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INSURANCE AND REINSURANCE CONTRACTS ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
INSURANCE AND REINSURANCE CONTRACTS ASSETS AND LIABILITIES [Abstract]  
Assets per Reinsurance Contract

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

 
   2024     2023  

 


Asset for
remaining
coverage (*)
    
Incurred claims
assets - contracts
measured by PAA
(**)
   



Total
    


Asset for
remaining
coverage (*)
    
Incurred claims
assets - contracts
measured by PAA
(**)
   



Total
  
   
Present value of
future cash flows
    
Present value of
future cash flows
  
     
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)
   
S/(000)

   
S/(000)

Balance at the beginning of the period
  

(133,054
)
  

1,005,100
    

872,046
    

(96,962
)
  

840,970
    

744,008
  
Directly attributable claims incurred
    
–
      
343,855
      
343,855
      
–
      
660,468
      
660,468
  
Changes that relate to past services
    
–
      
(158,503
)
    
(158,503
)
    
–
      
(219,215
)
    
(219,215
)
Future service changes
    
(5,735
)
    
–
      
(5,735
)
    
7,238
      
–
      
7,238
  
Reinsurance recoveries
    
(5,735
)
    
185,352
      
179,617
      
7,238
      
441,253
      
448,491
  
Expenses for assigning the premiums paid to the reinsurer
    
(674,214
)
    
–
      
(674,214
)
    
(837,543
)
    
(2,269
)
    
(839,812
)
Result of the reinsurance service
    
(679,949
)
    
185,352
      
(494,597
)
    
(830,305
)
    
438,984
      
(391,321
)
Net financial expenses for reinsurance contracts
    
–
      
30,377
      
30,377
      
–
      
43,419
      
43,419
  
Other changes
    
(13,237
)
    
(18,679
)
    
(31,916
)
    
91,775
      
47,232
      
(44,543
)
Cash flow:
                                                
Premiums paid net of commissions ceded and other directly attributable expenses paid
    
767,841
      
12
      
767,853
      
885,988
      
2,270
      
888,258
  
Reinsurance recoveries
    
–
      
(302,593
)
    
(302,593
)
    
–
      
(367,775
)
    
(367,775
)
Net cash flow
    
767,841
      
(302,581
)
    
465,260
      
885,988
      
(365,505
)
    
520,483
  
Balances at the end of the period
    
(58,399
)
    
899,569
      
841,170
      
(133,054
)
    
1,005,100
      
872,046
  

(*)  Includes accounts payable to reinsurers and co-insurers and excess of loss contracts.
(**) Includes accounts receivable from reinsurers and co-insurers.
Liability for Insurance Contracts
  b)
The detail of the liability for insurance contracts are:

   
2024
  
   
Liabilities for remaining coverage
    
Liabilities for incurred
losses-
contracts not measured by PAA
    
Incurred loss liabilities - contracts
measured by PAA
    
Total
  
   
Excluding loss component (*)
    
Loss component
    
Present Value of Fulfillment Cash Flows
    
Risk adjustment
  
     
S/(000
)
    
S/(000
)
    
S/(000
)
    
S/(000
)
    
S/(000
)
    
S/(000
)
Balance at the beginning of the period
    
8,379,672
      
207,695
      
1,212,856
      
2,497,439
      
20,471
      
12,318,133
  
Insurance income
    
(3,779,710
)
    
316
      
–
      
–
      
–
      
(3,779,394
)
Claims incurred and other insurance service expenses
    
–
      
8,172
      
722,763
      
1,535,912
      
–
      
2,266,847
  
Adjustments relating to the past to liabilities for incurred claims
    
–
      
(4,365
)
    
(550,740
)
    
348,829
      
2,277
      
(203,999
)
Losses and recoveries for losses in onerous contracts
    
–
      
15,801
      
–
      
–
      
–
      
15,801
  
Amortization of insurance acquisition cash flows
    
7,128
      
–
      
–
      
–
      
–
      
7,128
  
Insurance service expenses
    
7,128
      
19,608
      
172,023
      
1,884,741
      
2,277
      
2,085,777
  
Result of the insurance service
    
(3,772,582
)
    
19,924
      
172,023
      
1,884,741
      
2,277
      
(1,693,617
)
Net financial expenses for insurance contracts
    
553,835
      
(5,376
)
    
64,928
      
126,019
      
1,044
      
740,450
  
Total changes in the consolidated income statement
    
(3,218,747
)
    
14,548
      
236,951
      
2,010,760
      
3,321
      
(953,167
)
Investment components
    
(914,866
)
    
–
      
914,866
      
–
      
–
      
–
  
Other changes
    
(4,620
)
    
25,556
      
1,171
      
9,884
      
56
      
32,047
  
Cash flow:
                                                
Premiums received
    
5,180,689
      
–
      
–
      
–
      
–
      
5,180,689
  
Claims and other service expenses paid
    
–
      
–
      
(1,077,214
)
    
(1,973,141
)
    
–
      
(3,050,355
)
Insurance acquisition cash flows
    
(105,062
)
    
–
      
–
      
–
      
–
      
(105,062
)
Net cash flow
    
5,075,627
      
–
      
(1,077,214
)
    
(1,973,141
)
    
–
      
2,025,272
  
Balances at the end of the period
    
9,317,066
      
247,799
      
1,288,630
      
2,544,942
      
23,848
      
13,422,285
  

(*) Includes accounts receivable of contracts measured under the PAA and debts to intermediaries, marketers and auxiliaries.

   
2023
  
   
Liabilities for remaining coverage
   
Liabilities for incurred
losses -
contracts not measured by PAA
    
Incurred loss liabilities - contracts
measured by PAA
    
Total
  
   
Excluding loss component (*)
    
Loss component
    
Present Value of Fulfillment Cash Flows
    
Risk adjustment
  
     
S/(000)
      
S/(000)
      
S/(000)
      
S/(000)
      
S/(000)
      
S/(000)
  
Balance at the beginning of the period
    
7,628,056
      
163,555
      
1,073,412
      
2,274,827
      
14,158
      
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 consolidated 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
    
(241,725
)
    
22,700
      
(1,609
)
    
33,651
      
(317
)
    
(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
    
8,379,672
      
207,695
      
1,212,856
      
2,497,439
      
20,471
      
12,318,133
  

(*) Includes accounts receivable of contracts measured under the PAA and debts to intermediaries, marketers and auxiliaries.
Components of Movements of Insurance Contracts
  c)
The components of the movement are presented below:

   
2024
     2023  
   
Present
Value of
Fulfillment
Cash Flows
    
Risk
adjustment
    
Contractual
Service
Margin
(CSM)
    

Total
    
Present
Value of Fulfillment
Cash Flows
    
Risk
adjustment

    
Contractual
Service
Margin
(CSM)
    
Total

  
 
     
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

 
S/(000)
   
S/(000)
   
S/(000)
   
S/(000)
 
Balance at the beginning of the period
    
8,220,567
      
144,207
      
1,202,240
      
9,567,014
       7,186,948       254,151       1,154,236       8,595,335  
Changes in the consolidated statement of income:
                                                                
Changes in estimates that adjust the CSM
    
(19,665
)
    
4,441
      
9,535
      
(5,689
)
     50,644       (97,658 )     39,919       (7,095 )
Changes in estimates that result in losses and recoveries for contract losses onerous
    
(8,949
)
    
(681
)
    
–
      
(9,630
)
     4,483       (10,842 )     (5,615 )     (11,974 )
Initial recognition contracts
    
(102,195
)
    
9,628
      
123,461
      
30,894
       (94,546 )     8,226       106,833       20,513  
Changes related to future services
    
(130,809
)
    
13,388
      
132,996
      
15,575
       (39,419 )     (100,274 )     141,137       1,444  
CSM recognized for services provided
    
–
      
–
      
(125,610
)
    
(125,610
)
     –       –       (128,639 )     (128,639 )
Changes in the risk adjustment recognized for the expired risk
    
–
      
(20,039
)
    
–
      
(20,039
)
     –       (22,759 )     –       (22,759 )
Experience adjustments
    
829,682
      
–
      
–
      
829,682
       871,245       5       174       871,424  
Changes related to current services
    
829,682
      
(20,039
)
    
(125,610
)
    
684,033
       871,245       (22,754 )     (128,465 )     720,026  
Adjustments to liabilities for incurred claims
    
(713,268
)
    
9,927
      
–
      
(703,341
)
     (764,140 )     9,443       –       (754,697 )
Result of the insurance service
    
(14,395
)
    
3,276
      
7,386
      
(3,733
)
     67,686       (113,585 )     12,672       (33,227 )
Net financial expenses for insurance contracts
    
564,473
      
3,896
      
45,118
      
613,487
       1,140,937       7,125       40,142       1,188,204  
Total changes in the consolidated income statement
    
550,078
      
7,172
      
52,504
      
609,754
       1,208,623       (106,460 )     52,814       1,154,977  
Other changes
    
51,293
      
1,414
      
3,306
      
56,013
       (100,717 )     (3,484 )     (21,294 )     (125,495 )
Cash flow:
                                                                
Premiums collected
    
1,500,797
      
–
      
–
      
1,500,797
       1,091,817       –       –       1,091,817  
Benefits and expenses paid
    
(1,077,186
)
    
–
      
–
      
(1,077,186
)
     (1,085,630 )     –       –       (1,085,630 )
Acquisition fees paid
    
(80,588
)
    
–
      
–
      
(80,588
)
     (80,474 )     –       16,484       (63,990 )
Net cash flow
    
343,023
      
–
      
–
      
343,023
       (74,287 )     –       16,484       (57,803 )
Balances at the end of the period
    
9,164,961
      
152,793
      
1,258,050
      
10,575,804
       8,220,567       144,207       1,202,240       9,567,014