SegurCaixa Holding

SegurCaixa Holding, – the “la Caixa” insurance group and part of the Criteria CaixaCorp holding – made a net profit of 100.6 million euros during the first half of 2009, an increase of 13% compared with the previous year. The number of individual clients increased by 147,934 to 3,296,492 policyholders and pension-plan holders, whilst corporate clients increased to 41,000, an increase of 25% compared with June 2008.

During the first six months of the financial year, SegurCaixa Holding’s revenues from premiums and contributions rose to 2,238 million euros, a significant increase of 57% compared with June 2008.

A significant proportion of this increase came from the savings business, in particular lifesavings insurance, with sales of 1,259 million euros in premiums - 106% higher than in June 2008. The main reasons for this increase, with 141% growth, were sales of products for individual clients, especially life annuity insurance policies and Systematic Individual Savings Plan (PIAS). Both products enjoy financial and tax benefits, making them ideal instruments for generating and managing retirement savings. Group life-savings insurance products sold by VidaCaixa Previsión Social – the division of VidaCaixa that specialises in this area – also showed excellent growth during the first six months of the year (up 47%) owing to the increase in sales of early-retirement and retirement plans.

As regards the pension-plan business, the volume of contributions rose to 570 million euros, demonstrating an excellent growth rate of 26% compared with June 2008. Key to this has been growth in company pension plans, where contributions have increased by 60%, again as a result of the increase in retirement-plan operations. Contributions to individual plans have also shown strong growth, increasing 15% to 387 million euros.

The Group’s managed resources exceeded 29,300 million euros, a year-on-year increase of 5%, thanks to similar increases in the insurance and pension plan businesses.

In terms of risk insurance, the automobile division stands out despite its youth, accumulating premiums worth 35 million euros - an increase of 76% compared with the previous financial year - and consolidating itself as a key strategic area for the Group. As at 30 June, the number of vehicles insured by SegurCaixa Auto and SegurCaixa Moto exceeded 135,000.

A similar volume of premiums was registered by the health-insurance division, with sales of 37 million euros (up 28% year-on-year). This data demonstrates the vigorous growth of medical and work-related disability insurance for small- and medium-sized business and self-employed workers. The Group also sells medical and dental insurance for individual clients. Premiums from these clients increased 19% compared with 2008.

Despite difficulties in the Spanish property market arising from the current climate, household insurance premiums increased 6% compared with the same period last year, to 81 million euros. At 30 June 2009, more than 730,000 were covered by SegurCaixa’s range of household multi-risk policies. Life-risk and accident insurance also grew by 6%, with premiums increasing to 256 million euros.

At the close of the first half, the Group was in fourth place in the ranking of premiums in overall insurance, jumping five places compared with its position in December 2008. The Group grew its market share from 3.44% at the end of 2008 to 5.42%.

In June this year, SegurCaixa Holding increased its Capital and Reserves by increasing its capital by 84 million, which was fully subscribed by Criteria CaixaCorp. The objective of the capital increase is to provide backing to the strong growth shown by the Group, maintaining its high level of solvency.

The SegurCaixa Holding Group, previously known as CaiFor, is the leading insurance and pension plan provider in the Spanish market. It operates through the companies VidaCaixa and SegurCaixa, structuring its activities in two main business areas: products and services for individuals and products and services for groups and companies. The Chairman of the Group is Ricardo Fornesa, Tomás Muniesa is its CEO and Mario Berenguer its Managing Director.

In the individual client business, VidaCaixa offers a broad range of Life-Risk, Health and Savings Insurance and Pension Plans, while SegurCaixa offers Household, Automobile and Accident Insurance. In the group and company business, the division VidaCaixa Previsión Social supplies this market with Life, Health and Accident Insurance and Pension Plans. 

The financial information in this document is reported in accordance with International Financial Reporting Standards

Barcelona, September 7, 2009

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