BBVA in 2012


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The insurance business continued to perform well in 2012, despite the lower NTI. The unit posted net attributable profit of €87m, thanks mainly to strong activity and cost control.

Major marketing efforts have been made in 2012 aimed at improving and expanding the distribution channels, developing a wide range of products and promoting interrelation with other BBVA Group businesses. The bancassurance channel continues to drive the insurance business. The initiatives implemented in partnership with BBVA Microfinance Foundation have been very productive, and today all the microfinance institutions in South American countries where BBVA has insurance companies are distributing its products. Progress will continue to be made next year in the design of specific products for this sector of the population.

By companies, Seguros Argentina, following the sale of ART and Retiro, contributes a net attributable profit of €7m, significantly improving its high level of activity. Strong growth has also been posted in Chile, which contributes €42m, and Colombia, with €30m in earnings, while Seguros Provincial in Venezuela closed with €8m.