The negative result on the bottom line was affected by higher costs recorded in the life insurance segment.
Read the article in El Mercurio.
The insurance market recorded a 13.2% increase in sales between January and March of this year compared to the same period of the previous year, according to a report published yesterday by the Financial Market Commission (CMF).
Sales reached US$3,855.7 million during the period, and despite this growth, the sector’s profits decreased by 41.3% year-on-year, reaching US$263.9 million.
Gerardo Ugalde, Audit Partner at CCL Auditores Consultores, stated that “the decline in profits was driven by the life insurance market, which accounted for 65% of sales during the period, but whose lower margins impacted the contraction of the sector’s earnings.”