Hello, good morning. Welcome to our virtual meeting to present the results of the second quarter of 2025. This conference call is being recorded and has simultaneous translation into English. To listen to the audio in English, please select the appropriate option. Please press the interpretation button at the lower right-hand side of your screen. This conference call is going to be d ivided into two parts. Our CEO, André Haui, and Rafael Sperendio, our CFO a re going to present the highlights. The slides in presentation are in English and can be downloaded by Investor Relations website at www.bbseguridaderi.com. In the second part we're going to w e will have a Q&A session where analysts and investors may ask their questions. We will be back after the presentations t o give you instructions if you want to ask a question. I would like to give the floor to André Haui to share with us the main highlights for the quarter. Andre t he floor is yours. Thank you. Good morning, dear friends, I would like to start by thanking everyone who are with us in our virtual meeting to talk about the performance of the basically the beginning of the second quarter of 2025. This is an important moment to highlight the results achieved from our commitment to value creation, innovation, the continuous search for efficiency in all fronts of our business. Our net income excluding high incurrence 17 standards and extraordinary events in a period reached R$3.2 billion, an increase of approximately 50% compared to the second quarter of 2024, with an annualized return on equity retained amount approximately 90% and advancing more than 15 percentage points compared to the same period of the previous year. Significant growth is also observed in accumulated results in the first half of the year with a net income of R$4.2 billion, with 14% and an ROA over placement 93%, an increase of 12 percentage points. The quarter's result was driven by an 11.3% growth in operating income and a significant increase of 69% in our financial income created by an efficient asset management in all of the company of the retained earned premiums. The insurer's main revenue metric grew almost 10%, totaling R$3.7 billion revenue. The loss ratio remained at the lowest historical levels and ended the quarter 21.5%, with an improvement of 5.7 percentage points. Our accumulated business pension reserves expanded 9.3% in 12 months and reached the expressive mark of R$549 billion. In premium bonds we reached R$1.8 billion i n collection, strong growth of 24.1% compared to the second quarter last year when brokerage revenues totaled R$1.4 billion. We believe it sits in a quota. The results presented reflect the management capacity and the merit of a tireless team for innovating and creating solutions that generate value for all stakeholders and new products. We launched this year already delivering consistent numbers which paved the way for the company to grow in a robust and sustainable way. We launched two initiatives in the end of March that have been gaining traction and are going to catalyze results for the company. The first one is the credit life insurance for private loans, which quoted more than R$94 million in premiums, and the second is BB Credit R4 Consortium, originated with premiums of approximately R$82 million. At the end of June, we launched credit life insurance meant for new credit lines for micro and small businesses, a segment that we did not serve. In just over a month, we had R$69 million in premiums in livestock lien insurance revenue. We had R$69 million in premiums in the year, guaranteeing new features. We launched for hiring a growth of 48% compared to the same period in 2023. Our product to celebrate the 30th anniversary of Auto Pop has been a success. In two months, we had more than R$135 million collected with the sale of 44,000 bonds. As part of our strategy of channel diversification, we reached the volume of R$856 million premiums written for commercial partners, equivalent to 11% of the total in structured business. We have life, home insurance, and solar panel insurance operations. We grew 40% compared to the first half of 2024 in Cooperative Agri Resellers, 55%. We also sold 2.8 million premium bonds to new customers with a collection of R$11 million there. We also advanced in digital channel sales where we made 330,000 sales in the semester, 46% of new customers. In terms of premium bonds and personal protection insurance plan, we find products in our strategy to expand the base universalized protection solutions. We can see in our pursuit of efficiency and excellence in subsistence. Our main satisfaction indicator advanced 5.7 points and remains consolidated in a quality zone. We reduced the number of companies by 27% compared to the same period last year and churn by 10%, fostering the loyalty of our membership. These advances are a direct reflection of our management capacity and coordinated action of our companies. We have reduced the general admin expenses in all funds, 7.8 percentage points in Brazil, top 1 point at BB Corretora and 0.4 points at Brasilprev. These efficiency gains are not just numbers. They represent our ability to do more with less, to deliver value with responsibility, to put customers at the center of our decisions. Now, moving to, I would like to give the floor to Rafael, who's going to show you the main financial highlights for the quarter. Good morning, everyone. Thank you so much, André. Now, going to the details of our n umbers before going into too much detail about the result. I'd like to briefly explain to you s omething that is common here. That we break down and we separate non-recurring items. This part of we had an update in that stock too for the settlement of the court decisions. This affected a little bit of our numbers by $62 million and we think that this is a one item we separated from the numbers of the quarter and year-to-date numbers. This was a regulation change that we had, and especially the provision for claims to settle according to court orders. There was no regulation defining you with these provisions monetarily and we had our monitor methodology using NPC+1%, and as of last because of the new law is that the monetary action is NPC SENH minus VPC. After the end of last year we are booking these expenses according to the new law and now we updated the entire inventory and this created this impact of $62 million. All of this is in our publications and I would like to place focus and then all the numbers that we are going to discuss are in recurring policies. Now starting and the net income is $2.2 billion, $2.3 billion if we take n ote that the time mismatch of the date of liabilities of the plans in Brasilprev at 20% year on year group. Now in the first graph, 5.2, a graph of 14%, so it would be 5.4 if we took out the impact of this time mismatch. The time mismatch took out $154 million in the first half. First half of last year was neutral. It was a detractor. We always reinforce that this amount comes back to our numbers and it's going to come back to our bottom line in the second half of the year. That happened because in June the IGPM had a strong deflation of 1.7% with an impact in the assets and liability. The deflation was 0.5% which was May IGPM. In July and August, in July it gets a little bit better. In August it's going to be fully reversed. Probably in the third quarter you're going to see now the consolidated net invested income with a growth of 69% year on year in the second quarter, 205.5 in the first half accounting for a significant number. Now going to the next page, this is the breakdown of borrower requiring managerial net income with all the company operating result, the net investment which have contributed almost equally. We have BRL 345 million in terms of operating results with a reduction in loss ratio. These are our main highlights in the year to date numbers. In terms of the investment income, we had a gain with a direct impact of the impact of the buy selling rate plus a growth in volume adding BRL 258 million. The time mismatched. We've said staking out to another 54. Then the mark to market adds another 173. In the first half we had positive impact with a gain of the mark to market of BRL 23 million, whereas last year we had a loss in mark to market BRL 15 million in the first half of 2023. The combined effort in the financial net investment income despite the time mismatch, we had almost BRL 300 million year on year. Now going into the details for preparation. In insurance on page eight, we had premiums returned in the second quarter, dropped 1% year on year, with a slight slowdown in a drop that we saw in the first half of the year, rather saying the first quarter of the year. This 1% reduction was very much impacted by credit life and rural insurance. Without going too much detail, credit life is being impacted by credit life companies. We had some growth in individuals, 5% for individuals, but really for corporations it's been going down markedly. In terms of rural, and it's in the press and in the media, it's slightly more difficult with only insurance. This is the main drop of 3% quarter and year on year. If you see the first month of day, we saw a drop of 3.6% in retained premiums. The factory explained this to customers that left with higher tickets. We ended up not being able to offset with new sales. Even though we had a slightly upward leak in the second quarter, it's still in the press heat. Other lines are growing with medium to high growth, all of them with good performance in the first half of the year. We had an improvement in loss ratio. Last year we had the disasters and the catastrophes in Rio Grande do Sul that affected our numbers. We had other effects in life insurance that affect the center south of Brazil. This year it didn't happen again, and the loss ratio dropped strongly. By comparison basis, the loss ratio is the main component explaining the better combined ratio. Also, in terms of operational efficiency, Method G and a block year on year also contributed to the better combined ratio. On the other hand, you can see a high in commissions because it changed in a mix insurance in a total with either point of interest by commissions. One was about investment income, the growth of 45% year on year, 42% in the first half because of a higher SELIC. A significant increase with days of SELIC, and the growth has been growing year on year and 17% year on year, with a better combined rate. The main one at the end can be addressed, and there is everything in parenthesis and one-off effect. Going to pension, we had a 22% drop in the indirect effect of the regulatory changes that we had with the introduction of IOF cut over PGBL. This ended up reducing the inflow of funds, which affected also the net inflows. Redemption increased 50 basis points year to date, but quarter on quarter it dropped. With the redemptions that we had until March of 11.6, it dropped to 11.1. We are still seeing, so we don't see much volatility along the second half. We are likely to see an improvement in redemptions in the second half if the reserves grow. Management fees dropped 1% year on year. This is a result of the dilution. We are seeing management fees built on a change of risk profile, which requires a pair of more conservative assets in the total of assets, so they drive down the management fee. This impacted the drop of revenue year on year, especially if we compare. Despite the reduction in revenue and management E and marginal growth in year-to-date numbers, it has grown strongly, 20% year on year, 16% in the first half of the year. This is a result of improvement that we saw in financial, in the net investment income, not just because of a higher SELIC, but also with a positive effect on mark to market. That also contributed, and a drop of IGPM with a significant reduction and a cost of liabilities are the main drivers for the growth of Brazil Prev. Even though we saw this acceleration in terms of operational. Now, Brasilcap, we had 24% in collections, 11% in the year-to-date numbers, reserves grew 1%. Lottery prizes paid grew 6% year, dropped 6% year on year. In the first year, we paid $31 million. Net investment income grew 6% year on year because of the financial margin. In the first half of the year, it dropped 19% because of compression of financial margin. This is basically, we had in the first quarter the negative adjustment of the hedge because we opened the curve and then we decided to protect most of our exposure to 16. The company didn't have enough time to do the protection, and then we had a negative adjustment of the hedge in the first half of it. The first quarter, you can see that the net investment income has been growing in a smooth way. Here you can see the variation in the net income, minus 5% year on year, 10% year-to-date numbers. BB correlated revenue grew 6% year on year, 5% in year-to-date numbers. This was the booking month sales from insurance products and increase of the savings. The premium bonds currently has a contribution in the brokerage and net margin growth, 3.2 percentage points year on year, 2.4 in year-to-date numbers. This is a result not just of an improvement in operating margins, but also an improvement in investment income because of a high SELIC rate. The consequence of this is an increase of net income growing above the revenue because of a better financial result, 11% year on year, 9% in year-to-date numbers. In closing, we have our guidance. Non-interest operating receipt, the range from 3 to 8, we delivered the 4.7.4. The score in terms of premiums written, 2 to 7 was our range, but we 4 going down 3.4 as I mentioned during the presentation, a quite strong impact. Credit life pension plan reserves delivered a growth of 9.8 when the range was computed to 16 revised projections. What we had to do is to adapt to the new regulation. We have the IOF with the GBL that has significant income in the short term. We had to adapt, with an impact in operational results. The impact of Bioware is the result of the collections in pension plans or premiums to collect in pension. This had an impact in our operating results and we had to revise the estimates. This is 1 to 4 in terms of premiums written. The range is from -4%- 1%. Because of this very uncertain environment, especially in agribusiness, there are a few measures that are going on to try and accelerate the recovery of the life. This is very volatile so w e decided to review four premiums. Written in terms of pension plan results, 9 to 11, again the impact of IOF. This is the result of lower collection that we expected, and we had to incorporate this in our projection. We raised it down for a growth from 9%- 12%. These were the highlights. This is the result of the second quarter, and now we are moving t o our Q&A. Thank you so much. Now we are moving to our questions and answers session. Please wait while we collect our questions. As a reminder, if you want to send a question in writing, just click on the Q and A button in the lower part of the Zoom screen. We'll try to answer all questions here live. If it's not possible because we don't have enough time, then we will give you an answer by email. We're also going to allow some questions to be asked live by audio for some analysts if you click on the Raise Hand button at the bottom of your screen. As long as we say your name, please unmute your microphone and ask your questions. Questions will always be answered in Portuguese, but if you want to ask a question in English, please feel free and we will answer here live. The first question comes from Daniel Vaz from Banco Safra. Daniel, please, you can open your microphone and ask your question. Good morning, Felipe, André, Rafael, congratulations on your performance. I have two questions. The first one I would like to hear Rafael about the commissions, unearned commissions in a brokerage company. Could you explain the cash commission and cash usually is Brasilcap. The cash is very much related to Brasilcap. It's slightly different in insurance and prev. Hello Daniel, thank you for your question. Good morning. As to the revenues in the brokerage company, it varies a lot from product to product. I'm going to try and simplify without going into too much detail, but I think this will be enough for you to understand how it works and to explain the resilience of our brokerage business at the brokerage company and also the insurance company, because of deferred revenue, both in brokerage and premiums, because they have the same dynamics of deferral because of time. In the brokerage, credit life and pension, we charge a brokerage fee above over the volume collected and this is booked as cash. There is no deferral. For insurance, it's completely different. For the insurance products, both earned premiums in insurance and revenue from brokerage in a brokerage company, they are booked according to the effect of the risk of the product. For example, credit life that we have the longest risk and we defer commissions sometimes for five years approximately. This is at the origin of the business. The effective times are slightly lower because they are not carried up to maturity and sometimes customers choose to renegotiate. Times are slightly shorter, but sometimes it's about five years. Today, commissions to be booked that are still going to be booked are $5.7 million. This is the total that we call as prepaid, but a pension and the premium bonds. Once the revenues are immediately booked as cash, that's why they're very sensitive in the short-term numbers. Once collection goes up in these two lines, immediately the brokerage revenues of the brokerage company go up similarly. I asked because of that, because t here was a flattening of the curve. It was 4, then it went to 5.7 and then it remained at these levels. There is a factor to be. The second question is related to what we have here. As part of the basic redad we have Marcelo Labuto back to BB Seguridade, one of the directors of the group. In 2013 and 2015 they were at BB Seguridade at the time of the IPO and so on. I would like to try and relate this, whether it's possible, some potential discussion of contract renewal over the next five years, considering that we are getting close to 2031, the first renewal of BB Seguridade contract. We need to try and understand whether his coming back to the group is changing, whether this has anything to do and so that we have an update. This is valid, especially considering the scenario of the bank because capital is not so simple and then it could kind of unlock BB Seguridade. Regarding that, Daniel, it's important for us to try and understand the governance flow, which are the duties of each one of the executive officers. Here specifically, Marcelo Labuto has broad experience in Banco do Brasil, was even the President of the bank temporarily and then was the President of BB Seguridade, but he is being appointed to CEO for insurance operations. The discussion of agreements with partners, all the partners that we have, will take place at the level of BB Seguridade and Banco do Brasil. The operational aspects don't take part. He is being considered as CEO of BB Seguridade to run the operation, regardless of the discussions that take place at the level of partners. Just to make it slightly clear, the difference in terms of the duties and the roles of different executive officers in the companies of the group. In terms of shareholders agreement, there's nothing going on now. Okay, thank you so much. Thank you very much for the question, Daniel. Our next question comes from Antonio Ruette from Bank of America. Antonio, good morning. You may open your microphone and ask your question, please. Good morning everyone. Thank you so much for your time. My question is related to pricing. When we look at the loss ratio and then close to the plus 30 in terms of operational results and the growth in premium, has there been any change or do you plan any change in pricing or pricing levels, especially considering this level of frequency and this level of loss ratio, or is the idea that something is going to change a loss ratio or do you see any prospects of it going back to higher levels? I'm just trying to understand what you think when we compare loss ratio below historical levels and also contract prices when we think in terms of growth. Thank you so much for your question. As to pricing, the focus might be slightly more agricultural. It's according to expected credit life compared to historical levels, which is slightly above the historical levels. Here, because of changes that we have implemented, we expanded our target audience and now risk in terms of insured capital, but within expected and now structure is going to be slightly above historical levels in any way. In terms of homeowners insurance, it is slightly different from what we were expecting. There are many, and we have a level of 30%- 40%, and the portfolio has been responding to that. In other lines, no changes. They're all performing very much in line as expected. We don't see any indications to change in our subscription policies or in the underwriting policy. In terms of crop insurance, we have some margin to be slightly more aggressive in terms of prices because in the last three cycles we've been having really great performance. We need to be very careful because we are working with climate, and we need to be very careful with that. Historically, it's not common to see this pattern of three cycles in a row with the quality of the crop without any major event causing any major impact in loss ratio of the company. Yes, we do have margin to work on. We are going to work on prices to have slightly more aggressive prices than we had been working with, but slightly more careful, very gradual, because the only line in our portfolio that is exposed to tail risk. That's why we need to be very careful. In principle today, when we assess the projections, the most up to date in terms of climate, we are okay to work like that. The predominance, especially next year, is for it to remain neutral. The perspective in terms of the weather is very favorable. Thank you very much, Antonio. Our next question comes from Arnon Shirazi from Citibank. Good morning. You can open your microphone and ask your question, please. Hello everyone. André, congratulations on the performance of this cycle. I would like to ask a question about the dynamic of premiums. July has ended, so I would like to understand your dynamics, especially for rural insurance after the Safra plan. If you allow me, also in terms of premium, there has been a variation in the technical provisions that was really significant. Now this quarter, if you could explain i t better. I'm going to answer your first question and then I'm going to c ould you explain a little bit r egarding your second question about the first one, we've been seeing a reaction in crop insurance and now it's still too early for us to extrapolate this from now to the end of the year. That year-on-year variation rate that we saw in the first half of the year had a significant improvement in July and now in the beginning of August. The downwards curve is not so steep anymore. We have more funds being allocated to small and mid-sized farmers. That is our target audience for crop insurance. This composition favored us more than the composition that we used to have last year. At the same time, there are some other factors that we need to consider more carefully, especially the reduction of the subsidy for crop insurance. We need to estimate the size of demand, the appetite of farmers in terms of risk, and how this recovery is going to take place along the second half of the year. It's still too early to say anything about your second question. If you could repeat that, please. I'm not sure I fully understood it. In terms of retained earned premiums, there was a change in the technical provisions that was significant this quarter of $310 million compared to a much lower amount year-on-year. Is there any explanation? Thank you. I'm going to try and infer the reason for your question, and this has a little bit to do with the answer that I gave to Daniel. As part of provisions for unearned premiums at Brasilseg, there is a strong component which is prepaid revenue and is coming especially from credit life. When credit life slows down, as we've been seeing, as it is a very long product, we are still booking lots of revenue and it's one of the lines that grew the most. There is revenue from past cycles that we are booking. We see written premiums going down by 3%. When we eliminate the noise of reinsurance with crop insurance, and most of the drop is related to crop insurance, when they take out crop insurance from the numbers, you can see that retained premiums is almost flat, zero risk, and a growth of 2% year-on-year. When we have retained earned premiums, there is the risk that I issued and then I go to a second time, which is the booking of premiums from sales that were made in the last three years, more or less most of that. Retained earned premiums go up by 9%. There's no change in the criteria. This is linear deferral, differently from IFRS 17. Deferral is linear. It's a result of this big mattress of earned premiums that we built over the last three years with sales of credit life that now are coming clear and being booked in our bottom line. Thank you very much. Our next question comes from Tiago Binsfeld from Goldman Sachs. Good morning, Felipe, Rafael and André. I would like to understand the changes in operational guidance. The second half of the year is going to be very much similar to the first half. I would just like to understand. You said something about the loss ratio and the crop insurance staying flat. Is there a significantly higher deterioration of the loss ratio or are you conservative because of any other component of the operating result? Thank you for your question. Just to make it clear, we just need to review the operating guidance because of the incidence of IOF in a PGBL. If nothing had changed, there would be no reason for us to review it down in either of the two ranges. Now IOF is impacting collections, so it's directly related to the brokerage revenue and BB Corretora, our brokerage company. If I didn't have the new law, the new regulation, we would be able to bear the previous range because even though one line is slightly below what we initially expected, we had margin within that range to absorb any other unexpected variation that, as you reinforced, in the second half, especially the loss ratio of crop insurance. We don't expect any significant changes, but there would be some space in the previous range to absorb it. In the second half of the year with the impact of IOF, in the end, this margin is not enough to absorb any type of unexpected variation that we may have. Because we are very cautious, we decided to review down that range to have slightly more margin if anything varies in projections because the impact of IOF takes up one to two points depending on how we will be able to react in terms of the growth of operating results. We had to incorporate this in our estimates. The same thing applies to pension reserves. Now with IOF, this ended up taking out like three points on the growth of reserves, so this needed to be reflected in our projections too. This has been the main driver, the main reason that led us to review the range. Otherwise, you would only have reviewed the written premiums. Based on actual numbers and forecast for the second half of the year with a lower volume of subsidies for crop insurance, we had to incorporate that in our numbers. Thank you, Rafael. If you allow me to ask a brief question, we saw that solvency of your subsidiaries has improved. How do you understand the capital of your affiliates and also payout considering this context? Yes, we are considering that, Tiago, in Brazil Seg. We are very close to our risk appetite, and it varies from company to company, about 1.2, 1.33 the regulatory capital. This is our risk appetite. Where we would have more room is in Brasilprev. Brasilprev has not yet paid out the profit of the first half of the year, so there is a capital surplus which is well above our risk appetite. In Brasilcap, there is a situation, if you remember, that because of the strong movement in the opening of the curve in the end of last year, we had to take capital from third parties to cover the liquidity deficit. In the middle of the second h alf we had recovered the capital basis. We are very conservative and this third party capital and we are likely to use the results that have been generated to sample the debt now in September. With all of this, we expect the payout for the first half, it's almost 90%. It should be expected that in the second half of the year the payout is going to be slightly higher than the first half, of course, considering a higher basis of profit than in the first half. For the whole year it should be higher than the first half. Thank you very much, Rafael. Second question from Marcelo from Bradesco. Marcelo, you can open your microphone and ask your question. Thank you very much for the opportunity. Number one, I would like to have a follow up on payout. The company has almost 1 billion and 100 million of shares in treasury. As you had the buyback program, the situation of Banco do Brasil was slightly different. Now we are seeing what's going on in the discussion at the bank in terms of capital and preservation. Does the situation in the bank change in any way what you're going to do with these shares in treasury, whether you're going to sell and then the bank is going to pay and have a higher payout? I would like to understand better the shares in the treasury. The second question is what you think will be the collection or in terms. If you could explain to us a little bit about what you are going your inflow at least into gross inflows in pension in the second half of the year. Thank you very much, Marcelo, for your question. About the shares that are in treasury, we had the buyback program, so our understanding here. We have here the vision that the shares are not at fair price, but we are aware of the impact that has in the bank's capital. For now we are not planning to launch any new buyback program as to what we are going to do about that. This is a decision that is up to the board of directors. On our end here today, we don't have any reason to sell those shares to the market even though the program has been approved. We have the authorization for them to be kept in treasury and canceled or sold. So far we have no reason in the management of the BB Seguridade that we're not planning to sell those shares. This is a decision that is up to the board of directors and depending on what they decide, we as executive officers are going to do what they tell us to do. So far we have nothing. No decisions have been made about that. As to the IOF, according to their new rule, it's very difficult for us to get to a number that is exact. This varies greatly in the breakdown of products. Our group of farmers have a cash flow that is very much concentrated at certain times of the year that will have pension contributions in amounts that will be higher than those defined. In our understanding, we think that it can be 20%- 30% t hinking in terms of collection now, on the other hand, we are not going to be passive and we've been adopting different commercial strategies to deal with that, working better on the scale of payment or the schedule of payment along the year, avoiding concentration at certain times of the year to try and minimize this effect. That's why it's difficult for us to give you an exact%, but it has the potential to get in terms of collection. Thank you. Thank you, Marcelo. Our next question comes from Pedro Leduc from Itaú BBA. Pedro, good morning. You can open your microphone and ask your question, please. Good morning. Thank you for the call and for letting me ask a question. As part of rural premiums, we've been seeing the crop insurance getting weaker and being offset by rural and this quarter there is a kind of slowdown in these two products. I would like to hear from you how do you see the relative penetration of the rural and farmer's life and how do you see this in the future in terms of growth and how these products are going to grow? Maybe penetration is high. How do these two products within your rural portfolio, how are they likely to behave in the midterm? Thank you, Pedro. Thank you for your question. Now, trying to say what to expect in terms of the rural portfolio in the second half of the year. You are right, there has been a slowdown in the second quarter, but this is a result of the comparison basis. In the second half you can expect the same movement. This rate is going to slow down both in rural and for farmers insurance too. An acceleration in crop insurance in the second half, so that the combined growth or the combined variation in terms of premiums written in the rural segment of rural portfolio, the level is going to be higher than we have today if we consider year to date numbers until June. This variation rate is going to be better in our rural portfolio in the second half of the year with slightly different composition. If you think in terms of retained premiums, crop insurance just 2% and so very low level. As I said before in one of the answers, crop insurance now is reacting in July and in August it's good too. This is going to persist along the second half of the year so that rural as a whole will have a better performance. This is implicit in the reviewed growth range that we have in our guidance. In terms of penetration, we have a higher penetration in terms of livestock lien insurance, slightly more than in life, but here solely, and it's mandatory. There are some lines that we still operate very little and with a growth potential. In terms of Banco do Brasil, in terms of livestock for grains it's very high, but in livestock still very low. Our next question comes from Evandro Medeiros from Suno Research. Evandro, please, you can open your microphone and ask your question. Good morning. The volume of reserves in Brasilcap, when adjusted by inflation, has been growing since 2012. How do you explain that in Brasilcap? Thank you. Evandro t hank you for your question. It's a little bit difficult for us to analyze such a long time span because along all this time there have been many changes in our products. What influences directly the reserves is very much the average time of bonds. When we shorten the time, the reserve for the next two or three years goes down. If we have longer times, the reserve responds by growing. In 2012 and 2013, there was very strong growth in reserves precisely because of the longer times. We had the movement of shortening times which persisted until 2018, 2019 more or less. Now we have longer times again with AutoCap 30 years product, so we have a longer portfolio. Reserves are likely to grow again. This is very much related to the timing, to time, and that's why you see this variation. Thank you very much. Our next question comes from Carlos Gomez-Lopez from HSBC Global Investment Research. Hello Carlos, you can unmute. The floor is yours, you may ask your question. Our next question comes from Guilherme Grespan from J.P. Morgan. Grespan, you may ask your question, please. Good morning, Felipe and Rafael Sperendio too. Thank you for the call. Thank you for taking my question and I would like to hear your diagnosis. There's a positive diagnosis. I see your market share and Banco do Brasil's market share in the agribusiness and my question is because it's becoming increasingly relevant. In our numbers, 2/3 of BB Seguridade is agro. When I look at the market share, Banco do Brasil 10 years ago used to have 65% of the market share in rural insurance. In the last 10 years, Banco do Brasil dropped to 53% market share. After the last crop, 53% is going to drop even further. I find it interesting that you remain with 63%, 64% market share in this industry. There was a mismatch or a detachment, a difference. Why do you think you have this market share in the industry? Are you going to lose it? It's become more competitive both in terms of incumbents joining this industry. What is your diagnosis and how do you see your leadership, please? Good morning. I'm going to answer this first and then I'm going to give it over to Rafael to complement. Considering the size of the market and our capacity to innovate and create new products and look not just to the origination but inventory too, we can see this in rural vida and we think that we still have room to grow. This is the way I see it. Of course, we see incumbents taking up space. We are way ahead of them. The market's going to become increasingly more competitive. We can see major competitors and we have this industry and we are worried about that. That's why we have to become increasingly more efficient in innovation, monitoring, and in defining parameters. We have been reaching new levels in terms of the offer of products and we need to remain very competitive. In my opinion, of course, this is going to take a while still. The vision of the bank, I'm not going to say because it belongs to the bank and I don't speak for them. There are many factors that need to be considered in the market, especially considering collateral and credits loss ratio capacity to protect our customers. We think that we are going to be different for quite some time. If you're not creative and have competitive value offer, yes, we are going to be affected more strongly in future years. For now, we remain at very good levels, always paying attention so that we can have the best in technology to offer to our customers. Just complementing, when we see the insurance products, they have quite strong synergy with banking products. Undeniably, on average, considering the banking products, if we see the life cycle of products, they are at a level of maturity that is higher than insurance products. This makes it possible for us to advance these movements and to try to delay even further this context of more competitiveness and margin reduction which is likely to happen. As you said, this is going to be more slowly. A practical example of that in terms of funding projects for farmers, there has been a significant increase in recent years in the share of others funding lines, especially for farmers. Until recently we didn't have an insurance product to farmers, and now we are advanced significantly in terms of crop insurance to combine it with a new funding mechanism. We've been using very much the platform, which is a joint investment with Banco do Brasil, to try and find alternative ways for traditional bank loans in the agribusiness sector. This is very clear. Thank you so much. Thank you. Guilherme. We have two questions here that were posted in our Q&A. One is very, but those who are joining us now, it's interesting to answer. This is about the change in the flow of payments of dividends that went from every six months to every three months to be quarterly. The second question is what we think about the macro-economic scenario and the main variables and how this can affect our businesses. First, the frequency of payout of dividends. So far we are having our practice of paying it every six months, also considering the cash generation of the company. The brokerage is a major source of cash generation. It can only pay out its dividends every six months. You have no intention of changing that frequency. This may vary depending on availability. We might have an extraordinary payout, but we are not saying that we are going to have a quarterly payout of dividends. As to the scenario, this is a very broad question. What we've been seeing in the short t erm. This scenario of a higher SELIC ends up being beneficial for us for our bottom line. It has had a direct impact in our net investment income in terms of inflation. Very beneficial issue with the plan of benefits in Brasilprev and with the IPCA at 5% and IGPM at 1.3%, if I'm not mistaken, this is up to date. Every point that IPCA is above IGPM, we have an impact of $30 million in our profit. This is very positive. On the other hand th is makes it more difficult if we have a high interest rate scenario. This makes it difficult for us to grow operationally because the operational growth is formed by lines that are somehow related to the SELIC if we have a 15% rate. Having a life protection or credit life for a credit operation, it's not the same as if the SELIC is 8% or 7%. This makes it slightly more difficult for us to grow, especially in terms of companies. As I said during the presentation, we are seeing a reaction of individuals, but for companies we are feeling even stronger, it's even more difficult. This is what we have been seeing and then we see the financial much more than offsetting the slowdown. This is not the best environment that we have when we look in the mid and long term. In the short term this is very favorable. Thank you, Rafael. Now we are ending our questions and answers session. Rafael, André, if you want to make any closing remarks. I would just like to thank everyone for being with us and to say that I am available, along with the investor relations team, to answer any questions that you may still have that we didn't answer during our meeting here. I'm ending my cycle in the company. First of all, I would like to thank our shareholders, our controlling shareholder, Banco do Brasil, and especially the minority shareholders that believe in our company. My special gratitude to the whole team and our team that make this company be what it is, truly. I would like to thank everyone supporting us, everyone here at the studio. Thank you very much. Thank you all very much and I hope to see you soon. Thank you. As a reminder, we have a satisfaction survey with a QR code on the screen. If you could answer, we are very grateful to you. Have a good day. Thank you.