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NET PREMIUMS EARNED
 12 Months Ended
Dec. 31, 2021
NET PREMIUMS EARNED [Abstract]  
NET PREMIUMS EARNED
25
NET PREMIUMS EARNED


a)
This item consists of the following:

   
Gross written premiums
    
Technical reserve
adjustment
    
Total gross
written premiums
(*)
    
Premiums ceded
to reinsurers and
co-insurers, net (**)
    
Results of
financial assets
designated at fair
value through
profit and loss,
Note 8
    
Total Net
premiums
earned
  
   
S/(000)

 
S/(000)
 
S/(000)

 
S/(000)
 
S/(000)
 
S/(000)

2021
                                                
Life insurance
    
2,508,154
      
(890,216
)
    
1,617,938
      
(214,636
)
    
54,663
      
1,457,965
  
Health insurance
    
630,790
      
(30,457
)
    
600,333
      
(15,078
)
    
-
      
585,255
  
General insurance
    
1,140,478
      
(3,176
)
    
1,137,302
      
(508,992
)
    
-
      
628,310
  
Total
    
4,279,422
      
(923,849
)
    
3,355,573
      
(738,706
)
    
54,663
      
2,671,530
  
                                                 
2020
                                                
Life insurance
    
2,036,713
      
(754,480
)
    
1,282,233
      
(115,347
)
    
115,627
      
1,282,513
  
Health insurance
    
584,068
      
(22,366
)
    
561,702
      
(12,309
)
    
-
      
549,393
  
General insurance
    
1,021,136
      
(4,614
)
    
1,016,522
      
(420,368
)
    
-
      
596,154
  
Total
    
3,641,917
      
(781,460
)
    
2,860,457
      
(548,024
)
    
115,627
      
2,428,060
  
                                                 
2019
                                                
Life insurance
    
1,984,279
      
(738,421
)
    
1,245,858
      
(119,310
)
    
93,664
      
1,220,212
  
Health insurance
    
571,006
      
(22,843
)
    
548,163
      
(12,828
)
    
-
      
535,335
  
General insurance
    
1,051,489
      
14,229
      
1,065,718
      
(427,022
)
    
-
      
638,696
  
Total
    
3,606,774
      
(747,035
)
    
2,859,739
      
(559,160
)
    
93,664
      
2,394,243
  


(*)
This item includes earned premiums, reinsurance premiums accepted and coinsurance premiums accepted and received.

  (**)
“Premiums ceded to reinsurers and coinsurers, net” include:

   
2021
    
2020
    
2019
  
   
S/(000)
 
S/(000)
 
S/(000)
                   
Premiums ceded for automatic contracts (mainly excess of loss), Note 9(b)
    
(355,356
)
    
(244,112
)
    
(254,839
)
Premiums ceded for facultative contracts, Note 9(b)
    
(392,346
)
    
(327,098
)
    
(289,386
)
Annual variation of reserve risk in progress of premiums ceded, Note 9(b)
    
8,996
      
23,186
      
(14,935
)
     
(738,706
)
    
(548,024
)
    
(559,160
)


b)
Gross written premiums by insurance type are described below:

   
2021
    
2020
    
2019
  
   
S/(000)

%
    
S/(000)

%
    
S/(000)

%
  
                                           
Life insurance (i)
    
1,617,938
      
48.22
      
1,282,233
      
44.83
      
1,245,858
      
43.57
  
Health insurance (ii)
    
600,333
      
17.89
      
561,702
      
19.64
      
548,163
      
19.17
  
General insurance (iii)
    
1,137,302
      
33.89
      
1,016,522
      
35.53
      
1,065,718
      
37.26
  
Total
    
3,355,573
      
100.00
      
2,860,457
      
100.00
      
2,859,739
      
100.00
  


(i)
The breakdown of life insurance gross written premiums is as follows:

   
2021
    
2020
    
2019
  
   
S/(000)

%
    
S/(000)

%
    
S/(000)

%
  
                                           
Credit life
    
593,370
      
36.67
      
582,064
      
45.39
      
536,091
      
43.03
  
Disability and survival (*)
    
645,194
      
39.88
      
458,653
      
35.77
      
470,066
      
37.73
  
Individual life (**)
    
119,220
      
7.37
      
46,391
      
3.62
      
60,705
      
4.87
  
Group life
    
150,777
      
9.32
      
129,315
      
10.09
      
128,656
      
10.33
  
Annuities
    
109,377
      
6.76
      
65,810
      
5.13
      
50,340
      
4.04
  
Total
    
1,617,938
      
100.00
      
1,282,233
      
100.00
      
1,245,858
      
100.00
  


(*)
This item includes Complementary Work Risk Insurance (“SCTR” from its Spanish acronym).

  (**)
Individual life insurance premiums include Investment Link insurance contracts.


(ii)
Health insurance gross written premiums after adjustments include medical assistance which amounts to S/ 519.8 million as of December 31, 2021 (S/ 483.1 million and S/ 464.7 million as of December 31, 2020 and 2019, respectively) and represents 86.59 percent of this line of business as of December 31, 2021 ( 86.01 and 84.78 percent as of December 31, 2020 and 2019,respectively).

  (iii)
General insurance gross written premiums consist of the following:

   
2021
    
2020
    
2019
  
   
S/(000)

%
    
S/(000)

%
    
S/(000)

%
  
                                           
Automobile
    
334,939
      
29.45
      
339,306
      
33.38
      
357,796
      
33.57
  
Fire and allied lines
    
311,048
      
27.35
      
271,380
      
26.70
      
293,392
      
27.53
  
Theft and robbery
    
110,815
      
9.74
      
88,751
      
8.73
      
110,395
      
10.36
  
Technical lines (*)
    
63,792
      
5.61
      
59,370
      
5.84
      
70,364
      
6.60
  
Third party liability
    
109,907
      
9.66
      
62,080
      
6.11
      
50,024
      
4.69
  
Transport
    
58,300
      
5.13
      
42,758
      
4.21
      
44,368
      
4.16
  
SOAT (Mandatory automobile line)
    
25,662
      
2.26
      
32,934
      
3.24
      
41,068
      
3.85
  
Marine Hull
    
29,414
      
2.59
      
23,091
      
2.27
      
27,005
      
2.53
  
Aviation
    
38,275
      
3.37
      
37,366
      
3.68
      
42,191
      
3.96
  
Others
    
55,150
      
4.84
      
59,486
      
5.84
      
29,115
      
2.75
  
Total
    
1,137,302
      
100.00
      
1,016,522
      
100.00
      
1,065,718
      
100.00
  


(*)
Technical lines include Contractor’s All Risk (CAR), Machinery breakdown, All Risk (EAR), Electronic equipment (EE), All Risk Contractor’s Equipment (ARCE).