Innovation, rigour and transparency
Bankinter's insurance activity and pension plans developed in an increasingly professionalised market that knows customers' needs very well, and in which regulators demand an ever higher degree of transparency. Growing therein requires, therefore, a tireless capacity for innovation and the rigour necessary to convey the confidence that clients demand.
Based on these premises, Bankinter in 2016 launched new products to help bolster its offerings, taking full advantage of multi-channel banking to provide services to customers when and how they might need it most, and it bolstered its status as an global advisor in insurance.
In life insurance, where the bank launched a product on the market with very broad disability coverage to reach different market niches, the portfolio grew by 4.98% to more than 76.2 million euros at the end of 2016. The customer retention percentage (those that renew their policies) was 88.25%, the highest in the past few years and new production increased by 13% compared to the negative rates seen in 2015 and 2014.
In Pension Plans/voluntary social security (EPSV), cumulative assets reached 2,220 million euros, 6.5% more than the previous year; the number of participants increased by 6%, as against a market contraction of -1%, according to INVERCO data up to September. Noteworthy was the launch of a pension plan type that adapts investments' risk level to customers' life cycle.
Bankinter is the tenth largest bank in Spain in this category, and the third best in net activity in the year (incoming and outgoing transfers plus contributions and regular payments) according to VDOS data for the month of September.
Bankinter's main objectives for 2017 are:
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