May 23, 2025 - The Financial Market Commission (CMF) published today the Financial Report of the Insurance Market as of the fourth quarter of 2024.
Insurance companies posted USD 14,276.8 million in sales between January and December, a real increase of 2.4 percent versus the same period in 2023. As of December 2024, sales in the life insurance market rose by 4.1 percent compared to December 2023 for a total of USD 9.139 million. Pension insurance represents 65.5 percent of said sales, with life annuities having the largest share at 46 percent of total premiums. Next are the Disability and Survivors' Insurance (14.1 percent); banking and retail insurance (12.7 percent); and traditional collective insurance policies (11 percent).
Sales in the general insurance market declined by 0.6 percent versus 2023 to USD 5,137.8 million. The largest premium shares were earthquake and tsunami (26.3 percent); motor vehicles (26.2 percent); and fire (14.2 percent); civil responsibility without motor vehicles (4.8 percent); collaterals and loans (4.7 percent); unemployment (3.6 percent); personal accidents (2 percent); and Compulsory Personal Accident Insurance (SOAP, 1.3 percent).
Results
Profits for the insurance industry reached USD 1,064.1 million last year for a real growth of 0.4 percent versus 2023. Life insurance companies posted USD 882.6 million in profits, a real decrease of 0.7 percent in that span due to lower claim costs and better investment products partially compensating greater variations in technical reserves and increased life annuity sales.
Meanwhile, general insurance companies had profits of USD 241.5 million at the end of the fourth quarter of 2024, increasing 4.3 percent compared to the previous year. This was due to a greater contribution margin and lower claim costs.
The investment portfolios of both life and general insurance companies were mainly comprised of domestic fixed income instruments at 53.3 and 75.5 percent, respectively.
