Línea Directa Aseguradora, 100% owned by Bankinter, maintained its commercial momentum in 2020 and registered record numbers, amid the difficult circumstances created by the pandemic. It exceeded 3.2 million customers, which represents a growth of 1.6% compared to 2019. It registered a turnover of 899 million euros (+0.9%), and obtained profit before tax of 180 million (+25%). At the same time, it deployed a battery of support and protection measures for its policyholders and employees, and invested greatly in the fight against the virus.
By lines, Línea Directa lowered its turnover by 0.8% in Motor vs a drop of almost 2% experienced by the sector as a whole, which suffered from the sharp decline in passenger car registrations. In Home, written premiums increased 9.3%, triple the sector average, despite the fact that home sales fell 17.7%. And in Health, its Vivaz brand grew 38.6% (compared to the general 5%) and exceeded 80,000 policies with just three years active.
The company's leadership in terms of digital transformation and its innovative nature are also allowing it to better adapt and be a pioneer in the new mobility scenario that has emerged from greater environmental awareness and the emergence of new forms of vehicle access. In 2020, Línea Directa reached 14,500 insured units of motorcycles for shared rental (motosharing), acquired 10% of the new electric vehicles on the market with its Respira Policy and launched Call it X, the first fully-comprehensive insurance with a car included.
This differential behaviour as compared to the sector, an efficient and profitable business model (with an RoE of 35%, well above its peers) and the company's growth potential mean that Línea Directa Aseguradora is greatly attractive for investors in view of going public, a decision approved by Bankinter's annual general meeting on 19 March 2020.
This announcement also coincided with the company's 25th anniversary. Since its inception, Línea Directa has been a clear lever for the modernisation and revitalisation of the Spanish insurance market and has contributed to society with the generation of more than 5,200 jobs, a tax contribution of over 2.6 billion euros and the payment of more than 7.6 billion in benefits to its insured.
Línea Directa's commitment to its stakeholders and to society as a whole was reinforced in 2020 as a result of the pandemic. It increased its workforce by 360 people; adopted flexibility measures in the payment of premiums; contributed financially to the first collective life insurance for health workers created by the Spanish insurance sector; collaborated with care homes and foundations to promote employment equality for people with disabilities; offered public authorities the collaboration of its employees in telephone healthcare, as well as its fleet of courtesy vehicles; and financed the acquisition of 17 PCR analysis robots for the main public hospitals in the country.
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