The Pensions and Insurance unit in South America had a net attributable profit of €133m in the six months ended June 30, 17.6% higher than in the same period in 2011. The pension business contributed €83m, up 39.6%, basically as a result of the excellent performance of commercial activity, as well as positive financial earnings due to the recovery in the markets. The contribution from the insurance business amounted to €50m, despite the sale of ART and Retiro in 2011. Business variables continue to be positive, with a notable increase in written premiums.

AFP Provida in Chile posted a net attributable profit of €54m, a rise of 18.3% and significantly better than in the first six months of 2011. Business activity was particularly notable, especially in subscriptions, which were up 7.3% year-on-year, raising fees to €129m. In turn, AFP Horizonte in Colombia generated a net attributable profit of €16m (up 55.0% year-on-year), while AFP Horizonte in Peru contributed a net attributable profit of €13m. Both benefited from increases in fees and good NTI.

Following the sale of ART and Retiro, Seguros Argentina had a net attributable profit of €3m and continues to have a sound level of activity. Among other companies, Chile saw a major increase in the net attributable profit to €28m, Colombia generated €14m and Seguros Provincial in Venezuela €5m.