February 17, 2023 - The Financial Market Commission (CMF) released today its Financial Report of the Insurance Market as of the third quarter of 2022.

Over the first nine months of said year, insurance companies posted sales for USD 8,565 million, a real increase of 15.9 percent compared to the same period of 2021. However, profits declined 10.1 percent in that span for a total of USD 1,003 million.

The investment portfolios of both life and general insurance companies were primarily composed of domestic fixed-income instruments - 55.2 and 77.7 percent, respectively.

At the end of September 2022, life insurance market sales posted a real increase of 18.7 percent compared to the first three quarters of 2021, amounting to USD 5,246 million. General insurance market sales rose by 11.7 percent for a total of USD 3,319 million.

Regarding results, the life insurance market recorded USD 884.4 million in profits, decreasing 9.5 percent compared to the third quarter of 2021 due to lower investment results countering a better contribution margin. Profits of general insurance companies also trended downward, falling by 13.6 percent to USD 119 million because of a lower contribution margin after and higher claim costs.