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Chilean insurers' profits rise 11% in H1 as higher sales offset increase in costs

Chileaninsurance companies posted a total profit of $350 million in the first half of2016, up 11% from the previous year, as higher sales offset an increase inclaim costs, Chilean securities and insurance regulator SVS said Oct. 6.

Lifeinsurance companies reported a profit of $295 million, down 2.3% year overyear, mainly due to higher claims costs despite an increase in sales.

Meanwhile,general insurance companies posted a profit of $54.7 million, up 321% from ayear ago, mainly due to higher sales and lower expenses on technical reserves,partly offset by an increase in claims costs.

Totalsales in the insurance market were $6.13 billion, up 12.6% year over year.Sales in the life insurance segment grew 16.5% in real terms to $4.34 billion,while general insurance sales rose 4.3% in the same period to $1.78 billion,according to the SVS.

Thetop three life insurers in terms of total premiums were ,Consorcio Nacional de SegurosSA and Penta VidaCompañía de Seguros de Vida SA, which saw sales rise 3.3%, 30.0%and 35.8%, respectively. The top three general insurers were , andMapfre Chile SegurosSA, but of these RSA was the only one to show an increase in sales.

Bothlife insurance companies and general insurers showed solvency and debtindicators in line with their historical levels, the SVS said.