OCASO’s financial strength is undoubtedly one of its main assets. The Company’s solvency margin as at December 31, 2008, amounted to 637,30 million of euros, that is, 4,88 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 2008, after tax, was 47,86 million of euros which, consolidated with the profit obtained by the rest of companies in the Group, amounted to a total of 57,22 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 2008, the Company met the general aims established at the start of the year, reaching a total turnover of 765,88 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 903,38 million of euros.

Type of Insurance	2008	2007	Difference	%
Total	765,88	716,5	49,38	6,89
Traditional Insurance	407,38	383.82	23,56	6,14
Personal Insurance	105,61	94,67	10,94	11,55
General Insurance	252,89	238,01	14,88	6,14

(in million euros)

Capital stock amounts to 160 million of euros, which, together with the 379,20 million of euros in shareholders’ reserves, brought total Shareholders’ Equity in 2008 to 539,20 million of euros. In brief, the good results obtained by Ocaso in FY 2007 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.