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INSURANCE | 12 Months Ended
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Dec. 31, 2023
INSURANCE |
INSURANCE | 18. INSURANCE The opening of the assets and liabilities of insurance contracts as of December 31, 2023 and 2022 is detailed below. The insurance results for the periods ending on that date are also detailed: ​
​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 12/31/2022
Insurance contract assets |  |  |  |
Assets for remaining coverage |  | 1,723,106 |  | 2,089,921
Liability for incurred claim - present value of future cash flow | ​ | (513,344) | ​ | (949,094)
Liability for incurred claim - risk adjustment for non-financial risk | ​ | (22,697) | ​ | (44,541)
Net balance |  | 1,187,065 |  | 1,096,286
​ | ​ | ​ | ​ | ​
Reinsurance contract liabilities |  |  |  |
Assets for remaining coverage |  | (24,794) |  | (192,886)
Incurred claims for contracts under the PAA |  | 19,762 |  | 5,048
Net balance |  | (5,032) |  | (187,838)
​ | ​ | ​ | ​ | ​
Balances from brokers operations | ​ | ​ | ​ | ​
Assets from brokers operations | ​ | 1,020 | ​ | 6,506
Liability from brokers operations | ​ | (41,453) | ​ | (13,131)
Net balance |  | (40,433) |  | (6,625)
​
​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 12/31/2022
Insurance revenue from contracts measured under the PAA |  | 18,566,744 |  | 19,169,750
Insurance revenue |  | 18,566,744 |  | 19,169,750
Incurred claims | ​ | (2,576,344) | ​ | (3,162,593)
Acquisition and administrative expenses | ​ | (3,166,962) | ​ | (2,743,291)
Insurance service expenses |  | (5,743,306) |  | (5,905,884)
Allocation of reinsurance premiums |  | (148,589) |  | (410,689)
Amounts recoverable from reinsurers for incurred claims |  | 36,990 |  | 12,268
Net expenses from reinsurance contracts held | ​ | (111,599) | ​ | (398,421)
Insurance service result - NIIF 17 | ​ | 12,711,839 | ​ | 12,865,445
Broker activity operations | ​ | 1,719,474 | ​ | 1,238,709
Income from insurance activities |  | 14,431,313 |  | 14,104,154
​ Reconciliation of the liability for remaining coverage and the liability for incurred claims ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Incurred claims for contracts under the PAA | ​ | ​
Reinsurance contracts held at December 31, 2023 | ​ | Remaining coverage | ​ | Present value of future cash flows | ​ | Total
Reinsurance contract liabilities | ​ | (192,886) | ​ | 5,048 | ​ | (187,838)
Net balance as at January 1, 2023 | ​ | (192,886) | ​ | 5,048 | ​ | (187,838)
Net income (expenses) from reinsurance contracts held | ​ | ​ | ​ | ​ | ​ | ​
Allocation of reinsurance premiums | ​ | (148,589) | ​ | — | ​ | (148,589)
Amounts recoverable from reinsurers for incurred claims | ​ | — | ​ | 36,990 | ​ | 36,990
Net income (expenses) from reinsurance contracts held | ​ | (148,589) | ​ | 36,990 | ​ | (111,599)
IAS29 + finance income from reinsurance contracts held | ​ | 79,778 | ​ | 504 | ​ | 80,282
Total amounts recognised in comprehensive income | ​ | (68,811) | ​ | 37,494 | ​ | (31,317)
Cash flows | ​ | ​ | ​ | ​ | ​ | ​
Premiums paid net of ceding commissions and other directly attributable expenses paid | ​ | 251,858 | ​ | — | ​ | 251,858
Recoveries from reinsurance | ​ | (14,955) | ​ | (22,780) | ​ | (37,735)
Total cash flows | ​ | 236,903 | ​ | (22,780) | ​ | 214,123
Net balance as at December 31, 2023 | ​ | (24,794) | ​ | 19,762 | ​ | (5,032)
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Incurred claims for contracts under the PAA | ​ | ​
Reinsurance contracts held at December 31, 2022 | ​ | Remaining coverage | ​ | Present value of future cash flows | ​ | Total
Reinsurance contract liabilities | ​ | (158,019) | ​ | 8,515 | ​ | (149,504)
Net balance as at January 1, 2022 | ​ | (158,019) | ​ | 8,515 | ​ | (149,504)
Net income (expenses) from reinsurance contracts held | ​ | ​ | ​ | ​ | ​ | ​
Allocation of reinsurance premiums | ​ | (410,689) | ​ | - | ​ | (410,689)
Amounts recoverable from reinsurers for incurred claims | ​ | - | ​ | 12,268 | ​ | 12,268
Net income (expenses) from reinsurance contracts held | ​ | (410,689) | ​ | 12,268 | ​ | (398,421)
IAS29 + finance income from reinsurance contracts held | ​ | 109,240 | ​ | 485 | ​ | 109,725
Total amounts recognised in comprehensive income | ​ | (301,449) | ​ | 12,753 | ​ | (288,696)
Cash flows | ​ | ​ | ​ | ​ | ​ | ​
Premiums paid net of ceding commissions and other directly attributable expenses paid | ​ | 279,798 | ​ | - | ​ | 279,798
Recoveries from reinsurance | ​ | (13,216) | ​ | (16,220) | ​ | (29,436)
Total cash flows | ​ | 266,582 | ​ | (16,220) | ​ | 250,362
Net balance as at December 31, 2022 | ​ | (192,886) | ​ | 5,048 | ​ | (187,838)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | December 31, 2023 | ​ | ​
Insurance contracts issued | ​ | ​ | ​ | LIC for contracts under the PAA | ​ | ​
​ | ​ | LRC | ​ | Present value of future cash flows | ​ | Risk adj. for non-fin. risk | ​ | Total
Insurance contract assets | ​ | 2,089,921 | ​ | (949,094) | ​ | (44,541) | ​ | 1,096,286
Net balance as at January 1, 2023 | ​ | 2,089,921 | ​ | (949,094) | ​ | (44,541) | ​ | 1,096,286
Insurance revenue | ​ | 18,566,744 | ​ | — | ​ | — | ​ | 18,566,744
Insurance service expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Incurred claims and other directly attributable expenses | ​ | — | ​ | (5,035,808) | ​ | 21,844 | ​ | (5,013,964)
Insurance acquisition cashflows | ​ | (729,342) | ​ | — | ​ | — | ​ | (729,342)
Insurance service expenses | ​ | (729,342) | ​ | (5,035,808) | ​ | 21,844 | ​ | (5,743,306)
Insurance service result | ​ | 17,837,402 | ​ | (5,035,808) | ​ | 21,844 | ​ | 12,823,438
IAS29 + net financial expenses for insurance contracts | ​ | (5,829,716) | ​ | (48,897) | ​ | — | ​ | (5,878,613)
Total amounts recognised in comprehensive income | ​ | 12,007,686 | ​ | (5,084,705) | ​ | 21,844 | ​ | 6,944,825
Cash flows | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Premiums received | ​ | (13,244,962) | ​ | — | ​ | — | ​ | (13,244,962)
Claims and other directly attributable expenses paid | ​ | — | ​ | 5,520,455 | ​ | — | ​ | 5,520,455
Insurance acquisition cashflows | ​ | 870,461 | ​ | — | ​ | — | ​ | 870,461
Total cash flows | ​ | (12,374,501) | ​ | 5,520,455 | ​ | — | ​ | (6,854,046)
Net balance as at December 31, 2023 | ​ | 1,723,106 | ​ | (513,344) | ​ | (22,697) | ​ | 1,187,065
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | December 31, 2022 | ​ | ​
Insurance contracts issued | ​ | ​ | ​ | LIC for contracts under the PAA | ​ | ​
​ | ​ | LRC | ​ | Present value of future cash flows | ​ | Risk adj. for non-fin. risk | ​ | Total
Insurance contract assets | ​ | 1,608,433 | ​ | (1,184,455) | ​ | (53,226) | ​ | 370,752
Net balance as at January 1, 2022 | ​ | 1,608,433 | ​ | (1,184,455) | ​ | (53,226) | ​ | 370,752
Insurance revenue | ​ | 19,169,750 | ​ | — | ​ | — | ​ | 19,169,750
Insurance service expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Incurred claims and other directly attributable expenses | ​ | — | ​ | (5,410,292) | ​ | 8,685 | ​ | (5,401,607)
Insurance acquisition cashflows | ​ | (504,277) | ​ | — | ​ | — | ​ | (504,277)
Insurance service expenses | ​ | (504,277) | ​ | (5,410,292) | ​ | 8,685 | ​ | (5,905,884)
Insurance service result | ​ | 18,665,473 | ​ | (5,410,292) | ​ | 8,685 | ​ | 13,263,866
IAS29 + net financial expenses for insurance contracts | ​ | (3,388,158) | ​ | (67,905) | ​ | — | ​ | (3,456,063)
Total amounts recognised in comprehensive income | ​ | 15,277,315 | ​ | (5,478,197) | ​ | 8,685 | ​ | 9,807,803
Cash flows | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Premiums received | ​ | (15,215,670) | ​ | — | ​ | — | ​ | (15,215,670)
Claims and other directly attributable expenses paid | ​ | — | ​ | 5,713,558 | ​ | — | ​ | 5,713,558
Insurance acquisition cashflows | ​ | 419,843 | ​ | — | ​ | — | ​ | 419,843
Total cash flows | ​ | (14,795,827) | ​ | 5,713,558 | ​ | — | ​ | (9,082,269)
Net balance as at December 31, 2022 | ​ | 2,089,921 | ​ | (949,094) | ​ | (44,541) | ​ | 1,096,286
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ b. Income from insurances activities The composition of the item “Result for insurance activities” as of December 31, 2023 and 2022 is disclosed in Note 15.19.

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