Recent developments in bancassurance in Spain

Recent developments in bancassurance in Spain

Bancassurance

Fecha: enero 2025

Daniel Manzano

SEFO, Spanish and International Economic & Financial Outlook, V. 14 N.º1 (January 2025)

Of the roughly 176 insurance providers doing business in Spain, 29 have ties to the main banking groups. Their weight in the country’s insurance business, especially the life insurance segment, and their contribution to their parent banks’ domestic earnings are very significant. This contribution has been key to propping up the banks’ financial statements during periods in which they had to recognise significant loan-impairment provisions and/or navigate ultra-low margins as a result of low market interest rates. Today, the bancassurance business accounts for nearly 14% of banks’ domestic earnings directly, with the life insurance segment generating the bulk of that profit. Although traditional banking profits have surged due to rising interest rates, bancassurance remains a key revenue stream, with its contribution expected to grow further, driven by premium repricing and increased non-life insurance activity.

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