Good afternoon. Thank you for attending our third quarter of 2025 earnings call. In today's call, we will review Group's third quarter of 2025 result and announce the next shareholder return policy. We have prepared three sessions. First, CEO's presentation on the new Mid-term Shareholder Return policy. Second, 3Q 2025 earnings review. Third, Q&A session and will be placed in order. The Q&A session will be divided into two parts: on-site questions from analysts and institutional investors, and preliminary questions from general shareholders. First, we have a greeting from Vice Chairperson and CEO of our Group, Yong-Beom Kim. Good afternoon. This is Yong-Beom Kim. Thank you for joining 3Q 2025 earnings presentation. Before we begin the earnings review, I will outline the Mid-term Shareholder Return policy that will apply starting fiscal year 2026. Meritz Financial Group decided to continue its Mid-term Shareholder Return policy for an additional three years, maintaining a shareholder payout ratio of 50% of consolidated net income. This decision reaffirms the group commitment to enhancing shareholder value, which remains our foremost management principle. Over the past three years, we have maintained this principle despite a rapidly changing financial environment. Total shareholder payout ratio were 51.2% in 2023, and 53.2% in 2024, with 2025 expected to exceed 50%. The outcomes of Mid-term Shareholder Return policy have been clearly validated. TSR reached 175% over the past three years, significantly outperforming the KOSPI market and major financial peers. Our PER improved from 3x to approximately 8x. Meritz Financial Group considers the shareholder return as not only a part of the capital allocation, but also holds an independent significance. A tool to facilitate our business performance is appropriately reflected into share price. Accordingly, even if the relative gap between the shareholder return yield and the internal investment return fluctuates, the 50% of the consolidated net income to shareholder return principle will remain unchanged. If a large M&A opportunity substantially enhances long-term shareholder value, the payout ratio may be adjusted. Although such a case has not occurred in the past three years and is not considered or assumed at this time, we will communicate transparently through the public disclosures and earnings call if such an event occurs. Please refer to the public disclosures for further details. Meritz Financial Group will continue to exercise a transparent and consistent shareholder return policy under the principle that value of one share is equal for all shareholders. Joining us today are Vice Chairperson Hee-moon Choi and CEOs of the Fire and Marine and Securities and CRO of the group. We will provide clear and detailed answers during the Q&A sessions following the earnings review. Thank you. Next, we will begin with the earnings review for 3Q 2025. We will start with the holding company. We have 3Q 2025 highlights on page three. The holding company's consolidated assets reached KRW 132.7 trillion, up 14.8% from the end of last year. Cumulative consolidated net income for the 3Q reached KRW 2.0268 trillion, a 2.2% increase year-over-year. ROE stood at 25.9%, maintaining the highest level in the industry. Year -to -date, EPS and BPS for the three Q reached KRW 11,102 and KRW 58,870, respectively up 7.0% and 10.1% year-over-year. Next on page four, we have the holding company's detailed business performance. Consolidated net income for three Q was KRW 668.4 billion, up 1.9% year-over-year increase. Amid supportive financial market conditions, profitability improved across all segments except for insurance profit, including interest income and fee-based income. Cumulative consolidating net income for the three Q of the year was KRW 2.0268 trillion, marking the highest earnings result. Next on page five, Meritz F&M posted KRW 1.4511 trillion, Meritz Securities KRW 593.6 billion, and Meritz Capital KRW 98.6 billion as a cumulative standalone net income for 3Q. As for Meritz F&M, strong growth in quality protection health sales and substantial increase in investment income contributed positively to earnings. Due to a decline in expected to actual variance gains from the end of the medical strike, net income decreased by 2.8% year-over-year. Meritz Securities continued its earnings growth supported by stronger corporate finance result and the increase in wealth management income. It recorded net income of KRW 593.6 billion, up 13.8% year-over-year. Meritz Capital posted solid operating profit driven by growth in interest to earning assets. However, due to higher provisioning, net income declined 4.1% year-over-year to KRW 98.6 billion. Next is page seven. As of the third quarter, the holding company recorded an ROE of 25.9% and a double leverage ratio of 117.3%, maintaining both strong and profitability and a stable leverage profile. Year-to-date EPS stood at KRW 11,102 and BPS at KRW 58,870, demonstrating continued growth in per-share value. Moving to page eight on the group's real estate exposure and credit cost. At the end of 3Q 2025, the group's real estate exposure totaled to KRW 28.3 trillion, KRW 23.9 trillion domestic, and KRW 4.4 trillion overseas. Senior loans accounted for 90% of the portfolio, and the average LTV was approximately 47%. The portfolio continues to be managed with a focus on high-quality assets. In the third quarter, net additions to provisions and reserves amounted to KRW 29.4 billion, and impairment losses on beneficiary certificates were KRW 22.9 billion, both decreasing year-over-year. As mentioned last quarter, in the case of Homeplus loan, the partial store sale in July resulted in loan repayment, reducing the outstanding balance to KRW 1.1652 trillion as of the end of the third quarter. Correspondingly, KRW 10.5 billion of provisions and reserves was reversed. Lastly, on page nine, we present the third quarter progress of our Corporate Value-up Plan. As of the end of the third quarter, the Bloomberg-based forward PR stood at 7.5x, and the share buyback and cancellation yield was 13.3%. This remains above our required rate of return of 10%. We continue to execute a shareholder return policy centered on share buyback. Since the policy was introduced in 2023, cumulative TSR has reached 174.5%. We have completed the entire KRW 550 billion share buyback under the trust signed in March. In addition, we're currently executing a KRW 700 billion share buyback under the trust signed in August 20th. In line with the standard disclosed through public announcement, we will continue to implement an active shareholder return policy. Next, I will move on to the performance of our major subsidiaries. In 3Q 2025, Meritz F&M recorded standalone net income for KRW 463.8 billion, a 6.3% year-over-year decline. Insurance profit decreased due to the normalization of medical services following the end of the medical strike and an increase in the number of business days. Investment income rose significantly, driven by gains from bond disposals and higher equity valuation gains. Cumulative net income for the third quarter amounted to KRW 1.4511 trillion. Insurance profit for the third quarter was KRW 300.1 billion, down 35.2% year-over-year. Although both sales and profitability improved during the quarter, the primary driver of the decline was the reduction in expected to actual variance gains after the end of the medical strike. However, investment profit recorded KRW 325 billion, up 59.4% year-over-year. This strong performance was supported by bond replacement trades for ALM purposes and higher FVPL gains. In the long-term health protection market, growth has moderated as premium increases and cooled the earlier surge in demand. At the same time, competition involving high promotion fees have intensified as companies seek to maintain momentum. Since April, Meritz F&M has strengthened its price competitiveness and rapidly delivered the products and coverage tailored to customer needs, securing solid sales momentum. Long-term health protection new business sales grew 16% year-over-year in the third quarter, reaching a monthly average of KRW 10.2 billion. With continued focus on total value creation, we are achieving growth in both sales and profitability. In auto insurance, the losses continued due to higher accident frequency caused by heavy rainfall. For the commercial insurance, earnings declined year-over-year as the loss ratio increased following a large loss fire incident of factory. Moving on to page 15, which covers the CSM movement and the new business CSM multiple. At the end of the third quarter, the CSM balance stood at KRW 11.47 trillion, an increase of approximately KRW 222.9 billion from the previous quarter. Quarterly new business CSM amounted to KRW 423.1 billion, interest expense added KRW 90.2 billion, and CSM adjustment increased the balance by KRW 4.3 billion. Quarterly CSM amortization totaled approximately KRW 294.7 billion. For 3Q 2025, the CSM conversion multiple was 12.5x, and for the long-term health protection, 12.6x, showing improvement both year-over-year and quarter-over-quarter. Please refer to pages 17 and 18 for investment yield and K-ICS ratio. Year-to-date investment yield for the third quarter was 4.6%, and the preliminary K-ICS ratio was 242.7%. Next is securities on page 19. In 3Q 2025, consolidated net income recorded KRW 200 billion, up 14.1% year-over-year. Cumulative consolidated net income rose 18% year-over-year to KRW 643.5 billion. Excluding Meritz Capital, standalone net income for the third quarter was KRW 157.7 billion, up 21.7% year-over-year. Cumulative standalone net income recorded KRW 593.6 billion. In the third quarter of 2025, despite concurrent trends of the stable financial markets and a fragile macroeconomic environment, Meritz Securities successfully executed several major deals through the active deal sourcing efforts. Growth in client assets and higher fund management fees contributed to continued year-over-year earnings improvement. On page 20, we present operating revenue by business. In the third quarter, corporate finance profit increased to 45% year-over-year, supported by steady fee income generated from both existing and newly executed deals despite additional provisioning during the quarter. However, interest income decreased 12% year-over-year due to lower interest income from loans, and trading income declined 60% year-over-year, reflecting the impact of rising interest rates following the diminished expectation for rate cuts. Brokers and wealth management income increased significantly, driven by continued growth in client assets and higher performance fees from certain funds. Next, page 24 covers the risk management indicators. On a consolidated basis, the Net Capital Ratio improved to 1,354% through proactive management. The ratio of substandard and below loans declined to 4.1%, continuing the downward trend observed since the first quarter. For capital earnings and more details on securities, please refer to the material.