Zurich aumenta un 26% su hucha para recompensar a Sabadell

Zurich Vida has increased its provision by 26% to compensate Sabadell, their Spain-based bancassurance partner, for a joint venture. The partnership consists of two joint subsidiaries that distribute products through the bank's network, with Zurich Vida committing to financially rewarding Sabadell if certain sales objectives are met.

This practice is common in such agreements. As of December 31, Zurich had set aside 36.4 million euros in provisions to cover variable performance-based payments contingent on the successful execution of a pre-agreed business plan. This amount represents a 26% increase from the 28.7 million euros held at the end of 2024. The committed payment is calculated based on various variables and depends on three-year business plans signed in May 2014, when Sabadell integrated CAM, Banco Gallego, and Lloyd's Spain.

If the conditions are met, Sabadell could receive this payment as early as 2026. Zurich has not commented on the matter. The alliance between the bank and insurer boosted their business in 2025 by 122.7%, reaching 4,140 million euros in premiums captured by their joint company, Bansabadell Vida. This growth allowed Zurich to move up to the fourth position among insurers by premiums, replacing its eighth place in 2024, which saw a 15% drop in premiums as Bansabadell Vida's share declined by 28%.

In the first half of this year, the joint company's premiums fell by 22% to 1,671 million euros. Zurich, the holding company of the Swiss insurer, owns 4.95% of Sabadell's shares. The Swiss firm acquired a 3% stake in the bank five months after BBVA launched its bid in May 2024. Since then, Zurich's ownership has gradually increased, reaching 4.95% in September 2025, shortly before the failed operation.

Since then, Zurich has maintained this position without change. Zurich Vida ended the previous year with a net result of 136 million euros, down 26% from the previous year's 184 million euros. Zurich holds two pension managers, one with Sabadell and another with Deutsche Bank, and operates in Spain through two subsidiaries, Zurich Vida and Zurich Insurance, which it owns 10%.

The Swiss insurer sold a property in Madrid for 60 million euros, earning a profit of 17.5 million euros. The buyer is Udima, the Universidad a Distancia de Madrid. The property was previously occupied by the Madrid Community, which has since vacated the premises.