Interamericana profits up 6% in 9mths

Profits at Honduras' largest insurance company Interamericana de Seguros grew 6% to 32mn lempiras (US$1.7mn) for the first nine months of 2004, compared to the same period a year ago, according to financial system regulator CNBS statistics. Net premiums increased 8% to 401mn lempiras, while premiums ceded to reinsurers decreased 3% to 211mn lempiras. Net financial income increased 56% to 17.1mn lempiras. Claims grew 148% at 273mn lempiras. Administrative costs increased 15% to 65.9mn lempiras. Interamericana''s asset base increased 15% to 654mn lempiras, while the financial investment component rose 19% to 203mn lempiras. Reserves were up 13% at 310mn lempiras, while equity increased 21% to 172mn lempiras. CNBS supervises 11 insurance companies. The top five had the following market share in terms of net premiums: Interamericana de Seguros (19%); Seguros Atlántida (19%); El Ahorro Hondureño (18%); Aseguradora Hondureña (12%); and Pan American Life Insurance Company (10%).