Good afternoon, ladies and gentlemen, and welcome to Caixa Seguridade's Video Conference to discuss the Earnings Results for the First Quarter of 2024. This video conference is being recorded, and the replay can be accessed on the company's website, ri.caixaseguridade.com.br. This presentation is also available for download. To hear the audio in English, please click on Interpretation and select English. For a better experience, click on Mute Your Original Audio. The presentation in English is available on Caixa Seguridade's IR website in ri.caixaseguridade.com.br/en. Please be advised that all participants will be in listen-only mode during the company's presentation. Right after, we'll begin the questions and answer session when further instructions will be provided. Before proceeding, I'd like to emphasize that the forward-looking statements are based on beliefs and assumptions of CAIXA Seguridade's management and the current information available to the company. These statements may involve risks and uncertainties, since they relate to future events and therefore depend on circumstances that may or may not occur. Investors, analysts, and journalists should understand that events related to the macroeconomic sector, the segment, and other factors may cause results to differ materially from those expressed in the respective forward-looking statements. Present at this video conference are Mr. Felipe Montenegro Mattos, CEO of CAIXA Seguridade, and Mr. Eduardo Costa Oliveira, Finance and Investor Relations Director for the company. I would now like to turn the floor to Mr. Felipe Montenegro Mattos, who will start the presentation. You may proceed, sir. Good morning, everyone. Thank you for participating in CAIXA Seguridade's results presentation. It's always great to have those interested in our results, as we will show. I'm Felipe Montenegro Mattos, CEO of the company, and Eduardo Costa Oliveira, Director of Finance and Investor Relations, is here with me. Today, we will talk about our results. On slide three, which we just start with, show the main highlights of the strategic execution by CAIXA Seguridade in the period of 2024. The first highlight is the launch of new products in this first quarter. We launched the expanded housing insurance, which aims to serve customers who need a wider range of coverage, limits, and services. The new product includes additional coverage for fire and explosion, electrical damage, collapse, robbery or theft, loss and payment of rent, and new assistance services such as locksmith, plumber, electrician, laser, unclogging services, house cleaning, surveillance, moving and furniture storage, and also temporary roof covering. The X Cap Empresarial is a specific premium bond for legal entities with contract values between BRL 5,000 and BRL 100,000, with a term of 48 months. The new highlight is the improvement of products and processes during the first quarter. We implemented a new contracting platform for credit life insurance, which is now integrated with sales portal for CDC and also Giro for business entities, making the sales process more agile. We increased the limit on credit of, or letters of credit, excuse me, which increased from BRL 10 million to BRL 30 million, which will meet frequent demand from the customers wholesale. We expanded the assets covered by home insurance without promoting a price adjustment, which also includes now cell phones, smartwatches, smartphones, video games, notebooks, tablets, laptops, cameras, musical instruments, and bicycles. Moving on to the next slide, we continue with the main highlights for this first quarter. An important point is our constant support for society in fragile situations. At a humanity moment, we have adopted some measures to support residents of municipalities affected by heavy rains in the state of Rio Grande do Sul. We reinforced the Claims and Assistance Center team and adopted an easier flow for claiming specific situations with simplified documentation, providing faster service. We will allocate 1% of the amount collected from the purchase of home insurance throughout the country from May third to today, the tenth, to nonprofit institutions that provide support to affected families. 1% of the amount raised by contracting Rapidex, surveying across the country, will be directed also to nonprofit institutions that provide support to affected families. Customers who have those credit letters that have been approved will have an exemption for the next 90 days, waiving their fees. In addition, our subsidiaries, Caixa Vida e Previdência S.A., CNP Seguros Holding S.A., Caixa Consórcios, Caixa Capitalização, made donations to support the affected families. The company sympathizes with the victims and people who lost their loved ones or homes in their terrible tragedy, and we will continue to act as far as possible to help restore the insured homes. In the field of sustainability, we continue to work proactively to incorporate the company's strategy. We had virtual meetings with companies participating in the sustainability forum to discuss, engage strategic alignment and sustainability. In the meetings, strategies were discussed to advance the assessment of social, environmental and climate impacts of businesses, and to assess the measurement of methods associated with product services, assistances, and actions, especially those that have already been identified when it comes to social, environmental, and direct climate. Today in Brazil, there's a low insurance culture, and we understand that Caixa Seguridade has an important role in disseminating and promoting access to insurance services in the country, providing protection for our population. Moving on to slide 5, we have three more important highlights to present to you. The first is the managerial net profit for the period, which reached a milestone of BRL 924 million, a growth of nearly 13% compared to the same period in 2023. The growth in the result for the period is a reflection of the commercial performance and improvement of operational indicators in this quarter, mainly the accident rate. As we announced yesterday, the board of directors approved the distribution of dividends in the amount of BRL 840 million, equivalent to nearly 91% of managerial net profit and over 98% of accounting profit for the first quarter of 2024. This quarter, after carrying out studies regarding the feasibility of distribution, as well as aligning the investees' receipt deadlines, a dividend payment proposal was submitted to approval from the board of directors. Therefore, in line with what we already have in our policy with favorable financial conditions, the company will submit a proposal for the distribution of dividends based on balance sheets, as we did this quarter. Finally, it is worth highlighting that Monday, this week, the increase of the liquidity of the company's share was recognized with the inclusion of the stock in the B3 Brasil 100 index, which measures the return on a theoretical portfolio made up of 100 highest-ranking assets, negotiability, and representativeness of the Brazilian stock market. This is an important achievement for Caixa Seguridade and its shareholders as well, the result of the company's intense work in expanding its liquidity, relevance, and exposure in the market. To conclude this first part, slide six, we will comment on the commercial performance. I start with the commercial performance of housing insurance, which presented more than BRL 855 million in premium written, and a growth of 10% compared to the previous year. This result maintains our absolute market leadership, and it's a reflection of the consistent growth of Caixa's portfolio. Residential insurance reached nearly BRL 212 million in written premium during the first quarter, a growth of nearly 16% compared to the previous year. As previously mentioned, the product had an increase in the list of goods covered during the quarter, and its performance is due to the efforts of Caixa Assistência, with nearly BRL 45 million in revenue, grew almost 60% compared to the same quarter last year, nearly 60. It is an upward curve from the creation of Caixa Assistência. The Rapidex product, which grew 70% compared to the first quarter of 2023, and over 26% compared to the fourth quarter of 2023. Moving on to accrued business, we have the milestone of BRL 160 billion of pension reserves, a volume of 15% higher than March 2023. This performance is explained mainly by the increase of 2.5% of gross contributions, linked to the reduction in the volume of redemptions, generating a net inflow of BRL 1.2 billion in the period, with a growth of over 70% compared to the first quarter of 2023. We had nearly 17% for credit letters. That was for 2023, and reaching BRL 4 billion, and this performance gave us nearly BRL 23 billion managed credit letters. In this way, revenue from administration fees grew by 70% compared to the same period in 2023, maintaining a constant growth curve. Finally, we know that premium bonds presented BRL 389.3 million in resources raised, a growth of 30% compared to the first quarter. The highlight goes to the performance of the monthly payment of nearly 40% compared to the same period in 2023, which represented 65% of the total collected in the quarter. Well, I now invite Eduardo Costa Oliveira to continue the presentation, bringing the financial and commercial performance of the first quarter of 2024. Eduardo, please. Thank you, Felipe, and good morning, everyone. I'll now present further details of the company's business performance. On slide eight, we briefly present the financial performance for the first quarter of 2024. It is important to highlight that although CAIXA Seguridade's financial statements are presented in accordance with the IFRS 17 accounting standard, the numbers presented here are from a management perspective, in accordance with the IFRS 4 standard, due to SUSEP not having adopted the new standard, in addition to maintaining comparability with the previous periods. With that in mind, we start with the operating revenue, which reached BRL 1.25 billion in the quarter, a 15% growth compared to the same period in 2023. Of total revenue, 57% comes from equity interest and 43% from commissions, both with growth of 15% comparing to the first quarters of 2024 and 2023. Within participation's revenues, we highlight revenues from Caixa Consórcios, 159.7%, Caixa Assistência, 93.6%, and Caixa Residencial, 44.7%. In terms of commission revenues, we should say that housing insurance grew 66.10%. Credit, we have premium bonds, 32, assistance, 80%, and credit letters, 19%. As already mentioned by Felipe, the net profit for the quarter reached the amount of BRL 924 million, a growth of 12.7% in relation to the same quarter in 2023. If we disregard the effects of monetary restatements of mandatory dividends distributed to shareholders this week, which affected the company's financial results, similar to the effect of JCP, net profit would be of BRL 946.5 million or 13.3% higher than the first quarter of 2023. In the graph on the right, we demonstrate the ROE, which reached 58.4%. When we consider the distribution of dividends for the first quarter of 2024, already covered by Felipe in the highlights of the quarter, the ROE would be of 64.8% for the period, 12.5% higher than the first quarter of last year. Presenting on slide nine, the commercial performance of insurance business. We present on screen nine the commercial performance of these for premium written. We observed growth for our most strategic lines, and having an increase of 6.3 between the periods. Highlight for the growth in mortgage, housing, residential, 10%, 60% for assistance. For the life segment, the 2% reduction is related to the focus on selling monthly payment policies and the reduction in the sales volume of single payment policies. Additionally, the flow of premium in the monthly payment modality index to the IGP-M was impacted by a smaller update since the indexer closed March 2024 with an accrued rate that is -4.26% in 12 months before a positive 0.17% in 2023, which generated a lower premium issuance this quarter, around BRL 4.3 million. In relation to the premiums won, the segment grew 4.6% compared to the first quarter of 2024 in the same period of 2023. Carrying on with slide 10, with some operational indicators. In terms of what we have with claims, we have, similar to the previous year, we have the improvement of 3.2 compared to the first quarter of 2023, and it's due much to the credit, life, and mortgage. Likewise, the commission curve remained within the expected level, within the reduction of 1.7% compared to the fourth quarter, reflecting a one-off adjustment of the credit life indicator, which is coming back to its historical level. Therefore, the operating margin in the first quarter of 2024 grew 10.4% compared to the beginning of 2023, and 3.1% compared to the immediately previous quarter. In the composition of the total insurance, the mortgage sector accounts for the largest share, with 44% with life, and then credit life, 19%, and home, 7%. This segment, it represents 47% of the total operating margin for the period. On slide 11, we move on to the performance of accrued businesses, which reached approximately BRL 7.7 billion in funds raised by March 2024, an increase of 10% compared to the same period, and 7.2% compared to the end of 2023. The pension segment remains the largest contribution to commercial performance, with 84% of the fund collected. In the quarter, there were BRL 6.4 billion in contributions. When we talk about credit letters, which is 11% of payments, had a growth of 5.4 percentage points in participation compared to the first quarter of last year. The segment had a growth of 66.5% in revenues for the same comparison. Premium bonds represented 5.1% of accrued resources, compared to 4.3% in the beginning of last year. The segment presented BRL 389.3 million in collections the first quarter of the year, a volume of 30.5% higher than we had of the same period in 2023. So carrying on to slide 12 with greater detail, the first graph shows a greater openness of pensions contribution, which grew 2.5% in the space of one year, and takes into account contributions received from pension plans and risk premiums issued. Highlight is 70.8% growth in net funding compared to the beginning of 2023, reflecting the increase in contribution and reduction in the volume of redemptions already mentioned by Felipe. The reserves grew 15.4%, reaching BRL 159.6 billion at the end of March 2024. For premium bonds within what was collected, we highlight 39.1% increase in the flow from the monthly payment compared with the first quarters of this year and last year. In comparison with the fourth quarter of 2023, the reduction of 0.7% is due to lower revenue with a single payment method. Reserves, which exceeded BRL 1.7 billion, grew 144% in the period. The letters of credit sold by Caixa Consórcios recorded a volume of BRL 4 billion by March 2024, growth of nearly 70%-17% in one year, and the stock of credit letters reached the amount of BRL 22.6 billion in the first quarter, 10.8 higher than the previous one. Recently, Caixa Consórcios carried out its first distribution of results. Today, all CAIXA Seguridade investees, including the new partnerships created in 2021, already present solid results and a robust capital and cash structure, which contributes to cash generation at the holding level and allows for consistent distribution of results. On slide three, we return to the group view of the accrued business, where we see a 17.5% growth in operating revenue between the first quarter this year and the same period last year, with an increase in all segments. Pension remains the largest contribution to revenue, contributing with 59% of the total amount, considering income from management fees, risk premiums issued, and VGBL contribution. Highlight of 66.5% growth in specific credit letters compared to the previous year. The quarter's operating margin for accrued business grew over 15% compared to the quarter last year, whereas compared to the fourth quarter of 2023, it grew 4.6%. We should highlight also the credit letter segment with growth of 87.8% in operating margin, reflecting the maturity of Caixa Consórcios's operation. Therefore, the amount of BRL 591 million from the group represented 25% of the total operating margin of the segments in which Caixa Seguridade operates. We move on to the distribution business, slide 14, please. In relation to brokerage revenues, the highlight goes to resources coming from premium bonds, with growth of 32%, and credit letters with 19%, both in the comparison between the first quarter of 2024 and 2023. In total, brokerage evolved 15% compared to the first quarter of 2023, and 3% compared to the last quarter of 2023. This quarter, of the total commissions paid by the JV, 71% represents the brokerage's gross margin, while 18% was allocated to the payment of fees and 11% to the service fee. Already considering the values of life, credit life, and pension paid by the insurer to Caixa, the operating margin for the quarter was BRL 444 million, growth of 15.2% compared to the first quarter of 2023, and out of this total, 82% come from the insurance brokerage, which grew 14% in the same comparison. In representing the company's total operating margin, the distribution businesses maintain a 28% share. On slide 15, we have some important indicators. Starting with the Administrative Expenses Index, the IDA, showed an improvement of 1.8% compared to the fourth quarter of 2023, which was impacted by extraordinary expenses incurred at the end of this last year. Comparing to the first quarter of 2023, the indicator showed an improvement of 0.3%, remaining at the historical average. The combined index also improved with 1.7% compared to the first quarter of 2024, and the fourth same of 2023, reflecting the increase in insurance and also credit letters, partnerships, and improvements. In comparison with the fourth quarter of 2023, the indicator reduced 2.8% after a one-off increase in administrative expenses, claims, and commissions at Caixa Vida e Previdência in the period of 2023. The expanded combined index showed an improvement of 0.7 percentage points comparing to the first quarter of 2023, and one with the fourth quarter of 2023, due to the best performance of the group. We should end with slide 16, where we have here the equivalent of the share of the financial operational results of the company here, net of taxes, and considering Caixa Seguridade's participation in each subsidiary. When comparing the effects of all shares on the financial result, the financial result for the first quarter of 2024 showed a nominal reduction of nearly 4%-5% compared to the same period in 2023, impacted by expenses with shareholder compensation, reflecting expenses with monetary restatement of mandatory dividends of BRL 33.8 million within the holding company, and due to the time lag of assets and liabilities linked to traditional pension funds, with an impact of BRL 25 million within the scope of Caixa Vida e Previdência. It should be different than next one, the next quarter. The financial result was responsible, directly and indirectly, for 24% of Caixa Seguridade's recurring managerial net profit in the first quarter of 2024, reducing 8% compared to the fourth quarter of 2023. Disregarding the effects of monetary restatements and time lag, the financial result would represent 25.9% managerial profit, in line with the same period last year. In the graph on the right, we present a group view of Caixa Seguridade's, which includes its own portfolio and of each invest company, also here weighted by participation percentages. The amount in March 2024 of the group investment portfolio grew 14% compared to the same period in 2023, and 7% when compared to December 2023. Of the total of BRL 13 billion financial investments, half were invested in post-fixed, 34% in pre, 13% in inflation index, and 4% in other types of funds. The total profitability accrued in the portfolio for the quarter was 11.3%, corresponding to 91.7% of the CDI of the period. With that, I close my presentation of the results for the first quarter of 2024, and we will start now with a Q&A. Thank you very much, everyone. We will now start the Q&A for investors and analysts. If you'd like to add any question, please click on Raise Your Hand, and if your question is answered, you can leave the line by putting down your hand. So, Leandro Leite from UBS is the first question. Your mic is on. Good morning, everyone. Thank you for the opportunity for the questions and for the call. I want to explore a bit more about the loss ratio of credit life, which improved much. If you could explain a bit more, what were the main reasons for the improvement for the quarter, and explaining a bit more about also the premium growth for the year? I have a second one, which is about the tragedy of the floods in the south. I know it's still too early to assess, but could you please give us an overview of the main segments that can be impacted? Thank you, Leandro. It's great to hear you, and taking part in the Q&A. You have two questions. The first one, in terms of the claims for credit life, this quarter we had a volume of claims that was less than what we had the first quarter of last year, so we have a variation that is just a spontaneous one. It's no action that brought to this reduction. I think it's important to remember that the last quarter of last year we had a reversion of judicial provision, and it did impact the claims for the product. Now for credit life, and it represents a number of accident rate that we got through claims in this period. So, we do not have anything specifically that tells us if this would be a good proxy for the next semesters. It's something that we're paying attention to, but it would be reasonable now with everything related to the tragedy in the state of Rio Grande do Sul; there should have some type of impact for the second quarter on. And Felipe now will explain about the tragedy in the state of Rio Grande do Sul. Okay? Leandro, hello, thank you for taking part. First, in terms of the state of Rio Grande do Sul, we all empathize, and we are all focusing as a company that works with insurance and is here for the wellness and to support people, is paying attention to that problem. So the main point is that we are emphasizing and, we are with full solidarity to them. So it's very recent, and we're still monitoring so we can give support, and we can, within our scope of action, to, support. And, the effects are one that we're taking part in terms of, the claims that are coming in with our, participating partners. And, what's important, the ones that are most exposed, they have, robust reinsurance against catastrophe. So up to this point, we think it's enough to support, this, demand for claims. And I say that because people are still trying just to survive, and they're still looking at everything that's going on, and they're trying to get out of that specific, crisis they're going through. So we do not have enough claims to say what is the scenario we'll have to be facing, but we understand that when the water will go down is when we actually will have a better understanding. The historical facts show that the homes are the most impacted in catastrophe, so you have electric coverage, window coverage, through cyclones coverage, so this is a coverage throughout our territory. And Rio Grande do Sul is part of a share that is not high, but 7% of the written premium for this segment. So we already got some information on claims, but we know it can increase. When it comes to mortgages, there is less impact than what we have, because the mortgage covers death and structure, so we don't have the coverage of home as home insurance. So Rio Grande do Sul is responsible for 5% of the issuance of our policies in this area. Until yesterday, we detected an increase on claims coming in, but we're not able to precisely, because, again, we understand that we'll still have more claims to come when people are able to understand their whole scenario and start to take care of their assets and not only their own lives, and as they are trying to survive in other facilities. So other situations, when we think about the scalability we see in the state of Rio Grande do Sul after the claims that come, and considering the diversification of our revenues, the impact should be absorbed fully by the company. Okay? That is very clear, thank you. Our next question comes from Antonio Reti from Bank of America. Your mic is on. Good morning, everyone. Thank you for your time. For our questions, I have two. The first is we see a performance, good for premium bonds and credit letters, and I want to explore these two products. So, if you were to say that it's within all its points of distribution, penetrated fully and fully explored, I wanna understand the representation that that can gain in your results, so if you expect to have continuous growth. And another point I wanted to explore, other than these two products, is operating expenses. We saw a sensitive improvement in the GNA ratio, so I would like to see if you, the opportunity of efficiency in the subsidiaries or the holding, or any gain, any variation from now on, will be more related to the loss ratio and the growth of revenue itself. Thank you. Well, thank you, Antonio, for your interest in asking question. It's always great to discuss a bit about Caixa Seguridade. I will start now, and maybe Eduardo can continue. In terms of these two companies, with Caixa Consórcios credit letters, the strength is the credit letters for housing, and that is the vocation of Caixa itself. But we understand that the credit letters or the Caixa Consórcios is still small. It's a new company that definitely is still small and has percentage of growths that are big potentials, and we still have a good projection for it. And because our work as a housing credit letter is to complement our strategy of credit as we have for housing as leaders in the market. So we see with a higher Selic index, it is feasible, one that can help and assist our population to get their desired asset, so for housing and also for vehicles and heavy vehicles. So that's important for the high Selic indexes, as we see the whole sector with good figures. So that's not something that surprised us for Caixa Consórcios. We had expected it, and we want to keep the pace. And the same is true for our Caixa Capitalização premium bonds. It's young, small base, and potential for penetration, to answer your question. So penetration there is far from what we expect as a stable. So I am already answering for Eduardo, but these are two young companies that we believe much on their potential to grow. Yes, to complement. Good morning, Antonio, and, Felipe, I think, addressed it all. But, the main point also is that we're talking about two businesses, premium bonds and credit letters, that have a specific characteristic of, growing. These are businesses that started from, scratch with partnerships that started in 2021, and, the, trend curve is to see greater participation of business share in our Caixa Seguridade potential. So that's what we expect. This is, very clear when we see the possibility for these compared to the other ones. One point that we should mention also in terms of penetration, they're products that can be highly explored within the distribution channels of the bank, mainly when it comes to those that are beyond the branches, especially for premium bonds, in lottery houses, in the digital channels of Caixa Econômica, so there is room for growth. Usually, we say that Caixa Seguridade product has much potential to grow, but these two specifically, comparing the growth of both, to the others in the last quarter already shows that clearly. When it comes to the operating expense, you are right. I mean, these companies overall are growing. They're still at a maturity level, which is not its final stage, and this demands a need for adjustment when it comes to the structure demands, and so there might be moments where the administrative expense might increase when it comes to expansion of offices or hiring more employees. That's something that is expected and something that is normal in this scenario. But as they're growing, we do expect to have scalability over time. This year, our expectation is to not see much improvement in the combination index in terms of scalability because of these elements I brought to you related to the expansion of the companies themselves. So over time, we should see an improvement of the combined index because of the scalability gain, but for this year, our expectation is to keep it stable. Okay, Antonio? That is very clear, Felipe. I do thank you. Our next question comes from Mr. Pedro Leduc from Itaú BBA. Your mic is on, sir. Thank you for this call and for accepting my question. When it comes to issued written premium, I want to understand how that is growing, evolving with the transition of Caixa, and that you see with the main products, with a mortgage, residential, any outlook that you see to have an evolution. Thank you very much, and congratulations for your results. Thank you, Pedro, for your participation and for congratulating us. So, for your question, in talking a bit about our outlook for this year, I think it's important to say that we started 2024 with a turnover very similar to what we had last year, which is a great way to start the year, especially when we think about the seasonal aspect of our business. Usually, we start the year slower, and we start to build up over the year. What we always say is because we are in a bank channel, credit is the gateway to the company. So aligning with Caixa strategically is essential, so it gives greater potential for the redistribution of the bank that has over 150 million clients with national reach. So the credit is one that we're very optimistic with in terms of the expansion options and in terms of credit for individuals, which brings a cross-sell increase for us. We have a favorable environment to increase penetration of Caixa clients and to work specifically in other channels, as I already mentioned. I believe that when we look at the profile of growth of written premiums issued in the first quarter, you'll see we grew well on those lines where there is a direct relationship with credit: mortgage, home insurance, and credit life, which doesn't seem like it grew much, but the performance was actually very good for the first quarter, linked to an expansion of the credit for individuals. And we want to see this keeping up throughout the year. So these lines of insurance directly related with credit as mortgage, credit life, and residential insurance, a bit stronger and a bit less life. Life insurance did not grow as much. It actually reduced, but we see a space for a catch-up in this next quarters and recover the performance for this segment. Okay, Pedro? Thank you. Our next question comes from Silvio Doria, from Safra. We have your mic on, Mr. Silvio Doria. Well, thank you for the question. Well, most of them have already been done, but if I were to add one, in terms of the financial results for this quarter, it was a bit, weaker in the mix for profit. It was a bit worse than last year, but at the same time, we see an improvement when it comes to, profitability. Looking into the next semester, how do you see the evolution of this, not only nominally, but in terms of, profitability and the composition of the mix of the profit? Good morning, Silvio. Great to hear you. Well, I'll try to answer. First of all, I think it's worth reinforcing and explaining a bit further before talking about the outlook into the year and the results for this quarter. It was less compared to the first quarter last year. For three main reasons: first, because of the Selic reduction index. I mean, there's an impact in the profitability of the post-fixed bonds. So we close with 50% of the portfolio in post-fixed, and percentage a bit less than what we had the previous year. So that explains parts of this result being less. And the second, which is most important, this quarter we had a negative impact with the holding of BRL 33.8 million in the financial results, and that is because of the compensation of the dividends to shareholders. So it is a financial expense that is paid to shareholders of Caixa Seguridade. There is a rationale that's very similar, and it's a legal aspect very similar to JCP. And finally, the third element is that there is a point which is not a big problem for us. Actually, it's not a problem at all for Caixa Seguridade, but we have, inside the context of pension, 0.4% of reserve in traditional plans that will compensate at a fixed rate plus IGPM. And for Caixa Vida e Previdência, the company has the bonds that are necessary for the hedging of the operation, but there is a two month gap when we talk about assets and liabilities. So since the first quarter, you have the assets updated with a 0.9% rate, and the liability of a positive rate of 1.4%. This difference caused this impact, which is BRL 25 million for the quarter, that should be reverted for the next quarter. So when we looked into this impact, and we look at the result of the first quarter, there are the main impact, which are ad hoc, that will not be present from now on. So bearing that in mind, when we look at the second quarter on, what we see is an expectation to have it very similar to this dynamics, excluding the one-off effect for the first quarter. The portfolio's composition will not have a relevant change. What you see for the first quarter is really close to what we can expect for the year to come. And also, in terms of profitability, it will keep up with the dynamics of the cycle reduction of interest rates with the Copom meeting this week. So we should see this relevant impact in our financial reserves. Thank you. That is very clear. Thank you, everyone. Our next question was written by Gildo Araujo de Moraes from GS Investment. He says, "Good morning. What is the impact of a sharper reduction in interest rate on the company financial result?" And a second question is, "What are the main lines of growth outside the Caixa segment?" Good morning, Gildo. I'll answer your two questions. First, when it comes to the interest rates and how that impacts, first of all, as I just answered Silvio, the cycle of reduction of interest rate will naturally bring a negative impact in our financial results. With a reduction in the pace of, reduction, the impact will be less significant, and also the allocations in pre-fixed bonds that we have with the spread to date will have a possibility of compensating it. When we talk about the portfolio after 100 reduction, we're talking about BRL 20 -BRL 30 million for the year. But here we want to reinforce the fact that we are an insurance company that has the benefit of the reduction of interest rates, because if on one hand, our financial result is a bit less, on the other, the impact on the operations is really a great trade-off. With a lower interest rate, we makes it easier, and makes the volume of credit for the bank increase, and this brings greater opportunity for CAIXA Seguridade for the cross-sell of its product. So the reduction of interest rates for CAIXA Seguridade is a positive impact. We can't only look from the financial side as a standalone factor. When it comes to the lines that are outside the CAIXA branches, I will ask Felipe please to answer. Gildo, thank you. Thank you for your interest in discussing here with us some points. The main point that we should say here is that Caixa Seguridade is a bank insurance company. That's the main reason. It was made to sell products through Caixa's channels of distribution. That's our main focus, especially because we understand that we still haven't reached the penetration expected. There's still much market to come, and we do work complementary to what is necessary in the branches of Caixa. We have not reached then the level of maturity of distribution that is necessary, that we expect in the distribution channels of Caixa. That is our focus and our main focus. Other activities to sell, as we call Open Sea, we say they're always being studied through our co-brokers. We have Caixa Corretora, where there's a strategy for the digital channels, partnership with other institutions. We are already open to all of them. We already received many requests. We have some partnerships sealed, but our original strategy has always been to be through our co-brokers. So we are open, but the focus is still through Caixa branch. Our next question comes from Mr. Ailton Dias, investor. "Good morning, and congratulations on the results. Can you please confirm if there will be the continuation of the quarterly distribution?" Hi, Ailton. Well, in the teleconference of the fourth quarter of previous year, we said there would be something new in terms of the period of payment of dividends when releasing the earnings of the first quarter of 2024. And our board, after evaluating all the studies that we went through in terms of the dynamics of cash flow, the current and the one to come, approved the distribution of dividends in BRL 840 million, as Felipe mentioned, related to the first quarter of 2024, which means in anticipation of the dividends related to the first quarter that usually we would pay in November. This is also a response of the management to the demand, and we understand that this is a material generation to shareholders that can use or reinvest the resources as they wish, and according to their investment strategy. It's important to mention, Ailton, that these payments are always proposed by management, approved by the board, based on the cash position of the holding at that point. So the likelihood is to always look into an efficient management of the cash, and when we see opportunity for quarterly payments, we will do as such, as long as the board approves. So as we said, we paid for the first quarter. Usually we pay in November for, related to the first quarter, there will be no change, and the likelihood is when is the time to close for the third quarter, we'll go through the same assessment, and if we have the same situation of cash as we do today, we will propose to the board the anticipation of the dividends as well. So the idea is, this year, as we've been working nearly as a pilot, to see how that works, and if it works well within what we had expected, we shall also have this, established as a policy over time. The Q&A session is closed. We'd like to pass the floor to Mr. Felipe Montenegro Mattos for his final remarks. Once again, I would like to thank you all. It's always a great and very gratifying to have you here with us, and to report our results here, your impressions here, those who monitor our performance. It's true that the scenario today is not exactly where we'd like to be at. Once again, we show empathy to the tragedy and all those that went through this extreme climate event in the south, and we will continue to have a social action and to support those that need. I hope you all can be here with us in our next earnings release. Good afternoon, everyone.