OCASO’s financial strength is undoubtedly one of its main assets. The Company’s solvency margin as at December 31, 2010, amounted to 752,54 million of euros, that is, 5,5 times higher than that established as a requirement by the legislation in force. Thus, Ocaso has maintained a privileged position with regard to its competitors for many years now.

OCASO’s risk selection policy has brought, for many years, significant net profit. Net profit for FY 2010, after tax, was 79,51 million of euros which, consolidated with the profit obtained by the rest of companies in the Group, amounted to a total of 88,41 million of euros.

The prestigious firm A.M. Best (www.ambest.com), the specialist in solvency and financial strength analysis and rating for insurance companies, has confirmed Ocaso’s financial strength rating, with an A+ (Superior) rating, with a stable outlook. This rating reflects the superior capitalisation, the excellent operating results and the high profile of its Spanish business.

In FY 2010, the Company met the general aims established at the start of the year, reaching a total turnover of 820,76 million of euros in premiums received from direct insurance. This figure, incorporated into those of the rest of the Group’s companies, raises the total turnover to 958,32 million of euros.

Type of Insurance	2010	2009	Difference	%
Total	820,76	800,65	20,11	2,51
Traditional Insurance	429,04	427,25	1,79	0,42
Personal Insurance	121,77	112,40	9,37	8,34
General Insurance	269,95	261,00	8,95	3,43

(in million euros)

Capital stock amounts to 160 million of euros, which, together with the 460,53 million of euros in shareholders’ reserves, brought total Shareholders’ Equity in 2010 to 620,53 million of euros. In brief, the good results obtained by Ocaso in FY 2010 confirm the strength, once again, of its business approach based on independence, solvency and financial stability, profitable growth and excellence in its service and assistance to the Insured.