Grupo Catalana Occidente S A : 9M 2022 Financial supplement
October 27, 2022 at 07:07 pm IST
Share
Index
Index
Press Release
Key figures
Financial information
P&L
Result
Traditional business
Multirisk
Auto
Others
Life
Credit Insurance
TPE
Expenses
Financial result
Non-ordinary
Balance sheet
Investments
Quaterly Report 9M2022
Press Release
Index
(figures in million of euros)
Income
9M2021
9M2022
% Chg. 21-22
Traditional Business
2,123.2
2,153.8
1.4%
Recurring premiums
1,883.1
1,985.2
5.4%
Single premiums life
240.1
168.6
-29.8%
Credit Insurance Business
1,597.4
1,882.2
17.8%
Turnover
3,720.6
4,036.0
8.5%
(figures in million of euros)
Results
9M2021
9M2022
% Chg. 21-22
Ordinary Results Traditional Business
202.4
203.2
0.4%
Ordinary Results from Credit Insurance Business
175.5
275.9
57.2%
Non-ordinary Result
14.3
-2.5
Consolidated result
392.2
476.5
21.5%
Attributed result
361.0
430.6
19.3%
Key figures
Index
(figures in million of euros)
Key figures
9M2021
9M2022
% Chg. 21-22
12M2021
Growth
Turnover
3,720.6
4,036.0
8.5%
4,882.5
- Traditional business
2,123.2
2,153.8
1.4%
2,801.0
- Credit insurance business
1,597.4
1,882.2
17.8%
2,081.5
Profitability
Consolidated result
392.2
476.5
21.5%
468.3
- Traditional business
202.4
203.2
0.4%
244.2
- Credit insurance business
175.5
275.9
57.2%
241.8
- Non-ordinary
14.3
-2.5
-17.8
Attributed result
361.0
430.6
19.3%
427.2
Combined ratio Traditional business
88.1%
90.3%
2.2
88.9%
Combined ratio Credit insurance business
59.6%
69.9%
10.3084917447
64.2%
Dividend per share
0.95
Pay-out
26.6%
Share price
31.5
25.7
-18.6%
30.0
PER
9.3
6.2
8.43
ROE
10.5%
Non-financial data
Number of employees
7,309
7,150
-2.2%
7,305
Number of offices
1,461
1,502
2.8%
1,481
Number of intermediaries
16,725
16,326
-2.4%
16,726
Key figures
12M 2021
9M 2022
% Chg. 21-22
Solvency
Permanent resources at market value
5,191.5
4,852.2
-6.5%
Technical Provisions
11,294.5
11,822.2
4.7%
Funds under management
15,712.2
14,962.8
-4.8%
P&L
Index
(figures in million of euros)
Cuenta de resultados
9M2021
9M2022
% Chg. 21-22
12M2021
Written premiums
3,610.9
3920.8
8.6%
4,746.9
Information services
109.7
115.2
5.0%
135.6
Net income from insurance
3,720.6
4036
8.5%
4,882.5
Technical cost
2,133.0
2236.4
4.8%
2,850.3
% of net income
59.5%
58.1%
59.2%
Commissions
438.1
488.3
11.5%
594.9
% of net income
12.2%
12.7%
12.3%
Expenses
588.4
592.4
0.7%
843.2
% of net income
16.4%
15.4%
17.5%
Technical result after expenses
422.8
532.5
25.9%
529.4
% of net income
11.8%
13.8%
11.0%
Financial result
76.3
67.2
97.0
% of net income
2.1%
1.9%
2.0%
Result of non-technical non-financial account
-22.2
-5.4
-34.2
% of net income
-0.6%
-0.2%
-0.7%
Result compl. activities Credit insurance and funeral business
13.5
11.9
15.1
% of net income
0.4%
0.3%
0.3%
Result before tax
490.4
606.3
23.6%
607.3
% of net income
13.7%
15.7%
12.6%
Taxes
98.2
129.8
139.0
% taxes
20.0%
21.4%
22.9%
Consolidated result
392.2
476.5
21.5%
468.3
Result attributable to minorities
31.2
46.0
41.1
Attributed result
361.0
430.6
19.3%
427.2
% of net income
10.1%
11.2%
8.9%
Ordinary result
377.9
479.1
26.8%
486.1
Non-ordinary result
14.3
-2.5
-17.8
Result
Index
(figures in million of euros)
Result for activity areas
9M2021
9M2022
% Chg. 21-22
12M2021
Ordinary result Traditional business
202.4
203.2
0.4%
244.2
Ordinary result Credit insurance business
175.5
275.9
57.2%
241.8
Non-ordinary**
14.3
-2.5
-17.8
Consolidated result
392.2
476.5
21.5%
468.3
Atributed result to minorities
31.2
46.0
47.4%
41.1
Atributed result
361.0
430.6
19.3%
427.2
Traditional business
Index
(figures in million of euros)
Traditional business
9M2021
9M2022
% Chg. 21-22
12M2021
Written premiums
2,123.2
2153.8
1.4%
2,801.0
Life insurance premiums, ex. single
1,883.1
1985.2
5.4%
2,473.2
Technical result after expenses
214.0
204.1
-4.6%
258.7
% of Earned premiums
10.4%
9.9%
9.3%
Financial result
49.4
61.8
25.1%
59.9
% of Earned premiums
2.4%
3.0%
2.2%
Result non-technical account
-13.1
-14.8
-18.4
Funeral business complementary activities
3.7
4.9
32.4%
5.2
Company income tax
-51.8
-52.7
-61.1
Ordinary result
202.4
203.2
0.4%
244.2
Non-ordinary result
9.9
1.3
-12.4
Total result
212.3
204.5
-3.7%
231.76
Earned premiums
2,062.6
2065.1
0.1%
2,781.9
Multirisk
Index
(figures in million of euros)
Multir-risk
9M2021
9M2022
% Chg. 21-22
12M2021
Written premiums
539.9
580
7.4%
721.8
% Technical cost
56.1%
58.2%
2.1
56.2%
% commissions
21.1%
21.1%
0.0
21.0%
% expenses
12.9%
12.2%
-0.7
12.9%
% combined ratio
90.1%
91.6%
1.5
90.1%
Technical result after expenses
52.0
46.7
-10.2%
69.9
% of Earned premiums
9.9%
8.4%
9.9%
Earned premiums
523.4
555.9
6.2%
705.3
Auto
Index
(figures in million of euros)
Auto
9M2021
9M2022
% Chg. 21-22
12M2021
Written premiums
480.9
493.0
2.5%
641.1
% Technical cost
63.3%
68.5%
5.2
65.3%
% commissions
11.3%
11.3%
0.0
11.2%
% expenses
12.8%
12.8%
0.0
12.7%
% combined ratio
87.4%
92.6%
5.2
89.3%
Technical result after expenses
61.5
36.0
-41.5%
69.6
% of Earned premiums
12.6%
7.4%
10.7%
Earned premiums
486.6
484.0
-0.5%
650.4
Others
Index
(figures in million of euros)
Others
9M2021
9M2022
% Chg. 21-22
12M2021
Written premiums
251.1
272
8.3%
330.8
% Technical cost
51.9%
49.3%
-2.6
52.3%
% commissions
18.5%
19.8%
1.3
19.9%
% expenses
14.7%
14.2%
-0.5
13.4%
% combined ratio
85.2%
83.3%
-1.9
85.5%
Technical result after expenses
35.3
42.4
20.1%
46.2
% of Earned premiums
15.0%
16.7%
14.5%
Earned premiums
235.7
253.6
7.6%
318.9
Life
Index
(figures in million of euros)
Life
9M2021
9M2022
% Chg. 21-22
12M2021
Life insurance turnover
851.3
808.8
-5.0%
1,107.3
Health
133.3
136.3
2.3%
145.0
Funeral
110.5
115.9
4.9%
147.5
Life periodic saving
367.4
388
5.6%
487.1
Life single saving
240.1
168.6
-29.8%
327.7
Contributions to pension plans
11.0
34.3
61.0
Net contributions to investment funds
3.5
-3.7
3.0
Technical result after expenses
65.3
79.0
21.0%
72.9
% of Earned premiums
8.0%
10.2%
6.6%
Technical - financial result
87.7
111.3
26.9%
98.6
% of Earned premiums
10.7%
14.4%
8.9%
Earned premiums
816.9
771.6
-5.5%
1,107.3
Credit
Index
(figures in million of euros)
Income
9M2021
9M2022
% Chg. 21-22
12M2021
Written premiums (€M)
1,487.7
1,767.0
18.8%
1,945.9
Information services
109.7
115.2
5.0%
135.6
Total income from insurance
1,597.4
1882.2
17.8%
2,081.5
Earned premiums
1,410.1
1669.4
18.4%
1,900.3
Combined ratio
9M2021
9M2022
% Chg. 21-22
12M2021
% Gross technical cost
24.3%
37.7%
13.4
27.8%
% Gross commissions + expenses
35.3%
32.2%
-3.1
36.3%
% Gross combined ratio
59.6%
69.9%
10.3
64.2%
% Net technical cost
39.3%
40.6%
1.3
37.3%
% Net commissions + expenses
33.2%
30.2%
-3.0
34.3%
% Net combined ratio
72.4%
70.8%
-1.6
71.6%
(figures in million of euros)
Credit insurance business
9M2021
9M2022
% Chg. 21-22
12M2021
Earned premiums
1,410.1
1,669.4
18.4%
1,900.3
Information services
109.7
115.2
5.0%
135.6
Credit insurance income
1,519.8
1,784.6
17.4%
2,035.9
Technical result after expenses
614.1
536.4
-12.7%
729.5
% of income
40.4%
30.1%
35.8%
Reinsurance result
-403.2
-204.9
-49.2%
-419.8
Ceded reinsurance ratio
53.5%
37.0%
0.5
Net technical result
210.9
331.5
57.2%
309.7
% of income
13.9%
18.6%
15.2%
Financial result
10.1
21.3
110.9%
17.7
% of income
0.7%
1.2%
0.9%
Result complementary act.
9.8
7.1
-27.6%
9.9
Company income tax
-52.0
-81
-90.0
Adjustments
-3.2
-3
-4.7
ordinary result
175.5
275.9
57.2%
241.8
Non-ordinary
4.4
-3.9
-5.3
Total result
179.9
272.0
51.2%
236.5
TPE
Index
(figures in million of euros)
Cumulative risk per country (TPE)
2018
2019
2020
2021
9M2022
% Chg. 21-22
% total
Spain and Portugal
99,453
98,739
79,231
86,970
96,480
10.9%
11.3%
Germany
90,599
93,024
93,568
108,235
122,437
13.1%
14.4%
Australia and Asia
92,222
95,595
84,153
101,050
122,794
21.5%
14.4%
Americas
75,773
81,269
71,765
94,039
126,588
34.6%
14.9%
Eastern Europe
63,935
68,595
64,630
77,682
85,994
10.7%
10.1%
UK
44,989
51,019
46,339
56,511
64,193
13.6%
7.5%
France
51,866
48,407
45,239
50,601
58,224
15.1%
6.8%
Italy
44,263
43,661
42,001
50,352
58,993
17.2%
6.9%
Nordic and Baltic countries
30,525
31,748
30,779
35,311
40,683
15.2%
4.8%
Netherlands
29,650
30,392
29,875
33,204
38,177
15.0%
4.5%
Belgium and Luxembourg
17,285
17,444
16,959
19,155
21,354
11.5%
2.5%
Rest of the world
12,842
12,627
10,011
11,934
14,544
21.9%
1.7%
Total
653,404
672,520
614,549
725,043
850,462
17.3%
100.0%
(figures in million of euros)
Cumulative risk per sector
2018
2019
2020
2021
9M2022
% Chg. 21-22
% s/ total
Electronics
77,433
82,858
73,189
90,137
105,656
17.2%
12.4%
Chemicals
86,479
87,466
82,804
99,390
118,951
19.7%
14.0%
Durable consumer goods
69,881
73,145
69,071
81,697
91,574
12.1%
10.8%
Metals
68,424
72,285
61,597
78,757
94,245
19.7%
11.1%
Food
63,001
64,587
63,860
71,101
80,790
13.6%
9.5%
Transport
60,461
61,128
53,098
61,673
74,446
20.7%
8.8%
Construction
49,773
51,495
47,072
53,451
61,783
15.6%
7.3%
Machinery
39,972
41,225
39,635
46,328
54,602
17.9%
6.4%
Agriculture
33,876
33,954
29,845
34,441
39,623
15.0%
4.7%
Construction materials
28,359
29,389
29,345
34,801
41,303
18.7%
4.9%
Services
27,837
27,109
23,346
25,211
29,287
16.2%
3.4%
Textiles
20,324
19,660
15,404
16,987
19,715
16.1%
2.3%
Paper
14,525
15,065
13,151
15,572
19,085
22.6%
2.2%
Finance
13,058
13,156
13,131
15,497
19,400
25.2%
2.3%
Total
653,404
672,520
614,549
725,043
850,462
17.3%
100.0%
+9,2%
Expenses
Index
(figures in million of euros)
Expenses and commissions
9M2021
9M2022
% Chg. 21-22
12M2021
Traditional business
233.3
233.1
-0.1%
310.5
Credit insurance
352.0
355.3
0.9%
492.4
Non-ordinary expenses
3.1
4.1
40.3
Total expenses
588.4
592.4
0.7%
843.2
Commissions
438.1
488.3
11.5%
594.9
Total expenses and commissions
1,026.5
1080.8
5.3%
1,438.1
% expenses and commissions out of income
30.4%
28.7%
31.6%
Financ. result
Index
(figures in million of euros)
Financial result
9M2021
9M2022
% Chg. 21-22
12M2021
Financial income (net of expenses)
144.2
151.2
187.0
Exchange Differences
-0.5
-1.6
-0.7
Subsidiary companies
1.7
1.4
2.2
Interests applied to life
-95.9
-89.3
-128.7
Ordinary result of Traditional business
49.4
61.8
25.1%
59.9
% of Earned premiums
2.4%
3.0%
2.2%
Financial income (net of expenses)
8.6
17.1
8.5
Exchange Differences
3.4
0.5
8.9
Subsidiary companies
10.5
13.2
16.0
Interests subordinated debt
-12.6
-9.8
-15.9
Ordinary result of Credit insurance
10.1
21.3
110.9%
17.7
% of net income from insurance
0.7%
1.2%
0.9%
Intra-group interest adjustment
-0.3
-0.3
-0.4
Adjusted credit insurance
9.8
20.9
17.3
ordinary financial
59.2
82.7
39.7%
77.2
% of net income from insurance
1.7%
2.1%
1.6%
Non-ordinary financial
17.2
-15.5
19.8
Financial result
76.3
67.2
-11.9%
97.0
Non-Ordinary
Index
(figures in million of euros)
Non-ordinary result (net taxes)
9M2021
9M2022
12M2021
Financial
12.3
-10.4
11.8
Expenses and others
-8.3
9.8
-33.4
Taxes
5.9
2
9.1
Non-recurrent from traditional business
9.9
1.3
-12.4
Financial
4.9
-5.1
8.0
Expenses and others
0.8
0
-16.4
Taxes
-1.2
1.2
3.1
Non-ordinary from credit insurance
4.4
-3.9
-5.3
Net non-ordinary result
14.3
-2.5
-17.8
BS
Index
(figures in million of euros)
Assets
12M2021
9M2022
% Chg. 21-22
Intangible assets and property
1,358.2
1,308.7
-3.6%
Investments
13,955.5
13,318.4
-4.6%
Investment property
718.3
723.3
0.7%
Financial investments
11,504.0
10,499.3
-8.7%
Cash and short-term assets
1,733.2
2,106.9
21.6%
Reinsurer participation in technical provisions
1,101.5
1,204.1
9.3%
Other assets
1,857.7
2,123.9
14.3%
Deferred tax assets
226.8
275.2
21.4%
Credits
1,006.6
1,125.6
11.8%
Other assets
624.3
723.2
15.8%
Total assets
18,272.9
17,955.2
-1.7%
Net liabilities and equity
12M2021
9M 2022
% Chg. 21-22
Permanent resources
4,667.7
4,320.6
-7.4%
Net equity
4,472.8
4,125.6
-7.8%
Parent company
4,076.6
3,715.2
-8.9%
Minority interests
396.2
410.4
3.6%
Subordinated liabilities
194.9
195.0
0.1%
Technical Provisions
11,294.5
11,822.2
4.7%
Other liabilities
2,310.7
1,812.4
-21.6%
Other provisions
196.1
176.2
-10.1%
Deposits received on buying reinsurance
21.1
16.1
-23.7%
Deferred tax liabilities
504.2
313.2
-37.9%
Debts
1,145.6
1,128.1
-1.5%
Other liabilities
443.7
178.7
-59.7%
Total net liabilities and equity
18,272.9
17,955.2
-1.7%
Inv.
Index
(figures in million of euros)
Investments and funds under management
12M2021
9M2022
% Chg. 21-22
% s/inv. R.Cia.
Properties
1,732.8
1,716.8
-0.9%
12.7%
Fixed income
7,469.2
6,972.0
-6.7%
51.6%
Variable Income
2,122.0
1,843.7
-13.1%
13.6%
Deposits with credit institutions
620.8
476.5
-23.2%
3.5%
Other investments
249.1
250.7
0.6%
1.9%
Cash and monetary assets
1,841.5
2,142.7
16.4%
15.9%
Investment in investee companies
99.1
107.6
8.6%
0.8%
Total investments, risk to entity
14,134.5
13,510.0
-4.4%
100.0%
Investments on behalf of policyholders
757.2
719.9
-4.9%
5.3%
Pension plans and investment funds
820.5
732.9
-10.7%
5.4%
Total investments, risk to policyholders
1,577.7
1,452.8
-7.9%
Investments and funds under management
15,712.2
14,962.8
-4.8%
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Disclaimer
Grupo Catalana de Occidente SA published this content on 27 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2022 13:36:05 UTC.
Grupo Catalana Occidente SA is a Spain-based company engaged in the insurance and reinsurance sectors. The Company's activities are divided into three business segments: Life insurance, Non-life insurance and Others. The Life insurance division offers insurance policies related to health and life coverage. The Life insurance division provides property, vehicle, home, casualty and credit guarantee insurance, among others. The Others division includes services offered by Atradius NV, such as credit insurance and reinsurance, financial advisory and debt collection. The Company operates through Grupo Previsora Bilbaina, Azkaran SL, Seguros Catalana Occidente Sociedad Anonima de Seguros y Reaseguros, Grupo Compania Espanola de Credito y Caucion SL and Bilbao Compania Anonima de Seguros y Reaseguros SA, among others. The Company is a subsidiary of Inoc SA.