Hi, thank you so much. This is Soejima speaking. Let me explain Taiyo Life's management strategy. We have 16 pages for this presentation, but I'd like to explain briefly. First, please move on to the second page, page number two, which is about Taiyo Life's business model. We have been explaining about our Taiyo Life's business model from before, but this has the essence of the business model. So we have the market, which is the household market. That's number one. And secondly, our product, we sell mostly third sector products, which are unique in the industry, and also the third essence, which is a sales method. So how to distribute our products. So there are three major essence for our business strategy, and we execute Taiyo Life's business strategy based upon these three elements. For the past four to five years, in particular, we have focused on distribution models such as internet, commercials, and we decided to move on to the hybrid style business model. We'd like to expand this sales method, increasing the number of touchpoints with our customers, which is supporting the strong performance in recent years. With regards to this hybrid sales style, let me explain a little bit more details. Please go to the next page. On the left-hand side, we are showing the trend of sharing of direct information and the number of branch office corporate sales benefited from this efficient distribution method. On the right-hand side, you see the trend of number of contracts. On the quarterly basis, as you can take a look at these graphs, for the past three years, the trend has been trending very strongly. In 2022, which is around in the middle of the graph, FY 2022, when the pandemic was widely spread, and in that year, we had so much direct information inquiries directly from the customers. So in FY 2022, in Q2, we were able to liaison with so much information, and after that, in 2023, the level has normalized, and we'll be maintaining this level and trying to improve this level. If you look at the right-hand side line graph, Q4 of 2023, it says 5.3. This shows the advertisement cost per contract, which is JPY 53,000. As you can see from this line graph, steadily, the advertisement cost per contract has been declining. So we've been able to be more efficient in terms of the advertisement spending per contract. If we look at the total trend of the policy sales, please go to the next page. This shows the trend of policies. New policies are from the in-house sales reps channel. Overall, from 2009 to 2023, every three years, we are showing this bar graph, which shows the average over three years. So overall, the number of new policies has been increasing, and also dark red, and also the middle red. So the bottom two sections of the bar graph show steady growth of new business, especially the bottom portion, which is dark red. So on the right-hand side, 84,000 policies. For sure, this shows the number of new policies from new customers. So by taking new methods and initiatives, we've been winning more new policies, as this graph shows. For sales, our major channel is in-house sales reps channel. As a result of these initiatives, the strength of sales capabilities of our channel has becoming more powerful, and this is in proportion to the number of sales reps. If you go to the next page, you see the number of sales reps and also the improvement of productivity. If you look at the bar graph on the right-hand side, you see the number of in-house sales reps. In 2019, which is the left graph, five years ago, we had 8,071 in-house sales reps, and since then, we've been increasing to 9,319 sales reps at the end of last year. About 15% increase in the number of in-house sales reps. So if you look at the ins and outs within our sales reps, as I mentioned earlier, we have been promoting hybrid sales style through this. If you look at left-hand side, the number of new policies per person, so broken down by the experience years, 10 years or over, 3-10 years, or less than 3 years. For those 3 categories, we are showing the number of new policies per person, but we focus on the productivity of sales reps where the experience is less than 3 years. By improving this number in particular, we'd like to increase the persistency ratio, and also we'd like to increase the number of sales reps. So as the total number of sales reps increases, as they gain more experience, we'd like to enhance the total sales capability of the company. So the sales capability overall has been increasing, as you can see on this page. As a result, overall, as an index, A&P or protection-type new policies. If you go to the next page, you see the actual results of A&P. So as you may know, for the past five years, the A&P or protection type has been increasing. In 2022, due to pandemic, it increased a lot, but you get the overall trend. And in particular, A&P of protection-type new policies, which is even more important index, but if you look at A&P or protection-type policies in force, it's over JPY 160 billion, breaking the record high levels. As you can see on the right-hand side, this is supporting the profit and also underwriting profit. Now, let's take a look at the profit. As you know, last year, net income was JPY 38.9 billion, which was the record high since the listing of the group. If you look at EV on the right-hand side, this is a trend. EV has been trending very solidly. [audio distortion] Moving on to next page, investment portfolio. I would like to start talking about investment portfolio. Last fiscal year, because of the economic situation, hedge costs remained high. So if you look at the right-hand side, FY 2024 policy, for example, we are optimizing the holdings of the domestic bonds and foreign bonds, and over the past 4 years, we have been making that effort for optimization. And expansion of yen-denominated bonds are also in the plan. Please pay attention to these elements. As I mentioned earlier, on the next page, improvement of insurance bottom line. On the left-hand side, over the about 20 years, trend of A&P policies in force for individual insurance. Dark color, lighter color, and much lighter color. The lighter ones represent the savings type, and the mid color is the protection, and the dark color, which is the main new business source, which is third sector. Here we are showing the in-force business. The other mid color and the other dark colors are called as the policies in force, A&P, and to be used as an indicator. As to the protection type, the A&P, and also savings type, is also meaningful for our business. The message here is that to increase the A&P of these other policies to improve overall bottom line. On the right-hand side, we have trend of insurance bottom line over the past 1-2 years because of some exceptional factors such as COVID. The line graph shows the trend without these temporary factors. In 2023, last fiscal year, JPY 21.4 billion is the number, in which JPY 9 billion that had some special factors. So trend-wise, JPY 12 billion yen or so is the bottom line number, we believe. So looking at this trend, last fiscal year, or year before last, on that level, as well as the in-force business, we could change the trend, and as the A&P for in-force goes up, we expect that the insurance bottom line is going to improve, and we are entering into such stage. Going forward, how are we going to grow the in-force business? That is our big focus going forward. Next page. For that purpose, what are we going to do? First, we are going to promote operational innovation. Going forward, big changing trend is we are going to increase the A&P of in-force business. To make it happen, improvement in profitability, or productivity rather-... will be very important. For that, we are going to promote operational innovation. With that branch and head office administrative workload, we are going to cut it by 70% to keep it at 30% level, so that those people will see their time freed up for more productive works. For that, we need to digitalize the administration through DX strategy. Since last year, we have been working on it, and this fiscal year, that we are going to promote operational innovation to cut the administrative workload by 70%. Not only the reduction in workload, on the sales side, we need to improve productivity, and for that, please look at page 11. Along with the workload reduction, the sales devices used by our in-house sales reps, over the past two years, though we were engaged in development work, AI functions or the cutting-edge digital technology, by leveraging such new technology, we would like to make sales activities more efficient, and we would like to standardize the quality of the work of salespeople, as well as management efficiency. We'd like to achieve all of these things the same time, and we're going to introduce this new device from August this year. The productivity of salespeople and administrative people, and by introducing the devices for salespeople, we would like to improve productivity from both aspects. On the next page, we have been working on various services, which we are going to continue to improve: dementia prevention service, disease prevention service, and internet customer service, Kaketsuketai service, and senior visit service. This is a must for us to engage in household markets, and we're going to promote those services to improve overall productivity. Over the coming 3-5 years, in addition to quantitative expansion that we worked in the past, we will also work on qualitative expansion. And as a result, the improvement of the productivity and market expansion are to be aimed at. On page 13, please look at this graph. We have about 150 offices, and we are going to according to the analysis of these the locations, in the neighboring areas of branches, of course, they have more sales activities. The number of contracts is rather big in those neighboring areas, but, in the mid-distance or more, at remote areas, sometimes, we cannot provide sufficient sales activities. Of course, we sometimes open new branches, but not only that, leveraging a digital technology, it is non-face-to-face, but, the using technology, we can provide a sales solicitation as if it were done face-to-face, and we'd like to develop, such technology. And by doing so, all in all, the overall market is going to expand, and with that, productivity is to be improved. That is the story that we are going to work on. Lastly, on the next page, full year forecast. As to FY 2024, ordinary revenue, JPY 930 billion, and ordinary profit, JPY 78 billion, and net income of JPY 43 billion. And as to sales performance indicators, NPO protection type new policies, about JPY 21 billion. And as to the protection type policies in force, JPY 166 billion. And we, so we'd like to work on the more increase in value of new business, JPY 30 billion. And lastly, management summary FY 2024. We, as a company that supports liveliness, longevity of customers, and we are going to work on expansion of market, promotion of hybrid-style sales, and we are going to promote a DX strategy, investment strategy, and human resources strategy, and management foundation strategy. With that, I'd like to conclude my speech. Thank you very much. Mr. Soejima, thank you so much. Moving on to the explanation of the management strategy of Daido Life, please. Hi. Please open page two. Let's recap our sales results in FY 2023. We provided protection coverage to companies who are performing well on the back of reopening after pandemic, and they developed new markets with the new distribution channels, which resulted in sales in line with our plan. The new policy amount increased by around JPY 500 billion year-on-year to JPY 4.8 trillion. On the IR day last year, we have shown you polarization trend of business environment surrounding SMEs as an issue. We supported each one of them and took our social responsibility of delivering the optimum protection to our customers. Please turn to the next page. Page three. Our mainstay products are protection products such as death benefit and the disability benefit. Around 95% of annualized premiums of new business is protection type. Protection type products are relatively high in profitability. Our business model, which is to offer total coverage of death benefit and the disability benefit in collaboration with tie-up organizations, has not only strong distribution capability, but also high profitability. Please move on to the next page. While new policy sales are strong, surrender and lapse increased, affected by higher needs to review of the coverage according to each customer's business condition because of the start of full-fledged repayment of virtually interest-free unsecured loan, so-called Zero-Zero Loan, which peaked in April this year, labor shortage, and so forth. However, we secured growth in annualized premiums of policies in force for four consecutive years. The surrender and lapse surpassed 8% in Q3 in FY 2023, however, it dropped to 7.92% at the end of the year. I would expect the current level to continue for a while, but we work to achieve steady growth of the policy amount in force through further increase of new business. For your information, surrender includes not only cashing out the cash value based on the funding needs, lowering premium payments, but also positive reason, such as revising proactively the policy to optimize protection coverage on the back of strong business performance of companies to some extent. We'd like to continue to support each customer closely and offer appropriate protection based on, on their needs. Please move on to the next page. On the back of strong new policy sales, EV of new business, which is a source of earnings on economic value base, has been increasing. In addition, new business margin has improved, driven by the total offering of both death benefit as well as disability benefit, which we started to distribute since 2010. As I explained, by accumulating efforts to protect SMEs with our total coverage over the years, MCEV, which shows enterprise value on economic value basis, has more than doubled over 10 years. Promoting total coverage contributes not only to economic value-based growth, but also accounting-based earnings, with annualized premiums of in-house policies expanding to JPY 800 billion. Please turn to the next page. Let me next take you through profit and loss in FY 2023. In FY 2022, three factors pushed up net income temporarily, but in FY 2023, reaction to the loss accrued from cession, increased positive spread, and the decreased hospital benefit payouts, et cetera, with pandemic behind us, pushed up net income, and it is trending strongly. Please turn to the next page. To communicate our initiatives for future growth, let me first set the base perceptions of environment surrounding our business. In this fiscal year in particular, business succession and human capital will gain even greater importance, becoming inevitable challenges for many SMEs. We have expertise such as FP and inheritance consultants in the company who can support business succession using insurance, provide services relating to recruitment and human development. Thus, by supporting each customer attentively, we will achieve further growth. As I mentioned at the beginning, on our IR day last year, we mentioned about polarization trend of business environment of SMEs as the biggest challenge. In this fiscal year, we think this trend is still the case. In addition to offering protection coverage through National Federation of Corporate Taxpayers Associations, Tax Payment Associations, TKP National Federation, CPA Co-operative Society, we offer appropriate protection coverage to as many SMEs as we can through new distribution channels, such as financial institution channel, by rolling out meticulous activities catering to each SME customer's business situation. After the tax reform in 2019, with term insurance, et cetera, the competition has been limited, and the competitors' campaign toward tax accountant agencies have subsided. Please move on to the next page. From this page onward, I will talk about growth strategies we will focus on addressing this fiscal year. First, exploring new customer segments by financial institution channel. In addition to in-house sales reps and the tax accountant channel, in collaboration with tie-up organizations, we are strengthening financial institution channel, having strength in access to middle-sized companies. We distribute through FI channel, not single premium products, but protection-type business owner's insurance. In FY 2023, the number of branches increased to seven, with 1.6 times in amount of new policies compared to 2021, when we first opened a branch. In this fiscal year, we plan to open more and accelerate growth with eight branches. Please turn to the next page. Next topic is productivity improvement of existing channels. We established dedicated organization to strengthen hands-on support to inheritance and business succession. We increased the number of consultants and are adding locations to which we assign them.... By attentive consulting, utilizing own stock valuation services, et cetera, the average contract amount is about four times higher than the company's average. We would like to contribute to strength, continue to strengthen response to inheritance and business succession needs faced by many SMEs, and provide hands-on support to resolve issues of SMEs while using insurance. Channel mix is an initiative where we leverage our strength. There are total tax accountants offices who are too busy to recommend insurance, so our in-house sales reps support them. Of the current client companies of tax accountant offices, we identify the ones who are not covered by our products, and our sales reps work together with tax accountant offices and offer necessary protection coverage to them. This initiative doubled the share of new corporate clients compared to the regular sales reps channel. In this fiscal year, we continue to increase the number of agents, which promote channel mix initiative to increase the number of new corporate clients and sell more products. Please go to the next page. Let me talk about sales reps channel. We utilize digital advertisement, et cetera, depending upon the customer's interest, expand the touchpoints with new customers, deepen the relationship. By promoting inside sales to support activities of sales reps, we are working on improving productivity. In FY 2023, the amount of new policies, which was initiated by toss-up of inside sales, outperformed 173% against the plan. In addition, we are going to continue to strengthen our in-house sales reps channel by increasing the number of them, sophisticating training system of both sales reps and managers, revising the salary regulation, et cetera. Please go on to the next page. In addition to our core market of providing insurance coverage to SME owners through corporate policy, as we have discussed, we are also exploring adjacent markets. As the working population declined, securing human resources by practicing human capital management is an important management issue for small and medium-sized enterprises. We believe that offering benefit plans through KENKO Plus, a product that supports health management by providing prevention and preparedness in an integrated manner, will lead to the development of a large market of about 30 million SME employees, in addition to supporting SMEs in their human capital management practice. We will also explore markets from a medium-term to longer-term perspective in areas where we have not been able to contribute sufficiently in the past, such as initiatives to protect the corporations and individuals as a whole, including after the retirement of management and the provision of coverage for the spouses of the management. Next page. From here, I'd like to discuss the foundation of for medium to long-term growth. Our strength remains our client base, which is based on the solid relationships we have built more than half a century with partner organizations such as National Federation of Corporate Taxpayers Associations, Tax Payment Associations, TKC National Federation, Certified Public Tax Accountants Co-operative Society. In addition to these efforts, we will expand our customer base from a mid to long-term perspective by providing services that help SME companies solve social issues, thereby increasing the number of companies to which we contribute. Next page. One of our efforts to expand our sales of contribution is a web community for business managers, Do-DAI. Since its launch in March 2022, the number of members has steadily increased to more than 60,000. The number of members who register through advertisements and natural searches other than existing channels is increasing, and connections with business owners in industries and age groups that were inaccessible in the past are increasing. In January 2024, we began offering a human resource recruitment and training support service to help SMEs cope with labor shortages, one of the major management issues they face. By continuing to contribute to the resolution of management issues and expansion of interactions among business leaders, we will develop Do-DAI into an indispensable platform for SMEs for the sustainable development of, and expansion of our customer base. Next page. The other pillar of our efforts to expand the areas of contribution is support for the spread and practice of health management. As labor shortages continue to intensify, the practice of health management is an important management issue for SMEs in order to keep their employees healthy and active for a long time. Since small and medium-sized companies often do not have the role of a health management center in large companies, we believe that our efforts to bridge the gap between SMEs and large companies by supporting health management are of great social significance. Through KSP, a proprietary health management practice tool, we are contributing to human capital management from the aspect of health management. At present, about 40,000 SMEs have introduced KSP, and the number of users has exceeded 130,000. We will continue to evolve KSP to contribute to the health management of SMEs and create new markets by expanding points of contact with SMEs and their employees. Please go to next page. Furthermore, in order to understand our customers more deeply than ever and continue to create new value by staying close to them, we are evolving our customer data platform and gradually expanding the scope its use. The platform is also revealing connections with customers that were previously difficult to grasp. The entire company will continue to understand our customers and deliver more value to them by, for example, practicing proactive customer follow-up, utilizing the My Number System. Please see the next page. Finally, I would like to explain our full year earnings forecast. Profit indicators are expected to increase due to an increase in positive spread resulting from lower currency hedge costs and an increase in interest and dividend income from super long-term bonds. For sales performance, new policy amount is expected to reach JPY 5 trillion, supported by carrying our attentive consulting sales to provide optimal coverage to meet individual needs of SMEs, including high performers. We are on track to meet the plan so far. The rest of this page describes our initiatives in asset management, ERM, and other areas. I will not go into detail, but I would be happy to answer any questions you may have. This is my explanation of our management strategy. Thank you. Now we move on to Q&A. First question is from Mr. Sato of JPMorgan. Please unmute yourself and start asking your question. I'm Sato from JPMorgan. Can you hear me? Yes. I have two questions. My first question, a question to both Taiyo and Daido. As explained, the exit strategy is one of the factors, and in the group explanation meeting, you talked about forecast of the expenses, the cost to introduce the next-generation devices or the other open the initiative for the other process. Going forward, could you please talk about the expense forecast? Any comments or hints that you could give to us? That's my first question. So the cost status through DX for Taiyo, Taiyo Life DX is about the implementation of the next-generation sales device and also hybrid style sales and advertisement association associated with that, and that is also categorized as DX-related cost in the overall business expenses. So it's an increase factor for the business expense. I think that's the intent of your question. For advertisement cost compared to last year, year before last, it is trending down. Going forward, next generation sales device and hybrid style sales, these are up and running, and per case efficiency, the case will have more the better productivity. As to the depreciation of the systems asset, that will occur, and incorporating that as well, that we will control it, manage it as expense gain or losses. We are going to the control investment amount, and that is a strong focus as the management. Thank you. Because of the inflation, personnel cost, well, because we do not. It is important and necessary for us to raise wages and additional related cost. The unit price is determined in terms of person month, and there are some requests for raising the unit prices from the vendors. And the inflation continues, and in the investment side, interest rate is expected to go up. And the discipline related to the three sources of gains might be a bit different from before, but I think it is in the range, which allows us to have good management. So for Taiyo Life, where this fiscal year expense will not go up so much, so it is maintained. And for Daido, the cost continues to go up. Am I right to understand it this way? This is Taiyo Life. Basically, for Taiyo Life, business expense will not expand so significantly. We would like to maintain it in such a way that we will not increase so much. Yes, your understanding is correct. So host computer and open process, the big project from the host computer, that is already incorporated in the long-term perspective. The prices are going up, and there will be some impact from that. Thank you. My second question, especially this is about the Taiyo Life. In your prcesentation, you said that the results are solid, but for example, on page nine, the insurance bottom line, probably compared to one year ago, for FY 2023, the coming down and 2024, originally, it exceeded the JPY 20 billion level. That was your forecast. So it has been revised down, I think, and, excluding the employees' retirement benefit provisioning. But you have not changed the insurance bottom line, the forecast otherwise that.... And also, after the period of low surrender and lapse period comes to its end, probably surrender increased on the bancassurance side. And for the protection type policies, maybe your expectation to contain surrender level to some extent failed. Any update on product strategy? As you pointed out, that is the status of insurance bottom line. The direct reason for that has been explained at the IR meeting, for example. The bancassurance-related surrenders and also on the new business side, COVID impact has come to its end. But non-COVID factors, namely claims payment, during the COVID, such claims payment were contained. So compared to original forecast, the claims payout forecast last fiscal year, slightly increased. So it's a kind of a reaction from the COVID period, and we are watching it very closely. And we have revisited the insurance bottom line more conservatively. And, compared to the original forecast, it comes down a little bit. But still, FY 2025, JPY 25 billion of bottom line is to be achieved, we believe. Thank you. But still, JPY 25 billion target is maintained. Why is that? And any product update on savings-type products? So there's downside, but with improved productivity and in-force business premium income and profitability improvement, and also the product revisions and business expenses revision, and those initiatives paid off. And with that, JPY 25 billion for FY 2025 can be maintained. And for savings-type products, as you pointed out correctly, 2018 or 2019, at the beginning of 2019, some bancassurance products, and there have been some surrenders coming from this, these policies. And that impact FY 2023 insurance bottom line was impacted by those surrenders in terms of bottom line. But last fiscal year, we replaced the product portfolio. So from this fiscal year, the savings-type and bancassurance products and the in-house sales, the channel, they will meet the needs of those, the savings-type product. So savings-type product that is going to show some more recovery than had expected. So, the, we have, the renewed the breakdown of the other JPY 25 billion target and keep it. Thank you. Next questions are from SMBC Nikko Securities, Muraki-san. Please go ahead. Hi, this is Muraki from SMBC Nikko Securities. I have two questions. Question number one is about Taiyo Life, about bottom line insurance profit. The claim and benefit payments are higher than your expectation, and also because of the wage increase and your investment in digital transformation, business expenses have been outpacing compared to your original expectation. But what is your approach to the pricing? Is there any option that you can take to increase the premiums? So in channels of Taiyo Life, if reflecting the cost pressure, if you raise the price, then what is the anticipated impact on the new business in terms of the nature of your channel? That's my first question. Thank you so much for your question. First, our approach to the pricing. With regards to the premium revision, in principle, for the past three to four years, every time we launched a new product to offset the increase in the business expenses, through the appropriate processes, we have revised premiums appropriately. The benefit from the premium increase is now seen in the underwriting profit. It's not easy to swing the profitability of the policies in force, but since four to five years ago, gradually, we've been revising the premiums up. After the pandemic... ... there was an increase in the temporary increase in the benefits and claims. But overall, looking at mortality rate, especially for new coverage, we are trying to distribute the protection to provide new types of coverage to policyholders. So we are scrutinizing the premiums in accordance with the protection coverage that we are delivering. We've been reviewing since last year, and we've been maintaining the appropriate level of premiums, meaning we are keeping our eyes on the potential premium increase in the future. However, about the pricing, we need approval from FSA on the products, so we'd like to go through the appropriate process in Taiyo Life whenever we implement the premium increase. What is anticipated impact on the marketing and sales from the premium increase? As to that second part of your question, we deliver unique protection coverage, and we focus directly on household market. We sell directly to the household market because of this distribution style. Well, if you are talking about the bancassurance channel, there is higher price sensitivity, relatively speaking. But compared to that, our price sensitivity from our policyholders is lower. We don't think we can increase the premium because of the less price sensitivity, but we have to only review the potential premium increase, wherever appropriate, only when appropriate. That's all. Thank you so much. My second question is to Daido Life. My question is on the expansion of the new business, page eight. You are trying to expand into the financial institutions channel. So my question is on this FI channel. According to this page, in the existing channels, there were some specific customer segments that you could not reach, such as mid-sized companies. By using financial institutions channel, you think you can access to this mid-sized company segment. In Japan, this is a segment which is not addressed by anyone up until now in Japan, so this is less competition or blue ocean. Is that why you are trying to get into the mid-sized companies through FI channel? How should I understand this? My second question for Daido Life, page 11. The employees' insurance of company clients. Personally, I think this is quite common overseas, and I worked for a foreign company before, and the company shared a part of the premium. So in Japan, I don't know why this type of format is not penetrated like other countries, but what is the type of the potential that you see in this market, employees market? Muraki-san, thank you so much for your questions. In the case of large companies, myself included, from Daido Life, I'm not covered by the company, so there's no availability. You're right. And, there's no issue of the shortage of successor in large companies, but SMEs case is totally opposite. So if there is no receipt of the benefit, it may bankrupt the company. So JPY 100 million, JPY 200 million type of benefit or claim is quite important for SMEs. But mid-sized companies, for insurance companies, several million of JPY to maximum JPY 100 million could be the coverage of the claim, which does not serve so much meaning for many companies. But in financial institution channel, in Daido Life, maximum JPY 1.5 billion claim can be paid. But JPY 1.5 billion may not be enough for some companies. It's not about the bankruptcy risk, but by paying the premium, the company can purchase the own stocks when they think about the succession of the business. So up until now, there was not so much awareness in the SME community, so we've been trying to study and learn, but banks have come up with different solutions, and we are asking banks to include insurance in the solution. So we think there is still a potential for growth from now on. To your second question, employees market. In Japan, social security system is quite solid by the government. Therefore, hypothetically, social benefit national premium increases for Japanese people. What's happening in the U.S. and Europe may happen in Japan to supplement social benefit. Sometimes people need to prepare additional coverage and when that happens, this is a concept for the whole company, covering all employees, so that they can secure funds when they retire from the company. So the company can prepare the coverage for all employees. This type of trend may happen in the future. If Japan goes to that type of era, then there will be heightening needs to employee insurance, but it depends on the direction of the national social benefit program. So as long as the Japanese government maintains the social benefit, it's more preferable to rely on the national social welfare program. But if there is any room for us to support Japanese people, there is a possibility that, this employee insurance can expand. And large companies can afford, but, SMEs have difficulty affording, and, they are suffering from the labor shortage to attract people. So SMEs need to really focus on offering more welfare benefits to attract people, so that will expand our business opportunity down the road. Thank you. Page eight, about our financial institutions channels. So for example, when you visit regional banks, do you really see competition against other insurance companies? And if so, who are they? Or, do you feel like there is not so much competition among insurance companies at the regional banks channel? Well, in Daido Life, the product features are highly evaluated by the banks. So the maximum benefit is JPY 1.5 billion, as I said, the maximum coverage, 1.5. Of course, some companies feel it's not enough. So for SMEs, banks can form a syndicate inviting a multiple number of companies, summing up to JPY 5 billion or JPY 6 billion total coverage. And when that syndication is formed, then they say it's Daido Life's coverage is easiest for them to use. So they usually choose Daido Life as a first option when they try to form a syndication. Fully understood. Thank you so much. Next question, please. Watanabe-san from Daiwa Securities. Here is Watanabe, Daiwa Securities. I have two questions. First question is about page three of Taiyo Life. The direct information contact numbers. Last year, you showed the trending up graph, and at this time, the 2023 is flat, although it is on a high level. Maybe it is a critical point. What is needed to the trend it further up? With a simple, the increased advertisement cost, the efficiency would go down? Thank you for the question. From the third quarter of 2022, we have been decreasing it, especially in FY 2023. Why? Well, new hybrid style sales, with that, we have reformed business model. But still, back then, it will be, in three years and fours years' time, and also there's some, the tailwind called COVID. So for FY 2023, whether it is going to be, the well-established and it is going to be a real business model to be maintained, well, that's what we wanted to confirm. So that's why we contained the advertisement cost while we confirming the effect of the initiative. But still, as you can see on the right-hand side, per case, efficiency went up. That's the actual number. Going forward, because of inflation increased cost, quantitative expansion and platform or the basis to allow us to do that is already there. That's what we could confirm based on 2023 results. As to enhancement of efficiency, we could do that as well, and that is a big strategic achievement of FY 2023. With increased advertisement, the information, direct information contacts could be increased. If it goes up 1.5 times, then the contacts through direct information would be 5 times the larger. And I think the number of contracts could be maintained as well. But over the coming three to five years, rather than... Well, of course, we have to think about using some the money in that area, but rather, we need to use our money for the improvement of productivity and efficiency. That's why that we have come up with those numbers shown on this page. Thank you. Second question is about page four of Daido Life, about surrender and lapse. Bottom right, 28% funding needs, difficulty paying, that's the reason. And surrender and lapse seems to be flattish, that's the forecast. But the zero-zero financing, the repayment peak is in April. So intuitively, what is the trend that you imagine for surrender and lapse? Is it the coming, is it the settling as a trend? Thank you for the question. In May, it is settling down. That's the impression. Zero-Zero financing, the biggest impact is towards the end of year through April, so we were coming out of that period. But still, we are not in the status that, that we can say that we are fine, 'cause SMEs, they can be impacted by the, the rising prices and shortage of labor. So there will be some impacts going forward as well, and that is something that we cannot control because it is external factors. But presently, from the end of fiscal year, the surrender and lapse are coming down, especially in May. That's my impression. That's very clear. Thank you. Next questions are from Mizuho Securities, Sakamaki-san, please go ahead. Hi, this is Sakamaki from Mizuho Securities. I have one question to each company. Question number one, page five of Taiyo's presentation, which is about the productivity improvement. So the number of sales reps has been increasing on a net basis, which is such an important factor. But at the moment, the number of sales reps has been increasing. How sustainable is this increase? What is your view at this point for the sustainability of the increase of the number of sales reps? At the moment, you are raising salaries for new graduates, new employees, so there's competition to get labor. But is there any more room for the increase furthermore? And also, the number of sales reps who have experience over 10 years has been decreasing a little bit. Should I expect this decline to continue for sales reps having 10 years or longer experience? Thank you so much. The number of sales reps is increasing very steadily. From the beginning of this fiscal year, we are doing very well, recruiting in-house sales reps. I cannot be all bullish, but looking at the current recruitment pace, we are doing very well. The backstory of that is, as you can see from this chart, less than three years and also three to 10 years experience. For those cohorts, relatively shorter experience, in-house sales reps are seeing the productivity improvement, and also, the salary base has been increasing for those people. So on the back of that, we are trying to have more referrals, introductions, by in-house sales reps. In-house sales reps confidently refer the new sales reps. They refer and introduce acquaintances, people that they know, and we are trying to get referrals from them. So that is one of our recruitment channels. So our in-house sales reps have confidence in this work, and we see more and more of them gaining the confidence in what they do. And that's why we've been doing well recruiting in-house sales reps. As a result, the penetration or retention is good. And on the back of that, we have implemented hybrid sales style, sales, and sales reform. So hybrid sales style directly impacts positively on the sales performance or policies, but also, this is good for in-house sales channel, because we do marketing by dispatching our sales reps. So from the quality improvement, not only the quantity increase, this is the core of our sales, which has been increasing, which is very good. In terms of the business model, I feel like this is taking roots as a business model. And for people who have experience over 10 years, because of the retirement age, they have been with us for many years, and that this cohort will decrease. But the middle range, which is three to 10 years experience, for us, it's important for us to really beef up the bench strength in this cohort. Understood. Thank you. My second question is on Daido Life. There may be some overlaps, but page eight, FI channel. The number of financial institutions that you work with, over what period of time do you expect to increase the number of FI partners? What is the image of the expansion of FI partners through tie-ups, like, securities companies, regional banks? What is the penetration so far within the financial institutions channel? Or what are the KPIs that you target at, such as the number of policies per each partner? And what is the potential for you to expand this channel in the future? Well, I don't have the number-oriented data by each channel. I mean, we do not disclose the specific number per channel. But since 2021, we've been growing quite significantly, and including three mega banks or financial institutions, and the banks are registered as our agents. So in the future, we'd like to really cater to other regional banks. Major regional banks are partners already. So we'd like to expand our channel into other regional banks and also trading companies. Marubeni, as an example, there are SMEs related to Marubeni, so we could sell our products through them as agents. So, we are trying to market to SMEs in their supply chain because there's a willingness on their side to protect SMEs in their supply chain. So actually, we are receiving inquiries from them. So the increase pace may not be as rapid as we have seen so far, but going forward, growth is going to be rather stable, not really rapid growth in the future. But there's a good potential for this FI channel, so there's a lot we can expect more in the future. That's all. Understood. Thank you so much. Next question is from Mr. Niwa of Citigroup Securities. Here is Niwa, Citigroup Securities. I have one question each for Taiyo and Daido. As to Taiyo Life, page five, my question is a bit, overlapping with Sakamaki-san's question. So the reinforcement of in-house sales reps channels, that's my interest. So you say that the, the productivity improvement for, relatively less experienced people, you have some confidence there, I understand. But the bottom left, ANP or production type, new policies per person. So the mid-term level or more powerful level, more capable people, it seems that looking at those numbers, there's a gap between the different sales rep segment. How are we going to work on improving, the profitability and the productivity of mid to very experienced people? That's my first question. Thank you for the question. Mid to upper level and less than three years, or less than three years and others, there is a gap. Well, less than three years includes those who joined this month. So of course, there, in that group, there is a technical the gap. But, when you accumulate career, the number of customers could be very different because of the gap. When you're a new sales rep, in an extremely case, you do not have any customer, zero. And from zero, the number of customers, your own customers could be increased to 20, 30 or to 50. By doing so... and you can stabilize your sales results. As you can see in the less than three years category, this kind of gap will remain, I suppose. So mid to upper level and their productivity and how to improve it, because there are some factors involved. There's three elements of business model: market, product, and sales method. So the market for these people or the, the area to explore or tap new customers or the volume of information, all of these things should be increased. ... we need to focus on these points, we believe. And in that sense, [audio distortion] though when you have customers, a certain ward or the other city, your sales, the area could be expanded through digitalization, through, the work style changes, removing the waste of your time. When you go to remote area, there's time to commute. It could be one hour or two hours coming back. Such activities should be, the streamlined, because just one visit would not be enough to write a contract. Then you can digitalize, the your interview so that you can reduce the number of actual visits, and we are going to promote such, the advancement in terms of technology. As to in-force policy customers, as to add-on policies from those customers, and of course, that is a big chunk in the new business portfolio. So those existing customers, in-force policy customers, here again, we need to digitalize our efforts, how to communicate in a digital way. We have been researching that area, and going forward in August, we are going to introduce a new device. So those existing customers, so here we are mainly talking about the three-year or more experienced sales reps and how to digitalize their process. So, traditionally, the digital sales, hybrid sales style for less than three years category, that was the focus. But now we are shifting toward the more experienced. We are going to expand the such effort to the more than three years experience. And also, we are going to expand the sales solicitation area through such digitalization. And with the same number of hours, we can increase productivity for the coming three to five years. That's what we would like to work on. Thank you. Thank you. Next, question to Daido Life on page eight. From a bit different perspective from other people who asked questions as to the tapping on new, market segments that with tie-up organizations and the shareholder, shareholding. Based on these two factors, you expand tie-ups or you deepen your tie-ups. In that process, is it necessary to have equity holding relationship? That's the first part of my question. And also, you have long time tie-up, and you have equity relationship. And with such tie-up partner, is it possible even without, equity shareholding? Think when it is necessary, you will hold shares. But nowadays, the hurdle to do that is becoming higher. Could you please talk about the market expectation and the reality that you're faced with? Thank you for the question. When it comes to banks, because of the current corporate governance code issues, they have to comply with that. And they will... They are headed toward divesting business-related shares. When it comes to tie-up companies with Daido Life, when we provide various services, especially medical venture companies and their services, when we would like to work with them, they expect us to invest in them so that they can improve their trustworthiness in the society. And when we combine our product with their services, we do not want them to remove their services, disbundle the relationship. So we would like to deepen the relationship with such tie-up companies, and for that, to have their equity could be one option. But Corporate Governance Code, when it's not requested for all the unlisted companies, not just the banks. And as to those other companies with whom we do not have any actual business relationship, in those cases, the equity holdings will be removed naturally. Thank you for that clearance.