The insurance sector closed March with assets under management of 252,942 million euros in the life and pensions branch, 3.42% more than a year earlier, with a slight decrease in life insurance savings and a notable increase in assets of pension plans, according to data collected by the insurance company Unespa.
The sector is clearly dominated by VidaCaixa, with 66,525 million euros under management (34.2% of the market), well above Banco Santander, the second strongest group, with 12,552 million, and a share of 6.45%. , and Mapfre, which with 12,194 million has 6.26% of the market. The top ten groups in the sector control 75.5% of the premiums.
The ranking has turned around this year due to the integration of Bankia Vida into the VidaCaixa group: the technical provisions managed by this firm have grown by 14.7%, while those managed by Mapfre have fallen by 28.3%, which was the Bankia insurance partner. After the three leaders, the most powerful groups in the market are BBVA Seguros, Zurich, Mutualidad de la Abogacía, Catalana Occidente, Ibercaja, Santa Lucía and Allianz.
According to data from Unespa, insurers managed 194,644 million euros from their clients through all types of life insurance in March, 0.11% less than a year earlier, and 58,298 million assets from pension plans, which grew by 17.26% compared to 2021.
According to employer data, life companies have 29.06 million policyholders, 2.63% less than a year earlier, and 4.05 million participants in pension plans, which grew by 18.5% compared to to a year before.
Within life insurance, risk capital grew (5.53%), although the number of insured persons fell slightly, by 0.6%, to 20.1 million. The capital managed by savings and retirement insurance also fell by 0.76%, to 187,360 million. “The sector manages to maintain the resources of clients in its charge despite the fact that during the first quarter of the year interest rates remained low”, recalled Unespa. The only savings insurance that grew were unit-linked (in which the policyholder assumes the risk of the investment), which increased assets by 18.78% in the year, to 20,211 million euros.
Income from risk life insurance premiums was 1,685 million euros in the quarter, 1.30% more than the previous year, and dependency insurance 2.26 million, 19.13% less.
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