OCASO’s financial strength is undoubtedly one of its main assets. The Company’s solvency margin as at December 31, 2011, amounted to 845,48 million of euros, that is, 5,9 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 2011, after tax, was 106,69 million of euros which, consolidated with the profit obtained by the rest of companies in the Group, amounted to a total of 110,43 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 (Excellent) rating.

In FY 2011, the Company met the general aims established at the start of the year, reaching a total turnover of 842,62 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 875,43 million of euros.

Type of Insurance	2011	2010	Difference	%
Total	842,62	820,76	21,86	2,66
Traditional Insurance	436,93	429,04	7,89	1,84
Personal Insurance	126,58	121,77	4,81	3,95
General Insurance	279,11	269,95	9,16	3,39

(in million euros)

Capital stock amounts to 270 million of euros, which, together with the 401 million of euros in shareholders’ reserves, brought total Shareholders’ Equity in 2011 to 676,82 million of euros. In brief, the good results obtained by OCASO in FY 2011 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.