Insurance sector reports H1 profits of US$2.14mn

First half profits for Nicaragua's insurance industry soared 197% year-on-year to 34.1mn córdobas (US$2.14mn), thanks to higher premiums and lower claims, according to financial system regulator SIBOIF. Net premiums increased 38% at 624mn córdobas, broken down as follows: life (10%), accident and health (11%), fire and related lines (16%), auto (26%), P&C less auto (34%), surety (3%). Retained premiums rose 53% to 375mn córdobas. Net claims fell 35% to 141mn córdobas. Operating expenses- defined as administrative costs and policy acquisition and retention costs - rose 23% to 185mn córdobas. The industry's operating income came in at 19mn córdobas, compared to a negative 13.5mn córdobas the year before. Net financial income was down 72% at 3.3mn córdobas. Sector assets grew 18% to 1.35b córdobas, while the financial investment component rose 17% to 693mn córdobas. Reserves increased 12% at 824mn córdobas. Equity increased 24% to 257mn córdobas. SIBOIF supervises five insurance companies with the following market share in terms of net premiums: Instituto Nicaragüense de Seguros y Reaseguros (41%), Seguros América (27%), Metropolitana Compañía de Seguros (18%), Seguros Centroamericano (8.8%), and Seguros del Pacífico (5%).