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TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS | 12 Months Ended
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Dec. 31, 2022
TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS [Abstract] |
TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS |
16 | TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS
| a) | This item consists of the following:
|  | 2022 |
|  | Technical reserves for claims |  |  | Technical reserves for premiums (*) |  |  | Total |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Life insurance |  |  | 1,790,666 |  |  |  | 8,478,060 |  |  |  | 10,268,726 |
General insurance |  |  | 694,576 |  |  |  | 670,341 |  |  |  | 1,364,917 |
Health insurance |  |  | 157,934 |  |  |  | 199,382 |  |  |  | 357,316 |
Total |  |  | 2,643,176 |  |  |  | 9,347,783 |  |  |  | 11,990,959 |
|  | 2021 |
|  | Technical reserves for claims |  |  | Technical reserves for premiums (*) |  |  | Total |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Life insurance |  |  | 1,696,733 |  |  |  | 9,101,456 |  |  |  | 10,798,189 |
General insurance |  |  | 714,700 |  |  |  | 684,950 |  |  |  | 1,399,650 |
Health insurance |  |  | 144,147 |  |  |  | 192,525 |  |  |  | 336,672 |
Total |  |  | 2,555,580 |  |  |  | 9,978,931 |  |  |  | 12,534,511 |
(*) As of December 31, 2022, the life insurance technical reserves include the mathematical reserves of annuities amounting to S/6,254.0 million (S/ 6,759.7 million as of December 31, 2021). Insurance claims reserves represent reported claims and an estimate for incurred but non reported claims (IBNR). Reported claims are adjusted on the basis of technical reports received from independent adjusters. As of December 31, 2022, the reserves for direct claims include reserves for IBNR for life, general and health insurance for an amount of S/933.0 million, S/29.0 million and S/111.0 million, respectively (S/825.0 million, S/38.9 million and S/109.9 million, respectively, as of December 31, 2021). Insurance claims to be paid by reinsurers and co-insurers represent ceded claims, which are presented in “Accounts receivable from reinsurers and coinsurers” of the consolidated statement of financial position, See note 9(b). Claims reserves have had a slight reduction, mainly due to lower reporting of COVID-19 cases. Likewise, the increase in technical reserves for premiums is mainly due to the increase in new sales in the Income line. As of December 31, 2022, the effect due to the COVID-19 pandemic continues, IBNR reserves were calculated in two parts: a) IBNR reserve for regular claims and b) IBNR reserve for expected excess mortality (deaths above the average of cases of pre-pandemic months). In general, the claims reserves have been estimated with prudential criteria due to the uncertainty in the claims rate caused by the pandemic that began in 2020 and continues in effect in 2021 and to a lesser extent in 2022. Technical reserves include reserves for future benefit obligations under current life and personal accident insurance; and from unearned premium reserves in the proportion of written premiums that are allocable to the unexpired portion of the related hedging periods.
| b) | Movement of insurance claims reserves (direct and assumed) occurred during the years 2022 and 2021:
|  | 2022 |
|  | Life insurance |  |  | General insurance |  |  | Health insurance |  |  | Total |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Opening balance |  |  | 1,696,733 |  |  |  | 714,700 |  |  |  | 144,147 |  |  |  | 2,555,580 |
Gross claims, Note 26 |  |  | 1,547,674 |  |  |  | 399,919 |  |  |  | 329,442 |  |  |  | 2,277,035 |
Payments |  |  | (1,447,753 | ) |  |  | (391,510 | ) |  |  | (315,540 | ) |  |  | (2,154,803 | )
Exchange difference |  |  | (5,988 | ) |  |  | (28,533 | ) |  |  | (115 | ) |  |  | (34,636 | )
Ending balance |  |  | 1,790,666 |  |  |  | 694,576 |  |  |  | 157,934 |  |  |  | 2,643,176 |
|  | 2021 |
|  | Life insurance |  |  | General insurance |  |  | Health insurance |  |  | Total |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Opening balance |  |  | 1,288,056 |  |  |  | 629,330 |  |  |  | 133,088 |  |  |  | 2,050,474 |
Gross claims, Note 26 |  |  | 2,183,789 |  |  |  | 375,162 |  |  |  | 325,307 |  |  |  | 2,884,258 |
Payments |  |  | (1,786,376 | ) |  |  | (353,147 | ) |  |  | (314,343 | ) |  |  | (2,453,866 | )
Exchange difference |  |  | 11,264 |  |  |  | 63,355 |  |  |  | 95 |  |  |  | 74,714 |
Ending balance |  |  | 1,696,733 |  |  |  | 714,700 |  |  |  | 144,147 |  |  |  | 2,555,580 |
The increase in technical reserves for claims corresponds mainly to excess mortality in the Life Insurance Businesses and the provision of services for Health Insurance. The impact by business for COVID-19 cases is detailed below:
2022 |  |  |  |  |  |  |  |  |
Business line |  | IBNR Balance COVID - 19 |  |  | Claims reported COVID – 19 |  |  | Total Impact COVID-19 |
|  | S/MM |  |  | S/MM |  |  | S/MM |
Vida Individual |  |  | 18.7 |  |  |  | 3.0 |  |  |  | 21.7 |
Vida Grupo |  |  | 7.0 |  |  |  | 2.4 |  |  |  | 9.4 |
Vida Ley |  |  | 16.1 |  |  |  | 6.4 |  |  |  | 22.5 |
Vida Crédito |  |  | 50.5 |  |  |  | 13.6 |  |  |  | 64.1 |
SISCO |  |  | 72.1 |  |  |  | 102.4 |  |  |  | 174.5 |
Asistencia Médica |  |  | 7.4 |  |  |  | 4.8 |  |  |  | 12.2 |
Total |  |  | 171.8 |  |  |  | 132.6 |  |  |  | 304.4 |
2021 |  |  |  |  |  |  |  |  |
Business line |  | IBNR Balance COVID - 19 |  |  | Claims reported COVID – 19 |  |  | Total Impact COVID-19 |
|  | S/MM |  |  | S/MM |  |  | S/MM |
Vida Individual |  |  | 18.0 |  |  |  | 39.0 |  |  |  | 57.0 |
Vida Grupo |  |  | 13.9 |  |  |  | 18.7 |  |  |  | 32.6 |
Vida Ley |  |  | 27.2 |  |  |  | 44.4 |  |  |  | 71.6 |
Vida Crédito |  |  | 45.6 |  |  |  | 162.9 |  |  |  | 208.5 |
SISCO |  |  | 67.8 |  |  |  | 286.5 |  |  |  | 354.3 |
Asistencia Médica |  |  | 19.8 |  |  |  | 38.7 |  |  |  | 58.5 |
Total |  |  | 192.3 |  |  |  | 590.2 |  |  |  | 782.5 |
| c) | Movement of reserves for premiums (direct and assumed) that occurred during the years 2022 and 2021:
|  | 2022 |
|  | Life insurance |  |  | General insurance |  |  | Health insurance |  |  | Total |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Opening balance |  |  | 9,101,456 |  |  |  | 684,950 |  |  |  | 192,525 |  |  |  | 9,978,931 |
Time course expenses and others |  |  | (251,627 | ) |  |  | 121,667 |  |  |  | – |  |  |  | (129,960 | )
Unearned premium and other technical reserves variation, net |  |  | (1,341 | ) |  |  | (118,168 | ) |  |  | 6,960 |  |  |  | (112,549 | )
Insurance subscriptions |  |  | 755,290 |  |  |  | 7,690 |  |  |  | – |  |  |  | 762,980 |
Adjustment by application of market rates (i) |  |  | (927,838 | ) |  |  | – |  |  |  | – |  |  |  | (927,838 | )
Exchange difference and others (ii) |  |  | (197,880 | ) |  |  | (25,798 | ) |  |  | (103 | ) |  |  | (223,781 | )
Ending balance |  |  | 8,478,060 |  |  |  | 670,341 |  |  |  | 199,382 |  |  |  | 9,347,783 |
|  | 2021 |
|  | Life insurance |  |  | General insurance |  |  | Health insurance |  |  | Total |
|  | S/(000) |  |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Opening balance |  |  | 8,784,732 |  |  |  | 656,963 |  |  |  | 182,907 |  |  |  | 9,624,602 |
Time course expenses and others |  |  | (55,135 | ) |  |  | 2,710 |  |  |  | – |  |  |  | (52,425 | )
Unearned premium and other technical reserves variation, net |  |  | (539 | ) |  |  | (21,844 | ) |  |  | 9,371 |  |  |  | (13,012 | )
Insurance subscriptions |  |  | 751,942 |  |  |  | 6,374 |  |  |  | – |  |  |  | 758,316 |
Adjustment by application of market rates (i) |  |  | (771,711 | ) |  |  | – |  |  |  | – |  |  |  | (771,711 | )
Exchange difference and others (ii) |  |  | 392,167 |  |  |  | 40,747 |  |  |  | 247 |  |  |  | 433,161 |
Ending balance |  |  | 9,101,456 |  |  |  | 684,950 |  |  |  | 192,525 |  |  |  | 9,978,931 |
| (i) | As of December 31, 2022, the variation corresponds to the product of Life Annuities for S/318.5 million due to the increase in market rates and other minors for S/162.4 million.
| (ii) | As of December 31, 2022, the variation corresponds mainly to a lower exchange difference adjustment of Life Annuities for S/310.1 million, Individual Life for S/279.6 million and other minors for S/67.2 million.
The main assumptions used to estimate of retirement, disability and survival annuities and individual life reserves ​are as follows:
| 2022 | 2021
Mortality | Mortality table | Technical rates | Mortality table | Technical rates
Annuities | SPP-S-2017 and SPP-I- 2017 (at market rates) | Investment rates: between 5.18% - 9.73% Reinvestment rates: between 5.12% - 8.26% | SPP-S-2017 and SPP-I- 2017 (at market rates) | Investment rates: between 2.30% - 8.89% Reinvestment rates: between 3.51% - 6.99%
SPP-S-2017 and SPP-I- 2017 (at cost) | Investment rates: between 3.64% - 8.03% Reinvestment rates: between 2.5% - 5.25% | SPP-S-2017 and SPP-I- 2017 (at cost) | Investment rates: between 3.75% - 8.02% Reinvestment rates: between 2.5% - 5.25%
Pension insurance - Definitive Regime (Claims with an accrual date up to May) | B-85 and MI-85 | Soles VAC 0.64% / Nominal U.S. dollar 3.74% | B-85 and MI-85 | Soles VAC 1.37% / Nominal US dollar 3.61%
Pension Insurance - Definitive Regime (Claims with accrual date at June 2011) | B-85 adjusted and MI-85 | Soles VAC 0.64% / Nominal U.S. dollar 3.74% / Adjusted Soles 4.97% / Adjusted dollar 3.74% | B-85 adjusted and MI-85 | Soles VAC 1.37% / Nominal US dollar 3.61% / Adjusted Soles 5.12% / Adjusted dollar 3.61%
Pension Insurance - Temporary Regime (IFRS reserve) | SPP-S-2017- and SPP-I-2017 | Soles VAC 3.7083% | SPP-S-2017- and SPP-I-2017 | Soles VAC 3.614%
SCTR (IFRS reserve) Claims settled up to December 2019 | SPP-S-2017 and SPP-I-2017 | Soles VAC 3.743% | SPP-S-2017 and SPP-I-2017 | Soles VAC 3.663%
SCTR (IFRS reserve) Claims settled from January 2020 onwards | SPP-S-2017 and SPP-I-2017 | Soles VAC 3.081% | SPP-S-2017 and SPP-I-2017 | Soles VAC 2.748%
Individual life | CSO 80 adjusted | US Dollars 2.0% - 4.0% / Soles 4.0% - 7.0% | CSO 80 adjusted | US Dollars 4.0% - 5.0% / Soles 4.0% - 5.0%
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, 2022 and 2021, are the interest rates and the mortality tables used. 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:
|  | 2022 |  |  | 2021 |
|  |  |  |  | Variation of the reserve |  |  |  |  |  | Variation of the reserve |
Variables |  | Reserve |  |  | Amount |  |  | Percentage |  |  | Reserve |  |  | Amount |  |  | Percentage |
|  |  |  |  |  |  |  | % |  |  |  |  |  |  |  |  | % |
Portfolio in S/ - Base amount |  |  | 3,932,792 |  |  |  | – |  |  |  | – |  |  |  | 3,951,240 |  |  |  | – |  |  |  | – |
Changes in interest rates: + 100 bps |  |  | 3,558,149 |  |  |  | (374,643 | ) |  |  | (9.53 | ) |  |  | 3,581,606 |  |  |  | (369,633 | ) |  |  | (9.35 | )
Changes in interest rates: - 100 bps |  |  | 4,386,248 |  |  |  | 453,456 |  |  |  | 11.53 |  |  |  | 4,398,670 |  |  |  | 447,430 |  |  |  | 11.32 |
Changes in Mortality tables to 105% |  |  | 3,903,888 |  |  |  | (28,904 | ) |  |  | (0.73 | ) |  |  | 3,923,102 |  |  |  | (28,138 | ) |  |  | (0.71 | )
Changes in Mortality tables to 95% |  |  | 3,963,030 |  |  |  | 30,238 |  |  |  | 0.77 |  |  |  | 3,980,673 |  |  |  | 29,433 |  |  |  | 0.74 |
Portfolio in US$ - Base amount |  |  | 2,563,504 |  |  |  | – |  |  |  | – |  |  |  | 672,130 |  |  |  | – |  |  |  | - |
Changes in interest rates: + 100 bps |  |  | 2,378,659 |  |  |  | (184,845 | ) |  |  | (7.21 | ) |  |  | 623,665 |  |  |  | (48,465 | ) |  |  | (7.21 | )
Changes in interest rates: - 100 bps |  |  | 2,783,239 |  |  |  | 219,735 |  |  |  | 8.57 |  |  |  | 729,743 |  |  |  | 57,613 |  |  |  | 8.57 |
Changes in Mortality tables to 105% |  |  | 2,541,988 |  |  |  | (21,516 | ) |  |  | (0.84 | ) |  |  | 666,489 |  |  |  | (5,641 | ) |  |  | (0.84 | )
Changes in Mortality tables to 95% |  |  | 2,585,823 |  |  |  | 22,319 |  |  |  | 0.87 |  |  |  | 677,982 |  |  |  | 5,852 |  |  |  | 0.87 |

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