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FACTS&FIGURES10
Head Office:Zurbano, 8 - 28010 MADRIDTel. +34 913 081 412 - Fax +34 913 199 [email protected]
BOARD OF DIRECTORS
HONORARY CHAIRMAN José María SUNYER ALDOMÁ
CHAIRMAN José RUIZ DOMÍNGUEZ1
MEMBERS David ANGULO RUBIO José CELMA PRIETO Ignacio EYRIES GARCÍA DE VINUESA Borja GARCÍA-NIETO PORTABELLA2
Diogo MORAES SUNYER Jesús QUINTANAL SAN EMETERIO Tomás RODRIGO BARÓN2
Juan Antonio SAGARDOY BENGOECHEA1
Lucía SUNYER LACHIONDO2
José Maria SUNYER SENDRA1
SECRETARY TO THE BOARD (Non Director) Juan Antonio MONTOYA LEAL
1 Members of the Remuneration and Appointment Committee
2 Members of the Audit Committee
MANAGING COMMITTEE
José RUIZ DOMÍNGUEZ Chairman-General Manager
José Ramón JÓCANO PÉREZ Deputy General Manager
Cristóbal DÍAZ EXPÓSITO Deputy Manager-Technical Manager
Pedro HERRERA NOGALES Deputy Manager-Underwriting
José Ramón DÍAZ DE DURANA RESPALDIZA Development Manager
Claudio I. LÓPEZ-COBO ZURITA International Manager
Joaquín COLL PUEYO Commercial Manager
Javier MELERO AMEIJIDE Financial Manager
www.nacionalre.es
EngagedEngaged Nacional de Reaseguros S.A. MAIN FIGURES 2010 Thousand € % Growth
INCOMEGross premium income 472.454 1,1%Financial income 19.835 -16,4% Total income 492.289 0,3%
TECHNICAL PROVISIONS Technical provisions for assumedbusiness 772.453 5,1%Technical provisions for retention 636.636 2,4% % on retained premium 190,4%
PROFITABLE ASSETS 823.769 4,3% SHAREHOLDERS’ EQUITY 166.361 8,8% NET PROFIT OF THE YEAR 27.118 3,8%
OutlinesNacional de Reaseguros, S.A. is a Spanish professional reinsurer founded in 1939. Since then it has carried out a successful, continuous activity.
UnderwritingNACIONAL’s strategy follows criteria of sound judgement, conservative andselective underwriting, and close,long-lasting relations with clients.
The main part of the portlfolio comesfrom companies in the Iberian Market,where Nacional has a broad knowledge, and provides a high level of service.
Rating (A+)On 2nd September 2010 Standard&Poor’s affi rmed the ‘A+’ rating of the Company.
IN A NUTSHELL
Portfolio Composition
Motor&TPL 11,1%
Marine5,9%
P.Acc&Health 5,3%
Miscellaneous 14,6%
Life12,8%
Spain 91%Othercountries
4,4%
Portugal 4,6%
The Annual General Shareholders’ Meeting of NACIONAL DE REASEGUROS S.A. was held on June 27th 2011. Among other agreements, the accounts for the year 2010, Nacional´s 71st trading year, were approved.
From the Chairman’s speech to the Shareholder’s Meeting, we highlight the following key points:
Underwritten premiums amount to 472.5 million euros, which represent 1.1% growth over the previous year. In our days increments are not the rule, either among Spanish insurers, our main cedents, or among reinsurers.
Technical provisions grow 5.1% and reach 772.5 million euros, in a proportion superior to premiums, a characteristic that also applies to retention.
Profi table assets are over 823 million euros and grow 4.3%. The constant reduction of reinsu-rance deposits benefi ts in-house investment.
Financial yielding, 19.8 million euros, is a very positive contribution to results, despite the bonds and equities markets became adverse in Spain. However, in this occasion, the interna-tional diversifi cation of our portfolio and the conservative Company’s policy for investments have favoured us.
Technical results exceed those of previous years, despite underwriting endured, for the second time, an unusual loss ratio related to CAT risks. The major impact comes from the Spanish interests in Chile which suffered a ravaging earthquake in 2010. If we set aside this fact, all business lines keep healthy margins.
The combination of the mentioned factors results in 27.12 million euros net profi t, 3.8% over last year results, and an increase of 8.8% on booked equity.
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The Annual General Shareholders’ Meeting also agreed a new increase in capital of 6 million euros and a substantial rise in free reserves, contributing to the high solvency levels of the Company.
The complete version of the Annual Report is available at the Company’s website: www.nacionalre.es
HIGHLIGHTS OF THE YEAR 2010
Fire&Multirisk
49,1%
