Insurance company VidaCaixa’s net profit drops by 46% to settle at €420 million

Barcelona (ACN).- In 2013, the consolidated net profit of VidaCaixa, the insurance branch of Spain’s largest bank, CaixaBank, amounted to €420.1 million. The figure represents a 46.2% decrease on the previous year, when it had reached €789.5 million. This decrease is due to the effects of the reinsurance transaction on the company’s ‘vida-risc’ life insurance, which occurred in the last quarter of 2012, bringing in an extra income of €600 million back then. On the other hand, the net recurring profit for 2013 totalled €328.3 million, 3.1% less than the previous year. VidaCaixa has reached 3.6 million customers and exceeded €50 billion of assets under management, both figures amounting to a 14.1% increase on the previous year.

Last year, the insurance branch of CaixaBank paid 688,500 pensions to its customers, amounting to €1.6 billion, which represents 27% of all private pensions allocated in Spain.

The total volume of the company’s premiums and contributions increased by 10.3% compared to 2012 figures, reaching €6.65 billion in life insurance and pension plans. Furthermore, in 2013, VidaCaixa managed over €50 billion of assets, 14.1% more than in 2012. As for the number of customers, it stood at 3.6 million, also amounting to a 14.1% increase.