Vida Caixathe insurance group CaixaBankwon 3€88.7 million during the first half, 7% more than in the same period of the previous year and placed its commercial activity at pre-pandemic levels. According to the company, the sustained growth of managed resources and the increase in the volume of corporate and savings portfolios are the bases of this growth. The company’s commercial activity, for its part, has reached levels similar to those recorded before the pandemic, thus the leanness and contributions of VidaCaixa have been €5,512.1 million, 3.5% more than a year ago and 0.4% more than in 2019, and 84% of the total corresponds to savings activity. The resources managed by VidaCaixa increased by 4%, reaching €113,586 milliondespite the volatility recorded on the markets.
Overall, 6€5,301 million correspond to life insurance, with 4,317 million from Bankia Vida, 40,841 million euros are concentrated on pension schemes and EPSV, and 7,444 million come from BPI Vida and Pensõés. During these six months, VidaCaixa has paid its customers 2,681 million euros in profits, 8% more than last year, and about half, 1,240 million euros, was paid in the form of rent. According to the entity, with these results, VidaCaixa remains the leader in the insurance sector in the State, occupying the first position in life with 34% of total provisions, and also maintains the leadership in pension plans, with 34% of the total volume of savings managed provisions. In addition, it should be remembered that the company is still immersed in the integration of Bankia Vida, a process that should be completed in the last quarter of the year.
At the same time, during the first half of 2022, the solvency to required capital ratio was 160%. Savings insurance, on the other hand, represented a large part of the volume of thinners marketed until June, both in the individual and collective segment, reaching 3,560.7 million euros, or 8.7% more, and 389.8 million euros, or 2.1% more, respectively. Contributions to pension plans reached 862 million euros, 14.2% less, and the individual segment amounted to 562.7 million euros, 13.5% less than in the same period of the previous year. In the groups, contributions to employment plans were 299.3 million, 15.5% less than last year, due to the extraordinary contributions of BPI Vida and Pensõés in 2021, although considering only market in Spain, contributions to employment plans increased by 38%. According to VidaCaixa, the resources managed in pension schemes have decreased due to the fall in the markets, which has had an impact on valuations and returns, and due to the drop in contributions due to the change in their tax treatment.
Individual plans and EPSV closed in June with €28,272.1 million, 5.9% less, although 6,500 million euros were integrated in 2021 from Bankia Pensiones. The plans for employment and the associated device have had €15,653.7 million2.8% less and more than 2,000 million euros have been included in the employment plans of Bankia Pensiones in 2021. Over the last twelve months, the pension plans of VidaCaixa have obtained an average return of – 6.2%, compared to -6.6% of all individual system pension plans in Spain.
VidaCaixa presented these results in a context where it highlighted the weakening of the recovery of the world economy, the invasion of Ukraine and China’s zero COVID policy, which particularly impacted the prices of the energy, and the turning point in it is due to restrictive monetary policies, which have been implemented by the main Central Banks.