Catalana Occidente has achieved a profit of 122.6 million euros in the first three months of the year, which represents an increase of 25.4% compared to the same period of the previous year. In the period, the insurance group’s business volume grew by 1.2% to stand at 1,503.6 million.
The company reports that the recurring result of the traditional business improves by 3.1% to 57.1 million euros, while the volume of premiums invoiced increased by 1%, to 884.5 million euros. Notable in this rise is the 4.8% increase in multi-peril and 4.1% in miscellaneous.
Likewise, the combined ratio in the traditional business (non-life) reached 88.9%, with an improvement of 0.3 percentage points thanks to less mobility in cars due to the restrictions of the pandemic.
Regarding credit insurance (Atradius Crédito y Caución, and Atradius Re), the recurring result increased by 40% compared to the first quarter of 2020 and stands at 67.6 million euros. Meanwhile, the credit insurance business volume grew 1.4% to 619.1 million euros. Thus, the technical result of this activity rises 55% compared to the same period of the previous year,
The general director of Catalana Occidente, Francisco Arregui, values these figures as positive in the current economic context derived from the coronavirus. “The data for the first quarter show that the company has managed to maintain a good evolution in the traditional business, while at the same time we are comfortable with the risks underwritten in the credit insurance business. The results in this activity demonstrate the effectiveness of the measures that we have applied, “says Arregui.
Last year, the main drag on the insurer was the credit insurance niche because of the risks in world trade.
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