Grupo Catalana de Occidente SA

04/29/2022 | Press release | Distributed by Public on 04/29/2022 02:48

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%
Eastern Europe 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%