Welcome, everyone, to Shin Kong Financial Holding Company's 2024 third-quarter 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. Webcast replay will be available within an hour after the conference has finished. Please visit www.skfh.com.tw under the Investor Relations section. Now, I would like to introduce Ms. Isabella Wang, IR Team from Shin Kong Financial Holding Company. Ms. Wong, please begin. Good afternoon, ladies and gentlemen. Welcome again for joining Shin Kong Financial Holding 2024 third-quarter results conference call. Before we begin, please allow me to introduce the management team who are here with me this afternoon. Here in the meeting room are Stephen Chen, President of Shin Kong Financial Holding. Judy Lin, CFO of Shin Kong Financial Holding. Vicky Lu, Vice President of Shin Kong Financial Holding. Han-Wei Lin, Chief Actuary of Shin Kong Life. Stephen Wong, Executive Vice President. Stacy Chen, Senior Vice President. Monica, member of our IR Team. The presentation we're about to go through was sent out two hours ago. You may download it from our website or participate through the webcast. Now, please turn to page four. Shin Kong Financial Holding recorded consolidated after-tax profits of TWD 19.7 billion for the first nine months of 2024. Consolidated shareholders' equity increased 6.4% quarter on quarter to TWD 287.5 billion. Book value per share at the end of the third quarter was TWD 16.1. Our subsidiaries maintained solid business momentum during the past quarters, and more details will be covered later on in my presentation. I would also like to highlight that Shin Kong Financial Holding was awarded AAA, the highest level in the MSCI ESG rating. The company also won numerous prizes in the TCSA and GCSA awards this year. So all of these honors demonstrate our efforts in the ESG field. Page 10. First-year premium for the first nine months increased 20.5% year-over-year to TWD 36.4 billion, representing a market share of 6.2%. Shin Kong Life focuses on providing foreign currency policies and high-CSM products, which creates stable interest rates, better asset liability matching, and CSM accumulation. The sales of foreign currency policies was $19.9 billion, accounting for 54.6% of total first-year premium. FYPE grew 3.7% year-over-year to $14.7 billion, and FYPE over FYP was 40.4%, beating the industry average. Page 11. CSM serves as an important profitability indicator under IFRS 17, as we have guided the market. Shin Kong Life has been selling protection products, health insurance, riders, various high-CSM products to accumulate its CSM balance. The company's top priority is to accumulate CSM of $30 billion per year since 2020. The table on the lower left corner demonstrates Shin Kong's achievements on CSM over the past few years. As you can see, CSM for the first nine months of 2024 grew 8% year-over-year. The table on the lower right corner shows that the CSM contribution from protection type, health insurance, and riders was 89%, remaining at a high level. Page 14 presents the overall view of Shin Kong Life's investment portfolio. Total investment was around TWD 3.5 trillion at the end of the first nine months. Annualized investment return after hedging for the first nine months increased 88 basis points year-over-year to 3.92%, mainly contributed by higher realized capital gains from equities compared to the same period last year. The breakdown of investment returns for different asset classes were: real estate 2.5%, mortgage and corporate loans 2.5%, policy loans 5.3%, overseas investment 2.6%, domestic securities 9.6%, and cash 1.8%. Page 15 shows the portfolio of overseas fixed income. At the end of September, overseas fixed income position was around TWD 2.3 trillion. The funds were mainly deployed in investment-grade corporate bonds, and the portfolio remained similar to that of the previous quarter. More than 90% of the overseas fixed income position was deployed in U.S. dollar denominated bonds. As for the bond portfolio by region, North America and Europe were Shin Kong Life's investment focus, accounting for a combined share of 65.2%, similar to the level of the previous quarter. Page 17. The pie chart on the left shows the mix of hedging instruments. At the end of the first nine months, hedging ratio was 82.7%, including CS, NDF, and naturally hedged foreign currency policies. Annualized hedging cost went up to 145 basis points on the back of strong dollar appreciation. The balance of foreign currency volatility reserve amounted to TWD 20.7 billion at the end of September. So Shin Kong's annual hedging cost is targeted below 150 basis points for 2024. Moving on to page 21. Shin Kong Bank sustained its growth momentum in the third quarter. Net interest income grew 8% year-over-year to TWD 10.3 billion on the back of net interest margin expansion and decent loan growth. Net fee income grew 32.6% year-over-year to TWD 3.3 billion, mostly boosted by the increase in wealth management fee income. The bank's pre-provision operating profits reached TWD 7.6 billion, which was 4.5% higher from the same period last year. Consolidated net income grew 5.5% year-over-year to TWD 5.5 billion. Page 22. The bank's loan balance was TWD 848 billion at the end of the first nine months, which was 5.1% higher year to date. Consumer loan book rose 4.8% year to date to TWD 522 billion, representing 62% of the loan portfolio. Unsecured consumer loans and other consumer loans increased 7% and 21.6% year to date, respectively. We expect to see mid-single-digit loan growth in 2024. Page 23. Driven by higher loan-to-deposit ratio and improved fund utilization, net interest margin increased 2 basis points quarter on quarter to 1.25%. Net interest spread edged down 1 basis point quarter on quarter to 1.58%. Given the current market condition, we expect four-year net interest spread to stay similar to the level of 2023 and net interest margin to go up. Page 25. Wealth management income increased 31.9% year-on-year to TWD 2.7 billion, thanks to surging sales of mutual funds and bancassurance products. The four-year wealth management income is expected to exceed the yearly guidance with a double-digit% increase. Page 26. Asset quality remained robust. NPL ratio and coverage ratio were 0.12% and over 1,000%, respectively. Both ratios surpassed the industry average. New NPL generated in the third quarter was merely TWD 466 million, accounting for less than 0.1% of total loans. Page 28. Driven by the increase in average daily market turnover, brokerage fee income for the first nine months grew 39.2% year-on-year, making the brokerage income reach $5.3 billion. MasterLink Securities also capitalized on market trends to enhance its investment income, and the after-tax profit amounted to $2.9 billion for the first nine months. So that pretty much concludes the presentation for today. Now, I would like to proceed with the Q&A session. Yes, 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 keypad, and you will enter the queue. And 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 key and number one on your keypad to ask the question. Thank you. Please press star one on your keypad if you would like to ask the question. Thank you. We are now in question-and-answer session. Please press star one on your keypad if you would like to ask the question. Thank you. Now, we'll have the first question, Jemmy Huang, JP Morgan. Go ahead, please. Thanks for the presentation. Just one question from me is for Shin Kong Life. For the IFRS 17 adoption, have you already decided which year is the cut-off date before which you will use the fair value approach and after which using the modified retrospective method? Thanks. I think we still have time to consider and make decision on the answers, so I think you'll be more clear probably in the first half of next year. Thanks. And maybe a follow-up is, I think, from most of other life insurance companies' comments. Most guidance is that on the day one of 2026, the pro forma equity value probably will be down slightly, and many just trying to build up the CSM for the future year. Not sure if it will be the similar case for Shin Kong Life as well, that the pro forma book value or equity will only be down slightly on the pro forma basis. Thanks. Well, I think right now, the fair value of liability is we have plus numbers. I think most companies have that because the interest rate has been higher than before. And we also need to consider the negative side is the percentage of the AC assets from AC to OCI because that will cause some loss. And also, how much CSM you want to have on the first date, as well as maybe you want to put something into the foreign currency volatility reserve. But I think all of that will not keep the current net worth ratio at least the same. It won't be lower than the ratio right now. And plus, if the CSM can be added to the net worth ratio after 2026, we have accumulated at least more than TWD 100 billion, plus CSM from previous years. That will also add the ratio, increase the ratio more than 2.5% from the current level. The ratio you mentioned is the regulatory requirement for equity to asset ratio? Yes, yes. I see. Thank you. Thank you. If you would like to ask the question, please press star one on your telephone keypad. Thank you. We're now in Q&A session. If you would like to ask the question, please press star key and number one on your keypad. Thank you. As a reminder, please press star one on your keypad if you would like to ask the question. Thank you. Okay. If there's no more question on the table, I think we can call it a day, and thank you for everyone's participation in this conference call. Yes, thank you, President Chen. And 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. And 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. We thank you and.