It comprises the management of the main risks, that due to the nature of their operations, IFS and its Subsidiaries are exposed to; and correspond to: credit risk, market risk, liquidity risk, insurance risk and real estate risk.

 Credit risk: possibility of loss due to inability or failure to pay debtors, counterparts or third parties bound to comply with their contractual obligations.

 Market risk: probability of loss in positions on and off the consolidated statement of financial position derived from variations in market conditions; generally includes the following types of risk: exchange rate; fair value by interest rate, price, among others.

 Liquidity risk: possibility of loss due to noncompliance with the requirements of financing and fund application that arise from mismatches of cash flows.

 Insurance risk: possibility that the actual cost of claims and payments will differ from the estimates.

 Real estate risk: possibility of significant loss in rental income due to the insolvency of the lessee or, a decrease in the market value of real estate investments.

To manage the risks detailed above, every Subsidiary of the Group has a specialized structure and organization in their management, measurement systems, as well as mitigation and coverage processes, according to specific regulatory needs and requirements for the development of its business. The Group and its Subsidiaries, mainly Interbank, Interseguro and Inteligo Bank, operate independently but in coordination with the general provisions issued by the Board of Directors and Management of IFS. The Board of Directors and Management of IFS are ultimately responsible for identifying and controlling risks. The Company has an Audit Committee comprised of three independent directors, pursuant to Rule 10A-3 of the Securities Exchange Act of the United States; and one of them is a financial expert according to the regulations of the New York Stock Exchange. The Audit Committee is appointed by the Board of Directors and its main purpose is to monitor and supervise the preparation processes of financial and accounting information, as well as the audits over the financial statements of IFS and its Subsidiaries.

Also, the Audit Committee is responsible for assisting the Board of Directors with monitoring and supervising, thus helping to ensure:

 The quality and comprehensiveness of IFS’s financial statements, including its disclosures.

 The existence of adequate procedures to assess, objectively and periodically, the effectiveness of the internal control system over the financial report.

 The implementation by Management of an adequate internal control system, particularly the internal control system over the financial report.

The Company has an Internal Audit Division which is responsible for monitoring the key processes and controls to ensure adequate low risk control according to the standards defined in the Sarbanes Oxley Act.

Management is responsible for the preparation, presentation and comprehensiveness of the Group’s consolidated financial statements, the suitability of the principles and accounting policies it uses, the establishment and upkeeping of the internal control over the financial information, as well as the facilitation of communications among external auditors, IFS’s managers, Audit Committee and the Board of Directors.

The Group’s risk management structure and organization for each of its Subsidiaries is as follows:

Interbank’s Board of Directors is responsible for establishing an appropriate and integral risk management and promoting an internal environment that facilitates its development. The Board is continuously informed about the degree of exposure of the various risks managed by Interbank.

The Board has created several specialized committees to which it has delegated specific tasks to strengthen risk management and internal control.

The Audit Committee’s main purpose is to monitor that the accounting financial reporting processes are appropriate, as well as to evaluate the activities performed by the auditors, both internal and external. The Committee is comprised of four members of the Board and the Chief Executive Officer, the Internal Auditor, the Vice-President of Corporate and Legal Affairs and other executives may also participate, when required. The Committee meets at least six times a year in ordinary sessions and informs the Board about the most relevant issues discussed.

The Comprehensive Risk Management Committee (“GIR”, by its Spanish acronym) is responsible for approving the policies and organization for comprehensive risk management, as well as the amendments to said policies. This Committee defines the level of tolerance and the degree of exposure to risk that Interbank is willing to assume in its business and also decides on the necessary actions aimed at implementing the required corrective measures in case of deviations from the levels of tolerance to risk. The Committee is comprised of three Directors, the Chief Executive Officer and the Vice-Presidents. The Committee reports monthly to the Board of Directors the main issues it has discussed and the resolutions taken in the previous meeting.

The main purpose of the Assets and Liabilities Committee (“ALCO”) is to manage the financial structure of the statement of financial position of Interbank, based on profitability and risk targets. The ALCO is also responsible for the proposal of new products or operations that contain components of market risk. Likewise, it is the communication channel with the units that generate market risk. The ALCO meets monthly and it is comprised of the Chief Executive Officer, the Vice-Presidents of Risks, Commercial, Finance, Operations, Distribution Channels, Capital Market and the Manager of Treasury / Position Desk, the Market Risk Manager and the Planning and Management Control Manager are permanent guests.

Risk management processes of Interbank are monitored by the Internal Audit Division, which examines both the adequacy of the procedures and the compliance with them. The Internal Audit Division discusses the results of all assessments with Management and reports its findings and recommendations to the Audit Committee and Board of Directors.

The Board of Directors is responsible for the overall approach to risk management and it is responsible for the approval of the policies and strategies currently used. The Board of Directors provides the principles for overall risk management, as well as the policies prepared for specific areas, such as foreign exchange risk, interest rate risk, credit risk and the use of derivative and non-derivative financial instruments.

The main purpose of the Audit Committee is to monitor that the accounting and financial reporting processes are appropriate, as well as to assess the activities performed by External and Internal Auditors. The Audit Committee is comprised of four Board members who do not fulfil any executive position within Interseguro, at least one of them is an Independent Director, who leads the Committee and cannot lead any other Committee within Interseguro. The Committee sessions can be attended by the Chief Executive Officer, the Audit Manager, the External Auditors and other executives when required. The Committee meets at least six times a year in ordinary sessions and informs the Board on the most relevant issues it has addressed.

The Risk Committee is a corporate body created by the Board. It is responsible for defining the business risk limits of Interseguro through the approval of risk policies and the corrective measures needed to maintain adequate levels of risk tolerance. The Risk Committee is comprised of four Board members, the Risk Manager and the Chief Executive Officer.

The Investment Committee is responsible for approving the limits of each security or real estate that may be included in Interseguro’s investment portfolio. This Committee is comprised of several Board Members, the Chief Executive Officer and the Vice-President of Investments.

Risk management processes throughout Interseguro are monitored by the Internal Audit Division, which reviews and assesses the design, scope and functioning of the internal control system and verifies the compliance of legal requirements, policies, standards and procedures. The Internal Audit Division discusses the results of all assessments with Management and reports its findings and recommendations to the Audit Committee and Board of Directors.

Inteligo Bank’s Board of Directors is responsible for the establishment and monitoring of the risk administration policies. To manage and monitor the various risks Inteligo Bank is exposed to, the Board of Directors has created the Credit and Investment Committee, the Assets and Liabilities Committee, the Credit Risk Committee and the Audit Committee.

The Group uses different models and rating tools. These tools measure and value the risk within a prospective vision, thus allowing better risk-taking decisions in the different stages or life cycle of client or product.

Said models and tools are permanently monitored and periodically validated to assure that the levels of prediction and performance are being maintained and to make corrective actions or adjustments, when needed.

To mitigate its exposure to the various financial risks and provide adequate coverage, the Group has established a series of measures, among which the following stand out:

 Policies, procedures, methodologies, models and parameters aimed to allow for the identification, measurement, control and reporting of diverse financial risks;

 Review and assessment of diverse financial risks, through specialized units of risk screening;

 Timely monitoring and tracking of diverse financial risks and their maintenance within a defined tolerance level;

 Compliance with regulatory limits and establishment of internal limits for exposure concentration; and

Likewise, as part of its comprehensive risk management, in certain circumstances the Group uses derivative financial instruments to mitigate its risk exposure, which arises from the variations in interest rates and foreign exchange rates.

Through its policies and procedures, the Group has established the guidelines and mechanisms needed to prevent excessive risk concentration. In case any concentration risk is identified, the Group works with specialized units that enable it to control and manage said risks.

In compliance with the policy of monitoring the Group’s credit risk, during the years 2025, 2024 and 2023 Interbank performed the recalibration process of its risk parameters for the calculation of the expected credit losses.

As of the date of the consolidated statement of financial position and under IFRS 9, impairment allowances are established for expected credit losses. Significant changes in the economy or in the particular situation of an economic sector that represents a concentration in the Group’s portfolio could result in losses that are different from those provisioned for as of the date of the consolidated statement of financial position.

The Group structures the levels of credit risk it undertakes by placing limits on the amount of risk accepted in relation to one borrower or groups of borrowers and geographical and industry segments. Said risks are monitored on a revolving basis and subject to continuous review.

The Group’s exposure to credit risk is managed through the regular assessment of debtors and their potential capability to pay the principal and interest of their obligations, and through the change in exposure limits, when appropriate.

The exposure to credit risk is also mitigated, in part, through the obtaining of personal and corporate collateral. Nevertheless, there is a significant part of the financial instruments where said collateral cannot be obtained. Following is a description of the procedures and policies related to collateral management and valuation of collaterals.

Collateral required for financial assets other than the loan portfolio are determined according to the nature of the instrument. However, debt instruments, treasury papers and other financial assets are in general not guaranteed, except for securities guaranteed with similar assets and instruments.

The Group has policies and guidelines established for the management of collateral received to back loans granted. The assets that guarantee loan operations bear a certain value prior to the loan approval and the procedures for their updating are described in the internal rules. To manage guarantees, the Group operates specialized divisions for the establishment, management and release of guarantees.

Collateral that back loan operations include different goods, property and financial instruments (including cash and securities). Their preferential status depends on the following conditions:

 Proper legal documentation, duly registered with the corresponding public registry.

Long-term loans and fundings granted to corporate entities, as well as mortgage loans are generally guaranteed. Consumer loans granted to small companies are not generally guaranteed.

Management monitors the fair value of collateral, and with the purpose of mitigating expected credit losses, requests additional collateral to the counterparty as soon as impairment evidence exists. The proceeds from the settlement of the collateral obtained are used to reduce or repay the outstanding claim.

In the case of derivative financial instruments, the Group maintains strict control limits on net open derivative positions (the difference between purchase and sale contracts), both in amount and term. The amount subject to credit risk is limited to the current fair value of instruments that are favorable to the Group (for example, an asset when its fair value is positive), which in relation to derivatives is only a small fraction of the contract, or notional amount used to express the volume of instruments outstanding. This credit risk exposure is managed as part of the overall lending limits with customers, together with potential exposures from market movements. Collateral or other securities are not usually obtained for credit risk exposures on these instruments.

Settlement risk arises in any situation where a payment in cash, securities or equity is made in the expectation of a corresponding receipt in cash. Daily settlement limits are established for each counterparty to cover the aggregate of all settlement risk arising from the Group’s market transactions on any single day.

As of December 31, 2025 and 2024, Management estimates that the maximum credit risk to which the Group is exposed is represented by the book value of the financial assets which show a potential credit risk and consist mostly of deposits in banks, inter-bank funds, investments, loans (direct and indirect), without considering the fair value of the collateral or guarantees, derivative financial instruments transactions, receivables from insurance transactions and other monetary assets. In this sense, as of December 31, 2025 and 2024, the main captions were formed as follows:

- 77.2 percent and 80.8 percent, respectively, of cash and due from banks corresponds to amounts deposited in the Group’s vaults or in the BCRP;

- 83.7 percent and 84.7 percent, respectively, of the loan portfolio is classified into the two lower credit risk categories defined by the Group under IFRS 9 (high and standard grade);

- 93.6 percent and 92.5 percent, respectively, of loans is deemed non-past-due and non-impaired.

- 89.7 percent and 86.9 percent, respectively, of investments at fair value through other comprehensive income and investments at amortized cost have at least an investment grade (BBB- or higher) or are debt instruments issued by the BCRP or the Peruvian Government; and

- 97.9 percent and 97.1 percent of accounts receivable from insurance premiums and leases of the investment properties are deemed non-past due and non-impaired.

- In addition, as of December 31, 2025 and 2024, the Group holds loans (direct and indirect) and investments in fixed income instruments issued by entities related to the infrastructure sector that, in recent years, have been exposed to local and international events. As of December 31, 2025 the loans amounted approximately to S/395,794,000 (S/132,878,000 in direct loans and S/262,916,000 in indirect loans) and investments in fixed income instruments amounted approximately to S/735,403,000 (as of December 31, 2024 the loans amounted approximately to S/530,066,000 (S/158,694,000 in direct loans and S/371,372,000 in indirect loans) and investments in fixed income instruments amounted approximately to S/939,065,000).

The main objective of the impairment requirements is to recognize expected credit losses during the average life of financial instruments when there has been a significant increase in credit risk after the initial recognition — as evaluated on a collective or individual basis —considering all reasonable and sustainable information, including that which refers to the future. If the financial instrument does not show a significant increase in credit risk after the initial recognition, the

provision for expected credit losses shall be calculated as 12-month expected credit losses (Stage 1), as defined in Note 3.4(i).

Under some circumstances, entities may not have reasonable and sustainable information available without disproportionate effort or cost to measure the expected credit losses during the lifetime of the asset on an individual instrument basis. In that case, expected credit losses during the asset’s lifetime shall be recognized on a collective basis considering information about the overall credit risk. The financial assets for which the Group calculates the expected loss under a collective assessment include:

The expected credit loss is estimated collectively for each loan portfolio with shared similar risk characteristics. Not only default indicators, but all information such as macroeconomic projections, type of instrument, credit risk ratings, types of guarantees, date of initial recognition and remaining time to maturity, among other indicators.

For the collective impairment assessment, the financial assets are grouped based on the Group's internal credit rating system, which considers credit risk characteristics, such as type of asset, economic sector, geographical location and type of guarantee, among other relevant factors.

Expected losses are calculated under the identification and multiplication of the following risk parameters:

In accordance with IFRS 9, the Group determines that there is default on a financial asset when:

In assessing whether a borrower is in default, the Group considers the following indicators:

- Real or expected significant change in the external and/or internal credit rating

- Existing or forecast adverse changes in the business, economic or financial conditions that are expected to cause a significant change in the borrower’s ability to meet its debt obligations.

- Existing or future adverse changes in the regulatory, economic, or technological environment of the borrower that results in a significant change in its ability to meet its debt obligations.

Likewise, losses recognized in the period are affected by several factors, such as:

- Exchange difference arising from financial assets denominated in foreign currency.

The Group’s loans are segmented into homogeneous groups with shared similar credit risk characteristics as detailed below:

In the case of Interbank, its Credit Risk Department determines its risk level according to the following classification, as of December 31, 2025 and 2024:


2025
		High grade	Standard grade	Grade lower than standard
Banking	Segment	PD less than or equal (*)	PD range (*)	PD equal to or higher (*)

	Credit card	4.55%	4.56% - 10.32%	10.33%
	Mortgage	1.51%	1.52% - 4.93%	4.94%
	Payroll loans	2.63%	2.64% - 6.13%	6.14%
Personal Banking	Consumer	6.81%	6.82% - 14.93%	14.94%
	Vehicular	5.88%	5.88%	5.88%

Small Business Banking		5.20%	5.21% - 14.24%	14.25%

	Corporate	0.22%	0.23% - 0.44%	0.45%
Commercial Banking	Institutional	0.31%	0.31%	0.31%
	Companies	0.79%	0.80% - 2.31%	2.32%
	Real estate	0.31%	0.31%	0.31%

2024
		High grade	Standard grade	Grade lower than standard
Banking	Segment	PD less than or equal (*)	PD range (*)	PD equal to or higher (*)

	Credit card	5.25%	5.26% - 12.05%	12.06%
	Mortgage	1.12%	1.13% - 3.55%	3.56%
	Payroll loans	2.36%	2.37% - 5.15%	5.16%
Personal Banking	Consumer	7.11%	7.12% - 14.68%	14.69%
	Vehicular	3.76%	3.76%	3.76%

Small Business Banking		8.55%	8.56% - 17.86%	17.87%

	Corporate	0.10%	0.11% - 0.20%	0.21%
Commercial Banking	Institutional	0.66%	0.66%	0.66%
	Companies	3.45%	3.46% - 8.13%	8.14%
	Real estate	2.61%	2.61%	2.61%

(*) The probability of default is exclusively determined by the statistical model and, therefore, does not include the subsequent adjustments to the model, detailed in Note 29.1 (d.8).

The main objective of scoring or rating is to generate statistical models that allow forecasting the applicant’s level of credit risk. The development of these models incorporates both qualitative and quantitative information, as well as client specific information that may affect their performance.

These rating models are monitored on a regular basis because over time, some factors may have a negative impact on the model’s discriminating power, and stability due to changes in the population or its characteristics.

Each rating has an associated PD, which is adjusted to incorporate prospective information. This is replicated for each macroeconomic scenario, as appropriate.

To calculate the PD, two differentiated methodologies have been developed, which are described below:

Its objective is to determine the probability of default over a 12-month horizon based on the maturity of the operation, by analyzing the conditional probability of transition from one credit rating state to another. This method is suitable for loans with high exposure and wide data availability. The intention is to calculate the PD based on the maturity of the operation.

Its objective is to determine the probability of default over a 12-month horizon based on the level of risk with which the operation begins, based on a counting analysis and the percentage of cases that report a default mark. This method is suitable for loans with poor data availability by type of maturity.

Given the nature of the portfolios and the availability of historical information, the method to estimate the PD for each portfolio is presented below:

Likewise, for commercial sector clients, Interbank has implemented a system that allows more personalized monitoring, based on warnings, changes in ratings and reputation problems, among others.

On the other hand, at each reporting date, for indirect loans (contingent), as happens for direct loans, the expected loss is calculated depending on the stage in which each operation is located; that is, if it is in Stage 1, the expected loss is calculated with a 12-month view. If it is in Stage 2 (if the operation shows a significant risk increase since the initial recognition) or Stage 3 (if the operation has a default), the expected loss is calculated for the remaining life of the asset.

The Group considers the changes in credit risk based on the probability that the borrower will fail to comply with the loan agreement.

As of December 31, 2025 and 2024, the Group holds stand-by letters and guarantees with entities related to the infrastructure sector that, in recent years, for circumstantial reasons; were exposed to national and international events, as well as loans under legal collection that have or do not have a payment agreements. To determine the expected losses of these entities, the Group, in a complementary manner, has performed an individual assessment to determine if the operation is in Stage 1, Stage 2 or Stage 3.

The criteria established to assign the risk to each one of the operations that are evaluated under an individual evaluation use the following combination of factors: quantitative, qualitative and financial.

To estimate the PD for the lifetime of a financial asset, a transformation to a 12-month PD is made according to the year of remaining life. That is, the PD is determined for a lifetime by an exponentiation of the 12-month PD.

At Inteligo Bank, both for Personal Banking and Commercial Banking, the internal model developed (scorecard) assigns 5 levels of credit risk: low, medium low, medium, medium high, and high. This methodology evaluates the scoring, increase or decrease of risks, taking into consideration the loan structure and the type of client; therefore, there is one scorecard for Personal Banking and another for Commercial Banking.

It is an estimated loss in case of default. It is the difference between contractual cash flows due and those expected to be received, including guarantees. Generally, it is expressed as an EAD percentage.

In the case of Interbank, the calculation of the LGD has been developed under two differentiated methods, which are described below:

Those in which a client entered and left default (due to debt settlement, application of penalty or refinancing) over a course of up to 60 months and 72 months, as of December 31, 2025 and 2024, respectively.

Those in which a client entered and did not manage to exit default over a course of up to 60 months and 72 months, as of December 31, 2025 and 2024, respectively. This methodology identifies the adjustment

factor that allow to simulate the effect of a closed recovery process. Thus, a recovery curve is built from the information of closed recovery processes, and a recovery rate curve is estimated based on the number of months of each process.

This methodology is applied to the Mortgage and Commercial Banking loan portfolios.

In the case of Inteligo Bank, for those credits that are classified in Stage 1 or Stage 2 at the reporting date, the regulatory recoveries of the Central Bank of the Bahamas and the Superintendence of Banks of Panama are used, using stressed scenarios for each type of guarantee.

Exposure at default represents the gross carrying amount of financial instruments subject to impairment, which involves both the client's ability to increase exposure as default approaches and possible early repayments. To calculate the EAD of a loan in Stage 1, potential default events are evaluated over a 12- month horizon. For financial assets in Stage 2 and Stage 3, exposure at default is determined over the life of the instrument.

A calculation methodology has been developed for those portfolios that present a defined schedule, differentiating those transactions that consider prepayment and those that do not consider prepayment; another methodology is based on building the credit risk factor for those portfolios that allow the client the ability to use a line of credit (revolving products) and, therefore, the percentage of additional use of the credit line that the client could use in the event of a default must be calculated.

The Group has established a framework that incorporates quantitative and qualitative information to determine whether the credit risk on a financial instrument has significantly increased since initial recognition, both for loans and investments. The framework is in line with the Group's internal credit risk management process.

In certain cases, using its expert credit judgment and, where possible, with relevant historical experience, the Group may determine that an exposure has experienced a significant increase in credit risk when certain qualitative indicators may not be captured by a timely quantitative analysis.

At each reporting date, expected losses are calculated depending on the stage of each loan, as each one is evaluated with a different life period.

12-month expected losses are calculated. For this, the following risk parameters are multiplied: the 12-month forward-looking PD for year 1 of the remaining life, the client's LGD, and the EAD for year 1 of the remaining life for operations with payment schedule or the balance as of the reporting date for operations without payment schedule.

Lifetime expected losses are calculated for the entire remaining life of the asset. For operations with payment schedule, they are calculated in each year of remaining life by multiplying the following risk parameters: 12-month forward-looking PD, the client's LGD, and the EAD of the corresponding year of remaining life, then the summation is done. For operations without a payment schedule, they are calculated by multiplying the lifetime forward-looking PD, the client's LGD, and the balance as of the reporting date.

Expected losses are calculated by multiplying the PD (equal to 100 percent) by the client’s LGD and the balance as of the reporting date.

The Group classifies the operations with a significant increase in the risk of each portfolio such as marked refinanced operations, operations with arrears longer than 30 days (for all portfolios except Mortgages that consider arrears longer than 60 days), or operations marked “Leave” or “Reduce” in the surveillance system for the Commercial Banking portfolio.

Likewise, the evaluation of the significant risk increase is made by comparing the 12-month PD to the date of origin and the 12-month PD to the date of the report adjusted by the forward-looking factor, according to the quantitative criteria of absolute variation and relative variation. As of December 31, 2025, the Group has established a range of simple average absolute variation of 9.6 percent and a simple average relative variation of 490.7 percent (a range of simple average absolute variation of 8.0 percent and a simple average relative variation of 473.9 percent, as of December 31, 2024).

The Group periodically evaluates the following warning signs and criteria to assess whether the placement presents a significant increase in credit risk (Stage 2):

On the other hand, the Group monitors the effectiveness of the criteria used to identify significant increases in credit risk through periodic reviews to confirm that:

- Criteria can identify significant increases in credit risk before an exposure is in default;

- The average time between the identification of a significant increase in credit risk and default is reasonable;

- Exposures usually do not transfer directly from the measurement of 12-month expected losses to impaired loans; and

- There is no unjustified volatility in the allocation of expected credit losses between the measurement of 12-month expected credit losses and lifetime expected credit losses.

Subsequently, the expected loss of each scenario (optimistic, base and pessimistic) is calculated as the sum of the expected loss of each Stage. Finally, the expected loss of the portfolio is calculated by assigning weights to each scenario based on their respective probability of occurrence.

An operation shall migrate from Stage 1 to Stage 2 due to significant risk increase, if comparing the current PD with the PD at the moment it was generated shows an increase (relative and absolute variation) in the PD that exceeds the established thresholds.

On the other hand, the methodology introduces the concept of cure for the Mortgage, Corporate and Business portfolios. According to this concept, a loan in Stage 3 that has been recovered through the payment of the debt, does not migrate directly to Stage 1, instead of continuing in Stage 2 during an observation window of 12 months, to secure a consistent behavior in the transaction’s risk, as well as to mitigate the migration volatility between risk stages.

The Impulso Empresarial MYPE Program (henceforth “Impulso MyPeru”) is an initiative of the Peruvian Government created in the year 2022 with the purpose of granting the recovery and growth of micro, small, medium companies of all productive sectors. This program grants access to working capital loans, fixed assets acquisitions and consolidation of current debts, with favorable conditions such as state guarantees and a reward for being a good payer.

During 2024, Interbank granted loans under this modality for an approximate amount of S/2,996,207,000; as of December 31, 2025, the program remains in effect; however, during 2025, Interbank did not participate in this program. As of December 31, 2025, Interbank holds loans under the “Impulso MyPeru” program for an amount of approximately S/1,304,815,000; including accrued interest amounting to S/9,806,000. The amounts covered by the guarantee of the Peruvian government amount to S/914,339,000. (as of December 31, 2024, Interbank held an amount of approximately S/2,780,282,000; including accrued interest amounting to S/13,155,000. The amounts covered by the guarantee of the Peruvian government amounted to S/1,797,725,000).

The probability of occurrence of the El Niño event in the year 2023, the impact of the release of the CTS deposits and AFP funds during 2024 and 2025, have not been adequately reflected by the existing statistical models which are parameterized to determine the expected loss of the Group, considering that those events are of extraordinary nature and have not had recurrent characteristics precedents that would have been used as a basis to model them in the calculation of the expected loss. For this reason, Interbank incorporated a series of expert judgments with the purpose of the expected credit loss estimate reflects the existing risks to the requirement established by IFRS 9.

Following are details of the subsequent adjustments to the expected loss model performed to include in the calculation the effects of the uncertainty and risks as of December 31, 2025, 2024 and 2023:

An expert judgment was set out to capture the effects of the current economic situation on the estimation of the loan portfolio, considering the impact of governmental decisions regarding the withdrawal of CTS deposits and AFP funds.

As consequence of the liquidity excess generated by these measures, an improvement of the risk rating scoring (“BURO”) has been observed, which has affected the regular behavior and performance of the expected credit losses in the segment of retail clients. Under this situation, it has been necessary to enhance the monitoring of outcomes of the expected loss model and to record subsequent adjustments to the calculation, thus neutralizing the

improvements of the credit scoring due to temporary improvements in retail clients. These adjustments seek to ensure a more representative risk estimation, taking into consideration the uncertainty generated by the current situation of the loans’ performance.

Following is the amount of the expected loss to direct and indirect loans as of December 31, 2025 and 2024, as determined by the model, and the subsequent adjustments to the model explained in previous paragraphs:


	2025
	Expected loss (according to model)		Subsequent adjustments to the model		Expected loss (total)
	S/(000)		S/(000)		S/(000)
Commercial loans		159,186		15,547		174,733
Consumer loans		1,142,086		127,498		1,269,584
Mortgage loans		67,834		8,002		75,836
Small and micro-business loans		83,244		—		83,244
Total		1,452,350		151,047		1,603,397


	2024
	Expected loss (according to model)		Subsequent adjustments to the model		Expected loss (total)
	S/(000)		S/(000)		S/(000)
Commercial loans		189,557		-		189,557
Consumer loans		1,218,011		154,846		1,372,857
Mortgage loans (*)		80,047		13,750		93,797
Small and micro-business loans		88,204		-		88,204
Total		1,575,819		168,596		1,744,415

(ii)

Subsequent adjustments to the model included in 2023:

With the purpose of reflecting the impact of the uncertainty of the intensity and occurrence probability of the El Niño event, Interbank decided to apply its expert judgment to stress the probability of default for its entire client portfolio. As of December 31, 2023, the impact of applying these criteria led to an increased expected loss provision of S/180,596,000.

Expected credit losses consider information about overall credit risk. Information about overall credit risk must incorporate not only information on delinquency, but also all relevant credit information, including forward-looking macroeconomic information.

To comply with the regulatory requirement, it has been determined that the methodology includes the aforementioned effects within the expected loss.

The estimation of expected credit losses will always reflect the possibility of a credit loss, even if the most likely result is not credit loss. Therefore, estimates of expected credit losses are required to reflect a weighted, unbiased amount that is determined by evaluating a range of possible outcomes.

To capture these effects, stress models have been used that have been carried out by an external provider and seek to stress the probability of default based on different macroeconomic variable projection scenarios.

The Group has defined three possible scenarios for each portfolio: base, optimistic and pessimistic.

Within the analysis carried out for the projection of probability of default, the projection period determined is 36 months (3 years). For projections after that period, the same information of that last year is considered, because it is deemed that projections beyond this period lose statistical significance, as evidenced by observing thresholds of confidence levels.


	Scenario	2026			2027			2028

Gross domestic product (annual % var.)	Optimistic		3.3	%		3.0	%		3.5	%
	Base		3.0	%		2.6	%		3.1	%
	Pessimistic		2.2	%		2.0	%		2.5	%
Real formal average salary (annual % var.)	Optimistic		3.7	%		2.1	%		2.7	%
	Base		2.0	%		1.1	%		1.4	%
	Pessimistic		0.6	%		(0.1	%)		0.6	%
Real informal average salary (annual % var.)	Optimistic		3.7	%		2.1	%		2.4	%
	Base		1.8	%		1.1	%		1.3	%
	Pessimistic		0.8	%		0.0	%		0.0	%
Real disposable income per capita (annual % var.)	Optimistic		5.7	%		3.0	%		4.4	%
	Base		4.6	%		2.2	%		3.5	%
	Pessimistic		2.5	%		1.7	%		2.9	%

Macroeconomic variables used as of December 31, 2024:


	Scenario	2025			2026			2027

Unemployment rate (annual % var.)	Optimistic		(3.9	%)		(4.7	%)		(7.6	%)
	Base		(2.6	%)		(3.4	%)		(4.0	%)
	Pessimistic		(0.7	%)		(0.1	%)		(0.4	%)
Real disposable income per capita (annual % var.)	Optimistic		1.7	%		2.4	%		3.2	%
	Base		1.1	%		2.0	%		2.7	%
	Pessimistic		(0.7	%)		1.3	%		2.3	%
Real formal average salary (annual % var.)	Optimistic		1.8	%		0.9	%		1.4	%
	Base		1.3	%		0.5	%		0.7	%
	Pessimistic		0.0	%		(0.1	%)		0.1	%
Private formal employment (annual % var.)	Optimistic		3.5	%		3.0	%		3.2	%
	Base		3.0	%		2.6	%		2.8	%
	Pessimistic		2.1	%		2.1	%		2.3	%
Real informal average salary (annual % var.)	Optimistic		1.4	%		1.3	%		1.2	%
	Base		1.0	%		0.5	%		0.7	%
	Pessimistic		0.3	%		(0.1	%)		0.1	%

For the determination of these macroeconomic variables, different external sources of recognized prestige have been considered. The impact of these macroeconomic variables on the expected loss differs for each portfolio depending on the sensitivity in each of them.

The fair value of the loan guarantees as of December 31, 2025 and 2024, is presented below:


	Fair value of the credit guarantee under the base scenario
As of December 31, 2025	Maximum exposure to credit risk		Cash		Investments		Properties		Others		Total guarantee (*)		Net exposure			Expected loss associated
	S/(000)		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)			S/(000)
Subject to impairment
Financial assets
Cash and due from banks		14,035,949		—		—		—		—		—		14,035,949			—
Commercial loans		22,897,732		801,481		1,682,815		12,582,634		2,822,552		17,889,482		5,008,250			162,789
Small and micro-business loans		2,282,751		—		—		—		—		—		2,282,751			82,833
Consumer loans		15,248,665		—		—		—		—		—		15,248,665			1,269,584
Mortgage loans		11,400,784		—		—		17,753,719		—		17,753,719		(6,352,935	)		75,836
Direct loans		51,829,932		801,481		1,682,815		30,336,353		2,822,552		35,643,201		16,186,731			1,591,042
Debt instruments at amortized cost		3,883,579		—		—		—		—		—		3,883,579			—
Total financial assets at amortized cost		69,749,460		801,481		1,682,815		30,336,353		2,822,552		35,643,201		34,106,259			1,591,042
Debt instruments at fair value through other comprehensive income		21,299,397		—		—		—		—		—		21,299,397			287,142
Total debt instruments at fair value through other comprehensive income		21,299,397		—		—		—		—		—		21,299,397			287,142
Not subject to impairment
Derivative financial instruments - Trading		108,530		60,063		—		—		—		60,063		48,467			—
Derivative financial instruments - Hedges		12,348		—		—		—		—		—		12,348			—
Financial assets at fair value through profit or loss		1,965,991		—		—		—		—		—		1,965,991			—
Total financial instruments at fair value through profit or loss		2,086,869		60,063		—		—		—		60,063		2,026,806			—

		93,135,726		861,544		1,682,815		30,336,353		2,822,552		35,703,264		57,432,462			1,878,184
Financial guarantees (guarantees and stand-by letters)		5,149,829		35,735		122,777		2,023,139		1,325,502		3,507,153		1,642,676			11,941
Import and export letters of credit		417,893		—		38,653		—		—		38,653		379,240			414
Contingent loans - indirect loans		5,567,722		35,735		161,430		2,023,139		1,325,502		3,545,806		2,021,916			12,355

		98,703,448		897,279		1,844,245		32,359,492		4,148,054		39,249,070		59,454,378			1,890,539


	Fair value of the credit guarantee under the base scenario
As of December 31, 2024	Maximum exposure to credit risk		Cash		Investments		Properties		Others		Total guarantee (*)		Net exposure			Expected loss associated
	S/(000)		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)			S/(000)
Subject to impairment
Financial assets
Cash and due from banks		12,615,226		—		—		—		—		—		12,615,226			—
Commercial loans		22,770,495		878,109		1,706,707		11,437,282		3,205,987		17,228,085		5,542,410			175,811
Small and micro-business loans		2,037,158		—		—		—		—		—		2,037,158			87,700
Consumer loans		15,036,411		—		—		—		—		—		15,036,411			1,372,856
Mortgage loans		10,571,300		—		—		18,926,685		—		18,926,685		(8,355,385	)		93,800
Direct loans		50,415,364		878,109		1,706,707		30,363,967		3,205,987		36,154,770		14,260,594			1,730,167
Debt instruments at amortized cost		3,784,912		—		—		—		—		—		3,784,912			53
Total financial assets at amortized cost		66,815,502		878,109		1,706,707		30,363,967		3,205,987		36,154,770		30,660,732			1,730,220
Debt instruments at fair value through other comprehensive income		20,377,805		—		—		—		—		—		20,377,805			95,090
Total debt instruments at fair value through other comprehensive income		20,377,805		—		—		—		—		—		20,377,805			95,090
Not subject to impairment
Derivative financial instruments - Trading		72,746		35,645		—		—		—		35,645		37,101			—
Derivative financial instruments - Hedges		70,455		—		—		—		—		—		70,455			—
Financial assets at fair value through profit or loss		1,776,567		—		—		—		—		—		1,776,567			—
Total financial instruments at fair value through profit or loss		1,919,768		35,645		—		—		—		35,645		1,884,123			—

		89,113,075		913,754		1,706,707		30,363,967		3,205,987		36,190,415		52,922,660			1,825,310
Financial guarantees (guarantees and stand-by letters)		4,695,331		21,981		143,731		2,005,957		1,471,778		3,643,447		1,051,884			14,005
Import and export letters of credit		373,363		695		24,442		—		67,752		92,889		280,474			243
Contingent loans - indirect loans		5,068,694		22,676		168,173		2,005,957		1,539,530		3,736,336		1,332,358			14,248

		94,181,769		936,430		1,874,880		32,369,924		4,745,517		39,926,751		54,255,018			1,839,558

The following table shows the analysis of the fair values of the guarantees classified in Stage 3:


	Fair value of the credit guarantee under the base scenario
As of December 31, 2025	Maximum exposure to credit risk		Cash		Investments		Guarantees from third parties or governments		Properties		Others		Total guarantee (*)		Net exposure			Expected loss associated
	S/(000)		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)			S/(000)
Commercial loans		281,258		2,627		264		—		399,849		13,217		415,957		(134,699	)		137,875
Small and micro-business loans		55,003		—		—		—		—		—		—		55,003			40,627
Consumer loans		472,061		—		—		—		—		—		—		472,061			452,932
Mortgage loans		347,035		—		—		—		723,164		—		723,164		(376,129	)		46,006
Total		1,155,357		2,627		264		—		1,123,013		13,217		1,139,121		16,236			677,440
Indirect loans		16,923		—		668		—		6,756		—		7,424		9,499			8,089
		1,172,280		2,627		932		—		1,129,769		13,217		1,146,545		25,735			685,529


	Fair value of the credit guarantee under the base scenario
As of December 31, 2024	Maximum exposure to credit risk		Cash		Investments		Guarantees from third parties or governments		Properties		Others		Total guarantee (*)		Net exposure			Expected loss associated
	S/(000)		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)			S/(000)
Commercial loans		322,464		2,936		1,045		—		529,922		26,107		560,010		(237,546	)		123,013
Small and micro-business loans		85,443		—		—		—		—		—		—		85,443			62,173
Consumer loans		514,691		2,936		—		—		—		—		2,936		511,755			494,700
Mortgage loans		325,095		—		—		—		782,659		—		782,659		(457,564	)		44,321
Total		1,247,693		5,872		1,045		—		1,312,581		26,107		1,345,605		(97,912	)		724,207
Indirect loans		23,948		—		—		—		7,561		—		7,561		16,387			9,335
		1,271,641		5,872		1,045		—		1,320,142		26,107		1,353,166		(81,525	)		733,542

(*) Includes the total fair value of the guarantees held by the Group as of December 31, 2025 and 2024, regardless of the balance of the loan it guarantees.

For this type of financial instruments, the Group analyzes public information available from international risk rating agencies such as: Fitch, Moody's and Standard & Poor's, and assigns a rating to each instrument.

For each rating agency, the ratings associated with higher to lower credit quality are shown:

Finally, each instrument is assigned a PD according to the transition matrices published by Fitch.

For those issuers that are classified in Stage 1 or Stage 2 at the reporting date, the Group uses the recovery matrix published by Moody's.

For those investments in Stage 3, an evaluation must be made to determine the severity of the expected loss according to the progress of the recovery process initiated.

EAD represents the gross book value of the financial instruments subject to impairment. To calculate the EAD of an investment in Stage 1, possible non-compliance events are evaluated within 12 months. For financial assets in Stage 2 and Stage 3, exposure at default is determined for events throughout the life of the instrument.

The Group has assumed that the credit risk of a financial instrument has not increased significantly since the initial recognition if it is determined that the investment has a low credit risk at the reporting date, which occurs when the issuer has a strong ability to meet its contractual cash flow obligations in the near term and adverse changes in economic and business conditions in the long term may reduce, but not necessarily, the ability of the issuer to meet its cash flow obligations contractual cash.

In accordance with the assignment of ratings to each debt instrument, the Group determines whether there is a significant increase in credit risk by comparing the rating at the date of acquisition with the rating at the reporting date, and designates the Stage in which each debt instrument is classified according to the quantitative and qualitative criteria, defined as follows:

The Group holds an investment that does not present a significant increase in risk if there is a movement of its credit risk rating within the investment grade. In case there is a movement of its credit risk rating outside the investment grade, it is deemed that the instrument presents a significant increase in risk.

The Group periodically evaluates the following warning signs and criteria to assess whether the financial instrument presents a significant risk increase (stage 2) at the reporting date:

- Significant decrease (30 percent of its original value) and prolonged (12 months) of the market value of the investment.

- Forced interventions by governments in the primary and secondary markets of the issuers.

- Impairment of collaterals (underlying assets) in the case of securitized instruments.

- Macroeconomic, regulatory, social, technological and environmental changes are significantly adverse.

- Other evaluations and/or alerts made by each Subsidiary (financial statements, evaluation of EBIT, financial indicators by industry, regulatory criteria, others).

The table below presents the credit risk ratings issued by risk rating agencies of recognized prestige local and international financial investments:


	As of December 31, 2025				As of December 31, 2024
	S/(000)		%		S/(000)		%
Instruments issued and rated in Peru:
BBB- / BBB+		2,621,105		9.2		2,287,880		8.5
BB- / BB+		773,621		2.8		1,028,735		3.8
B- / B+		130,996		0.5		111,708		0.4
Less than B-		3,536		0.0		4,664		0.0
		3,529,258		12.5		3,432,987		12.7
Instruments issued in Peru and rated abroad:
BBB- / BBB+		15,354,696		54.5		14,011,438		52.2
BB- / BB+		440,946		1.6		774,100		2.9
Less than B-		78,279		0.3		218,328		0.8
		15,873,921		56.4		15,003,866		55.9
Instruments issued and rated abroad:
AAA		8,320		0.0		9,429		0.0
AA- / AA+		143,289		0.5		111,247		0.4
A- / A+		679,515		2.4		689,996		2.6
BBB- / BBB+		2,642,879		9.4		2,581,191		9.6
BB- / BB+		93,243		0.3		124,581		0.5
B- / B+		24,550		0.1		19,689		0.1
		3,591,796		12.7		3,536,133		13.2

Unrated
Negotiable certificates of deposit issued by the BCRP		2,057,692		7.3		2,123,858		8.0
Mutual funds and investment funds participations (*)		1,726,722		6.1		1,396,582		5.2
Term deposits		133,066		0.5		86,515		0.3
Others		2,035		0.0		2,433		0.0
		3,919,515		13.9		3,609,388		13.5

Listed shares (**)		594,471		2.1		622,528		2.3
Non-listed shares		196,155		0.7		192,650		0.7
Subtotal		27,705,116		98.3		26,397,552		98.3
Accrued interest		468,690		1.7		460,373		1.7
Total		28,173,806		100.0		26,857,925		100.0

(*) Includes mutual and investment funds which do not have risk rating.

(**) Includes instruments at fair value through profit or loss, see Note 5(e), and instruments at fair value through other comprehensive income, see Note 5(f).

Financial instruments exposed to credit risk were distributed according to the following economic sectors:


	As of December 31, 2025
	Designated at fair value through profit or loss		Debt instruments measured at fair value through other comprehensive income		Equity instruments measured at fair value through other comprehensive income		Investments at amortized cost			Total
	S/(000)		S/(000)		S/(000)		S/(000)			S/(000)
Consumer loans		—		—		—		15,287,338			15,287,338
Government of Peru		—		9,458,048		—		3,750,513			13,208,561
Mortgage loans		—		—		—		11,408,187			11,408,187
Commercial and micro-business loans		—		—		—		10,063,824			10,063,824
BCRP		—		2,057,692		—		8,941,024			10,998,716
Financial services		1,681,876		1,476,980		109,795		6,400,724	(*)		9,669,375
Manufacturing		194,542		942,150		209,750		3,577,083			4,923,525
Mining		1,994		1,312,651		—		2,779,607			4,094,252
Communications, storage and transportation		56,368		688,801		33,631		2,258,425			3,037,225
Construction and infrastructure		27,813		2,169,122		59,030		699,079			2,955,044
Agriculture		—		27,642		1,698		2,472,695			2,502,035
Electricity, gas, water and oil		20,250		1,820,016		142,245		196,292			2,178,803
Professional, scientific and technical activities		72,185		226,645		—		938,565			1,237,395
Commerce		3,940		537,330		—		415,935			957,205
Leaseholds and real estate activities		4,578		268,511		—		541,735			814,824
Community services		904		6,571		—		496,505			503,980
Education, health and other services		—		80,149		—		201,180			281,329
Medicine and biotechnology		—		34,330		—		235,634			269,964
Insurance		19		13,284		—		174,266			187,569
Foreign governments		—		96,654		—		—			96,654
Fishing		—		—		—		90,530			90,530
Public administration and defense		22,400		81,543		—		5,879			109,822
Private activities (employer and/or producer)		—		—		—		98,322			98,322
Others		—		1,278		—		—			1,278
Total		2,086,869		21,299,397		556,149		71,033,342			94,975,757
Impairment allowance for loans											(1,591,042	)
Accrued interest											999,950
Total											94,384,665

(*) Includes mainly cash and due from banks deposited in the vaults of Interbank and in foreign banks; see Note 4.


	As of December 31, 2024
	Designated at fair value through profit or loss		Debt instruments measured at fair value through other comprehensive income		Equity instruments measured at fair value through other comprehensive income		Investments at amortized cost			Total
	S/(000)		S/(000)		S/(000)		S/(000)			S/(000)
Consumer loans		—		—		—		15,094,313			15,094,313
Government of Peru		—		8,466,916		—		3,698,395			12,165,311
Mortgage loans		—		—		—		10,579,426			10,579,426
Commercial and micro-business loans		—		—		—		10,236,695			10,236,695
BCRP		—		2,113,925		—		7,951,226			10,065,151
Financial services		1,693,571		1,672,720		126,594		6,530,688	(*)		10,023,573
Manufacturing		87,764		797,082		171,920		4,155,680			5,212,446
Mining		2,792		1,234,867		—		2,436,753			3,674,412
Construction and infrastructure		17,203		2,501,203		38,640		772,165			3,329,211
Communications, storage and transportation		55,385		654,287		37,640		1,946,274			2,693,586
Agriculture		87		27,286		3,714		2,393,311			2,424,398
Electricity, gas, water and oil		12,820		1,685,411		74,750		157,841			1,930,822
Commerce		15,754		508,195		—		414,063			938,012
Professional, scientific and technical activities		—		214,358		—		714,871			929,229
Leaseholds and real estate activities		10,980		187,953		—		448,839			647,772
Community services		611		7,509		—		540,084			548,204
Education, health and other services		540		94,202		—		213,206			307,948
Medicine and biotechnology		—		36,138		—		190,510			226,648
Public administration and defense		21,894		91,702		—		7,885			121,481
Fishing		—		—		5,010		79,112			84,122
Foreign governments		—		67,468		—		—			67,468
Insurance		363		12,075		—		4,728			17,166
Private activities (employer and/or producer)		—		—		—		85,863			85,863
Others		4		4,507		—		—			4,511
Total		1,919,768		20,377,804		458,268		68,651,928			91,407,768
Impairment allowance for loans											(1,730,167	)
Accrued interest											1,004,624
Total											90,682,225

(*) Includes mainly cash and due from banks deposited in the vaults of Interbank and in foreign banks; see Note 4.

The table below presents the financial instruments with exposure to credit risk, by geographic area:


	As of December 31, 2025
	Designated at fair value through profit or loss		Debt instruments measured at fair value through other comprehensive income		Equity instruments measured at fair value through other comprehensive income		Investments at amortized cost			Total
	S/(000)		S/(000)		S/(000)		S/(000)			S/(000)
Peru		66,904		17,709,665		412,723		68,115,007			86,304,299
United States of America		1,626,883		867,587		33,631		618,154			3,146,255
Mexico		1,988		1,054,343		—		13,288			1,069,619
Chile		2		775,432		—		26,061			801,495
Panama		—		146,000		310		600,317	(*)		746,627
United Kingdom		101,668		247,148		107,818		58,419			515,053
Luxembourg		42,730		15,093		—		342,413			400,236
Brazil		—		286,358		—		19,160			305,518
Canada		57,655		16,583		—		229,109			303,347
Cayman Islands		100,712		410		—		134,520			235,642
Ecuador		—		—		—		206,740			206,740
Bahamas		—		—		—		169,073			169,073
Colombia		71		96,348		—		54,390			150,809
Germany		25,334		528		—		70,403			96,265
Ireland		24,574		589		—		45,377			70,540
Suiza		—		4,382		—		62,785			67,167
Venezuela		—		—		—		66,159			66,159
Spain		5,125		673		—		24,001			29,799
Argentina		—		—		—		16,844			16,844
Others		33,223		78,258		1,667		161,122			274,270
Total		2,086,869		21,299,397		556,149		71,033,342			94,975,757
Impairment allowance for loans											(1,591,042	)
Accrued interest											999,950
Total											94,384,665

(*) Corresponds mainly to the loan portfolio maintained by Inteligo Bank (domiciled in Panama) with Peruvian citizens.


	As of December 31, 2024
	Designated at fair value through profit or loss		Debt instruments measured at fair value through other comprehensive income		Equity instruments measured at fair value through other comprehensive income		Investments at amortized cost			Total
	S/(000)		S/(000)		S/(000)		S/(000)			S/(000)
Peru		138,125		16,843,710		294,034		65,957,138			83,233,007
United States of America		1,499,518		896,372		37,640		823,188			3,256,718
Mexico		17,996		1,017,363		—		10,733			1,046,092
Chile		1		807,524		7,995		32,038			847,558
Panama		461		148,363		277		479,425	(*)		628,526
United Kingdom		94,483		264,082		116,458		135,358			610,381
Bahamas		—		—		—		243,750			243,750
Canada		1,256		15,387		—		219,857			236,500
Ecuador		—		—		—		231,087			231,087
Colombia		79		121,545		—		105,332			226,956
Brazil		—		146,286		—		30,848			177,134
Germany		23,326		587		—		123,436			147,349
Cayman Islands		116,217		1,186		—		—			117,403
Luxembourg		—		15,534		—		68,835			84,369
Suiza		—		4,743		—		56,542			61,285
Venezuela		—		—		—		54,261			54,261
Spain		—		9,933		—		20,394			30,327
Argentina		—		—		—		19,349			19,349
Ireland		—		553		—		624			1,177
Belgium		—		154		—		1			155
Others		28,306		84,482		1,864		39,732			154,384
Total		1,919,768		20,377,804		458,268		68,651,928			91,407,768
Impairment allowance for loans											(1,730,167	)
Accrued interest											1,004,624
Total											90,682,225

(*) Corresponds mainly to the loan portfolio maintained by Inteligo Bank (domiciled in Panama) with Peruvian citizens.

The information contained in the tables below includes financial assets and liabilities that:

 are subject to an enforceable master netting arrangement or similar agreement that covers similar financial instruments, regardless of whether they are offset in the consolidated statement of financial position or not.

Similar arrangements of the Group include derivatives clearing agreements. Financial instruments such as loans and deposits are not disclosed in the following tables since they are not offset in the consolidated statement of financial position.

The offsetting framework agreement issued by the International Swaps and Derivatives Association Inc. (“ISDA”) and similar master netting arrangements do not meet the criteria for offsetting in the statement of financial position, because such agreements were created in order for both parties to have an enforceable offsetting right in cases of default, insolvency or bankruptcy of the Group or the counterparties or following other predetermined events. In addition, the Group and its counterparties do not intend to settle such instruments on a net basis or to realize the assets and settle the liabilities simultaneously.

The Group receives and delivers guarantees in the form of cash with respect to transactions with derivatives; see Note 4.

(g.1) Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements as of December 31, 2025 and 2024, are presented below:


			Gross amounts of recognized financial liabilities and offset		Net amounts of financial assets presented in the		Related amounts not offset in the consolidated statement of financial position
	Gross amounts of recognized financial assets		in the consolidated statement of financial position		consolidated statement of financial position		Financial instruments (including non-cash guarantees)			Cash guarantees received			Net amount
	S/(000)		S/(000)		S/(000)		S/(000)			S/(000)			S/(000)
2025
Derivatives, Note 10(b)		120,878		—		120,878		(31,633	)		(60,063	)		29,182
Total		120,878		—		120,878		(31,633	)		(60,063	)		29,182
2024
Derivatives, Note 10(b)		143,201		—		143,201		(30,231	)		(35,645	)		77,325
Total		143,201		—		143,201		(30,231	)		(35,645	)		77,325

(g.2) Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements as of December 31, 2025 and 2024, are presented below:


			Gross amounts of recognized financial assets and offset in the		Net amounts of financial liabilities presented in the		Related amounts not offset in the consolidated statement of financial position
	Gross amounts of recognized financial liabilities		consolidated statement of financial position		consolidated statement of financial position		Financial instruments (including non-cash guarantees)			Cash guarantees pledged, Note 4(d)			Net amount
	S/(000)		S/(000)		S/(000)		S/(000)			S/(000)			S/(000)
2025
Derivatives, Note 10(b)		207,084		—		207,084		(31,633	)		(93,021	)		82,430
Total		207,084		—		207,084		(31,633	)		(93,021	)		82,430
2024
Derivatives, Note 10(b)		102,288		—		102,288		(30,231	)		(21,568	)		50,489
Total		102,288		—		102,288		(30,231	)		(21,568	)		50,489

Market risk is the possibility of loss due to variations in the financial market conditions. The main variations to which the Group is exposed to are exchange rates, interest rates and prices. Said variations can affect the value of the Group’s financial assets and liabilities.

During 2025, the BCRP's interest rates, both in Soles and US Dollar, continued to show a downward trend, driven by the inflation control, which stayed within the targeted range. The reduction of these interest rates favored the valuation of bonds, although it affected the interest rates of term deposits or short-term loans. The Peruvian Sol strengthened against the US Dollar, following the global trend.

During 2024, interest rates remained lower, in line with the favorable evolution of inflation. Regarding sovereign bonds, volatility continued with a downward trend accompanied by an improvement in prices.

On the other side, the Banking Book results are affected by the decreases in interest rates, particularly in products that appreciate quickly such as time deposits or short-term commercial loans as they mature.

The Group separates its exposure to market risk into two blocks: (i) one that arises from the fluctuation of the value of the trading investment portfolios, due to movements of market rates or prices (“Trading Book”) and; (ii) one that arises from the changes in the structural positions (“Banking Book”) due to movements in interest rates, prices and exchange rates.

To control and monitor the risks arising from the volatility of risk factors involved within each instrument, maximum exposure limits by currency, by type of investment and Value-at-Risk (“VaR”), which are controlled on a daily basis, have been established.

The main measurement technique used to measure and control market risk is VaR, which is a statistical measurement that quantifies the maximum loss expected for a period of time and a determined significance level under normal market conditions. The Group uses the VaR model for a period of one day, and a 99-percent confidence level. VaR is calculated by risk factor: interest rate, price or exchange rate and by type of investment: derivatives, fixed income and variable income.

VaR models are designed to measure the market risk within a normal market environment. Since VaR is based mainly on historical data to provide information and does not clearly predict future changes and modifications in risk factors, the probability of big market movements may be underestimated. VaR can also be underestimated or overestimated due to the hypotheses made on the risk factors and the relation among these factors with the specific instruments. To determine the reliability of VaR models, the actual results are regularly monitored to prove the validity of the assumptions and parameters used in the calculation of VaR.

The Group includes within the VaR calculation the potential loss that may arise from the exposure to exchange rate risk. This risk is included in the VaR calculation because the exchange position is the result of the spot position plus the position in derivative products. Likewise, the total VaR includes the diversification effect that arises as a result of the interaction of the various market risk factors to which the Group is exposed.

The validity of the VaR calculation is proven through back-testing, which uses historical data to ensure that the model adequately estimates the potential losses. Additionally, the sensitivity of risk factors is calculated, which shows the potential portfolio losses in the event of certain fluctuations in factors. Said fluctuations include: interest rate shocks, exchange rate shocks and price shocks.

(*) The total VaR is lower than the sum of its components due to the benefits of risk diversification.

The portfolios which are not for trading are exposed to different financial risks, since they are sensitive to movements of the market rates, which can result in a negative effect on the value of the assets compared to its liabilities and therefore, on its net value.

Interest rates fluctuate permanently on the market. These fluctuations affect the Group in two ways: first, through the change in the valuation of assets and liabilities; and secondly, affecting the cash flows at repricing. The variation in the valuation of assets and liabilities is increasingly sensitive as the term at which the asset or liability is repriced is extended. This process consists in the assessment of repricing periods. On the other hand, cash flows are affected when the instruments reach maturity, when they are invested or placed at new interest rates effective in the market.

An analysis of the repricing gaps is performed to determine the impact of the interest rates movements. Said analysis consists of assigning the balances of the operations that will change the interest rate into different time gaps. Based on this analysis, the impact of the variation in the valuation of assets and liabilities on each gap is calculated.

In the case of the insurance segment, this risk arises from the fluctuation in interest rates and its effect on the repricing rates required for the payment of long-term obligations of insurance contracts. Therefore, Interseguro maintains short-term deposits at preferential rates, and medium and short-term bonds with different amortization structures to achieve a match of cash flows between assets and liabilities, minimizing repricing gap.

(i.1) The following table summarizes the Group’s exposure to interest rate risk. The Group’s financial instruments are presented at book value (including interest accrued), classified by the repricing period of the contract’s interest rate or maturity date, whichever occurs first:

(*) The balance presented in column “non-interest bearing” corresponds mainly to accrued income from loans, past-due loans, loans under judicial collection and the provision for loan losses.

(**) Includes investment property, property, furniture and equipment, net, due from customers on acceptances, intangibles and goodwill, net, other accounts receivable and other assets, net (except accounts receivable from derivative financial instruments held for trading), reinsurance contract assets, and deferred income tax assets, net.

(***) Includes due from customers on acceptances and other accounts payable, provisions and other liabilities (except accounts payable for derivative financial instruments held for trading) and deferred income tax liability, net.

Investments at fair value through profit or loss, derivatives held for trading and liabilities at fair value through profit or loss, are not considered because these instruments are part of the trading book and the methodology used for the measurement of their market risk is VaR.

(*) The balance presented in column “non-interest bearing” corresponds mainly to accrued income from loans, past-due loans, loans under judicial collection and the provision for loan losses.

The exposure to the interest rate, in the case of Interbank, is supervised by the GIR Committee and the ALCO Committee. The GIR Committee approves the various limits applicable to the financial instruments’ management. The ALCO Committee analyzes and monitors the results of the asset and liability management strategies and decisions implemented. Likewise, it defines the strategies and analyzes the sources of financing, as well as the coverage of the balance executed by Interbank. In particular, the latter could be considered to cover the exposure due to the variation in cash flows attributed to changes in variable market rates, to fix the cost of funds considering the global context of future movement of rates in the currencies under evaluation, to transform the cost of funds from foreign currency to the functional currency, among other casuistry as reviewed and approved by the Committee, considering the risk limits.

In this regard, the effect of movements in interest rates is analyzed based on the Regulatory Model and considers: (i) the financial margin for the next 12 months or Earning at Risk (EaR) and (ii) the Equity Value at Risk (EVaR), as detailed below:

- Earning at Risk indicator, calculated as a percentage of the Regulatory Capital, the legal limit of 5 percent and an early warning of 4 percent are set.

- Value at Risk indicator, calculated as a percentage of the Regulatory Capital, establishes the internal limit of 15 percent and an early warning of 13 percent.

Thus, interest rate risk is managed and supervised by monitoring the aforementioned indicators, which allows Management to assess the potential effect of interest rates movements on the Group’s financial margin and thus manage the terms and the fixed and/or variable yields generated by the financial instruments held by the Group, including strategies on the derivative financial instruments designated as hedge accounting.

For its part, the GIR Committee oversees the approval levels of structural interest-rate risk capacity and appetite, which are detailed in the Interbank's Risk Appetite Framework.

In the case of Interseguro and Inteligo Bank, their Boards establish limits, which are controlled by their respective Investment Risk Unit.

The table below presents the sensitivity to a possible change in interest rates, with all other variables kept constant, in the consolidated statement of income and in the consolidated statement of changes in equity, before Income Tax and non-controlling interest.

          
         As of December 31, 2025

         Currency

         Changes in
basis points

         Sensitivity 
of net income

         Sensitivity of other net
comprehensive income

US Dollar

+/-25

+/-

1,569

+/-

139,317

US Dollar

+/-50

+/-

3,139

+/-

278,784

US Dollar

+/-75

+/-

4,709

+/-

418,550

US Dollar

+/-100

+/-

6,279

+/-

558,764

Sol

+/-50

-/+

44,542

-/+

656,467

Sol

+/-75

-/+

66,813

-/+

985,415

Sol

+/-100

-/+

89,084

-/+

1,315,229

Sol

+/-150

-/+

133,627

-/+

1,978,637

          
         As of December 31, 2024

         Currency

         Changes in
basis points

         Sensitivity 
of net income

         Sensitivity of other net
comprehensive income

US Dollar

+/-25

+/-

83

+/-

129,434

US Dollar

+/-50

+/-

163

+/-

259,018

US Dollar

+/-75

+/-

245

+/-

388,891

US Dollar

+/-100

+/-

325

+/-

519,209

Sol

+/-50

-/+

48,323

-/+

624,757

Sol

+/-75

-/+

72,484

-/+

937,824

Sol

+/-100

-/+

96,645

-/+

1,251,722

Sol

+/-150

-/+

144,968

-/+

1,883,154

The interest rate sensitivities shown in the tables above are only illustrative and are based on simplified scenarios. The figures represent the effect of the pro-forma movements in the net interest income based on the projected scenarios yield curve and the Group’s current interest rate risk profile. However, this effect, does not include actions that would be taken by Management to mitigate the impact of this interest rate risk. In addition, the Group seeks proactively to change the interest rate risk profile to minimize losses and optimize net revenues. The above projections also assume that interest rate of all maturities move by the same amount and, therefore, do not reflect the potential impact on net interest income of some rates changing while others remain unchanged. The projections also include assumptions to facilitate calculations, such as the assumption that all positions are held to maturity.

The exposure to the interest rate in the case of Interseguro is shown in Note 29.4(a.3).

Shares classified as investments at fair value through other comprehensive income, for the years 2025 and 2024, are not considered as part of the investments for interest rate sensitivity calculation purposes. However, a calculation of sensitivity in market prices and the effect on expected unrealized gain or loss in the consolidated statement of other comprehensive income, before income tax and non-controlling interest, as of December 31, 2025 and 2024, is presented below:

The Group is exposed to fluctuations in the exchange rates of the foreign currency prevailing in its financial position and cash flows. Management sets limits on the levels of exposure by currency and total daily and overnight positions, which are monitored daily. Most of the assets and liabilities in foreign currency are stated in US Dollars. Transactions in foreign currency are made at the exchange rates of free market.

As of December 31, 2025, the weighted average exchange rate of free market published by the SBS for transactions in US Dollars was S/3.358 per US$1 bid and S/3.368 per US$1 ask (S/3.758 and S/3.770 as of December 31, 2024, respectively). As of December 31, 2025, the exchange rate for the accounting of asset and liability accounts in foreign currency set by the SBS was S/3.363 per US$1 (S/3.764 as of December 31, 2024).

The table below presents the detail of the Group’s position:


	As of December 31, 2025
	US Dollars			Soles			Other currencies		Total
	S/(000)			S/(000)			S/(000)		S/(000)
Assets
Cash and due from banks		9,784,117			3,963,653			288,179		14,035,949
Inter-bank funds		—			40,006			—		40,006
Financial investments		7,731,572			20,387,567			54,667		28,173,806
Loans, net		14,424,941			36,345,209			—		50,770,150
Due from customers on acceptances		51,332			—			—		51,332
Other accounts receivable and other assets, net		240,769			1,014,491			980		1,256,240
Reinsurance contract assets		2,056			55,126			—		57,182
		32,234,787			61,806,052			343,826		94,384,665
Liabilities
Deposits and obligations		19,301,489			36,216,857			509,284		56,027,630
Inter-bank funds		—			55,019			—		55,019
Due to banks and correspondents		2,049,531			5,116,483			—		7,166,014
Bonds, notes and other obligations		4,879,304			711,104			—		5,590,408
Due from customers on acceptances		51,332			—			—		51,332
Insurance and reinsurance contract liabilities		3,609,743			9,453,511			—		13,063,254
Other accounts payable, provisions and other liabilities		1,929,823			2,438,585			10,761		4,379,169
		31,821,222			53,991,559			520,045		86,332,826
Forwards position, net		(2,443,784	)		2,206,289			237,495		—
Currency swaps position, net		718,766			(718,766	)		—		—
Cross currency swaps position, net		1,850,650			(1,850,650	)		—		—
Options position, net		(66	)		66			—		—
Monetary position, net		539,131			7,451,432			61,276		8,051,839


	As of December 31, 2024
	US Dollars			Soles			Other currencies		Total
	S/(000)			S/(000)			S/(000)		S/(000)
Assets
Cash and due from banks		8,615,546			3,676,441			323,239		12,615,226
Inter-bank funds		—			220,060			—		220,060
Financial investments		7,456,057			19,356,325			45,543		26,857,925
Loans, net		14,372,955			34,848,570			7,923		49,229,448
Due from customers on acceptances		9,163			—			—		9,163
Other accounts receivable and other assets, net		405,658			1,326,121			22		1,731,801
Reinsurance contract assets		207			18,395			—		18,602
		30,859,586			59,445,912			376,727		90,682,225
Liabilities
Deposits and obligations		19,802,404			33,451,094			514,530		53,768,028
Due to banks and correspondents		2,210,040			5,352,017			—		7,562,057
Bonds, notes and other obligations		5,227,805			847,628			—		6,075,433
Due from customers on acceptances		9,163			—			—		9,163
Insurance and reinsurance contract liabilities		3,940,738			8,583,582			—		12,524,320
Other accounts payable, provisions and other liabilities		1,689,640			2,484,247			14,067		4,187,954
		32,879,790			50,718,568			528,597		84,126,955
Forwards position, net		(1,842,468	)		1,564,150			278,318		—
Currency swaps position, net		1,849,472			(1,849,472	)		—		—
Cross currency swaps position, net		2,071,400			(2,071,400	)		—		—
Options position, net		(61	)		61			—		—
Monetary position, net		58,139			6,370,683			126,448		6,555,270

As of December 31, 2025, the Group granted indirect loans (contingent operations) in foreign currency for approximately US$1,050,880,000, equivalent to S/3,534,108,000 (US$770,827,000, equivalent to S/2,901,393,000 as of December 31, 2024); see Note 18.

The Group manages the exchange rate risk through the matching of its assets and liabilities operations, supervising its global exchange position daily. The global exchange position of the Group is equivalent to long positions minus short positions in currencies other than the Sol. The global exchange position includes balance positions (spot) and the positions in derivatives, including the positions of derivatives that have been designated as accounting hedges with the purpose of covering the exposure due to the variation of the exchange rate; see Note10(b). Any depreciation/appreciation of the foreign currency would affect the consolidated statement of income. An imbalance in the monetary position would make the Group’s consolidated statement of financial position vulnerable to the fluctuation of the foreign currency (exchange rate “shock”).

The exposure to the interest rate in the case of Interseguro is shown in Note 29.4(a.3).

Liquidity risk consists in the Group’s inability to comply with the maturity of its obligations, thus incurring in losses that significantly affect its equity position. This risk may arise as a result of various events such as: the unexpected decrease of funding sources, and the inability to rapidly settle assets, among others.

The Group has a set of indicators that are controlled and reported daily, which establish the minimum liquidity levels allowed for the short-term and reflect several risk aspects such as: concentration, stability, position by currency, main depositors, etc.

Likewise, the Group assesses medium-term and long-term liquidity through a structural analysis of its funds inflows and outflows in different maturity terms. This process allows to know, for each currency, the various funding sources, how liquidity needs increase and which terms are mismatched. Both for assets and liabilities, assumptions are considered for the operations that do not have determined maturity dates, such as revolving loans, savings and similar ones, as well as contingent liabilities, such as non-used letters of credit or lines of credit. Based on this information, the necessary decisions to maintain target liquidity levels are made.

In the case of Interbank, liquidity is managed by the Vice-Presidency of Capital Markets, which chairs the ALCO Committee, in which positions, movements, indicators and limits on liquidity management are presented. Liquidity risk is supervised by the GIR Committee, defining the risk level that Interbank is willing to take and the corresponding indicators, limits and controls are reviewed. The Market Risk Division is in charge of tracking said indicators. Interbank takes short-term deposits and transforms them into longer-term loans. Therefore, its exposure to liquidity risk increases. Interbank maintains a set of deposits that are historically renewed or maintained, and represent a stable funding source.

In the case of Interseguro, it is exposed to requirements other than their cash resources, mainly claims resulting from their short-term insurance contracts. The Board of Directors of the company establishes limits on the minimum proportion of the maturity funds available to meet these requirements and in a minimum level of lines of credit that must be available to cover claims at unexpected claim levels.

Regarding long-term insurance contracts, considering the types of products offered and the long-term contractual relationship with clients (the liquidity risk is not material) the emphasis is on sufficient availability of flow of assets, and the term matching of the latter with the liability obligations (mathematical technical reserves), for which there are sufficiency and adequacy indicators.

The exposure to the interest rate in the case of Interseguro is shown in Note 29.4(a.2).

In the case of Inteligo Bank, the Board of Directors has established liquidity levels as to the minimum amount of available funds required to meet such requirements and the minimum level of inter-banking facilities and other loan mechanisms that should exist to cover unexpected withdrawals. Inteligo Bank holds a short-term asset portfolio comprised of loans and investments to ensure sufficient liquidity.

Inteligo Bank’s financial assets include unlisted equity investments, which generally are illiquid. In addition, Inteligo Bank holds investments in closed (unlisted) and open-ended investment funds, which may be subject to redemption restrictions such as “side pockets” and redemption limits. As a result, Inteligo Bank may not be able to settle some of its investments in these instruments in due time to meet its liquidity requirements.

The following table presents the Group’s undiscounted cash flows payable according to contractual terms agreed (including the payment of future interest):


	As of December 31, 2025
	Up to 1 month		From 1 to 3 months			From 3 to 12 months			From 1 to 5 years			Over 5 years			Total
	S/(000)		S/(000)			S/(000)			S/(000)			S/(000)			S/(000)
Financial liabilities by type -
Deposits and obligations		41,664,775		6,430,086			5,688,525			1,388,051			1,128,206			56,299,643
Inter-bank funds		55,019		—			—			—			—			55,019
Due to banks and correspondents		1,092,767		1,166,490			2,177,827			1,082,178			3,629,176			9,148,438
Bonds, notes and other obligations		41,403		2,937			2,074,773			3,832,413			339,962			6,291,488
Due from customers on acceptances		17,717		31,889			1,726			—			—			51,332
Insurance and reinsurance contract liabilities		133,500		258,161			1,153,588			6,277,806			18,083,247			25,906,302
Other accounts payable, provisions and other liabilities		1,274,168		153,895			340,229			194,085			2,209,708			4,172,085
Total non-derivative liabilities		44,279,349		8,043,458			11,436,668			12,774,533			25,390,299			101,924,307
Derivatives held for trading (*) -
Contractual amounts receivable (inflow)		653,321		522,073			925,197			594,077			252,636			2,947,304
Contractual amounts payable (outflow)		632,958		543,862			849,053			624,174			300,277			2,950,324
Total		20,363		(21,789	)		76,144			(30,097	)		(47,641	)		(3,020	)
Derivatives held as hedge (**) -
Contractual amounts receivable (inflow)		—		6,606			1,040,782			347,131			—			1,394,519
Contractual amounts payable (outflow)		—		8,036			1,170,242			384,964			—			1,563,242
Total		—		(1,430	)		(129,460	)		(37,833	)		—			(168,723	)


	As of December 31, 2024
	Up to 1 month			From 1 to 3 months			From 3 to 12 months			From 1 to 5 years			Over 5 years			Total
	S/(000)			S/(000)			S/(000)			S/(000)			S/(000)			S/(000)
Financial liabilities by type -
Deposits and obligations		39,797,251			5,412,063			6,777,915			925,035			1,256,702			54,168,966
Due to banks and correspondents		1,949,333			792,039			733,189			2,465,292			3,831,777			9,771,630
Bonds, notes and other obligations		70,454			2,943			1,652,261			4,665,178			333,061			6,723,897
Due from customers on acceptances		4,691			4,472			—			—			—			9,163
Insurance and reinsurance contract liabilities		116,089			222,826			1,007,404			4,994,624			18,194,009			24,534,952
Other accounts payable, provisions and other liabilities		2,301,897			115,868			150,913			134,248			1,382,740			4,085,666
Total non-derivative liabilities		44,239,715			6,550,211			10,321,682			13,184,377			24,998,289			99,294,274
Derivatives held for trading (*) -
Contractual amounts receivable (inflow)		1,637,115			880,914			1,123,569			1,134,788			176,817			4,953,203
Contractual amounts payable (outflow)		1,605,814			1,088,989			962,496			1,145,555			179,999			4,982,853
Total		31,301			(208,075	)		161,073			(10,767	)		(3,182	)		(29,650	)
Derivatives held as hedge (**) -
Contractual amounts receivable (inflow)		—			86,992			414,593			1,230,550			—			1,732,135
Contractual amounts payable (outflow)		1,690			78,266			450,019			1,173,525			—			1,703,500
Total		(1,690	)		8,726			(35,426	)		57,025			—			28,635

(*) It includes contracts whose future flows agreed to be exchanged are settled on a net basis (non-delivery) and a gross basis (full-delivery).

(**) It only includes contracts whose future flows agreed to be exchanged are settled on a net basis (non-delivery).

The Group estimates that not all of the contingent loans (indirect) or commitments will be used before the maturity date of the commitments.

The following table shows the changes in liabilities arising from financing activities according to IAS 7:


	2025
	Balance as of January 1		Declared dividends payable		Dividends received on treasury shares in the Group			Cash flow			Effect of variation in exchange rate			Others			Balance as of December 31
	S/(000)		S/(000)		S/(000)			S/(000)			S/(000)			S/(000)			S/(000)
Inter-bank funds		—		—		—			54,992			8			19			55,019
Bonds, notes and other obligations		6,075,433		—		—			123,204			(600,058	)		(8,171	)		5,590,408
Lease liability related to right-of-use assets		143,803		—		—			(54,105	)		(605	)		55,152			144,245
Dividends payable of IFS		—		420,096		(13,266	)		(406,830	)		—			—			—
Dividends payable to minority		958		3,097		—			(3,040	)		—			3,019			4,034
Total liabilities for financing activities		6,220,194		423,193		(13,266	)		(285,779	)		(600,655	)		50,019			5,793,706


	2024
	Balance as of January 1		Dividends payable		Cash flow			Effect of variation in exchange rate		Others			Balance as of December 31
	S/(000)		S/(000)		S/(000)			S/(000)		S/(000)			S/(000)
Inter-bank funds		119,712		—		(121,438	)		1,785		(59	)		—
Bonds, notes and other obligations		5,551,629		—		439,867			67,186		16,751			6,075,433
Lease liability related to right-of-use assets		90,513		—		(55,391	)		102		108,579			143,803
Dividends payable		911		430,425		(430,280	)		—		(98	)		958
Total liabilities for financing activities		5,762,765		430,425		(167,242	)		69,073		125,173			6,220,194

The risk under an insurance contract, in any of its various forms, is the possibility that the insured event occurs; therefore, uncertainty is realized in the amount of the resulting claim. Given the nature of the insurance contract, this risk is aleatory and; therefore, unpredictable.

Regarding a portfolio of insurance contracts where the theory of large numbers and probabilities for pricing and provisions is applied, the main risk faced by the insurance business of the Group, managed by Interseguro, is that claims and/or payments of benefits covered by the policies exceed the book value of insurance liabilities. This could happen to the extent that the frequency and/or severity of claims and benefits are higher than estimated. The factors that are considered to perform the assessment of insurance risks are the following:

- Changes in market rates of investments that directly affect the discount rates to calculate mathematical reserves; and

On the other hand, Interseguro has signed contracts of automatic reinsurance coverage mainly in credit life, retirement and life insurances that protect it from losses due to frequency and severity. The objective of this reinsurance negotiation is that the total net insurance losses do not affect the equity and liquidity of Interseguro. Interseguro’s policy is to sign contracts with companies with international rating determined by SBS rules. Pension contracts do not have reinsurance coverage.

Interseguro has developed its insurance underwriting strategy to diversify the type of insurance risks accepted. Factors that aggravate the insurance risk include lack of risk diversification in terms of type and amount of risk and geographic location. The underwriting strategy aims to ensure that underwriting risks are well diversified in terms of type and amount of risk. Underwriting limits serve to implement the selection criteria for appropriate risk. As of December 31, 2025 and 2024, most of the insurance contracts entered into by Interseguro are located in the city of Lima.

The sufficiency of reserves is a principle of insurance management. Technical reserves for claims and premiums are estimated by Interseguro’s actuaries and reviewed by independent experts when deemed necessary.

Interseguro’s Management constantly monitors trends in claims, which allows it to perform estimates of claims incurred but not reported (IBNR) that are supported by recent information.

On the other hand, Interseguro is exposed to the risk that mortality and morbidity rates associated with customers do not reflect the actual mortality and morbidity and may cause the premium calculated for the coverage offered to be insufficient to cover claims. For this reason, Interseguro performs a careful risk selection or underwriting when issuing policies, because by doing so it can classify the degree of risk presented by a proposed insured, analyzing characteristics such as gender, smoking condition, health condition, among others.

In the particular case of pensions, the risk assumed by Interseguro is that the real life expectancy of the insured population is greater than that estimated when determining income, which would mean a deficit of reserves to comply with the payment of pensions.

On the other hand, insurance products do not have particularly relevant terms or clauses that could have a significant impact or represent significant uncertainties over Interseguro’s cash flows.

The following sensitivity analysis shows the impact (gross and net of the reinsurance held) on the contractual service margin (“CSM”), income before taxes and net equity for the reasonably possible movements in the key assumptions, the rest of the assumptions remaining constant. The correlation of the assumptions will have a significant effect on the determination of the final impacts, but to demonstrate the impact resulting from changes in each assumption, the assumptions had to be changed individually. It is worth noting that the movements of these assumptions are non-linear. When options exist, these are the main reason of the sensitivity's asymmetry. The method used to obtain information about the sensitivity and the significant hypotheses did not vary regarding the previous period.

(a.2) Analysis of maturities of insurance and reinsurance contracts liabilities (present value of the future cash flows) –

The following table summarizes the maturity profile of the portfolios of insurance contracts issued and the portfolios of reinsurance contracts held that are liabilities of the Group, based on the estimations of the present value of the future cash flows that are expected to be paid in the following periods:

Analysis of maturities of financial assets (based on non-discounted contractual cash flows) –

The following table summarizes the maturity profile of the Group’s financial assets in function of the non-discounted contractual cash flows, including interest receivable.


	2025
	Less than 1 year		From 1 to 2 years		From 2 to 3 years		From 3 to 4 years		From 4 to 5 years		More than 5 years		Total
	S/(000)		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)
Financial assets
Cash and cash equivalents		—		—		—		—		—		—		—
Investments at fair value through profit or loss		88		88		88		88		88		2,444		2,884
Debt instruments at fair value through other comprehensive income		1,064,804		1,055,793		1,054,406		1,307,692		1,259,962		18,492,436		24,235,093
Investments at amortized cost		—		—		—		—		25,904		—		25,904
Total		1,064,892		1,055,881		1,054,494		1,307,780		1,285,954		18,494,880		24,263,881


	2024
	Less than 1 year		From 1 to 2 years		From 2 to 3 years		From 3 to 4 years		From 4 to 5 years		More than 5 years		Total
	S/(000)		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)
Financial assets
Cash and cash equivalents		—		—		—		—		—		—		—
Investments at fair value through profit or loss		98		98		98		98		98		2,834		3,324
Debt instruments at fair value through other comprehensive income		1,057,660		1,067,828		1,152,885		1,162,798		1,283,365		18,332,782		24,057,318
Investments at amortized cost		—		—		—		—		27,201		—		27,201
Total		1,057,758		1,067,926		1,152,983		1,162,896		1,310,664		18,335,616		24,087,843

It is the risk that the fair value of future cash flows of a financial instrument, assets and/or liabilities of insurance contracts may fluctuate due to changes in the exchange rate.

The main operations of the Group are performed in Soles and their exposure to exchange rate risk rises mainly regarding the US Dollar. The Group’s financial assets are mainly denominated in the same currencies as its insurance contracts liabilities.

The Group partially mitigates the foreign currency risk associated with insurance contracts through the holding of reinsurance contracts denominated in the same currencies as its insurance contractual liabilities.

The following table summarizes the financial assets and the insurance contracts assets and liabilities of the Company by main currency:


	2025							2024
	US Dollar		Sol			Total		US Dollar		Sol		Total
	S/(000)		S/(000)			S/(000)		S/(000)		S/(000)		S/(000)
Financial assets
Cash and cash equivalents		181,399		301,145			482,544		72,053		131,892		203,945
Investments at fair value through profit or loss		570,928		3,292			574,220		372,064		4,585		376,649
Debt instruments at fair value through other comprehensive income		4,391,332		9,560,725			13,952,057		4,205,803		9,062,225		13,268,028
Investments at amortized cost		—		25,904			25,904		—		24,838		24,838

Insurance contracts assets -
Life insurance issued		—		—			—		—		—		—
Life reinsurance held		2,056		15,022			17,078		207		18,395		18,602
Reinsurance held		—		—			—		—		—		—

Insurance contracts liabilities -
Life insurance issued		3,604,846		9,453,926			13,058,772		3,940,738		8,581,614		12,522,352
Life reinsurance held		4,898		(416	)		4,482		—		1,968		1,968
Reinsurance held		—		—			—		—		—		—

The Group has adopted the option of reflecting in other comprehensive income (“OCI”) the fluctuations in the discount rate applicable to insurance contract liabilities, pursuant to IFRS 17, as well as certain financial instruments that are recorded at fair value through OCI, according to IFRS 9. This accounting strategy allows the mitigation of the volatility in the consolidated statement of income because the interest rate fluctuations do not impact directly on the income for the period. These decisions, altogether, protect the reported financial performance against changes in the market environment.

It is the risk that the fair value or future cash flows of a financial instrument or insurance or reinsurance contract may fluctuate due to changes in the market interest rates. Instruments at variable interest rates expose the Group to cash flow interest risk, while instruments at fixed interest rates expose the Group to fair value risk. There is not any direct contractual relation between financial assets and insurance contracts. However, the Group’s policy on interest rate risk requires it to manage the scope of the net interest rate risk by keeping an adequate combination of instruments at variable and fixed rates to support the insurance contract liabilities. Said policy also requires it to manage the maturity of financial assets that accrue interest. The Group does not have a significant concentration of the interest rate risk. The Group’s exposure to insurance and reinsurance contracts sensitive to interest rate risk and debt instruments is the following:

Real estate risk is defined as the possibility of losses due to changes or volatility of market prices of properties; see Note 7. Investment properties are held by Interseguro to manage its long-term inflows and match its technical reserves. SBS Resolution No. 2840-2012, dated May 11, 2012, “Regulations on Real Estate Risk Management in Insurance Companies”, requires that insurance companies adequately identify, measure, control and report the real estate risk level they are exposed to.

Additionally, Interseguro has identified the following risks associated with its real estate portfolios:

- The cost to develop a project may increase if there are delays in the planning process; however, Interseguro receives services from advisors to reduce the risks that may arise in the planning process.

- A major lessee may become insolvent thus causing a significant loss in rental income and a reduction in the value of the associated property. To reduce this risk, Interseguro reviews the financial position of all prospective lessees and decides on the appropriate level of safety required, such as lease deposits or guarantees.

- The fair values of the investment property could be affected by the cash flows generated by the tenants and/or lessees, as well as by the economic conditions of Peru and future expectations.

Operational risk is the risk of loss arising from systems failure, human error, fraud or external events. When internal controls fail, operational risks can cause damage to reputation, have legal or regulatory implications, or lead to financial loss. The Group cannot expect to eliminate all operational risks, but through a control framework and by monitoring and responding to potential risks, the Group is able to manage these risks. Controls include mainly the segregation of duties, accesses, authorization and reconciliation procedures, staff training and assessment processes, including the review by Internal Audit.

Group’s Management has focused its attention on the implementation of a series of measures aimed to ensure the Group’s workers an optimal environment of information technology systems and cybersecurity systems for the execution of their operations within a mixed labor environment (home or office).

The Group manages in an active manner a capital base to cover the risks inherent to its activities. Capital adequacy of the Group is monitored by using regulations and ratios established by the different regulators. See Note 16(f).