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HomeLatest NewsVidaCaixa increases its managed assets to 122,000 million after earning 32% more

VidaCaixa increases its managed assets to 122,000 million after earning 32% more

Date: April 21, 2024 Time: 19:46:04

VidaCaixa squeezes the tailwinds of interest rates. Caixabank’s insurance business obtained a historic net profit of 1.47 million during 2023, which represents 32.1% more savings per year. Position as the largest insurer in Spain with a volume of managed assets exceeding 122,000 million, a 9 % more and a market share of 14.88%. Javier Valle, general director of the firm, has highlighted that 2023 has been an “intense year”, whose growth has been boosted by the increase in the cost of financing.

The horrible growth has come from life annuities, whose premiums skyrocket by more than 60%, exceeding 4.8 billion, and guaranteed savings insurance. As Valle explained, VidaCaixa has one million customers who contribute an average of 143 euros per month, mainly to MyBox Retirement, its flagship product. For its part, the life risk segment reached 1,371 million in premiums, 6.4% more, mostly coming from the individual line.

Along these lines, MyBox Vida promotes the life risk business, which captures 6.4% more premiums, up to 1,372 million, while contributions to individual pension plans are reduced to 966 million, 8.4% less. Overall, the resources raised through insurance premiums and contributions to pension plans increased by almost 32%, up to 13,444 million, thanks to the aforementioned annuities and guaranteed savings insurance, while the volume of clients It remains stable above the 6.4 million reached after integrating Bankia users. All of this has boosted the gross margin by 27%, to 1,408 million.

During the presentation of the results, Valle highlighted the growth of sectoral employment pension plans, such as construction, which will be managed by VidaCaixa. “Its success will encourage other sectors to carry out similar initiatives,” said Valle. Added to this is the agreement with the Association of Self-Employed Workers (ATA), with which they have promoted a simplified pension plan for self-employed workers.

It should be noted that VidaCaixa has been one of the five entities to manage the Public Promotion Employment Pension Fund (FPEPP), an initiative that has not yet been launched, as this media has published. “We are at the expense of the promoters who wish to create these plans to integrate into these funds. I know that Social Security has done its job in the development of the platform, that they are still establishing it,” he stated.

Among the new products they are exploring is also the reverse mortgage. Valle has explained that they are carrying out pilot tests, although they prefer to be cautious. “The regulatory context in some areas is not clear. This makes us cautious,” he adds, pointing out that family savings in the form of apartments and properties may be a factor to take into account in the future.

Looking ahead to 2024, Valle has anticipated that it will be a “continuous” year since they do not foresee a significant drop in interest rates and will focus on employment pension plans. Among its objectives for this year is also its commitment to strengthening the accessibility of its insurance offer with comprehensive coverage for clients with HIV without previous illnesses and under treatment, as well as standard insurance for people who have suffered from breast or prostate cancer within a year. beginning his treatment, compared to the five contemplated by the law.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

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