Good afternoon. This is Clara Gómez Bermúdez, General Treasurer for Risk and Finances at GCO. As in the presentations of the first two quarters of this year, I'll be here with you in this presentation of results. Carlos González is here with me, as usual, CFO of the group, and Patricia Zamora from Investor Relations, who, as usual, will collect and group together all of the questions made after the presentation, and we will answer them at the end. Before we start, I would like to show my appreciation to all those of you who are attending online and for your interest, not only on the evolution of the business, but also the evolution of our share price. As we already mentioned in the presentation of the first quarter of 2023, the basis for the presentation of the financial statements on this occasion, since it's quarterly financial statements, will be exclusively the consolidated financial statements based on IFRS 4, which is the one we're all used to. Because in the half year, we published based on IFRS 4, as well as the new international accounting standard, IFRS 17, for insurance contracts and IFRS 9 for financial investments, which, as you know, apply to listed companies. So, as a consequence, the basis for the financial statements that we will now discuss is the accounting that we're used to, which is based on IFRS 4. Now, starting with the evolution of the business and taking into account the geopolitical environment we're in, which recently has become more complicated because of the Middle East conflict, the uncertainty vis-à-vis the evolution of the world's economy, with the complex context of inflationary tensions that we all know about. I think we can say that the results of the past nine months are very favorable and with a very positive performance in the three strategic pillars that you can see on screen, both growth, profitability, and solvency. Regarding the first section, in growth, the total volume of the business has increased very positively, 9.2%, more than EUR 4.4 billion total volume in the months of this year. This confirms the upward trend that we saw in the first half-year with the relevant growth in the traditional business and a bit more sustained in the past quarter in the credit business. The total volume that you can see on screen, you already know this, incorporates our three businesses: traditional business, with more than EUR 2.3 billion total volume; the credit business, with almost EUR 2 billion; and the funeral business, which now amounts to EUR 164 million. The funeral business incorporates eight months of business volume. As you know, on previous presentations, we said that the acquisition was made final on February 9, 2023. Regarding profitability, at the center of the screen, we already talked about the favorable evolution, EUR 526 million result in the nine months of the year, with a growth above 10%, specifically 10.4%. We should stress that traditional business has improved as compared to the first six months, an improvement that confirms the upwards trend with 1.1% growth in ordinary result and the favorable evolution of the credit business, with a bit of a more sustained growth in the first six months of the year and very much in line with our forecasts that we had already shared on previous presentations. In the traditional business, the truth is that we exceeded two billion result with a slight increase, we mentioned 1.1% as compared to the previous year. The ordinary result, on the screen, you can see the combined ratio, 92.5%. That compares very favorably versus the combined ratio that we published, that the sector has published to date, the ratio of the first six months, and maintaining the positive distance with the rest of the industry. We grew slightly, if we talk about the combined ratio of the traditional business, all of these due to the inflationary pressures of this year, but we continue with a combined ratio that we consider to be very positive as compared to the combined ratios of our competitors. In the credit, the credit business shows very positive result. In the total result, EUR 212 million with 13% growth versus the year before. You can see on screen, 107.12% combined ratio, with a slight positive increase, 1.3 percentage points, due to the slowdown in turnover due to less commercial activity. Regarding the first six months of the year, we value the financial performance of the group very positively, from EUR 67.2 million in 2022 to almost double, EUR 144 million financial performance in this year. Financial performance, which incorporates the ordinary and non-ordinary performance. And finally, in the funeral business, already contributing EUR 9 million in the eight months of results of this year in the group. And the last pillar, solvency, also confirms our strong position, which allows us to face future challenges with the solvency ratio in the first six months of the year in non-audited figures of 226%, completely incorporating the acquisition of the Mémora Group, which, as you know, has been fully acquired with own resources. And all of that was not only confirmed by rating agencies that have, that give us great rating. AM Best, they give us an A rating, and even in operating entities of the group business, increases the rating from A2 with a positive outlook to A1 with a stable outlook. On the right-hand side, well, you're familiar already with the exceptional performance of the group in this century, 9x turnover, 15x result, going from EUR 33 million to more than EUR 500 million, which we assess very positively. And once the main keys of appearance have been explained, a few comments about the economic environment in the areas that we consider can have the greatest impact on the evolution of the business. I think the most significant piece of data regarding the economic environment, as compared to previous presentations, is the recent Middle East conflict, an economy which is more exposed to volatility in a general context of more uncertainty. Regarding the first indicators this year, yes, we continue to see a positive trend as per the latest publications of the IMF in October, specifically in the United States, we should stress the job creation rate. We can see slight increases, is 2.1% GDP, estimated GDP for 2023 versus the data from June. That's at 1.8%, and a slight decrease in inflation. In the Eurozone, we continue to see quite a lot of disparity between countries, better growth expectations in the Spanish economy with the two, with the 2.5% growth expectations as compared to our peers, this 0.7% that we can see in the presentation, with slight downwards revisions as compared to the presentation in June. Regarding markets, you know this perfectly well. You are on top of things regarding markets, but after many years of very low rates, central bank policies have led to an increase in interest rates, and interest rates have increased in October, especially longer terms, as a consequence, among other things, of the Middle East conflict. In the first half of October, 10-year Spanish debt has been slightly above 4.1%, with slight increases in the spreads, both corporate and public debt. At the bottom of the screen, you can see stock markets in the past month, marked by the destabilization of the geopolitical situation. At the bottom, we can see the positive evolution of IBEX, but the truth is that there's been a slowdown in the past few weeks, with a drop in the past week, and the positive evolution of European indexes and especially American indexes, mainly NASDAQ, in this case, as a consequence of the evolution of big techs. And as usual, we offer you a few ideas about the insurance industry in Spain. Along the lines of the growing evolution during 2023, there is growth in all lines of business. You can see on screen the double-digit growth in turnover, with this 20.3% clearly promoted by the life savings business, almost 58% growth in this year, and due to the attractive interest rate situation as compared to previous years. But also with very good growth in non-life, 6.5% in the lines pulled together and in the mass lines of business, well above what we usually see in the sector, which is very competitive and undoubtedly due to sectoral combined ratios of motor and home. Growth, very similar to non-life, well, GCO and GCO life is different. Life risk, in life risk, GCO grows above the sector. You see this -1.8% and a bit more sustained in the case of savings, as you know, because we've told you on previous occasions, due to our more moderate strategy regarding single premiums, preferring recurring premiums, which contribute more, more value. Single premiums growth has been very relevant as well in this quarter. Now, regarding GCO, as usual, on screen, you can see two summarized P&Ls, both income and results. Very favorable increase in income in all lines of business, the 9.2% that you can see on screen, 7.6% growth in the traditional business, more than EUR 2.3 billion turnover, with the increase in recurring premiums that you can see on screen, is very similar to the rest of the sector, 5.1%. Regarding single premiums, we've already talked about this. We have conducted three issues of guaranteed products, offering very interesting interest rates to our customers inside of the situation of interest rates in the market, with this growth of almost 37% that you can see here in single premiums life. Regarding the performance of the credit business, and different from what we had been seeing in previous months, we see some slowdown with a growth of 4% in turnover, due to some slowdown in commercial activities and of our insurance sales, which has an impact on this first line of the P&L. We estimate that in the last few months of the year, the slowdown of insured sales will continue at a stable pace. Well, the CFO, Carlos González, will give you more detail about the evolution of income, but we have a favorable estimation for the last quarter. Finally, I would like to talk about the funeral business. You see almost EUR 164 million income. We've already mentioned it in the eight months of this, the incorporation of the Mémora Group into the group. And in results, I'll give you a bird's-eye about the key parameters of the group results. Very favorable growth in consolidated results, EUR 526 million, so a growth by 10.4%, which after deducting external partners in the attributable result, we get to a 9.3% attributable result after discounting external partners, which grew very favorably, as well as a consequence of the nice growth of the consolidated result. The traditional business continues with the positive trends as compared to the first few months of the year, with a slight growth as compared to 2022. This 1.1% that you can see on screen, exceeding the EUR 200 million ordinary result. Of course, we will give you greater detail later, with a combined ratio below 93%, well below the average of the sector, despite the inflationary situation and the weather events that we have been experiencing, especially during the first few months of the year. In general insurance, I think we can say we've gone from less to more. We have taken many measures, implemented many measures, cost contention, etc., and more drops as compared to the Combined Ratio compared to the previous year, but with a good behavior, with a Combined Ratio of 96.2% and very contained in the last six months of the year due to the measures we've implemented. I would also like to stress the incorporation of the Mémora business within the funeral business of the group, with this EUR 9 million result, which is a result of eight months of activity in the group, and we'll give you greater detail later. But this is an EBITDA of almost EUR 40 million, EUR 39 million specifically, and 24%, if we talk about percentage. The funeral business has been affected by lower mortality as compared to the previous year and an increase, a cost increase due to inflation. We also adopt cost reduction measures, making use of the fact that now the Mémora Group is within GCO. In credit, you can see that our results are above EUR 300 million, specifically EUR 312.5 million. Growth, two digits, above 13%, 13.3%, specifically, which we continue to see very positively. And in this regard, we already anticipated a certain slowdown in the turnover of the credit business in the second half year due to less insurance sales. The truth is that the claims ratio is very contained, and despite - and this despite the cautious provisioning that we still preserve. So our conclusion for the end of 2023 is that the drop in insurance sales will stabilize, and that the growth of the claims ratio will continue to be very gradual, which will allow us to close the year with growth that will continue to be very positive in the credit business. And the good consolidated results, EUR 526 million, are barely affected by non-ordinary. You can see it on screen, EUR 3.1 million, and this is essentially explained by financial investments, specifically realization of funds, that, as we already mentioned on previous presentations, with the purpose of compensating the volatility of mutual funds with the new international accounting changes, have a different treatment, and they have been partially offset with extraordinary expenses of the group. Specifically, the adaptation to this international accounting and the publicity or the advertising campaigns that we have conducted for our new brand, Occident. Regarding the distribution of our business, not much to say as compared to previous years. We maintain a very diversified portfolio, which allows us to face, and will allow us to face future challenges. The traditional business makes up 54.2% versus 45.8% credit business. Very diversified vis-à-vis the different products that the traditional business, you can see the balance between motor and multi-risk, 12.6% versus 14.8%, respectively, which is favorable to us in this profitability of the traditional business versus our competitors that are more exposed to motor. To date, it is true that the weight of the credit business in the group has dropped slightly, and we will need to add the funeral business, which represents 3.8% of the business volume. Our international presence, that we always talk about, mainly focuses on the credit business. In the credit business, it is true that Spain continues to take on the greatest weight. Additionally, with the incorporation of the Mémora business into the group, we have a presence in Portugal, which undoubtedly contributes to more diversification of the business. As usual, we give you information on sustainability. You know very well that our three strategic pillars of growth, profitability, and solvency over the years have led us to an absolutely sustainable business, and that the different actions of the past few years, we have included them in the Sustainability Plan 2021-2023. A plan that we will renew at the end of this year for 2024-2026, and as usual, the general lines of which we will share with you. At the bottom of the screen, you can see a summary of different actions in terms of sustainability. On the left-hand side, we have information and transparency. You know that we publish the sustainability reports, the non-financial information, everything verified by our auditors. It is available together with the sustainability policies on the website of the group, and we are also signatories of the PRI. Well, all of the actions relating to market transparency that, as you know, are published on our website. On the right-hand side, you can see more tangible actions in sustainability. We are stressing these three. On the one hand side, in the area of products, we have adapted our mutual fund offering to Article 8 of SFDR, so we have adapted our funds to sustainability criteria, and we are also working on adapting our pension plan and EPSV offering. Regarding Prepersa, you can see this on the right-hand side of the screen. This is a repair, vehicle repair service through AutoPresto. We have also received the Sustainable Workshop Certification by Centro Zaragoza, which contributes to confirming that we implement environmental criteria. We also have investments, such as Nativa, that we're stressing here on screen, a company that aims at fostering the development of natural capital to protect the natural resources of the Mediterranean region. I would also say that in our real estate investments, which are over for fourteen percent of the total investments of the group, the most relevant, have the top certifications, environmental certifications, and we are working on extending them to most of our buildings in such a way that our real estate investments will also be adapted to sustainability criteria, and so we will be able to provide better service to our customers. Just like we have rating agencies, credit rating agencies, we also have sustainability rating agencies. On this occasion, Sustainalytics confirms a good rating, low risk amongst the top companies in the market. I will not talk longer about this because we've already mentioned it on previous occasions. Regarding the share price performance, you know this even better than ourselves. We've had a good evolution in the first nine months of the year, especially in the last quarter, 3.21% positive, much better than the previous year. It is true that somewhat below IBEX, but better in the past few weeks and better than Euro Stoxx Insurance as a reference index. But it's true, however, you know that, that we like to measure the performance of the share in the long term. And if we look at 2022 and the nine months of 2023, we have this 10.18%, that you can see on screen, that compares positively with the reference indexes. Regarding dividend payout, you know that we maintain a growing dividend payout policy with a clear commitment towards shareholder remuneration. The most relevant is our stability, even through the crisis, not only in the 2008 crisis, but the recent 2020 crisis. In 2022, we paid out a dividend of EUR 123.42 million against 2022 results. So an increase of 8.7% versus the previous year, and in the current year, we have increased the dividend by 7.5%. July and October is, that you can see on screen, with that EUR 23.1 million, as compared to EUR 21.5 million in the previous year. So without further ado, I would like to give the floor to Carlos González, CFO, who you know very well, and who will explain the evolution of the year in more detail and the main indicators, breaking them down by lines of business. Good afternoon. As usual, and as Clara Gómez already said, we will start dissecting the different businesses. We will start with the traditional business. Here, our product diversification and the high retention of our customers has allowed us to maintain an important growth in turnover, increases in premiums of 7.6% and recurring premiums 5.1%, up to EUR 2.087 billion, as you can see on screen. Here's 27.1% multi-risk and other 12.7. The technical result drops by 8.9%, where in general insurance, the combined ratio is above 90, specifically 92.5%. It is true that it is better than the market, but a bit below previous periods. Obviously, the behavior of motor and multi-risk, but we will develop in more detail later. On the other hand, we continue to see favorable evolution of the technical financial result of life, with a growth of almost 30%, and it is very much benefited by the financial results that we will also discuss. Let's start with a breakdown by line of business. Multi-risk, EUR 621.2 million premium, experiencing a strong growth, 7.1, 7.1%, a bit better than the market, which is at 6.4%, with the growth in premiums in mass lines as a consequence of good customer retention and an evolution of the average premium, which has had an impact, albeit partial, in the increase of claims costs. Combined ratio is 92.9%, 1.3 above last year as a consequence of several impacts. Combined, the main impact was the increase of claims costs due to inflation. Additionally, there are other lesser impacts, such as weather events, weather claims and key events or peak events in industrial multi-risk. These impacts did not appear in the first half year of last year, but in the second half year. So in terms of ratio, we compare favorably with the quarterly ratio this year, 94.4%, as I said, with lower weather impact. Last year, if we compare, the combined ratio was at 97.6% in this stagnant quarter. So in the end, the result has dropped by 10%, EUR 42.1 million in this line of business. Now, motor, significant growth in premiums, 5.3%, up to EUR 519 million. Behavior similar to that of the market, growing at 5.9%, and all of that within a competitive environment with increasing prices. In our case, this is linked to a good customer retention. Combined ratio is at 96.2%, 3.6 points above 2022. This year was at the beginning of the year, we saw a reduction of mobility due to COVID. It is true, however, that this increase, well, the main component of this increase was due to the higher costs of claims due to inflation. And in the past few quarters of 2022, we already saw that, and it affects multi-risk and motor, especially. The quarterly level, we see a stabilization of the combined ratio as compared to the second half year, 97.9, 97.2 in the previous stagnant quarter. So in the end, the result goes up to EUR 19.1 million and reduction, significant reduction, although expected, due to this price increase that we were talking about due to inflation. And now other. An increase in earned premiums by 8.2%. In results, we continue to see a good combined ratio, well below 90%, specifically 85%, and producing a technical result of EUR 41.5 million. So it is obvious that this line of business is a good stabilizer for the results of the rest of general insurance lines. And now on to life. We continue to see growth in periodic premiums, around 2%, a reactivation of single premiums with the products that Clara Gómez mentioned before, guaranteed interest rates, products. This is so because now with the interest rates that we're seeing in the market, our customers are very, again, interested... in these types of products. Results, the technical financial result improves by 29.1%, up to EUR 143.7 million, an improvement of the technical result, but mainly a significant improvement in the protection of the financial margin, increasing in, by EUR 20.1 million due to our capacity to reinvest at higher rates in this normalized interest rate environment. As a summary for the traditional business, the increase in turnover is 7.6%, including single premiums, and the important improvement of the financial result, which at an aggregated level, increases by EUR 26.8 million, again, related to this new environment of interest rates. This allows us to contain the impact of the reduction of technical margins cost, amongst other things, by the impacts of inflation on claim costs. Finally, the ordinary result is at EUR 201.3 million, with an increase of 1.1%. If we look at the total result, this is not impacted by non-ordinary results in a relevant manner. Now we'll analyze the credit insurance business here, and premiums reach a volume of EUR 1.7259 billion, a growth of 3.4%, showing a slowdown as compared to previous periods. Here, the good evolution of the turnover of our customers due to inflation effects that we had already been seeing on previous periods, is dropping as CPI increases, and we see the slowdown of the economy. There is still downward pressure in renewal prices with an inflow of claims that is still favorable. 7.6% net technical result, amounting to EUR 356.8 million, due to moderate claims and an improvement in the cost of reinsurance. Now, we can have a look at the geographical distribution of income. The income generation rate increases in all geographical areas, but this would drop in all areas, but there is more slowdown in the geographical areas where this slowdown is more significant. We can see the slowdown in turnover of 0.4% in Central Europe and Northern Europe. In terms of profitability, the gross combined ratio continues to show a positive performance, 71.2%. The important growth of turnover or income in the past few quarters allows us to maintain cost ratio, which is lower, around 33%, whereas the claims ratio is stable below 30%, 37.4% specifically, still below ratios before COVID. It is true, though, that the number of claims increases as the quarters elapse. And I would like to say here that we continue with our cautious provisioning criteria described at the end of 2021 and in 2022, and as couldn't be otherwise, in this end of quarter. In terms of risk exposure, the growth rate increases by 2.9% and is in line with the reduction of growth rate of premiums. Both parameters are always quite in line. I would like to say in this point that we're maintaining our strict selection criteria and the high quality of our portfolio. As a summary, we'll take a look at the drivers of the year, starting by income, still increasing, but there's a slowdown in the increase of a revenue or income, and the technical result in, after expenses improves because of the controlling of expenses and claims with a moderate inflow of claims and with a cautious provisioning policy. Regarding reinsurance, better result, because in 2022, we must remember that there were still negative rundowns of the government agreements canceled in 2021, that this year, and as is reasonable, barely have any impact anymore. On the other hand, the financial result, we should stress, that improves substantially. EUR 22.3 million increase, basically as a consequence of the reinvestment of investments that in the credit business are short term, both fixed income and liquidity deposits and current accounts. This means that the adaptation to new market types is quicker than in traditional business. In the end, with all of that, the ordinary result is at 312.5, and with this increase, 13.3%. Finally, as we said in previous quarters, we will also report separately on the evolution of the funeral business. After the incorporation of the Mémora Group, we expect it will continue to provide high margins and stable growth. We continue to provide information on the income parameters since 2019, or turnover parameters, with an increase both internal and by acquisitions. In the case of the margin over the, the parameter, you can see that this margin is normally above 25%.... And here, the specific data of the quarter end of 2023 show that the margin over EBITDA is conditioned by the impact of inflationary effects on expenses. So this 24.1% over EBITDA is conditioned both by this and, lower number of deaths as a consequence of - Well, obviously, the deaths that occurred during the COVID period are not taking place at the moment, and there's some abnormality regarding the number of claims coming in or number of deaths coming in, rather, better said. Here, just to finish with my part of the presentation, I would like to remind you, as we've done before, that regarding Mémora, and the information that you are seeing at the moment on these figures, we only see eight of the nine months that we're reporting, but because the month of January cannot be considered within the consolidation scope. As in previous occasions, we will now offer you greater detail, not only about the business, but also the capital evolution and the solvency of the group. On screen, you can see the evolution of own resources that at market value, you know this, incorporating capital gains on equity, not included in the balance sheet for an amount of almost EUR 567 million euro, that you can see on the line before last, exceeds EUR 5 billion, more than EUR 5.4 billion, a growth of 11% as compared to year-end. Mainly, of course, due to the positive evolution of fixed income capital gains and the evolution of the markets, which have also caused equity capital gains, net of taxes and accounting asymmetries, it's almost EUR 130 million, as you can see on screen. But with all of that, the evolution of permanent resources that we can show on the right-hand side can only be called extraordinary, multiplied 15 times in this century, a consequence mainly of the sustained results of the group through the years, and also the retention. This, due to our upwards shareholder remuneration policy that has allowed for the expansion of the group by corporate transactions. In the past 20 years, we've gone from permanent resources of EUR 332 million to more than EUR 5.4 billion. And solvency, we always report on solvency as well. Here, you can see solvency at the close of 2022. In 2021, we had a solvency ratio of 220%, increasing at the end of 2022 with a very significant growth, more than 27 percentage points increase. You cannot see that on screen, but the solvency of the first half year of 2023, not audited figures, is 226%, so almost 2.3 times above the end of the year. All of that, incorporating the acquisition of the Mémora group, which has been entirely financed with own resources. Our own funds are of top credit quality, 97% Tier 1, and with a good tolerance margin in the event of adverse situations. You can see it on the right-hand side. We would preserve a ratio of around 200%, even in adversity areas. However, you know that the solvency details are provided in the financial and solvency situation report, published in May 2023, and as usual, it is available on the website of the group, not only for GCO, but also for related entities. With all of that, the truth is that rating agencies acknowledge the robustness of our business model and the excellent operational results, and they do not only confirm the A rating for the operating entities of the group, as is the case of AM Best, but you know that the rating agency that rates us for credit is Moody's, and they increase the rating from A2 with positive outlook to A1 with stable outlook. I would stress the strong competitive position of data as a strong competitive position, strong capitalization, low financial leverage, and conservative investment portfolio. Finally, on the screen, you can see our investments. Managed funds are more than EUR 15 billion, EUR 15.2.91 billion, increasing by 1.5% as compared to end of 2022. I will not stop to talk about each of the investment items. You know, we have a very cautious investment policy. A referent asset is fixed income, representing more than 50% of our investments, with more than EUR 7 billion fixed income and a relevant treasury position. You can see on screen a reduction, you know, as a consequence of the acquisition of the Mémora group, so much discussed throughout the presentation. And regarding the type of investments, you can see that we maintain very similar investment as we've always done and as we've always shown in our presentations. Very diversified, with a slight increase in fixed income. Also, in sight of the current interest rate situation, we always invest along the lines of our, or, or matching our liabilities. You can see here variable income, and the increase is not due to an increase in investment in variable income, but the higher valuation of our variable income investments. As we've said, the realization of mutual funds, in this case, from the credit business to reduce volatility in the P&L under international accounting standards, IFRS 9. This does not change the type of our investments. This is direct investment in equity, which is what you can see on screen. With that, we would finish the presentation, and as on other occasions, we will answer the questions that you have posed. Also, due to the volume of questions we have received, Patricia Zamora has pulled together all of the questions. I'll try to—we'll try to answer all of them, and if any of them remain unanswered, you know you can talk to investor relations subsequently, and we will answer the questions by the regular means. Thank you very much. Thank you very much, Clara Gómez Bermúdez and Carlos González, for your presentation. And now, as usual, we will start with the Q&A, questions that we have received throughout the presentation and that we've grouped by topic. The first group of questions are about the traditional business, this one specifically about motor. The impairment in motor is generalized in the entire sector, but you withstand it better. Do you think you have reached a peak, or should we expect a worse Combined Ratio in future quarters? Well, motor is one of the most damaged lines of business in terms of profitability in the insurance business. In unfavorable macro environments, historically, such as now with unfavorable results of inflation, this competitive line of business suffers more than others, and in our case, specifically, and that, I think that's what the question was about. As we saw in the presentation, the combined ratio, stagnant combined ratio, stays stable, and it's at 97.9%. It seems like we've reached the peak, and we expect to maintain or improve the ratio, not only due to the actions we've undertaken in claims ratio, but also how we focus on the risks and guarantees more affected by inflation. Here, we should always pay attention to our long-term relationship with the customers and maintain retention levels that we usually maintain, and we are managing to do this. Here, I would like to remind you that the combined ratio is calculated on acquired or premiums, not invoice premiums. So due to the accounting terms, all of the premiums come from tariff adjustments, has not been incorporated, but we can foresee, therefore, a positive evolution of the combined ratio. Having said this, when inflation stabilizes, and it seems it's stabilizing, now we will be able to normalize this Combined Ratio. We'll continue, also for the CFO, with a question on multi-risk. Historically, it has been one of the lines of business that has contributed the most, both in terms of turnover and results. Could you maybe talk about why this increase in the Combined Ratio? Well, I started introducing it, maybe not in so much detail. There are several reasons, but multi-risk comparatively is higher than the previous year. It is also true that the claims ratio this year has been marked by the increase of costs due to inflation traditionally, and this maybe is what I've not talked about. Multi-risk has been negatively impacted by weather claims, weather-related claims, both due to geographical locations, intensity and distribution over time. In the end, this has added more than 1 point of combined ratio as compared to last year. And regarding industrial risk, there's been a higher number of severe claims as compared to the year before, and these two reasons are the secondary reasons. But undoubtedly, the main reason and the sectoral challenge for 2022-2023 is managing inflation, the combined ratio of the sector. The latest one published is slightly below 96%. I mean, I think 95.7%. GCO, despite this increase in the combined ratio, we continue with a positive gap, almost 3 points, and this is mainly thanks to a series of measures that we have adopted, both from the point of view of risk selection and pricing. For example, here we are adjusting the premium to the new reality of average claim costs, and in that way, we've been able to increase the premiums in a sustained fashion, always protecting our policyholders. But also, it is also true, and I already said it when I talked about motor, that these price increases enter the Combined Ratio a bit later. And regarding other management activities and this inflationary environment, we should stress the average claim cost. We are managing it through our repair network. They help us contain inflation partially. However, this will end at some point, because, of course, part of the cost increase for our partners will end up increasing the average cost of our claims. Our priority is to provide an excellent service to our customers, and we do this through our partners, our collaborators, our repair network, so we need to treat them exquisitely as well. Now on to credit insurance, several questions. In one, in the credit insurance business, you're obtaining historically very good results. In the VUCA environment that everyone is talking about lately, and with the focus of a recession, especially in Germany and therefore in Europe, what can we expect for the end of 2022? Mainly, how are you going to face the first half year of 2024? Could there be difficulties due to the conflict in the Middle East? Well, I think, as we said at the beginning of the presentation, credit insurance as a whole is starting to normalize, both in terms of increase of turnover and TP, and in terms of claims ratio. Regarding this last one, it's still low, 37.4%, and we continue to operate with claim inflow levels below pre-pandemic levels, but this continues to increase gradually. We should stress, however, that these claims ratios contemplate the necessary provisioning for the context that we are experiencing. We feel comfortable in terms of risks. The risks in our portfolio, of higher quality than in previous periods. We've been improving the quality of our portfolio, and we have also improved the active risk management, which we are doing in a finer manner. So much so, that the Moody's rating agency has acknowledged this. Specifically, it's one of the reasons why they have improved our rating, going from A2, as we said before, to A1, with a stable outlook. That is our current rating. That's the reason, is this comfort that we're feeling in some of these parameters. For this reason, we do not expect a significant impairment of credit insurance in the short term. The last part of the question, I think, referred to the Middle East situation. I would ask you to look at the annexes of the presentation with the TP per country. Within this breakdown per country, the Middle East is included within rest of the world, which, as you can see, is a residual section, 1.7% in total of rest of countries within the Middle East. It doesn't even amount to 0.4% of the exposure. As happened with the Russia-Ukraine conflict, direct exposure is residual. We will manage it actively within our risk management policies, and if the situation evolves into negative consequences in the economic sphere. Now, a question for Clara Gómez on the financial result. The financial result doubles as compared to the third quarter of last year. Could you give us a bit more detail about that? Well, the Investor Relations team is saying to me that there have been several questions about the financial performance. I've made note on these questions, and I'll try to answer each and every one of them in general, and any additional questions can be answered via the regular channels. Before I start, I think we need to make a clarification about the financial performance. The published financial performance of the first quarter that I mentioned at the beginning of the presentation, EUR 144 million, incorporates ordinary financial performance and non-ordinary financial performance. I would like to briefly mention the non-ordinary section, which has already been explained, but I would like to give you more clarity, more detail. It incorporates the realizations on mutual funds, specifically in the credit business, so the capital gains of more than EUR 20 million. That compares with negative realizations of the previous year. But in the end, it is a one-off circumstance. Regarding the ordinary financial result, it is very positive, an increase by almost 45%, and I think it is worth stopping there for a minute. As we could expect, this new interest rate environment has improved the performance of our fixed income and banking balances, our treasury position, and also a favorable performance of equity, especially in the first half year. Insurance companies have been facing a situation of interest rates that were extremely low for over a decade, even with negative interest rates, 10-year interest rates. So I insist, this was not usual or regular, and it impacted financial performance and savings products that we were able to offer our customers. Also, due to the cautious investment policy that we have maintained over the past few years, with treasury positions that are more relevant than usual, we've been able to make use of this better interest rate situation, in the end, having an impact on what we were just saying, our positive assessment of financial results. And therefore, in the end, we are in a more favorable environment, not only regarding the performance of our investments or the return of our investments, but also the profitability for our investors. We've already said this, but we'll say it again, offering savings products at guaranteed interest rates, in this case, capital and income, which offers a good opportunity to our customers. And I think with that, I've answered the question in general terms, but at any rate, if there are any further questions, we will be able to answer them through the regular channels. Final question on the M&A opportunities. With such positive results, should we expect a very satisfactory end of 2023. Are you considering any changes, considering there have been no corporate transactions? Well, this is a question that we receive at each presentation of results. We've discussed this time and again, and you know this. We are always actively looking for opportunities, and we analyze everything that comes to us, everything that is presented to us. It is true that we are very happy with our position in the ranking. At December 2022, in the Spanish market, we were in the fourth position, and it is true that there are variations throughout the year regarding this ranking, and especially this year, with more attractive interest rates, especially companies related with insurance banking, make issues that make certain alterations in the ranking. But with a market share of 5%, we still have room for growth in the Spanish business. Additionally, as you know, the Spanish business is a very profitable one, and we know it very well, and we would be able to use synergies. This does not mean that our active position is limited exclusively to the Spanish market. We're also open to investing outside of Spain whenever there, whenever a series of circumstances indicate that this opportunity may be attractive to us. And one of them, and we've already discussed this time and again, is that it should be relevant position in the new market for it to be of interest to us in terms of investing. And of course, transactions such as this, we would not be able to face them without the excess solvency that we discussed during this presentation. You know, this 226% solvency ratio, and all of that incorporating the acquisition of the Mémora Group. And for that reason, you know that we maintain our stable and growing dividend policy, which is-- which we consider to be aligned with our corporate strategy. With that answer, we will conclude the presentation of results of the third quarter of 2023. Thank you, Clara Gómez and Carlos González, for your presentations and the answers to the questions received. I would like to remind you, as Clara Gómez said, that any pending questions will be managed directly via the Investor Relations team in the coming days. I would like to take this opportunity to invite you to the next presentation of results, which will take place on the Friday, 1st March 2024, for annual results. Well, you can visit our website, where you will be able to find the financial and sustainability information that may be of interest to you. As usual, we would like to thank you for your interest and participation, and see you soon.