Leading mutual insurer in the Spanish region of Catalonia, with a strong franchise in the health care and retirement services business. Well-balanced insurance portfolio including health, property, motor, and life, but accounting for a small share of the Spanish insurance market. Modest earnings generation and high reliance on brokers. Very strong capital adequacy, benefiting from annual members' direct contributions to mutual funds. Small capital size in absolute terms, and significant reliance on valuation of illiquid property. Investment profile mostly concentrated on domestic government bonds, real estate, and bank deposits. FIATC Mutua de Seguros y Reaseguros a Prima Fija y Sociedades Filiales' (FIATC) asset exposure to Spain versus its regulatory capital base means that its ratings cannot exceed the long-term sovereign
