The general meeting of Fiatc policyholders has given the green light to the 2020 financial year accounts, marked by the pandemic, but from which the insurance group has emerged successfully, with a net profit of 16.22 million euros and a premium volume of 728.1 million euros, up 5.46%. The increase in premium income contrasts with the performance of the sector as a whole, which decreased by 8.24% last year.
It should be noted that Spain's second-largest mutual insurance company and Catalonia's first has shown good performance in most of the branches where it operates, with growth close to 10% in car insurance and 16% in boat insurance. It has also grown in home policies (+2%), death policies (+6.85%), and in the life business (+9.30%). In all non-life branches, the sector grew by 1.09% last year, while Fiatc tripled this figure, with an increase of 3.4%. In life, the mutual advanced by 9.3%, compared to the 20.66% decrease recorded by the overall market.
The mutual, chaired by Joan Castells, highlights the diversity of its portfolio. Life insurance accounts for 36.25% of its business, and the remaining 63.75% is distributed among health (23.4%), automobiles (15%), multi-risk (14%), and various (10.8%).
Fiatc employs 869 employees and has a solvency ratio of 227.97%. According to the entity, in 2020, coverage was provided to people affected by covid-19 in the healthcare assistance and death branches despite being a risk excluded from the policies.
In parallel to its insurance activity, the Fiatc group operates in the healthcare sector, as it owns Clínica Diagonal, inaugurated in 2011. In addition, the mutual, through its subsidiary Inverfiatc, operates several residences for the elderly in municipalities such as Cornellà, Sant Cugat, and Mollet.