VidaCaixa earns 1,238 million in 2024, 8% more than a year ago
CaixaBank's insurance subsidiary pays 5.7 billion to one million clients, 80% of whom are over 65 years old
MadridVidaCaixa, the CaixaBank subsidiary dedicated to insurance, closed 2024 with a net profit of 1,238.7 million euros, 8% more than a year ago, the subsidiary reported in a statement on Friday. The increase in profits is attributed to the profitability generated by the management of the portfolios, the sustained growth of the client resources managed, which exceeded 130,000 million euros for the first time, and the favorable evolution of the insurance business and its marketing, according to the company chaired by Javier Valle. All in all, the volume of assets of the insurance company stood at 131,433 million euros, with a growth of 7.4% compared to last year.
The total customer base has expanded by 7.2% and is now close to 7 million (6.89 million). From January to December, the entity paid 5,716.1 million euros in benefits, which represents a growth of 2.8%. Nearly one million beneficiaries of VidaCaixa plans or insurance have received a supplementary income in 2024 and the vast majority are over 65 years old.
The total volume of premiums and contributions marketed in 2024 has amounted to 12,885.4 million euros, 4.2% less than last year. The company has attributed the decrease to the comparative effect with 2023, in which a growth of over 30% was recorded. In this area, life annuities and financial products that channel savings for the future stand out. Together they represent 65% of the total premiums marketed in savings insurance throughout 2024, 6,351 million euros.
Public pension plans
VidaCaixa's CEO, Javier Valle, highlighted at a press conference the insurer's commitment to the second pillar, that is, to employment pension plans (the other two pillars of the public pension are retirement or remuneration, and individual pension plans). Valle stated that the company "likes three-legged boards so that they don't limp" in reference to the three-pillar pension system (public, individual and collective).
In 2022, the Spanish government gave a boost to these employment pension plans. "VidaCaixa has always been present here, with the launch of the first plan for the self-employed and the sectorial one, and we were the first in public plans. We want to be there," he explained.
