El Salvador
News

SISA 9mth profit jumps 72%

Bnamericas Published: Tuesday, December 05, 2006
El Salvador's largest insurance company SISA, the local unit of Central American financial group UBCI, reported a 72.2% increase in consolidated earnings in the first nine months compared to same-period 2005. Net income for the nine-month period totaled US$7.32mn compared to the US$4.25mn reported for the same year ago period, according to financial statements obtained from the company. Premiums written climbed 6% in the first nine months to US$55.6mn, while net premiums written rose 5% in the same period to US$35.5mn. The company expects to report a large increase in premium volume during the last two months of this year, SISA CEO Eduardo Montenegro told BNamericas. ""There is a seasonal factor that significantly affects premium volume. December accounts for more than a twelfth of total premiums," Montenegro said. Bottom-line results for the first nine months were better than expected, while premium income was in line with expectations, the executive added. Investment gains totaled US$1.79mn in the first nine months, a 72% rise over the same period in 2005. On the balance sheet, the investment portfolio expanded 30% to US$46.4mn at end-September compared to the same date last year, while technical reserves increased 4% to US$13.6mn. Shareholder equity was up 27% to US$26.3mn at the end of September compared to end-September 2005. SISA sells non-life insurance and subsidiary SISA Vida sells life insurance. The company forms part of El Salvador-based financial group Inversiones Financieras Cuscatlán, which also controls the country's second largest bank Banco Cuscatlán and pension fund management firm AFP Confía. Panama-based UBCI - known as Grupo Cuscatlán - is now the largest Central American financial group still in local hands, with assets of US$5.59bn and shareholder equity of US$676mn as of September 30.

Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.

Subscribe to Latin America’s most trusted business intelligence platform.

Other projects

Get key information on thousands of projects in Latin America, from current stage, to capex, related companies, key contacts and more.

Other companies in: Political Risk & Macro

Get key information on thousands of companies in Latin America, from projects, to contacts, shareholders, related news and more.

  • Company: Business Finland Oy  (Business Finland)
  • The description included in this profile was taken directly from an official source and has not been modified or edited by the BNamericas’ researchers. However, it may have been...