Generali, Zurich y Allianz cosechan más por su seguro en España

In 2025, the six largest foreign insurance companies generated a harvest of 1,240 million euros from their business in Spain, surpassing the 972.4 million euros they earned in the previous year. This increase in dividends can be largely attributed to the funds transferred to their respective parent groups. Generali, for example, paid 386 million euros to its group, which is 205.5 million euros more than its 180.5 million euro profit in Spain.

This payment reflects the acquired surplus from Liberty, a transaction Generali completed in 2024 for 2,300 million euros, the biggest insurance deal in Spain. The acquired excess solvency of the acquired firm has enabled Generali to recover over 800 million euros in extraordinary dividends. Zurich has also received several dividends approved in 2025 and 2026, totaling 256.5 million euros from its affiliate Zurich Vida, which earned 136 million euros last year.

This payment was structured into three installments, the last one approved in March, amounting to 95 million euros, with part of it coming from the reserves. Allianz paid a total dividend of 108.6 million euros, slightly above its 107 million euro profit from the previous year. Allianz has a banking insurance agreement with BBVA through its joint venture BBVA Allianz, which earned 48.8 million euros in 2025 and paid a 49.3 million euro dividend to its two shareholders.

AXA had a total dividend transferred to its matrix in 2025 of 208.5 million euros, compared to its aggregate benefit of 228.1 million euros. The French firm operates in Spain through two subsidiaries after completing the integration of GACM, purchased from Crédit Mutuel. AXA's Seguros subsidiary transferred 124 million euros of its 143.6 million euro profit to the group and 19.6 million euros to reserves.

AXA Aurora Vida paid a dividend of 84.5 million euros, equal to its benefit. AXA is the only one of the six large foreign insurers without any banking agreement, relying mainly on its broad Correos network for revenue. Sanitas transferred 148 million euros to Bupa, earning 179.2 million euros in profit in 2025. The company explains that this money will return to Sanitas for investments in its development, as Bupa, being a mutual, has no shareholders to pay dividends to.

Helvetia Caser, with Ibercaja and Unicaja as shareholders and distributors of its products, distributed a total of 148 million euros from its 179.2 million euro profit.