CaixaBank snatches up business in pension plans from BBVA and Santander

CaixaBank strengthens its position in pension plans while BBVA and Santander lose ground. VidaCaixa, CaixaBank's subsidiary, has taken a significant share of the market, managing 50.206 million euros in assets, which is 34.6% of the total, an increase of 0.71 percentage points compared to the beginning of 2022 when new rules came into effect.

MyBox Jubilación, a service for planning retirement, has recorded 603 million euros in premiums and contributions, a 28% increase year-over-year. The solution continues to encourage regular saving among long-term clients, with over 360,000 people making regular contributions. VidaCaixa manages the pension plan of a construction company totaling 135 million euros, spread across 1.09 million participants.

BBVA, the second-largest manager in this activity, has lost 0.71 percentage points and now holds 17.8% of the market with 25.833 million euros managed. The bank operates in this market through two subsidiaries. BBVA Pensiones, controlled by 100%, managed 18.631 million euros as of June, 11.7% more than in the beginning of 2022. The development is modest in Gestora de Previsión y Pensiones (GPP), which is controlled by the bank and jointly held by CCOO and UGT.

Its assets now stand at 7.201 million euros, with a 2.5% growth over this period. GPP focuses on employee pension plans of companies. In third place is Santander, managing 14.310 million euros, a 9.86% share, with a decline of 0.99 percentage points. Among the three major entities, Santander manages the least volume of employee pension plans, distancing itself from its competitors.

The bank is currently engaged in a development plan for its pension activity, aiming to increase its offerings and presence in retirement products. Santander is also integrating its pension manager into its insurer as part of this strategy. Ibercaja and Mapfre, fourth and fifth in the ranking, are gaining ground. Ibercaja increased its share to 6.02%, while the insurer added 0.44 percentage points, bringing its total to 5.15%.

Of the total assets of pension plans in Spain, more than 30% are invested in domestic and foreign funds, the highest percentage in the sector's history. This share has grown by 3.87 percentage points year-over-year since the first quarter of 2023.