The Ibex 35 concentrates the cream of the Spanish company. The index includes the largest companies whose securities are traded on the Madrid Stock Exchange. The index is studded with banks (Santander, BBVA, CaixaBank, Bankia, Popular, Sabadell and Bankinter) and the banking sector is that outweighs. Instead, the insurer only has a representative: Mapfre.

Despite this low representation within the trading showcase, insurance has a dozen companies that achieved in 2013 over 100 million profits, which would put them above the Ibex companies like Gamesa, Viscofan or Mediaset.

Within this select club of 100 million euros no insurance of all kinds, from completely independent Spanish groups, such as that Mapfre, the also quoted Catalana Occidente (which this year celebrates 150 years of history) or the emerging Mutua Madrilena; through subsidiaries of large national banks (Santander, BBVA and CaixaBank), branches of large European groups ( AllianzAegon, Sanitas …), reaching niche family companies, as is the case Santalucía that It has taken a giant leap from Death insurance company to a composite.

This group of insurers has cemented its earnings varied ways. In the case of Mapfre, in the 80s it undertook a strong process of internationalization, especially in Latin America. That diversification of income sources has become a small mutual ownership of rural estates in a global company with presence in 22 countries and which emits more than 60% of its raw outside Spain. Still, their local business has remained strong during the crisis, reaping a net profit of 324 million of its subsidiaries in Spain and Portugal.

Catalana Occidente, undiscovered gem

Catalana Occidente is one of the great of the Spanish stock exchange. As a company majority owned by the Serra family, their level of trading on the floor is below average. However, the strengths of their businesses are solid and based partly on internationalization, thanks to the purchase of the world’s leading credit insurance, Atradius. With this acquisition, begun in 2008, the company led by Josep Maria Serra has achieved that 35% of business comes from outside. In addition to its outdoor adventure, the firm, which last year made a profit of 221 million euros, it has been one of the most active shopping in Spain (Seguros Bilbao, NorteHispana, Plus Ultra).

“Catalana Occidente is a little-known gem by investors and unfairly punished for its presence in Spain,” he explained a few months ago the manager of the Spanish stock market star, José Ramón Iturriaga, the largest position in the fund Okavango (which rose 70 % in 2013) is precisely the insurance company.

The third major Spanish insurer is independent Mutua Madrileña, which since 2007 has taken a quantum leap, to bet on geographical and business diversification, goal achieved, in large part, with the purchase of 51% of SegurCaixa Adeslas. In 2013, Mutual won 196 million, 3.6% more than the previous year.

The second major group within the Spanish insurer ecosystem are subsidiaries of banking groups. Firms like Vidacaixa (CaixaBank’s insurance company), BBVA Seguros and Santander Seguros have served as lifeline for its parents, who have covered part of the hole caused by exposure to the brick at the expense of these subsidiaries. In this context, the three banks have reached agreements with major reinsurance groups to sell their ownership of insurance in Spain. Scor Insurance paid 441 million euros to BBVA, Santander can reach 410 million Aegon charge for the sale of 51% of its life insurance and reinsured with Berkshire Hathaway CaixaBank his life portfolio, entering on a commission of 600 million.

The third major group are subsidiaries of insurance groups. The German giant Allianz has managed its Spanish insurance company associated with Banco Popular, a net profit of 259 million euros in 2013 points (+ 39%); Dutch insurer Aegon managed to triple its profit, to earn 187 million last year, thanks to the compensation received following the departure of insurers absorbed boxes. Meanwhile, the British subsidiary of Aviva a gross profit of 167 million euros (+ 11%) said



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