SegurCaixa Adeslas premium income grows 4.9% in the first half

• The combined ratio of the insurer stands at 87.8%
• Enters 2,068 million in premiums and grows 1.5 points above the average of the Non-Life insurance market
• The Health and Multirisk branches are those that contribute the greatest growth to the company

Madrid , August 06, 2021.- SegurCaixa Adeslas, an insurance company integrated into the Mutua Madrileña Group and owned by CaixaBank, reinforced its profitable and sustainable growth during the first half of the year. It obtained premium income of 2,068 million euros up to June, 4.9% more than in the same period of the previous year and 1.5 percentage points above the Non-Life market average, which allowed it to increase its market share to 10.51 %.

The company recorded a net profit of 187 million euros (31.7% more) thanks, in addition to the significant increase in revenue, to the better evolution of the investment portfolio in relation to the previous year and to the control of the costs of exploitation. In a context in which mobility restrictions were relaxed, greater claims activity was recorded and the combined ratio rose slightly to 87.8%.

In the particularly adverse environment for SMEs and groups caused by the pandemic, the company made a special effort to retain the insured belonging to these segments. At the same time, the bancassurance channel stood out in new production due to the good acceptance of the products of the MyBox range (Health, Seniors, Home, Auto, Business, Funeral...). Precisely, it was the lines of Health and Multirisks that had the greatest contribution to growth.

The Health branch recorded revenue from premiums of 1,410 million euros, 3.9 % more than in the same period of the previous year. Adeslas experienced an increase of more than 129,000 policyholders since the beginning of the year, reaching 5.85 million health and dental care customers. The company has provided care to nearly 25,000 policyholders affected by Covid19 until June 30, despite the fact that this benefit is not covered in most contracts. Of the total number of people treated, more than 11,800 Adeslas policyholders had to be admitted to hospitals in the Medical List and the rest received home care.

Multirisk revenues rose by 15.5%, compared to the 6.1% average in the market for this branch, and reached 320 million euros. Within Multirisk, the greatest growth was experienced by Home, with 19%, reaching 255 million euros in premiums. Commerce, which closed the semester with premiums worth 45 million, grew by 15.7%.

Auto also recorded an increase in premium volume of 2.6%, while the sector experienced a stagnation of 0.07%, reaching 116 million euros.

Javier Mira, Executive Chairman of SegurCaixa Adeslas, has highlighted the good evolution of the company: "Our sustainable growth strategy allows us to continue gaining market share and advance in a very competitive sector in the process of transformation, while continuing to support policyholders and providers in difficult times” . For the CEO, Javier Murillo, "the results show the strength, the ability to adapt to the special circumstances of the market and the commitment of SegurCaixa Adeslas with its policyholders".

Main figures of SegurCaixa Adeslas in the first half

SegurCaixa Adeslas is the leading Non-Life company in Spain in health insurance. It is integrated into the Mutua Madrileña Group and owned by CaixaBank. The Executive President is Javier Mira and Javier Murillo, its General Director.