This video conference is being recorded and will be made available on the company's IR website, where you will find the full earnings release. The presentation is available for download in the chat icon, including in English. During the company's presentation, all participants will have their microphones disabled. Afterwards, we will begin the Q&A session. To ask questions, click on the Q&A icon at the bottom of your screen and type your question to join the queue. When announced, a prompt will appear asking you to enable your microphone. Please enable it to ask your question. We kindly ask that questions be asked all at once. We highlight that the information in this presentation and any forward-looking statements made during the conference regarding business prospects, projections, and operational and financial targets represent the beliefs and assumptions of the company's management. Based on information currently available, forward-looking statements are not guarantees of future performance. They involve risks and uncertainties since they involve future events and depend on circumstances that may or may not occur. Investors must understand that market conditions and operational factors may affect IRB-RE's future performance and lead to results that differ materially from those expressed in such forward-looking statements. Today, we are joined by the company's executives, Marcos Falcao, CEO and Head of Investor Relations; Daniel Castillo, Vice President of Reinsurance; Fred Knapp, CFO; Paulo Valé, CEO of IRB Asset; Mr. Daniel Volpi, Underwriting Technical Director. I'll now give the floor to Mr. Marcos Falcao, CEO of IRB-RE, who will begin the presentation. Bom dia a todos. Good morning, everyone, and thank you very much for your attention. We keep showing consistent performance indicators, both in underwriting and in financial results. In this quarter, we had a net income of BRL 99 million, and with that, we zeroed out the accumulated losses, achieving BRL 61 million of accumulated profit. When comparing with the third quarter of 2024, we had a loss of retained premium, underwriting results, and net profit, but that does not mean that the trend we have been following has lost any traction. Thank you for the opportunity to have this conversation with you, and I would like to highlight a few aspects. The sanitation of the life portfolio, the retained premium, dropped by 80% when compared with the third quarter of 2024, but the underwriting results were positive, as well as the profit. The P&C portfolio was impacted by a drop in the special risks line, which is mainly comprised of oil and gas, where we have a few accounts that do not have annual impact, and that will be accounted for afterwards. We have a volatile business, and we are subject to oscillations across quarters, and that is why we prefer to compare the results for the past 12 months. In the third quarter of 2024, we went from a net profit of BRL 116 million that was impacted by the sale of the plot of land neighboring our previous headquarter. Therefore, if we isolate this profit, we'll have a growth of profit of 20% if compared to the BRL 90 million from the previous quarter of 2024. In the next slide, we will look at the comparisons taking into account the last 12 months, the so-called LTM. Again, we see that the life segment performance is similar. The retained premium drops with a consequent improvement in the underwriting results and net profit. If you look at P&C for the past 12 months, the scenario is different. The retained premium increases, followed by a growth in the underwriting results and in the net profit of this business. In the consolidated results, even though the total premium was impacted by the life portfolio and is still dropping, we see an evolution according to our plans in the underwriting results and in terms of profit. Gradually, these effects of the turnaround will be left behind, and the understanding of IRB-RE becomes simpler and easier to understand. In the next slide, I'll show a few highlights of our indicators. Our loss ratio dropped by 7%, reaching 61% with the pre-claim effects of 2020. That will be further explained by Castillo. Solvency reached a level of 71%, and that leaves our capital at a comfortable level, complying with international benchmarks of solidity in capital management, and that is reflected in the ratings. S&P gave us an upgrade to AAA in the Brazil domestic rating scale. We are still working on improving those in 2026. Our return on tangible equity surpassed 20%, placing us at the same level of our international peers. Now, I will give the floor to Castillo, who will talk about our business. Thank you, Falcao, and good morning, everyone. It is a pleasure to be here once again commenting on the evolution of our business in the third quarter of 2025. On the first slide, I want to highlight the profile of our portfolio. The upper left-hand side of our graph shows business lines separating life and P&C. We see that the total portfolio dropped by 11% if compared to the last 12 months that ended in September 2025, when compared to the same period of a previous year. This difference in retained premium is totally explained by the drop in the life business of 75% that resulted from the cancellation of a big account that we decided not to renew since it was not profitable. In previous presentations, we showed the business portfolio and actions undertaken with the purpose of sanitizing the portfolio and increasing profitability. If you look at P&C, our premium surpasses or moves from BRL 3.1 billion to BRL 3.3 billion, reflecting a growth of 8% if compared to the same quarter of the previous year. The idea is that we select risks and grow in the most profitable businesses. In the bottom of the slide, you see that the life segment that used to account for 23% of our segments in the last months of 2024 now accounts for 6%. On the other hand, the asset line that used to represent 4% of the portfolio now represents more than 40%, now it represents more than 51%. From From the perspective of geographic diversification, in the upper right-hand side, you see that our perspective for international growth is now becoming a reality. We grew by 22% in LATAM and in the international market and rest of the world. We grew by 39%. Brazil is still our main business and will always be. In spite of a drop of 24%, that's explained by the reduction in the lifeline. Brazil is the market that's most familiar to us. We know the language, we know the legal system, and there are still lots of opportunities to penetrate this market. In the year to date of the past 12 months, Brazil accounts for 65% of our retained premium. Latin America accounts for 14%. About the life segment, I'd like to say that we have novelties for 2026. We've hired a Life Director that started this month and that will be responsible for developing the segments. Ricardo Siqueira has 13 years of international experience in life and health. He's Brazilian, newly arrived from Germany, and will set up a team to develop new products. We'll participate with insurers in increasing the profitability of the line. His challenge will be of supporting students and remodeling our capital and risk capital, in addition to expanding the capabilities and risk transfer. Currently, around 82% of the Brazilian population does not have life insurance protection, and we are determined to change this scenario. We are optimistic with our protagonism in this important agenda for the country. In the next slide, we see in greater detail the life business evolution, which underwent a portfolio cleanup. There was a reduction in the retained premium, which was higher in the domestic portfolio. On the left bottom side, you can see the effects of this cleanup, and the retained premium led to an increased profitability. The underwriting subscriptions appear clearly with fewer losses from quarter to quarter, showing a positive trend. In the combined index, you see a reduction of premium, but an increasingly sanitized portfolio. Here you see the P&C results between domestic and international. You can see the increased price premium in the international portfolio that was expected due to the renovations of Latin America, concentrating on July 1. On the right-hand side, you see that in a 12-month view, the underwriting results are stable above BRL 600 million. It's important to mention that we consider that the quarterly view is a short snapshot, whereas the 12-month perspective is a film that shows us where we're headed. In the 12-month perspective, you can see at the bottom the stability of the domestic portfolio and the trend of the international business that dropped from 124%- 104%. The next slide shows the consolidated results by P&C, casualty, and life. The bars show the quarterly results, whereas the lines show the results for the past 12 months. You can see that our underwriting subscriptions show a growing trajectory from BRL 379 million- BRL 626 million in the 12-month perspective. We consider that the combined P&C index has reached the ideal levels at 95%. The lifeline will show an improved profitability once we start growing back up again in volume. On the next slide, we see a continuous improvement of our loss ratios, especially in P&C, reflecting our discipline and responsible underwriting. On the dotted line, we see the work that we have been doing for reconciliation of claim provisions. It's important to highlight that the reconciliation value resulted in BRL 88 million in improvement in claims in quarter three 2025, and in quarter two 2025, it was BRL 47 million. Now, on the next slide, we have our commissions with separation between P&C and life. Our commission ratios remain stable in P&C and life since quarter three 2024, when we had the cancellation of the large account that I mentioned before. On the next slide, we see the claim rates and commission rates, and you see that the two lines are very controlled at healthy levels. Before I stop and hand the conference over, I'd like to make some comments. Hurricane Melissa, category five, which reached Jamaica in October last month, caused no relevant exposure for IRB-RE. Also, the tornado in Rio Bonito in the state of Paraná on November 7 also did not have any major exposures. We are in contact with our clients to identify any potential claims and ensure prompt payment. These extreme catastrophic events highlight the large protection gap between economically insured losses and insurers. In this situation, we have the ability to create products that can better protect society. We have many opportunities ahead. Now, looking at opportunities, third-party liability auto insurance, if it were mandatory like it is in the U.S. and Europe, would have huge business opportunities, and society would be at a much better protection level. In addition to looking at products that can protect against climate events, we will continue to analyze cybersecurity, individual risk accumulations, and pricing of these products, as well as better coverage forms. Finally, I would also like to talk about the possibilities of a soft market in the future. A soft market takes place when we do not have major catastrophic events in the world. The year 2025, we had a few major catastrophic events. The only place that was most affected was the U.S., and the lack of these catastrophic events that can affect our results led to a higher appetite for reinsurance, higher capacity. We have the creation of new financial products, the lowering of the prices, and better coverage conditions. We at IRB are not contaminated by this enthusiasm. We will continue to use discipline and diligence in our subscription business, both for pricing and also for defining terms and conditions. In addition to discipline, we also want to increase our operational efficiency, reducing prices, and keeping our administrative expenses under control. Now, I'd like to hand the conference over to Daniel Volpi. He's going to talk about pricing and retrocession. He's going to share with you our retrocession strategy. Thank you, Castillo. Good morning, everyone. Now, I'd like to go over the renewal of retained risk protection contracts at IRB-RE. As we mentioned in previous conferences, retrocession expenses are split into two major groups. The first group accounts for 80% of our expenses in the last 12 months, and it refers to retrocessions attached to, shared with, strategic partners. In this case, IRB will retain part of the risk and retrocess the rest with a payment of a fee. The second group accounts for 20% of our expenses in the past 12 months, and it refers to protection of IRB's effectively retained portfolio. This operation aims at protecting our equity and our results against relevant claims, either resulting from one single risk like we had with COSAN in the beginning of this year or events like those in Rio Grande do Sul last year. With an improved underwriting quality and solvency levels, we are confident that we will retain a larger portion of our medium severity losses. Our analysis showed that this measure will have a low impact on capital allocation and will allow us to maintain higher results since the premiums charged will be above expected and above historical numbers. On the other hand, considering an increase in climate-related risks, we have expanded our protection against severe events both in Brazil and abroad. For example, our limit coverage against catastrophes in Brazil increased from BRL 700 million to over BRL 1 billion. We are now including automotive claims and other risks under the scope of the catastrophic protection program in Brazil. With this additional coverage, IRB is even more prepared to manage the risk of climate-related events. Now, I'd like to turn the conference over to Fred. Thank you, Volpi. It's a pleasure to be here with you. To reinforce Castillo's message, technical discipline in our subscription business remains our primary internal driver. We are seeing results consistently in the improvement of our loss ratios and the company's technical profitability, showing that the actions implemented in the previous quarters are now delivering the expected results. Operationally speaking, we continue to advance in improving our efficiency and modernization. In addition to the process mapping project that we had already mentioned in our previous conference call, we completed this quarter the contracting of our new ERP platform, SAP S/4HANA, and we will now start implementing it. This is an important step in our digital transformation. The new system will improve the integration between areas, automation of tasks, and bring us real-time information, thus strengthening significantly our analytics capacity and decision-making. In parallel, we also initiated the implementation of our data lake, aiming at consolidating and modernizing our internal databases. With this new structure, we will now have one single information repository allowing for faster decision-making, more accurate decisions supported by even more reliable data. The efficiency gains and benefits from these two initiatives, SAP S/4HANA and our data lake, will be gradually seen in the next quarters as these systems are integrated and incorporated into our everyday business. These projects are fully aligned with our strategy to strengthen our operational discipline and support our technical discipline, which has been guiding IRB in this new management phase, focusing on efficiency, profitability, and better decision-making. On the next chart, we see our administrative expenses. We continue with the challenge to bring our levels to single-digit levels. On this chart, to ensure more accurate reading, we will continue to present administrative expenses on a 12-month basis to eliminate any potential seasonal or one-off effects. We saw an increase versus last year, which is explained by a few specific and structural factors. The main impact comes from post-employment obligations totaling BRL 67 million. This amount reflects the actuarial adjustments of our liabilities resulting from our discount rate updates and longevity assumptions. These post-employment obligations are part of our history. These are commitments that we took on with our employees, all the employees that helped us build IRB Brasil Resseguros over the decades, and all employees hired until 1968, so what we call pre-68, in addition to life insurance, funerary allowance, and other benefits. We have mathematical reserves that are reassessed every quarter according to CVM standards. We also record fines and penalties totaling BRL 21 million, largely related to a non-recurring tax infraction notice that refers to the non-inclusion in our taxable profit of the results from our subsidiaries abroad. Another important point was the impact of the IFRS 17 adoption and our digital transformation projects, accounting for BRL 17 million. This reflects both the reclassification of our accounts and also the recognition of new expenses referring to system implementation investments that will strengthen our technology basis and the governance of the company. We also had the effect of inflation on our service and technology contracts, an amount close to BRL 12 million, in line with the average readjustment from our strategic suppliers. With our 86 years of history, we still have some legacy costs, and we are addressing this and managing this with our new management. These costs can be split into two fronts. We have our in-force costs directly related with our current operation, accounting for 10% of our earned premiums, and our legacy costs linked to legacy reinsurance contracts pre-2020, including claims, legal actions, and other obligations. Today, accounting for 3% of our earned premiums. Now, on the next chart, we show the float levels. This is basically composed by IBNR and our claims in relation to retained premiums. The float levels remain at healthy and stable levels. There was a decrease in the absolute numbers of technical provisions, which resulted directly from the re-underwriting work done by our management. Despite this reduction, we still have a good actuarial prudency level, technical soundness, and adequate measurement of our future obligations. This metric clearly shows that resources from our settings remain fully sufficient for our commitments in terms of the claims that we already have or any potential future claims. Now, I would like to turn the conference over to Paulo Valé to talk about our financial results. Thank you, Fred. Good morning, everyone. On this chart, we see the evolution of the assets under management of the company, as well as the results of our portfolios. Starting this quarter, we will start presenting the data in relation to the past 12 months on a 12-month basis in order to equalize our presentations. We closed quarter three 2025 at BRL 8.9 billion of assets under management, 60% onshore in BRL, and 40% offshore in different currencies to cover for operational liabilities. In quarter three, we had record-breaking results in terms of financial revenue with our investment portfolios, like we can see on the bar chart in the center of this chart, reaching BRL 652 million on a 12-month basis. This corresponds to the two first lines in the bottom chart on this slide, where we also have the exchange rate variation and financial expenses to calculate a result of BRL 668 million. This result was reached due to the maintenance of the interest rate levels at 15%, as well as the very positive results from tactical allocations in our portfolios, multi-market, private credit, and sovereign and corporate bonds abroad. We also had a higher allocation in variable income this quarter, also with positive results. Once again, there was a negative impact of the carryovers from CDI of the active inflation positions that we had, particularly legacy. On the next chart, we see the composition and results of our investments by asset class, as well as the composition of our onshore and offshore portfolio, which we call legacy portfolio, which are bonds that we purchased in the past with historically low interest rates. The onshore portfolio lost 94.2% of the CDI in the past 12 months, and our offshore portfolio earned 106.5% of hedge funds in the same period. On the right, we see the renewal of our portfolio with legacy bonds becoming less and less relevant in our results over time. This process will continue to have a positive impact on the year 2026 and will be finished in 2028 due to the profitability of our onshore portfolio coming closer or even surpassing opportunity costs. It is worth mentioning that in November, we are paying off our position in 2026. Despite the lower interest rates both here and abroad in the upcoming years, it is very likely that we will be able to maintain financial results of the company close to the current results, considering that future interest rate markets show that levels will remain high and that the renewal of the previously described portfolio will increase our profitability. Now, I would like to turn the conference over to Marcos Falcão. Thank you, Paulo. For this quarter, I will present the regulatory indicators because Duda is at the COP30 in Belém. She'll be in the panel about the climate impacts on the insurance sector. On the first slide, we see that the regulatory solvency indicators are growing even more steadily this year, reaching the level of 251%, which places us at a solvency level similar to that of the biggest international insurance companies. The adjusted amount is BRL 1.5 billion, according to the graph on the left bottom corner. On the right bottom corner, we see a substantial increase in the adjustment capital, with no increase in the minimum required capital since for the last year, as a result of our management of capital both in the financial and underwriting areas. In the next slide, we look at the second regulatory indicator that assesses, according to SUSEP, the liquidity of our portfolio, according to the assets used as a guarantee to cover our actuarial commitments. The indicator reached the end of 2025 with a sufficiency of BRL 539 million, a surplus. It is important to highlight that for this amount of BRL 539 million, this has already been impacted by the BRL 275 million that have been allocated for the payment of the ventures. Now I will give the floor to Fred, who will talk about the methodology of IFRS 17. Now, Falcão, I will talk about our performance in IFRS 17. In the third quarter, the net profit was BRL 112 million compared to BRL 192 million in the third quarter of 2024. The results of the reinsurance were BRL 128 million, representing a reduction vis-à-vis 2024 when it reached BRL 260 million. The life segment impacted this result as a reflex of the cancellations of contracts in the period. When assessed in isolation, P&C had an evolution of 8% if compared to the third quarter of 2024, mainly concentrated in the asset and rural segments, demonstrating adhesion to the corporate strategy. In the next few slides, I'm going to talk about the main factors that explain the variation that we just saw. On the top of the slide, you see the variation of the insurance contract margin in the third quarter, where we initiated the period at BRL 474 million and ended it at BRL 792 million. This variation was mainly influenced by positive adjustments of BRL 189 million in the CSM that were connected to the actuarial and loss ratio adjustments, BRL 192 million due to new businesses and due to a natural variation in the CSM at BRL 275 million, concentrated mainly in the asset segment and in line with the service provision line. The amortization totaled BRL 275 million, representing a reduction of 11% if compared to 2024, where there was a more intense recognition in rural and life lines, which was not repeated in 2025. The CSM coming from new businesses totaled BRL 122 million in the period, representing a growth of 129% if compared to the BRL 51 million seen in 2024, with a highlight to the asset segment and a reduction of the loss ratio of the portfolios. The last slide shows the effects of the discounts applied to the assets and liabilities of the reinsurance contracts in retrocession. We see that the effects of the discount rate in the quarter kept steady, with a variation of 5% vis-à-vis the previous period. If we look at the nine-month period, we see an expense of BRL 513 million in 2025 versus that's 224% greater than the same period of 2024. This variation is explained by the reduction of the future rates that are projected over the discounted cash flows, as we can see on the right-hand side of the slide, generating a relevant financial expense in the period. Once again, thank you for your presence, and I'll give the floor again to Falcão. Thank you, Fred. Before the final comments, I must highlight two things. On November 3rd, at the General Assembly, we approved the alignment of the IRB administration with the shareholders, as was widely disseminated. The principle of the management compensation plan is a share matching. Some executives will be entitled to matching according to the amount of shares purchased by them, using up to 50% of the short-term incentive or the profit share. These shares are subject to vesting of three and five years. With that, we believe that this will place us among the most competitive companies in the market in terms of a compensation plan and with a retainment plan that leads our collaborators to think about IRB in the long term, as well as our shareholders. I must also remind you that this plan is compliant with the CNSP Resolution 476. In addition to that, in this quarter, we zeroed out the line of accumulated losses, and in September 2025, we've already reached BRL 61 million in terms of accumulated profits. We still have to see the results of the fourth quarter. According to our social bylaws, 50% of the result should be used for the construction of a legal reserve. After that, 25% of our adjusted net profit should be distributed as dividends or own capital. This distribution will be decided in the next assembly that will take place in March 2026. I'm still very optimistic about our future, and we're ready to take IRB-RE to a new level. Our underwriting business is still strong, disciplined, and profitable. We've obtained basically the same underwriting results of September 2024, reaching a lower loss ratio, showing that we still have room for improvement. In the top line, we still face the challenges of growing while keeping our underwriting discipline, having basically left the aviation and life businesses, which has a negative impact. I understand that there is an opportunity to reduce the combined ratio, both by reducing the earned premium and by reducing the administrative expenses. The earning results have been delivering a good performance, even with less profitable applications. For the next year, the interest rates will be still very high, in spite of expectations around the beginning of the cycle of decrease in these profit levels, these interest levels. Now, onto the Q&A. We'll now begin the Q&A session. I'd like to remind you that in order to ask questions, you should click on the Q&A button at the bottom of your screen and join the queue. A request to activate your microphone will pop up on your screen, and at that point, you should open your microphone. I'd like to ask you to ask the questions all at the same time. Now, onto the first question from Guilherme from J.P. Morgan. We'll now enable your microphone, Guilherme. Please, you have the floor. Good morning, Falcão, Castillo, and the entire team. Thanks for the opportunity to ask questions. I have two questions, if I may. One is related to the loss ratio of the quarter. The composition showed that there was a much more relevant participation of P&R, BRL 163 million in retained premium. I'd just like to understand about the financial statements. It's harder to reconcile, but in what segment did that P&R happen, and is that more concentrated in a specific claim? If you can shed some light on it, please. It was a very relevant amount. The second question is about the premium. I know that this is not the end game, I mean the premium growth, but what stood out was that even though you can adjust it by the termination of some life contracts, there was a slowdown in that segment. I would like to hear from you about the growth perspective in the premium. I am looking forward. Obviously, there are all of these effects that end up having an impact on the consolidated top line, but maybe you can talk about that after adjustment with the termination of the life contracts. How do you see the revenue in this business? Thank you. Good morning. This is Fred. The P&R of the period is basically comprised of the new additional premiums in the year. I would like to reinform that the IBNR reserve is positive, and it shows the level of actuarial care that we apply, and it brings to the balance sheet the payment reserves for the future claims for the premiums that are incoming, and if unused, they will be reversed in the future. That is part of the natural process of actuarial reserve that is set up by the team. It is basically structured in the property area that corresponds to almost 50% of our production. It has somewhat of a short tail in the structure. If compared to 2024, we had a few important losses due to the behavior of the agribusiness portfolio mainly. We made a few specific reversals in 2024, thereby creating a distortion. Once again, I'd like to highlight that IBNR is positive, and we are now applying it to the structure of future payments and reserves. If there are any additional questions, Castillo can talk about the premium. Daniel Castillo, about the effects of the premium, they're seasonal. If we compare the third quarter of 2024 to the third quarter of 2025, we have some optional contracts that get renewed every 18 or 20 months. If it's a contract that was renewed in the third quarter of 2024, it won't be renewed again in 2025, and we'll feel the effects of instability and sometimes a reduction in the premium. The effects are exclusively seasonal. Talking about premium, I want to add that in P&C, after participating in events such as Monte Carlo and Baden-Baden in October and this week in Costa Rica, the number of proposals that we're receiving is incredible. It's really increasing. It's sometimes four times greater than we would receive a year ago. We are very optimistic, and of course, we won't accept all of the proposals that are brought to us, but we're very optimistic about the development of the premium over the course of the next few months and in the next few renovations. The next big renovation will occur in January 2026. Did that answer your questions? Yes, thank you very much. Our next question comes from Daniel Vaz from Banco Safra. Daniel, we'll enable your audio so you can ask your question. Daniel, please move forward. Good morning, Castillo and the entire team. Thanks for taking my question. I'd like to pick up on the second question that was previously asked. We understand that there are some special risk cases, especially oil and gas. There are also some cases you left aviation in a few segments that are exposed to greater risk. And Castillo also mentioned the contracts that renew every 18 or 20 months. If you look at 2026, trying to look at the six months to date till the first quarter, you were running at 10% of growth, and now you've accumulated another one or a bit more, a low single digit. My question is, when it comes to modeling, what's your forecast that you're trying to work on for 2026 in terms of premium growth? You know, if we forget life, you know, since life is so small, maybe the percentage does not matter so much. If you look at non-life, if you were to exclude all of these effects, you'd be working more or less with how much in terms of growth? Because now you have a large reserve, your solvency is very high, and there's this balance between growth plus the solvency that gets very high. How much of the strategy do you want to change in order to be able to grow a bit more, maybe by lowering the price a bit or not? What are the levels that you're considering for next year? I mean, if you look at the adjustment premium growth, either retained or acquired. I'd like to hear your take on those effects. Thank you. Thank you for your question. Thank you, Daniel, for your question. You said very well, Arrow and Life, we practically zeroed down and we reduced Life from 23% to 6% if we compare to the previous year. We have great expectations now with the restructuring of our Life business. We just hired a new director, like we mentioned in our presentation, with international experience and new product creation. We believe that looking forward, we will not, of course, see an immediate effect over two or three months, but over the course of one year, we should see very positive effects in Life and Health. Now, as for the P&C, I'm very positive because we started aggressively visiting the market since last year. We have mapped out the opportunities. This year, we had a lot of face-to-face meetings with clients in Monte Carlo in September, now in Baden-Baden in October. We just came back from Costa Rica this weekend. While we were having these meetings with the clients, we would receive proposals here at IRB. We believe that we should increase fourfold the number of proposals looking forward. Of course, for some of them, there is nothing we can really do, but for others, we will do the math, and if they are profitable enough, we will go for them. We are very optimistic. I think the January renewal, practically 60% of our business renews in January. We are already receiving proposals. We are analyzing them, and we are very positive about the realization of these new businesses, both in Brazil and also internationally. I do not know if I answered your question, Daniel. Yes, very clear. If we could prioritize, for example, between Brazil and international, not just prioritization, but the quality of the proposals that you're receiving in Brazil and internationally, looking at a mid-term horizon, where do you see the highest potential to expand? Because your portfolio, there was a large gap in your portfolio when you closed your appetite for international, and now it's growing at a healthy level, at a healthy pace. What would be the right balance of these forces, and where do you see the highest opportunity? Today, practically 60% of our premium is in Brazil. Brazil is our main market, and we will continue to focus and intensely work in Brazil to maintain and develop our business here. The way we grow in Brazil for the businesses where we already have a certain share, when at the time of renewal, we will try to get an even larger share in this business in Brazil. Of course, we will always prioritize property and engineering, but I still see a lot of opportunity. When we look at these catastrophic events that we had recently and the huge protection gap that still exists, there is certainly a lot of opportunity to grow in the insurance and reinsurance markets. We are trying to support the insurance market the best way possible so that they can also grow with new products. Domestic P&C, we certainly have a lot of opportunity in Brazil. In international, we are also receiving countless proposals. Of course, we will assess them carefully, do the math, and if they have the right level of profitability, we will go for them. In international, we will also try to stay out of the longer-tail businesses that take a long time to develop. We will certainly prioritize short-tail deals, which we know better in Brazil. We are now structuring our company with a team that not only knows the right languages, but also knows a lot about international risks. In Brazil, we're not really used to earthquakes, big floods, volcanoes, and all those risks that exist in other countries. We are now forming a team that has the right skills to correctly price and analyze these risks so that we can reach the right level of profitability. We're very confident we will develop our international business with the right profitability. Thank you, Castillo. The next question is from Eduardo Nicho Genial Investimentos. Eduardo, you can open your microphone now. Olá, bom dia. Hello, good morning. Thank you for taking my question. Good morning, Falcão, Fred, and Castillo. I have a few questions. My first question is about the rollover and the selling of your sovereign bonds, BRL 21 million, with an impact of BRL 21 million on your financial result. Do you still see room for new sales or rollovers of the sovereign bonds for quarter four of 2025 and also for next year? This is my first question. My second question is about your administrative expenses that showed a major increase. Could you give us more information? The charts that you showed in your presentation are very illustrative, but I would also like to hear your take about the index and how this index is increasing. What were the non-recurring events that you think could be contained in the upcoming quarters? What would be a more normalized rate looking forward? Of course, there is the denominator here, but still, numbers were quite high this quarter. Thank you. Hello, Eduardo. Thank you for your question. This is Paulo. Like you said, we announced in the beginning of the year that we wanted to anticipate the rollover of part of the legacy bonds, those bonds that were bought in the past with a historically low interest rate. We announced in the beginning of this year that we would, over the course of 10 months, do the anticipated rollover with an impact of BRL 7 million per year, sorry, BRL 7 million per month, finishing now in November. We are about to finish this process, and that is why this had a negative impact of BRL 21 million on this quarter. For the year, it will total BRL 17 million, the negative impact. Next year, we will not have this automatic rollover because we have maturation in August 2026 and significant maturation levels at the end of, sorry, in August 28. There should not be any anticipated rollover next year. Hi, this is Fred again. A few points about TA. You talked about a normalized rate, and I mentioned this during my presentation. We are going for single digit. This is my first point that I would like to stress. We are really seeking to improve our efficiency and structuration. Since the denominator, when our denominator and numerator are balanced and structured, this is our purpose as a company. But it's important to look at the whole picture. As I said, we had some one-offs, for example, post-employment. Post-employment works like a reserve. That's why it has volatility. We saw this volatility last year. Last year, it was actually negative. When we look at the reserves, the provisions, this is the concept behind it. We also had some one-offs in terms of fines and penalties that we hadn't really accounted for the international profitability. It also had an impact. That's what we're pursuing: efficiency, better efficiency. This is to show you that our objective here is that we want our DA level that it's exactly what Castillo was talking about for the premium growth. This should offset or even annul this DA so that we can reach single digits. Perfect, very clear, thank you. Our next question is from Tiago Paura, PTG. You can open your microphone now. Hello, good morning, everyone. Falcão, Castillo, Fred, Volpi, Natasha. Thank you for taking my questions. It's always a pleasure to speak with you. I have a follow-up question to Vasis. Question and response question about the premium and premium retention. Of course, if we look at the retrocession rate and the quarterly picture, it's still very confusing, very messy. There's a discontinuation of it and there's some changes in your mix. If you look at the ninth first months against the ninth first months this year, retrocession is still higher year- over- year. Considering what you announced and also your higher subscription quality and better appetite to retain this premium, we would expect to already be seeing higher retention. You also announced that you have an important renewal now in October and you have seasonality of your specific renewals. I have two questions. When will we be able to see retention levels increasing and what is your level of appetite? For example, if you think of an optimal retrocession rate looking forward, considering also the expected top-line growth in the coming periods, what percentage are we talking about? Tiago, good morning. This is Daniel Volpi. Like I said during my presentation, retrocession is split into two major groups. 80% of the expense comes from operations with strategic partners, where we retain part of the risk and we receive a fee for the operation. Now, while this fee is still attractive and can compensate for the invested capital, we will continue to do this because it is attractive to us. 20% of the expenses are due to the retrocession of what we buy to protect for the risks that we protect at IRB. This is what I mentioned in my presentation. For these ones, we will have a larger retention strategy. Expenses will decrease. However, for the other 80%, we expect them to stay stable at least while the fee is still attractive. Did I answer your question? Yes. That means that in practice, since those 80% are mathematically heavier, in practice, we're not going to see any significant changes in your retrocession rates looking forward, right? If we think of the percentages that you are projecting, considering the qualitative component of the attractiveness of the fee and also because the smallest portion that is subject to the retention, mathematically speaking, has a lower effect on your results, right? Yes, this is Falcão. Thank you for your question. The way I see it about retrocession is that it does not really impact significantly the retention level because of the reasons you already mentioned. However, an interesting effect is that it is very good capital allocation, this risk retention. This, of course, will show up in our results looking forward. It will take a while until we start seeing the effect, maybe 12, 18, 24 months. The company will have a return on invested capital that will be higher over time. The mix will get better. We will be monitoring this quarter after quarter, and you will be able to see this in the future. The solvency allows me to use the capital for other things. This is one of the things. We see the return over capital with a larger margin than what we have today. It is super creative in our income looking forward. Okay, Falcão, thank you. Very clear. Thank you, Volpi. The question and answer session is now closed. Now I'd like to turn the conference back to Mr. question and answer session is now closed. Now I'd like to turn the conference back to Mr. Marcos Falcão to answer questions sent via chat. Thank you everybody for your questions and for your usual interest. We have a list of questions that we received in writing. I'll try to cover them as much as I can and try to aggregate them whenever possible. First, there's a question again. There were more questions about the increased premiums. I always like to reiterate that our priority is always the growth of net profits. I think we've been delivering the expected net profits, and we don't see anything in the company that has changed our perspective about that. We're still very excited, and we are certain that this quarter will deliver the net profits expected by us and the market. Of course, we would love to grow the premiums more quickly, but we will not do that if they get in the way of us delivering net profit. That's something that I always like to reiterate. There's also a question about dividends that's very important. As you saw in this quarter, we started accumulating profit, which had not happened for a long time. We started accumulating it, and we have accumulated BRL 61 million in the fourth quarter. There will be more accumulated profit. In our bylaws, it states that we have to pay 25% worth of dividends. The payment of dividends, these 25%, will occur in 2026 based on the profit of 2025. There's another question about dividends that asks if we cannot pay more than 25% and how we pay that. The board wants to see this. I think the best thing to do is that if we have a solvency margin such as the one that we reach now, which is quite comfortable, 250%, any surplus of that margin that has not been allocated to generate a return on the capital, that we can propose that it be paid as compensation to shareholders. It can be paid once a month or once every quarter. This will all be subject to discussions that have already started with the board, but there's no decision about that. Another question about acquisitions and DA. I think that the effects of the DA, as explained by Fred, it's not positive, this level of DA on the premium. We're not proud of that or even comfortable with that. We're actively taking several measures that will have an effect on that over time. There's a question about acquisitions. If we can make an acquisition that helps us gain scale, we'll do that. I've said once that acquisition is a partner of accretive on an earnings per share basis. The effects of an acquisition can lead you to gain scale and improve the ratio. We have several efficiency gains, gain programs moving forward, and we'll make several investments in systems migration, automation. All of that will lead to further efficiency moving forward. As Fred showed in the call, in the slide, we have a percentage that's linked to the legacy, and the legacy will fade away gradually. We have to cut back on these expenses moving forward. Maybe in terms of expenses on the premium, this is possibly the worst moment we are facing in my expectation, and that is that we'll be improving that moving forward. Another question is about the tax income ratio. If you compare the Brazilian ratio with the foreign, we have 15% of CSLR, but there's the tax credit as well. If you look at it in reality, our cash generation gains, which are the result of the tax credit. As a reminder, with the tax credit, I use 30% of the tax that has to be paid, and it goes to tax credit. It then stays in our cash flow. Our cash generation would offset this higher ratio. You can generate cash as if your fee is lower, but in the results, it's still reflected as the rate. Lastly, there is a question about LRS, about Andrina. We do not intend to issue anything this year. We issued this year to test the pipelines, and now we are making some adjustments after the test, and we will probably resume our emissions in the first quarter of next year. One last thing is about the alignment between the management board and the shareholders. This program will go into force. There is a formal procedure for that, and it will start this year, and it will be more impacted when it comes to paying the short-term incentives for this year and the profit share for this year, which probably will occur once we have the audited balance sheet in the first quarter of next year. This is a wrap, and thanks, everybody. I want to reiterate that we are pretty assured that we have challenges ahead, but we're very optimistic and excited. I should reiterate that in the last quarter, nothing happened to change our perspective. Thank you and have a great weekend, everyone. The earnings video conference about the third quarter of 2025 of IRB-RE is now over. The investor relations department is available to answer any of your questions. Thank you and have a great day.