First quarter 2005 compared with proforma first quarter 2004 1)
Net profit up 6% to EUR 1,487 million compared with the very strong first quarter of 2004; earnings per share up 5%
Net profit up 26% excluding the capital gain on the 2004 sale of Seguros Bilbao and the impact of the transactions with respect to Assurant; earnings per share up 25%
Banking net profit up 40%, from EUR 553 million to EUR 776 million
- Total revenues up 13%
- Costs remained flat
- Lower impairments on loans
Insurance net profit up 18% from EUR 258 million to EUR 305 million (excluding Seguros Bilbao)
- Total gross inflow Life +19%2)
- Non-life combined ratio improved substantially, from 101% to 95%
Net profit at General was impacted in 2004 as well as in 2005 by the transactions with respect to Assurant, which amounted to EUR 443 million in the first quarter of 2005 and to EUR 422 million in the same quarter last year
