Catalan mutual insurance companies exceed 1.1 million policyholders, the 2017 level.
The number of social security entities supervised by the Generalitat remains at 23 and the number of people covered is 1.17 million if those under state jurisdiction are included.
BarcelonaThe social welfare mutual funds supervised by the Catalan government surpassed 1.1 million insured last year, bringing them back to the level of 2017, their peak this decade. The 23 entities supervised by the Catalan government's Directorate General for Financial Policy reached 1,101,761 insured members, 12.5% of the population, representing a growth of more than 20%. The difference compared to eight years ago is that there were 37 mutual funds under the supervision of the Catalan government, and now there are 23, as in the previous year, providing coverage mainly for healthcare, death, and life insurance benefits, according to data from the Directorate General for Financial Policy, Insurance, and the Treasury of the Catalan government. They also regained membership, with 95,208, a 2.24% increase over the previous year.
In fact, several other social security entities operate in Catalonia, but only those whose operations do not extend beyond Catalonia fall under the jurisdiction of the Catalan government. If they operate outside the autonomous community, they are supervised by the General Directorate of Insurance of the Ministry of Economy. This was the case in 2017 with Previsora General, part of the Clade social economy group, and Alter, the Catalan mutual social security insurance company for lawyers.
Furthermore, Mutuam has also lost ground. In July of last year, it decided to spin off its social and healthcare activity, transferring it to a foundation promoted by the entity. As a result of this move, the sector's aggregate profit fell last year to €3.2 million, half of the €6.5 million it would expect in 2023. However, if those insured by the entities supervised by the Ministry of Economy's Directorate General of Insurance are included, the figure was higher than €1.7 million last year; premium income was €317 million; and results were €14.4 million, according to the Federation of Mutual Societies of Catalonia (FMC).
In the last three years, of the entities supervised by the Generalitat (Generalitat), 22 are active and one small public limited company (Instituto Sanitario, based in Mataró), which have experienced sustained growth in their assets and financial figures. The increase in the number of protected individuals is particularly noteworthy, as is the increase in contribution revenue, which reached 86.3 million last year, an increase of almost 5%.
Capital and solvency
According to the annual report prepared by the Directorate General of Financial Policy, the sector presents "a significant surplus, both in covering technical provisions through eligible assets and in meeting solvency requirements. Mutual societies have aggregate assets that are 4.66 times the required solvency capital established by the European Solvency II Regulation."
The sector has undergone significant consolidation. From more than 70 entities in 2010, the current number has grown to 23 following the liquidation of many small, local entities, as well as mergers. Just 10 years ago, there were 35. In 2004, there were 138, and at the beginning of the 2000s and the new century, there were more than 150. During these years, many small entities were transformed into associations, as they had a very limited business and had to meet the requirements of any insurance company. There have also been mergers and settlements.
The two largest insurance companies also disappeared: Agrupació Mútua, which became a mutual insurance company years ago and is now part of the French insurance group Axa, and L'Aliança was intervened and later absorbed by the Valencian company Divina Pastora. One of the latest mergers was carried out in 2021 by MGC Mutua, which integrated the 1,781 mutual insurance company members of Mutua Igualadina.
Of those supervised by the Generalitat, Mútua Veïnal Sinera, founded by the Confederation of Neighborhood Associations of Catalonia (Confavc), the Regional Federation of El Baix Llobregat, the FAV of Barcelona, and the FAV of Hospitalet, leads the way in terms of membership, with 17,218 as of December 31. In terms of members, Mútua de Terrassa, which also contributed half of the profits of the sector supervised by the Generalitat, with 1.7 million euros, followed by others such as the former Mútua Manresana, renamed MutuaCat.