Vivir Seguros closes 2024 with profits of S/ 95 million and expansion plans.

The insurance company Vivir Seguros has closed 2024 with a notable balance, achieving profits of S/ 95 million, which represents a significant milestone in its trajectory of more than a decade in the Peruvian market. José Ernesto Bazo, its general manager, highlighted that the last year has been "very positive" for the company, emphasizing a growth that, in his words, "far exceeded expectations." This growth reflects the effort to consolidate its value proposition, especially in an environment where competition in the insurance sector is increasingly intense. One of the products that has driven this growth is the lifetime annuity, a type of insurance that has become increasingly attractive to Peruvians by offering long-term financial security. Bazo mentioned that this product has achieved an 11% market share, evidencing a growing interest from consumers in securing their economic future. Lifetime annuities allow beneficiaries to receive periodic payments throughout their lives, translating into peace of mind in an uncertain economic context. Moreover, the insurer is strategically positioning itself by participating in the bidding for the Survival and Disability Insurance of the Pension Fund Administrators (AFP). This move could mean revenues exceeding S/ 500 million for this year, aiming to diversify its income sources and strengthen its presence in the pension and savings insurance market. As the company expands, it also plans to consolidate its presence in various provinces of the country. In this regard, they have opened new offices in Arequipa, which has become a stronghold for sales, accumulating approximately S/ 180 million in revenue. This expansion strategy not only seeks to increase Vivir Seguros' market share but also responds to a real need for attention and personalized services in regions that have been traditionally underserved in terms of insurance. With the goal of innovating and providing alternatives that fit the changing needs of consumers, Vivir Seguros is developing new products. Among them are a funeral insurance and a critical illness protection insurance. Bazo emphasized that the company wants to "bring a different alternative to the life insurance market," aiming for a more accessible and understandable offer for clients. On the other hand, the Ministry of Economy and Finance (MEF) has also expressed its intention to promote the insurance of public assets. This initiative seeks to implement a framework that protects state infrastructures and resources, thereby ensuring an effective response to eventualities that may jeopardize public assets. This strategy could be an ideal complement to the efforts of companies like Vivir Seguros, which are focused on expanding insurance coverage in the country. The growth of the insurance sector in Peru is not only due to the innovation of companies but also to a change in consumer mentality, as people are increasingly aware of the importance of being insured. According to a report by the Peruvian Association of Insurance Companies (Apeseg), the sector is expected to grow by 9% in 2024, supported by an increase in product offerings and greater financial education. In summary, Vivir Seguros is on a promising path toward growth and innovation, aiming to offer solutions tailored to market needs. The combination of expansion plans, the development of new products, and participation in public sector bidding could further consolidate its position in an increasingly competitive and evolving market. Projections for 2025 are optimistic, and the company seems poised to play a key role in transforming the insurance landscape in Peru.