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Grupo Catalana Occidente posts 10.1% rise in FY'17 profit

Grupo Catalana Occidente SA reported full-year 2017 consolidated attributable profit of €325.4 million, a 10.1% increase from €295.6 million earned in 2016.

The consolidated profit from the group's traditional business rose 12.6% year over year to €179.1 million from €159.0 million, while consolidated profit from its credit insurance business came in at €190.0 million, compared to €186.5 million in 2016.

Turnover in the group's traditional business reached €2.52 billion, down 1.2% from the year-ago €2.55 billion, while turnover in its credit insurance business totaled €1.74 billion, up 2.9% from €1.69 billion a year earlier.

The Spanish insurer booked a nonrecurring loss of €11.8 million, narrowing from a year-ago loss of €21.0 million. Technical provisions reached €9.43 billion in 2017, compared to €9.35 billion a year earlier.

The combined ratio at the group's traditional business stood at 91.4%, compared to 92.1% in 2016, while the combined ratio at its credit insurance business reached 75.2%, compared to the year-ago 76.8%.

The group's solvency ratio stood at 210%, compared to 200% in 2016.

Its board of directors will propose an increase of 10% in its supplementary dividend, to be paid May 9. With this dividend, the group would pay a total of 77.51 cents per share, or €93 million, of its attributable profit for 2017, representing an increase of 7.2%.

The 2016 figures were calculated using the standard formula and those for 2017 using the internal model, the group noted.