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INSURANCE AND REINSURANCE RESULT
 12 Months Ended
Dec. 31, 2024
INSURANCE AND REINSURANCE RESULT [Abstract]  
INSURANCE AND REINSURANCE RESULT

22
INSURANCE AND REINSURANCE RESULT



a)
This item consists of the following:

   
2024
    
2023
     2022
 
     
S/(000)
      
S/(000)
    

S/(000)
 
Contracts measured under BBA* and VFA (b)
    
204,578
      
226,125
       211,323  
Contracts measured under PAA
    
3,574,816
      
3,629,283
       3,321,947  
Income from the Insurance Service
    
3,779,394
      
3,855,408
       3,533,270  
 
                        
Expenses for incurred claims and other expenses net of change of past services
    
(2,062,848
)
    
(2,232,672
)
     (2,122,652 )
 
                        
Losses in onerous contracts and reversal of losses
    
(15,801
)
    
(17,181
)
    
(92,530
)
Others
    
(7,128
)
    
(3,134
)
    
(15,741
)
Insurance service expenses
    
(2,085,777
)
    
(2,252,987
)
    
(2,230,923
)
 
                        
Insurance service result
    
1,693,617
      
1,602,421
       1,302,347  


   
2024
    
2023
     2022  
     
S/(000)
      
S/(000)
       S/(000)  
Income from reinsurance recoveries
    
179,617
      
448,491
       317,110  
 
                        
Premiums allocated to the current period
    
(674,214
)
    
(839,812
)
    
(778,009
)
Expenses for assigning the premiums paid to the reinsurer
    
(674,214
)
    
(839,812
)
    
(778,009
)
 
                        
Reinsurance result
    
(494,597
)
    
(391,321
)
    
(460,899
)

 
b)
The result of contracts measured under BBA and VFA is detailed below:

   
2024
    
2023
     2022
 
     
S/(000)

   
S/(000)

    S/(000)
Amounts related to changes in liabilities for the remaining coverage:
                        
CSM recognized for services provided
    
125,610
      
128,639
       131,588  
Change in risk adjustment for non-financial risk
    
9,907
      
12,357
       15,982  
Expenses for insurance services and expected claims occurred
    
61,933
      
81,995
       65,329  
Cash recovery for the purchase of insurance
    
7,128
      
3,134
       (1,576 )
Contracts measured under BBA and VFA
    
204,578
      
226,125
       211,323  


 
(*)
 Building Block Approach (BBA)



c)
The impact of the new business for onerous and non-onerous contracts is detailed below:


   
2024
  
   
Onerous
contracts
    
Non-onerous
contracts
    
Total
  
     
S/(000)

   
S/(000)

   
S/(000)

Estimates of the present value of future outflows:
                        
   Insurance Acquisition Cash Flows
    
27,948
      
128,252
      
156,200
  
   Claims and other directly attributable expenses
    
445,384
      
886,382
      
1,331,766
  
Estimates of the present value of future inflows
    
(446,274
)
    
(1,143,887
)
    
(1,590,161
)
Risk adjustment for non-financial risk
    
4,078
      
5,550
      
9,628
  
CSM
    
–
      
123,703
      
123,703
  
Impact on provisions for contracts recognized in the period
    
31,136
      
–
      
31,136
  


   
2023
  
   
Onerous
contracts
    
Non-onerous
contracts
    
Total
  
     
S/(000)

   
S/(000)

   
S/(000)

Estimates of the present value of future outflows:
                        
   Insurance Acquisition Cash Flows
    
21,123
      
85,120
      
106,243
  
   Claims and other directly attributable expenses
    
135,905
      
658,515
      
794,420
  
Estimates of the present value of future inflows
    
(138,467
)
    
(856,323
)
    
(994,790
)
Risk adjustment for non-financial risk
    
1,913
      
6,225
      
8,138
  
CSM
    
–
      
106,463
      
106,463
  
Impact on provisions for contracts recognized in the period
    
20,474
      
–
      
20,474
  


   
2022
  
   
Onerous
contracts
    
Non-onerous
contracts
    
Total
  
     
S/(000)

   
S/(000)

   
S/(000)

Estimates of the present value of future outflows:
                        
   Insurance Acquisition Cash Flows
    
14,022
      
72,277
      
86,299
  
   Claims and other directly attributable expenses
    
165,170
      
468,718
      
633,888
  
Estimates of the present value of future inflows
    
(167,263
)
    
(668,931
)
    
(836,194
)
Risk adjustment for non-financial risk
    
2,562
      
7,569
      
10,131
  
CSM
    
–
      
120,367
      
120,367
  
Impact on provisions for contracts recognized in the period
    
14,491
      
–
      
14,491
  




d)
Below we present the estimate of the release of CSM over the years considering reversals of the loss component:


   
2024
    
2023
     2022
 
     
S/(000)

   
S/(000)

 

S/(000)
 
One year
    
122,859
      
113,378
    
115,614  
Two years
    
125,636
      
115,736
       148,085  
Three years
    
126,066
      
116,736
       164,542  
Four years
    
124,387
      
117,284
       165,924  
Five years
    
120,257
      
114,531
       152,654  
From 6 to 10 years
    
517,669
      
494,953
       413,518  
Older than 10 years
    
1,074,187
      
1,011,435
       217,278  
Total
    
2,211,061
      
2,084,053
       1,377,615  




e)
The composition of underlying assets related to contracts with direct participation features is detailed below:


   
2024
    
2023
     2022
  
     
S/(000)

   
S/(000)

 

S/(000)  
IL Controlled
    
76,946
      
91,502
    
84,570  
IL Controlled Soles
    
3,992
      
1,433
       187,088  
IL Balanced
    
193,410
      
186,879
       72,059  
IL Balanced II
    
93,044
      
79,671
       370,484  
IL Global Balanced
    
13,648
      
1,073
       75,301  
IL Capitalized
    
425,552
      
382,326
       328  
IL Capitalized II
    
122,413
      
87,527
       190  
IL Global Growth
    
18,636
      
804
       198  
IL Sustainable Capitalization
    
–
      
259
       –  




f)
The impact on the current period of the transition approaches adopted to establishing CSMs for insurance contracts portfolios is disclosed in the table below:


   
2024
    
2023
     2022
 
     
S/(000)

   
S/(000)

    S/(000)
 
CSM at the beginning of the period
    
887,586
      
992,526
       1,292,358  
Changes in estimates adjusting the CSM
    (33,955 )     (11,445 )     (182,240 )
Changes related to future service
    
(33,955
)
    
(11,445
)
     (182,240 )
CSM recognized in consolidated statement of income for services rendered
    (91,995 )     (102,878 )     (117,518 )
Interest expense on insurance contracts issued (interest on CSM)
    23,975       28,279       38,896  
Changes related to the current service
    
(68,020
)
    
(74,599
)
     (78,622 )
Other changes
    9,324       (18,896 )     (38,970 )
CSM at the end of the period
    
794,935
      
887,586
       992,526