INSURANCE AND REINSURANCE RESULT

12 Months Ended

Dec. 31, 2025

INSURANCE AND REINSURANCE RESULT [Abstract]

INSURANCE AND REINSURANCE RESULT

INSURANCE AND REINSURANCE RESULT

a)This item consists of the following:


			2025						2024						2023
			S/(000)						S/(000)						S/(000)
Contracts measured under BBA* and VFA (b)			224,077						204,578						226,125
Contracts measured under PAA			4,424,623						3,574,816						3,629,283
Income from the Insurance Service			4,648,700						3,779,394						3,855,408

Expenses for incurred claims and other expenses net of change of past services			(2,768,730)						(2,062,848)						(2,232,672)

Losses in onerous contracts and reversal of losses			(10,686)						(15,801)						(17,181)
Others			(21,259)						(7,128)						(3,134)
Insurance service expenses			(2,800,675)						(2,085,777)						(2,252,987)

Insurance service result			1,848,025						1,693,617						1,602,421


			2025						2024						2023
			S/(000)						S/(000)						S/(000)
Income from reinsurance recoveries			173,238						179,617						448,491
Expenses for assigning the premiums paid to the reinsurer			(632,063)						(674,214)						(839,812)
Reinsurance result			(458,825)						(494,597)						(391,321)

b)The result of contracts measured under BBA and VFA is detailed below:


			2025						2024						2023
			S/(000)						S/(000)						S/(000)
Amounts related to changes in liabilities for the remaining coverage:
CSM recognized for services provided			137,032						125,610						128,639
Change in risk adjustment for non-financial risk			10,619						9,907						12,357
Expenses for insurance services and expected claims occurred			55,167						61,933						81,995
Cash recovery for the purchase of insurance			21,259						7,128						3,134
Contracts measured under BBA and VFA			224,077						204,578						226,125

(*)Building Block Approach (BBA)

c)The impact of the new business for onerous and non-onerous contracts is detailed below:


			2025
			Onerous contracts						Non-onerous contracts						Total
			S/(000)						S/(000)						S/(000)
Estimates of the present value of future outflows:
Insurance Acquisition Cash Flows			22,097						165,559						187,656
Claims and other directly attributable expenses			623,686						1,065,161						1,688,847
Estimates of the present value of future inflows			(620,171)						(1,379,272)						(1,999,443)
Risk adjustment for non-financial risk			8,950						8,042						16,992
CSM			–						140,510						140,510
Impact on provisions for contracts recognized in the period			34,562						–						34,562


			2024
			Onerous contracts						Non-onerous contracts						Total
			S/(000)						S/(000)						S/(000)
Estimates of the present value of future outflows:
Insurance Acquisition Cash Flows			27,948						128,252						156,200
Claims and other directly attributable expenses			445,384						886,382						1,331,766
Estimates of the present value of future inflows			(446,274)						(1,143,887)						(1,590,161)
Risk adjustment for non-financial risk			4,078						5,550						9,628
CSM			–						123,703						123,703
Impact on provisions for contracts recognized in the period			31,136						–						31,136


			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

d)Below we present the estimate of the release of CSM over the years considering reversals of the loss component:


			2025						2024						2023
			S/(000)						S/(000)						S/(000)
One year			155,267						122,859						113,378
Two years			180,190						125,636						115,736
Three years			155,916						126,066						116,736
Four years			136,100						124,387						117,284
Five years			130,544						120,257						114,531
From 6 to 10 years			545,517						517,669						494,953
Older than 10 years			1,102,076						1,074,187						1,011,435
Total			2,405,610						2,211,061						2,084,053

e)The composition of underlying assets related to contracts with direct participation features is detailed below:


			2025						2024						2023
			S/(000)						S/(000)						S/(000)
IL Controlled			22,293						76,946						91,502
IL Controlled Soles			8,605						3,992						1,433
IL Balanced			184,094						193,410						186,879
IL Balanced II			98,059						93,044						79,671
IL Global Balanced			27,995						13,648						1,073
IL Capitalized			408,993						425,552						382,326
IL Capitalized II			150,542						122,413						87,527
IL Global Growth			101,286						18,636						804
IL Controlled II			14,617						–						–
IL Sustainable Capitalization			–						–						259

f)The impact on the current period of the transition approaches adopted to establishing CSMs for insurance contracts portfolios is disclosed in the table below:


			2025						2024						2023
			S/(000)						S/(000)						S/(000)
CSM at the beginning of the period			794,935						887,586						992,526
Changes in estimates adjusting the CSM			(28,094)						(33,955)						(11,445)
Changes related to future service			(28,094)						(33,955)						(11,445)
CSM recognized in consolidated statement of income for services rendered			(84,888)						(91,995)						(102,878)
Interest expense on insurance contracts issued (interest on CSM)			20,469						23,975						28,279
Changes related to the current service			(64,419)						(68,020)						(74,599)
Other changes			(56,872)						9,324						(18,896)
CSM at the end of the period			645,550						794,935						887,586