Thank you very much. I'm Kai, Executive Officer. Prior to the panel discussion, I'm going to give you update on the mid-to-long-term strategy to realize our Group goals. Next page. As you know, our goal for fiscal year 2030 is to become global top-tier insurance company and leader shaping the future of Japanese insurance industry. To achieve these goals, we set the goals for fiscal year 2026 as follows. Capital efficiency steadily above cost of capital, building up the base for transforming ourselves into insurance service provider, achieving upward revised Group adjusted profit of JPY 450 billion, and doubling of our market capitalization from fiscal year 2023 level of JPY 3 trillion. For financial year 2024, on the back of the favorable economic environment, we made more than expected progress with capital efficiency exceeding cost of capital for the first time. We actually had achieved the goals in Group adjusted profit and Adjusted ROE for the end of management plan period on the first year of the period. In June, in our earning call, we actually explained that we are going to raise the target for Adjusted ROE and Group adjusted profit. For further profit and capital efficiency, we would like to be more aggressive on strategic investments. For this fiscal year, for example, our Australian subsidiary, TAL, made investment in Challenger, and we increased our stake in Capula in the U.K., and also we announced our investment in M&G in the U.K. We continue to diversify in geography and risk types, and through the investment in the asset management companies with high cash generation, we would like to make a highly capital efficient portfolio. That was the overview of our Group mid-to-long-term strategy. I'd like to move to the panel discussion. I'll be the moderator for this panel discussion. For this panel, we are going to focus on mid-to-long-term strategy of our Group and initiatives to improve cost, capital efficiency. First, I'd like to ask the Outside Directors to introduce themselves. First, Ishii-san, please go ahead. Thank you very much. I'm Ishii, I'm Outside Director. This is my resume. As you can see on the screen, I joined the company as an Outside Director in June last year. So it's been one year since I joined as Outside Director, and prior to that, I've been actually focusing on the work of Tokio Marine Group. Most of my time and career were actually spent for international business. I was head for the responsible person for international business at the end. Actually, covered the acquisition and PMI of North American companies. I think that my experience and the background, I hope, will contribute to the improvement of enterprise value of Dai-ichi Group. Thank you very much. Now, Nagase-san, please. Together with Ishii-san, I became Outside Director last year. My background is shown on the screen. I actually was in many different segments. I was in financial department in Suntory, and I was a CFO for Dexia Reos. My career is basically focusing on the treasury department and market and financials. When I was at the Dexia Reos, there are many investment ideas, and as a CFO, when I consider those opportunities, I had a lot of thought process. I was actually told by other people that the new CEO, which is me, doesn't like M&A. Actually, it's not a case that I don't like investment. I don't like the situation that we could actually get return on investment. That's what I don't like. That, the thought is still the same with me. Thank you very much. Please go to the next page. For Ishii-san, he has rich experiences and insights as a manager in the global companies. Plus, he was international insurance business the head. He has expertise for M&A, international M&A particularly. For Nagase-san, he has a rich experience as a manager in financial institutions, and he served as a CFO, he has expertise for capital strategy and financing. Here, I'd like to touch upon our company's, our group's corporate governance structure. In our company, we have Audit and Supervisory Committee, in order to heighten the management transparency, we actually set up advisory committees such as Nominations Advisory Committee and Remuneration Advisory Committee. In order to build a high-level corporate governance structure, in addition to the chair of Audit and Supervisory Committee, the chair of the Remuneration and Nomination Committees were actually served by outside directors. In audit and other committees, majority of the member are outside directors. In our Board of Directors as well, more than one-third of members are outside people. We are actually working on the governance issue on a consistent basis. I'd like to move to the panel discussion now. We have some questions, and I'd like to ask both of you to answer those questions. This is the first question. It's about mid to long-term strategy of the group. Currently, we are at the midpoint of our midterm management plan period. What is your impression or vision on the progress of the strategy so far? First, Nagase-san, please. Thank you very much. Regarding the progress of the strategy, what is my view? Basically, as Kai-san said, in the initial year, you had a very good performance, the profit in the initial year actually exceeded the target for the final year of the period, ROE actually exceeded the cost of the capital. In terms of numbers, I think that because of the efforts of the current management and the employees, good performance has been achieved. For fiscal year 2030, the group has been working on many initiatives. For example, Benefit One PMI is underway and made investments in many companies. Those initiatives are actually going very well. On the other hand, with huge profit increase, even they have good profits and initiatives that the share price is still left unappreciated in the market. That could be a kind of criticism from the market. Even though the company is striving for progress, but from the investors' point of view, the potential or the growth potential of the profit is not really convincing. That's all I have now. Thank you very much. Ishii-san, please. Thank you very much. On this theme, well, Nagase-san actually covered most important points. From 2024 to 2026, at the timing of the building or the creation of this midterm plan, I was not the outside director at that point. However, since I joined in 2024, the performance was very good. For the first time, the capital efficiency exceeded cost of capital. Based on that, as Kai said, the goal for FY 2026, the Group adjusted profit and Adjusted ROE, has been actually upward revised. Beyond that, towards 2030, I think they actually set their very challenging goals. As early as possible, towards 2030, they like to actually make a steady progress. For 2024, it was very good. For this fiscal year, I think they are on track. Well, towards 2030, what kind of steps they're going to make as early as possible because it takes some time for the result come up. I think that the early action will be very important. From that perspective, the BOD has been actually be watchful and make advice. Thank you. Thank you very much. Let's go to the next theme. As we mentioned earlier By FY 2030, we would like to ask for the long-term vision for 2030. For achieving the vision for 2030 set by Group CEO Kikuta, some in the market suggest that based on the current progress, market capitalization of JPY 10 trillion may not be achievable. Could you please share with us what discussions have taken place in the board of directors and other relevant forums? As an Outside Director, what is your assessment of the current situation and challenges? Nagase, please go ahead. On this theme, I think this is very significant in the board of directors as well. We have been studying this and spending a long time to take various discussions. On the executive side, we have been very much deep diving into this important theme with materials that are covering all the details. Based on those things, we have set a broad direction, and we have reached a broad agreement on this theme. More specifically, international insurance business has to be expanded. Also, we're not going to use that much capital, meaning that we're going to further go into and expand into capital-light business format. Similarly, asset management business has to be expanded. Those kind of broad directions, we have been reaching consensus already inside the board of directors. With those broad directions, what are the proportions of all these points and in each domain and area? What kind of investments have to be made into which exact and specific deals? We need further discussion on those details as well. The direction is already set and there, the point is which mountain we're going to climb up and what would be the detail for reaching all the peaks. That are the things we're going to further explore. By fiscal 2030, we have set the vision. Looking at the Japanese insurance industry, we would like to become the leadership in the future of Japanese insurance company and industry. We have to be broad, including new business domains and international businesses. Compared with those discussions, inside Japanese insurance company and market industries, I think there needs more detailed discussions. We are a shareholder holding company, meaning that we may have to have a different style in competing in this kind of insurance company. With equity at stake, we would like to identify what would be most appropriate for us to compete to become the ideal company in the industry. Thank you very much. Now, Ishii-san, please go ahead. For fiscal 2030, we have the challenging target of cap market capitalization of JPY 10 trillion. We are well aware of the market, and how are we going to fill the gaps to achieve this target is what we are now being asked for under scrutiny. I'm from Tokio Marine, as I said. What I have been doing, including the M&A and other deals, it has actually impacted the business results, and we had increased market capitalization. Well, I already left Tokio Marine, but I have those experiences in my career path, meaning that what you have done, and as a result you get returns, and that would ultimately be reflected to share prices, and there could be some time lag. I'm well aware of that. I may be repeating myself, but we should be as fast and quick as possible to show that we can do what we have promised to market participants and shareholders. Daiichi Life's portfolio, if you look at it closely, by fiscal 2030, in order to achieve the target set, what kind of business portfolio is required? With that, ultimately, how can we reflect that to our share prices? We need to have the future ideal of our business portfolio so that design could be crucial for what we are doing as a business. Looking domestic as well as international and protection, savings, and investment and asset management insurance. How are we going to align all this together? Also annuity as well as non-insurance new businesses. These all-important pillars, all the domains we are covering. We are looking at the broad horizon. In each domain, what would be the ideal business that we can construct? Then as a total, we can maximize our return looking at the risk allocation as well. Those are the perspective we are applying. Inside the board and the company, whether our discussion is full-fledged, well, maybe we can do more. That's my opinion. In each deal, of course, we are discussing it in the board of directors. On these eight points, looking at the entire business portfolio, what is the ultimate goal? What we have to focus right now and then. We are always emphasizing on those points and looking at the mid-to-long-term plan. We are looking at each list items and having detailed discussions and going to have a good result looking at the overall portfolio. Thank you very much. Okay. Let's go into the second theme. Here in fiscal 2024, as we may be repeating, but capital efficiency exceeded the cost of capital for the first time. To further enhance capital efficiency in 2025, we have implemented and announced multiple M&A deals. Regarding these initiatives, please share with us what discussions have taken place at the Board of Directors meetings and what governance aspects are prioritized in decision-making processes for M&A transaction, along with areas requiring improvement, perhaps. Additionally, currently we have Challenger, Capula, and M&G in 2025. We have been investing, how do you perceive the recent series of minority investment deals with regards to each deals? First, Ishii-san, please go ahead. Yes, thank you very much. As I mentioned earlier in the session, the total business portfolio by fiscal 2030, how are we going to compile that? In each item, how should we have it aligned? Challenger, Capula, M&G, all these deals are under discussion. Challenger, as you may know, in Australia, we have TAL, the top player, our subsidiary. The Australian market, and we have the presence as a top player. We are going to expand that to have more synergy, and we want to expand our business more and more. As a piece of our small steps, Challenger, we have been holding strategic discussions already. Capula as well, how are we going to expand globally for asset management businesses? What are promising, for example, and what could contribute to our group revenue as a total portfolio? And how can we maximize our skills and capabilities, and what are the lacking points we have to fill the gap, for example? We are also discussing on that. For M&G, U.K. and Europe, where we have not had that much presence back then, we are going to focus on insurance products. Also M&G itself is a very impactful asset management company in that market. We can combine both the insurance and asset management businesses and what are the potentials that we can expand and further go into this important market. Inside Japan, we have synergy yet to come full-fledged status. The U.K. market, compared with Japanese market, maybe they are more advanced, so to speak. What is happening in the U.K. market can also be taken for Japanese market as a good example. Those are the perspectives we are looking at. Regarding the minority investments, well, it is not actually the decision from the beginning. In principle, whatever the suitable transaction for us, we like to take majority. It is not necessarily the case that we are going to take majority from the beginning because it could be risky. We can start with minority and build a relationship and to confirm the chemistry with the company, and at the appropriate timing, we can actually take minority. That is the process. From that perspective, we do the minority investment. Regarding M&A deals, well, in Board of Directors meeting, we had a lot of discussions. Last year and this year, if you read the minutes, I think there are many discussions about M&As. For each deal, we have a good discussion. With this deal, what's the impact on ESR and what will be the relationship with the company, and also what kind of risks relating to the deal? Of course, legal investigation has been done as well. Very high caliber CxOs actually are monitoring all the information relating to deals, and everything is actually checked and investigated before we make final decisions on M&A. Sorry for long answer. Thank you very much. Nagase-san Thank you. For M&A deals you read on the screen, of course, we can actually improve the capital efficiency. In addition to that, for example, we can use reinsurance arrangement to improve the capital situation. We are working on many initiatives, and this should continue. For insurance business, for example, we still have room for growth. For example, we can expand our asset management capability, like our alternative asset capabilities such as private debt, then we can improve the spread, then the capital efficiency will be raised. For Daiichi Life, which are working on the domestic business, might be able to see productivity increase through those deals. For non-insurance business, for example, Capula is an asset management company, so we can increase investment in asset management business. Also Benefit One, that we already working on the PMI, we can actually improve the profitability of that kind of business, and that's quite useful to improve capital efficiency. Regarding the minority investments, in principle, it depends on the sector that we invest. When something happens in that company that we invest in, we have to have knowledge to save the company in that segment. If that's the case, we can actually take a majority. However, in other segments that we don't have enough experience and expertise, probably through minority investments, we can actually learn the business model and deepen our understanding about the segment and confirm the chemistry with the management of the investee. In that way, it's sometimes useful to start with minority investment. Thank you. Thank you very much. This will be the last question for the panel. This is about the monitoring of our existing business. In Board of Directors meeting, how do you actually understand and supervise the status of the existing business? In the current business environment, do you see any particular risks that we should pay attention to? You see some? Thank you. Regarding the monitorings of our existing businesses, every quarter in Board of Directors meeting, Nishimura-san, CFO, report us the performance and also the status of the ESR and other financial ratio. Ohashi-san, CRO, explains about the risk management from various perspectives. We have a full report. For a group as a whole, we can actually monitor the situation, and the major group entities status can be confirmed every quarter through those reports. We have a clear view about the status. CxO function has been strengthened. Well, those CxOs come from The Dai-ichi Life, the other CxO actually came from outside. We have a horizontal axis. The CxO system is functioning very well. For individual entity under the group, with the other companies with the status of the monitoring needed, we actually check whether the action plans are being progressed for those entities. That is being confirmed and followed up by Board of Directors. There are several risks to be monitored, as a framework, risk reporting system is there by CRO, ERM, integrated risks. Various risks are explained, what kind of risks they are actually prioritizing every year, including emerging risks, that is actually explained to us. By this system, we can actually have a good view of the total status interest risk or interest rate related indices might actually change, depending on the environment. Sensitivity analysis is actually being shared with us, with what kind of interest rate change, what kind of impact on the ESR Well, by forecasting the change in the future, they make analysis, that is reported to us at BOD so that we can actually confirm the current status. Regarding the most recent risks that we should pay attention to is the information security and compliance related risks, also IT, DX, and AI responses. If there are some delays in those responses, that would be quite risky. DX and IT risks, for those areas, the high expertise CXO and some of them are not Japanese, by having those high caliber CXOs, I guess that we can actually cover important areas in timely manner. Of course, this is quite complicated and difficult challenging themes. I cannot safely say that a perfect system is established, actually, that they are making good progress as a work in progress. Thank you very much. Nagase-san, what's your view on this? As I said in the beginning, monitoring of the existing businesses is important to recover investment. As Ishii-san said, in BOD and mid to long-term strategic sessions, we actually check the capital adequacy and the capital efficiencies for each business. We actually set the KPI, on those numbers, we reported on a regular basis. Before I came here, I was an outside director of Dai-ichi Frontier Life, at that time, sometimes I strictly felt that there was too much intervention from the parent company. However, now I'm serving as a director of the parent company, now I understand that as a group, it's important to improve the enterprise value and the capital efficiency of each company, governance is very important. For that purpose, monitoring function has to be at a high level. Very well. There are some good areas. As you may know, in Thailand, there was this life insurance business that we have withdrawn already. We have exited there. Protective in the U.S., we had a thorough dialogue with them. Through reinsurance, we have been adding more capital. These are backed by a good monitoring system already within our company and group. The risks in the current environment, well, within our group, it's not an immediate risk, but those are the risks that I have personally focused and am aware. As Ishii-san mentioned, cybersecurity. Asahi Group is now close. Looking at those situations, I think these kinds of risks cannot be underestimated. Geopolitical risk thinking, the uncertainty from the Trump administration. We have to also look carefully about what kind of impact that could give to our business. I have been also looking at markets, the JPY interest rate is also a point of my concern. Thank you very much. Ishii-san, Nagase-san, thank you very much for sharing your insights today. We hope that this session provided everyone with an opportunity to directly confirm how highly effective our group's directors are functioning. I hope this could be a good experience for investors and analysts as well. We will now begin the CFO update by the Group CFO, Nishimura-san. Nishimura-san, please proceed. Maybe only 10 minutes left. I have one slide. We have been discussing about domestic interest rates that are rising, and it may continue to rise. Given those situations, it could be a positive factor for insurance providers, but there could be surrender risks, potentially damaging our profit. With those one-on-one, and also the frequently asked question from investors, I have summarized these points. Starting from today with breakdown, especially for in-force policies, what are we going to control the recovery risk? I would like to give some additions. Looking at the left-hand side, there is a line graph, and you can see I have been repeating that their surrender risk is limited. Focusing on fiscal 2019 and afterwards, we have been looking at more detail, and we have been showing the transition. You can see the spike here. Looking at the entire in-force policies in the past, we didn't see that much significant jump. If you look closely latter half of fiscal 2023, we have seen the U.S. interest rates rose. With that, there were people that switched to foreign currency denominated product, it went up less than 1%. That was about JPY 70 billion impact. On the other hand, we have the other line that is for single premium, single type insurance surrender rate, it is fairly stable. The reason behind this, we believe that the background factors preventing a significant increase in surrender rates are for products purchased through Daiichi Life sales rep channel. Customers choose us after receiving consulting tailored to their family's structure and lifestyle, and the products incorporate insurance protection functions. Based on these actual performance and also the characteristics, we recognize that even if domestic interest rates rise further and the likelihood of a significant increase in the surrender rate for our in-force policies, it could be low. Furthermore, as shown on the right, we have proportion of saving type products which are relatively more susceptible to increased cancellations and surrenders during rising interest rate environment within Daiichi Life's in-force policies is limited. Volume wise, it is about JPY 7 trillion. Looking at those entire volumes, we can see that the saving type products account for only about 20%-30% of the total volume of individual insurance and individual annuity policies as well. Particularly for single premium saving type products, which are prone to increased surrenders and cancellations. The duration of bonds held is shorter compared to other segments, and this keeps the product at a relatively mild level against unrealized loss ratio on JGBs, et cetera, which has expanded due to rising domestic interest rates. Furthermore, we have established measures such as constructing hedging positions using interest rate swaps for a portion of these holdings. We have those initiatives in place. Based on these factors, we believe the surrender risk for saving products is being managed at a controllable level and will continue to closely monitor market development and take timely and appropriate actions as necessary. That is briefly from my side. Thank you very much.