Let's have a think about the key steps that we need to take when we're building a life insurance model, and we're gonna give an overview of that here. Now, the first thing that we're going to do, as with all models, is to check the settings in our Excel to make sure that we have the Iteration setting turned off before starting. This will, therefore, alert us if we accidentally create a circular reference while we're building the model. Once we've done this, we can start to build our model, and the first thing we do is to input the historical data from the income statement and the balance sheet. So you go and grab the financial statements of the company and we input that historic data in there. The next thing we'll do is to calculate some ratios and statistics using that historical data. This allows us to identify historic trends, which can help us to predict the future performance of the business. Now the next thing we'll do is decide on our forecast assumptions. So looking through those historic ratios and statistics to build our expectations of what's going to happen in the future. Now the next step is where things start to deviate from what we would do when we're building a corporate model, and that is, that we're gonna start by forecasting gross written premium, and also forecasting the balance sheet, except for equity, investments, and cash. Now remember, that it's the balance sheet that drives insurance and investment profits, so we need to forecast the balance sheet first. However, we're also gonna forecast gross written premium at the same time, as it's helpful to keep an eye on whether these are growing in line with the balance sheet. Once we forecast our balance sheet, except for equity, investments, and cash, we can then balance the balance sheet, and we'll do this by using the investments in cash as a residual item or a buffer. As part of this, we'll have to think about the investment allocation, and that's both between investments in cash, and also by the different types of investment. Next, we're gonna forecast the income statement, and here we're gonna break this down into the profits from the different types of insurance business, and within this, the profits from the insurance activities and the investing activities. For both of these, we'll forecast using the balance sheet forecasts, so we'll be forecasting insurance profits using reserves, and investment income using our investments balance. Our next step is to forecast what dividends the insurance company can pay, making sure that the company has sufficient capital to pay the dividends, and this allows us to calculate our forecast equity balance. Then our final step is to hook up our equity into our balance sheet. In doing so, this will create a circular reference so we're gonna need to deal with this. So those are the key steps that we're gonna follow when we're building our life insurance model.