Good afternoon. This is Clara Gómez, Financial and Risk Management Officer at GCO. Just like on previous occasions, I'll be here with you during this results presentation. Here with me, as usual, we have Carlos González, Chief Financial Officer of the group, and Nawal Rim, Director of Investor Relations, who, as on other occasions, will group together all of the questions that you ask throughout the presentation, so that we can answer them at the end of it. First of all, I would like to thank all of you who are here with us online, and of course, I would like to show our appreciation for your interest in the performance of our business and the performance of our shares. Before we start with the performance of the business, I would like to say that, as was notified to the CNMV through a relevant event notification, the Board of Directors of GCO, in the session of today, agreed to accept Mr. Serra Farré's resignation in his position as per the proposal made to the Remuneration Committee, and having informed this committee. Mr. José María Serra Farré will continue as chairman of the Board of Directors and the AGM as a proprietary director. In a different order of things, as we anticipated in the presentation of results of the first quarter of this year, 2023, as per the amended text of the Capital Companies Act, half-year financial statements are compulsory. The current financial statements have been reviewed by our auditors. We report on them as per the accounting standards that we've always used, and that you know very well. This is the regulation that we all know, IFRS 4 or IFRS 39 for financial investments. All of that is the accounting standard that the group and the societies that depend on it manage its businesses. This is the accounting method we use for our decision making, and it allows us to maintain the consistency vis-à-vis previous years, not just 2022, 2023, but also vis-à-vis previous years. Having said that, and despite that, and even if the basis of this presentation is based on our management information, as we said, due to IFRS 4 and IAS 39, additionally to that, in this presentation, we include a breakdown of the impact of IFRS 17 and IFRS 9, not only of June 2023, but a comparison with June 2022. All of that in order to maintain the transparency that we've always had with the market and with investors. To that effect, we have prepared specific slides that we will be discussing during the presentation. Now, starting with the evolution of the business. Here you can see on this slide, the first six months of 2023. Truth is that they've been marked by a complex geopolitical environment. You all know that very well, the Russia-Ukraine conflict, that we can all follow through the media, and it is prolonged over time, and unfortunately, we're getting used to. In this geopolitical environment, the confrontation between China and the U.S. as well, and in a different order of things, an inflation which is actually diminishing with a reduction rate, which is a bit quicker now as compared to the first quarter of the year, but still at high levels, especially in the main Eurozone countries. I think in this context, we can say that the results of the group of this first half year are very positive in the three strategic pillars: growth, profitability, and solvency. At the top of the screen, on the growth line, you can see the turnover that has increased very favorably until 11.4%, well exceeding EUR 3 billion for a period of six months. We continue along the trend that we saw in the first quarter, thanks to the sustained growth of the traditional business, the very positive evolution of the credit business, and the incorporation, as you all know, due to previous presentations, of the Mémora Group within the group. You know that 5 months of the Mémora Group, both in terms of turnover and results, because the acquisition was finalized on February 9, 2023. The bottom line, at the center of the screen, we've already talked about the positive evolution, EUR 344 million results in this first half year of 2023, almost 20% above, 19.8 above the previous year. We'd like to stress the very favorable evolution of the credit business and the improvement in results as compared to the first presentation of the year in the traditional business. In traditional business, we equal the results of the year 2022, which were truly exceptional, with EUR 135 million results, with a slight decrease, not even 2%, thanks to the measures that we've implemented in the past few months, amongst other reasons, and still with a combined ratio below 92%, 91.8%, well below the rest of the insurance sector. Credit business, again. This quarter with extraordinary results, EUR 212 million results, favored by increases in turnover. We see some slowdown in the economic activities, and we continue to see a moderate income of claims, but with slow modification of claims ratio, which is coming nearer to pre-pandemic results. In the credit business and traditional business, we see a positive impact due to the positive evolution of financial performance that we'll talk about later. Additionally, as I already mentioned, in the first few months of this half year, we incorporate EUR 8 million results of the funeral business, corresponding to the five months since the incorporation of Mémora into the group. Finally, in solvency, that you can see at the bottom of the screen, we confirm our solid position, a robust position, which allows us to face future challenges with a solvency ratio that we anticipated of 247%, which drops, but not significantly, with the acquisition of the Mémora Group, acquired completely with own resources, at around 230%. You can also see on screen the positive evolution of our permanent resources at market value, well exceeding EUR 5 billion, with this EUR 5.3 billion that you can see on screen. All of that, well, we have a specific slide for that, and you know this very well due to previous presentations. This has been confirmed by our rating agencies, both AM Best and Moody's, for the operational entities of the credit business. After talking about the keys of the period, a few comments about the global economic environment, especially in the areas that we can see that they can greatly impact the evolution of the business. Without stressing all of the things that we've already mentioned, geopolitical situation, inflation, slowdown of the economy, uncertainty of the markets in the year 2022. The truth is that 2022 ended with a slowdown, but with positive growth in the U.S. and the Eurozone, and with a better behavior of Spain, with that 5.5% as compared to our European peers. Regarding the main confidence indicators in 2023, I think we can state that we are starting to see a modest expansion in the U.S.. We can see a striking business creation rate. The GDP data of this quarter are looking... If we look at that, we're looking at some increases, certain parameters, such as acceleration of inflation, mainly affecting underlying inflation, which you know is more persistent, and also due to the drop of energy prices. In the Eurozone, it is true that there's a lot more disparity amongst countries. Germany is still close or in very modest growth ratios, in Spain, the data of the second quarter suggest more favorable economic growth than in previous estimates. You can see that 2.5%, and we come from previous estimations of 1.5%. In Spain, Spain is still at the head of reduction of inflation as compared to our European peers, below 2%. It is true, though, that we believe we will need to wait until the second half of the year to see whether this trend consolidates. Regarding markets, nothing new, nothing that you don't know of. After many years of abnormally low interest rates, the financial policies of central banks that are inflation corrective, produced a sustained increase of interest rates, closing the year with the Spanish bond at 10 years at around 3.7%. Throughout the first six months of the year, interest rates are still clearly above 3%, with some volatility at 3.5%, and at the end of June 2023, the Spanish 10-year bond was at 3.4%. The stock markets that you can see at the bottom of the screen have been marked by a certain destabilization that characterized 2022, but with growth in the main indexes. At the bottom of the screen, you can see the growing evolution of IBEX and the European and American indexes, all of that mainly as a consequence of the evolution of the Big Techs. As usual, a few comments about the evolution of the insurance industry in Spain. Along the lines of the evolution of 2022, it grows in all lines of business. You can see on screen a two digit growth in turnover, with this 23.7%, mainly pushed by life savings, almost 70% growth, due to the attractive situation of interest rates as compared to what we had been observing in the past few years. Also, we see, and you can see that at the bottom of the screen, the good turnover performance in non-life, 6.7% growth in... If we consider all lines pulled together, 7.5% in the mass lines, such as motor and multi-risk. All of that, of course, due to the sectorial combined ratios that we know of in motor and home, which are close to 100% in this year and with the data of the first quarter of the year. All of that with a growth very comparable to what we see in turnover and GCO, except for single premiums. Well, you know very well that we keep a more moderate growth strategy. We prefer recurring premiums that we consider contribute more value. Now moving on to the group, the results of this first half year of GCO. As usual, you can see on screen to summarize P&L. Income and results, very favorable growth in turnover in all lines of business, 8.3% growth in the insurance business, considering jointly the traditional business and credit business, and exceeding the border of EUR 3 billion in just the six months of the year. I would like to stress, as we did in the first quarter, the more than EUR 100 million turnover of the funeral business. As we mentioned at the beginning of this presentation, in this slide, we include five months of turnover and results of the Mémora Group. With all of that, the truth is that the volume of the group's business grows above 10%, 11.4%, as you can see on screen. The traditional business at the top of the summarized P&L that you can see on screen grows with recurring premiums, which are the ones that we already said we consider to be the ones contributing more value, 5%. Well, along the lines of what we said about the growth of the sector. Also, to stress the growth of non-recurring premiums, 52.7% in single premiums live, as a consequence of the guaranteed rate premiums, which offer a good opportunity to our clients inside of the evolution of interest rates. Growth of the traditional business as a whole of 8%, 8.2%. As to the evolution of the credit business, it continues with a good performance in terms of premiums, 7.8%. We do see some pause in the increase of turnover due to less commercial activity as compared to 2022 and the first few years of 2023. The CFO of the Group, Carlos González, will, throughout the presentation, give you more details about the evolution of turnover and the evolution of results, which I'm going to give you a brief overview of. Regarding results, I will give you a brief overview. Very favorable growth in the bottom line, the consolidated results, EUR 343 million, 19.8% growth as compared to the previous year, which translates into almost 18%, 17.8% to be precise, if we're talking about the attributable results after discounting those attributable to external partners. As I already mentioned at the beginning of the presentation, the evolution of the bottom line in light of the international accounting centers is very positive. The result actually improves by almost EUR 60 million. At any rate, I will give you the entire breakdown in the slide we have prepared for that purpose. Regarding the results of the traditional business, almost the same results as in the previous years, barely a 2% growth. It is true, though, that in motor, we will give you more detail about this, there is a drop and increase of combined ratio, but with a behavior much better than the rest of the insurance business. If we look at the entire traditional business and comparatively to the first few months of the year, we go from less to more. We have taken many measures. We have adopted many measures in terms of inflation contention through cost control, promoting efficiency, a clear bet on digitalization and automatization of processes. Even in some of them, we have incorporated AI techniques. All of that, combined with staged increases as the rest of the sector has done, and we hope that all of those measures together will confirm the positive trend of the traditional business during the second half year. The ordinary results of the traditional business that we can see on screen, also have a positive impact, as well as in the other businesses, the current business as well, due to the better financial performance that we will give you greater detail on later. The evolution of combined ratios will be discussed later and explained by Carlos González. Finally, I would like to stress also the incorporation of the funeral business results, EUR 8 million, the growth of which is, of course, due to the incorporation of the Mémora Group. Even if we cannot see it here, I would like to say that we can see a sustained EBITDA result, around EUR 35 million, if we pull all of the businesses together, and 27% in percentile terms. Very similar to what we experienced in the previous year, despite the fact that during the first half year, we've had less mortality than during the first six months of 2022. Finally, in the credit business, as I said in previous presentations, we continue to maintain, and we insist on this, that even maintaining a very cautious provision booking system in the complex environment we are, we have very positive results, above EUR 200 million in one half year and growing by more than 40%. I think we can clearly say that that's exceptional. This growth rate, we maintain it not only during these first six months of the year, we also kept it during the year 2022. All of that, of course, is due to the good performance of our turnover, a claims ratio which grows in a sustained manner and comes closer to pre-COVID levels, but continues to yield very positive results. Our forecast for these end of 2023 is that the claims ratio of the credit business will grow, even if in a gradual manner. We will, of course, get to very good results at the end of 2023, taking into account the evolution of this first half year. I will not stop to talk about the non-ordinary results, - EUR 11 million, comparing to EUR 1 million, and - EUR 1 million in 2022, which are mainly due to extraordinary expenses, amongst other reasons, due to the adaptation to the new international accounting standards and the advertising campaigns that we've carried out, due to our new brand, Occident. Now moving on to the next slide. Regarding diversification of the business, nothing really to stress except for what we've said in previous presentations. We maintain a very diversified portfolio between traditional and credit business. In credit insurance, almost 46%, 54% in traditional business. Within traditional business, very diversified amongst the different lines of business and products, as you can see it on screen, with multi-risk 15%, or not even 15%, and motor a bit short of 13%. This diversification of the business, of course, helps us in controlling profitability and the positive results of the entity, as compared to businesses which are more exposed to the motor line, which, as you know, is under a lot of pressure in the insurance business. Regarding our international presence, you know this already, but we are mainly present in internationally in the credit business. Spain has the greatest weight, almost 63%. Additionally, we can already say that with the incorporation of the funeral business, we also have a presence in Portugal, which of course contributes to greater diversification of the business. All in all, we consolidate our position as the fourth largest insurance group in Spain and the second largest credit insurance group in the world. We should stress, as we already set our position regarding the funeral business, we are the first, the top funeral business in Spain. Or the largest. As in previous occasions, we incorporate here our sustainability information. You know that our three strategic pillars of growth, profitability, and solvency over the years have gotten us to be a very sustainable business, and the different sustainability actions are included first in the master plan of 2021 to 2023, a plan that we will renew at the end of this year for 2024, 2026. At the bottom of the screen, you can see the main milestones that we wanted to stress in terms of sustainability. On the one hand, we have published all of our sustainability information, the sustainability reports, the non-financial information report, all of it verified by our auditors, independent experts, and it is available on the website of the group, as you very well know. Additionally, on June 30th, we published our adverse incident reports for insurance-based products. In terms of products, the second milestone that we stressed, and that we have here on this slide, you know that we have adapted our mutual fund offering to SFDR Article 8, and we will also update and adapt our EPSV and pension funds. We also mentioned the repair, the vehicle repair service that we offer through AutoPresto, which is the first in Spain to receive the certification of a sustainable workshop network by Centro Zaragoza. Certifies the commitment of our workshops to sustainability, and it also certifies the development of their activities following care of the environment criteria. Finally, we also incorporated here the Nactiva initiative. We are one of the partners of Nactiva, an entity created to promote cultural ecological preservation through the design and funding and implementation of projects for natural capital projects. It focuses on natural resources of the Mediterranean region, forest, water, et cetera. With all of that, we also already mentioned it at the end of 2022, and also in the first presentation of this year. We've been considered low risk by Sustainalytics. We're among the top 15 entities among the 300 they rate, and we have received the stamp of industry top-rated. A few brief comments about the share price evolution. You know these almost better than ourselves. This half year, with 4.74%, has not been good. It's been worse than in the previous year and worse than our reference indexes, IBEX, IBEX and EURO STOXX Insurance. You also know that in the past few days, we've seen the price increase of the share. We consider that the share price performance should be measured in the long term. This is what we can see on screen. The performance from 2002 until the first half year of 2022, the performance of the share has been positive, with an almost 10% improvement and better than our reference indexes. Regarding distribution of dividends, you know that we maintain a dividend payout policy which is very stable, with a clear commitment of the group in terms of shareholder remuneration and a growing dividend policy throughout the years. I would like to stress here the stability that we've been able to maintain, even in, at the worst times and in the worst financial crisis, both 2008 and the recent crisis of 2020. In 2022, we paid out dividends of EUR 123.5 million, against 2022 results, an increase of 8.7% as compared to the dividends of the previous years. In the current year, an increase of 7.5% in July 2023, as compared to the dividend of the previous year, July 2022, with EUR 23.1 million, as compared to EUR 21.5 million, as you can see on this slide. Without further ado, I will pass it over to the CFO, Carlos González, who you know very well from previous presentations, who will be telling us in more detail about the evolution of the year and the main indicators, and he will give us a breakdown of each of the lines of business. Good afternoon, everyone. As Clara Gómez announced, my purpose here is to go a bit deeper into each of the lines of business. You know them very well, traditional business, credit business, and as usual, we will give you a brief overview about the funeral business. We're starting with traditional business. Here, our diversification products and the high retention of our customers continues to allow us to maintain this growth in turnover, with the increase of premiums of 8.7%, written premiums, which becomes 5% if we talk about recurring premiums. We would like to stress the growth by 7% in multi-risk or 8% in other, although there are also significant increases in other areas of the business, as you will see later on during the presentation. The technical result drops by 15.9%. The general insurance business, the combined ratio is above 90%, specifically 91.8%, mainly due to the performance of motor and multi-risk, which we will talk more about later. We continue with the favorable evolution of the technical financial result of life, with a growth of almost 30%. Now on to the analysis by lines. We'll start with multi-risk, EUR 443.8 million premiums, still with a strong growth of 7%, somewhat better than the business, which is growing at 6.1% by June. In the case of GCO, we grow in the mass lines premiums because of good customer retention and with an evolution of the average premiums, which has had even if partial, but an impact on the cost of claims. The combined ratio is at 92%, 3.6 points above last year, as a consequence of the combination of several impacts. Mainly, as we may remember, there is an increase of the cost of claims to inflation. We will repeat this throughout the presentation. Also, in the case of multi-risk, there's been, it's also due to key claims in industrial and low-intensity weather events. These impacts did not take place, or not so much in the first half year of last year, but in the second half year they did. We could compare better in terms of ratios, as you can see at the bottom of the screen, here, we can see the combined ratios, the stagnant combined ratios, and the comparison is favorable. In the end, the result has dropped by 26.8%, going to EUR 30.8 million. On to motor, with an increase in turnover, 5.5%, EUR 368 million total. It is an identical behavior to that of the sector, here we could say that the environment is still competitive, with rising prices at the moment. In our case, this is combined with a good or it's balanced by a good customer retention. The combined ratio is at 95.3%, four points above 2022. 2022, especially in January and February, we still were somewhat affected by the restrictions of mobility due to COVID. It is true that the main component of this increase of the ratio is the increase due to claims costs due to inflation, which was already showing in the last few quarters of 2022. In the end, the result, which is EUR 15.6 million, with a reduction of 43.7%. Regarding other, almost 8% increase in turnover, 7.9%. In terms of results, we maintained the good levels of combined ratio, still well below 90%, specifically 84.9%, and this means there is a technical result of EUR 27.5 million. This line of business stabilizes other lines in general insurance. Life continues with a growth in periodic premiums of around 2%. There's a reactivation of single premiums due to how commercially attractive the products are at interest rates, which are now interesting for policyholders. As to the result, the technical financial result improves by 20.2%, up to EUR 87.7 million, with a maintenance of the technical result, but with a significant improvement of the financial margin, which increases by EUR 19 million due to the current capacity to reinvest at higher interest rates, and not conditioned by any extraordinary events of disposal of assets or any other matter, that, as you know, we report in different lines. As a summary for the traditional business, the increase in turnover is 8.7%, including single premiums that we mentioned, and the significant improvement of the financial result related to a new environment of interest rates allows us to contain the impact of the reduction of technical margins impacted by inflation to claims costs. Proportionally, the ordinary result is at EUR 135 million, with a minimum reduction of 1.9%. As I said before, these results are not conditioned by any especially relevant events in the non-ordinary results. Now on to the credit business. Acquired premiums, earned premiums in credit insurance business go up to EUR 1.17 billion, with a growth of 7.4%, with some slowdown as compared to previous periods. A good performance of the turnover of our customers due to the inflation effects is dropping as the increases on CPI become more moderate. There is still downward pressure in renewal prices in this environment, with a favorable impact of incoming claims. As to the technical result of the business, it continues to improve, with a growth of 32.6%, up to EUR 242 million almost, as a consequence of moderate claims ratio and the improvement of reinsurance costs, that we will talk about later as well. Regarding geographical distribution, here I would like, just like to mention that the growth rate of revenue is distributed among geographical areas, less relative growth in Central and North, Northern Europe. Here you can see a growth of almost 2%. Regarding profitability, the gross combined ratio continues with a good performance, with a ratio of 71.4%. The important growth of turnover allows us to maintain a low cost ratio below 33%, whereas the claims ratio is below ratios before COVID. We already mentioned the number of claims is increasing, and I would like to mention here that we continue with our cautious provisioning policies described at the end of 2021 and at the end of 2022. Regarding risk exposure, if we compare to June last year, the growth is of 10%. The growth rate drops to 2% as compared to December, along the lines of the reduction of the growth of rate, the rate of growth of premiums. We are maintaining our strict selection criteria as usual. As a summary, we'll go through the main drivers of this half year. Income continues to increase significantly, although in a decreasing manner, mainly due to the increase in the turnover of our policyholders. The technical result before reinsurance improves as a consequence of a better cost ratio and controlled claims ratio, with a controlled increase of claims and maintaining our cautious provisioning policy. Regarding reinsurance, it improves as compared to last year, because in the first half year of 2022, there were still negative run-offs as a consequence of government agreements that were canceled already in 2021. The impact, the comparative impact, as compared to this half year of 2023, is approximately EUR 32 million, with a negative impact in 2022, but no negative impact on 2023. In terms of reinsurance, we continue with the same level of transfer on both years, but this year without the impact of government agreements. On the other hand, the financial result also improves by EUR 20.5 million, basically as a consequence of the reinvestment of short-term investments, both liquidity and fixed income, and with an increase, a very relevant increase of almost 4%. With the total result of the business being a bit lower, although reaching this growth of 40% with these non-ordinary results already mentioned, deriving from exceptional expenses. As to the funeral business, as we said previously, we will also inform separately on the evolution of the business, which after the incorporation of the Mémora Group, we expect for it to provide a stable increase of the business with high margins. As a historic base, we are providing here turnover since 2019, where you can see this growth that has happened both internally and due to acquisitions. We are also providing here a historical evolution of one of the most relevant parameters for the management of the funeral business, which is both EBITDA results and EBITDA margin, which is at around 25% in this historic series. As you can see in the data of the end of this half year, the margin over EBITDA is slightly lower than the year before, 25.9%, as compared to 27.8% of the previous year. As a consequence, both of a lower number of deaths, remember the impact of COVID, and the impact of CPI on the expenses of this activity. Finally, I would just like to remind you, Clara Gómez already mentioned this, that the information that we provide regarding Mémora only includes their results starting February 2023. Clara? Thank you, Carlos. As we said at the beginning of this presentation, we would also like to add the impacts in these half-year accounts of 2023. Well, with the new International Accounting Standards, we also have the impact on the consolidated results of the group due to the coming into force of the new accounting standards. We already mentioned it in previous presentations. The new accounting standards have two main impacts on insurance entities. On the one hand, on certain financial investments. On the other hand, on the calculation of technical provisions. In the case of financial investments, you can see it at the bottom of the screen. The main changes are due to the fact that mutual funds incorporate capital gains and capital losses into the P&L, and not against equity, as in the previous accounting standard. variable income has a different treatment as well, and always charged to equity, as you can see. On the next screen, you will see the impacts on the different lines of results, where you will be able to see what we just mentioned. At the end of 2022, we worked on our mutual fund portfolio precisely to prevent the volatility that this would bring into the P&L, due to the new accounting standards, not due to a change in strategy, but mainly due to the fact that mutual funds are now considered to be directly managed. As to technical provisions, you have that at the top of the screen. Technical provisions, in the end, the main change is that they now tend to be calculated, basically in life-saving business and credit business, they are now calculated with techniques similar to the ones that you know very well, because we have told you about in the solvency regulation or the Embedded Value, which is a valuation technique that is very typical of the insurance business. In the end, they are calculated with hypothesis and estimations, and they incorporate a series of additional elements, the calculation of technical provisions regarding life savings and credit insurance. They incorporate the explicit profits in the life portfolio through the CSM, the Conduct or Service Management, service margin, that will then be released over time and will have an impact on the gratification of results. Additionally, there is a new concept in provisions, which is the risk adjustment, similar to the risk adjustment existing in the solvency regulation that is included in life and credit business. All in all, the changes in general insurance are less significant. Provision concepts are similar to current provisions. There are two elements that have an impact both on the balance sheet and the P&L. On the one hand, that provisions, even in general insurance, have to be discounted. In the current accounting standard, there is no discount for short-term provisions. As we already mentioned, we have this risk adjustment in the calculation of provisions. On this screen, you can see the main changes in the consolidated result of the group that we already mentioned throughout this presentation due to the new international accounting standard. In the ordinary result, you can see EUR 344 million ordinary result that we have mentioned throughout the presentation, which translate into EUR 410 million, more than EUR 400 million in the result of one half year, based on the new international accounting standard. A difference of EUR 77 million with a new accounting standard. We've also incorporated a breakdown by section. You see, you know, this is the way we manage our accounts. On the one hand, the impact on technical results of our expenses, on the other hand, on the financial result. In the technical result after expenses, you can see an increase of EUR 88 million above what we have attributed as technical result after expenses in the current accounting. This is a combination of the three businesses. International accounting anticipates results because of the faster of allocation of those than the current standard, and this happens both in life and in general insurance, and also in credit. Additionally, you know that the new international accounting demands that technical provisions, both of general insurance and credit insurance, are calculated with best estimate criteria, so without incorporating additional prudency margins, which means higher allocation of results because there's a lower allocation of claims ratio because of its pre-identification. EUR 28 million more results in life, mainly due to the allocation of acquisition costs that you know are fundamental in life savings. At the time of the disposal, in the current accounting, they are considered to be directly against the P&L, and in the new accounting standard, they have to be accrued throughout the life of the policy. High result with the current accounting, mainly because of a quicker allocation of results and because the claims ratio are incorporated in a more gradual manner. The same thing in the credit business, with a higher result than we saw in the traditional accounting. Finally, at the center of the screen, you can see the better financial result as compared to the ones that we've seen in the current accounting. This EUR 14 million difference, mainly due to the capital gains in this first half year from the mutual funds that we still maintain in our portfolio. More than EUR 60 million results, EUR 410 million, based on international accounting. You can see at the bottom of the screen a comparison with 2022, and then this translates into the almost 20% growth in the results that we mentioned at the beginning of the presentation. If we look at the international accounting, it's almost 30%, 29.7%, as you can see on screen. We are very happy with the evolution of results, not only with the current accounting standard, but with the international accounting standard. That translates into the figures that you can see on screen, and also have a positive impact in the net equity, which is also positive. We will see it up next in terms of permanent resources at market value, but also with a positive evolution in the international accounting standard. Here you can see our permanent resources at market value, with a very positive performance, with these EUR 5.322 billion that you can see on screen. A growth of 8.3% as compared to year end. As you know, we incorporate capital gains not included in the balance sheet. This EUR 562 million from real estate capital gains, due to the positive evolution of fixed income capital gains, net of taxes and accounting asymmetries. In the end, an evolution of permanent resources at market value, that, as you can see at the bottom of the screen, can only be considered very favorable. It has multiplied 15 times since the end of the century. As you know, this is as a consequence of the sustained results of the group throughout the years, sustained and with a very positive evolution of... The rotation engine of which, due to the cautious and growing shareholder remuneration policy, all of these leading to an expansion of the group through corporate transactions. Along the lines of permanent results evolution, permanent resources evolution, the solvency position of the group, 247% solvency ratio at the close of 2022, which you know, dropped barely 20 points with the acquisition of the Mémora Group. We are still at a solvency ratio which is very positive, very clearly above 200%, even in adverse scenarios that we, you know, we carry out these exercises in our stress tests. It is better than that of the rest of the insurance business or the average of the insurance business, with own funds of top quality, 95% of them are considered to be Tier 1 for equity. Well, this has been ratified by our rating agencies, as you know. AM Best gave us an A rating with a stable outlook, and A2 in the case of Moody's, which gives us rating for credit insurance business, in this case, A2 with a positive outlook, as we said in previous presentations. On screen, you can also see our investments. The managed funds exceed EUR 15 billion, EUR 15.1116 billion of managed funds, with an increase of 0.8% as compared to the managed funds at the end of 2022. I will not stop to talk about all of the details of the different investments. You know that we maintain a very cautious investment policy. Our top asset, as you can see, is fixed income, with more than 50% of our total investments, more than EUR 7 billion fixed income, and with a very strong treasury position. You can see on screen that it drops as compared to the latest presentation, with this 27.4% drop that you can see on the presentation. In cash and monetary assets, this is due to the acquisition of the Mémora Group, as was discussed during this presentation. We're also using investment opportunities in fixed income due to the positive evolution of interest rates. With that, I think we can close this presentation. As on previous occasions, now we will answer the questions posed throughout the session. We would like to thank you for your interest throughout the presentation. We know there have been many questions. Nawal Rim has grouped them together so that we can try and answer them, knowing that if any are left unanswered, you know that you can afterwards contact investor relations, and we will answer your questions via the usual channels. Thank you very much, Clara Gómez and Carlos González, for your presentations. As usual, we will start with the Q&A session. We've received questions during the presentation. We've grouped them by topic. The first block is on the traditional business, this one specifically about multi-risk and for the CFO, Carlos González. This quarter, there is still impairment in multi-risk. Could you give us a bit more detail about the evolution of this line? What measures are you applying to solve this? Carlos? We've already discussed this briefly during the presentation. There are several reasons for this, which should be comparatively higher to last year, because in this period last year, there were no weather events or key claims, which means that the ratio of that year was especially low. During this year, we had adverse weather events for a value of around EUR 24 million. Last year, they were below EUR 17 million. Additionally, we also had peak events in industrial multi-risk, both effects have random, a clearly random behavior. They did not happen last year, they happened this year, and they have this effect. At any rate, and, well, the main reason and the, the sectorial challenge for 2023 is managing inflation. The combined ratio of the sector in the first quarter is at 98.5%. GCO, despite the increase of the combined ratio, maintains a positive gap in the sector of more than six points. Things, on the one hand, and as usual, here in this company, was, or as a differential fact that differentiates us, so I think we should say that one of the main reasons is the strict selection of risks. Also specifically, we are managing inflation through two levers, both the rate setting and the control of claims ratio. First, in terms of rate setting, we are adjusting premiums to the new reality of the average cost of claims. This is as it should be. We have increased premiums in a gradual manner, always protecting our policyholders and especially looking into retaining them. We can justify these increase in rates with the increase in rates in the industry of around 7%. The second tool for claims ratio contention. Well, here the tool is the adjustment of average cost of claims, and we are doing that through our repair network, which helps us somewhat contain inflation. It is obviously natural that we cannot transfer 100% of the cost increase to this repair network. In the end, we have to provide excellent quality to our customers, and this excellent quality is achieved through these collaborator networks, so we need to take care of our relationship with them in the long term. Finally, if we want to detect trends, the evolution as compared to the first quarter has been positive. The combined ratio in the stagnant quarter, in this stagnant quarter, has dropped, despite the fact that there has been random impact, so to speak, as I said, both weather events and key industrial claims. The measures we've taken in terms of premiums and average costs are observed in the evolution of the line, a trend that we expect will increase in the second half year. Thank you, Carlos González. We'll continue now, also for the CFO, a question on motor. The most impaired line is motor due to inflation. Do you expect to maintain its profitability? Do you foresee that the gap with the sector will shorten? Well, I think it's nothing new, that the motor line is one of the most negatively impacted in inflation environments. In other events of inflation, motor has always suffered more than other lines. However, as we can detect from the question, we have managed to maintain a combined ratio well below that of the sector, specifically 5.6 points below. If we again compare with the first quarter of this year, which is the latest one published. Aside from the intense use of our repair network that we already mentioned, similarly to when we talked about multi-risk, and as a difference with the rest of the sector, we maintain the gap due to our technical management in areas such as the quality of underwritten claims, the loyalty of our customers, and the cautious tariff or rate-setting policies. These are the tools that we've historically defended ourselves with, and we believe that we can continue to defend this. As to our rates, since margins are being squished, we are increasing our average premium. Our increase of the average premium is done looking after the long-term relationship with our customers and looking into these retention levels, which are historically low. This is so because it's a lot easier to maintain retention levels with an agency network, which is our own, as we do have in GCO. This increase of rates will increasingly have more impact in acquired premiums or earned premiums. We expect 2023 with more contained inflation, which will allow us to have our policies have a greater impact on profitability. Now on to the credit insurance business with the following question: In credit insurance, what is the reason for the improvement in the combined ratio? Will you be able to maintain profitability in this line throughout the year? Carlos? Well, here we would need to talk about the historic context that we've talked about in previous presentations. After a few atypical years in credit insurance, claims ratio normalizes in this line. If you remember, as I mentioned in the second half year of 2022, the income of claims started to increase after being at minimum levels. With that, we ended 2022 with a gross combined ratio of 72.3 and a claims ratio of, if we understood correctly, 35 point percentage. Now we have a normalization of the claims with a combined ratio, which is similar, 71.4%, and a claims ratio also similar to that of the end of the year. However, we are still below, although close, to the normalized pre-pandemic levels. We understand that during the second half year of this year, claims ratio will go towards pre-pandemic levels, we foresee a total result of credit insurance above expected levels. In the end, the results of this half year are very consolidated, they will help us with getting to a very good result in 2023 for this line. In turn, in terms of turnover, both premiums and risk exposure are increasing at normalized and more normalized ratios because inflation is being contained, a significant part of this growth will be due to these inflation effects. We maintain a strict underwriting policy, therefore, we are comfortable with the current exposure. Here, I would like to stress that the quality of the buyer's portfolio has improved. We have more exposure, this exposure is of better quality, therefore, I think we are better fitted, better equipped for the normalization of these claims. We do not expect claims ratio, significant claims ratio leaps in following quarters. Thank you. We now continue with a question for Clara Gómez on the funeral business. The funeral business contributes EUR 7.3 million. The margin of our EBITDA has impaired by two points. Can you tell us why? Are the expected synergies taking place, or can we still expect improvements in the result of this business, Clara? I think we have received several questions about the funeral business. group them together, as Nawal said, I will answer to each of them. As I said before, we've incorporated five months of Mémora. As to the first part of the question that you made regarding EBITDA, well, what you can see on the screen is that in a recurrent manner over time, it is above, in percentile terms, 25%. It's a profitable, growing business with an aggregated EBITDA in June of almost EUR 35 million, although with some interannual seasonality, especially in the months of winter and summer, and therefore, both turnover and results may see some seasonality in the short term. I will not... High due to flu, due to extreme heat or other exceptional circumstances, such as a pandemic. Well, EBITDA has a very stable and predictable evolution over time, despite that seasonality, and the funeral business has also suffered from inflation pressures as the rest of businesses, in costs, both salaries and other operating costs, and these have not been completely transferred onto prices. Whereas the impact of inflation has taken place, but the adaptation of prices to the new context has some time delay. Regarding the second part of the question that you asked, and I think it was referring to the synergies that we might expect. The truth is that we're still analyzing the cost structure of Mémora and establishing the synergy plan. Along these lines, as you well know, last week, the group appointed as CEO of Mémora, Mr. Augusto Huesca, coming from GCO, and who has a lot of experience, both in the funeral business and also in funeral insurance, because he was a Manager of NorteHispana for many years. Without further ado, I think that we've answered the questions related to the funeral busin ess. Thank you, Clara. The next question is on the M&A opportunities. There have been several such questions, and we will reformulate them as such. After the sale process of Liberty, what other acquisitions are you studying? Are there opportunities in the Spanish market, or are you thinking of accessing other markets? Regarding corporate transactions, well, we already mentioned this in the presentation. We have a solvency ratio in 2022 and before, buying Mémora of 247%, going down to 227, 230, in case of the acquisition of Mémora. Comparable solvency, more than 2.3 times above that requested by the regulator and with a solvency which is also supported by our rating agencies. All of that, of course, will allow us to carry out significant acquisitions in the future. In the case of the size of the acquisition being a very good opportunity, the group could have not only this or count not only on this accrued equity, but also in the leverage capacity, always without risking our solvency position or the financial independence of the group. GCO, as you very well know, looks for opportunities actively. We analyze all opportunities, and right now in the Spanish market, in December 2022, we have a market rate of almost 5%. We are fourth in the ranking of insurance groups, which means that we understand that there is still room to grow in Spain. It is a market which is profitable and a market that we know, a market where we could, of course, have important synergies. This doesn't mean that we will be limited only to the Spanish market, investing in other markets would mean we see a really relevant opportunity. Now one question about the new interest rate context regarding investments. Is the interest rate increase having an impact on your investments? Well, just to give you some context, in investment management, our priority has always been to provide adequate coverage of our commitments with our policyholders and also taking care of financial margins and protecting them. We always carry out a very cautious management, we pay attention to the volatility of the markets. Well, you know this very well, the situation of long-term rates over the past few years meant that we maintain treasury levels above the usual. We have made use of the new situation of the market after the change in central bank policies and the subsequent increase of interest rates. The increase in interest rates, or even if it's true and you know that it has an impact on the evaluations of our fixed rate portfolio, it offers, however, a good opportunity to reinvest maturities at very attractive interest rates. We can see it immediately in the P&L. You've seen it, an improvement in the financial results by EUR 42.8 million, from EUR 42.8 to more than EUR 79 million in this half year. In future years, as assets mature. From the traditional business portfolio, we will continue to reinvest at profitability rates that we trust will be attractive. On the other hand, the interest rate increase also has had a positive impact in the commercial reactivation of life savings products, both periodic and recurring premiums and single premiums, because we can transfer profitability increases to our customers. You've seen this, due to the exposure, the growth in single premiums, more than 50%, comparatively speaking, to the previous year, which, well, you know, even if it's not our basic strategy of growth, it has allowed us to offer our customers savings products that are adapted to their needs. This regarding life, if we talk about traditional insurance business, general insurance, and you've seen this in credit insurance, the positive impact of increasing interest rates in the financial performance has been very positive, we can see this in the short term due to the duration of the portfolios. Okay, we will close the Q&A session with one final question on the new accounting standards, it reads: You've informed based on IFRS 4, how do you expect to report in the future? What evolution do you expect of future results based on the new IFRS 17 accounting standard? Well, I think we have received more than one question about the new accounting standards. Just like we mentioned at the beginning of this presentation, both the annual report and the presentation of results, we've made it based on our management information, which is what we use in the management of the business and the one that's used for decision-making. We understand that all of these allows us to maintain the necessary consistency in terms of the information that we report on a quarterly basis, and to do the adequate follow-up, both of the evolution of the business and the main indicators and KPIs, such as the combined ratio. All of that has also been verified by our auditors, and we understand that this is what we will also do at the end of this year, 2023. Having said that, with the international standards, we've already mentioned not only our impact in the P&L, but also on previous occasions, we've also described the impacts at the time of the transition in equity, we will continue to maintain that in future presentation. We will include information about the future impacts of international accounting in terms of results, but also the net equity, always in order to maintain transparency, we will always inform on the explanation and evolution. You know, we've mentioned this already, that one of the aspects where we'll need to continue to report is the fact that certain items have different treatment in financial investments. Okay, with this answer, we will close the presentation of results of the first half year from 2022. Thank you, Clara Gómez and Carlos González, for your presentation and the answers. As usual, any questions pending will be managed directly through the investor relations team in the coming days. I would like to invite you to the next presentation of results on Thursday, October 26, 2023, where we will be presenting the results of the third quarter of the year. Finally, we would like to remind you that you can visit our website at www.gco.com, where you have all of the financial information and sustainability information that may be of interest to you. As usual, we would like to appreciate your attention and participation.