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Bancassurance

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The selling of insurance policies for individuals (life, home, auto, health and savings) and businesses (trade, credit insurance, general liability and comprehensive). It is a strategic line for the bank. During 2018, Bankia reorganized the Bancassurance area after the completion of the integration process with BMN.

2,6 million policies and 123 million euros.

The selling of insurance, for individuals and companies, is a strategic line in the activity of Bankia. Bancassurance’s contribution to the bank’s profit was 123 million euros in fee and commission income

Within the framework of this reorganisation, Bankia completed the acquisition of 50% of Caja Murcia Vida (CMV) and Caja Granada Vida (CGV) from Aviva, so as to become the sole member of both these life insurance companies; subsequently sold 51% to Mapfre, which thus became Bankia’s sole supplier throughout the branch network, except for the branches in the Balearic Islands, which will continue to distribute Caser products.

During the past year, the bank developed various improvement actions for marketing and advances in the area of ​​digitalization in this area, which has specialized managers able to give the best advice to customers.

The hiring of life and home insurance, especially funeral and health insurance, boosted the business figures of this area in the profits of the entity: 519 million euros in net premiums and 123 million euros in commissions. At the end of 2018, 2.6 million policies in force and the mathematical provisions for life savings insurance totalled 6,149 million.

The focus in 2018 was on business insurance, the strongest performers being finance leases and credit insurance (with a growth of +65% and +219%, respectively).

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