Good morning from Hannover. This is the Talanx earnings call for the full year and fourth quarter of the financial year 2024. I'm together here with my CEO, Torsten Leue, and my CFO, Jan Wicke, who will take you through the details of our numbers. After their presentation, Jan and Torsten will be happy to answer your questions. We are on Teams today, so we can see each other, and if you want to ask a question, please use the hand-raise feature, and I'll somehow organize that your questions will be addressed. As usual, all the documents will be available on our website, including but not limited to our financial data supplement, which has lots of details on all the numbers. With that, I hand over to Torsten. Torsten, the floor is yours. Thank you very much, Bernd, and a warm welcome also from my side. I'll guide you through to the highlights of last year's results. We had an excellent year. This was actually the best year in our history. We have 11% top line, 25% bottom line, 80% return on equity. Important is that the bottom line is much faster growing than the top line. I believe with that numbers, if you look to the industry, this is fast growth. We can really probably see us as top of the league. This is basically based on a business model we would like to continue, and I started, and we started to show to you in Munich at our Capital Market Day that we have a strong diversification now, and you will see the numbers in a minute. It's roughly 50-50 primary insurance and reinsurance. That's the whole idea about the diversification. We have a P&C focus, which is especially outside of Germany very strong, with over 90%, and we have a cost leadership. That's what we mentioned as well. 93% of our portfolio, except Retail Germany, we are the cost leader in the markets we are in, and that allows us profitable growth and gaining market share. We have a resiliency, and this is a number which probably is important as well to you, and Jan will show you more and in 15 or maybe even more details when we get the Towers Watson results, as we always publish a year. He will show you, Jan, this is a kind of teaser that we probably have a resiliency above EUR 4 billion now, and Jan will give you more details on that position. That performance culture we see, and basically all the segments, I will not mention much reinsurance because you have all the information already. Let's talk about the prime insurance. Our strongest, and basically it's the origin of our company. We were founded by the corporate & specialty, former called Industry Lines. This is a global play. We have now EUR 10 billion. I remember some years ago we had only EUR 5 billion, not even. Now we talk about EUR 500 million or 501 as a former jeans model, was a 501 model, somebody if you remember. It's a EUR 500 million bottom line. This significantly, we really have a global play now. We are amongst the top player in the industrial or in the corporate & specialty segment. Then followed by the second largest segment with our international retail portfolio. It's a clear growth play. It's very good for diversification effect. It's nearly EUR 10 billion. It's nearly EUR 500 million already. And as you know, in those markets we want to be in, we play the top five. In Latin America, we are now top two last year. They grow as well as the Corporate & Specialty double digit, but they grow even over 30% last year. Germany is a stable play, is a smaller segment, 7% of the total with 163%. We are quite happy because the combined is below 97%. It is stable in a very challenging market. This is basically summarizing. We are now EUR 48 billion as a turnover. Important for me is that, well, we had this Liberty effect where we're now number two in Latin America, but this doesn't happen every year. Therefore, important is that organic growth, according to our business model, is still the most significant part, 7% is organic growth. Here again, comparing it, I think it's a good growth in the industry. The 25% bottom line as well is close to EUR 2 billion with a 17% return on equity. Roughly, I think it's pretty much okay. That was driven, and you can see it here on the right side, the reinsurance part in a significant growth of 28% compared to last year, which is very good. You see as well that the 41% was increase of primary insurance net income. Those figures, and this is always important, what you don't see, you don't see the buildup of resiliency. Again, we will show it to you on 15th of May when the results will be published, but I can indicate you not just the EUR 4 billion. I can indicate as well that especially this was increased by the primary insurance. It is not just the increase of 41%, but as well the high quality of the results, which I would just outline at that point here. That leads to the point that we have always said we want to have a good diversification. This was explained in a 50-50, and 50 means reinsurance 50% and 50% primary insurance to our results. We are now with 49% basically there. Actually, when you would see the fourth quarter result, we are above 50% in the primary insurance already, but this is not important for us. It's important to have a 50-50, roughly around 50-50 to have a clear and high benefit of diversification. If you see now the prime insurance, this is the split we have there, what the contribution is. Corporate and specialty, our core, and we have to prove to ourselves in the past that our core is corporate and specialty and that we can do the business relatively good. With 22% contribution with this high quality of the resiliency we have built up, we are there. You could say we are back really in this market. Retail national follow-up very nicely as a number two in our prime insurance and retail Germany, as you can see with 7% number three. This is reflecting at the end this development of the prime insurance probably in our, you know, if you say the sum of the part calculation and some arguments we used in the past already, you can see now the prime insurance, if you take this kind of calculation, it's roughly EUR 6.6 billion or even now in the last days up to EUR 7.9 billion, which is still a price- earning, a P/E ratio of around 6. As you can see on the right side, Hannover is a price- earning of 12, and we like more the 12. That is clear. There is some potential probably for us. Now comes to what we basically have said in the capital market in Munich in December. We want to give you the message one year earlier and higher. That's what we have done. We have thought that we might make 2025, so EUR 1.6 billion actually one year earlier and 2024 we make roughly the EUR 2 billion already. This message promises a promise, even if we make it earlier, that was important to tell you. When it comes to the outlook, I mean, you have heard that what we were given the mid-single digit growth, we still believe our business model can produce through the cycles growth. We have already published above EUR 2.1 billion and the 17% return on equity would mean that number. Maybe the message is we are confident to achieve that. We are confident in spite of what in the reinsurance event in California with Hannover Re with a EUR 500 million-EUR 700 million Nat Cat event has said, we are confident to achieve it because primary insurance basically there was not much Nat Cat event. We are below the budget in the primary part. Still, I mean, there's still some days to run, but for the time being, there's clearly below the budget. Therefore, confident to achieve that what we have said as an outlook. As well, as we have said as well in our capital markets, we prolong our strategic cycle because the business model is running until 2027. We gave you therefore as well the numbers. The numbers are 30 and 50. The 30% was the net income growth, which would mean around EUR 2.5 billion net income in 2027 or a CAGR of two double digits, let's say of 10% until 2027. Regarding dividends, we increased actually even higher, plus 50% in 2027, which would give us, which would give you four EUR dividend. That would mean a CAGR until 2027 of 14%. With that, I would now hand over to Jan Wicke who gives you more details about finance and about the segments. Jan, the floor is yours. Thank you, Torsten. Before I dig into the details, let me start with a quick glance of some figures which Torsten has already mentioned. We are growing. We are growing 11%, currency adjusted 13%. We are growing profitable. The return on equity stands at 17.9%. We want our shareholders to participate in the way how we monetize our growth. This is why we have increased the dividend per share by 15% to EUR 2.70, which should be paid out during the course of this year. Where is the performance of our company coming from? It is coming from the underwriting performance. We were able to improve the underwriting performance across the board in all lines, in all business units of our group. We want to remain humble. First of all, yes, it is about underwriting discipline, but second, also large loss play a role. Large loss remained on a prior year level, but more than EUR 200 million below budget. We have been a little bit lucky also with this underwriting result, which resulted in the insurance service result of above EUR 5 billion, which is a record in our history. It is not only because of us, it is also because of underwriting discipline, and this really matters to us. If we look at the other part of our income, which is the investment income, there we have rather boring numbers. We stick to our high-quality investment portfolio, which is seen on the left side of the chart. We were able to make use of nice reinvestment yields on average 4.5% during the course of the year. This helped us to increase the average bond portfolio yield to 2.9%. Torsten already mentioned it. We have very, very much invested in the resiliency of our balance sheet. This is shown on the next chart, which you can see. We did not only increase the resiliency on the reserve side, we also increased it on the investment side. We realized losses in our bond portfolio in order to lock in higher coupons for the future. Over the last three years, we did it with more than EUR 1.2 billion. On top of it, we strengthened the resiliency, which is embedded in our best estimate and which is assessed by an external actuary to what we expect to be above EUR 4 billion for 2024. Towers Watson has not finalized their assessment now, but I am very confident that there will be a number above EUR 4 billion. As Torsten has said, we have already heard some numbers from Hannover Re, which are very good, but we expect primary group to be even slightly, in relative terms, slightly a little bit better. Given the strong resilience in our balance sheet, we can increase the dividend easily by over the last two years by 35% compared to last year, 15% to EUR 2.70. I just want to remind you that the initial strategic cycle till 2025, we have set out a target for the dividend EUR 2.50 for 2025 to be paid off 2026. We are one year early and we deliver higher than initially expected. We also want to confirm we are very confident that we can deliver an increase in earnings growth of 30% by 2027. That would mean more than EUR 2.5 billion net income by 2027 and a dividend increase by 50%. That is in clear numbers more than a EUR 4 dividend by 2027 to be paid out 2028. Given the very good performance of the previous year, this is also reflected in the yardsticks for capital management. There are two. First of all, the solvency development. As usual, we will publish our final year-end numbers in May, but we already give you an indication as of today. We expect Solvency II numbers by year-end to be slightly above 220%. That is an increase compared to the previous year of more than 5 percentage points. The overall strength of our balance sheet and the very good earnings diversification was also reflected by an upgrade by the rating agency Standard and Poor's to AA-. What they in particular liked was the diversification of our earnings engines within the group. Torsten has mentioned it already. We have a 50-50 split when it comes to net income. When it comes to the cash contribution to the holding company Talanx, it is even two-thirds from the primary insurance and one-third from reinsurance. You may now ask whether this is a problem. The dividend payment, Hannover Re has just increased it by 25%. No, it is not. To be crystal clear here, we are very happy shareholders of Hannover Re. As long as the business unit provides us with a return on equity of 20%, we are happy to support the growth and the capital needed for it. With regard to the new accounting yardstick, here comes my favorite chart. You are aware of it. The new accounting standard provides us with the ability not only to have a closer look to the equity development where you can see a direct value creation of EUR 1.8 billion during the course of the last year, but it also reflects the embedded future expected profits in the balance sheet, in the CSM and in the risk adjustment in both positions. We have adjusted the CSM and the risk adjustment on the right side of the chart for taxes and minority interests, which is in particular important for Hannover Re. What you can see here in total, already within our balance sheet, there is a value of EUR 19.2 billion. Roughly 90% of the market value of Talanx is already backed by the existing book. There is no value in this calculation for the franchise value. We do not intend to stop our business. We want to write a new business with nice margins. We are very confident that we can do this. With regard to that, I have some more information with regard to the debt leverage. We have been in 2023 due to the Liberty acquisition slightly above our internal threshold of 35%. We are now back below 35% as we indicated already last year. On an HDI group level, the leverage stands at a very prudent 26.5%. Talanx can provide for a very efficient capital structure for its shareholders. Let me now dig a little bit more into the segments where we earn our money and where the colleagues in the management team provided for the great results of 2024. Let me start with corporate and specialty. Corporate and specialty had very impressive results. They were able to increase the insurance revenues to more than EUR 10 billion, which is a record in the history. They were able to increase the insurance service result to above EUR 1 billion. This translated then in a net income of more than EUR 500 million. Torsten has already mentioned it. They have continued to be very prudent in reserving. A large part of the increase in the resiliency, which we expect to be assessed by Towers Watson, will be derived from corporate specialty. Looking at where the growth is coming from and how are we diversified, we have here put the countries in certain brackets: core, grow to core, and develop. If you see now is the U.S. in develop, that's not mentioned that we want to declare the U.S. as a developing country. We have to develop market share there. You see different growth rates across the board. You see that the overall portfolio is well diversified, a little bit overexposed towards Europe compared to the rest of the world. If we look at the growth, which we could provide for, this growth is driven by both new business and tariff increases. We have rate changes of more than 6% on average through the whole portfolio. This is above claims inflation. It is not significantly above because we are writing business not only in EUR terms and also in other countries where we have higher inflation rates, but it is above inflation. We are very confident that corporate and specialty will continue to deliver very good technical performance in the years to come. The insurance revenue by lines of business is on the right side in the pie chart and is also very well balanced. We feel very comfortable to grow this business further. What is the outlook? Let me, sorry, first, what is the investment portfolio? In the investment portfolio, you see that a strong increase in the net investment income by 88%, which is derived from two factors. First, the growth in the asset under management. Corporate and specialty has assets now EUR 15 billion, which was an increase by 15%. Also, what is reflected in the increase in the net income is that we already started with realizing losses on the bond portfolio and locking in higher yields for the future in the last year. We also did something in the current year in 2024, roughly EUR 90 million, EUR 80 million, roughly EUR 100 million there in this business unit. This helped to increase the net investment income. The finance and investment result now stands at EUR 83 million. What is the outlook? We expect to further grow the business in the high single-digit number on currency adjusted number. The combined ratio should remain below 92% and the return on equity above 15%. I expect it to be close to the fantastic figures I provided us this year. Let me now go to retail international. Retail international is our growth machine. They were able to increase the insurance revenues by 31%. If you adjust this for currency exchange rates, it's even 40%. If you adjust for that, we just want to figure out the organic growth number, currency adjusted, it's 15%. In all different dimensions, nice growth, which was seen in 2024. The insurance service result due to high technical discipline was up by 83% to EUR 778 million insurance service result, which translates into a combined ratio of 92.5%, which is a very, very good number. The net income is with EUR 450 million, roughly EUR 450 million, already close to the EUR 500 million. We are pretty confident that in the near future, we will be able to reach a EUR 500 million contribution also in this segment. If we look at the revenue split and the diversification within this business unit, we are insurance revenue-wise already close to a 50-50 split in between Europe and South America with regard to the net income split. This is also thanks to the outstanding performance of our Polish colleagues in the team around Wilm Langenbach. We are 60-40, so more Europe-based. You should keep in mind that in Latin America, we had more than, we have roughly EUR 72 million integration costs for the Liberty acquisitions, which were booked in 2024, which is roughly 75% of the overall integration costs. The colleagues also in Latin America are doing a great job with regard to the integration work. I think Wilm has presented that also on the Capital Markets Day. You're aware of it. With regard to the outlook, we expect a mid to high single digit growth in currency adjusted. When it comes to euro, it does not come as a surprise for you. Obviously, we are slightly dependent on the exchange rates here. With regard to the combined ratios, it should be around 93% and return on equity above 13%, which is a very good number in such a growing business unit. Let me now explain a little bit the numbers of retail Germany. In retail Germany, we have a stable insurance revenue development plus 2%. Insurance service result was up 12% to more than EUR 400 million. The combined ratio, as Torsten has already mentioned, below 97, 96.6, and the net income stable with 1% at EUR 160 million and providing us with a return on equity above 12%. If we include the part of the contribution, which is done via the asset manager Ampega, if we exclude that, it's still above 10% return on equity. To put it a little bit into context of the group, retail Germany now provides for 7% of the group insurance revenue, 7% of the net income, but they were able to contribute 19% in the cash contribution to Talanx in order to provide for the liquidity base to serve the dividend during the course of this year. They are doing what they can. Given the limited growth potential in Germany, we take some more money out of this business unit. With regard to the outlook, we haven't set a growth target. Profitability is key. The combined ratio should remain below 96%. The new life business value above EUR 170 million and a return on equity excluding Ampega above 10% and including the Ampega share, it should be above 12%. A stable result and contribution. With regard to Hannover Re, you all, or most of you, might have listened to the call of JJ, Clemens, Claude, and Sven. We are very happy shareholders here. They expect insurance, they were able to grow the insurance revenues by 8%, 11% in P&C Reinsurance, and 1% in life & health reinsurance. They were able to grow their insurance service result to above EUR 3 billion, which is a record in Hannover Re history. The net income was up 28% to EUR 2.3 billion. Our share is here EUR 1.170. This is Talanx's share, what you see are reflected return on equity above 20%. I do not have to add something to those numbers. With regard to the outlook, we will further grow our P&C Reinsurance business by above 7%. The combined ratio should remain on very low levels. In life & health reinsurance, we expect the insurance service result to be above EUR 875 million. This should then turn out to a profit contribution for Talanx of EUR 1.2 billion or for Hannover Re as a whole, a profit target around EUR 2.4 billion, as they have mentioned in their call. I have now explained a little bit about our business segments where the colleagues in particular in corporate and specialty did a fantastic job during the course of 2024. When it comes now to the outlook for the group as a whole, I hand over to Torsten again. Thank you, Jan. Outlook 2025, confident. We prolonged our strategic targets until 2027. The cycle runs until 2027. Very confident. With that, I hand over to Bernd for your Q&A. All right. Back again with Q&A. Please use the hand raise feature if you want to ask a question. The first one comes from Michael Huttner at Berenberg. Michael, please unmute your microphone and go ahead. Fantastic. Thank you very much. Congratulations. Three really simple questions you'd probably expect. Effectively, today you've raised your target for 2027, EUR 2.5 billion. If I do 30% above 1977, it's close to EUR 2.6 billion. I just wanted maybe you can comment on this. I mean, you probably say, it's just higher, but maybe. I was really super impressed by retail Germany; how quick the turnaround is in combined ratio. Could you give us a little bit more color on this? I don't know, maybe mention the rate rises or volume kind of rejigging. I suspect if you strip out the rate rises, you lost a lot of volume, but anything like that. In retail, in former industrial lines, corporates and specialty, it sounds like there is no cycle anymore. You just keep pushing the numbers up all the time. I just wonder if you can give a little bit of background. The reason I asked that is that one of the calls I had recently, the company was actually a little bit more cautious on industrial lines. I really cannot remember which one, but there is a little bit of caution in the background. That is it. Thank you. Michael, I start and then Jan will continue. I mean, maybe the last one, the corporate and specialty, we do not run over water. What we do is, if I use a business model, is called cost leadership. About still, I mean, we have now from EUR 5 billion to EUR 10 billion basic growth in the last years. We still have the position in many markets with that kind of business model. We can gain profitable market share. It is not in the defending. Sometimes we are attacking models. With that business model, it is possible, but we want to stay humble. We do not run over water. That is clear in cycles we have as well, for sure. The business model is kind of a winning one at the moment. With retail Germany, I think again, I mean, we have many actions now done and focus always pays off. They focus now on performing this now hardening market. I mean, we have seen all this inflation kicking in and they are working on their cost positions, efficiency, and the first results we can see already now. I am not sure if you meant this target, this midterm target is 27. It is above 2.5. That is the number. Maybe Jan, if you want to add something here. What shall I add? Michael, you did the maths and it's above EUR 2.5 billion. Yes. And we will deliver our 30%. Good. Thank you. Okay. We have another question from Nick Johnson. Nick Johnson from Deutsche Bank. Nick, please go ahead. Great morning, team. Thanks for taking the question. I just wanted to ask on the 2025 growth guidance. I am slightly surprised to see higher growth guidance in corporate and specialty versus international, if I have heard that right. Perhaps I think I would have assumed that international would have higher growth given the markets you are in. Maybe within corporate and specialty, there might be some drag on growth from price softening in the specialty segment. Perhaps it would be kind if you could just give some color on the building blocks around the growth guidance in those two segments, please. Thanks. Yeah, good point. I mean, industrially, as you can see, renewal is big at the end of the year. Therefore, we basically are a bit more sure than in some retail segments. At the end, it reflects again the business model, I mean, and our position in the market. Therefore, we are quite still optimistic that we have this kind of growth ratio and as we have seen the renewal. When it comes to the retail national, Jan can comment on this as well. Yeah, now we have the currency effect in some markets and therefore probably we're a bit cautious here, but that's generally what we are. Jan, maybe you comment on that. Yeah. Maybe on top of it, there will be an accounting effect due to the acquisition of Liberty. We have to book for the so-called loss portfolio transfer of the Liberty entity, the CSM. The CSM fuels insurance revenue in the accounting regime and will be getting smaller and smaller over the years. There is a negative effect from the takeover of the Liberty entities embedded in that one. This will just last for one or two years, which is a little bit a drain in that number. If we look at the market shares in the countries, we are very optimistic that we can further grow the business. Probably you explain here when it comes to the first quarter exactly how much the CSM reflecting this kind of drain of growth is just accounting gimmicks and not real picture. We will show you then. Nick, does that answer your questions? You're on mute, Nick. Nick? Sorry, yes. I look forward to the update in May. Yes, that answers the questions. Thanks a lot. All right, thank you. Next in line is Bavin from HSBC. Bavin, please go ahead. Hey, good morning. Thank you for taking my questions. I have three on my side. The first one would be on your reserve resiliency. I appreciate the fact that you said that this was largely driven by primary lines. Can you provide some further breakdown in terms of which subsegments within the primary lines drove that further resiliencies within corporate specialty, retail international, retail Germany? Any qualitative colors on what drove that increase in resiliency this year? The second one would be on your industrial lines combined ratio target, less than 92% for 2025. You're already at around 90% for 2023. You already said that the rates are running ahead of claim inflation. Should we see that as more of a conservative guidance, or is that something that I am missing here, given resiliency situation looks to be more at an appropriate level in this line of business? Third, and the last one would be on your corporate segment. We still see that in Q4, there were some higher charges related to this other investment expense, which has been the case for the last two quarters. Can you just give us guidance of how we should think about that line developing going into 2025? Is that more of a conservatism that you are building in your numbers going forward? Any colors around how we should think about that line developing going forward? Thank you. Thank you, Bavin. I mean, I'm not sure I've answered everything, but we will try. Maybe the first one is resiliency per segments. We show only and provide the numbers for primary insurance and reinsurance. That is what we provide to the market. To other questions, maybe Jan, you got it. Yeah. We will give you a little bit more color on resiliency in May after the assessment of Towers Watson is done. Yeah, but I already want to provide as of now with the information that we are very optimistic that overall there will be a resiliency figure above EUR 4 billion, and there will be a very good relative contribution of the primary group, not only of the very good contribution of Hannover Re. This is mainly derived from, I can also already say that with corporate and specialty, if you look at the sources of the increase in resiliency. With regard to the combined ratio target for industrial lines, 92%, given the 90s I have achieved, it is rather a conservative guidance. Yes, it is. We are, given the technical discipline which Edgar Puls and his team have, very confident that they can deliver that through the cycle. The main base of this 92% is that is a cost leadership, as Torsten already has mentioned. It is not only about claims, it is also about costs. Yes, we are a little bit passionate about that one. With regard to the corporate segment, there you have seen that we made some provisions on investments. Yeah, it's a very prudent provision which will provide us with upside for the future. Yes, do you have to expect that we can do this every year? No. For the modeling purposes, I would recommend you to put in a EUR 100 million drain for the corporate functions as a whole, where the financing costs of the group are already also embedded, and the holding costs take EUR 100 million. There will be quite a little bit of volatility around this number, but EUR 100 million is a good assumption for the future. Right. Just to clarify, for the EUR 100 million on a quarterly basis? No, no, no, no. For the full year. For the full year. Thank you for your question. For the full year. Okay. Thank you. All clarified, Bavin? Yep. Okie doke. Michael has apparently other questions. Michael, go ahead. Very quick. Poland, 80% combined ratio. I think I heard from your lovely investor relations. I wonder if is that a one-off? It seems a really amazing number. Always on deals, I think Mexico and specialty U.S. is always kind of on the radar. I just wondered if there's a kind of update on that. The Final one is on cash. I worked out two-thirds of cash remittances, primary relative to EUR 1.1 billion profit. That's about a 75% cash ratio. That seems already very, very good. Is there upside here potentially? Thank you. Ice makes a Mexican and U.S.A., and Jan will continue with the other two questions. No update here. The only update is we stick and we focus on what we have said, and one day will come. I can just generally say that Mexico, we are in the top 10 now. We're growing nicely in the retail international portfolio. Yes, it is clear we don't want to buy a big company there or something that we rather go to the specialty lines. We rather go to niches and build up from here. It is more, let's say, build and grow than rather to buy something big. We are keen, but we are carefully. Michael, and with regard to the cash in the holding, yes, we have a higher remittance. We will continue to have a higher remittance from our subsidiaries, from our business units. We are very confident that we will deliver on our dividend path. The dividend for 2027 will be EUR 4. On the way to EUR 4, we will always want to increase the dividends from the EUR 2.70 we are starting with. We are able to finance out of own cash the buyout of the minorities in Poland, which will cost us a mid triple digit million amount. This is already reflected in our plans. We are very confident we will deliver the EUR 4 dividend per share for 2027. Okay. I'm not sure. Nick, is your... Sorry. Yeah, Michael, go ahead. In Poland, combined ratio? In Poland, the combined ratio was... Hang on a second. I can tell you the exact numbers in a second. In Poland, we had a combined ratio around 90%. 89.4 for the four years. That was 89.4, a really great contribution of the colleagues in this country. And no one also. No one. Yeah. Yeah. Nothing to add. It's just a great performance. Okay. Bavin seems to have another follow-up question, Bavin. Mute. Bavin, you are mute. Bavin, you're still on mute. Oh, sorry. Sorry. Since my hand was raised, I'll use this opportunity. On slide number 23, wherein you show the cash contribution from subsidiaries, would you be able to say how much was the negative contribution from the corporate and consolidation segment? I am looking at the corresponding number of 743 that you provided last year as the net cash remittances for the group. What would be the corresponding number to that number for 2024, excluding the negative impact from corporate and consolidation? I have to ask my colleagues. 4-5%? Could you repeat your question? I'm not sure whether we got the right answer. Sorry. I'm just looking at the net cash contribution from subsidiaries numbers, excluding the negative contribution from the corporate operations. Cash contribution. The reported number for the last year was like EUR 743 million that you reported in your FY2023 slide. Just trying to understand what was the total cash contribution from the subsidiaries for this year net of any corporate operations. Okay. I received some support from my colleagues here in the studio. I'm not quite sure whether I got your question right, but if I got it right, then in 2024, we were able to achieve more than EUR 1 billion cash contributions from all the subsidiaries and dividend payment from Hannover Re. Is that right? I'm not quite sure. Maybe we can take it off bilaterally after it's done. Sure. Sure. We can take it offline. We follow up with you, Bavin, separately over the phone. The number Jan just gave was the capital upstream from all subsidiaries, and we clarify the rest on the phone if that was okay with you. Is there anything else, Bavin, we could help you with? No, that's really helpful. Thank you so much, Bavin. All right. We'll call you later to clarify the cash thing. Michael has other questions. Michael. Sorry, Bavin. Yeah, just curious. Veridium, Helvetia, and Baloise. These are the three topics. Viridium, you kind of earned 10%. I just wondered whether the aim is to keep that 10%, whatever happens. Speaking to Allianz, what they explained is that the article in the German press is relatively accurate. That article kind of says that it would potentially open the door for Allianz itself to do back book deals. I imagine that having 10% in Viridium is always an interesting insight into whether back book deals would be attractive for you. I don't know. The other thing is, yesterday, Bloomberg said that Helvetia and Baloise have held talks. Helvetia, of course, has kind of indicated, half indicated that Germany is up for sale. Presumably, if they have talks, then maybe there could be something similar on the Baloise side. I was just wondering at what stage would you feel that retail Germany is strong enough to consider actually increasing its scale itself? Thank you. First question, Viridium is a question for Hannover Re to answer. I think there is, as we see in the press, some positive development on that and probably some announcement soon. Basically, that is the Hannover Re story. We will see what they will do. At the end, we expect decision probably in some months, but basically, for the timing, we keep it there. We wait what Hannover Re will decide. That is clear how we are organized in the group. The second one, retail Germany, no comment on procedure which are happening in the market now. We are on observer status and no comment on that. Sorry for that, Michael. Thank you. Okay. Looking at the screen, Michael's question has been dealt with. No other questions seem to be outstanding. I hand back to Torsten for concluding remarks. The concluding remarks basically is thank you very much for showing interest in our share. I hope that my colleagues can help you support even between the calls, let's say. Again, just thank you very much. Have a nice week. Goodbye.