PSN grows twice as much as the sector supplies and premiums.
another year more, achieved increases of two digits in savings managed.
Spain, February 2012.- welfare health national (PSN) grew up in 2011 double that of the insurance industry in the life industry, both in the chapter of mathematical provisions and accrued bonuses. Achieved increases, more over the two-digit year, allow PSN continue gaining size, as it is happening significantly in recent years.
Specifically, PSN surpassed the 660 million euros in mathematical provisions (managed savings), 10.75% more than in the previous year, while the sector life garnered an increase of just over 5%, according to data published by ISAS on 24 January. It also won 133,8 million in accrued bonuses, up 17.5% as baggage in 2010. In this chapter, the life sector was an increase of 9.4%.
This important difference with the data recorded by the sector allows PSN to maintain a remarkable growth path and, more importantly, continued, as in double-digit increases others of equal dimension are happening. This development makes PSN today a significantly larger company than five or ten years ago. This circumstance is seen in good data relating to materials and supplies and also other equally positive as generated employment, policies, mutualists, and policyholders.
PSN grows in Spain, but also in Portugal, which started operations in 2008. In this new market mathematical provisions amounted to 3.3 billion euros, representing 34% more than in 2010. It should be recalled that, according to published data, the life insurance suffered a setback of 28.7 per cent last year in the neighbouring country. While the total number of the provisions of PSN in Portugal are not very significant, yes it is a good example of the gradual development of a market that offers a great growth opportunity for the mutual.
PSN also grows on the branches of non-life. In this chapter, closed 2011 with 3.6 million euros in accrued bonuses, one 9.7% increase over the previous year.
As already reported in a previous note, PSN rose 25% new production premiums, to over 63 million euros.
