Caixa Seguros's revenue rose 3.6% in local currency to BRL 5,088 million. However, the subsidiary's contribution to consolidated revenue was down 2.5% due to the real's decline against the euro. While Savings and Pensions business was affected by competition from products offered by the banks, term creditor insurance continued to grow, rising 21.7% in real. In all, revenues from personal risk insurance, term creditor insurance and property and casualty insurance rose by an average 14% and accounted for over a third of total revenues. Revenues from the health insurance business launched at the end of 2011 amounted to BRL 15.9 million for the first nine months of 2012. B. Southern Europe
CNP UniCredit Vita ( Italy)
After a strong first half, CNP UniCredit Vita experienced a severe loss of momentum in the third quarter, with the result that revenues for the first nine months were down 33.2%. Pensions and Personal Risk revenues nevertheless rose by 3.3% and 24.7% respectively.
CNP Barclays Vida y Pensiones ( Portugal, Spain, Italy)
In Southern Europe's very depressed economic environment, CNP BVP experienced a steep 47.7% drop in revenue to €309.4 million. All business lines were hit to a similar extent, although it is important to note that the basis of comparison was very high after revenue more than doubled in 2011. The only exception was the personal risk business, which grew by nearly 7% albeit from a still limited base.
CNP Laiki Insurance Holdings  ( Cyprus)
The 10.1% decline in this subsidiary's revenue was mainly due to the high prior year basis of comparison which included revenue of €8.8 million from a single premium contract.