The sale of life annuities has become the engine of growth for VidaCaixa in the first quarter. As the entity explained yesterday, up to March it entered 1,700 million euros in premiums on these products, which have become more attractive with the rise in interest rates and "offer interesting returns to savers who want to protect themselves against the challenges posed by the longevity through a guaranteed monthly payment for life that complements the retirement pension”.
VidaCaixa registered income from premiums and contributions to pension plans of 3,758.3 million euros in the first quarter, 18% higher than last year, and obtained a net profit of 275.2 million, 31.2% superior. The insurer attributes this improvement to “the positive evolution of the business portfolios; the sustained progression of managed resources and the acquisition of IMQ (Surgical Medical Matching) by SegurCaixa Adeslas”, a company in which it controls 49.92%.
The group manages 117,818.5 million euros in assets (0.5% less than last year), of which 68,306 million correspond to life insurance, 40,868 million to pension plans and EPSV, 7,553 million to BPI Vida and Pensões and 1,091 million to Sa Nostra Vida.
The company is the first in the Spanish market in life insurance, with a share of 34.9% of provisions, and in pension plans, with 33.8% of assets managed.
VidaCaixa explained that it has 6.3 million clients in Spain and Portugal, of which 2.6 million save for their retirement with life-savings insurance or pension plans.
The company has also increased the benefits paid, which until March have been 1,456 million euros, 9% more than last year. Of these, 650 million have been paid in the form of rent, 7% more than a year earlier.
VidaCaixa explained that the contributions to pension plans in the individual segment have continued to fall, due to the legal reductions in the maximum limits with the right to tax deduction, and have stood at 243.6 million euros, 11, 2% less than in the previous year. Contributions to group plans, however, grew by 20.5%, to 145.6 million euros.
Life-risk insurance premiums finally reached 460.7 million, with an increase of 7.1%. Here, individual life insurance reached 233.4 million, and they were the ones that grew the most (13.3%).
