Seguros Monterrey reports US$8.34mn Q1 loss
Bnamericas Published: Monday, June 13, 2005
Mexican life insurer Seguros Monterrey NYL, a subsidiary of US-based New York Life, reported a first quarter loss due to higher reserves and claims. The 90.7mn-peso (US$8.34mn) loss compared with profits of 231mn pesos for the same period last year, the company told insurance regulator CNSF. Written premiums increased 7% to 1.63bn pesos, while net gains on financial investments fell 58% to 137mn pesos. The technical result was 8.89mn pesos for the quarter, compared to 134mn pesos a year ago due to an increase in reserves and claims. Claims rose 15% to 745mn pesos. The company's investment portfolio grew 20% to 13.7bn pesos, while its technical reserves increased 21% at 13.6bn pesos. Seguros Monterrey NYL ranked as Mexico's fifth largest insurance company at the end of the quarter with a 4.9% market share in terms of premiums.
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