PSN split between their mutual almost five million euros, 17% more in shares in profits.

– in addition, he paid more than 53 million in benefits and earned a net profit of 7.1 million

Madrid, April 2012.- Board of Directors of welfare health national (PSN) has made accounts for year 2011, which shed a net result of EUR 7.1 millioncompared to 3.3 million net profit attributed in accounts reexpresadas 2010. The financial results in the management of the mathematical provisions have allowed the mutual spend almost five billion euros, up 17%, to distribute among their mutual insurance with profit sharing. In addition, PSN paid in 2011 more than 53.5 million euros in benefits, mainly in concept of retirement, death, disability or sick leave.

Mutualists return to be, once again, the first and main beneficiary of the success of PSN, who has managed to overcome the difficulties of a very complex exercise from the general point of view, due to the persistent situation of economic crisis. In addition, PSN has gone through the vicissitudes of a longer and deeper inspection of the General direction of insurance, that have forced the entity to an intense work of regulatory and financial adaptation which, however, has not prevented the above results.

The mathematical provisions (managed savings) exceeded EUR 660 million, a 10 per cent more than in 2010, double the increase of the subsector of life, stayed at 5%.

One more year, PSN returned to grow more than the sector in premium income. As reported by the entity in recent weeks, premiums earned grew 16.7 per cent, to 134,8 million, while the average increase of life companies not reached 9.5%. Financial income also had a positive behavior and grew over 10%, to overcome the 33.5 million. This heading achieved thus emulate the expansive rate of income from premiums, which grow year after year over the two digits. Adding premiums and financial, total revenue of PSN scraped the 170 million, nearly 20 more than in 2010, resulting in a growth of 15%.

Management report approved by the Council also reflects the positive evolution of the employment generated by the mutual, which grew by almost 7%, clear compared to the landscape of destruction continued job who suffers Spain from months ago. Adding all the companies of the group, PSN generates stable and quality work for more than 450 people, with more than 80 percent of the staff with permanent contracts. By the year 2012, the purpose is to continue the template in line with the growth of the entity.

PSN continues taking steps on its strategy of territorial expansion, with 13 new offices open during 2011, reaching the 116 between Spain and Portugal. In the chapter on new mutualist, PSN joined more than 8,000 university professionals, half of them under the age of 40, which helps rejuvenate the mutual basis. PSN closed 2011 with 97.179 mutualist, 162.249 policies and 157.236 insured.

One more year, the collaborative relationship with the professional schools was another strategic line of work of PSN. Existing agreements with professional corporations of all Spain, mainly méicos, pharmacists, veterinary surgeons and dentists are already 216, but increasingly with greatest presence of new professions, reaching the 80’s, which are gradually being incorporated to the mutual.

The Council has also formulated the consolidated accounts of the PSN group, which includes the mutual, Doctor Pérez Mateos, S.A., PSN education and future and forecast health services and consulting (Sercon) and presented a net result of € 6.4 million, 43% more than in 2010. The good thing responds to continued reduction of expenditure on activities of enterprises, they are already close to achieve the necessary budgetary balance.