Henrique Navarro : Thank you, Milton.
Renato Lulia : Next question from Yuri Fernandes — wait for the — well, if you can just wait a few minutes. I’m going to get back to you. From Carlos there was an answer, because Carlos asked you about insurance business as well. Yeah, because we had an audio issue. Carlos asked about if you see this the insurance business being sustainable going forward. What was your forecast?
Milton Filho: Carlos, sorry for that. I didn’t hear that question. We had some audio issues. But here I am again. So the first year we believe is sustainable. We had this acceleration somehow compared to the other periods, because we were growing 50% year-on-year. So we reduced to 20 25% year-on-year on our car insurance business, which is three quarters 75% of our business has to do with the car business that we believe banking assurance. And with this expansion in credit and all the expansion I was making — talking right now about the cross sell with this One Itau platform so on and so forth this will give us the capability to keep growing insurance in a sustainable way. So we still very positive. We found a way to grow. We are very embedded in the operation, a huge synergy with the commercial team, the insurance company’s team.
We changed the way we approach clients. So we’re very comfortable that this will keep on track and will be sustainable in the long run. We are very positive about the insurance. And also if you look to the P&L on the insurance side, you’ll see that we’ve been growing the premium that we receive in reducing the cost of losses. So our combined ratio has been evolving three points from 53% to 50%. So it’s a very good combined ratio. And also the open platform has been playing a relevant role. And we will keep pushing that so on, and so forth. So we have the manufacturer, the distribution and the open platform, they have a very relevant role in our business.
Renato Lulia : Thank you, Milton. Last question. Thank you, Yuri for your patience. Thank you, the floor is yours.
Yuri Fernandes : Thank you, Milton and Lulia. Just one question. Quick question. It’s about the digital transformation of the wholesale or retail, I apologize. So it really brings your attention to the level of the opening of new digital accounts, there is a drop. So it was 900,000- 1 million, and this quarter was 700,000-750,000 open new digital accounts, maybe the bank is still cautious with the open ocean. But more than that the number of the accounts being opened on the table, there is the data of the share of digital transactions per volume. When we look at digital transactions of credit investment payments, we see stagnation. My doubt is along that line of digital transformation, we will see, but I wouldn’t say that this is an inflection point. It’s circular. But maybe there will be less growth in the penetration of the digital channels. Well, that’s it, thank you.
Milton Filho: Sorry, that you’re last. But you’re the last but not least. First of all, let’s start by the second part, we certainly are working strongly in digital, but we understand that we went through a high level of penetration. Therefore, the new penetration, the marginal will have a lower speed because most of the space was reached. Now, having said that, we are very focused, we are reviewing the client journey, the access to the digital channels, making our clients digital, we even believe that the mix of the clients in the market, you will improve the penetration of the digital channels. And we’re going to see an evolution that is maybe smaller than what we observed in the previous quarter because deepening acceleration roll and after the pandemic was over the inclination, or the slope of the curve has changed as you’re correct.
And we’re following up on that. And the relevance is important. The importance of the network, it shows not only an issue of the digital channel, but how the other physical channel is so very important and how the client still like for credit for investment still have access to the branch, the on site, you talk to their managers to understand that only reinforces the other side of the same coin. If we were a full digital bank, a relevant part of our revenues would go away. And it is the defense of digital model, we have to look at the penetration of digital channels, and we are following up on that. But we also have to look at the relevance of the on site service for that offering and the delivery of value for the clients. So this is the other side of the coin.
About the accounts receivable, well, the reduction, the account sorry, is the reduction of the filter. One is credit, because for you to open an account with the client, you have no capacity to give credit, you have the CIC, you bring the client to the bank, if you make the client frustrated, that is expecting the credit and where the filter is not going to have access to credit. And it brings the costs to the bank that you didn’t have to. So we’ve tightened that filter, so to guarantee that the digital account state that we ultimately improve in terms of quality. So we’re not going through the quantity but the quality of the outcomes that we’re bringing in. So 900 is not better than 700 because the mix of your quality makes it is better maybe in the 700,000 and 900,000.
So we should look at that in the absolute numbers. So the credit filter, and in fact clients that I know that I’m going to be able to engage that I have a value proposition that I can deliver a product that I can have a long term relationship this is a win win for the client, any organization. So that’s where we get the adjustments.
Yuri Fernandes : Thank you, Milton.
Renato Lulia : Well, that was the last question of the analysts. I think part we have several questions via WhatsApp, we’re going to answer thereafter with the IR team, and therefore we finish our Q&A session. Thank you, everyone that was connected to us for two hours. The floor is yours, Milton, for your final remarks.
Milton Filho : Once again, thank you very much. It’s a pleasure and privilege to be here with you. I believe that the numbers that we’ve managed to communicate to you, we’ve been very careful to provide transparency. The numbers are always numbers. So you can ask questions, we are now going to leave with that and maybe I cannot answer at the time, but you’re going to get an answer. I can guarantee that we work with transparency. We understand your questions, we always do a debriefing protocol to understand what is a message to concern so we can have surety that we do not — we don’t have any blind spots. Thank you for your questions. And I hope we hope to meet your expectations, very happy with a result. Very trusting in the future.
We really believe in our journey whether it’s digital transformation, efficiency, cultural transformation, and we’ve managed to change the value vision for our client. This is the most important thing. We’ve grown an engagement and our clients and all the segments. With that I finish. I think that I spoken a lot. We’ve seen — we will see you with it may be in the [Indiscernible] in the next call. Thank you very much and have a nice day.
