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Bancassurance

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Bancassurance defines Bankia's relationship with its insurance partners, whose activity helps to generate fee and commission income.

Since 2014 Bankia has been carrying out a process to transform the marketing of insurance through the various distribution channels (physical, manned remote and digital), with the aim of creating a single, integrated distribution model for the entire sales network that will be more effective and deliver higher quality.

1.9 million policies and 105 million euros

The selling of insurance through the branch network is becoming an increasingly important pillar of Bankia’s business. Bancassurance’s contribution to the bank’s profit was 105 million euros in fee and commission income

At the same time, new business initiatives have been started to maximise the Bancassurance Directorate’s results.

Thus, net premiums written during 2017 reached 343 million euros, with a 3% increase in new business compared to the previous year.

The growth was particularly significant in the life risk business, where net new premiums written in 2017 was 38.9 million euros, representing growth of 17% compared to 2016.

February saw the launch of Bankia Vida Nexo, a product with a simplified purchase procedure that offers protection for the household economy for a fixed amount, including new additional coverages.

At 31 December last year, a total of 1.9 million policies were in force. The mathematical provisions for life savings insurance totalled 4,986 million at that date.

73% of the business written in 2017 was concentrated in the life and home insurance lines, with significant growth also in SMEs (36% growth in terms of new business), due to increased sales efforts in the comprehensive business, leasing and credit insurance lines. Bancassurance’s contribution to the bank’s profit was 105 million euros in fee and commission income.

1.263.970

Number of risk and savings insurance customers (millions euros).

343

Net premiums written (million euros).

1,918,133

101,493

Number of bancassurance training hours given to professionals.

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