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TECHNICAL RESERVES, INSURANCE CLAIMS RESERVES AND UNEARNED PREMIUMS | 12 Months Ended
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Dec. 31, 2017
Disclosure of insurance claim reserves and technical reserves [Abstract] |
Disclosure of insurance claim reserves and technical reserves [Text Block] |
15 | TECHNICAL RESERVES, INSURANCE CLAIMS RESERVES AND UNEARNED PREMIUMS
a) | This item consists of the following:
|  | 2017 |
|  | Claims reserves direct |  | Technical reserves (*) |  | Total |
|  | S/(000) |  | S/(000) |  | S/(000) |
Life insurance |  |  | 626,871 |  |  | 5,599,777 |  |  | 6,226,648 |
General insurance |  |  | 484,608 |  |  | 513,826 |  |  | 998,434 |
Health insurance |  |  | 69,373 |  |  | 149,305 |  |  | 218,678 |
Total |  |  | 1,180,852 |  |  | 6,262,908 |  |  | 7,443,760 |
|  | 2016 |
|  | Claims reserves direct |  | Technical reserves (*) |  | Total |
|  | S/(000) |  | S/(000) |  | S/(000) |
Life insurance |  |  | 551,516 |  |  | 5,128,974 |  |  | 5,680,490 |
General insurance |  |  | 325,748 |  |  | 574,435 |  |  | 900,183 |
Health insurance |  |  | 60,733 |  |  | 144,783 |  |  | 205,516 |
Total |  |  | 937,997 |  |  | 5,848,192 |  |  | 6,786,189 |
| (*) | At December 31, 2017, the life insurance technical reserves include the mathematical reserves of life annuities amounting to S/3,514.4 million (S/3,241.2 million at December 31, 2016).
Insurance claims reserves represent reported claims and an estimation for incurred but non reported claims (IBNR). Reported claims are adjusted on the basis of technical reports received from independent adjusters. Insurance claims and technical reserves corresponding to the reinsurers and coinsurers are shown as ceded claims, which are presented in “Accounts receivable from reinsurers and coinsurers” of the consolidated statement of financial position, See Note 9(b). At December 31, 2017, the reserves for direct claims include reserves for IBNR for life, general and health insurance for an amount of S/282.4 million, S/11.3 million and S/47.6 million, respectively (S/231.4 million, S/9.1 million and S/41.4 million, respectively, at December 31, 2016). At December 31, 2017 and in previous years, the differences between the estimations for the incurred and non-reported claims and the settled and pending liquidation claims have not been significant. In the case of general risks and health, retrospective analysis indicates that the amounts accrued are adequate and the Management believes that the estimated IBNR reserve is sufficient to cover any liability as of December 31, 2017 and 2016. Technical reserves comprise reserves for future benefit obligation under its in-force life, annuities and accident insurance policies and the unearned premium reserves in respect of the portion of premiums written that is allocable to the unexpired portion of the related policy periods for general and health insurance products.
b) | Movement of insurance claims reserves (direct and assumed), occurred during the years 2017 and 2016:
|  | 2017 |
|  | Life insurance |  | General insurance |  | Health insurance |  | Total |
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |
Beginning balance |  |  | 551,516 |  |  | 325,748 |  |  | 60,733 |  |  | 937,997 |
Claims, Note 24 |  |  | 646,026 |  |  | 661,108 |  |  | 294,557 |  |  | 1,601,691 |
Payments |  |  | (569,108) |  |  | (491,108) |  |  | (285,899) |  |  | (1,346,115) |
Exchange difference |  |  | (1,563) |  |  | (11,140) |  |  | (18) |  |  | (12,721) |
Ending balance |  |  | 626,871 |  |  | 484,608 |  |  | 69,373 |  |  | 1,180,852 |
|  | 2016 |
|  | Life insurance |  | General insurance |  | Health insurance |  | Total |
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |
Beginning balance |  |  | 478,960 |  |  | 335,818 |  |  | 64,896 |  |  | 879,674 |
Claims, Note 24 |  |  | 618,274 |  |  | 351,227 |  |  | 274,902 |  |  | 1,244,403 |
Payments |  |  | (544,934) |  |  | (385,621) |  |  | (243,847) |  |  | (1,174,402) |
Exchange difference |  |  | (784) |  |  | 24,324 |  |  | (35,218) |  |  | (11,678) |
Ending balance |  |  | 551,516 |  |  | 325,748 |  |  | 60,733 |  |  | 937,997 |
c) | Technical reserves occurred during the years 2017 and 2016:
|  | 2017 |
|  | Life insurance |  | General insurance |  | Health insurance |  | Total |
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |
Beginning balance |  |  | 5,128,974 |  |  | 574,435 |  |  | 144,783 |  |  | 5,848,192 |
Time course expenses and others |  |  | 77,855 |  |  | – |  |  | – |  |  | 77,855 |
Unearned premium and other technical reserves variation, net |  |  | 127 |  |  | (28,992) |  |  | 4,621 |  |  | (24,244) |
Insurance subscriptions |  |  | 491,519 |  |  | – |  |  | – |  |  | 491,519 |
Exchange difference and others |  |  | (98,698) |  |  | (31,617) |  |  | (99) |  |  | (130,414) |
Ending balance |  |  | 5,599,777 |  |  | 513,826 |  |  | 149,305 |  |  | 6,262,908 |
|  | 2016 |
|  | Life insurance |  | General insurance |  | Health insurance |  | Total |
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |
Beginning balance |  |  | 4,755,154 |  |  | 582,453 |  |  | 144,346 |  |  | 5,481,953 |
Time course expenses and others |  |  | 58,778 |  |  | - |  |  | - |  |  | 58,778 |
Unearned premium and other technical reserves variation, net |  |  | 365 |  |  | (11,578) |  |  | 9,881 |  |  | (1,332) |
Insurance subscriptions |  |  | 361,966 |  |  | - |  |  | - |  |  | 361,966 |
Exchange difference and others |  |  | (47,289) |  |  | 3,560 |  |  | (9,444) |  |  | (53,173) |
Ending balance |  |  | 5,128,974 |  |  | 574,435 |  |  | 144,783 |  |  | 5,848,192 |
At December 31, 2017 and 2016 no additional reserves were needed as a result of the liability adequacy test. The main assumptions used in estimation of retirement, disability and survival annuities and individual life (including Investment link insurance contracts) reserves as, of those dates, are the following:
|  | At December 31, 2017 |  | At December 31, 2016
Mortality |  | Mortality table |  | Technical rates |  | Mortality table |  | Technical rates
Annuities |  | SPP-S-2017 and SPP-I- 2017 |  | Between 2.90% - 7.93% / Between 2.50% - 5.25% |  | TAP 2012 and MI 2006 |  | Between 4.21% - 7.69% / Between 2.50% - 5.25%
Pension insurance –Temporary Regime / SCTR (*) |  | B-85 and MI-85 |  | 3.00% soles VAC |  | B-85 and MI-85 |  | 3.00% soles VAC
Pension insurance –Definitive Regime |  | B-85 and MI-85 |  | 3.31% soles VAC / 4.66% Nominal dollars |  | B-85 and MI-85 |  | 3.43% soles VAC / 4.65% Nominal dollars
Pension insurance –Definitive Regime / SCTR |  | B-85 adjusted and MI-85 |  | Between 3.00%, 3.38% soles VAC / 4.66% Nominal dollars / 6.35% soles adjusted / 4.66% dollars adjusted |  | B-85 adjusted and MI-85 |  | Between 3.00%, 3.43% soles VAC / 4.65% Nominal dollars / 6.49% soles adjusted / 4.65% dollars adjusted
Pension insurance –Temporary Regime /SCTR (Longevity) |  | SPP-S-2017- and SPP-I-2017 |  | Between 3.81%, 3.88% soles VAC |  | SPP-S-2017- and SPP-I-2017 |  | Between 3.74%, 3.88% soles VAC
Individual life |  | CSO 80 adjusted |  | Between 4.00% - 5.00% |  | CSO 80 adjusted |  | Between 4.00% - 5.00%
| (*) | Complementary Work Risk Insurance (SCTR the Spanish acronym).
The sensitivity of the estimates used by the Group to measure its insurance risks is represented primarily by the life insurance risks; the main variables as of December 31, 2017 and 2016, are the interest rates and the mortality tables used. The Group has evaluated the changes of the reserves related to its most significant life insurance contracts included in retirement, disability and survival annuities contracts of +/- 100 bps of the interest rates and of +/- 5 bps of the mortality factors, with the following results:
|  | At December 31, 2017 |  | At December 31, 2016 |
|  |  |  |  | Variation of the reserve |  |  |  |  | Variation of the reserve |
Variables |  | Amount of the reserve |  | Amount |  | Percentage |  | Amount of the reserve |  | Amount |  | Percentage |
|  | S/(000) |  | S/(000) |  | % |  | S/(000) |  | S/(000) |  | % |
Portfolio in S/- Base amount |  |  | 519,317 |  |  | - |  |  | - |  |  | 508,498 |  |  | - |  |  | - |
Changes in interest rates: + 100 bps |  |  | 473,067 |  |  | (46,250) |  |  | (8.91) |  |  | 462,992 |  |  | (45,506) |  |  | (8.95) |
Changes in interest rates: - 100 bps |  |  | 574,664 |  |  | 55,347 |  |  | 10.66 |  |  | 563,057 |  |  | 54,559 |  |  | 10.73 |
Changes in Mortality tables to 105% |  |  | 514,091 |  |  | (5,226) |  |  | (1.01) |  |  | 503,253 |  |  | (5,245) |  |  | (1.03) |
Changes in Mortality tables to 95% |  |  | 524,801 |  |  | 5,484 |  |  | 1.06 |  |  | 514,003 |  |  | 5,505 |  |  | 1.08 |
Portfolio in US$- Base amount |  |  | 2,682,536 |  |  | - |  |  | - |  |  | 2,317,565 |  |  | - |  |  | - |
Changes in interest rates: + 100 bps |  |  | 2,428,338 |  |  | (254,198) |  |  | (9.48) |  |  | 2,089,212 |  |  | (228,352) |  |  | (9.85) |
Changes in interest rates: - 100 bps |  |  | 2,993,483 |  |  | 310,948 |  |  | 11.59 |  |  | 2,591,011 |  |  | 273,447 |  |  | 11.80 |
Changes in Mortality tables to 105% |  |  | 2,660,474 |  |  | (22,062) |  |  | (0.82) |  |  | 2,293,403 |  |  | (24,161) |  |  | (1.04) |
Changes in Mortality tables to 95% |  |  | 2,705,711 |  |  | 23,176 |  |  | 0.86 |  |  | 2,336,095 |  |  | 18,530 |  |  | 0.80 |

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