Dev, could you give us a quick overview of Vietnam's insurance market, a few headline numbers, and where you think it's headed next? We can then dive into more technical matters.

Absolutely, Connor.

The numbers really tell the story of Vietnam's growth.

Vietnam's insurance sector has become an increasingly attractive destination for international investors and insurers driven by robust market growth, regulatory liberalization and rising demand for insurance products.

As of September 2025, Vietnam's insurance market includes 32 non-life insurance companies, one branch of foreign non-life insurers, 20 life insurance companies, and two reinsurance companies, many of which are foreign-owned or have significant foreign investment.

In the first nine months of 2025, total insurance premium revenue reached approximately 171.7 trillion Vietnamese dong.

which is roughly equivalent to 6.52 billion USD, with non-life insurance growing by over 10% year-on-year.

Can you walk us through the minimum capital levels that the principal types of insurers, reinsurers and intermediaries are required to maintain?