Good afternoon, ladies and gentlemen, and welcome to the video conference of Caixa Seguridade to discuss the results relating to the third quarter of 2022. This video conference is being recorded and may be replayed from the company's website at www.ri.caixaseguridade.com.br. The presentation is also available for download. To hear the audio in English, please click on Interpretation and select English. For a better experience, click on Mute Original Audio. We inform you that the presentation in English is also available from Caixa Seguridade's IR website, www.ri.caixaseguridade.com.br/en. We inform you that all participants will be connected in listen and watching only mode, and later we will begin the Q&A session when further instructions will be given.
Before proceeding, I would like to clarify that any forward-looking statements are based on beliefs and assumptions on the part of Caixa Seguridade and on information currently available to the company's management. Such forward-looking statements may involve risks, uncertainties, in view that they have to do with future events and depend on circumstances that may or may not occur. Investors, analysts, and journalists should take into account that events relating to the macroeconomic environment, to the industry and other factors may make so that results are materially different from those expressed in such forward-looking statements. Today with us are Mr. André Nunes, CEO, and Mr. Eduardo Oliveira, CFO and IRO. I now turn the floor over to Mr. André Nunes for his presentation.
Thank you for attending this video conference to present the results of Q3 2022. Our objective today is to highlight the results of Q3.
On slide three, you see the main highlights of our strategic execution in Q3. Firstly, we highlight private pensions. Caixa Seguridade is a market leader in net funding with a 42% market share year-to-date. Recently, we have revamped the portfolio of products for individuals, and in this quarter, we made available a new portfolio of funds for all pension plans with seven new strategies for diversification to further raise funds and build loyalty with the portfolio. With this, the portfolio now has 42 new funds, totaling 70 options for sales for the company audience. Another highlight is life insurance, which grew by over 70% in terms of new sales as compared with the first semester, 2022. We also launched 12 new types of assistance in connection with life insurance products, with the possibility of customization of more than 50 services.
We are aligned with the bank's distribution network and provide trainings and improvement to products. To August, we carried out 893 training sessions on life insurance, a total of 598 units trained and 22,155 employees trained. During the quarter, we achieved a new record of written premiums for home insurance and have consolidated our leadership in this product. This result benefited from greater agility having to do with a better sales journey in partner channels. Because of their characteristics, these channels require a very simple and red tape-free journey, and we implemented journeys which allow us to tap sales opportunities without consuming too much time on the part of the client and the lottery store.
In premium bonds, Capitalização, we had the best-ever performance in the company. I would like to highlight the availability of contracting for X CAP do Bem from lottery stores, in addition to a new sales model for CAP Ganhador in the lottery store with a possibility of paying through withdrawal, Pix, and debit. With this, we had the biggest quarterly income in the company for the fourth consecutive quarter, BRL 766 million, a 56% growth relative to the same period 2021. This reflects the maturing of new companies and our outstanding commercial performance. year-to-date, we had more than BRL 2 billion in income, our largest income than the income we had last year. The company will distribute on the 11th more than BRL 1 billion in dividends relating to the first semester of this year.
As we communicated to the market at the end of October, our payout is 90% which makes Caixa Seguridade one of the largest companies to pay dividends in the country. On slide four, you see the completion of our divestment. In relation to the divestments, according to our strategy to focus on Caixa, we present on this screen some details on the sale of four companies to CNP for BRL 667 million, as disclosed by the Company in a relevant fact on September 13th. Caixa Seguridade holds indirect stakes via CNP Seguros Holding in CNP Consórcio, CNP Capitalização, Previsul, and Odonto Empresas. These are companies that had access to the distribution of bancassurance Caixa in the previous model, but this was ended at the end of 2020, and this is no longer part of our new strategy.
We have obtained the approval of the operation by CADE on October the thirteenth. The completion of the sale of CNP Consórcio, the company that holds the run-off base of our old partnership in Consórcio, and which operates on an open basis, should occur in Q4 2022, and no additional approval is required by a regulatory agency. This sale should generate a net capital gain in the region of BRL 191 million. CNP Cap, which maintains the run-off of the old partnership of Capitalização and Previsul, an insurer which operates on an open basis, depend on the approval of SUSEP, just like Odonto Empresas depends on the approval of ANS. We expect that these operations should be completed between the end of this year and the beginning of the first quarter of 2023.
As regards Odonto Empresas, and this operation, as I said, depends on the approval of ANS. We estimate a capital gain for the company of BRL 231 million with the tax already deducted. This slide summarizes the highlights of the commercial performance of the company in the quarter. There were records in different lines of business. In terms of life insurance, we had the best quarterly performance ever with BRL 575 million in written premiums, 11.8% above the same quarter in 2021. This reflects the strategy adopted by the company, our investments in training of employees, and improvement in products. In this quarter, we worked to diversify the product, making available three types of plans. We also increased the maximum age for contracting from 65 to 70 in some of the insurance products, and we launched 12 new assistances.
In terms of credit life, we had BRL 760 million in written premiums, an 8.8% increase relative to the same period last year. The company has worked to reduce cancellations and has taken advantage of opportunities generated by the offer of credit in Caixa. The total of premiums written in the quarter, 60.7% came from credit to individuals and 39% credit to companies, and we are talking about credit life. We have achieved more than BRL 220 million in written premiums in home insurance, and this was the best ever performance of the company, an increase by 25.7% relative to the third quarter of 2021. We have strengthened the sale of products with a simplified renewal, and this has improved our results in terms of premiums.
This result attests to the resilience of the product and to its connection to one of the main business lines of Caixa, the mortgage business. In credit letters Consórcio, we saw BRL 3.7 billion in letters of credit. An 18x growth year-on-year, and also the best performance ever in a quarter for the company. In this quarter, we increased the number of quotas in groups and launched groups for vehicles and real estate with up to 2,500 quotas. Premium bond Capitalização was another big highlight, and we saw the best ever performance of the company with BRL 480 million in revenues with the bonds, a 32.7% growth when compared with the same period of 2021. Currently, 14% of the sales are done on a monthly basis, whereas 86% as single payment sales.
In terms of pension plans, we again saw a very sound performance and more than BRL 8.5 billion in revenues in the quarter, which contributed for us to go over BRL 130 billion in reserves at 25.6% growth relative to Q3 2021. Finally, we have the revenues from brokerage, which were in excess of BRL 533 million, 50.6% growth relative to the same period of 2021. This has to do with the commercial performance and with the end of the transition period for our fully owned brokerage company, which took place in Q3 2021. I now would like to pass the floor over to Eduardo, who's going to continue the presentation and tell you a bit about the commercial and financial highlights in the quarter.
Thank you, André. I'll start to present on slide seven some of the financial highlights. In Q3 2022, operational revenues grew 59.5% relative to Q3 2021. They were in excess of BRL 1 billion, 55.6% in the accumulated in 2022 relative to 2021, with a result of BRL 2.68 billion. Our stakes accounted for a large amount of growth and also revenues from commissioning, which include BDF and brokerage, which grew 50.6% in the same period. As regards commissioning, this performance reflects the commercial performance in the quarter, especially for credit life and Consórcio, and the new structure of remuneration in the new brokerage model.
Net income was BRL 766 million, and this was the best ever quarterly result for the fourth consecutive quarter, an increase by 55.7% relative to the same period, 2021, and 12.6% relative to the second quarter of 2022. year-to-date, BRL 2 billion is larger than the income of the whole year of 2021 and accounts for a 48.4% increase in relation to the first nine months of 2021. The ROE of the company, 45.4%, grew nine percentage points relative to the same period, 2021, and remained stable when compared with the second quarter of 2022.
You see here also what would have been the effect on ROE of the distribution of dividends on the result of the first semester of 2022, and ROE would have been 50.2%, a 4.7 percentage point increase, and again, a record for Caixa Seguridade. On slide eight, we show the commercial performance per line of business. In the first group are the risk business, which increased by 10.3% in Q3 2022 relative to the same period, 2021. There were increases in all strategic branches, especially written premiums in home, 25.7%, life, 11.8%, and mortgage, 7%. We're again, best ever performance in the company for the quarter.
As regards credit life, which grew 8.8% in the period and achieved BRL 760 million, this was the largest share in terms of premiums written in the quarter, 31%, and this can also be explained by the concession of credit in Pronampe and Agro. In the accumulation business, which includes Pension, Capitalização and Consórcio, the total revenue increased by 9.8% in Q3 2022 relative to the same period, 2021, with a growth in all the segments. I highlight the performance of Capitalização and Consórcio. year-to-date 2022 relative to the same period of 2021, the growth was 11.1%, with a 23.7% increase in Capitalização, 10.9% in Pension and 8.1% in Consórcio.
Pension reserves are in excess of BRL 130 billion, a yearly growth of 25.6% and a nominal increase by BRL 26.5 billion in twelve months. For Consórcios, we see a growth by almost 2,000% in the credit letters in Balcão Caixa. In Q3, I highlight actions to increase the number of quotas in Consórcio groups with the launch of new groups for vehicles and real estate with 2,500 quotas. Still under accumulation, you see premium bonds, which had a historic result in Q3 2022, with a growth by 86.6% in single payment and 14.3% for monthly payment modalities. We made the payment of bonds easier, and we also launched a special series for single payment with greater grace period and other benefits.
In the distribution business, the third group on the slide, considers the results relating to BDF and brokerage. The total operational revenue in Q3 2022 was BRL 533 million, a 50.6% growth relative to the same period, 2021, and a 66.5% increase year-to-date. In addition to the relative growth of the Consórcio segment, and in insurance, we had brokerage revenues from credit life, home and life. On slide nine, you see the operational performance of risk in the third quarter of 2022 with a growth of 9.8% in operational revenue relative to Q3 2021. year-to-date, revenue was in excess of BRL 5.9 billion, a 9.4% growth relative to the same period, 2021.
In terms of loss ratio, you see the convergence of total loss ratio and ex-COVID loss ratio. There is a residual difference of 0.3 percentage points for Q3. If we compare quarter-on-quarter, 2022 and 2021, there was a drop by 9.2 percentage points, which has to do with the drop in loss events relating to the COVID-19 pandemic. This, as you know, put pressure on life and credit life and mortgage. The indicator is in line with the pre-pandemic levels. The commission ratio increased 0.5 percentage points as an effect of the mix of products sold with highlight for Habitacional, for mortgage, which pays higher commissions and Vida. The operating margin for insurance grew by 33.7% relative to Q3 2021.
This is an effect of the combination between an increase in the writing of premiums and the reduction in loss events, especially in mortgage and life. Year-to-date, the growth was 24.9%, in excess of BRL 3 billion. Risk business accounts for 56% of the operational margin year-to-date, and lost a little bit of its share, 1 percentage point to the distribution business in comparison with the same period of 2021. On slide 10, you still see the analysis of the operational performance in the accumulation business. You see the volume of the reserves of pensions, which in September 2022 achieved BRL 130 billion at 25.6% growth and an increase by 5.8% relative to the end of June 2022.
The revenue from administration's fees was relatively stable in the period, grew by 19.3% relative to Q3 2021, and 10.1% relative to Q2 2022, which reflects the increase in the volume of reserves. Moving on to premium bonds, reserves grew by 4.9% relative to Q3 2021, and 4.8% relative to Q2 2022. These variations have to do with the growth in the revenue. The average fee, which measures net revenue and total revenue from premium bonds, there was an increase by 9.2 percentage points relative to Q3 2021, and also a growth relative to the first quarter of 2022.
The value of the letters of credit sold in Q3 2022 were in excess of BRL 5 billion, a 252% growth in relation to Q3 2021, and a 157% year-to-date. When we consider only the credit letters under the new partnership identified as run-off. We had BRL 3.7 billion in credit letters, of which BRL 2.3 billion for real estate and BRL 1.4 billion for vehicles. The volume of credit letters sold by the new company in Q3 2022 is 32x greater than the volume sold in Q3 2021, and year-to-date, 28% greater than the first nine months of 2021. In terms of operational revenues in the capitalization business grew by 27.7% relative to Q3 2021, and year-to-date, the growth was 18.2%.
Pension makes the biggest contribution to the result, with a share of 63% in Q3 2022. Likewise, if we consider the three segments, pension also holds the greatest share in operational margin in Q3, with 62% of the total volume. The growth of the margin year-to-date was 16.6%. Slide 11 shows the operational performance of the distribution business. In Q3 2022, the total operational revenue received was BRL 533 million, a 50.6% growth relative to the same period 2021. Year-to-date, the revenue from commissions grew 66.5%, and the revenue from brokerage grew 94.1%. This growth has to do with the commercial performance of the company and the new structure of remuneration because of our wholly owned brokerage company. Revenue in brokerage came from credit life and home insurance and Consórcio.
The composition of the commission on business for distribution for the first nine months of 2022 is here in the center. 68% have to do with revenues from distribution, 18% have to do with fees, and 14% have to do with a fee for services to Caixa. The operating margin for Q3 2022 grew 32.5% relative to the same period of 2021, and 28.3% relative to the second quarter of 2022. Year-to-date, the growth was 47.9% and exceeded BRL 1 billion. In terms of the share of the segments in the operating margin for distribution, insurance accounts for 85% of the share, but there is a growth here on the Consórcio.
In terms of the share of the distribution business, you can see a growth by 3 percentage points year-to-date in 2022 relative to 2021, and this was in total 20% of the total. Slide 12 brings some important indicators for the company in the third quarter. SG&A, IDA calculates the relationship between administrative expenses and tax expenses relative to earned premiums and revenues from products in Capitalização. This index had an improvement of 0.4 percentage points in Q3 relative to Q3 2021, and a reduction by 2.2% as compared with Q2 2022. In the first quarter of 2022, as I said before, we began to insource processes which were carried out in a shared manner with our partners, and they are now going to be carried out independently, which creates a transient increase in costs.
Despite that, we see an improvement in SG&A with the maintenance of expenses and increase in the earned premiums and revenues from Capitalização. The combined ratio, which calculates total operational costs and earned premiums, and ICA, which includes also the financial result, have both improved in Q3 2022 relative to Q3 2021 as a consequence of a drop in the loss ratio and an improvement in commission expenses. With this, we end our presentation, and we'll now start the Q&A session. Thank you very much.
We will now begin the Q&A session for investors and analysts. If you should like to ask a question, please press the button, Raise Hand. If your question has been answered, you can click on the same button and leave the queue. Please hold. Our first question comes from William Barranjard from Itaú BBA. Your microphone is open, sir. We can't hear Mr. William. We will try again later. Our next question comes from Mr. Ruette from Bank of America.
Good afternoon. Can everybody hear me?
Yes, please continue, Mr. Ruette.
Good afternoon, André, Eduardo Oliveira. I have two questions. I would like first to understand a little bit more about the commercial performance and the loss ratio. The performance of sales was above what we expected, but the loss ratio was a bit worse than we expected. Can you give us a little bit more color in terms of premiums and loss ratio? Why did that happen, especially quarter- on- quarter? That would be very helpful, so we know what to expect in Q4.
Good afternoon, Antonio. It's always good to have you here. First we are going to talk about the commercial performance and loss ratio. On screen eight, on slide eight, we have growth in the writing of premiums in life and home in relative terms. Life grew 12% in the quarter, and home grew 26% in the quarter. In absolute amounts, it was the growth in life, credit or credit life. In absolute values, this was a very, very substantial growth, and in this quarter, the credit life business was responsible for the largest share of premiums written, 31%, so this is where we grew from a commercial standpoint. In terms of loss ratio, there was some situations.
On a monthly basis, we look at these ad hoc moves, but there was also an adjustment in provision which happened in credit life, in Prestamista, because of a change that we saw in the dynamic between the occurrence of the loss event and the communication to us. We had to increase the provision, but this doesn't mean an increase in loss events. In terms of home insurance, we saw something a bit different. There was more rainfall, and when that happens, we have more communications of loss events, and these are one-off things. We don't expect that to happen again. It's a seasonal event. We feel very comfortable with our loss ratio.
It has increased slightly in Q3 relative to Q2, but it is in line with the historic levels, especially before the pandemic period, 22%-25%. Although it was slightly higher than Q2, we feel very comfortable with those levels of loss ratio.
As regards home insurance, that's seasonal because of the rainfall, but this adjustment in the provisioning of credit life, this has increased the level of credit life, or was it an ad hoc adjustment in this quarter? The factors that drove the performance of credit life in terms of premium, I would assume it's also a seasonal thing, but what is the expectation for credit life in Q4?
I think you're right. We made an adjustment for credit life, and this had an impact in our provisions.
Because when we calculate loss ratio, we have to include this provision, IBNR, there was an impact in the ratio. It doesn't mean that there is greater loss ratio. It's more like an adjustment of the provision to the operational dynamic in terms of the communication of loss events. This is a more technical issue. There is a provision related to those loss events once we receive the communication. We make a provision whenever this is communicated to us, and then we have a statistical provision based on the expectation of loss events that have happened but have not been communicated yet. What we saw was that the time elapsed between the occurrence of the event of loss and the communication had increased.
Just in terms of the growth we saw in credit life, 60% of the premiums were for individuals, 40% for companies. In the companies, credit life had to do with issues of premiums written for credits relating to Pronampe. When Caixa began to operate and offer Pronampe, that was in July, and they have released BRL 8 billion in credit for Pronampe, and we have written around BRL 240 million in premiums for credit life. In the BRL 760 million under Prestamista, BRL 240 million have to do with Pronampe. This percentage is in the region of 3%, which is in line with what we saw in 2020 and 2021.
Thank you very much. Thank you very much, Eduardo, for the clarifications. If you allow me a second question, I would like to focus more on the strategy. Of course, elections is going to be a topic, so can you remind us what the management of Caixa Seguridade was like when there was a change of president and what can we expect? Thank you very much.
Hello, Antonio. This is André speaking. This new design of Caixa Seguridade has not been tested or has not undergone any change in the president. We continue to work, Antonio, every day. We are restless and we are leading the company. The results that we have been delivering are our best arguments to have a continuity in terms of management. Caixa Seguridade has a very sound governance. We are listed under the Novo Mercado, B3. We have independent members in all of the boards of the company.
Any changes in the company's management are subject to the analysis of an eligibility committee who checks the qualifications of prospects, executives. We have a policy for that. There is a legislation in place. There is a sound governance structure. We have technical people, executives, career employees. All of these factors allow us to have sustainable results. We're not concerned about that now.
Thank you. Thank you very much, and congratulations for the results.
Our next question comes from Mr. William Barranjard from Itaú BBA.
Hello, can you hear me now?
Yes, yes. Go ahead, William. Good afternoon.
I have two questions. I'll first start with a follow-up on the previous question. Let's focus on Pronampe and credit life. According to SUSEP data, there was a peak of emission of writing of credit life insurance. Was the peak of Pronampe-related insurance in August? What should we expect for 2023? Is it going to be a level which is closer to September? And then once you answer this question, I'll follow up with a second question.
Yes, William, you're right. From our point of view, the highlight of Pronampe took place in August in view of a bottled-up demand since the end of the last program in 2021 and the new release of credit in June this year. I would like to highlight that Pronampe this year works in a different way. The budget is going to be recurring after people who received this credit pay down the credit. I think we are going to have a contribution from Pronampe going forward.
You might use September as a reference, as a benchmark, as a good proxy, but it's hard for us to say how much credit will be released by Pronampe from October onwards. It's not going to be at the same level of August, at least not in the last months of 2022.
Thank you very much, Eduardo. My second question, if you allow me, is about a capital increase. There was a capital increase because the operating performance was good in Consórcio. Then what about Consórcio in the brokering business, is the current level sustainable? Is it going to grow in terms of XS5 ?
XS5 , you see, sometimes we look at the capital increase, and we think there is a problem in the company, but that's not the case in terms of Caixa Consórcio.
The thing is, the Consórcio business has a specific dynamic. The commissioning is paid based on the first installments paid by participants, so it requires a higher level of cash in the beginning of the operation. Because we saw an exceptional increase in letters of credit in 2022, and this was above what we had budgeted for when we set up the company, then at a certain point we realized that if we wanted to continue to grow, we would have to strengthen the cash structure of the company. If our board had not authorized us to increase the capital, the company would have to reduce the sales of Consórcio. When you look at the profitability of the Consórcio business and the synergy of that business for the bank's clients, it wouldn't make any sense.
The obvious solution was to contribute capital, increase the capital, pending a meeting of the company, and this will allow Caixa Consórcio to continue to grow at the level that we have been seeing. As you said, this growth, the main destination of the disbursements from Caixa Consórcio is Caixa Brokerage. The monies that are disbursed from Caixa Consórcio go to Caixa Corretora. That is, it's money going out from a company we have a stake in and to go to another company where we hold 100% of the capital stock. This is very positive for the group. As you very well said, the results of our brokerage company, which is wholly owned by Caixa Seguridade, the bottom line is going to be positive in time. We should continue to grow at the same level at Caixa Consórcio once this capital increase is approved.
Oh, thank you very much.
Our next question comes from Mr. Kaio Prato from UBS.
Good afternoon. Thank you for taking my question. I have a follow-up question. I would like to talk a little bit more about the level of profitability of Caixa Seguridade as a whole. In this quarter, we saw record levels of income, but at the same time, we might have seen the peak of the effects of Pronampe on credit life, which has an impact on XS and on the brokerage business. This profit of Caixa in the quarter can be used as a baseline for the next quarters. What would be the drivers of growth, or do you expect that we should see a drop in income of Caixa Seguridade since this will have been the biggest effect of Pronampe in this quarter, and this shouldn't happen again?
Good afternoon, Kaio. Always good to talk to you. The credit life, especially in view of the effects of Pronampe, as I said when I answered to Antonio and William, from our point of view, the peak in terms of concession of credit and premiums written, that peak happened in August. We don't expect that to happen again in Q4. Having said that, the credit life business line generates a lot of brokerage, and this has an impact on the bottom line of the company.
If we think in terms of the volume of written premiums for credit life, which is not going to be impacted by Pronampe in Q4, I think it is reasonable to believe that the results in Q4 are not going to be at the same level as the levels we saw in Q3. The nature of our business is piling up, that is. We sell insurance products. We write insurance premiums. We have the accumulation business regardless of the line, either pension, Capitalização or Consórcio. This all tends to generate a sustainable result in the future. What we do in the past has an impact in the future. Although the volume of sales might not be as big in Q4 as it was in Q3. The insurance business, the accumulation business tends to continue to grow.
The effect of reduction in sales hits the brokerage business, which is directly related with the sales volume. Other than that, I mean, we don't give guidance, as you know, but we think that the results of Q4 should be strong but should not come at the same level as the results of Q3 because of the non-recurrence of the Pronampe effect at the same level as Q3.
Just if you allow me says Mr. Prato, if Q4 is more normalized, the numbers for Q4 should give us a proxy of what can happen in 2023?
It's hard to say. There are many variables that impact the business. Given the nature of our business, as I said, there is a level of basic profitability which grows in time or tends to grow in time since the sales of the previous quarters will impact the results of the next quarters. The variable that impacts the most the sales of the quarter is brokerage. Q4 may be used as a starting point for the next quarters. Makes sense because it's a base level for the results that we are going to achieve in the following periods.
Thank you very much, Eduardo.
Our next question comes from Victor Kietzmann Jr .
Good afternoon. Congratulations for the result. The revenue from brokerage grew very strongly. Do you expect it to continue to grow? At which level? Of the BRL 533 million, how much came from brokerage of life products from previous period? Is there going to be an impact for the company once marked, once prefixed, bonds are marked to market as of 2023?
Good afternoon, Victor. In the insurance business, we don't have lifetime commissions. This has to do with the duration, but we never call it lifetime. Thinking about the BRL 533 million coming from distribution in the quarter, BRL 50 million came from run-off BDF, the old brokerage business, although it's not really that, and especially from home. It's the mortgage insurance. Because the duration of mortgages in Caixa is in excess of eight years, between eight and 10, there is a period of time where we are going to receive brokerage for the mortgage insurance.
I would like to stress the difference between the new model, which is in place since next year, and the commission fees have changed for mortgage insurance. Before, Caixa Seguridade received a commission via BDF of 5% in mortgage insurance, and ever since we started to write premiums in the new model, we have been getting 20%. When we talk about sustainable recurring results, keep that in mind. Whenever mortgages are issued as of the beginning of last year with the new model of insurance, of mortgage insurance, the brokerage fee is 20% gross, which will continue whenever the mortgage is still there. This will increase in time, and the mortgage insurance will account increasingly more for a relevant share of the brokerage business.
As regards your second question about fixed bonds that will be marked- to- market, I think I said something about that in the presentation on Q2. Our bonds in the holding and in the companies we invest in, they're all available for sale. What does it mean? It means that the effects of marking to market will have no impact on the bottom line. They affect the bottom line of the companies, but that's not the case for us. Once that nobody knows really when that's going to start, but once there is a reduction in the interest rates, we should see a positive result with a small impact on our bottom line.
As regards our prefixed bonds portfolio, when there is a decrease in interest rates, we are able to maintain profitability which is higher than the interests in the economy.
Our next question comes from Mr. Rafael Augusto.
Congratulations for the results, and I have two questions. Will the dividend policy be changed to quarterly? If that's the case, when will the change take place? The second question is, you have divested many assets this year. Will the proceeds be distributed as dividends?
This is André speaking. We expect that as of the second semester of 2023, we should pay dividends on a quarterly basis. We are going to work towards that. In the second part of the question, the answer is yes. All the proceeds coming from the divestment of assets will be included in the payment of dividends, and we aim at keeping a payout of 90% every semester.
Once again, to ask questions, please press raise hand. The Q&A session is now ended. I would like to turn the floor over to Mr. Nunes for his final remarks.
Thank you very much for participating, for taking an interest in our company. We would like to thank all of you for attending and wish you all a great fourth quarter with great results, just as we did in Q3 and throughout the year.
Caixa Seguridade's video conference is now ended. Thank you all very much.