Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 152

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 152
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3 compared to €1,490 million in 2022).
108

Other operating expense for the year ended December 31, 2023 amounted to €4,042 million, a 17.6% increase compared with the €3,438 million recorded for the year ended December 31, 2022, mainly driven by the loss on the net monetary position resulting from the adjustment for hyperinflation in Argentina (€1,062 million in 2023 compared to the €822 million in 2022), the payment of the temporary tax on credit institutions and financial credit establishments in Spain for the first time (totaling €215 million, which was paid in the year ended December 31, 2023), the greater contribution made to the Deposit Guarantee Fund of Credit Institutions in Mexico and Turkey and the appreciation of the Mexican peso, partially offset by the lower combined contribution made to the ECB’s Single Resolution Fund and to the Deposit Guarantee Fund in Spain compared to the year ended December 31, 2022, the lower loss on the net monetary position resulting from the adjustment for hyperinflation in Turkey (€2,118 million in 2023 compared to €2,323 million in 2022) and the depreciation of the currencies of the main non-euro countries where the BBVA Group operates (excluding Mexico). As of December 31, 2023, BBVA had satisfied in full the amount to be paid by it at a global level under the ECB’s Single Resolution Fund. In addition, the estimated impact of the temporary tax corresponding to the year 2024 is €285 million and will be recorded in the first quarter of 2024 under “Other operating expense” in the consolidated income statement.
Income and expense on insurance and reinsurance contracts
Income on insurance and reinsurance contracts for the year ended December 31, 2023 was €3,081 million, a 17.5% increase compared with the €2,622 million of income recorded for the year ended December 31, 2022, mainly due to the increase in insurance premiums in Mexico and Spain as a result of higher insurance sales and, to a lesser extent, the appreciation of the Mexican peso against the euro, partially offset by the depreciation of the currencies of the main non-euro countries where the BBVA Group operates (excluding Mexico).
Expense on insurance and reinsurance contracts for the year ended December 31, 2023 was €1,821 million, a 17.7% increase compared with the €