Let's talk about the basics of Solvency II, and the cornerstone of this is a three-pillar approach, which is very similar to the approach used under the Basel III framework for banks. Now the first pillar is capital adequacy, and as with all capital adequacy rules, it's about comparing the amount of available capital to the amount of capital required. And for Solvency II, the amount of available capital is referred to as owned funds. Now the second pillar is risk management and governance, and the third pillar is disclosures. So that's a requirement to make periodic public reports about how the company is satisfying the requirements of Solvency II. Now we're gonna focus on the first pillar, which is the most useful to us when it comes to our financial analysis. Now in terms of capital adequacy, Solvency II has two capital requirements, and this allows for a so-called supervisory ladder of intervention. So the first requirement is the solvency capital requirement and the second is the minimum capital requirement. Now the solvency capital requirement is a much higher requirement, so it would be the first to be breached, and this would allow the regulator to intervene. And this intervention would include, for example, requiring the company to suspend their dividend payments. Now, the minimum capital requirement is the absolute minimum level of capital that an insurance company must have to be able to operate, and therefore, if after breaching a solvency capital requirement, it then goes on to breach the minimum capital requirement. At this point, the company would have its authorization withdrawn. Therefore, the solvency capital requirement is usually the key focus for analysts and investors, as this would be breached first, and it's therefore really the first warning flag around whether the company has sufficient levels of capital.