A leading mutual insurer in the Spanish region of Catalonia, with a strong franchise in health care and retirement services business. Well-balanced insurance portfolio, including health, property, motor, and life. Solid capital adequacy under the regulatory solvency requirements and our risk-based capital model, benefitting from improving net earnings and annual members' direct contributions to mutual funds. Small share of the overall Spanish insurance market, with geographic concentration in Catalonia. Small absolute size of capital and significant reliance on valuation reserves of less-liquid property investments. The ratings on Spain-based mutual insurer FIATC Mutua de Seguros y Reaseguros (FIATC) reflect S&P Global Ratings' view of the company's unique position in Catalonia and its well-balanced insurance portfolio. Furthermore, the company displays robust capital
