Summary of Proposed Investment
Project Number
10730
Company Name
Interseguro Compania de Seguros de Vida S.A.
Date SPI Disclosed
Jun 8, 2001
Country
Peru
Industry
Financial Markets
Projected Board Date
Jul 13, 2001
Status
Completed
Sector
Life Insurance
Department
Global Industry, Financial Markets
Environmental Category
C - No Impact
Previous Events
Approved : Sep 18, 2001
Signed : Dec 12, 2001
Invested : Dec 19, 2001
Project Description
The project is to invest up to US$4 million in equity for up to 15% of Interseguro. Interseguro was founded in 1998 as an initiative of Interbank Group to take advantage of the high growth expected in the life insurance business in Peru.
As with all relatively new and growing life companies, Interseguro is posting net losses as it builds technical reserves against its portfolio of policy liabilities. IFC''s investment will provide additional capital to support Interseguro through this critical growth stage. It is an opportunity for IFC to provide continued support to private pension reform and contractual savings as Interseguro provides the "next step" (through its annuity product) for members of the private pension plans as they retire. It will also be an opportunity for IFC to support greater corporate governance through its possible participation on Interseguro''s Board.
As with all relatively new and growing life companies, Interseguro is posting net losses as it builds technical reserves against its portfolio of policy liabilities. IFC''s investment will provide additional capital to support Interseguro through this critical growth stage. It is an opportunity for IFC to provide continued support to private pension reform and contractual savings as Interseguro provides the "next step" (through its annuity product) for members of the private pension plans as they retire. It will also be an opportunity for IFC to support greater corporate governance through its possible participation on Interseguro''s Board.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
The Chairman
Interseguro Compania de Seguros de Vida S.A.
Av. Felipe Pardo y Aliaga No. 640, 4th Fl.
San Isidro, Lima 27, Peru
Interseguro Compania de Seguros de Vida S.A.
Av. Felipe Pardo y Aliaga No. 640, 4th Fl.
San Isidro, Lima 27, Peru