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VidaCaixa boosts its profit by 9.6% in 2022 due to the rise in rates

Date: March 24, 2023 Time: 08:44:48

The rise in interest rates by the European Central Bank (ECB) has boosted the profit of VidaCaixa in 2022 by 9.6% to 869.9 million euros. As the company has assured, this is “one of its best results both in terms of benefits and benefits to its customers.” The income statement includes the rise in interest rates that has made it possible to recover the offer of guaranteed products, which have been very well received by customers, especially in the life annuity segment, which has experienced growth of 50% and the Benefits paid to customers have exceeded 5,000 million euros for the first time in Spain and Portugal, the highest figure in their history.

In terms of income from premiums and contributions, they have registered an improvement of 3%. However, the application of the new limit to contributions to pension plans of 1,500 euros per year has caused a 20.7% drop in this business, which, however, is growing in the collective segment. For its part, the risk business has recorded growth in premiums of 18%, driven especially by the individual segment.

The financial year has been influenced by the financial markets, which have experienced great growth in 2022

Contributions to individual pension plans have reached 1,055.4 million euros, with a volume of managed resources of 27,917.1 million, which represents a decrease of 9.9% due to the new legal contribution limit together with the volatility of the markets. In the collective segment, contributions to employment plans and associates have grown by 2.5% and have stood at 623.5 million euros. Managed resources stood at 15,340 million euros, 7.8% less due to the impact of the markets.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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