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3M 2022 Financial supplement

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

Press Release

Index
(figures in million of euros)
Income 3M2021 3M2022 % Chg. 21-22
Traditional Business 884.5 917.4 3.7%
Recurring premiums 802.2 843.4 5.1%
Single premiums life 82.3 74.0 -10.1%
Credit Insurance Business 619.1 713.5 15.2%
Turnover 1,503.6 1,630.9 8.5%
(figures in million of euros)
Results 3M2021 3M2022 % Chg. 21-22
Ordinary Results Traditional Business 57.1 61.6 8.0%
Ordinary Results from Credit Insurance Business 67.6 79.6 17.8%
Non-ordinary Result -2.1 4.6
Consolidated result 122.6 145.9 19.0%
Attributed result 110.5 132.4 19.8%

Key figures

Index
(figures in million of euros)
Key figures 3M2021 3M2022 % Chg. 21-22 12M2021
Growth
Turnover 1,503.6 1,630.9 8.5% 4,882.5
- Traditional business 884.5 917.4 3.7% 2,801.0
- Credit insurance business 619.1 713.5 15.2% 2,081.5
Profitability
Consolidated result 122.6 145.9 19.0% 468.3
- Traditional business 57.1 61.6 8.0% 244.2
- Credit insurance business 67.6 79.6 17.8% 241.8
- Non-ordinary -2.1 4.6 -17.8
Attributed result 110.5 132.4 19.8% 427.2
Combined ratio Traditional business 88.9% 88.7% -0.2 88.9%
Combined ratio Credit insurance business 62.3% 66.2% 3.9 64.2%
Dividend per share 0.95
Pay-out 26.6%
Share price 34.0 27.8 -18.2% 30.0
PER 14.4 7.4 8.43
ROE 7.6% 11.3% 10.5%
Non-financial data
Number of employees 7,351 7,050 -4.1% 7,305
Number of offices 1,484 1,478 -0.4% 1,481
Number of intermediaries 17,004 16,508 -2.9% 16,726
Key figures 12M2021 3M2022 % Chg. 21-22
Solvency
Permanent resources at market value 5,191.5 5,101.8 -1.7%
Technical Provisions 11,294.5 11,703.6 3.6%
Funds under management 15,712.2 15,552.2 -1.0%

P&L

Index
(figures in million of euros)
Cuenta de resultados 3M2021 3M2022 % Chg. 21-22 12M2021
Written premiums 1,447.9 1573.35 8.7% 4,746.9
Information services 55.7 57.56 3.3% 135.6
Net income from insurance 1,503.6 1630.91 8.5% 4,882.5
Technical cost 707.6 756.3 6.9% 2,850.3
% of net income 59.4% 59.1% 59.2%
Commissions 142.5 156.5 9.8% 594.9
% of net income 12.0% 12.2% 12.3%
Expenses 189.4 192.2 1.5% 843.2
% of net income 15.9% 15.0% 17.5%
Technical result after expenses 151.5 174.2 15.0% 529.4
% of net income 12.7% 13.6% 11.0%
Financial result 13.5 13.3 97.0
% of net income 1.1% 1.1% 2.0%
Result of non-technical non-financial account -5.6 1.8 -34.2
% of net income -0.5% 0.2% -0.7%
Result compl. activities Credit insurance and funeral business 5.0 3.1 15.1
% of net income 0.4% 0.3% 0.3%
Result before tax 164.4 192.3 17.0% 607.3
% of net income 13.8% 15.0% 12.6%
Taxes 41.8 46.4 139.0
% taxes 25.4% 24.1% 22.9%
Consolidated result 122.6 145.9 19.0% 468.3
Result attributable to minorities 12.1 13.5 41.1
Attributed result 110.5 132.4 19.8% 427.2
% of net income 9.3% 10.4% 8.9%
Ordinary result 124.7 141.24 13.3% 486.1
Non-ordinary result -2.1 4.6 -17.8

Result

Index
(figures in million of euros)
Result for activity areas 3M2021 3M2022 % Chg. 21-22 12M2021
Ordinary result Traditional business 57.1 61.64 8.0% 244.2
Ordinary result Credit insurance business 67.6 79.6 17.8% 241.8
Non-ordinary** -2.1 4.6 -17.8
Consolidated result 122.6 145.9 19.0% 468.3
Atributed result to minorities 12.1 13.5 11.6% 41.1
Atributed result 110.5 132.4 19.8% 427.2

Traditional business

Index
(figures in million of euros)
Traditional business 3M2021 3M2022 % Chg. 21-22 12M2021
Written premiums 884.5 917.4 3.7% 2,801.0
Life insurance premiums, ex. single 802.2 843.4 5.1% 2,473.2
Technical result after expenses 62.7 70.8 12.9% 258.7
% of Earned premiums 9.2% 10.1% 9.3%
Financial result 14.2 12.1 -14.8% 59.9
% of Earned premiums 2.1% 1.7% 2.2%
Result non-technical account -4.0 -4.9 -18.4
Funeral business complementary activities 1.6 1.9 18.8% 5.2
Company income tax 17.4 18.3 -61.1
Ordinary result 57.1 61.64 8.0% 244.2
Non-ordinary result -4.4 4.73 -12.4
Total result 52.7 66.37 25.9% 231.76
Earned premiums 681.8 700.3 2.7% 2,781.9

Multirisk

Index
(figures in million of euros)
Multir-risk 3M2021 3M2022 % Chg. 21-22 12M2021
Written premiums 200.2 215.2 7.5% 721.8
% Technical cost 62.0% 55.9% -6.1 56.2%
% commissions 21.0% 21.0% -0.0 21.0%
% expenses 12.4% 11.7% -0.7 12.9%
% combined ratio 95.4% 88.5% -6.9 90.1%
Technical result after expenses 7.9 20.72 162.3% 69.9
% of Earned premiums 9.5% 11.5% 9.9%
Earned premiums 171.3 180.7 5.5% 705.3

Auto

Index
(figures in million of euros)
Auto 3M2021 3M2022 % Chg. 21-22 12M2021
Written premiums 189.7 193.6 2.1% 641.1
% Technical cost 60.5% 66.8% 6.3 65.3%
% commissions 11.3% 11.3% 0.0 11.2%
% expenses 12.2% 12.5% 0.3 12.7%
% combined ratio 83.9% 90.6% 6.7 89.3%
Technical result after expenses 25.8 14.9 -42.2% 69.6
% of Earned premiums 8.9% 9.4% 10.7%
Earned premiums 160.6 159.0 -1.0% 650.4

Others

Index
(figures in million of euros)
Others 3M2021 3M2022 % Chg. 21-22 12M2021
Written premiums 99.2 106.5 7.4% 330.8
% Technical cost 53.1% 51.3% -1.8 52.3%
% commissions 18.1% 20.5% 2.4 19.9%
% expenses 13.2% 13.4% 0.2 13.4%
% combined ratio 84.5% 85.2% 0.7 85.5%
Technical result after expenses 11.8 12.12 2.7% 46.2
% of Earned premiums 17.5% 14.8% 14.5%
Earned premiums 76.7 81.7 6.5% 318.9

Life

Index
(figures in million of euros)
Life 3M2021 3M2022 % Chg. 21-22 12M2021
Life insurance turnover 395.4 402.1 1.7% 1,107.3
Health 121.5 122.7 1.0% 145.0
Funeral 39.1 41.1 5.1% 147.5
Life periodic saving 152.5 164.3 7.7% 487.1
Life single saving 82.3 74 -10.1% 327.7
Contributions to pension plans 4.2 14.4 61.0
Net contributions to investment funds 0.2 -0.8 3.0
Technical result after expenses 17.1 23.0 34.5% 72.9
% of Earned premiums 6.7% 8.2% 6.6%
Technical - financial result 25.6 28.0 9.4% 98.6
% of Earned premiums 9.3% 10.0% 8.9%
Earned premiums 273.1 278.9 2.1% 1,107.3

Credit

Index
(figures in million of euros)
Income 3M2021 3M2022 % Chg. 21-22 12M2021
Written premiums (€M) 563.4 656.0 16.4% 1,945.9
Information services 55.7 57.56 3.3% 135.6
Total income from insurance 619.1 713.51 15.2% 2,081.5
Earned premiums 453.5 521.2 14.9% 1,900.3
Combined ratio 3M2021 3M2022 % Chg. 21-22 12M2021
% Gross technical cost 28.2% 34.5% 6.3 27.8%
% Gross commissions + expenses 34.1% 31.7% -2.4 36.3%
% Gross combined ratio 62.3% 66.2% 3.9 64.2%
% Net technical cost 32.9% 42.2% 9.3 37.3%
% Net commissions + expenses 31.4% 29.2% -2.2 34.3%
% Net combined ratio 64.3% 71.4% 7.1 71.6%
(figures in million of euros)
Credit insurance business 3M2021 3M2022 % Chg. 21-22 12M2021
Earned premiums 453.5 521.2 14.9% 1,900.3
Information services 55.7 57.6 3.3% 135.6
Credit insurance income 509.3 578.8 13.6% 2,035.9
Technical result after expenses 191.9 195.5 1.9% 729.5
% of income 37.7% 33.8% 35.8%
Reinsurance result -103.4 -89.2 -13.7% -419.8
Ceded reinsurance ratio 37.0% 37.0% 0.5
Net technical result 88.5 106.3 20.1% 309.7
% of income 17.4% 18.4% 15.2%
Financial result -0.5 0.7 -240.0% 17.7
% of income -0.1% 0.1% 0.9%
Result complementary act. 3.4 1.2 -64.7% 9.9
Company income tax -22.7 -27.5 -90.0
Adjustments -1.1 -1 -4.7
ordinary result 67.6 79.6 17.8% 241.8
Non-ordinary 2.3 -0.1 -5.3
Total result 69.9 79.5 13.7% 236.5

TPE

Index
(figures in million of euros)
Cumulative risk per country (TPE) 2018 2019 2020 2021 3M2022 % Chg. 21-22 % total
Spain and Portugal 99,453 98,739 79,231 86,970 89,658 3.1% 11.8%
Germany 90,599 93,024 93,568 108,235 112,329 3.8% 14.8%
Australia and Asia 92,222 95,595 84,153 101,050 107,298 6.2% 14.2%
Americas 75,773 81,269 71,765 94,039 103,132 9.7% 13.6%
EasteEurope 63,935 68,595 64,630 77,682 78,098 0.5% 10.3%
UK 44,989 51,019 46,339 56,511 58,790 4.0% 7.8%
France 51,866 48,407 45,239 50,601 53,123 5.0% 7.0%
Italy 44,263 43,661 42,001 50,352 51,828 2.9% 6.8%
Nordic and Baltic countries 30,525 31,748 30,779 35,311 37,275 5.6% 4.9%
Netherlands 29,650 30,392 29,875 33,204 34,222 3.1% 4.5%
Belgium and Luxembourg 17,285 17,444 16,959 19,155 19,851 3.6% 2.6%
Rest of the world 12,842 12,627 10,011 11,934 12,658 6.1% 1.7%
Total 653,404 672,520 614,549 725,043 758,261 4.6% 100.0%
(figures in million of euros)
Cumulative risk per sector 2018 2019 2020 2021 3M2022 % Chg. 21-22 % s/ total
Electronics 77,433 82,858 73,189 90,137 93,330 3.5% 12.3%
Chemicals 86,479 87,466 82,804 99,390 103,724 4.4% 13.7%
Durable consumer goods 69,881 73,145 69,071 81,697 83,309 2.0% 11.0%
Metals 68,424 72,285 61,597 78,757 83,742 6.3% 11.0%
Food 63,001 64,587 63,860 71,101 73,035 2.7% 9.6%
Transport 60,461 61,128 53,098 61,673 66,111 7.2% 8.7%
Construction 49,773 51,495 47,072 53,451 56,312 5.4% 7.4%
Machinery 39,972 41,225 39,635 46,328 48,989 5.7% 6.5%
Agriculture 33,876 33,954 29,845 34,441 35,940 4.4% 4.7%
Construction materials 28,359 29,389 29,345 34,801 37,125 6.7% 4.9%
Services 27,837 27,109 23,346 25,211 26,114 3.6% 3.4%
Textiles 20,324 19,660 15,404 16,987 17,737 4.4% 2.3%
Paper 14,525 15,065 13,151 15,572 16,442 5.6% 2.2%
Finance 13,058 13,156 13,131 15,497 16,350 5.5% 2.2%
Total 653,404 672,520 614,549 725,043 758,261 4.6% 100.0%

+9,2%

Expenses

Index
(figures in million of euros)
Expenses and commissions 3M2021 3M2022 % Chg. 21-22 12M2021
Traditional business 74.6 74 -0.8% 310.5
Credit insurance 114.8 114.9 0.1% 492.4
Non-ordinary expenses 0.0 3.2 40.3
Total expenses 189.4 192.2 1.5% 843.2
Commissions 142.5 156.5 9.8% 594.9
Total expenses and commissions 331.9 348.7 5.1% 1,438.1
% expenses and commissions out of income 24.3% 23.0% 31.6%

Financ. result

Index
(figures in million of euros)
Financial result 3M2021 3M2022 % Chg. 21-22 12M2021
Financial income (net of expenses) 44.2 41.5 -6.1% 187.0
Exchange Differences -0.4 -0.3 -0.7
Subsidiary companies 0.4 0.4 2.2
Interests applied to life -29.8 -29.5 -1.0% -128.7
Ordinary result of Traditional business 14.2 12.1 -14.8% 59.9
% of Earned premiums 2.1% 1.7% 2.2%
Financial income (net of expenses) 1.2 1.4 16.7% 8.5
Exchange Differences 0.0 -1.1 8.9
Subsidiary companies 2.5 3.4 36.0% 16.0
Interests subordinated debt -4.2 -3.3 -15.9
Ordinary result of Credit insurance -0.5 0.7 17.7
% of net income from insurance -0.1% 0.1% 0.9%
Intra-group interest adjustment -0.1 -0.1 -0.4
Adjusted credit insurance -0.6 0.6 17.3
ordinary financial 13.6 12.7 77.2
% of net income from insurance 1.1% 1.0% 1.6%
Non-ordinary financial -0.1 0.6 19.8
Financial result 13.5 13.3 97.0

Non-Ordinary

Index
(figures in million of euros)
Non-ordinary result (net taxes) 3M2021 3M2022 12M2021
Financial -3.2 0.8 11.8
Expenses and others 0.0 4.8 -33.4
Taxes -1.2 -0.8 9.1
Non-recurrent from traditional business -4.4 4.73 -12.4
Financial 3.1 -0.1 8.0
Expenses and others 0.0 0 -16.4
Taxes -0.8 0 3.1
Non-ordinary from credit insurance 2.3 -0.1 -5.3
Net non-ordinary result -2.1 4.6 -17.8

BS

Index
(figures in million of euros)
Assets 12M2021 3M2022 % Chg. 21-22
Intangible assets and property 1,358.2 1,315.9 -3.1%
Investments 13,955.5 13,835.4 -0.9%
Investment property 718.3 724.3 0.8%
Financial investments 11,504.0 11,235.8 -2.3%
Cash and short-term assets 1,733.2 1,875.3 8.2%
Reinsurer participation in technical provisions 1,101.5 1,118.0 1.5%
Other assets 1,857.7 2,119.5 14.1%
Deferred tax assets 226.8 202.8 -10.6%
Credits 1,006.6 1,163.1 15.5%
Other assets 624.3 753.7 20.7%
Total assets 18,272.9 18,388.8 0.6%
Net liabilities and equity 12M2021 3M2022 % Chg. 21-22
Permanent resources 4,667.7 4,574.8 -2.0%
Net equity 4,472.8 4,379.9 -2.1%
Parent company 4,076.6 3,982.1 -2.3%
Minority interests 396.2 397.8 0.4%
Subordinated liabilities 194.9 194.9 0.0%
Technical Provisions 11,294.5 11,703.6 3.6%
Other liabilities 2,310.7 2,110.4 -8.7%
Other provisions 196.1 188.8 -3.7%
Deposits received on buying reinsurance 21.1 19.9 -5.7%
Deferred tax liabilities 504.2 405.1 -19.7%
Debts 1,145.6 1,163.7 1.6%
Other liabilities 443.7 333.0 -24.9%
Total net liabilities and equity 18,272.9 18,388.8 0.6%

Inv.

Index
(figures in million of euros)
Investments and funds under management 12M2021 3M2022 % Chg. 21-22 % s/inv. R.Cia.
Properties 1,732.8 1,728.2 -0.3% 12.3%
Fixed income 7,469.2 7,283.3 -2.5% 52.0%
Variable Income 2,122.0 2,069.4 -2.5% 14.8%
Deposits with credit institutions 620.8 640.0 3.1% 4.6%
Other investments 249.1 264.6 6.2% 1.9%
Cash and monetary assets 1,841.5 1,921.0 4.3% 13.7%
Investment in investee companies 99.1 104.8 5.8% 0.7%
Total investments, risk to entity 14,134.5 14,011.3 -0.9% 100.0%
Investments on behalf of policyholders 757.2 748.1 -1.2% 5.3%
Pension plans and investment funds 820.5 792.8 -3.4% 5.7%
Total investments, risk to policyholders 1,577.7 1,540.9 -2.3%
Investments and funds under management 15,712.2 15,552.2 -1.0%

Disclaimer

Grupo Catalana de Occidente SA published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 08:48:26 UTC.

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