Latin America: revenue by subsidiary
Caixa Seguros contributed €2,877 million to consolidated revenue, an increase of 4.1% despite an unfavourable currency effect. Revenue in local currency was up 11.3%, with all business lines except Savings recording strong gains.
The Pension and Term Creditor Insurance businesses, which are the main contributors to the subsidiary's earnings, rose 9.6% and 24.6% respectively, while Property & Casualty revenues grew 12.2%, led by strong demand for comprehensive homeowners insurance. Marketing of health insurance contracts did not get underway until the end of the year and their revenue contribution was
BRL 24 million.
- CNP Seguros de Vida ( Argentina)
grew by a very strong 67.6% to €53.1 million, reflecting vibrant demand for term creditor insurance. Revenue from this business line nearly doubled in 2012, following the signature of several non-exclusive agreements with new distribution networks.
: revenue by subsidiary
- CNP UniCredit Vita ( Italy)
After a strong first half, CNP UniCredit Vita experienced a severe loss of momentum, with the result that revenue for the year was down 31.7%. This was due to the extremely depressed Italian savings market. Pensions revenue was up by a modest 0.8%.
- CNP Barclays Vida y Pensiones ( Portugal, Spain, Italy)
CNP BVP's revenue fell by 41.1% to €428 million. The decline was mainly due to the very challenging economic situation in
, but it also reflected the high basis of comparison in 2011 when revenue grew by nearly 20%. The only area of growth was in personal risk insurance, with revenue up 3.7%; however, this business is still fairly modest.
- CNP Laiki Insurance Holdings  ( Cyprus, Greece)
Revenues were down 9.8% at €190 million. The business is focused mainly on
, where non-life premiums rose 16% and became the largest contributor to revenue. The life business was weakened by the challenging economic environment and by competition from bank deposit accounts.
------------------------------------------ 4. Following the partner's name change, CNP Marfin Insurance Holdings (CNP MIH) was renamed CNP Laiki Insurance Holdings (CNP LIH)