The Chile Financial Market Commission published its Financial Report of the Insurance Market as of the third quarter of 2024, showing insurance companies recorded USD 11,588 million in sales in January to September 2024, a real increase of 1.1% year on year. Industry profits reached USD 885.7 million over the same period, up 4.6% versus the third quarter of 2023. Life insurance sales rose 2.2% in real terms to USD 7.5 billion, with pension insurance accounting for 65.4% of sales and life annuities representing 46.5% of total premiums. General insurance sales fell 0.9% in real terms to USD 4,087 million, led by earthquake and tsunami cover (25.5% of direct premiums) and motor vehicles (23.5%). Profitability diverged by segment, with life insurers reporting USD 669.5 million in profits, down 0.4% in real terms due to higher technical reserves and higher rent costs linked to increased life annuity sales, while general insurers earned USD 216.2 million, up 23.9% on higher contribution margins from lower claim costs. Investment portfolios were mainly domestic fixed income at 54.3% for life insurers and 73.2% for general insurers.

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