Powszechny Zaklad Ubezpieczen SA (PZU) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. Welcome to this conference where we will discuss the results of PZU Group of the second quarter 2026 in the first half of 2026. The presentation will be delivered by Mr. Benczak as well as Maciej Fedyna, who's responsible for risk and finance area. CEO, Mr. Benczak, without further ado, I pass the floor to you.

Welcome to this press conference after the first 6 months of 2026. Ladies and gentlemen, we have looked into the results of the PZU Group following the first 6 months of our operations this year. And I must tell we have been proud of them. in race. And I had 6 months have proven the really demanding and this demanding character was very much due to geopolitical environment. which had a lot to say as regards under situation on the financial markets, but also it was due to what happened in the Polish market. We had new tax regulations. We had new regulations of ECG and regulations concerning the tax rate, plus and the very character of the transportation system settlement in payment. This notwithstanding, we have proven, we are really resilient. Our ecosystem at PZU Group has been resilient. And thanks to that, we have been able to manage and to have sales secured at PLN 15.7 billion, PLN 0.5 billion, almost more year-on-year. We obtained PLN 3 billion net. ROE exceeding the level of 17%. In parallel to date secured a very sound financial standing of PZU. That is our capital position was entered 230%, PZU at 233%. Moreover, we took a decision to pay off the dividend equivalent to PLN 4.8. Historically speaking, this has been one of the highest dividend levels ever at PZU Group. This means we catered to the commitments we had once presented before our shareholders and all stakeholders. In May this year, S&P has made our credit rating stable at A minus with a positive outlook. Importantly, SAP has highlighted as a group, we remain stable capital wise, and we are very flexible in terms of the growing capital requirements, which are linked to the changing solvency II entering force as of January 2027. Our Solvency II is at 230%. It is a bit conservative, but at the same time, it's to be considered a very effective investment portfolio. This is another factor. And yet, the factor is our reinsurance program. What are the sources of the growth in question and the results we obtained in the first 6 months of 2026. Well, for the details, we will hear from Maciej Fedyna. We will go through each and every segment of our operations. Now we'd like to stress our major growth pillars have been group insurance revenue as well as individual continued insurance revenue. There is one factor that I particularly enjoy that is we have been following up on the growth in our individually protected insurance revenue. Furthermore, we have secured a 30% growth for the last 6 months in assets of external clients. It is a very positive information because in all these factors, we have undertaken a very effective actions. And they have brought about some tangible results. And let me now refer to some of your comments. We have prepared some bit of information on the PZU [indiscernible] where we have grown at 2-digit speed. Well, you may recall when I joined the Board, I kept stressing investments should remain central for our operations at the PZU Group. So let me draw your attention to that. And heavily after 6 months, we have secured an almost 40% growth in the assets of external clients which are managed by PZU Group TFI, that is CFIPZU,PKOTFI and Alior TFI, respectively. Now moving on to PZU Zdrowie. Have a look. We have managed a revenue growth here. At the same time, we have concentrated on making our own as comprehensive as possible and linked to our life insurance scheme. Parallel to that, we have developed our offer in terms of Zdrowie services pillar. And here, we focus on 2 elements. Number one, expansion of our own medical facilities in a number of 13 medical facilities. Yesterday, we had a new entry of a 134th facility, the key this time in bids. And then on, we have followed up on our acquisitions in Poland. And adding to that, we are minded to expand our offer both at PZU Group and at our Capital Group. One example being the acquisition of Babka Medica plus Boramed, another company. And we really want to make the best of the potential. Those 2 companies present the especially good and women's health care. As regards CM game here, we are happy. We have obtained some Polish experts orthopedics. Thanks to that, we can guarantee to our customers some most sophisticated treatment options in the area of automatics. Our network is well developed. But if there are any wine spots, we intensely set 4 facilities that we could possibly acquire. One example being CM Osteodex. This particular facility caves one particular white spot that we in the past. And that's precisely the mine, we are minded to pursue in the future as well with the overarching goal is to make the access to leading specialists easier and the thing holds true for making access to some advanced treatment options. We want the offer for our customers to be as comprehensive as holistic as possible. The first 6 months of 2026 have been marked by the constant expansion of our product offer. Examples PZU Orthoplan, in addition to group life insurance programs. makes possible to cover the costs of planned orthopedic surgeries connected to the ramifications of accidents. And this is how we want to make our offer more and more comprehensive. Now non-life insurance segment. We have supplemented our offer directed as East expert network for the for our insurances, personal accident and business interruption BI insurance. This is a segment that has started to play an even more prominent role in our economy, and that's why we want our customers to have access to modern solutions provided by the PZU Rod. We coordinate and also the insurance scheme, which is addressed at the nuclear sector and my colleagues that are active in this domain, preparing the offer for our partners. Let me get back briefly to the investment pillar. Now we managed as many as 139 million assets at ETF PZU. And let me tell you this. We are especially proud of the fact is about almost PLN 60 million of these assets are connected to long-term saving schemes. They are both pension products as well as PPK scheme. The reset a number success we are mentioning. -- at TFI PZU, they have received the level of more than PLN 130 million and that's the fact that makes us all very happy. And I trust, it marks a new beginning on the path that we want to pursue. There are some new listings of other assets. And let me take this opportunity to tell you that. We are all sellers at PZU, salespeople, and that's why that's been carried you to take advantage of one particular discount at our TTF purchased them at very favorable conditions, and the discount will last by the end of the year. So we have discussed pure business. But there is also a whole range of other strategic projects that we have pursued and they are to boost our effectiveness. And especially, we concentrate on boosting our effectiveness in terms of technological debt that we incurred in the past. We are very much minded towards an AI strategy. And these steps are intended to make us AI ready. The last conference was about our technological platform. Now we speak of forthcoming projects or platforms that will be attached to very particular segments of our operations. The goal being boosting quality as well as effectiveness in terms of process management. We want our employees to be able to focus solely on customer experience and making our products and services as good as possible.So how do we scale up AI at PZU? We have already implemented over 30 AI-enabled solutions implemented and over 30 new initiatives under development. The focus on those domains on the following domains: Underwriting and products in the business section. We are about to open a project that will implement a new operating model for business sales. And in that model, we want to use AI-enabled solutions in sales and marketing, we intend to use various AI-based components that would increase the quality and efficiency of customer service. In terms of claims handling we will soon announce the implementation phase of the new system for claims handling, this system will be AI ready. Please note that in claims handling, the Best group handles about 10,500 claims, and we are paying out about PLN 35 million daily Therefore, in this specific area, we see a great potential for improvement for improvement of our efficiency. Lastly, customer service and organizational support. This is another domain in which we wanted to introduce AI-enabled solutions. The plan is to, of course, implement new solutions, but I can already share with you some examples of what we have managed to achieve thus far. Last year at Pasati Group, the number of codes generated using artificial intelligence was at 0. Today, the number of code that is generated using AI tools amounts to 30% of all code written in our company. So we have made a large step forward, but we're very well aware that there is a long way to go. We have been consistently implementing our strategy to become a regional insurance leader. We are finalizing the acquisition of MetLife, Ukraine. Currently, we are in the process of obtaining the approval of antitrust authority and we hope to close this deal at the beginning of next year. We also want to simplify the PZU structure in Poland. As a part of that, we are moving on with implementing the merger plan with Link 4. We hope that the merger will take place in January. And we hope that we will be able to effectively put to use the multi-brand strategy following the merger. Also in the first half of this year, together with KUKE, we have launched a new product and this product offers insurance coverage for extraordinary risks related to military activity in Ukraine. So now I'll just give you a brief reminder of our position in Poland and abroad. We are the leader of the Polish market. In Lithuania, we're #1 as far as non-life insurance goes and we rank 6 in terms of life insurance. In Latvia, we are #1 in nonlife insurance. In Estonia, we rank 4 for non-life insurance in Ukraine, we rank 9 for nonlife insurance, and we rank 4 for life insurance. And as I've said before the closure of MetLife merger is in the pipeline. Once it's finalized, we will become a leader on the Ukrainian market. After Q1 2026, our market shares are as following: 28.5% in non-life insurance and in life insurance. And in life insurance, we had over 40% as far as regular premiums go. My colleague will is about to give you some more detailed numbers. But before I give him the floor, I would like to highlight our corporate social responsibility initiatives. You can scan the QR code to access the website where you can find more information about PZU's social engagement over the last few decades. And now I just wanted to highlight a few initiatives that we implemented in the last 6 months. 7,000 children were trained with our support on how to stay safe when close to water. We have trained 1,800 people in life-saving skills. We have provided 4,000 safety helmets for cyclists. Also in cooperation with voluntary fire fighters, we sponsored over 3,000 smoke detectors in 2026. We also support voluntarily mounting near rescuers. We also support voluntary firefighters and voluntary life guards in Poland. We also support police and other uniform services in our country. So corporate social responsibility is something that has been present in our group's DNA. I also believe that this is something that makes us stand out against the competition who also can create similar initiatives and open funds that would be dedicated for corporate and social responsibility. So that's all for me. Now I'll give the floor to Maciej, who will give you some hard financial data. Thank you for your attention.

Ladies and gentlemen, it's a great pleasure for me to present such outstanding results yet again. The CEO has already said that the total net profit in the first half of this year was slightly above PLN 3 billion. This is a very good result. We are pleased with it. And we like to break down our results into individual quarters. Although I must admit that it's not always a good idea to compare quarters one-to-one because there are certain weather events or other events that generate variability and the differences among individual quarters. However, one thing is clear from this data. The PZU Group, thanks to diversification and having a very broad offer for the customers and selling products across many channels is very resilient and is able to generate very satisfying results. In the first half of 2026, Insurance Service result is the strongest component in our results, it amounted to nearly [ PLN 2.3 billion. ] Our operating margin in life insurance, which is the key business indicator for us amounted to PLN 27.2 million and in second quarter, actually, it was 29.1%. So it was even higher. We have managed to achieve such good results for the first half of this year despite minor headwinds and slightly worse result on life insurance than in the previous year. In non-life insurance, the combined ratio is at 87.9%. So it's the same as last year. And in the second quarter, actually, we managed to achieve a combined ratio at 89%. This is a very good result, especially taking into account that it's the fourth consecutive quarter when the combined ratio is below 90%. Again, the last quarters and the last year was not easy. There were numerous challenges. So this only demonstrates that our company, thanks to a diversified portfolio and the multichannel sales stays very resilient. And we can compensate losses in one part of our activity or potential losses with good results in another sector of our activity. Also, the results that I'm presenting now show that actually, we are quite reliable and our results are predictable. Now the main portfolio. The results and investment portfolio was at PLN 1.404 million. So it's very similar to the result that we published last year. And again, given the general volatility of the markets in 2020, so this is as a very good result. Interest rates are lower this year than last year. Therefore, the result of our investment portfolio is very good, given that piece of information. And there are differences between -- among individual quarters, but that's attributable to those trends and the one-off events that I mentioned. For instance, last time, we did mention the impact of currency exchange rates on our portfolios. Well, I have prepared a separate slide dedicated to that. So I will discuss it in a moment. But let us now focus on our core activity. I always say that CFOs are very happy when revenue grows faster than costs. And that's the case and I always say that the CEO is also happy when this happens. So we have had a stable growth quarter-on-quarter and year-on-year. How did we achieve this? Well, we had very good rentability profitability. And then Bogdan also mentioned the our business strategy. We keep adjusting our offer to the needs of our customers in both group and individual insurance. We managed to keep the margin above 25%. It's been the case for some time already, and this is good news. On top of that, we have been developing individual protection insurance, and that's quite important. The growth dynamic there is at 26%, 27%. So the importance of this offer has been growing in our portfolio in particular, given the fact that the margins on those -- on this type of insurance is higher than in group insurance. So the structure of our portfolio is conducive to growth and growing margin. And often, during meeting with investors, we explained why do we have the growth in individual protection insurance. And during those meetings, we always stress the fact that the product and the offer is being constantly developed and adapted to the needs of our individual customers. That's one thing. And the second important aspect of it is making the best use of the skills of our sales force. As a result, they are able to target the right customers. So basically, our sales force has a great potential, and we are making effective use of it. And this is already, I believe, a long-term trend that we can boast. And this makes up the complex marketing and 29.2%. Let me now jump on to [indiscernible] non-life insurance and the life insurance and afterwards, will discuss the written premium, which is slightly different to the revenue stream from noninsurance. This is what Merit 1 commentary after the first quarter we said that the motor insurance environment has been demanding, especially when it comes to MOD insurance. It is visible in our results per quarter 2, especially when it comes to CO are in motor insurance. And we are trying our utmost to change it because we had the negative result for 1 quarter. But as we go and read the figures, let me draw your attention to how high the revenue is of insurance because this might be slightly misleading. You may recall, last year, we to a decision on shifting some of the products of some segments of our clients from the mass category towards a more individualized customized underwriting process and corporate field. And that is why we have a switch of written premium in between the segments. Therefore, the revenue dynamic in the mass segment might look worse. Have we not taken that decision, yet the decision in question was more than sound from the characteristics of the business process. And the same helps true for the pace of development in corporate insurance. It would have been slower, had it been not for the decision that we took. So this effect is to be blamed for the negative results, we obtained in the motor segment. It would have stayed negative Still, it would have been significantly better than the result than we see now. And there is one more comment I wanted to spare and this is something that we already send on the occasion of discussing our first quarter profitability in motor insurance is a very satisfactory level. And this is mainly owing to case handling staff case handling process, where we capped improving a lot, especially when it comes to the expected value and the expenses overall in the area of case handling. We're concentrated on the scale of improvement and streamlining, which is especially seen in motor COR stays at 95%. Why is it so high? And it is in the corporate area below 90%. It was not to be seen in MOD, and that's why there was no compensating effect for the very consequences of the price pressure on that market. Well, that's one side of the coin. The flip side of the coin is some other positives that we have spotted already. Well, the [indiscernible] is on the market saying that there is a dichotomy between the medium claim and medium premium is not something good for metal players. And we have been on top of all these things, and we hope for the trend drivers in the coming months. Now not insurance. As said, we reduced a lot the funded the margin in the subsequent segments is very good. At the same token, we have been very happy about the dynamics in this segment, which had historically not been as robust in our portfolio. So the margin is better and the pace of development is better. 5.2% of the premium dynamic in group as well as we did continue insurance is something that we need to pay our attention to look at the demographic trends. There are less and less people in Poland. That's something that's set to stay and will, for sure, produce its ramifications also on our portfolio. And well, this notwithstanding, we have managed to grow and a base of more than 5%. Now let us jump on to Slide #29, I'm sorry. So far, we've been talking about some metrics and values in line with ISSF insurance revenue is not something to be equivalent to the written gross premium in -- on the domestic market. And let me now focus on the non-life insurance part. Quarter 2, the pace of our growth has improved significantly, 6% -- 26% second quarter 2026 when compared to the second quarter of 2025, we have grown significantly in all the segments in question. So there is a rebound after in the previous quarter, where we were circulating around 0 now. And the result with this causes a habit of what is to expect of insurance revenue in the future. And now let us get back to the investment result. Q2 saw a very nice profitability in that portfolio equivalent to 5.3%. Some part of it is due to the changing nature of the financial markets. And another part of it is due to the facts, not only effect that we see quarter-to-quarter. One fact being the way you price the properties you've got maybe either below or above the 0 level. And this time, it was in green. So we are happy about that. But look at the profitability of our main portfolio. Our result was PLN 700 million. And that's the major contribution to our overall profitability. Our interest rate revenues have been very stable. That's the effect of stability. Our investment strategy, which sees or has seen no revolutions whatsoever. The financial markets remain volatile. And in that environment, we try to [indiscernible] to secure our profitability, not only in the short term, but also in a longer time horizon. And that's something that is well, also due to the fact that the markets remain as set volatile. And I ask us a question. We've got such a nature of revenues or maybe there is some gap to the fair value. Well, everything needs to be seen in the valuation of payouts, and you will have a chance to look at that on the forthcoming slides. Treasury debt, 70% debt instruments of first quarter, we registered the valuations and the devaluations with a drop, and it correlated with the uncertainty is a knock on in fact the person Gulf crisis. The second quarter was way more satisfactory here because the interest rates were lower. For the capital instruments, here, we gained as well on our investment equity funds. There is an important component, which is related to both cybersecurity and artificial intelligence. These are 2 domains that produced a lot of money in quarter 2. On average -- on average, the return on our main portfolio exceeds or has exceeded 5%. That's something that we can be very happy about. Anyway, there is no guarantee will stay the same still. This is an important benchmark may present a very none contribution in this segment of our operations. Now let me jump to this slide on solvency. From now on, well, outline both the official solvency results in accordance with the current regulations. Plus, we will provide you additionally with a simplified calculation such that will show you how our daily solvency would look had we taken advantage of the changed Solvency II rules and the requirements of the end banking sector. So the official solvency towards the end of March was at 230%. So an overly very satisfactory result. -- countered a fact that [indiscernible] presented a very substantial uncertainty on financial markets and debt instruments balloon, it had its impact on the valuation of our portfolio. So it's been taken account of and so still did not make our results worse. They could have been even better if it hadn't been for making to solvency calculations merger. Let me comment on that. We've got our assets in the insurance world. In the case down, we expect these assets will be distributed to our shareholders, then we will need to make these assets smaller. And here, we come at our own funds. The situation is slightly different in the banking sector. This is more an accounting metric, and that's why own funds are fed not by own result, but with some delay after some decisions have already been taken once the profits eventually stay within the bank. If we consolidate the assets and bear in mind, we are an important shareholder in 2 banks. There is a condition of 2 worlds. On the one hand, for the time being, we have not seen the emergence of the funds from the bonds that will get to us after the dividend is paid off. And on the other hand, we have taken into consideration on the whole group's results and some funds, which are attributable. The result made by the box. It's something very painful in the first quarter every year because for [indiscernible] a period of 5 quarters banks are not taken into consideration at that calculation. Later on, the situation is different because the decisions in question have been made at the general assembly -- fare. So we missed just the current year data. So there are no negative impacts on the banks on the insurance firm. And -- but when we're trying to make those 2 parts merge, some negative consequences might be felt -- this notwithstanding come results are really good. So let us now look at how solvency to regulations changes, what kind of ramifications it will produce. If we applied Solvency directive at the end of 2025, our solvency instead of 39% would amount to 206%. We are not making any predictions regarding our solvency in 2027 because this depends on our balance sheet and also on the regulations that are in force on that date. For instance, in September this year, the bank buffer will go up 0.1%. We also have our subordinated debt that matures in the second half of 2027. This will all have impact on our situation, dividends included. So all these factors will affect our final solvency. On this slide, we present numbers that we would be reporting had we adopted the new regulations already today. My conclusion from these figures is as follows. Regardless of the scenario that we used to analyze the situation of PZUi Group in the next year, it is clear that our potential to keep our dividend policy unchanged, is very high. It's very likely because the group solvency will stay over 200% after the new regulations come into force and in a volatile environment. And we have already reported that our benchmarks are 190% until Solvency II enters into forest and 182% after Solvency II enters into force. And we managed to achieve it. Moreover, these benchmarks are much higher than recommended by the financial authority. So these figures show that we are on the right track and that our business operations and dividends are safe. In the previous meeting, we have already signaled that we have a few measures that we can take if we need -- if the situation worsens. And what we can do is we can change the risk level in our investment portfolio. We can modify our reinsurance policy. And as I've said, we are having an ongoing conversation with the financial authority regarding the actuarial risk of our insurance products. And these are all 3 independent areas of our involvement and in all boils to one important piece of information. Our dividend policy will stay as it is. It's not threatened in any way. Also, the PZU Board has some instruments and measures it can take like reorganizing the group, but for now, there is no need to do it in sight. That's all from us, and we're open to taking questions.

Are there any questions in the room?

Good afternoon. I represent City [indiscernible] of a bank, and I have 2 questions regarding your presentation. The first question is on the non-life insurance and Casco motor insurance. In particular, the data regarding written premium show that -- you -- there are some payment issues in the Casco sector? And how do you explain this?

Well, first of all, we have a very good penetration -- market penetration rate. In our case, that ratio is very high, definitely above average, especially compared to TPL. The price effect in motor own damage has its explanation and cars are becoming less expensive. So this translates into [indiscernible] sum insured. So the premium might actually go down because of the lower value of vehicles. So that's one part of the explanation. Another part of the explanation is that our market share in the CASCO segment is much higher than in TPL. Therefore, our sensitivity regarding market phenomena is different in the Casco segment than it is in third-party liability insurance. For this reason, the price pressure in the Casco segment affects the gross written premium, while in TPL, the price sensitivity is less pronounced in our portfolio is growing faster. I'd like to underline that in both TPL and the MOD, we report a growth in the number of customers and the growth in the premium rate. We are trying to optimize the selection of customer groups in both segments. We're also trying to find the possibility for increasing the premium or wherever it's possible. Recently we have heard some positive news from the market. But there are also new competitors entering the Polish market, which means that we will have to create our policy having the competition in mind. And we'll continue to do so because this is a foundation of our group's activity. We offer a broad range of products for a broad range of customer groups. We sell them across many channels. So we are not aiming at increasing our market share attaining cost. Our aim is to cater to the needs of Polish citizens and offer quality products.

My second question regards life insurance. Congratulations on the growth of the gross written premium, especially in individual insurance. Can you give me more information regarding the structure of the premium. How does it break down into protection and investment? [indiscernible] I remember that in previous presentations, you were giving us more details.

Let me answer this way. We are very proud of our growth and this growth concerns mainly individual protection insurance. So the growth does not originate from selling investment products or products that are qualified under the Polish regulations as one of written premium. The numbers that we give are based on IFRS 17 applied to individual protection Life Insurance products always include some investment component, but it does not affect the growth of the premium that we present. So what we boast is the growth of individual protection coverage offers to individual customers. And the result does not stem from one-off improvement to the product, but from a stable growth and adapting our offer so that it responds best to our customers' needs. This was not something that was our area of specialty, but this has changed. And we are growing intensely.

If there are no more questions in the room, I will read out the questions that we received online. So Trigen, brokering house Martin Marcinowski, can you give us a brief comment regarding the competition? You said that PZU has been growing in certain segments, unfortunately. The interpreters did not receive that question and it was read out very quickly.

So Maciej has given you the answer regarding the motor sector. And the changes in the motor sector are caused by reclassification of the products that we carried out within PZU. But you need to pay special attention to the type of contracts that we have with corporate clients in motor insurance. So usually, those contracts are entered into for a period of 1 year, and the price is fixed for 1 year. Now regarding nonmotor insurance I will reiterate what Maciej said, namely to give you the sources of our group's resilience. We offer as much as Maciej said many products, and we take advantage of it. So we are successfully selling insurance, nonmodern insurance to mass customers, nonlife insurance that is. And in the corporate segment and non-life insurance, well, what happened there was that the market cycle has changed. So the prices in non-life insurance in the corporate segment have been falling sorry, non motor. The speaker corrects himself. Maciej, do you have anything to add?

Well, not all product lines are growing at the same pace in some segments. We reported double-digit growth in SMEs, the growth is, well, not in double digits. But we're growing at a pace closer to 10% than 5%. And crop protection in that segment, actually, we're not growing, and that segment has negatively affected our sales dynamics. We are reporting growth in tourism travel in travel insurance, and we want to grow more. And we have an amazing growth in additional motor insurance. So that was in mass insurance segment. And now in the corporate insurance. If we examine the dynamics of the entire portfolio, we'll notice that the major role is played by large investments that translate into premium gross written premium. And we're overall generally optimistic about the growth that we may expect this year and in the following years. It seems that the -- there is a good mood among investors. In Poland, here, therefore we need to examine the growth in the corporate sector over a larger time frame than individual quarters -- and with large contracts, we observed an important role that is played by the global reinsurance market. So if the markets are more risk ready and they value risk they may estimate the risk value at a lower rate, then it affects the gross written premium. Also, we must remember that the market share is not our main goal, which is treated as an indicator of our position. So we have a healthy attitude towards that we focus on our product groups on the margin. This is our main area of focus. Let me pick up on that. Let me pick up on the solvency question, just to disburse any potential doubt. We haven't mentioned next year, we'll the due date of our subordinated debt. And in this context, we have already started working out various scenarios to be able to answer the question, do we really need refinancing? And if we do, [indiscernible] need refinancing, then what under terms for that in what currency? Should it be a single event or a more comprehensive program? That's something that we have already started working on. That's in the pipeline. Looking at the market trends, the environment and at a very good place for whether or not we can obtain financing. Should there be any news in [indiscernible] regard, we'll share it. In a way, we wanted to point out we are working on that. We are following up -- and should there be any opportunity for us to take advantage.

We will -- to other outstanding questions regarding solvency and the dividend. Martin Martino's question. What will be the positive effect of Solvency II after the internal models have been implemented?

Ladies and gentlemen, this is a bit of news. We mustn't share not because we don't want to boast about that. And then there is a dialogue in ongoing between ourselves and the regulator, but it hasn't been brought to fruition yet. And it would be higher than appropriate? Should we share this kind of information without prior confirmation of whether the figures are sound, checked and whether we may already treat it as something already granted. So when we can, we will get back to you with a relevant information. The effective question is substantial. This is something that we can confirm now, but we musn't give you any figure details.

Another question also correlated to the brokerage of this last year, we had growth in single result [indiscernible] can also grow year-on-year. Our CEO, can I have a say in that?