At a glance: Chile's top 5 life insurers in H1

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Monday, August 21, 2017

Chile's insurers reported earnings of 12.0mn UFs (inflation-linked units, about US$495mn) for the first half of the year.

Life segment insurers accounted for the bulk of sector earnings, 11.7mn UFs, according to data from the Chilean association of insurers AACh.

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Life sector direct premiums totaled 107mn UFs and direct claims totaled 100.6mn UFs.

No. 1

The biggest player by earnings was Consorcio Seguros de Vida, the life insurance arm of local financial services group Consorcio. The insurer reported earnings of 2.65mn UFs, placing it far ahead of No. 2 player, the local units of US insurer MetLife, and the rest of the pack. Consorcio reported direct premiums of 11.3mn.

No. 2

MetLife's local unit posted earnings of 1.28mn UFs and 14.2mn UFs in direct premiums, outstripping all other insurers.

No. 3

In third was another local player, CorpSeguros, controlled by Inversiones La Construcción (ILC), the investment holding company of Chilean construction chamber CChC. CorpSeguros posted earnings of 923,905 UFs and direct premiums of 1.06mn UFs.

No. 4

Posting earnings of 845,314 UFs, local player Penta Vida took the No. 4 spot. Penta Vida, whose main shareholder is Inversiones BanPenta II, reported 11.2mn UFs in direct premiums.

No. 5

In fifth place was local firm EuroAmerica, with 749,077 UFs in earnings and 3.74mn euros in direct premiums.

SECTOR GROWTH

In May, AACh head José Manuel Camposano (pictured) forecast that the country's insurance sector, impacted by slow growth of the overall economy, would expand by about 1% this year.

Overall direct premiums for January-June were 152mn UFs. The figure for January-March was 73.8mn UFs, which means in Q2 direct premiums were up quarter-on-quarter, to 78.2mn UFs.