Cesce closes 2024 accounts with record profits and concludes successful Strategic Plan

 

 

Cesce SA, the Spanish Export Credit Insurance Company, has announced a net profit of €59,1 million for the year-end 2024, marking its sixteenth consecutive year of positive results. This achievement was presented during the general meeting of shareholders, where the solid results in both Spain as in Portugal, and the successful completion of its Strategic Plan 2021-2024.

 

The insurer thus strengthens its solid financial position, recording net worth of €571 million, growth of 7,6%, and a return on equity exceeding 10%. Its solvency ratio, at 282% at year-end, consolidates its position as the most solvent insurer among large European companies in the credit and surety insurance sector.

 

Detailed Financial Performance

 

Insurance issued by self-employed individuals in Spain and Portugal grew by 4,2%, reaching €58.843 billion. Despite a decrease in prices, the increase in the number of insured clients allowed for a similar premium to that of 2023, reaching €174,7 million.

 

Furthermore, the volume of insurance issued by the State Account Revenue remained in line with the previous year, reaching €2.955 billion, generating €22,5 million in revenue. Rising interest rates in recent years have had a positive impact on the company's investment portfolio, with financial results improving from €18,3 million in 2023 to €30,1 million in 2024.

 

Despite a complex international context, the accident rate remained contained at 40%, just one percentage point above the previous year, demonstrating the company's prudent risk management.

 

Consolidated Growth of the Cesce Group

 

At the consolidated level, the Cesce Group reported a total profit of 69,3 million euros. This result was driven by the excellent performance of its five subsidiaries in Latin America (Brazil, Chile, Colombia, Mexico and Peru), where earned premiums grew 7% to €81,2 million. These subsidiaries generated net profits of €12,9 million, thanks to controlled claims and solid growth in the surety line.

 

In addition, the group INFORMA, of which Cesce is the sole shareholder, contributed €4,7 million to the result. The subsidiary Informa D&B, a leader in the Spanish business information market, recorded record revenues of €71 million individually and €105 million at group level, driven by innovation and the use of technologies such as artificial intelligence. It is worth noting that in 2024, D& reportsB sold 51% of the share capital of CTI to Teknei Information Technology, SL, Cesce retaining the remaining 49%.

 

 

At a consolidated level, the Cesce Group increased its profit to €69,3 million thanks to the good performance of its subsidiaries in Latin America and the INFORMA Group.

 

 

Statements by the Executive President

 

Paul Ramon-LacaCesce's CEO emphasized the importance of the achievements: "The end of 2024 marks a very important milestone in Cesce's history: we have consolidated our market position and successfully completed the objectives set at the beginning of the 2021-2024 Strategic Plan. These achievements reflect the commitment of the entire organization to excellence, innovation, and sustainability."

 

De Ramón-Laca also highlighted the company's adaptability: "Cesce is demonstrating a strong capacity for adaptation, driven by prudent management, high solvency, and a firm commitment to diversification. These factors are allowing us to maintain sustainable growth and consolidate our international presence in seven countries." strategic markets. "

 

He also highlighted the fundamental role of Cesce in the Spanish economy, especially in an uncertain global environment. According to the consultancy firm AFI, Cesce has helped generate or maintain between 261.000 and 487.000 jobs in Spain between 2000 and 2021. The company focuses on supporting SMEs, representing more than 90% of its clients in the self-employed sector, and has increased the policies issued to this segment in the State account by 43%.

 

Successful Completion of the 2021-2024 Strategic Plan

 

The year 2024 marked the completion of the Strategic Plan "Transforming Ourselves in the Face of a New Reality," in which Cesce successfully met all the planned indicators. This roadmap enabled a profound reorganization of processes, a boost to digitalization, and improved operational efficiency, with the development of 239 strategic projects.

Commitment to Sustainability and Digitalization

 

The 2024-2026 Sustainability Master Plan, approved in November 2023, strengthens Cesce's commitment to ESG criteria. The company has made progress in adapting to the European CSRD directive and ESRS standards, integrating sustainability into its daily operations and strengthening ESG risk management.

 

Regarding digitalization, Cesce has strengthened its Cesnet digital platform and integrated Power BI to optimize data management and decision-making. Furthermore, progress has been made in creating a centralized reinsurance model.

 

Diversity and inclusion

 

Cesce maintains its commitment to diversity and inclusion, with 59% of its workforce made up of women and 42% of management positions held by them. The company has joined the EWI Network (Empower Women in Insurance) and promotes the well-being of its staff through initiatives such as 'Cesce takes care of you'.

 

Looking to the Future: New Strategic Plan

 

Following this successful cycle, Cesce has already begun developing a new strategic plan for 2026. This plan will seek to maintain its position as one of the leading credit and surety insurers. Own account, and strengthen its support for internationalization through the State Account as a Spanish export credit agency, consolidating its role as a strategic ally for Spanish companies.

 

"We are closing a year full of successes, achieved at a particularly demanding historical moment, which has tested our ability to adapt and to which we have responded effectively. We now look to the future with the same determination to continue growing," concluded the CEO of Cesce.