Good morning, everyone, and thank you for waiting. Welcome to the IRB (Re) Second Quarter 2025 Earnings Release Video Conference. Please note that if you wish to hear simultaneous translation, we have the tool available on the platform. To use it, just click on the interpretation button using the globe icon at the bottom of the screen and choose your preferred language: Portuguese or English. If you are listening to the video conference in English, there is an option to mute the original audio in Portuguese by clicking mute original audio. Please note that this video conference is being recorded and will be made available on the company's IR website, www.irbre.com, where the complete material for our earnings release is available. You can also download the presentation, including in English, using the chat icon. During the company's presentation, all participants will have their microphones disabled. After that, we will begin the question and answer session. To ask questions, click the Q&A icon at the bottom of your screen and type your question to enter the queue. When you are announced, a prompt to activate your microphone will appear on the screen, and you should then activate your microphone to ask questions. Please note that all questions should be asked at once. We emphasize that the information contained in this presentation and any statements made during the regarding IRB(Re)'s business prospects, projections, and operating and financial targets are based on the company's management's beliefs and assumptions, as well as on currently available information. Forward-looking statements are no guarantee of performance. They involve risks, uncertainties, and assumptions because they refer to future events and, therefore, depend on circumstances that may or may not occur. Investors should understand that general economic conditions, market conditions, and other operating affect IRB(Re)'s future performance and could lead to results that differ materially from those expressed in such forward-looking statements. Today, we are joined by the company's executives: Mr. Marcos Falcão, Chief Executive Officer and Investor Relations Officer; Daniel Castillo, Vice President of Reinsurance; Fred Knapp, Vice President of Finance; Eduarda de La Rocque, Director of Internal Controls, Risks, and Compliance; Mr. Paulo Valle, General Director of IRB Asset; and Ms. Ana Paula Laria, Director of Technology and Data. Before we begin this presentation, let's recall the company's main events since the start of this new management with a short video. After the video, I will hand over the floor to Mr. Marcos Falcão, President of IRB(Re), who will begin the presentation. June 30, 2025. For the 10th consecutive quarter, our company reported a net profit, a result that marks the transformation of the company with over 86 years of history and reflects the work of our employees and new management. 957 days separate this result from the beginning of our transformation. What about you? Do you remember all the steps we took to get here? November 16th 2022, announcing the new CEO, Marcos Falcão. Coffee with the President. Reforecast. Setting new targets. Restructuring divisions. New brand. New office. New management. First meeting with the leadership. First Investor Day. Base zero budget. New branch in Brasília. 2024, closing the London and Argentina offices. First Great Place To Work certification. IRB(Re) turns 85. Launching the Brasília office. Launching Relationship. First Sustainability Report. Second Great Place To Work seal. First Reinsurance certification in partnership with ENS. NPS survey. Founded Andrina. End of the turnaround. Data Lake Project. Second Great Place to Work certification. Investor Day 2025. AI Day. 957 days later. The share price. Our market value. We are living in a new era, and this movement doesn't stop. We are IRB(Re). Good morning, everyone. Thank you very much for your attention. As the video showed, we continue to evolve, and we're very excited. With the first half result, I'm quite confident that we'll be taking the company to new heights in 2025. We delivered BRL 262 million in net profit in the first half of the year, which is already 82% more than what we achieved in the same period in 2024. see IRB(Re) with three value levers: top line growth, and here are our main challenges: how to grow with our rigorous underwriting discipline and rebuild our life insurance portfolio. Two, improvement in combined ratio in both the domestic and international portfolio, and on the DA side, seeking scale and growth in financial results. Starting this quarter, we began using the international term for Non-Life, which is P&C, property and casualty. This is our core business. The Life segment, which had represented 30% of our premiums in the second quarter of 2024, now accounts for approximately 3%. In 2026, we're going to put a lot of energy into this field. Speaking of the results, I'd highlight three points. One, our P&C retained premium grew 15% in the second quarter of 2025 compared to the second quarter of 2024. Looking at the accumulated total over the last 12 months, this increase reaches 20%. We closed the quarter with a combined ratio of 90%, considering the positive effect of specific reversals related to business claims prior to 2020. Without this effect, the combined P&C ratio is 96%, which is close to what we consider ideal. Lastly, our financial result grew 25% in the first half of 2025. In the second quarter, we had two specific events that caused the financial result to remain practically at the same level as 2024, even accelerating the sale of Global 26, which had a negative impact on the result. With these drivers, we achieved a solvency level of 237% and an annualized return on tangible equity discounting tax credits of 23%. On the second slide, we highlight some of the events that occurred during this period. Two of them demonstrate our commitment to innovation and leadership in addressing climate risks. I'm referring to the first issuance of insurance risk bonds in Brazil and the second IRB R&D forum, which occurred last week. To be leaders in innovation, we need an excellent team and investment in technology and data. For this call, I invited Ana Paula, who is Controller and IT and Data Director, was in July and now has taken over the VP seat to chair our plans in this area. We were once again listed as one of the best companies to work by Great Place to Work, which we're very proud of. Today, we have a passionate, engaged team that is prepared for the challenges and opportunities that lie ahead. In June, we invited investors and analysts to our Rio de Janeiro office for a gamified and dynamic immersion into the world of insurance and reinsurance. This is called the [(Re)ação] game that we created. We received positive feedback and continue to educate the market about reinsurance, where we are the only player listed on B3. I now pass the floor to Castillo to talk about our main business. Thank you, Falcão. Good morning, everyone. It's a pleasure to be here again to talk about the evolution of our business in the second quarter of 2025. In the first slide, I'd like to talk about the profile of our portfolio. In the first graph on the top left, we see distribution by business lines separating Life and P&C. Note that the total portfolio decreased 16% compared to the second quarter of 2025 year- over- year. This reduction in retained premium is fully explained by the decline in the Life business, which results from the cancellation of a large account that we decided not to renew because it was not profitable, as was already mentioned in previous presentations. Therefore, when we look at our core business, P&C, our premium rises from BRL 6.98 million to BRL 7.99 million in the second quarter of 2025, which represents a 15% increase compared to the same quarter of the previous year. In other words, as we always mention, the idea is to continue selecting risks and growing in the most profitable businesses. Looking at the graphs on the bottom of the slide, just to illustrate, we can clearly see that the Life segment, which represented 30% of our premiums in the second quarter of 2024, now represents 3%. On the other hand, the equity line, which represented 36% of the portfolio, currently represents more than half of our business at 54%. In terms of geographic diversity, in the upper right-hand graph, we see that we grew 32% in Latin America and 48% in the rest of the world. Brazil remains our core business and always will be. It's the market we know best, where we speak the language, understand the risks, and the legal system, and we still have many opportunities to penetrate with insurance. In the second quarter, Brazil represented 64% of our premium. On the next slide, we present our total indicators separating P&C and Life. On the top left, we recorded a retained P&C premium growing 15% compared to the second quarter of 2024, as was mentioned. The P&C subscription result of BRL 216 million grows significantly compared to the same period in 2024, which was BRL 94 million. I'd like to point out that one year ago, we had floods in Rio Grande do Sul, where we provisioned BRL 257 million. The positive result for the second quarter of 2025 was primarily due to the property and rural lines. It's important to highlight that even though our expectations regarding the agro segment premium fell short of initial expectations, it remains stable compared to the second quarter of 2024. In the rural sector, due to the low claims ratio, the subscription result was 11% higher than the previous quarter. It's important to mention that since hiring our Claims Director, Viviane Mardirossian, we have begun, in cooperation with our finance and legal departments, a reconciliation of claims provisions with our cedents. This initiative, which is still ongoing, led to closing some claims, leading to a reduction in our claims ratio in the second quarter, which had a positive impact on the company's results. Thus, in the bottom right, we see a combined ratio for the last 12 months of 95% in P&C. If it weren't for this reconciliation of reserves from previous years, the combined ratio would be 96%. In other words, we had a one percentage point drop as a result. We see the indicators with greatest granularity by segregating the P&C portfolio between domestic and international. In the upper left part, we see the retained premium of P&C Brazil, which grew 3% in Q2 2025, vis-à-vis the second quarter of 2024. Internationally, it went up by 44%. I have already said in previous presentations that we had mapped out international opportunities and that we would see the results of this as of 2025. Our international business requires special attention as we have different exposures to those we are used to in Brazil, such as exposure to hurricanes and other natural events. In international faculties, for example, we are going to do only business and deals with excess damage. That is non-proportional business. In international contracts, when there is catastrophic exposure, we also work non-proportionally. Today, we have a team formed to analyze these deals, and they are fluent in English and Spanish to underwrite and analyze claims. On the slide, I would like to highlight that our international business in Q2 2025 was impacted by the claims arising from the fires in California for BRL 38 million. You can see LTM, there was an increase in the results of underwriting as a result of the diversification. The net income in P&C came from the domestic portfolio, which had a combined index, a combined ratio within the objectives of our strategy. Here, we see the improvement in the loss ratio because of our responsible approach to underwriting. In addition to the low loss ratio, we also reconciled reserves with favorable adjustments to the company for BRL 48 million in June. 52% was the loss ratio in the quarter, which arose from the reconciliation of reserves and is not going to be considered as baseline for the pricing of new deals. If we exclude the reconciliation, the loss ratio would have been 58% in the quarter within our expectation. On the next slide, you see the segregation of P&C and Vida and Life for commissioning, which remained flat in P&C and in Life since the second quarter of 2024 when we canceled that Life account. Here, you see the premiums by geography in Q2. Brazil 64%, LATAM 16%, and the rest of the world 20%. Before ending my presentation, I would like to talk a little bit about the renewals in July the 1st. That's in Latin America, renewals happen in April, June, and July. July has the greatest concentration of contracts. We are not going to give you numbers now, but I can say that we renewed important contracts in Argentina, Peru, Colombia, and Mexico. In these countries, we underwrote new deals and we increased our share in deals that were already in our portfolio. We sent out proposals and we refused also many proposals because of our underwriting discipline. Despite that, if we are conservative in our estimates, we are trustful that our renewals in Q3 will be positive. We continue to grow whilst maintaining profitability. I now turn the floor over to Fred. Thank you, Castillo. Good morning to all. It's a pleasure to be here in my second call as CFO. I'm impressed with the technical ability of our team and the relevance of the company in Brazil and internationally. We continue to improve internal communication and to capture synergies, thus strengthening our operation. In terms of the quarter, I would like to highlight some. As Castillo said, we have been very disciplined in terms of underwriting, and this is our main guiding principle. We have seen improvements in loss ratio and technical profitability. We continue to focus on operational efficiency. We have mapped out processes, and in this quarter, we completed the contracting of SAP [S/4 HANA], which will replace our current version of ERP. We continue to act in a prudent way at the actuarial level, and the indicator has remained stable, the indicator that relates provisions for claims with retained premiums. As regards administrative expenses, we want to bring the total level to single digit. In this slide, to improve the analysis, we now present the indicator LTM, thus eliminating seasonal and one-off effects. We are a company that has been around for 86 years, and we have a legacy cost which accounts for a relevant portion of our expenses. We now are segregating expenses regarding recurring costs and legacy costs which have to do with reinsurance contracts before 2020, which include claims and judicial proceedings and other obligations. In the graph in light green, we see the enforced expenditure, which is 9.5% in terms of administrative expenses of earned premiums. And then in orange, we see the legacy costs, which represent BRL 91 million LTM. The main items under the legacy are benefits post-employment, which include pension funds and which have to do with retirement plans and other benefits granted to employees. These benefits include pension plans for those employees who joined the company before 1968, and it also includes life insurance and health insurances. These are covered by mathematical reserves, which are reviewed on a quarterly basis. We also have an expense relating to a tax assessment which had an impact of BRL 21 million, and this is because we failed to include income that should be taxed in Brazil, income coming from subsidiaries abroad. We continue to invest in managing costs and make strategic investments. The new segregation brings more transparency to current costs. Moving on to the next slide, you see on this graph the behavior of the float, which includes basically payable claims and IBNR relative to the retained premiums. The float is at very healthy levels. There was also a reduction in the absolute amount of technical provisions, which has to do with the re-underwriting we recently carried out. Despite this reduction, the level of actuarial prudence is appropriate. This strengthens our commitment to technical soundness and appropriate metrics for our future obligations. We are at levels which are sufficient to pay reported and future claims. Now I turn the floor over to Paulo Valle, who's going to give more details about our financial results. Thank you, Fred. On the next slide, you see the changes in our investment portfolio and the equity and financial results. By the end of Q2 2025, we had BRL 8.9 billion AUM. It's 59% invested in Brazil and 41% abroad. The financial and equity result was BRL 162 million in the quarter, of which BRL 149 million came from the financial operation of our portfolio. The onshore portfolio has a positive result of BRL 118 million, and the offshore generated BRL 31 million. The result is slightly below the result we had in the previous quarter because of the worst performance of the fixed income portfolio and also because of the reevaluation of our share in Shopping Maia, which gave an impact of BRL 15 million, and also the worst performance of inflation-linked assets. The impact of the exchange rate was slightly positive, which reflected the efficiency of our policy to protect the portfolio. On the slide on the left, you see the profitability of assets in the quarter and the different asset classes. In the public securities and multi-market securities, the performance was below the benchmark in the quarter, and the profitability of these items went from 104.6% to 96.4% of the CDI. Also, the revaluation of the Maia Shopping Mall is under other investments. Additionally, inflation was lower in Q2 and went from 2.04% to 2.93%. Therefore, our inflation-linked securities performed worse than in the previous quarter. In the offshore portfolio, we highlight the performance, which achieved 121% of the Fed funds rate, and this was because we managed corporate bonds and sovereign securities more actively. We want to highlight the continuity of those positions. We continue to reduce the legacy positions onshore and offshore, as you can see on the right-hand side. Onshore, we had approximately 12% of the total portfolio in the third quarter of 2024, and this is now 9%. In offshore, the current share is 2% of the total portfolio, vis-à-vis 8% in Q3 2024. This is due to our management. We have sold BRL 66 million, which is 70% of this position. We are going to bring that position to zero by the end of 2025. On the right-hand side, you see the performance of the onshore portfolio versus the CDI. The onshore portfolio will perform above the cost of opportunity, as happens already in the offshore portfolio. Thank you, Paulo. We are structuring risk with three defense lines. We identify risks, identify limits, use stochastic models, stress tests, and we maintain risk control. This mixture of analysis and discipline makes our capital position increasingly strong. We measure our need for capital in three different ways: the regulatory framework, our internal model, and the rating agency's models. In this first slide, you see above that our regulatory solvency indicator has been growing faster this year and achieved 237%. Our solvency is similar to our international peers. The sufficiency of adjusted net equity relative to the minimum capital required, which was only BRL 232 million two years ago, is now BRL 1,380,000 million, according to the left side of the graph. This result is due to a substantial increase in our adjusted net equity, with no increase in the minimal required capital from a year to now, which has to do with the efficiency of our capital in the financial and underwriting areas. In the next slide, we are going to see the second regulatory indicator, which measures, according to Susep, the liquidity of our portfolio based on the amount of qualifying assets which can guarantee our actuarial commitments. The coverage indicator for technical provisions was sufficient. We had BRL 747 million, equivalent to 11.5% above the coverage need, 2.9% above the level of June last year. In addition to this BRL 747 million, we also have BRL 200 million in additional assets which are not linked to technical provisions, which will be used to pay off the debentures which are due in October and September this year. There will be another BRL 40 million which will be used for that end as well. We have a dynamic ALM to manage the company's cash, and we bring together Financial and Accounting, Thais, Valle, myself, and our respective. We've been thinking extensively about other markets. We've grown a lot in the international market. We're very excited because we were able to grow in Latin America. We were finally able to show 15% growth quarter- over- quarter, 20% compared to year-over-year. I think we'll remain in this direction. As you know, there's something about us. We're only going to grow if it's profitable. We know that everyone has been seeking top line growth, but top line is only going to occur if the bottom line that it creates is also good. People, I think, were a little bit startled when they saw the premiums compared to year-over-year because we canceled that Life portfolio. You know, look at what happens. We cancel a portfolio and our results grow significantly. We continue to grow. We will continue to grow. You know how I think. We're going to have profit per share quarter- over- quarter, year-over-year. This is something we're going to keep striving for. Again, thanks for your question. Excellent. Thank you. That's very clear. I think your answer is very much in line with what I was expecting. Of course, the clarity of information that you provide us is very important and really makes us have a clear view of what the international market is looking at. Thank you. Our next question comes from Maria Luisa from Safra. Maria, you can now unmute yourself and ask your question. You may proceed. Good morning, everyone. Congratulations on the results. Thank you, Castillo, for your comments about the positive impact on this quarter, which occurred due to reassessments of previous claims. I know it's a continuous process, but I'd like to understand about the diagnosis that you had now. Can you give us some kind of a view about how and when this review will continue and also potential impacts on claims and claims ratios now and for the future? Are there any values you can share with us so that we know what to expect for the coming quarters? Thank you. Hi, Maria Luisa. Good morning. Thank you. This is Fred. This is continuous work. It's recurring and non-recurring. We reconcile this continuously. This is work that we really poured over more effectively recently, but it's work that is always done. We know it's very complex to give you a value because it's part of our operating process and how the claims negotiations occur. I can affirm to you that this is work we are doing with a lot of discipline, very meticulously and carefully as well. Hi, this is Falcão. Just to add to what Fred said, I think what's going to happen is that with each new quarter, this is going to be a new reporting line. We have a reasonable level of inventory. We had good results in this quarter. I think we're going to have significant and similar results in the coming quarter from what I've seen of the work we've been doing. We do this very seriously. I can't guarantee that it's going to occur every quarter, but it is something we are going to strive for. As long as we have old and legacy reserves that we can adjust, then we're going to keep doing that. I think this is part of the work for a long-term company. These are actually hidden assets that we have. Perfect. Thank you. Our next question comes from Mr. Guilherme Grespan from JP Morgan. You may unmute yourself. The floor is yours. Good morning. Good morning, Falcão, Castillo, Fred. Congratulations for the results. Once again, thanks for the presentation. I would like to talk about dividends. When I look at your ROE, it's close to 20%. When we think in terms of distribution, we link it with a solvency increase. Ultimately, I think it is linked to top line and provision. Top line is at a more reasonable level. The provision is also improving. Can we think of an ROE of 20% with a low need for capital? I think we could imagine that you would be distributing dividends, and maybe not because of new opportunities for investment. Falcão talked about Life, the Life portfolio. You also thought about creating a primary branch of insurance. Is there any reason why this payout could be lower than what the data or the figures would indicate? Just for clarification purposes, it's not clear to me, technically speaking, what kind of revaluation are you carrying out? Is it old claims that have not been claimed by the cedent, or what are these revaluations linked to? Fred is going to answer the second part of your question, and then I'll answer the first part. This is Fred speaking. We have some claims that may be taken to court. In some claims, there are operational issues where the cedent has a certain amount. We have a different amount, and we have to do this reconciliation process to understand the records that we had. Probably it's a reconciliation. Yes, some are being dealt with in court. We are trying to reach agreements and doing other actions as well, and also the reconciliation with the cedents. Is it clear now, Guilherme? Yes, yes. Now it's a lot, a lot clearer. In relation to dividends, you have answered it, haven't you? It's wonderful. You said that if we are not going to use the capital, we are going to pay out as dividends. If we can use it, then we are going to distribute less. We don't have a dividend policy. We only have what is in our bylaws. We are discussing it internally, and in the next call, we are going to have a dividend policy. This is what I'm aiming for because I think we will have offset all the accumulated losses. We can use JCP or dividends to pay our investors. As you talked about tangible equity, we should have an attractive dividend yield. This is our objective. Again, it's an objective, and we think we can deliver that shortly. In the next call, it's going to be a lot clearer. Next year, we should become a major dividend payer. Maybe if I could ask the question in some different way, do you see any reason for your top line in terms of written premiums to accelerate? I look at retained earnings, you see, Guilherme, and it has accelerated by two digits. Written premiums may have retrocession in there. There might be a deal that is almost like a service provision to transfer risks to large companies that have captives abroad. It's a different one. What matters to us and what you should look at is the retained premiums. Our objective is for the retained premiums to be low double digits in terms of growth because with discipline, it's impossible to grow too fast. Yes. Okay. That's clear. I think retained earnings make a lot more sense. Thank you, Falcão. Our next question comes from Mr. Thiago Paura from BTG. You may enable your audio. The floor is yours. Good morning. Can everybody hear me? Yes, that's perfect, Thiago. Good morning. Good morning, Castillo, Fred. Congratulations for the results. It's very good to see the video that you played. Very nice to see the timeline and what you have delivered in the last few years since the new management took over. I have followed the company for a long time. So first of all, congratulations for what you have been able to deliver. I would just like to follow up in terms of the growth of top line, which is what we have been talking about in our reports. It's the last bottleneck for the company, isn't it? Although it is a very important topic. I understand the discontinuation of the Life portfolio. I understand that we have to look at the retained premium. In terms of short-term opportunities for the ex-Brazil portfolio, you always say that Brazil is your core market, but now we have a distribution in Latin America and the rest of the world in Q2. Also, the Brazilian market is a bit more difficult now because of the agribusiness and agricultural sector. Are you going to focus on ex-Brazil in these next six months? You have 80/20 of exposure. Could we see a change there by the end of 2025? Moving forward in 2026, are we going to see a bit more relevance of Brazil? Thank you so much for recognizing what we have been doing. Thank you so much. Thiago, we could spend the rest of the day discussing this aspect, but I'll try to be brief. We go after the top line, and I would like to reiterate. We don't want to deliver something that is not profitable. With our better ratings, more capital, more capacity, we now have access to contracts we wouldn't have before. The international market is now growing for us once we have access to these types of contracts. I'll turn it over to Castillo later. He will give you a little bit more color about that. This is the first point. The local market was impacted by the rural segment, and we have still to understand what's going to happen. There is a subsidy policy that is not the policy that the Ministry of Agriculture would like to implement. This was an unexpected factor. Also, there was default in the Banco do Brasil, and this affected everybody because of the types of contracts we have. I think there will be an opportunity for growth. I don't expect things to be that bad from now on. There is another point which I would like to raise. You might not be aware of that. In Q3, we are going to present the changes we are effecting in terms of retrocession. We are going to retain more premiums. This is not going to have an impact on the profitability in the short term, but we are going to be a more profitable company in the mid to long term. We believe this is the right strategy. We are running simulations, and we are going to have a return on capital which is better, and it's very good use for our capital. This could be an excellent opportunity. There is going to be a competition in terms of the use of capital in contracts. Another change is going to be our compensation. We are reviewing our compensation policies. This should be completed by year-end, and I think our team is going to show more and more skill in the game, and they will be more and more aligned with the business. I'm going to turn the floor over to Castillo, who's going to talk about the opportunities he sees internationally. Good morning, Thiago. We have never been that present in the international market. We participate in events in Europe. I have recently gone to Europe, and we also see a lot of opportunities in LATAM. These are markets I had explored in a previous job. There are lots of opportunities, but we look at profitability first. When we overhauled our domestic portfolio in 2023, we were looking at a combined ratio of 95%, and we knew that we would see this result after some quarters because of the long tail of previous years. In 2024, we changed our international strategy. In the facultative business, we decided to go only for non-proportional deals. In international contracts, we decided that when there is exposure to catastrophes, we would have a share in higher brackets or when the exposure is low or controlled. Our international business is being priced according to the objective of a combined ratio of 95%. The trend is towards improving these international results. For two quarters now, we have had positive results. In the last quarter, there were fires in California, which is something we expected. Just as in the domestic market, there is a small tail, but I think our international business is going to be profitable. We are going to revisit, review that, and we are going to find new opportunities. Thank you very much, Castillo and Falcão. Since there are no other questions to be asked during this video conference, I would like to ask the company's representatives to answer the other questions. We receive many questions on the chat. I'm going to try and supplement what has been said and answer these questions in a broad way. There is a question about growth. We talked a lot about it, the growth of P&C. There is a question about tax credits. In this first semester, if you look at the explanatory notes, it is said that we used BRL 87 million in the first semester of tax credits. This is what makes our cash earnings so robust. There was also a question about the closure of the London office, which took place in 2023, and all the effects were in 2023. The formal process should be completed by year-end. We now have less work to do there, and there are no financial effects. There was a question about M&A opportunities. We don't see any M&A opportunities. We looked into that in the past. None of them were attractive. Our criterion for M&A is that it should be attractive on an earnings-per-share basis. We have a long pipeline, and we say no very easily unless the deal is really good. We don't see anything attractive under our radar now. There is a question about the tax overhaul. The IBS for our sector is 0%. We have not yet understood the impacts 100%, but we will not have to pay PIS and COFINS. It's not a bad thing for us. We think it's going to be positive. In terms of dividends, I have given answers and expanded on that. The last question is about succession. The company has a succession program under the supervision of the Board. My commitment to the shareholders and to the Board is to remain here for five years, as long as they want me, obviously. They can remove me whenever they want. I am here and will remain for the next five years. The succession process is in place for all the members of the team. Thank you so much for attending this call and have a lovely weekend, everybody. We now close the video conference to disclose the of IRB(Re). The investor relations department remains available to take any questions you might have. Thank you all for participating and have a lovely afternoon.