Good morning, everyone, and welcome to AIA's 2020 Annual Results Presentation. Let me start by saying that we hope that you and your families are safe and well. I am immensely proud of our outstanding employees, who have worked tirelessly to provide continuous support for all of our stakeholders. Thanks to their efforts, we have delivered a strong performance in unprecedented conditions. Let me begin with the key financial highlights. While VONB was affected by the pandemic, we saw a strong recovery in new business sales as restrictions eased, and we delivered growth in all our other key financial metrics. Operating profit after tax and underlying free surplus generation were up, supported by our high-quality recurring sources of earnings. We reached record highs in both EV equity and shareholders' allocated equity, and the board has recommended an increase of 7.5% in the final dividend. These results demonstrate the strength of our operating model, the quality and resilience of our people, and our disciplined financial management. As I said, we achieved very strong VONB momentum as pandemic restrictions eased across our markets. Mainland China was the first to enter lockdown in February, and lockdowns generally peaked in the second quarter for the rest of the group. Border restrictions effectively stopped sales to Mainland Chinese Visitors in Hong Kong from early February. As you can see, we have delivered very strong VONB momentum across the group as restrictions were eased, and our business in Mainland China became the largest contributor to VONB in 2020. This broad-based momentum has continued into 2021, with very strong VONB growth from AIA China and 15% VONB growth for the group in the first two months of the year. Our rapid adoption of new online capabilities helped maintain business activity even during the strictest of lockdowns. We introduced remote sales completion for all distribution channels across all markets and launched streamlined online services for customers. The use of remote sales has tracked lockdown severity, and 95% of all new business in 2020 was submitted digitally. We moved our agency recruitment, onboarding, and training online, holding more than 20,000 virtual recruitment seminars, and new recruits grew by more than 20%. Automation and digitalization have significantly enhanced customer experience, and straight-through processing is now used for close to half of all our buy, service, and claim journeys, well above global industry peers. For our customers, we extended free COVID-related cover to more than 25 million policies and provided HKD 1 billion of premium support across 12 markets. Over the year, we paid more than HKD 16 billion in benefits and claims, providing essential financial protection when it is needed the most. While 2020 was an unprecedented year, it has made me even more optimistic about the prospects for the life and health industry in Asia and the future of AIA. The growing need for our products, services, and high-quality advice has never been more evident than it is today. Nowhere is this more apparent than in mainland China, where AIA has a unique opportunity with enormous potential for growth. Our customers make up less than 2% of the middle-class population in our existing geographies, and as we expand into additional provinces, our potential market quadruples. 2020 was a landmark year as AIA became the first foreign company with a wholly owned life insurance subsidiary in mainland China. We are making excellent progress in Tianjin and Shijiazhuang and significantly expanded our premier agency through quality recruitment, driving strong VONB growth. We have received approval from CBIRC to prepare our newest branch in Sichuan, the sixth-largest province by GDP, and we are at a very advanced stage. Our 100% ownership and differentiated premier agency strategy delivers strong and sustainable results, allowing AIA to fully capture the extraordinary opportunities available to us in mainland China. AIA has many significant advantages across the region that distinguish us from our competitors. We have an unparalleled platform in Asia, built over many decades, with 100% ownership in almost all of our markets, singularly focused on the world's most attractive region for life insurance. For more than a century, AIA has made a positive, lasting impression on the lives of our customers. As a lifelong partner, we are committed to our role in the transition to a better, more sustainable future. The pandemic has further highlighted the significance of ESG issues. AIA ranks second globally in our industry for ESG. We know that there is more that we can do in this important area for our communities. Our people are the group's key competitive advantage and the foundation of AIA's success. I am extremely proud of how they have responded in a rapidly changing operating environment, helping our customers navigate uncertainty while accelerating our strategic plans. In 2020, AIA has delivered another strong performance, with VONB momentum continuing into the beginning of 2021. I will now hand over to Garth to take you through the details of our financial performance. Thanks, Yuan Siong, and good morning, everyone. Yuan Siong covered the headline figures that summarize our strong financial performance in 2020 against the backdrop of an unprecedented environment. This reflects the diversified nature and quality of our business, with a focus on long-term sustainable growth, progressive profit emergence from a continuously expanding in-force book, and prudent financial management. Let me now take you through AIA's 2020 financial results in more detail, covering the usual areas of growth, earnings, and capital and dividends. AIA benefits from our diversified regional presence and our long-established market-leading positions. Taken together with the quality of our multi-channel distribution and our comprehensive product range, this strong platform gives us great confidence for our future growth. Mainland China became the largest contributor to VONB for the first time and accounted for close to 32% of the group. Following the introduction of strict travel restrictions on Mainland Chinese Visitors, Hong Kong now accounts for 18%. Our other four segments, predominantly covering Southeast Asian markets, made up 50% of the group's VONB in 2020. We continue to focus on high-quality traditional protection and long-term savings products, which in aggregate made up over 90% of our VONB. The vast majority of our new business sales are in the form of regular premiums. These add significant further layers of revenue to our growing in-force renewal book of more than HKD 30 billion. When combined with our high persistency of more than 95%, the compounding of regular premiums drives the scale and resilience of our earnings and cash flows over time. Looking at our markets in more detail, these charts show the pattern of how VONB momentum has progressed from the beginning of last year. We had a strong start to 2020, with positive year-on-year growth in five of our six segments before the onset of COVID-19. In February, Mainland China and Hong Kong were the first of our markets to have movement restrictions imposed, followed by the rest of the region. As our businesses adapted and restrictions were gradually eased, we saw very strong sales momentum return. Mainland China recovered quickly and resumed its normal sales pattern in the second half in our existing geographies, whilst also growing rapidly in our new regions. Our Hong Kong domestic business saw a recovery in the second part of the year, despite ongoing restrictions. However, with strict border controls still in place, Mainland Chinese visitors remain absent, with a resulting impact on sales and the local economy generally. Our Southeast Asian businesses bounced back from strict lockdown measures, building progressively into the later part of the year and growing VONB to move above 2019 levels. The group's strong momentum has continued into the first quarter of 2021, with 15% VONB growth in the first two months of the year. This includes very strong growth for AIA China and has been achieved despite minimal sales to mainland Chinese visitors in Hong Kong. VONB for the total group is shown after fully deducting the present value of unallocated head office expenses and for consolidated reserving and capital requirements. These amounted to HKD 264 million in 2020. It also includes the 5% withholding tax that has applied to AIA China since July last year. EV operating profit was HKD 7.2 billion, supported by continued positive operating variances of HKD 549 million. Operating profit more than offset both negative investment return variances and the reductions in our long-term economic assumptions to reflect lower interest rates, while exchange rate movements over the year were favorable. As a result, EV equity increased by 6% to a record HKD 69.2 billion before the payment of shareholder dividends. AIA's strong track record of positive operating experience reflects the prudence in our embedded value assumptions and the quality of our in-force business. Mortality and morbidity claims experience remained positive, supported by a lower incidence of non-critical medical claims during the pandemic. In aggregate, expense variances were positive, with acquisition expense overruns arising from reduced volumes included in our reported VONB. Acquisition expense overruns reduced the VONB margin for the group by 2.5 percentage points compared with 2019, mostly from Hong Kong, where these lowered the VONB margin by 5 percentage points. Persistency and other variances were positive despite the pandemic. Overall, operating variances have added more than HKD 3.2 billion to EV since our IPO. AIA's EV sensitivities to both interest rates and equity market movements remain small. Our EV methodology uses spot market yields and trends over time to our long-term assumptions. The interest rate sensitivity shown here applies a 50 basis points movement from current spot government bond yields and our long-term assumptions, including equity returns and risk discount rates. Our long-term assumptions aim to smooth out short-term volatility in markets. We updated our assumptions as usual at the end of 2019, and following a significant reduction in interest rates early in the year, we further updated our long-term assumptions at the interim results. Market rates at the end of the year are in line with our assumptions, and interest rates have increased further since then. EV equity of HKD 67.2 billion is now 2.7 times the level at IPO, demonstrating our track record of shareholder value creation. The main driver of EV equity growth is EV operating profit. We've generated more than HKD 54 billion of EV operating profit through the addition of profitable new business, and proactive management of our in-force portfolio. Net cumulative economic and operating variances from all sources are immaterial, clearly demonstrating the appropriateness of all our EV assumptions and our methodology over time. Now moving to earnings and our IFRS results. The group's operating profit after tax increased by 5% to over HKD 5.9 billion, driven by our growing in-force portfolio. Operating margin was stable at 16.9%, underpinned by our high quality and recurring sources of earnings and proactive in-force management. AIA Hong Kong delivered 10% growth in OPAT to more than HKD 2 billion, reflecting an increase in renewal premiums of 11% and favorable claims experience, which more than offset lower bond yields. AIA China continued to deliver very strong growth of 14%, reflecting our high-quality earnings and increased scale. OPAT growth for Singapore of 8% was supported by improved operating experience. Although lapse experience improved in the second half for our Thailand business, a lower equity market during the year, combined with a reduced long-term equity return assumption, more than offset positive operating experience and underlying business growth. In Australia, OPAT was affected primarily by a decrease in profitability from disability insurance policies, which impacted the overall result for other markets. Malaysia, where excluding the impact of the one-off industry-wide initiative highlighted in our interim results, there was growth in OPAT of 8%. Shareholders' allocated equity increased by 16% to HKD 50 billion before the payment of dividends. The increase in allocated equity reflects our solid growth in operating profit and positive foreign exchange movements. Mark-to-market movements in equities and other non-operating items were immaterial. After the payment of HKD 2 billion of dividends to shareholders, allocated equity increased to HKD 48 billion. Operating profit after tax of HKD 5.9 billion was 3.1 times the figure in 2010, reflecting the increasing size of our in-force book, driven by significant new business growth. The resilience of our portfolio is the result of steady accumulation of quality business over many years. Consistently, 99% of our total weighted premium income has been recurring, and these premiums have been invested on a prudent basis in high quality, well-diversified assets. The average credit quality of our bonds has remained stable during the year at A-minus, and we experienced no impairments. Our focus on quality and long-term sustainability forms the foundation of our resilient sources of earnings, demonstrated by continued growth in 2020. Operating profit after tax has added more than HKD 40 billion to shareholders' allocated equity since our IPO. While movements in the market value of equities causes short-term volatility in net profit, these fluctuations have averaged out over time to just HKD 0.3 billion. After shareholder dividend payments of more than HKD 10 billion, shareholders' allocated equity of HKD 48 billion at the end of 2020 was 2.7 times the level at IPO. Finally, capital and dividends. Our solvency position remains very strong. The group LCSM cover ratio takes a fully consolidated view of regulatory capital adequacy for the group based on minimum requirements. In future, we'll disclose this as the principal measure of the group's regulatory solvency position. Our group LCSM cover ratio has remained resilient during the stressed capital markets of 2020. Ended the year at 374%. There are further details in the accompanying results pack, including sensitivities to equity markets and interest rates, which are small. In addition to our strong solvency position, our total leverage remains relatively low at 11.9%, demonstrating our resilient capital structure and financial flexibility. Underlying free surplus generation increased by 7% to HKD 5.8 billion, supported by continued growth of our in-force portfolio. New business investment of HKD 1.4 billion was 2% less than the previous year, as reduced new business volumes were offset by acquisition expense overruns and a product mix shift away from Hong Kong participating products. Free surplus increased by HKD 4.1 billion before investment variances and dividend payments. Investment variances reduced free surplus by HKD 3.5 billion, primarily from the movement in regulatory reserves caused by sharply lower government bond yields, impacting our businesses in Hong Kong and Thailand. After the payment of HKD 2 billion for shareholder dividends, closing free surplus remains strong at HKD 13.5 billion. Since IPO, our cumulative underlying free surplus generation has now exceeded HKD 40 billion. Our primary goal is to grow new business organically. We've reinvested over HKD 14 billion to generate close to HKD 25 billion of VONB. We've paid dividends to our shareholders of HKD 10.8 billion. We've selectively taken advantage of inorganic opportunities. Including the events of 2020, which created an extreme example of capital market stress, investment variances have accumulated to a small net impact of HKD 0.6 billion. Our stock of free surplus has increased by HKD 8.5 billion since IPO to HKD 13.5 billion, aligned with the growth in our balance sheet. The analysis of holding company financial resources is a new disclosure that provides further insight into the financial resources directly available for the payment of shareholder dividends and interest, as well as providing financial support and investment into our businesses. We've included a reconciliation between holding company financial resources and working capital in the results pack. In 2020, net flows from subsidiaries to the holding company amounted to HKD 2.4 billion. With the addition of HKD 2.8 billion of proceeds from new borrowings and after dividend payments of HKD 2 billion, we ended 2020 with HKD 12.4 billion of financial resources at the holding company. The board has recommended a 7.5% increase in the final dividend to HKD 1.003 per share. This increase reflects our continuing strong business performance and our healthy financial position. The board continues to follow AIA's established, prudent, sustainable and progressive dividend policy, allowing for future growth opportunities and the financial flexibility of the group. In conclusion, the group has delivered a strong financial performance through the unprecedented business and macroeconomic conditions resulting from the global pandemic. We've seen VNB recover as our businesses adapted and containment measures eased, with momentum continuing into 2021. The quality of our growing in-force book helped drive further increases in both operating profit after tax and underlying free surplus generation. EV equity increased to a record HKD 67.2 billion, and shareholders allocated equity grew by 16% before the payment of dividends. Our financial position is very strong, and we further increased the final dividend by 7.5%. These results reflect the quality and resilience of our businesses, our proven execution capabilities, and our disciplined financial management as we continue to build sustainable value for our shareholders. I'll now hand back to Yuan Siong, who'll provide an update on the group's strategic priorities. Thank you, Garth. As you will remember from August, we have a clear and ambitious strategy that will achieve our purpose of helping millions of people live healthier, longer, better lives while delivering profitable growth and shareholder value well into the future. We will build on our significant competitive advantages, ensure that we fully leverage the powerful structural drivers of growth in Asia, and capture the immense opportunities available to us. I see enormous potential to transform AIA, and that is why we have a step change in technology, digital, and analytics at the heart of our new strategy. Let me now show you how we are already delivering significant results across the group. Our vision is best-in-class connectivity for our agents, customers, partners, allowing for rapid and seamless interactions. We know that providing a simplified service with faster turnaround times leads to better outcomes, including improved retention and profitability. In the Philippines, our customers enjoy a totally new end-to-end purchasing experience that is simpler and dramatically faster. We have redesigned, fully digitalized, and automated the customer onboarding process. Predictive underwriting delivers better outcomes, including frictionless sales and increased conversion rates. Our proprietary AI-powered underwriting engine uses data analytics to deliver a huge increase in capacity and has supported straight-through processing of more than 75%. Customer onboarding now takes just 20 minutes, and plans to launch our new underwriting engine in the rest of the group are underway, driving enhanced scalability and efficiency. Our goal for leading customer experience is to always exceed expectations, and this includes our promise to look for every reason to pay a claim. AIA Thailand handles more than 2.5 million medical claims a year. Our new automated process delivers a seamless, paperless, and cashless customer experience for outpatient claims at more than 500 hospitals and clinics. AI-powered claims adjudication has supported straight-through processing rates above 70%, four times higher than at the start of the year. Outstanding customer experience achieves a range of business benefits, including unlocking new business growth, driving higher quality sales, improving persistency, and generating more products per customer. Turning to our unrivaled distribution and premier agency. Full adoption of powerful digital tools across the entire value chain delivers material improvements in productivity, increased agent retention, and ensures that our agents achieve highly attractive incomes. I am pleased to say that online recruitment, onboarding, and training has supported growth of our agency even during the strictest lockdowns. In mainland China, AIA has the highest quality and most productive agents in the market. At the onset of the pandemic, we rapidly shifted recruitment fully online with an end-to-end digital process. Analytics support training and development through our proprietary smart learning and coaching. Our online role-play simulates customer interactions using AI and helps our agents practice and enhance their sales skills, expanding the capacity of our agency leaders to focus on recruitment and management. This delivered over 30% increase in new recruits in mainland China, and our online capabilities supported growth in new recruits of more than 20% for the group. We are driving a step change in the number of active agents in our developing and emerging markets, and I am clear that we do this while continuing to raise quality through the use of technology. In Malaysia, our agency is 100% digitally enabled across the entire primary agency value chain. Advanced data analytics and social media integration provide new customer insights, and gamification reinforces professional sales techniques. Our next-gen leaders have real-time activity data at their fingertips, enabling more effective team management. Adoption of these digital tools has supported an increase of more than 20% in active agents and more than 15% in productivity levels. We have long-term and leading banc assurance partnerships across Asia, providing access to many millions of potential customers. As banking preferences evolve, we offer customers more choice of how to purchase, from fully online to in-person advice. In India, Tata AIA Life has pioneered our use of digital and analytics tools to transform our approach to banc assurance, and we are industrializing these across the group. Our propensity models use customer data from banking transactions, demographics, and digital footprints. We adopted a data-driven, highly digitalized approach across the entire sales process, including two-click offer acceptances and pre-filled applications, resulting in an end-to-end customer journey of just 18 minutes. We grew new business sales from our domestic bank partners in India by more than 30% during the most severe lockdown across our markets, with over 60% of new policies purchased digitally. Digital platforms bring new models and new growth. We are connected to an expanding network of the best partners, with hundreds of millions of highly engaged and active users. AIA's significant competitive advantages and deep experience in Asia makes us a highly attractive partner. Importantly, the strength of our multi-channel distribution offers customers more choice of how to purchase, from fully online to face-to-face advice, and increases conversion rates to maximize value creation. We build our partnerships on shared value principles, developing innovative propositions that are relevant and personalized. An agile approach enables faster iteration cycles when delivering compelling solutions as we test and learn before industrializing across other markets. For example, in South Korea, we brought together SK, Samsung, and AIA Vitality to launch a new joint proposition targeting a combined customer base of 40 million. In December, we announced a new regional digital technology partnership with ZhongAn Tech, enabling seamless connection to new and existing digital partners. We have already launched our first products with Shopee in Malaysia. In India, we are the exclusive life insurance provider to Practo's 175 million users. Our partnership also provides customers with preferred access to Practo's leading digital healthcare platform, adding new capabilities to our health and wellness ecosystem. Our protection strategy is focused on next-generation life and health products, fully integrated with our health and wellness ecosystem, which is anchored on four fundamental components. Through AIA Vitality, we deliver shared value for our communities, lower cost of insurance, and improved health outcomes. Our highly engaged customers generate impressive health improvements as they average more than 800,000 workouts a day, and we achieve significantly higher persistency and repeat sales. AIA Vitality is fully embedded in our insurance products, and we have generated more than HKD 1.2 billion of VONB from integrated sales in the last three years. Our wellness programs are in 11 markets, and in 2020 we significantly enhanced services, including support for mental wellbeing, nutrition, and maintaining physical activity levels. We have ambitious targets for expanding AIA Vitality coverage and further increasing member engagement. The pandemic has driven a surge in telemedicine usage with online doctor consultations through Practo growing by more than 10 times between April and November 2020. We plan to expand our telemedicine services from six to 12 markets in 2021. As a Pan-Asian health insurer, we have a vast regional healthcare provider network. AIA's Regional Health Passport brings customers choice of treatment across our network of leading international hospitals. Our personal case management services in eight markets ensures AIA customers have access to the best diagnostic and treatment consultation. We have launched innovative propositions integrated with AIA's health and wellness ecosystem across several markets. In Hong Kong, our next generation product completely reimagines critical illness cover, removing the need for complex medical definitions and making it easy for customers to understand. Instead of a fixed sum assured, benefits are based on disease severity and treatment, giving customers peace of mind. Our new modular protection product in mainland China leads the market and allows customers to tailor coverage to their specific needs. Our premier agents guide customers to their ideal product from thousands of possible coverage combinations, supported by powerful data analytics and in-depth customer research. In addition to better meeting customer needs, this further differentiates our premier agency model in the market. We will continue to integrate our ecosystem of best-in-class providers into our propositions across our markets, making them increasingly difficult to replicate. Our financial discipline remains a core priority and the foundation of AIA's strong and consistent delivery. The execution of our new strategy will extend our track record of superior profitable growth, driving strong earnings, free surplus generation, and prudent, sustainable, and progressive dividends. We continue to see significant opportunities to reinvest capital and deliver organic growth at attractive returns for shareholders. In summary, AIA operates in the most attractive markets in the world for life and health insurance. We remain 100% focused on Asia, with substantial growth opportunities in all of our markets. In mainland China, our new potential target market is four times our current footprint, and we have a proven track record of expansion. Our strategy is clear and ambitious, with a step change in technology, digital, and analytics at the heart of our transformation. We have delivered another strong performance in 2020 with VONB momentum continuing into 2021. We are confident that we will continue to deliver significant growth and shape a more sustainable future for our communities while delivering long-term shareholder value. Thank you very much for listening. We'll now move to the Q&A session, and this will be conducted by teleconference. If you wish to ask a question, you need to make sure that you are dialed in. I'm Lance Burbidge, Chief Investor Relations Officer for AIA Group. Together with me today, we obviously have Yuan Siong and Garth. We also have our regional chief executives and other members of our Group Executive Committee. We're ready to take your questions. Operator, please start the Q&A. Ladies and gentlemen, we'll now begin that Q&A session. If you do wish to ask a question, just please press star one on your telephone and then just wait for your name to be announced. If at any time you need to cancel your request, it's just by pressing the pound or the hash key. Our first question, though, today comes from Charles Zhou from Credit Suisse. Please ask your question, Charles. Sure. Hi. Good morning. Sorry. Hi. Good morning, everyone. I have three questions. The first one is related to China. We know that you mentioned that in the first two months that China has very strong growth in terms of the value of new business, which we also see similar trend of your peers. Can I ask you about the full year growth outlook for AIA China, particularly in the second, third, and fourth quarter for your protection sales. Do you expect a similar momentum to continue in the rest of the year, or do you expect some moderation in the rest of the year? This is the first question regarding your AIA China outlook this year. The second question is about the agent, in Hong Kong. In terms of the agent income, how much they can earn and also the agency retention. We know that last year, the border has been closed. For your agents, particularly for the Mainland Chinese focused agents. Can you maybe provide us some data about how much their income has declined year-on-year? Is that maybe 60%, 70%, or can you give us some color on that? The reason why I am asking this is because I think everyone is waiting for the reopening. I just don't know whether the agent can still survive. Let us say last year, their income has already declined a lot. For this year, the border continues to be closed, can you still retain your very experienced Mainland Chinese focus agents? That is my second question, agency income and also agency retention in Hong Kong. My third question, I know that you mentioned that every 50 basis points increase in a year will lead to around 1% increase in EV. Can you talk about the implication of the rising yield to your shareholder equity, EV, and also your sales? Particularly, in the first half of last year, you revised down some of your economic assumptions in EV. If the yield continue to go up, say, to further, will you also consider to revise your assumption again in the first half of this year? Thank you. Okay. I will take the first two questions, and then Garth will take the third question, and I think Jacky can supplement on the Hong Kong agents question. I think we are very happy to see very strong VONB momentum across the group in 2020 and post-lockdown in the various markets. This momentum has continued into the first two months of the year, especially with very strong growth from AIA China. The VONB growth in the first two months is broad based. It is very broad based, and the VONB that we reported in 2021 is stated net of the 5% withholding tax that now applies to AIA China. We know that we operate in 18 markets, and each market has different seasonality. We also know that China, there is a jumpstart, and their new business is more weighted towards the first half of the year. We saw strong sales in protection products in January, partly that is driven by the change in the critical illness products in China. We see that the activities are coming back very strongly in China. China continues to be our focus, we have a very unique opportunity, very well-positioned in China, we are currently the only 100% owned foreign life insurance company in mainland China. On Hong Kong. As you can see from Garth's presentation, we have a very diversified portfolio of business. Hong Kong contributed to 18% of the VONB in 2020. China contributed 32%, the rest of Asia contributed 50% of our VONB. We believe that we have tremendous opportunities for growth in all of our markets. Hong Kong, obviously, was impacted by the border restrictions. The mainland Chinese visitors could not come across to China. From what we have seen in Macau, when the borders are open, the mainland Chinese visitors are coming back to Macau, and the contribution of MCV business to Macau in the fourth quarter of last year is already back to normal, I would say. Whilst I cannot forecast when the border will reopen between Hong Kong and the mainland, I still believe that our products in Hong Kong remain attractive to mainland Chinese visitors. Jacky can talk about the resumption of activity of our agency force in Hong Kong. Thank you, Yuan Siong. I want to begin by saying that I am proud of the premier agency force in AIA Hong Kong and Macau. They are really resilient. As you said, the close of the product really impact to those agents who focus on MCV business. Yes, the income will be impacted. AIA Hong Kong and Macau provide a lot of support to our agency in Hong Kong and Macau, and one of the most important thing is to help and train them to focus on the domestic markets. In fact, we also step up our recruitment a lot. Last year, our premier agent, our new agent recruit increased by 22% compared to the year before. As a result, the overall agents number and agents retention are almost the same as the year before. We do have some modest growth in the total agency force at the end of last year. I want to emphasize that, in fact, in the second half of last year, we do see a double-digit growth in our domestic business, which contribute by both the agents who previously or usually focus on domestic market, plus those MCV agents who are able to sell more to the domestic segment. I want to draw your attention to an important figure, which also show the agents' retention and resilience. The AIA Hong Kong and Macau deliver ANP of $1.1 billion, and within it, $900 million is coming from agency. These numbers far exceed any other major competitors in Hong Kong with agency channel as the core distribution channel. I believe this shows that how resilient our agency force is, and we are well positioned to capture the opportunity we have in the Hong Kong business. Thanks, Jacky. If I may just add a broader view of our agency across Asia. Obviously, Hong Kong, as Jacky said, we dominate the domestic segment in Hong Kong. Just from a retention perspective, our premier agency strategy has been a key strategic differentiator for us for the last 10, 11 years and continues to do so. It's premised on quality recruitment. As Jacky said, we've seen strong recruitment in Hong Kong the second half. Across the group, we've seen an increase of 20% recruitment second half over first half. By basing our premier agency strategy on strong recruitment, quality recruitment, we see strong consistency, as Garth mentioned in his presentation, 95%, and that allows us to pay the appropriate renewal commissions for our agents who are bringing in quality business. Over the last one or two years, we've been able to reinforce that platform and proposition for premier agency by rolling out a significant number of digital tools, from sales tools to recruitment, to training, to onboarding. This has resulted in over 20,000 online recruitment seminars. It gives us remote sales capability across every one of our markets and across every channel to note. That's actually delivered double-digit productivity gains for our agency in the second half of the year. We've seen 95% of all of our sales being brought in digitally for 2020. I think that sets us up well for the opportunities in 2021. Thanks, Bill. On interest rates, higher interest rates are generally positive for us as they are for most financial companies. Although they still remain at low levels relative to history. I think, for example, the 10-year Treasury is still below the end of 2019 level as of today. If that increase is sustained, we could see a partial unwind of some of the impacts we saw in 2020. So, for example, free surplus will have benefited from the significant increase in government bond yields since the end of 2020. We look at our assumptions on a regular basis, as you know. Our EV assumptions are for the long term. We manage our business for the long term, and our EV methodology and assumptions reflect that. We use spot market yields that trend over time to long-term rates that reference market forward rates. You can see that at the end of 2020, as I showed in the presentation, our rates are in line with forward rates. Clearly, interest rates have moved up from them, but we are only a few months into the year, and we'll continue to review our assumptions as each reporting period, as we always do. I think the most important thing to remember is that the interest rate sensitivities we've given on a consistent basis both on the EV and on the group LCSM basis are both very small. Yeah. Next question, please. Your next question comes from Thomas Wang from Goldman Sachs. Please ask your question, Thomas. Thank you. Thanks for the opportunity. A couple of questions from me. Firstly, I think it's great to see all this new product innovations. I just want to understand from a financial reporting perspective, how does new product compare to the existing products in terms of, say, IRR or VONB margins? How should we see that? I think that's a direction to go that the product will be more flexible, but how does that impact the way we report our numbers? Secondly, just on the capital and dividend front. We have LCSM, and then I guess the next hurdle is RBC for you to have a better understanding of capital and dividend position. Just a little bit of color on that, if possible. How is that you're seeing that development at RBC, and then when do you expect to have more sort of clarity on that or on implementation? Thank you. Yeah. On the margin question, obviously we won't want to go into margins by product and by country. We'll be here for the rest of the day. I can say that the margins remain healthy. Clearly, we look to provide a good balance between providing strong benefits to our customers while and attractive products to our customers, good returns for our customers, whilst also providing good returns to our shareholders. Second question. Sorry. Sorry, I missed the question. The second question on the capital, with a little bit more color on LCSM and RBC in Hong Kong, and then maybe how that potentially impact your dividend and capital strategies. Oh, right. Yeah. Let me talk about the group LCSM first. That's the new framework that the AIA is introducing as part of the group-wide supervisory framework that we expect to be subject to in the first half of the year. We haven't been designated as being covered by that as yet. It's a comprehensive solvency ratio that covers the whole group. You'll recall that previously we used the AIA Co. Solvency measure. That is a measure that measures the solvency of AIA Co., which used to be the highest, and currently is the highest regulated entity within the group. As we have the new group-wide supervisory framework coming in, the whole of the group will be included, including the group holding company. The basis for the group LCSM is one whereby the minimum capital requirements across the group for each of the entities is compared with the available capital across all the entities. You'll see that our ratio was very strong at 374%. We have also provided a reconciliation in the appendix between the group LCSM and our free surplus. The free surplus represents the capital that is more representative, and is contained in our EV report, and is more representative of the capital position from a shareholder perspective. In future, we will disclose that as our principal measure. On the Hong Kong RBC. The Hong Kong RBC is progressing well. We welcome its introduction as a risk-based framework. The Hong Kong RBC rules are still being developed by the Hong Kong IA. There have been quantitative impact studies in the past, and just recently, the AIA called for a further impact study. Based on our current understanding of the RBC framework, we expect the group's capital position to remain very strong, with both the total available capital and the minimum required capital likely to increase for our largest business. We don't have clarity on those two aspects. We don't have clarity around some aspects of the group-wide supervisory framework, notably the treatment of our existing senior debt. We don't have clarity yet as to the final RBC framework. It is due for introduction in 2024, although there has been some discussion about early adoption. Once we have greater resolution on both those projects, and we have greater clarity as to the basis for the group LCSM and for the Hong Kong RBC and so on, then we expect to have significantly more clarity on the group's capital position and our needs going forward. As you can see, we have a very strong capital position, clearly. Thanks. Next question, please. Thank you. Your next question comes from Leon Qi from Daiwa. Please ask your question, Leon. Hi, this is Leon from Daiwa. Thanks for taking my question, and congratulations on the resilient results. I have three questions today. Firstly, on digitization. I've noticed that compared with some of your Chinese peers, it looks like AIA prefers to do a partnership model with external vendors and technology companies to digitize its operations, rather than internally make a lot of R&Ds. Just want to understand if management has any comment on that. The sub-question related is that since AIA is teaming up with some emerging vendors such as ZhongAn Tech, compared with more established players, do we have any preference in terms of choosing our partners and vendors? That's the first question. Second question, while still on digitization. I understand that our digital completion rate is very high now, probably over 90% for most of the markets. Just want to understand that in terms of our digitally enabled end-to-end completion including customer acquisition, engagement, et cetera, to the ultimate completion, do we have such statistics, in particular on China? Do we have any statistics on the VONB contribution from digitally enabled sales instead of the ANP contribution that we already mentioned? Lastly, on the financial position. Appreciate the new disclosure on holding company financial resources. I understand that previously our dividend payout is linked to OPAT. I just want to confirm if there is any changes on that. How should we understand the linkage between holding company financial resources and dividend payouts? Thank you very much. As I introduced during my presentation back in August, also during my presentation today, I see that a step change in technology, digital, and analytics is a very key part, essential to our new strategy. We have a very detailed and three-year plan of very targeted investments to upgrade our technology architecture, t o improve our digital tools and to use data analytics in all aspects of our business. Over the few months that we've been implementing this, I'm very pleased so far with the progress. I've introduced some of the early results, and I expect in 2021 that we will have accelerate this implementation of TDA even more. As you have noted, we have also our internal development technology engineers. We have a large IT workforce in China in our, what we call our TSS unit. They're supporting our business units across China and across Asia. At the same time, we also believe that to partner with the best-in-class service providers, of which there are many. We've quoted ZhongAn Tech, but this is not the only technology company that we have a strong relationship and we are partnering with. In addition to service providers in China, we also partner with service providers in India, in Southeast Asia, and also the more established names, international names. We believe that this is the best way to upgrade our technology architecture and to help us implement our TDA strategy. That's the first question. On the second, I think we have upgraded, and we have aggressively moved a lot of our business processes online, and we have digitalized the full end-to-end value chain of our premier agency value chain. I illustrated an example in Malaysia and also in China. We also showed example of how we can apply digital tools to help our Philippines and our Thailand operations. I'll pass on to Bill to talk more about the digitalization of our agency channel and our partnership channel. Yeah. Thank you, Yuan Siong. Thanks for the question, Leon. Again, I'll just reiterate some of the data points I mentioned a little earlier at a group level because there was a question within the question around China and the group. We've taken this opportunity through COVID, and obviously as part of our new strategic ambition to really accelerate the digitization across our distribution. That's the whole customer journey of learn, buy, sales, service, and claim. Hence, the tools that we've put in place have resulted in a number of key data points. As I mentioned earlier, we've had 20,000 online recruitment seminars across the group. That's given us more than a 20% increase in new recruits, again, across the group, and a 30% increase in new agency leaders with 95% of all of our sales coming in digitally for last year. To note, at the height of the pandemic, 40% of all of our cases were brought in digitally at that time. This has been able to drive up the agent productivity and activity in the second half of the year. China's been leading the way on this. China, obviously, was impacted in Q1, but it rapidly deployed the similar digital tools. 40% of its new business sales by the end of June were delivered through the AIA iSign technology. Actually, in China, we're seeing even bigger recruitment with online recruitment seminars delivering over 30% growth in new recruits. I emphasize that while maintaining very stringent quality recruitment standards. Over 50% of our new recruits hold a bachelor degree or above in China, and that's equivalent to where we saw it in the 2019 results. All of this has driven double-digit growth across our agency leaders, and again, agent productivity and activity in the second half of the year, and positions as well for the future. Even though we've seen face-to-face meetings resume post the easing of lockdown, we now have optionality for our distribution channels, in particular our agencies, to connect, engage remotely or by face-to-face. On your STP question, one of the slides that Yuan Siong shared with you, we now have 47% of all of our cases coming in end-to-end, straight-through processing from the engagement to the onboarding, the sales, the service, et cetera. 47% of our sales are straight-through process. Yeah, thanks. On the dividend, not only OPAT, but we look at a broad dashboard of metrics when we're framing the dividend. Those include the future growth, the free surplus generation, holding company resources, solvency, and so on. I think the key thing is that we review all the options while maintaining our financial discipline to create long-term sustainable value for our shareholders. Our objective is to maintain a prudent balance sheet and use the resources we have to fund long-term profitable growth opportunities, maintaining financial flexibility and the sustainability of the future dividends. We continue to see significant opportunities to reinvest capital to deliver organic growth. You can see that we continue to invest at attractive returns for shareholders. We run various scenarios around that. The board is continuing to follow its prudent, sustainable, and progressive dividend policy. You've seen a recommended further 7.5% increase in the final dividend. If you look now, the dividends in 2020 are more than four times the dividends in 2011. We've paid close to HKD 11 billion of dividends since IPO. Our primary objective will always be to continue to grow the business and to do so organically. Thank you. Next question, please. Okay. Your next question comes from Kailesh Mistry from HSBC. Please ask your question, Kailesh. Hi. Good morning. I've got a few questions. Firstly, on the Hong Kong business margin, could you just help me on this one? Obviously, the margin's down in the second half. Some of this is driven by the assumption change at the half year. Can you just help me understand how much is due to the assumption change, and how much is for this product promotion to support agents in the second half? In particular, on the latter, will that continue into 2021? The second question is around agency numbers, either total agent numbers or active agents. How did that change in, number one, Mainland China and number two, Hong Kong, in 2020? I think you talk only about agency or new recruits, which obviously doesn't necessarily help with that number. The third question is with respect to slides six to 13. They are helpful, but I just wanted to understand, when the restrictions have been lifted in markets, what are you experiencing? Are product and margin trends reverting back to long-term trends? In the volume recovery, are you seeing catch-up versus normalized growth? Is it the lockdown period is basically losing sales in that period effectively? One last quick one. Just the LCSM ratio. Does the 374% include debt? If not, what do you think the impact of grandfathering that debt would be? Thank you. Okay. Do you want to take the Hong Kong margin issue? Yeah, sure. Thanks Yuan Siong. Yeah. I think we covered the Hong Kong margin to some extent at the half year. If you look at the second half of the year, you quite rightly, Kailesh, noted the increase in the risk margin, a 30 basis points increase in the risk margin. I think that reflected the lower interest rate environment. You saw the changes that we made in the interest rate assumptions and the resulting equity returns also. I think the other thing to point out is the impact of the acquisition expense overruns. They took the margin down in Hong Kong by five percentage points for the full year. With the absence of the MCV business. We did see a product mix shift in the second year as we launched some products to support the agency activity, including some of the agents who have been traditionally focused on the MCV segments, of course. That business also has a lower ticket size as well compared with some of the other business, particularly the Mainland Chinese business. Yeah. Yeah. Jacky, you want to supplement? Yeah. I would just supplement that. In fact, because of our strong financial discipline, we do price in all this expense overrun and also take a more prudent approach to increase the risk premium in our Hong Kong product. That's why it drags down the margin. As I said previously, our AMP, in Hong Kong in 2020, really showed the underlying resilient momentum of the distribution channel. I think it is still very healthy and strong during that unprecedented time of 2020. Yeah. Thanks, Kailesh, for the question. On the China Hong Kong total agency force, we normally don't disclose the total agency numbers. What I can share with you there, we saw strong growth in absolute number of agents year on year in both China and Hong Kong. Again, that demonstrates the strength of our premier agency strategy and proposition, and combined with the technology rollout positions as well for 2021. I would like to add that, in China, we have the most productive agents in the market, and our agents in China actually, in terms of income, is much higher than what is achieved by our competitors in the market. Yep. Yeah. On the Group LCSM, you'll recall that in September we had a very successful debt issue. It was our first subordinated debt issue, an innovative 20-year structure that was very well received by the market. That has been included. We agreed with the HKIA that that could be included in the 2020 number. As for the other borrowings we have, they haven't been included in that group LCSM number. We obviously have been in discussions with the AIA on grandfathering our existing debt, but the exact form and amount of any grandfathering is yet to be concluded, Kailesh. Okay, thank you. The other question around the trends you're experiencing as restrictions are eased around products, margins, whether it's back to long-term trends, and whether you're getting a lot of catch-up demand in the recovery as well? Yeah. I think what our research has shown us is that through the period of the pandemic, the consumers have become much more concerned about health and wellness. We've seen a really significant uptick in internet searches on health, wellness, and insurance. Our agency force has also given us very clear feedback that it is now much easier to enter into a conversation with customers about protection, about selling insurance. We believe that this will actually drive an increased focus of selling protection products across our markets. [Stu, Yanling]? Thanks, Kailesh. If anything, the pandemic has taught us and our consumers how fundamentally underprotected they really are. Our compelling proposition strategy really does hinge on designing propositions that are fundamentally differentiated, but customer-led and highly personalized, that hinge also on shared value insurance integration, so that we achieve better health outcomes, and that these products are incorporated into the larger health and wellness ecosystem that Yuan Siong referred to. We believe that this enables the customer to sort of be able to be serviced along the predict, prevent, diagnose, treat, and recover ecosystem. Personalization, customization, incorporation with shared value, providing a holistic halo of sustainable protection for our customers. Yeah. If I can add to that, Kailesh, I think one thing we have seen in the second half is that in China, Thailand, as well as Malaysia and Singapore, we have seen the product mix move towards longer term protection products and medical riders. That's been obviously beneficial. Yeah. Okay. Thank you very much. Next question, please. The next question comes from Jenny Zhang from Morgan Stanley. Please ask your question, Jenny. Thanks, management, for all the case study on the technology. I think that's very interesting. I have two probably question on long-term strategy. One is, of course, on China. I think everyone, analysts or investors, are trying to probably put China into our cash flows. We appreciate management can give us a little bit more color on what's going on the ground for those branch office expansion. For example, for Tianjin and Shijiazhuang, I think we set up the operation probably one and a half or two years ago. Can you give us a little bit more details regarding the pace of sales ramp-up there, the scale there? That's the first part. The second one is, at the interim results last year, one big strategy we laid out was to probably step up a little bit in the long-term savings business. We were saying that we might pursue a strategy to create a global funds platform. I think that's a very, very important strategy. AIA was a little bit under, probably, represented in this market because we focus on margin and protection segment. Given this new talk about a potential capital account opening in GBA area, we're also interested in knowing that what we have done on this strategy and what we'll prepare ourself to capture more of the wealth management opportunities in the GBA area. Thank you. I think on China, obviously, it is a very important part of our business. It contributes to 32%, is the largest contributor to VONB now, and it's growing according to plan. We have a very unique Mainland China opportunity, as I've emphasized time and again, that we are the first foreign company with a 100% owned life insurance subsidiary. Our model, our very differentiated primary agency model, and we have a proven track record of expansion. I've laid out our plans on geographical expansion, and I can say that we are on track. We have received, in principle, approval to launch a branch in Sichuan province in November. November till now is just a matter of four-plus months, during which there was Lunar New Year and a lot of holidays as well. I think we are quite well progressed. The local inspection team from CBIRC has come in to do the inspection, and we are waiting for final approval. Once we can get approval, we can start to apply for our subsequent license. This is progressing according to plan. I think you asked about Tianjin and Shijiazhuang. We shared with you in August that whenever we enter into a new territory, we want to really build up a very strong foundation first. Recruit and train the first group of high-quality agents and agency leaders. As we shared with you in our presentation, the growth in agency force, the growth in the quality of the agency force is actually strong. I also want to highlight to you that although Tianjin and Shijiazhuang was opened more than a year and a half ago, during this time, we actually did go through an unprecedented pandemic as well. I think we are quite happy with the progress of our operations and our geographical expansion in China. Yeah. On the long-term funds platform, I think I will ask Mark Konyn, our Chief Investment Officer, to explain to you what we have been doing and our achievements to date. Yeah. Thanks, Yuan Siong. Maybe I can just add on the long-term savings initiative. We launched our fund platform, which is a Luxembourg platform, back in July last year. The intention was initially to pilot in Singapore, setting some near-term targets. It's an open architecture platform, and by that we mean that we have access to what we consider to be the world's best fund managers, and we have rigorous institutional oversight, both in selecting those managers and monitoring those managers as they perform through time. We're pleased to say that the performance has exceeded expectations, so we're very happy with the performance of our underlying managers. We've hit our targets in terms of the pilot in Singapore, and we've since subsequently launched in four other markets. Very much the fund platform is in flight. We're learning as we go forward. The key emphasis really is in long-term outcomes, because I think as we all know, in many parts of the world, including this part of the world, often individual savers have difficulty in allocating their long-term savings to long-term investments and tend to focus on short-term themes. The emphasis of this platform really is to bring institutional rigor to the selection of the strategies and the managers themselves, and to focus on long-term outcomes. So far we've learned a lot in terms of working with our agents. We're now moving forward and working with our partnership distributors, and we have something there which we'll launch very soon this year. We will further learn in terms of how we reach out into other areas of the distribution. So far, so good. We're very pleased with both the performance of the underlying managers and the traction that we're gaining in the markets. Yeah. On GBA, I'll start and then I'll hand over to Jacky. Jacky actually looks after Mainland China and Hong Kong. He's RC in charge of both markets, and this way he can actually bring together both business units in a concerted and coordinated effort to expand in the GBA. I think GBA offers compelling opportunities. Large population, very wealthy, low penetration. AIA is very uniquely positioned because we have 100% operations in Hong Kong, in Macau, and in all the cities within the Greater Bay Area. We are actually very excited about this opportunity. Obviously, it's something that will take time. It's a long-term strategy of the government to support the growth of the GBA. We believe we are very well-positioned. Thank you, Yuan Siong. We are very excited about the opportunities in the GBA area. As Yuan Siong mentioned, we are 100% owned in both Hong Kong, Macau, and also in Guangdong Province. This gives us a very unique opportunity to leverage all the opportunity we could have. Also, I want to remind you that AIA China is top three in the Guangdong Province. With our strength in the GBA area, we should be able to leverage all this opportunity. We actively work and coordinate with regulators in both sides, Mainland China and also Hong Kong and Macau. We look forward to the implementation of those more forward-running ideas, including service centers, which will provide better service for our customers across the GBA area, and also potentially facilitating claims payment, et cetera. We are very excited on this development, and we actively participate in this. Okay, thank you. Thank you very much. Thanks, Jenny. Next question, please. Your next question comes from Michael Cheng from CGS-CIMB. Please ask your question, Michael. Yes. Hi. Thanks for allowing me to ask the questions. I have got three questions. Firstly, on the Macau numbers, the sales to the Mainland Chinese Visitors, you said that it contributed to 1% of ANP in the fourth quarter when the border opened up. I think this looks exactly normal. Can I just ask, what is the read across for Hong Kong? Once the border opens up between Hong Kong and China, is there any reason why we should not expect a mix of MCV for Hong Kong to revert back to normal within one to two quarters? Or is there anything unique about Macau that saw the MCV mix rebound so quickly? Just trying to understand what has driven that. Is it agents, or is it the broker or financial advisor channel over there? Secondly, maybe to either Mr. Yuan Siong or [Hartley] in Singapore. If I take a look at slide 13 of the presentation, what is China doing that it's not as successful as, say, Singapore and Malaysia in terms of the recovery of their VONB? And that's despite China coming out of the COVID lockdowns earlier, and despite China being a world leader in terms of internet commerce and for mobile and internet. Why is China recovering at a slower pace? Maybe just one last question, just very quickly. OECD tax policy, the BEPS, so that's the base erosion and profit shifting. I think it was mentioned in the financial statements that that could actually increase AIA's effective tax rate. Maybe you could perhaps share some details about how that could impact. Thanks. Okay. I'll let Jacky talk about the Macau, Hong Kong, and MCV business. Yeah. Yeah. Thank you for the question. Again, as I said, I'm really proud of the agency force in both Hong Kong and Macau. As the Macau COVID-19 situation is more contained, the border between Macau and Mainland China was reopened since September last year. You can see that the MCV business do come back to Macau. We don't see any significant difference in terms of product mix change, et cetera. Almost the similar kind of product sold to MCV before, sold to this MCV visitor after the border reopened. These mainly come from our agency force. Macau is predominantly agency force. I also want to draw this attention to you. In fact, Macau ANP also is very strong. Actually, it doesn't drop compared to last year. It has a small slight growth over last year, too. I cannot predict when the border between Hong Kong and Mainland China will reopen. As you see, Hong Kong, Macau, and Mainland China are so close to each other, and Macau did have the border reopen after COVID-19 situation is more contained. We expect similar will also happen for Hong Kong when the situation is more contained. I also don't want to forecast or predict, but I also want to draw your attention to the Macau experience. The MCV do come back. MCV business in Hong Kong has been over a decade. There are obvious reasons for MCV customer who choose to come to Hong Kong to purchase the life insurance product here. I really believe that when the border will open, we will also see the MCV business coming back to Hong Kong. On your second question, I think we operate in 18 markets, and each market has its own different seasonality. I don't think it's useful to compare Mainland China and Singapore's recovery pattern. I would like to bring to your attention that Mainland China has shown very strong VONB growth in the first two months of the year versus the same period last year. Last year, January and February, especially January, were strong months for Mainland China. We are happy with the recovery in Mainland China. As I said, it's our most important market, and we have a unique opportunity there. We are uniquely positioned in China, and we remain very optimistic about the growth in China. Yeah, on the OECD developments, my tax head will be very happy that you asked about this. This is the BEPS 2.0, it's known as, which has two pillars. The first pillar is aimed at modifying the international tax system. That's in respect of consumer businesses and automated digital services, which is about taxable presence and if sales in one jurisdiction attract tax in another, and so on. A carve-out from that pillar is being proposed in respect of financial services. The second pillar focuses on the development of rules that seek to apply a global minimum tax rate to multinational enterprises, and particularly in respect of their cross-border transactions. We're actively engaged both with the tax authorities in Hong Kong and internationally in the discussions and making representations, and so on. I think we just highlighted this as a risk. It's out there for the future. It could potentially increase our tax rate. Any agreement is subject to agreement by all the jurisdictions. That hasn't been achieved, or I think it's started to be discussed, but it's still a long way off. Everybody would have to sign up to that, and so on. I think we highlighted, it's just the timing hasn't necessarily been firmed up, for example. I think it highlights our long-term view, and I think we just put it down as something that these are the sorts of things we think about as we think about the long-term strategy and development of the business as we have done with IFRS 17, for example, and things we are working on to shape and have our voice heard. Thanks. We've got time for just one more question, operator. Your last question comes from MW Kim from JP Morgan. Please ask your question. Yes. Thank you for the opportunity. I have two questions on India and technology. On India, in 2020, the company delivered double-digit new business value growth. Do you have any plan to deploy more capital in India following recent foreign ownership limit changes? On the technology side, thank you for the sharing more details about the innovation, digitalization, and technology in many of the presentation slides. The picturing next 5-10 years, do you believe that digitalization or technology is to drive more cash flows or the insurance margin from the back book, or to provide more the benefit in scale and then the market share gaining? Thank you. Okay. Thank you. On India, I will start, then I hand over to Bill. I think the long-term potential of the Indian market is huge. We are very excited, and we are very fortunate to have the best name as our partner. As we rightly pointed out, in 2020, we achieved significant results, very encouraging results, despite India being in the most severe stage of lockdown compared to a lot of our markets. We also shared with you how we work with bank partners to visualize the onboarding process and the sales through our bank channels from the whole selling process. The whole onboarding process for a new sale is less than 20 minutes. I think, obviously, we are looking at opportunities to invest more into India. If the right opportunity comes up, we will seriously consider it. Yeah. Bill? Thanks, Yuan Siong. Thanks, MW, for the question. Just building on Yuan Siong's point, we are excited about the opportunities in India, just the platform, the strategic drivers of growth. It's very low insurance penetration, as you know. Again, through probably the most severe lockdown we saw across our markets, the second half of the year, Tata AIA grew by 22%, and the private industry declined by 11%. This was really driven by our multi-distribution strategy and a rapid deployment of remote sales tools. We now have close to 100% of our agents that have fully adopted the remote sales platform. Over 95% of our new policies were submitted digitally from June to December, and all of our agency training programs are now being managed remotely. As we mentioned, we're multi-distribution. Our partnership businesses of HDFC and Central Bank of India leveraged the digital sales platform, which contributed significantly to their growth. Actually, the sales from our domestic bank partners grew by more than 30%, with over 60% of their new policies purchased digitally. I'm very pleased to say that we remained or maintained our number one position in the retail protection sales. We also extended our successful bank partnership with IndusInd Bank for another 10 years. As Yuan Siong shared with you in the slides, we now have access to Practo's 175 million unique users of their leading digital healthcare platform. That allows us to build out our health and wellness ecosystem already having Medix i n place. Certainly very excited. We're always looking to see how we deepen and broaden our footprint, in India, but we do have an outstanding JV partner, as mentioned with Tata. Thanks. Okay. On your question on technology, I'll talk about it from various angles. Firstly, I think as I explained, TDA is central to our new strategy, and through our this targeted program of investments, we will upgrade to a fully modern architecture and our systems will drive greater efficiency and connectivity and ease of working and also to enhance the stability and scalability of our systems and architecture. We want to deliver best-in-class connectivity for our agents, our customers, and partners and allow rapid and seamless transactions. We want to deploy data analytics so that we derive deeper and actionable insights powering our distribution, operations, and functions. You can see that it's across everything, not just the back office or just the front office, but it is across all our operations to improve the efficiency, to improve productivity, to reduce costs. The second part is we are working with a lot of digital platforms, and we believe these digital platforms bring significant growth opportunities to help us assess even more customers, or that we may not be able to assess in our traditional models. We've been working with SK Telecom and Samsung. We've been working with Practo. We've been working with other digital platforms in a shared value partnership to bring about new growth opportunities for AIA. The third part is, we talk about our health and wellness ecosystem. To bring together the health and wellness ecosystem and integrate it into our propositions, I think we are building out digital capabilities to link up all these health and wellness ecosystems so that we can through our AIA Vitality, through our AIA Regional Health Passport, our telemedicine capabilities and partnerships, and our personalized case management, we can enhance the competitiveness of our very compelling propositions. I think I just talk about it from all these different angles. Yep. Thanks. Okay. Thank you. Thanks, MW, and thanks everybody for listening and for your questions. Obviously, if you have any follow-ups, come through to us at investor relations. Thanks very much.