Insurance and credit risk management services ? Credito y Caucion

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	Financial Details
	Classification by Rating Agencies
	Reinsurers
	Shareholders
	Annual Summarized Report

Summarized anual report 2010
		Variation
	2010	%
Risk covered by customer (Millions of euros)	6.2	8.7%
Group Equity (Millions of euros)	1,035	14.3%
Group Technical Provisions (Millions of euros)	1,312	-13%

Summarised balance sheet (2009-2010) (in millions of euros)
	2009	2010
Assets
Cash and bank deposits	27.6	171.2
Financial assets	166.1	93.5
Items receivable	409.1	263.2
Re-insurance	291.7	207.9
Property and fixed assets	38.7	38.3
Stakes in groups companies	23.2	23.2
Tax assets	8.3	5.6
Other assets	30.9	30.7
Total	995.6	833.6
Liabilities and net equity
Net equity	102.2	134.9
Items payable	162.2	169.0
Technical provisions	698.5	485.5
Non-technical provisions	24.4	24.8
Tax liabilities	4.1	11.0
Other liabilities	4.2	8.4
Total	995.6	833.6

Summarised profit and loss account (2009-2010) (in millions of euros)
	2009	2010
Premiums allocated to financial year	485.4	402.8
Claim rate	(519.6)	(242.4)
Claim Ratio	107%	60%
Other technical revenue	23.1	16.1
General cost	(104.1)	(91.1)
Cost Ratio	21%	23%
Re-insurance	93.4	-50.7
Technical result	(21.8)	34.7
Financial return	20.3	8.7
Extraordinary return	4.3	2.2
Corporation tax	(0.8)	(14.0)
Net operating result	2.1	31.7

Distribution of result (2009-2010) (In millions euros)
	2009	2010
Stabilisation reserve	0.3	23.4
Voluntary reserves	1.8	8.2
Total	2.1	31.7