Grupo Catalana Occidente achieves a consolidated profit of €476.5 million up to September, an increase of 21.5%

"Turnover increased by 8.5% to €4,036 million."

Grupo Catalana Occidente obtained a consolidated result of €476.5 million in the first nine months of the year, 21.5% more than in the same period of the previous year. Furthermore, turnover increased by 8.5% to €4,036 million, as a result of the increases recorded in the insurance group's two branches of activity: traditional business and credit insurance.

The ordinary result of the traditional business (the companies Seguros Catalana Occidente, Plus Ultra Seguros, Seguros Bilbao and NorteHispana Seguros) increased by 0.4% to €203.2 million in the third quarter. In addition, turnover (total written premiums) improved by 1.4% to €2,153.8 million. Of note was the positive evolution of the turnover for recurring premiums, with a growth of 5.4%, and, by lines, the 7.4% increase in multi-risk and 8.3% in other risks are of particular mention, thanks to the good performance of commercial activity. In turn, the combined ratio in the traditional business stood at 90.3%,  2.2  p.p. (percentage points) more than in the same period in the previous year, mainly due to the increase in the average cost of claims caused by inflation, the higher frequency of claims in the motor line and the different types of weather events.

In the credit insurance (Atradius Crédito y Caución, and Atradius Re) chapter, ordinary result amounted to €275.9 million, 57.2% higher than in the first nine months of 2021, thanks to a prudent risk underwriting policy. Turnover (written premiums plus information income) also increased significantly to €1,882.2 million, up 17.8%. The gross combined ratio reached 69.9%, increasing by 10.3 percentage points compared to September 2021. However, it remains an exceptional combined ratio recording an inflow of claims below the pre-pandemic period.

The General Manager of Grupo Catalana Occidente, Francisco Arregui, highlighted the good performance of the insurance group, stating that "a new quarter in a row where we have managed to increase turnover and profit compared to the previous year, thanks to the sustained growth in the traditional business and the positive evolution of the credit insurance business".

Finally, permanent resources at market value between January and September decreased by 6.5% compared to the same period in 2021, to €4,852.2 million, reflecting the evolution of stock markets and interest rates. In turn, funds under management reached €14,962.2 million.