Good morning, ladies and gentlemen, welcome to the earnings result call for the Q1 2023 for Porto Seguro. Participating with us today are Roberto Santos, CEO, and IR Director, Celso Damadi, CFO, Rivaldo Leite, CEO for the Porto Seguro vertical, Marcos Loução, the CEO for Porto Bank and Services vertical, Sami Foguel, CEO for Porto Saúde vertical, Lene Araújo, Corporate and Institutional VP, Luis Arruda, Marketing Data and Customer VP, Izak Benaderet, Porto Investments Director, Rafael Cossmann, Controlling Director, and Aleksandro Borges, IR Manager. We would like to inform you that this presentation is being recorded and translated simultaneously into English. The slides are available for download at our IR site. Once the presentation has ended, we will begin the question and answer session.
We would like to ask you to please send your name and company through the Q&A icon at the bottom of your screen. Your names will be announced so that you can pose your question live. At this moment, you will see a request to turn on your microphone. Should you not want to turn on your microphone for the question, please write, "no microphone" at the end of the question. Our operator will read it out. The forward-looking statements made during this conference call referring to the Porto business outlooks are based on the beliefs and assumptions of the company and on information currently available in the market. Such forward-looking statements are no guarantee of performance. They involve risks, uncertainties, and assumptions that relate to future events and therefore depend on circumstances that may or may not occur.
Overall economic conditions, sectoral conditions, and other operating factors may impact the future performance of the company. Beginning this quarter, the presentation of the earnings release and the release per se take into account the four verticals, and the net result is the same as the company results. This initiative allows us to have full integration with the company data. This change is being carried out to give greater visibility on the results of the business verticals. Now, the comparison with the previous method is still available at our IR site. I would now like to give the floor to Mr. Roberto Santos to begin the presentation.
Good morning, Aleksandro . Good morning to all of you, and thank you for participating in the Q1 2023 conference call. Regarding this quarter, I would like to highlight some important points. We had a very robust growth in revenues, in number of customers, as well as in profitability. Our revenues grew 26.5% through a double-digit expansion in all four verticals. We reached 12.7 million customers, an increase of almost 1.2 million customers for our products and services in the last 12 months. We delivered a record net income of BRL 332.8 million, an increase of 90% when compared with the same period last year. In the insurance vertical, I would like to highlight a strong growth of 24% in premiums and a significant improvement in the auto claims, our main business.
The Porto Saúde vertical also had strong growth in revenues, with an increase of 33% when compared to the same period last year, and maintenance of an improvement trend in the last two quarters, favored by measures such as fraud prevention actions and the tariff recomposition. At Porto Bank, the Consórcio continued to show favorable results with strong growth in revenues and clients of more than 20%. The delinquency in credit operations in the credit card and the financi ng, the rate of over 90 days grew 0.4 percentage points vis-à-vis the previous quarter, but remains 0.8 percentage points below the market average. Our financial result grew 35.9% vis-à-vis the same period last year, reaching BRL 162.8 million, albeit being impacted by the performance of the variable income allocations.
As all of you know, due to the heavy rains that occurred during Carnival on the coast of the state of São Paulo. This significantly affected the claims for the month of February for the auto segment. This ended up being diluted in our results, not severely impacting the results of the quarter, as you will see during the presentation of our CEO for the insurance vertical. We accounted for more than 2,800 removal services besides other services during this flooding on the coast. We did not only service those that were insured but also those that required help in the region. To conclude, I would like to underscore that we were elected as the 16th Most Valuable Brand in the country by Interbrand, with an estimated brand value of BRL 1 billion.
For the sixth consecutive time, we reached the ranking of the best services for the Estadão Melhores Serviços. I would like to thank all of you and would like to ask Celso to speak in greater detail about the evolution of our revenues and profitability in the quarter. Thank you, Roberto, and good morning to all of you. On this slide number five, I would like to show you that the growth of the revenues for the group was 26.5%. What is more important in the graph is the two-digit growth in all of our business verticals. Insurance with 24.1%, health with 33%, Porto Bank 11%, and services with a growth of 50%.
This shows you that we have thriving growth compared to 2022, even though we began with a higher base in 2022, where we began to make adjustments and tariff reviews. On slide number 6, we show you the historical profitability of our Q1 . In the Q1 , I remind that we have seasonality with higher loss ratios. Our figures are always lower than in other quarters, especially compared to the Q4 , where the seasonality is inverted. Despite the impact of seasonality, the results that we estimated. Well, we did have the heavy rainfalls in January, February, and March, much heavier rainfalls than we have had in previous years. Despite this, we were able to deliver results within our expectations.
When you look at the pace, and this is how we show you in the release, we have an administrative expense that grows 36%, but this is not a real growth of administrative expenses. We're comparing a different consolidated balance vis-a-vis the year 2022. In Porto Assistência, jointly, we generated BRL 76 million vis-a-vis zero last year, where we're truly comparing different things. This is not a loss of productivity. In the past, this DA for Porto Assistência was an operating expense. There has been a drop in operating expense regarding this figure. Because of legal reasons, this is how we have to inform things. As our profit increased 90%, we do this also with the growth of profitability. This is a DA that refers to the growth of profitability, but it is not recurrent.
When we eliminate these factors to have equal comparison, we gain productivity in administrative expenses in all of our business verticals, and the growth this year should be much lower than this. The growth will be close to 20, most of this because of our provisions. To include those expenses, the trend is that we will have an administrative expense growing proportionally according to what we expect. All of this is within our projection for expenses for this quarter. There has been a gain of productivity in all of our business verticals. I will now give the floor to Rivaldo, who will speak about insurance vertical.
Good morning to everybody. The insurance segment had a very good Q1 , continuing on the results of the Q4 2022. It was a very good year with a collection of premium of BRL 4.8 billion and a loss ratio of 53.6%, with a drop of 6.4 percentage points vis-a-vis the Q1 of 2022. We had a very good growth in all of our segments, the main ones, auto, property and casualty, and life. We also had a drop in the loss ratio of all of the products in auto, P&C, and life as well. All of this has allowed us to have a much better index in all of the columns when compared to last year. We had an improvement in loss ratio and in the operating expenses as a whole.
Regarding the Q1 of 2022, we learned from a combined ratio of 99.8% to 91%. Our profitability is 29.2% in real values, BRL 340 million. Our loss ratio in general stood at 58.7%, a slight improvement compared to the Q4 of 2022, where we already had a very good loss ratio. We had a minor evolution in the fleet, a slight increase. We do believe that competitiveness in the insurance of auto will continue on strongly as it always has. We're working towards maintaining prices. We still do not observe a significant drop in the Tabela FIPE. There has been a drop for used vehicles. When it comes to new vehicles, the table is still very high. We look with caution upon the issue of price.
We're going to set prices properly, maintaining the levels we have been practicing so far. In terms of the insurance vertical, this is it, and I would like to conclude saying it was a very good trend with the possibility that the Q2 will be as good. Thank you very much.
Thank you, Rivaldo. Good morning, everybody. It's a pleasure to speak to you about an excellent quarter in health with BRL 43 million profit, 19% of growth vis-à-vis the Q1 of 2022. Now, the prices continue to grow, and we are recomposing prices in health as we have been mentioning. Year on year, it was 35% versus a base growth of 16%. This clearly shows you that we're growing more in premiums than in the base. That is a very healthy way to go, and a growth in life, 65,000 lives.
This allows us to reach BRL 1 billion in the quarter of premiums and revenue for the health vertical. Now to speak about the loss ratio sequentially, we have been bringing the loss ratio back to the pre-pandemic levels. We have health and dental part of 67% this semester. For health, 78.6%, which is the right path, as we have been saying. I would like to highlight that the border that Porto Saúde has set forth in its fight against misuse and fraud includes a series of activities, processes, and technology, and we have a recurrent gain that is higher than 1% in the reduction of loss ratio, which is very important.
The result, as I mentioned, was a net revenue of BRL 42.5 million during the quarter, which truly is very positive per se, even better when compared to the industry. I will give the floor to Mr. Loução.
Very well. We're going to speak about Porto Bank. We continue strategically with our sustainable growth a clear selection of our portfolio. We had a growth of 7% in business. We are working more selectively, working with customers that have a good relationship of credit with us. In terms of operational efficiency, we're beginning to harvest the work that we carried out in the past semesters, where 1.3 percentage points better net revenue dropped because of an impact in the revenue, because of the risk policies that we had worked with in other quarters, especially the credit card.
The next slide, we're going to speak about the expansion of our portfolio and how we have focused on the selectivity of sales and diversification of revenues. We have a very good customer base. We continue to grow in sales in all areas, especially for the products where we have a low credit risk, and in credit products in general. The growth of credit products is being done within a much better profile risk, preparing the portfolio for coming years. We have an expressive growth in credit card and the funding. To speak about revenue diversification, which is something that we have been building in the past few months. We have greater representativity in service rendering. We have reached 25.3% from provision of services.
This has brought significant sustainability to our portfolio in the long run, this shows the resiliency of our portfolio, diversifying products with different risk profiles, leading to sustainable results, including in very challenging scenarios. In the next slide, I want to go more in depth in terms of our risk management, so that you will see that most of our products have a good risk protection. Indicators show the execution of the strategy, they have had a very good response. We observe an increase in over thirty in the market that is quite accentuated. Our portfolio has also increased, all of the credit has been released through the years. When we look at the recent granting of credit, we see an improvement of performance in the new harvest.
You can see this in what we have called credit quality, that we have called over thirty MOB3. Delays of more than 30 days of customers. We went from 6.1 in the last quarter of 2021, 5.1 to the Q3 of 2022, reaching 4.5% in this quarter. We're prioritizing customers with a good relationship, working with lower risk channels with good effects. Another important part is the portfolio management, especially credit cards. To give you an idea, we have a DPD of BRL 45 billion per year. Every year, we release several billion, BRL 3.5 billion in transactions for credit cards. We have made adjustments in these policies, and we release money with groups that have the lowest risk score.
Of course, this favors interchange revenues, which are important in diversification. It does pressure the results in the short term, it is a more efficient strategy for the long run. Another fundamental pillar is a strategy for the recovery or recollection. We have increased our collection in delinquent portfolios by optimizing and personalizing the negotiation deals, taking into account the present-day context. We go from 23% to 27% for delinquent portfolios. Very important when we're speaking about arrears. Now the results observed reinforce our capacity to react and diversify our portfolio. We continue with an important diversification of our portfolio. We're selecting products such as consortium capitalization that have lower risk. This is what I have set aside to speak about the Bank with you. When it comes to services, we continue with our investment phase, where the main product is Porto Assistência.
We have focused on this partnership with a focus on strategic partnerships. We have 1 million users, which is quite substantial. This has been our main focus regarding services. We also have a very special eye on the relationship we have with referenced automotive centers. 161,000 tickets, 258,000 services performed per quarter. Renova, which is the area of the disassembly of vehicles, has reached 18,000 pieces returned to the market, 18% higher vis-à-vis last year. With this, I would like to give the floor to Izak Benaderet.
Thank you, Loução. I would like to refer to our financial results. It was a quarter with profitability of 79% of the CDI, BRL 162.2 million. There are no great highlights. This figure, lower figure of the CDI is due to our losses in variable income equities. We had a strong impact from the stock exchange. When it comes to allocation, I highlight a slight increase in credit during the quarter in detriment of a reduction in our share in variable income. Very well. Good morning. I will give the floor to Lene Araujo to speak about his part.
Regarding our sustainability agenda, we continue on with a great deal of work with the help of the verticals. I would like to highlight some points very quickly. Because of the heavy rains in the São Paulo coast during Carnival, besides what was said by Roberto, we also carried out several social activities to offer support to the victims of this tragedy.
We had more than 8,000 items, such as food and hygiene, to help the victims. In terms of the strong digitization in the health vertical, you can see the results. We had engagement in most of the processes, making analysis somewhat easier. This culminated with almost 100% of our digital cards with the customers. All of our customers have adhered to this of having digital cards instead of plastic cards, generating a series of benefits, as you can observe. Another equally important agenda refers to the customers support that we offer with emotional help, with more than 3,000 psychologists and a large number of approaches to support the customers that need help. Especially in our region, we are working heavily with volunteers, with associates that have fantastic engagement, offering support to more than 17 institutions.
We have 600 volunteers working in English classes, futsal, professional mentoring, the training of young people of the region as well. These are the main points. I would like to thank all of you for your participation and we will now go on to the question and answer session.
We would like to remind you that should you wish to pose a question, please write in your name and the company name in Q&A. We have a question from Itaú asking about expectations in loss ratio in auto because of some of the changes that we had in Paraná. Well, good morning, and thank you for the question. We believe that during the year or a year like this one, we won't have that happening again, but it is a sign of warning. We are following up on that. We're very attentive.
It could represent a risk in the future, but not with the same magnitude. Allow me to add something here. If he is referring to the floods that occurred in February, if they could still have a reflection on the company results, the answer is no. All of the loss ratio communicated during this period have been communicated. I can't imagine somebody losing a car and not communicating this to the company. The impact was in February. If it has been, if we have offered indemnity or not, it won't change the results. For future rainfalls, yes, of course, they will affect our results. The specific rainfall in the northern coast will not have a future impact in our results. We have worked with the provisioning and correctly communicated the loss ratio. A question from Antonio Ruette from Bank of America. You can proceed, sir. Good morning, everybody.
Thank you for taking my question. In truth, we have 2 questions. The first question, to better understand your financial results, you mentioned that the equity portfolio had a negative impact, but we look at the financial result running below the CDI in the last quarters. If we could explore this further, is this a structural impact that doesn't allow you to come closer to the full CDI? The second question, your fleet was flattish in terms of the auto insurance. Which is the dynamic for new customers and cancellations? We would like to gain a better understanding if the pricing may have affected the churn. Antonio, this is Rivaldo, I will begin with the second question. We do expect to have a growth in fleet, but a moderate growth. Regarding cancellations, I was looking at this data yesterday.
Cancellations remain with the same figures as in the past. There has been no decrease or evolution regarding cancellations. Antonio, this is Izak. Thank you for the question on financial results. Our portfolio at present does not have a great adherence to CDI based on a decision and an investment policy we have followed for many years. We have diversification in some of our assets, and we're contemplating the real interest rate in our portfolio. If you look at 2019, 2021, we had very positive results when compared to CDI because these medium and long-term allocations were highly positive. In 2022 and 2023, of course, we see that the CDI is very high vis-à-vis the real interest rates, and that is why we're keeping a distance. It has been very clear that this adherence to the CDI is now real.
We have a diversified portfolio with a concern with the real interest rates. Because of this, in the last quarters, we have detached ourselves from the CDI. This quarter specifically, it was due to variable income. In other quarters last year, the impact was due to the real interest rates vis-à-vis our portfolio. In the Q2 of last year, we had a deflation. Because of this, throughout the last quarters, we were quite far from the CDI. Thank you. Thank you very much. Has there been an impact of the Americanas here? No. In the Q1 , something that was very residual without a true impact. That's very good. Thank you very much. Our next question comes from Caio Prado from UBS. Good morning, Caio. You may proceed. Good morning, everybody. Good morning to the whole team. Thank you for taking my question.
I have three questions here, all referring to Porto Bank. I will read them out. Regarding the default levels and the increase in provisions, there has been an increase this quarter, which will be the evolution of this in the first months of the second quarter. Was this quarter a peak or will there be an increase in the coming quarters? Referring to your credit portfolio, which is your appetite for new originations, which is your credit strategy this year? Third, a question about Porto Banking. If I understood the release, there has been a drop in the profitability because of the digital account and adjustments there. Which is the magnitude of your expenses there, and how would this be reported in Porto Bank, including the expenses? Thank you, Caio, and thank you for the questions.
Let's speak about the more challenging scenario for the entire credit market. We have made adjustments, we understand that the results that we have reaped in the portfolio and the new harvest are adequate adjustments. We have results that show that if we don't have an accentuated exacerbation of the macroeconomic scenario and the purchasing power of people, we have gone through the worst moment in our portfolio. In the funding of vehicles, we observe strong resilience, and in credit cards, a variation growing differently from the market. The credit card, which has been more impactful, the credit card growth has been 20%. We have also grown 20%. If we think of the delay of 15-90 in the market compared to the quarter last year, the growth was 32%.
In our case, it was 18%, which shows that our response is very good to these problems. Of course, this exerts pressure on our profit momentarily, and the main factor impacting profit this quarter was the credit card portfolio. Because of a reduction in the financial revenues for credit, we have offset this with non-financial revenues in the product and in Porto Bank. In the Q1 , we were not able to offset everything. Another important portfolio that we discussed broadly last year is the one for vehicle funding. Although it is much smaller, it is BRL 1.7 billion. The market has grown 9%. We had a reduction of 14%. We're focusing on the clients with better relationship. In the delay of 15-90 days, the portfolio continues to grow by 32%. We have had a decrease of 6%.
This shows that perhaps we have the opportunity of being somewhat more flexible here. We're quite satisfied with our reaction and adjustments in the last quarters. About the credit portfolio, as I mentioned, we have been growing our main portfolio in the market, which is the credit card portfolio. We do continue with appetite, with customers with which we have a good relationship, customers that have lower risk. The revenues are not frightening, where we have something enormous in the Q1 and then it peters out. We do have a very peculiar condition here. We have other products that we're able to leverage to recompose our results. Since last year, we have been recomposing the Bank results with the consumption and capitalization.
This will help us deliver what we need without having to run risks above what we deem to be healthy for our longevity and the sustainability of our portfolio. I hope I have responded to your question. Yes, that was perfect. A last doubt, a follow-up in terms of the results of Porto Bank. Those BRL 62 million were adjusted with new initiatives, especially the digital accounts. Had you not adjusted that, which would be the result of Porto Bank this quarter? Well, in investments, they weren't only made in the digital account. What did we have before at Porto Bank? We had several financial products with a technology platform and separate structures, all of the part of back office, risk modeling. We have worked on a structuring project to consolidate everything, and then we do have the digital account and investments in Super App models and digitization.
This represents BRL 50 million. Very good. Thank you very much. Our next question is from Guilherme Grespan from JP Morgan. Good morning, Guilherme. Good morning, and thank you for the presentation and for taking my question. We have 2 questions. First of all, regarding cost. You spoke about the dynamic of SG&A and your adjustments. I would like something more quantitative. The top line has grown more than 30%, and much of this growth is due to price raises. Perhaps you could work better on cost because it won't be pegged to the growth of volume. When we look at the growth of SG&A, it is very close to 20%. I would like to try to be more quantitative here.
When you look at a full year, is the idea to grow below inflation, above inflation 10%, 15%, to have a better perception of which is the work you're carrying out on cost and adjustments this year. The second question is more of a curiosity. In the release, you spoke about a small operation in Uruguay for cars. It's still very small. If you could refer further to this operation, I would be very appreciative. Thank you. Well, Guilherme, thank you for the questions. This is Celso Damadi speaking here. First of all, when we compare year-over-year in this Q1 , we still have the reflection of an increase of personnel that we carried out in some of the auto structures in loss ratio and others. When we compare quarter-over-quarter, this gives us an initial impact that is greater in SG&A.
When we compare December and April, December and March, the number of headcount that we increased in 2022 begins to drop. Why? Because in the Q1 of 2023, we have expenses like amortization of projects in auto. Last year, this was zero. This year, we're trying to amortize the projects in that portfolio, and they will gain productivities during the rest of 2023. We're not going to grow below inflation. We have other funding policies. We are going to grow for the year. In administrative expenses for the year, the growth will be lower than we showed you in the Q1 . Why? Because in the second and third quarters, we're comparing a headcount that is more similar to what we have now. Everything falls in the Q1 , and then we have that horizontal variation year-on-year.
We will see an increase in the premiums and gains. The trend for productivity gain in the coming quarters will be quite high, based on our business outlook, beginning with the Q3 onward. This is Roberto. Regarding to Uruguay, this is not a new operation. Porto Seguro exists for more than 30 years in Uruguay. It is a very mature operation. It is the second largest operation in the country. Our agency works with auto insurance. That's our main business. We also work with residential insurance, lease insurance. We also have very specific cooperation in terms of life insurance. We're working with a local bank. When you refer to 35%, if you could explain what that relates to. From what I observe here, your loss ratio for the operation is 35%. It does refer to a set of businesses.
We operate with residential insurance that is quite low, life insurance, where you always work with extremely low loss ratio, and the auto also operating with similar levels of Brazil as well as in lease protection. It's good to highlight that I never received a question on Uruguay. The Uruguay operation is independent, but all of the operations are carried out from Brazil. The pricing, we follow up very closely through our structure in Brazil. Now, Guilherme, to complement the answer for your question, in the insurance vertical, the growth should be 10%-13%, not more than that. Therefore, the annual results are important for us, and we will have productivity gains during the year. We should grow 12%-13% in this vertical. Thank you very much. Everything okay with the Uruguay agency? Yes. I got a closer look.
Thank you for the clarification. We have one more question from Matheus Zamarão from Inter. If you could give us more color referring to the auto loss ratio, the pricing has had a positive effect, but you have very high expenses. Which are your outlooks in terms of the FIPE table cost and margins in this operation? Matheus, thank you for the question. Celso shared this with you. Regarding the pricing, I have remarks on this. We have been following a higher pricing month after month. We follow up on this almost weekly. Obviously, you're not going to see the same price increases that we had months ago, because the entire market has recomposed its prices precisely to recompose the loss ratio.
The loss ratio has attained the margins that we expected, so you cannot expect a price increase at the same levels that we had in the past. I also refer to the FIPE table that has not had great fluctuations. The good news is that there is a reduction of 1.4%, and the frequencies are normal. We're looking at a quarter with a stable outlook. Allow me to add something. Regarding pricing, we foresee a scenario of stability in frequencies as well. We don't see an outlook for increase of prices in auto insurance specifically. However, the FIPE table remains at a pretty high level, despite some minor discounts. On the other hand, we don't see an opportunity to increase prices.
What we see going forward is the need to maintain the present day ticket, average ticket that we have in auto insurance. There will be no opportunity to reduce the prices in auto insurance because of this stability, the frequencies, and a FIPE table without that intention for reduction. The semi-new vehicles are increasing their valuation in the market, and because of this, we will maintain the average ticket that is at a very high level. The next question is from Gabriel from Citibank. We have seen here that there has been a higher adjustment for SMEs and in other areas, 25%, and in conversations with brokers, there have also been what are called normal readjustments. How can we look upon the loss ratio in the Q2 and Q3 ? Perhaps this will increase the churn going forward.
If you could go more in depth in these operations for the health vertical. Thank you, Gabriel. Yes. The readjustments, how are they done? Now, each vertical makes its projections of variations of the hospital medical index and includes this in a pool. Everything is regulated. Now, there's nothing scientific here. The readjustments came very close. There were no readjustments higher than ours, all around 22 and somewhat above 30% readjustment. I'm sorry, above 25%, he corrects himself. This reflects the environment. That environment in the increase of medical costs, misuse and fraud. The industry has worked with the necessary readjustment. This is a positive sign, not a negative one. I would be concerned institutionally if a player would deviate significantly from this figure of around 25%. Our readjustment was 24.9%.
This suggests that the industry perhaps is more aware of the need of transferring that increase that we have had in procedures. They have also limited procedures. As we have been saying in previous quarters, as we have shown you, we have increased the premium of the portfolio, and there are clear figures of what we have been doing for several quarters already for more than a year, in truth, important price recompositions. All of this has been positive with the growth in the portfolio. We have a very special balance of having the right pricing, acceptance processes. We grew with 58,000 lives here with adequate results. Looking forward, we don't see anything different. We hope to continue maintaining this balance. A question from Luis Flavio, an individual investor, regarding the health insurance.
There is a strong indebtedness of service renderers in the country. They're creating their own network and verticalizing it. Well, thank you for the question. In the last quarters, we spoke about our approach, which is not to verticalize, to have clinics or hospital operations. What we have been doing successfully is a virtual verticalization. We have already created the Porto medical team. It is present in São Paulo, larger São Paulo. We have 14 heads of specialties, more than 45 specialties that work with a totally virtual journey. We're not working with telemedicine. We're speaking of setting up consultations without CapEx, without OpEx. We have a significant number of customers through the app that go to the clinic of physicians that work with Porto. Based on that, our customers are being serviced in networks of excellence, and we have preferential agreements with them.
This has worked very positively. We carried out a deal with Oncoclínicas. We have 40% of that JV. Onco has 60%. This was approved last Monday by the antitrust agency, the CADE. We can begin working together, which shows us an appropriate path. These are low and middle complexity consultations where our customers can go, but without OpEx and CapEx on our part. These are initiatives that we're working with to have quality medicine and with the benefit of verticalization without having the CapEx and OpEx that would be necessary, and the indebtedness, a very positive equation that makes us quite enthusiastic. The next question is from Thiago Paura, from BTG Pactual. Any update in the auto subscription project, and what can we expect going forward in terms of the purchases of this vertical? Hello, Thiago. This is Celso Damadi speaking.
When it comes to the subscription for a car, we're optimizing and making our expenses more profitable. We're dealing with the expenses, with the demobilization and the sale of semi-new vehicles to optimize the sales beyond and above the price at which we purchase the cars, and of course, to also deal with indebtedness. This is our present-day focus. We have taken our foot off the acceleration in the subscription for cars. To give you an idea, this quarter we had an increase in revenue of 26% of BRL 90 million, and the average ticket increased approximately 20%-25% vis-à-vis last year. We're proceeding with caution. We're following up on this so that the sale of semi-new vehicles will be adequate. We have been quite successful in this, and our sales have a CP value that is comparable to that of the market.
It's very interesting. This is what we imagine for the rest of the year for this business. Very well. We're coming close to the end of our event. I would like to thank all of you for your attendance in our earnings result call. Of course, the questions are always very intelligent, very provoking, and we thank you for your interest in our company. Should you have any additional doubts, please count upon our IR teams. Now, all of the information is at ri.portoseguro.com.br. Porto will become a safe haven evermore for all people, and all care is given by Porto. Thank you very much.