The Catalana Occidente insurance group achieved an attributable profit of 262.2 million euros between January and June, 19.5% more than a year earlier, reported Efe. The company recorded a consolidated result of 287 million, which represents an increase of 20.2% year-on-year. The improvement is supported by a 9% growth in business volume, which reached 2,878 million with good performance of traditional business and the group’s credit insurance.
The ordinary result of the traditional business (business that operates through the companies Seguros Catalana Occidente, Plus Ultra Seguros, Seguros Bilbao and NorteHispana Seguros) grew by 7.9%, to 140.4 million, with an expansion of 3.6% in premiums, which amounted to 1,580.2 million.
Revenue up 9%
The credit insurance business (Atradius Crédito y Caución and Atradius Re) maintained the positive evolution registered in the last quarter, with an ordinary result that increased by 36.4% compared to the first half of last year 2021 and stood at €147.6 million.
In addition, the business volume of credit insurance increased by 16.5%, to 1,297.8 million euros. The general director of Grupo Catalana Occidente, Francisco Arregui, has assured that they are “very satisfied” with the evolution of the first semester, since the figures achieved “consolidate the stable and positive trend” in its three strategic pillars: “Growth, profitability and solvency”.
Permanent resources at market value during the first six months of the year decreased by 5.7% compared to the first half of 2021, to 4,893.5 million, mainly due to movements in the markets that led to a decrease in the value of the investments; while managed funds stood at 15,024.1 million euros.