SegurCaixa Holding
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Corporate information
The total volume of savings deposited in life insurance by the end of 2008 was 136,133 million Euros which was a modest 2% increase on 2007. This discrete percentage coincides with that of 2007. The new fiscal regulation came into force this year, in which the long-term final savings has the same fiscal treatment as other instruments.
Once again this year, two thirds of the total managed funds deposited corresponded to individual insurance policies, while the remaining products were channelled through group insurance schemes. With regard to growth, individual life insurance grew by 3%, 1% less growth compared to 2007, while resources deposited in group insurance schemes remained unchanged as was the case in 2007.
The number of people in Spain insured under any kind of life insurance scheme collectively amounts to 32,910,916, after adding the 882,488 new insurance customers who subscribed to policies in 2008. 71% of policyholders were subscribed to life-risk insurance schemes (23.5 million) while 29% corresponded to life-savings insurance (9.5 million). The average resources managed per life-savings insurance policyholder is 13,890 Euros, which represents a drop of 563 Euros compared to 2007. Group insurance average resources managed are 27,397 Euros per policyholder, compared to 11,117 Euros in the
The overall volume of resources managed in pension plans in 2008 was in the region of 78,408 million Euros, a decrease of 9% compared to 2007. This contrasts negatively with 7% growth in 2007. The negative trend of international Stock Markets dealt a blow to the Funds portfolios thereby contributing to a fall in global financial resources within the sector. In addition, the volume of contributions also decreased and, despite registering a net balance of almost 1,900 million Euros, it was still insufficient in preventing such a drain on financial resources.
In line with the distribution registered in 2007, 63% of resources were deposited in individual plans, with the remaining 37% in employment benefit schemes or associated plans. The two types of policy, individual and group, witnessed a fall in growth rates. Compared to a 9% rate of growth in 2007, individual plans decreased by 9% while group plans also fell 9% compared to a growth of 3% the previous year.
During 2008, non-life category products amounted to a premium volume of 32,429 million Euros, an increase of 2% on 2007. Development however was quite uneven. While auto insurance fell by 2%, health and multirisk products increased by 8%. The ever-growing importance of the automobile sector, now accounting for 38% of the total, had a significant impact on development in the sector, thereby contributing to the generalized sluggishness.
