Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 142

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 142
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 under the ECB’s Single Resolution Fund.
Income and expense on insurance and reinsurance contracts
Income on insurance and reinsurance contracts for the year ended December 31, 2024 was €3,720 million, a 20.7% increase compared with the €3,081 million of income recorded for the year ended December 31, 2023, mainly due to increased insurance activity in Spain and the increase in insurance premiums, attributable in part to higher insurance sales in Mexico. 
Expense on insurance and reinsurance contracts for the year ended December 31, 2024 was €2,238 million, a 22.9% increase compared with the €1,821 million expense recorded for the year ended December 31, 2023, mainly as a result of higher insurance-related expenses in Spain, due in part to the increased activity.
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Administration costs
Administration costs, which include personnel expense and other administrative expense, for the year ended December 31, 2024 amounted to €12,660 million, a 16.1% increase compared with the €10,905 million recorded for the year ended December 31, 2023, mainly as a result of the increase in personnel expenses, driven by the increase in salaries (mainly driven by inflation) and, to a lesser extent, the number of employees and the increase in general expenses (technology, outsourced services and maintenance), in particular, in Turkey and Argentina, driven to a great extent by the higher average inflation rates, partially offset by the depreciation of the Turkish lira, the Mexican peso and the Argentine peso against the euro.
The table below provides a breakdown of personnel expense for the years ended December 31, 2024 and 2023:

                                                    Year ended December 31,               
2024                                                                   2023         Change
                                                     (In Millions of Euros)         (In %)
Wages and salaries                                  5,937             5,068           17.1
Social security costs                               1,007               834           20.7
Defined contribution plan expense                     158               139           14.0
Defined benefit plan expense                           51                49            3.5
Other personnel expense                               506               440           15.0
Personnel expense                                   7,659             6,530           17.3
The table below provides a breakdown of other administrative expense for the years ended December 31, 2024 and 2023: