- Between January and September 2020, insurance companies recorded sales for USD 7,343 million, a real decrease of 16.9 percent compared to the same period in 2019.
- Profits reached USD 550 million, which represents a real increase of 31.5 percent compared to the third quarter last year.
December 10, 2020 - The Financial Market Commission (CMF) released today the Financial Report of the Insurance Market as of the third quarter of 2020. The insurance market recorded sales for USD 7,343 million between January and September 2020, a real decrease of 16.9 percent compared to the same period last year. Meanwhile, profits reached USD 550 million, a real increase of 31.5 percent compared to the third quarter of 2019.
Regarding the investment portfolios of both life and general insurance companies, they were mainly based on domestic fixed-income instruments, at 56.5 and 71.8 percent respectively.
At the closure of the third quarter of 2020, life insurance market sales decreased in real terms by 26.1 percent versus the same period in 2019, with amounts of USD 4,522 million. However, general insurance market sales increased by 4 percent during that same timeframe, totaling USD 2,821 million.
In terms of results, the life insurance market recorded USD 413 million in profits, a real increase of 28.6 percent compared to the Q1-Q3 period last year. General insurance companies posted profits of USD 137 million, representing a real increase of 40.8 percent versus the same span in 2019. An increase in the contribution margin, due to a lower variation in technical reserves and a lower cost of claims, is behind the growth for both types of companies.