Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 53

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 53
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 Fed.
Customer deposits at amortized cost of this operating segment as of December 31, 2024 amounted to €27,432 million, compared with the €13,056 million recorded as of December 31, 2023, mainly as a result of the growth in time deposits in the branches located in Europe and in the New York branch, due to increased activity and the shift from certain customer deposits in Spain.
Off-balance sheet funds of this operating segment as of December 31, 2024 amounted to €645 million, a 13.9% increase compared with the €566 million recorded as of December 31, 2023, due to increases in the balance of pension funds.
The non-performing loan ratio (as defined herein) of this operating segment as of December 31, 2024 decreased to 0.3% from 0.7% as of December 31, 2023, and was positively affected by the growth in lending activity and the decrease in non-performing loans due to repayments and recoveries. This operating segment’s non-performing loan coverage ratio (as defined herein) increased to 102% as of December 31, 2024 from 69% as of December 31, 2023 mainly as a result of the decrease in non-performing loans and the increase in the coverage of Stage 3 loans.
Insurance Activity
The Group has insurance subsidiaries mainly in Spain, Latin America (mostly in Mexico) and Turkey. The insurance entities located in Spain and Mexico together accounted for approximately 95% of total liabilities under insurance and reinsurance contracts as of December 31, 2024. The main products offered by the insurance subsidiaries are life insurance to cover the risk of death and life-savings insurance. Within life insurance, a distinction is made between freely sold products and those offered to customers who have taken mortgage or consumer loans, which cover the principal of those loans in the event of the customer’s death.
The Group offers, in general, two types of savings products: individual insurance, which seeks to provide the customer with savings for retirement or other events, and collective insurance, which is taken out by employers to cover their commitments to their employees.
See Note 23 to the Consolidated Financial Statements for additional information on our insurance activity, including its risk management.
Monetary Policy
The integration of Spain into the European Monetary Union (“EMU”) on January 1, 1999 implied the yielding of monetary policy sovereignty to the Eurosystem. The “Euro