Reinsurance Group of America (RGA) 3 Nov 232023 Q3 Earnings call transcript

Good day, and welcome to the Reinsurance Group of America Third Quarter 2023 Earnings Conference Call. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Todd Larson, Senior Executive Vice President and Chief Financial Officer. Please go ahead.

Thank you. Quarter Call. Third RGA's to XXXX Conference Welcome Risk I'm Manning, Cheng, RGA's the regarding call forward-looking Porter, President; get non-GAAP before with Anna this morning Chief Jonathan Chief and measures. Barbi, information Investment joined quick started Chief reminder we on Leslie Officer; Officer. A financial Executive and Officer; Tony

for Please statements. could differ yesterday materially Some of to list answers we results or a the your questions release expected expected factors Actual cause results. refer important our comments may to earnings contain differ that forward-looking results actual of from results. materially issued could from to

all course Additionally, which our on for see the may earnings are include discussion the financial website terms and of of measures. during supplement, information GAAP our we and provide reconciliations of this call, presentation, to release, posted Please measures. earnings these non-GAAP financial quarterly

I'll now her for And comments. the Anna turn to over call

you reported earnings today. morning. or call for XX% of Good our Todd. XX.X% per $X.XX excluding adjusted of quarter you, third trailing operating share and ROE items. Thank Thank XX-month joining the we adjusted notable night, Last operating

value This show that underlying regions ongoing strength continuing included lines, and the of to to our growth well of quarter's success adding many our our long-term business engine. very is good performance large business in meaningful earnings results the engine of as the in as that strategy

in businesses. the Asia, our pickup also a overall quarter, favorable Let as me individual organic in include experience in measurable and the results with traditional touch mortality momentum individual on well results. business health favorable U.S. In very saw we a Underwriting group in particular, underwriting as were which experience favorable highlights U.S. of in a of business many business delivered flow new our and few continuation our Asia. the favorable business in

the quarter the our GFS a good contributions quarter are rates as a yield. were business at to and investment our of over longevity continue rise favorable above line produced Variable excellent well Solutions story Our This is was investment in strong Global another money consistently low. new had familiar as from impairments while results experience. Financial with both portfolio expectations, number business years. one in Investment and spreads quarters and income was with performance levels has

amount believe our We million is the capital $XXX were to that at in-force X uncertainties. the of and total of means last deployed quarters, of we exceeded million. $XXX first positioned investment other X each year-to-date capital into portfolio in deployed the years, in in ongoing the impressive withstand This well just transactions bringing have We which the levels. to total already themselves of quarter, economic

in-force we $XX our share million the healthy business are million opportunities. Putting and And it is On strong good driver very to also finish the of both our they very all capital Higher pipelines repurchased side, repurchases. bringing in-force of rates are a year. to total expecting and in new $XXX for year-to-date tailwinds are we and flow businesses. for block our are the organic management strong together, business, interest contributing shares, new momentum a business

to power allowing attractive balancing well time. extremely pursue growth earnings levels shareholders Our opportunities excess to position capital us returning and with capital us over

Industry dynamics are favorable.

attractive to things us for those record well and to many benefit to are positioned together coming future continue our shareholders. and our continue about track proven for ability all the deliver many, dynamics. We and capabilities our are optimistic we believe returns are We to with from

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morning, everyone. Good

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active remain our Our in U.S. confident PRT business and prospects this continues market. of is growing sizable to and gain market we momentum. highly very The

of couple In our Europe addition, the to longevity and significant first a strong, active very very adding we year. half the of business in transactions remains completed

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in exclusive we are combine world-class we areas. X each mentioned, RGA all these X when in transaction, previously reinsurance. winning it of As into results And

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over see for growth shareholders we in the to We always, attractive future but creativity, Asia in discipline and to returns strong very a opportunities vigor attractive many with our has not these success years well and that growth many to have as deliver excited continue only long-term to risk having come. ability us We pursue focus are and across much are our RGA's Thus, with I and and tremendous confidence future success. that of so the the RGA globe. but in with will with amount positioned

for interest turn the Thank I over financial it results. now Todd discuss will to your RGA. you to in

includes which per the XX-month operating of operating a Tony. income of Thanks, return was tailwind earnings adjusted per currency operating reported quarter XX.X%. and share. of for on share $X.XX, RGA adjusted million foreign equity Trailing adjusted pretax $X.XX $XXX

items, as the Excluding operating assumption notable return on trailing to equity was under XX%. XX-month changes LDTI, referred adjusted

are the on We quarter. and new assumption that quarterly the capital want as comments results. I well with deployment changes results in business few investment pleased volumes, make occurred as to the a strong did

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XX% Turning to premiums up were quarter. results. for Reported the financial

Tony second in Anna This quarter's earlier. in over premium mentioned that see this transaction more U.S. to Tony attractive to million increase $XXX we have our new momentum expect Also, as business growth continue strong time. PRT from includes mentioned, and premium and year activity than

by segment experience in lower starting mortality driven individual would like results of earlier. mortality, segment changes uncapped are cohorts. and in to presentation, In group As discussed individual we discussing and and we the reflected was Latin business our widespread, note capped to move results quarterly earnings of in we experience exclude Slide assumption X good mortality and favorable results, the that on both health. frequency. favorable I occurred that saw America This impact the our traditional primarily U.S. very that individual

future reported where we've saw about As under current portion is mortality the were that half experience underlying for period experience LDTI, cohorts we is And quarter, the results the into spread this uncapped in spread favorable mortality earnings into of remaining future. and is a periods. discussed previously the of what the

due was primarily Solutions unfavorable floating spreads higher LDTI. investment improved reflecting our And yields results securities. expectations. our while strong, were U.S. on to this to business Capital individual experience favorable, with experience results mortality perform spread business experience asset-intensive future continues Canada a U.S. reflected the part but large of be into The rate line in for group will traditional

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Asia reported results operating expectations. pretax primarily The Finally, from item. business in million our a loss Solutions to expected and less income. with investment onetime Financial due quarterly Other $XX Corporate favorable there of than is adjusted the segment Pacific range, modest higher were The effect line a

our higher the X in investments XX to yield X.XX%, portfolio for yields. Slides on The was Moving earnings reflecting on through Non-Spread presentation. quarter

on total opportunities capital business, ended management, the and For positioned the Slides our is assets higher capital earnings million. money available of position securities. were low, we impairments economic to strong well million structured with as liquidity excess $XXX and to we move in-force to remains capital year-to-date of select the yields in deployed capital In quarter quarter, and with and we and Credit approximately we our shown transactions believe X.XX%, rose bringing Non-Spread $X.X as rate new billion. reflecting other ongoing portfolio XX uncertainties. Related of presentation, market and $XXX XX the the private our to in

$XX total million a capital to of of returned $XXX and share million also million $XX through dividends. We repurchases shareholders of in

to into in expect transactions in-force growth remain attractive repurchases. We and excess shareholders through dividends our opportunities capital in active flow deploying block share returning organic to capital and and

book increasing of record track share. long value our continued per We

per value the compounded XX.X% book on since rate beginning excluding which XX, Slide growth XXXX. of shown As a $XXX.XX, share, represents AOCI, our increased of to annual

X in of first consensus quarter strong with each expectations. estimates XXXX been have particularly and quarters coming The of ahead

thought it from our the drivers be helpful I through So main to go would perspective.

organic First, business transactions. new very in-force strong and

and expectations profits, other transactions for in [ fact that an Anna have cases, reflected while on over X these pattern. been increasing the our But new In another capital years. current and in power already drivers through both cases, case, profits initially business these above benefit some been and in future in revenues an from very have sources current emerge Tony have the we have the to earnings and past the in-force ] building of deployment strong quality immediate year.

year. this U.S. across and of the results. The the various have Across we strength business longevity good areas traditional, Asia geographies. particular underwriting generally Second, our had results traditional very include underwriting organization,

is of rest LDTI, spread current the period is the this Under in some out underwriting future. whereas recognized into the experience

Third, interest rates.

that been in place a environment the We number a was us. years low have for in explicit rate past interest for headwind of the

we continue have to Now a interest nice higher yields in and earnings. have we are our to had rate investment a and should environment, tailwind that

of expectation are are plans, rates and incremental an our XXXX incorporated than assumed rates short-term we some long-term we benefit. into higher While providing and higher

will money us. a have on should has lever over higher than a additional portfolio positive management. Management and have taken Going long on had been yield, in-force In-force basis. effect benefit new Fourth, forward, our we always stay actions rates pick gradual results for as a The time. as our up

running and current our ahead at these our are rates we run Day. Investor of financial Given dynamics, intermediate-term targets provided June

half to would updates. we As To we relevant look first which very pleased performance, with we expect mind, strong year. third summarize, forward with the these a follows quarter drivers in our provide of are

Momentum is is resilient we power. and substantial opportunities good strong, with lines. across Our geographies business business underlying our earnings see and

future we deliver time. and over positioned well to prepared This the attractive for are remarks. forward, shareholders Looking expect concludes our returns to

for would We up it questions. open now like to

[Operator KBW. today Instructions] comes The question Ryan first with Krueger from

Todd, in new would would the favorable as like just it strong results, management interest that experience. just went be things benefits terms and of recurring growth, in you drivers have seems all and the business year-to-date over the the recurring underwriting of might rates the the one ongoing be in-force not

us favorable -- underwriting expectations? was the you hoping So I are could on been from color that quantification you have year-to-date how of give perspective able results just to any your an relative to

the give million the I hand going can you roughly. was current perspective, I to I'd at So from in around I around quarter, just $XX went the income it current -- size it size what through for underwriting have my an statement

Now was underwriting to remember that under was that's Overall, $XXX or LDTI, recognized quarter so. the currently. million the probably for portion closer

came income million $XX So through the though? statement, actual

quarter for... the In

quarter. the in Yes,

than you partner the able to is And different partner And on it's are us separately, the think it. built-in a guess, in Or go-forward there jointly Got one. is? transaction, Okay. terms of arrangements bidding? I first then, who deal basis, it a second done tell specific? had PRT I then with you the Are

Yes, Ryan, are with take PRT great we market. to with start in date. as our let And To on this shared, we've excited business, we think that. me successes there's the very opportunities look,

your will of to clear but offer the combined partnerships the And with transactions the your years can't our share the risk, we've price of as of of partner homes the up presentations book in as have Europe. To that as We as partner. we other that on many natural question, package. the we yes, feel guidelines such mortality given side and funds a longevity on on independently answer our partner second type different pension well and have big one previously we've well question, the as built answer over closely shared, capabilities business we data As side coordinate we're is for many, our I the prudential. longevity each mortality obviously consider a

Fargo. question The Wesley from with comes next Carmichael Wells

retirement. And wishes say to Anna first, congrats your I just for best and wanted

a Asia. on some favorable you item able give that? you color be I onetime think, mentioned us in additional to Todd, Would

And to the it And million Yes, million treaty as work the around related $XX I quarter. some classified $XX that. to way $XX it's that just remember in size, way we million, was correctly. underlying in if the reporting financial the for

a it So pattern. sort [ reserve be then of adjustment normal ] but true-up more of forward, a going will

the isolated item it So an really for of onetime sort was quarter.

on And impact And But have the drug? with of as it. a dealt results to maybe becomes issues and higher-level Got widespread? that over have thought given are advancement GLP-X an more longer RGA's guys could term cost question. you the adoption the the any

Wes, you're to used so Yes, obesity. drugs this is that referring manage Jonathan. to are

certainly, the to it's morbidity impact the they something cost mentioned and tell what probably to think comes both widespread, that too specifically, we're is. more and become by I it's we're benefits I down early and the long-term as encouraged But potential following. think as keenly you mortality

comes The from from Piper next question Sandler. John Barnidge

about through. talked that and much how the prospectively? kind of has When for talk you main maybe been management, of had better that earnings in-force of walk repricing You more about pipeline about actions can of the you talk in-force drivers

Thanks, John.

do very do treaty. But one. hasn't [ in-force to that ] our approach. not changed. all hesitate on stands take in partnership me mean we've on rights we much Look, pretty Let as with a management exercise we focused I been the everything

consider whole business for that on future holistic new obviously, and so involves, relationship world so very the client being considering forth. opportunities and and in considering So partnership that across with the

lack any there's perspective, a a again, this where, But and lot partners. focused covered we of on once from very to a -- I partnership win-win find ways So say ourselves opportunities fruit, of the for for word. situations between continue strategy our would better sort of we've low-hanging

My follow-up question.

talking hear think there power When you within much more the the about automating automated. about And opportunity? and is that the to what's more and from have your that. U.S. And you insurance hurdle how data You market, primary of perspective life carriers underwriting. a

What's the [ hurdle ] sorry? and opportunity,

hurdle implementing their the we've primary automated about of a What's from number because for these seen more underwriting them and within of talk portfolio. it today doing carriers some

work underwriting, obviously, very the of and on us automation U.S. globe. big with in a clients of theme Look, each very closely the across In that. obviously is our

Our of capabilities. focus underwriting a is range broad

absolutely clients as as with of as as well multitude facultative we our to between. provide work in closely So the services automate very well a

So I'd obviously, say we're by but with scale, size it's very strong much our trend the further. client, industry client to hurdles really partnering depends clients and the on them that facilitate clearly and a

Next question & Joel Dowling Partners. with Hurwitz from comes

current to interest you rate new want yields of level I benefits start levels? around the your stay on some provide in Can guidance color on tailwinds. versus if incremental the what's money

Yes. I to it's quarter This helpful Leslie. this is last And maybe compare just if quarter. think I

towards they focus as if the be now fourth been at that the we $X business, So the you there had about yields the stay yield incremental and the Non-Spread little levels difference moved on end is in million sharply the quarter quarter. deal And really quarter. you has because from probably we additional actually if sustainable tailwind up the on a a bit. That our moved end higher of up at will in quarter

million and the maybe more bit the in levels, So quarter. little saying $X a these fourth

year-to-date And GFS, business? you talk of activities. traditional the the strongest guess, see has you activity more to you time? opportunities this in-force helpful. the the then seeing with persisting do much there. level know capital opportunities? intermediate see been about just deployment can very And are strong where Very just in I the but then is Obviously, over shifting you I

Yes.

Obviously, growth our into have notable me globe. won't and capital deployment, the And one. momentum, we've surpassed believe our reason growth growth. Anna the Let The year. take the with business, obviously that no have our major mentioned, we already of across that continue in to X very last regards in as areas we of strong to of deployment all

is a discussed parts already We've other also in the involves PRT on business. bit and world. the asset-intensive the U.S., intensity asset asset the of which Asia,

prospects in-force strong the in-force say, arising, We the we spoke So time very particularly GFS see want do to both And as to are management. as the opportunities earlier U.S. on also about time traditional business. I well the in

have how Our opportunities. of I there it that ability when in-force they have their they on with on that more to put we so discuss to work work with actions. with with us sort And business, them partner blocks clients can they're experience us to other prone us when those of when differentiates

from Tom Gallagher comes question with next Evercore. The

back Todd, quarter. of Do right? come this The I just you $XXX which around quarter. Overall, underwriting $XX wanted in the million, came I think to your question. was to said to response Ryan's actually I favorable have through that million

claim's And that's right. GFS. activity. on the traditional to That's and both that's Yes. And specific

you. Got

know, about that And that -- so to should that over, in Is think going future slowly way right about future don't this, there million? the Todd, million very $XX the through $XX I in is we the how think a come years? deferred way will to get that is XX periods amortized

the that's right. underlying or cohort liability. ] years which future. to It'll time on [ the be And It Yes, probably [ depending duration underlying ] over longer in and in of average. on order on in in the XX depends is is product the amortized

comes with Bhullar question next JPMorgan. Jamminder The from

First, from maybe benefiting new on for Leslie, obviously, the money in rates. yield, rise you're the interest

in maybe be expect the the to them also I high? allocation were going shift was to would there? Did that benefited think versus and yield be -- above you we private Or that of expect to have to not as just you the that you what allocation is that this still quarter, new highlighted sort trending maybe investments. because from opportunistically you money trended you normal it a allocations highlight forward? Or -- should increase it where structured imply normally yields and

you. that clear. asked glad wasn't I'm you if Thank that

allocation by is it clear, a have I actively we bit about interest the doorstep. we're up the show the we bit really higher and I private quarter, make broad think allocation. little to on second rates I had just platform select a I second had noted quarter. is everything our guess, opportunities actually, was In than that not think But of comment driven selecting a that and the less the

mix on of shift at a quarter. our generally, a was in actually of negative very the bit levels that So because But platform. we're yield broad healthy

So more, levels nothing to even improve yield the that that shouldn't in up suggest go if rates your was at from it high incrementally XQ.

Yes, correct.

In fact, as you know, rates of towards the went the up much end more quarter.

So if [ forward. level, you're be XXX that the going ] would supportive from going

from comes question with next Benguigui The Barclays. Tracy

basic Have very a question.

wondering do could path type transaction you So do greater a of or with PRT could partner I'm insurer U.S. earnings potential? you has PRT jointly reinsurance. some an which

It the that pursued. would path we've be

insurers. So PRT partnership the with side-by-side

presence early also if views Bermuda, on And a analysis. have in on had wondering paper that's any scenario-based because out the I'm you consultation particularly you there, the

Todd. Yes. monitoring have we been it's that. Tracy, Yes,

material We or company companies analysis Bermuda. Based do do RGA, we expect approach. the not impact. a scenario-based our on a for we have actually in don't correct, You're use

So -- that changes the that those directly. us will impact not to

from with Kamath question Jefferies. next The comes Suneet

curve leverage us think long in than curve? through way the versus of think much due the we rate the short a the to interest to end of Is it's of sort Your of seems coming stronger much end that is there expected. how I help like

of the nice [ longer. of short entire ] then quarter-over-quarter change I and of period this say, really, for yields would Leslie. half, doing for are some say trades higher over would job curve still sort and end have quoting half numbers rates we the and I I done It's the the a the extension interest locking beat and was

and half kind it's So of half.

you ROE I to embedded about higher is comments an a to returns guess think that value adding stuff you're XX% you ROE had business on recently. added there then Tony, other your perspective? are that guess, always And you've that or think you've I for that, business talk the Is that value new getting words, target new relative from in what much way sort the of XX% prepared of In to the mentioned I about. on that been

Thanks Yes. for the question.

times business the business. mentioned, on for mentioned that's in partners the few the And why sort of further pleased to very you we're volume. and the To from I we've is the are is both then strong, you As pie that. able returns and benefit with when add exclusivity the coming your grow mean, a quality new new to because you breadth, the the that, partner,

So XX%, than And are we're again, XX% pleased business. higher to we're our very pricing new just returns targets the the once on with seeing that.

The next Mike question Ward with UBS. from comes

whatnot. again, GLP-Xs. just Wes' just extension could on sensitivity Anna, shared of Congratulations, expand life this mix was hypothetical just type of high-level number question ago, to maybe the your expectancies. on to I X-year guys years hypothetical wondering if A given you of and sort us that of a you help think through

number Jonathan. in I [ you. of it able level. it's provide the my a of have I to Yes, head think sort you But to the don't guess high at super context can again, mean, of maybe Mike, be Yes. ] top this of, I

more we year year, of premium. basically extra were everyone's one by you push an collect would out death If to

way further some let So to but look me it, we a to way or to that maybe at year take give see some context for you that's maybe about that of high-level information provide Investor something. next if can and away very a there's Day and think kind different

capital strategies, And of Langhorne. on wondering revamped the any then there's I vehicle sort third-party update just specifically if the was

important us. for remains capital Alternative Todd. is strategically This

Langhorne Before your answer specific I question.

alternative embedded retro around session. We have in been strategic active some value like things capital securitization, and surplus notes

Langhorne, execute as along elements been include your far taken But as sort that the considerations. we'll hopefully, we version have as far lessons we that Langhorne next-generation third-party execution future just lower near sort here the of alternative the from not pretty in in have So and as far capital of on structure. we've learned did We're developing out. of closing it's and successor that we one capital -- our the the to

Scott question comes with Goldman The from next Alex Sachs.

follow-up some those as a would it's impact Certainly, to you on seeing just I ask and wanted signs But in easing how on an you're the of First if them? the Bermuda go overlap you you the for related I competitive if necessarily any deal. actually companies every what to, far with environment seeing regulations you is with do guys market to this? there, aren't of guess, environment. regulatory changes. you competitive Are question as the where competing private directly equity-backed impacting

the changes now, regulator we look practices, given Yes. Todd we mentioned, change. Thank it's then favorable only that's have you. anecdotal, does or at environment deal. But every us. started as speaks And competitive our of signs Bermuda the No, for some in changes, obviously, seeing

had to on? been in XX' I of on first -- things what ask, And broad are you, know full broad, year question more a focused I through Second hearing the in just Tony. CEO, what's as that was the interested has for the wanted while, we for works list most short think little your you're this is as I a but that's I and part that.

really many, firing right feel cylinders when the strategy fully the really now. for question. X execution. has been COVID only Thanks period past and many months very Look, the on the is got, focus XX globe. obviously, We're only opened our we've up. world has on across incredibly all The old is Yes. opportunities We the years post much

incredible focus execute to focus And to us all brand, strong delivery. and and are the positives energized execution and So balance and continue and it's to And sheet, up it's teams excited, all now about deliver. there.

Wes from with The Wells next Fargo. question comes Carmichael

segment. I question U.S. had on a the Traditional

experience, gain I think think, in mortality and favorable. remeasurement saw the financials said was we I a you

quarterly you just are volatility? there? new -- Or maybe that more anything is So seeing

Yes, favorable mortality we in for think we as in for experience very comments, favorable unusual far frequency. my the anything primarily U.S. the is markets, as to as saw I quarter mortality -- the there. widespread some mentioned I and much due saw pretty don't

to expecting XXXX? your Investor still And at of of at from at all kind what excess thinking I mortality outlook kind guess, of I'm changing get Day. is, Todd, kind Or your are into are you continues trying you

Wes. Yes. take Maybe one, I'll that

much with consistent pretty thought Day. our what do Yes, -- outlook at we Jonathan. Investor it's So is still we

coming mortality some So where we're is down. the trends population pleased to of in excess the see

X% I assumptions recent course, that's couple we at in mortality excess And quarters. intermediate in still that got think in and that around believe our most you look will business we've But reflected our in term. it's to the continue now our X% of of if the reserves.

We our this changed point, haven't, for at improvement. long-term expectation mortality

Evercore. The with comes Tom Gallagher next question from

on to critical Just I'm it there illness? What's it in Because that. the driving favorability such Is more is little question that. underwriting? be that's both? critical you're of insurance curious level seeing Asia. But traditional how business, if if -- a illness Is it's a good might something the -- guessing it sustainable life a you just

critical in a as of connect one. with. products fact the to to leverage we're owners ability liabilities off a us that with with and Really, mortality, on the feel Maybe the drivers side the U.S. that there's is and sheet. of to is create able new of also spot it being Part number such balance that I'll Asian presence reinsure we allows take sweet teams asset Asia with which a happy company but very have, that strong obviously being strong we

So that's there unique attribute Asia. out pretty in a

and most in. performance gain to of ourselves more as what's driving that's exclusives our well So is to share create those ability as value that partners for the

for Like years the doing globe mean, it's of something illness more one risks now. there, rest but you of is probably and critical than that the the we've about mortality, Asia XX major so been in I mentioned,

The Bhullar JPMorgan. next Jamminder question with comes from

and the results the to had the charges obviously performing past, there last I it's wanted you've few doing assuming on I specifically on that just better I'm that's division how but because been quarters business Asia in given Asia in Australia over on follow think up overall. the

it's Jimmy, Yes. Todd.

for it's profit. was in year-to-date, So I the modest that moving at. quarter right think to It's think like way. profitable. excluding back the the But it's items, direction there the we're still Australia, And not notable for to see I a is would best we it level --

as We new several as have years the been there business. cautious far last

things direction. the So in I heading going think, are, forward, right

they and in-force many number Jimmy, of it. But when well of across the as terms I the return And discipline is provides many, assess we there example financial. to risk/return we've trade-off over the the in as has as I the that And of the pursue like and risk blocks the we're across stead, shown of mean, said, we able a able a repricing good we years the held in strong market, us blocks Yes. Todd strategically, the have optionality to meet just world. businesses it mean, world. the of market

Australia well. as to into would fair for assume LDTI, of at taken and have And experience of sort account in reserves reserves as you looked part that

Yes.

our For to update of LDTI, we best subject all to any of assumptions. estimate business the had

back remarks. question-and-answer Tony This I the like closing turn would Cheng concludes our for conference over to session. to any

your questions strong growth love On employees substantial upcoming her quarter, continued This business. further Well, We many a interest RGA. demonstrating the and RGA, on thank in opportunities. in for well on to of Anna I the to positioned behalf all our all the of would retirement. very was earning you very power capitalize congratulate remain

on firing are in our to cylinders, continue attractive We deliver all our to we returns confident to ability are shareholders. and

So you, concludes and call. quarter this third thank our

The for presentation. today's attending now Thank concluded. conference you has

now You may disconnect.