Welcome everyone to Shin Kong Financial Holding Company's 2022 Q4 earnings conference call. All lines have been placed on mute to prevent background noise. After the presentation, there will be a question and answer session. Please follow the instructions given at that time if you would like to ask a question. For your information, this conference call is now being broadcast live over the Internet. A test replay will be available within an hour after the conference is finished. Please visit www.skfh.com.tw under the investor relations section. Now I would like to introduce Mr. Scott Lee, Senior Vice President of Shin Kong Financial Holding Company. Mr. Lee, please begin. Thank you, moderator. Good afternoon, ladies and gentlemen. Welcome again for joining Shin Kong Financial Holding 2022 f Q4 analyst call. Before the meeting starts, I would like to introduce my colleagues who are with me today. Here in the meeting room are Han-Wei Lien, Chief Actuary of Shin Kong Life, Sidney Wang, Head of Investment Team of Shin Kong Life, Isabella and Christine, members of our IR team. The presentation we are about to go through was sent out two hours ago. You may also download it from our website or participate through this webcast. If you do not have the presentation, please let us know now. The lines will be muted when we are presenting. If you are cut off, please dial back in or call Christine at 886968929230 for assistance. Now please turn to page four. SKFH recorded consolidated after-tax profit of TWD 2.17 billion for 2022. Earnings per share was TWD 0.1. Consolidated shareholders' equity at the end of 2022 was around TWD 212.1 billion. Book value per share, TWD 13.41. Our subsidiaries maintained positive business momentum for the past year, which will be covered later in the presentation. I would like to highlight that Shin Kong was selected again as a constituent stock of DJSI World Index in 2022, and this has reflected the company's continued commitment on corporate sustainability development. Also, the company was recently included in Bloomberg Gender-Equality Index for supporting gender equality, diversity, and inclusion in the workplace. Page 10. FYP for 2022 grow 1.7% year-on-year to TWD 53.7 billion, securing a market share of 6.9%. Shin Kong Life product strategy aim to offer foreign currency policies and value-focused product which create stable interest spread, better asset liability matching, and CSM. FYP of foreign currency policies was TWD 41.3 billion, accounting for 76.9% of total FYP. FYPE reached TWD 19.3 billion, and FYPE over FYP was 35.9%, beating the industry average. As for cost of liabilities, it decreased four basis points year-on-year to 3.69%. Page 13 presents the overall view of Shin Kong Life's investment portfolio. Investment return for 2022 was 3.21% due to lower capital gains from equities and fixed incomes amid global market volatility and mark-to-market loss on investment property. The breakdown of investment returns for different asset classes were real estate, net of fees, 0.6%. Mortgage recovery loans, 1.9%. Policy loans, 5.3%. Overseas investments, 3.5%. Domestic securities, 3.2%. Cash, 1%. Page 14 shows the portfolio of overseas fixed incomes. At the end of 2022, overseas fixed income topped TWD 2.3 trillion. Funds were mainly deployed in investment-grade corporate bonds. As a result, corporate bonds accounted for the largest share, representing 48.7% of the total, followed by international bonds at 26.3%. Government bonds accounted for 24.7%. Over 19% of the overseas fixed incomes position was deployed in US dollar-denominated bonds. You may also have a look at the chart of the overseas fixed income portfolio by region in the upper right corner. North America and Europe accounted for the majority of overseas fixed incomes, showing combined share of 62.6%. Page 16. The pie chart on the left-hand side shows the mix of hedging instruments. At the end of 2022, hedging ratio was 82.4%, including CS, MBS, and naturally hedged foreign currency policies. CS and MBS accounted for 53% and 47% respectively of traditional hedges. Hedging cost was 27 basis points for the past year. The balance of Foreign Currency Volatility Reserve reached TWD 27.3 billion. In order to better control hedging paths, Shin Kong Life will flexibly adjust the hedging ratio by using the proxy basket and continue to promote foreign currency policies. I will now hand over to Isabella, who will take you through the results of Shin Kong Bank and MasterLink Securities. Thank you, Scott. Please turn to page 21. Shin Kong Bank delivered a stable performance in 2022 with good momentum and solid asset quality. Driven by moderate loan growth and rate hikes, net interest income grew 8.8% year-on-year to TWD 13.7 billion. Net income fell 7.3% year-on-year to TWD 3.2 billion on the back of decline in wealth management fee. Provision expense decreased 40.7% year-on-year to TWD 870 million, reflecting good asset quality control. Consolidated net income reached TWD 6.9 billion, up 4.7% from a year earlier. Page 22. The bank's loan balance grew 4.7% year-on-year to TWD 754 billion. Consumer lending grew 4.8% year-on-year, representing 62% of the loan book. Unsecured consumer loans and other consumer loans decreased 13% and 11% year-on-year respectively. For lending, technical loans remained a core focus and grew 4.3% year-on-year. Page 23. Net Interest Margin and Net Interest Spread for the Q4 came down to 1.15% and 1.56% respectively, due to upward pressure on funding costs caused by rapid rate hikes. However, the bank managed to enhance its annual Net Interest Margin by 2 basis points year-on-year to 1.26% and the annual Net Interest Spread by three basis points year-on-year to 1.68%. Page 25. Wealth management income for the past year was around TWD 2.6 billion, which was similar to 2021. The fee income from mutual funds decreased 2% year-on-year as clients were sensitive towards market volatility. As a result, the bank continued to grow the contribution from bank insurance, overseas security and structured products. Page 26. Asset quality remained solid with the NPL ratio at 0.12% and coverage ratio higher than 1,000%. Both ratios were better than the industry average. Page 29. National Securities generated a brokerage income of TWD 4.9 billion for 2022, which was down by 29.7% year-on-year due to lower daily turnover in the stock market. Prop trading business turned to profit in the Q4 and consolidated net income was TWD 362 million for 2022. That concludes the presentation for today. Moderator, please start the Q&A session. Thank you. Ladies and gentlemen, we will now begin our question and answer session. If you wish to ask a question, please press star one on your telephone keypad and you will enter the queue. After you are announced, please ask your question. Should you wish to cancel your question, you may press star two. Thank you. Now please press star one on your keypad if you would like to ask a question. Thank you. If you would like to ask a question, please press star one on your telephone keypad. Thank you. Now, our first question is coming from Jenny Huang of JP Morgan. Go ahead, please. Yeah, thanks for the presentation and taking my question. Two questions from me. First one is, could you share some color about the unrealized gains or losses for the equity portfolio and also the fixed income portfolio at Shin Kong Life, as of Q4 last year? Also, if there is any disclosure regarding how the unrealized situation for the Hong portfolio that being reclassified in the Q4 last year, how the unrealized situation has been migrating, because that part is already in the amortized cost portion. Second question is on the bank side. Can you share some color in terms of how you expect the Shin Kong growth momentum would look like for this year? Also, on the trading side, should we expect 2022 as more normalized level for we to refer in terms of the forecast for this year? Thanks. Thank you, Jenny. For the first question on unrealized gain side, as of the end of last year, we still have around TWD 50 billion, right, as the loss of SKL. About 30% is in equity positions, right? Among which 70% is on the bond portfolio. As you also mentioned, most of the bonds has been reclassified. The remaining portion are largely ETFs because ETFs, according to IAS 39, cannot be classified as the amortized cost. IFRS 9 cannot be classified as amortized cost. That's why it still remains in the OCI position and still carrying some of the mark-to-market loss. About the reclassification part, we reclassified most of the bond portfolio, and TWD 38 billion was removed from the OCI positions and now is accounted into the AC positions, which is not shown in other comprehensive income. For the same accounts momentum, I would say we have a relatively positive view on our business for wealth management. For the others, I would say last year it was also challenging to grow in the loan side. As the Chinese sessions, Scott Lee has shared with you that some restructuring effort was made. We will focus a little bit more on the smaller sized retail loans and also the SMEs. I think both segments can contribute into the growth of the loan income as well. Well, I don't have a very clear guidance on that, but we are maintaining on a relatively positive view on the growth both on the loans and on the wealth management for the bank. Should we, say at least positive income growth for 2023 as your target? Yes. Yes. Definitely. Oh, I see. How about the investment trading income for Shin Kong Bank? Thank you for the reminder. For 2023, I would say. Well, also as we discussed in the Chinese session, I think the spread between US policy rates and NT's policy rate will remain high. That means, it will not be easy for the bank to be able to harvest anything like capital gains from the bond portfolio. That will also put out some pressures on the bank's capital gains side. Well, relatively helpful for the bank to invest in new bonds. Again, that's slow and smaller. While we can still see some pressures on the difficulties managing the capital gains this year. I will remain say probably relatively conservative in terms of giving you any guidance on the improvement of bank trading position. I see. Thank you. Thank you. Thank you. If you would like to ask the question, please press star one on your telephone keypad. Thank you. We are now in question and answer session. If you would like to ask the question, please press star one on your telephone keypad. Thank you. If you would like to ask the question, please press star one on your keypad. Thank you. I believe we have a very comprehensive discussion in Chinese sessions. Thank you for your questions in the English sessions. If there's no further questions, let's close the meeting now. Thank you, Mr. Lee. Ladies and gentlemen, we thank you for your participation in Shin Kong Financial Holding Company's conference call. There will be a webcast replay within an hour. Please visit www.skfh.com.tw under the Investor Relations section. Should you have further questions, please don't hesitate to contact the IR team of SKFH by phone or by email. You may now disconnect. Thank you and goodbye.