Good afternoon. It is a great pleasure to be here with you again to talk about Grupo Catalana Occidente. I'm Francisco Arregui, CEO of the group, and I'm here, as always, with the CFO, Carlos González, and Rim Nawal, responsible for investor relations. I also want to thank you in advance for your remote attendance to this event and the attention you always deliver to our group. I want to encourage you to ask all the questions that you want telematically. We will answer as many as we can at the end of the presentation. I was telling you that we're going to talk about how things have gone this year, 2020, a difficult year. The accounts have just been formulated by the board of directors this morning, and we have just made public through the CNMV website and our own website. I want to anticipate that, as could be advanced in the third quarter, in a complicated context with health and economic crisis, things have gone reasonably well. Very well in traditional business, we will see this, and not as well in credit insurance, which is much more linked to the cycle. There is a certain stagnation of turnover and a significant reduction of the results, but still clearly positive results, as we will see. We'll continue and follow the agenda you see on the screen. We will start with the environment. The reality is that for years now I've been saying that we develop our activity in a difficult economic environment, basically because of the volatility of globalization. Everything that happens in the world has an effect in our business immediately. The common denominator within this certainly long period of time was economic growth in all geographic areas. It is true that in recent times, with a certain slowdown of growth, essentially in Europe and in Spain. The reality is that all that landscape is brought down with the crisis, with the appearance of COVID. You all know that this starts at the end of last year in China. There is a lack of supply and production chains, it reaches the rest of the world with lockdowns and the stagnation of industry and commerce. We're still onto that with a hope that vaccines help us overcome this reality that we currently have, but still with the uncertainty of how long this will last for, the supply of vaccines, the rollout efficiency, et cetera. The truth is that the only reality is that the economy has dropped in 2020, globally speaking. You can see it on screen, 3.5%. Practically in all geographical areas, 3.5% in the U.S. too, seven point something in the Eurozone, and in Spain, that 11.1%, because we're record breakers in developed countries. The forecast for 2021, well, they logically interest us, depend on the evolution of the crisis during the second half of the year. Although you do see that practically the forecasts, trusting in a certain recovery, more in the second half of the year than in the first, are positive of significant growth, but less fast as would've been said at the beginning. Financial markets, well, you know them very well. I'm not going to tell you something new. The insurance industry in Spain had an exemplary behavior during the crisis. After the financial crisis of 2008 and 2009, it's been growing uninterrupted since 2015. This last year, it dropped -8.2%, promoted by the decrease of over 25% of life saving, but also with a slight decrease in the non-life branches of 1.7% with this distribution that you can see on screen at the moment. In this context, I was saying for starters that things had gone relatively well. Honestly, very well in traditional business, despite the extraordinary competitive character and nature of the insurance industry in Spain. The adverse weather events we've had, the incidents at the beginning of 2020 of Storm Gloria, which for us was the greatest disaster in our multi-risk story. EUR 29 million in its net impact of reinsurance in our accounts has been only EUR 9 million. In the COVID crisis, well, naturally is marking the year from the month of March. Less good in credit insurance, as I was saying, more linked to the cycle with some results that we will see subsequently. First line income and then results. First, we grow 0.3% in turnover. In traditional business, 4.1% growth, which is 6.5% in recurring premiums, given that we are decreasing 11.5% in single premiums Life. Also growth in practically all groups, with the exception of motor, where we are there having a draw. That growth has an inorganic reason, because in 2020, we were integrating the month of January Atradius, which was integrated in February of 2019, so it's not included in the comparison. This is a month of high seasonality. Premiums in January are around EUR 119 million, as you'll see subsequently. Without that effect, we have a growth of 1.2%, 1.3%. In credit insurance, as you can see, turnover has been worse, more linked to the cycle, -5% in turnover. If you look at it in terms of acquired premiums, only 1.8%, but the decrease has been bigger in Spain with a 5% of decrease. The causes for this trend are the same as we were saying in the last quarter. On the one hand, there's been a reduction of commercial activity. The sales in terms of policies have been around 50% over those of the previous year, and sales have been affected. This is the first time in several years with negative regularizations in the sales of our policyholders. All this despite the annulation rate has behaved fairly well, around 7% levels, and increases on average of almost 6%, 5.8%. As for results, as you can see there on screen too, the consolidated result drops by 36.4%, 32%, the attributable result, and the non-recurring results do not help us quite a lot. They damage the year by almost EUR 19 million, as you can see. With also, and you have it in your documents, with negative result, a very negative result in financial recurring results, EUR 27.8 million between impairments and realizations with losses. All this despite the fact that we have an extraordinary income of EUR 12.2 million, given having won over the claim that we had regarding the tax deductibility of the amortization of Groupama goodwill. As for operational results of both businesses, as we were saying, frankly, the result is very good in terms of traditional business, with an increase of 12.5% on a result that for us was a record-breaking result in the previous year. This has led to a fantastic result in all groups, in all branches, but with three keys, which are the ones that we talked about in the last quarter. On the one hand, the good behavior of multi-risk, with a growth of results of over 9% despite the accidental Storm Gloria in the first of the year. Secondly, a very good result as you'll see in the motor branch, with a growth of 60.9% based on accumulated claims ratio of 60%, 3.7 percentage points less than the previous year, as a consequence greatly to the lockdown period and mobility restrictions. All this despite the groups of portfolio defense measures that we have taken on throughout the year, which we'll also talk about. Finally, health, that more than doubled its results for those reasons. A result which is much less than in credit insurance, with a reduction of over 78%, but positive at the end of the day, EUR 50.4 million. If we only look at the period of the fourth quarter, we've had a positive result of almost EUR 8 million. The reality is that the claims ratio has gone from 42.8% in 2019 to 58.6% in 2020. As for the reasons for the claims ratio at the second quarter, there was an increase of the claims ratio frequency in Spain. Also in the rest of the world, we've had some claims and bad claims, 82.9% of reinsurance. The governmental schemes to support commerce through credit insurance and reinsurance also gave us a negative result. We'll speak about that too, EUR 45 million involved there. There's no doubt that we have provisioned very cautiously. We have a global system for the calculation of provisions that anticipates the claims ratio from the moment the sale is produced with the different parameters that we introduced and are adjusted depending on the circumstances. We understand that we're frankly fairly well-provisioned. We will hear greater detail by Carlos González later. The truth is that we cannot stop talking about the amount of actions of support to all our stakeholders that we have done in the context of the COVID-19 health crisis, all essential for the maintenance of the business. Some of them you can see on screen, employee protection and operational support, going through many maintenance of customer service, supporting society, where of course we can see our contribution of over EUR 2 million to the healthcare professionals fund. No news as for the general overview on the composition of our business. The credit insurance has a great weight as a consequence of Atradius, which is the second global operator in credit insurance, practically 60/40. On the other hand, we are international, although it's limited to credit insurance. In over 50 countries, Spain continues to represent, as you see, over two-thirds of our business. If you look at the lower part of the box, we see that it's basically an essentially European business. Only 6.3% is outside of Europe. Finally, I want to highlight that although it's obvious that in the current economic context, which is so difficult, we're focusing on the regular management of the business. We're not losing focus on strategic items and topics that with no doubt will be essential for our future. Among them, innovation. We are now focusing as a priority on this. Secondly, sustainability that we are seeing here on screen. We have underwritten the main sections of the agreement of the United Nations deal. We have renewed the analysis of materiality. During this year, we have prepared a new master plan for sustainability. Lots of detailed things that you will find in the memoirs of sustainability, which is at your disposal through our website. Third message, well, we have a sound solvency position. We will talk about this later on. Fourth message, we must insist on our dividend policy, which is cautious, but absolute dividends that are growing in absolute terms, and we have our commitment to remunerate shareholders even in difficult moments. The evolution of the share price, you know it perfectly well. Just as a comment, it's doing very well in the long term since 2002 that you see on screen, with an internal profitability rate that is much better than our closest peers and competitors, 12.24% annually. In the short term, not too good in 2019. We had a drop of over 4% in a high environment and a good behavior in 2020 with a defensive behavior with a reduction of 6.4%, but much better than those indexes that are closest to us. From the shareholder remuneration standpoint, we were mentioning before that cautious policy of stable and growing dividend that was already shown in 2008, 2009 with financial crisis that affected the credit insurance business, despite of which we were capable of increasing dividends. And we've had sound and consistent payouts of dividends since 2010 up to date in the last years, between 6.5% and 7%. However, as you all know perfectly well, dividends against results in 2019, we were forced, and following the recommendation of supervisors, EIOPA and the General Insurance Authority, to reduce the complementary dividend that we pay out in May 2020 by 45%. The total dividend against results of 2019 was EUR 81.5 million, which was a reduction of 17% as compared to the one of the previous year. Against the results of the year 2020, which is the one we analyzed, we have paid out three interim dividends already. As you can see on screen, same amount as on the previous year, EUR 19.06 million each. The board of directors celebrated this morning as agreed, as you've probably seen on the documents, to take to the general shareholders meeting the payout of an interim dividend of EUR 48 million, which is exactly the double amount as on the same date last year, which will be a total dividend for 2020 of EUR 105.85 million, with an increase on the total of the previous year of almost 30%, specifically 29.86%. We understand that we are a solvent group. Even in the context of this crisis, we want to maintain our firm and sound commitment to remunerate the shareholder. Carlos, you can continue. Yes, perfect. As is frequent and now regular in these presentations, I will be focusing on the explanation of the income statement in each one of the businesses where we work. We'll start with the traditional business that you now see on screen. Generally speaking, the commercial activity of prior periods, we could have maintained that, but in our diversification of products and high retention of our customers had allowed us to continue growing our turnover with these EUR 2.15 billion, which mean an increase of premiums of 6.5%, 1.2% in terms of recurring premiums. Once we eliminate the inclusion of Antares, which was mentioned before, the results also positive pathway with an increase of 21% in terms of technical results, which has meant an improving of the recurring result, 12.5% up to EUR 238.6 million. All this, the base of the increase of the technical result and recurring result is focused on a positive evolution of the results of general insurance and also the health branch, affected by the reduction of mobility and the lockdown period because of COVID. The combined ratio has improved by 1.7 [percentage points at 88.6%, so maintaining our positive difference as compared to the industry. Let's now move on to talk about the main businesses in the traditional business. Let's talk about multi-risk first, where we grow at 3.8% in terms of written premiums, higher than the sector, 3.1%, given the high retention of our customers. The combined ratio is at 88.9%, 0.6% less than last year, with two effects that are different. On the one hand, in the first quarter, there's a negative effect. As for the occurrence of the Storm Gloria, which has been mentioned previously with an impact of over EUR 9 million net in our accounts, and then the COVID effect, which has led to a different result in terms of the claims. On the one hand, there is a more intense use of the household, which has led to claims related to the home, but less claims in other topology of risks, such as robberies, for instance. Finally, the technical result improves 9.3% up to EUR 75 million, a record in the last five years. As for Motor, the turnover reduced by 0.5%, although we positively compare with the reduction of the sector, which has been 2%. The turnover is EUR 654 million, with a net increase of the number of policyholders, despite the reduction of the number of vehicle registrations that have taken place this year. The combined ratio is reduced by 3.7%- 9.3%, with a reduction of the same line of points, 3.7% of the technical cost, where we observe less number of claims in the lockdown period. Given the COVID, that is being normalized in recent months, although we're still not at the same levels as the ones assimilated in periods that were prior to COVID. This has allowed us to increase the technical result by 61% to EUR 63.7 million that you see on screen and that you can also see is much higher than the profitability levels that we had in previous years. As for others, the turnover has been affected with a slight increase of 0.2%, with decreases in businesses more linked to economic activities, civil liability or accidents. Whereas in results, the excellent combined ratio is maintained 84.6%, and a technical result of EUR 48 million, which is also above the results obtained in the last four years. Finally, the business of Life continues increases in periodic premiums around 4%, whereas single premiums and supplementary premiums drop, but essentially due to the little appealing environment with the current interest rates, and they're not too appealing for our policyholders and even us. In Health, we've already said that the effect of the inclusion of the turnover of Antares in January 2020 causes this leap in the healthcare business over EUR 80 million and EUR 120 million for the total of the group. As for results, the technical results improve significantly 27% to EUR 74.2 million, given the good behavior of claims in Health with a combined ratio of 84.1%. This business and this branch has been positively affected in the COVID crisis, given the reduction of non-serious medical activities, whereas in Funerals, we have seen an increase in accidents and our claims, but less commercial expenses. The combined ratio is very acceptable, the one that you see on screen of 84%. As a summary for the traditional business, the maintenance of written premiums and the reduction of 1.7% of the combined ratio given less frequency and the good behavior of Life claims with the contribution of the health branch and the inclusion of Antares in full operation in 2020 profitability in rentals. As a result, the recurrent result is increased by 12.5%, as we said before, to EUR 238.6 million- EUR 128.3 million in terms of total results. Let's move on to talk about the evolution of the credit insurance business. Here we've already mentioned the written premiums reach a volume of EUR 1.727 billion with a drop of 1.8% given the effect of the COVID crisis. At the end of the day, it has affected for the first time, as Mr. Arregui said, in the drop of commercial transactions, so the turnover of our own policyholders. On the other hand, as a consequence of a less risk appetite on our behalf, these negative effects have not been offset by the increase of the prices of our policies, the new accepted risks that as we've already mentioned, in terms of increase of portfolio premiums, represent 6%, and in these last months, something above 6%. As was expected, this COVID crisis has affected the profitability of the business with a relevant drop of result. The technical result, EUR 109 million, and this drop, as could not be otherwise, is also transferred to the recurrent result. Here you can see the split of the turnover in the different geographical areas. I'm not going to go through each and one of them because the drop of the increase or growth of turnover is obvious. Around 4% in Europe and greater incidence, as you can see there, in Spain and Portugal. As for profitability of the combined ratio, it is increased up to 94.1%, 15.4 percentage points of the technical cost, basically, but not exclusively, given the increase of claims ratio frequency shown in Spain, but also observable in other countries. Also, we must stress and highlight that this increase of frequency has been of less intensity than initially expected as a consequence, on the one hand, given exogenous factors, given tax policies that have been expansive, and the support of the economy by the governments and central banks. Then on the other hand, and this is something internal, given the measures carried out by the company that have allowed us to reduce by 4.3 percentage points the claims ratio of the second half of the year as compared to the first. It's been a reduction of over 8 percentage points if we'd excluded a peak claims ratio that took place in the last month of the year, that has been practically covered in total by governmental contracts. As a measure of the management of risks that I was talking about, additional to the increases of price that have already been mentioned, you can also observe in the graph below that we have reduced our exposure to risk around 9%, 8.6% in accumulated results in the year. Finally, I want to mention at this point that we continue to have our criteria for provisioning, where we see future impacts of increases of claims ratios. This policy is shown in the increase of technical provisions of over EUR 200 million. As a summary, we go through the drivers of the year. The income has been reduced, especially in Europe with stagnation. As a consequence, what is partially of the actions of the portfolio management carried out. The technical result before reinsurance has been affected by the increase of frequency of claims ratio given the COVID crisis, and essentially, our cautious provisioning policy, although at the level of the claims ratio, has been a reduction on the second quarter given the actions that have been taken. We continue to have relevant reinsurance policies in our standard contracts of session, and we also have, at least for half of the portfolio, governmental agreements that cover additional increases of claims ratios. In 2020, these levels have not been reached, they have damaged our profitability in almost EUR 45 million. The financial result is slightly reduced. Apart from the low interest rate environment, also a drop in the results of associated companies. The summary of all this is a recurrent result that although it's reduced by 70 something percent, it continues to be positive with these EUR 50.4 million in the results. Thank you very much, Carlos. I think that the income statement, regardless of what you want to ask, is more or less explained. Some words regarding capital solvency investment from the standpoint of the soundness of the company. Well, this graph, we can explain it. We do it in every presentation. It gives you an idea of the soundness of the evolution in the long term, 13. This has been possible without asking money from shareholders, without diluting dividends, thanks to the fact that we have a significant part of the results, cautious policy that you have allowed to have this period of expansion, this is what has happened this year. You see it to the left, where we see that permanent resources increased by 1.7% as a consequence of the retained result and despite the fact that the variation of adjustment is damaging us, as you can see, by EUR 77.5 million losses of the positive effect and the accounting asymmetries of the participants of our policyholders in the capital gains and capital losses. If we go and move forward, we are half enforced to talk about solvency. This is an important magnitude. You see that as for solvency ratio, the closure of 2020, which is still not final. It is still pending audit process, but we can advance an estimate of 216%, 3 percentage points better than the solvency ratio in 2019. Improving the estimate that we had advanced in the third quarter of rating maintenance. Once the audit is over and we publish the report on the solvency situation of each one of the companies, we will give you all details, of course, regarding solvency and the improvements. What I can anticipate is that the factors contributing the most, generally speaking, is the retained profit. The second one, that affects a lot the ratio of the group, and that in relative terms is still much more important for the credit insurance, which is a reduction in the total potential exposure that the CFO just mentioned of 8.6%, and also a selective one. Secondly, the incidence of governmental agreements for reinsurance with the main European countries that have been, as you know, extended to halfway through this year, June 2021. I only want to point out that we are very satisfied with the solvency ratio. It's very good, better than our peers. The ratio is maintained in 175%, even in adverse scenarios with high-quality equity, Tier 1 mostly. We believe that solid equity situation of the group, linked to our business model, which has allowed us in all the departments of the group to maintain that excellent rating ratio, A and A2, in the context of the economic and health crisis we are going through. Just a flash on investments, just to close and finish. You have on screen all our investments, EUR 14,758,900,000 with an increase of 2.7% compared to the funds managed at the end of the year 2019, which is very good in this economic and market context. I don't want to give you more details on the composition because you have all details, not only on this screen, but also in the memoirs of the year and the appendixes. I just want to remind you that we have an investment policy which is cautious and stable, diversified, as you see on screen, and the appropriate assets, to our liabilities as an insurance company that we are in terms of liquidity, duration, profitability, and generally speaking, in all terms of the joint management of assets and liabilities. Nothing more. We will now have our questions. We will answer some of the questions that you have asked more repeatedly. Nawal. Yes, thank you very much, Francisco and Carlos, for your presentation. Now we will start with the questions that we have received. As is frequent, they've been grouped by topic. We will start with the traditional business questions. The traditional business has had a very good result. As for combined ratio, do you think that it will become normalized in 2021? The sector is being very competitive in price in the motor sector. Will this affect the turnover? Well, somehow, I believe that this question was unavoidable, as it already was in the last quarter. The claims ratio, it has improved a lot, 3.7 percentage points as compared to the previous year in the motor branch because the level of claims has reduced by 17% as a consequence of the mobility restrictions within the framework of the COVID-19 crisis. The truth is that in the last presentation, I, myself, expected a normalization of that ratio regarding the end of the year because levels were being recovered. As you know, this last quarter has also been very good in terms of claims ratios because there's new restrictions in place in different regions that have generated, no doubt, a reduction of the frequency of accidents and claims. As for the effects on turnover, I have to repeat what I said last quarter, but referring to the current moment. There's no doubt that the Spanish insurance industry, and especially in the branch of motor, is very competitive as you know, and we're seeing this in these dates. Personally, I have no doubt that the reduction of claims in the industry will be transferred to the consumer. We ourselves have applied for many months now, portfolio defense measures through our agency network related to the premiums and additional services to maintain customer satisfaction and ensure they stay with us. The customer is at the center of our strategy, as you know. Their satisfaction in the service that we provide is, for us, vital and essential. The second question is related to multi-risk business. Multi-risk has behaved very well in 2020 despite the pandemic and Gloria. Have there been no more claims regarding lockdown? What is the impact of Filomena? I said something about this on my first intervention. Carlos González has explained a bit more about the factors that in 2020, the multi-risk branch made this to have a behavior that was better than expected, combined ratio of 0.6% over the one of the previous year, 2019, despite the Gloria event, which has an impact or had an impact of EUR 9 million after reinsurance. The claims ratio stemming from a greater use of the household given the lockdown, has not conditioned the downward result, the technical result of the business, given the fact that the claims ratio has been of an average cost that is lower than the normal. Logically, this has been reduced. It is true as for the impact of Filomena, that 2021 has not started too well, with a great climate event such as Filomena and some others, such as Hortensia. In the first place, as compared to the first one in the snow storm, we were not expecting such a big effect as we saw after disappearance of the snow. The global impact of both claims is similar to of around EUR 9 million in income statements as Gloria. It won't condition the result of 2021. Let's continue with questions on credit insurance. In credit insurance, the company has managed to manage the company successfully. How do you think the economic uncertainty will condition the effect of 2021? Should we expect a higher impairment as compared to with 2020? Well, I remember, no doubt, that in the last presentation that we did in the third quarter, we explained all the different measures that we had taken to face the crisis stemming from COVID in credit insurance. These measures had been applied, they continue to be applied basically into specific lines. Supporting our customers, on the one hand, through multiple matters, such as the increase of the time for claims and the advice of the level of solvency of the customers. Another one aimed at defending our portfolio, which is the risk management part. However, risk management has been done by countries, by industries, by buyers, taking into account the impairment of the insolvencies, but also the reinsurance provision that we have in each one of the places and times. All these factors condition our level of tolerance to risk. We've also explained that at the end of the day, in several occasions, the reinsurance agreements with governments require a maintenance of general exposure, although it's true that it is allowed to reduce credit with some debtors. As a result, the measures is that credit exposure has been reduced as compared to the closure of the previous year by 8.6%, and selectively, it varies a lot depending on countries. Specifically, if you look at the figures that we published by countries, that Spain is the country where risk exposure has been reduced the most, around 19%, because on the other hand, up until the end of the year, the coverage reinsurance contract was not signed, and the combined ratio is, as we've seen, 94.1%, which is 15 percentage points above the closure of 2019. As for the forecast and whether to expect greater impairment for 2021, well, it's the opposite, I'd say. We expect to see an improvement of the result of credit insurance in 2021, or public measures to support commerce and economy, generally speaking, that were delivered last year, have given us time to take on new measures to improve the selection of risks, and our result has been reduced. While risk exposure has been reduced a lot and selectively, the condition of contracts have been adjusted not only in price, but also in terms of other conditions. There's been an extension up until June, all the government supports to commerce, as we've said. I want to remind you that I stress that we have some provisions that are very cautious, and that at the end of the day, we provision in a global system that anticipates the claims ratio from the moment of the sale, and we do it with some parameters that are adjusted depending on circumstances. We have a level of provisions that we believe is very cautious to face with ease this year. We believe that we're in a better position than the position we had at the beginning of 2020, and we expect we can improve our results in credit insurance. Also, on credit insurance. In the presentation, you talk about the negative impact of governmental agreements. Can you please explain this? Will there be a coverage in 2021? I think you've already answered this last one. Well, this is clear. In 2020, there was an agreement signed with different European governments, Belgium, Luxembourg, Germany, UK, France, Norway, Italy, and finally Spain. You have it in the management report and in all the documents with the different basic characteristics of each one of them. Each of the agreements is different, but generally speaking, it's about reinsurance, proportional reinsurance, where there's a proportion of premiums and claims ratios that are given up and the government agreements for Atradius have meant a greater cost, a negative result, whatever you want to call it, of EUR 45 million to our group as a consequence that the claims ratio has been below the fees level. Despite the increase of claims ratio, we continue to have a business that has provided a profit. What we've seen from the different governments is a part of our profit, and this means a cost of around EUR 45 million. As for coverage for 2021, we've already anticipated this. I think we already did it, that the agreements have been extended. Most of the agreements, I think all except one, are extended until the month of June 2021, and from that moment on, I cannot anticipate anything more. We have a question on investment. As for the investment portfolio, the variable income in 2020 has behaved relatively well. Given the exposure to properties, can you say how the crisis is impacting on real estate? I think the question, the pillar of variable income and real estate, well, the variable income seems to be an affirmative claim that it has gone well. We have a conservative and cautious policy. The fact that Grupo Catalana Occidente, we have almost all our investment, helps us to apply the investment criteria that we consider most appropriate. Despite the drop in financial markets, the amount of our variable income has been maintained. I think it has been reduced by 1%. Regarding real estate, it is true that they represent a significant part of our investment, almost 13% of the total of our investments, and they have increased their value as compared to the previous year by 3.4%, reaching EUR 1.7 billion. Additionally, given that we always manage this type of investment in the long run, this allows us to obtain an average profitability that is better off than in other investments. I mean that from the defensive nature of real estate investment, that our properties are mainly buildings of offices in prime places, both in Madrid and Barcelona, in a very significant percentage. Bearing in mind our long-term management, our goal will always be to favor a close relationship with our tenants and our teams. Already lived the crisis of 2008, to negotiate with our clients so that the relationship is not deteriorated. You already know that Grupo Catalana Occidente needs to do a valuation every two years of each one of the properties. In this last year, we have carried out a small impairment of around EUR 4.5 million impacted by the life of the non-recurrent result corresponding to the assets acquired in more recent dates. The next question is related to the share. The value of the share in the market has had a notable recovery after the drop in the first half of 2020. As for the dividend payout policy, what can we expect this year? Well, this has two parts. One is related to the evolution of the share price and the payout of dividends. I think that we have given some clues and answers to both questions throughout the presentation, but I'm going to try and clarify both questions as much as possible. Firstly, as for the stock market evolution, it is true that during the first year of the year, there was a significant drop in markets above the reference indexes. It's also true that in the last quarter, it had a notable recovery. If we look at the entire year, we saw it in one of the screens, the value of Grupo Catalana Occidente has behaved better than reference indexes, with a drop of 6.4%, as compared to IBEX, which had a drop of 15%, or Euro Stoxx Insurance, which dropped by 19%. At the moment, the share is around EUR 31. I haven't seen the share price right now, but it's basically around that. We continue to have some penalties given our exposure to credit insurance and the uncertainty of the markets. The truth is that I think that it's been proven these years that taking into account the long-term, the entire cycle of credit insurance is highly profitable in the mid and long run. We want to believe that as long as these uncertainties are reduced, the market will acknowledge the value of the management that we are carrying out in credit insurance, and that it will be shown in the price of our shares going forward. This is reflected in the consensus on the value of our shares done by analysts. The second question is related to the dividend payouts. I think that that has been overly analyzed. We have a strong commitment to remunerate the shareholder through a dividend that has been shown to be stable and growing in absolute terms throughout times. We managed to maintain and even grow in the 2008 financial crisis in a forced manner. The dividend was reduced as a consequence of the recommendations of the European Authority for the Supervision of Insurance. As for the dividends charging results for 2019, we have ratified during this year 2020, maintaining the amount of the three interim dividends, and taken an increase of 100% of the complementary dividend to the general shareholders meetings. That will take the total amount to EUR 105.8 million with 29.9% of increase as compared to the one that we paid out against results in 2019. Okay, just the last question related to solvency. As for your solvency positions, do you estimate a solvency ratio of the end of 2019? Well, we were expecting an impairment of the ratio, so can you explain the improvements in your solvency position? Well, in truth, I think that I've also spoken about this topic in one of the last parts of the presentation. The truth is that at the moment, we have not finally closed our solvency. We are still awaiting the audit process, and we will explain this with the consolidators of each one of the companies with the corresponding reports of the financial situation and the solvency situation in one of the operational companies. At any rate, it is true that in the economic crisis, it is true that at the beginning of the year, the financial markets are more deteriorated but then they recover. At the moment, we have announced a forecast of solvency ratio of 216%, 3 percentage points over the 213% that we had at the closure of 2019, and better even than the one we could anticipate one quarter ago, when we spoke about the possibility of maintaining the ratio. When we publish the report on the financial situation and the solvency situation, we will deliver all sorts of explanations of all the parameters affecting the calculation of that solvency ratio. The only thing I can say at the moment is to anticipate, as I've already said, that the main drivers for that improvement are, on the one hand, the retained results for the year, and secondly, a factor that affects the solvency of the group that, in relative terms, affects solvency much more, the credit insurance, trade credit, and surety insurance, which is the reduction of 0.6% of exposure to risk selectively. We cannot forget that credit insurance is the greater consumer of our solvency, and then the extension of the governmental agreements up to 30th of June, that are also taken into account in the calculation of solvency. Thank you very much, Francisco. With these answers, we finish the presentation of results of the year 2020. As always, all the pending questions will be answered directly through the investor relations team in the following days. We invite you to the next presentation of results on the next Friday, 30th of April, with the presentation of results of the first quarter of 2021. I want to remind you that you can always visit our website, grupocatalanaoccidente.com, where you will find all the financial and sustainability information at your disposal. Thank you very much for your attention and your participation. See you soon.