VidaCaixa obtained a consolidated net profit of 869.9 million euros last year, 9.6% higher than the previous year, as explained this morning by Javier Valle, the entity's managing director. The entity has been boosted by the rise in interest rates and the integration of Bankia's insurance, which has allowed it to reach 6.3 million customers in Spain and Portugal, with an increase of 10%. These results, the firm points out, keep it as the leading entity in Spain in life insurance and pension plans.
Last year, the Caixabank insurer exceeded 5,000 million euros in benefits paid to close to a million customers in Spain and Portugal for the first time. With 5,309 million euros paid, 10% more than a year ago, the insurer is the entity that pays the most in Spain after Social Security.
Last year, income from premiums and contributions to VidaCaixa pension plans and funds reached 10,208 million, 3% more than the internal year in homogeneous terms (discounting the effect of an extraordinary premium of 1,500 million euros in the business of collective savings in 2021).
Of the group's income, 3,482 million correspond to managed savings insurance; 2,969 million to pension savings insurance; 1,244 to risk insurance; 1,571 are pension plans, the remaining 941 million correspond to its Portuguese subsidiary BPI Vida e Pensões.
The group has reached 6.3 million customers in Spain and Portugal, 10% more.
These results, said Valle, keep it as the leading insurance company in Spain, despite operating only in the life branch, with a market share of 11.9%. In life insurance, the firm has a market share of 34.7%, while it reaches 33.8% in pension plans.
The firm highlighted that it has seen a 20.7% reduction in contributions to individual pension plans, due to the reduction in the limit of deductible contributions from 8,000 to 1,500 euros per year. With the new tax system, Valle recognized, it is foreseeable that the level of contributions will remain stable. This drop has been partly offset by the growth in collective plans. The life risk area, for its part, grew 18%.
VidaCaixa manages a total assets of 114,797.3 million euros, 0.7% above last year, a figure, Valle recalled, which is equivalent to 10% of Spanish GDP.
Valle acknowledged the group's interest in managing the new construction pension fund, a contract worth close to 3,000 million euros, the largest for a private fund in Spain to date. “We are leaders in the sector and we are going to opt for all the large operations,” he acknowledged. In this sense, the firm has been a pioneer by launching a Simplified Employment Pension Plan for the self-employed, in collaboration with the ATA employers' association.
Valle recalled that VidaCaixa is the largest manager of pension funds and plans in Spain. “We would contribute to the fund that management capacity that we have and the results that guarantee it. Every year we receive awards. This year from the international magazine IPE ("Investment
