June 1, 2023 - The Financial Market Commission (CMF) released today its Financial Report of the Insurance Market as of the fourth quarter of fiscal year 2022.
Insurance companies recorded USD 13,321 million in sales last year, a real increase of 15.3 percent compared to 2021. Meanwhile, profits reached USD 1.45 billion for a decrease of 3.2 percent in that span.
The investment portfolios of both life and general insurance companies consist primarily of domestic fixed-income instruments at 55.8 and 77.3 percent, respectively.
At the end of fiscal year 2022, life insurance market sales increased 20 percent compared to 2021, amounting to USD 8,006 million. General insurance market sales grew 9.6 percent last year for a total of USD 5,315 million.
Regarding results, the life insurance market posted annual profits of USD 1,231.1 million, 5.2 percent less than fiscal year 2021, due to decreased investment results countering a larger contribution margin. General insurance companies posted USD 218.6 million in profits, a gain of 10.4 percent, thanks to a lower growth of claim costs and an increased contribution margin.
