Good morning, and welcome. It is always a wonderful pleasure and an honor, frankly, for me to present our results. The results this morning are for the full year to June 30, 2026 of our group Discovery. At the outset, it has been a really tremendous year. I want to thank our team, all of the Discovery people, Vitality people globally. It has been a remarkable year with a huge amount of work. I hope that comes through clearly in the presentation of the scale of what you have achieved. So thank you for that. Let me start by being clear. It has been a strong year. This is in fact the second year of our five-year cycle from 2025- 2029 inclusive. It has been a strong year financially. You can see normalized profit up 17%, normalized headline earnings up 21%. I think hopefully more importantly, you will see the strategies embedded in the group. The two composites, I think, are quite unique and powerful. In fact, they are rolling out just in a few weeks' time. I hope you will see that through the presentation. Just to make the point, we have followed, I think, a very coherent strategy, in a very disciplined way, based on our purpose of making people healthy and enhancing their lives. That has in fact intensified across the group through our model. We have navigated carefully an environment, a macro environment, of considerable complexity. Two really disruptive forces, AI, which I think you will see is kind of ubiquitous throughout the group, and you will see that clearly, and kind of macro geopolitical rupture, creating some volatility that creates complexity. I think we have navigated that well. We have interpreted the trends that affect our industry, I think appropriately, and evolved our business model in the appropriate way as you can see, manifesting in two business composites, Discovery South Africa and Vitality Globally. Both are focused in their markets in the right way. I hope I make that clear to you. Then finally, manifesting in a financial framework and a capital allocation methodology we believe is rational and appropriate given where the organization is at. The results have many different dimensions to them. I would like to show you three slices in a sense of what we have done over the year. The first is financial results and the framework. An organization that is growing strongly, generating cash, deleveraging, but building at the same time platforms for future growth. Secondly, a focus on our Vitality shared value business model, make it more effective, focusing on efficacy, its relevance, but making sure critically we can manage and demonstrate the effect on customers, which we call alpha. Shareholders, we call alpha. Customers, which we call EX, and I will talk about that later, and the societal effect of the model. There has been considerable performance development and the ability to demonstrate very clearly. Then finally, I would like to take you through the business strategies, the two composites, Discovery and Vitality, and illustrate carefully how both are focused carefully in their markets with the right strategy. Let me start with the financial results. You will have seen them at a high level. Just to make the point, we have, I think, a very disciplined financial framework and rational capital allocation process. Where the group is at this point in time is a high rate of growth, a high intrinsic rate of growth. It focuses on growth, cash generation through a high conversion rate, and then a clear, rational approach to allocating capital between dividends to shareholders, leverage, and of course, investment in new initiatives. Finally, the result coming out of it is return on equity. Our focus is, of course, on growth and on cash conversion. You can see in the slide the framework that we gave, the intention that we tried to achieve over this five-year cycle. A growth corridor of 15%-20%, a cash conversion ratio of 60%-70%, a careful focus on new initiatives, not spending more than 5% on new initiatives, leverage in the 10%-20% range, and importantly, dividend cover. It has been 5x cover, bringing that down over time. ROE, we are going from 15% climbing up higher over the period. The period under review, I think, has been remarkably strong. Firstly, just to talk to the actual macro environment, I made the point AI you will see is ubiquitous across the organization. The actual macro environment has been very complex, but one that I think we have managed well. There are a few themes. There are many moving parts. To make the point, primarily the rand appreciating created some pressure on our earnings because, of course, we report in rands, and our earnings in foreign currency come down. The effect of that is kind of a 2% reduction, and I will talk more to that. The effect of long-term interest rates in South Africa coming down with inflation coming down has meant an appreciation of the present value of assets of store value. You will see that coming through. We had a reduction in the yen that affected our global business, and I will take you through that later. Generally, something I think we managed well. We have run our organization according to seven distinct risk principles, and I think they played out very well, and I think we have managed the volatility well. The group is resilient, and I think different parts of the group, as they play out, illustrate that within reason, despite volatility, the earnings growth is in line with what we expected to achieve. Not a simple environment, but one that I think we have managed well. So get to the operating profit. First, you can see the operating profit grew 17%, to just over ZAR 17.75 billion. I think that is a very strong growth. You can see graphically over the last number of years just how quickly the organization has grown. Again, to make the point, we are in the second year of this five-year cycle. I think we are very pleased with how the organization has performed. It is the first time, and I think it is a milestone, that the operating profit has exceeded $1 billion, which is an important milestone, I think, quite symbolic in a sense. If you look at the actual detail on the slide, it kind of illustrates the two composites, Discovery South Africa growing at 16% in the high end of the range, Vitality growing at 21%. It would have been 26% on a like-for-like currency basis, but very happy with that performance. The two together create the 17% growth of the group. If you cast your eye over the actual slide, you can see the South African composite performed remarkably well. Our big businesses, Discovery Health, Life, and Invest, all performing strongly. Excellent performance from Insure. You will see that later in the presentation. The bank really turning strongly to profitability and exceeding our expectation, giving the 16% growth in total. Globally, the global business is broken up into the U.K., Ping An, and Vitality Global Markets. That now brings all of our focus outside of the U.K. into one business and outside of Ping An. You can see the U.K. performed remarkably well, and really you will see in the presentation just how the model, the Vitality shared value model, has played out in that regard. Ping An also performed well. Again, the currency effect on all of these. Vitality Global Markets is a very important business. The yen depreciation over the period affected a contract asset in Sumitomo Life, and given the size of the earnings, it did have that effect on earnings. You will see how we are dealing with that going forward. Bring it all together, you can see how the earnings has played out. We are investing considerably in Vitality AI and excited about what it can do, and that is an important part of our strategy going forward. That is kind of a breakdown of the operating profit. You will see the detail in the presentation. On the new business side, new business of the insurance businesses grew by 6%. Of the non-insurance businesses, we look at total income growing by 10%. It is kind of a tale of a number of different cities. You can see South Africa robust growth of 8%. The big business is growing, I think, very competently. You will see that in the presentation. Vitality U.K. had an exceptional period, 14% up. Ping An Health coming down 6%. If you followed us at the interim period, we explained one of the big developments at the interim period was that Ping An Health lost the use of the Ping An Life distribution channel, which was in fact half of its channel at that point in time. We were expecting a bigger hit than 6%, but the team has done a remarkable job in terms of diversifying both product and distribution channels, and we are very happy with that result. On the non-insurance income, you can see bank grew by 31%. Health insurance products, Flexicare, gap cover, grew 30%, which I think is remarkable. Vitality Global Markets hit by the yen, declining 10%. You will see the detail a bit later in the presentation. The quality of the group, I think is demonstrated well in the embedded value. Just bear in mind, the embedded value does not cover many of the uncovered businesses, the bank, our global businesses, et c. But I think it provides a very good illustration of how the group is progressing. The return on embedded value, 14.1%. The total growth in EV to just under ZAR 143 billion, as you can see. But if you look at the actual components of the embedded value, I think it is very pleasing. The VNB grew by 31%. The unwind of the discount rate, very strong non-economic experience variances of a positive nature added over ZAR 2 billion, up 33% from the period, illustrating the quality of the group and illustrating we are performing ahead of actual assumptions. And then interestingly, the profit from non-covered businesses from the bank and the other issues coming through very strongly. The actual capital value and the equity value of these businesses is not in the EV, but you can see the profit comes through into shareholder value. What is an interesting observation is in fact, that profit is actually higher in quantum than the VNB. So it is actually adding more to the embedded value, and I think that is an important dynamic. You can see that creates an operational EV up to ZAR 146 billion. The effect of lower rates of interest added ZAR 6.3 billion to the embedded value. But the Forex effect nearly took out ZAR 4.8 billion. When you bring it all down, you get to the 14.1%. I think it is a good growth rate, but I think it illustrates the quality of how the group is evolving. The other important measure is just cash generation. The operational cash flow was excellent over the period, up 26% to just ZAR 11.3 billion. You can see that in the left hand chart, that very, very strong growth. Importantly, you can see the cash conversion ratio far ahead of our expectation. We had our cash conversion ratio in the 60%-70% area in our corridor around what we set out to achieve. You can see the cash conversion at 85%. You can see the ZAR 11.3 billion. We used that cash to pay dividends, finance costs. We repaid additional debt, leaving us with ZAR 3.6 billion of net cash flow over the period. The manifestation, in terms of the group's capital position, is very, very favorable. We are in a very strong capital position. That makes us resilient. It gives us optionality, and I think that is important. You can see the strong cash conversion. You can see that all of our entities are well capitalized, and you can see the leverage is coming down nicely on a like- for- like basis. Leverage came down to 12.8% in the very low part of the range. We acquired our head office, and we did that by raising debt and acquiring the assets. So if you count that debt, it takes the leverage up to 15.4%. Even with that, it is a reduction. Bear in mind, the lease obligations was kind of the same risk anyway. So on a like for like basis, the 12.8% I think is important, but even if you add in the building, it does not do anything dramatic to the leverage ratio. Again, very much in line with where we would like to be. The effect of all of this can be seen on the face of the income statement. I am going to make just a few basic comments about how the gearing works, because I think as the group grows, just on an intellectual level, we would like to see the bottom line grow faster because the finance costs are hopefully stable or going down. You see the effect of that. Operating profit up 17%. You can see the finance costs have come down on account of two things. One is a lower cost of financing. I think our team did a great job in optimizing the debt structures. But in addition, we reduced debt. We have paid down, I think, ZAR 3 billion of debt over the last year. So you see that coming through. The other is just the accounting treatment of the lease termination. Kind of there is an asymmetry between the asset, the use of the building asset, and the actual obligation of the lease. That throws out a once off release of ZAR 1.463 billion, as you can see. The sale of our CMT asset, partial sale added a further ZAR 211 million. When you bring it all together, you can see profit before tax up 35%, as opposed to the 17% profit from operations. The effective tax rate slightly down, bringing profit after tax up 38%. When you add all the headline earnings adjusters, you get headline earnings up 34%. When you make the adjustments to normalize headline earnings, for example, taking off that once off lease termination, normalized headline earnings up 21%. Really, I think the recon is really the normalized profit from operations up 17%, and normalized headline earnings up 21%, as I said at the outset of the presentation. Given the scale of the group, given the cash generation and the strength of the group, we have made the decision to drop the dividend cover from 5x down to 4.5x. Therefore, the dividend payable is simply a mathematical derivation of that. Total earnings divided by 4.5, minus the interim dividend. That throws out a dividend of ZAR 2.73 per share, a final dividend, which is a 36% growth. The full year dividend adding the interim is ZAR 3.84. Total dividend is ZAR 3.84 per share, a 33% growth. If you add it together, you will find it is a total of a 4.5x dividend cover. We are very pleased that the dividend growth illustrates the strength of the group and the strength of the cash generation of the group. In summary, from the financial results, as I said at the outset, I think the model we are using is absolutely appropriate given where the group is at. The priority is on growth and cash conversion, and then a very rational allocation of capital. You can see in the table the targets we set, just transposing that model into a vertical table. You can see the targets that we set in the five-year plan. FY 2025, I think we performed remarkably well. A lot faster growth than we expected. But you can see all the other metrics in 2025 very much in line and directionally correct. In FY 2026, an excellent performance. The profit inside almost mid-range of the target. Cash conversion dramatically better. Spend on new, lower. FLR coming down quite substantially. Dividend cover now coming down. The return on equity jumping by just over a percentage point to 16.5%. That will come up over time as the bank obviously generates profitability, but it was mitigated by the IFRS 17 release of profits from the life companies. If you look at where we are heading, the group is strong. We really have increasing confidence that by the end of 2029, we should be at the middle to the upper end of our earnings range around the growth corridor. Confident of that and the cash generation, giving us, we think, strong optionality. So, a strong set of financial results we are very pleased with. I want to talk a bit about the business model, if I can. It is a fundamental issue. It is core to our purpose, but it is fundamental around what we are doing, our competitive advantage, and our ability to add value to all stakeholders that we serve. Fundamentally, we are trying to get to a point where the business model is repeatable, scalable, understandable, but measurable in the distinct areas to shareholders. The idea of alpha that we started speaking about last year at the last results presentation. Also understanding how it fits customers, lifespan and healthspan, the ex-actuarial concept of life expectancy. Then society, the societal effect. We need to understand that, measure it, and demonstrate it, and report on it. I think that is very important. I thought maybe just as a slight digression, if I can, I wanted to just explain at a higher level, at a macro level, our belief in the relevance of the business model and what we are doing and what our industry can do at scale. Just understand the complexity of the funding of healthcare at a global level. There are some fundamental things taking place. The first is just depopulation. Fertility rates around the world have come down dramatically, and therefore all countries are depopulating. In fact, the only country, to my understanding that is not, the only countries are sub-Saharan Africa and the U.S. with immigration. Most countries are depopulating, and you see that on the left-hand side with the aging of populations. The proportion of people above 65 is climbing. This projection works on five, 10, 15 years. It is actually not that far out into the future. By the end of our planning cycle, we are kind of in some of these tomorrows. It actually is very important. Firstly, aging of populations. The effect of that on the second chart is that as people get older, chronicity creeps in, and therefore healthcare costs tend to rise. You can see that dramatic increase in healthcare costs based on age. That is kind of an actuarial derivation. Crudely, just a heuristic, people over 65 consume three and half times the healthcare of people under 65. The problem is to the third piece of it, is that the dependency ratio, the working age people to pensioners, is going down. Healthcare systems are funded by the tax base, by workers funding the entire healthcare system. You get to a point here where if the same number of pensioners to working population, their tax burden becomes very, very hard to bear. You get this multiplication of difficulty. Then the final point to make, well-known in health economics, is the Baumol's cost disease. The economist, Baumol, spotted very cleverly that healthcare costs tend to rise always above CPI. Typically, CPI 3%- 5%. In healthcare, unlike other industries, technology does not bring costs down. We have never seen efficiency in healthcare. That may change with AI, but until now, what technology does, and that is excellent, it creates more things that healthcare can do, but it adds cost to the system. You have a commodity that is inflating above inflation. When you cross-multiply these things, you find that in five years, 10 years, 15 years, the actual healthcare burden on the tax base becomes incredible. The effect of that cumulatively by 2030 in these countries is 13%-25%. By 2035, 30%-57%. By 2040, you see that 50% to doubling. It is quite remarkable. The combined effect of aging populations with the cost of healthcare creates an unassailable or an incredibly difficult and vexing problem. It turns out one of the only ways we can affect that is to make people healthier. When you do the analysis, it turns out that compressing morbidity is the most powerful thing. Lengthening lifespans on its own is not as helpful. We need to lengthen lifespan but healthspan at the same time. That is exactly what we are doing and trying to do at a systemic level. The health insurance industry, the life insurance industries have such considerable scale. They will become more relevant over time. Health insurance is likely to grow when you do the analysis. Importantly, these are industries that are completely aligned to customers. When customers are healthier, they do better. At scale, these are industries that cover billions of people. The ability to do that, to bring down costs and make people healthier, is real. On the right-hand side of the chart, you will have seen this analysis from me many, many times. The causal effect of behavior change is so dramatic on lifespan and healthspan that it is an easy payback. It is one of the only things that can bring down this burden. Expect these kind of forces to accelerate and expect our industry, hopefully, to metamorphosize over time. We are focusing hard on trying to make that transformation where we are into an industry that is not just transactional, but making people healthier. That talks to the micro focus of our group on our model. As I said before, shareholders, customers, society, how the value chain has played out. The Vitality model has evolved from kind of a simple Vitality structure attached to an institutional business, to a complex structure now with Google. We are working on hyper-personalization, understanding the value chain completely from pricing, behavior change, optimized retention, to sharing incentives in the right way. A hyper-personalized way that gets behavior change and creates the right form of economics. You should be able to measure these things in three distinct issues. Alpha, the excess returns that shareholders get through the effectiveness of the model. EX, the added lifespan and healthspan that individual customers get by engaging in the model. Thirdly, SX, society, the positive societal impact arising from compressing morbidity. Those things should be completely and totally measurable. What is exciting is, in this particular year, I think the ability to illustrate Alpha, EX, and SX has been remarkable. It has been a remarkable period to illustrate how powerful the model has worked. We began publishing the Alpha coefficient last year, and you can see across the screen all of our different businesses in the 25 year. That continued in 2026, and in fact, in many cases got stronger. In the case of the U.K., you can see the internal rate of return on new business up to risk-free plus nearly 10%, operating margin up to 19.2% in Vitality Health. Ins ure, the margin really came up to nearly 15%. In Discovery Life and Invest businesses, slightly down on last year. There was a business mix change, but still excellent return. In the Discovery Health Medical Scheme, the Alpha really is the cost of healthcare. It is not a for-profit entity. We will measure that at the end of this year going into the 2027 year, but our expectation is not very different from close to 18% cost per benefit, per unit of benefit difference to the average in the market. You will see in the bank, the mathematics, we believe, will bring the cost-to-income ratio down very quickly. It has just broken even and made a profit. This is an early time, but the mathematics look very clear. The point to be made here is you can see, throughout the group, the effect of the model of better pricing, of better behavior change, of selective lapsation, positive selective lapsation, and volume scaling it in terms of excellent new business and the scale of the group. Importantly, at the individual level, to individuals, we are making effect on the individual's life, how they live, their healthspan, their lifespan, how they drive, how they manage money. That is important. You can see it in a combined effect in the excess claim savings that were achieved across the group. In fact, over this financial year, ZAR 2.2 billion of excess claim savings came through. You can see the distribution of it on the slide. It is quite remarkable. I think Discovery Life, over ZAR 1 billion. In the U.K. combined, nearly three quarters of a billion. Insures' excess claim savings or the claim savings, the area of claim savings, nearly ZAR 500 million. I made the point about the bank, and the Discovery Health Medical Scheme. It is a remarkable performance, and I think that is a theme that came through over the entire construct of the year. The EX is very much intact, and this is evidence strongly of the effect we are having on individual customers, and that gets back to our purpose. From a societal perspective, we measure very carefully and report accurately in our ESG reporting exactly the effect we have on people. What we are seeing over the year, 54 million lives affected through us and our partners. We measured 725 million healthy activities, and our actual analysis illustrated that we saved over 5 million life years, which is quite remarkable. We gave back ZAR 17 billion in value through the shared value model, so through premium reductions, cashbacks, paybacks, benefits, et c. It is a remarkable kind of illustration of shared value. What is important to point out, it is interesting. It may be coincidental, but I think a wonderful illustration of the balance of the model. The operating profit of the group was ZAR 17 billion. The shared value given to customers was ZAR 17 billion. To an extent, kind of the two stakeholders, shareholders versus customers, an equality of value, and I think that is very powerfully important. The model really is getting considerable traction, and you now see it evidenced in the results under review. We continue to evolve the model. I think the step into sleep and making sleep a critical component of this next generation of Vitality has been incredibly successful. Using all of our data, we understood the causality effect of better sleep, 7% lower hospital claims, 24% reduction in mortality. The way the team has rolled out the sleep benefit and will be rolled out globally has been absolutely, I think, tremendous. You can see from the graph the take-up of sleep has been faster than any other benefit we have rolled out. Far faster than Active Rewards, which has been probably one of the most successful things I think we have done in terms of changing behavior. Sleep has been even faster than that and will over time architect into exactly the same form. Already, 16% of our members have reported improved sleeping habits, and I think that is, of course, incredible. The model is getting considerable traction, and I think we now have the ability to evidence it in exactly how it plays out in the various constituencies. I want to turn to the businesses and give you an inkling on the business strategy. I will make comments, hopefully at a high level, on the different businesses but give you an insight as to where we are going. The two composites I think are incredibly well positioned. There are two distinct derivations of the Vitality shared value model that are going to play out. We have worked hard over the year to build them, and they get continued attention and focus. In the case of Discovery South Africa, the power of the idea of the super bank strategy. The super bank is really forming and will be launched in October, and that is a big step. A second phase, I think, in the evolution of Discovery Bank. Then Vitality AI. We launched it in London with Google late in the calendar year, so kind of towards the end of H1. We are now launching New York in two weeks' time. Just considerable more intensity around Vitality AI, getting it to partners, and getting it to prospective partners. These are two very important derivations of the Vitality shared value model that we hope will take us into a very different space. Let me talk to each of the composites. Firstly, Discovery South Africa had a tremendous period. Earnings up 16%. I made the point, and you will have seen that our corridor of intended earnings is 12.5%-17.5% growth. At 16%, we are in the upper end of that band, so I think a very good performance. The businesses are all remarkably strong. The strategy over this five-year cycle is three pieces. One, scale the bank to excellence and leadership. Two, make sure all of our Discovery businesses are growing and are leaders in their category. Three, the super bank strategy. Pull all of this into an integrated architecture on the face of the bank. That is what we set out to do. I think the progress in this period has been absolutely tremendous. The bank itself has performed ahead of expectation. You can see on the face place of the slide, very strong growth, total clients up 26%, deposits up, gross advances up 40%, revenue up 31%, as you can see, considerable growth in revenue and profit now flipping very strongly and that kind of growth in profit mathematically we expect to continue. If you look at the different dimensions of the bank, growth, quality, efficiency, all I think are exceptionally good and really talk to the hypothesis behind the bank. Shared value, digital, full service bank, and then ultimately integration, which talks to the super bank strategy. If you look at growth, daily sales continue to climb, now to over 1,500 per day. You can see the quality of the advances book, the home loan book, fully 80% or 90% of it is prime plus or super prime, which I think is obviously important. The credit loss ratio stays low. Very interesting on the servicing side. The use of AI technology has been tremendous in this period. You can see the kind of servicing load, the second graph from the left, was fully voice call in January 2025. You can see now that AI has taken over more than 50% of it. It is quite remarkable, and other bits of technology in that calling, which is where we are moving with the bank, has taken up a lot of it, and voice call is now a small piece of it. Allows us now to grow the client base significantly while keeping the call volume flat. Again, talking to efficiency and importantly, quality of service to our clients. Effectively, the bank is a very complicated business. Extremely complicated, but the profitability actually, as we have showed before, is arithmetically quite easy to calculate. It is client growth, number of clients, times the profit per client. The profit per client is revenue per client, less expenses per client, less impairments per client. That effectively gives us the profitability. The important point is I think that the three issues here, shared value, which gets a better level of impairments, better growth, better behavior, better revenue people come through. The full services nature means that people are buying a lot from the bank driving NIR and NII. The digital nature of the bank, giving a fixed cost base that now is largely fixed with some variability but remarkably efficient. You can see that in how the expenses are coming down as we grow. So you get this strong growth, flat revenue, flat impairments per client, reducing expenses. That creates a mathematically geared effect, as you can see in how the profit has turned around and has given us confidence that we can achieve the ZAR 3 billion profit target before acquisition costs by 2029. That is the ambition and how we are progressing with an increasing comfort that in fact, is achievable. So to an extent, I would put it to you that the bank kind of is finished its first phase of evolution. Now profitable. Client receptivity is quite remarkable. We thought we would show you this. The ASK AFRICA survey came out, I think, a few days ago. Again, we ranked number one in banking. Number two in private banking, which is quite remarkable. But if you look at NPS scores compared to others, dramatically better. So the bank from a profitability perspective, from a dynamics perspective, is performing, I think, incredibly well. The client receptivity is remarkable. So it is in a very strong position. Thank you. It is in a very strong position, as I think you can see. The way forward is really the case for the super bank. Just bear in mind, it is an amazing statistic. Nearly 70% of people joining the bank now are not Discovery members. They have no Discovery products whatsoever. The opportunity to bring them into the bank, to get them to engage in the bank, but of course, to get them to buy other Discovery products, because they all work together so well, is incredibly strong. In the middle of the chart, you can see, in fact, that if you superimpose the bank client base over the rest of Discovery, it is actually quite a small footprint. There are millions of members in the Discovery base that are not members of the bank. From both sides, the potential to grow is quite significant. We know on the right-hand side of the chart that as people integrate in our products, they integrate faster and more. Intellectually, the potential for growth is quite remarkable in terms of the bank. From a structural perspective, this is the opportunity. The bank in and of itself is now loaded with functionality. All of our businesses of scale are on exactly the same architecture. The Vitality shared value model that fit onto the face of the bank. We have considerable data and AI capabilities across the entire group of all of our customers. It provides a unique opportunity to create this platform that is different. A super bank that is different. A bank that is really not a transactional instrument, but an integrated control layer for customers' entire economic life. Orchestrating financial needs, health needs, ecosystem needs, and converting verified behavior change into real value that the clients feel. What you will see rolling out in October, conceptually, I am showing it to you, but the actual product will come out, is really I think advancement on three fronts. Value to customers on three fronts. One is kind of management functionality. As the bank grows its functionality and the ecosystems grow, you get this ability to access ecosystems from health to fitness, to travel, to fuel, to food, etc. That is what you will see. Kind of a cross-section of those, which creates considerable functionality, access management capabilities for customers on the face of the mobile. The second is kind of the bank is forming the rails of the group. To an extent, when you analyze the power of the bank, security, anti-fraud payment systems is actually the tool for all of the products. Again, going forward over time, whatever product you buy from Discovery, whether you are a bank account holder or not, you will be using the rails of the bank. That gives us the ability to offer you dramatically more value. Finally, and I think very exciting, is that we can exponentially drive shared value. What we are doing at the moment is on the vertical of that, of the right-hand side, is really the traditional Vitality shared value model. Vitality Drive health, money. People get discounts and incentives and rewards, and that is great. Bringing them together in a much more concerted way, much more consistent way, easier to understand and more powerful. Critically now, bringing the different products onto the face of the bank creates portfolio value. We bring the two together, you get kind of an exponential effect on shared value. You will see hopefully in October, I think significant enhancement to the benefits and the structures of the bank that drive that shared value. It really is forming into a very powerful composite maker. The year has been a busy one building this. The bank team has done a remarkable job, as have all of the businesses getting ready for this. You will see that play out in October. I want to make some comments on the South African businesses that performed well, and they are in very strong positions. Discovery Health had, I think, a remarkable period. Despite its scale, new business up 10%, normalized profit up 9%. You can see non-scheme lives gained 22%. I showed you the growth of new business earlier, massive membership under administration. What is interesting, and I do want to commend the Discovery Health team, is the complexity of managing the healthcare for nearly 4 million people is quite remarkable. Just bear in mind, the medical scheme population is largely static, given regulation, given minimum prices, etc. While the country is growing and getting younger, the medical scheme population is not. You have kind of a microcosm of that situation I showed you earlier about depopulation, aging. All that is taking place inside the medical scheme space. It is manageable, as I said before, by focusing on compressing morbidity. That is exactly what the Discovery Health team is doing. If you look on the left-hand side of the chart, it is quite remarkable. Over 10 years, you can see an increasing chronicity inside the base that we cover. Before, the number of people with chronic ailments was much smaller. Today, fully 33% of the members we cover have one, two, or three or more chronic conditions. The cancer prevalence has gone up 120%. The Discovery Health Medical Scheme has 46% higher cancer prevalence than the other schemes combined. It is quite remarkable. The fact is, it is the de facto standard. If you are sick, you want to be covered by the Discovery Health Medical Scheme. That is a good thing. That is what we do. You can see the scale of the problem. The way it is being managed is through all of the tools that we have spoken about, the Vitality Shared Value model, personal health pathways. You can see from the data the Discovery Health published, the effect of it, bringing mortality down by nearly 6% over the past 10 years. Dramatically better life expectancy for people living with cancer, up seven years over the last 15 years, better survival rates. Across the board, much better results coming out. Then a critical thing, the ability to keep filling up the scheme with new members. There is a natural lapse progression. Just to keep the scheme stable requires 280,000- 300,000 new lives a year. The ability to continue to do that and to have the power of innovation distribution channels, you can see that in effect in this period under review was in fact a record period. Over 310,000- 320,000 members joined the Discovery Health Medical Scheme. When you remove this complexity and you look above the water at the medical scheme, it just is calm and strong. It remains incredibly powerful. 57%, 58% market share, bigger than the combined sum of all the others. Customer satisfaction, you can see very little buyups and buydowns. People stay very, very stable. Less than 2% of people are actually buying down. People staying with what they have. The lapse rates remain very much in control. Solvency levels significantly above 25%, over 35%, ZAR 33 billion of reserves sitting in the scheme. You can see that while there is considerable complexity on managing healthcare of the individuals, the effect of all of the tools being used, from distribution, managed care, population management, Vitality personal health pathways, is having a remarkable effect on the stability of the system. So very well positioned going forward. Let me turn to Discovery Life. I think the primary thing to call out, robust operating profit growth up 6%. The primary thing to call out just is the remarkable mortality and morbidity experience. That drove growth. It drove cash generation. You can see the cash generation has been climbing significantly, but really a strong increase in growth, 67% cash conversion to just under ZAR 3.9 billion of cash. New business up 1% in total, but that was somewhat affected by automatic contribution increases. Inflation coming down, bringing that effect down. If you strip out the effect of inflation, it would be a 9% increase in new business. We should do more of that, but we still, I think, are above the 30% market share. But we must focus on that very carefully. Value of new business up 43%, driven primarily by low rates of interest. If you look at the actual build up to embedded value, you can see, I think, the quality of the business. The first piece on the left-hand side showing total experience variances up to ZAR 1.2 billion. As you can see, total non-economic experience is up ZAR 800 million. You can see the mortality and morbidity scale on the left-hand side, and you see policy alterations bringing it down. The policy alterations is a very important issue for us to manage. We have taken a number of steps over the year. Those are now built into the systems, and we expect that policy alt negative to come down quite significantly over the next 18 months. We hope the mortality profit continues. So we are feeling optimistic about how the progression of expected variances is likely to play out. You can see the improved VNB margin. If you go to the right-hand side, the embedded value growth of just under 23%. Without the effect of interest rates up 12%, and I think a very good progression. Positive experience variances, good VNB, and the unwind of the discount rate giving you that ZAR 63 billion of embedded value. Finally, in Discovery Life, very important. We did want to show you just the effect of mortality. It is quite a remarkable, I felt, analysis. Just showing you where that mortality experience is performing so well. How Vitality works is as people engage, we expect lower mortality, and that is in the expectation. But what this chart shows on the left-hand side, it is a busy chart, but let me just show you what it means, is essentially year-by-year in the different statuses. What you will see if you cast your eye to the right-hand side of the chart, of that first graph, you can actually see as people engage, mortality comes down. But in fact, year-by-year, that improvement has got better and better and better. And that is what is driving that excess mortality gain. Bear in mind that people in silver, gold, and diamond are quite substantial. 40% of the base is engaged in silver, gold, and diamond. When you see that excellent progression of engagement and the causal effect on mortality, you see that coming through in the mortality gain. The other piece of the analysis I think is absolutely wonderful and important socially is it is a more powerful effect for the over 50-year-olds. Over 50-year-olds had a better effect on mortality, and you can see in the extreme right-hand side, the 35% of those 50-year-olds that are engaged created 90% of their gain. It is a remarkable result, and it is some of the dogma I think we have to deal with. People often think, I am now over 50, over 60. I have got a chronic illness. I have smoked my whole life. I am not fit. It is too late for me. That is not the truth. The data shows clearly that when you are older and sicker, doing these things has even a bigger effect on your relative mortality. You see it coming through at the individual level. We are making a real difference to individuals, but at a composite level in Discovery Life, you can see it coming through. I think that is important. To end off on Discovery Life, just to make the point about the technical issues of IFRS 17, you can see the growth in the store of value driven primarily by lower long-term rates of interest. The store of value, the CSM, the risk adjustment, and the IFR growing significantly by 66% to just under ZAR 40 billion, as you can see. We have opted for OCI treatment, so we have tried our best to kind of minimize economic volatility out of our P&L. This comes through the IFR. It does not come through the P&L. I think that is right. Else you get this massive bloating and reductions as interest rates move up and down. I think it has done that well. There are some distortions. The lower inflation creates a negative that will come through in an IV charge in this year, which we will manage carefully. But you can see how the development of the store of value has happened, and you can see the components of life segment earnings on the right-hand side. I think a very, very good performance. Discovery Invest, I will be very clear and very quick. I think it has been an excellent year. Very linear performance and excellent performance. Gross flows, really net flows growing strongly, new business up 13%, assets under management crossing ZAR 200 billion. Operating profit growing 9%. Really effective. The previous period had a few once-offs from asset liability management that created some one-off profits. If you took that out, the growth would have been 22%, which I think is kind of in line with what you would expect with growth in assets of that scale. So a very good performance and very happy with that. Discovery Insure had a great year. Normalized profit up 24%. The call-out is just the operating margin growing to nearly 15%, and really an incredible performance from a loss ratio perspective. You can see gross new business up 2%. We need that to be higher. We need to grow off the space. But there has been a very strong focus on quality of new business over the last two years, and I think that is the right thing to do. But it really is a fantastic evidencing of how the model works. It demonstrates it clearly. On the left-hand side, there is a focus with pricing power of how the model works, and I think the value proposition is very special. So fully 90% of our clients coming in are superior risk profile. Once they are coming in and they engage, you can see the loss ratio has come down with increasing status. So they drive better, claims come down, and then you get the selective lapsation effect. People that are engaged doing better tend to stay, and those who are not tend to leave. So over time, you get this mathematical issue of seeding the book with the right clients, the book getting better, losing the right clients, keeping the right clients, and you get this kind of effect on the loss ratio. The fact is we are in a good underwriting cycle. I think most of the property and casualty short-term insurers will publish good results. But I think if you look at that actual progression of the loss ratio, you can see that kind of linear effect. It was not a great year from a weather perspective. We had the floods in Cape Town, et c. And effectively, that did affect the numbers, but directionally, you can see the loss ratio has come down 30% over the last number of years to under 50%. I think an excellent performance in and of itself. But I think a great evidencing of how the Vitality shared value model is playing out in the context of Insure. So let me end on the Discovery South Africa composite. I think a great performance. The business is well-positioned. The primary strategy which rolls out in the year is really the real evolution of a super bank strategy, and you will see that playing out across a number of dimensions. Let me turn to the Global Business Vitality. A very, very important year. This is a seminal times for our globalizing of our capabilities. 18 months ago, we brought it all under one business, and the business now is focused in three areas. There are three distinct strategies based on those three areas. Number one, Vitality U.K., make it excellent, make it a leader in life and health insurance in the U.K., and make it a center of excellence for all of our expansions. So all of the IP hubs, the technology, the R&D is taking place. It takes place throughout the group, but it is centered in the U.K. for the globalization of that IP. Secondly, scale our global markets through partnerships and equity stakes. We brought all of our different pieces together. Vitality U.S., which was quite a small component in the structure now is in the central management, and the entire management is now done on a regional basis. And then finally, Ping An Health. Drive it to scale, continue to drive its expansion through products and distribution. It is an exceptional company. Keep their growth going. You can see the earnings at 21% was in the low side of the corridor, affected in rand by the currency on a like-to-like basis. I made the point 26%, so not far off the kind of midpoint of what we would have expected. Vitality U.K. had a tremendous year. It is really performing remarkably well. The team has done an unbelievable job. And again, I think it really is evidencing of a Vitality shared value model. At a composite level, normalized operating profit growing 52%, as you can see. The scale of the business is big, covering over 2 million lives in the U.K. It is a substantial player in the U.K. market. Let me turn to the two businesses within it. I think you can see the dynamics. The call-out in Vitality Health is really the profit, up 65% to just under GBP 84 million. New business was up 4%. It is a complex market. There are two opposing forces, a very complex NHS that creates demand for private health insurance. On the other side, an environment of inflation and lack of affordability, lower economic growth that makes affordability a problem. You have these two issues kind of, in a sense, kind of coalescing. We are focused very much on making sure we price, locking sure the business properly. Lives covered grew to just under 1.1 billion. If you look at the dynamics, and you saw this, I think, at the interims, a fantastic performance. Really, again, the same value chain that is driving the alpha. Pricing power and being very careful about the ability to actually get premium yield, despite the fact that claims have been going up significantly, given more usage of private medical insurance and broader categorization of what is covered. You can see the strong correlation of causal effects as people engage in Vitality, claims come down. Same effect on lapsation. We are keeping better lives and losing the less engaged, and then the effect on margin up to 9.2%. Above the 7.5% margin guidance we have given out there. I hope we can keep that margin and keep it sustainable. We would not do it at the expense of growth, but we are feeling confident about sustainability of profit in Vitality Health. Vitality Life had an exceptional period. The call out there is the new business growth of 25%, as you can see, and the quality of the new business. The normalized profit being released through IFRS 17, but a strong growth of 27%, covering now over 1 million lives in the U.K. Again, I sound like a broken record, but the repeatability of the model and how it plays out, just in different ways, comes through in the year under review. This is a complex commoditized market. Using the dynamic pricing of the Vitality shared value model lets us be price competitive but keep profitability where it should be. You see that in the period under review, or over the last few years, the number of advisors selling for Vitality Life has grown by 77%. Market share has grown to just under 16%, despite a very competitive suite of companies we compete with. You can see, again, the same correlation causal effect on claims as people engage in Vitality. Then the value of new business on the right-hand side has climbed by 67%. It is a remarkable performance, and I think hard won by the team. You can see it on the second graph from the right. The profitability per policy has stayed at where it is, so it is flat in the black. Even with the growth, we are keeping the profitability there. The pricing models of how the team are using the shared value model has been exceptionally effective. It's really the volume that's driving expenses down per policy, driving up this value of new business as you see it coming in. Then you see, again, the IFRS 17 build up of the store of value, a strong growth of 11%, driven really by the incredible value of new business coming through. In fact, exceeding the release to earnings, and therefore you get this strong growth in store value. Of course, long-term rates in the U.K. have not come down, so that is not an effect in this regard. Let me turn to Vitality Global Markets, and I've made the point now that we've brought all of our businesses and focus into one that's managed now regionally, which I think is very powerful. This is a considerable opportunity for us, we believe. It's not simple. We've set a target of getting to $80 million-$100 million of earnings by 2029. We remain confident of it. But it's lumpy and not linear. There's a lot of activity taking place in the business. If you look at the face plate, I made a point about the yen depreciation. We have a large contract asset inside Sumitomo Life. It's a fantastic partnership of real value. But in Japan, interest rates went up, and the yen went down. The effect on that asset came to the P&L. So without that effect, we would have seen a considerable growth in Vitality Global Markets. But the number is small, you can see. We've got to grow significantly to get to that $80 million-$100 million of profit. But there's considerable activity, and we remain confident we can do that. Revenue came down again, the effect of currency. But our partners are growing at 10%. Lives growing up 16% to just under 10 million. There are four strategies, and I outlined them at the last presentation. I want to just take you through them. They are getting, I think, more intense with more activity as we go forward. The first is deepening the proposition of Vitality AI. I made the point we launched in London. We are two weeks from a launch in New York on intensifying its capability. We are focusing a lot on our existing partnerships. A lot of work is taking place with our key partners to scale them. We are pursuing new opportunities in Europe, in Middle East, and other markets. We are focusing now hard on the U.S. We made the point at previous announcements, U.S. was a small business. We had to bring it to profitability in 2027. We're on track to do that, but we've made a further acquisition, and we're pushing hard in the U.K.-- U.S. and have confidence about what we can achieve. Let me give you some insight. Firstly, I'm not going to go into too much detail on this, but Vitality AI being launched in two weeks' time in the U.S. is, I think, a considerable step forward. It really takes the work we've done with Google and Gemini into this personal health pathway that is significantly comprehensive from wellness, physical activity, through to disease management. It is incredibly complex with very low rates of error. We are very confident about the type of personalization. It gives rise to a set of statuses from blue through to diamond, as we always say. But now egalitarian scientific, a real proper proxy, legally, in every respect for how people are managing their healthcare regardless of their state of health. We now have a global network of partners incentive and reward partners linked to our statuses. Critically, and this is the proposition, there are different ways because the model of paying for life insurance, dynamic pricing, and for health insurance, flexing contributions in a careful way. We can demonstrate on the back of this, again, the Alpha EX SX, the ability to offer this. That launch in the U.S. will be to health plans, and that's very important to our business. Globally, all of these assets, of course, are rolled out globally. Important step we're taking. The second is working on our existing partners and finding new partners in growth. There's been a frenetic amount of activity in that regard. You can see our partners are growing over time. John Hancock continues to grow. Sumitomo Life grew by 10%. AIA came down by 10%. In Thailand, there was a reduction in new business. There was a flurry of health policies sold in the previous period due to a change in regulation. We expect that to grow. You can see strong growth of our smaller partners. The U.S. has grown nicely by 22%, and Amplify now has actually grown and getting some traction inside AIA. Across the board, I think really, really good activity. We are working hard on new partners with a strong pipeline building up. There are two opportunities now that are kind of in finalization. One has come through as our acquisition of Icario, but others hopefully will follow. The U.S. is, for us, very exciting. We've been very careful in the U.S. market, focusing first on employers with the Vitality model, then selling to health plans. We have made careful targeted acquisitions. WellSpark we did in November 2024. Ramp we did in March 2026. We absorbed them, I think, very nicely. They bring both client base, and they bring specific capabilities to add into our personal health pathway capability. Icario is a fantastic company we are proud to have acquired. We acquired it for $47 million, literally closing the acquisition in the last number of weeks. Icario is a company that focuses on government business, so Medicare Advantage, Medicaid. It brings a whole range of assets that can be used. It drags us into that market, as you can see in the middle of the chart. That creates a much, much greater addressable market for us, ZAR 130 billion of fees in that market that we can be a leader in. We need to work hard to do that. On the other hand, it brings some substantial clients and capabilities into our existing market. On both sides, we think it offers great capability. You can see what's happening in the U.S. By the end of 2026, in this reporting period, we covered 3.6 million lives. Had revenue of about $40 million. Going in now after all of these changes, total lives covered over 18 million, with a revenue of $120 million or $115 million. So the U.S. has really got a lot more scale. We have got another partner in HealthEquity, the largest health savings account player in the U.S., and are working very hard with them. A lot is taking place in the U.S. market. Excited by that potential. I think this has been a seminal period for the U.S. and part of our growth strategy going forward. Let me turn to Ping An Health and just end off there. I think the performance of Ping An Health has been absolutely tremendous. You can see the growth, really strong operating results, pre-tax, up 31% to RMB 3.3 billion of profitability. Our 25% share after tax up 14% to over RMB 545 million. Considerable scale of the business. I made the point about new business reversing. I will touch on that in a moment. This is a big business, covering over 35 million lives. You can see the size of the balance sheet, over RMB 15 billion. The business is highly cash generative and solvent. It has paid a dividend to Discovery, our 25%, of over ZAR 500 million. I think a fantastic performance in the case of Ping An Health. Just to repeat, at the half year, at the end of the calendar year, Ping An Health lost the use of the Ping An Life distribution channel. We were very concerned about the effect of new business. The team has worked incredibly hard and quickly. They have diversified products. In the past, E Sheng Bao, which was really the mainstream product being sold through the Ping An Life channel, we diversified into other high-value products, specific segment, specific special disease products that have done remarkably well. You can see from the chart different distribution channels that are already growing strongly. The effect on sales was a lot less, on new business was a lot less than we thought. I think excitingly, Hulu Go, which is Vitality Go now, is a focus of the company to attach that to their product. Directionally, the business model is kind of getting into China in the right way. The work done by the Ping An Health team has been remarkable. To call out Ping An Group, they have been remarkably supportive over this period of this change, which could have been very significant and has not been. I think that is important. To make the point, we remain bullish about the opportunity in China. It is a lower growth environment than it was, but all of the directional issues, regulation, et c, is about promoting private health insurance. When you look at kind of the dynamics on the ground, growing middle class, all the pressures I mentioned before, all those directions point to a growing private health insurance market. Ping An is growing its market share. It now covers more than 10%. Strong premium growth, as you can see. It is a significant company with nearly RMB 20 billion of premiums. I think an amazing performance. Let me summarize. We will end there on the Vitality global business. A frenetic year of considerable activity. We remain confident about its ability to meet its profit targets. A lot to be done. Not simple, not linear, but very exciting. Next big step in New York in two weeks' time, and we will see how that receptivity plays out. Let me summarize before I hand over to questions. I think an excellent year. We are inside or ahead of our growth corridor that we set. Cash conversion ratio better than expected. I think a very rational use and allocation of capital, and normalized ROE coming up nicely. I hope the clarity around the strategy, the super value of Vitality, is clear manifesting. I think it's strong, composite businesses that are differentiated, purpose-built, close to our values, and have considerable growth potential going forward. That is my presentation. I have been joined by all of our key executives here who will take questions. We are here in the room and online. I have Deon Viljoen, our CFO, with me. David Danilowitz, our Head of Strategy and of Investor Relations here as well. David, I am going to hand over to you, I think, to take questions, if I can. David, to you. Great, Adrian. Thank you very much. Again, just a reminder for all participants, please load up questions as you go. We will go through them sequentially. I am going to start off with the first question which comes from Senamile from SBG. Sena, thank you so much. I will read the question. The question is for Hylton. Well done on a very strong year for the bank. What are the key milestones investors should monitor between the current profitability level and the longer-term earnings ambition for the bank? Well, thanks for the question. I think we have been pretty explicit in terms of the FY 2029 ambition of 2 million clients and ZAR 3 billion of operating profit before new business acquisition costs. I think those remain the key metrics, and through the interim period as well. Through the period now, we are at approximately 1.6 million clients. I think that remains probably the key lead indicator as we move towards the ambition. But the growth in new business, or profit before new business acquisition costs increased by ZAR 497 million this year. It was about ZAR 100 million ahead of the ZAR 400 million annual profit progression that we have been targeting, and resulted in a profit of ZAR 865 million, kind of getting towards the ZAR 1 billion profit before new business acquisition costs. Bearing in mind that the bank is incurring a significant new business strain as we grow and the rate of growth accelerates. So those remain, I think the two key indicators, the milestones that we will continue to track. And then obviously, I think the product, and super bank platform rollout that Adrian spoke to. That later this year, I think will start to emerge strongly and will be a key entry point into phase II of the bank. So those will probably be the three areas that we will be focusing on. Great. Thanks, Hylton. Sena had another question. This is for Neville on Vitality Health. I will read the question to you, Neville. How sustainable are the Vitality Health margin gains, and what is the normalized margin outlook? Thanks for the question, David. I think as Adrian said, the shared value model has been significant in us very profitable from a margin perspective. Our guidance, as you know, has been a 7.5% margin. The market is, as Adrian said, quite challenging at the moment from an economic perspective. But there is no reason to believe that we will not be able to deliver the market guidance of our 7.5%, and hopefully we could outperform this. Very importantly, it gives us options in terms of profit growth versus lives and revenue growth. And we are going to use those opportunities from a strategic perspective to see how we can grow the business on a sustainable basis. Great. Thank you, Neville. The next question is for Riaan on Discovery Life. It comes from Thapelo from Investec. Riaan, the question is, solvency for the life business is down to 1.7x. What drove that, and what is your target for this? Good morning. The SCR coverage reduced to 1.7x, and I think it is still significantly above our risk appetite levels, is the first point to make. The key reasons for this slight reduction in the solvency margin were lower yields in South Africa, as well as optimizing our cost of reinsurance. So I think in short, we have got significant headroom in both our current solvency as well as liquidity positions, and they are both way above our risk appetite levels. Thank you. Moving on, Thapelo had a follow-up as well. This is for Andy. The question is, how should we think about the financial leverage move from here? Do you want to take it closer to 10% at the bottom of the target range or close to the midpoint being more appropriate? Question. I think two or three points to make on this. The first is that you will naturally see a drift downwards, hopefully, in the financial leverage ratio if nothing else changes because the equity should grow in the group. So you are naturally going to see a decline in the leverage ratio. The second point to make is that we will continue to optimize the use of debt and the cost of that debt as we have very successfully in the past year. So that could be just managing the cost of different facilities or the use of debt for other purposes. I think the third point to make is that it is really building on Adrian's point around the whole financial framework of the group, giving us the improved cash generation, the growth in the business and the group, giving us increased financial flexibility. You will see as and when opportunities arise, that gives us the freedom to use debt to execute on opportunities. They may well arise in the future. I mean, the best example in the last 12 months is the opportunity it gave us to execute on the One Discovery Place building purchase. You can see with that, we are still hovering around the middle of the range. So I think that is really the best way to think of it. Great. Thank you. A question from, sorry, a question from Jacques Coetzer from Citywire. This question is for Deon. Good morning. This is a question around Discovery Invest. The question is, what exactly does the 81% of linked assets invested in Discovery funds represent, and how much further can that penetration realistically rise? Thank you, David, and thanks for the question, Jacques. Good morning, everybody. Of the unit-linked assets under management on our platform, of the total platform, we have about ZAR 180 billion of assets on the platform. The 81% represents the assets that are actually under management in our own funds. The remainder will be with external asset managers. We've always reflected that kind of level of penetration. We're quite comfortable at that level because ultimately it's driven by the needs of individual clients. It's largely driven by that balance. Excellent. The next question, back to Hylton, coming from Michael Christelis from UBS. Hylton, the question is: The bank has been successful in bringing a large number of new Discovery customers. To what extent have you been successful in selling other Discovery products to these customers? Yeah. Thanks, David, and thanks, Michael. I think we're just starting that process, and we're seeing excellent traction early on. The time period to the first, second, third Discovery product, for new to bank and new to group clients, is about 1/3 of what we're observing in other product entry points into the group. So the adoption and take-up of the next Discovery product for bank clients where bank is the entry point, is significantly quicker. We really are only starting that process now and I think that's very much the focus and the potential and the opportunity in the super bank strategy. Bear in mind that 70% of new to bank clients are completely new to the group as well. So about 1,000 clients joining the bank every day are only bank clients. That is obviously the real opportunity in terms of the new business strategy and integration for the rest of the South African Group. Thank you. Michael has a follow-up, and in fact it aligns with a question from Warwick from RMB Morgan Stanley. From Michael and Warwick, I will bring it together. What is the medium-term outlook for mortality profits in South Africa, given the strong variances seen across the sector? To what extent do you expect these to normalize over time? Warwick's alignment with that question, I think really very similar. Riaan, over to you for the mortality question. Thank you. That is a great question. I think, as Adrian has outlined in the slides, the past period has seen a significantly lower claims experience at engaged lives, much stronger correlation compared to what we have seen in the past. We have also seen that older ages, specifically above age 50, had significantly better experience in the individual life book. I think this link between better experience at engaged life, the dynamics of a shared value model playing out, and also seeing better experience at older ages is very encouraging considering the aging of an in-force book. We are quite optimistic about future trends given these observations. There is obviously some short-term volatility that we will need to account for, but these trends are emerging incredibly strongly. Thanks, Riaan. Over to Neville. It is a follow-up from Warwick, from RMB Morgan Stanley. How should we think about the shape of the Vitality AI and Vitality Global central costs for the next two years? You mentioned increasing the intensity of expansion, especially in the U.S. Do costs accelerate, or was FY 2026 a peak spend period? Thanks. Thanks, Warwick, for the question. I think very importantly, there is going to be continued spend in the Vitality AI capabilities, as well as the capabilities across the business. We are very confident, however, that these capabilities are going to result in us closing partnership deals over a period of time that will be significant from a revenue generation perspective with high margins. I think it is important to understand that it is a long sales cycle, but our current partnerships that we have got in place, through AIA, John Hancock, Sumitomo Life, have been going for more than 10 years. So the ability to actually lock in partners for a long period of time with our capabilities is significant. In essence, we are building a significant capability for growth. As Adrian mentioned, this could be lumpy, but we are very confident that we will be able to implement these partners at a marginal cost, from a relatively fixed cost base. But in the near term, there will be additional expenses related to Vitality AI as we continue to evolve the very powerful proposition that is resonating exceptionally well across the globe. Next question comes from Henry [Birts]. This is for Andy. Henry [Birts] from BofA Securities. Other than dividends, how should we think about excess capital allocation going forward, given the U.S. growth strategy? Does the bank require further capital from the group? Thanks again, David, and thanks, Henry, for the question. Just to answer your question, the bank doesn't really require any material capital from the group for its development from this point onwards. You can see it's very cash generative and the profit signature has turned now, so that's not going to be, in any way, a drain on the group's capital resources. I think we will just really stick to the framework that we have outlined for you quite clearly, which is this financial flexibility gives us three areas. We can manage the levels of debt, we can manage the level of the dividend, and we can keep our powder dry for future development growth opportunities. So I think that's really where we will be focusing. Great. Thank you, Andy. Henry has a follow-on question related to Ping An Health. We are going to move over to David Ferreira. David, the question is, in Ping An Health, can underlying earnings offset the normalization of exceptional investment gains going forward? Thank you very much for the question, Henry, and greetings from Shanghai. The simple answer is that while there's clearly uncertainty around investment returns going forward, yes, base case we do expect that net profit after tax will equal or will exceed these FY 2026 levels in future fiscal years. Great, David. Thanks for joining. We'll come back to you. A question from Baron regarding Ping An Health. The question is, what is your FY 2027 outlook for new business growth after the distribution changes that impacted this current year? Thanks, Baron, for the question. The short answer is that, as you heard from Adrian, new channels and products are picking up fast, and we estimate that the FY 2027 growth compared to FY 2026 will most likely be in a range of between 9% and 20%, measured in RMB, the Chinese currency. David, I'm going to stick with you. It's working well. This question comes from Tej from White Oak Capital. It goes, "Hi, team. Thanks for the presentation. Could you kindly elaborate on the disruption of distribution via Ping An Life license? Was this a company decision or was it regulatory? Thanks for the question, Tej. We communicated some of this six months ago. It was Ping An Group's and Ping An Life's response to views that had been expressed by the regulator. But I would say that regardless of that proximate reason, we had been expecting the channel separation to come at some point, and it did. Thank you, David. Sticking with Tej's question, Adrian, it's a high level question around South Africa and the macro environment. Again, the question from Tej is, how would you evaluate the risk of economic slowdown in S.A. due to high fuel prices? How likely is this to affect insurer members or lives growth that we saw in the year? I mean, David, that's a good question. I'm not sure I can guess what that will be. First, I think our view is that there are green shoots in the economy and business and others are working hard to turn that into growth. I think our default assumption is hopefully we are flat or grow somewhat. That's critical. Points of inflation, like you mentioned, fuel prices, et c, obviously create some risk. But the truth, if you look at the group over time, we have always been in a waxing and waning environment, often more difficult. We tend to grow because of competitiveness where others don't. I'm not overly concerned. I don't think that the economy within bands presents a risk to us. I think we'll have the ability to manage through it. So a great question. Thanks for it, but not a great concern. I think we should expect to continue to grow. In the areas where we highlighted here, Insure and other areas where we had very strong pricing discipline, we need to keep that but grow off the back of that. So not concerned within reason. I think our group tends to do ironically better in difficult times. So let's hope that plays out, but a great question. Thank you for it. Great. Thank you. Adrian, I am going to switch over to a question from Daniel Mazer from Ashburton. The question is for Neville. How should we think about the incremental investment into Vitality Global Markets on the path to the targeted $ 80 million-$100 million in profit? Neville, I think you have largely dealt with it in the prior question. I do not know if you have got anything more to add, but just opening up to you. No, I do not think there is more to add. Just to reiterate that the cost base is relatively fixed from a technology perspective. We will continue to invest in Vitality AI from a product perspective. We are very confident of landing partners at strong margins. Great, thanks. I think we have Adam Murphy on line on VitalityLife. I am going to ask the question that came from Tej as well. If you could help us understand the line adjustment to shareholder funds in the EV buildup per entity. VitalityLife has a ZAR 12 billion adjustment, which makes them better value, less than the VIF. Thank you. In fact, if we do not have Adam online, Andy, we could shift over to you as well. It looks like Adam is available. Hi, David. Yeah, thanks for the question. This is an adjustment for the subordinated debt that sits in the U.K. business that is being funded from Discovery, essentially. So it is just an adjustment to bring the SOLO calculation consistent. Great. I'm going to just got two or three more questions coming through. The next question is to Andy. It's on the dividend cover from Anand, also from White Oak. Is there a possibility for dividend coverage to improve from 4.5x further to, say, 4x or 3.5x over the next couple of years? Great. Thank you. Thanks for the question. It's certainly part of our range of options. I think we wouldn't rule that out. We did say when we reinstituted the dividend that we'd come in at 5x cover and look to reduce that over time. You've seen that strategy unfold in these results. And certainly, we need to balance the different priorities around growth and around management of debt, but the dividend is also one of those pieces of our artillery. And obviously, the more that we increase dividends, obviously a great return to shareholders, but it also helps to improve the ROE. So, certainly part of the mix. I won't commit to anything at this stage, but it's something that we will consider with the other moving parts. Neville, the next question I'm going to pass back to you. It regards to Europe and the Generali partnership. The question comes from Tej again. The question is, with the Generali partnership ending in 2025, are you on the lookout for other partnerships in continental Europe? Sorry, David, you broke up there. But just to reiterate, to repeat the question, that since the termination of Generali, are there opportunities in continental Europe? Absolutely. We are flat out talking to significant life and health insurers across Europe with regards to the shared value insurance model and embedding that into their businesses. It's too early to speculate on how many of these will be closed, but there's significant activity, as Adrian had shown in his slide. And we are confident that whilst the sales cycle is complicated and long, we will align with the correct partners in Europe that will give us a sustainable long-term presence and partnership with them. Thank you, Neville. The final or penultimate question comes from Francois for Riaan. It is around S.A. Life revenue. Sorry, it is around the S.A. Life business. The question is, S.A. Life revenue increased by 2%, and the revenue growth is slowing down with the second half flat on the first half. Can you comment on whether the slowdown is reflected in premiums in individual life, and how the revenue growth outlook will reflect in the earnings growth for the S.A. Life segment? Thanks, Francois. It is a great question. It really reflects one of the nuances in IFRS 17 reporting in that revenue in IFRS 17, the definition does not follow necessarily premium and premium growth. If you consider the numbers in this period, even though revenue growth under IFRS 17 was up 2%, premium growth in individual life was actually up more than 6%. There is a bit of a disconnect between revenue and premium, where revenue reflects your level of services that you expect to deliver in the period rather than premium. Premium growth is rather the one that ultimately drives earnings growth and future growth. Thanks, Riaan. Another question from Anand. This is for David. Does Vitality have a presence in other markets such as South Korea and India? If yes, please share potential of these. Anand, thanks for the question. The answer is yes and yes. In India, we have a partnership through our broader AIA partnership with Tata AIA, and we provide the Vitality product to them, help to integrate it into their life products, and so on. In fact, we are right in the process now of a major relaunch of that program. In South Korea, we used to have a partnership there, as you may know, with AIA, with AIA Korea, and we mutually agreed to terminate that partnership for good reasons on both sides. It was a completely amicable termination. Because of that, we now have the opportunity to look for new partners in life and health insurance in Korea, and we have launched that process. Thank you. Great, thank you, David. We had a final question. I will ask it. Thank you very much for the interest today. The question is a follow-up. Just lost it for a second. It will come back shortly. The question is, again, this is from Tej. If the yen depreciation has affected Vitality Global network numbers significantly, what can we infer about the concentration of revenues within the segment in Japan? The question is for Deon. Thank you very much. Thanks, David. Thank you for the question. Maybe just to clarify, clearly the Sumitomo contract is a very sizable one, very successful contract. The impact of the yen is not only around the current year's revenue. The nature of the contract results in the recognition of a contract asset, which is then also exposed to the yen currency movements. That is why it is so pronounced in the overall result. It is recognized as part of the income overall. Yes, it is a sizable contract. We obviously have a number of partners across the globe, but the impact is really a result of the combination of the contract asset being recognized and fair valued at spot rate at the end of each reporting period. Great. Deon, thank you very much for that. Adrian, we are clear of all the questions. Again, just thanks for all the questions coming through. Please post them to us directly through myself or through the broader team. Adrian, back to you. David, thank you. Thanks for that, and thanks to all of you for the interest and the time. We are very grateful for that. We appreciate the probing questions and the interest in the group. It has been a very important year for us. Again, thank you for the time. We are done, David. Thanks to all the team and to our greater Discovery group. Thank you.