Grupo Catalana Occidente closed 2019 with a consolidated profit of €424.5 million (around SG$658.6 million), a 9.9% increase over the previous year. The increase was driven by an improvement in technical results and a strong turnover reaching €4,547.5 million, a 4.7% rise from 2018.

The recurring profit of the group’s traditional business (Seguros Catalana Occidente, Plus Ultra Seguros, Seguros Bilbao and NorteHispana Seguros) rose 8.4% to €212.1 million, an increase of 2.8%. The life business posted turnover growth of 5.3%. Antares posted €11.9 million of recurring profit last year, which has been incorporated into Grupo Catalana Occidente since February, the group said.

Recurring profit for credit insurance (Atradius Crédito y Caución and Atradius Re) increased 18.6% to €238.2 million. The increase was driven by an improvement in net of reinsurance technical cost of 1.4 p.p., as well as a 2 p.p. reduction in cession rate at 38%. Credit insurance turnover reached €1,935.3 million, a 7.3% increase from 2018.

The group’s net of reinsurance combined ratio in the traditional (non-life) business reached 90.4%, a decrease of 0.9 p.p. The combined ratio in the credit insurance business was 73.4%, a 2.1 p.p. decrease.

Permanent resources at market value posted a 17.3% growth to €4,584.8 million. Funds under management grew 16.7% to €14,377.3 million.

“The group has achieved its objectives in 2019, increasing the turnover in both the traditional business and credit insurance, substantially increasing profits and permanent resources, and demonstrating solvency of 213%,” said Francisco Arregui, managing director of Grupo Catalana Occidente.

The group’s board of directors has agreed to propose a 10% increase to the final dividend to be paid in May. If approved by the general meeting of shareholders, the group would distribute a total of €105.85 million in dividends from the 2019 result.