Luis Felipe Castellanos: Okay. Thank you, Andres. That I’m going to pass on to Michela straight.
Michela Casassa: Okay, Andres. Here, I’m going to tell you in the medium-term that we are expecting that some of them has slightly changed versus the past, but what we are expecting is, I mean, the bank to be between 18%-19%, we are expecting Interseguro to be around or a little bit above 20%. This, though, has a very big question mark because of IFRS 17, okay, because IFRS 17 has a strong impact also on the network of the insurance business. So that ROE might be higher, especially for 2023.Okay. So that one we will need to review during this conference call. Inteligo should be above 20%, the same as payments. Okay. So 18%-19%, the bank, Wealth Management and payments above 20%, and we need to fine tune insurance. Having in mind that then when you put all those numbers together, there is a minus, let’s say, on the total number of IFS, which is the holding, that has there some expenses, which include mainly the expenses, the for the dividends and some minor, let’s say, operating expenses coupon of the $300 million bond that we issued for the acquisition of Sura.
So, a combination of the 4 subsidiaries plus the holding, it’s what leads you to the around 18%.
Andres Soto: Perfect. That’s very clear, Michela. And I assume that the recovery in Wealth Management is driven by improved market performance. Can you please tell us a little bit about that portfolio, both for the insurance and Wealth Management? What is the duration? And what makes you €“ what are the risk factors for this assumption for improvement of Wealth Management not to happen?
Michela Casassa: And maybe I will pass it first to Bruno for Wealth Management and then to Goncalo for insurance.
Bruno Ferreccio: Yes. So at Inteligo, fixed income is about 65% of the portfolio. Duration of the portfolio today is between 4.5 and 5. What to expect? We think we’re getting towards the latter end of the cycle with regards to rates. So that should be beneficial for the portfolio. We’ve already seen in late last year, December and beginning of this year, fixed income portfolios recovering nicely. And then so that should be positive. And again, well hopefully, volatility will come down on the equity side as well. So, it should be a much better year we hope for the investment in the portfolio on the Wealth Management side.
Gonzalo Basadre: Okay. So, with regards to Intersegula, around 80% of our portfolio is fixed income. The rest is divided evenly between equity and real estate. And with regards to the fixed income portfolio, we are actually hedged both in terms of duration and currency with our liabilities. Remember, we sell long-term liabilities in the form of annuities. And they have a duration of around 13-14, which more or less matches the duration of our portfolio, our fixed income portfolio.
Andres Soto: Okay, thank you.
Luis Felipe Castellanos: Thank you, Andres.
Operator: Your next question is a follow-up from Yuri Fernandes with JPMorgan. Please go ahead.
Yuri Fernandes: Thank you guys for the follow-up. Just regarding refinancing loans, I guess, Michela mentioned, being more active and we heard this from other banks. How the provision works for refinanced loans? Like you use to migrate to Stage 2, Stage 3? Like if you had to move some loans to that, like how should we think about provisions for refinanced loans? Thank you.
Luis Felipe Castellanos: Michela?
