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