CESCE posts fourteen consecutive years of profits, while the State account shows a surplus for 27 years

According to the data presented at its General Shareholders' Meeting

Cesce has proven to be the most solvent insurer among the main Spanish and European companies in the credit and surety insurance industry.

[Img # 52580]

Cesce held its Shareholders Meeting with the presence of the Minister of Industry, Commerce and Tourism, Hector Gomez. The insurance company has achieved a net profit of 75,1 million euros in 2022, 2,7% more than the previous year, and has now had fourteen consecutive years of profits. Your subsidiary, Informa D&B, a leading company in the supply of Commercial, Financial, Sectoral and Marketing Information, has also closed the year with excellent results, registering a turnover of 65 million euros at an individual level and 94,9 million euros at a group level. As a whole, the Cesce Group has closed 2022 with consolidated profits of 71,8 million euros, according to the data presented.

These strong results take on greater significance in a complex scenario of uncertainty in both geopolitical and economic terms that has been intensifying after the pandemic. In 2022, the year in which the company celebrated its 50th anniversary, Cesce has proven to be a stable group and the most solvent insurer among the main Spanish and European companies in the credit and surety insurance industry.

In State account activity, Cesce issued insurance worth more than 2022 million euros in 2.901, 30% more than the previous year, and supported insurance operations. Spanish companies abroad for a contractual value of 11.500 billion euros. Some of the new products, such as Green Policies, which are aimed at new clients belonging to sectors linked to the protection and conservation of the environment, have been well received in the market and lead to a change in trend in the composition of the portfolio Cesce towards a greater weight of sustainable projects.

Regarding the self-employed business area, the company has reached close to 182 million euros in premiums, 5,3% more than the previous year, and the combined ratio of direct insurance has stood at 59%. Thanks to these positive parameters, Cesce's income statement has shown a positive technical result of 77,6 million euros.

La Cesce presence in Latin America, for its part, has continued to be the focus of the strategy Capabilities of the Cesce group in 2022. In that same year, the region's total production of acquired premiums, 75 million euros, was higher than estimated, representing 30% of the Own Account that also considers Iberia's production. Throughout this time, the company has continued working to strengthen sales channels, subscription efficiency, as well as after-sales services.

The company has an ambitious roadmap for the coming years with the Impulsa Cesce 2025 Plan and its Sustainability Master Plan, respectively.

Plan Impulsa Cesce 2025

Within his general meeting of shareholders, the insurance company has announced the Plan Impulsa Cesce 2025, which seeks to enhance the business and fulfill its mission through the combination of three key goals: growth, efficiency and profitability. It has been designed after complying with all the key indicators of the current Strategic plan with the purpose of generating a positive impact on the economic and business fabric.

Under a disruptive approach and adapted to the constant changes in the market, the company will focus on Plan Impulsa Cesce 2025 in increasing profitability in the credit and surety segments, strengthening its presence abroad, managing and promoting new coverages such as ECA, as well as maintaining its leadership in terms of digital transformation of the insurance sector through innovative solutions and unique experiences.

CSR at Cesce, a strategic and transversal axis to the business

In line with its firm social and environmental commitment, Cesce has announced a broader reformulation of its current Corporate Social Responsibility Policy through the development of a Sustainability Master Plan that will see the light this year. It will lay the foundations to reinforce sustainability as the true transversal axis of the company with involvement in all its levels.

Cesce's CSR policy, articulated under its Strategic Plan 2021-2024, “Transforming ourselves in the face of a new reality” establishes the percentage of 0,7 of the net profit that the company allocates to carry out initiatives of various kinds. In many of them, the insurer's own employees – including its agency network – are the true protagonists thanks to a corporate volunteering model whose objectives are to promote the values and pride of belonging to a company that dedicates time and financial contributions to solidarity initiatives. Thus, in 2022, some 33 initiatives have been carried out with impact at both a national and international level and the dedication of almost 300 hours of volunteering supported by Cesce.