A good morning, ladies and gentlemen. At this time, we would like to welcome everyone to Porto Seguro's results conference call for the third quarter 2019. Today, we have with us Mr. Roberto Santos, the company CEO, Marcelo Picanço, Vice President of Insurance, Investments, and Industrial Relations, Celso Damadi, Controller and Vice President of Finance and Support, Lucas Arruda, Head of Strategy and Investor Relations, and Emerson Faria, the IR Manager. We would like to inform you that this event is being recorded and simultaneously translated, and all participants will be in listen-only mode during the company presentation. Ensuring this, there will be a Q&A section when further instructions will be given. Should any participant require assistance during this call, please press star zero to reach the operator. We have a simultaneous webcast that may be accessed through Porto Seguro's website at www.portoseguro.com.br/ir.
At this address, you can find the banner called Conference Call. This will lead you to the platform. Questions can be made via webcast using the Ask the Speaker icon. These questions can be sent at any moment, and they will be responded during the conference call. Before proceeding, we would like to mention that forward-looking statements made during this conference call referring to the business outlook, operational, and financial goals are based on the beliefs and assumptions of Porto Seguro's management, as well as on information currently available to the company. These statements are no guarantee of performance. They involve risks, uncertainties, and assumptions as they relate to future events, and therefore depend on circumstances that may or may not occur in the future.
Investors should understand that general economic conditions, industry conditions, and other operating factors could also affect their future results, causing them to differ materially from those expressed in the forward-looking statements. I would now like to give the floor to the company. You may proceed.
A good morning to all of you, and thank you all for participating in the Porto Seguro conference call referring to the third quarter 2019. We go to slide four, where we highlight the main highlights. We began the second half of the year with an advance in the expansion of our business. The Property and Casualty insurance increased 9%, while health, life, financial risk, and credit operations had a double-digit expansion. Auto insurance had a slight drop in premiums due to the stagnation of economy, but we have had an improvement vis-a-vis the first two quarters of the year.
We're optimistic with a resumption of growth in the auto insurance because of an expressive evolution in other fields, allowing us a diversification in our business and an increase in revenues and profitability. In the insurance operation, we maintain the loss ratio control, and we continue to reduce administrative and operating expenses to obtain efficiency gains. Thus, our combined rate remained at 1.5 percentage points better than the average in the last five years. The other businesses have benefited through consistent results and credit operations and due to the reduction of costs associated to Conecta. New businesses such as the Carro Fácil, the lease operation, have undergone a good evolution and have become relevant in our operations. We have had an increase in our financial investments, enabling us to have the highest net earnings in the last 10 years.
In the last few months, we have intensified our commercial actions, such as discount campaigns and by dividing the auto insurance in 10 installments through the Porto Seguro credit card. We are also launching new services such as Conquista, an investment platform to market the products in our portfolio. We have several activities to foster the growth of our business, but always maintaining a focus on growth and profitability aligned to the needs and preferences of our customers. I would now like to ask Marcelo to speak in greater detail about the financial and operating results of this quarter.
Thank you, Roberto . Once again, thank you for participating in our conference call. On slide number f ive we speak about our operating results for this quarter and for the nine months of the year. In the quarter, we accelerated the expansion in revenues.
We are still at levels that are below our historical levels, but the third quarter began to show, because of our mix, a more robust growth for the entire year. In the auto business, we did have a minor reduction vis-a-vis the other quarters of the year. We have an expansion that evidently is different in terms of insurance, which is our most encompassing portfolio, and this is where our revenues tend to come from. But the expansion in the financial and service area is also very important. On slide, page number six, I would like to highlight that this quarter we did have an increase in the combined ratio vis-a-vis the third quarter 2018. But there is an important remark to be made here. The results of the third quarter, especially in the loss ratio and premiums and auto, represent a historic level.
We got to an amplified combined ratio in this third quarter of 87.1%, below our historical average that generally stands at 89% or 91%, generally above 90%. This increase in this amplified combined ratio is still within what we believe to be a healthy long-term and strategic level. We have no problems in term of margin when it comes to the levels that we are operating with. This, of course, when compared to the third quarter of 2018, that was spectacular, and we do have that vision that seems to show that we have a deterioration, but the historical average is better than it has been for many years. I would also like to highlight that in property and casualty and dental insurance and others, we have achieved very high rates, especially in the entrepreneurial and homeowners markets. We have a very strong share.
Of course, much more to achieve, and the company will tend to grow more in terms of insurance. It is a very relevant brand and will have a further expansion in services. All of these brands have a greater potential for penetration, 10% or 15% in terms of interested shareholders. In auto, 30%. In some of them, the market penetration has been lower, but our market share has a great deal of room to grow regardless of the growth of the market. Regardless of the growth of the market or not, we still have a great deal of room to grow. When it comes to the consolidated results on page number seven, we have attained a level of return on average equity despite some drops in the loss ratio, which was the same level we had some years ago.
Despite all of these minor drops, we are operating at 90% of results, which in our vision is a very robust level compared not only with the Brazilian market, but with the best performers in other markets when it comes to insurance. I would like to highlight that the insurance market does not operate with leveraging. In slide number eight, I would like to refer in greater detail to our performance in several lines. In auto insurance, a slight drop, a minor negative issue, we are focusing to revert this trend. There is a very important aspect here, the reduction in loss ratios that was relevant in the last quarters, especially because we have a greater concentration in the Southeast. This is good news for the country as a whole, to have this reduction in the loss ratio. Of course, the market is ever more competitive.
Our margin, therefore, is somewhat lower vis-a-vis the year 2018. Once again, we continue to maintain the 27% market share in the market, which is very relevant, and the loss is of less than 1 percentage point vis-a-vis the year 2018. We see a trend for improvement on this front based on the recent trends. This reduction will no longer repeat itself. We will be dealing with greater stability because of the situation in the country, specifically when it comes to auto insurance. We have had a change of behavior in terms of the drivers. What we are going to do in the auto insurance is to seek expansion through inorganic growth. Of course, we do have the possibility of carrying out acquisitions. In terms of health, an increase of 12%.
I would like to refer to this expansion, which is higher than the official inflation and the general price index. We have a very sound growth and are operating ever more strongly in the small and medium-size enterprises. Now, the margin here is more interesting and more sustainable, where the price struggle is less strong. We have invested more in SMEs, because this is our vocation of being a retail company. Thanks to this, we have obtained a greater expansion in this line item, avoiding that price war. In the part of P&C, the growth is 7% for Porto homeowners. All of this leveraged by some sales campaigns. We have maintained our growth leadership as always.
Good news is that reversion in the growth of Itaú that has had very negative or lower growth, and you can see that we have had a positive growth, perhaps not as high as we would expect, a growth of 3%. We are market leaders once again with 27% of market share. This is a line where we have also had an expansion. We work not only to increase our market share, but we also focus on this. As you can see, we have had relevant growth, but we continue to focus to accelerate this process. In life, a highly robust growth of 27.5%. We believe that once again, this is our vocation of working in the retail market.
The Brazilian market has become more mature, and we do not believe that with a single product, we can resolve the problems of all of our clients. That is why we are presently working with a segmented model of solutions, which of course, poses a great deal of difficulty. We are offering greater facilities to our brokers to also offer auto insurance. We have 22,000 brokers working in terms of insurance. This is a product like insurance that is sold by very few specialists, and we do believe there is a great deal of room for growth in terms of consultancies, and we believe that this will be very effective for us going forward. Let's speak a bit about the loss ratio and perhaps give you more specific information associated to some variables.
Despite the increase of loss ratio of approximately 3% between the third quarter 2018 and the third quarter this year, we continue to be below the historical average in the last five years in the auto segment. Once again, we are quite comfortable with the loss ratio here. I would also like to focus on the efforts that we have made to reduce our administrative and operational expenses. If we look at the long term, this is a work that will require a great deal of coherency and focused efforts. For some time already, the company has been reducing 3.5 percentage points, at least over the last four years, 1 percentage point per year.
When we compare this with inflation, and when we look at the nominal rates, so that you can understand that this is not based only on growth, you have to look at the rate and the nominal figures. When we compare this with the nine months four years ago, we have a nominal growth in insurance that is significant of more than BRL 100 million, - 6%, with an accrued inflation of practically 20%. So this is a gap of 26 percentage points that we would have in our expenses. We have had a growth of revenues, but of course, a decrease in expenses. This does not mean that this process has been concluded. It is an ongoing process. It is very important to highlight that we shouldn't set aside this work that is something that requires permanent focus, and of course, is very relevant work.
In slide number 11, we would like to speak about other businesses, not necessarily insurance. The Conecta solution took place more than a year ago. The costs related to this have decreased significantly, but we have a significant expansion when it comes to net earnings. Total net earnings were BRL 29 million for the nine months, and the recurring net earnings are BRL 191 million nine months accrued. The return on capital of these lines stands at 22%. You can see that this is an interesting return, and we have some businesses that are under a frank expansion enabling us to obtain these figures considering the relevance of the credit cards and the consortia. So we have very attractive profitability, and of course, this is a very relevant business. The real estate is also very important. It is relevant in Brazil. We are close to achieving BRL 2 billion per month.
We have had more than BRL 20 billion of invoicing or net profit per year. This is not a minor business. The expansion was approximately 10% during this period. We are permanently making adjustments in terms of this and, of course, taking very prudent measures for this expansion, but we do have a strong focus on this product. When it comes to the diversification of our business, we have had a reduction of, well, an evolution, excuse me, of revenues in all of our businesses, not only the auto insurance, but other businesses as well. This is not something that we can change suddenly. We need to have a very consistent process, and of course, we have to make sure that we do not lose our market share.
On page number 13, besides other businesses, I would like to highlight some of the initiatives that we have undertaken, new areas of consumption, and a new product portfolio. We are seeking combinations of financial products and insurance services and financial products, and, of course, with a strong focus on insurance. We are working on auto insurance and credit cards with a discount and insurance, once again, to make this more accessible to some of our customers. We are working with Porto Seguro Auto Essencial to optimize the service offer enabling the client to buy this. We have Conquista, which is a digital sales and relationship platform based on clients' needs and objectives, and that bases itself on the performance of brokers and certified financial planners. Of course, this represents an increase in cross-selling and an increase in relationship with our clients so that none of our products are left out.
Our clients can also have the homeowners insurance, life insurance, and we are able to carry out these sales by leveraging the performance of the brokers and, of course, eliminating the red tape in the company. We also work on traditional products that necessarily require innovation. It is not only about opening new businesses. We have to streamline the existing businesses. We are working between the spare car and transport apps, enabling the customer to pass by a car rental if they have to leave their car in the garage. There is a certain cost efficiency in this, and sometimes customers do not want to have to drive their cars for only 3 km, and it is more effective to use a transport app. We also have a D&O insurance and professional civil responsibility, which has been marketed quite successfully. This is an old product.
We carried out a partnership with AIG, which is an insurance company that renders worldwide expertise to this operation. We also have Reppara!, which is the first subscription service for emergencies at home. Whenever one of our customers needs this, they do not necessarily have to have insurance with us. For BRL 19.90 a month, they can contract these services from Porto Seguro. Of course, we are not stopping here. We have constant innovations, and we are a service and attention company, and we make sure that all of this operates very efficiently. We have financial services, insurance, and we also have the bike insurance for all types of bicycles. This is a new trend in terms of mobility. It has become very clear, and we have come up with this solution to speak about our investment results and allocations.
In this quarter, we had a positive result of 2.7% of profitability, equivalent to 175% of the CDI. This is a classical measurement in the market. If we look at the nominal value for the last five quarters, although we work with the lowest CDI in history, we had a very important profit in two important lines. We had an increase in our securities a year ago. We decreased our position from 44% to 29%. This was an important movement, but there was also a certain movement in terms of our shares, something that we did strategically for the long term. Our holding period is not of three months or a year. It is of many, many years. We have increased our exposure, and we have added a new portfolio in BOVESPA with very positive results.
Given the positioning of the shares that the company has, all of this has been done in a very conscious way. Our return is above the reference rate per quarter. It is important to mention this because oftentimes the market expects the results of 175% on CDI, and that has not been our historical yield in the last two and a half years. A technical but very important issue that I would like to explain to you is the effective tax rate that decreased by 11 percentage points vis-à-vis the third quarter 20 18. There is an explanation here for this drop: reduction in Social Contribution on Net Profit rate, lower deferred tax credits from Conecta, and the result of the holding. Because of a reason of flexibility, most of our results are in the holding where we have important results.
This has been a quarter where the strategic allocations had a very good yield. Our net financial gain was higher here. The CDI result is a growth result, and it is not net. As you can see, we have had a very good financial result for the holding. With this, our final rate went from 44% to 27% this quarter, and the accrued rate is 44%. On page 16, our consolidated results, net earnings, and return on average equity for the company as a whole. We have the same ROAE as in the previous quarter last year. We had minor oscillations in terms of insurance, but we do continue on with a stable cost. I would now like to take the profitability to our long-term profitability.
Oftentimes, we see discussions on the company's ability to have a profitability that is different from the profitability from CDI. What we have here is a very important factor, the level of profitability that has maintained its stability through time, despite the CDI, the average CDI is reaching 40% at 6.2% for 2019. When we think about profitability, we had the highest profitability in the nine months up to 2019, vis-à-vis the lowest CDI rate historically. Even when the CDI drops, the profitability of the company continues, which is not very coherent with the data. The assumption here is that other variables will not change. What we have informed the market through the years is that the company has to maintain a good financial situation.
If our income statement drops, we have to show that we have worked on enhancements, on reducing the loss ratio and other factors that we have shown you. The combined ratio is one of the highest. It has remained more stable between 89% and 91%. If you base yourself on all of the points of this 10-year series, in the last 10 years, we had an amplified combined ratio with a CDI of 6.5%. It wasn't the financial statement that has led us to this. If we compare it to the results of 2010, we had a result of 87.6%, a very strong result as well, having 18.6% of ROAE. The return on average equity was also done in 2006 with a CDI of 9.4%, and this year with a CDI of 6.2%.
This is a very simple comparison, but I believe it shows you the soundness and the capacity of the company to do this. We do have a relevant concentration in auto with 69% of the premiums. In life, in property, this is where we have the most limited margins. As the company expands its other businesses at a rate two or three times greater than the auto segment, we will be able to offset that minor loss in auto with other product lines. Having said all of this, and after giving you this bird's eye view of the short-term results and the strategic outlook that we have for the years going forward, I think we can have a more in-depth discussion at present. Therefore, I would like to open the floor for questions and answers.
Thank you. We will now begin the question and answer session. Should you have a question, please press star one. The questions can also be sent through the webcast platform through the icon, Ask the Speaker. Please wait while we pull our questions. Our first question comes from Giovanna Rosa from Bank of America. You may proceed, ma'am.
G ood morning to all of you, and thank you for taking my question. I have two questions. During this quarter, we see that you still have a drop in auto, but with a better account. If you could explain to us which is your vision of competition, and, well, taking into account the great competition that exists in the auto segment, and which is your outlook for the year 2020? Then I will pose my second question.
Giovanna, thank you for the opportunity to clarify your question. This is Roberto speaking. Our reading is positive when it comes to the scenario of complexity in the auto segment for the coming months. In fact, what we perceive is a recent movement of market concentration with the exit of one of the great players that has transferred the portfolio to a smaller player, and we detect this as being an opportunity.
The player that acquired the portfolio did not have a business volume that would be strong enough for full dedication. Even though this player has a greater portfolio, the probability of having pricing errors increases a great deal. Of course, this will hamper the market. With this player with a smaller portfolio, this poses a positive scenario for us. This is good for the market as a whole, and specifically when speaking about Porto Seguro, we see this very positively.
Some brokers are seeking us out, attempting to set up partnerships. They did like the former company, and they haven't gotten used to the new company, so this generates several opportunities. This is the scenario. Another important issue is that the movement towards a reduction in the average ticket that we have observed in the last month. Already last year, we perceived a retraction. The prices captured the reduction in loss ratio or loss frequency. What we see is a reduction in the average ticket that we have, dropping to a healthier level. Our reading, in general, is optimistic when it comes to the competitive scenario in the auto segment.
Thank you. That's very clear. My second question refers to the share of financial businesses, 20% for the second quarter, and it was also 16% in the third quarter 2018.
Which will be the evolution of the share of these business lines, and which is the outlook for financial business going forward? We see that there is a growth in private credit in the market. So which is your outlook in this segment? Thank you.
We do have some fluctuations in results, and we have oscillation of results in other lines. But strategically, we're quite optimistic with this growth, the growth of our other businesses. We have provisions and an oscillation in provisions, and I will explain this. When we speak about a product like a credit card, for example, we have CDC with excellent profitability. It has undergone several adjustments during this last year and a half. This, of course, decreased our growth and perhaps hampered our earnings as well. This lower assumption of risk, of course, has an impact on profitability as well.
We're discussing ways to grow more sustainably and in a more robust way, especially in products like credit cards that are an important leverage when it comes to relationship with our clients. We want to use this mechanism to facilitate sales, to facilitate the payments of our clients. It is a strategic mechanism for us, and that is why we are investing in this additional product. I think we're quite comfortable with it. But we did have a moment of adjustment and fluctuation that were significant. The trend is to have an increase in our profit share going forward to have something more recurrent and consistent as we have made some adjustments along the road, and our expectation at present is to have more relevant profit.
Therefore, you are comfortable with your model of provisioning, and you shouldn't have further adjustments. Evidently, adjustments are done permanently, but the last adjustments that were made have already allowed you to have a more adequate level of provision?
Yes. Giovanna, we are comfortable. Of course, if we have a greater expansion, we will have learning, and we have to expand this to other target audiences, and we want to have potential clients for other businesses in the company as well. We're not thinking only of selling credit cards and stopping there. We believe that there can be greater synergy. Of course, there will be fluctuations through time, and we will have to make different adjustments. We tried to work through the digital path. It was not possible because of fraud.
Now, if we speak about the coming two or three years, quarter- on- quarter, the trend is for the share, not only for the credit card, but also the financing company and consortium to grow because we think that we have a great deal of room to grow in terms of market share. We do have a good product to compete with large institutions, as acknowledged by the media and by clients and specialists.
Thank you. Thank you very much.
The next question comes from Karina Martins from Citibank. You may proceed, ma'am.
Hey, good morning. I would like to better understand what happened with the premiums for insurance that have increased, and which was the dynamic that happened. Is it the change of mix?
When we compare ourselves to two months ago in terms of the fleet, we had a growth of 10,000 vehicles.
I think you're speaking about the second and third quarters of 2019. There was a reduction of 140,000 vehicles, and perhaps the greatest difficulty was in competitiveness. This quarter, we made readjustments. We worked with the price, with platforms, and at the end of the quarter, we observed a more positive growth trend. We did have a reduction. That drop in the average ticket wasn't simply a reaction to price. It's due to the adjustments that we have referred to, adjustments in the technical part. When we end the cycle for the 12 months, we had a technical reduction. In terms of the fleet reduction, it was a more typical quarter, and we carried out significant adjustments in the operation. At the end of the quarter, we have observed a recovery, a good reaction.
Our expectation is to have an expansion in our fleet going forward in terms of premiums and in terms of fleet. We don't control what will happen with the risk in six months, but if we maintain the present day levels, we don't expect to have further cuts in the tariffs, and we're going to work with an expansion in premiums and in the fleet.
Thank you. That was very clear. Thank you.
The next question comes from Mr. Eduardo. You may proceed, sir.
Hey, good morning to all of you, and thank you for taking my question. I think the call was very clarifying in terms of your long-term vision. I do have some questions. You had an excellent evolution in terms of your administrative expenses in the last few years. Do you think that there's still more room? You have had 1 percentage point drop per year.
In other businesses, in terms of diversification, you also had a very good evolution. If you could give us more color in terms of what you are doing, if you can speed up the part of life? If you could speak about the new players? If you're doing something different from the market, the market is working with more vertical strategies, and I would like to know which is your strategy in health and in life where you have had a growth? If you believe there are other opportunities to speed up growth in these businesses. Thank you very much.
This is Roberto. I will respond to the first question, and then Marcelo will refer to health and life. When it comes to our performance and operating efficiency, we did achieve a relevant efficiency in the last two years.
As we mentioned in the call for the second quarter, we still had further opportunities for reduction. I will maintain what I said. This type of work is not very speedy work. We have several open fronts in the company, and what we have underway at present is a new front for digital transformation. The goal, part of it refers to sales, but 80% of our efforts are geared to an operating efficiency. Simply to give you an idea, about 30 days ago, we launched the possibility of working in terms of assistance, not only for automobiles, but for homeowners and servicing credit cards through WhatsApp lines. This type of assistance can be done 100% automatically. Once again, the acceptance of the client in terms of this tool has been surprising.
It is our understanding that we're working with figures for 2020 that will have a significant improvement. We're not satisfied with the indices or the rates that we have presently at Porto Seguro. We want to improve on this.
Thank you, and I will respond to the second part. When it comes to other businesses, and thank you for your interest in the company, life and health are segments in which, of course, we're interested in growing in a healthy way. Let's speak about the life segment. We have more digital platforms. We have Conquista itself. This volume so far is not representative, but the apps show us that it isn't the digital world against the broker. It is the digital world favoring brokers. Of course, we have to have the human presence, and we have worked a great deal with our brokers, our specialized brokers.
We also work with non-specialized brokers with a significant focus. The second quarter last year was very difficult in terms of life. Now, once again, this is a product where we would like to grow strongly in terms of the expansion of our channels. We're working with specialized brokers that only focus on the sale of life segments for higher tickets, with a solution that is very similar to the United States way of selling based on the needs of the clients and with more solutions for the long term. In terms of health, we have several opportunities. What is being said in the health market is the problem of individuals and the problem with prices. There are problems in the large companies as well, where there is an irrational struggle for prices with very limited margins.
Of course, we do want to work with smaller companies with good margins and working on individual insurance. We're beginning to work with the small and medium-size enterprises. This is still a new world for us. There are several M&A opportunities here in health. In life, of course, everything will depend on what happens in the market. If somebody is interested in selling life portfolios, we would be buyers. We're also speaking about the more entrepreneurial segment, the homeowner segment, and organic opportunities for M&A. In terms of the CapEx, I think you gave us a response. We had a significant reduction for two reasons. First of all, we're demobilizing. The company still acknowledges that we need to optimize and reduce further. The world has changed, and the need for having brick- and- mortar also decreases.
That is why we're demobilizing much of our real estate, and this is being led by our CEO. In systems, we're not investing less in technology. We depend a great deal on technology. We have simply concluded a very significant cycle of significant changes. The change of SAP and many of our large businesses have been concluded when it comes to platforms. It is lower when compared to periods of higher investment at the company, where half of our net earnings would go to CapEx. If you compare this with the banking industry, of course, these figures are lower. It has dropped to 18% of our net earnings. This does not mean that we're no longer investing in technology. Expenses in technology have a completely new paradigm. We're working with more intelligence, with lighter and more agile platforms.
This is changing in any company, and we need more brainpower than force, and this is our vision on CapEx.
Thank you. Thank you very much. Your responses have been very clear.
We would like to remind you that should you wish to pose a question, please press star one. Once again, should you wish to pose a question, please press star one. Please wait while we pull a question. The next question comes from Mr. Eduardo Nishio. You may proceed, sir.
Thank you for taking one more question. We're still speaking about auto, and I heard that through one of the graphs you showed that historically your loss ratio is below average. The question is if you're intending to become more aggressive to recover or to resume growth, and which would be the strategy. We also have the Selic rate that is at a historically low rate.
It's one of the lowest we have ever had, practically 1%. So what is going to happen with your operating profit? Which is your strategy, and if there is a trade-off in terms of profit? Thank you.
Eduardo Nishio, the name of the game for us is growth. It truly doesn't mean that we will have no margin. Our expectation is not necessarily to work with higher figures. In truth, we have several things that we have to work on in-house. First of all, we have to simplify risk, and another thing is to work in terms of the offer. For example, we receive a very large amount of requests for quotes, and based on the characteristics of risk, we do not send these quotes.
What we want to do is send a quote that is appropriate according to the level of risk, and something that will give us a greater conversion possibility. When it comes to substitution per se, we do have several projects underway. We have a project that is in court, and the idea is to gain a better understanding of risk. A risk that we can resolve not necessarily through price, but something that will enable us to have a greater conversion. In the company, we find ourselves in a very comfortable position vis-à-vis the market, especially when it comes to market share. That is comfortable. But we're not that comfortable with the way in which we operate day after day.
We believe that we will have a growth in the company that will lead to a greater conversion of business, of course, without having to burn out our margin. We are definitely going to resume growth in the coming quarters. We have experimented with this as we saw in the third quarter. Our revenues for automobiles was lower than normal, but the future quarters will be positive. All of this without having to face greater risks. We are working a great deal on this, and what we do want to have is a greater offer of our product and to work in a more intelligent way.
Thank you very much.
Thank you. We would now like to return the floor to the company for the closing remarks.
I would like to once again thank all of you for participating in our earnings conference call, for your questions, and for your important contributions and your interest in Porto Seguro. Once again, I would like to reinforce that should you have any doubts, please do not hesitate in getting in touch with our IR team through our site, or you can contact us directly at the IR team. Thank you very much.
The Porto Seguro conference call ends here. We would like to thank all of you for your participation. Have a nice day.