Peru's insurance industry reported a 78% decline in net profits from January-November 2008 compared to the same period in 2007, according to figures from financial sector regulator SBS.
Net profits amounted to 99.5mn soles (US$32.6mn) in January-November compared to 445mn soles in the same stretch of 2007.
Eight companies reported combined net profits of 137mn soles, while the remaining five - Cardif, El Pacífico Peruano, La Positiva, La Positiva Vida and Protecta - posted combined losses of 37.9mn soles.
Multiline insurer Rimac led the ranking by net profits, recording 54.8mn soles for the January-November period of 2008.
The insurance industry reported operating profits of 30.7mn soles for the 11-month period of 2008, a 92% decline on the corresponding period the previous year.
