NET PREMIUMS EARNED (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| NET PREMIUMS EARNED |
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| Schedule of insurance premium revenue |
a) This item consists of the following:
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Results of
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financial assets
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designated at fair
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Total gross
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Premiums ceded
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value through
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Total Net
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Gross written
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Technical reserve
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written
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to reinsurers and
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profit and loss,
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premiums
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premiums
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adjustment
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premiums (*)
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co-insurers, net (**)
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Note 8
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earned
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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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2019
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Life insurance
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1,984,279
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(738,421)
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1,245,858
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(119,310)
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93,664
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1,220,212
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Health insurance
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571,006
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(22,843)
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548,163
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(12,828)
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—
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535,335
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General insurance
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1,076,595
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14,229
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1,090,824
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(427,022)
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—
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663,802
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Total
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3,631,880
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(747,035)
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2,884,845
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(559,160)
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93,664
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2,419,349
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2018
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Life insurance
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1,821,867
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(677,708)
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1,144,159
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(116,043)
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(53,935)
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974,181
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Health insurance
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554,517
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(18,383)
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536,134
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(10,257)
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—
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525,877
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General insurance
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1,014,705
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(52,051)
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962,654
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(371,346)
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—
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591,308
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Total
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3,391,089
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(748,142)
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2,642,947
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(497,646)
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(53,935)
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2,091,366
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2017
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Life insurance
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1,498,943
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(611,621)
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887,322
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(106,652)
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67,633
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848,303
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Health insurance
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502,148
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(5,147)
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497,001
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(15,294)
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—
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481,707
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General insurance
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936,316
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(12,496)
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923,820
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(377,857)
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—
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545,963
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Total
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2,937,407
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(629,264)
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2,308,143
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(499,803)
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67,633
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1,875,973
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(*)This item includes earned premiums, reinsurance premiums accepted and coinsurance premiums accepted and received.
(**)“Premiums ceded to reinsurers and coinsurers, net” include:
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| Schedule of summary of components of premiums ceded to reinsurers and coinsurers, net |
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2019
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2018
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2017
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S/(000)
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S/(000)
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S/(000)
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Premiums ceded for automatic contracts (mainly excess of loss), Note 9(b)
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(254,839)
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(243,427)
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(257,617)
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Premiums ceded for facultative contracts, Note 9(b)
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(289,386)
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(288,928)
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(263,378)
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Annual variation of reserve risk in progress of premiums ceded, Note 9(b)
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(14,935)
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34,709
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21,192
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(559,160)
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(497,646)
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(499,803)
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| Schedule of gross written premiums after adjustments by insurance types |
b) Gross written premiums by insurance type are described below:
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2019
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2018
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2017
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S/(000)
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%
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S/(000)
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%
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S/(000)
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%
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Life insurance (i)
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1,245,858
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43.19
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1,144,159
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43.29
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887,322
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38.44
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Health insurance (ii)
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548,163
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19.00
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536,134
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20.29
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497,001
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21.54
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General insurance (iii)
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1,090,824
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37.81
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962,654
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36.42
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923,820
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40.02
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Total
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2,884,845
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100.00
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2,642,947
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100.00
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2,308,143
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100.00
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(i)
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The breakdown of life insurance gross written premiums is as follows: |
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2019
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2018
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2017
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S/(000)
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%
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S/(000)
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%
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S/(000)
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%
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Credit life
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536,091
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43.03
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507,496
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44.36
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436,443
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49.19
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Disability and survival (*)
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470,066
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37.73
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272,144
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23.79
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237,559
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26.77
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Individual life (**)
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60,705
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4.87
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203,662
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17.80
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69,647
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7.85
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Group life
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128,656
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10.33
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113,273
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9.90
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117,580
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13.25
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Annuities
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50,340
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4.04
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47,584
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4.15
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26,093
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2.94
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Total
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1,245,858
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100.00
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1,144,159
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100.00
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887,322
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100.00
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(*)This item includes Complementary Work Risk Insurance (“SCTR” from its Spanish acronym).
(**)Individual life insurance premiums include Investment Link insurance contracts.
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(ii)
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Health insurance gross written premiums after adjustments include medical assistance which amounts to S/464.7 million at December 31, 2019 (S/420.5 and S/386.3 million at December 31, 2018 and 2017, respectively) and represents 84.78 percent of this line of business at December 31, 2019 (78.44 and 77.73 percent at December 31, 2018 and 2017,respectively). |
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(iii)
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General insurance gross written premiums consist of the following: |
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2019
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2018
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2017
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S/(000)
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%
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S/(000)
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%
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S/(000)
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%
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Automobile
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357,796
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32.80
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340,236
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35.34
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308,910
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33.44
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Fire and allied lines
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293,392
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26.90
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248,832
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25.85
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244,474
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26.46
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Theft and robbery
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110,395
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10.12
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91,369
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9.49
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81,699
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8.84
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Technical lines (*)
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70,364
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6.45
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64,141
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6.66
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62,973
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6.82
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Third party liability
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50,024
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4.59
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49,421
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5.13
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44,536
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4.82
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Transport
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44,368
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4.07
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49,441
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5.14
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46,534
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5.04
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SOAT (Mandatory automobile line)
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41,068
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3.76
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32,015
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3.33
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24,573
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2.66
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Marine Hull
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27,005
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2.48
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27,394
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2.85
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27,317
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2.96
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Aviation
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42,191
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3.87
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16,173
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1.68
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25,185
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2.73
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Others
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54,221
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4.96
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43,632
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4.53
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57,619
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6.23
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Total
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1,090,824
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100.00
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962,654
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100.00
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923,820
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100.00
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(*)Technical lines include Contractor’s All Risk (CAR), Machinery breakdown, All Risk (EAR), Electronic equipment (EE), All Risk Contractor’s Equipment (ARCE).
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