Mutua and El Corte Inglés launch a 3% savings insurance and begin a commercial offensive
What: El Corte Inglés and Mutua Madrileña launch a pilot savings insurance product offering 3% guaranteed returns until January 2026, targeting both new and existing customers through select department store locations.
Why it is important: This launch represents a significant step in El Corte Inglés' business model transformation, combining their strong retail presence with financial services to enhance customer loyalty and compete in the changing retail landscape.
El Corte Inglés' securities agency, Ahorro & Inversión ECI, has initiated a pilot program offering a guaranteed savings insurance product with a 3% return rate until January 31, 2026. The program is being tested in three strategic locations: Pozuelo de Alarcón (Madrid), Málaga, and Bilbao. This financial product, called "Ahorro Garantizado," is designed to be highly accessible, with no minimum investment requirement or tied conditions, positioning it competitively against government bonds in the current interest rate environment. The initiative emerges from the partnership established in 2021 when Mutua acquired 8.5% of El Corte Inglés and 50.01% of its insurance societies. Since its launch a year ago, the securities agency has attracted 2,800 clients and EUR 400 million in assets, despite significant initial investments of EUR 12.2 million and operational expenses of €1.16 million in early 2024. After January 2026, interest rates will be adjusted quarterly, reflecting the long-term commitment to this financial services strategy.
IADS Notes:
The initiative builds on El Corte Inglés' successful expansion into financial services, with their financial division exceeding three million customers . This strategic move aligns with their strong market position, evidenced by their second-place ranking in Spain's corporate reputation index. The careful pilot testing approach mirrors their successful strategic initiatives that have generated EUR 660 million in recent years , while advancing their 2025-2030 strategic plan for revenue diversification. The partnership with Mutua Madrileña continues to evolve beyond basicinsurance products, demonstrating the potential for further financial service innovations.
