We'll begin with this presentation of results of the Q1 2024. This is Clara Bermúdez, Director General of Financial Risk Management, and as in previous presentations, I'm here with Carlos González, Chief Financial Officer, and Nawal Rim, Director of Investor Relations, who on other occasions will group together and combine all of the questions asked throughout this presentation, and we will proceed to answer them at the end. Thank you very much for being here during this session, which is remote, and thank you for the interest you've always shown on the evolution of our businesses and the share price evolution. Before we start, I'd like to remind you that the financial information that we collect in this presentation of results is done under the Financial Reporting Information IFRS 4, and as on previous occasions, in the half-year we will report under IFRS 17. Starting now with the summary of the year, we have a very good assessment. We make a very good assessment of our 3 pillars: growth, profitability, insolvency, and our 3 lines of activity, which, as you know, are traditional business, credit business, and funeral business. At the top of the screen you can see growth. Turnover grows by 1.1%, as you can see on screen, EUR 1.863 billion. It is a growth that we could consider moderate, and isolating the effect of single savings premiums that, as you know, we issue in the Q1 of last year, and isolating this effect, it would take us to a consolidated growth of 3% at any rate, better than the rest of this financial insurance sector as a whole. Satisfactory consolidated result: almost EUR 180 million growing by 12%, as you can see on screen, and with a positive growth on the three lines of business. EUR 100 million result in credit insurance. We will talk about this further. Similar to the year before, it was an excellent year in this area, but I would like to stress the favorable behavior of the traditional business, as you can see on screen, with a combined ratio of 90.1%, a decrease of 1.6 points versus the Q1 of 2023, and a drop also as compared to year-end: 92.6%. As a consequence, as we will see later, the ordinary result of traditional business improves by 26.4%. Finally, in the last pillar, good behavior of permanent resources at market value. You know this very well, and we will have a slide talking about them in greater detail later. All of this takes place in an economic and political environment which is complex worldwide, marked by uncertainty. And beyond the two main war conflicts at the moment that you know as well as we do, financially speaking, there's a reduction of inflation: the European level 2.8%, 3.4% in Spain, but an inflation which, in the end, continues to have a negative impact on company costs, an increase of economic activities, a moderate increase. You know that the estimated global GDP is growing in line with that of 2023, with this 3.2% that you can see on screen. There's an improvement in the estimations of the Eurozone. We see this 0.8% estimated for 2024, and the performance in Spain, with this 1.9%, will foreseeably be better than that of our European peers. Regarding markets, as we can see on this slide, nothing new that you don't know of: central banks have not yet reduced interest rates, have not taken these sort of measures. We will probably see this in the second half-year of this year. We already said in 2023 that we would start to see interest rate drops, and the truth is that in the short term interest rates are still high. In the long term, on the left-hand side, at the top you can see that they are around 3.2, a bit higher now. They're at 3.4, and all of these coupled by a reduction in the risk premium. At the bottom we can see a good evolution of the stock markets despite the uncertain political environment that we just mentioned, an increase of Ibex, still a bit below the other European and American indexes, but a good performance at any rate in this Q1 of 2024. As always, a few words on the performance of the insurance industry in Spain just to give you some context. As usual, in this quarter we do not have the Combined Ratio updated figures. Here you can see the turnover figures, which drop by 3% as a whole in the insurance industry in Spain. This drop is very much conditioned by the drop in single premiums in savings, this 18% that we can see on screen, and as you may remember, and as happened in the first half-year 2023, there were significant issues of single savings premiums that have not materialized in this year yet. A good performance of general insurance: 7.7%, I would say a very good performance, especially in motor with this 9.4%, multi-risk 8.2%. These are growth levels which are unusual in the insurance market in Spain, which is very mature, especially in these two mass lines, which is motor and multi-risk. Is the growth similar to that of GCO? In motor, yes. In multi-risk the growth of the sector is above GCO, and I would say in the case of GCO we are less subject to single savings premiums. As we've said on other occasions, we prefer the systematic savings that come with recurring premiums. And as usual, and now going on to the summary of this Q1 of the year, we are showing two summarized income statements. On the one side income, and the other one profits or losses, a 9.1% increase in turnover, EUR 1.6 billion, with a very favorable behavior of traditional business: 5.8% along the lines of the evolution of the sector that we've seen before and with the caveats that we mentioned. And it is true that the greater income comes marked by the single premiums: -29.2%, as you can see on screen. The Q1 of 2023 we issued single savings premiums that have not yet happened in 2024. However, as you may have seen, because we published it, we have recently launched the capital savings products, and probably this trend will slowly revert next year. A reduction in turnover in the credit insurance business: -2.9%, mainly because in 2023 this had a push due to the inflation effect, which had an impact on economic activities and as a consequence on the credit insurance premiums and lower sales of our customers due to this slowdown of economic activities that we saw before in the general slide. Finally, you can see the contributions of the funeral business: EUR 72 million. It compares favorably with the previous year, but they are not two comparable years, technically speaking. In this year 2024 we have three months, two months in the previous year. You know the purchase was executed in February 2023. Carlos González, CFO, will give you more details both in traditional credit and funeral business and will give you more information about the results. Results: profit. An increase; it's favorable, very favorable. Results in consolidated profit growth by 12%, almost EUR 180 million in one quarter with an excellent behavior of the traditional business and a good behavior of credit insurance. Credit insurance has the same result as in the year before; it was an extraordinary result, and we have also incorporated the funeral business into the results. So what we could say is the diversification of our business and all of the measures that we have taken have an impact in the favorable consolidated results of the group. In traditional business we see a double-digit growth: 26.4%, almost EUR 70 million in one quarter. We see an improvement in the combined ratio, which is at 90% as we saw before, and you cannot see it here, the financial result which grows by 26.5%. From the technical point of view, and without going into detail in all lines of business that the CFO will tell us in detail about, I would like to stress the behavior of multi-risk with a combined ratio in this quarter of 88.5%. Talking about the reasons for these better traditional business results, well, summarizing, all of the measures taken: efficiency, streamlining, use of technology allow us to improve results. Also, the gradual rate measures and tariff measures that you know have had an impact. We've had less adverse weather events than the same period last year, and there's this seasonal effect of Easter holidays, which was in March this 2024 with a lower claims ratio. We expect for these improvements to consolidate throughout the year, probably in multi-risk. The panel will be impacted by weather events that have not taken place in this Q1, and what we do expect is that the motor insurance, which has improved, you'll see this later, it's been a moderate improvement, and it will consolidate throughout the year. In credit, you can see it on screen as well: a result of EUR 100 million, profit of EUR 100 million, very similar to last year. As we said, the credit insurance business is experiencing some decrease in turnover because of the lower economic activity and the reduction in sales of our customers, but we can confirm that we maintain a provisions level, a very conservative provisions level that we have always maintained but increased it due to the pandemic, and we continue with a cautious underwriting policy where we slowly and constantly improve the quality of our underwritten portfolio. We have some reduction in the business volume. We see claims ratios are going back to pre-pandemic levels, and thanks to all of this we expect to see satisfactory results in credit insurance in 2024, which also receives the positive impact of the good financial results. I would also like to stress the incorporation of the funeral business. You can see it here, a quarter with EUR 8.6 million. I've already mentioned it. It's difficult to compare this to the previous year because we are incorporating three months versus two months last year, but the truth is that we are seeing improvements in results. We will get into a bit more detail on this later. I don't want to talk too much about non-ordinary profit: EUR 1.4 million, barely any impact on the consolidated results of the group, and in the end this leads us to these almost EUR 180 million, which grow by 12%. Even if you know it in depth, this graph that we always show with the diversification of our business, I will stop to talk about this a little bit because I think this is one of the key elements leading to the good results of the group throughout the years: a balanced weight of multi-risk, 15% and 12% respectively, between multi-risk and motor, and also 20% coming from life. This is, of course, one of the elements that has allowed us to mitigate the inflation crisis during 2023. We continue to have inflation that is impacting us, and diversification not only amongst the different traditional business products but also in geographical areas. It is true that the international scope is mainly focused on credit insurance, but we have international business in funeral business. We are the top funeral business in the Iberian Peninsula, and we go for this diversification with the recent incorporation of the funeral business, which is 4% of the total business of the group. I will not stop to talk too much about this screen; this slide is just a continuation of year-end 2023, but I do believe that it is worth it to mention sustainability. You know that in sustainability you have all of the information in the sustainability report, in the non-financial information reporting of 2023. It has been verified by our auditors. It is public information that we offer through our website. And I would stress the commitment of the group to the different principles and international associations when it comes to sustainability. We are signers of PSI, PRI investments, and we are absolutely committed to the decarbonization of the 2050 Paris Agenda. At the bottom you can see, well, we've recently published the 2024-2026 sustainability plan, the master plan. You can see the four pillars of the master plan at the bottom: good government, sustainable business, social commitment, and environmental responsibility. There are different initiatives here. I will not stop to talk about each of them, but as an insurance company that we are, I think the social commitment is in our very DNA, a social commitment that we channel through the Foundation Occident and where we subsequently and slowly but surely increase our commitment. We've talked on other occasions about investments. We have adapted our investment offering to sustainability. Our Article 8 of the SFDR, we were working on mobility, cybersecurity, in general insurance, and in real estate investments we also adapt to environmental responsibility commitments. We are installing solar panels and the acquisition of the Méndez Álvaro building where we will group together all of the employees who are now in the Madrid area. We have there obtained the top certification, LEED Platinum. I will not stop to talk about all of the initiatives. It's all in the sustainability report, and it is all acknowledged by our rating agencies at the top. You can see that Sustainalytics rating agency has given us low risk, and we are among the top 30 companies out of the 300 that they assess. As to the share price evolution, share price performance, you know it even better than we do. We have a positive evolution in this quarter: 14.72% better than reference indexes. You know that we always say that the share price should be assessed in the long term. This long term that we show in the compound rate 3M 2024, we have a very good performance: 10.71 and above reference indexes. As to the dividend payout policy, you know that we maintain a dividend payout policy that is very stable, foreseeable, and growing over time. We chose a clear commitment to the remuneration of our shareholders. This year, in February, dividend increased by 7.5%, going back to EUR 73.1 million that you can see above EUR 21.5 million last year. In the session, yes, the day of the AGM, they approved the increase of 10% of the complementary dividend as compared to the previous year. More than EUR 134 million dividend charged to results 2023, which means an increase of 8.6%. Dividend per share, which in the end is EUR 1.12, which we have doubled in the past few years, and that proves the commitment of the group with shareholders. I would even say a commitment that we are not only capable of maintaining in good years, but we've also been able to maintain this commitment in less favorable years during the financial crisis of 2008. It is true that it is a bit farther from us now, but also in the recent crisis of 2020. I'll pass the floor over to Carlos González now, CFO, who you know very well, who will tell you a bit more about the evolution of the year, main indicators, and all of it broken down by lines of business. Thank you very much, Clara. As she very well said, we will go deeper into each of the businesses a bit more on the KPIs. As usual, we will start with the traditional business, and here I always say that our customer retention in a market environment where we are going back to turnover levels has allowed us to maintain a very good level of revenue over. To enough 5.8% increase in recurring premiums. We should stress at any rate the growth in motor, almost 10%. It is true that this is in line with the sector, with the industry. There is a generalized recovery of margins with an increase of the technical result of almost 30% in the general insurance business. The combined ratio goes back to around 90%, 90.1%, 1.6 points above last year, a generalized improvement in the main lines of business, which we will talk about in subsequent slides. We continue with a favorable evolution of the life technical results with a growth of 35%. Now onto analyzing line by line. We will start with multi-risk: EUR 244 million in premiums, strong growth of 6.5%, and here it is important to stress that the growth in the main lines is taking us to rates of above 9%. This is a consequence of good customer retention and an evolution of the average premium, which has a segmented impact on the increase of claims costs. The Combined Ratio is 88.5% as a consequence of different combined effects, mainly adapting prices to the increased costs of claims due to inflation and improvement in productivity, reduction of 1.1 points in the expense ratio. We've also talked about the calendar effect of the Easter holidays, where the number of claims declared during this period has moved slightly in the year last year. This happened in April, and this year it happened in March, and there were no adverse weather events, or they were at least below 2023. So thanks to cost containment and an increase in turnover, the result has increased notably, more than 55%, up to EUR 23.6 million that you can see on screen. Motor, almost 10% more turnover, EUR 225 million, competitive environment, upward moving prices, and in our case a good customer retention. The Combined Ratio is at 94.6%, 1.2% above 2023, although with downward trend starting in the Q3 of 2023 with a reduction of more than 3 percentage points since the Q3 until this Q1. This reduction is both in terms of claims ratio and efficiency. We've seen a 2-point reduction in the expense ratio, and when it comes to results, it is true that compared with last year the profit has dropped by 12.9% to EUR 9.5 million, but the trend is clearly positive in this line. Now, in the line of other 9.2% increase in earned premiums and in terms of profit for one more quarter, we see excellent levels of Combined Ratio, which in a sustained manner is around 85% this quarter, 85.4%. In the end, this leads to stable technical result levels, which continues to increase up to EUR 14.4 million, 27% more than the same quarter in 2023, and this means that this line of business is a good stabilizer of general insurance. Now, onto life. It continues to grow in periodic premiums of around 2%-3%. You know that periodic premiums are the ones that contribute the most value to the company, whereas single premiums as compared to the strong level of activity that we had both ourselves and the sector in the Q1 of last year, well, this has dropped in this case. Regarding results, the technical financial profit improves by almost 35%, going up to EUR 41.7 million with an improvement of the technical result of 30% and along with a good contribution of the financial margin, which increases by more than EUR 5 million. This is due to our current capacity to reinvest at higher rates that we are making good use of. As a summary, for the traditional business, the increase in turnover 5.8% excluding single premiums and acquired premiums that are almost at 7%, the improvement in productivity with a reduction of more than 8% in expenses and an improvement of 1.4 points in the ratio, and also the important improvements of the financial result in the new environment interest rates allow us to improve the combined ratio and the profitability of the business. This finally leads to an ordinary result of almost EUR 68 million with a very relevant increase of 26.4%. There are no relevant impacts here from non-ordinary results, so I will not mention them either. Now, onto credit insurance. The acquired premiums reach a volume of EUR 573.4 million with a reduction of acquired or earned premiums by 4.5%. And as we said, we can see a deceleration of the economy together with inflation control reduces the good evolution of our customers' turnover and as a consequence, ours as well. On the other hand, there is still downward pressure in renewal prices with favorable inflow, but this trend has corrected itself versus last year. Technical result is above EUR 110 million as a consequence of the normalization process in claims ratio. And here, for example, we could compare these EUR 110 million with the EUR 86 million that we obtained in the Q1 of 2019 as a comparator of the last quarter before COVID, and as you can see, this comparison is very favorable. As to the geographical distribution, the reduction of income that we mentioned before takes place in all geographical areas, maybe a bit more intensely in northern and central Europe and a bit less in Spain, as you can see on screen. Regarding profitability, the gross Combined Ratio continues in a good situation of the 7.2% where the claims ratio is still below pre-COVID. The number of claims is, however, increasing, and I would like to say here that we continue with our conservative provisioning criteria since 2021. As to risk exposure, we see an increase of 1.3%. We are maintaining our strict selection criteria, and mainly the excellent quality of our portfolio is of note. As a summary, I would like to go through the drivers of the quarter. Income drops. There is a slowdown in the turnover of our policyholders. The technical result before reinsurance drops because of the normalization of the business. There is a moderate increase of the inflow of claims, and we continue with our cautious provisioning policy. As to reinsurance, better result as a consequence of the increase by two points in our business retention, up to 35% transfer, and the financial result also substantially improves by almost EUR 10 million, basically as a consequence of the reinvestment of our short-term investments. The ordinary profit, as we said, is around EUR 100 million. Very similar to the results obtained in 2023 around this time of year. Finally, we always give you separate information on the funeral business, which after the incorporation of the Mémora Group, we expected to provide a stable improvement of the business with high margins. The technical result of this business is almost EUR 15 million, EUR 14.9 million specifically, with a margin over EBITDA of 28.5%. This is substantially above the historic percentage of around 25% that we can expect of this business, and this improvement is due to the seasonality of the business. There are more services being provided during the winter months. Finally, I'd like to remind you that in the information we are providing, Mémora only contributes to the results since February 2023. So in this year 2024, we are incorporating one more year both in terms of turnover and results, income and profit. I would like to pass the floor over to Clara Gómez again. While continuing with the exposure with the presentation, and as in previous presentations, we will now offer the capital evolution and the solvency of the group. This slide here, we can see the evolution of own resources at market value and always incorporating capital gains of property or real estate, EUR 572 million, which amounts to almost EUR 6 billion, specifically EUR 5.992 billion with a favorable growth of 4.4% as compared to year-end. It is due to two reasons, mainly the positive evolution of the consolidated results of the group, as couldn't be otherwise, and on the other hand, the positive evolution of stock markets that are the reason for these capital gains and EUR 94 million that you can see on screen. However, the truth is that, well, you know very well the evolution of permanent resources at market value. You can see it on the right-hand side. The graph speaks for itself, and well, we've mentioned it, permanent resources at market value amounting to almost EUR 6 billion. When it comes to solvency, you can see here that we close with a solvency of 232% at the level of the group. It is a reduction as compared to last year, 15 points reduction, as you can see on screen, but you know about this. You know this is due to the acquisition of the Mémora Group. Any acquisition that we take on normally is penalized in terms of solvency because, as you know, the goodwill that comes out in acquisitions has zero value in solvency, and this leads to a negative effect of 20 percentage points, which has been partially offset with the good results of the group and in the end translates into this 15 points less solvency until 232% solvency that would stay around these figures in adverse scenarios, which gives us comfort for the future for any potential operations in the future and with high-quality own funds with 97% of Tier 1 in our equity. This is all confirmed by our rating agencies. You can see this on screen now. AM Best gives us A (Excellent) for the operating entities of the credit business and for the traditional business. A1 by Moody's with a stable outlook for credit insurance business. Moody's stresses the strong competitive position, strong capitalization, low financial leverage, and conservative investment portfolio. Finally, you can see on screen our investments, last but not least, with investments that amount to almost EUR 16 billion, specifically EUR 15.957 billion managed funds with an increase of almost 4% as compared to the previous year, and you can see here in the graphs what is the makeup of our investment portfolio and as couldn't be otherwise is quite stable through time. We continue to maintain a very cautious policy with a good asset and liability match. Fixed income is our main asset, 52.2% of our portfolio. You can also see that we increase our treasury position as compared to the previous year, mainly in credit insurance. Also an increase in our variable income position, an increase that is not so much due to new investments in this section, but the positive evolution of stock markets and, generally speaking, is stable in properties, in real estate. And as I mentioned here, we include the acquisition of the building we bought in Méndez Álvaro, which will be the headquarters in Madrid for all employees in the Madrid area. And without further ado, the presentation ends here. As on previous occasions, we will now proceed to the Q&A. I would like to thank you again for your interest. An interest that we can see also based on the volume of questions that we have received. We've tried to group them together. The director of investor relations, Nawal Rim, has grouped them together based on topic. We will try to answer all of them or most of them, but you know that if any of the questions is left unanswered, you can talk to the investor relations department and we will answer the questions via the regular channels. Thank you very much, Clara Gómez, Carlos González, for this presentation. I will start then with the Q&A grouped as Clara said. Regarding motor, we have received several questions. I summarize. What is the reason for such an increase in income? Are you maintaining retention levels? A combined ratio of 94.6% is significantly better than that of the industry. Do you think you can maintain it? Okay. I'll start. I think that regarding income, as the entire industry, we've been very much focused on managing the impact of inflation that led to claims ratio increases. Amongst other measures, we have increased prices selectively with the aim of going back to the technical profitability levels. It is also true that we have started somewhat late with these price updates. It is true that as compared to the first few quarters of 2023, this increase in turnover becomes more obvious. At any rate, we have placed special care in pricing so we can maintain our retention level, and we are very happy with these results. We have maintained our cancellation ratios at a minimum. As to the second question on the combined ratios, we had already mentioned this during the annual presentation of results. We continue to expect a good evolution in the combined ratio for motor both due to the actions we carried out to improve profitability, claims ratio, sorry, the important improvement of cost or expenses efficiency. Also, this is what we still need to see in P&L, the increase of earned premiums due to the pricing activities basically starting in the second half year of 2023. You should know that the increase in turnover is basically 10%, whereas the increase in earned premiums is at 6%. So there is a part of acquired premiums which still needs to show its impact on the P&L. And if we compare with this sector in terms of Combined Ratio, the figures we have here are fourth quarter 2023. You already know this. The industry closed above 100%, 101.9% if I remember correctly, and we were 5 points below this ratio. And these 5 points were the historic average of the positive gap that we had with the industry. So what we were doing and what we continue to do is maintaining this positive gap. If we look at it in terms of stagnant quarters, the peak of our combined ratio took place during the Q3 of 2023. We went up to 98.9%, and since then we have dropped this ratio by almost 3 points. Taking into account that we continue to manage inflation and we continue to carry out the actions I mentioned before that we still need to see some earned premiums in the P&L, we expect to maintain this level of combined ratio. Thank you, Carlos. For multi-risk, we have also received several questions. Carlos, you can answer. A ratio of 88.5% is very low. After After the past few quarters, how have you managed to get there? And they also ask whether this ratio can be maintained at the end of 2024. Yes, I remember I answered this question, but the other way around last time. At year-end last year, they asked me back then whether the 92.8 was a ratio that was historically high, and now we are having to answer about a ratio of 88.5, which is low, which is below this 90%, which we have had more or less historically. And this is so for several circumstances. Due to several circumstances, inflation management last year, we took special care with the increase in the premiums, and it is starting to show some effects in earned premiums, and this is what we will be able to see in these ratios in future quarters. There is also a statistical effect, a seasonal effect due to the Easter holidays, and in this quarter, we have not had additional weather claims as compared to 2023 Q1. Well, having said this, it is also true that in the past few years, multi-risk has been impacted by these weather events. Remember, for example, that in 2023, there were around EUR 60 million burden of claims. In 2022 it was almost EUR 50 million, and this year 2024, for now, it has not reached that amount. If we were to see weather events with amounts similar to previous years, then the combined ratio would go up slightly. We will now continue then with a question on the life business. The question is, this quarter turnover has dropped significantly. Do you think this can be a problem in the future for the life line of business? As you know, we give the name life to a group of lines that are a bit diverse. We mix life risk. We also include health and funeral. Each of them have very different profitability. In the case of the first few lines, life risk, health, funeral, periodic life savings, this is where we place the focus of our growth. Regarding single life savings, I think we've already talked about this. Remember that due to the interest rates, we had been seeing decreases in single premiums. They went up significantly last year, but these are single premiums in the end. So every year, we need to work on them again. And this year, if we compare the excellent year, the excellent performance in 2023, the comparison is somewhat less favorable. It is a trend that has also taken place in the market where we see this trend. 2023 was an excellent year as to single premiums, and it will be difficult to overcome in this Q1 of 2024 at any rate. As I wanted to mention, the rest of products of more systematic premiums, life risk, periodic savings has had a very favorable performance in terms of turnover and technical result, and this has led us to an increase of the technical result of more than 30%. Thank you, Carlos. Now on to credit insurance. The following questions have reached us. As compared to the end of 2023, in three months, it seems like credit insurance has deteriorated quite a bit. Can you give us a bit more information and shed some light about how you think the year will end and related to credit insurance as well? We get questions on the potential impacts of the Middle East conflict. Well, this type of insurance has a lower result, lower profit because of what we said before, a normalization on the inflow of claims and a drop in premiums as a consequence of different reasons that I think have already been mentioned, mainly the slowdown of activities and the reduction of inflation. This has an impact on our policyholders and ourselves in turn. There has been a bit of a lower pricing this year, but in line with the type of risks that we take on and with a downward trend that is becoming more moderate in this year and basically dealing with an effect concentrated in this Q1, there is a drop in premiums due to an accounting effect due to the readjustment of premiums. Premiums 2023 need to be readjusted. When we decide the final turnover, we assign the final turnover or income of our policyholders, and we need to analyze turnover based on this new information we have on them in previous years. In 2023, this information led to premiums coming from previous years with a high turnover, and in this year 2024, this has been less relevant. Having said this, the profitability of the business, 77.2% combined reaches still very good. I think here we're proving that by maintaining our provisioning levels, the claims ratio is well controlled, risks are well priced, and the normalization of the credit insurance business goes step by step in a controlled manner and without additional volatility. I think everything is quite under control. I've also mentioned the excellent quality of our portfolio. Additionally, there are two additional elements that will offset this normalization of the technical result. On the one hand, we retain more business, two more points in reinsurance, two points less than last year, 35%. And on the other hand, we are receiving the help of a good financial result that in as much as the assets where we invest in the credit business are relatively short-term, it is very relevant in these first few years of interest rate increases because it allows us to very quickly reinvest at very high rates. As to the Middle East conflict, I think Atradius has very small exposure, a very small direct exposure to Israel. And there is not much more to say about this conflict and the impact on us. Thank you very much, Carlos. There are more questions that are more for Clara. Regarding the funeral business, the profit and income increase considerably. Should we expect this growth pace quarter on quarter? Thank you, Nawal, for relaying the question. I will remind you, we've mentioned it already, but the profit is not strictly comparable between the two years, 2023 and 2024, precisely because in 2023, this funeral business was not with us for the entire quarter. The ordinary results of the funeral business in this quarter are EUR 8.6 million, as we said, as we discussed at length during the presentation. And it is true, however, that this is a business with a relevant seasonal component. It is a business where the winter months, there is normally a positive impact in profit. And in this sense, the seasonality has an impact on margin over EBITDA. In the presentation, we saw that this was around 28.5%, and what we believe is that it will normalize, as we already saw last year, a bit closer to 25%. The question does not mention this, but I will remind you what we're working on in the Mémora Group. On the one hand, we're working not only in the income line but also on an expense analysis with the aim of adopting the streamlining simplicity agility criteria that we use so that the Mémora Group can benefit from the structure and technology that we offer as a group. We are very satisfied with the acquisition. Mémora is a leader in its industry. It has 188 funeral parlors, and we make a very positive assessment of how complementary it is with the rest of our business. It's a stable business. It is a growing business, and it will allow us, or we believe it will allow us, to continue growing in an inorganic manner. We have one question on the Atradius issued a bond. Do you think that with the excess capital, it makes sense to look for funding in the market? Yes, we published relevant event communication recently. You've seen it in the different publications. And I will remind you before I start, if Nawal is okay with that, before I start answering the question, I would remind you that Atradius had a subordinated bond to EUR 150 million that they issued in 2014. The first call matured this September 2024. And given the current situation of the market, we thought it was a timely thing to make a tender offer on the total amount of this first bond, a tender offer that was very satisfactory. Almost all of the bondholders responded to it, and we issued an additional bond of EUR 300 million that I think was very satisfactory for the group because it was issued in better conditions for the group than the first bond. The first bond had an interest rate of 5.25%, and the current bond has an interest rate of 5%. The truth is, well, this is not news. What we've done in the end is to maintain the same capital position that we had. We believe that it makes sense because Atradius' customers and rating agencies make a very positive assessment of Atradius' capacity to go to market, and this proves the financial flexibility of Atradius. However, the truth is that it barely has an impact for the group. It barely has an impact beyond what we set. Understood. We will close the Q&A section with one final question, Clara, with a payout in 2023 of 25% accumulating capital and with the share price below EUR 35. The dividend increases less than the result. Don't you think it would be adequate to implement specific actions in favor of the shareholders? Well, you know our dividend policy. It is a policy that we've been maintaining historically, and it is a growing policy. It is true that a payout of 25% is what we have, but in the last few years, GCO has multiplied almost times two its dividend from well, I don't have the exact figures now, but from EUR 0.54 to EUR 1.12. The commitment to our shareholders has always been that of a growing dividend, stable in its growth, and that, as we reminded you, it has stayed stable throughout the crisis, at favorable times but at not so favorable times, as we said, during the 2009 crisis and the recent crisis in 2020. Additionally, the profitability for shareholders, we believe, has to be measured long-term. In the long term, the GCO has grown 23% above our reference indexes and also above other peers. The share value has improved in this last quarter. We already mentioned it, the EUR 35 that Nawal mentioned. The consensus of analysts continues to recommend buying, an average price a bit above EUR 40. In the end, what the market acknowledges is this long-term management of the group, the constant increase in results in the dividend, and also this acquisitions policy that we have maintained and that, in the end, this capital would allow the group to carry out an important acquisition if the opportunity presents itself with adequate funding, with own funds and external funding. Of course, we thank all of our investors for the trust placed in us, and we trust it will continue to be so in the future. Thank you very much. Okay, thank you very much for this answer. We can close the presentation of results of the Q1 of 2024. Thank you, Clara Gómez and Carlos González, for your presentation and for all the answers to the questions received. As usual, any pending matters 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, which will take place on the Thursday, 25th of July 2024, where the results of the first half year will be presented. You can visit our website, gco.com, where you have all of the financial and sustainability information that can be of your interest. As usual, we would like to thank you for your attention and your participation. Have a good weekend, and see you soon.