VidaCaixa MyBox Jubilación Qorus Innovation in Insurance Awards 2024 - Winner

1. LIVE LONGGER From China and United States to Europe and South America, the world leading economies are, without exception, aging faster than even before. McKinsey Health Institute (2023) affirms that by 2050 the absolute number of those older than 65 will more than double to 1.6 billion individuals, growing from 9.4% to 16.5% of the total population.

The 65+ population as a percentage of the population aged 15-64 is projected to increase from 26% in 2010 to 53% in 2060. In other words, there will be just two people in 'the working age' of 15 to 64 for every person aged 65+ in 2060, compared with four in 2010.

As the European Union affirms, Europe is going through a major societal challenge in the form of a rapidly ageing population. Two are the main drivers: > Increased longevity. By 2050 around 30% of the EU population will be older than 65 years compared to around 20% today. > Stagnatig or falling birth rates. None of the 27 european countries reaches the Natural Replacement Rate of 2 births x women.

In 1950, for every person over the age of 65, there were 11,7 working-age people. Today, there are 7, and this is expected to shrink to 4,4 by 2040. This is particularly pronounced in superaged countries, as Japan, South Korea, Italy, and in our country, Spain. Spain is assessing the stability of our public pension system, due to the tremendous negative impact of the demographic winter in our country. Today there are 6,2 working-age adults for every older adult. The prediction is that in 2040 for every older there will be roughly 2,1 working-age adults, which is a tremendous risk to the stability of our current pension system and the care for the elderly.

In VidaCaixa, the leading Life Insurance Company in Spain with more than € 67 billions under management, we are aware of the magnitude of this unprecedented challenge that demands concrete solutions.

Our inner purpose as a Company is ‘We Innovate to the Wellbeing of People’, and our conviction is to continue being leaders in the Spanish Life Insurance Market in any ‘future scenario’, that is why we are fully committed to be relevant to our customer delivering exceptional value through our innovative portfolio of solutions.

MyBox Jubilación is our key proposal. (*) Jubilación means Retirement in Spanish.

2. MYBOX JUBILACIÓN MyBox Jubilación is an unique solution in which we help the customer to establish a target capital for retirement and a fully adapted monthly savings plan to achieve it. A retirement savings novel solution that combines liquidity and tax advantages with family protection, merging the best of both worlds. The keys of their extraordinary success in Spain are: 1. MONTHLY SAVINGS: A monthly savings plan to achieve the personal retirement goal. 2. COMBINES LIQUIDITY AND TAX ADVANTAGE: The customer can choose which part is allocated to the pension plan and which part is allocated to unit linked, according to their vital moments and purposes. 3. LIFE INSURANCE PROTECTION: With the peace of mind of having the target capital protected from the first moment in the event of permanent absolute disability or death. 4. A HYPERCUSTOMIZED SOLUTION: A solution that covers all customerss and is personalized based on their savings capacity, liquidity needs and taxation. The difference with other retirement solutions is that MyBox Jubilación helps estimate the target capital that the client may have accumulated at age 67 with a personalized offer based on their age and income. Customers choose their destiny: which is the target and we, as VidaCaixa, help to achieve it. In addition, it combines liquidity and tax savings, with protection for the customer and the beloved ones, and all this with great flexibility of contributions, since you can modify them (increase, decrease, change the distribution, etc.). One of our key endeavors was keep-it-simple as much as we could. So the customer signs a single contract that collects the contractual information of the three products and is charged a single premium for the three products. The solution adapts to the customers' time horizon, but both in protection - because the coverage adapts to the part that remains - and the investment part - the assets adapt as the time horizon progresses because you are getting closer to retirement. Life changes and MyBox changes with you.

MyBox Jubilación is an All-in-One solution which integrates the best of three products to define the path to an extraordinary retirement.