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FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS | 12 Months Ended
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Dec. 31, 2022
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS [Abstract] |
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS |
8 | FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS
The composition of the item is presented below:
|  | 2022 |  |  | 2021 |
|  | S/(000) |  |  | S/(000) |
Investment Link (a) |  |  | 762,442 |  |  |  | 974,664 |
Other |  |  | 6,359 |  |  |  | 12,418 |
Total |  |  | 768,801 |  |  |  | 987,082 |
| (a) | The Group issues Investment Link life insurance contracts whereby the policyholder takes the investment risk on the assets held in the Investment Link funds as the policy benefits are directly linked to the value of the assets in the fund. The Group’s exposure to market risk is limited to the extent that income arising from asset management charges is based on the value of assets in the fund.
The profit resulting from the Investment Link is shown in “Net premiums earned” in the consolidated statement of income. The composition of the generated returns is presented below:
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Net profit on sale and fluctuations of financial investments (i) |  |  | (182,671 | ) |  |  | 44,763 |  |  |  | 106,366 |
Dividends, interests and others |  |  | 6,798 |  |  |  | 9,900 |  |  |  | 9,261 |
Total, Note 25 (a) |  |  | (175,873 | ) |  |  | 54,663 |  |  |  | 115,627 |
| (i) | As of December 31, 2022 the prices of fixed and variable income instruments have decreased due to the moderation in inflation due to a less tightening of the monetary policy of the Federal Reserve Board (FED).
The lower prices of food, energy, ocean freight, and rentals in the United States of America were reflected in the latest total inflation figures for October, November and December 2022, reaching records of 7.7 percent, 7.1 percent and 6.5 percent, respectively. The fall in investment prices is affected by the local and European economic environment and the increase in the reference rate of the FED. The offsetting of this effect is included in the technical reserve adjustment, which is part of the item “Net premiums earned” of the consolidated statement of income, see note 25 (a).

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- Definition The disclosure of financial instruments designated at fair value through profit or loss. [Refer: At fair value [member]; Financial instruments, class [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2022-03-24 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_10_e&doctype=Standard -URIDate 2022-03-24 + Details
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