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INSURANCE AND REINSURANCE CONTRACTS ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2023
INSURANCE AND REINSURANCE CONTRACTS ASSETS AND LIABILITIES [Abstract]  
Assets per Reinsurance Contract

  a)
The details of the assets per reinsurance contract are:

   
As of December 31, 2023
  
   
Remaining
coverage
assets
    
Assets for
incurred
claims for
contracts not
measured by
PAA
    
Assets for incurred claims for contracts measured by PAA
    
Accounts
receivable from
reinsurers and
co-insurers
    
Accounts
payable to
reinsurers and
co-insurers
    
Excess of
loss
contracts
    
Total
  
   
Present value of future cash flows
  
     
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

Balances as of January 1
    
308,270
      
–
      
730,006
      
110,964
      
(419,217
)
    
13,985
      
744,008
  
Past Service Changes - LIC Adjustments and expenses incurred directly attributable
    
–
      
21
      
441,232
   
–
      
–
      
–
      
441,232
Future Service Changes - Changes in the FCF that do not adjust the CSM for the underlying group of contracts
    
7,238
      
–
      
–
      
–
      
–
      
–
      
7,238
  
Reinsurance recoveries
    
7,238
      
21
      
441,232
      
–
      
–
      
–
      
448,491
  
Expenses for assigning the premiums paid to the reinsurer
    
(837,543
)
    
–
      
(2,269
)
    
–
      
–
      
–
      
(839,812
)
Result of the reinsurance service
    
(830,305
)
    
21
      
438,963
      
–
      
–
      
–
      
(391,321
)
Net financial expenses for reinsurance contracts
    
–
      
–
      
43,419
      
–
      
–
      
–
      
43,419
  
Other changes
    
(7,611
)
    
–
      
(12,114
)
    
59,346
      
(52,716
)
    
3,521
      
(9,574
)
Cash flow:
                                                        
Premiums paid net of commissions ceded and other directly attributable expenses paid
    
885,524
      
–
      
2,270
      
–
      
–
      
–
      
887,794
  
Reinsurance recoveries
    
(34,505
)
    
(21
)
    
(367,754
)
    
–
      
–
      
–
      
(402,280
)
Net cash flow
    
851,019
      
(21
)
    
(365,484
)
    
–
      
–
      
–
      
485,514
  
Balances at the end of the period
    
321,373
      
–
      
834,790
      
170,310
      
(471,933
)
    
17,506
      
872,046
  

   
As of December 31, 2022
  
   
Remaining coverage assets
    
Assets for incurred claims for contracts not measured by PAA
    
Assets for incurred claims for contracts measured by PAA
    
Accounts receivable from reinsurers and co-insurers
    
Accounts payable to reinsurers and co-insurers
    
Excess of loss contracts
    
Total
  
   
Present value of future cash flows
  
     
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

Balances as of January 1
    
322,427
      
–
      
746,346
      
194,365
      
(463,886
)
    
13,214
      
812,466
  
Past Service Changes - LIC Adjustments and Expenses incurred directly attributable
    
–
      
–
      
316,077
      
–
      
–
      
–
      
316,077
  
Future Service Changes - Changes in the FCF that do not adjust the CSM for the underlying group of contracts
    
1,033
      
–
      
–
      
–
      
–
      
–
      
1,033
  
Reinsurance recoveries
    
1,033
      
–
      
316,077
      
–
      
–
      
–
      
317,110
  
Expenses for assigning the premiums paid to the reinsurer
    
(775,719
)
    
–
      
(2,290
)
    
–
      
–
      
–
      
(778,009
)
Result of the reinsurance service
    
(774,686
)
    
–
      
313,787
      
–
      
–
      
–
      
(460,899
)
Net financial expenses for reinsurance contracts
    
–
      
–
      
(18,608
)
    
–
      
–
      
–
      
(18,608
)
Other changes
    
(13,389
)
    
–
      
(17,298
)
    
3,303
      
(789
)
    
–
      
(28,173
)
Cash Flow:
                                                        
Premiums paid net of commissions ceded and other directly attributable expenses paid
    
773,918
      
–
      
(294,221
)
    
(86,704
)
    
45,458
      
771
      
439,222
  
Reinsurance recoveries
    
–
      
–
      
–
      
–
      
–
      
–
      
–
  
Net cash flow
    
773,918
      
–
      
(294,221
)
    
(86,704
)
    
45,458
      
771
      
439,222
  
Balances at the end of the period
    
308,270
      
–
      
730,006
      
110,964
      
(419,217
)
    
13,985
      
744,008
  
Liability for Insurance Contracts

  b)
The details of the liability for insurance contracts are:

   
As of December 31, 2023
  
   
Remaining coverage liabilities
    
Liabilities for incurred claims for contracts not measured by PAA
    
Liabilities for incurred claims for contracts measured by PAA
    
Accounts receivable for insurance contracts
    
Debts to intermediaries, marketers and auxiliaries
    
Total
  
   
Excluding loss component
    
Loss component
    
Present value of future cash flows
    
Risk adjustment
  
     
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

Balances as of January 1
    
8,396,418
      
163,555
      
1,073,412
      
2,274,827
      
14,158
      
(869,455
)
    
101,093
      
11,154,008
  
Insurance income
    
(3,855,739
)
    
331
      
–
      
–
      
–
      
–
      
–
      
(3,855,408
)
Claims incurred and other insurance service expenses
    
11,544
      
–
      
772,038
      
2,104,635
      
–
      
–
      
–
      
2,888,217
  
Adjustments relating to the past to liabilities for incurred claims
    
(592
)
    
–
      
(588,726
)
    
(71,098
)
    
4,871
      
–
      
–
      
(655,545
)
Losses and recoveries for losses in onerous contracts
    
(8,812
)
    
25,993
      
–
      
–
      
–
      
–
      
–
      
17,181
  
Amortization of insurance acquisition cash flows
    
3,134
      
–
      
–
      
–
      
–
      
–
      
–
      
3,134
  
Insurance service expenses
    
5,274
      
25,993
      
183,312
      
2,033,537
      
4,871
      
–
      
–
      
2,252,987
  
Result of the insurance service
    
(3,850,465
)
    
26,324
      
183,312
      
2,033,537
      
4,871
      
–
      
–
      
(1,602,421
)
Net financial expenses for insurance contracts
    
1,051,939
      
(4,492
)
    
140,934
      
146,732
      
1,759
      
–
      
–
      
1,336,872
  
Total changes in the income statement
    
(2,798,526
)
    
21,832
      
324,246
      
2,180,269
      
6,630
      
–
      
–
      
(265,549
)
Investment components
    
(901,136
)
    
(10
)
    
901,131
      
–
      
–
      
–
      
–
      
(15
)
Other changes
    
(163,289
)
    
22,700
      
(1,609
)
    
33,651
      
(317
)
    
(70,408
)
    
(8,028
)
    
(187,300
)
Cash Flow:
                                                                
Premiums received.
    
4,773,477
      
(382
)
    
–
      
–
      
–
      
–
      
–
      
4,773,095
  
Claims and other service expenses paid.
    
–
      
–
      
(1,084,324
)
    
(1,991,308
)
    
–
      
–
      
–
      
(3,075,632
)
Insurance acquisition cash flows.
    
(80,474
)
    
–
      
–
      
–
      
–
      
–
      
–
      
(80,474
)
Net Cash Flow
    
4,693,003
      
(382
)
    
(1,084,324
)
    
(1,991,308
)
    
–
      
–
      
–
      
1,616,989
  
Balances at the end of the period
    
9,226,470
      
207,695
      
1,212,856
      
2,497,439
      
20,471
      
(939,863
)
    
93,065
      
12,318,133
  

   
As of December 31, 2022
  
   
Remaining coverage liabilities
    
Liabilities for incurred claims for contracts not measured by PAA
    
Liabilities for incurred claims for contracts measured by PAA
    
Accounts receivable for insurance contracts
    
Debts to intermediaries, marketers and auxiliaries
    
Total
  
   
Excluding loss component
    
Loss component
    
Present value of future cash flows
    
Risk adjustment
  
     
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

Balances as of January 1
    
9,246,468
      
135,365
      
994,581
      
2,357,336
      
14,383
      
(916,859
)
    
89,700
      
11,920,974
  
Insurance income
    
(3,533,270
)
    
–
      
–
      
–
      
–
      
–
      
–
      
(3,533,270
)
Claims incurred and other insurance service expenses
    
1,953
      
–
      
554,692
      
6,266
      
–
      
–
      
–
      
562,911
  
Adjustments relating to the past to liabilities for incurred claims
    
(13,440
)
    
–
      
(262,588
)
    
1,836,194
      
(425
)
    
–
      
–
      
1,559,741
  
Losses and recoveries for losses in onerous contracts
    
–
      
92,530
      
–
      
–
      
–
      
–
      
–
      
92,530
  
Amortization of insurance acquisition cash flows
    
15,741
      
–
      
–
      
–
      
–
      
–
      
–
      
15,741
  
Insurance service expenses
    
4,254
      
92,530
      
292,104
      
1,842,460
      
(425
)
    
–
      
–
      
2,230,923
  
Result of the insurance service
    
(3,529,016
)
    
92,530
      
292,104
      
1,842,460
      
(425
)
    
–
      
–
      
(1,302,347
)
Net financial expenses for insurance contracts
    
(793,873
)
    
(9,058
)
    
(29,644
)
    
(40,648
)
    
338
      
–
      
–
      
(872,885
)
Total changes in the income statement
    
(4,322,889
)
    
83,472
      
262,460
      
1,801,812
      
(87
)
    
–
      
–
      
(2,175,232
)
Investment components
    
(658,211
)
    
–
      
658,211
      
–
      
–
      
–
      
–
      
–
  
Other changes
    
357,096
      
(55,282
)
    
(3,221
)
    
16,583
      
(138
)
    
178
      
(61
)
    
315,155
  
Cash Flow:
                                                                
Premiums received.
    
3,849,115
      
–
      
–
      
–
      
–
      
47,226
      
11,454
      
3,907,795
  
Claims and other service expenses paid.
    
–
      
–
      
(838,619
)
    
(1,900,904
)
    
–
      
–
      
–
      
(2,739,523
)
Insurance acquisition cash flows.
    
(75,161
)
    
–
      
–
      
–
      
–
      
–
      
–
      
(75,161
)
Net Cash Flow
    
3,773,954
      
–
      
(838,619
)
    
(1,900,904
)
    
–
      
47,226
      
11,454
      
1,093,111
  
Balances at the end of the period
    
8,396,418
      
163,555
      
1,073,412
      
2,274,827
      
14,158
      
(869,455
)
    
101,093
      
11,154,008
  
Components of Movements of Insurance Contracts

  c)
The components of the movement are presented below:

   
As of December 31, 2023
  
   
Present value of future cash flows
    
Risk adjustment
    
CSM
    
Total
  
   
Fair value contracts
  
     
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

Balances as of January 1
    
7,186,948
      
254,151
      
1,154,236
      
8,595,335
  
Changes in the statement of income:
                                
Changes in estimates that adjust the CSM
    
50,644
      
(97,658
)
    
39,919
      
(7,095
)
Changes in estimates that result in losses and recoveries for contract losses onerous
    
4,483
      
(10,842
)
    
(5,615
)
    
(11,974
)
Initial recognition contracts
    
(94,546
)
    
8,226
      
106,833
      
20,513
  
Changes Related to Future Services
    
(39,419
)
    
(100,274
)
    
141,137
      
1,444
  
CSM recognized for services provided
    
–
      
–
      
(128,639
)
    
(128,639
)
Changes in the risk adjustment recognized for the expired risk
    
–
      
(22,759
)
    
–
      
(22,759
)
Experience Adjustments
    
871,245
      
5
      
174
      
871,424
  
Changes Related to Current Services
    
871,245
      
(22,754
)
    
(128,465
)
    
720,026
  
Adjustments to liabilities for incurred claims
    
(764,140
)
    
9,443
      
–
      
(754,697
)
Changes related to past services
    
(764,140
)
    
9,443
      
–
      
(754,697
)
Result of the insurance service
    
67,686
      
(113,585
)
    
12,672
      
(33,227
)
Net financial expenses for insurance contracts
    
1,140,937
      
7,125
      
40,142
      
1,188,204
  
Total changes in the income statement
    
1,208,623
      
(106,460
)
    
52,814
      
1,154,977
  
Other changes
    
(100,717
)
    
(3,484
)
    
(21,294
)
    
(125,495
)
Cash flow:
                                
Premiums collected
    
1,091,817
      
–
      
–
      
1,091,817
  
Benefits and expenses paid
    
(1,085,630
)
    
–
      
–
      
(1,085,630
)
Acquisition fees paid
    
(80,474
)
    
–
      
16,484
      
(63,990
)
Net cash flow
    
(74,287
)
    
–
      
16,484
      
(57,803
)
Balances at the end of the period
    
8,220,567
      
144,207
      
1,202,240
      
9,567,014
  

      As of December 31, 2023, the insurance contract liabilities measured under the general model is S/8,696.9 million and the variable fee approach is S/870.1 million.

   
As of December 31, 2022
  
   
Present value of future cash flows
    
Risk adjustment
    
CSM
    
Total
  
   
Fair value contracts
  
     
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

Balances as of January 1
    
7,789,688
      
284,348
      
1,292,358
      
9,366,394
  
Changes in the statement of income:
                                
Changes in estimates that adjust the CSM
    
167,426
      
10,241
      
(147,298
)
    
30,369
  
Changes in estimates that result in losses and recoveries for contract losses onerous
    
65,410
      
279
      
–
      
65,689
  
Initial recognition contracts
    
(116,222
)
    
10,178
      
120,623
      
14,579
  
Changes Related to Future Services
    
116,614
      
20,698
      
(26,675
)
    
110,637
  
CSM recognized for services provided
    
–
      
–
      
(114,272
)
    
(114,272
)
Changes in the risk adjustment recognized for the expired risk
    
–
      
(15,379
)
    
–
      
(15,379
)
Experience Adjustments
    
667,764
      
–
      
–
      
667,764
  
Changes Related to Current Services
    
667,764
      
(15,379
)
    
(114,272
)
    
538,113
  
Adjustments to liabilities for incurred claims
    
(442,907
)
    
1,316
      
–
      
(441,591
)
Changes related to past services
    
(442,907
)
    
1,316
      
–
      
(441,591
)
Result of the insurance service
    
341,471
      
6,635
      
(140,947
)
    
207,159
  
Net financial expenses for reinsurance contracts
    
(879,839
)
    
(26,978
)
    
42,268
      
(864,549
)
Total changes in the income statement
    
(538,368
)
    
(20,343
)
    
(98,679
)
    
(657,390
)
Other changes
    
(162,140
)
    
(9,854
)
    
(39,443
)
    
(211,437
)
Cash Flow:
                                
Premiums collected
    
1,011,547
      
–
      
–
      
1,011,547
  
Benefits and expenses paid
    
(838,619
)
    
–
      
–
      
(838,619
)
Acquisition fees paid
    
(75,160
)
    
–
      
–
      
(75,160
)
Net cash flow
    
97,768
      
–
      
–
      
97,768
  
Balances at the end of the period
    
7,186,948
      
254,151
      
1,154,236
      
8,595,335