The VidaCaixa Insurance assets are mainly invested as a hedging of their liabilities (mainly live insurance policies). As a consequence of the regulation and the company risk profile, these assets are invested in fixed income and are managed internally. This explains why fixed income is the most significative share of our portfolio.
The VidaCaixaPension Funds, Unit Linked and EPSV are invested using diversification advantages (different asset types and geographies). Some assets are managed internally by the VidaCaixa investment team and others are invested through third parties mutual funds properly selected by a specialized external selection team in VidaCaixa (which epxlains why a share of assets are accounted as “externally managed” (OO 05.1).
BPI Vide e Pensoes follows similar investment approach and progressivelly is converging with VidaCaixa model.