Grupo Catalana Occidente (GCO) Q1 2025 earnings summary

Executive summary

• Total turnover for 3M2025 reached €1,955.7M, up 5.0% year-over-year, with consolidated net income at €194.6M, a 9.1% increase.

• Attributable profit reached €175.4M, and technical result grew 6.6% to €194.3M.

• Shareholder remuneration for 2024 increased to €145.8M, with an 8.7% rise in dividends.

• A voluntary public tender offer by INOC, S.A. for 100% of shares may lead to delisting.

• Share price ended March 2025 at €49.0, up 36.6% year-over-year.

Financial highlights

• Written premiums grew 5.2% to €1,817.8M; insurance turnover up 5.0% to €1,880.5M year-over-year.

• Technical result after expenses increased 6.6% to €194.3M; financial result surged 29.9% to €54.3M.

• Ordinary results: Occident €72.1M (+6.4%), Atradius €109.7M (+9.0%), Mémora €9.4M (+8.4%).

• Combined ratio: Occident 89.8% (-0.3 p.p.), Atradius 75.1% (-2.1 p.p.).

• Dividend for FY2024 increased 8.7% to €49.68M; payout ratio 38%.

Outlook and guidance

• Strategy for 2025 focuses on profitable growth, digitalization, and sustainability integration.

• Macroeconomic environment remains resilient but with uneven growth; Spain GDP forecast at 2.5% for 2025.

• Insurance sector in Spain grew 6.8% in revenue, with GCO gaining market share.

• Inflation expected to moderate but remain around 4% globally; interest rates anticipated to decline further in 2025.

• Sustainability Master Plan 2024-2026 continues, with emphasis on climate neutrality and responsible investment.