BBVA pension profits slide 74%; insurance sales hold on to growth

The group’s overall performance in the region was affected by Argentina’s decision to nationalise pension assets

Signs that insurance sales remain strong in South America despite the slowing regional economy were confirmed by the release of Spain’s Banco Bilbao Vizcaya Argentaria SA (BBVA) figures for 2008 recording a €49mn profit, up 0.3%, with volumes growing 20% over the year.