Thank you for standing by. This is the conference operator. Good morning and welcome to Qualitas' first quarter 2025 earnings results webcast. The conference will begin now. It is my pleasure to turn the call over to Andrea Gonzalez, Qualitas' IR Manager. Good morning and thank you for joining Qualitas' first quarter 2025 earnings call. I am Andrea Gonzalez, Qualitas IR Manager. Our CEO and Chairman of the Board is joining us today, José Antonio Correa, as well as our CFO, Roberto Araujo. As a reminder, information discussed on today's call may include forward-looking statements. These statements are based on management's current expectations and are subject to many risks and uncertainties that could cause actual events and results to differ materially from those discussed during today's call. Qualitas undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Let's give it over to José Antonio, our CEO, for his remarks. Thank you, Andrea. Good morning, everyone. It's great to be with you all again. I would like to begin with a brief overview of the company's performance and key achievements of the quarter. Qualitas posted a healthy start to 2025 with a premium growth of 12%, which, by the way, is in line with the anticipated normalization from the growth trend experienced in the last two years from the past two years. Claim ratio came better than expected, considering a lower seasonal frequency during the quarter, as well as a significant improvement in our heavy equipment ratio, proving the effectiveness of our risk prevention efforts, resulting in an 88.2% combined ratio lower than our long-term target. Furthermore, our investment portfolio posted a strong financial income despite interest rates at an easing cycle. According to the latest industry figures, Qualitas has reached a new record high in terms of market share, with 34.1% of the total market and, importantly, 47% in the heavy equipment segment, a noteworthy milestone for Qualitas, despite not being part of our KPIs as we aim to be the best, not the largest, nor targeting to a certain market share. Furthermore, our market share in terms of earned premium during 2024 was even higher at 35.8%. We continue to be leaders, not only in market share, but most importantly, in terms of profitability. 2024 full-year industry statistics show that Qualitas Mexico, with a combined ratio of 630 basis points better than the ratio of the top five companies and 720 basis points better than the total industry when excluding Qualitas. Before Roberto dives into our financial results, I want to address some of the challenges we're currently facing, including market volatility and the ongoing worldwide tariff increase discussions. These issues will most likely have an impact on our industry. However, Qualitas is well-positioned for ongoing healthy growth, with a clear strategy and corporate plan to mitigate this risk and remain committed to delivering value to our stakeholders. We believe in our ability to adapt and thrive in this dynamic environment. We have driven down this road before. By way of illustration, during 2008, a year marked by a global decline in private consumption, Mexico's GDP fell from 3.3% in 2007 to 1.3%. Despite this economic contraction, the insurance industry in Mexico posted a growth of 3.7%. Qualitas' resilience stood out with an underwriting growth of 7.9% during this period. The insurance industry truly has an ability to maintain stability even in volatile environments, so I remark Qualitas' capability to withstand economic downturns and uncertainty. Our three-pillar strategy deployed a couple of years ago represents a clear opportunity for Qualitas to grow further and diversify our business in the mid and long term. We strive to continue winning in our core business, Mexico Auto Insurance, which continues to be the main driver of our growth, making it our foremost focus. Qualitas Senior Management and I have been very busy this quarter, engaging in numerous meetings with over 1,600 agents across major Mexican cities. We firmly believe Mexico is our key growth engine, and in these volatile times, it is essential to continue strengthening our leadership position. We must never take this subsidiary for granted and always ensure it receives the attention and care it deserves. Additionally, we have a portfolio of businesses that share the responsibility of value creation. On that regard, we celebrate multiple achievements such as, first, in Colombia, we have successfully begun underwriting auto insurance policies. This achievement marks a pivotal expansion into a dynamic market, broadening our market presence by replicating Qualitas' DNA in a regional footprint. Our vertical integration is more robust than prior years. Our technology company, which specializes in telematics, business intelligence, and information technologies, has begun to generate gradual efficiencies within our Mexican operations, particularly in our heavy equipment insurer units. Additionally, the recent acquisition of a spare parts and glass distribution company is expected to further strengthen our operational capabilities, aiming to reduce costs, improve response times, and bring greater specialization to our claims handling processes. It is important to note that this vertical integration is a gradual process, and the benefits will materialize over time. Finally, Qualitas's salut business, with greater capabilities to provide excellence in service and to accelerate its growth. Although its size is still not relevant for the total holding company, underwriting from the first quarter of 2025 was almost three times the amount of the same period last year. We are on the right path to continue progressing in this segment. Sorry. Notwithstanding, new car sales, including light vehicles and heavy equipment, had almost a flat growth of 1.2% during the first quarter of 2025. As a point of reference, last year's growth this time of the year stood at 12%. Specifically, heavy equipment vehicles over 3.5 tons decreased sales by 27.7%. We believe economic uncertainty has made business more cautious about investing in new heavy equipment, and the Mexican peso volatility has also increased costs for important machinery, further discouraging purchases. According to AMDA, the expectations for coming quarters in new car sales will continue to accelerate in line with the economic downturn and international volatility, possibly supply chain issues with ongoing tariff uncertainties, and above all, macro uncertainties. Despite this expected slowdown, we closed the quarter with 5.9 million insured units, with over 336,000 additional units versus the same period of last year, equivalent to 6.6% unit growth, proving Qualitas's vision centered on excellence in service is our most unique competitive advantage to navigate through volatile times. While acknowledging the difficulties, we are confident in Qualitas's ability to navigate these obstacles and continue to seek healthy growth. Still, we are prudent and continue to believe that the top-line growth for the full year will land at high single digits to low teens, along with the expected ratios well within our target ranges. Therefore, I am pleased to report that our first quarter results prove that we have started the year on the right foot, reflecting the hard work and dedication of our team. While we are encouraged, we remain vigilant and aware of the macroeconomic volatility that 2025 may bring. We understand the challenges posed by the market fluctuations and other external factors, and we are prepared to navigate this uncertainty centered on excellence in service and cost control as our long-time success recipe. Consequently, our key priorities for 2025 include a proactive approach in the areas within our control to mitigate these risks, such as we will continue to focus on service, improving customer experience, decreasing claims repayment timings, and striving to create value for our customers when they need us the most. We will keep focusing on improving our satisfaction rates for all processes. We will also continue nurturing our future success by implementing the business opportunities currently in our hands, such as capitalizing on our most recent company's acquisition, seeking synergies with our existing vertical integrations, as well as investing heavily in our newest business expansion in Colombia, while improving the productivity of our employees, along with our ongoing cost-saving measures, as already mentioned. Our 2025 priorities also consider the turnaround of our U.S. operation, getting back to profitable levels by next year, as well as addressing timely and properly any value-added tax inquiries from tax authorities, working alongside the insurance industry and being close to the authorities and regulators, looking forward to reaching a favorable resolution. Our commitment to customer satisfaction and operational excellence positions us well to continue delivering value to our shareholders. We will continue to build on our successes and face the future with confidence and resilience. With that, let's move on to the financial details and take a deeper dive into the quarter results. Roberto, please go ahead. Thank you, José Antonio. Good morning, everyone. Qualitas has just hit the ground running in Q1, with solid top-line growth in line with our expectations, a combined ratio significantly better than our target, and a resilient investment portfolio. Going directly to our top-line performance, retained premiums were up 12% for the quarter. In the case of our Mexican operation, the traditional segment accounted for 67% of total retained premiums, growing at a rate of 8.7%. From this segment, individual business posted a growth of 21.4%, and our fleet business decreased by 6.5%, which is partially distorted by large multi-year accounts from last year, deviating the comparison base. When excluding these accounts, growth from fleet business had a stand at 5%. On the other hand, the financial institution segment accounted for 27% of total retained premiums, with a solid 22% growth. During this first quarter, retained premiums from our international subsidiaries represented 5.2% of the total holding company underwriting. The U.S. subsidiary continues its journey on reshaping the mix towards being profitable, resulting in premiums diminishing by 25% for the quarter. We continue our exit strategy in the domestic market to focus on cross-border and binational products. Our portfolio composition by March end no longer has domestic underwriting, while cross-border binational products represent 55% of our U.S. portfolio, the remaining balance being the PPA business. As you know, the domestic market has presented a challenging landscape, particularly due to the complexities of long-tail litigation processes. Despite these hurdles, Qualitas has consistently demonstrated a proven ability to deliver customized solutions tailored to our clients' unique needs. Our commitment to this strategic direction remains strong, and we believe it will ultimately lead to sustainable growth and improved financial performance. As reported, our LATAM subsidiaries were up 28.4% for the quarter, in line with our strategy and recognizing there is value to be created. We will continue to invest and accelerate. Growth in these subsidiaries underscores our ability to adapt to diverse market conditions and to capitalize on opportunities. For example, El Salvador subsidiary posted a quarterly underwriting growth of 75.6%. Also, our Peruvian subsidiary posted a quarterly underwriting growth of 40%. As a matter of fact, during March, we acquired a new corporate office in Peru to further consolidate our team and expand our footprint. This strategic move will enhance our operational efficiency, foster collaboration, and support our continued growth in the region. Our new Colombian subsidiary has successfully underwritten its first auto insurance policies. The auto industry in Colombia is experiencing robust growth, with the national vehicle fleet reaching approximately 17 million vehicles in 2023. This growth is driven by an increasing number of vehicles on the road and rising awareness of the importance of insurance coverage. Additionally, Colombia's middle class has expanded significantly, with the share of the population classified as middle class more than doubling from 11.3% to 29.6% between 2001 and 2014. This favorable demographic shift is contributing to higher demand for auto insurance. We are confident that our strategic entry into this market will yield substantial benefits and align with our long-term growth objectives. Including all subsidiaries, as José Antonio previously mentioned, we closed the quarter with almost 5.9 million insured units, which represents a new record high for the company, with over 157,000 additional units versus 2024 year-end. Back to our financials. Earned premiums were up 17.8% for the quarter, also in line with our expectations, reflecting a reserves constitution in line with a more stable top-line growth base. During the first quarter, we constituted MXN 1.9 billion reserves that represent almost 24% lower than the reserve constitution from the same quarter of last year. As we had previously anticipated, earned premiums are growing at a faster pace than retained premiums, considering the stabilization on the top-line growth, including the effects from multi-year policies, being now able to capitalize on accelerated growth from past periods, as well as the benefits from lower claim costs. As a reminder, the technical reserves constitution is based on approved regulatory models and speaks to the corresponding premiums growth. Moving now to our costs. The claims ratio positively stood at 59.7% for the quarter. This quarterly ratio posted a 4.3% improvement versus the same quarter last year, exceeding our expectations. In Mexico, the loss ratio stood at 58.2% for the quarter, a noticeable 4.2% decrease versus the same period a year ago, successfully maintaining our loss ratio below our desired and sustainable range of 62%-65%. It is important to highlight that the claim ratio has a seasonal effect throughout the year. Historically, the first half of the year has a lower frequency in claims, with a lower impact from weather conditions, including the rainy season, extraordinary hurricanes, which are normally reflected in the second half, triggering claims upwards. Frequency of the quarter stood at 6.4%, a notable decrease compared to the previous quarter. Also, it is worth mentioning that our heavy equipment portfolio reflected a considerable improvement of almost more than 5 percentage points in claims ratio. Through our comprehensive risk prevention initiatives, cost discipline, and advanced data analysis, we have been diligently working to improve our costs. While we're optimistic about the positive impact of this effort, it is important to understand that this is a work in progress and that this quarterly loss ratio was an extraordinary outcome from multiple variables that align positively for us. However, we take these results with caution, as we need to yet to observe future performance of multiple variables. Throughout the first quarter, and despite market volatility, the Mexican peso appreciated 1.6%. FX volatility has led to many inquiries regarding the FX impact on our costs. As mentioned before, FX does not immediately distress our cost. The correlation between currency peso performance and our cost is not linear. Prices for spare parts are determined mostly by supply and demand, and the ongoing trade global discussions coincide with our plan and anticipated pricing adjustments. However, our unique tariffization model provides flexibility to change prices as necessary, while ensuring we continue to deliver exceptional service. Consumers may not experience immediate impacts, but at the time of new renewals, we will conduct thorough case-by-case evaluations to determine whether adjustments in pricing, whether it's upwards, neutral, or downwards, were not based on loss costs. Given the fierce competition landscape, we should expect to see Qualitas tariffs going down, which will help us to continue winning under current market conditions. Regarding FES, in this quarter of the year, robberies decreased by 3% for Qualitas and 5% for the industry. Remember that these stats reflect our higher units growth versus the industry and our leading market share, especially in the heavy equipment, where we have 47% market share, and insured motorcycles, which have a lower insured value but high volume. Qualitas' recovery rate stands at 42%, 130 basis points above the rest of the industry. Moving to our acquisition ratio, it stands at 22.2% for the quarter, 86 basis points above the same quarter of 2024. The increase in the multi-year mix from 18% in Q1 2024 to 22% increases according to the current acquisition ratio, as commissions paid to financial institutions are higher than what we pay to agents. Still, our acquisition ratio is in line with our expectations and our cost control indicators. Our operating ratio for the quarter stood at 6.3% for the quarter. This ratio includes employee profit sharing provision, 30.6% higher than the same period of last year. Given the positive performance of our company, we also had an increase in fees paid to service offices and corporate bonuses, linked as well to their successful performance during the period, aligning productivity and cost control efficiencies towards positive results of the company. If we were to exclude employee profit sharing from this provision that by law must be incorporated into our operating expenses, the ratio would have stood at 4.8% for the quarter. All the above resulted in a remarkable combined ratio of 88.2% for the quarter, positively below our 92%-94% target. The operating results for this quarter have surpassed our expectations, underscoring our robust underwriting discipline, proof of our entire team's commitment to excellence in service, and stringent cost control measures. Even during turbulent times, our company has proven to be resilient, well-positioned to continue driving sustainable, healthy growth, and delivering value to our whole. Now, moving to the financial side of our business, our comprehensive financial income grew 45% for the quarter. We continue to mainly invest in fixed income, representing 87% of our MXN 51 billion total portfolio, with an average duration of 1.87 years and a 9.1% yield to maturity. In the case of our Mexican subsidiary, the yield to maturity stands at 10%. With the current portfolio composition, for each 25 basis points that rate decreases, the impact on our portfolio valuation is around MXN 200 million on an annual basis. The remaining of our portfolio allocated in equities remains resilient, although, as you may be aware, after a strong rally in late 2024, the S&P 500 stumbled in the first quarter with a negative 4.6% return, and uncertainty in the markets prevailed, given geopolitical risks, trade tensions, and fears of economic slowdown. All our investment assets follow accounting guidelines classified as available for sale, so their performance, whether gains or losses, is considered on our balance sheet until they are realized. Our investment strategy has not had any relevant changes in 2025. We're striving to bring fixed income duration around two years, as reference rates remain in the mid to high single digits in Mexico, following the guidelines, advisory, and strategy decided by our investment committee as part of our institutionalized corporate governance. We deliver a comprehensive financial income of MXN 1.5 billion during the quarter, MXN 475 million more than Q1 of last year. Our investment portfolio reached a 10.8% ROI for the quarter. Unrealized gains for the period are in the magnitude of MXN 100 million, including the FX benefit. The unrealized losses in our equity portfolio were partially compensated by our fixed income assets, whereas current interest rates in cycle have contributed to increased valuation translated on our balance sheet. When considering all positions as marked to market, ROI would have stood at 11.4% for the first quarter of the year. 23% of our portfolio is invested in U.S. dollars, given our international presence. For every peso that the FX appreciates or depreciates, the estimated annual impact is around MXN 700 million, playing as a natural hedge for our FX depreciation. For the next quarters, we can expect a steady performance in our investment portfolio, in which our fixed income allocation plays in our favor when the equity markets undergo volatile times. Following the negative performance of the S&P 500 in the first quarter of 2025, our investment portfolio allocation has proven to be resilient, mostly given our fixed income asset allocation proving stability and consistent returns. The duration of our portfolio enhances our ability to weather market fluctuations. Now, looking ahead, the financial markets in 2025 are expected to experience a mix of challenges, but also opportunities. Despite the volatility in equity markets, the strategic focus on fixed incomes makes us believe that we're balanced in our investment approach. First quarter 2025 effective tax rate stood at 28%, in line with historical levels. All in all, Qualitas posted a MXN 2.1 billion net income for the quarter, with an 11.4% net margin. This absolute number is the second highest net income reported by Qualitas in its history, just behind the second quarter of 2020, where the pandemic had a major positive effect on our claims cost. Our 12-month ROE stood at 24.2%, with our long-term target. Our outstanding performance delivered industry-leading profitability. Our strategic execution has ensured earnings durability and capital efficiency, positioning us well to navigate through volatile times. In the industry business, consistency and reliability are key. Our steady approach ensures that we remain a resilient and dependable partner for the long term, continuing to deliver exceptional value to our stakeholders. While service is and will always be our foremost priority, 2025 financial priorities will be centered around: A. Maintaining a steady pace in underwriting. B. Ensuring stability in our cost control measures, keeping our loss ratio within the target range. C. Delivering a resilient investment income. Despite macroeconomic volatility, we are confident that this year will be positive for our company. Our strategy is rooted in excellence in service, which remains the cornerstone of our operations. By continuing to deliver exceptional value to our customers, we're well-positioned to navigate challenges, ensuring sustainable growth and success. Our regulatory capital stood at MXN 5.6 billion, with a solvency margin of MXN 14.6 billion, equivalent to a 362% solvency ratio. Recent capital allocation determines our 12-month earned premium to capital ratio at 2.4x. In terms of capital allocation, let me remind you of our general shareholders' assembly proposals next week on April 29. First, a cash dividend payment of MXN 10 per share is payable in two exhibitions, representing a 78% payout and in line with what we had anticipated to the market of being at the high end of our dividend policy range. This amount is 25% higher versus last year's dividend amount. We also proposed MXN 800 million new share buyback fund. It is worth mentioning that there is no news from the fiscal authority regarding the audit procedures and the VAT interpretation. This matter continues under assessment in the corresponding instances, and we have not received any conclusive or final resolution. Qualitas' position stands firm, with the corresponding legal arguments to support the industry criteria, and thus, we trust the authorities will reach a reasonable resolution. As mentioned before, we will timely communicate any relevant progress to the market. As a reminder, we do not disclose formal guidance or targets, but rather some expectations for the year. Thus, we maintain top-line growth expectations at high single digits to the low mid-teens, with earned premiums growing ahead. The loss ratio is expected to be within our target range of 62%-65%. The acquisition ratio and operating ratio should continue within its historical levels, leading to a combined ratio within our objective range between 92%-94%. I'm pleased to share that our results have exceeded our expectations. This achievement is a testament to our team's dedication and strategic initiatives. However, it is important to remain prudent as we navigate the complexities of the current global landscape. The ongoing tariff discussions and market volatility require us to remain focused and stay vigilant in our approach. As we move forward, our commitment to operational excellence and customer satisfaction remains unwavering under a disciplined cost control. This strategic focus of our Qualitas DNA will ensure that we remain resilient and responsive to the evolving needs of our customers and the broader market. Thank you for your continued support and confidence in our company. Together, we will navigate these challenging times and seize the opportunities that lie ahead. Operator, please open the line for questions. Thank you. Thank you. We will now begin the question-and-answer session. To join the question queue, you may press the raise your hand button located at the bottom of your screen, and we will open the mic for you. You can also send it through the chat. To withdraw any questions, please press these buttons once again. We will now pause for a moment as callers join the queue. Our first question comes from Kaio Prato at UBS. Hello, everyone. Good morning. Congrats on the results, and thanks for the opportunity to ask questions. I have two on my side, please. First, in terms of prices, if you can talk a little bit about the price environment on the auto segment nowadays, how this has evolved since the end of 2024, and how it stands nowadays. I think Roberto touched base briefly about potentially cutting price. Just would like to clarify this. If you can discuss a little bit what you are seeing in the competitive landscape. Moreover, do you see these increasing tariffs, which can impact your costs at the same time that you are cutting price? Just would like to understand the strategy of the company going forward. If you can remember the potential impacts out of these tariffs. I will follow up with the second question. Thanks, Kaio. Let me take this one. Let me tell you that the competitive landscape in Mexico is really heavy. I mean, it has always been and will continue to be. Let me address your question indicating that we price to target certain levels of claims ratio and to get the profitability. Having said that, let me tell you that, and it is important to note that in the latest industry figures, we have a record high market share of 34.1%. We have also, when you consider all, when you consider the whole insurance industry in Mexico, we are now the fourth company when all lines are considered. It is important to note that because we are not focusing specifically on market share or on growth. We are focusing on making sure that we are profitable and making sure that we have a long-term, our long-term targets of ROE, which are between 20% and 25%. As you know, and as we have been reported, it's 24%. Yes, in price, we are having a current good momentum as we increase prices substantially over the past couple of years. As such, our claims ratio is now under control. Actually, because of the momentum, we are below our long-term targets. What has happened is that in pricing and the competitive, and the price of our competitors continue to be underpricing Qualitas. We have just announced at the beginning of this month a small reduction in prices in Mexico, but considering that we are aligned to reach the profitability goals that we have. It is important to know this part to really understand that pricing will continue to be. We can feel that a little bit more in the heavy equipment area, in which we have a number of companies that are underpricing also. We are making the right approach to remain profitable while adjusting our prices down. That was your first question. The second one was the Chinese spare parts. Oh, the tariff is a good question, and I don't know who can answer that question. Let me say why. The name of the game now this year is uncertainty. As you know, and we have seen over the past, literally this month, one day there are tariffs and the next day there are no tariffs. The following day there are tariffs at a different level. In the end, we are all just seeing how we are going to deal with that. I think that they will have an impact if they can take, you know, like in terms of our vertical subsidiary Flekk, we have around a significant part that is coming from Asia. However, we have a good bargaining power, and whatever increase in tariffs and in the spare part cost will be over time. The name of the game, as in the past crisis that we have had in Mexico, I mean, this is a global one, and we do not know how it would evolve, but the important part for us is to remain flexible and agile. That is something that we have always done over the past years. All in all, we feel confident that we are going to be able to weather this scenario successfully. As we have said, and as Roberto indicated, we are the most profitable company in Mexico in terms of that. We will continue to handle along those lines. I am not sure if that answers your questions, Kaio. Perfect. This is really clear. If I may, just a quick follow-up here on another topic in terms of the vertical integration that you mentioned during the presentation. If you can give us a little bit of update about this process. The input from the latest acquisition on the spare parts and paint that you did recently, and how was the performance of Flekk this quarter? We are seeing this lower level of loss ratio. Just wondering to understand if this is much more related to the pricing policies that we had in the past, or if this is also reflecting part of this vertical integration at this point already. If so, if this loss ratio, of course, is some volatility, but would be a lower loss ratio structural going forward or not there yet. Thank you. Let me address these two questions. Kaio, thanks for joining us this morning. On the status of Flekk, we continue our journey making Flekk as cost-effective as possible. Let's keep in mind that we are maximizing the new ERP implementation. As you are very well aware, ERP implementation takes time to stabilize, and we're still in this process. Our value proposition from a vertical integration and division hasn't changed. It's enhancing its potential and driving a competitive advantage into the market. We are on the right path. When you look at our acquisition on ROTO, that actually is going to be complementing the Flekk in vertical integration company. That actually is going to take time. We know that this acquisition and integration takes time as well. All these benefits will go across the different quarters. You will not see directly into one-to-one. Let me just give you maybe a couple of examples of some of the integrations that we're looking at as to how the windshield opportunities could be and how we can integrate it, whether it's an import or in terms of logistic efficiencies. Some of those are being talked and discussed and how we are able to integrate those cost efficiencies into Qualitas. Hope that answers your question. Okay. Thanks. That's clear, Roberto. Thank you very much. Thank you. Our next question comes from Pablo Ordóñez at GBM. Pablo, I believe you are on mute. Could you give that microphone a try? All right. We no longer have Pablo on the queue. Next up, we have Jitender Singh at HSBC. Hi. Good Good morning, everyone. Thank you for taking my questions and congrats for the results. I have two quick questions. First, just to follow up on the top-line growth, you mentioned you will relook at the pricing adjustment on case by case, and tariffs are likely to go down. Now, given the current GDP expectations for this year, I mean, macro uncertainties, do you see downside risks to your top-line growth guidance for this year if GDP expectations move down further? That's one. Second, I just wanted to check on your solvency ratio. It declined to 362% in 1 Q versus 421%, I guess, in the fourth quarter. Was it primarily due to the dividend payments from subsidies to holding or other factors from securities? Could you clarify on that? Third, if I may, just wanted to check on the operating ratio, which was again higher during the quarter. Was it again due to higher profit sharing, or does it include any FX impact? What are your expectations for the full year? Thank you. Thank you, Jitender. Let me take the first one, and Roberto will take the second one. Let's go back to the top-line growth. No, we have not changed our guidance. We continue to be accordingly. What has changed is really that the past couple of years, we've had really an outstanding growth, but it was related to many factors that we have discussed in the past. Let me tell you that these levels that we have in the top line are much more aligned to the long-term growth of the sector for the past, let's take it for the past 10 years or so. We are simply saying that all the adjustments that we did over the past couple of years have already taken place. We have profitability where we want it to be. As such, we are now, and considering the competitive landscape, we see that this top-line growth is now closer to the historical average. No, the 12% that we grew last quarter is in line with what we expect. There are no changes there. It is important to note that, yes, despite the fact that the Mexican Association of Auto Distributors has forecasted essentially a flat growth versus last year, we continue to think that we are going to be growing along the lines that we have indicated in the top single digits and the low teens. The first quarter is simply the one reflecting this 12% that we are saying. Also important to note is the earned premiums are going to be a little bit higher coming out from the growth that we had last year. The top line, we have not changed our forecast and will remain that, and moving towards the long-term targets that we have been in the past for the insurance sector in Mexico. Go ahead, Roberto, with the second question. Thank you. Thanks, Jitender. Good morning. Thanks for joining us. Regarding your question on solvency margin, yes, you're absolutely right. We did see a decline from 401% to 362%. It is driven by what you actually mentioned. It is based on the dividend provisions from the subsidiaries to the holding. Maybe just elaborate a little bit on that. As I mentioned, next week we will be holding our general shareholders' meeting. We are proposing a payment dividend of MXN 4 billion. For doing that, part of that, we need to provide a dividend from Qualitas Mexico to Qualitas Controladora. By doing so, this is normally what happens every Q1. This decline happened also previous year in Q1 2024 in our solvency margin. Given that this amount now is committed and booked as a liability, then the total assets from Qualitas have been decreased for its capacity to offer on these reserves, which as a result decreases the solvency capacity. This is just a phasing process. We saw it last year, and as we evolve through the year, we'll continue, obviously, depending on our net result generation, we'll get back on track on the same margins, which, by the way, despite this decline in our solvency, our solvency remains exceptionally strong and really underscores the solid foundation of our business. This strength from our capital position really will enable us to seize opportunities, as I mentioned, and confidently navigate through these volatile times. Thank you, Jitender, for the question. Thank you. Lastly, maybe on the operating ratio, because we were expecting it to come to normalized level from this year, right? Thank you, Jitender, for the operating question. You were mentioning the 6.3 operating index. It did see an increase versus our target. Now, let's also keep in mind that when we exclude the earnings profit sharing, that actually goes back to 4.8%. That's worth 1.5. I think it's important to highlight a couple of other items that I mentioned in my remarks as well. There is the variable portion of this performance, how it works, and how our principle from Qualitas' perspective is when you look at the reduction of the loss ratio and the improvement, that actually helps on being more profitable for the company. That is also the service office fees that we put as an incentive to our offices. That is a good combination of the more productive you are, yes, in terms of low ratio starts going down, but the operating ratio goes slightly up. All in all, when you see the combined ratio, you will see that the combined keeps on being stable. The other piece, when you look at the operating expenses, is that we are, as I mentioned as well, we are investing in other subsidiaries. For example, when you look at Colombia, those are expenses that are being invested, and that certainly we are still not getting to the ratio in that particular since we are just kicking it off and initiating operations. The same goes with Peru. These factors over time will start stabilizing. We are still committed to the 3%-4% operating ratio for the year. Again, let's keep in mind that our claims ratio is not going to be, we don't expect to keep at these levels. We expect that the seasonality effect for the second quarter will gain claims upwards. Therefore, the operating ratio will go down as well. Hopefully this answers your question. Very helpful. Thank you. Thank you very much. We were able to get Pablo Ordóñez back on the queue from GBM. Pablo, please go right ahead. Yes. Hi, good morning, José Antonio, Roberto. Thanks for taking my question. First of all, congratulations on the outstanding results. Roberto, José Antonio, I would like to understand better if you mentioned that this loss ratio is not something that we should expect ahead, but can you give us more details in terms of are you seeing anything that could be more structural? For instance, the improvement in frequency to 6.6% is not that different from the previous year. What should we expect ahead in terms of frequency? Also, in terms of the heavy equipment, you mentioned that there was an improvement of five points. Do you think that this is related all to the investments that you have made in telematics? Is this something more structural? Also, can you remind us the participation of heavy equipment into the consolidated return premium, please? Okay. Thank you, Pablo. I'm going to let Roberto take one, but let me give you some perspective. Clearly, the year is going to be really uncertain, as we all know. I mean, the world is in a situation where there is a lot of uncertainty. As such, there's the first answer. The second one is the seasonality. Remember that the first quarter is always a lower level historically for Qualitas. Those are things that we have done. Obviously, the efforts that we have done regarding cost control have something to do with that. You talk about structurally, but in the end, we are pricing to make sure that we reach the ongoing levels in terms of claims ratio. While we might be below for some time, it will depend based on the uncertainty and based on the seasonality. That is why we are not saying that we are going to be structurally going down in terms of the, yeah, loss ratio or claims ratio. Roberto, please. Yeah, thanks. Thanks, Thanks, Pablo, and thanks, José Antonio. Maybe just to reinforce a couple of messages. Yes, we do see I mentioned the pricing reduction, but as we highlighted, it goes in a case-by-case basis when we do the renewals. Our long-term target is to be within our 92-94. Therefore, we will be adjusting price in our combined ratio. We will be adjusting pricing accordingly function of our loss ratio for each of our customers. That is a very important piece because our objective is not to be at these certain levels. We do expect in the second half of the year so that claims will go upwards. As we said, pricing will most likely be adjusted. Obviously, we need to take into account the rainy and the hurricane season for the second part of the year. There is uncertainty of the volatility of what is going to happen in terms of GDP consumption and some of the potential for the remaining of the year. That is why our message is we need to be diligent. We need to be cautious. We are not out of the woods. We need to be very diligent on looking into every single business opportunity because our competitors certainly are looking after this important business, and we need to be competitive. When you look at also some of the drivers for frequency and severity, as you highlighted, we have been implementing a couple of good risk prevention initiatives, and that has been helping us to be much more effective, particularly on the heavy equipment. We saw a very important decline in this quarter, and that is also driven in terms of our heavy equipment fleets. We feel optimistic, but certainly, still, we need to look at how all these variables are playing into the next quarters. We feel very pleased on the results so far. Again, it is time to be cautious and to be diligent of following on to ensure that we do not lose track of our long-term targets of both the claim ratio, but also the combined ratio overall as a company. Thanks a lot, Roberto and José Antonio. If I may make a second question. In the top line, you mentioned the consolidated figures post a very strong growth of 12%. For instance, individuals are growing at 20%, financial institutions at 20%. There seems to be some disconnection between this and the sales of autos in Mexico that are growing at single-digit levels. You mentioned in your press release that we should also take into account Chinese cars, which are not fully reflected in the AMDA figure. Can you give us an idea within Qualitas, how much of your return premium is coming from Chinese cars? And also anything that you're seeing here, please. We do not have a detail of the Chinese cars for the call right now. We know that for the total market in Mexico, what is not reported is around 2 percentage points. Instead of growing 1.2% as they have reported, you need to add a couple of points. It should be around 3%-4% for the total market. Regarding the fact that it's not growing, frankly, Pablo, let me tell you that, and it has been done during the remarks that we commented earlier, we continued our first and foremost priority continues to be the excellence in service. We have seen that the growth that we are having, which usually is ahead of the market, is related to the fact that we really take actions. All the variables that we measure, and let me tell you, all the variables that we measure in terms of customer experience all have improved in the first quarter of the year. That's the reason why, despite the fact that there is a slowdown in the sales of new cars, we remain confident of our ability. As I mentioned earlier, we are simply moving to around the long-term growth of the auto insurance business in the last 10 years or so. That is why we say that. I do not know if you want to add something, Roberto. No, I think you covered it. The top line growth, yes, it is still higher than the average of new cars. However, when you look at what we grew in 2024, it is certainly seen this acceleration over time. We will continue to see this in the following quarter. That is why our expectation is to be in the high single-digits, low teens. That has not changed. The mix is also dependent on how much of that it goes case by case and focusing on service to really make a difference versus our competitors. I do not know if that answered your question, Pablo. Yes, very helpful. Thanks a lot, José Antonio and Roberto. Okay. Thank you. We have time for one last question today. We're going to take Ernesto Gabilondo. Anyone who's still in the queue, the IR team will be reaching out. Thanks for the wait. Thank you, Andrea. Sorry about my voice. Hi, good morning, José Antonio and Roberto. Congrats on your results. My first question will be a follow-up on the top line growth. Considering the economic deceleration in the U.S., expectations for modest recession in Mexico, how should we think about the premium growth in Mexico? I understand that you are keeping your guidance, but what would be the macro assumptions that you are considering for Mexico's GDP growth, inflation, and interest rates? My second question is a follow-up on your claims ratio. We noticed it already came below your guidance range, although acknowledging the seasonality in the business during the first half. Considering the potential impact on tariffs in auto parts, how should we think about the evolution of the claims ratio? You have mentioned it could be between your guidance range between 62%-65%. However, considering the potential risk, should we be more about the mid to high end of this range? For my last question, it will be related on your financial results. We also saw very strong financial results. This is despite the interest rates are trending down and the negative impact in the ETFs. Excluding the valuation that goes into your comprehensive income, what should be the variables we should consider in the financial resort in the P&L? I do not know if you have any sensitivity because it seems that even that we are having lower rates, you are still having a positive impact in the P&L. I do not know if there is a sensitivity that for every change of 100 basis points in the interest rate, what could be the positive impact in the P&L? Thank you. Ernesto, thank you for being here. Please get well soon. Thank you. Let me, I will take the first one when you say the macro environment. Certainly, the analysts say that the GDP in Mexico probably will grow between 0 and 0.5% depending on how the tariffs situation evolves. Now, having said that, historically, the sector has grown. First of all, this is an anti-cyclical sector, and I think we have discussed this before. When things go bad, people tend to take care of their possessions so that they take care of their assets. Historically, if you see at the last 10 years or so, the growth has been around between 10% and 11% for the past 10 years on average. We are saying that there is no reason why it should be like that. The first quarter is part of that. I think that the macro environment, and the other thing is that, as I said earlier, we will remain very, very flexible and agile. We will continue to push service. Let me tell you that that has a major impact. That is why I am saying that despite how the macro environment is doing, by the way, you can see that the peso has strengthened. It is now below 20, so that should also help. That is why we say that we will remain with our guidance in terms of the top line growth. I think that being between the high single digits and low teens continues to be good. The first quarter is right on in the middle. We said that before the start of the quarter. Now, we are just confirming the fact. As a matter of fact, we were thinking that would happen in the second quarter of 2024, but it was somehow delayed to this year. That would be the answer for the top line. Roberto, do you want to take the other two? Yes. On claims ratio, you are right. I think there is a seasonality effect. Obviously, the GDP and the growth, interest rates, and the consumption factors, the macro assumptions will certainly play in how the remaining of 2025 will play. That is why we remain cautious on our claim ratio. We still think that we will be within our range of 52%-65%. Certainly, within that range, we will be delivering on our objectives. Regarding your third point in terms of financial result, your point is right on. We deliver a comprehensive financial income well above the interest rates in the market of MXN 1.5 billion, reaching a 10.8% ROI. Really, our strategy has not changed. Our strategy continues to be anchored on our fixed income, in which we have 87% of our total portfolio. What happened is the unrealized losses on our equity portfolio were compensated by our fixed income. For the next quarters, we can expect an aesthetic performance. This is a result of the strategy in a fixed income allocation, which is playing in our favor, particularly when the equity markets, it's going under volatile times. Our investment portfolio, it's been proven to be quite resilient. Given our current duration of 1.9, and we're striving to be at 2, particularly on our fixed income, that would certainly help us through 2025 and 2026 to speak and see some steady performance. Hope that answers your questions, Ernesto. Yes, and thank you. Just to follow up in this financial result. I don't know what are your expectations for the interest rate by the end of this year and next year. Considering that the trend is to the downward, is there any sensitivity given that you're having a duration of your portfolio of two years, any sensitivity to think about this to be steady or even to be higher under lower rates? Thank you, Ernesto. Yes, we do expect some reductions. I mean, obviously, it's hard to tell how much since every day is changing and we're living through very turbulent times and volatile. For every 25 basis points, as we've been mentioning, of any sensitivity, we would expect a MXN 200 million, around MXN 200 million variation on our portfolio. That would play on our steady performance for the remaining of the year. Hope that helps. Yes, excellent. It is 25 basis points. We will have a MXN 200 million variation, a positive one, right? MXN 200 million. And positive, correct? Yes. Perfect. Okay. Thank you, Roberto. Thank you. Thank you, everyone. This concludes today's conference call. Thank you for participating and have a pleasant day.