Operator

Good afternoon. This is the Chorus Call Conference operator. Welcome, and thank you for joining the Banca Generali Full Year 2025 Results Conference Call. [Operator Instructions]

At this time, I would like to turn the conference over to Mr. Gian Maria Mossa, CEO and General Manager of Banca Generali. Please go ahead, sir.

Gian Mossa
GM, CEO & Executive Director

So good afternoon, and thank you for attending our full year results conference call. Before we get into our results, I want to quickly comment the market reaction to the recent announcement of a U.S. initiative called the Altruist. That is basically a tool, an artificial intelligence tool for the automated tax planning that in Italy is largely relevant just because for any investment related taxation, the tax situation is handled directly by the withholding agents. So basically the banks or the financial intermediary and not by the client.

So the volatility on our stock today comes from this U.S.-centric situation. That simply doesn’t fit with the Italian wealth management context and even less with Banca Generali also because we are not a brokerage platform. So as you know, and we said it several times, Italy has a unique economic and social environment where the wealth is still mostly invested in liquid assets, think of real estate kind of companies, not listed equity. And it remains very much sort of, say, family affair.

So in this context, our clients look for discretion, human guidance and not automatic