Insurance - El Salvador

El Salvador's insurance profits up in 1H13

El Salvador's insurance profits up in 1H13

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El Salvador's 16 insurance firms posted a combined net income of US$30mn in 1H13, up 17.6% from US$25.5mn in 1H12, analyst Enrique López Peña said in a report citing figures from El Salvador's financial regulator SSF.

Insurance premiums reached US$258mn in the first half of the year, up 11.7% from US$231mn in the year-ago period. In the same comparison total claims and adjustment costs fell 3.51% to US$109mn from US$113mn.

El Salvador insurers' first half net operating costs totaled US$62.2mn, up 13.2% from US$54.9mn in last year's first half, according to the report.

Seguros e Inversiones led El Salvador's top five insurers in terms of profit with US$14.6mn in 1H12, followed by Scotia Seguros (US$4.03mn), Aseguradora Suiza Salvadoreña (US$2.27mn), Seguros Comerciales Bolivar (US$1.96mn) and La Central De Seguros y Fianzas (US$1.88mn).

Seguros e Inversiones also led in premiums with US$58.9mn, followed by Aseguradora Suiza Salvadoreña (US$50.1mn), Aseguradora Agrícola Comercial (US$32.5mn), Mapfre (US$29.7mn) and AIG (26.4mn).