Chairman's review

Dear shareholders, collaborators and customers,

I am pleased to present you with the 2024 annual report and share with you some reflections on a key year for GCO, in which we have completed the 2022-2024 Strategic Plan, and in which we have consolidated the solid results recorded throughout the three-year period.

The cornerstone of the Plan was corporate simplification, an ambitious project that was completed in 2024 with the birth of Occident as a result of the merger of Seguros Catalana Occidente, Plus Ultra Seguros, Seguros Bilbao and NorteHispana. Occident provides service to more than 4.6 million customers, through a network of more than 14,000 mediators.

We have also worked on other key initiatives: Promoting distribution networks, promoting digitalisation and omnichannel development and developing innovative products in strategic areas such as health, mobility and solutions for senior citizens.

We have also made progress in more comfortable solutions for our policyholders. Through the application of new technologies, we have streamlined the most critical processes for customers, such as policy subscription, claim resolution and service provision.

With regard to Atradius, it has once again demonstrated its strength and capacity to generate profitable growth, maintaining prudent risk management. At Mémora, we have focused on accompanying families with a long-term vision, efficiency and growth through the acquisition of other companies, while we have integrated Asistea.
For its part, the Group's corporate venturing vehicle, GCO Ventures has continued its innovative purpose by launching new businesses in areas related to insurance activity.

Solid results endorsed by rating agencies

This transformational process has been accompanied by excellent results in our three lines of business—Occident, Atradius and Mémora—, as well as in our three strategic pillars-growth, profitability and solvency-that demonstrate that GCO is a solid group, able to adapt to a changing economic environment at all times.

Once again, the main rating agencies endorse our business model. Last year, the rating agency A.M. Best reaffirmed the financial strength rating of "A" (excellent) and the long-term credit rating of "A+" (excellent), both with a stable outlook, for the main operating entities of GCO, both in Occident and in Atradius, reflecting the solvency and financial strength of the Group. Moody's, meanwhile, maintained its A1 rating with a stable outlook at Atradius.

Commitment to sustainability and new projects

We are particularly excited to have inaugurated our new headquarters, covering over 20,000 square meters on Méndez Álvaro street (Madrid), where we brought together the entire team based in this city under one roof. Located in one of the new key points of economic growth, it incorporates the highest standards in environmental matters that have made it a winner of the LEED Platinum energy certification. The new building also reflects our commitment to implementing a more flexible working environment that will allow us to improve the work experience of our teams.

Our commitment to being an active part of social and environmental protection has been reflected by the launch of the new Sustainability Master Plan, which sets the course we will continue in GCO in terms of sustainability until 2026. The Plan is structured around four pillars (good governance, sustainable business, social commitment and environmental responsibility), which GCO has used to define ten strategic lines through which to create value and contribute well-being to society.

Committed at key times

Beyond achieving our sustainability goals, our commitment is measured in the response we offer to the disasters and challenges we face as a society, as was the case with the DANA that hit the Valencian Region. When such events occur, as an insurance group, our main task is to support those affected as much as possible. For this reason, Occident launched a special unit to strengthen care and service and subscribed to the public-private agreement to expedite the assistance of the insured parties. It also provided free medical guidance, psychological advice and social assistance service.

Atradius, meanwhile, extended the communication periods to its insured persons affected by the DANA and facilitated payment extensions to affected companies while maintaining insurance guarantees. Mémora also contributed several actions, such as enabling free funeral rooms; Both GCO and Fundación Occident collaborated with the fundraising campaign of Cruz Roja España.

Regarding Fundación Occident, we have bid farewell with deep sadness to its president and GCO advisor, Federico Halpern, who made significant contributions to the Group and to ensuring that Fundación Occident reflected GCO’s commitment to society. The Foundation's work in research, education, cultural actions, sports activities, and solidarity initiatives continues under the presidency of Laura Halpern.

Key milestones of 2024 include the collaboration with the Gasol Foundation to prevent childhood obesity and promote healthy habits among young people; and the launch of the Jesús Serra Undergraduate Scholarships, which facilitate access to university for students without university references in their family. 

To conclude these reflections, I would like to express my gratitude to Juan Closa, Managing Director of Occident until he retires on 1 January 2025. Linked to GCO for more than 40 years, his leadership has been key in the growth of the traditional business and in the merger process that led to the creation of Occident. The dedication of our employees and collaborators, the support of our shareholders and the trust that our customers place in us are decisive in making GCO a benchmark in accompanying people and companies in all stages of their lives to bring them peace of mind in the present and trust in the future. We now face the challenge of continuing to create value as a Group for all our stakeholders, a goal we will pursue in our Strategic Plan 2025-2027.

From these lines, I would like to express my sincerest gratitude for staying by our side and our firm commitment to continue living up to your support.

José María Serra