Good afternoon. We will begin with this presentation of results for the first half year of 2024. You know me, I am Clara Gómez Bermúdez, General Manager for Risk and Finance at GCO. As on previous occasions, I'm here in this presentation with Carlos González, Chief Financial Officer, and Nawal Rim, Director of Investor Relations, who, as you well know, will proceed to group together all of the questions that you posed during the presentation, and we will try to answer them at the end of the presentation. First of all, I would like to thank you for being here with us today in this presentation that is being presented remotely. We would also like to thank you for your interest in the evolution of our business and the performance of our shares. Brief regulatory aspect before we start. The financial information that we include in this presentation of results is done with our management information under the regulation that we know as IFRS 4. As we've said on other presentations, we also offer comparative information with the new IFRS 17 and IFRS 9, together with the main KPIs. Beginning with the summary of the half year. In these first six months of the year, 2024, we've had a behavior, you can see on screen, a positive behavior of our three strategic pillars: growth, profitability, and solvency. The first pillar, total turnover, with this +1.6% that you can see on screen. You can also see the breakdown in each of the three businesses, and a positive growth above that of the Spanish insurance sector, which has suffered a decrease. This 1.6% may seem moderate, but if we isolate the effect of savings, single premiums, that, as you well know, we issue mainly in the first half year of last year, we would be talking about a traditional business growth of 6.1%. Regarding the second section, the consolidated result, you can also see it on the screen, EUR 380 million in six months, a growth of 10.6% as compared to the previous year. A brief mention of each of the businesses that we will talk about in detail later. The credit business, again, shows a very good result, as in 2023, and I would stress the more than favorable performance of the traditional business, with growth in all lines of business, which speak of the excellent recovery of the traditional business versus the inflation trends that we experienced mainly in 2023, and that are still having some aftereffects in 2024. You can see it here as main indicator, the combined ratio with 90% in all of the traditional business, and with a drop of 1.8 points as compared to the year before. I will not talk about, permanent resources market value, not at length, but it's a positive growth as well, as we will see later in detail, and this confirms our financial strength. And therefore, I think we can now say that our results have not been negatively impacted. On the contrary, they are very satisfactory, even despite the current financial situation, a situation that has been impacted by several geopolitical tensions. You are, of course, following up on these tensions, just like we do, and we do see more stability in terms of inflation. In Europe, inflation is around 2.6%, a bit higher in Spain, around 3.4%. Interest rates still high, if we compare with the ones we were experiencing before the pandemic, the pandemic. And talking about the global economic growth, as per the data of the IMF of July 2024, certain improvement versus expectations in all areas, disparity of growth in each of the geographical areas. You can see it, and it reflects what we said in previous presentations, with a better forecast for Spain than our European counterparts. Regarding markets, we always give you an overview of how they have evolved. At the top, you can see the good performance of the stock markets, of the IBEX, with this 8.3%. At some points, it has exceeded 1,000 points, but worse these past few days. And, regarding European and American indexes, regarding these indexes, and with a good performance in Big Tech. And at the bottom, we have fixed income. That is very relevant for us, and some volatility of interest rates impacted by geopolitical tensions and with some rate reduction trends. It is true that we continue with high interest rates, high as compared to the previous period, the last 10 years, where they were almost at zero or even negative interest rates. But the ECB has already started with the first drop of rates of 25 basis points, and the market is expecting another two reductions in the second half year. As in previous presentations, we also like to give you some context. We like to take a look at the rest of the insurance sector. The insurance sector as a whole has experienced a drop, this 2.2% in volume, and very significant, as we saw, very much impacted by the drop in single savings premiums by 17%. As we said, in the first half year of 2023, there were significant issues of single premiums savings. Very good performance in terms of general insurance is 7.8%, specifically with a good performance of motor with 9.1% and multi-risk with 8.4%, that you can see on screen. Comparatively speaking, I would like to stress a better growth of our group in the entire traditional business. Lower impact in our case, due to the savings single premiums. We grew positively in general terms, because you know that in general terms, we prioritize the recurring business, which we consider to contribute more value for us and for our customers. A similar growth in non-life as a whole, 7.7% growth in GCO as compared to 7% that we see on screen. Similar in both lines. In motor, we grow by 9%, against 9.1%, and in multi-risk, we are growing at 6.4%. But if we break it down, because in multi-risk, we are also incorporating the large industrial risks, where we have repositioned with the idea of having a profitable portfolio. So if we isolate these effects, if we look at the mass products, owners and homeowners, and neighbor communities, we are growing in all. And now you are seeing the two summarized P&Ls that we normally show you, with income and results. And in income, I'm not going to talk about so much because I've compared already with the insurance sector, but I would like to stress that more than EUR 2.2 billion total turnover for six months of the year, growing by 1.6%. In traditional business, especially, I would like to stress the positive performance of recurring premiums, 6.1% result, and we're optimistic about the behavior of single life premiums. We dropped by 16%. In the first quarter, we had a drop of 29%, and back then, we already said that as we made issues of our savings product, our capital product, the situation would slowly revert, and this is how it's been. In growth, it is true that probably the less positive note of the evolution of our business is the drop you can see in credit insurance, with this -2.7%. We already said in the first quarter, this trend and the reasons stay the same. 2023, this business was very much incentivized by inflation, which has a direct impact on the sales of our customers, and also as a consequence of lower sales activities, there are less insured sales of our customers. What we can say is that we are indeed seeing a tendency towards more commercial activity. So if the macro situation allows, this will have a positive impact in the income of the credit business during the second half year. And finally, you can see on the screen as well, this contribution of the funeral business with this EUR 135 million. It compares more than positively with last year, but I would like to remind you that last year we were not incorporating the first few months, because the acquisition took place in February 2023 of the Mémora Group. And now on to results. As big lines, I would like to stress that there is a very positive growth of the consolidated results of the group, EUR 380 million. We already mentioned it, a growth by 10.6% at this half year, and undoubtedly, excellent behavior of the traditional business and very good behavior of the credit business, which basically gives us, again, a more than satisfactory result as last year. And now going into detail in the different businesses. In the traditional business, you see a growth of 13.5%, close to EUR 160 million in one half year, and it improves on the two main elements of the P&L, the technical result and the combined ratio of 90%, and the financial result, which grows by 9.7% with EUR 69.5 million financial result. From the technical point of view, very good behavior of the two main lines of business, motor and multi-risk, but especially stressing the behavior of multi-risk with a combined ratio, which is at around 87.5%. We will hear more about this from Carlos González, our CFO. Almost 5 points less than the previous year and one point less than in the first quarter of this year. As a summary, in the end, this is due to all of the measures that we have implemented. I would like to stress all of the cost reduction strategies that we have implemented. They are the key of this first half year. Also, as we already said in previous presentations, we have the incorporation of earned premiums into the books, which are being operating with more delay, and we are progressively seeing it in our results. All these due to the tariff measures implemented. And something else that is not so intrinsic of our actions, but an exogenous aspect, which is the lower claims frequency, because there have been less weather events in this, during this year as compared to 2023. It's likely that whatever happens during the second half year, this, this improvement in the weather-related claims ratio, well, probably the events that have not been so intense during this first half year, will probably happen in the second half year. But I think we can say that in the second half year, we will consolidate the results or the improvement in motor that we are already seeing in this first half year. In credit, as you can see on screen, we have results which are almost at the same level as the year before, almost EUR 110 million results, that you can see on screen, and therefore, another year of very good results. The credit business has had, we have the very good results for almost three years, despite the slowdown of commercial activities that we mentioned in the first slide, with a claims ratio that is coming closer to pre-pandemic levels. Despite that, we still maintain a provisioning level, which is very conservative, without any significant key claims. We hope this, claims ratio trend will stay, will maintain, and this slight improvement of sales activities as well, commercial activity as well. So I think we can expect satisfactory results in the second half year in credit as well. I will not talk too long about the EUR 12 million of the funeral business. I've already mentioned the funeral business, and the CFO, Carlos González, will offer more details or the non-ordinary results that are broken down, that do not amount to EUR 3 million+, so they do not have a relevant impact in the consolidated results of the group. A brief comment about financial results. They are not here. We do not see the breakdown. They have a very good performance, EUR 124 million of financial results, 25% above the previous year, which is, of course, due to the good evolution of interest rates that we mentioned before, and that also allow us to offer life savings products with interest, interesting interest rates. So the EUR 380 million of results with a growth of more than 10%. Although you very well know about the diversification of our business, and we see it here at year-end 2023, so it's nothing new. You've already seen these figures on previous occasions, but I just wanted to remind you that we believe that this diversification is one of the keys of the evolution of our business. The weight of motor, under 12%, multi-risk, 14%, and life, 20%. A diversification of businesses, but also a geographical diversification, and we continue to go for this. You can also see the incorporation of the funeral business with the 3.9% at year-end, a bit higher in the figures we showed at the beginning of the presentation, bearing in mind the turnover in the first half year, which is a bit higher. About the next two slides. I don't want to talk too much about this, because these are similar to those of year-end 2023, regarding our position in the ranking. I will not talk for too long about sustainability either. You can see it on screen at the moment, and you know that all of the sustainability information is available in the Sustainability Report and in the Non-Financial Information Report of 2023, which has been verified by our auditors, and that are available on our website. I would like to stress the group's commitment with the different principles and international associations in the area of sustainability. We are underwriters of the principles. We are committed to the Paris 2050, the decarbonization agenda, and also our commitment with the new regulations that are being implemented in all areas. I would like to stress that we are committed with the implementation of the new Non-Financial Information Regulation, CSRD, which will determine non-financial information for 2025. We continue to work on several initiatives. You can see here a summary of them, and you have them in the Sustainability Plan, which will guide us in the coming years, 2024 to 2026, and this is available on the website of the group. As on previous occasions, we would like to offer you the evolution of the share price in the last few periods. You know, this is even better than ourselves. We've had an excellent performance in this half year, clearly better than the previous year, with this 23.4% and better than reference indexes. But as we've said on previous occasions, we consider that the share price performance have to be, has to be measured in the long run, not only in the short run. Despite this good performance in the past half year and in this joint period that we are showing on screen, more than 20 years, the I think we can say that the performance has always been very positive with this 11.5% that we can see on screen, and better than reference indexes. As usual, also a few comments about our dividend payout policy. As a policy, it is very stable over time, and it shows an increasing dividend throughout the different periods, which confirms our commitment to the remuneration of our shareholders. In this year, an increase of 7.5%, in the July dividend as compared to the same period last year, EUR 28.84 million, compared to the EUR 23.1 million that you can see on screen. And as compared to the dividends paid charged to 2023, this increased by 8.67% and EUR 134 million, with a dividend per share of almost EUR 1.12, which we have doubled in the past 10 years, which of course, confirms the commitment of the Group to our shareholders. A commitment that we've been able to maintain even in crisis years, in financial crisis years. Without further ado, I will pass it over to our CFO, Carlos González, who you know from previous presentations, who will get into greater detail both on the evolution of this half year and the main indicators, and he will give us a breakdown, as you can see in the agenda, of the different businesses. Hello, good afternoon. As Clara Gómez very well said, I will now go into greater detail on the financial information, both of the traditional business and credit business, and funeral business as well. I would like to stress that on some occasions the main ideas that have already been mentioned by Ms. Clara Gómez. We will start with the traditional business. Customer retention in a market environment of higher turnover has allowed us to maintain a significant growth in income. Also, recurring premiums, which are the ones that are more stable and stay in the company with 6.1%, up to EUR 1.6 billion. We should stress there the increase of 8.9% in motor and an 8.3% in miscellaneous, in multi-risk. And there's been an increase in the technical result of 22.3%, where on one side, in the general insurance business, the combined ratio is at 90%, with, especially relevant improvement in multi-risk, we'll talk about later. And on the other side, we continue to see the favorable evolution of the technical financial result for life, with a growth of 10.4%. And divided by lines, multi-risk, EUR 472 million in premiums, strong growth, 6.4% growth. What is important to stress here is the increase in the premiums of mass lines with a growth above 9%. So we are at figures that are now closer to the growth of the sector in this line of business. This is as a consequence of good customer retention and a good evolution of the average premium that has had an impact on the increase, t hat has transferred the costs of claims. We are in a crossroads of different effects, increase of claims costs due to inflation, which is starting to ease up, and improved productivity. We see it in this drop of 1.2% in the cost ratio, and the fact there have not been very relevant weather events as compared to 2023. So in the end, thanks to cost contention, increase in turnover, and better weather conditions, there's been an increase in results with 68%, almost a EUR 58 million result or profit for this line. Motor maintains relevant increases in turnover and more than EUR 400 million, 8.9%, similar to the average growth of the sector in a competitive environment, which maintains high prices, and in our case, it comes together with a good customer retention. The combined ratio is at 95.2%, slightly lower than that on 2023, stressing the improvement in efficiency ratios with a drop of 2.6 points as compared to the previous year. But there is still increases in claims ratios due to inflation effects that we are dragging along that have an impact on the technical cost. The result of this line goes back to being higher than previous years, with an increase of 7.1%, that you can see on screen, as compared to 2023, and a profit of EUR 16.7 million. Regarding multi or other, an increase of 8.2%. In terms of results, we maintain the excellent levels of combined ratio, which over time, have stayed at around 85%, this time, specifically 85.9%, which generates stable and high levels of technical results, which continue to increase until EUR 28.2 million. Now on to life. Continued growth in periodic premiums of around 2%-3%, whereas single premiums, in comparison to the strong activity of the first half year of last year, have now dropped by 16%. Clara Gómez already mentioned that the behavior in this second quarter has been a bit better than in the first quarter of this year. Talking about results, the technical financial result improves by 10.4%, going up to almost EUR 97 million, both because of an improvement in the technical result in and of itself, as well as an improvement in the financial margin due to the current capacity to reinvest at higher rates. As a summary for the traditional business, the increase in turnover, but especially earned premiums, which are growing by 7%, improved productivity with a reduction of more than 8% of costs and an improvement of 1.3 points in combined ratio. An improved financial result related to the new environment of interest rates, allows us to improve the combined ratio and the profitability of the business as a whole. In the end, the ordinary result is at EUR 156.1 million, with an increase of 15.5%. The total result is at EUR 163.4 million and an increase of 21%, with a contribution of EUR 7.3 million of non-ordinary result coming mainly from realized investments. Now on to the credit business. Earned premiums are EUR 1.14 billion almost, with a drop of 2.6%, because we can see some stagnation of the economy, and together with the inflation effects, reduces the good evolution of the performance of our customers. On the other hand, there is still downward pressure in renewal prices in a favorable environment of claims. This price pressure is easing up as compared to last year. As to the technical result, it is at EUR 312 million, with some reduction as compared to last year, as a consequence of the normalization process of the claims ratio, where the inflow of claims is still below pre-pandemic levels. Regarding geographical distribution, the reduction of income mentioned before is quite homogeneous. We don't need to stress the performance of any specific areas. As to profitability, the gross combined ratio continues on a good trend, 74.7% ratio, and the claims ratio is still below pre-COVID era, as you can see in the first bar of the combined ratio on the chart. And this is basically a consequence of the fact that despite the number of claims going up, they have not yet reached, they're close, but they have not yet reached pre-pandemic levels. We would like to stress this. We continue with our conservative provisioning criteria that we already saw at the end of 2021 and 2022. And in terms of risk exposure, an increase of 3.6%, we are maintaining our strict selection criteria, and we are maintaining the excellent quality of the portfolio. As a summary, I would like to go through the drivers of the half year. On the one side, there's a slowdown of income because of the reduction of invoicing of our policy holders, but this is moderating at the moment. The technical result before reinsurance, it normalizes with a moderate increase of the inflow of claims and maintaining our cautious provisioning policy. As to reinsurance, better result as a consequence of the 2-point increase of our retention of business. On the other hand, the financial result improves substantially by almost EUR 23 million as a consequence, among others, of reinvestments in the short term, fixed income or liquidity at the new rates offered by the market. With all of that, finally, the ordinary result is at EUR 209.2 million, along the lines of the results obtained in 2023. Total result is less impacted by non-recurrent losses as compared to last year. In previous years, this was due to the old software being replaced. Finally, the funeral business. We informed you about the evolution of this business, on a standalone, because after the incorporation of Mémora, we expect for it to continue providing a stable increase of our turnover and with stable margins. The technical result is EUR 23.7 million, a margin over EBITDA of almost 26%, similar to that of the previous year, and a bit higher than the 25% of the historic average, despite the inflation effect on the cost structure of the funeral business. Finally, I would just like to remind you, as we already mentioned, that Mémora started providing results starting February 2023. So in 2024, we are incorporating one more month, both of the business and its results. And that would be all from me. Clara? Perfect. Thank you, Carlos. I already mentioned at the beginning of this presentation that we would also give you information in this half year about the evolution of the group's results, not only under the current accounting standards, but also international standards. The regulation that we know as IFRS 17 and IFRS 9. A brief reminder, conceptual reminder of this new regulation. What it aims at is homogenizing accounting treatment of insurance and investments in the different countries, and it impacts mainly life savings and credit insurance. The aim or the principles underlying these regulation or the standards are similar to the ones used in the past and that we've been historically using in the framework of embedded value, and they're similar to solvency. It is true that the operational impact of this new standard has meant a significant effort, a lot of involvement from all of the teams: financial, technological, actuarial. But for now, what we can say is that it barely has an impact on the management of our business. It does not change our way of underwriting our risk appetite, it does not change the way we manage ourselves, and it does not change our dividend policy. It has no tax impact. Moving on to estimates P&L under the new international standard, you can see on screen a comparison of international accounting, the new one and the current one. You can see IFRS 17 versus IFRS 4. In the end, the summary is that the ordinary result is a bit better in the new international accounting, with the EUR 391 million that you can see as compared to the EUR 377 million, a slight increase of EUR 14 million results. In the end, what it gives us is the peace of mind that the fundamentals of the business perform satisfactorily, regardless of the accounting standard being applied. Better technical result, as you can see on screen, a bit less in financial. The technical result, in the end, is due to a better result of the life savings business, because as we already mentioned on previous occasions, the new accounting standard, in the end, is advancing certain results of the life business in time. We have them ahead in time, but the final result will be the same. In the end, we also incorporate the follow-up of the main KPI we have, the combined ratio. As you can see, with very small differences between both businesses. In the traditional business, this difference you can see of 0.5 points, and in the credit insurance business, this 0.9 points positive change in the two standards. So in the end, what we're saying here is that these are not substantial changes, and in the end, they confirm the positive evolution of the business and very favorable under all accounting standards. I would like to remind you that the provisioning level in both environments is not identical. The provisioning level in the new international accounting is more based on best estimates, so it requires lower prudency margins. So at the time the new international standard comes into force, came into force, part of the provisions that we had consolidated in the net equity under the new international accounting of the company. You can also see on screen the emission of own resources and market value, incorporating all of the capital gains of the properties not included in the balance sheets. This EUR 571 million is... Grows by 7.8% as compared to year-end, and in the end, grows for two main reasons: the good performance of the consolidated results of the group, the EUR 380 million that I already mentioned, plus the variation of valuation adjustments with the EUR 67.7 million due to the capital gains caused by the good evolution of the market. As you know, permanent resources at market value that we show on the right-hand side, can only be considered extraordinary in their evolution, and in the end, they've been the reason for the expansion of the group by our corporate acquisitions. In solvency, you can see it on screen. These are figures at the end of 2023, 232% solvency ratio. So I will not give any more explanations because we already gave them at year-end 2023, and you have the entire breakdown in the Financial Situation and Solvency Report published on our website. And it also confirms the high quality of our own funds. This is also confirmed by our rating agencies. You can see here, AM Best and Moody's. Moody's for operating entities of the credit insurance business. They give us this A1 in the case of Moody's, as we already said, for the operating entities of the credit business. And what they're acknowledging is the most important thing, the model of the group, which in the end translates into good results, the adequate capitalization of the group, and the high return on capital, with a very satisfactory return on equity, ROE. Finally, you can see on screen our investments. Managed funds are above EUR 16 billion, EUR 16.189 billion, as you can see on screen, with an increase by 5.4% as compared to year-end 2023. You can also see the distribution of our investments. I will not get into each of them because you know them, and it's a continuous and stable and conservative management. We continue to have fixed income as our main asset, with 53% of our portfolio, and a good evolution and increase as well in equity. Not so much because we've made more investments, but because of the good performance of the markets, and a slight increase, as you can see, in real estate. This 7.3%, which is not due to greater real estate investments being made, but because, you know this as well, we have recently acquired a property in Madrid, which will house the different teams of the group in Madrid, in Méndez Álvaro. It is a reference building, a benchmark, modern, functional, adapted to the new sustainability trends. As you know, we have a strong treasury position that you can see on screen as well. With this, we come to the end of the presentation of results of this first half year of 2024. As on previous occasions, we will now try and answer all of the questions that you've sent to us during the presentation. We would like to thank you again for your interest in our presentation. We would also like to thank you for the questions you've posed. I know that Nawal Rim has tried to group them together as much as possible. We will try to answer all of them, knowing that if any of them remain unanswered, you can, after the presentation, talk to investor relations, and we will answer these questions via the usual channels. Thank you very much, Clara Gómez, Carlos González, for the detailed presentation. We will start. As Clara Gómez said, we've grouped the questions by topic. We will start with motor. We've received several questions about motor, and the turnover is at high levels. Can these be maintained for the next few months? Are you maintaining retention levels? And they also add that the combined ratio is 95.2%, which is still better than the sector. Do you think that this is sustainable? Well, regarding turnover income, we still see a pressure in the cost of claims. I had already mentioned this, and in the end, these should have an impact on our tariffs. Selective pricing takes us to these increases in turnover mentioned in the question. We place special care in pricing. We always do, to maintain good customer retention levels that we have historically maintained in the group, and the result has proven positive with a net increase of policy holders. For us, for the group, it is very important to promote long-term relationships with our customers. We've had historically high levels of retention, which support our strategy in this matter. Regarding the second part of the question, combined ratio profitability. I think the combined ratio of the sector ended 2023 at around 102%, then went down to 100%. Some contention at the beginning of 2024. In our case, we've been working during 2024 with these ratios at around 95%. But as you just said, we continue to manage inflation, and we hope that our actions in this regard, both in pricing and risk selection, will continue to bear fruit throughout the year, and also especially throughout next year. And I'm saying this because of the time lapse, that there will probably be between the premium increases and when they have an impact in the P&L with earned premiums. At the moment, they are growing at around 5.6%. Regarding Multi-risk, we've also received several questions, which we will summarize. You stress that the ratio has improved to 87.5%, a ratio that continues to be low. What is happening that makes you have these very low levels? And they also ask: Do you expect a similar ratio for 2024? Clara, maybe I shall answer this one. Yes, thank you, Carlos. Yes, our ratio is favorable, below 90%. Clearly favorable. You said, yes, 87.5%. We've gone even lower, 2 points, as compared to the same quarter last year. I think in the end, this is a consequence of several factors. Some of them are the context, but some others are more related to our management. So I think it is worthwhile starting with these factors of our own management. On one side, the increase in earned premiums that were around, it was around 6.7% due to the tariff increases during 2023. These increases, these tariff increases, are already showing an impact on the P&L, and at any rate, maybe we could think of modulating them during this second half year. On the other hand, we've been making a better selection of risks in large industrial products, leading to lower claims ratio now and in the future. There is an additional improvement of cost efficiency due to the restructuring and merger of the different insurance entities. The important thing is that all of these are permanent factors. Additionally, there are other elements that I already mentioned that are rather in the context. For example, weather events, which was favorable as compared to the first half year of last year. As of now, we have not yet had any very relevant weather events, but as Clara Gómez said at the beginning, it may be that they will happen in the second half year. At any rate, the ratio could go up as a consequence of this potential situation, but we should take into account that we will continue to receive many earned premiums due to the repricing of products coming from the previous year. We have several similar questions about the credit insurance business. Credit continues with drops that are a bit lower than the quarter, but what is the forecast for the coming months? Will there be a pressure on the top line? There are also questions about the claims ratio and the prospects for year-end. Carlos? Well, I think that we can start talking about turnover. Our credit insurance business, you know, is very much exposed in the Eurozone, where we expect growth a bit lower than 1% for 2024, according to the IMF. So in the end, if the forecasts on Europe continue along these lines, there will be a low level of activity of our customers, which will lead to pressure in our top line, in our premiums, in the end, for the remainder of the year. Regarding price, despite the market situation, we're, meaning that we're seeing some price pressure, the first half, half year has been better than expected in this regard. In the credit business, we have diluted the drop that we had been experiencing in the first quarter. I think we were dropping by around 4.5%, and we are now at 2.6%, and this trend, we expect, will be sustained throughout the remainder of the year. And the second part of the question, I think, was related to claims ratio and prospects. Well, the total result, I think, is positive due to several reasons, you know, that we've already discussed. On the one hand, we continue with combined ratios below pre-pandemic levels. We have an inflow of claims that is growing, but has not yet reached 2019 levels. Additionally, I think we have more retention of reinsurance in two points. By two points, as we already said, and this allows us to offset the normalization that we are seeing in the direct results. Additionally, there is a positive offsetting effect that of the financial results that I think will continue in the second half year of 2024. So in the end, for the second half year of 2024, these factors, both the evolution of turnover, of claims ratio, these impacts that normalize the technical ordinary result, and the offsetting factors such as reinsurance and the contribution of the financial margin, will happen again. Thank you. I think there's been a resurgence with financial result, because we've received several questions, all of them along the same lines. They stress that the financial result is very positive in traditional business and in credit. And in this sense, the questions are around how we expect the financial result to evolve, by year-end 2024, and what the amounts could be. Thank you, Nawal. I think there are several questions along these lines about the financial result. I will break it down, and then if there's something that needs clarification, we will talk about it. There's one first part, which is the reason for the good financial results that we have obtained. In the end, we've talked about this during the presentation, but the evolution, in this case, of fixed income, you know, that is very relevant for us. It's been very positive in this last year, with interest rates, which are a lot more attractive, that allow us to make better investments than historically in previous years, with rates well above 3%, so in a market environment, which is favorable for our investments. This is, of course, one of the reasons, but also there is a rationale in our investments. We came from investments that were... That involved a lot of treasury because of the low interest rates, and this treasury situation has allowed us to make swift investments and comparatively, if we compare with other companies, other competitors, other peers, we have less weight of the life line of business than other companies, which allows us to have a portfolio mix, which is more exposed to profitability, to real estate, and with a fixed income that in the case of life, we of course, match assets and liabilities, but in non-life with lower durations, which has allowed us to reinvest swiftly, comparing with other portfolios, and in the end, this has had a positive impact in our financial result. While you were asking the question, I made a note of the duration for portfolio. It is at 3.93 at the moment. It's also true that in this environment, this favorable market environment, we do not only have a good financial result, but this financial result also allows us to share with our customers, offering attractive interest rates in all senses, and this will be seen in year-end. As time elapses, we will see how part of that financial margin translates also into more savings products with interest rates that are appealing to our customers. Just to make a comment on how the financial result has fared for us, and going back to the year, in credit, credit has had a financial result, which has been very, very positive, 81.5% growth as compared to the previous year. Here, I would like to stress that there have been two aspects that have had an impact, and we could say that these are one-offs. On the one hand, if you remember, in 2023, we took equity from direct investment to purely equity because of the new accounting standards, and this has meant that in this year we've started receiving the dividends of these new equity investments, which is promoting the results of this year as compared to 2024, where we did not get these dividends. So these positive effects, we may not see so much in 2025. And finally, there's an effect that I think we can consider, a context-related effect, which is the currency exchange factor. It is a random factor. We'll see what happens by year-end, but I wanted to talk about the context as well, the context-related factors. By year-end in 2024, we expect the market to continue in a positive situation, a positive context. It is true that we expect a certain trend of reduction of interest rates, so we trust that we will be able to continue to offer interesting savings products to our customers, but this will lead to a lower financial margin. We will now continue with a question for Clara as well, about the funeral business. We continue with EBITDA margins along the same lines, 25.9% in funeral services. Is this a roof? Is this the roof for this business, or do we expect improvements in that area? Well, it is true that the funeral business is the newest one amongst our lines of business, different from the traditional business or credit business. The funeral business, I will summarize the main impacts in that EBITDA. We're less used to talking about it, talking about EBITDA. Truth is that we are in a market environment where we've seen we have less services as compared to previous years, not because we're having a lower market share, but because of a lower mortality rate comparing with previous years. I would like to remind you that we come from pandemic years, so it was logical that this situation would correct itself. It's one of the reasons. On the other hand, in the funeral business, just like in the rest of our businesses, we've also experienced the impact of the inflation pressures in costs, both salary and operating expenses, and these incremental costs due to inflation has not been immediately transferred to prices. We are doing so with some delay. We acquired Mémora Group in February 2023, precisely when the impact, the inflation impact started. Despite that, we are with the aim of improving margins, we are carrying out a synergies plan that we are executing with not only short-term measures, but rather mid-term measures, and we focus also on creating long-standing relationships with our customers. We think creating these trust relationships in the mid to long term will positively contribute to the margins of the business. So in the end, we implement measures, and even if we consider this margin of a bit more than 25% over EBITDA, we can say it is a normalized margin for this business. We do expect to see improvements in future years. We are also promoting inorganic growth through small acquisitions, and all of this will have a positive impact on the growth of the funeral business. Okay, so we can close the Q&A with one final question for Clara as well, about capital management. The dividend has increased less than results. Why not equated, equate dividends to growth in results? With the solvency margin that we have, why do we continue to accumulate capital? Well, you know, it is a capital management question that is usual in our presentations. You already know our dividend policy. It is a very stable policy, and in the end, what we have is always a growing dividend throughout the different periods. In this sense, we should stress, just to give you some data about this, GCO has practically doubled the dividend in the past 10 years, and even at times of crisis, we've been able to maintain our commitment to our shareholders. And this profitability complements with the management or the long-term vision of the group's value. You know that the share price is growing above reference indexes. Our share price ended June at around EUR 38, so we've seen an increase by 22%, that you saw on the corresponding slide, above reference indexes. Having said this, on June, the analyst consensus expected higher share prices, and yes, this is due to the fact that the market expects an acquisition transaction, a relevant acquisition that will promote the value of the company and push it up to these levels. And for those acquisitions to take place, we need a comfortable capital position that allows us to approach these acquisitions. I would like to stress that the trust of our investors is what has helped GCO grow through the years, throughout relevant acquisitions, and we continue to ask you for this trust in us, because the capital management of the company, in the long run, has proven to be successful over the years. I trust I have answered the question. Okay, with this answer, we will close the presentation of results of the first half year of 2024. I would like to again thank Clara Gómez and Carlos González for their presentation, and for the answers to all of the questions received. I would like to remind you that, as usual, the questions that have not been answered will be managed directly through 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 Thursday, 31st of October, 2024, where we will present the results of the third quarter of the year. And finally, I would like to remind you that you can go on our website, which is where you will find all of the financial and sustainability information that may be of your interest. We would like to thank you for your interest and participation, as usual. Have a nice summer, and talk to you soon.