TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS (Tables)

12 Months Ended

Dec. 31, 2021

TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS [Abstract]

This item consists of the following:

	2021
	Technical reserves for claims (*)		Technical reserves for premiums (**)		Total
	S/(000)		S/(000)		S/(000)

Life insurance		1,696,733		9,101,456		10,798,189
General insurance		714,700		684,950		1,399,650
Health insurance		144,147		192,525		336,672
Total		2,555,580		9,978,931		12,534,511

	2020
	Technical reserves for claims (*)		Technical reserves for premiums (**)		Total
	S/(000)		S/(000)		S/(000)

Life insurance		1,288,056		8,784,732		10,072,788
General insurance		629,330		656,963		1,286,293
Health insurance		133,088		182,907		315,995
Total		2,050,474		9,624,602		11,675,076

(*) As of December 31, 2021, the life insurance technical reserves include the mathematical reserves of income amounting to S/6,759.7 million (S/ 6,806.1 million as of December 31, 2020).

Movement in Direct and Assumed Insurance Claim Reserves

Movement of insurance claims reserves (direct and assumed), occurred during the years 2021 and 2020:

	2021
	Life insurance			General insurance			Health insurance			Total
	S/(000)			S/(000)			S/(000)			S/(000)

Beginning balance		1,288,056			629,330			133,088			2,050,474
Gross claims, Note 26		2,183,789			375,162			325,307			2,884,258
Payments		(1,786,376	)		(353,147	)		(314,343	)		(2,453,866	)
Result for difference in change and others		11,264			63,355			95			74,714
Ending balance		1,696,733			714,700			144,147			2,555,580

	2020
	Life insurance			General insurance			Health insurance			Total
	S/(000)			S/(000)			S/(000)			S/(000)

Beginning balance		908,362			590,588			77,278			1,576,228
Gross claims, Note 26		1,383,344			326,183			281,627			1,991,154
Payments		(1,012,012	)		(363,374	)		(225,882	)		(1,601,268	)
Result for difference in change and others		8,362			75,933			65			84,360
Ending balance		1,288,056			629,330			133,088			2,050,474

Movement in Technical Insurance Claim Reserves

The increase in technical reserves for claims mainly corresponds to excess mortality in the Life Insurance Businesses and the provision of services for Health Insurance. The impact by business is detailed below:

2021

Business line	IBNR Balance COVID - 19	Claims reported COVID – 19	Total Impact COVID-19
Vida Individual	S/ 18.0 MM	S/ 39.0 MM	S/ 57.0 MM
Vida Grupo	S/ 13.9 MM	S/ 18.7 MM	S/ 32.6 MM
Vida Ley	S/ 27.2 MM	S/ 44.4 MM	S/ 71.6 MM
Vida Crédito	S/ 45.6 MM	S/ 162.9 MM	S/ 208.5 MM
SISCO	S/ 67.8 MM	S/ 286.5 MM	S/ 354.3 MM
Asistencia Médica	S/ 19.8 MM	S/ 38.7 MM	S/ 58.5 MM
Totales	S/ 192.3 MM	S/ 590.2 MM	S/ 782.5 MM

2020

Business line	IBNR Balance COVID - 19	Claims reported COVID – 19	Total Impact COVID-19
Vida Individual	S/ 7.0 MM	S/ 17.1 MM	S/ 24.1 MM
Vida Grupo	S/ 9.8 MM	S/ 9.0 MM	S/ 18.8 MM
Vida Ley	S/ 11.3 MM	S/ 19.4 MM	S/ 30.7 MM
Vida Crédito	S/ 21.7 MM	S/ 101.8 MM	S/ 123.5 MM
SISCO	S/ 49.0 MM	S/ 112.9 MM	S/ 161.9 MM
Asistencia Médica	S/ 24.5 MM	S/ 33.1 MM	S/ 57.6 MM
Totales	S/ 123.3 MM	S/ 293.3 MM	S/ 416.6 MM

Movement of reserves for premiums (direct and assumed) that occurred during the years 2021 and 2020:

	2021
	Life insurance			General insurance			Health insurance		Total
	S/(000)			S/(000)			S/(000)		S/(000)

Beginning balance		8,784,732			656,963			182,907		9,624,602
Time course expenses and others		(55,135	)		2,710			–		(52,425	)
Unearned premium and other technical reserves variation, net		(539	)		(21,844	)		9,371		(13,012	)
Insurance subscriptions		751,942			6,374			–		758,316
Adjustment by application of market rates (i)		(771,711	)		–			–		(771,711	)
Result for difference in change and others		392,167			40,747			247		433,161
Ending balance		9,101,456			684,950			192,525		9,978,931

	2020
	Life insurance		General insurance			Health insurance		Total
	S/(000)		S/(000)			S/(000)		S/(000)

Beginning balance		7,548,684		651,129			174,192		8,374,005
Time course expenses and others		75,115		818			–		75,933
Unearned premium and other technical reserves variation, net		1,006		(36,323	)		8,501		(26,816	)
Insurance subscriptions		599,149		5,941			–		605,090
Adjustment by application of market rates (i)		263,820		–			–		263,820
Result for difference in change and others		296,958		35,398			214		332,570
Ending balance		8,784,732		656,963			182,907		9,624,602

Assumptions Used in Estimation of Insurance Reserves

The main assumptions used to estimate of retirement, disability and survival annuities and individual life reserves are as follows:

	2021		2020
Mortality	Mortality table	Technical rates	Mortality table	Technical rates
Annuities	SPP-S-2017 and SPP-I- 2017	Investment Rates: Between 3.75% - 8.02% Reinvestment Rates: Between 2.5% - 5.25%	SPP-S-2017 and SPP-I- 2017	Investment Rates: Between 3.21% - 7.96% Reinvestment Rates: Between 2.50% - 5.25%
Pension Insurance - Definitive Regime (Claims with an accrual date until May 2011).	B-85 and MI-85	Soles VAC 1.37% / Nominal US dollar 3.61%	B-85 and MI-85	Soles VAC 1.7% / Nominal US dollar 3.68%
Pension Insurance - Definitive Regime (Claims with an accrual date from June 2011)	B-85 adjusted and MI-85	Soles VAC 1.37% / Nominal US dollar 3.61% / Adjusted Soles 5.12% / Adjusted Dollars 3.61%	B-85 Adjusted and MI-85	Soles VAC 1.7% / Nominal US dollar 3.68% / Adjusted Soles 5.25% / Adjusted Dollars 3.68%
Pension Insurance - Temporary Regime (IFRS reserve) All Claims	SPP-S-2017- and SPP-I-2017	Soles VAC 3.614%	SPP-S-2017- and SPP-I-2017	Soles VAC 3.648%
SCTR (IFRS Reserve) Claims settled until December 2019	SPP-S-2017- and SPP-I-2017	Soles VAC 3.663%	SPP-S-2017 and SPP-I-2017	Soles VAC 3.672%
SCTR (IFRS Reserve) Claims settled since January 2020	SPP-S-2017- and SPP-I-2017	Soles VAC 2.748%	SPP-S-2017 and SPP-I-2017	Soles VAC 2.734%
Individual life	CSO 80 adjusted	4.00 – 5.00%	CSO 80 adjustable	4.00 – 5.00%

Variations in Claim Reserves by Changes in Interest Rates and Mortality Tables

The Group has evaluated the changes in its most significant reserves related to life insurance contracts included in retirement, disability and survival annuities reserves of +/- 100 bps of the interest rates and of +/- 5 bps of the mortality factors, with the following results:

	2021								2020
			Variation of the reserve								Variation of the reserve
Variables	Reserve		Amount			Percentage			Reserve		Amount			Percentage
						%								%
Portfolio in S/ - Base amount		3,951,240		–			–			4,121,791		–			–
Changes in interest rates: + 100 bps		3,581,606		(369,633	)		(9.35	)		3,783,665		(338,126	)		(8.20	)
Changes in interest rates: - 100 bps		4,398,670		447,430			11.32			4,530,919		409,128			9.93
Changes in Mortality tables to 105%		3,923,102		(28,138	)		(0.71	)		4,095,670		(26,121	)		(0.63	)
Changes in Mortality tables to 95%		3,980,673		29,433			0.74			4,148,940		27,149			0.66

Portfolio in US$ - Base amount		672,130		–			–			847,563		–			-
Changes in interest rates: + 100 bps		623,665		(48,465	)		(7.21	)		801,574		(45,989	)		(5.43	)
Changes in interest rates: - 100 bps		729,743		57,613			8.57			902,102		54,539			6.43
Changes in Mortality tables to 105%		666,489		(5,641	)		(0.84	)		842,068		(5,495	)		(0.65	)
Changes in Mortality tables to 95%		677,982		5,852			0.87			853,308		5,745			0.68