Santander Insurance transforms its commercial model to accelerate business growth in Spain

Strengthens a value proposition focused on the savings, retirement, and protection needs of individual and corporate customers.

Will enhance its distribution capabilities through more insurance specialists, new channels, an improved digital experience, and greater use of data and artificial intelligence to personalize offerings.

Madrid, 8 June, 2026.
Santander Insurance has launched a new strategy to accelerate the growth of its business in Spain and evolve towards a more specialized model focused on supporting customers with their protection, retirement planning, and savings needs throughout every stage of their lives.

Santander Insurance aims to strengthen its position in the Spanish insurance market through a differentiated value proposition that combines the proximity and distribution strength of the bank’s branch network with the capabilities of a specialized, multi-channel insurer. This initiative responds to growing demand for expert advice, more personalized solutions, a seamless experience across physical and digital channels, and increased use of technology.

This transformation is part of Santander Group’s global growth strategy, which identifies retirement, alongside protection insurance, as one of the main drivers of business development. This was outlined during the Investor Day held in London last February, where the bank presented its 2026–2028 Strategic Plan.

In this context, Santander has reorganized its operations through the merger of Santander Insurance and Santander Pensions, bringing together the life insurance and savings business and the pension fund management business under a single operating entity. This integration strengthens management capabilities and broadens the customer value proposition through comprehensive retirement and long-term savings solutions covering both the accumulation phase (savings insurance products, Individual Systematic Savings Plans – PIAS – and other long-term savings products) and the decumulation phase (such as lifetime annuities).

To support this strategy in Spain, Santander Insurance will strengthen its distribution capabilities through the gradual expansion of its network of insurance specialists, the development of new channels, and greater involvement of the bank’s financial advisor network. The objective is to increase advisory capacity, improve customer proximity, and accelerate growth across its key business lines, which, in addition to savings and pension solutions—including reverse mortgages—cover a comprehensive range of protection products in areas such as health, home, motor, term life, and general insurance for both individuals and companies, in partnership with its insurance partners (Aegon and Mapfre).

At the same time, Santander Insurance will continue to strengthen its specialist teams serving retail customers, businesses, and private banking clients to address the specific needs of each segment. The company will also introduce new data analytics and artificial intelligence capabilities to anticipate protection needs, personalize commercial proposals, and simplify onboarding and management processes across all channels, enabling customers to choose the experience that best suits them.