Grupo Catalana Occidente (GCO) Q4 2024 earnings summary

Executive summary

• Total turnover reached €5,997.7M in 2024, up 3.5% year-over-year, driven by growth in Occident, Atradius, and Mémora.

• Consolidated net income rose 11.9% to €688.7M compared to 2023, with attributable profit up 12.9%.

• Combined ratio improved to 90.9% for Occident (-1.7 p.p.), while Atradius saw a rise to 76.3% (+2.1 p.p.).

• Dividend payout increased by 8.7% to €1.215/share, totaling €145.8M.

• Solvency ratio strengthened to 241.5% at year-end, with high-quality own funds (97% Tier 1).

Financial highlights

• Occident premiums grew 5.7% to €3,239.8M; recurring premiums up 6.5%.

• Atradius earned premiums stable at €2,288.7M (+0.4%), with ordinary result up 7.3%.

• Mémora income rose 15.8% to €262.8M, with EBITDA margin at 24.2% and ordinary result up 33.1%.

• Technical result after expenses increased 9.5% to €687.9M.

• Financial result improved 27.6% to €224.5M.

Outlook and guidance

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

• Inflation expected to moderate but remain around 4% globally, impacting costs.

• Interest rates anticipated to continue declining in 2025.