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Pensions and Insurance

The Pensions and Insurance unit in South America is a leader in the pension business in Latin America. It had a net attributable profit in the nine months ended 30-Sep-2011 of €137m, 6.4% down on the figure for 2010. This fall is due to the pension business contributing 30.4% less, at €71m. While the commercial performance has been good, the business has been badly hit by the high volatility of the financial markets. In contrast, the insurance business had a profit of €67m, a year-on-year growth of 47.5%, thanks to the steady growth in business activity, as reflected in the 28.7% rise in written premiums.

AFP Provida in Chile had a net attributable profit of €54m, despite the negative effect of the markets. The favorable performance of receipts was particularly notable. They posted a year-on-year growth of 5.1% and boosted income from fees (up 3.0%). AFP Horizonte de Colombia generated a net attributable profit of €13m and AFP Horizonte de Peru, of €6m.

The insurance companies in the Grupo Consolidar had a net attributable profit in the nine months ended 30-Sep-2011 of €25m, 51.6% above the figure for the same period in 2010. This growth is the result of increased activity, with premiums up by 25%, and the limited rise in claims. In the rest of the region, the insurance business in Chile generated €24m, with a growth in premiums of 44%; Colombia, €11m; and Venezuela, €6m.

South America. Data per country (banking business, pensions and insurance)
(Million euros)

Operating income
Net attributable profit
Country Jan.-Sep. 11 ∆% ∆% at constant exchange rate Jan.-Sep. 10
Jan.-Sep. 11 ∆% ∆% at constant exchange rate Jan.-Sep. 10
Argentina 244 9.7 21.6 222
131 30.6 44.6 101
Chile 343 3.2 0.7 332
171 (4.4) (6.8) 179
Colombia 289 (13.0) (11.2) 333
184 1.8 3.9 180
Peru 367 (5.5) (1.2) 388
105 (6.0) (1.7) 112
Venezuela 464 67.4 82.2 277
139 49.8 63.1 92
Other countries (1) 44 (6.2) (6.2) 47
23 (30.7) (31.4) 34
Total 1,751 9.5 13.7 1,599
754 7.9 11.2 698

(1) Panama, Paraguay, Uruguay, Bolivia and Ecuador. Additionally, it includes eliminations and other charges.


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