Life insurance has reinforced its financial nature in the first half of the year, and the funds it manages linked to risk coverage, both death and disability or dependency, amounted to only 7,508 million euros in June, 3.7 % of the 200,042 million euros that the sector’s technical provisions reached, according to data published by the employers’ association Unespa.

In the six-month period, Spanish insurance brought in 2,877 million euros in risk coverage life premiums, 1.4% less than in the same period last year, dragged down by the drop in the granting of mortgages, which usually entails subscription of insurance that covers the death of the mortgage holders.

Long-term care insurance, for its part, continued to lose appeal among consumers and earned 4.9 million euros in premiums in the semester, 9.12% less than last year, and reached only 44 million euros in accumulated savings. or technical provisions.

In total, the Spanish insurance sector managed 258,104 million euros of its clients in June, 4.52% more than in June 2022, due to the increase in provisions linked to savings insurance, which reached 192,534 million euros (with an increase of 4.28%). Another 58,062 million corresponded to the assets of pension plans whose management is entrusted to insurers, which increased by 5.49% compared to the previous year.

In total, the sector had 34.28 million policyholders and participants in pension plans in June, of which 20.82 million corresponded to risk insurance policyholders.

The marked financial nature of life insurance is reflected in the very majority weight that companies linked to banking groups have achieved in the sector. Thus, among the ten largest groups in the sector, which concentrate 77.63% of the managed assets, only Mutualidad de la Abogacía and GCO (the former Catalana Oeste) are independent and do not market with banking networks.

The outstanding leader in the sector is VidaCaixa, with technical provisions of 70,759 million euros (8.4% more than a year before) and with a market share of 35.37%, it manages more savings than 95% of the companies. Spanish insurers together. Following it is Santander Seguros, which grew by 9.5%, to 14,254 million and has a market share of 7.13%, and Mapfre, with 12,725 million euros in provisions (a 5% increase) and 6 .36% market share.