In Mexico the BBVA Group operates in the pensions business through Afore Bancomer, in insurance through Seguros Bancomer, in annuities through Pensiones Bancomer and in health through Preventis. The net attributable profit from these four companies in 2009 totaled €246m, 35.6% up year-on-year.
The pension business had a tough year due to significant drops in activity and employment rates throughout the country, but was slightly offset by the recovery of financial markets. Nonetheless, Afore Bancomer managed assets totaling €9,519 million, up 30.1% year-on-year. It also generated a €50m attributable profit (up 47.6% on 2008). This growth has been the result of commercial efforts, as reflected in positive income performance (up 10.6%). Another key for the year was the austerity policy implemented, which has resulted in a drop in costs for the year of 14.4%. As a result, the operating income grew 55.6% to €70 million.
The insurance business had a less dynamic year than in the past, basically due to the marked slowdown in banking volumes, which meant lower sales of bancassurance products. However, the three Group companies contributed a combined net attributable profit of €196m (up 32.9% year-on-year). The growth in savings products not directly linked to banking activity and products sold through alternative channels accounted for a substantial part of this figure. Therefore, €816m premiums were underwritten during 2009 (including sales of savings products). This was 10.4% higher than in 2008.