Good afternoon, everyone. Thank you for joining us today. Massimiliano Riggi here, Investor Relations. On behalf of Poste Italiane's management team, it is my pleasure to welcome you to our first quarter 2023 results. Hopefully, you all had the chance to review the documents, which as usual, are available on the Investor Relations sections on our website. I'm going to turn the call over to our CEO, Matteo Del Fante, for some opening remarks. Then Camillo Greco, the CFO, he'll cover the financial details of the quarter. After the presentation, feel free to ask any questions, either via phone or through our webcast platform. Over to you, Matteo. Good afternoon, thank you for joining us. Beginning on slide three. It has been just over a month since I updated you on our strategy alongside the full year results. Let's focus on the first quarter today. The Q1 results are strong, significantly increasing visibility on 2023 guidance. Commercial trends have been supportive in all businesses, as customers continue to see Poste as a safe haven for their savings and a majority of their daily needs. Our financial products shield our clients from market volatility throughout the economic cycle, with over 90% of our customer TFAs protected for market turbulence. We reported solid overall group revenues and a healthy growth in EBIT, with all segments contributing to a positive progression. We continue to manage costs with discipline as they increase in line with expectation. A last point, we have built up a solid capital position, in June, we will pay the balance of the dividend of the full year to 2022 results. Let's move to group financial results on slide four. You can see from the solid numbers, we enjoyed a very positive quarter. Total revenues are above EUR 3 billion, up 8% from Q1 2022. Total costs were EUR 2.3 billion, up 7% year-on-year due to cost inflation, M&A activities and energy business set up cost. Q1 2022 EBIT reached EUR 767 million, up by 11% with net income of EUR 540 million, increasing by over 9% from last year. Let's go to slide five, where we describe our EBIT evolution segment by segment. Mail, Parcel and Distribution shows a strong increase in operating profitability. The top line remained resilient and distribution revenues more than offset cost inflation. In financial services, the operating progression is mostly driven by NII increase. Insurance services, EBIT grew 3%, even when compared with a strong Q1 last year. Payment and mobile continued to grow steadily, more than compensating the energy business set up cost, which in itself is progressing ahead of plan. Let's move to a more detailed review of our numbers by our CFO, Camillo Greco. Over to you, Camillo, please. Thank you, Matteo. Good afternoon, everyone. Let's start with Mail, Parcel and Distribution on slide seven. Mail revenues were up 2% year-over-year, supported by a favorable product mix and ongoing repricing actions. The lower margin on recorded mail revenue decline was compensated by higher value-added recorded mail and integrated services, such as notification from public administrations. Parcel revenues are stable year-over-year, benefiting from increased B2C and B2B impacted by market evolution. Other revenues were down, mainly related to the PosteMotori service no longer being offered, as well as other non-commercial items. Financial product distribution revenues are up 9%, more than offsetting cost inflation and resulting in an EBIT increase of 58%, reaching EUR 88 million. Let's look at mail and parcel volumes and tariff on slide number eight. Parcel volumes were up 3% in Q1, supported by growth in B2C. Looking at pricing, the average parcel tariff was down 3% in the quarter due to a different product mix with a stable B2C tariff. Moving to mail, volumes were lower year-on-year, driven by structural decline in unrecorded and direct marketing mail. An increase of 7% in tariffs, driven by repricing actions and favorable product mix, more than offset lower volume impact. Moving to financial services on slide number nine. Gross revenues were up 9%, reaching EUR 1.6 billion, mostly driven by insurance revenues and NII growth. In particular, NII increased 30% year-on-year, benefiting from higher interest rates and increasing retail deposits. Let's review the other items one by one. Early last year, we already secured capital gains for 2023, which were entirely booked in this quarter for EUR 168 million. Postal saving distribution fees amounted to EUR 425 million, in line with full year guidance of EUR 1.7 billion. Transaction banking fees were up 12% in Q1, although traditional payments rate continued to decline in line with market trends. This quarter, it was more than offset by the repricing of the current account fees put in place in mid-2022. Loan and mortgage distribution fees were down 36%. However, the underlying commercial performance was in fact positive, with volumes up 8% and strong growth in personal loans. Distribution fees are affected by higher cost of funding of our partners from higher interest rates, making the year-on-year comparison not representative. Asset management revenues are down 7% impacted by difficult market environment, while we continue to see positive flows in the business. Finally, EBIT and net profit registered a healthy growth of 11% and 9% respectively. Let's look at NII evolution on slide number 10, focusing on the yearly progression on the top graph. The retail and corporate component mostly invested in BTPs weighs in at EUR 85 million. During last year, we invested in EUR 2.6 billion BTPs with around 39 basis point yield pickup compared to the BTP sold and matured over the same period. Looking at the quarter, the yield pickup was in fact 144 basis points on almost EUR 1 billion of investment. Moving on to the NII component from public administration. We have EUR 11.5 billion of deposits in those accounts, with a remuneration linked for 60% to the near BTPs and 40% to six months Italian govvs. The increase in 10-year BTP yield and six months Euribor led to a EUR 30 million NII improvement year-over-year. The fair value component is now providing a negligible contribution to NII, mainly related to the expiration of hedges previously in place. The contribution from the treasury component is not very significant at the moment, but we expect it to have a negative impact over the next quarters. Moving to slide 11. TFAs reached EUR 579 billion, up by EUR 3 billion since December, supported by net inflows and positive market effect. Let me highlight that over 90% of customers TFAs are shielded from market volatility. Since the beginning of the year, net inflows amounted to just over under EUR 1 billion. Looking at each component, postal saving outflows were EUR 2.3 billion due to early redemptions of postal bonds in a new interest rate environment and higher maturities. Nevertheless, net inflows significantly improved year-on-year, thanks to a renewed postal saving offer, resulting in strong postal saving bonds inflows and EUR 1.9 billion new liquidity in postal saving books. The market effect mitigated the outflows by EUR 1.2 billion. Insurance net inflows were strong at EUR 2.1 billion, successfully addressing a challenging market and supported by a solid new production in excess of EUR 6 billion in life, up 20% year-on-year in a market declining almost 10% in the same period. Please note that following IFRS 17 adoption, we reclassified insurance reserves netting out the mark-to-market. The performance effect, including custom accrued interest, is positive for EUR 1.1 billion. Deposits grew by EUR 1 billion, with the retail deposits up by EUR 2.5 billion versus Q1 2022, confirming the stickiness of our customer base. Mutual funds recorded a positive net inflows scoop coupled with a positive market effect. Retail flows improved by EUR 3.5 billion year-over-year, and net inflows in saving investments reached EUR 500 million, supported by insurance products, deposits, and mutual funds. Moving to slide 12. Following the adoption of IFRS 17, we have restated last year's figures with revenues and costs directly attributable to insurance policies accounted for in the Contractual Service Margin. The first quarter results were very solid compared to a difficult market and a strong first quarter in 2022. Revenue were up 5% in the quarter, driven by the life business. Life insurance revenues increased 8% to EUR 381 million on the back of both higher volumes and higher investment margin. We continue to experience strong net inflows of EUR 2.1 billion, coupled with a consistently low Lapse Rate below 4%, outperforming the market and supporting constant growth in insurance reserves. As mentioned, life GWP exceeded EUR 6 billion Q1, up 21% year-on-year in a market down almost 10%. The product mix between Class I and multiclass products has been adapted to a different market scenario, satisfying customer demand for capital guaranteed policies. The release of CSM was EUR 313 million, down year-on-year due to the technicalities of IFRS 17 calculation. As you can see in the slide 30 in the appendix, the CSM stock increased to over EUR 13 billion. This stock is the key variable driving sustainable profitability. GWP in P&C was up 63% year-over-year to EUR 201 million, with a positive contribution from all product lines, with welfare doubling year-over-year. Non-life net revenues were down 42% due to a change in the business mix. A higher Combined Ratio is linked to the strong increase in welfare GWP, which doubled year-over-year, as well as timing recognition of additional reserves as per IFRS 17 standards. We expect this reserve to be released during the contract term, mainly within the year, therefore not affecting full year Combined Ratio guidance of about 88%. In Q1 2023, EBIT was EUR 334 million, up 3% compared to a strong Q1 2022. We completed the Net Insurance tender offer, which will accelerate the growth of our protection business. Let's look at the solvency ratio evolution on slide number 13. Poste Vita Group's Solvency II ratio further improved by 14 percentage points from the end of last year, reaching 267%, well above the managerial ambition of 200% through the cycle. The Solvency II ratio benefited from lower risk-free rates and BTP spreads, as well as positive capital generation from the new business and in-force portfolio. Solvency II ratio is currently between 265% and 280%. Moving to payments and mobile on slide number 14. Revenues grew by a remarkable 48% to EUR 343 million, with all business lines providing outstanding contribution. The structural increase in cashless payments in Italy propelled the card payments revenues to EUR 162 million, up 35% year-on-year. The underlying Postepay transaction value was above expectations, increasing 18% since Q1 2022, supported by a strong e-commerce growth. Other payments more than doubled in the quarter, mainly driven by increased payment transactions now directly managed by Postepay as a payment service provider. The benefit from LIS consolidation can be seen in both card and other payments revenues, weighing at EUR 23 million and EUR 46 million respectively. Telco revenues grew 3% supported by the fiber offer, a strong result in a traditionally high churn market. Last but not least, the new energy business is progressing very well with about 200,000 contracts signed to date, resulting EUR 15 million revenues. EBIT reached a record high level of EUR 108 million, net of energy startup costs. On slide 15, we look at our continuous workforce evolution. Since December, the average headcount decreased to just below 119,000. That number includes new hires of 5,500 people, twice the level of Q1 2022. It was more than balanced out by both lower fixed term contracts and turnovers, once again demonstrating our ability to effectively adjust the workforce in a flexible way. M&A added 600 FTEs to the average headcount. HR costs per FTE are up 2.1% year-on-year to EUR 45,000. More importantly, the value added per FTE is growing at a faster rate of 7% year-on-year, reaching almost EUR 82,000 per FTE. Moving to group HR costs on slide number 16. Let me remind you that the adoption of IFRS 17 also affects intra-group transactions. Costs directly attributable to insurance policies are accounted for in the CSM and released over the term of the insurance contracts. The majority of costs paid by insurance services to remunerate the network is spread across HR costs, COGS and D&A. A result, an accounting adjustment is implemented at group level, resulting EUR 26 million lower HR costs on a reported basis in Q1 2023. Ordinary HR costs were slightly higher year-on-year, with the planned salary increase and variable compensation mitigated by continued FTE reduction. An important KPI to highlight here is the ordinary HR cost on revenues, which continues to fall to 42% from 45% in Q1 2022. On page 17, let's review non-HR costs. Excluding the effects of IFRS 17 and net of M&A, non-HR costs increased by EUR 79 million. COGS were up EUR 55 million, including EUR 28 million energy business setup costs and EUR 16 million of cost inflation. The D&A item was up EUR 23 million on the back of increasing CapEx. Let me highlight that these increases were already expected and included in our 2023 guidance. M&A activity resulted in EUR 65 million higher costs, which we consolidate starting from September 2023. Thanks for your time. Let me hand over to Matteo for the wrap-up. Thank you, Camillo. We had a strong start to the year. We're on track to achieve our full year targets. We see positive underlying commercial trends supporting organic growth of our businesses. At the same time, we have full visibility on the cost base evolution over the next quarters. Most importantly, we're committed to rewarding all our stakeholders with a sustainable performance over 2023 and beyond. Stay tuned, please. Massi, over to you for the Q&As. Let's start with the Q&A session. The first question is from Elena Perini, Intesa Sanpaolo. Please, Elena. Yes. Good afternoon. I've got two questions on the insurance services, and then two other questions which are more strategic ones. The first question on the insurance business refers to slide number 12. The fact that you are mentioning that the revenues for the P&C business and the Combined Ratio are worse than last year due to the significant weight in increasing the welfare business. Could you please add a bit more color on this? On the Contractual Service Margin, I would like to ask about the CSM release, the reasons for the decline, Q1 to 2023 versus Q1 2022. Can we as a looking on slide 30, we can see that the new business which amounts to approximately EUR 290 million is not significantly different from the CSM release. Could we take it as a proxy for next for next quarters and years? The two more strategic questions I would like to have an update on Eurovita. According to press rumors, you are involved in a potential rescue plan. I would like you to elaborate a bit on it if you can. We read yesterday actually a press article talking about a potential interest for TIM. What could be the strategic rationale of this? Thank you very much. Okay. Thank you, Elena. If you allow me, let me start in reverse order. The last question on TIM, I mean all I can tell you is that yes, you know, several banks and advisors are, you know, knocking at the door, but there is, you know, no reason and no file open for Poste in relation with TIM. Eurovita is a different answer. We are working on a market solution together with the supervisory authority and with the regulator. It will be a market solution. It will include, the very top, insurance companies, involved, on the technical aspects, obviously of, the Eurovita and, obviously the banking sector, because, the banking sector is very aware of, the reputation risk related, to the life contract, that were placed with their clients. So the banking sector is clearly, especially with respect, to those, players that have played, a larger role in distribution in, the policies, involved in this market solution, project that, is ongoing. With respect to your specific insurance questions, I can let Camillo and Let me just remind, you know, as a general statement on the implementation of IFRS 17, which is clearly relatively cumbersome for all players in the market. Let me give you just a, you know, 20 second of top view from the top. We are an insurance group that is still producing EUR 6 billion of premium, which is up more than 20% in a market that as you are aware, is down 10%. That's the first statement. We had, as a matter of fact, positive inflows in the quarter of EUR 2.1 billion. Notwithstanding the Eurovita, notwithstanding higher interest rate, our Lapse Rate notch up from 3.7 to 3.9. It's still below 4% and is more or less 50% of what the market is. Specifically on IFRS 17, we have a CSM very strong, EUR 13.2 billion, which is up EUR 600 million versus last year before you consider the release related to the last quarter. You know, let me hand over to Camillo for the specific question on page 12, starting with P&C and then CSM, and please, Camillo. Thank you. With respect to the first question on P&C, we had a stronger first quarter in P&C, which had revenues, which had GWP up 60% to EUR 201 million. Of that amount, there was a portion which was related to welfare policies, which in fact doubled, went from EUR 59 million- EUR 123 million. Our P&C business overall is still ramping up and is getting to the ideal scale to run the business effectively. As a result of that, we have had in the first quarter an accounting change, which was related to IFRS 17, and that drive... that has driven the change of the revenues as the business mix led to an accounting effect on the timing of the recognition of the additional reserves in IFRS 17. That led to the Combined Ratio going up 11%. This I want to stress is a temporary impact of the business. We expect in the next three quarters, the Combined Ratio to go down to 88%, which is in line with the guidance we gave last month. We also expect that revenues which are driven by gross written premium will start increasing as we took a particularly cautious approach on the first quarter, we wanted to ensure that we're consistent with the new accounting policy. We expect throughout the rest of the year to have a stronger performance in revenue, as we are going to release additional CSM following a very cautious stance on the first quarter. This with respect to P&C specifically. Respect to CSM in general and why CSM changed compared to Q1 2022, as Matteo already said, I want to stress again that we took a very cautious approach on the CSM Coverage Unit, as it's the first time we adopted it, and the accounting standard is complex, but, you know, we feel that we have put a set of numbers that are very credible. The release, the difference in the release is mainly driven by the fact that, first of all, a change... There was a change in what we call technical assumptions due to the convergence of risk neutral rates and the real world, real- world rates. There was a second effect driven by lower time value of guarantees release, which were impacted by extraordinary rates increase. We continue to see very clearly that there is consistency between what we have presented today and the guidance that we gave for 2023 in total, which I also remind you, which are revenues for the business of EUR 1.6 billion and EBIT for the business of EUR 1.4 billion. The last point which you asked was whether we believe that the new production of 288 EUR 9 million is representative of the revenues that we had in the first quarter. I'm afraid that that is only a part of the answer, as the release in the first quarter of CSM is driven by the total CSM or the embedded value of the insurance business, which as Matteo said earlier, is EUR 13.3 billion. The new production is only a piece of the profitability that we have been able to extract from our portfolio in the quarter, and therefore, I would not link directly to 89 of new business to the CSM release of the quarter. The key driver of the revenues for the insurance business from now on is going to be the CSM release, which is a portion of the total. Specifically again, at the end of Q1, the total portion was EUR 13 billion. Of the EUR 13 billion, we released EUR 313. Okay, thank you. The next question is from Antonio Reale, Bank of America. Please, Antonio. Hi, good afternoon, everyone, it's Antonio from Bank of America. Three questions for me, please. Starting with the first one on costs. You are the largest employer in Italy, I understand you're due to start labor contract discussions with the trade unions, which I presume you'll present in the second half of the year with your business plan. How should we think about cost dynamics, particularly on the HR side into next year? Can you give us an update on any management initiatives and mitigating factor you can consider to perhaps spread the cost of what's to be inevitable salary inflation due? That's my first question. Second one is on Mail and Parcel. You had a target or an ambition to be break even in Mail and Parcel by 2024. A guidance that looked quite challenging this quarter, you've been taking some initiatives to mitigate some of the cyclical trends. I wonder if a break even in Mail and Parcel is still feasible into next year. Last question is on NII hedging strategies. There is a lot of focus on strategies on the hedging side for reasons we know. You have a portfolio of about EUR 86 billion, excluding repos, which you swap with a relatively high back book yield above 2%, if I remember right. Can you maybe share some more details on the repricing of the book and the reinvestment of maturities? How back-end loaded is the benefit, and how is this going to affect your net interest income outlook going forward? Thank you. On the labor cost, yes, obviously we will have to sit with the unions' representative over the course of 2023. In the past, we never started a new period, which I remind you is 2024. Because the current contract will elapse at the end of 2023, we never started a new period with a contract signed. Typically, you know, negotiation takes several months, and they go into the new period of contract. If you remember the last two rounds, in the first year of the new contract, given it was still work ongoing, we allowed for some one-off recognition as part of the new contract. You know, we after the summer, more or less, we will start the negotiation. What are the levers we have? You mentioned, Antonio. Obviously, we have now six year of overperformance on the cost side, and this has been a combination of number of headcounts and cost per headcounts over time. Clearly we will need to keep that good practice also going forward, because clearly the new contract will have an increase. This is very much also, if you allow me, the answer to your second question, Antonio, because our aim is to reach breakeven in 2024 in Mail, Parcel and Distribution. Your question is still feasible. The answer is yes. You know, the first answer I gave you is very much linked to this. The new plan that we are working on, which is the plan of the new board that, as you know, will be fully in power as of next Monday, will be presented to investors in the last quarter of 2023. In that, in that plan, you will have all the answers to the first two questions you posed. The 3rd question on our NII and hedging strategy, maybe, Camillo, do you want to take it? We have a portfolio, you were saying, of circa EUR 85 billion. Of that amount, 65% is at fixed rate and 35% is variable. If we look at the yield of the, if you look at the yield of the portfolio, we think that the portfolio in 2023 will generate a yield of around 2.3%, which is a result of 3% gross interest and circa 70 basis points of interest expense. With respect to the total amount of interest that we NII that we expect to achieve in 2023, that has a total of circa EUR 2.2 billion of NII. Thank you both. Thank you. Thank you. The next question is from Alberto Villa, Intermonte. Please, Alberto. Okay. Thanks for the presentation. Congratulations for the reappointment. I have two quick questions. One is related to the trends in traditional life business. We have seen solid premiums in the first quarter and pretty flattish lapse ratios. I was wondering if you have any, let's say, indications that these trends are gonna change in the future, or you're confident that the lapse ratios will keep on being very low as they are they were in the first quarter of this year. You mentioned during the full year presentation that you were considering launching a new segregated fund. I wanted to ask if that has gone live already. The second one is an update on your stance on bonuses, Superbonus, and so on. If you can update us on your stance on that would be helpful. Thank you very much. On the life business, we still see it strong even in the second quarter. There is one answer for our relative strength versus the market, which you correctly underline both on the net inflows and on the Lapse Rate. We have an average size of clients policy we sell today of around EUR 22,000-23,000. We are targeting a market which, by definition, is non-volatile. We made this product as our flagship product to diversify portfolios, first, into, you know, Class I products, and marginally as you have seen in the last four years, into multiclass. As far as the new segregated account is underway and is coming to the market extremely soon. The update on credits is basically no update in the sense that there is basically no news. We made very large statement. Today, we're not open for business, so we follow all the legal proceedings related to, you know, what we disclose in our annual account. Thanks. Thank you. The next question is from Michael Huttner from Berenberg. Please, Michael. Fantastic. Thank you. I have lots of little questions. The first one is the cash at holding. Maybe you can give us an update. The second, and this comes from my colleagues on the bank side. I see a line in revenues mentioning tax credit, and I just wonder if you can remind me what that is. The third one is, given the start of the year, so strong and so sustainable, could we think of higher guidance, maybe? The fourth one is on IFRS 17, you see the shareholders equity, if I read it correctly, was EUR 7.8 billion in December 2022, and EUR 9.3 billion in Q1 2023, and I just wondered why it is so volatile. Finally, on Eurovita, I just googled a little bit, it looks as if the company is looking for the regulator EUR 300 million-EUR 400 million of capital. My guess, you're about 20% market share, you take 1/5 of that. Is that roughly the extent of costs we should think in terms of something? Thank you. Thank you, Michael. Can you repeat the very first question? Yes. The first question is, cash at holding. Okay. You want to start with this answer, Camillo? Yes. Yes. Sorry. First of all, we have a slide in appendix of the presentation, which should give you some highlights of how we're doing from a cash and liquidity standpoint, specifically on page number 21. If you look at the cash available, you have EUR 1.1 billion, then obviously we have additional source of funding. The other thing that I think you are implicitly asking with your question is what is the cash generation of the holding company, which we call Mail, Parcel and Distribution. On that you have on page number 22 some details. As you can see that there has been a net positive cash generation in the first quarter by EUR 3 or 4 million. You have also comparison compared to Q1 2022, where that amount was EUR 63 million. Hopefully that addresses your first question. Thank you. Okay, second question, tax credit. I think you just wrote the... Sorry. The second question was tax credit. It's probably what is the tax credit, Michael? Is this the question or? Yeah. What? Yes, exactly. What is it? It's basically is, you know, we can take it offline, but it's the opportunity for financial institution and intermediaries to buy tax credit from third parties that obviously own it and have a credit versus the tax man. You pay it up front, it comes in your tax declaration, and what you have paid, you have then the opportunity to discharge it from your tax declaration for the number of years so that you have it bought it for. If you allow me, Michael, we can take it offline with our IR department. Higher guidance, we just announced the 2023 guidance, I think is premature. Equity down is purely related to IFRS 17, which has reallocated value within our equity component, and it has gone into the CSM. Your Eurovita assumption is probably, you know, not far, but we're all working at a solution where basically everybody use its own balance sheet to, you know, find this market solution. I repeat, including insurance companies, the top, and all the banks involved in the distribution on the other side, where we all use mainly our balance sheet as opposed to simply considering a recapitalization of the company, okay? I will not be able to go more into details of what I mean, but don't assume that if you know, there is a shortfall of X, you know, the insurance companies will do, you know, a recapitalization or the bank will do a recapitalization of the Eurovita. It's a different kind of solution with market participants that has been looked at. Okay. That's very clear. Thank you. Thank you, Michael. Thank you. The next question is from Farooq Hanif from JP Morgan. Please, Farooq. Hi. Thank you so much, everybody. If you don't mind, I'm gonna ask some insurance questions mainly. I just want to understand if I'm modeling the CSM now, does the new business value, you know, represent a decent run rate? I mean, could you give us maybe the new business sales behind that, so that we can model this? On the unwinding and the economic balances where you have a EUR 320 million gain, is that mainly unwinding, or does it have quite a lot of economic balances in it? Could you also, I guess, talk about, you know, the net financial result that seems quite volatile. Do you have any guidance that you can give around how to think about that number as well? Last question, which I think you've kind of answered, given your positive flows, you seem to be one of the only companies that has a kind of a zero Deposit Beta in your retail deposit business. I know you've addressed this before, but it seems to me in Italy that all of your peers are talking about more pressure here. Can you comment on why you think you're not gonna see this big Deposit Beta in the retail deposit? Thank you very much. I'll start with the last question and then let Camillo answer the previous one, starting with CSM. Yes, there is increasing pressure, but we have the postal savings channel, which is addressing that pressure. You know that we distribute, and it's not on our balance sheet, postal pass books and postal bonds. As far as the deposits remuneration, we have currently in the market an offer which is extremely competitive of pass books. Bear in mind, Farooq, that we have an average deposits on our current account, which is EUR 6,000. It's very different, again, as I said before, on the average insurance life contract, we are, you know, way below our financial institution peers, and that clearly decreases significantly the pressure. Please, Camillo. Yeah. Okay. I'll start with the question on the CSM. I'm afraid that, you know, the answer is no, in the sense that we do not believe that EUR 289 million of new business generated in the quarter are representative of the revenues in the quarter of the insurance business, because that would basically mean that you are excluding all what we had already generated in the previous years, that at the beginning of opening balance sheet on the 1st of January, we were already EUR 12.9 billion. If I may, sorry to interrupt. My question was not on whether new business is equal to revenue. My question is the 289 representative growth of your CSM from new business every quarter, or will it grow? What can you give us on the guidance on the value of new business generation? Okay. With respect to the guidance on that, what we can tell you is that in this quarter, we had a release of CSM that represents around EUR 2.5 billion of the underlying CSM, and that 2.5% of the underlying CSM. That I think is as far we can... We are not at this stage ready to give you guidance on what is going to be translated into CSM as part of the new business as, you know, we are, we have been implementing this in the last 30 days, and frankly, we need more time to start to be more precise in giving you precise guidance on that point. The second question that you had was instead with respect to the net financial result, which has indeed increased in the quarter and has gone up from circa EUR 20 million- EUR 36 million. This represents the delta in return between the assets that we have invested in and the return that we need to give to our policyholders that we are able to retain. This too is a volatile number, so I wouldn't, you know, go as far as giving you guidance of that. What we feel strongly about giving you guidance is instead EUR 1.6 billion of revenues for the year and EUR 1.3 billion of EBIT for the year, which we'll stick to. Finally, the 320 unwind thing. Yes. Is that mainly unwinding or is that mainly economic? That is mainly, that result is only economic. That is driven by financial measures which have to do with the reduction of the spread and the decrease of underlying unrealized losses. Okay. Thank you. Thank you. The next question is from Gianmarco Bonacina from Equita. Please, Gianmarco. Excuse me. This is the operator. Mr. Bonacina had withdrew his question. With the next question from Ashik Musaddi, Morgan Stanley. Please, Ashik. Yeah. Thank you, Massimiliano. Hello, Camillo, hello, Matteo. Just a couple of questions. I mean, can you just explain the interest rate hedge thing again? I guess you mentioned that interest rate hedges will have a negative impact on NII going forward. When, in simple sense, if interest rate remain at the current level, no change for next two, three years, then what would be the NII for next two, three years? Any color on that would be helpful. I heard you mention about EUR 2.2 billion numbers, just want to make sure I get that right. Second thing is around parcels growth. I mean, clearly parcels volume has gone up this quarter, which is a good sign, but where do you see that heading to in next few quarters? That would be very helpful to get a bit of understanding. Just lastly, I mean, there has been lot of discussion around CSM, but is it fair to conclude that the CSM that you have printed today for first quarter, EUR 311 million, the CSM release, I mean, that's pretty much on a very conservative basis? Is that a fair conclusion or would you say that I'm reading it wrong based on what you're commenting? Thank you. Please, Camillo. Okay. With respect to the first question on the portfolio, yes, EUR 2.2 billion is the guidance for 2023. With respect to what we see going forward, obviously we'll discuss it at a later stage, but what I think we can tell you is that we expect the yield, the net yield on our portfolio to increase by around 15 basis points in the year after 2023. That's, you know, the first data point that we can leave you with. With respect to the hedges and the cost of funding, what I think we're trying to say is that as interest rates go up, the cost of funding increases, and a result of that, the delta positive spread between the level at which we invest our funding and the cost of financing for that funding skews towards a smaller amount and therefore the spread that we benefit of, if you will, is reduced as rates go up. There was a second question, which was. Parcel growth. With respect to parcel growth. What we had communicated last month, which we confirm, is that we see a scenario for 2023 in which we are going to see growth and specifically we are going to see positive volume growth by the tune of 4%, and we expect to see negative pricing by the tune of around 2%, driven principally by business mix, and that will result in positive revenue growth in parcel for 2023 to circa EUR 1.4 billion. There was a third question on. I think we can take this online as to go through the. Yeah, the answer is yes, in principle, but we can give you more color offline, Ashik, on the CSM assumptions. Okay? Yeah. Just one more question I have. I mean, the growth in the guaranteed business in life, the segregated fund Class I, has been pretty strong. I mean, really very strong, and this is really helping your net inflows. I mean, have you changed anything in the product structure that makes this growth look higher or is it just that the demand has gone up and the distribution is helping you? Is it more distribution driven or would you say that there is any specific changes in the product structure? It's mainly demand. Don't forget that, you know, in 2022 and 2023, all clients that around Italy own asset management products or multiclass products have suffered. We start from a very strong position because 93% of our TFAs are capital guaranteed. Our clients basically have not suffered the market correction. If you are a client that has money, maybe with a competitor that is underwater, you come to Post and naturally you choose a Class I product because you want the capital guarantee. That explains the fact that we have positive net flows with a strong bias to Class I. Okay. Very clear. Thank you. Really good results today. Thank you. Thank you. Thank you. Thank you. The last question is from Gianluca Ferrari from Mediobanca. Please, Gianluca. Excuse me. This is the operator. Mr. Ferrari withdrew his question. Okay. That's all. Okay. Thank you, everybody. Stay tuned and the follow up obviously on what we discussed and anything more you have is available with our IR, Massimiliano. Thank you very much for the time. Thank you.