FIATC Mutua de Seguros y Reaseguros is a well-established and recognized mutual insurer in Catalonia, despite its limited size and market share. In 2021, it reported a 6% year-on-year growth in gross premium written while maintaining profitable margins, and its combined (loss and expense) ratio remains below 100% in the property/casualty (P/C) segment. FIATC's earnings have consistently improved over the past two years, reinforcing its growth and capital base. We therefore revised our outlook to positive and affirmed our 'BBB+' long-term ratings on FIATC. The positive outlook indicates that we could raise the rating in the next 12-24 months if FIATC continues to grow and maintains good profit margins that reinforce its capital base. On May 13, 2022, S&P Global
