| Result from insurance activities |
22.Result from insurance activities (a) This caption is comprised of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|
General insurance |
|
|
Pensions |
|
|
Life |
|
|
Total |
|
|
General insurance |
|
|
Pensions |
|
|
Life |
|
|
Total |
|
|
General insurance |
|
|
Pensions |
|
|
Life |
|
|
Total |
|
|
|
S/(000) |
|
|
S/(000) |
|
|
S/(000) |
|
|
S/(000) |
|
|
S/(000) |
|
|
S/(000) |
|
|
S/(000) |
|
|
S/(000) |
|
|
S/(000) |
|
|
S/(000) |
|
|
S/(000) |
|
|
S/(000) |
|
Insurance service income - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts measured under BBA and VFA (*): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CSM recognized for services rendered |
|
|
56,979 |
|
|
|
11,416 |
|
|
|
63,868 |
|
|
|
132,263 |
|
|
|
61,800 |
|
|
|
3,970 |
|
|
|
28,826 |
|
|
|
94,596 |
|
|
|
49,191 |
|
|
|
3,609 |
|
|
|
27,978 |
|
|
|
80,778 |
|
Change in Risk adjustment for non-financial risk |
|
|
2,826 |
|
|
|
15,208 |
|
|
|
1,594 |
|
|
|
19,628 |
|
|
|
3,083 |
|
|
|
7,756 |
|
|
|
(358 |
) |
|
|
10,481 |
|
|
|
1,476 |
|
|
|
255 |
|
|
|
(1,850 |
) |
|
|
(119 |
) |
Insurance service expenses and expected claims incurred |
|
|
70,961 |
|
|
|
287,259 |
|
|
|
97,386 |
|
|
|
455,606 |
|
|
|
68,268 |
|
|
|
282,141 |
|
|
|
74,944 |
|
|
|
425,353 |
|
|
|
69,145 |
|
|
|
273,396 |
|
|
|
62,348 |
|
|
|
404,889 |
|
Recovery of cash for insurance acquisition |
|
|
5,028 |
|
|
|
923 |
|
|
|
14,352 |
|
|
|
20,303 |
|
|
|
4,846 |
|
|
|
536 |
|
|
|
10,023 |
|
|
|
15,405 |
|
|
|
3,489 |
|
|
|
273 |
|
|
|
6,613 |
|
|
|
10,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts measured under PAA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums assigned to the period |
|
|
241,217 |
|
|
|
251,447 |
|
|
|
3,902 |
|
|
|
496,566 |
|
|
|
219,600 |
|
|
|
— |
|
|
|
3,323 |
|
|
|
222,923 |
|
|
|
220,616 |
|
|
|
— |
|
|
|
4,097 |
|
|
|
224,713 |
|
|
|
|
377,011 |
|
|
|
566,253 |
|
|
|
181,102 |
|
|
|
1,124,366 |
|
|
|
357,597 |
|
|
|
294,403 |
|
|
|
116,758 |
|
|
|
768,758 |
|
|
|
343,917 |
|
|
|
277,533 |
|
|
|
99,186 |
|
|
|
720,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance service expenses - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Claims incurred expenses and other expenses |
|
|
(93,054 |
) |
|
|
(951,035 |
) |
|
|
(141,761 |
) |
|
|
(1,185,850 |
) |
|
|
(84,337 |
) |
|
|
(816,857 |
) |
|
|
(125,923 |
) |
|
|
(1,027,117 |
) |
|
|
(108,805 |
) |
|
|
(798,733 |
) |
|
|
(114,753 |
) |
|
|
(1,022,291 |
) |
Onerous contract losses and loss reversion |
|
|
944 |
|
|
|
75,101 |
|
|
|
2,999 |
|
|
|
79,044 |
|
|
|
7,095 |
|
|
|
50,870 |
|
|
|
(188 |
) |
|
|
57,777 |
|
|
|
38,101 |
|
|
|
66,230 |
|
|
|
11,636 |
|
|
|
115,967 |
|
Amortization of insurance acquisition cash flows |
|
|
(156,188 |
) |
|
|
(923 |
) |
|
|
(14,352 |
) |
|
|
(171,463 |
) |
|
|
(125,876 |
) |
|
|
(536 |
) |
|
|
(10,021 |
) |
|
|
(136,433 |
) |
|
|
(120,123 |
) |
|
|
(273 |
) |
|
|
(6,613 |
) |
|
|
(127,009 |
) |
Changes to liabilities for incurred claims |
|
|
(58,636 |
) |
|
|
422,727 |
|
|
|
54,999 |
|
|
|
419,090 |
|
|
|
(70,556 |
) |
|
|
487,468 |
|
|
|
56,001 |
|
|
|
472,913 |
|
|
|
(58,030 |
) |
|
|
477,027 |
|
|
|
64,182 |
|
|
|
483,179 |
|
|
|
|
(306,934 |
) |
|
|
(454,130 |
) |
|
|
(98,115 |
) |
|
|
(859,179 |
) |
|
|
(273,674 |
) |
|
|
(279,055 |
) |
|
|
(80,131 |
) |
|
|
(632,860 |
) |
|
|
(248,857 |
) |
|
|
(255,749 |
) |
|
|
(45,548 |
) |
|
|
(550,154 |
) |
Insurance service results |
|
|
70,077 |
|
|
|
112,123 |
|
|
|
82,987 |
|
|
|
265,187 |
|
|
|
83,923 |
|
|
|
15,348 |
|
|
|
36,627 |
|
|
|
135,898 |
|
|
|
95,060 |
|
|
|
21,784 |
|
|
|
53,638 |
|
|
|
170,482 |
|
Reinsurance income |
|
|
(957 |
) |
|
|
(2,527 |
) |
|
|
(4,955 |
) |
|
|
(8,439 |
) |
|
|
(4,009 |
) |
|
|
(3,166 |
) |
|
|
(7,432 |
) |
|
|
(14,607 |
) |
|
|
(4,868 |
) |
|
|
2,986 |
|
|
|
(5,326 |
) |
|
|
(7,208 |
) |
Financial result of insurance operations (b) |
|
|
— |
|
|
|
(652,135 |
) |
|
|
(61,662 |
) |
|
|
(713,797 |
) |
|
|
— |
|
|
|
(627,062 |
) |
|
|
(32,903 |
) |
|
|
(659,965 |
) |
|
|
— |
|
|
|
(645,317 |
) |
|
|
(30,951 |
) |
|
|
(676,268 |
) |
Result from insurance activities (**) |
|
|
69,120 |
|
|
|
(542,539 |
) |
|
|
16,370 |
|
|
|
(457,049 |
) |
|
|
79,914 |
|
|
|
(614,880 |
) |
|
|
(3,708 |
) |
|
|
(538,674 |
) |
|
|
90,192 |
|
|
|
(620,547 |
) |
|
|
17,361 |
|
|
|
(512,994 |
) |
(*) BBA Method (Building Block Approach) and VFA Method (Variable Fee Approach). (**) Before expenses attributed to the insurance activity that are presented in the caption “Other expenses” in the consolidated statement of income, and that correspond to salaries and employee benefits, administrative expenses, depreciation and amortization, and other expenses for S/409,252,000, S/368,885,000 and S/334,602,000 as of December 31, 2025, 2024 and 2023, respectively. See also financial information by segments in Note 27. (b) The composition of the financial result of insurance operations, is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|
Pensions |
|
|
Life |
|
|
Total |
|
|
Pensions |
|
|
Life |
|
|
Total |
|
|
Pensions |
|
|
Life |
|
|
Total |
|
|
|
S/(000) |
|
|
S/(000) |
|
|
S/(000) |
|
|
S/(000) |
|
|
S/(000) |
|
|
S/(000) |
|
|
S/(000) |
|
|
S/(000) |
|
|
S/(000) |
|
Financial expenses for issued insurance contracts - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in the obligation to pay the fair value holder of the underlying assets of direct participation agreements due to the investment’s return |
|
|
— |
|
|
|
(13,571 |
) |
|
|
(13,571 |
) |
|
|
— |
|
|
|
96 |
|
|
|
96 |
|
|
|
— |
|
|
|
(10,499 |
) |
|
|
(10,499 |
) |
Interest credited |
|
|
(566,646 |
) |
|
|
(43,705 |
) |
|
|
(610,351 |
) |
|
|
(562,252 |
) |
|
|
(35,858 |
) |
|
|
(598,110 |
) |
|
|
(541,468 |
) |
|
|
(23,088 |
) |
|
|
(564,556 |
) |
Changes in interest rate and other financial hypotheses |
|
|
(63,245 |
) |
|
|
3,894 |
|
|
|
(59,351 |
) |
|
|
(64,811 |
) |
|
|
3,879 |
|
|
|
(60,932 |
) |
|
|
(103,853 |
) |
|
|
3,257 |
|
|
|
(100,596 |
) |
Effect of changes in current estimates and in CSM adjustment rates in relation to the rates used in the initial recognition |
|
|
(22,244 |
) |
|
|
(8,280 |
) |
|
|
(30,524 |
) |
|
|
1 |
|
|
|
(1,020 |
) |
|
|
(1,019 |
) |
|
|
4 |
|
|
|
(621 |
) |
|
|
(617 |
) |
|
|
|
(652,135 |
) |
|
|
(61,662 |
) |
|
|
(713,797 |
) |
|
|
(627,062 |
) |
|
|
(32,903 |
) |
|
|
(659,965 |
) |
|
|
(645,317 |
) |
|
|
(30,951 |
) |
|
|
(676,268 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income from insurance contracts - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest credited |
|
|
— |
|
|
|
— |
|
|
|
- |
|
|
|
— |
|
|
|
— |
|
|
|
- |
|
|
|
— |
|
|
|
— |
|
|
|
- |
|
Effect of changes in interest rates and other financial hypotheses |
|
|
— |
|
|
|
— |
|
|
|
- |
|
|
|
— |
|
|
|
— |
|
|
|
- |
|
|
|
— |
|
|
|
— |
|
|
|
- |
|
Exchange differences |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Effect of changes in current estimates and in CSM adjustment rates in relation to the rates used in the initial recognition |
|
|
— |
|
|
|
— |
|
|
|
- |
|
|
|
— |
|
|
|
— |
|
|
|
- |
|
|
|
— |
|
|
|
— |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Result from insurance activities |
|
|
(652,135 |
) |
|
|
(61,662 |
) |
|
|
(713,797 |
) |
|
|
(627,062 |
) |
|
|
(32,903 |
) |
|
|
(659,965 |
) |
|
|
(645,317 |
) |
|
|
(30,951 |
) |
|
|
(676,268 |
) |
|