AK Sigorta AS
IST:AKGRT.E
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Welcome all to Aksigorta Third Quarter Earnings Call. And this is Osman Akkoca speaking. So Ugur bey, our CEO, is currently attending the Board meeting of the Insurance Union -- Insurance Association. Ugur bey to attend the Q&A session, if possible. So he will be together with us in the Q&A session if he exits the Board meeting at the Insurance Association at the proper time. So welcome all again. So let me start with the presentation and quickly go over the results of the third quarter from Aksigorta.
And on the first page, we have the quarter results. We have TRY 3 billion gross written premiums with a growth of 108%. So at the premium production side, everything is going well, in -- aligned with our strategic targets. And in the net income side, after 3 quarters, we have a positive result. We have TRY 51 million net profit in the third quarter, which corresponds to 24% less than the previous year. But as I said, after 3 quarters, we have a positive result, that's good from the -- that's good news from the profitability side.
So we have total equity of TRY 1.3 billion with 24% increase, which is driven by -- we had a resolution from the annual meeting, about TRY 1 billion capital injection and our parent shareholders, Ageas and Sabanci already had a capital payment as an advance. So we received TRY 720 million of capital from the parent shareholders. So the listed part, which is TRY 280 million is already started -- use all rights already started. So I think until the end of November, we will receive the rest TRY 280 million capital injection.
And in the quarter, the net loss ratio is 111%, which is 24% higher than the previous year. And the net combined ratio is 113%. And there is a 20% increase in the combined ratio. And the market share, as I said, the growth is even -- since the growth is higher than inflation on the other side, we are focusing mostly on the profitability side. So we are, let's say, very selective in motor products. So I will tell the detail in the following pages.
So overall, we have 1.6 percentage point market share loss in the quarter. And our asset size reached to TRY 6.5 billion, with 71% growth. And our average yield in the quarter is 40% with increase of 21% versus prior year third quarter. And our financial income is TRY 529 million with an increase of 219%. So this is the, let's say, a summary picture of the third quarter.
And on the next page, we have the year-to-date KPI results. So we have 92% growth in the premium production, and the accumulated loss is TRY 395 million in the first 9 months, which is mainly coming from the first quarter and total equity, as I said, TRY 1.3 billion.
The loss ratio is 126% with an increase of 44%. And you see all is coming from -- the net combined ratio is 149% with a deterioration of 44%, and all the deterioration is driven by the loss ratio -- the increase in the loss ratio, you see. So we can say the commission and expense ratios -- the total of commission and expense ratio is almost stable. So our market share dropped to 7.1%. As I said, we are very selective in the motor products and asset size TRY 6.5 billion.
The year-to-date -- the 9 months return yield is 33%. So the third quarter has a higher return yield. As I said in the previous meetings, our return yield will increase quarter by quarter because as the low return assets expires, we are renewing those investments with high return yield assets I will tell in the following pages. And our financial income in the 9 months is -- sorry, TRY 1,154 million with an increase of 150%. So this is the summary of the first 9 months.
On the next page, we have the figures of the market. And in the market, in the third quarter, there is TRY 45 million premiums, which corresponds to a very huge 163% increase. And looking to the breakdown of the products. At right-hand side, the bottom table, you see MTPL growth is 176%, which is slightly higher than the market average. And this MTPL corresponds to 25% of the total market. You see with the high growth, the share of MTPL product increased in the market.
In MOD side, there is a very, very big growth with 248% growth in the market. And you see both in MTPL and MOD, the growth is delivered by price increases instead of a number of policy increases, which is very huge. And you see it was only 19% of the total market in the last year coming from MOD. And this year, 25% of the total market is coming from MOD. And the total of the motor products is 50% of the total market. So as the prices increases in both products, the share of motor business enlarge in the total market.
In Non-Motor side, compared to the market average, there is let's say, less growth -- limited growth in Non-Motor. But this growth, 114% is still higher than the inflation. So we can say the producers price inflation drives that Non-Motor product. And as I said, in motor products, there is not a real penetration increase. And also, again, in the Non-Motor side, there is not a real penetration increase. So we can say that growth is mostly -- mainly the price increase and also sum insured value increase. In the Non-Motor side, sum insured is mainly driven by FX.
And in the Health side, there is, again, a huge growth, 143%. This is the last quarter figure. And in the Health side, there is an -- we can say there is, let's say, small size of increase in the penetration, I mean the number of insured. And it is mainly driven by the complementary health products. The complementary health product is replacing the comprehensive health product, and also there are newcomers in the complementary health side. There's a huge growth. And the overall market growth is 163%. Looking to the breakdown of the distribution channels, in the agency side, slightly faster than the market growth, 177%, which is mainly driven by MTPL and MOD. You see the highest, the fastest growth product is MOD, and the agency channel is above average -- growth is above the market average. So this is driven by the motor product's fast growth.
In the bank channel, there is, let's say, huge but limited compared to the market average, 132% growth. You see it is most the composition of Non-Motor and Health product. And in the bank channel, the volume of loans especially individual and commercial loans are coming down. So that affects the insurance volume in the bank channel. In the corporate side, they're mainly driven by Non-Motor. There is 128% growth. And that's the picture of the market.
On the next page, we have the picture of Aksigorta. We have limited overall growth, which is 108%. Compared to markets 163%, this is a limited growth, but looking to the breakdown of the products, especially that slowdown is mainly coming from MTPL. You see there is only 30% growth. Again, at the right-hand side bottom table shows the breakdown of both products and the distribution channels.
There is only 30% growth in MTPL, which was, remember, 176% in the market. So there is weak growth in MTPL, mainly based on the focus of profitability and also the solvency, the capital adequacy purposes. In MOD side, we said in the previous meetings that we are, say, competitive in MOD. But on the other hand, again, we are profitability focused in MOD. So we have huge growth, 225%, which is still less than the market's MOD growth. But compared to the overall growth, there is a huge growth in MOD. So we are -- both growth and profitability focused in MOD.
So in our total portfolio, you see we have 25% share in MTPL and 27% share in MOD. So the total portfolio share of motor products is very similar to the market's 50%, we've -- whereas we have 52%. In Non-Motor, again, our growth is less than the average growth, which is 96%. So still driven by the corporate and commercial segments. So the Non-Motor's growth is mainly driven by FX rates. You see in the third quarter, there is almost a stable FX rate, which was also effective on the Non-Motor growth.
In Health side, we continue to grow high with 138%, which is almost aligned with the market growth. So we are, let's say, trying to keep our competitive position, both in Health and Non-Motor, of course, considering the profitability. And in MOD side, we are profitability focused and also growth. Only in MTPL, we can say, we are mainly focused in profitability side and also the sustainable toward the agency channel because the agency channel is -- get used to -- the agency and get used to sell that MTPL product because the highest penetration in the overall insurance market is MTPL. So we cannot, let's say, reduced the market share in MTPL less than a certain level. So we are trying to keep our market share around 5% to 6%, which is slightly less than overall market share of 7%.
Looking to the breakdown of the distribution channels, we have 104% growth in agency channel, which is parallel with the overall growth. In bank channel, there is a limited growth with 50%. But we have, let's say, launched new products in bank channel, especially we have a good, let's say, penetration increase in complementary health, which we have already -- which we have recently launched in the bank channel.
So the growth of that complementary health in the bank channel is very promising for the future prospects. And also, there is digital security insurance in the bank channel, which is a small coupon product. And -- on the other hand, which is very profitable. Again, it has an increasing trend in the bank channel, but the contribution of those new products are not as much as, let's say, loan volume in the bank channel.
In the corporate side, we are going very good, especially with the contribution of both Health and Non-Motor and MOD growth. We have 142% growth in the corporate channel. So this year, we can say the share of individual insurance is, let's say -- excluding the motor segment in Non-Motor especially the share of individual segment is coming down, whereas the corporate and commercial segment is increasing in Non-Motor. So that's all in Aksigorta side.
On the next page, we have the insurance profitability results. So this year, we have TRY 74 million underwriting result in Q -- in the first, sorry, this was the last year's underwriting result, TRY 74 million positive, whereas we have negative -- sorry, TRY 1.3 billion underwriting loss in the first 9 months, which is all you know, mainly driven by the, let's say, rapidly increasing inflation in motor products especially, which was not immediately compensated -- which could not immediately compensated by the price increases. You know we are, let's say, exposed to inflation risk -- fixed risk in our insurance portfolio till the end of the expire date of the policies. So this is the main reason for that much loss and our underwriting margin deteriorated from 1.7% last year to negative 19.3% last year. But as I said in the third quarter -- stand-alone third quarter, there is let's say, turnaround, especially in MOD product. In the third quarter, we have positive underwriting margin in MOD, we can say, mainly due to our, let's say, improved claim processes, improved claim cost and also our hedging instruments.
We are -- we started to buy the spare parts [ frontly ]. So we have an inventory of, let's say, spare parts, which keeps us from the future price increases of the spare parts. So we are investing in the spare parts also. That keeps us for the price hikes in the spare parts. And also, the main reason is the price increases. In MTPL side, there is a price gap. Even the loss ratio is still higher than 100%. There's a price gap, and we cannot exceed or sell higher than the cap level. So that's the main barrier in MTPL side, but in MOD, there is a free tariff. So we are selling with the fair pricing in MOD side. So the losses from the last year's portfolio in MOD could not be compensated by the new sales profits in the first 2 quarters.
But in the third quarter, our profits from the new portfolio, I mean, 2020's portfolio, is compensating and making money after the losses of the previous year's portfolio losses. So we can say there is a turnaround in the profitability of MOD. MTPL is still loss-making. And in Non-Motor side, the balance of the individual segment and the corporate commercial segment is changing. So accordingly, our underwriting margin is coming down. And -- this is one reason. And secondly, there is, let's say, increasing the frequency of especially midsized claims. So this is another reason in the deterioration of profitability underwriting margin in Non-Motor. Also, there is, again, inflation effect in the profitability of Non-Motor. In Non-Motor side, we have still positive underwriting margin, whereas it is less than previous year's underwriting margin.
And in Health side, we have fixed rate in terms of underwriting margin. The main issue in Health side is the share of the mini-health products. We are selling those mini-health products in the bank channel.
Especially as the bank channel loan volume is weaker, we have less volume in the mini-health products. So there is no change in the margin, but as the mix -- product mix is changing in Health side, our overall Health margin is slightly coming down. But all in all, we can say excluding the MTPL product, where we have positive and let's say improving underwriting margin in the other products. And we have our combined ratio very high, 149% mainly due to the huge increase in the loss ratio. You see there is not much change in the commission and expense ratio, whereas we have a huge change in the loss ratio, mainly driven by the motor product's loss ratio, especially MTPL loss ratio.
And on the next page, we have the view of financial income. At the end of September, we reached TRY 6.5 billion asset size. And as I said, 9 months return yield is 33%, whereas the third quarter stand-alone quarter's return yield is 40%. So our return yield is increasing. Only recap in the last year, there was a period at the beginning of -- at the first quarter 2021, the interest rates were coming down, I remember, 13% in treasury bonds. So in those days, we, let's say, extended our duration of -- average duration of the portfolio. And afterwards, you remember, there was a fixed rate hikes, interest rate hikes and afterwards, as the Central Bank reduces the political interest rate, there is a volatility in the market. So the inflation go up, whereas the interest rates go down. And during that period, as the old, invested assets expires, we renew those investments with high yields. I mean, you see we have 50% of our portfolio at the right-hand side pie chart.
We have 50% of our portfolio in FX, in Eurobonds you see. It is 47% in Eurobonds, including the deposits, time deposits -- fixed time deposits, our overall FX exposure reached to 55%. And excluding that part, you see, we have 21% in the corporate bond side. This is mostly the supranational bonds, which is at the offshore market, and I think the average yield is higher than 40%. So this is a reason -- this is the reason for the high return yield in the third quarter. And you see we have 19% in the time deposit. This is not Turkish lira -- full -- Turkish bank -- Turkish lira time deposits, there are some parts in the FX.
And some -- the rest is in the fiduciary deposits. We have offshore deposits. And again, we have above 40% return yield at that portfolio. And you see we have 12% in the government bond side, which is mainly the CPI linker, and our return yield at the CPI linker side is again above 40%. So from the TL portfolio, both offshore and onshore, our return yield is above 14%. And in the Eurobond portfolio, we can say we have a small portfolio, which has a return yield of around 5% to 6%, which is coming from -- very, very fast.
But the majority of the Eurobond portfolio had a return yield above 10%, which we invested when the CDS rates of Turkey was above TRY 750 million. So we are, let's say, benefiting a lot from the high-yield Eurobond portfolio. And also, the TL portfolio, significantly 2 parts, offshore and onshore. So I can say in the fourth quarter, our return yield will be higher than even the third quarter. So that's all from the financial side, and we have the income statement.
We -- on the next page, you see in the first 9 months, we have negative TRY 395 million, which is mainly coming from the underwriting result, negative TRY 1.3 billion, which we could compensate a big part of that loss with the financial income with around TRY 1.1 billion. After deducting those expenses and the taxes, et cetera, we have around TRY 400 million loss. But our performance is improving quarter by quarter.
And on the next page, we have the view of the balance sheet, and you see our asset side, assets under management reached to TRY 6.5 billion and total assets reached to TRY 10.5 billion, with an increase of 42%. And on the other hand, our reserves insurance liabilities is increasing by 57%. So the balance -- or unbalance between the assets and liabilities is mainly driven by the increases in the reserves side because our insurance liabilities are increasing very fast, whereas we are trying to do our best in the asset side. We are -- we received the capital advance. We are investing, and we are discounting our credit card receivables by around 13%, 14% discount rate, whereas we are investing in the Turkish lira offshore market above 40%. So we are trying to leverage our return yield by some actions. But you see we could catch the increase in the reserves, which is 57% by 61% growth in the assets under management side with those leveraging items.
And then we have the risks and opportunities on the next page. Underwriting margin -- underwriting profit margin is negative, as I said, in MTPL. On the other hand, the rest products are positive. Negative real interest rates is the main issue on the balance sheet of insurance companies because as I said, the insurance liabilities are inflating by the either CPI or PPI, mostly PPI. But on the other hand, our asset return yield is only you see 40%, which is a very good result from my point of view. I see in the market, there is not that much, let's say, brilliant return yield. So even we have a very, very, let's say, good return yield, still less than the inflation. So this is the main issue.
Downsizing economy, this is not an issue at the moment, but is a risk for the coming period. High volatility is very big risk. At the moment or during the year we priced with an expectation of 50% minimum wage increase at the end of 2022. But in the last days or weeks, we read some news or rumors -- we heard some rumors that the minimum wage increase could be around 82%, which corresponds to net minimum wage, TRY 10,000. So this is a risk from our business point of view.
Natural disasters, always risk. Possible churn in individual segments. This is what we are realizing at the moment, especially in the bank channel. Deferred effect of price increase on inflation. FX rates, which we already hedged the risk on MOD with our FX loan position. Effect of minimum wage, as I said. And opportunities, digital transformation is always opportunity. Increasing efficiency, we have limited expense rate. We have the best-of-the-class expense rate with 3.8% expense over GDP in the market, which is best of the class, not among the top 10, but best of the class. So we are very effective, we can say, in terms of expense management. Higher premiums and improved underwriting margin, which is realizing in MOD. And high focus on industrial and technology analytics and increase in interest rates could be an option -- opportunity in the coming periods.
So on the next page, we have the mix of our revenues. We have 2 income sources. One is insurance income, which we have a very negative result in this year. We have TRY 1.3 billion negative underwriting result. And we have a huge financial income. You see, we have TRY 1.1 billion financial income. But as the interest rates were as much as the inflation rates, so our financial income could be TRY 1.8 billion higher than as it is. So there is a loss coming from the negative real interest rates.
So that's all from our part now. Thank you for listening and joining. So now we are ready for your questions. This is Q&A time. Thank you.
[Operator Instructions]
Osman, I also -- I have joined as well.
Hello, Ugur bey.
Sorry for coming late. I had a Board meeting in the Insurance Association.
Thank you, Ugur bey, for joining. Yes, we have a written question from [ Sadettin ] bey. Thank you, [ Sadettin ] bey. He says, "Ugur bey, was there any decision in favor of non-life insurance in BOD meeting?" It was an Insurance Union BOD meeting, but it's, of course, very directive for the regulator also. Ugur bey?
Indeed, the new regulator -- the head of regulator has changed as you may remember, 18th of July, Mehmet Akif Eroglu has become the Chairman of the regulation, regulatory body. Now association and the regulator has been working very closely. Particularly, we have prepared road map for the MTPL issue. MTPL is major issue, but it is long tail in nature. And due to the, let's say, influence of the effect of the minimum wage to the bodily injury cases. So now in industry, there is a supply problem may continue. So all the insurance companies association has been forcing regulator to find a solution for the MTPL issues. Now we have prepared the action list composed of more than 15 items. Most of them will improve the MTPL performance in the market in the coming periods, I would say. So really working quite hard in this uncertain environment.
Ugur bey, maybe we can share -- I could not share during the presentation. There was a very, very new regulation change in unexpired risk reserve. So maybe you can give some words from that part.
Definitely. Unexpired risk reserve is related with the SFRS financials, which we calculate our capital adequacy ratio and the distributable profit. Under normal conditions, unexpired risk reserve in Turkish cost, Devam Eden Riskler Karsiligi, in short DERK has been -- if any line of business loss ratio exceeded 95% in the financial reporting period, the difference between the actual loss ratio and 95% has been multiplied by the unearned premium. So -- and unexpired risk reserve has been calculated in such a way. Of course, the existing loss ratios includes the prior year's runoff. The hit coming from -- coming after November '21 are included in the existing loss ratio. So loss ratio of the MTPL is very high. So this has been generating a huge -- and I think not coherent unexpected URR result. So after the discussion with regulator, now URR competition has been changed. So each company will calculate URR according to the -- considering the future, not considering the past.
So this will bring huge reserve release in the industry financials in the third quarter or the fourth quarter. Some companies may apply that new regulation change in the fourth quarter. Some companies may apply in the third quarter. As Aksigorta, we are not going to implement -- we didn't have to use that regulation change in the third quarter. We are going to use in the fourth quarter because if there is a more than expected minimum wage increase in the third quarter, we want to use that tool to compensate that impact. Osman?
Yes. Thank you, Ugur bey. So maybe we could, let's say, say the effect of that regulation change on that unexpired risk reserve at the end of third quarter, as far as I remember, it is around TRY 545 million URR on our balance sheet. By that new regulation change, we can -- we think, which is not clear at the moment, but according to the -- to our opinion over the company, we think we could release the majority of that -- the big part of that URR at the end of the year. And also, there is a huge risk, which is driven by the minimum wage increase according to our most, let's say, recent pricing. During the year, we were considering some 50% increase at the end of the year at minimum wage. If it goes up to 82%, there will be a huge effect -- negative impact on our balance sheet, which could be almost, let's say not fully, but very closely compensated by the URR release. So that could be the compensation option of the minimum wage negative impact at the year-end. So we will discuss inside and together with the auditor the implementation of that new URR rule.
And then we have questions from Karim. And Karim asked an update from the Board meeting, Ugur bey told. And from [indiscernible].
Osman, maybe I may add one more thing to the current process. In the -- 15th of November, in the mid of November, together with head of regulator and Board of Association, we'll organize the press conference. And regulators, Head of regulators, Chairman will give information on the MTPL road map to the public.
15th of November?
15th of November. So really, they are preparing with it seriously.
So we are awaiting good news from the regulator and also the insurance union.
Definitely. There will be good news in favor of the insurance companies.
Yes. So in the Q&A session, thank you for the presentation. Can you please inform us about the last regulation of insurance agency? What does the new regulation mean for the sector? And how can it affect the financials of Aksigorta?
Yes, we mentioned that the answer of that question.
When do you think your real -- [ Muharram Yusuf ] raised the question. When do you think your real earnings and ROE would reach back to 2019, 2020 levels?
So we can exclude 2020 because it was the pandemic period, but 2019 is a good reference. It was, as far as I remember, around 45% to 47% ROE. I think in the past, we were, let's say, low equity holding company whereas high dividend payer company. But this was very, let's say, dangerous for capital adequacy. So our equity must be robust considering the risks of this kind of volatilities in the economy. So in the coming period, again, Aksigorta's ROE will increase very quickly, I think, because TRY 1.5 billion loss in this year is coming from the, let's say, less pricing or high -- fast, increasing inflation.
But that loss will not be that much in the coming years. I think we will have some positive margin in MOD, whereas we have negative in this year. And we will have a negative margin in MTPL still because it is capped, but it will not be as bad as this year's loss in MTPL. So I think next year's underwriting results will be better than this year's huge loss. And also adding on the financial income because we increased our duration during this year with high yields. So I think our financial return yield will be the highest level at the beginning of next year, the first quarter next year. And then it will become a saturated level. It will be stable or slightly coming down throughout the year.
So I think this -- composed of this scenario the result could be above 20% ROE in the next year. I strongly believe the ROE will be higher than 20%. But 47%, 50% ROEs could be far long because we have to keep some equity in our balance sheet considering the risk in terms of that macroeconomic volatility and the minimum wage increases, inflation, et cetera, et cetera. So in the future, our ROE would be high, but I don't think as much as 2019 or 2020 level. Ugur bey, do you have any additional views?
Yes. In the -- starting from next year, positive definitely 20%, 25% would be expected. Maybe the year after, starting from '24, '25, we can maybe reach those level or at least come close to those levels.
Yes. Okay. Then...
And [ Sadettin bey ] add up some questions on the side.
Yes, he wrote on the chatbot. So I will say, go over those questions on the chatbot.
Ugur bey, was there a decision in favor of non-life insurance in Board meeting? Yes, we mentioned.
We mentioned. In these...
How do you motivate your inventory?
This is a good question. Aksigorta -- of course, non-life insurance industry has passing through a quite unexpected period. I'm sure none of the countries non-life has been such affected with the decision of the economic management. Unfortunately, we have been passing through the -- very interesting period. Of course, those periods -- we really gained and learned many things in the last 1 year. We added new capabilities to the company.
In terms of motivation, we're really very transparently explaining everything to Aksigorta employees. Aksigorta is a very, very flat organization. Everybody can reach everybody. And so we continue to invest on the HR, a lot of training programs and -- as well as change our organization structure from hierarchy model to a more agile organization structure. So now employees are working in the small squads. So they see how they are creating value for the company. On the other hand, we continue to invest on technology on that digitalization issue, our technological improvements saves almost 200 employees for Aksigorta.
That's why Aksigorta is the lowest G&A ratio company in the market. And we are still investing on innovation and innovating systematic innovation processes. And as I said, we are transparently explaining everything to employees. So employees are now the capital adequacy management as much as Osman and myself. So they are making their decision according to the priority of the company. And the last engagement scores has come. We are measuring the engagement of the company. Still our engagement score has not dropped even though increased a few percent, still we are in the exceptional zone comparing to the rest of the industries and the rest of the companies who use the same measurement. So from that perspective, believe we are managing toward low profitability environment.
In terms of MOD, do you see diminishing demand for MOD given jump in the fall spread?
Definitely we see because MOD prices doubled in Euro terms. In Turkish lira term, it is quadrupled. So really, we -- and also the value of the car has increased massively. So we are seeing really unbelievable MOD prices in the market. Sometimes we are also quoting those high MOD prices. Some of the companies are lapsing from MOD policies. In order to acquire or not to miss those customers, Aksigorta and the competitors as well are giving -- preparing or launching new, more economical MOD products. We have 2 products available in the market. One of them is the economic Casco, the other is the super economic Casco. Some exclusion limits, some repair shop networks -- different repair not the shop networks, limiting number of drivers or some limited assistance services we are providing on the economic Casco. Those products are selling but number of customers who are lapsing from MOD has been increasing. So this is one of the risk indeed.
Yes. And then the last, Osman bey, did you say around TRY 550 million TL positive revision from URR?
As I said, there is a possibility. I think it will not be one-to-one perfect matching of the URR release at the negative effect coming from the minimum wage increase. But that URR release would mainly compensate the negative impact of the minimum wage. So that's very, very good news from both Aksigorta and for the non-life insurance market. And also from our side, we are expecting the risk factor of motor products to be decreased at the press meeting on 15th of November. This is our expectation. And there could be some easing, let's say, ways for the capital adequacy at the same meeting from the regulator. And so we are trying to do our best to have a capital adequacy above 100% at the year-end.
So this is all from the written questions. I see no any other written question. And you always have the chance to contact with the Investor Relations teams of Aksigorta and also for me as well.
If you have -- if you don't have any more questions, I would like to thank you very much for your participation of our earnings call. And also, we very strongly hope to welcome you with better results at the next quarter. Thank you. I give the words to Ugur bey.
Thank you very much indeed for your participation. As always, please don't wait to ask questions until the next earnings call. Whenever you have questions, don't hesitate to contact us. Definitely, third quarter will be a tipping point for the Aksigorta in the environment. On the coming quarters, there would be some small quakes, but we learned how to deal with those days. So now we are much more, let's say, confident for the future.
And I am sure Aksigorta has prepared -- made a lot of preparation for the next period, indeed, next -- let's say, while the environment has been clear, Aksigorta will be one of the, let's say, fastest and profitable player in the new environment. Thank you very much for your participation.
Thank you for all. I'm ending the meeting.
Okay.