Colombian insurers booked earnings of 109bn pesos (US$61.0mn) in January-June, down 84% when compared to the year-ago period, as the buildup of technical reserves continued to outpace their reduction, the latest figures from financial services regulator Superfinanciera show.

In the first half of the year, the industry saw a 1.8% year-on-year drop in reserve reduction, while buildup increased 3.5%. Insurers’ investment income also fell, down 35.8% to 629bn pesos.

Overall for Colombian insurers, income for the period was up 4.1% to 20.4tn pesos, while expenses rose 7.3% to 20.2tn pesos.

Life insurers posted 5.36bn pesos in net income in the six months, plummeting 98.8% from 1H10, while P&C insurance companies booked 104bn pesos in earnings, a 53.5% drop in the same comparison.

PREMIUM GROWTH

Written life premiums rose 20.8% to 3.06tn pesos in January-June, driven by a 17.5% increase in workers’ compensation premiums – the sector’s largest segment – to 802bn pesos.

Group life premiums grew 18.6% to 599bn pesos.

Locally owned Suramericana remained the country’s biggest life insurer with 666bn pesos in premiums. In second place was Seguros Bolнvar, with 401bn pesos.

P&C premiums rose 16.4% to 3.67tn pesos in the six months. The sector’s largest segment, auto insurance, posted a 15% increase to 934bn pesos in premiums.

Suramericana was also the leading P&C player with 538bn pesos in premiums, followed by Liberty Colombia, the local unit of US insurer Liberty Mutual, with 375bn pesos.

Why settle for this one story when you can access all our news? Sign up here for your free 15-day trial.

Similar Posts:

Share