VidaCaixa, a subsidiary of CaixaBank, controls 15% of the insurance market by volume of premiums, followed by Mapfre, whose weight is 11%. In third position, Mutua Madrileña is awarded 8.94% of this business in the first quarter of 2022.
The three largest insurance companies that work in the Spanish market account for more than a third of this sector for premiums in our country, in an environment of strong competition with the focus on gaining positions in the sector ranking, without losing sight of profitability.
VidaCaixa, a subsidiary of CaixaBank, monopolizes 15% of the sector, up to 2,608 million euros in the first quarter of 2022 and consolidates itself in the first position of this classification. It increases its market share by 2.4 points after bringing together Bankia Vida, after acquiring it from Mapfre, which contributes 28.4 million in premiums in this period.
This amount is added to the 2,579.7 million raised by premiums by VidaCaixa, which represents an increase of 22.87%. The bank will merge these two insurers in 2022.
At VidaCaixa they attribute this evolution to the differentiated offer it has in insurance and to the fact that this business is core to the bank. Its evolution determines that of the insurance sector, which increased its volume of premiums by 4.3% in the first quarter, to 17,410 million euros.
In parallel, the CaixaBank subsidiary breaks records and controls more than a third of the savings placed in life insurance. At the end of the first quarter, it managed 66,524 million euros in this product, which represents 34.17% of this market.
In this period, the bank has incorporated Bankia Vida with assets of 4,450 million (2.3% of the market), in addition to the 62,074 million of its subsidiary VidaCaixa, the largest insurer in this ranking.
The CaixaBank subsidiary obtained a net profit of 199.5 million euros between January and March of this year, which is 10.6% more than in the same period last year.
The entity attributes this growth to the increase in the portfolio volume of the savings and risk businesses and the sustained growth of managed resources.
Mapfre, the second company in the ranking, closed the first quarter with a market share of 11.16%, subtracting 0.25 points. The volume of premiums in Spain of the company chaired by Antonio Huertas grew by 2.13%, reaching 1,943 million euros, despite the departure of Bankia Vida from the group.
Mapfre Spain captured a volume of premiums of 1,452 million in this period, followed by Mapfre Vida, with 410 million.
Mutua Madrileña, the third largest insurer, has a market share of 8.94%, achieving premium income of 1,556 million euros, 7.29% more than in the first quarter of last year. In this case, it is SegurCaixa Adeslas, controlled by Mutua and owned by CaixaBank, which has the most weight, contributing 1,104 million euros to the group.
The German Allianz retains fourth position, with a turnover of 918 million euros, and a year-on-year drop of 2.1%, which leaves its market share at 5.27%, 0.36 percentage points less.
Catalana Occidente, in fifth position, is awarded a market share of 5.27% and a business of 918 million euros, with growth of 4.46%.
The French AXA advances from seventh to sixth position, despite losing 0.16 points in its share of 4.56%, with 793 million in premiums, 0.78% more.
Generali, with 3.97% of the market, lost 0.24 points. Its volume of premiums in the quarter is 690 million euros, with a fall of 1.73%.
The Zurich Group decreases its share of the premium pie in the sector by 1.48 percentage points, and remains at 3.83%, with 667 million euros. This evolution responds to the 44.8% drop in Bansabadell Vida's business, to 273.8 million. This entity is controlled by Zurich and owned by Sabadell within the framework of the alliance they maintain in Spanish insurance, where they also work with Sabadell Seguros Generales, which increased its premiums by 6.7%, reaching 38.2 million.
Zurich falls to eighth place in the ranking by premiums drawn up by Icea, from the fifth position it occupied in the first quarter of last year.
The Swiss Helvetia, which includes Caser, increases its premiums by 1.31%, to 520 million euros, but closes the quarter with a share of 2.99%, after leaving 0.09 percentage points on the way; and the Italian Reale yields 0.03 points, up to 1.48%, despite the fact that its volume of premiums has grown by 1.8%, up to 257 million euros.
In the opposite direction, several insurers, with foreign capital, increase their weight in the business.
Sanitas, the Spanish subsidiary of the British company Bupa, advanced 0.06 points, up to 2.32%.
In parallel DKV -integrated in the German group Munich Re, the largest reinsurer in the world- increased 0.07 points, up to 1.24%; and the Dutch Aegon increases its weight 0.08 points, up to 1.21%, according to data prepared by Icea.