Good afternoon. It is a pleasure to be here once again with all of you to talk about the evolution of GCO in this first 9 months of the 2021 year. My name is José Ignacio Álvarez Juste, CEO of the group, and here with me, as usual, we have the CFO, Carlos Felipe González Bailac, and Director of Investor Relations, Nawal Rim. First of all, as usual, I would like to thank you not only for being here remotely, but also for the follow-up you conduct of our business and the GCO stock. You can, of course, ask any questions you have online. We will answer all the questions we can at the end, and the rest of questions will be answered via the usual methods. As I said, we will tell you about how things have been going in the Q3 of 2021. Without further ado, I will let you know that in a still difficult context in which economic reactivation, at least in Spain, is not complete, things are going honestly well for us, with the growth that we'll see in a minute of a turnover of 7%, an increase in results of 74%. Before we start with the usual presentation, I would like to mention something. You may have seen the relevant event notification that we published. The board of directors, at the proposal of the Remuneration Committee, has approved in the meeting today the appointment of Hugo Serra as a new CEO of the group, replacing Iñaki Álvarez, who has resigned for personal reasons after almost ten years as the top executive of the group. The replacement will be made effective on January 1st, 2022, and it is the beginning of a turnover process in the group after the current CEO presented his resignation, and his efforts and dedication have been essential to meet the goals of the group in the past few years. Of course, the appointment of Hugo Serra, until now Assistant General Manager and Vice President of the Board of Directors, will convey continuity to the strategy of the group that will, I assure you, continue to be based on the 3 main pillars, growth, profitability, and solvency. At any rate, any doubts you may have will be answered by the usual channels. Now we will share information about the performance of our business in the past few months. As always, we will deal with the topics that you can see on screen, starting with the economic and sectoral environment very briefly, because you know this better than myself. We've had many years of continuous growth since the end of the crisis of 2008, 2009, in an environment of high volatility due to globalization and characterized by very low interest rates in a context of very low inflation as well. All of that changed. We don't need to tell you about it. All of that changed abruptly last year due to COVID, which caused the stop of supply first few months of 2020, and we had the lockdown in March, approximately, and the paralysis of industry, and these led to a significant drop in the economy, globally speaking, over 3% distributed as you can see on screen. Deeper crisis in the Eurozone, -6.3% drop, and unfortunately, a deeper crisis in Spain with 10.8% drop of the GDP. As you well know, the latest forecast for 2021, you can see on screen the forecasts of October of the International Monetary Fund, the IMF, and they speak of a virtually complete recovery, 5.9% growth, but also unequal. In the U.S., a growth of 6% versus the 3.4% drop last year. More growth in emerging and Asian countries. In Europe, we have not quite recovered yet, with an estimated growth of 5% versus the 6.3% of the year before. Of course, far from recovery in Spain, where, well, you can see the forecast of the IMF, 5.7%, far from the 1st estimations and forecasts. Unfortunately, the current forecasts are somewhat lower. You very well know the financial markets. A bit of a pickup of inflation, but some long-term real rates with decent recovery and a bullish market. The insurance sector in Spain, which is 2/3 of our business, however, as you can see, due to the historical cycle and an exemplary growth in 2008, 2009, during the crisis, it had been growing uninterrupted until the drop of 8% last year. In this first 9 months of the year, it is growing. It's growing well, as you can see, according to ICEA in October, 4.1%. And it grows by 5.7% in life, but also 3.2% in non-life. A growth in all areas, well, except for motor, a slight decrease of 0.9%. We've already talked about this on other occasions. The motor business in an extraordinarily competitive context, such as the Spanish insurance market, and with claims levels that are still very low, well, growth is very difficult. In the context described, we said at the beginning that things are going very well in the past nine months. In traditional business, with growth both in turnover and in results. We will see this in a minute. Despite the very competitive characteristics of the Spanish market and the adverse weather conditions during the entire year, especially at the beginning of the year with Hortense and Filomena. Despite the fact that in 2020, the Q1 was still pre-COVID. In credit insurance, exceptionally well with growth in premiums and a very low claims ratio, which means our result is honestly very good. This is just an overall view. In generic terms, we see this summarized P&L, the 1st line income, the top line income and the bottom line results. We are growing, as you can see, by 7%. Traditional business, 3.5%. It is true that partially promoted by the 17.2% increase in single premiums, and Carlos Gonzalez, CFO, will tell us about that later. These are the ones that do not contribute the most value to the business, especially with low interest rates, where there is basically no margin for brokerage. We are growing by 2% in recurring premiums, and we are additionally growing in all businesses, in all fields, except for motor. You will see a slight drop, slightly above the markets. As we said, exceptional results, very low claims ratio, and a very competitive market with premiums going down. In credit insurance, you know that in the frame of the crisis, turnover dropped by 5% last year for several reasons, basically because of a reduction in sales in the context of the crisis of our policyholders. Now, as you can see, turnover is growing by 2.2%, an increase of 8.2% in acquired premiums, very different growth. You will also see this geographically. The foundation of this, the rationale of this is an obvious increase of new production, not yet pre-COVID like. Secondly, cancellation rates of around 6%, and some increase in the average rates in renewals in crude terms. These excellent results are pressuring prices downward, and we're seeing this in the past few months. The average rate is dropping slightly, and mainly an increase in sales of our policyholders, which is in contrast with the drop that took place in 2020 that I just alluded to. As to results, our consolidated result increases by 74.2%, EUR 392.2 million versus the EUR 225.1 million of last year, and 66% in terms of attributed result. It is true that non-recurrent results help us this year. It was about time. For seven years, we'd had a significant negative burden from non-recurrent results, specifically this year, EUR 14.3 million that you can see on screen. Most of that, we'll talk about this later, due to, as compared to last year, that minus EUR 11.5 million because of negative financial results, because of the poor performance of the markets. We'll hear about this more later. What I wanted to stress is that what is truly significant is that once again, we are seeing an improvement in operational results in both businesses. Traditional business growing by 4.3% in recurring results. Generally speaking, with a very good performance in all lines of business. I would like to stress, as I think I did in the half year presentation, I would like to stress the exceptional behavior of the motor line with an increase of 34.6%. Still in the H1 year affected by mobility restrictions versus the Q1 of 2020, which was still pre-COVID. Whereas the increase in results has been diluted over the past few months as a consequence of traffic going back to normal and therefore more claims. The 2nd aspect I wanted to mention is a reduction by 11% of multi-risk results. As a consequence of an increase in claims that we have already alluded to in previous presentations because of the greater use of the home, and the impact of weather events that Carlos Gonzalez will also talk about. At any rate, the behavior of the line we think should normalize towards the end of the year. Looking at these -11.5% last year. Now, at the end of the quarter, the results of multi-risk were growing by 22%. Very good result, exceptional EUR 175.5 million in credit insurance business, more than triple that of last year with the Q1 of 2020, which was still pre-COVID. This excellent result is based on a very low number of claims. Gross reinsurance claims ratio is at 29.3%. What I can assure you, as I said in the previous presentation, is that we continue to book provisions very cautiously. In case there's a change in all governmental aids, and I've said this on numerous occasions, we have a global provision calculation system which anticipates claims ratios from the moment the sale from the policy holder to the customer is produced, and then we adjust based on these circumstances. The 2nd piece of data that I wanted to show, you will see it in the P&L of credit insurance, is that reinsurance has a very high cost, a bit over EUR 400 million, of which EUR 267 million come from the government reinsurance agreements to protect trade. Which, as you know, were extended and came to end at the end of the H1 year on June 30th of this year. It is logical, given that the business is giving very good profit. We've presented positive results to government. Having these agreements came with the advantage that we did not need to take more drastic underwriting measures, which improves our relationships with customers in the mid to long term. You all have the list of actions that we conducted during 2020 and 2021 to support the stakeholders during the healthcare COVID crisis. All of them were basic and essential to maintain the business. Many of them are on screen. We've already discussed them on previous occasions. From the point of view of the big numbers, the makeup of the portfolio shows no significant changes at the end of la versus the end of last year. Of course, the weight of credit insurance in our business is high. It's almost 60/40, as you can see on screen. From the territorial point of view, we are international, with a presence in more than 50 countries, even if it's limited to credit insurance. I would like to stress, as I've done on previous occasions, that Spain is almost 2/3 of our business, almost 66%, 65.8. The rest is mainly, as you can see in the breakdown at the bottom right, you can see it's basically in Europe, and between 6% and 7% of our turnover is outside of Europe. Finally, I would like to stress that, and I also did that in the previous presentation, that whereas in the current context, the economic context that we are exiting, we've been very focused on the ordinary management of the businesses, operational aspects, production, and claims ratio. We have continued to focus on strategic aspects as well, aspects that are basic for our future development. Of course, the first 1 is innovation, but also sustainability, which, as of today, is not only a legal requirement, which it is, and these we can see in all of the non-financial information, equality plans, et cetera, but it is also a demand of the market, of those who invest in our group and in the near future also our customers. 3rd message that we saw in the initial snapshot, we maintain a solvency position that I will later talk about. Finally, we have a cautious, conservative dividend policy, but with growing dividend in absolute terms, and we maintain our shareholder remuneration commitment even in hard times. The share price evolution, you know it very well, very good in the long run, as you can see on screen. Better than that of the indexes, with an annual revalorization rate of 12% to 18%. In 2020 we dropped less than the indexes, and at this moment we are very much in line with the growth of IBEX companies. As to dividends, what can I tell you? You know very well that between 2008 and 2020, we had very significant increases of the dividend. In 2008, 2009, which was the year of the financial crisis, which mainly impacted the results of credit insurance. In the group, we were able to maintain and even slightly increase the dividend. From 2010, we've had consistent increases of the dividend, which have been between 6% to 7.5% in past few years. You may remember that as to dividends charged to results of 2019, we were forced, as per the recommendations of EIOPA and DGSFP, to reduce the complementary dividend of May 2020 by 45%. The total dividend charged to 2020 was reduced. Charged to results of the last year, 2020, we distributed 3 interim dividends. EUR 19.6 million, same amount as last year. In the last shareholders meeting, we distributed a complimentary dividend of EUR 48.68 million, twice as much as the year before, which meant a total dividend of EUR 105.85 million, with an increase of almost 30%, 99.86%, the greatest increase in the history of GCO. I think this proves that despite the crisis, we are a solvent group, and we are determined to maintain our shareholder remuneration commitment, as I said a minute ago. This year, as you can see on screen, you know that in July and October this year, we distributed the first 2 dividends. We've paid out the rest of dividends, EUR 20 million each, with an increase of 5% vis-a-vis those of the same dates of last year. Carlos would like to continue talking about the P&L. Yes, as usual in our presentations, I will start giving you the breakdown of the performance of the traditional business and credit business. We will start with traditional business, as usual. Here I would like to start with a comment related to the distribution of our products. We have this diversification that you can see on the chart, which is quite stable in the traditional business. This is what allows us to maintain our growth rate, and we do not depend on what happens in a specific line. In this case, the growth of traditional business is 2% in recurring premiums, EUR 1.883 billion, whereas the result also follows the trends of previous quarters, with an increase of technical result of 1.5%, which is translated into an improvement in recurring results with EUR 202.4 million, which means +4.2%. The reason for this increase is a positive performance of the general insurance business, especially in motor, as we already mentioned, with the positive impacts of the reduction of mobility as compared to pre-COVID quarters. The combined ratio has also improved 0.3 basis points due to the improvement of the technical costs, 88.1%, and therefore maintaining our positive spread vis-a-vis the industry. Now on to the different businesses, different lines. Here, multi-risk growing by 4.7%; therefore, in line with the sector, which is around 5%, whereas the combined ratio is at 90.1%. This is a ratio above that of last year as a consequence, as we've said before, of a more intense use of the home and a greater impact of weather, of low-intensity weather events. In this comparison year-to-year, the impact of weather events, Filomena in the case of 2021 versus Gloria in 2020, does not carry relevant weight, since the quantitative impact net of reinsurance was around a bit over EUR 10 million in each. These impacts did take place at the beginning of the year on both years. Therefore, this is diluted as the year elapses. Finally, regarding multi-risk, I would like to say that the technical result, it is true that it drops, but it stays above EUR 50 million, EUR 52 million in this case. Now on to motor, with a reduction of turnover by 2.8%, EUR 481 million almost in written premiums. Here we are doing somewhat worse than the sector, which is dropping by around 1%, 0.9%. It is true, we should note that we continue with the net increase of number of insurance holders. The combined ratio is at a comfortable 87.4%, and the technical cost stays at a low ratio 63.2%, where we can see in crude terms a reduction of claims as compared to pre-COVID. It is true that in the past few months after the summer, the situation is normalizing. All of that has allowed us to notably increase the technical results up to EUR 61.5 million, with this very relevant increase of almost 35%. Here, Ms. Fellini or other. An increase in premiums of 5.3%, it cannot be compared with the industry because what the sector includes is very different from what we have here. It is true that this is quite a significant growth, and this growth is achieved mainly due to the recovery of the Spanish economy that we are all experiencing at the moment. In terms of results, we continue with excellent combined ratio, around 85%, and this means that we can maintain a technical result which is very positive, around EUR 35 million. Life. Better growth in... Health, funeral, life risk, around 2%. Here I would like to mention, and we already mentioned it before, that single premiums, despite the fact that they are still not commercially attractive because of low interest rates, but have notably increased due to a one-off transaction. It is a bailout of a collective policy that has been reinvested and therefore has generated turnover without increasing managed funds for that policy. At a commercial level, the point of these activities is still low. Results, the technical financial result improves by 3.2%, up to EUR 88 million. We've already absorbed the annual provision that we had planned in order to adapt to the new biometric tables. Additionally, the business continues to show good behavior in terms of claims, especially in health, with a combined ratio 82% for funeral, with around 80% as well. Therefore, as a summary of traditional business, the increase of turnover and reduction of 0.5 combined ratio due to the lower frequency in motor is allowing us to increase the technical result by 1.5% up to EUR 215 million, showing therefore the resilience of the business versus the COVID crisis. The financial result increases by EUR 4 million. Despite the extension of low interest rates, and as a consequence of the mix of investment that we have actually, currently, an increase of 4.3% in result up to EUR 200 million and an additional comment that in recurring result and in non-recurring result, it compares very favorably with the -EUR 10 million last year, affected by impairments in some equity positions in COVID. Whereas in this year, most of this non-recurring result is due to, on the financial side of things, due to opportunistic sales with capital gains in equity or one-off dividends that have also taken place and that since they are extraordinary in nature, we do not think they will happen in future periods. Now on to credit insurance business and premiums in credit insurance amount to EUR 1.410 billion. Growth of 8.3%, therefore breaking the downward trend of last year of around -5%. There are 3 factors basically explaining this good performance in turnover. On the one hand, the new tariffs of the portfolio during 2020 and Q1 of 2021, the repricing with prices more adapted to risk. As we've already said in these later renewals, we've observed a price tension, which means we cannot be as positive in terms of upwards repricing. Secondly, the reactivation of the economy, which has a positive impact on the turnover of our customers, and therefore ours, because we ensure their turnover. The 3 rd component is a change in risk appetite on our side, with greater commercial activities and increases in the total potential exposure that we will later talk about. Now, if I talk about the result, the technical result has gone up to EUR 210 million, especially as a consequence of the low claims ratio. Part of this profit is transferred to a reinsurance, be it government schemes or the 37% that we still maintain currently with our private panel. This good technical result allows us to see growth in result EUR 175.5 million, going back to levels similar to those we had around these dates on 2019. Geographically speaking, the improvement in revenue, as you can see on the graph, is very significant in Central and North Europe with double-digit growth, aided by the better perspectives in that area and the capturing of new global customers. On the other side, in Southern Europe, where we include Spain now, we still see lower growth as compared to the rest of Europe, and in this case, it is around 2.2%. Spain and Portugal are growing by 2.2%, quite far from this 14% that we see in the center and north of Europe. Now talking about the profitability of the business. The combined ratio continues to drop below 60% with 34-point drop. The reasons for that we mentioned on previous occasions. On the one hand, external reasons that you all know about. The rapid application of expansive tax policies and policies to support the economy by governments and central banks has aided the economy to come out of the duress caused by COVID. On the other hand, internal measures that we have conducted of risk management, both in repricing that we've already mentioned and risk selection. At the bottom, you see the total potential exposure, which is the KPI or the indicator that indicates our risk appetite. In 2020, you saw a significant reduction, and this year, 2021, you see we're going back to 12%. You can see on the graph that these EUR 688.8 billion is already above the closing figure of 2019. We could say that on this area, we're back to pre-COVID levels. In risk exposure, this reduction with a subsequent increase of risk exposure, has allowed us to also change our exposure to conduct a significant rotation towards quality that we've conducted over the past 18 months. Now as a summary, my final words. Here we have the different components of the credit insurance business P&L. Due to repricing, the total income has increased. The technical result before reinsurance has been impacted by lower claims. We still follow our provisioning policy. As to reinsurance, we already mentioned. Better perspectives for the direct business, which translates into the transferred business with this loss of EUR 403 million, or this transfer of EUR 403 million of our results, of which EUR 267 million are of government contracts, an amount that we expect will not be substantially modified in the coming periods. As we said at the end of the half year, the group has decided not to extend those government agreements, and we maintain our reinsurance coverage with 37% of transfer to the usual reinsurer panel. The last item of the P&L, financial result also improves basically as a consequence of the positive results obtained by our associated companies, which also do credit insurance. They are also experiencing these better results that we mentioned in the direct business. Finally, the total business result, EUR 179.9 million, with good perspectives for the rest of the year. That's all I wanted to share on my side. Well, we'll continue now with a few more ideas besides the P&L. We continue with the same structure that we used in previous presentations. I always talk about this slide because the evolution of permanent resources at market value has been honestly very good during these years, since the year 2000. From EUR 317 million to EUR 5 billion, it has multiplied 15 times. As I always say, this has been possible without using capital, without asking money from shareholders, without diluting, just by retaining a significant part of results by means of the application of a conservative dividend distribution policy, even if it's with a growing dividend. Our shareholders have allowed us to do this, to fund all of these expansive period. This is what is happening. On the table on the left-hand side, you can see quite clearly. We see a consolidated result of EUR 392, dividend paid out of EUR 107. In this year we're aided by the evolution of the markets, meaning that we have a positive variation in change evaluation adjustments of financial assets that, as you know, amounts to EUR 74.7 million in the balance sheet, going from EUR 4,600 million to EUR 5,015 million, or EUR 5.015 billion, which is a 7.5% increase. In terms of solvency, I'm not saying anything new. Just like we did last time, we're showing you the consolidated ratio at the end of 2020, 216%, 3 points, as you can see on screen, better than the end of 2019, and better than the forecasts that we had given you. You have all sorts of details regarding combined ratio by company, the main drivers of the improvements in the report on the financial situation and consolidated and individual reports that you can find on the corporate website. This improvement in 2020 has impacted, on the one hand, on the retention of profit that I mentioned a moment ago, and secondly, in credit insurance, the reduction of risk exposure that took place last year and the government reinsurance agreements that, since they expired in 30th June this year, they will not be operational for the calculation of solvency for the next year. Other than that, as I said on previous occasions, I think we're very comfortable with the ratio of 216%. It's very good. It's better than that of most of our competitors. All entities are around 170%. Even in adverse scenarios we're there. In own funds, as we see on screen, our own funds are of high quality. We believe that this robustness of the equity of our group, together with the robustness of our business model, makes rating agencies, especially AM Best and Moody's, give us an excellent rating for operations AM Best for credit insurance, Moody's A and A2 respectively. I don't want to bore you with the makeup of the investment portfolio. You have all of the information on screen in the consolidated report of the group and in the annexes. The investment policy has not changed. We always follow a stable and conservative policy. Investments are diversified, as you can see on screen, with the breakdown that I mentioned. I should stress that as a company, as an insurance group, the main thing is that we have adequate resources vis-à-vis our liabilities in terms of liquidity, duration, profitability, and in all terms of joint management of assets and liabilities. I think with that, up next you have a series of annexes. I think we have given you an overview, even if it's a brief overview, of how things are going for us. Nawal, please, if you could give us the questions, the most significant and repeated questions. We'll try to answer them. Thank you very much, Francisco and Carlos, for your presentation. As usual, we'll start with the Q&A. We have grouped the questions received by topic. Traditional business, specifically speaking, motor. The combined ratio of motor improves vis-à-vis that of the Q3 of 2020, an improvement of 3.7 percentage points in claims ratio. If we have gone back to the normal levels of driving, this is significant. Could you explain the reason for this result in motor? I think we've discussed this, and we did so in the presentation of all quarters, and we've discussed this today, both myself and afterwards the CFO. At any rate, it is obvious that the combined ratio of motor is still impacted by mobility restrictions. Although it is also obvious there's been an increase in technical costs vis-à-vis the H1 year of this year. At this point, 63.2 versus 61.8. This is, as I said, due to the fact that we start to see a normalization of traffic, road traffic, and the claims ratio goes back to previous levels. As we said, to explain this drop in claims ratio, we need to bear in mind that last year, aside from the fact that there was a pre-COVID quarter, in the accounts we had some compensatory measures for our customers to defend our portfolios due to the low claims ratio. This is why in 2020, probably in comparison with other entities, our combined ratio did not improve in the same proportion, and this impact is no longer here this year. The improvement of last year in our case was in between last year and this year. The 2nd question is more general, and I understand it applies to all lines of business. It seems that a change in inflation is possible. How can this impact the insurance business and your results? It is not a usual question, because it seems we are seeing the beginning of a period of upward inflationary pressure. We do not know if it will be temporary. At any rate, sharp movements, brisk movements are not good for any business. In our case, we should stress the different lines. For example, in credit insurance, it shouldn't have a relevant impact at 1st because when we insure our commercial transactions, if inflation were to go up, transactions will be of a higher amount. A different thing would be if there were a change in the policies of central banks, which would lead to restrictions to the liquidity of companies with an increase in defaults. As to the traditional business, specifically non-life, mainly motor and multi-risk, significant inflation could translate into a higher cost of claims, and we understand that. Given that we have a very close relationship with our repair network, we would have enough mechanisms as to try and mitigate that effect. In life, persistent inflation, if it were to cause a change in the policies of central banks vis-a-vis increase of interest rates, well, if it's not something too drastic and too quick, I think it would have a positive impact in the profitability of life products. Other than that, as to general costs and staff costs, they're not that linked in the short term to an increase in inflation. If it were permanent, then yes, it would have impact. Now questions about the credit insurance business. At the end of June, you presented a combined ratio in credit insurance of 60.5% at a historical low. In this quarter, it improves almost by 1 point, and the claims ratio drops by 1.3 percentage points. Since we are retaining more business after the end of government agreements, is it expectable to expect a result close to 2019 for 2021? In 2019, credit insurance showed a result of approximately EUR 220 million. It was a record-breaking result, an exceptionally good year, with a gross combined ratio of 70.87% and a transfer to private reinsurance, as you all know, of 37%. The context at the moment is different. We have a significant improvement in claims ratio, as we saw, coming due to the lack of new claims. The average premium we have at the moment is above that of 2019, since the accepted risks are priced as per the circumstances and the uncertainty in the market. It is true that a normalization of claims ratio is to be expected, but we do not believe that it will increase. It may increase somewhat, but we do not believe it will normalize during 2021, rather next year. Bearing in mind that we continue to book provisions for claims in a conservative manner with a system that anticipates claims from the moment the sale is made by our customers. I believe I must say it is reasonable to expect year-end results that are similar to those reported in 2019. Also, about credit insurance and government agreements, we have a question which says: Despite the fact that in the previous presentation results you informed about the end of these government agreements, we see an increase of cost of these agreements this quarter. Could you explain that? How much more deviation should we expect for the end of 2021 in this item? Honestly, I believe that we have explained these on previous occasions, but the topic is significant enough so as to talk about it again. As you know, since March 2020, we started doing business via the reinsurance agreements, basically with European governments, with the aim of working thoroughly on selecting accepted risks during the healthcare crisis so that no drastic actions of risk exposure management were needed, and therefore maintaining a robust relationship with our customers, which, as you know, is a long-term relationship. With the results presented today, I think it is obvious that we now have normalized the levels of risk exposure. Without a doubt, our portfolio is well classified. From now on, we are not transferring anything via government agreements because the agreements ended on June 30th. The truth is that the risks underwritten before June 30th, 2021 are subject to that transfer. Inasmuch as the risks underwritten before June expire and the risk item may see modifications one way or another. If in direct business we see an improvement in claims ratio, it is natural that part of the improvement in the results of the business will be transferred to the government. Having said this, and I think Carlos Gonzalez also talked about this in his presentation, we do not expect significant deviations in the future because risks are estimated as per the new forecasts. We continue to transfer at the moment 37% of our business to the usual reinsurance panel. We continue to protect our business from potential impacts in the face of a relevant increase of claims ratio. There's a question about the excess capital and solvency levels. With the levels of solvency you're accumulating, are you still not planning on any actions so that this excess capital is returned to shareholders in any way? What are the future plans regarding the dividend? We usually get questions around the dividend linked to the solvency level of the entity. I should answer as I did a minute ago, regarding the dividend policy of the group. We have a dividend policy, a growing dividend policy in absolute terms, and I think we have always proven, also during the 2008, 2009 crisis, we've always proven, and in 2020 as well, we have proven our strong commitment to shareholder remuneration. It's also true, as I said, that we retain a significant part of the result, and this is what has allowed us to fund all of these expansion period, thanks to the permission granted by our shareholders. The only thing I can say at the moment is that we continue with an eye on the market and on potential opportunities. For now, there have been none that have attracted our interest. The solvency ratio has increased by 3 points. It's now at 216, as we saw. We understand we are not at solvency levels high enough so as to propose any special actions. The final question goes as follows: Going through the consolidated results, we are surprised by non-recurrent results. What are these positive non-recurrent results due to? I'll clarify it with pleasure. I think Carlos Gonzalez explained it in detail a moment ago. Recurrent results at the end of the Q3 contribute a positive result of EUR 14.3 million, of which EUR 9.9 million come from the traditional business and EUR 4.4 million from credit insurance, as we saw in the presentation. Of these amounts, there are EUR 12 million due to non-recurrent financial results coming from several sources, but basically 2. 1 is positive realizations of the portfolio. These are discretionally managed portfolios managed by a manager. Secondly, some one-off dividends received, specifically that of Vivendi, that if I remember correctly, in our case, was around EUR 10 million. The other item coming from tax, this is due to a favorable resolution, favorable to GCO, which allows us to improve our situation due to our double taxation in previous years. Thank you very much, Francisco. With these answers, we conclude the presentation of results of the Q3 of 2021. As usual, I'll remind you that pending questions will be managed via the investor relations team in the coming days. I would like to encourage or to invite you to the next presentation of results on Thursday, 24TH February 2022, with the results of year-end of 2021. Finally, I would like to remind you that you can always visit our corporate website, where you can find all of the financial and sustainability information that may be of your interest. As always, we would like to thank you for your interest and participation. See you soon.