The Pensions and Insurance unit in South America is a leader in the pension business in Latin America. It had a net attributable profit in the nine months ended 30-Sep-2011 of €137m, 6.4% down on the figure for 2010. This fall is due to the pension business contributing 30.4% less, at €71m. While the commercial performance has been good, the business has been badly hit by the high volatility of the financial markets. In contrast, the insurance business had a profit of €67m, a year-on-year growth of 47.5%, thanks to the steady growth in business activity, as reflected in the 28.7% rise in written premiums.
AFP Provida in Chile had a net attributable profit of €54m, despite the negative effect of the markets. The favorable performance of receipts was particularly notable. They posted a year-on-year growth of 5.1% and boosted income from fees (up 3.0%). AFP Horizonte de Colombia generated a net attributable profit of €13m and AFP Horizonte de Peru, of €6m.
The insurance companies in the Grupo Consolidar had a net attributable profit in the nine months ended 30-Sep-2011 of €25m, 51.6% above the figure for the same period in 2010. This growth is the result of increased activity, with premiums up by 25%, and the limited rise in claims. In the rest of the region, the insurance business in Chile generated €24m, with a growth in premiums of 44%; Colombia, €11m; and Venezuela, €6m.
| South America. Data per country (banking business, pensions and insurance) (Million euros) |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
|
|
Operating income |
|
Net attributable profit | ||||||
| Country | Jan.-Sep. 11 | ∆% | ∆% at constant exchange rate | Jan.-Sep. 10 |
|
Jan.-Sep. 11 | ∆% | ∆% at constant exchange rate | Jan.-Sep. 10 |
| Argentina | 244 | 9.7 | 21.6 | 222 |
|
131 | 30.6 | 44.6 | 101 |
| Chile | 343 | 3.2 | 0.7 | 332 |
|
171 | (4.4) | (6.8) | 179 |
| Colombia | 289 | (13.0) | (11.2) | 333 |
|
184 | 1.8 | 3.9 | 180 |
| Peru | 367 | (5.5) | (1.2) | 388 |
|
105 | (6.0) | (1.7) | 112 |
| Venezuela | 464 | 67.4 | 82.2 | 277 |
|
139 | 49.8 | 63.1 | 92 |
| Other countries (1) | 44 | (6.2) | (6.2) | 47 |
|
23 | (30.7) | (31.4) | 34 |
| Total | 1,751 | 9.5 | 13.7 | 1,599 |
|
754 | 7.9 | 11.2 | 698 |
(1) Panama, Paraguay, Uruguay, Bolivia and Ecuador. Additionally, it includes eliminations and other charges.