Pensions and Insurance

The Pensions & Insurance business closed an excellent first quarter with a net attributable profit of €75m, an increase of 24.8% on the same period in 2011. Out of this total, €50m were generated by the pension-fund business and €25m by the insurance business.

The notable performance by the pension business was supported by the strength of commercial activity, which boosted recurring revenue, and the high positive NTI figures, thanks to the buoyant markets.

AFP Provida in Chile obtained a net attributable profit for the quarter of €33m, easily outperforming the figure for the same period in 2011 (up 42.2%), with a significant rise in fee income due to the good performance of fund subscriptions and assets under management, and significant growth in NTI. AFP Horizonte de Colombia obtained a net attributable profit of €9m (up 157.7% year-on-year), with significant improvements in all its revenue lines, particularly a steep growth in income from fees and commissions. Finally, AFP Horizonte in Peru contributed with a net attributable profit of €8m as a result of a positive performance in commercial activity, with notable increases in funds under management and in fund subscriptions.

The insurance business maintained its good performance over the quarter, basically because of the excellent volume of written premiums, which were influenced by commercial effort and, to a lesser extent, good NTI.

Grupo Consolidar in Argentina saw its net attributable profit fall 89.5% to €2m, due to the sale of the companies ART and Retiro in 2011. Chile generated a net attributable profit of €14m, Colombia €7m and Seguros Provincial in Venezuela, €2m.