Q4 was definitely very challenging from a macroeconomic standpoint in China. So Q1, we see that with consumer confidence recovery with increasing over consumption. Insurance probably has been the beneficiary of the overall confidence in household income recovery. So Q1, we see a relatively robust recovery momentum. In Q2, we see that continuing, but probably the pace of the growth would be somewhat more lucent than Q1. But then I think that the long-term health category as an absolute amount for quarter two would probably be more or less around the same level as Q1. But then I think longer-term, we see that with continued recovery in the macroeconomic picture and we’ve continued improvement in consumer confidence. We do expect long-term health or protection products to increase in terms of the proportion of the product mix in the second half of the year.
So I think that will be the answer to your third question.
Operator: Thank you. [Operator Instructions] And the next question comes from the line of Amy Chen from Citi. Your line is open. Please ask your question.
Unidentified Analyst: This is [indiscernible] from Citi. And first, I want to congratulate the management on such a robust sequential growth in the first quarter. So my first question is regarding to the increase in whole life products. I’m just wondering, with percentage it accounted for in terms of FYP and GWP facilitated in the first quarter as well as year-to-date. And going into the third quarter and the fourth quarter, what kind of product mix are we looking at? And the second question is on brokerage income. If we look at it on a year-over-year basis, it’s actually relatively flat. But actually, we locked a very robust FYP growth in the first quarter. I’m wondering whether this has something to do with your TO-A channel independent agent channel? Thank you.
Kwok Tam: Okay. Thank you. So the two questions. I think the first question we have touched upon in the response to the question just from CICC. So the increasing whole life product in the first quarter, I think in terms of our public disclosure, we have lumped together the long-term savings product categories, which includes the increase in whole life and annuities as a whole. So this category has accounted for 51%, 51% of our FYP for the first quarter. And if you are asking about the outlook for the rest of the year, I think in Q2, we probably see a higher proportion of FYP coming from the increasing whole life/annuities categories, probably more than 51% in the second quarter. But that would come down in the second half as we transition to the new product pricing landscape, as we all know, from 2.5 to 2.0. So in Q3, we will see probably relatively weak sales of long-term savings in the increasing whole life segment.
But then we do see that a complementary makeup from the annuities product as we see that the growth momentum in the annuities category continues to be quite strong. in Q2 year-to-date. So second question on the brokerage income, yes, we do acknowledge that the year-on-year growth on the brokerage income side is going to be flat. I think that has to do with mainly the lower commission rate [indiscernible] with the savings product category from – this quarter versus the same quarter last year. So I think that the take rate decrease has been the main contribution factor to the rent flat performance in brokerage income from last year to this year.
Unidentified Analyst: Thank you.
Operator: Thank you. [Operator Instructions] And the next question comes from the line of [indiscernible] Securities. Your line is open. Please ask your question.
