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Chilean insurance earnings down 34.5% to end-Q3

Bnamericas Published: Wednesday, December 18, 2013

Chilean insurers' combined profits declined 34.5% year-on-year during the first nine months of 2013, according to the latest figures from securities and insurance regulator SVS.

Earnings in the sector came to 190bn pesos (US$360mn currently) in January-September 2013, compared with 290bn pesos in the same period last year.

By segment, life insurers' earnings fell 44.6% in the period to 137bn pesos impacted by lower investment returns and higher costs of administration and sales of annuities, according to SVS.

P&C insurers, for their part, saw profits increase 22.5% to 53.1bn pesos due to higher premiums, lower technical provision costs and improved investment returns.

Premiums from life insurance rose 5.6% to 2.89tn pesos during the first nine months of 2013, while P&C premiums expanded 1% to 1.39tn pesos.

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