Chairman's review

Dear shareholders, partners and customers:

I am pleased to present the 2024 annual report and share with you some reflections on a key year for GCO, in which we have concluded the 2022-2024 Strategic Plan and consolidated the solid results recorded throughout the triennium.

The cornerstone of the Plan has been corporate simplification, an ambitious project that culminated in 2024 with the birth of Occident, resulting from the merger of Seguros Catalana Occidente, Plus Ultra Seguros, Seguros Bilbao and NorteHispana, Occident serves more than 4.6 million customers through a network of over 14,000 mediators.

We have also worked on other fundamental initiatives: boosting distribution networks, focusing on digitalization and omnichannel strategies, and developing innovative products in strategic areas such as health, mobility, and solutions for the senior collective.

At the same time, we have advanced in providing more convenient solutions for our policyholders. Through the application of new technologies, we have streamlined the most critical processes for the client, such as policy subscription, claims resolution, and service provision.

Regarding Atradius, it has once again demonstrated its solidity and capacity to generate profitable growth while maintaining prudent risk management.

In Mémora, we have focused on supporting families with a long-term vision, efficiency, and growth through the acquisition of other companies, while integrating Asistea.

Meanwhile, the Group's corporate venturing entity, GCO Ventures, has continued its innovative purpose by launching new businesses in areas related to insurance activities.

Solid results endorsed by rating agencies

This transformative process has been accompanied by excellent results in our three business lines – Occident, Atradius, and Mémora – as well as in our three strategic pillars – growth, profitability, and solvency – demonstrating that GCO is a solid group capable of adapting at all times to a changing economic environment.

Once again, the main rating agencies endorse our business model. In the past year, the rating agency A.M. Best confirmed the financial strength rating of “A” (excellent) and the long-term issuer credit rating of “a+” (excellent), both with a stable outlook, for the main operating entities of GCO, both in Occident and Atradius, reflecting the Group's solvency and financial strength. Moody’s, for its part, maintained its A1 rating with a stable outlook for Atradius.

Commitment to sustainability and new projects

We are particularly excited to inaugurate a new headquarters with over 20,000 square meters of space on Méndez Álvaro Street (Madrid), where we bring together the entire team located in this city in one building. Situated in one of the new nerve centers of economic growth, it incorporates the highest environmental standards, earning it the highest LEED Platinum energy certification. The new building also reflects our commitment to implementing a more flexible work environment that will improve the work experience for our teams.

Our commitment to being an active part of social and environmental protection is reflected in the launch of the new Sustainability Master Plan, which sets the course we will follow at GCO in terms of sustainability until 2026. Good governance, sustainable business, social commitment, and environmental responsibility are the four pillars that structure the plan, from which a series of objectives and actions are derived that will allow us to continue creating value and contributing to society's well-being.

Committed in key moments

Beyond achieving the sustainability objectives, our commitment is measured by the response we offer to the catastrophes and challenges we face as a society, as was the case with the DANA that hit the Valencian Community. In the face of such episodes, as an insurance group, our main task is to support those affected as much as possible. Therefore, Occident set a special aid operation to reinforce attention and service and adhered to the public-private agreement to expedite assistance topolicyholders. It also provided a free medical orientation service, psychological counseling, and social assistance.

Atradius, for its part, granted an extension of communication deadlines to its policyholders affected by the DANA and facilitated payment extensions to affected companies without losing insurance guarantees. Mémora also contributed with various actions, such as enabling free wake rooms; and from GCO and Occident Foundation, we collaborated with the Spanish Red Cross fundraising campaign.

Regarding Occident Foundation, we bid farewell with deep sadness to its chairperson and GCO advisor, Federico Halpern, who greatly contributed to the Group and to Occident Foundation reflecting GCO's commitment to society. The Foundation's work in research, teaching, cultural actions, sports activities, and solidarity initiatives continues under the presidency of Laura Halpern. Important milestones in 2024 include collaboration with the Gasol Foundation to prevent childhood obesity and promote healthy habits among the youngest; and the launch of the Jesús Serra Degree Scholarships, which facilitate university access for students without university references in their families.

To conclude these reflections, I wish to express my gratitude to Juan Closa, CEO of Occident until his retirement on January 1, 2025. Linked to GCO for over 40 years, his leadership has been key in the growth of the traditional business and the merger process that led to the creation of Occident.

The dedication of our employees and collaborators, the support of our shareholders, and the trust that clients place in us are crucial in making GCO a leader in accompanying people and companies at all stages of their lives in order to ensure their peace of mind in the present and their trust in the future. We now face the challenge of continuing to create value as a Group for all our stakeholders, a purpose we will address in our 2025-2027 Strategic Plan.

From these lines, I extend my sincerest gratitude for staying by our side and our firm commitment to live up to your support.

José M.ª Serra