Leading mutual insurer with a strong franchise in the health care and retirement services business in the Spanish region of Catalonia. 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. 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 factors. FIATC's asset
