GCO increased its consolidated profit to 178.4 million euros in the first quarter, up 12%.

"The Group's turnover amounted to 1,863 million euros, up 1.1% on the previous year. "

GCO achieved a consolidated profit of 178.4 million euros in the first quarter of 2024, 12% more than in the same period last year. In turn, total turnover grew by 1.1% to 1,863 million euros, due to the sustained growth of traditional business and funeral business in the last quarters, while credit insurance showed a slight decline.

Specifically, in the traditional business (Occident and NorteHispana Seguros), turnover grew by 2% to 1,012.5 million euros, with an increase in recurring premiums of 5.8% over the previous year. Of particular note was the 9.9% growth in turnover in the motor insurance business and 6.5% in multi-risks. Likewise, ordinary profit was 67.8 million euros, 26.4% more than in the first quarter of 2023, helped by the 1.6 p.p. improvement in the combined ratio of the traditional business, which reached 90.1%, below the average of the rest of the sector.

In the credit insurance business (Atradius Crédito y Caución), turnover (premiums plus information income) declined by 2.9% to 778.3 million euros. Ordinary profit was similar to the same period of the previous year at 100.6 million euros (-0.3%). The gross combined ratio of credit insurance continued to normalise and reached 77.2% in the first quarter (2.9 p.p., percentage points) above that recorded in the first quarter of 2023.

Income from the funeral business, which includes Mémora and Asistea, in this first quarter amounted to 72.1 million euros, 49.7% more than in the same period of the previous year, due to the fact that last year the contribution of Mémora began to be accounted for as of 9 February, the date on which the acquisition of the funeral group was completed. Ordinary profit amounted to 8.6 million euros, 72.5% more than in the first quarter of 2023.

GCO's Chief Financial and Risk Management Officer, Clara Gómez, explained that "we are satisfied with the results obtained in the first quarter as they reflect the stability, good performance and complementarity of our three business lines, as well as the financial strength and technical rigour demonstrated by the Group".

Permanent resources at market value in the first three months of the year grew by 4.4% compared to the end of 2023 reaching 5,992.6 million euros. In turn, managed funds amounted to 15,957.2 million euros.