Thank you very much for taking the time to join us today despite your busy schedules. I am Deputy CFO Ishiguro from Tokio Marine Holdings. To begin with, I would like to take a moment to explain what we are currently thinking, which is also what led to the selection of today's theme. As you know, in May, we announced Aspiration 2035, where we set quantitative targets to doubling our profits and raising ROE from the current 13% - 17% or higher. Now, breaking down the key elements for achieving these goals, we have organic growth, inorganic growth, and capital strategy. Regarding inorganic growth, this was not something we announced. There have been rumors circulating recently. But setting that aside, as a company, we intend to pursue high-quality M&A opportunities that align with our 10-year aspiration whenever they arise. We have always held this view, and we believe we possess both the capital and the execution capabilities to make it happen. The premium softening cycle we are now entering will increase deal opportunities. So it is only natural that we approach this thoroughly and with discipline. When the time is right to discuss it, we will do so and share the information with you. It is nothing more, nothing less. Furthermore, since capital strategy is implemented in conjunction with M&A and the left side of our balance sheet, there is little point in discussing this capital strategy in isolation. Therefore, I believe the topic we should and can discuss in depth with you at this juncture is organic growth, which serves as the foundation for profit growth. In that context, today's focus is on Japan P&C. In Japan, as you know well, the entire industry is undergoing major transformation, including the elimination of business-related equities, cross-sell shares, and agency reforms. As the competitive landscape shifts, companies with clear competitive advantage will emerge as winners. For us, as an insurance company, underwriting capability is a key point. Therefore, to give you a sense of the strength of our underwriting capabilities, we invited Mr. Komatsu, Executive Officer and Head of Corporate Underwriting Department, to speak to you today. Now, we will go into the main topic, but before that, today's agenda. Mr. Komatsu will first deliver a presentation using the material posted on our website, followed by a Q&A session where we will take your questions. Please enter your questions in the chat box at the bottom of the page you are viewing. Questions can be either Japanese or English. We plan to conclude today's session around 5:00 P.M. Japan time, though we may extend up to 5:30 P.M. depending on the number of questions. Now, Mr. Komatsu, please. Thank you. I am in the underwriting department. My name is Komatsu. In Tokio Marine Holdings, I am in underwriting and the primary and reinsurance. I am in charge of this division. And in TMNF, I am doing fire and specialty insurance, mostly in the commercial area. I am in charge of the department in charge of underwriting there. So, thank you very much for today. So let me begin. First, please turn to slide two. This is the table of contents. This is the overview of today's presentation. First, I will talk about our underwriting capability. And then, how the disciplined underwriting can improve profit and grow our business using some case examples. After the explanation, I will take your questions. Please turn to page three. This page shows the environment surrounding the Japan P&C market. Left side, this is the underwriting risk changes that the insurance companies take. The risk environment constantly changes. Their loss cost and volatility rising and new coverage needs is emerging, which means that the uncertainty that past experience alone cannot capture are now increasing. Right side, this is the domestic P&C market competitive landscape. Triggered by the business improvement order, long-standing trade practice premised on cross-shareholding and business cooperation have been reviewed. The market is shifting away from competition overly focused on market share and top line toward one that demands restored underwriting discipline and the exercise of core insurance strength. Under these two environmental shifts, sustainable profit growth depends not simply on raising premiums, but on underwriting that properly assess risk and reflects it in appropriate pricing and terms. The quality of underwriting is now becoming more important. Our underwriting strategy pursue two directions. One is in the existing lines, steadily improve profitability through disciplined underwriting. Secondly, for new risks and market opportunities, we will leverage our underwriting capabilities to capture growth areas in a selective fashion. Please turn to page four. On this slide, we will talk about our underwriting strategy and capabilities overall. Our underwriting capability score is risk assessment and pricing capability and the product development capability. Starting from the risk assessment and pricing capability, this means that assessing the risk of each contract and setting underwriting terms and premium levels commensurate with that risk, thereby refining the portfolio into a high-quality portfolio. This does not mean every risk can be assessed in advance. What matters here is the ability to underwrite based on existing data and judgment while quickly capturing changes in risk and profitability after underwriting begins, and quickly, nimbly revising premiums, terms, and capacity as needed. This flexible and agile revising capability is also very important. The other is the product development capability. This is the ability to capture new risks, customer needs, and growth markets and turn them into concrete products and services. Providing pre- and post-incident solutions together with an insurance as an insurance plus added value, we turn changes in the societal challenge into new growth opportunities. These two capabilities are supported by what's shown on the top of the slide, aggregating and the pooling and leveraging underwriting expertise held globally and retention reinsurance strategy optimized on a global basis. The basic idea behind our underwriting strategy is to exercise all of these in an integrated way to achieve both profitability improvement in the existing portfolio and the capturing of growth areas. Now I will explain each capability together with actual examples by product. Please move to slide number five. This slide shows the Global Integrated Management Supporting Group Underwriting. Tokio Marine Group has built a structure that aggregates outstanding underwriting knowledge in each field globally and reflects it in underwriting decisions at each location. For issues where a unified group-wide response is effective from the underwriting standpoint, we have established global committees and dedicated structures that bring together specialist personnel from group companies to discuss them, achieving group-wide information sharing, decision-making, and problem-solving. One of TMNF's distinguished features is its ability to specifically, concretely implement this knowledge in pricing terms, line size, and products and services of domestic contracts. This execution capability is the differentiating factor against our peers. This leads to the sophistication of underwriting in fire, cyber, GX, and other areas that I will explain later. Please turn to slide six. Here, let me talk about the examples of cyber risk in Global Integrated Management supporting the group. As you know, cyber risk does not have borders and attack methods and defense technologies change rapidly, so it is important to agilely, nimbly incorporate the latest knowledge from Japan and overseas. We need to quickly reflect this into the decision-making. We have Cyber Center of Excellence, Cyber CCOE, and Cyber Summit. Through these fora, we aggregate domestic and overseas knowledge. For example, the rate levels in the softening overseas markets or expanding coverage like CBI and loss trends by industry, and use this in pricing and underwriting decisions in each region. Furthermore, the Cyber Underwriting Committee determines the group-wide underwriting policy. One example is the guideline for attaching war exclusions. By having this on a group-wide basis, the Iran situation, large-scale aggregated risks, we can identify the level of risks and control the level of risk. Under this discipline, we diversify by company size, industry, and region to limit bias toward ordinary losses or specific markets. By company size, we limit weighting towards large corporates which carry high volatility. By region, we diversify into Asia, in addition to Europe and the U.S. We understand our group's Asia weighting, Asia proportion, to be around 8%. Tokio Marine is 14%, so we are roughly twice the global market average, which mainly reflects our business base and future growth potential. We are suppressing the bias or imbalance, and it shows our solid base in Asia and growth potential. On the other hand, for large accumulation risk of cyber, we separately manage not only regional concentration, but also common dependencies on cloud software and service providers. If there are common dependencies, we are managing the accumulation risk there as well. As a result, even under this currently described soft market, the group is expanding both top line and bottom line. In 2025, group premium is more than double the 2020 level. We are gathering knowledge to realize growth. This is shown in the cyber example. We are progressing globally and in TMNF how the profit improvement or the underlying discipline can be ensured. Let me explain that. Please turn to page seven. In the fire insurance from 2020 - 2025, we have had consistently been below loss ratio, below our peers. The underwriting profit has improved to JPY 55 billion in FY 2025, and JPY 62 billion is forecasted for FY 2025. The core initiatives go beyond simple across-the-board rate increases. First, the fine-grained risk-based rating rates by building age to address aging-related risks and rates reflecting risk differences by industry. For example, offices versus manufacturing plants. Have the pricing that is in accordance with the risk. Secondly, appropriate insured amounts reflecting inflation such as rising construction costs. Thirdly, we have sophisticated underwriting through risk models and thoroughly running the PDCA cycle for profitability improvement. By strongly executing these initiatives, as I said earlier, we have consistently maintained a loss ratio below the industry average. In FY 2025, we achieved a ROR, return on risk, of 7% commensurate with our cost of capital. Going forward, we will continue improving the profitability of the existing portfolio and expand it for further profit growth. Next, slide eight, please. This page shows how we are enhancing the underwriting and improving profitability in TMNF. We have identified contract policies with profitability issues and set and executed measures tailored to the risk of each policy. In particular, the focused policy subject to intensive measures was launched to address the frequent occurrence of large losses, to maintain stable reinsurance, and to implement risk-based underwriting. Rather than relying solely on past underwriting results, we identify contracts or policies with profitability issues on a risk basis and take action. The risk model that we developed is supporting that to secure rates appropriate to natural catastrophe risk exposure and to reflect this in underwriting terms such as limits and deductibles. We also developed our own industry-specific survey standards and reflected them in pricing and underwriting terms. For the policy subject to intensive measures, we have conducted risk survey on roughly 90% of them. In addition, we developed AI training on our own underwriting results, which identifies not only contracts whose loss ratio has already worsened, but also groups of contracts at risk of future deterioration, selecting them for profitability improvement measures. Measures go beyond rate increases. We combine reductions in excess limits, capacity, rationalization of coverage, risk improvement proposals, and the use of reinsurance. As shown on this slide, the effective rate for this policy subject to intensive measures on risk-adjusted basis, including the effect of changes in terms, is roughly 3x the FY 2020 level, and the limits exceeding our threshold has already been reduced by more than 95%. What we consider important here is the sales and underwriting work together to achieve both profitability improvement and the retention of client relationship. Non-renewal cases resulting from these intensive measures have been limited to just one. Sales and underwriting collaborate. The standards for profitability and risk appetite are safeguarded by underwriting and monitored at the management level. These go beyond the intensive measures. We have segmented the entire portfolio by both strong and low-performing businesses and taken action accordingly. Now, based on that, what kind of growth are we realizing? Please take a look at page nine. Page nine. Let me talk about growth areas like data center. While data centers are said to offer high growth potential, they also require sophisticated underwriting to properly assess high-value equipment, business interruption risk, and natural catastrophe risk. Rather than competing on price alone, we differentiate through the comprehensive strength of the group. Specifically, beyond underwriting at TMNF, we are advancing comprehensive proposals that combine site selection and design, construction, supervision by ID&E, and risk surveys by our risk consulting subsidiary, PDR, and BCP/BCM expertise, business continuity management expertise. This has made it possible to move beyond simply providing insurance after construction. We now scrutinize risk from the earliest planning stages, propose necessary improvements, and connect the resulting risk improvements to underwriting. Bringing the group's expertise together for these growth areas and realizing a feedback loop that sophisticates risk assessment and improvement proposals is becoming a key strength of ours. Using data center as a typical example, we will progressively extend this approach to other growth areas such as semiconductors and urban development in succession. We aim for portfolio expansion and growth premised on disciplined underwriting, not top-line growth achieved at the expense of profitability. That was about fire insurance, how we have been working on profit improvement. Now, please turn to page 10. Let me talk about the North American liability. First of all, North American liability underwriting portfolio in TMNF. We have for many years underwritten the liability risk of Japanese large corporates operating in North America. A defining feature of TMNF's portfolio is that it centers on excess and umbrella layer covering the portion of high severity claims above a certain threshold. Because this excess umbrella layer only responds to high-severity claims, large losses claims, losses reaching our layer occur relatively infrequently. [Non-English content] But if it hits, it becomes a large amount, and so there is a fluctuation on the loss from year to year. That is the characteristic of this liability. In Philly, Philadelphia Insurance Companies, mid-sized U.S. companies are their main clients, and so the bottom part, primary layer, they are mainly offering the primary area. Therefore, TMNF and Philly have different customer segment and layer. The portfolio nature differs as well. Therefore, Philly's loss trend does not apply to TMNF. But in social inflation or the social inflation in large loss claims through the global knowledge-sharing framework described at the outset, we will build a structure to reflect these in TMNF's rates, terms, and line sizes. Since litigation have also slowed during the pandemic, we will begin fully rolling out the term improvement proposals to clients in earnest in 2023 once the pandemic has subsided in TMNF. In 2019, the reserve was increased in TMNF portfolio. The litigation is stalled during COVID pandemic. So, from 2023, we have revised our term once the situation normalized. Next is page 11. Here, measures for North America liability risk and progress. In TMNF, the external environment is becoming more difficult, and the reinsurance market is now hardening. Therefore, from FY 2023, we have been taking these intensive measures. The purpose is risk-based underwriting so that we can stably generate profit going forward. It's not just whether the incident has already occurred but also based on the risk assessment of the policies that have policy challenges and possibly may have challenges in the future, and we are taking intensive measures for that. There are mainly three things we've been doing since FY 2023. One is solid rate increase, and the second is the setting or raising appropriate self-insured retentions. Third is reducing capacity that have become excessive relative to the market. To quantify the progress, the rate for the intensive measures is now more than 1.6 x FY 2023 level, and for self-insured retentions, while we have not set KPI for raising retentions, we execute this per contract, per policy based on risk assessment. Excess capacity above our threshold had already been reduced by more than 90%. Now, on the lower right of this slide, this is the forecast of these measures. FY 2026 Q1, there were some large losses emerging, but they all came from pre-measure legacy policies reflecting the development of loss amounts and already recognized claims. It is the development of the ultimate loss amounts. Our analysis is that had a loss of the same nature occurred this fiscal year under the intensive measures already implemented, our loss amount would have been about 70% lower, settling at roughly 30% level. This is not just limited to intensive measures. To build a portfolio that secures profitability on a stable basis, we have taken action on both strong and low-performing contracts, not just those under these intensive measures. For example, PFAS risk, where cancer PFAS, where cancer-related concerns have grown in recent years, we excluded across all contracts underlying overseas risks, including strong performing ones. So, we do not just depend on the current loss track record. We are trying to identify the future loss risk and try to address them. When we take North American risk, we not only isolate the North American liability, we also look at the global liability and underwrite them so that high-quality Japan and Asia will be included in the portfolio so that we can solidify and stabilize the profit. Next, page 12, please. This page talks about the future outlook. A liability claim has a long tail, meaning it takes a certain amount of time from the occurrence of an incident to the conclusion of the case. More than 50% of the incidents in our underwritten contracts take more than three years to conclusion. Therefore, the impact of incidents related to the past contracts will not disappear immediately. It will steadily decrease. As time goes by, the impact shall diminish. So based upon the actuals and the trend analysis, the replacement is progressing steadily. The impact of the past contracts is likely to be minimal moving forward. The so-called contracts after the countermeasures for concentration were implemented, the profitability improvement shall be realized. However, the litigation environment, inflation, social inflation, surrounding North American liability insurance market will keep changing, and therefore, we can never be complacent. We need to keep our efforts in information sharing and analyzing the environment precisely in order to set the appropriate pricing, et cetera. Next, page 13. I would like to talk about the specialty insurance using this page. This is something that I have talked about using various opportunities, but our strengths, our overseas group companies have accumulated lots of expertise, which we are translating into a Japanese environment and capitalize on them. Such initiatives we would like to broaden moving forward. Skipping this page, I would like to go to page 14. Here, the TMNF initiative for cyber risk, I would like to talk about. Cybersecurity in the specialty insurance for SMEs, this was a particular weak point. TMNF has been exerting lots of effort on this. In addition to underwriting and insurance money payment from mitigation measures to expert support after an incident, we have a one-stop support structure. At the normal time, using EDR, we monitor the situation in order to support the customers heighten, increasing cybersecurity preparedness. We have introduced services to do that. When an incident occurs, a 24/7 specialist hotline is available to make the right initial move and then preventing the spread of the impact, et cetera. We have a service to arrange experts, et cetera. From the occurrence of incident to early recovery, we can provide a one-stop support. As of end of July 2026, the number of cases we responded amounts to 3,705. We have demonstrated our ability to handle ransomware vulnerabilities and security measures tailored to the type of incident, such as support scams and website breaches. We also assess risk and use such knowledge for product development, solutions development, et cetera. These types of efforts, and against the backdrop of expanding cybersecurity market, our top line has reached 2.6 x of its level in 2020. For other specialty insurance products, I would like to talk about the page 15. First, left-hand side, event cancellation insurance. The live entertainment market, including music and sport event, is expected to continue growing in Japan as well. The domestic live music market nearly doubled from approximately JPY 318 billion in 2015 to approximately JPY 644 billion in 2025. Events are also becoming larger in scale and increasing the need for event cancellation insurance. HCC is also a global leader in event cancellation insurance and has provided numerous services worldwide. TMNF is collaborating with HCC, using its world-class standard. We are proposing to our customers an appropriate level of coverage, so on and so forth. If necessary, we can provide an advice in the form of risk consulting. HCC's risk assessment capability and deal generation capability, the TMNF can secure the capacity for large deals, and we are originating insurance products for large events held in Japan. As a result, the top line increased by 103% in 2018 compared to 2015, and by 216% in 2021, and by 335% by 2025. Next, I would like to talk about the credit insurance. In credit insurance, collaboration with overseas companies, such as HCC, we are deepening further the local customer base and the broker relationships, so we can capitalize. This enables us to access to deals that we were unable to access previously. First is the evaluation capability, held by the international financial institutions and also the project financing deals for energy markets, and also the trade and financing is a third pillar where we can expect high profitability. In fiscal year 2019 onwards, these businesses have been growing steadily by more than five folds, and it is still growing. Collaboration with overseas group companies are not limited to getting the deals, but by sharing risk assessment methodology, our underwriting capabilities can be further strengthened. TMNF, when underwriting a project, in addition to the country debtor industry and the term, we also review the transactions and cash flows and manage concentration, risk and net holding after a reinsurance. One concrete example is collaboration with international development, the financial institutions that support sustainable development of developing countries. For example, the World Bank and others are providing financial support to the economic growth and infrastructure development of developing countries. We underwrite, highly evaluating their high-risk management capabilities backed by the extensive track record. This sector has so far been comprised of leading insurance companies worldwide, specifically in Europe and the United States. Through a collaboration with HCC and others, our company is able to enter these fields which are previously difficult to access. On the other hand, in terms of underwriting revenue, we utilize the global reinsurance market to ensure stable and appropriate risk control. Page 16, please. This is M&A insurance. The number of M&A insurance deals by domestic companies is on the rise. It has almost doubled. HCC, when there is a breach of a rep's warranty, provides a guarantee. HCC is a global, world-leading company in that area, and therefore our underwriting in this area has been expanding. Our top line in 2025 compared with 2016, has gone up 99%. On the right-hand side, GX related investment has doubled from JPY 1 trillion - JPY 2 trillion in the last five years and projected to exceed JPY 3 trillion by 2030. As a result, the insurance market will grow significantly, and our company will target this market. Tokio Marine GX is centered around GCube, which is a leading company that has been underwriting insurance in the GX domain since 1987. Specifically, it leverages its underwriting track record to provide data categorized by region, cause of damage, renewable energy source, and manufacturing, equipped with detailed risk information for each type and model. TM GX is a scheme that leverages GCube's underwriting capabilities and the strong financial foundations of each group company to provide capacity. TMNF, the mothership, also participates in this scheme, and through a unified group effort, significant top line growth has been achieved since 2025 in Japan as well for offshore wind power, et cetera. We have been able to capitalize its capabilities. Page 17. The group's retained reinsurance, I would like to talk about. In order to continue to stably expand the insurance underwriting, it is necessary to transfer a portion of the risks to external parties and to secure sufficient reinsurance capacity is also crucial. On the other hand, the terms and capacity available for reinsurance depend not only on the underwriting performance, but also on underwriting disciplines, underwriting conditions, and the future profitability of the portfolio that reflects them. For this reason, underwriting and reinsurance are not independent endeavors but mutually support each other. These need to be operated in a unified manner. TMNF drives this cycle through initiatives such as securing competitive terms based on portfolio excellence, utilizing intragroup reinsurance and leveraging the group's collective bargaining power in reinsurance negotiations. In addition to these existing efforts, we also have the Berkshire. Berkshire is taking steps to further strengthen them, the whole account, the quota share, so to speak, or WAQS for short. WAQS ensures a long-term stable reinsurance capacity that is less susceptible to short-term fluctuations in the reinsurance market. This reinsurance capacity supports the underwriting capacity of the primary insurer business and enables the underwriting of highly profitable contracts and expanded underwriting in growth areas. Based upon our fundamental policies regarding retention and reinsurance and the group level discussions conducted through GRSC, as explained at the beginning, we will continue to refine our retention portfolio and drive a cycle of obtaining competitive reinsurance, further strengthening this with WAQS, thereby driving sustainable profit growth in the future. Lastly, summary. Today, we have introduced examples of our initiatives through disciplined underwriting. We have steadily improved the profitability in existing areas, and by incorporating new risks and market continuities have also driven business growth. As explained today, our ability to review prices, terms, and line sizes, propose risk improvements, and manage everything from underwriting to retention and reinsurance are based upon deeper connections with domestic customers and leveraging the translation of a global expertise. In short, it can be described as portfolio refinement with client retention. This is our strength. We will continue to thoroughly examine the risk environment, the market changes and current risk situations, flexibly review underwriting conditions and prices, and implement and realize these changes through the joint efforts of the sales and underwriting departments. Continue to offer value-added proposals, such as improving customer resilience by providing integrated insurance products and solutions, and maintain and improve stable revenue based on operating underwriting, reinsurance, and capital policies in an integrated manner. Further, strive to create the markets and cultivate the needs through product development. In addition, we will pursue a growth by investing these strengths in new risks, including cyber and GX areas. In order to achieve Aspiration 2035 goals, we will achieve a sustainable profit growth. This concludes my report. Thank you very much. We would now like to take your questions. As I said earlier, please put the Q&A in the chat box at the bottom of the page. We are already receiving many questions. Thank you very much. I'd like to pick some. First of all, SMBC Nikko, Muraki-san. Thank you very much for your question. Page 11, liability insurance review. My question is, when you review the excess capacity or when you increase reserve, on page five, you talked about the overseas international capability. You said you leveraged the overseas capability. This integrated group structure started when? When did you start using this? For the global program, for the large Japanese corporates, compared to lower U.S. low profitability and the higher profitability, Japan and Asia will be combined. When you review the terms and conditions, ROR, what will the ROR be? Those are the two main questions. Thank you very much. Komatsu. Thank you for the question. First, when we started the group integrated management, to answer your first question, we've started from early on, but the committee was launched in 2023, set this global level committee. But before that, we've had communication in various fora. Philly's initiative, in 2019, we talked about the increasing of the reserve. TMNF portfolio is at the upper part. Reflecting Philly's situation was not appropriate because the actual incident had not happened, and so the reserve would've been excessive. During COVID-19, the ones that hit us are usually litigation. But the litigation stopped under COVID-19. We started taking action in FY 2023 after COVID pandemic. Reflecting on learning lessons from that, casualty and underwriting committee was officially formed. Now reserve and social inflation trends are shared widely within the group and reflecting in our assessment. To your other question, global program, North America and non-North America, what kind of ROR is being set? In Japan and Asia, we are not minding ROR that much because we have secured enough for our underwriting in Japan and Asia. We are applying the pricing that we have. But, for North America, a small claim data was analyzed thoroughly and found out the target rate. It is not so much ROR; it is the loss expectation. It is the premium that will meet the loss expectation internally. It is not that ROR is set for each policy, but as an aggregation, ROR exists. That is how we are pricing. This is how we are conducting our underwriting. Thank you. Thank you very much. Natsumu Tsujino-san asked a question. It is also about the liability insurance. In Q1 of 2026, we have set aside a provision for North American liability insurance business. We explained that we have implemented countermeasures. If it is a new standard, the Q1, the loss has been reduced by 70%. In 2024 results, we also provisioned a huge amount. Based upon that, the reduction may not be so large. That is the first question. Also regarding page 12, the past contracts are based upon all the terms and conditions, is likely to decrease in 2029. However, regarding the ones that already had incidents, the future provision may become necessary. Nobuaki's take on that. There have been two questions. First, 70% reduction, whether this is precise or not. In Q1, the large claims developed. If a similar incident would occur based upon the same terms and conditions, 70% reduction is likely. In the portfolio, the insurance money incurred in Q1 is an aggregate of large claims, which would be reduced. It is sort of a hypothetical as if type calculation. If they were based upon the current terms, then a 70% reduction could have been realized. Another question was, what was the other question? [inaudible] So impact of the past contracts is likely to decrease in 2029, but the additional provision, whether additional provision will be necessary. In 2024, we provisioned IBNR. Regarding the incidents that we had underwritten in the past for the entire claims, the shortage was provisioned in 2024. What about the future trend? The large amounts are not expected, but on the other hand, the social inflation trend moving forward and nuclear verdict and other claim-related litigations, we need to precisely examine every year. I cannot say we will not set aside a provision. But we have implemented the countermeasures, and the impact is likely to decrease going forward. If I may supplement, the management regarding the North American liability insurance, the development risk, and also the exceeding primary policy, that we are the management team is aware of such risks. The North American liability, that is a situation, but globally, for major claims, take, for example, there was an explosion at a certain factory just like Nat cat. We manage the trend based upon the probability of occurrence. Now looking at liability insurance alone, it is true that it is stressed to some extent. However, regarding the fire insurance, the situation is totally different. Therefore, in total, it is not a huge problem as we management team thinks. Thank you very much. Next, JPMorgan, Mr. Sato, please. Berkshire's whole account quota share in TMNF, the capacity will be generated. Profitability and growth potential, primary part will be as secured as mentioned by Komatsu-san. Can any areas where you can expect significant contribution? This is a difficult question to answer. As much as you can say, please. As much as I can say. [Non-English content] We cannot disclose everything we have in our hands, but as mentioned in the material, data center is one promising market in Japan. In manufacturing industry, there is a reshoring to the Japanese market. This is another seed for future growth. We think Japan is still a growing market. For the capital aggregation, we want to underwrite them. TDR and ID&E, also mentioned in my presentation. The current profitability will be ceded not just to Berkshire but to other peers, because just this alone will not increase the profitability. We will combine this with risk engineering, TDR and ID&E, and offer this to our customers broadly so that we can propose a better risk and underwrite them. This is not just completed fire insurance, but be involved early on during the construction stage so that we can broaden customer relationship and offer added value. For the growing market, growing industry in Japan, we have been looking carefully, watching very closely. Thank you very much. Next, Watanabe-san from Daiwa Securities. With regards to page 6, AI and cyber, new risks. These are the relatively new risks, and therefore, compared with traditional areas, the track record may be rather thin, and the risks keep changing rapidly. You are to take risks in agile manner. More specifically, how do you take such risks? Our track record is short, and how do you make a judgment? That is the question. Thank you. When we underwrite a new risk, the judgment, the criteria. Well, when new risks occur, depending on the incident type, it is a property damage. The property being damaged, a risk of a property being damaged or a liability, or expenses or a liability. For each, we have the accumulation of incident information, and there is a criteria, which takes a stepwise approach to make decisions. If such intelligence is not held by a domestic company, we can also use information held by our overseas group of companies. When we underwrite such a risk, we start small. Then underwriting criteria, we put together. This cycle, we turn very rapidly. This is how we have been responding to new risks such as AI. We will continue this type of efforts moving forward. Thank you very much. Cyber follow-up question. Mizuho, Sakamaki-san asked this question, too. Regarding cyber, we are collaborating globally. This cyber area as Tokio Marine Group, what is your feeling? Are you ahead of or falling behind other peers in terms of market share or loss ratio? Against peer comparison, what is our competitive advantage? Thank you. Thank you for the question. When it comes to cyber, we have various group companies in the group, especially HCC. They are based in U.S. and Europe. HCC standalone bases and CPLG, [NGA], and London-based and Barcelona-based HCC International and Kiln and Safety National are underwriting cyber on their own. One is top line growth, and the other is bottom line combined ratio. Combined ratio is extremely favorable. TMNF in particular. Combined ratio is great. Let me share with you that. Where is our strength? In TMNF and CPLG, it is not just large corporates. We are also having SMEs as our large clients. Large corporates, with brokers layering, there is a softening. But SMEs market is fairly stable. We are offering services that appeal to this market segment and also cover one whole market comprehensively. That is how we are broadening the compliance and claim handling is returned to customers, not only in Japan, but also in CPLG. We build know-how by underwriting quickly and in big volume. That is the positive spiral that we are in. Thank you. I am sorry, another question on cyber. Morgan Stanley MUFG Securities, Takemura-san gave us a question. We will skip the overlapping portion, but regarding cyber risk. It requires expertise. That is clear. But our expertise and capabilities may not suffice. It may be necessary to acquire additional capabilities by mergers and acquisitions. Is it sufficient according to your explanation, Komatsu-san, taking on many deals, you said, but the limit capacity. Cyberattacks loss is becoming larger and larger. The loss and the limit relation, can you talk about? First of all, our thinking about the limit, how we think about the limit. The insurance money, depending on the type of the insurance money we pay, the limit is set. We make sure that it is not too large, so the limit is set within the manageable range. Unlike a North American liability, several billions of yen, we do not provide. It is much smaller. On the other hand, the accumulation of smaller deals may turn out to be a large amount. That may be your concern, but we have a strict risk control. We have our own proprietary model and a cyber concentration model provided by a third party. What kind of risk would lead to what kind of loss? We always monitor and assess. When risk reaches a certain level, then we judge that it has touched the limit. This way, we underwrite. I responded to the second question first, but the first question was about M&A, as you rightly pointed out. MOs of various cyber attacks are changing, keep changing, and if we can provide better countermeasures, we will certainly do so. Both in Japan and outside Japan, there is a team that explores M&A opportunities. Thank you very much. Now, different topic. Nomura Securities, Sasaki-san, thank you for your question. Large earthquake or Mount Fuji's eruption or typhoon or the breakage of River Arakawa, there are these nat cat tail risks. How do you manage them? How do you allocate capital? As much as you can share with us, I would appreciate it. Thank you. Traditional cat event, we have been working on this for a very long time, and we use internal model and prepare for large event and the payment thereof. How much risk or payment we will hit is now being calculated. On that basis, we have been ceding our insurance. In huge nat cat, our capital is always stably managed, and we constantly monitor that, and that is GRSC. This is Japan's flood and storm and earthquake and hurricane and cyber incident. We manage this under GRSC. We have certain criteria. I cannot mention numbers, but we have criteria, and we use a stringent rule and do this in a stringent way, very unique to Tokio Marine. About capital allocation, let me add some more words. In our group total, for each risk peril, we manage risk by peril. For example, huge earthquake or the typhoon in Japan or hurricane in the U.S. or the asset management risks. We are not thinking of the size of the risk. For each risk category, we have a boundary on how much risk we take. Return on risk is high, so we will take more risk, that kind of appetite. In ERM committee, we discuss thoroughly and decide on how much capital we allocate to that risk. That is the kind of capital management we do. Thank you very much. We have received many more questions from overseas. Michael Sun from Greenbelt, several others we received. Fire insurance profit is increasing. In the past two years, 2025 and 2024 results, maybe one reason that pushed up profit underwriting, profit is the fewer number of nat cat. How much profit increase has been driven by fewer nat cat? Excluding fewer nat cat, have you still been able to achieve a good profit? Yes. In fact, 2024 and 2025, we had relatively a fewer number of nat cat, which led to a huge number. On page seven, the profit amount stated on page seven is the annualized number. In actuality, 2025 more than JPY 10 billion. A few 10s of billions of yen is the actual number. A huge improvement. 2024 was around JPY 10 billion increase. Thank you. The fewer number of typhoon by secondary peril, so to speak, hails and heavy rain. As we heard today, regarding the catastrophe, I think that fire insurance profile is becoming healthier. The related question to that, fire insurance profitability, from Mr. Watanabe of Daiwa Securities. Our underwriting discipline is strong, I understand that, but there is inflation impact. As inflation increases, our Japan competitor, the two competitors in Japan, are planning on pricing increase. Tokio Marine & Nichido Fire Insurance Co., Ltd. in Japan, P&C. Is pricing increase an option or not? Thank you for the question. Price increase option. [Non-English content] We know that our competitors are considering price increase. But if I could share with you where we stand, we are anticipating the pricing and the optimization of the underlying portfolio. We have been continuing this continuously and also considering the pricing trend of construction. Our premium pricing is being reviewed in accordance with inflation appropriately. As a result, at this point, ROR in line with the cost of capital is realized, and we are trying to aspire for higher. As for now, [inaudible] we think we are securing sufficient price increase. We are not, at this point, not thinking of additional price increase, premium increase in the next one year. Our pricing increase will be explained by the customers that are coming to maturity. We think that will need to be done first. On the other hand, there was a revision of the construction standard law, and the labor cost is now reflected to the construction price, and the raw material cost will rise due to inflation. We are closely monitoring these trends, and if necessary, we will quickly take action. Thank you. I hope this answers your question. Thank you very much. A slightly different kind of question, Sakamaki San from Mizuho. Regarding the long-term change of the industry, captive, utilization of a captive as well as brokers. To enhance corporate risk management, there are some initiatives. When the bargaining power of customers becomes bigger, the profitability of insurers may be compressed. What is your view on this? That was the question. On customers part, the thinking for the risk management has been upgraded, and there are new tools such as captive. Whether this can be an immediate threat to our profitability. We have been proposing risk management to our customers, so this is quite healthy development. At the appropriate underwriting, pricing, we will underwrite the deals. Regarding captive, to what extent a captive is likely to increase? It depends on that. But there are pros and cons of a captive, and the positives for insurers. The customers get acquainted with reinsurance market. In other words, their understanding about the appropriate pricing will be deepened. We will not go back to the previous situation. Of course, we are not an insurer which would outsource to captives very proactively. There may be some impairment brought by a captive. But we would like to put together the new type of businesses together with our clients. JPMorgan, Sato-san, and other asked on auto insurance. On auto insurance, we did not touch in the presentation. Underwriting excellence, when we think where underwriting excellence reveals, it is auto and property and specialty. Property. We did not touch on auto as the main topic, but one question from Sato-san is, "In the underwriting auto insurance, are there any that are resuming? Any case you can share with us?" Let me explain. Any differentiating factor. One is the long-term contract ratio. In TMNF, for a long time, the long-term ratio has been saved. Analysts and investors, we learn from you a lot. The two peers in Japan, our long-term ratio is lower than the other two peers in Japan. This applies to the underlying excellence. We have fewer long-term policy, which means the rate cycle can lead to profit quicker. This is what shows our underwriting discipline. I think we answered most of the questions, but so many investors are visiting Japan right now, and I meet with them every day. There is a frequently asked question, which we have not taken up today. If I may talk about that, the one thing is the philosophy behind reinsurance, particularly Japan P&C. Reinsurance, the way we reinsure seems to be very different from our peers. Our philosophy or the bargaining power, how different they are, I often get this question. How should I respond? I would like Komatsu-san to teach me. Thank you for your question. The bargaining power, particularly regarding reinsurance. It is not simply a price negotiation capability, but total business size and the diversification of insurance products and the excellence of a portfolio. Those are things that we need reinsurer to understand in the process of negotiation. One example is, as I said, the GX HCC. Centering around the GCube, a huge program has been formulated. GCube capabilities, plus Tokio Marine, the affiliates adding their own capabilities, and the reinsurer evaluate them highly. Because of that, we have been able to gain very large deals, larger than ever. On the other hand, not just the large-scale deals, but regarding the reinsurance arranged by each group company, like the North America QR in North America, the holdings. The major reinsurer, if we have not provided any reinsurance, the holdings is approaching them in order to make it happen. If each group company works alone, it may not be realized, but with the support of the holdings, it can happen. Therefore, the holdings capabilities and the bargaining power can supplement in order to encourage reinsurer to provide us with their capacity. I hope I answered your question. Yes. Thank you. Niwa-san from UBS asked a question. Our solution business, it is one of the three main pillars. We are focusing on this business now. As solution business expands, your underwriting philosophy or the front lines activity behavior will change? How do you think they will change? Risk prevention, data utilization, or the customer touchpoint enhancement. If you have, where you have the underlying capability, what are they? Thank you. Thank you. Solutions and insurance. We said integrated solution and integration insurance. I talked about cyber today. If I take cyber, for example, for SME clients, we need solutions. [inaudible]The fire insurance or auto insurance, or the disability insurance. When there is an accident, a fire, you need fire engine, or if auto, you go to the police, or if there is a liability, you go and consult with lawyers. But when there is cyber accident, who do you need to contact? Usually, normal person do not know, especially in SMEs, do not know who to consult with. If they have our policy, they can use our agents and our people in charge. When they visit SME, we can say, "Well, not only cyber insurance, but also the pre-consultation or the early detection," these solutions can be offered. We can propose these solutions, and when something happens, they will know who to call. We can propose all these in the package. It is not just one solution. For SMEs, the solutions and insurance will be offered in a set. So, solution and insurance can be offered in an integrated fashion. We can improve our productivity, and SME customers will also enjoy solutions when they face some problems. Thank you. The next one will be the last question. I think it is a big question. The intelligence acquired in overseas are utilized in Japan as well, such intelligence or knowledge. Tokio Marine is advancing, but Tokio should be able to acquire similar knowledge on its own. But still, TMNF in Japan P&C market. What is the ground, based upon what grounds, do you think you can maintain competitive edge in Japan P&C? Thank you very much for a big question. In that sense, our peers, our competitors, will be able to catch up sooner or later. If I may say so, we are aware of that. As I said when I talked about underwriting, so agility or nimbleness is quite crucial, how fast we can act. We provide in-depth explanation to how we responded. Regarding what is happening outside Japan, the moment we catch such information, we immediately act on it and improve, if it is necessary to improve, the underwriting discipline, product development, and solutions. We must be very fast. So, we compete in speed. ID&E, so the group companies that joined the group in an early stage, we need to heighten our capacity and capability equivalent to theirs. That is what we are aiming. With that, the Japan P&C underlying excellence session will come to an end. The questions that we could not answer today will be responded from the IR team later. Thank you very much. Next time, as I mentioned at the outset, we will focus on the underlying excellence and organic growth in our international business in our next session. We would like to also discuss the method and the agenda in engaging with the participants in the capital markets. Finally, I have one request for you. Please feel free to share any comments or feedback, requests regarding this information session, or suggest topics you would like to cover in the future Tokio Marine Insight session. Thank you very much for your time today.