CMF releases Financial Report of the Insurance Market as of the third quarter of 2019

Between January and September 2019, insurance companies recorded sales of USD 9,331 million, a real increase of 2.3 percent over the same period in 2018. Meanwhile, profits reached USD 442 million, a real decrease of 21.4 percent compared to the same quarter last year.

December 5, 2019.- The Financial Market Commission (CMF) released today the Financial Report of the Insurance Market as of the third quarter of 2019.

According to the report, insurance companies recorded sales of USD 9,331 million between January and September, a real increase of 2.3 percent over the same period in 2018. Meanwhile, profits reached USD 442 million, a real decrease of 21.4 percent compared to the same quarter last year.

The investment portfolios of both life and general insurance companies consisted mainly of domestic fixed-income instruments, at 56.1 and 77.5 percent respectively.

At the end of the third quarter of 2019, sales in the life insurance market increased in real terms by 0.5 percent compared to the same period in 2018, reporting amounts of USD 6,464 million. Sales in the general insurance market rose by 6.5 percent during the same time frame, summing up the amount of USD 2,867 million.

As for the results, the life insurance market made profits of USD 338,8 million, a real reduction of 25,6 percent versus the first three quarters of last year. There was a lower contribution margin despite good investment performance, mainly due to higher claims costs.

Regarding profits of general insurance companies, they summed USD 103,1 million over the first three quarters of 2019, a real decrease of 3.5 percent compared to the same period in 2018. Increases in administration costs explain this result.

The Financial Report of the Insurance Market as of the third quarter of 2019 is available on the CMF website.

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