June 17, 2022 - The Financial Market Commission (CMF) released today its Financial Report of the Insurance Market as of the first quarter of 2022.
Over the first three months of the year, insurance companies recorded sales for USD 3,052 million, a real increase of 21.4 percent compared to the first quarter of 2021. Meanwhile, profits suffered a real decline of 30.8 percent in the same span, totaling USD 398 million.
The investment portfolios of both life and general insurance companies were mainly composed of domestic fixed-income instruments - 55.9 and 76.3 percent, respectively.
At the end of the first quarter of 2022, life insurance market sales rose 24 percent versus the first three months of 2021, amounting to USD 1,862 million. General insurance market sales also grew to a total of USD 1,190 million for an increase of 17.5 percent.
Regarding results, the life insurance market posted USD 366.5 million in quarterly profits, declining 29.6 percent versus the same period last year due to increased claim and rent costs caused by a larger amount of life annuities sold and lower investment returns. General insurance companies had 31.4 million in profits, a decline of 42.2 percent caused by a decline in the contribution margin and higher claim costs.
