The Pensions and Insurance business in South America continued to perform well in the first nine months of 2012, with a net attributable profit of €187m, a rise of 25.9% on the same period in 2011. The results from the pensions business were particularly strong, with a net attributable profit of €121m (up 53.7% year-on-year), basically thanks to strong income from fees and commissions and tight control of expenses.

The insurance business contributed a net attributable profit of €67m, with a high level of written premiums. This reflects its commercial strength and offsets lower financial earnings. By companies, Seguros Argentina had a net attributable profit of €5.4m following the sale of ART and Retiro, thanks to its good commercial performance and moderate level of claims. Chile had a net attributable profit of €33m, Colombia posted a notable growth in profit to €22m and Seguros Provincial in Venezuela closed at €6.5m.