Grupo Catalana Occidente, S.A.

For 9M 2025, GCO said turnover grew 4.7% to almost EUR 4.77 billion, consolidated result reached EUR 614.2 million (+6.9% YoY), and attributable profit was EUR 558 million (+4.7% YoY). Occident posted EUR 2.69 billion of turnover (+7.5% YoY) and ordinary result of EUR 259.6 million (+11.2%), with a combined ratio of 89.6% (-0.8 points). Atradius reported EUR 1.727 billion of earned premiums (+1.1% YoY), ordinary result of EUR 327.9 million (-0.5%), and a gross combined ratio of 75.9% (+1.6 points). Memora turnover rose 5.5% to a bit over EUR 207 million, with ordinary result of EUR 18.1 million (+30%+). Looking ahead, management said Occident should see a similar trend in the rest of 2025, with premium growth, maintained technical costs and lower expenses from the Occident merger; for Atradius, they expect stable income for year-end 2025 and a normalized combined ratio in an uncertain macro and FX/tariff environment.

Clara Bermudez’s tone was positive but measured, repeatedly describing the quarter as “positive, very positive” and emphasizing that the group’s businesses performed well overall. Strategically, she highlighted diversification across businesses, products and geographies, and said the group continues to execute its Sustainability Master Plan for 2024-2026. She also spent meaningful time on the INOC takeover bid, stressing the accepted price terms and the CNMV timeline rather than discussing strategic alternatives.

Isidro Lapena focused on operating performance and underwriting discipline. He said Occident benefited from strong sales, client retention, and efficiency measures, with the non-life combined ratio improving 0.8 points to 89.6% and Motor and Multi-risk both growing above sector levels; he also noted weather-related claims were higher than last year. On Atradius, he pointed to conservative provisioning, stable customer retention, a 35% transfer ratio, and a 3% increase in risk exposure, while explaining that the claims ratio improvement was aided by the absence of large claims and that the combined ratio was pressured by higher reinsurance fees. Clara added that permanent resources at market value rose 9.6% due to market gains, and that managed funds were EUR 18 billion, up 6.7% versus year-end.

Analysts asked for more detail on Occident non-life growth, the improved combined ratio, Life premium trends, Health profitability, and Atradius’s growth and claims ratio. Management said Occident’s premium gains were driven by strong sales and net policy growth, and that the combined ratio benefit came from higher earned premiums plus productivity/efficiency improvements; they expect a similar trend for the rest of 2025, though some adverse impact from major events could still appear. For Life and Health, they highlighted stronger periodic premiums, improving Health growth to 2.8% by September, and said the Health combined ratio should remain at current profitability levels by year-end. On Atradius, they said growth is being supported by surety and reinsurance despite credit-insurance headwinds, and that 2025 income should stay stable with a normalized combined ratio amid macro, tariff and FX uncertainty. Questions on the takeover bid centered on the price increase and timing; Clara said the bid price was raised to EUR 49.75 cash per share or one Class B share for each 43.9446 GCO shares, and outlined the acceptance period and post-period CNMV timeline.