Insurance - Chile

AFP Q3 results roundup: Provida, Cuprum, Planvital, Habitat, Capital, Modelo

AFP Q3 results roundup: Provida, Cuprum, Planvital, Habitat, Capital, Modelo

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Chilean private pension fund manager AFP Provida (NYSE: PVD) reported earnings of 74.3bn pesos (US$153mn) in January-September, up 22.0% on the year-ago period, the company said in a filing sent to local securities and insurance regulator SVS.

The results are mainly explained by an improvement in the recurring business, as well as an increase in other business lines, mainly disability insurance and the company''s Ecuadorian subsidiary, AFP Genesis.

AFP Provida reported assets under management of 375bn pesos at end-September, up 11.9% from end-September last year.

AFP Provida is controlled by Spain''s BBVA (NYSE: BBVA).

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AFP Cuprum reported a 17.8% drop in its January-September profits to 40.7bn pesos compared to the same period in 2009, according to a filing with SVS.

Revenues fell 24.4% to 60.5bn pesos due to a drop in fee-based income, the company said.

AFP Cuprum had assets under management of 150bn pesos at the end of the 3Q10, up 13.9% from end-3Q09.

AFP Cuprum is controlled by local financial services holding Penta.

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AFP Planvital posted a 5.42bn-peso profit in January-September, down 5.25% on the same period 2009, the company said in another filing with SVS.

The pension fund manager attributed the drop to an increase in operational expenses and by continued judicial expenses from a litigation against local insurance company Renta Nacional.

AFP Planvital reported assets under management of 40.6bn pesos at end-3Q10, up 16.0% from end-3Q09.

AFP Planvital is owned by Switzerland''s Banca della Svizzera Italiana.

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AFP Habitat reported earnings of 56.3bn pesos in January-September, down 3.9% on the year-ago period, the company said in a filing sent to SVS.

Revenues fell 53.8% to 73.2bn pesos due to a drop in fee-based income, the company said.

AFP Habitat reported assets under management of 231bn pesos at end-September, up 2.0% from end-September last year.

AFP Habitat is controlled by local construction chamber CChC.

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AFP Capital reported a 22.6% decrease in its January-September profits to 29.7bn pesos compared to the same period in 2009, according to its SVS filing.

Revenues fell 31.7% to 62.5bn pesos due to a drop in fee-based income, the company said.

AFP Capital had assets under management of 479bn pesos at end-3Q10, up 10.5% from a year prior.

AFP Capital is controlled by Dutch financial services holding ING (NYSE: ING).

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AFP Modelo posted a 779mn-peso loss in January-September, down 3.21% on the same period 2009, the company told the SVS.

The pension fund manager started operations in June this year and the loss was due to the expenses incurred during the start-up process.

AFP Modelo reported assets under management of 1.42bn pesos at end-September.

AFP Modelo is owned by the controllers of Santiago-based regional systems integrator Sonda.