CaixaBank’s insurer, VidaCaixa, has registered a consolidated net profit of 523.6 million euros between January and June 2023, which represents an increase of 35% compared to the same period of the previous year. The company has attributed this increase to the good evolution of the business and the behavior of the markets.
The CaixaBank subsidiary has managed to increase its commercial activity by 33.7%, totaling 7,368.4 million euros in premiums and contributions. The products whose sales have contributed the most to this increase have been guaranteed savings insurance and life annuities.
In this semester, VidaCaixa has managed a total of 119,943.4 million in different resources, an interannual increase of 4.7%. Of these, 69,970 million would correspond to life insurance, while 41,437 million would be for Pension Plans and Voluntary Social Welfare Entities (EPSV). On the other hand, 7,515 million correspond to BPI Vida e Pensoes and 1,023 million are from Sa Nostra Vida, which operate in Portugal and the Balearic Islands, respectively.
The number of customers is maintained
The total number of clients in Spain and Portugal has remained stable at 6.4 million, while the solvency to capital ratio required to close the first half of the year has been 153%.
In the first half of the year, VidaCaixa has paid 2,841 million euros in benefits in Spain and Portugal, 6% more than in the same period of the previous year. The premiums contributed to savings insurance have stood at 5,825.2 million, 47.5% more than a year ago. Of these, 5,587.1 million correspond to the individual segment and 238 million to premiums on group savings insurance.
Contributions to individual pension plans have decreased due to the legal reduction in the maximum limit and at the end of June they have stood at 488.2 million, 13.2% less, while contributions to employment and associated plans have decreased by 1.5%, up to 294.8 million.
Life-risk insurance premiums have reached 760.2 million euros, 8.7% more, while 470 million correspond to the individual segment and 290.2 million to groups.
On the other hand, VidaCaixa and Medvida have reached an agreement for the purchase of a part of the life insurance portfolio of Sa Nostra Vida, more than 30,000 policies that are part of the insurance business that VidaCaixa bought in November 2022. The operation is subject to the approval of the General Directorate of Insurance and Pension Funds (DGSFP).