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. Higher-than-expected growth of the life business, continuing to outperform the market. 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 financial institutions. Liquidity is strong, sustained by a high proportion of assets held in readily realizable form. FIATC's enterprise risk management (ERM) and management and governance practices are neutral rating
