Good morning, everyone, and welcome to Mapfre's results presentation for the second quarter, 2022. This is Felipe Navarro, Head of Investor Relations and Capital Markets and Corporate Treasurer. It is a pleasure to have here with us our Group CFO, Fernando Mata, who as usual, will walk us through the main trends of the quarter. At the end of the presentation, we will open up the Q&A session. We invite you to send us your questions using the Ask a Question link on the bottom of your screen. We will try to answer all of them as time allows, and the IR team will be available to answer any pending questions after the call. As a reminder, the replay of this webcast will be available shortly after the call. Now, I would like to turn the conference over to Fernando. Fernando? Thank you, Felipe. Good morning, everyone. Before going into the details, I would like to start with a few introductory remarks. Despite an extremely challenging start to the year, Mapfre has closed the first half with satisfactory results, supported by a very diversified business profile and a strong financial position. We continue to implement our current strategic plan and targets remain valid. Some initiatives have been delayed or adapted to the current context. The combined ratio target could be more challenging, but as of today, there is no evidence of not being able to reach profitability and dividend targets. Growth on a like-for-like basis has been excellent in core markets. Spain, Brazil, and reinsurance, as well as across Latam and currency movements have boosted these figures. We maintain a disciplined approach and are growing in profitable lines such as general P&C and life protection. We're focused on organic growth and our M&A strategy, as always, is extremely prudent. The market environment isn't easy as difficulties from the geopolitical situation surrounding the invasion of Ukraine persist, continuing to aggravate already growing inflation, rising interest rates, and weakening the global growth outlook. Nevertheless, profitability has been robust, reaching a net result of nearly EUR 338 million with an ROE of over 9%. We're benefiting from a high level of diversification with very different trends across business lines. Profit contribution was strong from core operations and direct exposure to the Ukraine conflict is negligible. Better technical results in general P&C and life protection are helping mitigate ongoing pressure in motor and health with a solid contribution from financial income in many markets. Furthermore, we've seen the benefits of the restructuring processes implemented in recent years, which are reaching the final stages in many countries. The continuous streamlining of the assistance business is coming to an end with the recent disposals in Turkey and the Middle East. These efforts are reflected in Asistencia's positive contribution to results this year. Finally, the complete exit from Indonesia and Philippines for both direct operations and Asistencia is imminent, pending only local authorizations. I would like to spend some time commenting on the motor business. This segment is currently experiencing several headwinds, and it is extremely exposed to inflation and higher mobility. There are also other trends that are putting pressure on claims costs, changes in driving patterns, spare parts inflation, and supply chain disruptions, which are leading to longer repair times. We have quickly defined and executed profitability initiatives across all regions, focusing on three main drivers. First, tariff increases, both on new business and renewals. Second, cost contention, both internal and external claims costs. We are actively managing spare parts and trying to speed up repair times, thanks to our preferred garage network and tow trucks. In third place, even stricter underwriting measures, canceling business in a specific portfolio, segments. These measures will take time to affect the bottom line, especially in the case of tariff increases, and it could take several quarters to converge to a sustainable model combined ratio. Finally, Mapfre continues to boast a very strong solvency position and high level of financial flexibility. The Solvency II ratio was 205% as of March 2022, and the Tier 3 bond that we issued in April, it should boost the position by over 10 percentage points, mitigating the fall in shareholders' equity. We are very well positioned to weather the current environment, even with the high volatility in financial markets. We maintain high levels of liquidity and a prudent approach to investments with a modest credit risk while lowering the duration of our portfolios. Now, I will comment on some of the figures from the first half of the year. Premiums are up 7.3% in euros. If we eliminated the impact from currency movements, which added 4.9 points to growth, a large multi-year policy issued in Mexico last year, which took away 4.5 points from growth, and the exit of Bankia Vida, which took away 0.8 points, premiums would have been up 7.7% with strong trends in non-life. Regarding the positive currency trends, the most relevant were the US dollar, up around 11%, and the Brazilian real, up over 18%. There were high single digit and even double-digit appreciations in other Latin American currencies. The combined ratio was 98.3% with a 5-point increase in the loss ratio driven by the pressure in motor, and also reflects the drought that took place in Brazil and Paraguay. The 2-point reduction in the expense ratio is worth it, reaching an excellent level of 27%. This is supported by very strict cost controls in all areas. The pressure on combined ratio was partially mitigated by the improvement in financial income, which was up EUR 54 million on the period in non-life. The attributable result reached nearly EUR 338 million with an ROE of 9.2%, 8.4% excluding the impacts for Bankia and other extraordinary charges booked at the end of 2021. Shareholders' equity is down around 10% on the period, 4.6% on the quarter, and at over EUR 6.6 billion, mainly due to the reduction of unrealized capital gains due to the rise in interest rates, which was partially offset by currency appreciation. We have also disclosed on this slide the main extraordinary items. The non-operating impacts include the restructuring of Asistencia business operations. Regarding operating impacts, there was negative development of the Paraná River drought claim reported during the first quarter, which is now at EUR 88 million net loss for the group. EUR 51 million of this is at the reinsurance unit, and the remaining EUR 37 million is at insurance units. By country, 28 million corresponds to Brazil and 9 million to Paraguay. Financial gains and losses slightly up on the year, but they're still at modest levels. We expect a higher level of gains for the second half, mainly from real estate transactions, a building in Bilbao and the JV with Munich Re that should be formalized by year-end. The other line for 2022 includes an impact in Spain due to the tax relief for realized gains and dividends for certain qualifying equity investments and the tax credit that was recognized in Peru after the merger of the life and non-life units. Full disclosure of the different components of these items are included in the annex at the end of this presentation. During the first half of the year, insurance operations contributed over EUR 10.5 billion in premiums and over EUR 320 million in results. I would like again to highlight the resilient performance in Iberia. Premiums are slightly down, mainly due to the exit of the Bankia business, with non-life premiums up over 3%, with a strong performance in general P&C and health. The combined ratio is up 1 point to 97% due to the pressure in motor with a ratio of 100%. The net result was over EUR 180 million with positive trends in other non-life segments, helping mitigate the pressure in motor. Portugal boasts excellent motor and non-life combined ratios together with a spectacular growth, premium growth figures. Brazil premiums were significantly up with healthy growth trends in agro, motor, and life protection. The attributable result was over EUR 44 million, up over 20%. The strong improvement in life protection and high financial income have mitigated pressure in motor and also the impact from the drought. The overall combined ratio was at an excellent 94%, with very strong trends in general P&C in the second quarter, including the agro segment and also slight improvement in motor. Currency appreciation has also been a positive driver. Premiums in Latam North were up 28% when adjusting for the multi-year policy, and Latam South grew 26% in euros. Local currency growth was solid in most segments, and it's worth mentioning Mexico up 20%, excluding the multi-year policy, Peru up over 20%, Dominican Republic up 15%, and Chile up 36%. Overall, in both regions, the strong improvements in life protection profitability was offset by the pressure in motor. The combined ratio in Latam North is at a good 96.5%, while in Latam South there is more pressure from inflation at 103.5%. Net results were up in both regions and in Latam South, the extraordinary tax impacts in Peru offset the impact from the drought in Paraguay. Premiums in North America are up nearly 24%, of which 10 points were contributed by the Century business transferred from Asistencia at the end of 2021. Performance continues to be affected by rigid tariff regulation, growing mobility trends, and increased severity. The 3% motor tariff increases at the beginning of the year are complemented by the 3.2% increase that was recently approved and is being implemented in July. On the other hand, there is an excellent performance in homeowners. In Eurasia, premiums are down due to the non-renewal of an important dealership distributor in Italy. In this country, the staff restructuring plan is underway, but savings will take some time to come through P&L. Performance in Germany and Malta has been good in both countries and in line with expectations. In Turkey, the currency is still a drag on both business volumes and results, and the inflationary environment has also been a challenge. The Group has decided not to consider Turkey as a hyperinflationary economy as of June due to the negligible effects of the restatement of the accounts and other considerations. We will continue to closely monitor the development of inflation during the second half of the year. Mapfre Re premium growth is supported by positive pricing trends and U.S. dollar appreciation. The combined ratio is 96.4%, which was strong considering the impact from the Paraná drought in the second quarter, with a net result of nearly EUR 71 million. In Asistencia, the streamlining effort is evident with volumes down almost 58%. The sales of operations during this year had a net impact of EUR 1 million on the results. Excluding this, the unit will have been at breakeven. I would like to comment in more detail what we're seeing in the Motor segment. There is pressure in Motor across all regions with a few exceptions, particularly in Puerto Rico, in Peru, and also Portugal. Anyway, on this slide, I will focus only on our main markets. We have acted quickly to execute a Motor profitability plan across all regions. As you can see on the slide, the fleet is basically stable during the period, only up by a little over 100,000 units. Our growth appetite will depend on the profitability outlook for this segment in the future. In Iberia, rate increases for new business were implemented in the fourth quarter of 2021, while increases on renewals are being gradually implemented through the year to converge with current inflation. Average premiums are now relatively stable during 2022 after several years of declines. We're still seeing a reduction in coverages and other underwriting measures are implemented to maintain the churn ratio stable. On the spend side, we continue with a very strict cost containment for both internal and external claims costs, including spare parts and provider network agreements. We are increasing the number of preferred garages and redirecting clients as much as possible to our network. In Brazil, there have been multiple tariff increases, but more will be needed, obviously to catch up with growing inflation. On the underwriting side, we have also been canceling non-performing brokers focused on higher risk portfolios, such as commercial trucks and buses, with vehicles insured in these segments down over 20% year-on-year. In the U.S., we were very quick to increase tariffs ahead of most of our peers in Massachusetts and have already put through 2%-3% increases during 2022 with an additional rate hike planned for the second half of the year. Obviously, subject to authorization from the regulator. We have also implemented measures on the cost side, increasing adjusters on payroll and redirecting more clients to preferred repair shops. We are applying stricter underwriting policy and further aligning commissions to portfolio performance. These measures will help bring the Motor combined ratio down to sustainable levels, although it will still take some time, while maintaining the fleet stable and best-in-class service levels for our clients. On this slide, I would like to comment on the Life business at insurance units. In Iberia, premiums were down 12%. Growth, ex Bankia, was down 3%. The Life result has significantly improved, more than doubling, with a general improvement in Latam supported by lower COVID impact. On the right, you can see that the total COVID impact in Latam in the quarter was just EUR 5 million, only half of the impact we saw during the first quarter. We should expect a better outlook in the region, going forward. Assets under management have decreased by 8% as a result of market movements, both due to the uncertain geopolitical context as well as to rate increases in most of markets. Spanish sovereign debt continues to be the largest exposure in our portfolio with nearly EUR 10 billion, followed by Italian debt with EUR 2.6 billion. Please remember that a large share of these positions are allocated to immunized portfolios. During the first half, Spanish govies are up 186 basis points, while the Italian bonds are up over 200 basis points, and the USD notes are also up 150 basis points. Equity markets are also down due to tension from the Ukraine war. Finally, regarding third-party assets under management, both pension and mutual funds are down, mainly due to market movements. On the top are the details of our euro actively managed fixed income portfolios, which have a market value of around EUR 11 billion. The largest move this year was related to the investment of nearly EUR 350 million in inflation-linked bonds in Iberia and Mapfre Re. As a consequence, we observed a reduction in the accounting yield due to the features of those investments. For this reason, we present figures carving out this part of our portfolio. Obviously, this position have outperformed plain vanilla bonds during the period. As you can see, excluding these bonds, the accounting yield slightly up with duration down by two years in Iberia. As a reminder, the long duration in Iberia non-life is due to the burial expenses portfolio. Excluding this, the duration would be around 3.6 years. The portfolio in LatAm also includes approximately EUR 1.7 billion of fixed income securities linked to inflation or floaters linked to central bank rates, which represent a little over 40% of fixed income portfolio in the region. On the bottom, you can see the details of the fixed income portfolios in other markets, with duration slightly down and portfolio yields up in all markets and regions. This trend should continue in coming quarters as long as central banks put more emphasis in taming inflation threats. As we mentioned before, we have already seen an over EUR 50 million increase in non-life financial income year on year. Shareholders' equity stood at EUR 7.6 billion, which represents a 10% decrease during the period. Net unrealized gains on the available for sale portfolio were down EUR 1.3 billion, mainly due to the increase in interest rates in the Euro area and the United States. The largest impact was in Iberia, down EUR 336 million, followed by Mapfre Re with a EUR 215 million fall. In North America, net unrealized gains are EUR 209 million lower. Currency conversion differences, on the other hand, are up over EUR 400 million on the back of notable appreciation of the US dollar as well as the Brazilian real. On the right, you have the usual breakdown of currency conversion differences, annual movements, and also the sensitivity analysis. On the chart on the left, you can see the breakdown of the capital structure, which is slightly down during the period, amounting to EUR 11.9 billion, which is mainly equity. Leverage is 24.6%, with debt levels stable and within our risk appetite. The increase in the ratio is transitory, mainly due to lower shareholders' equity resulting from the interest rate environment. In fact, the reduction in debt during this period is EUR 167 million. The company has an excess of liquidity as a result of the termination of the agreement with Bankia last year and the issue of Tier 3 subordinated debt in April of this year. This excess liquidity will be used to cover the group's operating needs and could be deployed where necessary. On the right, you can see a Solvency II ratio of over 205% as of March, stable compared to December 2021, and the Tier 3 debt will further boost the position by around 10 points. To sum up, Mapfre has reported satisfactory results. Geographical and business diversification continues to be key to compensate negative trends in the motor and health lines. Despite a very challenging market context, growth is robust and profitability has been resilient in core operations. Mapfre Re continues to contribute to results despite a large net cut impact during the first half of the year and should continue to benefit from an improving pricing environment. Latam premium volumes are noteworthy, growing in local currency with positive trends and profitability is boosted by lower COVID losses and higher interest rates. Regarding the Motor segment, there is a profitability plan in place across all geographies, and this measure should help the combined ratio converge to more sustainable levels, especially in Iberia, Brazil, and the USA. Despite the complex and uncertain environment, Mapfre continues to implement its three-year strategic plan. This is the roadmap the company needs to be able to move forward in terms of growth and profitability. It is flexible enough to allow each initiative to be adapted to the changing environment when necessary. Regarding financial objectives, both the aspirational targets and the general framework are still valid. The combined ratio of 94%-95% will be challenging in the current context and could be subject to a revision in coming quarters, depending on inflation. On the other hand, there are several other tailwinds that will help meeting the 9%-10% ROE target, such as a very strong premium growth, an improving financial result, and the positive currency impact. Excellent solvency and capital levels, which will also support the 50% minimum payout target. Consequently, we see at the moment no evidence of any potential risk that could affect the sustainable dividend. Finally, transformation and ESG targets remain fully valid. Corporate social responsibility is deeply rooted in Mapfre's DNA, and our social commitments is always fully reaffirmed. Thank you very much for your attention, and I will now hand the floor over to Felipe to begin the Q&A. Thanks, Fernando. As I'm sure you already are familiar with the Q&A session process, just let me very quickly remind you that you can use the Q&A tool on the bottom of your screen and send your questions. We will try to clarify all your doubts as time allows. Now, let's start with the first question. Michele Ballatore from KBW is asking: How do you see the cash remittances to the holding this year? I'm more interested in the divisions outside Spain. I mean, every cash remittances coming from our subsidiaries outside from Spain are on track and on budget, and there is nothing that is considered as not normal for the moment. We are considering this as very regular. Fernando? Thank you, Felipe. As you may imagine, I mean, there is a lot of cash, particularly in Spain. I mean, your question is outside Spain, but we reported an asset-to-liability ratio well above 500% in Life, in Mapfre Vida. In any case, there is a wonderful cushion, but buffer in Mapfre Vida, just in any case to cover any particular needs that we can face in other emerging countries. Okay. There's a question coming from Maksym Mishyn from JB Capital Markets. What kind of impact do you expect from the fires in Southern Europe? So far, we only have an exposure in Spain. We do not run any particular exposure in Italy, nor in Germany. From the reinsurance side, so far there is no news, so good news. In Spain, as you know, there are wildfires across the country. We do not cover agricultural business, not forestry business, because they're covered by, usually, normally, by Agroseguro, which is a Spanish pool. But their exposure that are adjacent to some area that has been exposed to fire. So far, it is like 70 exposures that has been affected. The amount is not that important. So far, we're treating this particular claim such as a recurring damage claim for Spain. Okay. Thank you. Thank you very much, Fernando. Now we go for the group of questions related with motor business. We have Carlos Peixoto from CaixaBank. Just one second because I have a problem with this question. Carlos Peixoto from CaixaBank asks about Spanish motor business. How do you see the tariffs and combined ratio evolving in coming quarters? Yeah. Thank you, Carlos. We're not experiencing the best moment for motor insurance, particularly in Spain. This is a difficult situation, and mostly due to a combination on both, I mean, inflation and also, lower tariffs that we implemented during the pandemic 2020 and 2021. I guess it's entire industry problem, but probably Mapfre, but since our rebates and discounts were higher than our peers, probably we had to face a different problem or let's say a higher tension in our motor business. In any case, we're applying continuous efforts to mitigate this inflation situation in claims cost. This auto plan that has been implemented should flatten loss ratios in the medium run. Also, we mentioned in the past, the direct network, what we call the last-minute discounts to protect the portfolio, which is our main target, are being replaced by reductions in covers that will over time, obviously, reduce as well the loss ratio. Meanwhile, strong cost control, I mean, is bearing fruit. You see a 2% reduction in the expense ratio compared to last year. Also, we renew agreements with our provider network, and also the collective bargaining agreements with our payroll as well, with increases below general inflation will help us to reduce the expense ratio. Until all these measures are fruitful, we will count on other income sources that will help compensate the situation in the medium term, particularly financial income. As we mentioned, this presentation and also in the press presentation, this is a significant increase across regions in our net financial income, particularly for non-life. It's like a EUR 50 million increase compared to last year, which represents approximately 20% increase. Also our yields are increasing and we are even more optimistic for the second part of the year since our investment will be at higher rates as well. That's basically Spain. I mean, tough moment. Implemented a plan in order to come back to profitability, but it takes some quarters. Thank you very much, Fernando, for such a thorough answer. Andrew Sinclair from Bank of America wants to know when we expect to see peak combined ratio in America before it starts improving again. Any timing on this? That's an extremely difficult question, Andrew. I mean, we're happier, you know, with the two rate increases has been already implemented during this year. We should file with the regulator for an additional rate increase in the second half of the year. Demands has not been defined yet, but we try to catch up with inflation. When we compare with peers, we got a lower severity change. But in general, the frequency is pretty similar. Let's say that we are facing a tough moment, particularly in the U.S. with a regulated rate increase. Working meanwhile, I mean, on reduction of cost and expenses, trying to redirect repairs to our network. I mean, currently it's like 40, between 40 and 45% of the car crashes are currently directed to our network, and we should achieve a minimum of 75%. We're implementing as well a sort of internal adjusters in order to reduce expenses and be more efficient as well. In consequence, it will take some quarters, and we focus on cost and increases of tariffs. It's not that automatic like in Europe or particularly other countries. I would say that we have to wait till 2023 to have a better outlook. Alessia Magni asks as well from Barclays, sorry. She wants to know how or when the combined ratio in Iberia will improve. I mean, that was the main question about from Andrew, that you made a thorough analysis on all the countries. I don't know if- Our combined ratio in Iberia, I don't think it's that bad, particularly since we had tailwinds for general P&C. I mean, it stands at 90%. I mean, this is a fantastic combined ratio. On the other hand, I mean, particularly auto is 100%. That's what I said, that the current 94%-95% for the entire group combined ratio is a little bit challenging. For Mapfre, the total for Mapfre Iberia is in the low 98%. We should see in coming quarters, and coming quarters don't mean in two quarters, probably in four or five quarters, we have to aim to a reduction in combined ratio to achieve probably 96% or between 96% and 97%, we will be in the medium term and more sustainable levels. In the long run, I mean, it to be lower than 96%, which was, by the way, the combined ratio that we stood at the pre-pandemic period. That's an excellent answer. Thank you very much, Fernando. Paz Ojeda is concerned about the competition in Spain and Paz Ojeda, sorry, from Banco Sabadell. She wants to know how confident we are on our capacity to increase tariffs in motor, bearing in mind that the strong competition and the lower purchasing power in households due to the inflation. Yeah. I, you're right, Paz. We have to separate, I mean, the current auto market in Spain. I mean, particularly Mapfre, we have to protect and to preserve our portfolio. I mean, we have 6 million cars, and so we have to be extremely prudent in increases, particularly in renewals. We are applying slight increases month by month in order to protect the number of units stable. There are other peers that they're focused on tariffs. I mean, the main marketing tool for them in order to protect their fleet is to get new business. I mean, their focus on new business is not Mapfre situation. I mean, we increase dramatically. I mean, and you can see on the price aggregators our new business tariffs. We do not have any appetite for growth while seeing these combined ratios. We will wait to increase our exposure in motor to see a better outlook, I mean, for this business. Let's say there are two different peers. I mean, those that are focused on pricing. I mean, they have to have in-market marketing tools in order to keep the flow of new business in their accounts. Otherwise, I mean, they will lose part of the business. Mapfre has to focus on renewals, our portfolio. I mean, this is our core business, and we have to protect from our peers. That's basically the strategy that we mentioned in the past, and we will focus on the coming quarters. Okay. Just as a clarification, I think that Andrew Sinclair is asking when the peak of the combined ratio was going to happen in Iberia more than in America. I think that you answered that to- In Iberia, that's difficult. We've seen the last two months, June and May. They were, correct me if I'm wrong, Felipe, but they were more promising, and with a sort of flattening of particularly the severity. We'll see. I mean, I don't like to tell you this particular quarter. I mean, we'll have to wait and see how the outlook looks during the second part of the year, frankly. Thank you. Thank you very much. Maksym Mishyn from JB Capital, he's asking something related with the driving patterns. He's asking if do you see any change in mobility trends from the higher gas prices? Not yet. I mean, the first conclusion is that the people are driving less. What we're seeing, particularly in Spain, because in the U.S. it's a completely different driving patterns. In Spain, we are driving longer during the weekends, longer distances as well, and perhaps we're using more public transportation during working days, particularly in the cities. So far, I mean, in general, I mean, we're coming out from a really difficult period, which was the pandemic, and also the lockdown at homes. People, my view is people are driving. I mean, this trend we will see quite stable during at least the summer. Yes. It's quite surprising, yes, but I mean, it's happening. Thank you very much, Fernando. Any, Maksym is also asking about any headwinds on the solvency in for second half 2022? No, we haven't seen any particular headwinds for solvency. Just the other way. We should publish our figures for the Solvency. Mid of August. Yeah. Yeah. Mid of August. Mid of August. We'll have any more information there. Alessia Magni from Barclays asking on Brazil, what are the main drivers for the positive developments in the first half 2022? Well, increase of rates, it was across the board, and also a reduction of some loss-making portfolios, as I mentioned, in buses on trucks. We're talking about Brazil motor. Brazil, but not only Motor. Not only Motor. I mean, in Motor it was a reduction of combined ratio. It was promising as well, a unit. But the main driver for the increase of profitability in the country was a significant reduction in combined ratio for Agribusiness in the second quarter, and also a better performance with general P&C as well on there. Thank you very much. Carlos Peixoto from CaixaBank is asking about, for the Brazilian Motor combined ratio that improve in a very substantial way on the second quarter versus first quarter 2022. I think that it was a slight 1%. What drove it, and what are the expectation of the Motor combined ratio evolution in Brazil to the second half 2022? I think that you already answered this. Yeah. The current combined ratio stands at 120%, correct me if I'm wrong, Felipe. Yes. This is not sustainable, nor is it 100% sure. We should see reductions in this combined ratio in the second half of the year, based on the reduction of units and also the increase of tariffs. That's basically the main drivers for an improvement in combined ratio. What we mentioned in the past is that the long-run rate combined ratio for Brazil that should be 100%. It will take, as I mentioned, several quarters, I mean, to hit it. Good. Thank you. Thank you very much, Fernando. Elvis Anoma-Amoabeng from Credit Suisse, he's interested in the homeowners business. He's asking about the homeowners combined ratio. Can you please give some color on how it's developing and expected to evolve after this first half? Yes, that's a very good question, Elvis. Let's say that 2022 is just the opposite of what happened during the pandemic years, 2020 and 2021, in which was an increase of frequency, particularly home repairs. We were locked up, and probably we repaired everything we had to in our homes and also the condominiums. What we're seeing in 2022 is an automatic increase of rates based on the increase of values, which is something automatic across all geographies, and also a reduction of frequency. We know that this is not sustainable, and combined ratio is lower than 90%, should converge into the low 90s, but it will take some quarters as well. One particular question coming from Paz Ojeda from Banco Sabadell is about the rocketing energy prices that are already causing business interruption in some plants of industrial companies. She's asking if this is covered by insurance policies, the business interruption for lack of energy. Um, I- For material damage, I think that. I don't think so. I'm not sure about this. Let me look into these proper questions, and then we will get back to you. We'll come back to you. We will get back to you. Usually there's a need of any material damage in order to have any cover. Yeah on the business interruption, and this was the main reason why the COVID claims were not Yeah Were not considered. My first reaction. Yeah, sorry, Felipe. Sorry. My first reaction is no, but let me be 100% sure, and we will get back to you. We'll come back to you. Just in case there is no 100% answer for this. Michele Ballatore from KBW. What kind of reinvestment rate do you see in the medium term considering the rising yields? Well, as I mentioned, we reported a 50% increase for the group for non-life business. Very positive. It's based on a lower duration. I mean, we did it at the right time. We lower exposure as well on equities and also credit risk. We've been opportunistic. It's like EUR 1.7 billion on fixed income securities linked to inflation or the central bank rates. So let's say that our exposure in Latam is very well protected and there is a positive interest return since, particularly in Latam, the deals are higher than inflation. It's not what is happening in Spain and not in Europe, but what we've done in the past in order to have a quite prudent portfolio is bearing fruit during this first half of the year. In that case, we are pretty optimistic as well for the second half of the year since reinvestment will be at higher rates and also we have a very prudent portfolio and it's bearing fruit. That's my conclusion. Okay, thank you very much. I have a couple of questions now related with the taxes of the group. Carlos Peixoto from CaixaBank. I'm going to read both of them. Carlos Peixoto from CaixaBank asks, "Could you provide more color with the EUR 17 million positive impact in the exemption regime for gains qualified share dividends belonging to financial investment portfolio? Is this one-off or should this have any implications on the profit and loss tax in the future, reducing the effective tax rate?" Paz Ojeda is asking similar questions related with the tax rate that was low in the second quarter of 2022 standalone. Can you elaborate and give us some guidance on the rest of the year? Yeah. It's a very difficult and complicated tax issue. Correct me if I'm wrong. Give me a help and probably you remember, Carlos, and also the question was from- Pat From Paz, due to the sale of the Cattolica shares, at that point, we looked into the different tax regimes that they were applying to this transaction. At that point, we realized that there's some capital gains and losses for some eligible equity investments. The main threshold to be eligible was a investment over EUR 20 million. So there are very, very few entities in Spain with individual, say, positions on equities higher than this amount, so probably is unknown just for this reason. At that point, it was February 20, 2022, we looked back at the transactions made for the last five years, sorry. Felipe is correcting me. We filed with the tax authority complementary tax returns to correct those capital gains and losses for eligible stocks over EUR 20 million that they were made during the last five years. This is basically the net results for the fiscal group comprising all the Spanish entities. Doesn't apply to companies abroad. Let's say that the 95% is or should be considered as a one-off transaction, and that's why we consider as an extraordinary. There are very few investments higher than EUR 20 million in our current portfolio because we have rotated a lot of our equity portfolio. But it could be some tax exceptions, very marginal in the future. I mean, the phase out of these tax regimes ends I guess in 2025. Probably, we don't see any important impact, significant impact in our accounts for additional, say, capital gains or losses with this tax exception. Any correction, Felipe? No, no, that's, that was very well explained. We look for this movement until 2025. Next question is coming from Charles Graham from Bloomberg. Can you talk about the pricing trends, particularly in motor by region after deterioration of the second quarter combined ratios? How much of the issue is the rise in claims frequency? How much evidence is there already of increased claims cost? Well, we already commented most of the regions, but I will give you just a wrap-up. In Spain, for renewals, slight increases on a monthly basis in order to catch up with inflation. For renewals, a significant increase in order to limit our appetite for growth. In Brazil, increases across lines and some loss-making portfolios consolidation, particularly trucks and buses. In USA, tariff hikes are regulated, so already implemented 2-3% increases and another waiting for the second half of the year. Regarding frequency, practically, we are at the same level than pre-pandemic periods and regarding severity, close to the inflation, the CPI by regions. I guess in Spain similar, a little bit lower. I mean, if the CPI in Spain is 8%, our cost inflation is a little bit lower, and the same in U.S. and also Brazil. Yes, we could consider that the CPI is bringing some figures for inflation that are not considered in our internal inflation. Thank you very much, Fernando. We have another question coming from Maksym Mishyn from JB Capital. Do you think the tough motor market can push more consolidation in Spain? Would you consider inorganic growth? That's a good question on the M&A side. Well, I mean, it's an easy one. I mean, we do not have any appetite for organic growth, neither for inorganic. Even inorganic is more difficult. We don't know the technical basis of the current portfolios of other entities, so I don't see any further consolidation of auto business, particularly in Spain. Okay. Thank you very much, Fernando. I think that there are no more questions, so we should be finishing here. We have received some questions through the platform that we feel we have answered all of them through the Q&A. If further clarification is necessary, do not hesitate to contact us later. We remind you that tomorrow at 11:30 Central European Time, we are holding a virtual group meeting with analysts and investors. You should have already received the invitation. If you haven't signed up yet or never received the details, please send an email to the IR team and we will get the information to you. Please remember that you can contact the investor relations team at any time if you have any doubts about the results released today. Thank you very much for your attention today, and happy summer holidays for all of you. Thank you, Fernando. Yeah, thank you for your presence again, and for those that are taking holidays, well-deserved holidays, hope you enjoy the most. Thank you.