Aia Group Ltd S/Adr

Good morning from Hong Kong and a warm welcome to AIA's annual results presentation for 2023. Today, AIA has announced a return to very strong profitable new business growth with VOMB up 33% to over $4 billion and AMP at a record high. New business growth is the key driver of the 37% increase in EV operating profit per share and a 350 basis point uplift in operating return on EV to 12.9%. Operating profit after tax was up 7% per share on an underlying basis. We grew our CSM, the stock of future OPEC, by 8.4% on an underlying basis. An operating return on equity was up by 50 basis points to 13.5%. Strong capital generation saw free surplus increase by 25% before capital returns of $2.3 billion in dividends and $3.6 billion through the buyback. None of these returns to shareholders, our capital position remains very strong with free surplus of $16.3 billion. Total dividend per share is up 5% and we have returned $7.2 billion through our ongoing share buyback program. These results again demonstrate the power of AIA's business model that enables us to capture the growth opportunities across Asia and deliver cash returns to shareholders. Let me explain how we have achieved these strong results before Garth provides more detail on the financials. We have four key growth engines, which together generate 95% of the group's VOMB, and each of them reported double-digit growth in 2023. ASEAN, our largest engine, delivered over $1.5 billion, which is more than one-third of the group's total. Excluding Vietnam, where industry-wide issues have impacted new business sales, ASEAN was up 14%, driven by increased productivity from both agencies and partnerships, alongside our focus on protection and unit-linked sales. When Hong Kong fully reopened in February, we were ready to capture the return in demand from mainland Chinese visitors for high quality, comprehensive suite of products through our multi-channel distribution. Sales to the domestic customer segment also increased, resulting in an overall growth of 82% for AIA Hong Kong. This excellent performance confirmed AIA as the overall market leader, as well as number one in agency and the retail RFA channels. And our leading agency is an attractive career choice with new recruits up by 59%. AIA China grew by 28% from February to December, following the removal of pandemic restrictions. Our high quality premier agency generated over 90% of China's VOMB with margins exceeding 60% in the second half and agent productivity more than double that of our peers. Our joint venture in India, Tata AIA Life, ranked as the third largest private life insurer in 2023 and continued its track record across all channels with VOMV up 37%. AIA's excellent new business performance was broad-based across our high-quality growth engines, which are powered by an unrivaled distribution platform. Premier Agency is at the heart of AIA's distribution and a key competitive advantage, generating over 75% of new business in 2023. VOMB grew by 23%, driven by an increase in active agent numbers and higher productivity. Full adoption of digital tools across the entire Premier Agency value chain has delivered a material improvement in productivity, recruitment and retention. This ensures that we are able to provide highly attractive opportunities for our career agents with incomes up 17% and accelerating momentum in recruitment up 26% in the second half of the year. We are the world's most professional agency that has been number one MDRT globally for the last nine years. We are also individually the number one in mainland China, Hong Kong, ASEAN, and India. And we have grown MDRT qualifiers by a further 20% in 2023, proving the success of our high quality model. Strategic partnerships expand our distribution reach by bringing complimentary access to large customer pools across our markets. Overall performance in 2023 was excellent, with VOMB growing by 58%. Bank Assurance was up 42%, powered by ASEAN, where we have long-standing relationships with leading banks, including Bangkok Bank in Thailand, Citibank in Singapore, and Public Bank in Malaysia. We reported equally impressive results from AIA's other growth engines. Our RFA and broker channel more than doubled DOMB in 2023. We regained the number one market position in Hong Kong, achieved excellent growth in Singapore, and held the largest share of wallet across our partners in India. Combined with professional advice from our unrivaled distribution, our compelling propositions are difficult to replicate. Powered by our technology, digital and analytics capabilities, AIA's integrated product ecosystems offer greater relevance in meeting each of our customers' evolving needs. We motivate and reward customers for taking actions that positively improve their physical and financial health, help them seek the best treatment, and encourage them to save more effectively to meet their evolving needs. In 2023, we broaden our customer propositions with targeted solutions, including dedicated loyalty programs in Hong Kong and Singapore, tax-deductible private pensions in mainland China, and comprehensive health and wellness solutions in ASEAN and India. AIA Vitality is at the core of our ecosystem, helping our customers improve their wellbeing while delivering greater engagement and share value generation. Our holistic approach has resulted in us acquiring more than 1.5 million new customers in 2023, up 10% on last year. AIA's customers are increasingly loyal with very strong growth in repeat sales and very high persistency. Our performance in 2023 could not have been delivered without the significant investments we have made in technology, digital and analytics. When I joined AIA in 2020, I said that a step change in how we use TDA was at the heart of our new strategy. And we set out ambitious transformation goals to enhance every aspect of our business. Since then, we have invested around $800 million in TDA to secure our future success. We have met or exceeded most of our transformation targets, achieving our goal of being a simpler, faster, more connected organization and a world leader in the use of TDA. Today, 90% of our technology infrastructure is hosted in the cloud, and our end-to-end STP rate has more than doubled to 85% of all buy, service, and claims journeys. Cost per transaction has reduced by 32%, and we have already achieved recurring expense and claims efficiencies of more than $150 million per year. Our strategy is not just aimed at transforming back office capabilities, but enables a leading customer experience. With 85% of all customer transactions completed within a single day and highly rated digital apps, AIA ranks first by NPS in seven of our markets. 100% digital enablement has delivered significant improvements in productivity across our unrivaled distribution platform. With our TDA transformation complete, we have the essential foundation to deploy generative AI across our business at scale. Today, we have shared on our website a separate TDA presentation. This takes you through our journey so far and our future plans to expand distribution reach and productivity, continuously enhance customer experience and grow shareholder value. In summary, today's strong results executed across multiple growth engines and combined with our unmatched financial flexibility underscores my confidence that AIA is exceptionally well-placed for profitable growth. Now, over to Garth.

Thanks, Yunxiang, and good morning, everyone. I will now take you through the financial results in more detail across growth, earnings, and capital and dividends. An excellent VOMB performance for the group was driven by significant increases in each of our five largest markets and double-digit growth in 10 of our markets. Amongst these, Yunxiang has already covered our very strong results in Hong Kong and mainland China. Breaking out our key ASEAN businesses, AA Thailand delivered another impressive performance, up 21%, reflecting very strong growth from both our market-leading agency and partnership channels. AA Singapore grew by 10%, with growth from our core agency and an excellent performance in our partnership channel, while AA Malaysia delivered another good year, building on its excellent growth in 2022, with VOMB exceeding $300 million. Excluding Vietnam, VMB from other markets increased by 15%, with the majority of the growth coming from India. AIA's unique portfolio of businesses, diverse products, and high-quality distribution enable us to deploy capital in high-quality, profitable new business that drives long-term shareholder value creation. You've heard me say many times before that we focus on growing total VOMB rather than volume or margin alone, given the strong IRRs we achieve above 20% and short payback periods. While reported margins may vary, if the return on capital of business is attractive, we will look to right it, and in this way we optimize total value creation for shareholders. Our priority is growing the total dollar value of VNB, and in 2023, VNB increased by $1 billion. Hong Kong and mainland China saw very strong demand for profitable long-term savings products, which drove VNB growth and a modestly lower VNB margin for the group over the year. In the second half, a more favorable product mix gave rise to an increase in the group's VNB margin to 54.5%. Overall, our product mix remains well balanced between traditional protection and long-term savings products. The equivalent new business PVMVP margin was strong and stable at 10%, reflecting the quality and long-term nature of our business. Each of our reportable segments saw a sequential increase in margin in the second half. Product mix drove an increased margin in Hong Kong and mainland China, and AI China's premier agency continued to generate industry-leading productivity, product mix, and profitability, with a margin over 60%. Across the rest of the group, a more favorable product mix caused VOMB margins to increase in ASEAN. Our ability to meet the full range of customer needs across protection, high-quality long-term savings, and retirement products is a key differentiator for AIA and a major factor in our confidence in the group's ability to deliver future VOMB growth. We actively assess channel, product, and financial dynamics and seek to improve these further while deploying capital in a disciplined way to create optimal value for shareholders over the long term. This approach has not changed since IPO. EV operating profit was up 33% to $8.9 billion, driven by VNB growth and an increase in the expected return, reflecting higher interest rates and risk discount rates. As a result, operating return on EV stepped up to 12.9%, an increase of 350 basis points. Our focus on delivering sustainable VNB growth is a key driver of higher embedded value and increasing operating ROEV. Within EV operating profit, operating variances once again were a small positive. In line with global trends, we have seen an increase in medical claims post the pandemic. The overall prudence within our EV equity assumptions has absorbed this negative experience, which we expect to be temporary as we reprice our annually renewable health products. To provide context, our consistently favorable operating variances have added $3.9 billion to EB equity since IPO. Non-operating movements mainly related to changes in the value of Chinese and Thai equities, as well as interest rate movements over the year. Net of these, EV equity increased to $76.1 billion before shareholder returns, an increase of 7%. After returning $5.9 billion to shareholders through dividends and the ongoing share buyback program, EV equity was $70.2 billion at the end of 2023. Our EV methodology uses spot market yields and trends over time to our long-term assumptions, which aims to smooth out short-term market volatility. At year end, we updated our long-term investment return assumptions with a reduction in mainland China and increases across the rest of the group. Whilst in aggregate, these changes have a positive effect on future distributable cash flows, reflecting higher interest rates, they were offset by corresponding changes in risk discount rates. As a reminder, we have a substantial allowance for risk in our discount rates with a risk premium of close to 5% for the group, consistent with the levels used since IPO. The net impact of changes to our economic assumptions with less than 1% of EV equity. Our EV remains highly resilient to short-term market volatility from both interest rate and equity market movements. Now moving to IFRS earnings. CSM growth is a key driver of future OPAT. In 2023, CSM grew by 17% to 58.4 billion before release into profit. The key growth drivers were the $7 billion from new business added in the year and $2.6 billion from the expected return on enforced business. Variances and others of negative $1 billion mainly related to capital market movements. The CSM release rate remained stable at 9.5% as $5.3 billion was released into OPAT, up 6% on last year. Net of release, underlying growth in CSM was strong at 8.4%. Growing the new business CSM faster than the CSM release rate will drive higher CSM releases and accelerate OPAC growth. OPAC per share grew by 7% on an underlying basis and our operating margin remains strong at 16.4%. While CSM release was higher, we've seen increased medical claims since the end of the pandemic in line with global trends. you can see that OPAT was affected by 221 million of medical claims variances compared with last year. Our health insurance portfolio is comprised of annual renewable policies. And in response, we are increasing premium rates as policies renew. Adjusting for these temporary variances and minor IFRS model refinements, OPAT increased by 7% per share. AIA's sources of earnings are high quality, with 70% from insurance services. Regular premiums make up 99% of our total weighted premium income, providing very strong future cash flows and ample liquidity on our large, enforced book. Taken together with our geographically diverse portfolio of businesses, balanced across the growth engines of Hong Kong, mainland China, and ASEAN, this underpins the resilience of the group's earnings and balance sheet. Our disciplined strategy of focusing on value and quality has helped deliver consistent growth in OPAP per share with a CAGR of 10% since IPO. Shareholders' allocated equity provides a clearer reflection of the underlying drivers of the change in equity by excluding the mark-to-market movements on assets and liabilities relating to non-participating business, which are contained within other comprehensive income. As a reminder, under IFRS 17, virtually all mark-to-market movements from participating business flow to insurance contract liabilities and the CSM. Before returns to shareholders, allocated equity increased to $50.7 billion, driven by a net profit of $3.8 billion. The combination of strong OPAT of $6.2 billion and the ongoing share buyback helped drive operating ROE up by 50 basis points to 13.5%. Comparing IFRS new business CSM and comprehensive equity to VOMB and EV equity clearly demonstrates the prudence of AIA's embedded value reporting. We believe that EV and VOMB are more representative of shareholder value, as they are based on distributable cash flows after tax, not accounting earnings. Importantly, all expenses, as well as regulatory and group capital requirements, and all taxes are fully captured within our EV and VOMB, with significant allowance for risk premiums in our risk discount rates. Our EV equity does not reflect an additional $0.9 billion if we mark to market our medium-term notes. In addition, our investment in China Post Life is included in EV equity at IFRS net asset value. which is around $1.5 billion lower than China Post Life's own embedded value. Finally, capital and dividends. The LCSM coverage ratio is the group's principal regulatory solvency measure, taking a fully consolidated view of local business requirements and is calculated on a prescribed capital requirement basis. While the LCSM is consistent with the capital requirements used to assess regulatory solvency, free surplus continues to be more representative of the capital position for shareholders. The LCSM coverage ratio increased 14 percentage points before shareholder returns, supported by strong capital generation from our enforced business. After returns to shareholders, a solvency position remained very strong, with a coverage ratio of 275% at the end of 2020. For comparability, we have shown a shareholder view excluding participating business. On this basis, the coverage ratio was higher, at 335%. The sensitivity of our LCSM coverage ratio to mark-to-market movements on equities and interest rates is small, reflecting the strength of our balance sheet and our robust risk management. Our high quality investment portfolio is constructed to match our insurance liabilities as closely as possible. As a result, 80% of non-par and surplus assets are fixed income with the vast majority either government and government agency bonds or investment grade corporate bonds. Within this, the $30 billion corporate bond portfolio is well diversified across sectors and geographies with more than 1700 issuers. The average credit rating of our corporate bond portfolio is at A-, and our expected credit loss provision at the end of the year was 0.5% of the portfolio. In mainland China, the group's total exposure to real estate bonds and equities and local government financing vehicles is small, and almost all of AI China's fixed income assets are government and government agency bonds. In summary, we have strong asset liability management and a high-quality diversified investment portfolio. The group's financial position remained very strong, with free surplus increasing by 25% to $22.3 billion before returns to shareholders. The increase was driven by underlying free surplus generation of $6 billion and reinvestment of $1.3 billion in new business and attractive long-term returns. After $5.9 billion returned to shareholders, Free Surplus closed the year at a very strong $16.3 billion. The board has recommended an increase of 5% in the final dividend, bringing the total dividend for the year to 161.36 Hong Kong cents per share, up 5%. The board continues to follow AIA's established prudent, sustainable and progressive dividend policy, allowing for future growth opportunities and the financial flexibility of the group. In addition to regular dividends, our ongoing $10 billion buyback program returned $3.6 billion to shareholders over the year. A total of $24.8 billion has now been returned to shareholders since IPO. AIA follows a clearly defined and robust capital management framework that is the foundation for superior shareholder value generation. Over the last two years, through our disciplined approach, we've deployed 14.8 billion into business growth and significant capital returns to shareholders. We invested 2.6 billion in organic new business at highly attractive returns, generating 9.7 billion of additional shareholder value, which will come through as free surplus generation over time. Our prudent, sustainable and progressive dividend policy has returned 4.6 billion to shareholders, We've deployed $0.4 billion into acquisitions. By the end of 2023, the buyback had returned $7.2 billion in excess capital to shareholders, enhancing per share financial metrics and supporting higher ROE. The program is ongoing with $2.8 billion remaining. Our free surplus position, while remaining very strong, has reduced to $16.3 billion, mainly driven by the return of excess capital through the share buyback. We believe that our strong balance sheet, financial flexibility, highly attractive new business growth, and strong cash returns to shareholders set us apart from our competitors. In conclusion, the group has delivered a strong financial performance in 2023 across growth, earnings, and capital and dividends. VIMB grew by 33% to over $4 billion. This drove EV operating profit up 33% and operating ROEV increased to 12.9%. On an underlying basis, OPAP per share grew by 7% and CSM increased by 8.4%. Free surplus increased 25% before shareholder returns. Total dividend per share was up 5%, and we returned a total of $5.9 billion to shareholders in 2023. Our $10 billion buyback program is ongoing, enhancing shareholder returns, and we remain disciplined in our future capital deployment. AA's robust balance sheet is a key competitive advantage. ensuring we retain our unmatched financial flexibility to invest in the enormous potential for profitable new business growth in the region, fully harnessing the exceptional qualities of AIA. I'll now hand back to Yunxiong.

Thanks, Garth. Let me now remind you why AIA is exceptionally well-placed to deliver profitable growth well into the future. First of all, we are 100% focused on Asia, which is the most attractive market for life and health insurance in the world. Asian consumers continue to amass high levels of private savings at a rate faster than anywhere else globally. Populations are growing, yet aging. And with significantly low levels of insurance penetration and limited welfare coverage, there is an urgent need for the personalized products and high-quality advice that only AIA provides. The potential for our business is immense, and our strategy is aligned to these long-term structural trends. I will now take you through how we are capturing the opportunity across our multiple growth engines, starting with Mainland China. The core of AIA China is our full-time professional premier agency that is the clear market leader in Mainland China. AIA's agents are even more productive than their pre-pandemic peak and outpace the industry with VOMB per agent more than double that of peers. Our success is driven by young, dynamic and entrepreneurial agency leaders who ensure sustainable growth by attracting, developing and retaining the best agents. Universal adoption of our advanced digital platforms drives higher productivity and efficiency while ensuring our strict quality standards are maintained. 93% of AIA's new agents are college graduates or above, and we saw accelerating recruitment momentum in the second half, with new recruits up 16%. In contrast to many competitors, our agency is growing and becoming more productive, resulting in VOMB growth above 20% from February to December. Our premier agents are equipped with the skills, tools, and products to successfully target the sophisticated needs of mainland China's growing middle-class consumers, where demand for AIA's insurance propositions remains robust. More than 80% of A&P comes from this segment, and each customer holds on average six AIA policies, helping them achieve their protection and long-term savings goals. We saw excellent growth in new customers in the second half, providing us with significant additional opportunities as our agents grow these relationships over time. Our overall product mix is high quality, well balanced and profitable. VOMB margin increased substantially in the second half to 63.4% following a favorable shift in product mix and repricing. In 2023, over 95% of our agents sold protection products, which accounted for more than 80% of all policies from new customers. The majority of our long-term savings products were bought by existing customers who already own AIA protection policies. It is AIA's differentiated premier agency meeting the evolving demands of China's middle-class consumers that sets us apart in this market. And we have significant headroom to grow as we build on our track record of sustained value creation across both our established and new operations. With the pandemic behind us, we have ambitious plans to accelerate growth from our new operations. As you will recall, by deepening our presence in existing geographies and entering new provinces, we significantly enlarged our addressable market. In 2023, we opened a new provincial branch in Zhengzhou, Henan, and our Shijiazhuang Sales and Service Centre in Hebei was also upgraded to provincial status, allowing us to expand more rapidly. AIA China has also been granted regulatory approvals to enter new major cities in Hubei and Sichuan provinces. Since 2019, our footprint has doubled to 10 geographies, adding more than 100 million potential new customers to AIA China, and our expansion model is working well. In 2023, agency VOMB from our new branches grew by 55% and exceeded 5% of AIA China's agency VOMB in the second half. Notably, VOMB margin is at a similar level to our established operations as we replicate our proven strategy of targeting the middle class with highly relevant long-term savings and protection propositions. Recruitment for our newest branches is also very strong and accelerating, with more than 77% growth compared to the previous year. As we continue to execute our plans, the vast majority of mainland China's growing middle-class population will be within our reach. I have no doubt in our ability to expand at scale whilst maintaining strict quality standards and our leading customer experience. We are also able to extend AIA China's customer reach through highly selective partnerships with banks that have aligned long-term ambitions and create value for both partners. While our partners are some of the largest players in the market, we are focused on meeting the holistic protection and long-term savings needs of only their most affluent customers. Through our exclusive partnership with BEA and our strategic relationships with Bank of China and Shanghai Pudong Development Bank, our average case size exceeds US$20,000, higher than our average MCV case size in Hong Kong. Bank Assurance is a small part of AIA China's total VOMB, and we have seen steadily improving new business profitability that is complementary to our core strategy. AIA China is singularly positioned for growth in this dynamic market. we have the unique combination of profitable products addressing the needs of a targeted growing and affluent customer segment and a world-class distribution with significant headroom for growth as we advance our geographical expansion plans. Next, moving to Hong Kong. AIA Hong Kong was the largest individual contributor to the Group's VOMB with 82% growth. Our premier agency is the leader across Hong Kong and Macau and agency VOMB was up 57%. We are growing capacity and quality with 59% growth in new recruits and more than 40% growth in MDRT qualifiers. Our bank partnerships provide exclusive access to over 2 million customers, while our leading RFA proposition has seen us return to number one in this channel. AIA Hong Kong's products and services have brought appeal to both domestic as well as MCV customers. We have the number one net promoter score. The launch of the AIA Wealth Management Center in March provides an ecosystem of integrated health and wealth management services. And we are accelerating our health capabilities through more active medical network management, leveraging Amplify Health's powerful data and analytics. As a result of our success, I'm very proud that we were the overall market leader by new business in 2023. Now taking a closer look at the strong return of MCV business in 2023. I am confident that the demand is sustainable. More than 70% of VOMB comes from customers new to AIA, and around 60% of policies were bought by customers who reside outside the Greater Bay Area. Our agency generated two-thirds of MCV business, and we saw growth in both VOMV and the number of new policies in the second half. Following an initial surge of larger policies after the border reopened, average case size has stabilized in the second half. As you know, we successfully retained the scale of our MCV-focused agency through the pandemic, and we have progressively stepped up recruitment, supporting very strong momentum in this growing customer segment. Now, turning to our largest growth engine, AIA's ASEAN Markets. We are the leading life and health insurer across the region. The combination of our powerful proprietary distribution channels and high-quality product mix allows us to deliver superior growth and profitability. VOMB in 2023 was 20% above pre-pandemic peak levels. We have the largest and most professional agency in the region, and our long-term strategic partnerships with leading banks are a key asset for the group. Our propositions are focused on long-term protection and unit link products, which in turn drove strong VOMV margin of around 70% in 2023, making this a highly profitable growth engine for the group. Our positions and performances across ASEAN are solid and consistent. Let me take you through the three reportable segments, starting with our largest business, Thailand. We are the undisputed leader and have an excellent track record of consistent execution with VOMB 60% higher than pre-pandemic peak levels. With a 41% market share, our agency is the largest and most professional in Thailand by far. We continue to uplift quality and standards every year, and our highly productive financial advisor program increased headcount by 28% in 2023. In bank assurance, productivity was up 31%, and we are working closely with Bangkok Bank to unlock the significant headroom for growth from its large retail customer base. As a growing market, there is immense potential for AIA in Thailand. Our focus on traditional protection and unit-linked products ensures our market dominance and differentiates the quality of our growth. In Singapore, we have outperformed the market through our focus on protection-led regular premium business. Our agency is the most professional, most productive, and largest tight distribution force in the market. A quarter of our agents are MDRT, and we rank the clear number one in Singapore. We are continuing to scale the agency with expansion of both our agency leaders and onboarding new recruits. In the partnership channel, we have strong momentum through Citibank, selected high net worth brokers, and we lead the market in employee benefits business. We offer differentiated health and wellness solutions, leveraging AIA's leading regional funds platform and our market leadership in health insurance. We see strong potential for growth from AIA Singapore, as we can tap into growing domestic demand, as well as Singapore's position as a regional hub. AIA Malaysia has grown significantly over the last four years and 2023 was another strong year with DOMB exceeding $300 million. Targeted investments in technology, digital and analytics have enabled us to simultaneously increase manpower and productivity across our leading premier agency and exclusive partnership with public bank. Our strong focus on protection, both traditional and unit link, delivers a high quality profitable product mix. We are the market leader in health insurance and AIA Vitality has been a key differentiator with very strong take up by both agents and our customers. I'm very proud of our success in Malaysia and I'm confident that we can extend our track record for many years to come. Finally, India, where our joint venture Tata AIA Life provides us with an exceptional platform to capture the tremendous opportunity for life and health insurance. By 2030, the middle class population will reach 1 billion. and protection coverage remains very low. Tata AIA Life continued its strong track record with VOMB up by more than 30% in 2023, driven by an excellent performance in premier agency and strong growth in our partnership channel. In eight years, we have advanced from number 17 in the market to the number three private life insurer in 2023. We are the market leader in retail protection, and we have a balanced multi-channel distribution platform. Our differentiated agency strategy has made us the number one MDRT life insurer, and our focus on growing and enhancing our agency has delivered consistent growth and outperformance against the industry. Our key priority is to build the most professional distribution force at scale that is on par with AIA's leading premier agencies. Our protection-focused strategy, quality distribution, and proven execution ensure that Tata AIA Life is well on its way to capturing India's massive potential. To summarize, we have multiple growth engines to leverage the enormous opportunities for life and health insurance across Asia. We target a resilient middle-class and affluent customer base through our market-leading proprietary distribution and superior strategic execution. Combined with AIA's unmatched financial flexibility, we are in a unique position. I'm certain that we can capture the full economics of growth in the region. In closing, 2023 was a strong year for the group. VOMB was up 33% to more than $4 billion and we achieved growth in all key metrics. We also returned $5.9 billion to shareholders through dividends and the ongoing share buyback program. It is AIA's capacity to deliver growth, earnings and cash that sets us apart from our competitors. I have every confidence that AIA will extend its strong track record of creating value for all our shareholders well into the future. Thank you.