GCO posts consolidated earnings of 742.4 million euros, up 7.8%, driven by the strong performance of Occident

"Turnover increases by 4.4% to 6,260.4 million euros, consolidating the growth recorded by the Group over recent years."

GCO closes the 2025 financial year with consolidated profit up 7.8% compared to the previous year, reaching 742.4 million euros. Business volume also grows, reaching 6,260.4 million euros, an increase of 4.4%, driven by the strong performance of Occident and consolidating the growth experienced by the Group in recent years.

GCO structures its activity through three companies: Occident and Atradius (Crédito y Caución in Spain) in the insurance business, and Mémora in the funeral services sector.

Occident, GCO’s largest business, has driven the Group’s business volume by contributing 3,479.3 million euros, 7.4% more than the previous year. Ordinary profit stands at 336.6 million euros, 15.1% higher than in 2024, and the combined ratio improves by 0.6 percentage points, standing at 90.3%, thanks mainly to the strong performance of the Multi‑risk and Motor insurances.

In Multi‑risk, Occident reaches revenue of 980.6 million euros, up 9.7%, and profit increases by 10.4% to 105.8 million euros. The combined ratio stands at 88.7% (‑0.1 p.p.). This result is supported by revenue growth—especially in key home, community, and SME products—improved efficiency, and better loss control. The company has focused on competitive offerings, a wide range of solutions tailored to customer needs, and agile service delivery. For example, the use of remote video assessments increased significantly during the year (26% vs. the previous year), streamlining claims management by avoiding travel and improving customer experience. Preventive services also increased.

In the Motor insurance, recurring premiums grow 9.6%, reaching 828.2 million euros. Technical result after expenses reaches 42.5 million euros, once again showing strong performance with an increase of 63.2%, driven by an improved combined ratio of 94.7% (‑1.7 p.p.). This is supported by premium growth and commercial activity, as well as improvements in efficiency and claims. A key milestone in 2025 was the use of AI in underwriting own‑damage policies, which boosted operational agility.

Focus on growth

Occident has focused its strategy on expanding its branch network, adding 17 new offices in 2025. With these openings, Occident strengthens a network that now exceeds 1,200 offices and has more than 13,000 intermediaries (agents and brokers) across Spain, who play a fundamental role in the company’s business model.

In addition, Occident has renewed its Entrepreneurs Program (Driving Agents Toward Professional Success), a pioneering initiative in the Spanish insurance sector that has been key to the expansion of the mediation network. The renewal adapts the program to new professional realities and aims to attract profiles with commercial vocation, customer orientation, and an entrepreneurial spirit, supported by financial backing, ongoing training, commercial guidance, and cutting‑edge technology—key factors for a gradual and sustainable integration into the insurance business.

Finally, Occident ended 2025 with more than 4.7 million customers, representing a 1.6% increase over the previous period.

In the credit insurance business, Atradius closes the year with ordinary profit of 412.9 million euros, 5.3% higher than the previous year. Business volume increases by 0.3% to 2,502.1 million euros, while the combined ratio stands at 76.4%, 0.1 p.p. above the previous year. In an increasingly volatile global environment, Atradius continues to play a key role within GCO, providing geographic diversification and risk expertise.

Mémora, the leading funeral services company in Spain and Portugal, contributed ordinary profit of 23.7 million euros, 31.2% higher than in 2024. Business volume also rose 6.1% to 279.0 million euros.

GCO’s Financial and Risk Management Officer, Clara Gómez, highlighted “the strong performance of the Group’s three business lines both in terms of growth and in terms of profitability and solvency.” She also noted that the Group “has achieved the targets set for the first year of its 2025–2027 Strategic Plan, which is focused on growth through commercial momentum, with an emphasis on digitalization, efficiency, and customer orientation.”

In reference to the takeover bid launched by Inocsa for GCO, which resulted in the latter’s delisting on January 5, 2026, the Group’s CEO, Hugo Serra, stressed that “GCO is now entering a new phase outside the stock market; however, its strategy and business model remain unchanged.”

Strong financial and solvency position

At the close of 2025, GCO’s estimated Solvency II ratio stands at 231.4%, demonstrating the Group’s strong financial position and resilience in adverse situations. Permanent resources at market value increase by 4.6%, reaching 6,862.0 million euros, while assets under management grow 5.3% to 17,769.9 million euros.

In 2025 GCO’s management was endorsed by leading rating agencies. Following the upgrade of Spain’s sovereign rating, Moody’s raised GCO’s issuer rating to A3 with a stable outlook, reflecting the Group’s solid financial position and the benefits stemming from its business diversification. A.M. Best once again confirmed the financial strength rating of “A” (excellent) and the long‑term credit rating of “a+” (excellent), both with a stable outlook, for Occident and Atradius.