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OPERATING SEGMENTS | 12 Months Ended
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Dec. 31, 2019
OPERATING SEGMENTS |
OPERATING SEGMENTS | 31 OPERATING SEGMENTS In the Credicorp Board of Directors organized the Group’s subsidiaries according to the types of financial services provided and the sectors on which they are focused; with the objective of optimizing the management thereof. Next, we present the Group´s business lines:
| a) |  | Universal Banking –
Includes the operations related to the granting of various credits and financial instruments to individuals and legal entities, from the segments of wholesale and retail banking, such as the obtaining of funds from the public through deposits and current accounts, obtaining of funding by means of initial public offerings and direct indebtedness with other financial institutions. This business line incorporates the results and balances of the Banco de Crédito del Perú (BCP) and Banco de Crédito de Bolivia (BCB).
| b) |  | Insurance and Pensions –
-Insurance: includes, mainly, the issue of insurance policies to cover losses in commercial property, transport, marine vessels, automobiles, life, health and pensions, operations carried out through Pacífico Compañía de Seguros y Reaseguros. -Pensions: provides Management Service of private pension funds to the affiliates, operation carried out from Prima AFP.
| c) |  | Microfinance –
Includes the management of loans, credits, deposits and current accounts of the small and microenterprises: carried out through Mibanco, Banco de la Microempresa S.A., Banco Compartir S.A. and Edyficar S.A.S. (Encumbra).
| d) |  | Investment Banking and Wealth Management –
Brokerage service and investment management services offered to a broad and diverse clientele, which includes corporations, institutional investors, governments and foundations; also, the structuring and placement of issues in the primary market, as well as the execution and negotiation of transactions in the secondary market. Additionally, it structures securitization processes for corporate customers and manages mutual funds. All of these services are provided through Credicorp Capital Ltd. and subsidiaries; Atlantic Security Bank (ASB) and the Wealth Management team of BCP. Management of these business lines is designed to: -Promote the joint action of our businesses in order to take advantage of the synergies which resulting from the diversification of our portfolio. -Strengthening our leadership in the financial sector through our growth in new businesses, and the establishment of an investment banking platform available not only to the corporate world, but also to the retail segment, especially to the Small and Medium Enterprise (SME) and Consumer sectors. -Improve the ongoing search to bring to adapt our business models, processes and procedures into line with best practices worldwide. The operating results of the Group’s new business lines are monitored separately by the Board of Directors and Senior Management on a monthly basis, in order to make decisions regarding the allocation of resources and the evaluation of the performance of each one of the segments. The Chief Operating Decision Maker (CODM) of Credicorp is the Chief Executive Officer (CEO). The performance of the segments is evaluated based on the operating profits or losses, and is measured consistently with the operating profits and losses presented in the consolidated statement of income. Financial information by segment is prepared subject to the minimum controls necessary and on a uniform basis, with coherent grouping according to the type of activity and customer. The transfer prices used for determining income and expenses generated among the operating segments are similar to the prices that would be applicable to transactions carried out at arm’s length. None of the income derives from transactions carried out with a single customer or counterparty which is equal to or greater than 10 per cent or more of the total income of the Group at December 31, 2019, 2018 and 2017.
| (i) |  | The following table presents information recorded in the results and for certain items of the assets corresponding to the Group’s reportable segments (in millions of soles) as of December 31, 2019, 2018 and 2017:
|  |  |  |  |  | Net interest, |  |  |  | Provision for |  |  |  |  |  |  |  | Additions of |  |  |  |
|  | Income (*) |  | similar |  | Other |  | credit losses |  | Depreciation |  |  |  |  |  | fixed asset, |  |  |  |
|  |  |  | From other |  | income and |  | income, |  | on loan |  | and |  | Income |  |  |  | intangibles |  | Total |  | Total
2019 |  | External |  | segments (**) |  | expenses |  | net (***) |  | portfolio |  | amortization |  | tax |  | Net profit |  | and goodwill |  | assets |  | liabilities
Universal Banking |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banco de Crédito del Perú |  | 11,750 |  | 345 |  | 6,244 |  | 3,632 |  | (1,558) |  | (421) |  | (1,160) |  | 3,239 |  | 349 |  | 139,832 |  | 123,057
Banco de Crédito de Bolivia |  | 736 |  | 4 |  | 329 |  | 117 |  | (61) |  | (19) |  | (43) |  | 79 |  | 16 |  | 10,481 |  | 9,744
Insurance and Pension funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pacífico Seguros y subsidiarias |  | 3,249 |  | 23 |  | 493 |  | 348 |  | — |  | (58) |  | (6) |  | 381 |  | 45 |  | 13,785 |  | 10,964
Prima AFP |  | 457 |  | 3 |  | (1) |  | 457 |  | — |  | (20) |  | (85) |  | 197 |  | 8 |  | 909 |  | 211
Microfinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mibanco |  | 2,408 |  | 126 |  | 1,901 |  | 62 |  | (472) |  | (87) |  | (168) |  | 401 |  | 60 |  | 13,576 |  | 11,489
Banco Compartir S.A. |  | 18 |  | — |  | 13 |  | 2 |  | (2) |  | (1) |  | 1 |  | (2) |  | 1 |  | 1,046 |  | 888
Edyficar S.A.S. |  | 50 |  | — |  | 43 |  | 2 |  | (6) |  | (1) |  | (3) |  | 5 |  | 1 |  | 141 |  | 80
Investment Banking and Wealth Management |  | 968 |  | 6 |  | 69 |  | 885 |  | — |  | (22) |  | (16) |  | 230 |  | 236 |  | 9,423 |  | 7,950
Other segments |  | 63 |  | 100 |  | 443 |  | 561 |  | (1) |  | (3) |  | (143) |  | (179) |  | 87 |  | 2,998 |  | 992
Eliminations |  | — |  | — |  | (443) |  | (669) |  | — |  | — |  | — |  | — |  | — |  | (4,314) |  | (4,245)
Total consolidated |  | 19,699 |  | 607 |  | 9,091 |  | 5,397 |  | (2,100) |  | (632) |  | (1,623) |  | 4,352 |  | 803 |  | 187,877 |  | 161,130
|  |  |  |  |  | Net interest, |  |  |  | Provision for |  |  |  |  |  |  |  | Additions of |  |  |  |
|  | Income (*) |  | similar |  | Other |  | credit losses |  | Depreciation |  |  |  |  |  | fixed asset, |  |  |  |
|  |  |  | From other |  | income and |  | income, |  | on loan |  | and |  | Income |  |  |  | intangibles |  | Total |  | Total
2018 |  | External |  | segments (**) |  | expenses |  | net (***) |  | portfolio |  | amortization |  | tax |  | Net profit |  | and goodwill |  | assets |  | liabilities
Universal Banking |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banco de Crédito del Perú |  | 10,757 |  | 381 |  | 5,616 |  | 3,275 |  | (1,265) |  | (277) |  | (1,137) |  | 2,927 |  | 397 |  | 132,880 |  | 117,803
Banco de Crédito de Bolivia |  | 686 |  | 4 |  | 309 |  | 124 |  | (55) |  | (12) |  | (45) |  | 78 |  | 45 |  | 9,957 |  | 9,266
Insurance and Pension funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pacífico Seguros y subsidiarias |  | 2,730 |  | 21 |  | 446 |  | 669 |  | — |  | (51) |  | (4) |  | 353 |  | 85 |  | 12,224 |  | 9,591
Prima AFP |  | 371 |  | 2 |  | — |  | 371 |  | — |  | (18) |  | (58) |  | 140 |  | 9 |  | 875 |  | 241
Microfinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mibanco |  | 2,468 |  | 88 |  | 1,956 |  | 156 |  | (491) |  | (49) |  | (193) |  | 462 |  | 50 |  | 13,220 |  | 11,322
Edyficar S.A.S. |  | 44 |  | — |  | 40 |  | 1 |  | (4) |  | — |  | (4) |  | 5 |  | — |  | 119 |  | 62
Investment Banking and Wealth Management |  | 886 |  | (14) |  | 98 |  | 634 |  | — |  | (21) |  | (29) |  | 146 |  | 8 |  | 9,665 |  | 8,190
Other segments |  | 83 |  | 97 |  | 33 |  | 106 |  | — |  | (1) |  | (51) |  | (40) |  | 7 |  | 2,862 |  | 950
Eliminations |  | — |  | — |  | (9) |  | (454) |  | — |  | — |  | — |  | — |  | — |  | (4,539) |  | (4,428)
Total consolidated |  | 18,025 |  | 579 |  | 8,489 |  | 4,882 |  | (1,815) |  | (429) |  | (1,521) |  | 4,071 |  | 601 |  | 177,263 |  | 152,997
(*) Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities. (**) Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income. (***) Corresponds to other income (include income and expenses for commissions) and insurance underwriting result.
|  |  |  |  |  | Net interest, |  |  |  | Provision for |  |  |  |  |  |  |  | Additions of |  |  |  |
|  | Income (*) |  | similar |  | Other |  | credit losses |  | Depreciation |  |  |  |  |  | fixed asset, |  |  |  |
|  |  |  | From other |  | income and |  | income, |  | on loan |  | and |  | Income |  |  |  | intangibles |  | Total |  | Total
2017 |  | External |  | segments (**) |  | expenses |  | net (***) |  | portfolio |  | amortization |  | tax |  | Net profit |  | and goodwill |  | assets |  | liabilities
Universal Banking |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banco de Crédito del Perú |  | 10,095 |  | 371 |  | 5,300 |  | 2,927 |  | (1,515) |  | (261) |  | (996) |  | 2,638 |  | 286 |  | 128,259 |  | 114,543
Banco de Crédito de Bolivia |  | 616 |  | 2 |  | 315 |  | 119 |  | (79) |  | (11) |  | (40) |  | 75 |  | 10 |  | 9,118 |  | 8,482
Insurance and Pension funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pacífico Seguros y subsidiarias |  | 2,662 |  | 120 |  | 423 |  | 972 |  | — |  | (49) |  | (28) |  | 326 |  | 56 |  | 11,409 |  | 8,560
Prima AFP |  | 388 |  | 3 |  | 1 |  | 387 |  | — |  | (23) |  | (66) |  | 140 |  | 10 |  | 883 |  | 264
Microfinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mibanco |  | 2,337 |  | 77 |  | 1,829 |  | 98 |  | (457) |  | (49) |  | (146) |  | 399 |  | 44 |  | 12,363 |  | 10,666
Edyficar S.A.S. |  | 30 |  | — |  | 27 |  | 1 |  | (5) |  | (1) |  | — |  | (1) |  | 1 |  | 92 |  | 37
Investment Banking and Wealth Management |  | 906 |  | (5) |  | 135 |  | 658 |  | — |  | (25) |  | (33) |  | 252 |  | 7 |  | 10,389 |  | 8,730
Other segments |  | 565 |  | 77 |  | 42 |  | 535 |  | (1) |  | (1) |  | (84) |  | 353 |  | 2 |  | 2,781 |  | 1,668
Eliminations |  | — |  | — |  | (1) |  | (516) |  | — |  | — |  | — |  | — |  | — |  | (4,822) |  | (4,731)
Total consolidated |  | 17,599 |  | 645 |  | 8,071 |  | 5,181 |  | (2,057) |  | (420) |  | (1,393) |  | 4,182 |  | 416 |  | 170,472 |  | 148,219
(*) Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities. (**) Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income. (***) Corresponds to other income (include income and expenses for commissions) and insurance underwriting result.
| (ii) |  | The following table presents (in millions of soles) the distribution of the total revenue, operating revenue and non-current assets of the Group; all assigned based on the location of the clients and assets, respectively, at December 31, 2019, 2018 and 2017:
|  | 2019 |  | 2018 |  | 2017
|  |  |  |  |  | Total non |  |  |  |  |  |  |  | Total non |  |  |  |  |  |  |  | Total non |  |
|  | Total |  | Operating |  | current |  | Total |  | Total |  | Operating |  | current |  | Total |  | Total |  | Operating |  | current |  | Total
|  | income (*) |  | income (**) |  | assets (***) |  | liabilities |  | income (*) |  | income (**) |  | assets (***) |  | liabilities |  | income (*) |  | income (**) |  | assets (***) |  | liabilities
Peru |  | 18,015 |  | 9,106 |  | 3,943 |  | 142,178 |  | 16,502 |  | 8,476 |  | 3,145 |  | 135,422 |  | 13,105 |  | 7,997 |  | 2,976 |  | 130,953
Bermuda |  | 13 |  | 10 |  | 117 |  | 266 |  | 13 |  | 14 |  | 88 |  | 169 |  | 2,708 |  | 37 |  | 121 |  | 933
Panama |  | — |  | — |  | — |  | — |  | 2 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Cayman Islands |  | 354 |  | 88 |  | 20 |  | 5,008 |  | 285 |  | 134 |  | 3 |  | 5,465 |  | 512 |  | 183 |  | 5 |  | 5,250
Bolivia |  | 809 |  | 368 |  | 93 |  | 9,815 |  | 750 |  | 344 |  | 78 |  | 9,317 |  | 813 |  | 338 |  | 102 |  | 8,490
Colombia |  | 356 |  | 21 |  | 435 |  | 2,769 |  | 314 |  | (2) |  | 138 |  | 1,823 |  | 286 |  | 10 |  | 145 |  | 1,573
United States of America |  | 10 |  | (1) |  | 3 |  | 6 |  | 6 |  | — |  | — |  | 2 |  | 8 |  | — |  | — |  | 2
Chile |  | 142 |  | (2) |  | 209 |  | 1,088 |  | 153 |  | (6) |  | 84 |  | 799 |  | 167 |  | (5) |  | 139 |  | 1,018
Total consolidado |  | 19,699 |  | 9,590 |  | 4,820 |  | 161,130 |  | 18,025 |  | 8,960 |  | 3,536 |  | 152,997 |  | 17,599 |  | 8,560 |  | 3,488 |  | 148,219
(*) Including total interest and similar income, other income and net premiums earned from insurance activities. (**) Operating income includes the income from interest and similar expenses from banking activities and insurance underwriting result. (***) Non- current assets consist of property, furniture and equipment (fixed assets), intangible assets and goodwill and right-for-use assets, net.

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