Grupo Catalana Occidente SA

Latest Results (21.11.2025):

Grupo Catalana Occidente SA — Q4 2024 (12M2024): The Group reported full-year 2024 total turnover of €5,997.7 million (+3.5%) and a consolidated result of €688.7 million (+11.9%), with attributable profit of €623.2 million (+12.9%). The insurance combined ratio improved to 90.9% (-1.7 p.p.), solvency at year‑end is estimated at 241.5%, and the Board proposes a total dividend of €145.80 million (an increase of 8.7%). Ratings remain strong (A.M. Best "A", Moody’s upgraded credit insurance entities to "A1").

Top-line and business mix

Total turnover by business: Occident €3,239.8m (+5.7%), Atradius €2,495.0m (-0.2%), Mémora €262.8m (+15.8%). Insurance turnover was €5,734.9m (+3.0%). Recurring premiums at Occident rose 6.5% to €2,918.4m; single-life premiums were roughly stable.

Profitability and results

Ordinary result: Occident €292.3m (+11.9%), Atradius €392.3m (+7.3%), recurring contribution from Mémora €18.1m (+33.5%). Consolidated result increased to €688.7m (+11.9%), reflecting revenue growth and operating performance across segments.

Loss ratio / combined ratio

The Group combined ratio improved to 90.9% (-1.7 percentage points). Occident’s reported combined ratio was 76.3% (+2.1 p.p. year-on-year). Select lines: multi‑risk combined ratio 88.8% (improving), motor combined ratio 96.4% (around prior-year levels).

Capital, solvency and liquidity

Solvency is reported as robust: estimated Solvency II ratio at year‑end 2024 of 241.5%. Permanent resources and balance-sheet strength remain cited as solid (presentation references permanent resources and a robust capital base).

Shareholder returns and market indicators

The Board proposes a total dividend of €145.80m for 2024 (+8.7% vs. prior year). GCO share price closed 2024 at €35.90. Dividend schedule and increases through 2024–May 2025 were highlighted as evidence of a sustained shareholder remuneration policy.

Ratings and risk outlook

Credit and insurer ratings stayed strong: A.M. Best affirmed "A" (stable) for main operating entities; Moody’s upgraded entities in the credit insurance business to "A1" (stable). Management notes solvency resilience even under adverse scenarios and a generally positive claims environment at Atradius (claims still slightly below pre‑pandemic).

Geographic diversification

Revenue by geography: Spain ~64.3% of income, Central & Northern Europe ~11.5%, Western Europe ~13.1%, with remaining exposure across other regions — underlining a diversified international footprint.