Good morning. Welcome to the conference call of SulAmérica. We would like to apologize for the delay. The conference call will discuss the results of the second quarter, 2022. We have here with us Ricardo Bottas, Chief Executive Officer and Investor Relations Officer. The Vice Presidents of the company as well. We would like to let you know that the event is being transmitted live through the webcast with audio and slides, which can be accessed through the Investor Relations website of the company, www.sulamerica.com.br/ri. All participants will be in listen only mode during the presentation. Next, we are going to start our Q&A session, and then further instructions will be provided to you. If you need assistance during the conference call, please ask for help of an operator by pressing star zero. The conference call is being recorded and the audio will be made available once it's over in the Investor Relations website of the company. We'd like now to hand it over to Ricardo Bottas, Chief Executive Officer and investor relations officer of SulAmérica, who is going to start with the presentation. Mr. Bottas, please start. Good morning, everyone. Thank you very much for the introduction. On behalf of the executive committee of the company, I apologize for the delay, something that was due to technical problems. Myself and our executive team try to be as quickly as possible so that we can go into the Q&A session, quickly to maintain our original time plan without, of course, harming the information. It's important to emphasize that we are presenting the results of the second quarter, still a trying period as a consequence of the two years of COVID-19 pandemic, which still brings direct and indirect impacts on our operations. We've been monitoring the data since 2021. We have a very high cost dynamic, combining the impacts of COVID with the resumption of elective healthcare procedures, which now in 2022 have reached even higher levels than before the pandemic. Something that Renato and Juliana will address, combining frequency and the unit cost of that. It's important to highlight that it has brought some atypical pressure to us and to all different healthcare carriers and insurers in Brazil, leading to lower margins than we used to have, especially for the seasonality of the second quarter. We are all focused on restoring our profitability, using all the tools that the market is aware of in a coordinated care and tools in partnerships with our network so that we can resume to the expected levels. It's important to coordinate this management of claims, the loss ratio, to really obtain, once again, a good balance of our policies, which is something required once we have an increase in the medical inflation observed since last year, which is very consistent during this first half of 2022, differently from the first half of 2021. If in the short term we still have challenges which we have been attacking, very aware and absolutely convicted of how we can resume our good journey in the company. We can see some positive signs that the crisis is coming to its end. COVID indicators have improved a lot in last few months, notably in hospitalization severe cases, even though there was a small increase in cases in June. Most cases seem to be just of less severity, just some medical visits and simple hospitalizations. The control of the pandemic should really contribute to lower volatility of frequencies, greater predictability, and gradual normalization of results with a combination of assumptions which is essential for the business model such as ours, which is based on predictability and quality of underwriting, right? We want to keep on growing. It's important to say that we have the consistent expansion of beneficiaries in health and dental insurance, including our most affordable products such as Direto in different regions of the country and Paraná Clínicas in the south of the country. We also concluded the acquisition in this quarter of the operation of Sompo Saúde in Brazil, expanding our participation and relevance in São Paulo. We have resumed growth in life insurance portfolio, which now has more normalized margins with the improvement of the pandemic. We set a record of BRL 52 billion in assets under management at SulAmérica Investimentos. With further options for our customers, and we have achieved a position, which ranks between second and third in terms of market share of independent asset managers in Brazil. Consistent, sustainable growth that paves a solid and long-lasting path for our future. Speaking of the future, it's important to say that we have moved on with the association process with Rede D'Or, and after the approval of the boards of directors and shareholders of both companies in just the upcoming month, we have filed our approval request with the competent regulatory agencies. There are four of those agencies which are following the usual procedures for a transaction of this magnitude, which is complex, but within a specific schedule that we have also adhered to. Yesterday, we announced to the market the first approval of the first regulatory agency. SUSEP has already agreed to the association, and now we are working with the other three regulatory agencies to obtain the consent as quickly as possible, but respecting the expected flow for processes of this nature with all the appropriate criteria and rules. We are very confident in the potential gains that this association will bring to beneficiaries, business partners, shareholders, and the society at large, expanding access to quality health care and enabling even greater sustainability for the supplementary health sector or the private health sector in Brazil. Now, after that, let me hand it over to Reinaldo Amorim, our Chief Financial Officer, followed by Juliana Caligiuri, Vice President of Health and Dental Care, and Marcelo Mello, Vice President of Life Pension and Investments, who are going to go into details about the earnings under their responsibility. Thank you, Bottas. Good morning, everyone. Let me start with slide two and talking about the operating revenues, which amounted to BRL 5.6 billion in the quarter and BRL 11.1 billion year to date. These are increases of 8% and 6% respectively over last year. This good performance reflects both the dynamics of the health and dental portfolio that we have, capturing good performance in new sales and also high customer retention. Juliana is going to let us know more about that. The performance also shows recovery in the area of life and personal accident, which Marcelo will address eventually. Now, moving quickly to third slide, we have here the main indicators for the quarter and for the accumulated for 2022. There was a worsening of claims ratio and gross margin in relation to last year. That's basically, as Bottas pointed out, a result of the atypical period, as health insurance portfolio has presented high volumes of elective procedures. Even though it has been decreasing, we cannot fail to mention the significant impact of COVID-19 in the volume of claims in this quarter. It amounted to BRL 82 million. Once again, it's important to emphasize the importance of the recomposition of revenues from the use of annual price adjustments of health policies after this period of very high cost. This process has already started, but the results are still shown very timidly because the renewals are tended to be more concentrated on the third quarter of the year. To close this slide, I highlight the maintenance of a well-controlled administrative expense ratio below 7% concerning operating revenues. It is a sustainable level that the company has been focusing on towards efficiency. Now, moving on to slide four, we see the claims ratio effect, which I have already addressed in the previous slide. This is the main driver for all other operating indicators, EBITDA and also combined ratio. Another important highlight to be made, it's the good performance of our financial result, totaling BRL 195 million in the quarter, BRL 333 million year to date. It has followed the increase in the average interest rates, the Selic interest rate, which significantly offset the lower performance of fixed and variable income assets. Net income totaled BRL 139 million in the quarter. It has been benefited by the positive effect of BRL 117 million in income tax and social contribution. This has been the recognition of the economic benefit from projects linked to the so-called Lei do Bem, and it refers to the years of 2018- 2020. That said, I'm going to hand it over to Juliana Caligiuri, who's going to comment about the performance in health and dental. Juliana? Thank you, Ricardo. Good morning to you all. I'm going just to give you a number of highlights of health and dental and then open for questions, because then we can go into details. Slide five, I'm going to talk about operating and performance health, so 9% increase in the quarter, 7% year to date. Especially with the good level of sales and solid customer retention. This has been very positive in terms of the levels of price adjustments. As Ricardo Bottas has pointed out, we have seen a positive effect of the price adjustments, but they're still respecting the renewal dates really throughout the quarter. It is a long-term pickup process. We've been working to have the lowest price increase possible using all health and claim management tools available. As there were very high costs in the context of the pandemic, those price adjustments are essential to ensure economic balance. The bottom of the slide, we see the progression of quarterly claims ratio, which at 89.7% in the second quarter. A reminder that the second quarter usually presents a seasonally weaker result. Seasonality is greater in April and May. This year, we still suffered from the atypical dynamics that Bottas and Ricardo Bottas pointed out. In addition, there is also the scenario that combines frequency and severity of claims at very high levels, plus the inflation over these costs. Slide number six. Now we see the performance in beneficiaries and the portfolio. Numbers that have been quite positive. We have reached 4.7 million beneficiaries in health and dental, growth of more than 9% or over 400,000 lives compared to last year, including 127,000 lives. We have 45 million beneficiaries and 36,000 beneficiaries in the quarter. In dental, we had a similar level in relation to the third quarter of 2021. Last, slide seven, I'd like to introduce a healthcare expansion, mid-ticket. We are going to be growing. We are present in 311 regions, and during our second half, we are going to have the Direto line, which is going to be more affordable, comprehensive that we add to our portfolio, and we believe that will take it to a good potential growth. Regarding Paraná Clínicas, we reached 138,000 lives in the quarter, 46% growth compared to the same period last year, reflecting excellent levels of new sales, in addition to Santa Casa de Ponta Grossa portfolio that we incorporated at the end of 2021. We have 8% of our health base. We are still investing as we have a growth of more than 60% compared to 2021, and we are expanding, investing in the strategies, increasing our reach. Now, I would like to give the floor to Marcelo Mello, and I'm available to your questions. Thank you, Juliana. Good morning to everyone. Slide eight, where I highlight life and personal accident, which is very positive even during the pandemic. We see a consistent growth of revenue in the year to date and in the quarter, and we have a recovery of travel insurance, thanks to more trips nationally and internationally. We have some adjustments that have been done in some life portfolio, and the recovery of the portfolio also appears in the loss ratio, which has been resuming its historical levels, and it was 44.6% in the quarter and 43.5% in the first half of 2022. A reduction of more than 40%, 40 points rather, compared to last year, both in the quarter and accumulated view. Following this dynamic, the gross margin resumed its recurring trajectory and reached BRL 33 million in the quarter and BRL 66 million in the semester, reversing the negative numbers presented in 2021. Pension plan, slide nine. Revenues showed a 4% reduction compared to the second quarter 2021, mainly reflecting the drop in contributions in the VGBL product in a still difficult macro scenario, but already showing a more positive dynamic compared to first quarter 2022. In the quarter, we launched the new pension products, consolidating our open architecture strategy for our partners and clients. Slide 10, asset management. SulAmérica has reached a record of BRL 52 billion AUM at the end of June 2022, mainly reflecting the 26% increase in third-party funds, following higher funding in credit and fixed income funds, a very positive performance in comparison to the market. It's worth highlighting our greater penetration in investment platforms and institutional investors. In the quarter, SulAmérica Investimentos launched three new products in different strategies as planned. Our operating revenues, they fell 38% in the quarter and 25% in the year to date, basically due to the behavior of the stock market. Now I turn the floor back to Ricardo Bottas for concluding our presentation. Thank you, Marcelo Mello. Now let's move on to Slide 11, and I'll give a little more detail on the administrative expenses. I had mentioned before that expense ratio for the quarter was 7%, showing a 1.2 percentage point increase from 2021. Let's remember that last year we had been benefited in extraordinary way, in a non-recurring way from the reverse of provisions of the ANS supplementary health fee in the amount of BRL 65 million, harming the comparison between both periods. Excluding the effects of this reversal and also the temporary expenses related to the service contract with Allianz Group, which ended this quarter. The administrative expenses ratio would have been 6.7%, which is a quite sustainable level that reinforces our commitment of many years to gradually seek efficiency and dilution in this line. Slide 12 and closing my comments. Portfolio allocation. You can notice that the company's portfolio allocation of own assets did not present significant changes compared to the first quarter of the year, ending June 2022, with most of the assets allocated in Selic CDI, increasing the contribution of the financial result of the rise in the basic interest rate. The allocation in the other asset classes also remained relatively stable, with approximately 17% in fixed rate assets, 10% in inflation, and 1% in equities. I'll end here the initial considerations, and we can move on now to the Q&A session. Thank you. Thank you very much. Ladies and gentlemen, we are now going to start our Q&A session. To ask a question, please press star one. To remove it from the waiting list, star two. The first question comes from Samuel Alves of BTG Pactual. Please start your question. Good morning, Ricardo Bottas, Renato Russo, everyone. I have two quick questions here about the loss ratio. First, the complexity mix. Would you please tell us whether the complexity mix of health loss ratio is higher compared to 2019 before the pandemic? Just to understand if the profile of surgeries or complex hospitalization has been worse. Tell us about frequency. What are the main offenders in terms of health loss ratio? Secondly, I would like to know about mid-ticket products, just to understand if they are offenders for the consolidated loss ratio of the company or whether the grace periods tend to be an advantage? Hello, Samuel. Thank you very much for your question. This is Juliana speaking. Well, concerning the loss ratio, there is a multiplicity of variables. There is a change in behavior of our consumers. We cannot call it post-pandemic, but let's say something a bit more well organized or, let's say smooth, so to speak. The number of tests per person and the number of people performing tests have been increasing. Frequency of visits, of tests and elective surgeries has been operating at a level somewhat higher than 2019. It seems that this is a change of behavior, maybe more concerned with health, just using really constant healthcare services. We've also been observing some public data from the market showing that oncology cases got worse during the pandemic, so people haven't followed up their health status as they should. It's not such a different mix from that of 2019, but there is some more complexity being shown. In addition to that, there is a pressure of inflation. This is something which has been impacting loss ratio. Even though we have obtained a smaller percentage negotiations based on IPCA value, the IPCA is much higher now. It's multifactorial, right? It's not only one thing. COVID, as we have all pointed out, is still something applying pressure to our figures. There is a mix of complexity, increase in frequency and inflation, which is also applying tension, but we expect to see it decrease throughout the years. Now, speaking of mid-ticket products, especially Direto, have lower loss ratio than the portfolio, so they generate a positive impact on our loss ratio. There are multiple regions, some are more mature than the others. The portfolio is still getting more mature and consolidated, but there are very positive signs that indicate that our strategy of growing in this segment remains strong. With that, I answer your two questions. Thank you very much, Juliana. Have a good day. Our next question is from Leandro Bastos from Citi. You may proceed to your question. Hello, everyone. I have two questions, actually. It's still along loss ratio lines. Could you tell us a little bit about the trend of loss ratio throughout the semester? We had some COVID back in June. How has that evolved month by month? May you repeat? Your question was not clear to me, says Juliana. Sorry to interrupt you. Can you hear me all right now? Is it more clear? Is it louder? Yes. My first question has to do with the loss ratio. I'd like to hear a bit more about the trends month by month. You even mentioned that we would have a COVID wave in June. I would like to hear a little bit more about these trends. Once we have new readjustments getting into the baseline, that will help to balance our agreements. I would like to better understand, cost and frequency. How about your perception? Do you believe that, 2022 readjustment, will that be enough to rebalance our contracts and agreements? Or is there any perception that an additional component will be required for 2023 to be able to reach, levels that we had achieved historically? If you could direct us a little bit more, and what do you have in your horizon ahead? I don't know if I made myself clear. Yes, it's clear, your question. About, trends, April and May are months where loss ratios, they are usually higher. In the pre-COVID era, that was a fact. June is a month where there is a decrease of the impact, especially because we have respiratory diseases seasonality. And we managed to recover it. In June, last June was lighter, much lighter than we would expect, better than April and May. June is still high because of this new COVID wave. We believe that if COVID goes down, our curve tends to reach normality with fewer flexibility or variation. April and May, historically speaking, we all know that we have those months as the worst of the year. I cannot give you any specific forecast for the second half, but it seems that we are reaching a greater level of normality from now on. As to adjustments and readjustments, we have made some important movements, but here we are talking about two years where the premium does not fit. Therefore, that's not enough to have 100% cost coverage. We still have inflation, we have a number of factors that are taking us to a lack of how to expect what is about to come. We believe that we still have challenges ahead for the coming months and year. Thank you. Thanks for your answer. The next question comes from Mauricio Cepeda of Credit Suisse. So you please ask your question. Hello, Mello, Reynaldo, Juliana, Bottas. Thank you very much for the opportunity. Now, concerning loss ratio, I understand that the loss ratio is still not normal, but per capita loss ratio seem to be moving slower than inflation, even with increasing frequency. Is it due to the price adjustments with your providers or is it the fact that there are more restricted providers when you renegotiate your corporate clients and also using direct? Now, the second question, if this is true, would you also expect the mid-ticket or the average ticket to be below inflation because per capita loss ratio would be below inflation? Have you seen this trend of downgrading, of restriction of a network of providers? This is my question. Thank you, Cepeda, for your question. It's again multifactorial, really. Naturally, with a higher price adjustment, so I am starting with your first question first. Second question first. With higher price increases, some companies inevitably prefer some downgrade, some more let's say, affordable products, but it's not a massive downgrading, really. We have been observing a pursuit for partnership with providers so that we can have better loss ratio management and understand the portfolio of clients. Per capita loss ratio is impacted because as Direto gets more relevance in our portfolio with a loss ratio below that of the average, because we have fewer providers, a smaller network, it ends up impacting our loss ratio per capita. Hospital negotiations are a constant. Our hospitals are partners, and we have ongoing negotiations all the time. SulAmérica. I think now you can all hear me. I was just speaking of loss ratio. In addition to negotiation with providers and new models of compensation and sometimes a smaller external network, we've been going deeper into a better understanding of loss ratio. By doing that, we can observe, let's say, an impact in our process of regulation, medical disputes, so that we can avoid fraud, inappropriate procedures or excessive use. I think there are a number of factors being addressed at the same time so that we can have appropriate loss ratio management. Coordinated care is a critical tool for this process. There are multiple actions and multiple factors that are contributing. With the product mix, the change in compensation models and a constant negotiation with providers are very relevant factors in managing loss ratio. Thank you, Juliana. Cepeda, Juliana, if you would allow me. Once again, so sorry for this minor technological problem, but I'd like to take your question and address an important aspect regarding what Samuel has asked for the mid-ticket. We have to be confident about that. Juliana told us about the new strategy to work over mid-ticket, where we are gonna have over 200,000 lives, 100,000 lives of those are from Paraná Clínicas, and 70,000 lives directly. That is a case of success, taking into account our current environment and to be able to reach 200,000 lives, thanks to a new strategy and being very confident and sure about being dealing with new clients, new beneficiaries and not necessarily downgrade. They are responsible for a new market, a new vector, and it confirms and supports our position and performance in the market, respecting our company in terms of new sales growth and retention, considering such an adverse time where we have price adjustments being required, but yet we have to celebrate our achievements. Our company has been very consistent in terms of sales and retention. Okay, thank you, Bottas. Thanks for your clarification. The next question comes from Vinicius Ribeiro. You can move on. Thank you very much for your question. Maybe I'm not being very creative, focusing again on loss ratio, but thinking structurally, we can say that there has been some kind of change in the industry. Do you think that players are accepting a higher rate of loss ratio? Maybe in 2023 we can expect to have lower levels. Secondly, a more specific questions about payment models. You said that the loss ratio would be increasing outside fee-for-service, but this kind of initiative would be favorable for the company profitability. If it's going up in the second half of the year with negotiation of providers, can we expect that improvement toward that? Thank you, Vinicius, for the question. I know it's difficult to be creative because loss ratio seems to be the main focus really. Well, I think it's too early to talk about changing the industry, but accepting high levels of loss ratio, at least for SulAmérica, is not one of our objectives, of course. We are constantly focusing on healthy loss ratio, high quality of services to our beneficiaries, but with all the tools to reduce inefficiency, waste, and abuse. There have been some changes in the industry, behavior of consumers, behavior of providers, regulatory agencies, of course, but these are not changes that we would necessarily accept, and this is a constant search for that. There is a conviction of all the industry players that the fee-for-service is not sustainable. Increasing the representativeness of more sustainable models that focus on efficiency, productivity, so that the industry can have a more effective performance is a consensus. The main challenge is how to pave that, and we've been very successfully doing it throughout the years. We've been avant-garde just doing it and innovating all the time, but there's still a lot to build and a lot to be done. Our expectation is to increase the representativeness of new compensation models, even though it's complex to do it. I think that structural changes in the industry really have to capture more efficiency in managing loss ratio, which is something that we have been doing continuously. We've been investing in our core business to reinforce it and then qualify us to have a level of premium and claims which are appropriate for healthy loss ratio. Just emphasizing premium, it's also a constant strive for a good balance. We don't want to overcharge our clients, but it's no use operating at levels where we wouldn't be able to cover the claims of our portfolio. This is why compensation models, management, price adjustment, a model built with clients, this is essential, and we need them to manage loss ratio with us. I think these are the key points in my opinion and we do not accept any higher loss ratio. This is not part of our strategy. Great. Thank you very much, Juliana. We are closing now the Q&A session. Now, I will give the floor back to Ricardo Bottas for his final remarks. You may proceed. Thank you to all of you. Once again, I'd like to thank you for your time and participation and more specifically for your patience, considering all these technological issues, but I think we managed to comply with your informational demands. We are at your disposal to journalists, investors, media, to try to keep answering your questions. Last question asked by Vinicius to Juliana with a great answer that reinforces our confidence in our growth strategy. We do not accept that scope, but we work with consistency to have a quick recovery in the short run to regain our profitability levels. All these factors and levels and rates that we are presenting, and we are engaged to our providers all over the country. We have over 1,000 providers, and we had reached alternative models, not fee-for-service. They show our level of responsibility. We have a role to play. We are a dynamic company, but we feel and see engagement and responsibility by the system. That's how we see the construction of a more sustainable environment. We want to increase access, we want to increase the system sustainability, and for that, we all have to be together to recover premium and take them to a required level and to have a proper management of our loss ratio. There are several mechanisms in the company that deal with that, traditional ones and coordinated care, which have a key role in matching quality to healthcare, working much more on prevention rather than a focus on the disease. I do believe that our engagement levels with our suppliers, they show the importance of their role and how they can collaborate to guarantee a system which is highly sustainable. I also would like to highlight how strong we had recovered our management, investment management private. We are recovering, and we wanted to reach our economic recovery in a short and quick run. Thank you so much for your confidence to rely on our efforts. We are still facing adversities, therefore, we have to be resilient, such as today with technological issues and our resilience and ability to keep growing, investing, and believing in the future of the company, which will celebrate by the end of this year, 127 years of existence. I am also confident with the process of association with the Rede D'Or. At the same time, we remain confident in that process. We are currently waiting for the approvals of the competent bodies to conclude the transaction, and we believe that will be very fruitful and positive to the future of the company, generating more access of quality to our members and clients. Finally, I thank once again all the dedication of our team, Sangue Laranja, of employees, and also the partnership of thousands of insurance brokers who made our growth possible. The thousands of health and dental providers, commercial and business partners, suppliers, shareholders and other stakeholders who contribute in a relevant way to our constant growth. We have partners all over, as you may say. I couldn't mention our shareholders who are so important, who have always believed in our constant development. Thank you so much and have a great day. Thank you. Our teleconference for SulAmérica is done and closed now. I wish you all a lovely day.