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9M 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

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%
EasteEurope 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%

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 13:27:29 UTC.

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