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INSURANCE AND UNDERWRITING RESULT | 12 Months Ended
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Dec. 31, 2023
INSURANCE AND UNDERWRITING RESULT [Abstract] |
INSURANCE AND UNDERWRITING RESULT |
22 | INSURANCE AND UNDERWRITING RESULT
| a) | The insurance and reinsurance result consists of the following:
|  | 2023 |  |  | 2022 |
|  |  | S/(000) |  |  |  | S/(000) |
Contracts measured under BBA and VFA (b) |  |  | 226,125 |  |  |  | 211,323 |
Contracts measured under PAA |  |  | 3,629,283 |  |  |  | 3,321,947 |
Income from the Insurance Service |  |  | 3,855,408 |  |  |  | 3,533,270 |
Claims incurred and adjustments related to past claims incurred and other insurance service expenses |  |  | (2,232,672 | ) |  |  | (2,122,652 | )
Losses in onerous contracts and reversal of losses |  |  | (17,181 | ) |  |  | (92,530 | )
Others |  |  | (3,134 | ) |  |  | (15,741 | )
Insurance Service Expenses |  |  | (2,252,987 | ) |  |  | (2,230,923 | )
Insurance Service Result |  |  | 1,602,421 |  |  |  | 1,302,347 |
|  | 2023 |  |  | 2022 |
|  |  | S/(000) |  |  |  | S/(000) |
Variation in incurred claim provision - pending Claims - Reinsurance |  |  | 448,500 |  |  |  | 317,110 |
Adjustment changes of incurred claim provision - RA - Reinsurance |  |  | (9 | ) |  |  | – |
Income from reinsurance recoveries |  |  | 448,491 |  |  |  | 317,110 |
Premiums assigned to the reinsurance period |  |  | (839,812 | ) |  |  | (778,009 | )
Expenses for assigning the premiums paid to the reinsurer |  |  | (839,812 | ) |  |  | (778,009 | )
Reinsurance result |  |  | (391,321 | ) |  |  | (460,899 | )
| b) | The result of the contracts measured under BBA and VFA of the insurance service is detailed below:
|  | 2023 |  |  | 2022 |
|  |  | S/(000) |  |  |  | S/(000) |
Amounts related to changes in liabilities for the remaining coverage: |  |  |  |  |  |  |  |
CSM recognized for services provided |  |  | 128,639 |  |  |  | 131,588 |
Change in risk adjustment for non-financial risk |  |  | 12,357 |  |  |  | 15,982 |
Expenses for insurance services and expected claims occurred |  |  | 81,995 |  |  |  | 65,329 |
Cash recovery for the purchase of insurance |  |  | 3,134 |  |  |  | (1,576 | )
Contracts measured under BBA and VFA |  |  | 226,125 |  |  |  | 211,323 |
| c) | The impact of new business for onerous and non-onerous contracts is detailed below:
|  | 2023 |
|  | Onerous contracts |  |  | Non-onerous contracts |  |  | Total |
|  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |
Estimates of the present value of future outflows: |  |  |  |  |  |  |  |  |  |  |  |
Insurance Acquisition Cash Flows |  |  | 21,123 |  |  |  | 85,120 |  |  |  | 106,243 |
Claims and other directly attributable expenses |  |  | 135,905 |  |  |  | 658,515 |  |  |  | 794,420 |
Estimates of the present value of future inflows |  |  | (138,467 | ) |  |  | (856,323 | ) |  |  | (994,790 | )
Risk adjustment for non-financial risk |  |  | 1,913 |  |  |  | 6,225 |  |  |  | 8,138 |
CSM |  |  | – |  |  |  | 106,463 |  |  |  | 106,463 |
Impact on provisions for contracts recognized in the period |  |  | 20,474 |  |  |  | – |  |  |  | 20,474 |
|  | 2022 |
|  | Onerous contracts |  |  | Non-onerous contracts |  |  | Total |
|  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |
Estimates of the present value of future outflows: |  |  |  |  |  |  |  |  |  |  |  |
Insurance Acquisition Cash Flows |  |  | 14,022 |  |  |  | 72,277 |  |  |  | 86,299 |
Claims and other directly attributable expenses |  |  | 165,170 |  |  |  | 468,718 |  |  |  | 633,888 |
Estimates of the present value of future inflows |  |  | (167,263 | ) |  |  | (668,931 | ) |  |  | (836,194 | )
Risk adjustment for non-financial risk |  |  | 2,562 |  |  |  | 7,569 |  |  |  | 10,131 |
CSM |  |  | – |  |  |  | 120,367 |  |  |  | 120,367 |
Impact on provisions for contracts recognized in the period |  |  | 14,491 |  |  |  | – |  |  |  | 14,491 |
| d) | Below, we present the estimate of the release of CSM considering the reversals of the loss component:
|  | 2023 |  |  | 2022 |
|  |  | S/(000) |  |  |  | S/(000) |
One year |  |  | 113,378 |  |  |  | 115,614 |
Two years |  |  | 115,736 |  |  |  | 148,085 |
Three years |  |  | 116,736 |  |  |  | 164,542 |
Four years |  |  | 117,284 |  |  |  | 165,924 |
Five years |  |  | 114,531 |  |  |  | 152,654 |
from 6 to 10 years |  |  | 494,953 |  |  |  | 413,518 |
Older than 10 years |  |  | 1,011,435 |  |  |  | 217,278 |
Total |  |  | 2,084,053 |  |  |  | 1,377,615 |
| e) | The fair value of the underlying assets is as follows:
|  | 2023 |  |  | 2022 |
|  |  | S/(000) |  |  |  | S/(000) |
IL Controlled |  |  | 91,502 |  |  |  | 84,570 |
IL Controlled Soles |  |  | 186,879 |  |  |  | 187,088 |
IL Balanced |  |  | 79,671 |  |  |  | 72,059 |
IL Balanced II |  |  | 382,326 |  |  |  | 370,484 |
IL Global Balanced |  |  | 87,527 |  |  |  | 75,301 |
IL Capitalized |  |  | 1,433 |  |  |  | 328 |
IL Capitalized II |  |  | 259 |  |  |  | 190 |
IL Global Growth |  |  | 1,073 |  |  |  | 198 |
IL Sustainable Capitalization |  |  | 804 |  |  |  | – |
| f) | The impact in the current period of the transition approaches adopted to establish CSM for insurance contract portfolios is revealed in the following table:
|  | 2023 |  |  | 2022 |
|  |  | S/(000) |  |  |  | S/(000) |
CSM at the beginning of the period |  |  | 992,527 |  |  |  | 1,251,473 |
Changes related to future service |  |  | (11,385 | ) |  |  | (181,050 | )
Changes related to the current service |  |  | (74,030 | ) |  |  | (77,896 | )
CSM at the end of the period |  |  | 907,112 |  |  |  | 992,527 |
| g) | Below is the composition of the net premiums earned as of December 31, 2021 under IFRS 4:
|  | Gross written premiums |  |  | Technical reserve adjustment |  |  | Total gross written premiums (*) |  |  | Premiums ceded to reinsurers and co-insurers, net (**) |  |  | Results of financial assets designated at fair value through profit and loss, |  |  | Total Net premiums earned |
|  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life insurance |  |  | 2,508,154 |  |  |  | (890,216 | ) |  |  | 1,617,938 |  |  |  | (214,636 | ) |  |  | 54,663 |  |  |  | 1,457,965 |
Health insurance |  |  | 630,790 |  |  |  | (30,457 | ) |  |  | 600,333 |  |  |  | (15,078 | ) |  |  | – |  |  |  | 585,255 |
General insurance |  |  | 1,140,478 |  |  |  | (3,176 | ) |  |  | 1,137,302 |  |  |  | (508,992 | ) |  |  | – |  |  |  | 628,310 |
Total |  |  | 4,279,422 |  |  |  | (923,849 | ) |  |  | 3,355,573 |  |  |  | (738,706 | ) |  |  | 54,663 |  |  |  | 2,671,530 |
| (*) | Gross written premiums by insurance type are described below:
|  | 2021 |
|  |  | S/(000) |  |  | % |
Life insurance (i) |  |  | 1,617,938 |  |  |  | 48.22 |
Health insurance (ii) |  |  | 600,333 |  |  |  | 17.89 |
General insurance (iii) |  |  | 1,137,302 |  |  |  | 33.89 |
Total |  |  | 3,355,573 |  |  |  | 100.00 |
| (i) | The breakdown of life insurance gross written premiums is as follows:
|  | 2021 |
|  |  | S/(000) |  |  | % |
Disability and survival (*) |  |  | 645,194 |  |  |  | 39.88 |
Credit life |  |  | 593,370 |  |  |  | 36.67 |
Individual life (**) |  |  | 119,220 |  |  |  | 7.37 |
Group life |  |  | 150,777 |  |  |  | 9.32 |
Annuities |  |  | 109,377 |  |  |  | 6.76 |
Total |  |  | 1,617,938 |  |  |  | 100.00 |
| (*) | This item includes Complementary Work Risk Insurance (“SCTR” from its Spanish acronym).
| (**) | Individual life insurance premiums include Investment Link insurance contracts.
| (ii) | Gross health insurance premiums include medical assistance that amounts to S/519.8 million and represents 86.59 percent in this line of business as of December 31, 2021
| (iii) | General insurance gross written premiums consist of the following:
|  | 2021 |
|  |  | S/(000) |  |  | % |
Automobile |  |  | 334,939 |  |  |  | 29.45 |
Fire and allied lines |  |  | 311,048 |  |  |  | 27.35 |
Theft and robbery |  |  | 110,815 |  |  |  | 9.74 |
Third party liability |  |  | 109,907 |  |  |  | 9.66 |
Transport |  |  | 58,300 |  |  |  | 5.13 |
Technical lines (*) |  |  | 63,792 |  |  |  | 5.61 |
Marine Hull |  |  | 29,414 |  |  |  | 2.59 |
SOAT (Mandatory automobile line) |  |  | 25,662 |  |  |  | 2.26 |
Aviation |  |  | 38,275 |  |  |  | 3.37 |
Others |  |  | 55,150 |  |  |  | 4.84 |
Total |  |  | 1,137,302 |  |  |  | 100.00 |
| (*) | Technical lines include Contractor’s All Risk (CAR), Machinery breakdown, All Risk (EAR), Electronic equipment (EE), All Risk Contractor’s Equipment (ARCE).
| (**) | ”Premiums ceded to reinsurers and coinsurers, net” include:
|  | 2021 |
|  |  | S/(000) |
Premiums ceded for automatic contracts (mainly excess of loss) |  |  | (355,356 | )
Premiums ceded for facultative contracts, |  |  | (392,346 | )
Annual variation of reserve risk in progress of premiums ceded |  |  | 8,996 |
|  |  | (738,706 | )
| h) | Below are the claims incurred by life, general and health insurance contracts as of December 31, 2021 under IFRS 4:
|  | 2021 |
|  | Life insurance |  |  | General insurance |  |  | Health insurance |  |  | Total |
|  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |
Gross claims |  |  | 2,183,789 |  |  |  | 375,162 |  |  |  | 325,307 |  |  |  | 2,884,258 |
Ceded claims |  |  | (406,494 | ) |  |  | (120,546 | ) |  |  | (15,301 | ) |  |  | (542,341 | )
Net insurance claims |  |  | 1,777,295 |  |  |  | 254,616 |  |  |  | 310,006 |  |  |  | 2,341,917 |

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