Consorcio getting closer to MetLife in Chile's life insurance segment

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Wednesday, April 5, 2017

With 729bn pesos (US$1.1bn) in direct premiums, up 5.7%, MetLife continued to lead Chile's 36 insurers in the life segment in 2016, figures from regulator SVS show.

MetLife's closest competitors, Consorcio Nacional and Penta however, shortened the gap with 22.3% and 40.4% increases, respectively. MetLife saw its market share of direct premiums drop to 12.5% from 13.2% in 2015.

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Total direct life premiums in the country were up 11.8% last year.

Consorcio Nacional headed the net income ranking with 85bn pesos last year, up 135% on 2015, compared to 51bn pesos for second placed Metlife, which saw its bottom line shrink 23.8%.

Total net income increased 7.0% in the life insurance market in 2016.