Insurers managed 242,388 million euros for their clients at the end of 2020. In other words, 0.61% more than a year earlier. Insurance has managed to maintain its savings despite the pandemic. Of this amount, 194.11 billion corresponds to insurance products. This is 0.35% less than 12 months ago. The remaining 48,278 million constitute the assets of pension plans whose management has been entrusted to insurers. The latter amount is 4.57% higher than that recorded at the same time last year.
Unit-linked insurance, in which the policyholder assumes the investment risk, is the one with the most positive performance in year-on-year terms. They increased assets under management by 12.50% to 16,016 million. They are followed by individual long-term savings insurance (SIALP). These policies had assets under management of 4,397 million at the end of December and grew by 1.70% year on year. Meanwhile, individual systematic savings plans (PIAS) remain stable when comparing the data at the end of the fourth quarter with those of a year ago.
The economic slowdown due to the coronavirus pandemic and a prolonged low interest rate environment have taken their toll on the performance of life business. Many lines of business have reduced savings under management in 2020. The declines were in the transformation of assets into annuities (-6.83%), in deferred capital (-2.61%), in insured pension plans (-1.95%), as well as in annuities and temporary annuities (-1.00%).
News Source: Adn del Seguro 09/02/2021