Good morning. You know me, I'm Clara Gómez Bermúdez, General Risk and Financial Manager at GCO. Before we start with this presentation of results of the third quarter of 2024, in a day such as today, unfortunately, we, of course, want to convey our condolences and support to all those affected by the cold drop, the torrential rain event, and their relatives. In this presentation of results, I have here with me Mr. Carlos González, Chief Financial Officer, Nawal Rim, Director of Investor Relations, and, as on other occasions, the Director of Investor Relations will group together and combine all of the questions asked, and we will answer them at the end. As usual, we would like to thank you for being here with us in this presentation, which takes place online. Of course, we would like to thank you for your consistent interest in the performance of the share price and the evolution of our business. I would like to remind you, and we always mention this, that the financial information included in this presentation of results is prepared with our management information, the accounting standards we all know as IFRS 4, and on a quarterly basis, we report on all necessary international standards, IFRS 17 and 9, with the impact they have on our financial statements and our results. We will provide this information at the end of 2024. Before we start with the evolution of the business, we would like to share with you qualitative information that you may have seen already through the relevant event presentation. In today's session, the Board of Directors has been informed of the retirement effective January 1, 2025, of Mr. Juan Closa, General Manager at Occident. After more than 40 years being linked to the group, he has been key in the growth of a traditional business and the unification of the companies under one single entity, the Unified Brand Occident, as both the President, José María Serra, and the CEO, Hugo Serra, also stated, and along the lines of the streamlining strategy that we are carrying out in the group, Closa will not be replaced. The Management Board of Occident will report to Mr. Hugo Serra, and he will carry out his role as Top Executive of GCO and Occident. You know, additionally, that regarding the. Do not normally accept questions during the Q&A session. Now, starting with the summary of the nine months of this year and confirming the trend of the year, I think we can say that we've reached a positive behaviour in our three strategic pillars of growth, profitability, and solvency that we are showing on screen at the moment. Growth, total turnover, with a 2.9% increase, as you are seeing. It incorporates all three businesses in positive growth above the rest of the Spanish insurance industry, which, you know, has decreased somewhat. Better growth than the rest of the year. In the presentation of a few months ago, we stressed a 1.6% growth, and we will see this later in greater detail, but stressing the growth of the traditional business where recurring premiums grow above 6%. More than satisfactory consolidated result. You can see this on screen: EUR 574.5 million, growing by 9.2% as compared to the previous year, almost EUR 600 million in just nine months. The growth, you will see this in the three lines of business: in traditional business, in credit insurance, and in funeral business, but also stressing the more than favorable behaviour of the traditional business, the growth of which in all lines of business shows the excellent recovery of the market versus the inflationary trends that, you know, started in 2023 that have continued throughout 2024, and that you can see on screen. You can see the combined ratio a bit above 90%, meaning minus two points versus the previous year, and a good performance of permanent resources at market value, you very well know our history that you can see at the bottom of the screen on the right-hand side. We will later give you more information on the evolution of permanent resources at market value, and therefore, I think we can say that these are results that have not been negatively impacted by the current financial situation, a situation that is mainly impacted by geopolitical tensions in a great proportion due to the world conflicts in Ukraine and the Middle East, and also the uncertainty of the economic evolution in all regions in the United States, in China, and also impacts in Europe, and you can also see that the GDP is growing, it's improving, rather, in Spain as compared to others. You can see here 2.9%. This has been reviewed upwards in the latest information of the IMF, and with a better improvement in Spain than in the rest of the EU, and you also see a continuous drop of inflation in Spain. It's below 2%, but underlying inflation is still a bit higher at around 2.4%. We must say also that the costs deriving from this inflation still impact the insurance business, as we will see later. As on previous occasions, we always give information on the evolution of financial markets. It is true that the other side of the coin of inflation that we just mentioned is the drop in interest rates due to the measures taken by central banks. You can see these at the bottom of this slide that I am showing here now. Both of sovereign debt, Spanish sovereign debt, you can see in the 10-year bond is at around 2.9%, and in the rest of sovereign debts that you can also see here. You can see Germany and the United States with a drop or a reduction of spreads as well. I would like to remind you that barely three months ago we were saying that interest rates were around above three, 3.2%. Now they are below 3%, and the forecast drops towards the end of the year and also for 2025. Excellent behavior of markets despite world tensions. You can see this better in the United States where the big techs pull their weight. Also good performance of stock markets in Europe. IBEX, as you can see on screen, increasing by 17.6%, very much impacted by the good evolution of the financial sector. As in other presentations, we give you some context, looking at what happens in the rest of the Spanish insurance industry. The Spanish insurance sector does not go back to growth figures. It drops slightly by 1.2% in total premiums. You can see this drop is very much impacted by the evolution of single premium savings with a drop of 16%. As you may remember, in 2023, there were significant issues of single savings premiums. The drop is a bit less than what we observed during the first half year, and the performance of general insurance is still very good, 7.8%, especially motor growing by 8.8%, as you can see on screen, 7.7% for multi-risk, and therefore very positive levels of growth, although slightly lower than the first half year. Comparing to others, I think we can say that the performance of the group is better in traditional business for two reasons: lesser impact of single savings premiums. You know that we have less exposure to single premiums in savings. We prefer the recurrent business because we understand it contributes more value both for us and for our customers. As we will say later, because we believe that in these nine months of the year, the evolution of single savings premiums has not dropped as much as in the rest of the insurance sector, as we'll show you later. Similar thing in non-life as in the rest of the insurance sector. Motor grows at around 9% versus this 8.8% that you can see, and in multi-risk, we're growing at 7.5%. We already mentioned in the previous presentation that this growth of 7.5% is also impacted by another factor, which is that in multi-risk, we are incorporating not only small multi-risk but also exposure to large industrial risks. The portfolio of large industrial risks, we are repositioning it, so it has dropped as compared to the previous year, and it absorbs this 7.8% that you can see on screen, part of these large industrial risks. Talking about how we did, as usual, on screen, you can see the summarized P&L, first income, and at the bottom, results. In income, I already talked about the growth, so I will only give you the important details. The growth, as you can see, is positive, with more than EUR 4.5 billion turnover in nine months, to stress the traditional business with this 6.5%, 5.6%, and recurring premiums with 6.5%. But we're still happy also with single life premiums, a mere 2.9% reduction, which in terms of value is almost at a draw with the previous year. We came from growth of 29% in the first quarter, but we already said back then that that situation would correct throughout the year. The parameter that may be less satisfactory, we already mentioned it in previous presentations, is this slight drop of the turnover in credit business, in credit insurance, this 1.8% that we already mentioned. Throughout the presentation, the previous year was impacted by inflation, which has a direct impact on our customer sales, and secondly, less insured sales due to this slowdown of commercial activities. And just like we said in the first half year, we have been seeing a pickup of commercial activities and therefore a pickup in insured sales of our customers, but it is still early to see this in the figures. I think we can already say that if the macro situation allows it, this will be visible in the year-end figures and mainly during 2025. Finally, you can see at the bottom the contribution of the funeral business, almost EUR 200 million turnover, positive comparison with the previous year. You know that in this year, we are incorporating all nine months of the funeral business. The group of the Mémora Group took place in February 2023. At the bottom, you can see results, a very summarized information of the results of the group, but what we can do is we can give a very favorable assessment with this almost EUR 575 million, 9.2% growth for these nine months, and very good results in the three line of business, two digits growth in traditional business despite inflation, this 5.4% in credit, which is superior to what we saw in the first half year, and a confirmation of the positive trend of the funeral business, almost reaching EUR 14 million ordinary result. Going into detail of the different businesses, traditional business grows by two digits, 16%, more than EUR 136 million results, improving the first two elements of the P&L, the technical result and the financial result, both in general insurance and in life, and you know that the combined ratio of general insurance is slightly above 90% with a very good behavior in this exercise this year versus the year before. From the technical point of view, good behavior of the two main lines of business in motor and in multi-risk. Actually, motor improves the technical result. We will see this later in more detail. By 15%, the combined ratio is slightly below 96% still, and this allows us to maintain our spread with the rest of the insurance sector. And all of that, and as we said on many previous occasions, despite the cost impact both in material and bodily costs of inflation. But rather than motor, we should stress the excellent behavior in multi-risk with a combined ratio of 88.3%, almost five points below the year before and maintaining what we observed in the first half year. Regarding the causes for a better technical result, I would stress two mainly. The first one that we already mentioned, but it is the key element that we should stress this year, is cost reduction. We have implemented significant cost reduction measures, which are visible in the results of the group, have an impact in the results. And as we already mentioned, the good evolution of acquired premiums, which we knew would incorporate slowly into the books because of the price setting measures we have applied. At the end of September, we knew we had experienced less weather events, and we anticipated this was a contextual thing. It was a matter of the current context, and in the past 48 hours, as we mentioned at the beginning, we had the tragedy of the cold drop. Carlos González will give you more detail about the evolution of this, but I think we can already say that for the end of the year, we had foreseen an increase of claims due to weather events that had not yet happened, so we continue to confirm that the traditional business will continue with a positive trend, but it will probably be a bit lower than experienced until now because of the exceptional circumstances, but at any rate, it will be positive, and it will confirm and consolidate the good functioning of the measures that we have applied in business management. In credit, you can see this on the second line. You can see on screen we have results with a growth of 5.4%, improving results that were already very satisfactory in 2023. As I said, there has been less sales activity, less commercial activity. We know this has an impact on the income line with a claims ratio, which we could say is almost at pre-pandemic levels with still very cautious provisioning, and I can already say that we have not had any relevant peak events, so confirmation of the positive trend that we already mentioned on previous presentations in the credit business, and we consider this will continue like this towards the end of the year. I will not stop to talk about the EUR 14 million result of the funeral business that you can see on screen because Carlos González will probably give you more detail about that. I will not talk about non-ordinary, barely 2 million negative, which barely have an impact on the opinion. And a comment that is not in the breakdown of the information that we show in this slide about the good performance of financial results at a consolidated level, almost EUR 170 million, 169, with a growth of 17%. Of course, due to the good evolution of fixed rates compared to previous years, which on the one hand allows us to have better financial returns, but also allows us to offer good savings products to our customers. We'll give you more detail about this throughout the presentation. So in a nutshell, very good results, very good consolidated and attributable results, EUR 574.5 million consolidated result, EUR 518.4 million attributable result, with a growth of 9.2% as compared to the previous year. Even if you already know very well the diversification of our business, I would like to stop for a second to talk about this slide. We've updated it with the information available in these nine months of the 2024 year. I think it is important to stop and talk about this because this is one of the key elements that explain the good performance of the group throughout the years. On the left-hand side, you can see the makeup of the traditional lines of business. You can see how motor has a weight of 12.4%, lower than multi-risk and life with a 14.6% and 19.7% respectively. Also diversification not only amongst lines of business and products in the traditional business, but also from the geographical point of view with the credit business. It is true that most of our exposure is in Spain and what diversification that we still go for, and this is where the funeral business comes from. You can see on the screen it is already 4.3% in the total business of the group. I will not talk too much about the next two slides. It is true that the information about our position as compared to the rest of the insurance sector and the rest of our businesses, we have updated it in the nine months of 2024. We are the fifth largest insurance group in Spain, the first largest funeral business in the Iberian Peninsula, and the second largest credit insurance group in the world. As on previous occasions, we always offer you information on sustainability. Truth is that the sustainability project is a long-term project. is not much to say about the information or as compared to the information we've given you on previous quarters, because in the end, as you very well know, it is all included in the sustainability plan for 2024-2026. All the information on sustainability, including non-financial information, the sustainability document is on the website of the group, has been audited by our auditors, and you have the entire detail of the sustainability master plan for the coming year. I will not talk too much about this. I do confirm our strong commitment to sustainability and to our social actions that we channel through the foundation. We also usually give information on share price evolution. You know this almost better than ourselves. We've had an excellent performance this year, much better than last year. You see this with a growth of almost 30% that you can see at the bottom and better than our reference indexes. But as we've always said, we consider that the share price performance should not be measured based on the short term, this 30%. We need to look at the share price in the long term, and this is why we show you the joint performance from 2022 to 2024 with this increase by 11%, which is also better than the rest of reference indexes. Regarding our dividend policy, you already know this. Our dividend policy is very stable with a growing dividend, showing the clear commitment of the group vis-à-vis remuneration of our shareholders. And to date, this year, we have increased dividend by 7.5%, July and October 2024, as compared to the previous year. You can see it at the bottom of the slide, EUR 24.8 million versus 23.11 in July and October 2023. And compared to 2023, this EUR 134.12 million euros and the two increases of July and October by 7.5%. A dividend per share, which is EUR 1.12, we've almost doubled it in the past 10 years. And as I said before, it confirms the strong commitment of the group to its shareholders, a commitment that we've been able to maintain throughout the 2008 crisis and with slight modifications in the recent crisis of 2020. And without further ado, as on previous occasions, I pass the floor over to Carlos González, CFO of the group, who you know very well, and he will give you more detail about the evolution of the year, the main indicators, and a breakdown by lines of business. Thank you very much, Clara. As usual, traditional business, we'll start here breaking down the behavior of it and each of the lines of business. As to the business, generally speaking, in a context of higher turnover, we have retained our customers, maintained an increase of 5.6%, increasing premiums, 6.5% in recurring premiums, stressing here the increase of 9% in motor and 7.5% in multi-risk. A generalized recovery of the margins with an increase of technical result by 22.5%. In the general insurance business, the combined ratio is at 90.5%, specifically relevant in multi-risk that I will talk about later, and on the other hand, we continue with the positive evolution of the financial technical result of life with a growth of almost 5%, and now, divided by lines of business, multi-risk, EUR 667.7 million in premiums continues to experience a strong growth of 7.5%, similar to the sector, which is at 7.7%. Here it is important to stress the growth of premiums in mass lines, almost double digits. This is as a consequence of a good customer retention and an evolution of the average premium, which has impacted in a segmented manner in the cost increase of claims. The combined ratio is at 88.3% as a consequence of a combination of several effects, mainly the adaptation of prices to the increase of costs due to inflation, which is already slowing down, improving productivity that we can see in 1.4% reduction of the cost ratio. Until September end, there had not been any relevant weather events, climate events, as compared to the previous year to this date. This is very important if we compare separate quarters with 88.9% this quarter. With all of these, the result has increased notably by 75.5%, going up to almost EUR 74 million. Motor with an important increase of its turnover up to 9% and more than EUR 560 million turnover. This compares to what the sector is doing. It's growing at 8.8%, a favorable comparison. There is a competitive environment with prices going up, and this, in our case, goes together with a good customer retention. The combined ratio is at 95.9%, slightly below that of 2023, and of note, the improvement of efficiency ratios with a drop of 2.8 points as compared to last year, and it is also true that here we continue to detect increases of claims ratios due to inflation effects that we are dragging from 2023 and 2024, so the result of the line increases by almost 15%, up to EUR 22 million. As to other, 7.3% increase in turnover, excellent combined ratio in a sustained manner at 85.5% in this quarter and 85.5% with high and stable technical result levels that are at around 43.5 million EUR, as you can see on screen, so a steady increase. As to life, continues to increase in periodic premiums, 2.3%. Single premiums, as compared to the strong activities of last year, have dropped slightly by almost 3%, as we saw is the case in the sector, and Clara already mentioned it. We do not have such a specific gravity in this type of business. As to results, technical financial result improves by 4.8%, going up to 150.7 million EUR, and here we can see an improvement of the technical result and the improvement in the contribution of the financial margin due to our current capacity to reinvest at higher rates. So for the traditional business, as a summary, for the traditional business, due to the increase of premiums, the improvement of productivity, reduction of expenses around EUR 21 million reduction of expenses, and an improvement of 1.3 percentage points in the cost ratio and the relative improvement in claims ratio due to the lack of notable weather events, climate events up to the closing date, it allows us to improve our figures, an important growth of 16%, which aided by the contribution of EUR 6.7 million of the non-ordinary result coming basically from realized investments. We added a total result of EUR 240.1 million, so an increase of 21.3%. In credit business, we earned premiums, which are a volume of EUR 1.709 billion, with a reduction of the slowdown rate that we saw on previous quarters. This is very positive. We are at a drop of barely 1% with favorable perspectives for future quarters. We can see a deceleration of the economy in some European countries, together with the control of inflation effects, which reduces the good pace of the turnover of some of our customers. At any rate, additionally, we should add that there are some downward pressures in renewals, but it is also true that this pressure, this downward pressure in renewals, is becoming less and less important. So in the end, we are seeing an inflow of claims, which is favorable at a favorable level, and this means that our customers in renewal negotiations make us be a bit more flexible. Regarding the technical result, it is at EUR 470.9 million, a certain reduction as compared to last year due to the normalization of claims ratio, which is still at below pre-pandemic levels, as has been said before as well. In terms of geographical distribution of our premium, the drop in income that we saw before is very homogeneous. Don't need to stress any geographical area in particular. Regarding the gross combined ratio, good evolution, 74.3%, as you can see on screen. The claims ratio is below 49%, 29.4%, so still below pre-COVID ratios that were around 45%. The number of claims is increasing, but these have not yet reached pre-pandemic levels, although they are now close. We insist on this. We continue with our cautious provisioning policies already described at the end of 2021, in 2022, and also year-end 2023, so no changes here. As to risk exposure, increased by 4%, we are maintaining our strict selection criteria, diversification of risks by countries and sectors, and maintaining the excellent quality of our portfolio. So as a summary, I would like to go through the drivers of the period. Income drops due to the slowdown in the turnover of our policyholders. However, this pace has been moderately tamed, and this may continue in the future. The technical result before reinsurance drops because of the normalization of the business, with a moderate increase of the inflow of claims, maintaining our cautious provisioning policy, as I said before. Regarding reinsurance, the result improves as a consequence of our 2-point retention, up to 35% retention. And on the other hand, the financial result also improves substantially by more than EUR 35 million. And therefore, with all these, the ordinary result is at EUR 329.4 million, with a growth of 5.4%. At any rate, the non-recurrent result here is negative, non-ordinary result impacted by non-recurrent losses. And taking these into account, the total business result would amount to EUR 323 million, so still with some growth as compared to 2023. Finally, we also always give you separate information for the funeral business. We are seeing a stable and high margin impact of Mémora, with a proforma growth, total income of almost EUR 200 million, almost 6% proforma due to tariff increases to adapt to cost inflation, and also the acquisition of smaller entities. The technical result in this business is almost EUR 30 million, with a margin over EBITDA of 23.9%, similar to that of the previous year, which takes into account the impact of the cost structure due to inflation. So that would be all from me. From me, if you want to continue, Clara, thank you very much. We will then continue with the information that we normally provide you with regarding own resources. We always show them not at cost value, but also incorporating permanent resources at market value, so incorporating capital gains that are not included in the balance sheet, so that would be real estate capital gains. You can see here this EUR 574 million. It is a very good evolution of permanent resources at market value, above EUR 6.5 billion, with a growth of 13.3%, as you can see on screen, as compared to year-end 2023, due to two aspects, mainly. The essential one is the good performance of the consolidated results of the group. You can see it here with the EUR 574.5 million, but also the good evolution of the market that leads to the capital gains that you can see on screen with these EUR 258 million, so the evolution of permanent resources at market value that we always show is more than satisfactory. From the beginning of the century, we've been evolving from the EUR 332 million that you can see at the top. This is a figure from before the beginning of the century. And with this graphic evolution, you can see very graphically on the screen with these EUR 6.5 billion that you can see at the bottom. As usual, we always bring information on the solvency position of the group. This is one of our pillars, 232%, as you can see. This is information from end of 2023, so we cannot give you any more details than what we offered on previous occasions. And all of the information about this, you have it in the financial information and solvency report that is published on our website, and it has been explained in previous presentations, and it is acknowledged by our rating agencies, our credit rating agencies, with this A1 from Moody's for operating entities of the credit business. In the end, what they acknowledge, the most important thing for them is the good evolution or the good business model that we have. And as we've said on previous occasions, we can see this in the good results of the group, and of course, the solid capitalization and the high return on capital. And finally, we always like to show you a slide on investments, managed funds increase above EUR 16 billion, EUR 16.756 billion that you can see on screen specifically, with a growth of 9.1% as compared to year-end. I will not stop to talk about each of the lines, but I would like to confirm that we continue with our conservative investment policy. We match assets to liabilities. Our main asset is fixed income, with over EUR 8 billion investment in fixed income due to greater investments in fixed income, thanks to the good evolution of interest rates, but also the good evolution of the market. Also in equity, you can see an increase of 12.7%, not because we've made more investments in this area, but as a consequence of the good evolution of the market, good market performance, and also a strong treasury position that you see is above EUR 2 billion. You can see on screen the increase of real estate investments, 8.1%, not so much an increase in investments, but as you know, we have acquired a property in Madrid, in Méndez Álvaro 31, where we have all of our teams in Madrid, and it is a key building and it's modern, it's functional, and it is adapted to all of our sustainability trends. With this, we will finish the presentation. As on previous occasions, we will now answer the questions we've posed throughout the presentation. I would like to thank you again for your interest. I know we've received many questions. Nawal Rim has tried to group them all together, we will try to answer them all, knowing that if any are left unanswered, you can address the investor relations department afterwards, and we will give you answers through the usual channels. Thank you very much. Thank you very much, Clara Gómez, Carlos González, for your presentation. We will start with the Q&A, questions that we've received throughout the presentation, and that, as you know, we try to group by topic. We will start with traditional business. Carlos, Motor, we have the following question. We still see a growth of 9% in earned premiums. How long do we have of this digit growth? For how much longer? We are at 97.1% in this quarter. What is it due to and what are the prospects for the fourth quarter? Thank you, Noel. I think to foresee the invoicing trend, the turnover trend, it's important to know what is happening in Motor. As you've seen in the turnover in Motor, the sector is growing by almost 9%, 8.8%, and this is so because the average cost of claims still has important increases due to inflation. Different from other lines of business, where inflation is more controlled and more at the level of general inflation, Motor continues to show impacts, not only because of the cost of repairing vehicles, but also the increase in the scales of bodily damage. The sector continues to operate at technical losses, I think 101%, June figures. These are the latest that we have, and so it is to be expected that prices will continue to go up, and in our specific case, we follow the trend of the sector with increases in turnover of around 9%, almost double digit, as we heard in the question, but we have a positive gap that we normally maintain with the sector and we expect to maintain in the future as well. Regarding the second question, it is true that in this isolated quarter, we've been above the usual, I think 97.1% combined ratio, stagnant, and the third quarter of the year normally behaves more poorly than other quarters. Last year, it was almost 98%, and this is so because it includes the summer months with travel, holidays, and therefore we have this seasonality, this clear seasonality in all quarters, in all years, sorry. Having said this, we expect to finish the year with similar profitability levels. We continue to manage the cost pressure in claims, and we continue to adjust our tariffs, our rates, but always taking care of our long-term relationship with our customers. More specifically about this need to maintain our relationship with customers long-term, our churn rate is at historically low levels, our lapse rate, sorry, which is allowing us to maintain the number of policyholders and policies. Thank you. For multi-risk, we have also received several questions, Carlos. Summarized in the fact that we continue with a low combined ratio, 88.3% this year. What trend can we see for future quarters? And additionally, and after the cold drop that has taken place or continues to take place, there are several questions as to whether we can give information about the expected impacts. We are still below 90% in combined ratio. We have improved the ratio substantially, almost 5 points, and we are at 88.3%. And there are several things to say here, several factors, both related to the context and those related to our own management and cost efficiency. I think it is important to focus on this last pair of factors. The factors deriving from management and cost efficiency are the ones that will stay in the future, that are structural, and that give us this competitive edge. And here, I would stress first the increase in earned premiums of almost 7%, which starts to show the rate increases that we started in 2023, then a careful risk selection in industrial lines, especially where we focused on improving these products. This will be reflected now in the future. Our director mentioned it, our General Financial Director and Risk Director mentioned it, and also I mentioned some figures, EUR 21 million savings, generally speaking, of the traditional business. And additionally, we expect to, in 2025, see this in a more obvious fashion. Because we will have a complete cycle. In terms of the context, we can still see a favorable behavior of weather events, climate events, as compared to September 2023. It is true that until end of September, we had not had a strong impact from climate events, from climatic events. Normally, in the final quarters, we experience more climatic events. The clearest example is that of the current cold drop in Spain, and about this, I would like to again extend our condolences to those affected and their relatives. We have opened up a phone line devoted to covering all of the needs of our policyholders, and economically speaking, as to the purely economic impact, it's still early to do a first assessment because the cold drop is still taking place at the moment. It is relevant here to mention the support of the sector in the Insurance Compensation Consortium, which covers damages for a great proportion of the cold drop, floods, extraordinary floods, rivers overflowing, and other things that have indeed taken place during these climate events. It is true that there are other events, such as hail, that are not covered by the consortium. We have a second layer for natural catastrophes. We have an excess format or a special format of loss compensation. So even after the consortium, we would have a transfer to our reinsurance panel. Having said all this, however, as we already stressed, it's still early to analyze the impacts, the direct impacts. And at any rate, as our financial risk management officer, it will not overshadow the good results we've been having. Thank you, Carlos. Now, credit insurance. Very good questions on income. What do we expect in terms of net profit and financials? There are questions, Carlos, about the inflow of claims and our expectation for 2024, even 2025. Okay, we will start with income and then profitability. As to income, we are experiencing that premiums do not drop as much as in previous quarters. This trend of improving income will continue to be positive over the coming months. You know that we are in a favorable economic environment, uncertain also, with mixed behaviors by region. We have a significant concentration of our exposure in Europe, and the forecasts we have for 2025 are of a growth. Slightly above, if we have corrected 25%, and we will have direct impact on premiums as to risk appetite level. We continue to be cautious with the strict selection of risks as per our underwriting policy. As to profitability levels, combined ratio is 73.4%, still below pre-pandemic levels, and this is so because the inflow of claims will continue to be a bit below 2019. We continue to see that claims ratio levels are normalizing, and the thing here would be to see how fast they're going to normalize. We cannot guarantee this, but we believe that we can quickly consolidate pre-pandemic levels during 2025. But at any rate, we expect a very positive 2025 if this is the way things go down. As to the good ordinary result of September, in the end, the important level of result, a high level of result, is a consequence of the good technical result, and at any rate, the growth by 5.4% that takes place in the ordinary result happens mainly for two reasons. On the one hand, an improvement of reinsurance with better retention of business that increases by 2% up to 35% of transfer. We already mentioned this. And the improvement of the financial result of profit as a consequence, basically, of the increase of interest rates, the average interest rate of our investments in fixed income, where we've used the maturities of the portfolio to reinvest at attractive rates. And on the other hand, the replacement of equity in our portfolio for direct investment in equity, we've received dividends directly, and these dividends are having a positive impact on the P&L directly, both for this year and for future years. I think that summarizing forecasts, we expect a profitability in a level of premiums in credit business towards the end of the year at a similar level of what we are seeing at the moment, and continuing with the normalization of results for 2025. Thank you, Carlos. To finish with questions more related to the business, Clara, on funeral business, questions are: the recurrent EBITDA margin is expected to be at around 25%. We see at 9M2024 a margin of 23.9%. What is it due to? And do we still expect this normalized margin of 25% that we had discussed in previous presentations? Thank you, Noel, for the questions on the funeral business. I think there are two, but both of them in the end are related to margin over EBITDA, so I will make some comments about this. Margin over EBITDA that we mentioned in this presentation was slightly below 24%, 23.9% to be precise, and in line with the previous year. If we compare with the previous year at the same date, 24%, and this is logical why we talked about the strong seasonality of the funeral business. The last three months of the year, as you may imagine, coincide with the summer, so we have less services. The seasonality, all the forecast is that it will correct towards the end of the year, and we will be around what you were saying, around 25%. Because during the wintertime, as you may imagine, both in the last quarter of the year and the first quarter of the year 2025, there are normally more services among other reasons due to the winter flus, the flu seasons. Beyond the seasonal component that we just described, the truth is that the funeral business has also experienced inflationary tensions. We acquired the Mémora Group in February 2023. It was the moment when inflation started to increase, and it has an impact on two aspects. On the one hand, salary costs, and on the other hand, on operating costs as a consequence, and this cannot be immediately translated into prices. I think we've already said this on previous occasions. We continue working on cost reduction, on our efficiency. You know it is one of the key elements of the group, and of course, this will have a positive impact on profits, and with this long-term vision that you know very well, we will continue to make progressive adjustments with this long-term view to take care of our customers. I think the second question was whether we consider that the normalized ratio is around 25%. If that's not it, please correct me, Noel, if I'm wrong. Yes, that's the case. So we continue to think, yes, a more normalized ratio would be around 25%, of course, maintaining an organic growth as usual. But you also know that besides all of the measures that I mentioned, we fine-tune the expenses, but we also continue with more acquisitions to increase our funeral business, which will, in a way, show impacts in the results of the business. We've received several questions more related to the financial results and the prospects for year end 2024 for traditional business and credit insurance. In that sense, Clara, we also have some questions related to our position in real estate investments. We mentioned it. It's true, the positive evolution of the financial results, 17% consolidated results, and almost 170 million EUR. But it's also true that the behavior is different between the financial results of the three businesses. It may have shocked you to see the lower results of traditional business, a growth of 3%, so a bit less than in the first six months of the year, and specifically the financial result of the life business. I would like to remind you that the good evolution of interest rates comparing with previous years doesn't only allow us to have better profitability, the profitability that we are mentioning, but it also allows us to offer our customers good savings products and better life savings products. And this is precisely the reason why the growth of the financial performance, specifically in life, is different from the financial results of general insurance and credit. In this sense, the financial result of general insurance has more exposure to equity, to real estate, and also shorter duration spans. I would like to remind you that the interest rates are still below 3%, 3% as an average, and this leads to reinvestment opportunities, which are a lot better than the ones we had in previous years. Regarding the financial result of the credit business, I think we talked about the different evolution in the three businesses. I think the CFO, Carlos González, already answered, but as a summary, I would like to remind you that in 2023, we realized our mutual fund portfolio because of its volatile effects in the P&L, and we preferred to invest directly in equity. This has an impact on the financial results of the group due to the dividends. But beyond that, in the financial result of the credit business, we can also see the good behavior of all of the fixed income, and this has an impact on the financial results of the group, and we foresee the growth to be similar for year end. So in the end, we expect to finish with positive growth at year end vis-à-vis previous year in financial results, but it is also true that as compared to the first half year, this financial profitability that we share with our life policy holders means that it will be a bit inferior now than in the first six months. So finally, if I remember correctly, there was a question about real estate investments and their growth. I think I already mentioned it in the last slide that we showed in the body of the presentation. It is not that real estate investments have increased. The increase is mainly due to the acquisition in Madrid of Méndez Álvaro 31, the building. The goal was to group together all Madrid employees in one set of offices, which are top quality, and making our real estate profitable, which is in primary areas of Madrid. So the registered offices used to be in Castellana 4, and now we have transferred it to Méndez Álvaro 31. Thank you, Clara. We'll continue also with a question on permanent resources and the group's capital. The question is, we want to understand this growth of 13.3% of permanent resources at market value. As compared to 6M 2024, compared to the data reported in half year 2024, this 13.3 versus 7.8. It is true, the comparison that we presented was towards the end of the year, a growth of 13.3% as compared to year end last year, and it is mainly due to two factors: the good evolution of the group's results. If we had now the slide in front of us, you could see that the most relevant figure is the EUR 574 million in permanent resources, but also due to the changes in valuation, and well, as you said, as compared to 6M, there has been a drop in interest rates, which has an impact on the capital gains of fixed income, which is the one with the greatest weight as compared to the previous quarter. As a piece of information, 10-year Spanish debt has dropped by 50 basis points. And in the latest presentation of results of 6M, we reported a variation with valuation adjustment a bit below EUR 80 million. I think it was around EUR 78 or 79 million versus the EUR 258 million that we reported or that we are reporting now at the end of September. Having said this and taking into account that we are yet to incorporate three months of results, if we're pointing towards the end of the year, we expect to continue increasing permanent resources, mainly due to the evolution of the results of the group and all of that. With no negative adjustments in the valuation of our portfolios, bearing in mind that the forecast is to have drops of interest rates, it will probably not be that case. And finally, to close the Q&A, a question about the financial strength and capital management. What will happen with the capital surplus at the end of the year? And with these results, are we thinking of any changes in the dividend policy or any short-term ways of capitalizing on that surplus? Yes, it's a question that you always ask. Our dividend policy continues as always. You know we are stable. We should stress that GCO has practically doubled the dividend in the past 10 years and that we've been able to even maintain it or almost maintain it in periods of crisis. So I think this confirms our commitment to our shareholders. And this profitability that I was talking about is completed with this long-term management that we carry out at the group. You know, as we said, that the share price is increasing, increasing above our reference indexes. We're very happy with this growth. The share price closed in September a bit below EUR 40. This shows that this growth that we saw on screen, this growth of share price performance of 30% above reference indexes, our reference indexes. As to the acquisition transaction, well, you know this because we always say it. We are paying attention to anything that might be of our interest. We have a capital that we feel comfortable with to be able to carry out acquisitions if the opportunity presents itself and the consensus of our analysts is a higher share price. I understand they trust that we can carry out these acquisitions when the opportunity arises. With all this, what I wanted to do is to stress the trust of our investors. This is what has helped GCO grow over the years through relevant acquisition transactions, and we continue to ask for this trust because the long-term management of the group has proven successful over history. Okay, so with this answer, we will conclude this presentation of results of these first nine months of 2024. I would like to thank Clara Gómez, Carlos González for the presentation and also for the answers to all of the questions. As usual, any pending questions will be managed directly through investor relations 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 Friday, 28 February 2025, where we will present the annual results of 2024. Finally, I would like to remind you that you can visit our website, www.gco.com, where you will find all of the financial and sustainability information that may be of your interest. As usual, I would like to thank you for your attention and participation, and talk to you soon.