.

These are the initiatives to improve positive spread. Based on gain from Japanese equities sale, for fiscal year 2025, we rebalanced 1.3 trillion yen in yen bond portfolio.

Together with lower liability cost, we saw 44 billion yen improvement in positive spread. For this term, our rebalancing will be similar level of last year.

We continue to rebalance bond portfolio, positive spread of fiscal year 2030 will be more than 100 billion yen higher than fiscal year 2025. Please move to the next page.

This is our outlook for full year fiscal year 2026. The group adjusted profit outlook for 2026 is up 10 billion yen from last year.

The international business is a main driver. Particularly for TAL, we expect V-shaped recovery from impact of claim worsening last year.

Repricing and good progress in repricing negotiation in group business contribute to the recovery, we expect improvement of 25 billion yen. For adjusted ROE, our estimate is a similar level of this fiscal year.

This is about return to shareholders initiative. DPS for fiscal year 2025 increase by 2.5 yen from February estimate, resulting in 54.5 yen.

For fiscal year 2026 DPS, we formally decided to raise payout ratio. Starting from interim dividend for fiscal year 2026, we apply 50% payout ratio.

That means that the dividend will be 72 yen, which is 32% increase. Traditionally, we announced annual share buyback plan disclose together with the earnings results, but we haven't decided share buyback.

ROE is steadily exceeding cost of capital, we are now more flexible about share buyback plans. For the future, we will grow DPS further through EPS growth.

Now on page 14, this is about group ESR. This is a rough estimate.

Higher interest rate increase mass lapse risks. However, that was offset by increasing capital due to Japanese equity rally, ESR increased by 10% to 220%.

Now, with the introduction of J-ICS, we are going to disclose regulatory ESR in the future. However, we continue to disclose this internal model-based ESR as well.

Move to the next page. This is group EV and value of new business.

These are rough estimates. For group EV, because of Japanese equity rally and also rate curve steepening, and also we actually updated model as well, as a result, the group EV is 9.7 trillion yen, which is a 1.5 trillion yen increase.

For value of new business, driven by DH Dai-ichi Life's improvement due to sales increase, rose from previous year. Now, Dai-ichi Life's value of new business is below full year estimate.

This has been influenced by the assumption and also model changes. Incident rate update and annuity calculation model change led to decline of about 40 billion yen.

For value of sales revenue, the recovery trend still continues. However, for value of new business, in the fourth quarter, we reflected the higher interest rate, we changed the model to more conservative one.

Page 17, this is Protective's acquisition. Protective announced the acquisition of Obsidian, which is a hybrid fronting company which is operating in admitted and E&S market in the United States.

They're actually based on the fee business based on the fronting fee received by providing license and reinsurance, and they underwrite about 5% of the total risk by themselves. This business gives diversification effect to life-centered Protective business and contributes to Protective's capital light strategy.

We expect Obsidian generates $30 to $40 million profit in next mid-term plan period. That's all I have today.