We will now begin the presentation of the group's 2025 business results. We will start with the holding company's slide 3, 2025 business highlights.

As of year-end 2025, consolidated total assets reached 135.5 trillion Korean won, representing a 17.2% increase compared to the end of the previous year. Consolidated net income amounted to 2.3501 trillion Korean won, up 0.7% year-over-year, and ROE stood at 22.7%.

For 2025, EPS was 12,903 Korean won and BPS was 59,139 Korean won, reflecting increases of 5.4% and 8.5%, respectively, compared to the prior year. Slide 4, detailed financial performance.

Consolidated net income for 2025 reached 2.3501 trillion Korean won, marking a record-high annual performance. Fourth quarter net income was 323.3 billion Korean won, down 7.6% year-over-year.

Although insurance profit declined due to reduced experience variance gains following the end of the medical strike, fee and interest income increased on the back of proactive new deal origination, resulting in full-year net income exceeding 2.3 trillion Korean won. Slide 5, standalone net income by key subsidiaries.

On a standalone basis, Meritz Fire & Marine Insurance recorded 1.6810 trillion Korean won, Meritz Securities recorded 701.6 billion Korean won, and Meritz Capital recorded 134.2 billion Korean won. Fire & Marine Insurance saw a 1.7% year-over-year decline in net income.

Despite growth in long-term health sales and higher investment income, experience variance gains decreased following the normalization after the medical strike. Securities posted 701.6 billion Korean won in net income, up 11.3% year-over-year, driven by improved corporate finance performance and stronger investment gains.

Capital recorded 134.2 billion Korean won in net income, up 14.6% year-over-year, as valuation gains and dividend income from investment assets more than offset weaker operating profit. Slide 7, capital efficiency as of year-end.

ROE stood at 22.7%, and the double leverage ratio was 126.8%. We continue to maintain industry-leading ROE and a stable double leverage ratio.

In 2025, EPS was 12,903 Korean won and BPS was 59,139 Korean won, demonstrating steady growth in per-share value. Slide 8, real estate exposure and credit cost as of year-end 2025.

The group's total real estate exposure amounted to 30.0 trillion Korean won. Domestic exposure was 25.6 trillion Korean won, and overseas exposure was 4.4 trillion Korean won.

Of the total exposure, senior loans accounted for 89%, and the average LTV was approximately 46%. We continue to manage the portfolio with a focus on high-quality assets.

Net provisioning and reserve additions in 2025 totaled 407.1 billion Korean won, an increase of approximately 64.4 billion Korean won year-over-year. However, excluding 237.6 billion Korean won in Homeplus-related credit costs, annual net provisioning decreased.

Impairment of beneficiary certificates amounted to 262.6 billion Korean won in 2025, slightly lower year-over-year despite proactive recognition of impairments. Slide 9, 2025 execution of the corporate value enhancement plan.

Total shareholder return for 2025 was 8.8%. Since the announcement of our shareholder return policy in 2023, cumulative TSR over the past 3 years has reached 173.6%.

Including the 200 billion Korean won trust contract announced on February 9th, treasury share buybacks totaled 1.45 trillion Korean won, resulting in a 2025 shareholder return ratio of 61.7%. Given the deepening undervaluation of our shares, we allocated the entirety of shareholder return resources to treasury share buybacks and cancellation.

As of the end of December 2025, Bloomberg consensus forward P/E was 7.2x, implying a buyback yield of 13.9%, which remains above our required return threshold of 10%. In line with the principles previously disclosed, we will continue to pursue an active and disciplined shareholder return policy going forward.

Slide 14, Meritz Fire & Marine Insurance for 2025. Standalone net income of Meritz Fire & Marine Insurance amounted to 1.6810 trillion Korean won, representing a 1.7% decrease year-over-year.

Although insurance profit declined following the normalization after the medical strike, investment profit increased, supported by improved expense efficiency and higher equity valuation gains. Insurance profit for 2025 totaled 1.4254 trillion Korean won, down 7.1% year-over-year.

While experience variance gains declined significantly, large-scale reversals occurred as loss volumes from 3rd and 4th generation indemnity medical contracts were substantially reduced. Investment profit reached 862.3 billion Korean won, up 13.2% year-over-year.

The increase was primarily driven by higher FVPL gains amid favorable financial market conditions, as well as reversals of credit loss provisions. Next, performance by business segment in the long-term health insurance market.

The previously steep growth trend moderated following the announcement of the lapse ratio guidelines. Focusing on high-margin new business, the company recorded monthly average new business sales of 10.8 billion Korean won, up 6.0% year-over-year.

Beginning in 2025, we are achieving simultaneous growth in both sales and profitability. In auto insurance, underwriting losses continued due to higher loss ratios driven by abnormal weather conditions.

In commercial insurance, although premium revenue increased, profit declined year-over-year as the loss ratio edged up due to an increase in small claim incidents. Slide 15, CSM movement and new business CSM multiple as of year-end 2025.

The CSM balance stood at 11.1037 trillion Korean won, down approximately 84.2 billion Korean won compared to the prior year. Annual new business CSM amounted to 1.5882 trillion Korean won, and interest accretion increased by 361.5 billion Korean won.

Meanwhile, CSM adjustment totaled negative 866.6 billion Korean won. Annual CSM amortization amounted to 1.1673 trillion Korean won.

The 2025 CSM multiple was 12.1x, while the life insurance CSM multiple was 12.3x, representing improvements of 1.0x and 0.9x, respectively, compared to the previous year. Please refer to slide 17 and 18 for details on investment yield and the K-ICS ratio.

The cumulative investment yield for 2025 was 3.7%, and the provisional K-ICS ratio stood at 237.4%. Next, let me move on to Meritz Securities.

Please refer to slide 19. For 2025, consolidated net income amounted to 766.3 billion Korean won, up 10.1% year-over-year.

On a standalone basis, excluding the subsidiary Meritz Capital, net income totaled 701.6 billion Korean won, representing an 11.3% increase year-over-year. Excluding dividend income from Capital, standalone net income was 583.7 billion Korean won, up 23.7% year-over-year.

Despite a slow recovery in the real estate market and a challenging corporate environment, Securities improved its corporate finance performance by focusing on high-quality assets and proactively originating new deals. In addition, stable performance in net interest income and asset management contributed to overall year-over-year earnings growth.

Slide 20, revenue by business segment. Corporate finance profit for 2025 reached 502.1 billion Korean won, marking a significant year-over-year improvement.

Despite recognizing impairments on certain overseas assets and an increase in provisions, earnings growth was driven by the successful execution of high-quality new deals, repayments of existing deals, and increased income from those transactions. Net interest income remained solid despite higher funding costs, supported by stable loan interest income.

Asset management performance improved through disciplined investment strategies and increased dividends from previously invested assets, even amid elevated interest rate volatility due to uncertainty surrounding the rate cut cycle. Commission income from brokerage declined slightly due to fee promotions.

However, asset management income increased significantly, driven by growth in wrap account revenues and higher performance fees from fund management. Slide 24, risk management indicators on a consolidated basis.

The net capital ratio rose to 1,470% through proactive capital management, including the issuance of capital securities. The non-performing loan ratio stood at 5.6%.

The quarter-over-quarter increase in the NPL ratio was primarily attributable to a base effect from the inflow of new large-scale deals in the third quarter. On a sequential basis, the ratio continues to trend downward compared to the second quarter.

Please refer to the presentation materials for Meritz Capital and other segment-specific indicators.