Operator: Good afternoon. This is a Chorus Call Conference Operator. Welcome and thank you for joining the Assicurazioni Generali’s Full Year 2012 Results Question-and-Answer Session.
Please note that the session will be held in English only. At this I would like to turn the conference over to Mr. Spencer Horgan, Head of Investor Relations. Please go ahead, Sir.
Spencer Horgan - Head of IR: Thank you very much. Welcome everybody to our Q&A session on the full year 2012 results. I am joined here by Mario Greco, Group Chief Executive Officer; and Alberto Minali, our Chief Financial Officer.
I will hand it over to Mario for some brief opening remarks and then we will ready to take your questions. Mario?
Mario Greco - CEO: Thank you Spencer. Welcome everyone to our Q&A call. Hopefully, you’ve already had the chance to watch the video presentation in our website. Let me briefly summarize the key messages of today's reports.
First, our underlying business is resilient and has performed well during a very challenging period with a particularly strong performance from our Property and Casualty business in the latter part of the year.
Second, the new international management team is in place and is focused on delivery of our vision. The restructuring of the Group to create a simpler and more profitable company is well underway.
Third, a thorough and comprehensive review of asset values in our impairment policy. That had a clear impact on net income, but the impact on our capital position is very manageable. The changes there we have made aligned us better with the international and best practices for the future.
We have recommended a dividend of EUR0.20. This reflects our commitment to providing appropriate returns for our shareholders even at a time when we are focused on strengthening our capital position. We’re just at the start of the long journey, but we have taken some firming decisive steps in the right direction towards delivery of our vision for Generali in 2015.
With that, we are ready to take your questions.