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TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS (Tables) | 12 Months Ended
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Dec. 31, 2020
TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS |
Schedule of detailed information about insurance claim reserves | a) This item consists of the following:
|  | 2020
|  | Technical |  | Technical |  |
|  | reserves for |  | reserves for |  |
|  | claims |  | premiums (*) |  | Total
|  | S/(000) |  | S/(000) |  | S/(000)
Life insurance |  | 1,288,056 |  | 8,784,732 |  | 10,072,788
General insurance |  | 629,330 |  | 656,963 |  | 1,286,293
Health insurance |  | 133,088 |  | 182,907 |  | 315,995
Total |  | 2,050,474 |  | 9,624,602 |  | 11,675,076
|  | 2019
|  | Technical |  | Technical |  |
|  | reserves for |  | reserves for |  |
|  | claims |  | premiums (*) |  | Total
|  | S/(000) |  | S/(000) |  | S/(000)
Life insurance |  | 908,362 |  | 7,548,684 |  | 8,457,046
General insurance |  | 590,588 |  | 651,129 |  | 1,241,717
Health insurance |  | 77,278 |  | 174,192 |  | 251,470
Total |  | 1,576,228 |  | 8,374,005 |  | 9,950,233
(*)As of December 31, 2020, the life insurance technical reserves include the mathematical reserves of income amounting to S/6,806.1 million (S/5,961.0 million as of December 31, 2019).
Schedule of detailed information about movement in direct and assumed insurance claim reserves | b) Movement of insurance claims reserves (direct and assumed), occurred during the years 2020 and 2019:
|  | 2020
|  | Life |  | General |  | Health |  |
|  | insurance |  | insurance |  | insurance |  | Total
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000)
Beginning balance |  | 908,362 |  | 590,588 |  | 77,278 |  | 1,576,228
Gross claims, Note 26 |  | 1,383,344 |  | 326,183 |  | 281,627 |  | 1,991,154
Payments |  | (1,012,012) |  | (363,374) |  | (225,882) |  | (1,601,268)
Exchange difference |  | 8,362 |  | 75,933 |  | 65 |  | 84,360
Ending balance |  | 1,288,056 |  | 629,330 |  | 133,088 |  | 2,050,474
|  | 2019
|  | Life |  | General |  | Health |  |
|  | insurance |  | insurance |  | insurance |  | Total
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000)
Beginning balance |  | 732,868 |  | 562,430 |  | 71,372 |  | 1,366,670
Gross claims, Note 26 |  | 1,001,671 |  | 524,142 |  | 326,980 |  | 1,852,793
Payments |  | (822,644) |  | (510,678) |  | (321,085) |  | (1,654,407)
Exchange difference |  | (3,533) |  | 14,694 |  | 11 |  | 11,172
Ending balance |  | 908,362 |  | 590,588 |  | 77,278 |  | 1,576,228
Schedule of detailed information about movement in technical insurance claim reserves |
|  | IBNR Balance |  | Claims reported |  |
Business line |  | COVID - 19 |  | COVID – 19 |  | Total Impact COVID-19
Vida Individual |  | S/ 7.0 MM |  | S/ 17.1 MM |  | S/ 24.1 MM
Vida Grupo |  | S/ 9.8 MM |  | S/ 9 MM |  | S/ 18.8 MM
Vida Ley |  | S/ 11.3 MM |  | S/ 19.4 MM |  | S/ 30.7 MM
Vida Crédito |  | S/ 21.7 MM |  | S/ 101.8 MM |  | S/ 123.5 MM
SISCO |  | S/ 49.0 MM |  | S/ 112.9 MM |  | S/ 161.9 MM
Asistencia Médica |  | S/ 24.5 MM |  | S/ 33.1 MM |  | S/ 57.6 MM
Totales |  | S/ 123.3 MM |  | S/ 293.3 MM |  | S/ 416.6 MM
c) Technical reserves occurred during the years 2020 and 2019:
|  | 2020
|  | Life |  | General |  | Health |  |
|  | insurance |  | insurance |  | insurance |  | Total
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000)
Beginning balance |  | 7,548,684 |  | 651,129 |  | 174,192 |  | 8,374,005
Time course expenses and others |  | 75,115 |  | 818 |  | — |  | 75,933
Unearned premium and other technical reserves variation, net |  | 1,006 |  | (36,323) |  | 8,501 |  | (26,816)
Insurance subscriptions |  | 599,149 |  | 5,941 |  | — |  | 605,090
Adjustment by application of market rates |  | 263,820 |  | — |  | — |  | 263,820
Exchange difference and others |  | 296,958 |  | 35,398 |  | 214 |  | 332,570
Ending balance |  | 8,784,732 |  | 656,963 |  | 182,907 |  | 9,624,602
|  | 2019
|  | Life |  | General |  | Health |  |
|  | insurance |  | insurance |  | insurance |  | Total
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000)
Beginning balance |  | 6,329,512 |  | 593,938 |  | 162,551 |  | 7,086,001
Time course expenses and others |  | 67,989 |  | (3,891) |  | — |  | 64,098
Unearned premium and other technical reserves variation, net |  | (61,834) |  | 62,862 |  | 11,685 |  | 12,713
Insurance subscriptions |  | 604,262 |  | 8,692 |  | — |  | 612,954
Adjustment by application of market rates |  | 666,556 |  | — |  | — |  | 666,556
Exchange difference and others |  | (57,801) |  | (10,472) |  | (44) |  | (68,317)
Ending balance |  | 7,548,684 |  | 651,129 |  | 174,192 |  | 8,374,005
Schedule of detailed information about assumptions used in estimation of insurance reserves | As of December 31, 2020 and 2019 no additional reserves were needed as a result of the liability adequacy test. Likewise, the main assumptions to be used in response to the effects of the pandemic due to reserves for mortality claims and COVID-19 reserves are detailed on note 3 (e) (i) and 3 (e) (ii). The main assumptions used to estimate of retirement, disability and survival annuities and individual life (including Investment link insurance contracts) reserves, as of those dates, are as follows:
|  | 2020 |  | 2019 |
Mortality |  | Mortality table |  | Technical rates |  | Mortality table |  | Technical rates |
Annuities |  | SPP-S-2017 and SPP-I- 2017 |  | Between 3.21% - 7.96% / Between 2.50% - 5.25% |  | SPP-S-2017 and SPP-I- 2017 |  | Between 3.81% - 7.99% / Between 2.50% - 5.25% soles VAC |
Pension insurance – Temporary Regime / SCTR (*) |  | - |  | - |  | B-85 and MI-85 |  | 3.00% soles VAC |
Pension insurance – Definitive Regime |  | B-85 and MI-85 |  | 1.7% soles VAC / 3.68% nominal dollars |  | B-85 and MI-85 |  | 2.41% soles VAC / 4.26% nominal dollars |
Pension insurance – Definitive Regime / SCTR |  | B-85 adjusted and MI-85 |  | 1.7% soles VAC / 3.68% nominal dollars / 5.25% soles adjusted / 3.68% dollars adjusted |  | B-85 adjusted and MI-85 |  | Between 2.41%, 3.00%, soles VAC / 4.26% nominal dollars / 5.67% soles adjusted / 4.26% dollars adjusted |
Pension insurance – Temporary Regime /SCTR |  | SPP-S-2017- and SPP-I-2017 |  | 3.648% soles VAC/3.672% soles VAC/2.734% soles VAC |  | SPP-S-2017-and SPP-I-2017 |  | 3.816% soles VAC/Between 0.94% -2.83% soles VAC/ 3.771% soles VAC |
Pension insurance - SCTR (Longevity) |  | - |  | - |  | SPP-S-2017 and SPP-I-2017 |  | Soles VAC 3.771% |
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).
Schedule of detailed information about variations in the claim reserves by changes in interest rates and mortality tables | The Group has evaluated the changes in its most significant reserves related to life insurance contracts included in retirement, disability and survival annuities reserves of +/- 100 bps of the interest rates and of +/- 5 bps of the mortality factors, with the following results:
|  | 2020 |  | 2019
|  |  |  | Variation of the reserve |  |  |  | Variation of the reserve
Variables |  | Reserve |  | Amount |  | Percentage |  | Reserve |  | Amount |  | Percentage
|  |  |  |  |  | % |  |  |  |  |  | %
Portfolio in S/ - Base amount |  | 4,121,791 |  | — |  | — |  | 3,896,211 |  | — |  | —
Changes in interest rates: + 100 bps |  | 3,783,665 |  | (338,126) |  | (8.20) |  | 3,575,717 |  | (320,494) |  | (8.23)
Changes in interest rates: - 100 bps |  | 4,530,919 |  | 409,128 |  | 9.93 |  | 4,285,955 |  | 389,743 |  | 10.00
Changes in Mortality tables to 105% |  | 4,095,670 |  | (26,121) |  | (0.63) |  | 3,872,104 |  | (24,107) |  | (0.62)
Changes in Mortality tables to 95% |  | 4,148,940 |  | 27,149 |  | 0.66 |  | 3,922,178 |  | 25,967 |  | 0.67
Portfolio in US$- Base amount |  | 847,563 |  | — |  | — |  | 614,766 |  | — |  | —
Changes in interest rates: + 100 bps |  | 801,574 |  | (45,989) |  | (5.43) |  | 568,767 |  | (45,999) |  | (7.48)
Changes in interest rates: - 100 bps |  | 902,102 |  | 54,539 |  | 6.43 |  | 669,412 |  | 54,646 |  | 8.89
Changes in Mortality tables to 105% |  | 842,068 |  | (5,495) |  | (0.65) |  | 609,349 |  | (5,417) |  | (0.88)
Changes in Mortality tables to 95% |  | 853,308 |  | 5,745 |  | 0.68 |  | 620,430 |  | 5,664 |  | 0.92

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