Spanish pension funds grow 5.2%
SPAIN – Spanish pension fund assets rose by a total 5.2% to 59.6 billion euros at the end of 2002 – according to a report by insurance association Unespa.
Total life insurance funds rose 14.2% to 102.4 billion euros, with a 6.7% growth in policies to 16.9 million.
Retirement insurance was up 19.1% to 73.4 billion euros at the end of the year, with the number of policies up 2.95% at 3.65 million.
The biggest winner of new legislation requiring companies to outsource pension plans to life insurers is savings bank La Caixa.
The Barcelona-based firm’s VidaCaixa unit saw 28.1% growth to 10.64 billion euros in funds.