Good day, everyone. It's a great pleasure to be here once again with you to talk about the evolution of Grupo Catalana Occidente in this first nine months of the year, whose accounts have been formulated this very morning by the Board of Directors. My name is Francisco Arregui, General Director of the group, and here I have with me, as always, the CFO, Carlos González, and Nawal Rim, Investor Relations. Firstly, I would like to thank you all as always for your attendance remotely to this event, but also for the attention that you're always delivering to the development of our business and the share of Catalana Occidente. I would like to remind you that you can remotely ask all the questions that you deem necessary. Nawal will be organizing and grouping them, and we will answer as much as possible at the end of the session, and the rest of them will be dealt with through the ordinary channels on the website. As I was saying, we are going to analyze how things have been going these nine months, but as on other occasions and without further ado, I want to anticipate that in a context that is still difficult without the financial recovery being full in Spain and globally, we have super high inflation with the conflict and battles that you all know. We have closed these first nine months of the year, which I would qualify as extremely good, very good, with significant progress in the three basic pillars of our general policies, growth, with an increase of 8.5% in business volume. Profitability, with a consolidated result which grows by 21.5%. In solvency, you all have seen, it's been published since May, the published result on the report on solvency, and we closed the year with a 220% improvement of 4 points as compared to the previous year. We are going to talk about a series of things following the program and the agenda that you can see on screen. We will start with the economic and sectoral environments. You know, it's, like me or even better, we have had lots of growth, continuous growth years in a context of volatility and globalization and characterized by two matters, which are super low inflation and interest rates that have been historically very low. You know that all this changed abruptly with COVID. In China, at the end of 2019, the lack of supply chains reaches the rest of the world. At the beginning of 2020, there's the lockdown, there's the appearance and stop of industry and production. You can see, 3.1% on the 2020 with those differences, by geographical areas that you're seeing. Unfortunately, Spain is at the lead of developed country with the -10.8%. The good news, although it's delayed, is that in 2021 globally was the year of the recovery, as you can see on screen, two, with a growth of 6.1% or 6% globally, much higher than the drop of the 3.1%. Despite having significant growth, even in the Eurozone, Spain stayed at 5.1%, much below the drop of the previous year. The truth is that expectations at the moment are not hugely good in terms of financial growth, even more so for 2023 than 2022. We will see how things end up going in terms of this cycle of price increase and raw materials, particularly energy. It's clear that there's been an inflation high, which has been very significant, an increase of interest rates as a consequence of the position of central banks. The truth is, as you can see on screen, too, estimations of growth, which are gradually more adjusted and more reduced in Spain, which is affecting us more. We still have a good growth estimate for 2022, but much lower for 2023 of 1.2%, as you can see. With an inflation context that is still high and that's not going to be something for the short term, it will be extended at least during the next year. This really sets forth a complicated issue and problem from the financial standpoint in terms of markets. You already know this, frankly, very well. Interest rates that are rising, very low historically in recent years, and have risen significantly in all the different terms, as you know very well. I don't want to stress any of them. Euribor per year at the year closure year last year was - 0.270-something. Now, the public Spanish debt, just to give you an example, was at 0.5%, and now it's above 3.5%. At any rate, very significant increases in stock exchanges with drops that are already very significant after the revaluations of the year 2021. They are having, as you can see, and I'm leaving it here, a very bad behavior in this year. The insurance industry, which grew continuously for many years, in the year 2020, the year of the pandemic, the year of the crisis, it dropped by 8% in premiums. In 2021, there was a growth of 5%. In this year, it is having a good behavior with that growth, the third quarter, as you can see, of 5.7%, with growth both in life of 5.6% and risk insurance savings, and the other in non-life branches and growth as well in all the different branches, including the motor pillar, although it's extremely competitive in Spain. In this context, I wanted to anticipate that things were going frankly well in traditional business, with growth of turnover and slight improvement of results, and in credit insurance exceptionally well, with growths that are very significant in turnover and results of an improvement of 57%, despite the fact that the helps from government have been supporting commerce and industry and the threat of the starting of the recession that you all know about. We must stress this in global terms with this P&L. Just first line, income and final results. We grew at 8.5% in volume of business. In traditional business, as you can see, that 1.4%. In truth, this is 5.4 in recurrent premiums, except for single premiums life, which are the least valuable for the company, as we have said on so many different occasions. Very much aligned at 5.4% with the growth of the industry and with growth in practically all the different pillars. Rial will be talking. The CFO will be talking about this much more. Credit insurance, spectacular growth of 17.8%, 18.4 in terms of acquired premiums. This is mainly due to a certain recovery of production in recent months, but also especially because of very low cancellations. We are retaining the business really well and very specially the greater amount of sales of our customers based mostly on the effect of inflation and withstanding the portfolio renewal rates that have constantly dropped pressures in this case of claim ratio, in which we move. Regarding results, as I was saying, 21% increase in consolidated result, EUR 21.5, which is 19.3% in terms of attributed results. The most significant thing here is that we continue to improve ordinary results of both businesses. In traditional business is 0.4% only on our result, which was exceptional in 2021 in the framework of the restriction, the post-pandemic restrictions, specifically in motor and health. Out of the results of traditional business, I only want to highlight one, which you will see. There is a significant drop of 41% in the motor pillar because of the normalization of the use of vehicles versus 2021 with mobility restrictions. Frequency has gone up. The average cost of material damage has gone up. We have had some more serious claim ratio, but all in all, we cannot forget that the EUR 36 million you'll see that we earned in the motor pillar these months exceeds the EUR 31.7 million that we made in the first nine months of 2019, which was the latest pre-pandemic year with use of vehicle, which is much more similar to what is normal at the moment. Secondly, a reduction of result in 10% in multi-risk with home and family particularly. The frequency has dropped, but it's greater than what we had in 2019. The average cost has gone up in homes significantly. As for weather events, has been less than last year, but they have particularly affected us in terms of the rains in Catalonia and the eastern part, as well as hail. There have been more claims of a lesser amount, so the consortium has not been activated because of that, and the reinsurance much less. 7% drop in the results of health too, which obeys to exceptional results of last year as a consequence of the pandemic. People went less to the doctor, as you all know. Generally speaking, very good results in the rest of pillars and branches, in others too, as you can see. Now the CFO will be talking about this in credit insurance. There's a result of EUR 279 million, 57% increase, which is basically a low claims ratio. Although the claims ratio is increasing now this year, it was a very low one before that, and it's now placed at 37.7% in terms of accumulated results. As I have said on previous presentations, we continue to provision very carefully and cautiously in the face of a possible worsening of the claims ratio in the current context. At any rate, we have a global provision calculation system that anticipates claims ratio when the sale is performed to the customer based on parameters that we keep on adjusting, taking into account all the financial circumstances. Reinsurance continues maintaining considerable cost of EUR 204 million. You will also see this, and the CFO will say EUR 45 million of which correspond to the reinsurance of governmental agreements that stopped to be in force over one year ago in July 2021. The reality is that we've had positive runoffs of the provisioned ratios, claim ratios, and we must share this with the insurer. Having had this government reinsurance, a cost that was obviously very high, as I've seen in previous presentation or as we've said. This was very useful in the sense that they allowed us to not adopt more severe measures in terms of underwritings, which always has a positive effect on the mid and long- relationship with our customers. Regarding composition of portfolio in global terms, as I always say, the weight of Atradius in our group is obvious. In credit insurance business, we talk about 40% on credit. High growth of the last two years on credits make this slightly above credit insurance. Regarding international implementation, we are international, although it's basically credit insurance. Spain, we've said it on many occasions, continue to represent 2/3s of our business. Something less right now because of the same reason I have just said when measuring the premiums. The rest is basically Europe, only 8.3%, as you can see here at the end of the list that belongs to the rest of the world. I don't want to stress anything particular regarding sustainability. A lot is being done, and the reality is that despite in this difficult current context, for one or other reason, for several years now, we are focused on the ordinary management of our business. We are not losing sight of the truly interesting and important things regarding the future. Basically, innovation, digitization, and also sustainability, which has ceased to be just a trend or a fashion or even a legal requirement just to become a market requirement. Now our investors are demanding that we are sustainable, and it's sustainable through a rating. Now it is within the context of a big company. People demanding our services are also demanding this. We have worked a lot in the last year on sustainability. You have the Mémora on the website where you can actually check it all out. As a summary, I would say that in terms of rating, the different ratings are reflecting the effort done during the year, especially Sustainalytics that we are showing here on screen, where we get a rating which is excellent. Mémora, yes. We have not publicly talked, at least myself, since the moment. We not much after the presentation of the first six months of the year, a relevant fact which has been published so far, 29th of July, where we announced that we have reached an agreement with the Ontario Teachers' Pension Plan for the acquisition of 100% of Grupo Mémora. The reality is that this was I think we can see it on screen, on the next screen. This was because of the price, well, the price that you can see on screen, EUR 387.5 million, with some financial adjustment. Mémora is the first group in the Iberian Peninsula in funeral services with, you know, parlors, crematoriums, and cemeteries, and also in Portugal, with a turnover, as you can see there, in 2021 of EUR 188 million, EUR 47 million EBITDA. The Spanish market first operator, Grupo Catalana Occidente and Antares, entered with the acquisition of Previsora and is growing in funeral services, as you can see on screen, through Asistea, where Funeuskadi Group joined, going with Previsora and the subsequent acquisitions that have taken place, in particular, the most important one in Remedios in Madrid. With other acquisitions, we have reached a turnover of EUR 28.4 million and a market share of 2%. The financial results in group, as you can see on screen, reaches EUR 217 million in turnover, with figures of 2021 and EUR 57.3 million EBITDA, with a clear leadership position in the market in Spain. Naturally, the operation is subject to the attainment of the different authorizations, both in Portugal, which we already have, and also in Spain, which is still pending processing. In our opinion, the fit, strategic fit of the operation is obvious in our business, in the funeral burial service is a very stable one. We were already there with Asistea. It has an obvious complementariness with funeral insurance. Mémora and Asistea have very complementary businesses, as you can see on screen in blue, with a market share greater for Asistea, and in green, Mémora. We obtain a clear leadership position in Spain. Finally, the operation will enable synergies, additional synergies, given the integration of the businesses. At any rate, we are very satisfied of having reached this agreement, and we will inform you when the integration takes place. The next message is the one regarding remuneration and dividend policy. You know that we have a dividend policy which is very cautious with growing dividend in absolute terms, and that we always maintain the commitment to remunerate the shareholder regarding the evolution of the share price. As you can see, well, you know it really well, as we do, very good one in the long term with that rate, internal rate in 2002 of almost 11%, much better than the closest indexes. The truth is that 2021, we went up only 2.9% versus more significant appreciations and indexes. In this third quarter, we are with a loss of 14.5% at the closure of the quarter, that is very close to IBEX and insurance stocks. It has a behavior in recent days, which has been slightly better in terms of the Catalana share, better than the indexes. Regarding the dividend story, in the framework of the policy I was talking about just now, firm commitment of shareholder remuneration is shown in the table. We managed to increase the dividend during the financial crisis in 2008 and 2009, and from that moment on, there's been consistent increase of dividends between 6%-7.5%, reaching 2020, where, as you all know, the recommendation of the European Supervisor for Insurance and also for General Director of Insurance was to stop the complementary dividend. We didn't do that. We just make it drop to a half. Very quickly on the following year, we doubled the amount for complementary dividend, and we did an increase of practically 30% of the dividend, which was the greatest in the history of Catalana Occidente last year. We increased the dividend by 5% in the first dividends and 10% in the complementary dividends agreed by the AGM in the month of April. Very recently, we have paid out the first dividends that technically, in terms of authorization of the AGM, we're doing it with reserves charge, but they are 7.5% as compared to those at the same dates in July and October last year. If you now wish, we will now go in deeper into the income statement. We'll be in our account. Carlos. Thank you very much. Yes, as Mr. Arregui was saying, and as is now common, I will talk about the main items of the income statement of the business, both for traditional business and the credit insurance. Without further ado, we will start with traditional business. Here, the fact that we have a product portfolio that is very well diversified and that we maintain retention of our customers means that we have high retention, and this has enabled us to maintain the significant growth of turnover with an increase of recurring premiums of 5.4%, up to EUR 1.9 billion. We have to stress the growth of 7.4% in multi-risk and 8.3% in others. Regarding results, the technical result has been touched. It drops by 4.6%. The general insurance business in this quarter, the result of multi-risk does no longer allow to compensate the motor one. We will talk about this later. But the combined ratio is still around 90%, specifically 90.3%, despite having increased in 2.3 points versus last year. On the other hand, there's still a positive evolution of the life growth with a growth of 27%. We now move on to talking about each one of the branches. We will start with multi-risk. With EUR 580 million in premiums, it continues to experience a strong growth, 7.4% mentioned before, better off than the industry, which is around 6%, and also with a growth of premiums of the mass branches. In this sense, the growth is in agreement with the good evolution of the average premium. The prices, which basically also needs to be aligned with the increase of cost of claims ratios stemming from inflation. Combined ratio is at 91.6%, 1.5 points above the previous year, as a consequence of the increase of the claims ratio costs, and inflation, and several peak claims ratios. Weather events is similar in both years at the closure of the third quarter of 2021 and 2022. However, in this last month, there's been several events that have not been covered by consortium or the reinsurance panel. Finally, the is at 10.2% up to EUR 46.7 million. That's the final result. In motor, the growth speeds up as compared to the previous one, with a growth of 2.5% of EUR 193 million. This is aligned with the behavior of the industry, which is growing at 3%, 3.2% in reality. Here, what we can see in the industry is a relaxation in the competitive environment of prices. It is possible in some cases to see growth in prices. In our case, this is also where commercial activity is also shown, and this has enabled us to grow in number of customers. Thus, these two factors are actually leading on to this result. Combined ratio is at 92.6%, below the ratios in 2019, 93.5%. I'm talking about 2019 because this was the time that at frequency rates is the best comparable one in history. There's a normalization of the technical cost. As for frequency, and also we've talked about the slight increase of costs because of the inflationary pressure. The technical cost is at 68.5%, 5.2 points over the year 2021, in which we still were affected because of the lack of mobility due to COVID. Finally, as per results, we'd reached EUR 36 million, which compares really well and exceeds the result obtained both in 2019, directly comparable with EUR 31.7 million, or even in 2018 with EUR 28.4 million. As other category, I would like to say that the turnover increases by 8.3% being positively affected by the recovery of the last quarters and two years, essentially. In terms of results, it is at excellent figures of combined ratio of 83.3%. We have a technical cost of 43.5% with an increase of 23% as you can see on screen. In life, we continue to grow in single premiums. In health, our funeral insurance around 4.7% in earned premiums, whereas single and supplementary premiums in this case are especially negatively affected because in the previous year, in the third quarter of last year, there was a special operation of relevant amount, around EUR 43 million, which this year has not taken place, and we do not expect it to happen. As for technical results, it improves by 27%, as we were saying before, EUR 111.3 million continuing with the good behavior both in funerals, as you can see, less than 8% of combined ratio, life risk, and health with a combined ratio of 84.1%. As a summary, and just to be more specific in traditional business, the increase of the turnover and the maintenance of profitability between the three, between the branches of life or others, as well as the behavior and the significant improvement of over EUR 12 million of the financial results allows to compensate for the normalization of the motor behavior and the worsening that we have suffered this quarter in terms of multi-risk as compared to previous quarters. Finally, the ordinary results keeps at levels that are similar to the previous year, obtaining to EUR 103 million that you can also see on screen. Now we move on to the credit insurance business. Let's start with premiums. Acquired premiums reached a volume of EUR 1.669 billion with a significant growth of 18.4%, mainly due to the good evolution of the turnover of our current customers, both for the reactivation, the financial reactivation of the recent quarters as well, and essentially because of the effects that the increase of inflation has on these turnovers. There's a greater commercial activity that has already been mentioned, although it is true that in a selective fashion, so it has no greater influence in this growth, this other positive lever. On the other hand, we still have downward pressure in renewals despite have increased the perception of risk by our customers. Regarding the technical results, the business continues to improve with a growth of 57.2%, EUR 331.5 million. As a consequence of the low claims ratio registered, which continues at reduced levels, and essentially because of the cancellation in 2021 of the reinsurance agreements with governments. This allows us to have a growth of results of 57% to EUR 275 million of ordinary results. Regarding the geographical distribution, and if we are more specific in terms of acquired premiums, it's very important and homogeneous in most geographical areas. Stressing, as you can see on screen, growth in the American area with a growth of 48% benefited by interest rates, exchange rates changes. Otherwise, it would be at 20% also. We must also stress the less relative growth of Spain with the 9.4%. We would like to mention the situation of the turnover in Russia and Ukraine. They're placed on the slot of Eastern Europe, and as you can see, it has no impact in the geographical area because the turnover in these countries has a very low relative significance. We now move on to talk about the profitability, namely the combined ratio, good behavior. It is slightly below 70%, 69.9%. Here we can see the significant growth of turnover that allows decrease in the cost ratio and the claims ratio goes up 13.4%, 17.3, improving the situation of the previous quarter, which is at 41.9%. Here I would like also to say that although the number of claims ratio goes up, the basis with which we compare in 2021 is historically low, but we're still finding a frequency that is below the one shown in pre-COVID times. I would like to say, as Mr. Arregui already said in this section, that we continue to have our cautionary criteria provisioning described in 2021, and it has also been done repeatedly in previous presentations. As opposed to risk, there's an increase of 17.3% in line with the growth of the turnover of our current customers. I would like to say at this point that we are maintaining our strict selection criteria. Finally, regarding the situation of Russia, our exposure in the region has been reduced to half as compared to the beginning of the year at 0.4% of the total of our risk exposure. Quite residual at the moment. Mainly focusing this coverage in commercial operations that are local. As a summary, and with this I'll finish, we can go through the drivers of the year. The income has gone up, notably because of the growth of insurance of policyholders, because of the inflationary context too. The technical result is becoming enormous with an improvement of moderate claims ratio, maintaining a provisioning policy. Regarding the reinsurance, there is an improvement, and the result is a consequence of the fact that the first half of 2021 we have governmental agreements, whereas for this year we maintain exclusively 37% of cession to the reinsurance panel, as is common. The financial result also improves by EUR 11 million to EUR 21.3 million, basically as a consequence. Both are the positive results obtained by our associated companies as well as because of the profitability of investments. With all this, the ordinary result is EUR 275.9 million, almost EUR 276 million, and an increase of a very significant, of very high significance of 51.2%. Let's talk about capital investment and solvency. As always, a few words on capital and solvency. As you see on screen, there's evolution of equity, which goes to the figure that you see on screen, which means a reduction of 6.5%. There's EUR 4.8 billion as compared to the closure of the previous year. As a consequence of the drop of stock exchange and the increase of exchange rates that have affected the valuation of our investment. Permanent resources at market value have had a spectacular evolution throughout this period. Practically this century, they have gone from EUR 332 to almost EUR 5,200. The close of last year, EUR 4,004.8. Now multiplied by 15. All of you know that without capital increases, only having good profit, retaining part of this profit, sustaining this cautious dividend payout policy that you have allowed us to do to finance this entire period of expansion. From the result retention perspective, same thing happens in these last nine months, EUR 476. As a result, EUR 116 in dividends. The incidence, as I was saying, is here the change in valuation adjustments, which covers the drop in the value of our financial investments, variable income because of the drop of the stock exchange, and fixed income because of the increase of interest rates. This is net of accounting asymmetries and the participation of life insurance in the capital gains and losses. In terms of solvency, we don't have any news. You already know the ratio at the closure of 2021 of 220% that we made public in the month of May. You have on our website the report on the financial situation on solvency at a consolidated level and as companies at the closure of 2021, and this meant a drop of 4 points, as you can see on screen, as compared to the closure of the previous year. The main drivers were, of course, the retained profit, a slight increase of exchange rates that affects more the value of liabilities than assets, because life liabilities have a longer duration, and we have assets that are not fixed income. Also the good behavior of credit insurance claim ratio, better solvency ratio than our competitors. All companies in the group are above 180, and they are at a context of 160% in adverse contexts, being equity of high quality because 95% are Tier 1. The truth is that this is why rating agencies acknowledge our position and the robustness of business model. AM Best for all operations in the group, and Moody's for credit insurance business allocate the rating of A and A2 respectively. Here on screen you have all our investments, EUR 14.968 billion of administered funds, 4.8% less than the closure of the last year. It is true that this drop owes to the same reason as stressed before, drop of stock exchange and increase of exchange rates. As you can see on screen, you see the distribution. I don't want to dive into details you have in the memo and the appendix. Just, I would like to remind you, as I always do, that we have a very cautious policy and a stable one. We have diversified investments in the terms that you're seeing. As insurance company, we do have appropriate assets to our liabilities in terms of duration, liquidity, profitability, and in general, all terms of the general management of assets and liabilities. With this, we have finished our presentation. I would like to refer before we move on to questions. I'm sure you will have seen that we've published a relevant fact after the meeting of the Board of Directors, which affects me personally. I am close to turning 66, so I'm going to retire off my position, and I'm also waiving my position as director as of January 1, 2023. The truth is that this has been a very long track record since I started in Catalana Occidente and on the Board of Directors and the management committee of the group at the beginning of 1998, practically 34 years ago, after serving the public administration for 25 years in my condition of state lawyer and attorney. It's been a great experience for me, personally and professionally, having been able to work with the teams in Catalana Occidente and to contribute modestly, my modest contribution to the growth and consolidation of Grupo Catalana Occidente as one of the leaders in the industry. Of course, I would like to stress the tight relationship I've had with all of you forever, and particularly since we were in the stock market at the end of 1996. I have been informing you about the evolution of our businesses all quarters, and thank you very much, honestly, for the treatment received and the trust as well in our group and our explanations, both in good moments, such as the current one, and also in more difficult moments, because we've also seen those. In principle, I am now open to whatever questions Nawal Rim reads out to me, but this is the last presentation of results that I will be doing with you. Beforehand, I would like to thank you for everything, and we will see you. Thank you very much, Francisco and Carlos, for your presentation. We will start with the Q&A. The questions that we have been receiving, and as we normally do, we have grouped them in terms of topics. The first one is related to the latest acquisition of the group, and in general, they ask us whether we can go in greater detail regarding the acquisition of Mémora, what is the fit and what synergies are expected, and whether there are any synergies. Well, I think that regarding the strategic fit, the operation, I have just explained it. It's true that we had not explained it personally in public beyond the relevant fact or significant event that we brought out. I think the strategic fit, which is the first part of the question, is clear. I'm not going to repeat it. The acquisition regarding details at EUR 387.5 million makes us leaders in the funeral services in the Iberian Peninsula through the purchase of our group that is specialized in funeral services both in Spain and Portugal. I want to remind you that the operation is still conditional to the obtaining of approval from the competent authorities in Spain. We already have this in Portugal at the moment. As you know, I've already said that Grupo Catalana Occidente is owner of Asistea, which is a funeral service that comes from the acquisition of Previsora and in which we integrated the group Funeuskadi in the Basque Country and subsequent acquisition, Remedios in Madrid. Without a doubt, as we have also seen with a map and with different colors and with different indications, Mémora and Asistea are absolutely complementary in terms of geographies. We will be in 23 provinces, and both have in common the will to offer burial and funeral services, whose axes are the protection of people who are committed to providing a personal and quality service to the families. At the end of the day, this is a way of ensuring quality of services to customers in the funeral service, always maintaining the freedom of our policyholders in funeral insurance, of course, of choosing the funeral parlor with which they want to have their service. This is evidence of what we always say. We are always on the lookout in the market and actively trying to find opportunities for growth regarding this acquisition, regardless, the question also talked about the level of synergies and savings that we are going to obtain. Regardless of the level of synergies that we finally managed to implement, we have, of course, analyzed this, but in a very preliminary way, because the operation is still pending competition and approvals. Our profitability calculations for this operation reflect that without any doubt, it will generate value for the shareholder, and it allows us to increase our presence in a business with stable growth of around 2% or greater and with big margins, 20% and 25%, in terms of EBITDA on income. Okay, let's continue with questions, this time on traditional business, specifically in multi-risk pillar or branch. We are told that there's an impairment of the technical result and combined ratio. Can you please explain or delve further into this? We can go and repeat it again, but not in greater detail, because I've said it myself and also, Carlos González talked about this. The question, of course, is perfectly understood. Before the explanation, of course, because the margin has dropped. That's the case. It's true that this has reduced the combined ratio. It has been 1.5 points versus September last year, and 3 percentage points if we compare to the closure of the first half of the year. This increase is mainly due to the increase of average cost of claims as a consequence of inflation on the one hand, and to the different typology of events, of weather events that have taken place. This has determined that there were more in those areas where we are geographically more implemented or established. As the CFO mentioned, they are small claims, so they are less covered by the consortium and by the reinsurance platform. This has had a greater effect in our P&L. Additionally we have had a greater impact in peak claims, and this has determined the increase of 1.5 points I have referred to a minute ago. Despite this, we have historically a low combined ratio below the industry, and we are taking measures currently in pricing in order to mitigate the impact that the inflation has produced in terms of the increase in the claims ratio. Let's move on now to a question on the motor branch. Here you publish the results in June, and we see a significant impairment of the combined ratio in the sector. It has been impaired, but it continues to be below the industry. Will you be able to maintain this difference at the closure of the year? Well, as we said, and in each presentation, we were expecting at the level in this industry to have an impairment of combined ratio because motor insurance industry is very competitive in Spain, so we saw not very likely the increase in cost from inflation, and also the tables to be transferred totally to prices. Although it is true that we are observing a certain amount of increase of premiums at the level of the industry. At the end of June, combined ratio, we don't have figures for the results of September, but we do have the June results and it was at 96.8%, which meant an increase of 6.8 points vis-a-vis the six months of 2021 on the previous year. In our case, in the three quarters of this year, our turnover has increased. We saw that by 2.5%, and the combined ratio continues to be below the industry at 92.6, which means an increase of 5.2 percentage points of increase. This is explained, as we've already said throughout the presentation, mainly because of the recovery of the frequency of claims as compared to the previous year, which was still affected, at least in the first half of the year, because of mobility restrictions. It is true that there was a certain inflationary pressure in average costs and recovery, material damage, and claims ratio. Despite we have activated mitigation measures for these costs through our professional network that try to apply best practices for repairs, adjusting costs and offering the best service and quality to customers. Of course, simultaneously we have the business subscription and pricing, and this allows us to continue best standard profitability on the market. Regarding credit insurance business, we have the following questions. In credit insurance business, the increase of premiums continues to be significant. Is this due to an average premium increase or the new portfolio? The results in September is already above 2021. Do you believe that these results can be sustainable throughout time? Should we expect a considerable impairment in 2023, given the expectations of the macroeconomy? Well, we have talked about the growth and the results and their possible maintenance in the presentation at the very beginning and also the CFO later. It is obvious we have had a very significant increase, and in results. The increase of volume of risk premium has been multiplied by a multitude of factors that we have talked about, but without a doubt, the most significant part is the inflation. The increase in the value of insured transaction as a consequence of inflation. Secondly, as a consequence of the high retention of business, we have a cancellation rate which is below 6%. Honestly, it's a very good one. Mainly due to these two things, premiums grow at a good pace despite, and we've also said this, despite the pressure on price of renewals as a consequence of the good behavior of claims ratio in our portfolio. In the sense we accompany our customers in their growth, making sure about the quality of the risk assumed in our policy of risks. It's very rigorous, and this allows us to continue being comfortable with the levels of exposure to risk that we have, which as expected, grows practically at a similar pace as the growth of acquired premiums. On the other hand, it is true that the frequency of claims is increasing. We have also talked about this in the body of our presentation. Although we maintain our frequency index, which is below the pre-COVID time, we expect to see a normalization in the next few months. It's important to remember that despite the increase of claims ratios compared to the first nine months of the previous year, the result in 2022 is within the group, or stays within the group, as a consequence of the fact that since halfway of last year, the reinsurance agreements with government have no longer in force, as we explained a minute ago. However, you still know that we have a provisioning policy that is very cautious. In the event that there is a normalization of insolvencies in 2023, as we said now on the financial perspectives, we don't expect to have a significant impact in the P&L account, since risk has been provisioned taking this scenario into account. Just to finish, we get the following question: Even with the acquisition of Mémora, the capital excess is considerable. Are you foreseeing any other actions so that capital excess returns to the shareholders somehow? After such brilliant results, are you thinking about doing any additional actions in terms of dividend? I believe that our dividend policy is very clear and has been stable throughout time. We have been talking about it in all our presentations I have done so, and I once again would like to repeat that we have a dividend policy that is stable, cautious, with growing dividend throughout time. We have been capable of maintaining it and increase it even in more difficult moments, such as the financial crisis of 2008, 2009, or during the pandemic. The reality is that, and I've also talked about this, thanks to that and retaining a significant part of the results and applying that cautious dividend policy, you have enabled us to finance this entire period of expansion, which has been so important with the acquisition of multinationals, insurance multinationals at the closure of 1999. With this dividend policy, the dividend has increased in recent years, in 10 years, dividend per share by 70%. It is true that there is, or there's going to be a significant increase of results in this year according to the figures that you're seeing in the first nine months. This year, I think that this has allowed us to acquire the Mémora group, which we've just talked about. At any rate, we will continue looking at the market and the potential opportunities that may appear to be able to duly use this equity and excess of solvency that you know perfectly well, because you've seen it a minute ago. We must also say that the solvency ratio increased by four points up to 220 last year. We're not at high solvency ratios as compared to the insurance industry in Spain, which is at 240%, in the sense that because of that, we must think about a special action and take into account that the acquisition of Mémora will also have an impact in our solvency below 20 points, very likely. If we compare our historic growth with our competitors in the last few years, our average profitability covering the year 2020 is placed at 11.4%, which I would say is something that big foreign multinationals take on and better than many of our Spanish competitors. Thank you very much, Francisco. With these answers, we are now closing the presentation of results of the third quarter of 2022. I would like to add that analysts and investors wish you the best in this new stage. According to the messages received, they thank you for your rigor and dedication these years. I would like to remind you that as frequent, any questions that have not been answered, we will manage them through the investor relations team in the next few days. I invite you to the next presentation of results, which will take place Thursday, 23 of February in 2023, where there'll be presentation of results of the closure of 2022. Finally, I would like to remind you that you visit our website, grupocatalanaoccidente.com, where you will find all the financial information and sustainability information that would be of your interest. Thank you for your interest and participation. See you soon.