Colombian financial regulator Superfinanciera has released premium and earnings figures for insurance companies for 2008, showing that both total premiums and earnings rose significantly, led by the life insurance sector.
Overall, earnings for Colombian insurers rose 7.6% from 2007, totaling 696 billion pesos (approximately $276 million). Profits for life insurers grew 71.5% over 2007 to 507 billion pesos (approximately $195 million), while life insurance premiums grew 44.2% to 4.94 trillion pesos (approximately $ 1.9 billion). Strong results from life insurers countered sluggishness in the property and casualty sector, where 8.4% premium growth was more than offset by a 147% increase in underwriting loss and a resulting 46.2% decline in profits.
Local units of foreign international companies were prominent in both the life and P&C sectors, as Colseguros (Allianz) (life and P&C) and Liberty Mutual (P&C) appeared in the top three companies by market share.
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