The volume of March Vida premiums increased by 20.9% in H1 2021 to €317.8 million
09 July 2021 Category: Results
The volume of premiums marketed during the first half of 2021 by March Vida, the life insurance company of the Banca March Group, amounted to 317.8 million euros, representing a growth of 20.9% compared to the same period of the year previous.
- The balances under management by March Vida grew by 3.2% in H1 2021 to stand at €1.68 billion.
- Sales of guaranteed savings products stood at an impressive €173.4 million and unit-linked products also outperformed with premiums of €95.5 million.
The volume of premiums sold in H1 2021 by March Vida, Grupo Banca March's life insurance business, stood at €317.8 million, up 20.9% year on year. The balances under management by March Vida (mathematical reserves) grew by 3.2% to stand at €1.68 billion.
Year after year, March Vida continues to cement its position as the Banca March Group's provider of long-term savings products, aimed particularly at customers with a conservative profile.
Sales of guaranteed savings products were particularly strong at €173.4 million, and unit-linked products also outperformed with a premium volume of €95.5 million. Among the unit-linked range, one of the best performers was the Executive Retirement Plan, a group life-savings insurance product which allows companies to offer employees a tax-efficient way to save for retirement. This solution offers an optimal retirement savings vehicle for employees and a useful employee retention tool for companies.
Sales of retirement products were also robust in the first half of 2021. Insured Pension Plans (PPAs), Individual Systematic Saving Plan (PIAS) and Individual Long-Term Saving Insurance Plans (SIALPs) accounted for €26.3 million and annuities totalled €19.7 million.
Agreement with Generali
Sales of life-risk and accident products practically doubled, from 921 policies in the first half of 2020 to 1,804 policies in the same period of 2021, a significant increase of 96%. This growth was driven by the agreement signed between Banca March and Generali in February for the distribution of insurance products to the banking group's entire customer base. The agreement covers the distribution of Car, Home, Life, Accident, Business, SME, D&O (Directors & Officers), Recreational Boating and Civil Liability insurance, as well as Life Risk policies.
The agreement has afforded robust support for the digitalisation of the Banca March Groups's insurance range, combining the expertise offered by leading global insurance provider Generali with the commercial capabilities of the bank’s own managers and technology systems.
On 30 June 2021, March Vida's portfolio comprised over 85,000 policies.