PSN increases your profit by 21%, reaching 8.6 million euros.

-Own funds, which ensure the solvency of the mutual, increased 23.6%

– Additionally, PSN paid 77.9 million to the collective mutual benefits, mainly for retirement, death and disability

Madrid, April of 2013- the Board of Directors of national health welfare (PSN) has formulated the 2012 financial year accounts, which shed a net result of 8.6 million eurosopposite the 7.1 attributed in 2011. The financial results obtained by the management of the mathematical provisions have also allowed be 5.2 million euros for members with insurance interests in benefits, a 5.66% more than a year ago. These results have allowed to own the mutual funds, which constitute the capital whose evolution determines the creditworthiness of the entity, to grow 23.6% to exceed the EUR 45 million.

Additionally, PSN paid in 2012 almost 78 million euros in benefits, mainly by retirements, deaths, disabilities and sick leave, as well as annuities and capital by expiration. In this way, members again to be the main beneficiaries of the good results of the mutual, in a context of acute economic crisis that is adversely affecting the life insurance sector.

One more year, PSN returned to grow in Spain and Portugal both in revenue premiums as managed savings. As the entity has reported in recent weeks, premiums earned grew nearly 14%, 153,7 million, with a difference of 23% with respect to the sector, which suffered a contraction of 9%. Moreover, mathematical provisions (managed saving) exceeded the 730 million euros, almost one 10.4% increase in 2011 and multiplied almost tenfold the sector increase, which was limited to a 1.51%. Financial income also had a positive behavior, and rose 26.78%, to 42.5 million.

The annual report also includes the exceptional evolution of the employment generated by the mutual, which grew more than 12%, surpassing the 400 employees and with a volume of permanent contracts of 85%, in clear contrast with the panorama of destruction continued jobs suffering Spain.

PSN has continued taking steps in its strategy of territorial expansion, already very extensive, with six new offices open during 2012, to reach the 117 between Spain and Portugal. In the chapter on new mutual, PSN joined nearly 8,300 academics, closing 2012 with more than 166,000 policies and 176,000 insured.