Strong franchise in the health care and retirement services business in the Spanish region of Catalonia. Relatively well-balanced insurance portfolio, including health, property, motor, and life. Very modest market share in the Spanish insurance market, and high reliance on brokers for distribution. Very strong capital adequacy, benefiting from members' direct contributions to mutual funds. Small capital size in absolute terms, and significant reliance on valuation of illiquid property. Investment profile concentrated on domestic bank deposits, government bonds, and real estate. FIATC's asset exposure to Spain versus its regulatory capital base means that its ratings cannot exceed the long-term sovereign ratings on Spain. Liquidity is strong, sustained by a high proportion of assets that are held in bank deposits and in
