SegurCaixa Holding

SegurCaixa Holding (the Insurance Group of ―la Caixa‖, which forms part of the Criteria CaixaCorp holding company) achieved a consolidated net profit of €208.5 million for 2009, an increase of 8.6% from 2008. The Group’s number of clients rose to 3,407,035, which is some 150,000 more than in the previous financial year.

 

Strong increases in commercial activity were seen during 2009, with significant growth in practically all business areas. The volume of premiums and contributions totalled €4.952 billion, up 55% compared with 2008, with particularly strong growth in life insurance-savings, non-life insurance (multi-risk, motor and health) and in pension plans. These results are the fruit of effective commercial work by the extensive network of ―la Caixa‖ branches and of the efforts of AgenCaixa commercial advisors working with SMEs and self-employed workers. VidaCaixa Previsión Social, the Group's division that works with large companies, had an excellent year, showing positive growth in all areas of activity and confirming its leadership and importance in the company life assurance and pensions market, where it has a market share of 18%.

The volume of resources managed by the Group exceeded €31 billion, an increase of 10% on 2008. The life insurance resources managed rose to €17.231 billion, an increase of 7%, and pension plan resources increased 15% to €13.584 billion. In both businesses, SegurCaixa Holding showed above-average growth, increasing its market share to 14% and consolidating its leadership in the voluntary pension scheme market.

SAVINGS BUSINESS: The volume of life insurance-savings premiums was double that of the previous financial year.
In the savings business (comprising life assurance-savings policies and pension plans for both individuals and companies), sales of premiums and contributions grew to over €4.244 billion, representing a 64% increase compared with 2008. This increase can partly be explained by the favourable trends in interest rates, with higher long-term rates, and a greater propensity on the part of households to save, because of the financial crisis.

In the area of life insurance-savings, the volume of premiums sold was double the 2008 figure. This increase was largely due to the contribution of Renta Vitalicia (previously called PVI – Pensión Vitalicia Inmediata), an endowment policy for individual clients who want to supplement their state retirement pension. Renta Vitalicia premiums worth €1.417 billion were sold over the year. There was also very significant growth in the company/group business, which was up 32%, as a result of the large number of operations linked to retirements and early retirements.

In the pension plan market, the Group ended the year as the market leader in terms of growth in relation both to individuals and groups, with market shares of 15.58% and 0.85%, respectively. Business with individual customers rose 7% (whilst the market fell 7%) to over €1.2 billion for investments and transfers, moving VidaCaixa from third to second place in the sector ranking. The groups market saw investments in excess of €500 million, up 109% on the 2008 figure.

RISK BUSINESS: Automobiles and health were the sectors with the highest growth, followed by multi-risk and life.
With 171,761 vehicles insured, the automobile insurance business, which began in April 2007, is in line with growth targets. The business began with the automobile insurance business SegurCaixa Auto. In 2008, SegurCaixa Moto was launched, followed in 2009 by SegurCaixa Auto Negocio offering policies for vans weighing up to 3,500 kg, for both commercial and private use. This area of business contributed €88 million in premiums, a growth of 82% compared with 2008, making it the second most important business area out of SegurCaixa Holding Group's non-life business units.

Notable growth also took place in the health insurance business, with more than 140,000 policy holders and premiums worth €37 million, an increase of 28% compared with 2008. VidaCaixa offers health insurance products to individuals, SMEs and self-employed workers, with a product for companies having been added in 2009. Each policyholder is offered a different level of cover, depending on their profile.

Although the problems in Spain’s property market have had a certain impact on household and life-risk insurance, both lines of activity showed positive growth throughout the year.

Household insurance increased 13%, with premiums of €166 million. SegurCaixa currently insures 730,000 households and, in 2009, completed its range of multi-risk insurance policies with the launch of its new SegurCaixa Negocio, an insurance policy which covers those risks that are most likely to affect the content and premises of commercial properties, offices and warehouses of SMEs and businesses.

The life-risk and accident insurance business sells insurance policies that are both linked and unlinked to loans. Targeting both individuals and companies, the business sold premiums worth €417 million in 2009, up 5% on the previous year. This growth was achieved by compensating lower growth in the credit-insurance business through selling more traditional life insurance policies to individuals and with excellent growth in the segment targeting large companies.

Agreement on the acquisition of Adeslas by Criteria CaixaCorp
On 22 October 2009, Criteria CaixaCorp announced an agreement to purchase Adeslas and integrate it into the structure of SegurCaixa Holding, thus reinforcing the Group's leadership in the Spanish insurance sector. With this operation, SegurCaixa Holding-Adeslas, Criteria and the ―la Caixa‖ Group will establish themselves as the undisputed point of reference in the Spanish life and health insurance sector. The synergies that will be established between the companies open up access to over 6 million clients, between individuals and groups, a distribution channel comprising over 1,800 agents and insurance brokers and 200 offices, in addition to the more than 5,000 ―la Caixa‖ branches and SegurCaixa Holding’s own commercial network. It will also manage one of Spain’s leading groups of private clinics.

Other key achievements in 2009

Multi-channel contact: Throughout the year, the Group has continued to develop communications channels that complement the office and agency network, such as the Internet and telephone, thereby improving the service offered to customers.

Excellence in the quality of service: Quality of service is a strategic objective that results in products with extensive cover that offer optimum solutions when customers require them — in the case of an accident, for example. Throughout the year, a number of customer satisfaction surveys were carried out, both over the telephone and online, in order to measure levels of satisfaction and to identify opportunities for improvement. The surveys produced very high levels of satisfaction that were an improvement on the previous year.

Investment management: In the life insurance and pension plan area, VidaCaixa had another good year in terms of the performance of its investments, with 74% of its capital in pension plans in the top two quartiles of return for the industry.

Corporate Social Responsibility: The Group continued its commitment to Corporate Social Responsibility in 2009, when it signed up to three key initiatives: the UN Global Compact; the Business Alliance for Child Vaccination, in collaboration with GAVI Alliance; and UN Principles for Responsible Investment (PRI). These are a reflection of the Group's desire to carry out its activities in a manner that is committed to society’s sustainable development.

Certification as a Family Responsible Company: SegurCaixa Holding has recently been certified as a Family Responsible Company (efr) by the Fundación MásFamilia. This certificate is official recognition of the establishment of a management model which, through a process of continuous improvement, encourages a balance between the company, work and the family and is in line with other policies to promote reconciliation and equality.

INNOVA+: 2009 was the second year of the INNOVA+ programme, which promotes innovation by means of channelling ideas from all staff within the Group. The premise is that the more people who contribute ideas to enrich products and processes, the greater the innovation and improvements that will be achieved.

The SegurCaixa Holding Group, previously CaiFor, is a leader in the Spanish insurance and pension plan market. It operates through the companies VidaCaixa and SegurCaixa, and its activity is structured on the basis of two large areas: products and services for individual clients, and products and services for groups and companies. Ricardo Fornesa is the Group’s Chairman, the CEO is Tomás Muniesa, and the General Manager is Mario Berenguer.

Along with the Chairman and CEO, the Board of Directors comprises: Juan Maria Nin Génova, Juan Antonio Samaranch Torelló, José Vilarasau Salat, Jordi Mercader Miró, Javier Godó Muntañola, Francisco Reynés Massanet, Manuel Raventós Negra and Miquel Valls Masseda.

In addition to the CEO and General Manager, the Management Committee is made up of the following members: Jordi Arenillas, Jesús Maria García, José A. Iglesias, Marta Marrón, Ernesto Moreno, Antonio Trueba and Edward Condie.

In the area of individual clients, VidaCaixa offers an extensive range of life-risk, health and savings insurance policies, along with pension plans, while SegurCaixa offers household, automobile and accident insurance. In the groups and companies sector, the specialised division, VidaCaixa Previsión Social, provides this market with life, health and accident insurance, as well as pension plans.

3 March 2010

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