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Note 23 (Tables) | 12 Months Ended
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Dec. 31, 2024
Assets and Liabilities under reinsurance and insurance contracts [Abstract] |
Liabilities under Insurance and Reinsurance Contracts [Table Text Block] | The heading “Liabilities under insurance and reinsurance contracts” in the consolidated balance sheets includes the liabilities recorded under insurance contracts of the consolidated insurance entities in accordance with IFRS 17 (see Note 2.2.8). The breakdown of the balance of this heading as of December 31, 2024, 2023 and 2022 is as follows:
Liabilities under insurance and reinsurance contracts (Millions of Euros)
| 2024 | 2023 | 2022 ⁽¹⁾
Insurances | 10,981 | 12,110 | 10,131
Liabilities for remaining coverage | 9,835 | 10,900 | 9,157
Estimates of the present value of cash flows | 8,462 | 9,516 | 7,905
Risk adjustment | 150 | 171 | 155
Cost service margin | 1,224 | 1,213 | 1,097
Liabilities for incurred claims | 1,146 | 1,210 | 974
Estimates of the present value of cash flows | 1,129 | 1,191 | 959
Risk adjustment | 17 | 19 | 15
Reinsurances | — | — | —
Total | 10,981 | 12,110 | 10,131
(1) Balances corresponding to 2022 have been restated according to IFRS 17 (see Note 1.3).
Liaiblities under insurance and reinsurance contracts by type of product [Table Text Block] | In addition, the breakdown of “Liabilities under insurance and reinsurance contracts” in the consolidated balance sheets by type of product as of December 31, 2024, 2023 and 2022, excluding insurance contracts valued following the Simplified Model, is shown in the table below:
Liabilities under insurance and reinsurance contracts by type of product (Millions of Euros)
| 2024 | 2023 | 2022 ⁽³⁾
Liabilities for remaining coverage | 9,835 | 10,900 | 9,157
Life insurance | 9,555 | 10,657 | 8,962
Individuals life insurance ⁽¹⁾ | 7,643 | 8,900 | 7,592
Group insurance ⁽²⁾ | 1,912 | 1,757 | 1,370
Non-life insurance | 280 | 243 | 195
Liabilities for incurred claims | 1,146 | 1,210 | 974
Total | 10,981 | 12,110 | 10,131
(1) Provides coverage in the event of death, disability and serious illness. (2) The insurance policies purchased by employers (other than BBVA Group) on behalf of their employees. (3) Balances corresponding to 2022 have been restated according to IFRS 17 (see Note 1.3).
Variation in liabilities under Insurance and Reinsurance Contracts analyzed by liabilities for the remaining coverage and liabilities for incurred claims [Table Text Block] | The variation in liabilities under insurance and reinsurance contracts analyzed by liability for the remaining coverage and liability for incurred claims for the years 2024, 2023 and 2022 is shown below:
Variation in liabilities under insurance and reinsurance contracts analyzed by liabilities for the remaining coverage and the liabilities for incurred claims. December 2024 (Millions of Euros)
|  | Liability for remaining coverage | Liability for incurred claims | Total
Initial balance |  |  | 10,900 | 1,210 | 12,110
Result from insurance service |  |  | (3,371) | 1,862 | (1,509)
Insurance revenue |  |  | (3,494) | — | (3,494)
Insurance expense |  |  | 124 | 1,862 | 1,985
Financial income/ expenses from insurance contracts |  |  | (407) | 12 | (395)
Exchange differences |  |  | (657) | (110) | (767)
Cash flows |  |  | 3,370 | (1,828) | 1,542
Final balance |  |  | 9,835 | 1,146 | 10,981
Variation in liabilities under insurance and reinsurance contracts analyzed by liabilities for the remaining coverage and the liabilities for incurred claims. December 2023 (Millions of Euros)
|  | Liability for remaining coverage | Liability for incurred claims | Total
Initial balance |  |  | 9,157 | 974 | 10,131
Result from insurance service |  |  | (2,822) | 1,532 | (1,289)
Insurance revenue |  |  | (2,897) | — | (2,897)
Insurance expense |  |  | 75 | 1,532 | 1,607
Financial income/ expenses from insurance contracts |  |  | 563 | 1 | 564
Exchange differences |  |  | 1,008 | 59 | 1,067
Cash flows |  |  | 2,994 | (1,357) | 1,637
Final balance |  |  | 10,900 | 1,210 | 12,110
Variation in liabilities under insurance and reinsurance contracts analyzed by liabilities for the remaining coverage and the liabilities for incurred claims. December 2022 (Millions of Euros)
|  | Liability for remaining coverage | Liability for incurred claims | Total
Initial balance |  |  | 8,875 | 1,097 | 9,972
Result from insurance service |  |  | (2,446) | 1,260 | (1,186)
Insurance revenue |  |  | (2,575) | — | (2,575)
Insurance expense |  |  | 130 | 1,260 | 1,390
Financial income/ expenses from insurance contracts |  |  | (694) | 2 | (692)
Exchange differences |  |  | 1,048 | 51 | 1,099
Cash flows |  |  | 2,375 | (1,437) | 938
Final balance |  |  | 9,157 | 974 | 10,131
Variation in liabilities under Insurance and Reinsurance contracts by valuation components [Table Text Block] | The variation of liabilities under insurance and reinsurance contracts, distinguishing between their different valuation components, excluding contracts valued under the Simplified Model, for the years 2024, 2023 and 2022 is shown below:
Variation in liabilities under insurance and reinsurance contracts analyzed by valuation component. December 2024 (Millions of Euros)
| Estimated present value of future cash flows | Risk adjustment | Contractual service margin ⁽¹⁾ | Total
Initial balance | 9,738 | 167 | 1,213 | 11,118
Insurance service result | (345) | (17) | 44 | (318)
Changes that relate to current services | (969) | (29) | (270) | (1,267)
Changes that relate to future services | (350) | 12 | 314 | (24)
Changes that relate to past services | 974 | — | — | 974
Financial income/ expenses from insurance contracts | (457) | 3 | 49 | (406)
Exchange rate differences | (636) | (3) | (82) | (721)
Cash flows | 411 | — | — | 411
Final balance | 8,710 | 150 | 1,224 | 10,084
(1) In general, the transition approach for calculating the contractual service margin has been the fair value approach for long-term contracts and the full retrospective approach for short-term contracts.
Variation in liabilities under insurance and reinsurance contracts analyzed by valuation component. December 2023 (Millions of Euros)
| Estimated present value of future cash flows | Risk adjustment | Contractual service margin ⁽¹⁾ | Total
Initial balance | 8,056 | 150 | 1,097 | 9,303
Insurance service result | (384) | — | (23) | (406)
Changes that relate to current services | (749) | (26) | (185) | (960)
Changes that relate to future services | (189) | 26 | 163 | —
Changes that relate to past services | 554 | — | — | 554
Financial income/ expenses from insurance contracts | 508 | 11 | 45 | 564
Exchange rate differences | 935 | 6 | 94 | 1,035
Cash flows | 623 | — | — | 623
Final balance | 9,738 | 167 | 1,213 | 11,118
(1) In general, the transition approach for calculating the contractual service margin has been the fair value approach for long-term contracts and the full retrospective approach for short-term contracts.
Variation in liabilities under insurance and reinsurance contracts analyzed by valuation component. December 2022 (Millions of Euros)
| Estimated present value of future cash flows | Risk adjustment | Contractual service margin ⁽¹⁾ | Total
Initial balance | 7,945 | 112 | 948 | 9,006
Insurance service result | (606) | 46 | 49 | (511)
Changes that relate to current services | (750) | (14) | (144) | (908)
Changes that relate to future services | (270) | 60 | 193 | (17)
Changes that relate to past services | 413 | — | — | 413
Financial income/ expenses from insurance contracts | (704) | (20) | 29 | (694)
Exchange rate differences | 1,009 | 11 | 72 | 1,093
Cash flows | 412 | — | — | 412
Final balance | 8,056 | 150 | 1,097 | 9,303
(1) In general, the transition approach for calculating the contractual service margin has been the fair value approach for long-term contracts and the full retrospective approach for short-term contracts.
Maturity of liabilities under insurance and reinsurance contracts [Table Text Block] | The maturity of “Liabilities under insurance and reinsurance contracts” is as follows:
Maturity of the liabilities under insurance and reinsurance contracts (Millions of Euros)
| Up to 1 year | 1 to 3 years | 3 to 5 years | Over 5 years | Total
2024 | 1,556 | 319 | 720 | 8,387 | 10,981
2023 | 1,356 | 962 | 2,425 | 7,367 | 12,110
2022 | 1,754 | 663 | 1,664 | 6,050 | 10,131

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