Currently, the Spanish public pension system is facing significant challenges in ensuring financial security for its retirees, due in part to its high demographic dependency. In addition, over the years the tax reliefs available to private pension schemes have been significantly reduced. For instance, the current annual tax relief limit for individual pension schemes is €1,500 or 30% of the sum of net income from employment and economic activities earned individually during the fiscal year, whichever is lower. In contrast, in 2018, this limit was €8,000 or 30% of such income, if lower. As a result, individuals are increasingly seeking alternative methods to secure their retirement. This trend is significantly impacting the insurance market, where a notable rise has been observed in the uptake of savings products, such as unit-linked insurance plans, the subscription to which in Spain has reached historic highs and is projected to continue growing. We expect this trend to continue in 2026.